Full text of Economic Indicators : September 1992
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102d Congress, 2d Session Economic Indicators SEPTEMBER 1992 (Includes data available as of September 29, 1992) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1992 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) PAUL S. SARBANES, Maryland, Chairman LEE H. HAMILTON, Indiana, Vice Chairman SENATE LLOYD BENTSEN (Texas) EDWARD M. KENNEDY (Massachusetts) JEFF BINGAMAN (New Mexico) ALBERT GORE, JR. (Tennessee) RICHARD H. BRYAN (Nevada) WILLIAM V. ROTH, JR. (Delaware) STEVE SYMMS (Idaho) CONNIE MACK (Florida) ROBERT C. SMITH (New Hampshire) HOUSE OF REPRESENTATIVES DAVID R. OBEY (Wisconsin) JAMES H. SCHEUER (New York) FORTNEY H. (PETE) STARK (California) STEPHEN J. SOLARZ (New York) KWEISI MFUME (Maryland) RICHARD K. ARMEY (Texas) CHALMERS P. WYLIE (Ohio) OLYMPIA J. SNOWE (Maine) HAMILTON FISH, JR. (New York) STEVEN QUICK, Executive Director COUNCIL OF ECONOMIC ADVISERS MICHAEL J. BOSKIN, Chairman DAVID F. BRADFORD, Member PAUL WONNACOTT, Member [PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION] JOINT RESOLUTION [SJ. Res. 55] To print the monthly publication entitled "Economic Indicators" Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts prepared by the Art Production Section, Design and Graphics Branch, Office of the Secretary, Department of Commerce. Economic Indicators, published monthly, is available at $2.75 a single copy ($3.44 foreign), or by subscription at $30.00 per year ($37.50 for foreign mailing) from: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, D.C. 20402 For sale by the U.S. Government Printing Office Superintendent of Documents, Congressional Sales Office, Washington, DC 20402 ISBN 0-16-039289-6 TOTAL OUTPUT, INCOME, AND SPENDING GROSS DOMESTIC PRODUCT In the second quarter of 1992, according to revised estimates, current-dollar gross domestic product (GDP) rose 4.3 percent (annual rate) or $62.0 billion. Real GDP (GDP in 1987 dollars) rose 1.5 percent and the implicit price deflator rose 2.7 percent. BllilOl-« OF DOLLARS (RATIO SCALE ) 6,000 BILLIONS OF COLLARS (RATIO SCALE) 6,000 SEASONALLY ADJUSTED ANNUAL RATES 5,600 5,600 f^~~ ^X] 5,200 GDP 4,800 5,200 --„ / / „, *» IN 987 DOLLAR S 4,800 \ .f^r 4,400 xx"'" 4,000 X s 3,600 s -^i '^ S X 4,400 \\ 4,000 GDP IN (rURRENT DO LLARS /" 3,600 / 3,200 2,800 ^ X*" 3,200 i r i 1982 1 1 1 i 1983 i i i 1984 i i i i i i i i I I i 1988 1987 1986 1985 1 I I 1989 i i i 1990 SOURCE: DEPARTMENT OF COMMERCE I I i 1991 1 ! i 2,800 1992 COUNCIL OF ECONOMIC ADVISERS [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1982: 1983: 1984: 1985: 1986: 1987: 1988: 1989: 1990- Gross domestic product IV IV IV IV IV IV IV IV I n m IV 1991: I ... n ra IV 1992: I .... n '. 1 3,149.6 3,405.0 3,777.2 4,038.7 4,268.6 4,539.9 4,900.4 5,250.8 5,522.2 5,677.5 3,195.1 3,547.3 3,869.1 4,140.5 4,336.6 4,683.0 5,044.6 5,344.8 5,445.2 5,522.6 5,559.6 5,561.3 5,585.8 5,657.6 5,713.1 5,753.3 5,840.2 5,902.2 Personal consumption expenditures Gross private domestic investment 2,059.2 2,257.5 2,460.3 2,667.4 2,850.6 3,052.2 3,296.1 3,523.1 3,748.4 3,887.7 2,128.7 2,346.8 2,526.4 2,739.8 2,923.1 3,124.6 3,398.2 3,599.1 3,672.4 3,715.3 3,787.8 3,818.2 3,821.7 3,871.9 3,914.2 3,942.9 4,022.8 4,057.1 503.4 546.7 718.9 714.5 717.6 749.3 793.6 832.3 799.5 721.1 464.2 614.8 722.8 737.0 697.1 800.2 814.8 825.2 820.3 833.0 805.7 739.0 705.4 710.2 732.8 736.1 722.4 773.2 Federal Net exports 206 -51.4 102 7 -115.6 1325 -143.1 1080 -79.7 689 -21.8 -29.5 -71.8 -107.1 -133.2 -143.2 - 106.0 -73.9 -72.1 -59.9 -76.3 -67.2 -28.7 -15.3 -27.1 16 0 -8.1 -37.1 Exports Imports 282.6 276.7 302.4 302.1 319.2 364.0 444.2 508.0 557.0 598.2 265.6 286.2 308.7 304.7 333.9 392.4 467.0 523.8 541.2 551.2 555.9 579.7 573.2 594.3 602.3 622.9 628.1 625.4 303.2 328.1 405.1 417.6 451.7 507.1 552.2 587.7 625.9 620.0 295.1 358.0 415.7 440.2 467.1 535.6 573.1 597.7 613.3 611.2 632.2 646.9 602.0 609.6 629.5 638.9 636.2 662.5 GDP less exports of goods and services plus imports of goods and services. Government purchases Exports and imports of goods and services Total Total 607.6 652.3 700.8 772.3 833.0 881.5 918.7 975.2 1,043.2 1,090.5 631.6 657.6 727.0 799.2 849.7 901.4 937.6 994.5 1,024.7 1,034.3 1,042.4 1,071.3 1,087.5 1,090.8 1,093.3 1,090.3 1,103.1 1,109.1 266.6 292.0 310.9 344.3 367.8 384.9 387.0 401.6 426.4 447.3 281.4 289.7 324.7 356.9 373.1 392.5 392.0 405.1 420.3 424.4 422.6 438.3 451.3 449.9 447.2 440.8 445.0 444.8 National defense 193.8 214.4 233.1 258.6 276.7 292.1 295.6 299.9 314.0 323.8 205.5 222.8 242.9 268.6 278.6 295.8 296.8 302.5 311.6 312.9 308.4 323.2 332.4 325.9 321.9 314.7 313.6 311.7 Nondefense 72.7 77.5 77.8 85.7 91.1 92.9 91.4 101.7 112.4 123.6 75.9 66.9 81.9 88.3 94.5 96.7 95.2 102.6 108.7 111.5 114.3 115.0 118.8 124.0 125.3 126.1 131.4 133.1 State and local 341.1 360.3 389.9 428.1 465.3 496.6 531.7 573.6 616.8 643.2 350.3 367.9 402.2 442.4 476.6 509.0 545.7 589.3 604.3 610.0 619.7 633.0 636.3 640.8 646.0 649.5 658.0 664.3 Final sales of domestic product Gross domestic purchases l Addendum: Gross national product 3,165.5 3,410.6 3,706.1 4,014.1 4,260.0 4,513.7 4,884.2 5,217.5 5,515.9 5,687.7 3,241.4 3,527.1 3,818.1 4,107.9 4,355.4 4,623.7 5,027.3 5,314.6 5,437.1 5,484.9 5,549.2 5,592.3 5,614.4 5,679.4 5,712.9 5,744.2 5,855.9 5,894.1 3,170.2 3,456.5 3,879.9 4,154.3 4,401.2 4,683.0 5,008.4 5,330.5 5,591.1 5,699.3 3,224.6 3,619.1 3,976.2 4,276.0 4,469.8 4,826.2 5,150.7 5,418.7 5,517.4 5,582.6 5,635.9 5,628.5 5,614.6 5,672.9 5,740.3 5,769.3 5,848.3 5,939.4 3,179.8 3,434.4 3,801.5 4,053.6 4,277.7 4,544.5 4,908.2 5,266.8 5,542.9 5,694.9 3,222.6 3,578.4 3,890.2 4,156.2 4,340.5 4,690.5 5,054.3 5,365.0 5,464.1 5,537.0 5,577.8 5,592.7 5,614.9 5,674.3 5,726.4 5,764.1 5,859.8 5,909.3 Source: Department of Commerce, Bureau of Economic Analysis. GROSS DOMESTIC PRODUCT IN 1987 DOLLARS [Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates] Gross private domestic investment Period 1982... 1983 1984 . 1985 1986 1987 1988 1989 1990 1991 198219831984: 19851986: 1987: 1988: 1989- TV IV IV IV IV .... TV IV IV 1990- I n m IV 1991: I n in . IV 1992- I r n .... 1 Gross domestic product Personal consumption expenditures Nonresidential fixed investment Residential fixed investment Change in business inventories Government purchases Exports and imports of goods and services Federal 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 3,760.3 2,503.7 3,906.6 2,619.4 4,148.5 2,746.1 4,279.8 2,865.8 4,404.5 2,969.1 4,540.0 3,052.2 4,718.6 3,162.4 4,838.0 3,223.3 4,877.5 3,260.4 4,821.0 3,240.8 433.9 420.8 490.2 521.8 500.3 497.8 530.8 540.0 538.1 500.2 -7.4 124.1 -17.5 4.4 56 1 174.2 199.3 67.9 -122.0 22.1 -145.3 202.0 226.2 8.5 -155.1 225.2 26.3 - 143.0 222.7 19.9 -104.0 -73.7 214.2 29.8 51 8 6.2 194.8 170.2 -9.3 — 21.8 296.7 285.9 305.7 309.2 329.6 364.0 421.6 471.8 510.0 539.4 304.1 342.1 427.7 454.6 484.7 507.1 525.7 545.4 561.8 561.2 723.6 743.8 766.9 813.4 855.4 881.5 886.8 904.4 929.9 941.0 306.0 320.8 331.0 355.2 373.0 384.9 377.3 376.1 383.6 388.3 221.4 234.2 245.8 265.6 280.6 292.1 287.0 281.4 283.3 282.8 84.7 86.6 85.1 89.5 92.4 92.9 90.2 94.8 100.3 105.5 417.6 423.0 436.0 458.2 482.4 496.6 509.6 528.3 546.3 552.7 3,777.8 3,902.2 4,080.6 4,257.6 4,395.9 4,513.7 4,698.6 4,808.3 4,871.3 4,830.3 3,767.7 3,962.8 4,270.5 4,425.1 4,559.6 4,683.0 4,822.6 4,911.7 4,929.3 4,842.8 3,796.1 3,939.6 4,174.5 4,295.0 4,413.5 4,544.6 4,726.3 4,852.7 4,895.9 4,836.4 3,759.6 4,012.1 4,194.2 4,333.5 4,427.1 4,625.5 4,779.7 4,856,7 2,539.3 2,678.2 2,784.8 2,895.3 3,012.5 3,074.7 3,202.9 3,242.0 417.2 449.6 509.6 525.5 495.5 510.6 538.8 536.7 131.2 44 9 -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 -102.7 674 208.0 24.9 280.4 291.5 312.8 312.0 342.9 386.1 438.2 487.7 299.4 375.1 444.2 467.4 498.9 522.1 540.9 555.0 735.9 748.1 784.3 830.5 864.8 893.0 894.5 912.6 316.0 322.2 341.7 363.7 377.5 391.6 378.4 376.1 229.4 242.9 254.3 272.1 282.2 295.0 285.7 281.5 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 4,890.8 4,902.7 4,882.6 4,833.8 3,259.5 3,260.1 3,273.9 3,248.0 544.8 535.6 542.9 529.3 210.7 201.8 189.1 177.5 7.5 32.8 11.2 -26.8 584 -56.9 -59.3 -32.7 500.2 508.7 508.4 522.6 558.6 565.6 567.7 555.3 926.8 929.4 924.8 938.5 383.4 385.4 378.3 387.3 284.9 285.1 277.3 285.8 98.5 100.3 101.0 101.5 543.4 544.0 546.5 551.2 4,883.3 4,870.0 4,871.4 4,860.6 4,949.2 4,959.7 4,941.9 4,866.5 4,907.8 4,915.5 4,898.9 4,861.4 4,796.7 4,817.1 4,831.8 4,838.5 3,223.5 3,239.3 3,251.2 3,249.0 507.0 503.0 498.7 492.1 164.1 -25.1 166.9 -20.4 172.6 .6 177.3 7.5 -17.9 -17.4 31 6 -20.5 515.9 536.1 544.2 561.4 533.8 553.5 575.8 581.8 945.1 945.6 940.2 933.1 394.1 393.8 387.2 378.2 291.8 287.6 280.6 271.0 102.2 106.2 106.6 107.2 551.0 551.8 553.0 554.9 4,821.8 4,837.4 4,831.2 4,830.9 4,814.6 4,834.4 4,863.4 4,858.9 4,822.0 4,831.8 4,843.7 4,848.2 4,873.7 4,892.4 3,289.3 3,288.5 495.8 514.7 185.6 -12.6 191.2 7.8 -21.5 43 9 565.4 563.4 586.8 607.3 937.0 934.2 375.3 372.7 265.6 262.1 109.7 110.6 561.8 561.5 4,886.3 4,884.6 4,895.2 4,936.3 4,890.7 4,899.1 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 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 82.2 86.2 89.6 93.1 96,0 100.0 104.2 109.3 115.0 120.0 90.1 92.4 93.9 95.4 96.9 100.0 102.0 104.2 105.7 107.6 88.6 90.8 93.4 95.9 96.1 100.0 103.7 109.3 115.9 120.1 76.7 81.9 86.2 90.8 95.7 100.0 105.1 110.6 116.7 122.8 95.3 95.1 95.6 96.6 98.4 100.0 102.8 105.2 107.3 108.2 85.2 87.3 89.7 92.0 95.8 100.0 104.2 107.8 110,7 111.8 95.2 96.8 98.9 97.7 96.9 100.0 105.3 107.7 109.2 110.9 99.7 95.9 94.7 91.9 93.2 100.0 105.1 107.8 111.4 110.5 87.1 91.0 93.9 96.9 98.6 100.0 102.6 106.8 111.2 115.2 87.6 91.6 94.8 97.3 98.6 100.0 103.0 106.6 110.8 114.5 85.9 89.5 91.3 95.7 98.6 100.0 101.4 107.3 112.0 117.1 81.7 85.2 89.4 93.4 96.4 100.0 104.3 108.6 112.9 116.4 85.0 88.4 92.2 95.5 98.0 101.2 105.5 110.1 83.8 87.6 90.7 94.6 97.0 101.6 106.1 111.0 90.6 93.3 94.4 95.9 97.8 101.0 103.1 104.9 89.4 91.8 94.1 97.0 96.3 101.5 105.6 110.8 79.0 83.7 87.7 92.9 97.3 101.9 107.1 112.7 95.3 95.0 96.4 97.3 99.2 100,7 104.0 106.0 86.0 88.0 90.7 93.1 97.3 101.5 105.3 108.8 94.7 98.2 98.7 97.7 97.4 101.6 106.6 107.4 98.5 95.4 93.6 94.2 93,6 102.6 106.0 107.7 89.0 89.9 95.0 98.1 98.8 100.2 103.6 107.7 89.6 91.7 95.5 98.7 98.7 100.3 103.9 107.5 87.7 84.3 93.7 96.4 99.2 100.1 102.6 108.4 83.4 86.4 90.9 94.8 97.8 101.5 105.7 109.9 n . in 111.3 112.6 113.9 115.0 112.7 114.0 115.7 117.6 105.4 105.5 105.8 106.1 113.3 114.3 116.6 119.3 114.2 115.8 117.6 119.3 106.5 106.8 107.8 108.2 110.2 110.6 111.1 111.0 108.2 108.4 109.3 110.9 109.8 108.0 111.4 116.5 109.6 110.1 111.7 113.2 109.4 109.7 111.2 113.1 110.4 111.2 113.2 113.3 111.2 112.1 113.4 114.8 Ill 116.5 117.5 118.2 118.9 118.6 119.5 120.4 121.4 106.7 107.3 108.0 108.3 119.4 119.9 120.2 120.8 120.8 122.1 123.4 124.7 108.7 108.5 108.0 107.4 111.3 111.6 112.5 111.8 111.1 110.9 110.7 111.0 112.8 110.1 109.3 109.8 114.5 114.3 115.5 116.6 113.9 113.3 114.7 116.2 116.2 116.8 117.6 117.6 115.5 116.1 116.8 117.1 119.8 120.6 122.3 123.4 108.6 109.4 121.4 122.2 126.1 127.4 107.1 106.9 111.7 112.3 111.1 111.0 108.4 109.1 118.6 119.3 118.1 118.9 119.8 120.3 117.1 118.3 IV IV IV IV ... IV IV ... IV IV ... 1990: I IV ... 1991: I II ... . rv .... 1992: Gross private domestic investment Personal consumption expenditures 83.8 87.2 91.0 94.4 96.9 100.0 103.9 108.5 113.2 117.8 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1982: 1983: 1984: 1985: 1986: 1987: 19881989: Gross domestic product I nr .. Source: Department of Commerce, Bureau of Economic Analysis. CHANGES IN GDP, PERSONAL CONSUMPTION EXPENDITURES, AND RELATED IMPLICIT PRICE DEFLATORS AND PRICE INDEXES [Percent change from preceding year or quarter; quarterly data at seasonally adjusted annual rates] Gross domestic product Period Current dollars 11.9 3.9 8.1 10.9 6.9 5.7 6.4 7.9 7.2 5.2 2.8 6.1 9.1 7.6 8.1 8.6 6.3 3.8 5.1 7.7 5.8 2.7 .1 1.8 5.2 4.0 2.8 6.2 4.3 1981 1982 1983 ... 1984 1985 . 1986 1987 1988 1989 1990 1991 1988- I . .. n ... ffl IV . 1989: I n m ... IV 1990- I n in IV 1991- I n m IV 1992: I p n Constant (1987) dollars Personal consumption expenditures Implicit price deflator Fixed-weighted price index (1987 weights) 10.0 6.2 4.1 4.4 3.7 2.6 3.2 3.9 4.4 4.3 4.1 3.6 4.4 5.1 3.9 5.4 4.6 3.8 3.7 4.4 4.8 4.7 3.9 5.3 3.5 2.4 2.4 3.1 2.7 1.8 -2.2 3.9 6.2 3.2 2.9 3.1 3.9 2.5 .8 -1.2 2.6 4.3 2.5 3.9 3.2 1.8 0 1.5 2.8 1.0 -1.6 39 30 1.7 1.2 .6 2.9 1.5 Current dollars Constant (1987) dollars 10.2 6.9 9.6 9.0 8.4 6.9 7.1 8.0 6.9 6.4 3.7 9.9 7.9 8.4 8.9 5.1 7.0 6.3 5.3 8.4 4.8 8.0 3.2 .4 5.4 4.4 3.0 8.4 3.5 6.1 3.8 3.3 3.5 2.7 3.1 3.9 4.4 4.5 4.0 3.6 4.5 5.4 3.7 5.0 4.7 3.7 3.6 5.4 4.6 4.7 4.1 4.7 3.5 3.0 2.4 3.6 2.9 Implicit price deflator 1.2 1.1 4.6 4.8 4.4 3.6 2.8 3.6 1.9 1.2 — .6 9.0 5.7 4.9 3.9 3.9 3.1 4.2 4.2 4.9 5.2 4.3 7.1 2.5 2.9 4.1 2.8 5.2 5.1 4.7 5.0 5.7 3.3 4.4 6.3 4.7 6.1 6.7 3.4 3.1 3.0 3.4 3.0 3.6 .1 1.1 2.9 .8 2.2 .1 1.7 3.1 30 2.0 1.5 -.3 5.1 .1 Fixed-weighted price index (1987 weights) 8.6 5.4 4.3 3.7 3.8 3.0 4.1 4.3 4.9 5.3 4.4 2.7 5.2 5.4 4.6 5.2 5.9 3.5 4.3 6.4 4.4 6.4 6.8 3.4 3.3 3.0 3.1 3.5 3.5 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) l Gross domestic product of nonfinancial corporate business (billions of dollars) Period 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1982: 1983: 1984: 1985: 1986: 1987: 1988: 1989: 1990: IV IV IV IV IV IV IV IV I .. . n m IV 1991: I . II m rv n 1992: I r 1 2 Current dollars 1987 dollars 1,748.6 1,802.8 1,936.1 2,166.5 2,293.6 2,386.3 2,547.3 2,764.8 2,913.5 3,036.5 3,073.8 1,806.3 2,037.2 2,228.2 2,338.8 2,422.8 2,627.6 2,843.2 2,951.5 2,999.6 3,053.1 3,048.2 3,045.0 3,037.1 3,062.7 3,084.4 3,111.1 3,138.1 3,178.8 2,035.1 2,001.3 2,112.3 2,284.1 2,364.3 2,439.3 2,547.3 2,684.8 2,718.9 2,740.0 2,698.0 1,999.6 2,204.2 2,328.4 2,396.9 2,463.3 2,604.0 2,719.0 2,722.7 2,742.0 2,763.3 2,737.3 2,717.4 2,683.5 2,687.4 2,699.1 2,722.0 2,737.6 2,760.8 Total cost and profit 2 0.859 .901 .917 .949 .970 .978 1.000 1.030 1.072 1.108 1.139 .903 .924 .957 .976 .984 1.009 1.046 1.084 1.094 1.105 1.114 1.121 1.132 1.140 1.143 1.143 1.146 1.151 Consumption of fixed capital 0.102 .115 .115 .109 .109 .111 .110 .111 .117 .120 .126 .119 .119 .111 .110 .112 .110 .112 .120 .118 .118 .121 .123 .126 .127 .127 .126 .125 .126 Output is measured by GDP of nonfinancial corporate business in 1987 dollars. This is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the left. 3 Indirect business tax and nontax liability plus business transfer payments less subsidies. Indirect business taxes 3 Compensation of employees Net interest Corporate profits with inventory valuation and capital consumption adjustments Total 0.082 .085 .088 .091 .093 .095 .095 .096 .101 .106 .115 .086 .088 .091 .093 .095 .094 .097 .102 .104 .104 .107 .109 .113 .114 .117 .117 .118 .117 4 0.572 .605 .602 .617 .636 .648 .658 .676 .706 .737 .759 .607 .602 .623 .643 .654 .664 .687 .718 .724 .730 .744 .750 .754 .760 .763 .761 .760 .759 0.035 .041 .036 .038 .038 .040 .042 .045 .054 .054 .053 .040 .036 .041 .038 .042 .042 .047 .055 .054 .054 .054 .055 .054 .053 .053 .052 .050 .049 0.067 .056 .076 .094 .094 .084 .096 .102 .094 .091 .085 .051 .079 .091 .092 .081 .099 .102 .088 .093 .098 .088 .083 .084 .086 .084 .086 .093 .100 Profits tax liability 0.031 .023 .028 .032 .030 .031 .037 .038 .037 .034 .030 .020 .029 .027 .030 .035 .038 .040 .033 .033 .034 .036 .033 .029 .030 .031 .030 .033 .037 Profits after tax 4 0.036 .033 .048 .062 .064 .053 .059 .064 .057 .057 .055 .030 .050 .064 .063 .045 .060 .063 .055 .060 .065 .052 .050 .055 .056 .053 .056 .060 .064 Output per hour of all employees (1987 dollars) Compensation ^r hour of all employees (dollars) 20.553 20.819 21.586 21.896 22.125 22.690 23.071 23.494 23.088 23.300 23.617 21.094 21.895 22.032 22.315 22.838 23.286 23.445 23.060 23.138 23.389 23.291 23.408 23.451 23.546 23.653 23.893 24.040 24.157 11.764 12.586 12.995 13.509 14.067 14.711 15.170 15.781 16.306 17.169 17.932 12.805 13.187 13.718 14.339 14.940 15.471 16.017 16.555 16.753 17.077 17.321 17.550 17.671 17.891 18.041 18.186 18.275 18.372 With inventory valuation and capital consumption adjustments. Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics). NATIONAL INCOME [Billions of dollars; quarterly data at seasonally adjusted annual rates] National income Period Compensation of employees1 Proprietors' income with inventory valuation and capital consumption adjustments Farm 1983 1984 . 1985 1986 . 1987 1988 . 1989 1990.. 1991 1982- IV 1983: IV 1984: IV 1985: IV 1986- IV 1987: IV 1988: IV 1989: IV 1990: I.... 2,720.8 3,058.3 3,268.4 3,437.9 3,692.3 4,002.6 4,249.5 4,468.3 4,544.2 2,551.5 2,834.3 3,134.4 3,341.9 3,486.0 3,828.8 4,127.6 4,305.2 4,400.7 4,475.3 4,479.3 4,517.9 4,493.0 4,529.2 4,555.4 4,599.1 4,679.4 4,716.5 n m rv 1991: I .. n m. IV 1992: I n' 1 2,029.4 2,226.9 2,382.8 2,523.8 2,698.7 2,921.3 3,100.2 3,291.2 3,390.8 1,940.4 2,101.2 2,288.1 2,442.5 2,582.5 2,785.1 3,004.9 3,162.8 3,223.7 3,281.2 3,320.5 3,339.6 3,343.0 3,379.6 3,407.0 3,433.8 3,476.3 3,506.3 Kental income of persons with capital consumption adjustment Nonfarm 22.1 23.3 18.7 8.7 3.2 4.3 -13.5 123 -10.4 24.1 22.2 24.3 14.0 4.7 6.8 2.8 21 6 -16.2 -13.8 -9.5 -9.6 12 4 -12.3 -10.3 66 -4.5 3.3 184.3 214.7 238.4 261.5 279.0 293.4 307.0 325.2 332.2 169.6 193.8 217.7 250.9 260.9 282.6 302.5 311.4 319.8 322.7 328.8 329.7 322.2 329.1 337.6 340.0 353.6 359.9 2.4 21.3 21.5 22.3 31.3 30.9 40.2 41.7 35.8 10.2 6.3 21.9 17.8 23.6 42.4 30.9 38.4 48.1 43.6 32.2 42.8 34.3 41.3 29.5 37.9 40.1 38.5 Includes employer contributions for social insurance. (See also p. 5.) Corporate profits with inventory valuation and capital consumption adjustments Profits with inventory valuation adjustment and without capital consumption adjustment Total Total 212.7 264.2 280.8 271.6 319.8 365.0 362.8 361.7 346.3 150.3 229.1 261.3 284.9 264.6 343.3 378.3 354.5 367.6 384.0 351.4 344.0 349.6 347.3 341.2 347.1 384.0 388.4 202.2 236.4 225.3 227.6 273.4 320.3 325.4 341.2 337.8 160.0 216.2 223.6 228.0 225.0 293.4 340.5 320.6 337.4 359.6 334.4 333.5 344.2 342.2 331.9 333.1 360.7 361.4 Profits before tax Inventory valuation adjustment 210.7 240.5 225.0 217.8 287.9 347.5 342.9 355.4 334.7 168.6 223.8 220.1 231.8 235.7 311.2 372.2 334.1 344.0 355.8 367.0 354.7 337.6 332.3 336.7 332.3 366.1 376.8 -8.5 -4.1 .2 9.7 145 -27.3 175 -14.2 3.1 -8.6 — 7.6 3.5 -3.8 107 -17.8 -31.7 135 -6.6 3.8 -32.6 21 2 6.7 9.9 -4.8 .7 -5.4 -15.5 Capital consumption adjustment Net interest 10.4 27.8 55.5 44.1 46.4 44.7 37.4 20.5 8.4 -9.6 12.9 37.7 56.9 39.6 49.9 37.9 33.9 30.2 24.4 17.0 10.5 5.3 5.1 9.3 14.1 23.3 27.0 270.0 307.9 326.2 350.2 360.4 387.7 452.7 460.7 449.5 256.8 281.8 321.1 331.9 349.7 368.6 408.1 459.8 457.6 457.6 456.0 471.4 456.2 444.4 450.5 446.9 430.0 420.0 Source: Department of Commerce, Bureau of Economic Analysis. PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS [Billions of 1987 dollars, except as noted; quarterly data at seasonally adjusted annual rates] Durable goods Total personal consumption expenditures Period 1983 . 1984 1985 . 1986 1987 . 1988 1989.. 1990 1991.. 1982: 1983: 1984: 1985: 1986: 1987: 1988: 1989: 1990: . IV TV IV IV IV IV IV IV I n m rv 1991: I n m rv 1992: I n' 1 Total durable goods 2,619.4 297.7 2,746.1 2365.8 2,969.1 3,052.2 3,162.4 3,223.3 3,260.4 3,240.8 2,539.3 2,678.2 2,784.8 2,895.3 3,012.5 3,074.7 3,202.9 3,242.0 3,259.5 3,260.1 3,273.9 3,248.0 3,223.5 3,239.3 3,251.2 3,249.0 3,289.3 3,288.5 338.5 370.1 402.0 403.7 428.7 440.7 439.3 414.7 272.3 319.1 347.7 369.6 415.7 404.7 439.2 436.8 453.5 439.2 437.7 426.6 412.0 411.3 419.4 416.1 432.3 430.0 Motor vehicles and parts Furniture and household equipment 138.1 160.3 104.3 115.3 180.2 193.3 183.5 194.8 196.4 192.2 171.0 123.7 151.6 164.3 173.9 193.6 183.6 197.7 188.3 202.6 192.8 191.3 182.0 169.6 167.2 173.3 174.0 181.5 180.2 123.8 136.3 144.0 155.4 165.8 169.5 168.6 96.4 109.3 118.7 128.6 141.4 145.9 160.3 167.9 171.8 169.7 168.9 167.5 166.9 169.3 170.4 167.9 174.4 174.4 Includes other items, not shown separately. Services Nondurable goods Other 55.3 62 9 66.1 72.4 76.2 78.5 78.5 77.6 75.0 52.3 58.1 64.8 67.1 80.7 75.2 81.2 80.5 79.1 76.8 77.5 77.1 75.5 74.8 75.7 74.2 76.5 75.4 Total nondurable goods 900.3 934.6 958.7 991.0 1,011.1 1 035.1 1,051.6 1 056.5 1,042.4 880.7 915.2 942.9 968.7 1,000.9 1,014.6 1,046.8 1,058.9 1,058.3 1,057.1 1,059.1 1,051.6 1,043.0 1,046.3 1,044.8 1,035.6 1,049.6 1,045.6 Food 463.4 472.3 483.0 494.1 500.7 513.4 515.0 520.8 515.8 458.3 467.1 475.1 488.2 496.9 502.4 518.0 515.6 518.3 521.2 521.6 522.0 516.4 516.3 515.0 515.3 518.9 513.5 Clothing and shoes 142.4 153.1 158.8 170.3 174.5 178.9 187.8 185.9 181.3 135.7 147.7 154.7 161.7 171.9 174.5 182.8 190.9 188.6 185.6 186.2 183.2 180.8 183.2 183.7 177.5 184.1 184.4 Gasoline and oil Fuel oil and coal 75.7 11.1 11.2 77.9 79.2 82.9 84.7 86.1 87.3 86.4 85.2 73.4 76.9 79.0 79.5 84.6 85.4 87.5 88.6 87.4 86.4 86.7 85.0 83.9 86.0 86.0 84.7 85.7 85.8 11.5 12.1 12.0 12.0 11.4 10.1 9.7 10.5 11.4 11.1 11.4 12.4 11.9 12.0 12.0 9.8 10.9 10.9 8.8 9.4 9.8 10.0 9.4 10.2 12.0 Other 207.8 220.0 226.2 231.7 239.1 244.7 250.2 253.4 250.5 202.8 212.2 222.9 228.0 235.2 240.4 246.4 251.8 254.3 253.0 253.7 252.7 252.5 251.0 250.0 248.6 250.7 249.8 Total services 1 1,421.4 1 473.0 1^537.0 1,516.1 1,637.4 1,698.5 1/731.0 1,764.6 1,'783.7 1,386.2 1,443.9 1,494.2 1,557.1 1,595.8 1,655.5 1,716.9 1,746.3 1,747.7 1,763.7 1,777.1 1,769.8 1,768.5 1,781.8 1,787.0 1,797.4 1,807.3 1,812.9 Housing 415.5 426.8 435.9 442.1 452.5 461.8 469.2 474.7 478.2 411.0 419.7 431.3 438.1 444.8 457.0 465.6 471.3 473.3 474.1 475.1 476.1 476.5 477.9 478.8 479.8 481.2 483.3 Source: Department of Commerce, Bureau of Economic Analysis. Retail sales of new passenger cars (millions of units) Medical care 332.6 341.9 353.0 366.2 384.7 399.4 408.6 423.9 438.8 327.8 334.8 344.9 359.1 372.0 390.7 403.0 411.8 418.3 422.1 426.7 428.6 431.9 435.6 440.5 447.2 449.6 453.7 Domestics Imports 6.8 8.0 8.2 2.4 8.2 7.1 7.5 7.1 6.9 6.1 6.0 7.4 7.7 7.0 7.7 6.6 7.5 6.2 7.2 6.8 7.1 6.6 6.1 6.1 6.3 6.1 6.1 6.3 2.4 2.8 3.2 3.2 3.1 2.8 2.6 2.3 2.5 2.6 2.6 3.1 3.4 3.3 3.0 2.6 2.8 2.7 2.5 2.4 2.2 2.3 2.3 2.2 2.2 2.2 SOURCES OF PERSONAL INCOME Personal income decreased $23.7 billion (annual rate) in August, following an increase of $12.1 billion in July. The August estimates reflect the effects of Hurricane Andrew. Three major effects for which adjustments (at annual rates) were calculated by the Department of Commerce were: uninsured losses of residential and business property, which reduced rental income of persons by about $46 billion and proprietors' income by about $7 billion; work interruptions, which reduced wages and salaries by about $5 billion; and crop damage, which reduced farm proprietors' income by about $2 billion. Excluding these major effects, personal income increased about $36 billion in August. BILLIONS OF DOLLARS* (RATIO SCALE] 6,000 BILLIONS OF DOLLARS* (RATIO SCALE) 6,000 5,000 4,000 4,000 3,000 3,000 2,000 1,400 ,400 800 400 1984 1992 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; monthly data at seasonally adjusted annual rates] personal income Period 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1991: Aug Sept... Oct Nov.. Dec 1992: Jan Feb Mar Apr r May rr June July r. . Auep 2 690 9 28625 3 154 6 :. .. 3 3798 3 5904 3 802 0 4 075 9 4 3803 4664 2 4 828 3 4 847.5 4 863 4 4 889.3 4 887 4 4 944 9 4943 2 4988 7 5 009 6 5 015.4 5032 7 5 038.5 5 0506 5 026 9 Wage and salary disbursements 1 1 593 3 1 684 7 1 849 8 1 986 5 2 105 4 2 261 2 2 443 0 2 5864 2 742 8 2 812 2 2 8256 2 833 1 2 835 4 2 838 5 2 861 2 2 852 8 2 884 9 2 895 0 2 8906 2 907 6 2 905 7 2 9104 2 929 8 Proprietors ' income 3 Other labor income l z 1654 174 6 184 7 191 8 200 7 2104 2305 251 9 271 0 288 3 2906 292 1 293 6 295 0 2964 297 8 299 2 300 7 302 1 303 6 3050 306 4 307 9 Farm Nonfarm 13 5 24 21 3 21 5 157 3 184 3 214 7 2384 22 3 31 3 30 9 40 2 41 7 35 8 28 7 28 6 409 29 1 43 8 305 40 7 490 48 1 36 1 31 4 29 7 22 0 261 5 279 0 293 4 307 0 325 2 332 2 337 3 338 2 339 7 339 5 340 7 349 0 354 8 3569 358 6 359 2 361 9 362 9 364 2 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. 4 Less: income of persons 4 21 9 22 1 23 3 18 7 87 32 43 13 5 12 3 104 107 86 — 12 3 48 28 42 —6 2 32 —12 33 80 10 2 32 9 dividend income 67 1 77 8 78 8 87 9 104 7 1004 108 4 126 5 140 3 137 0 135 6 1354 134 7 134 3 133 8 133 6 133 8 134 2 1354 136 6 137 9 139 5 141 3 interest income 3768 397 5 461 9 498 1 531 7 548 1 583 2 668 2 694 5 700 6 701 8 704 2 703 8 7034 702 6 693 1 6844 6769 6760 675 2 6744 673 1 672 0 payments 5 408 1 438 9 452 9 485 9 517 8 542 2 576 7 6250 685 8 771 1 778 7 781 5 794 1 793 7 811 7 835 5 844 3 848 2 854 2 8609 864 1 868 8 874 7 contributions for social insurance personal income 6 112 3 119.7 2 649 8 2 832.6 132 8 149 1 J62 1 173 6 194 5 211 4 224 8 2384 240.2 241 1 240.7 241 2 242 5 244 9 247 3 248 2 248 3 249 8 249.9 2505 2520 3 106 1 3 333.2 3 545 6 3 749 4 4023 9 4 3180 4 599 6 4 7704 4,796 8 4 813 0 48265 4 836 5 4 879 3 4 890 7 49258 4 938 2 4 944 9 4 973 9 49844 4998 1 4 982 1 With capital consumption adjustment. Consists mainly of social insurance benefits, direct relief, and veterans payments. Personal income exclusive of farm proprietors' income, farm wages, farm other labor income, and agricultural net Interest. Source: Department of Commerce, Bureau of Economic Analysis. 5 6 DISPOSITION OF PERSONAL INCOME According to revised estimates, per capita disposable personal income in 1987 dollars was about unchanged in the second quarter of 1992. BILLIONS OF DOLLARS' (RATIO SCALE] BILLIONS OF DOLLARS' (RATIO SCALE) 2,500 2,500 2,000 DOLLARS' (RATIOSCALE) DOLLARS* (RATIO SCALE) 8,000 COUNCIL OF ECONOMIC A Period Personal Less: Personal tax and nontax payments „ Equals: Disposable income Less: Personal outlays * Equals: Personal saving Disposable personal income in 1987 dollars (billions) Per capita disposable personal income Billions of dollars 1982 1983 1984.... 1985 1986.... 1987 1988 1989 1990 1991 2,690.9 2,862.5 3,154.6 3,379.8 3,590.4 3,802.0 4,075.9 4,380.3 4,664.2 4,828.3 371.4 368.8 395.1 436.8 459.0 512.5 527.7 593.3 621.3 618.7 2,319.6 2*493.7 2,759.5 2J.943.0 3,131.5 3,289.5 3^548.2 3,787.0 4*042.9 4,209.6 2,746.8 2,965.8 3,242.5 3,456.7 3,647.8 3,918.5 4,195.2 4,469.4 4,571.7 4,640.5 4,692.6 4,751.9 4,752.8 4,806.9 4,846.2 4,907.2 4,980.5 5,028.9 372.1 371.6 413.4 448.8 478.5 528.6 542.0 605.1 609.4 624.6 627,3 623.8 616.8 617.2 618.6 622.3 619.6 617.1 2,374.7 2,594.3 2,829.1 3,007.9 3,169.3 3,389.9 3,653.2 3,864.3 3,962.3 4,015.9 4,065.3 4,128.1 4,136.0 4,189.7 4,227.6 4,284.9 4,360.9 4,411.8 Current dollars 1987 dollars Current dollars Percent change in real per capita disposable personal income Per capita personal consumption expenditures 1987 dollars 2,325.1 2 537.5 2,753.7 2 944.0 3,147.5 s',392.5 3,634.9 3*867.3 4',009.9 199.5 168.7 222.0 189.3 187.5 142.0 155.7 152.1 175.6 199.6 2 820.4 2,893.6 3 080.1 3,162.1 3 261.9 3 289.5 3,404.3 3 464.9 3,516.5 3',509!o 9,989 10*,642 11,673 12,339 13,010 13 ".545 14*477 15,307 16J74 16,658 Population, including Armed Forces overseas (thousands) z Percent Dollars 2,120.1 Saving as percent of disposable personal income 12,146 12,349 13 029 13,258 13 552 13,545 13',890 14,005 14*068 13386 9*634 10,408 11,184 11 843 12*568 13*448 14,241 14^996 15^384 10,782 —0.1 11,179 11,617 12^015 12,336 12,568 12^903 13.029 13,044 12,824 1.7 5.5 1.8 2.2 _.l 2.5 .8 .4 12,154 12,591 13,145 13,278 13,522 13,685 13,996 14,015 14,128 14,120 14,038 13,988 13,861 13,891 13,876 13,913 14,017 14,021 9,134 9,980 10,649 11,445 12,101 12,819 13,814 14,491 14,752 14,887 15,133 15,209 15,184 15,345 15,468 15,537 15,814 15,907 10,895 11,390 11,739 12,095 12,472 12,615 13,020 13,053 13,094 13,063 13,080 12,938 12,808 12,838 12,848 12,803 12,930 12,893 8,868 8.0 6.4 6.0 4.3 4.4 4.0 4.3 4.7 232,201 234*326 236,393 238*510 240,691 242,860 245*,093 247,397 249^961 252,711 7.7 6.8 7.9 6.0 4.8 5.0 4.3 3.9 4.4 4.6 3.9 4.6 4.7 4.7 4.5 5.1 4.9 5.3 233,060 235,146 237,231 239,387 241,550 243,745 246,004 248,372 248,931 249,558 250,303 251,050 251,687 252,329 253,053 253,776 254,388 255,054 8.6 6.8 -1.3 Seasonally adjusted annual rates 1982: 1983: 1984: 1985: 1986: 1987: 1988: 1989: 1990: IV IV IV IV IV IV IV IV I n m.... IV 1991: I n m.... IV 1992: I r n .... 2,190.9 2,417.9 2,606.5 2,828.7 3,018.2 3,220.1 3,496.7 3,715.5 3,789.2 3,833.2 3,908.0 3,938.8 3,943.2 3,994.4 4,036.6 4,065.5 4.146.3 4,179.5 183.8 176.3 222.6 179.2 151.1 169.8 156.4 148.8 173.1 182.7 157.3 189.3 192.8 195.3 191.0 219.4 214.6 232.3 10,189 11,033 11,925 12,565 13,121 13,907 14,850 15,558 15,917 16,092 16,242 16,443 16,433 16,604 16,706 16,885 17,143 17,297 2,832.6 2,960.6 3,118.5 3,178.7 3,266.2 3,335.8 3,443.1 3,480.9 3,516.8 3,523.9 3,513.7 3,511.6 3,488.7 3,505.2 3,511.5 3,530.8 3,565.7 3,576.0 -^ 1 Includes personal consumption expenditures, interest paid by persons, and personal transfer payments to rest of the world (net). 2 1 1 1 -0.5 7.2 1.0 1.8 -1.7 5.2 3.2 1.8 3.3 -.2 -2.3 -1.4 -3.6 .9 -.4 1.1 3.0 .1 LJ 1 Annual data are averages of quarterly data, which are averages for the period. Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). FARM INCOME In the first quarter of 1992, according to preliminary estimates, gross farm income rose $1.9 billion (annual rate) and net farm income fell $2.8 billion. BULKDNS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SC ALE] 240 200 160 ^^•^ >- - —_ ^^ ^ s~*\~" ^•s. , • — " 240 200 "" 160 """I X 120 120 \ GROSS FAS M INCOME 80 80 An 40 40 20 20 10 10 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 1 Total 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1990: I II iii IV 1991- I . . n m IV 1992: I" Livestock and products Current dollars 1987 dollars 3 166.3 164.1 153.9 168.0 161.2 156.1 168.4 174.5 190.3 195.1 189.6 141.6 142.6 136.8 142.8 144.1 135.3 141.8 151.1 160.9 170.0 167.4 69.2 70.3 69.6 72.9 69.8 71.6 76.0 79.4 84.1 89.6 86.8 72.5 72.3 67.2 69.9 74.3 63.7 65.8 71.6 76.8 80.4 80.6 6.5 14 -10.9 6.0 -2.3 139.4 140.3 139.6 141.9 132.4 125.1 128.7 133.9 140.2 144.3 144.9 26.9 23.8 14.2 26.1 28.8 31.0 39.7 40.6 50.1 50.8 44.6 34.1 28.5 16.3 28.7 30.5 32.0 39.7 39.1 46.2 45.0 38.0 199.3 191.5 188.3 201.6 166.0 166.8 173.7 173.4 89.4 87.9 90.7 90.3 76.6 78.9 83.0 83.1 142.0 143.5 143.8 147.9 57.2 48.0 44.4 53.6 51.4 42.6 39.0 46.6 189.1 189.8 185.2 194.1 165.2 165.5 170.7 168.0 89.6 87.6 84.9 85.0 75.6 77.9 4.7 3.6 2.3 1.2 1.2 .6 .1 145.8 147.2 143.1 143.4 43.2 42.5 42.0 50.6 37.3 36.4 35.8 42.9 196.0 163.9 87.5 148.2 47.8 39.9 1 Cash marketing receipts and inventor}1 changes plus Government payments, other farm cash income, and nonmoney income furnished by farms. 2 Physical changes in end-of-year inventory of crop and livestock commodities valued at average prices during the year. Crops Production expenses Value of inventory changes 2 85.8 83.0 76.3 3 22 23 -3.5 4.3 2.9 .4 -1 8.2 Income in current dollars divided by the GDP implicit price deflator, NOTE.—Data include net Commodity Credit Corporation loans and operator households. Sources: Department of Agriculture and Department of Commerce. CORPORATE PROFITS In the second quarter of 1992, according to revised estimates, corporate profits before tax rose $10.7 billion (annual rate) and profits after tax rose $3.0 billion. BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL HATES /T\ 350 VI PROFITS BEFORE TAX 300 300 -7^ PROFITS AFTER TAX A 150 —••'*"> 150 \ "\ UNDISTRIBUTED PROFITS" 1 1 ! 1 1 1 1 1 1 1 1 1 SOURCE: DEPASWENTOf1 COMMERCE E I COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] , — — _ ._ Profits (before tax) with inventory valuation adjustment 1 Profits after tax Domestic industries NonMnancial Period Total 2 Total 1982 1983 1984 1985 1986 1987 1988 1989 1990 . 1991 1982: IV 1983: IV 1984- IV 1985: IV 1986: IV 1987: IV 1988: IV 1989: IV 1990- I n m IV 1991: I n m rv 1992: I r u 1 2 166.4 202.2 236.4 225.3 227.6 273.4 320.3 325.4 341.2 337.8 160.0 216.2 223.6 228.0 225.0 293.4 340.5 320.6 337.4 359.6 334.4 333.5 344.2 342.2 331.9 333.1 360.7 361.4 138.6 171.9 205.2 194.5 194.6 233.9 271.2 266.0 275.5 271.3 130.8 182.6 192.9 193.5 192.5 246.3 285.9 254.8 275.0 297.0 269.7 260.2 269.4 275.9 270.0 270.2 292.0 300.4 Financial 15.6 24.5 20.3 28.7 35.8 36.4 41.8 50.6 56.7 60.9 23.0 22.1 20.3 29.0 34.7 39.4 46.1 52.5 57.0 57.8 56.9 55.1 59.7 60.7 63.6 59.7 70.1 61.3 See p. 4 for profits with inventory valuation and capital consumption adjustments. Includes rest of the world, not shown separately. Total 3 123.0 147.4 185.0 165.8 158.9 197.5 229.4 215.3 218.8 210.4 107.8 160.5 172.6 164.5 157.8 207.0 239.7 202.3 218.0 239.2 212.8 205.1 209.7 215.1 206.4 210.5 221.9 239.0 Manufacturing Wholesale and retail trade 63.1 71.4 86.7 80.1 59.0 87.0 117.5 108.0 106.9 89.3 50.1 90.5 79.2 83.3 63.9 98.7 129.3 94.5 104.4 116.6 110.6 96.3 87.6 90.3 91.8 87.5 97.5 115.2 31.9 38.7 49.7 43.1 46.3 39.9 37.1 39.7 35.8 44.0 33.8 40.7 50.8 39.0 43.1 39.3 39.3 39.2 36.7 41.7 30.0 35.0 44.1 45.5 41.7 44.5 39.9 48.7 Profits before tax 176.3 210.7 240.5 225.0 217.8 287.9 347.5 342.9 355.4 334.7 168.6 223.8 220.1 231.8 235.7 311.2 372.2 334.1 344.0 355.8 367.0 354.7 337.6 332.3 336.7 332.3 366.1 376.8 Tax liability 63.1 77.2 94.0 96.5 106.5 127.1 137.0 141.3 136.7 124.0 58.7 82.2 83.8 97.6 116.6 135.2 146.2 134.2 132.4 137.6 143.0 133.7 121.3 122.9 127.0 125.0 136.4 144.1 Total 113.2 133.5 146.4 128.5 111.3 160.8 210.5 201.6 218.7 210.7 109.9 141.6 136.3 134.2 119.2 176.0 226.0 200.0 211.6 218.2 224.0 221.0 216.3 209.4 209.6 207.4 229.7 232.7 Dividends 70.0 81.2 82.7 92.4 109.8 106.2 115.3 134.6 149.3 146.5 72.5 84.2 83.4 97.4 111.0 106.3 121.0 141.3 146.1 148.7 150.6 151.9 150.6 146.2 145.1 143.9 143.6 146.6 3 Includes industries not shown separately. Source: Department of Commerce, Bureau of Economic Analysis. Undistributed profits 43.2 52.3 63.8 36.1 1.6 54.6 95.2 67.1 69.4 64.2 37.5 57.4 52.9 36.9 8.2 69.7 105.0 58.7 65.5 69.5 73.4 69.1 65.7 63.2 64.5 63.4 86.2 86.1 Inventory valuation Tnent -9.9 -8.5 — 4.1 .2 9.7 -14.5 27.3 -17.5 -14.2 3.1 -8.6 -7.6 3.5 -3.8 -10.7 -17.8 -31.7 -13.5 -6.6 3.8 32.6 -21.2 6.7 9.9 -4.8 .7 -5.4 -15.5 GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS According to revised estimates for the second quarter of 1992, nonresidential fixed investment in 1987 dollars rose $18.9 billion (annual rate) and residential investment rose $5.6 billion. There was a $7.8 billion increase in inventories, following a decrease of $12.6 billion in the first quarter. BILLIONS OF 1987 DOLLARS BILLIONS OF 1987 DOLLARS 900 900 SEASONALLY ADJUSTED ANNUAL RATES 800 800 700 600 600 500 400 400 RESIDENTIAL FIXED INVESTMENT 300 300 200 200 CHANGE IN BUSINESS INVENTORIES 100 100 -1—1 -100 1984 1982 1986 1987 1989 L -100 1990 SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates] Change in business inventories Fixed investment Period 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 ... 1982: 19831984: 1985198619871988: 1989- IV.... IV IV IV IV TV . IV IV ... .... .... 1990: I n in IV 1991: I .... TJ m IV 1992- I r n Source: Department of Commerce, Bureau of Economic Analysis. Gross private domestic investment Nonresidential Total Total Structures Producers' durable equipment Residential Total Nonfarm 540.5 599.5 757.5 745.9 735.1 749.3 773.4 784.0 739.1 661.1 558.0 595.1 689.6 723.8 726.5 723.0 753.4 754.2 732.9 670.4 433.9 420.8 490.2 521.8 500.3 497.8 530.8 540.0 538.1 500.2 181.3 160.3 182.8 197.4 176.6 171.3 174.0 177.6 179.1 157.6 252.6 260.5 307.4 324.4 323.7 326.5 356.8 362.5 359.0 342.6 124.1 174.2 199.3 202.0 226.2 225.2 222.7 214.2 194.8 170.2 -17.5 4.4 67.9 22.1 8.5 26.3 19.9 29.8 6.2 9.3 12.8 66.2 19.8 10.6 32.7 26.9 29.9 3.7 -9.6 503.5 669.5 756.4 763.1 705.9 793.8 785.0 769.5 548.4 640.2 708.4 732.9 725.9 733.9 764.1 744.6 417.2 449.6 509.6 525.5 495.5 510.6 538.8 536.7 173.2 162.6 189.5 198.3 170.4 177.9 175.7 179.8 244.0 287.0 820.1 327.2 325.0 332.7 363.1 356.9 131.2 190.6 198.8 207.4 230.5 223.3 225.3 208.0 -44.9 29.3 47.9 30.2 -20.1 59.9 20.9 24.9 -46.2 32.3 50.8 28.0 18,6 62.1 30.5 81.2 763.0 770.2 743.1 680.0 755.4 737.4 732.0 706.8 544.8 535.6 542.9 529.3 182.0 180.1 181.2 173.2 362.8 355.5 361.7 356.1 210.7 201.8 189.1 177.5 7.5 32.8 11.2 — 26.8 5.9 27.9 6.6 -25.6 646.0 649.5 672.0 676.9 671.1 669.8 671.4 669.3 507.0 503.0 498.7 492.1 166.8 162.2 153.0 148.4 340.2 340.8 345.8 343.7 164.1 166.9 172.6 177.3 -25.1 -20.4 .6 7.5 -24.7 -24.5 -1.0 11.8 668.9 713.6 681.4 705.9 495.8 514.7 149.4 149.1 346.4 365.6 185.6 191.2 — 126 7.8 -10.7 6.0 20.7 EXPENDITURES FOR NEW PLANT AND EQUIPMENT According to the Commerce Department July-August 1992 survey, business spending for new plant and equipment is expected to rise 4.3 percent in 1992, following a decline of 0.8 percent in 1991. (Series revised.) BILLIONS OF DOLLARS (RATIO SCALE) 600 BILLIONS OF DOLLARS (RATIO SCALE] 600 SEASONAL ADJUSTED ANNUAt RATES 500 ALL INDUSTRIES 300 300 \ NONMANUFACTURING^ 200 MANUFACTURING 100 I I i 1983 I I I I 1988 I/SURVEYED QUARTERIV I/SEE FOOTNOTE 4 BELOW SOURCE: DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] — Industries surveyed quarterly Manufacturing All industries Total 1981 1982 . . 1983 1984 1985 1986 . .. 1987 1988 1989 1990 1991 r 1992 4 324.73 326.19 321.16 373.83 410.12 399.36 410.52 455.49 507.40 532.61 528.39 551.03 128.68 123.97 117.35 139.61 152.88 137.95 141.06 163.45 183.80 192.61 182.81 177.42 1990- I ' II 'r 531.61 535.19 533.12 530.98 1991- I * 1992: I ' II ' mr IV II '. Ill ' rv r. in* IV 1 Nonmanufacturing Addenda Total nonfarm business 2 Nonmanufacturing Manufacturing Total Surveyed quarterly 230.09 239.11 242.38 278.77 302.05 309.16 320.45 344.77 380.13 399.34 405.12 196.06 202.22 203.82 234.22 257.24 261.40 269.46 292.04 323.60 339.99 345.58 373.62 Nondurable goods Total 1 Mining Transportation Public utilities Commercial and other 58.93 54.58 51.61 64.57 70.87 65.68 68.03 77.04 82.56 82.58 77.64 75.70 69.75 69.39 65.74 75.04 82.01 72.28 73.03 86.41 101.24 110.04 105.17 101.72 196.06 202.22 203.82 234.22 257.24 261.40 269.46 292.04 323.60 339.99 345.58 373.62 15.81 14.11 10.64 11.86 12.00 8.15 8.28 9.29 9.21 9.88 10.02 9.21 12.67 11.75 10.81 13.44 14.57 15.05 15.07 16.63 18.84 21.47 22.66 23.66 47.17 53.58 52.95 57.53 59.58 56.61 56.26 60.37 66.28 67.21 66.57 72.70 120.41 122.79 129.41 151.39 171.09 181.59 189.84 205.76 229.28 241.43 246.32 268.05 191.80 194.43 194.44 190.05 85.79 83.86 82.95 79.05 106.01 110.57 111.49 111.00 339.81 340.76 338.68 340.93 9.66 9.75 9.96 10.10 21.68 21.82 20.86 21.64 65.42 65.07 67.68 69.77 243.05 244.12 240.18 239.41 191.80 194.43 194.44 190.05 339.81 340.76 338.68 340.93 534.27 525.02 526.59 529.87 190.83 186.52 177.48 179.06 80.99 79.31 74.94 76.40 109.84 107.20 102.55 102.66 343.44 338.50 349.10 350.81 9.94 10.08 10.09 9.99 22.98 22.87 22.56 22.29 67.01 65.09 66.52 67.42 243.51 240.46 249.94 251.11 190.83 186.52 177.48 179.06 343.44 338.50 349.10 350.81 535.72 540.91 565.16 562.36 173.98 171.78 182.79 181.11 74.19 74.26 76.10 78.25 99.79 97.52 106.69 102.86 361.73 369.13 382.36 381.25 8.87 9.18 9.76 9.01 21.88 23.51 24.45 24.80 68.81 72.63 74.53 74.85 262.17 263.80 273.62 272.59 173.98 171.78 182.79 181 11 361.73 369.13 382.36 381.25 Durable goods Excludes forestry, fisheries, and agricultural services; medical services; professional services; social services and membership organizations; and res! 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 " plus the part of nonmanufacturing that is surveyed annually. "All industries" 3 Consists of forestry, fisheries, and agricultural services; medical services; professional pr services; 10 J_L COUNCIL OF ECONOMIC ADVISERS - Period I I 1991 358.77 363.08 359.73 418.38 454.93 447.11 461.51 508.22 563.93 591.96 587.93 128.68 123.97 117,35 139.61 152.88 137.95 141.06 163.45 183.80 192.61 182.81 177.42 Surveyed annually 3 34.04 36.89 38.56 44.55 44.81 47.75 50.99 52.73 56.53 59.35 59.54 social services and membership organizations; and real estate. 4 Planned capital expenditures as reported by business in July-August 1992, corrected for biases. NOTE.—Seasonally adjusted data revised beginning 1989. Source: Department of Commerce, Bureau of the Census. EMPLOYMENT, UNEMPLOYMENT, AND WAGES In August, civilian employment fell 35,000 and unemployment fell 60,000. MILLIONS OF PERSONS* 130 MILLIONS OF PERSONS* 130 SEASONALLY ADJUSTED 126 126 CIVILIAN LABOR FORCE 122 122 \ 118 118 114 114 CIVILIAN EMPLOYMENT 110 110 106 106 102 102 12 12 - UNEMPLOYME NT ^^~- 8 _ 4 "" ' ^- 8 4 - 0 I 1985 1984 I I I I I I I I II 1986 1987 I I I I I 1 I I I lI i 1 I I 1 1 1988 1989 1 1 1 1 1 1 II 1 1 1 1990 1 IIiiI 1991 1 1111 Mill 1992 0 *1 6 YEARS OF AGE AND OVER COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR [Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA] Period 1982 1983 1984 1985 1986* 1987 1988 1989 1990 1991 1991: Aug Sept .... Oct Nov Dec 1992: Jan Feb Mar Apr May June July .... Aug Resident Armed Forces NSA Labor force including resident Armed Forces 173,939 175,891 178,080 179,912 182,293 184,490 186,322 188,081 189,686 191,329 1,668 1,676 1,697 1,706 1,706 1,737 1,709 1,688 1,637 1,564 111,872 113,226 115,241 117,167 119,540 121,602 123,378 125,557 126,424 126,867 101,194 102,510 106,702 191,589 191,746 191,903 192,057 192,209 1,616 1,624 1,614 1,605 1,604 192,358 192,469 192,607 192,745 192,881 193,025 193,190 193,356 ,599 ,585 ,585 ,577 ,574 ,570 1,568 1,566 Employment including resident Armed Forces Nonagricultural Civilian labor force Agricultural Total Total Part time for economic reasons * Civilian Labor force participation rate (percent) 2 Employment/ population ratio (percent) 2 Total 15 weeks and over 10,678 10,717 8,539 8,312 8,237 7,425 6,701 6,528 6,874 8,426 3,485 4,210 2,737 2,305 2,232 1,983 1,610 1,375 1,504 2,323 64.0 64.0 64.4 64.8 65.3 65.6 65.9 66.5 66.4 66.0 57.8 57.9 59.5 60.1 60.7 61.5 62.3 63.0 62.7 61.6 99,526 100,834 105,005 107,150 109,597 112,440 114,968 117,342 117,914 116,877 3,401 3,383 3,321 3,179 3,163 3,208 3,169 3,199 96,125 97,450 101,685 108,856 111,303 114,177 116,677 119,030 119,550 118,440 110,204 111,550 113,544 115,461 117,834 119,865 121,669 123,869 124,787 125,303 103,971 106,434 109,232 111,800 114,142 3,186 114,728 3,233 113,644 5,852 5,997 5,512 5,334 5,345 5,122 4,965 4,657 4,860 5,767 126,620 127,214 127,122 126,979 127,223 118,100 118,713 118,481 118,377 118,332 125,004 125,590 125,508 125,374 125,619 116,484 117,089 116,867 116,772 116,728 3,254 3,283 3,204 3,272 3,183 113,230 113,806 113,663 113,500 113,545 5,710 6,040 6,055 6,123 6,084 8,520 8,501 8,641 8,602 8,891 2,417 2,422 2,570 2,623 2,843 65.8 66.1 66.0 65.8 65.9 61.3 61.6 61.4 61.3 61.2 127,645 127,872 128,175 128,407 128,734 129,119 129,100 129,003 118,716 118,628 118,933 119,252 119,230 119,144 119,340 119,303 126,046 126,287 126,590 126,830 127,160 127,549 127,532 127,437 117,117 117,043 117,348 117,675 117,656 117,574 117,772 117,737 3,166 3,232 3,194 3,209 3,178 3,252 3,204 3,218 113,951 113,811 114,155 114,465 114,478 114,322 114,568 114,519 6,429 6,213 6,180 5,910 6,210 5,824 6,058 6,091 8,929 9,244 9,242 9,155 9,504 9,975 9,760 9,700 3,059 3,204 3,185 3,018 3,361 3,675 3,616 3,563 66.1 66.2 66.3 66.3 66.5 66.6 66.6 66.4 61.4 61.3 61.4 61.6 61.5 61.4 61.5 61.4 1 Persona 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. Unemployment Civilian employment Noninstitutional population including resident Armed Forces NSA "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 August, the civilian unemployment rate fell to 7.6 percent and the overall unemployment rate fell to 7.5 percent. PERCENT* (SEASONALLY ADJUSTED] PERCENT* (SEASONALLY ADJUSTED! 10 1988 1992 * UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted] Unemployment rate (percent of civilian labor force in group) Period 1982 1983 1984 1985 1986 . . 1987 1988 . 1989 1990 1991 Unemployment rate, all workers l All civilian workers Men 20 years and over Women 20 years and over 9.5 9.5 7.4 7.1 6.9 6.1 5.4 5.2 5.4 6.6 9.7 9.6 7.5 7.2 7.0 6.2 5.5 5.3 5.5 6.7 8.8 8.9 6.6 6.2 6.1 5.4 4.8 4.5 4.9 6.3 8.3 8.1 6.8 6.6 6.2 5.4 4.9 4.7 4.8 5.7 By sex and age By selected groups By race White Black and other Black Experienced wage and salary workers 23.2 22.4 18.9 18.6 18.3 16.9 15.3 15.0 15.5 18.6 8.6 8.4 6.5 6.2 6.0 5.3 4.7 4.5 4.7 6.0 17.3 17.8 14.4 13.7 13.1 11.6 10.4 10.0 10.1 11.1 18.9 19.5 15.9 15.1 14.5 13.0 11.7 11.4 11.3 12.4 9.3 9.2 7.1 6.8 6.6 5.8 5.2 5.0 5.3 6.5 6.5 6.5 4.6 4.3 4.4 3.9 3.3 3.0 3.4 4.4 Both sexes 16-19 years Married men, spouse present Women who maintain families Lahor force time lost (percent) 2 Fulltime workers Parttime workers 11.7 12.2 10.3 10.4 9.8 9.2 8.1 8.1 8.2 9.1 9.6 9.5 7.2 6.8 6.6 5.8 5.2 4.9 5.2 6.5 10.5 10.4 9.3 9.3 9.1 8.4 7.6 7.3 7.4 8.3 11.0 10.9 8.6 8.1 7.9 7.1 6.3 5.9 6.2 7.6 1991: Aug .... Sept .... Oct Nov .... Dec 6.7 6.7 6.8 6.8 7.0 6.8 6.8 6.9 6.9 7.1 6.5 6.5 6.5 6.4 6.6 5.7 5.6 5.8 5.9 6.1 19.0 18.2 18.9 18.7 19.3 6.1 6.1 6.1 6.2 6.3 11.1 11.1 11.5 11.0 11.5 12.4 12.3 12.8 12.3 12.7 6.5 6.5 6.6 6.7 6.8 4.4 4.5 4.2 4.5 4.7 9.4 9.0 9.4 9.1 9.1 6.6 6.5 6.6 6.5 6.8 8.3 8.4 8.4 8.6 8.6 7.7 7.7 7.7 7.9 8.1 1992: Jan Feb Mar Apr May .... June ... July .... Aug 7.0 7.2 7.2 7.1 7.4 7.7 7.6 7.5 7.1 7.3 7.3 7.2 7.5 7.8 7.7 7.6 6.9 7.0 5.9 6.1 6.1 6.3 6.1 6.4 6.5 18.3 20.0 20.6 19.2 20.0 23.6 21.0 19.8 6.2 6.5 6.5 6.3 6.5 12.6 12.2 12.2 12.4 13.1 13.5 13.1 12.9 13.7 13.8 14.1 13.9 14.7 14.9 14.6 14.3 6.9 7.1 7.2 6.9 7.2 7.3 7.2 7.3 4.8 5.0 4.8 4.7 5.1 5.3 5.3 5.4 9.0 9.5 10.0 10.2 10.0 10.1 10.6 10.5 6.8 7.1 7.0 7.0 7.1 7.5 7.4 7.4 9.1 8.8 9.0 8.8 9.5 9.3 9.1 9.1 8.1 8.3 8.3 8.3 8.3 8.4 8.4 8.4 6.9 6.8 7.3 7.4 7.2 7.3 6.5 6.8 6.7 6.6 1 Unemployed as percent of total labor force including resident Armed Forces. 2 Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours. 12 Source: Department of Labor, Bureau of Labor Statistics. SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In August, the percentages of the unemployed who had been out of work for less than 5 weeks and for 27 weeks and over fell, and the percentages for 5-14 weeks and for 15-26 weeks rose. The mean duration of unemployment fell to 18.2 weeks and the median duration rose to 8.9 weeks. PERCENT DISTRIBUTION* 70 PERCENT DISTRIBUTION* 70 30 - 20 * SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted, except as noted] Iteason for unemployment: percent distribution Duration of unemployment Period Unemployment (thousands) Percent distribution Less than 5 weeks 5-14 weeks 15-26 weeks Number of weeks 27 weeks and over Average (mean) Median Job losers Job leavers Reentrants New entrants State programs Insured unemployment Initial claims Insured unemployment, all regular programs (unadjusted) ' Weekly average, thousands 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1991: Aug Sept Oct Nov Dec 1992- Jan Feb Mar May T 3 July 10,678 10,717 8,539 8,312 8,237 7,425 6,701 6,528 6,874 8,426 8,520 8,501 8,641 8,602 8,891 8,929 9,244 9,242 9,155 9,504 9,975 9,760 9,700 36.4 33.3 39.2 42.1 41.9 43.7 46.0 48.6 46.1 40.1 39.9 39.0 38.2 38.1 37.1 36.8 33.3 36.0 35.9 36.4 35.6 34.8 34.0 31.0 27.4 28.7 30.2 31.0 29.6 30.0 30.3 32.0 32.3 31.6 32.7 32.1 31.5 31.0 29.5 31.7 29.1 30.2 27.8 27.8 28.3 29.5 16.0 15.4 12.9 12.3 12.7 12.7 12.0 11.2 11.8 14.5 14.8 14.7 16.4 15.1 15.4 16.1 16.1 15.5 14.4 14.8 15.1 15.0 15.6 16.6 23.9 19.1 15.4 14.4 14.0 12.1 9.9 10.1 13.0 13.7 13.6 ISA 15.3 16.5 17.7 18.9 19.4 19.6 21.1 21.5 21.8 20.9 1 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program. 15.6 20.0 18.2 15.6 15.0 14.5 13.5 11.9 12.1 13.8 14.1 14.2 14.6 14.9 15.3 16.4 17.0 17.1 17.0 18.3 18.6 18.3 18.2 8.7 10.1 7.9 6.8 6.9 6.5 5.9 4.8 5.4 6.9 7.2 7.4 7.4 7.7 7.8 8.1 8.2 8.0 8.8 9.0 8.7 8.5 8.9 58.7 58.4 51.8 49.8 48.9 48.0 46.1 45.7 48.3 54.7 55.4 56.1 55.1 54.8 56.2 53.7 57.8 57.3 56.5 57.7 56.3 56.1 56.1 7.9 7.7 9.6 10.6 12.3 13.0 14.7 15.7 14.8 11.6 10.5 11.0 11.4 11.5 10.3 11.0 9.8 9.9 11.3 10.5 10.4 10.4 10.7 22.3 22.5 25.6 27.1 26.2 26.6 27.0 28.2 27.4 24.8 24.9 23.8 24.2 24.6 24.4 26.4 23.5 24.0 23.1 22.7 22.8 23.4 23.4 11.1 11.3 13.0 12.5 12.5 12.4 12.2 10.4 9.5 8.9 9.1 9.1 9.4 9.0 9.1 8.9 8.9 8.8 9.2 9.0 10.4 10.1 9.9 4,061 3,396 2,476 2,611 2,650 2,332 2,081 2,158 2,522 3,342 3,283 3,267 3,273 3,313 3,317 3,349 3,324 3,340 3,348 3,328 3,249 3,327 3,185 583 438 377 396 378 328 310 330 388 447 415 415 418 448 464 446 452 440 412 407 415 420 409 4,594 3,775 2,561 2,693 2,746 2,401 2,135 2,205 2,575 3,407 2,999 2,795 2,795 2,846 3,565 4,197 4,199 4,102 3,627 3,193 3,141 3,118 3,115 Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey fell 83,000 in August. MILLIONS OF PERSONS* (ENLARGED SCALE) MILLIONS OF PERSONS* 30 \ ^— ALLN DNAGRICUL1URAL ES FABLISHMEN 'S - 90 80 ^-—* . ' \ - SER VICE-PRODU CING INDUSTRIES 20 70 60 - - 50 40 20 - - 18 GOO 3S-PRODUCIh^IG 1 MDUSTRIES 30 r™— r 20 |l 1 1 El 1 1 1 1 1 I ' 1988 1 1 1 U 1 II 1 II 1989 1 H 1 1 1 I 1 1 1 1 M 1 1 1 1 1 1 II I 1991 1990 Minimi! 1992 ,1 1 1 1 1 1 III II ' 1988 N v r— ONSTRUCTinkl | i i m l i m i 1 1 1 1 1 1 1 III 1. 1989 1990 1991 1992 ^ *SEASONALIY ADJUSTED SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS [Thousands of wage and salary workers; 1 seasonally adjusted] Service-producing industries Goods-producing industries Period Total nonagricultural employment Manufacturing Total 2 C nn onstruction 1986 1987 1988 1989 1990 1991 94,496 97,519 99,525 102,200 105,536 108,329 109,782 108,310 23,813 23,334 24,727 24359 24,558 24' 708 25,173 25*322 24,960 23,830 4,383 4*673 4,816 4*967 5,110 5*187 5,133 4,685 1991: Aug ... Sept ... Oct .... Nov ... Dec .... 1992: Jan .... Feb .... Mar .... Apr .... May.... June r. July '.. Aug ".. 108,267 108,293 108,285 108,139 108,154 108,100 108,142 108,200 108,377 108,496 108,423 108,600 108,517 23,791 23,755 23,704 23,613 23,584 23,527 23,525 23,532 23,530 23,548 23,470 23,464 23,356 4,662 4,662 4,642 4,585 4,592 4,587 4,582 4,603 4,605 4,632 4,600 4,584 4,577 1982 1983 1984 1985 89,566 90,200 3,905 3,948 Total 18,781 18*434 19,378 19*260 18,965 19*024 19,350 19,442 19417 18,455 18,443 18,414 18,388 18,361 18,329 18,283 18,290 18,278 18,279 18,275 18,236 18,247 18,150 Durable goo s Nondurable goods 11,014 10,707 11,479 11,464 11,203 7,767 7,726 Wholesale trade Retail trade 16,526 17,336 17,909 18,462 19,077 19,549 19,677 19,259 19,244 19,220 19,175 19,130 19,112 19,118 19,143 19,092 19,177 19,150 19,156 19,180 19,109 6,661 6,663 6,665 6,666 6,670 6,665 6,673 6,675 6,682 6,681 6,672 6,669 6,675 11,167 11,381 11,420 11,130 10,602 5,296 5,286 5,574 5,736 5,774 5,865 6,055 6,221 6,200 6,069 15,161 15,595 7,899 7,796 7,761 7*858 7,969 8*022 7,988 7,852 5,082 4,954 5,159 5,238 5,255 5,372 5,527 5,644 5,808 5,772 10,582 10,557 10,530 10,498 10,466 10,422 10,430 10,417 10,409 10,398 10,371 10,349 10,304 7,861 7,857 7,858 7,863 7,863 7,861 7,860 7,861 7,870 7,877 7,865 7,898 7,846 84,476 84,538 84,581 84,526 84,570 84,573 84,617 84,668 84,847 84,948 84,953 85,136 85,161 5,773 5,769 5,766 5,761 5,758 5,746 5,753 5,754 5,746 5,745 5,745 5,742 5,734 6,050 6,049 6,040 6,031 6,021 6,010 6,003 5,997 5,993 5,993 5,988 5,971 5,963 65,753 Finance, insurance, and real estate 5,341 5,468 5,689 5,955 6,283 6,547 6,649 6,695 6,729 6,678 66,866 69,769 72,660 74,967 77,492 80,363 83,007 84,822 84,480 1 Includes all full- and part-time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived from this table not comparable with estimates of nonagricuitura) employment of the civilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes, bad 14 Total Transportation and public utilities Government Services Total Federal 20,797 21,999 23,053 24,235 25,669 27,120 28,103 28,323 15,869 16,024 16,394 16,693 17,010 17,386 17,779 18,304 18,380 2,739 2,774 2,807 2,875 2,899 2,943 2,971 2,988 3,085 2,966 28,366 28,450 28,525 28,514 28,559 28,577 28,584 28,643 28,707 28,833 28,854 28,954 28,976 18,382 18,387 18,410 18,424 18,450 18,457 18,461 18,507 18,542 18,546 18,538 18,620 18,704 2,970 2,978 2,980 2,981 2,983 2,981 2,981 2,989 2,986 2,984 2,972 2,961 2,962 19,036 19,694 15,837 weather, etc., even if they are not paid for the time off; and which are b; ,sed on a sample of the working-age population, whereas the estimates in this table are based on reports from employing establishments. 2 Includes mining, not shown separately. Source: Department of Labor, Bureau of Labor Statistics. AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted] Average weekly hours Period Total private nonagricultural ' 1982 1983.. 1984 1985 1986 1987 1988 1989 1990 .... 1991 1991: Aug Sept Oct NOT Dec .. 1992: Jan ... Feb Mar . Apr May July r Aug!> Total Average gross weekly earnings Average gross hourly earnings Manufacturing Total private nonagricuitural * Overtime Current dollars Current dollars Total private nonagriculUir&l 1 1982 dollars 2 Manufacturing Current dollars 1982 dollars * Manufacturing Construction Retail trade Percent change from a year earlier, total private nonagrieultural 3 Current dollars 1982 dollars 34.8 35.0 35.2 34.9 34.8 34.8 34.7 34.6 34.5 34.3 38.9 40.1 40.7 40.5 40.7 41.0 41.1 41.0 40.8 40.7 2.3 3.0 3.4 3.3 3.4 3.7 3.9 3.8 3.6 3.6 $7.68 $7.68 $8.49 7.79 7.80 7.77 7.81 7.73 7.69 7.64 7.52 7.45 8.83 9.19 9.54 9.73 9.91 10.19 10.48 10.83 11.18 $267.26 280.70 292.86 299.09 304.85 312.50 322.02 334.24 345.35 354.32 $267.26 272.52 274.73 271.16 271.94 269.16 266.79 264.22 259.47 255.64 $330.26 354.08 374.03 386.37 396.01 406.31 418.81 429.68 441.86 455.03 $426.82 442.97 458.51 464.46 466.75 480.44 495.73 513.17 526.01 533.02 $163.83 171.13 174.47 174.81 175.80 178.80 183.62 188.72 194.40 198.77 4.7 5.0 4.3 2.1 1.9 2.5 3.0 3.8 3.3 2.6 — 1.2 8.02 8.32 8.57 8.76 8.98 9.28 9.66 10.01 10.33 34.3 34.4 34.3 34.4 34.5 40.9 40.9 40.9 40.9 41.0 3.7 3.7 3.7 3.7 3.7 10.38 10.39 10.40 10.42 10.46 7.47 7.46 7.45 7.44 7.45 11.24 11.25 11.27 11.30 11.32 356.03 357.42 356.72 358.45 360.87 256.32 256.58 255.53 255.85 257.03 459.72 460.13 460.94 462.17 464.12 533.14 537.98 533.78 529.84 538.37 199.91 200.20 200.07 202.05 202.62 2.8 2.7 3.2 3.0 3.1 — .7 34.3 34.6 34.5 34.3 34.6 34.3 34.3 34.7 40.9 41.1 41.1 41.1 41.3 41.0 41.0 41.0 3.6 3.7 3.8 3.9 4.1 3.8 3.8 3.8 10.46 10.51 10.55 10.52 10.56 10.58 10.58 10.65 7.44 7.46 7.46 7.42 7.44 7.43 7.41 7.44 11.27 11.34 11.37 11.42 11.44 11.44 11.45 11.52 358.78 363.65 363.98 360.84 365.38 362.89 362.89 369.56 255.36 258.27 257.23 254.47 257.31 254.84 254.30 258.07 460.94 466.07 467.31 469.36 472.47 469.04 469.45 472.32 530.22 526.55 532.87 535.95 548.10 543.86 541.44 541.29 202.91 205.61 205.06 202.77 205.06 203.35 203.49 207.35 3.0 3.9 4.2 3.1 3.4 1.9 2.5 3.5 .6 1.1 1.2 .1 .6 -1.0 5 .4 1 2 Also includes other private industry groups shown on p. 14. Current dollar earnings divided by the consumer price index for urhan waj ! earners and clerical workers (on a 1982=100 base). 2.0 .8 -1.3 .3 -1.0 -.9 -1.0 -1.8 1.5 . A .5 .2 .4 3 Based on seasonally unadjusted data. Source: Department of Labor, Bureau of Labor Statistics. EMPLOYMENT COST INDEX—PRIVATE INDUSTRY Index (June 1989 = 100) Period Percent change from 12 months earlier 3 months earlier Total compensation Wages and salaries Benefits ' Total compensation Wages and salaries Benefits ' Total compensation Wages and salaries Benefits 1 Not seasonally adjusted 1982: Dec 71.4 76.7 81.7 84.6 87.5 90.5 96.7 102.6 109.4 116.2 75.8 80.1 84.0 87.3 90.1 93.1 97.6 102.3 107.0 111.7 77.6 81.4 84.8 88.3 91.1 94.1 98.0 102.0 106.1 110.0 99.1 100.0 101.1 102.2 103.3 104.4 105.4 106.2 107.3 108.4 109.2 110.1 98.2 99.9 101.5 103.0 105.2 106.7 108.3 109.9 111.4 113.2 115.1 116.7 1.4 1.2 1.1 .9 Dec. 98.9 99.9 101.2 102.4 103.8 105.0 106.2 107.2 108.5 109.7 110.8 111.9 Mar... June 113.0 113.7 111.0 111.5 118.4 119.4 1983: Dec.... 1984: Dec 1985: Dec.... 1986: 1987: 1988: 1989: 1990: 1991: Dec Dec Dec Dec Dec Dec 1989: Mar 1.2 1.1 1.2 .6 .6 .6 1.0 .8 .7 .6 1.4 1.3 1.4 .5 .6 1.0 1.0 1.2 1.0 .9 1.2 1.7 1.6 1.5 2.1 1.4 1.5 1.5 1.2 1.1 1.0 1.0 1.0 .9 1.1 1.1 1.1 1.1 1.0 .8 1.0 1.0 .7 .8 1.0 .6 .8 .5 1.3 1.3 1.3 .6 .7 .6 1.0 1.1 .8 .6 June Sept 1990: Dec Mar Sept Dec 1991: Mar Sept 1992: 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. 6.3 4.9 4.2 4.1 3.2 3.3 4.1 4.1 4.0 3.7 7.2 7.4 6.5 3.5 3.4 3.4 6.9 6.1 6.6 6.2 Not seasonally adjusted Seasonally adjusted 1.1 1.0 1.3 1.2 6.5 5.7 4.9 3.9 3.2 3.3 4.8 4.8 4.6 4.4 4.2 4.1 4.3 4,1 4.2 4.5 4.2 4.0 4.0 3.7 3.7 3.7 5.4 5.6 6.0 6.1 1.4 1.6 1.7 1.4 4.6 4.5 4.8 4.8 5.2 5.2 4.9 4.6 4.4 4.4 4.5 4.4 1.5 .8 4.2 3.7 3.4 3.0 6.3 5.5 7.2 6.9 6.8 6.6 5.8 6.2 6.4 6.2 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 * Hours of all persons 2 Compensation per hour 3 Business sector Nonfarm business sector Business sector Nonfarm business sector Business sector 99.9 100.0 102.2 104.6 106.1 108.3 109.4 110.4 109.5 109.7 109.7 99.9 100.0 102.4 104.5 105.4 107.5 108.3 109.2 108.2 108.2 108.3 102.4 100.0 104.1 112.6 116.7 119.9 124.8 130.1 132.3 132.7 129.8 102.4 100.0 104.4 113.0 116.8 120.1 125.0 130.6 132.7 132.9 130.0 102.5 100.0 101.8 107.6 109.9 110.7 114.1 117.9 120.9 120.9 118.3 102.5 100.0 102.0 108.1 110.8 111.8 115.4 119.5 122.7 122.9 120.1 93.0 100.0 103.7 108.1 113.0 118.6 122.7 128.0 132.3 139.7 146.0 93.0 100.0 103.9 108.1 112.6 118.1 122.1 127.2 131.3 138.4 144.8 98.7 100.0 100.5 100.4 101.3 104.4 104.3 104.4 103.0 103.1 103.4 IV IV IV IV IV IV IV 101.1 103.0 105.2 106.9 108.0 110.3 110.5 101.1 103.2 105.1 105.8 107.1 109.1 109.6 100.0 107.5 114.4 118.0 120.6 127.4 131.7 100.0 108.1 114.8 118.2 120.8 127.6 132.5 98.9 104.3 108.7 110.4 111.6 115.5 119.2 98.9 104.7 109.2 111.7 112.8 116.9 120.9 102.1 105.2 109.7 115.4 120.6 125.3 130.1 102.1 105.1 109.7 114.8 120.1 124.6 129.3 m 109.2 109.3 109.5 110.2 109.8 109.5 109.1 109.4 109.9 110.7 111.8 112.2 108.0 108.1 108.0 108.6 108.1 108.0 107.7 108.0 108.5 109.1 110.2 110.7 132.3 132.3 133.1 133.7 132.5 131.3 129.2 129.5 130.0 130.6 131.4 131.9 132.7 132.7 133.5 134.0 132.7 131.5 129.4 129.7 130.2 130.7 131.5 132.1 121.1 121.0 121.6 121.3 120.7 119.9 118.4 118.3 118.3 118.0 117.5 117.6 122.9 122.8 123.6 123.3 122.8 121.7 120.2 120.1 120.1 119.8 119.3 119.3 132.7 134.4 131.6 133.3 135.0 137.6 139.6 141.5 142.6 144.4 145.7 146.8 148.2 149.2 Nonfarm business sector Business sector Nonfarm business sector Unit labor costs Heal compensation per hour * Implicit price deflator 5 Business sector Nonfarm business sector Business sector Nonfarm business sector 98.8 100.0 100.7 100.4 101.0 104.0 103.7 103.7 102.2 102.2 102.6 93.1 100.0 101.5 103.3 106.5 109.5 112.2 116.0 120.9 127.3 133.1 93.1 100.0 101.5 103.4 106.8 109.9 112.8 116.4 121.4 127.9 133.7 94.5 100.0 103.4 107.7 111.2 113.6 116.6 120.8 126.1 131.2 136.2 94.2 100.0 104.0 107.6 111.6 114.2 117.2 121.4 126.5 131.8 137.0 100.6 100.4 100.6 102.2 105.3 104.8 104.3 100.6 100.3 100.5 101.6 104.9 104.2 103.6 101.0 102.1 104.3 108.0 111.6 113.6 117.8 101.0 101.8 104.4 108.4 112.1 114.2 118.0 101.1 104.8 109.0 112.4 114.6 117.9 122.8 101.4 105.2 109.0 112.9 115.2 118.5 123.4 102.7 103.0 102.7 103.6 103.4 102.9 102.8 103.5 103.7 103.7 101.9 102.2 101.7 102.6 102.4 102.0 102.0 102.7 102.9 102.8 104.0 103.7 103.1 102.9 121.4 122.9 124.5 126.0 128.4 130.3 131.8 133.0 133.7 133.7 133.8 134.0 121.9 123.4 125.1 126.6 129.1 130.9 132.4 133.7 134.3 134.5 134.6 134.8 126.7 127.8 129.1 130.6 131.9 133.3 134.9 136.0 136.7 137.3 138.2 138.9 127.1 128.2 129.6 131.1 132.5 134.1 135.7 136.6 137.5 138.3 139.1 139.8 8.0 7.4 1.5 1.9 3.0 2.8 2.5 3.3 4.2 5.3 4.5 8.6 7.4 1.5 1.9 3.3 2.9 2.6 3.2 4.3 5.4 4.5 4.9 4.9 5.4 5.0 7.8 5.8 4.7 3.9 1.9 .2 .1 .9 4.3 5.0 10.1 5.8 3.4 4.1 3.3 2.2 2.6 3.6 4.4 4.1 3.8 3.2 3.6 4.2 4.7 4.2 4.2 4.8 3.2 2.3 1.6 2.6 2.3 10.1 6.1 4.0 3.5 3.7 2.4 2.6 3.6 4.2 4.2 4.0 3.3 3.5 4.2 4.7 4.5 4.8 4.9 2.7 2.7 2.2 2.4 2.2 Business sector Nonfarm business sector 1982 = 100; quarterly data seasonally adjusted 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1982: 1983: 1984: 1985: 1986: 1987: 1988: 1989: 1990: rv I n m IV 1991- I n m IV 1992: I H".... 136.3 139.0 141.0 142.7 143.7 145.5 146.8 148.1 149.6 150.4 Percent change; quarterly data at seasonally adjusted annual rates 1981 1982 1983 . . 1984 1985 1986 1987 1988 1989 1990 1991 1989: m IV 1990: I n m 1.3 .1 2.2 2.3 1.4 2.0 1.0 .9 -.8 .3 -.0 0.9 .1 2.4 2.1 .8 1.9 .8 .9 10 .0 .1 1.9 23 4.1 8.2 3.6 2.8 4.1 4.3 1.7 .2 22 -1.6 .3 .5 2.9 -1.6 -.6 .4 -.6 .1 -.4 2.5 -1.9 -.3 2.6 1.8 -3.6 -3.5 -1.3 1.3 1.7 2.5 3.8 2.0 -6.4 .9 1.6 2.0 2.3 1.6 IV 1991- I n m rv 1992- I n".... Q -1.7 1.2 1.7 3.3 4.0 1.2 1 1.6 -2.4 4.4 8.2 3.4 2.8 4.1 4.4 1.7 .1 -2.2 -.3 .2 2.2 1.6 -3.7 -3.6 61 .9 1.5 1.6 2.3 2.0 0.6 -2.5 1.8 5.7 2.1 .7 3.1 3.3 2.6 -.0 22 1.0 o 2.0 -1.0 -2.0 -2.6 -4.8 -.3 -.1 -1.2 -1.6 .5 0.7 -2.4 2.0 6.0 2.5 .9 3.3 3.5 2.7 .1 -2.3 .3 -.2 2.6 Q -1.9 -3.3 -4.9 -.4 — .1 -.9 15 -.0 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. * Hourly compensation divided by the consumer price index for all urban consumers. 2 16 9.4 7.6 3.7 4.2 4.5 4.9 3.5 4.3 3.4 5.6 4.5 9.6 7.5 3.9 4.0 4.2 4.9 3.4 4.1 3.2 5.4 4.7 3.2 5.2 3.7 5.3 -0.8 1.3 .5 1 .9 3.0 1 .1 14 .2 .3 .1 1.1 5.9 8.0 6.0 4.9 2.9 5.1 3.6 3.5 5.2 7.7 6.1 5.4 3.7 -1.0 -1.8 -0.7 1.2 .7 3 .6 3.0 -.2 .0 -1.5 -.0 .4 .5 1.2 -1.7 3.5 -.9 -1.4 -.3 2.6 .9 -.1 2.7^ 1.0 -.5 1.3 -1.3 1.1 -.8 4.1 2.0 5 3.1 5.3 3.7 3.1 3.9 2.6 J -J 5.6 5.1 8.2 5.7 4.5 3.9 2.0 .6 .1 .6 Current dollar gross domestic product divided by constant dollar gross domestic product. NOTE.—Data relate to all persons engaged in the sector. Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here. 'Data do not reflect GDP revisions of September 24, 1992. Source: Department of Labor, Bureau of Labor Statistics. PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production and capacity utilization fell in August. INDE X, 1987. 100- (RATIO SCALE] INDE X, 1987 « 100* (RATIO SCALE) 130 FINAL PRODUCTS TOTAL INDUSTRIAL PRODUCTION 125 115 110 -^-^•^ 105 '"""I r^ ^ t^/*-^ r^^ / 115 / 110 1 M 1 1 1 M 1 1 1 1 M II 1 M H 1 95 1 1 1 1 1 In 1 1 1 M 1 1 ll M 1 1 1 Illllllllll 100 120 MANUFACTURING DURABLE ^ \ % 95 ^ ---._ .—^/•^ / 100 80 M 1111111 11 1 1 1 1 1 1 II 1 M 88 UTILITIES AND MINING A 100 "V"""«. DEFENSE AND SPArp E QUIPMENT 1 1 1 M! 1 1 1 1 1 1 1 Ml _/""-"*1"W'S'V_ ^**" >^CjyAvX". J V 1 1 1 M 1 I M 11 95 \,Jr ^] y' } ^/^/^ ^^v ^^ 82 N "> M 1 111M 1 M ,m, him - v — ~"\ — \ 80 V/"\_>^^ MINING Miilinii 1989 1988 11111)11111 111M1 CAPACITY UTILIZATION RATE (TOTAL INDUSTRY) 84 110 *-J ^ ' 86 115 105 > PERC ENT- 1 M 111 M II 1 Illllllllll 120 UTILITIES yf"' \ ^ NONDURABLE iimlnm 95 X 'N 1 / *-'"•' ^ s~ CONSUMEf GOODS x"— ' 90 105 \^-^-^ BUSINESS EQUIPMEN r 115 110 r/\ \ 100 105 ^ A- iiiiiliiiii Illllllllll 1991 1992 1990 7A iiMiliiui 1988 1 f M 1 1 M II 1 1 1 1 Ml 1989 1 1 1 11 M 1 1 1 1 i 1 1 M 1 1 1 1 1 1 111 H 1990 1991 * SEASONALLY AD USTED SOURCE: BOARD O GOVERNORS OF THE FEDERAL RESER VE SYSTEM 1992 COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted] Period Index, 1987 = 100 1981 1982 1983 1984 1985 1986 1987 1988.... 1989 1990 1991 1991: 1992: Aug Sept Oct... Nov Dec... .. . . . Jan Feb Mar. May r. July r Auff p 1 Output as percent of capacity. Capacity utilization rate, percent J Industry production indexes, 1987 — 100 Total industrial production Manufacturing Percent change from year earlier Mining Total Durable Utilities Nondurable Total industry Manufacturing 85.7 81.9 84.9 92.8 94.4 95.3 100.0 105.4 108.1 109.2 107.1 1.9 -4.4 3.7 9.3 1.7 1.0 4.9 5.4 2.6 1.0 -1.9 80.3 76.6 80.9 89.3 91.6 94.3 100.0 105.8 108.9 109.9 107.5 77.4 72.7 76.8 88.4 91.8 93.9 100.0 107.6 110.9 111.6 107.1 84.5 82.5 87.0 90.8 91.5 94.9 100.0 103.6 106.4 107.8 107.9 114.3 109.3 104.8 111.9 109.0 101.0 100.0 101.8 100.5 102.6 101.1 94.3 91.8 93.6 97.0 99.5 96.3 100.0 104.4 107.1 108.0 109.2 80.9 75.0 75.8 81.1 80.3 79.2 81.4 84.0 84.2 83.0 79.4 78.8 72.8 74.9 80.4 79.5 79.0 81.4 83.9 83.9 82.3 78.2 108.0 108.4 108.4 108.1 107.4 -2.3 20 -1.4 2 .2 108.4 108.9 109.0 108.6 108.1 107.8 108.4 108.2 107.8 107.1 109.0 109.6 110.1 109.6 109.5 101.3 101.4 100.7 99.6 98.8 110.7 109.7 109.4 111.0 107.9 79.8 79.9 79.8 79.3 78.7 78.6 78.8 78.7 78.2 77.7 106.6 107.2 107.6 108.1 108.9 108.5 109.2 108.6 .0 1.4 2.5 2.5 2.3 1.1 1.0 .6 107.4 108.1 108.5 109.0 109.9 109.6 110.0 109.6 105.8 107.0 107.0 107.6 109.1 108.4 109.0 108.9 109.5 109.6 110.4 110.7 110.9 111.1 111.2 110.5 97.8 98.4 97.5 99.1 99.7 98.0 100.4 99.1 106.8 106.4 107.7 108.2 107.3 107.1 109.5 108.2 78.0 78.3 78.4 78.7 79.1 78.7 79.0 78.5 77.0 77.4 77.5 77.7 78.2 77.8 77.9 77.5 Source: Board of Governors of the Federal Reserve System. 17 INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND SELECTED MANUFACTURES [1987=100; monthly data seasonally adjusted] Materials Products Final products Intermediate products Consumer goods Equipment Period Total Total Durable goods Nondurable goods Total > Business Defense and space equipment Total Construction supplies Business supplies Total Energy 1982 1983.. 1984 1985 1986 1987 1988.. 1989 1990.. 1991 80.8 83.0 91.0 94.2 95.7 100.0 105.6 109.1 110.9 109.6 84.5 88.8 92.8 93.7 96.8 100.0 104.0 106.7 107.3 107.5 68.7 79.7 91.0 91.6 94.5 100.0 104.9 107.9 106.2 102.3 89.7 91.9 93.4 94.4 97.6 100.0 103.7 106.4 107.6 109.0 77.0 76.8 89.2 94.8 94.5 100.0 107.6 112.3 115.5 112.2 72.9 71.9 85.4 91.1 93.2 100.0 111.8 119.1 123.1 121.5 65.7 71.8 78.9 89.4 96.0 100.0 98.0 97.4 97.3 91.1 75.1 80.3 86.2 88.3 92.0 100.0 104.4 106.8 107.7 103.4 72.2 80.2 86.2 89.1 93.8 100.0 104.4 106.1 105.2 96.0 77.0 80.3 86.2 87.7 90.7 100.0 104.4 107.3 109.4 108.4 85.1 88.3 96.6 96.6 95.9 100.0 105.6 107.4 107.8 105.5 100.7 98.9 103.8 103.4 99.4 100.0 101.8 101.4 102.1 102.3 1991- Aug Sept Oct Nov Dec 109.8 110.4 110.6 110.6 109.9 108.4 109.4 109.7 110.0 109.1 104.0 107.7 107.5 106.0 104.6 109.6 109.8 110.3 111.1 110.3 111.6 111.8 111.9 111.4 110.9 121.3 122.2 122.3 121.8 121.4 89.8 89.1 89.1 88.8 88.1 104.4 104.3 104.1 103.9 103.8 96.7 96.5 95.4 95.9 95.0 109.7 109.7 110.1 109.4 110.0 107.2 107.5 107.4 106.6 105.8 103.3 103.6 103.1 102.2 100.4 1992- Jan Feb Mar 108.7 109.4 109.8 110.6 111.4 110.6 111.0 110.9 108.1 108.8 109.3 110.1 110.8 109.8 110.2 109.7 101.3 105.3 106.2 107.9 111.1 109.2 108.1 108.5 110.0 109.8 110.2 110.7 110.7 110.0 110.8 110.0 109.4 110.2 110.4 111.3 112.3 111.7 112.0 112.4 119.9 121.0 121.5 123.0 124.5 124.2 124.5 125.5 86.7 86.2 85.6 84.7 84.2 83.6 83.0 82.6 103.9 104.0 104.4 103.9 104.4 104.3 104.5 104.1 95.5 96.0 96.7 96.5 97.8 97.1 97.8 97.6 109.9 109.6 109.7 109.0 109.0 109.3 109.2 108.6 105.2 105.8 106.1 106.8 107.7 107.5 108.7 107.7 100.4 100.5 100.1 101.3 101.3 100.4 102.6 101.0 May ' July ' Aue" 1 Includes oil and gas well drilling and manufactured homes, not shown separately. [1987 = 100; monthly data seasonally adjusted] Nondurable manufactures Durable manufactures Primary metals Period Total 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1991: Aug Sept Oct Nov Dec 1992: Jan Feb . Mar May ' July ' Aug* •ource: Board of Governors of the Federal Reserve System. 18 Iron and steel Transportation equipment Fabricated metal products Nonelectrical machinery Electrical machinery Total Motor vehicles and parts Lumber and products Apparel products Printing and publishing Chemicals and products Foods 83.2 91.0 102.4 101.8 93.8 100.0 110.3 109.2 108.4 99.5 86.2 96.1 105.9 104.5 90.8 100.0 113.8 109.3 109.9 98.0 83.2 85.5 93.3 94.5 93.8 100.0 106.2 107.2 105.9 100.4 63.9 64.3 80.8 86.8 90.4 100.0 113.8 121.8 126.5 123.5 75.9 80.3 94.1 93.1 94.3 100.0 106.5 109.5 111.4 110.1 64.8 72.7 83.1 91.8 96.9 100.0 105.0 107.2 105.5 98.6 58.8 74.5 90.6 99.0 98.5 100.0 105.5 104.9 96.8 90.4 67.3 79.9 86.0 88.0 95.1 100.0 104.6 103.0 101.6 94.2 90.1 93.8 95.7 92.6 96.3 100.0 102.2 104.3 98.8 96.2 75.2 79.0 84.5 87.6 90.7 100.0 103.6 108.5 111.9 112.3 81.8 87.5 91.4 91.4 94.6 100.0 105.4 108.5 110.3 110.9 87.7 90.1 92.1 94.9 97.4 100.0 102.8 105.5 107.6 108.6 102.6 102.3 102.6 103.5 101.3 100.6 100.8 102.4 105.6 101.7 101.4 101.9 101.9 101.8 101.2 123.3 123.1 123.5 122.8 121.9 111.5 111.0 109.8 110.7 110.6 99.0 102.2 102.4 99.7 98.0 91.6 99.5 100.4 95.9 94.6 95.3 95.2 93.8 96.4 95.2 98.3 98.1 98.7 98.8 99.0 112.3 113.3 114.4 114.2 114.5 112.3 112.6 113.5 113.0 112.6 108.7 109.5 109.4 110.1 109.6 102.5 102.7 101.4 100.9 102.0 102.1 106.0 104.6 105.0 103.7 102.5 100.9 102.2 101.8 106.7 104.4 99.7 100.5 100.0 100.6 102.2 102.2 102.5 101.8 121.4 121.9 122.9 124.1 126.7 126.5 128.1 129.3 110.0 110.7 110.9 111.0 112.3 112.2 112.4 112.8 93.8 96.8 96.5 98.0 99.6 98.1 96.4 96.4 87.1 93.8 94.2 98.5 102.7 100.3 97.3 98.5 97.4 98.8 99.2 97.2 97.4 95.1 98.9 96.9 97.5 97.7 97.8 98.0 99.0 98.3 99.3 98.3 114.8 114.4 113.8 113.7 113.4 113.0 112.3 112.8 112.7 113.4 114.8 115.8 117.0 117.9 117.0 116.3 109.2 109.6 110.2 109.6 109.3 109.4 110.2 109.4 NEW CONSTRUCTION [Monthly data seasonally adjusted] Construction contracts 3 Private Period Total new construction expenditures Residential Total New housing units Total1 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 294.9 348.8 377.4 407.7 1984 1985 1986 1987 1988 1989 1990 1991 419.4 432.3 443.4 442.1 401.0 231.5 278.6 299.5 323.1 328.7 337.5 345.3 334.2 290.7 125.5 153.8 158.5 187.1 194.7 198.1 196.6 182.9 157.8 57.7 74.0 89.8 84.4 84.0 88.0 94.3 96.4 77.0 94.6 113.8 114.7 133.2 139.9 138.9 139.2 128.0 110.6 48.2 50.8 51.3 51.6 50.1 51.5 54.5 54.9 55.8 63.5 70.2 77.8 84.6 90.6 94.8 98.1 107.9 110.2 75 83 91 96 100 101 105 95 90 Annual rates Annual rates 1991- July 397.0 404.8 406.0 Sept Oct Nov Dec 1992: Jan Feb Mar May T J 406.1 401.2 398.7 407.1 411.8 421.5 423.1 .... Julv p Aug p . 426.0 424.4 422.0 287.7 291.8 293.6 291.7 288.3 287.4 292.5 294.8 301.1 305.5 305.3 309.6 305.4 157.0 161.5 164.2 164.7 164.5 164.1 169.5 169.8 172.7 178.9 181.8 182.6 180.6 1 Includes 2 Includes 3 756 955 1,097 1,016 1,019 973 961 783 545 74.8 74.0 72.9 70.1 67.4 67.3 65.8 66.7 69.1 65.9 63.6 66.9 63.1 110.0 114.4 117.1 117.5 118.0 118.3 122.0 123.3 125.9 128.9 128.1 128.6 126.7 55.9 56.3 56.5 56.9 56.4 56.0 57.2 58.3 59.4 60.7 59.8 60.1 61.8 109.3 113.1 112.4 114.4 112.9 111.4 114.6 117.0 120.4 117.6 120.8 114.8 116.5 90 92 89 98 83 98 r 96 r !02 98 r 97 89 r 92 r 90 90 469 507 408 625 474 479 472 563 497 499 423 525 482 515 Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems Company, F.W. Dodge Division. residential improvements, not shown separately. hotels and motels. F.W. Dodge series. NEW PRIVATE HOUSING AND VACANCY RATES [Thousands of units or homes, except as noted] New private homes New private housing units Period Units started, by type of structure Total 1982... 1,062.2 1,703.0 1,749.5 1,741.8 1,805.4 1,620.5 1,488.1 1,376.1 1,192.7 1,013.9 1983 1984 1985 1986 1987 1988 1989 1990 1991 1 unit 662.6 1,067.6 1,084.2 1,072.4 1,179.4 1,146.4 1,081.3 1,003.3 894.8 840.4 2-4 units 80.0 113.5 121.4 93.4 84.0 65.3 58.8 55.2 37.5 35.6 5 or more units 319.6 522.0 544.0 576.1 542.0 408.7 348.0 317.6 260.4 137.9 Units authorized 1,000.5 1,605.2 1,681.8 1,733.3 1.769.4 1,534.8 1,455.6 1,338.4 1,110.8 948.8 Units completed Homes sold Homes for sale at endJ of period 1,005.5 1,390.3 1,652.2 1,703.3 1.756.4 1,668.8 1,529.8 1,422.8 1,308.0 1,090.8 412 623 639 688 750 671 676 650 534 509 253 301 353 346 357 366 368 365 321 283 1,065 1,051 1,193 1,073 1,021 1,021 1,043 1,097 1,127 1,067 1,204 1,191 1,205 505 522 499 526 578 578 667 627 555 546 549 578 563 295 292 292 289 286 283 281 269 277 274 272 273 272 Vacancy rate for rental housing units (percent) 2 5.3 5.7 5.9 6.5 7.3 7.7 7.7 7.4 7.2 7.4 Seasonally adjusted annual rates 1991- July Sept Oct Nov Dec 1992- Jan Feb Mar May July r. Aug' 1 2 1,053 1,053 1,020 1,085 1,085 1,118 1,180 1,257 1,340 1,086 1,196 1,147 1,120 1,237 Seasonally adjusted. Quarterly data entered in last month of quarter. Series earlier data. 881 881 864 887 907 972 989 1,109 1,068 933 1,019 999 972 1,055 46 41 28 49 33 46 28 24 53 27 33 40 26 34 tpnning 1989 not comparable with 126 131 128 149 145 100 163 124 219 126 144 108 122 148 971 940 974 994 979 1,073 1,106 1,146 1,094 1,058 1,054 1,032 1,080 1,076 7.6 7.3 7.4 7.7 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 July, manufacturing and trade sales rose 0.6 percent and inventories rose $1.0 billion. In August, according to advance data, retail sales fell 0.5 percent, following a rise of 1.0 percent in July. BILLION S OF DOLLARS * (RATIO SCALE} 1,000 BILLIONS OF DOLLARS * (RATIO SCALE] 900 r~i 250 800 "^ 700 -> --- ~\~ \ MANUFACTURING AND TRADE INVENTORIES 200 h-^1 RETAIL INVENTORIE 5 600 ^ f ~-x-^~-' ' \ \ MA NUFACTURIN G AN 3 TRADE SAL :S 500 150 -X—* ^/- — —-s'*' RETAIL SALES 400 100 300 i i i i i l i i m Illlllimi I l l l l l l l l l l I l l l l l l l l l l Illllllllll RATIO * 1.80 INVENTORY-SALES RATIO 1.70 .. 1.60 1,50 1988 1989 1990 1991 VWC? k£T MANUFACTURING 1.40 1 1 1 1 1 1 1 1 1 II i II 1 1 1 II 1 1 1 I l l l l l l l l l l 1 1 1 1 1 1 1 1 1 1 1 I l l l l l l l l l l . \ iO^H^£w* 200 1988 1 him iiiiiliini 1.30 1992 1989 1990 1991 MM,!,,,,, 1992 SEASONALLY ADJU STED sOURCE: DEPARTME NT OF COMMERCE Manufacturing and trade * COUNCIL OF EC ONOMIC ADVISERS Wholesale Sales Period Sales 2 Inventories a Sales2 Inventories 3 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 * 61,316 68,856 79,074 88,315 89,983 105,481 111,892 120,138 119,331 117,454 114,482 115,121 116,582 117,293 116,873 117,454 115,918 117,259 119,827 122,884 122,694 123,198 123,328 73,312 78,977 88,738 93,566 96,527 102,355 107,382 117,461 120,886 125,708 121,221 121,402 122,260 123,453 124,006 125,708 125,068 124,679 124,461 125,108 124,655 125,615 126,902 1.67 1.56 1.53 1.55 1.55 1.50 1.50 1.53 1.53 1.55 1.52 1.53 1.53 1.52 1.53 1.56 1.53 1.52 1.51 1.51 1.52 1.50 1.49 Retail Millions of dollars, seasonally adjusted, except as noted 1982 1983 1984 1985 1986 1987 1988 1989 1990... 1991 1991: July T Aue Sept Oct Dec 1992- Jan Feb Mar Apr May June ' July ". Aug p 348,771 370,501 411,427 423,940 431,786 459,107 496,334 522,344 540,788 533,838 538,852 r 537,407 539,269 541,247 540,382 531,919 536,977 544,017 545,424 547,081 546,145 554,363 557,561 575,486 591,858 651,527 665,837 664,654 711,745 767,387 813,018 835,985 828,184 819,898 819,746 822,401 824,672 825,505 828,184 824,150 824,609 826,204 828,630 828,032 831,872 832,838 96,357 100,440 113,502 114,816 116,326 124,340 135,254 144,039 149,204 145,135 146,576 145,710 146,103 145,766 145,310 144,909 145,922 146,366 146,867 146,947 145,555 148,129 149,676 89,062 129,024 131,663 97,514 144,223 107,243 149,155 114,586 155,445 120,803 165,814 128,442 180,717 137,539 188,635 145,580 196,917 152,126 198,979 153,562 195,421 154,660 195,323 r 153,853 194,007 154,330 195,371 154,569 196,347 154,092 198,979 154,280 198,730 157,808 199,416 159,753 198,677 157,873 198,432 158,385 197,397 159,111 200,205 158,982 199,693 ' 160,582 159,728 1 See page 21 for manufacturing. 2 Annual data are average of monthly not seasonally adjusted figures; monthly data are seasonally adjusted total for month. 20 61,097 27,966 32,571 64,943 69,369 37,873 41,510 73,075 45,057 75,746 80,453 47,989 85,320 52,219 91,252 54,329 97,061 55,065 99,149 54,413 99,942 54,718 ' 54,244 ' 99,609 55,223 99,107 55,450 99,119 54,722 99,370 98,874 55,406 56,919 100,889 57,961 101,792 57,122 100,751 57,442 100,943 57,643 101,468 57,686 101,296 r 58, 190 r 102,392 57,279 102,449 134,628 147,833 167,812 181,881 186,510 207,836 219,274 237,599 240,217 243,162 235,703 236,523 238,842 240,746 240,879 243,162 240,986 241,938 244,288 247,992 247,349 248,813 250,230 3 Seasonally adjusted, end of period. * Annual data are averages of seasonally adjusted monthly ratios. Source: Department of Commerce, Bureau of the Census. 1.49 1.44 1.49 1.52 1.56 1.55 1.55 1.59 1.57 1.55 1.52 1.54 1.55 1.56 1.56 1.58 1.53 1.51 1.55 1.57 1.55 1.57 1.56 MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS In July, manufacturers' shipments and inventories were about unchanged; new and unfilled orders fell. In August, according to advance data, manufacturers' durable goods shipments and new orders fell. BIUJC)NS OF DOLLARS* (RATIO SCALE) BILUC>NS OF DOLLARS* (RATIO SCALE] 280 SHIPMENT 240 ! 200 .— -~<~Tx~~r ' 440 1 ^— = TOTAL 360 DUR/ ^BLE GOODS 160 VI ,-— .—-— ' 280 \ \ 120 V •"' -.•-1-"" i^,»»'i'i-"'. 200 \ NON 3URABLE GO DOS 160 80 — -• \ 120 60 miilum Illllllllll m||| Illllllllll BIUJCINS OF DOLLARS* (RATIO SCALE) 280 NEW ORDERS 240 '-••——»' "\ ' 200 — TOTAL 160 120 " DURABLE GOODS 80 60 -v^—^ llllll|||l| Illllllllll Illllllllll Illllllllll 1 M 1 1 ! 1 1 1 1 1 RATIC * L \ 2.20 •£&**\ ->/*p-"' ?****-— \ NONE1URABLE GO DOS .»..»•«•'• """"" NCENDURABLE 3OODS Illllllllll INVENTORY-SHIPMENTS RATIO 2.00 1.80 80 1.60 60 imilmii I l l l l l l l l l l I l l l l l l l l l l I l l l l l l l l l l 1989 1988 1990 1 rvs^x^ ^1 1 1 1 1 ii i M 1 1 iiiiilinii _^ ^-C 1.40 1 II 1 1 1 M 1 1 1 1.20 1992 1991 -^ "—.»• 1989 1988 1990 1991 1992 * SEASONALLY AC JUSTED E COUNCIL OF ECCJNOMIC ADVISERS Manufacturers' shipments 1 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 * Manufacturers' inventory — shipments ratio 3 Millions of dollars, seasonally adjusted, except as noted 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1991: July Sept Oct Nov Dec 1992: Jan Feb Mar May July" Aug" , 163,351 172,547 190,682 194,538 194,657 206,326 223,541 232,724 239,459 235,142 79,212 85,481 97,940 101,279 103,238 108,128 117,993 121,703 122,387 118,548 84,139 87,066 92,742 93,259 91,419 98,198 105,549 111,022 117,072 116,593 311,834 312,362 339,492 334,801 322,699 338,095 367,396 386,784 398,851 386,043 200,423 199,831 221,304 218,211 212,027 220,786 241,356 255,911 259,746 246,966 111,411 112,531 118,188 116,590 110,672 117,309 126,040 130,873 139,105 139,077 162,140 175,451 192,879 195,706 195,204 209,389 227,026 235,905 240,417 233,774 78,064 88,140 100,164 102,356 103,647 110,809 121,445 124,906 123,324 117,063 19,213 19,624 23,669 24,545 23,983 26,095 30,729 32,725 32,227 29,862 84,077 87,311 92,715 93,351 91,557 98,579 105,581 110,999 117,093 116,712 311,889 347,272 373,524 387,087 393,403 430,287 471,942 510,112 521,811 505,631 1.95 1.78 1.73 1.73 1.68 1.59 1.58 1.64 1.65 1.67 237,616 237,844 238,836 240,912 240,980 232,730 120,222 121,021 121,958 122,771 122,814 116,869 117,394 116,823 116,878 118,141 118,166 115,861 388,774 387,900 389,552 388,555 388,279 386,043 251,459 250,520 251,319 249,738 249,202 246,966 137,315 137,380 138,233 138,817 139,077 139,077 244,580 239,750 233,703 238,542 238,680 229,924 127,153 122,630 116,528 120,227 120,344 113,920 34,982 29,462 28,762 29,452 33,067 26,968 117,427 117,120 117,175 118,315 118,336 116,004 516,334 518,240 513,107 510,737 508,436 505,631 1.64 1.63 1.63 1.61 1.61 1.66 233,247 237,898 240,684 241,749 241,479 247,252 247,303 118,698 121,991 123,503 123,483 122,344 125,831 ' 124,763 123,460 114,549 115,907 117,181 118,266 119,135 121,421 122,540 384,434 383,255 383,239 382,206 383,286 382,854 382,915 245,754 244,395 243,787 242,512 242,447 241,891 241,000 138,680 138,860 139,452 139,694 140,839 140,963 141,915 232,467 233,388 237,606 240,771 238,696 244,542 242,289 118,011 117,750 120,187 122,393 119,808 123,164 ' 119,791 119,708 30,093 29,463 32,163 29,901 30,469 30,953 ' 29,268 28,198 114,456 115,638 117,419 118,378 118,888 121,378 122,498 504,851 500,341 497,263 496,285 493,502 490,792 485,778 1.65 1.61 1.59 1.58 1.59 1.55 1.55 1 Annual data are average of monthly not seasonally adjusted figures; monthly data are seasonally adjusted total for month. Shipments are the same as sales. 2 Seasonally adjusted, end of period. 3 Annual data are averages of seasonally adjusted monthly ratios. Source: Department of Commerce, Bureau of the Census. 21 PRICES PRODUCER PRICES In August, the producer price index for all finished goods rose 0.1 percent. Prices of finished consumer foods rose 0.7 percent and prices of other finished consumer goods fell 0.4 percent. Capital equipment prices rose 0.1 percent. INDEX, 1 982 = 100 (RATIO SCALE) INDEX, 1982 = 100 (RATIO SCALE] 100 90 90 1984 SOURCE: DEPARTMENT OF LA&OR COUNCIL OF ECONOMIC ADVISERS [1982 = 100; monthly data seasonally adjusted] Finished goods Period Total finished goods Consumer foods . . July Aug 1 Capital equipment 100.0 100.5 101.1 101.7 93.3 94.9 97.3 103.8 111.5 115.0 114.9 115.3 116.1 116.2 115.8 114.9 115.2 115.6 116.4 117.3 118.1 118.1 117.7 100.0 102.8 105.2 107.5 109.7 111.7 114.3 118.8 122.9 126.7 126.9 127.1 127.3 127.5 127.7 128.3 128.4 128.8 129.1 129.2 129.1 129.3 129.4 100.0 101.3 103.3 103.8 101.4 103.6 106.2 112.1 118.2 120.5 120.2 120.4 120.8 120.9 120.7 120.2 120.6 120.8 121.1 121.4 121.9 121.9 122.0 Consumer goods Total Total 1982 1983 ... 1984 1985 1986 1987 1988 1989 1990 1991 1991- Aug Sent... Oct Nov.. . Dee 1992: Jan.. Feb Mar . Apr * May.. Nondurable Total finished consumer goods Finished goods excluding consumer foods 100.0 101.6 103.7 104.7 103.2 105.4 108.0 113.6 119.2 121.7 121.5 121.8 122.1 122.2 122.1 121.9 122.2 122.4 122.8 123.0 123.3 123.4 123.5 100.0 101.0 105.4 104.6 107.3 109.5 112.6 118.7 124.4 124.2 123.4 123.3 123.3 123.1 123.0 122.5 123.7 123.1 122.7 122.3 122.6 122.6 123.4 100.0 101.8 103.2 104.6 101.9 104.0 106.5 111.8 117.4 120.9 120.6 121.2 121.7 121.9 121.7 121.6 121.7 122.2 122.7 123.0 123.3 123.6 123.0 Intermediate materials for food manufacturing and feed8. 22 100.0 101.2 102.2 103.3 98.5 100.7 103.1 108.9 115.3 118.7 118.3 119.0 119.6 119.8 119.5 119.0 119.2 119.6 120.2 120.7 121.2 121.4 120.9 Durable 100.0 102.8 104.5 106.5 108.9 111.5 113.8 117.6 120.4 123.9 123.8 124.3 124.4 124.6 124.7 125.4 125.2 125.8 125.9 125.7 125.6 125.9 126.2 Intermediate materials Crude materials Total Foods and feeds l Other Total Foodstuffs and feedstuffs Other 100.0 100.6 103.1 102.7 99.1 101.5 107.1 112.0 114.5 114.4 114.1 114.3 114.0 114.0 113.9 113.2 113.7 113.8 114.0 114.4 115.2 115.2 115.2 100.0 103.6 105.7 97.3 96.2 99.2 109.5 113.8 113.3 111.1 110.6 110.8 111.7 112.0 111.9 110.8 112.1 111.6 111.2 111.2 111.7 109.5 109.3 100.0 100.5 103.0 103.0 99.3 101.7 106.9 111.9 114.5 114.6 114.3 114.5 114.2 114.1 114.0 113.3 113.8 114.0 114.1 114.6 115.4 115.5 115.5 100.0 101.3 103.5 95.8 87.7 93.7 96.0 103.1 108.9 101.2 99.1 98.4 100.5 100.4 98.3 97.3 99.0 97.3 98.3 99.8 101.1 101.1 101.0 100.0 101.8 104.7 94.8 93.2 96.2 106.1 111.2 113.1 105.5 102.6 104.2 104.2 103.5 102.9 104.8 106.9 105.8 104.5 105.4 106.2 104.4 104.0 100.0 100.7 102.2 96.9 81.6 87.9 85.5 93.4 101.5 94.6 93.1 91.1 94.2 94.5 91.6 88.8 90.2 88.1 90.5 92.5 94.0 95.1 95.3 Source: Department of Labor, Bureau of Labor Statistics. CONSUMER PRICES—ALL URBAN CONSUMERS In August, the consumer price index for all urban consumers rose 0.3 percent, seasonally adjusted and not seasonally adjusted. The index was 3.1 percent above its year-earlier level. INDEX, 1 982-84 . 1 00 (RATIO SCAIEI ISO INDE X, 1982-84 = 100 (RATIO SCALE) 150 SEASONALLY ADJUSTED 140 140 -* ^-^ /- 130 CONSUMER PRICES— ALL ITEMS 130 ^^*^ ^ 120 120 ^^ 110 /-"I 110 ^ ^^ 100 100 ^ 90 90 1 80 j j 1 1 1986 1985 1984 1987 1989 1988 Minimi! 1 1 1 ! 1 111111 1991 1992 1990 SEE NOTE ON TABLE 8ELOW SOURCE: DEPARTMENT OF LABOR 80 COUNCIL OF ECONOMIC ADVISERS [1982-84=100, except as noted; monthly data seasonally adjusted, except as noted] All items * Transportation Housing Shelter Period Rel. imp 3... 1982 1983 1984 1985 1986 1987 1988 1989 1990.. 1991 1991: Aue Sept Oct Nov Dec 1992: Jan Feb Mar Apr May July Not seasonally adjusted (NSA) Season- Food Total ' ally adjust- Total ed 1000 96.5 996 103.9 107.6 109.6 113 6 1183 124.0 1307 136 2 All Renters' costs (Dec. 1982 = 100) Homeowners' costs (Dec. 1982 = 100) Maintenance and repairs (NSA) 16.0 97.4 99.4 103.2 105.6 109.0 113.5 118.2 125.1 132.4 136.3 41.5 96.9 99.5 103.6 107.7 110.9 114.2 118.5 123.0 128.5 133.6 27.9 96.9 99.1 104.0 109.8 115.8 121.3 127.1 132.8 140.0 146.3 8.0 19.7 103.0 108.6 115.4 121.9 128.1 133.6 138.9 146.7 155.6 102.5 107.3 113.1 119.4 124.8 131.1 137.3 144.6 150.2 0.2 96.4 99.9 103.7 106.5 107.9 111.8 114.7 118.0 122.2 126.3 Appar- Fuel and other utilities upkeep 7.3 94.9 100.2 104.8 106.5 104.1 103.0 104.4 107.8 111.6 115.3 6.1 97.8 100.2 102.1 105.0 105.9 110.6 115.4 118.6 124.1 128.7 el and Medical care Energy 2 items less food New cars Motor fuel 17.0 97.0 99.3 103.7 106.4 102.3 105.4 108.7 114.1 120.5 123.8 4.1 97.4 99.9 102.8 106.1 110.6 114.6 116.9 119.2 121.0 125.3 3.3 102.8 99.4 97.9 98.7 77.1 80.2 80.9 88.5 101.2 99.4 6.7 92.5 100.6 106.8 113.5 122.0 130.1 138.6 149.3 162.8 177.0 7.4 99.2 99.9 100.9 101.6 88.2 88.6 89.3 94.3 102.1 102.5 76.6 95.8 99.6 104.6 109.1 113.5 118.2 123.4 129.0 135.5 142.1 Total ' and energy 136.6 137.2 137.4 137.8 137.9 136.6 137.1 137.4 137.9 138.2 136.3 136.5 136.4 137.0 137.4 133.8 134.2 134.6 135.0 135.4 146.4 146.9 147.4 147.9 148.4 155.2 155.8 156.3 156.6 157.3 150.5 151.1 151.6 152.1 152.7 127.2 126.8 126.6 127.6 128.1 115.3 115.7 116.2 116.8 116.8 129.2 130.0 130.3 131.1 129.6 124.2 124.2 124.0 124.5 124.8 125.9 126.3 126.2 126.3 126.5 98.0 97.9 97.3 98.2 98.5 178.9 180.0 181.1 182.0 183.3 101.2 101.4 101.4 102.2 102.3 143.0 143.6 143.9 144.4 144.7 138.1 138.6 139.3 139.5 139.7 140.2 140.5 140.9 138.3 138.7 139.4 139.7 139.9 140.3 140.5 140.9 136.8 137.2 137.9 137.8 137.3 137.5 137.3 138.5 135.7 136.0 136.5 136.7 136.9 137.5 137.6 137.8 149.1 149.5 150.0 150.2 150.4 151.1 151.1 151.4 158.4 158.9 158.5 158.9 159.5 160.4 160.2 160.5 153.2 153.6 154.5 154.6 154.7 155.3 155.5 155.7 128.0 128.3 128.4 128.0 128.1 128.5 128.8 128.1 116.4 115.9 116.4 116.9 117.1 117.5 117.9 118.5 130.0 131.9 132.7 131.8 132.3 132.0 131.8 131.8 124.4 124.2 125.1 125.7 126.1 126.7 127.3 127.2 126.6 126.7 127.2 127.8 128.0 128.5 128.6 129.1 96.3 95.7 96.6 96.8 97.9 101.0 101.7 100.4 184.5 186.0 187.0 188.0 189.0 189.8 190.8 191.6 100.8 99.9 100.5 100.9 101.5 103.5 103.8 103.6 145.1 145.7 146.4 146.8 147.1 147.4 147.7 148.0 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 1991. NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership coats and therefore are not strictly comparable with figures for earlier periods. Data beginning 1987 and 1988 calculated on a revised basis. Source: Department of Labor, Bureau of Labor Statistics. 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Period Change from preceding period Change from 3 months earlier, annual rate Change from 6 months earlier, annual rate Consumer goods Consumer goods Consumer goods Total finished goods Capital equipment Excluding foods Foods Total finished goods Excluding foods Foods Capital equipment Total finished goods Capital equipment Excluding foods Foods Change from year earlier, total finished goods NSA Change, Dec. to Dec., NSA 3.6 .6 1.7 1.8 -2.3 2.2 4.0 4.9 5.7 .1 1982 1983 1984 1985 1986 1987 1988 1989 1990... 1991 2.0 2.3 3.5 .6 2.8 2 5.7 5.2 2.6 -1.5 4.1 1.6 2.1 1.0 -1.4 2.1 2.5 5.2 4.9 2.1 3.9 2.0 1.8 2.7 2.1 1.3 3.6 3.8 3.4 2.5 4.2 -.9 .8 2.1 6.6 4.1 3.1 5.3 8.7 -.7 Change, month to month 1991: Aug Sept Oct Nov Dec 0.2 .2 .2 .1 t 2 .2 .2 .3 .2 .2 .1 .1 Feb Mar Apr ' May ' July . ' '... Aug 0.5 .6 .5 .2 3 4 .2 .3 .5 .4 .4 .2 -.4 -0.5 -.1 0 -.2 -.1 -.4 1.0 -.5 3 -.3 .2 0 .7 -0.3 1.3 3.0 2.3 1.0 7 0 1.0 3.0 2.6 3.0 2.0 1.6 0.1 .2 .2 .2 .2 .5 .1 .3 .2 .1 -.1 .2 .1 0.7 4.1 6.6 5.2 1.7 -5.0 -4.4 22 -1.0 10 26 2.0 .3 .7 -4.5 16 -.3 3.6 -2.0 -2.0 .3 4.1 5.1 5.5 4.1 .7 1.0 1.3 1.6 1.9 1.9 3.2 2.9 3.5 2.5 2.5 .9 .6 .6 -0.7 2.4 3.3 2.9 2.9 2.2 1.5 1.0 1.0 1.5 2.9 4.1 2.9 -2.2 -2.5 -3.2 -3.0 -2.7 24 .5 -.3 -1.0 -1.3 -.6 .2 -.5 -0.2 1.0 1.2 1.0 1.2 1.2 1.2 1.0 1.1 1.3 2.0 2.5 2.1 1.6 1.4 1.8 1.4 1.6 2.4 2.4 2.7 2.8 2.7 2.2 1.6 1.6 2.0 .8 -.1 -.1 -.4 .6 1.1 1.1 1.1 1.5 1.7 1.5 Source: Department of Labor, Bureau of Labor Statistics. CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Housing Transportation Shelter Period All items 1 Food Total1 Total 1 Banters' costs Homeowners' costs Fuel and other utilities Apparel and upkeep New cars Total1 Motor fuel Medical care Energy2 All items less food and energy Addendum: All items, percent change (annual rate) From previous quarter 3 From 3 months earlier From 6 months earlier From year earlier NSA Change, December to December, NSA 1982 1983 1984 1985 1986. 1987 1988 1989 1990.. 1991 3.8 3.8 3.9 3.8 1.1 4.4 4.4 4.6 6.1 3.1 3.1 2.7 3.8 2.6 3.8 3.5 5.2 5.6 5.3 1.9 3.6 3.5 4.3 4.3 1.7 3.7 4.0 3.9 4.5 3.4 2.4 4.7 5.2 6.0 4.6 4.8 4.5 4.9 5.2 3.9 5.1 5.9 6.3 5.0 3.9 3.9 4.5 6.7 4.2 1991: Aug Sept Oct Nov Dec 1992: Jan Feb Mar Apr May June July Aug 0.3 .4 .2 .4 .2 .1 .3 .5 .2 .1 .3 .1 .3 -0.2 .1 — .1 .4 .3 -.4 .3 .5 — .1 — .4 .1 — .1 .9 0.1 .3 .3 .3 .3 .2 .2 .4 .1 .1 .4 .1 .1 0.2 .3 .3 .3 .3 .5 .3 .3 .1 .1 .5 0 .2 0.1 .4 .3 .2 .4 .7 .3 -.3 .3 .4 .6 — .1 .2 9.7 4.5 1.8 5.1 4.2 5.9 1.8 4.6 -5.6 5.3 1.6 4.7 2.9 5.1 3.2 4.7 4.0 3.7 2.9 1.6 2.9 2.0 2.8 .9 4.8 4.7 1.0 5.1 3.4 1.8 3.9 3.1 2.6 -5.9 6.1 3.0 4.0 10.4 -1.5 1.5 -6.5 3.4 17 2.5 -2.4 3.4 3.1 5.9 -30.7 18.7 1.8 2.1 -2.1 6.8 2.3 1.4 36.5 3.3 -16.0 11.0 6.4 6.1 6.8 7.7 5.8 6.9 8.5 9.6 7.9 1.3 5 .2 1.8 -19.7 8.2 .5 5.1 18.1 -7.4 0.9 — .1 g .9 .3 .1 -2.2 g .1 .4 .9 .5 .2 .2 1.1 .4 3.2 .1 .7 .4 -1.3 0.7 .6 .6 .5 .7 .7 .8 .5 .5 .5 .4 .5 .4 0.6 .2 0 .8 .1 6.2 3.2 4.3 3.6 1.9 3.6 4.1 4.8 5.4 4.2 4.5 4.8 4.7 4.3 3.8 4.2 4.7 4.4 5.2 4.4 Change, month to month 1 Includes 2 0.2 .4 .3 .3 .4 .3 .3 .6 .1 .1 .4 .1 .1 0.3 1.2 .3 .6 .4 .2 .5 .6 0 -1.1 3 .3 A .4 .4 .2 .3 .3 .5 1.5 .6 -.7 .4 -.2 — .2 0 items not shown s parately. Household fuels—gas (pipe 1), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc., also included through 1982. 24 0.2 .3 — .1 .1 .2 0.5 0 -.2 .4 .2 3 -.2 .7 .5 .3 .5 .5 -.1 3 -1.5 -.9 .6 .4 .6 2.0 .3 -.2 0.4 .4 .2 .3 .2 .3 .4 .5 .3 .2 .2 .2 .2 2.7 3.6 2.9 3.5 Quarterly changes are shown in the last month of the quarter. Source: Department of Labor, Bureau of Labor Statistics. 2.7 3.0 3.6 3.9 3.2 2.5 3.0 3.0 3.3 3.1 2.6 2.3 3.5 4.1 3.5 2.6 2.3 2.9 3.1 3.1 3.4 3.4 2.9 3.1 3.2 3.2 3.8 3.4 2.9 3.0 3.1 2.6 2.8 3.2 3.2 3.0 3.1 3.2 3.1 PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers in September were unchanged from their August level. Prices paid by farmers in July were 0.5 percent above their April level. (Data are not seasonally adjusted.) INDEX, 1977 = 100 (RATIO SCALEI 200 INDEX, 1977 . 100 (RATIO SCALEI 200 i ii i i iii i t i i i l i i ii i iMiil i ii l i l ll i i i iiii i iiiii 1991 iii M 1992 I/RATIO OF INDEX Of PRICES RECEIVED TO INDEX OF PRICES PAID. SOURCE: DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS [1977 = 100; not seasonally adjusted] Prices paid by farmers Prices received by farmers Period 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1991: Sept Oct Nov Dec 1992: Jan Feb Mar . Apr May T y June July Aue r Sept 1 Al! farm products Livestock and products Crops Production items, interest, taxes, and wage rates Production items Ratio 2 133 135 142 128 123 127 138 147 149 146 121 128 138 120 107 106 126 134 127 130 145 141 146 136 138 146 150 160 170 161 159 161 164 162 159 162 170 178 184 189 158 159 161 156 150 152 160 167 172 175 153 152 155 151 144 148 157 165 171 173 84 84 87 79 77 78 81 83 81 77 147 142 139 137 137 126 124 120 157 158 153 153 (3) 189 (3) (3) (3) 173 (3> (3) (3) 172 (3) (3) 78 75 74 72 138 142 143 141 141 140 138 139 139 123 128 131 126 123 122 117 117 118 152 156 155 155 157 157 158 160 159 189 (3) (3) 191 (3) (3) 192 (3) (3) 174 (3) (3) 175 (3) <3> 176 (3) (3) 171 (3) (3) 174 (3) (3) 174 (3) (3) Includes items not shown separately. 2 Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wage rates. See also footnote 3. 3 Beginning March 1986, prices paid by farmers are available only for first month in quarter, and for each month the received/paid ratio is based on latest data available. All commodities, services, interest, taxes, and wage rates 1 C 73 75 76 74 74 73 72 72 72 NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes iave 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 August. BILLIONS OF DOLLARS* (RATIO SCALE] BILLIONS OF DOLLARS* (RATIO SCALE] COUNCIL OF ECONOMIC ADVISERS [Averages of daily figures, except as noted; billions of dollars, seasonally adjusted] Period 1982: 19831984: 1985: 1986: 19871988: 19891990: 1991: Dec Dec Dec Dec Dec Dec . Dec Dec Dec Dec 1991: July Sept Oct Nov Dec 1992: Jan Feb Mar May July Percent change from year or 6 months earlier 2 M2 M3 Sum of currency, demand deposits, travelers' checks, and other checkable deposits (OCDs) Ml plus overnight RPs and Eurodollars, MMMTf 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 M3 plus other liquid assets 474.6 521.4 552.5 620.2 724.6 750.0 786.9 794.1 826.1 898.1 1,951.9 2,186.1 2,374.3 2,569.4 2,811.1 2,910.8 3,071.1 3,227.3 3,339.0 3,439.9 2,440.6 2,693.0 2,987.4 3,203.2 3,494.3 3,681.1 3,923.1 4,059.8 4,114.6 4,171.0 2,850.4 3,154.3 3,528.8 3,830.4 4,134.5 4,339.5 4,677.9 4,891.7 4,966.6 4,989.8 4,672.7 5,209.4 5,963.3 6,830.5 7,751.2 8,520.8 9,316.1 10,060.0 10,747.0 11,203.7 8.7 9.9 6.0 12.3 16.8 3.5 4.9 .9 4.0 8.7 8.9 12.0 8.6 8.2 9.4 3.5 5.5 5.1 3.5 3.0 9.3 10.3 10.9 7.2 9.1 5.3 6.6 3.5 1.3 1.4 9.3 11.5 14.5 14.5 13.5 9.9 9.3 8.0 6.8 4.2 860.0 866.5 872.0 880.9 891.4 898.1 3,407.5 3,409.8 3,411.9 3,418.0 3,431.8 3,439.9 4,157.3 4,156.7 4,152.9 4,159.1 4,166.9 4,171.0 4,991.5 4,985.3 4,974.4 4,978.1 4,991.1 4,989.8 11,017.4 11,056.6 11,094.7 11,135.6 11,177.6 11,203.7 8.2 7.2 7.1 9.1 9.5 9.5 3.8 2.4 1.5 1.4 1.5 1.6 1.5 2 -.6 5 -.2 .2 4.5 4.3 4.3 4.6 4.5 4.0 910.4 931.0 939.0 942.8 954.3 951.8 ' 960.8 973.6 3,449.2 3,476.9 3,475.5 ' 3,469.9 ' 3,47 1.6 r 3,462.5 ' 3,459.6 3,468.3 4,175.1 4,201.0 4,191.4 r 4,177.4 '4,177.3 '4,165.8 '4,162.0 4,171.0 4,983.6 5,012.7 '5,020.4 '5,011.8 '5,004.4 '5,017.7 "5,015.1 11,232.1 11,275.1 11,326.5 '11,376.7 '11,425.6 '11,478.6 "11,526.2 11.7 14.9 15.4 14.1 14.1 12.0 11.1 9.2 2.4 3.9 3.7 '3.0 2.3 1.3 .6 -.5 .9 2.1 1.9 .9 .5 .2 -.6 -1.4 3.9 4.0 4.2 4.3 4.4 4.9 5.2 r 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 et B simple annual rate. 26 Debt Ml r L Debt of domestic nonfmancial sectors (monthly average) 1 Ml NOTE.—See p. 27 for components. Source: Board of Governors of the Federal Reserve System. M2 M3 Debt COMPONENTS OF MONEY STOCK AND LIQUID ASSETS [Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA] Period Currency Demand deposits Other checkable deposits (OCDs) Overnight repurchase agreements (RPs), net, plus overnight 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 3 Large denomination time deposits 3 NSA 198219831984' 19851986: 19871988: 1989199019911991- Dec Dec .... Dec Dec .... Dec Dec Dec Dec Dec Dec July .... Sept . Oct Nov . Dec 1992- Jan Feb .... Mar May ,3 July 132.5 146.2 156.1 167.9 180.8 197.0 212.3 222.6 246.8 267.3 259.3 261.3 262.9 264.8 266.0 267.3 269.4 271.6 271.8 273.6 274.7 276.2 279.0 282.3 234.0 238.5 243.9 266.7 302.0 286.8 286.5 279.0 277.1 289.5 279.3 280.1 280.6 283.8 287.6 289.5 293.9 305.1 309.6 311.2 315.1 311.0 315.6 320.7 103.7 131.8 147.2 179.7 235.3 259.3 280.6 285.1 293.9 333.2 313.7 317.3 320.6 324.5 329.7 333.2 339.0 346.3 349.5 350.0 ' 356.4 356.7 358.5 362.7 39.9 55.6 60.6 73.5 82.3 84.1 83.2 77.6 74.7 76.3 65.0 67.6 66.9 70.1 73.8 76.3 77.8 77.8 74.8 72.8 69.4 r 72.3 r 72.8 76.3 51.1 42.7 63.7 65.8 86.1 92.1 91.0 107.2 133.7 179.1 155.4 158.6 162.6 168.2 173.6 179.1. 182.4 188.2 185.3 189.2 194.8 199.7 207.7 217.2 184.5 138.3 167.1 176.1 208.0 221.7 241.9 316.3 348.9 360.5 367.9 362.4 359.9 359.3 359.5 360,5 360.1 363.9 358.0 354.1 355.0 353.3 349.8 347.8 1 Includes continuing contract RPs. Data prior to 1983 are not seasonally adjusted. Small denomination and large denomination deposits are those issued in amounts of less than $100,000 and more than $100,000, respectively. 2 3 398.5 847.2 684.0 780.8 704.2 884.9 814.4 881.7 940.1 854.8 937.0 917.5 926.2 1,032.9 891.2 1,148.5 920.7 1,168.7 1,042.6 1,063.0 986.1 1,129.5 994.1 1,120.8 1,002.4 1,111.0 1,015.0 1,095.2 1,028.7 1,079.2 1,042.6 1,063.0 1,061.2 1,042.9 1,083.9 1,019.8 1,098.0 ' 1,002.8 1,111.2 ' 985.3 r 1,122.4 968.7 r 1,127.0 956.2 r 1,134.3 941.7 1,145.5 926.0 323.3 324.8 415.6 436.1 439.5 489.1 541.2 559.3 494.9 437.1 471.2 465.5 458.5 450.0 442.3 437.1 427.9 420.7 413.0 405.7 400.9 395.3 388.5 383.3 Term repurchase agreements (RPs) Term Eurodollars (net) NSA NSA 33.4 49.9 57.6 62.4 80.6 106.0 121.8 99.1 89.6 70.4 78.7 78.2 76.5 75.2 73.3 70.4 70.3 71.5 73.0 72.2 73.0 73.0 r 71.6 71.9 81.7 91.5 82.9 76.5 83.8 91.0 105.7 79.5 68.7 57.2 62.7 63.6 61.5 62.8 61.5 57.2 55.3 55.9 57.9 55.0 53.2 53.1 r 52.7 51.7 Shortterm Treasury securities Savings bonds 68.0 183.6 211.9 71.1 74.2 260.9 298.2 79.5 91.8 280.0 100.6 253.0 109.4 269.6 117.5 325.5 126.0 332.7 137.9 317.9 133.5 332.8 134.4 330.6 135.2 322.9 321.5 136.1 324.7 137.1 137.9 317.9 138.9 311.5 321.2 140.1 141.2 ' 328.5 142.4 328.8 143.5 r332.2 r 338.2 144.6 " 145.9 "337.9 Bankers' acceptances Commercial paper 44.5 45.0 45.4 42.0 37.1 44.3 39.8 40.1 34.0 23.3 28.1 27.2 25.8 25.3 24.5 23.3 23.2 22.9 22.2 21.6 22.0 22.0 "21.7 113.7 133.2 160.8 207.5 231.2 260.5 336.1 348.6 359.3 339.7 339.8 336.3 337.7 336.2 337.9 339.7 334.8 327.5 337.0 341.7 329.4 347.1 p 347.5 NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not shown here. Source: Board of Governors of the Federal Reserve System. AGGREGATE RESERVES AND MONETARY BASE [Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA] Borrowings of depository institutions from the Federal Reserve (NSA) Adjusted for changes in reserve requirements Reserves of depository institutions Period Total 1982: 1983: 1984: 1985: 1986: 1987: 1988: 1989: 1990: 1991: 1991: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Aug Sept Oct Nov Dec 1992: Jan Feb Mar May July ' 1 ; . . .. 23,600 25,367 26,878 31,485 39,005 38.934 40,468 40,558 41,832 45,601 43,282 43,487 44,138 44,785 45,601 46,186 47,746 48,476 49,001 49,494 49,234 49,489 50,325 Data are prorated averages of biweekly (maintenance period) averages of daily figures. Nonborrowed 22,966 24,593 23,692 30,167 38,179 38,157 38,752 40,293 41,506 45,409 42,517 42,841 43,877 44,677 45,409 45,953 47,668 48,385 48,911 49,339 49,005 49,205 50,074 Nonborrowed plus extended credit 23,152 24,595 26,296 30,666 38,482 38,640 39,996 40,313 41,529 45,410 42,818 43,143 43,889 44,678 45,410 45,954 47,670 48,386 48,913 49,339 49,005 49,205 50,074 Required 23,100 24,806 26,023 30,448 37,635 37,888 39,420 39,636 40,167 44,623 42,196 42,558 43,055 43,893 44,623 45,183 46,681 47,447 47,863 48,494 48,321 48,524 49,388 Monetary base 160,127 175,467 187,248 203,601 223,732 239,967 256,973 267,772 293,287 317,254 309,132 310,929 313,281 315,332 317,254 319,695 323,411 324,512 326,500 328,584 329,642 332,255 336,890 Total 634 774 3.186 1,318 827 777 1,716 265 326 192 764 645 261 108 192 233 77 91 90 155 229 284 251 Seasonal 33 96 113 56 38 93 130 84 76 38 331 287 211 86 38 17 22 32 47 98 149 203 223 Extended credit 186 2 2,604 499 303 483 1,244 20 23 1 300 302 12 1 1 1 2 2 2 0 0 0 0 Source: Board of Governors of the Federal Reserve System. 27 BANK LOANS AND SECURITIES Total commercial bank loans and leases fell 0.1 percent in August; commercial and industrial loans fell 0.4 percent. BILLIONS OF DOLLARS* (RATIO SCALE] 3,200 BILLIONS OF DOLLARS* (RATIO SCALE) 3,200 ALL COMMERCIAL BANKS 2,800 2,800 2,400 2,400 2,000 2,000 1,600 1,600 LOANS AND LEASES 1,200 1,200 800 800 U.S. GOVERNMENT SECURITIES 400 OTHER SECURITIES 200 200 160 160 I Ii i ilil l l l i iiiI 120 1985 1987 1984 1988 U-U 1989 120 1990 1992 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars, seasonally adjusted *] All commercial banks Loans and leases Period 1982: 1983: 1984: 1985: 1986: 1987: 1988: 1989: 1990: 1991: 1991: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Aug Sept Oct Nov Dec 1992: Jan Feb Mar r.... Apr r.... May r.... June r... July r.... Aug Total loans and securities 2 1,400.4 1,552.2 1,722.2 1,909.5 2,093.2 2,238.5 2,422.8 2,590.8 2,730.8 2,838.4 2,776.9 2,789.1 2,805.5 2,822.8 2,838.4 2,849.0 2,849.5 2,855.7 2,868.2 2,865.8 2,870.0 2,869.8 2,882.4 U.S. Government securities Other securities 201.7 259.2 260.2 164.8 169.1 140.9 179.0 193.9 270.8 310.0 335.8 363.5 398.2 454.1 562.6 512.6 523.0 538.7 550.8 562.6 565.7 570.4 578.5 590.6 599.1 607.9 615.1 629.8 193.6 192.4 181.7 177.9 ' 179.2 174.4 176.3 177.9 178.8 * 179.2 178.6 178.6 175.6 175.6 173.9 172.4 174.5 174.9 Total 2 1,033.9 1,123.9 1,321.1 1,459.8 1,589.4 1,709.1 1,866.9 2,010.9 2,098.8 2,096.5 2,089.9 2,089.8 2,088.9 2,093.2 2,096.5 2,104.7 2,100.5 2,101.5 2,102.0 2,092.8 2,089.7 2,080.2 2,077.6 NilTI on- Commercial and industrial Heal estate Individual Security banklr financial institutions 392.5 414.2 473.1 500.2 537.0 567.1 606.8 640.2 643.2 617.9 619.5 622.0 622.6 621.7 617.9 r 616.6 612.2 609.5 606.5 603.0 598.9 596.4 594.2 299.9 331.0 376.2 425.8 494.0 586.9 670.1 759.5 843.3 873.1 866.7 868.1 869.8 871.9 873.1 873.3 877.0 878.6 880.5 881.7 880.7 878.8 878.0 188.2 212.9 253.8 294.7 315.3 328.3 354.5 374.8 379.6 363.5 370.3 367.3 364.2 363.1 363.5 363.1 363.6 362.2 361.2 359.6 360.0 359.7 358.0 25.3 28.0 34.4 43.0 40.3 34.8 41.2 41.5 44.7 54.5 48.4 50.0 51.1 53.5 54.5 59.4 57.1 60.4 65.2 61.9 64.3 61.1 62.9 31.2 30.4 31.3 32.4 35.0 32.0 32.3 34.3 35.7 40.6 36.9 37.1 37.2 37.8 40.6 40.3 41.4 41.9 41.0 41.3 40.4 38.6 39.5 Jl 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 2 Agricultural 36.2 39.2 40.1 36.1 31.5 29.4 28.7 29.8 32.0 34.0 34.3 34.5 34.1 33.8 34.0 33.7 33.5 34.2 34.2 34.0 34.3 34.2 34.7 Qtnff] oiaie and political subdivisions 0.0 .0 46.0 56.7 58.5 52.4 45.1 40.0 33.9 29.1 30.6 30.3 29.7 29.4 29.1 28.1 28.2 28.2 28.0 27.7 27.4 26.9 26.6 Foreign banks 14.7 13.4 11.6 9.9 10.3 7.8 7.7 8.2 7.5 7.4 6.5 6.8 6.6 6.9 7.4 7.2 6.7 6.5 6.6 7.2 8.0 8.3 7.6 Excludes loans to commercial banks in the United States. Source: Board of Governors of the Federal Reserve System. Foreign official institutions Lease financing receivables 5.9 9.4 8.4 6.3 6.3 5.7 5.0 3.5 2.8 2.4 2.2 2.3 2.4 2.5 2.4 2.3 2.2 2.2 2.1 2.1 2.1 2.2 2.2 13.3 13.7 16.0 19.0 22.4 24.6 29.3 31.8 32.8 31.7 31.9 31.8 31.6 31.5 31.7 31.5 31.6 31.6 31.5 31.4 31.6 30.6 30.3 Other 26.8 31.8 30.2 35.6 38.8 40.1 46.2 47.1 43.3 42.4 42.7 39.8 39.5 41.1 42.4 49.2 47.0 46.4 45.3 42.9 42.0 43.2 43.6 SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE BUSINESS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Uses Sources External Period Total Internal Capital Credit market funds 1 Total Total Other 2 Total tures 3 Increase in financial assets Discrepancy (sources less uses) Securities and mortgages Loans and short-term paper -4.0 45.5 13 0 15.4 57.9 62.5 59.9 58.0 106.0 119.2 339.3 428.6 504.7 451.7 502.5 476.8 560.4 287.5 303.5 397.5 368.9 351.3 365.1 396.6 51.8 125.1 107.2 82.8 151.2 111.7 163.8 -25.8 2.6 -13.3 12.7 19.0 68.1 26.3 1984 1985 1986 1987 1988 313.5 431.2 491.4 464.3 521.4 544.9 586.7 247.4 292.3 336.4 352.0 336.7 376.0 404.4 66.1 138.9 155.0 112.3 184.7 168.9 182.3 50.7 81.0 92.5 52.4 126.7 63.0 63.0 -4.6 60.9 27.6 -12.9 54.7 35.5 105.5 57.0 65.8 35.4 75.9 1989 ' 1990 r 1991 r 532.2 511.4 444.0 399.9 407.5 416.5 132.3 103.9 27.5 49.4 23.4 18.7 -34.2 -11.4 87.5 83.6 34.8 -68.8 82.8 80.4 8.7 512.2 482.4 427.9 406.0 395.1 363.9 106.2 87.3 64.0 20.0 29.0 16.1 1990: III r IV 511.5 410.1 391.9 402.7 119.6 7.4 5.4 -30.0 489 6.3 54.3 -36.3 114.2 37.5 524.8 360.7 401.8 362.2 123.0 -1.5 -13.4 49.4 1991: I r II 'r in IV 366.2 477.5 489.3 443.1 417.5 418.9 407.0 422.8 51 3 58.6 82.3 20.3 8.0 40.4 27.6 -1.3 71.8 113.1 77.5 87.0 -63.8 -72.7 -49.9 -88.3 -59.3 18.2 54.8 21.5 345.7 437.1 491.0 437.7 353.5 351.3 371.5 379.2 -7.8 85.8 119.5 58.5 20.5 40.3 -1.7 5.4 1992: l r TL" 533.5 569.7 439.1 442.2 94.4 127.5 99.7 65.8 103.7 100.3 -4.0 -34.5 -5.3 61.7 506.8 540.6 354.1 390.9 152.7 149.7 26.6 29.2 1982 1983 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 3 Plant and equipment, residential structures, inventory investment, and mineral rights from U.S. Government. NOTE.—Series revised to reflect annual benchmark and seasonal adjustment revisions. Revised dat&( except ag shown here are not yet availabie. Source: Board of Governors of the Federal Reserve System. CONSUMER INSTALLMENT CREDIT [Millions of dollars; seasonally adjusted] Total 1982: 1983: 1984: 1985: 1986: 1987: 1988: Dec Dec Dec Dee Dec Dec Dec 3 1989: Dec 1990: Dee 1991: Dec 1991: July Aue Sept Oct Nov Dec 1992- Jan Peb Mar Apr June r. July p .- Automobile Revolving Other 2 Total Automobile Revolving Other 2 325,805 368,966 442,602 517,659 572,006 608,675 662,553 716,825 735,338 727,799 125,945 143,560 173,564 210,238 247,772 266,295 285,364 292,002 284,993 263,003 66,454 79,088 100,280 121,758 135,825 153,064 174,269 199,308 222,950 242,785 133,406 146,318 168,758 185,664 188,408 189,316 202,921 225,515 227,395 222,012 14,546 43,161 73,636 75,057 54,347 36,669 53,878 (*) 18,513 7 539 6,937 17,615 30,004 36,674 37,534 18,523 19,069 (4) -7,009 21 990 5,384 12,634 21,192 21,478 14,067 17,239 21,205 (4) 23,642 19,835 2,224 12,912 22,440 16,906 2,744 908 13,605 (4) 1,880 -5,383 728,823 727,311 727,449 729,225 727,960 727,799 268,897 266,620 264,621 264,420 262,383 263,003 234,654 236,294 238,987 241,436 242,573 242,785 225,273 224,396 223,842 223,369 223,004 222,012 - 1,286 -1,512 138 1,776 — 1 265 -161 1 892 -2,277 1 999 -201 2037 620 1,255 1,640 2,693 2,449 1,137 212 -649 877 -554 473 -365 992 728,618 728,395 727,404 723,821 722,928 722,651 721,529 263,134 261,659 262,125 260,376 259,834 257,240 257,761 244,288 245,974 245,259 245,905 246,220 247,372 247,229 221,196 220,762 220,020 217,541 216,874 218,038 216,538 819 -223 -990 3 583 -893 -278 -1,122 131 1 475 466 -1,749 -542 2594 521 1,503 1,686 -714 646 316 1,152 -143 816 -434 742 -2,479 667 1,165 1 500 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. a Data newly available in January 1989 result in breaks in many series between December 1988 Net change in installment credit outstanding J Installment credit outstanding (end of period) Period and subsequent months. 4 Because of breaks in series, net change not available. Source: Board of Governors of the Federal Reserve System. 29 INTEREST RATES AND BOND YIELDS Interest rates fell in September. PERCENT PER ANNUM PERCENT PER ANNUM INCH OF ECONOMIC ADVISERS [Percent per annum] U.S. Treasury security yields Period 3-month bills (new issues) * 1981 1982 1983 1984 1985 . 1986 1987 1988 1989 1990 1991 1991: Sept Oct .. Nov Dec 1992: Jan Feb Mar Mav June July.. . y Aug Sept p Week ended: 1992: Sept 5 12 19. 26 1 2 Constant maturities 3-year 2 10-year* High-grade municipal bonds (Standard & Poor's) 3 i-i ii t w A A e Discount rate (N.Y. F.K. Bank)" Prime rate charged by banks 4 New-home mortgage yields (PHTB)5 14.44 12.92 10.45 11.89 9.64 7.06 7.68 8.26 8.55 8.26 6.82 13.91 13.00 11.10 12.44 10.62 7.68 8.39 8.85 8.49 8.55 7.86 11.23 11.57 9.47 10.15 9.18 7.38 7.73 7.76 7.24 7.25 6.89 14.17 13.79 12.04 12.71 11.37 9.02 9.38 9.71 9.26 9.32 8.77 14.76 11.89 8.89 10.16 8.01 6.39 6.85 7.68 8.80 7.95 5.85 13.42 11.02 8.50 8.80 7,69 6,33 5.66 6.20 6.93 6.98 5.45 18.87 14.86 10.79 12.04 9.93 8.33 8.21 9.32 10.87 10.01 8.46 14.70 15.14 12.57 12.38 11.55 10.17 9.31 9.19 10.13 10.05 9.32 5.25 5.03 4.60 4.12 3.84 3.84 4.05 3.81 3.66 3.70 3.28 3.14 2.97 6.50 6.23 5.90 5.39 5.40 5.72 6.18 5.93 5.81 5.60 4.91 4.72 4.42 7.65 7.53 7.42 7.09 7.03 7.34 7.54 7.48 7.39 7.26 6.84 6.59 6.42 6.80 6.59 6.64 6.63 6.41 6.67 6.69 6.64 6.57 6.50 6.12 6.08 6.24 8.61 8.55 8.48 8.31 8.20 8.29 8.35 8.33 8.28 8.22 8.07 7.95 7.92 5.59 5.33 4.93 4.49 4.06 4.13 4.38 4.13 3.97 3.99 3.53 3.44 3.27 5.50-5.00 5.00-5.00 5.00-4.50 4.50-3.50 3.50-3.50 3.50-3.50 3.50-3.50 3.50-3.50 3.50-3.50 3.50-3.50 3.50-3.00 3.00-3.00 3.00-3.00 8.50-8.00 8.00-8.00 8.00-7.50 7.50-6.50 9.30 9.04 8.64 8.53 6.50-6.50 6.50-6.50 6.50-6.50 6.50-6.50 6.50-6.50 6.50-6.50 6.50-6.00 6.00-6.00 6.00-6.00 8.49 8.65 8.51 8.58 8.59 8.43 8.00 8.00 3.17 2.91 2.89 2.91 4.58 4.35 4.40 4.44 6.53 6.32 6.39 6.47 6.21 6.18 6.25 6.31 7.93 7.87 7.91 7.96 3.42 3.21 3.20 3.27 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 r. eVrte7«S^ing and closing rate for month and ™*. 30 Prime commercial paper, 6 months 1 14.029 10.686 8.63 9.58 7.48 5.98 5.82 6.69 8.12 7.51 5.42 Bank-discount basis. Yields on the more actively traded issues adjusted to constant maturities by the Treasury De- sw Corporate Aaa bonds (Moody's) B Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Feder- "' H°"si°« K""™ *«**• M^'' ^'«"> S°™°' a"d Sto"dMd & P°OT>a Corporation. COMMON STOCK PRICES AND YIELDS Stock prices overall were little changed in September. INDE X, DEC. 31, 1965=50 (RATIO SCALE) 240 220 200 180 160 140 y^ ~ 120 s*~^\ -^^ y \ ^-^/~^^^\ f^^^\ r ^^ > ^ 160 !40 ^ \ 1 COMPCDSITE STOCK P ?ICE INDEX (NYSE) s^~*-/ 100 INDEX, DEC. 31, 1965=50 (RATIO SC:ALEI 240 220 _ -«" "^/""•-•~*""~ 200 180 120 100 ^-^J — 80 80 60 60 40 1 1 1 11111 111 1984 1 1111 Mill 1 1 1 1 1 1 1 1 11 1985 1986 1 1 1 11 1 1 I 1 1 1 1 1 1 1 1 I1 1 1 1 1 1 1 1 1 1 1 1 1 1988 1989 1987 1 11 11 1 1111111 1 11 1990 1991 11111 1992 PER<:ENT 20 PERC ENT 20 15 EARNINGS-PRICE RATIO ON COMMON STOC (S&P) \ X _• '' 10 5 ^ 1 0 40 I I 1984 1 1 1985 ^ 1 1 1986 1 1 1987 1 1 15 10 ——, I 1 1989 1988 ^ 1 1 I 1990 SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION 5 I 1991 I COUNCIt OF ECONOMIC ADVISERS Common stock yields (percent) 5 Dow-Jones industrial average 3 Standard & Poor's composite index (194143 = 10)" New York Stock Exchange indexes (Bee. 31, 1965 Period Industrial 0 1992 Common stock prices * Composite 1 ! Transportation Utility Finance Dividendprice ratio Earningsprice ratio 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 74.02 68.93 92.63 92.46 108.09 136.00 161.70 149.91 180.02 183.46 206.33 85.44 78.18 107.45 108.01 123.79 155.85 195.31 180.95 216.23 225.78 258.14 72.61 60.41 89.36 85.63 104.11 119.87 140.39 134.12 175.28 158.62 173.99 38.91 39.75 47.00 46.44 56.75 71.36 74.30 71.77 87.43 90.60 92.66 73.52 71.99 95.34 89.28 114.21 147.20 146.48 127.26 151.88 133.26 150.82 932.92 884.36 1,190.34 1,178.48 1,328.23 1,792.76 2,275.99 2,060.82 2,508.91 2,678.94 2,929.33 128.05 11971 160.41 160.46 186.84 236.34 286.83 265.79 322.84 334.59 376.18 5.20 5.81 4.40 4.64 4.25 3.49 3.08 3.64 3.45 3.61 3.24 11.96 11.60 8.03 10.02 8.12 6.09 5.48 8.01 7.41 6.47 4.81 1991: Sept Oct Nov Dec 212.55 213.10 213.25 214.26 266.21 265.68 264.89 266.01 177.99 187.31 188.52 185.47 93.72 95.25 96.78 98.08 157.69 158.94 159.78 159.96 3,010.35 3,019.74 2,986.12 2,958.64 387.20 386.88 385.92 388.51 3.15 3.14 3.15 3.11 4.59 1992- Jan Feb Mar Sept" 229.34 228.12 225.21 224.55 228.55 224.68 228.17 230.07 230.16 286.62 286.09 282.36 281.60 285.17 279.54 281.90 284.44 285.88 201.55 205.53 204.07 201.28 207.88 202.02 198.36 191.31 191.65 99.31 96.18 94.15 94.92 98.24 97.23 101.18 103.41 102.2S 174.50 174.05 173.49 171.05 175.89 174.82 180.96 180.47 178.14 3,227.06 3,257.27 3,247.42 3,294.08 3,376.79 3,337.79 3,329.41 3,307.45 3,295.03 416.08 412.56 407.36 407.41 414.81 408.27 415.05 417.93 418.51 2.90 2.94 3.01 3.02 2.99 3.06 3.00 2.97 3.00 Week ended: 1992- Sept 5 12 19 26 229.39 229.76 231.84 229.70 284.20 285.38 288.83 285.37 189.25 190.44 194.33 191.52 103.08 102.74 101.77 101.52 178.08 176.71 178.42 178.39 3,277.61 3,285.71 3,333.10 3,283.71 416.63 417.58 421.56 417.91 2.99 3.00 2.98 3.03 Mav July 1 Average of daily closing prices. 2 Includes all the stocks (more than 3 Includes 30 stocks. 4 Includes 500 stocks. 5 1,500) listed on the NYSE. Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings- 3.83 4.01 4.18 price ratios based on prices at end of quarter. NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE). Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation. 31 FEDERAL FINANCE FEDERAL RECEIPTS, OUTLAYS, AND DEBT In the first 11 months of fiscal 1992, there was a deficit of $295.6 billion, compared with a deficit of $262.6 billion a year earlier. BIUIONS OF DOUARS BIUIONS OF DOUARS RECEIPTS AND OUTLAYS-!/ 1,500 1,500 *• 4* ** 1,400 1,400 1,300 OUTLAYS-!/ 1,300 _ - " \ 1,200 1,200 1,100 1,100 „,''"' —^ 1,000 1,000 ~*~~~~~ 900 ^^^\ •* "* ^ ' 900 RECEIPTS-!/ 800 800 ^^ ^ 700 700 Am A i i i i i i i i i I\ 600 0 -100 -100 _-^^-^"" ^.^ -200 _^^^ -300 -400 -300 ^""•^^ A ! Vl984 1 1985 1 1986 1 1 1987 1988 1 1 1989 1 1991 1990 1 1992 j\ -400 1993 V FISCAL YEARS -^INCLUDES ON-BUDGET AND OFF-BUDGET [TEMS. SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Total Fiscal year or period Receipts 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1981 l .. 1992 (estimates) 1 . 1993 (estimates) 1 Cumulative total, first 11 months: 2 Fiscal vRar 1991 Fiscal year 1992 Receipts Outlays Surplus or deficit / \ Receipts Outlays Surplus or deficit (-) Total Held by the public 474.3 453.2 500.4 302.2 328.5 369.1 403.5 476.6 543.1 594.4 661.3 686.0 -70.5 49 8 -54.9 38 2 -72.7 74 o -120.1 2080 -185.7 66.4 76.8 85.4 98.0 113.2 130.2 143.5 147.3 166.1 69.6 80.7 89.7 100.0 114.3 135.2 151.4 147.1 165.8 -3.2 39 -4.3 20 -1.1 50 -7.9 .2 .3 629.0 706.4 776.6 828.9 908.5 994.3 1,136.8 1,371.2 1,564.1 1,131.0 1,300.0 769.6 806.8 810.1 861.4 933.3 1,026.7 1,082.1 1,155.0 1,238.7 -221.7 238 0 -169.3 194 0 -206.2 277 1 -321.7 382 3 -399.7 186.2 200.2 213.4 241.5 263.7 281.7 293.9 300.9 324.0 176.8 183.5 193.8 -34LO 547.9 568.9 640.7 667.5 727.0 749.7 760.4 772.7 838.9 9.4 16.7 19.6 38.8 52.8 56.6 52.2 48.8 58.8 1,817.0 2,120.1 2,345.6 2,600.8 2,867.5 3,206.3 3,599.0 4,009.0 4,463.4 1,499.4 1,736.2 1,888.1 2,050.3 1 2,189.3 2,410.4 2,687.9 3,011.6 3,355.3 262 6 295 6 677.2 696.0 990.5 1,042.2 -313.2 -346.2 267.7 276.9 50.6 50.6 3,559.8 3,983.7 2,658.2 2,988.9 298.1 355.6 399.6 463.3 517.1 599.3 617.8 600.6 666.5 371.8 409.2 458.7 503.5 590.9 678.2 745.8 808.4 851.8 -73.7 -53.7 59 2 -40.2 73 8 -79.0 128 0 -207.8 185 4 734.1 769.1 854.1 909.0 990.7 1,031.3 1,054.3 1,073.6 1,162.9 946.4 990.3 1,003.9 1,064.1 1,144.2 1,251.8 1,323.8 1,407.1 1,503.9 212 3 -221.2 149 8 -155.2 153 5 -220.5 269 5 944.9 972.9 1,207.5 1,268.5 1 Data are from Mid-Session Review: The President's Office of Management and Budget, July 24, 1992. 2 Data from Monthly Treasury Statement. 32 Outlays Gross Federal debt (end of period) Off-budget On-budget Surplus or deficit (-) ••t and Economic Growth 231.7 278.7 314.2 365.3 403.9 469.1 202.7 210.9 225.1 241.7 252.1 265.2 217.0 226.3 477.4 549.1 607.1 639.8 709.3 784.8 919.2 NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year 1993, Supplement, issued February 18, 1992, and are on a cash basis. Sources: Department of the Treasury and Office of Management and Budget. FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 11 months of fiscal 1992, receipts were $28.0 billion higher than a year earlier and outlays were $61.0 billion higher. BILUC)NS OF DOLLARS 600 BILLIONS OF DOLIARS 600 RECEIPTS1' INDIVIDUAL INCOME TAXES \ 500 ., - 400 500 400 "~ ~ V 300 300 200 CORPORATION l^.|i-i-y4E T\VES \ OTHER RECEIPTS SOCIAL INSURANCE TA"E5 AND r'~>NTPIBLFTI'~1NS 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 NONDEFENSE 1,000 , " " \ 900 900 >--•""" 800 800 -----""' 700 700 __--""" 600 600 500 500 400 NATIONAL DEFENSE 400 \ 300 300 200 /I i—" ——r- ^ 1984 1985 i 1986 i 1987 1988 -^INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS. SOURCES: DEPARTMENT OF THE TREASURY AND OFFCE OF MANAGEMENT AND BUDGET i 1989 i 1990 ' 1 1991 N 200 1993 ^ 1992 FISCAL YEARS COUNCIL OF ECONOMIC ADVISER [Billions of dollars] On-budget and off-budget outlays On-budget and off-budget receipts Individual income taxes Corporation income taxes 298.1 355.6 399.6 463.3 517.1 599.3 617.8 600.6 666.5 131.6 157.6 181.0 217.8 244.1 285.9 297.7 288.9 298.4 41.4 54.9 734.1 769.1 854.1 909.0 990.7 1,031.3 1,054.3 1,073.6 1,162.9 944.9 972.9 Fiscal year Total 1976 1977 1978 1979 1980 1981 1982 1983 1984 . . . 1985 1986 1987 1988 1989 1990 1991 1 1992 (estimates) * 1993 (estimates) l Cumulative total, first 11 months: 2 Fiscal year 1991 Fiscal year 1992 1 Data are from Mid-Session Review: The President's Office of Management and Budget, July 24, 1992. 2 Data from Monthly Treasury Statement. Social insurance taxes and contributions National defense Other Total Total Department of Defense, military International affairs Health Medicare Net Income securi- Social securi- inter- ty ty est Other 60.0 65.7 64.6 61.1 49.2 37.0 56.9 90.8 106.5 121.0 138.9 157.8 182.7 201.5 209.0 239.4 34.3 36.6 37.7 40.8 50.6 69.5 69.3 65.6 71.8 371.8 409.2 458.7 503.5 590.9 678.2 745.8 808.4 851.8 89.6 97.2 104.5 116.3 134.0 157.5 185.3 209.9 227.4 87.9 95.1 102.3 113.6 130.9 153.9 180.7 204.4 220.9 6.4 6.4 7.5 7.5 12.7 13.1 12.3 11.8 15.9 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 73.9 85.1 93.9 104.1 118.5 139.6 156.0 170.7 178.2 26.7 29.9 35.5 42.6 52.5 68.8 85.0 89.8 111.1 82.8 93.0 114.7 119.6 131.4 133.5 125.4 122.3 118.6 334.5 349.0 392.6 401.2 445.7 466.9 467.8 472.1 507.0 61.3 63.1 83.9 94.5 103.3 93.5 98.1 94.2 112.2 265.2 283.9 303.3 334.3 359.4 380.0 396.0 410.4 444.5 73.0 73.1 74.3 78.9 82.3 90.9 92.3 96.9 99.2 946.4 990.3 1,003.9 1,064.1 1,144.2 1,251.8 1,323.8 1,407.1 1,503.9 252.7 273.4 282.0 290.4 303.6 299.3 273.3 304.2 291.2 245.2 265.5 274.0 281.9 294.9 289.8 262.4 291.5 278.2 16.2 14.2 11.6 10.5 9.6 13.8 15.9 17.7 18.2 33.5 35.9 40.0 44.5 48.4 57.7 71.2 93.0 106.3 65.8 70.2 75.1 78.9 85.0 98.1 104.5 120.1 132.5 128.2 119.8 123.3 129.3 136.0 147.3 170.8 199.9 202.3 188.6 198.8 207.4 219.3 232.5 248.6 269.0 286.9 303.4 129.5 136.0 138.7 151.8 169.3 184.2 194.5 199.1 210.3 131.8 142.1 125.9 139.4 159.8 202.7 224.6 186.2 239.7 419.8 420.5 79.5 80.4 362.0 380.3 83.6 91.7 1,207.5 1,268.5 251.0 272.3 240.9 261.7 14.9 14.4 64.2 80.3 96.2 108.7 159.4 183.9 246.4 263.4 178.7 184.2 196.7 161.3 •.I and Economic Growth Agenda, 15.7 NOTE,—Data (except as noted) are from Budget of the United States Government, Fiscal Year 1993, Supplement, issued February 18, 1992, and are on a cash basis. Sources: Department of the Treasury and Office of Management and Budget. 33 FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the second quarter of 1992, according to revised estimates. Federal receipts rose $6.5 billion (annual rate) and Federal expenditures rose $20.2 billion. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 1,400 200 200 -200 1984 1987 1988 CALENDAR YEARS COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Federal Government expenditures Federal Government receipts Period Total Fiscal year: 1988 1989 T 1990 r. 1991 ' Calendar year: 1988 1989 1990 1991 1982: IV 1983- IV 1984: IV 1985- IV 1986- IV 1987: IV 1988: IV 1989- IV 1990: I. n m rv 1991: I n m 1992: IV I r n Personal tax and nontax receipts Corporate profits tax accruals Indirect business tax and nontax accruals Contributions for social insurance Total Purchases Transfer payments Grantsin-aid to State and local governments Net interest paid Subsidies less current surplus of Government enterprises Less: Wage accruals less disbursements Surplus or deficit (-), national income and product accounts 955.1 1,050.1 1,089.5 1,114.9 403.8 456.8 473.2 472.1 107.6 119.2 113.8 104.4 59.6 62.2 63.9 74.8 384.1 411.9 438.6 463.5 1,098.5 1,164.5 1,249.5 1,310.9 386.3 399.4 417.7 447.1 430.9 461.1 504.6 510.7 108.4 115.9 128.3 147.0 143.8 160.6 175.1 183.1 28.9 27.6 23.9 23.0 -0.1 .0 .0 -143.3 -114.4 -159.9 -196.1 972.3 1,059.3 1,107.4 1,122.2 632.3 671.1 739.8 803.6 856.8 943.5 1,000.6 1,068.3 1,086.7 1,109.6 1,119.9 1,113.3 1,114.6 1,117.3 1,127.7 1,129.4 1,143.3 1,149.8 410.1 461.9 482.6 473.4 301.6 290.5 323.5 351.8 371.7 414.8 420.0 470.1 474.0 487.2 486.6 482.5 474.7 473.1 473.4 472.2 468.4 464.2 111.0 117.1 113.9 102.5 45.5 65.4 67.0 77.0 91.4 109.7 118.5 111.3 110.3 114.6 119.2 111.7 100.3 101.6 104.9 103.3 112.2 118.3 60.9 61.9 66.0 78.2 49.2 55.4 58.2 56.8 54.8 59.5 61.4 62.2 64.8 65.2 65.4 68.5 77.3 76.3 78.3 80.8 79.2 79.8 390.4 418.5 444.9 468.2 235.9 259.8 291.1 318.0 338.8 359.4 400.7 424.7 437.6 442.7 448.8 450.6 462.2 466.3 471.1 473.2 483.5 487.4 1,109.0 1,181.6 1,273.6 1,332.7 815.7 855.7 926.6 990.8 1,034.3 1,096.3 1,135.5 1,209.8 1,254.5 1,266.5 1,265.5 1,307.9 1,264.4 1,329.4 1,348.7 1,388.1 1,432.5 1,452.7 387.0 401.6 426.4 447.3 281.4 289.7 324.7 356.9 373.1 392.5 392.0 405.1 420.3 424.4 422.6 438.3 451.3 449.9 447.2 440.8 445.0 444.8 436.3 471.5 513.3 521.9 346.0 351.1 360.1 383.8 404.2 419.7 444.5 488.8 504.7 509.8 513.1 525.5 461.6 514.8 545.5 565.9 609.8 619.5 111.3 118.2 132.3 153.3 84.3 86.9 97.7 104.5 103.8 102.9 113.0 121.9 128.1 132.2 131.2 137.6 144.3 151.9 153.4 163.6 165.1 174.1 146.0 164.8 176.6 186.9 86.8 99.2 122.3 129.2 131.1 143.1 151.2 168.9 171.4 176.9 183.3 174.8 182.7 188.1 186.8 190.1 186.8 187.5 28.4 25.5 25.1 23.1 17.3 28.8 22.2 16.4 22.1 37.8 34.9 25.0 29.9 23.2 15.3 32.0 24.8 24.4 15.7 27.7 25.7 26.9 .0 .0 -136.6 -122.3 -166.2 -210.4 -183.4 -184.6 -186.8 -187.2 177 5 -152.7 - 134.9 -141.5 -167.8 -156.9 -145.6 -194.6 -149.9 -212.2 -221.0 -258.7 -289.2 302 9 Source: Department of Commerce, Bureau of Economic Analysis. 34 — .1 .1 -.1 .0 .0 .6 .0 .0 -.2 .0 .0 .0 .0 .0 .2 .2 4. .0 .0 .0 .0 INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR INDUSTRIAL COUNTRIES Industrial production (1987=100; seasonally adjusted) Period United States 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 " 1991- 81.9 84.9 92.8 94.4 95.3 100.0 105.4 108.1 109.2 107.1 Sept .... Oct Nov Dec 1992: Jan Feb Mar 1 France Germany 76.5 81.5 91.4 96.5 95.4 100.0 r 105.3 ' 104.9 ' 100.5 82.9 85.5 93.4 96.8 96.6 100.0 109.2 115.9 121.4 124.1 97.3 96.5 97.1 97.2 98.0 100.0 104.6 108.8 110.9 111.2 90.3 90.9 93.5 97.7 99.6 100.0 103.9 108.8 114.5 118.0 91.7 88.9 91.8 92.9 96.2 100.0 105.9 109.2 109.4 107.1 122.8 126.6 122.8 123.7 123.9 123.8 122.0 109.9 111.1 109.7 109.7 111.2 110.3 109.2 121.6 119.5 117.3 117.5 117.5 117.9 113.4 110.6 106.5 104.1 107.9 105.8 111.6 104.7 121.5 120.6 117.7 117.6 115.6 111.0 110.1 109.9 111.3 109.7 109.3 119.2 120.3 118.5 117.6 117.7 T 116.0 115.9 108.5 111.0 110.7 104.5 T 109.0 106.9 r p 96.4 r r 97.1 97.2 '97.0 r r 97.6 97.1 r 96.7 95.3 106.6 107.2 107.6 108.1 108.9 108.5 r 109.2 108 6 May ,. ' Aug Japan 107.3 108.1 108.0 108.4 108.4 108.1 107.4 June July July Canada 95.5 r 96.4 96.5 r 96.6 r 96.2 r 96.4 r l!8.1 118.9 Italy Data relate to all urban consumers. Consumer prices (1982-84=100; NBA) United Kingdom United Kingdom United States 1 Canada Japan France Germany 86.4 89.6 89.7 94.6 96.9 100.0 103.6 104.0 103.4 100.3 96.5 99.6 103.9 107.6 109.6 113.6 118.3 124.0 130.7 136.2 94.9 100.4 104.8 108.9 113.4 118.4 123.2 129.3 135.5 143.1 98.0 99.9 102.1 104.1 104.8 104.9 105.7 108.0 111.4 115.0 91.7 100.3 108.0 114.3 117.2 121.1 124.4 128.9 133.2 137.2 97.0 100.3 102.7 104.8 104.7 104.9 106.3 109.2 112.1 116.0 87.7 100.8 111.5 121.1 128.5 134.4 141.1 150.4 159.6 169.7 95.4 99.8 104.8 111.1 114.9 119.7 125.6 135.4 148.2 156.9 101.4 101.4 136.0 136.2 136.6 137.2 137.4 137.8 137.9 143.7 143.8 143.9 143.7 143.4 144.0 143.4 114.8 114.7 114.9 115.1 116.4 116.6 116.0 136.9 137.4 137.7 138.0 138.6 138.9 139.1 115.8 116.8 116.8 117.0 117.4 117.9 118.0 169.6 171.4 170.3 171.0 172.3 173.5 174.0 157.6 157.2 157.6 158.1 158.7 159.3 159.4 138.1 138.6 139.3 139.5 139.7 140.2 140.5 140.9 144.0 144.1 144.6 144.6 144.9 145.2 145.6 145.6 115.8 115.7 116.3 117.5 117.6 117.5 116.6 139.4 139.8 140.2 140.5 140.9 141.0 r !41.4 141.5 118.5 119.2 119.7 120.0 120.5 120.7 120.7 120.9 175.4 175.9 176.6 177.3 178.3 178.9 179.1 159.3 160.1 160.6 163.1 163.7 163.7 163.1 163.2 r r r r r 99.9 100.3 100.8 100.5 100.1 99.1 100.3 r 99.4 ' 100.1 r 99.1 99.1 100.0 Italy Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis and International Trade Administration, Trade Information and Analysis). U.S. MERCHANDISE EXPORTS AND IMPORTS [Bfllions of dollars; monthly data seasonally adjusted] Merchandise exports (f.a.s. value) l General merchandise imports (customs value) 3 Period 5 1985 1986 1987 1988 1989 1990 1991 5 Sept 1992: Jan Feb Mar May July Consumer goods (nonfood) except automotive Other 112.0 107.0 123.7 113.9 101.3 111.0 118.3 132.3 143.2 131.0 35.4 40.9 59.8 65.1 71.8 84.5 101.4 113.3 116.4 120.7 33.3 40.8 53.5 66.8 78.2 85.2 87.7 86.1 87.3 84.9 39.7 44.9 60.0 68.3 79.4 88.7 95.9 102.9 105.7 108.0 6.5 6.3 7.8 9.4 10.4 12.1 12.8 13.6 16.1 15.9 254.9 269.9 346.4 352.5 382.3 424.4 459.5 493.2 517.0 -101.7 487.1 17.1 18.2 21.0 21.9 24.4 24.8 24.8 25.1 26.6 26.5 508.4 -65.4 -123 A -86.6 2.0 1.9 1.9 2.1 2.1 2.3 40.8 41.1 41.8 42.7 41.4 41.7 2.2 2.1 2.2 2.1 2.2 2.3 10.7 10.9 11.1 11.1 10.8 10.8 10.2 10.0 10.2 10.3 9.9 10.3 7.4 7.9 7.4 7.7 7.2 7.2 9.1 8.9 9.4 10.0 9.8 9.8 1.3 1,3 1.3 1.4 1.4 1.3 42.6 42.8 43.6 44.5 43.1 43.4 -5.6 -6.6 -6.5 -5.9 —4.1 -5.6 -7.4 -8.4 -8.3 -7.6 -5.8 -7.4 2.0 2.1 2.3 2.0 2.1 2.2 2.0 41.3 40.9 42.7 43.5 42.9 44.9 45.2 2.3 2.2 2.3 2.4 2.2 2.6 2.5 10.6 10.3 10.6 11.2 11.3 11.9 11.9 10.3 10.3 10.7 10.8 10.8 11.2 11.3 7.3 7.1 7.5 7.7 7.3 7.4 7.4 9.5 9.6 9.9 9.8 9.8 10.2 10.6 1.3 1.5 1.6 1.4 1.3 1.5 1.5 43.0 42.6 44.4 45.3 44.5 46.6 46.9 -5.8 -3.3 -5.6 -7.1 -7.1 -6.7 -7.8 -7.6 -5.0 -7.3 -8.9 -8.8 -8.5 -9.6 Foods, feeds, and beverages Consumer goods (nonfood) except automotive Other 2 421.7 31.3 30.9 31.5 24.0 22.3 24.3 32.3 37.2 35.1 35.7 61.7 56.7 61.7 58.5 57.3 66.7 85.1 99.3 104.4 109.7 72.7 67.2 72.0 73.9 75.8 86.2 109.2 138.8 152.7 166.7 15.7 16.8 20.6 22.9 21.7 24.6 29.3 34.8 37.4 40.0 14.3 13.4 13.3 12.6 14.2 17.7 23.1 36.4 43.3 45.9 20.7 20.5 24.0 27.3 35.9 34.6 43.4 17.2 20.7 23.7 35.2 34.5 35.3 36.8 37.3 36.1 3.1 3.0 3.1 3.2 3.2 3.3 9.1 9.1 8.6 9.3 8.9 8.9 13.7 13.4 14.4 14.4 ISA 14.3 3.6 3.3 3.5 3.7 3.6 3.3 3.7 3.7 3.8 4.1 4.1 3.8 35.5 37.7 37.1 36.4 35.7 38.2 37.3 3.1 3.6 3.3 3.5 3.0 3.1 3.4 9.3 8.9 8.8 8.8 8.9 9.3 9.5 13.9 15.3 14.9 14.3 13.9 15.3 14.3 3.2 3.6 3.9 4.0 3.8 4.0 3.9 3.9 4.1 4.0 3.9 4.0 4.2 4.2 205.6 224.0 218.8 227.2 322.4 363.8 393.6 Oet . Nov Dec Automotive vehicles, psrts, and engines Automotive vehicles, parts, and engines 254.1 1991- July Foods feeds, and beverages Capital goods except automotive Capital goods except automotive 216.4 1982 1983 1984 General merchandise imports (c.i.f. value) Industrial supplies and materials Industrial supplies and materials Total 2 Trade balance Principal end-use commodity category Principal end-use commodity category Total 4 4 244.0 258.0 330.7 336.5 365.4 406.2 441.0 473.2 495.3 Exports (f.a.s) less imports (customs value) Exports (f.a.s) less imports (c.i.f.) -27.5 -38.4 -64.2 -52.4 - 106.7 -122.4 -117.7 -138.3 -152.1 -118.5 — 109.4 -133.6 -155.1 -170.3 -137.1 -129.4 1 2 Includes Department of Defense Military Assistance Program grant-aid shipments. Includes undocumented exports to Canada through 1988. Total arrivals of imported goods other than intransit shipments. 4 Total includes revisions not reflected in detail. 5 Total exports are on a revised statistical month basis; end-use categories are on a statistical 3 NOTE.—Data shown include trade of the U.S. Virgin Islands. Source: Department of Commerce, Bureau of the Census. 35 U.S. INTERNATIONAL TRANSACTIONS In the second quarter of 1992, the current account deficit rose to $17.8 billion, from $5.9 billion in the first quarter. The merchandise trade deficit rose to $24.4 billion, from $17.2 billion in the first quarter. BILLIONS OF DOLLARS * BILLIONS OF DOLLARS 15 15 COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)] Merchandise J 2 Period Exports 237 044 211 157 201 799 219 926 215 915 223 344 250 208 320 230 361 697 388 705 415 962 1981 1982 .. 1983 1984 1985 1986 1987 1988 1989 1990 1991 . 1990- I n m IV 1991- I n m TV 1992: I r n" 1 2 3 4 Imports 265 067 247 642 268 901 332 418 338 088 368 425 409 765 447 189 477 365 497 558 489*398 Investment income 5 Services Net balance 28 023 36 485 67 102 112 492 122 173 145 081 159 557 126 959 115 668 108 853 73 436 Net military transactions 3 4 844 112 563 9 *»47 4 390 5 181 3 812 a qcj. 6 838 Net travel and transporreceipts 144 992 4 227 8 293 9 709 7 324 6 398 1 370 5 851 17 118 7 ftlft 5 524 Other services, Receipts on U.S. assets abroad Payments on foreign assets 3in Net OH AQC) QC C74. 1 1Q A.^R 1 AC QQ1 26 752 140 692 126 326 33 701 125 315 108 886 OK (\OA 90, 7 9ft 86 529 86 200 85 614 91 110 88 998 transfers, net 4 on current account 16 732 5 632 11 702 17 075 17 741 5030 11 443 6 538 15 847 -13,924 -7,401 -16,777 -7,201 -10,966 -11,778 22 385 -23,978 -22,744 U.S. 32 903 29 788 31 915 30 843 23 235 15 378 10*945 12 466 14 366 1Q 9ft7 16 429 12 552 13 209 14 095 14 277 14 266 18 855 18 400 Balance on goods, services, and income 53 626 56 412 53 700 69 572 67 875 73 620 85 629 25 882 78 212 98 771 123 354 140 421 101 787 75 537 K7 K-t 1 11 710 43 623 20 612 98 824 22 950 121 721 24 176 147 529 23 052 163 474 126 656 24 869 25 606 — 101 143 32 916 90 428 3 682 8028 94 981 96,654 96,544 100,526 122 360 -121,461 -125,434 -128,303 27 379 1 873 -24,807 -1,627 -28,890 -1,692 -27,777 -2,627 2 093 2,073 2,120 3,855 6 984 7,237 7,461 8,051 34,586 35,137 38,821 30 676 -31,386 -30,913 -31,289 4 328 3,'200 4,224 7,532 100 636 103,324 104,151 107,851 118 962 -119,721 -124,325 -126,390 2 564 18 326 - 16,397 -1,427 -994 -20,174 -539 -18,539 3 755 3,929 4,358 5,080 8 164 8,280 8,660 8,596 35 498 31,215 29,904 28,698 28 533 -27,284 -26,828 -26,240 6 965 3,931 3,076 2,458 2 006 -1,684 -5,075 -2,945 14 199 4,115 -6,012 -4,273 12 193 2,431 -11,087 -7,218 107,946 107,580 -125,168 -131,998 -17,222 -24,418 4,401 4,568 10,067 9,045 28,499 28,078 -24,025 -26,701 4,474 1,377 1,096 - 10,069 -6,999 -7,719 -5,903 -17,788 -625 -641 Excludes military. Adjusted from Census data for differences in timing and coverage. Quarterly data are not seasonally adjusted. Includes transfers of goods and services under U.S. military grant programs. 36 5 Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the United States are excluded from investment income and included in other services, net. See p. 37 for continuation of table. U.S. INTERNATIONAL TRANSACTIONS—Continued In the capital accounts, U.S. claims on foreigners reported by U.S. banks decreased $12.6 billion in the second quarter of 1992, following a decrease of $15.9 billion in the first quarter. U.S. liabilities to private foreigners reported by U.S. banks, excluding Treasury securities, decreased $5.1 billion in the second quarter, following a decrease of $4.5 billion in the first quarter. BILLIONS OF DOLLARS* BILLIONS OF DOLLARS* FOREIGN ASSETS IN THE U.S., NET ' \ ; -40 1983 COUNCIL OF ECONOMIC ADVtSERS [Millions of dollars; quarterly data seasonally adjusted, except as noted] Foreign assets in the U.S., net [increase/capital inflow (+)] 3 U.S. assets abroad, net [increase/capital outflow (— )] Period Total U.S. official reserve assets 3 6 1981 1982 1983 -5,175 -114,147 4,965 -122,335 -1,196 -58,856 1984 3 131 -29,224 1985 .. . . -34,069 -3,858 1986 312 -91,069 1987 9,149 -62,402 1988 3912 -92,708 1989 -114,9441 — 25,293 1990 2 158 -56,321 1991 5,763 -62,220 -3,177 1990: I 42,141 n 371 -30,682 ni 1,739 -30,964 IV -1,091 -36,816 1991: I II Other U.S. Government assets U.S. private assets Total Foreign official assets Other foreign assets Statistical discrepancy Allocations of special drawing rights (SDKs) Total (sum of the items with sign reversed) Of which: Seasonal adjustment discrepancy U.S. official reserve assets, net 6 (unadjusted, end of period) 30,074 33,958 33,747 34,934 43,186 48,511 45,798 47,802 74,609 83,316 77,719 24,992 41,359 19,099 26,038 24,825 15,407 -4,096 -126 2,394 47,370 1 078 -5,097 -103,875 6 131 -111,239 -5,006 -52,654 — 5489 -20,605 -2,821 -27,391 2 022 -89,360 1,006 -72,556 2,967 -91,762 90922 1,271 -56,467 2,304 71 379 3,397 83,032 92,418 83,380 102,010 130,966 223,191 229,972 219,489 213,693 99,379 66,980 4,960 3,593 5,845 3,140 -1,119 35,648 45,387 39,758 8,489 33,908 18,407 78,072 88,826 77,534 98,870 132,084 187,543 184,585 179.731 205,204 65,471 48,573 743 -794 337 4,179 46,061 30259 -32,366 39903 -30,965 30,853 51,386 48,108 -6,450 6,134 14,097 20,127 -24,515 24,719 37,289 27,981 11,209 21,154 3,556 11,452 4,489 518 -5,605 600 76,303 77,298 80,024 83,316 1,093 m .... -640 -7,050 -10,368 -44,158 -353 1,014 3,877 1,225 1,073 -420 3,180 -437 1 360 -7,644 17 426 -44,947 7 840 2,959 22,933 48,929 5,650 -4,178 4,115 12,819 -13,490 7,137 18,818 36,110 -3,713 1,660 -1,478 2,447 4,636 883 -6,137 613 78,002 74,940 74,731 77,719 II".... -4,250 -5,732 -1,057 1,464 -38 209 3 155 -6,987 18,563 43,087 21,192 21,071 -2,629 22,016 -8,410 -19,567 4,023 343 74,657 77,092 IV 1992: I ' 6 Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve position in the IMF. Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury. 37 Contents TOTAL OUTPUT, INCOME, AND SPENDING p^ Gross Domestic Product Gross Domestic Product in 1987 Dollars Implicit Price Deflators for Gross Domestic Product Changes in GDP, Personal Consumption Expenditures, and Related Implicit Price Deflators and Price Indexes Nonfinancial Corporate Business—Output, Costs, and Profits National Income Personal Consumption Expenditures in 1987 Dollars Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment in 1987 Dollars Expenditures for New Plant and Equipment 1 2 2 3 3 4 4 5 6 7 8 9 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force Selected Unemployment Rates Selected Measures of Unemployment and Unemployment Insurance Programs Nonagricultural Employment Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries Employment Cost Index—Private Industry Productivity and Related Data, Business Sector 11 12 13 14 15 15 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial Production—Major Market Groups and Selected Manufactures New Construction New Private Housing and Vacancy Rates Business Sales and Inventories—Manufacturing and Trade Manufacturers' Shipments, Inventories, and Orders 17 18 19 19 20 21 PRICES Producer Prices Consumer Prices—All Urban Consumers Changes in Producer Prices for Finished Goods Changes in Consumer Prices—All Urban Consumers Prices Received and Paid by Farmers 22 23 24 24 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock, Liquid Assets, and Debt Measures Components of Money Stock and Liquid Assets Aggregate Reserves and Monetary Base Bank Loans and Securities Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business Consumer Installment Credit Interest Rates and Bond Yields Common Stock Prices and Yields 26 27 27 28 29 29 30 31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt Federal Receipts by Source and Outlays by Function Federal Sector, National Income Accounts Basis 32 33 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries U.S. Merchandise Exports and Imports U.S. International Transactions 35 35 36 General Notes Detail in these tables may not add to totals because of rounding. Unless otherwise noted, all dollar figures are in current dollars. Symbols used: p Preliminary. r Revised. c Corrected. ... Not available (also, not applicable). NSA not seasonally adjusted. For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, B.C. 20402. Price $2.75 (single copy) ($3.44 foreign). Subscription price: $30.00 per year; $37.50 for foreign mailing. 38 U.S. GOVERNMENT PRINTING OFFICE : 1992 0—59-545