Full text of Economic Indicators : April 1993
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
103d Congress, 1st Session
Economic Indicators
APRIL
1993
(Includes data available as of May 4, 1993)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
FEDERAL RESbKvt
BANK OF CHICAGO
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1993
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, Chief Economist
JOSEPH E. STIGLITZ, Chief Economist
[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 23, 1949.
Charts prepared by the Art Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.75 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 20402-9328
ISBN 0-16-040807-5
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the first quarter of 1993, according to advance estimates, current-dollar gross domestic product (GDP) rose 5.2
percent (annual rate), real GDP (GDP in 1987 dollars) rose 1.8 percent, and the implicit price deflator rose 3.3
percent.
BILLIONIS OF DOLLARS (RATIO SCALE)
6,400
BILLIONS OF COLLARS (RATIO SCALE)
6,400
SEASONALLY ADJUSTED ANNUAL RATES
r
/I
6,000
6,000
^
5,600
5,600
^^
/
5,200
GDP
4,800
IIN
kl
4,400
x """
X"
4,000
s
s
5,200
^
*r *
~* ^.
4,800
;>-"
xl
4,400
4,000
GDP
&
INC URRENT DC LLARS
X
/^
3,600
3,200
2,800
s
1 987 DOLL>\\S>
^
/^
i
1
1
1982
\ 1 1
1 1 1
1983
1984
3,600
3,200
i
i i
1985
i
i I
1986
I I I
1987
i i i
1988
i
i i
1989
I
I 1
1990
I i i
1991
SOURCE: DEPARTMENT OF COMMERCE
1
1
1
1992
i i i
2,800
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992.
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991-
.
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II
III
IV
1992- I
II
III
IV
1993- I "
1
Gross
domestic
product
3,777.2
4,038.7
4,268.6
4,539.9
4,900.4
5,250.8
5,522.2
5,677.5
5,950.7
3,195.1
3,547.3
3,869.1
4,140.5
4,336.6
4,683.0
5,044.6
5,344.8
5,561.3
5,585.8
5,657.6
5,713.1
5,753.3
5,840.2
5,902.2
5,978.5
6,081.8
6,158.8
Persona!
consumption
expenditures
Gross
private
domestic
investment
2,460.3
2,667.4
2,850.6
3,052.2
3,296.1
3,523.1
3,748.4
3,887.7
4,095.8
2,128.7
2,346.8
2,526.4
2,739.8
2,923.1
3,124.6
3,398.2
3,599.1
3,818.2
3,821.7
3,871.9
3,914.2
3,942.9
4,022.8
4,057.1
4,108.7
4,194.8
4,237.2
718.9
714.5
717.6
749.3
793.6
832.3
799.5
721.1
770.4
464.2
614.8
722.8
737.0
697.1
800.2
814.8
825.2
739.0
705.4
710.2
732.8
736.1
722.4
773.2
781.6
804.3
836.4
Exports and imports of goods
and services
Federal
Net
exports
102 7
-115.6
132 5
-143.1
1080
797
-68.9
21 8
-30.4
-29.5
-71.8
-107.1
-135.5
-133.2
-143.2
- 106.0
-73.9
-67.2
-28.7
153
-27.1
-16.0
81
-37.1
-36.0
-40.5
-33.1
Exports
Imports
302.4
302.1
319.2
364.0
444.2
508.0
557.0
598.2
636.3
265.6
286.2
308.7
304.7
333.9
392.4
467.0
523.8
579.7
573.2
594.3
602.3
622.9
628.1
625.4
639.0
652.7
642.2
405.1
417.6
451.7
507.1
552.2
587.7
625.9
620.0
666.7
295.1
358.0
415.7
440.2
467.1
535.6
573.1
597.7
646.9
602.0
609.6
629.5
638.9
636.2
662.5
675.0
693.2
675.3
OOP less exports of goods and services plus imports of goods and services.
Government purchases
Total
Total
700.8
772.3
833.0
881.5
918.7
975.2
1,043.2
1,090.5
1,114.9
631.6
657.6
727.0
799.2
849.7
901.4
937.6
994.5
1,071.3
1,087.5
1,090.8
1,093.3
1,090.3
1,103.1
1,109.1
1,124.2
1,123.3
1,118.2
310.9
344.3
367.8
384.9
387.0
401.6
426.4
447.3
449.1
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
438.3
451.3
449.9
447.2
440.8
445.0
444.8
455.2
451.6
443.5
National
defense
233.1
258.6
276.7
292.1
295.6
299.9
314.0
323.8
315.8
205.5
222.8
242.9
268.6
278.6
295.8
296.8
302.5
323.2
332.4
325.9
321.9
314.7
313.6
311.7
319.6
318.2
304.0
Nondefense
77.8
85.7
91.1
92.9
91.4
101.7
112.4
123.6
133.4
75.9
66.9
81.9
88.3
94.5
96.7
95.2
102.6
115.0
118.8
124.0
125.3
126.1
131.4
133.1
135.7
133.4
139.5
State
and
local
389.9
428.1
465.3
496.6
531.7
573.6
616.8
643.2
665.8
350.3
367.9
402.2
442.4
476.6
509.0
545.7
589.3
633.0
636.3
640.8
646.0
649.5
658.0
664.3
669.0
671.7
674.7
Final
sales of
domestic
product
Gross
domestic
purchases *
3,706.1
4,014.1
4,260.0
4,513.7
4,884.2
5,217.5
3,515.9
5,687.7
5,946.3
3,241.4
3,527.1
3,818.1
4,107.9
4,355.4
4,623.7
5,027.3
5,314.6
5,592.3
5,614.4
5,679.4
5,712.9
5,744.2
5,855.9
5,894.1
5,963.5
6,071.5
6,120.2
3,879.9
4,154.3
4,401.2
4,683.0
5,008.4
5,330.5
5,591.1
5,699.3
5,981.1
3,224.6
3,619.1
3,976.2
4,276.0
4,469.8
4,826.2
5,150.7
5,418.7
5,628.5
5,614.6
5,672.9
5,740.3
5,769.3
5,848.3
5,939.4
6,014.5
6,122.3
6,191.9
Source: Department of Commerce, Bureau of Economic Analysis.
Addendum:
Gross
national
product
3,801.5
4,053.6
4,277.7
4,544.5
4,908.2
5,266.8
5,542.9
5,694.9
5,961.9
3,222.6
3,578.4
3,890.2
4,156.2
4,340.5
4,690.5
5,054.3
5,365.0
5,592.7
5,614.9
5,674.3
5,726.4
5,764.1
5,859.8
5,909.3
5,992.0
6,086.8
GROSS DOMESTIC PRODUCT IN 1987 DOLLARS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Gross
domestic
product
Personal
consumption
expenditures
Government purchases
Federal
Nonresidential
fixed
investment
Residential
fixed
investment
2,746.1
2,865.8
2,969.1
3,052.2
3,162.4
3,223.3
3,260.4
3,240.8
3,314.0
490.2
521.8
500.3
497.8
530.8
540.0
538.1
500.2
515.0
199.3
202.0
226.2
225.2
222.7
214.2
194.8
170.2
192.6
3,759.6 2,539.3
4,012.1 2,678.2
4,194.2 2,784.8
4,333.5 2,895.3
4,427.1 3,012.5
4,625.5 3,074.7
4,779.7 3,202.9
4,856.7 3,242.0
4,890.8
4,902.7
4,882.6
4,833.8
4,796.7
4,817.1
4,831.8
4,838.5
Period
Exports and imports of
goods and services
Change
in
business
inventories
State
and
local
Final
sales of
domestic
product
Gross
domestic
purchases '
Addendum:
Gross
national
product
Exports
Imports
Total
67.9 -122.0
22.1 - 145.3
8.5
155 1
26.3 -143.1
19.9
1040
29.8 -73.7
6.2
51 8
-9.3
-21.8
5.0
41 8
305.7
309.2
329.6
364.0
421.6
471.8
510.0
539.4
573.2
427.7
454.6
484.7
507.1
525.7
545.4
561.8
561.2
615.0
766.9
813.4
855.4
881.5
886.8
904.4
929.9
941.0
937.8
331.0
355.2
373.0
384.9
377.3
376.1
383.6
388.3
375.6
245.8
265.6
280.6
292.1
287.0
281.4
283.3
282.8
265.0
85.1
89.5
92.4
92.9
90.2
94.8
100.3
105.5
110.6
436.0
458.2
482.4
496.6
509.6
528.3
546.3
552.7
562.2
4,080.6
4,257.6
4,395.9
4,513.7
4,698.6
4,808.3
4,871.3
4,830.3
4,917.6
4,270.5
4,425.1
4,559.6
4,683.0
4,822.6
4,911.7
4,929.3
4,842.8
4,964.4
4,174.5
4,295.0
4,413.5
4,544.5
4,726.3
4,852.7
4,895.9
4,836.4
4,932.8
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
131.2 -44.9 -19.0
190.6
29.3 -83.7
198.8
47.9 -131.4
207.4
30.2
155 4
230.5 -20.1 - 156.0
223.3
59.9 -136.0
225.3
20.9 -102.7
208.0
24.9 -67.4
280.4
291.5
312.8
312.0
342.9
386.1
438.2
487.7
299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.0
735.9
748.1
784.3
830.5
864.8
893.0
894.5
912.6
316.0
322.2
341.7
363.7
377.5
391.6
378.4
376.1
229.4
242.9
254.3
272.1
282.2
295.0
285.7
281.5
86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.7
419.9
425.9
442.6
466.7
487.3
501.4
516.1
536.5
3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565.6
4,758.7
4,831.8
3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,924.1
3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,875.1
3,259.5
3,260.1
3,273.9
3,248.0
544.8
535.6
542.9
529.3
210.7
7.5
201.8
32.8
11.2
189.1
177.5 -26.8
584
-56.9
593
-32.7
500.2
508.7
508.4
522.6
558.6
565.6
567.7
555.3
926.8
929.4
924.8
938.5
383.4
385.4
378.3
387.3
284.9
285.1
277.3
285.8
98.5
100.3
101.0
101.5
543.4
544.0
546.5
551.2
4,883.3
4,870.0
4,871.4
4,860.6
4,949.2
4,959.7
4,941.9
4,866.5
4,907.8
4,915.5
4,898.9
4,861.4
3,223.5
3,239.3
3,251.2
3,249.0
507.0
503.0
498.7
492.1
25 1
164.1
166.9 -20.4
172.6
.6
177.3
7.5
-17.9
-17.4
-31.6
205
515.9
536.1
544.2
561.4
533.8
553.5
575.8
581.8
945.1
945.6
940.2
933.1
394.1
393.8
387.2
378.2
291.8
287.6
280.6
271.0
102.2
106.2
106.6
107.2
551.0
551.8
553.0
554.9
4,821.8
4,837.4
4,831.2
4,830.9
4,814.6
4,834.4
4,863.4
4,858.9
4,822.0
4,831.8
4,843.7
4,848.2
m
IV
4,873.7 3,289.3
4,892.4 3,288.5
4,933.7 3,318.4
4,990.8 3,359.9
495.8
514.7
518.7
530.9
185.6 -12.6
191.2
7.8
191.3
15.0
202.3
9.8
-21.5
-43.9
-52.7
-49.0
565.4
563.4
575.9
588.3
586.8
607.3
628.6
637.3
937.0
934.2
943.0
936.8
375.3
372.7
379.5
375.0
265.6
262.1
267.4
265.0
109.7
110.6
112.1
109.9
561.8
561.5
563.5
561.9
4,886.3
4,884.6
4,918.7
4,981.0
4,895.2
4,936.3
4,986.4
5,039.8
4,890.7
4,899.1
4,945.6
4,995.9
1993- I p
5,013.1 3,369.9
538.2
202.4
546
577.6
632.2
921.5
359.7
246.2
113.5
561.8
4,977.4
5,067.8
4,148.5
4,279.8
4,404.5
4,539.9
4,718.6
4,838.0
4,877.5
4,821.0
4,922.6
1984
1985
1986
1987
1988
1989
1990
1991
1992
19821983198419851986198719881969:
TV
IV
IV
IV
IV
IV
IV
IV
1990- I
n
in
IV
1991- I
II
ni
IV
1992- I
. .
II
1
35.8
Net
exports
GDP less exports of goods and services plus imports of goods and services.
Total
National
defense
Nondefense
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[1987 = 100; quarterly data are seasonally adjusted]
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
Gross
domestic
product
Total
Personal consumption
expenditures
Gross private
domestic investment
Durable
goods
Residential fixed
Nondurable goods
Services
Nonresidential
fixed
Government purchases
Exports and imports of
goods and services
Federal
Exports
Imports
Total
National
defense
Nondefense
State
and local
91.0
94.4
96.9
100.0
103.9
108.5
113.2
117.8
120.9
89.6
93.1
96.0
100.0
104.2
109.3
115.0
120.0
123.6
93.9
95.4
96.9
100.0
102.0
104.2
105.7
107.6
109.4
93.4
95.9
96.1
100.0
103.7
109.3
115.9
120.1
122.4
86.2
90.8
95.7
100.0
105.1
110.6
116.7
122.8
127.7
95.7
96.6
98.4
100.0
102.8
105.2
107.3
108.2
106.5
89.7
92.0
95.8
100.0
104.2
107.8
110.7
111.8
113.0
98.9
97.7
96.9
100.0
105.3
107.7
109.2
110.9
111.0
94.7
91.9
93.2
100.0
105.1
107.8
111.4
110.5
108.4
93.9
96.9
98.6
100.0
102.6
106.8
111.2
115.2
119.6
94.8
97.3
98.6
100.0
103.0
106.6
110.8
114.5
119.1
91.3
95.7
98.6
100.0
101.4
107.3
112.0
117.1
120.6
89.4
93.4
96.4
100.0
104.3
108.6
112.9
116.4
118.4
85.0
88.4
92.3
95.5
98.0
101.2
105.5
110.1
115.0
83.8
87.6
90.7
94.6
97.0
101.6
106.1
111.0
117.6
90.6
93.3
94.4
95.9
97.8
101.0
103.1
104.9
106.1
89.4
91.8
94.2
97.0
96.3
101.5
105.6
110.8
119.3
79.0
83.7
87.7
92.9
97.3
101.9
107.1
112.7
119.3
95.3
95.0
96.4
97.3
99.2
100.7
104.0
106.0
108.2
«6.0
88.0
90.7
93.1
97.3
101.5
105.3
108.8
111.0
94.7
98.2
98.7
97.7
97.4
101.6
106.6
107.4
110.9
98.5
95.4
93.6
94.2
93.6
102.6
106.0
107.7
116.5
89.0
89.9
95.0
98.1
98.8
100.2
103.6
107.7
113.2
89.6
91.7
95.5
98.7
98.7
100.3
103.9
107.5
113.1
87.7
84.3
93.7
96.4
99.2
100.1
102.6
108.4
113.3
83.4
86.4
90.9
94.8
97.8
101.5
105.7
109.9
114.8
116.5
117.5
118.2
118.9
118.6
119.5
120.4
121.4
106.7
107.3
108.0
108.3
119.4
119.9
120.2
120.8
120.8
122.1
123.4
124.7
108.7
108.5
108.0
107.4
111.3
111.6
112.5
111.8
111.1
110.9
110.7
111.0
112.8
110.1
109.3
109.8
114.5
114.3
115.5
116.6
113.9
113.3
114.7
116.2
116.2
116.8
117.6
117.6
115.5
116.1
116.8
117.1
III
IV
119.8
120.6
121.2
121.9
122.3
123.4
123.8
124.8
108.6
109.4
109.7
109.8
121.4
122.2
122.9
123.3
126.1
127.4
127.7
129.5
107.1
106.9
106.0
105.9
111.7
112.3
113.4
114.6
111.1
111.0
111.0
111.0
108.4
109.1
107.4
108.8
118.6
119.3
120.0
120.4
118.1
118.9
119.5
120.0
119.8
120.3
121.0
121.4
117.1
118.3
118.7
119.5
1993- I "
122.9
125.7
110.0
124.3
130.4
104.7
115.6
111.2
106.8
123.3
123.5
122.9
120.1
19821983:
19841985198619871988:
19891990:
IV
IV
IV
IV
IV
IV
IV
IV
IV
1991- I
II
III
IV
1992:
I
II
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 d,ata at seasonally adjusted annual rates]
Personal consumption expenditures
Gross domestic product
Period
Current
dollars
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
.
....
1989- I
II
in
IV
1990- I
II
Ill
IV
1991- I
II
Ill
IV
1992- I
II
Ill
IV
1993- I *
Constant
(1987) dollars
Implicit price
deflator
1.8
22
10.0
6.2
4.1
4.4
Fixed-weighted
price index
(1987 weights)
11.9
3.9
8.1
10.9
6.9
5.7
6.4
7.9
7.2
5.2
2.8
4.8
3.9
6.2
3.2
2.9
3.1
3.9
2.5
.8
12
2.1
8.6
6.3
3.8
5.1
7.7
5.8
2.7
.1
1.8
5.2
4.0
2.8
6.2
4.3
5.3
7.1
3.2
1.8
0
1.5
2.8
1.0
-1.6
39
-3.0
1.7
1.2
.6
2.9
1.5
3.4
4.7
5.4
4.6
3.8
3.7
4.4
4.8
4.7
3.9
5.3
3.5
2.4
2.4
3.1
2.7
2.0
2.3'
5.2
1.8
3.3
Current
dollars
Implicit price
deflator
Fixed-weighted
price index
(1987 weights)
10.2
6.9
9.6
9.0
8.4
6.9
7.1
8.0
6.9
6.4
3.7
5.4
1.2
1.1
4.6
4.8
4.4
3.6
2.8
3.6
1.9
1.2
-.6
2.3
9.0
5.7
4.9
3.9
3.9
3.1
4.2
4.2
4.9
5.2
4.3
3.0
8.6
5.4
4.3
3.7
3.8
3.0
4.1
4.3
r
5.0
5.3
4.4
3.2
3.8
3.7
5.6
4.6
r
4.8
r
4.0
r
4.9
3.5
r
2.9
2.4
r
3A
2.9
r
2.2
3.4
5.1
7.0
6.3
5.3
8.4
4.8
8.0
3.2
.4
5.4
4.4
3.0
8.4
3.5
5.2
8.6
.1
1.1
2.9
.8
2.2
.1
1.7
-3.1
-3.0
2.0
1.5
-.3
5.1
-.1
3.7
5.1
5.0
5.7
3.3
4.4
6.3
4.7
6.1
6.7
3.4
3.1
3.0
3.4
3.0
3.6
1.3
3.3
5.2
5.9
3.5
r
4.4
r
6.5
r
4.5
6.4
6.8
r
3.5
r
3.4
r
3.1
r
3.2
3.5
r
3.4
2.6
3.0
4.2
4.1
1.2
2.9
3.4
3.9
3.4
3.5
2.8
3.1
r
4.0
M.5
r
4.6
4.0
2.9
3.7
2.6
3.2
3.9
4.4
4.3
4.1
2.6
Constant
(1987) dollars
5.0
r
4.8
r
r
r
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 nonfinancial
corporate business
(billions of dollars)
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
198219831984:
198519861987:
1988198919901991-
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II
Ill
IV
1992: I
II
III
IV
1
2
..
1987
Total
cost and
profit 2
Consumption of
fixed
capital
Indirect
business
taxes 3
Net
interest
Profits
tax
liability
Profits
after
tax 4
Current
dollars
dollars
2,166.5
2,293.6
2,386.3
2,547.3
2,764.8
2,913.5
3,036.5
3,073.8
r
3,201.7
2,284.1
2,364.3
2,439.3
2,547.3
2,684.8
2,718.9
2,740.0
2,698.0
'2,780.9
0.949
.970
.978
1.000
1.030
1.072
1.108
1.139
1.151
0.109
.109
.111
.110
.111
.117
.120
.126
.126
0.091
.093
.095
.095
.096
.101
.106
.115
.118
0.617
.636
.648
.658
.676
.706
.737
.759
.757
0.038
0.094
0.032
0.062
.038
.040
.042
.045
.054
.054
.053
.048
.094
.084
.096
.102
.094
.091
.085
.102
.030
.031
.037
.038
.037
.034
.030
.036
.064
.053
.059
.064
.057
.057
.055
.066
1,806.3
2,037.2
2,228.2
2,338.8
2,422.8
2,627.6
2,843.2
2,951.5
3,045.0
3,037.1
3,062.7
3,084.4
3,111.1
3,138.1
3,178.8
3,211.6
r
3,278.3
1,999.6
2,204.2
2,328.4
2,396.9
2,463.3
2,604.0
2,719.0
2,722.7
2,717.4
2,683.5
2,687.4
2,699.1
2,722.0
2,737.6
2,760.8
2,787.6
r
2,837.6
.903
.924
.957
.976
.984
1.009
1.046
1.084
1.121
1.132
1.140
1.143
1.143
1.146
1.151
1.152
1.155
.119
.119
.111
.110
.112
.110
.112
.120
.123
.126
.127
.127
.126
.125
.126
.130
.124
.086
.088
.091
.093
.095
.094
.097
.102
.109
.113
.114
.117
.117
.118
.117
.118
.119
.607
.602
.623
.643
.654
.664
.687
.718
.750
.754
.760
.763
.761
.760
.759
.757
.040
.036
.041
.038
.042
.042
.047
.055
.055
.054
.053
.053
.052
.050
.049
.047
.046
.051
.079
.091
.092
.081
.099
.102
.088
.083
.084
.086
.084
.086
.093
.100
.100
.113
.020
.029
.027
.030
.035
.038
.040
.033
.033
.029
.030
.031
.030
.033
.037
.035
.038
.030
.050
.064
.063
.045
.060
.063
.055
.050
.055
.056
.053
.056
.060
.064
.065
.075
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.
sation of
employees
Corporate profits with inventory
valuation and capital consumption
adjustments
Total
4
r
.753
Output
per hour
of all
employees
(1987
dollars)
Compensation per
hour of
all
employees
(dollars)
21.896
22.125
22.690
23.071
23.494
23.088
23.300
23.720
13.509
14.067
14.711
15.170
15.781
16.306
17.169
18.011
21.094
21.895
22.032
22.315
22.838
23.286
23.446
23.054
23.437
23.522
23.646
23.769
24.014
24.152
24.301
24.607
12.805
13.187
13.718
14.339
14.940
15.471
16.018
16.550
17.572
17.724
17.967
18.129
18.278
18.359
18.452
18.621
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates^
National
income
Period
Compensation of
employees1
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
1985
1986
1987
1988
1989
1990
1991
1992
1982:
19831984:
19851986:
19871988:
19891990:
1991-
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II
Ill
IV
1992- I
II
Ill
IV
1993: I "
1
.. . .
. ..
3,268.4
3,437.9
3 692 3
4,002.6
4,249.5
4,468.3
4,544.2
r
4,743.4
2,551.5
2,834.3
3,134.4
3,341.9
3,486.0
3,828.8
4,127.6
4,305.2
4,517.9
4,493.0
4,529.2
4,555.4
4,599.1
4,679.4
4,716.5
4,719.6
r
4,858.0
2,382.8
2,523.8
2,698.7
2,921.3
3,100.2
3,291.2
3,390.8
3,525.2
1,940.4
2,101.2
2,288.1
2,442.5
2,582.5
2,785.1
3,004.9
3,162.8
3,339.6
3,343.0
3,379.6
3,407.0
3,433.8
3,476.3
3,506.3
3,534.3
3,583.7
3,630.3
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
18.7
8.7
3.2
4.3
-13.5
-12.3
-10.4
4.7
24.1
22.2
24.3
14.0
4.7
6.8
2.8
-21.6
-9.6
-12.4
-12.3
-10.3
-6.6
— 4.5
3.3
6.4
13.6
17.8
238.4
261.5
279.0
293.4
307.0
325.2
332.2
364.9
169.6
193.8
217.7
250.9
260.9
282.6
302.5
311.4
329.7
322.2
329.1
337.6
340.0
353.6
359.9
365.9
380.4
388.0
21.5
22.3
31.3
30.9
40.2
41.7
35.8
39.5
10.2
6.3
21.9
17.8
23.6
42.4
30.9
38.4
42.8
34.3
41.3
29.5
37.9
40.1
38.5
31.5
48.1
52.6
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
280.8
271.6
319.8
365.0
362.8
361.7
346.3
r
393.8
150.3
229.1
261.3
284.9
264.6
343.3
378.3
354.5
344.0
349.6
347.3
341.2
347.1
384.0
388.4
374.1
r
428.5
Inventory
valuation
adjustment
Profits
before tax
Total
225.3
227.6
273.4
320.3
325.4
341.2
337.8
' 364.2
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
333.5
344.2
342.2
331.9
333.1
360.7
361.4
344.4
T
390.4
225.0
217.8
287.9
347.5
342.9
355.4
334.7
r
371.6
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
354.7
337.6
332.3
336.7
332.3
366.1
376.8
354.1
' 389.4
Capital
consumption
adjustment
0.2
9.7
-14.5
-27.3
-17.5
— 14.2
3.1
-7.4
-8.6
-7.6
3.5
-3.8
-10.7
-17.8
-31.7
-13.5
-21.2
6.7
9.9
-4.8
.7
-5.4
-15.5
-9.7
1.0
-10.0
55.5
44.1
46.4
44.7
37.4
20.5
8.4
29.5
-9.6
12.9
37.7
56.9
39.6
49.9
37.9
33.9
10.5
5.3
5.1
9.3
14.1
23.3
27.0
29.7
38.1
40.7
Net
interest
326.2
350.2
360.4
387.7
452.7
460.7
449.5
415.2
256.8
281.8
321.1
331.9
349.7
368.6
408.1
459.8
471.4
456.2
444.4
450.5
446.9
430.0
420.0
407.3
403.6
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
consumpexpenditures
1984
1985
1986
1987
1988
1989
1990
1991
1992
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II
Ill
IV
1992: I
11
Ill
IV
1993: I '
2,746.1
2,865.8
2,969.1
3,052.2
3,162.4
3,223.3
3,260.4
3,240.8
3,314.0
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,248.0
3,223.5
3,239.3
3,251.2
3,249.0
3,289.3
3,288.5
3,318.4
3,359.9
3,369.9
Total
durable
goods
338.5
370.1
402.0
403.7
428.7
440.7
439.3
414.7
439.1
272.3
319.1
347.7
369.6
415.7
404.7
439.2
436.8
426.6
412.0
411.3
419.4
416.1
432.3
430.0
439.8
454.4
455.2
Motor
vehicles
and
parts
160.3
180.2
193.3
183.5
194.8
196.4
192.2
171.0
182.2
123.7
151.6
164.3
173.9
193.6
183.6
197.7
188.3
182.0
169.6
167.2
173.3
174.0
181.5
180.2
179.0
188.0
186.6
is, not shown separately.
hold
equipment
Other
115.3
62.9
123.8
136.3
144.0
155.4
165.8
169.5
168.6
179.6
96.4
109.3
118.7
128.6
141.4
145.9
160.3
167.9
167.5
166.9
169.3
170.4
167.9
174.4
174.4
181.5
188.0
189.9
66.1
72.4
76.2
78.5
78.5
77.6
75.0
77 4
52.3
58.1
64.8
67.1
80.7
75.2
81.2
80.5
77.1
75.5
74.8
75.7
74.2
76.5
75.4
79.3
78.3
78.7
Total
nondurable goods
934.6
958.7
991.0
1,01 1.1
1^035.1
1^051.6
1,056.5
1,042.4
1,054.1
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,058.9
1,051.6
1,043.0
1,046.3
1,044.8
1,035.6
1,049.6
1,045.6
1,052.0
1,069.4
1,061.9
Fuel
Clothing
Food
and
shoes
472.3
483.0
494.1
500.7
513.4
515.0
520.8
515.8
518.4
458.3
467.1
475.1
488.2
496.9
502.4
518.0
515.6
522.0
516.4
516.3
515.0
515.3
518.9
513.5
514.3
526.7
522.1
153.1
158.8
170.3
174.5
178.9
187.8
185.9
181.3
188.3
135.7
147.7
154.7
161.7
171.9
174.5
182.8
190.9
183.2
180.8
183.2
183.7
177.5
184.1
184.4
190.8
193.7
190.3
and oil
77.9
79.2
82.9
84.7
86.1
87.3
86.4
85.2
85.5
73.4
76.9
79.0
79.5
84.6
85.4
87.5
88.6
85.0
83.9
86.0
86.0
84.7
85.7
85.8
86.0
84.6
83.2
Retail sales of new
passenger cars
(millions of units)
Services
Nondurable goods
Furniture and
oil and
coal
11.2
11.5
12.1
12.0
12.0
11.4
10.1
9.7
10.9
10.5
11.4
11.1
11.4
12.4
11.9
12.0
12.0
8.8
9.4
9.8
10.0
9.4
10.2
12.0
10.9
10.8
11.2
Other
220.0
226.2
231.7
239.1
244.7
250.2
253.4
250.5
251.0
202.8
212.2
222.9
228.0
235.2
240.4
246.4
251.8
252.7
252.5
251.0
250.0
248.6
250.7
249.8
250.1
253.6
255.1
Total
services 1
1,473.0
U537.0
1,576.1
1,637.4
1^698.5
1,131.0
1,764.6
1,783.7
1,820.7
1,386.2
1,443.9
1,494.2
1,557.1
1,595.8
1,655.5
1,716.9
1,746.3
1,769.8
1,768.5
1,781.8
1,787.0
1,797.4
1,807.3
1,812.9
1,826.6
1,836.2
1,852.8
Housing
426.8
435.9
442.1
452.5
461.8
469.2
474.7
478.2
484.4
411.0
419.7
431.3
438.1
444.8
457.0
465.6
471.3
476.1
476.5
477.9
478.8
479.8
481.2
483.3
485.8
487.2
489.4
Source: Department of Commerce, Bureau of Keonotnic Analysis.
Medical
care
341.9
353.0
366.2
384.7
399.4
408.6
423.9
438.8
455.8
327.8
334.8
Domestics
8.0
8.2
8.2
7.1
7.5
7.1
6.9
6.1
6.3
6.0
7.4
344.9
7.7
359.1
372.0
390.7
403.0
411.8
428.6
431.9
435.6
440.5
447.2
449.6
453.7
458.1
461.7
466.3
7.0
7.7
6.6
7.5
6.2
6.6
6.1
6.1
6.3
6.1
6.1
6.3
6.2
6.4
6.3
Imports
2.4
2.8
3.2
3.2
3.1
2.8
2.6
2.3
2.1
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.4
22
2.3
2.3
2.2
2.2
2.2
2.0
2.0
2.0
SOURCES OF PERSONAL INCOME
Personal income increased $32.5 billion (annual rate) in March, after rising $5.9 billion in February. The changes
were affected by several special factors. The March change was boosted by subsidy payments to farm proprietors
and was reduced by uninsured losses of nonfarm residential property caused by the east coast storm. The February
change was boosted by subsidy payments to farm properietors and was reduced by two special factors that
occurred in January: bonus payments to employees in the securities industry and retirement incentive payments to
U.S. Postal Service employees. Excluding these special factors, personal income increased $10.0 billion in March
and $22.7 billion in February.
BILLIONS OF DOLLARS* (RATIO SCALE)
6,000
BILLONS OF DOLLARS* (RATIO SCALE)
6,000
1,400
800
800
400
400
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual i
Proprietor ' income 3
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992: Mar
May
July ..
Aug
Sept ...
Oct
Nov
Dec
1993: Jan '
Feb '
Mar".
personal
income
salary
disbursements 1
3 154 6
1 849 8
3 379 8
1 986 5
3,590 4
2'l054
3 802 0
2 261 2
2 443 0
2 586 4
2 742 8
2 812 2
2 918 1
4,075 9
4 380 3
4,664,2
4 828 3
5058 1
5,009 6
50154
5,032.7
50385
5048 7
50564
50809
5,145.0
2 8950
2 8906
2 907 6
2 905 7
2 911 2
2 9309
2 9283
2 951 3
5 143 7
5 1940
5221 9
3 0103
5227 8
5 260.3
3005 3
3007 9
2967 8
29906
Other labor
income 1 3
184 7
191 8
2007
2104
2305
251 9
271 0
288 3
305 7
300 7
302 1
303 6
3050
306 4
307 9
3093
3108
312 2
313 6
315 1
3165
3180
1
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.
2
Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
Farm
21 3
21 5
014 7
238 4
22 3
31 3
309
261 5
279 0
41 7
35 8
39 5
490
48 1
36 1
31 4
30 6
249
39 1
554
39 3
49 4
384
45 3
74 2
2934
307 0
325 2
332 2
364 9
3569
358 6
359 2
361 9
363 8
363 8
3699
376 7
3800
3844
387 7
3880
3883
Less:
income of
persons 4
23 3
18 7
87
32
43
13 5
12 3
104
47
32
12
33
80
96
36
61
13 5
134
140
17 7
203
15 3
dividend
income
78 8
87 9
104 7
1004
1084
126 5
1403
137 0
139 3
134 2
1354
1366
137 9
139 5
141 3
142 3
143 8
145 3
148 2
149 6
149 9
150 1
interest
income
461 9
498 1
531 7
548 1
583 2
668 2
694 5
7006
670 2
6769
6760
675 2
674 4
6686
663 1
657 8
657 7
657 8
657 9
6564
655 3
654 5
pay-
ments 5
452 9
485 9
517 8
542 2
576 7
625 0
685 8
771 1
866 1
848 2
854 2
8609
864 1
869 4
872 8
880 0
889 2
882 6
892 1
907 1
907 7
912 6
4
contributions
for social
insurance
132 8
149 1
162 1
173 6
194.5
211 4
personal
income G
3 106.1
3 333 2
3 545.6
3 7494
4 023.9
4 318 0
224.8
2384
2506
4,599.6
4 770.4
4995 8
2482
4 938.2
4944 9
4,973.9
4 984.4
49953
5 008.7
50189
5,066.4
248 3
2498
2499
2505
2520
251 9
253.4
254 7
2563
2604
2605
260.6
5081 1
5 121 3
5 160.0
5 1589
5 162.5
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 advance estimates, per capita disposable personal income in 1987 dollars rose in the first quarter of
1993.
BILLIONS OF DOLLARS" (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE)
2,000
2,000
DOLLARS" (RATIOSCALE)
COLLARS' (RATIO SCALE)
8,000
8,000
COUNCIL OF ECONOMIC ADVISERS
Period
Personal
income
Less:
Personal
tax and
nontax
payments
j?
j
Disposable
personal
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
1984
1985 ..
1986
1987
1988
1989 . ...
1990
1991
1992
3,154.6
3,379.8
3,590.4
3,802.0
4,075.9
4,380.3
4,664.2
4,828.3
5,058.1
395.1
436.8
459.0
512.5
527.7
593.3
621.3
618.7
627.3
2,759.5
2,943.0
3,131.5
3,289.5
s'548.2
3,787.0
4,'042.9
4,209.6
4,430.8
1987
dollars
Per capita personal
consumption
expenditures
Current
dollars
1987
dollars
222.0
189.3
187.5
142.0
155.7
152.1
175.6
199.6
212.6
3,080.1
3,162.1
3|'261.9
3,289.5
3^404.3
3,464.9
s'516.5
3,509.0
3 585.1
11,673
12,339
13*010
13,545
14,477
15,307
16,'l74
16,658
17 346
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
overseas
(thousands) *
Percent
Dollars
2,537.5
2,753.7
2^944.0
3,147.5
3'392.5
3,634.9
3J867.3
4,009.9
4,218.1
Percent
change in
reai per
capita
disposable
personal
income
13,029
13,258
13^552
13,545
13*890
14,005
14,'o68
13,886
14 035
10,408
11,184
11343
12,568
13^448
14,241
14,996
15,384
16,035
11,617
12,015
12,336
12,568
12*903
13.029
13,044
12,824
12,974
5.5
1.8
2.2
I
2.5
.8
.4
13
1.1
12,154
12,591
13,145
13,278
13,522
13,685
13,996
14,015
13,988
13,861
13,891
13,876
13,913
14,017
14,021
13,998
14,105
14,166
9,134
9,980
10,649
11,445
12,101
12,819
13,814
14,491
15,209
15,184
15,345
15,468
15,537
15,814
15,907
16,063
16,353
16,478
10,895
11,390
11,739
12,095
12,472
12,615
13,020
13,053
12,938
12,808
12,838
12,848
12,803
12,930
12,893
12,973
13,098
13,105
-0.5
7.2
1.0
1.8
-1.7
5.2
3.2
1.8
-1.4
-3.6
.9
6.0
4.3
4.4
4.0
4.3
4.7
4.8
236,393
238,510
240,691
242,860
245,093
247,397
249,961
252,711
255,435
7.7
6.8
7.9
6.0
4.8
5.0
4.3
3.9
4.6
4.7
4.7
4.5
5.1
4.9
5.3
4.6
4.4
4.8
233,060
235,146
237,231
239,387
241,550
243,745
246,004
248,372
251,050
251,687
252,329
253,053
253,776
254,388
255,054
255,786
256,513
257,141
8.0
6.4
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II
2,746.8
2,965.8
3,242.5
3,456.7
3,647.8
3,918.5
4,195.2
4,469.4
4,751.9
4,752.8
4,806.9
in.... 4,846.2
IV
4,907.2
1992: I
4,980.5
II
5,028.9
in ... 5,062.0
IV .... 5,160.9
1993: I"
5,236.7
372.1
371.6
413.4
448.8
478.5
528.6
542.0
605.1
623.8
616.8
617.2
618.6
622.3
619.6
617.1
628.8
643.6
656.4
2,374.7
2,594.3
2,829.1
3,007.9
3,169.3
3,389.9
3,653.2
3,864.3
4,128.1
4,136.0
4,189.7
4,227.6
4,284.9
4,360.9
4,411.8
4,433.2
4,517.3
4,580.2
2,190.9
2,417.9
2,606.5
2,828.7
3,018.2
3,220.1
3,496.7
3,715.5
3,938.8
3,943.2
3,994.4
4,036.6
4,065.5
4,146.3
4,179.5
4,229.9
4,316.9
4,360.5
183.8
176.3
222.6
179.2
151.1
169.8
156.4
148.8
189.3
192.8
195.3
191.0
219.4
214.6
232.3
203.3
200.4
219.7
2,832.6
2,960.6
3,118.5
3,178.7
3,266.2
3,335.8
3,443.1
3,480.9
3,511.6
3,488.7
3,505.2
3,511.5
3,530.8
3,565.7
3,576.0
3,580.5
3,618.2
3,642.7
1
Includes personal consumption expenditures, interest paid by persons, and personal transfer payments to rest of the world (net).
10,189
11,033
11,925
12,565
13,121
13,907
14,850
15,558
16,443
16,433
16,604
16,706
16,885
17,143
17,297
17,332
17,610
17,812
^
1.1
3.0
.1
-.7
3.1
1.7
2
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the fourth quarter of 1992, according to preliminary estimates, gross farm income fell $4.5 billion (annual rate)
and net farm income fell $5.0 billion.
BILLIONS OF DOLLARS' (RATIOS :AIE)
BILLIONS OF DOLLARS' (RATIO SCALE)
240
200
_
^.
160
-~
sr
~__
\-"
'
rri\
- —*v
120
^~~\
r~-
GROSS FAF
-~~^*|
— «=3-"« "
• -"-
240
200
160
120
M INCOME
80
80
/.n
40
40
20
20
10
10
*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
1984
1985
1986
1987
Livestock and
products
168.0
161.2
156.1
168.5
175.4
191.1
196.0
189.5
142.8
144.1
135.4
141.8
151.1
161.0
169.9
167.3
72.9
69.8
71.6
76.0
79.4
84.1
89.9
86.7
n
m
200.0
192.4
189.3
202.4
89.7
88.2
91.1
90.6
m
189.1
189.7
185.2
194.1
166.0
166.7
173.6
173.3
165.1
165.4
170.6
167.9
165.2
172.2
176.9
162.6
1988
1989
1990
1991
1990: I
IV
1991: I
II
IV
T
1992: I .T
n
mr
IV
1
193.3
200.8
196.4
191.9
69.9
74.3
63.8
65.9
71.7
76.9
80.0
80.5
76.2
78.5
82.6
82.7
75.6
77.9
85.8
83.0
81.4
86.5
92.0
73.1
89.6
87.6
84.9
85.0
83.9
85.7
85.0
89.5
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
3
Production
expenses
Value of
inventory
changes 2
6.0
-2.3
22
-2.3
-3.4
4.8
3.5
.4
5.2
4.1
2.8
1.7
1.2
.6
.1
1
5.0
4.7
3.8
2.7
Current
dollars
141.9
132.4
125.1
128.8
134.3
141.2
145.1
144.9
26.1
28.8
31.1
39.7
41.1
49.9
51.0
44.6
142.8
144.4
144.7
148.3
57.2
48.0
44.6
54.1
145.8
147.2
143.1
143.4
43.3
42.5
42.0
50.6
142.5
144.8
146.6
147.1
50.8
56.0
49.8
44.8
1987 dollars 3
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.
28.7
30.5
32.0
39.7
39.6
46.0
45.0
37.9
51.4
42.6
39.1
47.1
37.1
36.2
35.6
42.6
42.4
46.4
41.1
36.7
CORPORATE PROFITS
In the fourth quarter of 1992, according to revised estimates, corporate profits before tax rose $35.3 billion
(annual rate) and profits after tax rose $18.8 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
/T\
350
PROFITS BEFORE TAX
PROFITS AFTER TAX
^*
N^
\
"\
UNDISTRIBUTED PROFITS"
1
1
1
1
1
1
1
1
1
1
1
I I
1
1
1
1
1
1
1
1990
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT Of COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment
1
Profits after tax
Domestic industries
Period
Nonfinancial
Total 2
Total
1984
1985
1986
1987
1988
1989. ..
1990
1991
1992 '
1982: IV
1983- IV
1984: IV
1985: IV
1986- IV
1987: IV
1988- IV
1989: TV
1990: IV
1991- I
II
Ill
IV
1992:
I
II
III
IV ' ..
236.4
225.3
227.6
273.4
320.3
325.4
341.2
337.8
364.2
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
333.5
344.2
342.2
331.9
333.1
360.7
361.4
344.4
390.4
205.2
194.5
194.6
233.9
271.2
266.0
275.5
271.3
300.2
130.8
182.6
192.9
193.5
192.5
246.3
285.9
254.8
260.2
269.4
275.9
270.0
270.2
292.0
300.4
279.3
329.3
Financial
20.3
28.7
35.8
36.4
41.8
50.6
56.7
60.9
56.8
23.0
22.1
20.3
29.0
34.7
39.4
46.1
52.5
55.1
59.7
60.7
63.6
59.7
70.1
61.3
40.3
55.3
1993: I *
1
2
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Total 3
185.0
165.8
158.9
197.5
229.4
215.3
218.8
210.4
243.5
107.8
160.5
172.6
164.5
157.8
207.0
239.7
202.3
205.1
209.7
215.1
206.4
210.5
221.9
239.0
239.0
274.0
Manufacturing
Wholesale and
retail
trade
86.7
80.1
59.0
87.0
117.5
108.0
106.9
89.3
113.8
50.1
90.5
79.2
83.3
63.9
98.7
129.3
94.5
96.3
87.6
90.3
91.8
87.5
97.5
115.2
118.0
124.5
49.7
43.1
46.3
39.9
37.1
39.7
35.8
44.0
47.7
33.8
40.7
50.8
39.0
43.1
39.3
39.3
39.2
35.0
44.1
.45.5
41.7
44.5
39.9
46.7
43.7
60.7
Profits
before
tax
240.5
225.0
217.8
287.9
347.5
342.9
355.4
334.7
371.6
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
354.7
337.6
332.3
336.7
332.3
366.1
376.8
354.1
389.4
Tax
liability
94.0
96.5
106.5
127.1
137.0
141.3
136.7
124.0
140.2
58.7
82.2
83.8
97.6
116.6
135.2
146.2
134.2
133.7
121.3
122.9
127.0
125.0
136.4
144.1
131.8
148.5
Total
146.4
128.5
111.3
160.8
210.5
201.6
218.7
210.7
231.4
109.9
141.6
136.3
134.2
119.2
176.0
226.0
200.0
221.0
216.3
209.4
209.6
207.4
229.7
232.7
222.2
241.0
Dividends
82.7
92.4
109.8
106.2
115.3
134.6
149.3
146.5
149.3
72.5
84.2
83.4
97.4
111.0
106.3
121.0
141.3
151.9
150.6
146.2
145.1
143.9
143.6
146.6
151.1
155.9
160.2
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
63.8
36.1
1.6
54.6
95.2
67.1
69.4
64.2
82.1
37.5
57.4
52.9
36.9
8.2
69.7
105.0
58.7
69.1
65.7
63.2
64.5
63.4
86.2
86.1
71.1
85.0
Inventory
valuation
adjustment
41
.2
9.7
-14.5
27.3
-17.5
-14.2
3.1
— 7.4
8.6
-7.6
3.5
38
-10.7
-17.8
-31.7
-13.5
-21.2
6.7
9.9
-4.8
.7
-5.4
— 15.5
-9.7
1.0
-10.0
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
According to advance estimates for the first quarter of 1993, nonresidential fixed investment in 1987 dollars rose
$7.3 billion (annual rate) and residential investment rose $0.1 billion. There was a $35.8 billion increase in
inventories, following an increase of $9.8 billion in the fourth quarter of 1992.
BIUIC NS OF 1 987 DO1LARS
BILLIONS OF 1 987 DC
3LLARS
900
900
SEASONALLY ADJUSTED ANNUAL RATES
800
800
r^
700
/
600
500
400
^^_
^
"X,/
^^
^^ ^ — ** s
^1
~~\
\
s_/-
y
700
GROSS P RIVATE DOMESTIC
4VESTMENT
600
^ .••• -
"" \
\l
NONRES DENTIAL
s*~
4*
f
^
500
FIXED INV ESTMENT
400
RE! IDENTIAL
FIXED NVESTMEN T
300
300
^^ - — - -
200
......
200
___
f
<s
CHANGE IN BUSINESS
INVENTORIES
\
X
-100
>\ «
l
i
1982
i
\
\
100
\,
* * — %
e
.'
'
*^.^
s*
100
0
_._._
f^~
/
,
'
0
t
"*
4
\
\
\
1983
SOURCE: DEPAH MEN! OF COMA
\ .
1
1984
1985
1986
I
I
1
1988
1987
1
1989
1
1
1
1
1
i
1
1991
1990
i i i
i i i
1992
1993
-100
c OUNCIl OF ECO ^OMIC ADVISER s
ERCE
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Gross
private
domestic
investment
Period
Nonresidential
Total
Total
Structures
Producers'
durable
equipment
Residential
Total
Nonfarm
757.5
745.9
735.1
749.3
773.4
784.0
739.1
661.1
712.6
689.6
723.8
726.5
723.0
753.4
754.2
732.9
670.4
707.6
490.2
521.8
500.3
497.8
530.8
540.0
538.1
500.2
515.0
182.8
197.4
176.6
171.3
174.0
177.6
179.1
157.6
146.8
307.4
324.4
323.7
326.5
356.8
362.5
359.0
342.6
368.2
199.3
202.0
226.2
225.2
222.7
214.2
194.8
170.2
192.6
67.9
22.1
8.5
26.3
19.9
29.8
6.2
-9.3
5.0
66.2
19.8
10.6
32.7
26.9
29.9
3.7
9.6
2.6
503.5
669.5
756.4
763.1
705.9
793.8
785.0
769.5
680.0
548.4
640.2
708.4
732.9
725.9
733.9
764.1
744.6
706.8
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
529.3
173.2
162.6
189.5
198.3
170.4
177.9
175.7
179.8
173.2
244.0
287.0
320.1
327.2
325.0
332.7
363.1
356.9
356.1
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
177.5
-44.9
29.3
47.9
30.2
20.1
59.9
20.9
24.9
-26.8
—46.2
32.3
50.8
28.0
-18.6
62.1
30.5
31.2
-25.6
646.0
649.5
672.0
676.9
671.1
669.8
671.4
669.3
507.0
503.0
498.7
492.1
166.8
162.2
153.0
148.4
340.2
340.8
345.8
343.7
164.1
166.9
172.6
177.3
25.1
— 20.4
.6
7.5
-1.0
11.8
IV
668.9
713.6
724.9
743.1
681.4
705.9
710.0
733.3
495.8
514.7
518.7
530.9
149.4
149.1
144.7
144.0
346.4
365.6
374.0
386.9
185.6
191.2
191.3
202.3
-12.6
7.8
15.0
9.8
-10.7
6.0
9.6
5.6
1993- I *
776.4
740.6
538.2
143.2
395.0
202.4
35.8
1984
1985
. .
1986
1987
1988
1989
1990
1991
1992
1982:
19831984:
198519861987:
198819891990:
IV
IV
IV
IV
IV
IV
IV
IV
IV
.
1991- I
II
III
IV
1992:
I
II
III
Source: Department of Commerce, Bureau of Economic Analysis.
24.7
245
32.5
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department January-March 1993 survey, business spending for new plant and
equipment is expected to rise 6.6 percent in 1993, following a rise of 3.3 percent in 1992.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
600
600
500
400
ALL INDUSTRIES
300
300
\
NONMANUFACTURING-
"\
MANUFACTURING
I
I
1984
J I
1985
J
I I
1986
1987
I
J
1988
LJ LJ LJ
I I I
I
1993
1992
1990
•SECOND HALF
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
Nonmanufacturing
Nondurable
goods
Total 1
Mining
Transportation
Public
utilities
Commercial
and
other
Total
nonfarm
business 2
54.58
51.61
64.57
70.87
65.68
68.03
77.04
82.56
82.58
77.64
73.41
77.11
69.39
65.74
75.04
82.01
72.28
73.03
86.41
101.24
110.04
105.17
100.50
106.24
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.17
398.96
14.11
10.64
11.86
12.00
8.15
8.28
9.29
9.21
9.88
10.02
8.90
9.32
11.75
10.81
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.66
22.78
23.06
53.58
52.95
57.53
59.58
56.61
56.26
60.37
66.28
67.21
66.57
71.96
77.40
122.79
129.41
151.39
171.09
181.59
189.84
205.76
229.28
241.43
246.32
268.54
289.18
363.08
359.73
418.38
454.93
447.11
461.51
508.22
563.93
591.96
587.93
607.19
644.55
190.83
186.52
177.48
179.06
80.99
79.31
74.94
76.40
109.84
107.20
102.55
102.66
343.44
338.50
349.10
350.81
9.94
10.08
10.09
9.99
22.98
22.87
22.56
22.29
67.01
65.09
66.52
67.42
243.51
240.46
249.94
251.11
190.83
186.52
177.48
179.06
343.44
338.50
349.10
350.81
m
535.72
540.91
547.53
560.16
173.98
171.78
172.23
177.62
74.19
74.26
71.84
73.34
99.79
97.52
100.39
104.28
361.73
369.13
375.30
382.54
8.87
9.18
9.09
8.44
21.88
23.51
24.69
21.06
68.81
72.63
71.66
74.73
262.17
263.80
269.86
278.32
173.98
171.78
172.23
177.62
361 73
369.13
375.30
382.54
1993: I 4
II 4
2nd half4
571.41
578.15
589.84
183.69
181.10
184.30
80.68
77.62
75.06
103.01
103.48
109.24
387.72
397.04
405.54
9.52
9.49
9.14
21.70
24.31
23.12
76.06
77.26
78.13
280.44
285.98
295.15
183.69
181.10
184.30
387.72
397.04
405.54
Period
1982
1983
1984.
1985
1986
1987
1988
1989
1990
1991
1992 '
19934
1991: I
II
in
IV
1992: I
II .
IV
All
industries
Total
326.19
321.16
373.83
410.12
399.36
410.52
455.49
507.40
532.61
528.39
546.08
582.31
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
173.90
183.35
534.27
525.02
526.59
529.87
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
Manufacturing
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
173.90
183.35
Total
Surveyed
quarterly
239.11
242.38
278.77
302.05
309.16
320.45
344.77
380.13
399.34
405.12
433.28
461.20
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.17
398.96
Surveyed
annually 3
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
59.35
59.54
61.11
62.24
3
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 January-March 1993, corrected for
biases.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In March, civilian employment rose by 114,000 and unemployment fell by 12,000.
MILLIONS OF PERSONS
MILLIONS OF PERSONS*
130
130
SEASONALLY ADJUSTED
12<
126
CIVILIAN LABOR FORCE
122
122
118
118
114
114
CIVILIAN
EMPLOYMENT
110
110
106
106
102
102
12
UNEMPLOYMENT
/
1 1 1 1I . I
I lil il
1985
1987
1986
1988
1989
1990
l ll i lii i ii
lllii I
1992
1991
*16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
1993
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
1983
1984
1985
1986*
1987
1988
1989
1990
1991
1992
1992:
Mar
May
July
Sept
Oct
Nov
Dec
Unemployment
Civilian employment
Civilian
Noninstitutional
population
including
resident
Armed
Forces
NSA
Resident
Armed
Forces
NSA
Labor force
including
resident
Armed
Forces
175,891
178,080
179,912
182,293
184,490
186,322
188,081
189,686
191,329
193,142
1,676
1,697
1,706
1,706
1,737
1,709
1,688
1,637
1,564
1,566
113,226
115,241
117,167
119,540
121,602
123,378
125,557
126,424
126,867
128,548
102,510
106,702
108,856
111,303
114,177
116,677
119,030
119,550
118,440
119,164
111,550
113,544
115,461
117,834
119,865
121,669
123,869
124,787
125,303
126,982
100,834
105,005
107,150
109,597
112,440
114,968
117,342
117,914
116,877
117,598
3,383
3,321
3,179
3,163
3,208
3,169
3,199
3,186
3,233
3,207
97,450
101,685
103,971
106,434
109,232
111,800
114,142
114,728
113,644
114,391
5,997
5,512
5,334
5,345
5,122
4,965
4,657
4,860
5,767
6,116
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
4,210
2,737
2,305
2,232
1,983
1,610
1,375
1,504
2,323
3,354
64.0
64.4
64.8
65.3
65.6
65.9
66.5
66.4
66.0
66.3
57.9
59.5
60.1
60.7
61.5
62.3
63.0
62.7
61.6
61.4
192,607
192,745
192,881
193,025
193,190
193,356
193,513
193,683
193,847
194,026
1,585
1,577
1,574
1,570
1,568
1,566
1,566
1,552
1,531
1,517
128,133
128,320
128,613
128,868
128,918
128,970
128,840
128,618
128,896
129,108
118,849
119,095
119,154
119,080
119,290
119,346
119,290
119,239
119,595
119,828
126,548
126,743
127,039
127,298
127,350
127,404
127,274
127,066
127,365
127,591
117,264
117,518
117,580
117,510
117,722
117,780
117,724
117,687
118,064
118,311
3,194
3,206
3,186
3,244
3,207
3,218
3,221
3,169
3,209
3,262
114,070
114,312
114,394
114,266
114,515
114,562
114,503
114,518
114,855
115,049
6,142
6,030
6,181
5,921
6,069
6,099
6,096
6,151
6,230
6,063
9,284
9,225
9,459
9,788
9,628
9,624
9,550
9,379
9,301
9,280
3,185
3,072
3,349
3,432
3,547
3,547
3,522
3,564
3,446
3,605
66.2
66.3
66.4
66.5
66.5
66.4
66.3
66.1
66.2
66.3
61.4
61.5
61.5
61.4
61.4
61.4
61.3
61.3
61.4
61.5
194,159
194,298
194,456
1,515
1,512
1,497
128,598
128,839
128,926
119,586
119,963
120,062
127,083
127,327
127,429
118,071
118,451
118,565
3,191
3,116
3,082
114,879
115,335
115,483
5,887
6,242
5,965
9,013
8,876
8,864
3,317
3,143
3,073
66.0
66.0
66.0
61.3
61.4
61.4
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
Total
Agricultural
Total
Part time
for
economic
reasons *
Total
15
weeks
and over
Labor
force
participation
rate
(percent) 2
Employment/
population
ratio
(percent) 2
1993:
Feb
Mar
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 nonmstitutional population.
* Data beginning January 1986 not strictly comparable with earlier data because of change in
estimation procedures.
Source. Departmenl o[ Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In March, the civilian unemployment rate remained at 7.0 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED]
25
20
15
15
BLACK
10
10
BLACK
AND OTHER
ALL CIVILIAN WORKERS
0
111 n1111111
1989
I I I I I I I I I I I I I I I I I I M I III I I M I I I I I
1990
1991
I I I I I I I I I II
1992I1993
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPFCIFIED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
Unemployment
rate,
all
work-
ers *
By sex and age
civilian
work-
ers
Men
20 years
and over
Women
20 years
Both
sexes
and
16-19
over
years
Black
White
and
Black
other
Experienced
wage and
salary
workers
13.9
13.8
14.5
14.5
14.4
14.2
13.9
14.1
14.0
14.2
7.1
7.0
7.2
7.3
7.2
7.2
7.2
7.1
7.0
7.0
4.9
4.8
5.0
5.1
5.2
5.3
5.2
5.1
4.9
4.8
9.9
10.0
9.9
10.1
10.3
10.3
9.1
9.3
10.4
10.3
7.0
7.0
7.1
7.4
7.3
7.3
7.2
7.1
7.0
6.9
9.0
8.9
9.3
9.3
9.2
9.1
9.5
9.2
9.2
9.7
8.3
8.2
8.3
8.4
8.4
8.4
8.3
8.3
8.3
8.1
14.2
13.1
13.5
6.8
6.7
6.6
4.5
4.5
4.7
10.6
10.2
9.0
6.7
6.6
6.6
9.3
9.1
8.9
7.9
7.9
7.9
8.4
6.5
6.2
6.0
5.3
4.7
4.5
4.7
6.0
6.5
17.8
14.4
13.7
13.1
11.6
10.4
10.0
10.1
11.1
12.7
19.5
15.9
15.1
14.5
13.0
11.7
11.4
11.3
12.4
14.1
9.2
7.1
6.8
1992: Mar
Apr
May ....
Oct
Nov ....
Dec
7.2
7.2
7.4
7.6
7.5
7.5
7.4
7.3
7.2
7.2
7.3
7.3
7.4
7.7
7.6
7.6
7.5
7.4
7.3
7.3
7.0
6.9
7.2
7.3
7.2
7.2
7.1
7.2
6.9
6.8
6.1
6.2
6.2
6.3
6.4
6.4
6.4
6.2
6.2
6.4
20.2
19.4
19.9
22.8
20.6
19.9
20.4
18.9
20.2
19.2
6.5
6.4
6.5
6.8
6.6
6.6
6.6
6.5
6.4
6.3
12.3
12.4
12.9
13.1
13.0
12.9
12.6
12.5
12.6
12.8
Jan
Feb
Mar
7.0
6.9
6.9
7.1
7.0
7.0
6.4
6.5
6.7
6.4
6.0
5.7
19.7
19.6
19.5
6.2
6.1
6.1
12.9
12.0
12.0
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
(percent) 2
6.6
5.8
5.2
5.0
5.3
6.5
7.1
22.4
18.9
18.6
18.3
16.9
15.3
15.0
15.5
18.6
20.0
1
Parttime
workers
10.9
8.1
6.8
6.6
6.2
5.4
4.9
4.7
4.8
5.7
6.3
2
Fulltime
workers
10.4
9.3
9.3
9.1
8.4
7.6
7.3
7.4
8.3
9.2
8.9
6.6
6.2
6.1
5.4
4.8
4.5
4.9
6.3
7.0
1993:
who
maintain
families
9.5
7.2
6.8
6.6
5.8
5.2
4.9
5.2
6.5
7.1
9.6
7.5
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
Sept ....
Women
men,
spouse
present
12.2
10.3
10.4
9.8
9.2
8.1
8.1
8.2
9.1
9.9
9.5
7.4
7.1
6.9
6.1
5.4
5.2
5.4
6.6
7.3
Aug ....
Married
6.5
4.6
4.3
4.4
3.9
3.3
3.0
3.4
4.4
5.0
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
June ...
July ....
Labor
force
time lost
By selected groups
By race
All
cent of potentially available labor force hours.
Source: Department of Labor, Bureau of Labor Statistics.
8.6
8.1
7.9
7.1
6.3
5.9
6.2
7.6
8.3
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In March, the percentages of the unemployed who had been out of work for less than 5 weeks and for 27 weeks
and over fell, while the percentages for 5-14 weeks and for 15-26 weeks rose. The mean duration of
unemployment fell to 17.5 weeks and the median duration rose to 8.3 weeks.
PERCENT DISTRIBUTION*
70
PERCENT DISTRIBUTION
70
REASON FOR UNEMPLOYMENT
/
JOB IOSERS
1990
1991
1992
1993
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
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
46.1
40.1
34.9
35.9
36.1
35.9
36.1
34.8
34.0
34.0
33.9
33.2
32.6
36.1
36.5
35.5
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
32.0
32.3
29.4
29.4
29.9
28.4
28.6
28.6
29.4
29.5
28.3
30.2
28.8
27.4
28.1
29.4
Number of
weeks
27
weeks
and
over
Average
(mean)
Median
16.0
16.6
15.4
23.9
12.9
19.1
12.3
15.4
12.7
14.4
12.7
14.0
12.0
12.1
11.2
9.9
11.8
10.1
14.5
13.0
15.2
20.6
15.4
19.3
14.4
19.6
15.0
20.7
14.0
21.3
15.0
21.5
15.5
21.1
14.8
21.7
15.7
22.2
15.3
21.4
22.1
16.5
15.5 " 21.1
21.5
13.9
14.4
20.7
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.1
13.8
17.9
17.0
17.2
17.9
18.2
18.3
18.3
18.5
19.2
18.4
19.2
18.7
18.3
17.5
8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
5.4
6.9
8.8
8.1
8.6
8.8
8.7
8.6
8.9
9.3
9,3
9.4
9.4
8.5
8.2
8.3
15-26
weeks
State
programs
Job
losers
Job
leavers
Reentrants
New
entrants
58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
48.3
54.7
56.4
57.0
56.6
57.3
56.4
56.3
56.3
56.5
58.5
55.9
55.4
54.0
52.3
54.2
7.9
-7.7
9.6
10.6
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.2
10.9
10.5
10.4
10.3
10.5
10.0
9.7
10.5
10.5
9.1
11.8
12.3
22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
27.4
24.8
23.7
23.8
23.2
23.1
23.1
23.4
23.4
23.6
23.5
23.6
24.1
26.1
25.9
23.0
11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.5
9.0
9.3
9.1
10.2
9.9
9.8
9.8
8.3
10.0
10.0
10.7
10.0
10.5
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted)1
Weekly average, thousands
1982 „
1983...
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992: Mar
May
July .
Aug
Sept
Get
Nov
Dec
1993- Jan
Feb
Mar .
10,678
10,717
8,539
8,812
8,237
7,425
6,701
6,528
6,874
8,426
9,384
9,284
9,225
9,459
9,788
9,628
9,624
9,550
9,379
9,301
9,280
9,013
8,876
8,864
1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen flJCXK and Federal <UCFE), Eailroad (RK) programs included through 1991. Also includes
Federal and State extended benefit programs. Does not include Federal supplemental compensation
program.
4,061
3,396
2,476
2,611
2,650
2,332
2,081
2,158
2,522
3,342
3,245
3,337
3,340
3,314
3,279
3,304
3,178
3,168
3,035
2,937
2,783
2,715
2,640
2,701
583
438
377
396
378
328
310
330
388
447
408
440
413
408
414
433
387
402
365
359
341
353
343
362
4,594
3,775
2,561
2,693
2,746
2,401
2,135
2,205
2,575
3,406
3,339
4,102
3,626
3,193
3,141
3,118
r
3,114
2,814
2,537
2,670
'3,064
r
3,390
3,344
3,403
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 fell by 22,000 in March.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS'
30
no
ALL NONAGRICULTURAL
ESTABLISHMENTS
so
80
SERVICE-PRODUCING
INDUSTRIES
60
50
40
GOODS-PRODUCING
INDUSTRIES
30
X
CO NSTRUCTION
,miilnm m i i l i m i M i n i m i l 1 1 1 1 1 1 1 1 m
1 M 1 1 1 1 1 1 1 1 II 1 1 1 1 1 ] II
20
1990
1989
1992
1991
1993
'
S
1989
1990
1991
1992
I 1 1 II ll 1 1 1 li
1993
N
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; 1 seasonally adjusted]
Service-producing industries
Goods-producing industries
»nl
lotat
nonagrii.
culturalj
employment
T
. 1
Penoa
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
Manufacturing
Total *
C nn
onstruction
Total
Durable
goods
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
p
..
Retail
trade
Finance,
insurance,
and real
estate
Services
Government
Total
Federal
90,200
94*496
97,519
99,525
102,200
105,536
108,329
109,782
108,310
108,437
23,334
24,727
24,859
24*558
24,708
25^173
25,322
24,960
23,830
23,420
3,948
4*383
4,673
4316
4,967
5*110
5*187
5*133
4,685
4,595
18,434
19*378
19,260
ia',965
19,024
19*350
19,442
19,117
18,455
18,190
10,707
11479
11,464
11*203
11,167
11*381
11,420
11 ',130
10,602
10,339
7,726
7*899
7,796
7*761
7,858
7*969
8,022
7*988
7,852
7,851
66,866
69*769
72,660
74*967
77,492
80*363
83,007
84,822
84,480
85,017
4,954
5*159
5,238
5*255
5,372
5*527
5,644
5*,808
5,772
5,742
5,286
5*574
5,736
5*774
5,865
6*055
6,221
6*200
6,069
5,983
15,595
16^526
17,336
17*909
18,462
19*077
19,549
19*677
19,259
19,138
5,468
5,689
5,955
6,283
6,547
6,649
6,695
6,729
6,678
6,672
19,694
20,797
21,999
23,053
24,235
25,669
27,120
28,103
28,323
28,903
15,869
16,024
16,394
16,693
17,010
17,386
17,779
18,304
18,380
18,579
2,774
2,807
2,875
2,899
2,943
2,971
2,988
3,085
2,966
2,969
1992:
Mar ...
Apr ....
May....
June ..
July ...
Aug ...
Sept ...
Get ....
Nov ...
Dec ....
108,200
108,377
108,496
108,423
108,594
108,485
108,497
108,571
108,646
108,752
23,532
23,530
23,548
23,470
23,459
23,362
23,296
23,270
23,280
23,263
4,603
4,605
4,632
4,600
4,584
4,591
4,574
4,601
4,590
4,582
18,278
18,279
18,275
18,236
18,242
18,145
18,102
18,046
18,068
18,062
10,417
10,409
10,398
10,371
10,347
10,298
10,271
10,231
10,247
10,238
7,861
7,870
7,877
7,865
7,895
7,847
7,831
7,815
7,821
7,824
84,668
84,847
84,948
84,953
85,135
85,123
85,201
85,301
85,366
85,489
5,754
5,746
5,745
5,745
5,742
5,729
5,738
5,731
5,732
5,742
5,997
5,993
5,993
5,988
5,972
5,964
5,957
5,969
5,976
5,970
19,092
19,177
19,150
19,156
19,184
19,106
19,122
19,146
19,116
19,162
6,675
6,682
6,681
6,672
6,660
6,661
6,669
6,680
6,669
6,677
28,643
28,707
28,833
28,854
28,971
28,981
29,065
29,152
29,188
29,253
18,507
18,542
18,546
18,538
18,606
18,682
18,650
18,623
18,685
18,685
2,989
2,986
2,984
2,972
2,957
2,959
2,967
2,942
2,940
2,971
1993:
Jan r... 108,865
Feb r... 109,232
Mar ".. 109,210
23,267
23,368
23,303
4,559
4,652
4,593
18,092
18,112
18,103
10,265
10,272
10,254
7,827
7,840
7,849
85,598
85,864
85,907
5,763
5,765
5,772
5,995
6,004
6,006
19,227
19,363
19,356
6,682
6,680
6,673
29,267
29,366
29,426
18,664
18,686
18,674
2,943
2,938
2,916
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived
from this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes, bad
14
weather, etc., even if they are not paid for the time off; and which are based on a sample of the
working-age population, whereas the estimates in this table are based on reports from employing
establishments.
2
Includes mining, not shown separately.
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
Total
private
nonagricultural *
Period
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992- Mar
May
T }
July
Sent
Oct
Nov
Dee
1993: Jan r
Feb ' .. . .
Mar".
k
Total
Average gross weekly earnings
Average gross hourly earnings
Total private
nonagricultural *
Manufacturing
Overtime
Current
dollars
Total private
nonagricultural J
1982
dollars 2
Manufacturing
Percent change from a
year earlier, total
private
nonagricultural 3
Current dollars
Current
dollars
1982
dollars 2
Manufacturing
Construction
Retail
trade
Current
dollars
1982
dollars
35.0
35.2
34.9
34.8
34.8
34.7
34.6
34.5
34.3
34.4
40.1
40.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0
3.0
3.4
3.3
3.4
3.7
3.9
3.8
3.6
3.6
3.8
$8.02
8.32
8.57
8.76
8.98
9.28
9.66
10.01
10.33
10.59
$7.79
7.80
7.77
7.81
7.73
7.69
7.64
7.52
7.45
7.43
$8.83
9.19
9.54
9.73
9.91
10.19
10.48
10.83
11.18
11.45
$280.70
292.86
299.09
304.85
312.50
322.02
334.24
345.35
354.32
364.30
$272.52
274.73
271.16
271.94
269.16
266.79
264.22
259.47
255.64
255.47
$354.08
374.03
386.37
396.01
406.31
418.81
429.68
441.86
455.03
469.45
$442.97
458.51
464.46
466.75
480.44
495.73
513.17
526.01
533.02
536.18
$171.13
174.47
174.81
175.80
178.70
183.62
188.72
194.40
198.77
205.63
5.0
4.3
2.1
1.9
2.5
3.0
3.8
3.3
2.6
2.8
2.0
.8
-1.3
.3
-1.0
9
-1.0
18
-1.5
1
34.5
34.3
34.6
34.3
34.3
34.6
34.3
34.5
34.6
34.3
41.1
41.1
41.3
41.0
41.0
41.0
40.9
41.1
41.2
41.2
3.8
3.9
4.1
3.8
3.8
3.7
3.5
3.8
3.9
3.9
10.55
10.52
10.56
10.58
10.58
10.66
10.63
10.65
10.71
10.69
7.46
7.41
7.43
7.43
7.41
7.45
7.42
7.40
7.43
7.40
11.37
11.42
11.44
11.44
11.45
11.51
11.51
11.51
11.54
11.57
363.98
360.84
365.38
362.89
362.89
368.84
364.61
367.43
370.57
366.67
257.23
254.29
257.13
254.84
254.12
257.75
254.44
255.34
256.98
253.93
467.31
469.36
472.47
469.04
469.45
471.91
470.76
473.06
475.45
476.68
532.87
535.95
548.10
543.86
541.82
542.82
537.47
536.29
533.92
533.83
205.06
202.77
205.06
203.35
203.49
206.92
207.50
207.50
208.51
206.64
4.2
3.1
3.4
1.9
2.6
3.5
1.2
2.8
3.6
1.5
1.2
.1
.6
-1.0
-.4
.4
-1.7
-.3
.6
-1.4
34.5
34.4
34.3
41.4
41.5
41.2
4.0
4.3
3.9
10.73
10.75
10.80
7.40
7.39
7.41
11.60
11.63
11.64
370.19
370.80
370.44
255.30
254.16
254.07
480.24
482.65
479.57
526.68
537.32
544.63
207.94
208.51
204.73
3.3
2,5
2.0
.1
-.6
-1.0
1
2
Also includes other private industry groups shown on p. 14.
Current dollar earnings divided by the consumer price index for urban wage earners and clerical
workers {on a 1982 = 100 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 1989 = 100)
Period
12 months earlier
3 months earlier
Total
compensation
Wages and
salaries
Benefits '
76.7
81.7
84.6
87.5
90.5
96.7
102.6
109.4
116.2
122.2
Total
compensation
Wages and
salaries
Benefits 1
Total
compensation
Wages and
salaries
Benefits '
Not seasonally adjusted
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
80.1
84.0
87.3
90.1
93.1
97.6
102.3
107.0
111.7
115.6
81.4
84.8
88.3
91.1
94.1
98.0
102.0
106.1
110.0
112.9
1990:
Mar
1991:
Sept
Dec
Mar
1992:
Sept
Dec
Mar
1993:
Sept
Dec
Mar
103.8
105.1
106.2
107.2
108.4
109.7
110.9
111.9
113.0
113.8
114.7
115.7
116.9
103.2
104.4
105.4
106.2
107.3
108.4
109.2
110.1
110.9
111.5
112.2
113.0
113.9
1.3
1.3
.6
.7
.6
1.0
1.1
.8
.6
.7
1.1
1.2
.6
.6
.6
1.0
.8
.7
.6
.6
1.3
1.4
.5
.6
1.0
1.0
1.2
1.0
.9
.8
1.0
1.2
1.0
.8
1.0
1.0
,7
.8
.7
.5
.6
.7
.8
2.0
1.5
1.5
1.5
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.
1.4
1.3
1.0
.9
1.1
1.2
1.1
.9
1.0
.7
.8
.9
1.0
5.2
5.2
4.9
4.6
1.3
1.8
1.6
1.4
1.3
1.2
1.3
1.2
1.7
4.4
4.4
4.5
4.4
4.2
3.7
3.4
3.5
3.5
4.9
4.2
4.1
3.2
3.3
4.1
4.1
4.0
3.7
2.6
7.4
6.5
3.5
3.4
3.4
6.9
6.1
6.6
6.2
5.2
Not seasonally adjusted
Seasonally adjusted
105.1
106.7
108.3
109.9
111.3
113.3
115.1
116.7
118.2
119.6
121.2
122.7
124.8
5.7
4.9
3.9
3.2
3.3
4.8
4.8
4.6
4.4
3.5
4.2
4.5
4.2
4.0
4.0
3.7
3.7
3.7
3.4
3.0
2.7
2.6
2.7
7.2
6.9
6.8
6.6
5.8
6.2
6.4
6.2
6.3
5.5
5.2
5.2
5.6
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Output *
Business
sector
Compensation per
hour 3
Hours of all
persons 2
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Unit labor costs
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1982 = 100; quarterly data seasonally adjusted
102.2
104.6
106.1
108.3
109.4
110.4
109.5
109.7
110.1
113.3
102.4
104.5
105.4
107.5
108.3
109.2
108.2
108.2
108.7
111.7
104.1
112.6
116.7
119.9
124.8
130.1
132.3
132.7
129.8
132.8
104.4
113.0
116.8
120.1
125.0
130.6
132.7
132.9
130.0
132.9
101.8
107.6
109.9
110.7
114.1
117.9
120.9
120.9
117.9
117.2
102.0
108.1
110.8
111.8
115.4
119.5
122.7
122.9
119.6
119.0
103.7
108.1
113.0
118.6
122.7
128.0
132.3
139.7
146.6
152.1
103.9
108.1
112.6
118.1
122.1
127.2
131.3
138.4
145.4
150.8
100.5
100.4
101.3
104.4
104.3
104.4
103.0
103.2
103.9
104.6
100.7
100.4
101.0
104.0
103.7
103.7
102.2
102.2
103.0
103.7
101.5
103.3
106.5
109.5
112.2
116.0
120.9
127.3
133.1
134.2
101.5
103.4
106.8
109.9
112.8
116.4
121.4
127.9
133.8
135.0
103.4
107.7
111.2
113.6
116.6
120.8
126.1
131.2
136.2
139.1
104.0
107.6
111.6
114.2
117.2
121.4
126.5
131.8
137.0
140.0
101.1
103.0
105.2
106.9
108.0
110.3
110.5
101.1
103.2
105.1
105.8
107.1
109.1
109.6
100.0
107.5
114.4
118.0
120.6
127.4
131.7
100.0
108.1
114.8
118.2
120.8
127.6
132.5
98.9
104.3
108.7
110.4
111.6
115.5
119.2
98.9
104.7
109.2
111.7
112.8
116.9
120.9
102.1
105.2
109.7
115.4
120.6
125.3
130.2
102.1
105.1
109.7
114.8
120.1
124.6
129.3
100.6
100.4
100.6
102.2
105.3
104.8
104.3
100.6
100.3
100.5
101.6
104.9
104.2
103.7
101.0
102.1
104.3
108.0
111.6
113.6
117.8
101.0
101.8
104.4
108.4
112.1
114.2
118.0
101.1
104.8
109.0
112.4
114.6
117.9
122.8
101.4
105.2
109.0
112.9
115.2
118.5
123.4
1989: HI ....
IV
109.2
109.3
108.0
108.0
132.3
132.3
132.7
132.7
121.1
121.1
122.9
122.8
132.7
134.3
131.6
133.3
102.7
103.0
101.9
102.2
121.4
122.9
121.9
123.3
126.7
127.8
127.1
128.2
1990:
n
m ....
109.4
110.2
109.8
109.7
107.9
108.6
108.1
108.1
133.1
133.7
132.5
131.3
133.5
134.0
132.7
131.5
121.7
121.4
120.7
119.8
123.7
123.4
122.8
121.6
136.2
138.9
141.0
142.9
134.9
137.5
139.6
141.6
102.5
103.5
103.4
103.1
101.6
102.5
102.4
102.2
124.5
126.0
128.4
130.3
125.0
126.6
129.1
131.0
129.1
130.6
131.9
133.3
129.6
131.1
132.5
134.1
n
m ....
109.3
109.8
110.3
111.2
107.9
108.4
108.9
109.6
129.2
129.5
130.0
130.6
129.4
129.7
130.2
130.7
118.1
117.9
117.8
117.5
119.9
119.7
119.6
119.3
144.1
146.1
147.5
148.8
143.0
145.0
146.4
147.5
103.0
103.9
104.2
104.3
102.2
103.1
103.4
103.4
131.8
133.1
133.7
133.8
132.5
133.8
134.4
134.6
134.9
136.0
136.7
137.3
135.7
136.6
137.5
138.3
112.3
112.6
113.5
114.8
110.6
111.1
111.8
113.1
131.4
131.9
133.0
135.0
131.5
132.0
133.2
135.0
117.0
117.2
117.2
117.5
118.9
118.9
119.1
119.3
150.3
151.0
152.7
154.3
148.9
149.8
151.4
153.0
104.4
104.1
104.6
104.9
103.5
103.3
103.7
104.0
133.8
134.1
134.5
134.4
134.6
134.9
135.3
135.2
138.2
139.0
138.9
140.3
139.1
139.9
139.9
141.2
2.2
2.3
1.4
2.0
1.0
.9
-.8
.3
.3
2.9
2.4
2.1
.8
1.9
.8
.9
-1.0
.0
.5
2.8
4.1
8.2
3.6
2.8
4.1
4.3
1.7
.2
22
2.3
1.8
5.7
2.1
.7
3.1
3.3
2.6
-.0
-2.5
-.6
2.0
6.0
2.5
.9
3.3
3.5
2.7
.1
26
-.5
3.7
4.2
4.5
4.9
3.5
4.3
3.4
5.6
4.9
3.7
3.9
4.0
4.2
4.9
3.4
4.1
3.2
5.4
5.1
3.7
0.5
-.1
.9
3.0
1
.1
14
.2
.7
.7
0.7
3
.6
3.0
2
.0
-1.5
-.0
.8
.7
1.5
1.9
3.0
2.8
2.5
3.3
4.2
5.3
4.6
.8
1.5
1.9
3.3
2.9
2.6
3.2
4.3
5.4
4.6
.9
3.4
4.1
3.3
2.2
2.6
3.6
4.4
4.1
3.8
2.1
4.0
3.5
3.7
2.4
2.6
3.6
4.2
4.2
4.0
2.2
HI ....
IV
-1.6
.2
-.7
.3
-.6
.1
4.4
8.2
3.4
2.8
4.1
4.4
1.7
.1
22
2.2
3
.2
1.0
-.1
.4
-.1
3.2
5.1
3.6
5.2
.2
1.1
.6
1.2
4.9
4.9
4.3
4.9
3.2
3.6
3.3
3.5
I
.4
2.9
— 1.4
-.5
2.6
1.8
-3.6
-3.5
2.2
1.6
-3.7
-3.6
2.2
-1.1
-2.3
-3.0
2.8
g
-2.1
-3.7
5.8
8.0
6.3
5.4
5.0
7.8
6.4
5.9
-1.6
4.0
-.4
-1.4
-2.3
3.7
-.3
-.9
5.3
5.0
7.8
5.9
5.6
5.1
8.2
5.8
4.2
4.7
4.2
4.2
4.2
4.7
4.5
4.8
-1.1
1.6
1.9
3.3
-.5
2.5
-1.7
.1
7
1.7
1.9
2.5
-6.4
.9
1.6
2.0
-6.1
.9
1.5
1.6
-5.3
-.7
-.3
-1.3
-5.5
-.8
-.3
g
3.6
5.6
3.9
3.5
3.9
5.8
3.9
3.1
-.1
3.4
1.1
.3
.1
3.5
1.2
— .1
4.8
3.9
1.9
.2
4.6
4.0
2.0
.6
4.8
3.2
2.3
1.6
4.9
2.7
2.7
2.2
3.9
1.0
3.3
4.9
3.7
1.7
2.9
4.8
2.3
1.6
3.6
5.9
2.3
1.7
3.5
5.7
-1.5
.6
.2
.9
-1.3
.1
.6
.9
4.0
1.9
4.5
4.4
3.8
2.4
4.2
4.3
.6
-1.2
-1.8
1.2
.4
-.6
1.5
1.1
.1
.9
1.2
-.5
.1
.8
1.3
-.4
2.6
2.4
-.2
4.0
2.4
2.5
-.3
3.9
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992*
1982:
1983:
1984:
1985:
1986:
1987:
1988:
IV
IV
IV
IV
IV
IV
IV
I
IV
1991: I
IV
1992: I
n
ni ....
rv...
Percent change; quarterly data at seasonally adjusted annual rates
1983 .
1984
1985..
1986
1987
1988
1989.
1990
1991
1992'
1989:
1990:
n
in ....
IV
1991: I
n
m ....
IV
1992:
I
n
m ....
IV ...
1
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.
4
Hourly compensation divided by the consumer price index for all urban consumers (CPI-U).
16
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
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 do not reflect GDP revisions of March 26, 1993.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production was unchanged in March and capacity utilization fell slightly.
INDEX, 1987 - 100* (RATIO SCALE|
INDEX, 1 987 - 100* (RATIO SCALE)
105
100
95
120
115
110
105
100
UTILITIES iAND MINING
/
/
,^.-S
\s ^
V
1
. i^/*-^ir^
. v .
V
MINING
95
90
,
.Um1 ILI
, „.,.
llbo
I
.^/.
"\
/
J
A
^v/"
}
~\
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
^^^
\
1 1 11 1 11 1 1 11
1989
M III ll 1 m I I II 1 1 1 I I 1 11 1 1 1 1 1 1 1 1 11 1 1 1 1 ll 1 1 H 1
1990
1991
7992
JP93
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
Index,
1987 = 100
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992 "
1992- Mar
May
July
Sept
Oct
Dec
T
r
1993: Jan
Feb '
Mar"
1
Output as percent of capacity.
Capacity utilization
rate, percent l
Industry production indexes, 1987 = 100
Total
industrial
production
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
1.6
80.9
89.3
91.6
94.3
100.0
105.8
108.9
109.9
107.4
109.7
76.8
88.4
91.8
93.9
100.0
107.6
110.9
111.6
107.1
108.5
87.0
90.8
91.5
94.9
100.0
103.6
106.4
107.8
107.9
111.2
104.8
111.9
109.0
101.0
100.0
101.8
100.5
102.6
101.1
98.9
93.6
97.0
99.5
96.3
100.0
104.4
107.1
108.0
109.2
107.9
75.8
81.1
80.3
79.2
81.4
84.0
84.2
83.0
79.4
78.8
74.9
80.4
79.5
79.0
81.4
83.9
83.9
82.3
78.2
77.8
107.6
108.1
108.9
108.5
109.4
109.1
108.9
109.7
110.4
111.0
2.5
2.5
2.3
1.1
1.2
1.0
.5
1.2
2.1
3.4
108.5
109.0
109.9
109.6
110.2
110.1
109.8
110.6
111.3
111.8
107.0
107.6
109.1
108.5
109.0
109.2
108.2
109.5
110.2
111.2
110.4
110.7
110.9
111.0
111.7
111.3
111.8
112.0
112.7
112.7
97.5
99.1
99.7
98.0
100.6
98.8
98.3
98.8
99.4
98.5
107.7
108.2
107.3
106.7
109.3
108.8
110.2
110.7
112.4
114.2
78.4
78.7
79.1
78.6
79.1
78.8
78.6
79.0
79.4
79.6
77.5
77.7
78.2
77.8
78.1
77.9
77.5
77.9
78.3
78.5
111.4
112.0
112.0
4.5
4.5
4.1
112.8
113.3
113.4
112.4
113.3
113.4
113.2
113.4
113.3
98.0
95.1
94.0
110.1
114.6
115.6
79.8
80.1
79.9
79.0
79.2
79.1
84.9
92.8
94.4
95.3
100.0
105.4
108.1
109.2
107.1
108.8
3.7
9.3
1.7
1.0
4.9
5.4
2.6
1.0
19
Source: Board of Governors of the Federal Reserve Svstem.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; 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
83.0
91.0
94.2
95.7
100.0
105.6
109.1
110.9
109.6
111.0
88.8
92.8
93.7
96.8
100.0
104.0
106.7
107.3
107.5
110.3
79.7
91.0
91.6
94.5
100.0
104.9
107.9
106.2
102.3
108.0
91.9
93.4
94.4
97.6
100.0
103.7
106.4
107.6
109.0
110.9
76.8
89.2
94.8
94.5
100.0
107.6
112.3
115.5
112.2
112.0
71.9
85.4
91.1
93.2
100.0
111.8
119.1
123.1
121.5
124.5
71.8
78.9
89.4
96.0
100.0
98.0
97.4
97.3
91.1
83.0
80.3
86.2
88.3
92.0
100.0
104.4
106.8
107.7
103.4
104.4
80.2
86.2
89.1
93.8
100.0
104.4
106.1
105.2
96.0
97.4
80.3
86.2
87.7
90.7
100.0
104.4
107.3
109.4
108.4
109.3
88.3
96.6
96.6
95.9
100.0
105.6
107.4
107.8
105.5
107.5
98.9
103.8
103.4
99.4
100.0
101.8
101.4
102.1
102.3
101.3
Sept
Oct
Nov
Dec r
109.8
110.6
111.4
110.5
111.0
111.5
111.2
112.4
113.1
114.2
109.3
110.1
110.8
109.6
110.4
110.8
110.7
111.9
112.6
113.4
106.2
107.9
111.1
109.2
108.6
109.2
106.9
108.1
108.9
111.1
110.2
110.7
110.7
109.7
110.8
111.2
111.7
112.9
113.7
114.0
110.4
111.8
112.3
111.6
111.8
112.5
111.9
113.0
113.7
115.3
121.5
123.0
124.5
124.1
124.4
125.9
125.4
126.8
127.8
130.2
85.6
84.7
84.2
83.6
82.7
81.8
81.1
80.5
79.7
78.9
104.4
103.9
104.4
104.4
105.1
104.4
104.5
105.5
105.7
106.2
96.7
96.5
97.8
97.2
98.6
98.5
97.1
98.5
98.8
98.4
109.7
109.0
109.0
109.4
109.7
10S.5
109.6
110.4
110.5
111.6
106.1
106.8
107.7
107.6
109.0
108.1
107.9
108.2
109.0
109.0
100.1
101.3
101.3
100.6
102.9
100.9
102.0
102.0
102.4
102.3
1993- Jan *
Feb T
Mar"
114.6
115.2
115.2
113.4
114.2
114.0
113.3
114.3
114.3
113.4
114.2
114.0
116.3
116.6
116.7
131.8
133.0
133.4
78.4
77.5
77.1
106.5
107.2
107.2
99.5
100.7
100.5
111.4
111.7
111.9
109.3
110.0
110.0
100.1
100.6
100.3
1983
1984
1985 .
1986
1987 .
1988
1989 .
1990
1991 ...
1992 '
1992- Mar
..
May
, '
July
" 3
1
Includes oil and gas welt drilling and manufactured homes, not shown separately.
[1987 = 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Transportation
equipment
Primary metals
Period
Total
Iron
and
steel
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber and
products
Apparel
products
Printing and
publishing
Chemicals
and
products
Foods
1983
1984
1985
1986 .
1987
1988
1989
1990
1991 ..
1992 »
91.0
102.4
101.8
93.8
100.0
110.3
109.2
108.4
99.5
103.2
96.1
105.9
104.5
90.8
100.0
113.8
109.3
109.9
98.0
104.3
85.5
93.3
94.5
93.8
100.0
106.2
107.2
105.9
100.4
101.6
64.3
80.8
86.8
90.4
100.0
113.8
121.8
126.5
123.5
127.2
80.3
94.1
93.1
94.3
100.0
106.5
109.5
111.4
110.1
111.9
72.7
83.1
91.8
96.9
100.0
105.0
107.2
105.5
98.6
97.4
74.5
90.6
99.0
98.5
100.0
105.5
104.9
96.8
90.4
98.7
79.9
86.0
88.0
95.1
100.0
104.6
103.0
101.6
94.2
98.5
93.8
95.7
92.6
96.3
100.0
102.2
104.3
98.8
96.2
97.7
79.0
84.5
87.6
90.7
100.0
103.6
108.5
111.9
112.3
113.3
87.5
91.4
91.4
94.6
100.0
105.4
108.5
110.3
110.9
117.1
90.1
92.1
94.9
97.4
100.0
102.8
105.5
107.6
108.6
110.0
1992- Mar
Sept
Oct ....
Nov
Dec '
101.4
100.9
102.0
102.1
105.6
104.3
102.0
104.2
105.3
104.2
102.5
100.9
102.2
101.8
106.4
104.4
103.0
106.3
107.2
106.5
100.0
100.6
102.2
102.2
102.6
102.5
101.3
102.9
103.4
104.5
122.9
124.1
126.7
126.4
127.8
129.3
129.1
130.4
131.7
135.5
110.9
111.0
112.3
112.2
112.6
113.0
112.1
112.7
114.6
113.7
96.5
98.0
99.6
98.2
96.7
97.0
95.6
97.5
97.5
99.4
94.2
98.5
102.7
100.4
97.7
99.4
97.2
101.2
102.4
107.4
99.2
97.2
97.4
95.4
99.8
98.9
96.7
100.8
102.3
100.7
97.8
98.0
99.0
98.1
99.4
97.6
97.6
97.2
97.8
97.9
113.8
113.7
113.4
113.0
112.3
111.4
113.2
113.4
113.6
114.6
114.8
115.8
117.0
117.5
118.0
117.6
118.3
118.7
119.9
119.3
110.2
109.6
109.3
109.0
109.8
110.6
110.2
111.2
111.5
111.1
1993- Jan T
Feb r.
Mar P.
105.2
109.0
108.6
106.8
111.9
111.2
105.2
105.2
105.2
137.8
140.6
142.0
114.9
116.8
117.6
101.3
99.8
98.7
112.5
111.0
109.9
104.4
103.5
102.8
97.5
97.3
97.6
114.3
114.4
114.2
120.5
120.8
120.9
111.8
112.1
111.9
May .
July
Source: Board of Governors of the Federal Reserve Svstem.
18
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
Total ne\v
construction
expenditures
Period
Residential
Total
New housing
units
Total '
Commercial
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(1987 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992 '
294.9
348.8
377.4
407.7
419.4
...
432.3
443.4
...
442.1
401.0
426.7
231.5
278.6
299.5
323.1
328.7
337.5
345.3
334.2
290.7
308.2
125.5
153.8
158.5
187.1
194.7
198.1
196.6
182.9
157.8
184.1
94.6
113.8
114.7
133.2
139.9
138.9
139.2
128.0
110.6
130.0
57.7
74.0
89.8
84.4
84.0
88.0
94.3
96.4
77.0
64.0
48.2
50.8
51.3
51.6
50.1
51.5
54.5
54.9
55.8
60.1
75
83
91
96
100
101
105
95
89
97
63.5
70.2
77.8
84.6
90.6
94.8
98.1
107.9
110.2
118.4
Annual rates
Annual rates
1992- Mar
May
July
421.5
301.1
427.6
428.0
426.7
425.7
309.8
307.0
419.6
Sept
429.3
432.2
Oct '
Nov '
Dec '
436.1
1993- Jan '.. .
Feb"
Mar ' ....
1
Includes residential
2
Includes hotels and
3
312.2
305.8
302.0
308.8
315.9
317.5
439.9
320.7
441.3
327.8
446.4
442.7
331.5
327.7
756
955
1,097
1,016
1,019
973
961
783
577
544
172.7
182.6
182.9
184.6
181.2
184.2
186.3
192.6
194.8
198.5
125.9
128.8
128.1
128.7
126.9
129.1
131.4
134.9
137.3
140.2
69.1
65.9
63.6
66.8
63.5
57.9
61.2
62.8
63.2
61.2
59.4
61.2
60.5
60.7
61.2
59.8
61.2
60.5
59.5
61.0
120.4
117.8
121.0
114.5
119.9
117.6
120.5
116.4
118.7
119.2
99
99
91
r
95
95
93
96
105
98
94
496
484
423
512
504
512
463
546
510
511
204.8
205.0
204.5
140.6
140.7
140.6
61.6
64.1
61.2
61.4
62.3
62.0
113.6
114.9
115.0
102
97
94
443
479
524
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
improvements, not shown separately.
motels.
F.W. Dodge series.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Period
Units started, by type of structure
Total
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1 unit
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1,199.7
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
1,285
1,318
1,095
1,197
1,141
1,106
1,229
1,218
1,226
1,226
1,286
1,137
1,050
939
1,019
994
961
1,038
1,045
1,079
1,089
1,133
2-4 units
113.5
121.4
93.4
84.0
65.3
58.8
55.2
37.5
35.6
30.7
5 or more units
522.0
544.0
576.1
542.0
408.7
348.0
317.6
260.4
137.9
139.0
Units
authorized
Units
completed
Homes sold
Homes for
sale at end of
period *
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
623
639
688
750
671
676
650
534
509
r
610
301
353
346
357
366
368
365
321
284
265
1,146
1,094
1,058
1,054
1,032
1,080
1,076
1,125
1,139
1,126
1,201
1,110
1,120
1,079
1,194
1,181
1,234
1,133
1,128
1,137
1,229
* 1,227
628
552
552
552
584
622
625
672
637
615
662
268
279
274
273
273
271
270
267
264
262
265
1,180
1,138
1,036
1,130
1,264
597
608
637
266
268
269
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,105.9
Vacancy rate
for rental
housing units
(percent) 2
5.7
5.9
6.5
7.3
7.7
7.7
7.4
7.2
7.4
7.4
Seasonally adjusted annual rates
1992- Feb
Mar
Apr
May
July
Sept
Oct
Nov
Dec
Feb *
Mar *
1
2
Seasonally adjusted.
Quarterly data entered in last month of quarter,
earlier data.
1,171
1,189
1,134
1,051
1,040
993
25
51
28
32
40
25
31
28
18
28
32
26
27
35
; beginning 1989 not comparable with
123
217
128
146
107
120
160
145
129
109
121
94
122
106
r
7.4
7.7
7.3
7.1
7.9
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 February, manufacturing and trade sales rose 0.6 percent and inventories rose $3.4 billion. In March, according
to advance data, retail sales fell 1.0 percent, following a decline of 0.3 percent in February. (Wholesale series
revised.)
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
300
900
__
800 \^-~
250
•=T
MXi
kNUFACTURir-IG AND
RADE INVEN [OkltS
700
600
<"~-~
- RETAIL INVENTORIES -
200
t
'
500
\
Mf kNUFACTURIh-IG
AN D TRADE SA ES
RETAIL SALES
400
100 m i n i
300
RATIO
1.80
INVENTORY-SALES RATIO
1.70
1.60
200
1.50
MANUFACTURING
AND TRADE
1.40
m i i l i i m 1 1 1 1 1 1 1 1 1 1 1 i n 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i 1 1 1 Minium
1989
1990
1991
1.30
M i n i u m i 1 1 1 1 1 1 1 1 n m 11 i 11 m
1993
1992
1990
1993
COUNCIL OF ECONOMIC ADVISERS
Manufacturing and
trade '
Sales2
Period
Sales "
Inventories 3
Inventory-sales ratio 4
Retail
Wholesale
Sales
2
Inventories 3
Total
Inventories
Nondurable goods
stores
Durable
goods
stores
Total
3
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade '
Retail
Millions of dollars, seasonally adjusted, except as noted
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
100,440 131,663
113,502
144,223
114,816 149,155
116,326 155,445
124,340 165,814
r
135,357 r 180,519
r
144, 158 r 188,539
r
149,489 r 196,901
T
147,635 r 201,285
r
152,337 ' 209,232
97,514
107,243
114,586
120,803
128,442
138,133
146,847
154,149
155,456
163,535
32,571
37,873
41,510
45,057
47,989
52,469
54,873
55,919
54,492
58,758
64,943
69,369
73,075
75,746
80,453
85,664
91,974
98,230
100,965
104,777
147,833
167,812
181,881
186,510
207,836
219,597
238,343
241,476
245,885
260,647
68,856
79,074
88,315
89,983
105,481
112,505
121,448
121,338
119,828
131,549
78,977
88,738
93,566
96,527
102,355
107,092
116,895
120,138
126,057
129,098
548,710 830,330 149,749 201,423
551,640 832,772 151,022 201,732
552,483 r 835,471 r 150,557 '201,699
r
551,257 T 835, 106 ' 148,496 r 200,878
* 559,606 r839,721 r 151,221 r 204,299
r
563,656 r843,101 r 154,124 r 204,626
r
556,733 T 845,350 r 152,495 r 205,609
r
563,454 r 844,388 r 153,405 r 205, 114
r
566,005 r845,341 r 154,011 r 206,093
r
569,483 r 846,585 T 154,032 r 208,424
r
581,479 r848,805 r 155,297 r 209,232
161,063
159,934
160,177
161,282
161,133
162,316
163,224
164,211
167,603
167,291
169,155
57,817
57,184
57,124
57,553
57,777
58,352
58,369
59,172
61,051
60,610
61,873
103,246
102,750
103,053
103,729
103,356
103,964
104,855
105,039
106,552
106,681
107,282
245,652
247,801
251,566
250,942
252,568
254,984
254,145
254,884
255,540
256,895
260,647
120,020
122,476
125,405
125,217
125,844
127,018
127,334
126,900
127,760
128,884
131,549
125,632
125,325
126,161
125,725
126,724
127,966
126,811
127,984
127,780
128,011
129,098
107,016
108,008
106,849
262,427
265,148
132,861
135,268
129,566
129,880
370,501
411,427
423,940
431,786
459,107
r
497,031
r
523,729
r
543,097
r
538,233
r
560,039
1992: Feb r.
Mar '
591,858
651,527
665,837
664,654
711,745
r
767,512
r
813,666
r
837,228
r
833,213
r
848,805
r
May
June
July
..
Sept
Oct
Noy
Dee
1993' Jan r
Feb"
Mar"
581,760
585,493
851,018
854,467
159,507
159,565
210,139
210,239
r
169,232
168,662
166,943
1
See page 21 for manufacturing.
2
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.
3
Seasonally adjusted, end of period.
4
Annual data are averages of seasonally adjusted monthly ratios.
20
r
62,216
60,654
60,094
r
1.56
1.53
1.55
1.55
1.50
r
1.49
1.53
1.53
r
l.S4
r
1.50
1.44
1.49
1.52
1.56
1.56
1.54
1.59
1.56
1.55
1.55
1.51
1.51
1.51
r
1.51
1.50
r
1.50
1.52
1.50
1.49
1.49
1.46
1.53
1.55
1.57
1.56
1.57
1.57
1.56
1.55
1.52
1.54
1.54
1.46
1.46
1.55
1.57
r
Note.—Wholesale sales have been revised beginning 1987 and wholesale inventories revised beginning 1988, Total manufacturing and trade sales and inventories have been revised to reflect these
revisions.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In March, manufacturers' shipments and inventories rose; new and unfilled orders fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
280
SHIPMENTS
—*—v.
240
200
—T
BILLIONS OF DOLLARS* (RATIO SCALE)
.«
—^•v-""^ —-•
>
A
TOTAL
TOTAL
DUf ABLE GOOD S
160
280
.*•
r\H
120
200
—
'
-\
DURABLE GOODS
NC3NDURABLE (3OODS
160
80
120
|
80
BILLIONS OF DOLLARS* (RATIO SCALE)
280
NEW ORDERS
_^
240 — ~^—^~
_^ ***,
60
V 1
200
NON 3URABLE GO ODS
|
|
|im |
m
TOTAL
160
DURABLE GOODS
120 ^••v
Illllllllll I l l l l l l l l l l I l l l l l l l l l l 1 1 1 1 1 1 i 1 1 1 1
RATIO*
-.
,'
2.20
INVENTORY-SHIPMENTS RATIO
So — -*,,
^ — -S*> -»;*A***«
2.00
NONDURAB .E GOODS
1.80
80
1.60
~->^-1
V
^
^
^
1.40
60
| ||m
Illllllllll
1989
m|||
1990
--
\
60
miiliim
1
J._-
_--
Illllllllll
||m|
1.20
mulim,
1993
1992
1991
1989
s.
h|m
mi||
1990
Ti 1 1 1 1 1 1 1 1 1
1991
1992
1993
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments t
Manufacturers' new orders 1
Manufacturers' inventories2
Durable goods
Period
Total
Durable
goods
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Total
Total
Capital
goods
industries,
non-defense
Nondurable
goods
Manufacturers'
unfilled
orders 2
Manufacturers'
inventory —
shipments
ratio 3
Millions of dollars, seasonally adjusted, except as noted
1983
1984
1985
1986 .. .
1987
1988
1989
1990
1991
1992
172,547
190,682
194,538
194,657
206,326
223,541
232,724
239,459
235,142
244,167
85,481
97,940
101,279
103,238
108,128
117,993
121,703
122,387
118,548
124,865
87,066
92,742
93,259
91,419
98,198
105,549
111,022
117,072
116,593
119,302
312,362
339,492
334,801
322,699
338,095
367,396
386,784
398,851
386,043
378,926
199,831
221,304
218,211
212,027
220,786
241,356
255,911
259,746
246,966
235,360
112,531
118,188
116,590
110,672
117,309
126,040
130,873
139,105
139,077
143,566
175,451
192,879
195,706
195,204
209,389
227,026
235,905
240,417
233,774
241,461
88,140
100,164
102,356
103,647
110,809
121,445
124,906
123,324
117,063
122,186
19,624
23,669
24,545
23,983
26,095
30,729
32,725
32,227
29,862
30,542
87,311
92,715
93,351
91,557
98,579
105,581
110,999
117,093
116,712
119,275
347,272
373,524
387,087
393,403
430,287
471,942
510,112
521,811
505,631
472,751
1.78
1.73
1.73
1.68
1.59
1.58
1.64
1.65
1.67
1.57
1992: Mar
240,684
241,749
241,479
247,252
247,216
241,014
245,838
244,391
248,160
257,027
123,503
123,483
122,344
125,831
124,789
123,364
125,346
125,162
128,105
134,010
117,181
118,266
119,135
121,421
122,427
117,650
120,492
119,229
120,055
123,017
383,239
382,206
383,286
382,854
383,491
385,596
384,390
383,708
381,266
378,926
243,787
242,512
242,447
241,891
241,258
242,036
240,550
239,390
237,542
235,360
139,452
139,694
140,839
140,963
142,233
143,560
143,840
144,318
143,724
143,566
237,606
240,771
238,696
244,542
242,307
236,880
239,951
244,777
243,426
258,264
120,187
122,393
119,808
123,164
119,861
119,376
119,801
125,302
123,271
135,208
32,163
29,901
30,469
30,953
29,296
28,153
30,571
31,665
28,597
34,044
117,419
118,378
118,888
121,378
122,446
117,504
120,150
119,475
120,155
123,056
497,263
496,285
493,502
490,792
485,883
481,749
475,862
476,248
471,514
472,751
1.59
1.58
1.59
1.55
1.55
1.60
1.56
1.57
1.54
1.47
253,021
257,266
260,066
130,465
' 134,104
135,787
122,556
123,162
124,279
378,452
379,080
379,981
234,363
235,120
235,429
144,089
143,960
144,552
255,018
258,377
254,533
132,123
' 135,209
130,562
30,355
' 34,567
30,982
122,895
123,168
123,971
474,748
475,859
470,326
1.50
1.47
1.46
May
July
Sept
Oct
Nov
Dec
1993: Jan ' .
Feb'
Mar '
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 March, the producer price index for all finished goods rose 0.4 percent. Prices of finished consumer foods rose
0.5 percent and prices of other finished consumer goods rose 0.4
percent.
percent. Capital equipment
prices rose
0.2
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
SEASONMLY ADJUSTED
FINISHED GOODS PRICES
130
CONSUMER FOODS
V
120
120
CAPITAL EQUIPMENT
110
110
,.' \
CONSUMER GOODS
EXCLUDING FOODS
TOTAL
f.f'^'
100
100
Ill
90
I I I I I I I I I I I I I I I I I I I! I I
1985
.....
90
.....
1989
1988
1987
1986
1990
1991
1992
SOURCE: DEPARTMENT OF LABOR
1993
COUNCIL OF ECONOMIC ADVISERS
[1982 = 100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Consumer goods
Total
Total
1983
1984
1985
1986. .
1987
1988 ... .
1989
1990
1991
1992 p
1992: Mar
Apr ..
June .
July
Aug ...
Sept ..
Oct
Nov r.
Dec
1993:
1
Jan....
Feb
Mar ...
101.6
101.0
105.4
103.7
104.6
104.7
103.2
107.3
105.4
109.5
108.0 112.6
118.7
113.6
124.4
119.2
124.1
121.7
123.2
123.2
123.0
122.5
122.6
122.8
122.5
123.2
122.8
123.5
122.7
123.5
123.6 123.6
124.1
123.9
r
124.0 ' 124.2
123.5
123.8
125.0
123.8
124.0
124.5
125.0
123.9
123.8
124.4
Durable
Total
finished
consumer
goods
Total
Foods
and
feeds '
Other
101.8
103.2
104.6
101.9
104.0
106.5
111.8
117.4
120.9
123.1
122.3
122.7
123.2
123.6
123.7
123.5
123.7
123.8
123.7
123.3
101.2
102.2
103.3
98.5
100.7
103.1
108.9
115.3
118.7
120.8
119.8
120.3
121.0
121.5
121.6
121.2
121.5
121.8
121.6
120.9
102.8
104.5
106.5
108.9
111.5
113.8
117.6
120.4
123.9
125.7
125.7
125.9
125.8
125.5
126.0
126.3
126.0
125.3
125.9
126.0
100.5
101.1
101.7
93.3
94.9
97.3
103.8
111.5
115.0
117.3
115.9
116.5
117.6
118.4
118.4
117.7
118.3
118.9
118.4
117.4
102.8
105.2
107.5
109.7
111.7
114.3
118.8
122.9
126.7
129.1
128.8
129.1
129.2
129.1
129.2
129.5
129.5
129.3
129.5
129.6
101.3
103.3
103.8
101.4
103.6
106.2
112.1
118.2
120.5
121.6
120.9
121.1
121.6
122.1
122.1
122.1
122.5
122.6
122.3
122.3
100.6
103.1
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.7
113.9
114.1
114.5
115.3
115.3
115.3
115.5
115.2
114.9
115.0
103.6
105.7
97.3
96.2
99.2
109.5
113.8
113.3
111.1
110.7
111.2
111.0
111.2
111.5
110.1
109.6
110.4
109.7
110.2
111.0
100.5
103.0
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.9
114.1
114.2
114.7
115.5
115.6
115.6
115.7
115.4
115.2
115.3
124.0
124.6
125.1
121.6
122.4
122.9
126.6
127.1
127.4
118.1
118.9
119.6
130.0
130.6
130.8
122.5
123.0
123.5
115.3
115.9
116.3
111.4
110.9
110.1
115.6
116.2
116.6
Intermediate materials for food manufacturing and feeds.
22
Nondurable
Capital
equipment
Source: Department of Labor, Bureau of Labor Statistics.
Crude materials
Total
Foodstuffs
and
feedstuffs
101.3 101.8
104.7
103.5
94.8
95.8
93.2
87.7
96.2
93.7
106.1
96.0
111.2
103.1
113.1
108.9
105.5
101.2
105.1
100.3
105.2
97.1
104.2
98.1
100.1 105.7
101.5 105.9
101.6 104.7
100.9 104.5
104.6
103.0
r
102.7 ' 105.6
104.7
102.6
105.7
101.2
101.9
101.4
101.8
106.0
106.1
106.2
Other
100.7
102.2
96.9
81.6
87.9
85.5
93.4
101.5
94.6
93.4
88.1
90.4
92.6
94.8
95.7
94.8
97.9
96.8
97.4
94.4
95.3
94.5
95.0
CONSUMER PRICES—ALL URBAN CONSUMERS
In March, the consumer price index for all urban consumers rose 0.1 percent, seasonally adjusted (it rose 0.3
percent, not seasonally adjusted}. The index was 3.1 percent above its year-earlier level.
INDEX. 1982-84 » 100 (RATIO SCAlij
INDEX, 1982-84 . 100 (RATIO SCME!
150
150
SiASONAUY ADJUSTED
CONSUMER PRICES— All ITEMS
to
1P90
1988
COUNCIL OF ECONOMIC AOVFSESS
[1982-84=100, except as noted; monthly data seasonally adjusted; except as noted]
All items
l
Transportation
Housing
Shelter
Period
Hel. imp.3....
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992:
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1993:
Feb
Mar
Not
seasonally
adjusted
(NSA)
Seasonally
adjusted
1000
99.6
103 9
107.6
1096
113.6
1183
124.0
1307
136.2
1403
Food
Total
Renters'
costs
(Bee.
1982=
100)
Homeowners*
costs
(Dec.
1982 =
100)
Maintenance
and
repairs
(NSA)
Total*
Apparel and
upkeep
Total l
New
cars
Motor
fuel
Medical
care
Energy 2
AH
items
less
food
and
energy
6.9
15.8
99.4
103.2
105.6
109.0
113.5
118.2
125.1
132.4
136.3
137.9
41.4
99.5
103.6
107.7
110.9
114.2
118.5
123.0
128.5
133.6
137.5
27.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
140.0
146.3
151.2
8.0
103.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
155.6
160.9
19.7
102.5
107.3
113.1
119.4
124.8
131.1
137.3
144.6
150.2
155.3
0.2
99.9
103.7
106.5
107.9
111.8
114.7
118.0
122.2
126.3
128.6
7.3
100.2
104.8
106.5
104.1
103.0
104.4
107.8
111.6
115.3
117.8
6.0
100.2
102.1
105.0
105.9
110.6
115.4
118.6
124.1
128.7
131.9
17.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
120.5
123.8
126.5
4.0
99.9
102.8
106.1
110.6
114.6
116.9
119.2
121.0
125.3
128.4
3.3
99.4
97.9
98.7
77.1
80.2
80.9
88.5
101.2
99.4
99.0
100.6
106.8
113.5
122.0
130.1
138.6
149.3
162.8
177.0
190.1
7.3
99.9
100.9
101.6
88.2
88.6
89.3
94.3
102.1
102.5
103.0
76.9
99.6
104.6
109.1
113.5
118.2
123.4
129.0
135.5
142.1
147.3
139.3
139.5
139.7
140.2
140.5
140.9
141.3
141.8
142.0
141.9
139.3
139.7
139.9
140.2
140.6
140.9
141.1
141.7
142.0
142.2
138.0
138.1
137.5
137.6
137.5
138.3
138.7
138.7
138.8
139.2
136.4
136.7
136.9
137.4
137.6
137.9
138.0
138.5
138.8
138.9
149.9
150.1
150.4
150.9
151.1
151.4
151.6
152.2
152.6
152.9
158.8
159.0
159.7
160.2
160.2
160.6
161.2
161.8
162.1
161.9
154.2
154.5
154.6
155.2
155.4
155.7
155.8
156.4
156.8
157.4
128.4
128.0
128.1
128.5
128.8
128.1
128.5
129.4
129.5
129.3
116.5
117.0
117.2
117.4
118.1
118.5
118.6
118.9
119.2
119.3
131.5
130.8
131.8
132.1
132.7
132.4
131.9
132.4
132.3
131.9
125.4
125.9
126.1
126.5
127.1
126.9
126.9
127.8
128.4
128.5
127.5
127.9
128.1
128.3
128.5
128.9
129.2
129.2
129.4
129.5
97.4
97.4
98.1
100.4
101.4
99.8
99.5
100.2
100.3
99.8
186.9
188.0
188.9
189.8
190.8
191.7
192.6
193.7
194.7
195.5
101.0
101.3
101.8
103.1
103.8
103.4
103.4
103.9
104.1
103.9
146.3
146.7
147.1
147.3
147.8
148.1
148.2
148.9
149.3
149.6
142.6
143.1
143.6
142.9
143.4
143.6
139.7
139.9
140.1
139.3
139.6
140.0
153.5
154.0
154.2
161.9
162.5
162.8
158.2
158.7
158.9
129.7
130.5
131.5
119.4
118.8
120.2
133.0
135.0
134.3
129.3
129.9
130.0
129.8
129.8
130.1
101.2
101.8
101.4
196.7
197.7
198.2
104.4
104.0
104.7
150.3
151.0
151.2
1
Includes Hems not shown separately.
z
Household fuels—gaa (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
also iseiuded 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.
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Total
finished
Excluding
foods
Foods
goods
Capital
equipment
Total
finished
Capital
equipment
Excluding
foods
Foods
goods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
0.6
1.7
1.8
-2.3
2.2
4.0
4.9
5.7
-.1
1.6
1983
1984
1985
1986
1987
1988
1989 ..
1990
1991
1992 '
-0.9
.8
2.1
-6.6
4.1
3.1
5.3
8.7
-.7
1.6
2.3
3.5
.6
2.8
-.2
5.7
5.2
2.6
-1.5
1.5
2.0
1.8
2.7
2.1
1.3
3.6
3.8
3.4
2.5
1.6
1.6
2.1
1.0
-1.4
2.1
2.5
5.2
4.9
2.1
1.2
Change, month to month
1992- Mar
May .
July .
Sept
Oct *
Nov '
Dec '
1993- Jan *
Feb T
Mar
0.2
.2
.3
.2
0
.1
.2
.1
-.2
0
-0.1
-.3
-.1
.2
-.1
.7
.4
.1
-.6
1.2
.2
.4
.4
-.1
.5
Q
0.3
.4
.6
.4
.1
-.3
.2
.2
-.2
6
0.3
.2
.1
— .1
.1
.2
0
-.2
.2
.1
2.0
3.0
3.3
-0.3
0
1.9
3.3
2.3
1.3
1.3
1.6
.6
3
-.6
.3
3.6
4.3
5.0
-.3
2.9
.6
.7
.4
.3
.5
.2
0
2.3
3.9
10
1.0
-1.9
2.4
4.4
5.5
5.8
4.4
.7
0
.7
1.3
-2.0
7
2.7
6.8
3.5
2.5
2.5
.9
.3
.9
1.2
.3
0
.3
1.3
1.3
1.6
2.6
2.6
2.3
2.3
2.0
1.0
.5
-0.3
-1.1
-1.0
-.5
.2
.8
1.8
2.6
1.6
3.6
1.7
1.7
2.4
4.1
4.4
3.0
2.9
2.5
1.0
-1.0
2.7
2.8
2.7
2.2
1.4
1.7
1.1
.3
.5
.8
1.1
1.1
1.1
1,6
1.7
1.6
1.6
1.8
1.4
1.6
2.2
3.4
3.8
.8
1.5
1.8
2.0
.3
.5
0
2.0
2.3
1.2
1.7
2.0
1.8
1.8
2.0
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing
Transportation
Shelter
Period
All
items '
Food
Total '
Total
1
Renters'
costs
Homeowners'
costs
Fuel
and
other
utilities
APpare!
and
upkeep
New
cars
Total '
Motor
fuel
Medical
care
Energy2
All
items
less
food
and
energy
Addendum: AH items, percent change
(annual rate)
From
previous
quarter a
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
1983
1984
1985..
1986
1987..
1988
1989
1990..
1991
1992
2.9
2.0
2.8
.9
4.8
4.7
1.0
5.1
3.4
1.4
3.8
3.9
3.8
1.1
4.4
4.4
4.6
6.1
3.1
2.9
2.7
3.8
2.6
3.8
3.5
5.2
5.6
5.3
1.9
1.5
3.5
4.3
4.3
1.7
3.7
4.0
3.9
4.5
3.4
2.6
4.7
5.2
6.0
4.6
4.8
4.5
4.9
5.2
3.9
2.9
5.1
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.2
2.8
4.5
5.1
5.9
4.6
5.3
4.7
5.1
4.7
3.7
2.9
0.4
.3
.1
.2
.3
.2
.1
.4
.2
.1
0.4
.1
-.4
.1
-.1
.6
.3
0
.1
.3
0.3
.2
.1
.4
.1
.2
.1
.4
.2
.1
0.3
.1
.2
.3
.1
.2
.1
.4
.3
.2
0.3
.1
.4
.3
0
.2
.4
.4
.2
-.1
0.4
.2
.1
.4
.1
.2
.1
.4
.3
.4
0.2
.4
.2
.2
.6
.3
.1
.3
.3
.1
-0.2
-.5
.8
.2
.5
2
-.4
.4
— .1
-.3
.5
.3
.1
.4
.1
.1
.3
.2
.3
.4
.3
.1
0
.4
.2
.5
.3
.1
.1
-.5
1.2
.8
1.5
1.8
4.2
1.8
-5.6
1.6
2.9
3.2
4.0
2.9
2.3
3.4 — 1.7
2.5 -2.4
3.4
3.1
5.9 -30.7
18.7
1.8
2.1 -2.1
2.3
6.8
1.4
36.5
3.3 -16.0
2.3
1.8
6.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
7.9
6.6
.2
1.8
-19.7
8.2
.5
5.1
18.1
-7.4
2.0
4.8
4.7
4.3
3.8
4.2
4.7
4.4
5.2
4.4
3.3
0.6
.4
.2
.3
.5
2
0
.7
.5
.1
0.3
.3
.2
.2
.2
.3
.2
0
.2
.1
0.8
0
.7
2.3
1.0
-1.6
-.3
.7
.1
-.5
0.5
.6
.5
.5
.5
.5
.5
.6
.5
.4
0.3
.3
.5
1.3
.7
-.4
0
.5
.2
-.2
0.3
.3
.3
.1
.3
.2
.1
.5
.3
.2
.6
.5
.1
.2
0
.2
1.4
.6
-.4
.6
.5
.3
.5
-.4
.7
.5
.5
.1
3.9
3.1
2.6
-5.9
6.1
3.0
4.0
10.4
-1.5
3.0
05
3.2
4.3
3.6
1.9
3.6
4.1
4.8
5.4
4.2
3.0
Change, month to month
1992:
Mar
Apr
May
June
July
Sept
Oct
Nov
Dec
1993: Jan .
Feb
Mar
1
2
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.- and motor fuel. Motor oil, coolant, etc.,
also included through 1982.
24
3
3.2
3.5
3.5
3.2
2.6
2.6
2.9
2.6
3.2
3.2
3.2
3.4
3.5
3.1
3.1
3.1
3.0
2.6
2.9
3.0
2.9
3.2
3.2
3.0
3.1
3.2
3.1
3.0
3.2
3.0
2.9
3.7
3.4
4.0
4.0
3.3
3.6
3.6
3.3
3.2
3.1
3.5
2.9
2.9
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 April, prices received by farmers rose 2.1 percent from their March level. Prices paid by farmers in April were
1.5 percent above their January level. (Data are not seasonally adjusted.)
INDE K, 1977 . 100 (RATIO SCALE)
INDEX, 1977 = 100 (RATIO S CALE)
200
.
.
_.
___.
200
—'
f
180
180
^_
_,-'-'
160
160
PRICES PAID
/"^^^"^
140
120
^\r
r—^
—x -S\
^
140
>**—•* \
^^A
^A
PRICES RECE VED
120
100
100
80
1 1 1 1 1 1 1 1 1 11
1 M 1 1 1 I I!
MM.I.MM
M
M l l l l l l l M
1 1 M
i M i 1 1 1 1 ni
11 1 1111
1 1 1 1 1 i 1 I1 M
80
M iTIOJ/
140
RATI D-L>
140
-
120
120
-
RATIO
—
100
100
-
^ -.'
, ~'
80
*>~
60
1
1985
1
1986
M 1 M 1 1 1M i
1987
linn
1 M M I 1 II M
1 1 M 11M M f
1989
1988
^
80
~-y
60
M 1 M 1M M 11M M f 1 M 1 M
1 991
1990
|
1 992
1 1 1 f 11 11 i M
1993
COUNCIL OF ECONOMIC ADVISERS
[1977 = 100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
All farm
products
Livestock and
products
Crops
All commodities,
services,
interest, taxes,1
and wage rates
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio 2
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992 . .
135
142
128
123
127
138
147
149
145
140
128
138
120
107
106
126
134
127
129
121
141
146
136
138
146
150
160
170
161
157
161
164
162
159
162
170
178
184
189
191
159
161
156
150
152
160
167
172
175
176
152
155
151
144
148
157
165
171
174
174
84
87
79
77
78
81
83
81
77
73
1992:
Apr
May
June
July
Aue:
Sept
Get
Nov
Dec
141
141
140
138
138
138
138
136
137
126
123
121
117
116
117
117
115
118
155
158
157
158
160
158
158
156
156
191
(3)
(3)
192
(a)
(3)
192
(3)
(3)
176
(3)
(3)
177
(3)
(3)
176
(3)
(3)
174
(3)
(3)
175
(3)
(3)
175
(3)
(3)
74
74
73
72
72
72
72
71
71
1993:
Jan
Feb
Mar
Apr
139
140
r
!42
145
117
118
116
123
159
162
r
!66
166
!94
(3>
(3)
197
178
(3)
(3)
181
176
(3)
(3)
179
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 fanners are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
2
r
r
72
72
73
74
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977 = 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
M2 and M3 declined in March.
4,000
BILLIONS OF DOLLARS* (RATIO SCALE)
4,800
4,400
4,000
3,600
3,600
BILLIONS OF DOLLARS* (RATIO SCALE!
4,800
4,400
3,200
3,200
-V
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
400
1992
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Ml
M2
MS
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
KPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
M3 plus
other liquid
assets
521.2
552.4
620.1
724.5
750.0
787.1
794.6
827.2
899.3
1,026.6
2,186.5
2,376.0
2,572.4
2,816.0
2,917.2
3,078.3
3,233.3
3,345.5
3,445.8
3,497.0
2,693.1
2,988.2
3,203.6
3,491.6
3,674.8
3,915.5
4,056.1
4,116.7
4,168.1
4,166.4
3,154.4
3,529.6
3,830.9
4,131.9
4,333.5
4,669.4
4,886.1
r
4,966.6
4,982.2
5,051.4
5,244.6
6,008.2
6,875.3
7,795.2
8,546.2
9,326.3
10,076.7
10,751.3
11,192.7
11,768.2
9.9
6.0
12.3
16.8
3.5
4.9
1.0
4.1
8.7
14.2
12.0
8.7
8.3
9.5
3.6
5.5
.5.0
3.5
3.0
1.5
10.3
11.0
7.2
9.0
5.2
6.6
3.6
1.5
1.2
-.0
11.6
14.6
14.4
13.4
9.6
9.1
8.0
6.7
4.1
5.1
3,467.7
3,467.8
3,464.8
3,467.5
3,462.1
3,463.6
3,472.4
3,480.2
3,491.4
3,498.0
3,497.0
4,189.0
4,184.9
4,177.9
4,179.8
4,170.1
4,169.0
4,178.7
4,182.9
4,179.8
4,178.4
4,166.4
r
Dec
926.2
935.1
941.2
952.2
952.6
963.3
975.5
990.1
1,005.9
1,019.1
1,026.6
11,278.9
11,338.7
11,393.4
11,441.3
11,493.5
11,537.8
11,584.5
11,624.7
11,652.2
11,707.6
11,768.2
13.4
14.4
14.0
13.7
11.9
11.4
10.6
11.8
13.7
14.1
15.5
3.0
2.9
2.5
1.8
.9
.7
.3
.7
1.5
1.8
2.0
1.6
1.7
1.1
.8
.1
— .2
5
i
.1
-.1
2
3.9
4.4
4.7
4.9
5.4
5.5
5.4
5.0
4.5
4.7
4.8
1993- Jan
Feb
Mar
1,033.2
1,032.8
1,034.9
3,486.9
3,475.1
3,473.2
4,140.6
4,133.5
4,128.8
5,029.4
* 5,025.6
11,800.0
11,843.0
14.5
11.7
9.0
1.3
.2
-.4
— 1.4
-2.2
-2.6
4.5
4.5
Period
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec '
1992: Feb
Mar
May '
July '.
Sept
Oct
r
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinatieial 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
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) 1
4,999.1
5,010.1
5,009.1
5,011.1
5,014.8
5,012.5
5,025.8
5,037.2
5,041.9
5,055.3
5,051.4
p
Percent change from year or 6
months earlier 2
Ml
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
M2
M3
Debt
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Currency
Demand
deposits
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net,
plus
overnight
Eurodollars *
Money market
mutual fund
balances 2
General
purpose
and
broker/
dealer
Institution
only
Savings
deposits,
including
money
market
deposit
accounts
(HMD As)
Small
denomination
time
deposits 3
Large
denomination
time
deposits 3
NSA
19831984:
19851986:
198719881989:
19901991:
1992:
1992:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Feb
Mar
May
July
Sept
Oct
Nov
Dec
1993- Jan
Feb
Mar. .
146.2 238.5
156.1 244.0
167.9 266.9
180.8 302.3
196.9 287.1
212.3 287.1
222.7 279.8
246.7 278.2
267.2 290.5
292.3 340.9
270.8 303.3
271.9 308.0
273.6 310.8
275.1 314.7
276.6 312.3
279.5 317.5
282.4 322.5
286.3 329.0
288.0 336.0
289.8 339.5
292.3 340.9
294.8 r341.9
296.9 341.9
299.0 342.0
131.9
147.3
179.7
235.3
259.3
280.7
285.3
294.5
333.8
385.2
344.3
347.5
349.0
354.7
355.9
358.6
362.8
366.7
373.7
381.6
385.2
388.5
386.1
386.0
55.6
60.6
73.5
82.3
84.1
83.2
77.6
74.7
76.3
r
73.8
77.9
74.7
72.7
r
69.5
r
72.5
r
72.8
76.2
r
73.8
75.0
75.1
r
73.8
r
72.3
r
72.8
73.8
41.9
63.2
65.5
86.1
92.7
92.0
108.8
135.9
182.1
202.3
192.0
192.2
195.9
202.2
206.3
212.5
220.9
220.7
210.9
209.2
202.3
197.7
201.9
200.5
139.1
168.0
177.2
209.0
222.6
242.9
317.4
350.5
363.9
342.3
362.3
358.0
354.5
354.9
353.5
350.4
348.9
343.9
346.3
343.7
342.3
r
339.6
r
333.6
333.1
1
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
$100,000 and more than $100,000, respectively.
2
3
685.0
704.7
815.1
940.9
937.6
926.6
891.0
920.8
1,042.5
1,186.0
1,080.7
1,094.3
1,107.5
1,119.6
1,126.0
1,134.5
1,145.7
1,158.9
1,170.5
r
1,180.4
1,186.0
1,184.4
' 1,182.5
1,179.0
784.1
327.6
888.9
416.5
434.1
885.5
858.9
431.3
475.4
922.8
525.4
1,038.3
1,152.7
548.8
489.6
1,172.3
1,064.7
424.7
' 870.2 357.5
413.6
1,021.5
407.4
1,004.0
402.1
986.1
969.6
395.9
955.7
389.3
382.5
941.5
926.9
378.1
912.7
373.7
' 896.5 367.0
r
881.7
361.3
r
870.2
357.5
' 860.9 350.7
r
855.1 ' 346.3
850.3
340.9
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
49.9
57.6
62.4
80.6
106.0
121.8
99.0
89.6
72.5
80.6
72.6
74.3
74.1
76.4
76.4
75.1
75.7
77.5
79.5
81.3
80.6
79.8
r
82.3
86.1
91.5
82.9
76.5
83.8
91.0
105.7
79.5
68.7
57.6
r
45.6
56.1
58.0
54.9
52.8
'51.9
r
51.1
51.4
49.4
M8.1
47.2
r
45.6
r
43.2
r
45.3
47.3
Shortterm
Treasury
securities
Savings
bonds
Bankers'
acceptances
71.1
211.9
74.2
260.9
79.5
298.2
91.8
280.0
100.6
253.1
109.4
269.2
117.6
324.9
126.1
331.1
138.0
315.0
156.8 * 339.4
140.2
320.0
141.3
325.1
142.4
325.9
143.5
329.4
144.6
330.1
145.8 r324.8
r
147.4
322.9
149.3 r 320.9
151.9 r321.6
T
154.7
329.6
156.8 r339.4
158.9 ' 346.4
" 161.1 "353.0
Commercial
paper
133.2
45.0
45.4
160.8
42.0
207.6
37.0
231.4
44.3
260.7
39.9
335.5
40.2
347.3
r
35.6
357.1
337.7
23.4
20.4 ' 368.4
'22.6
327.3
336.7
22.2
341.0
21.8
336.4
22.0
348.1
22.0
351.2
21.7
r
355.7
21.1
20.7 r 363.4
368.0
20.5
20.3 r372.4
20.4 ' 368.4
r
20.6 r 363.0
P
18.8 "359.3
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
1983:
19841985:
1986:
19871988:
19891990:
1991:
19921992:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Mar
May
July
Sept
Oct
Nov
Dec
1993: Jan
Feb
Mar
1
25,367
26,845
31,448
38,943
38,862
40,398
40,492
41,767
45,533
54,351
48,509
48,992
49,496
49 316
49,629
50,341
51,274
52,836
53,815
54,351
54,665
54,922
55,166
Data arc prorated averages of biweekly (maintenance, period) averages of daily figures.
Nonborrowed
24,593
23,659
30,129
38,116
38,085
38,683
40,227
41,441
45,341
54,228
48,418
48,902
49,341
49,087
49,345
50,091
50,987
52,693
53,711
54,228
54,500
54,876
55,074
Nonborrowed plus
extended
credit
24,595
26,263
30,628
38,419
38,568
39,927
40,247
41,464
45,342
54,228
48,420
48,904
49,341
49,087
49,345
50,091
50,987
52,693
53,711
54,228
54,501
54,877
55,074
Required
24,806
25,990
30,411
37,573
37,816
39,351
39,570
40,102
44,555
53,196
47,481
47,855
48,495
48,403
48,664
49,407
50,280
51,763
52,772
53,196
53,405
53,818
53,953
Monetary
base
Total
175,467
187,237
203,585
223,667
239,872
256,932
267,734
293,185
317,169
350,799
324,655
326,691
328,863
330,228
333,177
336,844
341,585
344,849
347,832
350,799
353,224
'355,735
358,374
774
3,186
1,318
827
777
1,716
265
326
192
124
91
90
155
229
284
251
287
143
104
124
165
45
91
Seasonal
96
113
56
38
93
130
84
76
38
18
32
47
98
149
203
223
193
114
40
18
11
18
26
Extended
credit
2
2,604
499
303
483
1,244
20
23
1
1
2
2
0
0
0
0
0
0
0
1
1
0
0
Source: Board of Governors of the Federal Reserve Svstein,
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases fell 0.1 percent in March; commercial and industrial loans fell 0.7 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
3,200
BILLIONS OF DOLLARS* (RATIO SCALE!
3,200
ALL COMMERCIAL BANKS
2,800
2,400
2,800
2,000
2,000
2,400
1,600
1,600
- LOANS AND LEASES
1,200
1,200
800
U.S. GOVERNMENT SECURITIES
400
OTHER SECURITIES
A-
200
200
160
160
120
i iiii Iiiit
I M I I I I I I II
1988
1987
1986
1989
I I I I I I I II i I 120
1992
1990
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted 1]
All commercial banks
Loans and leases
Period
Total
securities 2
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
1992:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec '....
Mar
Apr
May
June
July
Aug
Sepf...
Oct r
Nov r....
Dec r....
1993:
Jan r ....
Feb r ....
Mar
1,552.2
1,722.9
1,910.4
2,093.7
2,241.2
2,422.9
2,590.8
2,732.4
2,836.9
2,943.2
2,862.7
2,874.3
2,875.3
2,882.8
2,886.9
2,902.2
2,918.2
2,930.1
2,937.2
2,943.2
2,939.3
2,944.0
2,957.5
1
U.S.
Government
securities
259.2
259.8
270.8
310.1
335.8
362.7
397.0
452.1
559.3
659.6
579.6
590.8
600.2
610.7
619.2
632.6
640.8
648.7
653.4
659.6
659.8
670.3
684.9
Other
securities
169.1
140.9
179.0
193.9
195.8
193.7
182.4
178.8
179.9
176.4
178.5
178.5
176.9
175.8
177.9
178.2
178.4
179.5
177.7
176.4
174.2
175.6
177.6
Total
2
1,123.9
1,322.2
1,460.6
1,589.7
1,709.6
1,866.5
•2,011.4
2,101.4
2,097.8
2,107.2
2,104.5
2,104.9
2,098.2
2,096.2
2,089.8
2,091.4
2,099.0
2,101.9
2,106.1
2,107.2
2,105.2
2,098.1
2,095.0
Commercial
and
industrial
414.2
473.2
500.2
536.7
566.4
605.3
638.4
642.6
617.0
599.0
610.8
609.0
607.6
604.6
602.5
601.4
601.1
600.9
601.2
599.0
600.2
598.3
594.2
Real
estate
Individual
Security
331.0
376.3
425.9
494.1
587.2
670.1
760.1
843.4
871.8
893.7
879.1
881.8
883.3
881.8
881.5
883.1
887.1
892.3
893.9
893.7
890.3
888.5
888.7
212.9
254.2
295.0
315.4
328.2
354.8
375.2
380.3
363.9
355.6
362.3
360.8
359.2
359.0
358.6
357.4
357.1
356.1
355.6
355.6
358.1
360.0
360.6
28.0
35.0
43.3
40.3
34.5
40.9
41.3
44.7
54.3
65.0
60.7
63.4
60.9
63.3
60.5
61.6
64.0
64.7
64.3
65.0
63.2
61.9
62.7
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
onN nn
bank
financial
institutions
30.4
31.6
32.8
35.3
32.1
32.5
34.4
35.9
41.4
44.1
43.6
43.2
43.3
42.4
41.5
42.0
44.1
44.2
45.1
44.1
45.5
45.3
45.0
otaic
Qtate
Agricultural
39.2
40.1
36.1
31.6
29.4
29.0
30.1
32.3
34.2
34.8
34.3
34.3
34.3
34.6
34.9
35.3
35.2
35.1
35.1
34.8
34.4
34.3
34.2
political
subdivisions
0.0
46.1
56.8
58.4
52.5
45.3
40.0
34.0
29.0
24.8
28.0
27.6
27.3
26.8
26.2
25.9
25.8
25.4
25.2
24.8
24.3
23.7
23.5
Foreign
banks
13.4
11.4
9.7
10.1
7.7
7.6
8.2
7.7
7.3
7.0
6.6
6.7
7.0
7.5
7.7
7.2
7.9
7.3
7.0
7.0
6.9
7.7
7.3
2
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
Foreign
official
institutions
9.4
8.4
6.3
6.3
5.1
5.0
3.5
2.9
2.4
2.9
2.1
2.0
2.0
2.0
2.2
2.3
2.5
2.4
2.8
2.9
2.9
3.1
3.0
Lease
financing
receivables
13.7
16.1
19.1
22.5
24.7
29.4
31.9
32.9
31.7
30.6
31.4
31.1
30.9
31.0
30.8
30.8
31.0
30.7
30.6
30.6
29.9
29.9
29.9
Other
31.8
29.9
35.5
39.0
41.7
46.5
48.1
44.9
44.7
49.8
45.5
45.1
42.4
43.3
43.2
44.3
43.2
42.8
45.3
49.8
49.6
45.3
46.0
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Total
Internal *
Total
Total
1983
1984 ...
1985
1986
1987
1988
1989
1990
1991
1992
...
...
.
...
p
Capital
Credit market funds
Period
. . ..
1991- I
n
m
IV
1992: I
II
in
IV "
Securities
and
mortgages
Loans and
short-term
paper
423.3
493.1
465.7
515.9
540.7
588.7
532.2
511.4
447.3
568.9
292.3
336.3
351.9
336.7
375.9
404.3
399.9
407.5
416.5
453.3
131.0
156.8
113.9
179.2
164.8
184.4
132.3
103.9
30.8
115.6
80.1
98.0
58.5
129.8
67.6
69.3
49.4
23.4
22.0
80.3
44.6
75
1.9
64.6
32.8
67
-34.2
-11.5
90.8
81.0
370.8
477.8
489.9
450.8
417.5
418.9
407.0
422.8
-46.7
58.9
82.9
28.0
12.3
41.1
28.2
6.3
76.1
113.8
78.1
94.6
-63.8
-72.7
-49.9
-88.3
560.7
565.2
552.3
597.6
439.1
442.2
465.3
466.7
121.6
123.0
87.0
130.9
111.9
70.7
62.1
76.4
117.9
103.5
47.7
54.9
-6.0
-32.8
14.4
21.5
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
Other 2
35.5
105.5
56.6
65.2
34.9
76.0
83.7
34.9
-68.8
-.7
Total
tures 3
Increase in
financial
assets
Discrepancy
(sources less
uses)
50.9
58.8
55.4
49.4
97.1
115.1
82.9
80.5
8.7
35.3
420.5
502.3
457.8
502.4
473.4
554.2
512.2
482.4
425.5
549.5
300.1
398.5
374.9
351.9
365.1
394.4
406.0
395.1
363.9
385.3
120.4
103.8
83.0
150.4
108.4
159.8
106.2
87.3
61.6
164.2
2.8
-9.2
7.9
13.5
67.3
34.4
20.0
29.0
21.8
19.4
-59.0
17.8
54.7
21.6
336.5
436.8
489.7
439.0
353.5
351.3
371.5
379.2
-17.0
85.5
118.2
59.8
34.2
40.9
.2
11.7
9.7
52.3
24.8
54.4
520.0
544.8
538.1
595.3
354.2
388.1
394.9
404.1
165.8
156.7
143.2
191.2
40.8
20.3
14.2
2.3
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 l
Installment credit outstanding (end of period)
Period
Total
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
Dec
Dec
Dec ...
Dec
Dec .
Dec 3
Dec
Dec
Dec
Dec
1992: Feb
Mar
May
T•
July
Sept
Oct.
Nov
Dec
1993: Jan r
Feb p
Automobile
Revolving
Total
Automobile
Revolving
Other 2
368,966
442,602
517,659
572,006
608,675
662,553
716,825
735,338
727,799
726,653
143,560
173,564
210,238
247,772
266,295
285,364
292,002
284,993
263,003
260,097
79,088
100,280
121,758
135,825
153,064
174,269
199,308
222,950
242,785
251,258
146,318
168,758
185,664
188,408
189,316
202,921
225,515
227,395
222,012
215,298
43,161
73,636
75,057
54,347
36,669
53,878
(4)
18,513
-7,539
-1,146
17,615
30,004
36,674
37,534
18,523
19,069
<4)
-7,009
-21,990
-2,906
12,634
21,192
21,478
14,067
17,239
21,205
(4)
23,642
19,835
8,473
12,912
22,440
16,906
2,744
908
13,605
(4)
1,880
-5,383
-6,714
728,395
727,404
723,821
722,928
722,919
721,820
720,664
722,104
722,372
723,448
726,653
261,659
262,125
260,376
259,834
257,339
257,743
256,944
257,384
256,846
257,740
260,097
245,974
245,259
245,905
246,220
247,418
247,332
248,043
250,017
250,454
250,620
251,258
220,762
220,020
217,541
216,874
218,162
216,744
215,677
214,703
215,071
215,088
215,298
223
-990
-3,583
-893
10
1 099
-1,156
1,440
268
1,076
3,205
-1,475
466
-1,749
542
-2,495
404
-799
440
537
894
2,357
1,686
-714
646
316
1,197
-86
711
1,974
437
166
638
434
-742
2479
-667
1,288
-1,418
-1,068
-974
368
16
210
727,647
728,815
259,720
260,763
252,785
255,177
215,143
212,876
994
1,168
377
1,043
1,526
2,392
-155
2 267
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
Other
2
and subsequent months.
4
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
INTEREST RATES AND BOND YIELDS
Interest rates were generally lower in April.
PER CENT PER ANNUM
PERCENT PER ANNUM
14
14
12
.A\
12
CORPORATE Aoo BONDS
(MOODY'S)
w
'
\
\
\
10
w
10
\
8
A\
/
\
~''\
r"
i
i
W
-J
TREASURY
BIUS
6
\
^s~^/\
^
X
/
/
/r
'''-<
/--""
'~\
A
8
""\....._
—'
"~ X X
"""""X.
I
DISCOUNT
RATE
FEDERAL
RESERVE
BANK OF
MEW YORK
\
6
\
4
4
-^-, ,1
ll M 1
il M 1 1 1 M
1985
M 1 1 1 MM
M M 1 1 M 1 ! 1
1986
1 M
11 ! 1 1 M 1
1 M
1 1 1 1 1 M 1
1988
1987
I 1 1 1 i 1 1i M 1
! M M 1 M M t
1990
1991
1989
1 1 1 1 11 M
M
1
M 1 1 1 1 M M ^
1992
OURCE^ SEE TABIE BEIOW
2
1993
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. Treasury security yields
Period
1983
1984
1985
1986
1987 .. . .
1988
1989
1990
1991
1992
1992: Mar
Apr
May
July
Sept
Oct
Nov
Dec
1993: Jan . .
Feb
Mar
Week ended:
1993- Apr 3
10
17
24
May 1
3-month bills
(new issues) 1
Constant maturities
3-year
2
10-year
High-grade
municipal
bonds
(Standard3 &
Poor's)
Prime
commercial
paper, 1
6 months
Discount rate
(N.Y. F.R.
Bank) 4
Prime rate
charged by
banks 4
New-home
mortgage
yields
(FHFB)5
8.63
9.58
7.48
5.98
5.82
6.69
8.12
7.51
5.42
3,45
4.05
3.81
3.66
3.70
3.28
3.14
2.97
2.84
3.14
3.25
10.45
11.89
9.64
7.06
7.68
8.26
8.55
8.26
6.82
5.30
6.18
5.93
5.81
5.60
4.91
4.72
4.42
4.64
5.14
5.21
11.10
12.44
10.62
7.68
8.39
8.85
8.49
8.55
7.86
7.01
7.54
7.48
7.39
7.26
6.84
6.59
6.42
6.59
6.87
6.77
9.47
10.15
9.18
7.38
7.73
7.76
7.24
7.25
6.89
6.41
6.69
6.64
6.57
6.50
6.12
6.08
6.24
6.43
6.35
6.24
12.04
12.71
11.37
9.02
9.38
9.71
9.26
9.32
8.77
8.14
8.35
8.33
8.28
8.22
8.07
7.95
7.92
7.99
8.10
7.98
8.89
10.16
8.01
6.39
6.85
7.68
8.80
7.95
5.85
3.80
4.38
4.13
3.97
3.99
3.53
3.44
3.26
3.33
3.67
3.70
8.50
8.80
7.69
6.33
5.66
6.20
6.93
6.98
5.45
3.25
3.50-3.50
3.50-3.50
3.50-3.50
3.50-3.50
3.50-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
10.79
12.04
9.93
8.33
8.21
9.32
10.87
10.01
8.46
6.25
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
12.57
12.38
11.55
10.17
9.31
9.19
10.13
10.05
9.32
8.24
8.51
8.58
8.59
8.43
8.00
8.00
7.93
7.90
8.07
7.88
3.06
2.95
2.97
2.89
4.93
4.58
4.40
4.30
6.60
6.26
r
5.98
5.97
6.18
5.87
r
5.65
5.78
7.91
7.71
7.58
7.46
3.35
3.27
3.24
3.19
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
7.82
7.77
7.46
2.96
2.92
2.89
2.82
2.88
4.43
4.38
4.26
4.23
4.30
6.07
6.06
5.90
5.87
6.01
5.78
5.77
5.74
5.77
5.82
7.64
7.61
7.45
7.34
7.40
3.24
3.23
3.20
3.16
3.16
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
6.00-6.00
6.00-6.00
600 600
6.00-6.00
600 600
1
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
Corporate
Aaa bonds
(Moody's)
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 were mixed in April.
INDE X, DEC. 31,1 965-50 (RATIO SCALE)
260
240
220
200
S~*^S\
f
180
s+~/ \
160
\
\ s~*/-^^r
OS1TE STOCK f
f
140
\s
*S\
V.
/•"—-
f
INDEX, DEC. 31,1 965-50 (RATIO SCALE)
/ou
^*
240
,
'
220
;
200
s*—'
180
160
140
(NYSE)
120
120
100
r^^
100
80
80
60
,.>.,!.„„
1985
I l l l l Illll
1986
M Milniii
1987
1 Illllll 1 II Illll Illll
1989
1988
1 III 1 Illll Illll Illll Illll Illll I l l l l I l l l l
1991
1990
PER :ENT
20
PERC ENT
20
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
15
15
\
^
10
5
"
1
0
P"
^1
1 1
1985
=>
1
1 1
1986
£-
I
1 1
_-—
1
1987
1 1
1988
10
—^-n1—'—T—
i 1989i i i i i 1 1
1990
5
1
1991
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
i
1 1
1992
New York Stock Exchange indexes (Dec. 31, 1965=50)
1992:
Mar
Apr ....
May..
July. ..
Aug
Sept ...
Oct.,
Nov
Dec..
1993: Jan
Feb
Mar r
Week ended:
1993: Apr 3
10
17 ....
24
May 1
1
Average
2
Includes
3
Includes
4
Includes
5
Industrial
Transportation
0
Utility
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index
(194143=10)4
Dividendprice ratio
Earningsprice ratio
92.63
92.46
108.09
136.00
161.70
149.91
180.02
183.46
206.33
229.01
107.45
108.01
123.79
155.85
195.31
180.95
216.23
225.78
258.14
284.62
89.36
85.63
104.11
119.87
140.39
134.12
175.28
158.62
173.99
201.09
47.00
46.44
56.75
71.36
74.30
71.77
87.43
90.60
92.66
99.46
95.34
89.28
114.21
147.20
146.48
127.26
151.88
133.26
150.82
179.26
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
160.41
160.46
186,84
236.34
286.83
265.79
322.84
334.59
376.18
415.74
4.40
4.64
4.25
3.49
3.08
3.64
3.45
3.61
3.24
2.99
8.03
10.02
8.12
6.09
5.48
8.01
7.41
6.47
4.81
4.23
225.21
224.55
228.61
224.68
228.17
230.07
230.13
226.97
232.84
239.47
282.36
281.60
285.25
279.54
281.90
284.44
285.76
279.70
287.30
294.86
204.07
201.28
207.93
202.02
198.36
191.31
191.61
192.30
204.78
212.35
94.16
94.92
98.26
97.23
101.18
103.41
102.26
101.62
101.13
103.85
173.49
171.10
175.90
174.82
181.00
180.47
178.27
181.36
189.27
196.87
3,247.42
3,294.08
3,376.79
3,337.79
3,329.41
3,307.45
3,293.92
3,198.70
3,238.49
3,303.15
407.36
407.41
414.81
408.27
415.05
417,93
418.48
412.50
422.84
435.64
3.01
3.02
2.99
3.06
3.00
2,97
3.00
3.07
2.98
2.90
4.01
239.67
243.41
248.12
244.72
292.11
294.40
298.75
292.19
221.00
226.96
229.42
237.97
105.52
109.45
112.53
114.22
203.38
209.93
217.01
216.02
3,277.72
3,367.26
3,440.74
3,423.63
435.23
441.70
450.16
443.08
2.88
2.81
2.77
2.82
248.00
244.05
247.52
244.55
241.94
297.73
290.96
293.86
291.67
290.72
232.10
234.98
244.72
240.62
233.64
113.75
113.74
115.35
114.15
217.36
216.62
223.00
215.78
208.59
3,431.55
3,387.57
3,452.46
3,438.57
3,416.09
449.22
442.01
448.72
442.54
437.73
2.76
2.82
2.78
2.82
2.86
of daily closing prices,
all the stocks (more tban 1,300) listed on the NYSE.
30 stocks.
500 stocks.
Standard & Poor's series. Dividend-price ratios based oa Wednesday closing prices. Earningsprice
ratios
based
on prices at end of quarter.
6
Effective April 27, 1993 the NYSE doubled the value of the utility index to facilitate trading of
1 !
1993
Common stock yields
(percent) 5
2
Period
Composite
1
COUNCIL OF ECONOMIC ADVISERS
Common stock prices 1
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
60
1993
1992
6
4.18
4.32
4.42
options and futures on the index. Such trading is expected to begin later this year. The average for
April shown here includes data through April 26 only.
NOTE.—All data relate to stocks Hated on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
in the first 6 months of fiscal 1993, there was a deficit of $182.8 billion, compared with a deficit of $199.4 billion
a year earlier.
BILLIONS OF COLLARS
BILLIONS OF DOLLARS
1,600
1,600
RECEIPTS AND OUTLAYS-!'
1,500
1,500
^~~
1,400
1,400
1,300
OUTLAYS-!^
1,200
\
1,300
^.,—
--*"
1,200
V^'
1,100
1,100
_---""''
1,000
.--""""""
900
_—--—-
'
"
1,000
^^\
-"
^
900
RECEIPTS -!/
°00
800
^
"^
700
700
Afm
A
i
i
i
i
i
i
_-B^-**~"
'
^1984
i
i
1985
^
i
1986
i
1987
i
1988
i
1989
i
i
l\
600
^^
~^
A
i
——_ ___
i
1990
i
1991
i
1992
j\
1993 ^
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Total
Fiscal year or period
Receipts
1976
1977
1978
1979
1980
1981..
1982
1983. .
1984
1985
1986
1987
1988
1989
1990
1991 .
1992 r
1993 (estimates) r
Cumulative total, first 6
months: *
Fiscal year 1992..
Fiscal year 1993
Outlays
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Receipts
Outlays
Gross Federal debt
(end of period)
Surplus
or deficit
(-)
Total
Held by
the public
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
371.8
409.2
458.7
503.5
.590.9
678.2
745.8
808.4
851.8
-73.7
53 7
-59.2
40 2
-73.8
79 0
-128.0
-207.8
-185.4
231.7
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
328.5
369.1
403.5
476.6
543.1
594.4
661.3
686.0
-70.5
-49.8
-54.9
-38.2
72 7
-74.0
120 1
-208.0
185 7
66.4
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
-3.2
-3.9
-4.3
-2.0
11
-5.0
79
.2
.3
629.0
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
477.4
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,145.7
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,467.6
-212.3
-221.2
-149.8
-155.2
-152.5
-221.4
-269.5
-290.4
-322.0
547.9
568.9
640.7
667.5
727.0
749.7
760.4
788.0
833.9
769.6
806.8
810.1
861.4
932.3
1,027.6
1,082.1
1,128.5
1,200.4
-221.7
-238.0
-169.3
1940
-205.2
278 0
-321.7
3405
-366.5
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.8
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
267.2
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
44.5
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,599.0
4,002.7
4,396.7
1,499.4
1,736.2
1,888.1
2,050.3
2,189.3
2,410.4
2,687.9
2,998.6
3,303.8
493.7
527.5
693.1
710.3
-199.4
-182.8
352.6
384.3
571.4
581.8
218 8
-197.5
141.1
143.2
121.7
128.5
19.4
14.7
3,811.7
4,170.7
2,860.8
3,140.1
1
Data from Monthly Treasury Statement.
NoTE.^Data for fiscal 1992 and 1993 are Irom Budget of the United States Government, Fiscal
Year 1994, issued April 8, 1993. Other data (except as noted) are from Budget Baselines, Histori-
32
Off-budget
On-budget
cal 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 the first 6 months of fiscal 1993, receipts were $33.8 billion higher than a year earlier and outlays were $17.2
billion higher.
BILUONS OF DOLLARS
600
BILLIONS OF DOLLARS
600
INDIVIDUAL INCOME TAXES
\
RECEIPTS -^
500
500
__ — _ — -
400
— • — " *"
.KT
••
300
~~
—"""*
-™ •"""
"™
OTHER RECEIPTS
1
0
1
300
SOCIAL INSURANCE
T4XF<; AMn rnNTRiRijTiONS
200
\
\
100
X
'
CORPORATION
iwrnuF TAVF^
200
400
\
"~~
~~"~
i
1
i
100
i
1
1
1
0
1,300
1,300
OUTLAYS -^
1,200
1,200
^--""
1,100
1,100
^^'
1,000
NONDEFENSE
\
900
1,000
-- ^
^"
900
>---'"
800
800
• — """"
700
700
„_-•-"""
600
600
500
500
NATIONAL DEFENSE
400
200 A
400
\
300
•
1
1984
1
1
1985
1986
1
1987
1
1988
300
1
1989
1
1990
1
1991
1
1992
N
200
1993
FISCAL YEARS
COUNCIL Of ECONOMC ADVISERS
[Billions of dollars]
On-budget and off-budget outlays
On-hudget and off-budget receipts
National defense
Social
Fiscal year
Total
Individual
income
taxes
Corporation
income
taxes
131.6
157.6
181.0
217.8
244.1
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
1976 ..
1977
1978
1979
1980
1981
1982
1983
1984
298.1
355.6
399.6
463.3
600.6
666.5
285.9
297.7
288.9
298.4
1985
1986
1987 ..
1988
1989
1990
1991
1992 T
734.1
769.1
854.1
334.5
349.0
392.6
909.0
990.7
1,031.3
1,054.3
1,090.5
1,145.7
401.2
493.7
527.5
1993 (estimates) '
... .
Cumulative total,first6 months: '
Fiscal year 1992
Fiscal year 1993
1
517.1
599.3
617.8
ance
taxes
Other
Total
and
contributions
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
515.3
426.8
73.0
73.1
74.3
78.9
82.3
90.9
92.3
100.5
97.3
217.5
247.1
38.3
43.3
189.3
191.7
48.6
45.3
413.7
Data from Monthly Treasury Statement.
NOTE.—Data for fiscal 1992 and 1993 are from Budget of the United States Government, Fiscal
Year 1994, issued April 8, 1993. Other data (except as noted) are from Budget Baselines, Histori-
inter-
ty
est
15.8
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
26.7
29.9
35.5
42.6
52.5
68.8
85.0
89.8
111.1
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
33.5
35.9
40.0
44.5
48.4
57.7
71.2
89.5
105.3
65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
132.7
128.2
119.8
123.3
129.3
136.0
147.0
170.3
197.0
188.6
198.8
131.8
142.1
125.9
139.4
158.8
209.2
232.5
248.6
269.0
287.6
304.9
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
201.5
43.1
47.9
57.6
62.6
100.9
109.6
139.8
148.5
100.7
99.3
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11:8
15.9
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
209.9
227.4
204.4
220.9
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,467.6
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
290.6
245.2
265.5
274.0
294.9
289.8
262.4
286.9
277.2
16.2
14.2
11.6
10.5
9.6
13.8
15.9
16.1
18.3
693.1
710.3
146.9
146.1
140.8
140.2
9.6
10.9
281.9
Social
securi-
Health
851.8
371.8
Net
Income
securi'.V
International
affairs
87.9
95.1
102.3
113.6
130.9
153.9
180.7
409.2
458.7
503.5
590.9
678.2
745.8
808.4
265.2
283.9
303.3
334.3
359.4
380.0
396.0
Department of
Defense,
military
89.6
97.2
104.5
116.3
134.0
157.5
185.3
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
106.3
445.7
466.9
467.8
476.0
Total
Medicare
207.4
219.3
Other
203.9
225.1
173.9
205.0
94.5
85.4
cal Data, and Alternatives for the Future, January 1993.
Sources: Department of the Treasury and Office o! Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 1992, according to revised estimates. Federal receipts rose $37.7 billion (annual rate) and
Federal expenditures rose $28.8 billion. In the first quarter of 1993, according to advance estimates, expenditures
rose $1.5 billion; receipts data are incomplete.
BILLIONS OF DOLLARS
BILUONS Of DOLLARS
1,600
1,400
,200
1,000
-400
1986
1987
1988
CALENDAR YEARS
COUNCIL of ECONOMK: ADVISERS
SOURCE: DEPARTMENT Of COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Period
Total
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Federal Government expenditures
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
Fiscal year:
1990
1991 .. ..
1992 "
1,089.6
1,114.9
1,144.5
473.2
472.1
470.1
113.8
104.4
110.5
63.8
74.8
80.3
438.7
463.5
483.6
1,249.5
1,310.9
1,433.3
417.6
447.1
446.5
504.5
510.7
604.5
128.3
146.9
169.2
175.1
183.1
188.1
23.9
23.1
25.1
1,059.3
1,107.4
1,122.2
r
1,160.4
632.3
461.9
482.6
473.4
671.1
290.5
323.5
117.1
113.9
102.5
r
115.0
45.5
65.4
67.0
77.0
91.4
109.7
118.5
111.3
111.7
100.3
101.6
104.9
103.3
112.2
118.3
108.2
61.9
66.0
78.2
81.5
49.2
55.4
58.2
56.8
54.8
59.5
61.4
62.2
68.5
77.3
76.3
78.3
80.8
79.2
79.8
81.3
85.8
87.1
418.5
444.9
468.2
489.7
235.9
259.8
291.1
318.0
338.8
359.4
400.7
424.7
450.6
462.2
466.3
471.1
473.2
483.5
487.4
490.4
497.7
507.0
1,181.6
1,273.6
1,332.7
1,458.4
815.7
855.7
926.6
990.8
1,034.3
1,096.3
1,135.5
1,209.8
1,307.9
1,264.4
1,329.4
1,348.7
1,388.1
1,432.5
1,452.7
1,459.8
1,488.6
1,490.1
401.6
426.4
447.3
449.1
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
438.3
451.3
449.9
447.2
440.8
445.0
444.8
455.2
451.6
443.5
471.5
513.3
521.9
623.3
346.0
351.1
360.1
383.8
404.2
419.7
444.5
488.8
525.5
461.6
514.8
545.5
565.9
609.8
619.5
622.6
641.4
646.4
118.2
132.3
153.3
173.0
84.3
86.9
97.7
104.5
103.8
102.9
113.0
121.9
137.6
144.3
151.9
153.4
163.6
165.1
174.1
174.0
178.7
178.1
164.8
176.6
186.9
186.7
86.8
99.2
122.3
129.2
131.1
143.1
151.2
168.9
174.8
182.7
188.1
186.8
190.1
186.8
187.5
187.8
184.8
181.7
25.5
25.1
23.1
26.2
17.3
28.8
22.2
16.4
22.1
37.8
34.9
25.0
32.0
24.8
24.4
15.7
27.7
25.7
26.9
20.2
32.2
40.4
0.0
-.0
.0
-159.9
-196.1
-288.8
.0
-122.3
Calendar year:
1989
1990
1991
1992
1982- IV
1983: IV
1984: IV
1985- IV
1986: IV
1987- IV
1988: IV
1989- IV
1990- IV
1991: I . .
II
Ill
IV
1992: I
II
Ill
IV
1993- I '
T
739.8
803.6
856.8
943.5
1,000.6
1,068.3
1,113.3
1,114.6
1,117.3
1,127.7
1,129.4
1,143.3
1,149.8
1,155.4
1,193.1
474.1
301.6
351.8
371.7
414.8
420.0
470.1
482.5
474.7
473.1
473.4
472.2
468.4
464.2
475.5
488.2
499.5
r
!21.4
Source: Department of Commerce, Bureau of Economic Analysis.
34
.1
1
.0
.0
.0
.6
.0
.0
2
.0
.0
.2
.2
-.4
.0
.0
.0
.0
.0
.0
.0
166 2
-210.4
- 298.0
-183.4
-184.6
-186.8
r
187 2
-177.5
-152.7
-134.9
— 141.5
1946
-149.9
-212.2
-221.0
258 7
-289.2
-302.9
r
304 4
- 295.5
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84=100; NSA)
Industrial production (1987 = 100; seasonally adjusted)
Period
United
States
1983
1984
1985
1986 .
1987
1988
1989
1990
1991
1992 *
100.3
108.0
114.3
117.2
121.1
124.4
128.9
133.2
137.2
141.0
100.3
102.7
104.8
104.7
104.9
106.3
109.2
112.1
116.0
120.6
100.8
111.5
121.1
128.5
134.4
141.1
150.4
159.6
169.8
178.9
99.8
104.8
111.1
114.9
119.7
125.6
135.4
148.2
156.9
162.7
100.1
137.9
143.4
116.0
139.1
118.0
174.0
159.4
99.1
100.5
99.5
100.0
99.0
99.0
100.1
100.0
100.4
' 101.5
' 100.8
' 100.7
138.1
138.6
139.3
139.5
139.7
140.2
140.5
140.9
141.3
141.8
142.0
141.9
144.0
144.1
144.6
144.6
144.9
145.2
145.6
145.6
145.5
145.7
146.4
146.4
115.8
115.7
116.3
117.5
117.6
117.5
116.6
116.9
117.5
117.6
117.4
117.4
139.4
139.8
140.2
140.5
140.9
141.0
141.4
141.5
141.5
141.9
141.9
141.8
118.5
119.2
119.7
120.0
120.5
120.7
120.7
120.9
121.2
121.7
122.3
122.4
175.4
175.9
176.6
177.3
178.3
178.9
179.1
179.2
179.8
180.9
182.0
182.3
159.3
160.1
160.6
163.1
163.7
163.7
163.1
163.2
163.8
164.4
164.1
163.6
' 100.6
102.2
142.6
143.1
143.6
147.0
147.4
147.3
117.3
117.4
142.3
142.8
143.5
123.8
124.3
124.7
182.9
183.6
184.0
162.0
163.1
163.7
104.7
108.7
122.2
109.2
113.4
95.6
96.3
96.5
96.8
96.4
96.5
121.5
120.6
117.7
117.6
115.6
118.1
119.0
114.4
119.7
116.6
114.3
113.1
110.3
' 109.9
109.4
111.1
109.3
109.9
110.3
110.3
110.6
119.1
120.2
118.5
117.7
117.7
116.0
115.7
115.6
115.6
112.8
110.5
1
99.8
102.1
104.1
104.8
104.9
105.7
108.0
111.4
115.0
116.9
89.6
89.7
94.6
96.9
100.0
103.6
104.0
103.4
100.4
' 100.0
95.3
111.4
r
l!20
100.4
104.8
108.9
113.4
118.4
123.2
129.3
135.5
143.1
146.4
88.9
91.8
92.9
96.2
100.0
105.9
109.2
109.4
107.1
106.5
107.4
1993- Jan
Feb
Mar'
99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
136.2
140.3
90.9
93.5
97.7
99.6
100.0
103.9
108.8
114.5
117.9
115.5
85.5
93.4
96.8
96.6
100.0
109.3
115.9
121.4
124.1
117.3
r
United
Kingdom
96.5
97.1
97.2
98.0
100.0
104.6
108.8
110.9
111.2
110.0
91.0
96.1
95.4
100.0
105.3
104.9
100.5
96.4
97.2
111.0
Italy
81.2
84.9
92.8
94.4
95.3
100.0
105.4
108.1
109.2
107.1
108.8
106.6
107.2
107.6
108.1
108.9
108.5
109.4
109.1
108.9
109.7
110.4
r
Germany
Italy
Dec
Oct
Nov
Dee
France
Germany
Jan
Feb
Mar
Sept
Japan
France
1991:
July
. 3
Canada
Japan
1992:
Mav
r'
United
States '
United
Kingdom
Canada
r
95.9
r
97.9
98.0
98.3
r
98.8
r
99.5
99.7
113.0
114.6
r
l!1.2
106.3
105.1
'107.5
' 105.0
107.7
' 107.2
106.2
7
r
r
!11.3
l!1.0
r
' 104.7
' 109.5
' 107.4
' 108.0
' 102.8
' 103.4
' 105.6
' 106.4
r
99.9
1120
Data relate to all urban consumers.
r
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) l
General merchandise imports (customs value) 3
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
Other
107.0
123.7
113.9
101.3
111.0
118.3
132.3
143.2
131.0
138.0
40.9
59.8
65.1
71.8
84.5
101.4
113.3
116.4
120.7
134.4
40.8
53.5
66.8
78.2
85.2
87.7
86.1
87.3
84.9
91.5
44.9
60.0
68.3
79.4
88.7
95.9
102.9
105.7
108.0
123.0
6.3
7.8
9.4
10.4
12.1
12.8
13.6
16.1
15.9
17.6
269.9
346.4
352.5
382.3
424.4
459.5
493.2
532.4
18.2
21.0
21.9
24.4
24.8
24.8
25.1
26.6
26.5
27.9
2.0
2.1
2.3
2.0
2.1
2.2
2.0
2.1
2.0
2.2
2.1
1.9
41.4
41.1
42.8
43.5
42.9
45.0
45.2
45.0
46.6
46.3
45.5
46.6
2.3
2.2
2.3
2.4
2.2
2.6
2.5
2.3
2.3
2.3
2.3
2.4
10.6
10.4
10.7
11.3
11.4
12.0
12.0
11.8
12.0
12.4
11.8
11.6
10.3
10.3
10.7
10.8
10.8
11.2
11.3
11.5
11.7
11.8
11.5
12.0
7.4
7.2
7.6
7.7
7.3
7.4
7.4
7.7
7.9
7.6
7.9
8.4
9.5
9.6
9.9
9.8
9.8
10.2
10.5
10.3
11.2
10.7
10.4
10.7
1.3
1.5
1.6
1.4
1.3
1.5
1.5
1.3
1.4
1.5
1.7
1.5
43.2
42.7
44.6
45.3
44.6
46.7
47.0
46.7
48.4
48.2
47.3
48.4
-5.9
-3.4
-5.7
-7.1
-7.2
-6.8
-7.4
92
-8.7
-7.3
-7.3
-6.9
-7.7
-5.1
-7.5
-8.9
-8.9
-8.5
-9.2
-10.9
-10.5
-9.1
-9.2
-8.7
1.9
1.9
44.3
44.4
2.2
2.1
11.5
11.0
11.5
11.6
7.6
8.2
10.1
10.1
1.4
1.3
46.1
46.1
-7.2
-8.9
-8.9
Automotive
vehicles,
parts,
and
engines
421.7
448.1
30.9
31.5
24.0
22.3
24.3
32.3
37.2
35.1
35.7
40.2
56.7
61.7
58.5
57.3
66.7
85.1
99.3
104.4
109.7
109.1
67.2
72.0
73.9
75.8
86.2
109.2
138.8
152.7
166.7
176.7
16.8
20.6
22.9
21.7
24.6
29.3
34.8
37.4
40.0
46.7
13.4
13.3
12.6
14.2
17.7
23.1
36.4
43.345.9
50.4
20.5
24.0
27.3
35.9
34.6
43.4
17.2
20.7
23.7
25.1
Get
Nov
Dec
35.5
37.7
37.1
36.4
35.7
38.2
37.8
35.8
37.9
39.1
38.2
39.7
3.1
3.6
3.3
3.5
3.0
3.1
3.5
3.3
3.7
3.7
3.4
3.5
9.3
8.9
8.8
8.8
8.9
9.3
9.6
8.7
9.1
9.6
9.0
9.3
13.9
15.3
14.9
14.3
13.9
15.3
14.5
14.0
15.0
15.2
14.7
15.9
3.2
3.6
3.9
4.0
3.8
4.0
3.9
3.7
3.8
3.8
4.4
4.7
3.9
4.1
4.0
3.9
4.0
4.2
4.3
4.1
4.5
4.6
4.5
4.3
Jan '
Feb
37.1
37.2
3.2
3.5
9.5
8.7
14.5
14.6
3.8
4.2
4,3
4.3
Total 2
5
1985
1986
1987
1988
1989
1990
1991
1992
5
205.6
224.0
218.8
227.2
254.1
322.4
363.8
393.6
1992: Jan.
Feb
Mar
May
July
Sept .
1
2
3
4
Capital
goods
except
automotive
Capital
goods
except
automotive
1983
1984
1993:
Industrial
supplies
and
materials
Industrial
supplies
and
materials
Consumer
goods
(nonfood)
except
automotive
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.
General
merchandise
imports
(c.i.f.
value)
Foods
feeds,
and
beverages
Foods,
feeds,
and
beverages
Period
Trade balance
Principal end-use commodity category
Principal end-use commodity category
Total
Other 2
4
4
258.0
330.7
336.5
365.4
406.2
441.0
473.2
495.3
487.1
517.0
508.4
553.7
Exports
(f.a.s) less
imports
(customs
value)
Exports
(f.a.s)
less
imports
(c.i.f.)
-52.4
-64.2
- 106.7 -122 .4
117 7 -133.6
-138.3 -155.1
152 1 -170.3
-118.5 -137.1
- 109.4 -129.4
101 7 -123.4
-65.4
-86.6
843 - 105.6
— 7.2
5
Total exports are on a revised statistical month basis; end-use categories are on a statistical
month basis.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the fourth quarter of 1992, the merchandise trade deficit fell to $26.0 billion, from $27.6 billion in the third
quarter. The current account deficit rose to $22.0 billion from $15.8 billion in the third quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS
15
15
BALANCE ON GOODS,
SERVICES, AND INCOME
-40
COUNCIl OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)]
Merchandise 1 2
Period
Exports
Imports
Investment income
Services
Net balance
Net
military
transactions 3 4
Payments
on foreign
assets in
U.S.
Other
services,
Receipts
on U.S.
assets
abroad
144
992
4 227
8 293
9 709
7 324
6 398
1 370
5 851
10 142
17 118
17 513
12 552
13 209
14095
14 277
14 266
18 855
18 400
20 430
26 752
29 730
33 701
40 114
86 529
86 200
85 614
100 415
91 110
88998
96 574
119 456
140 692
143 547
125 315
109 173
53 626
56 412
53 700
69 572
67 875
73 620
85 629
106 991
126 326
124 261
108 886
99 111
transporreceipts
Net
1981
1982
1983
1984
1985
1986
1987
1988....
1989
1990
1991
1992"
237 044
211 157
201 799
219 926
215915
223 344
250 208
320 230
361 697
388 705
415 962
439 272
265 067
247 642
268 901
—332418
338 088
— 368425
409 765
—447 189
477 365
—497 558
489 398
— 535547
1990- I
II
Ill
IV
94981
96,654
96,544
100,526
122 360
-121,461
- 125,434
-128,303
27 379
1 873
-24,807 -1,627
-28,890 -1,692
-27,777 -2,627
2 093
2,073
2,120
3,855
6 984
7,237
7,461
8,051
35 004
34,586
35,137
38,821
30 676
-31,386
-30,913
-31,289
4 328
3,200
4,224
7,532
1991: I
100,636
103,324
104,151
107,851
-118,962
-119,721
-124,325
- 126,390
-18,326 -2,564
-16,397 — 1,427
-20,174
-994
-18,539
-539
3,755
3,929
4,358
5,080
8,164
8,280
8,660
8,596
35,498
31,215
29,904
28,698
-28,533
-27,284
-26,828
-26,240
6,965
3,931
3,076
2,458
107,634
107,148
110,119
114,371
-125,297
-132,152
-137,753
- 140,345
-17,663
-25,004
-27,634
-25,974
4,392
4,206
3,994
4,922
10,058
9,036
12,321
8,703
28,418
28,371
27,102
25,281
-24,024
-26,520
-24,125
-24,442
4,394
1,851
2,977
839
n
HI
IV
1992: I
II
Ill
IV "....
1
2
3
28 023
36485
67 102
112 492
122 173
145 081
159 557
126 959
115 668
108 853
73 436
96 275
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Quarterly data are not seasonally adjusted.
36
844
112
563
2 547
4 390
s'isi
3 812
6 354
6 838
7 818
5 524
2 503
-625
-623
-578
-677
Balance on
goods,
services,
and income
16 732
32 903
5 632
29 788
25 882
31 915
78 212
30 843
23 235
98 771
123 354
15 378
10945
140 421
12 466 -aJ.01?787
75 537
14 366
19 287 — 57 511
16 429
11 710
10062 — 31 088
transfers,
net 4
on current
account
5030
11 702
11 443
17 075
43 623
17 741
20612 — 98824
121 721
22 950
24 176 — 147 529
163 474
23 052
24 869 — 126 656
101 143
25 606
32 916 — 90428
3 682
8 028
31 360 — 62448
6538
15 847
-13,924 -7,401
-16,777 -7,201
-10,966 -11,778
22 385
-21,325
-23,978
-22,744
-2,006
-1,684
-5,075
-2,945
14,199
4,115
-6,012
-4,273
12,193
2,431
-11,087
-7,218
557
- 10,534
-8,921
-12,187
-6,931
-7,745
-6,850
-9,833
-6,374
-18,279
-15,771
-22,020
4
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 $6.8 billion in the fourth
quarter of 1992, following an increase of $1.3 billion in the third quarter. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, decreased $3.2 billion in the fourth quarter, following an
increase of $22.9 billion in the third quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS-
-60
-60
1992
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capiti
Period
Total
1981
1982
1983
1984
1985
1986
1987
U.S.
official
reserve
assets 3 5
Other U.S.
Government
assets
Foreign assets in the U.S., net
[increase/capital inflow (+)]
]
D.S.
private
assets
Foreign
official
assets 3
Other
foreign
assets
83,032
92,418
83,380
102,010
130,966
223,191
229,972
219,489
213,693
99,379
66,980
120,400
4,960
3,593
5,845
3,140
-1,119
35,648
45,387
39,758
8,489
33,908
18,407
40,307
78,072
88,826
77,534
98,870
132,084
187,543
184,585
179,731
205,204
65,471
48,573
80,093
Total
Statistical discrepancy
Allocations
of special
drawing
rights
(SDEs)
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net5
(unadjusted,
end of
period)
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,721
71,323
24,992
41,359
19,099
26,038
24,825
15,407
-4,096
126
2,394
47,370
-1,078
-13,052
-114,147
-122,335
-58,856
— 29,224
-34,069
-91,069
-62,402
-92,708
-114,944
-56,321
-62,220
-44,900
-5,175
-4,965
-1,196
3,131
-3,858
312
9,149
-3,912
-25,293
-2,158
5,763
3,901
n
m
42,141
-30,682
-30,964
-36,816
-3,177
371
1,739
-1,091
-743
-794
-337
4,179
46,061
30259
-32,366
39,903
30965
30,853
51,386
48,108
-6,450
6,134
14,097
20,127
-24,515
24,719
37,289
27,981
11,209
21,154
3,556
11,452
4,489
518
-5,605
600
76,303
77,298
80,024
83,316
n
m ....
-640
-7,050
-10,368
-44,158
-353
1,014
3,877
1,225
1,073
-420
3,180
-437
-1,360
7644
-17,426
—44,947
7 840
2,959
22,933
48,929
5,650
-4,178
4,115
12,819
- 13,490
7,137
18,818
36,110
-3,713
1,660
-1,478
2,447
4,636
883
-6,137
613
78,002
74,940
74,731
77,721
n
Ill ....
-4,709
-423
-21,241
-18,528
-1,057
1,464
1,952
1,542
-38
277
-301
344
-3,614
-1,610
-22,892
-19,726
18,615
47,466
21,977
32,343
21,192
20,895
-7,269
5,489
-2,577
26,571
29,246
26,854
-7,532
^28,764
15,035
8,205
4,901
1,296
6,640
439
74,657
77,092
78,527
71,323
1988
1989
1990
1991
1992 p
1990: I
IV
1991: I
IV
1992: I
IV...
5
5097 -103,875
-6,131 -111,239
5006
-52,654
-5,489 -20,605
2 821 -27,391
-2,022
89 360
1,006 -72,556
2,967
91 762
1,271
-90,922
2,304
56467
3,397
-71,379
959 -47,843
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve posi™ :n the IMF
1,093
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 Doliars
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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
:
1993
0—67-450
@FedFRASER