Full text of Economic Indicators : October 1993
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103d Congress, 1st Session
Economic Indicators
OCTOBER
1993
(Includes data available as of November 1, 1993)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1993
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
DAVID R. OBEY, Wisconsin, Chairman
PAUL S. SARBANES, Maryland, Vice Chairman
HOUSE OF REPRESENTATIVES
LEE H. HAMILTON (Indiana)
FORTNEY H. (PETE) STARK (California)
KWEISI MFUME (Maryland)
RON WYDEN (Oregon)
MICHAEL A. ANDREWS (Texas)
RICHARD K. ARMEY (Texas)
JIM SAXTON (New Jersey)
CHRISTOPHER C. COX (California)
JIM RAMSTAD (Minnesota)
SENATE
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
RICHARD H. BRYAN (Nevada)
CHARLES S. ROBB (Virginia)
BYRON L. DORGAN (North Dakota)
WILLIAM V. ROTH, JR. (Delaware)
CONNIE MACK (Florida)
LARRY E. CRAIG (Idaho)
ROBERT F. BENNETT (Utah)
STEVEN QUICK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
LAURA D. TYSON, Chair
ALAN S. BLINDER, Member
JOSEPH E. STIGLITZ, Member
[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts prepared by the Art Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.75 a single copy
($3.44 foreign), or by subscription at $30.00 per year ($37.50 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
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Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402-9328
ISBN 0-16-041751-1
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the third quarter of 1993, according to advance estimates, current-dollar gross domestic product (GDP) rose 4.4
percent (annual rate), real GDP (GDP in 1987 dollars) rose 2.8 percent, and the implicit price deflator rose 1.6
percent.
BILLION S OF DOLLARS (RATIO SCALE|
6,400
BILLIONS OF DOLLARS (RATIO SCALE)
6,400
SEASONALLY ADJUSTED ANNUAl RATES
6,000
6,000
^
^
^1
GDP
-1 CURRENT
\
5,600
x
5,200
4,800
X
4,400
r
f
\^
5,600
5,200
^
-" """
---""
\~~"~
4,800
— —
;>-"
\
GDP
1 987 DOL
4,400
_^-"
4,000
s
s
s
S
/
3,600
3,200
2,800
>-
"^
x"~~
4,000
1
X
S"
3,600
3,200
1 ( 1
1 1 1
1 1 1
1982
1983
1984
:
i
i
i
1985
i i
1986
1 1 1
1987
i i i
1988
I I i
1989
t
)
l
1990
1
1
i t i
1
1991
SOURCE: DEPARTMENT OF COMMERCE
1992
I
i
i ,
2,800
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1985
1986
1987
1988
1989 .
1990
1991
1992
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
IV
IV
IV
IV
IV
IV
IV
IV
IV
I ....
jj
in
IV
1992: I ....
n
m
IV
1993: I
n p
m.
1
Gross
domestic
product
4,038.7
4,268.6
4,539.9
4,900.4
5,250.8
5,546.1
5,722.9
6,038.5
3,195.1
3,547.3
3,869.1
4,140.5
4,336.6
4,683.0
5,044.6
5,344.8
5,597.9
5,631.7
5,697.7
5,758.6
5,803.7
5,908.7
5,991.4
6,059.5
6,194.4
6,261.6
6,327.6
6,396.3
Personal
consumption
expenditures
Gross
private
domestic
investment
2,667.4
2,850.6
3,052.2
3,296.1
3,523.1
3,761.2
3,906.4
4,139.9
2,128.7
2,346.8
2,526.4
2,739.8
2,923.1
3,124.6
3,398.2
3,599.1
3,836.6
3,843.6
3,887.8
3,929.8
3,964.1
4,046.5
4,099.9
4,157.1
4,256.2
4,296.2
4,359.9
4,418.2
714.5
717.6
749.3
793.6
832.3
808.9
736.9
796.5
464.2
614.8
722.8
737.0
697.1
800.2
814.8
825.2
756.4
729.1
721.5
744.5
752.4
750.8
799.7
802.2
833.3
874.1
874.1
882.5
Federal
Net
exports
-115.6
-132.5
— 143.1
- 108.0
— 79.7
-71.4
-19.6
29.6
-29.5
-71.8
-107.1
-135.5
-133.2
-143.2
-106.0
-73.9
-71.6
-34.0
11 5
-19.8
13 0
-7,0
339
-38.8
-38.8
-48.3
65 1
-65.2
Exports
302.1
319.2
364.0
444.2
508.0
557.1
601.5
640.5
265.6
286.2
308.7
304.7
333.9
392.4
467.0
523.8
577.6
576.5
600.7
603.0
625.7
633.7
632.4
641.1
654.7
651.3
660.0
654.9
GDP less exports of goods and services plus imports of goods and services.
Government purchases
Exports and imports of goods
and services
Imports
417.6
451.7
507.1
552.2
587.7
628.5
621.1
670.1
295.1
358.0
415.7
440.2
467.1
535.6
573.1
597.7
649.2
610.6
612.2
622.8
638.8
640.7
666.3
679.9
693.5
699.6
725.0
720.0
Total
Total
772.3
833.0
881.5
918.7
975.2
1,047.4
1,099.3
1,131.8
631.6
657.6
727.0
799.2
849.7
901.4
937.6
994.5
1,076.5
1,093.0
1,099.9
1,104.0
1,100.2
1,118.5
1,125.8
1,139.1
1,143.8
1,139.7
1,158.6
1,160.8
344.3
367.8
384.9
387.0
401.6
426.5
445.9
448.8
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
450.2
449.4
446.8
437.4
445.5
444.6
452.8
452.4
442.7
447.5
442.2
National
defense
258,6
276.7
292.1
295,6
299.9
314.0
322,5
313.8
205.5
222.8
242.9
268.6
278.6
295.8
296.8
302.5
322.5
331.4
326.3
321.2
.311.2
312.3
310.4
316.7
315.7
304.8
307.6
302.3
Nondefense
85.7
91.1
92.9
91.4
101.7
112.5
123.4
135.0
75.9
66.9
81.9
88.3
94.5
96.7
95.2
102.6
114.0
118.7
123.0
125.6
126.2
133.1
134.2
136.1
136.7
137.9
140.0
139.9
State
and
local
428.1
465.3
496.6
531.7
573.6
620.9
653.4
683.0
350.3
367.9
402.2
442.4
476.6
509.0
545.7
589.3
640.0
642.9
650.5
657.3
662.8
673.0
681.2
686.2
691.4
697.0
711.1
718.6
Final
sales of
domestic
product
Gross
domestic
purchases 1
4,014.1
4,260.0
4,513.7
4,884.2
5,217.5
5,539.3
5,731.6
6,031.2
3,241.4
3,527.1
3,818.1
4,107.9
4,355.4
4,623.7
5,027.3
5,314.6
5,621.8
5,651.6
5,720.8
5,759.1
5,794.8
5,913.9
5,978.6
6,049.9
6,182.5
6,227.1
6,314.5
6,388.1
4,154.3
4,401.2
4,683.0
5,008.4
5,330.5
5,617.5
5,742.5
6,068.2
3,224.6
3,619.1
3,976.2
4,276.0
4,469.8
4,826.2
5,150.7
5,418.7
5,669.5
5,665.8
5,709.2
5,778.4
5,816.7
5,915.8
6,025.3
6,098.3
6,233.2
6,309.9
6,392.7
6,461.5
Source: Department of Commerce, Bureau of Economic Analysis.
Addendum:
Gross
national
product
4,053.6
4,277.7
4,544.5
4,908.2
5,266.8
5,567.8
5,737.1
6,045.8
3,222.6
3,578.4
3,890.2
4,156.2
4,340.5
4,690.5
5,054.3
5,365.0
5,630.0
5,656.1
5,710.6
5,766.2
5,815.5
5,927.6
5,996.3
6,067.3
6,191.9
6,262.1
6,327.1
GROSS DOMESTIC PRODUCT IN 1987 DOLLARS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Period
1985
1986
1987
1988
1989
1990
1991 .
1992
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
Ill
IV
1993- I
II
Ill"
1
Gross
domestic
product
Personal
consumption
expenditures
Exports and imports of
goods and services
Government purchases
Federal
Nonresidential
fixed
investment
Residential
fixed
investment
Change
in
business
inventories
Net
exports
Exports
Imports
Total
Total
National
defense
State
and
local
Nondefense
Final
sales of
domestic
product
Gross
domestic
purchases 1
Addendum:
Gross
national
product
4,279.8
4,404.5
4,539.9
4,718.6
4,838.0
4,897.3
4,861.4
4,986.3
2,865.8
2,969.1
3,052.2
3,162.4
3,223.3
3,272.6
3,258.6
3,341.8
521.8
500.3
497.8
530.8
540.0
546.5
514.5
529.2
202.0
226.2
225.2
222.7
214.2
194.5
169.5
197.1
22.1
145 3
8.5 -155.1
26.3
143 1
19.9 -104.0
29.8
73 7
5.7 -54.7
-8.4
-19.1
6.5 -33.6
309.2
329.6
364.0
421.6
471.8
510.5
543.4
578.0
454.6
484.7
507.1
525.7
545.4
565.1
562.5
611.6
813.4
855.4
881.5
886.8
904.4
932.6
946.3
945.2
355.2
373.0
384.9
377.3
376.1
384.1
386.5
373.0
265.6
280.6
292.1
287.0
281.4
283.6
281.3
261.2
89.5
92.4
92.9
90.2
94.8
100.4
105.3
111.8
458.2
482.4
496.6
509.6
528.3
548.5
559.7
572.2
4,257.6
4,395.9
4,513,7
4,698,6
4,808.3
4,891.6
4,869.8
4,979.8
4,425.1
4,559.6
4,683.0
4,822.6
4,911.7
4,951.9
4,880.5
5,019.9
4,295.0
4,413.5
4,544.5
4,726.3
4,852.7
4,916.5
4,874.5
4,994.0
3,759.6
4,012.1
4,194.2
4,333.5
4,427.1
4,625.5
4,779.7
4,856.7
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 -19.0
190.6
29.3
83 7
198.8
47.9 -131.4
207.4
30.2
155 4
230.5 -20.1 -156.0
223.3
59.9 - 136.0
225.3
20.9 -102.7
208.0
24.9 -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
4,906.5
4,867.2
3,288.4
3,265.9
551.2
540.2
189.0
10.9
176.3 -20.9
-62.2
86 8
508.6
520.4
570.7
557.2
929.2
942.4
379.6
386.5
278.5
285.7
101.1
100.8
549.6
555.8
4,895.6
4,888.0
4,968.6
4,904.0
4,920.9
4,895.4
4,837.8
4,855.6
4,872.6
4,879.6
3,242.7
3,256.9
3,267.1
3,267.5
521.4
517.8
512.8
506.1
163.8 -17.4
164.3 -22.3
171.0
-.9
179.1
7.1
-21.6
-13.3
-25.0
16 4
519.4
542.9
546.9
564.2
541.0
556.2
571.9
580.7
948.9
952.3
947.6
936.2
393.8
393.6
386.6
372.1
292.0
288.7
279.4
264.9
101.8
104.9
107.2
107.2
555.1
558.7
561.0
564.1
4,855.2
4,878.0
4,873.5
4,872.5
4,859.4
4,869.0
4,897.6
4,896.0
4,859.3
4,867.5
4,880.3
4,890.9
4,922.0
4,956.5
4,998.2
5,068.3
3,302.3
3,316.8
3,350.9
3,397.2
510.5
528.8
533.8
543.7
186.2
195.6
196.2
210.6
-5.0
12.6
9.6
8.7
-15.2
-38.0
-42.5
-38.8
571.0
570.2
579.3
591.6
586.2
608.2
621.8
630.3
943.1
940.7
950.2
946.9
372.1
369.2
377.0
373.7
261.2
257.9
264.4
261.3
110.9
111.3
112.5
112.4
571.0
571.5
573.2
573.2
4,926.9
4,943.8
4,988.6
5,059.6
4,937.1
4,994.5
5,040.7
5,107.1
4,939.0
4,962.2
5,006.4
5,068.4
5,078.2 3,403.8
5,102.1 3,432.7
5,138.0 3,467.9
562.3
584.3
593.3
211.4
206.2
211.2
29.3
13.0
7.3
-59.9
-75.2
-80.1
588.0
593.2
591.5
647.9
668.4
671.5
931.3
941.1
938.4
357.6
359.4
353.8
246.0
246.4
241.1
111.5
113.0
112.6
573.7
581.6
584.6
5,048.9
5,089.1
5,130.8
5,138.1
5,177.4
5,218.1
5,080.7
5,104.1
GDP less exports of goods and services plus imports of goods and services.
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[1987 = 100; quarterly data are seasonally adjusted]
Period
Gross
domestic
product
1985
1986
1987
1988
1989
1990 .
1991
1992
1982:
19831984'
1985:
19861987:
19881989:
19901991-
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II
III
IV
....
1992- I
II
in
IV
..
1993- I
II
III ".
Personal consumption
expenditures
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
94.4
96.9
100.0
103.9
108.5
113.3
117.7
121.1
93.1
96.0
100.0
104.2
109.3
114.9
119.9
123.9
95.4
96.9
100.0
102.0
104.2
105.7
107.3
108.9
95.9
96.1
100.0
103.7
109.3
115.9
120.0
122.4
90.8
95.7
100.0
105.1
110.6
116.7
122.8
128.5
96.6
98.4
100.0
102.8
105.2
107.3
108.0
106.9
92.0
95.8
100.0
104.2
107.8
110.7
111.8
113.4
97.7
96.9
100.0
105.3
107.7
109.1
110.7
110.8
91.9
93.2
100.0
105.1
107.8
111.2
110.4
109.6
96.9
98.6
100.0
102.6
106.8
111.0
115.4
120.3
97.3
98.6
100.0
103.0
106.6
110.7
114.7
120.1
95.7
98.6
100.0
101.4
107.3
112.0
117.2
120.8
93.4
96.4
100.0
104.3
108.6
113.2
116.7
119.4
85.0
88.4
92.3
95.5
98.0
• 101.2
105.5
110.1
115.0
83.8
87.6
90.7
94.6
97.0
101.6
106.1
111.0
117.5
90.6
93.3
94.4
95.9
97.8
101.0
103.1
104.9
106.1
89.4
91.8
94.2
97.0
96.3
101.5
105.6
110.8
119.2
79.0
83.7
87.7
92.9
97.3
101.9
107.1
112.7
119.2
95.3
95.0
96.4
97.3
99.2
100.7
104.0
106.0
108.2
86.0
88.0
90.7
93.1
97.3
101.5
105.3
108.8
111.1
94.7
98.2
98.7
97.7
97.4
101.6
106.6
107.4
111.0
98.5
95.4
93.6
94.2
93.6
102.6
106.0
107.7
116.5
89.0
89.9
95.0
98.1
98.8
100.2
103.6
107.7
112.9
89.6
91.7
95.5
98.7
98.7
100.3
103.9
107.5
112.9
87.7
84.3
93.7
96.4
99.2
100.1
102.6
108.4
113.1
83.4
86.4
90.9
94.8
97.8
101.5
105.7
109.9
115.2
116.4
117.3
118.2
118.9
118.5
119.4
120.3
121.3
106.8
107.1
107.5
107.8
119.5
119.8
120.1
120.7
120.8
122.0
123.5
124.9
108.7
108.3
107.8
107.3
111.3
111.7
112.5
111.8
111.0
110.6
110.2
110.9
112.9
110.1
108.9
110.0
114.3
114.2
115.6
117.5
113.5
113.0
114.9
117.5
116.7
117.3
117.2
117.8
115.8
116.4
117.2
117.5
120.0
120.9
121.2
122.2
122.5
123.6
124.1
125.3
108.4
109.0
109.1
109.1
121.5
122.1
122.8
123.1
126.6
128.1
128.5
130.7
107.1
107.1
106.6
106.6
112.2
112.8
113.8
114.9
111.0
110.9
110.7
110.7
109.3
109.6
109.3
110.0
119.7
120.4
120.1
121.1
119.6
120.3
119.8
120.8
120.0
120.6
121.0
121.6
117.9
119.2
119.7
120.6
123.3
124.0
124.5
126.2
127.0
127.4
109.2
109.8
109.9
124.1
124.2
123.8
131.8
133.1
134.1
105.7
106.0
105.1
115.8
117.3
118.7
110.8
111.3
110.7
108.0
108.5
107.2
123.8
124.5
125.0
123.9
124.8
125.4
123.6
123.9
124.2
121.5
122.3
122.9
Source: Department of Commerce, Bureau of Economic Analysis.
Gross private
domestic investment
CHANGES IN GDP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED IMPLICIT PRICE DEFLATORS AND PRICE INDEXES
[Percent change from preceding year or quarter; quarterly data at seasonally adjusted annual rates]
Personal consumption expenditures
Gross domestic product
Period
Current
dollars
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1989:
1990:
.
HI. .
IV
I
n
m
IV
1991- I
n
ni
IV
1992: I
n
m
rv ...
1993:
I
n
m"
Constant
U987) dollars
Fixed-weighted
price index
(1987 weights)
Implicit price
deflator
11.9
3.9
8.1
10.9
6.9
5.7
6.4
7.9
7.2
5.6
3.2
5.5
3.8
5.1
9.1
5.9
3.1
1.0
2.4
4.8
4.3
3.2
7.4
5.7
4.6
9.2
1.8
-2.2
3.9
6.2
3.2
2.9
3.1
3.9
2.5
1.2
7
2.6
0
1.5
3.5
1.5
9
-3.2
24
1.5
1.4
.6
3.5
2.8
3.4
5.7
10.0
6.2
4.1
4.4
3.7
2.6
3.2
3.9
4.4
4.4
3.9
2.9
3.8
3.7
5.2
4.4
4.0
4.3
5.0
3.1
3.1
2.4
3.8
3.0
1.0
3.3
3.9
3.4
3.5
2.8
3.1
4.0
4.5
4.6
4.1
3.3
3.8
3.7
5.8
4.4
4.7
3.8
5.1
3.4
3.4
2.7
4.2
3.4
2.5
3.1
4.4
4.3
4.4
.8
1.9
2.8
3.6
2.3
1.6
4.3
2.8
2.1
Current
dollars
Fixed-weighted
price index
(1987 weights)
Constant
(1987) dollars
Implicit price
deflator
10.2
6.9
9.6
1.2
1.1
4.6
9.0
8.4
6.9
7.1
8.0
6.9
6.8
3.9
6.0
6.3
5.3
9.2
5.3
8.3
3.7
.7
4.7
4.4
3.5
8.6
5.4
5.7
9.9
4.8
4.4
3.6
2.8
3.6
1.9
1.5
4
2.6
2.9
.8
2.8
.9
2.1
-2.7
-2.8
1.8
1.3
.0
4.3
1.8
4.2
5.6
9.0
5.7
4.9
3.9
3.9
3.1
4.2
4.2
4.9
5.1
4.4
3.3
3.3
4.4
6.3
4.3
6.1
6.7
3.4
3.1
3.0
3.4
4.0
3.6
1.6
3.9
8.6
5.4
4.3
3.7
3.8
3.0
4.1
4.3
5.0
5.3
4.5
3.7
3.5
4.4
6.6
4.2
6.3
7.0
3.9
3.2
3.4
3.5
4.5
3.6
3.4
3.1
3.8
6.1
5.5
.8
3.4
4.2
2.9
2.6
1.3
3.4
2.9
1.4
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 nonflnancial
corporate business
(billions of dollars)
Period
1985
1986
1987
1988
1989
1990
1991
1992
. . . .
19821983:
19841985:
198619871988:
19891990:
1991-
IV
IV
IV
IV
IV
IV
IV
IV
IV
III
IV
1992- I
n
m
IV
1993- I
n
1
2
.
.
Total
cost and
profit 2
Current
dollars
1987
dollars
2,293.6
2,386.3
2,547.3
2,764.8
2,913.5
3,045.5
3,082.1
3,243.4
2,364.3
2,439.3
2,547.3
2,684.8
2,718.9
2,747.4
2,710.0
2,822.3
0.970
.978
1,806.3
2,037.2
2,228.2
2,338.8
2,422.8
2,627.6
2,843.2
2,951.5
3,052.5
3,086.8
3,129.5
3,159.8
3,218.1
3,264.2
3,331.6
3,331.7
3,395.9
1,999.6
2,204.2
2,328.4
2,396.9
2,463.3
2,604.0
2,719.0
2,722.7
2,725.0
2,708.5
2,745.0
2,759.5
2,802.6
2,839.8
2,887.4
2,867.5
2,916.6
Consumption of
fixed
capital
sation of
employees
Net
interest
Total
0.093
0.636
0.038
0.094
1.000
1.030
1.072
1.109
1.137
1.149
0.109
.111
.110
.111
.117
.120
.126
.125
.095
.095
.096
.101
.106
.115
.116
.648
.658
.676
.706
.736
.758
.762
.040
.042
.045
.054
.054
.052
.048
.084
.096
.102
.094
.093
.086
.099
.903
.924
.957
.976
.984
1.009
1.046
1.084
1.120
1.140
1.140
1.145
1.148
1.149
1.154
1.162
1.164
.119
.119
.111
.110
.112
.110
.112
.120
.123
.126
.125
.125
.124
.129
.122
.124
.123
.086
.088
.091
.093
.095
.094
.097
.102
.109
.116
.116
.117
.116
.116
.116
.116
.118
.607
.602
.623
.643
.654
.664
.687
.718
.748
.761
.760
.762
.762
.762
.761
.772
.770
.040
.036
.041
.038
.042
.042
.047
.055
.054
.052
.051
.050
.049
.047
.046
.047
.046
.051
.079
.091
.092
.081
.099
.102
.088
.085
.084
.088
.091
.098
.096
.109
.102
.108
Output is measured by GDP of nonfmancial corporate business in 1987 dollars.
This is equal to the deflator for gross domestic product of nonfmancial corporate business with
the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments less subsidies.
Indirect
business
taxes 3
Corporate profits with inventory
valuation and capital consumption
adjustments
4
Profits
tax
liability
0.030
.031
Profits
after
tax 4
0.064
.037
.038
.037
.034
.031
.035
.053
.059
.064
.057
.059
.056
.064
.020
.029
.027
.030
.035
.038
.040
.033
.034
.031
.031
.033
.036
.034
.037
.037
.040
.030
.050
.064
.063
.045
.060
.063
.055
.052
.053
.056
.059
.062
.062
.072
.065
.068
Output
per hour
of all
employees
(1987
dollars) '
Compensation per
hour of
all
employees
(dollars) *
22.149
22.734
23.128
23.572
23.189
23.383
23.733
24.479
14.082
14.740
15.208
15.833
16.377
17.230
18.020
18.539
21.071
21.891
22.054
22.346
22.890
23.357
23.523
23.150
23.473
23.779
24.024
24.197
24.318
24.583
24.887
24.687
12.791
13.185
13.731
14.359
14.974
15.518
16.070
16.619
17.598
18.137
18.286
18.394
18.465
18.603
18.746
18.875
With inventory valuation and capital consumption adjustments.
* Data beginning 1990 based on GDP release of August 29, 1993.
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
1985
1986
1987
1988
1989
1990
1991
1992
1982:
1983:
1984:
19851986:
19871988:
19891990:
1991-
3,268.4
3,437.9
3,692.3
4,002.6
4,249.5
4,491.0
4,598.3
4,836.6
2,551.5
2,834.3
3,134.4
3,341.9
3,486.0
3,828.8
4,127.6
4,305.2
4,539.2
4,596.9
4,662.6
4,755.4
4,814.6
4,800.8
4,975.8
5,038.9
5,104.0
IV
IV
IV
IV
IV
IV
IV
IV
IV
III .
IV
1992- I ...
II
III
IV
1993- I
II
III"
1
2,382.8
2,523.8
2,698.7
2,921.3
3,100.2
3,297.6
3,402.4
3,582.0
1,940.4
2,101.2
2,288.1
2,442.5
2,582.5
2,785.1
3,004.9
3,162.8
3,344.2
3,415.8
3,455.4
3,507.8
3,558.1
3,603.6
3,658.6
3,705.1
3,750.6
3,792.8
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
21.5
22.3
31.3
30.9
40.2
41.9
36.8
43.7
10.2
6.3
21.9
17.8
23.6
42.4
30.9
38.4
43.8
29.8
37.6
45.6
44.9
36.8
47.6
55.7
47.0
27.0
18.7
8.7
3.2
4.3
-13.5
-14.2
-12.8
-8.9
24.1
22.2
24.3
14.0
4.7
6.8
2.8
-21.6
— 11.1
-16.3
-11.2
87
-7.2
185
-1.2
7.5
12.7
13.9
238.4
261.5
279.0
293.4
307.0
321.4
339.5
370.6
169.6
193.8
217.7
250.9
260.9
282.6
302.5
311.4
325.1
344.4
350.1
361.2
366.2
371.3
383.6
388.4
392.4
396.2
Includes employer contributions for social insurance. (See also p. 5.)
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
280.8
271.6
319.8
365.0
362.8
380.6
369.5
407.2
150.3
229.1
261.3
284.9
264.6
343.3
378.3
354.5
362.8
359.0
378.8
409.9
411.7
367.5
439.5
432.1
458.1
225.3
227.6
273.4
320.3
325.4
354.7
367.3
390.1
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
359.0
375.4
399.7
395.7
350.1
414.8
407.0
433.4
Profits
before tax
Inventory
valuation
adjustment
225.0
217.8
287.9
347.5
342.9
365.7
362.3
395.4
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
368.9
362.0
373.5
404.3
409.5
357.9
409.9
419.8
445.6
0.2
9.7
-14.5
-27.3
-17.5
-11.0
4.9
53
-8.6
-7.6
3.5
38
-10.7
17 8
-31.7
-13.5
-19.5
30
1.9
46
13 7
-7.8
4.9
-12.7
-12.2
.2
Capital
consumption
adjustment
Net
interest
55.5
44.1
46.4
44.7
37.4
25.9
2.2
17.1
-9.6
12.9
37.7
56.9
39.6
49.9
37.9
33.9
13.5
.0
3.5
10.2
16.0
17.4
24.7
25.1
24.7
23.6
326.2
350.2
360.4
387.7
452.7
463.7
462.8
442.0
256.8
281,8
321.1
331.9
349.7
368.6
408.1
459.8
474.4
464.2
451.9
439.5
440.8
440.1
447.7
450.1
443.2
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
Total
personal
consumption
expenditures
Total
durable
goods
1985
2,865.8
370.1
1986
1987
1988
1989
1990
1991
1992
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
2,969.1
402.0
403.7
428.7
440.7
443.1
426.6
456.6
272.3
319.1
347.7
369.6
415.7
404.7
439.2
436.8
433.2
420.3
422.0
432.6
431.5
446.6
447.5
459.0
473.4
471.9
484.2
493.0
... .
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II
in
IV
1992: I
n
m
rv
1993: I
II
m »....
1
3,052.2
3,162.4
3,223.3
3,272.6
3,258.6
3,341.8
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,242.7
3,256.9
3,267.1
3,267.5
3,302.3
3,316.8
3,350.9
3,397.2
3,403.8
3,432.7
3,467.9
Motor
vehicles
and
parts
180.2
193.3
183.5
194.8
196.4
192.7
170.5
182.3
123.7
151.6
164.3
173.9
193.6
183.6
197.7
188.3
182.1
169.4
165.9
173.7
173.0
180.6
179.5
180.6
188.6
185.7
191.3
189.5
Includes other items, not shown separately.
Furniture and
household
equipment
123.8
136.3
144.0
155.4
165.8
171.6
180.0
194.8
96.4
109.3
118.7
128.6
141.4
145.9
160.3
167.9
172.3
174.3
180.0
182.7
182.9
188.2
189.8
197.1
204.2
206.5
212.4
219.1
Other
66.1
72.4
76.2
78.5
78.5
78.7
76^1
79.5
52.3
58.1
64.8
67.1
80.7
75.2
81.2
80.5
78.8
76.6
76.0
76.2
75.6
77.8
78.2
81.3
80.6
79.7
80.6
84.4
Total
nondurable goods
958.7
991.0
1,011.1
1,035.1
1,051.6
1,060.7
1,048.2
1,062.9
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,058.9
1,057.5
1,048.2
1,051.1
1,049.3
1,044.0
1,052.0
1,055.0
1,062.9
1,081.8
1,076.0
1,083.1
1,092.3
Food
Clothing
and
shoes
483.0
494.1
500.7
513.4
515.0
523.9
518.7
520.5
458.3
467.1
475.1
488.2
496.9
502.4
518.0
515.6
525.8
518.7
519.0
518.8
518.2
518.8
515.7
518.2
529.3
526.7
528.6
531.5
158.8
170.3
174.5
178.9
187.8
186.2
184.7
193.7
135.7
147.7
154.7
161.7
171.9
174.5
182.8
190.9
184.5
182.9
187.0
185.9
183.1
188.3
191.1
195.4
200.0
194.8
197.8
200.4
Gasoline
and oil
79.2
82.9
84.7
86.1
87.3
86.4
83.1
83.9
73.4
76.9
79.0
79.5
84.6
85.4
87.5
88.6
84.6
82.7
83.7
83.4
82.5
82.7
83.7
84.7
84.4
83.9
84.1
85.8
Retail sales of new
passenger cars
(millions of units)
Services
Nondurable goods
Fuel
oil and
coal
11.5
12.1
12.0
12.0
11.4
10.5
10.7
11.9
10.5
11.4
11.1
11.4
12.4
11.9
12.0
12.0
9.5
10.3
10.6
11.4
10.6
11.1
12.8
11.7
11.9
12.9
12.6
13.2
Other
226.2
231.7
239.1
244.7
250.2
253.8
250.9
252.9
202.8
212.2
222.9
228.0
235.2
240.4
246.4
251.8
253.1
253.5
250.9
249.8
249.6
251.1
251.7
252.7
256.2
257.7
259.9
261.5
Total
services 1
Housing
Medical
care
1,537.0
435.9
353.0
1,576.1
1,637.4
1,698.5
1,731.0
1,768.8
1,783.8
1,822.3
1,386.2
1,443.9
1,494.2
1,557.1
1,595.8
1,655.5
1,716.9
1,746.3
1,775.2
1,774.2
1,783.8
1,785.2
1,792.0
1,803.7
1,814.3
1,829.0
1,842.0
1,855.9
1,865.4
1,882.6
442.1
452.5
461.8
469.2
474.6
478.6
484.2
411.0
419.7
431.3
438.1
444.8
457.0
465.6
471.3
475.9
476.3
478.1
479.4
480.6
481.7
483.2
485.1
486.7
488.8
490.7
493.2
366.2
384.7
399.4
408.6
424.6
437.6
449.2
327.8
334.8
344.9
359.1
372.0
390.7
403.0
411.8
429.4
432.6
435.3
438.8
443.6
445.3
447.9
450.4
453.2
458.0
461.1
466.0
Source: Department of Commerce, Bureau of Economic Analysis.
Domestics
8.2
8.2
7.1
7.5
7.1
6.9
6.1
6.3
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
6.6
6.2
6.1
6.2
6.1
6.1
6.3
6.2
6.4
6.4
6.9
6.6
Imports
2.8
3.2
3.2
3.1
2.8
2.6
2.3
2.1
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.4
2.2
2.3
2.3
2.2
2.3
2.2
2.0
2.0
2.0
2.1
2.0
SOURCES OF PERSONAL INCOME
Personal income increased $10.4 billion (annual rate) in September, after rising $70.5 billion in August. The large
increase in August reflected a rebound from the effects of the Midwest floods and a drought in the Southeast.
BILLIONS OF DOLLARS* (RATIO SCALE)
6,000
BILLIONS OF DOLLARS* (RATIO SCALE)
6,000
5,000
5,000
4,000
4,000
3,000
3,000
WAGE AND SALARY DISBURSEMENTS .
2,000
2,000
1,400
1,400
'
\
OTHER INCOME
800
800
TRANSFER PAYMENTS
i i i i I i l tll
400
1985
1986
l i l l l I i l l ll
1988
1987
1989
I I i I i I I M II
i l l l l i l l ii
1990
400
1992
1991
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
personal
income
Wage and
salary
disbursements l
1984
3 1546
1 849 8
1985
1986
1987
1988
1989
1990
1991
1992
1992- Sept ..
Oct
Nov ...
Dec
1993: Jan ...
Feb
Mar
3 379 8
35904
3 8020
4,075.9
43803
4673 8
48509
5 144 9
5 1724
5 239 1
5,238.5
5507 3
5 225.7
5 249 1
5,289.2
53656
5 3804
53736
5 359 2
5,429.7
5440 1
1 9865
2,1054
2 261 2
2,443 0
25864
2 7450
2,8150
2973 1
2,976 3
3002 5
3,021 1
3 2639
2,970 9
29763
2,975.8
3,068 3
30938
3,086 0
3 1000
3,122.8
3 1200
July '
Aug T..
Sept "
Proprietor ' income 3
Other labor
income * 2
184 7
191 8
21 3
21 5
2147
233
2384
2007
2104
230.5
251 9
274 3
2969
322 7
3279
3298
331.5
333 1
335.8
3385
341.2
3439
3466
349.3
3520
354.7
3574
22.3
31 3
30.9
402
41 9
36.8
43 7
43.8
580
38.6
462
36.9
48.2
82.0
59.7
452
36.0
96
33.7
37.8
261 5
2790
293.4
307 0
321 4
3395
3706
373.2
3807
382.4
387 8
388.4
3887
388.2
389.7
392 7
394.8
391 8
397.6
3993
18 7
8.7
32
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
^ Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
Farm
Less:
income of
persons 4
4
4.3
— 135
14 2
12.8
— 89
8.0
— 18
— 1.4
4
4.9
9.5
8.1
14.3
120
11.9
63
16.7
18.7
dividend
income
interest
income
788
87 9
461 9
498 1
104 7
1004
1084
1265
144 4
1279
1404
147 4
149 7
152.0
155 3
156.7
157 1
157.2
1575
157 8
158.2
1586
159.0
1593
531.7
548 1
583.2
6682
6982
715.6
6943
689,6
692 2
694.8
6966
695i7
6953
695.2
694.1
693 1
692.0
6929
694.2
695.6
pay- a
ments
452.9
4859
517.8
542.2
576.7
625.0
687 6
769.9
858.4
872.2
879.7
872.4
880.2
892.4
892.6
898.3
901.7
904.5
910.2
913.9
918.5
919.1
contributions
for social
insurance
1328
149 1
162.1
1736
194.5
211 4
2249
237.8
249 3
250.1
251 6
252.9
2554
256.1
2569
256.9
263.5
2653
264.9
2659
267.5
267 1
personal
income 6
3,106.1
3 333 2
3,545.6
3 749.4
4,023.9
4,318.0
46086
4,792.0
5080.1
5,107.7
5 1602
5,178.9
5,440.2
5,167.4
5,179.0
5,185.1
5,283.7
53128
5,315.0
5,327.2
5,373.4
5,379.6
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
5
6
DISPOSITION OF PERSONAL INCOME
According to advance estimates, per capita disposable personal income in 1987 dollars was about unchanged in
the third quarter of 1993.
BIWONS Of DOLLARS" (RATIO SCALE]
BILUONS Of DOLLARS' (RATIO SCALE)
2,500
2,500
2,000
I
I
I
I I
I I
I
I
I
I
I I
I I
I I
I
I I
I
I I I
I
I I
I I
I
I I
I
I
I I
I
I
I I
I I
I
I 2,000
DOLLARS' (RATIOSCALE)
DOLLARS' (RATIO SCALEI
8,000
COUNCIl OF ECONOMIC ADVISERS
Period
Personal
income
Less:
Personal
tax and
nontax
payments
P
1
Disposable
income
Less:
Personal
outlays 1
Equals:
Personal
saving
Disposable
personal
income in
1987
dollars
(billions)
Per capita
disposable personal
income
Current
dollars
Billions of dollars
1985
1986
1987
1988
1989
1990
1991
1992
3,379.8
3,590.4
3,802.0
4,075.9
4,380.3
4,673.8
4,850.9
5,144.9
436.8
459.0
512.5
527.7
593.3
623.3
620.4
644.8
2,943.0
3,131.5
3,289.5
3,548.2
3,787.0
4,050.5
4,230.5
4,500.2
1987
dollars
Per capita personal
consumption
expenditures
Current
dollars
1987
dollars
Dollars
2,753.7
2,944.0
3,147.5
3,392.5
3,634.9
3,880.6
4,029.0
4,261.5
189.3
187.5
142.0
155.7
152.1
170.0
201.5
238.7
3,162.1
3,261.9
3^289.5
3,404.3
3J464.9
3,524.5
3'529.0
3,632.5
12,339
13,010
13,545
14,477
15^307
16,205
16,741
17,615
Percent
change in
real per
capita
disposable
persona]
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
overseas
(thousands) 2
Percent
13,258
18,552
13^545
13,890
14^005
14,101
13^965
14,219
11,843
12^568
13,448
14,241
15,048
15,459
16,205
12,015
12,336
12^568
12,903
13^029
13,093
12395
13,081
1.8
2.2
— .1
2.5
.8
.7
— 1.0
1.8
6.4
6.0
4.3
4.4
4.0
4.2
4.8
5.3
238,510
240,691
242,860
245,093
247,397
249,951
252,699
255,472
12,154
12,591
13,145
13,278
13,522
13,685
13,996
14,015
14,018
13,971
14,000
13,927
13,963
14,073
14,142
14,169
14,490
14,163
14,326
14,324
9,134
9,980
10,649
11,445
12,101
12,819
13,814
14,491
15,283
15,273
15,409
15,530
15,621
15,906
16,072
16,249
16,589
16,704
16,907
17,084
10,895
11,390
11,739
12,095
12,472
12,615
13,020
13,053
13,010
12,885
12,908
12,911
12,876
12,981
13,002
13,098
13,241
13,234
13,312
13,409
-0.5
7.2
1.0
1.8
-1.7
5.2
3.2
1.8
-1.7
-1.3
.8
-2.1
1.0
3.2
2.0
.8
9.4
-8.7
4.7
-.1
7.7
6.8
7.9
6.0
4.8
5.0
4.3
3.9
4.3
4.8
4.9
4.4
4.9
5.0
5.3
4.9
6.0
3.9
4.4
3.7
233,060
235,146
237,231
239,387
241,550
243,745
246,004
248,372
251,035
251,659
252,312
253,048
253,776
254,392
255,090
255,836
256,569
257,197
257,872
258,619
11,184
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
IV
IV
IV
IV
IV
IV
IV
IV
IV....
I
n
m ...
IV....
1992: I
n
m ...
IV....
1993: I
n
m*..
2,746.8
2,965.8
3,242.5
3,456.7
3,647.8
3,918.5
4,195.2
4,469.4
4,759.1
4,783.9
4,833.4
4,858.8
4,927.5
5,017.8
5,093.8
5,139.8
5,328.3
5,254.7
5,373.2
5,409.7
372.1
371.6
413.4
448.8
478.5
528.6
542.0
605.1
625.2
616.4
616.6
619.7
628.8
630.9
634.6
642.8
670.7
657.1
681.0
690.2
2,374.7
2,594.3
2,829.1
3,007.9
3,169.3
3,389.9
3,653.2
3,864.3
4,133.9
4,167.5
4,216.8
4,239.1
4,298.8
4,386.9
4,459.2
4,497.0
4,657.6
4,597.5
4,692.2
4,719.5
2,190.9
2,417.9
2,606.5
2,828.7
3,018.2
3,220.1
3,496.7
3,715.5
3,957.7
3,966.0
4,010.7
4,052.3
4,087.0
4,169.4
4,221.3
4,277.3
4,377.9
4,419.7
4,483.6
4,542.6
183.8
176.3
222.6
179.2
151.1
169.8
156.4
148.8
176.2
201.5
206.0
186.8
211.7
217.5
237.9
219.6
279.7
177.9
208.7
176.9
2,832.6
2,960.6
3,118.5
3,178.7
3,266.2
3,335.8
3,443.1
3,480.9
3,519.0
3,515.9
3,532.5
3,524.2
3,543.4
3,580.1
3,607.5
3,624.8
3,717.6
3,642.6
3,694.4
3,704.4
1
Includes personal consumption expenditures, interest paid by persons, and personal transfer pay
ments to rest of the world (net).
10,189
11,033
11,925
12,565
13,121
13,907
14,850
15,558
16,467
16,560
16,712
16,752
16,939
17,245
17,481
17,577
18,153
17,876
18,196
18,249
2
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the first quarter of 1993, according to current estimates, gross farm income rose $3.9 billion (annual rate) and
net farm income rose $6.8 billion.
BILUC NS OF DOLLARS' (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO S CALE)
240
200
>.,.—,
x
160
-«,
t
>
^
^
f~~
,
, --
240
200
*•!••
^"
/*
160
\
\
1
GRO.>S FARM INCOME
120
120
80
80
An
An
40
40
20
20
10
10
•SEASONAUY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
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
Livestock and
products
Crops
Value of
inventory
changes 2
Production
expenses
Current
dollars
1987 dollars a
1984
1985
1986
1987
1988
1989
1990
1991
1992
168.0
161.2
156.1
168.5
175.8
190.9
196.4
190.3
197.7
142.8
144.1
135.4
141.8
151.2
161.2
170.0
168.7
171.2
72.9
69.8
71.6
76.0
79.4
84.1
89.8
86.8
86.4
69.9
74.3
63.8
65.9
71.7
77.0
80.1
81.9
84.8
6.0
-2.3
-2.2
-2.3
3.4
4.8
3.4
-.3
3.8
141.9
132.4
125.1
128.8
137.0
144.0
149.9
150.3
149.1
26.1
28.8
31.1
39.7
38.8
46.9
46.5
40.0
48.6
28.7
30.5
32.0
39.7
37.3
43.2
41.0
34.0
40.2
1991- I
H
190.5
191.2
186.8
192.7
166.5
166.8
172.2
169.4
89.6
87.6
84.9
85.0
76.9
79.2
87.3
84.4
1.2
.6
.1
-3.1
147.5
149.8
151.7
152.2
43.0
41.4
35.2
40.5
37.0
35.3
29.8
34.1
199.6
202.8
197.3
191.3
167.1
174.2
178.9
164.5
84.2
86.0
85.3
89.9
82.9
88.1
93.6
74.6
4.7
4.3
3.5
2.5
146.3
148.6
150.4
151.0
53.3
54.2
46.8
40.3
44.4
44.8
38.6
33.0
195.2
168.0
85.1
148.1
47.1
38.2
m
rv
1992: I
n ....
m
IV
1993- I
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
83.0
3
-1.3
Income in current dollars divided by the GDP implicit price deflator.
NOTE.—Data include net Commodity Credit Corporation loans and operator household
Sources: Department of Agriculture and Department of Commerce.
CORPORATE PROFITS
In the second quarter of 1993, corporate profits before tax rose $25.8 billion (annual rate) and profits after tax
rose $13.4 billion.
BILUCNSOFDOUARS
450
BHUONSOFDOUARS
450
SEASONALLY ADJUSTED ANNUAL RATES
PR OFITS BEFC RE TAX
350
200
/"-N
-
r^^
100
S
s**+'
v
•"•""• —
>
' f * + .- - »
%
.
350
300
_/'
y
V
>
/
f
'"*
250
V
S
200
XX
,
,'"
f
1982
1983
1 1
1984
\
\
f
x
f
i
--""
+
*
,-
s
"* *
\
\* /
100
+
50
,' \
i i i
1985
~"
150
• /
V
' UNDISTRI JUTED PRO :ITS
»
1
\
• k
*
1 1 1
^f\
TAX LIABI JTY
0
1 1 1
+-~'^. s.."-"""
*x._
, fS '
W'
t
-
s
s
f'
^ 400
/^
V
^
-.,
/
-N
"A
N.
s'^ *
50
r"1 V
/
^1
-—s-J
150
/
,_ ^
[\
PftOFITS AFTFR T/kX
/
r\
Jf
v/
ty
300
250
f\
,-1
400
-
,'
1
1 1
1986
1
1 1
1987
1
1 1
1988
1
1 I
1989
1 1 1
1 ! 1
1991
1990
i ii
1992
0
1 1 1
1993
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment
1
Profits after tax
Domestic industries
Nonfinancial
Period
Total 2
Total
1985
1986
1987
1988
1989
1990
1991
1992
19821983:
1984'
1985:
19861987:
1988:
19891990:
1991-
IV
IV..
IV
IV
IV
IV
IV
IV
IV
I
II
Ill
IV
1992- I
...
n
ni
IV
1993- I
n
225.3
227.6
273.4
320.3
325.4
354.7
367.3
• 390.1
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
364.6
370.1
359.0
375.4
399.7
395.7
350.1
414.8
407.0
433.4
194.5
194.6
233.9
271.2
266.0
286.7
300.4
327.8
130.8
182.6
192.9
193.5
192.5
246.3
285.9
254.8
273.8
291.9
303.6
299.3
306.8
328.5
334.2
288.6
360.1
348.0
375.3
Financial
28.7
35.8
36.4
41.8
50.6
65.7
80.7
78.1
23.0
22.1
20.3
29.0
34.7
39.4
46.1
52.5
66.6
75.9
81.0
84.2
81.6
97.9
87.7
44.6
82.0
92.3
96.4
Total
3
165.8
158.9
197.5
229.4
215.3
221.1
219.7
249.8
107.8
160.5
172.6
164.5
157.8
207.0
239.7
202.3
207.2
216.0
222.6
215.1
225.2
230.5
246.5
244.0
278.1
255.7
278.9
Manufacturing
Wholesale and
retail
trade
80.1
59.0
87.0
117.5
108.0
109.1
89.8
115.5
50.1
90.5
79.2
83.3
63.9
98.7
129.3
94.5
98.5
91.5
89.6
89.3
88.9
98.9
115.7
119.3
128.0
118.9
132.5
43.1
46.3
39.9
37.1
39.7
37.2
47.4
46.3
33.8
40.7
50.8
39.0
43.1
39.3
39.3
39.2
36.2
46.5
49.6
45.6
47.8
40.0
46.0
41.3
57.7
46.0
55.4
HI'
1
2
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
3
Profits
before
tax
225.0
217.8
287.9
347.5
342.9
365.7
362.3
395.4
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
368.9
356.5
357.4
362.0
373.5
404.3
409.5
357.9
409.9
419.8
445.6
Tax
liability
96.5
106.5
127.1
137.0
141.3
138.7
129.8
146.3
58.7
82.2
83.8
97.6
116.6
135.2
146.2
134.2
137.0
125.4
128.0
132.5
133.4
147.0
153.0
130.1
155.0
160.9
173.3
Total
128.5
111.3
160.8
210.5
201.6
227.1
232.5
249.1
109.9
141.6
136.3
134.2
119.2
176.0
226.0
200.0
231.8
231.1
229.4
229.5
240.1
257.3
256.5
227.8
254.9
258.9
272.3
Dividends
92.4
109.8
106.2
115.3
134.6
153.5
137.4
150.5
72.5
84.2
83.4
97.4
111.0
106.3
121.0
141.3
153.7
145.9
136.2
133.4
133.9
138.0
146.1
155.2
162.9
167.5
168.5
169.9
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
36.1
1.6
54.6
95.2
67.1
73.6
95.2
98.6
37.5
57.4
52.9
36.9
8.2
69.7
105.0
58.7
78.1
85.2
93.2
96.1
106.1
119.3
110.4
72.7
92.0
91.4
103.9
Inventory
valuation
adjustment
0.2
9.7
-14.5
-27.3
17.5
-11.0
4.9
-5.3
-8.6
-7.6
3.5
-3.8
-10.7
-17.8
-31.7
-13.5
-19.5
8.2
12.7
3.0
1.9
4.6
-13.7
-7.8
4.9
-12.7
— 12.2
.2
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
According to advance estimates for the third quarter of 1993, nonresidential fixed investment in 1987 dollars rose
$9.0 billion (annual rate) and residential investment rose $5.0. There was a $7.3 billion increase in inventories,
following an increase of $13.0 billion in the second quarter.
)LLARS
BILLIONS OF 1 987 DC
BILLIONS OF 1 987 DOLLARS
900
900
SEASONALLY ADJUSTED ANNUAL RATES
800
800
^^
700
/
AGO
500
^
~x/
Pv^
/I
"-^
"A ^s- r^
^
700
X.
GROSS P RIVATE DO MESTIC
(VESTMENT
600
s*~
_r —
\
• ^"^
s*~
S*
' ^V_
^ •*
500
NONRES DENTIAL
FIXED INV ESTMENT
**
400
400
RES IDENTIAL
FIXED NVESTMEN T
300
300
.....J.. — - — -_
.-
200
^'
*s^^
w -^"*"
CHANGE IN BUSINESS
INVENTORIES
S
— . — •*''
200
^» « ^ * "^
V
100
X
100
X,
x
t
0
B
X
/
„,
- - X
_ •"
*'
%% ,
t
\
-100
\
1
1
1984
1983
1982
0
• •- *
4
SOURCE: DEPART MENT OF COM*
1
1985
I
i
1
1
1986
1
1
1
1
1987
1
1
I
1988
1989
| |
i
i
i
-100
1991
1990
c DUNCIL OF
ERCE
1993
1992
ECOC OMIC ADViSER
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Gross
private
domestic
investment
Period
Nonfarm
202.0
226.2
225.2
222.7
214.2
194.5
169.5
197.1
22.1
8.5
26.3
19.9
29.8
5.7
84
6.5
19.8
10.6
32.7
26.9
29.9
3.2
-8.6
2.7
503.5
669.5
756.4
763.1
705.9
793.8
785.0
769.5
695.7
548.4
640.2
708.4
732.9
725.9
733.9
764.1
744.6
716.6
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
173.2
162.6
189.5
198.3
170.4
177.9
175.7
179.8
172.8
244.0
287.0
320.1
327.2
325.0
332.7
363.1
356.9
367.4
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
176.3
449
29.3
47.9
30.2
20 1
59.9
20.9
24.9
-20.9
-46.2
32.3
50.8
28.0
-18.6
62.1
30.5
31.2
18 7
...
667.8
659.8
682.8
692.3
685.2
682.1
683.8
685.2
521.4
517.8
512.8
506.1
.169.0
165.2
155.6
151.0
352.5
352.6
357.2
355.2
163.8
164.3
171.0
179.1
-17.4
-22.3
9
7.1
-18.7
26 2
.0
10.3
...
691.7
737.0
739.6
763.0
696.7
724.4
730.0
754.3
510.5
528.8
533.8
543.7
152.8
152.9
148.8
148.0
357.7
375.9
385.1
395.7
186.2
195.6
196.2
210.6
-5.0
12.6
9.6
8.7
-9.6
7.0
5.8
7.5
803.0
803.6
811.8
773.7
790.6
804.5
562.3
584.3
593.3
148.2
151.1
150.8
414.1
433.2
442.6
211.4
206.2
211.2
29.3
13.0
7.3
29.3
17.1
17.9
....
.
...
Source: Department of Commerce, Bureau of Economic Analysis.
Total
324.4
323.7
326.5
356.8
362.5
367.0
354.3
378.6
IV
n
m f
Residential
171.3
174.0
177.6
179.5
160.2
150.6
1992- I
1993- I
Producers'
durable
equipment
197.4
176.6
1991- I ...
n
m.
rv
Structures
521.8
500.3
497.8
530.8
540.0
546.5
514.5
529.2
.
n
m.
Total
723.8
726.5
723.0
753.4
754.2
741.1
684.1
726.4
1986
1987
1988
1989
1990
1991
1992
IV..
IV
IV
IV
IV
IV ..
IV
IV .
IV
Total
745.9
735.1
749.3
773.4
784.0
746.8
675.7
732.9
1985
198219831984:
198519861987198819891990-
Nonresidential
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department July-August 1993 survey, business spending for new plant and equipment
is expected to rise 7.1 percent in 1993, following a rise of 3.4 percent in 1992.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
600
500
500
400
300
300
NONMANUFACTUR1NG
200
-*
MANUFACTURING
I
I
I I I
I
1986
1984
1987
I
1989
1988
1/5URVEYED QUARTERLY
£/SE£ FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
I I
1992
I
I I
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanufacturing
Manufacturing
Period
All
industries
Total
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
19934
326.19
321.16
373.83
410.12
399.36
410.52
455.49
507.40
532.61
528.39
546.60
585.20
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.90
1991- I
II
534.02
525.74
526.76
529.51
1992- I
II....
Ill
IV
1993: I
m
IV
n
4
III
IV
Nonmanufacturing
Manufacturing
Total
Surveyed
quarterly
239.11
242.38
278.77
302.05
309.16
320.45
344.77
380.13
399.34
405.12
433.69
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
405.31
Nondurable
goods
Total 1
Mining
Transportation
Public
utilities
Commercial
and
other
54.58
51.61
64.57
70.87
65.68
68.03
77.04
82.56
82.58
77.64
73.32
80.94
69.39
65.74
75.04
82.01
72.28
73.03
86.41
101.24
110.04
105.17
100.69
98.95
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
405.31
14.11
10.64
11.86
12.00
8.15
8.28
9.29
9.21
9.88
10.02
8.88
9.29
11.75
10.81
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.66
22.64
22.98
53.58
52.95
57.53
59.58
56.61
56.26
60.37
66.28
67.21
66.57
72.21
75.65
122.79
129.41
151.39
171.09
181.59
189.84
205.76
229.28
241 .43
246.32
268.84
297.39
190.93
186.82
178.12
178.31
80.92
79.16
75.18
76.40
110.00
107.65
102.94
101.92
343.10
338.92
348.64
351.20
9.99
10.08
9.99
10.02
23.02
22.69
22.03
23.02
67.18
65.10
66.94
66.94
242.91
241.05
249.67
251.22
190.93
186.82
178 12
178.31
343.10
338.92
348.64
351.20
534.85
541.41
547.40
559.24
173.82
171.98
172.86
176.86
73.98
74.07
72.09
73.30
99.85
97.91
100.77
103.56
361.03
369.44
374.54
382.38
8.92
9.20
8.98
8.47
21.83
23.15
23.91
21.60
69.00
72.63
72.18
74.07
261.27
264.46
269.46
278.24
173.82
171.98
172.86
176.86
361.03
369.44
374.54
382.38
564.13
579.79
598.91
597.98
175.05
177.09
186.69
180.75
79.11
80.88
82.73
81.06
95.94
96.21
103.96
99.69
389.08
402.70
412.21
417.23
8.89
9.10
9.65
9.52
22.47
21.58
24.42
23.44
73.51
74.55
77.88
76.66
284.21
297.46
300.26
307.62
175.05
177.09
186 69
180.75
389.08
402.70
412 21
417.23
Durable
goods
1
Excludes forestry, fisheries, and agricultural services; professional services; social services and
membership organizations; and real estate, which, effective with the April-May 1984 survey, are no
longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for
these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
10
Total
nonfarm
business 2
363.08
359.73
418.38
454.93
447.11
461.51
508.22
563.93
591.96
587.93
607.71
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.90
Surveyed
annually"
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
59.35
59.54
61.11
3
Consists of forestry, fisheries, and agricultural services; professional services; social services and
membership organizations; and real estate.
4
Planned capital expenditures as reported by business in July-August 1993, corrected for biases.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In September, civilian employment fell by 253,000 and unemployment fell by 144,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
130
130
SEASONALLY ADJUSTED
126
126
122
122
118
118
114
114
CIVILIAN
EMPLOYMENT
110
110
106
106
102
102
12
UNEMPLOYMENT
/
1985
1987
1986
1988
1989
1990
1991
1993
1992
*16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
Noninstitutiona]
population
including
resident
Armed
Forces
NSA
Unemployment
Civilian employment
Resident
Armed
Forces
NSA
Labor force
including
resident
Armed
Forces
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
Total
Agricultural
Total
Part time
for
economic
reasons l
Total
15
weeks
and over
Civilian
Labor
force
participation
rate
(percent) 2
Employment/
population
ratio
(percent) 2
175,891
178,080
179,912
182,293
184,490
186,322
188,081
189,686
191,329
193,142
1,676
1,697
1,706
1,706
1,737
1,709
1,688
1,637
1,564
1,566
113,226
115,241
117,167
119,540
121,602
123,378
125,557
126,424
126,867
128,548
102,510
106,702
108,856
111,303
114,177
116,677
119,030
119,550
118,440
119,164
111,550
113,544
115,461
117,834
119,865
121,669
123,869
124,787
125,303
126,982
100,834
105,005
107,150
109,597
112,440
114,968
117,342
117,914
116,877
117,598
3,383
3,321
3,179
3,163
3,208
3,169
3,199
3,186
3,233
3,207
97,450
101,685
103,971
106,434
109,232
111,800
114,142
114,728
113,644
114,391
5,997
5,512
5,334
5,345
5,122
4,965
4,657
4,860
5,767
6,116
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
4,210
2,737
2,305
2,232
1,983
1,610
1,375
1,504
2,323
3,354
64.0
64.4
64.8
65.3
65.6
65.9
66.5
66.4
66.0
66.3
57.9
1984
1985
1986*
1987
1988
1989
1990
1991
1992
1992:
Sept
Oct
Nov
Dec
1993:
193,513
193,683
193,847
194,026
1,566
1,552
1,531
1,517
128,840
128,618
128,896
129,108
119,290
119,239
119,595
119,828
127,274
127,066
127,365
127,591
117,724
117,687
118,064
118,311
3,221
3,169
3,209
3,262
114,503
114,518
114,855
115,049
6,096
6,151
6,230
6,063
9,550
9,379
9,301
9,280
3,522
3,564
3,446
3,605
66.3
66.1
66.2
66.3
61.3
61.3
61.4
61.5
194,159
194,298
194,456
194,618
194,767
194,933
195,104
195,275
195,453
1,515
1,512
1,497
1,492
1,484
1,477
1,471
1,482
1,482
128,598
128,839
128,926
128,833
129,615
129,604
129,541
129,852
129,457
119,586
119,963
120,062
119,908
120,757
120,696
120,772
121,192
120,939
127,083
127,327
127,429
127,341
128,131
128,127
128,070
128,370
127,975
118,071
118,451
118,565
118,416
119,273
119,219
119,301
119,710
119,457
3,191
3,116
3,082
3,060
3,070
3,024
3,039
2,980
3,095
114,879
115,335
115,483
115,356
116,203
116,195
116,262
116,729
116,362
5,887
6,242
5,965
6,238
6,268
6,176
6,255
6,287
6,251
9,013
8,876
8,864
8,925
8,858
8,908
8,769
8,661
8,517
3,317
3,143
3,073
2,926
3,004
2,849
3,037
3,032
3,113
66.0
66.0
66.0
65.9
66.3
66.2
66.1
66.2
66.0
61.3
61.4
61.4
61.3
61.7
61.6
61.6
61.8
61.6
1983
Feb
Mar
May
July
Sept
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutional population.
59.5
60.1
60.7
61.5
62.3
63.0
62.7
61.6
61.4
"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 was unchanged at 6.7 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
15
10
1989
1989
1993
* UNEMPLOYMENT AS PERCENT OF CIVItlAN 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)
Period
1983
1984
1985
9.5
7.4
1986
1987
1988
1989
1990
1991
1992
1992:
Sept ....
Oct
Nov ....
Dec
1993: Jan
Feb
Mar
Apr
May
June ...
July
Aug
Sept
1
2
Unemployment
rate,
all
workers 1
7.1
6.9
6.1
5.4
5.2
5.4
6.6
7.3
7.4
7.3
7.2
7.2
7.0
6.9
6.9
6.9
6.8
6.9
6.8
6.7
6.6
9.6
7.5
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
7.5
7.4
7.3
7.3
7.1
7.0
7.0
7.0
6.9
7.0
6.8
6.7
6.7
Men
20 years
and over
8.9
6.6
6.2
6.1
5.4
4.8
4.5
4.9
6.3
7.0
7.1
7.2
6.9
6.8
6.4
6.5
6.7
6.4
6.4
6.5
6.5
6.4
6.3
Women
20 years
and
over
8.1
6.8
6.6
6.2
5.4
4.9
4.7
4.8
5.7
6.3
6.4
6.2
6.2
6.4
6.4
6.0
5.7
6.0
5.9
5.9
5.8
5.7
5.7
Both
sexes
16-19
Black
White
years
22.4
18.9
18.6
18.3
16.9
15.3
15.0
15.5
18.6
20.0
20.4
18.9
20.2
19.2
19.7
19.6
19.5
20.7
19.7
19.8
18.2
18.2
17.4
and
Black
other
8.4
6.5
6.2
6.0
5.3
4.7
4.5
4.7
6.0
6.5
6.6
6.5
6.4
6.3
6.2
6.1
6.1
6.0
6.0
6.1
6.0
5.9
5.8
Unemployed as percent of total labor force including resident Armed Forces.
Aggregate hours lost by the unemployed and persons on part time for economic reasons as per-
12
By selected groups
By race
By sex and age
All
civilian
workers
17.8
14.4
13.7
13.1
11.6
10.4
10.0
10.1
11.1
12.7
12.6
12.5
12.6
12.8
12.9
12.0
12.0
12.5
11.7
12.0
11.7
11.6
11.5
19.5
15.9
15.1
14.5
13.0
11.7
11.4
11.3
12.4
14.1
13.9
14.1
14.0
14.2
14.2
13.1
13.5
13.8
12.9
13.3
12.9
12.5
12.6
Experienced
wage and
salary
workers
Married
men,
spouse
present
9.2
7.1
6.8
6.6
5.8
5.2
5.0
5.3
6.5
7.1
7.2
7.1
7.0
7.0
6.5
4.6
6.8
6.7
6.6
6.7
6.5
6.6
6.6
6.5
6.3
4.5
4.5
4.7
4.5
4.5
4.4
4.6
4.4
4.2
4.3
4.4
3.9
3.3
3.0
3.4
4.4
5.0
5.2
5.1
4.9
4.8
Women
who
maintain
families
Fulltime
workers
Parttime
workers
12.2
10.3
10.4
9.5
7.2
6.8
10.4
9.8
9.2
8.1
8.1
8.2
9.1
9.9
9.1
9.3
6.6
5.8
5.2
4.9
5.2
6.5
7.1
7.2
7.1
7.0
6.9
6.7
6.6
6.6
6.6
6.6
6.6
6.7
6.5
6.4
10.4
10.3
10.6
10.2
9.0
9.6
9.9
9.8
9.8
8.7
8.7
cent of potentially available labor force hours.
Source: Department of Labor, Bureau of Labor Statistics.
9.3
9.3
9.1
8.4
7.6
7.3
7.4
8.3
9.2
9.5
9.2
9.2
9.7
9.3
9.1
8.9
9.7
8.4
8.9
8.3
8.4
8.6
Labor
force
time lost
(percent) z
10.9
8.6
8.1
7.9
7.1
6.3
5.9
6.2
7.6
8.3
8.3
8.3
8.3
8.1
7.9
7.9
7.9
7.8
7.9
7.8
7.8
7.7
7.6
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In September, there was a decrease in the percentage of the unemployed who had been out of work for 5-14
weeks; there were increases in the percentages for less than 5 weeks, for 15-26 weeks, and for 27 weeks and
over. The mean duration of unemployment rose to 18.5 weeks and the median duration rose to 9.1 weeks.
PERCENT DISTRIBUTION
70
PERCENT DISTRIBUTION*
70
REASON FOR UNEMPLOYMENT
REENTRANTS
./
1989
1990
1991
1992
1993
COUNCIl OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
46.1
40.1
34.9
34.0
33.9
33.2
32.6
36.1
36.5
35.5
38.2
37.7
36.8
37.0
34.5
35.2
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
32.0
32.3
29.4
29.5
28.3
30.2
28.8
27.4
28.1
29.4
28.4
28.2
31.3
28.7
30.6
28.5
Reason for unemployment:
percent distribution
State
programs
Number of
weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
11.8
14.5
15.2
14.8
15.7
15.3
16.5
15.5
13.9
14.4
14.5
14.3
12.9
14.6
14.9
15.9
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
10.1
13.0
20.6
21.7
22.2
21.4
22.1
21.1
21.5
20.7
18.8
19.8
19.1
19.7
20.0
20.3
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.1
13.8
17.9
18.5
19.2
18.4
19.2
18.7
18.3
17.5
17.4
17.6
17.6
17.9
18.3
18.5
8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
5.4
6.9
8.8
9.3
9.3
9.4
9.4
8.5
8.2
8.3
8.5
8.1
8.1
8.2
8.4
9.1
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
23.7
23.6
23.5
23.6
24.1
26.1
25.9
23.0
24.3
25.9
25.0
23.9
23.8
24.1
11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.5
9.8
8.3
10.0
10.0
10.7
10.0
10.5
10.5
10.2
9.7
9.8
9.5
9.8
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 1
Weekly average, thousands
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992' Sept
Oct
Nov
Dec
1993' 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
9,384
9,550
9,379
9,301
9,280
9,013
8,876
8,864
8,925
8,858
8,908
8,769
8,661
8,517
Includes State (.50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Railroad <RR) programs included through 1991. Also includes
Federal and State extended benefit programs. Does not include Federal supplemental compensation
program.
58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
48.3
54.7
56.4
56.5
58.5
55.9
55.4
54.0
52.3
54.2
53.9
52.9
54.6
56.1
57.0
55.3
7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.0
9.7
10.5
10.5
9.1
11.8
12.3
11.3
10.9
10.6
10.2
9.6
10.8
4,061
3,396
2,476
2,611
2,650
2,332
2,081
2,158
2,522
3,342
3,245
3,168
3,035
2,937
2,783
2,715
2,640
2,701
2,764
2,770
2,813
2,832
2,796
2,810
583
438
377
396
378
328
310
330
388
447
408
402
365
359
341
353
343
362
347
341
343
352
327
328
4,594
3,775
2,561
2,693
2,746
2,401
2,135
2,205
2,575
3,406
3,339
2,814
2,537
2,670
3,064
3,390
3,344
3,394
2,929
2,597
2,806
2,655
2,721
2,417
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 156,000 in September.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
32
110
r\
I— ' •
1
:=-—
ALLN ONAGRICULT URAL
ES 'ABLISHMEN S
-
100 -
90
80
-
__
r\ ^
-
-
SER VICE-PRODIK:ING
INDUSTRIES
60 -
-
50
40
-
-
GOO 3S-PRODUCIh IG
1 ^DUSTRIES
f
CONST AUCTION
ll 1 M 1 1 II | | |
' 1989
1 1 1 1 1 1 II M 1 II III! III! 1 m,71
1991
1992
1990
MUllllllll Illllllllll
f
1989
1990
M.iTmn.
1993
^
Illlll
1991
* SEASONALLY ADJUSTED
SOURCE; DEPARTMENT OF LABOR
Illlll
1992
linn.
1993 '
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; * seasonally adjusted]
Period
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992: Sept....
Oct
Nov ....
Dee
1993: Jan
Feb
Mar
Apr ....
May....
June...
July r..
Aug r..
Sept ".
f i
Totaj
nonagricultural
employment
90,152
94,408
97,387
99,344
101,958
105,210
107,895
109,419
108,256
108,519
108,674
108,789
108,921
109,079
109,235
109,539
109,565
109,820
110,058
110,101
110,338
110,297
110,453
Total
z
23,330
24,718
24,842
24,533
24,674
25,125
25,254
24,905
23,745
23,142
23,012
22,995
22,995
22,985
23,001
23,069
23,016
22,980
23,006
22,941
22,948
22,895
22,887
Goods-producing industries
—
Manufacturing
Construction
Durable NondurTotal
able
goods
goods
3,946
4,380
4,668
4,810
4,958
5,098
5,171
5,120
4,650
4,471
4,447
4,466
4,462
4,459
4,454
4,515
4,481
4,517
4,577
4,574
4,593
4,591
4,596
18,432
19,372
19,248
18,947
18,999
19,314
19,391
19,076
18,406
18,040
17,949
17,911
17,917
17,913
17,936
17,954
17,935
17,863
17,827
17,771
17,760
17,712
17,694
10,707
11,476
11,458
11,195
11,154
11,363
11,394
11,109
10,569
10,237
10,164
10,135
10,142
10,136
10,152
10,163
10,144
10,090
10,047
10,011
9,996
9,970
9,967
7,725
7,896
7,790
7,752
7,845
7,951
7,997
7,968
7,837
7,804
7,785
7,776
7,775
7,777
7,784
7,791
7,791
7,773
7,780
7,760
7,764
7,742
7,727
i
Total
66,821
69,690
72,544
74,811
77,284
80,086
82,642
84,514
84,511
85,377
85,662
85,794
85,926
86,094
86,234
86,470
86,549
86,840
87,052
87,160
87,390
87,402
87,566
Transportation
and
public
utilities
4,952
5,156
5^233
5,247
5^362
5,514
5^625
5,793
5,762
5,709
5,704
5,699
5,699
5,707
5,719
5,725
5,724
5,720
5,719
5,711
5,709
5,693
5,705
Service-producing industries
Wholesale
trade
5,283
5,568
5,727
5,761
5,848
6,030
6,187
6,173
6,081
6,045
6,037
6,052
6,061
6,062
6,086
6,097
6,103
6,110
6,125
6,110
6,126
6,107
6,111
R atal}
etali
trade
15,587
16,512
17,315
17,880
18,422
19,023
19,475
19,601
19,284
19,346
19,380
19,402
19,405
19,460
19,523
19,629
19,604
19,648
19,702
19,751
19,790
19,796
19,837
Government
Finance,
insurance,
and real
estate
Services
5,466
5,684
5^948
6,273
6,533
6,630
6,668
6,709
6,646
6,571
6,565
6,570
6,569
6,575
6,578
6,577
6,574
6,585
6,588
6,590
6,604
6,601
6,611
19,664
20,746
'21,927
22,957
24,110
25,504
26,907
27,934
28,336
29,053
29,247
29,361
29,430
29,524
29,573
29,665
29,756
29,977
30,099
30,175
30,320
30,370
30,396
Total
15,869
16,024
16,394
16,693
17,010
17,386
17,779
18,304
18,402
18,653
18,729
18,710
18,762
18,766
18,755
18,777
18,788
18,800
18,819
18,823
18,841
18,835
18,906
Federal
2,774
2,807
2,875
2,899
2,943
2,971
2,988
3,085
2,966
2,969
2,966
2,945
2,943
2,968
2,945
2,944
2,938
2,923
2,912
2,901
2,896
2,906
2,910
weather, etc., even if they are not paid for the time off; and which are based on a sample of the
working-age population, whereas the estimates in this table are based on reports from employing
establishments.
z
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
14
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY
EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted)
Average weekly hours
Average gross hourly earnings
Manufacturing
Total
private
nonagri-l
cultural
Period
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
Total
Average gross weekly earnings
Total private
nonagricultural l
Total private
nonagricultural 1
Overtime
Current
dollars
1982
dollars 2
Manufacturing
Current dollars
Current
dollars
1982
dollars 2
Manufacturing
Construction
Retail
trade
Percent change from a
year earlier, total
private
nonagricultural 3
Current
dollars
1982
dollars
35.0
35.2
34.9
34.8
34.8
34.7
34.6
34.5
34.3
34.4
40.1
40.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0
3.0
3.4
3.3
3.4
3.7
3.9
3.8
3.6
3.6
3.8
$8.02
8.32
8.57
8.76
8.98
9.28
9.66
10.01
10.32
10.58
$7.79
7.80
7.77
7.81
7.73
7.69
7.64
7.52
7.45
7.42
$8.83
9.19
9.54
9.73
9.91
10.19
10.48
10.83
11.18
11.46
$280.70
292.86
299.09
304.85
312.50
322.02
334.24
345.35
353.98
363.95
$272.52
274.73
271.16
271.94
269.16
266.79
264.22
259.47
255.40
255.22
$354.08
374.03
386.37
396.01
406.31
418.81
429.68
441.86
455.03
469.86
$442.97
458.51
464.46
466.75
480.44
495.73
513.17
526.01
533.40
537.70
$171.05
174.33
174.64
176.08
178.70
183.62
188.72
194.40
198.48
205.34
5.0
4.3
2.1
1.9
2.5
3.0
3.8
3.3
2.5
2.8
2.0
.8
-1.3
.3
-1.0
-.9
-1.0
-1.8
-1.6
— .1
1992:
Sept
Oct
Nov
Dec
34.2
34.4
34.6
34.3
41.0
41.1
41.2
41.2
3.6
3.8
3.9
3.9
10.62
10.65
10.69
10.68
7.41
7.40
7.41
7.40
11.51
11.52
11.55
11.58
363.20
366.36
369.87
366.32
253.45
254.59
256.50
253.68
471.91
473.47
475.86
477.10
537.59
539.22
537.89
535.72
207.50
206.78
207.79
207.65
1.1
2.5
3.3
1.9
-1.8
-.6
.3
10
1993:
Jan
Feb
Mar
34.5
34.4
34.2
34.4
34.7
34.4
34.5
34.7
34.4
41.4
41.4
41.2
41.5
41.4
41.2
41.4
41.4
41.4
4.0
4.2
4.0
4.2
4.1
4.0
4.0
4.1
4.1
10.73
10.74
10.78
10.77
10.82
10.81
10.81
10.86
10.86
7.40
7.38
7.39
7.36
7.39
7.38
7.37
7.39
7.39
11.61
11.64
11.66
11.71
11.71
11.72
11.72
11.78
11.85
370.19
369.46
368.68
370.49
375.45
371.86
372.95
376.84
373.58
255.30
253.92
252.87
253.24
256.28
253.83
254.40
256.53
254.31
480.65
481.90
480.39
485.97
484.79
482.86
485.21
487.69
490.59
534.96
538.94
544.07
541.21
556.39
551.32
559.77
557.94
552.19
208.22
208.08
205.01
208.80
211.41
209.66
209.66
210.68
209.66
3.4
2.2
2.0
2.8
3.4
2.6
2.9
2.8
2.9
.2
-.9
-1.0
-.3
.2
-.2
.2
.1
.4
May
July *
Sept"
1
Also includes other private industry groups shown on p. 14.
2
Current dollar earnings divided by the consumer price index for urban wage earners and clerical
workers (on a 1982 = 100 base).
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 '
80.1
84.0
87.3
90.1
93.1
97.6
102.3
107.0
111.7
115.6
81.4
84.8
88.3
91.1
94.1
98.0
102.0
106.1
110.0
112.9
76.7
81.7
84.6
87.5
90.5
96.7
102.6
109.4
116.2
122.2
106.2
107.2
108.4
109.7
110.9
111.9
113.0
113.8
114.7
115.7
116.9
117.9
118.9
105.4
106.2
107.3
108.4
109.2
110.1
110.9
111.5
112.2
113.0
113.9
114.6
115.6
Total
compensation
Wages and
salaries
12 months earlier
Benefits '
Total
compensation
Wages and
salaries
Benefits '
Not seasonally adjusted
1983:
19841985:
19861987'
198819891990:
19911992:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
.
...
...
1.3
1.3
.6
.7
.6
1.0
1.1
.8
.6
.7
1.2
.6
.6
.6
1.0
.8
.7
.6
.6
1.3
1.4
.5
.6
1.0
1.0
1.2
1.0
.9
.8
1.0
.8
1.0
1.0
.7
.8
.7
.5
.6
.7
.8
.6
.9
1.5
1.5
1.3
1.8
1.6
1.4
1.3
1.2
1.3
1.2
1.7
1.4
.8
1.1
..
Sect
Dec
1992- Mar
..
Sept
Dec
1993- Mar
Sept
1
.
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the
influence of employment shifts among occupations and industries.
108.3
109.9
111.3
113.3
115.1
116.7
118.2
119.6
121.2
122.7
124.8
126.6
127.6
1.0
.9
1.1
1.2
1.1
.9
1.0
.7
.8
.9
1.0
.9
.8
4.9
4.2
4.1
3.2
3.3
4.1
4.1
4.0
3.7
2.6
7.4
6.5
3.5
3.4
3.4
6.9
6.1
6.6
6.2
5.2
Not seasonally adjusted
Seasonally adjusted
1990- Sept
Dec
1991- Mar
5.7
4.9
3.9
3.2
3.3
4.8
4.8
4.6
4.4
3.5
4.9
4.6
4.4
4.4
4.5
4.4
4.2
3.7
3.4
3.5
3.5
3.6
3.7
4.2
4.0
4.0
3.7
3.7
3.7
3.4
3.0
2.7
2.6
2.7
2.7
3.1
6.8
6.6
5.8
6.2
6.4
6.2
6.3
5.5
5.2
5.2
5.6
5.8
5.4
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Output l
Hours of all
persons z
Compensation
per
hour 3
Unit labor costs
Real compensation
per hour *
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
102.3
104.8
106.3
108.5
109.6
110.7
109.9
110.7
111.8
115.6
102.5
104.7
105.6
107.7
108.6
109.6
108.6
109.1
110.3
113.8
104.1
112.6
116.7
119.9
124.8
130.1
132.3
133.3
131.6
135.4
104.4
113.0
116.8
120.1
125.0
130.6
132.7
133.5
131.8
135.4
101.8
107.4
109.8
110.5
113.8
117.5
120.4
120.5
117.7
117.1
101.9
107.9
110.7
111.5
115.1
119.1
122.2
122.4
119.5
118.9
103.8
108.3
113.2
118.9
123.1
128.5
133.0
140.6
147.4
155.1
104.0
108.3
112.8
118.4
122.5
127.7
132.0
139.2
146.3
153.9
100.6
100.6
101.5
104.6
104.6
104.8
103.5
103.8
104.5
106.7
IV
IV
IV
IV
IV
IV
IV
IV
101.1
103.1
105.4
107.0
108.3
110.6
110.9
109.7
101.1
103.3
105.3
106.0
107.4
109.5
110.0
108.5
100.0
107.5
114.4
118.0
120.6
127.4
131.7
132.3
100.0
108.1
114.8
118.2
120.8
127.6
132.5
132.7
98.9
104.3
108.5
110.2
111.3
115.1
118.8
120.6
99.0
104.7
109.0
111.4
112.5
116.5
120.5
122.3
102.1
105.3
109.9
115.6
120.9
125.8
130.7
134.9
102.1
105.2
109.9
115.0
120.4
125.1
129.8
133.9
n
ni ....
I
110.2
111.1
110.8
110.5
108.7
109.5
109.1
108.9
133.5
134.3
133.3
132.1
133.8
134.6
133.5
132.2
121.2
120.9
120.3
119.6
123.1
122.9
122.4
121.4
137.3
139.9
141.8
143.5
n
ra ....
rv
110.9
111.6
111.9
112.9
109.5
110.2
110.5
111.4
131.0
131.5
131.6
132.4
131.2
131.7
131.8
132.7
118.1
117.8
117.6
117.3
119.9
119.5
119.3
119.1
114.3
115.0
116.2
117.3
112.5
113.3
114.3
115.5
133.4
134.5
136.1
137.9
133.4
134.5
135.9
137.9
116.7
117.0
117.1
117.6
116.8
116.5
115.0
114.6
138.1
139.0
138.2
139.2
118.2
119.3
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
100.8
100.6
101.2
104.3
104.1
104.2
102.7
102.8
103.6
105.8
101.5
103.4
106.5
109.5
112.3
116.0
121.0
127.1
131.9
134.2
101.5
103.4
106.8
110.0
112.8
116.5
121.5
127.6
132.6
135.2
103.4
107.7
111.2
113.6
116.6
120.8
126.1
131.2
136.1
139.2
104.0
107.6
111.6
114.2
117.2
121.4
126.5
131.8
137.0
140.3
100.6
100.5
100.7
102.4
105.6
105.1
104.7
103.4
100.6
100.4
100.7
101.8
105.2
104.6
104.1
102.6
101.0
102.1
104.3
108.0
111.6
113.7
117.9
123.0
101.0
101.9
104.4
108.5
112.2
114.3
118.0
123.4
101.1
104.8
109.0
112.4
114.6
117.9
122.8
127.8
101.4
105.2
109.0
112.9
115.2
118.5
123.4
128.2
136.0
138.4
140.3
142.1
103.4
104.3
104.0
103.5
102.4
103.2
102.9
102.5
124.6
125.9
127.9
129.8
125.1
126.4
128.6
130.5
129.3
130.6
131.8
133.2
129.7
131.1
132.4
134.0
144.9
146.6
148.2
150.2
143.6
145.4
147.1
148.9
103.6
104.2
104.7
105.2
102.7
103.4
103.9
104.3
130.6
131.3
132.5
133.0
131.2
132.0
133.1
133.7
134.8
135.8
136.6
137.2
135.7
136.6
137.5
138.2
118.6
118.7
118.9
119.4
152.3
153.9
156.3
158.0
151.0
152.8
155.0
156.8
105.9
106.1
107.1
107.4
104.9
105.4
106.2
106.6
133.3
133.8
134.5
134.7
134.2
134.8
135.6
135.8
138.3
139.1
138.7
140.6
139.3
140.2
139.8
141.8
120.2
121.5
159.3
160.1
157.9
158.4
107.3
107.0
106.3
105.9
136.3
137.4
137.3
138.3
141.6
142.4
142.7
143.5
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1982 = 100; quarterly data seasonally adjusted
1983
1984
1985
1986...
1987
1988
1989
1990
1991 .
1992
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
IV
1991: I
1992: I
n
m ....
IV
1993: I
n
Percent change; quarterly data at seasonally adjusted annual rates
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
2.3
2.4
1.4
2.1
1.0
1.0
7
.7
1.0
3.4
1990: m ....
rv
-1.1
-1.1
1991: I
n
ra ....
IV
1992: I
n
ra ....
IV
1993: I
n
-1.5
-.6
4.4
8.2
3.4
2.8
4.1
4.4
1.7
.6
-1.3
2.7
1.8
5.6
2.1
.6
3.0
3.3
2.5
.1
-2.3
5
1.9
5.9
2.5
.8
3.2
3.5
2.6
.2
-2.4
5
3.8
4.3
4.5
5.0
3.6
4.4
3.5
5.7
4.9
5.2
4.0
4.1
4.1
5.0
3.5
4.2
3.3
5.5
5.0
5.2
0.6
.0
.9
3.1
— .1
.2
-1.3
.3
.6
2.1
0.8
-.2
.6
3.1
-.2
.1
-1.4
.1
.8
2.1
1.5
1.9
3.0
2.8
2.5
3.4
4.3
5.0
3.8
1.7
1.5
1.9
3.3
2.9
2.6
3.3
4.3
5.1
3.9
2.0
3.4
4.1
3.3
2.2
2.6
3.6
4.4
4.1
3.7
2.3
4.0
3.5
3.7
2.4
2.6
3.6
4.2
4.2
3.9
2.4
-3.0
-3.5
-3.1
-3.7
-1.9
-2.5
47
-1.1
-.6
-1.1
-1.7
-3.2
5.5
4.9
5.6
5.4
-1.2
-1.9
-1.1
-1.4
6.7
6.0
7.1
6.0
3.7
4.5
4.0
5.0
-4.9
-1.1
-.6
-.8
4.1
4.8
4.6
5.3
4.3
4.9
4.7
5.1
.3
2.5
1.8
2.0
.6
2.7
2.0
1.7
2.4
2.2
3.8
1.5
2.4
2.2
3.7
1.5
4.8
3.1
2.4
1.7
4.9
2.7
2.6
2.2
-1.9
-1.8
2.4
1.6
3.2
1.4
.9
1.6
1.9
.8
1.7
1.8
2.2
.5
3.3
2.4
-1.2
5.6
3.2
2.7
— 1.1
5.6
4.9
3.1
4.7
2.8
2.7
2.5
2.5
2.4
4.1
8.2
3.6
2.8
4.1
4.3
1.7
.7
j3
2.9
1.6
2.6
.8
3.8
1.9
2.7
1.0
3.5
-3.2
1.5
.2
2.7
-3.0
1.5
.4
2.7
4.9
2.5
4.3
3.8
4.0
2.9
3.6
4.1
2.9
3.4
4.6
5.6
2.1
3.3
4.4
6.0
.5
2.8
.7
3.1
-1.6
-1.0
1
2
2.5
2.2
.8
2.0
.8
.9
-.9
.4
1.1
3.2
-1.8
-1.3
.8
.3
1.8
.3
.7
1.8
5.9
4.2
6.3
4.6
5.8
4.8
6.0
4.6
2.5
1.1
3.5
1.4
2.1
3.8
2.6
4.5
3.2
2.0
2.8
1.4
-.6
-.9
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 (CPI-U).
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
16
-1.0
-1.5
NOTE.—Data relate to ali persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Data beginning 1990 are based on the national income and product accounts data released on
August 31, 1993.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose in September and capacity utilization was unchanged.
IND IX, 1987 . 100* (RATIO SCALE)
120
INDEX, 1987 = 100* (RATIO SCALE)
TOTAL INDUSTRIAL PRODUCTION
135
115
100
120
~^~^^~~\
^-S
105
100
fJ
120
Mm|^Tm
^TfjTm,
I I 1 1 1 1 1 1 11 i
i 1 1 1 1 1 ! 11 1 1
115
110
» - /
S^~\
f
^
"~^
s^A
100
—
95
"'"^H ~~7"~\S"~~
90
TiTmn',
^s~^J
EQUIPME NI
,- "*N.~..
— "^.rs- •'
_=
\_|
";\,r'
V
\*
[3EFEN SE A,\
A •JD SP/\CE
'
CONSL MER
GOO ns
EC3UIPM INT
L||||
1 1 1 1 1 E 1 1 1 11
'T^-K
\
\^/*=
' A/S^f—BUSINESS
MANUFACTURING
105
"\
85
120
UTILITIESjAND MINING
^ -i
^
^
110
/N
S If
1
^-'
V
105 i
100 v/
V"^-\
^'\S
\
UTILITIES
\
MINING
^
PER CENT*
86
v-^ CAPACITY
84
s^A\^-
95
,|)m,,,mlm,,
|n
90
1989
1990
82
\^
^—•— —
78
76
\
l\y^^^vVl
— V-^
1 1 f nl n 1 1 1
! ! 1 1I
1989
1993
1992
UTILIZATION RATE (TOTAL INDUSTRY)
^"s^v-
80
mnlmn
1991
N
80
/ ,„*,, r A>v-v.y rr^
115
^/
if
125
115
110
s
130
110
105
FINAL PRODUCTS
i n n 1 1 ! ! 1 1 n 1 1 1 1 1 n 1 1 il 1 1 1 1 1
1 990
'
I1 111
1 992
1 991
Hill
1 993
* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Total
industrial
production
Period
Index,
1987 = 100
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992- Sept
Oct
Dec
1993' Jan
Feb
Mar
Apr
June r.
July * . ...
Aue r
Sept "
1
Output as percent of capacity.
Industry production indexes, 1987 — 100
Capacity utilization
rate, percent *
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
84.9
92.8
94.4
95.3
100.0
104.4
106.0
106.0
104.1
106.5
3.7
9.3
1.7
.9
4.9
4.4
1.5
.0
-1.8
2.3
80.9
89.3
91.6
94.3
100.0
104.7
106.4
106.1
103.7
106.9
76.8
88.4
91.8
93.9
100.0
106.6
108.6
107.4
103.8
108.1
87.0
90.8
91.5
94.9
100.0
102.3
103.7
104.4
103.5
105.4
104.8
111.9
109.0
101.0
100.0
101.3
100.0
102.0
100.4
97.6
93.6
97.0
99.5
96.3
100.0
105.0
108.7
109.9
112.2
112.0
75.8
81.1
80.3
79.2
81.5
83.7
83.6
82.1
79.2
79.8
74.9
80.4
79.5
79.1
81.6
83.6
83.1
81.1
77.8
78.8
106.2
107.5
108.4
108.9
.9
2.3
3.2
4.0
106.8
108.0
108.9
109.2
108.1
109.8
110.9
111.8
105.2
105.8
106.4
106.0
97.1
97.6
97.8
98.2
111.2
112.7
114.7
116.8
79.3
80.2
80.8
81.0
78.4
79.2
79.7
79.8
109.3
109.9
110.1
110.4
110.2
110.5
110.7
110.9
111.0
4.6
4.4
4.3
3.9
3.3
4.2
3.7
4.0
4.6
109.9
110.5
110.8
111.4
111.3
111.3
111.5
111.6
112.0
112.9
113.8
114.1
115.0
114.9
114.6
115.2
115.4
116.1
106.4
106.4
106.6
106.9
106.9
107.2
106.9
107.0
107.1
98.3
95.9
95.3
96.4
97.3
98.0
97.2
97.1
98.2
112.8
117.5
117.8
114.4
112.1
114.9
116.2
117.3
113.6
81.2
81.5
81.6
81.7
81.5
81.5
81.6
81.6
81.6
80.3
80.5
80.6
80.9
80.7
80.6
80.6
80.6
80.8
Source: Board of Governors of the Federal Keserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; monthly data seasonally adjusted]
Materials
Products
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
Durable
goods
Nondurable
goods
Total '
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Energy
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
83.0
91.0
94.2
95.7
100.0
104.8
106.8
107.0
105.3
108.2
88.8
92.8
93.7
96.8
100.0
102.9
104.0
103.4
102.8
105.2
79.7
91.0
91.6
94.5
100.0
104.6
106.6
102.3
95.2
102.5
91.9
93.4
94.4
97.6
100.0
102.4
103.2
103.8
105.0
105.9
76.8
89.2
94.8
94.5
100.0
107.6
110.9
112.1
108.9
112.7
71.9
85.4
91.1
93.1
100.0
110.7
115.5
116.9
115.7
123.2
71.8
78.9
89.4
96.0
100.0
99.7
100.1
98.8
91.7
85.9
80.3
86.2
88.3
91.9
100.0
101.8
102.0
101.2
96.5
97.6
80.2
86.2
89.1
93.8
100.0
101.5
100.5
98.2
90.7
93.8
80.3
86.2
87.7
90.7
100.0
102.0
103.0
103.2
100.4
100.1
88.3
96.6
96.6
95.9
100.0
105.0
106.7
106.8
105.5
107:9
98.9
103.8
103.4
99.5
100.0
102.2
103.1
104.2
104.6
103.4
1992: Sept
Oct
Nov
Dec
108.1
110.1
111.0
111.5
104.4
106.4
107.1
107.5
100.9
104.1
105.7
107.9
105.3
107.1
107.5
107.4
113.5
115.4
116.7
117.2
125.0
127.5
129.0
129.6
84.4
83.5
83.2
82.5
96.9
97.8
98.1
98.3
93.0
94.7
95.1
94.5
99.5
99.9
100.0
100.8
107.4
108.1
109.3
110.0
103.6
103.0
103.9
105.1
1993: Jan
Feb
Mar
111.9
112.4
112.7
112.8
112.5
112.7
113.0
113.0
113.3
107.6
108.5
108.6
108.1
107.3
107.3
107.5
107.2
107.2
110.9
111.3
111.5
112.2
110.8
107.9
109.0
107.7
108.6
106.7
107.7
107.7
106.9
106.3
107.2
107.1
107.1
106.8
118.1
118.0
118.7
119.7
119.9
120.4
120.8
121.3
122.2
131.2
131.7
133.4
134.8
135.4
136.1
136.6
137.1
138.3
82.0
81.5
80.7
80.5
79.5
78.6
78.5
78.2
78.0
98.2
99.3
99.6
100.0
99.7
99.4
100.2
100.1
100.0
94.8
97.5
96.4
96.4
97.7
96.8
98.2
98.3
98.9
100.5
100.5
101.8
102.5
101.0
101.1
101.5
101.4
100.7
110.4
110.9
110.9
111.5
111.6
112.1
112.0
112.4
112.5
103.4
103.8
103.5
103.4
103.4
104.6
104.2
104.4
103.3
May
July r
Sept".
1
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987 = 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Period
Total
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992: Sept
Oct
Nov
Dec
..
1993: Jan
Feb
Mar
May
July '.
Sepf
1
Formerly nonelectrical machinery.
18
....
Iron
and
steel
Transportation
equipment
Fabricated
metal
products
Industrial and
commercial
machinery and
computer
equipment 1
Electrical
machinery
Primary metals
Total
Motor
vehicles
and
parts
Lumber and
products
Apparel
products
Printing and
publishing
Chemicals
and
products
Foods
91.0
102.4
101.8
93.7
100.0
108.7
107.2
106.5
98.4
101.1
96.1
105.9
104.5
90.8
100.0
112.7
111.2
111.5
100.6
104.7
85.5
93.3
94.5
93.8
100.0
104.2
102.8
99.5
94.9
96.7
64.3
80.8
86.8
90.3
100.0
113.0
117.3
117.6
113.7
124.8
80.3
94.1
93.1
94.3
100.0
108.5
111.0
111.4
112.8
119.8
72.7
83.1
91.8
96.9
100.0
105.2
109.6
107.0
101.8
102.6
74.5
90.6
99.0
98.5
100.0
105.7
106.9
101.0
94.3
104.8
79.9
86.0
88.0
95.1
100.0
100.1
99.4
97.1
90.5
96.4
93.8
95.7
92.6
96.3
100.0
98.1
95.0
92.2
91.9
92.3
79.0
84.5
87.6
90.6
100.0
100.9
101.1
100.8
96.8
95.0
87.5
91.4
91.4
94.6
100.0
106.0
109.2
111.8
111.3
115.0
90.1
92.1
94.9
97.4
100.0
101.5
102.5
103.7
105.3
106.0
98.0
100.5
101.6
102.4
102.0
104.1
103.6
107.4
96.5
97.5
97.6
97.8
127.9
130.6
132.8
133.8
121.5
122.6
124.4
124.8
100.5
103.0
103.6
106.3
102.6
108.0
109.9
116.2
94.7
97.8
99.8
98.0
91.5
91.7
92.9
92.7
94.1
94.5
94.2
94.7
115.2
116.2
117.7
116.7
105.6
106.8
106.4
106.2
102.8
108.0
104.2
104.4
104.2
105.7
105.5
106.6
105.5
107.0
112.9
107.6
108.4
108.1
110.9
111.9
111.5
109.9
99.8
99.7
100.3
101.4
100.6
100.1
101.0
100.7
100.3
135.0
136.7
139.6
142.8
144.2
145.4
147.8
148.9
150.2
125.8
127.1
128.5
129.0
129.7
130.1
132.3
132.6
133.2
108.4
107.8
106.9
106.9
105.5
102.6
100.7
100.5
102.3
120.9
120.7
120.1
120.4
118.1
114.3
110.1
110.2
114.5
99.3
101.8
98.0
98.1
97.4
96.5
99.1
98.9
100.1
93.1
92.5
92.1
92.0
91.2
91.1
90.7
90.6
89.6
94.7
94.0
94.7
95.6
94.7
94.5
93.8
93.2
93.3
116.8
116.2
117.6
117.8
118.1
119.1
118.3
118.6
118.7
105.9
106.9
106.7
106.7
106.7
107.1
106.7
107.1
107.0
Source: Board of Governors of the Federal Reserve System
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
Period
Total new
construction
expenditures
Residential
Total
New housing
units
Total 1
Commercial
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(1987=100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
. .
.
294.9
348.8
377.4
407.7
419.4
432.3
443.6
442.1
403.4
436.0
231.5
278.6
299.5
323.1
328.7
337.5
345.5
334.7
293.5
317.3
125.5
153.8
158.5
187.1
194.7
198.1
196.6
182.9
157.8
187.8
94.6
113.8
114.7
133.2
139.9
138.9
139.2
128.0
110.6
129.6
57.7
74.0
89.8
84.4
84.0
88.0
94.3
96.4
77.0
65.8
48.2
50.8
51.3
51.6
50.1
51.5
54.6
55.4
58.7
63.7
63.5
70.2
77.8
84.6
90.6
94.8
98.1
107.5
109.9
118.8
75
83
91
96
100
101
105
95
89
97
r
Annual rates
1992- Sept
Oct
NOT
Feh
Mar
May
July r
Aug r
Sept "
1
2
3
756
955
1,097
1,016
1,019
973
961
783
577
544
Annwdt rates
433.5
442.6
449.3
455.2
317.4
324.8
328.2
335.4
189.2
194.6
199.3
206.4
129.1
132.1
135.4
138.9
63.3
65.0
64.0
63.6
64.9
65.3
64.8
65.3
116.1
117.7
121.1
119.9
451.3
453.8
454.5
449.1
453.3
460.7
465.3
467.4
471.3
335.5
334.8
337.0
328.1
332.2
335.0
336.7
340.0
341.6
207.2
205.7
205.5
197.3
198.4
200.5
203.9
206.2
208.1
141.8
142.9
141.8
137.7
138.3
139.3
141.0
143.0
144.9
64.4
66.4
67.4
65.6
67.4
67.1
65.7
66.5
66.0
63.9
62.7
64.0
65.2
66.4
67.4
67.1
67.3
67.5
115.8
119.0
117.5
120.9
121.0
125.7
128.6
127.4
129.6
97
106
98
96
463
546
510
511
!02
98
96
r
98
r
94
'105
101
101
101
443
479
524
548
489
520
587
534
522
r
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Syst
Company, F.W. Dodge Division.
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private housing units
Units started, by type of structure
Period
Total
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1 unit
2-4 units
113.5
121.4
93.4
84.0
65.3
58.8
55.2
37.5
35.6
30.7
5 or more units
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1,199.7
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
1,229
1,218
1,226
1,226
1,286
1,038
1,045
1,079
1,089
1,133
31
28
18
28
32
160
145
129
109
121
1,171
1,180
1,124
1,206
1,248
1,248
1,232
1,314
1,351
1,051
1,036
987
1,059
1,107
1,079
1,064
1,176
1,141
26
24
32
26
26
31
54
16
39
94
120
105
121
115
138
114
122
171
522.0
544.0
576.1
542.0
408.7
348.0
317.6
260.4
137.9
139.0
New private homes
Units
authorized
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9
Units
completed
Homes sold
Homes for
sale at end of
period *
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
623
639
688
750
671
676
650
534
509
610
301
353
346
357
366
368
365
321
284
265
1,081
1,120
1,141
1,136
1,196
1,133
1,128
1,137
1,229
1,227
625
672
637
615
662
270
267
264
262
265
1,157
1,141
1,034
1,101
1,121
1,115
1,162
1,242
1,271
1,136
1,241
1,108
1,222
1,129
r
l,158
1,084
1,207
603
597
602
689
629
647
636
616
266
268
270
271
274
274
277
288
Vacancy rate
for rental
housing units
(percent) z
5.7
5.9
6.5
7.3
7.7
7.7
7.4
7.2
7.4
7.4
Seasonally adjusted annual rates
Sept
Oct
Nov
Dec
1993' Jan
Feb
Mar
May
July '
Sept P
1
2
.
Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning 1989 not comparable with
earlier data.
7.3
7.1
7.9
7.6
7.1
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In August, manufacturing and trade sales rose 1.2 percent and inventories rose $2.3 billion. In September,
according to advance data, retail sales rose 0.1 percent, following a rise of 0.5 percent in August.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
1,000
300
900
250
800
MANUFACTURING AND
TRADE INVENTORIES
700
RETAIL INVENTORIES-
600
-v
500
-v
MANUFACTURING
AND TRADE SALES
RETAIL SALES
400
100
300
RATIO *
1.80
INVENTORY-SALES RATIO
1.70
1.60
200
1.50
RETAIL
CA-^ k^v^ V -^kCT>i/
\
MANUFAC TURING
ANDTf ADE
1.40
1.30
1989
1991
1992
X
/
I M 1 1 1n1 11
1989
1993
1 1 II 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
1991
1990
~\
1 1 1 nil mi
1992
^
~**—*v*.
II 1 Illl Illl
1993
COUNCIL OF ECONOMIC ADVISERS
Manufacturing and
trade 1
Wholesale
Sales
Period
Inventories 3
Inventories 3
Sales 2
370,501
411,427
423,940
431,786
459,107
497,031
523,729
543,097
538,609
560,383
591,875
651,551
665,835
664,624
711,725
767,538
813,793
837,445
833,518
849,117
100,440
113,502
114,816
116,326
124,340
135,357
144,158
149,489
147,635
152,337
131,663
144,223
149,155
155,445
165,814
180,519
188,539
196,901
201,285
209,232
557,117
563,888
567,073
569,848
581,061
844,942
844,011
844,728
846,374
849,117
152,241
153,405
154,011
154,032
155,297
205,399
205,114
206,093
208,424
209,232
581,584
584,903
583,575
584,943
587,930
589,990
.... 585,626
592,791
851,190
854,715
859,094
862,478
864,198
864,227
863,612
865,864
159,507
158,987
157,206
159,291
162,187
159,095
160,531
162,232
210,139
209,765
210,503
211,860
212,190
212,058
213,244
215,608
Sales
2
Inventory-sales ratio 4
Retail
Total
2
Durable
goods
stores
Inventories
Nondurable goods
stores
Total
3
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade '
Retail
Millions of dollars, seasonally adjusted, except as noted
1983
1984
1985 .
1986
1987 .
1988
1989 .
1990
1991 .
1992
1992- Aug T
Sept
Oct
Nov
Dec
1993: Jan
Feb
Mar
Apr
July r
Auff p
Sept p
r
r
163,160
164,405
167,603
167,291
169,155
169,232
169,116
167,390
170,538
171,736
172,596
173,415
r
174,299
174,448
1
See page 21 for manufacturing.
2
Annual data are averages of monthly not ieasonally adjusted figures; monthly data are seasonally adjusted totals for month.
20
64,943
69,369
73,075
75,746
80,453
85,664
91,974
98,230
100,965
104,777
147,833
167,812
181,881
186,510
207,836
219,597
238,343
241,476
245,885
260,647
68,856
79,074
88,315
89,983
105,481
112,505
121,448
121,338
119,828
131,549
78,977
88,738
93,566
96,527
102,355
107,092
116,895
120,138
126,057
129,098
1.56
1.53
1.55
1.55
1.50
1.49
1.53
1.53
lj.54
1.50
1.44
1.49
1.52
1.56
1.56
1.54
1.59
1.56
1.55
1.55
104,959
105,136
106,552
106,681
107,282
254,357
254,884
255,540
256,895
260,647
127,425
126,900
127,760
128,884
131,549
126,932
127,984
127,780
128,011
129,098
1.52
1.50
1.49
1.49
1.46
1.56
1.55
1.52
1.54
1.54
107,016
108,138
106,667
107,734
107,965
108,069
108,183
r
107,989
108,821
262,427
265,718
269,052
270,311
270,417
270,843
268,807
268,638
132,861
135,599
137,803
138,784
138,097
138,483
136,559
136,119
129,566
130,119
131,249
131,527
132,320
132,360
132,248
132,519
1.46
1.46
1.47
1.47
1.47
1.46
1.47
1.46
1.55
1.57
1.61
1.59
1.57
1.57
1.55
1.54
32,571
37,873
41,510
45,057
47,989
52,469
54,873
55,919
54,492
58,758
97,514
107,243
114,586
120,803
128,442
138,133
146,847
154,149
155,456
163,535
r
58,201
59,269
61,051
60,610
61,873
62,216
60,978
60,723
62,804
63,771
64,527
65,232
r
66,310
65,627
3
4
r
Seasonally adjusted, end of period.
Annual data are averages of seasonally adjusted monthly ratio
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In August, manufacturers' shipments and new orders rose,- inventories were about unchanged, and unfilled orders
fell. In September, according to advance data, manufacturers' durable goods shipments and new orders rose.
BIHIONS Of DOLLARS* (RATIO SCALE)
BILUONS OF DOLLARS* (RATIO SCALE]
320
480 — INVENTORIES440
400
360
320
THTAI
280
240
—^-/r-—^-
^J
y
"^ T
*-*^^
200
280
L)U (ABLE GOOD b
160
240
.-.-.'
DURABLE GOODS
200
120
160
NONDURAB .E GOODS
i(iiil
80 ||||||||MI
Illllllllll Illllllllll
1 1M 1 1111I I
-V
120
BILUONS OF DOLLARS* (RATIO SCALE)
NONDURABLE GOODS
320
TOTAL
280
80
J*+-*S~-
^v - v-
240 ^•"w*. -jr
RATIO'
t.JU
200
INVENTORY-SHIPMENTS RATIO
2.00
160
r^
1.80
^•^
120
%
'*>.t*~
,/
"fi" '*'"*• •/•
m
1.60
HONDURAS LE GOODS
80 M 1 1 II 1 M M
1
1.40
^
1 111 1M M 1 1
1 1 1 1 II M 1 M
1990
1991
1989
N-^yl
_^
iiliiliiin
1992
h|m
1.20
Illllllllll
1989
1993
1990
v
LIII niiilinii
^
1991
/<
Illllllllll
1992
1993
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments l
Manufacturers' inventories 2
Manufacturers' new orders 1
Durable goods
Period
Total
Durable
goods
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Total
Total
Capital
goods
industries,
non-defense
Nondurable
goods
Manufacturers'
unfilled
orders z
Manufacturers'
inventory —
shipments
ratio 3
Millions of dollars, seasonally adjusted, except as noted
1983 ....
1984 ..
1985
1986 ....
1987
1988 ....
1989
1990
1991 ....
1992
1992: Aug
Sept .
Oct
Nov
Dec
1993: Jan
Feb
Mar
May
T 3
July
Aug r
Sepf
. .
172,547
190,682
194,538
194,657
206,326
223,541
232,724
239,459
235,518
244,511
85,481
97,940
101,279
103,238
108,128
117,993
121,703
122,387
119,151
125,553
87,066
92,742
93,259
91,419
98,198
105,549
111,022
117,072
116,367
118,958
312,379
339,516
334,799
322,669
338,075
367,422
386,911
399,068
386,348
379,238
199,854
221,330
218,212
212,006
220,776
241,402
256,065
259,988
249,117
237,717
112,525
118,186
116,587
110,663
117,299
126,020
130,846
139,080
137,231
141,521
175,451
192,879
195,706
195,204
209,389
227,026
235,932
240,646
234,354
241,545
88,140
100,164
102,356
103,647
110,809
121,445
124,933
123,556
117,878
122,614
19,624
23,669
24,545
23,983
26,095
30,729
32,725
32,254
29,468
29,653
87,311
92,715
93,351
91,557
98,579
105,581
110,999
117,090
116,476
118,932
347,273
373,529
387,095
393,412
430,288
471,951
510,459
524,846
511,122
475,304
1.78
241,716
246,078
245,459
248,525
256,609
124,246
125,873
126,425
128,720
134,228
117,470
120,205
119,034
119,805
122,381
385,186
384,013
383,095
381,055
379,238
243,597
242,122
240,909
239,407
237,717
141,589
141,891
142,186
141,648
141,521
237,230
240,685
244,882
243,106
256,727
120,007
120,608
125,656
123,096
134,348
27,486
29,801
30,129
26,804
32,275
117,223
120,077
119,226
120,010
122,379
486,575
481,182
480,605
475,186
475,304
1.59
1.56
1.56
1.53
1.48
252,845
256,800
258,979
255,114
254,007
258,299
251,680
256,260
130,805
134,133
135,537
132,763
132,307
135,042
129,257
134,520
137009
122,040
122,667
123,442
122,351
121,700
123,257
122,423
121,740
378,624
379,232
379,539
380,307
381,591
381,326
381,561
381,618
236,332
237,034
236,849
237,043
237,734
237,514
237,937
237,737
142,292
142,198
142,690
143,264
143,857
143,812
143,624
143,881
253,626
257,250
253,007
252,369
248,335
255,462
250,566
253,355
131,266
134,533
129,903
129,838
126,783
132,252
128,520
131,860
132,794
28,645
32,748
29,122
30,453
29,931
33,850
30,093
32,032
31,365
122,360
122,717
123,104
122,531
121,552
123,210
122,046
121,495
476,085
476,535
470,563
467,818
462,146
459,309
458,195
455,290
1.50
1.48
1.47
1.49
1.50
1.48
1.52
1.49
1
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales.
2
Seasonally adjusted, end of period.
3
1.73
1.73
1.68
1.59
1.58
1.64
1.65
1.67
1.57
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 0.2 percent. Prices of finished consumer foods
rose 0.7 percent and prices of other finished consumer goods were unchanged. Capital equipment prices were
unchanged.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
FINISHED GOODS PRICES
SEASONALLY ADJUSTED
^
130
130
CONSUMER F OODS
""
^_^
\
^
^^
/
~-
^
^
\
120
CAPITAL iEQUIPMENT
--—
-. ' "
120
(
/
x--1
'
x"""*
110
.
/
110
„/
__ i—
£\
—
/'
/"
TOTAL
^ .x*
CONSUM ER GOODS
EXCLUDIN G FOODS
x.
—
\
100
100
\
f
.
^
90
1I 111111111
1985
1 1 1 1 1 1 1 1 1 11
I I I I I 1 1 I I II 1 1 1 1 1 1 1 1 1 1 1 i i i i i 1 i i i:i I I I I I 1 I I I 1 1 1 1 I I I 1 I I I II
1986
1987
1989
1988
1 1 1 1 1 1 1 1 1 1 1
1991
1990
1 1 1 1 1 1 1 1 1 1 1
1992
OURCE: DEPARTMENT OF LABOR
90
1993
COUNCIL OF ECONOMIC ADVISERS
[1982=100; monthly data seasonally adjusted]
Finished goods
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Consumer goods
Total
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992: Sept
Oct
Nov
Dec
1993- Jan
Feb
Mar
Apr
May
T y'
June
. .
. . ..
Aue
Sept
1
Durable
Capital
equipment
Intermediate materials
Crude materials
Total
Foods
and
feeds >
Other
Total
Foodstuffs
and
feedstuffs
Other
101.6
103.7
104.7
103.2
105.4
108.0
113.6
119.2
121.7
123.2
123.9
124.0
123.8
123.8
101.0
105.4
104.6
107.3
109.5
112.6
118.7
124.4
124.1
123.3
124.1
124.2
123.5
125.1
101.8
103.2
104.6
101.9
104.0
106.5
111.8
117.4
120.9
123.1
123.7
123.8
123.7
123.3
101.2
102.2
103.3
98.5
100.7
103.1
108.9
115.3
118.7
120.8
121.5
121.8
121.6
120.9
102.8
104.5
106.5
108.9
111.5
113.8
117.6
120.4
123.9
125.7
126.0
125.3
125.9
126.0
100.5
101.1
101.7
93.3
94.9
97.3
103.8
111.5
115.0
117.3
118.3
118.9
118.4
117.4
102.8
105.2
107.5
109.7
111.7
114.3
118.8
122.9
126.7
129.1
129.5
129.3
129.5
129.7
101.3
103.3
103.8
101.4
103.6
106.2
112.1
118.2
120.5
121.7
122.5
122.6
122.3
122.3
100.6
103.1
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.7
115.5
115.2
114.9
114.9
103.6
105.7
97.3
96.2
99.2
109.5
113.8
113.3
111.1
110.7
110.4
109.7
110.2
111.1
100.5
103.0
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.9
115.7
115.4
115.2
115.1
101.3
103.5
95.8
87.7
93.7
96.0
103.1
108.9
101.2
100.4
103.0
102.7
102.6
101.5
101.8
104.7
94.8
93.2
96.2
106.1
111.2
113.1
105.5
105.1
104.6
105.6
104.7
105.9
100.7
102.2
96.9
81.6
87.9
85.5
93.4
101.5
94.6
93.5
97.9
96.8
97.4
94.8
124.2
124.7
125.1
125.8
125.8
125.3
125.1
124.3
124.5
124.4
124.4
124.6
126.3
126.3
125.0
124.9
125.5
126.4
124.1
124.7
125.1
125.6
125.6
125.2
125.1
123.9
123.9
121.6
122.3
122.9
123.4
123.4
122.8
122.6
120.8
120.8
126.7
127.2
127.5
128.2
128.0
128.4
128.9
129.3
129.1
118.1
118.9
119.5
120.0
120.0
119.1
118.6
115.8
115.8
130.4
130.8
131.1
131.3
131.4
131.5
131.6
131.9
131.9
122.6
123.1
123.6
124.4
124.4
123.6
123.5
122.4
122.6
115.3
115.9
116.3
116.6
116.3
116.5
116.4
116.4
116.5
111.5
111.0
110.3
111.8
111.4
110.5
113.0
113.8
113.2
115.5
116.2
116.7
116.8
116.5
116.8
116.6
116.6
116.7
101.8
101.6
101.8
103.3
105.4
103.9
102.5
102.0
101.6
106.4
106.4
106.4
109.1
109.6
106.0
107.3
109.0
109.1
95.0
94.7
94.9
95.6
98.7
98.6
95.5
93.6
92.9
Intermediate materials for food manufacturing and feeds.
22
Nondurable
Total
Total
finished
consumer
goods
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In September,
the consumer price
index
for
all
urban consumers
was
unchanged,
seasonally
adjusted (not
seasonally adjusted it rose 0.2 percent). The index was 2.7 percent above its year-earlier level.
INDEX, 1982-84 - 100 (RATIO SCALE|
INDE X, 1982-84 » 100 (RATIO SCALE]
150
ISO
SEASONALLY ADJUSTED
^—
140
140
-^•-^
_^-"
130
130
^
CONSUMER PRICES— ALL ITEMS
120
120
110
110
^^ ^
^
100
100
90
90
80
i 1 t 1 1 1 1 1 It 1
1985
M 1 1 ll 1 1 I I i
1986
1 M
1987
1 1 1 1 1 1 1 1
1989
1988
1 1 t E| | 1 1 1 1 1
1 1 1 1 1I 1 1 M I
1990
1991
1 1 1 1 1 II 1 I I |
1993
1 M 1 1 1 1 1 1 11
1992
SEE NOTE ON TABLE BEIOW
SOURCE: DEPAHTMENT OF LABOR
80
COUNCIL OF ECONOMIC ADVISERS
[1982-84—100, except as noted; monthly data seasonally adjusted, except as noted]
All items
1
Transportation
Housing
Shelter
Period
Not
seasonally
adjusted
(NSA)
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992:
Sept
Get
Dec
1993:
Jan
Feb
Mar
Apr
May
June
July
Auer
Sept
Seasonally
adjusted
WOO
996
103 9
107 6
109 6
1136
1183
1240
1307
1362
1403
Total
costs
(Dee.
1982 =
100)
Homeowners'
costs
(Dec.
1982 =
100)
Maintenance
and
repairs
(NSA)
Rent-
Food
ers'
Total '
Apparel and
upkeep
Total '
New
cars
Motor
fuel
Medical
care
Energy 2
All
items
less
food
and
energy
15.8
99.4
103.2
105.6
109.0
113.5
118.2
125.1
132.4
136.3
137.9
41.4
99.5
103.6
107.7
110.9
114.2
118.5
123.0
128.5
133.6
137.5
27.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
140.0
146.3
151.2
8.0
103.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
155.6
160.9
19.7
102.5
107.3
113.1
119.4
124.8
131.1
137.3
144.6
150.2
155.3
0.2
99.9
103.7
106.5
107.9
111.8
114.7
118.0
122.2
126.3
128.6
7.3
100.2
104.8
106.5
104.1
103.0
104.4
107.8
111.6
115.3
117.8
6.0
100.2
102.1
105.0
105.9
110.6
115.4
118.6
124.1
128.7
131.9
17.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
120.5
123.8
126.5
4.0
99.9
102.8
106.1
110.6
114.6
116.9
119.2
121.0
125.3
128.4
3.3
99.4
97.9
98.7
77.1
80.2
80.9
88.5
101.2
99.4
99.0
6.9
100.6
106.8
113.5
122.0
130.1
138.6
149.3
162.8
177.0
190.1
7.3
99.9
100.9
101.6
88.2
88.6
89.3
94.3
102.1
102.5
103.0
76. 9
99.6
104.6
109.1
113.5
118.2
123.4
129.0
135.5
142.1
147.3
141.3
141.8
142.0
141.9
141.1
141.7
142.0
142.2
138.7
138.7
138.8
139.2
138.0
138.5
138.8
138.9
151.6
152.2
152.6
152.9
161.2
161.8
162.1
161.9
155.8
156.4
156.8
157.4
128.5
129.4
129.5
129.3
118.6
118.9
119.2
119.3
131.9
132.4
132.3
131.9
126.9
127.8
128.4
128.5
129.2
129.2
129.4
129.5
99.5
100.2
100.3
99.8
192.6
193.7
194.7
195.5
103.4
103.9
104.1
103.9
148.2
148.9
149.3
149.6
142.6
143.1
143.6
144.0
144.2
144.4
144.4
144.8
145.1
142.9
143.4
143.6
144.2
144.4
144.4
144.5
144.9
144.9
139.7
139.9
140.1
140.6
141.2
140.6
140.6
141.0
141.2
139.3
139.6
140.0
140.7
140.8
141.2
141.2
141.6
141.9
153.5
154.0
154.2
155.0
155.1
155.6
155.5
155.9
156.2
161.9
162.5
162.8
163.8
164.3
164.4
164.2
164.3
164.8
158.2
158.7
158.9
159.6
159.7
160.3
160.3
160.8
161.0
129.7
130.5
131.5
131.8
131.6
131.2
131.3
131.6
131.3
119.4
118.8
120.2
120.7
120.9
121.4
121.8
122.4
122.7
133.0
135.0
134.3
134.3
133.6
132.9
132.9
134.1
133.3
129.3
129.9
130.0
130.2
130.1
129.9
130.2
130.3
130.2
129.8
129.8
130.1 '
130.7
131.0
131.2
131.6
132.1
132.5
101.2
101.8
101.4
100.8
98.4
97.3
96.8
95.2
94.0
196.7
197.7
198.2
199.3
104.4
104.0
104.7
104.9
103.9
103.7
103.7
103.2
102.8
150.3
151.0
151.2
151.8
152.1
152.3
152.5
152.9
153.0
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 1992.
Fuel
and
other
utilities
200.8
201.6
202.4
202.9
203.7
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 and 1988 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Total
finished
goods
Capital
equipment
Excluding foods
Poods
Total
finished
goods
Excluding
foods
Foods
Capital
equipment
Total
finished
Capital
equipment
Excluding
foods
Foods
goods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
1983
1984.
0.6
1.7
1.8
-2.3
2.2
4.0
4.9
5.7
. ..
1985
1986
1987
1988
1989
1990
1991
1992
-0.9
2.3
3.5
.6
2.8
-.2
5.7
5.2
2.6
-1.5
1.6
1
1.6
1.6
2.1
1.0
— 1.4
2.1
2.5
5.2
4.9
2.1
1.2
2.0
1.8
2.7
2.1
1.3
3.6
3.8
3.4
2.5
1.7
.8
2.1
-6.6
4.1
3.1
5.3
8.7
7
1.6
Change, month to month
1992:
Sept
Oct
Nov
Dec
1993- Jan
Feb
Mar . .
May '. .
June '
July
Sept
3^3
1.2
.3
0
.6
2.3
2.0
1.0
.5
1.8
2.6
1.6
3.8
2.9
2.5
1.0
-1.0
1.1
.7
1.3
-2.0
.3
.5
.9
1.6
1.8
1.4
1.6
.6
2.9
-1.6
6.3
6.3
1.3
-4.4
-2.5
4.6
-.7
2.3
6.8
6.1
3.6
3
-2.6
-8.2
-6.4
3.4
4.1
4.4
2.8
1.8
1.2
.9
1.5
1.2
1.1
1.8
1.9
2.9
3.3
2.4
. 1.5
-.6
-1.0
2.8
1.3
.8
3.4
4.6
2
.8
1.8
2.9
0
1.8
2.3
2.6
3.0
3.2
1.7
-2.4
-3.4
1.9
2.0
2.5
3.1
3.0
2.8
1.8
1.7
1.2
2.0
2.0
2.0
2.5
2.1
1.4
1.3
.6
.5
0.2
.1
-.2
0
0.4
.1
-.6
1.3
0.2
.2
-.2
-.6
0
-.2
.2
.2
1.3
1.6
.6
-.3
4.3
5.0
.3
.4
.3
.6
0
4
2
-.6
.2
-.6
0
.2
1.4
0
-1.0
— .1
.5
.7
.6
.6
.5
.4
0
5
-.2
-1.5
0
.5
.3
.2
.2
.1
.1
.1
.2
0
.6
2.9
4.3
5.3
3.6
.6
-2.2
-4.7
-2.5
0
3
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]
Transportation
Housing
Shelter
Period
All
items 1
Food
Total '
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)
From
previous
quarter 3
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
3.8
3.9
3.8
1.1
4.4
4.4
4.6
6.1
3.1
2.9
2.7
3.8
2.6
3.8
3.5
5.2
5.6
5.3
1.9
1.5
3.5
4.3
4.3
1.7
3.7
4.0
3.94.5
3.4
2.6
4.7
5.2
6.0
4.6
4.8
4.5
4.9
5.2
3.9
2.9
5.1
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.2
2.8
4.5
5.1
5.9
4.6
5.3
4.7
5.1
4.7
3.7
2.9
Sept
Oct
Nov
Dec
0.1
.4
.2
.1
0.3
0
.1
.3
0.1
.4
.2
.1
0.1
.4
.3
.2
0.4
.4
.2
— .1
0.1
.4
.3
.4
0.1
.3
.3
.1
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
.5
.3
.1
.4
.1
0
.1
.3
0
.4
.1
.1
.4
.4
— .4
0
.3
.1
.3
2
.3
.5
.1
.3
.4
.3
.1
.5
.1
.3
0
.4
.2
.6
.3
.1
.1
.3
.2
.3
.2
.5
.3
.1
.4
.1
.4
0
.3
.1
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1.8
4.2
1.8
56
1.6
2.9
3.2
4.0
2.9
2.3
2.9
2.0
2.8
.9
4.8
4.7
1.0
5.1
3.4
1.4
3.4 -1.7
2.5 -2.4
3.4
3.1
5.9 -30.7
18.7
1.8
2.1 -2.1
2.3
6.8
1.4
36.5
3.3 -16.0
1.8
2.3
3.9
3.1
2.6
-5.9
6.1
3.0
4.0
10.4
-1.5
3.0
6.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
7.9
6.6
-19.7
8.2
.5
5.1
18.1
-7.4
2.0
4.8
4.7
4.3
3.8
4.2
4.7
4.4
5.2
4.4
3.3
.7
.1
-.5
0.5
.6
.5
.4
0
.5
.2
-.2
0.1
.5
.3
.2
1.4
.6
— .4
6
-2.4
-1.1
5
-1.7
-1.3
.6
.5
.3
.6
.8
.4
.4
.2
.4
.5
-.4
.7
.2
-1.0
-.2
0
-.5
— .4
.5
'.5
.1
.4
.2
.1
.1
.3
.1
-0.5
.2
1.8
3.2
4.3
3.6
1.9
3.6
4.1
4.8
5.4
4.2
3.0
Change, month to month
1992:
1993:
1
2
0
|
1
.1
.3
1.2
.4
.2
.4
.3
.5
.2
.4
-.1
-.3
0
.7
.5
.1
0.2
0
2
.1
.8
1.5
-.5
0
-.5
-.5
0
.9
-.6
.6
.5
.1
.2
\
-.2
.2
.1
— .1
2
-0.4
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
also included through 1982.
24
0
_2
.5
2
.2
.3
.4
.3
3
-0.3
2.9
3.2
3.7
2.8
1.4
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau'of Labor Statistics.
2.6
3.2
3.2
3.2
2.6
2.9
3.0
2.9
3.0
3.2
3.0
2.9
3.4
4.0
4.0
3.7
2.8
2.2
.8
1.4
1.4
3.3
3.6
3.6
3.6
3.4
3.1
2.3
2.1
1.8
3.3
3.2
3.1
3.2
3.2
3.0
2.8
2.8
2.7
PRICES RECEIVED AND PAID BY FARMERS
In October, prices received by farmers were 0.7 percent below their September level. Prices paid by farmers in
October were 1.0 percent above their July level. (Data are not seasonally adjusted).
INDEX, 1977 - 100 (RATIO SCALE)
200
INDEX, 1977 - 100 (RATIO SCALE)
200
180
180
160
160
PRICES PAID
140
140
\
. PRICES RECEIVED .
120
120
100
100
80 Li
RATIO140
80
1985
1993
I/RATIO Of INDEX OF PRICES RECEIVED TO INDEX OT PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[1977 = 100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992- Oct
Nov
Dec
1993: Jan
Feb
Mar
May
July
Sept
Oct
1
All farm
products
Livestock and
products
Crops
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio 2
135
142
128
123
127
138
147
149
145
140
128
138
120
107
106
126
134
127
129
121
141
146
136
138
146
150
160
170
161
157
161
164
162
159
162
170
178
184
189
191
159
161
156
150
152
160
167
172
175
176
152
155
151
144
148
157
165
171
174
174
84
87
79
77
78
81
83
81
77
73
138
136
137
117
115
118
158
156
156
192
<3)
(3)
176
(3>
(3)
175
(3)
(3)
72
71
71
139
140
142
146
144
140
140
142
145
144
117
118
116
126
120
112
118
123
128
129
159
162
166
167
168
166
161
162
r
!60
158
194
<3)
<s)
197
<3)
(3)
197
(3)
(3)
199
178
(3)
(3)
181
(3)
(3)
180
(3)
(3)
182
176
(3)
(3)
179
<3)
(3)
178
<3>
(3)
181
72
72
73
74
73
71
71
72
74
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 farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
2
All commodities,
services,
interest, taxes,
and wage rates *
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 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]
Ml
M2
MS
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
RPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
Dec
Dec
Dec
Dec
Dec ....
Dec
Dec
Dec
Dec
Dec *
521.2
552.4
620.1
724.5
750.0
787.1
794.6
827.2
899.3
1,026.6
2,186.5
2,376.0
2,572.4
r
2,816.1
2,917.2
r
3,078.2
3,233.3
3,345.5
3,445.8
3,494.9
2,693.1
2,988.2
3,203.6
r
3,491.7
3,674.8
r
3,915.4
4,056.1
r
4,116.8
4,168.1
4,162.5
1992' Augr
Sept *
Oct ....
Nov
Dec
975.5
990.1
1,006.0
1,019.1
1,026.6
3,471.5
3,479.1
3,490.0
3,496.3
3,494.9
1993- Jan
Feb ....
Mar
1,033.2
1,033.0
1,035.2
1,043.0
1,066.7
1,073.1
1,085.3
1,094.8
1,107.6
3,485.7
3,474.1
3,471.6
3,473.3
3,503.7
3,510.9
3,516.8
3,522.5
3,535.3
Period
19831984:
19851986:
198719881989:
19901991:
1992-
May
July
r
.
Sept
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
L
M3 plus
other liquid
assets
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) *
Percent change from year or 6
months earlier 2
Ml
M2
Debt
M3
3,154.4
3,529.5
3,830.9
4,131.9
4,333.5
4,669.4
4,886.1
r
4,965.2
r
4,982.3
5,039.5
5,257.5
6,006.1
6,901.1
7,778.6
8,543.3
9,306.1
10,030.7
10,670.1
11,141.9
11,718.6
9.9
6.0
12.3
16.8
3.5
4.9
1.0
4.1
8.7
14.2
12.0
8.7
8.3
9.5
3.6
5.5
5.0
3.5
3.0
1.4
10.3
11.0
7.2
9.0
5.2
r
6.5
3.6
1.5
1.2
— .1
12.1
14.2
14.9
12.7
9.8
8.9
7.8
6.4
4.4
5.2
4,177.8
4,181.8
4,178.1
4,175.7
4,162.5-
5,025.0
5,036.2
5,038.8
5,048.1
5,039.5
11,548.8
11,593.6
11,622.2
11,664.1
11,718.6
10.6
11.8
13.8
14.1
15.6
.2
.7
1.5
1.7
1.9
.5
5.6
5.5
5.1
5.0
5.0
4,137.4
4,131.7
4,127.2
4,138.0
4,167.5
4,167.5
4,165.1
4,168.3
4,181.1
5,015.2
5,011.8
5,011.1
5,027.4
5,067.3
5,070.2
5,068.4
p
5,075.6
11,749.0
11,773.8
11,817.4
11,862.7
11,910.0
11,972.0
12,025.9
"12,079.5
14.5
11.8
9.1
7.4
9.3
9.1
10.1
12.0
14.0
1.3
.1
— .4
-1.0
.4
.9
1.8
2.8
3.7
r
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
1
.0
— .2
— 1.5
-2.2
-2.6
-1.9
— .4
.2
1.3
1.8
2.6
4.5
3.9
3.9
4.1
4.2
4.3
4.7
5.2
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Demand
deposits
Currency
Period
Overnight
repurchase
agreeOther
ments
check(RPs),
able
net,
deposplus
its
over(OCDs)
night
Eurodollars '
Money market
mutual fund
balances 2
General
purpose
and
broker/
dealer
Institution
only
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Small
denomination
time
deposits s
Large
denomination
time
deposits 3
NSA
19831984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
1992:
Dec
Dec ....
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Aug
146.2
156.1
167.9
180.8
196.9
212.3
222.7
246.7
267.2
292.3
282.4
286.3
288.0
289.8
292.3
294.8
296.9
299.0
301.4
304.0
306.8
309.6
312.6
316.4
Oct
Nov
Dec
1993: Jan
Feb..
Mar
May
y
3
July
. } r*
Sept
131.9
238.5
244.0
147.3
266.9
179.7
302.3
235.3
287.1
259.3
287.1
280.7
279.8
285.3
278.2
294.5
290.5
333.8
' 340.8 385.2
322.5
362.8
366.7
329.0
373.7
336.0
381.6
339.5
r
385.2
340.8
341.9
388.6
r
341.8
386.4
r
341.9
386.3
' 347.2 386.2
r
359.1
395.5
r
360.5 ' 397.8
365.7
402.2
370.7
403.8
376.5
406.9
55.6
60.6
73.5
82.3
84.1
83,2
77.6
74.7
76.3
74.8
76.5
74.3
75.6
75.8
74.8
73.3
74.1
74.5
72.7
70.0
73.5
75.7
78.9
82.5
41.9
63.2
65.5
86.1
92.7
92.0
108.8
135.9
182.1
202.3
220.9
220.7
210.9
209.2
202.3
197.7
201.9
200.9
200.4
202.8
198.1
195.0
193.3
194.1
139.1
168.0
177.2
209.0
222.6
242.9
317.4
350.5
363.9
342.3
348.9
343.9
346.3
343.7
342.3
340.0
333.2
332.7
r
331.5
r
336.4
r
336.2
335.9
334.3
332.4
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
$100,000 and more than $100,000, respectively.
685.0
704.7
815.1
940.9
937.6
926.6
891.0
920.8
1,042.5
1,186.0
1,145.7
1,158.9
1,170.5
1,180.4
1,186.0
1,184.4
1,182.4
1,178.8
1,181.6
1,193.7
' 1,198.8
1,200.1
1,205.2
1,208.8
784.1
327.6
888.9
416.5
885.5
434.1
858.9
431.3
922.8
475.4
1,038.3
525.4
1,152.7
548.8
1,172.3
489.6
1,064.7
424.7
r
867.3 r355.7
r
925.7
378.1
'911.0 r373.6
r
'894.4 366.6
r
879.3 r360.2
r
867.3 r355.7
' 858.3 ' 348.5
' 853.1 ' 344.0
' 848.1 r338.1
r
841.1 ' 343.2
r
834.4 r 343.1
r
826.7 r339.8
817.6
335.2
810.2
335.3
803.5
333.5
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
49.9
57.6
62.4
80.6
106.0
121.8
99.0
89.6
72.5
80.6
75.8
77.6
79.6
81.4
80.6
79.7
82.1
85.7
88.8
89.7
92.8
96.4
96.0
95.4
91.5
82.9
76.5
83.8
91.0
105.7
79.5
68.7
57.6
45.6
51.4
49.4
48.1
47.2
45.6
43.6
47.0
50.4
49.8
50.5
47.8
44.3
45.6
46.5
Savings
bonds
Shortterm
Treasury
securities
71.1
74.2
79.5
91.8
100.6
109.4
117.6
126.1
138.0
156.8
147.4
149.3
151.9
154.7
156.8
158.9
161.1
162.7
163.9
164.8
165.7
166.8
* 167.8
211.9
260.9
298.2
280.0
253.1
269.2
324.9
331.1
315.0
r
331.4
322.9
321.0
320.2
325.1
r
331.4
r
337.5
' 342.9
r
341.6
'340.7
' 347.1
* 349.2
349.9
* 346.9
Bankers'
acceptances
Commercial
paper
45.0
45.4
42.0
37.0
44.3
39.9
40.2
35.6
23.4
20.4
21.1
20.7
20.5
20.3
20.4
20.6
20.2
19.3
19.3
19.4
18.7
17.5
P
16.3
133.2
160.8
207.6
231.4
260.7
335.5
347.3
357.1
337.7
368.4
355.7
363.4
368.0
372.4
368.4
360.7
355.9
360.3
365.5
' 368.4
369.1
369.1
376.3
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not shown
ere.
Source: Board of Governors of the Federal Reserve System.
2
3
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA]
Adjusted for changes in reserve requirements
Borrowings of depository
institutions from the Federal
Reserve (NSA)
Reserves of depository institutions
Period
Total
1983:
1984:
19851986:
1987'
1988:
19891990:
1991:
19921992'
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Sept
Oct
Nov
Dec
1993: Jan..
Feb
Mar
May
July
Sept *
1
..
. ..
25,367
26,845
31,448
38,943
38,862
40,398
40,492
41,767
45,533
54,351
51,274
52,836
53,815
54,351
54,665
54,922
55,166
55,197
56,877
57,119
57,567
58,033
58,838
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Nonborrowed
24,593
23,659
30,129
38,116
38,085
38,683
40,227
41,441
45,341
54,228
50,987
52,693
53,711
54,228
54,500
54,876
55,074
55,124
56,756
56,938
57,323
57,680
58,410
Nonborrowed plus
extended
credit
24,595
26,263
30,628
38,419
38,568
39,927
40,247
41,464
45,342
54,228
50,987
52,693
53,711
54,228
54,501
54,877
55,074
55,124
56,756
56,938
57,323
57,680
58,410
Required
24,806
25,990
30,411
37,573
37,816
39,351
39,570
40,102
44,555
53,196
50,280
51,763
52,772
53,196
53,405
53,818
53,953
54,101
55,881
56,209
56,478
57,080
57,749
Monetary
base
Total
175,467
187,237
203,585
223,667
239,872
256,932
267,734
293,185
317,169
350,798
341,585
344,849
347,832
350,798
353,224
355,734
358,374
360,634
364,769
368,069
370,978
r
374,532
379,266
774
3,186
1,318
827
777
1,716
265
326
192
124
287
143
104
124
165
45
91
73
121
181
244
352
428
Seasonal
96
113
56
38
93
130
84
76
38
18
193
114
40
18
11
18
26
41
84
142
210
234
236
Extended
credit
2
2,604
499
303
483
1,244
20
23
1
1
0
0
0
1
1
0
0
0
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 0.2 percent in September; commercial and industrial loans fell 0.5
percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
3,200
ALL COMMERCIAL BANKS
2,800
BILLIONS OF DOLLARS* (RATIO SCALE)
3,200
2,800
2,400
2,400
2,000
2,000
\
" LOANS AND LEASES
1,600
1,600
1,200
1,200
800
U.S. GOVERNMENT SECURITIES
400
, OTHER SECURITIES
-V
200
200
160
160
120
1985
1987
1986
1990
1988
1993
1992
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted x
All commercial banks
Loans and leases
Period
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
1992:
Dec
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Sept
Oct
Nov
Dec
1993: Jan
Feb
Mar r....
Apr r ....
May r....
June r...
July r....
Aug •-....
Sept
Total
U.S.
loans and
securities 2
Government
securities
1,552.2
1,722.9
259.2
259.8
270.8
310.1
335.8
362.7
397.0
452.1
559.3
657.1
640.6
647.3
651.4
657.1
656.5
666.2
680.3
691.3
693.9
704.5
708.2
714.6
720.2
1,910.4
2,093.7
2,241.2
2,422.9
2,590.8
2,732.4
2,836.9
2,937.6
2,917.4
2,926.0
2,932.4
2,937.6
2,935.3
2,943.9
2,960.2
2,971.3
2,992.5
3,016.0
3,038.6
3,047.2
3,058.1
Other
securities
169.1
140.9
179.0
193.9
195.8
193.7
182.4
178.8
179.9
176.0
178.2
178.8
177.3
176.0
174.5
176.4
178.8
180.4
181.0
179.7
181.2
182.1
182.2
Total
2
1,123.9
1,322.2
1,460.6
1,589.7
1,709.6
1,866.5
2,011.4
2,101.4
2,097.8
2,104.6
2,098.6
2,099.8
2,103.8
2.104-.6
2,104.4
2,101.3
2,101.1
2,099.6
2,117.7
2,131.8
2,149.2
2,150.6
2,155.7
Commercial
and
industrial
414.2
473.2
500.2
536.7
566.4
605.3
638.4
642.6
617.0
597.6
601.2
600.8
600.5
597.6
598.0
596.7
593.1
587.6
590.7
592.3
591.2
590.6
587.5
Individual
Security
N nn
onbank
financial
institutions
Agricultural
political
subdivisions
331.0
376.3
425.9
494.1
587.2
670.1
760.1
843.4
871.8
892.4
886.8
890.7
892.5
892.4
890.8
890.1
892.0
892.8
898.5
904.3
907.6
910.6
914.2
212.9
254.2
295.0
28.0
35.0
43.3
40.3
34.5
40.9
41.3
44.7
54.3
64.8
64.0
64.7
64.2
64.8
63.5
62.8
64.3
62.6
69.1
72.2
82.5
80.5
83.4
30.4
31.6
32.8
35.3
32.1
32.5
34.4
35.9
41.4
43.6
44.0
43.9
44.7
43.6
45.1
44.6
44.2
44.8
45.5
45.4
46.0
46.3
45.6
39.2
40.1
36.1
31.6
29.4
29.0
30.1
32.3
34.2
35.0
35.2
35.1
35.2
35.0
34.5
34.3
34.0
34.0
34.2
34.1
34.5
34.6
34.7
0.0
46.1
56.8
58.4
52.5
45.3
40.0
34.0
29.0
24.8
25.8
25.4
25.1
24.8
24.2
23.8
23.7
23.4
23.5
23.6
23.7
23.6
23.2
1
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions. Data beginning January 1984 are not strictly
comparable with data for earlier periods, largely because beginning January 1984 certain obligations
of States and political subdivisions are included in loans rather than in other securities.
28
State
and
Real
estate
315.4
328.2
354.8
375.2
380.3
363.9
355.5
357.0
355.8
355.4
355.5
358.4
361.9
362.3
364.1
367.0
368.1
371.8
373.9
375.1
2
Foreign
banks
13.4
11.4
9.7
10.1
7.7
7.6
8.2
7.7
7.3
7.7
7.9
7.6
7.5
7.7
7.7
8.8
8.5
8.4
8.5
8.7
9.2
9.6
8.8
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
Foreign
official
institutions
Lease
financing
receivables
9.4
8.4
13.7
16.1
19.1
22.5
24.7
29.4
6.3
6.3
5.1
5.0
3.5
2.9
2.4
2.8
2.5
2.4
2.8
2.8
2.9
3.2
3.2
3.2
3.1
3.3
3.3
3.2
3.5
31.9
32.9
31.7
30.9
31.0
30.8
30.9
30.9
30.4
30.6
30.6
30.7
31.0
31.3
31.7
31.8
31.9
Other
31.8
29.9
35.5
39.0
41.7
46.5
48.1
44.9
44.7
49.5
43.2
42.6
45.0
49.5
48.8
44.5
45.3
47.9
46.5
48.7
47.9
45.8
47.7
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Total
Credit market funds
Internal 1
Total
Total
Securities
and
mortgages
Other 2
Loans and
short-term
paper
Total
Capital
expenditures 3
Increase in
financial
assets
Discrepancy
(sources less
uses)
23.3
-14.3
20.4
28.5
50.7
52.7
38.7
20.8
22.0
48.7
1983
1984
1985
1986
1987 ...
1988
1989
1990
1991
1992
439.8
501.0
486.3
531.9
540.5
610.9
562.2
522.8
473.2
586.5
292.3
336.3
351.9
336.7
375.9
404.3
399.6
409.4
437.8
462.7
147.5
164.7
134.4
195.2
164.6
206.6
162.6
113.4
35.4
123.8
96.2
108.6
76.1
140.3
65.2
71.8
62.4
37.7
6.9
67.8
56.2
54
13.0
65.6
27.8
-14.6
-32.8
-18.8
95.9
68.3
40.0
114.0
63.1
74.7
37.4
86.4
95.2
56.5
-89.0
-.5
51.4
56.1
58.2
54.9
99.5
134.9
100.2
75.7
28.5
56.0
416.5
515.3
465.9
503.4
489.9
558.2
523.6
502.0
451.2
537.8
300.1
398.5
374.9
351.9
365.0
394.4
403.8
407.3
381.6
397.2
116.4
116.8
91.0
151.5
124.9
163.8
119.8
94.7
69.6
140.6
1991:
450.9
473.4
480.9
487.4
433.0
440.9
426.9
450.4
17.9
32.5
54.0
37.0
4.0
32.9
9.4
-18.5
92.5
123.7
72.2
95.4
-88.5
-90.8
-62.8
-113.9
13.9
— .4
44.6
55.6
403.4
455.1
461.3
484.8
377.2
367.4
388.3
393.6
26.2
87.7
73.0
91.2
47.4
18.3
19.5
2.6
558.3
599.8
591.5
596.5
454.6
452.2
468.4
475.5
103.7
147.6
123.1
121.0
79.7
69.3
70.1
52.0
95.5
98.6
38.1
40.7
-15.8
-29.3
32.0
11.3
24.0
78.3
53.0
68.9
520.8
567.3
520.0
543.0
369.9
401.2
402.7
415.2
150.9
166.1
117.3
127.8
37.6
32.4
71.4
53.4
483.7
611.0
460.6
465.7
23.1
145.3
17.4
104.8
83.4
89.9
660
14.9
5.8
40.5
446.1
561.3
446.4
447.2
3
114.1
37.6
49.7
I ..
n
Ill
IV
1992:
I
n
ni
IV
1993: I .
HP
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
the3U.S.
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstanding 1
Installment credit outstanding (end of period)
Period
Total
Automobile
Revolving
Other
2
Total
Automobile
Revolving
Other 2
1983:
19841985:
19861987:
19881989:
1990:
1991:
1992:
Dec
Dec
Dec
Dec
Dec
Dec 3
Dec
Dec
Dec
Dec
368,966
442,602
517,659
572,006
608,675
662,553
724,353
738,765
733,510
741,093
143,560
173,564
210,238
247,772
266,295
285,364
292,536
284,739
260,898
259,627
79,088
100,280
121,758
135,825
153,064
174,269
198,544
222,552
243,564
254,299
146,318
168,758
185,664
188,408
189,316
202,921
233,273
231,474
229,048
227,167
43,161
73,636
75,057
54,347
36,669
53,878
<4)
14,412
-5,255
7,583
17,615
30,004
36,674
37,534
18,523
19,069
<4)
7 797
-23,841
1 271
12,634
21,192
21,478
14,067
17,239
21,205
(4)
24,008
21,012
10,735
12,912
22,440
16,906
2,744
908
13,605
(4)
1 799
-2,426
1 881
1992:
Aug
Sept
Oct
Nov
Dec
731,023
733,023
734,195
736,023
741,093
258,827
259,433
258,208
258,860
259,627
249,384
250,456
251,806
252,086
254,299
222,812
223,135
224,181
225,077
227,167
527
2,001
1,171
1,829
5,070
568
606
-1,225
653
767
403
1,072
1,350
280
2,213
-445
323
1,046
896
2,090
1993:
Jan
Feb
Mar r
Apr r
May r
743,583
747,228
750,131
752,193
750,293
752,428
757,465
761,093
258,737
261,434
262,313
262,463
264,007
265,388
267,468
268,382
255,984
258,384
259,661
261,450
262,690
263,338
266,938
269,781
228,862
227,410
228,157
228,280
223,596
223,701
223,058
222,931
2,490
3,645
2,903
2,062
-1,900
2,135
5,037
3,628
-890
2,697
879
150
1,544
1,381
2,080
914
1,685
2,400
1,277
1,789
1,240
648
3,600
2,843
1,695
1 452
747
123
-4,684
105
-643
127
July r
All? p
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
and4 subsequent months.
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Overall, interest rates were about unchanged in October.
PERCENT PER ANNUM
PERCENT PER ANNUM
' U
CORPORATE Aaa BONDS
{MOODY'S)
\A
TREASURY
BILLS
V
i
DISCOUNT
RATE
FEDERAL
RESERVE
BANK OF
NEW YORK
1985
UNCIL OF ECONOMIC ADVISERS
SOURCE, SEE TABLE BEl
[Percent per annum]
U.S. Treasury security yields
Period
3-month bills
(new issues) l
1983
1984
1985
1986
1987 .
1988
1989 ..
1990
1991 .
1992
1992- Oct
Nov
Dec
1993: Jan
Feb
Mar
July
Autr
Sept
Oct
Week ended:
1993- Oct 9
16. ...
23
30
...
Constant maturities 2
3-year
10-year
High-grade
municipal
honds
(Standard &
Poor's) 3
Prime
commercial
paper,
6 months J
Discount rate
(N.Y. F.K.
Bank)4
Prime rate
charged by
banks 4
8.63
9.58
7.48
5.98
5.82
6.69
8.12
7.51
5.42
3.45
2.84
3.14
3.25
3.06
2.95
2.97
2.89
2.96
3.10
3.05
3.05
2.96
3.04
10.45
11.89
9.64
7.06
7.68
8.26
8.55
8.26
6.82
5.30
4.64
5.14
5.21
4.93
4.58
4.40
4.30
4.40
4.53
4.43
4.36
4.17
4.18
11.10
12.44
10.62
7.68
8.39
8.85
8.49
8.55
7.86
7.01
6.59
6.87
6.77
6.60
6.26
5.98
5.97
6.04
5.96
5.81
5.68
5.36
5.33
9.47
10.15
9.18
7.38
7.73
7.76
7.24
7.25
6.89
6.41
6.43
6.35
6.24
6.18
5.87
5.65
5.78
5.81
5.73
5.60
5.50
5.31
5.29
12.04
12.71
11.37
9.02
9.38
9.71
9.26
9.32
8.77
8.14
7.99
8.10
7.98
7.91
7.71
7.58
7.46
7.43
7.33
7.17
6.85
6.66
6.67
8.89
10.16
8.01
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.33
3.67
3.70
3.35
3.27
3.24
3.19
3.20
3.38
3.35
3.33
3.25
3.27
8.50
8.80
7.69
6.33
5.66
6.20
6.93
6.98
5.45
3.25
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
10.79
12.04
9.93
8.33
8.21
9.32
10.87
10.01
8.46
6.25
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
2.96
3.04
3.06
3.08
4.15
4.09
4.17
4.28
5.33
5.24
5.31
5.44
5.31
5.30
5.23
5.32
6.70
6.62
6.63
6.73
3.27
3.25
3.24
3.30
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
1
Bank-discount basis.
2
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department,
3
Weekly data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and week.
30
Corporal*
Aaa bonds
(Moody's)
New-home
mortgage
yields
(FHFB)5
12.57
12.38
11.55
10.17
9.31
9.19
10.13
10.05
9.32
8.24
7.90
8.07
7.88
7.82
7.77
7.46
7.46
7.37
7.23
7.20
7.05
6.95
5
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Keserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in October.
INDEX, DEC. 31, 1965=50 (RATIO SCALE)
INDEX, DEC. 31, 1965=50 (RATIO SCALE)
260
240
220
260
240
220
200
200
180
180
160
140
140
- COMPOSITE STOCK PRICE INDEX (NYSE)
120
100
100
80
80
60
1 1111
1985
1986
1987
1988
1989
1990
1 1M 1
1992
1991
I 1 1 I I I I M I 60
1993
PERCENT
201
PERCENT
20
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
15
10
1985
1986,
1987
1988
1992
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
1993
COUNCIL OF ECONOMIC ADVISERS
Common stock prices l
Period
New York Stock Exchange indexes (Dec
noted) 2
Composite
Industrial
Transportation
Common stock yields
(percent) 6
, except as
Utility 3
Finance
Dow-Jones
industrial
average *
Standard &
Poor's
composite
index
(194143 = 10)5
Dividendprice ratio
Earningsprice ratio
92.63
92.46
108.09
136.00
161.70
149.91
180.02
183.46
206.33
229.01
107.45
108.01
123.79
155.85
195.31
180.95
216.23
225.78
258.14
284.62
89.36
85.63
104.11
119.87
140.39
134.12
175.28
158.62
173.99
201.09
94.00
92.88
113.50
142.72
148.60
143.54
174.86
181.20
185.32
198.92
95.34
89.28
114.21
147.20
146.48
127.26
151.88
133.26
150.82
179.26
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
160.41
160.46
186.84
236.34
286.83
265.79
322.84
334.59
376.18
415.74
4.40
4.64
4.25
3.49
3.08
3.64
3.45
3.61
3.24
2.99
8.03
10.02
8.12
6.09
5.48
8.01
7.41
6.47
4.81
4.22
1992- Oct
Nov
Dec
226.97
232.84
239.47
279.70
287.30
294.86
192.30
204.78
212.35
203.24
202.26
207.70
181.36
189.27
196.87
3,198.70
3,238.49
3,303.15
412.50
422.84
435.64
3.07
2.98
2.90
4.38
1993- Jan
Feb
Mar
239.67
243.41
248.12
244.72
246.02
247.16
247.85
251.93
254.86
257.53
292.11
294.40
298.75
292.19
297.83
298.78
295.34
298.83
300.92
306.61
221.00
226.96
229.42
237.97
237.80
234.30
238.30
250.82
248.15
254.04
211.04
218.89
225.06
227.56
222.41
226.53
232.55
237.44
244.21
240.97
203.38
209.93
217.01
216.02
209.40
209.75
218.94
224.96
229.35
228.18
3,277.72
3,367.26
3,440.74
3,423.63
3,478.17
3,513.81
3,529.43
3,597.01
3,592.29
3,625.81
435.23
441.70
450.16
443.08
445.25
448.06
447.29
454.13
459.24
463.90
2.88
2.81
2.76
2.82
2.80
2.81
2.81
2.76
2.73
2.72
255.90
256.05
257.86
258.36
258.09
301.90
302.84
306.07
308.69
309.67
252.44
252.87
251.32
253.45
258.65
243.25
240.92
240.58
242.07
239.87
232.23
231.99
232.32
225.46
222.08
3,567.25
3,586.48
3,608.22
3,641.64
3,675.84
460.73
460.55
463.96
465.87
465.73
2.73
2.73
2.73
2.71
2.71
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
.
May
r j
July
. }
Sept...
Oct
Week ended:
1993: Oct 2
9
16
23
30
1
...
Average of daily closing prices.
Includes all the stocks (more than 2,000 in 1992) listed on the NYSE.
Dec. 31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility index
to facilitate trading of options and futures on the index. Such trading is expected to begin later this
year. AH indexes shown here reflect the doubling.
4
Includes 30 stocks.
2
3
4.39
4.29
6
Includes 500 stocks.
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earningsprice ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
6
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In fiscal 1993, there was a deficit of $254.9 billion, compared with a deficit of $290.4 billion in fiscal 1992.
BILLIONS OF DOLLARS
BILLIONS Of DOLLARS
1,600
1,600
RECEIPTS AND OUTLAYS-!/
1,500
1,500
1,400
1,400
OUTLAYS J
1,300
1,300
1,200
1,200
1,100
1,100
1,000
1,000
900
900
RECEIPTS-^
800
800
700
700
600
V
600
Slipping OR DFFIHT ( ) -^
-100
-100
^^— *^
-200
~^~^^
-200
^~-~— ^-
_______
-300
-300
-400
/\
Vl985
1
1
1986
1
1987
1
1988
1
1989
1
1990
1
199)
1
1992
1
1993
!\ -400
1994^
FISCAL YEARS
i'wa.UDES ON-BUDGET AND OFF-BUDGET TOMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNOL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget
Total
Fiscal year or period
Receipts
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 l
1994 (estimates)
Outlays
Surplus
or deficit
(-)
Outlays
Receipts
Outlays
Surplus
or deficit
(-)
Total
Held by
the public
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
371.8
409.2
458.7
503.5
590.9
678.2
745.8
808.4
851.8
-73.7
53 7
-59.2
402
-73.8
790
-128.0
207.8
- 185.4
231.7
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
328.5
369.1
403.5
476.6
543.1
594.4
661.3
686.0
-70.5
49 8
-54.9
382
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
32
-3.9
43
-2.0
11
-5.0
79
.2
.3
629.0
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
477.4
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.2
1,241.3
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,408.1
1,500.1
-212.3
-221.2
-149.8
-155.2
547.9
568.9
640.7
667.5
727.0
749.7
760.4
788.0
841.2
903.4
769.6
806.8
810.1
861.4
932.3
1,027.6
1,082.1
1,128.6
1,142.1
1,219.4
221 7
-238.0
169 3
-194.0
2052
-278.0
321 7
-340.5
3009
-316.0
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
337.9
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.0
280.7
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.9
57.2
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,599.0
4,002.7
4,351.1
4,734.7
1,499.4
1,736.2
1,888.1
2,050.3
2,189.3
2,410.4
2,687.9
2,998.6
3,247.2
3,528.2
-221.4
-269.5
-290.4
254 9
-258.7
1
Data from Monthly Treasury Statement.
NOTE.—Data for fiscal 1992 and 1994 are from Mid-Session Review of the 1994
32
Receipts
Gross Federal debt
(end of period)
Off-budget
Surplus
or deficit
(-)
September 1, 1993. Other data (except as noted) are from Budget Baselines, Historical Data, and
Alternatives for the Future, January 1993.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In fiscal 1993, receipts were $62.7 billion higher than a year earlier and outlays were $27.2 billion higher.
BILUCINS OF DOLLARS
600
RECEIPTS1'
INDIVIDUAL INCOME TAXES
\
500
BILLIONS OF DCILARS
600
_
.
500
^
400
400
\
\
SOCIAL INSURANCE
TAWS AND rONTORI mONS
300
""
200
CORPORATION
IKirOUF TAYFS
\
OTHER RECEIPTS
300
200
100
100
1
0
1
1
1
1
1
1
1
1
0
1,300
1,300
OUTLAYS ^
1,200
1,200
^
1,100
1,100
'
1,000
1,000
NONDEFENSE
~~ "
\
..*••"
•\^^~
900
900
800
800
700
700
600
600
500
500
NATIONAL DEFENSE
400
200
400
\
300
xj
^1985
1
1
1
1986
1987
1
1988
300
1
1
1989
1990
1
1991
1
1992
1
K
200
1994N
1993
FISCAL YEARS
J'lNaUWS ON-BUDGET AND OFF-BUDGET ITEMS.
jOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL Of ECONOMIC ADVISE -S
[Billions of dollars]
On-budget and off-budget out ays
On-budget and off-budget receipts
National defense
Social
Individual
income
taxes
Corporation
income
taxes
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
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.2
1,241.3
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
548.2
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5
120.8
265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
428.3
464.6
73.0
73.1
74.3
78.9
82.3
90.9
92.3
100.5
97.7
107.7
Fiscal year
Total
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 J
1
298.1
355.6
ance
taxes
Other
Total
Data from Monthly Treasury Statement.
NOTE.—Data for fiscal 1992 and 1994 are from Mid-Session Review of the 1994 Budget issued
September 1, 1993. Other data (except as noted) are from Budget Baselines, Historical Data, and
Total
and
contributions
Department of
Defense,
military
International
affairs
Health
Medicare
Net
Income
securi-
Social
securi-
inter-
ty
ty
est
73.9
Other
458.7
503.5
590.9
678.2
745.8
808.4
851.8
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
15.8
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
60.8
61.0
61.5
66.4
86.5
99.7,
107.7
122.6
112.7
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
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,408.1
1,500.1
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
290.6
276.7
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
264.1
16,2
14.2
11.6
10.5
9.6
13.8
15.9
16.1
17.2
19.3
33.5
35.9
40.0
44.5
48.4
57.7
71.2
89.5
99.2
113.5
65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
130.6
146.5
128.2
119.8
123.3
129.3
136.0
147.0
170.3
197.0
207.9
213.1
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.6
321.5
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.9
206.4
131.8
142.1
125.9
139.4
158.8
203.9
225.1
173.9
159.2
203.1
371.8
409.2
Alternatives for the Future, January 1993.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 1993, Federal receipts rose $49.6 billion (annual rate) and Federal expenditures rose $8.7
billion. In the third quarter, according to advance estimates. Federal expenditures fell $10.4 billion; receipts data
are incomplete.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
1,400
. EXPENDITURES -
1,200
1,000
1,000
800
800
600
400
400
200
SURPLUS OR DEFICITI-)
-400
-400
1982
1983
1987
1984
1993
1988
CALENDAR YEARS
COUNCIL OF ECONOMY ADVBERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government expenditures
Federal Government receipts
Personal
Period
Total
Fiscal year:
1990 r
1991 r
1992 r
Calendar year:
1990
1991
1992
1982- IV
1983: IV
1984- IV
1985: IV
1986- IV
1987: IV
1988- IV
1989: IV
1990- IV
1991- TTT
IV
1992- I
n
m
rv
1993- I
n
nf
tax and
nontax
receipts
Corporate
profits
tax
accruals
Contributions for
social
insurance
Total
Pur-
chases
Transfer
payments
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
Surplus
or deficit
Less:
Wage
accruals
less
disbursements
(-),
national
income
and
product
accounts
1,091.9
1,121.3
1,165.4
475.2
475.7
484.1
115.4
108.4
116.1
63.1
76.7
80.8
438.4
460.6
484.6
1,250.0
1,309.2
1,436.0
418.2
446.0
444.9
505.6
509.8
607.2
128.3
147.0
167.3
175.1
183.2
189.8
22.7
23.3
26.8
0.0
-.1
.0
-158.0
-187.9
-270.4
1,111.4
1,127.8
1,183.0
632.3
671.1
739.8
803.6
856.8
943.5
1,000.6
1,068.3
1,115.8
1,132.6
1,142.5
1,165.9
1,176.1
1,169.1
1,221.1
1,218.4
1,268.0
484.3
474.9
490.8
301.6
290.5
323.5
351.8
371.7
414.8
420.0
470.1
483.9
474.5
478.5
479.7
482.0
489.5
511.8
502.1
520.7
528.2
116.4
107.1
120.2
45.5
65.4
67.0
77.0
91.4
109.7
118.5
111.3
115.1
109.2
109.8
121.1
125.8
107.0
127.1
132.4
142.4
65.8
79.1
81.3
49.2
55.4
58.2
56.8
54.8
59.5
61.4
62.2
67.1
79.5
81.3
80.4
80.2
81.1
83.5
81.5
86.2
86.8
444.8
466.7
490.7
235.9
259.8
291.1
318.0
338.8
359.4
400.7
424.7
449.7
469.4
472.8
484.7
488.1
491.4
498.7
502.3
518.7
522.9
1,274.9
1,331.2
1,459.3
815.7
855.7
926.6
990.8
1,034.3
1,096.3
1,135.5
1,209.8
1,306.9
1,350.2
1,387.2
1,436.1
1,456.0
1,459.8
1,485.3
1,481.9
1,490.6
1,480.2
426.5
445.9
448.8
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
446.8
437.4
445.5
444.6
452.8
452.4
442.7
447.5
442.2
514.1
522.0
624.5
346.0
351.1
360.1
383.8
404.2
419.7
444.5
488.8
526.6
546.2
567.7
611.0
620.8
624.4
641.7
642.0
645.6
651.2
132.3
153.0
171.4
84.3
86.9
97.7
104.5
103.8
102.9
113.0
121.9
137.6
154.6
162.3
163.4
171.8
173.7
176.7
176.1
182.8
182.9
176.5
187.6
187.1
86.8
99.2
122.3
129.2
131.1
143.1
151.2
168.9
174.4
187.6
191.9
189.3
190.4
187.4
181.3
178.3
182.5
182.4
25.6
22.6
27.5
17.3
28.8
22.2
16.4
22.1
37.8
34.9
25.0
32.0
15.1
27.9
27.0
28.5
21.4
33.2
42.9
32.3
21.5
.1
-.1
.0
.0
.0
.6
.0
.0
-.2
.0
.0
.2
1635
-203.4
-276.3
- 183.4
-184.6
-186.8
-187.2
-177.5
-152.7
-134.9
-141.5
-191.0
-217.7
-244.7
-270.2
-279.9
-290.7
-264.2
-263.5
-222.6
Source: Department of Commerce, Bureau of Economic Analysis.
34
Indirect
business
tax and
nontax
accruals
Grantsin-aid to
State
and
local
governments
.0
.0
.0
.0
.0
.0
.0
.0
.0
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1987=100; seasonally adjusted)
Period
United
States
France
Germany
Consumer prices (1982-84=100; NSA)
United
States '
United
Kingdom
Italy
81.2
91.0
96.1
95.4
100.0
105.3
105.2
101.8
98.1
98.5
85.5
93.4
96.8
96.6
100.0
109.3
115.9
121.4
123.7
116.5
96.5
97.1
97.2
98.0
100.0
104.6
108.8
110.9
111.2
110.0
90.9
93.5
97.7
99.6
100.0
103.9
108.8
114.1
117.4
116.0
88.9
91.8
92.9
96.2
100.0
105.9
109.2
109.4
107.1
106.5
106.0
106.8
106.6
106.2
107.5
108.4
108.9
97.7
97.4
99.0
99.2
99.4
100.0
100.5
117.5
117.3
113.9
118.2
114.6
113.1
112.7
110.3
110.3
110.3
110.6
111.2
106.3
104.8
116.5
115.9
115.5
115.6
112.8
110.5
107.5
107.4
108.0
102.8
103.4
105.6
106.4
99.9
' 101.2
' 101.7
' 102.6
105.0
107.7
106.6
106.0
106.2
105.9
'110.9
107.2
105.9
107.8
106.4
107.3
107.0
' 106.2
108.4
105.3
105.9
104.4
99.9
104.3
101.9
103.4
Aug
112.3
113.5
116.5
113.4
110.7
112.5
111.9
111.4
' 102.8
' 104.2
r
102.8
' 103.3
r
104.9
June
July
109.3 ' 100.8
109.9
101.8
110.1
103.0
110.4 ' 102.2
110.2 r 101.9
' 110.5 ' 103.3
' 110.7 101.9
1984
1985
1986
1987
1988
1989
1990
1991
1992 '.
June
July
Sept
Oct
Nov
Dec
1993: Jan
Feb
Mar
Apr
May.
r
88.9
89.0
93.9
r
96.2
r
r
100.0
104.8
' 107.0
' 106.7
' 102.5
' 102.0
r
'103.1
' 103.9
' 102.8
' 102.0
'103.8
104.8
104.9
111 0
Sept"
1
Japan
84.9
92.8
94.4
95.3
100.0
104.4
106.0
106.0
104.1
106.5
1983
1992:
Canada
Data relate to all urban consumers.
Canada
United
Kingdom
Japan
France
Germany
'100.5
'107.9
'114.2
'140.6
100.3
102.7
104.8
104.7
104.9
106.3
109.2
112.1
116.0
120.6
100.8
111.5
121.1
128.5
134.4
141.1
150.4
159.6
169.8
178.9
99.8
104.8
111.1
114.9
119.7
125.6
135.4
148.2
156.9
162.7
Italy
99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
136.2
140.3
100.4
104.8
108.9
113.4
118.4
123.2
129.3
135.5
143.1
146.4
99.8
102.1
104.1
104.8
104.9
105.7
108.0
111.4
115.0
116.9
140.2
140.5
140.9
141.3
141.8
142.0
141.9
145.2
145.6
145.6
145.5
145.7
146.4
146.4
117.5
116.6
116.9
117.5
117.6
117.4
117.4
'140.7
'140.6
'140.4
'140.8
'141.2
'141.4
'141.4
120.7
120.7
120.9
121.2
121.7
122.3
122.4
178.9
179.1
179.2
179.8
180.9
182.0
182.3
163.7
163.1
163.2
163.8
164.4
164.1
163.6
142.6
143.1
143.6
144.0
144.2
144.4
144.4
144.8
145.1
147.0
147.4
147.3
147.3
147.6
147.6
148.0
148.1
148.2
117.3
117.4
117.7
118.5
118.6
118.5
118.8
119.2
'141.9
'142.4
'143.1
'143.2
'143.5
'143.4
'143.5
'143.5
123.8
124.3
124.7
125.1
125.5
125.7
126.0
126.0
126.1
182.9
183.6
184.0
184.7
185.4
186.4
187.1
187.2
187.5
162.0
163.1
163.7
165.2
165.8
165.7
165.3
166.0
166.7
117.2
'120.9
'124.2
'128.6
'133.0
137.2
144.0
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration, Office of Trade and Economic Analysis).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
General merchandise imports (customs value) 3
Merchandise exports (f.a.s. value) l
Principal end-use commodity category
Trade balance
Principal end-use commodity category
General
Period
Total
2
Foods,
feeds,
Industrial
sup-
and
plies
beverages
materi-
and
als
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
Other
2
Total
Foods
feeds,
Industrial
sup-
and
plies
beverages
materi-
and
als
Capital
goods
except
automotive
Automotive
vehicles,
parts,
Con-
mer-
sumer
goods
chandise
imports
(c.i.f.
value)
and
engines
(nonfood)
except
automotive
Other
473.2
495.3
488.5
532.7
18.2
21.0
21.9
24.4
24.8
24.8
25.1
26.6
26.5
27.9
107.0
123.7
113.9
101.3
111.0
118.3
132.3
143.2
131.6
138.3
40.9
59.8
65.1
71.8
84.5
101.4
113.3
116.4
120.7
134.2
40.8
53.5
66.8
78.2
85.2
87.7
86.1
87.3
85.7
91.8
44.9
60.0
68.3
79.4
88.7
95.9
102.9
105.7
108.0
123.0
6.3
7.8
9.4
10.4
12.1
12.8
13.6
16.1
15.9
17.6
269.9
346.4
352.5
382.3
424.4
459.5
493.2
56.7
61.7
58.5
57.3
66.7
85.1
99.3
104.4
109.7
109.3
67.2
72.0
73.9
75.8
86.2
109.2
138.8
152.7
166.7
176.7
16.8
20.6
22.9
21.7
24.6
29.3
34.8
37.4
40.0
47.1
13.4
13.3
12.6
14.2
17.7
23.1
36.4
43.3
45.9
50.4
20.5
24.0
27.3
35.9
34.6
43.4
17.2
20.7
23.7
24.5
258.0
* 330.7
* 336.5
365.4
406.2
Exports
(f.a.s) less
imports
(customs
value)
Exports
(f.a.s)
less
imports
(c.Lf.)
-52.4
-64.2
-106.7
-117.7
-138.3
-152.1
-118.5
-109.4
-101.7
-122.4
-133.6
-155.1
-170.3
-137.1
1991.....
421.7
1992.
448.2
30.9
31.5
24.0
22.3
24.3
32.3
37.2
35.1
35.7
40.2
36.4
37.7
38.9
37.8
39.2
3.3
3.5
3.6
3.4
3.4
8.9
9.0
9.6
9.0
9.2
14.0
14.8
15.3
14.5
15.8
4.1
4.0
3.8
4.4
4.6
4.1
4.4
4.5
4.5
4.3
2.0
2.0
2.1
2.0
1.9
45.1
46.0
46.1
45.6
46.1
2.3
2.2
2.3
2.2
2.3
11.9
12.0
12.5
11.8
11.5
11.4
11.6
11.8
11.6
11.9
7.7
7.8
7.5
8.0
8.2
10.3
10.9
10.5
10.3
10.7
1.3
1.4
1.5
1.7
1.5
46.8
47.8
47.9
47.4
47.9
-8.7
-8.3
-7.2
-7.8
-7.0
-10.5
-10.1
-9.1
-9.6
-8.8
37.5
36.9
38.9
38.5
38.9
37.6
37.1
38.2
3.3
3.4
3.5
3.4
3.3
3.2
3.2
3.1
9.4
8.7
9.2
9.1
9.7
8.8
9.3
9.0
14.5
14.3
15.6
15.2
15.3
15.3
14.3
15.3
4.1
4.4
4.3
4.4
4.3
4.1
3.8
4.2
4.3
4.2
4.4
4.2
4.5
4.3
4.4
4.5
2.0
1.9
2.0
2.1
1.9
2.0
2.0
2.2
45.2
44.8
49.3
48.7
47.3
49.7
47.5
47.9
2.3
2.2
2.4
2.2
2.3
2.3
2.3
2.3
11.6
11.1
12.6
12.6
12.3
12.8
12.1
11.8
11.7
11.7
12.4
12.4
12.3
13.1
12.8
12.4
7.9
8.3
8.8
8.8
8.2
8.6
7.8
8.5
10.3
10.3
11.5
11.1
10.7
11.3
11.0
11.5
1.4
1.3
1.6
1.5
1.6
1.6
1.5
1.4
47.0
46.6
51.3
50.6
49.1
51.6
49.4
49.8
-7.7
-7.9
-10.5
-10.2
-8.4
-12.1
-10.4
-9.7
-9.5
-9.6
-12.4
-12.1
-10.2
-14.0
-12.3
-11.6
1983....
1984
5
1985....
8
1986
1987
1988
1989
1990
205.6
224.0
218.8
227.2
254.1
322.4
363.8
393.6
1992: Aug
...
Sept
Oct
Nov
Dec
1993: Jan
Feb
Mar
May
July r
1
.
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.
* Total includes revisions not reflected in detail.
5
Total exports are on a revised statistical month basis; end-use categories are on a statistical
2
3
441.0
517.0
508.4
554.0
- 129.4
-123.4
-66.7 -86.6
-84.5 -105.9
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 1993, the current account deficit rose to $26.9 billion, from $22.3 billion in the first
quarter. The merchandise trade deficit rose to $34.4 billion, from $29.3 billion in the first quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS*
15
15
BALANCE ON GOODS,
SERVICES, AND INCOME
/
.,
A/
/
1983
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)]
Merchandise l
z
Net balance
Net
military
transactions 3 *
-28,023
-36,485
-67,102
-112,492
-122,173
145 081
-159,557
126 959
-115,249
-109,033
-73,802
96 138
-28,954
-28,110
18 790
-16,319
-19,640
-19,053
-17,763
-24,801
-27,612
-25,962
29 309
-34,388
-844
112
-563
2 547
-4,390
5 181
-3,844
6 315
-6,726
7833
-5,851
2 751
-1,584
-2,719
-2,532
-1,402
-1,164
-755
-571
-727
-617
-836
-145
23
Period
Exports
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1990: HI
IV
1991- I
n
m
IV
1992: I
n
m
IV
1993- I
1
2
3
237,044
211,157
201,799
219,926
215,915
223,344
250,208
320,230
362,116
389,303
416,937
440,138
96,431
100,249
101,333
104,206
103,764
107,634
108,347
108,306
109,493
113,992
111,530
113,125
Imports
-265,067
-247,642
-268,901
-332,418
-338,088
-368,425
-409,765
-447,189
-477,365
-498,336
-490,739
-536,276
-125,385
- 128,359
-120,123
-120,525
- 123,404
-126,687
-126,110
-133,107
-137,105
- 139,954
- 140,839
-147,513
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Quarterly data are not seasonally adjusted.
36
Investment income
Services
Net
travel and
transportation
receipts
144
-992
-4,227
8 438
-9,798
7 382
-6,481
-1,511
5,071
8,979
17,933
19,718
1,821
3,365
2,926
4,299
5,228
5,481
5,011
5,201
4,882
4,624
5,014
5,323
Other
services,
net
Receipts
on U.S.
assets
abroad
Payments
on foreign
assets in
U.S.
12,552
13,209
14,095
14,277
14,266
18,855
17,900
19,961
26,558
29,505
33,799
39,444
7,364
8,049
7,935
8,397
8,660
8,809
9,608
9,177
11,016
9,641
9,755
9,449
86,529
86,200
84,778
99,056
89,489
87,497
95,129
122,275
144,904
151,201
127,292
110,612
36,884
40,431
36,018
32,057
30,074
29,144
29,028
28,641
27,195
25,749
26,078
27,458
-53,626
-56,412
-53,700
-69,572
-68,314
-74,736
-87,403
- 109,653
-130,091
-130,853
-114,272
-104,391
-33,160
-32,716
-30,247
-29,147
-28,447
-26,431
-24,609
-27,734
-25,492
-26,555
-26,115
-27,733
4
Net
Balance on
goods,
services,
and income
Unilateral
transfers,
net 4
Balance
on current
account
32,903
29,788
31,078
29,483
21,175
12,761
7,726
12,621
14,813
20,348
13,021
6,222
3,724
7,715
5,771
2,910
1,627
2,713
4,419
907
1,703
-806
-37
-275
16,732
5,632
-26,719
-79,716
- 100,920
- 126,028
- 144,256
- 102,203
-75,532
-58,034
- 14,899
-33,505
-17,629
-11,700
-4,690
-2,115
-5,289
-2,805
704
-10,243
- 10,628
-13,339
-14,722
-19,868
-11,702
-17,075
-17,741
-20,612
-22,950
-24,176
-23,052
-24,965
-26,092
-33,827
6,575
-32,895
-7,428
-11,988
14,096
3,884
-6,564
-4,839
-7,389
-8,010
-7,147
- 10,348
-7,586
-7,066
5,030
— 11,443
-44,460
- 100,328
- 123,870
- 150,203
-167,308
-127,168
-101,624
-91,861
-8,324
-66,400
-25,057
-23,688
9,406
1,769
-11,853
-7,644
-6,685
-18,253
-17,775
-23,687
-22,308
-26,934
Includes transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation of table.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks decreased $4.7 billion in the second
quarter of 1993, following a decrease of $28.1 billion in the first quarter. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, decreased $2.5 billion in the second quarter, following a
decrease of $18.9 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]
U.S. assets abroad, net
[increase/capital outflow (— )]
Period
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1990: m
IV
1991: I
II
HI
IV
1992: I
n
m
IV
1993: I
H"....
114,147
- 122,335
-58,735
-29,654
34687
-91,260
-61,254
-91,423
-129,331
-44,132
-59,974
-50,961
-29,885
-29,895
-5,555
-875
-15,672
-37,870
-1,029
-8,695
- 10,798
-30,438
-12,358
-25,428
U.S.
official
reserve
assets 3 5
-5,175
4,965
-1,196
3,131
-3,858
312
9,149
-3,912
-25,293
-2,158
5,763
3,901
1,739
-1,091
-353
1,014
3,877
1,225
-1,057
1,464
1,952
1,542
-983
720
Other U.S.
Government
assets
Foreign assets in the U.S., net
[increase /capital inflow (+)]
U.S.
private
assets
-5,097 -103,875
-6,131 -111,239
-5,006
-52,533
-5,489
-21,035
28009
2 821
-2,022
-89,551
1,006
71 408
2,967
-90,477
1,259
105 297
2,307
-44,280
68,643
2,905
-1,609
-53,253
338
31 286
4,181
-32,984
559
-5,761
-419
-1,470
22774
3,224
-459
-38,637
-275
303
-293
-9,866
12445
305
-737
-31,243
535 -11,910
55
-26,203
Total
83,032
92,418
83,380
102,010
130,966
223,191
229,972
219,489
213,571
105,173
83,439
129,579
52,101
48,194
20
7,120
23,514
52,826
19,834
44,450
26,450
38,845
25,718
38,292
5
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve position in the IMF.
Foreign
official
assets 3
Other
foreign
assets
4,960
3,593
5,845
3,140
1 119
35,648
45,387
39,758
8,503
34,198
17,564
40,684
14,077
20,249
5,604
-4,924
3,855
13,029
21,124
21,008
7 378
5,931
10,929
17,839
78,072
88,826
77,534
98,870
132,084
187,543
184,585
179,731
205,068
70,975
65,875
88,895
38,024
27,945
-5,624
12,044
19,659
39,798
1 290
23,442
33,828
32,914
14,789
20,453
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
1,093
Total (sum
of the items
with sign
reversed)
24,992
41,359
19,815
27,972
27,592
18,272
-1,410
—899
17,384
30,820
-15,140
— 12,218
2,841
5,389
-3,831
-8,014
4,011
-7,312
-12,120
-17,502
2,123
15,280
8,948
14,070
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net 5
(unadjusted,
end of
period)
-6,221
2,098
4,710
-120
-6,506
1,911
4,878
653
-6,754
1,222
5,814
816
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,721
71,323
80,024
83,316
78,002
74,940
74,731
77,721
74,657
77,092
78,527
71,323
74,378
73,968
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:
* Preliminary.
'Revised.
e
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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