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103d Congress, 2d Session
Economic Indicators
NOVEMBER
1994
(Includes data available as of December 5, 1994)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1994
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
KWEISI MFUME, Maryland, Chairman
PAUL S. SARBANES, Maryland, Vice Chairman
HOUSE OF REPRESENTATIVES
LEE H. HAMILTON (Indiana)
DAVID R. OBEY (Wisconsin)
FORTNEY H. (PETE) STARK (California)
RON WYDEN (Oregon)
MICHAEL A. ANDREWS (Texas)
RICHARD K. ARMEY (Texas)
JIM SAXTON (New Jersey)
CHRISTOPHER C. COX (California)
JIM RAMSTAD (Minnesota)
SENATE
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
CHARLES S. ROBB (Virginia)
BYRON L. DORGAN (North Dakota)
BARBARA BOXER (California)
WILLIAM V. ROTH, JR. (Delaware)
CONNIE MACK (Florida)
LARRY E. CRAIG (Idaho)
ROBERT F. BENNETT (Utah)
RICK McGAHEY, Executive Director
COUNCIL OF ECONOMIC ADVISERS
LAURA D. TYSON, Chair
JOSEPH E. STIGLITZ, Member
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
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 $3.00 a single copy
($3-75 foreign), or by subscription at $33.00 per year ($41.25 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
For sale by the U.S. Government Printing Office
Superintendent of Documents, Congressional Sales Office, Washington, DC 20402
ISBN 0-16-046264-9
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the third quarter of 1994, according to revised estimates, current-dollar gross domestic product (GDP) rose 5.9
percent (annual rate), real GDP (GDP in 1987 dollars) rose 3.9 percent, and the implicit price deflator rose 1.9
percent.
BIUIONS OF DOUARS (RATIO SCALE)
BILUONS OF DOUARS (RATIO SCALE]
6,800
X
SEASONALLY ADJUSTS) AT*«JAl MJB
XI
6,400
r""'
6,000
r^"1
GDP
X
IN CURRENT D O U A R S X
5,200
5,600
^-
\.
ff
r<
4,800
.-'"
—
"" ~~ *•
-~ ~"
GW>
IN 1987DOU1ARS
4,400
^
^---
4,000
4,000
s
^
^
/
3,600
3,600
/
2,800
5,200
4,800
r^1
4/400
6,400
6,000
^
5,600
6,800
i i i
1982
i
3,200
t i
1983
\
1
1
t
1984
}
'
1985
i i i
i i i
i i i
1986
1987
1988
i i i
i i i
1989
1990
1991
1 1 1
i ii i i \
1992
1993
2,800
1994
COUNOl OF ECONOMIC ADVISERS
SOURCE: DBWtrMB4T Of CQMMBKt
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1986
1987
1988
1989
1990
1991
1992
1993
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
m
IV
1993- I ..
n
m
IV
1994- I
n
ra r.
1
Gross
domestic
product
4,268.6
4,539.9
4,900.4
5,250.8
5,546.1
5,724.8
6,020.2
6,343.3
3,195.1
3,547.3
3,869.1
4,140.5
4,336.6
4,683.0
5,044.6
5,344.8
5,597.9
5,796.6
6,043.6
6,169.3
6,235.9
6,299.9
6,359.2
6,478.1
6,574.7
6,689.9
6,786.5
Gross
private
domestic
investment
Net
exports
2,850.6
3,052.2
3,296.1
3,523.1
3,761.2
3,902.4
4,136.9
4,378.2
2,128.7
2,346.8
2,526.4
2,739.8
2,923.1
3,124.6
3,398.2
3,599.1
3,836.6
3,955.7
4,154.0
4,251.3
4,294.6
4,347.3
4,401.2
4,469.6
4,535.0
4,586.4
4,658.1
717.6
749.3
793.6
832.3
808.9
744.8
788.3
882.0
464.2
614.8
722.8
737.0
697.1
800.2
814.8
825.2
756.4
756.8
795.5
822.0
853.8
869.7
882.2
922.5
966.6
1,034.4
1,054.2
-132.5
— 143.1
-108.0
— 79.7
-71.4
-19.9
-30.3
-65.3
-29.5
-71.8
-107.1
- 135.5
-133.2
-143.2
-106.0
-73.9
-71.6
-13.7
-37.8
-42.2
-49.6
-63.3
-77.0
-71.2
-86.7
-97.6
-114.5
Federal
Exports
Imports
319.2
364.0
444.2
508.0
557.1
601.1
638.1
659.1
265.6
286.2
308.7
304.7
333.9
392.4
467.0
523.8
577.6
623.7
638.8
649.2
646.8
660.1
649.0
680.3
674.2
704.5
725.2
451.7
507.1
552.2
587.7
628.5
620.9
668.4
724.3
295.1
358.0
415.7
440.2
467.1
535.6
573.1
597.7
649.2
637.5
676.6
691.4
696.4
723.5
726.0
751.4
760.9
802.1
839.7
GDP leas exports of goods and services plus imports of goods and services.
Government purchases
Exports and imports of goods
and services
Personal
consumption
expenditures
Total
Total
833.0
881.5
918.7
975.2
1,047.4
1,097.4
1,125.3
1,148.4
631.6
657.6
727.0
799.2
849.7
901.4
937.6
994.5
1,076.5
1,097.9
1,131.9
1,138.1
1,137.1
1,146.3
1,152.9
1,157.2
1,159.8
1,166.7
1,188.7
367.8
384.9
387.0
401.6
426.5
445.8
449.0
443.6
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
438.3
452.9
454.8
446.9
445.2
442.7
439.8
437.8
435.1
444.4
National
defense
276.7
292.1
295.6
299.9
314.0
322.8
314.2
302.7
205.5
222.8
242.9
268.6
278.6
295.8
296.8
302.5
322.5
311.6
318.6
316.0
307.0
305.8
299.0
299.1
291.7
291.7
300.5
Nondefense
91.1
92.9
91.4
101.7
112.5
123.1
134.8
140.9
75.9
66.9
81.9
88.3
94.5
96.7
95.2
102.6
114.0
126.6
134.2
138.7
139.9
139.4
143.6
140.7
146.1
143.5
143.9
State
and
local
465.3
496.6
581.7
573.6
620.9
651.6
676.3
704.7
350.3
367.9
402.2
442.4
476.6
509.0
545.7
589.3
640.0
659.7
679.1
683.3
690.2
701.2
710.2
717.4
722.0
731.5
744.3
Final
sales of
domestic
product
Gross
domestic
purchases '
Addendum:
Gross
national
product
4,260.0
4,513.7
4,884.2
5,217.5
5,539.3
5,726.6
6,017.2
6,327.9
3,241.4
3,527.1
3,818.1
4,107.9
4,355.4
4,623.7
5,027.3
5,314.6
5,621.8
5,782.3
6,038.3
6,160.0
6,215.8
6,281.4
6,345.4
6,469.2
6,550.6
6,622.5
6,724.9
4,401.2
4,683.0
5,008.4
5,330.5
5,617.5
5,744.7
6,050.5
6,408.6
3,224.6
3,619.1
3,976.2
4,276.0
4,469.8
4,826.2
5,150.7
5,418.7
5,669.5
5,810.4
6,081.4
6,211.4
6,285.5
6,363.3
6,436.3
6,549.3
6,661.4
6,787.5
6,901.1
4,277.7
4,544.5
4,908.2
5,266.8
5,567.8
5,740;8
6,025.8
6,347.8
3,222.6
3,578.4
3,890.2
4,156.2
4,340.5
4,690.5
5,054.3
5,365.0
5,630.0
5,810.7
6,049.4
6,167.0
6,243.9
6,303.3
6,367.8
6,476.2
6,574.0
6,682.5
6,775.9
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]
Exports and imports of
goods and services
Oross private
domestic investment
Period
Gross
domestic
product
Personal
consumption
expenditures
Government purchases
Federal
Nonresidential
fixed
investment
Residential
bed
investment
Change
in
business
inventories
State
and
local
Final
sales of
domestic
product
Oross
domestic
purchases l
Addendum:
Gross
national
product
Exports
Imports
Total
8.5 -155.1
26.3 — 143.1
104.0
19.9
29.8 -73.7
5.7 -54.7
— 1.1 -19.5
2.5 -32.3
15.3 -73.9
329.6
364.0
421.6
471.8
510.5
542.6
578.8
602.5
484.7
507.1
525.7
545.4
565.1
562.1
611.2
676.3
855.4
881.5
886.8
904.4
932.6
944.0
936.9
929.8
373.0
384.9
377.3
376.1
384.1
386.7
373.5
356.6
280.6
292.1
287.0
281.4
283.6
281.4
261.4
243.7
92.4
92.9
90.2
94.8
100.4
105.3
112.2
113.0
482.4
496.6
509.6
528.3
548.5
557.2
563.3
573.1
4,395.9
4,513.7
4,698.6
4,808.3
4,891.6
4,868.7
4,976.9
5,119.3
4,559.6
4,683.0
4,822.6
4,911.7
4,951.9
4,887.2
5,011.6
5,208.4
4,413.5
4,544.5
4,726.3
4,852.7
4,916.5
4,882.3
4,985.7
5,140.3
Net
exports
Total
National
defense
Nondefense
4,404.5
4,539.9
4,718.6
4,838.0
4,897.3
4,867.6
4,979.3
5,134.5
2,969.1
3,052.2
3,162.4
3,223.3
3,272.6
3,259.4
3,349.5
3,458.7
500.3
497.8
530.8
540.0
546.5
515.4
525.9
591.6
226.2
225.2
222.7
214.2
194.5
169.5
196.9
213.0
3,759.6
4,012.1
4,194.2
4,333.5
4,427.1
4,625.5
4,779.7
4,856.7
4,867.2
4,880.8
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,265.3
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
506.9
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
176.3
177.5
449
29.3
47.9
30.2
20 1
59.9
20.9
24.9
20.9
13.5
-19.0
-83.7
-131.4
-155.4
- 156.0
-136.0
-102.7
-67.4
-36.8
-16.9
280.4
291.5
312.8
312.0
342.9
386.1
438.2
487.7
520.4
562.6
299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.0
557.2
579.4
735.9
748.1
784.3
830.5
864.8
893:0
894.5
912.6
942.4
934.4
316.0
322.2
341.7
363.7
377.5
391.6
378.4
376.1
386.5
374.1
229.4
242.9
254.3
272.1
282.2
295.0
285.7
281.5
285.7
265.8
86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.7
100.8
108.2
419.9
425.9
442.6
466.7
487.3
501.4
516.1
536.5
555.8
560.4
3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565.6
4,758.7
4,831.8
4,888.0
4,867.3
3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,924.1
4,904.0
4,897.6
3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,875.1
4,895.4
4,893.9
1992- TTT
IV
4,990.5 3,357.6
5,060.7 3,403.4
531.2
540.9
196.9
207.7
5.2
6.6
-38.9
-38.5
580.5
590.7
619.4
629.3
938.5
940.6
376.0
377.0
264.6
262.4
111.4
114.6
562.5
563.6
4,985.3
5,054.1
5,029.4
5,099.2
4,997.2
5,061.0
1993: I
5,075.3 3,417.2
5,105.4 3,439.2
5,139.4 3,472.2
5,218.0 3,506.2
560.3
581.0
597.9
627.2
210.4
206.3
211.0
224.5
18.5
18.9
13.0
10.8
-57.6
-69.3
-86.3
-82.2
589.2
600.2
595.3
625.2
646.8
669.6
681.6
707.4
926.5
929.3
931.8
931.5
361.6
358.3
355.6
351.1
248.2
246.8
240.9
238.7
113.3
111.5
114.7
112.4
564.9
571.0
576.2
580.4
5,056.8
5,086.5
5,126.5
5,207.2
5,132.9
5,174.7
5,225.8
5,300.2
5,083.9
5,110.1
5,148.4
5,218.7
5,261.1 3,546.3
5,314.1 3,557.8
5,365.0 3,586.4
643.6
657.9
680.4
229.9
233.8
229.9
25.4 -104.0
59.2 -111.8
56.1 -120.8
619.6
643.9
662.7
723.6
755.6
783.5
919.9
917.1
933.0
341.7
334.7
344.7
228.5
226.1
233.4
113.2
108.7
111.2
578.3
582.4
588.4
5,235.7
5,254.9
5,309.0
5,365.1
5,425.8
5,485.9
5,262.7
5,310.5
5,359.0
1986
1987
1988
1989 ..
1990
1991
1992
1993
198219831»8419851986198719881989:
19901991:
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
n
m
IV
1994- I
nr
m
1
GDP less exports of goods and services plus imports of goods and services.
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[1987 = 100; quarterly data are seasonally adjusted]
Period
1986
1987
1988
1989
1990
1991
1992
1993
Gross
domestic
product
Personal consumption
expenditures
Gross private
domestic investment
Durable
goods
Residential fixed
Government purchases
Exports and imports of
goods and services
Federal
Total
Nondurable goods
Services
Nonresidential
fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
96.9
100.0
103.9
108.5
113.3
117.6
120.9
123.5
96.0
100.0
104.2
109.3
114.9
119.7
123.5
126.6
96.9
100.0
102.0
104.2
105.7
107.3
108.9
109.8
96.1
100.0
103.7
109.3
115.9
120.0
122.5
124.2
95.7
100.0
105.1
110.6
116.7
122.5
127.7
132.3
98.4
100.0
102.8
105.2
107.3
108.1
106.7
104.1
95.8
100.0
104.2
107.8
110.7
111.9
113.7
117.6
96.9
100.0
105.3
107.7
109.1
110.8
110.2
109.4
93.2
100.0
105.1
107.8
111.2
110.5
109.4
107.1
98.6
100.0
102.6
106.8
111.0
115.3
120.2
124.4
98.6
100.0
103.0
106.6
110.7
114.7
120.2
124.2
98.6
100.0
101.4
107.3
112.0
116.9
120.2
124.7
96.4
100.0
104.3
108.6
113.2
116.9
120.1
123.0
19821983:
19841985:
19861987:
19881989:
19901991:
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
85.0
88.4
92.3
95.5
98.0
101.2
105.5
110.1
115.0
118.8
83.8
87.6
90.7
94.6
97.0
101.6
106.1
111.0
117.5
121.1
90.6
93.3
94.4
95.9
97.8
101.0
103.1
104.9
106.1
107.8
89.4
91.8
94.2
97.0
96.3
101.5
105.6
110.8
119.2
120.8
79.0
83.7
87.7
92.9
97.3
101.9
107.1
112.7
119.2
124.5
95.3
95.0
96.4
97.3
99.2
100.7
104.0
106.0
108.2
107.3
86.0
88.0
90.7
93.1
97,3
101.5
105.3
108.8
111.1
111.9
94.7
98.2
98.7
97.7
97.4
101.6
106.6
107.4
111.0
110.9
98.5
95.4
93.6
94.2
93.6
102.6
106.0
107.7
116.5
110.0
89.0
89.9
95.0
98.1
98.8
100.2
103.6
107.7
112.9
117.2
89.6
91.7
95.5
98.7
98.7
100.3
103.9
107.5
112.9
117.2
87.7
84.3
93.7
96.4
99.2
100.1
102.6
108.4
113.1
117.0
83.4
86.4
90.9
94.8
97.8
101.5
105.7
109.9
115.2
117.7
1992-
m
IV
121.1
121.9
123.7
124.9
109.1
109.1
123.0
123.3
127.7
129.8
106.5
106.0
114.0
115.1
110.0
109.9
109.2
109.9
120.4
120.6
120.4
120.4
120.5
121.1
120.7
121.2
122.9
123.4
123.7
124.1
125.7
126.4
126.8
127.5
109.2
109.8
110.0
110.2
124.0
124.2
123.9
124.6
130.8
131.9
132.7
133.8
105.3
104.9
103.5
103.0
115.9
117.2
118.2
119.0
109.8
110.0
109.0
108.8
107.7
108.1
106.5
106.2
123.6
124.2
124.5
125.3
123.7
123.9
124.1
125.3
123.5
125.0
125.2
125.1
122.2
122.8
123.3
123.6
125.0
125.9
126.5
127.9
128.9
129.9
110.5
111.1
111.7
124.6
125.1
126.3
134.4
135.9
136.9
103.4
103.9
104.3
120.5
121.3
123.1
108.8
109.4
109.4
105.2
106.1
107.2
128.1
130.0
129.0
127.7
129.0
128.7
129.1
132.0
129.4
124.9
125.6
126.5
1993- I
n
in
IV
1994- I
nr
in
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GDP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED IMPLICIT PRICE DEFLATORS AND PRICE INDEXES
[Percent change from preceding year or quarter; quarterly data at seasonally adjusted annual rates]
Gross domestic product
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992 . .
1993
1990- I
1991-
n
m
rv
I
n
m
11.9
3.9
8.1
10.9
6.9
5.7
6.4
7.9
7.2
5.6
3.2
5.2
5.4
9.1
5.9
3.1
1.0
2.8
5.0
3.8
2.6
7.1
5.2
4.9
8.6
4.4
4.2
3.8
7.7
6.1
7.2
5.9
.
.
. ...
....
.
. ..
IV
1992: I
.
n
in
1993:
Current
dollars
IV
I
n
m
IV
1994: I
nr
m.
Personal consumption expenditures
Fixed-weighted
price index
(1987 weights)
Constant
(1987) dollars
Implicit price
deflator
1.8
-2.2
3.9
6.2
3.2
2.9
3.1
3.9
2.5
1.2
-.6
2.3
3.1
3.5
1.5
-.9
-3.2
-2.1
2.2
1.0
.1
3.1
2.4
3.5
5.7
1.2
2.4
2.7
6.3
3.3
4.1
3.9
10.0
6.2
4.1
4.4
3.7
2.6
3.2
3.9
4.4
4.4
3.8
2.8
2.2
5.2
4.4
4.0
4.3
5.0
2.8
2.8
2.7
3.8
2.7
1.3
2.7
3.3
1.6
1.0
1.3
2.9
2.9
1.9
Current
dollars
Implicit price
deflator
1.2
1.1
4.6
4.8
4.4
3.6
2.8
3.6
1.9
1.5
9.0
5.7
4.9
3.9
3.9
3.1
4.2
4.2
4.9
5.1
4.2
3.2
2.5
6.3
4.3
6.1
6.7
3.4
2.4
3.1
3.4
3.3
3.7
1.6
3.9
2.6
2.2
1.3
2.2
1.3
3.2
3.1
10.2
6.9
9.6
9.0
8.4
6.9
7.1
8.0
6.9
6.8
3.8
6.0
5.8
9.2
5.3
8.3
3.7
.5
4.7
4.3
3.0
9.3
5.4
5.6
9.7
4.1
5.0
5.1
6.4
6.0
4.6
6.4
3.9
3.4
3.5
2.8
3.1
4.0
4.5
4.6
4.0
3.2
3.0
5.8
4.4
4.7
3.8
5.1
3.1
3.3
2.7
3.9
3.3
2.7
2.8
4.2
2.4
2.0
2.4
3.1
2.9
2.8
Fixed-weighted
price index
(1987 weights)
Constant
(1987) dollars
A
2.8
3.3
2.8
.9
2.1
2.7
-2.8
2.1
1.3
-.5
5.8
1.7
3.9
5.6
1.6
2.6
3.9
4.0
4.7
1.3
3.3
8.6
5.4
4.3
3.7
3.8
3.0
4.1
4.3
5.0
5.3
4.4
3.5
2.8
6.6
4.2
6.3
7.0
3.6
2.8
3.3
3.6
3.7
3.8
3.5
3.0
2.9
2.6
1.4
2.8
1.9
2.8
3.5
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Qross domestic product
of nonfinancial
corporate business
(billions of dollars)
Period
Current
dollars
1986
1987
1988
1989
1990
1991
1992
1993
198219831984:
19851986:
19871988:
1989:
1990:
1991:
1992:
1993:
2,386.3
2,547.3
2,764.8
2,913.5
3,045.5
3,089.7
3,222.9
3,409.7
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
TTT
1,806.3
2,037.2
2,228.2
2,338.8
2,422.8
2,627.6
2,843.2
2,951.5
3,052.5
3,125.9
3,239.4
3,307.8
2,815.7
2,870.2
I
3,324.4
3,386.3
3,428.7
3,499.3
2,868.4
2,920.5
2,963.3
3,019.5
3,568.6
3,626.7
3,679.2
3,062.6
3,098.9
3,131.3
rv
n
m
I
n
TTT f
1
2
Total
cost and
profit 2
dollars
2,439.3
2,547.3
2,684.8
2,718.9
2,747.4
2,716.7
2,802.8
2,942.9
1,999.6
2,204.2
2,328.4
2,396.9
2,463.3
2,604.0
2,719.0
2,722.7
2,725.0
2,740.9
IV
1994:
1987
Current-dollar cost and profit per unit of output (dollars) *
0.978
1.000
1.030
1.072
1.109
1.137
1.150
1.159
.903
.924
.957
.976
.984
1.009
1.046
1.084
1.120
1.140
1.150
1.152
1.159
1.159
1.157
1.159
1.165
1.170
1.175
Consumption of
fixed
capital
0.111
.110
.111
.117
.120
.126
.126
.123
.119
.119
.111
.110
.112
.110
.112
.120
.123
.125
.130
.123
.124
.123
.124
.120
.125
.121
.122
Output is measured by GDP of nonfinancial corporate business in 1987 dollars.
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments less subsidies.
Indirect
business
taxes 3
Compensation of
employees
Net
interest
Corporate profits with inventory
valuation and capital consumption
adjustments
Total
0.095
0.648
0.040
0.084
.095
.096
.101
.106
.115
.117
.117
.086
.088
.091
.093
.095
.094
.097
.102
.109
.117
.117
.118
.117
.117
.116
.117
.117
.117
.118
.658
.676
.706
.736
.756
.767
.768
.607
.602
.623
.643
.654
.664
.687
.718
.748
.760
.769
.768
.776
.770
.766
.760
.763
.766
.768
.042
.045
.054
.054
.049
.041
.039
.040
.036
.041
.038
.042
.042
.047
.055
.054
.047
.039
.038
.039
.039
.039
.038
.038
.039
.039
.096
.102
.094
.093
.092
.099
.112
.051
.079
.091
.092
.081
.099
.102
.088
.085
.092
.095
.107
.102
.111
.113
.123
.122
.127
.128
4
Profits
tax
liability
0.031
.037
.038
.037
.034
.031
.031
.040
.020
.029
.027
.030
.035
.038
.040
.033
.034
.031
.031
.033
.037
.040
.038
.043
.043
.046
.047
Profits
after
tax*
0.053
.059
.064
.057
.059
.061
.067
.073
.030
.050
.064
.063
.045
.060
.063
.055
.052
.061
.065
.073
.065
.071
.075
.080
.078
.081
.081
Output
per hour
of all
employees
(1987
dollars)
Compensation per
hour of
all
employees
(dollars)
22.733
23.127
23.572
23.189
23.446
23.926
24.648
r
25.379
21.070
21.893
22.055
22.346
22.891
23.356
23.521
23.146
23.549
24.2 11
14.739
15.207
15.833
16.377
17.246
18.081
18.916
' 19.483
12.791
13.186
13.732
14.359
14.975
15.517
16.069
16.616
17.623
18.400
24.774
r
25.085
19.052
' 19.254
'24.962
r
25.239
25.516
r
25.810
' 19.365
19.432
' 19.539
' 19.608
r
' 19.855
r
19.852
r
r
26.018
25.923
r
r
With inventory valuation and capital consumption adjustments.
"See note, p. 16.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Compensation of
employees1
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
4,002.6
4,249.5
4,491.0
4,608.2
4,829.5
5,131.4
2,551.5
2,834.3
3,134.4
3,341.9
3,486.0
3,828.8
4,127.6
4,305.2
4,539.2
4,663.9
4,793.9
4,964.9
5,031.1
5,094.0
5,138.5
5,262.0
5,308.7
5,430.7
"5,491.7
1988
1989
1990
1991
1992
1993
1982198319841985'
1986:
198719881989199019911992'
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
ITT
IV
1993' I
n
m
IV
1994- I
n
. .
r
m.
1
,
2,921.3
3,100.2
3,297.6
3,404.8
3,591.2
3,780.4
1,940.4
2,101.2
2,288.1
2,442.5
2,582.5
2,785.1
3,004.9
3,162.8
3,344.2
3,459.1
3,614.7
3,671.0
3,713.1
3,761.1
3,801.7
3,845.8
3,920.0
3,979.3
4,023.2
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
293.4
307.0
321.4
339.5
374.4
404.3
169.6
193.8
217.7
250.9
260.9
282.6
302.5
311.4
325.1
349.8
374.0
392.4
394.8
399.4
404.5
418.5
423.8
431.9
437.1
30.9
40.2
41.9
36.7
44.4
37.3
10.2
6.3
21.9
17.8
23.6
42.4
30.9
38.4
43.8
36.6
38.8
46.0
49.6
39.4
15.8
44.4
47.2
39.3
29.8
4.3
-13.5
-14.2
-10.5
-5.5
24.1
24.1
22.2
24.3
14.0
4.7
6.8
2.8
-21.6
-11.1
-8.1
15.5
5.1
16.5
23.4
26.3
30.3
15.3
34.1
32.9
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
365.0
362.8
380.6
390.3
405.1
485.8
150.3
229.1
261.3
284.9
264.6
343.3
378.3
354.5
362.8
394.7
363.2
432.5
442.5
473.1
493.5
533.9
508.2
546.4
"557.1
320.3
325.4
354.7
370.9
389.4
456.2
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
372.3
352.3
415.6
421.5
446.6
461.7
495.1
471.2
509.0
"519.6
Profits
before tax
Inventory
valuation
adjustment
347.5
342.9
365.7
365.2
395.9
462.4
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
368.9
373.1
359.5
413.5
432.7
456.6
458.7
501.7
483.5
523.1
"539.2
-27.3
-17.5
-11.0
5.8
-6.4
-6.2
-8.6
-7.6
3.5
-3.8
-10.7
-17.8
-31.7
-13.5
-19.5
.8
-7.3
2.1
-11.2
10.0
3.0
-6.5
-12.3
-14.1
-19.6
Capital
consumption
adjustment
Net
interest
44.7
37.4
25.9
19.4
15.7
29.5
-9.6
12.9
37.7
56.9
39.6
49.9
37.9
33.9
13.5
22.4
10.9
16.9
21.0
26.5
31.7
38.8
37.0
37.4
37.5
387.7
452.7
463.7
447.4
420.0
399.5
256.8
281.8
321.1
331.9
349.7
368.6
408.1
459.8
474.4
431.8
418.7
418.0
414.6
397.6
396.7
389.1
394.2
399.7
"411.6
Source: Department of Commerce, Bureau of Economic Analysis.
Includes employer contributions for social insurance. (See also p. 5.)
PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS
[Billions of 1987 dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Durable goods
Period
1988
1989
1990
1991
1992
1993
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
TH
IV
1993: I
n
m
IV
1994: I
n
m r....
1
Total
peraona]
consumption
expenditures
3,162.4
3,223.3
3,272.6
3,259.4
3,349.5
3,458.7
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,265.3
3,357.6
3,403.4
3,417.2
3,439.2
3,472.2
3,506.2
3,546.3
3,557.8
3,586.4
Total
durable
good.
428.7
440.7
443.1
425.3
452.6
489.9
272.3
319.1
347.7
369.6
415.7
404.7
439.2
436.8
433.2
427.7
454.5
468.8
472.5
483.7
492.7
510.8
521.7
522.2
530.2
Motor
vehicles
and
parte
Furniture and
household
equipment
194.8
196.4
192.7
170.0
181.8
196.1
123.7
151.6
164.3
173.9
193.6
183.6
197.7
188.3
182.1
171.6
180.6
188.2
189.7
195.1
195.0
204.7
213.7
205.3
202.8
155.4
165.8
171.6
179.2
193.3
214.1
96.4
109.3
118.7
128.6
141.4
145.9
160.3
167.9
172.3
181.2
195.3
202.0
205.2
209.9
216.6
224.6
225.9
232.5
241.5
Includes other items, not shown separately.
Nondurable goods
Other
78.5
78.5
78.7
76.1
77.5
79.7
52.3
58.1
64.8
67.1
80.7
75.2
81.2
80.5
78.8
74.9
78.6
78.6
77.6
78.7
81.1
81.5
82.0
84.4
86.0
Total
nondurable goods
1,035.1
1,051.6
1,060.7
1,047.7
1,057.7
1,078.5
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,058.9
1,057.5
1,040.4
1,056.4
1,074.2
1,070.0
1,074.3
1,081.7
1,088.0
1,098.3
1,104.3
1,113.2
Food
513.4
515.0
523.9
518.8
514.7
524.0
458.3
467.1
475.1
488.2
496.9
502.4
518.0
515.6
525.8
514.9
511.5
522.0
520.7
522.3
525.1
528.1
531.9
536.1
536.0
Clothing
and
shoes
178.9
187.8
186.2
184.7
193.2
197.8
135.7
147.7
154.7
161.7
171.9
174.5
182.8
190.9
184.5
182.8
194.9
198.7
194.0
196.1
198.6
202.4
203.8
204.9
210.1
Services
Gasoline
and oil
Fuel
oil and
coal
86.1
12.0
11.4
87.3
86.4
83.1
85.6
86.5
73.4
76.9
79.0
79.5
84.6
85.4
87.5
88.6
84.6
82.4
86.6
86.0
86.1
85.7
87.5
86.6
86.1
86.7
87.6
10.5
10.7
11.2
12.1
10.5
11.4
11.1
11.4
12.4
11.9
12.0
12.0
9.5
10.7
10.8
11.3
12.0
11.8
12.2
12.2
13.4
11.4
11.8
Other
244.7
250.2
253.8
250.5
253.0
258.2
202.8
212.2
222.9
228.0
235.2
240.4
246.4
251.8
253.1
249.7
252.6
256.3
257.2
258.3
258.4
258.8
263.1
265.1
267.7
Total
services l
1,698.5
1,731.0
1,768.8
1,786.3
1,839.1
1,890.3
1,386.2
1,443.9
1,494.2
1,557.1
1,595.8
1,655.5
1,716.9
1,746.3
1,775.2
1,797.3
1,846.7
1,860.4
1,874.8
1,881.2
1,897.8
1,907.4
1,926.3
1,931.4
1,943.0
Housing
461.8
469.2
474.6
479.0
485.2
492.6
411.0
419.7
431.3
438.1
444.8
457.0
465.6
471.3
475.9
481.4
486.1
487.8
489.8
491.5
493.7
495.4
497.7
500.0
502.5
Source: Department of Commerce, Bureau of Economic Analysis.
Retail sales of new
passenger cars
(millions of units)
Medkal
care
399.4
408.6
424.6
437.7
454.3
466.4
327.8
334.8
344.9
359.1
372.0
390.7
403.0
411.8
429.4
444.7
456.6
459.0
463.1
464.3
467.6
470.4
473.2
477.4
480.6
Domestics
7.5
7.1
6.9
6.1
6.3
6.7
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
6.6
6.1
6.3
6.4
6.4
6.9
6.7
7.1
7.4
7.2
7.1
Imports
3.1
2.8
2.6
O 9
2.1
2.0
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.4
2.2
2.0
2.0
2.0
2.1
2.0
1.9
2.0
2.0
2.0
SOURCES OF PERSONAL INCOME
Personal income rose $80.5 billion (annual rate) in October, following a rise of $34.1 billion in September. The
October increase was boosted by two special factors: A large increase in farm subsidy payments and bonus
payments to auto industry employees. Excluding these special factors, personal income increased $55.9 billion in
October.
6,000
BILLIONS OF DOLLARS* (RATIO SCALE)
6,000
5,000
5,000
4,000
4,000
3,000
3,000
BILLIONS OF DOLLARS* (RATIO SCALE)
WAGE AND SALARY DISBURSEMENTS
2,000
2,000
1,400
1,400
V
OTHER INCOME
TRANSFER PAYMENTS
800
800
II M i l l III l l 400
mill
400
1986
1987
1988
1990
1989
1991
1992
1994
1993
COUNdLOF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1986
1987
1988
1989
1990
1991
1992
1993
1993- Oct
Nov
Dec
1994- Jan
Feb
Mar
Apr
May
July r
Sepf
Oct"
Total
personal
income
3,590.4
3,802.0
4,075.9
4,380.3
4,673.8
4,860.3
5,154.3
5,375.1
5,454.4
5,482.8
5,516.7
5,483.9
5,576.0
5,607.5
5,639.4
5,665.4,
5,674.9
5,702.9
5,727.0
5,761.1
5,841.6
Wage and
salary
disbursements '
2,105.4
2,261.2
2,443.0
2,586.4
2,745.0
2,816.1
2,974.8
3,080.8
3,138.5
3,146.0
3,160.8
3,198.2
3,206.7
3,220.1
3,241.4
3,263.4
3,267.0
3,282.6
3,289.0
3,308.8
3,356.5
Other labor
income l z
200.7
210.4
230.5
251.9
274.3
299.0
328.7
355.3
364.0
366.7
369.6
371.4
373.2
375.0
376.7
378.4
380.1
381.9
383:7
385.5
387.4
Proprietors' income s
Farm
22.3
31.3
30.9
40.2
41.9
36.7
44.4
37.3
31.4
48.0
53.9
43.1
49.5
48.8
46.9
38.8
32.3
29.9
29.5
29.9
46.4
1
The total of wage and salary disbursements and other tabor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
'Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Nonfann
261.5
279.0
293.4
307.0
321.4
339.5
374.4
404.3
414.5
418.3
422.7
418.2
424.3
429.0
430.2
432.1
433.5
434.3
437.6
439.4
442.8
4
Rental
income of
persons 4
8.7
3.2
4.3
-13.5
-10.5
55
24.1
29.6
30.1
31.4
-27.0
34.6
38.4
35.0
34.6
32.6
32.7
32.9
33.1
32.2
Personal
dividend
income
104.7
100.4
108.4
126.5
144.4
150.5
161.0
181.3
183.9
184.1
184.3
184.5
185.4
187.1
189.9
191.8
193.4
195.1
197.0
198.8
200.8
Personal
interest
income
531.7
548.1
583.2
668.2
698.2
695.1
665.2
637.9
630.9
627.3
624.9
627.9
631.1
634.4
642.0
649.3
656.9
663.4
670.1
677.1
684.4
Transfer
payments 5
Less: Personal
contributions
for social
insurance
517.8
542.2
576.7
625.0
687.6
770.1
860.2
915.4
927.5
928.8
936.8
943.2
947.4
951.5
955.9
957.1
960.0
964.9
969.8
972.6
978.3
162.1
173.6
194.5
211.4
224.9
236.2
248.7
261.3
265.8
266.4
267.5
275.7
276.2
276.9
278.5
280.2
280.9
282.0
282.6
284.0
287.2
Nonfann
personal
income 8
3,545.6
3,749.4
4,023.9
4,318.0
4,608.6
4,801.8
5,089.4
5,316.6
5,401.4
5,413.1
5,441.1
5,418.6
5,504.3
5,536.4
5,570.1
5,604.0
5,619.9
5,650.2
5,674.6
5,708.3
5,772.2
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
5
8
DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in 1987 dollars rose in the third quarter of
1994.
BILLIONS OF DOLLARS' (RATIO SCALE]
5,000
BILLIONS OF DOLLARS' (RATIO SCALE!
2,000
2,000
DOLLARS* (RATIO SCALE)
20,000
PER CAPITA DISPOSABLE PERSONAL INCOME
18,000
CURRENT DOLLARS
\
\
16,000
14,000
_ _ ^ ,-~-
"^-—'
12,000
^
1
16,000
.
„,
I'--'
r~\
-,
,
r"
—-l
DOLLARS* (RATIO SCALE]
20,000
,
—'
18,000
14,000
1987 DOHA PS
^
12,000
^
10,000
8,000
in —"
10,000
^
\ \ I
1982
i i i
1983
1
!
1
1984
i i [
1985
i i t
1986
i i i
1987
i i i
1 1 1
1988
1989
i i i
i i i
1990
1
1991
1
1
i ii
1992
1993
t i i
1994
8,000
COUNCIL OF ECONOMIC ADVISERS
Period
Personal
income
Less:
Personal
tax and
nontax
payments
_,
Disposable
income
Less:
Personal
outlays *
Equals:
Personal
saving
Disposable
personal
income in
Per capita
disposable personal
income
1987
Current
dollars
dollars
(billions)
Billions of dollars
1987
1988
1989
1990
1991
1992
1993
1987
dollars
Per capita personal
consumption
expenditures
Current
dollars
1987
dollars
Dollars
3,802.0
4,075.9
4,380.3
4,673.8
4,860.3
5,154.3
5,375.1
512.5
527.7
593.3
623.3
623.7
648.6
686.4
3,289.5
3,548.2
3,787.0
4,050.5
4,236.6
4,505.8
4,688.7
3,147.5
3,392.5
3,634.9
3,880.6
4,025.0
4,257.8
4,496.2
2,746.8
2,965.8
3,242.5
3,456.7
3,647.8
3,918.5
4,195.2
4,469.4
4,759.1
4,934.2
372.1
371.6
413.4
448.8
478.5
528.6
542.0
605.1
625.2
631.2
648.1
676.2
657.3
685.9
695.4
707.0
723.0
746.4
743.8
2,374.7
2,594.3
2,829.1
3,007.9
3,169.3
3,389.9
3,653.2
3,864.3
4,133.9
4,303.0
2,190.9
2,417.9
2,606.5
2,828.7
3,018.2
3,220.1
3,496.7
3,715.5
3,957.7
4,078.4
4,500.0
4,658.8
4,274.2
4,371.4
4,598.2
4,678.6
4,700.5
4,777.6
4,832.8
4,913.5
4,986.5
4,413.7
4,464.6
4,518.2
4,588.2
4,657.3
4,712.4
4,788.1
142.0
155.7
152.1
170.0
211.6
247.9
192.6
3,289.5
3,404.3
3,464.9
3,524.5
3,538.5
3,648.1
3;704.1
13,545
14,477
15,307
16,205
16,766
17,636
18,153
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
overseas
{thousands) z
Percent
4.3
4.4
4.0
4.2
5.0
5.5
4.1
242,860
245,093
247,397
249,951
252,688
255,484
258,290
.7
7.7
6.8
7.9
6.0
4.8
5.0
4.3
3.9
4.3
5.2
233,060
235,146
237,231
239,387
241,550
243,745
246,004
248,372
251,035
253,758
.5
9.3
5.0
6.2
255,865
256,626
4.0
4.6
3.9
4.0
3.6
4.1
4.0
257,262
257,908
258,635
259,356
259,997
260,627
261,341
13,545
13,890
14,005
14,101
14,003
14,279
14,341
12,568
13,448
14,241
15,048
15,444
16,192
16,951
12,568
12,903
13,029
13,093
12,899
13,110
13,391
—0.1
9,134
9,980
10,649
11,445
12,101
12,819
13,814
14,491
15,283
15,588
16,235
16,566
16,693
16,856
17,017
17,233
17,443
17,598
17,824
10,895
11,390
11,739
12,095
12,472
12,615
13,020
13,053
13,010
12,868
-0.5
2.5
.8
.7
— .7
2.0
.4
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
IV
IV
IV
IV
IV
IV
IT
IV
IV
IV
HE....
IV
1993: I
n
m....
IV
1994: I
nr
m ..
5,148.1
5,335.0
5,255.5
5,364.5
5,395.9
5,484.6
5,555.8
5,659.9
5,730.3
183.8
176.3
222.6
179.2
151.1
169.8
156.4
148.8
176.2
224.6
225.8
287.4
184.6
214.0
182.3
189.4
175.5
201.1
198.5
2,832.6
2,960.6
3,118.5
3,178.7
3,266.2
3,335.8
3,443.1
3,480.9
3,519.0
3,552.1
10,189
11,033
11,925
12,565
13,121
13,907
14,850
15,558
16,467
16,957
12,154
12,591
13,145
13,278
13,522
13,685
13,996
14,015
14,018
13,998
3,637.2
3,729.6
17,587
18,154
14,215
14,533
3,658.9
3,701.3
3,708.4
3,747.8
3,779.2
3,811.5
3,839.3
17,874
18,141
18,174
18,421
18,588
18,853
19,081
14,222
14,351
14,338
14,451
14,535
14,625
14,691
1
Includes personal consumption expenditures, interest paid by persons, and personal transfer payments to rest of the world (net).
2
13,122
13,262
13,283
13,335
13,425
13,519
13,640
13,651
13,723
7.2
1.0
1.8
-1.7
5.2
3.2
1.8
-1.7
-8.3
3.7
-.4
3.2
2.3
2.5
1.8
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the second quarter of 1994, according to preliminary estimates, gross farm income rose $4.2 billion (annual rate)
and net farm income rose $1.8 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
240
BILLIONS Of DOLLARS* (RATIO SCALE)
240
-^
200
^^
160
•.n
V_ -— -
w
•^
^S.
r~~^~
*.
'
•
—
^ ^\
" \
120
120
GROSS FARM INCOME
80
80
60
A
I
*
^^
x//
i
^ ^^
'\
\
1
A
/ \
'\
'-•*/'
\ /
"\
/
\ ' V
\^
>
X
\!
\'
^
/>•
\
,'
— '
40
X
\ /
\l
V
NET FARM INCOME
20
20
\J
1
1 l\|
1 ' *l
10
\ 1
\l
1
2
i
t i
1982
i ii
i i i
1983
I
I
1985
1984
!
i i i
t
1986
i i
1987
i i i
1988
i i i
E
1
1990
1989
t
i i i
i i i
1991
1992
* SEASONALLY ADJUSTED ANNUAL KATES
SOURCE: DEPARTMENT OF AGRICULTURE
i
i i
1993
1
1
1
1994
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
Total1
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1992- I
n
TTT
IV
1993:
I
n
m
IV
1994:
I
np
..
168.0
161.2
156.1
168.5
175.8
192.8
198.2
192.3
200.2
201.4
200.3
198.8
202.0
199.8
207.8
202.3
184.5
211.2
211.7
215.9
Total
142.8
144.1
135.4
141.8
151.2
161.1
170.0
168.8
171.2
175.1
165.2
167.7
181.2
170.7
176.9
175.2
172.1
176.0
177.2
185.1
Livestock and
products
72.9
69.8
71.6
76.0
79.4
84.1
89.8
86.7
86.4
90.6
82.4
87.2
89.6
86.2
86.4
95.5
89.8
90.5
90.2
87.2
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
3
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.
Crops
69.9
74.3
63.8
65.9
71.7
77.0
80.1
82.1
84.9
84.5
82.8
80.4
91.7
84.5
90.6
79.7
82.3
85.5
86.9
97.9
Value of
inventory
changes 2
6.0
-2.3
-2.2
-2.3
34
4.8
3.4
-.3
4.3
-3.6
5.4
5.0
4.0
2.9
-6.5
-5.1
-6.0
3.0
6.6
6.1
Production
expenses
141.9
132.4
125.1
128.8
137.0
144.9
151.3
151.2
150.1
158.0
147.4
149.7
151.5
152.0
155.1
157.5
159.5
160.0
158.5
161.0
Current
dollars
26.1
28.8
31.1
39.7
38.8
47.9
46.9
41.1
50.1
43.4
52.9
49.2
50.5
47.8
52.7
44.8
25.0
51.1
53.2
55.0
1987 dollars 3
28.7
30.5
32.0
39.7
37.3
44.1
41.4
35.0
41.4
35.1
44.1
40.7
41.7
39.2
42.8
36.3
20.2
41.2
42.6
43.7
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Quarterly data plotted for 1989 through 1991 in chart do not reflect revisions to annual data in
table.
Sources: Department of Agriculture and Department of Commerce.
CORPORATE PROFITS
In the third quarter of 1994, according to preliminary estimates, corporate profits before tax rose $16.1 billion
(annual rate). In the second quarter, profits had risen $39.6 billion, largely reflecting a rebound from the firstquarter effects of the California earthquake.
BILLIONS OF COLLARS
BILLIONS OF DOLLARS
550
SEASONAUY ADJUSTH) ANNUAL RATES
550
S
500
[
J
500
V
450
450
/
y r\\/
400
400
TS BEFORE
350
S
/^
\~^
r
350
/
s-
300
300
^ J
250
200
150
- r*
—^J
~ ^^
— -.x"
111
/
/
100
/
/-^
V
per3FITS AFTER TAX
. /
\.
p_/->
^S
s
s
s "~ '
~* -
" _
— """ \
\
• «^ t
t
.-*••
s
s'
0
1982
\
1983
N
y
\
I
1
1984
1
1
1985
S
i i i
1986
IAX LIABILIT
\
_>_.
'
'
/'
.^.V /
f
N
-<'
>
^•"""^
*>
>
\
\
f-
200
. /
.S"~
150
f ,
s
f'
100
-'
\
/ \
s
\
X
^•*"'
250
-
,
""» ^
,f
~
/
X
s
/
'*-.;
/
50
s.
'
s-—.
,'\\//'
/
S
50
X--
-
UNDISTRI JUTED PRO ITS
0
1
i
i i i
1988
!
1987
1
]
1 1 1
1990
1
1989
1
1
1
1
1991
1
1992
SOURCE: DEPARTMENT OF COMMERCE
t
1 1 1
1 1 1
1993
1994
COUNCH OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment l
Profits after tax
Domestic industries
Nonfinancial
Period
Total2
Total
1986
1987
1988
1989
1990
1991
1992
1993
19821983198419851986198719881989199019911992-
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
TTT
IV
1993- I
n
m
rv
1994- I
n
TTT"
.
..
227.6
273.4
320.3
325.4
354.7
370.9
389.4
456.2
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
372.3
352.3
415.6
421.5
446.6
461.7
495.1
471.2
509.0
519.6
194.6
233.9
271.2
266.0
286.7
302.4
328.8
391.0
130.8
182.6
192.9
193.5
192.5
246.3
285.9
254.8
273.8
301.4
291.6
361.0
354.0
383.8
392.6
433.4
410.1
448.2
458.3
Financial
35.8
36.4
41.8
50.6
65.7
84.3
81.9
103.7
23.0
22.1
20.3
29.0
34.7
39.4
46.1
52.5
66.6
84.6
48.8
86.7
95.9
100.1
103.9
114.6
89.6
106.4
111.8
1
See p. 4 for profits with inventory valuation and capital consumption adjustments.
* Includes rest of the world, not shown separately.
Total
3
158.9
197.5
229.4
215.3
221.1
218.1
246.9
287.3
107.8
160.5
172.6
164.5
157.8
207.0
239.7
202.3
207.2
216.8
242.8
274.3
258.0
283.7
288.7
318.8
320.5
341.8
346.6
Manufacturing
Wholesale and
retail
trade
59.0
87.0
117.5
108.0
109.1
90.1
94.5
114.2
50.1
90.5
79.2
83.3
63.9
98.7
129.3
94.5
98.5
85.3
95.6
101.3
96.2
114.2
112 A
134.2
145.1
143.0
46.3
39.9
37.1
39.7
37.2
46.7
54.8
61.2
33.8
40.7
50.8
39.0
43.1
39.3
39.3
39.2
36.2
47.4
52.5
64.6
56.0
63.3
62.0
63.7
59.0
72.0
Profits
before
tax
217.8
287.9
347.5
342.9
365.7
365.2
395.9
462.4
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
368.9
373.1
359,5
413.5
432.7
456.6
458.7
501.7
483.5
523.1
539.2
Tea.
liability
106.5
127.1
137.0
141.3
138.7
131.1
139.7
173.2
58.7
82.2
83.8
97.6
116.6
135,2
146.2
134.2
137.0
133.1
124.6
148.6
159.8
171.8
169.9
191.5
184.1
201.7
208.7
Total
111.3
160.8
210.5
201.6
227.1
234.1
256.2
289.2
109.9
141.6
136.3
134.2
119.2
176.0
226.0
200.0
231.8
240.0
234.9
264.8
273.0
284.8
288.9
310.2
299.4
321.4
330.5
Dividends
109.8
106.2
115.3
134.6
153.5
160.0
171.1
191.7
72.5
84.2
83.4
97.4
111.0
106.3
121.0
141.3
153.7
160.9
174.4
182.1
188.2
190.7
193.2
194.6
196.3
202.5
207.9
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
1.6
54.6
95.2
67.1
73.6
74.1
85.1
97.5
37.5
57.4
52.9
36.9
8.2
69.7
105.0
58.7
78.1
79.1
60.5
82.7
84.7
94.1
95.6
115.6
103.0
118.9
122.6
Inventory
valuation
adjustment
9.7
-14.5
-27.3
-17.5
-11.0
5.8
-6.4
-6.2
-8.6
-7.6
3.5
-3.8
-10.7
-17.8
-31.7
-13.5
-19.5
g
73
2.1
-11.2
10 0
3.0
-6.5
-12.3
14 1
r
-19.6
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
In the third quarter of 1994, according to revised estimates, nonresidential fixed investment in 1987 dollars rose
$22.5 billion (annual rate) and residential investment fell $3.9 billion. There was a $56.1 billion increase in
inventories, following an increase of $59.2 billion in the second quarter.
BILLIONS OF 1987 DOLLARS
BILLIONS OF 1987 DOLLARS
1,000
SEASONALLY ADJUSTED ANNUAL RATES
1,000
-
900
900
y
800
/
700
600
500
^~s
-»
s
,
y
~
GROSS PRIVATE DOMESTIC
INVESTMENT
/
s
400
—{
^>
~\,
"*" ^
r" r^
^
^_
^^
\
—.
^
800
y^
700
s
s
s
'
600
^,500
NONRESIDENTIAL
FIXED INVESTMENT
400
RESIDE NTIAL
FIXED INVFCTdAFWT
300
.-.~L\_.J
.
200
^s
—.
^•1"""'
.«••''
"" "" X
/
*• \ \ ^
i i i
-100
1982
._.-.-
-.-.-
1
CHANGE IN BUSINESS
INVENTORIES
100
0
300
200
"*
100
\
x
-----
/
's
/
X
* —x
,*""*•.'
S
•,'**
•• ^
^ 0
^
1
E
1983
1
1 1 1
1984
i i i
1 1 1
1985
1986
1
1
1987
1
i i i
i
1988
1989
i
i
i i i
i i i
i i i
1 1 1
1
1990
1991
1992
1993
1994
SOURCE: DEWWTTMENT QF COMMERCE
1
1
-100
COUNCIL OF ECONOMIC ADVISERS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period
Gross
private
domestic
investment
1986
1987
1988
1989
1990
1991
1992
1993
735.1
749.3
773.4
784.0
746.8
683.8
725.3
819.9
1982:
1983198419851986198719881989:
19901991:
1999-
503.5
669.5
756.4
763.1
705.9
793.8
785.0
769.5
695.7
697.9
IV
IV
IV
IV
TV
IV
IV
IV
IV
IV
TTT
IV
1993' I
n
m
IV
1994- I
n r
m
Source: Department of Commerce, Bureau of Economic Analysis.
733.3
755.2
789.2
806.2
821.8
862.5
898.9
950.9
966.4
Change in business
inventories
Nonresidential
Total
Total
726.5
723.0
753.4
754.2
741.1
684.9
722.9
804.6
548.4
640.2
708.4
732.9
725.9
733.9
764.1
744.6
716.6
684.4
728.1
748.6
770.7
787.3
808.8
851.7
873.4
891.7
910.3
500.3
497.8
530.8
540.0
546.5
515.4
525.9
591.6
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
506.9
531.2
540.9
560.3
581.0
597.9
627.2
643.6
657.9
680.4
Structures
176.6
171.3
174.0
177.6
179.5
160.6
149.8
147.7
173.2
162.6
189.5
198.3
170.4
177.9
175.7
179.8
172.8
151.4
148.4
146.3
147.2
147.3
147.5
148.7
144.1
151.0
152.1
Producers'
durable
equipment
323.7
326.5
356.8
362.5
367.0
354.9
376.2
443.9
244.0
287.0
320.1
327.2
325.0
332.7
363.1
356.9
367.4
355.5
382.8
394.6
413.0
433.7
450.3
478.5
499.4
506.9
528.3
Residential
226.2
225.2
222.7
214.2
194.5
169.5
196.9
213.0
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
176.3
177.5
196.9
207.7
210.4
206.3
211.0
224.5
229.9
233.8
229.9
Total
8.5
26.3
19.9
29.8
5.7
11
2.5
15.3
-44.9
29.3
47.9
30.2
-20.1
59.9
20.9
24.9
209
13.5
5.2
6.6
18.5
18.9
13.0
10.8
25.4
59.2
56.1
Nonfarm
10.6
32.7
26.9
29.9
3.2
-1.3
20
18.5
-46.2
32.3
50.8
28.0
186
62.1
30.5
31.2
-18.7
14.6
1.8
6.3
19.7
22.8
20.9
10.7
22.1
51.7
46.3
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department July-August 1994 survey, business spending for new plant and equipment
is expected to rise 8.8 percent in 1994, following a rise of 7.3 percent in 1993.
BILLIONS OF DOLLARS (RATIO SCALE)
700
BIUIONS OF DOLLARS (RAHO SCALE)
700
SEASONAUY ADJUSTED ANNUM RATCS
600
600
,— ••— |r--
„
500
400
f~~~"
r
_
r
500
\
ALL INCH ISTRIES
^..
- ^^
1
^
400
'
^
""""\
.—'''"
300
17
h.-*'~ ~"
NONMANUF/ kCTURING-
^~~°~<~.
•'-'"C
s'
200
~-
MANUFACTURING
s~~
^"*> s^
V.
100
100
1
1
1985
1
1
1
1
i
i
i
1987
1986
i
i
i
1988
i
i
i
1989
i
i i
I
I
I
1991
1990
i
i
1992
-!/SURVEYED QUAKrEflY
2/SEE FOOTNOTE 4 B8OW
SOURCE pBMTMENT Of COMMERCE
i
i
i
i
I
1993
I/ I/
I I
1994
COUNClCf ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Industries surveyed quarterly
Manufacturing
Period
373.83
410.12
399.36
410.52
455.49
507.40
532.61
528.39
546.60
586.73
638.37
1984.. . .
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994*
1992- I
n
m
1993:
IV
I
1994:
IV
I
All
industries
.
n
m
n
m«
IV*
1
534.23
541.29
547.82
559.39
563.48
578.95
594.56
604.51
619.34
637.08
651.92
645.13
Total
Durable
goods
Nondurable
goods
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.47
192.56
173.14
172.52
173.05
176.74
173.99
177.55
182.48
182.15
185.04
193.99
197.36
193.83
64.57
70.87
65.68
68.03
77.04
82.56
82.58
77.64
73.32
81.45
92.78
73.26
73.74
72.63
73.64
78.19
80.33
82.74
83.64
86.03
91.71
98.97
94.44
75.04
82.01
72.28
73.03
86.41
101.24
110.04
105.17
100.69
98.02
99.77
99.87
98.78
100.42
103.09
95.80
97.22
99.74
98.51
99.02
102.28
98.39
99.39
Total1
Mining
Transportation
Public
utilities
Commercial
and
other
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
407.26
445.81
11.86
12.00
8.15
8.28
9.29
9.21
9.88
10.02
8.88
10.08
11.24
8.99
9.20
8.96
8.43
8.98
9.10
11.09
10.92
11.43
10.70
11.57
11.27
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.66
22.64
21.77
21.19
21.82
23.32
23.66
21.66
22.38
21.50
21.32
21.84
22.47
19.59
20.73
21.98
57.53
59.58
56.61
56.26
60.37
66.28
67.21
66.57
72.21
75.98
76.44
151.39
171.09
181.59
189.84
205.76
229.28
241.43
246.32
268.84
299.44
336.93
69.09
72.56
72.48
73.79
73.78
74.45
75.94
78.87
261.19
263.69
269.67
278.77
284.35
296.35
303.74
310.73
73.20
76.51
78.50
77.57
327.20
336.28
343.76
340.48
361.09
368.77
374.77
382.65
389.49
401.40
412.09
422.36
434.29
443.09
454.56
451.30
Exclude! forestry, fisheries, and agricultural services; professional services; social services and
membership organizations; and real estate, which, effective with the April-Hay 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.
* Consists of forestry, fisheries, and agricultural services; professional services; social services and
membership organizations; and real estate.
10
Addenda
Nonmanufacturing
4
Total
nonfarm
business 2
418.38
454.93
447.11
461.51
508.22
563.93
591.96
587.93
607.71
650.41
Nonmanufacturing
Manufacturing
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.47
192.56
173.14
172.52
173.05
176.74
173.99
177.55
182.48
182.15
185.04
193.99
197.36
193.83
Total
Surveyed
quarterly
278.77
302.05
309.16
320.45
344.77
380.13
399.34
405.12
433.69
470.95
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
407.26
445.81
Surveyed
annualry«
44.55
44.81
47.75
50.99
52.73
56.53
59.35
59.54
61.11
63.68
361.09
368.77
374.77
382.65
389.49
401.40
412.09
422.36
434.29
443.09
454.56
451.30
Planned capital expenditures as reported by business in July-August 1994, corrected for biases.
NOTE.—The quarterly Plant and Equipment Survey mil be discontinued and replaced by a new
semi-annual indicator survey of investment plans. The first new survey results are scheduled for
release in February 1995. See Plant and Equipment Expenditures and Plans release of September
8, 1994 for details.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In November, civilian employment rose by 372,000 and unemployment fell by 272,000.
MILLIONS OF PERSONS *
MILLIONS OF PERSONS*
134
134
SEASONALLY ADJUSTED
130
130
CIVILIAN LABOR FORCE
126
126
122
122
118
118
V
CIVILIAN,
EMPLOYMENT
114
114
110
110
106
106
12
UNEMPLOYMENT
/
I 1 1 I 1 1 1 1 I I I III I 1 1 i I I I I
1986
1988
1987
1990
1989
1991
I I I 1 1 1 1 I 11 I I I I I I I I I I I I I I I I 11 I I I I I
1992
1993
1994
* 16 YEARS OF AGE AND OVER
SOURCE; DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSAj
Period
Civilian employment
Civilian
Resident
Armed
Forces
NSA
Labor force
including
resident
Armed
178,080
179,912
182,293
184,490
186,322
188,081
189,686
191,329
193,142
195,034
1,697
1,706
1,706
1,737
1,709
1,688
1,637
1,564
1,566
1,485
115,241
117,167
119,540
121,602
123,378
125,557
126,424
126,867
128,548
129,525
106,702
108,856
111,303
114,177
116,677
119,030
119,550
118,440
119,164
120,791
113,544
115,461
117,834
119,865
121,669
123,869
124,787
125,303
126,982
128,040
105,005
107,150
109,597
112,440
114,968
117,342
117,914
116,877
117,598
119,306
3,321
3,179
3,163
3,208
3,169
3,199
3,186
3,233
3,207
3,074
101,685
103,971
106,434
109,232
111,800
114,142
114,728
113,644
114,391
116,232
5,512
5,334
5,345
5,122
4,965
4,657
4,860
5,767
6,116
6,106
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
2,737
2,305
2,232
1,983
1,610
1,375
1,504
2,323
3,354
3,052
64.4
64.8
65.3
65.6
65.9
66.5
66.4
66.0
66.3
66.2
59.5
60.1
60.7
61.5
62.3
63.0
62.7
61.6
61.4
61.6
195,791
195,993
1,470
1,461
150,132
130,359
121,802
122,122
128,662
128,898
120,332
120,661
3,114
3,096
117,218
117,565
5,904
5,934
8,330
8,237
2,971
2,864
66.2
66.3
61.9
62.0
130,667
130,776
130,580
130,747
130,774
130,248
130,457
131,189
131,343
131,836
131,936
121,971
122,258
122,037
122,338
122,872
122,430
122,452
123,166
123,628
124,236
124,608
3,331
3,391
3,426
3,459
3,435
3,235
3,278
3,444
3,409
3,495
3,561
118,639
118,866
118,611
118,880
119,437
119,195
119,173
119,722
120,218
120,741
121,048
4,842
4,384
4,762
4,613
4,688
4,590
4,224
4,092
4,075
4,186
4,236
8,696
8,518
8,543
8,408
7,902
7,817
8,005
8,023
7,715
7,600
7,328
3,027
3,103
3,110
2,951
2,801
2,683
2,855
2,793
2,841
3,026
2,702
66.7
66.7
66.6
66.6
66.5
66.2
66.3
66.6
66.6
66.8
66.8
62.2
62.3
62.2
62.3
62.5
62.2
62.2
62.5
62.7
62.9
63.1
1984
1985
1986s
1987
1988...
1989
1990...
1991
1992...
1993
1993:
Nov
Dec
1994:
Jan 4
Feb
Mar
May
July
Sept
Oct.
Nov
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 noninstitutional population.
3
Not strictly comparable with earlier data.
84-729 0 - 9 4 - 2
Unemployment
Nottinstitutional
population
including
resident
Aimed
Forces
NSA
Total
Agricultural
Total
Part toe
for
economic
reasons 1
15
Total
weeks
and over
Labor
force
participation
rate
(percent) a
Employment/
population
ratio
(percent)2
* Data beginning January 1994 are based on the revised Current Population Survey and are not
directly comparable with data for earlier periods. For details, see Employment and Earnings, February 1994.
Source; Department of Labor, Bureau of Labor Statiatics.
11
SELECTED UNEMPLOYMENT RATES
In November, the civilian unemployment rate fell to 5.6 percent, from 5.8 percent in October.
PERCENT * (SEASONALLY ADJUSTED)
PERCENT * (SEASONALLY ADJUSTED)
25
20
BLACK
15
10
10
^^/
ALL CIVILIAN WORKERS
\
0 1 1 1 M 11 n111
1990
1991
1992
1993
1990
1994
1991
1992
*UNEMPIOYM£NT AS PERCENT OF CIVIUAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
1993
1994
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
1984
1985
1986
1987
1988 ..
1989
1990
1991
1992
1993
1993: Nov ....
Dec
Unemployment
' rate,
all
workers l
By sex and age
All
civilian
workers
Men
20 years
and over
Women
20 years
and
over
7.4
7.1
6.9
6.1
5.4
5.2
5.4
6.6
7.3
6.7
7.5
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
6.8
6.6
6.2
6.1
5.4
4.8
4.5
4.9
6.3
7.0
6.4
6.8
6.6
6.2
5.4
4.9
4.7
4.8
5.7
6.3
5.9
6.4
6.3
6.5
6.4
5.9
5.8
5.7
5.7
6.7
6.5
6.5
6.4
6.0
6.0
6.1
6.1
5.9
5.8
5.6
5.9
6.0
5.8
5.6
5.2
5.3
5.6
5.4
5.1
5.1
4.9
6.0
5.7
6.0
5.6
5.4
5.4
5.3
5.4
5.3
5.0
5.0
1994: Jan 4 ...
Feb
Mar
May
July ....
Sept. ..
Oct
Nov....
1
By race
Both
sexes
16-19
years
18.9
18.6
18.3
16.9
15.3
15.0
15.5
18.6
20.0
19.0
18.3
17.8
18.4
17.9
17.8
19.9
18.3
16.9
17.7
17.5
17.0
17.3
15.3
Unemployed as percent of total labor force including resident Armed Forces.
Revised definition; for details, see Employment and Earnings, February 1994.
Aggregate hours lost by the unemployed and persons on part time for economic reas
cent of potentially available labor force hours.
2
3
12
White
Black
and
other
By selected groups
Black
Experienced
wage and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
Fulltime
workers 2
Parttime
workers 2
Labor
force
time lost
(percent) s
6.5
6.2
6.0
5.3
4.7
4.5
4.7
6.0
6.5
6.0
5.6
5.6
14.4
13.7
13.1
11.6
10.4
10.0
10.1
11.1
12.7
11.7
15.9
15.1
14.5
13.0
11.7
11.4
11.3
12.4
14.1
12.9
7.1
6.8
6.6
5.8
5.2
5.0
5.3
6.5
7.1
6.5
4.6
4.3
4.4
3.9
3.3
3.0
3.4
4.4
5.0
4.4
10.3
10.4
9.8
9.2
8.1
8.1
8.2
9.1
9.9
9.5
7.5
7.1
6.9
6.0
5.3
5.1
5.4
6.7
7.4
6.8
7.4
7.5
7.4
6.9
6.4
6.2
6.3
6.9
7.4
7.1
8.6
8.1
7.9
7.1
6.3
5.9
6.2
7.6
8.3
7.7
11.3
10.7
12.5
11.5
4.0
3.9
9.0
10.2
6.3
6.4
6.9
6.6
7.2
7.2
5.8
5.6
5.7
5.6
5.2
5.3
5.4
5.3
5.1
5.0
4.8
13.1
11.6
12.9
11.3
11.3
12.5
11.8
10.8
10.4
11.5
10.2 " 11.2
11.2
10.4
10.8
11.5
10.3
10.7
11.4
10.6
9.9
10.5
6.2
6.2
6.6
6.4
6.4
6.2
5.8
5.9
6.0
5.9
5.6
5.5
5.4
4.1
4.3
4.1
3.9
3.7
3.5
3.7
3.5
3.4
3.3
3.2
9.4
9.7
9.6
9.1
8.9
8.7
7.8
8.9
9.0
8.9
8.2
6.8
6.6
6.6
6.4
6.0
6.1
6.2
6.1
5.9
5.9
5.6
6.2
5.9
6.3
6.5
6.2
5.8
6.0
6.4
5.7
5.6
5.3
4
Data beginning January 1994 are based on the revised Current Population Survey and are not
directly comparable with data for earlier periods. For details, see Employment and Earnings, February 1994.
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In November, the percentage of the unemployed who had been out of work for less than 5 weeks rose; the
percentages for 5-14 weeks, 15-26 weeks, and 27 weeks and over all fell. The mean duration of unemployment
fell to 17.9 weeks and the median duration fell to 9.1 weeks.
PERCENT DISTRIBUTION *
PERCENT DISTRIBUTION <
70
70
DURATION Of UNEMPLOYMENT
60
60
50
50
REASON FOR UNEMPLOYMENT
JOB LOSERS-17
V
LESS THAN
5 WEEKS
/
40
A
30
*'
40
«• /
v
/v v
REENTRANTS
5-14
WEEKS
*-/,
15-26
WEEKS
20
20
JOB LEAVERS
10
27 WEEKS
AND OVER
"~T7
NEW ENTRANTS
l l l l l l l l 1 1 1 1 1 1 1 1 1 ii
0 1 1 1 1 1 I I 1 1 1 i l l l mini
llllllllll
1990
1990
1992
1991
1992
1 1 1 1 1 1 1 1 1 11 1
1993
1 1 1 1 ill 1 1 1 1
1994
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Duration of unemployment
Period
Unemployment
(thousands)
Reason for unemployment:
percent distribution
State
programs
Number of
weeks
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
39.2
42.1
41.9
43.7
46.0
48.6
46.1
40.1
34.9
36.2
35.4
37.5
38.4
30.6
32.8
34.7
33.4
35.6
35.5
32.5
34.1
30.8
34.4
28.7
30.2
31.0
29.6
30.0
30.3
32.0
32.3
29.4
28.9
28.9
27.5
26.8
32.5
30.3
29.5
31.0
31.0
29.2
32.7
29.5
29.9
29.1
12.9
12.3
12.7
12.7
12.0
11.2
11.8
14.5
15.2
14.6
14.6
14.1
15.1
16.2
15.0
14.2
13.9
14.4
15.7
15.2
16.0
18.2
16.5
19.1
15.4
14.4
14.0
12.1
9.9
10.1
13.0
20.6
20.4
21.1
21.0
19.7
20.8
21.9
21.6
21.7
19.1
19.6
19.6
20.4
21.1
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.1
13.8
17.9
18.1
18.9
18.2
18.3
18.7
19.2
19.1
19.6
18.3
19.2
19.2
19.2
19.6
17.9
7.9
6.8
6.9
6.5
5.9
4.8
5.4
6.9
8.8
8.4
8.5
8.2
8.5
9.0
9.1
9.2
9.2
8.9
9.3
9.0
10.0
10.4
9.1
Job
losers 1
Job
leavers
Reentrants
New
entrants
25.6
27.1
26.2
26.6
27.0
28.2
27.4
24.8
23.7
24.6
25.0
24.6
32.6
33.7
35.5
37.9
36.5
36.3
34.7
34.8
33.7
34.7
34.7
13.0
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.5
10.0
10.0
9.7
7.5
7.4
7.5
8.1
7.8
6.0
7.3
8.1
8.0
8.2
7.9
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 2
Weekly average, thousands
1984
1985...
1986
1987
1988
1989
1990 .
1991
1992 ...
1993
1993- Nov
Dec
1994- Jan 3
Feb
Mar
May
July
Sept
Oct
Nov
1
. .
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
8,330
8,237
8,696
8,518
8,543
8,408
7,902
7,817
8,005
8,023
7,715
7,600
7,328
Beginning January 1994, job losers and persons who completed temporary jobs.
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Railroad (RR> programs included through 1991. Also includes
Federal and State extended benefit programs. Does not include Federal supplemental compensation
or Emergency Unemployment Compensation programs.
2
51.8
49.8
48.9
48.0
46.1
45.7
48.3
54.7
56.4
54.6
53.4
54.2
51.1
48.6
46.9
44.4
45.4
47.5
48.6
47.7
46.7
46.9
48.0
9.6
10.6
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.8
11.5
11.4
8.8
10.3
10.1
9.7
10.2
10.2
9.4
9.4
11.7
10.2
9.4
2,476
2,611
2,650
2,332
2,081
2,158
2,522
3,342
3,245
2,751
2,776
2,694
2,720
2,791
2,744
2,722
2,755
2,760
2,738
2,679
2,622
2,567
377
396
378
328
310
330
388
447
408
341
335
325
369
351
340
350
367
351
349
327
320
325
"326
2,561
2,693
2,746
2,401
2,135
2,205
2,575
3,406
3,339
2,838
2,563
2,794
' 3,512
* 3,507
3,396
r
2,873
2,626
r
2,635
2,578
2,573
r
2,180
2,202
3
Data beginning January 1994 are based on the revised Current Population Survey and are not
directly comparable with data for earlier periods. For details, see Employment and Earnings, February 1994.
Source: Department of Labor (Bureau of jLabor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 350,000 in November, following rises
of 164,000 in October and 272,000 in September.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
34
110
ALL NONAGRICULTURAL
ESTABLISHMENTS
100
90
80
SERVICE-PRODUCING
INDUSTRIES
70
60
50
40 GOODS-PRODUCING
INDUSTRIES
30
20 1 1 1 n 111 n I
1990
_
—-4-A-i
I IIII
III II
1991
I III I
IIIII
-]
I I I i I II I I I I
1992
CONSTRUCTION
IIIM II
1993
,1 1 1 1 1 1 1 1 1 1 1
'
1990
1994
mill ii in i ill i Ii mi
1991
1992
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
1 II 1 1 ! M 1 1 l>
1993
1994
*
COUNCIL Of ECONOMIC ADVISERS
[Thousands of wage and salary workers; 1 seasonally adjusted]
Service-producing industries
Goods-producing industries
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993: Nov
Dec
1994: Jan
Feb
Mar
Apr
May
June ....
July
Aug r....
Sept r ...
Oct '.....
Nov "....
Total
nonagricultural
employment
94,408
97,387
99,344
101,958
105,210
107,895
109,419
108,256
108,604
110,525
111,366
111,610
111,711
111,919
112,298
112,699
112,951
113,334
113,624
113,914
114,186
114,350
114,700
1
Manufacturing;
Total2
24,718
24,842
24,533
24,674
25,125
25,254
24,905
23,745
23,231
23,256
23,281
23,298
23,328
23,327
23,395
23,506
23,519
23,576
23,590
23,640
23,673
23,716
23,836
Construction
4,380
4,668
4,810
4,958
5,098
5,171
5,120
4,650
4,492
4,642
4,733
4,738
4,744
4,745
4,806
4,893
4,907
4,927
4,944
4,942
4,972
4,976
5,047
Total
19,372
19,248
18,947
18,999
19,314
19,391
19,076
18,406
18,104
18,003
17,944
17,942
17,968
17,970
17,980
18,007
18,009
18,044
18,045
18,095
18,096
18,138
18,189
uuraoic
Nondurable
goods
Total
11,476
11,458
11,195
11,154
11,363
11,394
11,109
10,569
10,277
10,172
10,142
10,153
10,182
10,182
10,190
10,216
10,217
10,253
10,249
10,290
10,306
10,336
10,376
7,896
7,790
7,752
7,845
7,951
7,997
7,968
7,837
7,827
7,831
7,802
7,789
7,786
7,788
7,790
7,791
7,792
7,791
7,796
7,805
7,790
7,802
7,813
69,690
72,544
74,811
77,284
80,086
82,642
84,514
84,511
85,373
87,269
88,085
88,312
88,383
88,592
88,903
89,193
89,432
89,758
90,034
90,274
90,513
90,634
90,864
rtiirohlo
8
Includes all full- and part-time wage and salary workers in nonagriculturai establishments who
received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived
from this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes, had
14
Transportation
and
public
utilities
5,156
5,233
5,247
5,362
5,514
5,625
5,793
5,762
5,721
5,787
5,800
5,792
5,793
5,803
5,816
5,759
5,843
5,849
5,857
5,866
5,865
5,864
5,879
Wholesale
trade
jRetail
trad.6
5,568
5,727
5,761
5,848
6,030
6,187
6,173
6,081
5,997
5,958
5,971
5,976
5,990
6,003
6,013
6,028
6,037
6,049
6,053
6,079
6,095
6,102
6,111
16,512
17,315
17,880
18,422
19,023
19,475
19,601
19,284
19,356
19,717
19,848
19,931
19,924
19,965
20,026
20,137
20,153
20,279
20,386
20,405
20,470
20,512
20,537
Finance,
insurance,
and real
estate
Services
5,684
5,948
6,273
6,533
6,630
6,668
6,709
6,646
6,602
6,712
6,763
6,769
6,771
6,776
6,781
6,791
6,787
6,798
6,797
6,801
6,794
6,783
6,791
20,746
21,927
22,957
24,110
25,504
26,907
27,934
28,336
29,052
30,278
30,816
30,926
31,004
31,129
31,326
31,497
31,598
31,765
31,918
32,036
32,138
32,238
32,385
Government
Total
16,024
16,394
16,693
17,010
17,386
17,779
18,304
18,402
18,645
18,817
18,887
18,918
18,901
18,916
18,941
18,981
19,014
19,018
19,023
19,087
19,151
19,135
19,161
Federal
2,807
2,875
2,899
2,943
2,971
2,988
3,085
2,966
2,969
2,915
2,900
2,915
2,893
2,892
2,884
2,882
2,870
2,859
2,859
2,858
2,863
2,864
2,866
weather, etc., even if they are not paid for the time off; and which are based on a sample of the
working-age population, whereas the estimates in this table are based on reports from employing
establishments.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY
EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average weekly hours
Average gross hourly earnings
Manufacturing
Total
private
nonagricultural '
Period
Total
Average gross weekly earnings
Total private
nonagricultural '
Overtime
Current
dollars
Current dollars
Total private
nonagricultural '
1982
dollars *
Manufacturing
Current
dollars
1982
dollars '
Manufacturing
Construction
Retail
trade
Percent change from a
year earlier, total
private
nonagricultural 3
Current
dollars
1982
dollars
1985
1986
1987
1988
1989
1990
1991
1992
1993
35.2
34.9
34.8
34.8
34.7
34.6
34.5
34.3
34.4
34.5
40.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0
41.4
3.4
3.3
3.4
3.7
3.9
3.8
3.6
3.6
3.8
4.1
$8.32
$7.80
8.57
8.76
8.98
9.28
9.66
10.01
10.32
10.57
10.83
7.77
7.81
7.73
7.69
7.64
7.52
7.45
7.41
7.39
$9.19
9.54
9.73
9.91
10.19
10.48
10.83
11.18
11,46
11.74
$292.86
299.09
304.85
312.50
322.02
334.24
345.35
353.98
363.61
373.64
$274.73
271.16
271.94
269.16
266.79
264.22
259.47
255.40
254.99
254.87
$374.03
386.37
396.01
406.31
418.81
429.68
441.86
455.03
469.86
486.04
$458.51
464.46
466.75
480.44
495.73
513.17
526.01
533.40
537.70
551.81
$174.33
174.64
176.08
178.70
183.62
188.72
194.40
198.48
205.06
209.95
4.3
2.1
1.9
2.5
3.0
3.8
3.3
2.5
2.7
2.8
0.8
-1.8
.3
— 1.0
-.9
— 1.0
-1.8
-1.6
-.2
-.0
1993: Nov
Dec
34.6
34.5
41.7
41.7
4.4
4.4
10.94
10.96
7.39
7.40
11.87
11.93
378.52
378.12
255.76
255.14
494.98
497.48
562.49
559.11
211.68
212.26
2.3
3.2
2
.7
1994- Jan
Feb
34.8
34.3
34.6
34.7
34.8
34.6
34.6
34.4
34.6
34.9
34.6
41.7
41.3
42.1
42.2
42.1
42.0
42.0
42.0
42.0
42.1
42.1
4.5
4.5
4.7
4.8
4.7
4.7
4.6
4.6
4.7
4.7
4.7
11.02
11.03
11.02
11.05
11.09
11.08
11.11
11.18
11.17
11.24
11.22
7.43
7.42
7.39
7.40
7.42
7.39
7.38
7.36
7.38
7.42
11.95
12.01
12.00
12.00
12.00
12.03
12.05
12.08
12.12
12.14
12.17
383.50
378.33
381.29
383.44
385.93
383.37
384.41
382.87
386.48
392.28
388.21
258.60
254.60
255.73
256.83
258.15
255.58
255.25
253.22
255.27
258.93
498.32
496.01
505.20
506.40
505.20
505.26
506.10
507.36
509.04
511.09
512.36
558.44
545.25
561.44
559.02
570.86
567.73
573.78
569.66
577.98
575.14
574.63
214.89
212.21
214.73
216.05
216.63
216.63
216.92
216.75
216.58
220.75
218.20
3.7
2.5
3.5
3.5
2.8
3.1
3.0
1.8
3.3
3.8
2.9
1.3
.1
1.2
1.3
.7
.6
.3
-1.0
.3
1.2
1984
Mar
Apr
May
. *
July
y"J "
Sept '
Oct »
Nov"
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 (OPI-W) (on a 1982=100 base).
9
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)
12 months earlier
3 months earlier
Period
Total
compensation
Wages and
salaries
Benefits '
84.0
87.3
90.1
93.1
97.6
102.3
107.0
111.7
115.6
119.8
84.8
88.3
91.1
94.1
98.0
102.0
106.1
110.0
112.9
116.4
81.7
84.6
87.5
90.5
96.7
102.6
109.4
116.2
122.2
128.3
110.8
111.9
109.2
110.1
115.2
116.8
1.0
1.0
112.9
113.8
114.7
115.7
110.9
111.6
112.1
113.0
118.2
119.5
121.3
122.9
.9
116.8
117.9
118.9
119.9
113.9
114.6
115.6
116.5
124.7
126.4
127.7
129.1
120.7
121.8
122.8
117.1
118.1
119.0
130.2
131.4
132.9
Total
compensation
Wages and
salaries
Benefits '
Total
compensation
Wages and
salaries
Benefits >
Not seasonally adjusted
198419851986198719881989199019911992:
1993:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
. . . .
..
. ..
4.9
3.9
3.2
3.3
4.8
4.8
4.6
4.4
3.5
3.6
Seasonally adjusted
1991- Sept
Dec
1992- Mar
Sept
Dec
1993- Mar
Sent
Dec
1994- Mar
Sept
1
....
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the
influence of employment shifts among occupations and industries.
.8
.8
.9
1.0
.9
.8
.8
.7
.9
.8
4.2
4.1
3.2
3.3
4.1
4.1
4.0
3.7
2.6
3.1
6.5
3.5
3.4
3.4
6.9
6.1
6.6
6.2
5.2
5.0
Not seasonally adjusted
0.7
.8
.7
.6
.4
.8
.8
.6
.9
.8
.5
.9
.8
1.7
1.4
4.5
4.4
3.7
3.7
6.4
6.2
1.2
1.1
1.5
1.3
4.2
3.7
3.4
3.5
3.4
3.0
2.7
2.6
6.3
5.5
5.2
5.2
1.5
1.4
1.0
1.1
3.5
3.6
3.7
3.6
2.7
2.7
3.1
3.1
5.6
5.8
5.4
5.0
.9
.9
1.1
3.3
3.4
3.3
2.9
3.1
2.9
4.4
3.9
4.0
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Output1
Business
sector
Hours of 2all
persons
Nonfarm
business
sector
Business
sector
Compensation per
hour 3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Unit labor costs
Real compensation
per hour *
Business
sector
Nonfarm
business
sector
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1982= 100; quarterly data seasonally adjusted
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992 r
1993 .
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
1992- I
n
in
IV
1993: I rr
n r.....
m r...
IV ...
1994:
Ir
n r.....
m**
102.3
104.8
106.3
108.5
109.6
110.7
109.9
110.7
112.1
115.5
117.2
102.5
104.7
105.6
107.7
108.6
109.6
108.6
109.1
110.7
113.7
115.4
104.1
112.6
116.7
119.9
124.8
130.1
132.3
133.3
132.0
135.5
140.6
104.4
113.0
116.8
120.1
125.0
130.6
132.7
133.5
132.2
135.5
141.0
101.8
107.4
109.8
110.5
113.8
117.5
120.4
120.5
117.7
117.4
120.0
101.9
107.9
110.7
111.5
115.1
119.1
122.2
122.4
119.5
119.2
122.2
103.8
108.3
113.2
118.8
123.1
128.5
133.0
140.6
147.4
154.9
160.5
104.0
108.3
112.8
118.4
122.5
127.7
132.0
139.2
146.2
153.7
158.7
100.6
100.6
101.5
104.6
104.6
104.8
103.5
103.8
104.4
106.6
107.2
100.8
100.6
101.1
104.3
104.1
104.2
102.7
102.8
103.6
105.7
106.0
101.5
103.4
106.5
109.5
112.3
116.0
121.0
127.1
131.5
134.2
136.9
101.5
103.4
106.8
110.0
112.8
116.5
121.5
127.6
132.1
135.2
137.5
103.4
107.7
111.2
113.6
116.6
120.8
126.1
131.2
135.9
138.8
141.5
104.0
107.6
111.6
114.2
117.2
121.4
126.5
131.8
136.7
139.9
142.6
101.1
103.1
105.4
107.0
108.3
110.6
110.9
109.7
110.5
113.0
101.1
103.3
105.3
106.0
107.4
109.5
108.5
108.9
111.5
100.0
107.5
114.4
118.0
120.6
127.4
131.7
132.3
132.1
132.6
100.0
108.1
114.8
118.2
120.8
127.6
132.5
132.7
132.2
132.8
98.9
104.3
108.5
110.2
111.3
115.1
118.8
120.6
119.6
117.4
98.9
104.7
109.0
111.4
112.5
116.5
120.5
122.3
121.4
119.2
102.1
105.3
109.9
115.6
120.9
125.8
130.6
134.9
143.5
150.1
102.1
105.2
109.9
115.0
120.5
125.1
129.8
133.9
142.2
148.8
100.6
100.5
100.7
102.4
105.6
105.1
104.7
103.4
103.4
105.1
100.6
100.4
100.7
101.8
105.2
104.6
104.1
102.6
102.5
104.2
101.0
102.1
104.3
108.0
111.6
113.7
117.9
123.0
129.8
132.9
101.0
101.9
104.4
108.5
112.2
114.3
118.0
123.4
130.5
133.5
101.1
104.8
109.0
112.4
114.6
117.9
122.8
127.8
133.2
136.9
101.4
105.2
109.0
112.9
115.2
118.5
123.4
128.2
134.0
137.9
114.5
114.8
115.9
116.8
112.6
113.1
113.9
115.0
133.7
134.4
136.1
137.9
133.6
134.4
135.9
137.9
116.8
117.1
117.4
118.1
118.6
118.8
119.3
r
120.0
152.2
153.7
156.0
T
157.7
105.9
' 106.1
106.8
r
107.1
105.0
105.3
106.0
106.3
133.0
133.9
134.7
135.1
134.0
134.9
135.9
136.1
138.0
138.8
138.3
140.1
139.0
139.9
139.5
141.2
116.2
116.4
117.3
119.0
114.4
114.5
115.6
117.0
138.1
139.6
140.9
143.9
138.3
139.9
141.5
144.3
118.9
119.9
120.1
121.0
120.9
122.1
122.4
123.3
158.8
160.0
161.2
162.1
150.9
152.6
154.7
r
156.4
157.2
158.2
159.3
160.2
107.0
107.0
107.3
107.2
106.0
105.8
106.1
105.9
136.6
137.5
137.4
136.3
137.5
138.1
137.7
136.9
140.8
141.4
141.6
142.1
142.0
142.5
142.8
143.1
119.8
119.2
120.1
117.9
117.2
118.0
145.8
147.2
148.6
146.1
147.3
148.7
121.7
123.5
123.7
124.0
125.6
126.0
164.6
164.7
166.0
162.6
162.9
164.0
108.3
107.6
107.5
106.9
106.4
106.2
137.4
138.2
138.2
137.9
138.9
139.0
142.6
143.8
144.4
143.5
145.1
145.8
4.4
8.2
3.4
2.8
4.1
4.4
1.7
.6
-1.0
2.4
4.1
1.8
5.6
2.1
.6
3.0
3.3
2.5
.1
-2.3
-.3
2.2
1.9
5.9
2.5
.8
3.2
3.4
2.6
.2
-2.4
-.3
2.5
3.8
4.3
4.5
5.0
3.6
4.4
3.5
5.7
C
4.8
5.1
3.6
0.8
-.2
.6
3.1
-.2
.1
-1.4
.1
.8
2.0
.2
1.5
1.9
3.0
2.8
2.5
3.4
4.3
5.0
3.5
2.1
2.0
1.5
1.9
3.3
2.9
2.6
3.3
4.3
5.1
3.5
2.4
1.7
3.4
4.1
3.3
2.2
2.6
3.6
4.4
4.1
3.5
2.2
1.9
4.0
3.5
3.7
2.4
2.6
3.6
4.2
4.2
3.7
2.3
1.9
-.5
-.6
4.4
5.3
1.4
1.8
3.1
3.1
2.9
3.2
2.3
1.7
2.6
2.3
-1.8
.6
1.6
2.3
ne.o
r
T
Percent change; quarterly data at seasonally adjusted annual rates
1983
1984
1985
1986
1987
1988
1989
.. .
1990
1991
1992
1993r
1991: m
IV
2.3
2.4
1.4
2.1
1.0
1.0
-.7
.7
1.3
3.0
1.5
2.5
2.2
.8
2.0
.8
1.0
g
A
1.5
2.7
1.5
4.1
8.2
3.6
2.8
4.1
4.3
1.7
.7
-1.0
2.7
3.8
1.3
2.2
1.6
1.8
.9
1.2
1.1
1.2
-.4
-.9
1992: I
r
5.5
l.l
3.7
3.2
4.2
1.9
2.8
3.8
3.4
2.2
4.9
5.6
2.4
2.5
4.4
6.2
-1.9
1.1
1.2
2.3
-1.9
.6
3.3
5.7
-2.0
.4
4.0
4.9
.6
4.2
4.0
8.6
1.0
4.7
4.9
7.9
2.5
3.6
.7
2.8
2.9
-2.0
3.1
2.9
-2.1
2.7
5.5
3.7
4.0
5.2
3.2
3.9
2.5
5.9
.8
n
nr....
r
IV ....
1993: I rr
n.
nr....
r
IV ...
1994:
Ir
n r.....
m**.
r
1
2
4.0
4.1
4.1
5.0
3.5
4.2
3.3
5.5
5.0
5.1
3.3
0.6
.0
.9
3.1
-.1
.2
-1.3
.3
.6
2.0
.6
1.2
2.0
5.8
4.0
6.1
4.4
4.6
5.1
5.7
4.6
5.8
4.5
3.1
.7
3.0
1.2
3.0
1.2
2.6
1.2
.3
2.8
2.4
1.2
1.4
2.6
2.9
.6
3.3
2.2
-1.3
5.1
3.2
2.5
3.0
4.3
.9
2.9
2.6
3.1
3.0
2.4
2.1
2.4
2.8
2.4
-.4
— 0
1.1
-.6
-.9
-.7
.9
-.6
4.6
2.5
-.3
-3.1
4.1
2.0
-1.2
-2.4
2.3
1.7
.6
1.2
2.2
1.6
.7
.8
2.3
5.5
1.2
6.3
.2
3.3
6.1
.7
2.9
4.1
-2.5
-.3
3.9
-2.0
-.7
3.3
2.3
.2
3.1
2.9
.1
1.5
3.5
1.6
1.2
4.5
1.9
r
Output refers to gross domestic product originating in the sector in 1987 dollars.
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
a
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
* Hourly compensation divided by the consumer price index for all urban consumers (CPI-U).
6
Current dollar gross domestic product divided by constant dollar gross domestic product.
16
r
r
JO
5.1
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
tiffer slightly from percent changes based on indexes shown here.
Data have been revised to reflect 1993 Hours at Work Survey.
*Based on GDP data released on October 28, 1994.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization rose in October (series revised).
INDEX, 1987 = 100- (RATIO SCALE)
INDEX, 1987= 100' (RATIO SCALE]
140
UTILITIES AND MINING
PERCENT86
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
84
130
120
110
100
^'". n
V"
v_
1990
V-
\._x-^_>
MININ 3
"/
-V
,
90
-— -*
1
'~x / -».
\f
/% ,'S—I
' *
1992
\
80
/
1993
\r^
78
1
i 1 1 1 11n 111 1 1 111 11111 1
i 11I t 1111 M
1991
82 ^
76
1 1 1 1 1 1 1 I II 1
1990
1994
_^
/,
'—>^-—' f
.
^
f '
II 1 1 1 1
1 M M 11 1 1 11
1991
! 1 1 II 1 1 1 M 1
1993
1992
1994
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
Index,
1987=100
Capacity utilization
rate, percent '
Industry production indexes, 1987 = 100
Total
industrial
production
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
92.8
94.4
95.3
100.0
104.4
106.0
106.0
104.3
107.6
112.0
9.3
1.7
.9
4.9
4.4
1.5
.0
— 17
3.2
4.1
89.3
91.6
94.3
100.0
104.7
106.4
106.1
103.9
108.0
112.9
88.4
91.8
93.9
100.0
106.6
108.6
107.4
104.2
109.3
116.1
90.8
91.5
94.9
100.0
102.3
103.7
104.4
103.6
106.5
109.3
111.9
109.0
101.0
100.0
101.3
100.0
102.0
100.2
98.9
98.2
97.0
99.5
96.3
100.0
105.0
108.7
109.9
112.3
111.9
116.2
81.1
80.3
79.2
81.5
83.7
r
83.7
r
82.1
79.2
80.2
81.7
80.4
79.5
79.1
81.6
83.6
r
83.2
r
81.3
78.0
79.2
80.9
1993- Oct T
Nov *
Dec *
112.7
113.7
114.7
3.6
3.5
3.9
113.6
114.8
116.1
117.5
119.1
121.2
109.1
110.0
110.4
98.6
98.2
98.4
115.8
116.7
115.6
81.7
82.3
82.9
80.7
81.4
82.2
1994- Jan T
Peb T
Mar '
Apr T
May T
114.7
115.6
116.6
116.7
117.4
118.0
118.2
119.1
119.1
119.8
3.7
3.9
4.7
4.8
5.7
5.8
5.5
6.1
5.9
6.3
115.8
116.7
118.0
118.4
119.0
119.3
119.8
120.8
120.9
121.8
121.0
122.1
122.9
123.7
124.0
124.6
125.2
127.0
127.4
128.4
110.0
110.7
112.5
112.4
113.4
113.4
113.6
113.9
113.6
114.3
97.8
99.5
100.5
100.7
100.7
100.6
100.1
100.2
100.4
99.8
120.3
119.6
117.9
114.7
115.8
121.1
119.0
118.6
117.8
117.1
82.7
83.2
83.7
83.6
83.8
84.1
84.1
84.5
84.3
84.6
81.8
82.2
82.9
83.0
83.2
83.2
83.3
83.8
83.6
84.0
1984
1985
1986
1987
1988
1989
1990
1991 r
1992 r
1993 r
.. .
July T
Aug r
Sept *
Oct p
1
.
...
Output as percent of capacity.
NOTE.—Industrial production series revised beginning 1991; capacity utilization series revised be-
ginning 1987. See Industrial Production and Capacity Utilization release of November 30, 1994
for details.
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
1984
1985
1986
1987
1988
1989
1990 r
1991 .
1992 '.
1993 '.
1993: Oct '
Nov '
Dec '.
1994: Jan r
Peb '
Mar1'
Apr '.
May '
June '
July '
Aue 'r
Sept
Oct »
1
91.0
94.2
95.7
100.0
104.8
106.8
107.0
105.6
109.0
113.4
114.0
115.0
115.5
115.9
117.0
117.4
117.3
117.8
118.4
118.5
119.1
118.9
119.4
....
92.8
93.7
96.8
100.0
102.9
104.0
103.4
103.0
105.9
109.4
109.8
110.6
110.9
111.5
112.4
112.9
112.3
112.8
113.5
113.3
113.7
113.0
113.3
Durable
goods
Nondurable
goods
91.0
91.6
94.5
100.0
104.6
106.6
102.3
95.5
102.6
110.7
113.0
115.5
117.1
118.6
121.1
119.0
117.8
116.4
118.0
118.0
121.1
119.4
119.5
93.4
94.4
97.6
100.0
102.4
103.2
103.8
105.2
106.9
109.2
109.1
109.5
109.5
109.8
110.4
111.5
111.0
112.0
112.5
112.2
111.9
111.5
111.9
Total
1
89.2
94.8
94.5
100.0
107.6
110.9
112.1
109.4
113.4
119.3
120.3
121.5
122.6
122.7
123.8
124.3
124.9
125.4
125.8
126.4
127.6
128.1
128.9
Business
85.4
91.1
93.1
100.0
110.7
115.5
116.9
116.5
124.1
134.6
136.4
138.3
140.0
140.4
142.0
142.6
143.5
144.5
145.5
146.9
148.9
149.5
151.1
Defense
and
space
equipment
78.9
89.4
96.0
100.0
99.7
100.1
98.8
91.3
86.5
78.5
76.4
76.3
75.2
74.5
73.6
73.7
73.6
72.4
71.3
69.9
69.3
68.7
68.6
Total
86.2
88.3
91.9
100.0
101.8
102.0
101.2
96.9
98.8
102.4
103.0
103.9
104.7
104.6
104.9
106.3
106.9
107.7
108.5
109.1
109.0
108.5
109.2
Construction
supplies
86.2
89.1
93.8
100.0
101.5
100.5
98.2
91.8
95.0
98.9
100.6
101.0
103.7
102.9
102.7
103.2
104.7
106.1
106.4
107.9
108.0
107.4
108.0
Business
supplies
86.2
87.7
90.7
100.0
102.0
103.0
103.2
100.3
101.3
104.9
104.7
105.8
105.5
105.8
106.5
108.4
108.5
108.8
110.1
110.0
109.9
109.4
110.2
Total
Energy
103.8
103.4
99.5
100.0
102.2
103.1
104.2
104.4
103.7
103.6
103.0
103.5
103.2
103.8
104.7
105.0
104.8
104.6
106.7
105.2
106.0
105.7
105.3
96.6
96.6
95.9
100.0
105.0
106.7
106.8
105.4
109.2
114.1
114.7
115.9
117.5
117.1
118.1
119.5
119.7
120.5
121.2
121.4
122.8
123.3
124.2
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
1984
1985
1986
1987
1988
1989
1990
1991 r*
1992
1993 '
1993- Oct '
Nov '
Dec '
1994: Jan '
Feb 'T
Mar
Apr '
May '
June '
July '
Aug '
Sept '
Oct *
. .
NOTE.—Series reviled. See Note, p. 17.
18
Total
Iron
and
steel
102.4
101.8
93.7
100.0
108.7
107.2
106.5
98.7
101.9
106.9
106.7
109.1
113.4
108.0
111.6
112.1
114.8
114.8
113.7
112.7
113.7
115.4
117.7
105.9
104.5
90.8
100.0
112.7
111.2
111.5
100.5
105.1
111.4
111.4
114.0
118.6
110.8
116.0
116.7
121.5
120.9
118.2
116.1
113.2
117.7
121.7
Fabricated
metal
products
93.3
94.5
93.8
100.0
104.2
102.8
99.5
95.3
98.8
103.7
104.1
105.6
107.1
107.2
106.6
108.5
109.6
110.0
110.2
111.7
112.4
112.8
113.8
Industrial
machinery and
equipment
Electrical
machinery
80.8
86.8
90.3
100.0
113.0
117.3
117.6
115.0
124.6
141.1
145.4
147.3
151.3
150.3
151.9
154.0
156.1
157.7
158.9
160.6
162.8
164.3
165.8
94.1
93.1
94.3
100.0
108.5
111.0
111.4
113.4
121.9
139.3
143.9
145.0
147.3
148.1
150.1
152.6
154.3
156.5
159.5
161.5
164.5
165.6
167.7
Total
83.1
91.8
96.9
100.0
105.2
109.6
107.0
101.3
105.1
105.5
105.1
108.5
109.8
110.8
112.3
110.7
109.5
107.6
107.5
105.7
109.5
108.5
109.1
Motor
vehicles
and
parts
90.6
99.0
98.5
100.0
105.7
106.9
101.0
94.3
107.4
121.1
124.9
132.4
135.9
138.7
142.6
138.8
136.2
131.6
132.2
129.6
138.0
137.0
137.9
Lumber and
products
Apparel
products
Printing and
publishing
Chemicals
and
products
86.0
88.0
95.1
100.0
100.1
99.4
97.1
90.5
95.8
100.2
102.9
103.5
104.6
105.3
103.8
104.0
103.9
106.0
106.2
106.8
105.6
105.6
105.7
95.7
92.6
96.3
100.0
98.1
95.0
92.2
92.9
95.0
94.9
93.9
94.5
94.7
93.5
94.9
95.7
96.2
97.1
97.0
97.0
96.8
96.9
97.0
84.5
87.6
90.6
100.0
100.9
101.1
100.8
97.0
97.2
99.3
99.0
99.3
98.8
98.2
98.8
101.3
101.7
101.6
102.4
102.1
101.4
101.4
102.0
91.4
91.4
94.6
100.0
106.0
109.2
111.8
111.1
114.7
119.1
119.6
120.7
120.9
121.3
121.8
123.1
122.4
124.0
124.4
124.7
125.6
125.0
126.7
Source: Board of Governors of the Federal Reserve System.
Foods
92.1
94.9
97.4
100.0
101.5
102.5
103.7
105.3
107.0
109.4
109.9
110:1
110.3
109.9
109.9
112.9
111.9
112.8
112.8
113.4
112.3
111.8
111.7
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts s
Private
Total new
construction
expenditures
Period
Residential
Total
New housing
units
Total1
Commercial
and
industrial *
Other
Federal,
State, and
local
Total value
index
(1987 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
348.8
377.4
407.7
419.4
432.3
443.7
442.2
403.6
435.4
466.4
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
278.6
299.5
323.1
328.7
337.5
345.5
334.7
293.5
316.1
341.1
153.8
158.5
187.1
194.7
198.1
196.6
182.9
157.8
187.9
210.5
74.0
89.8
84.4
84.0
88.0
94.3
96.4
77.0
65.8
66.4
113.8
114.7
133.2
139.9
138.9
139.2
128.0
110.6
129.6
144.1
50.8
51.3
51.6
50.1
51.5
54.6
55.4
58.7
62.5
64.2
83
91
96
100
101
105
95
89
97
104
70.2
77.8
84.6
90.6
94.7
98.2
107.5
110.1
119.2
125.3
Annual rates
Annual fates
1993: Oct
Nov
Dec
477.8
490.2
499.9
350.2
360.4
367.3
216.6
222.4
228.5
149.5
154.1
159.5
67.3
70.8
71.8
66.3
67.3
67.0
127.6
129.8
132.7
1994: Jan
Feb
Mar
Apr
May
,*
July
. 1;
488.5
485.9
496.0
497.0
504.4
506.1
506.8
504.8
513.4
518.1
363.9
361.9
371.7
374.1
378.2
379.3
377.7
375.5
381.3
380.4
229.8
233.3
236.8
238.0
241.2
240.7
239.4
236.8
238.4
235.2
160.8
164.2
167.0
168.4
170.1
168.9
168.9
167.8
168.8
165.6
67.3
66.3
70.3
73.3
73.7
73.5
73.3
74.1
76.2
76.6
66.7
62.3
64.6
62.8
63.4
65.1
64.9
64.6
66.8
68.6
124.6
124.0
124.4
122.9
126.1
126.8
129.1
129.3
132.0
137.6
Sept '
Oct '.
1
2
3
955
1,097
1,016
1,019
973
961
783
577
556
575
r
m
112
107
561
566
628
107
lll
113
106
r
lll
r
!09
r
l!2
116
110
107
633
592
742
612
642
624
750
690
685
712
r
it of Commerce
(Bureau of the Census) and McGraw-Hill Information Systems
Sources: Department
Comm
Company, F.W. Dodge Division.
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Units started, by type of structure
Period
Total
1984
1985
1986
1987
1988
1989 ..
1990
1991
1992
1993
j
J
]
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1,199.7
1,287.6
1 unit
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
1,125.7
2-4 units
121.4
93.4
84.0
65.3
58.8
55.2
37.5
35.6
30.7
29.4
5 or more units
544.0
576.1
542.0
408.7
348.0
317.6
260.4
137.9
139.0
132.6
Units
authorized
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9
1,199.1
Units
completed
Homes sold
Homes for
sale at end of
period1
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
1,192.7
639
688
750
671
676
650
534
509
610
666
353
346
357
366
368
365
321
284
266
294
Vacancy rate
for rental
housing units
(percent) »
5.9
6.5
7.3
7.7
7.7
'7.4
7.2
7.4
7.4
'7.3
Seasonally adjusted annual rates
1993- Sept
Oct
Nov
Dec
1994- Jan
Feb
Mar
Apr
£ay
T
•*
July r
Aug
Sept '
Oct*
.
::::::"
:
1,359
1,409
1,406
1,612
1,160
1,231
1,248
1,383
32
31
30
21
167
147
128
208
1,265
1,298
1,363
1,474
1,172
1,248
1,248
1,289
738
723
766
817
288
291
294
294
1,271
1,328
1,519
1,471
1,491
1,358
1,439
1,463
1,497
1,419
1,125
1,121
1,271
1,211
1,200
1,163
1,219
1,176
1,228
1,137
23
33
33
32
36
19
32
39
41
37
123
174
215
228
255
176
188
248
228
245
1,312
1,252
1,313
1,380
1,357
1,316
1,337
1,354
1,425
1,398
1,216
1,334
1,273
1,354
1,446
1,329
' 1,282
1,337
1,402
642
697
722
673
692
r
628
r
630
679
717
726
296
298
298
298
301
r
313
'317
321
326
330
1
Seasonally adjusted.
2
Revised series beginning 1989 and 1994; not comparable with earlier data, except 1993 data
have been revised to be comparable with new series beginning in 1994.
Quarterly data entered in last month of quarter.
7.0
6.9
7.5
7.4
7.2
NOTES.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In September, manufacturing and trade sales fell 0.2 percent and inventories rose $4.9 billion. According to
advance data, retail sales rose 1.1 percent in October, following a rise of 0.5 percent in September.
BILLIC NS OF DOLLARS* (RATIO SCALE)
300
BILLIOh4S OF DOLLARS* (RATIO SCALE)
1,000
900
—-^^
—
.
\
MANUFACTURING AND
TRAIDE INVENTOR IES
700
^
250
r
800 !
^-T\
'
"
i
^
RETAIL INVENTORIES
200
. ,—f
600
.'~—~''
,-„-/•—>
--.'"''
~~
'""*
\
500
\ —1
150
M/MJFACTURIhJG
ANID TRADE SALES
^s—'~''
RETAIL SALE ;
400
100 1 1 1 1 1
300
RATIC •
1.80
M 111I 11M 1
Mill
CPC^
v^^O---^ ^,^ ^ _,
V
MANUFACTURING^
1.40
1.30
1 1 1 1 1 11 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 i 1 1 1 11 1 1 1 1 11 1 1 1 11 1 1 Mi i 1 !1M
1990
1991
1992
1993
1994
i 1 11'
Mill
1 M 1 1 1 1 .1 M 1
1 M 1 1 M 1 II I
1991
1992
1990
^N
1 1 1 1 1 11 1 1 11
1993
•SEASONAU.YAD mSTKI
>OURC£: DEPAfiTMlENTOFCOMMERCE
Manufacturing
and
trade1
Sales
1 t | | 11! MM
1994
COUNCIL OF EC DNOMIC ADVISERS
Inventory-sales ratio *
Retail
Wholesale
Inventories 3
Sales *
Period
2
1 M 1111 11 1 i
RETAIL
1.60
1.50
M 1 M 11 1 1 M
INVENTORY-SALES RATIO
1.70
200
M 1 1 1 1 1 M 11
InvenSales «
tories 3
Inventories*
Total
Nondurable goods
stores
Durable
goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade '
Retail
Millions of dollars, seasonally adjusted, except as noted
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
411,427
423,940
431,786
459,107
496,819
523,260
542,349
537,598
559,799
592,201
651,551
665,835
664,624
711,725
767,538
813,637
837,120
832,852
841,831
865,584
113,502
114,816
116,326
124,340
135,170
143,754
148,859
146,834
152,031
160,213
144,223
149,155
155,445
165,814
180,535
188,566
196,935
201,462
208,757
216,586
107,243
114,586
120,803
128,442
138,108
146,782
154,031
155,246
1993: Sept '.
Oct
Nov
Dec
595,305
r
599,527
606,711
612,462
861,176
862,110
866,720
865,584
160,743
161,316
162,135
161,797
214,992
214,687
216,011
216,586
174,474
r
177,740
179,002
180,943
1994- Jan
Feb
Mar
Apr
Mar
T "
June
July
Aue '
Sept"
Oct *•
610,456
619,103
627,781
625,080
627,524
632,863
630,573
651,210
649,809
867,692
871,842
870,189
874,989
885,185
889,100
894,689
902,514
907,432
163,483
165,330
167,981
167,408
167,897
169,208
169,801
175,157
174,677
217,278
218,820
217,359
219,605
223,213
223,098
226,639
227,600
228,405
178,643
181,958
185,303
183,429
183,395
185,089
185,287
187,973
r
188,998
191,157
. ..
1
les^s
173,468
See page 21 for manufacturing.
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.
2
20
69,369
73,075
75,746
80,453
85,626
91,888
98,088
100,790
104,316
108,085
167,812
181,881
186,510
207,836
219,581
238,160
241,117
245,042
253,836
271,573
79,074
88,315
89,983
105,481
112,690
121,716
121,666
119,739
123,520
135,757
88,738
93,566
96,527
102,355
106,891
116,444
119,451
125,303
130,316
135,816
1.53
1.55
1.55
1.50
1.49
1.53
1.53
1.54
1.50
1.45
1.49
1.52
1,56
1.56
1.54
1.58
.56
.55
.52
.52
108,578
109,407
109,388
109,895
265,495
267,122
270,528
271,573
130,169
131,360
134,023
135,757
135,326
135,762
136,505
135,816
1.45
1.44
1.43
1.41
.52
.50
.51
.50
109,028
111,098
111,997
111,041
111,455
112,284
112,782
113,441
r
114,011
114,433
271,506
272,954
273,058
274,739
279,590
282,896
281,405
287,902
292,496
137,492
138,061
137,817
139,242
141,314
142,792
142,403
147,508
150,634
134,014
134,893
135,241
135,497
138,276
140,104
139,002
140,394
141,862
1.42
1.41
1.39
1.40
1.41
1.40
1.42
1.39
1.40
.52
.50
.47
.50
.52
.53
.52
.53
.55
37,873
41,510
45,057
47,989
52,482
54,894
55,944
54,456
58,942
65,383
r
65,896
68,333
69,614
71,048
69,615
70,860
73,306
72,388
71,940
72,805
72,505
74,532
' 74,987
76,724
3
r
Seasonally adjusted, end of period.
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
4
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In October, manufacturers' shipments and new orders fell; inventories and unfilled orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
BIUJONS OF DOLLARS* (RATIO SCALE)
320 - SHIPMENT
TOTAL
280
240
nf
_
^*~> *\
200
160
T
y~.
_^
-^^
280
i
240
-•• • • .
\
_ DURABLE Gnor*
,-* /- ""
b
200
S
V
X ' **•*./*""
"
•v"
•~
V
TOTAL
320
DL RABLEGOOD
120
480
INVtNIORItb
440
400 .
3AO
/
160
1
NOND JRABLEGOOl )S
.-^-"
80
1 1 1 1 M n11 1
1 1 1 1 1 1 i 1 1 11 t I I 1 I 1 i M II
1 M 1 11 11111
\
120
Na-4DURABLE GCXDDS
BILLIONS OF DOLLARS* (RATIO SCALE)
320
NPA/ ORDERS
240
80
TOTAL
280
-
/
-V.
1 1 1E1 I 1 1111
1 1 ! 1 11 1 1 1 M
1 1 11 11 1 11 11
1 1 1M 1M 1 11
_
-*
p^/—-1
RATIO*
2.20
200
2.00
r> JRABLEGOOC«
160
120
-
yv.-~i.
'" 'i
'./
1.80
-
r
7
NOND JRABLEGCOI3S
80
1 11 1 1111 1 1 1
1990
1 1 11 11 11 1 11
1991
1 1111 1 1111
1992
1993
1994
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments l
Manufacturers' inventories2
Manufacturers' new orders *
Durable goods
Period
Total
Durable
goods
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Total
Total
Capital
goods
industries,
non-defense
Nondurable
goods
Manufacturers'
unfilled
orders z
Manufacturers'
inven-
tor,shipments
ratio 3
Millions of dollars, seasonally adjusted, except as noted
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993: Oct
Nov
Dec
1994: Jan
Feb
Mar
Apr
May
July
Aug ' ..
Sept"
Oct "
190,682
194,538
194,657
206,326
223,541
232,724
239,459
235,518
244,511
258,520
97,940
101,279
103,238
108,128
117,993
121,703
122,387
119,151
125,553
135,981
92,742
93,259
91,419
98,198
105,549
111,022
117,072
116,367
118,958
122,539
339,516
334,799
322,669
338,075
367,422
386,911
399,068
386,348
379,238
377,425
221,330
218,212
212,006
220,776
241,402
256,065
259,988
249,117
237,717
236,303
118,186
116,587
110,663
117,299
126,020
130,846
139,080
137,231
141,521
141,122
192,879
195,706
195,204
209,389
227,026
235,932
240,646
234,354
241,545
255,701
100,164
102,356
103,647
110,809
121,445
124,933
123,556
117,878
122,614
133,273
23,669
24,545
23,983
26,095
30,729
32,725
32,254
29,468
29,653
31,889
92,715
93,351
91,557
98,579
105,581
110,999
117,090
116,476
118,932
122,428
373,529
387,095
393,412
430,288
471,951
510,459
524,846
511,122
475,304
441,947
1.73
1.73
1.68
1.59
1.58
1.64
1.65
1.67
1.57
1.47
260,471
265,574
269,722
138,153
142,665
146,182
122,318
122,909
123,540
380,301
380,181
377,425
237,632
237,886
236,303
142,669
142,295
141,122
258,270
262,773
266,351
136,613
139,675
142,481
32,825
34,878
35,059
121,657
123,098
123,870
448,120
445,319
441,947
1.46
1.43
1.40
268,330
271,815
274,497
274,243
276,232
278,566
275,485
288,080
286,134
284,217
144,709
146,260
147,388
146,932
148,510
150,010
146,472
155,619
r
154,350
152,660
123,621
125,555
127,109
127,311
127,722
128,556
129,013
132,461
131,784
131,557
378,908
380,068
379,772
380,645
382,382
383,106
386,645
387,012
386,531
387,987
238,172
238,832
238,195
239,164
240,539
241,039
243,392
244,116
243,814
245,031
140,736
141,236
141,577
141,481
141,843
142,067
143,253
142,896
142,717
142,956
272,616
271,786
274,691
275,182
277,441
279,788
274,305
287,222
287,248
286,012
148,549
145,882
146,906
147,345
149,412
151,212
145,251
154,675
r
155,433
153,934
36,630
36,382
36,127
35,815
35,498
38,055
36,310
37,595
' 39,056
38,139
124,067
125,904
127,785
127,837
128,029
128,576
129,054
132,547
131,815
132,078
446,233
446,204
446,398
447,337
448,546
449,767
448,587
447,729
448,843
450,638
1.41
1.40
1.38
1.39
1.38
1.38
1.40
1.34
1.35
1.37
1
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales.
2
Seasonally adjusted, end of period.
3
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In October, the producer price index for all finished goods fell 0.5 percent. Prices of finished consumer foods fell
0.2 percent and prices of other finished consumer goods fell 0.6 percent. Capital equipment prices fell 1.0 percent.
INDEX, 1982= 100 (RATIO SCALE)
INDEX, 1982 » 100 (RATIO SCALE)
140
140
FINISHED GOODS PRICES
SEASONAL ADJUSTED
^^--\. ^ *~ ^ """""'' "
130
CONSUMER FOODS
J
X
^*-
^^*~*
V . —^
/s'"*"*
/
X
'
"
s~* •^^
1
^—
/
•
TOTAL , v ,x-'
.1
X
^X ^
•^ ^
" ^-S^
.-x ^
x •*»•""' w
\
120
^'~
110
CONSUMER GOODS
EXCLUDING FOODS
r.. .-•"'
^ .^
\
inn
f
^"/r
^-/'
/
r -\
/ ~\s'~
^^fS
s~*—^^
\
.
""' ~ S /
/
/"
X"
/~^
^_ ^^* —• "~*
,-1
.,
^^in^
_ —- —
\
CAPITAL EQUIPMENT
130
_
100
90
M
Ill
1986
l
ll l 1l l ll
i iiii ii i ii 1 1 1 11 11 1 1 1 1
1 1 M
i i ii i i iii l l l l 1 l l l 1 1 1 1 1 1 1 1 1 1 1 1
1 1 1 1 1 1 1
1990
1989
1988
1987
1991
1992
1993
90
1994
COUNCIL Of ECONOMIC ADVISERS
SOURCE: DEPARTMENT Of LABOR
[1982 = 100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Total
finished
consumer
goods
Total
Total
1984
1985
1986
1987
1988
1989
1990
Nondurable
Capital
equipment
Consumer goods
Durable
Crude materials
Total
Foods
and
feeds '
Other
Total
Foodstuffs
and
feedstuffs
Other
1991
1992
1993
103.7
104.7
103.2
105.4
108.0
113.6
119.2
121.7
123.2
124.7
105.4
104.6
107.3
109.5
112.6
118.7
124.4
124.1
123.3
125.7
103.2
104.6
101.9
104.0
106.5
111.8
117.4
120.9
123.1
124.4
102.2
103.3
98.5
100.7
103.1
108.9
115.3
118.7
120.8
121.7
104.5
106.5
108.9
111.5
113.8
117.6
120.4
123.9
125.7
128.0
101.1
101.7
93.3
94.9
97.3
103.8
111.5
115.0
117.3
117.6
105.2
107.5
109.7
111.7
114.3
118.8
122.9
126.7
129.1
131.4
103.3
103.8
101.4
103.6
106.2
112.1
118.2
120.5
121.7
123.0
103.1
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.7
116.2
105.7
97.3
96.2
99.2
109.5
113.8
113.3
111.1
110.7
112.7
103.0
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.9
116.4
103.5
95.8
87.7
93.7
96.0
103.1
108.9
101.2
100.4
102.4
104.7
94.8
93.2
96.2
106.1
111.2
113.1
105.5
105.1
108.4
102.2
96.9
81.6
87.9
85.5
93.4
101.5
94.6
93.5
94.7
1993- Oct
Nov
Dec
124.2
124.3
124.2
125.9
126.9
127.7
123.6
123.5
123.0
120.6
120.3
119.6
127.5
128.6
128.9
116.2
115.3
114.2
131.4
131.8
132.0
122.3
122.4
122.1
116.4
116.6
116.3
114.0
115.3
116.9
116.5
116.7
116.3
103.7
103.4
101.8
107.6
112.7
113.8
97.1
93.5
90.4
1994- Jan
Peb
Mar
124.6
125.1
125.3
125.3
125.1
125.2
125.8
126.6
126.0
125.4
127.2
126.8
127.5
126.9
125.7
125.7
126.2
127.1
126.9
126.7
123.8
124.5
124.5
124.7
124.8
125.0
125.6
126.3
125.7
124.9
120.3
121.2
121.1
121.1
121.2
121.4
122.0
122.9
122.1
121.4
130.0
130.0
130.2
130.5
131.1
131.2
131.5
131.9
131.6
130.3
114.7
116.0
115.8
115.7
115.5
115.7
116.5
117.7
116.5
116.2
132.9
133.1
133.4
133.9
134.3
134.4
134.8
135.0
135.2
133.9
122.4
123.0
123.1
123.0
122.7
122.8
123.4
124.3
123.6
123.1
116.4
116.9
117.1
117.1
117.2
117.9
118.3
119.1
119.4
119.8
117.3
118.2
117.8
117.4
116.3
114.8
112.6
113.1
113.6
112.5
116.4
116.9
117.1
117.1
117.3
118.0
118.6
119.4
119.7
120.2
103.5
102.1
103.4
103.2
101.7
102.5
102.0
101.6
100.0
99.4
112.8
113.8
112.5
111.3
107.0
106.2
103.9
102.4
102.6
100.5
93.7
90.7
93.6
94.1
94.4
96.3
96.8
97.2
94.5
94.9
..
May
June r
July
Sept
Oct
1
Intermediate materials for food manufacturing and feeds.
22
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In October, the consumer price index for all urban consumers rose 0.1 percent seasonally adjusted and not
seasonally adjusted. The index was 2.6 percent above its year-earlier level.
INDEX, 1982-84 = 100 (RATIO SCA1£)
INDEX, 1982-84 - 100 (RATIO SCALE)
160
160
SEASONWIY ADJUSIH)
150
150
140
140
CONSUMER PRICES—AU ITEMS
130
130
120
120
110
110
100
100
I 90
mil
90
1986
1988
1987
1989
1990
1991
1992
1993
1994
COUNOIOF ECONOMIC ADVUBtS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
Transportation
Housing
All items '
Shelter
Not
Period
seasonally
adjust-
ed
(NSA)
Rel. imp3
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993:
Oct
Nov
Dec
1994:
Jan
Feb
Mar
Apr
Mav
y
'
June
July
. "
Aug
Sept
Oct
Season-
Rent-
Food
ers'
Total1
ally
adjust-
Total
ed
100.0
103.9
1076
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
costs
(Dec.
1982 =
100)
All
Fuel
Home-
owners'
Maintenance
costs
and
(Dec.
repairs
1982=
(NSA)
Appar-
and
el and
other
utilities
upkeep
MediTotal1
New
cars
Motor
fuel
cal
care
and
100)
15.8
103.2
105.6
109.0
113.5
118.2
125.1
132.4
136.3
137.9
140.9
41.4
103.6
107.7
110.9
114.2
118.5
123.0
128.5
133.6
137.5
141.2
27.9
104.0
109.8
115.8
121.3
127.1
132.8
140.0
146.3
151.2
155.7
8.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
155.6
160.9
165.0
19.8
107.3
113.1
119.4
124.8
131.1
137.3
144.6
150.2
155.3
160.2
0.2
103.7
106.5
107.9
111.8
114.7
118.0
122.2
126.3
128.6
130.6
7.3
104.8
106.5
104.1
103.0
104.4
107.8
111.6
115.3
117.8
121.3
5.9
102.1
105.0
105.9
110.6
115.4
118.6
124.1
128.7
131.9
133.7
17.0
103.7
106.4
102.3
105.4
108.7
114.1
120.5
123.8
126.5
130.4
4.0
102.8
106.1
110.6
114.6
116.9
119.2
121.0
125.3
128.4
131.5
3.0
97.9
98.7
77.1
80.2
80.9
88.5
101.2
99.4
99.0
98.0
7.1
106.8
113.5
122.0
130.1
138.6
149.3
162.8
177.0
190.1
201.4
7.0
100.9
101.6
88.2
88.6
89.3
94.3
102.1
102.5
103.0
104.2
77.2
104.6
109.1
113.5
118.2
123.4
129.0
135.5
142.1
147.3
152.2
104.5
103.6
102.9
153.5
154.1
154.4
102.1
103.7
104.1
103.7
102.7
102.8
104.7
106.2
105.5
104.8
154.6
155.0
155.5
155.8
156.3
156.7
157.0
157.4
157.7
158.0
145.6
146.0
146.3
142.3
142.6
143.3
142.2
142.5
142.8
156.6
157.1
157.5
165.6
165.8
166.3
161.3
161.9
162.4
130.8
127.9
127.6
122.5
122.4
122.3
133.2
134.1
133.9
131.9
131.9
131.7
132.9
133.1
133.2
98.3
96.6
95.3
204.8
205.4
146.2
146.7
147.2
147.4
147.5
148.0
148.4
149.0
149.4
149.5
146.3
146.7
147.2
147.4
147.7
148.1
148.6
149.1
149.4
149.5
143.1
142.7
142.9
143.0
143.5
143.9
144.6
145.2
145.7
145.7
142.9
143.5
144.0
144.0
144.3
144.4
144.7
145.2
145.4
145.6
157.8
158.6
159.2
159.3
159.7
159.8
160.2
160.9
161.4
161.8
166.3
167.0
167.7
167.7
168.4
168.5
168.4
169.2
169.1
169.9
162.8
163.6
164.3
164.4
164.8
164.8
165.4
166.1
166.9
167.2
128.9
129.4
129.3
130.2
131.0
131.5
131.3
131.2
131.6
130.8
121.8
122.9
123.3
122.9
122.8
122.7
122.9
123.1
122.6
122.4
133.8
133.4
134.0
133.6
134.2
135.0
134.4
133.1
133.0
132.4
131.4
132.0
132.8
133.2
132.7
133.5
134.8
136.2
136.4
136.1
133.3
133.9
134.5
135.0
135.4
135.9
136.6
136.9
137.6
137.7
94.8
96.8
97.0
96.8
95.3
95.6
99.2
102.3
101.4
100.3
206.7
207.3
207.8
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel Motor oil, coolant, etc.
excluded beginning 1983.
3
Relative importance, December 1993.
gy 2
energy
145.7
145.8
145.8
1
Ener-
items
less
food
206.1
209.1
209.9
210.7
211.6
212.4
213.2
214.5
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownerahip costs
and therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 and 1988 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Period
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Total
Excluding
foods
Foods
'gorts
Capital
equipment
Total
finished
Excluding
foods
Foods
goods
Capital
equipment
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
1.7
1.8
2.3
2.2
4.0
4.9
5.7
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
. ...
1
1.6
.2
3.5
.6
2.8
-.2
5.7
5.2
2.6
-1.5
1.6
2.4
0.8
2.1
—6.6
4.1
3.1
5.3
8.7
-.7
1.6
1.8
2.7
2.1
1.3
3.6
3.8
3.4
2.5
1.7
1.8
J 4
2.1
1.0
— 1.4
2.1
2,5
5.2
4.9
2.1
1.2
1.2
Change, month to month
1993: Oct
Nov
Dec
1994- Jan
Feb
Mar
'
,
June T
July
Aut
Sept
Oct
-0.1
.1
— .1
-0.2
.8
.6
.3
,4
.2
0
A
Z
ft
.1
.5
.6
-.5
-.5
0.1
2
-.6
.6
.7
-.3
.6
-.5
-.9
0r
.4
.7
2
-.2
]
0
.1
.2
r
.5
.7
7
-.6
-0.4
.3
.2
.7
.2
.2
.4
.3
.1
r
.S
.1
.1
-1.0
-2.8
.6
-.3
1.3
2.6
3.6
2.3
0
-.3
1.6
4.9
2.6
-1.3
2.9
4.9
5.2
4.2
3
-.6
-.9
-3.4
-5.5
-2.2
4.5
r
3.9
1.6
-6.1
-1.0
-3.0
-0.6
0
.3
-1.0
3.0
5.1
2.7
0
1.0
3.0
5.7
r
2.3
-2.0
4.6
4.0
4.3
3.0
3.7
3.0
2.7
2.1
r
2.4
-2.6
-2.4
-2.2
-1.4
-.8
1.6
1.6
1.8
1.3
1.6
1.9
2.4
1.1
.2
-0.6
1.8
4.2
-4.3
-4.8
-4.8
3.6
2.2
2.2
1.6
-1.9
-3.1
16
.5
-.9
-.3
-3.6
1.0
1.0
.8
1.5
3.0
2.8
2.8
1.7
.5
0.2
.8
1.2
2.0
2.0
2.3
3.8
3.8
3.7
2.9
2.9
2.7
0
0.2
.4
.2
.2
.2
.2
-.4
-.4
.1
.6
1.9
1.4
1.0
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing
Transportation
Shelter
Period
All
items '
Food
Total'
Total'
Renters'
costs
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
Total'
New
cars
Motor
fuel
Medical
care
Ener-
gy"
All
items
less
food
and
energy
Addendum: All items, percent change
(annual rate)
From
previous
quarter'
Prom
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
1985
1986
1987
1988
1989
1990
1991
1992
1993
3.9
3.8
1.1
4.4
4.4
4.6
6.1
3.1
2.9
2.7
3.8
2.6
3.8
3.5
5.2
5.6
5.3
1.9
1.5
2.9
4.3
4.3
1.7
3.7
4.0
3.9
4.5
3.4
2.6
2.7
5.2
6.0
4.6
4.8
4.5
4.9
5.2
3.9
2.9
3.0
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.2
2.8
2.6
5.1
5.9
4.6
5.3
4.7
5.1
4.7
3.7
2.9
3.2
1993: Oct
Nov
Dec
1994: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
0.3
.3
.2
0
.3
.3
.1
.2
.3
.3
.3
.2
.1
0.5
.2
.5
-.1
-.3
.1
.1
.3
.3
.5
.4
.3
0
0.2
.2
.2
0.2
.3
.3
0.1
.4
.3
.1
.4
.3
0
.2
.1
.2
.3
.1
.1
.2
.5
.4
.1
.3
.1
.3
.4
.3
.2
0.5
.1
.3
0
.4
.4
0
.4
.1
-.1
.5
— .1
.5
1984
4.2
1.8
5.6
1.6
2.9
3.2
4.0
2.9
2.3
2.5
2.0
2.8
.9
4.8
4.7
1.0
5.1
3.4
1.4
.9
3.1
2.6
-5.9
6.1
3.0
4.0
10.4
-1.5
3.0
2.4
2.5 — 2.4
3.4
3.1
5.9 -30.7
1.8 18.7
2.1
21
6.8
2.3
1.4 36.5
3.3 -16.0
2.3
1.8
2.8 -5.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
7.9
6.6
5.4
0.2
1.8
-19.7
8.2
.5
5.1
18.1
-7.4
2.0
-1.4
4.7
4.3
3.8
4.2
4.7
4.4
5.2
4.4
3.3
3.2
4.5
-1.7
-1.3
-.5
2.1
.2
2
-L5
.3
3.8
3.1
-.9
— 1.1
0.5
.3
.3
.3
.3
.2
.6
.4
.4
.4
.4
.4
.6
1.9
-.9
-.7
0.3
.4
.2
.1
.3
.3
.2
.3
.3
.2
.3
.2
.2
4.3
3.6
1.9
3.6
4.1
4.8
5.4
4.2
3.0
3.0
Change, month to month
.2
.5
.4
.1
.2
0
.4
.4
.5
.2
0.1 -0.1
.7
-.1
-.1 -.1
-.4 -.1
.9 -.3
.4
.3
-.3 -.3
.4
-.1
-.1
.6
— .4
.2
.2 -1.0
A
— .1
-.2
-.5
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
Deluded beginning 1983.
24
1.0
0
2
-.2
.5
.6
.3
-.4
.6
1.0
1.0
.1
-.2
0.3
.2
.1
.1
.5
.4
.4
.3
.4
.5
.2
.5
.1
Q
1.6
.4
-.4
-1.0
.1
1.8
1.4
-.7
-.7
3.1
1.9
2.8
3.6
3
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
2.8
2.8
3.3
2.2
2.4
2.6
1.9
1.9
2.5
3.0
2.8
2.5
3.3
3.8
3.6
2.4
2.4
2.4
2.9
2.5
2.3
2.5
3.2
3.3
3.0
2.9
2.8
2.7
2.7
2.5
2.5
2.5
2.4
2.3
2.5
2.8
2.9
3.0
2.6
PRICES RECEIVED AND PAID BY FARMERS
In November, prices received by farmers fell 0.8 percent from their October level. Prices paid by farmers in
October were unchanged from their July level. (Data are not seasonally adjusted.)
INDEX, 1977=100 (RATIO SCALE)
INDEX, 1977=100 (RATIO SCALE)
240
240
220
220
200
200
- PRICES PAID ~
J__,~
180
180
160
160
140
140
PRICES RECEIVED
120
120
... 1 1
100 U
RATK3J/
100
RAT 0-"
140
140
-
120
120
80
.
60
-
PATIO
100
~^~°
'
, ,,,,|
i
r^"
1 11111 1 11 11
1OQA
100
-
^~ -^
HI . .
III.
II
. 1M 1It I 1 1 1
ioon
10QO
v^_
r^^^i,,,,,
1 1 1 1 111 1 1 1 1
[—
[|
t 1111 j 11 1 11
1OO1
1009
^-
1OOT
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
80
60
100X
COUNCIL OF ECONOMIC ADVISERS
[1977 = 100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
All farm
products
Livestock and
products
Crops
All commodities,
services,
interest, taxes,
and wage rates '
Production
items, interest,
taxes, and wage
rates
Ratio a
Production
items
1988
1989
1990
1991
1992
1993
142
128
123
127
138
147
149
146
139
143
138
120
107
106
126
134
127
129
121
123
146
136
138
146
150
160
170
161
157
162
164
162
159
162
169
177
183
187
189
195
161
156
150
152
159
167
171
172
173
178
155
151
144
148
157
165
171
173
174
179
87
79
77
78
82
83
81
78
74
73
1993: Nov
Dec
144
145
128
133
158
156
(3)
(3)
(3)
(3)
(3)
(3)
73
74
147
148
148
146
142
138
133
137
134
r
!33
132
135
135
132
131
131
127
118
123
122
r
!23
120
159
161
163
161
154
148
147
150
145
V
143
143
198
(3)
<3>
200
<3>
(3)
199
(3)
<3>
199
(3)
180
<3>
(3)
183
(3)
(3)
180
(3)
(3)
180
(3)
181
(3)
(3)
184
(3)
(3)
181
(3)
(3)
180
(3)
74
75
75
73
71
69
67
69
67
r
67
66
1984
1985
1986
1987
1994- Jan
Feb
Mar
May
July
Sept
Oct
Nov
.
.
1
Includes items not shown separately.
2
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by fanners are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977 = 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
M2 fell again in October; M3 rose.
BILUONS Of DOLLARS* (RATIO SCALE)
4,800
4,400
BILUONS OF DOLLARS* (RATIO SCALE)
4,800
4,400
4,000
4,000
3,600
3,600
M3
3,200
3,200
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
800
800
600
600
400
n i l 400
1987
1988
1989
1990
1992
1991
1993
• AVERAGES Of DAILY HOUSES; 5EASONA1LY ADJUSTED
SOURCE: BOARD OF GOVERNORS Of THE FEDERAL RESERVE SYSTEM
1994
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
L
Debt
Percent change from year or 6
months earlier 2
HI
H2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
RPsand
Eurodollars,
HHHF balances
(general purpose
and broker /dealer),
MMDAs, and
savings and small
time deposits
H2 plus large
time deposits,
term RFs, term
Eurodollars, and
institution-only
HMMF balances
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec '
552.1
619.9
724.5
750.1
787.4
794.7
826.4
897.7
1,024.8
1,128.4
2,377.8
2,575.0
2,818.2
2,920.1
3,081.4
3,239.8
3,353.0
r
3,455.2
3,509.0
3,567.9
2,994.6
3,211.6
' 3,497.3
3,681.3
3,920.4
4,067.3
4,125.7
4,180.4
r
4,183.0
4,232.0
3,536.0
3,838.9
4,137.5
4,340.2
4,674.6
4,897.3
4,974.8
4,992.9
r
5,057.1
5,134.4
6,011.4
6,902.1
7,785.2
8,544.6
9,315.0
10,045.1
' 10,690.2
r
l 1,168.2
r
ll,699.1
12,325.6
6.0
12.3
16.9
3.5
5.0
.9
4.0
8.6
14.2
10.1
8.7
8.3
9.4
3.6
5.5
5.1
3.5
r
3.0
1.6
1.7
11.1
7.2
8.9
5.3
6.5
3.7
1.4
1.3
.1
1.2
14.6
14.8
12.8
9.8
9.0
7.8
6.4
r
4.5
4.8
5.4
1993: Sept '
Oct '
Nov r
Dec '
1,105.1
1,113.4
1,122.4
1,128.4
3,544.3
3,548.0
3,560.3
3,567.9
4,197.6
4,205.3
4,219.0
4,232.0
5,089.6
5,100.3
5,113.8
5,134.4
12,167.9
12,203.7
12,257.7
12,325.6
12.5
12.7
10.2
9.6
2.8
2.9
2.2
2.2
2.0
2.0
1.4
2.1
5.9
5.4
5.2
5.4
1994- Jan r
Feb '
Mar r
Apr '
May '
1,133.5
1,138.5
1,142.3
1,141.1
1,142.8
1,146.3
1,153.1
1,151.1
1,152.0
1,148.6
3,573.1
3,569.4
3,583.5
3,592.2
3,596.2
3,589.1
3,603.5
3,597.8
3,596.6
3,593.4
4,236.5
4,210.5
4,219.6
4,230.0
4,229.1
4,229.1
4,250.5
4,243.5
4,248.8
4,261.3
5,154.7
5,143.7
5,144.5
5,164.9
5,165.6
5,157.3
5,188.1
5,180.1
"5,171.7
12,369.8
12,419.8
12,488.4
12,545.8
12,598.7
12,635.0
12,660.7
12,722.6
* 12,779.3
8.7
7.9
6.7
5.0
3.6
3.2
3.5
2.2
1.7
1.3
2.3
1.9
2.2
2.5
2.0
1.2
1.7
1.6
.7
.1
2.3
1.1
1.0
1.2
.5
1
.7
1.6
1.4
1.5
5.2
5.0
5.3
5.6
5.6
5.0
4.7
4.9
4.7
Period
19841985:
1986:
1987:
1988:
19891990:
19911992:
1993-
July '.
Aug '
Sept '
Oct
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
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average) l
Hi
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve Svstem.
H2
H3
Debt
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Currency
Period
Demand
deposits
Ov«rnight
repurchase
agreeOther
ments
check(RPs),
able
net,
deposplus
its
over(OCDs)
night
Eurodollars '
Honey market
mutual fund
balances2
General
purpose
and
broker/
dealer
Institution
only
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Small
denomination
time
deposits 3
Large
denomination
time
deposits 3
NSA
NSA
1984:
19851986:
1987:
1988:
1989:
1990:
19911992:
1993:
1993:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Sept
156.1 243.7
167.9 266.6
180.7 302.1
196.9 287.1
212.2 287.2
222.6 279.8
246.7 277.9
267.1 290.0
292.2 339.6
321.4 384.8
315.4 375.4
317.6 378.4
319.5 383.2
321.4 384.8
325.2 388.3
329.2 390.3
332.4 390.0
334.8 388.9
337.6 385.8
340.3 386.5
343.2 T 389.1
345.4 ' 387.5
347.3 388.1
349.9 385.9
Oct
Nov
Dec..
1994: Jan
Feb
Mar
Apr
May
™ '
July
. '.
Aug
Sept '.
Oct
147.4
179.8
235.6
259.5
280.9
285.4
294.0
332.8
384.9
414.3
406.6
409.5
411.8
414.3
412.0
411.2
411.9
409.3
411.2
411.4
r
412.5
r
409.8
408.3
404.4
63.0
75.6
83.3
85.7
84.1
80.2
77.3
80.6
80.6
92.3
r
85.5
89.5
90.6
92.3
r
95.1
93.5
98.5
97.0
' 100.0
' 104.2
109.2
'110.9
112.5
116.2
Term
repur- Term
chase Euroagree- dollars
ments
(net)
(RPs)
62.5
64.7
85.3
92.0
91.5
108.5
135.0
181.0
201.5
197.0
190.8
194.3
194.8
197.0
192.7
176.9
177.4
177.0
169.3
169.5
170.9
169.3
167.9
175.3
167.9
177.4
209.8
223.5
244.4
320.4
355.5
370.4
352.0
348.8
345.0
344.4
347.0
348.8
347.8
343.7
348.4
361.5
365.1
359.3
363.5
362.9
362.3
365.0
1
Includes continuing contract RPs.
Data prior to 1983 are not seasonally adjusted.
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
2
3
704.8
815.4
941.0
937.7
926.7
891.0
920.4
1,041.1
1,183.6
1,215.5
1,208.4
1,208.8
1,211.9
1,215.5
1,220.3
1,220.9
1,221.9
1,220.7
1,215.9
1,207.2
' 1,202.5
' 1,194.8
1,186.5
1,173.4
888.8
885.7
859.0
922.7
1,038.6
1,153.7
1,174.5
1,067.4
870.5
785.7
' 799.9
' 794.9
' 790.6
785.7
779.5
' 774.4
r
771.1
768.6
769.1
770.4
772.6
777.7
783.2
793.4
57.6
416.6
434.3
62.4
431.5
80.6
475.5 106.0
525.5 121.8
549.1
99.0
89.6
489.5
72.5
425.8
81.1
360.3
339.0
96.8
340.4
97.3
341.6 '95.9
339.4
95.6
339.0
96.8
92.9
341.8
91.5
336.5
332.2 r94.0
97.9
332.1
96.9
335.0
100.8
335.3
337.7 ' 102.3
340.7 ' 100.2
346.9 101.3
355.0 101.2
Shortterm
Treasury
securities
Savings
bonds
Bankers'
acceptances
Commercial
paper
NSA
82.9
76.5
83.8
91.0
105.7
79.5
68.7
57.6
45.6
47.0
45.2
45.0
48.9
47.0
46.0
48.1
r
47.2
r
47.5
r
48.6
'50.9
r
51.7
r
51.7
52.2
53.0
261.0
74.2
298.3
79.5
280.0
91.8
253.1
100.6
269.3
109.4
325.5
117.5
126.0
332.0
137.9
316.2
332.5
156.6
329.3
171.7
328.0
169.2
323.7
170.1
324.6
170.8
171.7
329.3
172.7 ' 339.0
r
173.4
341.5
174.1 r345.6
174.8 r361.0
175.7 r358.3
176.6 r 348.5
177.5 '356.7
178.4 '359.9
' 179.0 '341.0
160.7
45.4
207.5
42.1
231.3
37.1
260.6
44.5
335.4
40.2
346.5
40.6
355.2
35.9
334.8
23.6
364.3
20.6
386.8
14.6
16.4
378.4
16.4
384.7
15.3
384.1
386.8
14.6
14.9
391.6
403.0
15.3
15.7
389.6
384.9
14.1
11.4
391.0
10.5
392.6
392.7
10.7
387.0
11.2
"11.9 '391.0
NOTE.—Travelers checks of nonbank issuers are a component of monev stock but are not shown
here.
Source: Board of Governors of the Federal Reserve Svstem.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures '; millions of dollars; seasonally adjusted, except as noted by NSA]
Adjusted for changes in reserve requirements
Borrowings of depository
institutions from the Federal
Reserve (NSA)
Reserves of depository institutions
Period
Total
1984:
19851986:
1987:
19881989:
19901991:
199219931993:
Dec
Dec
Dec
Dec . . . .
Dec
Dec
Dec
Dec
Dec
Dec
Oct
Nov
Dec
1994- Jan
Feb
Mar
Apr
May
i •>
July
. *
. . ..
.
.
Sept '.
Oct
1
.
.
26,847
31,451
38,935
38,849
40,396
40,496
41,769
45,532
54,341
60,476
59,749
60,320
60,476
60,603
60,763
60,588
60,333
59,910
59,708
59,819
59,518
59,483
59,170
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Nonborrowed
23,661
30,132
38,108
38,072
38,681
40,231
41,444
45,340
54,218
60,394
59,464
60,231
60,394
60,529
60,693
60,533
60,208
59,709
59,374
59,361
59,050
58,996
58,789
Nonfaorrowed plus
extended
credit
26,265
30,632
38,411
38,555
39,925
40,251
41,466
45,340
54,218
60,394
59,464
60,231
60,394
60,529
60,693
60,533
60,208
59,709
59,374
59,361
59,050
58,996
58,789
Required
25,992
30,414
37,565
37,803
39,349
39,574
40,105
44,553
53,186
59,413
58,660
59,219
59,413
59,155
59,623
59,621
59,181
58,995
58,603
58,712
58,514
58,423
58,367
Monetary
base
Total
187,224
203,543
223,576
239,775
256,870
267,696
293,157
317,122
350,609
385,855
381,400
384,029
385,855
389,613
393,960
397,014
399,198
401,725
404,319
407,043
409,175
411,032
413,330
3,186
1,318
827
777
1,716
265
326
192
124
82
285
89
82
73
70
55
124
200
333
458
469
487
380
Seasonal
113
56
38
93
130
84
76
38
18
31
192
75
31
15
15
24
57
134
226
364
445
444
339
Extended
credit
2,604
499
303
483
1,244
20
23
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Source: Board of Governor!! of the Federal Reserve Svstem.
27
BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.7 percent in October; commercial and industrial loans rose 0.9
percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* {RATIO SCALE)
3,600
3,200 _ ALL COMMERCIAL BANKS
3,600
3,200
2,800
2,800
2,400
2,400
2,000
2,000
. LOANS AND LEASES -
1,600
1,600
1,200
1,200
800
800
U.S. GOVERNMENT SECURI IES
400
400
OTHER SECURITIES
200
200
160
160
i i iii
120
1988
1989
1990
1991
120
1994
1993
1992
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted '
Loans and leases in bank credit
Securities in bank credit
Period
Total
bank
credit
Real estate
Total
securities
U.S.
Government
securities
Other
securities
Total
loans and
leases 2
Commercial and
industrial
Total
Revolving
home
equity
Consumer
Security
Other
Other
New aeries:
1988- Dec
1989- Dec
1990- Dec
1991- Dec
1992- Dec
1993: Dec '
2,435.7
2,608.6
2,749.7
2,852.6
2,949.7
3,105.8
562.4
584.5
633.8
743.4
839.6
911.9
367.1
400.0
455.6
563.9
663.3
727.2
195.3
184.5
178.2
179.5
176.3
184.7
1,873.3
2^024.1
2,115.9
2^109.1
2,110.1
2,193.9
607.9
639.0
640.0
618.6
594.2
583.3
674.5
769.6
854.5
878.9
900.4
940.9
40.1
50.3
62.3
69.6
73.6
73.2
634.5
719.3
792.2
809.3
826.8
867.7
357.7
378.2
383.5
366.4
358.7
391.1
41.0
41.9
45.2
54.7
64.6
87.7
192.1
195.4
192.8
190.5
192.1
190.8
1993: Oct
Nov "
Dec r.
3,075.0
3,091.1
3,105.8
899.8
903.0
911.9
717.4
720.8
727.2
182.4
182.2
184.7
2,175.2
2,188.1
2,193.9
585.9
584.2
583.3
927.0
933.8
940.9
73.8
73.5
73.2
853.1
860.3
867.7
384.7
388.4
391.1
81.8
88.2
87.7
195.7
193.6
190.8
1994: Jan '.
Feb '
Mar T.
Apr T.
May T
June r
July '.
Aug r
Sept r.
Oct
3,141.8
3,152.6
3,178.0
3,206.0
3,211.7
3,223.9
3,259.0
3,269.3
3,278.5
3,286.1
941.7
942.9
959.9
976.5
972.4
975.1
978.9
971.1
966.9
957.2
732.4
731.8
746.6
757.4
750.5
751.5
751.2
746.2
740.1
727.8
209.4
211.1
213.3
219.1
221.8
223.6
227.7
224.9
226.9
229.4
2,200.0
2,209.6
2,218.1
2,229.5
2,239.4
2,248.8
2,280.1
2,298.2
2,311.6
2,328.9
588.3
590.6
595.2
602.0
607.0
610.2
618.7
623.4
627.8
633.7
942.9
942.4
943.2
946.4
948.9
956.0
962.7
971.5
978.9
983.6
73.0
73.2
73.3
73.4
73.7
74.1
74.2
74.4
74.7
75.0
869.8
869.2
869.9
873.0
875.2
881.9
888.5
897.0
904.2
908.6
394.3
398.0
402.5
408.8
412.3
416.0
424.0
430.0
434.9
441.8
81.1
82.3
83.4
77.0
77.5
76.2
77.7
75.0
69.2
72.1
193.5
196.4
193.8
1
Data are Wednesday values or prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment companies, and foreign-related institutions. Data are adjusted for breaks caused by reclassifications of
assets and liabilities.
28
2
Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and 1
mercial banks in the United States.
NOTE.—Data for new series not yet available prior to 1988.
Source: Board of Governors of the Federal Reserve Svstem.
195.3
193.6
190.4
197.0
198.3
200.8
197.7
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Credit market funds
Total
Internal '
at
Securities
and
mortgages
Loans and
short-term
paper
Total
Total
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1992: I
n .
m
IV
1993: I ...
n
m
rv
1994: I
n"
Other 2
Total
Capital
expenditures 3
Increase in
financial
assets
Discrepancy
(sources less
uses)
511.3
493.9
538.8
564.7
634.2
567.8
535.5
471.7
560.6
556.3
336.3
351.9
336.7
375.9
404.3
399.6
411.6
426.0
438.4
462.3
175.0
142.0
202.1
188.8
229.9
168.2
123.9
45.7
122.2
94.0
118.9
84.7
148.1
89.3
95.0
68.0
48.3
8.7
67.9
66.1
-5.5
13.2
65.1
39.9
47
-37.5
200
96.2
67.0
81.0
124.4
71.5
83.0
49.4
99.7
105.5
68.3
-87.5
.9
-14.9
56.1
57.2
54.1
99.5
134.9
100.2
75.6
37.0
54.2
27.9
495.4
467.2
501.7
492.4
575.8
509.4
488.7
435.4
527.8
523.4
391.6
370.2
344.2
361.5
391.0
401.1
402.8
379.8
386.0
440.4
103.8
97.0
157.5
130.9
184.8
108.3
85.9
55.6
141.8
83.0
16.0
26.7
37.1
72.4
58.4
58.4
46.7
36.4
32.8
32.9
541.3
570.7
531.2
598.9
444.2
561.1
585.6
634.6
659.0
626.8
434.3
432.9
440.7
445.6
436.4
450.7
476.4
485.7
502.9
502.0
107.0
137.8
90.5
153.3
7.8
110.4
109.2
148.9
156.1
124.8
81.6
78.4
39.4
72.2
28.3
92.9
63.6
79.5
124.3
128.5
94.3
95.3
31.0
47.2
79.9
73.4
96.6
73.8
32.8
57.0
-12.7
16 9
8.4
25.0
51 6
19.5
-33.0
5.7
91.5
71.5
25.5
59.4
51.1
81.2
-20.6
17.5
45.6
69.4
31.8
36
512.8
528.7
522.6
547.0
426.2
530.6
549.6
587.3
603.7
591.6
362.1
389.2
394.1
398.7
424.8
441.7
443.7
451.3
483.3
533.8
150.7
139.5
128.5
148.3
1.4
88.9
105.9
136.0
120.4
28.4
42.0
8.6
51.9
18.1
30.4
35.9
47.2
55.4
35.2
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries* earnings retained
abroad.
2
Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreijm investment in
the U.S.
57.8
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Installment credit outstanding (end of period)
Period
Total
1984: Dec
Automobile
Revolving
Other 2
Net change in installment credit outstanding '
Total
Automobile
Revolving
Other 2
173,564
210,238
247,772
266,295
285,364
291,531
283,072
259,594
257,678
282,036
100,280
121,758
135,825
153,064
174,269
199,162
223,517
245,281
257,304
287,875
168,758
185,664
188,408
189,316
202,921
226,508
228,309
223,514
216,117
224,389
73,636
75,057
54,347
36,669
53,878
(*)
17,698
-6,509
2,709
63,202
30,004
36,674
37,534
18,523
19,069
(*)
-8,459
-23,478
-1,916
24,358
21,192
21,478
14,067
17,239
21,205
22,440
16,906
2,744
908
13,605
24,355
21,764
12,023
30,571
1,801
-4,795
-7,397
8,272
1986:
1987:
1988:
1989:
1990:
1991:
1992:
1993:
Dee
Dee 3
Dec
Dec r
Dee .
Dec r.
Dec '
Dec r.
442,602
517,659
572,006
608,675
662,553
717,200
734,898
728,389
731,098
794,300
1993:
Sept '
Oct r.T
Nov .
Dec r
772,171
779,316
786,101
794,300
273,179
278,168
280,861
282,036
279,013
280,985
285,110
287,875
219,979
220,163
220,130
224,389
8,213
7,145
6,785
8,199
2,569
4,989
2,693
1,175
3,241
1,972
4,125
2,765
2,403
184
-33
4,259
798,844
802,720
813,750
823,342
836,936
847,715
854,469
869,628
880,194
283,134
284,447
288,663
293,018
298,278
303,526
305,193
309,721
315,313
290,165
292,604
296,710
301,260
305,528
309,472
313,591
321,365
323,658
225,545
225,668
228,376
229,064
233,130
234,717
235,685
238,542
241,224
4,544
3,876
11,030
9,592
13,594
10,779
6,753
15,159
10,567
1,098
1,313
4,216
4,355
5,260
5,248
1,666
4,528
5,592
2,290
2,439
4,106
4,550
4,268
3,944
4,119
7,773
2,293
1,156
123
2,708
688
4,066
1,587
968
2,857
2,682
1985r Dec
1994: Jan rr
Feb
Mar r'
Apr
May r.
Junerr.
July
Aug r.
Sept
.
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
2
Outstanding loans for mobile homes, education, boats, trailers, vacations, etc.
* Data newly available in January 1989 result in breaks in many series between December 1988
and subsequent months.
4
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Interest rates rose in November.
PERCENT PER ANNUM
PEACENTPERANNUM
14
14
12
12
CORPORATE Am BONDS
(MOODVS)
10
V \ /-^v
.
\
>s x
'' "\
/
/
8
6
TREASURY
BILLS
\
/
/
r^
~~^\
X
AT~
"->—
\/
—'
DISCOUNT
/
I
"
/\
10
RATE
\l
/'
"*
*"*^
J\
\x
X^j
^
\
RESERVE
BANK OF
NEW YORK
A
4
/H
^-, S
hill!
1986
1987
IM
1 IiIi1 > iii i
1989
1988
8
6
FEDERAL
2
r
J***
1991
1990
(
2
1994
1993
1992
4
COUNCIt > ECONOMIC ADVISEItS
KXMCE: SEE TAKE IEIOIH
[Percent per annum]
U.S. Treasury security yields
Period
3-month bills
(new issues) '
1984
1985 ..
1986
1987
1988
Constant maturities *
3-year
10-year
High-grade
municipal
bonds
(Standard &
Poor's) *
Corporate
Aaa bonds
(Hoody's)
Prime
commercial
paper,
6 months '
Discount rate
(N.Y. F.R.
Bank)4
Prime rate
charged by
banks4
New-home
11.89
9.64
7.06
7.68
8.26
8.55
8.26
6.82
5.30
4.44
12.44
10.62
7.68
8.39
8.85
8.49
8.55
7.86
7.01
5.87
10.15
9.18
7.38
7.73
7.76
7.24
7.25
6.89
6.41
5.63
12.71
11.37
9.02
9.38
9.71
9.26
9.32
8.77
8.14
7.22
10.16
8.01
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.30
8.80
7.69
6.33
5.66
6.20
6.93
6.98
5.45
3.25
3.00
12.04
9.93
8.33
8.21
9.32
10.87
10.01
8.46
6.25
6.00
12.38
11.55
10.17
9.31
9.19
10.13
10.05
9.32
8.24
7.20
1993: Nov
Dec
9.58
7.48
5.98
5.82
6.69
8.12
7.51
5.42
3.45
3.02
3.12
3.08
4.50
4.54
5.72
5.77
5.47
5.35
6.93
6.93
3.43
3.40
3.00-3.00
3.00-3.00
6.00-6.00
6.00-6.00
6.80
6.92
1994: Jan
Feb
Mar
Apr
May
T '
June
July
. y
Auir
Sept
Oct
Nov
3.02
3.21
3.52
3.74
4.19
4.18
4.39
4.50
4.64
4.96
5.25
4.48
4.83
5.40
5.99
6.34
6.27
6.48
6.50
6.69
7.04
7.44
5.75
5.97
6.48
6.97
7.18
7.10
7.30
7.24
7.46
7.74
7.96
5.30
5.44
5.93
6.28
6.26
6.14
6.19
6.19
6.33
6.50
6.96
6.92
7.08
7.48
7.88
7.99
7.97
8.11
8.07
8.34
8.57
8.68
3.30
3.62
4.08
4.40
4.92
4.86
5.13
5.19
5.32
5.70
6.01
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.50
3.50-3.50
3.50-3.50
3.50-4.00
4.00-4.00
4.00-4.00
4.00-4.75
6.00-6.00
6.00-6.00
6.00-6.25
6.25-6.75
6.75-7.25
7.25-7.25
7.25-7.25
7.25-7.75
7.75-7.75
7.75-7.75
7.75-8.50
6.95
6.85
6.99
7.31
7.43
7.62
7.71
7.67
7.70
7.76
Week ended:
1994: Nov 5
12
19
26
Dec 3
5.07
5.25
5.29
5.40
5.44
7.24
7.38
7.45
7.50
7.62
7.94
8.00
7.97
7.91
7.89
6.79
6.98
7.10
7.03
6.89
8.68
8.74
8.70
8.63
8.57
5.82
5.94
6.01
6.11
6.30
4.00-4.00
4.00-4.00
4.00-4.75
4.75-4.75
4.75-05
7.75-7.75
7.75-7.75
7.75-8.50
8.50-8.50
8.50-8.50
1989 ..
1990
1991 .
1992
1993 ..
.. ..
1
Bank-discount basis.
2
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.
30
B
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, Hoody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices fell in November.
INDEX, DEC. 31,1 965=50 (RATIO SCALE)
300
280
260
240
220
,~—'
200
y-^XA
180
f
/"~~
r
180
\
\/l
SITE STOCK PRIC
(NYSE)
160
140
/
INDEX, DEC. 31,1 965=50 (RATIO SC:ALE)
300
280
260
"S
'
^-— —
240
/~~~^~~^ '
220
'
200
\ /^^^
\.
160
140
120
120
100
100
80
M i l !
1 M M
M i l l
II
1 1 1
MM!
1987
198&
M i l l
M
1 1 1 1 1 1 M
1988
1
M i l l
1989
MM!
11Mi M Mi
MM
1991
1990
MM!
M i l l
M i l l
1993
1992
M i l l
PERCENT
20
PERCENT
20
15
15
EARNINGS-PRICE Rf kTIO ON COMM DN STOCKS
(S&P|
10
~~ 1 1 ^n1
__-——"
5
0
80
1994
\
10
_L*^^""~—-•>
.
——-^
i
I i
1986
1987
i
i i
1988
!
1
1
1
1989
1
--^
i
i i
1991
i
1990
i
i i
1992
SOURCES; NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
i
i i
1993
Common stock prices '
Composite
Industrial
i
i i
1994
0
COUNCIL OF ECONOMIC ADVISERS
Common stock yields
(percent) 6
New York Stock Exchange indexes (Dec. 31, 1965 = 50, except as
noted) 2
Period
5
Transportation
Utility »
Finance
Dow-Jones
industrial
average *
Standard &
Poor's
composite
index
(194143 = 10)5
Dividendprice ratio
Earningsprice ratio
1984
1985
1986
1987
1988
1989
1990
1991
1992..
1993
92.46
108.09
136.00
161.70
149.91
180.02
183.46
206.33
229.01
249.58
108.01
123.79
155.85
195.31
180.95
216.23
225.78
258.14
284.62
299.99
85.63
104.11
119.87
140.39
134.12
175.28
158.62
173.99
201.09
242.49
92.89
113.49
142.72
148.59
143.53
174.87
181.20
185.32
198.91
228.90
89.28
114.21
147.20
146.48
127.26
151.88
133.26
150.82
179.26
216.42
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
3,522.06
160.46
186.84
236.34
286.83
265.79
322.84
334.59
376.18
415.74
451.41
4.64
4.25
3.49
3.08
3.64
3.45
3.61
3.24
2.99
2.78
10.02
8.12
6.09
5.48
8.01
7.41
6.47
4.79
4.22
4.46
1993- Nov
Dec
255.93
257.73
310.84
313.22
262.96
268.11
230.12
229.95
214.08
216.00
3,674.70
3,744.10
462.89
465.95
2.72
2.72
4.69
1994- Jan
Feb
Mar
262.11
261.97
257.32
247.97
249.56
251.21
249.29
256.08
257.61
255.22
252.48
320.92
322.41
318.08
304.48
307.58
308.66
307.34
316.55
322.19
321.53
319.33
278.29
276.67
265.68
250.43
244.75
246.64
244.21
244.67
239.10
230.71
227.44
225.15
220.85
215.45
210.08
205.77
206.54
205.46
211.26
204.60
203.35
200.13
218.71
217.12
211.02
208.12
211.30
215.89
210.91
214.77
211.90
203.33
198.38
3,868.36
3,905.62
3,816.98
3,661.48
3,707.99
3,737.58
3,718.30
3,797.48
3,880.60
3,868.10
3,792.43
472.99
471.58
463.81
447.23
450.90
454.83
451.40
464.24
466.96
463.81
461.01
2.69
2.70
2.78
2.90
2.89
2.84
2.87
2.78
2.80
2.82
2.86
256.46
254.44
253.97
247.67
247.96
323.76
321.74
322.15
313.19
312.93
233.91
228.96
227.69
222.28
222.80
202.63
200.64
198.98
198.87
199.60
203.43
200.95
198.77
192.84
194.48
3,852.40
3,818.96
3,828.92
3,707.60
3,732.77
467.49
464.17
464.34
452.65
453.05
2.82
2.83
2.83
2.93
2.91
Mav
T '
July
Sept
Oet
Nov
Week ended:
1994. Nov 5
12
19
26
Dec 3
1
Average
2
Includes
3
. .
of daily closing prices.
all the stocks (more than 2,000 in 1992) listed on the NYSE.
Dec. 31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility index
to facilitate trading of options and futures on the index. All indexes shown here reflect the doubling.
4
Includes 30 stocks.
5
Includes 500 stocks.
5.09
5.67
5.91
8
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earningsprice ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first month of fiscal 1995, there was a deficit of $32.4 billion, compared with a deficit of $45.4 billion a
year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
700
600
I— SURPLUS OR DEFICIT (- )J/-100
-100
-200
-200
-300
-300
i
-400
1986
1987
1988
1989
1990
-!> INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
-400
1991
1992
1993
1995
1994
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Total
Fiscal year or period
Receipts
1976
1977
1978
1979
1980
1981
1982
1983
1984.
1985
1986
1987 . . .
1988
1989
1990
1991
1992 l
1993
1994 '
1995 (estimates)
First month: l
Fiscal year 1994
Fiscal year 1995
Outlays
On-budget
Surplus
or deficit
<-)
Receipts
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Gross Federal debt
(end of period)
Total
Held by
the public
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
371.8
409.2
458.7
503.5
590.9
678.2
745.8
808.4
851.8
-73.7
-53.7
-59.2
-40.2
-73.8
-79.0
-128.0
-207.8
-185.4
231.7
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
328.5
369.1
403.5
476.6
543.1
594.4
661.3
686.0
-70.5
-49.8
-54.9
-38.2
72 7
-74.0
120 1
-208.0
1857
66.4
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
-3.2
-3.9
43
-2.0
1l
-5.0
79
.2
.3
629.0
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
477.4
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.2
1,257.2
1,354.3
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380:9
1,408.5
1,460.6
1,521.4
-212.3
221 2
-149.8
-155.2
-152.5
-221.4
-269.5
-290.4
-255.3
-203.4
-167.1
547.9
568.9
640.7
667.5
727.0
749.7
760.4
788.0
841.3
922.2
1,000.5
769.6
806.8
810.1
861.4
932.3
1,027.6
1,082.1
1,128.5
1,141.9
1,181.2
1,229.4
-221.7
-238.0
-169.3
-194.0
-205.2
-278.0
-321.7
-340.5
-300.7
-259.0
-229.0
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
335.0
353.9
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.6
279.4
292.0
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.8
55.7
61.8
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,598.3
4,001.9
4,351.3
4,644.0
4,953.0
1,499.4
1,736.2
1,888.1
2,050.3
2,189.3
2,410.4
2,687.9
2,998.6
3,247.4
3,432.4
3,633.5
78.7
89.0
124.1
121.5
-45.4
-32,4
55.9
65.4
100.6
95.3
44 7
-29.9
22.8
23.6
23.5
26.2
-.7
-2.5
4,362.7
4,682.9
3,251.4
3,464.8
1
Data from Monthly Treasury Statement.
NOTE.—Data for fiscal 1995 are from Mid-Session Review of Ox 1996 Budget issued July 14,
32
Outlays
Off-budget
1994. Other data (except as noted) are from Budget of the United Slates Government, Fiscal Year
19SS, February 1994.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first month of fiscal 1995, receipts were $10.3 billion higher than a year earlier and outlays were $2.6
billion lower.
BILLIONS OF tXDUARS
700
BILLO-tf OF DOLLARS
700
RECEIPTS -"
600
600
\
500
500
400
400
\
T
300
300
INCOMETAXES
200
OTHER RECEIPTS
TAXES AND CONTRIBUTIONS
200
\
100
100
1
0
1
1
1
1
1
1
1
1
0
1,300
1,300
OUTLAYS •"
1,200
--"
—•
1,100
1,100
NONDEFENSE
\
1,000
1,200
'~
.«.-••"
1,000
>'"'"
900
900
800
800
700
700
600
600
500
500
NATIONAL DEFENSE
400
400
\
300
1
200 /I
V
1986
1
1987
1
1988
300
1
1989
1
1990
^INOUr^ON-BUOGET AND Of F-BUOGET ITEMS.
SOURCES: DERMTMENT Of THE TREASURY AND OfHCE Of MANAGEMENT AND BUDGET
1
1991
1
1992
1
1993
1994
N 200
1
1995
N
RSCAL YEARS
^^ ^^
COUNO. Of ECONOMIC ADVISERS
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
Individual
income
taxes
Corporation
income
taxes
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
41.4
54.9
60.0
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
1,090.5
1,153.2
1,257.2
1,354.3
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
542.7
603.1
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5
140.4
144.0
265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
428.3
461.5
489.3
73.0
73.1
74.3
78.9
82.3
90.9
92.3
100.5
97.7
112.6
117.9
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,408.5
1,460.6
1,521.4
78.7
89.0
37.7
43.2
2.2
3.5
30.8
32.7
8.0
9.6
124.1
121.5
Fiscal year
Total
1976
1977
1978
1979
1980
1981
1982
1983
1984
.
1985
1986
1987
1988
1989
1990
1991
1992
1993 *
1994 '
1995 (estimates)
.. .
. . . .
First month:1
Fiscal yew 1994
Fiscal year 1995
1
National defense
Social
insurance
taxes
and
contributions
Other
Data from Monthly Treasury Slalemenl.
Social
security
Net
interest
Other
15.8
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
26.7
29.9
35.5
42.6
52.5
68.8
85.0
89.8
111.1
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
33.5
35.9
40.0
44.5
48.4
57.7
71.2
89.5
99.6
106.5
118.6
65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
130.6
144.7
160.8
128.2
119.8
123.3
129.3
136.0
147.0
170.3
197.0
207.3
214.0
220.1
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.6
319.6
337.8
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.8
203.0
224.4
131.8
142.1
125.9
139.4
158.8
203.9
225.1
173.9
159.8
174.1
171.5
9.3
8.6
10.7
11.1
17.4
15.3
25.5
26.7
17.1
18.7
15.0
18.0
Health
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
298.4
291.1
281.5
270.3
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
268.6
258.8
16.2
14.2
11.6
10.5
9.6
13.8
15.9
16.1
16.8
17.2
17.9
24.3
18.8
23.1
17.7
4.7
4.3
Total
NOTE.—Data for fiscal 1995 are from Mid-Session Betiew of the 1995 Budget issued July 14,
1994. Other data (except as noted) are from Budget of the United Slate* Government, Fiscal Year
Income
security
International
affairs
Total
Department of
Defense,
military
Medicare
1995, February 1994.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter of 1994, according to preliminary estimates. Federal receipts rose $7.8 billion (annual rate) and
Federal expenditures rose $17.7 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,600
1,600
SEASONAU.Y ADJUSTS) ANNUAL RATES
-"-' -
__ ^ •r--'~
1,400
1,400
^s
— — ** **
^' -
s. /
EX 'ENDITURE
jT~
v
1,200
__
1,000
s*
-
f
"•V
^f
-
1,200
' ^
1,000
-
\
800
RECEIPTS
' -—'
^
-
,
.
f
^—"
•*
__-^
800
s
600
600
400
400
200
200
SURPLUS ORDEROT
\
0
^\
^" """
-200
*^u^
,
p/
•\^_
-
i-i
-
•
~
0
..
•\_^
-200
—
«•
-400
i i i
1
t
1983
1982
1
1 1 }
1984
i t i
i i i
1985
1986
1
1
1
1987
i i i
1988
i ii
1989
1
1
1
1990
1
1 1
1991
— •*i i i
1992
^ i i i
\ i i
1993
-400
1994
cMENDARYEARS
SOURCE: OEfcUETMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Period
n
nr
IV
1994: I .
nr
m
....
Net
interest
paid
Subsidies less
current
surplus
of
Government
enterprises
Less:
Wage
accruals
less
disbursements
Surplus
or deficit
(-),
national
income
and
product
accounts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
1,122.6
1,158.4
1,242.3
477.4
481.0
514.0
109.5
112.3
134.2
76.0
81.1
82.9
459.7 1,311.7
484.1 1,434.5
511.2 1,496.6
445.4
444.9
447.4
512.3
606.1
650.2
147.1
168.7
181.0
183.5
189.0
183.5
23.5
25.9
34.5
0.0
.0
.0
1892
-276.1
2544
1,128.7
1,178.3
1,265.7
632.3
671.1
739.8
803.6
856.8
943.5
1,000.6
1,068.3
1,115.8
1,140.5
1,166.5
1,219.9
1,212.7
1,263.7
1,272.7
1,313.6
1,337.4
1,380.7
1,388.5
475.8
489.5
520.3
301.6
290.5
323.5
351.8
371.7
414.8
420.0
470.1
483.9
477.3
489.2
511.6
497.2
519.8
527.5
536.8
550.2
571.1
566.5
108.1
115.6
143.0
45.5
65.4
67.0
77.0
91.4
109.7
118.5
111.3
115.1
109.6
103.2
122.6
132.1
141.8
140:2
157.8
151.8
166.3
172.5
79.9
81.3
84.6
49.2
55.4
58.2
56.8
54.8
59.5
61.4
62.2
67.1
82.9
80.2
83.8
81.9
83.5
82.3
90.7
90.4
90.4
91.9
465.0
491.9
517.8
235.9
259.8
291.1
318.0
338.8
359.4
400.7
424.7
449.7
470.7
493.9
501.9
501.6
518.6
522.7
528.3
545.1
553.0
557.5
1,331.6
1,460.9
1,507.0
815.7
855.7
926.6
990.8
1,034.3
1,096.3
1,135.5
1,209.8
1,306.9
1,386.3
1,460.4
1,492.0
1,496.2
1,500.6
1,497.6
1,533.7
1,513.7
1,525.9
1,543.6
445.8
449.0
443.6
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
438.3
452.9
454.8
446.9
445.2
442.7
439.8
437.8
435.1
444.4
522.2
625.3
658.0
346.0
351.1
360.1
383.8
404.2
419.7
444.5
488.8
526.6
566.2
624.8
643.1
644.8
652.8
660.2
674.1
671.5
676.2
683.6
153.3
172.2
186.1
84.3
86.9
97.7
104.5
103.8
102.9
113.0
121.9
137.6
162.6
174.6
176.6
176.7
182.9
187.8
197.0
190.0
194.4
200.3
187.8
186.8
183.6
86.8
99.2
122.3
129.2
131.1
143.1
151.2
168.9
174.4
191.6
186.6
183.1
182.5
184.8
183.6
183.5
179.3
188.8
194.4
22.4
27.6
35.7
17.3
28.8
22.2
16.4
22.1
37.8
34.9
25.0
32.0
27.7
21.5
34.5
45.2
35.1
23.3
39.3
35.1
31.3
20.9
-.1
.0
.0
.0
.0
.6
.0
.0
-.2
.0
.0
.2
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
-202.9
-282.7
-241.4
-183.4
-184.6
186.8
-187.2
1775
-152.7
-134.9
-141.5
-191.0
-245.8
-293.9
-272.1
2835
-237.0
-224.9
-220.1
-176.2
-145.1
-155.1
Source: Department of Commerce, Bureau of Economic Analysis.
34
Contributions
for
social
insurance
Grantsin-aid
to
TransState
fer
and
paylocal
ments
governments
Personal
tax and
nontax
receipts
Total
Fiscal year:
1991
1992 .
1993
Calendar year:
1991 .
1992 ...
1993 .
1982: IV
1983: IV
1984: IV
1985: IV
1986: IV
1987: IV
1988: IV
1989: IV
1990: IV
1991: IV
1992: HI
IV
1993: I
Federal Government expenditures
Total
Purchases
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84=100; NSA)
Industrial production (1987=100; seasonally adjusted)
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 "
. .
1993: Aug
1994:
United
States
Canada
92.8
94.4
95.3
100.0
104.4
106.0
106.0
r
104.3
r
107.6
' 112.0
' 112.2
93.5
96.9
96.7
100.0
109.4
115.7
120.6
122.9
115.8
111.0
103.6
111.0
104.4
113.3
104.4
107.4
104.8
109.9
104.6
108.0
105.1
109.1
' 104.8
109.0
' 106.3
113.7
r
107.7
111.2
" 108.8
110.1
r
109.9
113.0
' 110.6
111.9
r
111.9
116.4
1140
Sept
r
Oct
Nov
Dec
r
Jan
Feb
Mar
Apr
May
T 3
r
91.0
96.1
95.4
100.0
105.3
105.2
101.7
97.5
98.4
103.2
l!2.5
l!2.7
l!3.7
r
r
114.7
l!4.7
' 115.6
' 116.6
r
l!6.7
'117.4
r
r
July
118.0
l!8.2
Aug
Sept
France
Germany
Italy
97.1
97.2
98.0
100.0
104.6
108.9
111.0
111.0
109.7
r
105.6
93.5
97.7
99.6
100.0
103.9
108.8
114.5
117.9
115.6
107.2
91.8
92.9
96.2
100.0
105.9
109.2
109.4
108.4
108.2
105.4
107.1
107.8
105.9
106.9
105.7
108.1
107.9
107.4
106.7
107.3
104.0
104.3
104.9
104.2
104.5
107.1
107.0
107.8
109.9
' 110.5
r
110.0
112.6
112.6
105.4
107.5
108.0
109.9
109.8
111.7
113.3
* 110.2
109.9
103.4
105.1
105.5
111.7
107.5
109.4
89.0
93.9
96.2
100.0
104.8
107.0
106.7
102.5
102.0
104.5
105.0
' 105.0
' 105.1
'r 106.6
106.1
' 107.3
' 107.9
107.4
' 109.4
r
109.9
' 110.0
116.8
112.0
' 110.8
112.0
r
l!0.7
1198
Ocf
1
Japan
United
States1
United
Kingdom
Canada
Japan
France
Germany
United
Kingdom
Italy
103.9
107.6
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
104.8
108.9
113.4
118.4
123.2
129.3
135.5
143.1
145.2
147.9
102.1
104.1
104.8
104.9
105.7
108.0
111.4
115.0
116.9
118.5
107.9
114.2
117.2
120.9
124.2
128.6
133.0
137.2
140.6
143.5
102.7
104.8
104.7
104.9
106.3
109.2
112.1
116.0
120.6
125.6
111.5
121.1
128.5
134.4
141.1
150.4
159.5
169.8
178.8
186.3
104.8
111.1
114.9
119.7
125.6
135.4
148.2
156.9
144.8
145.1
145.7
145.8
145.8
148.1
148.2
148.4
149.1
148.8
119.2
119.3
119.2
118.5
118.6
143.5
144.0
144.3
144.4
144.3
126.0
126.1
126.4
126.7
126.9
187.2
187.4
188.6
189.5
189.5
166.0
166.7
166.6
166.4
166.7
146.2
146.7
147.2
147.4
147.5
148.0
148.4
149.0
149.4
149.5
148.8
147.7
147.6
147.6
147.3
147.6
148.2
148.3
148.4
148.2
118.7
118.7
119.3
119.5
119.6
119.2
118.6
119.2
119.5
144.5
144.9
145.2
145.6
145.9
145.9
145.9
145.9
146.3
146.7
128.0
128.5
128.7
129.0
129.3
129.5
129.6
129.7
r
129.8
129.9
190.6
191.3
191.7
192.2
192.9
193.3
193.6
194.2
194.2
195.8
166.0
167.0
167.4
169.4
170.0
170.0
169.2
170.0
170.4
170.6
162..7
165.3
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration, Office of Trade and Economic Analysis).
Data relate to all urban consumers.
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally adjusted]
Goods: Imports (customs value)
Goods: Exports (f.a.s. value)
Census basis (by end-use category) t
Services
(BOP basis)
Balance of trade
(exports minus imports)
Census basis (by end-use category)
BOP oasts
Period
BOP
basts
Total,
Census
basis 2
IndusFoods, trial
supfeeds,
and
plies
ages
86.2
109.2
138.8
152.7
166.7
175.9
181.7
21.7
24.6
29.3
34.8
37.4
40.0
47.0
52.4
17.7
23.1
36.4
43.3
45.9
51.4
54.7
Total,
Census
Foods
feeds,
and
ages
als
Auto- ConCap- motive sumer
vehi- goods
ital
goods cles,
(nonexcept parts
food)
and
autoexcept
motive enautogines motive
536.5
589.4
473.2
495.3
488.5
532.7
580.7
24.4
24.8
24.8
25.1
26.6
26.5
27.5
27.9
101.3
111.0
118.3
132.3
143.2
131.6
138.6
145.6
84.5
101.4
113.3
116.4
120.7
134.3
152.4
Exports
Imports
87.7
86.1
87.3
85.7
91.8
102.4
88.7
95.9
102.9
105.7
108.0
122.7
134.0
110.0
126.8
147.2
163.2
176.6
184.8
79.8
90.2
97.9
101.9
117.0
117.6
120.9
128.0
389.3
322.4
363.8
393.6
416.9
421.7
440.4
456.9
448.2
465.1
37.9
39.4
39.4
41.0
38.6
40.0
40.1
41.7
3.4
3.5
3.5
3.7
9.5
9.9
9.6
9.6
14.7
15.5
15.5
16.9
4.3
4.5
4.7
4.5
4.7
4.6
4.9
4.7
50.4
51.9
50.9
50.1
49.2
50.8
50.0
49.4
2.4
2.6
2.3
2.3
12.2
12.5
12.3
11.5
12.9
13.6
13.3
13.9
8.7
8.9
8.9
8.7
11.5
11.7
11.5
11.3
15.4
15.7
15.1
15.8
10.8
11.1
11.1
11.2
38.5
37.4
42.1
40.4
40.3
June .... 42.0
July
40.1
Aug r.... 44.1
Sept
43.5
39.2
38.1
42.8
41.1
41.1
42.8
41.0
45.1
44.4
3.3
3.2
3.4
3.1
3.3
3.1
3.1
3.7
3.7
9.0
8.7
10.6
9.6
9.9
9.8
10.3
10.7
10.3
16.0
15.3
17.3
16.7
16.6
17.7
16.3
17.7
17.9
4.4
4.4
4.8
4.7
4.5
4.7
4.3
5.2
5.0
4.5
4.5
4.9
4.7
4.8
5.1
4.9
5.3
5.2
50.5
51.0
53.5
53.7
54.5
56.0
56.1
58.2
58.1
50.1
50.2
52.4
53.1
54.0
55.8
55.8
57.9
57.9
2.4
2.4
2.5
2.5
2.5
2.6
2.6
2.7
2.7
11.7
11.9
12.7
12.8
13.2
14.0
14.4
14.7
14.4
14.1
14.0
14.5
14.7
14.9
15.1
15.2
15.3
16.5
8.7
8.8
9.5
9.5
9.5
10.2
9.9
11.1
9.9
11.6
11.5
11.3
11.8
12.1
12.1
12.0
12.5
12.6
15.1
15.4
16.3
16.0
16.1
16.3
16.2
15.8
16.1
11.0
11.5
11.8
11.1
11.2
11.4
11.4
11.4
11.7
362.1
1993: Sept
Oct
Nov
Dec
1
2
57.3
66.7
85.1
99.3
104.4
109.7
109.1
111.8
BOP
basis
Industrial
supplies
and
22.3
24.3
32.3
37.2
35.1
35.7
40.3
40.6
223.3
250.2
320.2
1986
1987
1988
1989
1990
1991
1992
1993
1994:
materi
als
Auto- ConCap- motive sumer
ital
vehi- goods
goods cles,
(nonfood)
except parts
and except
autoenautomotive
gines motive
Jan
Feb
Mar
Apr
May
227.2
254.1
75.8
Includes undocumented exports to Canada through 1988.
Total includes "other" exports or imports, not shown separately.
14.2
368.4
409.8
447.2
477.4
498.3
491.0
365.4
406.2
441.0
71.8
78.2
85.2
79.4
86.1
97.8
Goods,
Census
basis
Goods
— 138.3 — 145.1
1596
— 152.1
— 118.5
— 109.4
— 101.7
— 66.7
— 84.5
— 115.6
Serv-
Goods
and
services
6.3 — 138.8
7.6 — 152.0
12.1 — 114.8
24.9 — 90.3
78 8
30.2
45.6 — 28.5
— 127.0
— 115.2
— 109.0
— 74.1
—96.1 55.7
—40.4
-132.6
56.9
— 75.7
-10.6
-10.8
-9.9
-7.8
-12.5
-12.5
-11.5
-9.1
4.5
4.6
4.0
4.6
-8.0
-7.9
-7.5
-4.5
-10.9
-12.1
-9.6
-12.0
-12.9
-13.0
-14.8
-12.8
-13.5
-12.0
-13.5
-11.4
-13.3
-14.3
-14.0
-15.9
-14.1
-14.6
4.1
-7.8
3.9
-9.6
4.5
-6.9
4.9
-8.4
4.9
-9.4
5.0
-9.0
4.8 -11.2
4.4
-9.7
4.5 -10.1
NOTE.—BOP refers to balance of payments or international transactions basis. BOP data shown
here are consistent with figures shown on pp. 36 and 37.
Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis).
35
U.S. INTERNATIONAL TRANSACTIONS
In the second quarter of 1994, the merchandise trade deficit rose to $41.8 billion, from $37.0 billion in the first
quarter. The current account deficit rose to $37.0 billion, from $32.3 billion in the first quarter.
BILLIONS OF DOUARS*
15
BILLIONS Of DOLLARS15
BALANCE ON
CURRENT ACCOUNT
BALANCE ON GOODS
AND SERVICES
«/
-40
1984
* SEA5ONAUY ADJUSTS)
SOURCE: MPAKTMENT Qf COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)]
Merchandise *
Period
Investment income
Services
Net
military
transactions z 3
Net
travel
and
transportation
receipts
Other
services,
net
Balance
on goods
and
services
Balance
on goods,
services,
and
income
Unilateral
transfers,
net*
Balance
on
current
account
32,903
29,788
31,078
30,038
19,673
11,763
7,937
11,607
13,659
20,725
14,833
4,540
3,946
16,732
5,632
26 719
-79,161
-102,422
-127,026
-144,045
-103,217
-76,686
58 085
-13,639
35 814
-71,779
-11,702
-17,075
-17,741
-20,612
22 950
-24,176
-23,052
-24,977
26 134
-33,663
6,687
-32,042
-32,117
5,030
-11,443
44 460
-99,773
- 125,372
-151,201
-167,097
-128,194
-102,820
91 748
-6,952
-67,886
- 103,896
Payments
on foreign
assets in
U.S.
Net
86,529
86,200
84,778
104,075
92,760
90,858
99,239
127,414
152,517
160,300
136,914
114,449
113,856
-53,626
-56,412
53 700
-74,036
73 087
-79,095
-91,302
-115,806
-138,858
139 574
-122,081
109 909
-109,910
Receipts
on U.S.
assets
abroad
Exports
Imports
Net
balance
1981
1982
1983
1984 .
1985
1986 .
1987
1988
1989
1990
1991
1992
1993
237,044
211,157
201,799
219,926
215,915
223,344
250,208
320,230
362,116
389,303
416,913
440,361
456,866
-265,067
-247,642
268 901
-332,418
338 088
-368,425
-409,765
-447,189
-477,365
-498,336
-490,981
-536,458
-589,441
-28,023
36485
-67,102
-112,492
-122,173
-145,081
-159,557
-126,959
115249
-109,033
74068
-96,097
132 575
-844
112
-563
-2,547
-4,390
-5,181
-3,844
-6,315
6 726
-7,567
5485
-3,034
763
144
-992
4 227
-8,438
9 798
-7,382
-6,481
-1,511
5,071
8,978
17,957
20,885
20,840
1992:
TTT
IV
109,546 - 136,906
113,744 - 140,080
-27,360
-26,336
-525
-1,277
5,138
5,005
9,960
9,262
12 787
-13,346
27,864
26,158
-26,644
-26,887
1,220
-729
11 5g7
- 14,075
7 040
10 308
-18,607
-24,383
111,664 -140,855
113,787
147 514
111,736 -148,224
119,679
152848
29 191
-33,727
-36,488
-33,169
-105
-128
-444
5,307
5,565
5,230
4,740
9,567
9,221
9,087
8,897
- 14,422
- 19,070
22 258
-19,976
27,727
28,801
28,513
28,816
-25,872
-28,133
-26,498
-29,406
1,855
668
2,015
-590
-12,567
-18,402
20 243
-20,566
7283
-7,200
7 613
10 021
- 19,850
— 25,602
-27,856
-30,587
118,018 -154,980
122,670 -164,441
-36,962
-41,771
-337
17
4,098
5,455
8,874
9,288
-24,328
-27,011
29,888
32,270
-811
-30,699
34 765 -2,495
-25,139
29506
-7,178
-7,464
-32,317
36970
1993:
I
n
TTT
IV
1994:
I
H"
O'J
16 172
12,552
13,209 -24,156
14,095 -57,796
109200
14,277
14,266 -122,095
18,855 -138,789
17,900 -151,981
19,961
114824
26,558 -90,345
78 810
28,811
33,124 -28,472
37,862
40 384
36,773 -75,725
1
Adjusted from Census data for differences in timing and coverage; excludes military.
2
Transfers under U.S. military agency sales contracts (exports) minus direct defense expenditures
(imports).
36
3
Quarterly data are not seasonally adjusted.
* Includes transfers of goods and services under U.S. military grant programs.
See p. 37 /or continuation of table.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks decreased $15.1 billion in the second
quarter of 1994, in contrast to an increase of $1.2 billion in the first quarter. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, increased $24.8 billion in the second quarter, following an
increase of $35.2 billion in the first quarter.
BILLIONS OF DOLLARS'
BILLIONS OF DOLLARS *
100
-60
•SEASONALLY ADJUSTED
SOU8CE: DEPARTMENT Of COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capit
Period
Total
1981
1982
1983 .. ..
1984
1985 ....
1986
1987
1988
1989
1990
1991
1992
1993
1992:
m
IV .
1993:
I
n
m
IV
1994:
I p
n
-114,147
-122,335
-58,735
-34,917
-39,225
-104,818
71,443
-99,360
-168,744
-70,363
-51,512
-61,510
-147,898
U.S.
official
reserve
assets 3 s
-5,175
-4,965
-1,196
3 131
-3,858
312
9,149
3 912
-25,293
2 158
5,763
3,901
-1,379
Other U.S.
Government
assets
Foreign assets in the U.S., net
[increase/capital inflow (+)]
]
U.S.
private
assets
Total
Other
foreign
assets
5097
-6,131
5006
-5,489
— 2 821
-2,022
1,006
2,967
1,259
2,307
2,900
-1,652
-306
103 875
-111,239
-52,533
-26,298
-32,547
-103,109
-81,597
—98414
-144,710
70512
-60,175
63 759
-146,213
83,032
92,418
83,380
113,932
141,183
226,111
242,983
240,265
218,490
122,192
98,134
146,504
230,698
4,960
3,593
5,845
3,140
-1,119
35,648
45,387
39,758
8,503
33,910
17,199
40,858
71,681
78,072
88,826
77,534
110,792
142,301
190,463
197,596
200,507
209,987
88,282
80,935
105,646
159,017
1,093
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assete, net5
(una^asted,
end of
period)
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,721
71,323
73,442
24,992
41,359
19,815
20,758
23,415
29,908
—4443
-12,712
53,075
39,919
39670
-17,108
21,096
-10,806
-29,395
1,952
1,542
-394
701
-12,364
-30,236
29,935
42,581
-7,417
6,363
37,352
36,218
-522
11,197
-6,375
966
78,527
71,323
-12,659
-35,966
-35,651
-63,622
-983
822
-545
-673
488
281
-192
321
-12,164
36507
-34,915
-62,628
16,772
51,829
71,934
90,162
10,968
17,492
19,259
23,962
5,804
34,337
52,675
66,200
15,737
9,739
-8,427
4,047
6,105
435
6643
103
74,378
73,968
75,835
73,442
48 236
-1,827
-59
3,537
490
-217
-48,667
5 147
95,078
42,329
11,530
7,869
83,548
34,460
-14,525
-3,532
5,810
480
76,809
75,732
5
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve position in the IMF.
Foreign
official
assets 3
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
?*&
Gross Domestic Product
Gross Domestic Product in 1987 Dollars
Implicit Price Deflators for Gross Domestic Product
Changes in GDP, Personal Consumption Expenditures, and Related Implicit Price Deflators and Price Indexes
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures in 1987 Dollars
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment in 1987 Dollars
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Credit at All Commercial Banks
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries.
U.S. International Trade in Goods and Services
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted; all dollar figures are in current dollars.
Symbols used:
" Preliminary.
' Revised.
' Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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