Full text of Economic Indicators : March 1993
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103d Congress, 1st Session
Economic Indicators
MARCH
1993
(Includes data available as of March 30, 1993)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1993
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
DAVID R. OBEY, Wisconsin, Chairman
PAUL S. SARBANES, Maryland, Vice Chairman
HOUSE OF REPRESENTATIVES
LEE H. HAMILTON (Indiana)
FORTNEY H. (PETE) STARK (California)
KWEISI MFUME (Maryland)
RON WYDEN (Oregon)
MICHAEL A. ANDREWS (Texas)
RICHARD K. ARMEY (Texas)
JIM SAXTON (New Jersey)
CHRISTOPHER C. COX (California)
JIM RAMSTAD (Minnesota)
SENATE
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
RICHARD H. BRYAN (Nevada)
CHARLES S. ROBB (Virginia)
BYRON L. DORGAN (North Dakota)
WILLIAM V. ROTH, JR. (Delaware)
CONNIE MACK (Florida)
LARRY E. CRAIG (Idaho)
ROBERT F. BENNETT (Utah)
STEVEN QUICK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
LAURA D. TYSON, Chair
ALAN S. BLINDER, Chief Economist
JOSEPH E. STIGLITZ, Chief Economist
[PUBLIC LAW 120—SlST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
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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 $2.75 a single copy
($3.44 foreign), or by subscription at $30.00 per year ($37.50 for foreign
mailing) from:
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ISBN 0-16-040617-X
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the fourth quarter of 1992, according to revised estimates, current-dollar gross domestic product (GDP) rose 7.1
percent (annual rate), real GDP (GDP in 1987 dollars) rose 4.7 percent, and the implicit price deflator rose 2.3
percent.
BILLION S OF DOLLARS (RATIO SCALE)
6,400
BILLIONS OF DOLLARS (RATIO SCALE]
6,400
SEASONALLY ADJUSTED ANNUAL RATES
6,000
^
5,600
6,000
5,600
^
5,200
>x
^r
GDP
4,800
^
^^
f
• —
—
-*.
4,800
^ «•»
fX"
5,200
'^^^
4,400
4,400
,-'''
^"~"~"
S
4,000
X
x
^
"\GDP
4,000
INCURRENT D DLLARS
X
>
3,600
3,600
^
3,200
2,800
1
1
1982
1
1
1
1
3,200
I
1983
I I
1
1984
1
1
I
1985
[ 1
1986
I
i
i f
1987
t
i
1988
1
1989
1
2,800
1
1990
SOURCE: DEPARTMENT OF COMMERCE
1991
1992
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992 *
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991-
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II
Ill
IV
1992: I
II
III
IV '
1
Gross
domestic
product
3,405.0
3,777.2
4,038.7
4,268.6
4,539.9
4,900.4
5,250.8
5,522.2
5,677.5
5,950.7
3,195.1
3,547.3
3,869.1
4,140.5
4,336.6
4,683.0
5,044.6
5,344.8
5,561.3
5,585.8
5,657.6
5,713.1
5,753.3
5,840.2
5,902.2
5,978.5
6,081.8
Personal
consumption
expenditures
Gross
private
domestic
investment
2,257.5
2,460.3
2,667.4
2,850.6
3,052.2
3,296.1
3,523.1
3,748.4
3,887.7
4,095.8
2,128.7
2,346.8
2,526.4
2,739.8
2,923.1
3,124.6
3,398.2
3,599.1
3,818.2
3,821.7
3,871.9
3,914.2
3,942.9
4,022.8
4,057.1
4,108.7
4,194.8
546.7
718.9
714.5
717.6
749.3
793.6
832.3
799.5
721.1
770.4
464.2
614.8
722.8
737.0
697.1
800.2
814.8
825.2
739.0
705.4
710.2
732.8
736.1
722.4
773.2
781.6
804.3
Federal
Net
exports
51 4
- 102.7
1156
-132.5
-143.1
-108.0
-79.7
689
-21.8
304
-29.5
-71.8
-107.1
-135.5
-133.2
-143.2
-106.0
-73.9
-67.2
287
-15.3
-27.1
-16.0
-8.1
37 1
-36.0
-40.5
Exports
Imports
276.7
302.4
302.1
319.2
364.0
444.2
508.0
557.0
598.2
636.3
265.6
286.2
308.7
304.7
333.9
392.4
467.0
523.8
579.7
573.2
594.3
602.3
622.9
628.1
625.4
639.0
652.7
328.1
405.1
417.6
451.7
507.1
552.2
587.7
625.9
620.0
666.7
295.1
358.0
415.7
440.2
467.1
535.6
573.1
597.7
646.9
602.0
609.6
629.5
638.9
636.2
662.5
675.0
693.2
GDP less exports of goods and services plus imports of goods and services.
Government purchases
Exports and imports of goods
and services
Total
Total
652.3
700.8
772.3
833.0
881.5
918.7
975.2
1,043.2
1,090.5
1,114.9
631.6
657.6
727.0
799.2
849.7
901.4
937.6
994.5
1,071.3
1,087.5
1,090.8
1,093.3
1,090.3
1,103.1
1,109.1
1,124.2
1,123.3
292.0
310.9
344.3
367.8
384.9
387.0
401.6
426.4
447.3
449.1
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
438.3
451.3
449.9
447.2
440.8
445.0
444.8
455.2
451.6
National
defense
214.4
233.1
258.6
276.7
292.1
295.6
299.9
314.0
323.8
315.8
205.5
222.8
242.9
268.6
278.6
295.8
296.8
302.5
323.2
332.4
325.9
321.9
314.7
313.6
311.7
319.6
318.2
Nondefense
77.5
77.8
85.7
91.1
92.9
91.4
101.7
112.4
123.6
133.4
75.9
66.9
81.9
88.3
94.5
96.7
95.2
102.6
115.0
118.8
124.0
125.3
126.1
131.4
133.1
135.7
133.4
State
and
local
360.3
389.9
428.1
465.3
496.6
531.7
573.6
616.8
643.2
665.8
350.3
367.9
402.2
442.4
476.6
509.0
545.7
589.3
633.0
636.3
640.8
646.0
649.5
658.0
664.3
669.0
671.7
Final
sales of
domestic
product
Gross
domestic
purchases 1
Addendum:
Gross
national
product
3,410.6
3,706.1
4,014.1
4,260.0
4,513.7
4,884.2
5,217.5
5,515.9
5,687.7
5,946.3
3,241.4
3,527.1
3,818.1
4,107.9
4,355.4
4,623.7
5,027.3
5,314.6
5,592.3
5,614.4
5,679.4
5,712.9
5,744.2
5,855.9
5,894.1
5,963.5
6,071.5
3,456.5
3,879.9
4,154.3
4,401.2
4,683.0
5,008.4
5,330.5
5,591.1
5,699.3
5,981.1
3,224.6
3,619.1
3,976.2
4,276.0
4,469.8
4,826.2
5,150.7
5,418.7
5,628.5
5,614.6
5,672.9
5,740.3
5,769.3
5,848.3
5,939.4
6,014.5
6,122.3
3,434.4
3,801.5
4,053.6
4,277.7
4,544.5
4,908.2
5,266.8
5,542.9
5,694.9
5,961.9
3,222.6
3,578.4
3,890.2
4,156.2
4,340.5
4,690.5
5,054.3
5,365.0
5,592.7
5,614.9
5,674.3
5,726.4
5,764.1
5,859.8
5,909.3
5,992.0
6,086.8
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
1986
1987
1988
1989
1990
1991
1992r
IV
IV
IV .
IV
IV ...
IV
IV ...
IV
1990- I
II
in
IV
1991- I
II ..
m
IV
1992: I
H
IU r
rv .
1
Residential
fixed
investment
2,619.4
2,746.1
2,865.8
2,969.1
3,052.2
3,162.4
3,223.3
3,260.4
3,240.8
3,314.0
420.8
490.2
521.8
500.3
497.8
530.8
540.0
538.1
500.2
515.0
174.2
199.3
202.0
226.2
225.2
222.7
214.2
194.8
170.2
192.6
3,759.6 2,539.3
4,012.1 2,678.2
4,194.2 2,784.8
4,333.5 2,895.3
4,427.1 3,012.5
4,625.5 3,074.7
4,779.7 3,202.9
4,856.7 3,242.0
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
544.8
535.6
542.9
529.3
210.7
201.8
189.1
177.5
4,796.7
4,817.1
4,831.8
4,838.5
3,223.5
3,239.3
3,251.2
3,249.0
4,873.7
4,892.4
4,933.7
4,990.8
3,289.3
3,288.5
3,318.4
3,339.9
3,906.6
4,148.5
4,279.8
4,404.5
4,539.9
4,718.6
4,838.0
4,877.5
4,821.0
4,922.6
1983
1984
1985
Exports and imports of
goods and services
Government purchases
Final
sales of
domestic
product
Federal
Nonresidential
fixed
investment
4,890.8 3,259.5
4,902.7 3,260.1
4,882.6 3,273.9
4,833.8 3,248.0
Period
19821983:
19841985:
1986198719881989-
Gross
domestic
product
Personal
consumption
expenditures
Change
in
business
inventories
State
and
local
Gross
domestic
purchases 1
Addendum:
Gross
national
product
Exports
Imports
Total
4.4 -56.1
67.9
122 0
22.1 -145.3
8.5
155 1
26.3 -143.1
1040
19.9
29.8 -73.7
6.2
51 8
-9.3 — 21.8
41 8
5.0
285.9
305.7
309.2
329.6
364.0
421.6
471.8
510.0
539.4
573.2
342.1
427.7
454.6
484.7
507.1
525.7
545.4
561.8
561.2
615.0
743.8
766.9
813.4
855.4
881.5
886.8
904.4
929.9
941.0
937.8
320.8
331.0
355.2
373.0
384.9
377.3
376.1
383.6
388.3
375.6
234.2
245.8
265.6
280.6
292.1
287.0
281.4
283.3
282.8
265.0
86.6
85.1
89.5
92.4
92.9
90.2
94.8
100.3
105.5
110.6
423.0
436.0
458.2
482.4
496.6
509.6
528.3
546.3
552.7
562.2
3,902.2
4,080.6
4,257.6
4,395.9
4,513.7
4,698.6
4,808.3
4,871.3
4,830.3
4,917.6
3,962.8
4,270.5
4,425.1
4,559.6
4,683.0
4,822.6
4,911.7
4,929.3
4,842.8
4,964.4
3,939.6
4,174.5
4,295.0
4,413.5
4,544.5
4,726.3
4,852.7
4,895.9
4,836.4
4,932.8
-44.9
29.3
47.9
30.2
-20.1
59.9
20.9
24.9
-19.0
-83.7
-131.4
-155.4
-156.0
1360
-102.7
674
280.4
291.5
312.8
312.0
342.9
386.1
438.2
487.7
299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.0
735.9
748.1
784.3
830.5
864.8
893.0
894.5
912.6
316.0
322.2
341.7
363.7
377.5
391.6
378.4
376.1
229.4
242.9
254.3
272.1
282.2
295.0
285.7
281.5
86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.7
419.9
425.9
442.6
466.7
487.3
501.4
516.1
536.5
3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565.6
4,758.7
4,831.8
3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,924.1
3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,875.1
7.5
32.8
11.2
268
584
-56.9
593
-32.7
500.2
508.7
508.4
522.6
558.6
565.6
567.7
555.3
926.8
929.4
924.8
938.5
383.4
385.4
378.3
387.3
284.9
285.1
277.3
285.8
98.5
100.3
101.0
101.5
543.4
544.0
546.5
551.2
4,883.3
4,870.0
4,871.4
4,860.6
4,949.2
4,959.7
4,941.9
4,866.5
4,907.8
4,915.5
4,898.9
4,861.4
507.0
503.0
498.7
492.1
164.1
25 1
166.9 -20.4
172.6
.6
177.3
7.5
-17.9
174
— 31.6
205
515.9
536.1
544.2
561.4
533.8
553.5
575.8
581.8
945.1
945.6
940.2
933.1
394.1
393.8
387.2
378.2
291.8
287.6
280.6
271.0
102.2
106.2
106.6
107.2
551.0
561.8
553.0
554.9
4,821.8
4,837.4
4,831.2
4,830.9
4,814.6
4,834.4
4,863.4
4,858.9
4,822.0
4,831.8
4,843.7
4,848.2
495.8
514.7
518.7
530.9
185.6 -12.6
191.2
7.8
191.3
15.0
202.3
9.8
-21.5
-43.9
-52.7
-49.0
565.4
563.4
575.9
588.3
586.8
607.3
628.6
637.3
937.0
934.2
943.0
936.8
375.3
372.7
379.5
375.0
265.6
262.1
267.4
265.0
109.7
110.6
112.1
109.9
561.8
561.5
563.5
561.9
4,886.3
4,884.6
4,918.7
4,981.0
4,895.2
4,936.3
4,986.4
5,039.8
4,890.7
4,899.1
4,945.6
4,995.9
Net
exports
GDP less exports of goods and services plus imports of goods and services.
Total
Nondefense
National
defense
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[1987 = 100; quarterly data are seasonally adjusted]
Period
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
Gross
domestic
product
Personal consumption
expenditures
Gross private
domestic investment
Durable
goods
Nonresidential
fixed
Government purchases
Exports and imports of
goods and services
Federal
Total
Nondurable goods
Services
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
87.2
91.0
94.4
96.9
100.0
103.9
108.5
113.2
117.8
120.9
86.2
89.6
93.1
96.0
100.0
104.2
109.3
115.0
120.0
123.6
92.4
93.9
95.4
96.9
100.0
102.0
104.2
105.7
107.6
109.4
90.8
93.4
95.9
96.1
100.0
103.7
109.3
115.9
120.1
122.4
.81.9
86.2
90.8
95.7
100.0
105.1
110.6
116.7
122.8
127.7
95.1
95.7
96.6
98.4
100.0
102.8
105.2
107.3
108.2
106.5
87.3
89.7
92.0
95.8
100.0
104.2
107.8
110.7
111.8
113.0
96.8
98.9
97.7
96.9
100.0
105.3
107.7
109.2
110.9
111.0
95.9
94.7
91.9
93.2
100.0
105.1
107.8
111.4
110.5
108.4
91.0
93.9
96.9
98.6
100.0
102.6
106.8
111.2
115.2
r
119.6
91.6
94.8
97.3
98.6
100.0
103.0
106.6
110.8
114.5
119.1
89.5
91.3
95.7
98.6
100.0
101.4
107.3
112.0
117.1
120.6
85.2
89.4
93.4
96.4
100.0
104.3
108.6
112.9
116.4
118.4
85.0
88.4
92.3
95.5
98.0
101.2
105.5
110.1
115.0
83.8
87.6
90.7
94.6
97.0
101.6
106.1
111.0
117.6
90.6
93.3
94.4
95.9
97.8
101.0
103.1
104.9
106.1
89.4
91.8
94.2
97.0
96.3
101.5
105.6
110.8
119.3
79.0
83.7
87.7
92.9
97.3
101.9
107.1
112.7
119.3
95.3
95.0
96.4
97.3
99.2
100.7
104.0
106.0
108.2
86.0
88.0
90.7
93,1
97.3
101.5
105.3
108.8
111.0
94.7
98.2
98.7
97.7
97.4
101.6
106.6
107.4
110.9
98.5
95.4
93.6
94.2
93.6
102.6
106.0
107.7
116.5
89.0
89.9
95.0
98.1
98.8
100.2
103.6
107.7
113.2
89.6
91.7
95.5
98.7
98.7
100.3
103.9
107.5
113.1
87.7
84.3
93.7
96.4
99.2
100.1
102.6
108.4
113.3
83.4
86.4
90.9
94.8
97.8
101.5
105.7
109.9
114.8
1991: I
II
III
IV
116.5
117.5
118.2
118.9
118.6
119.5
120.4
121.4
106.7
107.3
108.0
108.3
119.4
119.9
120.2
120.8
120.8
122.1
123.4
124.7
108.7
108.5
108.0
107.4
111.3
111.6
112.5
111.8
111.1
110.9
110.7
111.0
112.8
110.1
109.3
109.8
114.5
114.3
115.5
116.6
113.9
113.3
114.7
116.2
116.2
116.8
117.6
117.6
115.5
116.1
116.8
117.1
1992- I
II
Ill
IV '
119.8
120.6
121.2
121.9
122.3
123.4
123.8
124.8
108.6
109.4
109.7
109.8
121.4
122.2
122.9
123.3
126.1
127.4
127.7
129.5
107.1
106.9
106.0
105.9
111.7
112.3
113.4
114.6
111.1
111.0
111.0
111.0
108.4
109.1
107.4
108.8
118.6
119.3
120.0
120.4
118.1
118.9
119.5
120.0
119.8
120.3
121.0
121.4
117.1
118.3
118.7
119.5
1982:
19831984:
19851986:
1987:
19881989:
1990-
IV
IV
IV
IV .
IV
IV ....
IV
IV
IV .
Koun-c: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GDP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED IMPLICIT PRICE DEFLATORS AND PRICE INDEXES
[Percent change from preceding year or quarter; quarterly data at seasonally adjusted annual rates]
Personal consumption expenditures
Gross domestic product
Period
Constant
(1987) dollars
Current
dollars
3.9
8.1
10.9
6.9
5.7
6.4
7.9
7.2
5.2
2.8
4.8
8.6
6.3
3.8
5.1
7.7
5.8
2.7
.1
1.8
5.2
4.0
2.8
6.2
4.3
5.3
7.1
.
.
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1989- I
II
..
in
IV
1990- I
II
Ill
IV
1991- I
II
in
IV
1992: I
n
mr
rv
Implicit price
deflator
3.9
6.2
3.2
2.9
3.1
3.9
2.5
.8
— 1.2
2.1
10.0
6.2
4.1
4.4
3.7
2.6
3.2
3.9
4.4
4.3
4.1
2.6
3.2
1.8
0
1.5
2.8
1.0
1.6
-3.9
-3.0
1.7
1.2
.6
2.9
1.5
3.4
4.7
5.4
4.6
3.8
3.7
4.4
4.8
4.7
3.9
5.3
3.5
2.4
2.4
3.1
2.7
2.0
2.3
Implicit price
deflator
1.2
1.1
4.6
4.8
4.4
3.6
2.8
3.6
1.9
1.2
.6
'2.3
5.1
7.0
6.3
5.3
8.4
4.8
8.0
3.2
.4
5.4
4.4
3.0
8.4
3.5
5.2
8.6
.1
1.1
2.9
.8
2.2
.1
1.7
3.1
-3.0
2.0
1.5
-.3
5.1
— .1
3.7
5.1
Fixed- weighted
price index
(1987 weights)
9.0
9.6
9.0
8.4
6.9
7.1
8.0
6.9
6.4
3.7
r
5.4
5.0
4.7
3.7
3.6
5.4
4.6
4.7
4.1
4.7
3.5
3.0
2.4
3.6
2.9
2.1
3.4
1.8
2.2
Constant
(1987) dollars
Current
dollars
3.9
3.4
3.5
2.8
3.1
3.9
4.4
4.5
4.0
'2.9
11.9
1981
1982
Fixed- weighted
price index
(1987 weights)
5.0
5.7
3.3
4.4
6.3
4.7
6.1
6.7
3.4
3.1
3.0
3.4
3.0
3.6
1.3
3.3
10.2
6.9
8.6
5.4
5.7
4.9
3.9
3.9
3.1
4.2
4.2
4.9
5.2
4.3
3.0
4.3
3.7
3.8
3.0
4.1
4.3
4.9
5.3
4.4
3.2
5.2
5.9
3.5
4.3
6.4
4.4
6.4
6.8
3.4
3.3
3.0
3.1
3.5
3.5
2.6
3.0
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) 1
Gross domestic product
of nonfinancial
corporate business
(billions of dollars)
Period
Total
cost and
profit 2
Consumption of
fixed
capital
Indirect
business
taxes 3
Compensation of
employees
Net
interest
Corporate profits with inventory
valuation and capital consumption
adjustments
Profits
tax
liability
Profits
after
tax 4
Output
per hour
of all
employees
(1987
dollars)
Compensation per
hour of
all
employees
(dollars)
Current
dollars
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992 *
1982:
19831984:
198519861987:
19881989:
1990-
IV
IV
IV
IV
IV
IV
IV
IV
I
II
III
IV
1991: I
II
III
IV
1992- I
II
Ill
IV
1
2
1987
dollars
1,936.1
2,166.5
2,293.6
2,386.3
2,547.3
2,764.8
2,913.5
3,036.5
3,073.8
3,201.3
2,112.3
2,284.1
2,364.3
2,439.3
2,547.3
2,684.8
2,718.9
2,740.0
2,698.0
2,780.5
0.917
.949
.970
.978
1.000
1.030
1.072
1.108
1.139
1.151
0.115
.109
.109
.111
.110
.111
.117
.120
.126
.126
0.088
.091
.093
.095
.095
.096
.101
.106
.115
.118
0.602
.617
.636
.648
.658
.676
.706
.737
.759
.757
0.036
.038
.038
.040
.042
.045
.054
.054
.053
.048
0.076
.094
.094
.084
.096
.102
.094
.091
.085
.102
0.028
.032
.030
.031
.037
.038
.037
.034
.030
.036
0.048
.062
.064
.053
.059
.064
.057
.057
.055
.066
21.586
21.896
22.125
22.690
23.071
23.494
23.088
23.300
23.720
12.995
13.509
14.067
14.711
15.170
15.781
16.306
17.169
18.011
1,806.3
2,037.2
2,228.2
2,338.8
2,422.8
2,627.6
2,843.2
2,951.5
2,999.6
3,053.1
3,048.2
3,045.0
3,037.1
3,062.7
3,084.4
3,111.1
3,138.1
3,178.8
3,211.6
3,276.5
1,999.6
2,204.2
2,328.4
2,396.9
2,463.3
2,604.0
2,719.0
2,722.7
2,742.0
2,763.3
2,737.3
2,717.4
2,683.5
2,687.4
2,699.1
2,722.0
2,737.6
2,760.8
2,787.6
2,836.1
.903
.924
.957
.976
.984
1.009
1.046
1.084
1.094
1.105
1.114
1.121
1.132
1.140
1.143
1.143
1.146
1.151
1.152
1.155
.119
.119
.111
.110
.112
.110
.112
.120
.118
.118
.121
.123
.126
.127
.127
.126
.125
.126
.130
.124
.086
.088
.091
.093
.095
.094
.097
.102
.104
.104
.107
.109
.113
.114
.117
.117
.118
.117
.118
.119
.607
.602
.623
.643
.654
.664
.687
.718
.724
.730
.744
.750
.754
.760
.763
.761
.760
.759
.757
.754
.040
.036
.041
.038
.042
.042
.047
.055
.054
.054
.054
.055
.054
.053
.053
.052
.050
.049
.047
.046
.051
.079
.091
.092
.081
.099
.102
.088
.093
.098
.088
.083
.084
.086
.084
.086
.093
.100
.100
.113
.020
.029
.027
.030
.035
.038
.040
.033
.033
.034
.036
.033
.029
.030
.031
.030
.033
.037
.035
.038
.030
.050
.064
.063
.045
.060
.063
.055
.060
.065
.052
.050
.055
.056
.053
.056
.060
.064
.065
.075
21.094
21.895
22.032
22.315
22.838
23.286
23.446
23.054
23.122
23.375
23.293
23.437
23.522
23.646
23.769
24.014
24.152
24.301
24.607
12.805
13.187
13.718
14.339
14.940
15.471
16.018
16.550
16.741
17.067
17.322
17.572
17.724
17.967
18.129
18.278
18.359
18.452
18.621
Output is measured by GDP of nonfinaneial corporate business in 1987 dollars.
This is equal to the deflator for gross domestic product of nonfinaneiai 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.
Total
4
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Compensation of
employees1
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
1983
1984
1985
1986
1987
1988 .
1989
1990 .
1991
1992 r
1982: IV
1983: IV
1984: IV
1985: IV
1986: IT
1987: IV
1988: TV
1989: IV
1990: IV
1991- I
II
HI
IV
1992: I
II
2,720.8
3,058.3
3,268.4
3,437.9
3,692.3
4,002.6
4,249.5
4,468.3
4,544.2
4,744.1
2,551.5
2,834.3
3,134.4
3,341.9
3,486.0
3,828.8
4,127.6
4,305.2
4,517.9
4,493.0
4,529.2
4,555.4
4,599.1
4,679.4
4,716.5
4,719.6
4,860.7
in
IV '
1
2,029.4
2,226.9
2,382.8
2,523.8
2,698.7
2,921.3
3,100.2
3,291.2
3,390.8
3,525.2
1,940.4
2,101.2
2,288.1
2,442.5
2,582.5
2,785.1
3,004.9
3,162.8
3,339.6
3,343.0
3,379.6
3,407.0
3,433.8
3,476.3
3,506.3
3,534.3
3,583.7
Kental
income of
persons
with
capital
consumption
adjustment
Nonfarm
22.1
23.3
18.7
8.7
3.2
4.3
135
-12.3
104
4.7
24.1
22,2
24.3
14.0
4.7
6.8
2.8
-21.6
96
-12.4
12 3
-10.3
-6.6
45
3.3
6.4
13.6
184.3
214.7
238.4
261.5
279.0
293.4
307.0
325.2
332.2
364.9
169.6
193.8
217.7
250.9
260.9
282.6
302.5
311.4
329.7
322.2
329.1
337.6
340.0
353.6
359.9
365.9
380.4
2.4
21.3
21.5
22.3
31.3
30.9
40.2
41.7
35.8
39.5
10.2
6.3
21.9
17.8
23.6
42.4
30.9
38.4
42.8
34.3
41.3
29.5
37.9
40.1
38.5
31.5
48.1
Includes employer contributions for social insurance. (See also p. 5.)
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Profits
before tax
212.7
264.2
280.8
271.6
319.8
365.0
362.8
361.7
346.3
394.5
150.3
229.1
261.3
284.9
264.6
343.3
378.3
354.5
344.0
349.6
347.3
341.2
347.1
384.0
388.4
374.1
431.3
202.2
236.4
225.3
227.6
273.4
320.3
325.4
341.2
337.8
364.9
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
333.5
344.2
342.2
331.9
333.1
360.7
361.4
344.4
393.2
Inventory
valuation
adjustment
210.7
240.5
225.0
217.8
287.9
347.5
342.9
355.4
334.7
372.3
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
3S4.7
337.6
332.3
336.7
332.3
366.1
376.8
354.1
392.2
Total
Capital
consumption
adjustment
-8.5
-4.1
.2
9.7
145
-27.3
-17.5
- 14.2
3.1
-7.4
-8.6
-7.6
3.5
-3.8
-10.7
-17.8
-31.7
-13.5
21 2
6.7
9.9
-4.8
.7
-5.4
155
-9.7
1.0
10.4
27.8
55.5
44.1
46.4
44.7
37.4
20.5
8.4
29.5
-9.6
12.9
37.7
56.9
39.6
49.9
37.9
33.9
10.5
5.3
5.1
9.3
14.1
23.3
27.0
29.7
38.1
Net
interest
270.0
307.9
326.2
350.2
360.4
387.7
452.7
460.7
449.5
415.2
256.8
281.8
321.1
331.9
349.7
368.6
408.1
459.8
471.4
456.2
444.4
450.5
446.9
430.0
420.0
407.3
403.6
burce: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS
[Billions of 1987 dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Period
Total
personal
consumption
expenditures
1983
1984
2,619.4
2,746.1
1985
1986
1987
1988
1989
1990.
1991
1992 r
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
2,865.8
2,969.1
3,052.2
3,162.4
3^223.3
3,260.4
3,240.8
3,314.0
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,248.0
3,223.5
3,239.3
3,251.2
3,249.0
3,289.3
3,288.5
3,318.4
3,359.9
1992:
IV
IV
IV
IV
IV
IV
IV
IVIV
I
II
Ill
IV
I
II
Ill
IV r.....
1
Durable goods
Total
durable
goods
297.7
338.5
370.1
402.0
403.7
428.7
440.7
439.3
414.7
439.1
272.3
319.1
347.7
369.6
415.7
404.7
439.2
436.8
426.6
412.0
411.3
419.4
416.1
432.3
430.0
439.8
454.4
Motor
vehicles
and
parts
138.1
160.3
180.2
193.3
183.5
194.8
196.4
192.2
171.0
182.2
123.7
151.6
164.3
173.9
193.6
183.6
197.7
188.3
182.0
169.6
167.2
173.3
174.0
181.5
180.2
179.0
188.0
Includes other items, not shown separately.
Furniture and
household
equipment
104.3
115.3
123.8
136.3
144.0
155.4
165.8
169.5
168.6
179.6
96.4
109.3
118.7
128.6
141.4
145.9
160.3
167.9
167.5
166.9
169.3
170.4
167.9
174.4
174.4
181.5
188.0
Services
Nondurable goods
Other
55.3
62.9
66.1
72.4
76.2
78.5
78.5
77.6
75.0
77.4
52.3
58.1
64.8
67.1
80.7
75.2
81.2
80.5
77.1
75.5
74.8
75.7
74.2
76.5
75.4
79.3
78.3
Total
nondurable goods
900.3
934.6
958.7
991.0
1 011.1
1 035.1
1,051.6
1 056.5
1,042.4
1 054.1
'880.7
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,058.9
1,051.6
1,043.0
1,046.3
1,044.8
1,035.6
1,049.6
1,045.6
1,052.0
1,069.4
Food
463.4
472.3
483.0
494.1
500.7
513 4
515.0
520.8
515.8
518.4
458.3
467.1
475.1
488.2
496.9
502.4
518.0
515.6
522.0
516.4
516.3
515.0
515.3
518.9
513.5
514.3
526.7
Clothing
and
shoes
142.4
153.1
158.8
170.3
174.5
178.9
187.8
185.9
181.3
188.3
135.7
147.7
154.7
161.7
171.9
174.5
182.8
190.9
183.2
180.8
183.2
183.7
177.5
184.1
184.4
190.8
193.7
Gasoline
and oil
75.7
77.9
79.2
82.9
84.7
86.1
87.3
86.4
85.2
85.5
ISA
76.9
79.0
79.5
84.6
85.4
87.5
88.6
85.0
83.9
86.0
86.0
84.7
85.7
85.8
86.0
84.6
Fuel
oil and
coal
11.1
11.2
11.5
12.1
12.0
12.0
11.4
10.1
9.7
10.9
10.5
11.4
11.1
11.4
12.4
11.9
12.0
12.0
8.8
9.4
9.8
10.0
9.4
10.2
12.0
10.9
10.8
Other
207.8
220.0
226.2
231.7
239,1
244.7
250.2
253.4
250.5
251.0
202.8
212.2
222.9
228.0
235.2
240.4
246.4
251.8
252.7
252.5
251.0
250.0
248.6
250.7
249.8
250.1
253.6
Total
services 1
Housing
1,421.4
415.5
426.8
435.9
1,473.0
1,537.0
1,576.1
1,637.4
1,698.5
1,731.0
1,764.6
1^783.7
1,820.7
1,386.2
1,443.9
1,494.2
1,557.1
1,595.8
1,655.5
1,716.9
1,746.3
1,769.8
1,768.5
1,781.8
1,787.0
1,797.4
1,807.3
1,812.9
1,826.6
1,836.2
442.1
452.5
461.8
469.2
474.7
478.2
484.4
411.0
419.7
431.3
438.1
444.8
457.0
465.6
471.3
476.1
476.5
477.9
478.8
479.8
481.2
483.3
485.8
487.2
Source: Department of Commerce, Bureau of Economic Analysis.
Retail sales of new
passenger cars
(millions of units)
Medical
care
332.6
341.9
353.0
366.2
384.7
399.4
408.6
423.9
438.8
455.8
327.8
334.8
344.9
359.1
372.0
390.7
403.0
411.8
428.6
431.9
435.6
440.5
447.2
449.6
453.7
458.1
461.7
Domestics
6.8
8.0
8.2
8.2
7.1
7.5
7.1
6.9
6.1
6.3
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
6.6
6.1
6.1
6.3
6.1
6.1
6.3
6.2
6.4
Imports
2.4
2.4
2.8
3.2
3.2
3.1
2.8
2.6
2.3
2.1
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.4
2.2
2.3
2.3
2.2
2.2
2.2
2.0
2.0
SOURCES OF PERSONAL INCOME
Personal income increased $9.9 billion (annual rate) in February, after rising $25.2 billion in January. The February
change was boosted by subsidy payments to farm proprietors and was reduced by two special factors that
occurred in January: bonus payments to employees in the securities industry and retirement incentive payments to
U.S. Postal Service employees. Excluding these special factors, personal income in February increased $26.0 billion.
The effects of special factors on the January change in personal income were offsetting.
BILLIONS OF DOLLARS * (RATO SCALE)
6,000
BIUJONS OF DOUARS * (RATIO SCALE)
6,000
5,000
5,000
4,000
4,000
3,000
3,000
WAGE AND SALARY DISBURSEMENTS -
2,000
2,000
1,400
1,400
\
OTHER INCOME
TRANSFER PAYMENTS
\
1987
il n i l
1990
1988
i i t i i I i i i i i 400
1993
1991
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
personal
income
1983
28625
1984
1985
1986
1987
1988
1989
1990
1991 r
1992
1992- Feb
Mar
Apr
May
3 1546
3 3798
35904
3 8020
40759
43803
46642
48283
5058 1
4988 7
50096
50154
5032 7
50385
5048 7
50564
50809
5 1450
5 1437
5 1940
5,219.2
5 229 1
. . ..
.. .
July
Sept
Oct r
NOT r
Dec '
1993: Jan '
Feb p
Wage and
salary
disbursements 1
I 684 7
18498
1 9865
2,105.4
2 261 2
24430
2 586.4
2 742 8
2,812.2
2 918 1
2 8849
2 895.0
2 8906
2907 6
29057
2911 2
2,930.9
2 928 3
2951 3
2 967.8
29906
3,008.3
30048
Proprietors income 3
Other labor
income l 2
1746
1847
191 8
2007
2104
2305
251 9
271 0
2883
3057
2992
3007
302 1
303 6
3050
3064
3079
3093
3108
3122
313 6
315 1
3165
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
* Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Nonfann
Farm
24
21 3
21 5
22.3
31 3
309
402
41 7
35.8
395
407
490
48 1
36 1
314
306
24.9
39 1
554
39.3
494
38.4
452
1843
214.7
2384
261,5
2790
2934
307.0
325 2
332,2
3649
354 8
3569
3586
359 2
361 9
363 8
3638
3699
376 7
3800
3844
3877
3897
Less:
income of
persons 4
22 1
23.3
18.7
8.7
3.2
43
-13.5
12.3
— 10.4
4.7
-62
— 3.2
1.2
33
8.0
96
3.6
6.1
135
13.4
14.0
16.0
17.0
dividend
income
778
78.8
879
104.7
100.4
1084
126.5
1403
137.0
139.3
133 8
134.2
1354
1366
137.9
1395
141.3
1423
1438
145.3
1482
149.6
149.9
interest
income
397.5
461.9
498.1
531.7
548.1
5832
668.2
694.5
700.6
670.2
6844
676.9
676.0
6752
674.4
668.6
663.1
657.8
6577
657.8
657.9
657.7
657.5
payments
4389
452.9
485.9
517.8
542.2
5767
625.0
685.8
771.1
866.1
8443
848.2
8542
8609
864.1
8694
872.8
880.0
889 2
882.6
892 1
906.5
908.7
4
contributions
for social
insurance
119.7
132.8
149.1
162.1
173.6
194.5
211.4
224.8
238.4
250.6
2473
248.2
248.3
2498
249.9
250.5
252.0
251.9
253.4
254.7
256.3
260.1
260.2
personal
income 8
2,832.6
3,106.1
3,333.2
3,545.6
3,749.4
4,023.9
4,318.0
4,599.6
4,770.4
4,995.8
4,925 8
4,938.2
4,944.9
4,973 9
4,984.4
4,995 3
5,008.7
5,018.9
5,066 4
5,081.1
5,121.3
5,157.3
5,160.3
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
5
8
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in 1987 dollars rose in the fourth quarter of
1992.
BILLIONS OF DOLLARS' (RATIO SCALE!
BILLIONS OF DOLLARS' (RATIO SCALE)
2,500
2,000
DOLLARS' (RATIOSCALE)
DOLLARS" (RATIO SCALE]
8,000
COUNCIL OF ECONOMIC ADVISERS
Period
Personal
income
Less:
Personal
tax and
nontax
payments
V
!
Disposable
persona!
income
Less:
Personal
outlays 1
Equals:
Personal
saving
Disposable
personal
income in
1987
dollars
(billions)
Per capita
disposable personal
income
Current
dollars
Billions of dollars
1983
1984
1985
1986
1987
1988
1989
1990
1991 r
1992 .
2,862.5
3,154.6
3,379.8
3,590.4
3,802.0
4,075.9
4,380.3
4,664.2
4,828.3
5,058.1
368.8
395.1
436.8
459.0
512.5
527.7
593.3
621.3
618.7
627.3
2,493.7
2,759.5
2^943.0
3,131.5
3^289.5
3,548.2
3J87.0
4,042.9
4^209.6
4,430.8
1987
dollars
Per capita personal
consumption
expenditures
Current
dollars
1987
dollars
168.7
222.0
189.3
187.5
142.0
155.7
152.1
175.6
199.6
212.6
2,893.6
3,080.1
sil62.1
3,261.9
3J289.5
3,404.3
s'464.9
3,516.5
3J509.0
3,585.1
10,642
11,673
12,339
13,010
13,545
14 477
15^307
16,174
16^658
17i346
Saving as
ercent of
isposable
persona!
income
S
Population,
including
Armed
Forces
overseas
(thousands) 2
Percent
Dollars
2,325.1
2,537.5
2J753.7
2,944.0
3|l47.5
3,392.5
3^634.9
3,867.3
4^009.9
4,218.1
Percent
change in
real per
capita
disposable
personal
income
12,349
13,029
13,258
13,552
13J545
13,890
14^005
14,068
13^886
14J035
9,634
10,408
11J184
11,843
12^568
13,448
14,241
14,996
15^384
16J035
11,179
11,617
12,015
12,336
12^568
12,903
13^029
13,044
12^824
12,974
1.7
5.5
1.8
2.2
— .1
2.5
.8
.4
— 1.3
1.1
6.8
8.0
6.4
6.0
4.3
4.4
4.0
4.3
4.7
4.8
234,326
236,393
238,510
240,691
242,860
245,093
247,397
249,961
252,711
255,435
12,154
12,591
13,145
13,278
13,522
13,685
13,996
14,015
13,988
13,861
13,891
13,876
13,913
14,017
14,021
13,998
14,105
9,134
9,980
10,649
11,445
12,101
12,819
13,814
14,491
15,209
15,184
15,345
15,468
15,537
15,814
15,907
16,063
16,353
10,895
11,390
11,739
12,095
12,472
12,615
13,020
13,053
12,938
12,808
12,838
12,848
12,803
12,930
12,893
12,973
13,098
-0.5
7.2
1.0
1.8
17
5.2
3.2
1.8
-1.4
-3.6
.9
-.4
1.1
3.0
.1
-.7
3.1
7.7
6.8
7.9
6.0
4.8
5.0
4.3
3.9
4.6
4.7
4.7
4.5
5.1
4.9
5.3
4.6
4.4
233,060
235,146
237,231
239,387
241,550
243,745
246,004
248,372
251,050
251,68"
252,329
253,053
253,776
254,388
255,054
255,786
256,513
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II
III....
IV
1992: I
II
Ill ...
IV r...
2,746.8
2,965.8
3,242.5
3,456.7
3,647.8
3,918.5
4,195.2
4,469.4
4,751.9
4,752.8
4,806.9
4,846.2
4,907.2
4,980.5
5,028.9
5,062.0
5,160.9
372.1
371.6
413.4
448.8
478.5
528.6
542.0
605.1
623.8
616.8
617.2
618.6
622.3
619.6
617.1
628.8
643.6
2,374.7
2,594.3
2,829.1
3,007.9
3,169.3
3,389.9
3,653.2
3,864.3
4,128.1
4,136.0
4,189.7
4,227.6
4,284.9
4,360.9
4,411.8
4,433.2
4,517.3
2,190.9
2,417.9
2,606.5
2,828.7
3,018.2
3,220.1
3,496.7
3,715.5
3,938.8
3,943.2
3,994.4
4,036.6
4,065.5
4,146.3
4,179.5
4.229.9
4,316.9
183.8
176.3
222.6
179.2
151.1
169.8
156.4
148.8
189.3
192.8
195.3
191.0
219.4
214.6
232.3
203.3
200.4
2,832.6
2,960.6
3,118.5
3,178.7
3,266.2
3,335.8
3,443.1
3,480.9
3,511.6
3,488.7
3,505.2
3,511.5
3,530.8
3,565.7
3,576.0
3,580.5
3,618.2
1
Includes personal consumption expenditures, interest paid bv persons, and persons! transfer paymems to rest of the world (net).
10,189
11,033
11,925
12,565
13,121
13,907
14,850
15,558
16,443
16,433
16,604
16,706
16,885
17,143
17,297
17,332
17,610
2
Annual data are averages of quanerlv data, whieh are averages for the period.
Source: Department of Commerce (Bureau of Eeonom e Analysis and B ireau of (hi- Census).
FARM INCOME
In the third quarter of 1992, according to current estimates, gross farm income fell $4.9 billion (annual rate) and
net farm income fell $0.9 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
240
200
160
240
^— 1
/—.
^
,
~~
.
rrf _
\
1
^
120
"O
~~^
~-^\
^
'
200
'—""
160
120
GROSS FAR M INCOME
80
60
60
\
.
40
'S
*
/"\
. \
' x
\
\
\
A
/
\
j
'
V'
^
|
'
20
1
x
s
/
\
^-y
X
x
V
X
tmm
X
40
'
N
-J
\ /
V
\ /
V
\
20
NET FARM INCOME
\
i
10
/
^_
x^
\>
V
10
1.
»,
V
1
1 1
1982
1 1 1
1
1983
1
1
1
1984
1 1
1985
1
1
1
1
1
1 1 1
1
1987
1986
1988
1 1 1
1
1989
1 1
1990
•SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
1 1 1
1
1991
1
1
1992
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total '
Total
1983
1984
1985
1986
1987
1988
1989
1990
1991
Livestock and
products
Crops
Value of
inventory
changes 2
Production
expenses
Current
dollars
1987 dollars >
136.8
142.8
144.1
135.4
141.8
151.1
161.0
169.9
167.3
69.6
72.9
69.8
71.6
76.0
79.4
84.1
89.9
86.7
67.2
69.9
74.3
63.8
65.9
71.7
76.9
80.0
80.5
-10.9
6.0
-2.3
-2.2
-2.3
-3.4
4.8
3.5
.4
139.6
141.9
132.4
125.1
128.8
134.3
141.2
145.1
144.9
14.2
26.1
28.8
31.1
39.7
41.1
49.9
51.0
44.6
16.3
28.7
30.5
32.0
39.7
39.6
46.0
45.0
37.9
200.0
192.4
189.3
202.4
166.0
166.7
173.6
173.3
89.7
88.2
91.1
90.6
76.2
78.5
82.6
82.7
5.2
4.1
2.8
1.7
142.8
144.4
144.7
148.3
57.2
48.0
44.6
54.1
51.4
42.6
39.1
47.1
m
189.1
189.7
185.2
194.1
165.1
165.4
170.6
167.9
89.6
87.6
84.9
85.0
75.6
77.9
85.8
83.0
1.2
.6
.1
-.1
145.8
147.2
143.1
143.4
43.3
42.5
42.0
50.6
37.1
36.2
35.6
42.6
n
m"
1990:
153.9
168.0
161.2
156.1
168.5
175.4
191.1
196.0
189.5
199.2
195.7
190.8
165.2
170.3
174.8
83.8
85.6
84.9
81.4
84.7
89.9
10.8
1.4
.2
145.1
146.5
142.5
54.1
49.2
48.3
45.2
40.8
39.9
I
n
m
IV
1991:
I
II
IV
1992: I
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.
3
Income in current dollars divided by the GDP implicit price deflator.
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
CORPORATE PROFITS
In the fourth quarter of 1992, according to preliminary estimates, corporate profits before tax rose $38.1 billion
(annual rate) and profits after tax rose $20.4 billion.
BILUONS OF DOLLARS
BIUIONSOFDOUARS
SEASONALLY ADJUSTED ANNUAL RATES
VI
PROFITS BEFORE TAX
-\-
PROFITS AFTER TAX
100
\
\
UNDISTRIBUTED PROFITS "
-50
I
I I
1982
I
I I
1983
I
I I I
1984
I I
I
I I
1
1 1
1990
I
I I
1992
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEfARTMENT Of COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits after tax
Profits (before tax) with inventory valuation adjustment *
Domestic industries
Period
Nonfinancial
Total 2
Total
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992 *
1982: TV
1983- IV
1984: IV
1985- I V
1986- IV
1987: IV
1988- IV
1989: IV
1990- IV
1991- I
II
Ill
IV
1992- I
II
III
. . . .
I V ' .
1
2
202.2
236.4
225.3
227.6
273.4
320.3
325.4
341.2
337.8
364.9
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
333.5
344.2
342.2
331.9
333.1
360.7
361.4
344.4
393.2
171.9
205.2
194.5
194.6
233.9
271.2
266.0
275.5
271.3
' 300.9
130.8
182.6
192.9
193.5
192.5
246.3
285.9
254.8
260.2
269.4
275.9
270.0
270.2
292.0
300.4
279.3
332.1
Financial
24.5
20.3
28.7
35.8
36.4
41.8
50.6
56.7
60.9
r
57.9
23.0
22.1
20.3
29.0
34.7
39.4
46.1
52.5
55.1
59.7
60.7
63.6
59.7
70.1
61.3
40.3
59.9
See p. 4 (or profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Total 3
147.4
185.0
165.8
158.9
197.5
229.4
215.3
218.8
210.4
r
243.0
107.8
160.5
172.6
164.5
157.8
207.0
239.7
202.3
205.1
209.7
215.1
206.4
210.5
221.9
239.0
239.0
272.2
Manufacturing
Wholesale and
retail
trade
71.4
86.7
80.1
59.0
87.0
117.5
108.0
106.9
89.3
r
l!4.3
50.1
90.5
79.2
83.3
63.9
98.7
129.3
94.5
96.3
87.6
90.3
91.8
87.5
97.5
115.2
118.0
38.7
49.7
43.1
46.3
39.9
37.1
39.7
35.8
44.0
r
47.0
33.8
40.7
50.8
39.0
43.1
39.3
39.3
39.2
35.0
44.1
45.5
41.7
44.5
39.9
46.7
43.7
3
Profits
before
tax
210.7
240.5
225.0
217.8
287.9
347.5
342.9
355.4
334.7
372.3
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
354.7
337.6
332.3
336.7
332.3
366.1
376.8
354.1
392.2
Tax
liability
77.2
94.0
96.5
106.5
127.1
137.0
141.3
136.7
124.0
140.5
58.7
82.2
83.8
97.6
116.6
135.2
146.2
134.2
133.7
121.3
122.9
127.0
125.0
136.4
144.1
131.8
149.7
Total
133.5
146.4
128.5
111.3
160.8
210.5
201.6
218.7
210.7
231.8
109.9
141.6
136.3
134.2
119.2
176.0
226.0
200.0
221.0
216.3
209.4
209.6
207.4
229.7
232.7
222.2
242.6
dends
81.2
82.7
92.4
109.8
106.2
115.3
134.6
149.3
146.5
149.3
72.5
84.2
83.4
97.4
111.0
106.3
121.0
141.3
151.9
150.6
146.2
145.1
143.9
143.6
146.6
151.1
r
155.9
Includes industries not shown separately.
Commerce, Bureau of Economic Analysis.
Soure(,. Department of
Undistributed
profits
52.3
63.8
36.1
1.6
54.6
95.2
67.1
69.4
64.2
82.5
37.5
57.4
52.9
36.9
8.2
69.7
105.0
58.7
69.1
65.7
63.2
64.5
63.4
86.2
86.1
71.1
86.6
Inventory
valuation
adjustment
_8.5
-4.1
.2
9.7
-14.5
-27.3
-17.5
-14.2
3.1
r
-7.4
-8.6
-7.6
3.5
-3.8
-10.7
-17.8
-31.7
-13.5
-21.2
6.7
9.9
-4.8
.7
-5.4
- 15.5
-9.7
r
i.o
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
According to revised estimates for the fourth quarter of 1992, nonresidential fixed investment in 1987 dollars rose
$12.2 billion (annual rate) and residential investment rose $11.0 billion. There was a $9.8 billion increase in
inventories, following an increase of $15.0 billion in the third quarter.
BILLIONS OF 1 987 DOUARS
BILUONS OF 1 987 DC
)HARS
900
900
SEASONALLY ADJUSTED ANNUAL RATES
800
r~^ X_r-'
S^\
700
/
400
^^
n
GROSS P RIVATE DOW ESTIC
Ih VESTMENT
/
"
X
,
500
r\\
^S
s
"^. -
s*'
800
^
700
-/
, / ~
- 600
<s
~'~\
.,-•'
**
_^^
500
\
NONRESID ENTIAL
FIXED INVESTMENT
s*
^-^^
400
400
R ESIDENTIAL
FIXE 3 INVESTME •V
300
300
200
100
* **,
^4**
^'
CHANGE IN BUSINESS
INVENTORIES
-._--
\
t'
*s
-100
\.-
•• %
-
0
,
'
1
\
1
200
-. — • -~ ""
f
\
1
1982
\
I
1983
1
1
!
1984
I
I I
1985
1
1
1
1986
1
1
1
1987
1
1
1
1988
1
1
1989
1
100
,'*-x \
111
0
i
I I
199!
1990
I
I I
-100
1992
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Bill'ons of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Period
Gross
private
domestic
investment
Nonresidential
Total
Total
Structures
Producers'
durable
equipment
Residential
Total
Nonfarm
1983
1984
1985
1986.
1987
1988 ...
1989
1990
1991
1992 '
599.5
757.5
745.9
735.1
749.3
773.4
784.0
739.1
661.1
712.6
595.1
689.6
723.8
726.5
723.0
753.4
754.2
732.9
670.4
707.6
420.8
490.2
521.8
500.3
497.8
530.8
540.0
538.1
500.2
515.0
160.3
182.8
197.4
176.6
171.3
174.0
177.6
179.1
157.6
146.8
260.5
307.4
324.4
323.7
326.5
356.8
362.5
359.0
342.6
368.2
174.2
199.3
202.0
226.2
225.2
222.7
214.2
194.8
170.2
192.6
4.4
67.9
22.1
8.5
26.3
19.9
29.8
6.2
-9.3
5.0
12.8
66.2
19.8
10.6
32.7
26.9
29.9
3.7
-9.6
2.6
19821983:
1984:
19851986:
19871988:
1989:
1990-
IV
IV
IV
IV
IV
IV
IV
IV
IV
503.5
669.5
756.4
763.1
705.9
793.8
785.0
769.5
680.0
548.4
640.2
708.4
732.9
725.9
733.9
764.1
744.6
706.8
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
529.3
173.2
162.6
189.5
198.3
170.4
177.9
175.7
179.8
173.2
244.0
287.0
320.1
327.2
325.0
332.7
363.1
356.9
356.1
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
177.5
-44.9
29.3
47.9
30.2
-20.1
59.9
20.9
24.9
-26.8
-46.2
32.3
50.8
28.0
-18.6
62.1
30.5
31.2
-25.6
1991:
I .. ..
646.0
649.5
672.0
676.9
671.1
669.8
671.4
669.3
507.0
503.0
498.7
492.1
166.8
162.2
153.0
148.4
340.2
340.8
345.8
343.7
164.1
166.9
172.6
177.3
-25.1
-20.4
.6
7.5
— 24.7
-24.5
-1.0
11.8
668.9
713.6
724.9
743.1
681.4
705.9
710.0
733.3
495.8
514.7
518.7
530.9
149.4
149.1
144.7
144.0
346.4
365.6
374.0
386.9
185.6
191.2
191.3
202.3
-12.6
7.8
15.0
9.8
-10.7
6.0
9.6
5.6
II
III
IV
1992:
I
11
III
IV'....
Source: Department of Commerce, Bureau of Kconomic Analysis.
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department October-November 1992 survey, business spending for new plant and
equipment is expected to rise 5.3 percent in 1993, following a rise of 3.6 percent in 1992.
BILLIONS OF DOLLARS (RATIO SCALE]
BILLIONS OF DOLLARS {RATIO SCALE]
600
600
500
500
400
300
NONMANUFACTURING-^
200
200
MANUFACTURING
100
100
2J2J
1
1984
1
1
1986
1
1 1
1988
I
I I
1989
1
1990
1 1
1991
t/SURVEYED QUARTERLY
I/SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
I
1992
I I
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Manufacturing
Period
All
industries
Total
Durable
goods
Nonraanufacturing
Nondurable
goods
Total >
Mining
Transportation
Public
utilities
Commercial
and
other
Total
nonfarm
business 2
Nonmanufacturing
Manufacturing
Total
Surveyed
quarterly
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992 4
1993*
324.73
326.19
321.16
373.83
410.12
399.36
410.52
455.49
507.40
532.61
528.39
547.39
576.55
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
173.48
182.57
58.93
54.58
51.61
64.57
70.87
65.68
68.03
77.04
82.56
82.58
77.64
74.07
76.08
69.75
69.39
65.74
75.04
82.01
72.28
73.03
86.41
101.24
110.04
105.17
99.41
106.49
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
373.91
393.97
15.81
14.11
10.64
11.86
12.00
8.15
8.28
9.29
9.21
9.88
10.02
9.25
9.97
12.67
11.75
10.81
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.66
23.65
23.75
47.17 120.41
53.58 ' 122.79
52.95 129.41
57.53 151.39
59.58 171.09
56.61 181.59
56.26 189.84
60.37 205.76
66.28 229.28
67.21 241.43
66.57 246.32
72.19 268.81
79.83 280.43
1991: I
II
534.27
525.02
526.59
529.87
190.83
186.52
177.48
179.06
80.99
79.31
74.94
76.40
109.84
107.20
102.55
102.66
343.44
338.50
349.10
350.81
9.94
10.08
10.09
9.99
22.98
22.87
22.56
22.29
67.01
65.09
66.52
67.42
243.51
240.46
249.94
251.11
190.83
18652
177 48
179.06
535.72
540.91
547.53
565.40
173.98
171.78
172.23
175.93
74.19
74.26
71.84
75.98
99.79
97.52
100.39
99.95
361.73
369.13
375.30
389.48
8.87
9.18
9.09
9.87
21.88
23.51
24.69
24.54
68.81
72.63
71.66
75.65
262.17
263.80
269.86
279.42
173.98
171.78
172.23
175.93
361.73
369.13
375.30
389.48
1993: I 4
II 4
576.07
591.20
183.93
185.40
77.30
75.87
106.63
109.52
392.14
405.80
10.97
10.36
23.47
26.77
77.70
79.62
280.00
289.05
183.93
185.40
ly 3
343.44
338.50
349 10
350.81
1992: I
II
III
IV 4 ....
Surveyed
annual-
392.14
405.80
m
IV
1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1384 survey, are no longer surveyed quarterly. See last column {"nonmanu/acturing- surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
10
358.77
363.08
359.73
418.38
454.93
447.11
461.51
508.22
563.93
591.96
587.93
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
173 48
182.57
230.09
239.11
242.38
278.77
302.05
309.16
320.45
344.77
380.13
399.34
405.12
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
373 91
393.97
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
59.35
59.54
3
Consists of forestry, fisheries, and agricultural services; medical services; professional sen-ices;
social services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in October-November 19,92, corrected tor
biases.
Source; Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In February, civilian employment rose by 380,000 and unemployment fell by 137,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS *
130
X
12
_
„ 12
UNEMPLOYME vlT
-
8
4
0
-
_— _^—""" ^
'— '
8
-
- 4
,
111(
1985
1986
1
1
t i 1 1 i 1 1 i i ii
1987
1 1 1 1 1 1 1 1 1 1 1
1988
1989
1,,,,, i < iiij i| || |
1990
1991
1
M M l l l l l l l
1992
0
1993
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Unemployment
Civilian employment
Civilian
1985
1986*
1987
1988
1989
1990
1991
1992
1992:
Feb
Mar ...
May
'July
Sept
Oci
Nov
Dec
1,676
1,697
1,706
1,706
1,737
1,709
1,688
1,637
1,564
1,566
113,226
115,241
117,167
119,540
121,602
123,378
125,557
126,424
126,867
128,548
102,510
106,702
108,856
111,303
114,177
116,677
119,030
119,550
118,440
119,164
111,550
113,544
115,461
117,834
119,865
121,669
123,869
124,787
125,303
126,982
100,834
105,005
107,150
109,597
112,440
114,968
117,342
117,914
116,877
117,598
3,383
3,321
3,179
3,163
3,208
3,169
3,199
3,186
3,233
3,207
97,450
101,685
103,971
106,434
109,232
111,800
114,142
114,728
113,644
114,391
5,997
5,512
5,334
5,345
5,122
4,965
4,657
4,860
5,767
6,116
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
4,210
2,737
2,305
2,232
1,983
1,610
1,375
1,504
2,323
3,354
64.0
64.4
64.8
65.3
65.6
65.9
66.5
66.4
66.0
66.3
57.9
59.5
60.1
60.7
61.5
62.3
63.0
62.7
61.6
61.4
192,469
192,607
192,745
192,881
193,025
193,190
193,356
193,513
193,683
193,847
194,026
1,585
1,585
1,577
1,574
1,570
1,568
1,566
1,566
1,552
1,531
1,517
127,770
128,133
128,320
128,613
128,868
128,918
128,970
128,840
128,618
128,896
129,108
118,547
118,849
119,095
119,154
119,080
119,290
119,346
119,290
119,239
119,595
119,828
126,185
126,548
126,743
127,039
127,298
127,350
127,404
127,274
127,066
127,365
127,591
116,962
117,264
117,518
117,580
117,510
117,722
117,780
117,724
117,687
118,064
118,311
3,213
3,194
3,206
3,186
3,244
3,207
3,218
3,221
3,169
3,209
3,262
113,749
114,070
114,312
114,394
114,266
114,515
114,562
114,503
114,518
114,855
115,049
6,166
6,142
6,030
6,181
5,921
6,069
6,099
6,096
6,151
6,230
6,063
9,223
9,284
9,225
9,459
9,788
9,628
9,624
9,550
9,379
9,301
9,280
3,172
3,185
3,072
3,349
3,432
3,547
3,547
3,522
3,564
3,446
3,605
66.1
66.2
66.3
66.4
66.5
66.5
66.4
66.3
66.1
66.2
66.3
61.3
61.4
61.5
61.5
61.4
61.4
61.4
61.3
61.3
61.4
61.5
194,159
194,298
1983
1984.
Resident
Armed
Forces
NSA
Labor force
including
resident
Armed
Forces
175,891
178,080
179,912
182,293
184,490
186,322
188,081
189,686
191,329
193,142
Period
Noninstituliona]
population
including
resident
Armed
Forces
NSA
1,515
1,512
128,598
128,839
119,586
119,963
127,083
127,327
118,071
118,451
3,191
3,116
114,879
115,335
5,887
6,242
9,013
8,876
3,317
3,143
66.0
66.0
61.3
61.4
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
Total
Agricultural
Total
Part time
for
economic
reasons 1
Total
15
weeks
and over
Labor
force
participation
rate
(percent) 2
Employment/
population
ratio
(percent)2
1993:
Feb
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutional population.
* Data beginning January 1986 not strictly comparable with earlier data because of change i
estimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
66-253 0 - 9 3 - 2
SELECTED UNEMPLOYMENT RATES
In February, the civilian unemployment rate fell to 7.0 percent from 7.1 percent in January.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED!
25
20
15
15
10
10
V
VV
MEN 20 YEARS
AND OVER
WOMEN 20 YEARS
AND OVER
M i n m i ! M 1111 n1 1 1 1 1 1 1 1 1 it 1 1 1
1993
1989
I 111 1
1 il M
1990
I I I I 1 I 1 1 11
1993
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
Unemployment
rate,
all
workers 1
1983
1984
1985
9.5
7.4
7.1
1986
1987
1988
1989
1990
1991
1992
Unemployment rate (percent of civilian labor force in group)
Men
20 years
and over
Women
20 years
and
over
8.9
6.6
8.1
6.8
6.9
6.1
5.4
5.2
5.4
6.6
7.3
7.5
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
6.2
6.1
5.4
4.8
4.5
4.9
6.3
7.0
6.6
6.2
5.4
4.9
4.7
4.8
5.7
6.3
9.6
By selected groups
By race
By sex and age
All
civilian
workers
Both
sexes
16-19
White
years
22.4
18.9
18.6
18.3
Black
and
other
Black
16.9
15.3
15.0
15.5
18.6
20.0
8.4
6.5
6.2
6.0
5.3
4.7
4.5
4.7
6.0
6.5
17.8
14.4
13.7
13.1
11.6
10.4
10.0
10.1
11.1
12.7
19.5
15.9
15.1
14.5
13.0
11.7
11.4
11.3
12.4
14.1
Experienced
wage and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
Fulltime
workers
Parttime
workers
10.4
9.3
9.3
9.1
8.4
7.6
7.3
7.4
8.3
9.2
10.9
8.6
8.1
7.9
7.1
6.3
5.9
6.2
7.6
8.3
12.2
10.3
10.4
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
9.8
9.2
8.1
8.1
8.2
9.1
9.9
9.5
7.2
6.8
6.6
5.8
5.2
4.9
5.2
6.5
7.1
9.2
7.1
6.8
6.6
Labor
force
time lost
(percent) 2
1992:
Feb
Mar
Apr
May ....
June ...
July ....
Aug ....
Sept ....
Oct
Nov ....
Dec
7.2
7.2
7.2
7.4
7.6
7.5
7.5
7.4
7.3
7.2
7.2
7.3
7.3
7.3
7.4
7.7
7.6
7.6
7.5
7.4
7.3
7.3
7.0
7.0
6.9
7.2
7.3
7.2
7.2
7.1
7.2
6.9
6.8
6.1
6.1
6.2
6.2
6.3
6.4
6.4
6.4
6.2
6.2
6.4
20.0
20.2
19.4
19.9
22.8
20.6
19.9
20.4
18.9
20.2
19.2
6.5
6.5
6.4
6.5
6.8
6.6
6.6
6.6
6.5
6.4
6.3
12.3
12.3
12.4
12.9
13.1
13.0
12.9
12.6
12.5
12.6
12.8
13.8
13.9
13.8
14.5
14.5
14.4
14.2
13.9
14.1
14.0
14.2
7.0
7.1
7.0
7.2
7.3
7.2
7.2
7.2
7.1
7.0
7.0
5.0
4.9
4.8
5.0
5.1
5.2
5.3
5.2
5.1
4.9
4.8
9.5
9.9
10.0
9.9
10.1
10.3
10.3
9.1
9.3
10.4
10.3
7.0
7.0
7.0
7.1
7.4
7.3
7.3
7.2
7.1
7.0
6.9
8.9
9.0
8.9
9.3
9.3
9.2
9.1
9.5
9.2
9.2
9.7
8.2
8.3
8.2
8.3
8.4
8.4
8.4
8.3
8.3
8.3
8.1
1993:
Jan
Feb
7.0
6.9
7.1
7.0
6.4
6.5
6.4
6.0
19.7
19.6
6.2
6.1
12.9
12.0
14.2
13.1
6.8
6.7
4.5
4.5
10.6
10.2
6.7
6.6
9.3
9.1
7.9
7.9
1
Unemployed as percent of total labor force including resident Armed Forces.
'' Aggregate hours lost by the unemployed and persons on part time for economic reasons as per-
12
cent of potentially available labor force hours.
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In February, the percentages of the unemployed who had been out of work for less than 5 weeks, for 5-14 weeks,
and for 27 weeks and over rose, while the percentage for 15-26 weeks fell. The mean duration of unemployment
fell to 18.3 weeks and the median duration fell to 8.2 weeks.
PERCENT DISTRIBUTION'
70
PERCENT DISTRIBUTION*
70
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
46.1
40.1
34.9
33.9
35.9
36.1
35.9
36.1
34.8
34.0
34.0
33.9
33.2
32.6
36.1
36.5
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
32.0
32.3
29.4
31.5
29.4
29.9
28.4
28.6
28.6
29.4
29.5
28.3
30.2
28.8
27.4
28.1
State
programs
Number of
weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
11.8
14.5
15.2
15.9
15.4
14.4
15.0
14.0
15.0
15.5
14.8
15.7
15.3
16.5
15.5
13.9
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
10.1
13.0
20.6
18.8
19.3
19.6
20.7
21.3
21.5
21.1
21.7
22.2
21.4
22.1
21.1
21.5
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.1
13.8
17.9
16.8
17.0
17.2
17.9
18.2
18.3
18.3
18.5
19.2
18.4
19.2
18.7
18.3
8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
5.4
6.9
8.8
8.2
8.1
8.6
8.8
8.7
8.6
8.9
9.3
9.3
9.4
9.4
8.5
8.2
Job
losers
Job
leavers
Reentrants
New
entrants
58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
48.3
54.7
56.4
57.1
57.0
56.6
57.3
56.4
56.3
56.3
56.5
58.5
55.9
55.4
54.0
52.3
7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.1
10.2
10.9
10.5
10.4
10.3
10.5
10.0
9.7
10.5
10.5
9.1
11.8
22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
27.4
24.8
23.7
23.7
23.8
23.2
23.1
23.1
23.4
23.4
23.6
23.5
23.6
24.1
26.1
25.9
11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.5
9.1
9.0
9.3
9.1
10.2
9.9
9.8
9.8
8.3
10.0
10.0
10.7
10.0
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 1
Weekly average, thousands
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992: Feb
Mar
May
July
Sept
Oct .. .
Nov
Dec
1993- Jan
Feb
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
9,223
9,284
9,225
9,459
9,788
9,628
9,624
9,550
9,379
9,301
9,280
9,013
8,876
1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Railroad (RR) programs included through 1991. Also includes
Federal and State extended benefit programs. Does not include Federal supplemental compensation
program.
4,061
3,396
2,476
2,611
2,650
2,332
2,081
2,158
2,522
3,342
3,245
3,326
3,337
3,340
3,314
3,279
3,304
3,178
3,168
3,035
2,937
2,783
2,715
2,640
583
438
377
396
378
328
310
330
388
447
408
452
440
413
408
414
433
387
402
365
359
341
353
343
4,594
3,775
2,561
2,693
2,746
2,401
2,135
2,205
2,575
3,406
3,339
4,199
4,102
3,626
3,193
3,141
3,118
3,115
2,814
2,537
2,670
3,065
3,419
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 365,000 in February.
MILL ONS OF PERSONS* (ENLARGED SCALE)
30
MILL ONS OF PERSONS*
_
no
^
^-r^~\
\
28
\
1
SERVICES
ALLNC3NAGRICULT JRAL
ES' ABLISHMENT S
100
26
-
^
1
24
90
-
,
22
\
80 —
-
RET* 11 TRADE
SER>/ICE-PRODUC ING
INDUSTRIES
20
L \
—
• —
70
18
*
~S~*
-
•*—
, r
GOVERNMf NT
60
16
I l l l l l l l l II
'
\
50
—.__
30
r-
CO NSTRUCTION
11 1 1 1 1 1 1 1 1 1 1 I l l l l l l l l l l
20
9
1989
niiilinii
1991
1990
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
Illllllllll
1992
|n
1993
N
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; l seasonally adjusted]
Service-producing industries
Goods-producing industries
Period
1983
1984
1985
Total
nonagricultural
employment
90,200
94,496
97,519
1986
1987
1988
1989
1990
1991
1992 r
99^525
102,200
105^536
108,329
109J82
108,310
108,437
Manufacturing
Total
2
23,334
24,727
24,859
24^558
24,708
Construction
Total
.Durable
goo s
Nondurable
goods
18,434
19,378
19,260
10,707
11,479
11 464
11,203
11,167
11,381
11,420
11,130
10,602
10339
7,726
7,899
7,796
7,761
25,173
3,948
4,383
4,673
4316
4,967
5,110
25,322
24^960
23,830
23^420
5,187
5433
4,685
4^595
18^965
19,024
19^350
19,442
19J17
18,455
18^190
Total
Transportation
and
public
utilities
Wholesale
trade
Retail
trade
5,286 • 15,595
5,574 16,526
17,336
5,736
17^909
5,774
7,858
7,969
8,022
7^988
7,852
7J851
72,660
74^967
77,492
80^363
83,007
84^822
84,480
85J017
4,954
5,159
5 238
5,255
5 372
5,527
5,644
5,808
5,772
5,742
5,865
6,055
6,221
6^200
6,069
5^983
18,462
19J077
19,549
19J677
19,259
19438
66,866
69,769
Finance,
insurance,
and real
estate
Government
Services
Total
Federal
6^283
6J547
6^649
6,695
6^729
6,678
6^672
19,694
20,797
21,999
23,053
24,235
25^669
27,120
28J103
28,323
28,903
16,693
17,010
17,386
17,779
18,304
18,380
18,579
2,971
2,988
3,085
2,966
2,969
5,468
5,689
5,955
15,869
16,024
16,394
2,774
2,807
2,875
2,899
2,943
1992:
Feb ....
Mar ....
Apr ....
May....
June ..
July ...
Aug ...
Sept ...
Oct ....
Nov ...
Dec r..
108,142
108,200
108,377
108,496
108,423
108,594
108,485
108,497
108,571
108,646
108,752
23,525
23,532
23,530
23,548
23,470
23,459
23,362
23,296
23,270
23,280
23,263
4,582
4,603
4,605
4,632
4,600
4,584
4,591
4,574
4,601
4,590
4,582
18,290
18,278
18,279
18,275
18,236
18,242
18,145
18,102
18,046
18,068
18,062
10,430
10,417
10,409
10,398
10,371
10,347
10,298
10,271
10,231
10,247
10,238
7,860
7,861
7,870
7,877
7,865
7,895
7,847
7,831
7,815
7,821
7,824
84,617
84,668
84,847
84,948
84,953
85,135
85,123
85,201
85,301
85,366
85,489
5,753
5,754
5,746
5,745
5,745
5,742
5,729
5,738
5,731
5,732
5,742
6,003
5,997
5,993
5,993
5,988
5,972
5,964
5,957
5,969
5,976
5,970
19,143
19,092
19,177
19,150
19,156
19,184
19,106
19,122
19,146
19,116
19,162
6,673
6,675
6,682
6,681
6,672
6,660
6,661
6,669
6,680
6,669
6,677
28,584
28,643
28,707
28,833
28,854
28,971
28,981
29,065
29,152
29,188
29,253
18,461
18,507
18,542
18,546
18,538
18,606
18,682
18,650
18,623
18,685
18,685
2,981
2,989
2,986
2,984
2,972
2,957
2,959
2,967
2,942
2,940
2,971
1993:
Jan r... 108,796
Feb".. 109,161
23,266
23,360
4,558
4,654
18,091
18,101
10,263
10,266
7,828
7,835
85,530
85,801
5,761
5,766
5,989
5,996
19,221
19,352
6,684
6,680
29,230
29,361
18,645
18,646
2,923
2,915
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived
from this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes, bad
14
weather, etc., even if they are not paid for the time off; and which are based on a sample of the
working-age population, whereas the estimates in this table are based on reports from employing
establishments.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY
EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross hourly earnings
Average weekly hours
Period
Total
private
nonagricultural l
Total
Average gross weekly earnings
Total private
nonagricultural 1
Manufacturing
Overtime
Current
dollars
Total private
nonagricuitura! 1
1982
dollars 2
Manufacturing
Current dollars
Current
dollars
1982
dollars 2
Manufacturing
Construction
Retail
trade
Percent change from a
year earlier, total
private
nonagricultural 3
Current
dollars
1982
dollars
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
35.0
35.2
34.9
34.8
34.8
34.7
34.6
34.5
34.3
34.4
40.1
40.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0
3.0
3.4
3.3
3.4
3.7
3.9
3.8
3.6
3.6
3.8
$8.02
8.32
8.57
8.76
8.98
9.28
9.66
10.01
10.33
10.59
$7.79
7.80
7.77
7.81
7.73
7.69
7.64
7.52
7.45
7.43
$8.83
9.19
9.54
9.73
9.91
10.19
10.48
10.83
11.18
11.45
$280.70
292.86
299.09
304.85
312.50
322.02
334.24
345.35
354.32
364.30
$272.52
274.73
271.16
271.94
269.16
266.79
264.22
259.47
255.64
255.47
$354.08
374.03
386.37
396.01
406.31
418.81
429.68
441.86
455.03
469.45
$442.97
458.51
464.46
466.75
480.44
495.73
513.17
526.01
533.02
536.18
$171.13
174.47
174.81
175.80
178.70
183.62
188.72
194.40
198.77
205.63
5.0
4.3
2.1
1.9
2.5
3.0
3.8
3.3
2.6
2.8
2.0
.8
-1.3
.3
-1,0
-.9
-1.0
-1.8
-1.5
-.1
1992- Feb
Mar
34.6
34.5
34.3
34.6
34.3
34.3
34.6
34.3
34.5
34.6
34.3
41.1
41.1
41.1
41.3
41.0
41.0
41.0
40.9
41.1
41.2
41.2
3.7
3.8
3.9
4.1
3.8
3.8
3.7
3.5
3.8
3.9
3.9
10.51
10.55
10.52
10.56
10.58
10.58
10.66
10.63
10.65
10.71
10.69
7.45
7.46
7.41
7.43
7.43
7.41
7.45
7.42
7.40
7.43
7.40
11.34
11.37
11.42
11.44
11.44
11.45
11.51
11.51
11.51
11.54
11.57
363.65
363.98
360.84
365.38
362.89
362.89
368.84
364.61
367.43
370.57
366.67
257.91
257.23
254.29
257.13
254.84
254.12
257.75
254.44
255.34
256.98
253.93
466.07
467.31
469.36
472.47
469.04
469.45
471.91
470.76
473.06
475.45
476.68
526.55
532.87
535.95
548.10
543.86
541.82
542.82
537.47
536.29
533.92
533.83
205.61
205.06
202.77
205.06
203.35
203.49
206.92
207.50
207.50
208.51
206.64
3.9
4.2
3.1
3.4
1.9
2.6
3.5
1.2
2.8
3.6
1.5
1.1
1.2
.1
.6
-1.0
.4
-1.7
-.3
.6
-1.4
34.5
34.5
41.4
41.5
4.0
4.2
10.73
10.75
7.40
7.39
11.59
11.64
370.19
370.88
255.30
254.90
479.83
483.06
526.68
538.08
207.94
209.96
3.2
2.5
.0
-.6
Apr
May
T!
July
Sept
Oct
Nov
Dec r
1993- Janr
Feb '
1
Also includes other private industry groups shown on p. 14.
2
Current dollar earnings divided by the consumer price index for urban wage earners and clerical
workers (on a 1982=100 base).
A
3
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 = 100)
Percent change from
3 months earlier
Period
Total
compensation
Wages and
salaries
Benefits '
Total
compensation
Wages and
salaries
12 months earlier
Benefits '
Total
compensation
Wages and
salaries
Benefits >
Not seasonally adjusted
1983198419851986'
19871988198919901991'
1992:
Dec
Dec
Dec
Dec
Dee
Dec
Dec
Dec
Dec
Dec
.
...
1.1
1.2
.6
.6
.6
1.0
.8
.7
.6
.6
1.3
1.4
.5
.6
1.0
1.0
1.2
1.0
.9
.8
1.4
1.3
1.0
.9
1.0
1.2
1.0
.8
2.0
1.5
1.5
1.5
5.2
5.2
4.9
4.6
4.2
4.5
4.2
4.0
7.2
6.9
6.8
6.6
111.3
113.3
115.1
116.7
1.1
1.2
1.1
.9
1.0
1.0
.7
.8
1.3
1.8
1.6
1.4
4.4
4.4
4.5
4.4
4.0
3.7
3.7
3.7
5.8
6.2
6.4
6.2
118.2
119.6
121.2
122.7
1.0
.7
.8
.9
.7
.5
.6
.7
1.3
1.2
1.3
1.2
4.2
3.7
3.4
3.5
3.4
3.0
2.7
2.6
6.3
5.5
5.2
5.2
80.1
84.0
87.3
90.1
93.1
97.6
102.3
107.0
111.7
115.6
81.4
84.8
88.3
91.1
94.1
98.0
102.0
106.1
110.0
112.9
76.7
81.7
84.6
87.5
90.5
96.7
102.6
109.4
116.2
122.2
103.8
105.1
106.2
107.2
103.2
104.4
105.4
106.2
105.1
106.7
108.3
109.9
108.4
109.7
110.9
111.9
107.3
108.4
109.2
110.1
113.0
113.8
114.7
115.7
110.9
111.5
112.2
113.0
1.3
1.3
.6
.7
.6
1.0
1.1
.8
.6
.7
Seasonal^f adjusted
1990- Mar
Sept
Dec
.
1991' Mar
Sept
Dec
1992- Mar
Sept
Dec
1
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the
influence of employment shifts among occupations and industries.
5.7
4.9
3.9
3.2
3.3
4.8
4.8
4.6
4.4
3.5
4.9
4.2
4.1
3.2
3.3
4.1
4.1
4.0
3.7
2.6
7.4
6.5
3.5
3.4
3.4
6.9
6.1
6.6
6.2
5.2
Not seasonally adjusted
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 1
Business
sector
Hours of 2all
persons
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Compensation per
hour 3
Business
sector
Nonfarm
business
sector
Unit labor costs
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1982=100; quarterly data seasonally adjusted
1985
1986
1987
1988
1989
1990
1991
1992 "
102.2
104.6
106.1
108.3
109.4
110.4
109.5
109.7
110.1
113.3
102.4
104.5
105.4
107.5
108.3
109.2
108.2
108.2
108.7
111.7
104.1
112.6
116.7
119.9
124.8
130.1
132.3
132.7
129.8
132.8
104.4
113.0
116.8
120.1
125.0
130.6
132.7
132.9
130.0
132.9
101.8
107.6
109.9
110.7
114.1
117.9
120.9
120.9
117.9
117.2
102.0
108.1
110.8
111.8
115.4
119.5
122.7
122.9
119.6
119.0
103.7
108.1
113.0
118.6
122.7
128.0
132.3
139.7
146.6
152.1
103.9
108.1
112.6
118.1
122.1
127.2
131.3
138.4
145.4
150.8
100.5
100.4
101.3
104.4
104.3
104.4
103.0
103.2
103.9
104.6
100.7
100.4
101.0
104.0
103.7
103.7
102.2
102.2
103.0
103.7
101.5
103.3
106.5
109.5
112.2
116.0
120.9
127.3
133.1
134.2
101.5
103.4
106.8
109.9
112.8
116.4
121.4
127.9
133.8
135.0
103.4
107.7
111.2
113.6
116.6
120.8
126.1
131.2
136.2
139.1
104.0
107.6
111.6
114.2
117.2
121.4
126.5
131.8
137.0
140.0
1982:
1983:
1984:
1985:
1986:
1987:
1988:
101.1
103.0
105.2
106.9
108.0
110.3
110.5
101.1
103.2
105.1
105.8
107.1
109.1
109.6
100.0
107.5
114.4
118.0
120.6
127.4
131.7
100.0
108.1
114.8
118.2
120.8
127.6
132.5
98.9
104.3
108.7
110.4
111.6
115.5
119.2
98.9
104.7
109.2
111.7
112.8
116.9
120.9
102.1
105.2
109.7
115.4
120.6
125.3
130.2
102.1
105.1
109.7
114.8
120.1
124.6
129.3
100.6
100.4
100.6
102.2
105.3
104.8
104.3
100.6
100.3
100.5
101.6
104.9
104.2
T
103.7
101.0
102.1
104.3
108.0
111.6
113.6
117.8
101.0
101.8
104.4
108.4
112.1
114.2
118.0
101.1
104.8
109.0
112.4
114.6
117.9
122.8
101.4
105.2
109.0
112.9
115.2
118.5
123.4
109.2
109.3
109.4
110.2
109.8
109.7
109.3
109.8
110.3
111.2
112.3
112.6
113.5
114.8
108.0
108.0
107.9
108.6
108.1
108.1
107.9
108.4
108.9
109.6
110.6
111.1
111.8
113.1
132.3
132.3
133.1
133.7
132.5
131.3
129.2
129.5
130.0
130.6
131.4
131.9
133.0
135.0
132.7
132.7
133.5
134.0
132.7
131.5
129.4
129.7
130.2
130.7
131.5
132.0
133.2
135.0
121.1
121.1
121.7
121.4
120.7
119.8
118.1
117.9
117.8
117.5
117.0
117.2
117.2
117.5
122.9
122.8
123.7
123.4
122.8
121.6
119.9
119.7
119.6
119.3
118.9
118.9
119.1
119.3
132.7
134.3
136.2
138.9
141.0
142.9
144.1
146.1
147.5
148.8
150.3
151.0
152.7
154.3
131.6
133.3
134.9
137.5
139.6
141.6
143.0
145.0
146.4
147.5
148.9
149.8
151.4
153.0
102.7
* 103.0
T
102.5
T
103.5
103.4
' 103.1
r
103.0
103.9
104.2
r
104.3
r
104.4
104.1
104.6
104.9
101.9
102.2
101.6
102.5
102.4
r
102.2
r
102.2
103.1
103.4
r
103.4
103.5
103.3
103.7
104.0
121.4
122.9
124.5
126.0
128.4
130.3
131.8
133.1
133.7
133.8
133.8
134.1
134.5
134.4
121.9
123.3
125.0
126.6
129.1
131.0
132.5
133.8
134.4
134.6
134.6
134.9
135.3
135.2
126.7
127.8
129.1
130.6
131.9
133.3
134.9
136.0
136.7
137.3
138.2
139.0
138.9
140.3
127.1
128.2
129.6
131.1
132.5
134.1
135.7
136.6
137.5
138.3
139.1
139.9
139.9
141.2
1.5
1.9
3.0
2.8
2.5
3.3
4.2
5.3
4.6
.8
4.9
4.9
1.5
1.9
3.3
2.9
2.6
3.2
4.3
5.4
4.6
.9
3.4
4.1
3.3
2.2
2.6
3.6
4.4
4.1
3.8
2.1
4.3
4.9
5.3
5.0
7.8
5.9
4.8
3.9
1.9
.2
.1
.9
1.2
-.5
5.6
5.1
8.2
5.8
4.6
4.0
2.0
.6
.1
.8
1.3
-.4
3.2
3.6
4.2
4.7
4.2
4.2
4.0
3.5
3.7
2.4
2.6
3.6
4.2
4.2
4.0
2.2
3.3
3.5
1983
1984
IV
IV
IV
IV
IV
IV
IV
1989: m ....
IV
1990: I
n
m ....
IV
1991: I
n
m ....
IV
1992: I
n
m ....
IV"..
r
Percent change; quarterly data at seasonally adjusted annual rates
1983
1984
1985
1986
1987
1988....
1989
1990
1991
1992 " .
1989: m ....
IV
1990: I
n
m ....
IV
1991: I ....'...
n
m ....
rv
1992:
I
n
m ....
IV"..
2.2
2.3
1.4
2.0
1.0
.9
-.8
.3
.3
2.9
-1.6
.2
.4
2.9
-1.4
-.5
-1.1
1.6
1.9
3.3
3.9
1.0
3.3
4.9
2.4
2.1
.8
1.9
.8
.9
-1.0
.0
.5
2.8
-.7
.3
-.5
2.5
-1.7
.1
-.7
1.7
1.9
2.5
3.7
1.7
2.9
4.8
4.1
8.2
3.6
2.8
4.1
4.3
1.7
.2
22
2.3
4.4
8.2
3.4
2.8
4.1
4.4
1.7
.1
-2.2
2.2
-.6
.1
-.3
.2
2.2
1.6
-3.7
-3.6
2.6
1.8
-3.6
-3.5
-6.4
.9
1.6
2.0
2.3
1.6
3.6
5.9
-6.1
.9
1.5
1.6
2.3
1.7
3.5
5.7
1.8
5.7
2.1
.7
3.1
3.3
2.6
-.0
-2.5
-.6
1.0
-.1
2.0
6.0
2.5
.9
3.3
3.5
2.7
.1
9 fi
-.5
.4
— .1
3.7
4.2
4.5
4.9
3.5
4.3
3.4
5.6
4.9
3.7
3.2
5.1
2.2
— 1.1
-2.3
-3.0
-5.3
-.7
-.3
-1.3
2.8
-.9
21
-3^7
-5.5
-.8
3
-.9
-1.3
.1
.6
.9
5.8
8.0
6.3
5.4
5.0
7.8
6.4
5.9
3.9
5.8
3.9
3.1
3.8
2.4
4.2
4.3
-1.5
.6
.2
.9
1
Output refers to gross domestic product originating in the sector in 1987 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers- Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
* Hourly compensation divided by the consumer price index for all urban consumers (CPI-U).
16
0.5
3.9
4.0
4.2
4.9
3.4
4.1
3.2
5.4
5.1
3.7
3.6
5.6
3.9
3.5
4.0
1.9
4.5
4.4
8
J
.9
3.0
-.1
.1
— 1.4
.2
.7
.7
r
.2
r
l.l
3.6
5.2
r
-1.6
r
4.0
r
4
-1.4
-.l
r
3.4
1.1
r
.3
r
.6
r
-1.2
r
-1.8
1.2
r
0.7
-.3
.6
3.0
-.2
.0
-1.5
0
.8
.7
r
.6
1.2
r
-2.3
r
3.7
r
-.3
-.9
M
r
3.5
1.2
r
-.l
r
.4
r
-.G
r
1.5
1.1
r
4.8
3.2
2.3
1.6
2.6
2.4
-.2
4.0
4.2
4.7
4.5
4.8
4.9
2.7
2.7
2.2
2.4
2.5
-.3
3.9
Current dollar gross domestic product divided by constant dollar gross domestic product.
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.
"Data do not reflect GDP revisions of March 26, 1993.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization rose in February.
INDEX, 1987 = 100* (RATIO SCALE)
INDEX, 1987 = 100* (RATIO SCALE)
120
135
115
130
TOTAL INDUSTRIAL PRODUCTION
FINAL PRODUCTS
~**\
"*^
^r^^<^~~^/~
125
120
N^^l^ —"
^ \
-^-^
115
100
95
"V
•S ^\f
f^
\
110
1 1 1 M 1I 1 1 11
i j f 1 1 11 1 1 11
1 1 M II If M 1
^--
i i M i i 1 1 1 1 1 1 1 1 1 1! 1 1 1 1 1
.-*'
105
' — "\.
100
95
T
BUSINESS
EQUIPMENT
1
.'
-- —
./< f ' '
^
\ 1
CONSUMER
GOOD:
-.'•"'DEFENSE
AND SPACE
EQUIPMENT
"\.
ta
"x
*x
1
|
1 1 1 1 i"r tiiiiliini
llHIl
105
1989
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
Index,
1987 = 100
Capacity utilization
rate, percent l
Industry production indexes, 1987 = 100
Total
industrial
production
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
84.9
92.8
94.4
95.3
100.0
105.4
108.1
109.2
107.1
r
108.8
3.7
9.3
1.7
1.0
4.9
5.4
2.6
1.0
19
r
1.6
80.9
89.3
91.6
94.3
100.0
105.8
108.9
109.9
107.4
109.7
76.8
88.4
91.8
93.9
100.0
107.6
110.9
111.6
107.1
108.5
87.0
90.8
91.5
94.9
100.0
103.6
106.4
107.8
107.9
111.2
104.8
111.9
109.0
101.0
100.0
101.8
100.5
102.6
101.1
98.9
93.6
97.0
99.5
96.3
100.0
104.4
107.1
108.0
109.2
107.9
75.8
81.1
80.3
79.2
81.4
84.0
84.2
83.0
79.4
78.8
74.9
80.4
79.5
79.0
81.4
83.9
83.9
82.3
78.2
77.8
Dee r
107.2
107.6
108.1
108.9
108.5
109.4
109.1
108.9
109.7
110.4
110.8
1.4
2.5
2.5
2.3
1.1
1.2
1.0
.5
1.2
2.1
3.2
108.1
108.5
109.0
109.9
109.6
110.2
110.1
109.8
110.6
111.3
111.6
107.0
107.0
107.6
109.1
108.5
109.0
109.2
108.2
109.5
110.2
110.8
109.6
110.4
110.7
110.9
111.0
111.7
111.3
111.8
112.0
112.7
112.7
98.4
97.5
99.1
99.7
98.0
100.6
98.8
98.3
98.8
99.4
98.7
106.4
107.7
108.2
107.3
106.7
109.3
108.8
110.2
110.7
112.4
114.2
78.3
78.4
78.7
79.1
78.6
79.1
78.8
78.6
79.0
79.4
79.5
77.4
77.5
77.7
78.2
77.8
78.1
77.9
77.5
77.9
78.3
78.4
1993- Jan r
Feb"
111.3
111.8
4.4
4.3
112.5
112.8
112.0
112.4
113.2
113.4
98.4
96.4
112.2
116.3
79.7
79.9
78.8
78.9
1983
1984
1985
1986
1987 .
1988
1989....
1990
1991 ....
1992 "
1992: Feb
Mar
May
July
Sept
Oct
Nov *
.,
1
Output as percent of capacity.
i
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; monthly data seasonally adjusted]
Materials
Products
Intermediate products
Final products
Equipment
Consumer goods
Period
Total
Total
Durable
goods
Nondurable
goods
Total '
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Energy
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992 "
83.0
91.0
94.2
95.7
100.0
105.6
109.1
110.9
109.6
111.0
88.8
92.8
93.7
96.8
100.0
104.0
106.7
107.3
107.5
110.3
79.7
91.0
91.6
94.5
100.0
104.9
107.9
106.2
102.3
108.0
91.9
93.4
94.4
97.6
100.0
103.7
106.4
107.6
109.0
110.9
76.8
89.2
94.8
94.5
100.0
107.6
112.3
115.5
112.2
112.0
71.9
85.4
91.1
93.2
100.0
111.8
119.1
123.1
121.5
124.5
71.8
78.9
89.4
96.0
100.0
98.0
97.4
97.3
91.1
83.0
80.3
86.2
88.3
92.0
100.0
104.4
106.8
107.7
103.4
104.4
80.2
86.2
89.1
93.8
100.0
104.4
106.1
105.2
96.0
97.4
80.3
86.2
87.7
90.7
100.0
104.4
107.3
109.4
108.4
109.3
88.3
96.6
96.6
95.9
100.0
105.6
107.4
107.8
105.5
107.5
98.9
103.8
103.4
99.4
100.0
101.8
101.4
102.1
102.3
101.3
1992- Feb
Mar
Sept
Oct
Nov '.
Dec '
109.4
109.8
110.6
111.4
110.5
111.0
111.5
111.2
112.4
113.1
113.9
108.8
109.3
110.1
110.8
109.6
110.4
110.8
110.7
111.9
112.6
113.5
105.3
106.2
107.9
111.1
109.2
108.6
109.2
106.9
108.1
108.9
111.6
109.8
110.2
110.7
110.7
109.7
110.8
111.2
111.7
112.9
113.7
114.0
110.2
110.4
111.3
112.3
111.6
111.8
112.5
111.9
113.0
113.7
114.5
121.0
121.5
123.0
124.5
124.1
124.4
125,9
125.4
126.8
127.8
128.9
86.2
85.6
84.7
84.2
83.6
82.7
81.8
81.1
80.5
79.7
79.2
104.0
104.4
103.9
104.4
104.4
105.1
104.4
104.5
105.5
105.7
106.1
96.0
96.7
96.5
97.8
97.2
98.6
98.5
97.1
98.5
98.8
98.0
109.6
109.7
109.0
109.0
109.4
109.7
108.5
109.6
110.4
110.5
111.8
105.8
106.1
106.8
107.7
107.6
109.0
108.1
107.9
108.2
109.0
108.9
100.5
100.1
101.3
101.3
100.6
102.9
100.9
102.0
102.0
102.4
102.3
Jan '
Feb p
114.6
114.9
113.9
114.6
113.9
114.5
113.9
114.7
115.4
115.2
130.5
130.9
78.3
77.6
106.1
106.7
98.3
99.0
111.5
112.1
109.5
110.0
101.3
102.0
May
July
1993:
1
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987—100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Transportation
equipment
Primary metals
Period
Total
Iron
and
steel
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber and
products
el
products
Printing and
publishing
Chemicals
and
products
Foods
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992 "
91.0
102.4
101.8
93.8
100.0
110.3
109.2
108.4
99.5
103.2
96.1
105.9
104.5
90.8
100.0
113.8
109.3
109.9
98.0
104.3
85.5
93.3
94.5
93.8
100.0
106.2
107.2
105.9
100.4
101.6
64.3
80.8
86.8
90.4
100.0
113.8
121.8
126.5
123.5
127.2
80.3
94.1
93.1
94.3
100.0
106.5
109.5
111.4
110.1
111.9
72.7
83.1
91.8
96.9
100.0
105.0
107.2
105.5
98.6
97.4
74.5
90.6
99.0
98.5
100.0
105.5
104.9
96.8
90.4
98.7
79.9
86.0
88.0
95.1
100.0
104.6
103.0
101.6
94.2
98.5
93.8
95.7
92.6
96.3
100.0
102.2
104.3
98.8
96.2
97.7
79.0
84.5
87.6
90.7
100.0
103.6
108.5
111.9
112.3
113.3
87.5
91.4
91.4
94.6
100.0
105.4
108.5
110.3
110.9
117.1
90.1
92.1
94.9
97.4
100.0
102.8
105.5
107.6
108.6
110.0
1992: Feb
Mar
102.7
101.4
100.9
102.0
102.1
105.6
1043
102.0
104.2
105.3
104.3
103.7
102.5
100.9
102.2
101.8
106.4
104.4
103.0
106.3
107.2
106.5
100.5
100.0
100.6
102.2
102.2
102.6
102.5
101.3
102.9
103.4
103.5
121.9
122.9
124.1
126.7
126.4
127.8
129.3
129.1
130.4
131.7
133.8
110.7
110.9
111.0
112.3
112.2
112.6
113.0
112.1
112.7
114.6
113.5
96.8
96.5
98.0
99.6
98.2
96.7
97.0
95.6
97.5
97.5
99.5
93.8
94.2
98.5
102.7
100.4
97.7
99.4
97.2
101.2
102.4
107.4
98.8
99.2
97.2
97.4
95.4
99.8
98.9
96.7
100.8
102.3
100.4
97.7
97.8
98.0
99.0
98.1
99.4
97.6
97.6
97.2
97.8
97.9
114.4
113.8
113.7
113.4
113.0
112.3
111.4
113.2
113.4
113.6
114.9
113.4
114.8
115.8
117.0
117.5
118.0
117.6
118.3
118.7
119.9
119.0
109.6
110.2
109.6
109.3
109.0
109.8
110.6
110.2
111.2
111.5
111.0
107.9
107.5
110.7
110.3
103.6
104.2
135.4
136.7
114.8
116.5
101.2
100.1
112.4
111.0
103.2
102.3
97.7
97.4
114.5
114.7
119.5
120.3
112.0
112.1
May
July
Sept
Oct
Nov '
Dec r
..
1993- Jan '
Feb''
Source: Board of Governors of the Federal Reserve System.
18
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
Period
Tola] ne\v
construction
expenditures
Residential
Total
New housing
units
Total '
Commercial
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(1987 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
294.9
348.8
377.4
407.7
419.4
432.3
443.4
442.1
401.0
426.0
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
231.5
278.6
299.5
323.1
328.7
337.5
345.3
334.2
290.7
307.4
125.5
153.8
158.5
187.1
194.7
198.1
196.6
182.9
157.8
183.2
57.7
74.0
89.8
84.4
84.0
88.0
94.3
96.4
77.0
64.0
94.6
113.8
114.7
133.2
139.9
138.9
139.2
128.0
110.6
130.0
48.2
50.8
51.3
51.6
50.1
51.5
54.5
54.9
55.8
60.2
63.5
70.2
77.8
84.6
90.6
94.8
98.1
107.9
110.2
118.6
75
83
91
96
100
101
105
95
89
96
r 95
Annual rates
Sept
Oct
Nov
Dec
1993: Jan"
Feb"
2
3
292.5
294.8
301.1
309.8
307.0
312.2
305.8
302.0
308.8
312.2
314.2
316.5
169.5
169.8
172.7
182.6
182.9
184.6
181.2
184.2
186.3
188.7
191.5
194.8
122.0
123.3
125.9
128.8
128.1
128.7
126.9
129.1
131.4
134.9
137.4
140.6
65.8
66.7
69.1
65.9
63.6
66.8
63.5
57.9
61.2
62.6
63.1
61.0
57.2
58.3
59.4
61.2
60.5
60.7
61.2
59.8
61.2
61.0
59.6
60.7
114.6
117.0
120.4
117.8
121.0
114.5
119.9
117.6
120.5
118.3
118.7
119.9
430.8
May.
July
1
Annual rales
407.1
411.8
421.5
427.6
428.0
426.7
425.7
419.6
429.3
430.5
432.8
436.4
1992- Jan..
Feb
Mar.
756
955
1,097
1,016
1,019
973
961
783
577
544
316.8
196.9
141.0
59.3
60.6
114.0
ioo
99
99
r
91
94
r
95
93
r
96
r
!05
r
97
r
94
r
!01
95
481
533
496
484
423
512
504
512
463
546
510
511
443
479
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Units started, by type of structure
Period
Total
J unit
2-4 units
5 or more units
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1,199.7
1985
1986
1987
1988
1989
1990
1991 .
1992 '
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
1,164
1,285
1,318
1,095
1,197
1,141
1,106
1,229
1,218
1,226
1,226
1,286
1983
1984
976
1,137
1,050
939
1,019
994
961
1,038
1,045
1,079
1,089
1,133
28
25
51
28
32
40
25
31
28
18
28
32
160
123
217
128
146
107
120
160
145
129
109
121
1,178
1,208
1,061
1,052
25
31
92
125
113.5
121.4
93.4
84.0
65.3
58.8
55.2
37.5
35.6
30.7
522.0
544.0
576.1
542.0
408.7
348.0
317.6
260.4
137.9
139.0
Units
authorized
Units
completed
Homes sold
Homes for
sale at end of
period J
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
623
639
688
750
671
676
650
534
509
609
301
353
346
357
366
368
365
321
284
265
1,106
1,146
1,094
1,058
1,054
1,032
1,080
1,076
1,125
1,139
1,126
1,201
1,058
1,110
1,120
1,079
1,194
1,181
1,234
1,133
1,128
1,137
1,229
1,218
676
628
552
552
552
584
622
625
672
637
r
615
652
281
268
279
274
273
273
271
270
267
264
'262
265
1,180
1,138
1,128
569
595
Vacancy rate
for rental
housing units
(percent) 2
267
271
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,105.9
5.7
5.9
6.5
7.3
7.7
7.7
7.4
7.2
7.4
7.4
Seasonally adjusted annu al rates
1992: Jan .
Feb
Mar
May
July
Sept
Oct
Nov
Dec '
1993: Jan r
Feb"
.
1
Seasonally adjusted,
2
Quarterly data entered in last month of quarter. Series beginning 1989 not compi rable with
irlier data.
7.4
7.7
7.3
7.1
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In January, manufacturing and trade sales fell 0.2 percent and inventories were about unchanged. In February,
according to advance data, retail sales rose 0.3 percent, following a rise of 0.1 percent in January. (Retail series
revised.)
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
1,000
900
_—-—1—
800
,
250
\
MX vNUFACTURII-4GAND
T iADE INVEN1 ORIES
70
0
P-—'—•r—•"" -"
^
\
600
s
~^-
^.^ —, s.
500
-""'
\
150
>_/""" •"-
\
M, kNUFACTURIh•IG
AN D TRADE SAl ES
RETAIL SALES
400
,
•
Minium
mill
,
300
RATIO *
1.80
INVENTORY-SALES RATIO
1.70
1.60
200
1.50
MANUFACTURING
1.40
1 1 II 1 1 1 1 1 1 i 1 1 1 1 1 1 1 1 1 1 1 l i m l l l l l l
1990
1989
1 1 1 1 1 11 1 1 1 1 | M M 1 1 1 1 1 1
1992
1991
AND TRADE
imill
1.30
1993
1989
1990
1991
1992
1993
COUNCIL OF ECONOMIC ADVISERS
Manufacturing and
trade '
Wholesale
Sales
Inventories 3
Inventories 3
Sales 2
Period
2
Inventory-sales ratio 4
Retail
Sales
2
Inventories 3
Total
Nondurable goods
stores
Durable
goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade 1
Retail
Millions of dollars, seasonally adjusted, except as noted
370,501
411,427
423,940
431,786
459,107
496,928
523,610
542,812
535,733
557,199
1983
1984
1985
1986
1987
1988 r
1989 r
1990 r
1991 '
1992 r
1992:
Jan T
Feb r
Mar T
Apr r
May r
June r
July r.,..
Aug '
Sept r.
Oct '
Nov r
Dec r.
1993: Jan*
Feb"
1
591,858
651,527
665,837
664,654
711,745
767,710
813,762
837,244
830,640
844,381
100,440
113,502
114,816
116,326
124,340
135,254
144,039
149,204
145,135
149,497
131,663
144,223
149,155
155,445
165,814
180,717
188,635
196,917
198,712
204,808
97,514
107,243
114,586
120,803
128,442
138,133
146,847
154,149
155,456
163,535
32,571
37,873
41,510
45,057
47,989
52,469
54,873
55,919
54,492
58,758
64,943
69,369
73,075
75,746
80,453
85,664
91,974
98,230
100,965
104,777
147,833
167,812
181,881
186,510
207,836
219,597
238,343
241,476
245,885
260,647
68,856
79,074
88,315
89,983
105,481
112,505
121,448
121,338
119,828
131,549
78,977
88,738
93,566
96,527
102,355
107,092
116,895
120,138
126,057
129,098
1.56
1.53
1.55
1.55
1.50
1.50
1.53
1.53
1.55
1.51
1.44
1.49
1.52
1.56
r
1.56
1.54
1.59
1.56
1.55
1.55
537,863
545,464
547,169
548,873
548,316
556,514
561,233
554,705
560,785
563,289
566,533
578,573
826,973
828,163
829,717
832,204
831,625
835,627
838,975
840,815
839,199
840,961
841,988
844,381
145,651
146,366
146,867
146,947
145,555
148,129
151,701
150,467
150,736
151,295
151,082
152,391
198,320
199,416
198,677
198,432
197,397
200,205
200,500
201,074
199,925
201,713
203,827
204,808
158,965
161,200
159,618
160,177
161,282
161,133
162,316
163,224
164,211
167,603
167,291
169,155
56,296
57,814
57,068
57,124
57,553
57,777
58,352
58,369
59,172
61,051
60,610
61,873
102,669
103,386
102,550
103,053
103,729
103,356
103,964
104,855
105,039
106,552
106,681
107,282
244,219
245,492
247,801
251,566
250,942
252,568
254,984
254,145
254,884
255,540
256,895
260,647
118,641
119,930
122,476
125,405
125,217
125,844
127,018
127,334
126,900
127,760
128,884
131,549
125,578
125,562
125,325
126,161
125,725
126,724
127,966
126,811
127,984
127,780
128,011
129,098
1.54
1.52
1.52
1.52
1.52
1.50
1.49
1.52
1.50
1.49
1.49
1.46
1.54
1.52
1.55
1.57
1.56
1.57
1.57
1.56
1.55
1.52
1.54
1.54
577,208
844,236
155,013
204,603 '169,351
169,818
107,229
108,117
261,558
132,232
129,326
1.46
1.54
See page 21 tor manufacturing.
2
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.
' Seasonally adjusted, end of period.
* Annual data are averages of seasonally adjusted monthly ratios.
20
r
62,122
61,701
r
Note. — Retail sales have been revised beginning 1987 and retail inventories revised beginning
1988. Total manufacturing and trade safes and inventories have been revised to reflect the retail
trade revisions.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In January, manufacturers' shipments, inventories, and new orders fell, while unfilled orders rose. In February,
according to advance data, manufacturers' durable goods shipments and new orders rose.
BILLIONS OF DOUARS* (RATIO SCALE)
280
SHIPMENTS
240
BILLIONS OF DOLLARS* (RATIO SCALE)
200
360
440
TOTAL
-\
TOTAL
-DURABLE GOODS
160
280
\
----- •
120
\
200
\
DURABLE GOODS
NONDURABLE GOODS
160
80
^ff
— —
120
60
240
NEW ORDERS
_^
_^
60
V"
"
200
TOTAL
160
120
'
80
BILLIONS OF DOLLARS* (RATIO SCALE)
280
J—- - v— t —
\ GOODS
NON DURABLE
1 M 1 ill 1 Ml Illllllllll Illllllllll Illllllllll 1 1 1 I H 1 I U I
DURABLE GOODS
RATIO*
•
,1 ../»--..*
v -^•ff" -•
-_,-- —• — -^
^-•s
INVENTORY-SHIPMENTS RATIO
1.80
NONDURAB .E GOODS
80
-S~~-\N
~/|
V
" "
^ 1
1.40
60
Illllllllll
||m|
1990
1989
|
|m||
Illllllllll
1992
1991
1.20
Illllllllll
1989
1993
|
|||N|
1990
|||M|
1991
1992
|
1993
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments l
Manufacturers' new orders 1
Manufacturers' inventories z
Durable goods
Period
Total
Durable
goods
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Total
Total
Capital
goods
industries,
non-defense
Nondurable
goods
Manufacturers'
unfilled
orders 2
Manufacturers'
inventory —
shipments
ratio 3
Millions of dollars, seasonally adjusted, except as noted
1983
1984 .
1985
1986 ....
1987
1988
1989
1990
1991
1992 '
1992: Jan
Feb
Mar
May
July
Sept
Oct. .
Nov
Dec '
1993- Jan "
Feb"
172,547
190,682
194,538
194,657
206,326
223,541
232,724
239,459
235,142
244,167
85,481
97,940
101,279
103,238
108,128
117,993
121,703
122,387
118,548
124,865
87,066
92,742
93,259
91,419
98,198
105,549
111,022
117,072
116,593
119,302
312,362
339,492
334,801
322,699
338,095
367,396
386,784
398,851
386,043
378,926
199,831
221,304
218,211
212,027
220,786
241,356
255,911
259,746
246,966
235,360
112,531
118,188
116,590
110,672
117,309
126,040
130,873
139,105
139.077
143,566
175,451
192,879
195,706
195,204
209,389
227,026
235,905
240,417
233,774
241,461
88,140
100,164
102,356
103,647
110,809
121,445
124,906
123,324
117,063
122,186
19,624
23,669
24,545
23,983
26,095
30,729
32,725
32,227
29,862
30,542
87,311
92,715
93,351
91,557
98,579
105,581
110,999
117,093
116,712
119,275
347,272
373,524
387,087
393,403
430,287
471,942
510,112
521,811
505,631
472,751
1.78
1.73
1.73
1.68
1.59
1.58
1.64
1.65
1.67
1.57
233,247
237,898
240,684
241,749
241,479
247,252
247,216
241,014
245,838
244,391
248,160
257,027
118,698
121,991
123,503
123,483
122,344
125,831
124,789
123,364
125,346
125,162
128,105
134,010
114,549
115,907
117,181
118,266
119,135
121,421
122,427
117,650
120,492
119,229
120,055
123,017
384,434
383,255
383,239
382,206
383,286
382,854
383,491
385,596
384,390
383,708
381,266
378,926
245,754
244,395
243,787
242,512
242,447
241,891
241,258
242,036
240,550
239,390
237,542
235,360
138,680
138,860
139,452
139,694
140,839
140,963
142,233
143,560
143,840
144,318
143,724
143,566
232,467
233,388
237,606
240,771
238,696
244,542
242,307
236,880
239,951
244,777
243,426
258,264
118,011
117,750
120,187
122,393
119,808
123,164
119,861
119,376
119,801
125,302
123,271
135,208
30,093
29,463
32,163
29,901
30,469
30,953
29,296
28,153
30,571
31,665
28,597
34,044
114,456
115,638
117,419
118,378
118,888
121,378
122,446
117,504
120,150
119,475
120,155
123,056
504,851
500,341
497,263
496,285
493,502
490,792
485,883
481,749
475,862
476,248
471,514
472,751
1.65
1.61
1.59
1.58
1.59
1.55
1.55
1.60
1.56
1.57
1.54
1.47
252,844
' 130,447
133 819
122,397
378,075
234,091
143,984
254,882
30,355
34,715
122,821
474,789
1.50
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
T
132,061
135,004
r
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In February, the producer price index for all finished goods rose 0.4 percent. Prices of finished consumer foods fell
0.1
percent and prices of other finished consumer goods rose 0.7
percent. Capital equipment prices rose
0.5
percent.
INDEX, 1982 - 100 (RATIO SCALE)
INDEX, 1982 - 100 (RATIO SCALE)
5EASONAILY ADJU5ta>
FINISHED GOODS PRICES
)30
130
CONSUMER FOODS
120
120
CAPITAL EQUIPMENT
,
110
110
,.' \
TOTAL
CONSUMER GOODS
EXCLUDING FOODS
.
,*'
100
100
90
i u 1 1 1 1 1 11
1985
i i 1 1 1 I 1 1i
1987
1986
1 1 1 t 1
1 t 1 t 1
1 1 M 1
1988
1 1 1 11
1 M 1 1
1989
t 1 1 M
1990
1 M 1I
1991
SOURCE: DEPARTMENT OF LABOR
90
1 1 1 11
1992
1993
COUNCIL OF ECONOMIC ADVISERS
[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
1983 ..
1984
1985 ..
1986
1987
1988
1989 ..
1990
1991
1992 p
1992: Feb
Mar
Apr
Mav
^ •>
June
July
Auc
Sept
Get '
Nov
Dec
101.6
103.7
104.7
103.2
105.4
108.0
113.6
119.2
121.7
123.2
122.2
122.5
122.8
123.2
123.5
123.5
123.6
123.9
123.9
123.7
123.8
101.0
105.4
104.6
107.3
109.5
112.6
118.7
124.4
124.1
123.2
123.1
123.0
122.6
122.5
122.8
122.7
123.6
124.1
124.0
123.4
125.0
101.8
103.2
104.6
101.9
104.0
106.5
111.8
117.4
120.9
123.1
121.9
122.3
122.7
123.2
123.6
123.7
123.5
123.7
123.8
123.6
123.3
101.2
102.2
103.3
98.5
100.7
103.1
108.9
115.3
118.7
120.8
119.4
119.8
120.3
121.0
121.5
121.6
121.2
121.5
121.8
121.5
120.9
102.8
104.5
106.5
108.9
111.5
113.8
117.6
120.4
123.9
125.7
125.1
125.7
125.9
125.8
125.5
126.0
126.3
126.0
125.3
125.7
126.0
100.5
101.1
101.7
93.3
94.9
97.3
103.8
111.5
115.0
117.3
115.6
115.9
116.5
117.6
118.4
118.4
117.7
118.3
118.9
118.4
117.4
102.8
105.2
107.5
109.7
111.7
114.3
118.8
122.9
126.7
129.1
128.4
128.8
129.1
129.2
129.1
129.2
129.5
129.5
129.3
129.3
129.6
101.3
103.3
103.8
101.4
103.6
106.2
112.1
118.2
120.5
121.6
120.6
120.9
121.1
121.6
122.1
122.1
122.1
122.5
122.6
122.2
122.3
100.6
103.1
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.7
113.8
113.9
114.1
114.5
115.3
115.3
115.3
115.5
115.2
115.1
115.0
103.6
105.7
97.3
96.2
99.2
109.5
113.8
113.3
111.1
110.7
111.9
111.2
111.0
111.2
111.5
110.1
109.6
110.4
109.7
110.1
111.0
100.5
103.0
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.9
113.9
114.1
114.2
114.7
115.5
115.6
115.6
115.7
115.4
115.4
115.3
101.3
103.5
95.8
87.7
93.7
96.0
103.1
108.9
101.2
100.3
98.8
97.1
98.1
100.1
101.5
101.6
100.9
103.0
102.6
102.4
101.2
101.8
104.7
94.8
93.2
96.2
106.1
111.2
113.1
105.5
105.1
106.5
105.2
104.2
105.7
105.9
104.7
104.5
104.6
105.4
104.7
105.7
100.7
102.2
96.9
81.6
87.9
85.5
93.4
101.5
94.6
93.4
90.2
88.1
90.4
92.6
94.8
95.7
94.8
97.9
96.8
96.9
94.4
1993:
124.0
124.5
123.9
123.8
124.0
124.6
121.6
122.4
126.6
127.1
118.1
118.9
130.0
130.6
122.5
123.0
115.3
115.9
111.4
110.9
115.6
116.2
101.9
101.4
106.0
106.1
95.3
94.5
1
Jan .
Feb
Intermediate materials for food manufacturing and feeds.
22
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In February, the consumer price index for all urban consumers rose 0.3 percent, seasonally adjusted (it rose 0.4
percent, not seasonally adjusted). The index was 3.2 percent above its year-earlier level.
INDEX, 1982-84 - 100 (RATIO SCALE)
INDEX, 1982-84 = 100 (RATIO SCALE]
150
150
SEASONALLY ADJUSTED
CONSUMER PRICES—ALL ITEMS
M I M 1 1 1 I I I I I I I i 1 I I i I I I 80
l I I I I I I I I II
1985
1986
COUNCIL OF ECONOMIC ADVISERS
[1982-84 = 100, except as noted; monthly data seasonally adjusted, except as noted]
All items '
Transportation
Housing
Shelter
Period
Rel. imp.3
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992:
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov ..
Dec
Not
seasonally
adjusted
(NSA)
Seasonally
adjusted
1000
Food
Total '
Total
HomeRentowners'
ers'
costs
costs
(Dec.
1982 = . (Dec.
1982 =
100)
100)
Maintenance
and
repairs
(NSA)
Fuel
and
other
utilities
Apparel and
upkeep
Total i
New
cars
Motor
fuel
Medical
care
Energy2
All
items
less
food
and
energy
15.8
99.4
103.2
105.6
109.0
113.5
118.2
125.1
132.4
136.3
137.9
99.6
1039
107.6
1096
113.6
1183
124.0
130.7
136 2
140.3
41.4
99.5
103.6
107.7
110.9
114.2
118.5
123.0
128.5
133.6
137.5
27.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
140.0
146.3
151.2
8.0
103.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
155.6
160.9
19.7
102.5
107.3
113.1
119.4
124.8
131.1
137.3
144.6
150.2
155.3
0.2
99.9
103.7
106.5
107.9
111.8
114.7
118.0
122.2
126.3
128.6
7.3
100.2
104.8
106.5
104.1
103.0
104.4
107.8
111.6
115.3
117.8
6.0
100.2
102.1
105.0
105.9
110.6
115.4
118.6
124.1
128.7
131.9
17.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
120.5
123.8
126.5
4.0
99.9
102.8
106.1
110.6
114.6
116.9
119.2
121.0
125.3
128.4
3.3
99.4
97.9
98.7
77.1
80.2
80.9
88.5
101.2
99.4
99.0
6.9
100.6
106.8
113.5
122.0
130.1
138.6
149.3
162.8
177.0
190.1
7.3
99.9
100.9
101.6
88.2
88.6
89.3
94.3
102.1
102.5
103.0
76.9
99.6
104.6
109.1
113.5
118.2
123.4
129.0
135.5
142.1
147.3
138.6
139.3
139.5
139.7
140.2
140.5
140.9
141.3
141.8
142.0
141.9
138.8
139.3
139.7
139.9
140.2
140.6
140.9
141.1
141.7
142.0
142.2
137.5
138.0
138.1
137.5
137.6
137.5
138.3
138.7
138.7
138.8
139.2
136.0
136.4
136.7
136.9
137.4
137.6
137.9
138.0
138.5
138.8
138.9
149.4
149.9
150.1
150.4
150.9
151.1
151.4
151.6
152.2
152.6
152.9
158.4
158.8
159.0
159.7
160.2
160.2
160.6
161.2
161.8
162.1
161.9
153.6
154.2
154.5
154.6
155.2
155.4
155.7
155.8
156.4
156.8
157.4
128.3
128.4
128.0
128.1
128.5
128.8
128.1
128.5
129.4
129.5
129.3
116.3
116.5
117.0
117.2
117.4
118.1
118.5
118.6
118.9
119.2
119.3
131.7
131.5
130.8
131.8
132.1
132.7
132.4
131.9
132.4
132.3
131.9
124.7
125.4
125.9
126.1
126.5
127.1
126.9
126.9
127.8
128.4
128.5
127.1
127.5
127.9
128.1
128.3
128.5
128.9
129.2
129.2
129.4
129.5
96.6
97.4
97.4
98.1
100.4
101.4
99.8
99.5
100.2
100.3
99.8
185.9
186.9
188.0
188.9
189.8
190.8
191.7
192.6
193.7
194.7
195.5
100.7
101.0
101.3
101.8
103.1
103.8
103.4
103.4
103.9
104.1
103.9
145.8
146.3
146.7
147.1
147.3
147.8
148.1
148.2
148.9
149.3
149.6
142.6
143.1
142.9
143.4
139.7
139.9
139.3
139.6
153.5
154.0
161.9
162.5
158.2
158.7
129.7
130.5
119.4
118.8
133.0
135.0
129.3
129.9
129.8
129.8
101.2
101.8
196.7
197.7
104.4
104.0
150.3
151.0
1993:
Feb
1
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
also included through 1982.
3
Relative importance, December 1992.
2
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 and" 1988 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Change from preceding period
Period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Capital
equipment
Total
finished
goods
Excluding foods
Foods
Total
finished
Capital
equipment
Excluding
foods
Foods
goods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
0.6
1.7
1.8
-23
2.2
4.0
4.9
5.7
1
1.6
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992'
5.7
5.2
2.6
15
.8
2.1
-6.6
4.1
3.1
5.3
8.7
7
1.5
1.6
2.1
1.0
-1.4
2.1
2.5
5.2
4.9
2.1
1.2
2.0
1.8
2.7
2.1
1.3
3.6
3.8
3.4
2.5
1.6
-0.9
2.3
3.5
.6
2.8
2
1.6
Change, month to month
1992:
0.2
.2
.2
.3
.2
0
.1
.2
0
r
-.2
.1
May
July
Sept
Oct '
Nov
Dec
0.4
j
3
-.1
.2
— .1
.7
.4
1
-.5
1.3
0.3
.3
.4
.6
.4
.1
-.3
.2
.2
2
.2
.4
Feb
Mar
9
.6
.7
1993- Jan
Feb
0.1
.3
.2
.1
1
.1
.2
0
r 2
0
2.0
3.0
3.3
3.3
2.3
1.3
1.3
1.3
,3
-.3
o
.2
-.1
.3
3.6
4.3
4.3
-.6
2.9
3
r
.3
.5
-0.7
2.4
4.4
5.5
5.8
4.4
.7
0
.7
1.0
-2.0
0
-.3
0
-1.9
6
.3
2.6
'
1.3
1
3.0
1.2
1.3
1.3
1.6
2.6
2.6
2.3
2.3
1.8
.8
.5
r
-0.2
-.3
-1.1
-1.0
-.5
.2
.8
1.8
2.3
1.5
3.6
1.4
1.7
1.7
2.4
4.1
4.4
3.0
2.9
2.5
.8
-1.0
2.4
2.7
2.8
2.7
2.2
1.4
1.7
1.1
.3
.2
.8
.6
1.1
1.1
1.1
1.6
1.7
1.6
1.6
1.7
1.3
1.6
.8
1.5
2.9
3.5
2.5
2.5
.9
.3
.9
1.2
.3
-.6
.3
2.0
.3
0
2.0
1.2
1.7
1.8
1.8
2.2
4.1
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing
Transportation
Shelter
Period
All
items 1
Food
Total '
Total '
Renters'
costs
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
Total '
New
cars
Motor
fuel
Medical
care
Energy2
All
items
less
food
and
energy
Addendum: All items, percent change
(annual rate)
From
previous
quarter 3
From
3
months
earlier
Prom
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
.. ..
3.8
3.9
3.8
1.1
4.4
4.4
4.6
6.1
3.1
2.9
2.7
3.8
2.6
3.8
3.5
5.2
5.6
5.3
1.9
1.5
3.5
4.3
4.3
1.7
3.7
4.0
3.9
4.5
3.4
2.6
4.7
5.2
6.0
4.6
4.8
4.5
4.9
5.2
3.9
2.9
5.1
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.2
2.8
4.5
5.1
5.9
4.6
5.3
4.7
5.1
4.7
3.7
2.9
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
0.2
.4
.3
.1
.2
.3
.2
.1
.4
2
.1
0.3
.4
.1
-.4
.1
-.1
.6
.3
0
.1
.3
0.2
.3
.2
.1
.4
.1
.2
.1
.4
.2
.1
0.3
.3
.1
.2
.3
.1
.2
.1
.4
.3
.2
0.1
.3
.1
.4
.3
0
.2
.4
.4
.2
-.1
0.3
.4
.2
.1
.4
.1
.2
.1
.4
.3
.4
01
.2
.4
.2
.2
.6
.3
.1
.3
.3
.1
Jan
Feb
.5
.3
.4
.1
.3
.2
.4
.3
0
.5
.3
.1
5
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1.8
4.2
1.8
-5.6
1.6
2.9
3.2
4.0
2.9
2.3
2.9
2.0
2.8
.9
4.8
4.7
1.0
5.1
3.4
1.4
3.9
3.1
2.6
-5.9
6.1
3.0
4.0
10.4
-1.5
3.0
6.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
7.9
6.6
-19.7
8.2
.5
5.1
18.1
— 7.4
2.0
.8
0
.7
2.3
1.0
-1.6
-.3
.7
.1
-.5
0.8
.5
.6
.5
.5
.5
.5
.5
.6
.5
.4
04
.3
.3
.5
1.3
.7
-.4
0
.5
.2
-.2
0.3
.3
.3
.3
.1
.3
.2
.1
.5
.3
.2
1.4
.6
.6
.5
.5
4
3.2
4.3
3.6
1.9
3.6
4.1
4.8
5.4
4.2
3.0
4.8
4.7
4.3
3.8
4.2
4.7
4.4
5.2
4.4
3.3
.5
.5
3.4 -1.7
2.5 -2.4
3.1
3.4
5.9 -30.7
18.7
1.8
2.1 -2.1
2.3
6.8
36.5
1.4
3.3 -16.0
2.3
1.8
05
.2
1.8
Change, month to month
1992:
1993:
.4
0.3
-.2
5
.8
.2
.5
— .3
0
.6
.4
.2
.3
.5
-.2
0
.7
.5
.1
0.2
.3
.3
.2
.2
.2
.3
.2
0
.2
.1
.8
1.5
.6
.5
.2
0
2
— .4
.4
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
also included through 1982.
24
-0.3
3.5
2.9
2.9
3.2
3
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
2.9
3.5
3.5
3.2
2.6
2.6
2.9
2.6
3.2
3.2
3.2
3.2
3.4
3.5
3.1
3.1
3.1
3.0
2.6
2.9
3.0
2.9
2.8
3.2
3.2
3.0
3.1
3.2
3.1
3.0
3.2
3.0
2.9
3.4
4.0
3.3
3.6
3.3
3.2
PRICES RECEIVED AND PAID BY FARMERS
In February, prices received by farmers were unchanged from their January level. Prices paid by farmers in January
were 0.5 percent above their October level. (Data are not seasonally adjusted.)
INDEX, 1977 = 100 (RATIO SCALE]
200
INDEX, 1977 = 100 (RATIO SCALE)
200
180
160
PRICES PAID
\
. PRICES RECEIVED _
120
100
80
80
RATIO.
140
60
1993
COUNCIL OF ECONOMIC ADVISERS
[1977 = 100; not seasonally adjusted]
Prices paid by fanners
Prices received by fanners
Period
All farm
products
Livestock and
products
Crops
All commodities,
services,
interest, taxes,
and wage rates 1
Production
items, interest,
taxes, and wage
rates
Production
items
Eatio 2
135
142
128
123
127
138
147
149
145
140
1983
1984
1985
1986.
1987
1988 .
1989
1990
1991
1992
1992: Mar
May
July
Sept
Oct
Nov
Dec
1993: Jan
Feb r
Mar
128
138
120
107
106
126
134
127
129
121
141
146
136
138
146
150
160
170
161
157
161
164
162
159
162
170
178
184
189
191
159
161
156
150
152
160
167
172
175
176
152
155
151
144
148
157
165
171
174
174
84
87
79
77
78
81
83
81
77
73
145
141
141
140'
138
138
138
138
136
137
134
126
123
121
117
116
117
117
115
118
155
155
158
157
158
160
158
158
156
156
(3)
191
(3)
(3)
192
(3)
(3)
192
(3)
(3)
(3)
176
<3)
(3)
177
(3)
(3)
176
(3)
(3)
(3)
174
(3)
(3)
175
(3)
(3)
175
(3)
(3)
76
74
74
73
72
72
72
72
71
71
139
140
141
117
118
116
159
162
165
193
(3)
(3)
177
(3)
(3)
176
(3)
(3)
72
73
73
1
Includes items not shown separately.
2
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
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
M2 and M3 declined in February.
BILLIONS OF DOLLARS* (RATIO SCALE)
4,800
BILLIONS OF DOLLARS' (RATIO SCALE]
600
400
COUNCIL Of ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Ml
Period
19831984:
1985:
1986:
1987:
1988:
1989:
19901991:
1992:
Dec
Dec ... .
Dec
Dec
Dec .
Dec
Dec
Dec
Dec
Dec r
1992: Jan '
Feb '
Mar r
Apr r .
May '.
July '
Aug '.
Sept ''. ..
Ocf
Nov r
Dec r
1993: Jan '
Feb .. .
M2
M3
L
Debt
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
Eurodollars, and
institution-only
MMMT balances
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average) *
521.2
552.4
620.1
724.5
750.0
787.1
794.6
827.2
899.3
1,026.6
2,186.5
2,376.0
2,572.4
2,816.0
2,917.2
3,078.3
3,233.3
3,345.5
3,445.8
3,497.3
2,693.1
2,988.2
3,203.6
3,491.6
3,674.8
3,915.5
4,056.1
4,116.7
4,168.1
4,167.1
3,154.4
3,529.6
3,830.9
4,131.9
4,333.5
4,669.4
4,886.1
4,965.2
4,982.2
5,051.3
5,244.6
6,008.2
6,875.3
7,795.2
8,546.2
9,326.3
10,076.7
' 10,751.3
r
ll,192.7
11,768.2
9.9
6.0
12.3
16.8
3.5
4.9
1.0
4.1
8.7
14.2
12.0
8.7
8.3
9.5
3.6
5.5
5.0
3.5
3.0
1.5
10.3
11.0
7.2
9.0
5.2
6.6
3.6
1.5
1.2
-.0
11.6
14.6
14.4
13.4
9.6
9.1
8.0
6.7
r
4.1
5.1
911.5
926.2
935.1
941.2
952.2
952.6
963.3
975.5
990.1
1,005.9
1,019.1
1,026.6
3,451.0
3,467.7
3,467.8
3,464.8
3,467.4
3,461.9
3,463.5
3,472.3
3,480.2
3,491.5
3,498.1
3,497.3
4,172.2
4,189.0
4,184.9
4,177.9
4,179.6
4,169.9
4,168.8
4,178.6
4,182.8
4,179.8
4,178.5
4,167.1
4,978.3
4,999.0
5,010.1
5,009.1
5,010.9
5,014.6
5,012.4
5,025.3
5,036.8
5,042.1
5,055.0
5,051.3
11,227.1
11,278.9
11,338.7
11,393.4
11,441.3
11,493.5
11,537.8
11,584.5
11,624.7
11,652.2
11,707.6
11,768.2
11.5
13.4
14.4
14.0
13.7
11.9
11.4
10.6
11.8
13.7
14.1
15.5
2.1
3.0
2.9
2.5
1.8
.9
.7
.3
.7
1.5
1.8
2.0
.6
1.6
1.7
1.1
.8
.1
2
-.5
1
.1
3.6
3.9
4.4
4.7
4.9
5.4
5.5
5.4
5.0
4.5
4.7
4.8
1,033.2
1,032.8
3,488.2
3,476.1
4,142.6
4,134.8
"5,041.1
"11,799.7
14.5
11.7
1.4
.2
-1.3
21
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
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve Syst
Percent change from year or 6
months earlier 2
Ml
M2
Debt
M3
^
i
4.5
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Currency
Demand
deposits
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net,
plus
overnight
Eurodollars 1
Money market
mutual fund
balances 2
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Large
denomination
time
deposits 3
Institution
only
Small
denomination
time
deposits 3
NSA
198319841985198619871988:
19891990:
19911992:
1992'
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Jan
Feb
Mar
May
, 3
July
Sept
Oct
Nov
Dec
1993- Jan
Feb
146.2
156.1
167.9
180.8
196.9
212.3
222.7
246.7
267.2
' 292.3
269.0
270.8
271.9
273.6
275.1
276.6
279.5
282.4
286.3
288.0
289.8
r
292.3
294.8
296.9
238.5
244.0
266.9
302.3
287.1
287.1
279.8
278.2
290.5
340.9
296.3
303.3
308.0
310.8
314.7
312.3
317.5
322.5
329.0
336.0
339.5
340.9
342.0
341.9
131.9
147.3
179.7
235.3
259.3
280.7
285.3
294.5
333.8
385.2
338.6
344.3
347.5
349.0
354.7
355.9
358.6
362.8
366.7
373.7
381.6
385.2
388.5
386.1
55.6
60.6
73.5
82.3
84.1
83.2
77.6
74.7
76.3
'73.9
77.8
77.9
74.7
72.7
69.4
72.3
72.7
76.2
73.7
'75.0
'75.1
'73.9
'72.8
73.2
139.1
168.0
177.2
209.0
222.6
242.9
317.4
350.5
363.9
' 342.3
360.3
362.3
r
358.0
' 354.5
r
354.9
r
353.5
' 350.4
r
348.9
r
343.9
' 346.3
'343.7
r
342.3
* 340.0
334.2
41.9
63.2
65.5
86.1
92.7
92.0
108.8
135.9
182.1
202.3
186.1
192.0
192.2
195.9
202.2
206.3
212.5
220.9
220.7
210.9
209.2
202.3
197.7
201.9
1
Includes continuing contract RPs.
Data prior to 1983 are not seasonally adjusted.
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
2
3
685.0
704.7
815.1
940.9
937.6
926.6
891.0
920.8
1,042.5
1,186.0
1,060.3
1,080.7
1,094.3
1,107.5
1,119.6
1,126.0
1,134.5
1,145.7
1,158.9
1,170.5
1,180.3
1,186.0
r
l, 184.4
1,182.4
784.1
888.9
885.5
858.9
922.8
1,038.3
1,152.7
1,172.3
1,064.7
870.5
1,043.0
1,021.5
1,004.0
986.1
969.6
955.7
941.5
926.9
912.7
896.6
881.9
870.5
'851.4
855.2
327.6
416.5
434.1
431.3
475.4
525.4
548.8
489.6
424.7
357.5
418.9
413.6
407.4
402.1
395.9
389.3
382.5
378.1
373.7
367.0
361.3
357.5
r
350.7
347.8
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
General
purpose
and
broker/
dealer
NSA
49.9
57.6
62.4
80.6
106.0
121.8
99.0
89.6
72.5
80.6
71.0
72.6
74.3
74.1
76.4
76.4
75.1
75.7
77.5
79.5
81.3
80.6
79.8
82.4
91.5
82.9
76.5
83.8
91.0
105.7
79.5
68.7
57.6
r
45.9
55.7
56.1
58.0
54.9
52.8
51.8
51.0
51.4
49.4
r
48.0
'47.2
r
45.9
r
43.9
46.0
Savings
bonds
Shortterm
Treasury
securities
71.1
74.2
79.5
91.8
100.6
109.4
117.6
126.1
138.0
156.8
139.0
140.2
141.3
142.4
143.5
144.6
145.8
147.4
149.3
151.9
154.7
156.8
'158.9
211.9
260.9
298.2
280.0
253.1
269.2
324.9
331.1
315.0
'338.8
311.9
320.0
325.1
325.9
329.4
330.1
324.9
323.1
321.3
321.9
329.3
' 338.8
"350.6
Bankers'
acceptances
Commercial
paper
133.2
45.0
45.4
160.8
42.0
207.6
37.0
231.4
44.3
260.7
39.9
335.5
40.2
347.3
34.2
357.1
23.4
337.7
'20.4 '368.2
22.8
332.3
22.5
327.3
22.2
336.7
21.8
341.0
336.4
22.0
22.0
348.1
21.7
351.2
21.1
355.0
362.7
20.7
20.5
368.0
20.3
372.2
'20.4 ' 368.2
"20.3 "368.7
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 l; millions of dollars; seasonally adjusted, except as noted by NSA]
Borrowings of depository
institutions from the Federal
Reserve (NSA)
Adjusted for changes in reserve requirements
Reserves of depository institutions
Period
Total
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
1992:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec '
Feb '.
Mar'
May '
1993:
July '.
Aug '
Sept '.
Oct '
Nov '
Dec *
Jan '.
Feb
.
..
. ..
25,367^
26,878
31,485
39,005
38,934
40,468
40,558
41,832
45,601
54,351
47.795
48,509
48,992
49,496
49,316
49,629
50,341
51,274
52,836
53,815
54,351
54,665
54,922
1
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
NOTE.—Aggregate reserves and the monetary base have been revised. Revised data prior to Feb-
Nonborrowed
24,593
23,692
30,167
38,179
38,157
38,752
40,293
41,506
45,409
54,228
47,717
48,418
48,902
49,341
49,087
49,345
50,091
50,987
52,693
53,711
54,228
54,500
54,876
Nonborrowed plus
extended
credit
24,595
26,296
30,666
38,482
38,640
39,996
40,313
41,529
45,410
54,228
47,719
48,420
48,904
49,341
49,087
49,345
50,091
50,987
52,693
53,711
54,228
54,501
54,877
Required
24,806
26,023
30,448
37,635
37,888
39,420
39,636
40,167
44,623
53,196
46,730
47,481
47,855
48,495
48,403
48,664
49,407
50,280
51,763
52,772
53,196
53,405
53,818
Monetary
base
175,467
187,248
203,601
223,732
239,967
256,973
267,772
293,287
317,254
350,799
322,849
324,655
326,691
328,863
330,228
333,177
336,844
341,585
344,849
347,832
350,799
353,224
355,743
Total
774
3,186
1,318
827
777
1,716
265
326
192
124
77
91
90
155
229
284
251
287
143
104
124
165
45
Seasonal
96
113
56
38
93
130
84
76
38
18
22
32
47
98
149
203
223
193
114
40
18
11
18
Extended
credit
2
2,604
499
303
483
1,244
20
23
1
1
2
2
2
0
0
0
0
0
0
0
1
1
0
ruary 1992 are not yet available.
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases fell 0.3 percent in February; commercial and industrial loans also fell 0.3
percent.
BILLIONS OF DOLLARS" (RATIO SCALE]
3,200
BILLIONS OF DOLLARS* (RATIO SCALE)
3,200
ALL COMMERCIAL BANKS
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
"LOANS AND LEASES
1,200
1,200
800
U.S. GOVERNMENT SECURITIES
400
OTHER SECURITIES
-V
200
200
160
160
120
I M I I I i I II
120
1989
1988
1986
1990
1993
1991
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted ']
All commercial banks
Loans and leases
Total
Period
securities 2
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
1992:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec r ....
Feb
Mar
Apr
May
June
July
" Aug
Sept r ...
Oct T
Nov r....
Dec r....
1993: Jan r ....
Feb
U.S.
Government
securities
Other
securities
Total
2
1,552.2
1,722.9
1,910.4
2,093.7
2,241.2
2,422.9
2,590.8
2,732.4
2,836.9
2,938.7
259.2
259.8
270.8
310.1
335.8
362.7
397.0
452.1
559.3
658.2
169.1
140.9
179.0
193.9
195.8
193.7
182.4
178.8
179.9
176.1
1,123.9
1,322.2
1,460.6
1,589.7
1,709.6
1,866.5
2,011.4
2,101.4
2,097.8
2,104.4
2,855.4
2,862.7
2,874.3
2,875.3
2,882.8
2,886.9
2,902.2
2,917.2
2,925.6
2,932.8
2,938.7
2,934.9
2,940.1
570.9
579.6
590.8
600.2
610.7
619.2
632.6
640.5
647.3
652.0
658.2
180.3
178.5
178.5
176.9
175.8
177.9
178.2
178.4
179.3
177.5
176.1
2,104.3
2,104.5
2,104.9
2,098.2
2,096.2
2,089.8
2,091.4
2,098.3
2,099.0
2,103.3
2,104.4
658.2
667.1
174.1
175.9
2,102.7
2,097.1
Commercial
and
industrial
414.2
473.2
500.2.
536.7
566.4
605.3
638.4
642.6
617.0
598.6
613.5
610.8
609.0
607.6
604.6
602.5
601.4
601.0
600.5
600.9
598.6
599.9
598.2
Foreign
official
institutions
Lease
financing
receivables
13.4
11.4
9.7
10.1
7.7
7.6
8.2
7.7
7.3
7.0
9.4
8.4
6.3
6.3
5.1
5.0
3.5
2.9
2.4
2.9
13.7
16.1
19.1
22.5
24.7
29.4
31.9
32.9
28.3
28.0
27.6
27.3
26.8
26.2
25.9
25.8
25.4
25.1
24.8
6.9
6.6
6.7
7.0
7.5
7.7
7.2
7.9
7.3
7.0
7.0
2.2
2.1
2.0
2.0
2.0
2.2
2.3
2.5
2.4
2.8
2.9
24.2
23.8
6.8
7.6
2.9
3.1
Individual
Security
financial
institutions
Agricultural
political
subdivisions
331.0
376.3
425.9
494.1
587.2
670.1
760.1
843.4
871.8
892.1
876.7
879.1
881.8
883.3
881.8
881.5
883.1
886.7
890.6
892.3
892.1
888.8
887.5
212.9
254.2
295.0
315.4
328.2
354.8
375.2
380.3
363.9
355.2
363.8
362.3
360.8
359.2
359.0
358.6
357.4
357.0
355.7
355.2
355.2
357.8
360.8
28.0
35.0
43.3
40.3
34.5
40.9
41.3
44.7
54.3
64.9
58.9
60.7
63.4
60.9
63.3
60.5
61.6
64.0
64.7
64.3
64.9
63.2
62.0
30.4
31.6
32.8
35.3
32.1
32.5
34.4
35.9
41.4
43.7
39.2
40.1
36.1
31.6
29.4
29.0
30.1
32.3
34.2
34.9
34.1
34.3
34.3
34.3
34.6
34.9
35.3
35.2
35.1
35.1
34.9
34.4
34.4
0.0
46.1
56.8
58.4
52.5
45.3
40.0
34.0
29.0
24.8
1
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions. Data beginning '.January 1984 are not strictly
comparable with data for earlier periods, largely because beginning January 1984 certain obligations
of States and political subdivisions are included in loans rather than in other securities.
28
State
Non-
Real
estate
43.0
43.6
43.2
43.3
42.4
41.5
42.0
44.0
43.9
44.7
43.7
45.2
45.1
Foreign
banks
2
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve Svstem.
31.7
30.6
31.5
31.4
31.1
30.9
31.0
30.8
30.8
31.0
30.7
30.6
30.6
30.0
30.0
Other
31.8
29.9
35.5
39.0
41.7
46.5
48.1
44.9
44.7
49.8
45.5
45.5
45.1
42.4
43.3
43.2
44.3
43.2
42.8
45.2
49.8
49.5
44.6
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Credit market funds
Period
Total
Internal *
Total
Total
Securities
and
mortgages
Loans and
short-term
paper
Other 2
Total
Capital
expenditures 3
Increase in
financial
assets
Discrepancy
(sources less
uses)
423.3
493.1
465.7
515.9
540.7
588.7
532.2
511.4
447.3
568.9
1991- I rr
ll r
in r
IV
1992: I 'r
n r
in .
IV
131.0
156.8
113.9
179.2
164.8
184.4
132.3
103.9
30.8
115.6
80.1
98.0
58.5
129.8
67.6
69.3
49.4
23.4
22.0
80.3
44.6
-7.5
1.9
64.6
32.8
-6.7
34 2
-11.5
90.8
81.0
35.5
105.5
56.6
65.2
34.9
76.0
83.7
34.9
-68.8
7
50.9
58.8
55.4
49.4
97.1
115.1
82.9
80.5
8.7
35.3
420.5
502.3
457.8
502.4
473.4
554.2
512.2
482.4
425.5
549.5
300.1
398.5
374.9
351.9
365.1
394.4
406.0
395.1
363.9
385.3
120.4
103.8
83.0
150.4
108.4
159.8
106.2
87.3
61.6
164.2
2.8
-9.2
7.9
13.5
67.3
34.4
20.0
29.0
21.8
19.4
417.5
418.9
407.0
422.8
46 7
58.9
82.9
28.0
12.3
41.1
28.2
6.3
76.1
113.8
78.1
94.6
63 8
-72.7
499
-88.3
590
17.8
54.7
21.6
336.5
436.8
489.7
439.0
353.5
351.3
371.5
379.2
-17.0
85.5
118.2
59.8
34.2
40.9
.2
11.7
560.7
565.2
552.3
597.6
1988
1989
1990
1991 r
1992 p
292.3
336.3
351.9
336.7
375.9
404.3
399.9
407.5
416.5
453.3
370.8
477.8
489.9
450.8
1983
1984
1985
1986
1987
439.1
442.2
465.3
466.7
121.6
123.0
87.0
130.9
111.9
70.7
62.1
76.4
117.9
103.5
47.7
54.9
-6.0
-32.8
14.4
21.5
9.7
52.3
24.8
54.4
520.0
544.8
538.1
595.3
354.2
388.1
394.9
404.1
165.8
156.7
143.2
191.2
40.8
20.3
14.2
2.3
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capita)
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
2
Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment in
the U.S.
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.SGovernment.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Installment credit outstanding (end of period)
Net change in installment credit outstanding 1
Period
Total
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
Dec
Dec
Dec
Dec
Dec
Dec3
Dec
Dec
Dec
Dec r
Automobile
Revolving
Other *
Total
Automobile
Revolving
Other z
368,966
442,602
517,659
572,006
608,675
662,553
716,825
735,338
727,799
726,653
143,560
173,564
210,238
247,772
266,295
285,364
292,002
284,993
263,003
260,097
79,088
100,280
121,758
135,825
153,064
174,269
199,308
222,950
242,785
251,258
146,318
168,758
185,664
188,408
189,316
202,921
225,515
227,395
222,012
215,298
43,161
73,636
75,057
54,347
36,669
53,878
(")
18,513
-7,539
-1,146
17,615
30,004
36,674
37,534
18,523
19,069
(4)
7009
-21,990
2906
12,634
21,192
21,478
14,067
17,239
21,205
(")
23,642
19,835
8,473
12,912
22,440
16,906
2,744
908
13,605
(4)
1,880
-5,383
-6,714
1992- Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec '. . .
728,395
727,404
723,821
722,928
722,919
721,820
720,664
722,104
722,372
723,448
726,653
261,659
262,125
260,376
259,834
257,339
257,743
256,944
257,384
256,846
257,740
260,097
245,974
245,259
245,905
246,220
247,418
247,332
248,043
250,017
250,454
250,620
251,258
220,762
220,020
217,541
216,874
218,162
216,744
215,677
214,703
215,071
215,088
215,298
-223
990
-3,583
893
-10
-1,099
-1,156
1,440
268
1,076
3,205
1 475
466
-1,749
542
-2,495
404
-799
440
-537
894
2,357
1,686
-714
646
316
1,197
86
711
1,974
437
166
638
-434
742
-2,479
667
1,288
— 1,418
-1,068
974
368
16
210
1993: Jan p
727,557
259,554
253,233
214,769
904
543
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month. .
2
Outstanding loans for mobile homes, education, boats, trailers, vacations, etc,
3
Data newly available in January- 1989 result in breaks in manv series between December 1988
1,975
529
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 March.
PERCENT PER ANNUM
PERCENT PER ANNUM
1992
1993
COUNCIl OF ECONOMIC ADVISERS
[Percent per annum]
U.S. Treasury security yields
Period
3-month bills
(new issues) '
1983 ...
1984
1985 ..
1986
1987
1988
1989.
1990
1991
1992
1992- Feb
Mar ...
May
July...., .
Sept
Oct
Nov
Dec
1993: Jan....
Peb
Mar"
Week ended:
1993: Mar 6
13
20
27
Constant maturities 2
3-year
10-year
High-grade
municipal
bonds
(Standard &
Poor's) "
Prime
commercial
paper,
6 months *
Discount rate
(N.Y. F.E.
Bank)4
Prime rate
charged by
banks 4
New-home
mortgage
8.63
9.58
7.48
5.98
5.82
6.69
8.12
7.51
5.42
3.45
3.84
4.05
3.81
3.66
3.70
3.28
3.14
2.97
2.84
3.14
3.25
10.45
11.89
9.64
7.06
7.68
8.26
8.55
8.26
6.82
5.30
5.72
6.18
5.93
5.81
5.60
4.91
4,72
4.42
4.64
5.14
5.21
11.10
12.44
10.62
7.68
8.39
8.85
8.49
8.55
7.86
7.01
7.34
7.54
7.48
7.39
7.26
6.84
6.59
6.42
6.59
6.87
6.77
9.47
10.15
9.18
7.38
7.73
7.76
7.24
7.25
6.89
6.41
6.67
6.69
6.64
6.57
6.50
6.12
6.08
6.24
6.43
6.35
6.24
12.04
12.71
11.37
9.02
9.38
9.71
9.26
9.32
8.77
8.14
8.29
8.35
8.33
8.28
8.22
8.07
7.95
7.92
7.99
8.10
7.98
8.89
10.16
8.01
6.39
6.85
7.68
8.80
7.95
5.85
3.80
4.13
4.38
4.13
3.97
3.99
3.53
3.44
3.26
3.33
3.67
3.70
8.50
8.80
7.69
6.33
5.66
6.20
6.93
6.98
5.45
3.25
3.50-3.50
3.50-3.50
3.50-3.50
3.50-3.50
3.50-3.50
3.50-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
10.79
12.04
9.93
8.33
8.21
9.32
10.87
10.01
8.46
6.25
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
12.57
12.38
11.55
10.17
9.31
9.19
10.13
10.05
9.32
8.24
8.65
8.51
8.58
8.59
8.43
8.00
8.00
7.93
7.90
8.07
7.88
3.06
2.95
2.97
4.93
4.58
4.40
6.60
6.26
5.97
6.18
5.87
5.62
7.91
7.71
7.58
3.35
3.27
3.24
300 3.00
3.00-3.00
3.00-
6.00-6.00
6.00-6.00
6.00-
7.82
7.77
2.97
2.98
3.00
2.94
4.28
4.47
4.46
4.39
5.90
5.96
6.03
5.98
5.49
5.55
5.68
5.76
7.56
7.54
7.61
7.59
3.23
3.26
3.24
3.21
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
1
Bank-discount basis.
2
Yields on the more actively traded issues adjusted to constant maturities b>' the Treasury De~
partment,
3
Weekly data are Wednesday figures.
4
Average effective rate (or year; opening and closing rate for month and week.
30
Corporate
Aaa bonds
(Moody's)
5
Effective rate {in the primary market) on conventional mortgages, reflecting fees and charges as
contract rate and assumed, on the average, repayment at end of 10 years.
we!
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 March.
INDEX, DEC. 31, 1965=50 (RATIO S(:ALEI
IND EX, DEC 31, 1965=50 (RATIO SCALE)
260
240
220
200
180
160
-^M
jf
y~~
120
*S\
r
/^ '\
140
,
y—-V"N^-/\
^
\
1
260
240
220
r^-^*^—*/
'
•
200
/
180
\/
\n
160
140
'OSITE STOCK 'RICE If.
(NYSE)
^
^
120
^^/
100
100
80
80
1 1111
60
1 1 1 1 1 II 1 1 1
1985
1 1 1 11
1 1 1 11
i M11
1 1 1 1 1
1987
1986
1 1111
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 II 1 1 1
1988
1989
1 1 1 1 1 1 111 1 Mill
1990
1991
1 1 1 11
1 1 1 1 1
1 1 1 1 1
PER CENT
20
PERCINT
20
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
15
15
\
i
10
_^^~'
5
"
0
1
^
1
1985
1
.
*••
1
1
1986
1
1987
/H
i
1
1
10
^^—1
1
1
1
-"
1
1
1989
1988
"^
5
—-— .
1
1
1990
1
1
1991
1
New York Stock Exchange indexes (Dec. 31, 1965 = 50)
1992- Feb
Mar
Mav
July
Sept
Get
Nov
Dec
191)3: Jan
Feb
Mar -°
0
Common stock yields
(percent) 5
2
Period
Industrial
1
COUNCIL OF ECONOMIC ADVISER.
Common stock prices 1
Composite
1
1993
1992
SOURCES: NEW YORK STOCK EXCHANGE AN D STANDARD & POOR S CORPORATION
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
60
1993
1992
Transportation
Utility
Finance
Dow-Jones
industrial
average 3
203.38
209.93
216.95
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
3,257.27
3,247.42
3,294.08
3,376.79
3,337.79
3,329.41
3,307.45
3,293.92
3,198.70
3,238.49
3,303.15
3,277.72
3,367.26
3,440.99
213.16
219.09
218.41
216.85
3 39^ 69
3^460.94
3,449.86
3,454.40
92.63
92.46
108.09
136.00
161.70
149.91
180.02
183.46
206.33
229.01
228.12
225.21
224.55
228.61
224.68
228.17
230.07
230.13
22697
232.84
239.47
239.67
243.41
248.06
107.45
108.01
123.79
155.85
195.31
180.95
216.23
225.78
258.14
284.62
89.36
85.63
104.11
119.87
140.39
134.12
175.28
158.62
173.99
201.09
47.00
46.44
56.75
71.36
74.30
71.77
87.43
90.60
92.66
99.46
95.34
89.28
114.21
147.20
146.48
127.26
151.88
133.26
150.82
179.26
286.09
282.36
281.60
285.25
279.54
281.90
284.44
285.76
279.70
287.30
294.86
292.11
294.40
298.71
205.53
204.07
201.28
207.93
202.02
198.36
191.31
191.61
192.30
204.78
212.35
96.18
94.16
94.92
98.26
97.23
101.18
103.41
102.26
101.62
101.13
103.85
174.08
173.49
171.10
175.90
174.82
181.00
180.47
178.27
181.36
189.27
196.87
221.00
226.96
229.30
105.52
109.45
112.45
246.05
250.02
248.48
247.38
296.45
301.48
299.39
297.40
225.69
231.50
228.08
230.48
112.56
112.26
111.79
112.69
Standard &
Poor's
composite
index
(194143=10) 4
Dividendprice ratio
160.41
160.46
186.84
236.34
286.83
265.79
322.84
334.59
376.18
415.74
4.40
4.64
4.25
3.49
3.08
3.64
3.45
3.61
3.24
2.99
412.56
407.36
407.41
414.81
408.27
415.05
417.93
418.48
412.50
422.84
435.64
2.94
3.01
3.02
2.99
3.06
3.00
2.97
3.00
3.07
2.98
2.90
435.23
441.70
450.09
8.03
10.02
8.12
6.09
5.48
8.01
7.41
6.47
4.81
4.23
2.88
2.81
2.77
446.52
453.80
450.64
448.87
Earningsprice ratio
2.77
2.73
2.78
2.78
4.01
4.18
4.32
4.42
\\eek ended:
1993- Mar
6
'3
2C
27
1
Average of daily dosing prices.
Includes all the" stocks (more than 1,500) listed on the NYSE.
Includes !JO stocks.
4
Includes 500 .stocks.
5
Standard & Poor's series. Dividend-:.-ric? <,-.!ios based on Wednesday closing prices. Earnings2
3
price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 5 months of fiscal 1993, there was a deficit of $138.2 billion, compared with a deficit of $148.7 billion
a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,400
1,600
RECEIPTS AND OUTLAYS-!'
1,500
1,500
1,400
1,400
1,300
1,300
OUTLAYS-^
1,200
1,200
1,100
1,100
1,000
1,000
900
900
800
800
700
700
600
600
— SURPLUS OR DEFICIT (-1 •!/ -100
-100
-200
-200
-300
-300
-400
•V
1984
1985
1986
1987
1988
1989
1990
•J
1992
-400
FISCAL YEARS
•^INCLUDES OHSUDGET AND OFF-BUDGET HEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
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 (estimates)
Cumulative total, first 5
months: *
Fiscal year 1992
Fiscal year 1993
Outlays
Surplus
or deficit
(-)
Receipts
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Total
Held by
the public
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
371.8
409.2
458.7
503.5
590.9
678.2
745.8
808.4
851.8
-73.7
53 7
-59.2
402
-73.8
-79.0
-128.0
-207.8
1854
231.7
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
328.5
369.1
403.5
476.6
543.1
594.4
661.3
686.0
705
-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
20
-1.1
50
-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
1,091.6
1,147.6
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,381.8
1,474.9
212 3
-221.2
- 149.8
- 155.2
-152.5
221 4
-269.5
2902
327 3
547.9
568.9
640.7
667.5
727.0
749.7
760.4
789.2
828.2
769.6
806.8
810.1
861.4
932.3
1,027.6
1,082.1
1,129.5
1,208.1
-221.7
-238.0
-169.3
-194.0
-205.2
-278.0
-321.7
-340.3
-379.9
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
319.4
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.8
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
52.6
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,599.0
4,002.7
4,410.5
1,499.4
1,736.2
1,888.1
2,050.3
2,189.3
2,410.4
2,687.9
2,998.6
3,309.7
421.1
444.2
569.7
582.5
-148.7
138.2
306.5
327.2
471.0
478.2
-164.4
-151.0
114.6
117.0
98.8
104.3
15.8
12.7
3,762.1
4,136.7
2,809.5
3,102.6
1
Data from Monthly Treasury Statement.
NOTE.—Data (except as noted) are from Budget Baselines, Historical Data, and Alternatives for
32
Outlays
Gross Federal debt
(end of period)
Off-budget
On-budget
Total
Fiscal year or period
the Future, January 1993, and are on a cash basis.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 5 months of fiscal 1993, receipts were $23.1 billion higher than a year earlier and outlays were $12.8
billion higher.
BILUONSOFDOUARS
600
RECEIPTS ^
B1UIONSOFDOUARS
INDIVIDUAL INCOME TAXES
\
\
500
400
— — — """" "~ "
, — • "~ " "~
V
SOCIAL INSURANCE
TAXES AND rQNTR16UTION5
CORPORATION
200
\
OTHER RECEIPTS
\
1
1
1
1
inn
1
1
1
1
1
0
OUTLAYS-^
1 200
-. *"* *"""
^*~
NONDEFENSE
} 100
""
""
1 000
^ -- ""
\
--
900
\^-'*'
_ _ _ _ —. —
^.- — -""
800
— —•"""""
700
600
500
NATIONAL DEFENSE
400
200
400
\
300
A
/
•i—•—r—'—r
t
300
i
l
l ~^~~^i
i
NJ
N
200
FISCAL YEARS
CQUNCIl. Of ECONOMIC ADVISERS
[Billions of dollars]
On-budget and off-budget receipts
Individual
income
taxes
Corporation
income
taxes
298.1
385.6
399,6
463 3
517.1
599.3
617.8
600.6
666.5
131.6
1S7.6
181.0
217,8
244.1
285.9
297.7
288.9
298.4
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
34.3
36.6
37.7
40.8
50.8
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
1,091.6
1,147.6
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.5
510.4
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
105.5
265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
435.8
73.0
73.1
74.3
78.9
82.3
90.9
92.3
101.2
95.9
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,381.8
1,474.9
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
289.3
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
275.9
16,2
14.2
11,6
10.5
9.6
13.8
15.9
16.1
18.7
421.1
444.2
197.1
219.2
27.5
30.5
155.1
158.1
41.4
36.4
569.7
582.5
123.9
120.5
118.7
115.8
7.9
9.7
Fiscal year
Tola!
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 (estimates)
Cumulative total, first 5 months:l
Fiscal year 1992
Fiscal year 1993
1
On-budget and off-budget outlays
National defense
Social
insurance
taxes
and
contributions
Other
Total
Data from Monthly Treasury Statement.
NOTE.—Data (except as noted) are from Budget Baselines, Historical Data, and Alternatives for
Total
Department of
Defense,
military
International
affairs
Income
security
Social
security
Net
interest
Other
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
89.6
105.0
65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
132.8
128.2
119.8
123.3
129.3
136.0
147.0
170.3
198.1
207.4
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.5
304.7
128.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
202.8
131.8
142.1
125.9
139.4
158.8
203.9
225.1
173.7
214.2
35.5
39.5
48.0
50.7
81.6,
88.7
115.9
123.2
83.9
82.9
73.0
67.2
Health
15.7
Medicare
the Future, January 1993, and are on a cash basis,
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 1992, according to revised estimates, Federal receipts rose $38.6 billion (annual rate) and
Federal expenditures rose $28.8 billion.
BIWONSOFDOUARS
BIlilONS OF DOUARS
i,«00
1,400
MOO
1,200
1,000
-200
-400
-.(00
1986
1987
1988
1992
CALENDAR YEARS
SOISKE; MPASTM&JT Of COMMBKE
COUNOl OF EGDNOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government, expenditures
Federal Government receipts
Personal
tax and
nontax
receipts
Period
Total
Fiscal year:
1989 ...
1990
1991 ...
1992 "
Calendar year:
1988
1989
1990
1991
1992 r
1982: IV
1983- IV.
1984: IV
1985: IV..
1986: IV
1987: IV...
1988- IV
1989: IV
1990: IV
1991: I
II
III
IV
1992- I
II
Ill
IV r
Corporate
profits
tax
accruals
Indirect
business
tax and
. nontax
accruals
Contributions for
social
insurance
Total
Purchases
Transfer
Payments
Grantsin-aid to
State
and
local
governments
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
Less:
Wage
accruals
less
disbursements
Surplus
or deficit
i-),
national
income
and
product
accounts
1,050.1
1,089.6
1,114.9
1,144.5
456.9
473.2
472.1
470.1
119.2
113.8
104.4
110.5
62.2
63.8
74.8
80.3
411.8
438.7
463.5
483.6
1,164.5
1,249.5
1,310.9
1,433.3
399.4
417.6
447.1
446.5
461.1
504.5
510.7
604.5
115.8
128.3
146.9
169.2
160.5
175.1
183.1
188.1
27.6
23.9
23.1
25.1
0.0
.0
-.0
.0
-114.3
972.3
1,059.3
1,107.4
1,122.2
1,160.6
632.3
671.1
739.8
803.6
856.8
943.5
1,000.6
1,068.3
1,113.3
1,114.6
1,117.3
1,127.7
1,129.4
1,143.3
1,149.8
1,155.4
1,194.0
410.1
461.9
482.6
473.4
474.1
301.6
290.5
323,5
351.8
371.7
414.8
420.0
470.1
482.5
474.7
473.1
473.4
472.2
468.4
464.2
475.5
488.2
111.0
117.1
113.9
102.5
115.3'
45.5
65.4
67.0
77.0
91.4
109.7
118.5
111.3
111.7
100.3
101.6
104.9
103.3
112.2
118.3
108.2
122.4
60.9
61.9
66.0
78.2
81.5
49.2
55.4
58.2
56.8
54.8
59.5
61.4
62.2
68.5
77.3
76.3
78.3
80.8
79.2
79.8
81.3
85.8
390.4
418.5
444.9
468.2
489.7
235.9
259.8
291.1
318.0
338.8
359.4
400.7
424.7
450.6
462.2
466.3
471.1
473.2
483.5
487.4
490.4
497.7
1,109.0
1,181.6
1,273.6
1,332.7
1,458.4
815.7
855.7
926.6
990.8
1,034.3
1,096.3
1,135.5
1,209.8
1,307.9
1,264.4
1,329.4
1,348.7
1,388.1
1,432.5
1,452.7
1,459.8
1,488.6
387.0
401.6
426.4
447.3
449.1
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
438.3
451.3
449.9
447.2
440.8
445.0
444.8
455.2
451.6
436.3
471.5
513.3
521.9
623.3
346.0
351.1
360.1
383.8
404.2
419.7
444.5
488.8
525.5
461.6
514.8
545.5
565.9
609.8
619.5
622.6
641.4
111.3
118.2
132.3
153.3
173.0
84.3
86.9
97.7
104.5
103.8
102.9
113.0
121.9
137.6
144.3
151.9
153.4
163.6
165.1
174.1
174.0
178.7
146.0
164.8
176.6
186.9
186.7
86.8
99.2
122.3
129.2
131.1
143.1
151.2
168.9
174.8
182.7
188.1
186.8
190.1
186.8
187.5
187.8
184.8
28.4
25.5
25.1
23.1
26.2
17.3
28.8
22.2
16.4
22.1
37.8
34.9
25.0
32.0
24.8
24.4
15.7
27.7
25.7
26.9
20.2
32.2
.0
.0
.1
-.1
.0
.0
.0
.6
.0
.0
-.2
.0
.0
.2
.2
4
.0
.0
.0
.0
.0
.0
- 136.6
-122.3
- 166.2
-210.4
-297.8
-183.4
-184.6
-186.8
-187.2
-177.5
-152.7
-134.9
— 141.5
-194.6
— 149.9
-212.2
-221.0
-258.7
-289.2
-302.9
-304.4
-294.6
, Bureau of Economic Analysis,
34
-196.1
-288.8
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84=100; NSA)
Industrial production (1987 = 100; seasonally adjusted)
Period
United
States
France
Germany
Italy
Canada
Japan
France
Germany
Italy
United
Kingdom
91.0
96.1
95.4
100.0
105.3
104.9
100.5
96.4
97.2
85.5
93.4
96.8
96.6
100.0
109.3
115.9
121.4
124.1
117.3
96.5
97.1
97.2
98.0
100.0
104.6
108.8
110.9
111.2
110.0
90.9
93.5
97.7
99.6
100.0
103.9
108.8
114.5
117.9
115.5
88.9
91.8
92.9
96.2
100.0
105.9
109.2
109.4
107.1
89.6
89.7
94.6
96.9
100.0
103.6
104.0
103.4
100.4
' 100.1
99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
136.2
140.3
100.4
104.8
108.9
113.4
118.4
123.2
129.3
135.5
143.1
146.4
99.8
102.1
104.1
104.8
104.9
105.7
108.0
111.4
115.0
116.9
100.3
108.0
114.3
117.2
121.1
124.4
128.9
133.2
137.2
141.0
100.3
102.7
104.8
104.7
104.9
106.3
109.2
112.1
116.0
120.6
100.8
111.5
121.1
128.5
134.4
141.1
150.4
159.6
169.8
178.9
99.8
104.8
111.1
114.9
119.7
125.6
135.4
148.2
156.9
162.7
108.1
107.4
1984
1985
1986
1987
1988 ....
1989
1990
1991
1992 f
96.7
95.3
123.6
122.2
110.1
109.2
118.0
113.4
111.6
104.7
100.5
100.1
137.8
137.9
144.0
143.4
116.6
116.0
138.9
139.1
117.9
118.0
173.5
174.0
159.3
159.4
119.1
120.2
118.5
117.7
117.7
116.0
115.7
115.6
115.6
112.8
110.5
' 106.6
108.5
111.0
110.7
104.5
109.3
107.1
107.8
102.7
102.3
105.3
105.9
99.1
100.5
99.5
100.0
99.0
99.0
'100.1
100.0
100.4
r
101.6
r
100.9
' 100.8
138.1
138.6
139.3
139.5
139.7
140.2
140.5
140.9
141.3
141.8
142.0
141.9
144.0
144.1
144.6
144.6
144.9
145.2
145.6
145.6
145.5
145.7
146.4
146.4
115.8
115.7
116.3
117.5
117.6
117.5
116.6
116.9
117.5
117.6
117.4
117.4
139.4
139.8
140.2
140.5
140.9
141.0
141.4
141.5
141.5
141.9
141.9
141.8
118.5
119.2
119.7
120.0
120.5
120.7
120.7
120.9
121.2
121.7
122.3
122.4
175.4
175.9
176.6
177.3
178.3
178.9
179.1
179.2
179.8
180.9
182.0
182.3
159.3
160.1
160.6
163.1
163.7
163.7
163.1
163.2
163.8
164.4
164.1
163.6
100.4
142.6
143.1
147.0
147.4
117.3
142.3
142.8
123.8
124.3
183.0
162.0
163.1
1991- Nov...
Dec
1992- Jan
Feb
Mar
Apr
May
106.6
107.2
107.6
108.1
108.9
108.5
109.4
109.1
108.9
109.7
' 110.4
r
110.8
}
July
Sept
Oct
Nov
Dec
r
1993- Jan
Feb '..
1
Japan
United
States i
84.9
92.8
94.4
95.3
100.0
105.4
108.1
109.2
107.1
' 108.8
1983
T
Canada
United
Kingdom
81.2
110.3
95.6 121.5
109.9
96.3 120.6
109.4
96.5
117.7
96.8
117.6
111.1
r
96.4 115.6 109.3
96.5 118.1
109.9
110.3
96.1
119.0
97.9 114.4
110.3
110.6
98.0
119.7
r
98.1 116.6 r lll.S
r
98.6 114.3 ' 106.3
99.4 rl!3.1 ' 105.0
r
lll 3
111 8
113.0
105.5
110.9
Data relate to all urban consumers.
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration, Office of Trade and Economic Analysis).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
General merchandise imports (customs value) 3
Merchandise exports (f.a.s. value) 1
1983
1984
1992- Jan
Feb
Mar
Apr
May
July
Aug
Sept
Oct ....
Nov
Dec r
1993: Jan
1
2
6.3
7.8
9.4
10.4
12.1
12.8
13.6
16.1
15.9
17.6
269.9
346.4
352.5
382.3
424.4
459.5
493.2
517.0
508.4
553.7
-52.4
-106.7
-117.7
-138.3
-152.1
-118.5
- 109.4
-101.7
-65.4
-84.3
-64.2
-122.4
9.5
9.6
9.9
9.8
9.8
10.2
10.5
10.3
11.2
10.7
10.4
10.7
1.3
1.5
1.6
1.4
1.3
1.5
1.5
1.3
1.4
1.5
1.7
1.5
43.2
42.7
44.6
45.3
44.6
46.7
47.0
46.7
48.4
48.2
47.3
48.4
-5.9
-3.4
— 5.7
-7.1
-7.2
-6.8
-7.4
-9.2
-8.7
-7.3
-7.3
-6.9
-7.7
-5.1
-7.5
-8.9
-8.9
-8.5
-9.2
-10.9
-10.5
-9.1
— 9.2
-8.7
10.1
1.4
46.1
-7.3
— 9.1
Consumer
goods
(nonfood)
except
automotive
Other
258.0
330.7
336.5
365.4
406.2
441.0
473.2
495.3
487.1
532.4
18.2
21.0
21.9
24.4
24.8
24.8
25.1
26.6
26.5
27.9
107.0
123.7
113.9
101.3
111.0
118.3
132.3
143.2
131.0
138.0
40.9
59.8
65.1
71.8
84.5
101.4
113.3
116.4
120.7
134.4
40.8
53.5
66.8
78.2
85.2
87.7
86.1
87.3
84.9
91.5
44.9
60.0
68.3
79.4
88.7
95.9
102.9
105.7
108.0
123.0
2.0
2.1
2.3
2.0
2.1
2.2
2.0
2.1
2.0
2.2
2.1
1.9
41.4
41.1
42.8
43.5
42.9
45.0
45.2
45.0
46.6
46.3
45.5
46.6
2.3
2.2
2.3
2.4
2.2
2.6
2.5
2.3
2.3
2.3
2.3
2.4
10.6
10.4
10.7
11.3
11.4
12.0
12.0
11.8
12.0
12.4
11.8
11.6
10.3
10.3
10.7
10.8
10.8
11.2
11.3
11.5
11.7
11.8
11.5
12.0
7.4
7.2
7.6
7.7
7.3
7.4
7.4
7.7
7.9
7.6
7.9
8.4
1.9
44.3
2.2
11.5
11.6
7.5
Foods,
feeds,
and
beverages
Consumer
goods
(nonfood)
except
automotive
Other 2
30.9
31.5
24.0
22.3
24.3
32.3
37.2
35.1
35.7
40.2
56.7
61.7
58.5
57.3
66.7
85.1
99.3
104.4
109.7
109.1
67.2
72.0
73.9
75.8
86.2
109.2
138.8
152.7
166.7
176.7
16.8
20.6
22.9
21.7
24.6
29.3
34.8
37.4
40.0
46.7
13.4
13.3
12.6
14.2
17.7
23.1
36.4
43.3
45.9
50.4
20.5
24.0
27.3
35.9
34.6
43.4
17.2
20.7
23.7
25.1
35.5
37.7
37.1
36.4
35.7
38.2
37.8
35.8
37.9
39.1
38.2
39.7
3.1
3.6
3.3
3.5
3.0
3.1
3.5
3.3
3.7
3.7
3.4
3.5
9.3
8.9
8.8
8.8
8.9
9.3
9.6
8.7
9.1
9.6
9.0
9.3
13.9
15.3
14.9
14.3
13.9
15.3
14.5
14.0
15.0
15.2
14.7
15.9
3.2
3.6
3.9
4.0
3.8
4.0
3.9
3.7
3.8
3.8
4.4
4.7
3.9
4.1
4.0
3.9
4.0
4.2
4.3
4.1
4.5
4.6
4.5
4.3
37.0
3.3
9.5
14.2
3.8
4.2
Includes Department of Defense Military Assistance Program grant-aid shipments.
Includes undocumented exports to Canada through 1988.
> Total arrivals of imported goods other than intransit shipments.
1 otal includes revisions not reflected in detail.
Exports
(f.a.s)
less
imports
(c.i.f.)
Automotive
vehicles,
parts,
and
engines
Automotive
vehicles,
parts,
and
engines
5
1985
1986
1987
1988
1989 .
1990
1991
1992 r
Exports
(f.a.s) less
imports
(customs
value)
Foods
feeds,
and
beverages
Capital
goods
except
automotive
Capital
goods
except
automotive
Total 2
General
merchandise
imports
(c.i.f.
value)
Industrial
supplies
and
materials
Industrial
supplies
and
materials
205.6
224.0
218.8
5
227.2
254.1
322.4
363.8
393.6
421.7
448.1
Period
Trade balance
Principal end-use commodity category
Principal end-use commodity category
Total
4
4
-133.6
-155.1
-170.3
-137.1
-129.4
-123.4
-86.6
-105.6
5
Total exports are on a revised statistical month basis; end-use categories are on a statistical
month basis.
NoTB.-Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
U S INTERNATIONAL TRANSACTIONS
..
In the fourth quarter of 1992, the merchandise trade deficit fell to $26.0 billion, from $27.6 billion in the third
quarter. The current account deficit rose to $22.0 billion from $15.8 billion in the third quarter. (Data revised for
1992.)
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS
15
15
10
-45
1992
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (-/-), debits (—)]
Merchandise l 2
Services
Period
Exports
1981
1982
1983....
Imports
Net balance
Net
military
transactions 3 4
28 023
844
36485
112
67 102
—563
2 547
112 492
122 173
4 390
— 145081 — 5 181
3 812
159 557
6 354
126 959
6 838
115 668
7 818
— 108 853
— 73 436
5524
96275 — 2 503
Investment income
Payments
on foreign
assets in
U.S.
Other
services,
Receipts
on U.S.
assets
abroad
8 293
9 709
— 7 324
6 398
1 370
5 851
10 142
17 118
17 513
12 552
13 209
14095
14 277
14 266
18 855
18 400
20 430
26 752
29 730
33 701
40 114
53 626
86 529
56412
86 200
85614 —53 700
69572
100415
67 875
91 110
88998 — 73,620
85 629
96 574
106 991
119 456
126 326
140 692
124 261
143 547
125315 — 108 886
99 111
109 173
travel and
transporreceipts
Balance on
goods,
services,
and income
transfers,
net 4
on current
account
16 732 — 11 702
32 903
5 632 — 17075
29 788
31 915 — 25,882 — 17,741
78 212 — 20612
30843
98 771 — 22 950
23 235
15378 — 123,354 — 24,176
140421 — 23 052
10 945
24869
101 787
12 466
75537 — 25606
14 366
19 287 — 57 511 — 32,916
8,028
16429 — 11,710
10062 — 31088 — 31,360
— 11,443
-43,623
—98,824
— 121,721
-147,529
— 163,474
— 126656
— 101,143
-90,428
-3,682
-62,448
-15,847 -6,538
-7,401
-13,924
-16,777 -7,201
- 10,966 -11,778
-22,385
-21,325
-23,978
-22,744
Net
5,030
237 044
211 157
265 067
247 642
201 799
219 926
215915
223,344
250 208
320 230
361 697
388 705
415,962
439 272
— 268 901
332418
338 088
— 368,425
409 765
447 189
477 365
497 558
—489 398
— 535 547
Ill
IV
94,981
96,654
96,544
100,526
-122,360
-121,461
- 125,434
-128,303
-27,379
-24,807
-28,890
-27,777
-1,873
-1,627
-1,692
-2,627
2,093
2,073
2,120
3,855
6,984
7,237
7,461
8,051
35,004
34,586
35,137
38,821
-30,676
-31,386
-30,913
-31,289
4,328
3,200
4,224
7,532
1991: I
II
Ill
IV
100,636
103,324
104,151
107,851
-118,962
-119,721
- 124,325
- 126,390
-18,326 -2,564
-16,397 -1,427
-994
-20,174
-539
-18,539
3,755
3,929
4,358
5,080
8,164
8,280
8,660
8,596
35,498
31,215
29,904
28,698
-28,533
-27,284
-26,828
-26,240
6,965
3,931
3,076
2,458
-2,006
-1,684
-5,075
-2,945
14,199
4,115
-6,012
-4,273
12,193
2,431
-11,087
-7,218
107,634
107,148
III .... 110,119
IV.... 114,371
- 125,297
-132,152
-137,753
- 140,345
-17,663
-25,004
-27,634
-25,974
4,392
4,206
3,994
4,922
10,058
9,036
12,321
8,703
28,418
28,371
27,102
25,281
-24,024
-26,520
-24,125
-24,442
4,394
1,851
2,977
839
557
- 10,534
-8,921
-12,187
-6,931
-7,745
-6,850
-9,833
-6,374
-18,279
-15,771
-22,020
1984
1985
1986
1987
1988
1989
1990 .
1991
1992 p
1990: I
II
1992: I r
II
1
2
3
r
r
Excludes military.
Adjusted from Census data for differences in timing and coveraj
Quarterly data are not seasonally adjusted.
36
-625
-623
-578
-677
144
992
4 227
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 decreased $6.8 billion in the fourth
quarter of 1992, following an increase of $1.3 billion in the third quarter. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, decreased $3.2 billion in the fourth quarter, following an
increase of $22.9 billion in the third quarter. (Data revised for 1992.)
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
20
•20
-60
COUNCIL Of ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase /capit
Period
Total
1981..
1982
1983.
1984
1985....
1986
1987
1988
1989
1990
1991
1992"
U.S.
official
reserve
assets 3 5
Foreign assets in the U.S., net
[increase/capital inflow ( + )]
]
Other U.S.
Government
assets
U.S.
private
assets
Foreign
official
assets 3
Other
foreign
assets
83,032
92,418
83,380
102,010
130,966
223,191
229,972
219,489
213,693
99,379
66,980
120,400
4,960
3,593
5,845
3,140
— 1,119
35,648
45,387
39,758
8,489
33,908
18,407
40,307
78,072
88,826
77,534
98,870
132,084
187,543
184,585
179,731
205,204
65,471
48,573
80,093
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)
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,721
71,323
— 114,147
-122,335
-58,856
-29,224
-34,069
-91,069
— 62,402
-92,708
— 114,944
-56,321
-62,220
— 44,900
5 175
-4,965
-1,196
-3,131
-3,858
312
9,149
-3,912
25 293
-2,158
5,763
3,901
1990: I
II
Ill
IV
42,141
-30,682
-30,964
-36,816
-3,177
371
1,739
-1,091
-743
-794
-337
4,179
46,061
-30,259
-32,366
-39,903
-30,965
30,853
51,386
48,108
-6,450
6,134
14,097
20,127
-24,515
24,719
37,289
27,981
11,209
21,154
3,556
11,452
4,489
518
-5,605
600
76,303
77,298
80,024
83,316
1991:
I
II
Ill ....
IV
-640
-7,050
-10,368
-44,158
-353
1,014
3,877
1,225
1,073
-420
3,180
-437
-1,360
-7,644
-17,426
— 44,947
-7,840
2,959
22,933
48,929
5,650
-4,178
4,115
12,819
-13,490
7,137
18,818
36,110
-3,713
1,660
-1,478
2,447
4,636
883
6 137
613
78,002
74,940
74,731
77,721
1992: I '
II r
Ill r...
IV...
-4,709
-423
-21,241
-18,528
-1,057
1,464
1,952
1,542
-38
-277
301
-3,614
1 610
93 892
-19,726
18,615
47,466
21,977
32,343
21,192
20,895
-7,269
5,489
-2,577
26,571
29,246
26,854
-7,532
-28,764
15,035
8,205
4,901
1,296
6 640
74,657
77,092
78,527
71,323
5
-5,097
103 875
-6,131 — 111,239
-5,006
52 654
-5,489
-20,605
27 391
-2,821
2 022 -89,360
1,006
72 556
2,967
-91,762
1,271
90 922
2,304
-56,467
3,397
-71,379
-959
47 843
Consists of gold, special drawing rights (SDKs), foreign <
344
snries, and the U.S. reserve posi-
1,093
Sources: Department of Commerce (Bun
24,992
41,359
19,099
26,038
24,825
15,407
-4,096
126
2 394
47,370
-1,078
— 13052
439
of Economic Analysis) and
Department of the
ion in the IMF.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
page
Gross Domestic Product
Gross Domestic Product in 1987 Dollars
Implicit Price Deflators for Gross Domestic Product
Changes in GDP, Personal Consumption Expenditures, and Related Implicit Price Deflators and Price Indexes
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures in 1987 Dollars
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment in 1987 Dollars
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
"18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
' Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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