Interest Rates and Bond Yields

Name: Interest Rates and Bond Yields
Creator: FRASER
Keywords: Economic Data, Economic indicators, Economic conditions, United States

PREVIOUS | NEXT

In order to view this PDF, you must have Javascript enabled in your browser.
The following is plain-text output generated by Optical Character Recognition. 102d Congress 2d Session Economic Indicators NOVEMBER 1992 Includes data available as of December Prepared for the Joint Economic Committee by the Council of Economic Advisers L I it A R V OEC FEDERAL RESERVL SANK OF CHICAGO UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON JOINT ECONOMIC COMMITTEE Created pursuant to Sec 5 a of Public Law 304 79th Cong PAUL S SARBANES Maryland Chairman LEE H HAMILTON Indiana Vice Chairman SENATE LLOYD BENTSEN Texas EDWARD M KENNEDY Massachusetts JEFF BINGAMAN New Mexico ALBERT GORE JR Tennessee RICHARD H BRYAN Nevada WILLIAM V ROTH JR Delaware STEVE SYMMS Idaho CONNIE MACK Florida ROBERT C SMITH New Hampshire HOUSE OF REPRESENTATIVES DAVID R OBEY Wisconsin JAMES H SCHEUER New York FORTNEY H PETE STARK California STEPHEN J SOLARZ New York KWEISI MFUME Maryland RICHARD K ARMEY Texas CHALMERS P WYLIE Ohio OLYMPIA J SNOWE Maine HAMILTON FISH JR New York STEVEN QUICK Executive Director COUNCIL OF ECONOMIC ADVISERS MICHAEL J BOSKIN Chairman DAVID F BRADFORD Member PAUL WONNACOTT Member PUBLIC LAW 120 81sT CONGRESS CHAPTER 237 IST SESSION JOINT RESOLUTION 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 75 a single copy 3 44 foreign or by subscription at 30 00 per year 37 50 for foreign mailing from SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON D C 20402 For sale by the U S Government Printing Office Superintendent of Documents Congressional Sales Office Washington DC 20402 ISBN X 11 TOTAL OUTPUT INCOME AND SPENDING GROSS DOMESTIC PRODUCT In the third quarter of 1992 according to revised estimates current dollar gross domestic product GDP rose 5 6 percent annual rate or 80 3 billion Real GDP GDP in 1987 dollars rose 3 9 percent and the implicit price deflator rose 1 7 percent BILUON S OF DOUARS RATIO SCALE 6 000 BILLIONS OF DOLLARS RATIO SCALE 6 000 SEASONALLY ADJUSTED ANNUAL RATES x GDP IN 1 987 DOLLAR S 4 800 S f S y X s y X l l 1982 i X x r GDP INC URRENT DO LARS t 1 i i i I t t I i I t i SOURCE DEPARTMENT Of COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of current dollars quarterly data at seasonally adjusted annual rates Period IV IV IV IV IV IV IV IV m IV 1991 I n in IV I n in 1 Gross domestic product Personal consumption expenditures Gross private domestic investment Federal Net exports Exports Imports GDP less exports of goods and services plus imports of goods and services Government purchases Exports and imports of goods and services Total Total National defense Nondefense State and local Final sales of domestic product Gross domestic purchases Addendum Gross national product Source Department of Commerce Bureau of Economic Analysis GROSS DOMESTIC PRODUCT IN 1987 DOLLARS Billions of 1987 dollars quarterly data at seasonally adjusted annual rates Gross private domestic investment Period Nonresidentia fixed investment Residential fixed investment Change in business inventories Exports and imports of goods and services Government purchases Final sales of domestic product Federal Net exports Exports Imports Total Total National defense State and local Nondefense Gross domestic purchases J Addendum Gross national product Gross domestic product Personal consumption expenditures IV IV IV IV IV IV IV IV I I n m IV n m rv 1 I n r m GDP less exports of goods and services plus imports of goods and services Source Department of Commerce Bureau of Economic Analysis IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT quarterly data are seasonally adjusted Period Gross domestic product Personal consumption expenditures Gross private domestic investment Durable goods Nonresidential fixed Government purchases Exports and imports of goods and services Federal Total Nondurable goods Services Residential fixed Exports Imports Total National defense Nondefense State and local m IV I II III IV I II Ill IV IV IV IV IV IV IV IV Source Department of Commerce Bureau of Economic Analysis CHANGES IN GDP PERSONAL CONSUMPTION EXPENDITURES AND RELATED IMPLICIT PRICE DEFLATORS AND PRICE INDEXES Percent change from preceding year or quarter quarterly data at seasonally adjusted annual rates Personal consumption expenditures Gross domestic product Period Current dollars TTT IV 1989 I n m 1990 IV I n m IV 1991 I n m rv 1992 I n r m Constant 1987 dollars Fixed weighted price index 1987 weights Implicit price deflator Current dollars Constant 1987 dollars Implicit price deflator Fixed weighted price index 1987 weights Source Department of Commerce Bureau of Economic Analysis NONFINANCIAL CORPORATE BUSINESS OUTPUT COSTS AND PROFITS Quarterly data at seasonally adjusted annual rates Period Current dollars IV IV IV IV IV IV IV IV I II Ill IV 1991 I II III IV 1992 I II p iii 1 2 Current dollar cost and profit per unit of output dollars l Gross domestic product of nonfinancial corporate business billions of dollars 1987 dollars Total cost and profit Consumption of fixed capital Output is measured by GDP of nonfinancial corporate business in 1987 dollars This is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the left 3 Indirect business tax and nontax liability plus business transfer payments less subsidies Indirect business taxes a sation of employees Net interest Corporate profits with inventory valuation and capital consumption adjustments Total Profits tax liability Profits after tax Output per hour of all employees 1987 dollars Compensation per hour of all employees dollars r r 23 122 r 23 375 r r r 24 014 r 24 152 r r r r 18 452 With inventory valuation and capital consumption adjustments See Note p 16 Sources Department of Commerce Bureau of Economic Analysis and Department of Labor Bureau of Labor Statistics NATIONAL INCOME Billions of dollars quarterly data at seasonally adjusted annual rates National income Period Compensation of employees1 Proprietors income with inventory valuation and capital consumption adjustments Farm IV 1983 IV 1984 IV 1985 IV 1986 IV 1987 IV 1988 IV 1989 IV 1990 III IV 1991 I II III IV 1992 1 II r in Rental income of persons with capital consumption adjustment Nonfarm Includes employer contributions or social insurance See also p 5 Corporate profits with inventory valuation and capital consumption adjustments Profits with inventory valuation adjustment and without capital consumption adjustment Total Profits before tax Inventory valuation adjustment Total Capital consumption adjustment Net interest Source Department of Commerce Bureau of Economic Analysis PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS Billions of 1987 dollars except as noted quarterly data at seasonally adjusted annual rates Durable goods Period IV 1983 IV 1984 IV 1985 IV 1986 IV 1987 IV 1988 IV 1989 IV 1990 III IV 1991 I II Ill IV 1992 I II Ill Total personal consumption expenditures Total durable goods Motor vehicles and parts Includes other items not shown separately Other Total nondurable goods Food Clothing and shoes Gasoline and oil Retail sales of newpassenger cars millions of units Services Nondurable goods Furniture and household equipment Fuel oil and coal Other Total services l Housing Medical care Source Department of Commerce Bureau of Economic Analysis Domestics Imports SOURCES OF PERSONAL INCOME Personal income increased 51 1 billion annual rate in October following an increase of 24 4 billion in September The increases were boosted by a number of special factors In October these included large subsidy payments to farm proprietors bonus payments to employees in the motor vehicle industry restitution payments to Japanese Americans a rebound in rental income of persons from the effects of Hurricane Iniki and retirement incentive payments to U S Postal Service employees In September the special factors included the effects of Hurricane Iniki and a rebound from the effects of Hurricane Andrew which had reduced both farm proprietors income and rental income of persons in August as well as subsidy payments to farm proprietors Excluding these special factors personal income increased 18 4 billion in October and 13 0 billion in September BILLIONS OF DOLLARS RATIO SCALE 6 000 BILLIONS OF DOLLARS RATIO SCALE COUNCIL Of ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates Period Oct Nov Dee 1992 Jan Feb Mar May July Aug T Sept Oct Total personal income Wage and salary disbursements l Proprietors income 3 Other labor income l The total of wage and salary disbursements and other labor income differs from compensation of employees see p 4 in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements Consists primarily of employer contributions to private pension and private welfare funds 3 With inventory valuation and capital consumption adjustments Farm Nonfarm Rental income of persons Personal dividend income Personal interest income Transfer pay ments Less Persona 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 5 6 Source Department of Commerce Bureau of Economic Analysis DISPOSITION OF PERSONAL INCOME According to revised estimates per capita disposable personal income in 1987 dollars fell slightly in the third quarter of 1992 BILLIONS OF DOLLARS RATIO SCALE BILUONS OF DOLLARS RATIO SCALE 2 000 DOLLARS RATIO SCALE DOLLARS RATIO SCALE COUNCIL OF ECONOMIC ADVISERS Period Personal income Less Personal tax and nontax payments F t Disposable income Less Personal outlays Equals Personal saving Disposable personal income in 1987 dollars billions Current dollars Billions of dollars s l Per capita personal consumption expenditures Per capita disposable personal income 1987 dollars Current dollars 1987 dollars Saving as percent of disposable personal income Population including Armed Forces overseas thousands 2 Percent Dollars Percent change in real per capita disposable personal income Seasonally adjusted annual rates IV IV IV IV IV IV IV IV HI IV 1991 I n m IV 1992 I n nir Includes personal consumption expenditures interest paid by persons and personal transfer payments to rest of the world net Annual data are averages of quarterly data which are averages for the period Source Department of Commerce Bureau of Economic Analysis and Bureau of the Censi FARM INCOME In the second quarter of 1992 according to preliminary estimates gross farm income rose 2 3 billion annual rate and net farm income rose 1 1 billion BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE r n I T GROSS FAI M INCOME N X X X X j 1 s V A V y NET FARM INCOME i AV i i ii COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Income of farm operators from farming Net farm income Gross farm income Period Cash marketing receipts Total Total I II m IV I II m IV 1992 I II Livestock and products Current dollars 1987 dollars Cash marketing receipts and inventory changes plus Government payments other farm cash income and nonmoney income furnished by farms 2 Physical changes in end of year inventory of crop and livestock commodities valued at average prices during the year Crops Value of inventory changes 2 Production expenses Income in current dollars divided by the GDP implicit price deflator NOTE Data include net Commodity Credit Corporation loans and operator households Sources Department of Agriculture and Department of Commerce CORPORATE PROFITS In the third quarter of 1992 according to preliminary estimates corporate profits before tax fell 26 3 billion annual rate and profits after tax fell 13 9 billion The third quarter estimates reflect the effects of Hurricanes Andrew and Iniki BILUONS OF DOLLARS BILUONS OF DOUARS SEASONALLY ADJUSTED ANNUAL RATES A 350 S PROFITS BEFORE TAX 250 PROFITS AFTER TAX TAX LIABILITY UNDISTRIBUTED PROFITS i i i SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Profits after tax Profits before tax with inventory valuation adjustment Domestic industries Period Nonfinancia Total 2 Total IV 1983 IV 1984 TV 1985 IV 1986 IV 1987 IV 1988 IV 1989 IV 1990 III rv II III I IV 1992 I II Ill Financial See p 4 for profits with inventory valuation and capital consumption adjustments Includes rest of the world not shown separately Total Manufacturing Wholesale and retail trade Profits before tax Tax liability Total Dividends r Includes industries not shown separately Source Department of Commerce Bureau of Economic Analysis Undistributed profits Inventory valuation adjustment r 9 8 GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS According to revised estimates for the third quarter of 1992 nonresidential fixed investment in 1987 dollars rose 2 4 billion annual rate and residential investment rose 0 4 billion There was a 20 2 billion increase in inventories following an increase of 7 8 billion in the second quarter BILLIONS OF 1987 DOLLARS 900 BILLIONS OF 1987 DOLLARS 900 SEASONALLY ADJUSTED ANNUAL RATES RESIDENTIAL FIXED INVESTMENT X 200 CHANGE IN BUSINESS INVENTORIES 100 X COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of 1987 dollars quarterly data at seasonally adjusted annual rates Change in business inventories Fixed investment Period IV IV IV IV IV IV IV IV III IV 1991 I II Ill IV 1992 I II Ill Source Department of Commerce Bureau of Economic Analy Gross private domestic investment Nonresidentia Total Total Structures Producers durable equipment Residential Total Nonfarm EXPENDITURES FOR NEW PLANT AND EQUIPMENT According to the Commerce Department July August 1992 survey business spending for new plant and equipment is expected to rise 4 3 percent in 1992 following a decline of 0 8 percent in 1991 BILLIONS OF DOLLARS RATIO SCALE 600 BILLIONS OF DOLLARS RATIO SCALE 600 SEASONALLY ADJUSTED ANNUAL RATES ALL INDUSTRIES NONMANUFACTURING MANUFACTURING 100 I I I I 1984 I I 1986 I I I I I I I I I I I I I I I 1991 I 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 Addenda Industries surveyed quarterly Nonmanufacturing Manufacturing Period All industries Total I II III IV I n m IV I II III 4 IV4 10 Nonmanufacturing Manufacturing Total Surveyed quarterly Nondurable goods Total Mining Transportation Public utilities Surveyed annually Durable goods 1 Excludes forestry fisheries and agricultural services medical services professional services social services and membership organizations and real estate which effective with the April May 1984 survey are no longer surveyed quarterly See last column nonmanufacturing surveyed annually for data for these industries 2 All industries plus the part of nonmanufacturing that is surveyed annually Total nonfarm business 2 Commercial and other Consists of forestry fisheries and agricultural services medical services professional services social services and membership organizations and real estate 4 Planned capital expenditures as reported by business in July August 1992 corrected for biases Source Department of Commerce Bureau of the Census EMPLOYMENT UNEMPLOYMENT AND WAGES In October civilian employment fell by 76 000 and unemployment fell by MILLIONS OF PERSO NS MILLI DNS OF PERSONS SEASONALLY ADJUSTED CIVILIAN LABOR FC3RCE r s N C CIVILIAN EMPLOYMENT 110 s UNEMPLOYMENT 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 Oct Nov Dec 1992 Jan Feb Mar Apr May June July Aug Sept Oct Unemployment Civilian employment Noninstitutional population including resident Armed Forces NSA Resident Armed Forces NSA Labor force including resident Armed Forces Employment including resident Armed Forces Nonagricultural Civilian labor force Total Persons at work Economic reasons include slack work material shortages inability to find fulltime work etc 2 Civilian labor force or employment as percent of civilian noninstitutional population Agricultural Total Part time for economic reasons Total 15 weeks and over Civilian Labor force participation rate percent Employment population ratio percent Data beginning January 1986 not strictly comparable with earlier data because of change in estimation procedures r source Department of Labor Bureau of Labor statistics 11 SELECTED UNEMPLOYMENT RATES In October the civilian unemployment rate fell to 7 4 percent PERCENT SEASONALLY ADJUSTED PERCENT SEASONALLY ADJUSTED UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted Unemployment rate percent of civilian labor force in group Period Unemployment rate all workers 1 All civilian workers Men 20 years and over Women 20 years and over Oct Nov Dec 1992 Jan Feb Mar Apr May June July Aug Sept Oct Both sexes 16 19 years White Unemployed as percent of total labor force including resident Armed Forces 2 Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours 12 By selected groups By race By sex and age Black and other Black Experienced wage and salary workers Married men spouse present Women who maintain families Fulltime workers Parttime workers Labor force time lost percent Source Department of Labor Bureau of Labor Statistics SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In October the percentage of the unemployed who had been out of work for less than 5 weeks was unchanged the percentage for 5 14 weeks fell and the percentages for 15 26 weeks and for 27 weeks and over rose The mean duration of unemployment rose to 19 4 weeks and the median duration fell to 9 3 weeks PERCENT DISTRIBUTION 70 PERCENT DISTRIBUTION 70 COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted except as noted Reason for unemployment percent distribution Duration of unemployment Period Unemployment thousands Percent distribution Less than 5 weeks 5 14 weeks 15 26 weeks State programs Number of weeks 27 weeks and over Average mean Median Job losers Job leavers Reentrants New entrants Insured unemployment Initial claims Insured unemployment all regular programs unadiusted Weekly average thousands Oct Nov Dec 1992 Jan Feb Mar May July Sept Oct Includes State 50 States District of Columbia Puerto Rico and Virgin Islands ex servicemen UCX Federal UCFE and railroad RR programs Also includes Federal and State extended benefit programs Does not include Federal supplemental compensation program Source Department of Labor Bureau of Labor Statistics and Employment and Training Administration 13 NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey rose by 27 000 in October MILLIONS OF PERSONS ENLARGED SCALE MILLIONS OF PERSONS I ALL NONAGRICULTURAL ES ABLISHMEN S SERVICE PRODUCING INDUSTRIES GOOD S PRODUCIh4G INDUSTRIES 30 r v r 1 CONSTRUCT 1 II II ll III 1 1 I II II ll II lln M SEASONALLY ADJUSTED SOURCE DEPARTMENT OF LABOR II II III 1 III imilmii COUNCIL OF ECONOMIC ADVISERS Thousands of wage and salary workers 1 seasonally adjusted Goods producing industries Total Service producing industries fltnl Period nonagricultural employ Manufacturing Total 2 ConTotal ment urarne goods J Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nondurable goods Transportation and public utilities Finance Wholesale trade Ketail trade insurance and real estate Government Services Total 1K J Includes all full and part time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period which includes the 12th of the month Excludes proprietors self employed persons domestic servants and personnel of the Armed Forces Total derived from this table not comparable with estimates of nonagricultural employment of the civilian labor force shown on p 11 which include proprietors self employed persons and domestic servants which count persons as employed when they are not at work because of industrial disputes bad 14 Total ltl OO Federal weather etc even if they are not paid for the time off and which are based on a sample of the working age population whereas the estimates in this table are based on reports from employing establishments 2 Includes mining not shown separately Source Department of Labor Bureau of Labor Statistics AVERAGE WEEKLY HOURS HOURLY EARNINGS AND WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted except as noted Average weekly hours Period Total private nonagricultural Total Average gross weekly earnings Average gross hourly earnings Manufacturing Total private nonagricultural 1 Overtime Current dollars Total private nonagncultural 1982 dollars a Manufacturing Current dollars Current dollars 1982 dollars 2 Manufacturing Construction Percent change from a year ear ier total private nonagricultural 3 Retail trade 1982 dollars Current dollars Oct Nov Dec Jan Feb Mar Apr May June July Aug r Sept Oct Also includes other private industry groups shown on p 14 2 Current dollar earnings divided by the consumer price index for urban wage earners and clerical workers on a base 3 Based on seasonally unadjusted data Source Department of Labor Bureau of Labor Statistics EMPLOYMENT COST INDEX PRIVATE INDUSTRY Percent change from Index June Period 12 months earlier 3 months earlier Total compensation Wages and salaries Benefits Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Mar Total compensation Wages and salaries Benefits Total compensation Wages and salaries Benefits Not seasonally adjusted Sept Dee 1992 Mar Sept 1 Employer costs for employee benefits NOTE The employment cost index is a measure of the change in the cost of labor free from the influence of employment shifts among occupations and industries Not seasonally adjusted Seasonally adjusted Sept Dec Mar June Sept Dec Mar Data exclude farm and household workers Source Department of Labor Bureau of Labor Statistics 15 PRODUCTIVITY AND RELATED DATA BUSINESS SECTOR Output per hour of all persons Period Output Hours of 2all persons Compensation per hour 3 Business sector Nonfarm business sector Business sector Nonfarm business sector Business sector r Nonfarm business sector Business sector Nonfarm business sector Unit labor costs Real compensation per hour 4 Implicit price deflator 5 Business sector Nonfarm business sector Business sector Nonfarm business sector Business sector Nonfarm business sector quarterly data seasonally adjusted T IV IV IV IV IV IV IV 1989 HI r IV r I r r n r m r IV I rr n r in r IV I T r n TTT Percent change quarterly data at seasonally adjusted annual rates r 1989 HI r IV I rr n r m r IV I r n r m IV IT II r p m Output refers to gross domestic product originating in the sector in 1987 dollars 2 Hours of all persons engaged in the sector including hours of proprietors and unpaid family workers Estimates based primarily on establishment data 3 Wages and salaries of employees plus employers contributions for social insurance and private benefit plans Also includes an estimate of wages salaries and supplemental payments for the selfemployed Hourly compensation divided by the consumer price index for all urban consumers 5 Current dollar gross domestic product divided by constant dollar gross domestic product 16 J 9 3 0 J NOTE Data relate to all persons engaged in the sector Percent changes are from preceding period and are based on original data they therefore may differ slightly from percent changes based on indexes shown here Data revised to incorporate the results of the 1991 Hours at Work Survey Data do not reflect GDP revisions of November Source Department of Labor Bureau of Labor Statistics PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production and capacity utilization rose in October INDE X RATIO SCALE INDE X RATIO SCALEI TOTAL INDUSTRIAL PRODUCTION 115 no S r N Illllllllll Illllllllll ll f H 1 100 MANUFACTURING 115 DURABLE S N miiliim 88 UTILITIES AND MINING UTILITIES 86 A 105 l V Y Xx V iiiiiiinii I l l l l l l l l l l j r r v V v i V f Av T CONSUME GOODS V N s s MinluMi Illllllllll Illllllllll M 1 1 CAPACITY UTILIZATION RATE TOTAL INDUSTRY l L N vv MINING I H S PERC ENT Illllllllll I llllllllll N NONDURABLE nm 1 BUSINESS EQUIPMEN r DEFENSE AND SPACE E QUIPMENT V J s f r A ry 100 f r s y 110 A nniliim A 120 t r FINAL PRODUCTS 125 3fA m I l l l l l l l l l l Illllllllll v iiiiiiinii r niiiiiiH SEASONALLY ADJUSTED OURCE BOARD O GOVERNORS OF HE FEDERAL flESER VE SYSTEM COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted Period Index Manufacturing Percent change from year earlier Jan Feb Mar Oct p 1 Output as percent of capacity Manufacturing Get Nov Dec Sepf Total industry Aue r Utilities Nondurable July Mining Durable Total May Capacity utilization rate percent Industry production indexes Total industrial production r Source Board of Governors of the Federal Reserve System 17 INDUSTRIAL PRODUCTION MAJOR MARKET GROUPS AND SELECTED MANUFACTURES monthly data seasonally adjusted Materials Products Intermediate products Final products Equipment Consumer goods Period Total Total Durable goods Nondurable goods Total Business Defense and space equipment Total Construction supplies Business supplies Total Energy Oct Nov Dec Jan Feb Mar May July r Aug Sept Oct 1 Includes oil and gas well drilling and manufactured homes not shown separately monthly data seasonally adjusted Nondurable manufactures Durable manufactures Primary metals Period Total Iron and steel Transportation equipment Fabricated metal products Nonelectrical machinery Electrical machinery Total Motor vehicles and parts Lumber and products Apparel products Printing and publishing Chemicals and products Foods Oct Nov Dec Jan Feb Mar Apr May July Sept Oct Source Board of Governors of the Federal Reserve System 18 NEW CONSTRUCTION Monthly data seasonally adjusted Construction contracts 3 Private Total new construction expenditures Period Residential Total New housing units Total1 Commercial and industrial 2 Other Federal State and local Total value index Commercial and industrial floor space millions of square feet Billions of dollars r 91 r Annual rates Annual rates 1991 Sept Oct Nov Dec 1992 Jan Feb Mar May July J r Sepf Ocf Includes 2 Includes 3 residential improvements not shown separately hotels and motels F W Dodge series r 99 r 97 r r 88 r Sources Department of Commerce Bureau of the Census and McGraw Hill Information Systems Company F W Dodge Division NEW PRIVATE HOUSING AND VACANCY RATES Thousands of units or homes except as noted New private homes New private housing units Period Units started by type of structure Total unit units or more units Units authorized Units completed Homes sold Homes for sale at end of period1 Vacancy rate for rental housing units percent z Seasonally adjusted annual rates 1991 Sept Oct Nov Dec Jan Feb Mar May July Sept Oct Seasonally adjusted Quarterly data entered in last month of quarter Series beginning 1989 not comparable with earlier data 2 r l NOTE Beginning 1984 units authorized are for 17 000 permit issuing places for 1978 83 data are for 16 000 places Source Department of Commerce Bureau of the Census 19 BUSINESS SALES AND INVENTORIES Manufacturing and Trade In September manufacturing and trade sales rose 1 5 percent and inventories rose 0 4 billion In October according to advance data retail sales rose 0 9 percent following a rise of 0 5 percent in September BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE MANUFACTURING AND TRADE INVENTORIES A f 150 s M NUFACTURIb G AN D TRADE SAlES RETAIL SALES RATIO INVENTORY SALES RATIO i v O SO MANUFAC URING I 1I1M P xx V r ill n l m i i y M 1992 COUNCIL OF ECONOMIC ADVISERS Manufacturing and trade 1 Period Sales 2 Inventories 3 Inventory sales ratio Retail Wholesale Inventories 3 Sales 2 Sales 2 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 except as noted Sepf Oct Nov Dec 1992 Jan Feb Mar Apr May June July r Aue Sept Oct p r r See page 21 for manufacturing 2 Annual data are averages of monthly not seasonally adjusted figures monthly data are seasonally adjusted totals for month T r r Seasonally adjusted end of period Annual data are averages of seasonally adjusted monthly ratios Source Department of Commerce Bureau of the Census 20 MANUFACTURERS SHIPMENTS INVENTORIES AND ORDERS In September manufacturers shipments and new orders rose while inventories and unfilled orders fell In October according to advance data manufacturers durable goods shipments fell and new orders rose BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE SHIPMENTS TOTAL DUP iBLE 160 INVENTO GOODS TOTA S X NON 3URABLE DURABLE GOODS GO 3DS mll imihim lllllhllll NC3NDURABLE m BILLIONS OF DOLLARS RATIO SCALE 280 NEW ORDERS f TOTAL DURA LE GOODS 160 3OODS 80 M l l l l 1 1 II RATIO u i J V 2 20 INVENTORY SHIPMENTS RATIO r NONE3URABLE GO DOS I l l l l l l l Ml i i i i i h i i i i M i l ll II Ml I I I i l l II II I If 1 I E COUNCIL OF ECONOMIC ADVISERS Manufacturers shipments 1 Manufacturers new orders 1 Manufacturers inventories 2 Durable goods Period Total Durable goods Nondurable goods Total Durable goods Nondurable goods Total Total Capital goods industries non defense Nondurable goods Manufacturers unfilled orders 2 Manufacturers inventoryshipments ratio 3 Millions of dollars seasonally adjusted except as noted Sept Oct Nov Dec r l r r r r Jan Feb Mar May July Sent Get 1 Annual data are averages of monthly not seasonally adjusted figures monthly data are seasonally adjusted totals for month Shipments are the same as sales 2 Seasonally adjusted end of period 3 Annual data are averages of seasonally adjusted monthly ratios Source Department of Commerce Bureau of the Census 21 PRICES PRODUCER PRICES In October the producer price index for all finished goods rose 0 1 percent Prices of finished consumer foods rose 0 1 percent and prices of other finished consumer goods rose 0 2 percent Capital equipment prices fell 0 2 percent INDEX RATIO SCALE INDEX RATIO SCALE SEASONALLY ADJUSTED FINISHED GOODS PRICES CONSUMER FOODS CAPITAL EQUIPMENT TOTAL CONSUMER GOODS EXCLUDING FOODS I I I I I I I I I I I I i I i i I i i i i i I I I I I I I I I II i I i I I I I i t i i I i I I I I i I i I i i i i i i 1 i i i i I I I I I I I I I I I I 11 I I I I I I I I I I I I I I I I I I I I SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS monthly data seasonally adjusted Intermediate materials Finished goods Finished goods excluding consumer foods Period Total finished goods Consumer foods Oct Nov Dec 1992 Jan Feb Mar Apr May June r July Aue Sept Oct c 123 4 c Intermediate materials for food manufacturing and feeds 22 Total Total Nondurable Capital equipment Consumer goods c 121 2 c Durable Total finished consumer goods Crude materials Total Foods and feeds Other Total Foodstuffs and feedstuffs Other Source Department of Labor Bureau of Labor Statistics CONSUMER PRICES ALL URBAN CONSUMERS In October the consumer price index for all urban consumers rose 0 4 percent seasonally adjusted and not seasonally adjusted The index was 3 2 percent above its year earlier level INDEX RATIO SCALE 150 INDEX RATIO SCALEI 150 SEASONALLY ADJUSTED CONSUMER PRICES AU ITEMS J 11JjIJll COUNCIL OF ECONOMIC ADVISERS except as noted monthly data seasonally adjusted except as noted All items l Transportation Housing Shelter Period Rel imp Oct Nov Dec 1992 Feb Mar Apr May T July Sept Oct Not seasonally adjusted NSA Seasonally adjusted 1000 Food Total Total Renters costs Dec Homeowners costs Dec Maintenance and repairs NSA Fuel and other utilities Apparel and upkeep Total New cars Motor fuel Medical care Energy 2 All items less food and energy Includes items not shown separately 2 Household fuels gas piped electricity fuel oil etc and also included through 1982 3 Relative importance December 1991 otor fuel Motor oil coolant etc NOTE Data beginning 1983 incorporate a rental equivalence measure for homeownership costs and therefore are not strictly comparable with figures for earlier periods Data beginning 1987 and 1988 calculated on a revised basis Source Department of Labor Bureau of Labor Statistics 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS Percent change from preceding period monthly data seasonally adjusted except as noted by NSA Change from preceding period Period Change from 3 months earlier annual rate Change from 6 months earlier annual rate Consumer goods Consumer goods Consumer goods Total Finished goods Pood Capital equipment Excluding foods Total finished Excluding foods Foods goods Capital equipment Total finished goods Capital equipment Excluding foods Foods Change from year earlier total finished goods NSA Change Dec to Dec NSA Change month to month 1991 Oct Jan Feb Mar May July Sept Oct c e J Nov Dec C 3A C 3A Source Department of Labor Bureau of Labor Statistics CHANGES IN CONSUMER PRICES ALL URBAN CONSUMERS Percent change from preceding period monthly data seasonally adjusted except as noted by NSA Housing Transportation Shelter Period All items l Food Total Total Renters costs Homeowners costs Fuel and other utilities Apparel and upkeep Total New cars Motor fuel Medical care All items Energy2 food and energy Addendum All items percent change annual rate From previous quarter 3 From 3 months earlier From 6 months earlier From year earlier NSA Change December to December NSA Change month to month Oct Nov Dee Jan Feb Mar Apr May June July Aug Sept Oct A A A Includes items not shown s parately Household fuels gas pipt I electricity fuel oil etc and motor fuel Motor oil coolant etc also included through 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 November fell 1 4 percent from their October level Prices paid by farmers in October were unchanged from their July level Data are not seasonally adjusted INDEX RATIO SCALE INDEX RATIO SCALE T PRICES PAID xx J N N A 160 I s N PRICES RECEIVE D I IIfi i ii i i 1 l iiii III 1 l llll1 1 1 M l l l 1 l RA TIOJ RATI DJ RATIO I I 1 I I I I I hull t 1 M 1 1 1 1 II 1 I I II I I I i M i i 1 l i i ii l llll1lllll r l l l l l COUNCIL 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 1 Production items interest taxes and wage rates Ratio 2 Production items Nov Dec Jan Feb Mar Apr May June July r r l r C Aug Sept Oct Nov 1 Includes items not shown separately Percentage ratio of index of prices received by farmers to index of prices paid interest taxes and wage rates See also footnote 3 3 Beginning March 1986 prices paid by farmers are available only for first month in quarter and for each month the received paid ratio is based on latest data available 2 NOTE The official indexes are published on a 1910 14 base as required by law The indexes have been converted to a base to facilitate comparison with other indexes Source Department of Agriculture MONEY CREDIT AND SECURITY MARKETS MONEY STOCK LIQUID ASSETS AND DEBT MEASURES M2 and M3 rose again in October BILLIONS OF DOLLARS RATIO SCALE 4 800 BILLIONS OF DOLLARS RATIO SCALE v COUNCIL OF ECONOMIC ADVISERS Averages of daily figures except as noted billions of dollars seasonally adjusted Percent change from year or 6 months earlier 2 Ml Period M2 MS Sum of currency demand deposits travelers checks and other checkable deposits OCDs Ml plus overnight RPs and Eurodollars MIHHTF balances general purpose and broker dealer MMDAs and savings and small time deposits M2 plus large time deposits term RPs term Eurodollars and institution only MMMF balances MS plus other liquid assets r r Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Sept Oct Nov Dec Jan Feb Mar Apr May July Aue r Sept Oct r r r r 3 474 4 r r r 1 Consists of outstanding credit market debt of the U S Government State and local governments and private nonfinancial sectors data from flow of funds accounts 2 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate 26 L r Debt Debt of domestic nonfinancial sectors monthly average l Ml NOTE See p 27 for components Source Board of Governors of the Federal Reserve System M2 r r MS i o r Debt COMPONENTS OF MONEY STOCK AND LIQUID ASSETS Averages of daily figures billions of dollars seasonally adjusted except as noted by NSA Period Currency Demand deposits Overnight repurchase agreeOther ments check RPs able net deposplus its over OCDs night Eurodollars i Money market mutual fund balances 2 General purpose and broker dealer Savings deposits including money market deposit accounts MMDAs Large Term denom repurination chase time agreedepos ments 3 its RPs Term Eurodollars net NSA Institution only Small denomination time deposits 3 NSA NSA Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Sept Oct Nov Dec 1992 Jan Feb Mar May 3 July Sept Oct p r r 76 2 r 66 8 r 70 0 r r 77 6 r 74 6 r 72 6 r 69 2 r 72 0 r 72 4 r 75 8 r r r Includes continuing contract RPs Data prior to 1983 are not seasonally adjusted Small denomination and large denomination deposits are those issued in amounts of less than and more than respectively r l r r r r r r r r r r r r 51 8 r 50 3 r 49 3 r Savings bonds Shortterm Treasury securities r r 316 1 r 310 0 r 319 9 r r 328 9 r 333 3 r 325 2 r Bankers acceptances Commercial paper NOTE Travelers checks of nonbank issuers are a component of money stock but are not shown here Source Board of Governors of the Federal Reserve System AGGREGATE RESERVES AND MONETARY BASE Averages of daily figures millions of dollars seasonally adjusted except as noted by NSA Borrowings of depository institutions from the Federal Reserve NSA Adjusted for changes in reserve requirements Reserves of depository institutions Period Total Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Oct Nov Dec 1992 Jan Feb Mar May July Sept Oct Data are prorated averages of biweekly maintenance period averages of daily figures Nonborrowed Nonborrowed plus extended credit Required Monetary base Total 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 2 percent in October commercial and industrial loans rose 0 1 percent BILLIONS OF DOLLARS RATIO SCALE 3 200 BILLIONS OF DOLLARS RATIO SCALE 3 200 ALL COMMERCIAL BANKS LOANS AND LEASES U S GOVERNMENT SECURITIES OTHER SECURITIES i i ii iIItIIt I I I II I l II i I 1 I 1 I M 1 M I M I I M I I II I I I I I i M M i i i i ii I i il ll 1989 M M I I I I I II 120 I I 1 i I I M I II COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted J All commercial banks Loans and leases Period Total securities Dec Dec 1 722 2 Dec Dec Dec 2 238 5 Dec Dec 2 422 8 Dec 2 590 8 Dec 2 730 8 r Dec 2 838 7 Get 2 805 5 r Nov 2 822 7 r Dec 2 838 7 r 1992 Jan Feb r Mar r Apr r May T June r July r Aug Sept r Get U S Government securities Other securities Total r r r N nn on Commercial and industrial Eeal estate Individual Security r r Data are prorated averages of Wednesday figures for domestically chartered banks and averages of month end data for foreign related institutions Data beginning January 1984 are not strictly comparable with data for earlier periods largely because beginning January 1984 certain obligations of States and political subdivisions are included in loans rather than in other securities 28 Konl DanK financial institutions Agricultural otate artri ana political subdivisions Foreign banks Foreign official institutions Excludes loans to commercial banks in the United States Source Board of Governors of the Federal Reserve System Lease financing receivables Other SOURCES AND USES OF FUNDS NONFARM NONFINANCIAL CORPORATE BUSINESS Billions of dollars quarterly data at seasonally adjusted annual rates Uses Sources External Period Total Capital Credit market funds Internal 1 Total Total Securities and mortgages Other 2 Loans and short term paper Total tares 3 Increase in financial assets Discrepancy sources less uses TTT IV I I n m rv 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 the Federal Reserve System CONSUMER INSTALLMENT CREDIT Millions of dollars seasonally adjusted Period Total Dec Dec Dec Dec Dec Dec Dec 3 Dec Dec Dec Net change in installment credit outstanding 1 Installment credit outstanding end of period Automobile Revolving Other 2 Total Sept Oct Nov Dec Jan Feb Mar Apr May June July AUK r Sepf For year end data change from preceding year end for monthly data change from preceding month 2 Outstanding loans for mobile homes education boats trailers vacations etc 3 Data newly available in January 1989 result in breaks in many series between December 1988 Automobile Revolving Other and subsequent months 4 Because of breaks in series net change not available Source Board of Governors of the Federal Reserve System 29 INTEREST RATES AND BOND YIELDS Interest rates rose in November PERCENT PER ANNUM PERCENT PER ANNU COUNCIL OF ECONOMIC ADVISERS Percent per annum U S Treasury security yields Period month bills new issues 1 Mar Apr May July Sept Oct Nov Week ended 1992 Nov year 10 year High grade municipal bonds Standard Poor s 30 Prime commercial paper J 6 months Discount rate N T F R Bank 4 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 3 Weekly data are Wednesday figures 4 Average effective rate for year opening and closing rate for month and week 2 Corporate Aaa bonds Moody s Nov Dec Jan Peb Constant maturities 2 5 Effective rate in the primary market on conventional mortgages reflecting fees and charges as well as contract rate and assumed on the average repayment at end of 10 years Sources Department of the Treasury Board of Governors of the Federal Reserve System Federal Housing Finance Board Moody s Investors Service and Standard Poor s Corporation COMMON STOCK PRICES AND YIELDS Stock prices rose in November INDEX DEC RATIO SCALE INDEX DEC RATIO SCALE COMPOSITE STOCK PRICE INDEX NYSE I I I I I I I I I I I I I I I I I I I I II I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I II PERCENT PERCENT EARNINGS PRICE RATIO ON COMMON STOCKS S P SOURCES NEW YORK STOCK EXCHANGE AND STANDARD POOR S CORPORATION 1992 COUNCIL OF ECONOMIC ADVISERS Common stock prices J Common stock yields percent 5 New York Stock Exchange indexes Dec Period Composite Industrial Transportation r r r Nov Dec Jan Feb Mar Average 2 Includes 3 Includes 4 Includes 8 of daily closing prices all the stocks more than 1 500 listed on the NYSE 30 stocks 500 stocks Standard Poor s series Dividend price ratios based on Wednesday closing prices Earnings Earningsprice ratio Week ended 1992 Noy Dividendprice ratio Sept Oct Noy Dow Jones industrial average May Finance July Utility Standard Poor s composite index 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 month of fiscal 1993 there was a deficit of 48 9 billion compared with a deficit of 36 6 billion a year earlier BILLIONS OF DOLLARS 1 600 BIUIONS OF DOUARS 1 600 RECEIPTS AND OUTLAYS OUTLAYS RECEIPTS L V A I j FISCAL YEARS INCLUDES ON 8UDGET AND OFF BUDGET ITEMS SOURCES DH ARTM fT OF THE TREASURY AND OFFICE OF MANAGEMENT WD BUDGET COUNCIL OF ECONOMIC ADVISKS Billions of dollars Receipts estimates 1 First month 2 Fiscal year 1992 Fiscal year 1993 Outlays Surplus or deficit Receipts Surplus or deficit Receipts Outlays Surplus or deficit Total Held by the public l Data are from Mid Session Review The President s Budget and Economic Growth Agenda Office of Management and Budget July Data from Monthly Treasury Statement 32 Outlays Gross Federal debt end of period Off budget On budget Total Fiscal year or period NOTE Data except as noted are from Budget of Ike United States Government Fiscal Year 1993 Supplement issued February and are on a cash basis Sources Department of the Treasury and Office of Management and Budget FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first month of fiscal 1993 receipts were 1 3 billion lower than a year earlier and outlays were 11 0 billion higher BILLIONS OF DO LIARS 600 BILUC NS OF DOLIARS 600 1 RECEIPTS INDIVIDUAL INCOME TAXES CORPORATION INrOMFTAYF OTHER RECEIPTS SOCIAL INSURANCE TAXES AND CONTPIR1 ITIONS I OUTLAYS J NONDEFENSE NATONAi DEFENSE A 1984 r T i i 1987 i 1988 i 1989 T 1990 r 1991 i 1992 K N FISCAL YEARS INCLUDES QN BUDGET AND OFF BUDGET ITEMS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISER s Billions of dollars On budget and off budget outlays On budget and off budget receipts Individual income taxes Corporation income taxes Fiscal year Total estimates First month 2 Fiscal year 1992 Fiscal year 1993 1 Data are from Mid Session Review The President s Office of Management and Budget July Data from Monthly Treasury Statement Nationa defense Social insurance taxes and contributions Other Social security Net interest Other Health Total I and Economic Growth Agenda Income security International affairs Total Department of Defense military Medicare NOTE Data except as noted are from Budget of the United States Government 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 third quarter of 1992 according to revised estimates Federal receipts rose 5 6 billion annual rate and Federal expenditures rose 4 6 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES EXPENDITURES SURPLUS OR DEFICIT X i i CALENDAR YEARS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC APVI5ERS Pillions 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 IV 1987 IV 1988 IV 1989 IV 1990 III IV 1991 I II III IV 1992 I II III r 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 g Source Department of Commerce Bureau of Economic Analysis 34 INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES MAJOR INDUSTRIAL COUNTRIES Consumer prices NSA Industrial production seasonally adjusted Period United States Japan France Germany r r l 8 9 l r lll July Sept Oct Nov Dec 1992 Jan Feb Mar May r July Sept Oct 1 United Kingdom Canada r r r r Italy 117 5 r l United States United Kingdom Japan France Germany Italy r r r r Data relate to all urban consumers Canada Source National sources as reported by Department of Commerce Bureau of Economic Analysis and International Trade Administration Office of Trade and Economic Analysis U S MERCHANDISE EXPORTS AND IMPORTS Billions of dollars monthly data seasonally adjusted Merchandise exports f a s value 1 General merchandise imports customs value 3 Principal end use commodity category Foods feeds and beverages Industrial supplies and materials Capital goods except automotive Automotive vehicles parts and engines Consumer goods nonfood except automotive Other Period Total Sept Oct Nov Dec 1992 Jan Feb Mar Apr May July Sept Includes Department of Defense Military Assistance Program grant aid shipments Includes undocumented exports to Canada through 1988 Total arrivals of imported goods other than intransit shipments Total includes revisions not reflected in detail Trade balance Principal end use commodity category General merchandise imports c i f value Foods feeds and beverages Industrial supplies and materials Capital goods except automotive Automotive vehicles parts and engines Consumer goods nonfood except automotive Other Total Exports f a s less imports customs value Exports f a s less imports c i f Total exports are on a revised statistical month basis end use categories are on a statistical month basis NOTE Data shown include trade of the U S Virgin Islands Source Department of Commerce Bureau of the Census 35 U S INTERNATIONAL TRANSACTIONS In the third quarter of 1992 the merchandise trade deficit rose to 26 5 billion from 24 6 billion in the second quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS COUNCIL OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted except as noted Credits debits Merchandise 2 Investment income Services Net military transactions 3 4 Net travel and transportation receipts Other services net Receipts on U S assets abroad Payments on foreign assets in U S Period Net Balance on goods services and income Unilateral transfers net 4 Balance on current account Exports I n ni IV 1991 I n ra IV 1992 I H m r Imports r Net balance Excludes military Adjusted from Census data for differences in timing and coverage Quarterly data are not seasonally adjusted 36 Includes transfers of goods and services under U S military grant programs See p 37 for continuation of table U S INTERNATIONAL TRANSACTIONS Continued In the capital accounts U S claims on foreigners reported by U S banks decreased 12 6 billion in the second quarter of 1992 following a decrease of 15 9 billion in the first quarter U S liabilities to private foreigners reported by U S banks excluding Treasury securities decreased 5 1 billion in the second quarter following a decrease of 4 5 billion in the first quarter BILLIONS OF DOLLARS 80 BILLIONS OF DOLLARS CHANGE IN FOREIGN ASSETS ASSETS IN THE U S NET N I i i COUNCIL OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted except as noted U S assets abroad net increase capit al outflow Period Total I 42 141 II 30 682 m 30 964 IV 36 816 I 640 n 7 050 Ill IV 44 158 I 4 250 II U S official reserve assets 3 s 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 SDKs foreign currencies and the U S reserve posi tion in the IMF Foreign official assets Other foreign assets Statistical discrepancy Allocations of special drawing rights SDKs Total sum of the items with sign reversed Of which Seasonal adjustment discrepancy U S official reserve assets net5 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 Nonagriculrural 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 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 D C 20402 Price 2 75 single copy 3 44 foreign Subscription price 30 00 per year 37 50 for foreign mailing 38 U S GOVERNMENT PRINTING OFFICE

Interest Rates and Bond Yields

DATE: November 1992

PART OF:

Economic Indicators : November 1992

AUTHOR:

Council of Economic Advisers (U.S.)

CONTRIBUTING AUTHORS:

Download (pdf)

Share this page:

Table of Contents

less

Save & Share

less

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-. "Interest Rates and Bond Yields," 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-. "November 1992," Economic Indicators (November 1992) : 32-32. https://fraser.stlouisfed.org/title/1/item/732/toc/375621 , accessed on December 9, 2019.

More Information

less

SUBJECTS:

THEME:

Economic Data