Expenditures for New Plant and Equipment

Name: Expenditures for New Plant and Equipment
Creator: FRASER
Keywords: Economic Data, Economic indicators, Economic conditions, United States

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The following is plain-text output generated by Optical Character Recognition. 102d Congress 2d Session Economic Indicators APRIL 1992 Includes data available as of May Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON JOINT ECONOMIC COMMITTEE Created pursuant to Sec 5 a of Public Law 304 79th Cong PAUL S SARBANES Maryland Chairman LEE H HAMILTON Indiana Vice Chairman SENATE LLOYD BENTSEN Texas EDWARD M KENNEDY Massachusetts JEFF BINGAMAN New Mexico ALBERT GORE JR Tennessee RICHARD H BRYAN Nevada WILLIAM V ROTH JR Delaware STEVE SYMMS Idaho CONNIE MACK Florida ROBERT C SMITH New Hampshire HOUSE OF REPRESENTATIVES DAVID R OBEY Wisconsin JAMES H SCHEUER New York FORTNEY H PETE STARK California STEPHEN J SOLARZ New York KWEISI MFUME Maryland RICHARD K ARMEY Texas CHALMERS P WYLIE Ohio OLYMPIA J SNOWE Maine HAMILTON FISH JR New York STEVEN QUICK Executive Director COUNCIL OF ECONOMIC ADVISERS MICHAEL J BOSKIN Chairman DAVID F BRADFORD Member PAUL WONNACOTT Member PUBLIC LAW 120 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 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 JS OF DOILARS RATIO SCALE SEASONALLY ADJUSTED ANNUAL RATES r GDP IN 1 987 DOLLAR S x X jS 4 400 x xi x GDP IN URRENT DO LLARS x X X I i I I i I 1 E i i i 1986 i l l SOURCE DEPARTMENT OF COMMERCE i l l COUNCIL OF ECONOMIC ADVISERS Billions of current dollars quarterly data at seasonally adjusted annual rates Personal consumption expenditures Gross private domestic investment n ra 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 IV I p 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 Personal consumption expenditures Exports and imports of goods and services l Government purchases Adden Federal Nonresidential fixed investment Residential fixed investment Change in business inventories Net exports Exports Imports Total Total National defense State and local Nondefense Final sales of domestic product Gross domestic purchases 2 Gross national product n ni n in IV IV IV TV IV IV IV IV 1990 I IV 1991 I IV 1992 I 1 2 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 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 n m IV I p 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 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 weights Fixedweighted price index 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 r IV IV IV IV IV IV IV IV I II III IV 1991 I II Ill IV Total cost and profit 2 dollars Consumption of fixed capital Net interest Profits Total tax liability Profits after 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 all tax Output is measured bv gross domestic product of nonfinancial corporate business in 1987 dol Compensation of employees lars 2 Indirect business taxes 3 Corporate profits with inventory valuation and capital consumption adjustments 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 r r IV IV IV IV IV IV JTV IV I II III IV 1991 I n rn IV 1992 I Rental income of persons with capital consumption adjustment Nonfarm Corporate profits with inventory valuation and capita consumption adjustments Profits with inventory valuation adjustment and without capital consumption adjustment Total r r 315 6 Inventory valuation adjustment Profits before tax Total r r r r 316 9 Capital consumption adjustment Net interest 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 IV I II Ill IV Includes other items not shown separately Housing Retail sales of new passenger cars millions of units Total services Other Fuel oil and coal n ru and oil I Gasoline IV IV IV IV IV IV IV IV Clothing and shoes Food Total nondurable goods Services Source Department of Commerce Bureau of Economic Analysis Medical care Domestics Imports 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 l i l 1 1 l l i i i I COUNCIL OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates Period Mar May July Sept Get Nov Dec Jan Feb Mar Total persona income Wage and salary disbursements Proprietors income 3 Other labor income 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 Rental income of persons Personal dividend income Persona Transfer payincome ments Less Personal contributions for social insurance Nonfarm personal income With capital consumption adjustment Consists mainly of social insurance benefits direct relief and veterans payments Personal income exclusive of farm proprietors income farm wages farm other labor income and agricultural net interest 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 DOLLARS RATIOSCALE DOLLARS RATIO SCALE PER CAPITA DISPOSABLE PERSONAL INCOME t 87 DOLLARS r T CUR RENT DOLLA RS 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 dollars Per capita personal consumption expenditures Current dollars 1987 dollars r Saving as percent of disposable personal income Population including Armed Forces abroad thousands Percent Dollars Percent change in real per capita disposable personal income J Seasonally adjusted annual rates IV IV IV IV IV IV IV IV I n m IV 1991 I n m IV 1992 I 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 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 N r GRO SS FARM WC DME S 40 A A s X V v I 20 I HE T FARM HCO ME 1 i i s i 1 i i i i i i i 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 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 I n m TV 1991 I r n TTT TV r 199 3 r r Livestock and products 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 r r r Production expenses Current dollars r r dollars r r r Income in current dollars divided by the GDP implicit price deflator NOTE Data include net Commodity Credit Corporation loans and operator households Sources Department of Agriculture and Department of Commerce r 51 6 r 42 6 r 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 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 Total r IV IV IV IV IV IV IV IV I n Ill IV I II III IV r 1992 I Profits before tax Nonfinancial Total Financial Total See p 4 for profits with inventorv valuation and capital consumptic adjustments Includes rest of the world not shown separately Manufacturing Tax liability Wholesale and retail trade Total Dividends Includes industries not shown separately Source Department of Commerce Bureau of Economic Analysis Undistributed profits Inventory valuation adjustment 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 SEASONALLY ADJUSTED ANNUAL RATES NONRESIDENTIAL FIXED INVESTMENT RESIDENTIAL FIXED INVESTMENT CHANGE IN BUSINESS INVENTORIES COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of 1987 dollars quarterly data at seasonally adjusted annual rates ixed iiivestmei Gross private domestic Cliail K c ii business unen Nonn sidtiitiai Producers Total Residential Tula Nonfarm equipment I f Departrr t Bureau of Economic Analysis B IV IV IV IV IV IV IV IV I II Ill IV 1991 I II III IV o 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 T A 1 INDUSTRIE t X NO SMANUFACTLJRING x N S S X MANUFACTU RING 100 LI LI L I I SECOND HALF 1 SURVEYED QUARTERLY i SEE FOOTNOTE 4 BELOW SOURCE DEPARTMENT OF COMMERCE 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 Nonmanufacturing Manufacturing Total Surveyed quarterly T I 11 Ill IV I II III IV 1992 I r 4 II4 2nd half 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 Surveyed annualIy 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 CIVILIAN LABOR FORCE CIVILIAN EMPLOYMENT UNEMPLOYMENT 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 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 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 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 TEENAGERS 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 UNEMPLOYMENT AS PERCENT OF CIV 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 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 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 Experienced wage and salary workers Married who maintain families Women men spouse present Source Department of Labor Bureau of Labor Statistics Labor force time lost Fulltime workers Parttime workers percent 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 Job losers an Job leavers Reentrants New entrants Insured unemployment Initial claims Insured unemployment all regular programs unadjusted Weekly average thousands Mar July Get Nov Dec 1992 Jan Feb Mar 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 r 4 197 r 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 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 II IN M imillll N II II 1 II 1 1 1 I l l l l l l l l l l 1992 N 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 Jan r Febr Mar 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 Percent change from a year earlier total private nonagricultural 3 Retail trade Current dollars 1982 dollars Mar Sept Oct Nov Dec Janr Feb Mar 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 base Based on seasonally unadjusted data Source Department of Labor Bureau of Labor Statistics EMPLOYMENT COST INDEX PRIVATE INDUSTRY Percent change from Index June months earlier 3 months earlier Period Total compensation Wages and salaries Benefits Total compensation Wages and salaries Benefits 1 Total compensation Wages and salaries Benefits Not seasonally adjusted Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Not seasonally adjusted Seasonally adjusted 1989 Mar June Sept Dec Mar June Sept Dec Mar Sept Dec Mar 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 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 quarterly data seasonally adjusted IV IV IV IV IV IV IV I II Ill IV I II Ill IV I II Ill IV Percent change quarterly data at seasonally adjusted annual rates n I g II Ill IV I II Ill IV I II Ill IV q 1 a s 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 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 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production and capacity utilization rose in March INDE X RATIO SCALE INDE X RATIO SCALE FINAL PRODUCTS TOTAL INDUSTRIAL PRODUCTION V v i 1 1 j j i u i ii UNI 1 M I L 1 1 1 1 n u i liLl Ml MANUFACTURING r EQlJIPMEh T s J V 115 S 105 t m fr I v X I 1 i 1 II i 1 1 i M i i ii UTILITIES 84 X v V V V V iM 82 K y XX I M i 1 1 11 I Mill MEM MINING I II I 1 1 I 1 1 I 1990 i V HIM 1 1 M CAPACITY UTILIZATION RATE TOTAL INDUSTRY UTILITIES AND MINING II 1 PER ENT M 1 11M 1 1 i S NONDURABLE X DEFENSE AND SPACE EQUIPMENT 90 A V V CONSUMER GOODS 95 DURABLE v v r v v BUSINES 1 1 1 M v M 11M 1 1 n mini M M M USTED OF COVER SEASONALLY AD OURCE BOARD COUNCIL OF ECONOMIC ADVISER5 Monthly data seasonally adjusted Industry production indexes Total industrial production Period Index r 1991 Mar May July Aug Sept Oct Nov Dec r Percent change from year earlier Mining Total Durable Utilities Nondurable Total industry Manufacturing Capacity utilization rate percent l Manufacturing Jnnr Feb r Mar Output as percent of capacity Source Board of Governors of the Federal Reserve System 17 INDUSTRIAL PRODUCTION MAJOR MARKET GROUPS AND SELECTED MANUFACTURES monthly data seasonally adjusted Products Materials Final products Intermediate products Consumer goods Equipment Period Total Total Nondurable goods Total Business Defense and space equipment Total Construction supplies Business supplies Total Energy July Sept Oct Nov Dec 1992 Jan Feb Mar May r 1991 Mar 1 Durable goods Includes oi and gas well drilling and manufactured homes not shown separately monthly data seasonally adjusted Durable manufactures Period Total 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 May July Sept Oct Nov Dec 1992 Jan r Feb Mar Source Board of Go tors of the Federal Reserve Svstei 18 Mar 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 Commercial and industrial floor space millions of square feet Billions of dollars Annual rates Annual rates 1991 Mar May T July Sept Oct Nov Dee Jan Feb Mar r F Includes 2 Includes 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 unit t units Units completed Units authorized 5 or more units r Homes sold Homes for sale at end of period Vacancy rate for rental housing units percent Seasonally adjusted annual rates 1991 Feb Mar Apr May y July Sept Oct Noy Dec 1992 Jan r Feb r Mar 1C 1 11 Seasonally 2 A adjusted Quarterly data entered in last month of quarter Series beginning 1989 not comparable with earlier data r nnn 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 r MANUFACTURING AND TRADE INVENTORIES n RFTAIl INVENTORIE s T Mf kNUFACTURII IG AN D TRADE SA ES RETAIL SAL s MM 1 1 1 l l l l 1 1 II II 1 1 II 1 1 1 II 1 II II 1 1 I II 1 1 1 II 1 Mill RATIC INVENTORY SALES RATIO A T xA r V S Ml i l i u m 1 Ml l l l l III V M 1 I M Ml 1 ll II II 1 1 M M I M MANUFACTURING v A 1 III 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 r Inventories 3 Total Durable goods stores Nondurable goods stores Total Durable goods stores Nondurable goods stores Manufacturing and trade Retail Millions of dollars seasonally adjusted 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 r r T r r r Annual data are averages of seasonally adjusted monthly ratios Source Department of Commerce Bureau of the Census MANUFACTURERS SHIPMENTS INVENTORIES AND ORDERS In 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 TOTAL DURABLE GOODS TQTA DURABLE GOODS 160 NONDURABLE GOODS NCENDURABLE 3OODS 80 BILLIONS OF DOLLARS RATIO SCALE 280 NEW ORDERS TOTAL 160 im milllim I l l l l l l l l l l DURAB LE GOODS RATIO lv v Ll v INVENTORY SHIPMENTS RATIO NONI URABLE GOC3DS 80 Vf r X wv 1 60 V m mill inn I l l l l l m i l mi ill M i i m i l i m i Manufacturers shipments mill mill Manufacturers inventories 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 Mar 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 r 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 RATIO SCALE INDEX RATIO SCALE COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR monthly data seasonally adjusted Intermediate ma erials Finished goods Total finished Finished goods excluding consumer foods Period Total finished goods Consumer foods p 1991 Mar Apr May July Sept Oct Nov r Dec 1992 Jan Feb Mar r Intermediate materials for food manufacturing and feeds 22 Total Total Nondurable Capital equipment Consumer goods Durable con Foodstuffs and feedstuffs Total Foods and feeds l Other Total sumer goods Crude materials Source Department of Labor Bureau of Labor Statistics Other 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 RATIO SCALE INDEX RATIO SCALE SEASONALLY ADJUSTED CONSUMER PRICES ALL ITEMS COUNCIL OF ECONOMIC ADVISERS 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 Renters costs Dec Maintenance and repairs NSA Mar Food Homeowners costs Dec Fuel and other utilities Apparel and upkeep Total New cars Motor fuel All items less food and energy Medical care Ener gy 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS Percent change from preceding period monthly data seasonally adjusted except as noted by NSA Change from 3 months earlier annual rate Change from 6 mouths earlier annual rate Consumer goods Change from preceding per od 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 Change month to month 1991 Mar May June July Sept Oct Dec r Jan Feb Mar j i 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 i A Change month to month 1991 Mar Apr May June July Aug Sept Oct Noy Dec 1992 Jan Feb Mar Includes items not shown separately Household fuels gas piped electric ty fuel oil etc and motor fuel Motor oil coolant etc also included through n 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 RATIO SCALE INDEX RATIO SCALE PRICES RECEIVED 80 i i i i i 1i i i 80 RATION RATIOV 140 COUNCIt OF ECONOMIC ADVISERS not seasonally adjusted Prices received by farmers Period All farm products Prices paid by farmers Livestock and products Crops All commodities services interest taxes and wage rates l Production items interest taxes and wage rates Production items Ratio Apr June July Sept Oct Nov Dec 1992 Jan Feb Mar r 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 r r r NOTE The official indexes are published on a 1910 14 base as required bv law The indexes have been converted to a base to facilitate comparison with other indexes Source Department of Agriculture 25 MONEY CREDIT AND SECURITY MARKETS MONEY STOCK LIQUID ASSETS AND DEBT MEASURES 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 r r r Feb Mar r r r Dec Jan Feb Mar r r Period May July Sept Get r 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 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 Savings deposits including money market deposit accounts MMDAs Large denomination time deposits 3 NSA Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Feb Mar May 3 July Sept Oct Nov Dec 1992 Jan Feb Mar r r 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 and more than respectively r 1 061 4 r r l r r 427 8 r Term repurchase agreements RPs Term Eurodollars net NSA Institution only Small denomination time deposits 3 NSA r r 62 8 r 61 9 r 57 7 r 55 7 r Shortterm Treasury securities Bankers acceptances Commercial paper T r 316 2 r Savings bonds 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 T 1991 Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Mar Apr May July Sent Oct Nov Dec 1992 Jan Feb Mar 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 Nonborrowed plus extended credit Monetary base Required Total r Seasonal Extended credit Source Board of Governors of the Federal Reserve System 27 BANK LOANS AND SECURITIES Total commercial bank loans and leases 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 U S GOVERNMENT SECURITIES OTHER SECURITIES COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted J All commercial banks Loans and leases Period 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 U S Government securities Other securities Total Commercial and industrial Real estate r Individual Security Nonbank financial institutions Agricultural State and political subdivisions rorragn banks Foreign official institutions Lease financing receivables Other r r 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 Loans and short term paper Securities and mortgages Total Total Total Other 2 Capital expenditures 3 Increase in financial assets Discrepancy sources less uses n m IV 1990 I n TTT IV 1991 I n m rv I p 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 Total 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 Revolving Mobile home Other 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 year 10 year High grade municipal bonds Standard3 Poor s Corporate Aaa bonds Moody s Prime commercial paper l 6 months Apr May July Sept Oct Nov Dec 1992 Jan Feb Mar Apr Week ended 1992 Apr May Prime rate charged 4 by banks New home mortgage yields FHFB 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 Discount rate N T F R Bank month bills new issues l Constant maturities 2 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 RATIO SCALE INDEX DEC RATIO SCALE 24U v i H r r 1 N 140 f OMPOSITE STOCK PRICE INDEX NYSE r U r r l tll 1 1 f i 1 1 iinilniii I 1I11 IIMll l llllltlll J PER ENT 20 PERCi NT 20 MGS PRICE RATIO ON COMM S P i 0 i i r T I 1991 SOURCES NEW YORK STOCK EXCHANGE AND STANDARD POOR S CORPORATION COUNCIL OF ECONOMIC ADVISERS Common stock yields percent Common stock prices New York Stock Exchange indexes Dec Period Composite Transportation Utility Finance Dow Jones industrial average a Standard Poor s composite Dividendprice ratio Apr May 3 July Sept Oct Nov Dec 1992 Industrial 0 Jan Feb Mar Week ended 1992 Apr May 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 Earningsprice ratio 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 OUTLAYS RECEIPTS A i 1984 i 1985 i 1986 i i 1987 i i i f COUNCIL OF ECONOMIC ADVISERS Billions of dollars Receipts 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 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 CORPORATION ISirnME TAXES OTHER RECEIPTS SOCIAL INSURANCE T KF5 ANn rowTDiRi mnw I OUTLAYS J r NONDEFENSE NATIONAL DEFENSE A 200 S T i 1987 i i 1989 T i 1992 r 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 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 Data from Monthly Treasury Statement NOTE Data except as noted are from Budget of the United States Oo Total and contributions Social insurance taxes nt Fiscal Year 1993 Supplement issued February and are on a cash basis Sources Department of the Treasury and Office of Management and Budget 33 FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS In the fourth quarter of 1991 according to revised estimates Federal receipts rose 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 EXPENDITURES SURPLUS OR DEFICIT 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 Calendar year 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 r r r r Source Department of Commerce Bureau of Economic Analyeis 34 INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES MAJOR INDUSTRIAL COUNTRIES Consumer prices NSA Industrial production seasonally adjusted Period United States Japan France Germany r 97 7 r T r Jan Feb Mar May T July Sent Oct Nov Dec r 1992 Jan Peb Mar r Italy Canada lll l r 105 8 iii e Data relate to all urban consumers United Kingdom United Kingdom United States Canada Japan Prance Germany r r r 100 7 r 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 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 Period 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 Other Exports f a s less imports customs value Exports f a s less imports c i f 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 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 BALANCE ON GOODS SERVICES AND INCOME COUNCIL OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted except as noted Credits debits Merchandise l p HI 90 142 IV I II 97 088 in 96 638 IV I 100 549 II 103 889 in 104 018 IV Net travel and transportation receipts Other services net 5 Receipts on U S assets abroad Payments on foreign assets in U S 3 Net Imports Net balance Excludes military Adjusted from Census data for differences in timing and coverage Quarterly data are not seasonally adjusted Includes transfers of goods and services under U S military grant programs 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 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 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 p HI 41 021 IV I 33 462 n 26 689 m 34 703 IV I 15 181 n m IV U S official reserve assets Other U S Government assets Foreign assets in the U S net increase capital inflow U S private assets Total Consists of gold special drawing rights SDRs foreign currencies and the U S reserve position in the IMF Foreign official assets Other foreign assets Statistical discrepancy Allocations of special drawing rights SDRs Total sum of the items with sign reversed Of which Seasonal adjustment discrepancy U S official reserve assets net 6 unadjusted end of period 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 EMPLOYMENT UNEMPLOYMENT AND WAGES Status of the Labor Force Selected Unemployment Rates Selected Measures of Unemployment and Unemployment Insurance Programs Nonagricultural Employment Average Weekly Hours Hourly Earnings and Weekly Earnings Private Nonagricultural Industries Employment Cost Index Private Industry Productivity and Related Data Business Sector PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial Production Major Market Groups and Selected Manufactures New Construction New Private Housing and Vacancy Rates Business Sales and Inventories Manufacturing and Trade Manufacturers Shipments Inventories and Orders PRICES Producer Prices Consumer Prices All Urban Consumers Changes in Producer Prices for Finished Goods Changes in Consumer Prices All Urban Consumers Prices Received and Paid by Farmers MONEY CREDIT AND SECURITY MARKETS Money Stock Liquid Assets and Debt Measures Components of Money Stock and Liquid Assets Aggregate Reserves and Monetary Base Bank Loans and Securities Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business Consumer Installment Credit Interest Rates and Bond Yields Common Stock Prices and Yields FEDERAL FINANCE Federal Receipts Outlays and Debt Federal Receipts by Source and Outlays by Function Federal Sector National Income Accounts Basis INTERNATIONAL STATISTICS Industrial Production and Consumer Prices Major Industrial Countries U S Merchandise Exports and Imports U S International Transactions General Notes Detail in these tables may not add to totals because of rounding Unless otherwise noted all dollar figures are in current dollars Symbols used p Preliminary r Revised c Corrected Not available also not applicable NSA not seasonally adjusted For sale by the Superintendent of Documents U S Government Printing Office Washington B C 20402 Price 2 50 single copy 3 13 foreign Subscription price 28 00 per year 35 00 for foreign mailing 38 U S GOVERNMENT PRINTING OFFICE

Expenditures for New Plant and Equipment

DATE: April 1992

PART OF:

Economic Indicators : April 1992

AUTHOR:

Council of Economic Advisers (U.S.)

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Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "Expenditures for New Plant and Equipment," in Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "April 1992," Economic Indicators (April 1992) : 12-12. https://fraser.stlouisfed.org/title/1/item/725/toc/296490 , accessed on December 6, 2019.

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Economic Data