Full text of Economic Indicators : June 1993
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103d Congress, 1st Session
Economic Indicators
JUNE 1993
(Includes data available as of June 29, 1993)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1993
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
DAVID R. OBEY, Wisconsin, Chairman
PAUL S. SARBANES, Maryland, Vice Chairman
HOUSE OF REPRESENTATIVES
LEE H. HAMILTON (Indiana)
FORTNEY H. (PETE) STARK (California)
KWEISI MFUME (Maryland)
RON WYDEN (Oregon)
MICHAEL A. ANDREWS (Texas)
RICHARD K. ARMEY (Texas)
JIM SAXTON (New Jersey)
CHRISTOPHER C. COX (California)
JIM RAMSTAD (Minnesota)
SENATE
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
RICHARD H. BRYAN (Nevada)
CHARLES S. ROBB (Virginia)
BYRON L. DORGAN (North Dakota)
WILLIAM V. ROTH, JR. (Delaware)
CONNIE MACK (Florida)
LARRY E. CRAIG (Idaho)
ROBERT F. BENNETT (Utah)
STEVEN QUICK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
LAURA D. TYSON, Chair
ALAN S. BLINDER, Member-Designate
JOSEPH E. STIGLITZ, Member-Designate
[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts prepared by the Art Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.75 a single copy
($3.44 foreign), or by subscription at $30.00 per year ($37.50 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
For sale by the U.S. Government Printing Office
Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402-9328
ISBN 0-16-041121-1
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the first quarter of 1993, according to revised estimates, current-dollar gross domestic product (GDP) rose 4.3
percent (annual rate), real GDP (GDP in 1987 dollars) rose 0.7 percent, and the implicit price deflator rose 3.3
percent.
BILLIONS OF DOLLARS (RATIO SCALE)
6,400
BILLIOJS OF DOL1ARS (RATIO SCALE)
6,400
SEASONALLY ADJUSTED ANNUAL RATES
/^
6,000
6,000
r^
5,600
5,600
5,200
5,200
f
S
^
/
GDP
4,800
1987 DOLLM<b
IN
^ *f *"
—
-
— -^
4,800
sS ^ — *~
-JS
4,400
4,400
S
4,000
- - _ -
x-
x- """
\<
S'
"^
4,000
GDP
INC URRENT DC>LLARS
/^
3,600
3,200
2,800
s
X
X
X
1
1
\
1
1982
\
1984
1983
\
3,600
3,200
I
I I
i
1986
1985
i I
1987
1
1 1
1988
I
I i
1989
1
1990
l _l_
1991
SOURCE: DEPARTMENT OF COMMERCE
i i i
1992
1
!
1
2,800
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991-
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
n
m
IV
1992- I
n
m
IV
1993- I '
1
Gross
domestic
product
3,777.2
4,038.7
4,268.6
4,539.9
4,900.4
5,250.8
5,522.2
5,677.5
5,950.7
3,195.1
3,547.3
3,869.1
4,140.5
4,336.6
4,683.0
5,044.6
5,344.8
5,561.3
5,585.8
5,657.6
5,713.1
5,753.3
5,840.2
5,902.2
5,978.5
6,081.8
6,145.8
Persona]
consumption
expenditures
Gross
private
domestic
investment
2,460.3
2,667.4
2,850.6
3,052.2
3,296.1
3,523.1
3,748.4
3,887.7
4,095.8
2,128.7
2,346.8
2,526.4
2,739.8
2,923.1
3,124.6
3,398.2
3,599.1
3,818.2
3,821.7
3,871.9
3,914.2
3,942.9
4,022.8
4,057.1
4,108.7
4,194.8
4,234.7
718.9
714.5
717.6
749.3
793.6
832.3
799.5
721.1
770.4
464.2
614.8
722.8
737.0
697.1
800.2
814.8
825.2
739.0
705.4
710.2
732.8
736.1
722.4
773.2
781.6
804.3
844.0
Exports and imports of goods
and services
Federal
Net
exports
-102.7
-115.6
1325
-143.1
-108.0
797
-68.9
21 8
-30.4
— 29.5
-71.8
-107.1
-135.5
-133.2
-143.2
- 106.0
-73.9
-67.2
-28.7
-15.3
-27.1
160
81
-37.1
-36.0
-40.5
494
Exports
Imports
302.4
302.1
319.2
364.0
444.2
508.0
557.0
598.2
636.3
265.6
286.2
308.7
304.7
333.9
392.4
467.0
523.8
579.7
573.2
594.3
602.3
622.9
628.1
625.4
639.0
652.7
649.4
405.1
417.6
451.7
507.1
552.2
587.7
625.9
620.0
666.7
295.1
358.0
415.7
440.2
467.1
535.6
573.1
597.7
646.9
602.0
609.6
629.5
638.9
636.2
662.5
675.0
693.2
698.9
GDP less exports of goods and services plus imports of goods and services.
Government purchases
Total
Total
700.8
772.3
833.0
881.5
918.7
975.2
1,043.2
1,090.5
1,114.9
631.6
657.6
727.0
799.2
849.7
901.4
937.6
994.5
1,071.3
1,087.5
1,090.8
1,093.3
1,090.3
1,103.1
1,109.1
1,124.2
1,123.3
1,116.6
310.9
344.3
367.8
384.9
387.0
401.6
426.4
447.3
449.1
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
438.3
451.3
449.9
447.2
440.8
445.0
444.8
455.2
451.6
441.1
National
defense
233.1
258.6
276.7
292.1
295.6
299.9
314.0
323.8
315.8
205.5
222.8
242.9
268.6
278.6
295.8
296.8
302.5
323.2
332.4
325.9
321.9
314.7
313.6
311.7
319.6
318.2
304.2
Nondefense
77.8
85.7
91.1
92.9
91.4
101.7
112.4
123.6
133.4
75.9
66.9
81.9
88.3
94.5
96.7
95.2
102.6
115.0
118.8
124.0
125.3
126.1
131.4
133.1
135.7
133.4
136.9
State
and
local
389.9
428.1
465.3
496.6
531.7
573.6
616.8
643.2
665.8
350.3
367.9
402.2
442.4
476.6
509.0
545.7
589.3
633.0
636.3
640.8
646.0
649.5
658.0
664.3
669.0
671.7
675.4
Gross
domestic
purchases 1
Addendum:
Gross
national
product
3,879.9
3,706.1
4,014.1
4,154.3
4,401.2
4,260.0
4,683.0
4,513.7
4,884.2
5,008.4
5,330.5
5,217.5
5,591.1
5,515.9
5,687.7
5,699.3
5,946.3
5,981.1
3,241.4
3,224.6
3,619.1
3,527.1
3,976.2
3,818.1
4,107.9
4,276.0
4,355.4
4,469.8
4,623.7
4,826.2
5,150.7
5,027.3
5,418.7
5,314.6
5,592.3
5,628.5
5,614.4
5,614.6
5,679.4
5,672.9
5,740.3
5,712.9
5,744.2 . 5,769.3
5,848.3
5,855.9
5,894.1
5,939.4
6,014.5
5,963.5
6,071.5
6,122.3
6,195.2
6,110.8
3,801.5
4,053.6
4,277.7
4,544.5
4,908.2
5,266.8
5,542.9
5,694.9
5,961.9
3,222.6
3,578.4
3,890.2
4,156.2
4,340.5
4,690.5
5,054.3
5,365.0
5,592.7
5,614.9
5,674.3
5,726.4
5,764.1
5,859.8
5,909.3
5,992.0
6,086.8
6,160.5
Final
sales of
domestic
product
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS DOMESTIC PRODUCT IN 198? DOLLARS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
19821983:
198419851986198719881989-
IV
IV
IV
IV
IV
IV
IV
IV
1990- I
n
m
TV
1991- I
n
in
IV
1992- I
n
m
IV
1993- I
1
T
Gross
domestic
product
Personal
consumption
expenditures
Exports and imports of
goods and services
Government purchases
Federal
Nonresidential
fixed
investment
Residential
fixed
investment
Change
in
business
inventories
Net
exports
Exports
Imports
Total
Total
State
and
local
Nondefense
National
defense
Final
sales of
domestic
product
Gross
domestic
purchases *
Addendum:
Gross
national
product
4,148.5
4,279.8
4,404.5
4,539.9
4,718.6
4,838.0
4,877.5
4,821.0
4,922.6
2,746.1
2,865.8
2,969.1
3,052.2
3,162.4
3,223.3
3,260.4
3,240.8
3,314.0
490.2
521.8
500.3
497.8
530.8
540.0
538.1
500.2
515.0
199.3
202.0
226.2
225.2
222.7
214.2
194.8
170.2
192.6
67.9
1220
22.1 -145.3
8.5
155 1
26.3 -143.1
19.9
104 0
29.8 -73.7
6.2
51 8
9 3 -21.8
5.0
41 8
305.7
309.2
329.6
364.0
421.6
471.8
510.0
539.4
573.2
427.7
454.6
484.7
507.1
525.7
545.4
561.8
561.2
615.0
766.9
813.4
855.4
881.5
886.8
904.4
929.9
941.0
937.8
331.0
355.2
373.0
384.9
377.3
376.1
383.6
388.3
375.6
245.8
265.6
280.6
292.1
287.0
281.4
283.3
282.8
265.0
85.1
89.5
92.4
92.9
90.2
94.8
100.3
105.5
110.6
436.0
458.2
482.4
496.6
509.6
528.3
546.3
552.7
562.2
4,080.6
4,257.6
4,395.9
4,513.7
4,698.6
4,808.3
4,871.3
4,830.3
4,917.6
4,270.5
4,425.1
4,559.6
4,683.0
4,822.6
4,911.7
4,929.3
4,842.8
4,964.4
4,174.5
4,295.0
4,413.5
4,544.5
4,726.3
4,852.7
4,895.9
4,836.4
4,932.8
3,759.6
4,012.1
4,194.2
4,333.5
4,427.1
4,625.5
4,779.7
4,856.7
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
131.2 — 44.9 -19.0
190.6
29.3 -83.7
198.8
47.9 -131.4
207.4
30.2
1554
230.5 -20.1 -156.0
223.3
59.9
1360
225.3
20.9 -102.7
208.0
24.9
674
280.4
291.5
312.8
312.0
342.9
386.1
438.2
487.7
299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.0
735.9
748.1
784.3
830.5
864.8
893.0
894.5
912.6
316.0
322.2
341.7
363.7
377.5
391.6
378.4
376.1
229.4
242.9
254.3
272.1
282.2
295.0
285.7
281.5
86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.7
419.9
425.9
442.6
466.7
487.3
501.4
516.1
536.5
3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565.6
4,758.7
4,831.8
3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,924.1
3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,875.1
4,890.8
4,902.7
4,882.6
4,833.8
3,259.5
3,260.1
3,273.9
3,248.0
544.8
535.6
542.9
529.3
210.7
201.8
189.1
177.5
7.5
32.8
11.2
268
584
-56.9
59 3
-32.7
500.2
508.7
508.4
522.6
558.6
565.6
567.7
555.3
926.8
929.4
924.8
938.5
383.4
385.4
378.3
387.3
284.9
285.1
277.3
285.8
98.5
100.3
101.0
101.5
543.4
544.0
546.5
551.2
4,883.3
4,870.0
4,871.4
4,860.6
4,949.2
4,959.7
4,941.9
4,866.5
4,907.8
4,915.5
4,898.9
4,861.4
4,796.7
4,817.1
4,831.8
4,838.5
3,223.5
3,239.3
3,251.2
3,249.0
507.0
503.0
498.7
492.1
164.1 -25.1
166.9 -20.4
172.6
.6
177.3
7.5
17 9
-17.4
31 6
-20.5
515.9
536.1
544.2
561.4
533.8
553.5
575.8
581.8
945.1
945.6
940.2
933.1
394.1
393.8
387.2
378.2
291.8
287.6
280.6
271.0
102.2
106.2
106.6
107.2
551.0
551.8
553.0
554.9
4,821.8
4,837.4
4,831.2
4,830.9
4,814.6
4,834.4
4,863.4
4,858.9
4,822.0
4,831.8
4,843.7
4,848.2
4,873.7
4,892.4
4,933.7
4,990.8
3,289.3
3,288.5
3,318.4
3,359.9
495.8
514.7
518.7
530.9
185.6
191.2
191.3
202.3
-21.5
— 43.9
-52.7
490
565.4
563.4
575.9
588.3
586.8
607.3
628.6
637.3
937.0
934.2
943.0
936.8
375.3
372.7
379.5
375.0
265.6
262.1
267.4
265.0
109.7
110.6
112.1
109.9
561.8
561.5
563.5
561.9
4,886.3
4,884.6
4,918.7
4,981.0
4,895.2
4,936.3
4,986.4
5,039.8
4,890.7
4,899.1
4,945.6
4,995.9
4,999.9
3,366.5
547.5
203.0
126
7.8
15.0
9.8
33.5
-70.3
584.2
654.5
919.6
357.0
245.9
111.1
562.6
4,966.3
5,070.1
5,012.8
GDP less exports of goods and services plus imports of goods and services.
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
1984
1985
1986
1987
1988
1989
1990
1991
1992
Personal consumption
expenditures
Gross private
domestic investment
Exports and imports of
goods and services
Government purchases
Federal
Total
Durable
goods
Nondurable goods
Services
Nonresidential
fixed
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
91.0
94.4
96.9
100.0
103.9
108.5
113.2
117.8
120.9
89.6
93.1
96.0
100.0
104.2
109.3
115.0
120.0
123.6
93.9
95.4
96.9
100.0
102.0
104.2
105.7
107.6
109.4
93.4
95.9
96.1
100.0
103.7
109.3
115.9
120.1
122.4
86.2
90.8
95.7
100.0
105.1
110.6
116.7
122.8
127.7
95.7
96.6
98.4
100.0
102.8
105.2
107.3
108.2
106.5
89.7
92.0
95.8
100.0
104.2
107.8
110.7
111.8
113.0
98.9
97.7
96.9
100.0
105.3
107.7
109.2
110.9
111.0
94.7
91.9
93.2
100.0
105.1
107.8
111.4
110.5
108.4
93.9
96.9
98.6
100.0
102.6
106.8
111.2
115.2
119.6
94.8
97.3
98.6
100.0
103.0
106.6
110.8
114.5
119.1
91.3
95.7
98.6
100.0
101.4
107.3
112.0
117.1
120.6
89.4
93.4
96.4
100.0
104.3
108.6
112.9
116.4
118.4
85.0
88.4
92.3
95.5
98.0
101.2
105.5
110.1
115.0
83.8
87.6
90.7
94.6
97.0
101.6
106.1
111.0
117.6
90.6
93.3
94.4
95.9
97.8
101.0
103.1
104.9
106.1
89.4
91.8
94.2
97.0
96.3
101.5
105.6
110.8
119.3
79.0
83.7
87.7
92.9
97.3
101.9
107.1
112.7
119.3
95.3
95.0
96.4
97.3
99.2
100.7
104.0
106.0
108.2
86.0
88.0
90.7
93.1
97.3
101.5
105.3
108.8
111.0
94.7
98.2
98.7
97.7
97.4
101.6
106.6
107.4
110.9
98.5
95.4
93.6
94.2
93.6
102.6
106.0
107.7
116.5
89.0
89.9
95.0
98.1
98.8
100.2
103.6
107.7
113.2
89.6
91.7
95.5
98.7
98.7
100.3
103.9
107.5
113.1
87.7
84.3
93.7
96.4
99.2
100.1
102.6
108.4
113.3
83.4
86.4
90.9
94.8
97.8
101.5
105.7
109.9
114.8
1991- I
116.5
117.5
118.2
118.9
118.6
119.5
120.4
121.4
106.7
107.3
108.0
108.3
119.4
119.9
120.2
120.8
120.8
122.1
123.4
124.7
108.7
108.5
108.0
107.4
111.3
111.6
112.5
111.8
111.1
110.9
110.7
111.0
112.8
110.1
109.3
109.8
114.5
114.3
115.5
116.6
113.9
113.3
114.7
116.2
116.2
116.8
117.6
117.6
115.5
116.1
116.8
117.1
1992- I
n
m
rv
119.8
120.6
121.2
121.9
122.3
123.4
123.8
124.8
108.6
109.4
109.7
109.8
121.4
122.2
122.9
123.3
126.1
127.4
127.7
129.5
107.1
106.9
106.0
105.9
111.7
112.3
113.4
114.6
111.1
111.0
111.0
111.0
108.4
109.1
107.4
108.8
118.6
119.3
120.0
120.4
118.1
118.9
119.5
120.0
119.8
120.3
121.0
121.4
117.1
118.3
118.7
119.5
1993: I '
122.9
125.8
110.0
124.3
130.5
104.8
115.9
111.2
106.8
123.6
123.7
123.2
120.1
1982:
19831984:
19851986:
19871988:
19891990:
IV
IV
IV
IV
IV
IV
IV
IV
IV
n
m
rv
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GDP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED IMPLICIT PRICE DEFLATORS AND PRICE INDEXES
[Percent change from preceding year or quarter; quarterly data at seasonally adjusted annual rates]
Personal consumption expenditures
Gross domestic product
Period
Current
dollars
11.9
3.9
8.1
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
Constant
(1987) dollars
....
10.9
6.9
5.7
6.4
7.9
7.2
5.2
2.8
4.8
....
....
....
....
1989- I
II
IV
8.6
6.3
3.8
5.1
7.7
5.8
2.7
.1
1.8
5.2
4.0
2.8
6.2
4.3
5.3
7.1
1993- I '
4.3
in
IV
1990- I
II
Ill
IV
1991- I
II
in
IV
1992- I
:
II
in
Fixed-weighted
price index
(1987 weights)
Implicit price
deflator
Implicit price
deflator
Fixed-weighted
price index
(1987 weights)
10.2
6.9
9.6
9.0
8.4
6.9
7.1
8.0
6.9
6.4
3.7
5.4
1.2
1.1
4.6
4.8
4.4
3.6
2.8
3.6
1.9
1.2
-.6
2.3
9.0
5.7
4.9
3.9
3.9
3.1
4.2
4.2
4.9
5.2
4.3
3.0
8.6
5.4
4.3
3.7
3.8
3.0
4.1
4.3
5.0
5.3
4.4
3.2
.1
1.1
2.9
.8
2.2
.1
1.7
3.1
-3.0
2.0
1.5
3.4
2.9
2.2
3.4
5.1
7.0
6.3
5.3
8.4
4.8
8.0
3.2
.4
5.4
4.4
3.0
8.4
3.5
5.2
8.6
5.1
-.1
3.7
5.1
5.0
5.7
3.3
4.4
6.3
4.7
6.1
6.7
3.4
3.1
3.0
3.4
3.0
3.6
1.3
3.3
5.2
5.9
3.5
4.4
6.5
4.5
6.4
6.8
3.5
3.4
3.1
3.2
3.5
3.4
2.6
3.0
4.3
3.9
.8
3.2
3.5
2.1
10.0
6.2
4.1
4.4
3.7
2.6
3.2
3.9
4.4
4.3
4.1
2.6
3.9
3.4
3.5
2.8
3.1
4.0
4.5
4.6
4.0
2.9
3.2
1.8
0
1.5
5.4
4.6
3.8
3.7
5.0
4.8
3.8
3.7
2.8
1.0
-1.6
-3.9
4.4
4.8
4.7
3.9
5.6
4.6
4.8
4.0
-3.0
1.7
1.2
.6
5.3
3.5
2.4
2.4
4.9
3.5
2.9
2.4
2.9
1.5
3.4
4.7
3.1
2.7
2.0
2.3
.7
3.3
1.8
-2.2
3.9
6.2
3.2
2.9
3.1
3.9
2.5
.8
i 2
Constant
(1987) dollars
Current
dollars
0
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND
[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
Current
dollars
1987
Total
cost and
profit 2
dollars
Consumption of
fixed
capital
Indirect
business
taxes 3
Compensation of
employees
Net
Corporate profits with inventory
valuation and capital consumption
adjustments
interest
Profits
Total
tax
liability
1984
1985
1986
1987
1988
1989 ....
1990
1991 ....
1992
19821983:
19841985:
1986:
1987:
1988198919901991-
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
n
m
IV
1992: I
n
m
IV
1993: I '
1
2,166.5
2,293.6
2,386.3
2,547.3
2,764.8
2,913.5
3,036.5
3,073.8
3,201 7
1 806 3
2,037.2
2,228.2
2,338.8
2,422.8
2,627.6
2,843 2
2 951 5
3,0<)-5 0
3 037 i
3,062.7
3,084.4
3,111.1
3,138.!
3,178.8
3,211.6
3,278.3
3,286.0
0.949
.970
.978
1.000
1.030
1.072
1.108
1.139
1.151
0.109
.109
.111
.110
.111
.117
.120
.126
.126
0.091
.093
.095
.095
.096
.101
.106
.115
.118
0.617
.636
.648
.658
.676
.706
.737
.759
,757
0.038
0.094
.094
.084
.096
.102
.094
.091
.085
.102
0.032
.038
.040
.042
.045
.054
.054
.053
.048
.030
.031
.037
.038
.037
.034
.030
.036
0.062
.064
.053
.059
.064
.057
.057
.055
.066
1,999.6
2,204.2
2,328.4
2,396.9
2,463.3
2 604-0
2,719.0
.903
.924
.957
.976
.984
1.009
.119
.119
.111
.110
.112
.110
.112
.120
.123
.126
.127
.127
.126
.125
.126
.130
.124
.126
.086
.088
.091
.093
.095
.094
.097
.102
.109
.113
.114
.117
.117
.118
.117
.118
.119
.120
.607
.602
.623
.643
.654
.664
.687
.718
.750
.754
.760
.763
.761
.760
.759
.757
.753
.765
.040
.036
.041
.038
.042
.042
.047
.055
.055
.054
.053
.053
.052
.050
.049
.047
.046
.046
.051
.079
.091
.092
.081
.099
.102
.088
.083
.084
.086
.084
.086
.093
.100
.100
.113
.107
.020
.029
.027
.030
.035
.038
.040
.033
.033
.029
.030
.031
.030
.033
.037
.035
.038
.037
.030
.050
.064
.063
.045
.060
.063
.055
.050
.055
.056
.053
.056
.060
.064
.065
.075
.070
2 722 7
v 71 7 A
1.046
1.084
1.121
2 683 5
2,687.4
2,899.1
2,722.0
2,737.6
2,760.8
2,787.6
2,837.6
2,824.5
1.132
1.140
1.143
1.143
1.146
1.151
1.152
1.155
1.163
4
Compcnsatioii per
hour of
of all
employees
(1987
dollars)*
amplovees
(dollars)*
'21.925
'22.149
'22.734
'23.128
'23.572
'23.189
'23.383
'23.733
'24.478
'13.527
'14.082
'"14.740
'15.208
'15.833
'16.377
'17.230
' 1 8.020
-'18.539
all
tax 4
2,284.1
2,364.3
2,439.3
2,547.3
2,684.8
2,718.9
2,740.0
2,698.0
2,780.9
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 lleft.
3
transfer payments less subsidies.
Indirect business tax and nontax liabilitty plus busin
2
Profits
after
Output
per hour
'21.071
'21.891
22.054
'22.346
'22.890
'23.357
'23.523
'23.150
'23.473
'12.791
'13.185
!3.731
'14.359
T
14.974
'15.518
'16.070
'16.619
'17,598
r
r
'23.518
'23.666
'23.779
'24.024
'24.197
'24.318
'24.583
'24.887
24.736
••17,721
'17.982
-' 18.137
' 18.286
'18.394
' 18.465
'18.603
'18.746
18.880
With inventory valuation and capital consumption adjustments.
'Series revised. See Note, p. 16.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Compensation of
employees1
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
1985
1986
1987
1988
1989
1990
1991
1992
198219831984:
19851986:
19871988:
19891990:
1991:
3,268.4
3,437.9
3,692.3
4,002.6
4,249.5
4,468.3
4,544.2
4,743.4
2,551.5
2,834.3
3,134.4
3,341.9
3,486.0
3,828.8
4,127.6
4,305.2
4,517.9
4,493.0
4,529.2
4,555.4
4,599.1
4,679.4
4,716.5
4,719.6
4,858.0
4,919.5
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
n
m
IV
1992- I
n
m
IV
1993- I '
1
2,382.8
2,523.8
2,698.7
2,921.3
3,100.2
3,291.2
3,390.8
3,525.2
1,940.4
2,101.2
2,288.1
2,442.5
2,582.5
2,785.1
3,004.9
3,162.8
3,339.6
3,343.0
3,379.6
3,407.0
3,433.8
3,476.3
3,506.3
3,534.3
3,583.7
3,628.4
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
21.5
22.3
31.3
30.9
40.2
41.7
35.8
39.5
10.2
6.3
21.9
17.8
23.6
42.4
30.9
38.4
42.8
34.3
41.3
29.5
37.9
40.1
38.5
31.5
48.1
52.9
18.7
8.7
3.2
4.3
-13.5
12 3
— 10.4
4.7
24.1
22.2
24.3
14.0
4.7
6.8
2.8
-21.6
-9.6
— 12.4
-12.3
-10.3
66
-4.5
3.3
6.4
13.6
17.7
238.4
261.5
279.0
293.4
307.0
325.2
332.2
364.9
169.6
193.8
217.7
250.9
260.9
282.6
302.5
311.4
329.7
322.2
329.1
337.6
340.0
353.6
359.9
365.9
380.4
389.0
Includes employer contributions for social insurance. (See also p. 5.)
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
280.8
271.6
319.8
365.0
362.8
361.7
346.3
393.8
150.3
229.1
261.3
284.9
264.6
343.3
378.3
354.5
344.0
349.6
347.3
341.2
347.1
384.0
388.4
374.1
428.5
429.6
225.3
227.6
273.4
320.3
325.4
341.2
337.8
364.2
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
333.5
344.2
342.2
331.9
333.1
360.7
361.4
344.4
390.4
389.0
Profits
before tax
Inventory
valuation
adjustment
225.0
217.8
287.9
347.5
342.9
355.4
334.7
371.6
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
354.7
337.6
332.3
336.7
332.3
366.1
376.8
354.1
389.4
398.3
0.2
9.7
145
-27.3
17 5
-14.2
3.1
-7.4
86
-7.6
3.5
-3.8
-10.7
-17.8
-31.7
-13.5
-21.2
6.7
9.9
-4.8
.7
54
-15.5
-9.7
1.0
94
Capital
consumption
adjustment
55.5
44.1
46.4
44.7
37.4
20.5
8.4
29.5
96
12.9
37.7
56.9
39.6
49.9
37.9
33.9
10.5
5.3
5.1
9.3
14.1
23.3
27.0
29.7
38.1
40.6
Net
interest
326.2
350.2
360.4
387.7
452.7
460.7
449.5
415.2
256.8
281.8
321.1
331.9
349.7
368.6
408.1
459.8
471.4
456.2
444.4
450.5
446.9
430.0
420.0
407.3
403.6
402.0
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS
[Billions of 1987 dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Durable goods
Total
personal
consumption
expenditures
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992 . . .
1982: IV
1983: IV
1984: IV
1985: IV
1986: IV
1987: IV
1988: IV
1989: IV
1990: IV
1991: I
1992:
n
m
rv
I
n
m
rv
1993:
I'
1
.
2,746.1
2,865.8
2,969.1
3,052.2
3,162.4
3,223.3
3,260.4
3,240.8
3,314.0
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,248.0
3,223.5
3,239.3
3,251.2
3,249.0
3,289.3
3,288.5
3,318.4
3,359.9
3,366.5
Total
durable
goods
338.5
370.1
402.0
403.7
428.7
440.7
439.3
414.7
439.1
272.3
319.1
347.7
369.6
415.7
404.7
439.2
436.8
426.6
412.0
411.3
419.4
416.1
432.3
430.0
439.8
454.4
453.5
Motor
vehicles
and
parts
160.3
180.2
193.3
183.5
194.8
196.4
192.2
171.0
182.2
123.7
151.6
164.3
173.9
193.6
183.6
197.7
188.3
182.0
169.6
167.2
173.3
174.0
181.5
180.2
179.0
188.0
184.9
Includes other items, not shown separately.
Furniture and
household
equipment
115.3
123.8
136.3
144.0
155.4
165.8
169.5
168.6
179.6
96.4
109.3
118.7
128.6
141.4
145.9
160.3
167.9
167.5
166.9
169.3
170.4
167.9
174.4
174.4
181.5
188.0
189.9
Nondurable goods
Other
62.9
66.1
72.4
76.2
78.5
78.5
77.6
75.0
77.4
52.3
58.1
64.8
67.1
80.7
75.2
81.2
80.5
77.1
75.5
74.8
75.7
74.2
76.5
75.4
79.3
78.3
78.8
Total
nondurable goods
934.6
958.7
991.0
1,011.1
1,035.1
1,051.6
1,056.5
1,042.4
1,054.1
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,058.9
1,051.6
1,043.0
1,046.3
1,044.8
1,035.6
1,049.6
1,045.6
1,052.0
1,069.4
1,062.2
Food
472.3
483.0
494.1
500.7
513.4
515.0
520.8
515.8
518.4
458.3
467.1
475.1
488.2
496.9
502.4
518.0
515.6
522.0
516.4
516.3
515.0
515.3
518.9
513.5
514.3
526.7
522.6
Clothing
and
shoes
Gasoline
and oil
153.1
77.9
79.2
158.8
170.3
174.5
178.9
187.8
185.9
181.3
188.3
135.7
147.7
154.7
161.7
171.9
174.5
182.8
190.9
183.2
180.8
183.2
183.7
177.5
184.1
184.4
190.8
193.7
188.2
82.9
84.7
86.1
87.3
86.4
85.2
85.5
73.4
76.9
79.0
79.5
84.6
85.4
87.5
88.6
85.0
83.9
86.0
86.0
84.7
85.7
85.8
86.0
84.6
84.8
Services
Fuel
oil and
coal
11.2
11.5
12.1
12.0
12.0
11.4
10.1
9.7
10.9
10.5
11.4
11.1
11.4
12.4
11.9
12.0
12.0
8.8
9.4
9.8
10.0
9.4
10.2
12.0
10.9
10.8
11.7
Other
220.0
226.2
231.7
239.1
244.7
250.2
253.4
250.5
251.0
202.8
212.2
222.9
228.0
235.2
240.4
246.4
251.8
252.7
252.5
251.0
250.0
248.6
250.7
249.8
250.1
253.6
254.9
Total
services l
1,473.0
1,537.0
1,576.1
1,637.4
1,698.5
1,731.0
1,764.6
1,783.7
1,820.7
1,386.2
1,443.9
1,494.2
1,557.1
1,595.8
1,655.5
1,716.9
1,746.3
1,769.8
1,768.5
1,781.8
1,787.0
1,797.4
1,807.3
1,812.9
1,826.6
1,836.2
1,850.8
Housing
426.8
435.9
442.1
452.5
461.8
469.2
474.7
478.2
484.4
411.0
419.7
431.3
438.1
444.8
457.0
465.6
471.3
476.1
476.5
477.9
478.8
479.8
481.2
483.3
485.8
487.2
489.2
Source: Department of Commerce, Bureau of Economic Analysis.
Retail sales of new
passenger cars
(millions of units)
Medical
care
341.9
353.0
366.2
384.7
399.4
408.6
423.9
438.8
455.8
327.8
334.8
344.9
359.1
372.0
390.7
403.0
411.8
428.6
431.9
435.6
440.5
447.2
449.6
453.7
458.1
461.7
466.6
Domestics
8.0
8.2
8.2
7.1
7.5
7.1
6.9
6.1
6.3
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
6.6
6.1
6.1
6.3
6.1
6.1
6.3
6.2
6.4
6.3
Imports
2.4
2.8
3.2
3.2
3.1
2.8
2.6
2.3
2.1
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.4
2.2
2.3
2.3
2.2
2.2
2.2
2.0
2.0
2.0
SOURCES OF PERSONAL INCOME
Personal income increased $30.3 billion (annual rate) in May, after rising $5.5 billion in April. The changes were
affected by two special factors. In both months the changes were reduced by decreases in subsidy payments to
farm proprietors. The April increase in rental income of persons was boosted by a rebound from the effects of the
East Coast storm, which had reduced the March level. Excluding these special factors, personal income increased
$40.8 billion in May and $18.5 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
WAGE AND SALARY DISBURSEMENTS .
2,000
2,000
1,400
1,400
\
OTHER INCOME
800
TRANSFER PAYMENTS
\
400
400
1985
1986
1989
1988
1987
1990
1991
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1984
1985
.
1986
1987
1988
1989
1990
1991
1992
1992- May
July
Sept
Oct
Nov
Dec
1993- Jan r
Feb '
Mar '
May '
. ..
personal
income
3,154.6
33798
3,590.4
38020
4,075.9
4 3803
4 664 2
4 828 3
5058 1
5032 7
50385
50487
50564
50809
5 1450
5 143 7
5,194.0
5223 1
52290
52608
5,266.3
52966
Wage and
salary
disbursements '
1,849.8
1,986.5
2,105.4
2,261.2
2,443.0
2,586.4
27428
2,812.2
2 918 1
Proprietor
Other labor
income 1 z
184.7
191.8
200.7
210.4
230.5
251.9
271 0
288.3
3057
2,907.6
2905 7
2,911.2
29309
2,928.3
303.6
3050
3064
2951 3
3108
312.2
313.6
315.1
3165
318.0
319.4
2,967.8
2,990.6
3,010.1
3004 7
3,002.6
3,013.5
3,043.7
307 9
309.3
320.8
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
* Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Farm
income 3
Nonfarm
21.3
21 5
214.7
2384
22.3
31 3
30.9
402
41 7
35.8
395
36 1
31 4
306
249
39 1
554
393
49.4
384
45 5
747
53.7
42.2
261.5
2790
293.4
307 0
325 2
332 2
3649
359 2
361 9
363 8
363 8
3699
376 7
3800
384.4
3889
3890
389 1
392.8
3965
Less:
income of
persons 4
23.3
187
8.7
32
4.3
135
12 3
10.4
47
33
80
96
36
61
13 5
134
14.0
177
203
152
23.5
24 1
dividend
income
interest
income
pay-
ments 5
contributions
for social
insurance
personal
income 6
78.8
87 9
461.9
498 1
452.9
4859
104.7
1004
108.4
1265
1403
137 0
1393
1366
137 9
1395
141 3
142 3
143 8
1453
148.2
149 6
149 9
150 1
150.3
1506
531.7
548 1
517.8
542 2
583.2
6682
576.7
6250
132.8
149 1
162.1
1736
194.5
211 4
694 5
685 8
771 1
866 1
224 8
4 3180
4 599 6
2384
2506
4,770 4
49958
700.6
6702
3,106 1
3 333 2
3,545 6
3 7494
4,023 9
6752
6744
6686
8609
249 8
4973 9
864 1
2499
2505
4 984 4
663 1
872 8
657.8
8800
252 0
251.9
657 7
889 2
5 008 7
5,018 9
8826
2534
254.7
256.3
50664
657.8
657.9
8694
892.1
6569
9068
656 3
907 3
9155
918.5
926 1
6559
655.5
655.3
4
2603
2605
2602
260.9
2628
4,995 3
5,081 1
5,121 3
5,161 2
5 159 9
5,162 5
5,1889
5,230 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.
5
6
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in 1987 dollars rose in the first quarter of
1993.
BILLIONS OF DOLLARS' (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE)
2.000
2,000
DOLLARS- (RATIO SCALE)
DOLLARS' (RATIO SCALE)
PER CAPITA DISPOSABLE PERSONAL INCOME
18,000
,
14,000
\
f-
-.--V-^-_.„
~'^\
12,000
""""""
'
18,000
..
1
,
?87 DOLLA
16,000
16,000
'
14,000
—-^1
M
\l
12,000
CURRENT DOLLARS
^ -
10,000
10,000
^
8,000
1
1
1
1983
1982
1
1
1
1
1984
1
1
1985
1
1
1986
1
1
1987
1
1988
1
1
1989
1
1
1
1
1
1991
1990
1
8,000
1992
1993
COUNCIL OF ECONOMIC ADVISERS
Period
Personal
income
Less:
Personal
tax and
nontax
payments
V
1
Disposable
income
Less:
Personal
outlays 1
Equals:
Personal
saving
Disposable
personal
income in
1987
dollars
(billions)
Per capita
disposable personal
income
Current
dollars
Billions of dollars
1984
1985
1986
1987
1988
1989
1990
1991
1992
3,154.6
3,379.8
3,590.4
3,802.0
4,075.9
4,380.3
4,664.2
4,828.3
5,058.1
395.1
436.8
459.0
512.5
527.7
593.3
621.3
618.7
627.3
2,759.5
2,943.0
3,131.5
3,289.5
3,548.2
3^787.0
4,042.9
4^209.6
4,430.8
1987
dollars
Per capita personal
consumption
expenditures
Current
dollars
1987
dollars
Dollars
2,537.5
2,753.7
2,944.0
3,147.5
3,392.5
3,634.9
3,867.3
4^009.9
4,218.1
222.0
189.3
187.5
142.0
155.7
152.1
175.6
199.6
212.6
3,080.1
3462.1
3,261.9
3^289.5
3,404.3
3464.9
3,516.5
3^509.0
3,585.1
11,673
12J339
13,010
13^545
14,477
15^307
16,174
16^658
17,346
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
overseas
(thousands) 2
Percent
13,029
10,408
11,617
13^258
13,552
13^545
13,890
14^005
14,068
13386
14,035
11,843
12^568
13,448
14,241
14,996
15^384
16,035
12,154
12,591
13,145
13,278
13,522
13,685
13,996
14,015
13,988
13,861
13,891
13,876
13,913
14,017
14,021
13,998
14,105
14,165
9,134
9,980
10,649
11,445
12,101
12,819
13,814
14,491
15,209
15,184
15,345
15,468
15,537
15,814
15,907
16,063
16,353
16,468
12,336
12^568
12,903
13.029
13,044
12J824
12,974
5.5
1.8
2.2
1
2.5
.8
4
— 1.3
1.1
4.3
4.4
4.0
4.3
4.7
4.8
236,393
238,510
240,691
242,860
245,093
247,397
249 961
252,711
255 435
10,895
11,390
11,739
12,095
12,472
12,615
13,020
13,053
12,938
12,808
12,838
12,848
12,803
12,930
12,893
12,973
13,098
13,092
-0.5
7.2
1.0
1.8
-1.7
5.2
3.2
1.8
-1.4
-3.6
.9
-.4
1.1
3.0
.1
7
3.1
1.7
7.7
6.8
7.9
6.0
4.8
5.0
4.3
3.9
4.6
4.7
4.7
4.5
5.1
4.9
5.3
4.6
4.4
4.9
233,060
235,146
237,231
239,387
241,550
243,745
246,004
248,372
251,050
251,687
252,329
253,053
253,776
254,388
255,054
255,786
256,513
257,140
8.0
6.4
6.0
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
n
m....
IV
1992: I
n
m ...
IV....
1993: I '
2,746.8
2,965.8
3,242.5
3,456.7
3,647.8
3,918.5
4,195.2
4,469.4
4,751.9
4,752.8
4,806.9
4,846.2
4,907.2
4,980.5
5,028.9
5,062.0
5,160.9
5,237.6
372.1
371.6
413.4
448.8
478.5
528.6
542.0
605.1
623.8
616.8
617.2
618.6
622.3
619.6
617.1
628.8
643.6
656.0
2,374.7
2,594.3
2,829.1
3,007.9
3,169.3
3,389.9
3,653.2
3,864.3
4,128.1
4,136.0
4,189.7
4,227.6
4,284.9
4,360.9
4,411.8
4,433.2
4,517.3
4,581.7
2,190.9
2,417.9
2,606.5
2,828.7
3,018.2
3,220.1
3,496.7
3,715.5
3,938.8
3,943.2
3,994.4
4,036.6
4,065.5
4,146.3
4,179.5
4,229.9
4,316.9
4,358.8
183.8
176.3
222.6
179.2
151.1
169.8
156.4
148.8
189.3
192.8
195.3
191.0
219.4
214.6
232.3
203.3
200.4
222.9
2,832.6
2,960.6
3,118.5
3,178.7
3,266.2
3,335.8
3,443.1
3,480.9
3,511.6
3,488.7
3,505.2
3,511.5
3,530.8
3,565.7
3,576.0
3,580.5
3,618.2
3,642.3
1
Includes personal consumption expenditures, interest paid by persons, and personal transfer payments to rest of the world (net).
10,189
11,033
11,925
12,565
13,121
13,907
14,850
15,558
16,443
16,433
16,604
16,706
16,885
17,143
17,297
17,332
17,610
17,818
2
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the first quarter of 1993, according to preliminary estimates, gross farm income rose $2.1 billion (annual rate)
and net farm income rose $5.6 billion.
BILLIONS OF DOLLARS' (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIOS CALE)
240
200
160
N^
lffl
f
^
"l
^
^
^
x~
240
200
'
—-
160
—^
\~
\
GRO!>S FARM INCOME
120
120
80
80
Art
AO
40
40
20
20
10
10
•SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT Of AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total '
Total
1984
1985
1986
1987
1988
1989
1990
1991
1992 "
1991- I
JJ
..
in
IV
1992- I r r
n
r
TTT
IV r
1993- I "
168.0
161.2
156.1
168.5
175.4
191.1
196.0
189.5
195.3
189.1
189.7
185.2
194.1
197.1
200.3
194.9
189.0
191.1
142.8
144.1
135.4
141.8
151.1
161.0
169.9
167.3
169.3
165.1
165.4
170.6
167.9
165.2
172.2
176.9
162.6
164.0
Livestock and
products
69.9
74.3
63.8
65.9
71.7
76.9
80.0
80.5
83.3
75.6
77.9
85.8
83.0
81.4
86.5
92.0
73.1
78.3
72.9
69.8
71.6
76.0
79.4
84.1
89.9
86.7
86.0
89.6
87.6
84.9
85.0
83.9
85.7
85.0
89.5
85.7
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 inventor)' of crop and livestock commodities valued at average
prices during the year.
Crops
3
Value of
inventory
changes 2
6.0
2.3
-2.2
-2.3
-3.4
4.8
3.5
.4
3.6
1.2
.6
.1
— .1
4.5
4.2
3.3
2.4
-1.3
Production
expenses
Current
dollars
141.9
132.4
125.1
128.8
134.3
141.2
145.1
144.9
145.4
145.8
147.2
143.1
143.4
142.7
144.9
146.8
147.3
143.8
1987 dollars 3
26.1
28.8
31.1
39.7
41.1
49.9
51.0
44.6
49.9
43.3
42.5
42.0
50.6
54.4
55.4
48.1
41.7
47.3
Income in current dollars divided by the GDP implicit price deflator.
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
28.7
30.5
32.0
39.7
39.6
46.0
45.0
37.9
41.3
37.1
36.2
35.6
42.6
45.4
45.9
39.7
34.2
38.5
CORPORATE PROFITS
In the first quarter of 1993, according to revised estimates, corporate profits before tax rose $8.9 billion (annual
rate) and profits after tax rose $10.1 billion.
BILUONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED A
Vf
PROFITS BEFORE TAX
"
1
. PROFITS AFTER TAX
r
UNDISTRIBUTED PROFITS
1
1982
1983
1984
1985
1
1
1 1 !
1
1986
\ \
1
1991
1992
1993
COUNCIL OF ECONOMIC ADVISERS
SOURCE. DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment
1
Profits after tax
Domestic industries
Period
Nonfinancial
Total 2
Total
1984
1985
1986
1987
1988 .
1989
1990
1991
1992
1982: IV
1983: IV
1984: IV
1985: IV
1986: IV
1987: IV
1988: IV
1989: IV
1990: IV
1991: I..
1992:
n
m
rv
I..
n
m
rv
1993: I r
1
2
236.4
225.3
227.6
273.4
320.3
325.4
341.2
337.8
364.2
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
333.5
344.2
342.2
331.9
333.1
360.7
361.4
344.4
390.4
389.0
205.2
194.5
194.6
233.9
271.2
266.0
275.5
271.3
300.2
130.8
182.6
192.9
193.5
192.5
246.3
285.9
254.8
260.2
269.4
275.9
270.0
270.2
292.0
300.4
279.3
329.3
316.4
Financial
20.3
28.7
35.8
36.4
41.8
50.6
56.7
60.9
56.8
23.0
22.1
20.3
29.0
34.7
39.4
46.1
52.5
55.1
59.7
60.7
63.6
59.7
70.1
61.3
40.3
55.3
64.1
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Total
3
185.0
165.8
158.9
197.5
229.4
215.3
218.8
210.4
243.5
107.8
160.5
172.6
164.5
157.8
207.0
239.7
202.3
205.1
209.7
215.1
206.4
210.5
221.9
239.0
239.0
274.0
252.3
Manufacturing
Wholesale and
retail
trade
86.7
80.1
59.0
87.0
117.5
108.0
106.9
89.3
113.8
50.1
90.5
79.2
83.3
63.9
98.7
129.3
94.5
96.3
87.6
90.3
91.8
87.5
97.5
115.2
118.0
124.5
110.7
49.7
43.1
46.3
39.9
37.1
39.7
35.8
44.0
47.7
33.8
40.7
50.8
39.0
43.1
39.3
39.3
39.2
35.0
44.1
45.5
41.7
44.5
39.9
46.7
43.7
60.7
51.9
3
Profits
before
tax
240.5
225.0
217.8
287.9
347.5
342.9
355.4
334.7
371.6
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
354.7
337.6
332.3
336.7
332.3
366.1
376.8
354.1
389.4
398.3
Tax
liability
94.0
96.5
106.5
127.1
137.0
141.3
136.7
124.0
140.2
58.7
82.2
83.8
97.6
116.6
135.2
146.2
134.2
133.7
121.3
122.9
127.0
125.0
136.4
144.1
131.8
148.5
147.2
Total
146.4
128.5
111.3
160.8
210.5
201.6
.218.7
210.7
231.4
109.9
141.6
136.3
134.2
119.2
176.0
226.0
200.0
221.0
216.3
209.4
209.6
207.4
229.7
232.7
222.2
241.0
251.1
Dividends
82.7
92.4
109.8
106.2
115.3
134.6
149.3
146.5
149.3
72.5
84.2
83.4
97.4
111.0
106.3
121.0
141.3
151.9
150.6
146.2
145.1
143.9
143.6
146.6
151.1
155.9
160.2
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
Inventory
valuation
adjustment
63.8
36.1
1.6
54.6
95.2
67.1
69.4
64.2
82.1
37.5
57.4
52.9
36.9
8.2
69.7
105.0
58.7
69.1
65.7
63.2
64.5
63.4
86.2
86.1
71.1
85.0
90.9
—4.1
.2
9.7
-14.5
-27.3
-17.5
142
3.1
7.4
-8.6
-7.6
3.5
3.8
-10.7
17 8
-31.7
135
-21.2
6.7
9.9
48
.7
5.4
-15.5
9.7
1.0
94
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
According to revised estimates for the first quarter of 1993, nonresidential fixed investment in 1987 dollars rose
$16.6 billion (annual rate) and residential investment rose $0.7 billion. There was a $33.5 billion increase in
inventories, following an increase of $9.8 billion in the fourth quarter of 1992.
BILLIONS OF 1987 DOLLARS
BILLIONS OF 1987 DOLLARS
900
900
SEASONALLY ADJUSTED ANNUAt RATES
800
800
700
GROSS PRIVATE DOMESTIC
INVESTMENT
600
600
NONRESIDENTIAL
FIXED INVESTMENT
400
RESIDENTIAL
FIXED INVESTMENT
300
300
200
CHANGE IN BUSINESS
INVENTORIES
J
1982
1983
1984
j
L_
1985
1986
1987
J
1988
1989
1990
L_
-100
1991
1992
1993
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
%ed investmen t
Gross
private
domestic
investment
1984
1985
1986
1987
1988
1989
1990
1991
1992
Total
Total
Structures
Change i > busmes:;
mvei [ones
Producers'
durable
equipment
Residential
4902
521 8
500 3
497 8
5308
5400
538 1
5002
5150
182 8
197 4
1766
739 1
661 1
712 6
6896
723 8
726 5
723 0
753 4
754 2
732 9
6704
7076
177 6
179 1
157 6
1468
3244
323 7
3265
3568
362 5
3590
342 6
368 2
503.5
669 5
756.4
763 1
705 9
793 8
785 0
7695
680.0
548.4
640 2
7084
732 9
7259
733 9
764 1
744 6
706.8
417 2
449 6
5096
525 5
495 5
5106
538 8
5367
529.3
1732
162 6
1895
1983
1704
177 9
175 7
1798
173 2
2440
2870
320 1
327 2
3250
332 7
363 1
356 9
356 1
131 2
1906
1988
207 4
230 "5
223 3
225 3
2080
177 5
8460
6495
6720
676.9
671 1
6698
671 4
669.3
5070
5030
4.98 7
492 1
1668
162 2
1530
1484
3402
3408
3458
343 7
164 1
1669
172 6
177 3
in
IV
668.9
7136
7249
743 1
681.4
7059
7100
733 3
4958
514 7
518 7
5309
1494
149 1
144 7
1440
3464
3656
3740
3869
1993- I '
784.0
7505
547 5
1440
403 5
1982:
19831984:
198519861987198819891990:
7575
7459
735 1
749 3
773 4
7840
IV
IV
IV
IV
IV
IV
IV
IV
IV
1991- I
II
in
IV
1992: I
II
Source: Department of Commerce, Bureau of Economic Analysis.
171 3
1740
307 4
199 3
202 0
226 2
225 2
222 7
214 2
1948
170 2
192 6
Total
Nonfarm
67 9
66 9
19 g
106
32 7
26 9
29 9
37
96
26
449
29 3
47 9
30 2
90 1
599
20 9
249
26 8
95 i
—46 9
39 3
50 8
280
18 6
69 I
30 5
31 9
25 6
29 1
85
96 3
199
99 g
62
93
50
75
24 ~!
24 5
3 0
11 8
185 6
191 2
191 3
202 3
12 6
78
15 0
98
10 7
60
96
56
203 0
33 5
305
20 i
&
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department April-May 1993 survey, business spending for new plant and equipment is
expected to rise 6.4 percent in 1993, following a rise of 3.3 percent in 1992.
BILLIONS OF DOLLARS (RATIO SCALE)
600
BILLIONS OF DOLLARS (RATIO SCALE)
600
500
500
400
ALL INDUSTRIES
300
NONMANUFACTURING^
200
MANUFACTURING
I
I
I
1992
I/SURVEYED QUARTERLY
-/SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanufacturing
Manufacturing
Period
All
industries
Total
1982
1983
1984 .. .
1985
1986
1987
1988 . .
1989
1990
1991
1992
19934
326.19
321.16
373.83
410.12
399.36
410.52
455.49
507.40
532.61
528.39
546.08
581.12
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
173.90
178.23
1991- I
534.27
525.02
526.59
529.87
n
m
IV
1992: I
n
in
IV
1993- I '4
n4
m4
IV
1
Nonmanufacturing
Total
Surveyed
quarterly
239.11
242.38
278.77
302.05
309.16
320.45
344.77
380.13
399.34
405.12
433.28
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.17
402.89
Nondurable
goods
Total 1
Mining
Transportation
Public
utilities
Commercial
and
other
54.58
51.61
64.57
70.87
65.68
68.03
77.04
82.56
82.58
77.64
73.41
77.49
69.39
65.74
75.04
82.01
72.28
73.03
86.41
101.24
110.04
105.17
100.50
100.74
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.17
402.89
14.11
10.64
11.86
12.00
8.15
8.28
9.29
9.21
9.88
10.02
8.90
9.51
11.75
10.81
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.66
22.78
23.33
53.58
52.95
57.53
59.58
56.61
56.26
60.37
66.28
67.21
66.57
71.96
75.74
122.79
129.41
151.39
171.09
181.59
189.84
205.76
229.28
241.43
246.32
268.54
294.32
190.83
186.52
177.48
179.06
80.99
79.31
74.94
76.40
109.84
107.20
102.55
102.66
343.44
338.50
349.10
350.81
9.94
10.08
10.09
9.99
22.98
22.87
22.56
22.29
67.01
65.09
66.52
67.42
243.51
240.46
249.94
251.11
19083
186 52
17748
17906
343 44
33850
349 10
35081
535.72
540.91
547.53
560.16
173.98
171.78
172.23
177.62
74.19
74.26
71.84
73.34
99.79
97.52
100.39
104.28
361.73
369.13
375.30
382.54
8.87
9.18
9.09
8.44
21.88
23.51
24.69
21.06
68.81
72.63
71.66
74.73
262.17
263.80
269.86
278.32
173 98
171.78
172 23
177 62
361 73
369 13
375 30
382 54
564.81
587.29
587.05
585.34
175.17
182.79
177.18
177.77
79.32
78.06
75.01
77.56
95.85
104.73
102.17
100.21
389.64
404.49
409.87
407.57
8.84
10.10
10.15
8.93
22.50
23.99
23.55
23.27
73.31
77.68
76.21
75.77
284.99
292.72
299.96
299.60
175 17
182 79
177 18
177 77
389 64
40449
409 87
407 57
Durable
goods
Excludes forestry, fisheries, and agricultural services; professional services; social services and
membership organizations; and real estate, which, effective with the April-May 1984 survey, are no
longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for
these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
10
Total
nonfarm
business 2
363.08
359.73
418.38
454.93
447.11
461.51
508.22
563.93
591.96
587.93
607.19
Manufacturing
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
173.90
178.23
Surveyed
annual-
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
59.35
59.54
61.11
Consists of forestry, fisheries, and agricultural services; professional services; social services and
membership organizations; and real estate.
4
Planned capital expenditures as reported by business in April-May 1993, corrected for biases.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In May, civilian employment rose by 857,000 and unemployment fell by 67,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
130
130
SEASONALLY ADJUSTED
126
126
CIVILIAN LABOR FORCE
122
122
118
118
114
114
CIVILIAN
EMPLOYMENT
110
110
106
106
102
102
X
12
\
_ 12
_
UNEMPLOYMENT
/
8
4
0
~—
«•
/
—_ —~^_^
-^-
^~
I
'
^—^~~—— _ *.^_
8
h~~"—
„ 4
_
Mill
1 1 1 11
1985
1 1 i i i 1 1 i i ii i i i i i 1
1986
1987
1 1111111111
1988
1 1 1 1 11M
1 1 1
1 1 M ll 1 1 1 1 1
1990
1989
i i i i l1 i i iii i i i t i 1 i i i ii i i i r i 1 ri i ii
1992
1991
*I6 TEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
0
1993
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
1983.
1984
1985.
1986*
1987
1988
1989
1990
1991.
1992
1992:
May
T
•*
July
Sept
Oct
Nov
Dec
Unemployment
Civilian employment
Noninstitutional
population
including
resident
Armed
Forces
NSA
Resident
Armed
Forces
NSA
Labor force
including
resident
Armed
Forces
175,891
178,080
179,912
182,293
184,490
186,322
188,081
189,686
191,329
193,142
1,676
1,697
1,706
1,706
1,737
1,709
1,688
1,637
1,564
1,566
113,226
115,241
117,167
119,540
121,602
123,378
125,557
126,424
126,867
128,548
102,510
106,702
108,856
111,303
114,177
116,677
119,030
119,550
118,440
119,164
111,550
113,544
115,461
117,834
119,865
121,669
123,869
124,787
125,303
126,982
100,834
105.005
107,150
109,597
112,440
1 14 968
117,342
117,914
116,877
117,598
3,383
3,321
3,179
3,163
3,208
3,169
3,199
3,186
3,233
3,207
97,450
101,685
103,971
106,434
109,232
111,800
114,142
114,728
113,644
114,391
5,997
5,512
5,334
5,345
5,122
4,965
4,657
4,860
5,767
6,116
192,881
193,025
193,190
193,356
193,513
193,683
193,847
194,026
1,574
1,570
1,568
1,566
1,566
1,552
1,531
1,517
128,613
128,868
128,918
128,970
128,840
128,618
128,896
129,108
119,154
119,080
119,290
119,346
119,290
119,239
119,595
119,828
127,039
127,298
127,350
127,404
127,274
127,066
127,365
127,591
117,580
117,510
117,722
117,780
117,724
117,687
118,064
118,311
3,186
3,244
3,207
3,218
3,221
3,169
3,209
3,262
114,394
114,266
114,515
114,562
114,503
114,518
114,855
115,049
194,259
194,298
194,456
194,618
194,767
1,515
1,512
1,497
1,492
1,484
128,598
128,839
128,926
128,833
129,615
119,586
119,963
120,062
119,908
120,757
127,083
127,327
127,429
127,341
128,131
118,071
118,451
118,565
118,416
119,273
3,191
3,116
3,082
3,060
3,070
114,879
115,335
115,483
115,356
116,203
Employment
including
resident
Armed
Forces
Civilian
labor force
Total
Agricultural
Total
Civilian
15
weeks
and over
Labor
force
participation
rate
(percent) 2
ment/
population
ratio
(percent) 2
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
4,210
2,737
2,305
2,232
1,983
1,610
1,375
1,504
2,323
3,354
64.0
64.4
64.8
65.3
65.6
65.9
66.5
66.4
66.0
66.3
57.9
59.5
60.1
60.7
61.5
62.3
63.0
62.7
61.6
61.4
6,181
5,921
6,069
6,099
6,096
6,151
6,230
6,063
9.459
9,788
9,628
9,624
9,550
9,379
9,301
9,280
3,349
3,432
3,547
3,547
3,522
3,564
3,446
3,605
66.4
66.5
66.5
66.4
66.3
66.1
66.2
66.3
61.5
61.4
61.4
61.4
61.3
61.3
61.4
61.5
5,887
6,242
5,965
6,238
6,268
9,013
8,876
8,864
8,925
8,858
3,317
3,143
3,073
2,926
3,004
66.0
66.0
66.0
65.9
66.3
61.3
61.4
61.4
61.3
61.7
Nonagricultural
Part time
for
economic
reasons 1
Total
1993:
Feb
Mar
May
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.
"Data beginning January 1986 not strictly comparable with earlier data because of change i
estimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In May, the civilian unemployment rate fell slightly, to 6.9 percent.
PERCENT* (SEASONALLY ADJUSTED]
PERCENT* (SEASONALLY ADJUSTED)
15
10
10
1993
1989
1989
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE; DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992: May ....
June ...
July ....
Aug ....
Sept ....
Oct
Nov ....
Dec
1993: Jan
Feb
Mar
Apr
May
1
2
Unemployment
rate,
all
workers 1
9.5
7.4
7.1
6.9
6.1
5.4
5.2
5.4
6.6
7.3
7.4
7.6
7.5
7.5
7.4
7.3
7.2
7.2
7.0
6.9
6.9
6.9
6.8
All
civilian
workers
9.6
7.5
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
7.4
7.7
7.6
7.6
7.5
7.4
7.3
7.3
7.1
7.0
7.0
7.0
6.9
Men
20 years
and over
Women
20 years
and
over
8.9
8.1
6.8
6.6
6.2
6.1
5.4
4.8
4.5
4.9
6.3
7.0
7.2
7.3
7.2
7.2
7.1
7.2
6.9
6.8
6.4
6.5
6.7
6.4
6.4
6.6
6.2
5.4
4.9
4.7
4.8
5.7
6.3
6.2
6.3
6.4
6.4
6.4
6.2
6.2
6.4
6.4
6.0
5.7
6.0
5.9
Both
sexes
16-19
years
22.4
18.9
18.6
18.3
16.9
15.3
15.0
15.5
18.6
20.0
19.9
22.8
20.6
19.9
20.4
18.9
20.2
19.2
19.7
19.6
19.5
20.7
19.7
Experienced
wage and
salary
workers
Black
and
other
Black
5.3
4.7
4.5
4.7
6.0
6.5
17.8
14.4
13.7
13.1
11.6
10.4
10.0
10.1
11.1
12.7
19.5
15.9
15.1
14.5
13.0
11.7
11.4
11.3
12.4
14.1
6.5
6.8
6.6
6.6
6.6
6.5
6.4
6.3
12.9
13.1
13.0
12.9
12.6
12.5
12.6
12.8
14.5
14.5
14.4
14.2
13.9
14.1
14.0
14.2
5.8
5.2
5.0
5.3
6.5
7.1
7.2
7.3
7.2
7.2
7.2
7.1
7.0
7.0
6.2
6.1
6.1
6.0
6.0
12.9
12.0
12.0
12.5
11.7
14.2
13.1
13.5
13.8
12.9
6.8
6.7
6.6
6.7
6.5
White
8.4
6.5
6.2
6.0
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 per-
12
By selected groups
By race
By sex and age
9.2
7.1
6.8
6.6
Married
men,
spouse
present
6.5
4.6
4.3
4.4
3.9
3.3
3.0
3.4
4.4
5.0
5.0
5.1
5.2
5.3
5.2
5.1
4.9
4.8
4.5
4.5
4.7
4.5
4.5
Labor
force
time lost
(percent) 2
Women
who
maintain
families
Fulltime
workers
Parttime
workers
12.2
10.3
9.5
7.2
6.8
6.6
5.8
5.2
4.9
5.2
6.5
7.1
10.4
9.3
9.3
9.1
8.4
7.6
7.3
7.4
8.3
9.2
8.6
8.1
7.9
7.1
6.3
5.9
6.2
7.6
8.3
7.1
7.4
7.3
7.3
7.2
7.1
7.0
6.9
6.7
6.6
6.6
6.6
6.6
9.3
9.3
9.2
9.1
9.5
9.2
9.2
9.7
9.3
9.1
8.9
9.7
8.4
8.3
8.4
8.4
8.4
8.3
8.3
8.3
8.1
7.9
7.9
7.9
7.8
7.9
10.4
9.8
9.2
8.1
8.1
8.2
9.1
9.9
9.9
10.1
10.3
10.3
9.1
9.3
10.4
10.3
10.6
10.2
9.0
9.6
9.9
cent of potentially available labor force hours.
Source: Department of Labor, Bureau of Labor Statistics.
10.9
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 5-14 weeks,
and for 15-26 weeks fell, while the percentage for 27 weeks and over rose. The mean duration of unemployment
rose to 17.6 weeks and the median duration fell to 8.1 weeks.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION
70
70
DURATION OF UNEMPLOYMENT
50
5-14
WEEKS
20
10 -
^—~
27 WEEKS
AND OVER
1 1 1 1 1 1 1 1 1 1 1 i n nil H H
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
46.1
40.1
34.9
35.9
36.1
34.8
34.0
34.0
33.9
33.2
32.6
36.1
36.5
35.5
38.2
37.7
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
32.0
32.3
29.4
28.4
28.6
28.6
29.4
29.5
28.3
30.2
28.8
27.4
28.1
29.4
28.4
28.2
Reason for unemployment:
percent distribution
State
programs
Number of
weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
11.8
14.5
15.2
15.0
14.0
15.0
15.5
14.8
15.7
15.3
16.5
15.5
13.9
14.4
14.5
14.3
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
10.1
13.0
20.6
20.7
21.3
21.5
21.1
21.7
22.2
21.4
22.1
21.1
21.5
20.7
18.8
19.8
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.1
13.8
17.9
17.9
18.2
18.3
18.3
18.5
19.2
18.4
19.2
18.7
18.3
17.5
17.4
17.6
8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
5.4
6.9
8.8
8.8
8.7
8.6
8.9
9.3
9.3
9.4
9.4
8.5
8.2
8.3
8.5
8.1
Job
losers
Job
leavers
Reentrants
New
entrants
22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
27.4
24.8
23.7
23.1
23.1
23.4
23.4
23.6
23.5
23.6
24.1
26.1
25.9
23.0
24.3
25.9
11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.5
9.1
10.2
9.9
9.8
9.8
8.3
10.0
10.0
10.7
10.0
10.5
10.5
10.2
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 1
Weekly average, thousands
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992- May .
July
...
Sept
Get
Nov
Dec
1993- Jan
Feb
Mar
May
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
9,459
9,788
9,628
9,624
9,550
9,379
9,301
9,280
9,013
8,876
8,864
8,925
8,858
1
Includes State (50 States, District of Columbia, Puerto Kico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Railroad (RE) programs included through 1991. Also includes
Federal and State extended benefit programs. Does not include Federal supplemental compensation
program.
58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
48.3
54.7
56.4
57.3
56.4
56.3
56.3
56.5
58.5
55.9
55.4
54.0
52.3
54.2
53.9
52.9
7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.5
10.4
10.3
10.5
10.0
9.7
10.5
10.5
9.1
11.8
12.3
11.3
10.9
4,061
3,396
2,476
2,611
2,650
2,332
2,081
2,158
2,522
3,342
3,245
3,314
3,279
3,304
3,178
3,168
3,035
2,937
2,783
2,715
2,640
2,701
2,764
2,770
583
438
377
396
378
328
310
330
388
447
408
408
414
433
387
402
365
359
341
353
343
362
347
341
4,594
3,775
2,561
2,693
2,746
2,401
2,135
2,205
2,575
3,406
3,339
3.-193
3,141
3,118
3,114
2,814
2,537
2,670
3,064
3,390
3,344
3,394
2,929
2,596
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 209,000 in May. (Series revised.)
MILLIONS OF PERSONS* (ENLARGED SCALE)
32
MILLIONS OF PERSONS*
ALL NONAGRICULTURAL
ESTABLISHMENTS
90
SERVICE-PRODUCING
INDUSTRIES
60
50
GOODS-PRODUCING
INDUSTRIES
30
=
*"}
CONSTRUCTION
H i l l II
1992
20
1990
(I 1 1 1 1 1 1 | 1 1 1
' 1989
1993
_
~~1
_,
||M|| Illllllllll
1991
1990
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
L
seasonally adjusted]
Service-producing industries
Goods-producing industries
Period
90,152
1983
94,408
1984
1985
97,387
99,344
1986
1987
101,958
105,210
1988
1989 ..
107,895
109,419
1990
1991
108,256
1992
108,519
1992: May r.. 108,470
June r. 108,454
July r.. 108,605
Aug '.. 108,615
Sept r.. 108,674
Oct r... 108,789
Nov r . 108,921
Dec r . 109,079
1993: Jan r .. 109,235
Febr... 109,539
Mar r.. 109,565
Apr r... 109,781
May ".. 109,990
Manufacturing
Total 2
23,330
24,718
24,842
24,533
24,674
25,125
25,254
24,905
23,745
23,142
23,237
23,172
23,160
23,073
23,012
22,995
22,995
22,985
23,001
23,069
23,016
22,976
23,004
Onn
Con-
struction
3,946
4,380
4,668
4,810
4,958
5,098
5,171
5,120
4,650
4,471
4,491
4,469
4,459
4,459
4,447
4,466
4,462
4,459
4,454
4,515
4,481
4,517
4,584
Total
IJurable
goo s
Nondurable
goods
18,432
,19,372
~19,248
18,947
18,999
19,314
19,391
19,076
18,406
18,040
18,109
18,073
18,073
17,991
17,949
17,911
17,917
17,913
17,936
17,954
17,935
17,860
17,821
10,707
11,476
11,458
11,195
11,154
11,363
11,394
11,109
10,569
10,237
10,286
10,260
10,236
10,192
10,164
10,135
10,142
10,136
10,152
10,163
10,144
10,088
10,040
7,725
7,896
7,790
7,752
7,845
7,951
7,997
7,968
7,837
7,804
7,823
7,813
7,837
7,799
7,785
7,776
7,775
7,777
7,784
7,791
7,791
7,772
7,781
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived
from this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes, bad
weather, etc., even if they are not paid for the time off; and which are based on a sample of the
working-age population, whereas the estimates in this table are based on reports from employing
|m||
1993 . >
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;
Total
nonagricultural
employment
|m||
1992
Total
66,821
69,690
72,544
74,811
77,284
80,086
82,642
84,514
84,511
85,377
85,233
85,282
85,445
85,542
85,662
85,794
85,926
86,094
86,234
86,470
86,549
86,805
86,986
Transportation
and
public
utilities
4,952
5,156
5,233
5,247
5^362
5,514
5,625
5,793
5,762
5,709
5,711
5,711
5,707
5,701
5,704
5,699
5,699
5,707
5,719
5,725
5,724
5,717
5,727
Wholesale
trade
5,283
5,568
5,727
5,761
5,848
6,030
6,187
6,173
6,081
6,045
6,045
6,042
6,037
6,037
6,037
6,052
6,061
6,062
6,086
6,097
6,103
6,109
6,121
"Detail
-detail
trade
15,587
16,512
17,315
17,880
18,422
19,023
19,475
19,601
19,284
19,346
19,357
19,344
19,360
19,359
19,380
19,402
19,405
19,460
19,523
19,629
19,604
19,645
19,666
Government
Finance,
insurance,
and real
estate
Services
5,466
5,684
5,948
6,273
6,533
6,630
6,668
6,709
6,646
6,571
6,577
6,569
6,559
6,558
6,565
6,570
6,569
6,575
6,578
6,577
6,574
6,584
6,583
19,664
20,746
21,927
22,957
24,110
25,504
26,907
27,934
28,336
29,053
28,925
28,996
29,111
29,178
29,247
29,361
29,430
29,524
29,573
29,665
29,756
29,955
30,081
Total
15,869
16,024
16,394
16,693
17,010
17,386
17,779
18,304
18,402
18,653
18,618
18,620
18,671
18,709
18,729
18,710
18,762
18,766
18,755
18,777
18,788
18,795
18,808
Federal
2,774
2,807
2,875
2,899
2^943
2,971
2,988
3,085
2,966
2,969
2,980
2,973
2,962
2,961
2,966
2,945
2,943
2,968
2,945
2,944
2,938
2,920
2,906
establishments.
2
Includes mining, not shown separately.
Note.™Series revised to reflect annual benchmarking and updated seasonal adjustment factors.
Historical data have also been revised beginning April 1981. See Employment and Earnings, June
1993, for detailed information on the revisions.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY
EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average weekly hours
Average gross hourly earnings
Manufacturing
Total
private
nonagricultural l
Period
1983
1984
1985
1986
1987 .
1988
1989
1990
1991 '.
1992 '
1992- May '
July '
Sept r
Oct '.
Nov '
Dec '
1993: Janr
Feb '
Mar T.
Apr r
May'1
Total
Average gross weekly earnings
Total private
nonagricultural *
Overtime
Current
dollars
Total private
nonagricultural '
1982
dollars «
Manufacturing
Current dollars
Current
dollars
dollars 2
Manufacturing
Construction
1982
Retail
trade
35.0
35.2
34.9
34.8
34.8
34.7
34.6
34.5
34.3
34.4
40.1
40.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0
3.0
3.4
3.3
3.4
3.7
3.9
3.8
3.6
3.6
3.8
$8.02
$7.79
7.80
7.77
7.81
7.73
7.69
7.64
7.52
7.45
7.42
$8.83
8.32
8.57
8.76
8.98
9.28
9.66
10.01
10.32
10.58
9.19
9.54
9.73
9.91
10.19
10.48
10.83
11.18
11.46
$280.70
292.86
299.09
304.85
312.50
322.02
334.24
345.35
353.98
• 363.95
$272.52
274.73
271.16
271.94
269.16
266.79
264.22
259.47
255.40
255.22
$354.08
374.03
386.37
396.01
406.31
418.81
429.68
441.86
455.03
469.86
$442.97
458.51
464.46
466.75
480.44
495.73
513.17
526.01
533.40
537.70
34.5
34.3
34.3
34.6
34.2
34.4
34.6
34.3
41.2
41.1
41.1
41.1
41.0
41.1
41.2
41.2
4.0
3.8
3.8
3.8
3.6
3.8
3.9
3.9
10.54
10.56
10.57
10.63
10.62
10.65
10.69
10.68
7.42
7.42
7.40
7.43
7.41
7.40
7.41
7.40
11.44
11.45
11.46
11.50
11.51
11.52
11.55
11.58
363.63
362.21
362.55
367.80
363.20
366.36
369.87
366.32
255.90
254.36
253.89
257.02
253.45
254.59
256.50
253.68
471.33
470.60
471.01
472.65
471.91
473.47
475.86
477.10
34.5
34.4
34.2
34.4
34.8
41.4
41.4
41.2
41.5
41.5
4.0
4.2
4.0
4.2
4.2
10.73
10.74
10.78
10.77
10.83
7.40
7.38
7.39
7.36
7.39
11,61
11.64
11.66
11.71
11.72
370.19
369.46
368.68
370.49
376.88
255.30
253.92
252.87
253.24
257.26
480.65
481.90
480.39
485.97
486.38
1
2
Also includes other private industry groups shown on p. 14.
Current dollar earnings divided by the consumer price index for urban wage earners and clerical
workers (on a 1982 = 100 base).
Percent change from a
year earlier, total
private
nonagricuitural 3
r
1982
dollars
Current
dollars
$171.05
' 174.33
' 174.64
' 176.08
178.70
183.62
188.72
194.40
198.48
205.34
5.0
4.3
2.1
1.9
2.5
3.0
3.8
3.3
2.5
2.8
2.0
.8
-1.3
.3
-1.0
544.01
543.20
541.95
542.82
537.59
539.22
537.89
535.72
204.48
204.06
203.21
205.92
207.50
206.78
207.79
207.65
3.2
1.6
2.5
3.1
1.1
2.5
3.3
1.9
.4
-1.3
5
.0
-1.8
-.6
.3
-1.0
534.96
538.94
544.07
540.83
559.26
208.22
208.08
205.01
208.80
212.43
3.4
2.2
2.0
2.8
3.6
.2
-.9
-1.0
3
Q
-1.0
-1.8
-1.6
1
.5
9
Based on seasonally unadjusted data.
Note.—Series revised to reflect annual benchmarking and updated seasonal adjustment factors.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 = 100)
Percent change from
3 months earlier
Period
Total
compensation
Wages and
salaries
Benefits '
76.7
81.7
84.6
87.5
90.5
96.7
102.6
109.4
116.2
122.2
Total
compensation
Wages and
salaries
12 months earlier
Benefits '
Total
compensation
Wages and
salaries
5.7
4.9
3.9
3.2
3.3
4.8
4.8
4.6
4.4
3.5
4.9
4.2
4.1
3.2
3.3
4.1
4.1
4.0
3.7
2.6
Benefits '
Not seasonally adjusted
1983:
19841985:
19861987:
19881989:
19901991:
1992:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
80.1
84.0
87.3
90.1
93.1
97.6
102.3
107.0
111.7
115.6
81.4
84.8
88.3
91.1
94.1
98.0
102.0
106.1
110.0
112.9
1990:
Mar
1991:
Dec
Mar .
103.8
105.1
106.2
107.2
108.4
109.7
110.9
111.9
113.0
113.8
114.7
115.7
116.9
103.2
104.4
105.4
106.2
107.3
108.4
109.2
110.1
110.9
111.5
112.2
113.0
113.9
1,3
1.3
.6
.7
.6
1.0
1.1
.8
.6
•7
1.1
1.2
.6
.6
.6
1.0
.8
.7
.6
.6
1.3
1.4
.5
1.0
1.2
1.0
.8
1.0
1.0
.7
.8
.7
.5
.6
.7
.8
2.0
1.5
1.5
1.5
1.3
1.8
1.6
1.4
1.3
1.2
1.3
1.2
1.7
.6
1.0
1.0
1.2
1.0
.9
.8
Seasonally adjusted
Sept..
Sept..
Dec
1992- Mar
Sept
Dee
1993- Mar ..
..
1
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the
influence of employment shifts among occupations and industries.
105,1
106.7
108.3
109.9
111.3
113.3
115.1
116.7
118.2
119.6
121.2
122.7
124.8
1.4
1.3
1.0
.9
1.1
1.2
1.1
.9
1.0
.7
.8
.9
1.0
7.4
6.5
3.5
3.4
3.4
6.9
6.1
6.6
6.2
5.2
Not seasonally adjusted
5.2
5.2
4.9
4.6
4.4
4.4
4.5
4.4
4.2
3.7
3.4
3.5
3.5
4.2
4.5
4.2
4.0
4.0
3.7
3.7
3.7
3.4
3.0
2.7
2.6
2.7
7.2
6.9
6.8
6.6
5.8
6.2
6.4
6.2
6.3
5.5
5.2
5.2
5.6
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Hours of all
persons s
Output '
Business
sector
Nonfarm
business
sector
Business
sector
Compensation per
hour s
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Unit labor costs
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1982 = 100; quarterly data seasonally adjusted
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
.
102.3
104.8
106.3
108.5
109.6
110.7
109.9
110.1
110.2
113.3
102.5
104.7
105.6
107.7
108.6
109.6
108.6
108.6
108.8
111.7
104.1
112.6
116.7
119.9
124.8
130.1
132.3
132.7
129.8
132.8
104.4
113.0
116.8
120.1
125.0
130.6
132.7
132.9
130.0
132.9
101.8
107.4
109.8
110.5
113.8
117.5
120.4
120.5
117.7
117.2
101.9
107.9
110.7
111.5
115.1
119.1
122.2
122.4
119.5
119.0
103.8
108.3
113.2
118.9
123.1
128.5
133.0
140.3
146.8
152.1
104.0
108.3
112.8
118.4
122.5
127.7
132.0
139.0
145.7
150.9
100.6
100.6
101.5
104.7
104.6
104.8
103.5
103.6
104.0
104.6
100.8
100.6
101.2
104.3
104.1
104.2
102.7
102.6
103.2
103.8
101.5
103.4
106.5
109.5
112.3
116.0
121.0
127.4
133.1
134.3
101.5
103.4
106.8
110.0
112.8
116.5
121.5
128.0
133.8
135.1
103.4
107.7
111.2
113.6
116.6
120.8
126.1
131.2
136.2
139.1
104.0
107.6
111.6
114.2
117.2
121.4
126.5
131.8
137.0
140.0
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
IV r...
IV "...
IV r...
IV r...
IV r...
IV r...
IV r...
IV r...
101.1
103.1
105.4
107.0
108.3
110.7
110.9
109.7
101.1
103.3
105.3
106.0
107.4
109.5
110.0
108.5
100.0
107.5
114.4
118.0
120.6
127.4
131.7
132.3
100.0
108.1
114.8
118.2
120.8
127.6
132.5
132.7
98.9
104.3
108.5
110.3
111.3
115.1
118.8
120.6
99.0
104.7
109.1
111.5
112.5
116.5
120.5
122.3
102.1
105.2
109.9
115.6
120.9
125.8
130.7
134.9
102.1
105.2
109.9
115.0
120.5
125.1
129.8
133.9
100.6
100.5
100.7
102.4
105.6
105.2
104.7
103.4
100.6
100.4
100.7
101.8
105.2
104.6
104.1
102.6
100.9
102.1
104.3
108.0
111.6
113.7
117.9
123.0
101.0
101.9
104.4
108.5
112.2
114.3
118.0
123.4
101.1
104.8
109.0
112 .4
114.6
117.9
122.8
127.8
101.4
105.2
109.0
112.9
115.2
118.5
123.4
128.2
1990:
n rr.....
in ...
Ir
109.9
110.6
110.1
109.8
108.4
109.0
108.5
108.3
133.1
133.7
132.5
131.3
133.5
134.0
132.7
131.5
121.2
120.9
120.3
119.6
123.1
122.9
122.4
121.4
136.9
139.5
141.5
143.1
135.6
138.1
140.1
141.9
103.1
104.0
103.8
103.3
102.1
103.0
102.7
102.4
124.6
126.1
128.4
130.3
125.1
126.7
129.1
131.0
129.1
130.6
131.9
133.3
129.6
131.1
132.5
134.1
I rr
109.4
109.9
110.5
111.3
108.0
108.5
109.1
109.7
129.2
129.5
130.0
130.6
129.4
129.7
130.2
130.7
118.1
117.8
117.6
117.3
119.9
119.5
119.4
119.1
144.2
146^3
147.7
149.0
143.1
145.2
146.6
147.8
103.1
104.0
104.3
104.4
102.3
103.3
103.5
103.5
131.9
133.2
133.7
133.8
132.5
133.8
134.4
134.7
134.9
136.0
136.7
137.3
135.7
136.6
137.5
138.3
IV '...
1991:
n .....
r
IHr ...
IV ...
1992:
n rr.....
m ...
rv...
Ir
112.5
112.7
113.6
114.6
110.9
111.2
112.0
112.9
131.4
131.9
133.0
134.7
131.5
132.0
133.2
134.8
116.7
117.0
117.1
117.6
118.6
118.7
118.9
119.4
150.7
151.3
152.7
154.2
149.4
150.1
151.4
152.9
104.7
104.3
104.6
104.8
103.8
103.5
103.7
103.9
133.9
134.2
134.4
134.6
134.8
135.0
135.2
135.4
138.2
139.0
138.9
140.3
139.1
139.9
139.9
141.2
1993:
I"....
114.1
112.4
134.9
135.1
118.2
120.2
155.6
154.1
104.8
103.8
136.3
137.1
141.2
142.1
1.5
1.9
3.3
2.9
2.6
3.3
4.3
5.4
4.6
.9
3.4
4.1
3.3
2.2
2.6
3.6
4.4
4.1
3.8
2.1
4.0
3.5
3.7
2.4
2.6
3.6
4.2
4.2
4.0
2.2
Percent change; quarterly data at seasonally adjusted annual rates
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1990:
4.1
8.2
3.6
2.8
4.1
4.3
1.7
.2
-2.2
2.3
4.4
8.2
3.4
2.8
4.1
4.4
1.7
.1
-2.2
2.2
1.8
5.6
2.1
.6
3.0
3.3
2.5
.1
23
-.5
1.9
5.9
2.5
.8
3.2
3.5
2.6
.2
-2.4
-.4
3.8
4.3
4.5
5.0
3.6
4.4
3.5
5.5
4.6
3.6
4.0
4.1
4.1
5.0
3.5
4.2
3.3
5.3
4.8
3.6
0.6
.0
.9
3.1
— .1
.2
-1.3
.1
.4
.6
0.8
2
.6
3.1
-.2
.1
-1.4
.6
.6
1.5
1.9
3.0
2.8
2.5
3.4
4.3
5.3
4.5
.9
2.4
-2.1
2.6
1.8
-3.6
-3.5
2.2
1.6
-3.7
-3.6
2.1
-.9
-1.9
-2.5
2.7
-.8
-1.7
-3.1
6.0
7.8
5.7
4.8
5.3
7.6
5.7
5.4
-1.4
3.8
-1.0
-1.9
-2.1
3.5
-1.0
-1.4
5.5
4.9
7.6
6.0
s.a
5.1
8.0
5.9
4.2
4.7
4.2
4.2
4.2
4.7
4.5
4.8
-4.7
-1.1
-.6
-1.1
-4.9
-1.1
-.6
3.0
6.1
3.7
3.7
3.2
6.2
3.8
3.3
-.7
3.8
1.0
.4
-.5
3.9
1.1
.0
4.8
4.0
1.5
.5
4.6
4.1
1.6
.9
4.8
3.2
2.3
1.6
4.9
2.7
2.7
2.2
-1.9
-1.8
2.3
2.4
1.4
2.1
1.0
1.0
-.7
.2
.1
2.8
2.5
2.2
.8
2.0
.8
.9
-.9
1
'.2
2.6
n rr.....
ni r...
.4
2.8
-1.7
-1.1
I'
Ir
IV ...
K
1991:
n rr.....
m r...
-1.7
2.0
2.2
3.2
-1.3
2.1
2.2
2.4
-6.4
.9
1.6
2.0
-6.1
.9
1.5
1.6
1992:
I rr
r
n .....
in r...
IV ...
4.3
' .7
3.2
3.4
4.2
1.4
2.7
3.2
2.3
1.6
3.6
5.2
2.3
1.7
3.5
5.1
I"....
-1.5
.5
.8
IV ...
1993:
1
-1.6
-.8
.9
.3
1.8
.4
.7
1.8
4.7
1.5
3.9
3.8
4.5
2.0
3.5
3.9
1.3
-1.6
1.2
.7
1.1
-1.1
.8
.7
.3
.8
.7
.5
.3
.6
.7
.6
2.6
2.4
-.2
4.0
2.4
2.5
-.3
3.9
2.0
2.5
3.7
3.3
j
-.5
5.3
5.0
2.6
2.5
Output refers to gross domestic product originating in the sector in 1987 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price index for all urban consumers (CPI-U).
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
16
J
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Productivity and cost measures are as released June 17, 1993 and incorporate employment and
hours data that reflect the annual payroll survey benchmark revisions and historical corrections. See
Note, p. 14.
'Data do not reflect GDP revisions of June 23, 1993.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose slightly in May and capacity utilization was unchanged.
INDE x,
120
1987 . 100* IRATIO SCALE)
INDE K, 1987 . 100' IRATIO SCALE)
135
TOTAL INDUSTRIAL PRODUCTION
130
115
100
,J
r
^-v_
^^—v
120
-S~S
115
1 H 1 1 l! 1 1 1 1 1 1 HI 1 1 1 11 i ! It 1 M ll 1 1 II 1 1 1 | | [ | [1 | | 1| !1 t i li M II 1
/~-\ xv/rx _/~v
V
BUSINESS
EQUIPME MT
110
120
MANUFACTURING
105
,
/
•*~-^s.s*
1NONDURABLE
100
.'
s *^/•*
105
115
110
./"
./
125
110
105
FINAL PRODUCTS
xl
100
f^
V
i!"""t
CONSU MER
/ ' X— GOO
95
v~^
v_/""V
X*
\
/
——
DEFENSE
**J"*.
90
EQUIPMENT
*\
95
85
120
80
*x
X
UTILITIES,AND MINING
115
1
110
105
100
!
1
^'
r\ ^ .
W v^V
V
r^
A
75
^, A'SA^'v.^/
\
'
\
rv_^
84
82
s^VW^
95
90 1 1 1 II 1 1 1 1 1 1 1 1 1 1 li 1 1 1 1 1
1990
1989
86
UTILITIES
MINING
Illllllllll
1 1 1 1 M It 1 1 1
H 1 HI 1 It 1 t
II 1 1 1 1 1 H i
1 1 1 1 ll H II 1
PER<:ENT«
\s
v^vCAPACITY UTILIZATION RATE [TOTAL INDUSTRY)
X^-VN^-^
V
80
78
i n 1 1 1 1 1 1 11
niiiliiiii
niiiliiiii
Wl
1992
1993
76
.
SI
•y'^'
V/
Illllllllll
niiiliiiii
1989
1
1990
1991
1
s—
HIM M i l l
1993
1992
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Total
industrial
production
Period
Index,
1987=100
1983
1984
1985.
1986
1987
1988
1989
1990
1991
1992.
Aue
Sept
Oct
Nov
Dec
1993- Jan
Feb '
Mar r
Apr r
May p
1
Output as percent of capacity.
Capacity utilization
rate, percent *
Percent
change
from year
earlier
r
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
3.7
9.3
1.7
.9
r
4.9
4.4
1.5
.0
-1.8
r
2.3
80.9
89.3
91.6
94.3
100.0
104.7
106.4
106.1
103.7
106.9
76.8
88.4
91.8
93.9
100.0
106.6
108.6
107.4
103.8
108.1
87.0
90.8
91.5
94.9
100.0
102.3
103.7
104.4
103.5
105.4
104.8
111.9
109.0
101.0
100.0
101.3
100.0
102.0
100.4
97.6
93.6
97.0
99.5
96.3
100.0
105.0
108.7
109.9
112.2
112.0
75.8
81.1
80.3
79.2
81.5
83.7
83.6
82.1
79.2
79.8
74.9
80.4
79.5
79.1
81.6
83.6
83.1
81.1
77.8
78.8
106.7
106.0
106.8
106.6
106.2
107.5
108.4
108.9
3.3
1.5
2.2
1.9
.9
2.3
3.2
4.0
107.1
106.5
107.1
107.0
106.8
108.0
108.9
109.2
108.4
107.6
108.2
108.5
108.1
109.8
110.9
111.8
105.4
105.2
105.7
105.2
105.2
105.8
106.4
106.0
98.8
97.1
98.5
97.0
97.1
97.6
97.8
98.2
111.2
110.0
111.2
110.4
111.2
112.7
114.7
116.8
80.1
79.5
80.0
79.7
79.3
80.2
80.8
81.0
79.1
78.6
78.9
78.7
78.4
79.2
79.7
79.8
109.3
109.9
110.1
110.2
110.4
4.6
4.4
4.3
3.7
3.5
109.9
110.5
110.7
111.2
111.4
112.9
113.8
114.0
114.6
114.8
106.4
106.4
106.7
107.1
107.3
98.3
95.9
95.3
96.5
96.9
112.8
117.5
117.8
113.8
113.4
81.2
81.5
81.6
81.6
81.6
80.3
80.5
80.6
80.8
80.8
84.9
92.8
94.4
95.3
100.0
r
104.4
r
106.0
r
106.0
104.1
r
106.5
1992- May
June
July
Industry production indexes, 1987 = 100
Manufacturing
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; monthly data seasonally adjusted]
Products
Materials
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
Durable
goods
Nondurable
goods
Total
1
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Energy
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
83.0
91.0
94.2
95.7
100.0
104.8
106.8
107.0
105.3
108.2
88.8
92.8
93.7
96.8
100.0
102.9
104.0
103.4
102.8
105.2
79.7
91.0
91.6
94.5
100.0
104.6
106.6
102.3
95.2
102.5
91.9
93.4
94.4
97.6
100.0
102.4
103.2
103.8
105.0
105.9
76.8
89.2
94.8
94.5
100.0
107.6
110.9
112.1
108.9
112.7
71.9
85.4
91.1
93.1
100.0
110.7
115.5
116.9
115.7
123.2
71.8
78.9
89.4
96.0
100.0
99.7
100.1
98.8
91.7
85.9
80.3
86.2
88.3
91.9
100.0
101.8
102.0
101.2
96.5
97.6
80.2
86.2
89.1
93.8
100.0
101.5
100.5
98.2
90.7
93.8
80.3
86.2
87.7
90.7
100.0
102.0
103.0
103.2
100.4
100.1
88.3
96.6
96.6
95.9
100.0
105.0
106.7
106.8
105.5
107.9
98.9
103.8
103.4
99.5
100.0
102.2
103.1
104.2
104.6
103.4
1992- May
108.3
107.1
108.1
108.9
108.1
110.1
111.0
111.5
105.8
104.0
104.9
105.1
104.4
106.4
107.1
107.5
105.6
102.0
102.8
101.9
100.9
104.1
105.7
107.9
105.9
104.6
105.5
106.0
105.3
107.1
107.5
107.4
112.0
111.6
112.7
114.3
113.5
115.4
116.7
117.2
122.1
121.9
123.7
126.1
125.0
127.5
129.0
129.6
87.2
86.5
85.1
84.5
84.4
83.5
83.2
82.5
97.9
97.7
98.6
97.0
96.9
97.8
98.1
98.3
95.3
93.6
94.3
94.1
93.0
94.7
95.1
94.5
99.6
100.6
101.4
99.0
99.5
99.9
100.0
100.8
108.0
107.8
108.5
107.6
107.4
108.1
109.3
110.0
103.3
103.1
104.4
102.5
103.6
103.0
103.9
105.1
111.9
112.4
112.8
112.9
112.9
107.6
108.5
108.8
108.4
108.3
110.9
111.3
111.2
111.7
110.6
106.7
107.7
108.1
107.5
107.7
118.1
118.0
118.6
119.3
119.5
131.2
131.7
133.2
134.2
134.5
82.0
81.5
80.8
80.6
80.2
98.2
99.3
99.6
99.4
99.6
94.8
97.5
96.3
96.0
96.7
100.5
100.5
101.8
101.8
101.5
110.4
110.9
110.9
111.3
111.6
103.4
103.8
103.5
103.1
103.0
July
Sent
Oct
Nov
Dec
1993- Jan
Feb '
Mar '
Apr '
May p
1
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987 = 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Fabricated
metal
products
Industrial and
commercial
machinery and
computer
equipment l
Electrical
machinery
Primary metals
Period
Total
1983
1984
1985
1986
1987
1988
1989
1990..
1991
1992.
. .
1992: May
July
Sept
Oct
Nov
Dec
1993- Jan
Feb '
Mar '
May '
1
Formerly nonelectrical machinery.
18
Iron
and
steel
Transportation
equipment
Total
Motor
vehicles
and
parts
Lumber and
products
Apparel
products
Printing and
publishing
Chemicals
and
products
Foods
91.0
102.4
101.8
93.7
100.0
108.7
107.2
106.5
98.4
101.1
96.1
105.9
104.5
90.8
100.0
112.7
111.2
111.5
100.6
104.7
85.5
93.3
94.5
93.8
100.0
104.2
102.8
99.5
94.9
96.7
64.3
80.8
86.8
90.3
100.0
113.0
117.3
117.6
113.7
124.8
80.3
94.1
93.1
94.3
100.0
108.5
111.0
111.4
112.8
119.8
72.7
83.1
91.8
96.9
100.0
105.2
109.6
107.0
101.8
102.6
74.5
90.6
99.0
98.5
100.0
105.7
106.9
101.0
94.3
104.8
79.9
86.0
88.0
95.1
100.0
100.1
99.4
97.1
90.5
96.4
93.8
95.7
92.6
96.3
100.0
98.1
95.0
92.2
91.9
92.3
79.0
84.5
87.6
90.6
100.0
100.9
101.1
100.8
96.8
95.0
87.5
91.4
91.4
94.6
100.0
106.0
109.2
111.8
111.3
115.0
90.1
92.1
94.9
97.4
100.0
101.5
102.5
103.7
105.3
106.0
101.1
101.2
100.6
100.5
98.0
100.5
101.6
102.4
104.8
103.8
104.7
103.8
102.0
104.1
103.6
107.4
97.2
97.1
97.0
97.0
96.5
97.5
97.6
97.8
123.2
123.8
125.7
126.9
127.9
130.6
132.8
133.8
119.5
119.3
120.7
120.6
121.5
122.6
124.4
124.8
104.5
102.7
101.4
102.4
100.5
103.0
103.6
106.3
107.9
104.8
103.1
105.0
102.6
108.0
109.9
116.2
96.1
93.8
96.6
96.6
94.7
97.8
99.8
98.0
93.5
91.7
92.7
91.3
91.5
91.7
92.9
92.7
94.5
95.6
95.7
93.5
94.1
94.5
94.2
94.7
114.8
114.9
114.6
114.4
115.2
116.2
117.7
116.7
106.1
105.4
105.9
106.3
105.6
106.8
106.4
106.2
102.8
108.0
104.2
105.4
106.5
107.0
112.9
107.6
110.4
112.0
99.8
99.7
100.3
100.6
100.1
135.0
136.7
139.5
141.8
143.4
125.8
127.1
128.2
128.3
129.4
108.4
107.8
107.0
106.8
105.7
120.9
120.7
120.1
120.7
119.0
99.3
101.8
98.1
97.5
98.1
93.1
92.5
92.1
92.1
91.9
94.7
94.0
94.7
94.9
95.0
116.8
116.2
117.6
117.6
119.0
105.9
106.9
106.8
107.1
106.4
Source: Board of Governors of the Federal Reserve System.
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
Total new
construction
expenditures
Period
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
1992
419.4
432.3
443.4
442.1
401.0
426.7
231.5
278.6
299.5
323.1
328.7
337.5
345.3
334.2
290.7
308.2
125.5
153.8
158.5
187.1
194.7
198.1
196.6
182.9
157.8
184.1
94.6
113.8
114.7
133.2
139.9
138.9
139.2
128.0
110.6
130.0
48.2
50.8
51.3
51.6
50.1
51.5
54.5
54.9
55.8
60.1
57.7
74.0
89.8
84.4
84.0
88.0
94.3
96.4
77.0
64.0
63.5
70.2
77.8
84.6
90.6
94.8
98.1
107.9
110.2
118.4
75
83
91
96
100
101
105
95
89
97
Annual rates
Annual rates
1992: Apr
May
427.6
428.0
426.7
425.7
July
419.6
429.3
432.2
Sept
Oct
NOT
1993:
1
2
3
Dec
Jan
Peb
Mar
Apr"
May "
...
. .
309.8
307.0
312.2
305.8
302.0
308.8
436.1
315.9
317.5
439.9
320.7
441.3
327.8
446.7
446.2
444.4
331.8
330.3
328.1
182.6
182.9
184.6
181.2
184.2
186.3
192.6
194.8
198.5
204.8
205.0
205.0
202.2
756
955
1,097
1,016
1,019
973
961
783
577
544
61.2
60.5
60.7
61.2
59.8
61.2
60.5
59.5
61.0
61.4
62.8
63.1
63.9
65.9
63.6
66.8
63.5
57.9
61.2
62.8
63.2
61.2
61.6
64.1
62.2
62.1
128.8
128.1
128.7
126.9
129.1
131.4
134.9
137.3
140.2
140.6
140.7
141.1
138.5
117.8
121.0
114.5
119.9
117.6
120.5
116.4
118.7
119.2
113.6
114.9
115.9
116.2
99
92
95
r
95
93
96
r
!06
98
95
103
r
98
r
96
r
96
91
r
484
423
512
504
512
463
546
510
511
443
479
524
548
489
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Units started, by type of structure
Period
Total
1983
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1,199.7
1984
1985
1986
1987
1988
1989
1990
1991
1992
1 unit
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
2-4 units
113.5
121.4
93.4
84.0
65.3
58.8
55.2
37.5
35.6
30.7
5 or more units
522.0
544.0
576.1
542.0
408.7
348.0
317.6
260.4
137.9
139.0
Units
authorized
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9
Units
completed
Homes sold
Homes for
sale at end of
period 1
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
623
639
688
750
671
676
650
534
509
610
301
353
346
357
366
368
365
321
284
265
1,079
1,194
1,181
1,234
1,133
1,128
1,137
1,229
1,227
552
552
584
622
625
672
637
615
662
274
273
273
271
270
267
264
262
265
1,136
1,241
1,113
1,191
603
266
268
271
271
278
Vacancy rate
for rental
housing units
(percent) 2
5.7
5.9
6.5
7.3
7.7
7.7
7.4
7.2
7.4
7.4
Seasonally adjusted annual rates
1992- Apr
May
T
3
July
Sept
Oct
Nov
Dec
1993-
Jan
Feb
Mar '
Apr "
May"
.
. .
1,095
1,197
1,141
1,106
1,229
1,218
1,226
1,226
1,286
1,171
1,180
1,124
1,215
1,244
939
1,019
994
961
1,038
1,045
1,079
1,089
1,133
1,051
1,036
987
1,067
1,094
28
32
40
25
31
28
18
28
32
26
24
32
27
33
1
Seasonally adjusted.
2
Quarterly data entered in last month of quarter. Series beginning 1989 not comparable with
earlier data.
128
146
107
120
160
145
129
109
121
94
120
105
121
117
1,040
1,053
1,048
1,083
1,081
1,120
1,141
1,136
1,196
1,157
1,141
1,034
1,101
1,121
r
r
597
595
723
571
7.7
7.3
7.1
7.9
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 0.2 percent and inventories rose $0.8 billion. (Manufacturing series
revised.) In May, according to advance data, retail sales rose 0.1 percent, following a rise of 1.5 percent in April.
BIIUONS Of DOLLARS • (RATIO SCALE)
BILLIONS OF DOLLARS • [RATIO SCALE)
,000
300
(V^
900
800 -^
—.
~
,
—p*—
^=^r\—i
M/kNUFACTURir-IG AND
700
^
1 1ADE INVEN units
^
r-H
'
RFTA" IWVCWT^DICC
200
600
»_ f.v~*-
^
,—"'
"-"v
-"'
^~~
500
' V
150
\
**,S"*'
MXkNUFACTURK
ES
AS D TRADE SA ^
r
—
\
RETAIL SAL ES
400
100
300
1 1 111 ll M 1 1
ll M ill 1 1 1 1 1 1 II i t ) 1 II 1
1 M M II 1 1 1 1 It 1 1 ll II 1 1 I
RATIO •
200
1.40
imiliim
Minium
Illllllllll
1989
1990
1991
Illllllllll
1992
1.30
1989
1993
1990
1991
1992
1993
COUNCIL OF ECONOMIC ADVISERS
Manufacturing
and
trade1
Wholesale
Inventories 3
Inventories 3
Sales2
Period
Sales 2
Inventory-sales ratio 4
B*tail
Sales
2
Inventories 3
Total
Durable
goods
stores
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade 1
Retail
Millions of dollars, seasonally adjusted, except as noted
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992:
Apr '.
May
June
July
Sept
Oct
Nov
Dec
1993:
Jan
Feb
Mar T
Apr p
May "
64,943
69,369
73,075
75,746
80,453
85,664
91,974
98,230
100,965
104,777
147,833
167,812
181,881
186,510
207,836
219,597
238,343
241,476
245,885
260,647
68,856
79,074
88,315
89,983
105,481
112,505
121,448
121,338
119,828
131,549
78,977
88,738
93,566
96,527
102,355
107,092
116,895
120,138
126,057
129,098
1.56
1.53
1.55
1.55
1.50
1.49
1.53
1.53
1.54
1.50
1.44
1.49
1.52
1.56
1.56
1.54
1.59
1.56
1.55
1.55
160,251
201,687
200,878 ' 161,255
204,299 161,133
204,626 162,316
205,609 163,224
205,114
164,211
206,093 167,603
208,424 167,291
209,232 169,155
57,112
103,139
•"57,475 •"103,780
57,777 103,356
58,352 103,964
58,369
104,855
59,172 105,039
61,051 106,552
60,610
106,681
61,873 107,282
251,616
250,942
252,568
254,984
254,145
254,884
255,540
256,895
260,647
125,432
125,217
125,844
127,018
127,334
126,900
127,760
128,884
131,549
126,184
125,725
126,724
127,966
126,811
127,984
127,780
128,011
129,098
1.51
1.51
1.50
1.50
1.52
1.50
1.49
1.49
1.46
1.57
1.56
1.57
1.57
1.56
1.55
1.52
1.54
1.54
210,139
169,232
209,765 169,116
210,503 167,390
210,251 ' 169,977
170,101
62,216
60,978
60,723
r
62,254
62,780
262,427
265,718
269,052
269,733
132,861
135,599
137,803
138,730
129,566
130,119
131,249
131,003
1.46
1.46
1.47
1.48
1.55
1.57
1.61
1.59
370,501
411,427
423,940
431,786
459,107
497,031
523,729
543,097
T
538,609
r
560,383
•"591,875
r
651,551
r
665,835
r
664,624
•"711,725
r
767 ,538
•"813,793
r
837,445
' 833,518
r
849,117
100,440
113,502
114,816
116,326
124,340
135,357
144,158
149,489
147,635
152,337
131,663
144,223
149,155
155,445
165,814
180,519
188,539
196,901
201,285
209,232
553,683
551,555
558,813
""562,699
r
557,435
r
563,694
r
567,073
r
569,848
•"581,061
835,805
•"835,224
•"839,775
' 842,979
r
844,940
r
844,011
r
844,728
r
846,374
* 849,117
150,726
148,496
151,221
154,124
152,495
153,405
154,011
154,032
155,297
581,584 * 851,464
584,903 r 855,216
583,575 859,877
582,390 860,665
159,507
158,987
157,206
157,142
r
r
r
r
97,514107,243
114,586
120,803
128,442
138,133
146,847
154,149
155,456
163,535
1
See page 21 for manufacturing.
2
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.
3
Seasonally adjusted, end of period.
20
32,571
37,873
41,510
45,057
47,989
52,469
54,873
55,919
54,492
58,758
107,016
108,138
106,667
r
107,723
107,321
* Annual data are averages of seasonally adjusted monthly ratios.
NOTE.—Total manufacturing and trade sales and inventories revised to reflect revisions to manufacturers' sales and inventories. See p. 21.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In April, manufacturers' shipments and new and unfilled orders fell, while inventories rose slightly. In May,
according to advance data, durable goods shipments and new orders fell. (Series revised.)
BILLIONS OF DOLLARS* (RATIO SCALE}
BILLIONS OF DOLLARS* (RATIO SCALE)
320
480 — INVENTORIES440
400
TOTAI
280
240
^ *
r
——^^^
*~*
360
TOTAL
320
200
280
uu iABLE GOOD b
160
240
* .-.
\
DURABLE GOODS .
200
120
160
NONDURAB .E GOODS
RO
I
M i l ll III II
i
1 M i l ll M i l
i
-V
1
120
BILLIONS OF DOLLARS* (RATIO SCALE)
NONDURABLE GOODS
320
TOTAL
280
*
240
80
_
_/\/
^ —/I
^^
•VV " *•
RATIO*
200
INVENTORY-SHIPMENTS RATIO
2.00
3OODS
160
X
120
-\>.x.'
~v
/.
•\.-.--.<
-V*--"-4-
1.80
•\ .
. • W^^J^r
1.60
Illllllllll Illllllllll
1989
1990
V—^/s/1
V
^^
NONDURAB LE GOODS
80
~^^\
1992
1
1.20
Illllllllll
1991
1989
1993
•v^
"^
1.40
1990
1992
1991
1993
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments '
Manufacturers' inventories
2
Manufacturers' new orders *
Durable goods
Period
Total
Durable
goods
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Total
Total
Capital
goods
industries,
non-defense
Nondurable
goods
Manufacturers'
unfilled
orders 2
Manufacturers'
inventory —
shipments
ratio 3
Millions of dollars, seasonally adju sted, except as noted
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992- Apr T
May *
July '
Aug '.
Sept T
Oct ',
Nov '
Dec '
1993- Jan '
Feb '
Mar r
Apr"
May"
172,547
190,682
194,538
194,657
206,326
223,541
232,724
239,459
235,518
244,511
85,481
97,940
101,279
103,238
108,128
117,993
121,703
122,387
119,151
125,553
87,066
92,742
93,259
91,419
98,198
105,549
111,022
117,072
116,367
118,958
312,379
339,516
334,799
322,669
338,075
367,422
386,911
399,068
386,348
379,238
199,854
221,330
218,212
212,006
220,776
241,402
256,065
259,988
249,117
237,717
112,525
118,186
116,587
110,663
117,299
126,020
130,846
139,080
137,231
141,521
175,451
192,879
195,706
195,204
209,389
227,026
235,932
240,646
234,354
241,770
88,140
100,164
102,356
103,647
110,809
121,445
124,933
123,556
117,878
122,839
19,624
23,669
24,545
23,983
26,095
30,729
32,725
32,254
29,468
29,878
87,311
92,715
93,351
91,557
98,579
105,581
110,999
117,090
116,476
118,932
347,273
373,529
387,095
393,412
430,288
471,951
510,459
524,846
511,122
478,004
1.78
1.73
1.73
1.68
1.59
1.58
1.64
1.65
1.67
1.57
242,706
241,804
246,459
246,259
241,716
246,078
245,459
248,525
256,609
124,249
123,113
126,166
125,083
124,246
125,873
126,425
128,720
134,228
118,457
118,691
120,293
121,176
117,470
120,205
1 19,034
119,805
122,381
382,502
383,404
382,908
383,369
385,186
384,013
383,095
381,055
379,238
244,355
244,213
243,625
242,976
243,597
242,122
240,909
239,407
237,717
138,147
139,191
139,283
140,393
141,589
141,891
142,186
141,648
141,521
241,747
238,933
243,914
241,079
237,230
240,685
245,782
244,006
257,627
123,221
120,522
123,746
119,846
120,007
120,608
126,556
123,996
135,248
29,653
29,778
30,168
28,732
27,486
29,801
31,029
27,704
33,175
118,526
118,411
120,168
121,233
117,223
120,077
119,226
120,010
122,379
501,657
498,786
496,241
491,061
486,575
481,182
481,505
476,986
478,004
1.58
1.59
1.55
1.56
1.59
1.56
1.56
1.53
1.48
252,845
256,800
258,979
255,271
130,805
134,133
135,537
' 132,790
132,284
122,040
122,667
123,442
122,481
378,898
379,733
380,322
380,681
236,606
237,535
237,632
237,659
142,292
142,198
142,690
143,022
254,292
257,916
253,673
252,998
131,932
135,199
130,569
r
130,337
128,256
29,311
33,414
29,788
r
30,913
30,668
122,360
122,717
123,104
122,661
479,451
480,567
475,261
472,988
1.50
1.48
1.47
1.49
1
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales.
2
Seasonally adjusted, end of period.
3
Annual data are averages of seasonally adjusted monthly ratios.
NOTE.—Series revised to reflect annual benchmarking and updated seasonal adjustment factors,
and correction of monthly data reflecting late receipts, reclassification of reports, and revisions to
previously-reported data (beginning in 1989).
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In May, the producer price index for all finished goods was unchanged. Prices of finished consumer foods fell 0.1
percent and prices of other finished consumer goods were unchanged. Capital equipment prices rose 0.2 percent.
INDEX, 1 982 = 1 00 {RATIO SCALE]
INDEX, 1982 = 1 00 (RATIO SCALE)
SEASONALLY ADJUSTED
FINISHED GOODS PRICES
130
130
CONSUMER FOODS
120
120
CAPITAL EQUIPMENT
110
110
\
CONSUMER GOODS
EXCLUDING FOODS
TOTAL
_ x *x
100
100
90
1 II
I I I M 1 1 1
1985
i t 1 11 1 1 M
I1
1 M
! 1
1986
1 1 M
1
1 1 1 1 1
1987
1 M
1 1
I I i i i I I I II
M
1989
1988
1 1 1
1 | M 1
1990
II
M
1
1 1 1 1 1
1992
1991
SOURCE; DEPARTMENT OF LABOR
90
1993
COUNCIL OF ECONOMIC ADVISERS
[1982 — 100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Period
Total
finished
goods
Consumer
foods
"
Finished goods excluding consumer foods
Total
Total
1983
1984 .
1985
1986
1987
1988
1989...
1990
1991 ...
1992
1992- May
July
Sept
Get
Nov
Dec
1993:
1
Jan r.
Feb
Mar
Durable
Total
finished
consumer
goods
Total
Foods
and
feeds 1
Other
Total
Foodstuffs
and
feedstuffs
Other
101.6
103.7
104.7
103.2
105.4
108.0
113.6
119.2
121.7
123.2
123.2
123.5
123.5
123.6
123.9
124.0
123.8
123.8
101.0
105.4
104.6
107.3
109.5
112.6
118.7
124.4
124.1
123.3
122.5
122.8
122.7
123.6
124.1
124.2
123.5
125.1
101.8
103.2
104.6
101.9
104.0
106.5
111.8
117.4
120.9
123.1
123.2
123.6
123.7
123.5
123.7
123.8
123.7
123.3
101.2
102.2
103.3
98.5
100.7
103.1
108.9
115.3
118.7
120.8
121.0
121.5
121.6
121.2
121.5
121.8
121.6
120.9
102.8
104.5
106.5
108.9
111.5
113.8
117.6
120.4
123.9
125.7
125.8
125.5
126.0
126.3
126.0
125.3
125.9
126.0
100.5
101.1
101.7
93.3
94.9
97.3
103.8
111.5
115.0
117.3
117.6
118.4
118.4
117.7
118.3
118.9
118.4
117.4
102.8
105.2
107.5
109.7
111.7
114.3
118.8
122.9
126.7
129.1
129.2
129.1
129.2
129.5
129.5
129.3
129.5
129.7
101.3
103.3
103.8
101.4
103.6
106.2
112.1
118.2
120.5
121.7
121.6
122.1
122.1
122.1
122.5
122.6
122.3
122.3
100.6
103.1
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.7
114.5
115.3
115.3
115.3
115.5
115.2
114.9
114.9
103.6
105.7
97.3
96.2
99.2
109.5
113.8
113.3
111.1
110.7
111.2
111.5
110.1
109.6
110.4
109.7
110.2
111.1
100.5
103.0
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.9
114.7
115.5
115.6
115.6
115.7
115.4
115.2
115.1
101.3
103.5
95.8
87.7
93.7
96.0
103.1
108.9
101.2
100.4
100.1
101.5
101.6
100.9
103.0
102.7
102.6
101.5
101.8
104.7
94.8
93.2
96.2
106.1
111.2
113.1
105.5
105.1
105.7
105.9
104.7
104.5
104.6
105.6
104.7
105.9
100.7
102.2
96.9
81.6
87.9
85.5
93.4
101.5
94.6
93.5
92.6
94.8
95.7
94.8
97.9
96.8
97.4
94.8
124.2
124.5
125.0
125.7
125.7
124.4
123.8
124.4
126.2
126.1
124.1
124.6
125.1
125.4
125.5
121.6
122.4
122.9
123.3
123.3
126.7
127.1
127.4
128.0
127.9
118.1
118.9
119.6
119.9
119.9
130.4
130.6
130.8
131.0
131.3
122.6
123.0
123.5
124.3
124.3
115.3
115.9
116.3
116.5
116.3
111.5
110.9
110.1
111.7
111.5
115.5
116.2
116.6
116.7
116.5
101.8
101.4
101.8
103.0
105.1
106.4
106.1
106.2
108.9
109.4
95.0
94.5
95.0
95.3
98.4
Intermediate materials for food manufacturing and feeds.
22
Nondurable
Capital
equipment
Consumer goods
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 3.2 percent above its year-earlier level.
INDEX, 1982-84 = 100 (RATIO SCALE)
INDEX, 1 9 8 2 - 8 4 = 1 00 (RATIO SCALE]
150
150
SEASONALLY ADJUSTED
CONSUMER PRICES—ALL ITEMS
80 i I i i I I I i i i I
COUNCIL OF ECONOMIC A
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
All items 1
Transportation
Housing
Shelter
Period
Rel. imp.3....
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992:
May
June
July
Sept
Oct
Nov
Dec
1993:
Jan
Feb
Mar .
Apr
May
Not
seasonally
adjusted
(NBA)
Seasonally
adjusted
100.0
99 6
1039
107.6
1096
113.6
1183
124.0
130.7
1362
140.3
Total
Renters'
costs
(Dec.
1982 =
100)
Homeowners'
costs
(Dec.
1982 =
100)
Maintenance
and
repairs
(NSA)
Food
Total '
Fuel
and
other
utilities
Apparel and
upkeep
Total '
New
cars
Motor
fuel
Medical
care
Energy 2
All
items
less
food
and
energy
15.8
99.4
103.2
105.6
109.0
113.5
118.2
125.1
132.4
136.3
137.9
41.4
99.5
103.6
107.7
110.9
114.2
118.5
123.0
128.5
133.6
137.5
27.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
140.0
146.3
151.2
8.0
103.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
155.6
160.9
19.7
102.5
107.3
113.1
119.4
124.8
131.1
137.3
144.6
150.2
155.3
0.2
99.9
103.7
106.5
107.9
111.8
114.7
118.0
122.2
126.3
128.6
7.3
100.2
104.8
106.5
104.1
103.0
104.4
107.8
111.6
115.3
117.8
6.0
100.2
102.1
105.0
105.9
110.6
115.4
118.6
124.1
128.7
131.9
17.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
120.5
123.8
126.5
4.0
99.9
102.8
106.1
110.6
114.6
116.9
119.2
121.0
125.3
128.4
3.3
99.4
97.9
98.7
77.1
80.2
80.9
88.5
101.2
99.4
99.0
6.9
100.6
106.8
113.5
122.0
130.1
138.6
149.3
162.8
177.0
190.1
7.3
99.9
100.9
101.6
88.2
88.6
89.3
94.3
102.1
102.5
103.0
76.9
99.6
104.6
109.1
113.5
118.2
123.4
129.0
135.5
142.1
147.3
139.7
140.2
140.5
140.9
141.3
141.8
142.0
141.9
139.9
140.2
140.6
140.9
141.1
141.7
142.0
142.2
137.5
137.6
137.5
138.3
138.7
138.7
138.8
139.2
136.9
137.4
137.6
137.9
138.0
138.5
138.8
138.9
150.4
150.9
151.1
151.4
151.6
152.2
152.6
152.9
159.7
160.2
160.2
160.6
161.2
161.8
162.1
161.9
154.6
155.2
155.4
155.7
155.8
156.4
156.8
157.4
128.1
128.5
128.8
128.1
128.5
129.4
129.5
129.3
117.2
117.4
118.1
118.5
118.6
118.9
119.2
119.3
131.8
132.1
132.7
132.4
131.9
132.4
132.3
131.9
126.1
126.5
127.1
126.9
126.9
127.8
128.4
128.5
128.1
128.3
128.5
128.9
129.2
129.2
129.4
129.5
98.1
100.4
101.4
99.8
99.5
100.2
100.3
99.8
188.9
189.8
190.8
191.7
192.6
193.7
194.7
195.5
101.8
103.1
103.8
103.4
103.4
103.9
104.1
103.9
147.1
147.3
147.8
148.1
148.2
148.9
149.3
149.6
142.6
143.1
143.6
144.0
144.2
142.9
143.4
143.6
144.2
144.4
139.7
139.9
140.1
140.6
141.2
139.3
139.6
140.0
140.7
140.8
153.5
154.0
154.2
155.0
155.1
161.9
162.5
162.8
163.8
164.3
158.2
158.7
158.9
159.6
159.7
129.7
130.5
131.5
131.8
131.6
119.4
118.8
120.2
120.7
120.9
133.0
135.0
134.3
134.3
133.6
129.3
129.9
130.0
130.2
130.1
129.8
129.8
130.1
130.7
131.0
101.2
101.8
101.4
100.8
98.4
196.7
197.7
198.2
199.3
200.8
104.4
104.0
104.7
104.9
103.9
150.3
151.0
151.2
151.8
152.1
1
Includes items not shown separately.
Household fuels—gas {piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
also included through 1982.
3
Relative importance, December 1992.
2
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 and 1988 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSAJ
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Period
Capital
equipment
Total
finished
Excluding foods
Foods
goods
Total
finished
Excluding
foods
Foods
goods
Capital
equipment
Total
finished
goods
Excluding
foods
Foods
Capital
equipment
Change
from
year
earner,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
0.6
1.7
1.8
-2.3
2.2
4.0
4.9
5.7
-.1
1.6
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
J
-0.9
.8
2.1
-6.6
4.1
3.1
5.3
8.7
-.7
1.6
2.3
3.5
.6
2.8
2
5.1
5.2
2.6
-1.5
1.6
2.0
1.8
2.7
2.1
1.3
3.6
3.8
3.4
2.5
1.7
1.6
2.1
1.0
-1.4
2.1
2.5
5.2
4.9
2.1
1.2
Change, month to month
1992: May
July
Au?
Sept
Oct
Nov ..
Dec
1993- Jan r
Feb '
Mar
Apr '.
May
0.3
.2
0
.1
.2
.1
-.2
0
.3
.2
.4
.6
0
..\
..
-0.1
.2
-.1
.7
.4
.1
-.6
1.3
-.6
-.5
.5
1.4
0.6
.4
.1
-.3
.2
.2
-.2
-.6
.6
.7
.4
.3
0
-J
-1.9
-.6
.3
3.6
4.3
5.0
-.3
3.3
.6
1.0
-2.2
5.9
7.6
3.3
3.3
2.3
1.3
1.3
1.6
.6
-.3
.6
2.3
3.9
4.9
3.9
0.1
-.1
.1
.2
0
g
.2
.2
.5
.2
.2
.2
.2
5.5
5.8
4.4
.7
0
.7
1.3
-2.0
-.7
2.7
6.8
5.7
3.0
2.5
.9
.3
.9
1.2
.3
0
.6
3.4
3.4
3.4
1.9
2.2
-1.0
-.5
.2
.8
1.8
2.6
1.6
3.8
2.8
.3
.5
3.2
4.3
1.6
2.6
2.6
2.3
2.3
2.0
1.0
.5
1.1
1.5
1.8
2.8
3.1
2.4
4.1
4.4
3.0
2.9
2.5
1.0
-1.0
0
2.0
2.3
2.5
2.8
2.7
2.2
1.4
1.7
1.1
.3
.5
.9
1.9
1.7
2.0
2.6
2.8
1.1
1.6
1.7
1.6
1.6
1.8
1.4
1.6
2.0
1.8
2.0
2.4
2.0
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Transportation
Housing
Shelter
Period
All
items '
Food
Total1
Total'
Rentera'
costs
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
Total1
New
cars
Motor
fuel
Medical
care
Ener2
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
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
3.8
3.9
3.8
1.1
4.4
4.4
4.6
6.1
3.1
2.9
2.7
3.8
2.6
3.8
3.5
5.2
5.6
5.3
1.9
1.5
3.5
4.3
4.3
1.7
3.7
4.0
3.9
4.5
3.4
2.6
4.7
5.2
6.0
4.6
4.8
4.5
4.9
S.2
3.9
2.9
5.1
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.2
2.8
4.5
5.1
5.9
4.6
5.3
4.7
5.1
4.7
3.7
2.9
0.1
.2
.3
.2
.1
.4
.2
.1
.5
.3
.1
.4
.1
04
0.1
.4
.1
.2
.1
.4
.2
.1
.3
.2
.3
.5
.1
0.2
.3
.1
.2
.1
.4
.3
.2
.4
.3
.1
.5
.1
0.4
.3
0
.2
.4
.4
.2
-.1
0
.4
.2
.6
.3
0.1
.4
.1
.2
.1
.4
.3
.4
.5
.3
.1
.4
.1
1.8
4.2
1.8
56
1.6
2.9
3.2
4.0
2.9
2.3
2.9
2.0
2.8
.9
4.8
4.7
1.0
5.1
3.4
1.4
3.9
3.1
2.6
-5.9
6.1
3.0
4.0
10.4
-1.5
3.0
-1.7
-2.4
3.1
-30.7
18.7
-2.1
6.8
36.5
-16.0
1.8
6.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
7.9
6.6
-0.5
.2
1.8
-19.7
8.2
.5
5.1
18.1
-7.4
2.0
4.8
4.7
4.3
3.8
4.2
4.7
4.4
5.2
4.4
3.3
0.2
0.7
.2
2.3
.2
1.0
.3
16
.2
-.3
0
.7
.1
.2
.1 -.5
1.4
.2
0
.6
— .4
.2
.5
-.6
.2 -2.4
0.5
.5
.5
.5
.5
.6
.5
.4
.6
.5
.3
.6
.8
0.5
1.3
.7
-.4
0
.5
.2
-.2
.5
-.4
.7
.2
-1.0
0.3
.1
.3
.2
.1
.5
.3
.2
3.4
2.5
3.4
5.9
1.8
2.1
2.3
1.4
3.3
2.3
3.2
4.3
3.6
1.9
3.6
4.1
4.8
5.4
4.2
3.0
Change, month to month
1992:
May
June
July
Aug
Sept
Oct
Nov
Dec
1993: Jan
Feb
Mar
Apr
May
1
.1
— .1
.6
.3
0
.1
.3
.4
.1
.1
.4
.4
0.2
.2
.6
.3
.1
.3
.3
.1
.1
5
1.2
.4
.2
0.8
.2
.5
o
— .4
.4
1
q
.8
1.5
-.5
0
-.5
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
also included through 1982.
2
0.2
.3
.5
— .2
0
.7
.5
.1
.6
.5
.1
.2
1
.5
.5
.1
.4
.2
2.9
2.9
3.2
3.7
3
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
3.2
2.6
2.6
2.9
2.6
3.2
3.2
3.2
3.4
4.0
4.0
3.7
2.8
3.1
3.1
3.1
3.0
2.6
2.9
3.0
2.9
3.3
3.6
3.6
3.6
3.4
3.0
3.1
3.2
3.1
3.0
3.2
3.0
2.9
3.3
3.2
3.1
3.2
3.2
PRICES RECEIVED AND PAID BY FARMERS
In June, prices received by farmers were 2.1 percent below their May level. Prices paid by farmers in April were
1.5 percent above their January level. (Data are not seasonally adjusted.)
INDEX, 1977 = 100 (RATIO SCALE)
INDEX, 1977 = 100 (RATIO SCALE)
200
200
180
ISO
-V
160
160
PRICES PAID
y\
140
140
\
. PRICES RECEIVED -
120
120
100
100
80
RATIO
140
120
RATIO-!/
140
-
120
-
RATIO
100
100
80
.
-v^-^s
60
1 I1 1 1 1 1 1 f 1 1
1985
Mini
,-
1
1
i i i i }i t i i i i I f I I I 1 I I i ii i I I I i 1 I I I II i t i i i 1 i i i i i
1987
1986
1989
1988
80
-^^^
""-1
1 1 11 1 i 1 M 1 1
1990
1991
1 M 1 I 1 1 1 II
1992
1
i i i i I i I I I II
60
1993
COUNCIL OF ECONOMIC ADVISERS
[1977 = 100; not seasonally adjusted]
Prices paid by fanners
Prices received by farmers
Period
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992 .
1992: June
July
Sept
Oct
Nov
Dec
1993- Jan
Feb
Mar
Apr.
i *
All farm
products
135
142
128
123
127
138
147
149
145
140
128
138
120
107
106
126
134
127
129
121
140
138
r
!39
r
!39
138
136
137
121
117
r
l!7
117
117
115
118
139
140
142
146
r
!44
141
117
118
116
126
r
!20
113
1
Includes items not shown separately.
2
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
All commodities,
services,
interest, taxes,
and wage rates 1
Production
items, interest,
taxes, and wage
rates
141
146
136
138
146
150
160
170
161
157
161
164
162
159
162
170
178
184
189
191
159
161
156
150
152
160
167
172
175
176
!58
!57
160
r
!59
158
156
156
(3)
192
(3)
(3)
192
(3)
(3)
(3)
177
(3)
(3)
176
(3)
(3)
159
162
166
167
168
167
194
(3)
(3)
197
(3)
(3)
178
(3)
(3)
181
(3)
(3)
Livestock and
products
Crops
r
r
Production
items
Ratio z
152
155
151
144
148
157
165
171
174
174
84
87
79
77
78
81
83
81
77
73
(3)
!77
(3)
(3)
r
!76
(3)
(3)
73
72
72
72
72
71
71
176
(3)
(3)
179
(3)
(3)
72
72
73
74
r
73
72
r
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977 = 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Growth in M2 and M3 accelerated in May.
BILLIONS OF DOLLARS' (RATIO SCALE]
800
BIUIONS OF DOLLARS* (RATIO SCALE)
4,800
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
L
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
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
M3 plus
other liquid
assets
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
521.2
552.4
620.1
724.5
750.0
787.1
794.6
827.2
899.3
1,026.6
2,186.5
2,376.0
2,572.4
2,816.0
2,917.2
3,078.3
3,233.3
3,345.5
3,445.8
3,497.0
2,693.1
2,988.2
3,203.6
3,491.6
3,674.8
3,915.5
4,056.1
4,116.7
4,168.1
4,166.5
3,154.4
3,529.6
3,830.9
4,131.9
4,333.5
4,669.4
4,886.1
4,966.6
4,982.2
5,052.1
5,244.6
6,008.2
6,875.3
7,795.2
8,546.2
9,326.3
'10,086.5
'10,755.3
r
ll,219.3
'11,779.7
9.9
6.0
12.3
16.8
3.5
4.9
1.0
4.1
8.7
14.2
12.0
8.7
8.3
9.5
3.6
5.5
5.0
3.5
3.0
1.5
10.3
11.0
7.2
9.0
5.2
6.6
3.6
1.5
1.2
0
11.6
14.6
14.4
13.4
9.6
9.1
'8.2
'6.6
'4.3
'5.0
1992- Apr
Mav
941.2
952.2
952.6
963.3
975.5
990.1
1,005.9
1,019.1
1,026.6
3,464.8
3,467.5
3,462.1
3,463.6
3,472.4
3,480.2
3,491.4
3,498.0
3,497.0
4,177.9
4,179.8
4,170.1
4,169.0
r
4,178.8
4,183.0
4,180.0
4,178.5
4,166.5
5,009.1
5,011.0
5,014.8
5,012.5
5,025.9
5,037.4
5,042.3
5,055.9
5,052.1
' 11,410.6
'11,456.5
'11,507.0
'11,553.0
'11,603.4
r
ll,642.3
'11,669.4
'11,724.1
' 11,779.7
14.0
13.7
11.9
11.4
10.6
11.8
13.7
14.1
15.5
2.5
1.8
.9
.7
.3
.7
1.5
1.8
2.0
1.1
.8
.1
2
-.5
I
.1
1
-.2
'4.6
'4.6
r
5.1
'5.4
5.4
5.0
4.5
4.7
'4.7
1,033.3
1,033.1
1,035.4
1,043.2
1,067.2
3,487.0
3,475.2
3,472.7
'3,474.7
3,506.0
4,140.9
'4,134.9
'4,130.4
'4,138.7
4,170.9
'5,028.2
r
5,022.4
'5,019.7
"5,034.6
'11,810.0
'11,848.6
'11,903.2
'11,961.6
14.5
11.8
9.2
7.4
9.4
1.4
.2
4
-1.0
.5
-1.3
21
'-2.5
'-2.0
4
'4.4
'4.2
'4.5
5.0
Period
19831984:
19851986:
19871988:
19891990:
19911992-
July
Oct
Nov
Dec
1993: Jan
Feb
Mar
May
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate.
26
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) J
Percent change from year or 6
months earlier 2
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]
Period
Currency
Demand
deposits
Overnight
repurchase
agreeOther
ments
check(KPs),
able
net,
deposplus
its
over(OCDs)
night
Eurodollars 1
Money market
mutual fund
balances 2
General
purpose
and
broker/
dealer
Institution
only
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Small
denomination
time
deposits 3
Large
denomination
time
deposits 3
NSA
19831984:
19851986:
19871988:
19891990:
19911992:
1992-
Dec
Dec
Dec . .
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Apr
May
July
Sept
Oct
Nov
Dec
1993- Jan
Feb
Mar
May
146.2
156.1
167.9
180.8
196.9
212.3
222.7
246.7
267.2
292.3
273.6
275.1
276.6
279.5
282.4
286.3
288.0
289.8
292.3
294.7
296.8
299.0
301.4
304.0
238.5
244.0
266.9
302.3
287.1
287.1
279.8
278.2
290.5
340.9
310.8
314.7
312.3
317.5
322.5
329.0
336.0
339.5
340.9
341.9
341.9
342.0
347.3
359.2
131.9
147.3
179.7
235.3
259.3
280.7
285.3
294.5
333.8
385.2
349.0
354.7
355.9
358.6
362.8
366.7
373.7
381.6
385.2
388.6
386.4
386.4
386.4
395.8
55.6
60.6
73.5
82.3
84.1
83.2
77.6
74.7
76.3
73.8
72.7
69.5
72.5
72.8
76.2
73.8
75.0
75.1
73.8
72.3
72.9
73.2
r
71.1
68.4
139.1
168.0
177.2
209.0
222.6
242.9
317.4
350.5
363.9
342.3
354.5
354.9
353.5
350.4
348.9
343.9
346.3
343.7
342.3
339.6
333.6
333.1
331.7
336.5
41.9
63.2
65.5
86.1
92.7
92.0
108.8
135.9
182.1
202.3
195.9
202.2
206.3
212.5
220.9
220.7
210.9
209.2
202.3
197.7
201.9
200.9
200.4
202.8
1
Includes continuing contract RPs.
2
Data prior to 1983 are not seasonally adjusted.
3
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
685.0
704.7
815.1
940.9
937.6
926.6
891.0
920.8
1,042.5
1,186.0
1,107.5
1,119.6
1,126.0
1,134.5
1,145.7
1,158.9
1,170.5
1,180.4
1,186.0
' 1,184.4
1,182.3
1,178.8
1,181.6
1,193.7
784.1
888.9
885.5
858.9
922.8
1,038.3
1,152.7
1,172.3
1,064.7
870.2
986.1
969.6
955.7
941.5
926.9
912.7
896.5
881.7
870.2
860.9
' 855.0
850.1
* 843.7
837.8
327.6
416.5
434.1
431.3
475.4
525.4
548.8
489.6
424.7
357.5
402.1
395.9
389.3
382.5
378.1
373.7
367.0
361.3
357.5
350.7
346.3
340.5
343.3
343.6
Term
repurchase
agreements
(KPs)
Term
Eurodollars
(net)
NSA
NSA
49.9
57.6
62.4
80.6
106.0
121.8
99.0
89.6
72.5
80.7
74.1
76.4
76.4
75.1
75.8
77.6
79.7
81.5
80.7
79.9
82.2
85.8
88.4
88.0
91.5
82.9
76.5
83.8
91.0
105.7
79.5
68.7
57.6
45.6
54.9
52.8
51.9
51.1
51.4
49.4
48.1
47.2
45.6
43.5
r
46.7
r
50.0
r
49.7
51.0
Savings
bonds
Shortterm
Treasury
securities
71.1
74.2
79.5
91.8
100.6
109.4
117.6
126.1
138.0
156.8
142.4
143.5
144.6
145.8
147.4
149.3
151.9
154.7
156.8
158.9
161.1
162.7
"163.9
211.9
260.9
298.2
280.0
253.1
269.2
324.9
331.1
315.0
340.0
325.9
329.4
330.1
324.8
322.9
321.0
321.8
330.1
340.0
347.1
350.5
r
347.0
"347.3
Bankers'
acceptances
Commercial
paper
45.0
133.2
45.4
160.8
42.0
207.6
37.0
231.4
44.3
260.7
39.9
335.5
40.2
347.3
35.6
357.1
23.4
337.7
20.4
368.4
21.8
341.0
22.0
336.4
22.0
348.1
21.7
351.2
21.1
355.7
20.7
363.4
20.5
368.0
20.3
372.4
20.4
368.4
r
20.6 360.7
20.1 ' 355.9
r
!9.2 ' 360.3
"19.2 "365.5
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 *; millions of dollars; seasonally adjusted, except as noted by NSA]
Adjusted for changes in reserve requirements
Borrowings of depository
institutions from the Federal
Reserve (NSA)
Reserves of depository institutions
Period
Total
1983:
19841985:
19861987:
19881989:
19901991:
19921992-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dee
Dec
Dec
May
July
Sept
Oct
Nov .
Dec
1993- Jan
Feb
Mar
Apr
May
1
Data are prorated averages of biweekly (maintenance period) averages of daily
25,367
26,845
31,448
38,943
38,862
40,398
40,492
41,767
45,533
54,351
49,496
49,316
49,629
50,341
51,274
52,836
53,815
54,351
54,665
54,922
55,166
55,197
56,877
figures.
Nonborrowed
24,593
23,659
30,129
38,116
38,085
38,683
40,227
41,441
45,341
54,228
49,341
49,087
49,345
50,091
50,987
52,693
53,711
54,228
54,500
54,876
55,074
' 55,124
56,755
Nonborrowed plus
extended
credit
24,595
26,263
30,628
38,419
38,568
39,927
40,247
41,464
45,342
54,228
49,341
49,087
49,345
50,091
50,987
52,693
53,711
54,228
54,501
54,877
55,074
55,124
56,755
Required
24,806
25,990
30,411
37,573
37,816
39,351
39,570
40,102
44,555
53,196
48,495
48,403
48,664
49,407
50,280
51,763
52,772
53,196
53,405
53,818
53,953
54,101
55,880
Monetary
base
Total
175,467
187,237
203,585
223,667
239,872
256,932
267,734
293,185
317,169
350,798
328,863
330,228
333,177
336,844
341,585
344,849
347,832
350,798
353,224
355,734
358,374
360,635
364,777
774
3,186
1,318
827
777
1,716
265
326
192
124
155
229
284
251
287
143
104
124
165
45
91
73
121
Seasonal
96
113
56
38
93
130
84
76
38
18
98
149
203
223
193
114
40
18
11
18
26
41
84
Extended
credit
2
2,604
499
303
483
1,244
20
23
1
1
0
0
0
0
0
0
0
1
1
0
0
0
0
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases rose 0.9 percent in May; commercial and industrial loans rose 0.5 percent.
BILLIONS OF DOLLARS* (RATIO SCALE|
3,200
BILLIONS OF DOLLARS* (RATIO SCALE)
3,200
ALL COMMERCIAL BANKS
2,800
2,800
2,400
2,400
2,000
2,000
\
" LOANS AND LEASES
1,600
1,600
1,200
1,200
800
U.S. GOVERNMENT SECURITIES
-W
400
OTHER SECURITIES
-V
200
160
160
1985
1987
1991
1988
1992
COUNCIL OF ECONOMIC ADVISERS
'HE FEDERAL RESERVE SYSTEM
[Billions of dollars, seasonally adjusted J 3
AH commercial banks
Loans and leases
Period
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
1992:
Tola!
loans and
securities 2
2,875.3
2,882.8
2,886.9
2,902.2
2,917.4
2,926.0
2,932.4
2,937.6
259.2
259.8
270.8
310.1
335.8
362.7
397.0
452.1
559.3
657.1
600.2
810.7
619.2
632.6
640.6
647.3
651.4
657.1
2,933.4
2,937.7
r
2,951.2
2,963.4
2,985.4
656.9
667.3
681.7
691.6
694.2
1,552.2
1,722.9
1,910.4
2,093.7
2,241.2
2,422.9
2,590.8
2,732.4
2,836.9
2,937.6
Dec
Dec
Dee
Dec
Dec
Dec
Dee
Dec
Dec
Dec
May
June
July
Aug
Sept
Oct
Nov
Dec
1993: Jan
Feb
Mar
Apr r....
May
Government
securities
r
r
Other
securities
169.1
140.9
179.0
193.9
195.8
193.7
182.4
178.8
179.9
176.0
176.9
175.8
177.9
178.2
178.2
178.8
177.3
176.0
174.0
175.2
177.0
178.3
179.5
Total 2
1,123.9
1,322.2
1,460.6
1,589.7
1,709.6
1,866.5
2,011.4
2,101.4
2,097.8
r
2, 104.6
2,098.2
2,096.2
2,089.8
2,091.4
2,098.6
2,099.8
2,103.8
r
2, 104.6
r
2,102.4
' 2,095.2
r
2,092.6
2,093.5
2,111.7
Commercial
and
industrial
331.0
376.3
425.9
494.1
587.2
670.1
760.1
843.4
871.8
892.4
883.3
881.8
881.5
883.1
886.8
890.7
892.5
892.4
414.2
473.2
500.2
536.7
566.4
605.3
638.4
642.6
617.0
597.6
607.6
604.6
602.5
601.4
601.2
600.8
600.5
597.6
r
598.1
596.1
592.5
589.9
592.8
,
included in loans rather than in other securities.
28
Real
estate
r
889.9
887.8
888.2
887.5
893.7
r
r
Individual
212.9
254.2
295.0
315.4
328.2
354.8
375.2
380.3
363.9
355.5
359.2
359.0
358.6
357.4
357.0
355.8
355.4
355.5
358.2
r
360.4
360.9
364.2
366.8
Security
28.0
35.0
43.3
40.3
34.5
40.9
41.3
44.7
54.3
64.8
60.9
63.3
60.5
61.6
64.0
64.7
64.2
64.8
63.0
61.7
62.5
60.7
66.8
Nonbank
financial
institutions
Agricultural
30.4
31.6
32.8
35.3
32.1
32.5
34.4
35.9
41.4
43.6
43.3
42.4
41.5
42.0
44.0
43.9
44.7
43.6
44.9
44.7
44.5
45.3
45.9
39.2
40.1
36.1
31.6
29.4
29.0
30.1
32.3
34.2
35.0
34.3
34.6
34.9
35.3
35.2
35.1
35.2
35.0
34.5
34.3
r
34.0
34.0
34.1
State
and
political
subdivisions
0.0
46.1
56.8
58.4
52.5
45.3
40.0
34.0
29.0
24.8
27.3
26.8
26.2
25.9
25.8
25.4
25.1
24.8
24.2
r
23.7
23.4
23.1
23.3
Foreign
banks
13.4
11.4
9.7
10.1
7.7
7.6
8.2
7.7
7.3
7.7
7.0
7.5
7.7
7.2
7.9
7.6
7 5
7.7
7.7
8.5
8.1
8.0
8.1
2
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
.Foreign
official
institutions
Lease
financing
receivables
9.4
8.4
6.3
S.3
5.1
5.0
3.5
2.9
2.4
2.8
2.0
2.0
2.2
2.3
2.5
2.4
2.8
2.8
2.8
3.0
2.9
2.9
2.8
13.7
16.1
19.1
22.5
24.7
29.4
31.9
32.9
31.7
30.9
30.9
31.0
30.8
30.8
31.0
30.8
30.9
30.9
30.3
r
30.4
30.3
30.4
30.7
Other
31.8
29.9
35.5
39.0
41.7
46.5
48.1
44.9
44.7
49.5
42.4
43.3
43.2
44.3
43.2
42.6
45.0
49.5
48.8
44.5
45.3
47.6
46.7
OF FUNDS, NONFARM NONF1NANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Total
Internal
l
Total
Total
Securities
and
mortgages
Other 2
tures 3
Increase in
financial
assets
Discrepancy
(sources less
uses)
292.3
336.3
351.9
336.7
375.9
404.3
399.9
407.5
416.5
455.7
131.0
156.8
113.9
179.2
164.8
184.4
132.3
103.9
32.3
109.6
80.1
98.0
58.5
129.8
67.6
69.3
49.4
23.4
23.5
67.6
44.6
-7.5
1.9
64.6
32.8
-6.7
34 2
-11.5
92.1
71.2
35.5
105.5
56.6
65.2
34.9
76.0
83.7
34.9
-68.6
-3.6
50.9
58.8
55.4
49.4
97.1
115.1
82.9
80.5
8.7
41.9
420.5
502.3
457.8
502.4
473.4
554.2
512.2
482.4
425.5
534.8
300.1
398.5
374.9
351.9
365.1
394.4
406.0
395.1
363.9
383.6
120.4
103.8
83.0
150.4
108.4
159.8
106.2
87.3
61.6
151.2
2.8
-9.2
7.9
13.5
67.3
34.4
20.0
29.0
23.3
30.5
391.0
471.0
481.9
451.6
417.5
418.9
407.0
422.8
265
52.1
74.9
28.8
32.6
34.3
20.2
7.1
96.1
106.4
70.1
95.8
-63.5
-72.1
49 9
-88.7
-59.0
17.8
54.7
21.6
336.5
436.8
489.7
439.0
353.5
351.3
371.5
379.2
-17.0
85.5
118.2
59.8
54.5
34.1
78
12.6
n rr
m.
552.5
559.3
562.1
587.4
439.1
442.2
465.3
476.4
113.4
117.1
96.8
111.0
96.0
66.5
53.8
54.3
103.5
98.3
38.7
44.6
-7.5
31 8
15.1
9.7
17.4
50.6
43.0
56.7
534.5
556.7
507.1
541.0
354.2
388.1
394.9
397.3
180.3
168.6
112.2
143.7
18.1
2.5
55.0
46.4
p
581.1
479.6
101.5
43.2
78.4
35 2
58.3
502.2
431.3
70.9
79.0
1984
1985
1986
1987
1988
1989.
1990
1991 rr
1992
1991- I "r
n
r
TTT
IV "
Ir
IV '
1993- I
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
2
Loans and
short-term
paper
Total
423.3
493.1
465.7
515.9
540.7
588.7
532.2
511.4
448.8
565.3
1983
1992:
Capital
Credit market funds
Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment in
the U.S.
9
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Installment credit outstanding (end of period)
Period
Total
Automobile
Revolving
Other z
Net change in installment credit outstanding J
Total
Automobile
Revolving
Other z
1983:
1984:
1985:
19861987:
1988'
1989:
1990'
1991:
1992:
Dec
Dec
Dec
Dec
Dec
Dec 3
Dec
Dec
Dec . ...
Dec
368,966
442,602
517,659
572,006
608,675
662,553
724,353
738,765
733,510
741,093
143,560
173,564
210,238
247,772
266,295
285,364
292,536
284,739
260,898
259,627
79,088
100,280
121,758
135,825
153,064
174,269
198,544
222,552
243,564
254,299
146,318
168,758
185,664
188,408
189,316
202,921
233,273
231,474
229,048
227,167
43,161
73,636
75,057
54,347
36,669
53,878
(4)
14,412
5255
7,583
17,615
30,004
36,674
37,534
18,523
19,069
(4)
-7,797
23 841
-1,271
12,634
21,192
21,478
14,067
17,239
21,205
(4)
24,008
21,012
10,735
12,912
22,440
16,906
2,744
908
13,605
(4)
-1,799
-2,426
1 881
1992:
Apr
May
June
July
Auer
Sept
Oct
Nov
Dec
731,736
730,612
730,866
730,496
731,023
733,023
734,195
736,023
741,093
260,746
259,844
257,989
258,259
258,827
259,433
258,208
258,860
259,627
246,987
247,205
248,795
248,980
249,384
250,456
251,806
252,086
254,299
224,002
223,562
224,081
223,257
222,812
' 223,135
224,181
225,077
227,167
-2,698
1 124
254
370
527
2,001
1,171
1,829
5,070
-1,341
902
-1,855
270
568
606
1 225
653
767
663
218
1,590
185
403
1,072
1,350
280
2,213
2021
-440
519
-825
445
323
1,046
896
2,090
744,196
748,765
751,727
754,006
258,463
260,945
261,449
261,868
256,435
259,378
260,990
262,624
229,299
228,443
229,288
229,514
3,103
4,569
2,962
2,279
1 164
2,482
505
419
2,136
2,943
1,612
1,634
2,132
-856
845
226
1993: Jan
Feb
Mar r .
Apr"
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
2
Outstanding loans for mobile homes, education, boats, trailers, vacations, etc.
3
Data newly available in January 1989 result in breaks in many series between December 1988
and subsequent months.
4
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
In June, shorter-term interest rates rose and longer-term rates fell a little.
PERCENT PER ANNUM
PERCENT PER ANNUM
,M
CORPORATE Aao BONDS
(MOODY'S}
TREASURY
BILLS
i
DISCOUNT
RATE
FEDERAL
RESERVE
BANK OF
NEW YORK
1985
COUNCIL OF ECONOMIC ADVI5E
SOURCE, SEE TABLE BELC
[Percent per annum]
U.S. Treasury security yields
Period
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992: June
July
Ausr
Sept
Oct
Nov
Dec
1993- Jan
Feb
May
June "
Week ended:
1993- June 5
12 ...
19
26 .
July 3
1
3-month bills
(new issues) l
Constant maturities 2
3-year
10-year
High-grade
municipal
bonds
(Standard3 &
Poor's)
30
Prime
commercial
paper,
6 months *
Discount rate
(N.Y. F.R.
4
Bank)
Prime rate
charged 4by
banks
8.63
9.58
7.48
5.98
5.82
6.69
8.12
7.51
5.42
3.45
3.70
3.28
3.14
2.97
2.84
3.14
3.25
3.06
2.95
2.97
2.89
2.96
3.10
10.45
11.89
9.64
7.06
7.68
8.26
8.55
8.26
6.82
5.30
5.60
4.91
4.72
4.42
4.64
5.14
5.21
4.93
4.58
4.40
4.30
4.40
4.54
11.10
12.44
10.62
7.68
8.39
8.85
8.49
8.55
7.86
7.01
7.26
6.84
6.59
6.42
6.59
6.87
6.77
6.60
6.26
5.98
5.97
6.04
5.97
9.47
10.15
9.18
7.38
7.73
7.76
7.24
7.25
6.89
6.41
6.50
6.12
6.08
6.24
6.43
6.35
6.24
6.18
5.87
5.65
5.78
5.81
5.75
12.04
12.71
11.37
9.02
9.38
9.71
9.26
9.32
8.77
8.14
8.22
8.07
7.95
7.92
7.99
8.10
7.98
7.91
7.71
7.58
7.46
7.43
7.34
8.89
10.16
8.01
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.99
3.53
3.44
3.26
3.33
3.67
3.70
3.35
3.27
3.24
3.19
3.20
3.37
8.50
8.80
7.69
6.33
5.66
6.20
6.93
6.98
5.45
3.25
3.50-3.50
3.50-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-
10.79
12.04
9.93
8.33
8.21
9.32
10.87
10.01
8.46
6.25
6.50-6.50
6.50-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-
3.08
3.14
3.07
3.10
3.05
4.58
4.65
4.50
4.50
6.07
6.06
5.96
5.89
5.78
5.78
5.73
5.70
7.39
7.38
7.32
7.29
3.34
3.41
3.34
3.39
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and week.
2
Corporate
Aaa bonds
(Moody1 s)
New-home
mortgage
yields
CFHFB)5
12.57
12.38
11.55
10.17
9.31
9.19
10.13
10.05
9.32
8.24
8.43
8.00
8.00
7.93
7.90
8.07
7.88
7.82
7.77
7.46
7.46
7.37
5
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in June.
INDEX, DEC. 31, 1965=50 (RATIO SCALE)
INDEX, DEC. 31, 1965=50 (RATIO SCALE]
260
>40
!20
_^_ _
!00
^-/
60
/
40
00
\
'
s-—'
200
180
—/\
160
\ l
\ /^r~^\ OSITE STOCK
140
V,
(NYSE)
/
f^^y
/
x^A
J^
J*S-
80
20
240
220
r-~~~-~/
120
100
80
80
60
1 1111 11111
1 1 1 11 1 1 1 1 1
1 1111 11111
1986
1985
1 1 1 1 1 1 1 1 11
1 1 1 1 1 1 11 11 1 1 1 1 1 11 1 11
1987
1989
1988
1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 HIM
1990
1991
1992
PERC ENT
PERCENT
20
20
EARNINGS-PRICE RATIO ON COMMON STOCKS
15
15
(S&P)
\
A
10
""
1
1
1985
1
10
—^•^
r—
111r ^
^
5
0
60
1993
1
1986
1
1987
1
1
1
1
1
1
1
1
~~>
1
1
1
1
1990
1989
1988
5
1
1
1
1991
1
1
I
1992
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
New York Stock Exchange indexes (Dec
noted) 2
Composite
Industrial
1
Q
COUNCIL OF ECONOMIC ADVISERS
Common stock prices 1
Period
1
1993
Transportation
Common stock yields
(percent) 6
, except as
Utility 3
Finance
Dow-Jones
industrial
average 4
Standard &
Poor's
composite
index
(194143 = 10) 5
Dividendprice ratio
Earningsprice ratio
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
92.63
92.46
108.09
136.00
161.70
149.91
180.02
183.46
206.33
229.01
107.45
108.01
123.79
155.85
195.31
180.95
216.23
225.78
258.14
284.62
89.36
85.63
104.11
119.87
140.39
134.12
175.28
158.62
173.99
201.09
94.00
92.88
113.50
142.72
148.60
143.54
174.86
181.20
185.32
198.92
95.34
89.28
114.21
147.20
146.48
127.26
151.88
133.26
150.82
179.26
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
160.41
160.46
186.84
236.34
286.83
265.79
322.84
334.59
376.18
415.74
4.40
4.64
4.25
3.49
3.08
3.64
3.45
3.61
3.24
2.99
8.03
10.02
8.12
6.09
5.48
8.01
7.41
6.47
4.81
r
4.22
1992: June
July
224.68
228.17
230.07
230.13
226.97
232.84
239.47
279.54
281.90
284.44
285.76
279.70
287.30
294.86
202.02
198.36
191.31
191.61
192.30
204.78
212.35
194.46
202.36
206.82
204.52
203.24
202.26
207.70
174.82
181.00
180.47
178.27
181.36
189.27
196.87
3,337.79
3,329.41
3,307.45
3,293.92
3,198.70
3,238.49
3,303.15
408.27
415.05
417.93
418.48
412.50
422.84
435.64
3.06
3.00
2.97
3.00
3.07
2.98
2.90
4.18
May
June "
239.67
243.41
248.12
244.72
246.02
247.07
292.11
294.40
298.75
292.19
297.83
298.80
221.00
226.96
229.42
237.97
237.80
234.12
211.04
218.89
225.06
227.56
222.41
226.32
203.38
209.93
217.01
216.02
209.40
209.38
3,277.72
3,367.26
3,440.74
3,423.63
3,478.17
3,513.71
435.23
441.70
450.16
443.08
445.25
447.94
2.88
2.81
2.76
2.82
2.80
2.81
Week ended:
1993- June 5
12
19
26
249.59
245.90
246.22
246.20
303.09
298.56
298.15
296.19
239.90
235.11
230.34
231.23
225.03
224.77
225.35
227.98
210.13
204.81
207.96
211.77
3,548.95
3,510.27
3,507.00
3,491.33
452.56
446.16
446.73
445.91
2.77
2.82
2.82
2.84
Sept
Oct .
Nov
Dec
1993: Jan
Feb
Mar
1
Average of daily closing prices.
Includes all the stocks (more than 2,000 in 1992) listed on the NYSE.
Dec. 31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility index
to facilitate trading of options and futures on the index. Such trading is expected to begin later this
year. All indexes shown here reflect the doubling.
4
Includes 30 stocks.
2
3
4.32
r
4.38
4.38
5
Includes 500 stocks.
6
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earningsprice ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 8 months of fiscal 1993, there was a deficit of $211.7 billion, compared with a deficit of $231.5 billion
a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,600
1,600
RECEIPTS AND OUTLAYS-!/
1,500
1,500
1,400
1,400
1,300
1,300
1,200
1,200
1,100
1,100
1,000
1,000
900
900
800
800
700
700
600
600
_-l^--*^*
"
A
\/
v
1984
^"""---^
"
i
i
1985
^"—~-~~-——— ___
i
1986
i
1987
i
1988
1989
1990
i
i
1991
i
1992
V
1993
\
f\
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Total
Fiscal year or period
1976
1977
1978
1979
1980
1981
1982
3983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 (estimates)
Cumulative total, first 8
months: *
Fiscal year 1992
Fiscal year 1993
Receipts
Outlays
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Receipts
Outlays
Gross Federal debt
{end of period)
Surplus
or deficit
(-)
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
371.8
409.2
458.7
503.5
590.9
678.2
745.8
808.4
851.8
-73.7
-53.7
-59.2
-40.2
-73.8
-79.0
-128.0
-207.8
1854
231.7
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
328.5
369.1
403.5
476.6
543.1
594.4
661.3
686.0
70 5
-49.8
549
-38.2
-72.7
-74.0
-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
-3.2
-3.9
43
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,145.7
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,467.6
212 3
-221.2
149 8
-155.2
-152.5
-221.4
-269.5
-290.4
-322.0
547.9
568.9
640.7
667.5
727.0
749.7
760.4
788.0
833.9
769.6
806.8
810.1
861.4
932.3
1,027.6
1,082.1
1,128.5
1,200.4
-221.7
238 0
-169.3
1940
-205.2
278 0
-321.7
-340.5
366 5
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.8
694.3
730.3
925.8
942.0
-231.5
— 211 7
492.8
525.3
760.4
767.0
-267.6
-241.6
201.5
205.0
1
Data from Monthly Treasury Statement.
NOTE.—Data for fiscal 1992 and 1993 are from Budget of the United States Government, Fiscal
Year 1994, issued April 8, 1993. Other data (except as noted) are from Budget Baselines, Histori-
32
Off-budget
On-budget
Total
Held by
the public
-2.0
1l
-5.0
79
.2
'.S
629.0
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
477.4
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
267.2
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
44.5
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,599.0
4,002.7
4,396.7
1,499.4
1,736.2
1,888.1
2,050.3
2,189.3
2,410.4
2,687.9
2,998.6
3,303.8
165.4
175.1
36.1
29.9
3,865.1
4,232.4
2,900.9
3,176.4
cal Data, and Alternatives for the Future, January 1993.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 8 months of fiscal 1993, receipts were $36.0 billion higher than a year earlier and outlays were $16.2
billion higher.
BllilC)NS OF DOLLARS
600
1
RECEIPTS '
BILLIONS OF DC LLARS
600
INDIVIDUAL INCOME TAXES
500
\
_. -•-
500
400
400
^
300
200
CORPORATION
IwrnMF TAYFS
\
OTHER RECEIPTS
300
SOCIAL INSURANCE
TAXFS AND CONTPIRI mONK
200
100
100
1
0
1
1
1
1
1
1
1
1
0
1,300
1,300
OUTLAYS -"
1,200
1,200
„--'
1,100
1,100
1,000
NONDEFENSE
\
900
1,000
- - "~
~~
900
>--"''
800
800
_ — — — — —• """ """'
700
700
^--""""
600
600
500
500
NATIONAL DEFENSE
400
400
\
300
300
•
T
200 /I
\/
1984
1
1985
1
1986
1
1987
1
1988
1
1989
~— 1
1990
'
"—^
1
1991
1
1992
1993
K
\
200
FISCAL YEARS
.NAGEMENTAND BUDGET
COUNCIL OF ECONOMIC ADVI5EBS
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
Individual
income
taxes
Corporation
income
taxes
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
41.4
54.9
60.0
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,145.7
694.3
730.3
Fiscal year
Total
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 (estimates)
Cumulative total, first 8 months: l
Fiscal year 1992
Fiscal year 1993
1
Social
insurance
taxes
National defense
Other
Total
Department of
Defense,
military
International
affairs
Health
Medicare
Income
security
Net
Social
securi-
inter-
ty
est
Other
65.7
64.6
61.1
49.2
37.0
56.9
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
371.8
409.2
458.7
503.5
590.9
678.2
745.8
808.4
851.8
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
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
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
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
515.3
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
106.3
265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
426.8
73.0
73.1
74.3
78.9
82.3
90.9
92.3
100.5
97.3
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,467.6
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
290.6
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
277.2
16.2
14.2
11.6
10.5
9.6
13.8
15.9
16.1
18.3
33.5
35.9
40.0
44.5
48.4
57.7
71.2
89.5
105.3
65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
132.7
128.2
119.8
123.3
129.3
136.0
147.0
170.3
197.0
209.2
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.9
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
201.5
131.8
142.1
125.9
139.4
158.8
203.9
225.1
173.9
205.0
297.5
321.2
55.2
63.4
277.1
283.2
64.5
62.5
925.8
942.0
195.1
193.7
187.1
185.9
12.6
12.9
57.3
64.5
77.7
84.2
136.4
145.4
187.9
199.2
134.4
133.3
124.5
108.8
Data from Monthly Treasury Statement.
NOTE—-Data for fiscal 1992 and 1993 are from Budget of the United States Government, Fiscal
Year 1994, issued April 8, 1993. Other data (except as noted) are from Budget Baselines, Histori-
Total
and
contributions
89.6
cal Data, and Alternatives for the Future, January 1993.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 1993, according to revised estimates, Federal receipts rose $20.5 billion (annual rate) and
Federal expenditures fell $3.0 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
1,400
1,400
. EXPENDITURES _
__ _ s ~
1,000
1,000
SURPLUS OR DEFICIT I -)
1982
1983
I I I
1984
_L_L
_L_L
1985 1986
1987
1988
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE. DEPARTMENT of COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts
IV
1992- I
n
m
TV
1993- I r
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
1,089.6
1,114.9
1,144.5
473.2
472.1
470.1
113.8
104.4
110.5
63.8
74.8
80.3
438.7
463.5
483.6
1,249.5
1,310.9
1,433.3
417.6
447.1
446.5
504.5
510.7
604.5
128.3
146.9
169.2
175.1
183.1
188.1
23.9
1,059.3
1,107.4
1,122.2
1,160.4
632.3
671.1
739.8
803.6
856.8
943.5
1,000.6
1,068.3
1,113.3
1,114.6
1,117.3
1,127.7
1,129.4
1,143.3
1,149.8
1,155.4
1,193.1
1,213.6
461.9
482.6
473.4
474.1
301.8
290.5
323.5
351.8
371.7
414.8
4-90 0
470.1
482.5
474 7
473.1
473.4
472.2
468.4
464.2
475.5
488.2
499.1
117.1
113.9
102.5
H5.0
45.5
65.4
67.0
77.0
91.4
109.7
118.5
111.3
111.7
100.3
101.6
104.9
103.3
112.2
118.3
108.2
121.4
120.4
61.9
66.0
78.2
81.5
49.2
55.4
58.2
56.8
• 54.8
59.5
61.4
62.2
68.5
77.3
76.3
78.3
80.8
79.2
79.8
81.3
85.8
87.1
418.5
444.9
468.2
489.7
235.9
259.8
291.1
318.0
338.8
359.4
400.7
424.7
450.6
462.2
466.3
471.1
473.2
483.5
487.4
490.4
497.7
506.9
1,181.6
1,273.6
1,332.7
1,458.4
815.7
855.7
926.6
990.8
1,034.3
1,096.3
1,135.5
1,209.8
1,307.9
1,264.4
1,329.4
1,348.7
1,388.1
1,432.5
1,452.7
1,459.8
1,488.6
1,485.6
401.6
426.4
447.3
449.1
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
438.3
451.3
449.9
447.2
440.8
445.0
444.8
455.2
451.6
441.1
471.5
513.3
521.9
623.3
346.0
351.1
360.1
383.8
404.2
419.7
444.5
488.8
525.5
461.6
514.8
545.5
565.9
609.8
619.5
622.6
641.4
643.3
118.2
132.3
153.3
173.0
84.3
86.9
97.7
104.5
103.8
102.9
113.0
121.9
137.6
144.3
151.9
153.4
163.6
165.1
174.1
174.0
178.7
178.2
164.8
176.6
186.9
186.7
86.8
99.2
122.3.
129.2
131.1
143.1
151.2
168.9
174.8
182.7
188.1
186.8
190.1
186.8
187.5
187.8
184.8
182.6
25.5
25.1
23.1
26.2
17.3
28.8
22.2
16.4
22.1
37.8
34.9
25.0
32.0
24.8
24.4
15.7
27.7
25.7
26.9
20.2
32.2
40.4
Total
n
m
Transfer
payments
Grantsin-aid to
State
and
local
governments
Personal
tax and
nontax
receipts
Period
Fiscal year:
1990
1991
1992 v
Calendar year:
1989
1990
1991
1992 ..
1982: IV
1983- IV
1984: IV
1985- IV
1986: IV
1987: IV
1988- IV
1989: IV
1990- IV
1991- I
Federal Government expenditures
Source: Department of Commerce, Bureau of Economic Analysis.
34
Total
Purchases
23.1
25.1
Surplus
or deficit
Less:
Wage
accruals
less
disbursements
national
income
and
product
accounts
0.0
-.0
.0
-159.9
-196.1
-288.8
.0
.1
-122.3
-166.2
-210.4
-298.0
-183.4
-184.6
-186.8
-187.2
-177.5
-152.7
-134.9
-141.5
- 194.6
-149.9
-212.2
-221.0
-258.7
-289.2
-302.9
-304.4
-295.5
-272.1
.0
.0
.0
.6
.0
.0
.0
.0
2
— .4
.0
.0
.0
.0
.0
.0
.0
INTERNATIONAL
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1987=100; seasonally adjusted)
Period
United
States
84.9
92.8
94.4
95.3
100.0
' 104.4
r
106.0
' 106.0
104.1
r
106.5
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992 *
1992: Mar
105.6
106.3
106.7
106.0
106.8
106.6
106.2
107.5
108.4
108.9
May
, '
July
Sent
Oct
Nov
Dec
1993:
Jan
Feb
Mar
Japan
France
Germany
81.2
91.0
96.1
95.4
100.0
105.3
104.9
100.5
96.4
97.2
85.5
93.4
96.8
96.6
100.0
109.3
115.9
121.4
124.1
117.3
96.5
97.1
97.2
98.0
100.0
104.6
108.8
110.9
111.2
110.0
90.9
93.5
97.7
99.6
100.0
103.9
108.8
114.5
117.9
115.5
88.9
91.8
92.9
96.2
100.0
105.9
109.2
109.4
107.1
106.5
r
117.7
117.6
115.6
118.1
119.0
114.4
119.7
116.6
114.3
113.1
r' 109.8
118.5
117.7
117.7
116.0
115.7
115.6
115.6
112.8
110.5
107.5
111.0
104.7
109.5
107.4
108.0
102.8
103.4
105.6
106.4
99.9
113.0
114.9
115.6
105.1
107.7
106.7
96.3
r
96.7
96.4
96.5
95.9
97.9
98.0
98.4
98.9
99.4
109.3
109.9
r
99.7
'100.7
l!0.1
l!02
102.3
r
r
m.7
' 110.0
r
110.3
110.3
110.3
110.6
111.2
106.3
105.1
Italy
107.2
105.3
105.9
105.9
' 107.8 103.9
1080
Consumer prices U982-84=100; NSA)
United
Kingdom
United
States1
Canada
Japan
France
Germany
Italy
United
Kingdom
89.6
89.7
94.6
96.9
100.0
103.6
104.0
103.4
100.4
' 100.1
99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
136.2
140.3
100.4
104.8
108.9
113.4
118.4
123.2
129.3
135.5
143.1
146.4
99.8
102.1
104.1
104.8
104.9
105.7
108.0
111.4
115.0
116.9
100.3
108.0
114.3
117.2
121.1
124.4
128.9
133.2
137.2
141.0
100.3
102.7
104.8
104.7
104.9
106.3
109.2
112.1
116.0
120.6
100.8
111.5
121.1
128.5
134.4
141.1
150.4
159.6
169.8
178.9
99.8
104.8
111.1
114.9
119.7
125.6
135.4
148.2
156.9
162.7
99.5
100.0
99.0
r
99.1
100.1
100.0
100.4
r
101.6
' 100.9
' 100.8
139.3
139.5
139.7
140.2
140.5
140.9
141.3
141.8
142.0
141.9
144.6
144.6
144.9
145.2
145.6
145.6
145.5
145.7
146.4
146.4
116.3
117.5
117.6
117.5
116.6
116.9
117.5
117.6
117.4
117.4
140.2
140.5
140.9
141.0
141.4
141.5
141.5
141.9
141.9
141.8
119.7
120.0
120.5
120.7
120.7
120.9
121.2
121.7
122.3
122.4
176.6
177.3
178.3
178.9
179.1
179.2
179.8
180.9
182.0
182.3
160.6
163.1
163.7
163.7
163.1
163.2
163.8
164.4
164.1
163.6
T
142.6
143.1
143.6
144.0
144.2
147.0
147.4
147.3
147.3
147.6
117.3
117.4
117.7
118.5
142.3
142.8
143.5
143.6
123.8
124.3
124.7
125.1
182.9
183.6
184.0
184.7
185.4
162.0
163.1
163.7
165.2
165.8
100.7
' 102.4
101.0
110.4
May"
1
Canada
Data relate to all urban consumers
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration, Office of Trade and Economic Analysis).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
Merchandise exports (f.a.s. value
L
General merchandise imports (customs value) 3
Principal end-use commodity category
Period
1983
1984
1992:
Apr
May
T 3
July .. .
Sept
Oct
Nov
Dec
Feb
Mar '
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
Other
473.2
495.3
488.5
532.7
18.2
21.0
21.9
24.4
24.8
24.8
25.1
26.6
26.5
27.9
107.0
123.7
113.9
101.3
111.0
118.3
132.3
143.2
131.6
138.3
40.9
59.8
65.1
71.8
84.5
101.4
113.3
116.4
120.7
134.2
40.8
53.5
66.8
78.2
85.2
87.7
86.1
87.3
85.7
91.8
44.9
60.0
68.3
79.4
88.7
95.9
102.9
105.7
108.0
123.0
6.3
7.8
9.4
10.4
12.1
12.8
13.6
16.1
15.9
17.6
269.9
346.4
352.5
382.3
424.4
459.5
493.2
2.0
2.1
2.2
2.0
2.0
2.0
2.1
2.0
1.9
43.4
43.6
44.9
44.9
45.1
46.0
46.1
45.6
46.1
2.4
2.3
2.5
2.5
2.3
2.2
2.3
2.2
2.3
11.2
11.5
12.0
12.0
11.9
12.0
12.5
11.8
11.5
10.9
10.9
11.1
11.3
11.4
11.6
11.8
11.6
11.9
7.6
7.6
7.6
7.4
7.7
7.8
7.5
8.0
8.2
9.9
10.1
10.1
10.3
10.3
10.9
10.5
10.3
10.7
1.4
1.4
1.5
1.5
1.3
1.4
1.5
1.7
1.5
45.2
45.4
46.6
46.7
46.8
47.8
47.9
47.4
47.9
-7.0
-7.7
-6.8
-7.5
-8.7
-8.3
-7.2
-7.8
-7.0
-8.8
-9.4
-8.6
-9.3
-10.5
-10.1
-9.1
-9.6
-8.8
2.0
1.9
2.0
2.0
45.2
44.8
49.3
48.9
2.3
2.2
2.4
2.2
11.6
11.1
12.6
12.7
11.7
11.7
12.4
12.4
7.9
8.3
8.8
8.9
10.3
10.3
11.5
11.2
1.4
1.3
1.6
1.5
47.0
46.6
51.3
50.8
77
-7.9
105
-10.5
95
-9.6
-12.4
-12.4
Foods,
feeds,
and
beverages
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
Other 2
205.6
224.0
218.8
5
227.2
254.1
322.4
363.8
393.6
421.7
448.2
30.9
31.5
24.0
22.3
24.3
32.3
37.2
35.1
35.7
40.2
56.7
61.7
58.5
57.3
66.7
85.1
99.3
104.4
109.7
109.3
67.2
72.0
73.9
75.8
86.2
109.2
138.8
152.7
166.7
176.7
16.8
20.6
22.9
21.7
24.6
29.3
34.8
37.4
40.0
47.1
13.4
13.3
12.6
14.2
17.7
23.1
36.4
43.3
45.9
50.4
20.5
24.0
27.3
35.9
34.6
43.4
17.2
20.7
23.7
24.5
36.4
36.0
38.0
37.4
36.4
37.7
38.9
37.8
39.2
3.4
3.0
3.1
3.4
3.3
3.5
3.6
3.4
3.4
8.8
9.0
9.4
9.6
8.9
9.0
9.6
9.0
9.2
14.4
13.9
15.4
14.4
14.0
14.8
15.3
14.5
15.8
3.9
3.9
3.8
3.9
4.1
4.0
3.8
4.4
4.6
3.9
4.1
4.2
4.2
4.1
4.4
4.5
4.5
4.3
37.5
36.9
38.9
38.4
3.3
3.4
3.5
3.4
9.4
8.7
9.2
9.1
14.5
14.3
15.6
15.2
4.1
4.4
4.3
4.4
4.3
4.2
4.4
4.2
1
Includes Department of Defense Military Assistance Program grant-aid
2
Includes undocumented exports to Canada through 1988.
3
Total arrivals of imported goods other than intransit shipments.
4
Total includes revisions not reflected in detail.
Foods
feeds,
and
beverages
Capital
goods
except
automotive
Capital
goods
except
automotive
5
1985
1986
1987
1988
1989
1990
1991
1992
shipments.
Genera!
merchandise
imports
(c.i.f.
value)
Industrial
supplies
and
materials
Industrial
supplies
and
materials
Total 2
Trade balance
Principal end-use commodity category
Total
4
4
258.0
330.7
336.5
365.4
406.2
441.0
517.0
508.4
554.0
Exports
(f.a.s) less
imports
(customs
value)
Exports
(f.a.s)
less
imports
(c.i.f.)
524
642
-106.7 -122 A
117 7
133 6
-138.3 -155.1
152 1
1703
-118.5 -137.1
1094
1294
— 101.7 — 123.4
-86.6
-66.7
-84.5 - 105.9
5
Total exports are on a revised statistical month basis; end-use categories are on a statistical
month basis.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the first quarter of 1993, the current account deficit fell to $22.2 billion from $23.7 billion in the fourth quarter
of 1992. The merchandise trade deficit rose to $29.1 billion, from $26.0 billion in the fourth quarter. (Series
revised.)
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS*
15
15
1983
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)]
Merchandise * 2
Services
Net
Period
Exports
Imports
Net balance
military
tioris 3 4
237 044
211,157
201 799
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1990: m rr ...
TV ...
1991: I rr
nr
m r ...
IV ...
1992: I rr
nr
m ...
IV ...
1993: I".
219 926
215 915
223 344
250,208
320 230
362,116
389 303
416,937
440 138
96,431
100,249
101,333
104,206
103,764
107,634
108,347
108,306
109,493
113,992
111,627
1
265 067
— 247,642
268 901
— 332418
— 338088
368 425
—409,765
447 189
— 477^365
498 336
—490^739
—536 276
-125,385
- 128,359
-120,123
-120,525
-123,404
-126,687
-126,110
-133,107
-137,105
-139,954
-140,695
28023
— 36485
— 67 102
— 112,492
122 173
145 081
-159,557
126 959
— 115,249
109 033
— 73,802
— 96 138
-28,954
-28,110
-18,790
-16,319
-19,640
- 19,053
-17,763
-24,801
-27,612
-25,962
-29,068
844
112
— 563
2 547
—4 390
5 181
— 3,844
6315
— 6,726
7 833
— 5,851
2 751
-1,584
-2,719
-2,532
-1,402
-1,164
-755
-571
-727
-617
-836
-383
Net
transportation
receipts
144
— 992
4227
— 8,293
9 709
7 382
— 6,481
1 511
5,071
8 979
17^933
19 718
1,821
3,365
2,926
4,299
5,228
5,481
5,011
5,201
4,882
4,624
5,141
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Quarterly data are not seasonally adjusted.
4
Includes transfers of goods and services under U.S. military grant programs.
Note.—Data revised beginning 1983. Data prior to 1986 not yet available except for current
2
3
36
Investment income
Other
services,
net
12 552
13,209
14095
14,277
14266
18 855
17,900
19961
26,558
29 505
33,799
39,444
7,364
8,049
7,935
8,397
8,660
8,809
9,608
9,177
11,016
9,641
9,865
Receipts
on U.S.
abroad
86 529
86,200
85 614
100,415
91 110
87 497
95,129
122 275
144,904
151 201
127,292
110612
36,884
40,431
36,018
32,057
30,074
29,144
29,028
28,641
27,195
25,749
27,015
Payments
on foreign
assets in
U.S.
53 626
— 56,412
— 53,700
— 69,572
— 67 875
— 74 736
-87,403
109 653
-130,091
130 853
— 114,272
— 104,391
-33,160
-32,716
-30,247
-29,147
-28,447
-26,431
-24,609
-27,734
-25,492
-26,555
-26,742
Net
Balance on
goods,
services,
and income
Unilateral
transfers,
net 4
16 732 — 1 1 702
32 903
5,632 -17,075
29^788
31 915 — 25,882 — 17,741
30,843 — 78,212 -20,612
23 235 —98,771 — 22,950
12 761 — 126 028 — 24 176
7,726 - 144,256 -23,052
12 621 — 102 203 — 24 965
14,813 -75,532 -26,092
20348 — 58034 — 33 827
6,575
13,021 -14,899
6 222 — 33,505 -32,895
3,724 -17,629 -7,428
7,715 -11,700 -11,988
14,096
-4,690
5,771
3,884
-2,115
2,910
-5,289 -6,564
1,627
-2,805 -4,839
2,713
704 -7,389
4,419
907 -10,243 -8,010
1,703 -10,628 -7,147
-13,339 -10,348
-806
273 -14,172 -8,077
Balance
on current
account
5030
— 11,443
— 43,623
-98,824
— 121,721
— 150 203
-167,308
— 127 168
-101,624
— 91 861
-8,324
— 66,400
-25,057
-23,688
9,406
1,769
-11,853
-7,644
-6,685
-18,253
-17,775
-23,687
-22,249
account balance annually. Revised data (in million of dollars) for current account balance are: for
1983, —44,460; for 1984, —100,328; and for 1985, —123,870.
See Survey of Current Business, June 1993, for information regarding the revisions.
See p. 37 for continuation of table.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks decreased $33.9 billion in the first
quarter of 1993, in contrast to an increase of $3.5 billion in the fourth quarter of 1992. U.S. liabilities to private
foreigners reported by U.S. banks, excluding Treasury securities, decreased $22.0 billion in the first quarter,
following a decrease of $1.2 billion in the fourth quarter. (Series revised.)
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[inerease/eapit
Period
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1990: HI '...
IV r....
1991: I rr
n .....
m rr...
1992:
IV ....
I Tr
n .....
rarr...
IV ....
1993: I"
-114,147
-122,335
-58,856
-29,224
-34,069
-91,260
-61,254
-91,423
-129,331
-44,132
-59,974
-50,961
-29,885
-29,895
-5,555
-875
-15,672
-37,870
-1,029
-8,695
- 10,798
-30,438
-3,313
U.S.
official
reserve
assets 3 5
5 175
-4,965
-1,196
3 131
-3,858
312
9,149
3 912
-25,293
2 158
5,763
3,901
1,739
-1,091
-353
1,014
3,877
1,225
-1,057
1,464
1,952
1,542
-983
Other U.S.
Government
assets
Statistical discrepancy
Foreign assets in the U.S., net
[increase/capital inflow ( + )]
]
U.S.
private
assets
-5,097 - 103,875
111 239
-6,131
-5,006 -52,654
20605
5489
-2,821 -27,391
2 022
89 551
1,006 -71,408
2,967 -90,477
1,259 - 105,297
2,307 -44,280
68643
2,905
-1,609 -53,253
31 286
338
4,181 -32,984
559
5 761
—419
-1,470
-22,774
3,224
-38,637
-459
303
-275
9 866
293
-12,445
-305
737
31 243
-2,639
309
Total
83,032
92,41883,380
102,010
130,966
223,191
229,972
219,489
213,571
105,173
83,439
129,579
52,101
48,194
20
7,120
23,514
52,826
19,834
44,450
26,450
38,845
19,589
5
Consists of gold, special drawing rights {SDKs), foreign currencies, and the U.S. reserve position in the IMF.
Foreign
official
assets 3
Other
foreign
assets
4,960
3,593
5,845
3,140
-1,119
35,648
45,387
39,758
8,503
34,198
17,564
40,684
14,077
20,249
5,604
-4,924
3,855
13,029
21,124
21,008
-7,378
5,931
10,990
78,072
88,826
77,534
98,870
132,084
187,543
184,585
179,731
205,068
70,975
65,875
88,895
38,024
27,945
-5,624
12,044
19,659
39,798
-1,290
23,442
33,828
32,914
8,600
Sources: Department
Treasury.
Allocations
of special
drawing
rights
(SDKs)
1,093
Total (sum
of the items
with sign
reversed)
24,992
41,359
19,099
26,038
24,825
18,272
-1,410
-899
17,384
30,820
-15,140
-12,218
2",841
5,389
-3,831
-8,014
4,011
-7,312
-12,120
-17,502
2,123
15,280
5,973
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net5
(unadjusted,
end of
period)
-6,221
2,098
4,710
-120
-6,506
1,911
4,878
653
-6,754
1,222
5,726
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,721
71,323
80,024
83,316
78,002
74,940
74,731
77,721
74,657
77,092
78,527
71,323
74,378
of Commerce {Bureau of Economic Analysis) and Department of the
NOTE.—Data revised beginning 1983. Data prior to 1986 not yet available.
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, ail 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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