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103d Congress, 2d Session
Economic Indicators
MARCH 1994
(Includes data available as of April 6, 1994)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
FEDERAL RESERVE
BANK OF CHICAGO
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1994
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)
CHARLES S. ROBB (Virginia)
BYRON L. DORGAN (North Dakota)
BARBARA BOXER (California)
WILLIAM V. ROTH, JR. (Delaware)
CONNIE MACK (Florida)
LARRY E. CRAIG (Idaho)
ROBERT F. BENNETT (Utah)
RICK McGAHEY, Executive Director
COUNCIL OF ECONOMIC ADVISERS
LAURA D. TYSON, Chair
ALAN S. BLINDER, Member
JOSEPH E. STIGLITZ, Member
[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
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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.
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Economic Indicators, published monthly, is available at $3.00 a single copy
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ISBN 0-16-044101-3
U
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the fourth quarter of 1993, according to revised estimates, current-dollar gross domestic product (GDP) rose 8.4
percent (annual rate), real GDP (GDP in 1987 dollars) rose 7.0 percent, and the implicit price deflator rose 1.3
percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLONS OF DOLLARS (RATIO SCALE)
4,800
6,800
SEA5ONAUY ADJUS1H> ANNUAl RATES
/
6,400
6,400
^^
S\
6,000
6,000
^
5,600
GDP
IN CURRENT DOLLARS
5,200
5,600
^
^
5,200
V,f
~ -- """
:
4,800
._-•'''
_^
4,800
K'
-X GDP
4,400
4,400
IN 1987DOUA RS
^-.--
V^ ^
4,000
X
4,000
3,600
3,600
^
/
3,200
2,800
3,200
1
j
1
1982
i
i i
\
\
1984
1983
\
\
\ \
s
i i
1986
1985
i
i i
1987
i
i i
1988
(
t i
1989
1
i
1990
I
i i j
1991
SOURCE: DEPARTMENT Of COMMERCE
i l l
i
1992
1993
i i
2,800
COUNCIL Of ECONOMIC ADVBERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
domestic
product
1986 .
1987
1988
1989
1990 . ..
1991
1992
1993 '
1982: IV
1983: IV
1984: IV
1985: IV
1986: IV
1987: IV
1988: IV
1989: IV
1990: IV
1991' I
JJ
III
IV
1992: I
II
Ill
IV
1993: I
TJ
ra
IV '
1
4,268.6
4,539.9
4,900.4
5,250.8
5,546.1
5,722.9
6,038.5
6,377.9
3,195.1
3,547.3
3,869.1
4,140.5
4,336.6
4,683.0
5,044.6
5,344.8
5,597.9
5,631.7
5,697.7
5,758.6
5,803.7
5,908.7
5,991.4
6,059.5
6,194.4
6,261.6
6,327.6
6,395.9
6,526.5
Personal
consumption
expenditures
Gross
private
domestic
investment
2,850.6
3,052.2
3,296.1
3,523.1
3,761.2
3,906.4
4,139.9
4,391.8
2,128.7
2,346.8
2,526.4
2,739.8
2,923.1
3,124.6
3,398.2
3,599.1
3,836.6
3,843.6
3,887.8
3,929.8
3,964.1
4,046.5
4,099.9
4,157.1
4,256.2
4,296.2
4,359.9
4,419.1
4,492.0
717.6
749.3
793.6
832.3
808.9
736.9
796.5
891.7
464.2
614.8
722.8
737.0
697.1
800.2
814.8
825.2
756.4
729.1
721.5
744.5
752.4
750.8
799.7
802.2
833.3
874.1
874.1
884.0
934.5
Exports and imports of goods
and services
Federal
Net
exports
- 132.5
143 1
-108.0
-79.7
71 4
-19.6
29 6
-63.6
-29.5
-71.8
-107.1
- 135.5
-133.2
-143.2
-106.0
-73.9
-71.6
34 0
-11.5
-19.8
-13.0
-7.0
-33.9
-38.8
38 8
-48.3
65 1
— 71.9
-69.1
Exports
319.2
364.0
444.2
508.0
557.1
601.5
640.5
661.7
265.6
286.2
308.7
304.7
333.9
392.4
467.0
523.8
577.6
576.5
600.7
603.0
625.7
633.7
632.4
641.1
654.7
651.3
660.0
653.2
682.4
GDP less exports of goods and services plus imports of goods and services.
Government purchases
Imports
451,7
507.1
552.2
587.7
628.5
621.1
670.1
725.3
295.1
358.0
415.7
440.2
467.1
535.6
573.1
597.7
649.2
610.6
612.2
622.8
638.8
640.7
666.3
679.9
693.5
699.6
725.0
725.1
751.5
Total
Total
833.0
881.5
918.7
975.2
1,047.4
1,099.3
1,131.8
1,158.1
631.6
657.6
727.0
799.2
849.7
901.4
937.6
994.5
1,076.5
1,093.0
1,099.9
1,104.0
1,100.2
1,118.5
1,125.8
1,139.1
1,143.8
1,139.7
1,158.6
1,164.8
1,169.1
367.8
384.9
387.0
401.6
426.5
445.9
448.8
443.4
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
450.2
449.4
446.8
437.4
445.5
444.6
452.8
452.4
442.7
447.5
443.6
440.0
National
defense
276.7
292.1
295.6
299.9
314.0
322.5
313.8
303.4
205.5
222.8
242.9
268.6
278.6
295.8
296.8
302.5
322.5
331.4
326.3
321.2
311.2
312.3
310.4
316.7
315.7
304.8
307.6
301.9
299.2
Nondefense
91.1
92.9
91.4
101.7
112.5
123.4
135.0
140.1
75.9
66.9
81.9
88.3
94.5
96.7
95.2
102.6
114.0
118.7
123.0
125.6
126.2
133.1
134.2
136.1
136.7
137.9
140.0
141.7
140.7
State
and
local
465.3
496.6
531.7
573.6
620.9
653.4
683.0
714.6
350.3
367.9
402.2
442.4
476.6
509.0
545.7
589.3
640.0
642.9
650.5
657.3
662.8
673.0
681.2
686.2
691.4
697.0
711.1
721.2
729,2
Final
sales of
domestic
product
Gross
domestic
purchases *
4,260.0
4,513.7
4,884.2
5,217.5
5,539.3
5,731.6
6,031.2
6,362.3
3,241.4
3,527.1
3,818.1
4,107.9
4,355.4
4,623.7
5,027.3
5,314.6
5,621.8
5,651.6
5,720.8
5,759.1
5,794.8
5,913.9
5,978.6
6,049.9
6,182.5
6,227.1
6,314.5
6,388.2
6,519.6
4,401.2
4,683.0
5,008.4
5,330.5
5,617.5
5,742.5
6,068.2
6,441.5
3,224.6
3,619.1
3,976.2
4,276.0
4,469.8
4,826.2
5,150.7
5,418.7
5,669.5
5,665.8
5,709.2
3,778.4
5,816.7
5,915.8
6,025.3
6,098.3
6,233.2
6,309.9
6,392.7
6,467.8
6,595.6
Source: Department of Commerce, Bureau of Economic Analysis.
Addendum:
Gross
national
product
4,277.7
4,544.5
4,908.2
5,266.8
5,567.8
5,737.1
6,045.8
6,378.1
3,222.6
3,578.4
3,890.2
4,156.2
4,340.5
4,690.5
5,054.3
5,365.0
5,630.0
5,656.1
5,710.6
5,766.2
5,815.5
5,927.6
5,996.3
6,067.3
6,191.9
6,262.1
6,327.1
6,402.3
6,520.9
GROSS DOMESTIC PRODUCT IN 1987 DOLLARS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Period
1986
1987
1988
1989
1990
1991
1992
1993 r
1982:
1983:
19841985:
19861987:
19881989:
19901991:
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
n
m
IV
1992- I
n
m
IV
1993- I
II
m
IV
1
Gross
domestic
product
Persona]
consumption
expenditures
Nonresidential
fixed
investment
lesidential
fixed
investment
Change
in
bustness
inventories
Exports and imports of
goods and services
Net
exports
Government purchases
Federal
Exports
Imports
Total
Total
National
defense
State
and
ioeai
Nondefense
Final
sales of
domestic
product
Gross
domestic
purchases l
Addendum:
Gross
national
product
4,404.5
4,539.9
4,718.6
4,838.0
4,897.3
4,861.4
4,986.3
5,136.0
2,969.1
3,052.2
3,162.4
3,223.3
3,272.6
3,258.6
3,341.8
3,453.2
500.3
497.8
530.8
540.0
546.5
514.5
529.2
591.8
226.2
225.2
222.7
214.2
194.5
169.5
197.1
214.2
8.5
155 1
26.3 -143.1
19.9
104 0
29.8 -73.7
5.7 -54.7
-8.4
19 1
6.5 -33.6
14.3
76 5
329.6
364.0
421.6
471.8
510.5
543.4
578.0
598.3
484.7
507.1
525.7
545.4
565.1
562.5
611.6
674.8
855.4
881.5
886.8
904.4
932.6
946.3
945.2
938.9
373.0
384.9
377.3
376.1
384.1
386.5
373.0
354.9
280.6
292.1
287.0
281.4
283.6
281.3
261.2
242.4
92.4
92.9
90.2
94.8
100.4
105.3
111.8
112.5
482.4
496.6
509.6
528.3
548.5
559.7
572.2
584.0
4,395.9
4,513.7
4,698.6
4,808.3
4,891.6
4,869.8
4,979.8
5,121.7
4,559.6
4,683.0
4,822.6
4,911.7
4,951.9
4,880.5
5,019.9
5,212.5
4,413.5
4,544.5
4,726.3
4,852.7
4,916.5
4,874.5
4,994.0
5,138.6
3,759.6
4,012.1
4,194.2
4,333.5
4,427.1
4,625.5
4,779.7
4,856.7
4,867.2
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
417.2
449.6
509.6
525.5
496.5
510.6
538.8
536.7
540.2
131.2 -44.9 -19.0
190.6
83 7
29.S
198.8
47.9 -131.4
207.4
30.2 — 155.4
230.5
20 1 -156.0
223.3
53.9 -136.0
225.3
20.9
1027
208.0
24.9
674
176.3 -20.9 -36.8
280.4
291.5
312.8
312.0
342.9
386.1
438.2
487.7
520.4
299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.0
557.2
735.9
748.1
784.3
830.5
864.8
893.0
894.5
912.6
942.4
318.0
322.2
341.7
363.7
377.5
391.6
378.4
376.1
386.5
229.4
242.9
254.3
272.1
282.2
295.0
285.7
281.5
285.7
86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.7
100.8
419.9
425.9
442.6
466.7
487.3
501.4
516.1
536.5
555.8
3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565.6
4,758.7
4,831.8
4,888.0
3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,924.1
4,904.0
3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,875.1
4,895.4
4,837.8 3,242.7
4,855.6 3,256.9
4,872.6 3,267.1
4,879.6 3,267.5
521.4
517.8
512.8
506.1
163.8
174
164.3 -22.3
171.0
-.9
179.1
7.1
21 6
-13.3
250
-16.4
519.4
542.9
546.9
564.2
541.0
556.2
571.9
580.7
948.9
952.3
947.6
936.2
393.8
393.6
386.6
372.1
292.0
288.7
279.4
284.9
101.8
104.9
107.2
107.2
555.1
558.7
561.0
564.1
4,855.2
4,878.0
4,873.5
4,872.5
4,859.4
4,869.0
4,897.6
4,896.0
4,859.3
4,867.5
4,880.3
4,890.9
4,922.0
4,956.5
4,998.2
5,068.3
3,302.3
3,316.8
3,350.9
3,397.2
510.5
528.8
533.8
543.7
186.2
195.6
196.2
210.6
50
12.6
9.6
8.7
15 2
-38.0
425
-38.8
571.0
570.2
579.3
591.6
586.2
608.2
621.8
630.3
943.1
940.7
950.2
946.9
372.1
369.2
377.0
373.7
261.2
257.9
264.4
261.3
110.9
111.3
112.5
112.4
571.0
571.5
573.2
573.2
4,926.9
4,943.8
4,988.6
5,059.6
4,937.1
4,994.5
5,040.7
5,107.1
4,939.0
4,962.2
5,006.4
5,068.4
5,078.2
5,102.1
5,138.3
5,225.6
3,403.8
3,432.7
3,469.6
3,506.9
562.3
584.3
594.8
625.7
211.4
206.2
212.1
227.2
29.3
13.0
6.5
8.5
599
-75.2
-86.3
-84.5
588.0
593.2
591.9
620.0
647.9
668.4
678.2
704.5
931.3
941.1
941.7
941.7
357.6
359.4
353.7
349.0
246.0
246.4
240.1
237.1
111.5
113.0
113.7
111.8
573.7
581.6
588.0
592.8
5,048.9
5,089.1
5,131.8
5,217.1
5,138.1
5,177.4
5,224.6
5,310.0
5,080.7
5,104.1
5,145.8
5,223.7
GDP less exports of goods and services plus imports of goods and services.
Source: Department of Commerce, Bureau of Economic Analysis,
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[1987=100; quarterly data are seasonally adjusted]
Period
Gross
domestic
product
1986
1987
1988
1989
1990
1991
1992
1993 r
19821983:
19841985:
1986:
19871988:
19891990:
IV
IV
IV
IV
IV
IV
IV
IV
IV
1991- I
n
m
IV
1992- I
n
m
IV
1993- I
n
Ill
IV '
Persona! consumption
expenditures
Gross private
domestic investment
Durable
goods
Nonresidentiat
fixed
Federal
Total
Nondurable goods
Services
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
96.9
100.0
103.9
108.5
113.3
117.7
121.1
124.2
96.0
100.0
104.2
109.3
114.9
119.9
123.9
127.2
96.9
100.0
102.0
104.2
105.7
107.3
108.9
109.8
96.1
100.0
103.7
109.3
115.9
120.0
122.4
124.1
95.7
100.0
105.1
110.6
116.7
122.8
128.5
133.5
98.4
100.0
102.8
105.2
107.3
108.0
106.9
105.4
95.8
100.0
104.2
107.8
110.7
111.8
113.4
117.8
96.9
100.0
105.3
107.7
109.1
110.7
110.8
110.6
93.2
100.0
105.1
107.8
111.2
110.4
109.6
107.5
98.6
100.0
102.6
106.8
111.0
115.4
120.3
124.9
98.6
100.0
103.0
106.6
110.7
114.7
120.1
125.1
98.6
100.0
101.4
107.3
112.0
117.2
120.8
124.5
96.4
100.0
104.3
108.6
113.2
116.7
119.4
122.4
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
117.5
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
119.2
79.0
83.7
87.7
92.9
97.3
101.9
107.1
112.7
119.2
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
111.1
94.7
98.2
98.7
97.7
97.4
101.6
106.6
107.4
111.0
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
112.9
89.6
91.7
95.5
98.7
98.7
100.3
103.9
107.5
112.9
87.7
84.3
93.7
96.4
99.2
100.1
102.6
108.4
113,1
83.4
86.4
90.9
94.8
97.8
101.5
105.7
109.9
115.2
116.4
117.3
118.2
118.9
118.5
119.4
120.3
121.3
106.8
107.1
107.5
107.8
119.5
119.8
120.1
120.7
120.8
122.0
123.5
124.9
108.7
108.3
107.8
107.3
111.3
111.7
112.5
111.8
111.0
110.6
110.2
110.9
112.9
110.1
108.9
110.0
114.3
114.2
115.6
117.5
113.5
113.0
114.9
117.5
116.7
117.3
117.2
117.8
115.8
116.4
117.2
117.5
120.0
120.9
121.2
122.2
122.5
123.6
124.1
125.3
108.4
109.0
109.1
109.1
121.5
122.1
122.8
123.1
126.6
128.1
128.5
130.7
107.1
107.1
106.6
106.6
112.2
112.8
113.8
114.9
111.0
110.9
110.7
110.7
109.3
109.6
109.3
110.0
119.7
120.4
120.1
121.1
119.6
120.3
119.8
120.8
120.0
120.6
121.0
121.6
117.9
119.2
119.7
120.6
123.3
124.0
124.5
124.9
126.2
127.0
127.4
128.1
109.2
109.8
109.9
110.1
124.1
124.2
123.7
124.3
131.8
133.1
134.0
135.1
105.7
106.0
105.1
104.8
115.8
117.3
118.5
119.5
110.8
111.3
110.4
110.1
108.0
108.5
106.9
106.7
123.8
124.5
125.4
126.1
123.9
124.8
125.7
126.2
123.6
123.9
124.6
125.9
121.5
122.3
122.7
123.0
Source: Department of Commerce, Bureau of Economic Analysis.
Government purchases
Exports and imports of
goods and services
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]
Gross domestic product
Period
Current
dollars
1981
1982
1983 ..
1984
1985
1986
1987
1988
1989
1990 ... .
1991
1992
1993
1989- in
IV
1990: I
1991:
n
m
rv
I
n
m
IV
1992:
I
n
m.
rv
1993- I
n
mr
rv
Personal consumption expenditures
Fixed-weighted
price index
(1987 weights)
Constant
(1987) dollars
Implicit price
deflator
11.9
3.9
8.1
10.9
6.9
5.7
6.4
7.9
7.2
5.6
3.2
5.5
5.6
3.8
5.1
9.1
5.9
3.1
1.0
2.4
4.8
4.3
3.2
7.4
5.7
4.6
9.2
1.8
-2.2
3.9
6.2
3.2
2.9
3.1
3.9
2.5
1.2
-.7
2.6
3.0
0
1.5
3.5
1.5
-.9
32
-2.4
1.5
1.4
.6
3.5
2.8
3.4
5.7
10.0
6.2
4.1
4.4
3.7
2.6
3.2
3.9
4.4
4.4
3.9
2.9
2.6
3.8
3.7
5.2
4.4
4.0
4.3
5.0
3.1
3.1
2.4
3.8
3.0
1.0
3.3
3.9
3.4
3.5
2.8
3.1
4.0
4.5
4.6
4.1
3.3
3.1
3.8
3.7
5.8
4.4
4.7
3.8
5.1
3.4
3.4
2.7
4.2
3.4
2.5
3.1
10.2
6.9
9.6
9.0
8.4
6.9
7.1
8.0
6.9
6.8
3.9
6.0
6.1
6.3
5.3
9.2
5.3
8.3
3.7
.7
4.7
4.4
3.5
8.6
5.4
5.7
9.9
4.4
4.3
4.4
8.4
.8
1.9
2.9
7.0
3.6
2.3
1.6
1.3
4.3
2.8
2.1
2.3
3.8
6.1
5.5
6.8
Current
dollars
Fixed-weighted
price index
(1987 weights)
Constant
(1987) dollars
Implicit price
deflator
1.2
1.1
4.6
4.8
4.4
3.6
2.8
3.6
1.9
1.5
9.0
5.7
4.9
3.9
3.9
3.1
4.2
4.2
4.9
5.1
4.4
3.3
2.7
3.3
4.4
6.3
4.3
6.1
6.7
3.4
3.1
3.0
3.4
4.0
3.6
1.6
3.9
8.6
5.4
4.3
3.7
3.8
3.0
4.1
4.3
5.0
5.3
4.5
3.7
3.0
3.5
4.4
6.6
4.2
6.3
7.0
3.9
3.2
3.4
3.5
4.5
3.6
3.4
3.1
2.9
2.6
1.3
2.2
3.4
2.9
1.4
2.8
^
2^6
3.3
2.9
.8
2.8
.9
2.1
-2.7
-2.8
1.8
1.3
.0
4.3
1.8
4.2
5.6
.8
3.4
4.4
4.4
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Gross domestic product
of nonfinancial
corporate business
(billions of dollars)
Period
1986
1987
1988
1989
1990
1991
1992
1993 *
1982- IV
1983- IV
1984- IV
1985- IV
1986- IV
1987- IV
1988- IV
1989- IV
1990- IV
1991- IV
1992- I
II
ni
rv
1993- I
n
m
rv *
..
Current
dollars
1987
dollars
2,386.3
2,547.3
2,764.8
2,913.5
3,045.5
3,082.1
3,243.4
3,418.4
1,806.3
2,037.2
2,228.2
2,338.8
2,422.8
2,627.6
2,843.2
2,951.5
3,052.5
3,129.5
2,439.3
2,547.3
2,684.8
2,718.9
2,747.4
2,710.0
2,822.3
2,937.2
1,999.6
2,204.2
2,328.4
2,396.9
2,463.3
2,604.0
2,719.0
2,722.7
2,725.0
2,745.0
3,159.8
3,218.1
3,264.2
3,331.6
2,759.5
2,802.6
2,839.8
2,887.4
3,331.7
3,395.9
3,432.2
3,513.8
2,867.5
2,916.6
2,948.9
3,015.9
Current-dollar cost and profit per unit of output (dollars) *
Total
cost and
profit 2
0.978
1.000
1.030
1.072
1.109
1.137
1.149
1.164
.903
.924
.957
.976
.984
1.009
1.046
1.084
1.120
1.140
1.145
1.148
1.149
1.154
1.162
1.164
1.164
1.165
Consumption of
fixed
capital
0.111
.110
.111
.117
.120
.126
.125
.123
.119
.119
.111
.110
.112
.110
.112
.120
.123
.125
.125
.124
.129
.122
.124
.123
.124
.121
1
Output is measured by 6DF of nonfinancial corporate business in 1987 dollars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the3 decimal point shifted two places to the left.
Indirect business tax and nontax liability plua business transfer payments less subsidies.
Indirect
business
taxes3
Compensation of
employees
Net
interest
Corporate profits with inventory
valuation and capital consumption
adjustments
Total
0.095
0.648
0.040
0.084
.095
.096
.101
.106
.115
.116
.118
.086
.088
.091
.093
.095
.094
.097
.102
.109
.116
.117
.116
.116
.116
.116
.118
.118
.118
.658
.676
.706
.736
.758
.762
.768
.607
.602
.623
.643
.654
.664
.687
.718
.748
.760
.762
.762
.762
.761
.772
.770
.769
.761
.042
.045
.054
.054
.052
.048
.046
.040
.036
.041
.038
.042
.042
.047
.055
.054
.051
.050
.049
.047
.046
.047
.046
.045
.044
.096
.102
.094
.093
.086
.099
.109
.051
.079
.091
.092
.081
.099
.102
.088
.085
.088
.091
.098
.096
.109
.102
.108
.108
.120
Profits
tax
liability
0.031
.037
.038
.037
.034
.031
.035
.040
.020
.029
.027
.030
.035
.038
.040
.033
.034
.031
.033
.036
.034
.037
.037
.040
.038
.044
Profits
after
tax 4
0.053
.059
.064
.057
.059
.056
.064
.070
.030
.050
.064
.063
.045
.060
.063
.055
.052
.056
.059
.062
.062
.072
.065
.068
.070
.076
Output
per hour
of all
employees
(1987
dollars)
Compensation per
hour of
all
employees
(dollars)
22.735
23.129
23.572
23.189
23.446
23.865
24.836
14.741
15.208
15.833
16.377
17.246
18.087
18.915
21.070
21.893
22.054
22.347
22.892
23.358
23.524
23.147
23.549
24.246
12.791
13.187
13.732
14.359
14.975
15.518
16.071
16.618
17.623
18.419
24.394
24.678
25.031
25.310
18.597
18.803
19.062
19.249
25.053
25.296
25.528
19.353
19.468
19.626
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]
Nationai
income
Period
Compensation of
employees'"
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
1987
1988
1989
1990
1991
1992
1993 r....
1982: IV
1983- IV
1984: IV
1985- IV
1986: IV
1987- IV
1988: IV
1989- IV
1990: IV
1991- III
IV
1992- I
II
Ill
IV
1993- I
II
Ill
IV '
1
3 692 3
4,002.6
4,249.5
4,491.0
4 598 3
4,836.6
5,140.9
2,551 5
2,834.3
3,134.4
3,341.9
3,486.0
3,828.8
4,127.6
4,305.2
4,539.2
4,596.9
4,662.6
4,755.4
4,814.6
4,800.8
4,975.8
5 038 9
5,104.0
5,143.2
5,277.6
2,698.7
2,921.3
3,100.2
3,297.6
3,402.4
3,582.0
3,772.2
1,940.4
2,101.2
2,288.1
2,442.5
2,582.5
2,785.1
3,004.9
3,162.8
3,344.2
3,415.8
3,455.4
3,507.8
3,558.1
3,603.6
3,658.6
3,705.1
3,750.6
3,793.9
3,839.2
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
31.3
30.9
40.2
41.9
36.8
43.7
46.0
10.2
6.3
21.9
17.8
23.6
42.4
30.9
38.4
43.8
29.8
37.6
45.6
44.9
36.8
47.6
55.7
47.0
24.8
56.4
3.2
4.3
-13.5
-14.2
-12.8
-8.9
12.6
24.1
22.2
24.3
14.0
4.7
6.8
2.8
-21.6
— 11.1
-16.3
-11.2
— 8.7
-7.2
-18.5
-1.2
7.5
12.7
13.7
16.4
279.0
293.4
307.0
321.4
339.5
370.6
397.3
169.6
193.8
217.7
250.9
260.9
282.6
302.5
311.4
325.1
344.4
350.1
361.2
366.2
371.3
383.6
388.4
392.4
397.6
410.6
Includes employer contributions for social insurance. (See also p. 5.)
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
319.8
365.0
362.8
380.6
369.5
407.2
467.3
150.3
229.1
261.3
284.9
264.6
343.3
378.3
354.5
S62.8
359.0
378.8
409.9
411.7
367.5
439.5
432.1
458.1
468.5
510.5
273.4
320.3
325.4
354.7
367.3
390.1
443.0
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
359.0
375.4
399.7
395.7
350.1
414.8
407.0
433.4
444.8
486.6
Profits
before tax
Inventory
valuation
adjustment
287.9
347.5
342.9
365.7
362.3
395.4
450.0
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
368.9
362.0
373.5
404.3
409.5
357.9
409.9
419.8
445.6
443.8
491.0
-14.5
-27.3
-17.5
-11.0
4.9
-5.3
— 7.1
-8.6
-7.6
3.5
-3.8
-10.7
— 17.8
-31.7
- 13.5
-19.5
-3.0
1.9
-4.6
-13.7
-7.8
4.9
-12.7
-12.2
1.0
—4.3
Capital
consumption
adjustment
46.4
44.7
37.4
25.9
2.2
17.1
24.3
-9.6
12.9
37.7
56.9
39.6
49.9
37.9
33.9
13.5
.0
3.5
10.2
16.0
17.4
24.7
25.1
24.7
23.8
23.9
Net
interest
360.4
387.7
452.7
463.7
462.8
442.0
445.6
256.8
281.8
321.1
331.9
349.7
368.6
408.1
459.8
474.4
464.2
451.9
439.5
440.8
440.1
447.7
450.1
443.2
444.6
444.5
Source: Department, of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS
[Billions of 1987 dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Period
1987
1988
1989
1990
1991
1992
1993 r
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
Ill
IV
1993: I
II
Ill r
IV .....
1
Total
personal
consumption
e.xjiendi-
3,052.2
3,162.4
3,223.3
3,272.6
3,258.6
3,341.8
3,453.2
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,242.7
3,256.9
3,267.1
3,267.5
3,302.3
3,316.8
3,350.9
3,397.2
3,403.8
3,432.7
3,469.6
3,506.9
Total
durable
goods
403.7
428.7
440.7
443.1
426.6
456.6
490.0
272.3
319.1
347.7
369.6
415.7
404.7
439.2
436.8
433.2
420.3
422.0
432.6
431.5
446.6
447.5
459.0
473.4
471.9
484.2
493.1
510.9
Motor
vehicles
and
parts
183.5
194.8
144.0
155.4
196.4
192.7
170.5
182.3
191.7
123.7
151.6
164.3
173.9
193.6
183.6
197.7
188.3
182.1
169.4
165.9
173.7
173.0
180.6
179.5
180.6
188.6
185.7
191.3
189.9
199.7
165.8
171.6
180.0
194.8
216.3
96.4
109.3
118.7
128.6
141.4
145.9
160.3
167.9
172.3
174.3
180.0
Includes other items, not shown separately.
Furniturc and
household
equipment
182.7
182.9
188.2
189.8
197.1
204.2
206.5
212.4
219.4
227.1
Other
76.2
78.5
78.5
78.7
76.1
79.5
82.0
52.3
58.1
64.8
67.1
80.7
75.2
81.2
80.5
78.8
76.6
76.0
76.2
75.6
77.8
78.2
81.3
80.6
79.7
80.6
83.7
84.1
Total
nondurable goods
1,011.1
1,035.1
1,051.6
1,060.7
1,048.2
1,062.9
1,088.1
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1.046.8
1,058.9
1,057.5
1,048.2
1,051.1
1,049.3
1,044.0
1,052.0
1,055.0
1,062.9
1,081.8
1,076.0
1,083.1
1,093.0
1,100.2
Food
500.7
513.4
515.0
523.9
518.7
520.5
531.0
458.3
467.1
475.1
488.2
496.9
502.4
518.0
515.6
525.8
518.7
519.0
518.8
518.2
518.8
515.7
518.2
529.3
526.7
528.6
532.6
536.0
Clothing
and
shoes
Gasoline
and oil
174.5
84.7
178.9
187.8
186.2
184.7
193.7
199.5
135.7
147.7
154.7
161.7
171.9
174.5
182.8
190.9
184.5
182.9
187.0
185.9
183.1
188.3
191.1
195.4
200.0
194.8
197.8
200.6
204.6
86.1
87.3
86.4
83.1
83.9
84.9
73.4
76.9
79.0
79.5
84.6
85.4
87.5
88.6
84.6
82.7
83.7
83.4
82.5
82.7
83.7
84.7
84.4
83.9
84.1
86.2
85.4
Retail sal ?s of new
passeng cr ears
(millions of units)
Services
Nondurabl goods
Durable troods
Fuel
oil and
eoa!
12.0
12.0
11.4
10.5
10.7
11.9
13.0
10.5
11.4
11.1
11.4
12.4
11.9
12.0
12.0
9.5
10.3
10.6
11.4
10.6
11.1
12.8
11.7
11.9
12.9
12.6
13.2
13.1
Other
239. 1
244.7
250.2
253.8
250.9
252.9
259.8
202.8
212.2
222.9
228.0
235.2
240.4
246.4
251.8
253.1
253.5
250.9
249.8
249.6
251.1
251.7
252.7
256.2
257.7
259.9
260.4
261.1
Total
services 1
1,637.4
1,698.5
1,731.0
1,768.8
1,783.8
1,822.3
1,875.2
1,386.2
1,443.9
1,494.2
1,557.1
1,595.8
1,655.5
1,716.9
1,746.3
1,775.2
1,774.2
1,783.8
1,785.2
1,792.0
1,803.7
1,814.3
1,829.0
1,842.0
1,855.9
1,865.4
1,883.5
1,895.8
Housing
452.5
461.8
469.2
474.6
478.6
484.2
492.0
411.0
419.7
431.3
438.1
444.8
457.0
465.6
471.3
475.9
476.3
478.1
479.4
480.6
481.7
483.2
485.1
486.7
488.8
490.7
493.3
495.3
Source: Department of Commerce, Bureau of Economic Analysis.
Medical
care
384.7
399.4
408.6
424.6
437.6
449.2
463.4
327.8
334.8
344.9
359.1
372.0
390.7
403.0
411.8
429.4
432.6
435.3
438.8
443.6
445.3
447.9
450.4
453.2
458.0
461.1
465.1
469.3
Domestics
Imports
7.1
7.5
7.1
3.2
3.1
6.9
6.1
6.3
6.7
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
6.6
6.2
6.1
6.2
6.1
6.1
6.3
6.2
6.4
6.4
6.9
6.6
7.1
2.6
2.3
2.1
2.0
2.5
2.8
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.4
2.2
2.3
2.3
2.2
2.3
2.2
2.0
2.0
2.0
2.1
2.0
1.9
SOURCES OF PERSONAL INCOME
Personal income increased $71.3 billion (annual rate) in February, following a decline of $18.8 billion in January.
The changes were affected by a number of special factors, the most significant of which was uninsured losses to
residential and business property from the California earthquake in January. Excluding the special factors, personal
income increased $17.1 billion in February and $34.1 billion in January.
BILUONS OF DOLLARS* (RATIO SCALE]
BILUONS OF DOLLARS* (RATIO SCALE)
6,000
6,000
5,000
5,000
4,000
4,000
3,000
3,000
WAGE AND SALARY DISBURSEMENTS
2,000
2,000
1,400
1,400
T
OTHER INCOME
. TRANSFER PAYMENTS
800
800
I IM III IIII III I I
I I I I I I II IiI
400
1986
1987
1988
1990
1989
1991
400
1993
1992
*SEASONA1LY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT Of COMMERCE
1994
COUNQLOF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
personal
income
1986.
•
1987
1988
1989
1990
1991
1992
1993 '.
1993- Feb
Mar
May
July
Sept
Oct r.
Nov '
Dec '
1994- Jan "
Feb *
1
.
.
. . . .
35904
38020
40759
43803
46738
48509
5 1449
53883
5 249 1
5 289 2
5 3656
53804
53736
5365 1
54323
54406
54787
5511 2
5548 1
55293
56006
Wage and
salary
disbursements 1
2 1054
2 261 2
2443 0
2 5864
27450
2 8150
2 973 1
30805
2 9763
2 9758
30683
30938
30860
3 101 6
3 1243
3 1204
3 137 7
3 147 1
3 1640
3 1949
3202 2
Proprietor ' income a
Other labor
income l z
2007
2104
2305
251 9
2743
2969
322 7
3507
3385
341 2
3439
3466
3493
3520
3547
357 4
360 1
3629
365.8
368 8
371.9
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
2
Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capita) consumption adjustments.
Farm
Nonfarm
22 3
31 3
261 5
2790
309
40 2
41 9
368
43 7
460
48 2
820
59 7
45.2
360
106
31 1
32 7
439
600
65.3
51 7
56.8
2934
307 0
321 4
339 5
370 6
3973
388 7
3882
389 7
392 7
394 8
393 1
3994
4004
4060
410 4
4154
4159
419 2
4
Less:
income of
persons 4
87
32
43
135
142
128
89
126
95
81
14 3
120
11 9
71
16 1
17 9
168
164
159
222
248
dividend
income
104 7
1004
1084
1265
1444
127 9
140 4
158 3
157 1
157 2
157 5
157 8
158 2
158 6
1590
159 3
1594
1594
159 5
159 7
1604
interest
income
531 7
548 1
583 2
668 2
698 2
7156
694 3
695 2
695 3
695 2
694 1
693 1
6920
6936
695 7
697 8
697 3
696 7
696 2
6966
697 4
payments 5
517 8
542 2
576 7
625 0
687 6
769 9
858 4
912 1
892 6
898 3
901 7
9045
910 2
914 3
9194
921 8
9259
927 5
936 2
942 3
9469
contributions
for social
insurance
personal
income 6
162 1
35456
173 6
1945
211 4
2249
237 8
249 3
2643
256 9
2569
263 5
265 3
264 9
265 9
2674
267 0
2683
269 1
2702
278 5
279 1
3 749 4
4023 9
4 3J8 o
4608 6
4 7920
5 080 1
53200
5 179 0
5 185 1
5 283 7
5312 8
5 315 0
5 332 2
5378 7
5 385 4
5412 1
5 428 4
5459 9
5 454 4
55206
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
5
6
DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in 1987 dollars rose in the fourth quarter of
1993.
BILLIONS OF DOLLARS' (RATIO SCALE!
5,000
BILLIONS OF DOLLARS' (RATIO SCALE)
2,000
1—1—12,000
DOLLARS' (RATIO SCALE)
DOLLARS* (RATIO SCALE)
_
PER CAPITA DISPOSABLE PERSONAL INCOME
18,000
CURRENT D
\
\
16,000
1__
_^
14,000
~^2Z- ^-^
r^-
12,000
^—-^
—'
_-
18,000
•"
1 <S,000
.
"
14,000
'~\
12,000
"^~
^^
10,000
10,000
—
8,000
1
1
1
i
1982
i i
1983
i
i i
1984
i i i
1985
t
i i
1986
i
i i
1987
i
i i
i
r I
1989
1988
i
i i
i
1990
<
1991
' SEASONALLY ADJUSTS) ANNUAL RATES
SOURCE: DERMTMBfl Of COMMERCE
Period
Personal
income
Less:
Personal
tax and
nontax
payments
Equals:
Disposable
personal
i
i i
1992
i
i i
8,000
1993
COUNOl Of ECONOMIC ADVISERS
Less:
Personal
outlays 1
Equals:
Personal
saving
Disposable
personal
income in
1987
dollars
(billions)
Per capita
disposable personal
income
C
dollars
1987
dollars
Per capita personal
consumption
expenditures
Current
dollars
1987
dollars
3,802.0
4,075.9
4,380.3
4,673.8
4,850.9
5,144.9
5,388.3
512.5
527.7
593.3
623.3
620.4
644.8
681.6
3,289.5
3,548.2
3,787.0
4,050.5
4,230.5
4,500.2
4,706.7
3,147.5
3,392.5
3,634.9
3,880.6
4,029.0
4,261.5
4,516.8
IV
2,746.8
IV
2,965.8
IV
3,242.5
IV
3,456.7
IV
3,647.8
IV
3,918.5
IV
4,195.2
IV
4,469.4
IV .... 4,759.1
4,783.9
I
n
4,833.4
m ... 4,858.8
IV.... 4,927.5
1992: I
5,017.8
n
5,093.8
ni ... 5,139.8
IV.... 5,328.3
1993: I
5,254.7
n
5,373.2
m r... 5,412.7
IV ... 5,512.7
372.1
371.6
413.4
448.8
478.5
528.6
542.0
605.1
625.2
616.4
616.6
619.7
628.8
630.9
634.6
642.8
670.7
657.1
681.0
689.0
699.2
2,374.7
2,594.3
2,829.1
3,007.9
3,169.3
3,389.9
3,653.2
3,864.3
4,133.9
4,167.5
4,216.8
4,239.1
4,298.8
4,386.9
4,459.2
4,497.0
4,657.6
4,597.5
4,692.2
4,723.7
4,813.5
2,190.9
2,417.9
2,606.5
2,828.7
3,018.2
3,220.1
3,496.7
3,715.5
3,957.7
3,966.0
4,010.7
4,052.3
4,087.0
4,169.4
4,221.3
4,277.3
4,377.9
4,419.7
4,483.6
4,544.0
4,620.1
142.0
155.7
152.1
170.0
201.5
238.7
189.9
3,289.5
3,404.3
3,464.9
3,524.5
3,529.0
3,632.5
3,700.9
13,545
14,477
15,307
16,205
16,741
17,615
18,225
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
overseas
(thousands) 2
Percent
Dollars
Billions of dollars
1987
1988
1989
1990
1991
1992
1993 '.
i
13,545
13,890
14,005
14,101
13,965
14,219
14,330
12,568
13,448
14,241
15,048
15,459
16,205
17,006
12,568
12,903
13,029
13,093
12,895
13,081
13,372
-0.1
2.5
.8
.7
-1.0
1.8
.8
4.3
4.4
4.0
4.2
4.8
5.3
4.0
242,860
245,093
247,397
249,951
252,699
255,472
258,254
12,154
12,591
13,145
13,278
13,522
13,685
13,996
14,015
14,018
13,971
14,000
13,927
13,963
14,073
14,142
14,169
14,490
14,163
14,326
14,341
14,491
9,134
9,980
10,649
11,445
12,101
12,819
13,814
14,491
15,283
15,273
15,409
15,530
15,621
15,906
16,072
16,249
16,589
16,704
16,907
17,088
17,321
10,895
11,390
11,739
12,095
12,472
12,615
13,020
13,053
13,010
12,885
12,908
12,911
12,876
12,981
13,002
13,098
13,241
13,234
13,312
13,416
13,523
-0.5
7.2
1.0
1.8
-1.7
5.2
3.2
1.8
-1.7
-1.3
.8
-2.1
1.0
3.2
2.0
.8
9.4
-8.7
4.7
.4
4.2
7.7
6.8
7.9
6.0
4.8
5.0
4.3
3.9
4.3
4.8
4.9
4.4
4.9
5.0
5.3
4.9
6.0
3.9
4.4
3.8
4.0
233,060
235,146
237,231
239,387
241,550
243,745
246,004
248,372
251,035
251,659
252,312
253,048
253,776
254,392
255,090
255,836
256,569
257,197
257,872
258,612
259,334
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
183.8
176.3
222.6
179.2
151.1
169.8
156.4
148.8
176.2
201.5
206.0
186.8
211.7
217.5
237.9
219.6
279.7
177.9
208.7
179.7
193.4
2,832.6
2,960.6
3,118.5
3,178.7
3,266.2
3,335.8
3,443.1
3,480.9
3,519.0
3,515.9
3,532.5
3,524.2
3,543.4
3,580.1
3,607.5
3,624.8
3,717.6
3,642.6
3,694.4
3,708.7
3,757.9
1
Includes personal consumption expenditures, interest paid by persons, and personal transfer payments to rest of the world (net).
10,189
11,033
11,925
12,565
13,121
13,907
14,850
15,558
16,467
16,560
16,712
16,752
16,939
17,245
17,481
17,577
18,153
17,876
18,196
18,265
18,561
2
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the fourth quarter of 1993, according to preliminary estimates, gross farm income rose $17.9 billion (annual
rate) and net farm income rose $17.3 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILUONS OF DOLLARS* (RATIO SCALE)
240
_
160 "^
/
^1->_
*.
"^NKX^x.-^Jt^~"
"
120
*^~~1
— '
'
^•^
~~^"
240
200
160
120
If \ \
GRO 5S FARM INC:OME
80
60
\
\
\
\
'\
\,
/
'
i
\_/
1
1
^ s^
V
V
A
/
*
/
'~~~-S
^ —' *
^ «. ^
/
v'
\ /
\/
'\/
i ' \/
\/
v
t
'
s
,'\
'
1
v /
40
v
20
/\ j
1
i
10
' ^
/ »
/ '
/"s
\
/' V
10
V
i
2
i i
1982
1
1
1983
1
1
1984
1
1985
I
I i i
1986
i
i i
i
1987
i i
i
1988
i i
1989
i
i i
1990
1 1 1
1 1 1
1991
1992
'SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT Of AGRICULTURE
i
i i
1993
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gross farm income
Period
Total
1
Total
1984
1985
1986
142.8
144.1
135.4
141.8
151.2
161.2
170.0
168.7
171.2
174.6
72.9
69.8
71.6
76.0
79.4
84.1
89.8
86.8
86.4
89.6
186.8
192.7
172.2
169.4
84.9
85.0
199.6
167.1
174.2
178.9
164.5
84.2
86.0
85.3
89.9
170.7
180.8
176.0
170.7
86.2
92.3
90.7
89.4
202.8
IV
197.3
191.3
1993: I r r
n r
m
IV
Livestock and
products
168.0
161.2
156.1
168.5
175.8
190.9
196.4
190.3
197.7
197.0
1987
1988
1989
1990
1991
1992
1993 p
1991- HI
IV
1992: I
II
in
196.8
203.7
184.7
202.6
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
Net farm income
Cash marketing receipts
Crops
69.9
74.3
63.8
65.9
71.7
77.0
80.1
81.9
84.8
84.9
87.3
84.4
82.9
88.1
93.6
74.6
84.5
88.6
85.3
81.2
3
Value of
inventory
changes 2
6.0
23
-2.2
23
-3.4
4.8
3.4
3
3.8
— 4.1
.1
31
4.7
4.3
3.5
2.5
73
-5.8
-6.7
3.4
Production
expenses
Current
dollars
141.9
132.4
125.1
128.8
137.0
144.0
149.9
150.3
149.1
149.6
151.7
152.2
146.3
148.6
150.4
151.0
146.8
149.1
150.9
151.5
1987 dollars 3
26.1
28.8
31.1
39.7
38.8
46.9
46.5
40.0
48.6
47.4
35.2
40.5
53.3
54.2
46.8
40.3
50.0
54.6
33.8
51.1
Income in current dollars divided by the GDP implicit price deflator.
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
28.7
30.5
32.0
39.7
37.3
43.2
41.0
34.0
40.2
38.1
29.8
34.1
44.4
44.8
38.6
33.0
40.5
44.0
27.1
40.9
CORPORATE PROFITS
In the fourth quarter of 1993, according to preliminary estimates, corporate profits before tax rose $47.2 billion
(annual rate) and profits after tax rose $23.1 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
550
550
SEASONAU.Y ADJUSTED AWUAl RATES
500
450
500
L
450
./
400
350
r\
/I
BEFORE TAX
rv^
/
300
r-,
250
200
r~^~^^ y
"
/I
-—-J
150
~
/
"^
_S
— -\
100
^^.
'^••'
300
S
X
s
\'
250
200
-•"•"""' ^•-•-
-•"'"'^
^-— — ^
150
' \/
/100
\ /'
f""
\.
^,-'
TAXUABIL TV
-
S
x^
..__
50
350
^
'
^-~'^
-
.,-''-
V ^ •^
/
400
V
/^
penFITS AFTER TIX
/
-
50
N
~
^< ' UNDISTRIIUTED PROFf rs
*
-
0
0
i
i i
1982
i
i i
i
1983
i i
1984
i
i i
1985
i
i i
1986
i
i
i
i
1987
i i
1988
1
i i i
1 1 1
1989
1990
1
1
1
1 1 1
1992
SOURCE: DERWTMENT Of COMMERCE
i
i i
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment l
Profits after tax
Domestic industries
Nonfinancial
Period
Total2
Total
1986
1987
1988
1989
1990
1991
1992
1993 '
1982:
198319841985:
19861987:
19881989:
1990:
1991:
.. .
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II
Ill
IV
1992- I
II
HI
IV
1993- I
II
in .
IV"
1
2
3
... .
227.6
273.4
320.3
325.4
354.7
367.3
390.1
443.0
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
364.6
370.1
359.0
375.4
399.7
395.7
350.1
414.8
407.0
433.4
444.8
486.6
194.6
233.9
271.2
266.0
286.7
300.4
327.8
384.2
130.8
182.6
192.9
193.5
192.5
246.3
285.9
254.8
273.8
291.9
303.6
299.3
306.8
328.5
334.2
288.6
360.1
348.0
375.3
382.1
431.5
Financial
35.8
36.4
41.8
50.6
65.7
80.7
78.1
98.6
23.0
22.1
20.3
29.0
34.7
39.4
46.1
52.5
66.6
75.9
81.0
84.2
81.6
97.9
87.7
44.6
82.0
92.3
96.4
99.3
106.3
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Includes industries not shown separately.
8
Total
3
158.9
197.5
229.4
215.3
221.1
219.7
249.8
285.7
107.8
160.5
172.6
164.5
157.8
207.0
239.7
202.3
207.2
216.0
222.6
215.1
225.2
230.5
246.5
244.0
278.1
255.7
278.9
282.8
325.2
Manufacturing
Wholesale and
retail
trade
59.0
87.0
117.5
108.0
109.1
89.8
115.5
132.6
50.1
90.5
79.2
83.3
63.9
98.7
129.3
94.5
98.5
91.5
89.6
89.3
88.9
98.9
115.7
119.3
128.0
118.9
132.5
126.7
46.3
39.9
37.1
39.7
37.2
47.4
46.3
54.7
33.8
40.7
50.8
39.0
43.1
39.3
39.3
39.2
36.2
46.5
49.6
45.6
47.8
40.0
46.0
41.3
57.7
46.0
55.4
55.1
Profits
before
tax
217.8
287.9
347.5
342.9
365.7
362.3
395.4
450.0
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
368.9
356.5
357.4
362.0
373.5
404.3
409.5
357.9
409.9
419.8
445.6
443.8
491.0
Tax
liability
106.5
127.1
137.0
141.3
138.7
129.8
146.3
174.3
58.7
82.2
83.8
97.6
116.6
135.2
146.2
134.2
137.0
125.4
128.0
132.5
133.4
147.0
153.0
130.1
155.0
160.9
173.3
169.5
193.6
Total
111.3
160.8
210.5
201.6
227.1
232.5
249.1
275.7
109.9
141.6
136.3
134.2
119.2
176.0
226.0
200.0
231.8
231.1
229.4
229.5
240.1
257.3
256.5
227.8
254.9
258.9
272.3
274.3
297.4
Dividends
109.8
106.2
115.3
134.6
153.5
137.4
150.5
169.0
72.5
84.2
83.4
97.4
111.0
106.3
121.0
141.3
153.7
145.9
136.2
133.4
133.9
138.0
146.1
155.2
162.9
167.5
168.5
169.7
170.3
Source: Department oi Commerce, Bureau of Economic Analysis.
Undistributed
profits
1.6
54.6
95.2
67.1
73.6
95.2
98.6
106.7
37.5
57.4
52.9
36.9
8.2
69.7
105.0
58.7
78.1
85.2
93.2
96.1
106.1
119.3
110.4
72.7
92.0
91.4
103.9
104.6
127.0
Inventory
valuation
adjustment
9.7
-14.5
27.3
-17.5
-11.0
4.9
-5.3
7.1
-8.6
7.6
3.5
3.8
-10.7
-17.8
31.7
-13.5
19.5
8.2
12.7
-3.0
1.9
4.6
-13.7
7.8
4.9
12.7
— 12.2
1.0
' 4.3
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
According to revised estimates for the fourth quarter of 1993, nonresidential fixed investment in 1987 dollars rose
$30.9 billion (annual rate) and residential investment rose $15.1 billion. There was an $8.5 billion increase in
inventories, following an increase of $6.5 billion in the third quarter.
BILUONS OF 1987 DOLLARS
BIWONSOF 1987 DOLIARS
900
900
SEASONAU.Y ADJUSTS ANNUAL RATES
800
700
600
500
"X
/
/
s
^
-^
GROSS PRIVATE DO*rtEsnc
irWESTMENT
r\\^
1
,-s
^^
/
800
700
/
600
s
™* •*. •s.
' \\
s
"-^
400
r^lr?
^
\_
___
,s
500
NONRESI 3ENTIAI
FIXED INV! STMENT
y
**
400
RESIDENTIAL
FIXED INVESTMENT
\
\
300
200
100
-._...-
s-'
^
x
s
•*
\
V
•**
V
f
/
N
_
100
v
, ^
N. _ /
/
200
^
\
/ — -*
s
f
CHANGE IN BUSINESS
INVENTORIES
/
0
300
0
s
N.
V
-100
1
I
1982
1
1
1
1
1
1983
t
1984
1
1
1
1985
1
t
1
1
1
1 1
i
t
1988
1987
1986
i
i
i t
1989
1
1
1
1
1990
1
t
t
SOURCE: DEPARTMENT OF COMMERCE
1
1
1
1992
1991
1
1
-100
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Period
1986
1987
1988
1989
1990
1991
1992
1993 '
198219831984:
198519861987198819891990-
IV
IV
IV
IV
IV
IV
IV
IV
IV
1991- I
II
m
IV
1992- I
II
m
IV
1993- I
II
Ill
IV '
Source: Department of Commerce, Bureau of Economic Analysis.
Gross
private
domestic
investment
Nonresidential
Total
Total
Structures
Producers'
durable
equipment
Residential
Total
Nonfarm
735.1
749.3
773.4
784.0
746.8
675.7
732.9
820.3
726.5
723.0
753.4
754.2
741.1
684.1
726.4
806.0
500.3
497.8
530.8
540.0
546.5
514.5
529.2
591.8
176.6
171.3
174.0
177.6
179.5
160.2
150.6
151.5
323.7
326.5
356.8
362.5
367.0
354.3
378.6
440.2
226.2
225.2
222.7
214.2
194.5
169.5
197.1
214.2
8.5
26.3
19.9
29.8
5.7
-8.4
6.5
14.3
10.6
32.7
26.9
29.9
3.2
-8.6
2.7
19.7
503.5
669.5
756.4
763.1
705.9
793.8
785.0
769.5
695.7
548.4
640.2
708.4
732.9
725.9
733.9
764.1
744.6
716.6
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
173.2
162.6
189.5
198.3
170.4
177.9
175.7
179.8
172.8
244.0
287.0
320.1
327.2
325.0
332.7
363.1
356.9
367.4
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
176.3
—44.9
29.3
47.9
30.2
20 1
59.9
20.9
24.9
209
462
32.3
50.8
28.0
186
62.1
30.5
31.2
187
667.8
659.8
682.8
692.3
685.2
682.1
683.8
685.2
521.4
517.8
512.8
506.1
169.0
165.2
155.6
151.0
352.5
352.6
357.2
355.2
163.8
164.3
171.0
179.1
-17.4
223
-.9
7.1
-18.7
262
.0
10.3
691.7
737.0
739.6
763.0
696.7
724.4
730.0
754.3
510.5
528.8
533.8
543.7
152.8
152.9
148.8
148.0
357.7
375.9
385.1
395.7
186.2
195.6
196.2
210.6
5.0
12.6
9.6
8.7
803.0
803.6
813.4
861.4
773.7
790.6
806.9
852.9
562.3
584.3
594.8
625.7
148.2
151.1
151.2
155.6
414.1
433.2
443.6
470.0
211.4
206.2
212.1
227.2
29.3
13.0
6.5
8.5
-9.6
7.0
5.8
7.5
29.3
17.1
19.4
12.9
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department October-November 1993 survey, business spending for new plant and
equipment is expected to rise 5.4 percent in 1994, following an estimated rise of 7.0 percent in 1993.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
700
700
SEASONALLY ADJUSTED ANNUAL RATES
600
600
500
ALL INDUSTRIES
"~T\
300
NONMANUFACTURING1^
200
\
MANUFACTURING
100
I
1985
1988
I
I
1989
i/SURVEYED QUARTERLY
I/SEE FOOTNOTE A BELOW
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Industries surveyed quarterly
Manufacturing
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 *
1994 4
1992- I
II
Ill
IV
1993- I
II..
Ill
IV 4
1994: I 4 4
II
All
industries
Total
373.83
410.12
399.36
410 52
455.49
507.40
532.61
528.39
546.60
584.64
616.50
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.46
186.27
534.85
541.41
547.40
559.24
Nonmanufacturing
Nonmanufaeturing
Nondurable
goods
Total '
Mining
Transportation
Public
utilities
64.57
70.87
65.68
68.03
77.04
82.56
82.58
77.64
73.32
81.49
84.93
75.04
82.01
72.28
73.03
86.41
101.24
110.04
105.17
100.69
97.97
101.34
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
405.18
430.22
11.86
12.00
8.15
8.28
9.29
9.21
9.88
10.02
8.88
10.13
10.84
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.66
22.64
22.37
20.91
57.53
59.58
56.61
56.26
60.37
66.28
67.21
66.57
72.21
75.00
81.42
151.39
171.09
181.59
189.84
205.76
229.28
241.43
246.32
268.84
297.69
317.05
173.82
171.98
172.86
176.86
73.98
74.07
72.09
73.30
99.85
97.91
100.77
103.56
361.03
369.44
374.54
382.38
8.92
9.20
8.98
8.47
21.83
23.15
23.91
21.60
69.00
72.63
72.18
74.07
261.27
264.46
269.46
278.24
173.82
171.98
172.86
176 86
361 03
369.44
374 54
382 38
564.13
579.79
594.11
600.53
175.05
177.09
182.17
183.52
79.11
80.88
81.99
83.99
95.94
96.21
100.18
99.53
389.08
402.70
411.94
417.01
8.89
9.10
11.14
11.37
22.47
21.58
21.70
23.73
73.51
74.55
75.62
76.30
284.21
297.46
303.47
305.61
175 05
177.09
182 17
183 52
389 08
402 70
411 94
417.01
616.38
624.33
186.22
183.44
87.50
83.92
98.72
99.52
430.16
440.89
10.83
11.14
21.49
21.61
77.78
80.80
320.06
327.33
186.22
18344
430.16
440.89
Durable
goods
All industries" plus the part of nonrrmnufacturing that is surveyed annually.
Total
nonfarm
business 2
Commercial
and
other
membership organizations; ;md real estate, which, effective with the April-May 1984 survey, are no
eyed quarterly. See lust column ("nonmanufacturing surveyed annually") for data for
10
Addenda
418.38
454.93
447.11
461.51
508.22
563.93
591.96
587.93
607.71
Manufacturing
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.46
186.27
Total
278.77
302.05
309.16
320.45
344.77
380.13
399.34
405.12
433.69
3
Consists of forestry, fisheries, and agricultural se
;; professional services;
membership organizations; and real estate.
4
Planned capital expenditures as reported by business in October-No1 her
biases.
Source: Department of Commerce, Bureau of the Census.
Surveyed
quarterly
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
405 18
430.22
Surveyed
annually s
44.55
44.81
47.75
50.99
52.73
56.53
59.35
59.54
61.11
social services and
1993, corrected for
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In March, civilian employment fell 221,000 and unemployment rose 25,000.
MILLIONS OF PERSONS *
MILLIONS OF PERSONS *
UNEMPLOYMENT
/
I I III I I
1986
l
Him
1987
1988
I n i l I I I I l l l l l I l l l Il
1989
1990
II I I I I
II I I III I I I
1992
1991
1993
LU
LJJ
1994
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
3
1993:
Mar
Apr
May
July
Sept
Oct
Nov
Dec
1994:
Jan 4
Feb
Mar
Civilian employment
Civilian
Resident
Armed
Forces
NSA
Labor force
including
resident
Armed
Forces
178,080
179,912
182,293
184,490
186,322
188,081
189,686
191,329
193,142
195,034
1,697
1,706
1,706
1,737
1,709
1,688
1,637
1,564
1,566
1,485
115,241
117,167
119,540
121,602
123,378
125,557
126,424
126,867
128,548
129,525
106,702
108,856
111,303
114,177
116,677
119,030
119,550
118,440
119,164
120,791
113,544
115,461
117,834
119,865
121,669
123,869
124,787
125,303
126,982
128,040
105,005
107,150
109,597
112,440
114,968
117,342
117,914
116,877
117,598
119,306
3,321
3,179
3,163
3,208
3,169
3,199
3,186
3,233
3,207
3,074
101,685
103,971
106,434
109,232
111,800
114,142
114,728
113,644
114,391
116,232
5,512
5,334
5,345
5,122
4,965
4,657
4,860
5,767
6,116
6,106
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
2,737
2,305
2,232
1,983
1,610
1,375
1,504
2,323
3,354
3,052
64.4
64.8
65.3
65.6
65.9
66.5
66.4
66.0
66.3
66.2
59.5
60.1
60.7
61.5
62.3
63.0
62.7
61.6
61.4
61.6
194,456
194,618
194,767
194,933
195,104
195,275
195,453
195,626
195,791
195,993
1,497
1,492
1,484
1,477
1,471
1,482
1,482
1,475
1,470
1,461
128,937
129,031
129,559
129,533
129,573
129,816
129,590
130,055
130,132
130,359
120,059
120,077
120,664
120,664
120,841
121,174
121,050
121,416
121,802
122,122
127,440
127,539
128,075
128,056
128,102
128,334
128,108
128,580
128,662
128,898
118,562
118,585
119,180
119,187
119,370
119,692
119,568
119,941
120,332
120,661
3,099
3,071
3,074
3,031
3,043
3,005
3,093
3,021
3,114
3,096
115,463
115,514
116,106
116,156
116,327
116,687
116,475
116,920
117,218
117,565
6,029
6,189
6,219
6,192
6,213
6,216
6,173
5,957
5,904
5,934
8,878
8,954
8,895
8,869
8,732
8,642
8,540
8,639
8,330
8,237
3,110
2,986
3,046
3,025
3,007
3,000
3,047
3,030
2,971
2,864
66.0
66.0
66.3
66.2
66.2
66.2
66.0
66.2
66.2
66.3
61.4
61.4
61.7
61.6
61.6
61.8
61.6
61.8
61.9
62.0
130,667
130,776
130,580
121,971
122,258
122,037
3,331
3,391
3,426
118,639
118,866
118,611
4,842
4,384
4,762
8,696
8,518
8,543
3,027
3,103
3,110
66.7
66.7
66.6
62.2
62.3
62.2
Employment
including
resident
Armed
Forces
Nonagriciiltural
Civilian
labor force
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.
3
Not strictly comparable with earlier data.
Unemployment
Noninstitutional
population
including
resident
Armed
Forces
NSA
Total
Agricultural
Total
Part time
for
economic
reasons l
Total
8,539
15
weeks
and over
Labor
force
participation
rate
(percent) 2
Employment/
population
ratio
(percent) 2
4
Data beginning January 1994 are based on the revised Current Population Survey and are not
directly comparable with data for earlier periods. For details, see Employment and Earnings, February 1994.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In March, the civilian unemployment rate was unchanged at 6.5 percent.
PERCENT * (SEASONALLY ADJUSTED)
PERCENT * (SEASONALLY ADJUSTED)
15
10
10
1990
1994
1990
•UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Unemployment
rate,
all
workers 1
All
civilian
workers
Men
20 years
and over
Women
20 years
and
over
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
7.4
7.1
6.9
6.1
5.4
5.2
5.4
6.6
7.3
6.7
7.5
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
6.8
6.6
6.2
6.1
5.4
4.8
4.5
4.9
6.3
7.0
6.4
6.8
6.6
6.2
5.4
4.9
4.7
4.8
5.7
6.3
5.9
18.9
18.6
18.3
16.9
15.3
15.0
15.5
18.6
20.0
19.0
1993: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
6.9
6.9
6.9
6.8
6.7
6.7
6.6
6.6
6.4
6.3
7.0
7.0
6.9
6.9
6.8
6.7
6.7
6.7
6.5
6.4
6.7
6.5
6.5
6.5
6.5
6.4
6.3
6.2
5.9
5.8
5.7
6.0
5.9
5.9
5.8
5.7
5.8
5.8
5.7
5.7
19.5
20.3
19.8
19.5
18.4
18.4
17.9
18.9
18.3
17.8
6.7
6.5
6.5
5.9
6.0
6.0
5.7
6.0
18.4
17.9
17.8
Period
....
...
....
....
....
....
1994- Jan 4
Feb
Mar
1
By sex and age
5.8
Both
sexes
16-19
years
White
6.5
6.2
6.0
5.3
4.7
4.5
4.7
6.0
6.5
6.0
6.1
6.1
6.1
6.1
6.0
5.9
5.8
6.1
5.6
5.6
5.8
5.6
5.7
Unemployed as percent of total labor force including resident Armed Forces.
Revised definition; for details, see Employment and Earnings, February 1994.
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
2
3
12
By selected groups
By race
Black
and
other
Black
14.4
13.7
13.1
11.6
10.4
10.0
10.1
11.1
12.7
11.7
15.9
15.1
14.5
13.0
11.7
11.4
11.3
12.4
14.1
12.9
12.0
12.4
11.8
12.0
11.6
11.5
11.4
10.9
11.3
10.7
13.5
13.7
12.9
13.3
12.8
12.5
12.5
11.9
12.5
11.5
11.6
11.3
11.3
13.1
12.9
12.5
Experienced
wage and
salary
workers
7.1
6.8
6.6
5.8
5.2
5.0
5.3
6.5
7.1
6.5
6.7
6.7
6.6
6.6
6.5
6.4
6.3
6.4
6.2
6.2
6.6
6.4
6.4
Married
men,
spouse
present
Women
who
maintain
families
4.6
4.3
4.4
3.9
3.3
3.0
3.4
4.4
5.0
4.4
10.3
10.4
9.8
9.2
8.1
8.1
8.2
9.1
9.9
9.5
4.7
4.5
4.5
4.4
4.5
4.4
4.2
4.4
4.0
3.9
9.0
9.6
9.8
9.7
9.6
9.0
9.0
9.3
9.0
10.2
4.1
4.3
4.1
9.4
9.7
9.6
Fulltime
workers z
7.5
7.1
6.9
6.0
5.3
5.1
5.4
6.7
7.4
6.8
6.9
6.9
6.9
6.9
6.8
6.7
6.6
6.6
6.3
6.4
6.8
6.6
6.6
Parttime
workers 2
Labor
force
time lost
(percent) *
7.4
7.5
7.4
6.9
6.4
6.2
6.3
6.9
7.4
7.1
8.6
8.1
7.9
7.1
6.3
5.9
6.2
7.6
8.3
7.7
7.2
7.6
6.9
7.1
6.7
6.8
6.9
7.2
6.9
6.6
7.9
7.8
7.9
7.8
7.8
7.7
7.5
7.6
7.2
7.2
6.2
5.9
6.3
4
Data beginning January 1994 are based on the revised Current Population Survey and are not
directly comparable with data for earlier periods. For details, see Employment and Earnings, February 1994.
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In March, the percentages of the unemployed who had been out of work for less than 5 weeks and for 27 weeks
and over rose; the percentages for 5-14 weeks and for 15-26 weeks fell. The mean duration of unemployment
rose to 19.2 weeks and the median duration rose to 9.1 weeks.
PERCENT DISTRIBUTION '
PERCENT DISTRIBUTION
70
70
DURATION OF UNEMPLOYMENT
60
50
LESS THAN
5 WEEKS
40
30
b'V
5-14
WEEKS
15-26
WEEKS
10
10
27 WEEKS
AND OVER
11Ml
1 1 1 II
1990
1993
1991
1990
* SEASONALLY ADJUSTED
I/BEGINNING JANUARY 1994, JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
39.2
42.1
41.9
43.7
46.0
48.6
46.1
40.1
34.9
36.2
35.6
37.5
36.8
35.9
36.7
35.2
35.7
36.4
35.4
37.5
38.4
30.6
32.8
28.7
30.2
31.0
29.6
30.0
30.3
32.0
32.3
29.4
28.9
29.2
28.7
28.7
30.6
29.0
30.1
28.7
28.7
28.9
27.5
26.8
32.5
30.3
Reason for unemployment:
percent distribution
State
programs
Number of
weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
12.9
12.3
12.7
12.7
12.0
11.2
11.8
14.5
15.2
14.6
14.4
14.8
14.4
13.9
14.3
14.5
15.2
14.8
14.6
14.1
15.1
16.2
15.0
19.1
15.4
14.4
14.0
12.1
9.9
10.1
13.0
20.6
20.4
20.8
19.0
20.1
19.6
19.9
20.1
20.5
20.1
21.1
21.0
19.7
20.8
21.9
18.2
15.6
15.0
14.5
13.5
11.9
12.1
13.8
17.9
18.1
17.7
17.7
17.8
17.8
17.9
18.3
18.4
18.4
18.9
18.2
18.3
18.7
19.2
7.9
6.8
6.9
6.5
5.9
4.8
5.4
6.9
8.8
8.4
8.4
8.5
8.3
8.3
8.3
8.4
8.9
8.3
8.5
8.2
8.5
9.0
9.1
Job
losers 1
Job
leavers
Reentrants
New
entrants
25.6
27.1
26.2
26.6
27.0
28.2
27.4
24.8
23.7
24.6
23.1
24.4
25.3
24.8
24.1
24.0
24.3
24.1
25.0
24.6
32.6
33.7
35.5
13.0
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.5
10.0
10.4
10.3
10.1
10.1
9.9
9.6
9.9
9.7
10.0
9.7
7.5
7.4
7.5
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 2
Weekly average, thousands
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993- Mar
May
T J
July
Sept
Oct
Nov
Dec
1994- Jan 3
Feb
Mar
.
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
8,878
8,954
8,895
8,869
8,732
8,642
8,540
8,639
8,330
8,237
8,696
8,518
8,543
1
Beginning January 1994, job losers and persons who completed temporary jobs.
2
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. Docs not include Federal supplemental compensation
or Emergency Unemployment Compensation programs.
51.8
49.8
48.9
48.0
46.1
45.7
48.3
54.7
56.4
54.6
54.6
54.3
53.8
54.6
55.5
56.2
55.0
55.2
53.4
54.2
51.1
48.6
46.9
9.6
10.6
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.8
11.9
11.1
10.9
10.6
10.4
10.2
10.8
11.1
11.5
11.4
8.8
10.3
10.1
2,476
2,611
2,650
2,332
2,081
2,158
2,522
3,342
3,245
2,751
2,679
2,759
2,789
2,840
2,851
2,819
2,823
2,815
2,776
2,694
2,720
2,791
377
396
378
328
310
330
388
447
408
340
358
350
348
348
352
329
328
341
335
325
369
351
'341
2,561
2,693
2,746
2,401
2,135
2,205
2,575
3,406
3,339
2,837
3,394
2,929
2,597
2,806
2,655
2,721
2,421
2,324
' 2,563
' 2,794
3,510
3,504
3
Data beginning January 1994 are based on the revised Current Population Survey and are not
directly comparable with data for earlier periods. For details, see Employment and Earnings, February 1994.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 456,000 in March.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
32
110
30
28
100 -
26
90
24
22
80 -
RETAIL TRADE
SERVICE-PRODUCING
INDUSTRIES
20
70 —
18
GOVERNMENT
16 IjMiiilmii
60
50
40
GOODS-PRODUCING
INDUSTRIES
30
11 n I
20
1990
1991
4
CONSTRUCTION
illinium iiiiilnm l ll l l l l l l l l iimlimi Minium
1994
^
1990
1991
1993
1992
mil i L
1993
1992
r
1994
COUNCIL OF ECC3NOMIC ADVISERS
[Thousands of wage and salary workers; l seasonally adjusted]
Goods-producing industries
Period
Total
nonagricultural
employment
1984
94,408
1985
97,387
1986
99*. 344
101,958
1987
1988
105,210
1989
107,895
1990
109,419
1991
108,256
1992
108,519
T
1993
110,178
1993: Mar.... 109,565
Apr
109,820
May.... 110,058
June ... 110,101
July.... 110,338
Aug ... 110,305
Sept ... 110,502
Oct .... 110,664
Nov ... 110,880
Dec ''.. 111,110
1994: Jan r... 111,079
Feb".. 111,277
Mar ".. 111,733
Service-producing industries
Manufacturing
Total 2
24,718
24,842
24*.533
24,674
25,'l25
25,254
24',905
23,745
23*142
22,975
23,016
22,980
23,006
22,941
22,948
22,903
22,886
22,934
22,994
23,008
23,024
23,018
23,101
Construction
4,380
4,668
4*810
4,958
5*098
5,171
5*120
4,650
4*.471
4,574
4,481
4,517
4,577
4,574
4,593
4,593
4,592
4,629
4,664
4,665
4,653
4,643
4,717
Total
Durable
goods
19,372
19,248
18,947
18,999
19,314
19,391
19,076
18,406
18,040
17,802
17,935
17,863
17,827
17,771
17,760
17,718
17,698
17,709
17,735
17,738
17,769
17,774
17,786
11,476
11,458
11,195
11,154
1 1^363
11,394
11^109
10,569
10,237
10,047
10,144
10,090
10,047
10,011
9,996
9,974
9,974
9,988
10,013
10,028
10,061
10,067
10,074
Nondurable
goods
7,896
7,790
7*.752
7,845
7*951
7,997
7*.968
7,837
7*804
7,755
7,791
7,773
7,780
7,760
7,764
7,744
7,724
7,721
7,722
7,710
7,708
7,707
7,712
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
Total
69,690
72,544
74,811
77,284
80,086
82,642
84,514
84,511
85,377
87,203
86,549
86,840
87,052
87,160
87,390
87,402
87,616
87,730
87,886
88,102
88,055
88,259
88,632
Transportation
and
public
utilities
5,156
5,233
5*,247
5,362
5,514
5,625
5,793
5,762
5,709
5,708
5,724
5,720
5,719
5,711
5,709
5,690
5,692
5,693
5,700
5,697
5,708
5,716
5,737
Government
Finance,
Wholesale
trade
5,568
5,727
5*,761
5,848
6*.030
6,187
6*173
6,081
6,04:5
6,113
6,103
6,110
6,125
6,110
6,126
6,107
6,117
6,122
6,129
6,133
6,156
6,174
6,184
Ketail
trade
insurance,
and real
estate
Services
Total
Federal
16,512
17,315
5,684
5,948
20,746
21,927
16,024
16,394
2,807
2,875
17*,880
18,422
19*023
19,475
19*. 601
19,284
19*,346
19,743
19,604
19,648
19,702
19,751
19,790
19,795
19,836
19,846
19,853
19,949
19,923
19,986
20,060
6*273
6,533
6*630
6,668
6*709
6,646
6*,571
6,604
6,574
6,585
6,588
6,590
6,604
6,602
6,616
6,632
6,651
6,660
6,656
6,664
6,675
22*957
24,110
25,504
26,907
27,934
28,336
29,053
30,192
29,756
29,977
30,099
30,175
30,320
30,381
30,433
30,534
30,649
30,709
30,683
30,792
31,015
16,693
17,010
17,386
17,779
18,304
18,402
18,653
18,842
18,788
18,800
18,819
18,823
18,841
18,827
18,922
18,903
18,904
18,954
18,929
18,927
18,961
2,899
2,943
2,971
2,988
3,085
2,966
2,969
2,915
2,938
2,923
2,912
2,901
2,896
2,906
2,901
2,901
2,896
2,918
2,897
2,886
2,880
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
Manufacturing
Total
private
nonagricultural 1
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993- Feb
Mar
May
July
Sept
Oct
Nov
Dec
1994- Jan '
Feb '
Mar "
Total
Average gross weekly earnings
Total private
nonagricultural l
Overtime
Current
dollars
Current dollars
Total private
nonagricultura! 1
1982
dollars "
Manufacturing
Current
dollars
1982
dollars 2
Manufacturing
Construction
Retail
trade
Percent change from a
year earlier, total
private
nonagricultural 3
1982
Current
dollars
dollars
35.2
34.9
34.8
34.8
34.7
34,6
34.5
34.3
34.4
34.5
40.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0
41.4
3.4
3.3
3.4
3.7
3.9
3.8
3.6
3.6
3.8
4.1
$8.32
$7.80
8.57
8.76
8.98
9.28
9.66
10.01
10.32
10.58
10.83
7.77
7.81
7.73
7.69
7.64
7.52
7.45
7.42
7.39
$9.19
9.54
9.73
9.91
10.19
10.48
10.83
11.18
11.46
11.76
$292.86
299.09
304.85
312.50
322.02
334.24
345.35
353.98
363.95
373.64
$274.73
271.16
271.94
269.16
266.79
264.22
259.47
255.40
255.22
254.87
$374.03
386.37
396.01
406.31
418.81
429.68
441.86
455.03
469.86
486.86
$458.51
464.46
466.75
480.44
495.73
513.17
526.01
533.40
537.70
551.04
$174.33
174.64
176.08
178.70
183.62
188.72
194.40
198.48
205.34
209.95
4.3
2.1
1.9
2.5
3.0
3.8
3.3
2.5
2.8
2.7
0.8
-1.3
.3
-1.0
-.9
-1.0
18
-1.6
— .1
1
34.4
34.2
34.4
34.7
34.4
34.5
34.7
34.3
34.5
34.5
34.5
41.4
41.2
41.5
41.4
41.2
41.4
41.4
41.5
41.6
41.7
41.7
4.2
4.0
4.2
4.1
4.6
4.0
4.1
4.1
4.3
4.3
4.4
10.74
10.78
10.77
10.82
10.81
10.81
10.86
10.86
10.92
10.93
10.95
7.39
7.40
7.38
7.39
7.38
7.37
7.39
7.38
7.39
7.39
7.39
11.64
11.66
11.71
11.71
11.72
11.72
11.77
11.84
11.83
11.88
11.95
369.46
368.68
370.49
375.45
371.86
372.95
376.84
372.50
376.74
377.09
377.78
254.27
253.21
253.76
256.45
253.83
254.23
256.35
253.23
255.07
254.79
254.91
481.90
480.39
485.97
484.79
482.86
485.21
487.28
491.36
492.13
495.40
498.32
538.94
544.07
541.21
556.39
551.32
559.77
558.33
551.14
551.90
563.16
r
557.94
208.08
205.01
208.80
211.41
209.66
209.66
210.97
209.95
212.42
211.39
-.9
-1.0
-.3
.2
2 12.99
2.2
2.0
2.8
3.4
2.6
2.9
2.8
3.0
3.0
2.2
3.1
34.8
34.3
34.7
41.8
41.2
42.2
4.4
4.6
4.8
11.02
11.03
11.04
7.43
7.42
11.96
12.04
12.02
383.50
378.33
383.09
258.60
254.60
499.93
496.05
507.24
556.51
542.72
563.55
214.89
212.78
215.47
3.6
2.4
3.6
1.2
.1
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 (CPI-W) (on a 1982 = 100 base).
r
9
.2
.1
.5
.4
-.3
.6
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 '
84.0
87.3
90.1
93.1
97.6
102.3
107.0
111.7
115.6
119.8
84.8
88.3
91.1
94.1
98.0
102.0
106.1
110.0
112.9
116.4
81.7
84.6
87.5
90.5
96.7
102.6
109.4
116.2
122.2
128.3
108.4
109.7
110.8
111.9
112.9
113.8
114.7
115.7
116.8
117.9
118.9
119.9
107.3
108.4
109.2
110.1
110.9
111.6
112.1
113.0
113.9
114.6
115.6
116.5
Total
compensation
Wages and
salaries
12 months earlier
Benefits
1
Total
compensation
Wages and
salaries
Benefits l
Not seasonally adjusted
19841985'
19861987'
1988'
1989'
19901991-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1993:
Dec
....
4.9
3.9
3.2
3.3
4.8
4.8
4.6
4.4
3.5
3.6
Seasonally adjusted
1991- Mar
Sept
Dec
1992- Mar
Sept
.
Dec
1993- Mar
.
Sept
.
Dee
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.
111.2
113.3
115.2
116.8
118.2
119.5
121.3
122.9
124.7
126.4
127.7
129.1
1.1
1.2
1.0
1.0
.9
.8
.8
.9
1.0
.9
.8
.8
4.2
4.1
3.2
3.3
4.1
4.1
4.0
3.7
2.6
3.1
6.5
3.5
3.4
3.4
6.9
6.1
6.6
6.2
5.2
5.0
Not seasonally adjusted
1.0
1.0
.7
.8
.7
.6
.4
.8
.8
.6
.9
.8
1.2
1.9
.7
.4
.2
.1
.5
.3
1.5
1.4
1.0
1.1
4.4
4.4
4.5
4.4
4.2
3.7
3.4
3.5
3.5
3.6
3.7
3.6
4.0
3.7
3.7
3.7
3.4
3.0
2.7
2.6
2.7
2.7
3.1
3.1
5.8
6.2
6.4
6.2
6.3
5.5
5.2
5.2
5.6
5.8
5.4
5.0
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Output l
Hours of all
persons 2
Compensation per
hour 3
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
100.8
100.6
101.2
104.3
104.1
104.2
102.7
102.8
103.6
105.7
106.3
101.5
103.4
106.5
109.5
112.3
116.0
121.0
127.1
131.9
134.1
136.8
101.5
103.4
106.8
110.0
112.8
116.5
121.5
127.6
132.6
135.1
137.6
103.4
107.7
111.2
113.6
116.6
120.8
126.1
131.2
136.1
139.2
142.5
104.0
107.6
111.6
114.2
117.2
121.4
126.5
131.8
137.0
140.3
143.6
100.6
100.4
100.7
101.8
105.2
104.6
104.1
102.6
102.5
101.0
102.1
104.3
108.0
111.6
113.7
117.9
123.0
129.8
101.0
101.9
104.4
108.5
112.2
114.3
118.0
123.4
130.5
101.1
104.8
109.0
112.4
114.6
117.9
122.8
127.8
133.2
101.4
105.2
109.0
112.9
115.2
118.5
123.4
128.2
134.0
r
103.7
' 104.3
r
104.6
r
105.1
' 102.8
103.4
r
103.8
r
104.2
130.6
131.4
132.6
133.1
131.3
132.0
133.2
133.7
134.8
135.8
136.6
137.2
135.7
136.6
137.5
138.2
r
105.9
* 106.1
106.9
r
107.2
r
104.9
105.3
106.0
r
106.3
133.4
133.9
134.5
134.8
134.3
134.9
135.6
135.8
138.3
139.1
138.7
140.6
139.3
140.2
139.8
141.8
r
' 106.3
' 106.0
r
106.4
106.4
136.4
137.3
137.4
136.1
137.4
138.2
138.0
136.9
141.6
142.5
142.8
143.2
142.7
143.5
143.9
144.1
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
1983....
1984
1985
1986
1987
1988
1989
1990..
1991
1992
1993 "
102.3
104.8
106.3
108.5
109.6
110.7
109.9
110.7
111.8
115.5
117.6
102.5
104.7
105.6
107.7
108.6
109.6
108.6
109.1
110.3
113.7
115.7
104.1
112.6
116.7
119.9
124.8
130.1
132.3
133.3
131.6
135.4
140.3
104.4
113.0
116.8
120.1
125.0
130.6
132.7
133.5
131.8
135.4
140.6
101.8
107.4
109.8
110.5
113.8
117.5
120.4
120.5
117.7
117.3
119.4
101.9
107.9
110.7
111.5
115.1
119.1
122.2
122.4
119.5
119.1
121.5
103.8
108.3
113.2
118.9
123.1
128.5
133.0
140.6
147.4
154.9
160.8
104.0
108.3
112.8
118.4
122.5
127.7
131.9
139.2
146.2
153.7
159.2
100.6
100.6
101.5
104.7
104.6
104.8
103.5
103.8
104.5
106.5
107.4
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
IV
IV
IV
IV
IV
IV
IV
IV
IV
101.1
103.1
105.4
107.0
108.3
110.6
110.9
109.7
110.5
101.1
103.3
105.3
106.0
107.4
109.5
110.0
108.5
108.9
100.0
107.5
114.4
118.0
120.6
127.4
131.7
132.3
132.1
100.0
108.1
114.8
118.2
120.8
127.6
132.5
132.7
132.2
98.9
104.3
108.5
110.2
111.3
115.1
118.8
120.6
119.6
99.0
104.7
109.0
111.4
112.5
116.5
120.5
122.3
121.4
102.1
105.3
109.9
115.6
120.9
125.8
130.6
134.9
143.5
102.1
105.2
109.9
115.0
120.4
125.1
129.8
133.9
142.1
100.6
100.5
100.7
102.4
105.6
105.1
104.7
103.4
r
103.4
1991:
I
II
Ill ....
IV
110.9
111.6
111.8
112.8
109.4
110.2
110.4
111.3
131.0
131.5
131.5
132.4
131.2
131.7
131.8
132.6
118.1
117.8
117.6
117.3
119.9
119.5
119.4
119.2
144.9
146.6
148.2
150.1
143.7
145.4
147.1
148.8
1992:
I
IV
114.1
114.8
116.0
117.1
112.4
113.1
114.1
115.3
133.3
134.5
136.0
137.9
133.3
134.4
135.9
137.9
116.8
117.1
117.2
117.7
118.7
118.8
119.0
119.6
152.2
153.7
156.1
157.8
150.9
152.6
154.8
156.6
I
II
Ill ....
IV"..
116.6
116.6
117.6
119.6
114.8
114.7
115.8
117.5
138.0
139.3
140.4
143.5
138.1
139.5
140.9
143.8
118.3
119.5
119.4
120.1
120.3
121.6
121.7
122.3
159.1
160.1
161.6
162.7
157.7
158.4
159.8
161.0
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Implicit price
deflator s
Unit labor costs
Business
sector
Nonfarm
business
sector
1982 = 100; quarterly data seasonally adjusted
1993:
n
m ....
107.3
' 107.1
r
107.6
107.6
r
Percent change; quarterly data at seasonally adjusted annual rates
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 "
1991:
2.3
2.4
1.4
2.1
1.0
1.0
-.7
.7
1.0
3.3
1.8
2.5
2.2
.8
2.0
.8
.9
-.9
.4
1.1
3.1
1.7
4.1
8.2
3.6
2.8
4.1
4.3
1.7
.7
13
2.9
3.6
4.4
8.2
3.4
2.8
4.1
4.4
1.7
.6
13
2.7
3.8
1.8
5.6
2.1
.6
3.0
3.3
2.5
.1
-2.3
4
1.8
1.9
5.9
2.5
.8
3.2
3.5
2.6
.2
-2.4
4.
2.1
3.8
4.3
4.5
5.0
3.6
4.4
3.5
5.7
4.9
5.0
3.8
4.0
4.1
4.1
5.0
3.5
4.2
3.3
5.5
5.0
5.1
3.6
1.5
2.5
.6
3.7
1.9
2.7
.8
3.4
-3.3
1.4
.1
2.7
-3.1
1.5
.3
2.7
-4.7
-1.1
-.5
-1.0
-4.9
-1.1
-.6
-.7
4.1
4.8
4.5
5.2
4.4
4.9
4.6
4.9
3.8
2.8
3.6
4.2
2.9
3.4
4.6
5.6
2.1
3.3
4.4
6.0
-1.8
1.0
.4
1.8
-1.6
m ....
4.7
2.5
4.2
3.8
.5
.8
1.8
5.7
4.1
6.2
4.6
5.6
4.7
5.9
4.6
I
II
Ill ....
IV..
-1.6
-.0
3.3
6.9
-1.8
-.4
4.0
6.1
.5
3.8
3.2
9.3
.6
4.0
4.1
8.6
2.1
3.8
2.5
4.4
.1
2.3
3.3
2.5
3.9
2.9
2.9
1.9
3.7
2.8
I
II
Ill ....
IV
1992: I
II
IV
1993:
2.2^
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.
4
Hourly compensation divided by the consumer price index for all urban consumers (CPI-U).
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
16
0.8
-.2
.6
3.1
-.2
.1
14
.1
.8
2.0
.6
1.5
1.9
3.0
2.8
2.5
3.4
4.3
5.0
3.8
1.7
2.0
1.5
1.9
3.3
2.9
2.6
3.2
4.3
5.1
3.9
2.0
1.8
3.4
4.1
3.3
2.2
2.6
3.6
4.4
4.1
3.7
2.3
2.4
4.0
3.5
3.7
2.4
2.6
3.6
4.2
4.2
3.9
2.4
2.3
r
2.5
2.2
3.8
1.4
2.5
2.2
3.7
1.5
4.8
3.1
2.4
1.7
4.9
2.7
2.6
2.2
2.9
1.3
2.7
r
1.3
.9
1.6
1.9
.7
1.7
1.8
2.2
.4
3.3
2.4
-1.2
5.6
3.2
2.7
-1.1
5.6
r
-.2
-1.2
r
1.8
-.1
5.0
2.5
.5
-3.8
4.8
2.3
2.7
2.6
1.1
1.0
2.5
2.4
1.1
.5
0.6
.0
.9
3.1
-.1
.2
-1.3
.3
.6
2.0
.8
r
i.o
r
r
r
r
2.9
r
.7
r
3.0
r
1.3
r
1.2
2.6
1.4
1.6
2.4
r
l.S
1.9
r
r
.2
-.6
r
2.0
— .1
r
r
r
4.
-3.1
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.
"Based on GDP release of March 1, 1994. GDP data shown elsewhere in this issue of Economic
Indicators were released on March 31, 1994.
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.
INDE X, 1987-100* (RATIO SCALE)
130
INDEX, 1987 = 100* (RATIO SCALE)
FINAL PRODUCTS
TOTAL INDUSTRIAL PRODUCTION
BUSINESS
•""*
N^ ^~~r^~~~^
\^^^^
n 1 1 1 ti 1 1 1 1 1 1 1 1 1 1 i 1 1 1 1 1 1 1 1 1 1 h i n i n 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 H
120
11
110
100
130
r~"^
» /~~"~~* -r-'
•\
"~-~^.
CONSUMER
GOODS
120
V—'
110
90
DEFENSE
AND SPACI
EQUIPMEN1
80
90
x.
1
"x,
NONDURABLE
X,
70
1 1 I 1 1 1 1 1 I 1 f 1 1 1 1 1 1 1 1 1 1 1 1 ll 1 1 1 1 1 M 1 1 II 1 t 1 1 1 ll 1 1 1 1I l l l l l l l l l l
HIIJJII j J ! Illllllllll
PER<:ENT*
86
130
UTILITIES AND MINING
120
^
84
\\s~Y~ 1
f*^^
80
100
78
MINING
M M ll 1 1 M 1
1990
1 1Mill t i l 1
1991
A-
82 s-^s—.
UTILITIES
M M i f 1 1 1I 1
mill mn mill mn j mil nm
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
^,, /--y^'j^7"^
110
90
/
\X
j^
"S^~\
MANUFACTURING
100
^^r
FOIIIPUFKIT
130
'"
110
100
SS
140
120
76
1 II 1 ll 1 1 M 1
H 1 1 1 ll M H
1992
Illllllllll Illllllllll nml mil iiiidni.li ninlmtt
1990
1993
1994
1991
1992
1993
1994
> SEASONALIY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAl RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
Index,
1987 = 100
Capacity utilization
rate, percent *
Industry production indexes, 1987 = 100
Total
industrial
production
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
92.8
94.4
95.3
100.0
104.4
106.0
106.0
104.1
106.5
110.9
9.3
1.7
.9
4.9
4.4
1.5
.0
-1.8
2.3
4.1
89.3
91.6
94.3
100.0
104.7
106.4
106.1
103.7
106.8
111.7
88.4
91.8
93.9
100.0
106.6
108.6
107.4
103.9
107.0
114.2
90.8
91.5
94.9
100.0
102.3
103.7
104.4
103.5
106.5
108.7
111.9
109.0
101.0
100.0
101.3
100.0
102.0
100.1
98.2
97.3
97.0
99.5
96.3
100.0
105.0
108.7
109.9
112.3
112.0
116.3
81.1
80.3
79.2
81.5
83.7
83.6
82.0
79.1
79.7
81.5
80.4
79.5
79.1
81.6
83.6
83.1
81.1
77.8
78.6
80.6
Oct
Nov r
Dec '
109.9
110.0
110.5
110.0
110.4
110.9
111.1
111.3
111.9
112.8
114.0
4.5
4.2
3.9
3.0
4.0
3.8
4.3
4.4
4.1
4.2
4.6
110.4
110.5
111.3
111.1
111.2
111.6
111.8
112.1
112.9
114.0
115.4
112.1
112.5
113.5
113.2
113.0
113.7
113.9
115.0
116.2
118.0
120.1
108.2
108.2
108.7
108.5
108.9
109.1
109.2
108.5
108.8
109.1
109.5
97.1
96.9
97.4
97.1
97.9
96.4
96.6
97.4
98.0
96.9
97.2
117.4
117.3
114.5
112.4
115.4
118.0
118.4
116.2
114.9
116.1
116.5
81.2
81.2
81.4
81.0
81.1
81.3
81.4
81.4
81.7
82.2
83.0
80.2
80.1
80.6
80.2
80.1
80.3
80.3
80.4
80.8
81.5
82.3
1994: Jan T
Feb"
114.6
115.1
4.9
4.8
115.6
116.3
120.7
121.8
109.4
109.6
98.1
98.9
120.7
119.1
83.3
83.4
82.3
82.6
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993".
1993: Feb
Mar
May
July
Sept
1
Output as percent of capacity.
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; monthly data seasonally adjusted]
Materials
Products
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
Durable
goods
Nondurable
goods
Total '
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Energy
1984
1985
1986
1987
1988
1989.
1990
1991
1992
1993 »
91.0
94.2
95.7
100.0
104.8
106.8
107.0
105.3
108.0
112.8
92.8
93.7
96.8
100.0
102.9
104.0
103.4
102.8
105.7
108.9
91.0
91.6
94.5
100.0
104.6
106.6
102.3
95.2
102.0
110.5
93.4
94.4
97.6
100.0
102.4
103.2
103.8
104.9
106.8
108.4
89.2
94.8
94.5
100.0
107.6
110.9
112.1
108.9
111.2
118.6
85.4
91.1
93.1
100.0
110.7
115.5
116.9
115.7
122.2
134.6
78.9
89.4
96.0
100.0
99.7
100.1
98.8
91.6
83.1
74.8
86.2
88.3
91.9
100.0
101.8
102.0
101.2
96.8
99.0
102.5
86.2
89.1
93.8
100.0
101.5
100.5
98.2
91.0
93.3
96.6
86.2
87.7
90.7
100.0
102.0
103.0
103.2
100.7
102.8
106.5
96.6
96.6
95.9
100.0
105.0
106.7
106.8
105.4
107.7
111.9
103.8
103.4
99.5
100.0
102.2
103.1
104.2
104.5
103.9
103.7
1993: Feb .
Mar
111.8
112.0
112.3
111.8
112.1
112.8
112.7
113.1
113.8
114.6
115.5
108.9
108.9
108.6
107.8
108.1
108.9
108.6
108.5
109.2
109.7
110.1
110.1
110.3
110.9
109.0
107.2
108.2
107.3
108.7
112.7
115.8
117.9
108.6
108.6
108.0
107.4
108.3
109.1
109.0
108.4
108.2
107.9
107.9
115.8
116.4
117.7
117.7
118.0
118.5
118.6
119.8
120.4
121.8
123.3
130.0
131.5
133.1
133.5
133.9
134.6
134.8
136.3
137.7
139.7
141.9
77.9
76.8
76.9
75.6
74.9
74.6
74.0
73.7
72.7
72.5
71.7
101.8
101.4
102.2
101.7
101.8
102.9
103.3
103.0
103.5
104.3
105.4
96.0
95.1
94.8
95.9
95.3
96.4
97.3
97.8
98.6
99.5
101.3
105.6
105.7
107.2
105.5
106.1
107.3
107.2
106.4
106.7
107.5
108.1
110.7
110.8
111.4
111.1
111.7
111.7
112.1
112.2
112.8
113.9
115.5
104.3
104.6
104.1
102.9
104.4
103.6
103.7
103.1
103.0
103.1
103.2
116.1
116.8
110.5
111.0
118.8
121.6
108.2
108.0
124.1
125.2
143.4
144.7
70.8
70.3
105.9
105.5
101.0
100.3
109.1
109.1
116.1
116.7
105.1
105.0
May
July
Sept
Oct
Nov '
Dec '.
1994: Jan '
Feb '. .
1
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987 = 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Primary metals
Period
Total
1984
1985
1986
1987
1988
1989 .
1990
1991..
1992
1993 "
July
.
Lumber and
products
Apparel
products
Printing and
publishing
Chemicals
and
products
Foods
94.1
93.1
94.3
100.0
108.5
111.0
111.4
112.7
115.7
127.6
83.1
91.8
96.9
100.0
105.2
109.6
107.0
101.9
102.8
104.2
90.6
99.0
98.5
100.0
105.7
106.9
101.0
94.5
106.4
120.7
86.0
88.0
95.1
100.0
100.1
99.4
97.1
90.6
96.5
100.6
95.7
92.6
96.3
100.0
98.1
95.0
92.2
91.8
93.6
93.1
84.5
87.6
90.6
100.0
100.9
101.1
100.8
96.9
99.0
101.3
91.4
91.4
94.6
100.0
106.0
109.2
111.8
111.4
114.3
117.9
92.1
94.9
97.4
100.0
101.5
102.5
103.7
105.3
107.7
108.7
..
107.1
104.3
105.0
105.0
105.6
105.6
107.2
107.3
106.1
109.8
112.8
111.4
108.2
108.9
109.1
111.1
111.9
112.8
112.4
113.3
114.4
118.9
98.1
98.8
99.2
98.5
98.3
99.6
99.6
99.6
100.7
102.1
102.9
134.1
136.9
140.1
141.6
143.3
146.1
147.1
148.4
150.3
152.0
155.8
122.9
124.3
125.6
125.7
126.4
128.6
129.5
130.9
131.4
132.1
134.2
106.9
105.8
105.9
104.2
101.2
98.9
98.5
100.4
104.2
108.3
110.8
121.8
120.6
120.9
118.5
114.7
110.2
110.6
115.1
124.1
132.4
138.5
101.3
98.4
98.3
98.2
97.6
99.6
100.9
101.8
104.6
104.9
105.7
94.2
93.4
93.3
93.5
93.6
93.6
93.2
92.1
92.1
92.6
92.8
101.3
101.1
102.6
101.1
101.3
101.6
100.9
101.1
101.6
101.7
101.7
115.4
117.1
117.3
117.6
118.3
118.6
118.8
118.3
117.8
118.8
119.3
109.2
108.4
108.2
107.9
108.8
108.8
109.6
109.0
109.0
108.4
108.6
...
110.9
111.4
114.6
115.6
103.6
104.0
157.5
159.3
135.2
136.1
111.5
114.7
141.3
149.0
105.4
104.3
91.9
91.1
102.2
102.1
119.8
119.3
108.0
109.0
.
Source: Board of Governors of the Federal Reserve System.
18
Total
Motor
vehicles
and
parts
80.8
86.8
90.3
100.0
113.0
117.3
117.6
113.8
123.4
144.1
Sept
Oct
Nov '
Dec '
1994: Jan T ...
Feb "
Electrical
machinery
93.3
94.5
93.8
100.0
104.2
102.8
99.5
94.9
95.6
99.3
.
...
Industrial
machinery and
equipment
105.9
104.5
90.8
100.0
112.7
111.2
111.5
100.5
104.7
111.2
. . .
...
1993- Feb
Mar
Apr
May
, * ..
Fabricated
metal
products
102.4
101.8
93.7
100.0
108.7
107.2
106.5
98.3
101.1
106.2
.
.
Iron
and
steel
Transportation
equipment
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
Period
Total new
construction
expenditures
Residential
Total
New housing
units
Total '
Commercial
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(J987=100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1984
1985
348.8
377.4
407.7
1986
1987
1988
1989
1990 .. .
1991
419.4
432.3
443.6
442.1
1992....
403.4
436.0
1993
470.1
r
278.6
299.5
323.1
328.7
337.5
345.5
334.7
293.5
317.3
343.0
153.8
158.5
187.1
194.7
198.1
196.6
182.9
157.8
187.8
208.1
113.8
114.7
133.2
139.9
138.9
139.2
128.0
110.6
129.6
144.5
50.8
51.3
51.6
50.1
51.5
54.6
55.4
58.7
63.7
66.8
74.0
89.8
84.4
84.0
88.0
94.3
96.4
77.0
65.8
68.1
83
91
96
100
101
105
95
89
97
103
r
98
100
!01
95
106
r
!05
104
105
110
108
105
482
519
526
514
521
571
533
544
561
566
628
103
107
633
592
Annual rates
Annual rates
1993:
Feb
Mar
May
, y
Julyy
"
Sent
1994:
453.8
454.5
334.8
337.0
205.7
205.5
449.1
328.1
453.3
460.7
466.6
468.5
332.2
335.0
337.9
197.3
198.4
477.1
345.6
354.5
364.5
Oct r
Nov '
Dec *
488.7
497.9
508.7
Jan r.
Feb"
494.8
488.8
341.4
371.4
200.5
204.6
206.6
209.5
215.9
222.8
229.2
364.5
229.1
361.2
230.4
1
Includes
2
Includes
3
955
1,097
1,016
1,019
973
961
783
577
556
575
70.2
77.8
84.6
90.6
94.8
98.1
107.5
109.9
118.8
127.2
142.9
141.8
137.7
138.3
139.3
141.1
143.0
145.7
150.0
155.7
162.1
66.4
67.4
65.6
67.4
67.1
65.6
67.0
68.3
70.2
72.5
73.4
62.7
64.0
65,2
66.4
67.4
67.7
67.8
67.8
68.4
69.2
68.8
119.0
117.5
120.9
121.0
125.7
128.7
127.2
131.6
134.2
133.4
137.3
161.2
162.2
70.9
67.4
64.5
63.5
130.3
127.6
r
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
residential improvements, not shown separately.
hotels and motels.
P.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
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1,199.7
1,287.6
1984....
1985
1986...
1987
1988
1989
1990
1991
1992
1993 '
1 unit
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
1,125.7
2-4 units
5 or more units
121.4
544.0
93.4
84.0
65.3
58.8
55.2
37.5
35.6
30.7
29.4
576.1
542.0
408.7
348.0
317.6
260.4
137.9
139.0
132.6
Units
authorized
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9
1,214.2
Units
completed
Homes sold
Homes for
sale at end of
period '
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
1,192.7
639
688
750
671
676
650
534
509
610
667
353
346
357
366
368
365
321
284
266
296
599
600
685
635
641
647
645
738
723
269
270
271
273
274
277
286
288
291
Vacancy rate
for rental
housing units
(percent) 2
5.9
6.5
7.3
7.7
7.7
7.4
7.2
7.4
7.4
7.4
Seasonally adjusted annual rates
1993- Feb
Mar
May
y
•*
3
July
.
Sept
Oct
Nov
Dec '
1994- Jan '
Feb"
1
2
1,194
1,092
1,232
1,241
1,238
1,245
1,319
1,359
1,409
1,406
1,612
1,048
957
1,082
1,100
1,067
1,076
1,178
1,160
1,231
1,248
1,383
24
30
27
26
30
53
17
32
31
30
21
122
105
123
115
141
116
124
167
147
128
208
1,141
1,034
1,101
1,121
1,115
1,162
1,242
1,271
1,304
1,374
1,476
* 1,227
r
1,105
' 1,212
1,258
1,309
1,110
1,133
25
28
123
148
1,358
1,250
1,221
1,342
Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning 1989 not comparable with
earlier data.
r
l,137
r
l,168
r
1,097
' 1,248
r
l,172
' 1,248
r
1,248
1,289
r
766
r
7.9
7.6
7.1
294
822
296
637
649
300
306
6.9
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
are for 16,000 places.
Seasonally adjusted housing completions revised beginning 1991.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In January, manufacturing and trade sales fell 0.4 percent and inventories rose $0.6 billion. In February, sales rose
1.1 percent. According to advance data, retail sales rose 1.5 percent in February, following a decline of 1.5
percent in January. (Series revised.)
BILLIONS OF DOLLARS* (RATIO SCALE)
1,000
BILLIONS OF DOLLARS* (RATIO SCALE)
300
900
250
800
MANUFACTURING AND
TRADE INVENTORIES
700
RETAIL INVENTORIES
200
£00
500
150
-V
MANUFACTURING
AND TRADE SALES
RETAIL SALES
400
100
300
RATIO
INVENTORY-SALES RATIO
1.70
RETAIL
1.40
yr—«»Ny|
200
1.50
Illllll
1990
1991
1.30
1992
iiiiiliini
1994
1993
- ^~OK/—X
\
MANUFA ^TURING
1
1.40
A_
\V^
S > x*i ^*_^k
<r***S
Illllllllll
1990
1991
—N
Illllllllll
1992
1 1 1 1 1 II i 1 1 1 I 1 1 t ll 1 1 1 M
1993
1994
COUNCIL Of ECONOMIC ADVISERS
Manufacturing and
trade 1
Sales2
Period
Sales
2
Inventories 3
Inventory-sales ratio 4
Retail
Wholesale
Sales
2
Inventories3
Total
Durable
goods
stores
Inventories 3
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade *
Retail
Millions of dollars, seasonally adjusted, except as noted
411,427
423,940
431,786
459,107
496,819
523,260
542,349
537,598
559,799
592,201
651,551
665,835
664,624
711,725
767,538
813,637
837,120
832,852
841,831
865,584
113,502
114,816
116,326
124,340
135,170
143,754
148,859
146,834
152,031
160,213
144,223
149,155
155,445
165,814
180,535
188,566
196,935
201,462
208,757
216,586
107,243
114,586
120,803
128,442
138,108
146,782
154,031
155,246
163,258
173,468
37,873
41,510
45,057
47,989
52,482
54,894
55,944
54,456
58,942
65,383
69,369
73,075
75,746
80,453
85,626
91,888
98,088
100,790
104,316
108,085
167,812
181,881
186,510
207,836
219,581
238,160
241,117
245,042
253,836
271,573
79,074
88,315
89,983
105,481
112,690
121,716
121,666
119,739
123,520
135,757
88,738
93,566
96,527
102,355
106,891
116,444
119,451
125,303
130,316
135,816
1.53
1.55
1.55
1.50
1.49
1.53
1.53
1.54
1.50
1.45
1.49
1.52
.56
.56
.54
.58
.56
.55
.52
1.52
1993: Jan r
Febr
Mar T. . ..
Apr T.
May r
June '
July r
Aue '
Sept r
Oct r
Nov r
Dec r.
581,571
584,206
583,792
585,097
587,202
589,551
585,266
591,937
595,536
599,649
606,711
612,462
844,777
846,869
851,282
854,209
856,288
856,853
857,008
858,979
860,885
862,110
866,720
865,584
159,197
158,782
157,181
159,555
161,594
158,978
160,450
161,054
161,020
161,316
162,135
161,797
209,865
209,208
210,081
211,612
211,859
212,060
213,118
214,813
215,071
214,687
216,011
216,586
169,529
168,624
167,632
170,428
171,601
172,274
173,136
174,327
174,428
177,862
179,002
180,943
62,957
61,224
61,154
62,952
64,039
64,675
65,322
66,465
65,899
68,459
69,614
71,048
106,572
107,400
106,478
107,476
107,562
107,599
107,814
107,862
108,529
109,403
109,388
109,895
256,288
258,429
261,662
262,290
262,838
263,467
262,329
262,774
265,125
267,122
270,528
271,573
124,759
126,412
128,335
128,879
128,831
129,318
128,025
128,243
129,416
131,360
134,023
135,757
131,529
132,017
133,327
133,411
134,007
134,149
134,304
134,531
135,709
135,762
136,505
135,816
1.45
1.45
1.46
1.46
1.46
1.45
1.46
1.45
1.45
1.44
1.43
1.41
1.51
1.53
1.56
1.54
1.53
1.53
1.52
1.51
1.52
1.50
1.51
1.50
1994: Jan"
Feb*
609,912
616,815
866,213
163,283
164,592
216,651
218,415
'69,668 ' 108,631 270,654
71,088 109,960
137,105
133,549
1.42
1.52
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
.
r
178,299
181,048
1
See page 21 for manufacturing.
a
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
Note.—Seasonally adjusted and unadjusted retail and wholesale trade data (therefore total manufacturing and trade data) have been revised. Sales were revised beginning 1987 and inventories beginning 1988.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In February, manufacturers' shipments and inventories rose, while new and unfilled orders fell.
BILLIONS OF COLLARS' (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE)
320 - SHIPMENT
480
440
400
360
320
TOTAL
280
240
X" ~*""
—<^-q
~"
1
1
200
160
INVENTORIES
V
280
i
240
DURABLE GOOD s
\ 1
-
DURABLE GOODS
200
A.,
120
160
^-N-~|- '
NONDURABLE GOODS
HO 1 1 1 1 1 1 I I I I I
„
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 HIM
1 1 f 1 M 1 1 1 11 1 1 j 1 1 1 1 1 1 1 1
"
120
BILLIONS OF DOLLARS* (RATIO SCALE)
320 - NEWORDEPS
BO 1 1 1 1 1 1 1 1 1 1 1
TOTAL
280
.
240
-
/
~-^l -^
\
NO ^DURABLE GCxx>s
1 1 11 M 1 1 1
M
If
111 11 11
^1
-*---.
_
I!
*""
200
p JRABLEGOOI•K
160
120 _
/
.'•.•-•-•'
/\
/ \~ ->»v---*-
,,y
/^
NOND JRABLEGOO X
I 111 11i 11 11 1 1 11 1 1 1 1 11 1
80
1990
1 1 1 1I 1 i M 1 t
i 1 M 1 ll M M
1993
1994
1992
1991
1990
1994
•SEASONAUY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNO. Of ECONOMIC ADVISERS
Manufacturers' shipments 1
Manufacturers' new orders *
Manufacturers' inventories 2
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
190,682
194,538
194,657
206,326
223,541
232,724
239,459
235,518
244,511
258,520
97,940
101,279
103,238
108,128
117,993
121,703
122,387
119,151
125,553
135,981
92,742
93,259
91,419
98,198
105,549
111,022
117,072
116,367
118,958
122,539
339,516
334,799
322,669
338,075
367,422
386,911
399,068
386,348
379,238
377,425
221,330
218,212
212,006
220,776
241,402
256,065
259,988
249,117
237,717
236,303
118,186
116,587
110,663
117,299
126,020
130,846
139,080
137,231
141,521
141,122
192,879
195,706
195,204
209,389
227,026
235,932
240,646
234,354
241,545
255,701
100,164
102,356
103,647
110,809
121,445
124,933
123,556
117,878
122,614
133,273
23,669
24,545
23,983
26,095
30,729
32,725
32,254
29,468
29,653
31,889
92,715
93,351
91,557
98,579
105,581
110,999
117,090
116,476
118,932
122,428
373,529
387,095
393,412
430,288
471,951
510,459
524,846
511,122
475,304
441,947
1.73
1.73
1.68
1.59
1.58
1.64
1.65
1.67
1.57
1.47
Sept
Oct
Nov
Dec r
256,800
258,979
255,114
254,007 .
258,299
251,680
256,556
260,088
260,471
265,574
269,722
134,133
135,537
132,763
132,307
135,042
129,257
134,521
137,521
138,153
142,665
146,182
122,667
123,442
122,351
121,700
123,257
122,423
122,035
122,567
122,318
122,909
123,540
379,232
379,539
380,307
381,591
381,326
381,561
381,392
380,689
380,301
380,181
377,425
237,034
236,849
237,043
237,734
237,514
237,937
237,688
237,571
237,632
237,886
236,303
142,198
142,690
143,264
143,857
143,812
143,624
143,704
143,118
142,669
142,295
141,122
257,250
253,007
252,369
248,335
255,462
250,566
253,461
255,309
258,270
262,773
266,351
134,533
129,903
129,838
126,783
132,252
128,520
131,752
133,176
136,613
139,675
142,481
32,748
29,122
30,453
29,931
33,850
30,093
31,992
30,992
32,825
34,878
35,059
122,717
123,104
122,531
121,552
123,210
122,046
121,709
122,133
121,657
123,098
123,870
476,535
470,563
467,818
462,146
459,309
458,195
455,100
450,321
448,120
445,319
441,947
1.48
1.47
1.49
1.50
1.48
1.52
1.49
1.46
1.46
1.43
1.40
Jan
Feb *
268,330
271,175
••144,709
146,171
123,621
125,004
378,908
379,973
238,172
238,660
140,736
141,313
272,616
269,914
' 148,549
144,698
' 36,630
36,290
124,067
125,216
446,233
444,972
1.41
1.40
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 '
1993- Feb
Mar
Apr
May
,*
July
1994-
1
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales.
2
Seasonally adjusted, end of period.
3
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In February, the producer price index for all finished goods rose 0.5 percent. Prices of finished consumer foods fell
0.4 percent and prices of other finished consumer goods rose 0.9 percent. Capital equipment prices rose 0.1
percent.
INDEX, 1982 - 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
FINISHED GOODS PRICES
^_^ r-
SEASONALLY ADJUSTED
130
130
CONSUMER FOODS
\
i
120
_^^i
CAPITAL EQUIPMENT
\_
~
~-4
.x"/* "
_--*"""*^
S
'
N
y^
1
f^^"^
vVv^
s^—'
^^
I
100
"
'"\
<--•"-•
t
120
r~—^ 'i
i
^^^
1f
!
'/
EXCLUDING FOODS
x
•'
100
r*
•' V
^.y
1 1 111 111 111
1986
90
^_^r
,'"' /? •^-~~_^-~
/ f
\
^" » -
TOTAL
'
.X*
•
; ' ^ ^ -' s-^
110
\'
1
/"
\
3
'
/
1
\
^~-~
^-
1
,'
—^/r
X
^
^
110
^-t^ '
__^
f
1 1 M
1 1 1 1 1 1 1
1987
M
1 1 11 1 1 1 11
1 11 1111 1111
1989
1988
I IIII1I1111
1990
1 1M 11 11 111
1991
i i I I I 1 I I I Ii
1992
1 1 1 1 1 11 M 11
SOURCE: DEPARTMENT OF LABOR
1993
I I I i I 1 I I I i i 90
1994
COUNCIL OF ECONOMIC ADVISERS
[1982=100; monthly data seasonally adjusted]
Finished goods
Nondurable
Capital
equipment
Total
finished
consumer
goods
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Consumer goods
Total
Total
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 v
1993- Feb
Mar
May
July
Sept
Oct r
NOT
Dec
1994- Jan
Feb
1
Crude materials
Total
Foods
and
feeds *
Other
Total
Foodstuffs
and
feedstuffs
Other
103.7
104.7
103.2
105.4
108.0
113.6
119.2
121.7
123.2
124.7
105.4
104.6
107.3
109.5
112.6
118.7
124.4
124.1
123.3
125.7
103.2
104.6
101.9
104.0
106.5
111.8
117.4
120.9
123.1
124.4
102.2
103.3
98.5
100.7
103.1
108.9
115.3
118.7
120.8
121.7
104.5
106.5
108.9
111.5
113.8
117.6
120.4
123.9
125.7
128.1
101.1
101.7
93.3
94.9
97.3
103.8
111.5
115.0
117.3
117.6
105.2
107.5
109.7
111.7
114.3
118.8
122.9
126.7
129.1
131.4
103.3
103.8
101.4
103.6
106.2
112.1
118.2
120.5
121.7
123.0
103.1
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.7
116.2
105.7
97.3
96.2
99.2
109.5
113.8
113.3
111.1
110.7
112.7
103.0
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.9
116.4
103.5
95.8
87.7
93.7
96.0
103.1
108.9
101.2
100.4
102.4
104.7
94.8
93.2
96.2
106.1
111.2
113.1
105.5
105.1
108.3
102.2
96.9
81.6
87.9
85.5
93.4
101.5
94.6
93.5
94.7
124.8
125.1
125.7
125.7
125.1
125.1
124.1
124.3
124.2
124.3
124.2
124.5
124.7
126.3
125.8
125.1
125.0
125.4
126.1
125.9
127.0
127.7
124.8
125.2
125.5
125.5
125.0
125.0
123.7
123.7
123.6
123.5
123.1
122.5
122.9
123.3
123.3
122.6
122.5
120.6
120.5
120.6
120.2
119.6
127.1
127.3
128.0
128.0
128.2
128.5
128.9
128.6
127.5
128.6
129.0
119.1
119.7
119.9
119.9
118.9
118.5
115.6
115.7
116.2
115.3
114.1
130.8
131.0
131.3
131.3
131.2
131.6
131.8
131.9
131.4
131.8
132.2
123.3
123.6
124.3
124.2
123.5
123.4
122.1
122.3
122.3
122.4
122.1
115.9
116.3
116.6
116.3
116.3
116.3
116.3
116.3
116.4
116.4
116.2
110.7
110.2
111.4
111.5
110.4
113.1
113.8
113.3
114.0
115.6
117.2
116.2
116.6
116.9
116.5
116.7
116.5
116.4
116.4
116.5
116.5
116.2
101.6
101.8
103.0
105.2
103.6
101.5
100.8
101.5
103.7
103.7
101.2
106.4
106.6
108.4
109.3
105.8
107.4
108.6
109.1
107.6
112.0
113.1
94.6
94.9
95.5
98.6
98.2
93.8
92.0
92.8
97.1
94.4
89.8
124.5
125.1
127.3
126.8
123.7
124.5
120.1
121.2
129.7
129.9
114.6
116.0
133.0
133.1
122.3
123.0
116.4
116.9
117.4
118.3
116.4
116.9
102.5
101.2
112.1
113.5
92.5
89.5
Intermediate materials for food manufacturing and feeds-
22
Durable
Intermediate materials
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 and not
seasonally adjusted. The index was 2.5 percent above its year-earlier level.
.ALE]
INDEX, 1982-84 . 100 (RATIO
SC
150
INDEX, 1982-84 - 100 (RATIO SCALE)
150
SEASONALLY ADJUSTED
^-^-~I
140
140
_^~\_^^
CONSUMER PRICES—ALL ITEMS
Vi
r — --^
130
130
^
120
r"^
120
^
^--1
110
HO
100
100
90
90
80
f f 1 1 111 1 1 11
1986
1 I 1 1 1 1 f 1 1 11
M 1 M 1 1 1 1 f |
1 f 1 1 1 111 M1
H H H 1 1 1 H
1988
1989
1990
1987
I I 1 1 I f I I I 1 1 1 H f 1 I 1 | | | 1 II 1 H 1 1 1 1 1 1 1 1 1 I! 1 1 1 1 1 1
1991
1992
1993
1994
SEE NOTE ON TARLE BELOW
SOURCE: DEPARTMENT OF LABOR
80
COUNCIL OF ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
All items
l
Housing
Transportation
Shelter
Period
Rel imp s
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993:
Feb
Mar
May ....
July ....
Auer
Sept .
Oct
Nov .
Dec
1994:
Jan
Feb
Not
seasonally
adjusted
(NSA)
Seasonally
adjusted
1000
1039
1076
1096
1136
118.3
1240
130.7
136 2
140.3
144.5
Total
Renters'
costs
(Dec.
1982 =
100)
Homeowners'
costs
(Dec.
1982 =
100)
Maintenance
and
repairs
(NSA)
Food
Total '
Fuel
and
other
utilities
Apparel and
upkeep
Total '
New
cars
Ener-
Motor
fuel
Medical
care
gy 2
All
items
less
food
and
energy
15.8
103.2
105.6
109.0
113.5
118.2
125.1
132.4
136.3
137.9
140.9
41.4
103.6
107.7
110.9
114.2
118.5
123.0
128.5
133.6
137.5
141.2
27.9
104.0
109.8
115.8
121.3
127.1
132.8
140.0
146.3
151.2
155.7
8.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
155.6
160.9
165.0
19.8
107.3
113.1
119.4
124.8
131.1
137.3
144.6
150.2
155.3
160.2
0.2
103.7
106.5
107.9
111.8
114.7
118.0
122.2
126.3
128.6
130.6
7.3
104.8
106.5
104.1
103.0
104.4
107.8
111.6
115.3
117.8
121.3
5.9
102.1
105.0
105.9
110.6
115.4
118.6
124.1
128.7
131.9
133.7
17.0
103.7
106.4
102.3
105.4
108.7
114.1
120.5
123.8
126.5
130.4
4.0
102.8
106.1
110.6
114.6
116.9
119.2
121.0
125.3
128.4
131.5
3.0
97.9
98.7
77.1
80.2
80.9
88.5
101.2
99.4
99.0
98.0
7.1
106.8
113.5
122.0
130.1
138.6
149.3
162.8
177.0
190.1
201.4
7.0
100.9
101.6
88.2
88.6
89.3
94.3
102.1
102.5
103.0
104.2
77.3
104.6
109.1
113.5
118.2
123.4
129.0
135.5
142.1
147.3
152.2
143.1
143.6
144.0
144.2
144.4
144.4
144.8
145.1
145.7
145.8
145.8
143.2
143.5
144.0
144.3
144.4
144.6
145.0
145.1
145.6
146.0
146.3
139.6
139.9
140.2
141.1
140.7
140.7
141.2
141.6
142.3
142.6
143.3
139.5
140.0
140.5
140.8
141.1
141.2
141.6
141.9
142.2
142.5
142.8
153.9
154.2
154.7
155.1
155.4
155.6
156.0
156.3
156.6
157.1
157.5
162.5
162.9
163.6
164.0
164.2
164.3
164.5
164.8
165.6
165.8
166.3
158.6
158.9
159.4
159.7
160.1
160.4
160.8
161.1
161.3
161.9
162.4
130.5
131.5
131.8
131.6
131.2
131.3
131.6
131.3
130.8
127.9
127.6
119.0
120.4
120.8
121.0
121.4
121.8
122.2
122.4
122.5
122.4
122.3
134.3
134.2
134.0
133.6
133.1
133.0
133.9
133.4
133.2
134.1
133.9
129.5
129.7
130.0
130.1
130.0
130.5
130.6
130.6
131.9
131.9
131.7
129.8
130.1
130.7
131.0
131.2
131.6
132.2
132.5
132.9
133.1
133.2
101.3
101.1
100.5
98.9
97.2
96.9
95.3
94.1
98.3
96.6
95.3
197.6
198.1
199.3
200.7
201.5
202.4
203.0
203.8
204.8
205.4
206.1
103.9
104.7
104.8
104.2
103.7
103.7
103.0
102.6
104.5
103.6
102.9
150.8
151.1
151.6
152.0
152.3
152.6
153.0
153.1
153.5
154.1
154.4
146.2
146.7
146.3
146.7
143.1
142.7
142.9
143.5
157.8
158.6
166.3
167.0
162.8
163.6
128.9
129.4
121.8
122.9
133.8
133.4
131.4
132.0
133.3
133.9
94.8
96.8
206.7
207.3
102.1
103.7
154.6
155.0
1
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
excluded beginning 1983.
3
Relative importance, December 1993.
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]
Period
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Total
finished
goods
Excluding
foods
Foods
Capital
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
1.7
1.8
-2.3
2.2
4.0
4.9
5.7
-.1
1.6
.2
1984
1985
1986
1987
1988
1989
1990....
1991
1992
19m"
3.5
.6
2.8
-.2
5.7
5.2
2.6
-1.5
1.6
2.4
0.8
2.1
-6.6
4.1
3.1
5.3
8.7
-.7
1.6
-1.4
2.1
1.0
— 1.4
2.1
2.5
5.2
4.9
2.1
1.2
1.2
1.8
2.7
2.1
1.3
3.6
3.8
3.4
2.5
1.7
1.9
Change, month to month
1993- Feb
Mar ...
Aor
May ..
July ..
.
Sept
Oct
Nov
Dec
1994:
Jan....
Feb
0.4
.2
.5
0
5
0
3
.2
j
.1
-.1
.3
.6
-.2
.9
.6
.2
.5
-.3
-.4
0
.2
1.3
-.4
-.6
0,6
.3
.3
0
6
— .1
16
1
0.3
.2
.2
0
— .1
.3
_2
.1
A
2.9
3.9
4.6
2.9
0
-1.9
-5.0
-2.5
28
-.5
'.3
.3
.6
-.3
2.9
0
5.9
4.2
1.3
41
-1.3
3.2
2.9
5.2
5.2
.4
.9
.6
.1
1.0
2.6
4.5
-.6
.1
r
O
0
.9
2.1
2.3
2.8
2.9
1.9
1.3
]\
-1.3
24
-2.2
-1.4
1.6
1.5
3.1
3.6
.6
.8
1.5
2.3
-.6
1.9
4.2
2.3
2.5
2.8
2.8
2.3
1.2
-3.1
-3.9
-4.3
-5.0
-4.8
2.2
2.3
3.0
2.6
2.3
1.8
1.5
1.4
r
.2
.8
1.5
2.0
2.0
2.5
2.1
1.3
1.3
.5
.4
.2
.3
.2
5.0
4.0
-1.0
1.6
3.7
2.2
-3.9
1.0
2.1
2.0
.2
.2
3.8
4.1
2.8
1.5
.6
.9
1.5
2.2
3.0
5.7
5.0
2.6
-1.0
-2.6
-8.5
-6.7
-6.1
-1.3
30
-1.6
3.4
r
6
r
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 NSAJ
Housing
Transportation
Shelter
Period
All
items l
Food
Total '
Total '
Renters'
costs
Homeowners'
costs
Fuel
and
other
utilities
Appare)
and
upkeep
Total '
New
cars
Motor
fuel
Medical
care
Ener-
gy2
All
items
less
food
and
energy
Addendum: All items, percent change
(annual rate)
From
previous
quarter 3
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
3.9
3.8
1.1
4.4
4.4
4.6
6.1
3.1
2.9
2.7
3.8
2.6
3.8
3.5
5.2
5.6
5.3
1.9
1.5
2.9
4.3
4.3
1.7
3.7
4.0
3.9
4.5
3.4
2.6
2.7
Oct
Nov
Dec
0.4
.2
.3
.2
.1
.1
.3
.1
.3
.3
.2
1994: Jan
Feb
0
.3
0.3
.2
.2
.6
-.3
0
.4
.3
.5
.2
.5
1
-.3
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
2.0
2.8
.9
4.8
4.7
1.0
5.1
3.4
1.4
.9
6.0
4.6
4.8
4.5
4.9
5.2
3.9
2.9
3.0
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.2
2.8
2.6
5.1
5.9
4.6
5.3
4.7
5.1
4.7
3.7
2.9
3.2
0.1
.4
.4
.2
.2
.1
.3
.2
.2
.2
.2
0.3
.2
.3
.3
.2
.1
.3
.2
.2
.3
.3
0.2
.2
.4
.2
.1
.1
.1
.2
.5
.1
.3
0.3
.2
.3
.2
.3
.2
.2
.2
.1
.4
.3
-0.3
1.2
.3
.2
.3
.3
.3
.2
.1
— .1
-.1
0.9
— .1
— .1
.1
.4
.2
.5
0
.4
.2
.5
— .4
.9
-.1
-.3
5.2
4.2
1.8
-5.6
1.6
2.9
3.2
4.0
2.9
2.3
2.5
3.1
2.6
-5.9
6.1
3.0
4.0
10.4
-1.5
3.0
2.4
2.5 -2.4
3.1
3.4
5.9 -30.7
18.7
1.8
2.1 -2.1
6.8
2.3
1.4
36.5
3.3 -16.0
2.3
1.8
2.8 -5.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
7.9
6.6
5.4
0.2
1.8
19 7
8.2
.5
5.1
18.1
-7.4
2.0
-1.4
4.7
4.3
3.8
4.2
4.7
4.4
5.2
4.4
3.3
3.2
-0.3
.8
.1
-.6
-.5
0
-.7
-.4
1.9
g
-.1
0.4
.2
.3
.3
.2
.2
.3
.1
.3
.4
.2
-.8
1.6
.1
.3
4.3
3.6
1.9
3.6
4.1
4.8
5.4
4.2
3.0
3.0
Change, month to month
1993:
Feb
Mar
Apr
Ma?
June
July
Aug
Sept
1
2
O
-.4
j
.7
A
-.1
.7
J
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
xcluded beginning 1983.
24
0.4
.2
.2
.1
— .1
.4
.1
0
1.0
0
-.2
0.1
.2
.5
.2
.2
.3
.5
.2
.3
.2
.1
0.4
-.2
-.6
1.6
-1.7
3
-1.7
-1.3
4.5
-1.7
-1.3
0.5
.3
.6
.7
.4
.4
.3
.4
.5
.3
.3
— .2
.5
.1
.5
-.5
2.1
.3
.3
2.8
3.1
2.0
3.1
3
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
3.1
3.1
3.7
3.1
2.5
1.7
2.0
2.0
2.8
2.8
3.3
3.1
3.3
3.3
3.1
2.8
2.7
2.5
2.2
2.2
2.4
2.6
3.2
3.1
3.2
3.2
3.0
2.8
2.8
2.7
2.8
2.7
2.7
1.9
1.9
2.4
2.4
2.5
2.5
PRICES RECEIVED AND PAID BY FARMERS
In March, prices received by farmers were unchanged from their February 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)
INDEX, 1977-100 (RATIO SCALE)
240
120
100
RAT o-i/
RATI O-!'
140
140
120
120
-
BATin
100
100
80
60
80
1 1 1 11 11 1 1 11
1986
1 11 11 J 1 1 1 1 I 11 1 1 1 1111 1111 1 11 111 1 11 1
1987
1988
111 11\ 1 1111
1989
1990
~~^~T
1 1 1 1 1 1 1 ,1 1 1 1 1
1991
]
60
1 i , i ii 1 1 1 1 1 1 i i i ii
1992
1993
_!/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
1994
COUNCIL OF ECONOMIC ADVISERS
[1977 = 100; not seasonally adjusted]
Prices paid by fanners
Prices received by farmers
Period
All farm
products
Livestock and
products
Crops
All commodities,
services,
interest, taxes,
and wage rates *
Production
items, interest,
taxes, and wage
rates
Ratio 2
Production
items
1984
1985 ....
1986
1987 ...
1988
1989
1990
1991
1992
1993
142
128
123
127
138
147
149
146
139
143
138
120
107
106
126
134
127
129
121
123
146
136
138
146
150
160
170
161
157
162
164
162
159
162
169
177
183
187
189
195
161
156
150
152
159
167
171
172
173
178
155
151
144
148
157
165
171
173
174
179
87
79
77
78
82
83
81
78
74
73
1993:
141
146
144
140
141
144
145
145
144
145
116
125
120
113
121
125
128
130
128
133
166
167
168
166
161
162
160
159
158
156
<3)
196
(3)
(3)
195
(3)
(3)
179
<3)
(3)
178
(3)
(3)
178
(3)
(3)
(3)
180
(3)
(3)
179
(3)
(3)
181
(3)
(3)
73
74
73
71
72
74
74
74
73
74
159
!61
163
197
180
(3)
(3)
182
75
75
75
Mar..
May
July
Sept
Oct
Nov
Dec
1994:
Jan
Feb
Mar
1
147
!48
148
r
135
!35
132
r
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.
r
196
(3)
(3)
3
()
3
<)
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
lave been converted to a 1977= 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
M2 and M3 fell in February.
BILLIONS OF DOLLARS* (RATIO SCALE)
4,800
4,400
BIIUONS OF DOLLARS' (RATIO SCALE)
4,800
4,400
4,000
4,000
3,600
3,400
M3
3,200
3,200
-M2-
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
800
800
600
600
400
400
1986
1988
1987
1989
1991
1990
1992
1993
* AVERAGES Of DAJLY HGUKS; SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE F&&M. RESERVE SYSJIM
1994
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily ngures, except as noted; billions of dollars, seasonally adjusted]
Period
19841985:
19861987198819891990:
199119921993-
Dec .
Dec
Dec.
Dec
Dec
Dec
Dec
Dec
Dec
Dec '
1993: Feb
Mar
Apr
May
July '.
Sept '
Oct '
Nov '
Dec r
1994: Jan '
Feb
Ml
M2
M3
L
Debt
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
RPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
MS plus large
time deposits,
term KPs, term
Eurodollars, and
institution-only
MMMF balances
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average) l
552.1
619.9
724.5
750.1
787.4
794.7
826.4
897.7
1,024.8
1,128.5
2,377.8
2,575.0
2,818.2
2,920.1
3,081.4
3,239.8
3,353.0
3,455.3
3,509.0
3,563.1
2,994.6
3,211.6
3,497.3
3,681.3
3,920.4
4,067.3
4,125.7
4,180.4
4,183.0
4,225.6
1,035.4
1,040.2
1,047.1
1,067.7
1,076.6
1,086.8
1,095.3
1,105.1
1,113.4
1,122.4
1,128.5
3,494.2
3,494.8
3,498.0
3,521.9
3,528.7
3,533.5
3,535.7
3,543.5
3,545.1
3,556.2
3,563.1
4,156.0
4,154.6
4,162.0
4,187.7
4,188.0
4,187.1
4,186.7
4,195.4
4,200.9
4,213.4
4,225.6
1,133.6
1,138.7
3,569.9
3,566.6
4,229.8
4,202.1
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
Percent change from year or 6
months earlier 2
Ml
M2
MS
Debt
6,006.1
6,901.1
7,778.6
8,543.3
9,306.1
10,030.7
10,670.1
'11, 147.3
r
ll,721.5
12,321.5
6.0
12.3
16.9
3.5
5.0
.9
4.0
8.6
14.2
10.1
8.7
8.3
9.4
3.6
5.5
5.1
3.5
3.1
1.6
1.5
11.1
7.2
8.9
5.3
6.5
3.7
1.4
1.3
.1
1.0
14.2
14.9
12.7
9.8
8.9
7.8
6.4
4.5
5.2
5.1
5,037.6
5,038.5
' 5,055.7
r
5,088.6
* 5,089.1
5,085.4
5,093.9
5,086.6
5,094.0
5,105.1
5,123.6
r
l 1,782.3
l 1,822.2
' 11,869.0
r
ll,914.9
7
11,979.7
12,037.7
12,092.8 <
12,145.7
12,181.6
12,244.5
12,321.5
12.2
10.3
8.5
10.1
10.1
10.4
11.6
12.5
12.7
10.2
9.6
.3
— .1
.6
1.1
1.8
2.4
2.8
2.7
1.9
1.9
-1.9
-2.2
1.7
-.3
.2
1.2
1.5
2.0
1.9
1.2
1.8
4.0
3.9
4.2
4.3
4.4
4.7
5.3
5.5
5.3
5.5
5.7
"5,144.9
"12,373.0
8.6
7.9
2.1
1.7
2.0
.7
5.6
3,536.0
3,838.9
4,137.5
4,340.2
4,674.6
4,897.3
4,974.8
4,992.9
5,057.1
5,123.6
r
r
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
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 l
Money market
mutual fund
balances 2
General
purpose
and
broker/
dealer
Institution
only
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Small
denomination
time
deposits 3
Large
denomination
time
deposits 3
NSA
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
1993:
1993:
Dec
Dec ..
Dec
Dec ..
Dec
Dec
Dec
Dec
Dec
Dec '
Feb
Mar
Mav
July
1994:
Sept
Oct
Nov
Dec
Jan r
Feb
156.1
167.9
180.7
196.9
212.2
222.6
246.7
267.1
292.2
321.4
297.0
299.3
301.8
304.4
307.2
309.7
312.4
315.4
317.6
319.5
321.4
325.3
329.2
243.7
266.6
302.1
287.1
287.2
279.8
277.9
290.0
339.6
384.9
342.7
344.3
349.0
358.8
362.2
366.4
370.9
375.4
378.4
383.2
384.9
388.5
390.5
147.4
179.8
235.6
259.5
280.9
285.4
294.0
332.8
384.9
414.3
387.7
388.5
388.2
396.4
399.2
402.8
404.2
406.6
409.5
411.8
414.3
412.0
411.1
63.0
75.6
83.3
85.7
84.1
80.2
77.3
80.6
80.6
90.3
77.7
78.8
77.2
75.2
78.5
81.2
82.1
85.3
88.0
89.1
r
90.3
93.6
91.7
167.9
177.4
209.8
223.5
244.4
320.4
355.5
370.4
352.0
348.8
345.3
345.9
345.9
348.5
347.5
346.6
345.5
345.0
r
344.4
r
347.0
' 348.8
347.8
343.9
62.5
64.7
85.3
92.0
91.5
108.5
135.0
181.0
201.5
197.0
198.0
197.7
196.3
198.0
194.7
192.6
190.1
190.8
194.3
194.8
197.0
192.7
176.9
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
704.8
815.4
941.0
937.7
926.7
891.0
920.4
1,041.1
1,183.6
1,215.5
1,183.7
1,182.4
1,185.5
1,195.1
1,200.4
1,202.1
1,205.9
1,208.4
1,208.8
1,211.9
1,215.5
1,220.3
1,221.0
888.8
885.7
859.0
922.7
1,038.6
1,153.7
1,174.5
1,067.4
870.5
782.8
853.8
846.8
839.4
832.4
823.9
r
814.3
r
806.2
' 799.4
r
793.4
' 788.0
r
782.8
777.6
773.0
416.6
434.3
431.5
475.5
525.5
549.1
489.5
425.8
360.3
339.2
350.1
344.8
348.9
348.3
345.5
342.1
341.9
340.6
341.9
339.7
339.2
341.5
335.5
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
57.6
62.4
80.6
106.0
121.8
99.0
89.6
72.5
81.1
95.4
82.3
86.0
88.9
89.8
92.8
96.4
96.0
95.6
94.3
94.0
95.4
90.7
87.7
82.9
76.5
83.8
91.0
105.7
79.5
68.7
57.6
45.6
46.1
46.7
49.8
48.7
48.7
45.5
41.9
44.1
45.2
45.0
48.7
r
46.1
44.7
46.7
Savings
bonds
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
74.2
79.5
91.8
100.6
109.4
117.5
126.0
137.9
156.6
171.7
160.8
162.4
163.6
164.7
165.9
167.1
168.2
169.2
170.1
170.8
171.7
"172.7
261.0
298.3
280.0
253.1
269.3
325.5
332.0
316.2
332.5
323.2
341.4
340.5
343.7
345.1
345.9
343.4
342.9
r
327.2
r
321.9
r
320.7
r
323.2
"330.5
45.4
42.1
37.1
44.5
40.2
40.6
35.9
23.6
20.6
16.3
20.0
19.4
19.3
19.2
18.5
17.4
16.5
1.6.4
16.4
16.1
16.3
"16.6
160.7
207.5
231.3
260.6
335.4
346.5
355.2
334.8
364.3
386.8
359.4
r
361.5
' 367.1
r
371.8
' 370.9
' 370.4
' 379.5
' 378.4
r
384.7
r
384.1
r
386.8
"395.3
NOTE.—Travelers cheeks of nonbank issuers are a component of money stock but are not show
here.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA]
Adjusted for changes in reserve requirements
Borrowings of depository
institutions from the Federal
Reserve (NSA)
Reserves of depository institutions
Period
Total
1984:
1985:
1986:
19871988:
198919901991:
19921993:
1993-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Feb
Mar
•
. .
.
July
1994:
Sept
Oct
Nov
Dec
Jan r,
Feb
1
. .
..
26,845
31,448
38,943
38,862
40,398
40,492
41,767
45,533
54,351
60,536
54,922
55,166
55,197
56,877
57,119
57,567
58,033
58,837
59,819
60,459
60,536
60,554
60,736
Data are prorated averages of biv. :ekly (maintenance period) averages of daily figures,
'Monetary base data have been revi ed. Revised data prior to 1993 are not yet available.
Nonborrowed
23,659
30,129
38,116
38,085
38,683
40,227
41,441
45,341
54,228
60,454
54,876
55,074
55,124
56,756
56,938
57,323
57,680
58,410
59,534
60,370
60,454
60,480
60,666
Nonborrowed plus
extended
credit
26,263
30,628
38,419
38,568
39,927
40,247
41,464
45,342
54,228
60,454
54,877
55,074
55,124
56,756
56,938
57,323
57,680
58,410
59,534
60,370
60,454
60,480
60,666
Required
25,990
30,411
37,573
37,816
39,351
39,570
40,102
44,555
53,196
59,474
53,818
53,953
54,101
55,881
56,209
56,478
57,080
57,747
58,730
59,359
59,474
59,106
59,597
Monetary
base*
Total
187,237
203,585
223,667
239,872
256,932
267,734
293,185
317,169
350,798
385,902
355,883
358,503
361,060
365,416
368,267
371,315
374,365
378,084
381,439
384,156
385,902
389,563
393,890
3,186
1,318
827
777
1,716
265
326
192
124
82
45
91
73
121
181
244
352
428
285
89
82
73
70
Seasonal
113
56
38
93
130
84
76
38
18
31
18
26
41
84
142
210
234
236
192
75
31
15
15
Extended
credit
2,604
499
303
483
1,244
20
23
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Source: Board of Governors of the Federal Reserve System.
27
BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.4 percent in February; commercial and industrial loans also rose 0.4
percent. (New series.)
BILLIONS OF DOLLARS* (RATIO SCALE)
3,600
3,200
2,800
BILLIONS OF DOLLARS* (RATIO SCALE)
3,600
3,200 - ALL COMMERCIAL BANKS
2,800
2,400
2,400
2,000
2,000
• LOANS AND LEASES -
1,600
1,600
1,200
1,200
800
800
U.S. GOVERNMENT SECURI IES
\.
400
400
OTHER SECURITIES
-V
200
200
160
160
I I I I I I I I I I I I I I I I 1 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I 120
120
1988
1989
1992
1991
1990
1993
1994
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted ']
Bank credit at all commercial banks
Loans and leases in bank credit
Securities in bank credit
Period
Total
bank
credit
Total
securities
U.S.
Government
securities
Real estate
Other
securities
Total
loans and
leases 2
Commercial and
industrial
Total
Revolving
home
equity
Consumer
Security
Other
Other
New series:
1988- Dec
2,435.9
2,608.9
2,749.9
2,852.6
2,949.7
3,101.8
562.6
584.8
634.0
743.6
839.6
914.7
367.3
400.3
455.9
563.9
663.2
730.1
195.3
184.5
178.2
179.6
176.4
184.6
1,873.3
2,024.1
2,115.9
2,109.0
2,110.1
2,187.2
607.9
639.0
640.2
618.6
594.2
585.0
674.5
769.6
854.2
878.9
900.4
933.7
40.1
50.3
62.3
69.7
73.6
73.1
634.5
719.3
792.0
809.2
826.8
860.6
357.7
378.2
383.5
366.3
358.7
390.2
41.0
41.9
45.2
54.7
64.6
86.1
192.1
195.4
192.8
190.6
192.2
192.2
857.1
914.7
679.5
690.5
697.1
701.2
710.1
713.9
717.9
719.9
717.8
722.2
730.1
2,113.5
177.6
2,113.9
179.7
181.4
2,112.8
2,131.3
182.3
2,145.2
181.6
2,163.5
182.0
2,163.3
184.5
184.5 • 2,168.8
2,173.9
183.0
2,184.0
183.1
2,187.2
184.6
595.3
592.6
587.8
591.3
592.4
590.5
589.2
587.0
586.6
585.4
585.0
901.6
902.2
902.5
907.2
912.6
916.1
919.9
923.0
925.2
929.2
933.7
73.9
74.7
75.1
75.2
75.1
75.0
74.7
74.4
73.8
73.4
73.1
827.8
827.5
827.4
831.9
837.5
841.1
845.2
848.6
851.4
855.8
860.6
363.6
364.8
367.0
369.2
Oct
Nov
Dec
2,970.6
2,984.1
2,991.3
3,014.8
3,036.8
3,059.5
3,065.7
3,073.3
3,074.6
3,089.3
3,101.8
375.3
378.4
380.7
384.8
387.9
390.2
62.6
64.8
63.6
69.3
73.0
82.9
80.2
82.1
81.3
87.1
86.1
190.3
189.5
191.9
194.3
196.1
198.7
195.5
196.1
196.0
194.3
192.2
1994: Jan
Feb
3,121.7
3,135.4
929.2
934.7
735.1
734.8
194.1
199.9
590.1
592.2
935.7
934.6
72.8
72.9
863.0
392.8
396.2
78.6
79.6
195.3
198.2
1989:
19901991:
19921993:
Dec
Dec
Dec
Dec
Dec
1993: Feb
Mar
Apr
May
June
July
Aug
Sept
870.2
878.6
883.5
891.7
895.9
902.4
904.5
900.7
905.3
2,192.5
2,200.7
1
Data are Wednesday values or prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment companies, and foreign-related institutions. Data are adjusted for breaks caused by reclassifieations of
assets and liabilities.
28
861.7
371.1
2
Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the United States.
Note.—New series. Data prior to 1988 are not yet available.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Internal
Credit market funds
l
Total
Total
1984 .
1985
1986
1987
1988
1989 ..
1990
1991 .
1992 '
1993 p
1992: I r r
n r
m r.
TV
1993: lr...
r
r
n
m.
IV ".
Securities
and
mortgages
Loans and
short-term
paper
Other 2
Total
Capital
expenditures 3
Increase in
financial
assets
Discrepancy
(sources less
uses)
501.0
486.3
531.9
540.5
610.9
562.3
522.8
473.2
587.2
580.6
336.3
351.9
336.7
375.9
404.3
399.6
409.4
437.8
462.7
476.1
164.7
134.4
195.2
164.6
206.6
162.6
113.4
35.4
124.5
104.5
108.6
76.1
140.3
65.2
71.8
62.4
37.7
6.9
69.1
74.9
-5.5
13.0
65.5
27.8
-14.6
329
-18.9
95.9
68.8
85.9
114.1
63.1
74.7
37.4
86.4
95.2
56.6
890
.3
11 0
56.1
58.3
54.9
99.4
134.9
100.2
75.7
28.4
55.3
29.6
515.3
465.8
503.3
489.9
558.2
523.6
502.0
451.2
537.8
546.3
398.5
374.9
351.9
365.0
394.4
403.8
407.3
381.6
397.2
454.6
116.8
91.0
151.5
124.9
163.8
119.8
94.7
69.6
140.6
91.7
-14.3
20.4
28.5
50.7
52.7
38.7
20.8
22.0
49.4
34.2
560.5
600.9
589.5
597.8
475.8
596.7
595.7
653.8
454.6
452.2
468.5
475.4
458.8
469.6
489.8
486.0
105.9
148.7
121.0
122.4
17.0
127.1
105.9
167.8
81.8
69.8
70.2
54.7
14.4
99.3
77.1
108.6
95.8
96.9
39.1
43.2
77.8
83.4
87.9
94.2
140
-27.1
31.1
11.5
-63.4
15.9
108
14.4
24.1
78.9
50.9
67.8
2.6
27.8
28.8
59.3
520.8
567.3
520.0
543.0
456.6
559.7
554.2
369.9
401.2
402.7
415.2
442.9
445.5
456.4
473.7
150.9
166.1
117.3
127.8
13.7
114.2
97.8
141.0
39.7
33.5
69.5
54.8
19.2
36.9
41.5
39.2
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
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
614.7
the U-S.
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstanding 1
Installment credit outstanding (end of period)
Period
Total
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
1993:
Dec
Dec
Dec
Dec
Dec 3
Dec
Dec
Dec
Dec
Dec '
1993: Jan
Feb
Mar
May
July
Sept
Oct
Nov
Dec r
1994: Jan p
1
..
Automobile
Eevolving
Total
Automobile
Revolving
Other 2
442,602
517,659
572,006
608,675
662,553
724,353
738,765
733,510
741,093
790,082
173,564
210,238
247,772
266,295
285,364
292,536
284,739
260,898
259,627
278,321
100,280
121,758
135,825
153,064
174,269
198,544
222,552
243,564
254,299
281,474
168,758
185,664
188,408
189,316
202,921
233,273
231,474
229,048
227,167
230,288
73,636
75,057
54,347
36,669
53,878
(4)
14,412
-5,255
7,583
48,989
30,004
36,674
37,534
18,523
19,069
(4)
7,797
-23,841
1,271
18,694
21,192
21,478
14,067
17,239
21,205
(4)
24,008
21,012
10,735
27,175
22,440
16,906
2,744
908
13,605
(4)
-1,799
-2,426
-1,881
3,121
743,583
747,228
750,131
752,193
750,293
752,428
757,465
762,503
768,573
775,620
782,561
790,082
258,737
261,434
262,313
262,463
264,007
265,388
267,468
268,784
270,650
273,822
276,853
278,321
255,984
258,384
259,661
261,450
262,690
263,338
266,938
270,753
273,703
277,125
279,273
281,474
228,862
227,410
228,157
228,280
223,596
223,701
223,058
222,967
224,220
224,673
226,435
230,288
2,490
3,645
2,903
2,062
-1,900
2,135
5,037
5,039
6,070
7,047
6,940
7,521
-890
2,697
879
150
1,544
1,381
2,080
1,316
1,866
3,172
3,031
1,467
1,685
2,400
1,277
1,789
1,240
648
3,600
3,815
2,950
3,422
2,148
2,201
1,695
- 1,452
747
123
4,684
105
-643
-92
1,254
453
1,761
3,853
796,086
278,956
284,802
232,328
6,004
636
3,328
2,040
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
2
Outstanding loans for mobile homes, education, boats, trailers, vacations, etc.
3
Data newly available in January 1989 result in breaks in many series between December 1988
Other
2
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 rose in March.
PERCENT PER ANNUM
PERCENT PER ANNUM
14
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. Treasury security yields
Period
2
3-month bills
(new issues)l
Constant maturities
3-year
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
Corporate
Aaa bonds
(Moody's)
Prime
commercial
paper,
6 months J
Discount rate
(N.Y. F.R.
Bank) 4
Prime rate
charged by
banks 4
New-home
mortgage
yields
(FHFB)5
9.58
7.48
5.98
5.82
6.69
8.12
7.51
5.42
3.45
3.02
11.89
9.64
7.06
7.68
8.26
8.55
8.26
6.82
5.30
4.44
12.44
10.62
7.68
8.39
8.85
8.49
8.55
7.86
7.01
5.87
10.15
9.18
7.38
7.73
7.76
7.24
7.25
6.89
6.41
5.63
12.71
11.37
9.02
9.38
9.71
9.26
9.32
8.77
8.14
7.22
10.16
8.01
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.30
8.80
7.69
6.33
5.66
6.20
6.93
6.98
5.45
3.25
3.00
12.04
9.93
8.33
8.21
9.32
10.87
10.01
8.46
6.25
6.00
12.38
11.55
10.17
9.31
9.19
10.13
10.05
9.32
8.24
7.20
Sept
Oct
Nov
Dec
2.97
2.89
2.96
3.10
3.05
3.05
2.96
3.04
3.12
3.08
4.40
4.30
4.40
4.53
4.43
4.36
4.17
4.18
4.50
4.54
5.98
5.97
6.04
5.96
5.81
5.68
5.36
5.33
5.72
5.77
5.65
5.78
5.81
5.73
5.60
5.50
5.31
5.29
5.47
5.35
7.58
7.46
7.43
7.33
7.17
6.85
6.66
6.67
6.93
6.93
3.24
3.19
3.20
3.38
3.35
3.33
3.25
3.27
3.43
3.40
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
7.46
7.46
7.37
7.23
7.20
7.05
6.95
6.80
6.80
6.92
1994- Jan
Feb
Mar
3.02
3.21
3.52
4.48
4.83
5.40
5.75
5.97
6.48
5.30
5.44
5.93
6.92
7.08
7.48
3.30
3.62
4.08
3.00-3.00
3.00-3.00
3.00-3.00
6.00-6.00
6.00-6.00
6.00-6.25
6.95
6.85
Week ended:
1994- Mar 5
12
19
26
Apr 2
3.40
3.52
3.57
3.61
3.50
5.19
5.32
5.37
5.45
5.62
6.29
6.40
6.45
6.52
6.72
5.86
5.86
5.81
5.89
6.21
7.36
7.44
7.46
7.49
7.65
3.96
4.06
4.08
4.14
4.13
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.25
6.25-6.25
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993- Mar
May
July
1
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and week.
2
30
5
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices fell in March.
INDEX, DEC. 31, 1965-50 (RATIO S<•ME)
300
280
260
^~-—
"
240
^
220
INDEJ(,DEC. 31,1 965=50 (RATIO SCALE)
38
260
240
/
'
220
/~~^\^s\
200
s
180
x--/ \
160
120
(
- -
140
\V s^^
—1
f~~
i
^—^
200
180
160
COMPOSITE STOCK PRIC
(NYSE)
140
120
100
100
80 1 1 1 1 1 1 1 1 1 1
1986
PER CENT
20
M
1 1 1 1 1 1 1 11
1 111i
1987
MM!
i i iii
i 1111
1989
1988
Mill i i iii
1 1 M 11
1992
1991
1990
1
1994
1993
80
PERC ENT
20
15
4INGS-PR1CE RATIO ON COMMO
(S&P)
\
15
10
10
^*
^__—•—
_
•>-
5
5
—•—•
1
i
0
1986
i
i i
1987
i
i
1988
i i i
^^
i
i
1989
1990
i i
1991
i
i
1992
i
i
1993
Common stock prices l
Industrial
0
Common stock yields
(percent) 6
New York Stock Exchange indexes (Dec. 31, 1965=50, except as
noted) 2
Composite
i i
1994
COUNCIL Of ECONOMIC ADVBEBS
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD 4 POCXTSCORPOiiAnON
Period
i
Transportation
Utility a
Finance
Dow-Jones
industrial
average 4
Standard £
Poor's
composite
index
(194143 = 10)5
Dividendprice ratio
Earningsprice ratio
92.46
108.09
136.00
161.70
149.91
180.02
183.46
206.33
229.01
249.58
108.01
123.79
155.85
195.31
180.95
216.23
225.78
258.14
284.62
299.99
85.63
104.11
119.87
140.39
134.12
175.28
158.62
173.99
201.09
242.49
92.89
113.49
142.72
148.59
143.53
174.87
181.20
185.32
198.91
228.90
89.28
114.21
147.20
146.48
127.26
151.88
133.26
150.82
179.26
216.42
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
3,522.06
160.46
186.84
236.34
286.83
265.79
322.84
334.59
376.18
415.74
451.41
4.64
4.25
3.49
3.08
3.64
3.45
3.61
3.24
2.99
2.78
10.02
8.12
6.09
5.48
8.01
7.41
6.47
4.81
4.22
M.46
248.12
244.72
246.02
247.16
247.85
251.93
254.86
257.53
255.93
257.73
298.75
292.19
297.83
298.78
295.34
298.83
300.92
306.61
310.84
313.22
229.42
237.97
237.80
234.30
238.30
250.82
248.15
254.04
262.96
268.11
225.07
227.56
222.41
226.53
232.55
237.44
244.21
240.97
230.12
229.95
217.01
216.02
209.40
209.75
218.94
224.96
229.35
228.18
214.08
216.00
3,440.74
3,423.63
3,478.17
3,513.81
3,529.43
3,597.01
3,592.29
3,625.81
3,674.70
3,744.10
450.16
443.08
445.25
448.06
447.29
454.13
459.24
463.90
462.89
465.95
2.76
2.82
2.80
2.81
2.81
2.76
2.73
2.72
2.72
2.72
4.39
1994- Jan
Feb
Mar.. .
262.11
261.97
257.32
320.92
322.41
318.08
278.29
276.67
265.68
225.15
220.85
215.45
218.71
217.12
211.02
3,868.36
3,905.62
3,816.98
472.99
471.58
463,81
2.69
2.69
2.78
Week ended:
1994' Mar 5
12
19
26
Apr 2
257.78
258.42
260.16
258.94
250.30
318.29
319.66
321.80
320.47
308.63
266.92
267.86
269.61
266.82
256.02
217.40
217.92
216.02
214.53
210.93
211.11
209.88
214.04
213.03
206.75
3,825.94
3,850.93
3,864.30
3,838.54
3,681.02
464.83
466.04
469.16
466.16
450.95
2.77
2.75
2.74
2.76
2.90
1984
1985
1986
1987
1988
1989. .
1990
1991
1992
1993
1993- Mar
J
May
^
July
Sept.
Oct
Nov
Dec
1
Average
2
Includes
3
of daily closing prices.
all the stocks (more than 2,000 in 1992) listed on the NYSE.
Dec. 31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility index
to facilitate trading of options and futures on the index. All indexes shown here reflect the doubling.
4
Includes 30 stocks.
5
Includes 500 stocks.
4.29
4.45
r
4.71
6
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earningsprice ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 5 months of fiscal 1994, there was a deficit of $118.1 billion, compared with a deficit of $138.8 billion
a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,600
1,600
RECEIPTS AND OUTLAYS-!/
1,500
1,500
__ — — "
1,400
1,400
___„-.-1,300
UUILArs-!'
1,200
„>-'
---•""''
^———
^^--x^
1,100
1,000
1,300
__ „ —
-—•--•"
1,200
_^—--"'
1,100
—
1,000
900
900
^
RECEIPTS1/
'
800
800
""
700
700
.
600 /\
1
1
1
1
1
1
1
1
1
t\ 600
V
V
0
SURPLUS OR DEFICIT ( J-^
0
-100
-100
J——"—
-200
""'^•^
-300
-400
-200
^^~~~~-~-~----—_^— —
A
Vl985
i
i
1986
i
1987
i
1988
i
1989
i
1990
i
1991
'—'—
i
1992
i
1993
-300
f\
-400
1994 V
FISCAL YEARS
INCLUDES ON-BUDGET AND of F-BUDGET ITEMS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISER
[Baiions of dollars]
Total
Fiscal year or period
Receipts
1976
1977
1978
1979
1980
1981
1982
1983
1984 .
1985 .
1986
1987 .
1988
1989
1990
1991
1992
1993
1994 (estimates)
Cumulative total, first 5
months: 1
Fiscal year 1993
Fiscal year 1994
Outlays
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Receipts
Outlays
Gross Federal debt
(end of period)
Surplus
or deficit
(-)
Total
Held by
the public
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
371.8
409.2
458.7
503.5
590.9
678.2
745.8
808.4
851.8
73 7
-53.7
59 2
-40.2
-73.8
790
-128.0
207 8
-185.4
231.7
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
328.5
369.1
403.5
476.6
543.1
594.4
661.3
686.0
-70.5
49 8
-54.9
38 2
-72.7
-74.0
-120.1
-208.0
-185.7
66.4
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
-3.2
39
-4.3
-2.0
11
-5.0
79
.2
.3
629.0
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
477.4
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,249.1
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,408.2
1,483.8
-212.3
221 2
-149.8
-1552
-152.5
221 4
-269.5
2904
-254.7
234 8
547.9
568.9
640.7
667.5
727.0
749.7
760.4
788.0
841.6
912.9
769.6
806.8
810.1
861.4
932.3
1,027.6
1,082.1
1,128.5
1,141.6
1,203.0
221 7
-238.0
169 3
- 194.0
205 2
-278.0
321 7
-340.5
3000
-290.1
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
336.2
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.6
280.9
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.3
55.3
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,598.3
4,001.9
4,351.2
4,676.0
1,499.4
1,736.2
1,888.1
2,050.3
2,189.3
2,410.4
2,687.9
2,998.6
3,247.2
3,472.4
443.8
483.1
582.7
601.2
-138.8
118 1
326.9
355.6
478.4
491.1
151 6
-135.5
117.0
127.5
104.3
110.1
12.7
17.4
4,136.5
4,506.8
3,102.4
3,361.1
1
Data from Monthly Treasury Statement.
NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
32
Off-budget
On-budget
199,5, February 1994.
Sources: Department of the Treasury and Office of Management and Budget-
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 5 months of fiscal 1994, receipts were $39.3 billion higher than a year earlier and outlays were $18.5
billion higher.
BILLIC)NS OF DOUARS
BILLIONS OF DO LIARS
600
RECEIPTS -^
INDIVIDUAL INCOME TAXES
600
_
\
500
500
400
400
\
300
CORPORATION
200
OTHER RECEIPTS
300
SOCIAL INSURANCE
200
\
100
100
1
0
1
1
1
1
1
1
1
1
0
1,300
1,300
17
OUTLAYS-
1,200
1,200
_, — —
1,100
1,100
,-
~~
,000
1,000
NONDEFENSE
\
900
. -~ *"
.-\--"~
900
800
800
_---""
700
700
600
600
500
500
NATIONAL DEFENSE
400
400
\
300
200 A
\
V
1985
\
1
1986
1987
1
1988
1
1989
300
1
1990
1
1991
1
1992
1
IS 200
1993
1994
\J
FISCAL YEARS
-'INCLUDES ON-BUDGET AND OFF-BUDGET fTEMS.
OURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMC ADVISER
[Billions of dollars]
On-budget and off-budget out avs
On-budget and off-budget receipts
Corporation
income
taxes
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
371.8
409.2
458.7
503.5
590.9
678.2
745.8
808.4
851.8
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
15.8
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,249.1
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
549.9
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5
130.7
265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
428.3
461.9
73.0
73.1
74.3
78.9
82.3
90.9
92.3
100.5
98.0
106.5
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,408.2
1,483.8
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.1
279.8
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
267.4
16.2
14.2
11.6
10.5
9.6
13.8
15.9
16.1
16.8
19.0
33.5
35.9
40.0
44.5
48.4
57.7
71.2
89.5
99.4
112.3
443.8
483.1
219.0
231.8
30.5
38.1
158.1
172.4
36.2
40.8
582.7
601.2
120.6
115.0
115.8
109.5
9.7
9.3
39.5
42.8
Total
1985
1986
1987
1988
1989.
1990
1991
1992
1993
1994 (estimates)
Cumulative total, first 5 months: 1
Fiscal year 1993
Fiscal year 1994 .. .
1
National defense
Individual
income
taxes
Fiscal year
1976
1977
1978
1979
1980
1981
1982
1983
1984
Social
insurance
taxes
Other
Total
contributions
Data from Monthly Treasury Statement.
NOTE,—Data (except as noted) are from Budget of the United Slates Government, Fiscal Year
Total
and
Department of
Defense,
military
International
affairs
Health
Net
Income
securi-
Social
securi-
inter-
ty
ty
est
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
26.7
29.9
35.5
42.6
52.5
68.8
85.0
89.8
111.1
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
130.6
143.7
128.2
119.8
123.3
129.3
136.0
147.0
170.3
197.0
207.3
214.6
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.6
320.5
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.8
203.4
131.8
142.1
125.9
139.4
158.8
203.9
225.1
173.9
159.7
190.6
50.7
56.8
88.1
92.5
123.2
129.5
82.9
82.5
68.0
72.8
Medi-
Other
1995, February 1994.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 1993, according to preliminary estimates, Federal receipts rose $40.7 billion (annual rate)
and Federal expenditures rose $34.1 billion.
BI11IONS Of DOUARS
BIUIONS OF DOUARS
1,600
1,400
1,200
1,000
200
-200
-400
1993
CAlfNQAR YEARS
COUNCLOf ECONOMIC AOTBERS
SOURCE: OHWUMENT Of OOMMStCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
1,121.4
1,165.6
1,249.3
475.7
484.0
511.7
108.4
116.3
135.6
76.7
80.8
86.0
460.6 1,309.2
484.5 1,436.0
516.0 1,484.5
446.0
444.9
445.0
509.8
607.3
646.4
1,127.8
1,183.0
1,269.7
632.3
671.1
739.8
803.6
856.8
943.5
1,000.6
1,068.3
1,115.8
1,132.6
1,142.5
1,165.9
1,176.1
1,169.1
1,221.1
1,218.4
1,268.0
1,275.9
1,316.6
474.9
490.8
521.3
301.6
290.5
323.5
351.8
371.7
414.8
420.0
470.1
483.9
474.5
478.5
479.7
482.0
489.5
511.8
502.1
520.7
527.1
535.1
107.1
120.2
143.3
45.5
65.4
67.0
77.0
91.4
109.7
118.5
111.3
115.1
109.2
109.8
121.1
125.8
107.0
127.1
132.4
142.4
139.3
159.0
79.1
81.3
87.3
49.2
55.4
58.2
56.8
54.8
59.5
61.4
62.2
67.1
79.5
81.3
80.4
80.2
81.1
83.5
81.5
86.2
86.7
95.0
466.7
490.7
517.8
235.9
259.8
291.1
318.0
338.8
359.4
400.7
424.7
449.7
469.4
472.8
484.7
488.1
491.4
498.7
502.3
518.7
522.8
527.5
445.9
448.8
443.4
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
446.8
437.4
445.5
444.6
452.8
452.4
442.7
447.5
443.6
440.0
522.0
624.5
651.9
346.0
351.1
360.1
383.8
404.2
419.7
444.5
488.8
526.6
546.2
567.7
611.0
620.8
624.4
641.7
642.0
645.6
652.8
667.2
Total
Source: Department of Commerce, Bureau of Economic Analysis
34
Contributions
for
social
insurance
Total
1,331.2
1,459.3
1,495.9
815.7
855.7
926.6
990.8
1,034.3
1,096.3
1,135.5
1,209.8
1,306.9
1,350.2
1,387.2
1,436.1
1,456.0
1,459.8
1,485.3
1,481.9
1,490.6
1,488.5
1,522.6
Purchases
Surplus
or deficit
(-),
national
income
and
product
accounts
Net
interest
paid
Subsidies less
current
surplus
of
Government
enterprises
147.0
167.4
182.1
183.2
189.7
181.3
23.3
26.7
29.7
0.0
.0
.0
-187.8
270.4
-235.2
153.0
171.4
186.2
84.3
g6.9
97.7
104.5
103.8
102.9
113.0
121.9
137.6
154.6
162.3
163.4
171.8
173.7
176.7
176.1
182.8
188.6
197.4
187.6
187.1
180.8
86.8
99.2
122.3
129.2
131.1
143.1
151.2
168.9
17 4 A
187.6
191.9
189.3
190.4
187.4
181.3
178.3
182.5
182.2
180.4
22.6
27.5
33.6
17.3
28.8
22.2
16.4
22.1
37.8
34.9
25.0
32.0
15.1
27.9
27.0
28.5
21.4
33.2
42.9
32.3
21.4
37.7
1
.0
.0
.0
.0
.6
.0
.0
-.2
.0
.0
.2
.0
.0
.0
.0
.0
,0
.0
.0
.0
.0
-203.4
-276.3
-226.2
-183.4
-184.6
-186.8
-187.2
-177.5
152.7
-134.9
-141.5
-191.0
-217.7
-244.7
-270.2
-279.9
-290.7
-264.2
-263.5
-222.6
-212.7
-206.0
Grantsin-aid
Transto
fer
State
payand
ments
local
governments
Personal
tax and
nontax
receipts
Period
Fiscal year:
1991 ...
1992
1993
..
Calendar year:
1991
1992
1993 '
1982- IV
1983- IV
1984- IV
1985- IV
1986- IV
1987: IV
1988- IV
1989: IV
1990- IV
1991- III
IV
1992- I ...
II
III
IV
1993- I ...
II
IH
IV '
Federal Government expenditures
Less:
Wage
accruals
less
disbursements
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1987 = 100; seasonally adjusted)
Period
United
States
92.8
94.4
95.3
100.0
104.4
106.0
106.0
104.1
106.5
110.9
109.0
109.2
109.9
110.0
110.5
110.0
110.4
110.9
111.1
111.3
111.9
112.8
' 114.0
r
114.6
115 1
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 »
1992: Dec
1993: Jan
Feb
Mar
Apr
May
July
Sept
Oct ..
Nov
Dec
1994: Jan
Feb »
1
Canada
91.0
96.1
95.4
100.0
105.3
105.2
101.8
98.1
98.5
103.3
100.5
100.8
101.7
'r 103.1
102.2
r
101.9
103.8
r
102.8
' 103.7
104.5
' 104.5
' 105.2
105.1
Japan
France
93.4
96.8
96.6
100.0
109.3
115.9
121.4
123.7
116.5
111.7
112.7
112.3
113.5
116.5
113.4
110.7
112.5
111.9
111.0
113.3
107.4
109.9
r
108.0
109.1
97.1
97.2
98.0
100.0
104.6
108.9
111.0
r
l!1.0
' 109.7
106.8
105.8
105.4
107.4
106.7
105.7
106.0
105.8
106.7
' 107.1
" 106.6
' 105.9
' 106.7
105.9
Germany
93.5
97.7
99.6
100.0
103.9
108.8
'r 114.5
l!7.9
' 115.6
107.2
' 107.9
' 107.4
r
106.1
107.8
r
106.6
'r 107.0
107.2
r
106.4
108.1
' 107.9
' 107.4
r
106.5
' 107.7
107.0
Data relate to all urban consumers.
Consumer prices (1982-84=100; NSA)
United
Kingdom
Italy
91.8
92.9
96.2
100.0
105.9
109.2
109.4
107.1
106.5
99.9
105.3
105.9
104.4
99.9
104.3
101.9
104.3
102.4
102.2
104.5
105.7
United
States '
Canada
Japan
France
Germany
103.9
107.6
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
141.9
142.6
143.1
143.6
144.0
144.2
144.4
144.4
144.8
145.1
145.7
145.8
145.8
146.2
146.7
104.8
108.9
113.4
118.4
123.2
129.3
135.5
143.1
145.2
147.9
146.4
147.0
147.4
147.3
147.3
147.6
147.6
148.0
148.1
148.2
148.4
149.1
148.8
148.8
147.7
102.1
104.1
104.8
104.9
105.7
108.0
111.4
115.0
116.9
118.5
117.4
117.3
117.4
117.7
118.5
118.6
118.5
118.8
119.2
119.3
119.2
118.5
118.6
118.7
107.9
114.2
117.2
120.9
124.2
128.6
133.0
137.2
140.6
143.5
141.4
141.9
142.4
143.1
143.2
143.5
143.4
143.5
143.5
144.0
144.3
144.4
144.3
144.5
102.7
104.8
104.7
104.9
106.3
109.2
112.1
116.0
120.6
125.6
122.4
123.8
124.3
124.7
125.1
125.5
125.7
126.0
126.0
126.1
126.4
126.7
126.9
128.0
128.5
89.0
93.9
96.2
100.0
104.8
107.0
106.7
102.5
102.0
104.8
102.2
102.7
103.8
103.0
' 103.1
' 104.9
103.9
r
105.1
' 105.1
'r 105.1
106.4
r
106.6
'106.0
106.7
Italy
111.5
121.1
128.5
134.4
141.1
150.4
159.6
169.8
178.9
186.4
182.3
182.9
183.6
184.0
184.7
185.4
186.4
187.1
187.2
187.5
188.6
189.5
189.5
190.6
191.4
United
Kingdom
104.8
111.1
114.9
119.7
125.6
135.4
148.2
156.9
162.7
165.3
163.6
162.0
163.1
163.7
165.2
165.8
165.7
165.3
166.0
166.7
166.6
166.4
166.7
166.0
167.0
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration, Office of Trade and Economic Analysis).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
Merchandise exports (f.a.s. value) l
General merchandise imports (customs value) a
Principal end-use commodity category
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 '.
Foods,
feeds,
and
beverages
Industrial
supplies
and
materials
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
227.2
254.1
322.4
363.8
393.6
421.7
448.2
464.8
31.5
24.0
22.3
24.3
32.3
37.2
35.1
35.7
40.2
40.4
61.7
58.5
57.3
66.7
85.1
99.3
104.4
109.7
109.3
112.0
72.0
73.9
75.8
86.2
109.2
138.8
152.7
166.7
176.7
183.0
20.6
22.9
21.7
24.6
29.3
34.8
37.4
40.0
47.1
51.7
13.3
12.6
14.2
17.7
23.1
36.4
43.3
45.9
50.4
53.4
37.5
36.9
38.9
38.5
38.9
37.6
37.1
38.1
38.9
40.1
40.2
42.2
3.3
3.4
3.5
3.4
3.3
3.2
3.2
3.1
3.4
3.5
3.5
3.7
9.4
8.7
9.2
9.1
9.7
8.8
9.3
9.0
9.6
9.9
9.7
9.8
14.5
14.3
15.6
15.2
15.3
15.3
14.3
15.3
15.0
15.6
15.6
17.2
4.1
4.4
4.3
4.4
4.3
4.1
3.8
4.2
4.1
4.5
4.7
4.6
4.3
4.2
4.4
4.2
4.5
4.3
4.4
4.5
4.6
4.6
4.8
4.7
39.5
3.3
9.0
16.2
4.4
4.5
Total 2
224.0
5
218.8
5
1993: Jan
Feb
Mar
May
July
Sept
Oct
Nov
Dec r
1994- Jan
1
Includes
2
Includes
3
Department of Defense Military Assistance Program grant-aid shipments.
undocumented exports to Canada through 1988.
Total arrivals of imported goods other than intransit shipments,
4
Total includes revisions not reflected in detail.
Trade' balance
Principal end-use commodity category
7.8
9.4
10.4
12.1
12.8
13.6
16.1
15.9
17.6
18.4
346.4
352.5
382.3
424.4
459.5
493.2
517.0
508.4
554.0
603.4
- 106.7
-117.7
-138.3
-152.1
-118.5
- 109.4
-101.7
-66.7
-84.5
-115.7
- 122.4
-133.6
-155.1
-170.3
-137.1
-129.4
-123.4
-86.6
1059
-138.7
10.3
10.3
11.5
11.1
10.7
11.3
11.0
11.7
11.6
11.7
11.5
11.1
1.4
1.3
1.6
1.5
1.6
1.6
1.5
1.4
1.5
1.5
1.7
1.7
47.0
46.6
51.3
50.6
49.1
51.6
49.4
50.0
51.5
53.0
51.9
51.6
-7.7
-7.9
-10.5
-10.2
-8.4
-12.1
-10.4
-10.0
-10.6
-10.9
-9.7
-7.4
-9.5
-9.6
-12.4
-12.1
-10.2
-14.0
-12.3
-11.9
-12.6
-12.9
-11.7
-9.3
11.3
1.5
51.3
-9.8
-11.8
53.5
66.8
78.2
85.2
87.7
86.1
87.3
85.7
91.8
102.4
60.0
68.3
79.4
88.7
95.9
102.9
105.7
108.0
123.0
133.9
11.7
11.7
12.4
12.4
12.3
13.1
12.8
12.5
13.0
13.7
13.3
14.0
7.9
8.3
8.8
8.8
8.2
8.6
7.8
8.5
8.7
9.0
8.8
8.9
14.2
8.5
24.0 * 330.7
27.3 4 336.5
35.9
365.4
34.6
406.2
43.4
441.0
17.2
473.2
20.7
495.3
23.7
488.5
24.5
532.7
24.3
580.5
21.0
21.9
24.4
24.8
24.8
25.1
26.6
26.5
27.9
28.1
123.7
113.9
101.3
111.0
118.3
132.3
143.2
131.6
138.3
145.0
59.8
65.1
71.8
84.5
101.4
113.3
116.4
120.7
134.2
152.8
2.0
1.9
2.0
2.1
1.9
2.0
2.0
2.1
2.2
2.0
2.0
2.3
45.2
44.8
49.3
48.7
47.3
49.7
47.5
48.1
49.5
51.0
49.9
49.6
2.3
2.2
2.4
2.2
2.3
2.3
2.3
2.3
2.4
2.6
2.3
2.3
11.6
11.1
12.6
12.6
12.3
12.8
12.1
11.7
12.2
12.5
12.3
11.6
2.0
49.4
2.4
11.4
Other
Exports
(f.a.s)
less
imports
(c.i.f.)
Other
Foods
feeds,
and
beverages
Total
Exports
(f.a.s) less
imports
(customs
value)
Consumer
goods
(nonfood)
except
automotive
Capital
goods
except
automotive
2
General
merchandise
imports
(c.i.f.
value)
Automotive
vehicles,
parts,
and
engines
Industrial
supplies
and
materials
6
Total exports are on a revised statistical month basis; end-use categories are on a statistical
month basis.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the fourth quarter of 1993, the merchandise trade deficit fell to $32.8 billion, from $36.0 billion in the third
quarter. The current account deficit rose to $31.5 billion, from $28.1 billion.
BIUJONS OF DOUARS*
BILLIONS OF DOLLARS*
BALANCE ON GOODS,
SERVICES, AND INCOME
'
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)]
Merchandise * 2
Services
Period
Exports
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 "
1991: BLl
IV
1992- I.
n
m
IV
1993: I r r
n .r
m ....
IV....
1
2
Imports
103,764
107,634
-265,067
-247,642
-268,901
-332,418
338 088
-368,425
409 765
-447,189
477 365
-498,336
-490,739
-536,276
589 244
-123,404
- 126,687
108,347
108,306
109,493
113,992
111,480
113,067
111,935
120,284
-126,110
-133,107
-137,105
-139,954
-140,805
— 147,465
- 147,907
- 153,067
237,044
211,157
201,799
219,926
215,915
223,344
250,208
320,230
362,116
389,303
416,937
440,138
456,766
Net balance
-28,023
-36,485
-67,102
-112,492
122 173
-145,081
159 557
-126,959
115 249
- 109,033
-73,802
-96,138
-132,478
- 19,640
-19,053
- 17,763
-24,801
-27,612
-25,962
-29,325
-34,398
-35,972
-32,783
Excludes military.
Adjusted from Census data for differences in timing and coverage.
3
Quarterly data are not seasonally adjusted.
36
Net
military
transactions 3 «
Net
travel and
transportation
receipts
844
112
563
-2,547
4 390
-5,181
-3,844
-6,315
-6,726
-7,833
-5,851
2 751
-1,027
-1,164
-755
-571
-727
-617
-836
-145
-226
-128
-528
144
992
-4,227
-8,438
9 798
-7,382
6 481
-1,511
5,071
8,979
17,933
19,718
19,762
5,228
5,481
5,011
5,201
4,882
4,624
5,063
5,420
4,992
4,287
Investment income
Other
services,
net
Receipts
on U.S.
assets
abroad
Payments
on foreign
assets in
U.S.
12,552
13,209
14,095
14,277
14,266
18,855
17,900
19,961
26,558
29,505
33,799
39,444
36,944
86,529
86,200
84,778
99,056
89,489
87,497
95,129
122,275
144,904
151,201
127,292
110,612
110,339
30,074
29,144
53626
-56,412
-53,700
-69,572
-68,314
-74,736
-87,403
- 109,653
-130,091
-130,853
-114,272
-104,391
-110,273
29,028
28,641
27,195
25,749
-24,609
-27,734
-25,492
-26,555
26,003
27,802
28,409
28,127
-26,115
-112
-27,829
-27
-26,792
1,617
-29,538 -1,411
8,660
8,809
9,608
9,177
11,016
9,641
9,736
9,296
8,991
8,922
-28,447
-26,431
Net
32,903
29,788
31,078
29,483
21,175
12,761
7,726
12,621
14,813
20,348
13,021
6,222
66
1,627
2,713
4,419
907
1,703
-806
Balance on
goods,
services,
and income
Unilateral
transfers,
net*
Balance
on current
account
16,732
5,632
-26,719
-79,716
- 100,920
-126,028
- 144,256
- 102,203
-75,532
-58,034
— 14,899
-33,505
-76,733
-11,702
-17,075
-17,741
-20,612
-22,950
-24,176
-23,052
-24,965
-26,092
-33,827
6,575
-32,895
-32,509
-6,564
-4,839
-7,389
-8,010
-7,147
-10,348
5,030
-11,443
—44,460
-100,328
-123,870
- 150,203
- 167,308
-127,168
-101,624
-91,861
-8,324
-66,400
- 109,242
- 14,783 -7,592
-19,935 -7,300
-7,591
-20,500
-21,513 — 10,026
-22,375
-27,235
-28,091
-31,539
-5,289
-2,805
704
-10,243
-10,628
-13,339
* Includes transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation of table.
-11,853
-7,644
-6,685
-18,253
-17,775
-23,687
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $7.3 billion in the fourth
quarter of 1993, in contrast to a decrease of $8.5 billion in the third quarter. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, increased $7.5 billion in the fourth quarter, following an
increase of $24.9 billion in the third quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
-60
1983
1993
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the U.S., net
[increase/capital inflow (+)]
U.S. assets abroad, net
[increase/capital outflow (— )]
Period
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993P
1991: I
-114,147
- 122,335
-58,735
29 654
-34,687
91 260
-61,254
-91,423
-129,331
44 132
-59,974
-50,961
-143,872
-5,555
-875
15672
IV
-37,870
1992: I
-1,029
-8,695
-10,798
-30,438
IV
1993: I rr
-12,715
29 697
r
-43,398
IV"...
58062
n
ra
n
m
n .....
m ...
U.S.
official
reserve
assets 3 5
-5,175
-4,965
-1,196
-3,131
-3,858
312
9,149
-3,912
25 293
-2,158
5,763
3,901
1 379
-353
1,014
3,877
1,225
-1,057
1,464
1,952
1,542
-983
822
-545
-673
Other U.S.
Government
assets
U.S.
private
assets
-5,097 - 103,875
6,131 -111,239
-52,533
-5,006
5489
-21,035
-2,821
-28,009
2 022 -89,551
1,006
71 408
-90,477
2,967
105 297
1,259
2,307
-44,280
68 643
2,905
-1,609
-53,253
-106
142 388
-5,761
559
-419
-1,470
3,224
-22,774
-38,637
-459
303
-275
-9,866
-293
-305
- 12,445
-31,243
-737
535 -12,267
-275 -30,244
-42,674
-180
-186 -57,203
Total
83,032
92,418
83,380
102,010
130,966
223,191
229,972
219,489
213,571
105,173
83,439
129,579
226,380
-20
7,120
23,514
52,826
19,834
44,450
26,450
38,845
25,875
42,537
71,637
86,330
5
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve position in the IMF.
Foreign
official
assets 3
Other
foreign
assets
4,960
3,593
5,845
3,140
1 119
35,648
45,387
39,758
8,503
34,198
17,564
40,684
71,225
5,604
4924
3,855
13,029
21,124
21,008
-7,378
5,931
10,929
17,699
19,237
23,360
78,072
88,826
77,534
98,870
132,084
187,543
184,585
179,731
205,068
70,975
65,875
88,895
155,154
-5,624
12,044
19,659
39,798
-1,290
23,442
33,828
32,914
14,946
24,838
52,400
62,970
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
1,093
Total (sum
of the items
with sign
reversed)
24,992
41,359
19,815
27,972
27,592
18,272
-1,410
899
17,384
30,820
-15,140
— 12 218
26,735
-3,831
-8,014
4,011
-7,312
-12,120
17502
2,123
15,280
9,215
14,395
-148
3,271
Of which:
Seasonal
adjustment
discrepancy
4,710
-120
-6,506
1,911
4,878
653
-6,754
1,222
6,082
943
-7,319
292
U.S. official
reserve
assets, net5
(unadjusted,
end of
period)
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,721
71,323
73,442
78,002
74,940
74,731
77,721
74,657
77,092
78,527
71,323
74,378
73,968
75,835
73,442
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
page
Gross Domestic Product
Gross Domestic Product in 1987 Dollars
Implicit Price Deflators for Gross Domestic Product
Changes in GDP, Personal Consumption Expenditures, and Related Implicit Price Deflators and Price Indexes
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures in 1987 Dollars
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment in 1987 Dollars
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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