Full text of Economic Indicators : May 1992
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102d Congress, 2d Session
Economic Indicators
MAY 1992
(Includes data available as of June 3, 1992)
LIBRARY
JUN 2 6 1992
FEDERAL RESERVE
Prepared for the JoinTEcM^ic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1992
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL S. SARBANES, Maryland, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
ALBERT GORE, JR. (Tennessee)
RICHARD H. BRYAN (Nevada)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
CONNIE MACK (Florida)
ROBERT C. SMITH (New Hampshire)
HOUSE OF REPRESENTATIVES
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
KWEISI MFUME (Maryland)
RICHARD K. ARMEY (Texas)
CHALMERS P. WYLIE (Ohio) OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
STEVEN QUICK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, Chairman
DAVID F. BRADFORD, Member
PAUL WONNACOTT, Member
[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts prepared by the Art Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.75 a single copy
($3.44 foreign), or by subscription at $30.00 per year ($37.50 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
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For sale by the U.S. Government Printing Office
Superintendent of Documents, Congressional Sales Office, Washington, DC 20402
ISBN 0-16-038623-3
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the first quarter of 1992, according to revised estimates, current-dollar gross domestic product (GDP) rose 5.5
percent (annual rate) or $77.8 billion. Real GDP (GDP in 1987 dollars) rose 2.4 percent and the implicit price
deflator rose 3.1 percent.
BILLIONS OF DOLLARS (RATIO SCALE]
6,000
S OF DOLLARS (RATIO SCALE)
6,000
SEASONALLY ADJUSTED ANNLJAi RATES
'
,
5,600
5,600
<^~
x
5,200
GDP
IN 1 987 DOLLAR S
4,800
/r
5,200
^
.
_ — —
4,800
/ __ „•*
jf'
\
4,400
4,400
x """
X
x1 """
XI
4,000
X"
x
_-__
X
X
\\
/S
/
4,000
GDP
IN C URRENT DO LLARS
3,600
3,600
/
3,200
2,800
i
t l
1982
3,200
i
1984
1983
i I
1985
I
I I
1986
I
i
I I
1987
i i
1988
\
I i
1989
t
1 I
1990
I
199]
I t
1992
2,800
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Personal
consumption
expenditures
Gross
private
domestic
investment
3,149.6
3,405.0
3,777.2
4,038.7
4,268.6
4,539.9
4,900.4
5,244.0
5,513.8
5,672.6
2,059.2
2,257.5
2,460.3
2,667.4
2,850.6
3,052.2
3,296.1
3,517.9
3,742.6
3,889.1
503.4
546.7
718.9
714.5
717.6
749.3
793.6
837.6
802.6
726.7
3,195.1
3,547.3
3,869.1
4,140.5
4,336.6
4,683.0
5,044.6
5,340.4
2,128.7
2,346.8
2,526.4
2,739.8
2,923.1
3,124.6
3,398.2
3,592.8
n
m
5,422.4
5,504.7
5,570.5
5,557.5
n
m
Period
Gross
domestic
product
1982
1983
1984
1985
1986
1987 .
1988
1989 .
1990
1991 .
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
IV
IV
IV
IV
IV
IV
IV
IV
1990- I
IV
1991: I
IV
1992: I ' .
1
2
Federal
Net
exports
Gross
domestic
purchases 2
Addendum:
Gross
national
product a
Total
Nondefense
State
and
local
Exports
Imports
20 6
-51.4
102 7
-115.6
-132.5
-143.1
- 108.0
-82.9
-74.4
-30.7
282.6
276.7
302.4
302.1
319.2
364.0
444.2
504.9
550.4
591.3
303.2
328.1
405.1
417.6
451.7
507.1
552.2
587.8
624.8
622.0
607.6
652.3
700.8
772.3
833.0
881.5
918.7
971.4
1,042.9
1,087.5
266.6
292.0
310.9
344.3
367.8
384.9
387.0
401.4
424.9
445.1
193.8
214.4
233.1
258.6
276.7
292.1
295.6
300.0
313.4
323.5
72.7
77.5
77.8
85.7
91.1
92.9
91.4
101.5
111.5
121.6
341.1
360.3
389.9
428.1
465.3
496.6
531.7
570.0
618.0
642.4
3,165.5
3,410.6
3,706.1
4,014.1
4,260.0
4,513.7
4,884.2
5,208.1
5,513.8
5,691.1
3,170.2
3,456.5
3,879.9
4,154.3
4,401.2
4,683.0
5,008.4
5,326.9
5,588.1
5,703.3
3,179.8
3,434.4
3,801.5
4,053.6
4,277.7
4,544.5
4,908.2
5,248.2
5,524.5
5,685.8
464.2
614.8
722.8
737.0
697.1
800.2
814.8
834.4
-29.5
-71.8
-107.1
-135.5
-133.2
— 143.2
- 106.0
-77.5
265.6
286.2
308.7
304.7
333.9
392.4
467.0
521.3
295.1
358.0
415.7
440.2
467.1
535.6
573.1
598.8
631.6
657.6
727.0
799.2
849.7
901.4
937.6
990.7
281.4
289.7
324.7
356.9
373.1
392.5
392.0
403.7
205.5
222.8
242.9
268.6
278.6
295.8
296.8
301.6
75.9
66.9
81.9
88.3
94.5
96.7
95.2
102.1
350.3
367.9
402.2
442.4
476.6
509.0
545.7
587.0
3,241.4
3,527.1
3,818.1
4,107.9
4,355.4
4,623.7
5,027.3
5,305.3
3,224.6
3,619.1
3,976.2
4,276.0
4,469.8
4,826.2
5,150.7
5,417.9
3,222.6
3,578.4
3,890.2
4,156.2
4,340.5
4,690.5
5,054.3
5,350.9
3,667.3
3,706.0
3,785.2
3,812.0
812.0
825.9
821.8
750.9
78 0
-60.4
-82.5
-76.6
534.6
545.9
548.7
572.6
612.6
606.3
631.2
649.2
1,021.2
1,033.2
1,046.0
1,071.2
417.2
423.3
424.7
434.5
309.3
312.7
311.1
320.6
107.9
110.7
113.6
113.9
604.0
609.9
621.4
636.7
5,425.7
5,479.1
5,556.5
5,594.0
5,500.5
5,565.1
5,653.0
5,634.0
5,432.7
5,505.5
5,576.8
5,583.2
5,589.0
5,652.6
5,709.2
5,739.7
3,827.7
3,868.5
3,916.4
3,943.7
709.3
708.8
740.9
747.9
-36.8
-17.2
-37.3
-31.4
565.9
589.8
597.0
612.5
602.7
607.0
634.3
643.8
1,088.8
1,092.5
1,089.1
1,079.5
451.5
452.1
444.9
432.0
332.3
328.4
322.3
311.0
119.2
123.7
122.6
121.0
637.3
640.4
644.2
647.5
5,628.2
5,689.6
5,712.8
5,733.8
5,625.8
5,669.8
5,746.5
5,771.1
5,611.7
5,660.6
5,720.1
5,750.7
5,817.5
4,022.6
726.0
-27.5
612.3
639.8
1,096.5
441.2
314.2
127.0
655.3
5,840.9
5,845.0
5,836.5
Excludes receipts and payments of factor income from or to rest of the world.
GDP less exports of goods and services plus imports of goods and services.
Final
sales of
domestic
product
Government purchases
Exports and imports of goods
and services *
Total
3
National
defense
GDP plus net receipts of factor income from rest of the world.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS DOMESTIC PRODUCT IN 1987 DOLLARS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Gross
domestic
product
Period
3,760.3
3,906.6
4,148.5
4,279.8
4,404.5
4,540.0
4,718.6
4,836.9
4,884.9
4,848.8
3,759.6
4,012.1
4,194.2
4,333.5
4,427.1
4,625.5
4,779.7
4,859.7
4,880.8
4,900.3
4,903.3
4,855.1
4,824.0
4,840.7
4,862.7
4,868.0
4,896.9
1982
1983 ..
1984
1985 .
1986
1987 .
1988
1989
1990
1991
1982: IV
1983' IV
1984: IV
1985' IV
1986: IV
1987: IV
1988: IV
1989: IV
1990' I
n
in
IV
1991: I
n
m.
IV
1992' I r
1
2
Personal
consumption
expenditures
2,503.7
2,619.4
2,746.1
2,865.8
2,969.1
3,052.2
3,162.4
3,223.1
3,262.6
3,259.0
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,241.6
3,258.8
3,258.6
3,281.2
3,251.8
3,241.1
3,252.4
3,271.2
3,271.1
3,314.2
Exports and imports of
goods and services 1
Government purchases
Federal
Nonresidential
filed
investment
Residential
bed
investment
Change
in
business
inventories
Net
exports
Exports
Imports
Total
433.9
420.8
490.2
521.8
500.3
497.8
530.8
542.4
548.8
512.4
417.2
449.6
509.6
525.5
495.5
510.6
538.8
541.3
550.7
544.3
555.5
544.5
519.1
514.8
510.0
505.6
507.7
124.1
174.2
199.3
202.0
226.2
225.2
222.7
214.2
195.5
175.2
131.2
190.6
198.8
207.4
230.5
223.3
225.3
207.9
208.2
199.5
190.9
183.3
170.7
172.0
176.5
181.7
185.4
-17.5
4.4
67.9
22.1
8.5
26.3
19.9
32.6
.2
-13.9
-44.9
29.3
47.9
30.2
-20.1
59.9
20.9
30.0
-4.0
22.1
13.9
-31.2
-32.8
30 4
.1
7.6
18 4
-7.4
-56.1
-122.0
-145.3
-155.1
- 143.0
-104.0
-75.7
-51.3
-20.9
-19.0
83 7
-131.4
1554
- 156.0
1360
-102.7
700
560
-52.5
65 7
-31.2
-18.6
12 3
—81.1
21 3
22 3
296.7
285.9
305.7
309.2
329.6
364.0
421.6
469.2
505.7
537.8
280.4
291.5
312.8
312.0
342.9
386.1
438.2
485.8
496.2
502.1
501.6
522.5
512.5
535.7
545.2
558.0
556.7
304.1
342.1
427.7
454.6
484.7
507.1
525.7
544.9
557.0
558.7
299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.7
723.6
743.8
766.9
813.4
855.4
881.5
886.8
900.4
929.1
937.1
735.9
748.1
784.3
830.5
864.8
893.0
894.5
908.9
923.0
928.1
927.5
937.9
944.5
944.3
936.1
923.3
930.4
552.2
554.5
567.4
553.7
531.1
548.0
576.3
579.3
579.0
Total
Nondefense
National
defense
306.0
320.8
331.0
355.2
373.0
384.9
377.3
375.0
380.9
384.9
316.0
322.2
341.7
363.7
377.5
391.6
378.4
373.9
379.3
383.3
378.4
382.6
391.7
392.7
384.5
370.7
372.3
State
and
local
221.4
234.2
245.8
265.6
280.6
292.1
287.0
280.7
281.3
281.4
229.4
242.9
254.3
272.1
282.2
295.0
285.7
279.9
281.5
283.8
278.0
282.0
289.4
287.0
280.4
268.7
267.1
84.7
86.6
85.1
89.5
92.4
92.9
90.2
94.4
99.6
103.5
86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.0
97.7
99.5
100.4
100.6
102.3
105.7
104.1
102.0
105.2
417.6
423.0
436.0
458.2
482.4
496.6
509.6
525.3
548.2
552.2
419.9
425.9
442.6
466.7
487.3
501.4
516.1
534.9
543.7
544.8
549.1
555.3
552.7
551.7
551.6
552.7
558.0
Final
sales of
domestic
product
Gross
domestic
purchases 2
Addendum:
Gross
national
product 3
3,777.8
3,902.2
4,080.6
4,257.6
4,395.9
4,513.7
4,698.6
4,804.3
4,884.7
4,862.7
3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565.6
4,758.7
4,829.7
4,884.8
4,878.1
4,889.4
4,886.3
4,856.8
4,871.2
4,862.6
4,860.3
3,767.7
3,962.8
4,270.5
4,425.1
4,559.6
4,683.0
4,822.6
4,912.6
4,936.2
4,869.7
3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,929.7
4,936.8
4,952.7
4,969.1
4,886.3
4,842.6
4,853.1
4,893.8
4,889.3
4,919.2
3,796.1
3,939.6
4,174.5
4,295.0
4,413.5
4,544.6
4,726.3
4,840.7
4,894.6
4,860.2
3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,869.3
4,890.2
4,901.2
4,909.2
4,877.7
4,843.7
4,847.8
4,872.0
4,877.3
4,912.9
4,915.3
3
Excludes receipts and payments of factor income from or to rest of the world.
GDP less exports of goods and services plus imports of goods and services.
GPP plus net receipts of factor income from rest of the world.
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[1987 = 100; quarterly data are seasonally adjusted]
Gross •
domestic
product
Period
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 .
1982: IV
1983: IV
1984- IV .
1985- IV
1986: IV
1987- IV
1988: IV
1989- IV
1990: I
TJ
m
rv
1991: I
n
m
rv
..
1992: I *
1
83.8
87.2
91.0
94.4
96.9
100.0
103.9
108.4
112.9
117.0
85.0
88.4
92.2
95.5
98.0
101.2
105.5
109.9
111.1
112.3
113.6
114.5
115.9
116.8
117.4
117.9
118.8
Total
82.2
86.2
89.6
93.1
96.0
100.0
104.2
109.1
114.7
119.3
83.8
87.6
90.7
94.6
97.0
101.6
106.1
110.8
112.5
113.7
115.4
117.2
118.1
118.9
119.7
120.6
121.4
Durable
goods
90.1
92.4
93.9
95.4
96.9
100.0
102.0
104.3
106.1
107.9
90.6
93.3
94.4
95.9
97.8
101.0
103.1
105.2
106.0
105.9
106.1
106.6
107.3
107.6
108.3
108.5
108.9
Nondurable goods
Services
88.6
90.8
93.4
95.9
96.1
100.0
103.7
109.3
115.9
120.0
89.4
91.8
94.1
97.0
96.3
101.5
105.6
110.8
113.3
114.3
116.6
119.3
119.4
119.8
120.2
120.8
121.3
76.7
81.9
86.2
90.8
95.7
100.0
105.1
110.3
116.1
121.5
79.0
83.7
87.7
92.9
97.3
101.9
107.1
112.2
113.7
115.3
116.9
118.5
119.8
121.1
122.1
123.2
124.3
Excludes receipts and payments of factor income from or to rest of the world.
Gross private
domestic investment
Personal consumption
expenditures
Nonresidential
fixed
95.3
95.1
95.6
96.6
98.4
100.0
102.8
105.2
107.0
107.4
95.3
95.0
96.4
97.3
99.2
100.7
104.0
105.9
106.5
106.5
107.4
107.5
107.9
107.7
107.2
106.6
106.5
Besidential fixed
85.2
87.3
89.7
92.0
95.8
100.0
104.2
107.8
110.4
111.3
86.0
88.0
90.7
93.1
97.3
101.5
105.3
108.7
110.0
110.4
110.7
110.3
110.4
111.2
112.0
111.7
112.6
Government purchases
Exports and imports of
goods and services *
Federal
Exports
95.2
96.8
98.9
97.7
96.9
100.0
105.3
107.6
108.9
109.9
94.7
98.2
98.7
97.7
97.4
101.6
106.6
107.3
107.7
108.7
109.4
109.6
110.4
110.1
109.5
109.8
110.0
Imports
99.7
95.9
94.7
91.9
93.2
100.0
105.1
107.9
112.2
111.3
98.5
95.4
93.6
94.2
93.6
102.6
106.0
107.7
110.9
109.3
111.2
117.2
113.5
110.8
110.1
111.1
110.5
Total
87.1
91.0
93.9
96.9
98.6
100.0
102.6
107.0
111.6
115.7
89.0
89.9
95.0
98.1
98.8
100.2
103.6
108.0
110.0
110.4
112.2
113.6
115.3
115.1
115.7
116.5
118.5
National
defense
87.6
91.6
94.8
97.3
98.6
100.0
103.0
106.9
111.4
115.0
89.6
91.7
95.5
98.7
98.7
100.3
103.9
107.8
109.9
110.2
111.9
113.7
114.8
114.4
114.9
115.8
117.6
Source: Department of Commerce, Bureau of Economic Analysis.
Nondefense
85.9
89.5
91.3
95.7
98.6
100.0
101.4
107.5
112.0
117.5
87.7
84.3
93.7
96.4
99.2
100.1
102.6
108.6
110.4
111.2
113.1
113.2
116.5
117.1
117.9
118.6
120.6
State
and local
81.7
85.2
89.4
93.4
96.4
100.0
104.3
108.5
112.7
116.3
83.4
86.4
90.9
94.8
97.8
101.5
105.7
109.7
111.1
111.9
113.2
114.7
115.3
116.1
116.8
117.2
117.4
CHANGES IN GDP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED IMPLICIT PRICE DEFLATORS AND PRICE INDEXES
[Percent change from preceding period; quarterly data at seasonally adjusted annual rates]
Personal consumption expenditures
Gross domestic product
Period
11.9
3.9
8.1
10.9
6.9
5.7
6.4
7.9
7.0
5.1
2.9
6.1
9.1
7.6
8.1
7.8
6.3
4.6
4.9
6.3
6.2
4.9
-.9
2.3
4.6
4.1
2.2
5.5
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1988- I
n
m
IV .
1989- I
Constant
(1987)
dollars
Current
dollars
.
n
m .. . .
IV
1990- I
n .
TTT
IV
1991: I.
n
m
rv
1992: I r.
NOTE.—Annual changes are from preceding year and quarterly changes are from preceding quarer.
1.8
— 2.2
3.9
6.2
3.2
2.9
3.1
3.9
2.5
1.0
.7
2.6
4.3
2.5
3.9
2.5
1.9
1.1
1.2
1.7
1.6
.2
-3.9
-2.5
1.4
1.8
.4
2.4
Implicit
price
deflator
Fixedweighted
price index
(1987
weights)
10.0
6.2
4.1
4.4
3.7
2.6
3.2
3.9
4.3
4.2
3.6
3.6
4.4
5.1
3.9
5.4
4.2
3.4
3.7
4.4
4.4
4.7
3.2
5.0
3.1
2.1
1.7
3.1
Constant
(1987)
dollars
Current
dollars
10.2
6.9
9.6
9.0
8.4
6.9
7.1
8.0
6.7
6.4
3.9
9.9
7.9
8.4
8.9
4.6
6.4
7.2
4.7
8.6
4.3
8.8
2.9
1.7
4.3
5.0
2.8
8.2
6.1
3.8
3.3
3.5
2.7
3.1
3.9
4.3
4.3
3.9
3.6
4.5
5.4
3.7
4.8
4.5
3.5
3.7
5.0
4.6
4.8
3.2
5.4
3.3
2.6
2.1
3.4
Implicit
price
deflator
1.2
1.1
4.6
4.8
4.4
3.6
2.8
3.6
1.9
1.2
.1
7.1
2.5
2.9
4.1
-.2
1.0
4.1
.1
2.1
-.0
2.8
-3.5
-1.3
1.4
2.3
0
5.4
9.0
5.7
4.9
3.9
3.9
3.1
4.2
4.2
4.7
5.1
4.0
2.8
5.2
5.1
4.7
5.0
5.3
3.0
4.5
6.3
4.3
6.1
6.4
3.1
2.7
2.7
3.0
2.7
Fixedweighted
price index
(1987
weights)
8.6
5.4
4.3
3.7
3.8
3.0
4.1
4.3
4.8
5.2
4.1
2.7
5.2
5.4
4.6
5.0
5.6
3.1
4.6
6.7
4.1
6.1
6.8
3.1
2.9
2.8
2.8
3.1
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
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1982:
19831984:
19851986:
1987:
1988:
1989:
1990-
IV
IV
IV
IV
IV
IV
IV
IV
I
.
n
m
rv
1991: I
LI
m
rv
1992- I *
1
Current-dollar cost and profit per unit of output (dollars) *
Total
cost and
profit 2
Consumption of
fixed
capital
Net
interest
Profits
tax
liability
Profits
after
tax 4
Compensation per
hour of
all
employees
(dollars)
1987
dollars
1,749.1
1,803.5
1,937.1
2,167.3
2,295.5
2,391.3
2,544.6
2,762.1
2,910.8
3,008.9
3,054.2
2,035.8
2,002.1
2,113.3
2,285.0
2,366.3
2,444.3
2,544.6
2,682.2
2,715.3
2,717.4
2,691.8
0.859
,901
.917
.949
.970
.978
1.000
1.030
1.072
1.107
1.135
0.102
0.081
.083
.086
.089
.091
.094
.093
.095
.099
.105
.114
0.573
.606
.604
.619
.638
.650
.659
.676
.708
.745
.763
0.035
.041
.036
.038
.038
.040
.042
.045
.052
.055
.054
0.067
.056
.076
.094
.094
.083
.096
.102
.096
.083
.076
0.031
.115
.115
.109
.109
.111
.111
.111
.116
.120
.127
.023
.028
.032
.030
.031
.037
.038
.037
.035
.031
0.036
.033
.048
.062
.064
.052
.059
.064
.060
.047
.045
20.560
20.827
21.597
21.905
22.144
22.737
23.047
23.472
23.059
23.062
23.396
11.790
12.620
13.037
13.559
14.121
14.770
15.181
15.782
16.330
17.171
17.849
1,807.1
2,038.1
2,230.0
2,341.3
2,428.4
2,625.9
2,840.1
2,943.3
2,974.7
3,025.6
3,021.2
3,014.2
3,011.8
3,043.9
3,070.1
3,091.1
3,117.0
2,000.5
2,205.2
2,330.3
2,399.5
2,469.0
2,602.4
2,717.1
2,715.3
2,720.0
2,741.6
2,710.4
2,697.6
2,668.1
2,682.1
2,699.0
2,717.9
2,735.9
.903
.924
.957
.976
.984
1.009
1.045
1.084
1.094
1.104
1.115
1.117
1.129
1.135
1.138
1.137
1.139
.119
.119
.111
.110
.112
.110
.112
.119
.119
.119
.121
.123
.127
.128
.127
.127
.125
.085
.086
.090
.092
.094
.093
.096
.100
.103
.103
.106
.109
.113
.113
.116
.116
.117
.609
.604
.624
.644
.655
.665
.687
.720
.729
.737
.755
.758
.760
.763
.765
.763
.761
.040
.036
.041
.038
.042
.042
.047
.054
.054
.054
.055
.056
.056
.054
.054
.052
.050
.051
.079
.091
.092
.080
.099
.102
.090
.090
.091
.077
.072
.073
.077
.076
.079
.086
.020
.029
.027
.030
.035
.038
.040
.034
.036
.036
.037
.033
.030
.031
.032
.032
.034
.030
.050
.064
.063
.045
.060
.063
.056
.054
.055
.041
.039
.043
.046
.044
.047
.052
21.103
21.905
22.050
22.340
22.891
23.268
23.423
22.967
22.973
23.181
22.952
23.110
23.188
23.355
23.456
12.842
13.233
13.770
14.395
15.001
15.483
16.005
16.542
16.740
17.092
17.325
17.509
17.625
17.818
17.933
Output is measured by gross domestic product of nonfmaneial corporate business in 1987 dol-
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
Compensation of
employees
Output
per hour
of all
employees
(1987
dollars)
Current
dollars
lars.
2
Indirect
business
taxes 3
Corporate profits with inventory
valuation and capital consumption
adjustments
Total
3
Indirect business tax and nontax liability plus business transfer payments less subsidies.
4
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Compensation of
employees1
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
1983
1984
1985
1986
1987
1988
1989
1990
1991
1982:
1988:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
2,720.8
3,058.3
3,268.4
3,437.9
3,692.3
4,002.6
4,244.7
4,459.6
4,542.2
2,551.5
2,834.3
3,134.4
3,341.9
3,486.0
3,828.8
4,127.6
4,300.5
4,395.5
4,461.0
4,475.2
4,506.8
4,489.8
4,530.8
4,559.8
4,588.3
4,652.0
IV
IV
IV
IV
IV
IV . .
IV
IV
I
..
n
HE ..
IV
1991: I
n ..
m
rv
1992: I '
1
2,029.4
2,226.9
2,382.8
2,523.8
2,698.7
2,921.3
3,101.3
3,290.3
3,388.2
1,940.4
2,101.2
2,288.1
2,442.5
2,582.5
2,785.1
3,004.9
3,157.4
3,216.1
3,279.9
3,325.3
3,340.0
3,342.9
3,377.4
3,405.3
3,427.4
3,459.2
Rental
income of
persons
with
capital
consumption
adjustment
Nonfann
22.1
23.3
18.7
8.7
3.2
4.3
-7.9
-12.9
-12.7
24.1
22.2
24.3
14.0
4.7
6.8
2.8
-12.5
-14.2
-17.3
-10.4
-9.5
-11.9
-11.7
-14.2
-13.1
-10.9
184.3
214.7
238.4
261.5
279.0
293.4
305.5
330.7
344.5
169.6
193.8
217.7
250.9
260.9
282.6
302.5
310.2
324.9
328.8
336.5
332.7
331.4
340.4
350.5
355.9
366.2
2.4
21.3
21.5
22.3
31.3
30.9
41.4
42.5
35.1
10.2
6.3
21.9
17.8
23.6
42.4
30.9
41.0
50.9
45.3
32.4
41.2
32.8
39.6
32,0
36.1
36.2
Includes employer contributions for social insurance. (See also p. 5.)
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
212.7
264.2
280.8
271.6
319.8
365.0
351.7
319.0
306.8
150.3
229.1
261.3
284.9
264.6
343.3
378.3
334.7
340.2
339.8
299.8
296.1
302.1
303.5
306.1
315.6
347.0
202.2
236.4
225.3
227.6
273.4
320.3
327.0
318.2
315.5
160.0
216.2
223.6
228.0
225.0
293.4
340.5
319.2
330.0
335.4
302.4
304.9
315.7
316.1
313.4
316.9
336.9
Profits
before tax
Inventory
valuation
adjustment
210.7
240.5
225.0
217.8
287.9
347.5
344.5
332.3
312.4
168.6
223.8
220.1
231.8
235.7
311.2
372.2
332.8
336.6
331.6
335.1
326.1
309.1
306.2
318.2
316.1
339.8
-8.5
-4.1
.2
9.7
-14.5
273
-17.5
-14.2
3.1
-8.6
-7.6
3.5
-3.8
-10.7
-17.8
31 7
-13.5
-6.6
3.8
-32.6
-21.2
6.7
9.9
-4.8
.7
-2.9
Capital
consumption
adjustment
10.4
27.8
55.5
44.1
46.4
44.7
24.7
.8
-8.7
-9.6
12.9
37.7
56.9
39.6
49.9
37.9
15.4
10.2
4.4
27
-8.8
-13.6
-12.6
-7.3
13
10.2
Net
interest
270.0
307.9
326.2
350.2
360.4
387.7
452.6
490.1
480.2
256.8
281.8
321.1
331.9
349.7
368.6
408.1
469.6
477.5
484.5
491.8
506.4
492.6
481.6
480.1
466.5
454.2
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
Total
personal
consumption
expenditures
Durable goods
Total
durable
goods
Motor
vehicles
and
parts
138.1
160.3
180.2
193.3
183.5
194.8
196.2
191.4
167.9
123.7
151.6
164.3
173.9
193.6
183.6
197.7
187.8
200.7
192.0
192.9
179.8
166.7
164.2
170.9
169.7
178.0
1983
2,619.4
297.7
1984
1985
1986
1987 ..
1988
1989 ...
1990
1991
2,746.1
2,865.8
2,969.1
3,052.2
3,162.4
3,223.1
3,262.6
3,259.0
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,241.6
3,258.8
3,258.6
3,281.2
3,251.8
3,241.1
3,252.4
3,271.2
3,271.1
3,314.2
338.5
370.1
402.0
403.7
428.7
440.8
438.9
412.5
272.3
319.1
347.7
369.6
415.7
404.7
439.2
435.6
452.7
438.7
440.3
424.0
410.8
408.9
418.3
412.2
430.0
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
IV
IV
IV
IV
IV
IV
IV
IV
I
n
m
IV
1991: I
n
m
IV
1992: I r
1
Includes other items, not shown separately.
Furniture and
household
equipment
104.3
115.3
123.8
136.3
144.0
155.4
166.1
170.6
170.5
96.4
109.3
118.7
128.6
141.4
145.9
160.3
167.7
173:i
170.9
170.5
168.0
168.9
171.1
172.5
169.4
176.8
Other
55.3
62.9
66.1
72.4
76.2
78.5
78.5
76.9
74.2
52.3
58.1
64.8
67.1
80.7
75.2
81.2
80.0
78.8
75.8
76.9
76.2
75.1
73.6
74.9
73.1
75.2
Total
nondurable goods
900.3
934.6
958.7
991.0
1 011.1
1#35.1
1,049.3
1 050.8
1,043.0
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,055.3
1,054.4
1,050.3
1,053.7
1,044.7
1,043.9
1,046.2
1,046.1
1,035.8
1,049.6
Food
463.4
472.3
483.0
494.1
500.7
513.4
513.3
515.8
517.2
458.3
467.1
475.1
488.2
496.9
502.4
518.0
511.7
513.9
516.3
517.1
515.9
518.7
517.0
517.4
515.6
521.1
Clothing
and
shoes
Gasoline
and oil
142.4
153.1
158.8
170.3
174.5
178.9
187.9
187.4
182.9
135.7
147.7
154.7
161.7
171.9
174.5
182.8
190.1
190.1
187.2
188.2
184.1
181.7
186.1
184.7
179.0
185.4
75.7
77.9
79.2
82.9
84.7
86.1
86.7
85.0
83.0
73.4
76.9
79.0
79.5
84.6
85.4
87.5
90.2
87.2
84.5
84.4
84.0
81.8
83.0
83.6
83.6
82.1
Retail sales of new
Services
Nondurable goods
passenger cars
(milb'ons of units)
Fuel
oil and
coal
11.1
11.2
11.5
12.1
12.0
12.0
11.5
10.0
9.6
10.5
11.4
11.1
11.4
12.4
11.9
12.0
12.3
9.5
10.5
11.0
8.9
9.3
9.8
10.1
9.4
10.1
Other
Total
services *
Housing
207.8
220.0
226.2
231.7
239.1
244.7
250.0
252.6
250.3
202.8
212.2
222.9
228.0
235.2
240.4
246.4
251.0
253.8
251.9
252.9
251.7
252.5
250.3
250.3
248.2
250.9
1,421.4
1,473.0
l'537.0
1,576.1
1^637.4
1,698.5
1,732.9
1,773.0
1,803.4
1,386.2
1,443.9
1,494.2
1,557.1
1,595.8
1,655.5
1,716.9
1,750.7
1,751.8
1,769.6
1,787.3
1,783.1
1,786.3
1,797.2
1,806.8
1,823.1
1,834.5
426.8
435.9
442.1
452.5
461.8
469.0
474.5
478.9
411.0
419.7
431.3
438.1
444.8
457.0
465.6
472.8
472.8
473.0
475.4
476.9
477.3
478.3
479.4
480.7
481.8
415.5
Source: Department of Commerce, Bureau of Economic Analysis.
Medical
care
332.6
341.9
353.0
366.2
384.7
399.4
408.5
424.3
439.6
327.8
334.8
344.9
359.1
372.0
390.7
403.0
411.5
417.7
422.4
427.7
429.6
432.9
436.9
441.7
447.0
451:1
Pomestics
6.8
8.0
8.2
8.2
7.1
7.5
7.1
6.9
6.1
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
7.1
6.8
7.1
6.6
6.1
6.1
6.3
6.1
6.0
Imports
2.4
2.4
2.8
3.2
3.2
3.1
2.8
2.6
2.3
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.8
2.7
2.5
2.4
2.2
2.3
2.3
2.1
2.3
SOURCES OF PERSONAL INCOME
Personal income rose $2.8 billion (annual rate) in April after rising $22.2 billion in March. Wages and salaries
decreased $0.3 billion in April, in contrast to an increase of $9.3 billion in March. Farm proprietors' income rose
$0.4 billion in April, following an increase of $9.2 billion in March.
BILLIONS OF DOLLARS* (RATIO SCALE)
6,000
BILUONS OF DOLLARS* (RATIO SCALE)
6,000
800
800
400
400
1992
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991: Apr
May
T s
July
, '
Sent
Oct
Nov
Dec
1992- Jan r
Feb '
Mar '
Apr '.
1
personal
income
2 6909
2 8625
3 1546
3 379 8
3 5904
3 8020
40759
43802
4679 8
4 834 4
4 7920
4 825 5
48458
4833 1
48542
48728
48830
4877 2
49256
49159
49653
49875
49903
Wage and
salary
disbursements *
1 593 3
1 684 7
1 849 8
1 986 5
2 105 4
2 261 2
2 443 0
2 585 8
2 738 9
2 808 3
2 779 4
2 799 5
2 822 8
2 808 1
2 8236
2 835 9
2 8302
2 835 0
2 8527
2 837 0
2 8706
2 879 9
2 879 6
Proprietors ' income 3
Other labor
income l 2
165 4
174 6
184 7
191 8
200 7
210 4
230 5
253 7
274 0
290 6
287 2
288 6
289 9
291 3
292 7
294 2
2956
297 0
2983
299 7
301 1
302 4
303 8
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
* Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
Farm
13 5
24
21 3
21 5
22 3
31 3
30 9
41 4
42 5
35 1
39 4
43 4
36 0
32 0
31 0
33 0
42 4
27 1
389
26 9
363
45 5
459
4
157 3
184 3
214 7
238 4
261 5
279 0
293 4
305 5
330 7
344 5
336 2
340 8
344 3
347 9
350 3
353 3
353 9
355 3
3584
361 7
367 0
370 0
371 0
Less:
income of
persons 4
21 9
22 1
23 3
18 7
87
32
43
79
12 9
12 7
11 7
11 6
11 6
12 9
14 2
15 5
19 1
11 5
86
94
11 5
11 9
134
dividend
income
67 1
77 8
788
87 9
1047
100 4
1084
119 8
124 8
128 5
127 2
127 5
127 6
128 3
128 6
129 1
1293
129 5
1294
129 1
1294
129 7
1308
interest
income
3768
397 5
461 9
498 1
531 7
548 1
5832
669 0
721 3
718 6
723 8
721 7
7198
718 1
7166
715 5
7105
705 8
7009
694 3
688 7
684 2
6802
pay-
ments 5
408 1
438 9
452 9
485 9
517 8
542 2
576 7
624 4
6849
7595
7465
752 6
7555
758 7
7650
767 4
780 1
779 i
797 1
819 9
829 3
8340
838 7
contributions
for social
insurance
personal
income 6
1123
2 6498
1197
1328
149 1
162 1
173 6
1945
211 7
2243
2380
2359
237 0
2383
2383
2394
2402
2398
240 1
241 4
2433
2456
2462
2463
2832 6
3 106 1
3 333 2
3545 6
3 7494
40239
43166
46145
47755
4729 1
47585
47862
4 777 3
4 7993
4815 7
48166
48258
4862 5
48648
49046
4917 7
49199
With capital consumption adjustment.
6
Consists mainly of social insurance benefits, direct relief, and veterans payments.
0
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in 1987 dollars rose in the first quarter of
1992.
BILLIONS OF DOLLARS' (RATIO SCALE]
BILLIONS OF DOLLARS' (RATIO SCALE]
2,000
DOLLARS- (RATIO SCALE]
COLLARS' (RATO SCALE]
8,000
COUNCIL OF ECONOMIC ADVISERS
Period
Personal
income
Less:
Personal
tax and
payments
_
.
Disposable
personal
income
Less:
Personal
Equals:
Personal
Disposable
personal
income in
1987
dollars
(billions)
Per capita
disposable personal
income
Current
dollars
Billions of dollars
1982
1983
1984
1985...
1986
1987
1988
1989
1990
1991
2,690.9
2,862.5
3,154.6
s',379.8
3,590.4
3,802.0
4,075.9
4,380.2
4,679.8
4,834.4
371.4
368.8
395.1
436.8
459.0
512.5
527.7
591.7
621.0
616.1
2,319.6
2^493.7
2,759.5
a',943.0
3,131.5
3,289.5
3^548.2
3,788.6
4^058.8
4,218.4
1987
dollars
Per capita personal
consumption
expenditures
Percent
change in
real per
capita
1987
dollars
personal
income
Current
dollars
2^325.1
2,537.5
2*753.7
2^944.0
3,147.5
3^392.5
3,622.4
3^853.1
3,999.1
199.5
168.7
222.0
189.3
187.5
142.0
155.7
166.1
205.8
219.3
2,820.4
2,893.6
3 080.1
3,162.1
3J261.9
3,289.5
3^404.3
3,471.2
3^538.3
3,534.9
9 989
10,642
11 673
12,339
13,010
13 545
14,477
15 313
16,236
16 695
Population,
including
Armed
Forces
income
(thousands) °
Percent
Dollars
2,120.1
Saving as
percent of
disposable
12,146
12^349
13,029
13',258
13,552
13,545
13^890
14^030
14,154
13,990
9^634
10,408
11,184
11343
12,568
13^448
14,219
14^971
15,392
12,336
12,568
12^903
13,027
13^051
12,898
12,154
12,591
13,145
13,278
13,522
13,685
13,996
14,063
14,185
14,204
14,168
14,058
13,965
14,022
13,992
13,981
14,073
9,134
9,980
10,649
11,445
12,101
12,819
13,814
14,464
14,731
14,848
15,120
15,183
15,208
15,334
15,481
15,542
15,813
10,895
11,390
11,739
12,095
12,472
12,615
13,020
13,051
13,090
13,056
13,107
12,952
12,877
12,892
12,930
12,891
13,028
8,868
10,782
Il]l79
11,617
ia',015
01
1.7
5.5
1.8
2.2
1
2.5
1.0
.9
— 1.2
6.4
6.0
4.3
4.4
4.4
5.1
5.2
232,201
234,326
236,393
238',510
240,691
242,860
245,093
247,405
249,992
252,676
7.7
6.8
7.9
6.0
4.8
5.0
4.3
4.4
4.9
5.4
4.8
5.2
5.1
5.4
5.0
5.2
4.9
233,060
235,146
237,231
239,387
241,550
243,745
246,004
248,387
248,950
249,594
250,349
251,074
251,689
252,281
252,990
253,742
254,383
8.6
6.8
8.0
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
IV
IV
IV
IV
IV
IV
IV
IV
I
n
m....
IV
1991: I
n
m....
IV
1992: I '
2,746.8
2,965.8
3,242.5
3,456.7
3,647.8
3,918.5
4,195.2
4,474.4
4,580.6
4,654.7
4,719.3
4,764.7
4,768.0
4,821.1
4,853.3
4,895.3
4,956.2
372.1
371.6
413.4
448.8
478.5
528.6
542.0
602.9
606.6
622.7
627.5
627.2
617.1
613.6
615.1
618.4
611.1
2,374.7
2,594.3
2,829.1
3,007.9
3,169.3
3,389.9
3,653.2
3,871.4
3,974.0
4,032.0
4,091.8
4,137.5
4,151.0
4,207.5
4,238.2
4,276.8
4,345.1
2,190.9
2,417.9
2,606.5
2,828.7
3,018.2
3,220.1
3,496.7
3,701.3
3,777.4
3,816.2
3,896.2
3,922.5
3,938.4
3,978.7
4,025.7
4,053.5
4,132.5
183.8
176.3
222.6
179.2
151.1
169.8
156.4
170.1
196.6
215.9
195.6
215.0
212.6
228.8
212.5
223.4
212.6
2,832.6
2,960.6
3,118.5
3,178.7
3,266.2
3,335.8
3,443.1
3,493.0
3,531.4
3,545.3
3,547.0
3,529.5
3,514.8
3,537.4
3,539.9
3,547.5
3,579.9
1
Includes personal consumption expenditures, interest paid by persons, and personal transfer payments to rest of the world (net).
2
Annual data are averages of quarterly data, which are averages for the period.
10,189
11,033
11,925
12,565
13,121
13,907
14,850
15,586
15,963
16,154
16,344
16,479
16,492
16,678
16,752
16,855
17,081
-0.5
7.2
1.0
1.8
-1.7
5.2
3.2
1.9
3.5
.5
-1.0
-3.1
-2.6
1.6
C)
-.3
2.7
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the fourth quarter of 1991, according to current estimates, gross farm income rose $5.2 billion (annual rate) and
net farm income rose $4.6 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
240
240
200
200
160
160
120
120
GROSS FARM INCOME
80
60
60
40
-TV
20
20
NET FARM INCOME
10
10
1
1982
1983
1984
1 1 1
1
1985
1986
1
1987
1
1 1
1988
1989
1 1
1990
1991
COUNCIl OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from fanning
Net farm income
Gross farm income
Period
Cash marketing receipts
Total >
Total
Crops
Value of
inventory
changes 2
Production
expenses
Current
dollars
1987 dollars 3
166.3
164.1
153.9
168.0
161.2
156.1
168.4
174.5
190.3
195.1
187.9
141.6
142.6
136.8
142.8
144.1
135.3
141.8
151.1
160.9
170.0
166.8
69.2
70.3
69.6
72.9
69.8
71.6
76.0
79.4
84.1
89.6
85.8
72.5
72.3
67.2
69.9
74.3
63.7
65.8
71.6
76.8
80.4
81.1
6.5
14
-10.9
6.0
-2.3
22
-2.3
-3.5
4.3
2.9
-.1
139.4
140.3
139.6
141.9
132.4
125.1
128.7
133.9
140.2
144.3
145.7
26.9
23.8
14.2
26.1
28.8
31.0
39.7
40.6
50.1
50.8
42.3
34.1
28.5
16.3
28.7
30.5
32.0
39.7
39.1
46.2
45.0
36.0
n
m
199.3
191.5
188.3
201.6
166.0
166.8
173.7
173.4
89.4
87.9
90.7
90.3
76.6
78.9
83.0
83.1
4.7
3.6
2.3
1.2
142.0
143.5
143.8
147.8
57.2
48.0
44.4
53.6
51.6
42.6
39.1
46.9
n
m.
w
187.2
186.3
186.5
191.7
164.4
163.2
173.1
166.6
86.1
83.7
86.0
87.2
78.3
79.5
87.1
79.4
.6
1
-.5
7
146.0
147.9
144.2
144.6
41.3
38.4
42.4
47.0
35.6
32.9
36.1
39.8
1981 .
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 *
1990:
Livestock and
products
I
IV
1991- I
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
3
Income in current dollars divided by the GDP implicit price deflator.
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
CORPORATE PROFITS
In the first quarter of 1992, according to preliminary estimates, corporate profits before tax rose $23.7 billion
(annual rate) and profits after tax rose $15.2 billion.
BILUONS OF DOLLARS
BILUONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
350
PROFITS BEFORE TAX
200
200
PROFITS AFTER TAX
150
TAX LIABILITY
"\
' UNDISTRIBUTED PROFITS
I
-50
1982
I
I
I
I
I I
I I
I
I I
1988
1983
SOURCE: DEPARTMENT Of COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment 1
Profits after tax
Domestic industries
Total 2
Total
1982
1983
1984
1985
1986.
1987
1988
1989
1990
1991
1982:
19831984:
19851986:
19871988:
19891990-
IV
IV
IV
IV
IV
IV
IV
IV
I
.
n
m ....
IV
1991- I
n
1992:
1
2
Profits
before tax
Nonfinancial
Period
TTT .
IV
I".
Financial
Total3
Wholesale and
retail
trade
Total
166.4
202.2
236.4
225.3
227.6
273.4
320.3
327.0
318.2
315.5
138.6
171.9
205.2
194.5
194.6
233.9
271.2
273.1
258.0
249.5
15.6
24.5
20.3
28.7
35.8
36.4
41.8
39.2
39.6
41.7
123.0
147.4
185.0
165.8
158.9
197.5
229.4
233.9
218.3
207.7
63.1
71.4
86.7
80.1
59.0
87.0
117.5
113.6
95.7
81.7
31.9
38.7
49.7
43.1
46.3
39.9
37.1
42.8
39.8
45.8
176.3
210.7
240.5
225.0
217.8
287.9
347.5
344.5
332.3
312.4
63.1
77.2
94.0
96.5
106.5
127.1
137.0
138.0
135.3
124.5
113.2
133.5
146.4
128.5
111.3
160.8
210.5
206.6
197.0
187.9
160.0
216.2
223.6
228.0
225.0
293.4
340.5
319.2
330.0
335.4
302.4
304.9
315.7
316.1
313.4
316.9
336.9
130.8
182.6
192.9
193.5
192.5
246.3
285.9
258.3
271.9
282.1
245.8
232.1
241.2
254.4
250.4
251.9
269.0
23.0
22.1
20.3
29.0
34.7
39.4
46.1
32.4
41.4
41.5
39.3
36.4
40.1
42.1
43.5
41.3
47.2
107.8
160.5
172.6
164.5
157.8
207.0
239.7
225.9
230.5
240.7
206.5
195.7
201.0
212.3
206.9
210.5
221.8
50.1
90.5
79.2
83.3
63.9
98.7
129.3
101.0
102.1
107.1
94.8
78.9
75.0
82.9
84.1
84.7
33.8
40.7
50.8
39.0
43.1
39.3
39.3
45.1
41.6
45.1
34.4
38.2
45.3
46.9
44.6
46.4
168.6
223.8
220.1
231.8
235.7
311.2
372.2
332.8
336.6
331.6
335.1
326.1
309.1
306.2
31B.2
316.1
339.8
58.7
82.2
83.8
97.6
116.6
135.2
146.2
129.8
137.6
137.9
138.8
127.1
119.4
123.5
128.6
126.4
134.9
109.9
141.6
136.3
134.2
119.2
176.0
226.0
203.0
199.1
193.7
196.3
199.0
189.7
182.7
189.6
189.7
204.9
See p, 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Manufacturing
Tax
liability
Dividends
Undistributed
profits
70.0
81.2
82.7
92.4
109.8
106.2
115.3
127.9
133.7
137.8
72.5
84.2
83.4
97.4
111.0
106.3
121.0
130.7
132.3
132.5
133.8
136.2
137.8
136.7
138.1
138.5
138.6
43.2
52.3
63.8
36.1
1.6
54.6
95.2
78.7
63.3
50.2
37.5
57.4
52.9
36.9
8.2
69.7
105.0
72.3
66.7
61.2
62.5
62.8
51.9
46.1
51.5
51.2
66.2
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
-9.9
-8.5
-4.1
.2
9.7
-14.5
-27.3
-17.5
-14.2
3.1
-8.6
-7.6
3.5
-3.8
-10.7
-17.8
-31.7
-13.5
-6.6
3.8
-32.6
-21.2
6.7
9.9
-4.8
.7
r
-2.9
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
According to revised estimates for the first quarter of 1992, nonresidential fixed investment in 1987 dollars rose
$2.1 billion (annual rate) and residential investment rose $3.7 billion. There was an $18.4 billion decrease in
inventories, following an increase of $7.6 billion in the fourth quarter of 1991.
BILLOMS OF 1 987 DOLLARS
900
BILLIONS OF 1 987 DC
3LLARS
900
SEASONALLY ADJUSTED ANNUAL RATES
800
800
^/
700
^~"
^^
—\\
^>
/ I
GROSS P RIVATE DOW ESTIC
Ih VESTMENT
/
600
^\
500
/
-
s
400
"-^
700
•v
^^
V~'~ 1
"-
^ """
600
-"~5T
500
-1
NONRESIC ENTIAL
FIXED INVE STMENT
._:-^'
400
R ESIDENTIAL
FIXE D INVESTME *IT
300
300
200
200
**'
-._.-
100
'""""%
*
0
-100
1
1
1
/
1
1982
1
v^
1
t
1983
1 1
1984
i
i
i
1985
100
\,
f ^
^
7
\^
-.. — - — " "
CHANGE IN BUSINESS
INVENTORIES
\
S*
1
1
1
1986
* ~ ^^
f
7
1
1
1
1987
I
i
i
1988
i i i
i
1989
i
i
\
1990
1
1991
0
N
_ _ f
I
1
1
I
-100
1992
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Gross
private
domestic
investment
Period
1982
.
1983
1984
1985
1986
1987
1988
1989
1990
1991
198219831984198519861987:
19881989:
...
IV
IV
IV
IV
IV
IV
IV
IV
.
. . ..
1991- I
n
TTT
IV
.. .
1992- I '
Source: Department of Commerce, Bureau of Economic Analysis.
540.5
599.5
757.5
745.9
735.1
749.3
773.4
789.2
744.5
673.7
503.5
669.5
756.4
763.1
705.9
793.8
785.0
779.2
.
1990- I
n
m
rv
..
754.9
766.0
760.3
696.6
657.0
656.3
686.5
694.9
674.7
Nonresidential
Total
Total
Structures
Producers'
durable
equipment
Residential
Total
Nonfarm
558.0
595.1
689.6
723.8
726.5
723.0
753.4
756.6
744.2
687.6
548.4
640.2
708.4
732.9
725.9
733.9
764.1
749.2
758.9
743.8
746.4
727.8
433.9
420.8
490.2
521.8
500.3
497.8
530.8
542.4
548.8
512.4
417.2
449.6
509.6
525.5
495.5
510.6
538.8
541.3
181.3
160.3
182.8
197.4
176.6
171.3
174.0
177.4
177.9
154.0
252.6
260.5
307.4
324.4
323.7
326.5
356.8
365.0
370.8
358.3
124.1
174.2
199.3
202.0
226.2
225.2
222.7
214.2
195.5
175.2
4.4
67.9
22.1
8.5
26.3
19.9
32.6
.2
-13.9
-20.7
12.8
66.2
19.8
10.6
32.7
26.9
33.3
-1.5
-13.9
173.2
162.6
189.5
198.3
170.4
177.9
175.7
178.6
244.0
287.0
320.1
327.2
325.0
332.7
363.1
362.7
131.2
190.6
198.8
207.4
230.5
223.3
225.3
207.9
—44.9
29.3
47.9
30.2
-20.1
59.9
20.9
30.0
-46.2
32.3
50.8
28.0
-18.6
62.1
30.5
38.1
550.7
544.3
555.5
544.5
182.3
178.9
180.0
170.4
208.2
199.5
190.9
183.3
-4.0
22.1
13.9
-31.2
-5.5
15.5
9.9
-25.7
689.8
686.8
686.5
687.2
693.1
519.1
514.8
510.0
505.6
163.3
158.9
148.4
145.4
170.7
172.0
176.5
181.7
-32.8
30.4
.1
7.6
31.1
-30.8
-2.8
9.2
507.7
144.3
368.4
365.4
375.5
374.0
355.8
355.8
361.6
360.1
363.4
185.4
-18.4
17.5
18.1
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department January-March 1992 survey, business spending for new plant and
equipment is expected to rise 4.6 percent in 1992, following a decline of 0.6 percent in 1991.
BILLIONS OF DOLLARS (RATIO SCALE)
600
BILLIONS OF DOLLARS (RATIO SCALE)
SEASONALLY ADJUSTED ANNUAL RATES
500
500
400
400
I
\
ALL INDUSTRIES
300
300
NONMANUFACTURING-!-'
200
200
MANUFACTURING
100
L/
I
1983
1984
1986
1985
I I
1987
1989
1988
1990
•SECOND HALF
I/SURVEYED QUARTERLY
S/SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
1991
1992
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Manufacturing
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992 4
1990: I
n
1C ...
TV
1991: I
n
m
IV
1992: I 44
n
2nd half 4
All
industries
Total
324.73
326.19
321.16
373.83
410.12
399.36
410.52
455.49
507.40
532.61
529.20
553.68
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
183.61
182.81
532.50
534.55
534.11
530.13
Nonmanufacturing
358.77
363.08
359.73
418.38
454.93
447.11
461.51
508.22
563.93
591.96
588.74
616.25
Nonmanufacturing
Total
Surveyed
quarterly
230.09
239.11
242.38
278.77
302.05
309.16
320.45
344.77
380.13
399.34
405.13
433.43
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.59
370.86
Nondurable
goods
Total1
Mining
Transportation
Public
utilities
58.93
54.58
51.61
64.57
70.87
65.68
68.03
77.04
82.56
82.58
77.95
78.18
69.75
69.39
65.74
75.04
82.01
72.28
73.03
86.41
101.24
110.04
105.66
104.63
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.59
370.86
15.81
14.11
10.64
11.86
12.00
8.15
8.28
9.29
9.21
9.88
10.02
9.12
12.67
11.75
10.81
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.69
24.44
47.17
53.58
52.95
57.53
59.58
56.61
56.26
60.37
66.28
67.21
66.51
71.31
120.41
122.79
129.41
151.39
171.09
181.59
189.84
205.76
229.28
241.43
246.37
266.00
192.16
195.02
194.05
189.72
86.03
84.15
82.48
79.03
106.14
110.87
111.57
110.69
340.33
339.53
340.06
340.41
9.62
9.77
9.97
10.12
21.84
21.94
21.08
21.18
65.41
64.64
67.68
70.24
243.46
243.18
241.32
238.87
192.16
195.02
194.05
189.72
340.33
339.53
340.06
340.41
535.50
524.57
527.86
528.88
191.13
187.35
177.05
178.90
81.24
79.69
74.51
76.36
109.90
107.66
102.54
102.54
344.37
337.22
350.81
349.98
9.89
10.09
10.09
10.00
23.25
23.05
22.83
21.65
67.04
64.58
66.47
67.96
244.19
239.50
251.42
250.37
191.13
187.35
177.05
178.90
344.37
337.22
350.81
349.98
544.99
557.48
556.12
181.84
186.26
181.57
80.32
79.63
76.38
101.52
106.64
105.19
363.14
371.22
374.55
9.12
9.29
9.04
21.42
23.85
26.24
70.40
72.40
71.21
262.20
265.68
268.05
181.84
186.26
181.57
363.14
371.22
374.55
Durable
goods
1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
10
Total
nonfann
business2
Commercial
and
other
Manufacturing
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
183.61
182.81
Surveyed
annually*
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
59.35
59.54
62.57
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in January-March 1992, corrected for
biases.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In April, civilian employment rose 327,000 and unemployment fell 87,000.
MILLIONS OF PERSONS*
130
MILLIONS OF PERSONS*
130
SEASONALLY ADJUSTED
126
CIVILIAN LABOR FORCE
122
122
118
118
~r
114
114
CIVILIAN
EMPLOYMENT
110
110
106
106
102
102
12
UNEMPLOYMENT
/
I IIIII
I I I I I II I I I
I I I I I I I I I II
1984
1985
I IIIIIIi ii
I
1989
1988
1986
1990
1991
1992
*1« YEARS OF AGE AND OVER
COUNCIL OF ECONOMIC ADViSERS
SOURCE: DEPARTMENT OF LABOR
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
1982
1983
1984
1985
1986*
1987
1988
1989
1990
1991
1991:
Apr
May
June ....
July
Aug
Sept ....
Oct
Nov
Dee
1992:
Jan
Feb
Mar
Apr
Unemployment
Civilian employment
Civilian
Noninstitutional
population
including
resident
Armed
Forces
NSA
Resident
Armed
Forces
NSA
173,939
175,891
178,080
179,912
182,293
184,490
186,322
188,081
189,686
191,329
1,668
1,676
1,697
1,706
1,706
1,737
1,709
1,688
1,637
1,564
111,872
113,226
115,241
117,167
119,540
121,602
123,378
125,557
126,424
126,867
101,194
102,510
106,702
108,856
111,303
114,177
116,677
119,030
119,550
118,440
110,204
111,550
113,544
115,461
117,834
119,865
121,669
123,869
124,787
125,303
99,526
100,834
105,005
107,150
109,597
112,440
114,968
117,342
117,914
116,877
3,401
3,383
3,321
3,179
3,163
3,208
96,125
97,450
101,685
103,971
106,434
109,232
3,169 111,800
3,199 114,142
3,186 114,728
3,233 113,644
5,852
5,997
5,512
5,334
5,345
5,122
4,965
4,657
4,860
5,767
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
3,485
4,210
2,737
2,305
2,232
1,983
1,610
1,375
1,504
2,323
64.0
64.0
64.4
64.8
65.3
65.6
65.9
66.5
66.4
66.0
57.8
57.9
59.5
60.1
60.7
61.5
62.3
63.0
62.7
61.6
190,836
190,980
191,173
191,443
191,589
191,746
191,903
192,057
192,209
1,456
,458
,505
,604
,616
,624
,614
,605
,604
127,100
126,717
127,029
126,808
126,620
127,214
127,122
126,979
127,223
118,844
118,188
118,414
118,333
118,100
118,713
118,481
118,377
118,332
125,644
125,259
125,524
125,204
125,004
125,590
125,508
125,374
125,619
117,388
116,730
116,909
116,729
116,484
117,089
116,867
116,772
116,728
3,187
3,256
3,286
3,244
3,254
3,283
3,204
3,272
3,183
114,201
113,474
113,623
113,485
113,230
113,806
113,663
113,500
113,545
5,791
5,697
5,469
5,660
5,710
6,040
6,055
6,123
6,084
8,256
8,529
8,615
8,475
8,520
8,501
8,641
8,602
8,891
2,180
2,213
2,488
2,355
2,417
2,422
2,570
2,623
2,843
66.3
66.1
66.2
66.0
65.8
66.1
66.0
65.8
65.9
62.0
61.6
61.6
61.5
61.3
61.6
61.4
61.3
61.2
192,358
192,469
192,607
192,745
1,599
1,585
1,585
1,577
127,645
127,872
128,175
128,407
118,716
118,628
118,933
119,252
126,046
126,287
126,590
126,830
117,117
117,043
117,348
117,675
3,166
3,232
3,194
3,209
113,951
113,811
114,155
114,465
6,429
6,213
6,180
5,910
8,929
9,244
9,242
9,155
3,059
3,204
3,185
3,018
66.1
66.2
66.3
66.3
61.4
61.3
61.4
61.6
Labor force
including
resident
Armed
Forces
Employment
including
resident
Armed
Forces
Nonagricultural
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 noninatitutiona! population.
Agricultural
Total
Total
Part time
for
economicl
reasons
Total
15
weeks
and
over
Labor
force
participation
rate
Inor
(per-2
cent)
Employment/
population
ratio
(per-
cent) 2
'Data beginning January 1986 not strictly comparable with earlier data because of change in
estimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In April, the civilian unemployment rate fell to 7.2 percent and the overall unemployment rate fell to 7.1 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
20
TEENAGERS
(16-19)
10
MEN 20 YEARS
AND OVER
WOMEN 20 YEARS
AND OVER
1988
1992
1990
1991
* UNEMPtOYMENI 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
Period
1982
1983
1984
1985
9.5
9.5
7.4
7.1
1986
1987
1988
1989
1990
1991
6.9
6.1
5.4
5.2
5.4
6.6
6.5
6.7
6.8
6.7
6.7
6.7
6.8
6.8
7.0
1991: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1992: Jan
Feb
Mar
Apr
....
...
....
....
....
....
7.0
7.2
7.2
7.1
By sex and age
All
civilian
workers
9.7
9.6
7.5
7.2
7.0
6.2
5.5
5.3
5.5
6.7
6.6
6.8
6.9
6.8
6.8
6.8
6.9
6.9
7.1
7.1
7.3
7.3
7.2
Men
20 years
and over
Women
20 years
and
over
8.8
8.9
6.6
6.2
6.1
5.4
4.8
4.5
4.9
6.3
8.3
8.1
6.8
6.6
6.2
5.4
4.9
4.7
4.8
5.7
6.2
6.4
6.5
6.5
6.5
6.5
6.5
6.4
6.6
5.5
5.7
5.7
5.4
5.7
6.9
7.0
6.9
6.8
5.6
5.8
5.9
6.1
5.9
6.1
6.1
6.3
Both
sexes
16-19
years
23.2
22.4
18.9
18.6
18.3
16.9
15.3
15.0
15.5
18.6
18.2
18.9
19.0
19.9
19.0
18.2
18.9
18.7
19.3
18.3
20.0
20.6
19.2
White
8.6
8.4
6.5
6.2
6.0
5.3
4.7
4.5
4.7
6.0
5.8
6.0
6.1
6.1
6.1
6.1
6.1
6.2
6.3
6.2
6.5
6.5
6.3
1
Unemployed as percent of total labor force including resident Armed Forces.
2
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
12
By selected groups
By race
Black
and
other
17.3
17.8
14.4
13.7
13.1
11.6
10.4
10.0
10.1
11.1
11.1
11.3
11.2
10.6
11.1
11.1
11.5
11.0
11.5
12.6
12.2
12.2
12.4
Black
18.9
19.5
15.9
15.1
14.5
13.0
11.7
11.4
11.3
12.4
12.5
12.8
12.7
11.9
12.4
12.3
12.8
12.3
12.7
13.7
13.8
14.1
13.9
Experienced
wage and
salary
workers
Married
men,
spouse
present
6.6
5.8
5.2
5.0
5.3
6.5
6.3
6.5
6.6
6.4
6.5
6.5
6.6
6.7
6.8
6.5
6.5
4.6
4.3
4.4
3.9
3.3
3.0
3.4
4.4
4.3
4.4
4.6
4.4
4.4
4.5
4.2
4.5
4.7
6.9
7.1
7.2
6.9
4.8
5.0
4.8
4.7
9.3
9.2
7.1
6.8
Women
who
maintain
families
11. -7
12.2
10.3
10.4
9.8
9.2
8.1
8.1
8.2
9.1
9.6
9.2
9.1
8.5
9.4
9.0
9.4
9.1
9.1
9.0
9.5
10.0
10.2
Source: Department of Labor, Bureau of Labor Statistics.
Labor
force
time lost
(percent) 2
Pulltime
workers
Parttime
workers
9.6
9.5
7.2
6.8
6.6
5.8
5.2
4.9
5.2
6.5
10.5
10.4
9.3
9.3
9.1
8.4
7.6
7.3
7.4
8.3
11.0
10.9
8.6
8.1
7.9
7.1
6.3
5.9
6.2
7.6
6.3
6.5
6.6
6.6
6.6
6.5
6.6
6.5
6.8
6.8
7.1
7.0
7.0
8.2
8.8
8.5
8.2
8.3
8.4
8.4
8.6
8.6
7.5
7.6
7.6
7.6
7.7
7.7
7.7
7.9
8.1
9.1
8.8
9.0
8.8
8.1
8.3
8.3
8.3
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In April, the percentages of the unemployed who had been out of work for less than 5 weeks and for 15-26
weeks fell, and the percentages for 5-14 weeks and for 27 weeks and over rose. The mean duration of
unemployment fell to 17.0 weeks and the median duration rose to 8.8 weeks.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION
70
70
DURATION OF UNEMPLOYMENT
LESS THAN
5 WEEKS
/
-
5-14
WEEKS
K
IV
1989
1988
1992
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
46.1
40.1
40.2
42.2
39.2
39.8
39.9
39.0
38.2
38.1
37.1
36.8
33.3
36.0
35.9
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
32.0
32.3
33.1
31.8
32.3
32.3
31.6
32.7
32.1
31.5
31.0
29.5
31.7
29.1
30.2
Insured
State
programs
Number of
weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
11.8
14.5
14.5
13.9
15.7
14.6
14.8
14.7
16.4
15.1
15.4
16.1
16.1
15.5
14.4
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
10.1
13.0
12.2
12.0
12.8
13.2
13.7
13.6
13.4
15.3
16.5
17.7
18.9
19.4
19.6
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.1
13.8
13.4
13.1
14.0
13.9
14.1
14.2
14.6
14.9
15.3
16.4
17.0
17.1
17.0
8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
5.4
6.9
6.9
6.6
6.9
6.8
7.2
7.4
7.4
7.7
7.8
8.1
8.2
8.0
8.8
Job
losers
Job
leavers
Reentrants
New
entrants
58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
48.3
54.7
54.0
53.6
54.7
54.7
55.4
56.1
55.1
54.8
56.2
53.7
57.8
57.3
56.5
7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
14.8
11.6
12.0
12.1
12.3
11.6
10.5
11.0
11.4
11.5
10.3
11.0
9.8
9.9
11.3
22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
27.4
24.8
25.0
25.3
24.4
24.3
24.9
23.8
24.2
24.6
24.4
26.4
23.5
24.0
23.1
11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.0
9.0
8.5
9.4
9.1
9.1
9.4
9.0
9.1
8.9
8.9
8.8
9.2
Insured
unemployment
Initial
claims
ployment,
all
regular
programs
(unadjusted) 1
Weekly average, thousands
1982
1983
1984.
1985
1986
1987
1988
1989
1990
1991
1991: Apr
May
y
J
July .
Sept
Oct
Nov . .
Dec
1992: Jan
Feb
Mar
.
.
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
8,256
8,529
8,615
8,475
8,520
8,501
8,641
8,602
8,891
8,929
9,244
9,242
9,155
1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
4,061
3,396
2,476
2,611
2,650
2,332
2,081
2,158
2,522
3,342
3,490
3,475
3,406
3,336
3,283
3,267
3,273
3,313
3,317
3,349
3,324
3,340
3,348
583
438
377
396
378
328
310
330
388
447
460
433
421
418
415
415
418
448
464
446
452
440
412
4,594
3,775
2,561
2,693
2,746
2,401
2,135
2,205
2,575
3,407
3,864
3,262
3,177
3,270
2,999
2,795
2,795
2,846
3,565
4,197
4,199
r
4,102
3,626
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 126,000 in April.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
30
,
110
,
^
\
ALLNCDNAGRICULT JRAL
ES ABLISHMEN S
100
f^\
26
+—
80
'
'SERVICES "
22
SER /ICE-PRODUC:ING
INDUSTRIES
RET> IL TRADE
—\
20
70
18
60
,.
16
^S?
\
.
GOVERNM :NT
Illllllllll Illllllllll
^—-*—
•
'
-,
-
INDUSTRIES
\
\ '
iiiiiliini
'
Illllllllll.
\
MANUFACTURING
\
1
1
18 iiimlmii iiiiiliini 1 1 1 1 1 1 1 1 1 1 imll'll ITU ill m 1 1 1 1 1 1 ii
30
20
_i
"»••
^
90
40
—^-]
28
1988
"^~
Illllllllll I l l l l l l l l l l
1989
imilnm I l l l l l l l l l l
1991
1990
1992
V
Illllllllll Illllllllll
" 1988
1989
N
r~
1
-,
iiiiiliiiii inn linn
1990
*5EASONAUY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
|
1991
1992
*
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; 1 seasonally adjusted]
Service-producing industries
Goods-producing industries
r enou
T>annd
Total
nonagricultural
employment
Manufacturing
Total2
pvonrt
Btructlon
Total
97,519
99,525
102,200
105,536
108,329
109,971
108,981
23,813
23,334
24,727
24^859
24)558
24,708
25473
25,322
24*958
23,819
4)673
4^816
4,967
5410
5,187
5436
4,696
18,781
18434
19,378
19)260
18^965
19,024
19)350
19,442
19411
18,426
1991: Apr
108,736
May.... 108,887
June ... 108,885
July.... 108,859
Aug.... 108,971
Sept ... 109,066
Oct .... 109,073
Nov ... 108,843
Dec .... 108,882
1992: Jan .... 108,760
Feb r... 108,866
Mar r .. 108,905
Apr".. 109,031
23,794
23,847
23,792
23,798
23,826
23,797
23,727
23,595
23,552
23,506
23,486
23,501
23,492
4,688
4,715
4,710
4,695
4,691
4,699
4,671
4,584
4,589
4,602
4,578
4,594
4,583
18,396
18,426
18,378
18,402
18,442
18,414
18,377
18,337
18,293
18,238
18,245
18,246
18,254
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
89,566
90,200
94,496
3,905
3)948
4 383
Durable
goods
11,014
10*707
11 479
11,464
ll!203
11,167
11,381
11,420
11,115
10556
7,767
7J26
7 899
7)796
7J61
7,858
7".969
8,022
7)995
7,870
65,753
66)866
69 769
72,660
74)967
77,492
80)363
83 007
85,014
85 163
5,082
4)954
5,159
5)288
5)255
5,372
5)527
5,644
5)826
5,824
10,560
10,575
10,534
10,546
10,553
10,531
10,493
10,457
10,414
10,367
10,380
10,379
10,377
7,836
7,851
7,844
7,856
7,889
7,883
7,884
7,880
7,879
7,871
7,865
7,867
7,877
84,942
85,040
85,093
85,061
85,145
85,269
85,346
85,248
85,330
85,254
85,380
85,404
85,539
5,814
5,819
5,809
5,809
5,820
5,829
5,828
5,816
5,811
5,794
5,801
5,790
5,787
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 moatb. 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
Transportation
and
public
utilities
Nondurable
goods
Total
Wholesale
trade
5,296
5)286
5,574
5)736
5)774
5,865
Untoi]
xteuui
trade
Finance,
insurance,
and real
Government
Services
Total
Federal
estate
19,036
19,694
15,837
15,869
16,024
2,739
2,774
15,161
5,341
6,221
6)205
6,072
15,595
16,526
17)336
17,909
18,462
19)077
19,549
19,683
19,346
5)468
5,689
5)955
6,283
6,547
6J649
6,695
6,139
6,708
20,797
21,999
23,053
24,235
25,669
27,120
28,240
28,779
16,394
16,693
17,010
17,386
17,779
18,322
18,433
2,807
2,875
2,899
2,943
2,971
2,988
3,085
2,966
6,086
6,085
6,068
6,064
6,050
6,049
6,047
6,034
6,023
6,007
5,997
5,992
5,992
19,324
19,339
19,345
19,347
19,343
19,338
19,288
19,227
19,224
19,168
19,296
19,260
19,306
6,718
6,712
6,703
6,688
6,687
6,692
6,697
6,694
6,701
6,693
6,701
6,704
6,710
28,576
28,645
28,712
28,733
28,831
28,937
29,019
29,008
29,057
29,073
29,075
29,091
29,163
18,424
18,440
18,456
18,420
18,414
18,424
18,467
18,469
18,514
18,519
18,510
18,567
18,581
2,953
2,952
2,971
2,963
2,967
2,979
2,983
2,982
2,986
2,983
2,981
2,989
2,986
e)o55
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.
* 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 weekly hours
Average gross hourly earnings
Period
Total
private
nonagricultural '
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991- Apr
May
July
Sept
Oct
Nov
Dec
1992- Jan
Feb *
Mar '
Apr"
Total
Average gross weekly earnings
Total private
nonagricultural l
Manufacturing
Overtime
Current
dollars
Total private
nonagricultural *
1982 2
Manufacturing
dollars
Current dollars
Current
dollars
dollars 2
Manufacturing
Construction
Retail
trade
1982
Percent change from a
year earlier, total
private
nonagricultural 3
1982
dollars
Current
dollars
34.8
35.0
35.2
34.9
34.8
34.8
34.7
34.6
34.5
34.3
38.9
40.1
40.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7
2.3
$7.68
$7.68
$8.49
3.0
3.4
3.3
3.4
3.7
3.9
3.8
3.6
3.6
8.02
8.32
8.57
8.76
8.98
9.28
9.66
10.02
10.34
7.79
7.80
7.77
7.81
7.73
7.69
7.64
7.53
7.46
8.83
9.19
9.54
9.73
9.91
10.19
10.48
10.83
11.18
$267.26
280.70
292.86
299.09
304.85
312.50
322.02
334.24
345.69
354.66
$267.26
272.52
274.73
271.16
271.94
269.16
266.79
264.22
259.72
255.89
$330.26
354.08
374.03
386.37
396.01
406.31
418.81
429.68
441.86
455.03
$426.82
442.97
458.51
464.46
466.75
480.44
495.73
513.17
526.40
533.78
$163.83
171.13
174.47
174.81
175.80
178.80
183.62
188.72
194.69
200.20
4.7
5.0
4.3
2.1
1.9
2.5
3.0
3.8
3.4
2.6
-1.2
2.0
.8
13
.3
-1.0
9
10
j7
-1.5
34.0
34.3
34.6
34.1
34.3
34.5
34.3
34.4
34.5
40.2
40.4
40.8
40.7
41.0
41.0
40.9
41.0
41.1
3.3
3.4
3.7
3.7
3.8
3.7
3.7
3.7
3.8
10.28
10.32
10.37
10.36
10.40
10.41
10.40
10.44
10.48
7.46
7.47
7.49
7.47
7.49
7.47
7.45
7.45
7.46
11.12
11.15
11.19
11.22
11.25
11.25
11.26
11.31
11.32
349.52
353.98
358.80
353.28
356.72
359.15
356.72
359.14
361.56
253.64
256.32
259.25
254.89
256.82
257.82
255.53
256.35
257.52
447.02
450.46
456.55
456.65
461.25
461.25
460.53
463.71
465.25
532.50
533.40
532.64
532.38
533.25
537.73
536.97
527.42
537.86
197.95
200.33
202.59
199.65
201.34
203.04
200.50
204.19
203.77
2.5
2.9
3.1
1.9
3.0
2.8
3.3
3.0
3.0
— 2.1
-1.9
— 1.4
-2.3
-.5
-.3
.6
.2
.3
34.2
34.7
34.5
34.4
40.8
41.1
41.1
41.1
3.6
3.7
3.7
4.0
10.47
10.51
10.55
10.54
7.45
7.46
7.46
7.43
11.28
11.33
11.36
11.44
358.07
364.70
363.98
362.58
254.85
259.02
257.23
255.70
460.22
465.66
466.90
470.18
531.62
523.77
532.60
538.12
202.64
207.48
206.64
203.92
3.1
3.9
3.9
3.1
.6
1.1
.9
.1
1
2
Also includes other private industry groups shown on p. 14.
Current dollar earnings divided by the consumer price index for urban wage earners and clerical
workers (on a 1982 = 100 base).
3
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Percent change from
Index (June 1989 = 100)
Period
12 months earlier
3 months earlier
Total
compensation
Wages and
salaries
Benefits 1
Total
compensation
Wages and
salaries
Benefits '
Total
compensation
Wages and
salaries
Benefits
I
Not seasonally adjusted
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
19901991:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
75.8
80.1
84.0
87.3
90.1
93.1
97.6
102.3
107.0
111.7
77.6
81.4
84.8
88.3
91.1
94.1
98.0
102.0
106.1
110.0
1989:
Mar
98.9
99.9
101.2
102.4
99.1
100.0
101.1
102.2
98.2
99.9
101.5
103.0
103.8
105.0
106.2
107.2
103.3
104.4
105.4
106.2
Dec
108.5
109.7
110.8
111.9
Mar
113.0
71.4
76.7
81.7
84.6
87.5
90.5
96.7
102.6
109.4
116.2
1.4
1.3
1.4
.5
Dee
1990:
Mar
Sept
Dec
1991:
Mar
June
Sept
1992:
1
7.2
7.4
1.1
1.0
1.3
1.2
1.0
.9
1.1
1.1
1.2
1.7
1.6
1.5
4.6
4.5
4.8
4.8
4.2
4.1
4.3
4.1
5.4
5.6
6.0
6.1
105.2
106.7
108.3
109.9
1.4
1.2
1.1
.9
1.1
1.1
1.0
.8
2.1
1.4
1.5
1.5
5.2
5.2
4.9
4.6
4.2
4.5
4.2
4.0
7.2
6.9
6.8
6.6
107.3
108.4
109.2
110.1
111.4
113.2
115.1
116.7
1.2
1.1
1.0
1.0
1.0
1.0
.7
.8
1.4
1.6
1.7
1.4
4.4
4.4
4.5
4.4
4.0
3.7
3.7
3.7
5.8
6.2
6.4
6.2
111.0
118.4
1.0
.8
1.5
4.2
3.4
6.3
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of iabor, free from the
influence of employment shifts among occupations and industries.
6.3
4.9
4.2
4.1
3.2
3.3
4.1
4.1
4.0
3.7
.6
1.0
1.0
1.2
1.0
.9
6.5
3.5
3.4
3.4
6.9
6.1
6.6
6.2
Not seasonally adjusted
Seasonally adjusted
Sept
6.5
5.7
4.9
3.9
3.2
3.3
4.8
4.8
4.6
4.4
1.2
1.1
1.2
.6
.6
.6
1.0
.8
.7
.6
1.3
1.3
1.3
.6
.7
.6
1.0
1.1
.8
.6
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistic!
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Output 1
Business
sector
Hours of 2all
persons
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Compensation
per
hour 3
Business
sector
Nonfarm
business
sector
Keal compensation
per hour 4
Business
sector
Nonfarm
business
sector
Unit labor costs
Implicit price
deflator <•
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1982 = 100; quarterly data seasonally adjusted
1981
1982
1983
1984
1985...
1986
1987
1988. ..
1989
1990
1991 .. .
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
IV
IV
IV
IV
IV
IV
IV
I
n
m
IV
1990: I
n
m
IV
1991: I
n
m
rv
99.9
100.0
102.4
104.5
105.4
107.5
108.3
109.2
108.2
108.1
108.4
102.4
100.0
104.1
112.6
116.7
119.9
124,8
130.1
132.4
132.9
131.0
102.4
100.0
104.4
113.0
116.8
120.1
125.0
130.6
132.8
133.2
131.1
102.5
100.0
101.8
107.6
109.9
110.7
114.1
117.9
120.9
121.2
119.1
102.5
100.0
102.0
108.1
110.8
111.8
115.4
119.5
122.7
123.1
120.9
93.0
100.0
103.7
108.1
113.0
118.6
122.7
128.0
132.5
139.6
145.1
93.0
100.0
103.9
108.1
112.6
118.1
122.1
127.2
131.5
138.3
143.8
98.7
100.0
100.5
100.4
101.3
104.4
104.3
104.4
103.1
103.1
102.8
98.8
100.0
100.7
100.4
101.0
104.0
103.7
103.8
102.3
102.1
101.9
93.1
100.0
101.5
103.3
106.5
109.5
112.2
116.0
121.0
127.2
131.9
93.1
100.0
101.5
103.4
106.8
109.9
112.8
116.4
121.5
127.9
132.6
94.5
100.0
103.4
107.7
111.2
113.6
116.6
120.8
126.0
130.8
135.1
94.2
100.0
104.0
107.6
111.6
114.2
117.2
121.4
126.4
131.3
136.0
101.1
103.0
105.2
106.9
108.0
110.3
110.4
101.0
103.2
105.1
105.8
107.1
109.1
109.6
100.0
107.5
114.4
118.0
120.6
127.4
131.7
100.0
108.1
114.8
118.2
120.8
127.6
132.5
98.9
104.3
108.7
110.4
111.6
115.5
119.3
98.9
104.7
109.2
111.7
112.8
117.0
121.0
102.1
105.2
109.7
115.4
120.6
125.3
130.1
102.1
105.1
109.7
114.8
120.1
124.6
129.3
100.6
100.4
100.6
102.2
105.3
104.8
104.3
100.6
100.3
100.5
101.6
104.9
104.2
103.6
101.0
102.1
104.3
108.0
111.6
113.7
117.8
101.1
101.8
104.4
108.4
112.1
114.3
118.0
101.1
104.8
109.0
112.4
114.6
117.9
122.8
101.4
105.2
109.0
112.9
115.2
118.5
123.4
110.0
109.7
109.2
109.1
108.8
108.2
107.9
107.8
132.6
132.5
132.4
132.2
133.0
132.8
132.8
132.6
120.5
120.7
121.3
121.2
122.2
122.7
123.1
123.0
131.3
131.9
132.6
134.1
130.4
130.7
131.5
133.0
104.0
102.9
102.7
102.7
103.3
102.0
101.8
101.9
119.3
120.2
121.5
122.8
119.8
120.8
121.9
123.4
124.2
125.6
126.4
127.6
124.5
126.0
126.9
128.0
109.6
110.3
109.6
109.4
108.1
108.6
107.9
107.9
133.2
133.9
132.9
131.8
133.5
134.1
133.1
132.0
121.6
121.4
121.2
120.5
123.5
123.4
123.3
122.4
136.2
139.0
140.9
142.3
134.9
137.6
139.5
141.0
102.6
103.6
103.3
102.6
101.7
102.6
102.3
101.7
124.3
126.1
128.5
130.1
124.9
126.7
129.2
130.7
128.8
130.2
131.6
132.5
129.2
130.6
132.2
133.3
109.4
109.9
110.2
110.8
107.9
108.4
108.6
109.1
130.2
130.7
131.3
131.6
130.4
130.9
131.4
131.6
119.1
119.0
119.2
118.7
120.9
120.8
121.0
120.6
143.2
144.8
145.8
146.9
142.0
143.6
144.5
145.5
102.4
103.0
103.0
102.9
101.6
102.1
102.1
101.8
131.0
131.8
132.3
132.6
131.6
132.5
133.0
133.3
134.0
135.0
135.6
135.9
134.9
135.7
136.4
137.0
99.9
100.0
102.2
104.6
106.1
,
108.3
109.4
110.4
109.5
109.7
110.0
Percent change; quarterly data at seasonally adjusted annual rates
1981
1982
1983.
1984
1985
1986
1987
1988 .
1989
1990
1991
1989: I .
n
m
IV
1990: I
n
m
IV
1991- I
n
m
rv
1.3
.1
2.2
2.3
1.4
2.0
1.0
.9
7
.2
.2
0.9
.1
2.4
2.1
.8
1.9
.8
.9
-.9
-.1
.3
1.9
-2.3
4.1
8.2
3.6
2.8
4.1
4.3
1.8
.4
-1.5
1.6
-2.4
4.4
8.2
3.4
2.8
4.1
4.4
1.7
.3
16
0.6
25
1.8
5.7
2.1
.7
3.1
3.3
2.6
.2
-1.7
0.7
-2.4
2.0
6.0
2.5
.9
3.3
3.5
2.7
.3
18
9.4
7.6
3.7
4.2
4.5
4.9
3.5
4.3
3.5
5.4
3.9
9.6
7.5
3.9
4.0
4.2
4.9
3.4
4.1
3.4
5.2
4.0
-0.8
1.3
.5
-.1
.9
3.0
-.1
.1
-1.2
-.0
-.3
-0.7
1.2
.7
-.3
.6
3.0
-.2
0
-1.4
2
-.2
8.0
7.4
1.5
1.9
3.0
2.8
2.5
3.3
4.3
5.2
3.7
8.6
7.4
1.5
1.9
3.3
2.9
2.6
3.2
4.3
5.3
3.7
10.1
5.8
3.4
4.1
3.3
2.2
2.6
3.6
4.3
3.8
3.3
10.1
6.1
4.0
3.5
3.7
2.4
2.6
3.6
4.1
3.9
3.5
-1.5
-1.0
-2.0
-.2
-2.8
-2.0
-1.3
-.3
2.6
-.3
— .1
-.6
1.4
-.6
.1
-.7
4.2
.7
2.0
-.4
4.3
1.4
1.4
— .4
3.5
2.0
2.1
4.4
3.4
1.1
2.5
4.5
-1.1
-4.0
-1.0
.3
-1.3
-4.8
-.7
.4
5.1
3.1
4.2
4.6
6.4
3.2
3.8
4.8
4.7
4.4
2.7
3.7
3.9
4.7
3.0
3.5
1.7
2.4
-2.2
-.9
1.0
2.1
-2.5
3
3.0
2.0
-3.0
-3.0
2.7
1.8
-3.0
-3.1
1.2
-.5
-.8
-2.2
1.8
g
-.5
-2.8
6.6
8.4
5.7
4.1
6.0
8.1
5.6
4.4
-.4
4.1
-1.3
-2.6
-1.0
3.9
-1.4
-2.3
4.8
5.8
8.1
5.0
5.0
5.9
8.4
4.7
4.0
4.3
4.4
2.8
3.8
4.5
4.8
3.4
— .1
1.9
1.1
2.2
.1
1.9
.9
1.7
49
1.7
1.8
.8
-4.9
1.6
1.6
.6
-4.7
-.3
.7
-1.5
49
-.3
.7
-1.1
2.6
4.6
2.7
3.2
2.7
4.6
2.6
2.7
-.6
2.0
0
-.4
2.7
2.6
1.6
.9
2.7
2.6
1.8
.9
4.5
2.9
1.8
1.1
4.8
2.5
2.1
1.7
1
Output refers to gross domestic product originating in the sector in 1987 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data,
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
* Hourly compensation divided by the consumer price index for all urban consumers.
5
Current dollar gross domestic product divided by constant dolia/ gross domestic product.
NOTE.—Data relate to ail persons engaged in the sector.
16
2.1
-.9^
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Data reflect the recent comprehensive (benchmark) revision of the national income and product
accounts by the Department of Commerce, Bureau of Economic Analysis (BEA). BEA data for
output and compensation for 1991 incorporate benchmarking to unemployment insurance (UI)
records. However, the detailed UI information needed by the Bureau of Labor Statistics to measure
employment and hours for 1990 and 1991 is not yet available. Therefore, movements in measures
based on hours of labor input should be interpreted with caution for 1990 and 1991.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization rose again in April.
INDE <, 1987 = 100* (RATIO SCALE]
INDE)(, 1987 = 100* (RATIO SCALE)
120
130
115
TOTAL INDUSTRIAL PRODUCTION
110
105
FINAL PRODUCTS
—J
-••
x—-1
^ \
100
u i n l , m,
,
mlll
105
||||M
IMMlllMI
100
120
MANUFACTURING
DURABLE
EQUIPMENT
f
y
^'"
\ _,,__
95
x
-~-^^'~f *-~'\ -~/\'
CONSUMEI
GOODS
\.,
'^l*
115
~-'^~
^
100
95
P
yQ*-V
.^~— '
~|
/
105
^
1 1 , 1 1 inn
|
Illllllllll
PERC ENT*
88
UTILITIES AND MINING
(\
\
i
84
r^ .»
/
"»
. , V-' V V V'
>^ \r^^> ^^
,
95
1988
V
82
h/"
^~^]
y~^~~\
\
\_/
\^
78
-^^
76
1991
1990
~^
80
MINING
1989
CAPACITY UTILIZATION RATE
(TOTAL INDUSTRY)
86
A.
J
100
""•>
85
80
UTILITIES
105
'\
r
^
NONDURABLE
mnliim , | | M |
110
"'-
I^
S*
120
115
"\"
DEFENSE
AND SPACE
E QUIPMENT
90
110
\^^-~^ x
r/\
/
\
1
/] ^ V BUSINESS
115
^/—^ ^
_^
A-
120
110
95
__-
125
, 1 1 H11 ! 1 1I 1 M 1 1 1 1 1 1,,
1988
1992
M 1 1 1 1 1 Ii 1 1
1 1 1! 1 1 1 1 1 ,! 1 1 1 1 1 1 , 1 1 1 1
1991
1990
1989
SEASONALLY ADJ USTED
OURCE. BOARD O GOVERNORS OF T HE FEDERAL BESER /E SYSTEM
1
1992
COUNCtL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Total
industrial
production
Period
Index,
1987 = 100
1981
1982
1983
Capacity utilization
rate, percent 1
Industry production indexes, 1987 = 100
Manufacturing
Percent
change
from year
"earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
85.7
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
109.2
107.1
1.9
— 4.4
3.7
9.3
1.7
1.0
4.9
5.4
2.6
1.0
-1.9
80.3
76.6
80.9
89.3
91.6
94.3
100.0
105.8
108.9
109.9
107.5
77.4
72.7
76.8
88.4
91.8
93.9
100.0
107.6
110.9
111.6
107.1
84.5
82.5
87.0
90.8
91.5
94.9
100.0
103.6
106.4
107.8
107.9
114.3
109.3
104.8
111.9
109.0
101.0
100.0
101.8
100.5
102.6
101.1
94.3
91.8
93.6
97.0
99.5
96.3
100.0
104.4
107.1
108.0
109.2
80.9
75.0
75.8
81.1
80.3
79.2
81.4
84.0
84.2
83.0
79.4
78.8
72.8
74.9
80.4
79.5
79.0
81.4
83.9
83.9
82.3
78.2
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
105.5
106.4
107.3
108.1
108.0
108.4
108.4
108.1
107.4
-3.0
27
-2.5
-2.1
-2.3
-2.0
14
o
'.2
105.9
106.6
107.5
108.3
108.4
108.9
109.0
108.6
108.1
106.0
106.7
107.3
108.1
107.8
108.4
108.2
107.8
107.1
105.9
106.5
107.6
108.6
109.0
109.6
110.1
109.6
109.5
100.9
100.2
102.1
102.7
101.3
101.4
100.7
99.6
98.8
105.9
111.4
111.5
110.9
110.7
109.7
109.4
111.0
107.9
78.6
79.1
79.6
80.0
79.8
79.9
79.8
79.3
78.7
77.5
77.8
78.3
78.7
78.6
78.8
78.7
78.2
77.7
1992: Jan r
Feb r
Mar r
Apr"
106.6
107.2
107.6
108.2
.0
1.4
2.5
2.5
107.4
108.1
108.5
109.0
105.8
107.0
107.2
108.0
109.5
109.4
110.1
110.3
97.8
98.3
97.6
98.4
106.8
106.4
108.9
108.7
78.0
78.3
78.4
78.7
77.0
77.3
77.5
77.7
1984
1985
1986
1987
1988
1989
1990
1991
1991:
1
Output as percent of capacity.
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; monthly data seasonally adjusted]
Materials
Products
Intermediate products
Final products
Consumer goods
Equipment
Period
Total
Total
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991:
.
Apr
May
...
.
.
July
Aue
Sept
Oct
Nov
.. ..
Dec
1992- Jan '
Feb r
Mar r
Apr *
1
.
Durable
goods
Nondurable
goods
Total1
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Energy
80.8
83.0
91.0
94.2
95.7
100.0
105.6
109.1
110.9
109.6
84.5
88.8
92.8
93.7
96.8
100.0
104.0
106.7
107.3
107.5
68.7
79.7
91.0
91.6
94.5
100.0
104.9
107.9
106.2
102.3
89.7
91.9
93.4
94.4
97.6
100.0
103.7
106.4
107.6
109.0
77.0
76.8
89.2
94.8
94.5
100.0
107.6
112.3
115.5
112.2
72.9
71.9
85.4
91.1
93.2
100.0
111.8
119.1
123.1
121.5
65.7
71.8
78.9
89.4
96.0
100.0
98.0
97.4
97.3
91.1.
75.1
80.3
86.2
88.3
92.0
100.0
104.4
106.8
107.7
103.4
72.2
80.2
86.2
89.1
93.8
100.0
104.4
106.1
105.2
96.0
77.0
80.3
86.2
87.7
90.7
100.0
104.4
107.3
109.4
108.4
85.1
88.3
96.6
96.6
95.9
100.0
105.6
107.4
107.8
105.5
100.7
98.9
103.8
103.4
99.4
100.0
101.8
101.4
102.1
102.3
108.7
109.3
110.1
110.2
109.8
110.4
110.6
110.6
109.9
105.5
106.6
108.0
108.3
108.4
109.4
109.7
110.0
109.1
99.3
101.1
104.2
105.5
104.0
107.7
107.5
106.0
104.6
107.2
108.1
109.0
109.0
109.6
109.8
110.3
111.1
110.3
112.8
112.7
112.8
112.8
111.6
111.8
111.9
111.4
110.9
121.3
121.7
121.9
122.5
121.3
122.2
122.3
121.8
121.4
92.5
91.5
91.0
90.0
89.8
89.1
89.1
88.8
88.1
101.2
102.7
104.0
104.0
104.4
104.3
104.1
103.9
103.8
94.9
95.8
97.4
96.9
96.7
96.5
95.4
95.9
95.0
105.6
107.5
108.5
109.0
109.7
109.7
110.1
109.4
110.0
103.4
104.5
105.4
107.0
107.2
107.5
107.4
106.6
105.8
101.1
102.4
103.4
104.1
103.3
103.6
103.1
102.2
100.4
108.7
109.5
110.0
110.6
108.1
108.8
109.5
109.9
101.3
105.3
105.9
107.9
110.0
109.8
110.5
110.5
109.4
110.3
110.7
111.5
119.9
121.2
121.8
122.8
86.7
86.2
86.1
86.0
103.9
103.9
104.3
104.5
95.5
95.9
96.1
96.7
109.9
109.5
110.1
110.0
105.2
105.7
106.1
106.7
100.4
100.5
100.5
101.3
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987 = 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Transportation
equipment
Primary metals
Period
Total
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991: Apr
....
.. .
...
... .
May
T*
July
Sent
Oct
Noy
Dec
1992: Jan '.
Feb r
Mar r.
Apr"
.. .
Source: Board of Governors of the Federal Reserve System.
18
Iron
and
steel
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber and
products
Apparel
products
Printing
and
publishing
Chemicals
and
products
Foods
83.2
91.0
102.4
101.8
93.8
100.0
110.3
109.2
108.4
99.5
86.2
96.1
105.9
104.5
90.8
100.0
113.8
109.3
109.9
98.0
83.2
85.5
93.3
94.5
93.8
100.0
106.2
107.2
105.9
100.4
63.9
64.3
80.8
86.8
90.4
100.0
113.8
121.8
126.5
123.5
75.9
80.3
94.1
93.1
94.3
100.0
106.5
109.5
111.4
110.1
64.8
72.7
83.1
91.8
96.9
100.0
105.0
107.2
105.5
98.6
58.8
74.5
90.6
99,0
98.5
100.0
105.5
104.9
96.8
90.4
67.3
79.9
86.0
88.0
95.1
100.0
104.6
103.0
101.6
94.2
90.1
93.8
95.7
92.6
96.3
100.0
102.2
10413
98.8
96.2
75.2
79.0
84.5
87.6
90.7
100.0
103.6
108.5
111.9
112.3
81.8
87.5
91.4
91.4
94.6
100.0
105.4
108.5
110.3
110.9
87.7
90.1
92.1
94.9
97.4
100.0
102.8
105.5
107.6
108.6
94.5
96.9
96.4
101.2
102.6
102.3
102.6
103.5
101.3
91.6
94.0
92.9
99.5
100.6
100.8
102.4
105.6
101.7
98.0
99.1
99.8
100.9
101.4
101.9
101.9
101.8
101.2
123.5
123.6
123.4
123.9
123.3
123.1
123.5
122.8
121.9
109.7
110.6
111.5
111.0
111.5
111.0
109.8
110.7
110.6
97.2
98.2
99.7
101.3
99.0
102.2
102.4
99.7
98.0
86.2
89.8
92.5
96.7
91.6
99.5
100.4
95.9
94.6
92.7
92.5
96.7
94.8
95.3
95.2
93.8
96.4
95.2
93.2
95.2
96.2
97.8
98.3
98.1
98.7
98.8
99.0
110.7
110.6
111.2
111.9
112.3
113.3
114.4
114.2
114.5
109.0
109.2
109.6
111.5
112.3
112.6
113.5
113.0
112.6
107.6
107.8
108.6
108.3
108.7
109.5
109.4
110.1
109.6
102.5
102.5
102.3
102.2
105.0
103.6
104.3
103.3
99.7
100.5
100.1
100.7
121.4
122.1
123.2
124.0
110.0
110.8
111.0
111.2
93.8
96.9
97.1
99.4
87.1
93.8
94.3
99.2
97.4
98.5
98.3
97.8
97.5
97.5
97.6
97.0
114.8
114.2
114.4
114.5
112.7
113.3
114.3
114.6
109.2
109.5
110.1
110.4
NEW CONSTRUCTION
[Monthly data seasonally ignited]
Construction contracts •
Private
Period
Total new
construction
expenditures
Residential
Total
New housing
units
Total1
Commercial
and
industrial*
Other
Federal,
State, and
local
Total value
indei
(1987=100)
and industrial
floor space
(millions of
square feet)
Billions of dollars
1988
1984
1985
1986 ..
1987
1988
1989
1990
1991
294.9
348.8
377.4
407.7
419.3
432.2
443.7
446.4
404.0
231.5
278.6
299.5
323.1
328.6
337.4
345.4
337.8
295.2
125.5
153.8
158.5
187.1
194.7
198.1
196.6
182.9
160.6
94.6
113.8
114.7
133.2
139.9
138.9
139.2
128.0
110.8
57.7
74.0
89.8
84.4
84.0
88.0
94.3
96.4
78.0
48.2
50.8
51.3
51.6
50.0
51.4
54.6
58.5
58.6
63.5
70.2
77.8
84.6
90.6
94.8
98.3
108.7
108.8
75
83
91
96
100
101
105
95
88
Annual ratet
756
955
1,097
1,016
1,019
973
961
783
545
Annual rates
1991:
Am
Mav
T J
July
, *
Auir
Sept
Oct
Nov
Dec
407.1
399.0
398.2
398.4
403.2
407.0
408.8
405.5
400.8
299.0
291.0
290.9
290.3
293.4
296.6
296.3
293.7
291.2
151.8
154.6
158.3
158.0
162.8
166.6
166.9
166.5
165.4
100.6
103.2
106.7
109.9
114.4
118.0
118.2
118.8
119.0
87.0
78.2
73.8
73.4
72.0
71.2
70.7
68.3
67.3
60.2
58.3
58.8
58.9
58.6
58.8
58.7
58.9
58.5
108.0
108.0
107.3
108.1
109.7
110.4
112.5
111.8
109.6
r
95
89
83
88
92
87
96
'82
r
96
624
565
438
469
507
408
625
474
479
1992:
Jan . ..
Feb 1'.
Mar Apr*
409.7
412.4
420.0
418.8
296.2
297.7
302.6
304.4
170.1
170.3
173.8
176.9
120.4
121.9
125.0
127.6
65.8
66.7
67.4
66.5
60.3
60.7
61.4
61.1
113.5
114.8
117.4
114.4
r
472
563
497
499
1
Includes residential improvementa, not shown separately.
Includes hotels and motels
' F.W. Dodge series.
S4
100
96
93
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
z
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private housing units
Period
Units started, by type of structure
Total
1982.
1983
1984.
1985
1986.
1987
1988.
1989
1990.
1991
1 unit
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
918
978
983
1,036
1,053
1,053
1,020
1,085
1,085
1,118
1,180
1,257
1,344
1,115
751
802
830
870
881
881
864
887
907
972
989
1,109
1,077
963
2-4 units
80.0
113.5
121.4
93.4
84.0
65.3
58.8
55.2
37.5
35.6
5 or more units
319.6
522.0
544.0
576.1
542.0
408.7
348.0
317.6
260.4
137.9
New private homes
Units
authorized
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1.45S.6
1,338.4
1,110.8
r
948.8
Units
completed
Homes sold
Homes for
sale at end of
period1
Vacancy rate
for rental
housing units
(percent) 2
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
412
623
639
688
750
671
676
650
534
509
253
301
353
346
357
366
368
365
321
283
5.3
5.7
5.9
6.5
7.3
7.7
7.7
7.4
7.2
7.4
1,188
1,090
1,072
1,104
1,065
1,051
1,193
1,073
1,021
1,021
' 1,043
1,087
1,104
497
505
511
513
505
522
499
526
578
578
r
667
622
523
530
308
302
298
296
295
292
292
289
286
283
281
269
277
274
7.5
Seasonally adjusted annual rates
1991: Mar
Mav
^ J
July
. J
Sept
Oct
Nov
Dec
1992- Jan
Feb r
Mar '
Apr"
27
32
36
26
46
41
28
49
33
46
28
24
52
29
1
Seasonally adjusted.
» Quarterly data entered in last month of quarter. Series beginning 1889 not comparable with
earlier data.
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
140
144
117
140
126
131
128
149
145
100
163
124
215
123
r
918
913
988
r
956
r
971
r
940
r
974
r
994
r
979
' 1,073
r
l,106
1,146
1,094
1,058
r
7.3
7.6
7.3
7.4
are for 16,000 places.
Seasonally adjusted housing units authorized have been revised beginning 1990; unadjusted data
• -- • • - —
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In March, manufacturing and trade sales rose 0.5 percent and inventories rose $3.1 billion. In April, according to
advance data, retail sales rose 0.9 percent, following a decline of 0.9 percent in March. (Retail series revised.)
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE]
1,000
300
900
250
800
700
MANUFACTURING AND
TRADE INVENTORIES
200
600
500
150
MANUFACTURING
AND TRADE SALES
RETAIL SALES
400
100
300
RATIO '
1.80
INVENTORY-SALES RATIO
1.70
„
1.60
N^-A^
200
1.50
^^ \^ff \^
r1
\ r
/^.
MANUFACTURING
~
•v^
^/
\_
AND IR>\Ub
II 1 1 ll 1 1 II 1 M i n i u m 1 1 1 II 1 II 1 1 1 1 1 1 1 1 1 1 1 1 1 1
1.30
1992
1989
\
k.;.^^
•x
\~</y~/v
vv /
1.40
1988
..
1989
1988
1990
1 ! 1 1 I1 1 11 1!
1991
1992
COUNCIL OF ECONOMIC ADVISERS
Manufacturing and
trade *
Sales
Period
Sales 2
Inventories 3
Sales
2
Inventories 3
Inventory-sales ratio 4
.Retail
Wholesale
Total
2
Durable
goods
stores
Inventories
Nondurable goods
stores
3
Total
Durable
goods
stores
Nondurable goods
stores
134,493
147,712
167,748
181,773
186,587
208,112
219,791
237,599
240,217
243,162
235,626
236,202
235,890
234,736
235,650
236,523
238,842
240,746
240,879
243,162
240,986
241,938
243,987
61,469
69,025
79,250
88,464
90,197
105,738
112,254
120,138
119,331
117,454
114,943
115,741
115,333
114,017
114,364
115,121
116,582
117,293
116,873
117,454
115,918
117,259
118,816
73,024
78,687
88,498
93,309
96,390
102,374
107,537
117,461
120,886
125,708
120,683
120,461
120,557
120,719
121,286
121,402
122,260
123,453
124,006
125,708
125,068
124,679
125,171
Manufacturing
and
trade '
Retail
Millions of dollars, seasonally adjusted
1982
1983
1984
1985
1986
1987
1988
1989 r
1990 r
1991 r
1991- Mar r
Apr r
May ''
June r
July r
Aug r
Sept r .
Oct T
Nov r
Dec T.
1992: Jan r
Feb r . ..
Mar"
Apr p
1
2
3
4
348,755
370,441
411,391
423,806
431,668
459,088
496,330
526,274
544,441
537,165
525,193
532,845
537,853
539,006
542,703
541,237
542,570
545,068
544,344
534,477
539,317
547,004
549,990
574,518
590,968
650,789
665,060
664,031
711,595
767,700
809,697
823,720
815,078
817,637
816,399
811,399
806,743
806,458
806,414
808,890
811,815
812,591
815,078
811,549
812,053
815,142
96,290
100,324
113,393
114,626
116,151
124,254
135,176
144,005
149,193
144,970
142,856
145,019
144,927
145,217
147,635
145,524
146,000
145,365
144,772
144,200
145,142
145,568
147,440
See page 21 for manufacturing.
Monthly average for year and total for month.
End of period.
Annual data are averages of seasonally adjusted monthly ratios.
20
128,196
130,906
143,557
148,484
154,713
165,271
180,313
188,273
194,692
196,215
196,029
195,052
193,632
192,039
192,806
192,503
191,211
193,005
193,892
196,215
196,571
197,314
198,393
89,114
97,570
107,316
114,642
120,860
128,509
137,613
145,580
152,126
153,562
153,622
152,940
154,637
154,671
154,875
153,819
154,330
154,569
154,092
154,280
157,808
159,753
r
158,368
159,837
28,013
32,631
37,938
41,567
45,121
48,051
52,281
54,329
55,065
54,413
54,559
54,159
54,731
55,011
54,819
54,080
55,223
55,450
54,722
55,406
56,919
57,961
r
57,374
58,577
61,101
64,939
69,377
73,075
75,738
80,457
85,332
91,252
97,061
99,149
99,063
98,781
99,906
99,660
100,056
99,739
99,107
99,119
99,370
98,874
100,889
101,792
r
100,994
101,260
1.67
1.55
1.53
1.55
1.55
1.50
1.49
1.51
1.50
1.52
1.56
1.53
1.51
1.50
1.49
1.49
1.49
1.49
1.49
1.53
1.50
1.48
1.48
1.49
1.44
1.49
1.52
1.56
1.55
1.55
1.59
1.57
1.55
1.53
1.54
1.53
1.52
1.52
1.54
1.55
1.56
1.56
1.58
1.53
1.51
1.54
Note.—Retail sales and inventories revised beginning 1989. Total manufacturing and trade series
reflect the revisions. Wholesale, manufacturing, and additional retail series will he revised in next
month's issue.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In April, manufacturers' shipments and new orders rose, while inventories and unfilled orders fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
280
SHIPMENTS
- r\
240
200
BILLIONS OF DOLLARS* (RATIO SCALE)
Jfc-_
440
360
TOTAL
\
^-——'
DUP/kBLE GOODS
160
T"~>TA
280
...
•""
:.— *
\
*- — -*
^.•-- — — s ,--
\
200
DURABLE GOODS
NON 3URABLE GO 3DS
160
120
If 1 f 1 1 1 1 1 I! 1 1 1 1 1 1 1 M ll
mnlnm
80
BILLIONS OF DOLLARS* (RATIO SCALE)
280
NEW ORDERS
240
'
NCENDURABLE 3OODS
M 1 1 1 I 1 1 I 1 1 III 1 ill li 1!
^_^
60
^x~
f
\
200
TOTAL
160
l l l l l l l l l II 1 1 1 1 1 1 1 1 1 1 1 III [ i l l ! Ill 1 M 1 1 1 1 1 1 1 1 1 1 M 1 1 1 I 1 1 1
DURAB LE GOODS
.
\
RATIO*
2.20
.
120
INVENTORY-SHIPMENTS RATIO
^.^'-•^
^- — "^
2.00
\
NONC URABLE GOC3DS
!.80
80
1.60
1.40
60
1 f 1 1 1 1 1 II 1 1 1 1 l l l l l l l l l l l l l l l l l l II 1 1 1 1 M 1 1 1 1 1 III III H I M
1992
1988
1991
1989
1990
1.20
1989
1988
1990
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments 1
Manufacturers' new orders 1
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
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991: Mar
May
, '
July
Sept
Oct
Noy .
Dec
1992- Jan
Feb
Mar '..
Apr'
1
2
163,351
172,547
190,682
194,538
194,657
206,326
223,541
236,689
243,122
238,634
79,212
85,481
97,940
101,279
103,238
108,128
117,993
124,532
125,388
121,588
84,139
87,066
92,742
93,259
91,419
98,198
105,549
112,156
117,735
117,046
311,829
312,350
339,484
334,803
322,731
338,212
367,596
383,825
388,811
375,701
200,409
199,814
221,284
218,182
212,010
220,790
241,389
253,261
252,836
240,292
111,420
112,536
118,200
116,621
110,721
117,422
126,207
130,564
135,975
135,409
162,140
175,451
192,879
195,706
195,204
209,389
227,025
240,758
243,643
237,288
78,064
88,140
100,164
102,356
103,647
110,809
121,444
128,651
125,958
120,139
19,213
19,624
23,669
24,545
23,983
26,096
30,727
34,816
34,032
31,501
84,077
87,311
92,715
93,351
91,557
98,579
105,581
112,107
117,685
117,149
311,893
347,310
373,607
387,241
393,629
430,589
472,223
520,837
527,195
511,348
1.95
1.78
1.73
1.73
1.68
1.59
1.58
1.61
1.60
1.60
228,715
234,886
238,289
239,118
240,193
241,894
242,240
245,134
245,480
235,997
114,487
119,721
121,024
122,240
122,994
124,459
124,965
126,404
126,547
119,795
114,228
115,165
117,265
116,878
117,199
117,435
117,275
118,730
118,933
116,202
385,982
385,145
381,877
379,968
378,002
377,388
378,837
378,064
377,820
375,701
250,405
249,546
246,964
245,642
244,467
243,616
244,310
242,816
242,290
240,292
135,577
135,599
134,913
134,326
133,535
133,772
134,527
135,248
135,530
135,409
226,431
231,229
236,540
233,725
248,090
243,160
237,624
242,230
243,138
234,102
112,116
116,139
118,434
117,128
130,827
125,482
120,092
123,325
124,046
117,785
31,940
28,748
28,038
29,282
36,689
30,993
30,078
31,098
34,876
28,909
114,315
115,090
118,106
116,597
117,263
117,678
117,532
118,905
119,092
116,317
524,742
521,085
519,336
513,943
521,840
523,106
518,490
515,586
513,243
511,348
1.69
1.64
1.60
1.59
1.57
1.56
1.56
1.54
1.54
1.59
236,367
241,683
244,182
244,743
121,615
125,378
126,639
126,305
114,752
116,305
117,543
118,438
373,992
372,801
372,762
371,547
238,891
237,534
236,898
235,664
135,101
135,267
135,864
135,883
235,188
236,942
241,421
243,850
120,567
120,862
123,623
125,265
31,636
31,186
34,113
31,730
114,621
116,080
117,798
118,585
510,169
505,428
502,667
501,774
1.58
1.54
1.53
1.52
Monthlv average for year and total for month. Shipments are the same s
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 April, the producer price index for all finished goods rose 0.2 percent. Prices of finished consumer foods fell 0.3
percent and prices of other finished consumer goods rose 0.3 percent. Capital equipment prices rose 0.2 percent.
INDEX, 1982 = 100 (RATIO SCALE]
INDEX, 1982 = 100 (RATIO SCALE)
SEASONALLY ADJUSTED
FINISHED GOODS PRICES
130
130
CONSUMER FOODS
120
120
CAPITAL EQUIPMENT
y»'
110
110
TOTAL
100
90
100
• CONSUMER GOODS
EXCLUDING FOODS
I I!IiM I M
1984
I I1I IIii ii
1985
I II IIIIII
1986
I M
I I I I I I II
1987
I II II IIIIi I III II IIIII I III IIIIIII
1989
1991
1990
I III IIIII II
1988
90
1992
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1982 = 100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Period
Total
finished
goods
Consumer
foods
1986
1987
1988 ....
1989
1990 ....
1991
1991- Apr
May
July
Sept
Oct
Nov
Dec r
1992- Jan
Feb
Mar
Apr
1
100.0
101.6
103.7
104.7
103.2
105.4
108.0
113.6
119.2
121.7
121.4
121.6
121.4
121.2
121.5
121.8
122.1
122.2
122.1
121.7
122.0
122.3
122.5
100.0
101.0
105.4
104.6
107.3
109.5
112.6
118.7
124.4
r
124.2
125.3
125.0
124.7
124.0
123.4
123.3
123.3
123.1
123.0
122.5
123.8
123.2
122.8
100.0
101.8
103.2
104.6
101.9
104.0
106.5
111.8
117.4
120.9
120.1
120.4
120.2
120.1
120.6
121.2
121.7
121.9
121.7
121.4
121.6
122.0
122.2
Intermediate materials for food manufacturing and feeds.
22
Nondurable
Capital
equipment
100.0
102.8
104.5
106.5
108.9
111.5
113.8
117.6
120.4
123.9
123.9
123.4
123.3
123.5
123.8
124.3
124.4
124.6
124.7
125.5
125.3
125.6
125.8
100.0
100.5
101.1
101.7
93.3
94.9
97.3
103.8
111.5
115.0
113.9
114.5
114.2
114.0
114.9
115.3
116.1
116.2
115.8
114.7
114.9
115.5
116.1
100.0
102.8
105.2
107.5
109.7
111.7
114.3
118.8
122.9
126.7
126.2
126.6
126.7
126.8
126.9
127.1
127.3
127.5
127.7
128.0
128.0
128.3
128.5
100.0
101.3
103.3
103.8
101.4
103.6
106.2
112.1
118.2
120.5
120.2
120.4
120.1
119.8
120.2
120.4
120.8
120.9
120.7
120.1
120.5
120.7
121.0
Consumer goods
Total
Total
1982
1983
1984
1985
Durable
Total
finished
consumer
goods
Finished goods excluding consumer foods
100.0
101.2
102.2
103.3
98.5
100.7
103.1
108.9
115.3
118.7
117.7
118.1
117.8
117.7
118.3
119.0
119.6
119.8
119.5
118.9
119.0
119.5
119.9
Total
100.0
100.6
103.1
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.1
114.0
114.2
113.8
114.1
114.3
114.0
114.0
113.9
113.3
113.9
113.9
114.0
Foods
and
feeds 1
Other
100.0
103.6
105.7
97.3
96.2
99.2
109.5
113.8
113.3
111.1
112.4
110.5
110.2
108.5
110.6
110.8
111.7
112.0
111.9
111.1
112.6
111.6
111.3
100.0
100.5
103.0
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.2
114.2
114.4
114.1
114.3
114.5
114.2
114.1
114.0
113.4
114.0
114.0
114.1
Crude materials
Total
Foodstuffs
and
Other
stuffs
Source: Department of Labor, Bureau of Labor Statistics.
100.0
101.3
103.5
95.8
87.7
93.7
96.0
103.1
108.9
101.2
100.4
100.9
99.3
99.3
99.1
98.4
100.5
100.4
98.3
97.7
99.4
97.9
98.4
100.0
101.8
104.7
94.8
93.2
96.2
106.1
111.2
113.1
105.5
108.2
105.6
106.0
104.2
102.6
104.2
104.2
103.5
102.9
105.0
107.3
106.0
104.5
100.0
100.7
102.2
96.9
81.6
87.9
85.5
93.4
101.5
94.6
92.0
94.1
91.5
92.4
93.1
91.1
94.2
94.5
91.6
89.3
90.5
89.1
90.7
CONSUMER PRICES—ALL URBAN CONSUMERS
In April, the consumer price index for all urban consumers rose 0.2 percent seasonally adjusted (0.1
seasonally adjusted). The index was 3.2 percent above its year-earlier level.
percent not
INDEX, 1982-84 - 100 (RATIO SCALE)
150
INDEX, 1982-84 - 100 (RATIO SCALE)
150
SEASONALLY ADJUSTED
140
130
CONSUMER PRICES—ALL ITEMS
120
I t I I I I I I I I I l I I I I I I I I I I I I I I I I t I I I I 1 1 1 n 1 1 1 1 1 1 i H 1 1 1 1 M n H I I I I M I I I 80
1992
1988
1989
1987
80
COUNCIL OF ECONOMIC ADVISERS
[1982-84 = 100, except as noted; monthly data seasonally adjusted, except as noted]
AH items '
Housing
Transportation
Shelter
Peiiod
Rel imp3....
1982
1983
1984
1985
1986
1987
1988 ... .
1989
1990
1991
1991:
Apr
May
June
July
Sept
Oct
Nov
Dec
1992:
Feb
Mar
Not
seasonally
adjusted
(NSA)
Seasonally
adjusted
1000
96.5
996
1039
107.6
1096
113.6
1183
124.0
130.7
136.2
Food
Total1
Total
Renters'
costs
(Dec.
1982 =
100)
Homeowners'
costs
(Dec.
1982 =
100)
Maintenance
and
repairs
(NSA)
16.0
97.4
99.4
103.2
105.6
109.0
113.5
118.2
125.1
132.4
136.3
41.5
96.9
99.5
103.6
107.7
110.9
114.2
118.5
123.0
128.5
133.6
27.9
96.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
140.0
146.3
8.0
19.7
103.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
155.6
102.5
107.3
113.1
119.4
124.8
131.1
137.3
144.6
150.2
0.2
96.4
99.9
103.7
106.5
107.9
111.8
114.7
118.0
122.2
126.3
Motor
fuel
Medical
care
Ener-
All
items
less
food
and
energy
4.1
97.4
99.9
102.8
106.1
110.6
114.6
116.9
119.2
121.0
125.3
3.3
102.8
99.4
97.9
98.7
77.1
80.2
80.9
88.5
101.2
99.4
6.7
92.5
100.6
106.8
113.5
122.0
130.1
138.6
149.3
162.8
177.0
7.4
99.2
99.9
100.9
101.6
88.2
88.6
89.3
94.3
102.1
102.5
76.6
95.8
99.6
104.6
109.1
113.5
118.2
123.4
129.0
135.5
142.1
Fuel
and
other
utilities
Apparel and
upkeep
Total1
New
cars
7.3
94.9
100.2
104.8
106.5
104.1
103.0
104.4
107.8
111.6
115.3
6.1
9.7.8
100.2
102.1
105.0
105.9
110.6
115.4
118.6
124.1
128.7
17.0
97.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
120.5
123.8
gy*
135.2
135.6
136.0
136.2
136.6
137.2
137.4
137.8
137.9
135.4
135.7
136.1
136.2
136.6
137.1
137.4
137.9
138.2
136.4
136.7
137.3
136.6
136.3
136.5
136.4
137.0
137.4
132.7
133.0
133.2
13-3.6
133.8
134.2
134.6
135.0
135.4
145.1
145.3
145.8
146.1
146.4
146.9
147.4
147.9
148.4
153.9
154.2
154.6
155.0
155.2
155.8
156.3
156.6
157.3
149.2
149.4
149.9
150.2
150.5
151.1
151.6
152.1
152.7
126.1
126.9
126.2
126.9
127.2
126.8
126.6
127.6
128.1
114.1
114.5
114.4
115.0
115.3
115.7
116.2
116.8
116.8
128.6
128.6
127.8
127.7
129.2
130.0
130.3
131.1
129.6
122.7
123.1
123.4
123.6
124.2
124.2
124.0
124.5
124.8
125.0
125.1
125.5
125.7
125.9
126.3
126.2
126.3
126.5
97.9
98.6
98.7
97.1
98.0
97.9
97.3
98.2
98.5
174.5
175.4
176.6
177.7
178.9
180.0
181.1
182.0
183.3
100.9
101.3
101.1
100.6
101.2
101.4
101.4
102.2
102.3
141.3
141.6
142.0
142.4
143.0
143.6
143.9
144.4
144.7
138.1
138.6
139.3
139.5
138.3
138.7
139.4
139.7
136.8
137.2
137.9
137.8
135.7
136.0
136.5
136.7
149.1
149.5
150.0
150.2
158.4
158.9
158.5
158.9
153.2
153.6
154.5
154.6
128.0
128.3
128.4
128.0
116.4
115.9
116.4
116.9
130.0
131.9
132.7
131.8
124.4
124.2
125.1
125.7
126.6
126.7
127.2
127.8
96.3
95.7
96.6
96.8
184.5
186.0
187.0
188.0
100.8
99.9
100.5
100.9
145.1
145.7
146.4
146.8
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
also included through 1982.
3
Relative importance, December 1991.
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for bomeownership 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
Capital
equipment
Excluding
foods
Foods
goods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
3.6
.6
1.7
1.8
23
2.2
4.0
4.9
5.7
i
1982
1983
1984
1985
1986 .
1987
1988
1989
1990
1991
4.2
-.9
.8
2.1
-6.6
4.1
3.1
5.3
8.7
r
-.7
2.0
2.3
3.5
.6
2.8
-.2
5.7
5.2
2.6
'-1.5
4.1
1.6
2.1
1.0
-1.4
2.1
2.5
5.2
4.9
2.1
3.9
2.0
1.8
2.7
2.1
1.3
3.6
3.8
3.4
2.5
Change, month to month
1991- Apr
May
July
Sent
Oct
Nov r
Dec .. .
1992- Jan T
Feb r
Mar
Apr
0.2
.2
-.2
-.2
.2
.2
.2
.1
— .1
0.3
-.2
-.2
-.6
5
-.1
0
2
-.1
0.1
.3
-.3
— .1
.5
.6
.5
.2
-.3
-.3
.2
.2
.2
^
1.1
-.5
2
.1
.4
.3
0
.3
.1
.1
.1
.2
.2
.2
.2
.2
0
.2
.2
1.6
.6
-.6
4.1
-5.0
-4.4
22
-1.0
-1.0
26
2.3
.7
1.0
32
0
.7
7
-!s
1.3
3.0
2.3
1.0
-1.3
-.7
.7
2.7
78
-2.0
.7
0
.7
4.1
6.6
5.2
1.7
-2.3
-2.6
0
3.4
1.6
2.2
1.6
1.9
1.0
1.3
1.6
1.9
1.9
2.2
1.6
1.9
1.6
-5.1
-4.9
-4.0
-4.0
-.7
2.4
3.3
2.9
2.9
2.0
1.2
.8
.5
0.5
0
-.3
-1.3
-2.2
-2.5
-3.2
-3.0
-2.7
-2.4
.6
2
-'.8
-1.3
-1.5
-1.1
-2.0
-.2
1.0
1.2
1.0
1.2
.8
.8
.8
.7
3.6
3.7
3.4
1.8
1.6
1.4
1.8
1.4
1.6
1.9
1.7
1.9
1.9
3.3
3.5
3.5
2.9
2.0
.8
j
-.5
-.1
.4
.9
.9
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing
Transportation
Shelter
Period
All
items1
Food
Total1
Total
1
Renters'
costs
Homeowners'
costs
Fuel
and
other
utilities
Appare]
and
upkeep
Total
1
New
cars
Motor
fuel
Medical
care
Ener-
gy"
All
items
less
food
and
energy
Addendum: All items, percent change
(annual rate)
From
previous
quarter 3
From
3
months
earlier
From
G
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
3.8
3.8
3.9
3.8
1.1
4.4
4.4
4.6
6.1
3.1
3.1
2.7
3.8
2.6
3.8
3.5
5.2
5.6
5.3
1.9
3.6
3.5
4.3
4.3
1.7
3.7
4.0
3.9
4.5
3.4
2.4
4.7
5.2
6.0
4.6
4.8
4.5
4.9
5.2
3.9
5.1
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.2
0.2
.2
.3
.1
.3
A
.2
.4
.2
.1
.3
.5
.2
0.5
.2
.4
-.5
2
.1
0.2
.2
.2
.3
.1
.3
.3
.3
.3
.2
.2
.4
.1
0.3
.1
.3
.2
.2
.3
.3
.3
.3
.5
.3
.3
.1
0.2
.2
.3
.3
.1
.4
.3
.2
.4
.7
.3
-.3
.3
4.5
5.1
5.9
4.6
5.3
4.7
5.1
4.7
3.7
9.7
1.8
4.2
1.8
56
1.6
2.9
3.2
4.0
2.9
1.6
2.9
2.0
2.8
.9
4.8
4.7
1.0
5.1
3.4
1.8
3.9
3.1
2.6
-5.9
6.1
3.0
4.0
10.4
-1.5
1.5 -6.5
3.4 -1.7
24
2.5
3.4
3.1
5.9 30 7
1.8 18.7
21
2.1
6.8
2.3
1.4 36.5
3.3 -16.0
11.0
6.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
7.9
0.5
0.1
.1
.7
.1
.3
.2 -1.6
.2
.9
.3 -.1
Q
— .1
.1
.9
.2
.3
.1 -2.2
g
.1
.4
.9
.2
.5
0.7
.5
.7
.6
.7
.6
.6
.5
.7
.7
.8
.5
.5
1.3
.2
1.8
-19.7
8.2
.5
5.1
18.1
-7.4
6.2
3.2
4.3
3.6
1.9
3.6
4.1
4.8
5.4
4.2
4.5
4.8
4.7
4.3
3.8
4.2
4.7
4.4
5.2
4.4
Change, month to month
1991: Apr
fy
June
July
Aug
Sept
Oct
Nov
Dec
1992: Jan
Feb
Mar
Apr
1
2
1
.4
.3
-.4
.3
.5
0.3 -0.5
0.3
.1
.4
0
*
-.6
.3
.2
.5 -.1
1.2
.2
.3
.4
.3
.6
.2
.3
.4
.3
.5
.6
— 1.1
.4
0
3
.3
.3
1.5
.3 -.4
.6
.6
.4
7
.1
.4
-0.2
.3
.2
.2
.5
0
-.2
.4
.2
3
-.2
.7
.5
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
also included through 1982.
24
-0.4
.4
-.2
5
.6
.2
0
.8
.1
-1.5
-.9
.6
.4
0.3
.2
.3
.3
.4
.4
.2
.3
.2
.3
.4
.5
.3
2.4
2.7
3.6
2.9
3
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
2.1
2.4
3.0
2.4
2.7
3.0
3.6
3.9
3.2
2.6
2.3
3.5
4.1
2.9
2.9
2.9
2.2
2.5
3.0
3.0
3.3
3.1
3.1
3.1
3.4
3.4
4.9
5.0
4.7
4.4
3.8
3.4
2.9
3.0
3.1
2.6
2.8
3.2
3.2
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in May were unchanged from their April level. Prices paid by farmers in April were 1.1
percent above their January level. (Data are not seasonally adjusted.)
INDEX, 1977 > 100 (RATIO SCALE)
INDEX, 1977 = 100 (RATIO SCALE]
_^-—.—~*~~
180
180
_^-'~"
~r\
160
160
s^*
PRICES PAID
140
—X X.
120
J
"Vi
^^
"
—^
—x^\
X
/
140
120
J^
\
PRICES RECEIVE D
100
100
i i ii ii ij iii
1 11111j 1111 1 1111111111
140
80
RA TIO-!/
140
120
120
80 1 M
RATIC}-!/
I 1 IM I I 1
t ! 1 f 11 1 I1 1 1
1 1 M
1 1 1 I1 1 1
1 M
1 ! 1 1 1 1 1 1
1 I 1 1 l! 1 M 1 1
M
1 1 1 1 1 1 1 1 1
r
100
100
60
1984
|
1985
|
1986
I
1987
1989
1988
1992
COUNCIL OF ECONOMIC ADVISERS
[1977 = 100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991- May
June
Sept
Get
NOT
Dec
1992' Jan
Feb
Mar
Apr
May
....
.
1
All farm
products
Livestock and
products
Crops
Production
items, interest,
taxes, and wage
rates
Production
items
Eatio2
133
135
142
128
123
127
138
148
149
146
121
128
138
120
107
106
126
134
127
130
145
141
146
136
138
146
150
160
170
162
159
161
164
162
159
162
170
178
184
189
158
159
161
156
150
152
160
167
171
175
153
152
155
151
144
148
157
165
171
173
84
84
87
79
77
78
81
83
81
77
151
153
149
146
147
142
139
137
137
142
136
133
137
126
124
120
165
163
162
158
157
158
154
154
(3)
(3)
189
(3)
<3>
189
(3)
(3)
(s)
(3)
174
(3)
(3)
173
(3)
<3)
(3)
(3)
173
(3)
<3)
172
(3)
(3)
80
81
79
77
78
75
74
72
138
142
143
r
!41
141
123
128
131
r
!26
123
152
156
155
r
!55
158
189
(3)
(s)
191
(3)
174
(3)
(3)
176
(3)
171
(3)
(3)
173
(3)
73
75
76
74
74
Includes items not shown separately.
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 fanners are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
2
All commodities,
services,
interest, taxes,
and wage rates 1
NOTE.—The official indexes are published on a 1910-14 base as required by taw. The indexes
have been converted to a 1977= 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
M2 and M3 fell again in April.
BILLIONS OF DOLLARS* (RATIO SCALE|
4,800
BILLION S OF DOLLARS" (RATIO SCALE)
4,800
4,400
4,400
4,000
, -— -
3,600
4,000
3,600
_ - —- *
_.----
3,200
3,200
__,-
2,800
v
\
1
•"""
_---'
2,800
M2
2,400
2,400
-•
""
2,000
2,000
1,600
1,600
1,200
1,200
x~
800
—-_-
M
1985
1987
1986
IGURES; SEASONALLY
VERNORS OF THE FEDE
800
600
400
SOURCE' BOARD OF GC
^—^
^
.—--"
1984
-=
Ml
-
600
'— =
•
1988
1 (1 1 1 1 1 1 1
400
1989
1990
1991
1992
ADJUSTED
COUNCIL O f
RAL RESERVE SYSTEM
ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
19821983:
19841985:
19861987:
19881989:
1990:
1991:
Dee
Dec
Dec
Dec
Dec
Dec
Dec .
Dec
Dec ...
Dec
1991: Mar
May
July
Sept
Oct
Nov
Dee
1992: Jan
Feb
Mar
.
.
MS
Sura 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
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
474.6
521.4
552.5
620.2
724.6
750.0
786.9
794.1
826.1
' 898.1
1,951.9
2,186.1
2,374.3
2,569.4
2,811.1
2,910.8
3,071.1
3,227.3
3,339.0
r
3,438.9
2,440.6
2,693.0
2,987.4
3,203.2
3,494.3
3,681.1
3,923.1
4,059.8
4,114.6
'4,170.9
2,850.4
3,154.3
3,528.8
3,830.4
4,134.5
4,339.5
4,677.9
4,891.7
4,966.6
'4,987.7
4,672.7
5,209.4
5,963.3
6,833.9
7,742.5
8,514.4
9,312.6
10,059.6
10,749.9
11,216.2
8.7
9.9
6.0
12.3
16.8
3.5
4.9
.9
4.0
8.7
8.9
12.0
8.6
8.2
9.4
3.5
5.5
5.1
3.5
3.0
9.3
10.3
10.9
7.2
9.1
5.3
6.6
3.5
1.3
1.4
9.3
11.5
14.5
14.6
13.3
10.0
9.4
8.0
6.9
4.3
842.3
842.7
850.9
857.3
860.0
866.5
872.0
880.9
891.4
r
898.1
3,386.9
3,394.8
3,405.6
3,411.8
3,407.4
3,409.5
3,411.5
'3,417.3
' 3,430.9
'3,438.9
4,165.9
4,168.8
4,170.5
4,167.7
4,157.3
4,156.6
4,152.6
'4,158.7
'4,166.8
'4,170.9
5,004.2
4,978.4
4,958.3
4,986.4
'4,991.5
'4,985.1
4,974.2
'4,977.3
'4,989.8
'4,987.7
10,863.2
10,885.1
10,937.5
10,988.9
11,025,5
11,067.1
11,105.0
11,146.3
11,187.9
11,216.2
4.7
5.0
6.6
7.6
8.2
7.2
7.1
9.1
9.5
9.5
3.4
3.6
4.3
4.4
3.8
2.4
1.5
1.3
1.5
1.6
2.5
2.5
2.7
2.6
1.5
.2
-.6
g
2
.2
4.6
4.3
4.2
4.4
4.6
4.4
4.5
4.8
4.6
4.1
r
'3,447.6
'3,474.7
'3,472.9
3,466.8
'4,174.6
'4,199.5
'4,189.5
4,177.6
'4,982.7
'5,016.6
5,031.5
'11,240.1
'11,279.3
11,335.1
11.7
'14.9
'15.4
14.1
2.4
'3.8
3.6
2.9
'.8
2.1
1.8
.9
3.9
'3.8
4.1
910.4
931.0
' 939.0
942.9
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
M2
r
L
Debt
Ml
MS plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average) l
Ml
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
M2
M3
Debt
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Currency
Demand
deposits
Overnight
repurchase
agreeOther
ments
check(BPs),
able
net,
deposplus
its
over(OCDs)
night
Eurodollars 1
Money market
mutual fund
balances 2
General
purpose
and
broker/
dealer
Institution
only
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Small
denomination
tune
deposits 3
Large
denomination
time
deposits 3
Term
repur- Term
chase Euroagree- dollars
ments
(net)
(RPs)
NSA
1982:
19831984:
19851986:
19871988198919901991:
1991-
Dec
Dec .
Dec
Dec .
Dec
Dec
Dec
Dec
Dec
Dec
Mar
May
T }
July
Sept
Oct
Nov
Dec
1992- Jan
Feb
Mar
Apr
...
....
132.5 234.0
103.7
146.2
238.5
131.8
156.1 243.9
147.2
167.9
266.7
179.7
180.8 302.0
235.3
197.0 286.8
259.3
212.3
286.5
280.6
222.6 279.0
285.1
246.8 277.1
293.9
267.3 289.5
333.2
256.0 276.9
301.3
256.3 276.1
302.5
256.6 278.4
307.8
257.6 280.1
311.6
259.3 279.3
313.7
261.3 280.1
317.3
262.9 280.6
320.6
264.8 283.8
324.5
266.0 287.6
329.7
267.3 289.5
333.2
269.4 '293.9 ' 339.0
271.6 '305.1 ' 346.2
r
271.8 ' 309.7 r349.4
273.6 311.3
350.0
39.9
55.6
60.6
73.5
82.3
84.1
83.2
77.6
74.7
r
75.3
69.2
69.6
68.5
67.9
64.9
67.3
66.4
r
69.4
r
73.0
'75.3
r
76.7
'76.5
'73.0
70.7
184.5
138.3
167.1
176.1
208.0
221.7
241.9
316.3
348.9
360.5
365.0
366.6
367.8
368.8
367.9
362.4
359.9
359.3
359.5
360.5
360.0
363.7
358.0
354.2
51.1
42.7
63.7
65.8
86.1
92.1
91.0
107.2
133.7
179.1
148.5
152.9
155.2
155.3
155.4
158.6
162.6
168.2
173.6
179.1
182.4
188.2
185.3
189.2
1
Includes continuing contract RFs.
Data prior to 1983 are not seasonally adjusted.
Small denomination and large denomination deposits are thoi s issued in amounts of less than
$100,000 and more than $100,000, respectively.
2
3
398.5
684.0
704.2
814.4
940.1
937.0
926.2
891.2
920.7
1,042.6
941.7
953.0
966.1
976.8
986.1
994.1
1,002.4
1,015.0
1,028.7
1,042.6
' 1,061.2
' 1,083.9
' 1,098.0
1,111.3
847.2
780.8
884.9
881.7
854.8
917.5
1,032.9
1,148.5
1,168.7
1,063.0
1,165.9
1,159.7
1,150.9
1,140.6
1,129.5
1,120.8
1,111.0
1,095.2
1,079.2
1,063.0
r
1,042.7
1,019.2
1,001.9
984.1
323.3
324.8
415.6
436.1
439.5
489.1
541.2
359.3
494.9
437.1
492.8
487.7
483.5
478.3
471.2
465.5
458.5
450.0
442.3
437.1
r
427.9
r
420.7
413.0
406.2
NSA
NSA
33.4
49.9
57.6
62.4
80.6
106.0
121.8
99.1
89.6
70.9
83.5
82.2
80.4
78.4
78.8
78.4
76.7
75.5
r
73.6
70.9
r
70.8
'72.0
r
73.7
72.2
81.7
91.5
82.9
76.5
83.8
91.0
105.7
79.5
68.7
57.7
68.2
65.2
62.3
61.6
62.7
63.6
61.5
62.8
61.9
57.7
55.7
56.0
r
57.9
56.6
Savings
bonds
68.0
71.1
74.2
79.5
91.8
100.6
109.4
117.5
126.0
137.9
129.0
130.1
131.3
132.4
133.5
134.4
135.2
136.1
137.1
137.9
138.9
140.1
141.2
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
183.6
211.9
260.9
298.2
280.0
253.0
269.6
325.5
332.7
'315.9
323.5
307.3
r
299.5
325.1
r
332.8
'330.6
322.9
'321.1
'323.4
'315.9
'311.2
'326.6
341.6
44.5
45.0
45.4
42.0
37.1
44.3
39.8
40.1
34.0
23.3
32.1
30.6
29.1
28.1
28.1
27.2
25.8
25.3
24.5
23.3
23.2
22.9
21.7
113.7
133.2
160.8
207.5
231.2
260.5
336.1
348.6
359.3
339.7
353.8
341.6
327.9
333.0
339.8
336.3
337.7
336.2
337.9
339.7
334.8
327.5
337.5
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not shown
here.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures *; millions of dollars; seasonally adjusted, except as noted by NSA]
Borrowings of depository
institutions from the Federal
Reserve (NSA)
Adjusted for changes in reserve requirements
Reserves of depository institutions
Period
Total
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1991:
1992:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Apr
May
June
July
Aug
Sept
Oct..
Nov
Dec
Jan
Feb
Mar
Apr
.
.. .
. .
.
.
1
27,835
29,901
31,662
37,061
45,863
45,812
47,596
47,729
49,104
53,752
49,344
50,000
50,345
50,410
50,886
51,147
51,816
52,695
53,752
54,367
56,418
57,331
57,546
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
"Monetary base data have been revised. Revised data prior to 1991 are not yet available.
Nonborrowed
27,201
29,127
28,476
35,473
45,037
45,035
45,880
47,464
48,778
53,560
49,112
49,697
50,005
49,804
50,121
50,502
51,556
52,587
53,560
54,133
56,340
57,239
57,456
Nonborrowed plus
extended
credit
27,387
29,129
31,080
36,242
45,340
45,518
47,124
47,483
48,801
53,561
49,198
49,785
50,013
49,849
50,422
50,804
51,567
52,588
53,561
54,134
56,342
57,241
57,458
Monetary
base
Required
27,335
29,340
30,807
36,024
44,494
44,766
46,549
46,807
47,440
52,774
48,313
48,970
49,337
49,505
49,800
50,219
50,734
51,802
52,774
53,364
55,353
56,302
56,408
Total
164,276
179,921
191,374
208,619
230,039
246,281
263,459
274,168
299,785
325,222
310,226
311,265
312,470
314,216
316,683
318,496
320,928
323,133
325,222
327,681
'332,152
'333,236
334,596
Source: Board of Governors of the Federal Reserve System.
634
774
3,186
1,318
827
777
1,716
265
326
192
231
303
340
607
764
645
261
108
192
233
77
91
90
Seasonal
33
96
113
56
38
93
130
84
76
38
79
151
222
317
331
287
211
86
38
17
22
32
47
Extended
credit
186
2
2,604
499
303
483
1,244
20
23
1
86
88
8
46
300
302
12
1
1
1
2
2
2
BANK LOANS AND SECURITIES
Total commercial bank loans and leases were about unchanged in April; commercial and industrial loans fell 0.5
percent.
BILLIONS OF DOLLARS* (RATIO SCALE|
3,200
BILLIONS OF DOLLARS* (RATIO SCALE)
3,200
ALL COMMERCIAL BANKS
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
LOANS AND LEASES
1,200
1,200
800
800
U.S. GOVERNMENT SECURITIES
OTHER SECURITIES
200
200
160
160
I I I I I I I I I II
1984
I I I i i I I I I Ii
I I I Ii
I II III I i iI
120
1990
1986
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted *]
All commercial banks
Loans and leases
Period
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1991:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec T ....
Apr r ....
May r....
June T...
July r....
Aug r....
Sept r ...
Oct r
Nov '....
Dec '....
1992: Jan r ....
Feb r....
Mar r....
Apr
Total
loans and
securities 2
TJ.S.
Government
securities
1,400.4
1,552.2
1,722.2
1,909.5
2,093.2
2,238.5
2,422.8
2,590.8
2,730.8
2,838.0
201.7
259.2
260.2
270.8
310.0
335.8
363.5
398.2
454.1
562.5
478.1
483.9
493.5
502.4
512.6
523.0
538.7
550.8
562.5
564.7
568.9
576.5
588.1
2,763.5
2,764.8
2,773.1
2,773.7
2,776.7
2,789.0
2,805.4
2,822.6
2,838.0
2,846.0
2,845.9
2,852.2
2,864.0
Other
securities
164.8
169.1
140.9
179.0
193.9
193.6
192.4
181.7
177.9
179.5
177.5
176.8
176.3
175.8
174.4
176.3
177.9
178.8
179.5
179.3
179.2
176.9
177.5
Total 2
1,033.9
1,123.9
1,321.1
1,459.8
1,589.4
1,709.1
1,866.9
2,010.9
2,098.8
2,095.9
2,108.0
2,104.0
2,103.4
2,095.4
2,089.8
2,089.6
2,088.7
2,093.0
2,095.9
2,102.1
2,097.8
2,098.7
2,098.4
Commercial
and
industrial
392.5
414.2
473.1
500.2
537.0
567.1
606.8
640.2
643.2
617.8
635.1
630.5
625.8
623.8
619.5
622.0
623.0
622.1
617.8
615.7
611.3
609.0
605.7
Keal
estate
Individual
299.9
331.0
376.2
425.8
494.0
586.9
670.1
759.5
843.3
872.9
188.2
212.9
253.8
294.7
315.3
328.3
354.5
374.8
379.6
363.6
374.4
373.8
373.1
370.9
370.3
367.2
364.1
363.0
363.6
363.1
363.5
362.2
361.3
861.5
863.8
868.5
867.3
866.7
868.0
869.5
871.6
872.9
873.3
876.9
877.8
879.1
1
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions. Data beginning January 1984 are not strictly
comparable with data for earlier periods, largely because beginning January 1984 certain obligations
of States and political subdivisions are included in loans rather than in other securities.
28
Security
Nonbanslr
financial
institutions
Agricultural
State
and
political
subdivisions
25.3
28.0
34.4
43.0
40.3
34.8
41.2
41.5
44.7
54.5
48.5
49.1
49.0
47.4
48.4
50.0
51.1
53.4
54.5
59.4
57.0
60.4
65.0
31.2
30.4
31.3
32.4
35.0
32.0
32.3
34.3
35.7
40.2
35.8
36.1
38.6
37.7
36.9
37.1
37.2
37.8
40.2
39.1
40.1
40.5
40.0
36.2
39.2
40.1
36.1
31.5
29.4
28.7
29.8
32.0
33.9
33.6
33.7
33.9
34.0
34.3
34.4
34.1
33.7
33.9
33.6
33.5
34.1
34.1
0.0
.0
46.0
56.7
58.5
52.4
45.1
40.0
33.9
28.9
32.3
31.7
31.3
30.9
30.5
30.1
29.5
29.1
28.9
28.0
28.1
28.1
27.8
ForForeign
banks
14.7
13.4
11.6
9.9
10.3
7.8
7.7
8.2
7.5
7.5
7.1
6.4
6.3
6.4
6.5
6.8
6.6
6.9
7.5
7.3
6.8
6.5
6.7
2
Excludes loans to commercial banks in the United States.
Note.—Series revised beginning April 1991.
Source: Board of Governors of the Federal Reserve System.
eign
official
institutions
5.9
9.4
8.4
6.3
6.3
5.7
5.0
3.5
2.8
2.4
2.5
2.4
2.5
2.3
2.2
2.3
2.4
2.5
2.4
2.3
2.2
2.2
2.1
Lease
financing
receivables
13.3
13.7
16.0
19.0
22.4
24.6
29.3
31.8
32.8
31.6
33.1
33.0
33.2
32.4
31.7
31.7
31.5
31.4
31.6
31.5
31.6
31.5
31.5
Other
26.8
31.8
30.2
35.6
38.8
40.1
46.2
47.1
43.3
42.6
44.1
43.4
41.3
42.4
42.8
39.9
39.8
41.5
42.6
48.9
46.8
46.3
45.2
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Total
Securities
and
mortgages
Total
Total
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 ".
1989: I
n ...
m
IV
1990: I
n
m
IV
1991:
I
n.
m
IV".
Capital
expenditures s
Credit market funds
Internal *
Loans and
short-term
paper
Other 2
Total
Increase in
financial
assets
Discrepancy
(sources less
uses)
313.7
431.2
491.4
464.3
521.5
545.0
586.7
549.3
470.6
472.5
247.6
292.3
336.4
351.9
336.8
376.1
404.4
404.9
381.5
391.5
66.1
138.9
155.0
112.3
184.7
168.9
182.3
144.4
89.1
81.0
50.7
81.0
92.5
52.4
126.7
63.0
63.0
42.1
16.5
39.7
-4.0
45.5
-13.0
-4.5
60.9
27.5
-13.0
-41.7
-13.4
97.7
54.7
35.5
105.5
56.9
65.8
35.4
76.0
83.8
29.9
-58.0
15.4
57.9
62.5
59.9
58.0
106.0
119.3
102.3
72.6
41.4
337.9
428.9
506.3
458.1
505.1
477.5
558.3
525.3
489.7
452.9
286.1
303.8
399.1
375.3
353.9
365.8
394.5
421.4
403.2
365.6
51.8
125.1
107.2
82.8
151.2
111.7
163.8
103.9
86.5
87.3
24 3
2.3
-14.8
6.2
16.4
67.5
28.4
24.1
19 1
538.3
630.1
473.0
556.1
401.4
404.3
410.5
403.7
136.9
225.8
62.5
152.4
-6.3
129.2
6.6
38.9
-101.8
-.6
85.5
20.7
95.5
129.8
92.1
18.2
143.2
96.6
55.9
113.5
508.9
558.4
484.0
549.5
420.7
419.2
416.4
429.1
88.2
139.2
67.6
120.4
29.4
71.7
-11.0
6.5
542.1
518.1
444.1
378.1
393.8
395.2
361.2
375.9
148.3
122.9
82.9
2.2
54.0
49.8
-1.4
-36.4
-13.6
8.5
-48.5
4.
67.6
41.3
47.1
-36.0
94.3
73.2
84.3
38.6
507.7
523.0
529.4
398.8
402.4
415.9
418.2
376.2
105.3
107.1
111.2
22.6
34.4
4.8
-85.3
-20.7
485.8
480.5
456.5
466.9
390.9
390.7
387.1
397.2
94.9
89.8
69.4
69.7
17.4
57.6
45.5
38.0
70.1
117.2
90.0
113.2
-52.7
-59.6
-44.5
-75.2
77.5
32.3
24.0
31.8
437.9
431.1
472.0
470.3
346.0
350.7
380.7
384.8
91.9
80.4
91.3
85.5
47.9
49.4
15.5
-3.3
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
19.6
the U.S.
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
^^^ 3^ Of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstanding1
Installment credit outstanding (end of period)
Period
Automobile
Automobile
Revolving
Mobile
home
325,805
368,966
442,602
518,252
573,017
610,468
664,049
718,863
735,102
729,420
125,945
143,560
173,564
210,187
247,428
265,851
284,214
290,676
284,585
267,909
66,454
79,088
100,280
121,816
135,851
153,078
174,104
199,082
220,110
234,504
22,604
23,562
25,861
26,850
27,096
25,920
25,348
22,471
20,919
19,116
110,802
122,756
142,897
159,400
162,642
165,620
180,383
206,633
209,487
207,891
6,937
14,546
17,615
43,161
30,004
73,636
75,650
36,623
37,241
54,765
18,423
37,451
53,581
18,363
s
<3)
( )
16,239 -6,091
-5,682 - 16,676
1991: Mar.
Apr
May
June
July
. J
Auir
Sept
Oct
Nov
Dec ..
732,442
733,621
732,289
730,591
729,962
729,108
729,152
730,317
730,147
729,420
280,689
279,746
276,494
274,496
273,565
271,906
270,219
270,013
268,123
267,909
224,817
225,994
227,301
227,737
228,199
229,453
232,070
233,661
234,666
234,504
20,123
20,098
19,796
19,907
19,615
19,495
18,892
18,943
19,059
19,116
206,813
207,782
208,697
208,451
208,582
208,253
207,971
207,700
208,300
207,891
-320
1,179
-1,331
-1,698
-629
-854
44
1,165
-170
-728
1992: Jan
Feb r
Mar"
729,473
729,007
727,400
268,256
267,767
267,504
234,816
235,950
236,005
18,649
18,259
18,312
207,752
207,031
205,579
r
52
-465
-1-.607
Total
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
Dec
Dec
Dec
Dec
Dec
Dec
Dec2
Dec
Dec
Dec
..
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
2
Data newly available in January 1989 result in breaks in many series between December 1988
and subsequent months.
Other
Total
Revolving
Mobile
home
Other
5,384
12,634
21,192
21,536
14,035
17,227
21,026
(3)
21,028
14,394
2,546
958
2,299
989
246
-1,176
-572
<3)
-1,552
-1,803
-322
11,954
20,141
16,503
3,242
2,978
14,763
(3)
2,854
1,596
-1,937
-943
-3,252
1,998
-931
-1,659
-1,687
-207
- 1,890
-214
3,261
1,177
1,307
435
462
1,255
2,617
1,591
1,005
-162
78
-24
302
111
-291
-120
-603
51
116
57
1,566
969
915
-246
131
-329
-282
270
599
409
r
346
-489
263
r
311
1,135
55
-467
-390
53
-139
-721
-1,452
a
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
r
INTEREST RATES AND BOND YIELDS
Interest rates fell in May.
PERCENT PER ANNUM
PERCENT PER ANNUM
if 2
1984
1985
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SEE TABLE BELOW
[Percent per annum]
U.S. Treasury security yields
Period
1981
1982
1983.
1984
1985
1986
1987
1988
1989
1990
1991
1991: May
July
Sept ....
Oct
Nov ....
Dec
1992: Jan..
Feb.
Mar ..
Apr
May
Week ended:
1992: May 2
9
16
23
30
3-month bills
(new issues) l
Constant maturities 2
3-year
10-year
High-grade
municipal
bonds
(Standard3 &
Poor's)
30
Prime
commercial
paper,
6 months *
•» A na
Discount rate
(N.Y. F.K.
Bank)4
Prime rate
charged 4by
banks
New-home
14.029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
8.12
7.51
5.42
14.44
12.92
10.45
11.89
9.64
7.06
7.68
8.26
8.55
8.26
6.82
13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
8.49
8.55
7.86
11.23
11.57
9.47
10.15
9.18
7.38
7.73
7.76
7.24
7.25
6.89
14.17
13.79
12.04
12.71
11.37
9.02
9.38
9.71
9.26
9.32
8.77
1L89
8.89
10.16
8.01
6.39
6.85
7.68
8.80
7.95
5.85
13.42
11.02
8.50
8.80
7.69
6.33
5.66
6.20
6.93
6.98
5.45
18.87
14.86
10.79
12.04
9.93
8.33
8.21
9.32
10.87
10.01
8.46
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
10.13
10.05
9.32
5.51
5.60
5.58
5.39
5.25
5.03
4.60
4.12
3.84
3.84
4.05
3.81
3.66
7.12
7.39
7.38
6.80
6.50
6.23
5.90
5.39
5.40
5.72
6.18
5.93
5.81
8.07
8.28
8.27
7.90
7.65
7.53
7.42
7.09
7.03
7.34
7.54
7.48
7.39
6.95
7.09
7.03
6.89
6.80
6.59
6.64
6.63
6.41
6.67
6.69
6.64
6.57
8.86
9.01
9.00
8.75
8.61
8.55
8.48
8.31
8.20
8.29
8.35
8.33
8.28
5.94
6.16
6.14
5.76
5.59
5.33
4.93
4.49
4.06
4.13
4.38
4.13
3.97
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.00
5.00-5.00
5.00^.50
4.50-3.50
3.50-3.50
3.50-3.50
3.50-3.50
3.50-3.50
3.50-3.50
9.00-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.00
8.00-8.00
8.00-7.50
7.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
9.52
9.46
9.43
9.48
9.30
9.04
8.64
8.53
8.49
8.65
8.51
8.58
3.71
3.65
3.64
3.61
3.75
6.02
5.92
5.75
5.73
5.83
7.59
7.50
7.34
7.29
7.40
6.66
6.62
6.56
6.52
6.56
8.37
8.35
8.27
8.23
8.25
4.04
3.99
3.94
3.92
4.03
3.50-3.50
3.50-3.50
3.50-3.50
3.50-3.50
3.50-3.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
-6.50-6.50
" •• '
1
Bank-discount basis.
3
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.
Corporate
Aaa bonds
(Moody's)
r
6
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in May.
INDEX, DEC. 31, 1965=50 (RATIO S(:ALE)
240
220
_
'
200
>—"ON~^\
f
180
INDE X, DEC. 31, 1965=50 (RATIO SCALE)
240
220
200
180
s~~r\
160
f
140
V^
S"~
160
^"^"^^
140
\
I
COMP<DSITE STOCK P RICE INDEX
(NYSE)
120
x—--^•/
100
VX"
^^^
\
120
100
^W
80
80
60
60
40
1 II 1 1
1 1 1 ii i n n
III 11 III II
1985
1984
1986
1 ! II i l l I II 1 1 1 1 1 1 1 1 1 II M M 1
1989
1987
1988
Mill
1
INI III
1990
PER<:ENT
20
PERCINT
20
15
tAKNII>•IGS-PRICE RATIO ON COMMO N STOCKS
10
IS&P]
\
•*
=>
^-^
5
1
1
1984
1
1
1985
1
1
^
1
1986
1 1
1987
15
10
_
0
,
p^
^--
——— "
1
1
1
1988
!
1 1
1989
"-1^— i
1
1
1
New York Stock Exchange indexes (Dec. 31, 1965 = 50)
1991: May
July
Sept
Oct
Nov
Dec
1992- Jan
Feb
Mar
May. .
Week ended:
1992: May 2
9
16. .
23
30
1
Average
2
Includes
3
Includes
4
Transportation
0
Common stock yields
(percent) 5
2
Utility
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index
(194143 = 10)4
Dividendprice ratio
Earningsprice ratio
11.96
11.60
8.03
10.02
8.12
6.09
5.48
8.01
7.41
6.47
4.81
74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
180.02
183.46
206.33
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
216.23
225.78
258.14
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
175.28
158.62
173.99
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
87.43
90.60
92.66
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
151.88
133.26
150.82
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
322.84
334.59
376.18
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
3.45
3.61
3.24
206.93
207.32
208.29
213.33
212.55
213.10
213.25
214.26
260.13
261.16
262.48
268.22
266.21
265.68
264.89
266.01
170.77
177.05
177.15
178.52
177.99
187.31
188.52
185.47
90.76
89.01
90.05
92.38
93.72
95.25
96.78
98.08
151.32
152.31
151.60
157.70
157.69
158.94
159.78
159.96
2,928.42
2,968.14
2,978.19
3,006.09
3,010.35
3,019.74
2,986.12
2,958.64
377.99
378.29
380.23
389.40
387.20
386.88
385.92
388.51
3.23
3.23
3.20
3.10
3.15
3.14
3.15
3.11
4.59
229.34
228.12
225.21
224.55
228.55
286.62
286.09
282.36
281.60
285.17
201.55
205.53
204.07
201.28
207.88
99.31
96.18
94.15
94.92
98.24
174.50
174.05
173.49
171.05
175.89
3,227.06
3,257.27
3,247.42
3,294.08
3,376.79
416.08
412.56
407.36
407.41
414.81
2.90
2.94
3.01
3.04
2.99
4.05
226.43
229.35
228.68
228.30
228.03
283.15
286.64
285.02
284.33
284.81
205.34
209.91
209.92
206.48
204.96
97.13
98.14
98.33
98.76
97.80
172.49
175.47
176.76
176.62
175.21
3,328.17
3,367.93
3,379.33
3,386.67
3,382.49
411.41
416.49
414.89
414.24
413.92
3.00
2.98
2.98
2.99
3.01
of daily closing prices.
all the stocks (more than 1,500) listed on the NYSE.
30 stocks.
Includes 500 stocks.
8
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-
1
COUNCIL OF ECONOMIC ADVISERS
Period
Industrial
1
1992
Common stock prices l
Composite
5
^^_
1991
1990
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
1981..
1982
1983...
1984
1985
1986
1987
1988
1989
1990 .
1991
40
1992
1991
5.23
3.83
price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 7 months of fiscal 1992, there was a deficit of $184.7 billion, compared with a deficit of $122.2 billion
a year earlier.
BILLIONS OF COLLARS
1,600
BILLIONS OF DOLLARS
1,600
RECEIPTS AND OUTLAYS-
1,500
1,500
1,400
1,400
1,300
1,300
OUTLAYS-^
1,200
1,200
1,100
1,100
1,000
1,000
900
900
RECEIPTS1'
800
800
700
700
600
V
600
-100
^^*~~r
. _
""*—^_
200
^^^^
A
Vl984
i
i
1985
i
1986
i
1987
t
1988
i
1989
i
1990
t^i-""""""'
1991
1992
t\
1993 V
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Fiscal year or period
Receipts
1976 ...
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986 .
1987
1988
1989
1990
1991
1992 (estimates)
1993 (estimates)
Cumulative total, first 7
months: 1
Fiscal year 1991
Fiscal year 1992
Outlays
Surplus
or deficit
(-)
Receipts
Surplus
or deficit
Receipts
Outlays
Surplus
or deficit
(-)
(-)
Total
Held by
tbe public
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
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
371.8
409.2
458.7
503.5
590.9
678.2
745.8
808.4
851.8
-73.7
-53.7
59 2
-40.2
73 8
-79.0
-128.0
-207.8
-185.4
231.7
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
328.5
369.1
403.5
476.6
543.1
594.4
661.3
686.0
-70.5
-49.8
-54.9
-38.2
-72.7
-74.0
120 1
-208.0
185 7
66.4
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
-3.2"
-3.9
-4.3
-2.0
1.1
-5.0
79
.2
.3
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,075.7
1,165.4
946.4
990.3
1,003.9
1,064.1
1,144.2
1,251.8
1,323.0
1,475.4
1,515.3
-212.3
-221.2
-149.8
-155.2
- 153.5
-220.5
-268.7
-399.7
-349.9
547.9
568.9
640.7
667.5
727.0
749.7
760.4
774.8
839.6
769.6
806.8
810.1
861.4
933.3
1,026.7
1,081.3
1,223.9
1,251.3
221.7
-238.0
169.3
-194.0
206.2
-277.1
3209
-449.1
-411.7
186.2
200.2
213.4
241.5
263.7
281.7
293.9
300.9
325.8
176.8
183.5
193.8
202.7
210.9
225.1
241.7
251.5
264.0
9.4
16.7
19.6
38.8
52.8
56.6
52.2
49.4
61.8
1,499.4
1,817.0
1,736.2
2,120.1
1,888.1
2,345.6
2,600.8
2,050.3
2,867.5
2,190.3
2,410.4
3,206.3
3,599.0 ' 2,687.9
3,077.3
4,077.5
3,428.0
4,543.0
622.9
632.4
745.1
817.2
-122.2
-184.7
448.0
456.3
606.7
674.5
158.7
-218.2
175.0
176.1
138.4
142.7
36.6
33.4
3,395.5
3,822.2
1
Data front Monthly Treasury Statement.
NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
32
. Outlays
Gross Federal debt
(end of period)
Off-budget
On-budget
Total
1993, Supplement, batted February 18, 1992, and are on a cash basis.
Sources: Department of the Treasury and Office of Management and Budget.
2,540.2
2,867.1
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 7 months of fiscal 1992, receipts were $9.5 billion higher than a year earlier and outlays were $72.1
billion higher.
BULKDNS OF DOLLARS
BILLIONS OF DO JARS
600
RECEIPTS ^
600
INDIVIDUAL INCOME TAXES
\
500
400
500
—
r
400
300
300
.
200
CORPORATION
IN'-<">MF TAXES
\
OTHER RECEIPTS
\
100
1
0
SOCIAL INSURANCE
TAWS AN" rnwromi mr»j<;
200
>•
1
1
1
100
1
1
1
1
1
0
1,300
1,300
OUTLAYS-^
1,200
1,200
-^-"~~~
1,100
1,100
^^."'^
1,000
NONDEFENSE
1,000
^"^
\
900
~~
900
>---'"
800
_ u—
800
^.. -•• ™" "
700
700
--^""
600
600
500
500
NATIONAL DEFENSE
400
200
400
\
300
A
" 1984
1
i
1985
"
i
1986
i
1987
i
1988
300
i
1989
i
1990
i
1991
r\
i
1992
1993
200
N
FISCAL YEARS
-^INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
National defense
Social
Individual
income
taxes
Corporation
income
taxes
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
371.8
409.2
458.7
503.5
590.9
678.2
745.8
808.4
851.8
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,075.7
1,165.4
334.5
349.0
392.6
401.2
445.7
466.9
467.8
478.7
515.2
61.3
63.1
83.9
94.5
103.3
93.5
98.1
89.0
103.8
265.2
283.9
303.3
334.3
359.4
380.0
396.0
410.9
446.7
946.4
73.0
990.3
73.1
74.3 1,003.9
78.9 1,064.1
82.3 1,144.2
90.9 1,251.8
92.3 1,323.0
97.1 1,475.4
99.7 1,515.3
622.9
632.4
282.3
284.6
57.9
53.2
230.8
236.7
52.0
57.9
745.1
817.2
Fiscal year
Total
1976
1977
1978
1979
1980
1981
1982
198S
1984
.
...
1985
1986
1987
1988
1989
1990.
1991
1992 (estimates)
1993 (estimates)
Cumulative total, first 7 months: *
Fiscal year 1991
Fiscal year 1992 ...
1
ance
taxes
Other
and
Data from Monthly Treasury Statement.
inter-
ty
ty
est
15.8
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
26.7
29.9
35.5
42.6
52.5
68.8
85.0
89.8
111.1
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
33.5
35.9
40.0
44.5
48.4
57.7
71.2
94.6
108.2
65.8
70.2
75.1
78.9
85.0
98.1
104.5
118.6
129.3
128.2
119.8
123.3
129.3
136.0
147.3
170.8
198.1
196.7
188.6
198.8
207.4
219.3
232.5
248.6
269.0
286.7
302.3
129.5
136.0
138.7
151.8
169.3
184.2
194.5
198.8
213.7
131.8
142.1
125.9
139.4
159.8
202.7
223.8
253.4
255.7
38.6
50.2
58.7
67.9
103.1
120.3
152.7
163.8
112.5
117.7
116.8
114.3
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
252.7
273.4
282.0
290.4
303.6
299.3
273.3
307.3
291.4
245.2
265.5
274.0
281.9
294.9
289.8
262.4
294.6
278.3
16.2
14.2
11.6
10.5
9.6
13.8
15.9
17.8
18.0
152.0
170.8
145.6
163.8
10.9
12.2
Total
contributions
NOTE.—Data (except as noted) are from Budget of the United States, Government, Fiscal Year
Social
securi-
Healtb
Department of
Defense,
military
Net
Income
securi-
International
affairs
Total
Medicare
Other
1993, Supplement, issued February 18, 1993, and are on a cash basis.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 1992, according to preliminary estimates, Federal receipts rose $5.3 billion (annual rate) and
Federal expenditures rose $46.7 billion.
BllilONS OF DOUARS
BIUJONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
1,400
1,400
1,200
1,200
1,000
1,000
600
1982
1983
1986
1984
1987
1988
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT Of COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government expenditures
Federal Government receipts
Period
Total
Fiscal year:
1988
1989
1990
1991
Calendar year:
1988
1989
1990
1991
1982- IV
1983: IV
1984- IV
1985- IV
1986- IV
1987- IV
1988- IV
1989- IV
1990: I
II
in
IV
1991- I
n
m.
1992:
IV ....
lr
Personal
tax and
nontax
receipts
Less:
Wage
accruals
less
disbursements
Surplus
or deficit
(-),
national
income
and
product
accounts
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
1,098.5
1,162.1
1,245.6
1,310.6
386.3
399.0
416.4
445.9
430.9
459.4
502.0
508.5
108.4
115.8
128.3
147.0
143.8
160.3
175.3
185.2
28.9
27.6
23.7
24.1
-0.1
.0
.0
.0
-143.3
-115.0
-157.8
-196.6
1,109.0
1,179.4
1,270.1
1,321.7
815.7
855.7
926.6
990.8
1,034.3
1,096.3
1,135.5
1,206.0
1,247.6
1,263.2
1,265.1
1,304.4
1,261.6
1,321.0
1,334.8
1,369.3
1,416.0
387.0
401.4
424.9
445.1
281.4
289.7
324.7
356.9
373.1
392.5
392.0
403.7
417.2
423.3
424.7
434.5
451.5
452.1
444.9
432.0
441.2
436.3
469.5
510.8
513.5
346.0
351.1
360.1
383.8
404.2
419.7
444.5
486.4
501.6
507.2
510.7
523.8
457.5
505.1
534.9
556.6
597.9
111.3
118.2
132.2
152.8
84.3
86.9
97.7
104.5
103.8
102.9
113.0
121.9
128.1
132.2
131.2
137.3
143.7
151.0
153.3
163.3
164.5
146.0
164.7
177.5
188.7
86.8
99.2
122.3
129.2
131.1
143.1
151.2
168.8
170.9
177.5
183.7
177.7
185.7
189.7
187.9
191.4
187.6
28.4
25.5
24.7
21.5
17.3
28.8
22.2
16.4
22.1
37.8
34.9
25.1
29.8
23.0
14.8
31.2
23.4
22.7
13.9
26.0
24.9
.0
.0
.1
— .1
.0
.0
.6
.0
.0
-.2
.0
.0
.0
.0
.0
.2
.2
-.4
.0
.0
.0
-136.6
-124.2
-165.3
-201.6
-183.4
-184.6
-186.8
-187.2
-177.5
-152.7
-134.9
-143.3
-160.8
-156.9
-149.7
-193.6
-146.4
-206.7
-210.2
-243.1
-284.5
403.8
455.7
472.2
476.1
107.6
116.7
113,1
103.2
59.6
62.2
63.7
75.6
384.1
412.5
438.9
459.1
972.3
1,055.2
1,104.8
1,120.1
632.3
671.1
739.8
803.6
856.8
943.5
1,000.6
1,062.7
1,086.8
1,106.3
1,115.4
1,110.7
1,115.2
1,114.3
1,124.6
1,126.2
1,131.5
410.1
460.2
482.2
470.4
301.6
290.5
323.5
351.8
371.7
414.8
420.0
467.9
471.2
485.4
486.6
485.5
473.9
468.8
469.9
469.0
461.0
111.0
113.9
112.1
102.9
45.5
65.4
67.0
77.0
91.4
109.7
118.5
107.4
113.7
114.1
115.1
105.7
99.0
102.0
106.2
104.4
110.7
60.9
61.9
65.8
78.8
49.2
55.4
58.2
56.8
54.8
59.5
61.4
62.1
64.6
64.8
65.2
68.5
78.2
77.1
78.7
81.2
79.6
390.4
419.4
444.7
468.0
235.9
259.8
291.1
318.0
338.8
359.4
400.7
425.2
437.2
442.0
448.5
451.1
464.1
466.3
469.9
471.6
480.2
Source: Department of Commerce, Bureau of Economic Analysis.
Subsidies
less
current
surplus of
Government
enterprises
Corporate
profits
tax
accruals
955.1
1,047.1
1,087.9
1,114.0
34
Grantsin-aid to
State
and
local
governments
Total
Purchases
Transfer
a
P y-
ments
Net
interest
paid
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84=100; NSA)
Industrial production (1987—100; seasonally adjusted)
Period
United
States
Canada
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
109.2
107.1
76.5
81.5
91.4
96.5
95.4
100.0
105.5
105.3
100.8
96.7
82.9
97.3
85.5
96.5
97.1
93.4
96.8
97.2
96.6
98.0
100.0
100.0
109.2 ' 104.6
115.9 ' 108.8
121.4 ' 110.9
124.1 r111.2
90.3
90.9
93.5
97.7
99.6
100.0
103.9
108.8
114.5
118.0
95.6
95.3
96.4
97.0
97.4
97.7
97.3
Oct .
Nov
Dec
105.7
105.0
105.5
106.4
107.3
108.1
108.0
108.4
108.4
108.1
107.4
125.7
109.8
123.0 ' 107.1
123.3
109.8
126.0
109.6
122.8
109.7
126.6
110.9
110.9
122.8
123.7
109.6
123.9
111.1
r
123.8 110.3
122.0 '109.2
118.3
118.3
117.8
116.9
121.6
119.5
117.3
117.5
117.5
1992: Jan
Feb
Mar
Apr f
' 106.6
' 107.2
r
!07 6
108 2
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 *
1991:
Feb
Mar
May
July
Sept
1
r
Japan
97.9
'97.1
'96.7
r
95.1
r
95.3
95.5
r
121.5
120.6
117.7
1182
France
r
111.1
l!0.2
109.8
Germany
United
Kingdom
Italy
United
States1
Canada
Japan
France
Germany
Italy
United
Kingdom
91.7
88.9
91.8
92.9
96.2
100.0
105.9
109.2
109.4
107.1
86.4
89.6
89.7
94.6
96.9
100.0
103.6
104.0
103.4
' 100.3
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
136.2
94.9
100.4
104.8
108.9
113.4
118.4
123.2
129.3
135.5
143.1
98.0
99.9
102.1
104.1
104.8
104.9
105.7
108.0
111.4
115.0
91.7
100.3
108.0
114.3
117.2
121.1
124.4
128.9
133.2
137.2
97.0
100.3
102.7
104.8
104.7
104.9
106.3
109.2
112.1
116.0
87.7
100.8
111.5
121.1
128.5
134.4
141.1
150.4
159.6
169.8
95.4
99.8
104.8
111.1
114.9
119.7
125.6
135.4
148.2
156.9
108.4
108.5
103.5
105.3
110.6
106.5
104.1
107.9
105.8
r
l!7.9 111.6
' 113.4 104.7
' 101.3
' 101.3
134.8
135.0
135.2
135.6
136.0
136.2
136.6
137.2
137.4
137.8
137.9
141.7
142.3
142.3
143.0
143.7
143.8
143.9
143.7
143.4
144.0
143.4
113.5
114.0
114.7
115.3
114.8
114.7
114.9
115.1
116.4
116.6
116.0
135.7
135.8
136.3
136.6
136.9
137.4
137.7
138.0
138.6
138.9
139.1
114.3
114.2
114.7
115.2
115.8
116.8
116.8
117.0
117.4
117.9
118.0
167.0
167.4
168.2
168.8
169.7
169.9
170.4
171.1
172.6
173.8
174.2
153.8
154.4
156.4
156.9
157.6
157.2
157.6
158.1
158.7
159.3
159.4
138.1
138.6
139.3
139.5
144.0
144.1
144.6
144.6
115.8
115.7
116.3
139.4
139.8
140.2
118.5 * 175.4
119.2
175.9
119.7
176.6
120.0
177.3
r
r
98.6
r
r
101.4
r
99.8
100.2
100.7
r
100.4
' 100.0
119.2 ' 108.5
120.3 110.3
117.1
Data relate to all urban consumers.
'98.4
!01.4
r
99.1
' 100.1
99.1
159.3
160.1
160.6
163.1
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration, Trade Information and Analysis).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
General merchandise imports (customs value) a
Merchandise exports (f.a.s. value) *
Principal end-use commodity category
Period
1982....
1983
1984
1985
1986
1987
1988
1989 .
1990
1991 '
1991:
Mar *
Apr '
May r.
July ''..
Sept '
Ocf
Nov '
Dec r
1992: Jan '
Feb r
Mar
Foods,
feeds,
and
beverages
Industrial
supplies
and
materials
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
Other 2
216.4
205.6
224.0
5
218.8
5
227.2
254.1
322.4
363.8
393.6
421.7
31.3
30.9
31.5
24.0
22.3
24.3
32.3
37.2
35.1
35.7
61.7
56.7
61.7
58.5
57.3
66.7
85.1
99.3
104.4
109.7
72.7
67.2
72.0
73.9
75.8
86.2
109.2
138.8
152.7
166.7
15.7
16.8
20.6
22.9
21.7
24.6
29.3
34.8
37.4
40.0
14.3
13.4
13.3
12.6
14.2
17.7
23.1
36.4
43.3
45.9
20.7
20.5
24.0
27.3
35.9
34.6
43.4
17.2
20.7
23.7
34.2
35.5
35.0
34.7
35.2
34.5
35.3
36.8
37.3
36.1
3.0
2.9
2.9
2.7
3.1
3.0
3.1
3.2
3.2
3.3
9.0
9.2
9.4
8.7
9.1
9.1
8.6
9.3
8.9
8.9
13.5
14.3
13.7
14.3
13.7
13.4
14.4
14.4
15.4
14.3
3.0
3.4
3.4
3.5
3.6
3.3
3.5
3.7
3.6
3.3
3.8
3.8
3.7
3.7
3.7
3.7
3.8
4.1
4.1
3.8
35.5
37.7
37.0
3.1
3.6
3.3
9.3
8.9
8.8
13.9
15.3
14.8
3.2
3.6
3.9
3.9
4.1
4.0
Total2
1
Includes Department of Defense Military Assistance Program grant-aid
2
Includes undocumented exports to Canada through 1988.
3
Total arrivals of imported goods other than intransit shipments.
4
Total includes revisions not reflected in detail.
5
General
merchandise
imports
(c.i.f.
value)
Foods
feeds,
and
beverages
Industrial
supplies
and
materials
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
Other
112.0
107.0
123.7
113.9
101.3
111.0
118.3
132.3
143.2
131.0
35.4
40.9
59.8
65.1
71.8
84.5
101.4
113.3
116.4
120.7
33.3
40.8
53.5
66.8
78.2
85.2
87.7
86.1
87.3
84.9
39.7
44.9
60.0
68.3
79.4
88.7
95.9
102.9
105.7
108.0
6.5
6.3
7.8
9.4
10.4
12.1
12.8
13.6
16.1
15.9
254.9
269.9
346.4
352.5
382.3
424.4
459.5
493.2
384
27 5
-64.2
-52.4
1224
- 106.7
117 7
133 6
-138.3 -155.1
152 1 -170.3
-118.5 -137.1
1094
1294
517.0
-101.7
-123.4
487.1
17.1
18.2
21.0
21.9
24.4
24.8
24.8
25.1
26.6
26.5
508.4
654
866
1.9
1.9
2.0
1.9
2.0
1.9
1.9
2.1
2.1
2.3
38.5
39.7
40.0
39.4
40.8
41.1
41.8
42.7
41.4
41.7
2.2
2.3
2.3
2.3
2.2
2.1
2.2
2.1
2.2
2.3
10.1
10.8
11.3
10.6
10.7
10.9
11.1
11.1
10.8
10.8
10.1
10.1
9.9
10.0
10.2
10.0
10.2
10.3
9.9
10.3
6.6
6.8
6.6
6.6
7.4
7.9
7.4
7.7
7.2
7.2
8.3
8.5
8.5
8.4
9.1
8.9
9.4
10.0
9.8
9.8
1.3
1.3
1.5
1.5
1.3
1.3
1.3
1.4
1.4
1.3
40.2
41.6
41.8
41.1
42.6
42.8
43.6
44.5
43.1
43.4
-4.3
-4.3
-5.0
-4.7
-5.6
66
-6.5
59
—4.1
-5.6
-6.1
-6.1
-6.8
-6.4
-7.4
-8.4
-8.3
76
-5.8
74
2.0
2.1
2.2
41.3
40.9
42.8
2.3
2.2
2.3
10.6
10.3
10.6
10.3
10.3
10.8
7.3
7.1
7.5
9.5
9.6
9.9
1.3
1.5
1.7
43.0
42.6
44.6
-5.8
-3.3
-5.8
-7.6
50
-7.6
shipments.
Total exports are on a revised statistical month basis; end-use categories are on a statistical
month basis.
Trade balance
Principal end-use commodity category
Total
244.0
258.0
330.7
4
336.5
365.4
406.2
4
441.0
473.2
495.3
Exports
(I.a.sl less
imports
(customs
value)
Exports
(f.a,s)
less
imports
(c.U.)
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Seasonally adjusted data revised beginning 1990; unadjusted data revised beginning 1991.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
The merchandise trade deficit fell to $17.5 billion in the first quarter of 1992. (Data revised for 1990-91.)
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS
15
IS
BALANCE ON GOODS,
SERVICES, AND INCOME
-40
-45
1992
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)]
Merchandise * 2
Net
Period
Exports
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 *
1989: m
IV
1990- I
n
m
rv
1991: I
n
m
rv"....
1992:
1
2
3
4
I"
Imports
Net balance
237,085 -265,063
-27,978
211,198
-247,642
-36,444
201,820 -268,900
-67,080
219,900
332 422
112 522
215,935 -338,083 -122,148
223,367
368 425
145 058
250,266 -409,766 - 159,500
320,337
447 323
126 986
361,451 -477,368 -115,917
r
r
497
558
r
^Q8 853
388,705
r
415,962 r - 489,398 r - 73,436
90,142 -119,330
-29,188
92,493 -121,104
-28,611
27 379
" 94,981
122 360
' 96,654 -121,461
-24,807
r
96,544 -125,434
-28,890
r
100,526 -128,303
-27,777
r
100,636 -118,962
-18,326
* 103,324 -119,721
-16,397
r
104,151 -124,325
-20,174
r
107,851 -126,390
-18,539
107,825 -125,293
-17,468
military
transactions 3 4
-844
112
-163
2 147
-4,096
-4,907
-3,662
-5,743
-6,204
-7,220
-5,280
-1,161
-1,693
-1,737
-1,558
-1,683
-2,243
-2,329
-1,484
-882
-584
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Quarterly data are not seasonally adjusted.
Includes transfers of goods and services under U.S. military grant programs.
36
Investment income 5
Services
Net
travel and
transportation
receipts
Other
services,
net 5
Receipts
on U.S.
assets
abroad
144
992
-4,227
9 153
-10,788
8 939
-8,006
3 844
2,621
4,140
10,327
652
1,265
941
834
479
1,885
2,089
2,553
2,946
2,739
12,552
12,981
13,859
14,042
14,008
18,551
18,012
19,925
25,998
29,456
30,832
6,772
6,911
6,695
7,322
7,607
7,832
7,330
7,893
8,185
7,424
84,975 -53,626
85,346 -57, 097
54 549
81,972
92,935 -69,542
66 115
82,282
80,982 -70,013
82 908
90,536
110,669 -105^3 17
125 963
128,651
130,091 -118,146
105 943
115,306
32,217 -31,718
33,159 -30,687
31,959 -28,957
-31,307
31,314
32,012 -29,210
34,805 -28,672
32,748 -27,846
28,307 -25,942
28,538 -26,675
25,714 -25,480
Payments
on foreign
assets 3in
Net
Balance on
goods,
services,
and income
Unilateral
transfers,
net 4
Balance
on current
account
U.S.
15,223 -8,331
31,349
3,907 -9,775
28,250
30 188 -9,956
27,423
23,394 -86,385 -12,621
16,166 - 106,859 -15,473
16 009
129 384
10,969
7,629 - 145,527 - 14,674
111 294 - 14,943
5,353
2,688 -90,814 -15,491
22 329
69 794
11,945
19,728
9,363 -28,344
499 -22,426 -3,794
2,472 - 19,656 -5,044
3,002 -18,635 -4,032
7 -17,485 -4,693
2,802 -19,555 -4,326
— 14,122 -9,280
6,133
16,919
-6,545
4,902
-4,211
7,108
2,365
-8,737 -2,880
1,863
-8,849 -1,417
234
6,892
-5,868
-40,143
-99,006
-122,332
-145,393
- 160,201
-126,236
- 106,305
-92,123
-8,616
-26,220
-24,700
-22,667
-22,178
-23,881
-23,402
10,374
2,897
-11,617
- 10,266
5
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
United States are excluded from investment income and included in other services, net.
See p. 37 for continuation of table.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $20.7 billion in the fourth quarter of
1991, in contrast to a decrease of $2.3 billion in the third quarter. Liabilities to private foreigners reported by U.S.
banks, excluding Treasury securities, increased $26.0 billion in the fourth quarter, compared to an increase of $6.5
billion in the third quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
80
80
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
/
/
/
.
',,
.
'
*
\
\
I
'\ '
'
<
1
\ ,
I /
,\ /
TT/~
f
\ I '
/
I
I
A
20
20
COUNCIl OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase /capita
Period
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 p
U.S.
official
reserve
assets 3 8
Other U.S.
Government
assets
Foreign assets in the U.S., net
[increase /capita! inflow (+)] 3
]
U.S.
private
assets
Foreign
official
assets
Other
foreign
assets
83,032
93,746
84,869
102,621
130,012
221,599
229,828
221,534
216,549
86,303
79,503
4,960
3,593
5,845
3,140
-1,083
35,588
45,343
39,657
8,624
32,425
20,585
78,072
90,154
79,023
99,481
131,096
186,011
184,485
181,877
207,925
53,879
58,918
Total
Statistical discrepancy
Allocations
of special
drawing
rights
(SDEs)
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net6
(unadjusted,
end of
period)
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,719
19,934
36,612
11,374
27,456
20,041
15,824
-6,690
9240
18,366
63,526
-3,139
-110,951
-124,490
-56,100
-31,070
-27,721
-92,030
-62,937
-86,057
-128,610
-57,706
-67,747
5 175
-4,965
1 196
-3,131
3 858
312
9,149
-3,912
-25,293
-2,158
5,763
-45,743
-41,021
-5,996
-3,202
564
i±9
-40,311
-37,938
74,255
70,238
13,053
-7,158
61,202
77,396
-2,292
-4,517
-6,379
3,096
68,418
74,609
n
m
37,147
-33,462
-26,689
-34,703
-3,177
669
-800
314
4,759
40,993
-33,033
-28,114
-38,370
33 082
31,257
49,096
39,033
7 022
5,805
13,341
20,301
-26,059
25,452
35,754
18,732
18,601
24,383
1,475
19,072
4,367
105
-6,473
2,007
76,303
77,298
80,024
83,316
n
m ....
-1,123
-15,181
-11,206
-40,235
353
1,014
1,422
-493
3,197
-553
-2,192
15 702
-18,281
40,908
-729
3,503
26,979
49,751
6,631
-3,105
3,854
13,205
-7,361
6,608
23,125
36,546
-8,522
8,781
-4,156
750
4,322
496
-6,232
1,407
78,002
74,940
74,731
77,719
.
1989: m
IV
1990: I
IV
1991: I
IV"...
371
1,739
-1,091
3,877
1,225
-5,097 -100,679
6 131 -113,394
-49,898
-5,006
22 451
-5,489
-2,821 -21,043
-90,321
-2,022
-73,091
1,006
2,966
-85,111
1,320 - 104,637
-58,524
2,976
3,572
77 082
e
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve position in the IMF.
1,093
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
NOTE.—Merchandise data (p. 36) revised for 1990 and l»i/i; other data to be revised in next
month's issue.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
p^
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:
' Preliminary.
' Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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