Full text of Economic Indicators : April 1992
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102d Congress, 2d Session
Economic Indicators
APRIL 1992
(Includes data available as of May 1, 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—SlST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts prepared by'the Art Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce,
Economic Indicators, published monthly, is available at $2.50 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
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the first quarter of 1992, according to advance estimates, current-dollar gross domestic product (GDP) rose 4.9
percent (annual rate) or $69.6 billion. Real GDP (GDP in 1987 dollars) rose 2.0 percent and the implicit price
deflator rose 3.1 percent.
BILLIONS OF DOLLARS (RATIO SCALE]
6,000
•JS OF DOILARS (RATIO SCALE)
SEASONALLY ADJUSTED ANNUAL RATES
r
5,600
<^~
/
5,200
GDP
IN 1 987 DOLLAR S
4,800
^x|
5,200
/
.
__
4,800
.X _ „ />•
\
4,400
.jS
4,400
x- """
xi
x-
/
3,600
^
/
4,000
GDP
IN<:URRENT DO LLARS
3,600
/
3,200
2,800
\\
x
X
X
I
i I
1982
\
1
3,200
\
I
i I
!
1
E
i
1985
1984
1983
i i
1986
i
l l
1987
1
1989
1988
1
1
1990
SOURCE: DEPARTMENT OF COMMERCE
i
l l
1991
2,800
1992
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Personal
consumption
expenditures
Gross
private
domestic
investment
3,149.6
3,405.0
3,777.2
4,038.7
4,268.6
4,539.9
4,900.4
5,244.0
5,513.8
5,672.6
2,059.2
2,257.5
2,460.3
2,667.4
2,850.6
3,052.2
3,296.1
3,517.9
3,742.6
3,889.1
503.4
546.7
718.9
714.5
717.6
749.3
793.6
837.6
802.6
726.7
3,195.1
3,547.3
3,869.1
4,140.5
4,336.6
4,683.0
5,044.6
5,340.4
2,128.7
2,346.8
2,526.4
2,739.8
2,923.1
3,124.6
3,398.2
3,592.8
n
ra
5,422.4
5,504.7
5,570.5
5,557.5
m
Period
Gross
domestic
product
Government purchases
Exports and imports of goods
and services 1
Federal
Net
exports
Total
State
and
local
Final
sales of
domestic
product
Gross
domestic
purchases 2
Addendum:
Gross
national
product 3
Exports
Imports
-20.6
51.4
-102.7
115.6
-132.5
143 1
-108.0
829
74.4
-30.7
282.6
276.7
302.4
302.1
319.2
364.0
444.2
504.9
550.4
591.3
303.2
328.1
405.1
417.6
451.7
507.1
552.2
587.8
624.8
622.0
607.6
652.3
700.8
772.3
833.0
881.5
918.7
971.4
1,042.9
1,087.5
266.6
292.0
310.9
344.3
367.8
384.9
387.0
401.4
424.9
445.1
193.8
214.4
233.1
258.6
276.7
292.1
295.6
300.0
313.4
323.5
72.7
77.5
77.8
85.7
91.1
92.9
91.4
101.5
111.5
121.6
341.1
360.3
389.9
428.1
465.3
496.6
531.7
570.0
618.0
642.4
3,165.5
3,410.6
3,706.1
4,014.1
4,260.0
4,513.7
4,884.2
5,208.1
5,513.8
5,691.1
3,170.2
3,456.5
3,879.9
4,154.3
4,401.2
4,683.0
5,008.4
5,326.9
5,588.1
5,703.3
3,179.8
3,434.4
3,801.5
4,053.6
4,277.7
4,544.5
4,908.2
5,248.2
5,524.5
5,685.8
464.2
614.8
722.8
737.0
697.1
800.2
814.8
834.4
-29.5
-71.8
-107.1
-135.5
-133.2
-143.2
-106.0
-77.5
265.6
286.2
308.7
304.7
333.9
392.4
467.0
521.3
295.1
358.0
415.7
440.2
467.1
535.6
573.1
598.8
631.6
657.6
727.0
799.2
849.7
901.4
937.6
990.7
281.4
289.7
324.7
356.9
373.1
392.5
392.0
403.7
205.5
222.8
242.9
268.6
278.6
295.8
296.8
301.6
75.9
66.9
81.9
88.3
94.5
96.7
95.2
102.1
350.3
367.9
402.2
442.4
476.6
509.0
545.7
587.0
3,241.4
3,527.1
3,818.1
4,107.9
4,355.4
4,623.7
5,027.3
5,305.3
3,224.6
3,619.1
3,976.2
4,276.0
4,469.8
4,826.2
5,150.7
5,417.9
3,222.6
3,578.4
3,890.2
4,156.2
4,340.5
4,690.5
5,054.3
5,350.9
3,667.3
3,706.0
3,785.2
3,812.0
812.0
825.9
821.8
750.9
78.0
-60.4
-82.5
766
534.6
545.9
548.7
572.6
612.6
606.3
631.2
649.2
1,021.2
1,033.2
1,046.0
1,071.2
417.2
423.3
424.7
434.5
309.3
312.7
311.1
320.6
107.9
110.7
113.6
113.9
604.0
609.9
621.4
636.7
5,425.7
5,479.1
5,556.5
5,594.0
5,500.5
5,565.1
5,653.0
5,634.0
5,432.7
5,505.5
5,576.8
5,583.2
IV
5,589.0
5,652.6
5,709.2
5,739.7
3,827.7
3,868.5
3,916.4
3,943.7
709.3
708.8
740.9
747.9
-36.8
-17.2
-37.3
-31.4
565.9
589.8
597.0
612.5
602.7
607.0
634.3
643.8
1,088.8
1,092.5
1,089.1
1,079.5
451.5
452.1
444.9
432.0
332.3
328.4
322.3
311.0
119.2
123.7
122.6
121.0
637.3
640.4
644.2
647.5
5,628.2
5,689.6
5,712.8
5,733.8
5,625.8
5,669.8
5,746.5
5,771.1
5,611.7
5,660.6
5,720.1
5,750.7
1992- I p
5,809.3
4,023.5
712.4
— 22.7
613.6
636.3
1,096.1
441.8
315.0
126.8
654.3
5,842.0
5,832.0
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
IV
TV
IV
IV
IV
IV
IV
IV
1990' I
IV
1991- I
II
1
2
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.
Total
3
National
defense
Nondefense
GDP plus net receipts of factor income from rest of the world.
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
Gross
domestic
product
Period
3,760.3
3,906.6
4,148.5
4,279.8
4,404.5
4,540.0
4,718.6
4,836.9
4,884.9
4,848.8
Adden-
Federal
Nonresidential
fixed
investment
Residential
fixed
investment
Change
in
business
inventories
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
Final
sales of
domestic
product
Gross
domestic
purchases 2
Gross
national
product 3
124.1 -17.5
— 7.4
4.4
174.2
56.1
199.3
67.9 -122.0
22.1 -145.3
202.0
8.5
226.2
155 1
26.3 -143.0
225.2
19.9
1040
222.7
214.2
32.6 -75.7
.2 -51.3
195.5
175.2 -13.9 -20.9
296.7
285.9
305.7
309.2
329.6
364.0
421.6
469.2
505.7
537.8
304.1
342.1
427.7
454.6
484.7
507.1
525.7
544.9
557.0
558.7
723.6
743.8
766.9
813.4
855.4
881.5
886.8
900.4
929.1
937.1
306.0
320.8
331.0
355.2
373.0
384.9
377.3
375.0
380.9
384.9
221.4
234.2
245.8
265.6
280.6
292.1
287.0
280.7
281.3
281.4
84.7
86.6
85.1
89.5
92.4
92.9
90.2
94.4
99.6
103.5
417.6
423.0
436.0
458.2
482.4
496.6
509.6
525.3
548.2
552.2
3,777.8
3,902.2
4,080.6
4,257.6
4,395.9
4,513.7
4,698.6
4,804.3
4,884.7
4,862.7
3,767.7
3,962.8
4,270.5
4,425.1
4,559.6
4,683.0
4,822.6
4,912.6
4,936.2
4,869.7
3,796.1
3,939.6
4,174.5
4,295.0
4,413.5
4,544.6
4,726.3
4,840.7
4,894.6
4,860.2
3,759.6 2,539.3
4,012.1 2,678.2
4,194.2 2,784.8
4,333.5 2,895.3
4,427.1 3,012.5
4,625.5 3,074.7
4,779.7 3,202.9
4,859.7 3,241.6
417.2
449.6
509.6
525.5
495.5
510.6
538.8
541.3
131.2 -44.9
19.0
29.3
83 7
190.6
198.8
47.9 -131.4
30.2
207.4
1554
230.5 -20.1 -156.0
59.9
223.3
1360
20.9 -102.7
225.3
30.0
-70.0
207.9
280.4
291.5
312.8
312.0
342.9
386.1
438.2
485.8
299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.7
735.9
748.1
784.3
830.5
864.8
893.0
894.5
908.9
316.0
322.2
341.7
363.7
377.5
391.6
378.4
373.9
229.4
242.9
254.3
272.1
282.2
295.0
285.7
279.9
86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.0
419.9
425.9
442.6
466.7
487.3
501.4
516.1
534.9
3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565.6
4,758.7
4,829.7
3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,929.7
3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,869.3
n
ni
4,880.8
4,900.3
4,903.3
4,855.1
3,258.8
3,258.6
3,281.2
3,251.8
550.7
544.3
555.5
544.5
208.2 -4.0
22.1
199.5
13.9
190.9
183.3 -31.2
-56.0
525
-65.7
-31.2
496.2
502.1
501.6
522.5
552.2
554.5
567.4
553.7
923.0
928.1
927.5
937.9
379.3
383.3
378.4
382.6
281.5
283.8
278.0
282.0
97.7
99.5
100.4
100.6
543.7
544.8
549.1
555.3
4,884.8
4,878.1
4,889.4
4,886.3
4,936.8
4,952.7
4,969.1
4,886.3
4,890.2
4,901.2
4,909.2
4,877.7
n
in
4,824.0
4,840.7
4,862.7
4,868.0
3,241.1
3,252.4
3,271.2
3,271.1
519.1
514.8
510.0
505.6
170.7 -32.8
172.0 -30.4
.1
176.5
181.7
7.6
-18.6
-12.3
-31.1
21 3
512.5
535.7
545.2
558.0
531.1
548.0
576.3
579.3
944.5
944.3
936.1
923.3
391.7
392.7
384.5
370.7
289.4
287.0
280.4
268.7
102.3
105.7
104.1
102.0
552.7
551.7
551.6
552.7
4,856.8
4,871.2
4,862.6
4,860.3
4,842.6
4,853.1
4,893.8
4,889.3
4,843.7
4,847.8
4,872.0
4,877.3
4,891.9
3,313.8
503.7
188.5
-26.1
17.8
559.4
577.1
929.8
372.8
267.6
105.2
557.1
4,918.0
4,909.7
IV
IV
IV
TV
IV
IV
IV
IV
1990- I
IV
1991- I
IV
1992' I
2
Government purchases
433.9
420.8
490.2
521.8
500.3
497.8
530.8
542.4
548.8
512.4
1983
1984
1985
1986
1987
1988
1989
1990
1991
1
Exports and imports of
goods and services l
2,503.7
2,619.4
2,746.1
2,865.8
2,969.1
3,052.2
3,162.4
3,223.1
3,262.6
3,259.0
1982
19821983"
1984198519861987'
19881989-
Personal
consumption
expenditures
p
3
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.
GDP plus net receipts of factor income from rest of the world.
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[1987—100; quarterly data are seasonally adjusted]
Gross
domestic
product
Period
Gross private
domestic investment
Personal consumption
expenditures
Total
Durable
goods
Exports and imports of
goods and services 1
Government purchases
Federal
Nondurable goods
Services
Nonresidential
fixed
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
83.8
87.2
91.0
94.4
96.9
100.0
103.9
108.4
112.9
117.0
82.2
86.2
89.6
93.1
96.0
100.0
104.2
109.1
114.7
119.3
90.1
92.4
93.9
95.4
96.9
100.0
102.0
104.3
106.1
107.9
88.6
90.8
93.4
95.9
96.1
100.0
103.7
109.3
115.9
120.0
76.7
81.9
86.2
90.8
95.7
100.0
105.1
110.3
116.1
121.5
95.3
95.1
95.6
96.6
98.4
100.0
102.8
105.2
107.0
107.4
85.2
87.3
89.7
92.0
95.8
100.0
104.2
107.8
110.4
111.3
95.2
96.8
98.9
97.7
96.9
100.0
105.3
107.6
108.9
109.9
99.7
95.9
94.7
91.9
93.2
100.0
105.1
107.9
112.2
111.3
87.1
91.0
93.9
96.9
98.6
100.0
102.6
107.0
111.6
115.7
87.6
91.6
94.8
97.3
98.6
100.0
103.0
106.9
111.4
115.0
85.9
89.5
91.3
95.7
98.6
100.0
101.4
107.5
112.0
117.5
81.7
85.2
89.4
93.4
96.4
100.0
104.3
108.5
112.7
116.3
85.0
88.4
92.2
95.5
98.0
101.2
105.5
109.9
83.8
87.6
90.7
94.6
97.0
101.6
106.1
110.8
90.6
93.3
94.4
95.9
97.8
101.0
103.1
105.2
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
112.2
95.3
95.0
96.4
97.3
99.2
100.7
104.0
105.9
86.0
88.0
90.7
93.1
97.3
101.5
105.3
108.7
94.7
98.2
98.7
97.7
97.4
101.6
106.6
107.3
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
108.0
89.6
91.7
95.5
98.7
98.7
100.3
103.9
107.8
87.7
84.3
93.7
96.4
99.2
100.1
102.6
108.6
83.4
86.4
.90.9
94.8
97.8
101.5
105.7
109.7
111.1
112.3
113.6
114.5
112.5
113.7
115.4
117.2
106.0
105.9
106.1
106.6
113.3
114.3
116.6
119.3
113.7
115.3
116.9
118.5
106.5
106.5
107.4
107.5
110.0
110.4
110.7
110.3
107.7
108.7
109.4
109.6
110.9
109.3
111.2
117.2
110.0
110.4
112.2
113.6
109.9
110.2
111.9
113.7
110.4
111.2
113.1
113.2
111.1
111.9
113.2
114.7
n
m
IV
115.9
116.8
117.4
117.9
118.1
118.9
119.7
120.6
107.3
107.6
108.3
108.5
119.4
119.8
120.2
120.8
119.8
121.1
122.1
123.2
107.9
107.7
107.2
106.6
110.4
111.2
112.0
111.7
110.4
110.1
109.5
109.8
113.5
110.8
110.1
111.1
115.3
115.1
115.7
116.5
114.8
114.4
114.9
115.8
116.5
117.1
117.9
118.6
115.3
116.1
116.8
117.2
1992- I p
118.8
121.4
108.9
121.3
124.4
106.3
111.3
109.7
110.3
118.5
117.7
120.6
117.5
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
19821983198419851986198719881989-
IV
IV
IV
IV
IV
IV
IV
IV
1990- I
n
. ...
Ill
IV
1991- I
1
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)
11.9
3.9
8.1
10.9
6.9
5.7
6.4
7.9
7.0
5.1
2.9
6.1
9.1
7.6
8.1
7.8
6.3
4.6
4.9
6.3
6.2
4.9
-.9
2.3
4.6
4.1
2.2
4.9
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1988- I
II
Ill
IV
1989- I
II
Ill
IV
1990- I
II
Ill
IV
1991- I
II
III
IV
1992- I "
..
....
....
...
NOTE.—Annual changes are from preceding year and quarterly changes are from preceding quarer.
1.8
22
3.9
6.2
3.2
2.9
3.1
3.9
2.5
1.0
-.7
2.6
4.3
2.5
3.9
2.5
1.9
1.1
1.2
1.7
1.6
.2
-3.9
-2.5
1.4
1.8
.4
2.0
10.0
6.2
4.1
4.4
3.7
2.6
3.2
3.9
4.3
4.2
3.6
5.4
4.2
3.4
3.7
4.4
4.4
4.7
3.2
5.0
3.1
2.1
1.7
3.1
(1987
weights)
10.2
6.9
9.6
9.0
8.4
6.9
7.1
8.0
6.7
6.4
3.9
9.9
7.9
8.4
8.9
4.6
6.4
7.2
4.7
8.6
4.3
8.8
2.9
1.7
4.3
5.0
2.8
8.3
6.1
3.8
3.3
3.5
2.7
3.1
3.9
4.3
4.3
3.9
3.6
4.5
5.4
3.7
4.8
4.5
3.5
3.7
5.0
4.6
4.8
3.2
5.4
3.3
2.6
2.1
3.1
3.6
4.4
5.1
3.9
Fixedweighted
price index
1.2
1.1
4.6
4.8
4.4
3.6
2.8
3.6
1.9
1.2
— .1
7.1
2.5
2.9
4.1
-.2
1.0
4.1
.1
2.1
-.0
2.8
-3.5
-1.3
1.4
2.3
-.0
5.3
9.0
5.7
4.9
3.9
3.9
3.1
4.2
4.2
4.7
5.1
4.0
2.8
5.2
5.1
4.7
5.0
5.3
3.0
4.5
6.3
4.3
6.1
6.4
3.1
2.7
2.7
3.0
2.7
8.6
5.4
4.3
3.7
3.8
3.0
4.1
4.3
4.8
5.2
4.1
2.7
5.2
5.4
4.6
5.0
5.6
3.1
4.6
6.7
4.1
6.1
6.8
3.1
2.9
2.8
2.8
3.1
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) 1
Gross domestic product
of nonfinanciul
corporate business
(billions of dollars)
Period
Current
dollars
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1,749.1
1,803.5
1,937.1
2,167.3
2,295.5
2 391 3
r
...
19821983:
198419851986:
1987198819891990-
IV
IV
IV
IV
IV
IV
IV
IV
I
II
III
IV
1991- I
II
Ill
IV '
1
2,544.6
2,762.1
2,910.8
3,008.9
3,054.2
1,807.1
2,038.1
2,230.0
2,341.3
2,428.4
2,625.9
2,840.1
2 943 3
..
2,974.7
3,025.6
3,021.2
3,014.2
3,011.8
3,043.9
3,070.1
3,091.1
1987
Total
cost and
profit 2
dollars
2,035.8
2,002.1
2,113.3
2,285.0
2,366.3
2,444.3
2,544.6
2,682.2
2,715.3
2,717.4
2,691.8
0.859
2,000.5
2,205.2
2,330.3
2,399.5
2,469.0
2,602.4
2,717.1
2,715.3
2,720.0
2,741.6
2,710.4
2,697.6
2,668.1
2,682.1
2,699.0
2,717.9
.903
.924
.957
.976
.984
1.009
1.045
1.084
1.094
1.104
1.115
1.117
1.129
1.135
1.138
1.137
.901
.917
.949
.970
.978
1.000
1.030
1.072
1.107
1.135
Consumption of
fixed
capital
Net
interest
Profits
Total
tax
liability
Profits
after
0.035
0.067
.115
.109
.109
.111
.111
.111
.116
.120
.127
.041
.036
.038
.038
.040
.042
.045
.052
.055
.054
.056
.076
.094
.094
.083
.096
.102
.096
.083
.076
0.031
.023
.028
.032
.030
.031
.037
.038
.037
.035
.031
0.036
.606
.604
.619
.638
.650
.659
.676
.708
.745
.763
.119
.119
.111
.110
.112
.110
.112
.119
.119
.119
.121
.123
.127
.128
.127
.127
.085
.086
.090
.092
.094
.093
.096
.100
.103
.103
.106
.109
.113
.113
.116
.116
.609
.604
.624
.644
.655
.665
.687
.720
.729
.737
.755
.758
.760
.763
.765
.763
.040
.036
.041
.038
.042
.042
.047
.054
.054
.054
.055
.056
.056
.054
.054
.052
.051
.079
.091
.092
.080
.099
.102
.090
.090
.091
.077
.072
.073
.077
.076
.079
.020
.029
.027
.030
.035
.038
.040
.034
.036
.036
.037
.033
.030
.031
.032
.032
.030
.050
.064
.063
.045
.060
.063
.056
.054
.055
.041
.039
.043
.046
.044
.047
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
Output
per hour
Compensation per
hour of
of all
cmplovees
(1987
dollars)
empiovecs
(dollars)
20.560
20.827
21.597
21.905
22.144
22.737
23.047
23.472
23.059
23.062
23.396
11.790
12.620
13.037
13.559
14.121
14.770
15.181
15.782
16.330
17.171
17.849
21.103
21.905
22.050
22.340
22.891
23.268
23.423
22.967
22.973
23.181
22.952
23.110
23.188
23.355
23.456
12.842
13.233
13.770
14.395
15.001
15.483
16.005
16.542
16.740
7.092
7.325
7.509
7.625
all
tax"
0.573
Output is measured bv gross domestic product of nonfinancial corporate business in 1987 dol-
Compensation of
employees
0.081
.083
.086
.089
.091
.094
.093
.095
.099
.105
.114
0.102
.115
lars.
2
Indirect
business
taxes 3
Corporate profits with inventory
valuation and capital consumption
adjustments
.033
.048
.062
.064
.052
.059
.064
.060
.047
.045
7.818
7.933
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).
4
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
19821983'
19841985'
198619871988'
19891990-
2,720.8
3,058.3
3,268.4
3,437.9
3,692.3
4,002.6
4,244.7
4,459.6
r
4,542.2
2,551.5
2,834.3
3,134.4
3,341.9
3,486.0
3,828.8
4,127.6
43005
4,395.5
4,461.0
4,475.2
4,506.8
4,489.8
4,530.8
4,559.8
r
4 588 3
....
IV
IV
IV
IV
IV
IV
JTV
IV
I
II
III
IV
1991- I
n
rn
IV
1992- I *
1
2,029.4
2,226.9
2,382.8
2,523.8
2,698.7
2,921.3
3,101.3
3,290.3
3,388.2
1,940.4
2,101.2
2,288.1
2,442.5
2,582.5
2,785.1
3,004.9
3,157.4
3,216.1
3,279.9
3,325.3
3,340.0
3,342.9
3,377.4
3,405.3
3,427.4
3,459.7
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
22.1
23.3
18.7
8.7
3.2
4.3
-7.9
-12.9
12 7
24.1
22.2
24.3
14.0
4.7
6.8
2.8
-12.5
-14.2
17 3
-10.4
95
-11.9
11 7
-14.2
-13.1
-10.7
184.3
214.7
238.4
261.5
279.0
293.4
305.5
330.7
344.5
169.6
193.8
217.7
250.9
260.9
282.6
302.5
310.2
324.9
328.8
336.5
332.7
331.4
340.4
350.5
355.9
366.2
2.4
21.3
21.5
22.3
31.3
30.9
41.4
42.5
35.1
10.2
6.3
21.9
17.8
23.6
42.4
30.9
41.0
50.9
45.3
32.4
41.2
32.8
39.6
32.0
36.1
37.0
Corporate profits with inventory valuation and capita!
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
212.7
264.2
280.8
271.6
319.8
365.0
351.7
319.0
r
306.8
150.3
229.1
261.3
284.9
264.6
343.3
378.3
334.7
340.2
339.8
299.8
296.1
302.1
303.5
306.1
r
315.6
Inventory
valuation
adjustment
Profits
before tax
Total
210.7
240.5
225.0
217.8
287.9
347.5
344.5
332.3
r
312.4
168.6
223.8
220.1
231.8
235.7
311.2
372.2
332.8
336.6
331.6
335.1
326.1
309.1
306.2
318.2
r
316.1
202.2
236.4
225.3
227.6
273.4
320.3
327.0
318.2
r
315.5
160.0
216.2
223.6
228.0
225.0
293.4
340.5
319.2
330.0
335.4
302.4
304.9
315.7
316.1
313.4
r
316.9
Capital
consumption
adjustment
-8.5
-4.1
.2
9.7
145
-27.3
-17.5
14 2
3.1
-8.6
76
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
-3.7
10.4
27.8
55.5
44.1
46.4
44.7
24.7
.8
-8.7
-9.6
12.9
37.7
56.9
39.6
49.9
37.9
15.4
10.2
4.4
27
-8.8
-13.6
-12.6
-7.3
-1.3
10.4
Net
interest
270.0
307.9
326.2
350.2
360.4
387.7
452.6
490.1
480.2
256.8
281.8
321.1
331.9
349.7
368.6
408.1
469.6
477.5
484.5
491.8
506.4
492.6
481.6
480.1
466.5
Source: Department of Commerce, Bureau of Economic Analysis.
Includes employer contributions for social insurance. (See also p. 5.)
PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS
[Billions of 1987 dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Period
Total
personal
consumption
expenditures
Nondurable goods
Durable goods
Total
durable
goods
Motor
vehicles
and
parts
Furniture and
household
equipment
Other
332.6
341.9
353.0
366.2
384.7
399.4
408.5
424.3
439.6
411.0
419.7
431.3
438.1
444.8
457.0
465.6
472.8
327.8
334.8
344.9
359.1
372.0
390.7
403.0
411.5
417.7
422.4
427.7
429.6
9.6
10.5
11.4
11.1
11.4
12.4
11.9
12.0
12.3
202.8
212.2
222.9
228.0
235.2
240.4
246.4
251.0
78.8
75.8
76.9
76.2
513.9
516.3
517.1
515.9
190.1
187.2
188.2
184.1
87.2
84.5
84.4
84.0
9.5
10.5
11.0
253.8
251.9
252.9
251.7
,751.8
,769.6
,787.3
1,783.1
168.9
171.1
172.5
169.4
75.1
73.6
74.9
73.1
1,043.9
1,046.2
1,046.1
1,035.8
518.7
517.0
517.4
515.6
181.7
186.1
184.7
179.0
81.8
83.0
83.6
83.6
252.5
250.3
250.3
248.2
1,786.3
1,797.2
1,806.8
1,823.1
472.8
473.0
475.4
476.9
477.3
478.3
479.4
480.7
177.3
75.3
1,047.6
520.9
184.7
81.4
250.6
1,836.3
481.8
52.3
58.1
64.8
67.1
80.7
75.2
81.2
80.0
IV
3,258.8
3,258.6
3,281.2
3,251.8
452.7
438.7
440.3
424.0
200.7
192.0
192.9
179.8
173.1
170.9
170.5
168.0
I
II
Ill
IV
3,241.1
3,252.4
3,271.2
3,271.1
410.8
408.9
418.3
412.2
166.7
164.2
170.9
169.7
1992: 1"
3,313.8
429.9
177.4
415.5
426.8
435.9
442.1
452.5
461.8
469.0
474.5
478.9
73.4
76.9
79.0
79.5
84.6
85.4
87.5
90.2
96.4
109.3
118.7
128.6
141.4
145.9
160.3
167.7
Includes other items, not shown separately.
Housing
135.7
147.7
154.7
161.7
171.9
174.5
182.8
190.1
123.7
151.6
164.3
173.9
193.6
183.6
197.7
187.8
104.3
11.1
11.2
11.5
12.1
12.0
12.0
11.5
10.0
8.9
9.3
9.8
10.1
9.4
9.9
Retail sales of new
passenger cars
(millions of units)
Total
services '
458.3
467.1
475.1
488.2
496.9
502.4
518.0
511.7
272.3
319.1
347.7
369.6
415.7
404.7
439.2
435.6
1
Other
1,421.4
1,473.0
1,537.0
1,576.1
1,637.4
1,698.5
1,732.9
1,773.0
1,803.4
1,386.2
1,443.9
1,494.2
1,557.1
1,595.8
1,655.5
,716.9
,750.7
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,241.6
1991:
Fuel
oil and
coal
207.8
220.0
226.2
231.7
239.1
244.7
250.0
252.6
250.3
55.3
62.9
66.1
72.4
76.2
78.5
78.5
76.9
74.2
n
ru
and oil
75.7
77.9
79.2
82.9
84.7
86.1
86.7
85.0
83.0
115.3
123.8
136.3
144.0
155.4
166.1
170.6
170.5
1990: I
Gasoline
142.4
153.1
158.8
170.3
174.5
178.9
187.9
187.4
182.9
138.1
160.3
180.2
193.3
183.5
194.8
196.2
191.4
167.9
IV
IV
IV
IV
IV
IV
IV
IV
Clothing
and
shoes
463.4
472.3
483.0
494.1
500.7
513.4
513.3
515.8
517.2
297.7
338.5
370.1
402.0
403.7
428.7
440.8
438.9
412.5
1984
1985
1986
1987
1988
1989
1990
1991
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
Food
900.3
934.6
958.7
991.0
1,011.1
1,035.1
1,049.3
1,050.8
1,043.0
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,055.3
1,054.4
1,050.3
1,053.7
1,044.7
2,619.4
2,746.1
2,865.8
2,969.1
3,052.2
3,162.4
3,223.1
3,262.6
3,259.0
1983
Total
nondurable goods
Services
Source: Department of Commerce, Bureau of Economic Analysis.
Medical
care
432.9
436.9
441.7
447.0
453.4
Domestics
6.8
8.0
8.2
8.2
7.1
7.5
7.1
6.9
6.1
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
7.1
6.8
7.1
6.6
6.1
6.1
6.3
6.1
6.0
Imports
2.4
2.4
2.8
3.2
3.2
3.1
2.8
2.6
2.3
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.8
2.7
2.5
2.4
2.2
2.3
2.3
2.1
2.3
SOURCES OF PERSONAL INCOME
Personal income rose $27.3 billion (annual rate) in March after rising $48.5 billion in February. The increases were
affected by subsidy payments to farm proprietors and by a speedup in February of life insurance dividends to
veterans (included in transfer payments). Excluding these subsidy and dividend payments, personal income
increased $22.3 billion in March and $36.7 billion in February.
BILLIONS OF DOLLARS* (RATIO SCALE)
6,000
BILLIONS OF DOLLARS* (RATIO SCALE)
6,000
5,000
5,000
4,000
4,000
3,000
3,000
2,000
2,000
1,400
1,400
800
800
l i l 1 1 l l i i i I 400
1992
400
1984
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991- Mar .
May
July
Sept
Get
Nov
Dec ...
1992- Jan '
Feb '
Mar".
Total
persona!
income
2,690.9
2,862.5
3,154.6
3,379.8
3,590.4
3,802.0
4,075.9
4 380 2
4,879.8
4,834.4
4,781.4
4,792.0
4825 5
4,845.8
4 833 1
4,854.2
4,872.8
4,883.0
4,877.2
4,925.6
4,914.7
4,963.2
4,990.5
Wage and
salary
disbursements !
1,593.3
1,684.7
1,849.8
1,986.5
2,105.4
2,261.2
2,443.0
2,585.8
2,738.9
2,808.3
2,773.4
2,779.4
2,799.5
2,822.8
2,808.1
2,823.6
2,835.9
2,830.2
2,835.0
2,852.7
2,836.7
2,870.3
2,882.0
Proprietors' income 3
Other labor
income ' 2
165.4
174.6
184.7
191.8
200.7
210.4
230.5
253.7
274.0
290.6
285.8
287.2
288.6
289.9
291.3
292.7
294.2
295.6
297.0
298.3
299.7
301.1
302.4
1
The total of wage and salary dish rsements and other labor income differs from compensation of
employees (see p. 4) in that it exclude employer contributions for social insurance and the excess of
wage accruals over wage disbursemen .
2
Consists primarily of employer con ributions to private pension and private welfare funds.
» With inventory valuation and cap al consumption adjustments.
Farm
Nonfann
13.5
2.4
21.3
21.5
22.3
31.3
30.9
41.4
42.5
35.1
41.8
39.4
43.4
36.0
32.0
31.0
33.0
42.4
27.1
38.9
26.9
36.3
47.7
4
157.3
184.3
214.7
238.4
261.5
279.0
293.4
305.5
330.7
344.5
332.2
3,36.2
340.8
344.3
347.9
350.3
353.3
353.9
355.3
358.4
361.3
366.7
370.4
Rental
income of
persons 4
21.9
22.1
23.3
18.7
8.7
3.2
4.3
-7.9
-12.9
-12.7
-11.3
-11.7
-11.6
-11.6
-12.9
-14.2
- 15.5
-19.1
-11.5
-8.6
— 9.8
-11.3
-11.1
Personal
dividend
income
67.1
77.8
78.8
87.9
104.7
100.4
108.4
119.8
124.8
128.5
127.8
127.2
127.5
127.6
128.3
128.6
129.1
129.3
129.5
129.4
129.1
129.4
129.7
Persona!
Transfer
payincome
376.8
397.5
461.9
498.1
531.7
548.1
583.2
669.0
721.3
718.6
726.0
723.8
721.7
719.8
718.1
716.6
715.5
710.5
705.8
700.9
693.8
687.7
682.7
ments
5
408.1
438.9
452.9
485.9
517.8
542.2
576.7
624.4
684.9
759.5
741.5
746.5
752.6
755.5
758.7
765.0
767.4
780.1
779.1
797.1
820.2
828.6
833.0
Less:
Personal
contributions
for social
insurance
112.3
119.7
132.8
149.1
162.1
173.6
194.5
211.7
224.3
238.0
235.8
235.9
237.0
238.3
238.3
239.4
240.2
239.8
240.1
241.4
243.3
245.6
246.4
Nonfarm
personal
income 6
2,649.8
2,832.6
3,106.1
3,333.2
3,545.6
3,749.4
4,023.9
4,316.6
4,614.5
4,775.5
4,716.2
4,729.1
4,758.5
4,786.2
4,777.3
4,799.3
4,815.7
4,816.6
4,825.8
4,862.5
4,863.6
4,902.6
4,918.4
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.
S(lure(.. Dcpar , m( . m ,,f Commerce, Bureau of Economic Analysis.
5
6
DISPOSITION OF PERSONAL INCOME
According to advance estimates, per capita disposable personal income in 1987 dollars rose in the first quarter of
1992.
BILLIONS OF DOLLARS' (RATIO SCALE]
BILLIONS OF DOLLARS' (RATIO SCALE)
2,000
2,000
DOLLARS' (RATIOSCALE]
DOLLARS' (RATIO SCALE]
PER CAPITA DISPOSABLE PERSONAL INCOME
18,000
18,000
] t ; 87 DOLLARS
16,000
16,000
•—•
^_^--1
\
14,000
14,000
^^r^T — "
^ «»
12,000
12,000
\
CUR RENT DOLLA RS
"^^
^^
10,000
8,000
•—
^.
1
1
1982
1
1
1 1
1983
10,000
1
1 1 1
1984
1 1
1985
1
1 1
1986
1
1 1
1987
1
1 1
1988
1
1 1
1989
1
1
1990
1
1 1
1991
1
1
8,000
1992
COUNCIL OF ECONOMIC ADVISERS
Period
Personal
Less:
Personal
tax and
nontax
payments
Less:
Personal
outlays 1
Disposable
personal
income
Equals:
Personal
saving
Disposable
personal
income in
1987
dollars
(billions)
Per capita
disposable personal
income
Current
dollars
Billions of dollars
1982
1983
1984
1985 .
1986
1987.. .
1988
1989
1990
1991
1987
dollars
Per capita personal
consumption
expenditures
Current
dollars
1987
dollars
371.4
368.8
395.1
436.8
459.0
512.5
527.7
591.7
621.0
616.1
2,319.6
2,493.7
2*759.5
2,943.0
3*131.5
3,289.5
3*548.2
3,788.6
4,058.8
4,218.4
2,120.1
2*325.1
2,537.5
2,753.7
2*.944.0
3,147.5
3*392.5
3,622.4
3*853.1
' 3,999.1
2,746.8
2,965.8
3,242.5
3,456.7
3,647.8
3,918.5
4,195.2
4,474.4
4,580.6
4,654.7
4,719.3
4,764.7
4,768.0
4,821.1
4,853.3
4,895.3
4,956.1
372.1
371.6
413.4
448.8
478.5
528.6
542.0
602.9
606.6
622.7
627.5
627.2
617.1
613.6
615.1
618.4
617.0
2,374.7
2,594.3
2,829.1
3,007.9
3,169.3
3,389.9
3,653.2
3,871.4
3,974.0
4,032.0
4,091.8
4,137.5
4,151.0
4,207.5
4,238.2
4,276.8
4,339.1
2,190.9
2,417.9
2,606.5
2,828.7
3,018.2
3,220.1
3,496.7
3,701.3
3,777.4
3,816.2
3,896.2
3,922.5
3,938.4
3,978.7
4,025.7
4,053.5
4,133.6
199.5
168.7
222.0
189.3
187.5
142.0
155.7
166.1
205.8
r
219.3
2,820.4
2,893.6
3*080.1
3,162.1
3*261.9
3,289.5
3*404.3
3,471.2
3*,538.3
3,534.9
9,989
10,642
11*673
12,339
13*010
13,545
14*477
15,313
16,*236
16,695
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands) *
Percent
Dollars
2,690.9
2,862.5
3,154.6
3,379.8
3,590.4
3,802.0
4,075.9
4,380.2
4,679.8
4,834.4
Percent
change in
real per
capita
disposable
personal
income
10,782
12,146
12*,349
13*.029
13,258
13*,552
13,545
13*,890
14,030
14^154
13,990
12J.568
13,448
14,219
14*971
15,392
11,617
12,015
12,336
12,568
12*903
13,027
13*.051
12,898
12,154
12,591
13,145
13,278
13,522
13,685
13,996
14,063
14,185
14,204
14,168
14,058
13,965
14,022
13,992
13,981
14,049
9,134
9,980
10,649
11,445
12,101
12,819
13,814
14,464
14,731
14,848
15,120
15,183
15,208
15,334
15,481
15,542
15,817
10,895
11,390
11,739
12,095
12,472
12,615
13,020
13,051
13,090
13,056
13,107
12,952
12,877
12,892
12,930
12,891
13,027
8,868
9*634
10408
11,184
—0.1
1.7
5.5
1.8
2.2
2.5
1.0
.9
— 1.2
8.6
6.8
8.0
6.4
6.0
4.3
4.4
4.4
5.1
5.2
232,201
234,326
236,393
238,510
240,691
242,860
245,093
247,405
249,992
252,676
7.7
6.8
7.9
6.0
4.8
5.0
4.3
4.4
4.9
5.4
4.8
5.2
5.1
5.4
5.0
5.2
4.7
233,060
235,146
237,231
239,387
241,550
243,745
246,004
248,387
248,950
249,594
250,349
251,074
251,689
252,281
252,990
253,742
254,381
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"
183.8
176.3
222.6
179.2
151.1
169.8
156.4
170.1
196.6
215.9
195.6
215.0
212.6
228.8
212.5
223.4
205.6
2,832.6
2,960.6
3,118.5
3,178.7
3,266.2
3,335.8
3,443.1
3,493.0
3,531.4
3,545.3
3,547.0
3,529.5
3,514.8
3,537.4
3,539.9
3,547.5
3,573.7
1
Includes personal consumption expenditures, interest paid by persons, and personal transfer payments to rest of the world (net).
2
Annual data are averages of quarterly data, which are averages for the period.
10,189
11,033
11,925
12,565
13,121
13,907
14,850
15,586
15,963
16,154
16,344
16,479
16,492
16,678
16,752
16,855
17,058
-0.5
7.2
1.0
1.8
-1.7
5.2
3.2
1.9
3.5
.5
-1.0
-3.1
-2.6
1.6
— .9
-.3
2.0
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the fourth quarter of 1991, according to preliminary estimates, gross farm income rose $5.2
billion (annual rate)
and net farm income rose $4.6 billion.
BILLIONS OF DOLLARS* (RATIO SCALE]
BILLIONS OF DOLLARS* (RATIO SCALE]
240
240
200
160
•
/
^
—
^/">
N
200
'
r———-"
-<-
160
\
\
120
120
GRO SS FARM WC( DME
80
80
60
60
S
/
40
A
/ \
_ _
\
\\
\\
\
20
/
/
A
/
\
\ s
- -\
"*• ^
/"
- "\
^^X
/.
V
\^
^'
\/
/
40
v / \'
I
\
20
I
HE T FARM \HCO ME
1
\
i
\
i
\
10
>\
s
\i
1
•
i
i
i
/
;\ /
/ \i
\,
1 1 1
i i i
1982
1 983
10
I
I
I
1 984
I I
1 985
I
I I
1 986
I
I
I I
1 987
I I
I
1 988
I
1 989
I
1
1 990
1
1991
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
n
m
TV
1991- I *r
n
TTT '
TV"
1
166.3
164.1
153.9
168.0
161.2
156.1
168.4
174.5
190.3
195.1
187.9
r
199.3
r
191.5
188.3
r
201.6
187.2
186.3
186.5
191.7
141.6
142.6
136.8
142.8
144.1
135.3
141.8
151.1
160.9
170.0
166.8
166.0
166.8
173.7
173.4
164.4
163.2
173.1
166.6
Livestock and
products
72.5
72.3
67.2
69.9
74.3
63.7
65.8
71.6
76.8
80.4
81.1
76.6
78.9
83.0
83.1
78.3
79.5
87.1
79.4
69.2
70.3
69.6
72.9
69.8
71.6
76.0
79.4
84.1
89.6
85.8
89.4
87.9
90.7
90.3
86.1
83.7
86.0
87.2
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and noiunoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
Crops
3
Value of
inventory
changes z
6.5
-1.4
109
6.0
23
-2.2
23
-3.5
4.3
2.9
1
r
4.7
3.6
2.3
r
1.2
.6
-.1
5
-.7
r
Production
expenses
Current
dollars
139.4
140.3
139.6
141.9
132.4
125.1
128.7
133.9
140.2
144.3
145.7
142.0
r
143.5
143.8
r
147.8
146.0
147.9
144.2
144.6
1987 dollars 3
26.9
23.8
14.2
26.1
28.8
31.0
39.7
40.6
50.1
50.8
42.3
r
r
57.2
48.0
44.4
r
53.6
41.3
38.4
42.4
47.0
Income in current dollars divided by the GDP implicit price deflator.
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
34.1
28.5
16.3
28.7
30.5
32.0
39.7
39.1
46.2
45.0
36.0
r
51.6
r
42.6
r
46.9
39.1
35.6
32.9
36.1
39.8
CORPORATE PROFITS
In the fourth quarter of 1991, according to revised estimates, corporate profits before tax fell $2.1 billion (annual
rate) and profits after tax rose $0.1 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
100
50
1982
COUNCIL OF ECONOMIC ADVISERS
•OURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment
l
Profits after tax
Domestic industries
Period
Nonfinancial
Total 2
Total
166.4
202.2
236.4
225.3
227.6
273.4
320.3
327.0
318.2
315.5
1982
1983
1984
1985
1986
1987
1988
1989
1990 r
1991
19821983:
1984:
19851986:
198719881989:
1990-
IV
IV
IV
IV
IV
IV
IV
IV
I
n
Ill
IV .
I
II
III
IV r
1992- I"
1991:
1
2
160.0
216.2
223.6
228.0
225.0
293.4
340.5
319.2
330.0
335.4
302.4
304.9
315.7
316.1
313.4
316.9
138.6
171.9
205.2
194.5
194.6
233.9
271.2
273.1
258.0
249.5
130.8
182.6
192.9
193.5
192.5
246.3
285.9
258.3
271.9
282.1
245.8
232.1
241.2
254.4
250.4
251.9
Financial
15.6
24.5
20.3
28.7
35.8
36.4
41.8
39.2
39.6
41.7
23.0
22.1
20.3
29.0
34.7
39.4
46.1
32.4
41.4
41.5
39.3
36.4
40.1
42.1
43.5
41.3
Total 3
123.0
147.4
185.0
165.8
158.9
197.5
229.4
233.9
218.3
207.7
107.8
160.5
172.6
164.5
157.8
207.0
239.7
225.9
230.5
240.7
206.5
195.7
201.0
212.3
206.9
210.5
See p. 4 for profits with inventorv valuation and capital consumptic adjustments.
Includes rest of the world, not shown separately.
Manufacturing
63.1
71.4
86.7
80.1
59.0
87.0
117.5
113.6
95.7
81.7
50.1
90.5
79.2
83.3
63.9
98.7
129.3
101.0
102.1
107.1
94.8
78.9
75.0
82.9
84.1
84.7
Profits
before tax
Tax
liability
176.3
210.7
240.5
225.0
217.8
287.9
347.5
344.5
332.3
312.4
168.6
223.8
220.1
231.8
235.7
311.2
372.2
332.8
336.6
331.6
335.1
326.1
309.1
306.2
318.2
316.1
63.1
77.2
94.0
96.5
106.5
127.1
137.0
138.0
135.3
124.5
58.7
82.2
83.8
97.6
116.6
135.2
146.2
129.8
137.6
137.9
138.8
127.1
119.4
123.5
128.6
126.4
Wholesale and
retail
trade
31.9
38.7
49.7
43.1
46.3
39.9
37.1
42.8
39.8
45.8
33.8
40.7
50.8
39.0
43.1
39.3
39.3
45.1
41.6
45.1
34.4
38.2
45.3
46.9
44.6
46.4
3
Total
113.2
133.5
146.4
128.5
111.3
160.8
210.5
206.6
197.0
187.9
109.9
141.6
136.3
134.2
119.2
176.0
226.0
203.0
199.1
193.7
196.3
199.0
189.7
182.7
189.6
189.7
Dividends
70.0
81.2
82.7
92.4
109.8
106.2
115.3
127.9
133.7
137.8
72.5
84.2
83.4
97.4
111.0
106.3
121.0
130.7
132.3
132.5
133.8
136.2
137.8
136.7
138.1
138.5
138.6
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
78.7
63.3
50.2
37.5
57.4
52.9
36.9
8.2
69.7
105.0
72.3
66.7
61.2
62.5
62.8
51.9
46.1
51.5
51.2
Inventory
valuation
adjustment
-9.9
-8.5
-4.1
2
9.7
-14.5
-27.3
-17.5
-14.2
3.1
-8.6
-7.6
3.5
-3.8
-10.7
-17.8
-31.7
-13.5
-6.6
3.8
-32.6
-21.2
6.7
9.9
-4.8
.7
-3.7
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
According to advance estimates for the first quarter of 1992, nonresidential fixed investment in 1987 dollars fell
$1.9 billion (annual rate) and residential investment rose $6.8 billion. There was a $26.1 billion decrease in
inventories, following an increase of $7.6 billion in the fourth quarter of 1991.
BILLIONS OF 1987 DOLLARS
BILLIONS OF 1987 DOLLARS
900
900
SEASONALLY ADJUSTED ANNUAL RATES
800
700
700
500
NONRESIDENTIAL
FIXED INVESTMENT
RESIDENTIAL
FIXED INVESTMENT
300
300
200
CHANGE IN BUSINESS
INVENTORIES
100
1988
1982
1990
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
'ixed iiivestmei)
Gross
private
domestic
Cliail K c ii business
unen
Nonn sidtiitiai
Producers'
Total
Residential
Tula]
Nonfarm
equipment
1989
1983
1984
1985
1986
1987
1988
1989
1090
1991
433 9
4''0 8
490 2
521.8
500.3
497 8
530.8
542 4
548.8
512 4
181.3
160 3
1828
745.9
735.1
749.3
773.4
7892
744.5
673 7
558 0
595 1
689 6
723.8
726.5
723 0
753.4
756 6
744.2
687 6
503 5
669.5
7564
763.1
705 9
793.8
785.0
779 2
548 4
640.2
7084
732.9
725 9
733.9
764.1
749 2
754.9
766.0
760 3
696.6
540 5
599 5
198219831984'
1985198(51987198819891990-
IV
IV
IV
IV
IV
IV
IV
IV
I
II
Ill
IV
1991- I
II
III
IV
....
...
....
..
.
..
..
...
1992- I "
f: Departrr
1
•t , Bureau of Economic Analysis
252 6
124 1
174 '*
197.4
176.6
171.3
174.0
177 4
177.9
1540
''60 5
307 4
324 4
323.7
326 5
356 8
365 0
3708
358 3
202 0
22B 2
225 •>
222 7
214 •'
417 2
449.6
509 6
525.5
495 5
510.6
538.8
541 3
173.2
162.6
189 5
198.3
1704
177.9
175.7
178.6
•'44 0
287 0
3''0 1
327 2
325 0
332 7
363.1
362 7
758 9
743.8
746 4
727.8
550 7
544.3
555 5
544.5
182.3
178.9
180.0
170.4
657.0
656 3
686.5
694 9
689.8
686 8
686.5
687 2
519.1
514 8
510.0
505 6
666.1
692.2
503.7
1 99 3
175
44
67 9
22 1
o() 7
13 9
66 '>
19 8
10 6
3° 7
•'69
33 3
15
13 9
131 ''
1906
198 8
207 4
230 5
223 3
225.3
207 9
44 9
29 3
47 9
46 •'
3° 3
50 8
302
''80
20 1
59 9
20.9
30 0
18 6
6'' 1
30 5
38 1
3684
365.4
375 5
374.0
208 2
199.5
1909
183 3
-40
''2 1
139
-31.2
163.3
158.9
148.4
145.4
355.8
355 8
361.6
360 1
170.7
172 0
176.5
181 7
-32.8
-304
.1
76
— 31 1
30 8
14"> 2
361 5
188 5
— 26 1
•'6 0
195 5
1 75 '>
8.5
26 3
19 9
3° 6
•>
15 5
99
— 25 7
•' 8
9 •'
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department January-March 1992 survey, business spending for new plant and
equipment is expected to rise 4.6 percent in 1992, following a decline of 0.6 percent in 1991.
BILLIONS OF DOLLARS (RATIO SCALE)
600
BILLIONS OF DOLLARS (RATIO SCALE)
600
SEASONALLY ADJUSTED ANNUAL RA ES
500
*
--•'
*
1
--T""
1
-*•
400
-"
^___
400
-..* —
A 1 INDUSTRIE!
_^
.—
,^--
^
'
300
- • ^ ' —'
*
t
.X '
200
.-- • """"
17
NO SMANUFACTLJRING-
**"
200
^ .— "
^ **
,x'--N
S
S
,''"'
*** —
""*
—
^ ""'
X
*•" *-•**'
** ""
"\
MANUFACTU RING
100
LI LI L/
I
I 1
1983
\ \ 1
1
1984
1
1
1 1 1
1985
1986
1
1
1
1
1987
1
1
1988
1
1
1
1989
1
1
1990
'SECOND HALF
1-/SURVEYED QUARTERLY
i/SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
1
1
\
1 1
1991
1
1
1992
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Industries surveyed quarterly
Nonmanufacturing
Manufacturing
Period
All
industries
Total
Durable
goods
Addenda
Nondurable
goods
Total '
Transportation
Mining
Public
utilities
Commercial
and
other
Total
nonfarm
business 2
358.77
363.08
359.73
418.38
454.93
447.1!
461.51
508.22
563.93
591.96
588.74
616.25
Nonmanufacturing
Manufacturing
Total
230.09
239.11
242.38
278.77
302.05
309.16
320.45
344.77
380.13
399.34
405.13
433.43
Surveyed
quarterly
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 T
1992 4
324.73
326.19
321.16
373.83
410.12
399.36
410.52
455.49
507.40
532.61
529.20
553.68
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
183.61
182.81
58.93
54.58
51.61
64.57
70.87
65.68
68.03
77.04
82.56
82.58
77.95
78.18
69.75
69.39
65.74
75.04
82.01
72.28
73.03
86.41
101.24
110.04
105.66
104.63
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.59
370.86
15.81
14.11
10.64
11.86
12.00
8.15
8.28
9.29
9.21
9.88
10.02
9.12
12.67
11.75
10.81
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.69
24.44
47.17
53.58
52.95
57.53
59.58
56.61
56.26
60.37
66.28
67.21
66.51
71.31
120.41
122.79
129.41
151.39
171.09
181.59
189.84
205.76
229.28
241.43
246.37
266.00
1990: I
11
Ill
IV
532.50
534.55
534.11
530.13
192.16
195.02
194.05
189.72
86.03
84.15
82.48
79.03
106.14
110.87
111.57
110.69
340.33
339.53
340.06
340.41
9.62
9.77
9.97
10.12
21.84
21.94
21.08
21.18
65.41
64.64
67.68
70.24
243.46
243.18
241.32
238.87
192 16
195.02
194.05
189 72
340 33
339.53
340.06
340.41
1991- I
535 50
524.57
527.86
528.88
191.13
187.35
177.05
178.90
81.24
79.69
74.51
76.36
109.90
107.66
102.54
102.54
344.37
337.22
350.81
349.98
9.89
10.09
10.09
10.00
23.25
23.05
22.83
21.65
67.04
64.58
66.47
67.96
244.19
239.50
251.42
250.37
191 13
187.35
177 05
178.90
344 37
337.22
350 81
349.98
544.99
557.48
556.12
181.84
186.26
181.57
80.32
79.63
76.38
101.52
106.64
105.19
363.14
371.22
374.55
9.12
9.29
9.04
21.42
23.85
26.24
70.40
72.40
71.21
262.20
265.68
268.05
181.84
186 96
181.57
363.14
II
III
IV
1992- I
r
4
II4
2nd half
1
4
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
183.61
182.81
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
and membership organizations; and real estate, which, effective with the April-Ma\
ved quarterly. See last column ("nonmanufacturing surveyed annuSource: Department of Commerce, Bureau of the Census
10
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.59
370.86
371 99
374.55
Surveyed
annualIy3
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
59.35
59.54
62.57
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In March, civilian employment rose 305,000 and unemployment was unchanged.
MILLIONS OF PERSONS*
130
MILLIONS OF PERSONS*
130
SEASONALLY ADJUSTED
126
126
CIVILIAN LABOR FORCE
122
\
118
114
CIVILIAN
EMPLOYMENT
106
102
102
12
UNEMPLOYMENT
1984
1985
1986
1987
1988
1989
1990
1991
1992
*] 6 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
1982
1983
1984
1985
1986*
1987
1988
1989
1990
1991
1991:
Mar
Apr
May
June ....
July ....
Aug
Sept ....
Oct
Nov
Dec
1992:
Jan
Feb
Mar
Civilian employment
Noninstitutional
population
including
resident
Armed
Forces
NSA
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
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
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
3,186
3,233
96,125
97,450
101,685
103,971
106,434
109,232
111,800
114,142
114,728
113,644
190,703
190,836
190,980
191,173
191,443
191,589
191,746
191,903
192,057
192,209
1,460
1,456
1,458
1,505
1,604
1,616
1,624
1,614
1,605
1,604
126,710
127,100
126,717
127,029
126,808
126,620
127,214
127,122
126,979
127,223
118,294
118,844
118,188
118,414
118,333
118,100
118,713
118,481
118,377
118,332
125,250
125,644
125,259
125,524
125,204
125,004
125,590
125,508
125,374
125,619
116,834
117,388
116,730
116,909
116,729
116,484
117,089
116,867
116,772
116,728
3,124
3,187
3,256
3,286
3,244
3,254
3,283
3,204
3,272
3,183
192,358
192,469
192,607
1,599
1,585
1,585
127,645
127,872
128,175
118,716
118,628
118,933
126,046
126,287
126,590
117,117
117,043
117,348
Employment
including
resident
Armed
Forces
* Persons at work. Economic rca.snns include slack work, material shortages
time work, etc.
2
Civilian labor force (or employment) as percent of civilian iioninstitntitmal j
Unemployment
Nonagricultural
Civilian
labor force
Total
Agricultural
15
Total
Part time
for
economic
reasons l
Total
weeks
and
over
Civilian
Labor
force
participation
rate
(percent) 2
Emplovrnent/
population
ratio
(percent) 2
4,965
4,657
4,860
5,767
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
61.5
62.3
63.0
62.7
61.6
113,710
114,201
113,474
113,623
113,485
113,230
113,806
113,663
113,500
113,545
5,760
5,791
5,697
5,469
5,660
5,710
6,040
6,055
6,123
6,084
8,416
8,256
8,529
8,615
8,475
8,520
8,501
8,641
8,602
8,891
2,144
2,180
2,213
2,488
2,355
2,417
2,422
2,570
2,623
2,843
66.2
66.3
66.1
66.2
66.0
65.8
66.1
66.0
65.8
65.9
61.7
62.0
61.6
61.6
61.5
61.3
61.6
61.4
61.3
61.2
3,166 113,951
3,232 113,811
3,194 114,155
6,429
6,213
6,180
8,929
9,244
9,242
3,059
3,204
3,185
66.1
66.2
66.3
61.4
61.3
61.4
5,852
5,997
5,512
5,334
5,345
5,122
10,678
10,717
8,539
8,312
57.8
57.9
59.5
60.1
60.7
Source: Department of Labor, Bureau of Labor Statistic
11
SELECTED UNEMPLOYMENT RATES
In March, the civilian unemployment rate remained at 7.3 percent and the overall unemployment rate remained at
7.2 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
25
TEENAGERS
(16-19)
15
A^A
V
ALL CIVILIAN WORKERS
BLACK
AND OTHER
MEN 20 YEARS
AND OVER
\
WOMEN 20 YEARS
AND OVER
/
WHITE
I i I U I I I 1 I
I I I !
1992
1988
* UNEMPLOYMENT AS PERCENT OF CIV
1989
1992
^ 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
Unemployment
rate,
all
work-
ers
1982
1983
1984 .
1985
1986
1987
1988
1989
1990
1991
1991:
Mar
Apr
May ....
June ...
July ....
Aug ....
Sept ....
Oct
Nov ....
Dec
1992: Jan
Feb
Mar
1
By sex and age
By race
civilian
work-
ers
Men
20 years
and over
Women
20 years
Both
sexes
and
16-19
over
years
8.3
8.1
6.8
6.6
6.2
5.4
4.9
4.7
4.8
5.7
23.2
6.7
6.6
6.8
6.9
6.8
6.8
6.8
6.9
6.9
7.1
8.8
8.9
6.6
6.2
6.1
5.4
4.8
4.5
4.9
6.3
6.3
6.2
6.4
6.5
6.5
6.5
6.5
6.5
6.4
6.6
5.6
5.5
5.7
5.7
5.4
5.7
5.6
5.8
5.9
6.1
18.5
18.2
18.9
19.0
19.9
19.0
18.2
18.9
18.7
19.3
7.1
7.3
7.3
6.9
7.0
6.9
5.9
6.1
6.1
18.3
20.0
20.6
9.5
9.5
7.4
7.1
6.9
6.1
5.4
5.2
5.4
6.6
9.7
9.6
6.6
6.5
6.7
6.8
6.7
6.7
6.7
6.8
6.8
7.0
7.0
7.2
7.2
7.5
7.2
7.0
6.2
5.5
5.3
5.5
6.7
22.4
18.9
18.6
18.3
16.9
15.3
15.0
15.5
18.6
1
Unemployed as percent ol total labor force including resident Armed Forces.
2
Aggregate hours lost by the unemployed and persons on part time for economic
cent of potentially available labor force hours.
12
By selected groups
All
Black
White
and
Black
other
8.6
8.4
6.5
6.2
6.0
5.3
4.7
4.5
4.7
6.0
6.0
5.8
6.0
6.1
6.1
6.1
6.1
6.1
6.2
6.3
6.2
6.5
6.5
Experienced
wage and
salary
workers
Married
who
maintain
families
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
7.1
6.8
6.6
5.8
5.2
5.0
5.3
6.5
11.0
11.1
11.3
11.2
10.6
11.1
11.1
11.5
11.0
11.5
12.3
12.5
12.8
12.7
11.9
12.4
12.3
12.8
12.3
12.7
6.6
6.3
6.5
6.6
6.4
6.5
6.5
6.6
6.7
6.8
4.4
4.3
4.4
4.6
4.4
4.4
4.5
4.2
4.5
4.7
12.6
12.2
12.2
13.7
13.8
14.1
6.9
7.1
7.2
4.8
5.0
4.8
9.3
9.2
Women
men,
spouse
present
6.5
6.5
4.6
4.3
4.4
3.9
3.3
3.0
3.4
4.4
11.7
12.2
10.3
10.4
9.8
9.2
8.1
8.1
8.2
9.1
9.1
9.6
9.2
9.1
8.5
9.4
9.0
9.4
9.1
9.1
9.0
9.5
10.0
Source: Department of Labor, Bureau of Labor Statistics
Labor
force
time lost
Fulltime
workers
9.6
9.5
7.2
6.8
6.6
5.8
5.2
4.9
5.2
6.5
6.4
6.3
6.5
6.6
6.6
6.6
6.5
6.6
6.5
6.8
6.8
7.1
7.0
Parttime
workers
(percent) 2
10.5
10.4
9.3
9.3
9.1
8.4
7.6
7.3
7.4
8.3
11.0
10.9
8.8
8.2
7.6
7.5
7.6
7.6
7.6
7.7
7.7
7.7
7.9
8.1
8.8
8.5
8.2
8.3
8.4
8.4
8.6
8.6
9.1
8.8
9.0
8.6
8.1
7.9
7.1
6.3
5.9
6.2
7.6
8.1
8.3
8.3
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In March, the percentages of the unemployed who had been out of work for less than 5 weeks and for 27 weeks
and over rose, and the percentages for 5-14 weeks and for 15-26 weeks fell. The mean duration of unemployment rose to 17.1 weeks and the median fell to 8.0 weeks.
PERCENT DISTRIBUTION
70
PERCENT DISTRIBUTION*
70
DURATION OF UNEMPLOYMENT
COUNCIL OF ECONOMIC A
[Monthly data seasonally adjusted, except as noted]
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Reason for unemployment:
percent distribution
State
programs
Number of
weeks
Less
than
5
weeks
5-14
weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
Medi-
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
46.1
40.1
41.1
40.2
42.2
39.2
39.8
39.9
39.0
38.2
38.1
37.1
36.8
33.3
36.0
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
32.0
32.3
33.3
33.1
31.8
32.3
32.3
31.6
32.7
32.1
31.5
31.0
29.5
31.7
29.1
16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
11.8
14.5
14.3
14.5
13.9
15.7
14.6
14.8
14.7
16.4
15.1
15.4
16.1
16.1
15.5
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
10.1
13.0
11.2
12.2
12.0
12.8
13.2
13.7
13.6
13.4
15.3
16.5
17.7
18.9
19.4
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.1
13.8
13.0
13.4
13.1
14.0
13.9
14.1
14.2
14.6
14.9
15.3
16.4
17.0
17.1
8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
5.4
6.9
6.5
6.9
6.6
6.9
6.8
7.2
7.4
7.4
7.7
7.8
8.1
8.2
8.0
Job
losers
an
Job
leavers
Reentrants
New
entrants
22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
27.4
24.8
24.6
25.0
25.3
24.4
24.3
24.9
23.8
24.2
24.6
24.4
26.4
23.5
24.0
11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
9.5
8.9
8.4
9.0
9.0
8.5
9.4
9.1
9.1
9.4
9.0
9.1
8.9
8.9
8.8
Insured
unemployment
Initial
claims
Insured
unemployment,
"all
regular
programs
(unadjusted)!
Weekly average, thousands
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
....
..
1991- Mar
July
Get
Nov
Dec
1992- Jan
Feb
Mar
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
8,416
8,256
8,529
8,615
8,475
8,520
8,501
8,641
8,602
8,891
8,929
9,244
9,242
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 Stat
tended benefit programs. Does not include Federal supplemental compensa i program.
58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
48.3
54.7
54.4
54.0
53.6
54.7
54.7
55.4
56.1
55.1
54.8
56.2
53.7
57.8
57.3
7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
14.8
11.6
12.5
12.0
12.1
12.3
11.6
10.5
11.0
11.4
11.5
10.3
11.0
9.8
9.9
4,061
3,396
2,476
2,611
2,650
2,332
2,081
2,158
2,522
3,342
3,467
3,490
3,475
3,406
3,336
3,283
3,267
3,273
3,313
3,317
3,349
3,324
3,340
583
438
377
396
378
328
310
330
388
447
511
460
433
421
418
415
415
418
448
464
446
452
440
4,594
3,775
2,561
2,693
2,746
2,401
2,135
2,205
2,575
3,407
4,060
3,864
3,262
3,177
3,270
2,999
2,795
2,795
2,846
3,565
r
4,197
r
4,199
4,182
Source: Department of Labor (Bureau of Labor Statistics and Kmplovment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 19,000 in March.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
10
\
ALLN DNAGRICULT URAL
ES fABLISHMEN S
^^
00
RO -
-—
•
SERVICE-PRODUCING
INDUSTRIES
60
-
MANUFACTURING
40
18
~
,|
n i i i l i i i i ilm I'll m m-i-fi i il i M i ii
Ill
GOOI3S-PRODUCIS4G
INDUSTRIES
30
""
V
1
CONSTRUCTION
70 l I M l l l l l l
'
1988
Mill Mill
1989
|
1 1 1 1 1 1 II IN
1991
1990
7 M | ,|
1992
imillll
N
'
1988
1 1 1 1 1 1 II 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 II 1 II 1 1 1 I l l l l l l l l l l .
1992 N
1989
1990
| 19 91
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LASOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;
Period
Total
nonagrieultural
employment
1
seasonally adjusted]
Service-producing industries
Goods-producing industries
Manufacturing
Total 2
Construction
Total
Durable
goods
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
Retail
trade
Finance,
insurance,
and real
estate
8erviees
Government
Total
Federal
89,566
90,200
94,496
97,519
99,525
102,200
105,536
108,329
109,971
108,981
23,813
23,334
24,727
24,859
24,558
24,708
25,173
25,322
24,958
23,819
3,905
3,948
4,383
4,673
4,816
4,967
5,110
5,187
5,136
4,696
18,781
18,434
19,378
19,260
18,965
19,024
19,350
19,442
19,111
18,426
11,014
10,707
11,479
11,464
11,203
11,167
11,381
11,420
11,115
10,556
7,767
7,726
7,899
7,796
7,761
7,858
7,969
8,022
7,995
7,870
65,753
66,866
69,769
72,660
74,967
77,492
80,363
83,007
85,014
85,163
5,082
4,954
5,159
5,238
5,255
5,372
5,527
5,644
5,826
5,824
5,296
5,286
5,574
5,736
5,774
5,865
6,055
6,221
6,205
6,072
15,161
15,595
16,526
17,336
17,909
18,462
19,077
19,549
19,683
19,346
5,341
5,468
5,689
5,955
6,283
6,547
6,649
6,695
6,739
6,708
19,036
19,694
20,797
21,999
23,053
24,235
25,669
27,120
28,240
28,779
15,837
15,869
16,024
16,394
16,693
17,010
17,386
17,779
18,322
18,433
2,739
2,774
2,807
2,875
2,899
2,943
2,971
2,988
3,085
2,966
108,902
108,736
108,887
108,885
108,859
108,971
109,066
109,073
108,843
108,882
23,877
23,794
23,847
23,792
23,798
23,826
23,797
23,727
23,595
23,552
4,720
4,688
4,715
4,710
4,695
4,691
4,699
4,671
4,584
4,589
18,443
18,396
18,426
18,378
18,402
18,442
18,414
18,377
18,337
18,293
10,584
10,560
10,575
10,534
10,546
10,553
10,531
10,493
10,457
10,414
7,859
7,836
7,851
7,844
7,856
7,889
7,883
7,884
7,880
7,879
85,025
84,942
85,040
85,093
85,061
85,145
85,269
85,346
85,248
85,330
5,824
5,814
5,819
5,809
5,809
5,820
5,829
5,828
5,816
5,811
6,105
6,086
6,085
6,068
6,064
6,050
6,049
6,047
6,034
6,023
19,378
19,324
19,339
19,345
19,347
19,343
19,338
19,288
19,227
19,224
6,735
6,718
6,712
6,703
6,688
6,687
6,692
6,697
6,694
6,701
28,576
28,576
28,645
28,712
28,733
28,831
28,937
29,019
29,008
29,057
18,407
•18,424
18,440
18,456
18,420
18,414
18,424
18,467
18,469
18,514
2,951
2,953
2,952
2,971
2,963
2,967
2,979
2,983
2,982
2,986
1992: Jan r... 108,760
Febr.... 108,867
Mar"... 108,886
23,506
23,490
23,492
4,602
4,574
4,584
18,238
18,252
18,249
10,367
10,386
10,381
7,871
7,866
7,868
85,254
85,377
85,394
5,794
5,800
5,797
6,007
5,996
5,987
19,168
19,292
19,268
6,693
6,702
6,706
29,073
29,076
29,086
18,519
18,511
18,550
2,983
2,978
2,980
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991:
Mar....
Apr
May....
June...
July....
Aug....
Sept ...
Oct ....
Nov ...
Dec
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
received pav for any part of the pav period which include.s the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived
from this tahle not comparable with estimates of noiiagricultural 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
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]
Manufacturing
Period
Total
private
nonagricultural l
Total
Average gross weekly earnings
Average gross hourly earnings
Average weekly hours
Total private
nonagricultural *
Overtime
Current
dollars
Current dollars
Total private
nonagricultural 1
1982
dollars2
Manufacturing
Current
dollars
1982
dollars z
Manufacturing
Construction
Retail
trade
Percent change from a
year earlier, total
private
nonagricultural 3
Current
dollars
1982
dollars
1982 .
1983
1984
1985
1986
1987...
1988
1989 .
1990
1991
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
8.02
8.32
8.57
8.76
8.98
9.28
9.66
10.02
10.34
$7.68
7.79
7.80
7.77
7.81
7.73
7.69
7.64
7.53
7.46
$8.49
8.83
9.19
9.54
9.73
9.91
10.19
10.48
10.83
11.18
$267.26
280.70
292.86
299.09
304.85
312.50
322.02
334.24
345.69
354.66
$267.26
272.52
274.73
271.16
271.94
269.16
266.79
264.22
259.72
255.89
$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
526.40
533.78
$163.83
171.13
174.47
174.81
175.80
178.80
183.62
188.72
194.69
200.20
4.7
5.0
4.3
2.1
1.9
2.5
3.0
3.8
3.4
2.6
-1.2
2.0
.8
-1.3
.3
-1.0
-.9
-1.0
1.7
1991- Mar
Sept
Oct
Nov ....
Dec
34.2
34.0
34.3
34.6
34.1
34.3
34.5
34.3
34.4
34.5
40.3
40.2
40.4
40.8
40.7
41.0
41.0
40.9
41.0
41.1
3.3
3.3
3.4
3.7
3.7
3.8
3.7
3.7
3.7
3.8
10.24
10.28
10.32
10.37
10.36
10.40
10.41
10.40
10.44
10.48
7.45
7.46
7.47
7.49
7.47
7.49
7.47
7.45
7.45
7.46
11.05
11.12
11.15
11.19
11.22
11.25
11.25
11.26
11.31
11.32
350.21
349.52
353.98
358.80
353.28
356.72
359.15
356.72
359.14
361.56
254.88
253.64
256.32
259.25
254.89
256.82
257.82
255.53
256.35
257.52
445.32
447.02
450.46
456.55
456.65
461.25
461.25
460.53
463.71
465.25
526.67
532.50
533.40
532.64
532.38
533.25
537.73
536.97
527.42
537.86
197.34
197.95
200.33
202.59
199.65
201.34
203.04
200.50
204.19
203.77
2.3
'2.5
2.9
3.1
1.9
3.0
2.8
3.3
3.0
3.0
-2.2
-2.1
-1.9
-1.4
-2.3
-.5
-.3
.6
.2
.3
1992: Janr'
Feb ..
Mar ».
34.2
34.6
34.6
40.8
41.1
41.1
3.6
3.7
3.7
10.47
10.51
10.55
7.45
7.46
7.46
11.28
11.33
11.38
358.07
363.65
365.03
254.85
258.27
257.97
460.22
465.66
467.72
531.62
523.77
532.60
202.64
207.48
206.35
3.1
3.8
4.0
.6
1.0
1.0
May
July
1
2
Also includes other private industry groups shown on p. 14.
Current dollar earnings divided by the consumer price index for url•ban wage earners and clerical
workers (on a 1982 = 100 base).
-1.5
3
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Percent change from
Index (June 1989 = 100)
12 months earlier
3 months earlier
Period
Total
compensation
Wages and
salaries
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
Benefits '
Total
compensation
Wages and
salaries
Benefits 1
Total
compensation
Wages and
salaries •
6.5
5.7
4.9
3.9
3.2
3.3
4.8
4.8
4.6
4.4
6.3
4.9
4.2
4.1
3.2
3.3
4.1
4.1
4.0
3.7
Benefits '
Not seasonally adjusted
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
71.4
76.7
81.7
84.6
87.5
90.5
96.7
102.6
109.4
116.2
1.3
1.3
1.3
.6
.7
.6
1.0
1.1
.8
.6
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
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
1989: Mar
June
Sept
Dec
98.9
99.9
101.2
102.4
99.1
100.0
101.1
102.2
98.2
99.9
101.5
103.0
1.1
1.0
1.3
1.2
1.0
.9
1.1
1.1
1.2
1.7
1.6
1.5
4.6
4.5
4.8
4.8
4.2
4.1
4.3
4.1
5.4
5.6
6.0
6.1
1990: Mar
June
Sept
Dec
103.8
105.0
106.2
107.2
103.3
104.4
105.4
106.2
105.2
106.7
108.3
109.9
1.4
1.2
1.1
.9
1.1
1.1
1.0
.8
2.1
1.4
1.5
1.5
5.2
5.2
4.9
4.6
4.2
4.5
4.2
4.0
7.2
6.9
6.8
6.6
1991: Mar
Sept
Dec
108.5
109.7
110.8
111.9
107.3
108.4
109.2
110.1
111.4
113.2
115.1
116.7
1.2
1.1
1.0
1.0
1.0
1.0
.7
.8
1.4
1.6
1.7
1.4
4.4
4.4
4.5
4.4
4.0
3.7
3.7
3.7
5.8
6.2
6.4
6.2
1992: Mar
113.0
111.0
118.4
1.0
.8
1.5
4.2
3.4
6.3
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.
55-104 0 - 9 2 — 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
Business
sector
Nonfarm
business
sector
Hours of all
persons 2
Output *
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Compensation per
hour 3
Business
sector
Nonfarm
business
sector
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Unit labor costs
Implic t price
deflator 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1982 = 100; quarterly data seasonally adjusted
1981
1982
1983
1984
99.9
100.0
102.2
104.6
106.1
108.3
109.4
110.4
109.5
109.7
110.0
99.9
100.0
102.4
104.5
105.4
107.5
108.3
109.2
108.2
108.1
108.4
102.4
100.0
104.1
112.6
116.7
119.9
124.8
130.1
132.4
132.9
131.0
102.4
100.0
104.4
113.0
116.8
120.1
125.0
130.6
132.8
133.2
131.1
102.5
100.0
101.8
107.6
109.9
110.7
114.1
117.9
120.9
121.2
119.1
102.5
100.0
102.0
108.1
110.8
111.8
115.4
119.5
122.7
123.1
120.9
93.0
100.0
103.7
108.1
113.0
118.6
122.7
128.0
132.5
139.6
145.1
93.0
100.0
103.9
108.1
112.6
118.1
122.1
127.2
131.5
138.3
143.8
98.7
100.0
100.5
100.4
101.3
104.4
104.3
104.4
103.1
103.1
102.8
98.8
100.0
100.7
100.4
101.0
104.0
103.7
103.8
102.3
102.1
101.9
93.1
100.0
101.5
103.3
106.5
109.5
112.2
116.0
121.0
127.2
131.9
93.1
100.0
101.5
103.4
106.8
109.9
112.8
116.4
121.5
127.9
132.6
94.5
100.0
103.4
107.7
111.2
113.6
116.6
120.8
126.0
130.8
135.1
94.2
100.0
104.0
107.6
111.6
114.2
117.2
121.4
126.4
131.3
136.0
1985
1986
1987
1988
1989
1990
1991
..
1982:
1983:
1984:
1985:
1986:
1987:
1988:
IV
IV
IV
IV
IV
IV
IV
101.1
103.0
105.2
106.9
108.0
110.3
110.4
101.0
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
119.3
98.9
104.7
109.2
111.7
112.8
117.0
121.0
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
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
113.7
117.8
101.1
101.8
104.4
108.4
112.1
114.3
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
1989:
I
II...
Ill
IV
110.0
109.7
109.2
109.1
108.8
108.2
107.9
107.8
132.6
132.5
132.4
132.2
133.0
132.8
132.8
132.6
120.5
120.7
121.3
121.2
122.2
122.7
123.1
123.0
131.3
131.9
132.6
134.1
130.4
130.7
131.5
133.0
104.0
102.9
102.7
102.7
103.3
102.0
101.8
101.9
119.3
120.2
121.5
122.8
119.8
120.8
121.9
123.4
124.2
125.6
126.4
127.6
124.5
126.0
126.9
128.0
1990- I
II
Ill
IV
109.6
110.3
109.6
109.4
108.1
108.6
107.9
107.9
133.2
133.9
132.9
131.8
133.5
134.1
133.1
132.0
121.6
121.4
121.2
120.5
123.5
123.4
123.3
122.4
136.2
139.0
140.9
142.3
134.9
137.6
139.5
141.0
102.6
103.6
103.3
102.6
101.7
102.6
102.3
101.7
124.3
126.1
128.5
130.1
124.9
126.7
129.2
130.7
128.8
130.2
131.6
132.5
129.2
130.6
132.2
133.3
1991- I
II
Ill
IV
109.4
109.9
110.2
110.8
107.9
108.4
108.6
109.1
130.2
130.7
131.3
131.6
130.4
130.9
131.4
131.6
119.1
119.0
119.2
118.7
120.9
120.8
121.0
120.6
143.2
144.8
145.8
146.9
142.0
143.6
144.5
145.5
102.4
103.0
103.0
102.9
101.6
102.1
102.1
101.8
131.0
131.8
132.3
132.6
131.6
132.5
133.0
133.3
134.0
135.0
135.6
135.9
134.9
135.7
136.4
137.0
1.9
-2.3
4.1
8.2
3.6
2.8
4.1
4.3
1.8
.4
-1.5
1.6
24
4.4
8.2
3.4
2.8
4.1
4.4
1.7
.3
-1.6
0.6
-2.5
1.8
5.7
2.1
.7
3.1
3.3
2.6
2
— 1.7
0.7
-2.4
2.0
6.0
2.5
.9
3.3
3.5
2.7
.3
-1.8
9.4
7.6
3.7
4.2
4.5
4.9
3.5
4.3
3.5
5.4
3.9
9.6
7.5
3.9
4.0
4.2
4.9
3.4
4.1
3.4
5.2
4.0
-0.8
1.3
.5
— .1
.9
3.0
— .1
.1
-1.2
-.0
-0.7
1.2
.7
-.3
.6
3.0
2.6
4.2
.7
2.0
— .4
4.3
1.4
1.4
-.4
3.5
2.0
2.1
4.4
3.4
1.1
2.5
4.5
— 1.1
-1.3
-4.8
.3
.4
1.8
-.3
6.6
8.4
5.7
4.1
6.0
8.1
5.6
4.4
— .4
4.1
-1.3
-2.6
-1.0
3.9
2.6
4.6
2.7
3.2
2.7
4.6
2.6
2.7
-.6
2.0
0
— .4
— .5
2.1
— .1
-.9
Percent change; quarterly data at seasonally adjusted annual rates
1.3
.1
2.2
2.3
1.4
2.0
1.0
9
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
n
2
0.9
.1
2.4
2.1
.8
1.9
.8
.9
-.9
I
.2
.3
-.6^
1.4
g
.1
-.7
1989- 1
II
Ill
IV
-1.5
-1.0
-2.0
2
-2.8
-2.0
-1.3
-.3
1990- I
II
Ill
IV
1.7
2.4
-2.2
-.9
1.0
2.1
-2.5
-.3
3.0
2.0
-3.0
-3.0
2.7
1.8
-3.0
-3.1
1.2
-.5
-.8
— 2.2
1991- I
II
Ill
IV
-.1
1.9
1.1
2.2
.1
1.9
.9
1.7
-4.9
1.7
1.8
.8
-4.9
1.6
1.6
.6
-4.7
-.3
.7
-1.5
q
1
-a!s
-4.9
3
.7
— 1.1
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 basi'd primarily on establishment data.
3
Wages and salaries of employees phis employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the seifernployed.
4
Hourly compensation divided by the consumer price index for all urban consumers.
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
2
NOTE.—Data relate to ali persons engaged in the sector.
16
o
-4.0
-1.0
9
0
— 1.4
_.2
2
1 A
-2.3
Percent, changes are from preceding jj
differ slightly from percent changes based
Dtila reflect the recent tvm/>ivht>twiv
accounts by the Ik'/xtrtment of Counni-n-c, if,
output and com/M'Hxation for W91 iitrorji
recm-dx. However, the detailed VI inf(
8.0
7.4
1.5
1.9
3.0
2.8
2.5
3.3
4.3
5.2
3.7
8.6
7.4
1.5
1.9
3.3
2.9
2.6
3.2
4.3
5.3
3.7
10.1
5.8
3.4
4.1
3.3
2.2
2.6
3.6
4.3
3.8
3.3
10.1
6.1
4.0
3.5
3.7
2.4
2.6
3.6
4.1
3.9
3.5
5.1
3.1
4.2
4.6
6.4
3.2
3.8
4.8
4.7
4.4
2.7
3.7
3.9
4.7
3.0
3.5
4.8
5.8
8.1
5.0
5.0
5.9
8.4
4.7
4.0
4.3
4.4
2.8
3.8
4.5
4.8
3.4
2.7
2.6
1.6
.9
2.7
2.6
1.8
.9
4.5
2.9
1.8
1.1
4.8
2.5
2.1
1.7
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization rose in March.
INDE X, 1987 = 100* (RATIO SCALE)
INDE X, 1987 = 100* (RATIO SCALE)
120
130
FINAL PRODUCTS
TOTAL INDUSTRIAL PRODUCTION
115
125
120
110
,—-1
105
^ V/~v
/—
115
—"
110
100
95
| | i 1 1 j j | | i | _u i ii
UNI
1 M ! 1 1 ! 1 1 1 1
_I_L 1 1 1 1 n u i
105
1 1 1 liLl
Ml!
100
120
MANUFACTURING
/^
/r
EQlJIPMEh T
--^s" , — '\
^'~\ -•-.
J
\~
\ ^.^
V
115
S*
105
t
m^
_-/%
-;fr~*
I /
v X ^ /"
80
I! 1 i 1
II 1 1 1
1 1 1 1 1! 1 1 i 1 1
i M i !1 1 1 1 1 i
105
86
ii
UTILITIES
84
X
v V'
-\ V- V
>^ ViM 1 1 1 1 1 1 1 ^^
82
K/
y/XX^
1 1 1 1 1I M 1 1
19 89
1988
i 1 1 11 I ! 1 1 ! 1
Mill MEM
MINING
I II I ! 1 1 I 1 1 I
1990
i—"^-,
_/"^~"'
•^^
-V-! /
~'~~\
\
80
./
100
HIM 1 1 M 1
88 — CAPACITY UTILIZATION RATE
(TOTAL INDUSTRY)
UTILITIES AND MINING
110
1 1111111 111
1 1 1 ! 1 1 1 1 II 1
PER :ENT*
M 1 ! 11M 1 1 i
120
115
"" *
*S
NONDURABLE
1 1 1 1 1 1 1 1 1 1 1
,
85
100
95
X
DEFENSE
AND SPACE
EQUIPMENT
90
A/~V
^^~
110
•**
,./ V
CONSUMER
GOODS
95
DURABLE
>v-v r^ \ \^"%'~-v
v BUSINES:
1 1 1 M 11 1 11
76
1992
1991
v——
\/""\
78
1 1 1M 11M 1 1
n mini M | | M | 1
1989
1988
|M|||
1 1992
1991
1990
USTED
OF COVER
* SEASONALLY AD
OURCE: BOARD
COUNCIL OF ECONOMIC ADVISER5
[Monthly data seasonally adjusted]
Industry production indexes, 1987=100
Total
industrial
production
Period
Index,
1987=100
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
r
1991- Mar
May
July
Aug
Sept
Oct
Nov
Dec r
1992:
1
Jnnr
Feb r
Mar"
Output as percent of capacity
Capacity utilization
rate, percent l
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
105.0
105.5
106.4
107.3
108.1
108.0
108.4
108.4
108.1
107.4
-3.6
-3.0
-2.7
-2.5
-2.1
-2.3
-2.0
-1.4
2
.2
105.2
105.9
106.6
107.5
108.3
108.4
108.9
109.0
108.6
108.1
105.0
106.0
106.7
107.3
108.1
107.8
108.4
108.2
107.8
107.1
105.4
105.9
106.5
107.6
108.6
109.0
109.6
110.1
109.6
109.5
101.5
100.9
100.2
102.1
102.7
101.3
101.4
100.7
99.6
98.8
106.4
105.9
111.4
111.5
110.9
110.7
109.7
109.4
111.0
107.9
78.4
78.6
79.1
79.6
80.0
79.8
79.9
79.8
79.3
78.7
77.2
77.5
77.8
78.3
78.7
78.6
78.8
78.7
78.2
77.7
106.4
106.9
107.2
_ 2
1.1
2.1
107.2
107.8
107.9
105.8
106.7
106.8
109.0
109.1
109.3
97.5
98.1
97.9
106.8
106.6
108.8
77.8
78.0
78.1
76.9
77.1
77.0
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987=100; monthly data seasonally adjusted]
Products
Materials
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
r
1991- Mar
May
July
Sept
Oct
Nov
Dec '
1992- Jan '
Feb *
Mar *
1
Durable
goods
Nondurable
goods
Total '
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Energy
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
108.1
1087
109.3
110.1
110 2
109.8
110.4
110.6
110.6
109.9
104.7
105 5
106.6
108.0
108 3
108.4
109.4
109.7
110.0
109.1
95.9
99.3
101.1
104.2
105.5
104.0
107.7
107.5
106.0
104.6
107.1
107.2
108.1
109.0
109.0
109.6
109.8
110.3
111.1
110.3
112.5
112.8
112.7
112.8
112.8
111.6
111.8
111.9
111.4
110.9
120.3
121.3
121.7
121.9
122.5
121.3
122.2
122.3
121.8
121.4
93.9
92.5
91.5
91.0
90.0
89.8
89.1
89.1
88.8
88.1
101.3
101.2
102.7
104.0
104.0
104.4
104.3
104.1
103.9
103.8
94.0
94.9
95.8
97.4
96.9
96.7
96.5
95.4
95.9
95.0
106.4
105.6
107.5
108.5
109.0
109.7
109.7
110.1
109.4
110.0
102.6
103.4
104.5
105.4
107.0
107.2
107.5
107.4
106.6
105.8
101.3
101.1
102.4
103.4
104.1
103.3
103.6
103.1
102.2
100.4
108.6
109.3
109.6
108.0
108.5
109.0
101.4
104.6
105.1
109.8
109.6
110.1
109.5
110.4
110.5
119.8
121.2
121.4
86.9
86.3
85.8
103.4
103.6
103.9
95.3
95.3
95.1
109.0
109.4
110.1
104.9
105.2
105.4
100.2
100.4
101.0
Includes oi! and gas well drilling and manufactured homes, not shown separately.
[1987—100; monthly data seasonally adjusted]
Durable manufactures
Period
Total
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 '
1991- Mar
May
July
Sept
Oct
Nov
Dec '
1992- Jan r
Feb ' . .
Mar *
Source: Board of Go
tors of the Federal Reserve Svstei
18
Iron
and
steel
Nondurable manufactures
Transportation
equipment
Primary metals
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
1093
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
94.7
94.5
96.9
96.4
101.2
102.6
102.3
102.6
103.5
101.3
92.0
91.6
94.0
92.9
99.5
100.6
100.8
102.4
105.6
101.7
97.8
98.0
99.1
99.8
100.9
101.4
101.9
101.9
101.8
101.2
123.1
123.5
123.6
123.4
123.9
123.3
123.1
123.5
122.8
121.9
108.6
109.7
110.6
111.5
111.0
111.5
111.0
109.8
110.7
110.6
95.0
97.2
98.2
99.7
101.3
99.0
102.2
102.4
99.7
98.0
79.8
86.2
89.8
92.5
96.7
91.6
99.5
100.4
95.9
94.6
91.2
92.7
92.5
96.7
94.8
95.3
95.2
93.8
96.4
95.2
92.5
93.2
95.2
96.2
97.8
98.3
98.1
98.7
98.8
99.0
110.4
110.7
110.6
111.2
111.9
112.3
113.3
114.4
114.2
114.5
108.2
109.0
109.2
109.6
111.5
112.3
112.6
113.5
113.0
112.6
107.4
107.6
107.8
108.6
108.3
108.7
109.5
109.4
110.1
109.6
101.9
100.0
99.9
104.0
100.6
100.9
99.6
100.4
100.1
121.4
121.8
122.6
110.3
110.8
110.7
93.7
97.1
97.4
87.1
93.8
94.1
97.1
97.9
97 9
97.5
97.0
97.1
114.6
113.9
114.2
112.4
113.1
113.3
109.2
109.4
109.1
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
Period
Total new
construction
expenditures
Residential
Total
Commercial
and
industrial 2
New housing
units
Total 1
Other
Federal,
State, and
local
Total value
index
(1987 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
294.9
348.8
377.4
407.7
1983
1984
1985
1986
1987 ...
1988
1989 . .
1990
1991
419.3
432.2
443.7
446.4
404.0
231.5
278.6
299.5
323.1
328.6
337.4
345.4
337.8
295.2
125.5
153.8
158.5
187.1
194.7
198.1
196.6
182.9
160.6
94.6
113.8
114.7
133.2
139.9
138.9
139.2
128.0
110.8
48.2
50.8
51.3
51.6
50.0
51.4
54.6
58.5
58.6
57.7
74.0
89.8
84.4
84.0
88.0
94.3
96.4
76.0
75
83
91
96
100
101
105
95
88
63.5
70.2
77.8
84.6
90.6
94.8
98.3
108.7
108.8
Annual rates
Annual rates
1991:
Mar
401.9
407.1
293.3
299.0
May
T !
399.0
398.2
398.4
403.2
407.0
408.8
405.5
400.8
291.0
290.9
290.3
293.4
296.6
296.3
293.7
409.7
296.2
413.3
419.9
298.1
301.1
July
. '
Sept
Oct '
Nov *
Dee '
1992: Jan *
Feb ...
Mar"
291.2
152.4
151.8
154.6
158.3
158.0
162.8
166.6
166.9
166.5
165.4
100.8
100.6
103.2
106.7
109.9
114.4
118.0
118.2
118.8
119.0
83.2
87.0
78.2
73.8
73.4
72.0
71.2
70.7
68.3
67.3
57.6
60.2
58.3
58.8
58.9
58.6
58.8
58.7
58.9
58.5
108.6
108.0
108.0
107.3
108.1
109.7
110.4
112.5
111.8
109.6
170.1
170.7
173.7
120.4
122.3
125.0
65.8
66.8
66.7
60.3
60.6
60.6
113.5
115.2
118.8
1
Includes
2
Includes
3
756
955
1,097
1,016
1,019
973
961
783
545
r
87
93
89
F
83
88
92
'81
96
81
97
538
624
565
438
469
507
408
625
474
479
95
!03
94
472
563
497
r
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
Units started, by type of structure
Period
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^t units
80.0
113.5
121.4
93.4
84.0
65.3
58.8
55.2
37.5
35.6
Units
completed
Units
authorized
5 or more units
319.6
260.4
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
137.9
961.4
522.0
544.0
576.1
542.0
408.7
348.0
317.6
Homes sold
Homes for
sale at end 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
1,097
1,188
1,090
1,072
1,104
1,065
1,051
1,193
1,073
1,021
r
1,021
1,033
1,051
490
497
505
511
513
505
522
499
526
578
312
308
302
298
296
295
292
292
289
286
283
281
269
276
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- Feb
Mar
Apr
May
y '
July ....
Sept
Oct
Noy....
Dec
1992: Jan r
Feb r
Mar*
1
1C
11
Seasonally
2
A-
1,008
918
978
983
1,036
1,053
1,053
1,020
1,085
1,085
1,118
1,180
1,283
1,365
803
751
802
830
870
881
881
864
887
907
972
989
1,131
1,100
36
27
32
36
26
46
41
28
49
33
46
28
22
53
adjusted.
Quarterly data entered in last month of quarter. Series beginning 1989 not comparable with
earlier data.
169
140
144
117
140
126
131
128
149
145
100
163
130
212
876
892
913
966
999
1,005
953
982
1,028
993
1,055
1,111
1,166
1,093
.
.
.
,
.
r
578
647
602
513
,^nnn
.
.
7.5
7.3
7.6
7.3
7.4
.
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.
B
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In February, manufacturing and trade sales rose 1.5 percent and inventories were about unchanged. In March,
according to advance data, retail sales fell 0.4 percent, following a rise of 1.3 percent in February.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS '(RATIO SCALE|
900
"^
r"1
\
700
MANUFACTURING AND
TRADE INVENTORIES
^^
n
250
^—•—
800
200
-^1
RFTAIl INVENTORIE
600
•^/
500
*s
^~ —
^
'
'T~\
,-
-~--
150
Mf kNUFACTURII-•IG
AN D TRADE SA ES
\
RETAIL SAL
s
400
100
300
MM!
1 1 1 l l l l 1 1 II II 1 1 II 1 1 1 II 1 II 1 1 1 1 1 1 II 1 1 I II 1 1 1 II 1
Mill
RATIC) *
1.60
INVENTORY-SALES RATIO
1.70
.. ,-A
1.60
200
1.50
'T'xA^r^/
— V" \^^ S
1988
1
Ml i l i u m
1 Ml l l l l III
1989
1991
1990
1.30
1
" V""
M 1 I 1 1 1 1 1 M Ml 1 ll II II 1 1 M M I ! M 1 1
1989
1988
1992
\
^
MANUFACTURING
1.40
1
"
v;
A
1 III
1 111 11
1991
1990
M M i l l 1 1 II
1992
COUNCIL OF ECONOMIC ADVISERS
Manufacturing and
trade '
Inventory-sales ratio 4
Retail
Wholesale
Inventories 3
Sales 2
Period
2
Sales 2
Inventories 3
Sales
348,755
370,441
411,391
423,806
431,668
459,088
496,330
525,839
542,917
535,356
527,818
r
523,518
530,872
535,926
536,977
541,023
539,578
540,898
542,982
542,757
532,637
537,166
545,301
574,518
590,968
650,789
665,060
664,031
711,595
767,700
810,257
825,363
816,683
827,588
819,615
816,893
811,713
807,105
806,802
806,648
809,793
813,024
813,898
816,683
812,989
812,970
96,290
100,324
113,393
114,626
116,151
124,254
135,176
144,005
149,193
144,970
143,904
142,935
145,019
144,927
145,217
147,635
145,524
146,000
145,365
144,772
144,200
145,142
145,907
Inventories 3
Total
Durable
goods
stores
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade *
134,493
147,712
167,748
181,773
186,587
208,112
219,791
238,159
241,860
244,767
241,082
236,900
236,696
236,204
235,098
235,994
236,757
239,745
241,955
242,186
244,767
242,426
242,431
61,469
69,025
79,250
88,464
90,197
105,738
112,254
120,663
120,488
118,327
119,189
116,041
116,087
115,490
114,305
114,754
115,279
117,437
118,172
117,735
118,327
116,529
117,569
73,024
78,687
88,498
93,309
96,390
102,374
107,537
117,496
121,372
126,440
121,893
120,859
120,609
120,714
120,793
121,240
121,478
122,308
123,783
124,451
126,440
125,897
124,862
1.67
1.55
1.53
1.55
1.55
1.50
1.49
1.51
1.51
1.52
1.57
1.57
1.54
1.51
1.50
1.49
1.49
1.50
1.50
1.50
1.53
1.51
1.49
Retail
Millions of dollars, seasonally adjusted
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991- Feb r
Mar
Apr
June
July
Aug
Sept
Oct
Nov
Dec
1992- Jan '
Feb"
Mar"
1
2
3
Set1 page 21 for manufacturing.
Monthly average for year and total for month.
End of period.
20
128,196
130,906
143,557
148,484
154,713
165,271
180,313
188,273
194,692
196,215
198,047
196,733
195,052
193,632
192,039
192,806
192,503
191,211
193,005
193,892
196,215
196,571
197,738
89,114
97,570
107,316
114,642
120,860
128,509
137,613
145,146
150,602
151,752
150,699
r
151,868
150,967
152,710
152,642
153,195
152,160
152,658
152,483
152,505
152,440
155,657
r
!57,711
157,114
28,013
32,631
37,938
41,567
45,121
48,051
52,281
54,349
54,563
53,747
53,088
T
53,943
53,490
54,074
54,212
54,117
53,390
54,619
54,657
54,247
54,687
56,178
r
57,375
57,487
4
61,101
64,939
69,377
73,075
75,738
80,457
85,332
90,797
96,039
98,005
97,611
r
97,925
97,477
98,636
98,430
99,078
98,770
98,039
97,826
98,258
97,753
99,479
r
100,336
99,627
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
1.60
1.59
1.58
1.60
1.56
1.57
1.55
1.54
1.54
1.56
1.57
1.59
1.59
1.61
1.56
1.54
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In March, manufacturers' shipments, inventories, and new orders rose, while unfilled orders fell.
BIlilONS OF DOUARS* (RATIO SCALE]
280
SHIPMENTS
240
BILLIONS OF DOLLARS* (RATIO SCALE)
440
200
360
TOTAL
-DURABLE GOODS
160
:==—'
TQTA
280
,
\
•
120
•-
\
200
DURABLE GOODS
\
160
NONDURABLE GOODS
80
120
NCENDURABLE 3OODS
80
BILLIONS OF DOLLARS* (RATIO SCALE)
280
NEW ORDERS
^_^
240
'
60
">*~
'
\
200
(
TOTAL
160
||im
milllim I l l l l l l l l l l
DURAB LE GOODS
/
120
RATIO *
2.20
_lv .'•*—£.^ v^,-*--*^
^-Ll
•v •"" — — **"
INVENTORY-SHIPMENTS RATIO
2.00
\
1.80
NONI URABLE GOC3DS
80
|Vf r-X
.^, .„./%., — '^•"wv/
1.60
V.
1.40
60
||m|
mill inn I l l l l l m i l mi ill M i i m i l i m i
1988
1989
1990
Manufacturers' shipments 1
1.20
mill
mill
1992
1991
1989
1988
Manufacturers' inventories 2
^^
1991
1990
Manufacturers' new orders 1
Durable goods
Period
Total
Durable
goods
Nondurable
goods
Total
Durable
goods
Nondurable
goods
1992
Total
Total
Capital
goods
industries,
non-defense
Nondurable
goods
Manufacturers'
unfilled
orders 2
Manufacturers'
inventory —
j s'liiMneiLs
ratio s
Millions of dollars, seasonally adjusted
1982
1983...
1984
1985
1986
1987
1988
1989....
1990
1991
163,351
172,547
190,682
194,538
194,657
206,326
223,541
236,689
243,122
238,634
79,212
85,481
97,940
101,279
103,238
108,128
117,993
124,532
125,388
121,588
84,139
87,066
92,742
93,259
91,419
98,198
105,549
112,156
117,735
117,046
311,829
312,350
339,484
334,803
322,731
338,212
367,596
383,825
388,811
375,701
200,409
199,814
221,284
218,182
212,010
220,790
241,389
253,261
252,836
240,292
111,420
112,536
118,200
116,621
110,721
117,422
126,207
130,564
135,975
135,409
162,140
175,451
192,879
195,706
195,204
209,389
227,025
240,758
243,643
237,288
78,064
88,140
100,164
102,356
103,647
110,809
121,444
128,651
125,958
120,139
19,213
19,624
23,669
24,545
23,983
26,096
30,727
34,816
34,032
31,501
84,077
87,311
92,715
93,351
91,557
98,579
105,581
112,107
117,685
117,149
311,883
347,310
373.607
387,241
393,629
430,589
472,223
520,837
527,195
511,348
1.73
1.88
1.59
1.58
1.61
1.60
1.80
1991: Mar
'
,
228,715
234,886
238,289
239,118
240,193
241,894
242,240
245,134
245,480
235,997
114,487
119,721
121,024
122,240
122,994
124,459
124,965
126,404
126,547
119,795
114,228
115,165
117,265
116,878
117,199
117,435
117,275
118,730
118,933
116,202
385,982
385,145
381,877
379,968
378,002
377,388
378,837
378,064
377,820
375,701
250,405
249,546
246,964
245,642
244,467
243,616
244,310
242,816
242,290
240,292
135,577
135,599
134,913
134,326
133,535
133,772
134,527
135,248
135,530
135,409
226,431
231,229
236,540
233,725
248,090
243,160
237,624
242,230
243,138
234,102
112,116
116,139
118,434
117,128
130,827
125,482
120,092
123,325
124,046
117,785
31,940
28,748
28,038
29,282
36,689
30,993
30,078
31,098
34,876
28,909
114,315
115,090
118,106
116,597
117,263
117,678
117,532
118,905
119,092
116,317
524,742
521,085
519,336
513,943
521,840
523,106
518,490
515,586
513,243
511,348
1.69
1.64
1.60
1.59
1.57
1.56
1.56
1.54
1.54
1.59
236,367
241,683
243,852
121,615
' 125,378
126,534
114,752
116,305
117,318
373,992
372,801
372,850
238,891
237,534
236,914
135,101
135,267
135,936
235,188
236,942
240,796
31,636
31,186
34,068
114,621
116,080
117,446
510,169
505,428
502,372
1.58
1.54
1.53
Z
July
* *
Sept
Oct
NOT .
Dec
1992: Jan '
Feb '..
Mar*
1
Monthly average for year and total for month. Shipments are the same as sales.
* End of period.
3
r
120,567
120,862
123,350
r
1.95
1.73
Annual data are averages of seasonally adjusted monthly ratio
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In March, the producer price index for all finished goods rose 0.2 percent. Prices of finished consumer foods fell
0.5 percent and prices of other finished consumer goods rose 0.4 percent. Capital equipment prices rose 0.2
percent.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
110
100
100
90
90
1984
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1982 = 100; monthly data seasonally adjusted]
Intermediate ma erials
Finished goods
Total
finished
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
1986
1987
1988
1989
1990
1991 p
1991- Mar
Apr
May
July
Sept
Oct
Nov r
Dec
1992- Jan
Feb
Mar
1
100.0
101.6
103.7
104.7
103.2
105.4
108.0
113.6
119.2
121.7
121.2
121.4
121.6
121.4
121.2
121.5
121.8
122.1
122.2
122.1
121.7
122.0
122.3
100.0
101.0
105.4
104.6
107.3
109.5
112.6
118.7
124.4
r
124.1
124.9
125.3
125.0
124.7
124.0
123.4
123.3
123.3
123.1
122.9
122.5
123.8
123.2
100.0
101.8
103.2
104.6
101.9
104.0
106.5
111.8
117.4
120.9
120.0
120.1
120.4
120.2
120.1
120.6
121.2
121.7
121.9
122.0
121.4
121.6
122.0
Intermediate materials for food manufacturing and feeds.
22
100.0
100.5
101.1
101.7
93.3
94.9
97.3
103.8
111.5
115.0
113.6
113.9
114.5
114.2
114.0
114.9
115.3
116.1
116.2
115.7
114.7
114.9
115.5
100.0
102.8
105.2
107.5
109.7
111.7
114.3
118.8
122.9
126.7
126.2
126.2
126.6
126.7
126.8
126.9
127.1
127.3
127.5
127.7
128.0
128.0
128.3
Total
Total
1982
1983
1984
1985
Nondurable
Capital
equipment
Consumer goods
100.0
101.2
102.2
103.3
98.5
100.7
103.1
108.9
115.3
118,7
117.6
117.7
118.1
117.8
117.7
118.3
119.0
119.6
119.8
119.7
118.9
119.0
119.5
Durable
100.0
102.8
104.5
106.5
108.9
111.5
113.8
117.6
120.4
123.9
123.9
123.9
123.4
123.3
123.5
123.8
124.3
124.4
124.6
124.8
125.5
125.3
125.6
con-
Foodstuffs
and
feedstuffs
Total
Foods
and
feeds l
Other
Total
100.0
100.6
103.1
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.5
114.1
114.0
114.2
113.8
114.1
114.3
114.0
114.0
113.9
113.3
113.9
113.9
100.0
103.6
105.7
97.3
96.2
99.2
109.5
113.8
113.3
111.1
112.4
112.4
110.5
110.2
108.5
110.6
110.8
111.7
112.0
112.0
111.1
112.6
111.6
100.0
100.5
103.0
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.7
114.2
114.2
114.4
114.1
114.3
114.5
114.2
114.1
114.0
113.4
114.0
114.0
100.0 100.0
101.3 101.8
103.5 104.7
94.8
95.8
93.2
87.7
96.2
93.7
96.0 106.1
103.1 111.2
108.9 .113.1
101.2 105.5
100.7 108.4
100.4 108.2
100.9 105.6
99.3 106.0
99.3 104.2
99.1 102.6
98.4 104.2
100.5 104.2
100.4 103.5
98.3 103.2
97.7
105.0
99.4 107.3
97.9 106.0
sumer
goods
100.0
101.3
103.3
103.8
101.4
103.6
106.2
112.1
118.2
120.5
120.0
120.2
120.4
120.1
119.8
120.2
120.4
120.8
120.9
120.7
120.1
120.5
120.7
Crude materials
Source: Department of Labor, Bureau of Labor Statistics.
Other
100.0
100.7
102.2
96.9
81.6
87.9
85.5
93.4
101.5
94.6
92.3
92.0
94.1
91.5
92.4
93.1
91.1
94.2
94.5
91.4
89.3
90.5
89.1
CONSUMER PRICES—ALL URBAN CONSUMERS
In March, the consumer price index for all urban consumers rose 0.5 percent seasonally adjusted and not
seasonally adjusted. The index was 3.2 percent above its year-earlier level.
INDEX, 1982-84 . 100 (RATIO SCALE)
INDEX, 1982-84 . 100 (RATIO SCALE)
150
150
SEASONALLY ADJUSTED
CONSUMER PRICES—ALL ITEMS
COUNCIL OF ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
All items
l
Housing
Transportation
Shelter
Period
Not
seasonally
adjusted
(NBA)
Season-
ally
adjust-
May
June
July
Sept
Oct
Nov
Dec
1992:
Feb
Mar
Total '
Total
ed
1000
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991:
Mar
Food
96 5
99 6
103.9
107 6
109.6
113 6
118.3
124.0
130 7
136.2
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
Fuel
and
other
utilities
Apparel and
upkeep
Total '
New
cars
Motor
fuel
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
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
All
items
less
food
and
energy
Medical
care
Ener-
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
gy2
135.0
135.2
135.6
136.0
136.2
136.6
137.2
137.4
137.8
137.9
135.1
135.4
135.7
136.1
136.2
136.6
137.1
137.4
137.9
138.2
135.7
136.4
136.7
137.3
136.6
136.3
136.5
136.4
137.0
137.4
132.5
132.7
133.0
133.2
133.6
133.8
134.2
134.6
135.0
135.4
144.7
145.1
145.3
145.8
146.1
146.4
146.9
147.4
147.9
148.4
153.6
153.9
154.2
154.6
155.0
155.2
155.8
156.3
156.6
157.3
148.7
149.2
149.4
149.9
150.2
150.5
151.1
151.6
152.1
152.7
124.2
126.1
126.9
126.2
126.9
127.2
126.8
126.6
127.6
128.1
114.7
114.1
114.5
114.4
115.0
115.3
115.7
116.2
116.8
116.8
128.2
128.6
128.6
127.8
127.7
129.2
130.0
130.3
131.1
129.6
122.9
122.7
123.1
123.4
123.6
124.2
124.2
124.0
124.5
124.8
124.4
125.0
125.1
125.5
125.7
125.9
126.3
126.2
126.3
126.5
97.8
97.9
98.6
98.7
97.1
98.0
97.9
97.3
98.2
98.5
173.3
174.5
175.4
176.6
177.7
178.9
180.0
181.1
182.0
183.3
101.3
100.9
101.3
101.1
100.6
101.2
101.4
101.4
102.2
102.3
140.9
141.3
141.6
142.0
142.4
143.0
143.6
143.9
144.4
144.7
138.1
138.6
139.3
138.3
138.7
139.4
136.8
137.2
137.9
135.7
136.0
136.5
149.1
149.5
150.0
158.4
158.9
158.5
153.2
153.6
154.5
128.0
128.3
128.4
116.4
115.9
116.4
130.0
131.9
132.7
124.4
124.2
125.1
126.6
126.7
127.2
96.3
95.7
96.6
184.5
186.0
187.0
100.8
99.9
100.5
145.1
145.7
146.4
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 per od
Change from 3 months earlier, annual rate
Change from 6 mouths earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Period
Tola]
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
vear
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
9
5.7
5.2
2.6
-1.6
3.9
2.0
1.8
2.7
2.1
13
3.6
38
3.4
25
4.2
-.9
.8
2.1
-6.6
4.1
3.1
53
8.7
-.6
4.1
1.6
2.1
1.0
-1.4
2.1
2.5
5.2
4.9
2.1
Change, month to month
1991- Mar
03
.2
2
-.2
-.2
.2
2
2
.1
May
June
July
Sept
Oct
Dec r.
-2.9
-3.2
0
.7
— .7
-.3
1.3
3.0
2.3
1.0
0
1.6
.6
-.6
-4.1
-5.0
-4.4
-2.2
-1.0
-1.3
-.3
1.1
-.5
— .7
.1
.4
2
0
-1.3
-.7
.7
-2.6
2.3
1.0
-.0
|
0
1
1992- Jan
Feb '
Mar
0.2
0
.3
.1
.1
.1
.2
_2
.2
2
-8.4
-7.8
2
-.2
.1
.3
-.3
j
.5
.6
.5
2
i
0.1
.3
-.2
_ 2
-.6
-.3
.2
.2
-0.9
.2
1.0
1.2
1.0
1.2
0.3
.5
0
-.3
-1.3
— 2.2
— 2.5
-3.2
-3.0
-2.9
0.3
-5.1
-4.9
-4.0
-4.0
— .7
2.4
3.3
2.9
3.3
3.9
3.6
3.7
3.4
1.8
1.6
1.4
1.8
1.4
1.6
3.2
3.3
3.5
3.5
2.9
2.0
.8
— .1
— .5
-.1
.8
.8
.8
-2.4
.6
___ 2
2.0
1.2
.8
1.9
1.7
1.9
-.5
.4
.9
0.5
-1.3
-1.5
-1.1
-2.0
2
4.1
6.6
5.2
2.4
5.2
1.6
2.2
1.6
1.9
1.0
1.3
1.6
1.9
1.9
-2.3
-2.6
— .7
2.2
1.6
1.9
-2.0
.7
0
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change, from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Transportation
Housing
Shelter
Period
All
items l
Food
Total '
Total '
Renters'
costs
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
Motor
fuel
New
cars
Total '
Medical
care
Energy'
All
items
less
food
and
energy
Addendum: All items, percent change
(annua rate)
From
previous
quarter 3
From
3
months
earlier
From
6
months
From
vear
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
0.1
.2
0.3
.5
9
.4
3.5
4.3
4.3
1.7
3.7
4.0
3.9
4.5
3.4
2.4
4.7
5.2
6.0
4.6
4.8
4.5
4.9
5.2
3.9
5.1
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.2
4.5
5.1
5.9
4.6
5.3
4.7
5.1
4.7
3.7
0.2
.2
2
.2
.3
.1
.3
.3
.3
.3
0.2
.3
.1
.3
2
2
.3
.3
.3
.3
0.3
.2
.2
.3
.3
.1
.4
.3
2
.4
0.1
.3
.1
.3
2
.2
.4
.3
.3
.4
0.1
— .5
.4
i
.5
.3
.3
.4
.5
0
0.2
.3
0
-.6
-.1
1.2
.6
.2
.6
-1.1
9
.5
.3
.3
.7
.3
-.3
.3
.3
.6
-.3
-.4
.4
.3
1.5
.6
3.6
9.7
1.8
4.2
1.8
-5.6
1.6
2.9
3.2
4.0
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 — 1.7
2.5 -2.4
3.4
3.1
5.9 -30.7
18.7
1.8
2.1 — 2.1
2.3
6.8
1.4
36.5
3.3 -16.0
11.0
6.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
7.9
0.6
.2
-4.7
.1
.7
.1
-1.6
.9
-.1
-.6
.9
.3
.1
.1
.4
-2.2
-.6
.9
.7
.8
.5
1.3
45
— .5
_2
1.8
-19.7
8.2
.5
5.1
18.1
-7.4
4.8
4.7
4.3
3.8
4.2
4.7
4.4
5.2
4.4
-2.3
— .4
.4
9
-.5
.6
.2
0
.8
.1
0.3
.3
2
.3
.3
.4
A
2
.3
2
-1.5
.3
.4
.5
6.2
3.2
4.3
3.6
1.9
3.6
4.1
4.8
5.4
4.2
Change, month to month
1991: Mar
Apr
May
June
July
Aug
Sept
Oct
Noy
Dec
1992: Jan
Feb
Mar
9
.3
.1
.3
.4
_2
.4
2
.1
.3
.5
1
2
9
.1
-.1
.4
.3
-.4
.3
.5
.2
.4
Includes items not shown separately.
Household fuels—gas (piped), electric ty, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
also included through 1982.
24
-0.8
0.3
.5
.1
.3
2
9
.3
2
.3
2
9
.5
0
2
.4
_2
1
.1
-.3
_ 9
3
.5
.7
.6
.7
.6
.6
.5
.7
n
.6
3.6
2.7
2.1
2.4
3.0
2.4
2.7
3.0
3.6
3.9
3.2
3.8
2.9
2.9
2.9
2.2
2.5
3.0
3.0
3.3
3.1
4.9
4.9
5.0
4.7
4.4
3.8
3.4
2.9
3.0
3.1
2.9
2.6
2.3
3.5
3.1
3.1
3.4
2.6
2.8
3.2
3.3
2.4
2.7
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 April fell 0.7 percent from their March level. Prices paid by farmers in April were 1.1
percent above their January level. (Data are not seasonally adjusted.)
INDEX, 1977 = 100 (RATIO SCALE)
INDEX, 1977 = 100 (RATIO SCALE)
200
200
180
160
PRICES RECEIVED
80
i i i i i 1i i i
80
RATION
RATIOV
140
COUNCIt OF ECONOMIC ADVISERS
[1977=100; not seasonally adjusted]
Prices received by farmers
Period
1982
1983
1984
1985
1986
1987 .
1988
1989
1990
1991
1991- Apr
June
July
Sept
Oct
Nov
Dec
1992: Jan
Feb
Mar
1
All farm
products
Prices paid by farmers
Livestock and
products
Crops
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio *
133
135
142
128
123
127
138
148
149
146
121
128
138
120
107
106
126
134
127
130
145
141
146
136
138
146
150
160
170
162
159
161
164
162
159
162
170
178
184
189
158
159
161
156
150
152
160
167
171
175
153
152
155
151
144
148
157
165
171
173
84
84
87
79
77
78
81
83
81
77
148
151
153
149
146
147
142
139
137
130
137
142
136
133
137
126
124
120
166
165
163
162
158
157
158
154
154
189
(3)
(3)
189
(3)
(3)
189
(3)
(3)
176
(3)
(3)
174
(3)
(3)
173
(3)
(3)
175
(3)
(3)
173
(3)
(3)
172
(3)
(3)
78
80
81
79
77
78
75
74
72
138
142
143
142
123
128
r
!31
128
152
156
155
156
!74
(3)
(3)
176
171
(3)
(3)
173
Includes items not shown separately.
Percentage ratio of index of prices received by fanners to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid bv farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
2
All commodities,
services,
interest, taxes,
and wage rates l
r
!89
(3)
(3)
191
r
r
73
75
76
74
NOTE.—The official indexes are published on a 1910-14 base as required bv law. The indexes
have been converted to a 1977= 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
M2 and M3 fell in March.
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]
Ml
M2
MS
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
KPs 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-onlv
MMMF balances
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dee
Dec
474.6
521.4
552.5
620.2
724.6
750.0
786.9
794.1
826.1
898.2
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
r
3,439.4
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
r
4,171.4
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
r
4,988.5
4,672.7
5,209.4
5,963.3
6,833.9
7,742.5
8,514.4
9,312.6
10,059.6
10,749.9
11,216.2
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
14.6
13.3
10.0
9.4
8.0
6.9
4.3
1991- Feb
Mar
3,369.4
3,386.9
•"3,394.8
3,405.6
3,411.8
3,407.4
3,409.5
3,411.5
3,417.4
r
3,431.2
' 3,439.4
4,160.2
4,165.9
•"4,168.8
4,170.5
4,167.7
4,157.3
4,156.6
4,152.6
'4,158.9
r
4,167.1
•"4,171.4
•"5,008. 7
5,004.2
•"4,978.4
4,958.3
4,986.4
4,991.3
4,985.0
4,974.2
•"4,977.6
r
4,990.4
•"4,988.5
10,827.1
10,863.2
10,885.1
10,937.5
10,988.9
11,025.5
11,067.1
11,105.0
11,146.3
11,187.9
11,216.2
4.9
4.7
5.0
6.6
7.6
8.2
7.2
7.1
9.1
9.5
9.5
3.2
3.4
3.6
4.3
4.4
3.8
2.4
1.5
•"1.3
1.5
1.6
2.6
2.5
2.5
2.7
2.6
1.5
Dec
836.2
842.3
842.7
850.9
857.3
860.0
866.5
872.0
880.9
891.4
898.2
4.9
4.6
4.3
4.2
4.4
4.6
4.4
4.5
4.8
4.6
4.1
1992- Jan
Feb
Mar
910.3
930.8
938.6
r
r
•"4,983. 6
5,016.1
•"11,238.4
11,273.9
11.7
14.8
15 3
2.4
3.9
3.6
Period
1982:
19831984:
19851986:
19871988:
198919901991-
May
July
Sept
Get
....
r
,3,448.2
3,475.4
3,473.6
4,175.2
•"4,200.1
4,189.8
L
M3 plus
other liquid
assets
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) 1
Percent change from year or 6
months earlier 2
Ml
—
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate.
26
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve Svstem.
M2
Debt
MS
_ 9
r
-.6
— .5
9
.2
•".9
•"2.1
1.8
3.9
3.7
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 l
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
19821983:
198419851986'
19871988'
1989'
1990"
19911991:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Feb
Mar
May
™3
July
Sept
Oct
Nov
Dec
1992: Jan
Feb
Mar
132.5 234.0
146.2 238.5
156.1 243.9
167.9 266.7
180.8 302.0
197.0 286.8
212.3 286.5
222.6 279.0
246.8 277.1
267.3 289.5
254.6 275.9
256.0 276.9
256.3 276.1
256.6 278.4
257.6 280.1
259.3 279.3
261.3 280.1
262.9 280.6
264.8 283.8
266.0 287.6
267.3 289.5
269.4 ' 293.8
271.6 ' 305.0
271.9 309.6
103.7
131.8
147.2
179.7
235.3
259.3
280.6
285.1
293.9
333.2
297.5
301.3
302.5
307.8
311.6
313.7
317.3
320.6
324.5
329.7
333.2
338.9
346.0
349.1
39.9
55.6
60.6
73.5
82.3
84.1
83.2
77.6
74.7
75.7
70.4
69.2
69.6
r
68.5
67.9
64.9
67.3
66.4
69.5
73.3
75.7
r
77.2
'77.0
73.5
51.1
42.7
63.7
65.8
86.1
92.1
91.0
107.2
133.7
179.1
145.5
148.5
152.9
155.2
155.3
155.4
158.6
162.6
168.2
173.6
179.1
182.4
188.2
185.3
184.5
138.3
167.1
176.1
208.0
221.7
241.9
316.3
348.9
360.5
361.0
365.0
366.6
367.8
368.8
367.9
362.4
359.9
359.3
359.5
360.5
360.0
363.7
358.0
1
Includes continuing contract RPs.
2
Data prior to 1983 are not seasonally
3
adjusted.
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than 8100,000, respectively.
398.5
684.0
704.2
814.4
940.1
937.0
926.2
891.2
920.7
1,042.6
931.0
941.7
953.0
966.1
976.8
986.1
994.1
1,002.4
1,015.0
1,028.7
1,042.6
r
1,061.4
r
1,084.4
1,098.6
847.2
780.8
884.9
881.7
854.8
917.5
1,032.9
1,148.5
1,168.7
1,063.0
1,169.5
1,165.9
r
l, 159.7
1,150.9
1,140.6
1,129.5
1,120.8
1,111.0
1,095.2
1,079.2
1,063.0
1,042.6
r
1,019.2
1,001.9
323.3
324.8
415.6
436.1
439.5
489.1
541.2
559.3
494.9
437.1
499.6
492.8
487.7
483.5
478.3
471.2
465.5
458.5
450.0
442.3
437.1
r
427.8
r
420.6
413.0
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
70.9
86.7
83.5
82.2
80.4
78.4
78.8
78.4
76.7
75.5
73.7
70.9
70.9
r
72.1
73.8
81.7
91.5
82.9
76.5
83.8
91.0
105.7
79.5
68.7
'57.7
69.8
68.2
65.2
62.3
61.6
62.7
63.6
61.5
r
62.8
r
61.9
r
57.7
r
55.7
r
56.0
57.8
Savings
bonds
68.0
71.1
74.2
79.5
91.8
100.6
109.4
117.5
126.0
137.9
127.9
129.0
130.1
131.3
132.4
133.5
134.4
135.2
136.1
137.1
137.9
138.9
140.1
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
183.6
211.9
260.9
298.2
280.0
253.0
269.6
325.5
332.7
316.2
328.8
323.5
307.3
T
299.4
325.1
332.7
330.4
322.9
321.2
323.7
r
316.2
r
311.5
325.6
44.5
45.0
45.4
42.0
37.1
44.3
39.8
40.1
34.0
23.3
34.6
32.1
30.6
29.1
28.1
28.1
27.2
25.8
25.3
24.5
23.3
23.2
22.9
113.7
133.2
160.8
207.5
231.2
260.5
336.1
348.6
359.3
339.7
357.1
353.8
341.6
327.9
333.0
339.8
336.3
337.7
336.2
337.9
339.7
334.8
327.5
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not show
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]
Adjusted for changes in reserve requirements
Borrowings of depository
institutions from the Federal
Reserve (NSA)
Reserves of depository institutions
Period
Total
1982*
19831
1984198519861987"
1988'
1989'
1990199T
1991'
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Mar
Apr
May
July
Sent
Oct
Nov
Dec
1992" Jan
Feb
Mar
1
.
27,835
29,901
31,662
37,061
45,863
45,812
47,596
47,729
49,104
53,752
49,530
49,344
50,000
50,345
50,410
50,886
51,147
51,816
52,695
53,752
54,367
56,418
57,331
Data are 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
27,201
29,127
28,476
35,473
45,037
45,035
45,880
47,464
48,778
53,560
49,289
49,112
49,697
50,005
49,804
50,121
50,502
51,556
52,587
53,560
54,133
56,340
57,239
Nonborrowed plus
extended
credit
27,387
29,129
31,080
36,242
45,340
45,518
47,124
47,483
48,801
53,561
49,342
49,198
49,785
50,013
49,849
50,422
50,804
51,567
52,588
53,561
54,134
56,342
57,241
Monetary
base
Required
27,335
29,340
30,807
36,024
44,494
44,766
46,549
46,807
47,440
52,774
48,351
48,313
48,970
49,337
49,505
49,800
50,219
50,734
51,802
52,774
53,364
' 55,353
56,302
Total
164,276
179,921
191,374
208,619
230,039
246,281
263,459
274,168
299,785
325,222
310,291
310,226
311,265
312,470
314,216
316,683
318,496
320,928
323,133
325,222
327,681
r
332,151
333,235
634
774
3,186
1,318
827
777
1,716
265
326
192
241
231
303
340
607
764
645
261
108
192
233
77
91
Seasonal
33
96
113
56
38
93
130
84
76
38
55
79
151
222
317
331
287
211
86
38
17
22
32
Extended
credit
186
2
2,604
499
303
483
1,244
20
23
1
53
86
88
8
46
300
302
12
1
1
1
2
2
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases rose 0.1 percent in March; 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
2,400
2,000
1,600
1,200
800
800
U.S. GOVERNMENT SECURITIES
400
400
OTHER SECURITIES
\
200
200
160
160
120
1984
1986
1985
1990
1988
1987
1992
1991
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted J ]
All commercial banks
Loans and leases
Period
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1991:
1992:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Jan
Feb
Mar
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
2,836.0
2,759.9
2,763.9
2,765.7
2,774.6
2,776.4
2,778.3
2,789.4
2,805.1
2,821.6
2,836.0
2,843.5
2,844.6
2,851.8
28
U.S.
Government
securities
201.7
259.2
260.2
270.8
310.0
335.8
363.5
398.2
454.1
562.5
470.8
478.2
484.1
493.9
503.7
513.2
523.4
538.4
550.5
562.5
564.2
568.7
576.8
Other
securities
164.8
169.1
140.9
179.0
193.9
193.6
192.4
181.7
177.9
178.5
178.5
177.5
176.9
176.2
175.3
174.0
175.8
177.1
177.6
178.5
179.0
179.1
176.6
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
2,095.0
2,110.6
2,108.3
2,104.8
2,104.6
2,097.4
2,091.1
2,090.2
2,089.6
2,093.4
2,095.0
2,100.2
2,096.7
2,098.4
Commercial
and
industrial
392.5
414.2
473.1
500.2
537.0
567.1
606.8
640.2
643.2
617.6
638.7
635.1
630.6
626.0
623.6
619.4
622.0
622.6
621.0
617.6
614.5
608.9
606.4
r
Real
estate
Individual
Security
299.9
331.0
376.2
425.8
494.0
586.9
670.1
759.5
843.3
871.1
188.2
212.9
253.8
294.7
25.3
28.0
34.4
43.0
40.3
34.8
41.2
41.5
44.7
54.6
48.2
48.5
49.1
49.0
47.4
48.4
50.1
51.2
53.6
54.6
59.1
56.9
60.4
857.7
861.5
863.8
868.6
867.7
866.9
867.9
869.0
870.6
871.1
870.7
875.4
877.0
315.3
328.3
354.5
374.8
379.6
363.9
375.2
374.3
373.6
372.9
371.0
370.3
367.2
364.4
363.2
363.9
363.9
364.2
362.9
Nonbank
financial
institutions
31.2
30.4
31.3
32,4
35.0
32,0
32.3
34.3
35.7
40.6
36.9
36.0
36.5
39.3
38.8
37.7
37.6
38.1
39.2
40.6
40.3
42,1
42.6
Agricultural
36.2
39.2
40.1
36.1
31.5
29.4
28.7
29.8
32.0
34.1
33.0
33.6
33.7
33.9
34.0
34.2
34.3
34.1
33.9
34.1
33.7
33.7
34.3
State
and
political
subdivisions
0.0
.0
46.0
56.7
58.5
52.4
45.1
40.0
33.9
29.2
32.8
32.3
31.7
31.3
30.9
30.5
30.1
29.7
29.4
29.2
28.3
28.4
28.4
rorragn
banks
14.7
13.4
11.6
9.9
10.3
7.8
7.7
8.2
7.5
7.2
7.5
7.1
6.6
6.5
6.6
6.6
6.9
6.6
6.8
7.2
7.1
6.6
6.4
Foreign
official
institutions
Lease
financing
receivables
5.9
9.4
8.4
13.3
13.7
16.0
6.3
6.3
5.7
5.0
3.5
2.8
2.5
2.8
2.5
2.4
2.5
2.4
2.3
2.3
2.4
2.6
2.5
2.4
2.3
2.2
19.0
22.4
24.6
29.3
31.8
32.8
31.4
33.1
33.1
33.0
33.2
32.4
31.7
31.7
31.5
31.3
31.4
31.3
31.3
31.4
Other
r
r
26.8
31.8
30.2
35.6
38.8
40.1
46.2
47.1
43.3
42.9
44.7
44.2
43.6
41.5
42.8
43.1
40.2
40.0
41.8
42.9
49.0
46.9
46.4
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Credit market funds
Total
Internal *
Total
1982
1983
1984
1985
1986
1987
1988 .
1989
1990
1991 p
1989- I
n
m
IV
1990- I
n
TTT
IV
1991- I
n
m
rv
Loans and
short-term
paper
Securities
and
mortgages
Total
Total
Other 2
Capital
expenditures 3
Increase in
financial
assets
Discrepancy
(sources less
uses)
313.7
431.2
491.4
464.3
521.5
545.0
586.7
549.3
470.6
472.5
247.6
292.3
336.4
351.9
336.8
376.1
404.4
404.9
381.5
391.5
66.1
138.9
155.0
112.3
184.7
168.9
182.3
144.4
89.1
81.0
50.7
81.0
92.5
52.4
126.7
63.0
63.0
42.1
16.5
39.7
-4.0
45.5
-13.0
-4.5
60.9
27.5
130
-41.7
-13.4
97.7
54.7
35.5
105.5
56.9
65.8
35.4
76.0
83.8
29.9
-58.0
15.4
57.9
62.5
59.9
58.0
106.0
119.3
102.3
72.6
41.4
337.9
428.9
506.3
458.1
505.1
477.5
558.3
525.3
489.7
452.9
286.1
303.8
399.1
375.3
353.9
365.8
394.5
421.4
403.2
365.6
51.8
125.1
107.2
82.8
151.2
111.7
163.8
103.9
86.5
87.3
-24.3
2.3
148
6.2
16.4
67.5
28.4
24.1
-19.1
19.6
538.3
630.1
473.0
556.1
401.4
404.3
410.5
403.7
136.9
225.8
62.5
152.4
-6.3
129.2
6.6
38.9
-101.8
-.6
-85.5
20.7
95.5
129.8
92.1
18.2
143.2
96.6
55.9
113.5
508.9
558.4
484.0
549.5
420.7
419.2
416.4
429.1
88.2
139.2
67.6
120.4
29.4
71.7
-11.0
6.5
542.1
518.1
444.1
378.1
393.8
395.2
361.2
375.9
148.3
122.9
82.9
2.2
54.0
49.8
14
-36.4
-13.6
8.5
-48.5
-.4
67.6
41.3
47.1
-36.0
94.3
73.2
84.3
38.6
507.7
523.0
529.4
398.8
402.4
415.9
418.2
376.2
105.3
107.1
111.2
22.6
34.4
-4.8
-85.3
-20.7
485.8
480.5
456.5
466.9
390.9
390.7
387.1
397.2
94.9
89.8
69.4
69.7
17.4
57.6
45.5
38.0
70.1
117.2
90.0
113.2
-52.7
596
44 5
-75.2
77.5
32.3
24.0
31.8
437.9
431.1
472.0
470.3
346.0
350.7
380.7
384.8
91.9
80.4
91.3
85.5
47.9
49.4
-15.5
-3.3
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
2
Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment in
the U.S.
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source. Board of Governors of tne Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstanding 1
Installment credit outstanding (end of period)
Period
Automobile
Revolving
Mobile
home
325,805
368,966
442,602
518,252
573,017
610,468
664,049
718,863
735,102
729,420
125,945
143,560
173,564
210,187
247,428
265,851
284,214
290,676
284,585
267,909
68,454
79,088
100,280
121,816
135,851
153,078
174,104
199,082
220,110
234,504
22,604
23,562
25,861
26,850
27,096
25,920
25,348
22,471
20,919
19,116
110,802
122,756
142,897
159,400
162,642
165,620
180,383
206,633
209,487
207,891
732,762
732,442
733,621
732,289
730,591
729,962
729,108
729,152
730,317
730,147
729,420
282,626
280,689
279,746
276,494
274,496
273,565
271,906
270,219
270,013
268,123
267,909
221,556
224,817
225,994
227,301
227,737
228,199
229,453
232,070
233,661
234,666
234,504
20,200
20,123
20,098
19,796
19,907
19,615
19,495
18,892
18,943
19,059
19,116
208,379
206,813
207,782
208,697
208,451
208,582
208,253
207,971
207,700
208,300
207,891
-201
-320
1,179
-1,331
1 698
-629
854
44
1,165
-170
728
729,473
729,274
268,256
267,780
234,816
236,001
18,649
18,292
207,752
207,202
53
-199
Total
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991-
Dec . .
Dec
Dec
Dec
Dec
Dec. .
Dec 2
Dec
Dec
Dec
1991- Feb
Mar
May
July
Auer
Sent
Oct
Noy
Dec
1992: Jan r
Feb"
1
For year-end 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.
Other
Total
Automobile
6,937
14,546
17,615
43,161
30,004
73,636
36,623
75,650
37,241
54,765
37,451
18,423
18,363
53,581
3
(3)
( )
6091
16,239
5 682 -16,676
-1,120
1 937
-943
3252
-1,998
931
-1,659
1 687
-207
1 890
-214
Revolving
Mobile
home
Other
5,384
12,634
21,192
21,536
14,035
17,227
21,026
(3)
21,028
14,394
2,546
958
2,299
989
246
1 176
-572
(3)
-1,552
1 803
-322
11,954
20,141
16,503
3,242
2,978
14,763
,(3)
2,854
-1,596
1,968
3,261
1,177
1,307
435
462
1,255
2,617
1,591
1,005
-162
258
-78
24
302
111
291
-120
603
51
116
57
-791
1,566
969
915
246
131
329
-282
270
599
409
312
1,185
-466
358
139
-550
347
476
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 fell in April.
PERCENT PER ANNUM
PERCENT PER ANNU
COUNCIt Of ECONOMIC ADVISERS
[Percent per annum]
U.S. Treasury security yields
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989 ..
1990
1991
1991:
Apr
May
July
Sept
Oct
Nov
Dec
1992: Jan
Feb
Mar
Apr*
Week ended:
1992- Apr 4
11
18
25
May 2".
1
2
3-month bills
(new issues) l
Constant maturities 2
3-year
10-year
High-grade
municipal
bonds
(Standard3 &
Poor's)
Prime
commercial
paper, l
6 months
Discount rate
(N.T. F.R.
Bank)4
Prime rate
charged 4by
banks
New-home
mortgage
yields
(FHFB)5
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
6.07
5.94
6.16
6.14
5.76
5.59
5.33
4.93
4.49
4.06
4.13
4.38
4.13
6.00-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
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
9.00-9.00
9.00-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.00
8.00-8.00
8.00-7.50
7.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
9.60
9.52
9.46
9.43
9.48
9.30
9.04
8.64
8.53
8.49
8.65
8.51
4.34
4.18
4.06
4.08
4.04
3.50-3.50
3.50-3.50
3.50-3.50
3.50-3.50
3.50-3.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
14.029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
8.12
7.51
5.42
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
5.67
5.51
5.60
5.58
5.39
5.25
5.03
4.60
4.12
3.84
3.84
4.05
3.81
7.23
7.12
7.39
7.38
6.80
6.50
6.23
5.90
5.39
5.40
5.72
6.18
5.93
8.04
8.07
8.28
8.27
7.90
7.65
7.53
7.42
7.09
7.03
7.34
7.54
7.48
7.05
6.95
7.09
7.03
6.89
6.80
6.59
6.64
6.63
6.41
6.67
6.69
6.64
8.86
8.86
9.01
9.00
8.75
8.61
8.55
8.48
8.31
8.20
8.29
8.35
8.33
4.08
3.95
3.60
3.69
3.71
6.09
5.81
5.77
6.02
6.02
7.49
7.40
7.38
7.58
7.59
6.68
6.64
6.59
6.61
6.66
8.35
8.32
8.28
8.33
8.38
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
8
Weekly data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and week.
30
Corporate
Aaa bonds
(Moody's)
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 April.
INDEX, DEC. 31, 1965=50 (RATIO SCALE)
INDEX, DEC. 31, 1965=50 (RATIO SCALE)
24U
v—-"i^\
•H(
140
/
^
'
160
>
—r
\N /^r—1
140
f
\
OMPOSITE STOCK PRICE INDEX (NYSE)
r
120
80
^
~/\
160
100
24U
225
200
180
*-«_
220
200
180
^-^r~
^~-~/
120
100
80
60
60
40
,r.,,l«tll
1 1 f 1 1 1 1 1 i 1 1 iinilniii
1989
1988
1 1 1 1 11 I 1I11
IIMll
1985
1984
1986
1987
l.llllltlll
1990
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 J 1 1 1 1 1 40
1991
1992
PER(:ENT
20
PERCi:NT
20
MGS-PRICE RATIO ON COMM
(S&P)
15
10
15
10
/
~~"~
-^
—
5
i
0
i i
1984
1
1 1
1985
r-.
1
1
1
1
1986
^
/"]
1 1
1987
1
1 1
1988
1
,
—~~~*
1 1
1989
1
T
==
1 1
1990
>
5
—
1 I
1991
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
1
1 1
1992
COUNCIL OF ECONOMIC ADVISERS
Common stock yields
(percent) •
Common stock prices *
New York Stock Exchange indexes (Dec. 31, 1965
Period
Composite
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991:
Apr
May
^ 3
July
Sept
Oct
Nov
Dec
1992:
Jan
Feb ...
Mar
Week ended:
1992- Apr 4
11
18
25
May 2'
1
•
Industrial
Transportation
Utility
Finance
Dow-Jones
industrial
average a
Standard &
Poor's
composite
(194143 = 10)4
Dividendprice ratio
74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
180.02
183.46
206.33
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
216.23
225.78
258.14
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
175.28
158.62
173.99
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
87.43
90.60
92.66
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
151.88
133.26
150.82
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
322.84
334.59
376.18
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
3.45
3.61
3.24
207.71
206.93
207.32
208.29
213.33
212.55
213.10
213.25
214.26
260.15
260.13
261.16
262.48
268.22
266.21
265.68
264.89
266.01
166.90
170.77
177.05
177.15
178.52
177.99
187.31
188.52
185.47
92.92
90.76
89.01
90.05
92.38
93.72
95.25
96.78
98.08
152.64
151.32
152.31
151.60
157.70
157.69
158.94
159.78
159.96
2,925.54
2,928.42
2,968.14
2,978.19
3,006.09
3,010.35
3,019.74
2,986.12
2,958.64
379.68
377.99
378.29
380.23
389.40
387.20
386.88
385.92
388.51
3.19
3.23
3.23
3.20
3.10
3.15
3.14
3.15
3.11
229.34
228.12
225.21
224.55
286.62
286.09
282.36
281.60
201.55
205.53
204.07
201.28
99.31
96.18
94.15
94.92
174.50
174.05
173.49
171.05
3,227.06
3,257.27
3,247.42
3,294.08
' 416.08
412.56
407.36
407.41
2.90
2.94
3.01
3.04
222.61
221.22
227.38
225.63
226.43
279.20
278.05
285.94
282.22
283.15
199.58
196.34
203.67
202.51
205.34
93.33
92.53
95.13
96.46
97.13
170.67
168.40
172.28
172.53
172.49
3,240.65
3,230.14
3,324.07
3,338.28
3,328.17
402.59
400.62
412.70
410.17
411.41
3.03
3.11
2.95
3.10
3.00
Average of daily closing prices,
Includes all the stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
* Includes 500 stocks.
6
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings2
3
0
Earningsprice ratio
11.96
11.60
8.03
10.02
8.12
6.09
5.48
8.01
7.41
6.47
4.81
5.23
4.59
3.83
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 6 months of fiscal 1992, there was a deficit of $196.9 billion, compared with a deficit of $152.2 billion
a year earlier.
BILLIONS OF DOLLARS
1,600
BILLIONS OF DOLLARS
1,600
RECEIPTS AND OUTLAYS -^
1,500
1,400
1,300
OUTLAYS^
1,200
1,200
1,100
1,100
1,000
1,000
900
900
RECEIPTS1'
800
800
700
700
600
600
0
-100
_^~-—
-200
-~^_
—
-200
^-
______^^
-300
-300
400
A
i
1984
i
1985
i
1986
i
i
1987
i
i
i^\ —--1
1989
f\
-400
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Receipts
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992 (estimates)
1993 (estimates)
Cumulative total, first 6
months: l
Fiscal year 1991
Fiscal vear 1992
Outlays
Off-budget
On-budget
Total
or deficit
(-)
Receipts
Outlays
or deficit
(-)
Receipts
Outlays
Gross Fe .eral debt
or deficit
(-)
Total
599 3
617 8
600.6
666 5
371.8
409 2
458.7
503 5
590.9
678 2
7458
808.4
851 8
-73.7
— 53 7
— 59.2
— 40 2
— 73.8
— 790
-128.0
— 207.8
— 1854
231.7
278 7
314.2
365 3
403.9
469 1
474 3
453.2
5004
302.2
3285
369.1
403 5
476.6
543 1
5944
661.3
6860
-70.5
— 49.8
— 54.9
— 38 2
— 72.7
— 740
— 120.1
-208.0
— 185 7
66.4
76 8
854
98 0
113 2
130 2
143 5
147.3
166 1
69.6
807
89.7
1000
114 3
135 2
151 4
147.1
165 8
— 3.2
—3 9
— 4.3
— 20
— 1.1
—5 0
—7 9
.2
3
6290
706 4
776 6
828 9
908 5
994 3
1 136 8
1 371 2
1 564 1
477 4
549 1
607 1
639 8
709 3
784 8
919 2
1 131 0
1 300 0
734 1
769 1
854 1
909 0
990 7
1 031 3
1,054.3
1 075 7
1 165 4
946 4
9903
1 003 9
1 064 1
1 144.2
1 251 8
1,323.0
1 475 4
1 515 3
— 212 3
— 221.2
— 149 8
— 155 2
— 153.5
— 2205
-268.7
— 399 7
— 349 9
547 9
5689
640 7
667 5
727.0
749 7
760.4
774 8
839 6
769 6
806.8
810 1
861 4
933.3
1 026 7
1,081.3
1 223 9
1 251 3
— 221 7
— 238.0
— 1693
— 1940
— 206.2
— 277 1
-320.9
— 449 1
— 411 7
186 2
200 2
213 4
241 5
263 7
281 7
293.9
300 9
325 8
176 8
183 5
193 8
202 7
2109
225 1
241.7
251 5
264 0
94
16 7
19 6
38 8
52.8
56 6
52.2
49 4
61 8
1 817 0
2 120 1
9 345 6
2 600 8
2 867 5
3 206 3
3,599.0
4 077 5
4 543 0
1 499 4
1 736 2
1 888 1
9 050 3
2 1903
9 410 4
2,687.2
3 077 3
3 428 0
634 8
6909
— 152 2
— 196.9
339 2
3529
516 2
570 5
— 177 0
— 217.7
143 3
141 1
118 5
120 3
24 8
208
3 415 6
3 811 7
2 548 6
2 859 7
298.1
355 6
399 6
463 3
482 6
494 0
1993, Supplement, issued February 18, U)92, ami arc on ;i rush basis.
SULIKTS: Department of the Treasury and Office of Management ;iml Budget.
32
Held by
the public
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 6 months of fiscal 1992, receipts were $11.4 billion higher than a year earlier, and outlays were $56.1
billion higher.
BILLICDNS OF DOLLARS
600
RECEIPTS ±J
BILLIONS OF DO LARS
600
INDIVIDUAL INCOME TAXES
\ ..
500
_^_....-
500
400
400
\
~ _ _ _
300
300
•
200
CORPORATION
ISirnME TAXES
OTHER RECEIPTS
\
100
1
0
1
SOCIAL INSURANCE
T'KF5: ANn rowTDiRi mnw<;
200
\
>
1
I
100
1
1
1
0
1,300
1,300
OUTLAYS J'
1,200
1,200
*r
1,100
,— "
1,100
*^
1,000
NONDEFENSE
\
900
1,000
^- "
--•
900
800
800
700
700
600
600
500
500
NATIONAL DEFENSE
400
400
\
300
A
200
\S
-—T—
1984
1
1985
1
1986
i
1987
i
1988
300
i
1989
T
1990
1991
i
1992
r\ 200
1993
N
FISCAL YEARS
MNQUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFCE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISER
[Billions of dollars]
On-budget and off-budget receipts
Fiscal year
Total
1976
1977
1978
1979
1980
1981
1982
1983..
1984
1985
1986
1987
1988
1989
1990
1991
1992 (estimates)
1993 (estimates)
Cumulative total, first 6 months: l
Fiscal year 1991
Fiscal year 1992
1
Individual
income
taxes
Corporation
income
taxes
On-budget and off-budget outlays
National defense
Other
Total
Department of
Defense,
military
International
affairs
Health
Medicare
Net
Income
Social
securi-
inter-
ty
ty
est
Other
121.0
138.9
157.8
182.7
201.5
209.0
239.4
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
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
15.8
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
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
61.3
63.1
83.9
94.5
103.3
93.5
98.1
89.0
103.8
265.2
283.9
303.3
334.3
359.4
380.0
396.0
410.9
446.7
73.0
73.1
74.3
78.9
82.3
90.9
92.3
97.1
99.7
946.4
990.3
1,003.9
1,064.1
1,144.2
1,251.8
1,323.0
1,475.4
1,515.3
252.7
273.4
282.0
290.4
303.6
299.3
273.3
307.3
291.4
245.2
265.5
274.0
281.9
294.9
289.8
262.4
294.6
278.3
16.2
14.2
11.6
10.5
9.6
13.8
15.9
17.8
18.0
33.5
35.9
40.0
44.5
48.4
57.7
71.2
94.6
108.2
65.8
70.2
75.1
78.9
85.0
98.1
104.5
118.6
129.3
128.2
119.8
123.3
129.3
136.0
147.3
170.8
198.1
196.7
188.6
198.8
207.4
219.3
232.5
248.6
269.0
286.7
302.3
129.5
136.0
138.7
151.8
169.3
184.2
194.5
198.8
213.7
131.8
142.1
125.9
139.4
159.8
202.7
223.8
253.4
255.7
44.6
40.4
188.3
189.3
45.2
49.1
634.8
690.9
130.3
146.9
124.8
140.8
9.3
9.6
32.7
42.7
49.2
57.6
87.1
100.6
130.2
139.8
96.8
100.6
99.3
93.0
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,075.7
1,165.4
334.5
349.0
392.6
401.2
445.7
466.9
467.8
478.7
515.2
482.6
494.0
204.5
215.2
90.8
106.5
Data from Monthly Treasury Statement.
NOTE.—Data (except as noted) are from Budget of the United States Oo\
Total
and
contributions
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
298.1
355.6
399.6
463 3
517.1
599.3
617.8
600.6
666.5
131.6
Social
insurance
taxes
•nt, 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 fourth quarter of 1991, according to revised estimates, Federal receipts rose $1.6 billion (annual rate) and
Federal expenditures rose $34.5 billion. In the first quarter of 1992, according to advance estimates. Federal
expenditures rose $52.5 billion; receipts data are incomplete.
BILLIONS OF DOLLARS
BIUJONS OF DOLLARS
SEASONAtlY ADJUSTED ANNUAL RATES
MOO
1,400
1,200
1,200
EXPENDITURES
1,000
1,000
800
400
200
200
SURPLUS OR DEFICIT]-)
\
1982
1983
1984
1986
1987
1988
1989
1990
1991
1992
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCI: 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
1990
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
TV
1991: I
n
m
rv
1992: V
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
1,047.1
1,087.9
1,114.0
403.8
455.7
472.2
476.1
107.6
116.7
113.1
103.2
59.6
62.2
63.7
75.6
384.1
412.5
438.9
459.1
1,098.5
1,162.1
1,245.6
1,310.6
386.3
399.0
416.4
•445.9
430.9
459.4
502.0
508.5
108.4
115.8
128.3
147.0
143.8
160.3
175.3
185.2
28.9
27.6
23.7
24.1
-0.1
.0
.0
.0
-143.3
1150
157 8
-196.6
972.3
1,055.2
1,104.8
r
1,120.1
632.3
671.1
739.8
803.6
856.8
943.5
1,000.6
1,062.7
1,086.8
1,106.3
1,115.4
1,110.7
1,115.2
1,114.3
1,124.6
' 1,126.2
410.1
460.2
482.2
470.4
301.6
290.5
323.5
351.8
371.7
414.8
420.0
467.9
471.2
485.4
486.6
485.5
473.9
468.8
469.9
469.0
466.8
111.0
113.9
112.1
r
102.9
45.5
65.4
67.0
77.0
91.4
109.7
118.5
107.4
113.7
114.1
115.1
105.7
99.0
102.0
106.2
r
104.4
60.9
61.9
65.8
78.8
49.2
55.4
58.2
56.8
54.8
59.5
61.4
62.1
64.6
64.8
65.2
68.5
78.2
77.1
78.7
81.2
80.5
390.4
419.4
444.7
468.0
235.9
259.8
291.1
318.0
338.8
359.4
400.7
425.2
437.2
442.0
448.5
451.1
464.1
466.3
469.9
471.6
480.2
1,109.0
1,179.4
1,270.1
1,321.7
815.7
855.7
926.6
990.8
1,034.3
1,096.3
1,135.5
1,206.0
1,247.6
1,263.2
1,265.1
1,304.4
1,261.6
1,321.0
1,334.8
1,369.3
1,421.8
387.0
401.4
424.9
445.1
281.4
289.7
324.7
356.9
373.1
392.5
392.0
403.7
417.2
423.3
424.7
434.5
451.5
452.1
444.9
432.0
441.8
436.3
469.5
510.8
513.5
346.0
351.1
360.1
383.8
404.2
419.7
444.5
486.4
501.6
507.2
510.7
523.8
457.5
505.1
534.9
556.6
598.5
111.3
118.2
132.2
152.8
84.3
86.9
97.7
104.5
103.8
102.9
113.0
121.9
128.1
132.2
131.2
137.3
143.7
151.0
153.3
163.3
168.5
146.0
164.7
177.5
188.7
86.8
99.2
122.3
129.2
131.1
143.1
151.2
168.8
170.9
177.5
183.7
177.7
185.7
189.7
187.9
191.4
187.2
28.4
25.5
24.7
21.5
17.3
28.8
22.2
16.4
22.1
37.8
34.9
25.1
29.8
23.0
14.8
31.2
23.4
22.7
13.9
26.0
25.8
.0
.0
.1
-.1
.0
.0
.6
.0
.0
-.2
.0
.0
.0
.0
.0
.2
.2
-136.6
124 2
165 3
r
- 201.6
183 4
-184.6
186 8
-187.2
177 5
-152.7
134 9
143 3
-160.8
1569
149 7
193 6
- 146.4
206 7
-210.2
'- 243.1
Source: Department of Commerce, Bureau of Economic Analyeis.
34
^
.0
.0
.0
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84=100; NSA)
Industrial production (1987 = 100; seasonally adjusted)
Period
United
States
97.3
96.5
97.1
97.2
98.0
100.0
104.7
108.9
110.2
113.1
Germany
82.9
85.5
93.4
96.8
96.6
100.0
109.2
115.9
121.4
124.1
106.6
105.7
105.0
105.5
106.4
107.3
108.1
108.0
108.4
108.4
108.1
107.4
'96.6
95.6
'95.3
96.4
97.0
97.4
r
97.7
r
97.3
98.0
'97.0
'96.6
'95.0
125.8 T 110.4
125.7 109.8
123.0 106.8
123.3 109.8
126.0 109.6
122.8 109.7
126.6 110.9
122.8 110.9
123.7 109.6
123.9 111.1
123.8 ' 110.2
122.0 108.9
119.1
118.3
118.3
117.8
116.9
121.6
119.5
117.3
117.5
117.5
118.0
113.1
106.4
!069
107 2
95.4
r
' 119.2
120.0
1991: Jan
Feb
Mar
May
T
!
July
Sent ..
Oct
Nov
Dec
r
r
France
76.5
81.5
91.4
96.5
95.4
100.0
105.5
105.3
100.8
96.7
1984
1985
1986
1987
1988
1989
1990
1991 "
1992: Jan
Peb
Mar *....
Japan
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
109.2
107.1
1982
1983
1
Canada
121.5
121.1
lll.l
110.1
Italy
91.7
90.9
88.9
93.5
91.8
97.7
92.9
99.6
96.2
100.0 100.0
103.9 105.9
108.8 109.2
114.5 109.4
118.0 ' 107.1
90.3
'
'
'
'
*
'
'
108.7
108.4
108.5
103.5
105.3
110.6
106.5
104.1
'r 107.9
105.8
'iii.e
' 104.7
108.9
Data relate to all urban consumers.
United
Kingdom
United
Kingdom
United
States '
Canada
Japan
Prance
Germany
86.4
89.6
89.7
94.6
96.9
100.0
103.6
104.0
103.4
100.4
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
169.8
95.4
99.8
104.8
111.1
114.9
119.7
125.6
135.4
148.2
156.9
r
99.9
' 101.4
' 101.4
98.7
98.5
r
101.6
101.6
100.0
100.2
r
100.7
' r 100.3
99.9
134.6
134.8
135.0
135.2
135.6
136.0
136.2
136.6
137.2
137.4
137.8
137.9
141.7
141.7
142.3
142.3
143.0
143.7
143.8
143.9
143.7
143.4
144.0
143.4
113.8
113.5
114.0
114.7
115.3
114.8
114.7
114.9
115.1
116.4
116.6
116.0
135.5
135.7
135.8
136.3
136.6
136.9
137.4
137.7
138.0
138.6
138.9
139.1
114.0
114.3
114.2
114.7
115.2
115.8
116.8
116.8
117.0
117.4
117.9
118.0
165.4
167.0
167.4
168.2
168.8
169.7
169.9
170.4
171.1
172.6
173.8
174.2
153.0
153.8
154.4
156.4
156.9
157.6
157.2
157.6
158.1
158.7
159.3
159.4
138.1
138.6
139.3
144.0
144.1
144.6
115.8 139.4
115.7 ' 139.8
140.2
'118.5
119.2
175.5
175.9
176.6
159.3
160.1
160.6
98.7
99.8
Italy
Source: National sources as reported bj 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]
General merchandise imports (customs value) 3
Merchandise exports (f.a.s. value) 1
Principal end-use commodity category
Period
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991- Peb
Mar
May
July
Sept
Oct
Nov
Dec
1992- Jan '.
Feb
Foods,
feeds,
and
beverages
Industrial
supplies
and
materials
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
Other 2
216.4
205.6
224.0
5
218.8
6
227.2
254.1
322.4
363.8
393.6
421.6
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
109.1
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
39.9
14.3
13.4
13.3
12.6
14.2
17.7
23.1
36.4
43.3
46.1
20.7
20.5
24.0
27.3
35.9
34.6
43.4
17.2
20.7
24.1
33.6
34.0
35.6
35.3
35.0
35.2
34.4
35.3
37.1
36.9
35.9
3.1
3.0
2.9
3.0
2.9
3.1
2.9
3.0
3.2
3.2
3.4
9.7
8.9
9.2
9.4
8.7
9.1
9.1
8.5
9.3
8.8
8.9
12.4
13.5
14.4
13.7
14.4
13.7
13.4
14.3
14.4
15.4
14.2
2.6
2.9
3.4
3.5
3.5
3.6
3.2
3.6
3.8
3.7
3.3
3.9
3.8
3.8
3.8
3.7
3.7
3.7
3.8
4.2
4.1
3.8
35.4
37.8
3.1
3.6
9.3
8.9
13.9
15.4
3.1
3.6
4.0
4.1
Total2
1
Includes Department of Defense Military Assistance Program grant-aid shipments,
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.
Trade balance
Principal end-use commodity category
Automotive
vehicles,
parts,
and
engines
244.0
258.0
330.7
336.5
365.4
406.2
441.0
473.2
495.3
487.9
17.1
18.2
21.0
21.9
24.4
24.8
24.8
25.1
26.6
26.5
112.0
107.0
123.7
113.9
101.3
111.0
118.3
132.3
143.2
131.3
35.4
40.9
59.8
65.1
71.8
84.5
101.4
113.3
116.4
121.4
1.9
1.9
1.9
2.0
1.9
2.1
2.0
2.1
2.2
1.8
2.4
39.1
38.1
40.1
40.1
38.8
41.2
40.9
42.3
43.4
41.1
41.9
2.1
2.1
2.4
2.3
2.3
2.3
2.1
2.2
2.2
2.2
2.3
10.8
10.1
11.0
11.3
10.5
10.8
10.9
11.2
11.2
10.8
10.9
9.9
9.9
10.4
10.1
9.8
10.4
9.9
10.3
10.6
9.7
10.5
6.7
6.6
6.7
6.5
6.6
7.2
8.0
7.6
7.9
7.2
7.0
2.0
2.1
41.4
41.2
2.3
2.2
10.6
10.4
10.2
10.4
7.4
7.1
4
4
Other
Exports
(f.a.s) less
imports
(customs
value)
Exports
(f.a.s)
less
imports
(c.i.f.)
6.5
6.3
7.8
9.4
10.4
12.1
12.8
13.6
16.1
16.0
254.9
269.9
346.4
352.5
382.3
424.4
459.5
493.2
517.0
509.1
-27.5
524
- 106.7
117 7
-138.3
152 1
-118.5
1094
-101.7
663
-38.4
642
-122.4
133 6
-155.1
1703
-137.1
1294
-123.4
-87.5
8.5
8.0
8.5
8.4
8.1
9.3
8.7
9.6
10.3
9.9
10.0
1.2
1.3
1.3
1.5
1.4
1.3
1.3
1.3
1.4
1.4
1.3
40.9
39.8
42.0
41.8
40.4
43.0
42.7
44.1
45.2
42.8
43.7
55
-4.1
45
-4.8
38
-5.9
65
-6.9
-6.3
-4.2
60
73
-5.8
64
-6.6
55
-7.8
-8.3
-8.8
-8.1
-5.9
-7.8
9.5
9.7
1.3
1.5
43.1
42.9
59
-3.4
-7.7
-5.1
39.7
40.8 44.9
60.0
53.5
66.8
68.3
78.2 79.4
85.2 88.7
87.7 95.9
86.1 102.9
87.3 105.7
84.8 108.0
Foods
feeds,
and
beverages
Capital
goods
except
automotive
Total
General
merchandise
imports
(c.i.f.
value)
Consumer
goods
(nonfood)
except
automotive
Industrial
supplies
and
materials
33.3
5
Total exports are on a revised statistical month basis; end-use categories are on a statistical
month basis.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
The current account deficit was $10.3 billion in the fourth quarter of 1991, compared with $11.6 billion 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*
BILLIONS OF DOLLARS
15
15
BALANCE ON GOODS,
SERVICES, AND INCOME
-40 -
-45
45
1991
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits ( + ), debits ( —)]
Merchandise l
237,085
211,198
201,820
219,900
1985
215,935
223,367
1986
1987
250,266
320,337
1988
1989
361,451
389,550
1990
p
1991
..
416,517
1989: HI
90,142
IV
92,493
95,244
1990- I
II
97,088
in
96,638
IV
100,580
1991: I
100,549
II
103,889
in
104,018
IV ".... 108,061
1981
1982
1983
1984
1
3
36
Net
travel and
transportation
receipts
Other
services,
net 5
Receipts
on U.S.
assets
abroad
Payments
on foreign
assets in
U.S. 3
Net
12,552
12,981
13,859
14,042
14,008
18,551
18,012
19,925
25,998
29,456
30,832
6,772
6,911
6,695
7,322
7,607
7,832
7,330
7,893
8,185
7,424
84,975
85,346
81,972
92,935
82,282
80,982
90,536
110,669
128,651
130,091
115,306
32,217
33,159
31,959
31,314
32,012
34,805
32,748
28,307
28,538
25,714
-53,626
-57,097
-54,549
-69,542
-66,115
-70,013
-82,908
-105,317
-125,963
-118,146
-105,943
-31,718
-30,687
-28,957
-31,307
-29,210
-28,672
-27,846
-25,942
-26,675
-25,480
31,349
28,250
27,423
23,394
16,166
10,969
7,629
5,353
2,688
11,945
9,363
499
2,472
3,002
7
2,802
6,133
4,902
2,365
1,863
234
Imports
Net balance
-265,063
-247,642
-268,900
-332,422
-338,083
-368,425
-409,766
-447,323
-477,368
-497,665
-490,103
-119,330
-121,104
-122,781
-121,178
-125,398
— 128,308
-119,087
-119,426
- 124,867
— 126,723
-27,978
— 36,444
-67,080
-112,522
— 122,148
-145,058
159 500
-126,986
-115,917
108 115
-73,586
-29,188
-28,611
-27,537
-24,090
-28,760
-27,728
-18,538
-15,537
-20,849
-18,662
144
-992
112
-163
-4,227
-2,147
9 153
4096 -10,788
-4,907
8 939
3 662
8 006
-5,743 -3,844
-6,204
2,621
7 220
4,140
-5,280
10,327
-1,161
652
-1,693
1,265
941
-1,737
-1,558
834
-1,683
479
1,885
-2,243
-2,329
2,089
-1,484
2,553
2,946
-882
2,739
-584
844
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.
2
Investment income 5
Services
Net
military
transactions s *
Period
Exports
2
Balance on
goods,
services,
and income
Unilateral
transfers,
net 4
Balance
on current
account
15,223
3,907
-30,188
-86,385
- 106,859
-129,384
-145,527
-111,294
-90,814
-69,794
-28,344
-22,426
- 19,656
-18,635
-17,485
-19,555
-14,122
-6,545
-4,211
-8,737
-8,849
-8,331
-9,775
-9,956
-12,621
-15,473
- 16,009
— 14,674
-14,943
-15,491
-22,329
19,728
-3,794
-5,044
-4,032
-4,693
-4,326
-9,280
16,919
7,108
-2,880
-1,417
6,892
-5,868
-40,143
-99,006
-122,332
-145,393
-160,201
-126,236
-106,305
-92,123
-8,616
-26,220
-24,700
-22,667
-22,178
-23,881
-23,402
10,374
2,897
-11,617
- 10,266
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, 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*
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
/
/
L
,
.
^
.
\
I
i\ I
, \ /
V\ ' 1 /' \ / '
I
I
I I
l\
I \
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capit
Period
Total
-110,951
- 124,490
-56,100
-31,070
-27,721
-92,030
1986
-62,937
1987
-86,057
1988
-128,610
1989
-57,706
1990
-67,747
1991 p
-45,743
1989: HI
-41,021
IV
37,147
1990: I
-33,462
n
-26,689
m
-34,703
IV
-1,123
1991: I
-15,181
n
m .... -11,206
IV"... -40,235
1981
1982
1983
1984
1985
U.S.
official
reserve
assets 3 6
-5,175
-4,965
-1,196
-3,131
-3,858
312
9,149
-3,912
-25,293
-2,158
5,763
-5,996
-3,202
-3,177
371
1,739
-1,091
-353
1,014
3,877
1,225
Other U.S.
Government
assets
Foreign assets in the U.S., net
[increase /capital inflow (+)3 3
]
U.S.
private
assets
-5,097 -100,679
113 394
6 131
-5,006
5489
-2,821
-2,022
1,006
2,966
1,320
2,976
3,572
564
119
-669
-800
314
4,759
1,422
-493
3,197
-553
-49,898
22451
-21,043
90,321
-73,091
-85,111
104 637
-58,524
77,082
40 311
-37,938
40,993
33 033
28 114
-38,370
-2,192
15702
-18,281
-40,908
Total
83,032
93,746
84,869
102,621
130,012
221,599
229,828
221,534
216,549
86,303
79,503
74,255
70,238
-33,082
31,257
49,096
39,033
-729
3,503
26,979
49,751
6
Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve position in the IMF.
Foreign
official
assets
4,960
3,593
5,845
3,140
-1,083
35,588
45,343
39,657
8,624
32,425
20,585
13,053
-7,158
-7,022
5,805
13,341
20,301
6,631
-3,105
3,854
13,205
Other
foreign
assets
78,072
90,154
79,023
99,481
131,096
186,011
184,485
181,877
207,925
53,879
58,918
61,202
77,396
-26,059
25,452
35,754
18,732
-7,361
6,608
23,125
36,546
Statistical discrepancy
Allocations
of special
drawing
rights
(SDRs)
1,093
Total (sum
of the items
with sign
reversed)
19,934
36,612
11,374
27,456
20,041
15,824
-6,690
— 9240
18,366
63,526
-3,139
-2,292
-4,517
18,601
24,383
1,475
19,072
-8,522
8,781
-4,156
750
Of which:
Seasonal
adjustment
discrepancy
6 379
3,096
4,367
105
6 473
2,007
4,322
496
-6,232
1,407
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
68,418
74,609
76,303
77,298
80,024
83,316
78,002
74,940
74,731
77,719
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross Domestic Product
Gross Domestic Product in 1987 Dollars
Implicit Price Deflators for Gross Domestic Product
Changes in GDP, Personal Consumption Expenditures, and Related Implicit Price Deflators and Price Indexes
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures in 1987 Dollars
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment in 1987 Dollars
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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