Full text of Economic Indicators : October 1992
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102d Congress, 2d Session
Economic Indicators
OCTOBER
1992
(Includes data available as of October 30, 1992)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1992
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL S. SARBANES, Maryland, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
ALBERT GORE, JR. (Tennessee)
RICHARD H. BRYAN (Nevada)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
CONNIE MACK (Florida)
ROBERT C. SMITH (New Hampshire)
HOUSE OF REPRESENTATIVES
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
KWEISI MFUME (Maryland)
RICHARD K. ARMEY (Texas)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
STEVEN QUICK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, Chairman
DAVID F. BRADFORD, Member
PAUL WONNACOTT, Member
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts prepared by the Art Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.75 a single copy
($3.44 foreign), or by subscription at $30.00 per year ($37.50 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
For saie by the U.S. Government Printing Office
Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402-9328
ISBN 0-16-039459-7
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the third quarter of 1992, according to advance estimates, current-dollar gross domestic product (GDP) rose 4.5
percent (annual rate) or $64.9 billion. Real GDP (GDP in 1987 dollars) rose 2.7 percent and the implicit price
deflator rose 2.0 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
6,000
SEASONALLY ADJUSTED ANNUAL RATES
^
5,600
5,600
/
5,200
GDP
4,800
IN
1 987 DOLLAR S
\
X" ""
4,000
-~-_
s
xl
X
/*
^
,_„.
r
4,800
j£4,400
4,000
\
"
^
GDP
^
IN C URRENT DO LLARS
3,600
3,600
/
3,200
2,800
X
X
s
5,200
/^
/ „.»'
V
4,400
^
1
1
1982
1
1
3,200
1
\
!
\
\
!
1984
1983
1
1
I
1985
i i
1986
I
I I
I
I
I
1988
1987
l
I I
1989
i
I I
1990
I
I I
1991
i i i
2,800
1992
COUNCIL OF ECC NOMIC ADViSERS
SOURCE: DEPARTW ENT OF COMMEH E
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
IV
IV
IV
IV
IV
IV
IV
IV
III
IV
1991: I
II
Ill
IV
1992: I
II
III "
1
Gross
domestic
product
3,149.6
3,405.0
3,777.2
4,038.7
4,268.6
4,539.9
4,900.4
5,250.8
5,522.2
5,677.5
3,195.1
3,547.3
3,869.1
4,140.5
4,336.6
4,683.0
5,044.6
5,344.8
5,559.6
5,561.3
5,585.8
5,657.6
5,713.1
5,753.3
5,840.2
5,902.2
5,967.1
Personal
consumption
expenditures
Gross
private
domestic
investment
2,059.2
2,257.5
2,460.3
2,667.4
2,850.6
3,052.2
3,296.1
3,523.1
3,748.4
3,887.7
2,128.7
2,346.8
2,526.4
2,739.8
2,923.1
3,124.6
3,398.2
3,599.1
3,787.8
3,818.2
3,821.7
3,871.9
3,914.2
3,942.9
4,022.8
4,057.1
4,105.0
503.4
546.7
718.9
714.5
717.6
749.3
793.6
832.3
799.5
721.1
464.2
614.8
722.8
737.0
697.1
800.2
814.8
825.2
805.7
739.0
705.4
710.2
732.8
736.1
722.4
773.2
776.9
Federal
Net
exports
-20.6
-51.4
-102.7
-115.6
- 132.5
-143.1
-108.0
-79.7
-68.9
-21.8
-29.5
-71.8
-107.1
-135.5
-133.2
-143.2
— 106.0
-73.9
-76.3
— 67.2
-28.7
-15.3
-27.1
-16.0
-8.1
-37.1
-37.3
Exports
Imports
282.6
276.7
302.4
302.1
319.2
364.0
444.2
508.0
557.0
598.2
265.6
286.2
308.7
304.7
333.9
392.4
467.0
523.8
555.9
579.7
573.2
594.3
602.3
622.9
628.1
625.4
626.8
303.2
328.1
405.1
417.6
451.7
507.1
552.2
587.7
625.9
620.0
295.1
358.0
415.7
440.2
467.1
535.6
573.1
597.7
632.2
646.9
602.0
609.6
629.5
638.9
636.2
662.5
664.2
GDP less exports of goods and services plus imports of goods and services.
Government purchases
Exports and imports of goods
and services
Total
Total
607.6
652.3
700.8
772.3
833.0
881.5
918.7
975.2
1,043.2
1,090.5
631.6
657.6
727.0
799.2
849.7
901.4
937.6
994.5
1,042.4
1,071.3
1,087.5
1,093.3
1,090.3
1,103.1
1,109.1
1,122.5
266.6
292.0
310.9
344.3
367.8
384.9
387.0
401.6
426.4
447.3
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
422.6
438.3
451.3
449.9
447.2
440.8
445.0
444.8
451.7
National
defense
193.8
214.4
233.1
258.6
276.7
292.1
295.6
299.9
314.0
323.8
205.5
222.8
242.9
268.6
278.6
295.8
296.8
302.5
308.4
323.2
332.4
325.9
321.9
314.7
313.6
311.7
318.1
Nondefense
72.7
77.5
77.8
85.7
91.1
92.9
91.4
101.7
112.4
123.6
75.9
66.9
81.9
88.3
94.5
96.7
95.2
102.6
114.3
115.0
118.8
124.0
125.3
126.1
131.4
133.1
133.5
State
and
local
341.1
360.3
389.9
428.1
465.3
496.6
531.7
573.6
616.8
643.2
350.3
367.9
402.2
442.4
476.6
509.0
545.7
589.3
619.7
633.0
636.3
640.8
646.0
649.5
658.0
664.3
670.9
Final
sales of
domestic
product
Gross
domestic
3,165.5
3,410.6
3,706.1
4,014.1
4,260.0
4,513.7
4,884.2
5,217.5
5,515.9
5,687.7
3,241.4
3,527.1
3,818.1
4,107.9
4,355.4
4,623.7
5,027.3
5,314.6
5,549.2
5,592.3
5,614.4
3,170.2
3,456.5
3,879.9
4,154.3
4,401.2
4,683.0
5,008.4
5,330.5
5,591.1
5,699.3
3,224.6
3,619.1
3,976.2
4,276.0
4,469.8
4,826.2
5,150.7
5,418.7
5,635.9
5,628.5
5,614.6
5,672.9
5,740.3
5,769.3
5 848 3
5,939.4
6,004.4
5J12.9
5,744.2
5 8559
5,894.1
5,951.7
Source: Department of Commerce, Bureau of Economic Analysis.
chases J
Addendum:
Gross
national
product
3,179.8
3,434.4
3,801.5
4,053.6
4,277.7
4,544.5
4,908.2
5,266.8
5,542.9
5,694.9
3,222.6
3,578.4
3,890.2
4,156.2
4,340.5
4,690.5
5,054.3
5,365.0
5,577.8
5,592.7
5,614.9
5,674.3
5,726.4
5,764.1
5 859 8
5,909.3
GROSS DOMESTIC PRODUCT IN 1987 DOLLARS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Gross
domestic
product
Personal
consumption
expenditures
Federal
Nonresidential
fixed
ment
Period
Government purchases
Exports and imports of
goods and services
Residential
fixed
investment
Change
in
business
inventories
Net
exports
Exports
Imports
Total
Total
National
defense
Final
sales of
domestic
product
State
and
local
Nondefense
Gross
domestic
purchases L
Addendum:
Gross
national
product
3,760.3
3,906.6
4,148.5
4,279.8
4,404.5
4,540.0
4,718.6
4,838.0
4,877.5
4,821.0
2,503.7
2,619.4
2,746.1
2,865.8
2,969.1
3,052.2
3,162.4
3,223.3
3,260.4
3,240.8
433.9
420.8
490.2
521.8
500.3
497.8
530.8
540.0
538.1
500.2
124.1 -17.5
-7.4
4.4 -56.1
174.2
67.9 — 122.0
199.3
22.1 -145.3
202.0
8.5 -155.1
226.2
225.2
26.3 -143.0
19.9 - 104.0
222.7
214.2
29.8 -73.7
6.2 -51.8
194.8
170.2 -9.3 — 21.8
296.7
285.9
305.7
309.2
329.6
364.0
421.6
471.8
510.0
539.4
304.1
342.1
427.7
454.6
484.7
507.1
525.7
545.4
561.8
561.2
723.6
743.8
766.9
813.4
855.4
881.5
886.8
904.4
929.9
941.0
306.0
320.8
331.0
355.2
373.0
384.9
377.3
376.1
383.6
388.3
221.4
234.2
245.8
265.6
280.6
292.1
287.0
281.4
283.3
282.8
84.7
86.6
85.1
89.5
92.4
92.9
90.2
94.8
100.3
105.5
417.6
423.0
436.0
458.2
482.4
496.6
509.6
528.3
546.3
552.7
3,777.8
3,902.2
4,080.6
4,257.6
4,395.9
4,513.7
4,698.6
4,808.3
4,871.3
4,830.3
3,767.7
3,962.8
4,270.5
4,425.1
4,559.6
4,683.0
4,822.6
4,911.7
4,929.3
4,842.8
3,796.1
3,939.6
4,174.5
4,295.0
4,413.5
4,544.6
4,726.3
4,852.7
4,895.9
4,836.4
3,759.6
4,012.1
4,194.2
4,333.5
4,427.1
4,625.5
4,779.7
4,856.7
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
131.2 -44.9
29.3
190.6
47.9
198.8
30.2
207.4
230.5 -20.1
59.9
223.3
20.9
225.3
24.9
208.0
— 19.0
-83.7
— 131.4
-155.4
-156.0
-136.0
-102.7
-67.4
280.4
291.5
312.8
312.0
342.9
386.1
438.2
487.7
299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.0
735.9
748.1
784.3
830.5
864.8
893.0
894.5
912.6
316.0
322.2
341.7
363.7
377.5
391.6
378.4
376.1
229.4
242.9
254.3
272.1
282.2
295.0
285.7
281.5
86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.7
419.9
425.9
442.6
466.7
487.3
501.4
516.1
536.5
3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565.6
4,758.7
4,831.8
3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,924.1
3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,875.1
1990: I .
4,890.8
4,902.7
4,882.6
4,833.8
3,259.5
3,260.1
3,273.9
3,248.0
544.8
535.6
542.9
529.3
210.7
7.5
201.8
32.8
11.2
189.1
177.5 -26.8
-58.4
-56.9
-59.3
-32.7
500.2
508.7
508.4
522.6
558.6
565.6
567.7
555.3
926.8
929.4
924.8
938.5
383.4
385.4
378.3
387.3
284.9
285.1
277.3
285.8
98.5
100.3
101.0
101.5
543.4
544.0
546.5
551.2
4,883.3
4,870.0
4,871.4
4,860.6
4,949.2
4,959.7
4,941.9
4,866.5
4,907.8
4,915.5
4,898.9
4,861.4
1991- I .
4,796.7
4,817.1
4,831.8
4,838.5
3,223.5
3,239.3
3,251.2
3,249.0
507.0
503.0
498.7
492.1
164.1 -25.1
166.9 -20.4
.6
172.6
7.5
177.3
-17.9
-17.4
-31.6
-20.5
515.9
536.1
544.2
561.4
533.8
553.5
575.8
581.8
945.1
945.6
940.2
933.1
394.1
393.8
387.2
378.2
291.8
287.6
280.6
271.0
102.2
106.2
106.6
107.2
551.0
551.8
553.0
554.9
4,821.8
4,837.4
4,831.2
4,830.9
4,814.6
4,834.4
4,863.4
4,858.9
4,822.0
4,831.8
4,843.7
4,848.2
4,873.7
4,892.4
4,924.5
3,289.3
3,288.5
3,316.1
495.8
514.7
515.1
185.6
191.2
191.4
-21.5
-43.9
-51.5
565.4
563.4
566.0
586.8
607.3
617.5
937.0
934.2
938.8
375.3
372.7
376.7
265.6
262.1
266.5
109.7
110.6
110.2
561.8
561.5
562.1
4,886.3
4,884.6
4,909.8
4,895.2
4,936.3
4,976.0
4,890.7
4,899.1
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1982: IV
1983: IV
1984:
IV
1985:
1986:
1987:
1988:
1989-
IV
IV
IV
IV
IV
n
m
rv
n
m
IV
1992- I
II
HI"
1
-12.6
7.8
14.7
GDP less exports of goods and services plus imports of goods and services.
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[1987—100; quarterly data are seasonally adjusted]
Period
Gross
domestic
product
Personal consumption
expenditures
Gross private
domestic investment
Government purchases
Exports and imports of
goods and services
Federal
Total
Durable
goods
Nondurable goods
Services
Nonresidential
fixed
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
1982
1983
1984
1985
1986
1987
1988 . ..
1989
1990
1991
83.8
87.2
91.0
94.4
96.9
100.0
103.9
108.5
113.2
117.8
82.2
86.2
89.6
93.1
96.0
100.0
104.2
109.3
115.0
120.0
90.1
92.4
93.9
95.4
96.9
100.0
102.0
104.2
105.7
107.6
88.6
90.8
93.4
95.9
96.1
100.0
103.7
109.3
115.9
120.1
76.7
81.9
86.2
90.8
95.7
100.0
105.1
110,6
116.7
122.8
95.3
95.1
95.6
96.6
98.4
100.0
102.8
105.2
107.3
108.2
85.2
87.3
89.7
92.0
95.8
100.0
104.2
107.8
110.7
111.8
95.2
96.8
98.9
97.7
96.9
100.0
105.3
107.7
109.2
110.9
99.7
95.9
94.7
91.9
93.2
100.0
105.1
107.8
111.4
110.5
87.1
91.0
93.9
96.9
98.6
100.0
102.6
106.8
111.2
115.2
87.6
91.6
94.8
97.3
98.6
100.0
103.0
106.6
110.8
114.5
85.9
89.5
91.3
95.7
98.6
100.0
101.4
107.3
112.0
117.1
81.7
85.2
89.4
93.4
96.4
100.0
104.3
108.6
112.9
116.4
1982:
1983:
1984:
1985:
1986:
IV
IV
IV
IV
IV
1987:
1988:
IT
IV
1989: IV . .
85.0
88.4
92.2
95.5
98.0
101.2
105.5
110.1
83.8
87.6
90.7
94.6
97.0
101.6
106.1
111.0
90.6
93.3
94.4
95.9
97.8
101.0
103.1
104.9
89.4
91.8
94.1
97.0
96.3
101.5
105.6
110.8
79.0
83.7
87.7
92.9
97,3
101.9
107.1
112.7
95.3
95.0
96.4
97.3
99.2
100.7
104.0
106.0
94.7
98.2
98.7
97.7
97.4
101.6
106.6
107.4
98.5
95.4
93.6
94.2
93.6
102.6
106.0
107.7
89.0
89.9
95.0
98.1
98.8
100.2
103.6
107.7
89.6
91.7
95.5
98.7
98.7
100.3
103.9
107.5
87.7
84.3
93.7
96.4
99.2
100.1
102.6
108.4
83.4
86.4
90.9
94.8
97.8
101.5
105.7
109.9
1990- HI
IV
113.9
115.0
115.7
117.6
105.8
106.1
116.6
119.3
117.6
119.3
107.8
108.2
86.0
88.0
90.7
93.1
97.3
101.5
105.3
108.8
111.1
111.0
109.3
110.9
111.4
116.5
111.7
113.2
111.2
113.1
113.2
113.3
. 113.4
114.8
1991- I .
116.5
117.5
118.2
118.9
118.6
119.5
120.4
121.4
106.7
107.3
108.0
108.3
119.4
119.9
120.2
120.8
120.8
122.1
123.4
124.7
108.7
108.5
108.0
107.4
111.3
111.6
112.5
111.8
111.1
110.9
110.7
111.0
112.8
110.1
109.3
109.8
114.5
114.3
115.5
116.6
113.9
113.3
114.7
116.2
116.2
116.8
117.6
117.6
115.5
116.1
116.8
117.1
119.8
120.6
121.2
122.3
123.4
123.8
108.6
109.4
109.7
121.4
122.2
122.9
126.1
127.4
127.7
107.1
106.9
105.7
111.7
112.3
113.4
111.1
111.0
110.7
108.4
109.1
107.6
118.6
119.3
119.9
118.1
118.9
119.4
119.8
120.3
121.1
117.1
118.3
119.4
n
m
IV
1992: I
II
HIP.
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
Current
dollars
11.9
3.9
8.1
10.9
6.9
5.7
6.4
7.9
7.2
5.2
2.8
7.6
8.1
8.6
6.3
3.8
5.1
7.7
5.8
2.7
.1
1.8
5.2
4.0
2.8
6.2
4.3
4.5
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1988' III
IV
1989- I
II
III
IV
1990' I
II
III
IV
1991' I
II
III
IV
1992- I
II
III "
Personal consumption expenditures
Constant
(1987) dollars
Implicit price
deflator
1.8
-2.2
Fixed-weighted
price index
(1987 weights)
10.0
6.2
4.1
4.4
3.7
2.6
3.2
3.9
4.4
4.3
4.1
3.9
6.2
3.2
2.9
3.1
3.9
2.5
.8
-1.2
2.5
3.9
3.2
1.8
0
1,5
2.8
1.0
-1.6
-3.9
30
1.7
1.2
.6
2.9
1.5
2.7
Current
dollars
10.2
6.9
9.6
9.0
8.4
6.9
7.1
8.0
6.9
6.4
3.7
8.4
8.9
5.1
7.0
6.3
5.3
8.4
4.8
8.0
3.2
.4
5.4
4.4
3.0
8.4
3.5
4.8
6.1
3.8
3.3
3.5
2.7
3.1
3.9
4.4
4.5
4.0
5.4
3.7
5.0
4.7
3.7
3.6
5.4
4.6
4.7
4.1
4.7
3.5
3.0
2.4
3.6
2.9
2.1
5.1
3.9
5.4
4.6
3.8
3.7
4.4
4.8
4.7
3.9
5.3
3.5
2.4
2.4
3.1
2.7
2.0
Constant
(1987) dollars
Implicit price
deflator
Fixed-weighted
price index
(1987 weights)
9.0
5.7
4.9
3.9
3.9
3.1
4.2
4.2
4.9
5.2
4.3
5.1
4.7
5.0
5.7
3.3
4.4
6.3
4.7
6.1
6.7
3.4
3.1
3.0
3.4
3.0
3.6
1.3
1.2
1.1
4.6
4.8
4.4
3.6
2.8
3.6
1.9
1.2
-.6
2.9
4.1
.1
1.1
2.9
.8
2.2
.1
1.7
-3.1
2.0
1.5
-.3
5.1
-.1
3.4
8.6
5.4
4.3
3.7
3.8
3.0
4.1
4.3
4.9
5.3
4.4
5.4
4.6
5.2
5.9
3.5
4.3
6.4
4.4
6.4
6.8
3.4
3.3
3.0
3.1
3.5
3.5
2.2
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) 1
Gross domestic product
of nonfinancial
corporate business
(billions of dollars)
Period
Current
dollars
1,748.6
1,802.8
1 936 1
2,166.5
2,293.6
2 386 3
1986- IV
1988: IV
1989: IV
jj
HI
IV
II
Ill
IV
II
1
2,547.3
2,764.8
2,913.5
3,036.5
3,073.8
1,806.3
2,037.2
2,228.2
2,338.8
2,422.8
2,627.6
2,843.2
2,951.5
2,999.6
3,053.1
3,048.2
3,045.0
3,037.1
3,062.7
3,084.4
3,111.1
3,138.1
3,178.8
1987
dollars
2,035.1
2,001.3
2 112 3
2,284.1
2,364.3
2,439.3
2,547.3
2,684.8
2,718.9
2,740.0
2,698.0
1,999.6
2,204.2
2,328.4
2,396.9
2,463.3
2,604.0
2,719.0
2,722.7
2,742.0
2,763.3
2,737.3
2,717.4
2,683.5
2,687.4
2,699.1
2,722.0
2,737.6
2,760.8
Total
cost and
profit 2
0.859
.901
917
.949
.970
.978
1.000
1.030
1.072
1.108
1.139
.903
.924
.957
.976
.984
1.009
1.046
1.084
1.094
1.105
1.114
1.121
1.132
1.140
1.143
1.143
1.146
1.151
Consumption of
fixed
capital
0.102
.115
.115
.109
.109
.111
.110
.111
.117
.120
.126
.119
.119
.111
.110
.112
.110
.112
.120
.118
.118
.121
.123
.126
.127
.127
.126
.125
.126
Output is measured by GDP of nonfinancial corporate business in 1987 dollai
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the3 decimal point shifted two places to the left.
Indirect business tax and nontax liability plus business transfer payments less subsidies.
2
Indirect
business
taxes 3
Compensation of
employees
Net
interest
Corporate profits with inventory
valuation and capital consumption
adjustments
Total
0.082
.085
.088
.091
.093
.095
.095
.096
.101
.106
.115
.086
.088
.091
.093
.095
.094
.097
.102
.104
.104
.107
.109
.113
.114
.117
.117
.118
.117
0.572
.605
.602
.617
.636
.648
.658
.676
.706
.737
.759
.607
.602
.623
.643
.654
.664
.687
.718
.724
.730
.744
.750
.754
.760
.763
.761
.760
.759
0.035
0.067
.041
.036
.038
.038
.040
.042
.045
.054
.054
.053
.040
.036
.041
.038
.042
.042
.047
.055
.054
.054
.054
.055
.054
.053
.053
.052
.050
.049
.056
.076
.094
.094
.084
.096
.102
.094
.091
.085
.051
.079
.091
.092
.081
.099
.102
.088
.093
.098
.088
.083
.084
.086
.084
.086
.093
.100
Profits
tax
liability
0.031
.023
.028
.032
.030
.031
.037
.038
.037
.034
.030
.020
.029
.027
.030
.035
.038
.040
.033
.033
.034
.036
.033
.029
.030
.031
.030
.033
.037
Profits
after
tax4
0.036
.033
.048
.062
.064
.053
.059
.064
.057
.057
.055
.030
.050
.064
.063
.045
.060
.063
.055
.060
.065
.052
.050
.055
.056
.053
.056
.060
.064
Output
per hour
of all
employees
(1987
dollars)
Compensation per
hour of
all
employees
(dollars)
20.553
20.819
21.586
21.896
22.125
22.690
23.071
23.494
23.088
23.300
23.617
21.094
21.895
22.032
22.315
22.838
23.286
23.445
23.060
23.138
23.389
23.291
23.408
23.451
23.546
23.653
23.893
24.040
24.157
11.764
12.586
12.995
13.509
14.067
14.711
15.170
15.781
16.306
17.169
17.932
12.805
13.187
13.718
14.339
14.940
15.471
16.017
16.555
16.753
17.077
17.321
17.550
17.671
17.891
18.041
18.186
18.275
18.372
4
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Compensation of
employees1
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
1983
1984
1985
1986
1987
1988
1989
1990
1991
198219831984198519861987198819891990-
2,720.8
3,058.3
3,268.4
3,437.9
3,692.3
4,002.6
4,249.5
4,468.3
4,544.2
2,551.5
2,834.3
3,134.4
3,341.9
3,486.0
3,828.8
4,127.6
4,305.2
4,479.3
4,517.9
4,493.0
4,529.2
4,555.4
4,599.1
4,679.4
4,716.5
IV
IV
IV ...
IT
IV
IV
IV
IV
m
rv
n
m
1991: I
1992:
IV
I
II
m*
1
2,029.4
2,226.9
2,382.8
2,523.8
2,698.7
2,921.3
3,100.2
3,291.2
3,390.8
1,940.4
2,101.2
2,288.1
2,442.5
2,582.5
2,785.1
3,004.9
3,162.8
3,320.5
3,339.6
3,343.0
3,379.6
3,407.0
3,433.8
3,476.3
3,506.3
3,531.8
Nonfarm
2.4
21.3
21.5
22.3
31.3
30.9
40.2
41.7
35.8
10.2
6.3
21.9
17.8
23.6
42.4
30.9
38.4
32.2
42.8
34.3
41.3
29.5
37.9
40.1
38.5
30.7
Rental
income of
persons
with
capital
consumption
adjustment
22.1
23.3
18.7
8.7
3.2
4.3
-13.5
-12.3
— 10.4
24.1
22.2
24.3
14.0
4.7
6.8
2.8
— 21.6
-9.5
-9.6
-12.4
-12.3
- 10.3
-6.6
-4.5
3.3
.0
184.3
214.7
238.4
261.5
279.0
293.4
307.0
325.2
332.2
169.6
193.8
217.7
250.9
260.9
282.6
302.5
311.4
328.8
329.7
322.2
329.1
337.6
340.0
353.6
359.9
366.2
Includes employer contributions for social insurance. (See also p. 5.)
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
212.7
264.2
280.8
271.6
319.8
365.0
362.8
361.7
346.3
150.3
229.1
261.3
284.9
264.6
343.3
378.3
354.5
351.4
344.0
349.6
347.3
341.2
347.1
384.0
388.4
Inventory
valuation
adjustment
Profits
before tax
Total
210.7
240.5
225.0
217.8
287.9
347.5
342.9
355.4
334.7
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
367.0
354.7
337.6
332.3
336.7
332.3
366.1
376.8
202.2
236.4
225.3
227.6
273.4
320.3
325.4
341.2
337.8
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
334.4
333.5
344.2
342.2
331.9
333.1
360.7
361.4
Capital
consumption
adjustment
-8.5
—4.1
.2
9.7
-14.5
-27.3
-17.5
-14.2
3.1
-8.6
-7.6
3.5
-3.8
-10.7
-17.8
-31.7
-13.5
-32.6
-21.2
6.7
9.9
-4.8
.7
-5.4
-15.5
-10.8
10.4
27.8
55.5
44.1
46.4
44.7
37.4
20.5
8.4
-9.6
12.9
37.7
56.9
39.6
49.9
37.9
33.9
17.0
10.5
5.3
5.1
9.3
14.1
23.3
27.0
30.0
Net
interest
270.0
307.9
326.2
350.2
360.4
387.7
452.7
460.7
449.5
256.8
281.8
321.1
331.9
349.7
368.6
408.1
459.8
456.0
471.4
456.2
444.4
450.5
446.9
430.0
420.0
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS
[Billions of 1987 dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Durable goods
Period
1983
1984
1985
1986
1987
1988
1989
1990
1991
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
1
Total
personal
consumption
expenditures
Total
durable
goods
2,619.4
IV
IV
IV
IV
IV
IV
IV
IV
III
IV
I
II
Ill
IV
1
II
Ill »....
297.7
2,746.1
2,865.8
2,969.1
3,052.2
3,162.4
3,223.3
3,260.4
3,240.8
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,273.9
3,248.0
3,223.5
3,239.3
3,251.2
3,249.0
3,289.3
3,288.5
3,316.1
338.5
370.1
402.0
403.7
428.7
440.7
439.3
414.7
272.3
319.1
347.7
369.6
415.7
404.7
439.2
436.8
437.7
426.6
412.0
411.3
419.4
416.1
432.3
430.0
439.0
Motor
vehicles
and
parts
138.1
160.3
180.2
193.3
183.5
194.8
196.4
192.2
171.0
123.7
151.6
164.3
173.9
193.6
183.6
197.7
188.3
191.3
182.0
169.6
167.2
173.3
174.0
181.5
180.2
178.0
Includes other items, not shown separately.
Furniture and
household
equipment
104.3
115.3
123.8
136.3
144.0
155.4
165.8
169.5
168.6
96.4
109.3
118.7
128.6
141.4
145.9
160.3
167.9
168.9
167.5
166.9
169.3
170.4
167.9
174.4
174.4
181.5
Services
Nondurable goods
Retail sales of new
(millions of units)
Other
55.3
62.9
66.1
72.4
76.2
78.5
78.5
77.6
75.0
52.3
58.1
64.8
67.1
80.7
75.2
81.2
80.5
77.5
77.1
75.5
74.8
75.7
74.2
76.5
75.4
79.5
Total
nondurable goods
900.3
934.6
958.7
991.0
1,011.1
1,035.1
1,051.6
1,056.5
1 042.4
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,058.9
1,059.1
1,051.6
1,043.0
1,046.3
1,044.8
1,035.6
1,049.6
1,045.6
1,050.0
Food
463.4
472.3
483.0
494.1
500.7
513.4
515.0
520.8
515.8
458.3
467.1
475.1
488.2
496.9
502.4
518.0
515.6
521.6
522.0
516.4
516.3
515.0
515.3
518.9
513.5
510.8
Clothing
and
shoes
142.4
153.1
158.8
170.3
174.5
178.9
187.8
185.9
181.3
135.7
147.7
154.7
161.7
171.9
174.5
182.8
190.9
186.2
183.2
180.8
183.2
183.7
177.5
184.1
184.4
191.1
Gasoline
and oil
75.7
77.9
79.2
82.9
84.7
86.1
87.3
86.4
85.2
73.4
76.9
79.0
79.5
84.6
85.4
87.5
88.6
86.7
85.0
83.9
86.0
86.0
84.7
85.7
85.8
86.6
Fuel
oil and
coal
11.1
11.2
11.5
12.1
12.0
12.0
11.4
10.1
9.7
10.5
11.4
11.1
11.4
12.4
11.9
12.0
12.0
10.9
8.8
9.4
9.8
10.0
9.4
10.2
12.0
10.5
Other
207.8
220.0
226.2
231.7
239.1
244.7
250.2
253.4
250.5
202.8
212.2
222.9
228.0
235.2
240.4
246.4
251.8
253.7
252.7
252.5
251.0
250.0
248.6
250.7
249.8
251.0
Total
services 1
1,421.4
l|473.0
1,537.0
1, '576.1
1,637.4
1,698.5
1,131.0
1,764.6
1,783.7
1,386.2
1,443.9
1,494.2
1,557.1
1,595.8
1,655.5
1,716.9
1,746.3
1,777.1
1,769.8
1,768.5
1,781.8
1,787.0
1,797.4
1,807.3
1,812.9
1,827.0
Housing
415.5
426.8
435.9
442.1
452.5
461.8
469.2
474.7
478.2
411.0
419.7
431.3
438.1
444.8
457.0
465.6
471.3
475.1
476.1
476.5
477.9
478.8
479.8
481.2
483.3
486.0
Source: Department of Commerce, Bureau of Economic Analysis
Medical
care
332.6
341.9
353.0
366.2
384.7
399.4
408.6
423.9
438.8
327.8
334.8
344.9
359.1
372.0
390.7
403.0
411.8
426.7
428.6
431.9
435.6
440.5
447.2
449.6
453.7
457.9
Domesties
6.8
8.0
8.2
8.2
7.1
7.5
7.1
6.9
6.1
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
7.1
6.6
6.1
6.1
6.3
6.1
6.1
6.3
6.2
Imports
2.4
2.4
2.8
3.2
3.2
3.1
2.8
2.6
2.3
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.5
2.4
2.2
2.3
2.3
2.2
2.2
22
2.0
SOURCES OF PERSONAL INCOME
Personal income increased $36.2 billion (annual rate) in September, following a decrease of $7.8 billion in August.
The September and August estimates were affected by special factors. A rebound in personal income from the
effects of Hurricane Andrew, which struck Florida and Louisiana in August, more than offset decreases from the
effects of Hurricane Iniki, which struck Hawaii in September. The effects of the hurricanes (and the personal income
components) for which adjustments were made: uninsured losses of residential and business property (rental income
of persons and proprietors' income), work interruptions (wages and salaries), and crop damage (farm proprietors'
income). The September increase was also affected by subsidy payments to farm proprietors. Excluding the
adjustments for the effects of the hurricanes and the subsidy payments, personal income increased $3.8 billion in
September and $28.3 billion in August.
BILLIONS OF DOLLARS* (RATIO SCALE|
6,000
BIUJONS OF DOLLARS* (RATIO SCALE)
6,000
5,000
5,000
4,000
TOTAL PERSONAL INCOME
3,000
2,000
2,000
WAGE AND SALARY DISBURSEMENTS
1,400
OTHER INCOME
800
800
TRANSFER PAYMENTS
I i III
1989
1992
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Proprietor ' income 3
Period
2,690.9
28625
3,154.6
3,379.8
3,590.4
3,802.0
4,075.9
4 380 3
4,664.2
4,828.3
1989
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991- Sept
Oct
Nov
Dec
1992: Jan
Feb
Mar
4 863.4
4,889.3
48874
4,944.9
May
July
persona]
income
r
Sept "
4,943.2
4,988.7
5,009.6
5,015.4
5,032.7
5 038.5
5,049.1
5041 3
5,077.5
disbursements 1
1,593.3
1,684.7
1,849.8
1,986.5
2,105.4
2,261.2
2,443.0
2 586.4
2,742.8
2,812.2
2,833.1
2,835.4
2,838.5
2,861.2
2,852.8
2,884.9
2,895.0
2,890.6
2,907.6
2,905.7
2,910.5
2,928.5
2,924.8
Other labor
income ' 2
165.4
174.6
184.7
191.8
200.7
210.4
230.5
251.9
271.0
288.3
292.1
293.6
295.0
296.4
297.8
299.2
300.7
302.1
303.6
305.0
306.4
307.9
309.3
Farm
Nonfarm
13.5
24
21.3
21.5
22.3
31.3
30.9
40.2
41.7
35.8
28.6
40.9
29.1
43.8
30.5
40.7
49.0
48.1
36.1
31.4
30.7
24 2
37.1
157.3
184.3
214.7
238.4
261.5
279.0
293.4
307.0
325.2
332.2
338.2
339.7
339.5
340.7
349.0
354.8
356.9
358.6
359.2
361.9
364.1
365.4
369.0
persons 4
21.9
22.1
23.3
18.7
8.7
3.2
4.3
— 13 5
— 12.3
-10.4
-8.6
-12.3
-4.8
-2.8
-4.2
-6.2
-3.2
— 1.2
3.3
8.0
8.5
-13.1
4.7
dividend
ineomc
interest
income
67.1
376.8
77.8
397 5
461.9
498.1
531.7
548.1
583.2
668 2
694.5
700.6
78.8
87.9
104.7
100.4
108.4
126 5
140.3
137.0
135.4
134.7
134.3
133.8
133.6
133.8
134.2
135.4
136.6
137.9
139.5
141.3
142.3
704.2
703.8
7034
702.6
693.1
684.4
676.9
676.0
675.2
6744
670.4
666 7
663.0
pay- 5
ments
408 1
438 9
4529
485.9
517 8
542.2
576.7
6250
6858
771.1
781 5
794.1
793 7
811 7
835.5
8443
848.2
854 2
860.9
864 1
869.3
872 2
8789
Less:
Personal
contributions
for social
insurance
112 3
119 7
132 8
149 1
162 1
173 6
194.5
224 8
238 4
241 1
240.7
241 2
242 5
244.9
247 3
248 2
248 3
249 8
249 9
250.4
251 8
251 6
Personal income exclusive of farm proprietors' income, farm wages, farm other lain
sists primarily of employer contributions to private pe
Nonfarm
income 6
2 649 8
9 832 6
3 106 1
3 333 2
3 545 6
3 7494
4,023.9
4 3180
4 599 6
4 770 4
4 813 0
4,826.5
4 836 5
4 879 3
4,890.7
4 925 8
4 938 9
4 944 9
4 973 9
4 984 4
4,995.6
4 994 3
5 017 5
DISPOSITION OF PERSONAL INCOME
According to advance estimates, per capita disposable personal income in 1987 dollars fell in the third quarter of
1992.
BILLIONS OF DOLLARS' (RATIO SCALE)
BIlilONS OF DOLLARS' {RATIO SCALE!
2,500
DOLLARS- (RATIOSCALE)
DOLLARS' (RATIO SCALE!
8,000
COUNCIL OF ECONOMIC ADVISERS
Period
Personal
income
Less:
Personal
tax and
nontax
payments
Disposable
income
Less:
Personal
outlays J
Equals:
Personal
saving
Disposable
personal
income in
1987
dollars
(billions)
Per capita
disposable personal
income
Current
dollars
Billions of dollars
2,690.9
2,862.5
3,154.6
3,379.8
3,590.4
3,802.0
4,075.9
4,380.3
4,664.2
4,828.3
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
371.4
368.8
395.1
436.8
459.0
512.5
527.7
593.3
621.3
618.7
2,319.6
2,493.7
2,759.5
2,943.0
3,131.5
3,289.5
3,548.2
3,787.0
4,042.9
4,209.6
1987
dollars
Per capita personal
consumption
expenditures
Current
dollars
1987
dollars
Dollars
2,120.1
2,325.1
2,537.5
2,753.7
2,944.0
3,147.5
3,392.5
3,634.9
3,867.3
4,009.9
199.5
168.7
222.0
189.3
187.5
142.0
155.7
152.1
175.6
199.6
2,820.4
2,893.6
3,080.1
3,162.1
3,261.9
3,289.5
3,404.3
3,464.9
3,516.5
3,509.0
9,989
10,642
11,673
12,339
13,010
13,545
14,477
15,307
16,174
16,658
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
overseas
(thousands) 2
Percent
12,146
12,349
13,029
13,258
13,552
13,545
13,890
14,005
14,068
13,886
8,868
9,634
10,408
11,184
11,843
12,568
13,448
14,241
14,996
15,384
10,782
11,179
11,617
12,015
12,336
12,568
12,903
13.029
13,044
12,824
— 0.1
12,154
12,591
13,145
13,278
13,522
13,685
13,996
14,015
14,038
13,988
13,861
13,891
13,876
13,913
14,017
14,021
13,982
9,134
9,980
10,649
11,445
12,101
12,819
13,814
14,491
15,133
15,209
15,184
15,345
15,468
15,537
15,814
15,907
16,048
10,895
11,390
11,739
12,095
12,472
12,615
13,020
13,053
13,080
12,938
12,808
12,838
12,848
12,803
12,930
12,893
12,964
-0.5
1.7
5.5
1.8
2.2
— .1
2.5
.8
.4
-1.3
8.6
6.8
8.0
6.4
6.0
4.3
4.4
4.0
4.3
4.7
232,201
234,326
236,393
238,510
240,691
242,860
245,093
247,397
249,961
252,711
7.7
6.8
7.9
6.0
4.8
5.0
4.3
3.9
3.9
4.6
4.7
4.7
4.5
5.1
4.9
5.3
4.5
233,060
235,146
237,231
239,387
241,550
243,745
246,004
248,372
250,303
251,050
251,687
252,329
253,053
253,776
254,388
255,054
255,795
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
IV
IV
IV
IV
IT
IT
IV
IT
III....
IV
1991: I
n
ni....
IT
1992: I
n
inp..
2,746.8
2,965.8
3,242.5
3,456.7
3,647.8
3,918.5
4,195.2
4,469.4
4,692.6
4,751.9
4,752.8
4,806.9
4,846.2
4,907.2
4,980.5
5,028.9
5,056.0
1
372.1
371.6
413.4
448.8
478.5
528.6
542.0
605.1
627.3
623.8
616.8
617.2
618.6
622.3
619.6
617.1
628.7
2,374.7
2,594.3
2,829.1
3,007.9
3,169.3
3,389.9
3,653.2
3,864.3
4,065.3
4,128.1
4,136.0
4,189.7
4,227.6
4,284.9
4,360.9
4,411.8
4,427.3
2,190.9
2,417.9
2,606.5
2,828.7
3,018.2
3,220.1
3,496.7
3,715.5
3,908.0
3,938.8
3,943.2
3,994.4
4,036.6
4,065.5
4,146.3
4,179.5
4,226.6
183.8
176.3
222.6
179.2
151.1
169.8
156.4
148.8
157.3
189.3
192.8
195.3
191.0
219.4
214.6
232.3
200.7
2,832.6
2,960.6
3,118.5
3,178.7
3,266.2
3,335.8
3,443.1
3,480.9
3,513.7
3,511.6
3,488.7
3,505.2
3,511.5
3,530.8
3,565.7
3,576.0
3,576.4
Includes personal consumption expenditures, interest paid by persons, and personal transfer payments to rest of the world (net).
10,189
11,033
11,925
12,565
13,121
13,907
14,850
15,558
16,242
16,443
16,433
16,604
16,706
16,885
17,143
17,297
17,308
2
7.2
1.0
1.8
-1.7
5.2
3.2
1.8
-2.3
-1.4
-3.6
.9
-.4
1.1
3.0
.1
-1.1
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 1992, according to preliminary estimates, gross farm income rose $2.3 billion (annual rate)
and net farm income rose $1.1 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
160
^
^~,
\
^
BILLIONS OF DOLLARS* (RATIO SCALE)
^
^
^^
120
•
^-1
/-,
~ T\ |1
~
^
-^
120
GROSS FARM INCOME
80
60
60
„
/^
1
S\
._
\
\
\
l\ /
. \
A
/
/ \
j
v'
x
A / \ y
N
\
/\
/ —^ ^
^"
\
\ i' \\i/
\i \
—
^
J
/
*"\
40
/
NET FARM INCOME
1
V
1
1 11
1982
1
1
1
1984
1983
1
I
1
1985
1
1
1
1
1
1
1
1
1988
1987
1986
1
1
1
1
1989
1
1990
•SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
1
1
1
1
1
1991
1
1
1992
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total '
Total
1981
1982.
1983
1984
1985
1986
1987
1988
1989
1990
1991
166.3
164.1
153.9
168.0
161.2
156.1
168.4
174.5
190.3
195.1
189.6
1990: I
n..
m
199.3
191.5
188.3
201.6
n
m
189.1
189.8
185.2
194.1
IV
1991: I
IV
1992: I r
II"
192.4
194.7
141.6
142.6
136.8
142.8
144.1
135.3
141.8
151.1
160.9
170.0
167.4
166.0
166.8
173.7
173.4
165.2
165.5
170.7
168.0
165.8
167.7
Livestock and
products
72.5
72.3
67.2
69.9
74.3
63.7
65.8
71.6
76.8
80.4
80.6
76.6
78.9
83.0
83.1
75.6
77.9
85.8
83.0
80.5
81.1
69.2
70.3
69.6
72.9
69.8
71.6
76.0
79.4
84.1
89.6
86.8
89.4
87.9
90.7
90.3
89.6
87.6
84.9
85.0
85.3
86.6
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
Crops
3
Value of
inventory
changes 2
Production
expenses
6.5
— 1.4
-10.9
6.0
23
-2.2
23
-3.5
4.3
2.9
.4
4.7
3.6
2.3
1.2
142.0
143.5
143.8
147.9
1.2
.6
.1
1
145.8
147.2
143.1
143.4
3.8
3.6
Current
dollars
143.6
144.8
139.4
140.3
139.6
141.9
132.4
125.1
128.7
133.9
140.2
144.3
144.9
1987 dollars 3
26.9
23.8
14.2
26.1
28.8
31.0
39.7
40.6
50.1
50.8
44.6
57.2
48.0
44.4
53.6
43.2
42.5
42.0
50.6
48.8
49.9
Income in current dollars divided by the GDP implicit price deflator.
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
34.1
28.5
16.3
28.7
30.5
32.0
39.7
39.1
46.2
45.0
38.0
51.4
42.6
39.0
46.6
r
37.1
36.1
35.5
r
42.5
r
r
40.8
41.4
CORPORATE PROFITS
In the second quarter of 1992, corporate profits before tax rose $10.7 billion (annual rate) and profits after tax
rose $3.0 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
V
PROFITS BEFORE TAX
/->
/*.
PROFITS AFTER TAX
\
UNDISTRIBUTED PROFITS "
1982
1983
1984
1986
1985
1987
1989
1990
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment 1
Profits after tax
Domestic industries
Period
Nonfinancial
Total 2
Total
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1982:
1983:
19841985:
1986:
1987:
1988:
1989:
1990:
IV
IV
IV
IV
IV
IV
IV
IV
III
IV
1991- I .
II
Ill
IV
1992: 1
II
HIP
1
a
166.4
202.2
236.4
225.3
227.6
273.4
320.3
325.4
341.2
337.8
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
334.4
333.5
344.2
342.2
331 9
333.1
360.7
361.4
See p. 4 for profits with inventory valuation and capita
Includes rest of the \vorJd, not shown separately.
138.6
171.9
205.2
194.5
194.6
233.9
271.2
266.0
275.5
271.3
130.8
182.6
192.9
193.5
192.5
246.3
285.9
254.8
269.7
260.2
269.4
275.9
270.0
270.2
292.0
300.4
Financial
15.6
24.5
20.3
28.7
35.8
36.4
41.8
50.6
56.7
60.9
23.0
22.1
20.3
29.0
34.7
39.4
46.1
52.5
56.9
55.1
59.7
60.7
63.6
59.7
70.1
61.3
unption adjustments.
Total 3
123.0
147.4
185.0
165.8
158.9
197.5
229.4
215.3
218.8
210.4
107.8
160.5
172.6
164.5
157.8
207.0
239.7
202.3
212.8
205.1
209.7
215.1
206.4
210.5
221.9
239.0
Manufacturing
Wholesale and
retail
trade
63.1
71.4
86.7
80.1
59.0
87.0
117.5
108.0
106.9
89.3
50.1
90.5
79.2
83.3
63.9
98.7
129.3
94.5
110.6
96.3
87.6
90.3
91.8
87.5
97.5
115.2
31.9
38.7
49.7
43.1
46.3
39.9
37.1
39.7
35.8
44.0
33.8
40.7
50.8
39.0
43.1
39.3
39.3
39.2
30.0
35.0
44.1
45.5
41.7
44.5
39.9
46.7
3
Profits
before
tax
176.3
210.7
240.5
225.0
217.8
287.9
347.5
342.9
355.4
334.7
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
367.0
354.7
337.6
332.3
336.7
332.3
366.1
376.8
Tax
liability
63.1
77.2
94.0
96.5
106.5
127.1
137.0
141.3
136.7
124.0
58.7
82.2
83.8
97.6
116.6
135.2
146.2
134.2
143.0
133.7
121.3
122.9
127.0
125.0
136.4
144.1
Total
113.2
133.5
146.4
128.5
111.3
160.8
210.5
201.6
218.7
210.7
109.9
141.6
136.3
134.2
119.2
176.0
226.0
200.0
224.0
221.0
216.3
209.4
209.6
207.4
229.7
232.7
dends
70.0
81.2
82.7
92.4
109.8
106.2
115.3
134.6
149.3
146.5
72.5
84.2
83.4
97.4
111.0
106.3
121.0
141.3
150.6
151.9
150.6
146.2
145.1
143.9
143.6
146.6
151.2
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
43.2
52.3
63.8
36.1
1.6
54.6
95.2
67.1
69.4
64.2
37.5
57.4
52.9
36.9
8.2
69.7
105.0
58.7
73.4
69.1
65.7
63.2
64.5
63.4
86.2
86.1
Inventory
valuation
adjustment
-9.9
-8.5
-4.1
.2
9.7
-14.5
-27.3
-17.5
-14.2
3.1
-8.6
-7.6
3.5
-3.8
-10.7
-17.8
-31.7
-13.5
-32.6
-21.2
6.7
9.9
-4.8
.7
-5.4
-15.5
-10.8
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
According to advance estimates for the third quarter of 1992, nonresidential fixed investment in 1987 dollars rose
$0.4 billion (annual rate) and residential investment rose $0.2 billion. There was a $14.7 billion increase "
in
inventories, following an increase of $7.8 billion in the second quarter.
BILLIONS OF 1987 DOLLARS
900
BILLIONS OF 1987 DOLLARS
900
SEASONALLY ADJUSTED ANNUAL RATES
800
800
700
700
600
600
500
400
400
RESIDENTIAL
FIXED INVESTMENT
CHANGE IN BUSINESS
INVENTORIES
100
1987
1984
1989
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
F'ixed investment
Period
Gross
private
domestic
investment
Change in business
inventories
Nonresidential
Total
Total
Struetnres
Producers'
durable
equipment
Residential
Total
Noniarm
540 5
599.5
757.5
745.9
735.1
749.3
773.4
784.0
739.1
661.1
558.0
595.1
689.6
723.8
726.5
723.0
753.4
754.2
732.9
670.4
433.9
420.8
490.2
521.8
500.3
497.8
530.8
540.0
538.1
500.2
181.3
160.3
182.8
197.4
176.6
171.3
174.0
177.6
179.1
157.6
252.6
260.5
307.4
324.4
323.7
326.5
356.8
362.5
359.0
342.6
124.1
174.2
199.3
202.0
226.2
225 2
222.7
214.2
194.8
170.2
-17.5
4.4
67.9
22.1
8.5
26.3
19.9
29.8
6.2
-9.3
-20.7
12.8
66.2
19.8
10.6
32.7
26.9
29.9
3.7
-9.6
1987- IV
1988- IV
1989- IV
503 5
669.5
756.4
763.1
705.9
793.8
785.0
769.5
548.4
640.2
708.4
732.9
725.9
733.9
764.1
744.6
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
173.2
162.6
189.5
198.3
170.4
177.9
175.7
179.8
244.0
287.0
320.1
327.2
325.0
332.7
363.1
356.9
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
— 44.9
29.3
47.9
30.2
-20.1
59.9
20.9
24.9
-46.2
32.3
50.8
28.0
-18.6
62.1
30.5
31.2
1990- III
IV
743.1
680.0
732.0
706.8
542.9
529.3
181.2
173.2
361.7
356.1
189.1
177.5
11.2
-26.8
6.6
— 25.6
1991- I
I[
III
IV
646.0
649.5
672.0
676.9
671.1
669.8
671.4
669.3
507.0
503.0
498.7
492.1
166.8
162.2
153.0
148.4
340.2
340.8
345.8
343.7
164.1
166.9
172.6
177.3
-25.1
-20.4
.6
7.5
-24.7
— 24.5
-1.0
11.8
668.9
713.6
721.2
681.4
705.9
706.4
495.8
514.7
515.1
149.4
149.1
142.0
346.4
365.6
373.1
185.6
191.2
191.4
-12.6
7.8
14.7
-10.7
6.0
9.8
1983
1984
...
1985
1986
1987
1988
..
.,
1990
1991
...
.
1983- IV
1985- IV
II
III
p
Soured: Department of Commerce, Bureau of Keonomic Analys
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department July-August 1992 survey, business spending for new plant and equipment
is expected to rise 4.3 percent in 1992, following a decline of 0.8 percent in 1991.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
600
600
SEASONALLY ADJUSTED ANNUAL BATES
\
ALL INDUSTRIES
300
300
\
NONMANUFACTURING^
200
200
MANUFACTURING
100
1985
I
J I
' 1986
I
I
I
I
J
L
1992
I/SURVEYED QUARTERLY
I/SEE FOOTNOTE 4 BEIOW
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Manufacturing
All
industries
Total
1981
1982
1983
1984.
1985
1986
1987
1988
1989....
1990
1991
1992 4
324.73
326.19
321.16
373.83
410.12
399.36
410.52
455.49
507.40
532.61
528.39
551.03
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
177.42
1990: I
IV
531.61
535.19
533.12
530.98
I ...
II
Ill
IV
1992: I
II
Ill 4
IV4
Period
n
m
1991:
Nonmanufacturing
Nonmanufacturing
Total
Surveyed
quarterly
230.09
239.11
242.38
278.77
302.05
309.16
320.45
344.77
380.13
399.34
405.12
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
373.62
Nondurable
goods
Total '
Mining
Transportation
Public
utilities
Commercial
and
other
58.93
54.58
51.61
64.57
70.87
65.68
68.03
77.04
82.56
82.58
77.64
75.70
69.75
69.39
65.74
75.04
82.01
72.28
73.03
86.41
101.24
110.04
105.17
101.72
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
373.62
15.81
14.11
10.64
11.86
12.00
8.15
8.28
9.29
9.21
9.88
10.02
9.21
12.67
11.75
10.81
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.66
23.66
47.17
53.58
52.95
57.53
59.58
56.61
56.26
60.37
66.28
67.21
66.57
72.70
120.41
122.79
129.41
151.39
171.09
181.59
189.84
205.76
229.28
241.43
246.32
268.05
191.80
194.43
194.44
190.05
85.79
83.86
82.95
79.05
106.01
110.57
111.49
111.00
339.81
340.76
338.68
340.93
9.66
9.75
9.96
10.10
21.68
21.82
20.86
21.64
65.42
65.07
67.68
69.77
243.05
244.12
240.18
239.41
191.80
194 43
194.44
19005
534.27
525.02
526.59
529.87
190.83
186.52
177.48
179.06
80.99
79.31
74.94
76.40
109.84
107.20
102.55
102.66
343.44
338.50
349.10
350.81
9.94
10.08
10.09
9.99
22.98
22.87
22.56
22.29
67.01
65.09
66.52
67.42
243.51
240.46
249.94
251.11
190.83
18652
177.48
179.06
343.44
338.50
349.10
35081
535.72
540.91
565.16
562.36
173.98
171.78
182.79
181.11
74.19
74.26
76.10
78.25
99.79
97.52
106.69
102.86
361.73
369.13
382.36
381.25
8.87
9.18
9.76
9.01
21.88
23.51
24.45
24.80
68.81
72.63
74.53
74.85
262.17
263.80
273.62
272.59
173.98
171.78
182.79
181.11
Surveyed
annually 3
339.81
34076
338.68
340.93
361.73
369.13
382.36
381.25
Durable
goods
1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nonmanufacturirig surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmamifacturing that is surveyed annually.
10
Total
nonfarm
business z
358.77
363.08
359.73
418.38
454.93
447.11
461.51
508.22
563.93
591.96
587.93
Manufacturing
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
177 42
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
59.35
59.54
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate.
4
Planned capita! expenditures as reported by business in July-August 1992, corrected for biases.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In September, civilian employment fell by 36,000 and unemployment fell by 128,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
130
130
SEASONALLY ADJUSTED
126
126
CIVILIAN LABOR FORCE
122
122
118
118
114
114
CIVILIAN
EMPLOYMENT
110
110
106
106
102
102
12 -
12
UNEMPLOYME NT
.
/
8
—-
-.
x-
.
—•*. — ,
-~~^
'
'
8
•""'
4
4
0
M
M
1
1 II
1 1
MM)
1984
1 1 II
1
M
1985
M 1 1 1 M
M
1986
M i l l
1 1 1 1
M i l l
1987
1988
M
M
M
1 1 1 1 1 1 1
1 1 II
1
1 1 1
M
i iiiI
M II
1991
1990
1989
1 1
0
1992
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
P ri d
1982
1983
1984
1985
1986*
1987
1988
1989
1990
1991
1991:
Sept ....
Get
Nov
Dec
1992:
Jan
Feb
Mar
Apr
May
June
July ....
Aug
Sept ....
Noninstitutional
population
including
resident
Armed
Forces
NSA
Unemployment
Civilian employment
Resident
Forces
NSA
Labor force
including
Armed
Forces
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
Agricultural
Total
Total
Part time
for
economic
reasons l
Total
15
weeks
and
over
Civilian
Labor
force
participation
rate
(percent) 2
Employment/
population
ratio
(per-
cent) 2
173,939
175,891
178,080
179,912
182,293
184,490
186,322
188,081
189,686
191,329
1,668
1,676
1,697
1,706
1,706
1,737
1,709
1,688
1,637
1,564
111,872
113,226
115,241
117,167
119,540
121,602
123,378
125,557
126,424
126,867
101,194
102,510
106,702
108,856
111,303
114,177
116,677
119,030
119,550
118,440
1 10,204
111,550
113,544
115,461
117,834
119,865
121,669
123,869
124,787
125,303
99,526
100,834
105,005
107,150
109,597
112,440
114,968
117,342
117,914
116,877
96,125
97,450
101,685
103,971
106,434
109,232
3,169 111,800
3,199 114,142
3,186 114,728
3,233 113,644
5,852
5,997
5,512
5,334
5,345
5,122
4,965
4,657
4,860
5,767
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
1,610
1,375
1,504
2,323
65.6
65.9
66.5
66.4
66.0
57.8
57.9
59.5
60.1
60.7
61.5
62.3
63.0
62.7
61.6
191,746
191,903
192,057
192,209
1,624
1,614
1,605
1,604
127,214
127,122
126,979
127,223
118,713
118,481
118,377
118,332
125,590
125,508
125,374
125,619
117,089
116,867
116,772
116,728
3,283
3,204
3,272
3,183
113,806
113,663
113,500
113,545
6,040
6,055
6,123
6,084
8,501
8,641
8,602
8,891
2,422
2,570
2,623
2,843
66.1
66.0
65.8
65.9
61.6
61.4
61.3
61.2
192,358
192,469
192,607
192,745
192,881
193,025
193,190
193,356
193,513
1,599
1,585
1,585
1,577
1,574
1,570
1,568
1,566
1,566
127,645
127,872
128,175
128,407
128,734
129,119
129,100
129,003
128,839
118,716
118,628
118,933
119,252
119,230
119,144
119,340
119,303
119,267
126,046
126,287
126,590
126,830
127,160
127,549
127,532
127,437
127,273
117,117
117,043
117,348
117,675
117,656
117,574
117,772
117,737
117,701
3,166
3,232
3,194
3,209
3,178
3,252
3,204
3,218
3,242
113,951
113,811
114,155
114,465
114,478
114,322
114,568
114,519
114,459
6,429
6,213
6,180
5,910
6,210
5,824
6,058
6,091
6,079
8,929
9,244
9,242
9,155
9,504
9,975
9,760
9,700
9,572
3,059
3,204
3,185
3,018
3,361
3,675
3,616
3,563
3,472
66.1
66.2
66.3
66.3
66.5
66.6
66.6
66.4
66.3
61.4
61.3
61.4
61.6
61.5
61.4
61.5
61.4
61.3
3
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.
3,401
3,383
3,321
3,179
3,163
3,208
3,485
4,210
2,737
2,305
2,232
1,983
64.0
64.0
64.4
64.8
65.3
'Data beginning January 1986 not strictly comparable with earlier data because of change in
estimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In September, the civilian unemployment rate fell to 7.5 percent and the overall unemployment rate fell to 7.4
percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
15
10
1988
1992
1988
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Unemployment
rate,
all
workers l
All
civilian
workers
1982
1983
1984
1985
1986
1987 ..
1988
1989 ....
1990
1991
9.5
9.5
7.4
7.1
6.9
6.1
5.4
5.2
5.4
6.6
9.7
9.6
7.5
7.2
7.0
6.2
5.5
5.3
5.5
6.7
6.1
5.4
4.8
4.5
4.9
6.3
6.6
6.2
5.4
4.9
4.7
4.8
5.7
1991:
Sept ....
Oct
Nov ....
Dec
6.7
6.8
6.8
7.0
6.8
6.9
6.9
7.1
6.5
6.5
6.4
6.6
5.6
5.8
5.9
6.1
1992:
Jan
Feb
Mar
Apr
May ....
June ...
July ....
Aug
Sept
7.0
7.2
7.2
7.1
7.4
7.7
7.6
7.5
7.4
7.1
7.3
7.3
7.2
7.5
7.8
7.7
7.6
7.5
6.9
7.0
6.9
6.8
7.3
7.4
7.2
7.3
7.1
5.9
6.1
6.1
6.3
6.1
6.4
6.5
6.5
6.3
Period
1
By sex and age
Men
20 years
and over
Women
20 years
and
over
8.8
8.9
6.6
6.2
8.3
8.1
6.8
Both
sexes
16-19
years
White
Black
and
other
Black
Experienced
wage and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
Fulltime
workers
Parttime
workers
10.5
10.4
9.3
9.3
9.1
8.4
7.6
7.3
7.4
Labor
force
time lost
(percent) 2
11.0
10.9
6.5
6.2
6.0
5.3
4.7
4.5
4.7
6.0
17.3
17.8
14.4
13.7
13.1
11.6
10.4
10.0
10.1
11.1
18.9
19.5
15.9
15.1
14.5
13.0
11.7
11.4
11.3
12.4
9.3
9.2
7.1
6.8
6.6
5.8
5.2
5.0
5.3
6.5
6.5
6.5
4.6
4.3
4.4
3.9
3.3
3.0
3.4
4.4
11.7
12.2
10.3
10.4
9.8
9.2
8.1
8.1
8.2
9.1
9.6
9.5
7.2
6.8
6.6
5.8
5.2
4.9
5.2
6.5
8.3
8.6
8.1
7.9
7.1
6.3
5.9
6.2
7.6
6.1
6.1
6.2
6.3
11.1
11.5
11.0
11.5
12.3
12.8
12.3
12.7
6.5
6.6
6.7
6.8
4.5
4.2
4.5
4.7
9.0
9.4
9.1
9.1
6.5
6.6
6.5
6.8
8.4
8.4
8.6
8.6
7.7
7.7
7.9
8.1
6.2
6.5
6.5
6.3
6.5
6.8
6.7
6.6
6.7
12.6
12.2
12.2
12.4
13.1
13.5
13.1
12.9
12.5
13.7
13.8
14.1
13.9
14.7
14.9
14.6
14.3
13.7
6.9
7.1
7.2
6.9
7.2
7.3
7.2
7.3
7.2
4.8
5.0
4.8
4.7
5.1
5.3
5.3
5.4
9.0
9.5
10.0
10.2
10.0
10.1
10.6
10.5
5.3
9.0
6.8
7.1
7.0
7.0
7.1
7.5
7.4
7.4
7.2
9.1
8.8
9.0
8.8
9.5
9.3
9.1
9.1
9.5
8.1
8.3
8.3
8.3
8.3
8.4
8.4
8.4
8.3
23.2
22.4
8.6
8.4
18.9
18.6
18.3
16.9
15.3
15.0
15.5
18.6
18.2
18.9
18.7
19.3
18.3
20.0
20.6
19.2
20.0
23.6
21.0
19.8
20.4
Unemployed as percent of tola! labor force including resident Armed Forces.
2
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
12
By selected groups
By race
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In September, the percentage of the unemployed who had been out of work for less than 5 weeks was unchanged,
the percentages for 5-14 weeks and for 27 weeks and over rose, and the percentage for 15-26 weeks fell. The
mean duration of unemployment rose to 18.3 weeks and the median duration rose to 9.4 weeks.
PERCENT DISTRIBUTION
70
PERCENT DISTRIBUTION*
70
DURATION OF UNEMPLOYMENT
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Ke ason for unemployment:
percent distribution
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
State
programs
Number of
weeks
Less
than
5
weeks
5-14
weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
46.1
40.1
39.0
38.2
38.1
37.1
36.8
33.3
36.0
35.9
36.4
35.6
34.8
34.0
34.0
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
32.0
32.3
32.7
32.1
31.5
31.0
29.5
31.7
29.1
30.2
27.8
27.8
28.3
29.5
30.2
16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
11.8
14.5
14.7
16.4
15.1
15.4
16.1
16.1
15.5
14.4
14.8
15.1
15.0
15.6
14.3
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
10.1
13.0
13.6
13.4
15.3
16.5
17.7
18.9
19.4
19.6
21.1
21.5
21.8
20.9
21.5
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.1
13.8
14.2
14.6
14.9
15.3
16.4
17.0
17.1
17.0
18.3
18.6
18.3
18.2
18.3
8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
5.4
6.9
7.4
7.4
7.7
7.8
8.1
8.2
8.0
8.8
9.0
8.7
8.5
8.9
9.4
Job
losers
Job
leavers
Reentrants
New
entrants
22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
27.4
24.8
23.8
24.2
24.6
24.4
26.4
23.5
24.0
23.1
22.7
22.8
23.4
23.4
23.7
11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.1
9.4
9.0
9.1
8.9
8.9
8.8
9.2
9.0
10.4
10.1
9.9
9.9
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 1
Weekly average, thousands
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991:
Sept
Oct
Nov
Dec
1992- Jan
Feb
Mar .
May
July
Sept
1
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
8,501
8,641
8,602
8,891
8,929
9,244
9,242
9,155
9,504
9,975
9,760
9,700
9,572
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFB), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
48.3
54.7
56.1
55.1
54.8
56.2
53.7
57.8
57.3
56.5
57.7
56.3
56.1
56.1
56.6
7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
14.8
11.6
11.0
11.4
11.5
10.3
11.0
9.8
9.9
11.3
10.5
10.4
10.4
10.7
9.9
4,061
3,396
2,476
2,611
2,650
2,332
2,081
2,158
2,522
3,342
3,267
3,273
3,313
3,317
3,349
3,324
3,340
3,348
3,328
3,249
3,327
3,185
3,185
583
438
377
396
378
328
310
330
388
447
415
418
448
464
446
452
440
412
407
415
420
409
406
4,594
3,775
2,561
2,693
2,746
2,401
2,135
2,205
2,575
3,407
2,795
2,795
2,846
3,565
4,197
4,199
4,102
r
3,626
3,193
3,141
3,118
3,115
2,804
Source Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey fell by 57,000 in September.
MILLIONS Of PERSONS* (ENLARGED SCALE)
30
MILLIONS OF PERSONS*
in
r""""'
00
=——-"
80
\
1
ALL N DNAGRICULT URAL
ES FABLISHMEN S
-
_
-
SER VICE-PRODU<:ING
INDUSTRIES
-
60
20
-
40
GOOI3S-PRODUCII-4G
1 vIDUSTRIES
30
20
•—
Mlll i
' 1988
X
\
I l l l l l l l l l l I l l l l l l l l l l mill
1991
1989
1990
1 992
'
' 1988
1990
1989
-1
imililiLL
'MMiliiin Mllllllil
l l l l l u i M>
1
1991
Illllllllll
1992
'
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; 1 seasonally adjusted]
Period
+ i
Total
nonagricultural
employment
Goods-producing industries
Service-producing industries
Manufacturing
Total
2
Construction
Total
Durable
goo s
Nondurable
goods
Total
Transportation
and
public
utilities
Wbolesale
trade
Retail
i
3
trade
Government
Finance,
insurance,
and real
estate
Services
Total
Federal
1982
1983
1984
1985
1986.
1987
1988
1989
1990
1991
89,566
90,200
94,496
97,519
99,525
102,200
105,536
108,329
109,782
108,310
23,813
23^334
24,727
24359
24,558
24J708
25,173
25,322
24',960
23,830
3,905
3*948
4,383
4*,673
4,816
4*,967
5,110
5,187
5433
4,685
18,781
18,434
19,378
19*.260
18,965
19J024
19,350
19,442
19,117
18,455
11,014
10*707
11,479
11,464
11,203
11*167
11,381
11,420
11,130
10,602
7,767
7,726
7,899
7,796
7,761
7,858
7,969
8 022
7,988
7,852
65,753
66,866
69,769
72,660
74,967
77,492
80,363
83,007
84,822
84,480
5,082
4,954
5,159
5,238
5,255
5372
5,527
5 644
5,808
5,772
5 296
5,286
5,574
5,736
5,774
5,865
6,055
6 221
6,200
6,069
15,161
15,595
16,526
17336
17,909
18,462
19,077
19,549
19,677
19,259
5,341
5468
5,689
5*955
6J283
6*,547
6,649
6,695
6^729
6,678
19,036
19,694
20,797
21,999
23,053
24*235
25,669
27,120
28,103
28,323
15,837
15369
16,024
16394
16,693
17*,010
17,386
17,779
18304
18,380
2,739
2J774
2,807
2J875
2,899
2,943
2,971
2,988
3*,085
2,966
1991: Sept ...
Oct ....
Nov ...
Dec ....
108,293
108,285
108,139
108,154
23,755
23,704
23,613
23,584
4,662
4,642
4,585
4,592
18,414
18,388
18,361
18,329
10,557
10,530
10,498
10,466
7,857
7,858
7,863
7,863
84,538
84,581
84,526
84,570
5,769
5,766
5,761
5,758
6,049
6,040
6,031
6,021
19,220
19,175
19,130
19,112
6,663
6,665
6,666
6,670
28,450
28,525
28,514
28,559
18,387
18,410
18,424
18,450
2,978
2,980
2,981
2,983
Jan ....
Feb ....
Mar ....
Apr ....
May....
June ..
July r..
Aug '..
Sept".
108,100
108,142
108,200
108,377
108,496
108,423
108,594
108,466
108,409
23,527
23,525
23,532
23,530
23,548
23,470
23,459
23,364
23,318
4,587
4,582
4,603
4,605
4,632
4,600
4,584
4,586
4,565
18,283
18,290
18,278
18,279
18,275
18,236
18,242
18,150
18,124
10,422
10,430
10,417
10,409
10,398
10,371
10,347
10,303
10,285
7,861
7,860
7,861
7,870
7,877
7,865
7,895
7,847
7,839
84,573
84,617
84,668
84,847
84,948
84,953
85,135
85,102
85,091
5,746
5,753
5,754
5,746
5,745
5,745
5,742
5,728
5,737
6,010
6,003
5,997
5,993
5,993
5,988
5,972
5,961
5,952
19,118
19,143
19,092
19,177
19,150
19,156
19,184
19,105
19,105
6,665
6,673
6,675
6,682
6,681
6,672
6,660
6,663
6,668
28,577
28,584
28,643
28,707
28,833
28,854
28,971
28,964
29,036
18,457
18,461
18,507
18,542
18,546
18,538
18,606
18,681
18,593
2,981
2,981
2,989
2,986
2,984
2,972
2,957
2,967
2,974
1992:
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed" persons, domestic servants, and personnel of the Armed Forces. Total derived
from this table not comparable with estimates of nonagrieultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes, bad
14
weather, etc., even if they &re not paid for the time off; and which are based on a sample of the
working-age population, whereas the estimates in this table are based on reports from employing
establishments.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY
EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross hourly earnings
Average weekly hours
Manufacturing
Total
private
nonagricultural '
Period
Total
Total private
nonagricuituraf
Overtime
Current
dollars
Average gross weekly earnings
Total private
nonagricultural '
J
1982
dollars "
Manufacturing
Current
dollars
1982
dollars 2
Current dollars
Manufacturing
Construction
Retail
trade
Percent change from a
year earlier, total
private
nonagricultura! "
Current
dollars
1982
dollars
34.8
35.0
35.2
34.9
34.8
34.8
34.1
34.6
34.5
34 3
Nov
Pec
1992- Jan
Feb
Mar
May
July '
Sept
p
2.3
3.0
3.4
3.3
3.4
3.7
3.9
3.8
3.6
3.6
$7.68
8.02
8.32
8.57
8.76
8,98
9.28
9.66
10.01
10.33
$7.68
7.79
7.80
7.77
7.81
7.73
7.69
7.64
7.52
7.45
$8.49
8.83
9,19
9.54
9.73
9.91
10.19
10.48
10.83
11.18
$267.26
280.70
292.86
299.09
304.85
312.50
322.02
334.24
345.35
354.32
$267.26
272,52
274.73
271.16
271.94
269.16
266.79
264.22
259,47
255,64
$330.26
354.08
374.03
386.37
396.01
406.31
418.81
429.68
441.86
455.03
$426.82
442.97
458.51
464.46
466.75
480.44
495.73
513.17
526.01
533.02
$163.83
171.13
174.47
174.81
175.80
178.80
183.62
188.72
194.40
198.77
4.7
5.0
4.3
2.1
1.9
2.5
3.0
3.8
3.3
2.6
-1.2
2.0
.8
-1.3
.3
-1.0
-.9
10
-1.8
-1.5
40.9
40.9
40.9
41.0
3.7
3.7
3.7
3.7
10.39
10.40
10.42
10.46
7.46
7.45
7.44
7.45
11.25
11.27
11.30
11.32
357.42
356.72
358.45
360.87
256.58
255.53
255.85
257.03
460.1.3
460.94
462.17
464.12
537.98
533.78
529.84
538.37
200.20
200.07
202.05
202.62
2.7
3.2
3.0
3.1
-.4
.5
.2
.4
34.3
34.6
34.5
34.3
34.6
34.3
34.3
34.6
34.3
1983
1984
1985
1986
1987
1988
1989
1990
1991
38.9
40.1
40.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7
34.4
34 3
34.4
34.5
1982
40.9
41.1
41.1
41.1
41.3
41.0
41.0
41.0
40.8
3.6
3.7
3.8
3.9
4.1
3.8
3.8
3.7
3.5
10.46
10.51
10.55
10.52
10.56
10.58
10.58
10.65
10.63
7.44
7.46
7.46
7.42
7.44
7.43
7.41
7.44
7.41
11.27
11.34
11.37
11.42
11.44
11.44
11.45
11.52
11.55
358.78
363.65
363.98
360.84
365.38
362.89
362.89
368.49
364.61
255.36
258.27
257.23
254.47
257.31
254.84
254.30
257.33
254.08
460.94
466.07
467.31
469.36
472.47
469.04
469.45
472.32
471.24
530.22
526.55
532.87
535.95
548.10
543.86
541.82
543.86
537.47
202.91
205.61
205.06
202.77
205.06
203.35
203.49
206.64
207.07
3.0
3.9
4.2
3.1
3.4
1.9
2.6
3.5
1.3
.6
1.1
1.2
.1
.6
-1.0
-.4
.4
-1.6
1
2
Also includes other private industry groups shown on p. 14,
Current dollar earnings divided by'the consumer price index for urban wage earners and clerical
workers (on a 1982=-100 base).
3
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 = 100)
Percent change from
3 months earlier
Period
Total
compensation
Wages and
salaries
Benefits 1
Total
compensation
Wages and
salaries
12 months earlier
Benefits 1
Total
compensation
Wages and
salaries
6.5
5.7
4.9
3.9
3.2
3.3
4.8
4.8
4.6
4.4
6.3
4.9
4.2
4.1
3.2
3.3
4.1
4.1
4.0
3.7
Benefits '
Not seasonally adjusted
1983- Dee
1984- Dec
1985- Dec
19871988198919901991-
Dec
Dec
Dec
Dec
Dec
71.4
76.7
81.7
84.6
87.5
90.5
96.7
102.6
109.4
116.2
75.8
80.1
84.0
87.3
90.1
93.1
97.6
102.3
107.0
111.7
77.6
81.4
84.8
88.3
91.1
94.1
98.0
102.0
106.1
110.0
98.9
99.9
101.2
102.4
103.8
105.0
106.2
107.2
108.5
109.7
110.8
111.9
99.1
100.0
101.1
102.2
103.3
104.4
105.4
106.2
107.3
108.4
109.2
110.1
98.2
99.9
101.5
103.0
105.2
106.7
108.3
109.9
111.4
113.2
115.1
116.7
113.0
113.7
114.6
111.0
111.5
112.1
118.4
119.4
121.3
1.2
1.1
1.2
.6
.6
.6
1.0
.8
.7
.6
1.4
1.3
1.4
.5
.6
1.0
1.0
1.2
1.0
.9
1.1
1.0
1.3
1.2
1.4
1.2
1.1
.9
1.2
1.1
1.0
1.0
1.0
.9
1.1
1.1
1.1
1.1
1.0
.8
1.0
1.0
.7
.8
1.2
1.7
1.6
1.5
2.1
1.4
1.5
1.5
1.4
1.6
1.7
1.4
4.6
4.5
4.8
4.8
5.2
5.2
4.9
4.6
4.4
4.4
4.5
4.4
4.2
4.1
4.3
4.1
4.2
4.5
4.2
4.0
4.0
3.7
3.7
3.7
5.4
5.6
6.0
6.1
7.2
6.9
6.8
6.6
5.8
6.2
6.4
6.2
1.0
.6
.8
.8
.5
.5
1.5
.8
1.6
4.2
3.7
3.4
3.4
3.0
2.7
6.3
5.5
5.2
1.3
1.3
1.3
.6
.7
.6
1.0
1.1
.6
Seasonally adjusted
1989- Mar
gept
Dec
1990- Mar
Dec
1991- Mar
gept
Dec
1992- Mar
gept
1
Employer costs for employee benefits.
NOTE. — The employment cost index is a measure of the change in the cc st of labor, free from the
influence of employment shifts among occupations and industries.
7.2
7.4
6.5
3.5
3.4
3.4
6.9
6.1
6.6
6.2
Not seasonally adjusted
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
60-253 -92-2
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Output '
Hours of all
persons 2
Compensation per
hour 3
Real compensation
per hour 4
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
98.8
100.0
100.7
100.4
101.0
104.0
103.7
103.7
102.2
102.2
102.6
93.1
100.0
101.5
103.3
106.5
109.5
112.2
116.0
120.9
127.3
133.1
93.1
100.0
101.5
103.4
106.8
109.9
112.8
116.4
121.4
127.9
133.7
94.5
100.0
103.4
107.7
111.2
113.6
116.6
120.8
126.1
131.2
136.2
94.2
100.0
104.0
107.6
111.6
114.2
117.2
121.4
126.5
131.8
137.0
100.6
100.4
100.6
102.2
105.3
104.8
104.3
100.6
100.3
100.5
101.6
104.9
104.2
103.6
101.0
102.1
104.3
108.0
111.6
113.6
117.8
101.0
101.8
104.4
108.4
112.1
114.2
118.0
101.1
104.8
109.0
112.4
114.6
117.9
122.8
101.4
105.2
109.0
112.9
115.2
118.5
123.4
102.7
103.0
102.7
103.6
103.4
102.9
102.8
103.5
103.7
103.7
104.0
103.7
101.9
102.2
121.4
122.9
124.5
126.0
128.4
130.3
131.8
133.0
133.7
133.7
133.8
134.0
121.9
123.4
125.1
126.6
129.1
130.9
132.4
133.7
134.3
134.5
134.6
134.8
126.7
127.8
127.1
128.2
129.6
131.1
132.5
134.1
135.7
136.6
137.5
138.3
139.1
139.8
8.6
7.4
'l.5
1.9
3.3
2.9
2.6
3.2
4.3
5.4
4.5
4.3
5.0
10.1
5.8
3.4
4.1
3.3
2.2
2.6
3.6
4.4
4.1
3.8
5.6
5.1
8.2
5.7
4.2
4.7
4.2
4.2
4.5
3.9
2.0
.6
.1
.6
4.8
3.2
2.3
1.6
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
99.9
100.0
102.2
104.6
106.1
108.3
109.4
110.4
109.5
109.7
109.7
99.9
100.0
102.4
104.5
105.4
107.5
108.3
109.2
108.2
108.2
108.3
102.4
100.0
104.1
112.6
116.7
119.9
124.8
130.1
132.3
132.7
129.8
102.4
100.0
104.4
113.0
116.8
120.1
125.0
130.6
132.7
132.9
130.0
102.5
100.0
101.8
107.6
109.9
110.7
114.1
117.9
120.9
120.9
118.3
102.5
100.0
102.0
108.1
110.8
111.8
115.4
119.5
122.7
122.9
120.1
93.0
100.0
103.7
108.1
113.0
118.6
122.7
128.0
132.3
139.7
146.0
93.0
100.0
103.9
108.1
112.6
118.1
122.1
127.2
131.3
138.4
144.8
98.7
100.0
100.5
100.4
101.3
104.4
104.3
104.4
103.0
103.1
103.4
IV
IV
IV
IV
IV
IV
IV
101.1
103.0
105.2
106.9
108.0
110.3
110.5
101.1
103.2
105.1
105.8
107.1
109.1
109.6
100.0
107.5
114.4
118.0
120.6
127.4
131.7
100.0
108.1
114.8
118.2
120.8
127.6
132.5
98.9
104.3
108.7
110.4
111.6
115.5
119.2
98.9
104.7
109.2
111.7
112.8
116.9
120.9
102.1
105.2
109.7
115.4
120.6
125.3
130.1
102.1
105.1
109.7
114.8
120.1
124.6
129.3
HI
IV
1990: I
109.2
109.3
109.5
110.2
109.8
109.5
109.1
109.4
109.9
110.7
111.8
112.2
108.0
108.1
132.3
132.3
132.7
132.7
122.9
122.8
108.0
108.6
108.1
108.0
133.1
133.7
132.5
131.3
129.2
129.5
130.0
130.6
131.4
131.9
133.5
134.0
132.7
131.5
129.4
129.7
130.2
130.7
131.5
132.1
121.1
121.0
121.6
121.3
120.7
119.9
118.4
118.3
118.3
118.0
117.5
117.6
132.7
134.4
136.3
139.0
141.0
142.7
143.7
145.5
146.8
148.1
149.6
150.4
131.6
133.3
135.0
137.6
139.6
141.5
142.6
144.4
145.7
146.8
148.2
149.2
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Implicit price
deflator s
Business
sector
Business
sector
Period
Unit labor costs
Business
sector
Nonfarm
business
sector
1982=100; quarterly data seasonally adjusted
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
n
in
rv
1991: I . .
n
m
IV
1992: I
II'
107.7
108.0
108.5
109.1
110.2
110.7
123.6
123.3
122.8
121.7
120.2
120.1
120.1
119.8
119.3
119.3
101.7
102.6
102.4
102.0
102.0
102.7
102.9
102.8
103.1
102.9
129.1
130.6
131.9
133.3
134.9
136.0
136.7
137.3
138.2
138.9
Percent change; quarterly data at seasonally adjusted annual rates
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991..
1989: HI
IV
1990: I ..
n
in
IV
1991:
I
II
Ill
IV
1992:
I
II*
1.3
.1
2.2
2.3
1.4
2.0
1.0
.9
-.8
.3
-.0
0.9
.1
2.4
2.1
.8
1.9
.8
.9
-1.0
.0
.1
-1.6
.3
.5
2.9
-1.6
-.9
-1.7
1.2
1.7
3.3
4.0
1.2
-.6
.4
1
-1.3
1.3
1.7
2.5
1.9
23
4.1
8.2
3.6
2.8
4.1
4.3
1.7
.2
-2.2
-.6
.1
2.6
1.8
-3.6
-3.5
-6.4
.9
1.6
2.0
3.8
2.0
2.3
1.6
-.4
2.5
-1.9
-.3
1.6
-2.4
4.4
8.2
3.4
2.8
4.1
4.4
1.7
.1
-2.2
-.3
.2
2.2
1.6
-3.7
-3.6
-6.1
.9
1.5
1.6
2.3
2.0
0.6
25
1.8
5.7
2.1
.7
3.1
3.3
2.6
-.0
-2.2
0.7
-2.4
2.0
6.0
2.5
.9
3.3
3.5
2.7
.1
-2.3
9.4
7.6
3.7
4.2
4.5
4.9
3.5
4.3
3.4
5.6
4.5
9.6
7.5
3.9
4.0
4.2
4.9
3.4
4.1
3.2
5.4
4.7
08
1.3
.5
-.1
.9
3.0
1
.1
14
2
'.3
-0.7
1.2
.7
-.3
.6
3.0
-.2
.0
15
-.0
.4
1.0
-.2
2.0
-1.0
-2.0
-2.6
-4.8
-.3
— .1
-1.2
.3
-.2
3.7
5.3
5.2
7.7
6.1
5.4
.1
1.1
.5
1.2
— 1.1
3.7
-1.0
-1.8
17
3.5
-.9
-1.4
-4.9
-.4
— .1
-.9
3.2
5.2
5.9
8.0
6.0
4.9
2.9
5.1
3.6
3.5
-.3
2.6
.9
— .1
— .1
2.7
1.0
-.5
8.0
7.4
1.5
1.9
3.0
2.8
2.5
3.3
4.2
5.3
4.5
4.9
4.9
5.4
5.0
7.8
5.8
4.7
3.9
1.9
.2
-1.5
-.0
4.1
2.0
1.3
-1.3
1.1
-.8
.1
.9
-1.6
.5
2.6
-.9
-1.9
-3.3
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.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price index for all urban consumers.
2
16
5
3.1
5.3
3.7
3.1
3.9
2.6
3.2
3.6
2.6
2.3
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore
differ slightly from percent changes based on indexes shown here.
'Data do not reflect GDP revisions of September 24, 1992.
Source: Department of Labor, Bureau of Labor Statistics.
10.1
6.1
4.0
3.5
3.7
2.4
2.6
3.6
4.2
4.2
4.0
3.3
3.5
4.2
4.7
4.5
4.8
4.9
2.7
2.7
2.2
2.4
2.2
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization fell in September.
INDEX, 1987 - 100* (RATIO SCALE)
INDEX, 1987= 100* (RATIO SCALE)
120
iao
TOTAL INDUSTRIAL PRODUCTION
/]y
120
110
_^-~-^^
1
100
,
mil Inn
| 1 1 1 1 1 I 1 E1 1
11111i 111 M
115
^
f^ \^s
s~^
105
<>*(
FINAL PRODUCTS
125
115
110
105
1 II ! ! 1 1 1 1 1 1
100
MANUFACTURING
y^„
^s"
v^
v
.~-_
i^
,r '
--^* ,~~'\
S
"
CONSUMEF
GOODS
.N.''"'\.
--..---^
DEFENSE
S.ND SPACE
QUIPMENT
90
-/-
\ T^
BUSINESS
EQUIPMEN r
\
95
7?=sr
^.
^- xC V^-^-^
\
"^
'N
85
\
NONDURABLE
80
1 1 1 1 1 1 ! 1 1 1;
1 11111111 11
1 M 11 111 111 1 1 11 1111[ 11
1 11E1 1! E 11 1
PERC:ENT*
CAPAC11Y UTILIZAT
(TOTAL 1 NDUSTRY)
r*-^\~~^~\_
•~-^
^X-
<s~^~~\
\
\S~\*s*.
p
iinilnii i
1988
IIMlhllM
iniilniii
1989
1990
| 1992
1991
[Monthly data seasonally adjusted]
Total
industrial
production
Period
Index,
1987 = 100
1981
1982
1983
1984
1985
..
1986
1987
1988
1989
1990
1991
.
1991' Sept
Oct
.
Dec
1992' Jan
Feb
Mar
.
July
r
A U ff
r
Sept p
1
Output as percent of capacity.
Industry production indexes, 1987—100
Capacity utilization
rate, percent 1
Manufacturing
Percent
change
from year
earlier
Mining
Durable
Total
Utilities
Nondurable
Total
industry
Manufacturing
85.7
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
109.2
107.1
1.9
-4.4
3.7
9.3
1.7
1.0
4.9
5.4
2.6
1.0
-1.9
80.3
76.6
80.9
89.3
91.6
94.3
100.0
105.8
108.9
109.9
107.5
77.4
72.7
76.8
88.4
91.8
93.9
100.0
107.6
110.9
111.6
107.1
84.5
82.5
87.0
90.8
91.5
94.9
100.0
103.6
106.4
107.8
107.9
114.3
109.3
104.8
111.9
109.0
101.0
100.0
101.8
100.5
102.6
101.1
94.3
91.8
93.6
97.0
99.5
96.3
100.0
104.4
107.1
108.0
109.2
80.9
75.0
75.8
81.1
80.3
79.2
81.4
84.0
84.2
83.0
79.4
78.8
72.8
74.9
80.4
79.5
79.0
81.4
83.9
83.9
82.3
78.2
108.4
108.4
108.1
107.4
-2.0
— 1.4
_ 2
.2
108.9
109.0
108.6
108.1
108.4
108.2
107.8
107.1
109.6
110.1
109.6
109.5
101.4
100.7
99.6
98.8
109.7
109.4
111.0
107.9
79.9
79.8
79.3
78.7
78.8
78.7
78.2
77.7
106.6
107.2
107.6
108.1
108.9
108.5
109.3
108.9
108.6
.0
1.4
2.5
2.5
2.3
1.1
1.1
.8
.2
107.4
108.1
108.5
109.0
109.9
109.6
110.1
109.8
109.4
105.8
107.0
107.0
107.6
109.1
108.5
109.0
109.0
108.2
109.5
109.6
110.4
110.7
110.9
111.0
111.6
110.9
110.8
97.8
98.4
97.5
99.1
99.7
98.0
100.6
99.3
98.1
106.8
106.4
107.7
108.2
107.3
106.7
109.3
108.2
111.0
78.0
78.3
78.4
78.7
79.1
78.6
79.1
78.7
78.4
77.0
77.4
77.5
77.7
78.2
77.8
78.0
77.7
77.2
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; monthly data seasonally adjusted]
Materials
Products
Intermediate products
Final products
Equipment
Consumer goods
Period
Total
Total
Total '
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Energy
84.5
88.8
92.8
93.7
96.8
100.0
104.0
106.7
107.3
107.5
68.7
79.7
91.0
91.6
94.5
100.0
104.9
107.9
106.2
102.3
89.7
91.9
93.4
94.4
97.6
100.0
103.7
106.4
107.6
109.0
77.0
76.8
89.2
94.8
94.5
100.0
107.6
112.3
115.5
112.2
72.9
71.9
85.4
91.1
93.2
100.0
111.8
119.1
123.1
121.5
65.7
71.8
78.9
89.4
96.0
100.0
98.0
97.4
97.3
91.1
75.1
80.3
86.2
88.3
92.0
100.0
104.4
106.8
107.7
103.4
72.2
80.2
86.2
89.1
93.8
100.0
104.4
106.1
105.2
96.0
77.0
80.3
86.2
87.7
90.7
100.0
104.4
107.3
109.4
108.4
85.1
88.3
96.6
96.6
95.9
100.0
105.6
107.4
107.8
105.5
100.7
98.9
103.8
103.4
99.4
100.0
101.8
101.4
102.1
102.3
. .
110.4
110.6
110.6
109.9
109.4
109.7
110.0
109.1
107.7
107.5
106.0
104.6
109.8
110.3
111.1
110.3
111.8
111.9
111.4
110.9
122.2
122.3
121.8
121.4
89.1
89.1
88.8
88.1
104.3
104.1
103.9
103.8
96.5
95.4
95.9
95.0
109.7
110.1
109.4
110.0
107.5
107.4
106.6
105.8
103.6
103.1
102.2
100.4
108.7
109.4
109.8
110.6
111.4
110.5
111.0
110.9
110.8
.
80.8
83.0
91.0
94.2
95.7
100.0
105.6
109.1
110.9
109.6
108.1
108.8
109.3
110.1
110.8
109.6
110.3
110.1
110.2
101.3
105.3
106.2
107.9
111.1
109.2
108.5
108.8
108.1
110.0
109.8
110.2
110.7
110.7
109.7
110.8
110.4
110.8
109.4
110.2
110.4
111.3
112.3
111.6
111.9
112.1
111.5
119.9
121.0
121.5
123.0
124.5
124.1
124.5
125.1
124.7
86.7
86.2
85.6
84.7
84.2
83.6
82.9
82.2
81.2
103.9
104.0
104.4
103.9
104.4
104.4
104.8
104.4
104.0
95.5
96.0
96.7
96.5
97.8
97.2
98.0
97.9
96.8
109.9
109.6
109.7
109.0
109.0
109.4
109.6
108.8
109.0
105.2
105.8
106.1
106.8
107.7
107.6
108.9
108.2
107.9
100.4
100.5
100.1
101.3
101.3
100.6
102.9
101.5
102.0
.
....
Sept
Oct .
Nov
Dec
...
1992: Jan
Feb . .
Mar
May
June r
July *
Sept p .
1
Nondurable
goods
.
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991:
Durable
goods
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987=100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Transportation
equipment
Primary metals
Period
Total
Iron
and
steel
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber and
products
Apparel
products
Printing
and
publishing
Chemicals
and
products
Foods
83.2
91.0
102.4
101.8
93.8
100.0
110.3
109.2
108.4
99.5
86.2
96.1
105.9
104.5
90.8
100.0
113.8
109.3
109.9
98.0
83.2
85.5
93.3
94.5
93.8
100.0
106.2
107.2
105.9
100.4
63.9
64.3
80.8
86.8
90.4
100.0
113.8
121.8
126.5
123.5
75.9
80.3
94.1
93.1
94.3
100.0
106.5
109.5
111.4
110.1
64.8
72.7
83.1
91.8
96.9
100.0
105.0
107.2
105.5
98.6
58.8
74.5
90.6
99.0
98.5
100.0
105.5
104.9
96.8
90.4
67.3
79.9
86.0
88.0
95.1
100.0
104.6
103.0
101.6
94.2
90.1
93.8
95.7
92.6
96.3
100.0
102.2
104.3
98.8
96.2
75.2
79.0
84.5
87.6
90.7
100.0
103.6
108.5
111.9
112.3
81.8
87.5
91.4
91.4
94.6
100.0
105.4
108.5
110.3
110.9
87.7
90.1
92.1
94.9
97.4
100.0
102.8
105.5
107.6
108.6
Sept
Oct
Nov
Dec
102.3
102.6
103.5
101.3
100.8
102.4
105.6
101.7
101.9
101.9
101.8
101.2
123.1
123.5
122.8
121.9
111.0
109.8
110.7
110.6
102.2
102.4
99.7
98.0
99.5
100.4
95.9
94.6
95.2
93.8
96.4
95.2
98.1
98.7
98.8
99.0
113.3
114.4
114.2
114.5
112.6
113.5
113.0
112.6
109.5
109.4
110.1
109.6
1992: Jan
Feb
Mar
102.5
102.7
101.4
100.9
102.0
102.1
105.6
104.8
103.1
105.0
103.7
102.5
100.9
102.2
101.8
106.4
105.5
103.3
99.7
100.5
100.0
100.6
102.2
102.2
102.4
101.7
100.3
121.4
121.9
122.9
124.1
126.7
126.4
127.9
128.6
128.9
110.0
110.7
110.9
111.0
112.3
112.2
112.6
113.1
112.7
93.8
96.8
96.5
98.0
99.6
98.2
96.6
96.5
95.3
87.1
93.8
94.2
98.5
102.7
100.4
97.7
99.2
98.3
97.4
98.8
99.2
97.2
97.4
95.4
99.3
98.1
96.6
97.5
97.7
97.8
98.0
99.0
98.1
99.3
97.7
96.5
114.8
114.4
113.8
113.7
113.4
113.0
112.3
112.3
112.2
112.7
113.4
114.8
115.8
117.0
117.5
117.4
117.2
116.7
109.2
109.6
110.2
109.6
109.3
109.0
110.2
110.4
110.5
1982
1983
1984
1985 .
1986
1987
1988
1989
1990 .
1991
1991:
May
July '
....
Sept "
Source: Board of Governors of the Federal Reserve System.
18
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Private
Period
Total new
construction
expenditures
Construction contracts
Residential
Total
New housing
units
Total '
Commercial
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(1987 = 100)
z
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1983
1984
1985
1986
1987
1988
iggg
1990
1991
294.9
348.8
377.4
407.7
419.4
432.3
443.4
442.1
401.0
231.5
278.6
299.5
323.1
328.7
337.5
345.3
334.2
290.7
125.5
153.8
158.5
187.1
194.7
198.1
196.6
182.9
157.8
57.7
74.0
89.8
84.4
84.0
88.0
94.3
96.4
77.0
94.6
113.8
114.7
133.2
139.9
138.9
139.2
128.0
110.6
48.2
50.8
51.3
51.6
50.1
51.5
54.5
54.9
55.8
63.5
70.2
77.8
84.6
90.6
94.8
98.1
107.9
110.2
75
83
91
96
100
101
105
95
90
113.1
112.4
114.4
112.9
111.4
314.6
117.0
120.4
117.8
121.0
114.5
119.4
119.6
r
Annual rates
404.8
406.0
406.1
401.2
398.7
1991' Aug
Oct
Nov
Dec
1992- Jan
Feb
Mar
407.3
411.8
421.5
427.6
428.0
426.7
427.5
424.0
May '
July r
Aug "
Sept"
1
2
3
291.8
293.6
291.7
288.3
287.4
292.5
294.8
301.1
309.8
307.0
312.2
308.1
304.4
161.5
164.2
164.7
164.5
164.1
169.5
169.8
172.7
182.6
182.9
184.6
183.2
186.8
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
756
955
1,097
1,016
1,019
973
961
783
545
Annual rates
74.0
72.9
70.1
67.4
67.3
65.8
66.7
69.1
65.9
63.6
66.8
63.1
55.9
114.4
117.1
117.5
118.0
118.3
122.0
123.3
125.9
128.8
128.1
128.7
127.5
130.2
56.3
56.5
56.9
56.4
56.0
57.2
58.3
59.4
61.2
60.5
60.7
61.8
61.8
93
90
98
r
81
98
96
102
98
98
89
93
91
91
89
r
507
408
625
474
479
472
563
497
499
423
525
482
515
438
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
:ny, F.W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private housing units
Units started, by type of structure
Period
Total
1 unit
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
1,053
1,020
1,085
1,085
1,118
1,180
1,257
1,340
1,086
1,196
1,147
1,100
1,239
1,256
881
864
887
907
972
989
1,109
1,068
933
1,019
999
956
1,058
1,071
2-4 units
80.0
113.5
121.4
93.4
84.0
65.3
58.8
55.2
37.5
35.6
5 or more units
319.6
522.0
544.0
576.1
542.0
408.7
348.0
317.6
260.4
137.9
New private homes
Units
authorized
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
Units
completed
Homes sold
Homes for
sale at end of
period 1
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
412
623
639
688
750
671
676
650
534
509
253
301
353
346
357
366
368
365
321
283
1,051
1,193
1,073
1,021
1,021
1,043
1,097
1,127
1,067
1,204
'1,184
1,221
1,132
522
499
526
578
578
667
627
555
546
r
554
r
583
613
623
617
292
292
289
286
283
281
269
277
274
272
r
272
271
268
267
Vacancy rate
for rental
housing units
(percent) 2
5.3
5.7
5.9
6.5
7.3
7.7
7.7
7.4
7.2
7.4
Seasonally adjusted annu al rates
1991- Aug
Oct
Nov
Dec
1992' Jan
Feb
Mar
Anr
May
July '
Aug r
Sept P
1
2
..
...
41
28
49
33
46
28
24
53
27
33
40
25
31
31
Seasonally adjusted.
Quarterly data entered in la,st month of quarter. Series I ipnning 1989 not comparable with
earlier data.
131
128
149
145
100
163
124
219
126
144
108
119
150
154
940
974
994
979
1,073
1,106
1,146
1,094
1,058
1,054
1,032
1,080
1,076
1,125
7.6
7.3
7.4
7.7
7.3
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In August, manufacturing and trade sales fell 1.2 percent and inventories rose $2.7 billion. In September,
according to advance data, retail sales rose 0.3 percent, following a slight decline in August.
BILLIONS OF DOLLARS * (RATIO SCALE]
BILLIONS OF DOLLARS * (RATIO SCALE]
1,000
300
900
250
800
700
MANUFACTURING AND
TRADE INVENTORIES
• RETAIL INVENTORIES -
200
600
500
150
MANUFACTURING
AND TRADE SALES
RETAIL SALES
400
100
300
RATIO
1.80
INVENTORY-SALES RATIO
RETAIL
1.70
1.60
1.50
1.40
I I 1 1 11 i I I I I
1988
1.30
1990
COUNCIL OF ECONOMIC ADVISERS
Manufacturing and
trade '
Wholesale
Sales
Period
Sales
2
Inventories 3
Sales
2
Inventories 3
Inventory-sales ratio 4
Retail
Total
2
Durable
goods
stores
Inventories
Nondurable goods
stores
Total
3
Durable
goods
stores
Nondurable goods
stores
61,316
68,856
79,074
88,315
89,983
105,481
111,892
120,138
119,331
117,454
114,554
116,582
117,293
116,873
117,454
115,918
117,259
119,827
122,884
122,694
123,198
124,421
124,572
73,312
78,977
88,738
93,566
96,527
102,355
107,382
117,461
120,886
125,708
121,623
122,260
123,453
124,006
125,708
125,068
124,679
124,461
125,108
124,655
125,615
126,961
126,277
Manufacturing
and
Retail
trade '
Millions of dollars, seasonally adjusted, except as noted
1982
1983
1984
1985
1986 .
1987
1988
1989
1990
1991
1991: A u g r
Sept
Oct
Nov
Dec
1992: Jan
Feb
Mar
May
June
July *
Aug»
Sept"
348,771
370,501
411,427
423,940
431,786
459,107
496,334
522,344
540,788
533,838
536,825
r
539,241
541,247
540,382
531,919
536,977
544,017
545,424
547,081
546,145
554,363
559,701
552,727
575,486
591,858
651,527
665,837
664,654
711,745
767,387
813,018
835,985
828,184
819,684
822,401
824,672
825,505
828,184
824,150
824,609
826,204
828,630
828,032
831,872
835,373
838,113
96,357
100,440
113,502
114,816
116,326
124,340
135,254
144,039
149,204
145,135
145,214
146,103
145,766
145,310
144,909
145,922
146,366
146,867
146,947
145,555
148,129
151,701
150,780
129,024
131,663
144,223
149,155
155,445
165,814
180,717
188,635
196,917
198,979
195,607
194,007
195,371
196,347
198,979
198,730
199,416
198,677
198,432
197,397
200,205
200,500
201,653
89,062
97,514
107,243
114,586
120,803
128,442
137,539
145,580
152,126
153,562
153,767
T
154,302
154,569
154,092
154,280
157,808
159,753
157,873
158,385
159,111
158,982
160,784
r
160,722
161,130
27,966
32,571
37,873
41,510
45,057
47,989
52,219
54,329
55,065
54,413
54,215
r
55, 154
55,450
54,722
55,406
56,919
57,961
57,122
57,442
57,643
57,686
58,580
r
58,269
58,742
1
3
2
4
See page 21 for manufacturing.
Annual data are average of monthly not season ly adjusted figures; monthly data are seasonaily adjusted total for month.
61,097
64,943
69,369
73,075
75,746
80,453
85,320
91,252
97,061
99,149
99,552
r
99,148
99,119
99,370
98,874
100,889
101,792
100,751
100,943
101,468
101,296
102,204
r
102,453
102,388
134,628
147,833
167,812
181,881
186,510
207,836
219,274
237,599
240,217
243,162
236,177
238,842
240,746
240,879
243,162
240,986
241,938
244,288
247,992
247,349
248,813
251,382
250,849
Seasonally adjusted, end of period.
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
20
1.67
1.56
1.53
1.55
1.55
1.50
1.50
1.53
1.53
1.55
1.53
1.53
1.52
1.53
1.56
1.53
1.52
1.51
1.51
1.52
1.50
1.49
1.52
1.49
1.44
1.49
1.52
1.56
1.55
1.55
1.59
1.57
1.55
1.54
1.55
1.56
1.56
1.58
1.53
1.51
1.55
1.57
1.55
1.57
1.56
1.56
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In August, manufacturers' shipments and new and unfilled orders fell, while inventories rose. In September,
according to advance data, manufacturers' durable goods shipments rose and new orders fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
280
SHIPMENTS
-, —'•—v
240
'
^
440
\
200
360
TOTAL
^==
TOTA L
280
\
4
'
\
S.BLE GOODS
160
"*
\
"*
200
"" «— -~ — **
DURABLE GOODS
\
NON DURABLE GO ODS
160
1 1 1 1 1 1 1 1 I M 1 1 1 Illlllll
| 11111M! 11
ii nil inn mll
\
.— — —
120
l
N DNDURABLE 3OODS
80
BIUIONS OF DOLLARS*
(RATIO SCALE)
NEW ORDERS
60
-•
'
"-
~^^
"\
,
TOTAL
RATIO*
\
* ~ * * _. ^
120
/ N * ~ - ^j
-— — -^
-- —
II 1 1 ll 1 1 1 II
II II ll 1 1 III
DURABLE GOODS
"
,\
INVENTORY-SHIPMENTS
RATIO
2.00
\"
\
r^iin
iiii
1.80
NONDURABLE GOODS
^
1.60
1.40
Inn
Illllllllll Illllllllll
1989
1988
1990
IMIlllllll
1
1991
1.20
Illllllllll 1 11 11 1 1 1 1 1
1992
1989
1988
rv
S/N/1
1991
1990
-
|m
1992
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments '
Manufacturers' new orders 1
Manufacturers' inventories 2
Durable goods
Period
Total
Durable
goods
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Total
Total
Capita!
goods
industries,
non-defense
Nondurable
goods
Manufacturers'
unfilled
orders 2
Manufacturers'
inventory —
shipments
ratio 3
Millions of dollars, seasonally adjusted, except as noted
1983
1984
1985
1986 ....
1987
1988
1989
1990
1991
...
163,351
172,547
190,682
194,538
194,657
206,326
223,541
232,724
239,459
235,142
79,212
85,481
97,940
101,279
103,238
108,128
117,993
121,703
122,387
118,548
84,139
87,066
92,742
93,259
91,419
98,198
105,549
111,022
117,072
116,593
311,834
312,362
339,492
334,801
322,699
338,095
367,396
386,784
398,851
386,043
200,423
199,831
221,304
218,211
212,027
220,786
241,356
255,911
259,746
246,966
111,411
112,531
118,188
116,590
110,672
117,309
126,040
130,873
139,105
139,077
162,140
175,451
192,879
195,706
195,204
209,389
227,026
235,905
240,417
233,774
78,064
88,140
100,164
102,356
103,647
110,809
121,445
124,906
123,324
117,063
19,213
19,624
23,669
24,545
23,983
26,095
30,729
32,725
32,227
29,862
84,077
87,311
92,715
93,351
91,557
98,579
105,581
110,999
117,093
116,712
311,889
347,272
373,524
387,087
393,403
430,287
471,942
510,112
521,811
505,631
1.95
1.78
1.73
1.73
1.68
1.59
1.58
1.64
1.65
1.67
1991: Aug
Sept
Oct
Nov ..
Dec
237,844
238,836
240,912
240,980
232,730
121,021
121,958
122,771
122,814
116,869
116,823
116,878
118,141
118,166
115,861
387,900
389,552
388,555
388,279
386,043
250,520
251,319
249,738
249,202
246,966
137,380
138,233
138,817
139,077
139,077
239,750
233,703
238,542
238,680
229,924
122,630
116,528
120,227
120,344
113,920
29,462
28,762
29,452
33,067
26,968
117,120
117,175
118,315
118,336
116,004
518,240
513,107
510,737
508,436
505,631
1.63
1.63
1.61
1.61
1.66
1992-
233,247
237,898
240,684
241,749
241,479
247,252
247,216
241,225
118,698
121,991
123,503
123,483
122,344
125,831
124,789
•"123,322
125 006
114,549
115,907
117,181
118,266
119,135
121,421
122,427
117,903
384,434
383,255
383,239
382,206
383,286
382,854
383,491
385,611
245,754
244,395
243,787
242,512
242,447
241,891
241,258
242,021
138,680
138,860
139,452
139,694
140,839
140,963
142,233
143,590
232,467
233,388
237,606
240,771
238,696
244,542
242,307
237,189
118,011
117,750
120,187
122,393
119,808
123,164
119,861
' 119,337
118,878
30,093
29,463
32,163
29,901
30,469
30,953
29,296
r
28,158
29,318
114,456
115,638
117,419
118,378
118,888
121,378
122,446
117,852
504,851
500,341
497,263
496,285
493,502
490,792
485,883
481,847
1.65
1.61
1.59
1.58
1.59
1.55
1.55
1.60
1982
Jan
Feb
Mar
Apr
Mav
July r
Aug"
Sept"
1
Annual data are average of monthly not seasonally adjusted figures; monthly data are seasonally adjusted total 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 September, the producer price index for all finished goods rose 0.3 percent. Prices of finished consumer foods
rose 0.4
percent and prices of other finished consumer goods fell 0.1
percent. Capital equipment
prices were
unchanged.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
SEASONALLY ADJUSTED
FINISHED GOODS PRICES
130
130
CONSUMER FOODS
120
120
CAPITAL EQUIPMENT
110
110
TOTAL
• CONSUMER GOODS
EXCLUDING FOODS
100
I I II I I I I I I I I I I I I I I I I I I
1984
1985
90
1986
i I I i i I I M II
1987
100
I IIIIIIIII I IIIIIIIIII IIIIIIIIIII I IIIIIIIIII IIIIIIIIIII
1989
1992
1991
1988
1990
90
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
..
1986
1987
1988
1989
1990
1991
1991- Sept
Oct
Nov
Dec
1992: Jan
Feb
Mar
May r
T J
Aue
Sept
1
100.0
101.6
103.7
104.7
103.2
105.4
108.0
113.6
119.2
121.7
121.8
122.1
122.2
122.1
121.9
122.2
122.4
122.8
123.1
123.3
123.4
123.5
123.9
100.0
100.5
101.1
101.7
93.3
94.9
97.3
103.8
111.5
115.0
115.3
116.1
116.2
115.8
114.9
115.2
115.6
116.4
117.5
118.1
118.1
117.7
118.4
100.0
102.8
105.2
107.5
109.7
111.7
114.3
118.8
122.9
126.7
127.1
127.3
127.5
127.7
128.3
128.4
128.8
129.1
129.2
129.1
129.3
129.4
129.4
100.0
101.3
103.3
103.8
101.4
103.6
106.2
112.1
118.2
120.5
120.4
120.8
120.9
120.7
120.2
120.6
120.8
121.1
121.6
121.9
121.9
122.0
122.5
Total
100.0
101.0
105.4
104.6
107.3
109.5
112.6
118.7
124.4
124.2
123.3
123.3
123.1
123.0
122.5
123.7
123.1
122.7
122.5
122.6
122.6
123.4
123.9
100.0
101.8
103.2
104.6
101.9
104.0
106.5
111.8
117.4
120.9
121.2
121.7
121.9
121.7
121.6
121.7
122.2
122.7
123.2
123.3
123.6
123.0
122.8
Intermediate materials for food manufacturing and feeds.
22
Total
finished
consumer
goods
Consumer goods
Total
1982
1983
1984
1985
Nondurable
Capital
equipment
Consumer
foods
100.0
101.2
102.2
103.3
98.5
100.7
103.1
108.9
115.3
118.7
119.0
119.6
119.8
119.5
119.0
119.2
119.6
120.2
120.9
121.2
121.4
120.9
120.8
Durable
100.0
102.8
104.5
106.5
108.9
111.5
113.8
117.6
120.4
123.9
124.3
124.4
124.6
124.7
125.4
125.2
125.8
125.9
125.8
125.6
125.9
126.2
126.1
Crude materials
Foodstuffs
Foods
Total
and
Other
Total
and
Other
feeds '
stuffs
100.0
100.6
103.1
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.3
114.0
114.0
113.9
113.2
113.7
113.8
114.0
114.5
115.2
115.2
115.2
115.4
100.0
103.6
105.7
97.3
96.2
99.2
109.5
113.8
113.3
111.1
110.8
111.7
112.0
111.9
110.8
112.1
111.6
111.2
111.3
111.7
109.5
109.3
110.2
100.0
100.5
103.0
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.5
114.2
114.1
114.0
113.3
113.8
114.0
114.1
114.6
115.4
115.5
115.5
115.6
Source: Department of Labor, Bureau of Labor Statistics.
100.0
101.3
103.5
95.8
87.7
93.7
96.0
103.1
108.9
101.2
98.4
100.5
100.4
98.3
97.3
99.0
97.3
98.3
100.0
101.1
101.1
101.0
102.6
100.0
101.8
104.7
94.8
93.2
96.2
106.1
111.2
113.1
105.5
104.2
104.2
103.5
102.9
104.8
106.9
105.8
104.5
105.6
106.2
104.4
104.0
104.6
100.0
100.7
102.2
96.9
81.6
87.9
85.5
93.4
101.5
94.6
91.1
94.2
94.5
91.6
88.8
90.2
88.1
90.5
92.6
94.0
95.1
95.3
97.4
CONSUMER PRICES—ALL URBAN CONSUMERS
In September, the consumer price index for all urban consumers rose 0.2 percent, seasonally adjusted (0.3 percent
not seasonally adjusted). The index was 3.0 percent above its year-earlier level.
INDEX, 1982-84 - 100 (RATIO SCALE)
150
INDEX, 1982-84 » 100 (RATIO SCALE)
150
CONSUMER PRICES—ALL ITEMS
COUNCIL OF ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
All items *
Transportation
Housing
Shelter
Not
Period
seasonally
adjust-
„
eflj
(NBA)
Season-
Sept
137.2
137.4
137.8
137.9
137.1
138.1
138.6
139.3
139.5
139.7
140.2
140.5
140.9
141.3
July
Aug
Sept
ers'
Total '
Total
ed
1000
June
Food
ally
adjust-
Rel. imp.3
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991:
Oct
Nov
Dec
1992:
Jan
Feb
Mar
Apr
r
May
Rentcosts
(Dec.
1982 =
100)
All
owners'
Maintenance
costs
and
(Dec.
1982 =
100)
repairs
Medi-
Appar-
and
el and
other
utilities
upkeep
7.3
94.9
100.2
104.8
106.5
104.1
103.0
104.4
107.8
111.6
115.3
6.1
97.8
100.2
102.1
105.0
105.9
110.6
115.4
118.6
124.1
128.7
97.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
120.5
123.8
4.1
97.4
99.9
102.8
106.1
110.6
114.6
116.9
119.2
121.0
125.3
Total '
27.9
96.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
140.0
146.3
103.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
155.6
102.5
107.3
113.1
119.4
124.8
131.1
137.3
144.6
150.2
0.2
96.4
99.9
103.7
106.5
107.9
111.8
114.7
118.0
122.2
126.3
137.4
137.9
138.2
136.5
136.4
137.0
137.4
134.2
134.6
135.0
135.4
146.9
147.4
147.9
148.4
155.8
156.3
156.6
157.3
151.1
151.6
152.1
152.7
126.8
126.6
127.6
128.1
115.7
116.2
116.8
116.8
130.0
130.3
131.1
129.6
124.2
124.0
124.5
124.8
138.3
138.7
139.4
139.7
139.9
140.3
140.5
140.9
141.2
136.8
137.2
137.9
137.8
137.3
137.5
137.3
138.5
139.1
135.7
136.0
136.5
136.7
136.9
137.5
137.6
137.8
137.9
149.1
149.5
15o!o
150.2
150.4
151.1
151.1
151.4
151.4
158.4
158.9
158.5
158.9
159.5
160.4
160.2
160.5
161.3
153.2
153.6
154.5
154.6
154.7
155.3
155.5
155.7
155.5
128.0
128.3
128.4
128.0
128.1
128.5
128.8
128.1
128.5
116.4
115.9
116.4
116.9
117.1
117.5
117.9
118.5
118.6
130.0
131.9
132.7
131.8
132.3
132.0
131.8
131.8
132.1
124.4
124.2
125.1
125.7
126.1
126.7
127.3
127.2
127.2
19.7
cars
Motor
fuel
cal
care
gy 2
items
less
food
and
(NSA)
41.5
96.9
99.5
103.6
107.7
110.9
114.2
118.5
123.0
128.5
133.6
8.0
New
Ener-
energy
16.0
97.4
99.4
103.2
105.6
109.0
113.5
118.2
125.1
132.4
136.3
96.5
99.6
103.9
107.6
109 6
113.6
118.3
124.0
1307
136 2
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
also included through 1982.
3
Relative importance, December 1991.
Fuel
Home-
17.0
80.9
88.5
101.2
99.4
6.7
92.5
100.6
106.8
113.5
122.0
130.1
138.6
149.3
162.8
177.0
7.4
99.2
99.9
100.9
101.6
88.2
88.6
89.3
94.3
102.1
102.5
76.6
95.8
99.6
104.6
109.1
113.5
118.2
123.4
129.0
135.5
142.1
126.3
126.2
126.3
126.5
97.9
97.3
98.2
98.5
180.0
181.1
182.0
183.3
101.4
101.4
102.2
102.3
143.6
143.9
144.4
144.7
126.6
126.7
127.2
127.8
128.0
128.5
128.6
129.1
129.6
96.3
95.7
96.6
96.8
97.9
101.0
101.7
184.5
186.0
100.8
99.9
187^0
100^5
188.0
189.0
189.8
190.8
191.6
192.6
100.9
101.5
103.5
103.8
103.6
103.6
145.1
145.7
146.4
146.8
147.1
147.4
147.7
148.0
148.3
3.3
102.8
99.4
97.9
98.7
77.1
80.2
100^4
99.8
NOTE. — Data beginning 1983 incorporate a rental equivalence measur for homeownership costs
and therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 and' 1988 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Change from preceding period
Period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Total
finished
goods
Excluding
foods
Foods
Capital
equipment
Tola
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
3.6
.6
1.7
1.8
-2,3
2.2
4.0
4.9
5.7
— .1
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
2.0
2.3
3.5
.6
2.8
2
5.7
5.2
2.6
— 1.5
4.2
-.9
.8
2.1
-6.6
4.1
3.1
5.3
8.7
-.7
3.9
4.1
1.6
2.1
1.0
-1.4
2.1
2.5
5.2
49
2.0
1.8
2.7
2.1
1.3
3.6
3.8
3.4
2.5
2.1
Change, month to month
1991- Sept
Oct
-0.1
0
0,2
,2
.1
Nov
1992- Jan
Peb
-
— .4
1.0
-.5
-.2
.2
.2
.3
.2
.2
.1
.1
.3
Mar
Mav '
July
Sept
2
o
__2
.1
0
.7
.4
0.6
".5
.2
3
0.2
.2
2
.2
— .4
.2
.3
.5
.6
2
.2
-.4
-.1
.5
.1
.3
.2
.1
— .1
2
.1
0
-4.4
-2.2
-1.0
-1.0
1.3
3.0
2.3
1.0
— .7
0
1.0
3.0
3.0
3.0
2.0
1.3
2.0
4.1
6.6
-2.0
-2.0
.3
4.1
5.8
5.5
4.1
0
-1.3
-2.6
2.0
.3
.7
-3.8
-1.6
-.3
3.0
4.3
3.2
2.9
3.5
2.5
2.5
.9
.6
.6
.9
-2.7
2.4
3.3
2.9
2.9
1.4
1.8
1.4
1.6
.8
-.1
5
-.1
-2.4
.5
-.3
-1.0
-1.0
-.6
.2
-.5
1.3
2.2
1.5
1.0
1.0
1.8
2.9
4.1
2.9
2.0
2.4
2.4
2.7
2.8
2.7
2.2
1.6
1.6
.9
-.4
.6
1.1
1.1
1.1
1.5
1.7
1.5
1.6
-2.5
-3.2
-3.0
.0
2
5.2
1.7
1.3
1.6
1.9
1.9
.2
2
.0
.1
.5
2.0
2.5
2.1
2.5
.0
9
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Transportat on
Housing
Shelter
Period
All
items 1
Food
Total i
Total '
Renters'
costs
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
New
cars
Total '
Motor
fuel
Medical
care
Energy2
All
items
less
food
and
energy
Addendum: All items, percent change
(annua rate)
previous
quarter 3
From
3
months
From
6
months
earlier
From
earlier
NSA
Change, December to December, NSA
1.6
2.9
2.0
2.8
.9
4.8
4.7
1.0
5.1
3.4
1.5 -6.5
3.4 — 1.7
2.5 -2.4
3.4
3.1
5.9 -30.7
18.7
1.8
2.1 -2.1
6.8
2.3
1.4
36.5
3.3 -16.0
3.1
2.7
3.8
2.6
3.8
3.5
5.2
5.6
5.3
1.9
3.6
3.5
4.3
4.3
1.7
3.7
4.0
3.9
4.5
3.4
2.4
4.7
5.2
6.0
4.6
4.8
4.5
4.9
5.2
3.9
5.1
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.2
4.5
5.1
5.9
4.6
5.3
4.7
5.1
4.7
3.7
Sept
Oct
Nov
Dec
0.4
.2
.4
.2
0.1
-.1
.4
.3
0.3
.3
.3
.3
0.4
.3
.2
.4
0.4
.3
.3
.4
0.3
.4
.5
0
0.6
.2
.6
— 1.1
2
.4
2
.1
.3
.5
2
.1
.3
.1
.3
.2
-.4
.3
.5
-.1
— .4
.1
1
.9
.4
.5
.3
.3
.1
.1
.5
0
2
0
.7
.3
-.3
.3
.4
.6
— .1
2
.5
.3
.3
.6
.1
.1
.4
.1
.1
-.1
-.3
— .4
.4
.4
_2
,3
.3
.5
.1
.3
1.5
.6
-.7
.4
-.2
2
0
— .3
-.2
.7
.5
.3
.5
.5
-.1
0
1986
1987
1988
1989
1990
1991
9.7
1.8
4.2
1.8
-5.6
1.6
2.9
3.2
4.0
2.9
6.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
7.9
1.3
5
_2
1.8
-19.7
8.2
.5
5.1
18.1
-7.4
4.5
48
4.7
43
-0.1
-.6
.9
.3
0.6
.6
.5
.7
0.2
0
.8
.1
0.4
.2
.3
.2
.1
.1
.4
.5
.2
.4
.1
.4
.4
0
1992: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
0.3
.3
.3
.3
2
.2
.4
.1
.1
.4
.1
.1
.1
1982
1983
1984
1985
11.0
0.3
— .1
.1
.2
1.8
3.9
3.1
2.6
-5.9
6.1
3.0
4.0
10.4
-1.5
3.8
3.8
3.9
3.8
1.1
4.4
4.4
4.6
6.1
3.1
22
-.6
.9
2
1.1
3.2
.7
-1.3
-.6
.7
.8
.5
.5
.5
.4
.5
.4
.5
— 1.5
-.9
.6
.4
.6
2.0
.3
.3
.4
.5
.3
.2
2
.2
2
6.2
3.2
4.3
3.6
19
3.6
4.1
4.8
5.4
4.2
3.8
4.2
4.7
4.4
5.2
4.4
Chs nge, month to month
1991:
9
3
etc.—and motor fuel. Motor oil, coolant, etc.,
24
o
0
9
2.7
3.6
2.9
3.5
2.6
Quarterly changes are shown in the last mouth of the quarter
Source: Department of Labor, Bureau of Labor Statistics.
3.0
3.6
3.9
3.2
3.0
3.0
3.3
3.1
3.4
2.9
3.0
3.1
2.6
2.3
3.5
4.1
3.5
2.6
2.3
2.9
2.6
3.1
3.1
3.4
3.4
2.9
3.1
3.2
3.2
2.6
2.6
2.8
3.2
3.2
3.0
3.1
3.2
3.1
3.0
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in October were unchanged from their September 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)
180
180
"
^~'~^
160
160
140
~T~\
^S
^
120
-X
PRICES PAID
^-N
~
^
/^
f^^
140
\
J
X-^^
J^-
120
\
PRICES RECEIVE D
100
100
80
1 1 ii 1 1 1 1 1 1 1
1 M
I I I I I I I I II
1
1 1 1
1 M
1 1 1 M
1 1 1
I I I I I 1 I I I II
M
1 1 1 1 1 1 M
1
1
1 1 I I
80
RA TIO-!/
140
RATIC3J/
140
120
120
RATIO
-
100
100
- /
80
_ ^_
~
^_^
•
—-
80
60
I I II I 1 I |i i|
1 ! M 1 ! 1 M 1 1
1984
1985
1 1 1 1 1 1 1 M
1E
1 1 1 1 1 1 1 ! 1 11
1 1 1 1 1 1 1 1 1 1 1
I I I I I 1 I I I II
1987
1988
1989
1986
1 1 1 1 1 1 1 M
1990
I!
""^T
i MM111111
1991
'— ~
60
1 1 1 1 E 1 1 1 1 1 1
1992
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 1
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio 2
133
135
142
128
123
127
138
147
149
146
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991- Oct
Nov
Dec
1992' Jan
Feb
Mar
May
July
Sept
Oct
1
121
128
138
120
107
106
126
134
127
130
145
141
146
136
138
146
150
160
170
161
159
161
164
162
159
162
170
178
184
189
158
159
161
156
150
152
160
167
172
175
153
152
155
151
144
148
157
165
171
173
84
84
87
79
77
78
81
83
81
77
142
139
137
126
124
120
158
153
153
189
(3)
(3)
173
(3)
(3)
172
(3)
(3)
75
74
72
138
142
143
141
141
140
138
139
r
!38
138
123
128
131
126
123
122
117
117
r
l!7
117
152
156
155
155
157
157
158
160
r
!58
159
189
(3)
(3)
191
(3)
(3)
192
(3)
(3)
192
174
(3)
(3)
175
(3)
(3)
176
(3)
(3)
176
171
(3)
(3)
174
(3)
(3)
174
(3)
(3)
174
73
75
76
74
74
73
72
72
72
72
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by fanners are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
2
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977 = 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
M2 and M3 rose again in September.
BILLIONS OF DOLLARS* (RATIO SCALE]
BILLIONS Of DOLLARS* (RATIO SCALE!
4,800
COUNCil OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
L
Ml
1982'
19831984'
19851986'
198719881989'
19901991-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1992- Jan
Feb
Mar
MayJuly
Sept
:..
Ml plus overnight
RPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMP balances
474.6
521.4
552.5
620.2
724.6
750.0
786.9
794.1
826.1
898.1
...
1991- Aug
Sept
Oct
Nov
Dec
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Period
M2
1,951.9
2,186.1
2,374.3
2,569.4
2,811.1
2,910.8
3,071.1
3,227.3
3,339.0
3,439.9
2,440.6
2,693.0
2,987.4
3,203.2
3,494.3
3,681.1
3,923.1
4,059.8
4,114.6
4,171.0
2,850.4
3,154.3
3,528.8
3,830.4
r
4,134.3
r
4,339.3
r
4,677.1
r
4,890.6
'4,965.2
' 4,988.1
4,700.2
5, 244.6
6,008.2
r
6,875.3
r
7,795.2
r
8,546.2
r
9,326.3
T
10,076.7
r
!0,751.3
r
l 1,200.4
866.5
872.0
880.9
891.4
898.1
3,409.8
3,411.9
3,418.0
3,431.8
3,439.9
4,156.7
4,152.9
4,159.1
4,166.9
4,171.0
'4,983.5
r
4,972.7
r
4,976.3
r
4,989.4
r
4,988.1
r
910.4
931.0
939.0
942.8
954.3
951.8
960.8
973.6
989.4
3,447.7
3,474.6
3,475.9
3,471.1
3,472.7
3,463.4
3,460.7
3,469.4
3,479.0
4,173.7
4,198.7
4,191.8
4,178.6
4,177.9
4,165.9
4,161.9
4,172.8
4,177.3
4,980.6
5,009.1
5,019.9
5,012.0
5,001.8
5,013.1
5,005.3
"5,023.0
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
US plus
other liquid
assets
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) l
r
Percent change from year or 6
months earlier 2
Ml
M2
M3
8.7
9.9
6.0
12.3
16.8
3.5
4.9
.9
4.0
8.7
8.9
12.0
8.6
8.2
9.4
3.5
5.5
5.1
3.5
3.0
9.3
10.3
10.9
7.2
9.1
5.3
6.6
3.5
1.3
1.4
ll,059.7
\ 1,093.6
11, 131.0
ll,171.3
r
l 1,200.4
7.2
7.1
9.1
9.5
9.5
2.4
1.5
1.4
1.5
1.6
-.2
-.6
-.5
-.2
_2
11,234.5
11,282.8
11,340.0
11,388.8
11,430.8
11,481.7
11,526.2
"11,569.1
n.7
2.4
3.8
3.8
3.1
2.4
1.4
.8
.8
2.0
1.9
.9
.5
-.2
-.6
— 1.2
— .7
r
r
r
r
r
14.9
15.4
14.1
14.1
12.0
11.1
9.2
10.7
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
o
2
Debt
9.3
!1.6
r
r
!4.6
r
!4.4
!3.4
r
9.6
r
9.1
8.0
r
6.7
4.2
r
4.3
4.2
4.5
r
4.2
r
3.8
V
r
3.8
4.0
4.4
4.6
4.6
5.0
5.2
5.1
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
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net,
plus
overnight
Eurodollars 1
Money market
mutual fund
balances 2
General
purpose
and
broker/
dealer
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Small
denomination
time
deposits 3
Large
denomination
time
deposits 3
NSA
132.5
146.2
156.1
167.9
180.8
197.0
212.3
222.6
246.8
267.3
261.3
262.9
264.8
266.0
267.3
269.4
271.6
271.8
273.6
274.7
276.2
r
278.9
282.3
286.4
19821983'
19841985198619871988'
19891990'
19911991'
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Aug
Sept
Oct
Nov
Dec
1992- Jan
Feb
Mar
Anr
May
July
234.0
238.5
243.9
266.7
302.0
286.8
286.5
279.0
277.1
289.5
280.1
280.6
283.8
287.6
289.5
293.9
305.1
309.6
311.2
315.1
311.0
315.6
320.7
327.8
103.7
131.8
147.2
179.7
235.3
259.3
280.6
285.1
293.9
333.2
317.3
320.6
324.5
329.7
333.2
339.0
346.3
349.5
350.0
356.4
356.7
' 358.4
362.7
366.9
39.9
55.6
60.6
73.5
82.3
84.1
83.2
77.6
74.7
76.3
67.6
66.9
70.1
73.8
76.3
77.8
77.8
74.8
72.8
69.4
72.3
72.8
76.1
74.3
51.1
184.5
42.7
138.3
167.1
63.7
176.1
65.8
208.0
86.1
92.1
221.7
91.0
241.9
316.3 107.2
348.9 133.7
360.5 179.1
362.4 158.6
359.9 162.6
359.3 168.2
359.5 173.6
360.5 179.1
r
358.6 182.4
r
.361.7 188.2
' 358.3 185.3
' 355.3 189.2
' 356.1 194.8
' 354.2 199.7
' 350.8 207.7
349.1 217.2
344.1 217.2
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
398.5
684.0
704.2
814.4
940.1
937.0
926.2
891.2
920.7
1,042.6
994.1
1,002.4
1,015.0
1,028.7
1,042.6
1,061.2
1,083.9
1,098.0
1,111.2
1,122.4
1,127.0
1,134.3
1,145.5
1,159.4
847.2
780.8
884.9
881.7
854.8
917.5
1,032.9
1,148.5
1,168.7
1,063.0
1,120.8
1,111.0
1,095.2
1,079.2
1,063.0
1,042.9
1,019.8
1,002.8
985.3
968.7
956.2
941.7
925.9
912.2
323.3
324.8
415.6
436.1
439.5
489.1
541.2
559.3
494.9
437.1
465.5
458.5
450.0
442.3
437.1
427.9
420.7
413.0
405.7
400.9
395.3
388.5
384.6
379.9
Term
Eurodollars
(net)
NSA
Institution
only
Term
repurchase
agreements
(RPs)
NSA
33.4
49.9
57.6
62.4
80.6
106.0
121.8
99.1
89.6
70.4
78.2
76.5
75.2
73.3
70.4
70.3
71.5
73.0
72.2
73.0
73.0
71.6
71.9
73.2
81.7
91.5
82.9
76.5
83.8
91.0
105.7
79.5
68.7
57.2
63.6
61.5
62.8
61.5
57.2
55.3
55.9
57.9
55.0
r
52.8
r
52.3
r
51.7
50.6
47.8
Shortterm
Treasury
securities
Savings
bonds
Bankers'
acceptances
68.0
183.6
71.1
211.9
74.2
260.9
79.5
298.2
91.8 r 279.8
r
100.6
252.8
109.4 r268.8
117.5 r 324.4
126.0 r331.3
137.9 r.316.2
134.4 r328.9
135.2 r321.2
136.1 r319.7
137.1 r 322.9
137.9 r.316.2
138.9 r310.0
140.1 ' 320.0
141.2 r327.8
142.4 r 327.7
143.5 ' 329.0
144.6 ' 333.5
145.9 ' 325.5
" 147.5 "329.3
Commercial
paper
44.5
113.7
45.0
133.2
45.4
160.8
42.0
207.5
37.1
231.2
44.3
260.5
39.8
336.1
40.1
348.6
34.0
359.3
23.3
339.7
27.2
336.3
25.8
337.7
25.3
336.2
24.5
337.9
23.3
339.7
23.2
334.8
22.9
327.5
22.2
337.0
21.6
341.7
22.0
329.4
22.0
347.1
r
21.7 350.3
"21.0 "352.4
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are nut shown
here.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures l; millions of dollars; seasonally adjusted, except as noted by NSA]
Adjusted for changes in reserve requirements
Borrowings of depository
institutions from the Federal
Reserve (NSA)
Reserves of depository institutions
Period
Total
1982- Dec
1984' Dec
1985' Dec
1986- Dee
..
19881989'
199019911991-
Dec
Dec
Dec
Dec
Sept
Oct
Nov
Dec
1992' Jan
Feb
Mar
May
July
Sept
1
..
.
23,600
25 367
26,878
31,485
39,005
38,934
40,468
40,558
41,832
45,601
43,487
44,138
44,785
45,601
22,966
24,593
23,692
30,167
38,179
38,157
38,752
40,293
41,506
45,409
42,841
43,877
44,677
45,409
46,186
47,746
48,476
49,001
49,494
49,234
49,489
50,322
51,346
45,953
47,668
48,385
48,911
49,339
49,005
49,205
50,071
51,058
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Nonborrowed
Nonborrowed plus
extended
credit
23,152
24,595
26,296
30,666
38,482
38,640
39,996
40,313
41,529
45,410
43,143
43,889
44,678
45,410
45,954
47,670
48,386
48,913
49,339
49,005
49,205
50,071
51,058
Required
Monetary
base
23,100
24,806
26,023
30,448
37,635
37,888
39,420
39,636
40,167
44,623
42,558
43,055
43,893
44,623
160,127
175,467
187,248
203,601
223,732
239,967
256,973
267,772
293,287
317,254
310,929
313,281
315,332
317,254
45,183
46,681
47,447
47,863
48,494
48,321
48,524
49,387
50,352
Total
319,695
323,411
324,512
326,500
328,584
329,642
332,255
336,865
341,544
634
774
3,186
1,318
827
777
1,716
265
326
192
645
261
108
192
233
77
91
90
155
229
284
251
287
Seasonal
33
96
113
56
38
93
130
84
76
38
287
211
86
38
17
22
32
47
98
149
203
223
193
Extended
credit
186
2
2,604
499
303
483
1,244
20
23
1
302
12
1
1
1
2
2
2
0
0
0
0
0
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases rose 0.5 percent in September; commercial and industrial loans rose 0.4
percent.
BILLIONS OF DOLLARS* (RATIO SCALEI
3,200
BILLIONS OF DOLLARS* (RATIO SCALE)
3,200
ALL COMMERCIAL BANKS
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
LOANS AND LEASES
1,200
1,200
800
800
U.S. GOVERNMENT SECURITIES
-v
OTHER SECURITIES
200
200
160
160
120
120
1984
1987
1990
1992
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted
J
All commercial banks
Loans and leases
Period
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1991:
1992:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Sept
Oct
Nov
Dec
Jan
Feb
Mar '....
Apr r....
May r....
June r...
July r....
Aug r....
Sept
Total
loans and
securities 2
1,400.4
1,552.2
1,722.2
1,909.5
2,093.2
2,238.5
2,422.8
2,590.8
2,730.8
2,838.4
2,789.1
2,805.5
2,822.8
2,838.4
2,849.0
2,849.5
2,855.8
2,868.3
2,865.9
2,870.0
2,870.0
2,882.9
2,898.4
U.S.
Government
securities
201.7
259.2
260.2
270.8
310.0
335.8
363.5
398.2
454.1
562.6
523.0
538.7
550.8
562.6
565.7
570.4
578.6
590.6
599.1
608.0
615.4
630.3
634.5
Other
securities
164.8
169.1
140.9
179.0
193.9
193.6
192.4
181.7
177.9
179.2
176.3
177.9
178.8
179.2
r
!78.5
178.6
175.6
175.6
173.9
172.3
174.3
174.6
174.9
Total
2
1,033.9
1,123.9
1,321.1
1,459.8
1,589.4
1,709.1
1,866.9
2,010.9
2,098.8
2,096.5
2,089.8
2,088.9
2,093.2
2,096.5
2,104.7
2,100.5
2,101.6
2,102.1
2,092.9
2,089.7
2,080.2
2,078.0
2,089.1
Commercial
and
industrial
392.5
414.2
473.1
500.2
537.0
567.1
606.8
640.2
643.2
617.9
622.0
622.6
621.7
617.9
616.6
612.2
609.5
606.6
603.0
598.9
596.4
594.1
596.6
Real
estate
299.9
331.0
376.2
425.8
494.0
586.9
670.1
759.5
843.3
873.1
868.1
869.8
871.9
873.1
873.3
877.0
878.7
880.9
882.1
881.1
879.2
878.4
882.3
Individual
188.2
212.9
253.8
294.7
315.3
328.3
354.5
374.8
379.6
363.5
367.3
364.2
363.1
363.5
363.1
363.6
362.1
360.8
359.2
359.6
359.3
357.9
357.2
Security
25.3
28.0
34.4
43.0
40.3
34.8
41.2
41.5
44.7
54.5
50.0
51.1
53.5
54.5
59.4
57.1
60.4
65.2
61.9
64.3
61.1
63.0
66.7
Non' bank
financial
institutions
Agricultural
31.2
30.4
31.3
32.4
35.0
32.0
32.3
34.3
35.7
40.6
37.1
37.2
37.8
40.6
40.3
41.4
41.9
41.0
41.3
40.4
38.6
39.5
42.0
36.2
39.2
40.1
36.1
31.5
29.4
28.7
29.8
32.0
34.0
34.5
34.1
33.8
34.0
33.7
33.5
34.2
34.2
34.0
34.3
34.3
34.7
34.8
and
political
Foreign
banks
visions
0.0
.0
46.0
56.7
58.5
52.4
45.1
40.0
33.9
29.1
30.3
29.7
29.4
29.1
28.1
28.2
28.2
28.0
27.7
27.5
27.0
26.6
26.6
14.7
13.4
11.6
9.9
10.3
7.8
7.7
8.2
7.5
7.4
6.8
6.6
6.9
7.4
7.2
6.7
6.5
6.6
7.2
8.0
8.3
7.6
8.6
2
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
other securities.
Foreign
official
institutions
Lease
financing
receivables
5.9
9.4
8.4
13.3
13.7
16.0
19.0
22.4
24.6
29.3
31.8
32.8
31.7
31.8
31.6
31.5
31.7
31.5
31.6
31.6
31.5
31.4
31.6
30.6
30.3
30.4
6.3
6.3
5.7
5.0
3.5
2.8
2.4
2.3
2.4
2.5
2.4
2.3
2.2
2.2
2.1
2.1
2.1
2.2
2.2
2.2
Other
26.8
31.8
30.2
35.6
38.8
40.1
46.2
47.1
43.3
42.4
39.8
39.5
41.1
42.4
49.2
47.0
46.4
45.3
42.9
42.0
43.2
43.7
41.7
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Capital
expenditures 3
Credit market funds
Total
Internal '
Total
Total
Securities
and
mortgages
Loans and
short-term
paper
Other 2
Total
Increase in
financial
assets
Discrepancy
{sources less
uses)
1986
1987
1988
1989
1990.
1991
316.6
423.3
493.1
465.8
515.9
540.7
588.7
532.2
511.4
444.0
247.5
292.3
336.3
351.9
336.7
375.9
404.3
399.9
407.5
416.5
69.1
131.0
156.8
113.9
179.2
164.8
184.4
132.3
103.9
27.5
54.0
80.1
98.0
58.5
129.8
67.6
69.3
49.4
23.4
18.7
-0.7
44.6
-7.5
1.8
64.6
32.7
-6.7
342
-11.4
87.5
54.7
35.5
105.5
56.7
65.2
34.9
76.0
83.6
34.8
688
15.1
51.0
58.8
55.3
49.4
97.2
115.0
82.8
80.4
8.7
332.9
420.5
502.3
457.9
502.3
473.5
554.2
512.2
482.4
427.9
285.3
300.1
398.5
374.9
351.9
365.1
394.4
406.0
395.1
363.9
47.6
120.4
103.8
83.0
150.4
108.4
159.8
106.2
87.3
64.0
-16.3
2.8
-9.2
7.9
13.5
67.3
34.4
20.0
29.0
16.1
1990: TTT
IV
511.5
410.1
391.9
402.7
119.6
7.4
5.4
300
489
6.3
54.3
-36.3
114.2
37.5
524.8
360.7
401.8
362.2
123.0
-1.5
-13.4
49.4
1991- I
366.2
477.5
489.3
443.1
417.5
418.9
407.0
422.8
51 3
58.6
82.3
20.3
8.0
40.4
27.6
13
71.8
113.1
77.5
87.0
-63.8
72 7
-49.9
88 3
59 3
18.2
54.8
21.5
345.7
437.1
491.0
437.7
353.5
351.3
371.5
379.2
-7.8
85.8
119.5
58.5
20.5
40.3
-1.7
5.4
533.5
569.7
439.1
442.2
99.7
65.8
103.7
100.3
40
-34.5
-5.3
61.7
506.8
540.6
354.1
390.9
152.7
149.7
26.6
29.2
1982
1983
1984
1985
n
in
IV
1992: I p
n
94.4
127.5
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
2
Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment in
the U.S.
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Installment credit outstanding (end of period)
Period
Total
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
Automobile
Revolving
Other 2
Net change in installment credit outstanding 1
Total
Automobile
Revolving
Other 2
325,805
368,966
442,602
517,659
572,006
608,675
662,553
716,825
735,338
727,799
125,945
143,560
173,564
210,238
247,772
266,295
285,364
292,002
284,993
263,003
66,454
79,088
100,280
121,758
135,825
153,064
174,269
199,308
222,950
242,785
133,406
146,318
168,758
185,664
188,408
189,316
202,921
225,515
227,395
222,012
14,546
43,161
73,636
75,057
54,347
36,669
53,878
(")
18,513
-7,539
6,937
17,615
30,004
36,674
37,534
18,523
19,069
(*)
-7,009
21 990
5,384
12,634
21,192
21,478
14,067
17,239
21,205
(4)
23,642
19,835
2,224
12,912
22,440
16,906
2,744
908
13,605
(4)
1,880
-5,383
1991: Aug
SeDt
Oct
Nov
Dec
727,311
727,449
729,225
727,960
727,799
266,620
264,621
264,420
262,383
263,003
236,294
238,987
241,436
242,573
242,785
224,396
223,842
223,369
223,004
222,012
-1,512
138
1,776
1 265
161
-2,277
-1,999
-201
2037
620
1,640
2,693
2,449
1,137
212
877
-554
-473
-365
-992
1992: Jan
Feb
Mar
Apr
May
June T.
July r
A.uep
728,618
728,395
727,404
723,821
722,928
722,919
721,820
720,861
263,134
261,659
262,125
260,376
259,834
257,339
257,743
257,706
244,288
245,974
245,259
245,905
246,220
247,418
247,332
247,909
221,196
220,762
220,020
217,541
216,874
218,162
216,744
215,246
819
223
-990
-3,583
-893
-10
-1,099
-959
131
-1,475
466
-1,749
-542
-2,495
404
-37
1,503
1,686
-714
646
316
1,197
-86
576
-816
434
-742
-2,479
-667
1,288
1 418
-1,498
Dec
Dec
Dec
Dec
Dec
Dec
Dec 3
Dec . .
Dec
Dec
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
2
Outstanding loans for mobile homes, education, boats, trailers, vacations, etc.
3
Data newly available in January 1989 result in breaks in 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 October.
PERCENT PER ANNUM
1984
PERCENT PER ANNUM
1985
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SEE TABLE BELOW
[Percent per annum]
U.S. Treasury security yields
Period
3-year
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
Corporate
Aaa bonds
(Moody's)
Prime
commercial
paper,
6 months "
Discount rate
(N.Y. F.K.
Bank)4
Prime rate
charged by
banks 4
New-home
mortgage
yields
(FHFB)5
14.029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
8.12
7.51
5.42
1981 ..
1982
1983
1984
1985 ... .
1986
1987
1988
1989
1990
1991
1991:
3-month bills
(new issues) *
Constant maturities 2
Get
Nov
Dec
1992- Jan
Feb
Mar
May
Ju'y
Sept
Oct p
Week ended:
1992: Oct 3
10
17
24
31
1
14.44
12.92
10.45
11.89
9.64
7.06
7.68
8.26
8.55
8.26
6.82
13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
8.49
8.55
7.86
11.23
11.57
9.47
10.15
9.18
7.38
7.73
7.76
7.24
7.25
6.89
14.17
13.79
12.04
12.71
11.37
9.02
9.38
9.71
9.26
9.32
8.77
14.76
11.89
8.89
10.16
8.01
6.39
6.85
7.68
8.80
7.95
5.85
13.42
11.02
8.50
8.80
7.69
6.33
5.66
6.20
6.93
6.98
5.45
18.87
14.86
10.79
12.04
9.93
8.33
8.21
9.32
10.87
10.01
8.46
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
10.13
10.05
9.32
5.03
4.60
4.12
3.84
3.84
4.05
3.81
3.66
3.70
3.28
3.14
2.97
2.84
6.23
5.90
5.39
5.40
5.72
6.18
5.93
5.81
5.60
4.91
4.72
4.42
4.64
7.53
7.42
7.09
7.03
7.34
7.54
7.48
7.39
7.26
6.84
6.59
6.42
6.59
6.59
6.64
6.63
6.41
6.67
6.69
6.64
6.57
6.50
6.12
6.08
6.24
6.38
8.55
8.48
8.31
8.20
8.29
8.35
8.33
8.28
8.22
8.07
7.95
7.92
7.99
5.33
4.93
4.49
4.06
4.13
4.38
4.13
3.97
3.99
3.53
3.44
r
3.26
3.33
5.00-5.00
5.00-4.50
4.50-3.50
3.50-3.50
3.50-3.50
3.50-3.50
3.50-3.50
3.50-3.50
3.50-3.50
3.50-3.00
3.00-3.00
3.00-3.00
3.00-3.00
8.00-8.00
8.00-7.50
7.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.00
6.00-6.00
6.00-6.00
6.00-6.00
9.04
8.64
8.53
8.49
8.65
8.51
8.58
8.59
8.43
8.00
8.00
7.93
2.73
2.67
2.88
2.94
2.97
4.26
4.34
4.56
4.89
4.93
6.32
6.39
6.54
6.78
6.78
6.27
6.29
6.31
6.47
6.45
7.93
7.92
7.96
8.04
8.07
3.22
3.17
3.30
3.44
3.48
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and week.
2
30
8
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices fell in October.
INDEX, DEC. 3 1 , 1 965=50 (RATIO SCALE)
INDEX, DEC. 31, 1965=50 (RATIO SCALE]
240
220
200
180
240
220
200
180
160
160
140
140
120
120
COMPOSITE STOCK PRICE INDEX
—
(NYSE]
100
100
80
80
60
60
40
40
1984
1985
1986
1988
1987
1990
1989
1991
1992
PER CENT
20
PERC ENT
20
15
15
•JGS-PRICE RATIO ON COMMO
(S&P)
\
10
r—
5
^
1
0
1
1984
1
1
_3—-—
"**"!
'
^
1
1
1985
1
1
1986
1
1
1
1
1987
i i i
p^-r-^—
i i i
1
1989
1988
i
1
1
1990
10
5
1
1
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
1
0
Common stock yields
(percent) *
Common stock prices *
Period
Industrial
1
COUNCIL OF ECONOMIC ADVISERS
New York Stock Exchange indexes (Dec. 31, 1965=50) 2
Composite
I
1992
1991
Transportation
Utility
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index
(194143 = 10)4
Dividendprice ratio
Earningsprice ratio
74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
180.02
183.46
206.33
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
216.23
225.78
258.14
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
175.28
158.62
173.99
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
87.43
90.60
92.66
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
151.88
133.26
150.82
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
322.84
334.59
376.18
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
3.45
3.61
3.24
11.96
11.60
8.03
10.02
8.12
6.09
5.48
8.01
7.41
6.47
4.81
1991- Oct
Nov
Dec
213.10
213.25
214.26
265.68
264.89
266.01
187.31
188.52
185.47
95.25
96.78
98.08
158.94
159.78
159.96
3,019.74
2,986.12
2,958.64
386.88
385.92
388.51
3.14
3.15
3.11
3.83
1992: Jan
Feb
Sept '
Oct*
229.34
228.12
225.21
224.55
228.55
224.68
228.17
230.07
230.13
226.97
286.62
286.09
282.36
281.60
285.17
279.54
281.90
284.44
285.76
279.70
201.55
205.53
204.07
201.28
207.88
202.02
198.36
191.31
191.61
192.30
99.31
96.18
94.15
94.92
98.24
97.23
101.18
103.41
102.26
101.62
174.50
174.05
173.49
171.05
175.89
174.82
180.96
180.47
178.27
181.36
3,227.06
3,257.27
3,247.42
3,294.08
3,376.79
3,337.79
3,329.41
3,307.45
3,293.92
3,198.70
416.08
412.56
407.36
407.41
414.81
408.27
415.05
417.93
418.48
412.50
2.90
2.94
3.01
3.02
2.99
3.06
3.00
2.97
3.00
3.07
Week ended:
1992: Oct 3
10
17
24
31
228.32
223.56
225.39
228.27
230.54
282.04
275.29
277.33
281.53
284.45
189.72
184.54
188.22
195.74
202.47
102.43
100.90
102.04
101.50
101.78
180.26
178.54
179.91
182.53
184.61
3,253.94
3,164.41
3,184.08
3,194.02
3,240.76
415.60
405.88
409.49
415.03
419.26
3.02
3.13
3.09
3.05
3.01
1981....
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
M,r
Hay
T •*
July .
. ...
1
Average of daily
2
closing prices.
Includes all the stocks (more than 1,500) listed on the NYSE.
* Includes 30 stocks.
' Includes 500 stocks.
* Standard & Poor's aeries. Dividend-price ratios based on Wednesday closing prices. Earnings-
4.01
4.18
price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In fiscal 1992, there was a deficit of $290.2 billion, compared with a deficit of $269.5 billion a year earlier.
BILLIONS OF DOLLARS
1,600
BILLION S OF DOLLARS
1,600
RECEIPTS AND OUTLAYS-!^
1,500
1,500
^*"
1,400
1,400
1,300
1,300
OUTLAYS-!'
_^"
\
1,200
--"
1,200
1,100
1,100
---*""'''
1,000
^"""
900
—
1,000
^^\
"^
^
~~~
900
RECEIPTS^
800
800
—
__,
"
"
700
700
600
A
i
V
i
r-i inn, 1 I.- ^>n rM-nr-i-T- ,
0
i
i
i
i
i
i
i
N
V
1 1,
600
0
^^
^^-~
^~~
——-____
-300
-400
A
\/
V
i
1984
i
1985
i
1986
i
1987
i
1988
i
1989
1990
i
i
1991
i
v
1992
1993
\
[\
FISCAL YEARS
MNCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
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 1
1992 2
1993 (estimates) 1
Outlays
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Receipts
Outlays
Gross Federal debt
(end of period)
Surplus
or deficit
(-)
Total
Held by
the public
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
371.8
409.2
458.7
503.5
590.9
678.2
745.8
808.4
851.8
-73.7
-53.7
-59.2
-40.2
-73.8
-79.0
-128.0
-207.8
-185.4
231.7
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
328.5
369.1
403.5
476.6
543.1
594.4
661.3
686.0
-70.5
-49.8
-54.9
-38.2
-72.7
-74.0
-120.1
-208.0
-185.7
66.4
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
-3.2
-3.9
-4.3
-2.0
-1.1
-5.0
-7.9
.2
.3
629.0
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
477.4
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,091.7
1,162.9
946.4
990.3
1,003.9
1,064.1
1,144.2
1,251.8
1,323.8
1,381.9
1,503.9
-212.3
-221.2
-149.8
-155.2
-153.5
-220.5
-269.5
— 290.2
-341.0
547.9
568.9
640.7
667.5
727.0
749.7
760.4
789.3
838.9
769.6
806.8
810.1
861.4
933.3
1,026.7
1,082.1
1,129.3
1,238.7
-221.7
-238.0
-169.3
- 194.0
-206.2
-277.1
-321.7
-340.1
-399.7
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
324.0
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.6
265.2
9.4
16.7
19.6
38.8
52.8
56.6
52.2
49.9
58.8
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,599.0
4,002.8
4,463.4
1,499.4
1,736.2
1,888.1
2,050.3
1
2,189.3
2,410.4
2,687.9
2,998.8
3,355.3
1
Data are from Mid-Session Review: The President's Budget and Ect
Office of Management and Budget, July 24, 1992.
2
Data from Monthly Treasury Statement.
32
Off-budget
On-budget
• Growth Agenda,
NOTE.—Data (except as noted) are from Budget of the United States Govern mei
1993, Supplement, issued February 18, 1992, and are on a cash basis.
Sources: Department of the Treasury and Office of Management and Budget,
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In fiscal 1992, receipts were $37.4 billion higher than a year earlier and outlays were $58.1 billion higher.
BILLIC>NS OF DOLLARS
BILLIONS OF DO 1ARS
600
600
RECEIPTS -L'
INDIVIDUAL INCOME TAXES
500
500
\
"
"
400
400
"
\
300
300
CORPORATION
SOCIAL INSURANCE
200
200
OTHER RECEIPTS
\
\
100
1
0
^
1
1
1
100
1
1
1
1
1
0
1,300
1,300
OUTLAYS -"
1,200
1,200
1,100
1,100
^
1,000
NONDEFENSE
900
1,000
^ -• -~
900
_,-'
800
800
----'"
700
700
_---""
600
600
500
500
NATIONAL DEFENSE
400
200
400
\
300
A
T~
-T—
V
1984
1985
1
1986
1
1987
1
1988
300
1
1989
1
1990
T
1991
1
N
200
1993 ^
1992
FISCAL YEARS
^INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFCE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISER
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
Corporation
income
taxes
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
371.8
409.2
458.7
503.5
590.9
678.2
745.8
808.4
851.8
89.6
97.2
104.5
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,091.7
1,162.9
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.5
507.0
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
112.2
265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
444.5
73.0
73.1
74.3
78.9
82.3
90.9
92.3
101.3
99.2
946.4
990.3
1,003.9
1,064.1
1,144.2
1,251.8
1,323.8
1,381.9
1,503.9
Total
1985
1986
1987
1988
1989 .
1990
1991 '
1992 2
1993 (estimates) ' ....
National defense
Individual
income
taxes
Fiscal year
1976 ..
1977
1978 ...
1979
1980
1981
1982
1983
1984
Social
insurance
taxes
Other
Health
116.3
134.0
157.5
185.3
209.9
227.4
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.2
291.2
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.6
278.2
16.2
14.2
11.6
10.5
9.6
13.8
15.9
16.1
18.2
33.5
35.9
40.0
44.5
48.4
57.7
71.2
89.6
106.3
Total
contributions
1
Data are from Mid-Session Review: The President's Budget and Economic Growth Agenda
Office of Management and Budget, July 24, 1992.
2
Data from Monthly Treasury Statement.
International
affairs
Total
and
Department of
Defense,
military
Net
Income
seeuri-
Social
securi-
inter-
'.v
ty
est
15.8
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
26.7
29.9
35.5
42.6
52.5
68.8
85.0
89.8
111.1
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
132.5
128.2
119.8
123.3
129.3
136.0
147.3
170.8
199.4
202.3
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.5
303.4
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
210.3
131.8
142.1
125.9
139.4
159.8
202.7
224.5
172.7
239.7
Medicare
NOTE.—Data (except as noted) are from Budget of the United States Govt
1993, Supplement, issued February 18, 1992, and are on a cash basis.
Other
lent. Fiscal Year
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 1992, Federal receipts rose $6.5 billion (annual rate) and Federal expenditures rose $20.2
billion. In the third quarter, according to advance estimates, Federal expenditures fell $3.2 billion; receipts data
are incomplete.
BIIUONS OF DOUARS
1,600
BILUONS OF DOLLARS
1,400
1,200
J
1986
1987
I
I -400
1988
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT of COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Period
Total
Fiscal year:
1988
1989
1990
1991
Calendar year:
1988
1989
1990
1991
1982- IV
1983: IV
1984- IV
1985: IV
1986- TV
1987: IV
1988- IV
1989: IV
1990: III
IV
1991: I
II
III
IV
1992- I
II
Ill"
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Total
Purchases
Transfer
payments
Grrantsin-aid to
State
and
local
governments
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
Less:
Wage
accruals
less
disbursements
Surplus
or deficit
(-),
national
income
and
product
accounts
955.1
1,050.1
1,089.5
1,114.9
403.8
456.8
473.2
472.1
107.6
119.2
113.8
104.4
59.6
62.2
63.9
74.8
384.1
411.9
438.6
463.5
1,098.5
1,164.5
1,249.5
1,310.9
386.3
399.4
417.7
447.1
430.9
461.1
504.6
510.7
108.4
115.9
128.3
147.0
143.8
160.6
175.1
183.1
28.9
27.6
23.9
23.0
01
.0
.0
-.1
-143.3
114 4
-159.9
196 1
972.3
1,059.3
1,107.4
1,122.2
632.3
671.1
739.8
803.6
856.8
943.5
1,000.6
1,068.3
1,119.9
1,113.3
1,114.6
1,117.3
1,127.7
1,129.4
1,143.3
1,149.8
410.1
461.9
482.6
473.4
301.6
290.5
323.5
351.8
371.7
414.8
420.0
470.1
486.6
482.5
474.7
473.1
473.4
472.2
468.4
464.2
475.5
111.0
117.1
113.9
102.5
45.5
65.4
67.0
77.0
91.4
109.7
118.5
111.3
119.2
111.7
100.3
101.6
104.9
103.3
112.2
118.3
60.9
61.9
66.0
78.2
49.2
55.4
58.2
56.8
54.8
59.5
61.4
62.2
65.4
68.5
77.3
76.3
78.3
80.8
79.2
79.8
81.4
390.4
418.5
444.9
468.2
235.9
259.8
291.1
318.0
338.8
359.4
400.7
424.7
448.8
450.6
462.2
466.3
471.1
473.2
483.5
487.4
489.8
1,109.0
1,181.6
1,273.6
1,332.7
815.7
855.7
926.6
990.8
1,034.3
1,096.3
1,135.5
1,209.8
1,265.5
1,307.9
1,264.4
1,329.4
1,348.7
1,388.1
1,432.5
1,452.7
1,449.5
387.0
401.6
426.4
447.3
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
422.6
438.3
451.3
449.9
447.2
440.8
445.0
444.8
451.7
436.3
471.5
513.3
521.9
346.0
351.1
360.1
383.8
404.2
419.7
444.5
488.8
513.1
525.5
461.6
514.8
545.5
565.9
609.8
619.5
620.8
111.3
118.2
132.3
153.3
84.3
86.9
97.7
104.5
103.8
102.9
113.0
121.9
131.2
137.6
144.3
151.9
153.4
163.6
165.1
174.1
170.0
146.0
164.8
176.6
186.9
86.8
99.2
122.3
129.2
131.1
143.1
151.2
168.9
183.3
174.8
182.7
188.1
186.8
190.1
186.8
187.5
187.1
28.4
25.5
25.1
23.1
17.3
28.8
22.2
16.4
22.1
37.8
34.9
25.0
15.3
32.0
24.8
24.4
15.7
27.7
25.7
26.9
19.9
.0
.0
.1
136 6
-122.3
-166.2
-210.4
183 4
-184.6
186 8
-187.2
-177.5
-152.7
-134.9
-141.5
-145.6
- 194.6
- 149.9
-212.2
-221.0
-258.7
-289.2
-302.9
Source: Department of Commerce, Bureau of Economic Analysis.
34
Federal Government expenditures
.0
.0
.6
.0
.0
-.2
.0
.0
.0
.2
.2
— .4
.0
.0
.0
.0
.0
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84=100; NSA)
Industrial production (1987 = 100; seasonally adjusted)
Period
United
States
July
Aug
Sept"
1
87.7
100.8
111.5
121.1
128.5
134.4
141.1
150.4
159.6
169.7
95.4
99.8
104.8
111.1
114.9
119.7
125.6
135.4
148.2
156.9
143.7
143.8
143.9
143.7
143.4
144.0
143.4
114.8
114.7
114.9
115.1
116.4
116.6
116.0
136.9
137.4
137.7
138.0
138.6
138.9
139.1
115.8
116.8
116.8
117.0
117.4
117.9
118.0
169.6
171.4
170.3
171.0
172.3
173.5
174.0
157.6
157.2
157.6
158.1
158.7
159.3
159.4
144.0
144.1
144.6
144.6
144.9
145.2
145.6
145.6
145.5
115.8
115.7
116.3
117.5
117.6
117.5
116.6
116.9
139.4
139.8
140.2
140.5
140.9
141.0
141.4
141.5
118.5
119.2
119.7
120.0
120.5
120.7
120.7
120.9
121.2
175.4
175.9
176.6
177.3
178.3
178.9
179.1
179.2
179.8
159.3
160.1
160.6
163.1
163.7
163.7
163.1
163.2
163.8
91.7
88.9
91.8
92.9
96.2
100.0
105.9
109.2
109.4
107.1
86.4
89.6
89.7
94.6
96.9
100.0
103.6
104.0
103.4
100.3
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
136.2
94.9
100.4
104.8
108.9
113.4
118.4
123.2
129.3
135.5
143.1
121.6
119.5
117.3
117.5
117.5
117.9
113.4
110.6
106.5
104.1
107.9
105.8
111.6
104.7
101.4
101.4
99.9
100.3
100.8
100.5
100.1
136.0
136.2
136.6
137.2
137.4
137.8
137.9
119.2 108.5
120.3 111.0
110.7
118.5
117.6 104.5
117.7 109.0
116.0 ' 107.1
'115.7
107.3
117.5
99.1
100.3
99.4
r
100.0
138.1
138.6
139.3
139.5
139.7
140.2
140.5
140.9
141.3
106.6
107.2
107.6
108.1
108.9
108.5
' 109.3
' 108.9
1086
May
97.0
100.3
102.7
104.8
104.7
104.9
106.3
109.2
112.1
116.0
90.3
90.9
93.5
97.7
99.6
100.0
103.9
108.8
114.5
118.0
97.1
97.2
97.0
97.6
97.1
96.7
95.3
1992: Jan
Peb
Mar
102.1
104.1
104.8
104.9
105.7
108.0
111.4
115.0
91.7
100.3
108.0
114.3
117.2
121.1
124.4
128.9
133.2
137.2
97.3
96.5
97.1
97.2
98.0
100.0
104.6
108.8
110.9
111.2
107.3
108.1
108.0
108.4
108.4
108.1
107.4
.
98.0
82.9
85.5
93.4
96.8
96.6
100.0
109.2
115.9
121.4
124.1
1991- June
July
.
Germany
Germany
76.5
81.5
91.4
96.5
95.4
100.0
105.3
104.9
100.5
96.4
.
France
France
r
95.6
r
96.4
96.4
96.6
96.1
r
r
96.0
95.4
122.8 109.9
126.6 111.1
122.8 r lll.l
123.7 ' 109.8
123.9 111.2
123.8 r!10.2
122.0 ' 109.1
121.5
120.6
117.7
117.6
115.6
118.1
' 119.0
114.9
111.0
110.1
109.9
111.3
109.7
109.3
Italy
Data relate to all urban consumers.
r
99.0
99.0
r
100.0
99.7
United
Kingdom
Japan
Japan
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
109.2
107.1
Oct
Nov
Dec
United
States1
Canada
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 "
Sept
United
Kingdom
Canada
r
99.8
Italy
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration, Trade Information and Analysis).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
Merchandise exports (f.a.s. value) 1
General merchandise imports (customs value) 3
Principal end-use commodity category
Capital
goods
except
automotive
Consumer
goods
(nonfood)
except
automotive
Other 2
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
61.7
56.7
61.7
58.5
57.3
66.7
85.1
99.3
104.4
109.7
72.7
67.2
72.0
73.9
75.8
86.2
109.2
138.8
152.7
166.7
15.7
16.8
20.6
22.9
21.7
24.6
29.3
34.8
37.4
40.0
14.3
13.4
13.3
12.6
14.2
17.7
23.1
36.4
43.3
45.9
20.7
20.5
24.0
27.3
35.9
34.6
43.4
17.2
20.7
23.7
1991: Aug
3.0
3.1
3.2
3.2
3.3
9.1
8.6
9.3
8.9
8.9
13.4
14.4
14.4
15.4
14.3
3.3
3.5
3.7
3.6
3.3
3.7
3.8
4.1
4.1
3.8
Sept ... .
Oct
Nov
Dec
1992: Jan..
Feb
Mar
3.1
3.6
3.3
3.5
3.0
3.1
3.5
3.3
9.3
8.9
8.8
8.8
8.9
9.3
9.6
8.7
13.9
15.3
14.9
14.3
13.9
15.3
14.5
13.8
3.2
3.6
3.9
4.0
3.8
4.0
3.9
3.7
3.9
4.1
4.0
3.9
4.0
4.2
4.3
4.1
May
}
July '
.
1
Foods,
feeds,
and
beverages
216.4
205.6
224.0
5
218.8
5
227.2
254.1
322.4
363.8
393.6
421.7
Period
31.3
30.9
31.5
24.0
22.3
24.3
32.3
37.2
35.1
35.7
34.5
35.3
36.8
37.3
36.1
35.5
37.7
37.1
36.4
35.7
38.2
37.8
35.5
Total2
Includes Department of Defense Military Assistance Program grant-aid shipments.
Includes undocumented exports to Canada through 1988.
Total arrivals of imported goods other than intransit shipments.
4
Total includes revisions not reflected in detail.
2
3
Principal end-use commodity category
Automotive
vehicles,
parts,
and
engines
Industrial
supplies
and
materials
Trade balance
Consumer
goods
(nonfood)
except
automotive
Foods
feeds,
and
beverages
Industrial
supplies
and
materials
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
244.0
258.0
330.7
336.5
365.4
406.2
441.0
473.2
495.3
487.1
17.1
18.2
21.0
21.9
24.4
24.8
24.8
25.1
26.6
26.5
112.0
107.0
123.7
113.9
101.3
111.0
118.3
132.3
143.2
131.0
35.4
40.9
59.8
65.1
71.8
84.5
101.4
113.3
116.4
120.7
33.3
40.8
53.5
66.8
78.2
85.2
87.7
86.1
87.3
84.9
1.9
1.9
2.1
2.1
2.3
41.1
41.8
42.7
41.4
41.7
2.1
2.2
2.1
2.2
2.3
10.9
11.1
11.1
10.8
10.8
10.0
10.2
10.3
9.9
10.3
7.9
7.4
7.7
7.2
7.2
8.9
9.4
10.0
9.8
9.8
1.3
1.3
1.4
1.4
1.3
2.0
2.1
2.3
2.0
2.1
2.2
2.0
2.0
41.3
40.9
42.7
43.5
42.9
44.9
45.1
44.5
2.3
2.2
2.3
2.4
2.2
2.6
2.5
2.3
10.6
10.3
10.6
11.2
11.3
11.9
11.9
11.7
10.3
10.3
10.7
10.8
10.8
11.2
11.3
11.4
7.3
7.1
7.5
7.7
7.3
7.4
7.4
7.5
9.5
9.6
9.9
9.8
9.8
10.2
10.5
10.3
1.3
1.5
1.6
1.4
1.3
1.5
1.5
1.3
Total
4
4
Other
39.7
6.5
44.9
6.3
7.8
60.0
9.4
68.3
79.4 10.4
88.7 12.1
95.9 . 12.8
102.9 13.6
105.7 16.1
15.9
108.0
General
merchandise
imports
(c.i.f.
value)
254.9
269.9
346.4
352.5
382.3
424.4
459.5
493.2
Exports
(f.a.s) less
imports
(customs
value)
Exports
(f.a.s)
less
imports
(c.i.f.)
-27.5
-52.4
384
-64.2
-122.4
117 7 -133.6
-138.3 -155.1
-152.1 -170.3
1185 -137.1
-106.7
- 109.4
129.4
517.0
-101.7
-123.4
508.4
-65.4
-86.6
42.8
43.6
44.5
43.1
43.4
-6.6
-6.5
-5.9
-4.1
-5.6
-8.4
-8.3
-7.6
-5.8
-7.4
43.0
42.6
44.4
45.3
44.5
46.6
46.9
46.3
5.8
-3.3
-5.6
-7.1
-7.1
-6.7
-7.3
-9.0
-7.6
5.0
-7.3
-8.9
-8.8
-8.5
-9.1
-10.8
6
Total exports are on a revised statistical month basis; end-use categories are on a statistical
month basis.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the second quarter of 1992, the current account deficit rose to $17.8 billion, from $5.9 billion in the first
quarter. The merchandise trade deficit rose to $24.4 billion, from $17.2 billion in the first quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS
15
1983
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits { + ), debits ( —)]
Merchandise 1 2
Period
Net
Exports
Imports
Net balance
military
transactions 3 4
Investment income
Net
travel and
transpor-
Other
services,
Receipts
on U.S.
assets
abroad
Payments
on foreign
assets in
86,529
86,200
85,614
100 415
91,110
88,998
96,574
119,456
140 692
143,547
125,315
-53,626
-56,412
— 53,700
— 69 572
— 67,875
-73,620
— 85,629
-106,991
— 126326
-124,261
- 108,886
Net
Balance on
goods,
services,
and income
Unilateral
transfers,
4
net
Balance
on current
account
U.S.
237,044
211,157
201 799
219 926
215 915
223,344
250 208
320 230
361 697
388,705
415,962
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1990:
Services
I
II
in
IV
1991- I
II
in
IV
1992- I
II"
-265,067
— 247,642
— 268,901
332 418
— 338088
-368,425
—409 765
—447,189
477 365
-497,558
-489,398
-28,023
-36,485
— 67,102
— 112 492
— 122 173
- 145,081
— 159557
— 126,959
— 115 668
-108,853
-73,436
2 547
— 4,390
-5,181
— 3 812
— 6,354
6838
-7,818
-5,524
4,227
— 8,293
9,709
-7,324
6,398
1,370
5,851
10,142
17,118
12,552
13,209
14,095
14277
14,266
18,855
18,400
20,430
26 752
29,730
33,701
94,981
96,654
96,544
100,526
-122,360
-121,461
-125,434
-128,303
-27,379
-24,807
-28,890
-27,777
-1,873
-1,627
-1,692
-2,627
2,093
2,073
2,120
3,855
6,984
7,237
7,461
8,051
35,004
34,586
35,137
38,821
-30,676
-31,386
-30,913
-31,289
4,328
3,200
4,224
7,532
100,636
103,324
104,151
107,851
-118,962
-119,721
-124,325
-126,390
-18,326 -2,564
-16,397 -1,427
-994
-20,174
-539
-18,539
3,755
3,929
4,358
5,080
8,164
8,280
8,660
8,596
35,498
31,215
29,904
28,698
-28,533
-27,284
-26,828
-26,240
6,965
3,931
3,076
2,458
-2,006
-1,684
-5,075
-2,945
14,199
4,115
-6,012
-4,273
12 193
2,431
-11,087
— 7,218
107 946
107,580
— 125,168
-131,998
— 17,222
— 24,418
-625
-641
4,401
4,568
10,067
9,045
28,499
28,078
-24,025
-26,701
4,474
1,377
1,096
- 10,069
— 6,999
-7,719
— 5 903
-17,788
-844
112
— 563
144
-992
4
- 15,847 -6,538
-13,924 -7,401
-16,777 -7,201
-10,966 -11,778
Includes transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation of tabie.
36
16,732 — 11,702
32,903
5030
5,632 — 17,075 — 1 1 443
29,788
31,915 — 25,882 — 17 741
43 623
78 212
30 843
20 612
98 824
23 235 — 98 771 — 22 950
121 721
15,378 -123,354 — 24,176 — 147,529
10945 — 140421 — 23 052
163 474
12,466 — 101,787 — 24 869
126 656
14366 — 75 537
25 606
101 143
19,287 -57,511 — 32,916 — 90428
16,429 -11,710
8,028
— 3,682
-22,385
-21,325
-23,978
— 22,744
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks decreased $12.6 billion in the second
quarter of 1992, following a decrease of $15.9 billion in the first quarter. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, decreased $5.1 billion in the second quarter, following a
decrease of $4.5 billion in the first quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS *
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the U.S., net
[increase /capital inflow (+}]
U.S. assets abroad, net
[increase/capital outflow { — }]
Period
Total
U.S.
official
reserve
assets 3 5
114 147
-122,335
58 856
-29,224
-34.069
-91,069
62 402
-92,708
-114,944
56 321
-62,220
-5,175
-4,965
1 196
-3,131
-3,858
312
9,149
3 912
-25,293
2 158
5,763
42,141
-30,682
-30,964
-36,816
-3,177
371
1,739
-1,091
-640
1991: I
7 050
II
Ill .... -10,368
IV
-44,158
-353
1,014
3,877
1,225
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1990: I
II
Ill
IV
1992:
5
I
II"....
4 250
5 732
-1,057
1,464
Other U.S.
Government
assets
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net5
{unadjusted,
end of
period)
Other
foreign
assets
83,032
92,418
83,380
102,010
130,966
223,191
229,972
219,489
213,693
99,379
66,980
4,960
3,593
5,845
3,140
-1,119
35,648
45,387
39,758
8,489
33,908
18,407
78,072
88,826
77,534
98,870
132,084
187,543
184,585
179,731
205,204
65,471
48,573
46,061
-30,259
32 366
39 903
30965
30,853
51,386
48,108
-6,450
6,134
14,097
20,127
-24,515
24,719
37,289
27,981
11,209
21,154
3,556
11,452
4,489
518
-5,605
600
76,303
77,298
80,024
83,316
1 360
— 7,644
17 426
— 44,947
7 840
2,959
22,933
48,929
5,650
4 178
4,115
12,819
-13,490
7,137
18,818
36,110
-3,713
1,660
-1,478
2,447
4,636
883
-6,137
613
78,002
74,940
74,731
r
77,721
-3,155
-6,987
18,563
43,087
21,192
21,071
-2,629
22,016
-8,410
-19,567
4,023
343
74,657
77,092
Total
Consists of gold special drawing rights (SDRs), foreign currencies, and the U.S. reserve posi-
:i in the IMC.
Statistical discrepancy
Foreign
official
assets 3
U.S.
private
assets
-5,097 -103,875
111 239
6 131
5006 -52,654
20 605
-5,489
-2,821 -27,391
-2,022
89,360
1,006 -72,556
91,762
2,967
1,271
90922
2,304 -56,467
3,397
71 379
-743
-794
-337
4,179
1,073
420
3,180
-437
38
209
Allocations
of special
drawing
rights
(SDKs)
1,093
24,992
41,359
19,099
26,038
24,825
15,407
-4,096
-126
2,394
47,370
-1,078
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
r
77,721
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
page
Gross Domestic Product
Gross Domestic Product in 1987 Dollars
Implicit Price Deflators for Gross Domestic Product
Changes in GDP, Personal Consumption Expenditures, and Related Implicit Price Deflators and Price Indexes
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures in 1987 Dollars
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment in 1987 Dollars
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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