Farm Income

Name: Farm Income
Creator: FRASER
Keywords: Economic Data, Economic indicators, Economic conditions, United States

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The following is plain-text output generated by Optical Character Recognition. 102d Congress 2d Session Economic Indicators MARCH 1992 Includes data available as of March Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON 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 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 50 a single copy 3 13 foreign or by subscription at 28 00 per year 35 00 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 TOTAL OUTPUT INCOME AND SPENDING GROSS DOMESTIC PRODUCT In the fourth quarter of 1991 according to revised estimates current dollar gross domestic product GDP rose 2 2 percent annual rate or 30 5 billion Real GDP GDP in 1987 dollars rose 0 4 percent and the implicit price deflator rose 1 7 percent BILUONS OF DOLLARS RATIO SCALE BIIUONS OF DOUARS RATIO SCALE SEASONALLY ADJUSTED ANNUM RATES Xl r J f GDP IN 1 987 DOLLARS r x X s X i I I GDP IN CURRENT DOlLARS X i i i 1985 I I I 1986 I I i I I i i i SOURCE DEPARTMENT OF COMMERCE t COUNCIL OF ECONOMIC ADVISERS Billions of current dollars quarterly data at seasonally adjusted annual rates Gross private domestic investment IV IV IV IV IV IV IV IV I II Ill IV I II Ill IV Period Federal Net exports Gross domestic purchases 2 Addendum Gross national product 3 Total National defense Nondefense State and local Exports Imports New definition Excludes receipts and payments of factor income from or to rest of the world GDP less exports of goods and services plus imports of iroods and services Final sales of domestic product Government purchases Exports and imports of goods and services Personal consumption expenditures Gross domestic product Total 3 GDP plus net receipts of factor income from rest of the world source Department of Commerce Bureau of rjconomic Analysis GROSS DOMESTIC PRODUCT IN 1987 DOLLARS Billions of 1987 dollars quarterly data at seasonally adjusted annual rates Gross private domestic investment Exports and imports of goods and services Government purchases Personal Gross domestic product sumption expenditures IV IV IV IV IV IV IV IV I II III IV Period I II Ill IV Final sales of domestic product Federal Nonresidential fixed investment Residential fixed investment Change in business inventories State and local Gross domestic purchases 2 Addendum Gross national product 3 Exports Imports Total Net exports Total Nondefense National defense 3 GDP plus net receipts of factor income from rest of the world Source Department of Commerce Bureau of Economic Analysis New definition Excludes receipts and payments of factor income from or to rest of the world GDP less exports of goods and services plus imports of goods and services IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT quarterly data are seasonally adjusted Period Gross domestic product Personal consumption expenditures Gross private domestic investment Durable goods Residential fixed Government purchases Exports and imports of goods and services Federal Total Nondurable goods Services Nonresidential fixed Exports Imports Total National defense Nondefense State and local IV IV IV IV IV IV IV IV I II III IV I II III IV T 1 New definition Excludes receipts and payments of factor income from or to rest of the world 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 period quarterly data at seasonally adjusted annual rates Gross domestic product Period Constant 1987 dollars Current dollars Implicit price deflator Personal consumption expenditures Fixedweighted price index Constant 1987 dollars Current dollars 1987 Implicit price deflator weights III IV I II III IV I II III IV I II III IV I II Ill IV r Fixedweighted price index 1987 weights NOTE Annual changes are from preceding year and quarterly changes are from preceding quarer Source Department of Commerce Bureau of Economic Analysis NONFINANCIAL CORPORATE BUSINESS OUTPUT COSTS AND PROFITS Quarterly data at seasonally adjusted annual rates Gross domestic product of nonfinancial corporate business billions of dollars Period Current dollars 1987 dollars Current dollar cost and profit per unit of output dollars Total cost and profit 2 Consumption of fixed capital Indirect business taxes 3 Compensation of employees Net Corporate profits with inventory valuation and capital consumption adjustments interest Profits Total tax liability IV 1983 IV IV 1985 IV 1986 IV 1987 IV IV IV I II III IV 1991 I II Ill IV Output is measured by gross domestic product of nonfinancial corporate business in 1987 do lurs 2 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 4 Compensation per hour of all employees dollars tax Profits after 4 Output per hour of all employees 1987 dollars Indirect business tax and nontax liability plus business transfer payments less subsidies 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 IV IV IV IV IV IV IV IV I II Ill IV 1991 I II Ill IV Rental income of persons with capital consumption adjustment Nonfarm 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 Profits before tax Inventory valuation adjustment Total Capital consumption adjustment Net interest Source Department of Commerce Bureau of Economic Analysis PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS Billions of 1987 dollars except as noted quarterly data at seasonally adjusted annual rates Durable goods Period r IV IV IV IV IV IV IV 1989 IV 1990 I II Ill IV 1991 I II Ill r IV 1 Total personal consumption expendi Total durable goods Motor vehicles and parts Includes other items not shown separately Furniture and household equipment Other Total nondurable goods l Food Clothing and shoes Gasoline and oil Retail sales of new passenger cars millions of units Sen ices Nondurable goods Fuel oil and coat A Other Total services Housing Medical care Domestics Source Department of Commerce Bureau of Economic Analysis Imports SOURCES OF PERSONAL INCOME Personal income rose 54 3 billion annual rate in February after falling 7 5 billion in January The changes were affected by several special factors The February change was boosted by farm subsidy payments and by a speedup of life insurance dividends to veterans included in transfer payments The January change was reduced by a decrease in farm subsidy payments and by December bonus payments to motor vehicle industry employees The January change was boosted by cost of living adjustments to several Federal transfer payment programs an increase in unemployment insurance benefit payments and a pay raise for Federal Government employees Excluding these special factors personal income increased 42 5 billion in February the effects of these factors on the January change were offsetting BILLIONS Of DOLLARS RATIO SCALE 5 000 BILLIONS OF DOLLARS RATIO SCALE WAGE AND SALARY DISBURSEMENTS OTHER INCOME TRANSFER PAYMENTS i i i i it i i i i i 1984 I I1 M III i iI 1986 i i i i i I 11 i i i I I 1 i i I I I II I IIIIII IM I SOURCE DEPARTMENT OF COMMERCE 1992 COUNCIL OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates Period Feb Mar May July Sept Oct Nov Dec Jan Feb personal income T o Wage and salary disbursements l 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 Less Proprietors income 3 Other labor income l z Farm Nonfarm income of persons dividend income interest income payments contributions for social insurance personal income 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 fourth quarter of 1991 BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE DOLLARS RATIOSCALE DOLLARS RATIO SCALE COUNCIL Of ECONOMIC ADVISERS Period Personal Less Personal tax and nontax payments p i Disposable income Less Persona outlays 1 Equals Personal saving Disposable personal income in 1987 dollars billions Per capita disposable personal income Current dollars Billions of dollars r I Current dollars 1987 dollars Percent change in real per capita disposable personal income Saving as percent of disposable personal income Population including Armed Forces abroad thousands 2 Percent Dollars dollars Per capita personal consumption expenditures Q Q7K 0 0 i tj Seasonally adjusted annual rates IV IV IV IV IV IV IV IV I II III IV 1991 I II III IV Includes personal consumption expenditures interest paid by persons an i personal transfer payments to rest of the world net 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 third quarter of 1991 according to current estimates gross farm income rose 0 6 billion annual rate and net farm income rose 4 3 billion BILLIONS OF DOLLARS RATIO SCALE 240 BILLIONS OF DOLLARS RATIO SCALE v r l f GRO 55 FARM INC DME A i V i i v i l ff 1 V i i i J l N N X V V A s NET FARM INCOME 20 i i i i ii i u i i i i i i i SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF AGRICULTURE 1 1 I 1991 COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Income of farm operators from farming Gross farm income Period Cash marketing receipts Total I II Ill IV 1991 I II III Total Livestock and products Crops Cash marketing receipts and inventory changes plus Government payments other farm cash income and nonmoney income furnished by farms 2 Physical changes in end of year inventory of crop and livestock commodities valued at average prices during the year Net farm income 3 Production expenses Value of inventory changes a Current dollars dollars 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 r CORPORATE PROFITS In the fourth quarter of 1991 according to preliminary estimates corporate profits before tax fell 1 0 billion annual rate and profits after tax rose 0 7 billion BILUCDNS OF DOLLARS BILUONS OF DC 1ARS SEASONALLY ADJUSTED ANNUAL RATES r Vq N l PROFITS BEFORE TAX V 200 f J P iOFITS AFTER TAX f s s y T A X L ABILITY ISTRIBUTED P t i i i I I SOURCE DEPARTME NT OF COMMERCE I COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Profits before tax with inventory valuation adjustment J Profits after tax Domestic industries Period Total IV IV IV IV IV IV IV IV I II III IV 1991 I II III IV 1 2 Profits before tax Nonfinancial Total Financial Total Sec p 4 for profits with inventory valuation and capita consumption adjustments Includes rest of the world not shown separately Manufacturing liability Tax Wholesale and retail trade Total Dividends Undistributed profits Includes industries not shown separately Source Department of Commerce Bureau of Economic Analysis Inventory valuation adjustment r 7 GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS According to revised estimates for the fourth quarter of 1991 nonresidential fixed investment in 1987 dollars fell 4 4 billion annual rate and residential investment rose 5 2 billion There was a 7 6 billion rise in inventories following an increase of 0 1 billion in the third quarter BILLIONS OF 1987 DOLLARS BILLIONS OF 1987 DOLLARS SEASONALLY ADJUSTED ANNUAL RATES GROSS PRIVATE DOMESTIC INVESTMENT 600 v NONRESIDENTIAL FIXED INVESTMENT RESIDENTIAL FIXED INVESTMENT CHANGE IN BUSINESS INVENTORIES COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of 1987 dollars quarterly data at seasonally adjusted annual rates Change in business inventories Fixed investment Period Gross private domestic investment Nonresidential Total Total Structures Producers durable equipment Residential Total Nonfarm IV IV IV IV IV IV IV IV I II III IV I II III IV Source Department of Commerce Bureau of Economic Analysis EXPENDITURES FOR NEW PLANT AND EQUIPMENT According to the Commerce Department October November 1991 survey business spending for new plant and equipment is expected to rise 5 4 percent in 1992 following an expected decline of 0 5 percent in 1991 BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE SEASONALLY ADJUSTED ANNUAL RATES f LL INDUSTRIES NONAAANUFACTUF INGi f s C N ANUFACTUR NG s l SURVEYED QUARTERLY SEE FOOTNOTE A BELOW SOURCE DEPARTMENT OF COMMERCE ll COUNCIL OF ECONOMIC ADVISERS Billion 1 of dollars quarterly data at seasonally adjusted annual rates Addenda Industries surveyed quarterly Nonmanufacturing Manufacturing Period Ail industries Total Durable goods Nondurable goods Total Mining Transportation Public utilities Commercial and other Total nonfarm business 2 Nonmanufacturing Manufacturing Total Surveyed quarterly H I II Ill IV Iy I II Ill IV4 Surveyed annual I4 II4 1 Excludes forestry fisheries and agricultural services medical services professional services social services and membership organizations and real estate which effective with the April May 15 84 survey are no longer surveyed quarterly See last column nonmanufaeturing surveyed annually for data for these industries 2 All industries plus the part of nonmanufucturing that is surveyed annually 10 Consists of forestry fisheries and agricultural services medical services professional services social services and membership organizations and real estate 4 Planned capital expenditures as reported by business in October November 1991 corrected for biases Source Department of Commerce Burea EMPLOYMENT UNEMPLOYMENT AND WAGES In February civilian employment fell 74 000 and unemployment rose MILLIONS OF PERSONS 130 MILLIONS OF PERSONS 130 SEASONALLY ADJUSTED CIVILIAN LABOR FORCE CIVILIAN EMPLOYMENT UNEMPLOYME tT M Ill Ill I i I i 1I I II I I II I II I1 1988 l I I I I i I I II 1989 1 i nII 1991 I I II 1992 AGE AND OVER RTMENT OF LABC COUNCIL Of ECONOMIC ADVISERS Thousands of persons 16 years of age and over except as noted monthly data seasonally adjusted except as noted by NSA Period Eesident Armed Forces NSA Labor force including resident Armed Forces Feb Mar Apr May June July Aug Sept Oct Nov Dec 1992 Jan Feb Employment including resident Armed Forces Nonagricultural Civilian labor force Civilian Labor force participation rate per 2 cent Employment population ratio percent 2 Total 15 weeks and over Agricultural Total 1 Persons at work Economic reasons include slack work material shortages inability to find fulltime work etc 2 Civilian labor force or employment as percent of civilian noninstitutional population Unemployment Civilian employment Noninstitutional population including resident Armed Forces NSA Total Part time for economic reasons Data beginning January 1986 not strictly comparable ith earlier data because of change in estimation procedures Source Department of Labor Bureau of Labor Statistics 11 SELECTED UNEMPLOYMENT RATES In February the civilian unemployment rate rose to 7 3 percent the overall unemployment rate rose to 7 2 percent PERCENT SEASONALLY ADJUSTED PERCENT SEASONALLY ADJUSTED ALL CIVILIAN WORKERS MACK AND OTHER WHITE M I I I I M I II 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 nemployment rate all workers Period Men 20 years and over Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Women 20 years and over Both sexes 16 19 years White Black and other Black Experienced wage and salary workers Married men spouse present Women who maintain families Fulltime workers Parttime workers Labor force time lost percent Unemployed as percent of total labor force including resident Armed Forces 2 Aggrpgate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours 12 By selected groups By race By sex and age All civilian workers 6 5 Source Department of Labor Bureau of Labor Statistics SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In February the percentage of the unemployed who had been out of work for less than 5 weeks fell the percentages for 5 14 weeks and for 27 weeks and over rose and the percentage for 15 26 weeks was unchanged The mean duration of unemployment rose to 17 0 weeks and the median rose to 8 2 weeks PERCENT DISTRIBUTION 70 PERCENT DISTRIBUTION 70 DURATION OF UNEMPLOYMENT LESS THAN 5 WEEKS WEEKS A COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted except as noted Reason for unemployment percent distribution Duration of unemployment Period Unemployment thousands Percent distribution Less than 5 weeks 5 14 weeks 15 26 weeks State programs Number of weeks 27 weeks and over Average mean Median Job losers Job leavers Reentrants New entrants Insured unemployment Initial claims Insured unemployment all regular programs unadjusted Weekly average thousands Feb Mar May J July Sept Oct Nov Dec 1992 Jan Feb 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 r 3 565 r Source Department of Labor Bureau of Labor Statistics and Fjmployment and Training Administration 13 NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey rose 164 000 in February MILLIONS OF PERSONS ENLARGED SCALE MILLIONS OF PERSONS ALL NONAGRICULTURAL ESTABLISHMENTS 26 SERVICES RETAIL TRADE SERVICE PRODUCING INDUSTRIES 20 XO MANUFACTURING A GOODS PRODUCING INDUSTRIES 30 CONSTRUCTION SEASONALLY ADJUSTED SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Thousands of wage and salary workers seasonally adjusted Service producing industries Goods producing industries Penod Total nonagricultural employment Manufacturing Total 2 Construction Total Durable goo s Nondurable goods Total Transportation and public utilities Wholesale trade Retail trade Government Finance insurance and real estate Services Total Federal X X Feb Mar Apr May June July Aug Sept Oct Nov Decr Jan r Febp 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 nonagricultural employment of the civilian labor force shown on p 11 which include proprietors self employed persons and domestic servants which count persons as employed when they are not at work because of industrial disputes bad 14 weather etc even if they are not paid for the time off and which are based on a sample of the working age population whereas the estimates in this table are based on reports from employing establishments 2 Includes mining not shown separately 8amx Department of L BunHU of Labor Statistics AVERAGE WEEKLY HOURS HOURLY EARNINGS AND WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted except as noted Average gross hourly earnings Average weekly hours Manufacturing Total private nonagricultural 1 Period Total Average gross weekly earnings Total private nonagricultural Overtime Current dollars Total private nonagricultural 1 1982 dollars z Manufacturing Current dollars Percent change from a year earlier total private nonagricultural 3 Current dollars 1982 dollars 2 Construction Manufacturing Retail trade 1982 Current dollars dollars Feb Mar May July Sept Oct Nov Dec Jan Feb Also includes other private industry groups shown on p 14 Current dollar earnings divided by the consumer price index for urban wage earners and clerical workers on a base Based on seasonally unadjusted data Source Department of Labor Bureau of Labor Statistics EMPLOYMENT COST INDEX PRIVATE INDUSTRY Percent change from Index June months earlier 3 months earlier Period Total compensation Wages and salaries Benefits Total compensation Wages and salaries Benefits Total compensation Wages and salaries Benefits 1 Not seasonally adjusted Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Sept Dec 1990 Mar Sept Dec 1991 Mar Sept Dec 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 Not seasonally adjusted SeasonalJy adjusted 1988 Sept Dec 1989 Mar Data exclude farm and household workers Source Department of Labor Bureau of Labor Statistic 15 PRODUCTIVITY AND RELATED DATA BUSINESS SECTOR Output per hour of all persons Period Output 1 Hours of all persons z Nonfarm business sector Compensation per hour 3 Real compensation per hour 4 Business sector Nonfarm business sector Nonfarm business sector Business sector Nonfarm business sector Business sector Business sector Nonfarm business sector Business sector Nonfarm business sector Business sector Implicit price deflator Business sector Unit labor costs Nonfarm business sector quarterly data seasonally adjusted r IV IV IV IV IV IV IV 1989 I II m IV 1990 I n m IV 1991 I n m IV r r r r T Percent change quarterly data at seasonally adjusted annual rates r I II Ill IV r r r r A r 4 1 r 1 3 r 2 6 r r r I II Ill IV I II Ill IV r D J 1 Output refers to gross domestic product originating in the sector in 1987 dollars Hours of all persons engaged in the sector including hours of proprietors and unpaid family workers Estimates based primarily on establishment data 3 Wages and salaries of employees plus employers contributions for social insurance and private benefit plans Also includes an estimate of wages salaries and supplemental payments for the selfemployed 4 Hourly compensation divided by the consumer price index for all urban consumers 5 Current dollar gross domestic product divided bv constant dollar gross domestic product 2 NOTE Data relate to all persons engaged in the sector 16 j 3 4 8 r 7 r r r l l 4 0 r 1 0 r 3 r 6 r r2 0 o 4 r r l 9 r r r Percent changes are from preceding period and are based on original data they therefore may differ slightly from percent changes based on indexes shown here Data reflect the recent comprehensive benchmark revision of the national income and product accounts by the Department of Commerce Bureau of Economic Analysis BEA BEA data for output and compensation for 1991 incorporate benchmarking to unemployment insurance UI records However the detailed UI information needed by the Bureau of Labor Statistics to measure employment and hours for 1990 and 1991 is not yet available Therefore movements in measures based on hours of labor input should be interpreted with caution for 1990 and 1991 Source Department of Labor Bureau of Labor Statistics PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production and capacity utilization rose in February INDEX RATIO SCALE INDEX RATIO SCALE TOTAL INDUSTRIAL PRODUCTION x r y v I I l l l l l l l l l l I l l l l l l l l l l 1 1 n 1 1 n FINAL PRODUCTS M 1 1 i 1 1 1 ll M M y r V V i BUSINESS EQUIPMEI T N f S CONSUME R GOODS DEFENSE ANDSPArF EQUIPMENT niiilinii 115 UTILITIES I A V I v A C i V vA7 v V M Illllllllll i 1 1 1 ll 1 N i t Y UTILIZAT TOTAL 1NDUSTRY UTILITIES AND MINING i V MINING 1 1 M 1 It r v vyv M V A niiilinii it niiilinii 1988 r ll i 1 II ill n COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted Period Index Capacity utilization rate percent Industry production indexes Total industrial production Manufacturing Percent change from year earlier Mining Durable Total Utilities Nondurable Total industry Manufacturing Nov r Dec r Jan r Feb Feb Mar Apr May July Sept Oct Output as percent of capacity Source Board of Governors of the Federal Reserve System 17 INDUSTRIAL PRODUCTION MAJOR MARKET GROUPS AND SELECTED MANUFACTURES monthly data seasonally adjusted Materials Products Intermediate products Final products Equipment Consumer goods Period Total Total Durable goods Nondurable goods Total 1 Business Defense and space equipment Total Construction supplies Business supplies Total Energy Sept Oct Nov Dec r Jan Feb p Feb Mar May f July 1 Includes oil and gas well drilling and manufactured homes not shown separately monthly data seasonally adjusted Nondurable manufactures Durable manufactures Transportation equipment Primary metals Period Total Iron and steel Fabricated metal products Nonelectrical machinery Electrical machinery Total Motor vehicles and parts Lumber and products Apparel products Printing and publishing Chemicals and products Foods Feb Mar May July Sept Oct Nov Dec 1992 Jan Feb Source Board of Governors of the Federal Reserve System 18 NEW CONSTRUCTION Monthly data seasonally adjusted Construction contracts 3 Private Total new construction expenditures Period Residential Total New housing units Total Commercial and industrial z Other Federal State and local Total value index Commercial and industrial floor space millions of square feet Billions of dollars Annual rates Annual rates r r r r Jan Feb Mar May July Sept Oct Nov Dec Jan Feb p Includes residential improvements not shown separately Includes hotels and motels F W Dodge series r Sources Department of Commerce Bureau of the Census and McGraw Hill Information Systems Company F W Dodge Division 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 r unit units 5 or more units Units authorized Units completed Homes sold Homes for sale at end of period r Vacancy rate for rental housing units percent z Seasonally adjusted annual rates 1991 Jan Feb Mar May July Sept Oct Nov Dec 1992 Jan Feb p Seasonally adjusted 2 Quarterly data entered in 1 st month of quarter Series beginning 1989 not comparable with earlier data r l 188 r r l r l r r NOTE Beginning 1984 units authorized are for 17 000 permit issuing places for 1978 83 data re for 16 000 places Seasonally adjusted housing completions revised beginning 1989 Source Department of Commerce Bureau of the Census 19 BUSINESS SALES AND INVENTORIES Manufacturing and Trade In January manufacturing and trade sales rose 0 7 percent and inventories fell 3 6 billion In February according to advance data retail sales rose 1 3 percent following a rise of 2 1 percent in January BILLIONS OF DOLLARS RATIO SCALE BILLIONS Of DOLLARS RATIO SCALE MANUFACTURING AND TRADE INVENTORIES 600 v MANUFACTURING AND TRADE SALES RETAIL SALES LI I IIIHl mull Illllllllll RATIO 1 80 INVENTORY SALES RATIO s V J V x M i l l i 1 1 1 t l It 1 1 1 In MANUFACTURING v v f COUNCIL OF ECONOMIC ADVISERS Manufacturing and trade Wholesale Sales Inventories 3 Inventories 3 Sales 2 Period 2 Inventory sales ratio 4 Eetail Sales Inventories 3 Total Durable goods stores Nondurable goods stores Total Durable goods stores Nondurable goods stores Manufacturing and trade 1 Retail Millions of dollars seasonally adjusted Jan r Feb Mar Apr May June July Aue Sept Oct Nov Dec r 1992 Jan Feb r See page 21 for manufacturing Monthly average for year and total for month End of period 20 r r r r r Annual data are averages of seasonally adjusted monthly ratios Source Department of Commerce Bureau of the Census MANUFACTURERS SHIPMENTS INVENTORIES AND ORDERS In January manufacturers shipments and new orders rose while inventories and unfilled orders fell In February according to advance estimates durable goods shipments rose and new orders fell BILLIONS OF DOLLARS RATIO SCALE 280 SHIPMENTS BILLIONS OF DOLLARS RATIO SCALE TOTAL DURABLE GOODS T TA DURABLE GOODS NONDURABLE GOODS NC5NDURABLE 30ODS ii i nl ii i iill 80 BILLIONS OF DOLLARS RATIO SCALE 280 NEW ORDERS m TOTAL 160 Illllllllll DURABLE GOODS RATIO 2 20 INVENTORY SHIPMENTS RATIO NONDURABLE GOODS S iiiiiliiiii COUNCil OF ECONOMIC ADVISERS Manufacturers shipments l Manufacturers new orders 1 Manufacturers inventories2 Durable goods Period Total Durable goods Nondurable goods Total Durable goods Nondurable goods Total Total Capital goods industries non defense Nondurable goods Manufacturers unfilled orders 2 Manufacturers tory shipments ratio 3 Millions of dollars seasonally adjusted Jan Feb Mar May July Sept Oct Nov Dec 1992 Jan r Feb c Monthly average for year and total for month Shipments are the same a 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 February the producer price index for all finished goods rose 0 2 percent Prices of finished consumer foods rose 1 1 percent and prices of other finished consumer goods rose 0 1 percent Capital equipment prices were unchanged INDEX RATIO SCALE INDEX RATIO SCALE FINISHED GOODS PRICES SEASONALLY ADJUSTED r CONSUMER FOODS k J CAPITAL EQUIPMENT f N r T i J X r i X s V s v 1F v X V s 7 r f s TV Vx TOTAL x j 1 1 1 M l llll1lllll l l l l l 1 l l l ll l i il i1 i i i ii I EXCLUDING FOODS SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS monthly data seasonally adjusted Period Total finished goods Consumer foods Nondurable Capital equipment Total finished consumer goods Consumer goods Total Total Feb Mar May July Sept Oct r Nov Dec 1992 Jan Feb Intermediate materials for food manufacturing and feeds 22 Durable Crude materials Intermediate materials Finished goods Finished goods excluding consumer foods Total Foods and feeds Foodstuffs Other Total and Other stuffs Source Department of Labor Bureau of Labor Statistics CONSUMER PRICES ALL URBAN CONSUMERS In February the consumer price index for all urban consumers rose 0 3 percent seasonally adjusted it rose 0 4 percent not seasonally adjusted The index was 2 8 percent above its year earlier level INDEX RATIO SCALE 150 INDEX RATIO SCALE 150 SEASONALLY ADJUSTED 130 CONSUMER PRICES ALL ITEMS I 1 M 1 IM COUNCIL OF ECONOMIC ADVtSERS except as noted monthly data seasonally adjusted except as noted All items Transportation Housing Shelter Not Period seasonally adjust ed NSA Rel imp Feb Mar Apr May June July Aug Sept Oct Nov Dec 1992 Feb Season Rent Food ers Total l ally adjust Total ed costs All Fuel Home owners costs Maintenance and Medi Appar and el and other utilities upkeep Total 1 New ears Motor fuel cal care Ener gy 2 items less food and Dec Dec repairs energy NSA 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 costs and therefore are not strictly comparable with figures for earlier periods Data beginning 1987 and 1988 calculated on a revised basis Source Department of Labor Bureau of Labor Statistics 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS Percent change from preceding period monthly data seasonally adjusted except as noted by NSA Change from preceding period Period Change from 3 months earlier annual rate Change from 6 months earlier annual rate Consumer goods Consumer goods Consumer goods Total finished goods Capital equipment Excluding foods Foods Total finished goods Capital equipment Excluding foods Foods Total finished Capital equipment Excluding foods Foods goods Change from year earlier total finished goods NSA Change Dec to Dec NSA g Change month to month 1991 Feb May July Sept Oct Nov Dec Feb Jan j Mar Q Source Department of Labor Bureau of Labor Statistics CHANGES IN CONSUMER PRICES ALL URBAN CONSUMERS Percent change from preceding period monthly data seasonally adjusted except as noted by NSA Housing Transportation Shelter Period All items Food Total1 Total 1 Renters costs Homeowners costs Fuel and other utilities Apparel and upkeep Total New cars 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 Cha nge month to month 1991 Feb Mar Apr May June July Aug Sept Oct Nov Dec 1992 Jan Feb 9 1 i Includes items not shown separately 2 Household fuels gas piped electricity fuel oil etc and motor fuel Motor oil coolant etc also included through Q Q Quarterly changes are shown in the last month of the quarter Source Department of Labor Bureau of Labor Statistics PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers in March rose 0 7 percent from their February level Prices paid by farmers in January were 0 5 percent below their October level Data are not seasonally adjusted INDEX RATIO SCALE INDEX RATIO SCALE r T PRICES PAID x S V f A J l y 120 PRICES RECEIVE D I 1 II 1 II 1 1 t 1 1 1 El I I I i I I I i i i II I M M t M I I I I I 1 I I I II I RA TIOJ 140 RATKDi RATIO p M I M I M M 1 M Y M I COUNCIL OF ECONOMIC ADVISERS not seasonally adjusted Prices paid by farmers Prices received by farmers Period All farm products Livestock and products Crops All commodities services interest taxes and wage rates Production items interest taxes and wage rates Production items Ratio Oct Nov Dec Jan Feb Mar Mar Anr May June July Sept r Includes items not shown separately Percentage ratio of index of prices received by farmers to index of prices paid interest taxes and wage rates See also footnote 3 3 Beginning March 1986 prices paid by fanners are available only for first month in quarter and for each month the received paid ratio is based on latest data available 2 r NOTE The official indexes are published on a 1910 14 base as required by law The indexes have been converted to a base to facilitate comparison with other indexes Source Department of Agriculture 25 MONEY CREDIT AND SECURITY MARKETS MONEY STOCK LIQUID ASSETS AND DEBT MEASURES Growth in M2 and M3 accelerated in February BILLIONS OF DOLLARS RATIO SCALE 4 800 BILLIONS OF DOLLARS RATIO SCALE 4 800 COUNCIL OF ECONOMIC ADVISERS Averages of daily figures except as noted billions of dollars seasonally adjusted Percent change from year or 6 months earlier 2 Ml M2 M3 Sum of currency demand deposits travelers checks and other checkable deposits OCDs Ml plus overnight RPs and Eurodollars MMMF balances general purpose and broker dealer MMDAs and savings and small time deposits M2 plus large time deposits term RPs term Eurodollars and institution only MMMF balances M3 plus other liquid assets Dec Dec Dec Dec Dec Dec Dec Dec Dec r Dec r 5 963 3 r r Feb r Mar i Period May r July Sept r Oct Nov Dec 1992 Jan Feb 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 z Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate 26 L Debt Debt of domestic nonfinancial 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 Overnight repurchase agreeOther ments check RPs able net deposplus its over OCDs night Eurodollars Money market mutual fund balances 2 Savings deposits including money market deposit accounts MMDAs Institution only Small denomination time deposits 3 Large denomination time deposits 3 NSA Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Feb Mar May July Sept Oct Nov Dec 1992 Jan Feb r 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 and more than respectively z Term repurchase agreements CRPs Term Eurodollars net NSA General purpose and broker dealer NSA Shortterm Treasury securities Savings bonds Bankers acceptances Commercial paper NOTE Travelers checks of nonbank issuers are a component of money stock but are not shown here Data for 1982 89 reflect annual benchmark and seasonal adjustment revisions that were not available for the February issue of Economic Indicators Source Board of Governors of the Federal Reserve System AGGREGATE RESERVES AND MONETARY BASE LAverages 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 Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Feb Mar F r July Sept Oct Nov Dec Jan Feb c Data arc prorated averages of biweekly maintenance period averages of daily figures Monetary base data have been revised Revised data prior to 1991 are not yet available Nonborrowed Nonborrowed plus extended credit Monetary base Required r Total r Seasonal Extended credit Source Board of Governors of the Federal Reserve System 27 BANK LOANS AND SECURITIES Total commercial bank loans and leases fell 0 2 percent in February commercial and industrial loans fell 0 9 percent BILLIONS OF DOLLARS RATIO SCALE 3 200 BILLIONS OF DOLLARS RATIO SCALE 3 200 ALL COMMERCIAL BANKS LOANS AND LEASES U S GOVERNMENT SECURITIES OTHER SECURITIES i i iii Iii i ii l l l l l I l l l ll 1986 I l l l l I I I I I I I I II I I COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted Ail commercial banks Loans and leases Period Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Feb Mar Apr May June July Aug Sept Oct Nov Dec 1992 Jan Feb Total loans and securities 2 U S Government securities Other securities Total Commercial and industrial Individual r r Data are prorated averages of Wednesday figures for domestically chartered banks and averages of month end data for foreign related institutions Data beginning January 1984 are not strictly comparable with data for earlier periods largely because beginning January 1984 certain obligations of States and political subdivisions are included in loans rather than in other securities 28 Security Eeal estate Nonbank financial institutions State Agricultural and political subdivisions Foreign banks Excludes loans to commercial banks in the United States Source Board of Governors of the Federal Reserve System Foreign official institutions Lease financing receivables r Other 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 Credit market funds l Securities and mortgages Total Total Loans and short term paper Total Other nr ni r IV 1990 I r 11 T r m IV I rr n m r IV I r r r 1990 r 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 Capital expenditures 3 r Increase in financial assets r r 107 2 r 82 8 r 51 2 r l 1 7 r Discrepancy sources less uses r 24 3 r r 6 2 r 6 4 r 67 5 r r r 505 1 r 477 5 r r r r the U S 3 Plant and equipment residential structures inventory investment and mineral rights from U S Government gource Board of Governors of the Federal Reserve System CONSUMER INSTALLMENT CREDIT Millions of dollars seasonally adjusted Net change in installment credit outstanding Installment credit outstanding end of period Period Total 1982 Dec 1983 Dec Dec Dec Dec Dec Dec 2 Dec Dec Dec r 1991 Feb Mar Apr May i July Sept Oct Nov Dec r 1992 Jan Automobile Revolving c Other Total Automobile Revolving Mobile home Other For vear eiid data change from preceding year end for monthly data change from preceding month 2 Data newly available in January 1989 result in breaks in many series between December 1988 and subsequent months Mobile home 3 Because of breaks in series net change not available Source Board of Governors of the Federal Reserve System 29 INTEREST RATES AND BOND YIELDS Interest rates rose in March PERCENT PER ANNUM PERCENT PER ANNUM 1991 1S92 COUNCIL OF ECONOMIC ADVISERS Percent per annum U S Treasury security yields Period 3 month bills new issues l year 10 year High grade municipal bonds Standard3 Poor s Corporate Aaa bonds Moody s Prime commercial paper 6 months Discount rate N Y F K Bank 4 Prime rate charged by banks New home mortgage yields FHFB May Sept Oct Nov Dec Mar 1992 Jan Peb Mar Week ended 1992 Mar Constant maturities Bank discount basis 2 Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department 3 Weekly data are Wednesday figures 4 Average effective rate for year opening and closing rate for month and week 30 6 Effective rate in the primary market on conventional mortgages reflecting fees and charges as well as contract rate and assumed on the average repayment at end of 10 years Sources Department of the Treasury Board of Governors of the Federal Reserve System Federal Housing Finance Board Moody s Investors Service and Standard Poor s Corporation COMMON STOCK PRICES AND YIELDS Stock prices fell in March INDEX DEC RATIO SCALE INDEX DEC RATIO SCALE 24U TE STOCK PRIC NYSE x V V N V i iiii1 iii i i p I 1 M l i i 1988 i ii i i 1 i i i i i PER CENT 20 iiiiiliii i i PERC NT 20 15 li SP I IU s r iI i i i SOURCES NEW YORK STOCK EXCHANGE AND STANDARD POOR S CORPORATION n 1992 COUNCIL OF ECONOMIC ADVISERS Common stock prices 1 Common stock yields percent 5 New York Stock Exchange indexes Dec Period Composite Industrial Transportation Utility Finance Dow Jones industrial average 3 Standard Poor s composite index Dividendprice ratio Earningsprice ratio Mar May July Sept Oct Noy Dec 1992 Jan Feb Mar Week ended 1992 Mar Average of daily closing prices Includes all the stocks more than 1 500 listed on the NYSE Includes 30 stocks Includes 5 H stocks Sijindard Poor s series Dividend price ratios based on Wednesday closing prices Earnings 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 5 months of fiscal 1992 there was a deficit of 147 5 billion compared with a deficit of 111 0 billion a year earlier BILUONS OF DOLLARS BILUONS OF DOL1ARS 1 600 RECEIPTS AND OUTIAYS OUTLAYS RECEIPTS V A Vl984 i i l T j V FISCAL YEARS COUNCIL OF ECONOMC ADVISERS Billions of dollars On budget Total Fiscal year or period Receipts estimates 1993 estimates Cumulative total first 5 months l Fiscal year 1991 Fiscal year 1992 Outlays Surplus or deficit Receipts Surplus or deficit Receipts Outlays Surplus or deficit Total Held by the public Data from Monthly Treasury Statement NOTE Data except as noted are from Budget of the United States Govern lent Fiscal Year 32 Outlays Gross Federal debt end of period Off budget Supplement issued February 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 5 months of fiscal 1992 receipts were 3 3 billion higher than a year earlier and outlays were 39 8 billion higher BILUC3NS 01 DOLLARS BILLIONS OF DO JARS 600 RECEIPTS INDIVIDUAL INCOME TAXES y CORPORATION IN YAE TAyE5 200 OTHER RECEIPTS X SOCIAL INSURANCE TAXF AND rnwTBini mnNS OUTLAYS NONDEFENSE NATIONAL DEFENSE I T 1984 i i T 1991 IS FISCAL YEARS INCLUDES ON BUDGET AND OFF BUDGET ITEMS SOURCES DEPARTMENT OF THE TREASURr AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars On budget and off budget outlays On budget and off budget receipts Nationa defense Total Individual income taxes Corporation income taxes Social insurance taxes and contributions Fiscal year estimates 1993 estimates Cumulative total first 5 months l Fiscal year 1991 Fiscal year 1992 1 Other Data from Monthly Treasury Statement NOTE Data except as noted are from 1 u dget of the United States Government Fiscal Ycc Total Income security Social securi Net interest Other ty t ly e International affairs Health Total Department of Defense military Medicare 1993 Supplement issued February 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 fourth quarter of 1991 according to revised estimates Federal receipts rose 2 0 billion annual rate and Federal expenditures rose 34 5 billion BILLIONS OF DOUARS BIL1JONS OF DOUARS SEASONALLY ADJUSTED ANNUAL RATES EXPENDITURES RECEIPTS SURPLUS OR DEFICIT I 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 Calendar year r 1982 IV 1983 IV 1984 IV 1985 IV 1986 IV 1987 IV 1988 IV 1989 IV 1990 I II III IV 1991 I II Ill IV T 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 Source Department of Commerce Bureau of Economic Analysis 34 INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES MAJOR INDUSTRIAL COUNTRIES Consumer prices NSA Industrial production seasonally adjusted Period United States Canada Japan France Germany Dec Jan Feb Mar Apr May July Sept Oct Nov Dec r r r r 95 6 r 1992 Jan Feb 1 r r United Kingdom Canada Japan France Germany Italy United Kingdom Italy United States r Data relate to all urban consumers Source National sources as reported by Department of Commerce Bureau of Economic Analysis and International Trade Administration Trade Information and Analysis U S MERCHANDISE EXPORTS AND IMPORTS Billions of dollars monthly data seasonally adjusted Merchandise exports f a s value 1 General merchandise imports customs value 3 Principal end use commodity category Period Z July Sept Oct Nov Dec 1992 Jan Consumer goods nonfood except automotive Other Includes Department of Defense Military Assistance Program grant aid 2 Includes undocumented exports to Canada through 1988 3 Total arrivals of imported goods other than intransit shipments 4 Total includes revisions not reflected in detail shipments Total Industrial supplies and materials Capital goods except automotive Automotive vehicles parts and engines Consumer goods nonfood except automotive General merchandise imports c i f value Foods feeds and beverages Foods feeds and beverages Capital goods except automotive Jan Feb Mar Automotive vehicles parts and engines Industrial supplies and materials Total 2 Trade balance Principal end use commodity category Other 6 5 Exports f a s less imports customs value Exports f a s less imports c i f Total exports are on a revised statistical month basis end use categories are on a statistical NOTE Data shown include trade of the U S Virgin Islands Source Department of Commerce Bureau of the Census 35 U S INTERNATIONAL TRANSACTIONS The current account deficit was 10 3 billion in the fourth quarter of 1991 compared with 11 6 billion revised in the third quarter A decline in the merchandise trade deficit augmented by a decrease in net unilateral transfers more than accounted for the smaller fourth quarter deficit BILLIONS OF DOLLARS 15 BILLIONS OF DOLLARS 15 BALANCE ON GOODS SERVICES AND INCOME COUNCIL OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted except as noted Credits debits Merchandise p 1989 HI IV 1990 I n 97 088 m 96 638 IV 100 580 r 1991 I r 100 549 n r 103 889 m IV services net 5 Receipts on U S assets abroad Imports Net balance 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 Net travel and transportation receipts Net military transactions 3 4 Period Exports Investment income 5 Services Other Payments on foreign assets in U S 3 Net Balance on goods services and income Unilateral transfers net 4 Balance on current account Fees and royalties from U S direct investments abroad or from foreign direct investments in the United States are excluded from investment income and included in other services net See p 37 for continuation of table U S INTERNATIONAL TRANSACTIONS Continued In the capital accounts claims on foreigners reported by U S banks increased 20 7 billion in the fourth quarter of 1991 in contrast to a decrease of 2 3 billion in the third quarter Liabilities to private foreigners reported by U S banks excluding Treasury securities increased 26 0 billion in the fourth quarter compared to an increase of 6 5 billion in the third quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS 1982 COUNCIL OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted except as noted U S assets abroad net increase capit Period Total U S official reserve assets HI IV I II Ir 1 123 II r 15 181 r Ill IV in IV Other U S Government assets Foreign assets in the U S net increase capital inflow f j 3 U S private assets Total Other foreign assets 1 093 Total sum of the items with sign reversed Of which Seasonal adjustment discrepancy U S official reserve assets net 6 unadjusted end of period Consists of gold special drawing rights SDKs foreign currencies and the U S reserve position in the IMF Foreign official assets Statistical discrepancy Allocations of special drawing rights SDKs Sources Department of Commerce Bureau of Economic Analysis and Department of the Treaswy 37 Contents TOTAL OUTPUT INCOME AND SPENDING page Gross Domestic Product Gross Domestic Product in 1987 Dollars Implicit Price Deflators for Gross Domestic Product Changes in GDP Personal Consumption Expenditures and Related Implicit Price Deflators and Price Indexes Nonfinancial Corporate Business Output Costs and Profits National Income Personal Consumption Expenditures in 1987 Dollars Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment in 1987 Dollars Expenditures for New Plant and Equipment 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 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 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 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 FEDERAL FINANCE Federal Receipts Outlays and Debt Federal Receipts by Source and Outlays by Function Federal Sector National Income Accounts Basis INTERNATIONAL STATISTICS Industrial Production and Consumer Prices Major Industrial Countries U S Merchandise Exports and Imports U S International Transactions General Notes Detail in these tables may not add to totals because of rounding Unless otherwise noted ail dollar figures are in current dollars Symbols used p Preliminary 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 50 single copy 3 13 foreign Subscription price 28 00 per year 35 00 for foreign mailing 38 U S GOVERNMENT PRINTING OFFICE

Farm Income

DATE: March 1992

PART OF:

Economic Indicators : March 1992

AUTHOR:

Council of Economic Advisers (U.S.)

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Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "Farm Income," in Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "March 1992," Economic Indicators (March 1992) : 9-9. https://fraser.stlouisfed.org/title/1/item/724/toc/137447 , accessed on December 7, 2019.

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Economic Data