Disposition of Personal Income

Name: Disposition of Personal Income
Creator: FRASER
Keywords: Economic Data, Economic indicators, Economic conditions, United States

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The following is plain-text output generated by Optical Character Recognition. 103d Congress 1st Session Economic Indicators OCTOBER 1993 Includes data available as of November 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 DAVID R OBEY Wisconsin Chairman PAUL S SARBANES Maryland Vice Chairman HOUSE OF REPRESENTATIVES LEE H HAMILTON Indiana FORTNEY H PETE STARK California KWEISI MFUME Maryland RON WYDEN Oregon MICHAEL A ANDREWS Texas RICHARD K ARMEY Texas JIM SAXTON New Jersey CHRISTOPHER C COX California JIM RAMSTAD Minnesota SENATE EDWARD M KENNEDY Massachusetts JEFF BINGAMAN New Mexico RICHARD H BRYAN Nevada CHARLES S ROBB Virginia BYRON L DORGAN North Dakota WILLIAM V ROTH JR Delaware CONNIE MACK Florida LARRY E CRAIG Idaho ROBERT F BENNETT Utah STEVEN QUICK Executive Director COUNCIL OF ECONOMIC ADVISERS LAURA D TYSON Chair ALAN S BLINDER Member JOSEPH E STIGLITZ 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 Mail Stop SSOP Washington DC ISBN TOTAL OUTPUT INCOME AND SPENDING GROSS DOMESTIC PRODUCT In the third quarter of 1993 according to advance estimates current dollar gross domestic product GDP rose 4 4 percent annual rate real GDP GDP in 1987 dollars rose 2 8 percent and the implicit price deflator rose 1 6 percent BILLION S OF DOLLARS RATIO SCALE 6 400 BILLIONS OF DOLLARS RATIO SCALE 6 400 SEASONALLY ADJUSTED ANNUAl RATES GDP 1 CURRENT x X 4 400 r f GDP 1 987 DOL s s s S X S x i i i 1985 i i i i i 1988 I I i 1989 t l i t i SOURCE DEPARTMENT OF COMMERCE 1992 I i i COUNCIL OF ECONOMIC ADVISERS Billions of current dollars quarterly data at seasonally adjusted annual rates Period IV IV IV IV IV IV IV IV IV I jj in IV 1992 I n m IV 1993 I n p m 1 Gross domestic product Personal consumption expenditures Gross private domestic investment Federal Net exports Exports GDP less exports of goods and services plus imports of goods and services Government purchases Exports and imports of goods and services Imports Total Total National defense Nondefense State and local Final sales of domestic product Gross domestic purchases Source Department of Commerce Bureau of Economic Analysis Addendum Gross national product GROSS DOMESTIC PRODUCT IN 1987 DOLLARS Billions of 1987 dollars quarterly data at seasonally adjusted annual rates Gross private domestic investment Period Government purchases Final sales of domestic product Federal Nonresidential fixed investment Residential fixed investment Change in business inventories Net exports Exports Imports Total Total National defense State and local Nondefense Gross domestic purchases 1 Addendum Gross national product IV 1992 I II Ill IV 1993 I II Ill I II Ill IV IV IV IV IV IV IV IV III IV 1 Exports and imports of goods and services Gross domestic product Personal consumption expenditures 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 Gross private domestic investment Government purchases Exports and imports of goods and services Federal Total Durable goods Nondurable goods Services Nonresidential fixed Residential fixed Exports Imports Total National defense Nondefense State and local IV IV IV IV IV IV IV IV IV I II III IV I II in IV I II III Personal consumption expenditures 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 Implicit price deflator HI IV I n m n ni IV 1992 I n m rv I n m Current dollars Fixed weighted price index 1987 weights Implicit price deflator Constant 1987 dollars IV 1991 I 1993 Constant U987 dollars 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 Current dollar cost and profit per unit of output dollars 1 Gross domestic product of nonflnancial corporate business billions of dollars Period Total cost and profit 2 Current dollars IV IV IV IV IV IV IV IV IV III IV 1992 I n m IV 1993 I n dollars Consumption of fixed capital sation of employees Net interest Total Output is measured by GDP of nonfmancial corporate business in 1987 dollars This is equal to the deflator for gross domestic product of nonfmancial corporate business with the decimal point shifted two places to the left 3 Indirect business tax and nontax liability plus business transfer payments less subsidies Indirect business taxes 3 Corporate profits with inventory valuation and capital consumption adjustments 4 Profits tax liability Profits after tax Output per hour of all employees 1987 dollars Compensation per hour of all employees dollars With inventory valuation and capital consumption adjustments Data beginning 1990 based on GDP release of August Sources Department of Commerce Bureau of Economic Analysis and Department of Labor Bureau of Labor Statistics NATIONAL INCOME Billions of dollars quarterly data at seasonally adjusted annual rates National income Period Compensation of employees1 Proprietors income with inventory valuation and capital consumption adjustments Farm IV IV IV IV IV IV IV IV IV III IV 1992 I II III IV 1993 I II III Rental income of persons with capital consumption adjustment Nonfarm Includes employer contributions for social insurance See also p 5 Corporate profits with inventory valuation and capital consumption adjustments Profits with inventory valuation adjustment and without capital consumption adjustment Total Profits before tax Inventory valuation adjustment Total Capital consumption adjustment Net interest Source Department of Commerce Bureau of Economic Analysis PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS Billions of 1987 dollars except as noted quarterly data at seasonally adjusted annual rates Durable goods Period Total personal consumption expenditures Total durable goods IV IV IV IV IV IV IV IV IV I II in IV 1992 I n m rv 1993 I II m Motor vehicles and parts Includes other items not shown separately Furniture and household equipment Other Total nondurable goods Food Clothing and shoes Gasoline and oil Retail sales of new passenger cars millions of units Services Nondurable goods Fuel oil and coal Other Total services 1 Housing Medical care Source Department of Commerce Bureau of Economic Analysis Domestics Imports SOURCES OF PERSONAL INCOME Personal income increased 10 4 billion annual rate in September after rising 70 5 billion in August The large increase in August reflected a rebound from the effects of the Midwest floods and a drought in the Southeast BILLIONS OF DOLLARS RATIO SCALE 6 000 BILLIONS OF DOLLARS RATIO SCALE WAGE AND SALARY DISBURSEMENTS OTHER INCOME TRANSFER PAYMENTS i i i i I i l tll l i l l l I i l l ll I I i I i I I M II i l l l l i l l ii COUNCIL OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates Period personal income Wage and salary disbursements l Sept Oct Nov Dec 1993 Jan Feb Mar July Aug T Sept Proprietor income 3 Other labor income 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 Nonfarm Farm Less income of persons dividend income interest income i pay a ments contributions for social insurance personal income With capital consumption adjustment Consists mainly of social insurance benefits direct relief and veterans payments Personal income exclusive of farm proprietors income farm wages farm other labor income and agricultural net interest Source Department of Commerce Bureau of Economic Analysis 5 6 DISPOSITION OF PERSONAL INCOME According to advance estimates per capita disposable personal income in 1987 dollars was about unchanged in the third quarter of 1993 BIWONS Of DOLLARS RATIO SCALE BILUONS Of DOLLARS RATIO SCALE 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 I I I I I I I I I I I I I 2 000 DOLLARS RATIOSCALE DOLLARS RATIO SCALEI 8 000 COUNCIl OF ECONOMIC ADVISERS Period Personal income Less Personal tax and nontax payments P 1 Disposable income Less Personal outlays 1 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 Dollars J Percent change in real per capita disposable persona income Saving as percent of disposable personal income Population including Armed Forces overseas thousands 2 Percent Seasonally adjusted annual rates IV IV IV IV IV IV IV IV IV I n m IV I n m IV I n m Includes personal consumption expenditures interest paid by persons and personal transfer pay ments to rest of the world net Annual data are averages of quarterly data which are averages for the period Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census FARM INCOME In the first quarter of 1993 according to current estimates gross farm income rose 3 9 billion annual rate and net farm income rose 6 8 billion BILUC NS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO S CALE x t f GRO S FARM INCOME An An SEASONAUY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF AGRICULTURE 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 Livestock and products Crops Value of inventory changes 2 Production expenses Current dollars 1987 dollars a I H m rv 1992 I n m IV 1993 I 1 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 Income in current dollars divided by the GDP implicit price deflator NOTE Data include net Commodity Credit Corporation loans and operator household Sources Department of Agriculture and Department of Commerce CORPORATE PROFITS In the second quarter of 1993 corporate profits before tax rose 25 8 billion annual rate and profits after tax rose 13 4 billion BILUCNSOFDOUARS 450 BHUONSOFDOUARS 450 SEASONALLY ADJUSTED ANNUAL RATES PR OFITS BEFC RE TAX N r 100 S s v f y V f V S 200 XX f f x f i s i i i V UNDISTRI JUTED PRO ITS k f TAX LIABI JTY s x fS W t s s f V N A N s 50 r 1 V s J PftOFITS AFTFR T kX r Jf v ty f I i ii Billions of dollars quarterly data at seasonally adjusted annual rates Profits before tax with inventory valuation adjustment 1 Profits after tax Domestic industries Nonfinancial Period Total 2 Total IV IV IV IV IV IV IV IV IV I II Ill IV 1992 I n ni IV 1993 I n Financial Total Manufacturing Wholesale and retail trade HI 1 2 See p 4 for profits with inventory valuation and capital consumption adjustments Includes rest of the world not shown separately 3 Profits before tax Tax liability 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 third quarter of 1993 nonresidential fixed investment in 1987 dollars rose 9 0 billion annual rate and residential investment rose 5 0 There was a 7 3 billion increase in inventories following an increase of 13 0 billion in the second quarter LLARS BILLIONS OF 1 987 DC BILLIONS OF 1 987 DOLLARS SEASONALLY ADJUSTED ANNUAL RATES AGO x Pv I A s r X GROSS P RIVATE DO MESTIC VESTMENT 600 s r s S V NONRES DENTIAL FIXED INV ESTMENT RES IDENTIAL FIXED NVESTMEN T J s w CHANGE IN BUSINESS INVENTORIES S V 100 X 100 X x t 0 B X X t SOURCE DEPART MENT OF COM I i I i i i c DUNCIL OF ERCE ECOC OMIC ADViSER Billions of 1987 dollars quarterly data at seasonally adjusted annual rates Change in business inventories Fixed investment Gross private domestic investment Period Nonfarm Source Department of Commerce Bureau of Economic Analysis Total IV n m f Residential I 1993 I Producers durable equipment I n m rv Structures n m Total IV IV IV IV IV IV IV IV IV Total Nonresidential EXPENDITURES FOR NEW PLANT AND EQUIPMENT According to the Commerce Department July August 1993 survey business spending for new plant and equipment is expected to rise 7 1 percent in 1993 following a rise of 3 4 percent in 1992 BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE NONMANUFACTUR1NG MANUFACTURING I I I I I I I URVEYED QUARTERLY SE FOOTNOTE 4 BELOW SOURCE DEPARTMENT OF COMMERCE I I 1992 I I I 1993 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 I II Ill IV 1993 I m IV n 4 III IV Nonmanufacturing Manufacturing Total Surveyed quarterly Nondurable goods Total 1 Mining Transportation Public utilities Commercial and other Surveyed annually Durable goods 1 Excludes forestry fisheries and agricultural 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 10 Total nonfarm business Consists of forestry fisheries and agricultural services professional services social services and membership organizations and real estate 4 Planned capital expenditures as reported by business in July August 1993 corrected for biases Source Department of Commerce Bureau of the Census EMPLOYMENT UNEMPLOYMENT AND WAGES In September civilian employment fell by 253 000 and unemployment fell by MILLIONS OF PERSONS MILLIONS OF PERSONS SEASONALLY ADJUSTED 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 Noninstitutiona population including resident Armed Forces NSA Unemployment Civilian employment Resident Armed Forces NSA Labor force including resident Armed Forces Employment including resident Armed Forces Nonagricultural Civilian labor force Total Agricultural Total Part time for economic reasons l Total 15 weeks and over Civilian Labor force participation rate percent 2 Employment population ratio percent Sept Oct Nov Dec Feb Mar May July Sept 1 Persons at work Economic reasons include slack work material shortages inability to find fulltime work etc 2 Civilian labor force or employment as percent of civilian noninstitutional population Data beginning January 1986 not strictly comparable with earlier data because of change in estimation procedures Source Department of Labor Bureau of Labor Statistics 11 SELECTED UNEMPLOYMENT RATES In September the civilian unemployment rate was unchanged at 6 7 percent PERCENT SEASONALLY ADJUSTED PERCENT SEASONALLY ADJUSTED UNEMPLOYMENT AS PERCENT OF CIVItlAN 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 Sept Oct Nov Dec 1993 Jan Feb Mar Apr May June July Aug Sept 1 2 Unemployment rate all workers Men 20 years and over Women 20 years and over Both sexes 16 19 Black White years and Black other Unemployed as percent of total labor force including resident Armed Forces Aggregate hours lost by the unemployed and persons on part time for economic reasons as per 12 By selected groups By race By sex and age All civilian workers Experienced wage and salary workers Married men spouse present Women who maintain families Fulltime workers Parttime workers cent of potentially available labor force hours Source Department of Labor Bureau of Labor Statistics Labor force time lost percent z SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In September there was a decrease in the percentage of the unemployed who had been out of work for 5 14 weeks there were increases in the percentages for less than 5 weeks for 15 26 weeks and for 27 weeks and over The mean duration of unemployment rose to 18 5 weeks and the median duration rose to 9 1 weeks PERCENT DISTRIBUTION 70 PERCENT DISTRIBUTION 70 REASON FOR UNEMPLOYMENT REENTRANTS COUNCIl OF ECONOMIC ADVISERS Monthly data seasonally adjusted except as noted Duration of unemployment Period Unemployment thousands Percent distribution Less than 5 weeks 5 14 weeks Reason for unemployment percent distribution State programs Number of weeks 15 26 weeks 27 weeks and over Average mean Median Job losers Job leavers Reentrants New entrants Insured unemployment Initial claims Insured unemployment all regular programs unadjusted 1 Weekly average thousands Sept Oct Nov Dec 1993 Jan Feb Mar May July Sept Includes State 50 States District of Columbia Puerto Rico and Virgin Islands ex servicemen UCX and Federal UCFE Railroad RR programs included through 1991 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 156 000 in September MILLIONS OF PERSONS ENLARGED SCALE MILLIONS OF PERSONS r I ALLN ONAGRICULT URAL ES ABLISHMEN S r SER VICE PRODIK ING INDUSTRIES GOO 3S PRODUCIh IG 1 DUSTRIES f CONST AUCTION ll 1 M 1 1 II II M 1 II III III 1 m MUllllllll Illllllllll f M iTmn Illlll 1991 SEASONALLY ADJUSTED SOURCE DEPARTMENT OF LABOR Illlll 1992 linn COUNCIL OF ECONOMIC ADVISERS Thousands of wage and salary workers seasonally adjusted Period Sept Oct Nov Dee 1993 Jan Feb Mar Apr May June July r Aug r Sept f Totaji nonagricultural employment Total z Goods producing industries Manufacturing Construction Durable NondurTotal able goods goods i Total Transportation and public utilities Service producing industries Wholesale trade R atal etali trade Government Finance insurance and real estate Services Total 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 z Includes mining not shown separately Source Department of Labor Bureau of Labor Statistics 14 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 Average gross hourly earnings Manufacturing Total private nonagricultural l Period Total Average gross weekly earnings Total private nonagricultural l Total private nonagricultural 1 Overtime Current dollars 1982 dollars 2 Manufacturing Current dollars Current dollars 1982 dollars 2 Manufacturing Construction Retail trade Percent change from a year earlier total private nonagricultural 3 Current dollars 1982 dollars Sept Oct Nov Dec Jan Feb Mar May July Sept 1 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 Index June Percent change from 3 months earlier Total compensation Period Wages and salaries Benefits Total compensation Wages and salaries 12 months earlier Benefits Total compensation Wages and salaries Benefits Not seasonally adjusted Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Sect Dec 1992 Mar Sept Dec 1993 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 1990 Sept Dec 1991 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 l Hours of all persons z Compensation per hour 3 Unit labor costs Real compensation per hour Business sector Nonfarm business sector Business sector Nonfarm business sector Business sector IV IV IV IV IV IV IV IV n ni I n ra rv Implicit price deflator 5 Business sector Nonfarm business sector Business sector Nonfarm business sector Nonfarm business sector Business sector Nonfarm business sector Business sector Nonfarm business sector quarterly data seasonally adjusted IV 1991 I 1992 I n m IV 1993 I n Percent change quarterly data at seasonally adjusted annual rates m rv I n ra IV IV 1992 I n j n ra I Output refers to gross domestic product originating in the sector in 1987 dollars Hours of all persons engaged in the sector including hours of proprietors and unpaid family workers Estimates based primarily on establishment data 3 Wages and salaries of employees plus employers contributions for social insurance and private benefit plans Also includes an estimate of wages salaries and supplemental payments for the selfemployed 4 Hourly compensation divided by the consumer price index for all urban consumers CPI U 5 Current dollar gross domestic product divided by constant dollar gross domestic product 16 NOTE Data relate to ali 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 beginning 1990 are based on the national income and product accounts data released on August Source Department of Labor Bureau of Labor Statistics PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production rose in September and capacity utilization was unchanged IND IX RATIO SCALE 120 INDEX RATIO SCALE TOTAL INDUSTRIAL PRODUCTION S fJ 120 Mm Tm TfjTm I I i i S f s A H 7 S 90 TiTmn s J EQUIPME NI N rs r V 3EFEN SE A A JD SP CE CONSL MER GOO ns EC3UIPM INT L E T K A S f BUSINESS MANUFACTURING UTILITIESjAND MINING i N S If 1 V 105 i 100 v V S UTILITIES MINING PER CENT 86 v CAPACITY 84 s A m mlm n l y vVl V 1 1 f nl n I UTILIZATION RATE TOTAL INDUSTRY s v 80 mnlmn 1991 N r A v v y rr if s FINAL PRODUCTS i n n n n 1 1 il I Hill SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted Total industrial production Period Index Capacity utilization rate percent Percent change from year earlier Mining Total Durable Utilities Nondurable Total industry Manufacturing Sept Oct Dec 1993 Jan Feb Mar Apr June r July Aue r Sept 1 Industry production indexes Manufacturing Output as percent of capacity Source Board of Governors of the Federal Keserve System 17 INDUSTRIAL PRODUCTION MAJOR MARKET GROUPS AND SELECTED MANUFACTURES monthly data seasonally adjusted Materials Products Final products Intermediate products Consumer goods Equipment Period Total Total Durable goods Nondurable goods Total Business Defense and space equipment Total Construction supplies Business supplies Total Energy Sept Oct Nov Dec Jan Feb Mar May July r Sept 1 Includes oil and gas well drilling and manufactured homes not shown separately monthly data seasonally adjusted Nondurable manufactures Durable manufactures Period Total Fabricated metal products Electrical machinery Total Motor vehicles and parts Lumber and products Apparel products Printing and publishing Chemicals and products Foods Sept Oct Nov Dec Jan Feb Mar May July Sepf 1 Iron and steel Transportation equipment Industrial and commercial machinery and computer equipment 1 Primary metals Formerly nonelectrical machinery 18 Source Board of Governors of the Federal Reserve System NEW CONSTRUCTION Monthly data seasonally adjusted Construction contracts 3 Private Period Total new construction expenditures Residential Total New housing units Total 1 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 Annual rates Mar May July r Aug r Sept Feh 2 Annwdt rates Sept Oct NOT r 98 r r Sources Department of Commerce Bureau of the Census and McGraw Hill Information Syst Company F W Dodge Division Includes residential improvements not shown separately Includes hotels and motels F W Dodge series NEW PRIVATE HOUSING AND VACANCY RATES Thousands of units or homes except as noted New private housing units Units started by type of structure Period Total 1 unit 2 4 units or more units New private homes Units authorized Units completed Homes sold Homes for sale at end of period r l Vacancy rate for rental housing units percent z Seasonally adjusted annual rates Sept Oct Nov Dec 1993 Jan Feb Mar May July Sept P 1 2 Seasonally adjusted Quarterly data entered in last month of quarter Series beginning 1989 not comparable with earlier data 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 August manufacturing and trade sales rose 1 2 percent and inventories rose 2 3 billion In September according to advance data retail sales rose 0 1 percent following a rise of 0 5 percent in August BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE MANUFACTURING AND TRADE INVENTORIES 700 RETAIL INVENTORIES 600 v 500 v MANUFACTURING AND TRADE SALES RETAIL SALES RATIO 1 80 INVENTORY SALES RATIO RETAIL CA k v V kCT i MANUFAC TURING ANDTf ADE X I M 1 1 1n II nil mi v II 1 Illl Illl 1993 COUNCIL OF ECONOMIC ADVISERS Manufacturing and trade 1 Wholesale Sales Period Inventories 3 Inventories 3 Sales Sales 2 Inventory sales ratio 4 Retail Total 2 Durable goods stores Inventories Nondurable goods stores Total 3 Durable goods stores Nondurable goods stores Manufacturing and trade Retail Millions of dollars seasonally adjusted except as noted Aug T Sept Oct Nov Dec 1993 Jan Feb Mar Apr July r Auff p Sept p r r r See page 21 for manufacturing 2 Annual data are averages of monthly not ieasonally adjusted figures monthly data are seasonally adjusted totals for month 20 lj r r r r Seasonally adjusted end of period Annual data are averages of seasonally adjusted monthly ratio Source Department of Commerce Bureau of the Census MANUFACTURERS SHIPMENTS INVENTORIES AND ORDERS In August manufacturers shipments and new orders rose inventories were about unchanged and unfilled orders fell In September according to advance data manufacturers durable goods shipments and new orders rose BIHIONS Of DOLLARS RATIO SCALE BILUONS OF DOLLARS RATIO SCALE INVENTORIES THTAI r J y T L U ABLE GOOD b DURABLE GOODS NONDURAB E GOODS i iiil MI Illllllllll Illllllllll 1 1M 1 1111I I V 120 BILUONS OF DOLLARS RATIO SCALE NONDURABLE GOODS 320 TOTAL J S v v w jr RATIO t JU 200 INVENTORY SHIPMENTS RATIO r t fi m 1 60 HONDURAS LE GOODS M M iiliiliiin II M 1 M M 1 1 II 1 M M 1989 N yl h m 1 20 Illllllllll v LIII niiilinii Illllllllll COUNCIL OF ECONOMIC ADVISERS Manufacturers shipments l Manufacturers inventories 2 Manufacturers new orders 1 Durable goods Period Total Durable goods Nondurable goods Total Durable goods Nondurable goods Total Total Capital goods industries non defense Nondurable goods Manufacturers unfilled orders z Manufacturers inventory shipments ratio 3 Millions of dollars seasonally adjusted except as noted Aug Sept Oct Nov Dec 1993 Jan Feb Mar May T 3 July Aug r Sepf 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 Annual data are averages of seasonally adjusted monthly ratios Source Department of Commerce Bureau of the Census 21 PRICES PRODUCER PRICES In September the producer price index for all finished goods rose 0 2 percent Prices of finished consumer foods rose 0 7 percent and prices of other finished consumer goods were unchanged Capital equipment prices were unchanged INDEX RATIO SCALE INDEX RATIO SCALE FINISHED GOODS PRICES SEASONALLY ADJUSTED CONSUMER F OODS CAPITAL iEQUIPMENT x 1 x i TOTAL x CONSUM ER GOODS EXCLUDIN G FOODS x f I I I I I I 1 1 I I II i i i i i 1 i i i i I I I I I 1 I I I 1 1 1 1 I I I 1 I I I II OURCE 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 Consumer goods Total Sept Oct Nov Dec 1993 Jan Feb Mar Apr May T y June Aue Sept 1 Durable Capital equipment Crude materials Total Foods and feeds Other Total Foodstuffs and feedstuffs Other Intermediate materials for food manufacturing and feeds 22 Nondurable Total Total finished consumer goods Source Department of Labor Bureau of Labor Statistics CONSUMER PRICES ALL URBAN CONSUMERS In September the consumer price index for all urban consumers was unchanged seasonally adjusted not seasonally adjusted it rose 0 2 percent The index was 2 7 percent above its year earlier level INDEX RATIO SC ALE INDE X RATIO SCALE 150 ISO SEASONALLY ADJUSTED CONSUMER PRICES ALL ITEMS i 1 t It 1 1985 M 1 1 ll 1 1 I I i 1986 1 M t E II 1 I I M I 1 1 M I SEE NOTE ON TABLE BEIOW SOURCE DEPAHTMENT OF LABOR 80 COUNCIL OF ECONOMIC ADVISERS except as noted monthly data seasonally adjusted except as noted All items 1 Transportation Housing Shelter Period Not seasonally adjusted NSA Sept Get Dec 1993 Jan Feb Mar Apr May June July Auer Sept Seasonally adjusted Total costs Dee Homeowners costs Dec Maintenance and repairs NSA Rent Food ers Total Apparel and upkeep Total New cars Motor fuel Medical care Energy 2 All items less food and energy WOO Includes items not shown separately 2 Household fuels gas piped electricity fuel oil etc and motor fuel Motor oil coolant etc also included through 1982 3 Relative importance December 1992 Fuel and other utilities NOTE Data beginning 1983 incorporate a rental equivalence measure for homeownership costs and therefore are not strictly comparable with figures for earlier periods Data beginning 1987 and 1988 calculated on a revised basis Source Department of Labor Bureau of Labor Statistics 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS Percent change from preceding period monthly data seasonally adjusted except as noted by NSA Change from preceding period Period Change from 3 months earlier annual rate Change from 6 months earlier annual rate Consumer goods Consumer goods Consumer goods Total finished goods Capital equipment Excluding foods Poods Total finished goods Excluding foods Foods Capital equipment Total finished Capital equipment Excluding foods Foods goods Change from year earlier total finished goods NSA Change Dec to Dec NSA Change month to month 1992 Sept Nov Dec 1993 Jan Feb Mar May June July Sept Oct 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 1 Food Total Total Renters costs Homeowners costs Fuel and other utilities APparel and upkeep New cars Total Motor fuel Medical care Energy2 All items less food and energy Addendum All items percent change annua rate From previous quarter 3 From 3 months earlier From 6 months earlier From year earlier NSA Change December to December NSA Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Change month to month Includes items not shown separately Household fuels gas piped 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 In October prices received by farmers were 0 7 percent below their September level Prices paid by farmers in October were 1 0 percent above their July level Data are not seasonally adjusted INDEX RATIO SCALE 200 INDEX RATIO SCALE PRICES PAID PRICES RECEIVED Li RATIO I RATIO Of INDEX OF PRICES RECEIVED TO INDEX OT PRICES PAID SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS not seasonally adjusted Prices paid by farmers Prices received by farmers Period All farm products Livestock and products Crops All commodities services interest taxes and wage rates Production items interest taxes and wage rates Production items Ratio Oct Nov Dec 1993 Jan Feb Mar May July Sept Oct r s 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 25 MONEY CREDIT AND SECURITY MARKETS MONEY STOCK LIQUID ASSETS AND DEBT MEASURES M2 and M3 rose in September BILLIONS Of DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE 4 800 COUNCIl OF ECONOMIC ADVISERS Averages of daily figures except as noted billions of dollars seasonally adjusted Ml M2 Sum of currency demand deposits travelers checks and other checkable deposits OCDs Ml plus overnight RPs and Eurodollars MMMF balances general purpose and broker dealer MMDAs and savings and small time deposits M2 plus large time deposits term RPs term Eurodollars and institution only MMMF balances Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec r r r r r Augr Sept Oct Nov Dec Jan Feb Mar L MS Period May July r Sept 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 M3 plus other liquid assets Debt Debt of domestic nonfinancial sectors monthly average Percent change from year or 6 months earlier 2 Ml M2 Debt M r 4 965 2 r r p r NOTE See p 27 for components Source Board of Governors of the Federal Reserve System COMPONENTS OF MONEY STOCK AND LIQUID ASSETS Averages of daily figures billions of dollars seasonally adjusted except as noted by NSA Demand deposits Currency Period Overnight repurchase agreeOther ments check RPs able net deposplus its over OCDs night Eurodollars Money market mutual fund balances 2 Savings deposits including money market deposit accounts MMDAs Institution only Small denomination time deposits s Term repurchase agreements RPs Large denomination time deposits 3 NSA Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Aug Oct Nov Dec 1993 Jan Feb Mar May y 3 July r Sept r r r r r r 331 5 r 336 4 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 and more than respectively r 867 3 r355 7 r r373 6 r r 879 3 r360 2 r 867 3 r r338 1 r r 834 4 r 343 1 r 826 7 r Term Eurodollars net NSA General purpose and broker dealer NSA Savings bonds Shortterm Treasury securities r r 331 4 r r Bankers acceptances Commercial paper P NOTE Travelers checks of nonbank issuers are a component of money stock but are not shown ere Source Board of Governors of the Federal Reserve System 2 3 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 Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Sept Oct Nov Dec 1993 Jan Feb Mar May July Sept Data are prorated averages of biweekly maintenance period averages of daily figures Nonborrowed Nonborrowed plus extended credit Required Monetary base 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 2 percent in September commercial and industrial loans fell 0 5 percent BILLIONS OF DOLLARS RATIO SCALE 3 200 ALL COMMERCIAL BANKS 2 800 BILLIONS OF DOLLARS RATIO SCALE LOANS AND LEASES U S GOVERNMENT SECURITIES 400 OTHER SECURITIES V COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted x All commercial banks Loans and leases Period Dec Dee Dec Dec Dec Dec Dec Dec Dec Dec Sept Oct Nov Dec 1993 Jan Feb Mar r Apr r May r June r July r Aug Sept Total U S loans and securities 2 Government securities Other securities Total Commercial and industrial Individual Security N nn onbank financial institutions Agricultural political subdivisions 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 State and Real estate Foreign banks Excludes loans to commercial banks in the United States Source Board of Governors of the Federal Reserve System Foreign official institutions Lease financing receivables Other SOURCES AND USES OF FUNDS NONFARM NONFINANCIAL CORPORATE BUSINESS Billions of dollars quarterly data at seasonally adjusted annual rates Sources Uses External Period Total Credit market funds Internal 1 Total Total Securities and mortgages Other 2 Loans and short term paper Total Capital expenditures 3 Increase in financial assets Discrepancy sources less uses I n Ill IV 1992 I n ni IV 1993 I HP 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 Net change in installment credit outstanding 1 Installment credit outstanding end of period Period Total Automobile Revolving Other 2 Total Automobile Revolving Other Dec Dec Dec Dec Dec Dec 3 Dec Dec Dec Dec Aug Sept Oct Nov Dec Jan Feb Mar r Apr r May r July r All p 1 For year end data change from preceding year end for monthly data change from preceding month 2 Outstanding loans for mobile homes education boats trailers vacations etc 3 Data newly available in January 1989 result in breaks in many series between December 1988 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 Overall interest rates were about unchanged in October PERCENT PER ANNUM PERCENT PER ANNUM U CORPORATE Aaa BONDS MOODY S A TREASURY BILLS V i DISCOUNT RATE FEDERAL RESERVE BANK OF NEW YORK 1985 UNCIL OF ECONOMIC ADVISERS SOURCE SEE TABLE BEl Percent per annum U S Treasury security yields Period 3 month bills new issues l Oct Nov 3 year 10 year High grade municipal honds Standard Poor s 3 Corporal Aaa bonds Moody s Prime commercial paper 6 months J Discount rate N Y F K Bank 4 Prime rate charged by banks Dec 1993 Jan Feb Mar July Autr Sept Oct Week ended 1993 Oct Constant maturities Bank discount basis 2 Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department 3 Weekly data are Wednesday figures 4 Average effective rate for year opening and closing rate for month and week 30 New home mortgage yields FHFB 5 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 Keserve System Federal Housing Finance Board Moody s Investors Service and Standard Poor s Corporation COMMON STOCK PRICES AND YIELDS Stock prices rose in October INDEX DEC RATIO SCALE INDEX DEC RATIO SCALE COMPOSITE STOCK PRICE INDEX NYSE M I 1 1 I I I I M I PERCENT 201 PERCENT 20 EARNINGS PRICE RATIO ON COMMON STOCKS S P SOURCES NEW YORK STOCK EXCHANGE AND STANDARD POOR S CORPORATION 1993 COUNCIL OF ECONOMIC ADVISERS Common stock prices l Period New York Stock Exchange indexes Dec noted 2 Composite Industrial Transportation Common stock yields percent 6 except as Utility 3 Finance Dow Jones industrial average Standard Poor s composite index Dividendprice ratio Earningsprice ratio Oct Nov Dec Jan Feb Mar May r j July Sept Oct Week ended 1993 Oct Average of daily closing prices Includes all the stocks more than 2 000 in 1992 listed on the NYSE Dec Effective April the NYSE doubled the value of the utility index to facilitate trading of options and futures on the index Such trading is expected to begin later this year AH indexes shown here reflect the doubling 4 Includes 30 stocks 2 3 Includes 500 stocks Standard Poor s series Dividend price ratios based on Wednesday closing prices Earningsprice 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 FEDERAL FINANCE FEDERAL RECEIPTS OUTLAYS AND DEBT In fiscal 1993 there was a deficit of 254 9 billion compared with a deficit of 290 4 billion in fiscal 1992 BILLIONS OF DOLLARS BILLIONS Of DOLLARS RECEIPTS AND OUTLAYS OUTLAYS J RECEIPTS V 600 Slipping OR DFFIHT Vl FISCAL YEARS i wa UDES ON BUDGET AND OFF BUDGET TOMS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNOL OF ECONOMIC ADVISERS Billions of dollars On budget Total Fiscal year or period Receipts l 1994 estimates Outlays Surplus or deficit Outlays Receipts Outlays Surplus or deficit Total Held by the public Data from Monthly Treasury Statement NOTE Data for fiscal 1992 and 1994 are from Mid Session Review of the Receipts Gross Federal debt end of period Off budget Surplus or deficit September Other data except as noted are from Budget Baselines Historical Data and Alternatives for the Future January 1993 Sources Department of the Treasury and Office of Management and Budget FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In fiscal 1993 receipts were 62 7 billion higher than a year earlier and outlays were 27 2 billion higher BILUCINS OF DOLLARS 600 RECEIPTS1 INDIVIDUAL INCOME TAXES 500 BILLIONS OF DCILARS SOCIAL INSURANCE TAWS AND rONTORI mONS CORPORATION IKirOUF TAYFS OTHER RECEIPTS OUTLAYS NONDEFENSE NATIONAL DEFENSE xj K N 1993 FISCAL YEARS J lNaUWS ON BUDGET AND OFF BUDGET ITEMS jOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL Of ECONOMIC ADVISE S Billions of dollars On budget and off budget out ays On budget and off budget receipts National defense Social Individual income taxes Corporation income taxes Fiscal year Total J ance taxes Other Total Data from Monthly Treasury Statement NOTE Data for fiscal 1992 and 1994 are from Mid Session Review of the 1994 Budget issued September Other data except as noted are from Budget Baselines Historical Data and Total and contributions Department of Defense military International affairs Health Medicare Net Income securi Social securi inter ty ty est 73 9 Other Alternatives for the Future January 1993 Sources Department of the Treasury and Office of Management and Budget 33 FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS In the second quarter of 1993 Federal receipts rose 49 6 billion annual rate and Federal expenditures rose 8 7 billion In the third quarter according to advance estimates Federal expenditures fell 10 4 billion receipts data are incomplete BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES EXPENDITURES SURPLUS OR DEFICITI CALENDAR YEARS COUNCIL OF ECONOMY ADVBERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Federal Government expenditures Federal Government receipts Personal Period Total Fiscal year 1990 r 1991 r 1992 r Calendar year IV 1983 IV 1984 IV 1985 IV 1986 IV 1987 IV 1988 IV 1989 IV 1990 IV 1991 TTT IV 1992 I n m rv 1993 I n nf tax and nontax receipts Corporate profits tax accruals Contributions for social insurance Total Pur chases Transfer payments Net interest paid Subsidies less current surplus of Government enterprises Surplus or deficit Less Wage accruals less disbursements national income and product accounts Source Department of Commerce Bureau of Economic Analysis 34 Indirect business tax and nontax accruals Grantsin aid to State and local governments INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES MAJOR INDUSTRIAL COUNTRIES Industrial production seasonally adjusted Period United States Canada Japan France Germany Consumer prices NSA United States United Kingdom Italy Aug r r 104 9 June July r June July Sept Oct Nov Dec 1993 Jan Feb Mar Apr May r 96 2 r r r Sept 1 r Data relate to all urban consumers Canada United Kingdom Japan France Germany Italy 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 General merchandise imports customs value 3 Merchandise exports f a s value l Principal end use commodity category Trade balance Principal end use commodity category General Period Total 2 Foods feeds Industrial sup and plies beverages materi and als Capital goods except automotive Automotive vehicles parts and engines Consumer goods nonfood except automotive Other 2 Total Foods feeds Industrial sup and plies beverages materi and als Capital goods except automotive Automotive vehicles parts Con mer sumer goods chandise imports c i f value and engines nonfood except automotive Other Exports f a s less imports customs value Exports f a s less imports c Lf Aug Sept Oct Nov Dec 1993 Jan Feb Mar May July r 1 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 5 Total exports are on a revised statistical month basis end use categories are on a statistical 2 3 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 second quarter of 1993 the current account deficit rose to 26 9 billion from 22 3 billion in the first quarter The merchandise trade deficit rose to 34 4 billion from 29 3 billion in the first quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS BALANCE ON GOODS SERVICES AND INCOME A COUNCIL OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted except as noted Credits debits Merchandise l z Net balance Net military transactions Period Exports HI IV 1991 I n m IV 1992 I n m IV 1993 I Imports Excludes military Adjusted from Census data for differences in timing and coverage Quarterly data are not seasonally adjusted 36 Investment income Services Net travel and transportation receipts Other services net Receipts on U S assets abroad Payments on foreign assets in U S Net Balance on goods services and income Unilateral transfers net 4 Balance on current account 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 4 7 billion in the second quarter of 1993 following a decrease of 28 1 billion in the first quarter U S liabilities to private foreigners reported by U S banks excluding Treasury securities decreased 2 5 billion in the second quarter following a decrease of 18 9 billion in the first quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS COUNCIL OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted except as noted U S assets abroad net increase capital outflow Period Total m IV 1991 I II HI IV 1992 I n m IV 1993 I H 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 SDKs foreign currencies and the U S reserve position in the IMF Foreign official assets 3 Other foreign assets Statistical discrepancy Allocations of special drawing rights SDKs Total sum of the items with sign reversed Of which Seasonal adjustment discrepancy U S official reserve assets net 5 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 Preliminary Revised e Corrected Not available also not applicable NSA not seasonally adjusted For sale by the Superintendent of Documents U S Government Printing Office Washington B C 20402 Price 2 75 single copy 3 44 foreign Subscription price 30 00 per year 37 50 for foreign mailing 38 U S GOVERNMENT PRINTING OFFICE

Disposition of Personal Income

DATE: October 1993

PART OF:

Economic Indicators : October 1993

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-. "Disposition of Personal Income," in Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "October 1993," Economic Indicators (October 1993) : 8-8. https://fraser.stlouisfed.org/title/1/item/743/toc/407144 , accessed on December 12, 2019.

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Economic Data