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103d Congress, 2d Session
Economic Indicators
JUNE
1994
(Includes data available as of June 30, 1994)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1994
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
KWEISI MFUME, Maryland, Chairman
PAUL S. SARBANES, Maryland, Vice Chairman
HOUSE OF REPRESENTATIVES
LEE H. HAMILTON (Indiana)
DAVID R. OBEY (Wisconsin)
FORTNEY H. (PETE) STARK (California)
RON WYDEN (Oregon)
MICHAEL A. ANDREWS (Texas)
RICHARD K. ARMEY (Texas)
JIM SAXTON (New Jersey)
CHRISTOPHER C. COX (California)
JIM RAMSTAD (Minnesota)
SENATE
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
CHARLES S. ROBB (Virginia)
BYRON L. DORGAN (North Dakota)
BARBARA BOXER (California)
WILLIAM V. ROTH, JR. (Delaware)
CONNIE MACK (Florida)
LARRY E. CRAIG (Idaho)
ROBERT F. BENNETT (Utah)
RICK McGAHEY, Executive Director
COUNCIL OF ECONOMIC ADVISERS
LAURA D. TYSON, Chair
JOSEPH E. STIGLITZ, Member
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [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
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at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts prepared by the Art Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $3.00 a single copy
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ISBN 0-16-044550-7
U
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the first quarter of 1994, according to revised estimates, current-dollar gross domestic product (GDP) rose 6.1
percent (annual rate), real GDP (GDP in 1987 dollars) rose 3.4 percent, and the implicit price deflator rose 2.6
percent.
BILLIONS OF DOLLARS (RATIO SCALEI
BILLIONS OF DOLLARS (RATIO SCALE]
6,800
6,800
SEASONAtiY ADJUSTED AhOJUAL RATES
S
/
6,400
6,400
S
6,000
5,600
GDP
IN CURRENT DOLLARS__^X
5,200
^^ ^
6,000
^
\.x^
___
•—
4,800
5,600
f
5,200
*-
.-.''"
-^
4,800
/„ - -
rxi
'\
GDP
IN 1987DOUARS
4,400
^ <" "~
4,000
/
s
x
"x
4,400
-^
4,000
X'
X
3,600
3,600
/
3,200
3,200
2,800
1
1
1982
1
i i i
1983
!
1984
1985
1 f
1986
f
i t
1987
'
i
' 1
1988
i
i i )
i
1990
1989
i i i
i
1991
i
1992
I
f
1
1993
1
1
1 I
2,800
1994
COUNOt Of ECONOMIC ADVISERS
SOURCE: DEPARTM&4T OF COMMERa
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1986
1987
1988
1989
1990
1991
1992
1993
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
dross
Personal
private
conGross
domestic sumption domestic
product expendi- investment
tures
..
IV
IV
IV
IV
IV
IV
IV
IV
IV
m
rv
1992- I
n
m
rv
1993- I
n
m
rv
1994- I '
1
4,268.6
4,539.9
4,900.4
5,250.8
5,546.1
5,722.9
6,038.5
6,377.9
3,195.1
3,547.3
3,869.1
4,140.5
4,336.6
4,683.0
5,044.6
5,344.8
5,597.9
5,758.6
5,803.7
5,908.7
5,991.4
6,059.5
6,194.4
6,261.6
6,327.6
6,395.9
6,526.5
6,623.1
2,850.6
3,052.2
3,296.1
3,523.1
3,761.2
3,906.4
4,139.9
4,391.8
2,128.7
2,346.8
2,526.4
2,739.8
2,923.1
3,124.6
3,398.2
3,599.1
3,836.6
3,929.8
3,964.1
4,046.5
4,099.9
4,157.1
4,256.2
4,296.2
4,359.9
4,419.1
4,492.0
4,563.7
717.6
749.3
793.6
832.3
808.9
736.9
796.5
891.7
464.2
614.8
722.8
737.0
697.1
800.2
814.8
825.2
756.4
744.5
752.4
750.8
799.7
802.2
833.3
874.1
874.1
884.0
934.5
970.0
Federal
Net
exports
-132.5
-143.1
-108.0
-79.7
-71.4
-19.6
-29.6
-63.6
-29.5
-71.8
-107.1
-135.5
-133.2
-143.2
-106.0
-73.9
-71.6
-19.8
-13.0
-7.0
-33.9
-38.8
-38.8
-48.3
-65.1
-71.9
-69.1
-83.5
Exports
Imports
319.2
364.0
444.2
508.0
557.1
601.5
640.5
661.7
265.6
286.2
308.7
304.7
333.9
392.4
467.0
523.8
577.6
603.0
625.7
633.7
632.4
641.1
654.7
651.3
660.0
653.2
682.4
678.2
451.7
507.1
552.2
587.7
628.5
621.1
670.1
725.3
295.1
358.0
415.7
440.2
467.1
535.6
573.1
597.7
649.2
622.8
638.8
640.7
666.3
679.9
693.5
699.6
725.0
725.1
751.5
761.7
GDP less exports of goods and services plus imports of goods and services.
Government purchases
Exports and imports of goods
and services
Total
833.0
881.5
918.7
975.2
1,047.4
1,099.3
1,131.8
1,158.1
631.6
657.6
727.0
799.2
849.7
901.4
937.6
994.5
1,076.5
1,104.0
1,100.2
1,118.5
1,125.8
1,139.1
1,143.8
1,139.7
1,158.6
1,164.8
1,169.1
1,172.9
Total
367.8
384.9
387.0
401.6
426.5
445.9
448.8
443.4
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
446.8
437.4
445.5
444.6
452.8
452.4
442.7
447.5
443.6
440.0
440.9
National
defense
276.7
292.1
295.6
299.9
314.0
322.5
313.8
303.4
205.5
222.8
242.9
268.6
278.6
295.8
296.8
302.5
322.5
321.2
311.2
312.3
310.4
316.7
315.7
304.8
307.6
301.9
299.2
291.7
Nondefense
91.1
92.9
91.4
101.7
112.5
123.4
135.0
140.1
75.9
66.9
81.9
88.3
94.5
96.7
95.2
102.6
114.0
125.6
126.2
133.1
134.2
136.1
136.7
137.9
140.0
141.7
140.7
149.3
State
and
local
465.3
496.6
531.7
573.6
620.9
653.4
683.0
714.6
350.3
367.9
402.2
442.4
476.6
509.0
545.7
589.3
640.0
657.3
662.8
673.0
681.2
686.2
691.4
697.0
711.1
721.2
729.2
732.0
Final
sales of
domestic
product
Gross
domestic
purchases '
Addendum:
Gross
national
product
4,260.0
4,513.7
4,884.2
5,217.5
5,539.3
5,731.6
6,031.2
6,362.3
3,241.4
3,527.1
3,818.1
4,107.9
4,355.4
4,623.7
5,027.3
5,314.6
5,621.8
5,759.1
5,794.8
5,913.9
5,978.6
6,049.9
6,182.5
6,227.1
6,314.5
6,388.2
6,519.6
6,602.2
4,401.2
4,683.0
5,008.4
5,330.5
5,617.5
5,742.5
6,068.2
6,441.5
3,224.6
3,619.1
3,976.2
4,276.0
4,469.8
4,826.2
5,150.7
5,418.7
5,669.5
5,778.4
5,816.7
5,915.8
6,025.3
6,098.3
6,233.2
6,309.9
6,392.7
6,467.8
6,595.6
6,706.6
4,277.7
4,544.5
4,908.2
5,266.8
5,567.8
5,737.1
6,045.8
6,378.1
3,222.6
3,578.4
3,890.2
4,156.2
4,340.5
4,690.5
5,054.3
5,365.0
5,630.0
5,766.2
5,815.5
5,927.6
5,996.3
6,067.3
6,191.9
4,262.1
6,327.1
6,402.3
6,520.9
6,618.6
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS DOMESTIC PRODUCT IN 1987 DOLLARS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Period
1986
1987
1988
1989
1990
1991
1992
1993
1982:
1983:
19841985:
19861987:
19881989:
19901991:
IV
IV
IV
IV
IV
IV
IV
IV
IV
HI
IV
...
....
..
...
1992- I
n ..
m
IV .
1993: I
n
m
rv
1994: I '
1
Gross
domestic
product
4,404.5
4,539.9
4,718.6
4,838.0
4,897.3
4,861.4
4,986.3
5,136.0
3,759.6
4,012.1
4,194.2
4,333.5
4,427.1
4,625.5
4,779.7
4,856.7
4,867.2
4,872.6
4,879.6
4,922.0
4,956.5
4,998.2
5,068.3
5,078.2
5,102.1
5,138.3
5,225.6
5,269.5
Personal
consumption
expenditures
2,969.1
3,052.2
3,162.4
3,223.3
3,272.6
3,258.6
3,341.8
3,453.2
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,267.1
3,267.5
3,302.3
3,316.8
3,350.9
3,397.2
3,403.8
3,432.7
3,469.6
3,506.9
3,551.9
Exports and imports of
goods and services
Government purchases
Federal
Nonrestdentiai
fiied
investment
500.3
497.8
530.8
540.0
546.5
514.5
529.2
591.8
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
512.8
506.1
510.5
528.8
533.8
543.7
562.3
584.3
594.8
625.7
636.8
Residential
bed
investment
Change
in
business
inventories
Net
exports
226.2
8.5 -155.1
225.2
26.3
222.7
19.9 -104.0
214.2
29.8
73 7
194.5
5.7 -54.7
169.5
84
197.1
6.5 -33.6
214.2
14.3 -76.5
131.2 —44.9
19 0
190.6
29.3 -83.7
47.9
198.8
207.4
30.2 - 155.4
230.5 -20.1
156 0
59.9 -136.0
223.3
102 7
225.3
20.9
208.0
24.9 -67.4
176.3 -20.9
36 8
171.0
-.9 -25.0
179.1
7.1
164
186.2 -5.0
15 2
195.6
12.6 -38.0
196.2
9.6 -42.5
210.6
8.7 -38.8
211.4
29.3
599
206.2
13.0 -75.2
212.1
6.5 -86.3
227.2
8.5 -84.5
231.9
20.6 - 105.0
Exports
Imports
Total
329.6
364.0
421.6
471.8
510.5
543.4
578.0
598.3
280.4
291.5
312.8
312.0
342.9
386.1
438.2
487.7
520.4
546.9
564.2
571.0
570.2
579.3
591.6
588.0
593.2
591.9
620.0
615.6
484.7
507.1
525.7
545.4
565.1
562.5
611.6
674.8
299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.0
557.2
855.4
881.5
886.8
904.4
932.6
946.3
945.2
938.9
735.9
748.1
784.3
830.5
864.8
893.0
894.5
912.6
942.4
947.6
936.2
943.1
940.7
950.2
946.9
931.3
941.1
941.7
941.7
933.3
571.9
580.7
586.2
608.2
621.8
630.3
647.9
668.4
678.2
704.5
720.6
GDP less exports of goods and services plus imports of goods and services.
Total
373.0
384.9
377.3
376.1
384.1
386.5
373.0
354.9
316.0
322.2
341.7
363.7
377.5
391.6
378.4
376.1
386.5
386.6
372.1
372.1
369.2
377.0
373.7
357.6
359.4
353.7
349.0
344.3
National
defense
State
and
local
Nondefense
92.4
92.9
90.2
94.8
100.4
105.3
111.8
112.5
86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.7
100.8
107.2
107.2
110.9
111.3
112.5
112.4
111.5
113.0
113.7
111.8
116.7
280.6
292.1
287.0
281.4
283.6
281.3
261.2
242.4
229.4
242.9
254.3
272.1
282.2
295.0
285.7
281.5
285.7
279.4
264.9
261.2
257.9
264.4
261.3
246.0
246.4
240.1
237.1
227.5
482.4
496.6
509.6
528.3
548.5
559.7
572.2
584.0
419.9
425.9
442.6
466.7
487.3
501.4
516.1
536.5
555.8
561.0
564.1
571.0
571.5
573.2
573.2
573.7
581.6
588.0
592.8
589.0
Final
sales of
domestic
product
Gross
domestic
purchases 1
4,395.9
4,513.7
4,698.6
4,808.3
4,891.6
4,869.8
4,979.8
5,121.7
3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565.6
4,758.7
4,831.8
4,888.0
4,873.5
4,872.5
4,559.6
4,683.0
4,822.6
4,911.7
4,951.9
4,880.5
5,019.9
5,212.5
3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,924.1
4,904.0
4,897.6
4,896.0
4,937.1
4,994.5
5,040.7
5,107.1
5,138.1
5,177.4
5,224.6
5,310.0
5,374.5
4,926.9
4,943.8
4,988.6
5,059.6
5,048.9
5,089.1
5,131.8
5,217.1
5,248.9
Addendum:
Gross
national
product
4,413.5
4,544.5
4,726.3
4,852.7
4,916.5
4,874.5
4,994.0
5,138.6
3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,875.1
4,895.4
4,880.3
4,890.9
4,939.0
4,962.2
5,006.4
5,068.4
5,080.7
5,104.1
5,145.8
5,223.7
5,268.5
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[1987=100; quarterly data are seasonally adjusted]
Period
1986
1987
1988
1989
1990
1991
1992
1993
1982:
19831984:
1985'
1986:
1987'
1988:
1989:
1990:
1991-
IV
IV
IV
IV
IV
IV
IV
TV
IV
ffl
IV
1992: I
n
m
rv
1993: I
n
m
rv ...
1994: I '
Gross
domestic
product
96.9
100.0
103.9
108.5
113.3
117.7
121.1
124.2
85.0
88.4
92.3
95.5
98.0
101.2
105.5
110.1
115.0
118.2
118.9
120.0
120.9
121.2
122.2
123.3
124.0
124.5
124.9
125.7
Total
96.0
100.0
104.2
109.3
114.9
119.9
123.9
127.2
83.8
87.6
90.7
94.6
97.0
101.6
106.1
111.0
117.5
120.3
121.3
122.5
123.6
124.1
125.3
126.2
127.0
127.4
128.1
128.5
Durable
goods
96.9
100.0
102.0
104.2
105.7
107.3
108.9
109.8
90.6
93.3
94.4
95.9
97.8
101.0
103.1
104.9
106.1
107.5
107.8
108.4
109.0
109.1
109.1
109.2
109.8
109.9
110.1
110.4
Source: Department of Commerce, Bureau of Economic Analysis.
Gross private
domestic investment
Personal consumption
expenditures
Nondurable goods
96.1
100.0
103.7
109.3
115.9
120.0
122.4
124.1
89.4
91.8
94.2
97.0
96.3
101.5
105.6
110.8
119.2
120.1
120.7
121.5
122.1
122.8
123.1
124.1
124.2
123.7
124.3
124.3
Services
Nonresidential
fixed
Residential fixed
95.7
100.0
105.1
110.6
116.7
122.8
128.5
133.5
79.0
83.7
87.7
92.9
97.3
101.9
107.1
112.7
119.2
123.5
124.9
126.6
128.1
128.5
130.7
131.8
133.1
134.0
135.1
135.8
98.4
100.0
102.8
105.2
107.3
108.0
106.9
105.4
95.3
95.0
96.4
97.3
99.2
100.7
104.0
106.0
108.2
107.8
107.3
107.1
107.1
106.6
106.6
105.7
106.0
105.1
104.8
105.0
95.8
100.0
104.2
107.8
110.7
111.8
113.4
117.8
86.0
88.0
90.7
93.1
97.3
101.5
105.3
108.8
111.1
112.5
111.8
112.2
112.8
113.8
114.9
115.8
117.3
118.5
119.5
121.0
Government purchases
Exports and imports of
goods and services
Exports
96.9
100.0
105.3
107.7
109.1
110.7
110.8
110.6
94.7
98.2
98.7
97.7
97.4
101.6
106.6
107.4
111.0
110.2
110.9
111.0
110.9
110.7
110.7
110.8
111.3
110.4
110.1
110.2
Imports
93.2
100.0
105.1
107.8
111.2
110.4
109.6
107.5
98.5
95.4
93.6
94.2
93.6
102.6
106.0
107.7
116.5
108.9
110.0
109.3
109.6
109.3
110.0
108.0
108.5
106.9
106.7
105.7
Federal
Total
98.6
100.0
102.6
106.8
111.0
115.4
120.3
124.9
89.0
89.9
95.0
98.1
98.8
100.2
103.6
107.7
112.9
115.6
117.5
119.7
120.4
120.1
121.1
123.8
124.5
125.4
126.1
128.1
National
defense
98.6
100.0
103.0
106.6
110.7
114.7
120.1
125.1
89.6
91.7
95.5
98.7
98.7
100.3
103.9
107.5
112.9
114.9
117.5
119.6
120.3
119.8
120.8
123.9
124.8
125.7
126.2
128.2
Nondefense
98.6
100.0
101.4
107.3
112.0
117.2
120.8
124.5
87.7
84.3
93.7
96.4
99.2
100.1
102.6
108.4
113.1
117.2
117.8
120.0
120.6
121.0
121.6
123.6
123.9
124.6
125.9
127.9
State
and local
96.4
100.0
104.3
108.6
113.2
116.7
119.4
122.4
83.4
86.4
90.9
94.8
97.8
101.5
105.7
109.9
115.2
117.2
117.5
117.9
119.2
119.7
120.6
121.5
122.3
122.7
123.0
124.3
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
10.9
6.9
5.7
6.4
7.9
7.2
5.6
3.2
5.5
5.6
9.1
5.9
3.1
1.0
2.4
4.8
4.3
3.2
7.4
5.7
4.6
9.2
4.4
4.3
4.4
8.4
6.1
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1990:
1991:
...
..
..
I
n
m
rv
I
n
m
rv
1992: I
n
m
IV
1993: I
n . ...
m
rv ...
.
1994: Ir
.
.
Constant
(1987) dollars
Implicit price
deflator
1.8
-2.2
3.9
6.2
3.2
2.9
3.1
3.9
2.5
1.2
7
2.6
3.0
3.5
1.5
9
-3.2
24
1.5
1.4
.6
3.5
2.8
3.4
5.7
.8
1.9
2.9
7.0
3.4
10.0
6.2
4.1
4.4
3.7
2.6
3.2
3.9
4.4
4.4
3.9
2.9
2.6
5.2
4.4
4.0
4.3
5.0
3.1
3.1
2.4
3.8
3.0
1.0
3.3
3.6
2.3
1.6
1.3
2.6
Fixed-weighted
price index
(1987 weights)
Current
dollars
Constant
(1987) dollars
Implicit price
deflator
1.2
1.1
4.6
4.8
4.4
3.6
2.8
3.6
1.9
1.5
4
2.6
3.3
2.8
.9
2.1
-2.7
-2.8
1.8
1.3
.0
4.3
1.8
4.2
5.6
.8
3.4
4.4
4.4
5.2
9.0
5.7
4.9
3.9
3.9
3.1
4.2
4.2
4.9
5.1
4.4
3.3
2.7
6.3
4.3
6.1
6.7
3.4
3.1
3.0
3.4
4.0
3.6
1.6
3.9
2.9
2.6
1.3
2.2
1.3
10.2
6.9
9.6
9.0
8.4
6.9
7.1
8.0
6.9
6.8
3.9
6.0
6.1
9.2
5.3
8.3
3.7
.7
4.7
4.4
3.5
8.6
5.4
5.7
9.9
3.8
6.1
5.5
6.8
6.5
3.9
3.4
3.5
2.8
3.1
4.0
4.5
4.6
4.1
3.3
3.1
5.8
4.4
4.7
3.8
5.1
3.4
3.4
2.7
4.2
3.4
2.5
3.1
4.3
2.8
2.1
2.3
3.2
Fixed-weighted
price index
(1987 weights)
8.6
5.4
4.3
3.7
3.8
3.0
4.1
4.3
5.0
5.3
4.5
3.7
3.0
6.6
4.2
6.3
7.0
3.9
3.2
3.4
3.5
4.5
3.6
3.4
3.1
3.4
2.9
1.4
2.8
2.0
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars)
Gross domestic product
of nonfinancial
corporate business
(hillions of dollars)
Period
Current
dollars
1986
1987
1988
1989
1990
1991
1992
1993...
1982- IV
1983- IV
1984: IV
1985- IV
1986- IV
1987: IV
1988- IV
1989: IV
1990- IV
1991: IV
1992- I
.
...
n
in
IV
1993: I
II
m
IV
1994: I r
1
.
2,386.3
2,547.3
... . 2,764.8
2,913.5
3,045.5
3,082.1
3,243.4
3,417.3
1,806.3
2,037.2
2,228.2
2,338.8
2,422.8
2,627.6
2,843.2
2,951.5
3,052.5
.. .. 3,129.5
3,159.8
3,218.1
3,264.2
3,331.6
3,331.7
3,395.9
3,432.2
3,509.4
3,571.3
1987
dollars
2,439.3
2,547.3
2,684.8
2,718.9
2,747.4
2,710.0
2,822.3
2,936.3
1,999.6
2,204.2
2,328.4
2,396.9
2,463.3
2,604.0
2,719.0
2,722.7
2,725.0
2,745.0
2,759.5
2,802.6
2,839.8
2,887.4
2,867.5
2,916.6
2,948.9
3,012.1
3,048.7
Total
cost and
profit 2
0.978
1.000
1.030
1.072
1.109
1.137
1.149
1.164
.903
.924
.957
.976
.984
1.009
1.046
1.084
1.120
1.140
1.145
1.148
1.149
1.154
1.162
1.164
1.164
1.165
1.171
Consumption of
fixed
capital
0.111
.110
.111
.117
.120
.126
.125
.123
.119
.119
.111
.110
.112
.110
.112
.120
.123
.125
.125
.124
.129
.122
.124
.123
.124
.122
.126
Output is measured by GDP of nonfinancial corporate business in 1987 dollars.
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments less subsidies.
2
Indirect
business
taxes 3
Compensation of
employees
Net
interest
Total
0.095
.095
.096
.101
.106
.115
.116
.118
.086
.088
.091
.093
.095
.094
.097
.102
.109
.116
.117
.116
.116
.116
.116
.118
.118
.118
.118
4
0.648
.658
.676
.706
.736
.758
.762
.768
.607
.602
.623
.643
.654
.664
.687
.718
.748
.760
.762
.762
.762
.761
.772
.770
.769
.762
.766
0.040
.042
.045
.054
.054
.052
.048
.046
.040
.036
.041
.038
.042
.042
.047
.055
.054
.051
.050
.049
.047
.046
,047
.046
.045
.044
.045
J
Corporate profits with inventory
valuation and capital consumption
adjustments
0.084
.096
.102
.094
.093
.086
.099
.109
.051
.079
.091
.092
.081
.099
.102
.088
.085
.088
.091
.098
.096
.109
.102
.108
.108
.118
.116
Profits
tax
liability
0.031
.037
.038
.037
.034
.031
.035
.040
.020
.029
.027
.030
.035
.038
.040
.033
.034
.031
.033
.036
.034
.037
.037
.040
.038
.044
.044
Profits
after
tax 4
0.053
.059
.064
.057
.059
.056
.064
.069
.030
.050
.064
.063
.045
.060
.063
.055
.052
.056
.059
.062
.062
.072
.065
.068
.070
.075
.072
Output
per hour
of ail
employees
(1987
dollars)'
Compensation per
hour of
all
employees
(dollars)'
22.735
23.129
23.572
23.189
23.446
23.865
r
24.813
r
25.313
21.070
21.893
' 22.055
'22.346
'r 22.891
23.356
'r 23.522
23. 146
' 23.550
r
24.244
r
24.391
' 24.666
r
24.979
' 25.230
r
24.950
' 25. 203
' 25.392
' 25.747
25.747
14.741
15.208
15.833
16.377
17.246
18.087
' 18.897
' 19.445
12.791
r
!3.186
13.732
14.359
14.975
' 15.517
r
16.069
' 16.616
'r 17. 624
!8.417
* 18.596
^ 18.794
r
19.023
' 19.188
*r 19.273
19.397
T
19.521
r
19.623
19.804
With inventory valuation and capital consumption adjustments.
* 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 seasonal!; adjusted annual rates]
National
income
Period
Compensation of
employees1
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
1987
1988
1989
1990
1991
1992
1993
1982:
1983:
1984:
19851986:
1987:
1988:
1989:
1990:
1991:
1992:
3,692.3
4,002.6
4,249.5
4,491.0
4,598.3
4,836.6
5,140.3
2,551.5
2,834.3
3,134.4
3,341.9
3,486.0
3,828.8
4,127.6
4,305.2
4,539.2
4,662.6
4,755.4
4,814.6
4,800.8
4,975.8
5,038.9
5,104.0
5,143.2
5,275.0
5,317.1
IV
IV
IV ..:...
IV
IV
IV
IV
IV
IV ....
IV
I
n
m....
IV
1993: I
n
m..
rvr
1994: I ... ..
1
2,698.7
2,921.3
3,100.2
3,297.6
3,402.4
3,582.0
3,772.2
1,940.4
2,101.2
2,288.1
2,442.5
2,582.5
2,785.1
3,004.9
3,162.8
3,344.2
3,455.4
3,507.8
3,558.1
3,603.6
3,658.6
3,705.1
3,750.6
3,793.9
3,839.2
3,908.4
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
279.0
293.4
307.0
321.4
339.5
370.6
397.3
169.6
193.8
217.7
250.9
260.9
282.6
302.5
311.4
325.1
350.1
361.2
366.2
371.3
383.6
388.4
392.4
397.6
410.6
416.2
31.3
30.9
40.2
41.9
36.8
43.7
46.0
10.2
6.3
21.9
17.8
23.6
42.4
30.9
38.4
43.8
37.6
45.6
44.9
36.8
47.6
55.7
47.0
24.8
56.4
58.6
Includes employer contributions for social insurance. (See also p. 5.)
3.2
4.3
-13.5
14 2
-12.8
-8.9
12.6
24.1
22.2
24.3
14.0
4.7
6.8
2.8
-21.6
11 1
-11.2
87
-7.2
185
-1.2
7.5
12.7
13.7
16.4
3.5
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
319.8
365.0
362.8
380.6
369.5
407.2
466.6
150.3
229.1
261.3
284.9
264.6
343.3
378.3
354.5
362.8
378.8
409.9
411.7
367.5
439.5
432.1
458.1
468.5
507.9
478.0
273.4
320.3
325.4
354.7
367.3
390.1
442.3
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
375.4
399.7
395.7
350.1
414.8
407.0
433.4
444.8
484.0
458.0
Profits
before tax
Inventory
valuation
adjustment
287.9
347.5
342.9
365.7
362.3
395.4
449.4
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
368.9
373.5
404.3
409.5
357.9
409.9
419.8
445.6
443.8
488.4
474.2
-14.5
-27.3
-17.5
-11.0
4.9
-5.3
-7.1
86
-7.6
3.5
-3.8
-10.7
-17.8
-31.7
-13.5
-19.5
1.9
-4.6
-13.7
-7.8
4.9
-12.7
-12.2
1.0
-4.3
-16.2
Capital
consumption
adjustment
Net
interest
46.4
44.7
37.4
25.9
2.2
17.1
24.3
-9.6
12.9
37.7
56.9
39.6
49.9
37.9
33.9
13.5
3.5
10.2
16.0
17.4
24.7
25.1
24.7
23.8
23.9
20.0
360.4
387.7
452.7
463.7
462.8
442.0
445.6
256.8
281.8
321.1
331.9
349.7
368.6
408.1
459.8
474.4
451.9
439.5
440.8
440.1
447.7
450.1
443.2
444.6
444.5
452.4
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS
[Billions of 1987 dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Durable goods
Period
1987
1988
1989
1990 ...
1991
1992
1993
1982: IV
1983: IV
1984: IV
1985: IV
1986: IV
1987: IV
1988: IV
198P: IV
1990: IV
1991: m
IV
1992: I
n
m
1993:
IV
I
n
m
rvT
1994: 1
1
Total
personal
consumption
expenditures
3,052.2
3,162.4
3,223.3
3,272.6
3,258.6
3^341.8
3,453.2
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,267.1
3,267.5
3,302.3
3,316.8
3,350.9
3,397.2
3,403.8
3,432.7
3,469.6
3,506.9
3,551.9
Total
durable
goods
403.7
428.7
440.7
443.1
426.6
456.6
490.0
272.3
319.1
347.7
369.6
415.7
404.7
439.2
436.8
433.2
432.6
431.5
446.6
447.5
459.0
473.4
471.9
484.2
493.1
510.9
523.4
Motor
vehicles
and
parts
183.5
194.8
196.4
192.7
170.5
182.3
191.7
123.7
151.6
164.3
173.9
193.6
183.6
197.7
188.3
182.1
173.7
173.0
180.6
179.5
180.6
188.6
185.7
191.3
189.9
199.7
210.7
Includes other items, not shown separately.
Furniture and
household
equipment
144.0
155.4
165.8
171.6
180.0
194.8
216.3
96.4
109.3
118.7
128.6
141.4
145.9
160.3
167.9
172.3
182.7
182.9
188.2
189.8
197.1
204.2
206.5
212.4
219.4
227.1
228.2
Other
76.2
78.5
78.5
78.7
76.1
79.5
82.0
52.3
58.1
64.8
67.1
80.7
75.2
81.2
80.5
78.8
76.2
75.6
77.8
78.2
81.3
80.6
79.7
80.6
83.7
84.1
84.6
Total
nondurable goods
1,011.1
1,035.1
1,051.6
1,060.7
1,048.2
1J062.9
1,088.1
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,058.9
1,057.5
1,049.3
1,044.0
1,052.0
1,055.0
1,062.9
1,081.8
1,076.0
1,083.1
1,093.0
1,100.2
1,111.8
Food
500.7
513.4
515.0
523.9
518.7
520.5
531.0
458.3
467.1
475.1
488.2
496.9
502.4
518.0
515.6
525.8
518.8
518.2
518.8
515.7
518.2
529.3
526.7
528.6
532.6
536.0
540.9
Clothing
and
shoes
174.5
178.9
187.8
186.2
184.7
193.7
199.5
135.7
147.7
154.7
161.7
171.9
174.5
182.8
190.9
184.5
185.9
183.1
188.3
191.1
195.4
200.0
194.8
197.8
200.6
204.6
205.9
Gasoline
and oil
84.7
86.1
87.3
86.4
83.1
83.9
84.9
73.4
76.9
79.0
79.5
84.6
85.4
87.5
88.6
84.6
83.4
82.5
82.7
83.7
84.7
84.4
83.9
84.1
86.2
85.4
84.7
Retail sales of new
passenger cars
(millions of units)
Services
Nondurable goods
Fuel
oi] and
coal
12.0
12.0
11.4
10.5
10.7
11.9
13.0
10.5
11.4
11.1
11.4
12.4
11.9
12.0
12.0
9.5
11.4
10.6
11.1
12.8
11.7
11.9
12.9
12.6
13.2
13.1
14.5
Other
239.1
244.7
250.2
253.8
250.9
252.9
259.8
202.8
212.2
222.9
228.0
235.2
240.4
246.4
251.8
253.1
249.8
249.6
251.1
251.7
252.7
256.2
257.7
259.9
260.4
261.1
265.8
Total
services *
1,637.4
1,698.5
1,731.0
1,768.8
1,783.8
l[822.3
1,875.2
1,386.2
1,443.9
1,494.2
1,557.1
1,595.8
1,655.5
1,716.9
1,746.3
1,775.2
1,785.2
1,792.0
1,803.7
1,814.3
1,829.0
1,842.0
1,855.9
1,865.4
1,883.5
1,895.8
1,916.6
Housing
Medical
care
452.5
384.7
461.8
469.2
474.6
478.6
484.2
492.0
411.0
419.7
431.3
438.1
444.8
457.0
465.6
471.3
475.9
479.4
480.6
481.7
483.2
485.1
486.7
488.8
490.7
493.3
495.3
497.5
399.4
408.6
424.6
437.6
449.2
463.4
327.8
334.8
344.9
359.1
372.0
390.7
403.0
411.8
429.4
438.8
443.6
445.3
447.9
450.4
453.2
458.0
461.1
465.1
469.3
472.6
Source: Department of Commerce, Bureau of Economic Analysis.
Domestics
7.1
7.5
7.1
6.9
6.1
6.3
6.7
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
6.6
6.2
6.1
6.1
6.3
6.2
6.4
6.4
6.9
6.6
7.1
7.5
Imports
3.2
3.1
2.8
2.6
2.3
2.1
2.0
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.4
2.3
2.2
2.3
2.2
2.0
2.0
2.0
2.1
2.0
1.9
2.0
SOURCES OF PERSONAL INCOME
Personal income rose $36.1 billion (annual rate) in May, following a rise of $35.6 billion in April. Wages and
salaries rose $27.7 billion in May, after rising $18.9 billion in April.
BILUONS OF DOLLARS* (RATIO SCALE)
BILUONS Of DOUARS* (RATIO SCALE)
6,000
4,000
5,000
5,000
4,000
4,000
3,000
3,000
WAGE AND SALARY DISBURSEMENTS
2,000
2,000
1,400
V
1,400
OTHER INCOME
TRANSFER PAYMENTS
800
ijj I I i 1 1 1 1
400
1986
1987
800
I 1 M I I I i I II I 1 I l l I I I 1 1 I I I i I I I M I I
1989
1988
I I I 1 1 1 1 1 1 1 I 11 I I 11 I 1 1 1 1
1991
1990
1992
400
1994
1993
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1986
1987
1988
1989
1990
1991
1992
1993
1993: May..
June
July
AUK
Sept
Oct
Nov
Dec .
1994: Jan '
Feb '
Mar 'r
Apr
May »
1
personal
income
35904
3 802.0
40759
4 380.3
46738
4,850.9
5 1449
5,388.3
53804
5,373.6
5365 1
5,432.3
5440.6
54787
5511.2
5548 1
5508.3
5 6035
5 637.7
5673 3
5 709.4
Wage and
salary
disbursements 1
2 1054
2 261 2
24430
25864
2 7450
2 8150
2973 1
30805
3093 8
30860
3 101 6
3 1243
3 1204
3 137 7
3 147 1
3 1640
3 1934
3 2003
3 2124
3231 3
3 2590
Proprietors ' income 3
Other labor
income * a
2007
22 3
261 5
87
2104
31 3
309
402
41 9
368
437
460
452
360
106
31 1
32 7
43 9
600
653
53 3
605
61 9
66 1
61 1
2790
293 4
3070
321 4
3395
3706
3973
392 7
3948
393 i
3994
4004
4060
4104
4154
4109
416 4
421 2
4226
426 1
32
43
135
14 2
128
89
126
12 0
11 9
71
16 1
179
16 8
164
15 9
403
22 5
282
26 8
27 5
2305
251 9
2743
2969
3227
3507
3466
3493
3520
354.7
3574
360 1
3629
3658
3688
371 9
3751
3784
381 8
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
* Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
Farm
Less:
income of
persons *
4
dividend
income
104 7
1004
1084
1265
111 1
1279
140 4
1583
•157 8
158 2
158 6
1590
1593
159 4
1594
159 5
159 7
160 4
1620
164 4
1660
interest
income
531 7
548 1
583 2
668 2
698 2
7156
694 3
6952
693 1
6920
693 6
695 7
6978
697 3
696 7
696 2
700 1
704 4
7089
711 4
714 2
payments
517 8
542 2
576 7
625 0
687 6
7699
858 4
912 1
904 5
910 2
914 3
9194
921 8
925 9
927 5
936 2
940 9
946 1
947 9
953 6
956 8
contributions
for social
insurance
162 1
173 6
194 5
211 4
224 9
237 8
249 3
264 3
265 3
264 9
265 9
2674
267 0
268 3
269 1
3 545 g
3 749 4
4 023 9
4 318 0
4 608 6
4 792 0
5 080 1
5 3200
5 312 8
5 315 o
5 332 2
5 378 7
5 385 4
278 4
279 0
279 9
5 431 9
5 519 7
5 552 3
5 583 6
5 624 7
283 0
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 I
and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
6
6
personal
income 8
5 428 4
DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in 1987 dollars rose in the first quarter of
1994.
BILLIONS OF DOLLARS' (RATIO SCALE)
5,000
BILLIONS OF DOLLARS' (RATIO SCALEI
2,500
DOLLARS* (RATIO SCALEI
DOLLARS* (RATIO SCALE]
PER CAPITA DISPOSABLE PERSONAL INCOME
j
18,000
CURRENT DOLLARS
\
16,000
_
1
.
^^
12,000
^~*
«- *" ~ ~^
----l
^
Y^
-^
16,000
1983
1984
^
14,000
^~ ' \
1987 DOHA PS
12,000
10,000
8,000
1982
18,000
"
\ r _ —"
14,000
10,000
'
_-
1985
1986
1 * i
1987
i i i
1988
I
!
1
1989
i i i
1991
i i i
1990
i i i
I
1992
1993
1
!
i i i
1994
8,000
COUNCIL Of ECONOMIC ADVISERS
Period
Personal
income
Less:
Personal
tax and
nontax
payments
_
J&quals:
Disposable
personal
Less:
Personal
outlays *
Equals:
Personal
saving
Disposable
personal
income in
1987
dollars
(billions)
Per capita
disposable personal
income
Current
dollars
Billions of dollars
1987
1988
1989
1990
1991
1992
1993
3,802.0
4,075.9
4,380.3
4,673.8
4,850.9
5,144.9
5,388.3
512.5
527.7
593.3
623.3
620.4
644.8
681.6
3,289.5
3,548.2
3,787.0
4,050.5
4,230.5
4^500.2
4,706.7
1987
dollars
Per capita personal
consumption
expenditures
Current
dollars
1987
dollars
Dollars
3,147.5
3,392.5
3,634.9
3,880.6
4,029.0
4,261.5
4,516.8
142.0
155.7
152.1
170.0
201.5
238.7
189.9
3,289.5
3,404.3
3,464.9
3,524.5
3,529.0
3,632.5
3,700.9
13,545
14,477
15,307
16,205
16,741
17,615
18,225
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
overseas
(thousands) *
Percent
13,545
13,890
14,005
14,101
13,965
14,219
14,330
12,568
13,448
14,241
15,048
15,459
16,205
17,006
12,568
12,903
13,029
13,093
12,895
13,081
13,372
—0.1
2.5
.8
.7
— 1.0
1.8
.8
4.3
4.4
4.0
4.2
4.8
5.3
4.0
242,860
245,093
247,397
249,951
252,699
255,472
258,254
12,154
12,591
13,145
13,278
13,522
13,685
13,996
14,015
14,018
13,927
13,963
14,073
14,142
14,169
14,490
14,163
14,326
14,341
14,491
14,573
9,134
9,980
10,649
11,445
12,101
12,819
13,814
14,491
15,283
15,530
15,621
15,906
16,072
16,249
16,589
16,704
16,907
17,088
17,321
17,556
10,895
11,390
11,739
12,095
12,472
12,615
13,020
13,053
13,010
12,911
12,876
12,981
13,002
13,098
13,241
13,234
13,312
13,416
13,523
13,663
-0.5
7.2
1.0
1.8
-1.7
5.2
3.2
1.8
-1.7
-2.1
1.0
3.2
2.0
.8
9.4
-8.7
4.7
.4
4.2
2.3
7.7
6.8
7.9
6.0
4.8
5.0
4.3
3.9
4.3
4.4
4.9
5.0
5.3
4.9
6.0
3.9
4.4
3.8
4.0
3.5
233,060
235,146
237,231
239,387
241,550
243,745
246,004
248,372
251,035
253,048
253,776
254,392
255,090
255,836
256,569
257,197
257,872
258,612
259,334
259,954
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
IV
IV
IV
IV
IV
IV
IV
IV
IV....
HI ...
IV....
1992: 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
4,759.1
4,858.8
4,927.5
5,017.8
n
5,093.8
m ... 5,139.8
IV.... 5,328.3
1993: I
5,254.7
n
5,373.2
m ... 5,412.7
rv.... 5,512.7
1994: l r
5,583.2
372.1
371.6
413.4
448.8
478.5
528.6
542.0
605.1
625.2
619.7
628.8
630.9
634.6
642.8
670.7
657.1
681.0
689.0
699.2
715.6
2,374.7
2,594.3
2,829.1
3,007.9
3,169.3
3,389.9
3,653.2
3,864.3
4,133.9
4,239.1
4,298.8
4,386.9
4,459.2
4,497.0
4,657.6
4,597.5
4,692.2
4,723.7
4,813.5
4,867.6
2,190.9
2,417.9
2,606.5
2,828.7
3,018.2
3,220.1
3,496.7
3,715.5
3,957.7
4,052.3
4,087.0
4,169.4
4,221.3
4,277.3
4,377.9
4,419.7
4,483.6
4,544.0
4,620.1
4,695.3
183.8
176.3
222.6
179.2
151.1
169.8
156.4
148.8
176.2
186.8
211.7
217.5
237.9
219.6
279.7
177.9
208.7
179.7
193.4
172.3
2,832.6
2,960.6
3,118.5
3,178.7
3,266.2
3,335.8
3,443.1
3,480.9
3,519.0
3,524.2
3,543.4
3,580.1
3,607.5
3,624.8
3,717.6
3,642.6
3,694.4
3,708.7
3,757.9
3,788.4
1
Includes persona! 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
16,467
16,752
16,939
17,245
17,481
17,577
18,153
17,876
18,196
18,265
18,561
18,725
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 1994, according to preliminary estimates, gross farm income rose $4.2 billion (annual rate)
and net farm income rose $4.8 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
40
00
/
^V
- — ' ^*^~^
r^—~^X*1
v
/I
- ""
240
200
• •
^^
160
•>
" \
20
120
3ROSS FAR- A INCOME
80
60
**
\
\
20
'-^/
f
40
ir\ // >
'>
\\
1'
\J
\
/ 1
\
j/
i
s^
J
V
/
X
40
\ 1
\l
'
t
NET FARM INCOME
20
\
\
A
|
1 f l|
1 1 *
11
11
f
2
I
1
1
1982
10
i i i
111
1983
1984
i
i f
1985
i i i
i | i
i ii
1986
1987
1988
t
t
i
1
1989
1990
i i
1991
' SEASONAU.V ADJUSTS) ANNUAL SATES
SOURCE: DEPARTMENT OF AGRICULTURE
1 1 1
1992
1
1
i t i
1
1993
1994
COUNCIL OF ECONOMIC ADWSEBS
[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
Total1
Total
1984
1985
1986
1987
1988
1989
1990
1991
1992 r
1993
1991: TTT
IV
1992- I
n
m
IV
1993- I r r
n
TTT r
IV r
1994: I p
168.0
161.2
156.1
168.5
175.8
190.9
196.4
190.3
197.7
195.3
186.8
192.7
199.6
202.8
197.3
191.3
194.5
201.7
181.6
203.5
207.7
142.8
144.1
135.4
141.8
151.2
161.2
170.0
168.7
171.2
172.9
172.2
169.4
167.1
174.2
178.9
164.5
168.3
178.8
172.9
171.6
171.6
Livestock and
products
72.9
69.8
71.6
76.0
79.4
84.1
89.8
86.8
86.4
90.3
84.9
85.0
84.2
86.0
85.3
89.9
87.1
92.4
90.7
91.0
90.6
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
Crops
69.9
74.3
63.8
65.9
71.7
77.0
80.1
81.9
84.8
82.6
87.3
84.4
82.9
88.1
93.6
74.6
81.3
86.5
82.2
80.6
80.9
3
Value of
inventory
changes 2
6.0
-2.3
-2.2
-2.3
-3.4
4.8
3.4
-.3
3.8
-4.1
.1
-3.1
4.7
4.3
3.5
2.5
-7.3
-5.8
-6.7
3.4
6.8
Production
expenses
Current
dollars
141.9
132.4
125.1
128.8
137.0
144.0
149.9
150.3
149.1
151.4
151.7
152.2
146.3
148.6
150.4
151.0
148.6
150.9
152.8
153.3
152.7
1987 dollars 3
26.1
28.8
31.1
39.7
38.8
46.9
46.5
40.0
48.6
43.9
35.2
40.5
53.3
54.2
46.8
40.3
45.9
50.8
28.9
50.2
55.0
Income in current dollars divided by the GDP implicit price deflator.
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
28.7
30.5
32.0
39.7
37.3
43.2
41.0
34.0
40.2
35.4
29.8
34.1
44.4
44.8
38.6
33.0
37.2
40.9
23.2
40.2
43.8
CORPORATE PROFITS
In the first quarter of 1994, according to revised estimates, corporate profits before tax fell $14.2 billion (annual
rate) and profits after tax fell $8.4 billion. The estimates reflect the effects of the Northridge earthquake.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
660
SEASONALLY ADJUSTED ANNUAL RATfcS
500
A
450
-
s
FS BEFORE
400
[•AV
Vi
350
'V
M
S
~
/
250
200
r~-^
-
r\
|
J
150
• -
/
/
s-'
100
^""-•'
~.
^
50
-•
/"
*-
'
^ __ — — ' \
N..J
--%
^ •**•-•
^"•v.
•^
"**•-
0
!
1982
!
1983
1
t
•
PRC5FITS AFTER TAX
-/.
1
!
1984
i
1
"A
\ <'•f
i
\ ,'
1
.1985
1
!
/
\.
/
S
y
s
/ „.-.
^
'
s
\
\
x.
~~
*'"
s
'-•
,<'
/ \
'UNDISTRI
1
s ~~
/
*
\
1
v
-
/
s
V
"''
s
'
.'
-
\>
/
s"
1
r
,. J7-X /
•/
*•
1986
s —
LAX LIABILITf
^^s"
-
_^
/^
\
300
f
'"""^
r ,.
,->
\/-
-
s •» **
1UTED PRO :ITS
!
!
1
i
!
1988
1987
-
i i
1989
1
!
1990
I
i
I 1 I
i I
1991
1992
1
1
1
1993
1
1
1
1994
CO UNCIL OF ECON OMIC ADVISERS
SOURCE: DEPARTMENT OF COWWERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment l
Profits after tax
Domestic industries
Nonfinancial
Period
Total
2
Total
1986
1987
1988
1989
1990
1991
1992
1993
Financial
Total 3
Manufacturing
Wholesale and
retail
trade
Profits
before
tax
Tax
liability
Total
Dividends
Undistributed
profits
Inventory
valuation
adjustment
227.6
273.4
320.3
325.4
354.7
367.3
390.1
442.3
194.6
233.9
271.2
266.0
286.7
300.4
327.8
383.6
35.8
36.4
41.8
50.6
65.7
80.7
78.1
99.0
158.9
197.5
229.4
215.3
221.1
219.7
249.8
284.6
59.0
87.0
117.5
108.0
109.189.8
115.5
131.7
46.3
39.9
37.1
39.7
37.2
47.4
46.3
54.4
217.8
287.9
347.5
342.9
365.7
362.3
395.4
449.4
106.5
127.1
137.0
141.3
138.7
129.8
146.3
174.0
111.3
160.8
210.5
201.6
227.1
232.5
249.1
275.4
109.8
106.2
115.3
134.6
153.5
137.4
150.5
169.0
1.6
54.6
95.2
67.1
73.6
95.2
98.6
106.4
9.7
-14.5
-27.3
175
-11.0
4.9
-5.3
71
160.0
216.2
223.6
228.0
225.0
293,4
340.5
320.6
349.3
130.8
182.6
192.9
193.5
192.5
246.3
285.9
254.8
273.8
23.0
22.1
20.3
29.0
34.7
39.4
46.1
52.5
66.6
107.8
160.5
172.6
164.5
157.8
207.0
239.7
202.3
207.2
50.1
90.5
79.2
83.3
63.9
98.7
129.3
94.5
98.5
33.8
40.7
50.8
39.0
43.1
39.3
39.3
39.2
36.2
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
368.9
58.7
82.2
83.8
97.6
116.6
135.2
146.2
134.2
137.0
109.9
141.6
136.3
134.2
119.2
176.0
226.0
200.0
231.8
72.5
84.2
83.4
97.4
111.0
106.3
121.0
141.3
153.7
37.5
57.4
52.9
36.9
8.2
69.7
105.0
58.7
78.1
-8.6
7.6
3.5
38
-10.7
-17.8
31 7
-13.5
195
359.0
375.4
299.3
306.8
84.2
81.6
215.1
225.2
89.3
88.9
45.6
47.8
362.0
373.5
132.5
133.4
229.5
240.1
133.4
133.9
96.1
106.1
-3.0
1.9
399.7
395.7
350.1
414.8
328.5
334.2
288.6
360.1
97.9
87.7
44.6
82.0
230.5
246.5
244.0
278.1
98.9
115.7
119.3
128.0
40.0
46.0
41.3
57.7
404.3
409.5
357.9
409.9
147.0
153.0
130.1
155.0
257.3
256.5
227.8
254.9
138.0
146.1
155.2
162.9
119.3
110.4
72.7
92.0
46
-13.7
-7.8
4.9
1993- I
407.0
433.4
444.8
484.0
348.0
375.3
382.1
428.9
92.3
96.4
99.3
108.1
255.7
278.9
282.8
320.8
118.9
132.5
126.7
148.9
46.0
55.4
55.1
61.4
419.8
445.6
443.8
488.4
160.9
173.3
169.5
192.5
258.9
272.3
274.3
295.9
167.5
168.5
169.7
170.3
91.4
103.9
104.6
125.6
127
-12.2
1.0
-4.3
1994- I r
458.0
403.6
82.9
320.7
154.1
57.0
474.2
186.7
287.5
171.8
115.7
162
19821983:
198419851986:
19871988:
19891990:
1991-
IV ..
IV
IV
IV
IV
IV
IV
IV
IV
TTT
IV
1992- I
n ..
in
IV
n .. .
m
rv
1
2
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
In the first quarter of 1994, according to revised estimates, nonresidential fixed investment in 1987 dollars rose
$11.1 billion (annual rate) and residential investment rose $4.7 billion. There was a $20.6 billion increase in
inventories, following an increase of $8.5 billion in the fourth quarter.
BILLIONS OF 1987 DOLLARS
BILLIONS OF 1987 DOLLARS
1,000
1,000
SEASONALLY ADJUSTED ANNUAL RATES
900
900
s
800
^^
^^
>—f
700
^V_^
\
800
~~\
/
-^\
500
/
f
^
,—
s
"V*
\
x -••
s
s
700
^^s~
GROSS PRIVATE DOMESTIC
INVESTMENT
600
/-/
^
600
s"
^-~
500
NONRESIDENTIAL
FIXED INVESTMENT
s"
400
400
RESIDE NTIAL
300
300
.*-••" •200
^'
*•'•'"""
-.-,.-
100
f
t
0
•*
-100
1
1
1982
1
,-••
'""
CHt \NGE JN BL SINESS
INVENTOR ES
100
" "\ \
^ '•»
/
/
*
'-•. ,
'
•« f
i
i
i i
1983
200
. Imr . ~* • '*' '
t i
1984
1
!
1985
1
\
i i
1986
0
N ,
!
1
1987
1
i
i i
1988
i i i
1989
1
!
I
1990
1
!
i
1
1991
i i
1992
1 1 1
!
1
1
-100
1994
1993
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Gross
private
domestic
investment
Period
1986
1987
1988
.
1989
1990
1991 ...
1992
1993
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990-
IV
IV
IV
IV
IV
IV
IV
IV
IV
199T:
TTT
'.
..
IV
1992- I
n
TTT
IV
1993' I
n
in
...
.
IV
1994- I r
Source: Department of Commerce, Bureau of Economic Analysis.
735.1
749.3
773.4
784.0
746.8
675.7
732.9
820.3
503.5
669.5
756.4
763.1
705.9
793.8
785.0
769.5
695.7
682.8
692.3
691.7
737.0
739.6
763.0
803.0
803.6
813.4
861.4
889.3
Nonresidential
Total
Total
726.5
723.0
753.4
754.2
741.1
684.1
726.4
806.0
548.4
640.2
708.4
732.9
725.9
733.9
764.1
744.6
716.6
683.8
685.2
696.7
724.4
730.0
754.3
773.7
790.6
806.9
852.9
868.7
500.3
497.8
530.8
540.0
546.5
514.5
529.2
591.8
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
512.8
506.1
510.5
528.8
533.8
543.7
562.3
584.3
594.8
625.7
636.8
Structures
176.6
171.3
174.0
177.6
179.5
160.2
150.6
151.5
173.2
162.6
189.5
198.3
170.4
177.9
175.7
179.8
172.8
155.6
151.0
152.8
152.9
148.8
148.0
148.2
151.1
151.2
155.6
148.2
Producers'
durable
equipment
Residential
323.7
326.5
356.8
362.5
367.0
354.3
378.6
440.2
226.2
225.2
222.7
214.2
194.5
169.5
197.1
214.2
244.0
287.0
320.1
327.2
325.0
332.7
363.1
356.9
367.4
131,2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
176.3
171.0
179.1
186.2
195.6
196.2
210.6
211.4
206.2
212.1
227.2
231.9
357.2
355.2
357.7
375.9
385.1
395.7
414.1
433.2
443.6
470.0
488.6
Total
8.5
26.3
19.9
29.8
5.7
84
6.5
14.3
-44.9
29.3
47.9
30.2
-20.1
59.9
20.9
24.9
-20.9
9
7.1
50
12.6
9.6
8.7
29.3
13.0
6.5
8.5
20.6
Nonfarm
10.6
32.7
26.9
29.9
3.2
-8.6
2.7
19.7
-46.2
32.3
50.8
28.0
-18.6
62.1
30.5
31.2
18 7
.0
10.3
-9.6
7.0
5.8
7.5
29.3
17.1
19.4
12.9
22.2
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department April-May 1994 survey, business spending for new plant and equipment is
expected to rise 8.3 percent in 1994, following a rise of 7.1 percent in 1993.
BILUONS OF DOUARS (RATIO SCALE)
700
BILUONS OF DOLLARS (RATIO SCAl£|
700
SEASONALLY ADJUSTED ANNUAL RATES
600
_____
600
—-
[_---"^
500
^~^
400
-"
\
ALL INDLJSTRIES
^r——**.
300
.*-••
— **"'
_.~ """"
^^
_.^'~"
400
"•'"\
\
NONMANUF SOURING1'
300
200
— '*
,,'''"'
s*
———
-''"\
MANUFAa JRING
"*>
_,X""
•y TJ i/
\
1985
!
1
!
1
1
1987
1986
i i i
1988
i
i
i
i
1989
i
i
1
!
!
1991
1990
•i i i
1992
^SURVEYED QUARTERLY
2JSEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
i
i
I
I
1993
I I
1994
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Industries surveyed quarterly
Manufacturing
Period
All
industries
Total
1984
1985
1986
1987
1988
1989
1990
1991 . .
1992
1993 .
1994*
373.83
410.12
399.36
410.52
455.49
507.40
532.61
528.39
546.60
585.64
634.02
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.18
191.60
1992- I
534.85
541.41
547.40
559.24
n
in
n
m 44
n
m
rv
1993- I
IV
1994: I r4
IV
..
Total
nonfarm
business2
Nonmanufacturing
Total
Surveyed
quarterly
278.77
302.05
309.16
320.45
344.77
380.13
399.34
405.12
433.69
470.14
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
406.46
442.41
Nondurable
goods
Total1
Mining
Transportation
Public
utilities
Commercial
and
other
64.57
70.87
65.68
68.03
77.04
82.56
82.58
77.64
73.32
81.33
90.12
75.04
82.01
72.28
73.03
86.41
101.24
110.04
105.17
100.69
97.84
101.49
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
406.46
442.41
11.86
12.00
8.15
8.28
9.29
9.21
9.88
10.02
8.88
10.03
10.75
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.66
22.64
21.87
21.36
57.53
59.58
56.61
56.26
60.37
66.28
67.21
66.57
72.21
75.72
77.66
151.39
171.09
181.59
189.84
205.76
229.28
241.43
246.32
268.84
298.83
332.65
173.82
171.98
172.86
176.86
73.98
74.07
72.09
73.30
99.85
97.91
100.77
103.56
361.03
369.44
374.54
382.38
8.92
9.20
8.98
8.47
21.83
23.15
23.91
21.60
69.00
72.63
72.18
74.07
261.27
264.46
269.46
278.24
173.82
171.98
172.86
17686
361.03
369.44
374.54
382 38
564.13
579.79
594.11
604.51
175.05
177.09
182.17
182.40
79.11
80.88
81.99
83.35
95.94
96.21
100.18
99.04
389.08
402.70
411.94
422.11
8.89
9.10
11.14
10.98
22.47
21.58
21.70
21.73
73.51
74.55
75.62
79.21
284.21
297.46
303.47
310.20
175.05
177.09
182.17
182.40
389.08
402.70
411.94
422.11
619.11
637.14
639.71
640.12
186.04
194.96
192.07
193.36
86.98
92.42
90.86
90.20
99.06
102.54
101.21
103.16
433.07
442.18
447.64
446.76
11.30
10.34
10.79
10.55
21.91
20.10
22.16
21.29
72.89
77.30
80.04
80.40
326.98
334.44
334.65
334.52
186.04
19496
192.07
193.36
433.07
442.18
447.64
446.76
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
Addenda
Nonmanufacturing
418.38
454.93
447.11
461.51
508.22
563.93
591.96
587.93
607.71
649.32
Manufacturing
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.18
191.60
Surveyed
annually»
44.55
44.81
47.75
50.99
52.73
56.53
59.35
59.54
61.11
63.68
a
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 1994, corrected for biases.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In May, civilian employment rose 534,000 and unemployment fell 506,000.
MILLIONS OF PERSONS *
MILLIONS OF PERSONS*
134
134
SEASONALLY ADJUSTED
130
130
CIVILIAN LABOR FORCE
126
126
\
122
122
118
118
\
CIVILIAN
EMPLOYMENT
114
114
110
110
106
UNEMPLOYMENT
/
I I 1 1 I I I I M I I IIIM M I M
1986
1 I I I 1 I M I II
1987
1988
1989
1990
1991
1992
1993
1994
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
1984.
1985
1986 3
1987
1988...
1989
1990
1991
1992
1993
'
1993:
May
T '
July
Sept
Oct
Nov
Dec
1994:
Jan 4
Feb
Mar
Apr
May
Civilian
Resident
Armed
Forces
NSA
Labor force
including
resident
Armed
Forces
178,080
179,912
182,293
184,490
186,322
188,081
189,686
191,329
193,142
195,034
1,697
1,706
1,706
1,737
1,709
1,688
1,637
1,564
1,566
1,485
115,241
117,167
119,540
121,602
123,378
125,557
126,424
126,867
128,548
129,525
106,702
108,856
111,303
114,177
116,677
119,030
119,550
118,440
119,164
120,791
113,544
115,461
117,834
119,865
121,669
123,869
124,787
125,303
126,982
128,040
105,005
107,150
109,597
112,440
114,968
117,342
117,914
116,877
117,598
119,306
3,321
3,179
3,163
3,208
3,169
3,199
3,186
3,233
3,207
3,074
101,685
103,971
106,434
109,232
111,800
114,142
114,728
113,644
114,391
116,232
5,512
5,334
5,345
5,122
4,965
4,657
4,860
'5,767
6,116
6,106
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
2,737
2,305
2,232
1,983
1,610
1,375
1,504
2,323
3,354
3,052
64.4
64.8
65.3
65.6
65.9
66.5
66.4
66.0
66.3
66.2
59.5
60.1
60.7
61.5
62.3
63.0
62.7
61.6
61.4
61.6
194,767
194,933
195,104
195,275
195,453
195,626
195,791
195,993
1,484
1,477
1,471
1,482
1,482
1,475
1,470
1,461
129,559
129,533
129,573
129,816
129,590
130,055
130,132
130,359
120,664
120,664
120,841
121,174
121,050
121,416
121,802
122,122
128,075
128,056
128,102
128,334
128,108
128,580
128,662
128,898
119,180
119,187
119,370
119,692
119,568
119,941
120,332
120,661
3,074
3,031
3,043
3,005
3,093
3,021
3,114
3,096
116,106
116,156
116,327
116,687
116,475
116,920
117,218
117,565
6,219
6,192
6,213
6,216
6,173
5,957
5,904
5,934
8,895
8,869
8,732
8,642
8,540
8,639
8,330
8,237
3,046
3,025
3,007
3,000
3,047
3,030
2,971
2,864
66.3
66.2
66.2
66.2
66.0
66.2
66.2
66.3
61.7
61.6
61.6
61.8
61.6
61.8
61.9
62.0
130,667
130,776
130,580
130,747
130,774
121,971
122,258
122,037
122,338
122,872
3,331
3,391
3,426
3,459
3,435
118,639
118,866
118,611
118,880
119,437
4,842
4,384
4,762
4,613
4,688
8,696
8,518
8,543
8,408
7,902
3,027
3,103
3,110
2,951
2,801
66.7
66.7
66.6
66.6
66.5
62.2
62.3
62.2
62.3
62.5
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
1
Persons at work. Economic reasons include stack work, material shortages, inability to find fulltime work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutional population.
3
Not strictly comparable with earlier data.
Unemployment
Civilian employment
Noninstitutional
population
including
resident
Armed
Forces
NSA
Total
Agricultural
Total
Part time
for
economic
reasons 1
Total
15
weeks
and over
Labor
force
participation
rate
(percent) 2
ment/
population
ratio
<per- cent) 2
* Data beginning January 1994 are based on the revised Current Population Survey and are not
directly comparable with data for earlier periods. For details, see Employment and Earnings, Febmary 1994.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In May, the civilian unemployment rate fell to 6.0 percent from 6.4 percent.
PERCENT * (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED!
25
20
BLACK
15
15
10
10
ALL CIVILIAN WORKERS
\J
WHITE
I
1990
1991
1990
1994
1993
1992
1991
1992
*UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
1993
1994
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993:
1994:
May ....
June ...
July ....
Aug ....
Sept ....
Get .....
Nov ....
Dec
Unemployment
rate,
all
workers 1
Men
20 years
and over
7.4
7.1
6.9
6.1
5.4
5.2
5.4
6.6
7.3
6.7
7.5
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
6.8
6.6
6.2
6.1
5.4
4.8
4.5
4.9
6.3
7.0
6.4
6.9
6.8
6.7
6.7
6.6
6.6
6.4
6.3
6.9
6.9
6.8
6.7
6.7
6.7
6.5
6.4
6.7
6.5
6.5
6.4
6.0
6.5
6.5
6.5
6.4
6.3
6.2
5.9
5.8
5.9
6.0
5.8
5.6
5.2
Jan 4 ...
Feb
Mar
Apr
May
By race
By sex and age
All
civilian
workers
Women
20 years
and
over
6.8
6.6
6.2
5.4
4.9
4.7
4.8
5.7
6.3
5.9
5.9
5.9
5.8
5.7
5.8
5.8
5.7
5.7
6.0
5.7
6.0
5.6
5.4
Both
sexes
16-19
years
18.9
18.6
18.3
16.9
15.3
15.0
15.5
18.6
20.0
19.0
19.8
19.5
18.4
18.4
17.9
18.9
18.3
17.8
18.4
17.9
17.8
19.9
18.3
1
Unemployed as percent of total labor force including resident Armed Forces.
2
Revised definition; for details, see Employment and Earnings, February 1994.
3
White
Black
and
other
6.5
6.2
6.0
5.3
4.7
4.5
4.7
6.0
6.5
6.0
14.4
13.7
13.1
11.6
10.4
10.0
10.1
11.1
12.7
11.7
6.1
6.1
6.0
5.9
5.8
6.1
5.6
5.6
5.8
5.6
5.7
5.6
5.2
11.8
12.0
11.6
11.5
11.4
10.9
11.3
10.7
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
12
By selected groups
Black
11.6
11.3
11.3
10.8
10.4
15.9
15.1
14.5
13.0
11.7
11.4
11.3
12.4
14.1
12.9
12.9
13.3
12.8
12.5
12.5
11.9
12.5
11.5
13.1
12.9
12.5
11.8
11.5
Experienced
wage and
salary
workers
Married
men,
spouse
present
7.1
6.8
6.6
5.8
5.2
5.0
5.3
6.5
7.1
6.5
4.6
4.3
4.4
3.9
3.3
3.0
3.4
4.4
5.0
4.4
6.6
6.6
6.5
6.4
6.3
6.4
6.2
6.2
4.5
4.4
4.5
4.4
4.2
4.4
4.0
3.9
6.6
6.4
6.4
6.2
5.8
4.1
4.3
4.1
3.9
3.7
Women
who
maintain
families
10.3
10.4
9.8
9.2
8.1
8.1
8.2
9.1
9.9
9.5
9.8
9.7
9.6
9.0
9.0
9.3
9.0
10.2
9.4
9.7
9.6
9.1
8.9
Fulltime
workers 2
Parttime
workers 2
Labor
force
time lost
(percent) 3
7.5
7.1
6.9
6.0
5.3
5.1
5.4
6.7
7.4
6.8
6.9
6.9
6.8
6.7
6.6
6.6
6.3
6.4
7.4
7.5
7.4
6.9
6.4
6.2
6.3
6.9
7.4
7.1
8.6
8.1
7.9
7.1
6.3
5.9
6.2
7.6
8.3
7.7
6.9
7.1
6.7
6.8
6.9
7.2
6.9
6.6
7.9
7.8
7.8
7.7
7.5
7.6
7.2
7.2
6.8
6.6
6.6
6.4
6.0
6.2
5.9
6.3
6.5
6.2
4
Data beginning January 1994 are based on the revised Current Population Survey and are not
directly comparable with data for earlier periods. For details, see Employment and Earnings, February 1994.
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In May, there were decreases in the percentages of the unemployed who had been out of work for less than 5
weeks and for 15-26 weeks; there were increases in the percentages for 5-14 weeks and for 27 weeks and over.
The mean duration of unemployment rose to 19.6 weeks and the median duration was unchanged at 9.2 weeks.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION '
70
70
30
-
20
10
* SEASONALLY ADJUSTED
.!/BEGINNING JANUARY 1994, JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS.
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
39.2
42.1
41.9
43.7
46.0
48.6
46.1
40.1
34.9
36.2
36.8
35.9
36.7
35.2
35.7
36.4
35.4
37.5
38.4
30.6
32.8
34.7
33.4
28.7
30.2
31.0
29.6
30.0
30.3
32.0
32.3
29.4
28.9
28.7
30.6
29.0
30.1
28.7
28.7
28.9
27.5
26.8
32.5
30.3
29.5
31.0
Reason for unemployment:
percent distribution
State
programs
Number of
weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
12.9
12.3
12.7
12.7
12.0
11.2
11.8
14.5
15.2
14.6
14.4
13.9
14.3
14.5
15.2
14.8
14.6
14.1
15.1
16.2
15.0
14.2
13.9
19.1
15.4
14.4
14.0
12.1
9.9
10.1
13.0
20.6
20.4
20.1
19.6
19.9
20.1
20.5
20.1
21.1
21.0
19.7
20.8
21.9
21.6
21.7
18.2
15.6
15.0
14.5
13.5
11.9
12.1
13.8
17.9
18.1
17.8
17.8
17.9
18.3
18.4
18.4
18.9
18.2
18.3
18.7
19.2
19.1
19.6
7.9
6.8
6.9
6.5
5.9
4.8
5.4
6.9
8.8
8.4
8.3
8.3
8.3
8.4
8.9
8.3
8.5
8.2
8.5
9.0
9.1
9.2
9.2
Job
losers *
Job
leavers
Reentrants
New
entrants
25.6
27.1
26.2
26.6
27.0
28.2
27.4
24.8
23.7
24.6
25.3
24.8
24.1
24.0
24.3
24.1
25.0
24.6
32.6
33.7
35.5
37.9
36.5
13.0
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.5
10.0
10.1
10.1
9.9
9.6
9.9
9.7
10.0
9.7
7.5
7.4
7.5
8.1
7.8
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 2
Weekly average, thousands
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993- May
July
. }
Sept
Oct
Nov
Dec
1994- Jan 3 ....
Feb
Mar ....
May .. ..
1
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
8,895
8,869
8,732
8,642
8,540
8,639
8,330
8,237
8,696
8,518
8,543
8,408
7,902
Beginning January 1994, job losers and persons who completed temporary jobs.
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Eailroad (RR) programs included through 1991. Also includes
Federal and State extended benefit programs. Does not include Federal supplemental compensation
or Emergency Unemployment Compensation programs.
2
51.8
49.8
48.9
48.0
46.1
45.7
48.3
54.7
56.4
54.6
53.8
54.6
55.5
56.2
55.0
55.2
53.4
54.2
51.1
48.6
46.9
44.4
45.4
9.6
10.6
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.8
10.9
10.6
10.4
10.2
10.8
11.1
11.5
11.4
8.8
10.3
10.1
9.7
10.2
2,476
2,611
2,650
2,332
2,081
2,158
2,522
3,342
3,245
2,751
2,789
2,840
2,851
2,819
2,823
2,815
2,776
2,694
2,720
2,791
2,744
2,722
2,755
377
396
378
328
310
330
388
447
408
341
348
348
352
329
328
341
335
325
369
351
340
350
367
2,561
2,693
2,746
2,401
2,135
2,205
2,575
3,406
3,339
2,838
2,597
2,806
2,655
2,721
2,421
2,324
2,563
2,794
r
3,511
r
3,506
r
3,396
r
2,872
2,621
3
Data beginning January 1994 are based on the revised Current Population Survey and are not
directly comparable with data for earlier periods. For details, see Employment and Earnings, February 1994.
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 191,000 in May. (Series revised.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* {ENLARGED SCALE)
32
110
===== -•—
~-,
7
^
'
•
\
ALLI •JONAGRICU LTURAL
ESTABLISHMEf vlTS
100
28
90
,
-X"
^~^^^
30
„
-
--—
V
\
SERVICES
-
24
'
-
»M_—^~
22
80
SERV
ICE-PRODUC NG
INDUSTRIES
RETAIL TRADE
\
__^
20
70
18
^
-mi|
|m||
16
60
20
50
-
7~~ .—^———
~
GOVERNMENT
mil h i m l i n n ll mi
m|||l|| -
MANUFACTURING
18
H 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 H 1 1 1 I 1 1 i I 1 M 1 1
40
GOC 'DS-PRODUC NG
INDUSTRIES
30
6
mill mull i i n l i n i i
CONSTRUCTION
4
ilim!
* 1990
l II 1 1 1 1 1 1 1 1f 1 1 1 1 1 1 1 II 1 mm inn "miliini
20
' 1990
1993
1992
1991
1994
N
1 1 1M 111 1 1 1 1 11 11 11 M
1991
1992
|,,m
If
1993
iiinliiili
1994
"
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; ' seasonally adjusted]
Goods-producing industries
Period
1984 ...
1985
1986 ...
1987
1988
1989
1990.
1991
1992 r
1993 r
1993: May r ..
June r.
July r..
Aug r..
Sept r..
Oct r...
Nov r..
Dec r..
1994: Janr...
Feb r...
Mar r ..
Apr r...
May "..
Total
nonagricultural
employment
94,408
97,387
99,344
101,958
105,210
107,895
109,419
108,256
108,604
110,525
110,285
110,372
110,628
110,714
110,923
111,112
111,366
111,610
111,711
111,919
112,298
112,656
112,847
Service-producing industries
Manufacturing
Total2
24,718
24,842
24,533
24,674
25,125
25,254
24,905
23,745
23,231
23,256
23,281
23,225
23,232
23,207
23,206
23,245
23,281
23,298
23,328
23,327
23,395
23,491
23,499
Construction
4,380
4,668
4,810
4,958
5,098
5,171
5,120
4,650
4,492
4,642
4,636
4,632
4,653
4,659
4,667
4,700
4,733
4,738
4,744
4,745
4,806
4,893
4,905
Total
19,372
19,248
18,947
18,999
19,314
19,391
19,076
18,406
18,104
18,003
18,029
17,985
17,973
17,946
17,934
17,940
17,944
17,942
17,968
17,970
17,980
17,992
17,990
isuraoie
goods
Nondurable
goods
11,476
11,458
11,195
11,154
11,363
11,394
11,109
10,569
10,277
10,172
10,176
10,145
10,135
10,121
10,123
10,135
10,142
10,153
10,182
10,182
10,190
10,206
10,207
7,896
7^790
7,752
7,845
7,951
7,997
7,968
7,837
7,827
7,831
7,853
7,840
7,838
7,825
7,811
7,805
7,802
7,789
7,786
7,788
7,790
7,786
7,783
Tllloakla
1
Includes at! hill- 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
14
Total
69,690
72,544
74,811
77,284
80,086
82,642
84,514
84,511
85,373
87,269
87,004
87,147
87,396
87,507
87,717
87,867
88,085
88,312
88,383
88,592
88,903
89,165
89,348
Transportation
and
public
utilities
5,156
5,233
5,247
5,362
5,514
5,625
5,793
5,762
5,721
5,787
5,788
5,789
5,800
5,786
5,783
5,798
5,800
5,792
5,793
5,803
5,816
5,758
5,842
Wholesale
trade
5,568
5,727
5,761
5,848
6,030
6,187
6,173
6,081
5,997
5,958
5,959
5,949
5,962
5,954
5,962
5,965
5,971
5,976
5,990
6,003
6,013
6,032
6,038
Djitni]
AVULU
trade
16,512
17,315
17,880
18,422
19,023
19,475
19,601
19,284
19,356
19,717
19,672
19,695
19,735
19,770
19,805
19,822
19,848
19,931
19,924
19,965
20,026
20,128
20,159
Finance,
insurance,
and real
estate
5,684
5^948
6,273
6^533
6,630
6^668
6,709
6J646
6,602
6,112
6,694
6,704
6,718
6,724
6,735
6,748
6,763
6,769
6,771
6,776
6,781
6,790
6,775
Government
Services
Total
20,746
21,927
22,957
24^110
25,504
26,907
27,934
28,336
29,052
30,278
30,103
30,206
30,355
30,451
30,545
30,661
30,816
30,926
31,004
31,129
31,326
31,485
31,565
16,024
16^394
16,693
17J010
17,386
17J79
18,304
18,402
18,645
18^817
18,788
18,804
18,826
18,822
18,887
18,873
18,887
18,918
18,901
18,916
18,941
18,972
18,969
Federal
2,807
2,875
2,899
2,943
2,971
2,988
3,085
2,966
2,969
2,915
2,914
2,908
2,903
2,906
2,902
2,901
2,900
2,915
2,893
2,892
2,884
2,883
2,873
establishments.
2
Includes mining, not shown separately.
Note.—Series revised to reflect annual benchmarking and updated seasonal adjustment factors, as
well as reaggregation of seasonally adjusted data historically. Unadjusted data were revised beginning April 1992. See Employment and Earnings, June 1994, for further details.
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 '
Period
Current
dollars
Overtime
Total private
nonagricultural 1
1982
dollars 2
Manufacturing
Current
dollars
1982
dollars "
Current dollars
Manufacturing
Retail
trade
Construction
Percent change from &
year e&rlier, total
private
nonagricultural 3
Current
dollars
1982
dollars
35.2
34.9
34.8
34.8
34.7
34.6
34.5
34.3
34.4
34.5
40.7
40.5
40.7
41.0
41,1
41.0
40.8
40.7
41.0
41.4
3.4
3.3
3.4
3.7
3.9
3.8
3.6
3.6
3.8
4.1
$8.32
$7.80
8.57
8.76
8.98
9.28
9.66
10.01
10.32
10.57
10.83
7.77
7.81
7.73
7.69
7.64
7.52
7.45
7.41
7.39
$9.19
9.54
9.73
9.91
10.19
10.48
10.83
11.18
11,46
11.74
$292.86
299.09
304.85
312.50
322.02
334.24
345.35
353.98
363.61
373.64
$274.73
271.16
271.94
269.16
266.79
264.22
259.47
255.40
254.99
254.87
$374.03
386.37
396.01
406.31
418.81
429.68
441.86
455.03
469.86
486.04
$458.51
464.46
466.75
480.44
495.73
513.17
526.01
533.40
537.70
551.81
$174.33
174.64
176.08
178.70
183.62
188.72
194.40
198.48
205.06
209.95
4.3
2.1
1.9
2.5
3.0
3.8
3.3
2.5
2.7
2.8
0.8
-1.3
.3
-1.0
-.9
-1.0
18
-1.6
-.2
-.0
Nov '.
Dec '
34.7
34.4
34.5
34.6
34.4
34.5
34.6
34.5
41.4
41.3
41.4
41.5
41.5
41.6
41.7
41.7
4.1
4.1
4.1
4.1
4.2
4.3
4.4
4.4
10.81
10.81
10.82
10.86
10.88
10.92
10.94
10.96
7.38
7.38
7.38
7.39
7.40
7.39
7.39
7.40
11.69
11.71
11.73
11.77
11.82
11.84
11.87
11.93
375.11
371.86
373.29
375.76
374.27
376.74
378.52
378.12
256.22
253.83
254.46
255.62
254.43
255.07
255.76
255.14
483.97
483.62
485.62
488.46
490.53
492.54
494.98
497.48
555.35
552.48
557.28
557.67
553.34
554.11
562.49
559.11
210.83
208.94
210.39
211.26
208.78
212.42
211.68
212.26
3.6
2.7
2.9
2.8
3.0
3.1
2.3
3.2
.5
-.1
.2
.1
.5
.5
2
.1
Jan T
Peb r
Mar r .
Apr r
May * . ..
34.8
34.3
34.6
34.7
34.9
41.7
41.3
42.1
42.2
42.1
4.5
4.5
4.7
4.8
4.7
11.02
11.03
11.02
11.05
11.11
7.43
7.42
7.39
7.40
7.43
11.95
12.01
12.00
12.00
12.01
383.50
378.33
381.29
383.44
387.74
258.60
254.60
255.73
256.83
259.36
498.32
496.01
505.20
506.40
505.62
558.44
545.25
561.44
559.02
571.93
214.89
212.21
214.73
216.05
216.63
3.7
2.5
3.5
3.5
3.3
1.3
.1
1.2
1.3
1.1
1984
1985
1986
1987
1988
1989
1990 ...
1991
1992 '.
1993 ".
15)93- M*y r
July '
Aue r
Sept '
Ocf
1994:
Total
Average gross weekly earnings
Total private
nonagricultural 1
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 (CPI-W) (on a 1982=100 base).
3
Based on seasonal]}' unadjusted data.
Note.—Seasonally adjusted data revised beginning 1989; unadjusted data revised beginning April
1992.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 = 100)
Percent change from
12 months earlier
3 months earlier
Total
compensation
Period
Wages and
salaries
Benefits '
Total
compensation
Wages and
salaries
Benefits '
Total
compensation
Wages and
salaries
Benefits '
Not seasonally adjusted
19841985:
1986:
19871988:
19891990:
19911992:
1993:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
.
4
...
...
•
84.0
87.3
90.1
93.1
97.6
102.3
107.0
111.7
115.6
119.8
84.8
88.3
91.1
94.1
98.0
102.0
106.1
110.0
112.9
116.4
108.4
109.7
110.8
111.9
112.9
113.8
114.7
115.7
116.8
117.9
118.9
119.9
120.7
107.3
108.4
109.2
110.1
110.9
111.6
112.1
113.0
113.9
114.6
115.6
116.5
117.1
81.7
84.6
87.5
90.5
96.7
102.6
109.4
116.2
122.2
128.3
4.9
3.9
3.2
3.3
4.8
4.8
4.6
4.4
3.5
3.6
Seasonally adjusted
1991- Mar . ...
.
Sept
Dec
1992- Mar
Sent
.
.
.
.
...
....
Dec
1993- Mar
Sept
Dec
1994- Mar
J
.
j
1
Ejinpittyei
Employer cosm
costs lor
for employee
employee oenenis.
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.
111.2
113.3
115.2
116.8
118.2
119.5
121.3
122.9
124.7
126.4
127.7
129.1
130.2
1.1
1.2
1.0
1.0
.9
.8
.8
.9
1.0
.9
.8
.8
.7
4.2
4.1
3.2
3.3
4.1
4.1
4.0
3.7
2.6
3.1
6.5
3.5
3.4
3.4
6.9
6.1
6.6
6.2
5.2
5.0
Not seasonally adjusted
l.O
1.0
.7
.8
.7
.6
.4
.8
.8
.6
.9
.8
.5
1.2
1.9
1.7
1.4
1.2
1.1
1.5
1.3
1.5
1.4
1.0
1.1
.9
4.4
4.4
4.5
4.4
4.2
3.7
3.4
3.5
3.5
3.6
3.7
3.6
3.3
4.0
3.7
3.7
3.7
3.4
3.0
2.7
2.6
2.7
-2.-7
3.1
3.1
2.9
5.8
6.2
6.4
6.2
6.3
5.5
5.2
5.2
5.6
5.8
5.4
5.0
4.4
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
Output l
Business
sector
Hours of all
persons 2
Nonfarm
business
sector
Business
sector
Compensation per
hour 3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real compensation
per hour *
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 r.. .
1993 '.
102.3
104.8
106.3
108.5
109.6
110.7
109.9
110.7
111.8
115.3
117.1
102.5
104.7
105.6
107.7
108.6
109.6
108.6
109.1
110.3
113.6
115.2
104.1
112.6
116.7
119.9
124.8
130.1
132.3
133.3
131.6
135.4
140.4
104.4
113.0
116.8
120.1
125.0
130.6
132.7
133.5
131.8
135.4
140.6
r
!01.7
107.4
r
109.7
110.5
113.8
117.5
120.4
120.5
117.7
117.4
119.9
101.9
107.9
110.7
111.5
115.1
119.1
122.2
122.4
119.5
119.2
122.1
103.8
108.3
113.2
118.9
123.1
128.5
133.0
140.6
147.4
154.7
160.0
104.0
108.3
112.8
118.4
122.5
127.7
r
132.0
139.2
146.2
153.5
158.4
100.6
100.6
101.5
104.7
104.6
104.8
103.5
103.8
104.5
106.4
106.9
100.8
100.6
101.2
104.3
104.1
104.2
102.7
102.8
103.6
105.6
105.8
101.5
103.4
106.5
109.5
112.3
116.0
121.0
127.1
131.9
134.1
136.7
101.5
103.4
106.8
110.0
112.8
116.5
121.5
127.6
132.6
135.1
137.5
103.4
107.7
111.2
113.6
116.6
120.8
126.1
131.2
136.1
139.2
142.5
104.0
107.6
111.6
114.2
117.2
121.4
126.5
131.8
137.0
140.3
143.6
99.0
104.7
109.0
111.4
112.5
116.5
120.5
122.3
121.4
102.1
105.3
109.9
115.6
120.9
125.8
130.6
134.9
143.5
102.1
105.2
109.9
115.0
120.4
125.1
129.8
133.9
142.1
100.6
100.5
100.7
102.4
105.6
105.1
104.7
103.4
103.4
100.6
100.4
100.7
101.8
105.2
104.6
r
!04.0
102.6
102.5
101.0
102.1
104.3
108.0
111.6
113.7
117.9
123.0
129.8
101.0
101.9
104.4
108.5
112.2
114.3
118.0
123.4
130.5
101.1
104.8
109.0
112.4
114.6
117.9
122.8
127.8
133.2
101.4
105.2
109.0
112.9
115.2
118.5
123.4
128.2
134.0
119.3
119.2
148.2
150.1
147.1
148.8
104.6
105.1
103.8
104.2
132.6
133.1
133.2
133.7
136.6
137.2
137.5
138.2.
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
IV
IV.:...
IV
IV
IV
IV
IV
IV
IV
101.1
103.1
105.4
107.0
108.3
110.6
r
110.8
109.7
110.5
101.1
103.3
105.3
106.0
107.4
r
109.4
110.0
108.5
108.9
100.0
107.5
114.4
118.0
120.6
127.4
131.7
132.3
132.1
100.0
108.1
114.8
118.2
120.8
127.6
132.5
132.7
132.2
98.9
104.3
108.5
r
110.3
111.3
115.1
118.8
120.6
r
119.5
1991:
m ....
IV
111.8
112.8
110.4
111.3
131.5
132.4
131.8
132.6
117.6
117.3
114.1
114.8
115.8
116.8
112.3
113.1
113.9
115.0
133.3
134.5
136.0
137.9
133.3
134.4
135.9
137.9
116.8
117.2
117.4
118.1
118.7
118.9
119.3
119.9
152.2
153.6
155.7
157.3
150.9
152.5
154.5
156.0
105.9
106.0
106.6
106.8
104.9
105.2
105.8
106.0
133.4
133.9
134.5
134.7
134.3
134.9
135.6
135.7
138.3
139.1
138.7
140.6
139.3
140.2
139.8
141.8
m ...
IV '...
116.2
116.2
117.0
119.0
114.3
114.2
115.2
116.9
138.0
139.3
140.4
143.7
138.1
139.5
140.9
143.9
118.8
119.9
120.0
120.8
158.4
159.4
160.7
161.7
157.0
157.7
158.9
159.9
106.8
106.7
107.0
106.9
105.8
105.5
105.8
105.7
136.3
137.2
137.4
135.9
137.3
138.1
137.9
136.8
141.6
142.5
142.8
143.2
142.7
143.5
143.9
144.1
I r * ...
119.3
117.3
145.0
145.2
121.6
120.8
122.1
122.3
123.1
123.8
163.8
162.0
107.7
106.5 i
137.3
138.1
143.8
144.6
1992: I r r
r
n .....
m ...
IV "...
1993:
1994:
Ir
n '.....
r
r
Percent change; quarterly data at seasonally adjusted annual rates
r
2.3
2.4
1.4
2.1
1.0
1.0
-.7
.7
1.0
3.2
1.5
2.5
2.2
.8
2.0
.8
.9
-.9
.4
1.1
3.0
1.4
4.1
8.2
3.6
2.8
4.1
4.3
1.7
.7
-1.3
2.9
3.6
4.4
8.2
3.4
2.8
4.1
4.4
1.7
.6
13
2.7
3.9
1.7
5.6
2.1
.6
3.0
3.3
2.5
.1
-2.3
3
2.1
1.9
5.9
2.5
.8
3.2
3.5
2.6
.2
24
-.2
2.4
3.8
4.3
4.5
5.0
3.6
4.4
3.5
5.7
4.9
4.9
3.4
4.0
4.1
4.1
5.0
3.5
4.2
3.3
5.5
5.0
5.0
3.2
0.6
.0
.9
3.1
-.1
.2
-1.3
.3
.6
1.9
.4
0.8
-.2
.6
3.1
-.2
.1
14
.1
.8
1.9
.2
1.5
1.9
3.0
2.8
2.5
3.4
4.3
5.0
3.8
1.7
1.9
1.5
1.9
3.3
2.9
2.6
3.2
4.3
5.1
3.9
1.9
1.8
3.4
4.1
3.3
2.2
2.6
3.6
4.4
4.1
3.7
2.3
2.4
4.0
3.5
3.7
2.4
2.6
3.6
4.2
4.2
3.9
2.4
2.3
.6
3.7
.9
3.3
.1
2.7
.3
2.7
-.5
-.6
-.6
4.5
5.1
4.6
4.8
1.3
1.8
1.4
1.5
3.8
1.4
3.7
1.5
2.4
1.7
2.6
2.2
4.7
2.3
3.7
3.4
3.8
2.6
3.0
3.7
2.9
3.4
4.6
5.6
2.1
3.3
4.4
6.0
-1.7
1.1
.9
2.2
-1.6
.6
1.3
2.2
5.6
3.9
5.6
4.1
5.6
4.4
5.2
4.1
2.9
.5
2.5
.8
2.8
1.1
2.1
.8
.9
1.5
1.8
.7
1.7
1.8
2.1
.4
3.3
2.4
-1.2
5.6
3.2
2.7
-1.1
5.6
IV....
-2.0
.1
2.8
6.8
-2.3
-.3
3.5
6.1
.5
3.8
3.2
9.6
.6
4.0
4.1
8.9
2.5
3.7
.4
2.6
3.0
4.3
.6
2.7
2.8
2.6
3.3
2.5
2.4
2.0
3.1
2.5
-.2
-.5
1.4
-.5
7
-1.1
1.2
-.5
4.9
2.6
.5
-4.1
4.7
2.3
4
-3.4
2.7
2.6
1.1
1.1
2.5
2.4
1.1
.6
1994: lr' ...
1.1
1.3
3.8
3.6
2.6
2.3
5.3
5.3
3.1
3.1
4.1
3.9
1.5
1.2
1983
1984
1985
1986
1987. ..
1988
1989
1990
1991
1992 r
1993r
1991:
mr...
IV r...
1992: I 'r
r
n .....
in r...
IV ...
1993: I r
n ......
r
m ...
1
Q
Output refers to gross domestic product originating in the sector in 1987 dollars.
2
Hours of afl 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 seiaemployed.
4
Hourly compensation divided by the consumer price index for all urban consumers {CPI- 'iJ).
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
16
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Productivity and cost measures are as released June 15, 1994 and incorporate employment and
hours data that reflect the annual payroll survey benchmark revisions and historical corrections.
"Based on GDP release of May 27, 1994. GDP data shown elsewhere in this issue of Economic
Indicators were released on June 29, 1994.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose in May and capacity utilization fell slightly.
INDE K, 1987=100- (RATIO SCALE]
150
FINAL PRODUCTS
140
BUSINESS
130
INDE X, 1987 » 100* (RATIO SCALE)
130
TOTAL INDUSTRIAL PRODUCTION
120
^-
110
100
rr^v^nr~^
120
[N
^""1
*—
x-^
_--/
y^
110
-V,-'"
' \
100
130
S
MANUFACTURING
DUPABLE
120
110
CONSUMER
GOODS
"-',-
i-""""
90
-x
^
^^—
100
80
NONDURABLE
|
130
''v.
120
*
\ /
/
r
~"-~'\
"
^
^^.
g
s
/
_
f\
1 \ /
NX•
\/
'^si^r
A.
~H
82
LITIES
80
^cd•N_X^\_^-^ J~
1990
1991
1 1 1 1 1 1 M 1 1 1
1 1 1 11 1 11 1 1 1
1993
1994
1992
....,1
^-\^~~^
V
imillim Minium
76
A^~~
sT^~^
\S~^Y^^~'
78
MINING
90
innlmn
PER :ENT*
86
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
84
UTILITIES AND MINING
100
v
70
90
110
v
DEFENSE
AND SPAC
EQUIPMEN r
^~~
1 M
11
1990
1 1 ! 1 1 1 1 1 1 1 1
1991
1 1 1 II
1 1 1 1 1 !
miilimi
U l l l l l l l l l
| 1992
1993
* SEASONALLY ADJ JSTEO
SOURCE; BOARD O GOVERNORS Of TlHE FEDERAL BESERV SYSTEM
1994
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Total
industrial
production
Period
Index,
1987 = 100
Capacity utilization
rate, percent 1
Industry production indexes, 1987 = 100
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 ...
92.8
94.4
95.3
100.0
104.4
106.0
106.0
104.1
106.5
110.9
9.3
1.7
.9
4.9
4.4
1.5
.0
-1.8
2.3
4.1
89.3
91.6
94.3
100.0
104.7
106.4
106.1
103.7
106.8
111.7
88.4
91.8
93.9
100.0
106.6
108.6
107.4
103.9
107.0
114.3
90.8
91.5
94.9
100.0
102.3
103.7
104.4
103.5
106.5
108.7
111.9
109.0
101.0
100.0
101.3
100.0
102.0
100.1
98.2
97.3
97.0
99.5
96.3
100.0
105.0
108.7
109.9
112.3
112.0
116.2
81.1
80.3
79.2
81.5
83.7
83.6
82.0
79.1
79.7
81.5
80.4
79.5
79.1
81.6
83.6
83.1
81.1
77.8
78.6
80.6
1993- May .
June
July .
Auc
Sept
Oct
Nov
Dec
110.0
110.4
110.9
111.1
111.3
111.9
112.8
114.0
3.0
4.0
3.8
4.3
4.4
4.1
4.2
4.6
111.1
111.2
111.6
111.8
112.1
112.9
114.0
115.4
113.2
113.0
113.7
113.9
115.0
116.2
118.0
120.1
108.5
108.9
109.1
109.2
108.5
108.8
109.1
109.7
97.1
97.9
96.4
96.6
97.4
98.0
96.9
96.9
112.4
115.4
118.0
118.4
116.2
114.9
116.1
115.8
81.0
81.1
81.3
81.4
81.4
81.7
82.2
82.9
80.2
80.1
80.3
80.3
80.4
80.8
81.5
82.3
1994: Jan . ...
Feb r
Mar r . ..
Apr T
May" ..
114.6
115.0
115.7
115.9
116.1
4.9
4.6
5.2
4.9
5.5
115.6
116.1
117.0
117.3
117.6
120.4
120.9
121.6
122.1
122.3
109.6
110.1
111.5
111.4
111.7
97.0
98.8
99.5
99.1
99.5
121.9
119.8
118.0
117.4
117.1
83.2
83.3
83.7
83.6
83.5
82.2
82.4
82.8
82.8
82.8
1
Output as percent of capacity.
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; monthly data seasonally adjusted]
Materials
Products
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
Durable
goods
Nondurable
goods
Total
1
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Energy
91.0
94.2
*95.7
100.0
104.8
106.8
107.0
105.3
108.0
112.7
92.8
93.7
96.8
100.0
102.9
104.0
103.4
102.8
105.7
108.7
91.0
91.6
94.5
100.0
104.6
106.6
102.3
95.2
102.0
110.5
93.4
94.4
97.6
100.0
102.4
103.2
103.8
104.9
106.8
108.2
89.2
94.8
94.5
100.0
107.6
110.9
112.1
108.9
111.2
118.5
85.4
91.1
93.1
100.0
110.7
115.5
116.9
115.7
122.2
134.6
78.9
89.4
96.0
100.0
99.7
100.1
98.8
91.6
83.1
74.8
86.2
88.3
91.9
100.0
101.8
102.0
101.2
96.8
99.0
102.6
86.2
89.1
93.8
100.0
101.5
100.5
98.2
91.0
93.3
96.8
86.2
87.7
90.7
100.0
102.0
103.0
103.2
100.7
102.8
106.5
96.6
96.6
95.9
100.0
105.0
106.7
106.8
105.4
107.7
111.9
103.8
103.4
99.5
100.0
102.2
103.1
104.2
104.5
103.9
103.7
1993:
May
June
July
Aug
Sept
Oct
Nov
Dec
111.8
112.1
112.8
112.7
113.1
113.8
114.6
115.4
107.8
108.1
108.9
108.6
108.5
109.2
109.7
110.1
109.0
107.2
108.2
107.3
108.7
112.7
115.8
118.2
107.4
108.3
109.1
109.0
108.4
108.2
107.9
107.9
117.7
118.0
118.5
118.6
119.8
120.4
121.8
123.1
133.5
133.9
134.6
134.8
136.3
137.7
139.7
141.8
75.6
74.9
74.6
74.0
73.7
72.7
72.5
71.5
101.7
101.8
102.9
103.3
103.0
103.5
104.3
105.4
95.9
95.3
96.4
97.3
97.8
98.6
99.5
101.3
105.5
106.1
107.3
107.2
106.4
106.7
107.5
108.1
111.1
111.7
111.7
112.1
112.2
112.8
113.9
115.5
102.9
104.4
103.6
103.7
103.1
103.0
103.1
103.2
1994:
Jan
Feb r
Mar '.
Apr r
May *
116.2
117.2
117.4
117.6
117.6
110.9
111.6
111.8
111.8
111.2
119.0
120.9
118.2
118.0
115.5
108.6
109.0
110.0
110.0
110.0
123.9
125.3
125.5
126.0
126.9
142.9
145.0
145.3
146.1
147.4
71.0
69.9
69.9
69.8
69.6
105.7
105.1
105.9
106.4
106.8
100.5
98.9
100.1
101.8
102.8
109.2
109.3
109.7
109.5
109.4
116.0
116.2
117.5
117.4
117. 8
104.8
105.6
105.4
104.7
104.8
1
Includes oi! and gas well drilling and manufactured homes, not shown separately.
[1987=100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Transportation
equipment
Primary metals
Period
Total
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993: May
July
Sept
Oct
Nov
Dec ....
1994: Jan
Feb *
Mar r
May".
Source: Board of Governors of the Federal Reserve System.
18
Iron
and
steel
Fabricated
metal
products
Industrial
machinery and
equipment
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber and
products
Apparel
products
Printing and
publishing
Chemicals
and
products
Foods
102.4
101.8
93.7
100.0
108.7
107.2
106.5
98.3
101.1
106.5
105.9
104.5
90.8
100.0
112.7
111.2
111.5
100.5
104.7
111.6
93.3
94.5
93.8
100.0
104.2
102.8
99.5
94.9
95.6
99.5
80.8
86.8
90.3
100.0
113.0
117.3
117.6
113.8
123.4
144.1
94.1
93.1
94.3
100.0
108.5
111.0
111.4
112.7
115.7
127.5
83.1
91.8
96.9
100.0
105.2
109.6
107.0
101.9
102.8
104.2
90.6
99.0
98.5
100.0
105.7
106.9
101.0
94.5
106.4
120.7
86.0
88.0
95.1
100.0
100.1
99.4
97.1
90.6
96.5
100.6
95.7
92.6
96.3
100.0
98.1
95.0
92.2
91.8
93.6
93.1
84.5
87.6
90.6
100.0
100.9
101.1
100.8
96.9
99.0
101.3
91.4
91.4
94.6
100.0
106.0
109.2
111.8
111.4
114.3
117.8
92.1
94.9
97.4
100.0
101.5
102.5
103.7
105.3
107.7
108.6
105.0
105.6
105.6
107.2
107.3
106.1
109.8
113.0
109.1
111.1
111.9
112.8
112.4
113.3
114.4
119.1
98.5
98.3
99.6
99.6
99.6
100.7
102.1
102.6
141.6
143.3
146.1
147.1
148.4
150.3
152.0
155.7
125.7
126.4
128.6
129.5
130.9
131.4
132.1
134.3
104.2
101.2
98.9
98.5
100.4
104.2
108.3
110.7
118.5
114.7
110.2
110.6
115.1
124.1
132.4
138.5
98.2
97.6
9P.6
100.9
101.8
104.6
104.9
105.2
93.5
93.6
93.6
93.2
92.1
92.1
92.6
93.1
101.1
101.3
101.6
100.9
101.1
101.6
101.7
101.9
117.6
118.3
118.6
118.8
118.3
117.8
118.8
119.3
107.9
108.8
108.8
109.6
109.0
109.0
108.4
109.0
110.5
107.6
111.0
112.2
112.8
115.8
111.5
117.3
118.6
119.3
103.9
103.0
103.9
104.4
104.3
156.3
158.8
160.8
163.3
166.5
134.8
136.1
138.0
139.9
140.6
111.9
113.0
110.1
109.0
106.3
142.1
146.1
139.9
137.8
132.4
105.2
102.8
103.3
104.0
104.7
92.4
92.9
94.2
94.6
94.9
101.7
102.3
103.3
103.1
103.6
119.3
119.9
121.3
120.3
121.1
109.2
110.1
112.0
112.0
111.8
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
Period
Tots! new
construction
expenditures
Residential
Total
New housing
units
Total '
Commercial
and
industrial z
Other
Federal,
State, and
local
Total value
index
(1987 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
. .
348.8
377.4
407.7
419.4
432.3
443.6
442.1
403.4
436.0
470.1
278.6
299.5
323.1
328.7
337.5
345.5
334.7
293.5
317.3
343.0
153.8
158.5
187.1
194.7
198.1
196.6
182.9
157.8
187.8
208.1
74.0
89.8
84.4
84.0
88.0
94.3
96.4
77.0
65.8
68.1
113.8
114.7
133.2
139.9
138.9
139.2
128.0
110.6
129.6
144.5
50.8
51.3
51.6
50.1
51.5
54.6
55.4
58.7
63.7
66.8
70.2
77.8
84.6
90.6
94.8
98.1
107.5
109.9
118.8
127.2
83
91
96
100
101
105
95
89
97
103
r
Annual rates
Annual rates
1993: May
June
July
Aug
Sept
Oct
Nov
Dec
453.3
460.7
466.6
468.5
477.1
488.7
497.9
508.7
332.2
335.0
337.9
341.4
345.6
354.5
364.5
371.4
198.4
200.5
204.6
206.6
209.5
215.9
222.8
229.2
138.3
139.3
141.1
143.0
145.7
150.0
155.7
162.1
67.4
67.1
65.6
67.0
68.3
70.2
72.5
73.4
66.4
67.4
67.7
67.8
67.8
68.4
69.2
68.8
121.0
125.7
128.7
127.2
131.6
134.2
133.4
137.3
1994: Jan
Feb
Mar
Apr *
May*
496.9
496.1
505.4
508.5
366.1
365.7
376.2
382.7
230.2
234.1
238.5
241.2
162.3
163.3
167.4
169.8
71.2
66.9
71.3
72.9
64.8
64.7
66.5
68.6
130.8
130.4
129.1
125.9
1
2
3
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
955
1,097
1,016
1,019
973
961
783
577
556
575
96
!07
105
r
!06
106
110
107
r
!07
514
521
571
533
544
561
566
628
r
633
592
742
612
642
r
r!07
no
r
l!3
r
!04
108
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Period
Units started, by type of structure
Total
1984
1985
1986
1987
1988
1989 ....
1990
1991
1992
1993
1 unit
2-4 units
121.4
93.4
84.0
65.3
58.8
55.2
37.5
35.6
30.7
29.4
5 or more units
544.0
576.1
542.0
408.7
348.0
317.6
260.4
137.9
139.0
132.6
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
1,287.6
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
1,125.7
1,232
1,241
1,238
1,245
1,319
1,359
1,409
1,406
1,612
1,082
1,100
1,067
1,076
1,178
1,160
1,231
1,248
1,383
27
26
30
53
17
32
31
30
' 21
123
115
141
116
124
167
147
128
208
1,271
1,328
1,519
1,472
1,510
1,125
1,121
1,271
1,208
1,202
23
33
33
32
42
123
174
215
232
266
Units
authorized
Units
completed
Homes sold
Homes for
sale at end of
period *
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
1,192.7
639
688
750
671
676
650
534
509
610
666
353
346
357
366
368
365
321
284
266
294
1,107
1,113
1,122
1,169
1,234
1,265
1,298
1,363
1,474
1,212
1,137
1,168
1,097
1,248
1,172
1,248
1,248
1,289
685
635
641
647
645
738
723
766
817
271
273
274
277
288
288
291
294
294
1,312
1,252
1,313
1,380
1,357
1,216
' 1,334
1,263
1,359
642
r
697
733
708
738
296
r
298
297
297
298
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9
1,199.1
Vacancy rate
for rental
housing units
(percent) 2
5.9
6.5
7.3
7.7
7.7
2
7.4
7.2
7.4
7.4
2
7.4
Seasonally adjusted annual rates
1993- Apr
May
T '
July
. }
Sept
Oct
Nov
Dec
1994- Jan
Feb r
Mar
Apr '
May*
1
Seasonally adjusted.
2
Revised series beginning 1989 and 1993; not comparable with earlier data. Quarterly data entered in last month of quarter.
7.6
7.1
6.9
7.5
are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In April, manufacturing and trade sales fell 0.7 percent and inventories rose $1.9 billion. According to advance
data, retail sales fell 0.2 percent in May, following a decline of 1.1 percent in April.
BiaiONS OF DOLLARS' (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
1,000
300
900
•
MANl1FACTURING AND
TRAt3E INVENTOR IES
700
250
1
\ •i
800
RETAIL INVENTORIES
200
_
600
^^'-'
—"
:
\
500
v
150
\
M/>vNUFACTURIN G
AN D TRADE SALES
RETAIL SALES
400
300
RATIO*
1.80
INVENTORY-SALES RATIO
1.70
RETAIL
1.60
200
1.50
^Jy— ~s\/^/ \^X3A V-'X
/V,_ ^
\'
MANUFACTURING
—^
1.40
1.30
1990
1993
1992
1991
1994
1 1 1 1 11 1 11 11
1990
I ! 1 1 ! 1111 11
1991
1 1 n1 1 1 1 1 it
1 1M i 1 1 1 1 1 1 1 1 1 1 H M 11 1
1993
1992
• SEASONAUV ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
1994
COUNOtOFEC 3NOMC ADVISERS
Wholesale
Manufacturing and
trade >
Inventory-sales ratio 4
Retail
Sales 2
Period
2
Inventories 3
Sales 2
Inventories 3
Sales
411,427
423,940
431,786
459,107
496,819
523,260
542,349
537,598
559,799
592,201
651,551
665,835
664,624
711,725
767,538
813,637
837,120
832,852
841,831
865,584
113,502
114,816
116,326
124,340
135,170
143,754
148,859
146,834
152,031
160,213
144,223
149,155
155,445
165,814
180,535
188,566
196,935
201,462
208,757
216,586
585,385
' 587,485
589,551
585,266
591,937
595,536
599,649
606,711
612,462
853,751
856,288
856,853
857,008
858,979
860,885
862,110
866,720
865,584
159,741
161,594
158,978
160,450
161,054
161,020
161,316
162,135
161,797
211,761 170,530
211,859 * 171,884
212,060 172,274
213,118 173,136
214,813 174,327
215,071 174,428
214,687 177,862
216,0-11 179,002
216,586 180,943
Total
Durable
goods
stores
Inventories
Nondurable goods
stores
Total
3
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade l
Retail
Millions of dollars, seasonally adjusted, except as noted
1984...
1985
1986. .
1987
1988
1989
1990
1991
1992
1993
1993: Apr 1 "
May
June
July
Auer
Sept
Oct
Nov
Dec
1994: Jan.
Feb
Mar r
Apr*
May"
r
T
r
610,456 r 867,692
619,103 r871,842
627,781 870,189
623,364 872,085
T
163,483 r217,278
165,330 r218,820
167,981 217,359
165,893 218,222
107,243
114,586
120,803
128,442
138,108
146,782
154,031
155,246
163,258
173,468
178,643
181,958
185,303
r
183,228
182,809
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.
4
Annual data are averages of seasonally adjusted monthly ratios.
20
69,369
73,075
75,746
80,453
85,626
91,888
98,088
100,790
104,316
108,085
167,812
181,881
186,510
207,836
219,581
238,160
241,117
245,042
253,836
271,573
79,074
88,315
89,983
105,481
112,690
121,716
121,666
119,739
123,520
135,757
88,738
93,566
96,527
102,355
106,891
116,444
119,451
125,303
130,316
135,816
1.53
1.55
1.55
1.50
1.49
1.53
1.53
1.54
1.50
1.45
1.49
1.52
1.56
1.56
1.54
1.58
1.56
1.55
1.52
1.52
63,003 107,527
' 64,229 ' 107,655
64,675 107,599
65,322 107,814
66,465 107,862
65,899 108,529
68,459 109,403
69,614 109,388
71,048 109,895
261,683
262,838
263,467
262,329
262,774
265,125
267,122
270,528
271,573
128,441
128,831
129,318
128,025
128,243
129,416
131,360
134,023
135,757
133,242
134,007
134,149
134,304
134,531
135,709
135,762
136,505
135,816
1.46
1.46
1.45
1.46
1.45
1.45
1.44
1.43
1.41
1.53
1.53
1.53
1.52
1.51
1.52
1.50
1.51
1.50
69,615
70,860
73,306
r
72,163
71,580
271,506
272,954
273,058
273,218
137,492
138,061
137,817
138,295
134,014
134,893
135.241
134,923
1.42
1.41
1.39
1.40
1.52
1.50
1.47
1.49
37,873
41,510
45,057
47,989
52,482
54,894
55,944
54,456
58,942
65,383
109,028
111,098
111,997
r
lll,065
111,229
Note.—Seasonally adjusted data for wholesale trade have been revised by the source agency for
February and March 1993. Sales and inventories for February are 158,771 and 209,213, respectively; and for March 156,755 and 210,261, respectively.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In May, manufacturers' shipments, inventories, and new and unfilled orders rose.
BILLIONS OF DOLLARS' (RATIO SCALE]
BILLIONS OF DOLLARS' (RATIO SCALE)
320 - SHIPMENTS
TOTAI
280
240
_
S"**" "^"^x,
-J^\
^-y
1
""
:
\
\
280
240
DU RABLE GOODs
160
3
120 /,',_/- ^V -v--':--^
...,-V
*
200
'•*••*./'""
/
160
NONDlJRABLf GOO[)S
80
\
320
^
200
INVENTORIES
440
400
360
«••— —
1 1 1 ! 11 M 1 1 1
I M t i 1 i j i iJ 1 H ! 1 ! 1 i 1 I 1
1 1 1 ! 1 11 ! | 1t
\
120
1 1 1 ! 1 INN
not •JDURABLE GC ODS
BILLIONS OF DOLLARS* (RATIO SCALE)
(
M i l ! INN
320
280
240
1 1 1 N11 i 1 1 1
TOTAL
, m
^
-v
/
f-r
"•*
- -A—"-^1
RATIO'
^X-^
200
DLJRABLE GOOC s
160
t
A
120
-•.»%>-*•*•
~ / \
NONE*3RABLE GOOCJS
1 1! 1 1
80
1990
1991
1
Mill
1992
1994
1994
1993
'SEASONAIiY ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
COUNCIL Of ECONOMIC ADVISERS
Manufacturers' shipments l
Manufacturers' inventories
2
Manufacturers' new orders *
Purable 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 adjusted, except as noted
1984
1985
1986
1987
1988
1989
1990
1991
1992 ... .
1993
190,682
194,538
194,657
206,326
223,541
232,724
239,459
235,518
244,511
258,520
97,940
101,279
103,238
108,128
117,993
121,703
\22,a8T
119,151
125,553
135,981
92,742
93,259
91,419
98,198
105,549
111,022
117,012
116,367
118,958
122,539
339,516
334,799
322,669
338,075
367,422
386,911
399,068
386,348
379,238
377,425
221,330
218,212
212,006
220,776
241,402
256,065
259,988
249,117
237,717
236,303
118,186
116,587
110,663
117,299
126,020
130,846
139,080
137,201
141,521
141,122
192,879
195,706
195,204
209,389
227,026
235,932
240,646
234,354
241,545
255,701
100,164
102,356
103,647
110,809
121,445
124,933
123,556
117,878
122,614
133,273
23,669
24,545
23,983
26,095
30,729
32,725
32,254
29,468
29,653
31,889
92,715
93,351
91,557
98,579
105,581
110,999
117,090
116,476
118,932
122,428
373,529
387,095
393,412
430,288
471,951
510,459
524,846
511,122
475,304
441,947
1.73
1.73
1.68
1.59
1.58
1.64
1.65
1.67
1.57
1.47
1993: May....
254,007
258,299
251,680
256,556
260,088
260,471
265,574
269,722
132,307
135,042
129,257
134,521
137,521
138,153
142,665
146,182
121,700
123,257
122,423
122,035
122,567
122,318
122,909
123,540
381,591
381,326
381,561
381,392
380,689
380,301
380,181
377,425
237,734
237,514
237,937
237,688
237,571
237,632
237,886
236,303
143,857
143,812
143,624
143,704
143,118
142,669
142,295
141,122
248,335
255,462
250,566
253,461
255,309
258,270
262,773
266,351
126,783
132,252
128,520
131,752
133,176
136,613
139,675
142,481
29,931
33,850
30,093
31,992
30,992
32,825
34,878
35,059
121,552
123,210
122,046
121,709
122,133
121,657
123,098
123,870
462,146
459,309
458,195
455; 100
450,321
448,120
445,319
441,947
1.50
1.48
1.52
1.49
1.46
1.46
1.43
1.40
268,330
271,815
274,497
274,243
275,682
144,709
146,260
147,388
* 146,932
148,223
123,621
125,555
127,109
127,311
127,459
378,908
380,068
379,772
380,645
382,556
238,172
238,832
238,195
239,164
240,713
140,736
141,236
141,577
141,481
141,843
272,616
271,786
274,691
275,182
276,812
148,549
145,882
146,906
' 147,345
148,945
36,630
36,382
36,127
' 35,815
35,377
124,067
125,904
127,785
127,837
127,867
446,233
446,204
446,398
447,337
448,467
1.41
1.40
1.38
1.39
1.39
July
Sept
Oct
Nov
Dec
1994- Jan
Feb
Mar r
Apr *
May"
,
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.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In May, the producer price index for all finished goods fell 0.1 percent. Prices of finished consumer foods fell 0.9
percent and prices of other finished consumer goods rose 0.2 percent. Capital equipment prices rose 0.4 percent.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
FINISHED GOODS PRICES
SEASONAUY ADJUSTED
^
^ ,''
•3(1
CONSUMER FOODS
^. -|
^^ **—
\
i
'-'->
**
f
,'"
../:''
CAPITAL EQUIPMENT
X~ ™"^ "^
—
/~~~^^
^
^/
^^^~\,
x-^-^7""^*" '
-~^
\
s—
t
>
.—^""^^,._. — .s*"*"
•
v.
\
/
_._ _
"'
'"^^ /
J
\ s* i ^
10
'
f
'
.
x
f~ X
\
//
^^ — '
/
•x
-
_/
\
x --''
1 7C
i'-'
EXCLUDING FOODS
^/^
^-^~~ TOTAL
^Cv^
no
90
-
x-
J
X'^'
\
-•
10(
\ .^
ii11i1
19)36
1 1 1 1 1 1 1 1 11 i i iii iii ii
1987
\\\
1988
1 1 1 1 M
1
i ii i i ii iii 1 1 1 1 1 1 1 1 1 1
1990
1989
1991
Mil
1
1
1992
I Ii II tin
90
1994
1993
COUNQL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT Of IABOR
[1982 = 100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Period
Total
finished
goods
Consumer
foods
Nondurable
Capital
equipment
Total
finished
consumer
goods
Finished goods excluding consumer foods
Consumer goods
Total
Total
Durable
Crude materials
Total
Foods
and
feeds *
Other
Total
Foodstuffs
and
feedstuffs
Other
1987
1988
1989
1990
1991
1992
1993
103.7
104.7
103.2
105.4
108.0
113.6
119.2
121.7
123.2
124.7
105.4
104.6
107.3
109.5
112.6
118.7
124.4
124.1
123.3
125.6
103.2
104.6
101.9
104.0
106.5
111.8
117.4
120.9
123.1
124.4
102.2
103.3
98.5
100.7
103.1
108.9
115.3
118.7
120.8
121.7
104.5
106.5
108.9
111.5
113.8
117.6
120.4
123.9
125.7
128.0
101.1
101.7
93.3
94.9
97.3
103.8
111.5
115.0
117.3
117.6
105.2
107.5
109.7
111.7
114.3
118.8
122.9
126.7
129.1
131.4
103.3
103.8
101.4
103.6
106.2
112.1
118.2
120.5
121.7
123.0
103.1
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.7
116.2
105.7
97.3
96.2
99.2
109.5
113.8
113.3
111.1
110.7
112.7
103.0
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.9
116.4
103.5
95.8
87.7
93.7
96.0
103.1
108.9
101.2
100.4
102.4
104.7
94.8
93.2
96.2
106.1
111.2
113.1
105.5
105.1
108.4
102.2
96.9
81.6
87.9
85.5
93.4
101.5
94.6
93.5
94.7
1993- May
June
, "
Auar
Sept
Oct
Nov
Dee
125.7
125.1
125.1
124.1
124.3
124.2
124.3
124.2
125.8
125.1
125.0
125.4
126.1
125.9
126.9
127.7
125.5
125.0
125.0
123.7
123.7
123.6
123.5
123.0
123.3
122.6
122.5
120.6
120.5
120.6
120.3
119.6
128.0
128.2
128.5
128.9
128.6
127.5
128.6
128.9
119.9
118.9
118.5
115.6
115.7
116.2
115.3
114.2
131.3
131.2
131.6
131.8
131.9
131.4
131.8
132.0
124.2
123.5
123.4
122.1
122.3
122.3
122.4
122.1
116.3
116.3
116.3
116.3
116.3
116.4
116.6
116.3
111.5
110.4
113.1
113.8
113.3
114.0
115.3
116.9
116.5
116.7
116.5
116.4
116.4
116.5
116.7
116.3
105.2
103.6
101.5
100.8
101.5
103.7
103.4
101.8
109.3
105.8
107.4
108.6
109.1
107.6
112.7
113.8
98.6
98.2
93.8
92.0
92.8
97.1
93.5
90.4
1994- Jan T
Peb
Mar
Apr
May
124.6
125.1
125.4
125.3
125.2
127.2
126.8
127.4
126.8
125.6
123.8
124.5
124.7
124.7
125.0
120.3
121.2
121.3
121.1
121.3
130.0
129.9
130.3
130.5
131.0
114.7
116.0
116.0
115.8
115.7
132.9
133.1
133.5
134.0
134.5
122.4
123.0
123.2
123.0
122.7
116.4
116.9
117.1
117.1
117.3
117.3
118.3
117.9
117.6
116.5
116.4
116.9
117.1
117.1
117.3
103.5
101.2
104.0
103.5
102.0
112.8
113.5
112.4
111.2
107.4
93.7
89.5
94.7
94.6
94.7
1984
1985
1986
1
Intermediate materials for food manufacturing and feeds.
22
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In May, the consumer price index for all urban consumers rose 0.2 percent seasonally adjusted; it rose 0.1 percent
not seasonally adjusted. The index was 2.3 percent above its year-earlier level.
INDEX, 1982-84 = 100 (RATIO SCALE]
INDEX, 1982-84 = 100 (RATIO SC.ALE)
150
150
SEASONALLY ADJUSTED
^ —-
^—"
1
140
CONSUMER PRICES— ALL ITE MS
^^^-
140
_*•—"
Vi
130
120
130
120
^^
-^
_^(^
110
110
100
100
90
90
80
M II 1
1986
Mill
1987
1 1 M
1988
1 1 M
1 1 1
1 1 1 1 1 1 1 M
1989
1 1
ii 1 1 1 1 1 1 1 1 1 1 1
i i i ii i i i i i in
1991
1990
80
1994
1993
1992
SEENOTEONTABIEM IDW
SOURCE: DEPARTMENT OF LABOR
COUNOlOf ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
All items '
Transportation
Housing
Shelter
Period
Not
seasonally
adjusted
(NBA)
Rel. imp.3....
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993:
May
June
y
July
.
Aug
Sept
Oct
Nov
Dec
1994:
Jan
Feb
Mar
Apr
May
Seasonally
adjusted
1000
103.9
1076
109.6
1136
118.3
1240
130.7
1362
140.3
144.5
Food
Total
Renters'
costs
(Dec.
1982 =
100)
Homeowners'
costs
(Dec.
1982 =
100)
Maintenance
and
repairs
(NBA)
Total1
Apparel and
upkeep
Total1
New
cars
Motor
fuel
Medical
care
Energy 2
All
items
less
food
and
energy
15.8
103.2
105.6
109.0
113.5
118.2
125.1
132.4
136.3
137.9
140.9
41.4
103.6
107.7
110.9
114.2
118.5
123.0
128.5
133.6
137.5
141.2
27.9
104.0
109.8
115.8
121.3
127.1
132.8
140.0
146.3
151.2
155.7
8.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
155.6
160.9
165.0
19.8
107.3
113.1
119.4
124.8
131.1
137.3
144.6
150.2
155.3
160.2
0.2
103.7
106.5
107.9
111.8
114.7
118.0
122.2
126.3
128.6
130.6
7.3
104.8
106.5
104.1
103.0
104.4
107.8
111.6
115.3
117.8
121.3
5.9
102.1
105.0
105.9
110.6
115.4
118.6
124.1
128.7
131.9
133.7
27.0
103.7
106.4
102.3
105.4
108.7
11-4.1
120.5
123.8
126.5
130.4
4.0
102.8
106.1
110.6
114.6
116.9
119.2
121.0
125.3
128.4
131.5
3.0
97.9
98.7
77.1
80.2
80.9
88.5
101.2
99.4
99.0
98.0
7.1
106.8
113.5
122.0
130.1
138.6
149.3
162.8
177.0
190.1
201.4
7.0
100.9
101.6
88.2
88.6
89.3
94.3
102.1
102.5
103.0
104.2
77.2
104.6
109.1
113.5
118.2
123.4
129.0
135.5
142.1
147.3
152.2
144.2
144.4
144.4
144.8
145.1
145.7
145.8
145.8
144.3
144.4
144.6
145.0
145.1
145.6
146.0
146.3
141.1
140.7
140.7
141.2
141.6
142.3
142.6
143.3
140.8
141.1
141.2
141.6
141.9
142.2
142.5
142.8
155.1
155.4
155.6
156.0
156.3
156.6
157.1
157.5
164.0
164.2
164.3
164.5
164.8
165.6
165.8
166.3
159.7
160.1
160.4
160.8
161.1
161.3
161.9
162.4
131.6
131.2
131.3
131.6
131.3
130.8
127.9
127.6
121.0
121.4
121.8
122.2
122.4
122.5
122.4
122.3
133.6
133.1
133.0
133.9
133.4
133.2
134.1
133.9
130.1
130.0
130.5
130.6
130.6
131.9
131.9
131.7
131.0
131.2
131.6
132.2
132.5
132.9
133.1
133.2
98.9
97.2
96.9
95.3
94.1
98.3
96.6
95.3
200.7
201.5
202.4
203.0
203.8
204.8
205.4
206.1
104.2
103.7
103.7
103.0
102.6
104.5
103.6
102.9
152.0
152.3
152.6
153.0
153.1
153.5
154.1
154.4
146.2
146.7
147.2
147.4
147.5
146.3
146.7
147.2
147.4
147.7
143.1
142.7
142.9
143.0
143.5
142.9
143.5
144.0
144.0
144.3
157.8
158.6
159.2
159.3
159.7
166.3
167.0
167.7
167.7
168.4
162.8
163.6
164.3
164.4
164.8
128.9
129.4
129.3
130.2
131.0
121.8
122.9
123.3
122.9
122.8
133.8
133.4
134.0
133.6
134.2
131.4
132.0
132.8
133.2
132.7
133.3
133.9
134.5
135.0
135.4
94.8
96.8
97.0
96.8
95.3
206.7
207.3
207.8
209.1
209.9
102.1
103.7
104.1
103.7
102.7
154.6
155.0
155.5
155.8
156.3
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
excluded beginning 1983.
3
Relative importance, December 1993.
Fuel
and
other
utilities
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 and 1988 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
1984
1985.
1.7
1.8
-2.3
2.2
4.0
4.9
5.7
-.1
1.6
.2
J
1986
1987
1988
1989
1990
1991
1992
1993
3.5
.6
2.8
2
5.7
5.2
2.6
15
1.6
2.4
0.8
2.1
-6.6
4.1
3.1
5.3
8.7
-.7
1.6
-1.4
2.1
1.0
-1.4
2.1
2.5
5.2
4.9
2.1
1.2
1.2
1.8
2.7
2.1
1.3
3.6
3.8
3.4
2.5
1.7
1.8
Change, month to month
1993: May
0
-.5
0
-.8
.2
— .1
.1
July
Sept
Oct
Nov
Dee
1994:
1
Jan r
Feb...
Mar
Apr ..
May
.3
'A
.2
1
-.1
-0.4
-.6
-.1
.3
.6
-.2
.8
.6
.4
'-.3
.5
-.5
-.9
0
-.6
— .1
— 1.6
— .1
.1
-.2
-.6
.6
.1
.1
2
.2
T
2.9
0
19
-5.0
25
-2.8
.6
-.3
1.3
2.6
3.9
'2.3
.3
0
-.1
.3
.2
.1
-.4
.3
.2
r
.7
.2
.3
.4
.4
-8.5
67
-6.1
10
-3.0
.6
.9
1.5
2.2
-.6
0
.3
2.9
1.9
1.3
-1.1
-1.3
-2.4
22
-1.4
3.6
.6
.8
1.5
2.3
-.6
1.8
4.2
2.8
2.3
1.2
-3.1
-3.9
-4.3
-4.8
-4.8
2.6
2.3
1.8
1.5
1.4
.2
.8
1.2
2.1
1.3
1.3
.5
.4
.2
.4
.2
-1.0
3.0
5.8
r
2.7
.3
4.6
4.0
4.6
r
3.4
4.3
-.8
1.6
1.8
1.8
1.5
3.6
2.2
2.1
1.4
-2.0
-3.6
1.0
1.3
.8
1.7
2.0
2.0
2.4
4.0
4.1
.2
.2
.2
-.4
— .4
4.2
1.3
-4.1
— 1.3
3.2
2.9
4.9
5.2
2.6
-1.0
26
4.2
-.3
-.9
r
-1.3
-3.7
1.5
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
Total1
Renters'
costs
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
iT
keep
Total1
New
cars
Motor
fuel
Medical
care
Energy2
All
items
less
food
and
energy
Addendum: AU items, percent change
(annual rate)
From
previous
quarter 3
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
3.9
3.8
1.1
4.4
4.4
4.6
6.1
3.1
2.9
2.7
3.8
2.6
3.8
3.5
5.2
5.6
5.3
1.9
1.5
2.9
4.3
4.3
1.7
3.7
4.0
3.9
4.5
3.4
2.6
2.7
5.2
6.0
4.6
4.8
4.5
4.9
5.2
3.9
2.9
3.0
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.2
2.8
2.6
5.1
5.9
4.6
5.3
4.7
5.1
4.7
3.7
2.9
3.2
May
June
July
Aug
Sept
Oct
Nov
Dec
0.2
.1
.1
.3
.1
.3
.3
.2
0.6
-.3
0
.4
.3
.5
.2
.5
-0.2
.2
.1
.3
.2
.2
.2
.2
0.3
.2
.1
.3
.2
.2
.3
.3
0.2
.1
.1
.1
.2
.5
.1
.3
0.2
.3
.2
.2
.2
.1
.4
.3
1994: Jan
Feb
Mar
Apr
May
0
.3
.3
.1
.2
-.3
.1
.1
.3
.1
.4
.3
0
.2
.2
.5
.4
.1
.3
0
.4
.4
0
.4
.2
.5
.4
.1
.2
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
4.2
1.8
-5.6
1.6
2.9
3.2
4.0
2.9
2.3
2.5
2.0
2.8
.9
4.8
4.7
1.0
5.1
3.4
1.4
.9
3.1
2.6
-5.9
6.1
3.0
4.0
10.4
-1.5
3.0
2.4
2.5 -2.4
3.4
3.1
5.9 -30.7
1.8
18.7
2.1
21
2.3
6.8
1.4
36.5
3.3 -16.0
2.3
1.8
2.8 -5.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
7.9
6.6
5.4
0.2
1.8
-19.7
8.2
.5
5.1
18.1
-7.4
2.0
-1.4
4.7
4.3
3.8
4.2
4.7
4.4
5.2
4.4
3.3
3.2
0.7
.4
.4
.3
.4
.5
.3
.3
-0.6
-.5
0
-.7
-.4
1.9
Q
7
0.3
.2
.2
.3
.1
.3
.4
.2
.3
.3
.2
.6
.4
g
1.6
.4
— .4
-1.0
.1
.3
.3
.2
.3
4.3
3.6
1.9
3.6
4.1
4.8
5.4
4.2
3.0
3.0
Change, month to month
1993:
1
2
0.2 -0.3
.3
-.4
.3
.3
.7
.2
— .4
.1
-.1
1
.7
— .1
-.1
1
4
.9
-.3
.3
.4
-.3
-.3
.4
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
excluded beginning 1983.
24
0.1
-.1
.4
.1
0
1.0
0
-.2
2
.5
.6
.3
4
0.2
.2
.3
.5
.2
.3
.2
.1
.1
.5
.4
A
.3
-1.6
-1.7
3
-1.7
-1.3
4.5
-1.7
-1.3
5
2.1
,2
-.2
-1.5
3.1
2.0
3.1
1.9
3
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
3.1
2.5
1.7
2.0
2.0
2.8
2.8
3.3
3.1
2.8
2.7
2.5
2.2
2.2
2.4
2.6
3.2
3.0
2.8
2.8
2.7
2.8
2.7
2.7
1.9
1.9
2.5
3.0
2.8
2.4
2.4
2.9
2.5
2.3
2.5
2.5
2.5
2.4
2.3
PRICES RECEIVED AND PAID BY FARMERS
In June, prices received by farmers fell 2.1 percent from their May level. Prices paid by farmers in April were 1.0
percent above their January level. (Data are not seasonally adjusted).
INDEX, 1977=100 (RATIO SCALE]
INDEX, 1977=100 (RATIO SCALE)
240
240
220
220
200
200
PRICES PAID -
180
180
160
160
140
140
PRICES RECEIVED
120
120
100
100
RATIO-1'
140
RATIO-^
140
.
120
100
120
-
PATI(~>
100
~
80
60
>
80
.--
I
1^
1 1 1 1 1 11 1 1 1 1 1 1 1 1 t J 1 1 1 I I
i
I I i I I | I I I tI
60
t i i ii i M |nJ i it i i 1 i ii ii |
1 i i ii i
1 i i i ii
i i i i i 1 i i i ii
COUNCIL OF ECONOMIC ADVISERS
[1977 = 100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
All fam
Livestock and
products
Crops
products
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
142
128
123
127
138
147
149
146
139
143
138
120
107
106
126
134
127
129
121
123
1993- June
July
140
141
144
145
145
144
145
113
121
125
128
130
128
133
147
148
148
146
142
139
135
135
132
131
131
129
Sept
Oct
Nov
Dec
1994: Jan
Feb
Mar
May '
1
Includes items not shown separately.
2
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and3 wage rates. See also footnote 3.
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is baaed on latest data available.
All commodities,
services,
interest, taxes,
and wage rates '
Production
items, interest,
taxes, and wage
rates
Production
items
Batio2
146
136
138
146
150
160
170
161
157
162
164
162
159
162
169
177
183
187
189
195
161
156
150
152
159
167
171
172
173
178
155
151
144
148
157
165
171
173
174
179
87
79
77
78
82
83
81
78
74
73
166
161
!61
160
159
158
156
(3)
195
(3)
(3)
196
(3)
(3)
(3)
178
(3)
(3)
178
(3)
(3)
(3)
179
(3)
(3)
181
(3)
(3)
71
72
74
74
74
73
74
159
161
163
161
154
149
198
(a)
(a)
200
(3)
(3)
180
(3)
(3)
183
(3)
(3)
181
(3)
(3)
184
(3)
(a)
74
75
75
73
71
70
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
In Moy, growth in M2 slowed, while M3 fell slightly.
BILLIONS Of DOLLARS' (RATIO SCALE)
4,800
4,400
BILLIONS OF DOLLARS* (RATIO SCALE)
4,800
4,400
4,000
4,000
3,600
3,600
-v
M3
3,200
3,200
-M2-
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
800
800
600
600
400
400
1 I I M I I I M 1
1986
1987
1989
1988
1991
1990
1992
1994
1993
* AVERAGES OF DAILY FIGURES; SEASONAUY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF IHE FEDERAC RESERVE SYSTEM
COUNOl OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted)
L
Debt
Percent change from year or 6
months earlier 2
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
RFsand
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Burodollars, and
institution-only
MMMF balances
552.1
619.9
724.5
750.1
787.4
794.7
826.4
897.7
1,02.4.8
1,128.4
2,377.8
2,575.0
2,818.2
2,920.1
3,081.4
3,239.8
3,353.0
3,455.3
3,509.0
3,567.4
2,994.6
3,211,6
3,49f.3
3,681.3
3,920.4
4,067.3
4,125.7
4,180.4
4,183.0
4,229.4
3,536.0
3,838.9
4,137.5
4,340.2
4,674.6
4,897.3
4,974.8
4,992.9
5,057.1
5,131.8
6,006.1
6,901.1
7,778.6
8,543.3
9,306.1
10,030.7
10,670.1
11,147.3
'11,727.7
12,309.8
6.0
12.3
16.9
3.5
5.0
.9
4.0
8.6
14.2
10.1
8.7
8.3
9.4
3.6
5.5
5.1
3.5
3.1
1.6
1.7
11.1
7.2
8.9
5.3
6.5
3.7
1.4
1.3
.1
1.1
14.2
14.9
12.7
9.8
8.9
7.8
6.4
4.5
5.2
5.0
1993- Apr
May
^ '
July'
Aug '
Sept'
Oct '
Nov'
Dec '
1,047.1
1,067.7
1,076.6
1,086.8
1,095.3
1,105.1
,113.4
,122.4
,128.4
3,498.0
3,521.9
3,528.7
3,533.7
3,536.0
3,544.2
3,547.8
3,560.1
3,567.4
4,162.0
4,187.6
4,187.8
4,186.9
4,186.8
4,195.8
4,203.4
4,216.8
4,229.4
'5,054.4
'5,088.2
'5,089.5
5,086.2
5,094.8
5,087.8
5,098.3
5,111.6
5,131.8
'11,870.6
'11,918.1
'11,987.6
12,044.9
12,097.1
12,155.3
12,190.5
12,238.7
12,309.8
8.5
10.1
10.1
10.4
11.6
12.5
12.7
10.2
B.6
-.5
.6
1.1
1.8
2.4
2.8
2.8
2.2
2.2
— 1.7
-.3
.2
1.2
1.5
2.0
2.0
1.4
2.0
'4.1
'4.2
4.4
4.8
5.4
5.6
5.4
5.4
5.4
Jan '
Feb '
Mar '
Apr '
May
,133.5
,138.6
,142.4
,141.3
1,143.2
3,572.6
3,568.7
3,582.7
3,590.0
3,591.3
4,233.5
4,207.0
4,215.3
4,224.0
4,215.4
5,151.9
5,140.5
5,141.0
"5,159.5
12,370.9
12,419.8
12,473.3
* 12,520.2
8.6
7.9
6.8
5.0
3.7
2.2
1.8
2.2
2.4
1.8
2.2
1.0
.9
1.0
— .1
5.4
5.3
5.2
5.4
Period
19841985:
198619871988:
19891990:
19911992:
1993-
1994-
Dec.
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec '
..
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
M3plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average) l
Ml
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
M2
M3
Debt
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Currency
Period
Demand
deposits
Overnight
repurchase
agreeOther
ments
check(KPs),
able
net,
deposplus
its
over(OCDs)
night
Eurodollars *
Money market
mutual fund
balances 2
General
purpose
and
broker/
dealer
Institution
only
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Small
denomination
time
deposits 3
Large
denomination
time
deposits 3
NSA
1984:
19851986:
19871988:
19891990:
19911992:
19931993:
Dec
Dec
Dec
Dec
Dee
Dec
Dec
Dec
Dec
Dec
Apr .
May
156.1
167.9
180.7
196.9
212.2
222.6
246.7
267.1
292.2
321.4
301.8
304.4
307.2
309.7
312.4
315.4
317.6
319.5
321.4
325.2
329.2
332.4
334.8
337.6
July
Sept
Oct ..
Nov
Dec ..
1994: Jan
Feb
Mar r
Apr ''.
May
243.7
266.6
302.1
287.1
287.2
279.8
277.9
290.0
339.6
384.8
349.0
358.8
362.2
366.4
370.9
375.4
378.4
383.2
384.8
388.3
390.3
390.0
388.9
385.9
147.4
179.8
235.6
259.5
280.9
285.4
294.0
332.8
384.9
414.3
388.2
396.4
399.2
402.8
404.2
406.6
409.5
411.8
414.3
412.0
411.2
411.9
409.5
411.6
63.0
75.6
83.3
85.7
84.1
80.2
77.3
80.6
80.6
'91.9
77.2
75.2
78.5
81.2
82.1
'85.4
'89.3
'90.4
'91.9
'94.6
'92.8
97.7
94.6
94.5
62.5
64.7
85.3
92.0
91.5
108.5
135.0
181.0
201.5
197.0
196.3
198.0
194.7
192.6
190.1
190.8
194.3
194.8
197.0
192.7
176.9
177.4
177.0
169.3
167.9
177.4
209.8
223.5
244.4
320.4
355.5
370.4
352.0
348.8
345.9
348.5
347.5
346.6
345.5
345.0
344.4
347.0
348.8
347.8
343.7
348.4
361.5
365.1
1
2
Includes continuing contract RPs.
Data prior to 1983 are not seasonally adjusted.
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
3
704.8
815.4
941.0
937.7
926.7
891.0
920.4
1,041.1
1,183.6
1,215.5
1,185.5
1,195.1
1,200.4
1,202.1
1,205.9
1,208.4
1,208.8
1,211.9
1,215.5
1,220.3
1,220.9
1,221.9
1,220.7
1,215.9
888.8
885.7
859.0
922.7
1,038.6
1,153.7
1,174.5
1,067.4
870.5
'785.6
839.4
832.4
823.9
'814.5
'806.6
'799.9
'794.9
'790.6
'785.6
'779.5
'774.5
771.1
768.6
769.2
416.6
434.3
431.5
475.5
525.5
549.1
489.5
425.8
360.3
339.0
348.8
348.2
345.3
341.8
341.6
340.4
341.6
339.4
339.0
341.5
335.7
330.9
330.5
333.1
Term
repurchase
agreements
(KPs)
Term
Eurodollars
(net)
NSA
NSA
57.6
62.4
80.6
106.0
121.8
99.0
89.6
72.5
81.1
95.3
88.9
89.8
92.8
96.4
96.0
95.6
94.2
94.0
95.3
91.3
89.3
91.2
94.2
91.9
82.9
76.5
83.8
91.0
105.7
79.5
68.7
57.6
45.6
46.4
48.7
48.7
45.5
41.9
44.1
45.2
44.9
48.5
46.4
45.4
'48.2
47.9
48.8
48.7
Savings
bonds
Shortterm
Treasury
securities
74.2
79.5
91.8
100.6
109.4
117.5
126.0
137.9
156.6
171.7
163.6
164.7
165.9
167.1
168.2
169.2
170.1
170.8
171.7
172.7
173.4
174.1
"174.8
261.0
298.3
280.0
253.1
269.3
325.5
332.0
316.2
332.5
'329.3
'342.4
'344.8
'346.5
' 344.3
'343.8
'328.0
'323.7
'324.6
'329.3
'339.2
'341.9
345.8
"360.9
Bankers'
acceptances
Commercial
paper
160.7
45.4
42.1
207.5
37.1
231.3
44.5
260.6
335.4
40.2
40.6
346.5
355.2
35.9
23.6
334.8
20.6
364.3
'14.6
386.8
367.1
19.3
19.2
371.8
370.9
18.5
17.4
370.4
379.5
16.5
378.4
16.4
384.7
16.4
384.1
15.3
'14.6
386.8
391.6
'14.9
15.3
403.0
390.1
15.7
"14.1 "385.6
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
19841985:
19861987:
1988:
19891990:
19911992:
19931993:
Dec .
Dec
Dec ..
Dec
Dec ... .
Dec
Dec
Dec
Dec
Dec
May
July
Sept
Oct
Nov
Dec
1994: Jan
Feb
Mar
May
1
,
26,847
31,451
38,935
38,849
40,396
40,496
41,769
45,532
54,341
60,476
56,740
57,048
57,546
58,011
58,813
59,749
60,320
60,476
60,603
60,763
60,589
60,215
60,022
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Nonborrowed
23,661
30,132
38,108
38,072
38,681
40,231
41,444
45,340
54,218
60,394
56,618
56,867
57,302
57,659
58,386
59,464
60,231
60,394
60,529
60,693
60,534
60,091
59,822
Nonborrowed plus
extended
credit
26,265
30,632
38,411
38,555
39,925
40,251
41,466
45,340
54,218
60,394
56,618
56,867
57,302
57,659
58,386
59,464
60,231
60,394
60,529
60,693
60,534
60,091
59,822
Required
25,992
30,414
37,565
37,803
39,349
39,574
40,105
44,553
53,186
59,413
55,743
56,138
56,457
57,059
57,723
58,660
59,219
59,413
59,155
59,623
59,621
'59,064
59.104
Monetary
base
Total
187,224
203,543
223,576
239,775
256,870
267,696
293,157
317,122
350,609
385,855
365,294
368,194
371,286
374,340
378,076
381,400
384,029
385,855
389,613
393,959
'397,014
'399,089
401,827
3,186
1,318
827
777
1,716
265
326
192
124
82
121
181
244
352
428
285
89
82
73
70
55
124
200
Seasonal
113
56
38
93
130
84
76
38
18
31
84
142
210
234
236
192
75
31
15
15
24
57
134
Extended
credit
2,604
499
303
483
1,244
20
23
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Source: Board of Governors of the Federal Reserve System.
27
BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.3 percent in May; commercial and industrial loans rose 0.7 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
3,600
3,200
3,600
3,200
ALL COMMERCIAL BANKS
2,800
2,400
2,800
2,000
2,000
2,400
. LOANS AND LEASES -
1,600
1,600
1,200
1,200
800
800
U.S. GOVERNMENT SECURITIES
\,
400
400
OTHER SECURITIES
-V
200
200
160
160
I I I I I I I, I I I ,1
120
1988
1989
1990
i i i i i I i i i i i I 120
1993
1992
1991
*SEASOkAUY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1994
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted l]
Loans and leases in bank credit
Securities in bank credit
Total
bank
credit
Total
securities
U.S.
Government
securities
Other
securities
Total
loans and
leases 2
2,435.9
2,608.9
2,749.9
2,852.6
2,949.8
3,104.7
562.6
584.8
634.0
743.6
839.7
910.9
367.3
400.3
455.9
563.9
663.3
726.7
195.3
184.5
178.2
179.6
176.4
184.2
1,873.3
2,024.1
2,115.9
2,109.0
2,110.1
2,193.8
1993: May r
June r
July T
Aug r
Sept T.
Oct r
Nov *
Dec T.
3,015.6
3,037.9
3,060.7
3,065.0
3,072.9
3,075.0
3,091.2
3,104.7
883,9
892.1
896.4
902.5
904.6
900.0
903.1
910.9
701.3
710.3
714.1
718.1
720.1
717.1
720.4
726.7
182.6
181.9
182.3
184.4
184.5
182.8
182.8
184.2
1994: Jan r .
Feb T.
Mar r.
Apr '.
May
3,124.2
3,138.3
3,165.8
3,192.5
3,198.2
925.0
930.1
950.1
966.9
965.5
732.3
732.3
747.6
758.8
752.2
192.6
197.8
202.4
208.1
213.3
Period
New aeries:
1988: Dec
1989- Dec
1990: Dec
1991- Dec
1992: Dec T
1993: Dec r
Real estate
Total
Bevolving
home
equity
Security
Other
357.7
378.2
383.5
366.3
358.7
390.9
41.0
41.9
45.2
54.7
64.6
87.3
192.1
195.4
192.8
190.6
192.2
191.0
75.2
75.1
75.0
74.7
74.4
73.8
73.5
73.2
832.4
838.1
841.9
845.0
848.6
853.2
860.3
867.7
369.2
371.0
375.2
378.0
380.2
384.6
388.2
390.9
69.3
73.0
82.9
80.2
82.1
81.6
87.9
87.3
194.2
196.0
198.6
195.8
196.3
195.8
193.8
191.0
73.0
73.1
73.2
73.2
73.6
869.3
868.1
868.0
870.2
871.1
393.8
397.1
401.3
407.4
410.7
80.9
82.1
83.3
76.9
77.5
193.5
196.6
194.0
195.3
193.2
674.5
769.6
' 854.5
878.9
900.3
940.9
40.1
2,131.8
2,145.7
2,164.3
2,162.5
2,168.2
2,175.1
2,188.0
2,193.8
591.4
592.5
590.5
588.8
586.6
586.0
584.3
583.6
907.6
913.2
916.9
919.7
923.0
927.0
933.8
940.9
2,199.2
2,208.2
2,215.7
2,225.6
2,232.8
588.7
591.1
595.9
602.6
606.6
942.3
941.2
941.1
943.3
944.7
r
Consumer
Other
634.5
719.3
792.2
809.2
826.8
867.7
607.9
639.0
640.0
618.6
594.2
583.6
1
Data are Wednesday values or prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment companies, and foreign-related institutions. Data are adjusted for breaks caused by reefassifications of
assets and liabilities.
28
Commercial and
industrial
50.3
62.3
69.7
73.6
73.2
r
2
Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the United States.
Note.—Data for new series not yet available prior to 1988.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Biilions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Credit market funds
Period
Total
Internal '
Total
Total
1984
1985
1986
1987
1988 ...
1989
1990
1991
1992
1993 r
1992: I
n
m
IV
1993- I '
n*
TTT '
IVr
1994- I p
Loans and
short-term
paper
Securities
and
mortgages
Other 2
Capital
expenditures 3
Total
Increase in
financial
assets
Discrepancy
(sources less
uses)
501.0
486.3
531.9
540.5
610.9
562.3
522.8
473.2
587.2
586.5
336.3
351.9
336.7
375.9
404.3
399.6
409.4
437.8
462.7
480.1
164.7
134.4
195.2
164.6
206.6
162.6
113.4
35.4
124.5
106.4
108.6
76.1
140.3
65.2
71.8
62.4
37.7
6.9
69.1
69.6
55
13.0
65.5
27.8
-14.6
-32.9
-18.9
95.9
68.8
84.8
114.1
63.1
74.7
37.4
86.4
95.2
56.6
89 0
.3
15 2
56.1
58.3
54.9
99.4
134.9
100.2
75.7
28.4
55.3
36.9
515.3
465.8
503.3
489.9
558.2
523.6
502.0
451.2
537.8
571.6
398.5
374.9
351.9
365.0
304.4
403.8
407.3
381.6
397.2
453.5
116.8
91.0
151.5
124.9
163.8
119.8
94.7
69.6
140.6
118.1
-14.3
20.4
28.5
50.7
52.7
38.7
20.8
22.0
49.4
14.9
560.5
600.9
589.5
597.8
475.6
614.1
606.2
650.1
580.8
454.6
452.2
468.5
475.4
458.8
469.6
489.8
502.1
504.7
105.9
148.7
121.0
122.4
16.8
144.5
116.4
148.0
76.1
81.8
69.8
70.2
54.7
16.1
103.9
79.0
79.3
65.2
95.8
96.9
39.1
43.2
78.7
87.2
91.4
81.4
38.2
-14.0
-27.1
81.1
11.5
-62.6
16.7
-12.4
—2 1
27.0
24.1
78.9
50.9
67.8
.7
40.5
37.4
68.7
10.9
520.8
567.3
520.0
543.0
498.8
576.0
597.1
614.4
573.9
369.9
401.2
402.7
415.2
442.9
445.5
456.4
469.3
483.5
150.9
166.1
117.3
127.8
55.9
130.5
140.7
145.1
90.4
39.7
33.5
69.5
54.8
-23.1
38.1
9.0
35.7
6.8
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
ab
^°5?' . , , , . , . .
, , ,
,,.,.,.,
,
•
.
* (Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment in
the U.S.
a
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
19841985:
19861987:
19881989:
1990199119921993:
Dec
Dec
Dee
Dec
Dec 8
Dec
Dec
Dec
Dec
Dec
1993- Apr
May
July
Aue:
Scot
Oct
Nov
Dec
1994- Jan
Peb
Mar r
Apr *
. ..
.. ..
Automobile
Other 2
Revolving
Net change in installment credit outstanding *
Total
Automobile
Revolving
Other 2
22,440
16,906
2,744
908
13,605
442,602
517,659
572,006
608,675
662,553
724,353
738,765
733,510
741,093
790,082
173,564
210,238
247,772
266,295
285,364
292,536
284,739
260,898
259,627
278,321
100,280
121,758
135,825
153,064
174,269
198,544
222,552
243,564
254,299
281,474
168,758
185,664
188,408
189,316
202,921
233,273
231,474
229,048
227,167
230,288
73,636
75,057
54,347
36,669
53,878
(4)
14,412
-5,255
7,583
48,989
30,004
36,674
37,534
18,523
19,069
(4)
-7,797
-23,841
-1,271
18,694
21,192
21,478
14,067
17,239
21,205
(4)
24,008
21,012
10,735
27,175
- 1,799
— 2,426
-1,881
3,121
752,193
750,293
752,428
757,465
762,503
768,573
775,620
782,561
790,082
262,463
264,007
265,388
267,468
268,784
270,650
273,822
276,853
278,321
261,450
262,690
263,338
266,938
270,753
273,703
277,125
279,273
281,474
228,280
223,596
223,701
223,058
222,967
224,220
224,673
226,435
230,288
2,062
-1,900
2,135
5,037
5,039
6,070
7,047
6,940
7,521
150
1,544
1,381
2,080
1,316
1,866
3,172
3,031
1,467
1,789
1,240
848
3,800
3,815
2,950
3,422
2,148
2,201
123
-4,684
105
-643
-92
1,254
453
1,761
3,853
796,458
800,440
808,872
817,755
279,046
280,444
284,232
287,048
284,898
287,414
288,838
293,816
232,514
232,582
235,802
236,890
6,376
3,982
8,432
8,883
726
1,397
3,788
2,816
3,424
2,517
1,423
4,979
2,226
68
3,220
1,089
(4)
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.
9
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
Interest rates fell in June.
PERCENT PER ANNUM
PERCENT PER ANNUM
14
CORPORATE Aao BONDS
(MOODY'S)
\»
/\A
/
\
\\
r''
V
^
\ /"' ^
-'^
\
/x --
'
TREASURY
BIllS
~u
. YH
/-\
\l
x'-V_y'~\
1
/
/
._-—-' l '*-'
V/
\
^-\
/
/
/p—
—'
\y
N x N
~~ x
'
\^•fc
"~"
•s~~—~\
N
i
\y
\
DISCOUNT
RATE
FEDERAL
r
*
*~>\J
"\
\
BANK OF
NEW YORK
%
"' '^ — -.
['•-.
11 1 1 11 11M 1 I
1986
(
MM 1 h u l l
ii 1 1 1 1 1 1 1 M
1 M M 1 1 1
1990
1989
1988
1987
1991
Ml
/r
f
I ii i i 1 l i I i |
1992
Mll 1 llHII
1 1 1 1 1 1 1 1 . 1 1^
1994
1993
COUNCIL OF ECONOMIC ADVISERS
SOUftCE: SEE TAKE BELOW
[Percent per annum]
U.S. Treasury security yields
Period
1984
1985
...
1986
1987
1988
1989
1990
1991
1992
1993
1993' June
July
.'
Sept
Oct
Nov
Dec
1994- Jan
Feb
Mar
Apr
Mav
T "
Week ended:
1994: June 4
11
18
25
July 2"....
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.
Bank)4
Prime rate
charged by
banks 4
New-home
mortgage
yields
(FHFB)5
12.71
11.37
9.02
9.38
9.71
9.26
9.32
8.77
8.14
7.22
10.16
8.01
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.30
8.80
7.69
6.33
5.66
6.20
6.93
6.98
5.45
3.25
3.00
12.04
9.93
8.33
8.21
9.32
10.87
10.01
8.46
6.25
6.00
12.38
11.55
10.17
9.31
9.19
10.13
10.05
9.32
8.24
7.20
3.38
3.35
3.33
3.25
3.27
3.43
3.40
3.30
3.62
4.08
4.40
4.92
4.86
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.50
3.50-3.50
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
7.23
7.20
7.05
6.95
6.80
6.80
6.92
5.30
5.44
5.93
6.28
6.26
6.14
7.33
7.17
6.85
6.66
6.67
6.93
6.93
6.92
7.08
7.48
7.88
7.99
7.97
6.00-6.00
6.00-6.00
6.00-6.25
6.25-6.75
6.75-7.25
7.25-7.25
6.95
6.85
6.99
7.31
7.43
6.18
6.02
6.12
6.20
6.19
7.96
7.85
7.94
8.02
8.10
4.94
4.82
4.79
4.82
4.97
3.50-3.50
3.50-3.50
3.50-3.50
3.50-3.50
3.50-3.50
7.25-7.25
7.25-7.25
7.25-7.25
7.25-7.25
7.25-7.25
9.58
7.48
5.98
5.82
6.69
8.12
7.51
5.42
3.45
3.02
11.89
9.64
7.06
7.68
8.26
8.55
8.26
6.82
5.30
4.44
12.44
10.62
7.68
8.39
8.85
8.49
8.55
7.86
7.01
5.87
3.10
3.05
3.05
2.96
3.04
3.12
3.08
3.02
3.21
3.52
3.74
4.19
4.18
4.53
4.43
4.36
4.17
4.18
4.50
4.54
5.96
5.81
5.68
5.36
5.33
5.72
5.77
10.15
9.18
7.38
7.73
7.76
7.24
7.25
6.89
6.41
5.63
5.73
5.60
5.50
5.31
5.29
5.47
5.35
4.48
4.83
5.40
5.99.
6.34
6.27
5.75
5.97
6.48
6.97
7.18
7.10
4.23
4.15
4.16
4.18
4.20
6.29
6.13
6.21
6.32
6.45
7.09
6.97
7.08
7.17
7.26
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
* Average effective rate for year; opening and closing rate for month and week.
2
Corporate
Aaa bonds
(Moody's)
5
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in June.
INDEX, DEC. 31,1965=50 (RATIO SCALE)
300
280
260
240
INDEX, DEC. 31, 1965=50 IRATIO SCALE)
300
280
260
240
220
220
200
200
180
180
S~~-S
160
160
COMPOSITE STOCK PRICE INDEX
(NYSE)
140
140
120
120
100
100
| 1 M 1
80 i M M I I M M I
1986
1987
1988
1989
M 1 M
1991
1990
M I M I M M I i 80
1993
1992
1994
PERCENT
20
PERCENT
20
15
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
10
5
1986
1987
1988
1989
1990
1991
1992
1993
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
1994
COUNCIL Of ECONOMIC ADVISERS
Common stock yields
(percent) 6
Common stock prices '
Period
New York Stock Exchange indexes (Dec 31, 1965=50 , except as
noted) 2
Composite
Industrial
Transportation
Utility
3
Finance
Dow-Jones
industrial
average *
Standard &
Poor's
composite
index
(194143 = 10)5
Dividendprice ratio
Earningsprice ratio
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 .
92.46
108.09
136.00
161.70
149.91
180.02
183.46
206.33
229.01
249.58
108.01
123.79
155.85
195.31
180.95
216.23
225.78
258.14
284.62
299.99
85.63
104.11
119.87
140.39
134.12
175.28
158.62
173.99
201.09
242.49
92.89
113.49
142.72
148.59
143.53
174.87
181.20
185.32
198.91
228.90
89.28
114.21
147.20
146.48
127.26
151.88
133.26
150.82
179.26
216.42
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
3,522.06
160.46
186.84
236.34
286.83
265.79
322.84
334.59
376.18
415.74
451.41
4.64
4.25
3.49
3.08
3.64
3.45
3.61
3.24
2.99
2.78
10.02
8.12
6.09
5.48
8.01
7.41
6.47
4.79
4.22
4.46
1993: June
July
247.16
247.85
251.93
254.86
257.53
255.93
257.73
298.78
295.34
298.83
300.92
306.61
310.84
313.22
234.30
238.30
250.82
248.15
254.04
262.96
268.11
226.53
232.55
237.44
244.21
240.97
230.12
229.95
209.75
218.94
224.96
229.35
228.18
214.08
216.00
3,513.81
3,529.43
3,597.01
3,592.29
3,625.81
3,674.70
3,744.10
448.06
447.29
454.13
459.24
463.90
462.89
465.95
2.81
2.81
2.76
2.73
2.72
2.72
2.72
4.29
262.11
261.97
257.32
247.97
249.56
251.21
320.92
322.41
318.08
304.48
307.58
308.66
278.29
276.67
265.68
250.43
244.75
246.64
225.15
220.85
215.45
210.08
205.77
206.54
218.71
217.12
211.02
208.12
211.30
215.89
3,868.36
3,905.62
3,816.98
3,661.48
3,707.99
3,737.58
472.99
471.58
463.81
447.23
450.90
454.83
2.69
2.70
2.78
2.90
2.89
2.84
253.13
253.53
254.26
248.66
246.03
311.00
310.68
312.16
306.15
302.95
249.43
246.66
250.04
245.21
242.17
207.55
210.00
208.97
203.63
201.88
217.91
219.34
219.22
212.39
209.79
3,762.60
3,760.09
3,795.30
3,702.13
3,661.79
457.98
458.14
460.49
450.47
446.32
2.85
2.83
2.81
2.85
2.88
Scot
Oct .
Nov
Dee
1994- Jan
Feb
Mar
May
T '
Week ended:
1994- June 4
11
18
25
July 2 "
1
Average
2
Includes
3
of daily closing prices.
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 4facilitate trading of options and futures on the index. All indexes shown here reflect the doubling.
Includes 30 stocks.
5
Includes 500 stocks.
4.45
4.69
5.08
6
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earningsprice ratios based on prices at end of quarter.
NOTE.-—AH 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 1994, there was a deficit of $165.3 billion, compared with a deficit of $212.3 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
OUTLAYS J
1,200
1,200
1,100
1,100
1,000
1,000
900
900
RECEIPTS1'
800
800
700
700
600
600
SURPLUS OR DEFICIT ( ) -^
-100
-100
__^*^~
-200
^~~~^^
-200
~~~~
.
.
'
-300
-400
-300
A
Vl985
i
i
1986
i
1987
i
1988
i
1989
i
1990
1
1991
1
1992
1
1993
t\ -400
1994 V
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Receipts
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994 (estimates)
Cumulative total, first 8
months: *
Fiscal year 1993
Fiscal year 1994 ..
Outlays
Surplus
or deficit
Receipts
Surplus
or deficit
/ \
Receipts
Outlays
Surplus
or deficit
Total
Held by^
the public
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
371.8
409.2
458.7
503.5
590.9
678.2
745.8
808.4
851.8
-73.7
-53.7
-59.2
-40.2
-73.8
-79.0
-128.0
-207.8
-185.4
231.7
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
328.5
369.1
403.5
476.6
543.1
594.4
661.3
686.0
-70.5
-49.8
-54.9
-38.2
-72.7
-74.0
-120.1
-208.0
-185.7
66.4
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
-3.2
-3.9
-4.3
-2.0
-1.1
-5.0
-7.9
.2
.3
629.0
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
477.4
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
.734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,249.1
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,408.2
1,483.8
-212.3
-221.2
-149.8
-155..2
-152.5
-221.4
-269.5
-290.4
-254.7
-234.8
547.9
568.9
640.7
667.5
727.0
749.7
760.4
788.0
841.6
912.9
769.6
806.8
810.1
861.4
932.3
1,027.6
1,082.1
1,128.5
1,141.6
1,203.0
-221.7
—238.0
-169.3
-194.0
2052
-278.0
-321.7
-340.5
-300.0
-290.1
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
336.2
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.6
280.9
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.3
55.3
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,598.3
4,001.9
4,351.2
4,676.0
1,499.4
1,736.2
1,888.1
2,050.3
2,189.3
2,410.4
2,687.9
2,998.6
3,247.2
3,472.4
729.8
801.0
942.1
966.3
-212.3
-165.3
524.8
579.8
766.4
781.9
-241.6
-202.1
205.0
221.2
175.6
184.4
29.4
36.8
4,232.4
4,562.4
3,176.4
3,393.5
1
Data from Monthly Treasury Statement.
NOTE.—Data (except as noted) are from Budget of the United Slates Government, Fucal Tear
32
Outlays
Gross Federal debt
(end of period)
Off-budget
On-budget
Total
Fiscal year or period
1995, February 1994.
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 1994, receipts were $71.2 billion higher than a year earlier and outlays were $24.2
billion higher.
BUGINSOFDOUARS
600
RECEIPTS1'
BILUONSOFDOLLARS
600
INDIVIDUAL INCOME TAXES
s
500
"*_._
~
_._.
,-
•-
500
_.
400
400
\
~"~
300
300
CORPORATION
SOCIAL INSURANCE
200
200
OTHER RECEIPTS
\
100
100
1
0
1,300
1
1
1
1
1
1
1
1
0
1,300
1
OUTLAYS- '
1,200
1,200
."""
1,100
1,100
*•
~"~"
1,000
1,000
NONDEFENSE
„ -^ "
900
900
_JS-"~
800
.
800
— ~"~
700
700
600
600
500
500
NATIONAI nCFHsKF
400
400
300
300
200
/I
1
^1985
1
1
1986
1987
1
1988
1
1
1989
1990
1
1991
1
1992
1
K
200
1994N
1993
FISCAL YEARS
-'INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
sQURCES: DEPARTMENT OF THE TREASURY AND OFf-CE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERs
[Billions of dollars]
On-budget and off-budget receipts
Corporation
income
taxes
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
371.8
409.2
458.7
503.5
590.9
678.2
745.8
808.4
851.8
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,249.1
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
549.9
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5
130.7
265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
428.3
461.9
73.0
73.1
74.3
78.9
82.3
90.9
92.3
100.5
98.0
106.5
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,408.2
1,483.8
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.1
279.8
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
267.4
16.2
14.2
11.6
10.5
9.6
13.8
15.9
16.1
16.8
19.0
729.8
801.0
320.7
346.1
63.4
77.1
283.2
306.3
62.5
71.5
942.1
966.3
193.7
183.7
185.9
175.2
12.9
12.5
Total
1985
1986
1987 ...
1988
1989 .
1990
1991
1992
1993
1994 (estimates)
Cumulative total, first 8 months: l
Fiscal year 1993
Fiscal year 1994
1
On-budget and off-budget outlays
National defense
Individual
income
taxes
Fiscal year
1976
1977
1978
1979
1980
1981
1982.
1983
1984.
Social
insurance
taxes
Other
Total
Total
and
contributions
34.3
Data from Monthly Treasury Statement.
Department of
Defense,
military
International
affairs
Income
securi-
Social
securi-
inter-
ty
ty
est
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
33.5
35.9
40.0
44.5
48.4
57.7
71.2
89.5
99.4
112.3
65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
130.6
143.7
128.2
119.8
123.3
129.3
136.0
147.0
170.3
197.0
207.3
214.6
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304:6
320.5
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.8
203.4
131.8
142.1
125.9
139.4
158.8
203.9
225.1
173.9
159.7
190.6
64.5
70.0
84.2
93.3
145.0
149.8
199.2
209.1
133.3
133.9
109.3
113.9
Health
15.7
Medicare
Net
Other
Sources: Department of the Treasury and Office of Management and Budget.
NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal
1995, February 1994.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 1994, according to revised estimates. Federal receipts rose $24.7 billion (annual rate) and
Federal expenditures fell $18.6 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,600
1,600
SEASONAUY ADJUSTS) ANNUAL RATES
1,400
1,400
- EXPENDITURES -
1,200
1,200
\
1,000
1,000
RECEIPTS
200
SURPLUS OR DEFICIT)-1
-200
-400
-400
1982
1983
1991
1984
1994
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Personal
tax and
nontax
receipts
Indirect
business
tax and
nontax
accruals
1,121.4
1,165.6
1,249.3
475.7
484.0
511.7
108.4
116.3
135.6
76.7
80.8
86.0
460.6 1,309.2
484.5 1,436.0
516.0 1,484.5
446.0
444.9
445.0
509.8
607.3
646.4
1,127.8
1,183.0
1,269.5
632.3
671.1
739.8
803.6
856.8
943.5
1,000.6
1,068.3
1,115.8
1,142.5
1,165.9
1,176.1
1,169.1
1,221.1
1,218.4
1,268.0
1,275.9
1,315.7
1,340.4
474.9
490.8
521.3
301.6
290.5
323.5
351.8
371.7
414.8
420.0
470.1
483.9
478.5
479.7
482.0
489.5
511.8
502.1
520.7
527.1
535.1
548.9
107.1
120.2
143.1
45.5
65.4
67.0
77.0
91.4
109.7
118.5
111.3
115.1
109.8
121.1
125.8
107.0
127.1
132.4
142.4
139.3
158.1
153.4
79.1
81.3
87.3
49.2
55.4
58.2
56.8
54.8
59.5
61.4
62.2
67.1
81.3
80.4
80.2
81.1
83.5
81.5
86.2
86.7
95.0
93.6
466.7
490.7
517.8
235.9
259.8
291.1
318.0
338.8
359.4
400.7
424.7
449.7
472.8
484.7
488.1
491.4
498.7
502.3
518.7
522.8
527.5
544.5
445.9
448.8
443.4
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
437.4
445.5
444.6
452.8
452.4
442.7
447.5
443.6
440.0
440.9
522.0
624.5
651.9
346.0
351.1
360.1
383.8
404.2
419,7
444.5
488.8
526.6
567.7
611.0
620.8
624.4
641.7
642.0
645.6
652.8
667.2
663.3
Total
in ..
IV
1993- I
n
m
rv
1994- I '.
Source: Department of Commerce, Bureau of Economic Analysis.
34
Contributions
for
social
insurance
Total
1,331.2
1,459.3
1,495.9
815.7
855.7
926.6
990.8
1,034.3
1,096.3
1,135.5
1,209.8
1,306.9
1,387.2
1,436.1
1,456.0
1,459.8
1,485.3
1,481.9
1,490.6
1,488.5
1,522.6
1,504.0
Purchases
Surplus
or deficit
(-),
national
income
and
product
accounts
Net
interest
paid
Subsidies less
current
surplus
of
Government
enterprises
147.0
167.4
182.1
183.2
189.7
181.3
23.3
26.7
29.7
0.0
.0
.0
-187.8
-270.4
-235.2
153.0
171.4
186.2
84.3
86.9
97.7
104.5
103.8
102.9
113.0
121.9
137.6
162.3
163.4
171.8
173.7
176.7
176.1
182.8
188.6
197.4
188.4
187.6
187.1
180.8
86.8
99.2
122.3
129.2
131.1
143.1
151.2
168.9
174.4
191.9
189.3
190.4
187.4
181.3
178.3
182.5
182.2
180.4
177.3
22.6
27.5
33.6
17.3
28.8
22.2
16.4
22.1
37.8
34.9
25.0
32.0
27.9
27.0
28.5
21.4
33.2
42.9
32.3
21.4
37.7
34.1
1
.0
.0
.0
.0
.6
.0
.0
-.2
.0
.0
.2
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
-203.4
-276.3
2264
-183.4
1846
-186.8
187 2
-177.5
-152.7
- 134.9
-141.5
-191.0
-244.7
-270.2
-279.9
-290.7
-264.2
-263.5
222 6
-212.7
-207.0
-163.6
Grantsin-aid
to
Transfer
State
payand
ments
local
governments
Corporate
profits
tax
accruals
Period
Fiscal year:
1991
1992
1993
Calendar year:
1991
1992
1993
1982- IV
1983- IV
1984- IV
1985: IV
1986- IV
1987: IV
1988- IV...
1989: IV
1990- IV ..
1991- IV
1992- I .
TJ
Federal Government expenditures
Less:
Wage
accruals
less
disbursements
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1987 = 100; seasonally adjusted)
Period
United
States
1984
1985
1986.
1987
1988
1989
1990
1991
1992
1993 P....
1993' Jan
Feb
Mar
May
July
Sept
Oct
Nov
Dec
1994: Jan ...
Feb
Mar
Apr
May1"
1
Canada
Japan
France
Germany
92.8
94.4
95.3
100.0
104.4
106.0
106.0
104.1
106.5
110.9
91.0
96.1
95.4
100.0
105.3
105.2
101.8
98.1
98.5
103.2
93.4
96.8
96.6
100.0
109.3
115.9
121.4
123.7
116.5
111.7
97.1
97.2
98.0
100.0
104.6
108.9
111.0
111.0
109.7
106.8
93.5
97.7
99.6
100.0
103.9
108.8
114.5
117.9
115.6
107.2
91.8
92.9
96.2
100.0
105.9
109.2
109.4
107.1
106.5
103.6
109.2
109.9
110.0
110.5
110.0
110.4
110.9
111.1
111.3
111.9
112.8
114.0
' 100.5
101.8
' 103.1
T
102.1
102.1
' 103.7
102.7
' 103.5
104.4
104.4
105.1
104.6
112.3
113.5
116.5
113.4
110.7
112.5
111.9
111.0
113.3
107.4
109.9
108.0
105.8
' 105.7
107.4
106.1
107.8
106.6
107.0
107.2
106.4
108.1
107.9
107.4
106.7
107.3
105.3
105.9
104.4
99.9
104.3
101.9
104.3
102.4
102.2
104.5
106.0
101.7
109.1 ' 107.2
109.0 ' 106.8
107.0
111.8
105.4
107.5
' 108.0
111.3
114.6
' 115.0
115.7
' 115.9
116 1
T
105.1
104.6
105.6
r
r
'107.9
r
107.1
' 106.1
r
106.5
* 106.2
' 107.1
107.1
' 1,07.8
' 105.9
106".9
l!3.7
Data relate to all urban consumers.
Italy
Consume- prices (1982-84=100; NSA)
United
Kingdom
United
Kingdom
United
States '
Canada
Japan
France
Germany
89.0
93.9
96.2
100.0
104.8
107.0
106.7
102.5
102.0
' 104.5
103.9
107.6
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
104.8
108.9
113.4
118.4
123.2
129.3
143.1
145.2
147.9
102.1
104.1
104.8
104.9
105.7
108.0
111.4
115.0
116.9
1185
107.9
114.2
117.2
120.9
124.2
128.6
133.0
137.2
140.6
143.5
102.7
104.8
104.7
104.9
106.3
109.2
112.1
116.0
120.6
125.6
111.5
121.1
128.5
134.4
141.1
150.4
159.6
169.8
178.9
186.4
104.8
111.1
114.9
119.7
125.6
135.4
148.2
156.9
162.7
165.3
102.6
103.7
103.0
' 102.8
r
104.8
' 103.6
' 105.0
' 105.0
' 105.0
' 106.2
106.6
r
106.0
142.6
143.1
143.6
144.0
144.2
144,4
144.4
144.8
145.1
145.7
145.8
145.8
147.0
147.4
147.3
147.3
147.6
147.6
148.0
148.1
148.2
148.4
149.1
148.8
117.3
117.4
117.7
118.5
118.6
118.5
118.8
119.2
119.3
119.2
118.5
118.6
141.9
142.4
143.1
143.2
143.5
143.4
143.5
143.5
144.0
144.3
144.4
144.3
123.8
124.3
124.7
125.1
125.5
125.7
126.0
126.0
126.1
126.4
126,7
126.9
182.9
183.6
184.0
184.7
185.4
186.4
187.1
187.2
187.5
188.6
189.5
189.5
162.0
163.1
163.7
165.2
165.8
165.7
165.3
166.0
166.7
166.6
166.4
166.7
* 106.9
107.5
106.8
108.5
146.2
146.7
147.2
147.4
147.5
148.8
147.7
147.6
147.6
147.8
118.7
118.7
119.3
119.5
144.5
144.9
145.2
145.6
145.9
128.0
128.5
128.7
r
129.0
129.3
190.6
191.4
191.8
192.2
192.9
166.0
167.0
167.4
169.4
170.0
.135.5
Italy
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration, Office of Trade and Economic Analysis).
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally adjusted]
Goods: Exports (f.a.s. value)
Services (BOP
basis)
Goods: Imports (customs value)
Census basis (by end-use category) '
Balance of trade
(exports minus imports)
Census basis (by end-use category)
.
BOP basis
Period
BOP
basis
Total,
Census
basis z
Poods,
feeds,
and
"
*»
In
trial
supplies
an
als
"
BOP
basis
Total,
Census
basis 2
Foods
feeds,
and
everage
trial
sup.
als
Auto- Conmotive sumer
*& vehi- goods
(nongoods
cles
food)
except parts
autoexcept
and
automotive
engines motive
Exports
Imports
Goods,
Census
basis
Goods
Goods
and
services
Serv-
6.3
7.6
12.1
24.9
— 109.0 '30.2
r
— 74.1 r45.6
—96.1 55.7
— 132.6 56.9
416.9
421.7
440.4
4569
448.2
465.1
Aprr..... 37.9
38.6
39.3
37.9
37.2
38.1
38.6
40.0
40.1
41.7
3.5
3.4
3.2
3.2
3.1
3.4
3.5
3.5
3.7
9.2
9.6
8.8
9.2
9.0
9.5
9.9
9.6
9.6
15.2
15.3
15.3
14.2
15.1
14.7
15.5
15.5
16.9
4.4
4.5
4.3
4.1
4.2
4.3
4.5
4.7
4.5
4.4
4.6
4.4
4.5
4.6
4.7
4.6
4.9
4.7
49.2
48.6
49.7
48.8
49.0
50.4
51.9
50.9
50.1
48.5
47.8
49.3
48.0
48.2
49.2
50.8
50.0
49.4
2.2
2.3
2.3
2.3
2.3
2.4
2.6
2.3
2.3
12.7
12.4
12.8
12.2
11.8
12.2
12.5
12.3
11.5
12.4
12.3
12.9
12.8
12.5
12.9
13.6
13.3
13.9
8.6
8.2
8.6
8.0
8.6
8.7
8.9
8.9
8.7
11.1
10.9
11.2
11.2
11.5
11.5
11.7
11.5
11.3
15.5
15.4
15.4
15.6
15.4
15.4
15.7
15.1
15.8
10.6
10.4
10.6
10.7
10.6
10.8
11.1
11.1
11.2
-9.9 -11.3
-8.5 -10.0
-11.4 -12.5
-10.8 -12.3
-10.1 -11.6
-10.6 -12.5
-10.8 -12.5
-9.9 -11.5
-7.8
-9.1
4.9
5.0
4.8
4.9
4.8
4.5
4.6
4.0
4.6
-6.4
-5.0
-7.7
-7.5
-6.8
-8.0
-7.9
-7.5
-4.5
39.2
38.1
42.8
41.0
3.3
3.2
3.4
3.1
9.0
8.7
10.6
9.6
16.0
15.3
17.3
16.8
4.4
4.4
4.8
4.7
4.5
4.5
4.9
4.7
50.5
51.0
53.5
53.6
50.1
50.2
52.4
53.0
2.4
2.4
2.5
2.5
11.7
11.9
12.7
12.8
14.1
14.0
14.5
14.6
8.7
8.8
9.5
9.5
11.6
11.5
11.3
11.8
14.9
15.2
16.0
15.9
10.8
11.3
11.4
11.0
-10.9
-12.1
-9.6
-12.0
4.2
3.9
4.6
4.9
-7.8
-9.6
-6.9
-8.4
223.3
250.2
320.2
1987
1988
1989
1990
1991
1992 r
1993 T
227.2
254.1
389.3
322.4
363.8
393^6
362.1
May r.... 38.6
r
June ... 37.3
July '.... 36.5
Aug '.... 37.4
Sept '.... 37.9
Oct r
39.4
Nov r.... 39.4
Dec '..... 41.0
1994: Janr..... 38.5
Feb '..... 37.4
Msr '..... 42.1
Apr
1
2
dus
22.3
24.3
32.3
37.2
35.1
35.7
40.3
40.6
1986
1993:
Auto- ConCap- motive sumer
ital
vehi- goods
goods
cles
(nonexcept parts
food)
autoand
except
motive
autoengines motive
40.3
57.3
75.8
21.7
66.7
85.1
99.3
104.4
109.7
109.1
111.8
86.2
109.2
138.8
152.7
166.7
175.9
181.7
24.6
29.3
34.8
37.4
40.0
47.0
52.4
473.2
495.3
488.5
532.7
580.7
24.4
24.8
24.8
25.1
26.6
26.5
27.5
27.9
101.3
111.0
118.3
132.3
143.2
131.6
138.6
145.6
14.2 368.4
17.7 409.8
23.1 447.2
36.4 477.4
43.3 498.3
45.9 '491.0
51.4 536.5
54.7 589.4
365.4
406.2
441.0
Includes undocumented exports to Canada through 1988.
Total includes "other" exports or imports, not shown separately.
71.8
84.5
78.2
79.4
88.7
85.2
101.4
87.7
113.3 86.1
116.4
87.3
120.7 85.7
134.3 91.8
152.4 102.4
95.9
102.9
105.7
108.0
122.7
134.0
86.1
79.8
90.2
97.8
110.0
97.9
126.8 101.9
' 147.2 rl!7.0
r
!63.2 ' 117.6
176.6 120.9
184.8 128.0
— 138.3 — 145.1
— 152.1 — 159.6
— 118.5 — 127.0
— 109.4 — 115.2
— 101.7
— 66.7
— 84.5
— 115.6
-12.0
-13.5
-11.5
-13.3
— 138.8
— 152.0
— 114.8
—90.3
-78.8
r
' — 28.5
—40.4
— 75.7
here are consistent with figures shown on pp. 36 and 37.
Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis).
Note.—BOP refers to balance of payments or international transactions basis. BOP data shown
35
U.S. INTERNATIONAL TRANSACTIONS
In the first quarter of 1994, the merchandise trade deficit rose to $37.0 billion, from $33.2 billion in the fourth
quarter of 1993. The current account deficit rose to $31.9 billion, from $30.6 billion. (Series revised.)
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS •
15
15
BALANCE ON
CURRENT ACCOUNT
-40
-45
1992
1993
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
1994
COUNOl OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)]
Merchandise 1
Period
1981
1982
1983
1984 r
1985 '
1986 r
1987 r
1988 '
1989 '
1990 '
1991 '
1992 r
1993 '
Services
Net
military
transactions * a
Investment income
Net
travel
and
transportation
receipts
Other
services,
net
Balance
on goods
and
services
Receipts
on
U.S.
assets
abroad
Payments
on foreign
assets in
U.S.
Balance
on goods,
services,
and
income
Unilateral
transfers,
net 4
Balance on
current
account
32,903
29,788
31,078
30,038
19,673
11,763
7,937
11,607
13,659
20,725
14,833
4,540
3,946
16,732
5,632
-26,719
-79,161
- 102,422
-127,026
- 144,045
-103,217
-76,686
-58,085
-13,639
-35,844
-71,779
-11,702
17075
-17,741
20612
-22,950
24 176
-23,052
-24,977
-26,134
-33,663
6,687
— 32,042
-32,117
5,030
-11,443
-44,460
99773
-125,372
-151,201
-167,097
-128,194
-102,820
-91,748
-6,952
—67,886
-103,896
Exports
Imports
Net
balance
237,044
211,157
201,799
219,926
215,915
223,344
250,208
320,230
362,116
389,303
416,913
440,361
456,866
-265,067
-247,642
-268,901
332 418
-338,088
-368,425
-409,765
-447,189
-477,365
-498,336
-490,981
536458
-589,441
-28,023
-36,485
-67,102
112 492
-122,173
145 081
-159,557
126 959
-115,249
109033
-74,068
-96,097
- 132,575
-844
112
-563
-2,547
-4,390
-5,181
-3,844
-6,315
-6,726
-7,567
-5,485
-3,034
-763
144
-992
4227
-8,438
-9,798
-7,382
-6,481
— 1,511
5,071
8,978
17,957
20,885
20,840
12,552
13,209
14,095
14,277
14,266
18,855
17,900
19,961
26,558
28,811
33,124
37,862
36,773
-16,172
-24,156
-57,796
-109,200
- 122,095
-138,789
-151,981
-114,824
-90,345
-78,810
-28,472
-40,384
-75,725
108,268
108,803
109,546
113,744
-126,333
-133,139
-136,906
-140,080
-18,065
-24,336
-27,360
-26,336
559
-673
525
-1,277
5,311
5,433
5,138
5,005
9,435
9,202
9,960
9,262
-3,877
10,375
- 12,787
13,346
30,192
30,236
27,864
26,158
-27,755
-28,624
-26,644
-26,887
2,437
1,612
1,220
-729
-1,440
-8,763
-11,567
-14,075
-6,917
-7,776
-7,040
- 10,308
-8,357
-16,539
-18,607
-24,383
111,664
113,787
111,736
119,679
- 140,855
-147,514
-148,224
— 152,848
-29,191
33727
-36,488
-33,169
-105
-128
-87
-444
5,307
5,565
5,230
4,740
9,567
9,221
9,087
8,897
-14,422
- 19,070
-22,258
- 19,976
27,727
28,801
28,513
28,816
-25,872
-28,133
-26,498
-29,406
1,855
668
2,015
590
-12,567
- 18,402
-20,243
-20,566
-7,283
-7,200
-7,613
-10,021
-19,850
-25,602
-27,856
-30,587
118,012 -154,977
-36,965
-391
4,269
8,822
24,265
29,766
-30,133
-367- -24,632
-7,269
-31,901
86,529
53626
86,200 -56,412
84,778
53 700
104,075 -74,036
92,760 -73,087
90,858 -79,095
99,239
91 302
127,414 -115,806
152,517
138 858
160,300 -139,574
122 081
136,914
114,449 -109,909
109910
113,856
Net
1992:
I r
II r
r
in T
IV
1993:
I'
.
.
II r
ID r
IV r
1994:
I'
1
Adjusted from Census data for differences in timing and coverage; excludes military.
2
Transfers under U.S. military agency sales contracts (exports) minus direct defense expenditures
(imports).
36
3
Quarterly data are not seasonally adjusted.
4
Includes transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation of table.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $9.1 billion in the first quarter
of 1994, compared with an increase of $9.3 billion in the fourth quarter of 1993. U.S. liabilities to private
foreigners reported by U.S. banks, excluding Treasury securities, increased $34.1 billion in the first quarter,
following an increase of $7.4 billion in the fourth quarter. (Series revised.)
BIL11ONS OF DOLLARS'
BILLIONS OF DOLLARS *
-20
-20
-40
-60
-60
COUNCIL Of ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capital outflow { — )]
Period
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993r.
1992:
lr
n rr
mr .
IV
1993:
I rr
nr
mT
IV
1994:
IP
U.S.
official
reserve
assets 3 5
Other U.S.
Government
assets
Foreign assets in the U.S., net
[increase/capital inflow (+)]
U.S.
private
assets
Foreign
official
assets 3
Other
foreign
assets
83,032
92,418
83,380
113,932
141,183
226,111
242,983
240,265
218,490
122,192
98,134
146,504
230,698
4,960
3,593
5,845
3,140
-1,119
35,648
45,387
39,758
8,503
33,910
17,199
40,858
71,681
78,072
88,826
77,534"
110,792
142,301
190,463
197,596
200,507
209,987
88,282
80,935
105,646
159,017
Total
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net 5
(unadjusted,
end of
period)
114 147
-122,335
-58,735
-34,917
-39,225
-104,818
-71,443
-99,360
-168,744
-70,363
-51,512
-61,510
-147,898
-5,175
-4,965
-1,196
-3,131
3 858
312
9,149
-3,912
25293
-2,158
5,763
3,901
1 379
-7,726
- 13,586
-10,806
-29,395
-1,057
1,464
1,952
1,542
-269
-289
-394
-701
-6,400
14 761
- 12,364
30236
26,116
47,874
29,935
42,581
21,016
20,897
-7,417
6,363
5,100
26,977
37,352
36,218
-10,033
- 17,749
522
11,197
4,818
592
6 375
966
74,657
77,092
78,527
71,323
-12,659
-35,966
-35,651
-63,622
-983
822
-545
-673
488
-281
192
-321
-12,164
-36,507
-34,915
-62,628
16,772
51,829
71,934
90,162
10,968
17,492
19,259
23,962
5,804
34,337
52,675
66,200
15,737
9,739
-8,427
4,047
6,105
435
-6,643
103
74,378
73,968
75,835
73,442
-55,938
-59
446
-56,325
83,127
11,353
71,774
103 875
-5,097
6 131 -111,239
52 533
-5,006
-5,489
-26,298
32 547
-2,821
-2,022 -103,109
81 597
1,006
2,967
-98,414
1,259
144 710
2,307
-70,512
2,900
60 175
-1,652 -63,759
146 213
306
5
Consists of gold, special drawing rights (SDEs), foreign currencies, and the U.S. reserve position in the IMF.
NOTE.—Series revised beginning 1984. See Sumey of Current Business, June 1994, for details
1,093
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,721
71,323
73,442
24,992
41,359
19,815
20,758
23,415
29,908
-4,443
12 712
53,075
39,919
-39,670
17,108
21,096
4,712
5,719
76,809
regarding the revisions.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
p«ge
Gross Domestic Product
Gross Domestic Product in 1987 Dollars
Implicit Price Deflators for Gross Domestic Product
Changes in GDP, Personal Consumption Expenditures, and Related Implicit Price Deflators and Price Indexes
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income.....
,
Personal Consumption Expenditures in 1987 Dollars....
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
,
;
Gross Private Domestic Investment in 1987 Dollars
Expenditures for New Plant and Equipment
..".
:
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force.......
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Credit at All Commercial Banks
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. International Trade in Goods and Services
~
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
* Preliminary.
'Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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