Full text of Economic Indicators : December 1992
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1024 Congress, 2d Session
Economic Indicators
DECEMBER
1992
(Includes data available as of December 23, 1992)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
1 4 1993
FEDERAL RESERVE
BANK OF CHICAGO
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1992
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL S. SARBANES, Maryland, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
ALBERT GORE, JR. (Tennessee)
RICHARD H. BRYAN (Nevada)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
CONNIE MACK (Florida)
ROBERT C. SMITH (New Hampshire)
HOUSE OF REPRESENTATIVES
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
KWEISI MFUME (Maryland)
RICHARD K. ARMEY (Texas)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
STEVEN QUICK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, Chairman
DAVID F. BRADFORD, Member
PAUL WONNACOTT, Member
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. 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:
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WASHINGTON, D.C. 20402
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the third quarter of 1992, according to revised estimates, current-dollar gross domestic product (GDP) rose 5.3
percent (annual rate) or $76.3 billion. Real GDP (GDP in 1987 dollars) rose 3.4 percent and the implicit price
deflator rose 2.0 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
6,000
BILUONIS OF DOUARS (RATIO SCALE)
6,000
SEASONALLY ADJUSTED ANNUAL RATES
5,600
5,600
5,200
GDP
IN 1 987 DOLLAR S
4,800
^
f
S'
5,200
^
__ „..
/
S ^^~
""" ~~ ~™ ** •.
4,800
>£•
\
4,400
rjS
4,400
_.-'""'
x
4,000
_-__
3,600
3,200
2,800
i i i
,'~~'
S
s*
/
!
1
4,000
GDP
INC URRENT DO LIARS
/
1982
\
\
S
3,600
3,200
I
1
1983
I i
1984
I
I I
1985
I
I I
1986
i i I
1987
I
I I
1988
i
i i
1989
i
I i
1990
SOURCE: DEPARTMENT OF COMMERCE
I
I I
1991
I
i i
1992
2,800
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1982
1983
1984
1985
1986
1987 ....
1988
1989
1990
1991
1982: IV
1983: IV
1984: IV
1985: IV
1986: IV
1987: IV
1988: IV
1989: IV
1990: m
IV
1991: I
n..
m
IV
1992: I
n
m'
1
Personal
Gross
condomestic sumption
product expenditures
3,149.6
3,405.0
3,777.2
4,038.7
4,268.6
4,539.9
4,900.4
5,250.8
5,522.2
5,677.5
3,195.1
3,547.3
3,869.1
4,140.5
4,336.6
4,683.0
5,044.6
5,344.8
5,559.6
5,561.3
5,585.8
5,657.6
5,713.1
5,753.3
5,840.2
5,902.2
5,978.5
2,059.2
2,257.5
2,460.3
2,667.4
2,850.6
3,052.2
3,296.1
3,523.1
3,748.4
3,887.7
2,128.7
2,346.8
2,526.4
2,739.8
2,923.1
3,124.6
3,398.2
3,599.1
3,787.8
3,818.2
3,821.7
3,871.9
3,914.2
3,942.9
4,022.8
4,057.1
4,108.7
Gross
private
domestic
investment
503.4
546.7
718.9
714.5
717.6
749.3
793.6
832.3
799.5
721.1
464.2
614.8
722.8
737.0
697.1
800.2
814.8
825.2
805.7
739.0
705.4
710.2
732.8
736.1
722.4
773.2
781.6
Exports and imports of goods
and services
Federal
Net
exports
206
-51.4
102 7
1156
-132.5
143 1
-108.0
79 7
-68.9
-21.8
-29.5
-71.8
-107.1
-135.5
-133.2
-143.2
-106.0
-73.9
-76.3
67 2
-28.7
153
-27.1
-16.0
81
-37.1
-36.0
Exports
Imports
282.6
276.7
302.4
302.1
319.2
364.0
444.2
508.0
557.0
598.2
265.6
286.2
308.7
304.7
333.9
392.4
467.0
523.8
555.9
579.7
573.2
594.3
602.3
622.9
628.1
625.4
639.0
303.2
328.1
405.1
417.6
451.7
507.1
552.2
587.7
625.9
620.0
295.1
358.0
415.7
440.2
467.1
535.6
573.1
597.7
632.2
646.9
602.0
609.6
629.5
638.9
636.2
662.5
675.0
GDP less exports of goods and services plus imports of goods and services.
Government purchases
Total
Total
607.6
652.3
700.8
772.3
833.0
881.5
918.7
975.2
1,043.2
1,090.5
631.6
657.6
727.0
799.2
849.7
901.4
937.6
994.5
1,042.4
1,071.3
1,087.5
1,090.8
1,093.3
1,090.3
1,103.1
1,109.1
1,124.2
266.6
292.0
310.9
344.3
367.8
384.9
387.0
401.6
426.4
447.3
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
422.6
438.3
451.3
449.9
447.2
440.8
445.0
444.8
455.2
National
defense
193.8
214.4
233.1
258.6
276.7
292.1
295.6
299.9
314.0
323.8
205.5
222.8
242.9
268.6
278.6
295.8
296.8
302.5
308.4
323.2
332.4
325.9
321.9
314.7
313.6
311.7
319.6
Nondefense
72.7
77.5
77.8
85.7
91.1
92.9
91.4
101.7
112.4
123.6
75.9
66.9
81.9
88.3
94.5
96.7
95.2
102.6
114.3
115.0
118.8
124.0
125.3
126.1
131.4
133.1
135.7
State
and
local
341.1
360.3
389.9
428.1
465.3
496.6
531.7
573.6
616.8
643.2
350.3
367.9
402.2
442.4
476.6
509.0
545.7
589.3
619.7
633.0
636.3
640.8
646.0
649.5
658.0
684.3
669.0
Final
sales of
domestic
product
Gross
domestic
purchases '
Addendum:
Gross
national
product
3,165.5
3,410.6
3,706.1
4,014.1
4,260.0
4,513.7
4,884.2
5,217.5
5,515.9
5,687.7
3,241.4
3,527.1
3,818.1
4,107.9
4,355.4
4,623.7
5,027.3
5,314.6
5,549.2
5,592.3
5,614.4
5,679.4
5,712.9
5,744.2
5,855.9
5,894.1
5,963.5
3,170.2
3,456.5
3,879.9
4,154.3
4,401.2
4,683.0
5,008.4
5,330.5
5,591.1
5,699.3
3,224.6
3,619.1
3,976.2
4,276.0
4,469.8
4,826.2
5,150.7
5,418.7
5,635.9
5,628.5
5,614.6
5,672.9
5,740.3
5,769.3
5,848.3
5,939.4
6,014.5
3,179.8
3,434.4
3,801.5
4,053.6
4,277.7
4,544.5
4,908.2
5,266.8
5,542.9
5,694.9
3,222.6
3,578.4
3,890.2
4,156.2
4,340.5
4,690.5
5,054.3
5,365.0
5,577.8
5,592.7
5,614.9
5,674.3
5,726.4
5,764.1
5,859.8
5,909.3
5,992.0
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS DOMESTIC PRODUCT IN 1987 DOLLARS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Period
Gross
domestic
product
Personal
consumption
expenditures
Residential
fixed
investment
3,760.3
3,906.6
4,148.5
4,279.8
4,404.5
4,540.0
4,718.6
4,838.0
4,877.5
4,821.0
2,503.7
2,619.4
2,746.1
2,865.8
2,969.1
3,052.2
3,162.4
3,223.3
3,260.4
3,240.8
433.9
420.8
490.2
521.8
500.3
497.8
530.8
540.0
538.1
500.2
124.1
174.2
199.3
202.0
226.2
225.2
222.7
214.2
194.8
170.2
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989-
IV
IV
IV
IV
IV
IV
IV
IV
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
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
I
4,890.8
4,902.7
4,882.6
4,833.8
3,259.5
3,260.1
3,273.9
3,248.0
544.8
535.6
542.9
529.3
210.7
201.8
189.1
177.5
1991: I
4,796.7 3,223.5
4,817.1 3,239.3
4,831.8 3,251.2
4,838.5 3,249.0
1992- I
4,873.7
4,892.4
4,933.7
n
HE
TV
n
m
rv
n r
in
1
3,289.3
3,288.5
3,318.4
Government purchases
Federal
Nonresidential
fixed
investment
1982
1983
1984
1985
1986 . .
1987
1988
1989
1990
1991
1990:
Exports and imports of
goods and services
Change
in
business
inventories
Net
exports
Exports
Imports
Total
Total
National
defense
State
and
local
Nondefense
Final
sales of
domestic
product
Gross
domestic
purchases l
Addendum:
Gross
national
product
4.4
67.9
22.1
8.5
26.3
19.9
29.8
6.2
93
44 9
29.3
47.9
30.2
20 1
59.9
20.9
24.9
-7.4
-56.1
-122.0
145 3
-155.1
1430
-104.0
73 7
-51.8
21 8
296.7
285.9
305.7
309.2
329.6
364.0
421.6
471.8
510.0
539.4
304.1
342.1
427.7
454.6
484.7
507.1
525.7
545.4
561.8
561.2
723.6
743.8
766.9
813.4
855.4
881.5
886.8
904.4
929.9
941.0
306.0
320.8
331.0
355.2
373.0
384.9
377.3
376.1
383.6
388.3
221.4
234.2
245.8
265.6
280.6
292.1
287.0
281.4
283.3
282.8
84.7
86.6
85.1
89.5
92.4
92.9
90.2
94.8
100.3
105.5
417.6
423.0
436.0
458.2
482.4
496.6
509.6
528.3
546.3
552.7
3,777.8
3,902.2
4,080.6
4,257.6
4,395.9
4,513.7
4,698.6
4,808.3
4,871.3
4,830.3
3,767.7
3,962.8
4,270.5
4,425.1
4,559.6
4,683.0
4,822.6
4,911.7
4,929.3
4,842.8
3,796.1
3,939.6
4,174.5
4,295.0
4,413.5
4,544.6
4,726.3
4,852.7
4,895.9
4,836.4
-19.0
-83.7
-131.4
-155.4
-156.0
-136.0
-102.7
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
540.1
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
7.5
32.8
11.2
-26.8
584
-56.9
59 3
-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
507.0
503.0
498.7
492.1
-25.1
204
172.6
.6
177.3
7.5
-17.9
174
-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
495.8
514.7
518.7
185.6
191.2
191.3
12 6
7.8
15.0
21 5
-43.9
52 7
565.4
563.4
575.9
586.8
607.3
628.6
937.0
934.2
943.0
375.3
372.7
379.5
265.6
262.1
267.4
109.7
110.6
112.1
561.8
561.5
563.5
4,886.3
4,884.6
4,918.7
4,895.2
4,936.3
4,986.4
4,890.7
4,899.1
4,945.6
17 5
164.1
166.9
GDP less exports of goods and services plus imports of goods and services.
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[1987 = 100; quarterly data are seasonally adjusted]
Period
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
Gross
domestic
product
Personal consumption
expenditures
Gross private
domestic investment
Durable
goods
Nonresidential
fixed
Government purchases
Exports and imports of
goods and services
Federal
Total
Nondurable goods
Services
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
83.8
87.2
91.0
94.4
96.9
100.0
103.9
108.5
113.2
117.8
82.2
86.2
89.6
93.1
96.0
100.0
104.2
109.3
115.0
120.0
90.1
92.4
93.9
95.4
96.9
100.0
102.0
104.2
105.7
107.6
88.6
90.8
93.4
95.9
96.1
100.0
103.7
109.3
115.9
120.1
76.7
81.9
86.2
90.8
95.7
100.0
105.1
110.6
116.7
122.8
95.3
95.1
95.6
96.6
98.4
100.0
102.8
105.2
107.3
108.2
85.2
87.3
89.7
92.0
95.8
100.0
104.2
107.8
110.7
111.8
95.2
96.8
98.9
97.7
96.9
100.0
105.3
107.7
109.2
110.9
99.7
95.9
94.7
91.9
93.2
100.0
105.1
107.8
111.4
110.5
87.1
91.0
93.9
96.9
98.6
100.0
102.6
106.8
111.2
115.2
87.6
91.6
94.8
97.3
98.6
100.0
103.0
106.6
110.8
114.5
85.9
89.5
91.3
95.7
98.6
100.0
101.4
107.3
112.0
117.1
81.7
85.2
89.4
93.4
96.4
100.0
104.3
108.6
112.9
116.4
IV
IV
IV ..
IV
IV
IV
IV
IV
85.0
88.4
92.2
95.5
98.0
101.2
105.5
110.1
83.8
87.6
90.7
94.6
97.0
101.6
106.1
111.0
90.6
93.3
94.4
95.9
97.8
101.0
103.1
104.9
89.4
91.8
94.1
97.0
96.3
101.5
105.6
110.8
79.0
83.7
87.7
92.9
97.3
101.9
107.1
112.7
95.3
95.0
96.4
97.3
99.2
100.7
104.0
106.0
86.0
88.0
90.7
93.1
97.3
101.5
105.3
108.8
94.7
98.2
98.7
97.7
97.4
101.6
106.6
107.4
98.5
95.4
93.6
94.2
93.6
102.6
106.0
107.7
89.0
89.9
95.0
98.1
98.8
100.2
103.6
107.7
89.6
91.7
95.5
98.7
98.7
100.3
103.9
107.5
87.7
84.3
93.7
96.4
99.2
100.1
102.6
108.4
83.4
86.4
90.9
94.8
97.8
101.5
105.7
109.9
HI
113.9
115.0
115.7
117.6
105.8
106.1
116.6
119.3
117.6
119.3
107.8
108.2
111.1
111.0
109.3
110.9
111.4
116.5
111.7
113.2
111.2
113.1
113.2
113.3
113.4
114.8
I
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
1992: I
119.8
120.6
121.2
122.3
123.4
123.8
108.6
109.4
109.7
121.4
122.2
122.9
126.1
127.4
127.7
107.1
106.9
106.0
111.7
112.3
113.4
111.1
111.0
111.0
108.4
109.1
107.4
118.6
119.3
120.0
118.1
118.9
119.5
119.8
120.3
121.0
117.1
118.3
118.7
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
.
.
.
.
.
rv
n
m
rv
n
mr
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GDP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED IMPLICIT PRICE DEFLATORS AND PRICE INDEXES
[Percent change from preceding year or quarter; quarterly data at seasonally adjusted annual rates]
Gross domestic product
Period
1981 ..
1982
1983
1984
1985
1986
1987 ....
1988
1989 .
1990
1991
1988: HI
IV
1989: I
Current
dollars
11.9
3.9
8.1
10.9
6.9
5.7
6.4
7.9
7.2
5.2
2.8
7.6
8.1
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
. ..
.. .
. . ..
n
m
1990:
IV
I
n
m
IV
1991- I
n
m
rv
1992- I
n r
in
Personal consumption expenditures
Fixed-weighted
price index
(1987 weights)
Constant
(1987) dollars
Implicit price
deflator
1.8
-2.2
3.9
6.2
3.2
2.9
3.1
3.9
2.5
.8
-1.2
2.5
3.9
3.2
1.8
0
1.5
2.8
1.0
-1.6
-3.9
3.0
1.7
1.2
.6
2.9
1.5
3.4
10.0
6.2
4.1
4.4
3.7
2.6
3.2
3.9
4.4
4.3
4.1
5.1
3.9
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
Current
dollars
Constant
(1987) dollars
10.2
6.9
9.6
9.0
8.4
6.9
7.1
8.0
6.9
6.4
3.7
8.4
8.9
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
6.1
3.8
3.3
3.5
2.7
3.1
3.9
4.4
4.5
4.0
5.4
3.7
5.0
4.7
3.7
3.6
5.4
4.6
4.7
4.1
4.7
3.5
3.0
2.4
3.6
2.9
2.1
Fixed- weighted
price index
(1987 weights)
Implicit price
deflator
1.2
1.1
4.6
4.8
4.4
3.6
2.8
3.6
1.9
1.2
-.6
2.9
4.1
.1
1.1
2.9
.8
2.2
.1
1.7
-3.1
-3.0
2.0
1.5
3
9.0
5.7
4.9
3.9
3.9
3.1
4.2
4.2
4.9
5.2
4.3
5.1
4.7
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
5.1
-.1
3.7
8.6
5.4
4.3
3.7
3.8
3.0
4.1
4.3
4.9
5.3
4.4
5.4
4.6
5.2
5.9
3.5
4.3
6.4
4.4
6.4
6.8
3.4
3.3
3.0
3.1
3.5
3.5
2.6
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)!
Oross domestic product
of nonfinancial
corporate business
(billions of dollars)
Period
1981
1982
1983
1984
1985 ..
1986
1987 ...
1988
1989
1990 .
1991
1982: IV
1983: IV
1984: IV
1985- IV
1986: IV
1987: IV
1988: IV
1989: IV
1990- I
n
m
rv
1991: I..
n
m
IV
1992: I
n r
m
Current
doUftrs
1987
dollars
1,748.6
1,802.8
1,936.1
2,166.5
2,293.6
2,386.3
2,547.3
2,764.8
2,913.5
3,036.5
3,073.8
1,806.3
2,037.2
2,228.2
2,338.8
2,422.8
2,627.6
2,843.2
2,951.5
2,999.6
3,053.1
3,048.2
3,045.0
3,037.1
3,062.7
3,084.4
3,111.1
3,138.1
3,178.8
3,211.6
2,035.1
2,001.3
2,112.3
2,284.1
2,364.3
2,439.3
2,547.3
2,684.8
2,718.9
2,740.0
2,698.0
1,999.6
2,204.2
2,328.4
2,396.9
2,463.3
2,604.0
2,719.0
2,722.7
2,742.0
2,763.3
2,737.3
2,717.4
2,683.5
2,687.4
2,699.1
2,722.0
2,737.6
2,760.8
2,787.6
Total
cost and
profit 2
0.859
.901
.917
.949
.970
.978
1.000
1.030
1.072
1.108
1.139
.903
.924
.957
.976
.984
1.009
1.046
1.084
1.094
1.105
1.114
1.121
1.132
1.140
1.143
1.143
1.146
1.151
1.152
Consumption of
fixed
capital
0.102
.115
.115
.109
.109
.111
.110
.111
.117
.120
.126
.119
.119
.111
.110
.112
.110
.112
.120
.118
.118
.121
.123
.126
.127
.127
.126
.125
.126
.130
1
Output is measured by GDP of nonfinancial corporate business in 1987 dollars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments less subsidies.
Indirect
business
taxes 3
Compensation of
employees
Net
interest
Corporate profits with inventory
valuation and capital consumption
adjustments
Total
0.082
0.572
0.035
0.067
.085
.088
.091
.093
.095
.095
.096
.101
.106
.115
.086
.088
.091
.093
.095
.094
.097
.102
.104
.104
.107
.109
.113
.114
.117
.117
.118
.117
.118
.605
.602
.617
.636
.648
.658
.676
.706
.737
.759
.607
.602
.623
.643
.654
.664
.687
.718
.724
.730
.744
.750
.754
.760
.763
.761
.760
.759
.757
.041
.036
.038
.038
.040
.042
.045
.054
.054
.053
.040
.036
.041
.038
.042
.042
.047
.055
.054
.054
.054
.055
.054
.053
.053
.052
.050
.049
.047
.056
.076
.094
.094
.084
.096
.102
.094
.091
.085
.051
.079
.091
.092
.081
.099
.102
.088
.093
.098
.088
.083
.084
.086
.084
.086
.093
.100
.100
4
Profits
tax
bability
0.031
.023
.028
.032
.030
.031
.037
.038
.037
.034
.030
.020
.029
.027
.030
.035
.038
.040
.033
.033
.034
.036
.033
.029
.030
.031
.030
.033
.037
.035
Profits
after
tax 4
0.036
.033
.048
.062
.064
.053
.059
.064
.057
.057
.055
.030
.050
.064
.063
.045
.060
.063
.055
.060
.065
.052
.050
.055
.056
.053
.056
.060
.064
.065
Output
per hour
of all
employees
(1987
dollars)
Compensation per
hour of
all
employees
(dollars)
20.553
20.819
21.586
21.896
22.125
22.690
23.071
23.494
23.088
23.300
23.720
21.094
21.895
22.032
22.315
22.838
23.286
23.446
23.054
23.122
23.375
23.293
23.437
23.522
23.646
23.769
24.014
24.152
24.301
24.610
11.764
12.586
12.995
13.509
14.067
14.711
15.170
15.781
16.306
17.169
18.011
12.805
13.187
13.718
14.339
14.940
15.471
16.018
16.550
16.741
17.067
17.322
17.572
17.724
17.967
18.129
18.278
18.359
18.452
18.599
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
1983
1984
1985
1986
1987
1988
1989
1990
1991
1982:
19831984:
198519861987198819891990:
2,720.8
3,058.3
3,268.4
3,437.9
3,692.3
4,002.6
4,249.5
4,468.3
4,544.2
2,551.5
2,834.3
3,134.4
3,341.9
3,486.0
3,828.8
4,127.6
4,305.2
4,479.3
4,517.9
4,493.0
4,529.2
4,555.4
4,599.1
4,679.4
4,716.5
4,719.6
IV
IV
IV
IV
IV
IV ..
IV
IV
III
rv...
n....
in
rv..
I
n....r
m.
1991: I
1992-
1
2,029.4
2,226.9
2,382.8
2,523.8
2,698.7
2,921.3
3,100.2
3,291.2
3,390.8
1,940.4
2,101.2
2,288.1
2,442.5
2,582.5
2,785.1
3,004.9
3,162.8
3,320.5
3,339.6
3,343.0
3,379.6
3,407.0
3,433.8
3,476.3
3,506.3
3,534.3
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
2.4
21.3
21.5
22.3
81.3
30.9
40.2
41.7
35.8
10.2
6.3
21.9
17.8
23.6
42.4
30.9
38.4
32.2
42.8
34.3
41.3
29.5
37.9
40.1
38.5
31.5
22.1
23.3
18.7
8.7
3.2
4.3
-13.5
123
-10.4
24.1
22.2
24.3
14.0
4.7
6.8
2.8
-21.6
-9.5
96
-12.4
12 3
-10.3
66
-4.5
3.3
6.4
184.3
214.7
238.4
261.5
279.0
293.4
307.0
325.2
332.2
169.6
193.8
217.7
250.9
260.9
282.6
302.5
311.4
328.8
329.7
322.2
329.1
337.6
340.0
353.6
359.9
365.9
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
Total
212.7
264.2
280.8
271.6
319.8
365.0
362.8
361.7
346.3
150.3
229.1
261.3
284.9
264.6
343.3
378.3
354.5
351.4
344.0
349.6
347.3
341.2
347.1
384.0
388.4
374.1
202.2
236.4
225.3
227.6
273.4
320.3
325.4
341.2
337.8
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
334.4
333.5
344.2
342.2
331.9
333.1
360.7
361.4
344.4
Profits
before tax
Inventory
valuation
adjustment
210.7
240.5
225.0
217.8
287.9
347.5
342.9
355.4
334.7
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
367.0
354.7
337.6
332.3
336.7
332.3
366.1
376.8
354.1
-8.5
41
.2
9.7
-14.5
273
-17.5
142
3.1
86
-7.6
3.5
-3.8
107
-17.8
31 7
-13.5
-32.6
-21.2
6.7
9.9
-4.8
.7
-5.4
155
-9.7
Capital
consumption
adjustment
10.4
27.8
55.5
44.1
46.4
44.7
37.4
20.5
8.4
-9.6
12.9
37.7
56.9
39.6
49.9
37.9
33.9
17.0
10.5
5.3
5.1
9.3
14.1
23.3
27.0
29.7
Net
interest
270.0
307.9
326.2
350.2
360.4
387.7
452.7
460.7
449.5
256.8
281.8
321.1
331.9
349.7
368.6
408.1
459.8
456.0
471.4
456.2
444.4
450.5
446.9
430.0
420.0
407.3
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS
[BiHions of 1987 dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Durable goods
Period
Total
personal
consumption
expenditures
1983
2,619.4
1984
1985
1986
1987
1988
1989
1990
1991
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
2,746.1
2,865.8
2,969.1
3,052.2
3,162.4
3,223.3
3,260.4
3,240.8
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,273.9
3,248.0
3,223.5
3,239.3
3,251.2
3,249.0
3,289.3
3,288.5
3,318.4
IV
IV
IV
IV
IV
IV
IV
IV
III
rv
n
m
rv
I
nr
m ....
1991: I
1992:
1
Total
durable
goods
297.7
338.5
370.1
402.0
403.7
428.7
440.7
439.3
414.7
272.3
319.1
347.7
369.6
415.7
404.7
439.2
436.8
437.7
426.6
412.0
411.3
419.4
416.1
432.3
430.0
439.8
Motor
vehicles
and
parts
138.1
160.3
180.2
193.3
183.5
194.8
196.4
192.2
171.0
123.7
151.6
164.3
173.9
193.6
183.6
197.7
188.3
191.3
182.0
169.6
167.2
173.3
174.0
181.5
180.2
179.0
Includes other items, not siiowii separately.
Furniture and
household
equipment
104.3
115.3
123.8
136.3
144.0
155.4
165.8
169.5
168.6
96.4
109.3
118.7
128.6
141.4
145.9
160.3
167.9
168.9
167.5
166.9
169.3
170.4
167.9
174.4
174.4
181.5
Other
55.3
62.9
66.1
72.4
76.2
78.5
78.5
77.6
75.0
52.3
58.1
64.8
67.1
80.7
75.2
81.2
80.5
77.5
77.1
75.5
74.8
75.7
74.2
76.5
75.4
79.3
Total
nondurable goods
Food
900.3
934.6
958.7
991.0
1,011.1
1,035.1
1^051.6
1,056.5
1,042.4
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,058.9
1,059.1
1,051.6
1,043.0
1,046.3
1,044.8
1,035.6
1,049.6
1,045.6
1,052.0
463.4
472.3
483.0
494.1
500.7
513.4
515.0
520.8
515.8
458.3
467.1
475.1
488.2
496.9
502.4
518.0
515.6
521.6
522.0
516.4
516.3
515.0
515.3
518.9
513.5
514.3
Clothing
and
shoes
Gasoline
and oil
142.4
153.1
75.7
77.9
79.2
82.9
84.7
86.1
87.3
86.4
85.2
73.4
76.9
79.0
79.5
84.6
85.4
87.5
88.6
86.7
85.0
83.9
86.0
86.0
84.7
85.7
85.8
86.0
158.8
170.3
174.5
178.9
187.8
185.9
181.3
135.7
147.7
154.7
161.7
171.9
174.5
182.8
190.9
186.2
183.2
180.8
183.2
183.7
177.5
184.1
184.4
190.8
Retail sales of new
passenger cars
(millions of units)
Services
Nondurable goods
Fuel
oil and
coal
11.1
11.2
11.5
12.1
12.0
12.0
11.4
10.1
9.7
10.5
11.4
11.1
11.4
12.4
11.9
12.0
12.0
10.9
8.8
9.4
9.8
10.0
9.4
10.2
12.0
10.9
Other
Total
services *
207.8
1,421.4
220.0
226.2
231.7
239.1
244.7
250.2
253.4
250.5
202.8
212.2
222.9
228.0
235.2
240.4
246.4
251.8
253.7
252.7
252.5
251.0
250.0
248.6
250.7
249.8
250.1
1,473.0
1,537.0
1,576.1
1J637.4
1,698.5
1J731.0
1,764.6
1,783.7
1,386.2
1,443.9
1,494.2
1,557.1
1,595.8
1,655.5
1,716.9
1,746.3
1,777.1
1,769.8
1,768.5
1,781.8
1,787.0
1,797.4
1,807.3
1,812.9
1,826.6
Housing
415.5
426.8
435.9
442.1
452.5
461.8
469.2
474.7
478.2
411.0
419.7
431.3
438.1
444.8
457.0
465.6
471.3
475.1
476.1
476.5
477.9
478.8
479.8
481.2
483.3
485.8
Source: Department of Commerce, Bureau of Economic Analysis.
Medical
care
332.6
341.9
353.0
366.2
384.7
399.4
408.6
423.9
438.8
327.8
334.8
344.9
359.1
372.0
390.7
403.0
411.8
426.7
428.6
431.9
435.6
440.5
447.2
449.6
453.7
458.1
Domestics
Imports
6.8
8.0
8.2
2.4
2.4
2.8
8.2
7.1
7.5
7.1
6.9
6.1
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
7.1
6.6
6.1
6.1
6.3
6.1
6.1
6.3
6.2
3.2
3.2
3.1
2.8
2.6
2.3
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.5
2.4
2.2
2.3
2.3
2.2
2.2
2.2
2.0
SOURCES OF PERSONAL INCOME
Personal income increased $10.7 billion (annual rate) in November, following an increase of $58.3 billion in
October. The November increase was reduced by a large decrease in subsidy payments to farm proprietors and by
several other special factors—bonus payments to employees in the motor vehicle industry, restitution payments to
Japanese-Americans, and retirement incentive payments to U.S. Postal Service employees—that had boosted
October personal income. October personal income was also boosted by a rebound in rental income of persons
from the effects of Hurricane Iniki. Excluding these special factors, personal income increased $40.7 billion in
November and $26.0 billion in October; the larger increase in November was more than accounted for by a stepup in wages and salaries.
BILLIONS OF DOLLARS* (RATIO SCALE)
16,000
BILLIONS Of DOLLARS* (RATIO SCALE)
6,000
5,000
5,000
4,000
4,000
3,000
TOTAL PERSONAL INCOME
3,000
-V
2,000
2,000
WAGE AND SALARY DISBURSEMENTS
1,400
1,400
\
OTHER INCOME
800
TRANSFER PAYMENTS
i i i i i i i i ii
1988
I I I I IM
400
1984
1985
1986
1987
1989
i i i Ii i i ii
1991
1990
400
1992
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1982
1983
1984
1985
1986 ..
1987
1988
1989
1990
1991
1991: Nov
Dec
1992: Jan
Feb .. . .
Mar
May
T
3
July r
Sept r
Oct '
Nov"
Total
personal
income
2,690.9
2,862.5
3,154.6
3,379.8
3,590.4
3,802.0
4,075.9
4,380.3
4,664.2
4,828.3
4,887.4
4,944.9
4,943.2
4,988.7
5,009.6
5,015.4
5,032.7
5,038.5
5,048.7
5,056.4
5,080.9
5,139.2
5,149.9
Wage and
salary
disbursements *
1,593.3
1,684.7
1,849.8
1,986.5
2,105.4
2,261.2
2,443.0
2,586.4
2,742.8
2,812.2
2,838.5
2,861.2
2,852.8
2,884.9
2,895.0
2,890.6
2,907.6
2,905.7
2,911.2
2,930.9
2,928.3
2,948.9
2,969.8
Proprietors' income a
Other labor
income 1 2
165.4
174.6
184.7
191.8
200.7
210.4
230.5
251.9
271.0
288.3
295.0
296.4
297.8
299.2
300.7
302.1
303.6
305.0
306.4
307.9
309.3
310.8
312.2
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.
Farm
Nonfarm
13.5
2.4
21.3
21.5
22.3
31.3
30.9
40.2
41.7
35.8
29.1
43.8
30.5
40.7
49.0
48.1
36.1
31.4
30.6
24.9
39.1
56.0
42.9
157.3
184.3
214.7
238.4
261.5
279.0
293.4
307.0
325.2
332.2
339.5
340.7
349.0
354.8
356.9
358.6
359.2
361.9
363.8
363.8
369.9
375.5
380.1
Rental income of
persona 4
21.9
22.1
23.3
18.7
8.7
3.2
4.3
-13.5
12 3
-10.4
48
-2.8
42
-6.2
-3.2
12
3.3
8.0
9.6
3.6
6.1
14.0
15.1
Personal
dividend
income
67.1
77.8
78.8
87.9
104.7
100.4
108.4
126.5
140.3
137.0
134.3
133.8
133.6
133.8
134.2
135.4
136.6
137.9
139.5
141.3
142.3
143.8
145.3
Personal
interest
income
376.8
397.5
461.9
498.1
531.7
548.1
583.2
668.2
694.5
700.6
703.4
702.6
693.1
684.4
676.9
676.0
675.2
674.4
668.6
663.1
657.8
654.8
653.3
Transfer
Foments 5
408.1
438.9
452.9
485.9
517.8
542.2
576.7
625.0
685.8
771.1
793.7
811.7
835.5
844.3
848.2
854.2
860.9
864.1
869.4
872.8
880.0
889.0
886.2
4
Less:
Personal
contributions
for social
insurance
112.3
119.7
132.8
149.1
162.1
173.6
194.5
211.4
224.8
238.4
241.2
242.5
244.9
247.3
248.2
248.3
249.8
249.9
250.5
252.0
251.9
253.5
255.0
Nonfarm
personal
income e
2,649.8
2,832.6
3,106.1
3,333.2
3,545.6
3,749.4
4,023.9
4,318.0
4,599.6
4,770.4
4,836.5
4,879.3
4,890.7
4,925.8
4,938.2
4,944.9
4,973.9
4,984.4
4,995.3
5,008.7
5,018.9
5,060.1
5,083.7
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 in
and agricultural net interest.
5
6
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in 1987 dollars fell slightly in the third
quarter of 1992.
BILLIONS OF DOLLARS- (RATIO SCALE]
BILLIONS OF DOLLARS' (RATIO SCALE]
3,000
2,500
2,500
2,000
2,000
DOLLARS- (RATIOSCALE]
DOLLARS' (RATIO SCALE]
8,000
8,000
COUNCIL OF ECONOMIC ADVISERS
Period
Personal
income
Less:
Personal
tax and
nontax
payments
_
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
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
2,690.9
2,862.5
3,154.6
3,379.8
3,590.4
3,802.0
4,075.9
4,380.3
4,664.2
4,828.3
371.4
368,8
395.1
436.8
459.0
512.5
527.7
593.3
621.3
618.7
2,319.6
2^493.7
2,759.5
2',943.0
3,131.5
3,'289.5
3,548.2
3*,787.0
4,042.9
4*209.6
1987
dollars
Per capita personal
consumption
expenditures
Current
dollars
1987
dollars
Dollars
2,120.1
2*325.1
2,537.5
2*,753.7
2,944.0
3,'l47.5
3,392.5
3*634.9
3,867.3
4*009^9
199.5
168.7
222.0
189.3
187.5
142.0
155.7
152.1
175.6
199.6
2,820.4
2,893.6
3,080.1
3,162.1
3,261.9
3,289.5
3,404.3
3,464.9
3,516.5
3*509.0
9,989
10^642
11,673
12^339
13,010
13J545
14,477
15*307
16,174
16^658
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
overseas
(thousands)2
Percent
12,146
8,868
12,349
13 029
13,258
13 552
13,545
13,890
14,005
14 068
13*886
9*,634
10,408
Il]l84
11,843
12, '568
13,448
14^241
14,996
15*,i84
12,015
12,336
12, '568
12,903
13.029
13,044
12^824
12,154
12,591
13,145
13,278
13,522
13,685
13,996
14,015
14,038
13,988
13,861
13,891
13,876
13,913
14,017
14,021
13,998
9,134
9,980
10,649
11,445
12,101
12,819
13,814
14,491
15,133
15,209
15,184
15,345
15,468
15,537
15,814
15,907
16,063
10,895
11,390
11,739
12,095
12,472
12,615
13,020
13,053
13,080
12,938
12,808
12,838
12,848
12,803
12,930
12,893
12,973
10,782
Il|l79
11,617
—0.1
1.7
5.5
1.8
2.2
— .1
2.5
.8
.4
-1.3
6.4
6.0
4.3
4.4
4.0
4.3
4.7
232,201
234,326
236,393
238,510
240,691
242,860
245,093
247,397
249,961
252,711
7.7
6.8
7.9
6.0
4.8
5.0
4.3
3.9
3.9
4.6
4.7
4.7
4.5
5.1
4.9
5.3
4.6
233,060
235,146
237,231
239,387
241,550
243,745
246,004
248,372
250,303
251,050
251,687
252,329
253,053
253,776
254,388
255,054
255,786
8.6
6.8
8.0
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
IV
2,746.8
IV
2,965.8
IV
3,242.5
IV
3,456.7
IV
3,647.8
IV
3,918.5
IV
4,195.2
IV
4,469.4
HI.... 4,692.6
IV
4,751.9
1991: I
4,752.8
n
4,806.9
m.... 4,846.2
IV
4,907.2
1992: I
4,980.5
5,028.9
r
5,062.0
n
m ..
372.1
371.6
413.4
448.8
478.5
528,6
542.0
605.1
627.3
623.8
616.8
617.2
618.6
622.3
619.6
617.1
628.8
2,374.7
2,594.3
2,829.1
3,007.9
3,169.3
3,389.9
3,653.2
3,864.3
4,065.3
4,128.1
4,136.0
4,189.7
4,227.6
4,284.9
4,360.9
4,411.8
4,433.2
2,190.9
2,417.9
2,606.5
2,828.7
3,018.2
3,220.1
3,496.7
3,715.5
3,908.0
3,938.8
3,943.2
3,994.4
4,036.6
4,065.5
4,146.3
4,179.5
4,229.9
183.8
176.3
222.6
179.2
151.1
169.8
156.4
148.8
157.3
189.3
192.8
195.3
191.0
219.4
214.6
232.3
203.3
2,832.6
2,960.6
3,118.5
3,178.7
3,266.2
3,335.8
3,443.1
3,480.9
3,513.7
3,511.6
3,488.7
3,505.2
3,511.5
3,530.8
3,565.7
3,576.0
3,580.5
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
16,242
16,443
16,433
16,604
16,706
16,885
17,143
17,297
17,332
-0.5
7.2
1.0
1.8
-1.7
5.2
3.2
1.8
-2.3
-1.4
-3.6
.9
^
1.1
3.0
.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 second quarter of 1992, according to preliminary estimates, gross farm income rose $2.3 billion (annual rate)
and net farm income rose $1.1 billion.
3NS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
1
240
1
_. —- -^__^- • >
—
240
.
200
160
V.
J/
„—i
~^~^
s
" X\1
'
120
1
^~^1
GROSS FAf M INCOME
80
60
N
.
_
40
.\ j
\
\
I
A
/
\
%
/
\ __/
20
*
j
/ \
'\
A /
' \ /
\
_
s
*
t
<•- ^s'
60
\
/ \
^ j
f^_
i
/
40
•- — ^
\ /
*
v \\
\'
*
*^
'
/
20
NET FARM INCOME
\
\
\
l\l
\ ' i
10
\!
'i
i i i
i i i
1982
1983
\
1
\ 1
1984
1 1
1985
I
I I
1986
1
1 1
1987
1
1 1
1988
1
1 1
1989
1
1
1990
"SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
1
1
1 1
1991
M i l
1992
o
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from fanning
Net farm income
Gross farm income
Period
Cash marketing receipts
Total »
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989 ...
1990
1991
1990: I
n
m
TV
1991: I
n
m
TV
1992: I p
n
;
...
Livestock and
products
Current
dollars
1987 dollars 3
166.3
164.1
153.9
168.0
161.2
156.1
168.4
174.5
190.3
195.1
189.6
141.6
142.6
136.8
142.8
144.1
135.3
141.8
151.1
160.9
170.0
167.4
69.2
70.3
69.6
72.9
69.8
71.6
76.0
79.4
84.1
89.6
86.8
72.5
72.3
67.2
69.9
74.3
63.7
65.8
71.6
76.8
80.4
80.6
6.5
-1.4
109
6.0
-2.3
-2.2
-2.3
-3.5
4.3
2.9
.4
139.4
140.3
139.6
141.9
132.4
125.1
128.7
133.9
140.2
144.3
144.9
26.9
23.8
14.2
26.1
28.8
31.0
39.7
40.6
50.1
50.8
44.6
34.1
28.5
16.3
28.7
30.5
32.0
39.7
39.1
46.2
45.0
38.0
199.3
191.5
188.3
201.6
166.0
166.8
173.7
173.4
89.4
87.9
90.7
90.3
76.6
78.9
83.0
83.1
4.7
3.6
2.3
1.2
142.0
143.5
143.8
147.9
57.2
48.0
44.4
53.6
51.4
42.6
39.0
46.6
189.1
189.8
185.2
194.1
165.2
165.5
170.7
168.0
89.6
87.6
84.9
85.0
75.6
77.9
85.8
83.0
1.2
.6
.1
-.1
145.8
147.2
143.1
143.4
43.2
42.5
42.0
50.6
37.1
36.1
35.5
42.5
192.4
194.7
165.8
167.7
85.3
86.6
80.5
81.1
3.8
3.6
143.6
144.8
48.8
49.9
40.8
41.4
1
Cash marketing receipts and inventory changes plus Government pavments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
Crops
Value of
inventory
changes 2
Production
expenses
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.
CORPORATE PROFITS
In the third quarter of 1992, according to revised estimates, corporate profits before tax fell $22.7 billion (annual
rate) and profits after tax fell $10.5 billion. The third quarter estimates reflect the effects of Hurricanes Andrew
and Iniki.
BMONS OF DOLLARS
400
BILUONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
350
Vt
PROFITS BEFORE TAX
250
200
~\-
PROFITS AFTER TAX
\
TAX LIABILITY
UNDISTRIBUTED PROFITS "
I
1989
SOURCE: DEPARTMENT OF COMMERCE
I I
1992
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits after tax
Profits (before tax) with inventory valuation adjustment *
Domestic industries
Period
Nonfinancial
Total 2
Total
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1982:
19831984:
1985:
19861987:
19881989:
1990:
....
IV
IV
IV
IV
IV
IV
IV
IV
HI
IV
1991: I...
n
in
IV
1992- I
n
UIr
1
2
166.4
202.2
236.4
225.3
227.6
273.4
320.3
325.4
341.2
337.8
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
334.4
333.5
344.2
342.2
331.9
333.1
360.7
361.4
344.4
138.6
171.9
205.2
194.5
194.6
233.9
271.2
266.0
275.5
271.3
130.8
182.6
192.9
193.5
192.5
246.3
285.9
254.8
269.7
260.2
269.4
275.9
270.0
270.2
292.0
300.4
279.3
Financial
15.6
24.5
20.3
28.7
35.8
36.4
41.8
50.6
56.7
60.9
23.0
22.1
20.3
29.0
34.7
39.4
46.1
52.5
56.9
55.1
59.7
60.7
63.6
59.7
70.1
61.3
40.3
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Total
3
123.0
147.4
185.0
165.8
158.9
197.5
229.4
215.3
218.8
210.4
107.8
160.5
172.6
164.5
157.8
207.0
239.7
202.3
212.8
205.1
209.7
215.1
206.4
210.5
221.9
239.0
239.0
Manufacturing
Wholesale and
retail
trade
63.1
71.4
86.7
80.1
59.0
87.0
117.5
108.0
106.9
89.3
50.1
90.5
79.2
83.3
63.9
98.7
129.3
94.5
110.6
96.3
87.6
90.3
91.8
87.5
97.5
115.2
118.0
31.9
38.7
49.7
43.1
46.3
39.9
37.1
39.7
35.8
44.0
33.8
40.7
50.8
39.0
43.1
39.3
39.3
39.2
30.0
35.0
44.1
45.5
41.7
44.5
39.9
46.7
43.7
3
Profits
before
tax
176.3
210.7
240.5
225.0
217.8
287.9
347.5
342.9
355.4
334.7
168.6
223.8
220.1
231.8
235.7
311.2
372,2
334.1
367.0
354.7
337.6
332.3
336.7
332.3
366.1
376.8
354.1
Tax
liability
63.1
77.2
94.0
96.5
106.5
127.1
137.0
141.3
136.7
124.0
58.7
82.2
83.8
97.6
116.6
135.2
146.2
134.2
143.0
133.7
121.3
122.9
127.0
125.0
136.4
144.1
131.8
Total
113.2
133.5
146.4
128.5
111.3
160.8
210.5
201.6
218.7
210.7
109.9
141.6
136.3
134.2
119.2
176.0
226.0
200.0
224.0
221.0
216.3
209.4
209.6
207.4
229.7
232.7
222.2
Dividends
70.0
81.2
82.7
92.4
109.8
106.2
115.3
134.6
149.3
146.5
72.5
84.2
83.4
97.4
111.0
106.3
121.0
141.3
150.6
151.9
150.6
146.2
145.1
143.9
143.6
146.6
151.1
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
43.2
52.3
63.8
36.1
1.6
54.6
95.2
67.1
69.4
64.2
37.5
57.4
52.9
36.9
8.2
69.7
105.0
58.7
73.4
69.1
65.7
63.2
64.5
63.4
86.2
86.1
71.1
Inventor}'
valuation
adjustment
-9.9
-8.5
—4.1
.2
9.7
14.5
-27.3
17.5
-14.2
3.1
-8.6
-7.6
3.5
-3.8
— 10.7
-17.8
31.7
-13.5
-32.6
-21.2
6.7
9.9
-4.8
.7
-5.4
-15.5
-9.7
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
According to revised estimates for the third quarter of 1992, nonresidential fixed investment in 1987 dollars rose
$4.0 billion (annual rate) and residential investment rose $0.1 billion. There was a $15.0 billion increase in
inventories, following an increase of $7.8 billion in the second quarter.
BllilONS OF 1987 DOLLARS
900
BILLIONS OF 1 987 DC
ILLARS
900
SEASONALLY ADJUSTED ANNUAL RATES
800
800
S*^\^~^
700
500
400
"~N
^-^
r
"S
\
/
\
^_-^~
J
^-
700
GROSS P RIVATE DOW ESTIC
IS VESTMENT
/
600
^"
600
-X
x'
y
500
' * "*"
NONRESIC ENTIAL
FIXED INVE STMENT
X*
400
R iSIDENTIAL
FIXE 3 INVESTMEIvlT
300
300
\
200
200
"^. .
fs*'
— •..— - ***
CHANGE IN BUSINESS
INVENTORIES
\
<s
100
+
0
-100
>' \,
/
t
*
V
X
100
\ /»
* \
^'"
S
N
i i i
1982
0
_ +
t
X
1
l
1
l
\
1983
'
1
'
1984
1985
1
i
l
l
1986
i t i
1987
i
i i
1988
i
i
l
1989
i
SOURCE: OFPARTMENT OF COMMERC E
i i
1991
1990
i i i
-100
1992
COUNCIL OF ECC NOMIC ADVISERS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Gross
private
domestic
investment
Period
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
... .
IV
IV
IV
IV
IV
IV
IV
IV
.. .
1990: in
IV
1991: I
n..
m
IV
1992: I
n r
m .
Source: Department of Commerce, Bureau of Economic Analysis.
Nonresidential
Total
Total
Structures
Producers'
durable
equipment
Residential
Total
Nonfarm
540.5
599.5
757.5
745.9
735.1
749.3
773.4
784.0
739.1
661.1
558.0
595.1
689.6
723.8
726.5
723.0
753.4
754.2
732.9
670.4
433.9
420.8
490.2
521.8
500.3
497.8
530.8
540.0
538.1
500.2
181.3
160.3
182.8
197.4
176.6
171.3
174.0
177.6
179.1
157.6
252.6
260.5
307.4
324.4
323.7
326.5
356.8
362.5
359.0
342.6
124.1
174.2
199.3
202.0
226.2
225.2
222.7
214.2
194.8
170.2
-17.5
4.4
67.9
22.1
8.5
26.3
19.9
29.8
6.2
-9.3
-20.7
12.8
66.2
19.8
10.6
32.7
26.9
29.9
3.7
-9.6
503.5
669.5
756.4
763.1
705.9
793.8
785.0
769.5
548.4
640.2
708.4
732.9
725.9
733.9
764.1
744.6
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
173.2
162.6
189.5
198.3
170.4
177.9
175.7
179.8
244.0
287.0
320.1
327.2
325.0
332.7
363.1
356.9
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
44.9
29.3
47.9
30.2
-20.1
59.9
20.9
24.9
46.2
32.3
50.8
28.0
-18.6
62.1
30.5
31.2
743.1
680.0
732.0
706.8
542.9
529.3
181.2
173.2
361.7
356.1
189.1
177.5
11.2
-26.8
6.6
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
-24.7
— 24.5
-1.0
11.8
668.9
713.6
724.9
681.4
705.9
710.0
495.8
514.7
518.7
149.4
149.1
144.7
346.4
365.6
374.0
185.6
191.2
191.3
12.6
7.8
15.0
-10.7
6.0
9.6
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department October-November 1992 survey, business spending for new plant and
equipment is expected to rise 5.3 percent in 1993, following a rise of 3.6 percent in 1992.
BILLIONS Of DOLLARS (RATIO SCALE!
600
BILLIONS OF DOLLARS (RATIO SCALE)
600
500
ALL INDUSTRIES
NONMANUFACTURING-1^
200
*
"\
MANUFACTURING
100
i/
1 1 1
1984
I
1985
1986
I
I
I
I
I
1989
1988
1
1 1
1990
1
1 1
1991
L/SURVEYED QUARTERLY
I/SEE FOOTNOTE & BELOW
SOURCE: DEPARTMENT OF COMMERCE
1993
1992
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanufacturing
Manufacturing
Period
All
industries
Total
Durable
goods
Nondurable
goods
Total '
Mining
Transportation
Public
utilities
Commercial
and
other
Total
nonfarm
business 2
Nonmanufacturing
Manufacturing
Total
Surveyed
quarterly
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992 4
1993"
324.73
326.19
321.16
373.83
410.12
399.36
410.52
455.49
507.40
532.61
528 39
547.39
576.55
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
173.48
182.57
58.93
54.58
51.61
64.57
70.87
65.68
68.03
77.04
82.56
82.58
77.64
74.07
76.08
69.75
69.39
65.74
75.04
82.01
72.28
73.03
86.41
101.24
110.04
105.17
99.41
106.49
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
373.91
393.97
15.81
14.11
10.64
11.86
12.00
8.15
8.28
9.29
9.21
9.88
10.02
9.25
9.97
12.67
11.75
10.81
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.66
23.65
23.75
47.17
53.58
52.95
57.53
59.58
56.61
56.26
60.37
66.28
67.21
66.57
72.19
79.83
120.41
122.79
129.41
151.39
171.09
181.59
189.84
205.76
229.28
241.43
246.32
268.81
280.43
1991- I
II
Ill
IV
534.27
525.02
526.59
529.87
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
1992- I
II
III r
IV 4
535.72
540.91
547.53
565.40
173.98
171.78
172.23
175.93
74.19
74.26
71.84
75.98
99.79
97.52
100.39
99.95
361.73
369.13
375.30
389.48
8.87
9.18
9.09
9.87
21.88
23.51
24.69
24.54
68.81
72.63
71.66
75.65
262.17
263.80
269.86
279.42
173.98
171.78
172.23
175.93
361.73
369.13
375.30
389.48
1993- I 4 .
II"
576.07
591.20
183.93
185.40
77.30
75.87
106.63
109.52
392.14
405.80
10.97
10.36
23.47
26.77
77.70
79.62
280.00
289.05
183.93
185.40
392.14
405.80
1
Excludes forestry, fisheries, and agrieultural services; medical services; professional services;
social sen-ices 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
"AH industries" plus the part of nonmanufacturing that is surveyed annually.
10
358.77
363.08
359.73
418.38
454.93
447.11
461.51
508.22
563.93
591.96
587.93
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
173.48
182.57
230.09
239.11
242.38
278.77
302.05
309.16
320.45
344.77
380.13
399.34
405.12
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
373.91
393.97
Surveyed
annuallj-3
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
59.35
59.54
y
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in October-November 1992, corrected for
biases.
Source:-Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In November, civilian employment rose by 420,000 and unemployment fell by 141,000.
MILLKDNS OF PERSONS*
130
MILLIONS OF PERSC NS*
130
SEASONALLY ADJUSTED
126
126
i^
CIVILIAN LABOR FC3RCE
122
- 122
118
"^
s"
1
r^—
114
'"'"'
^^.x*
~x~"
—N
'
118
,-_
^,-
110
106
.--
- 114
CIVILIAN
EMPLOYMENT
110
.x — -•'""
- 106
102
102
N
N.
12
/
8
4
12
UNEMPLOYME NT
.
/
/
.
_—^
-"•
8
•""
_ 4
_
|
0
, , ,(
1984
1
1985
1986
|||M|
M|11
1987
i i i n l i i i n in i i In 1 1 i m u l l mi
1988
1989
1991
1990
1 1 1 II
0
Mill
1992
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
Noninstitutional
population
including
resident
Armed
Forces
NSA
Labor force
including
resident
Armed
Forces
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
15
Agricultural
Total
Total
NSA
1982
1983
1984
1985
1986*
1987
1988
1989
1990
1991
1991:
Nov
Dec
1992:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept ....
Oct
Nov
Part time
for
economic
reasons *
Total
weeks
and
over
Labor
force
participation
rate
/
(per-
cent) 2
Employment/
population
ratio
(per-
cent) •
173,939
175,891
178,080
179,912
182,293
184,490
186,322
188,081
189,686
191,329
1,668
1,676
1,697
1,706
1,706
1,737
1,709
1,688
1,637
1,564
111,872
113,226
115,241
117,167
119,540
121,602
123,378
125,557
126,424
126,867
101,194
102,510
106,702
108,856
111,303
114,177
116,677
119,030
119,550
118,440
110,204
111,550
113,544
115,461
117,834
119,865
121,669
123,869
124,787
125,303
99,526
100,834
105,005
107,150
109,597
112,440
114,968
117,342
117,914
116,877
3,401
3,383
3,321
3,179
3,163
3,208
3,169
3,199
3,186
3,233
96,125
97,450
101,685
103,971
106,434
109,232
111,800
114,142
114,728
113,644
5,852
5,997
5,512
5,334
5,345
5,122
4,965
4,657
4,860
5,767
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
3,485
4,210
2,737
2,305
2,232
1,983
1,610
1,375
1,504
2,323
64.0
64.0
64.4
64.8
65.3
65.6
65.9
66.5
66.4
66.0
57.9
59.5
60.1
60.7
61.5
62.3
63.0
62.7
61.6
192,057
192,209
1,605
1,604
126,979
127,223
118,377
118,332
125,374
125,619
116,772
116,728
3,272 113,500
3,183 113,545
6,123
6,084
8,602
8,891
2,623
2,843
65.8
65.9
61.3
61.2
192,358
192,469
192,607
192,745
192,881
193,025
193,190
193,356
193,513
193,683
193,847
1,599
1,585
1,585
1,577
1,574
1,570
1,568
1,566
1,566
1,552
1,531
127,645
127,872
128,175
128,407
128,734
129,119
129,100
129,003
128,839
128,511
128,769
118,716
118,628
118,933
119,252
119,230
119,144
119,340
119,303
119,267
119,177
119,576
126,046
126,287
126,590
126,830
127,160
127,549
127,532
127,437
127,273
126,959
127,238
117,117
117,043
117,348
117,675
117,656
117,574
117,772
117,737
117,701
117,625
118,045
3,166
3,232
3,194
3,209
3,178
3,252
3,204
3,218
3,242
3,160
3,211
113,951
113,811
114,155
114,465
114,478
114,322
114,568
114,519
114,459
114,465
114,834
6,429
6,213
6,180
5,910
6,210
5,824
6,058
6,091
6,079
6,188
6,292
8,929
9,244
9,242
9,155
9,504
9,975
9,760
9,700
9,572
9,334
9,193
3,059
3,204
3,185
3,018
3,361
3,675
3,616
3,563
3,472
3,522
3,315
66.1
66.2
66.3
66.3
66.5
66.6
66.6
66.4
66.3
66.1
66.2
61.4
61.3
61.4
61.6
61.5
61.4
61.5
61.4
61.3
61.2
61.4
1
Persons at work. Economic reasons include stack work, material shortages, inability to find fulltime work, etc.
2
Civilian labor force (or employment) aa percent of civilian noninatitutional population.
Civilian
Unemployment
Civilian employment
Resident
Armed
Forces
57.8
'Data beginning January 1986 not strictly comparable with earlier data because of change in
estimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In November, the civilian unemployment rate fell to 7.2 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
20
15
15
BLACK
10
10
ALL CIVILIAN WORKERS
BLACK
AND OTHER
\
/
WHITE
I I I I I I I I IM
1988
1 M III I I IH
1989
I I II II II N1
1992
1988
1992
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
Unemployment
rate,
all
workers 1
1982
1983
1984
1985
1986
1987
1988 ..
1989
1990 ...
1991
1991: Nov ....
Dec
1992: Jan
Feb
Mar
Apr
May ....
June ...
July ....
Aug
Sept
Oct
Nov
9.5
9.5
7.4
7.1
6.9
6.1
5.4
5.2
5.4
6.6
6.8
7.0
7.0
7.2
7.2
7.1
7.4
7.7
7.6
7.5
7.4
7.3
7.1
1
Unemployment rate (percent of civilian labor force in group)
By sex and age
All
civilian
workers
9.7
9.6
7.5
7.2
7.0
6.2
5.5
5.3
5.5
6.7
6.9
7.1
7.1
7.3
7.3
7.2
7.5
7.8
7.7
7.6
7.5
7.4
7.2
Men
20 years
and over
Women
20 years
and
over
8.8
8.9
6.6
8.3
8.1
6.2
6.1
5.4
4.8
4.5
4.9
6.3
6.4
6.6
6.9
7.0
6.9
6.8
7.3
7.4
7.2
7.3
7.1
7.2
6.8
6.8
6.6
6.2
5.4
4.9
4.7
4.8
5.7
5.9
6.1
5.9
6.1
6.1
6.3
6.1
6.4
6.5
6.5
6.3
6.1
6.1
Both
sexes
16-19
Black
White
23.2
22.4
18.9
18.6
18.3
16.9
15.3
15.0
15.5
18.6
18.7
19.3
18.3
20.0
20.6
19.2
20.0
23.6
21.0
19.8
20.4
18.3
20.2
12
and
Black
other
years
8.6
8.4
6,5
6.2
6.0
5.3
4.7
4.5
4.7
6.0
6.2
6.3
6.2
6.5
6.5
6.3
6.5
6.8
6.7
6.6
6.7
6.5
6.3
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 percent of potentially available labor force hours.
2
By selected groups
By race
17.3
17.8
14.4
13.7
13.1
11.6
10.4
10.0
10.1
11.1
11.0
11.5
12.6
12.2
12.2
12.4
13.1
13.5
13.1
12.9
12.5
12.4
12.5
18.9
19.5
15.9
15.1
14.5
13.0
11.7
11.4
11.3
12.4
12.3
12.7
13.7
13.8
14.1
13.9
14.7
14.9
14.6
14.3
13.7
13.9
13.8
Experienced
wage and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
9.3
9.2
7.1
6.8
6.6
5.8
5.2
5.0
5.3
6.5
6.5
6.5
4.6
4.3
4.4
3.9
3.3
3.0
3.4
4.4
6.7
6.8
4.5
4.7
8.1
8.1
8.2
9.1
9.1
9.1
6.9
7.1
7.2
6.9
7.2
7.3
7.2
7.3
7.2
7.1
7.0
4.8
5.0
4.8
4.7
5.1
5.3
5.3
5.4
5.3
5.2
4.8
9.0
9.5
10.0
10.2
10.0
10.1
10.6
10.5
9.0
9.1
10.5
11.7
12.2
10.3
10.4
9.8
9.2
Source: Department of Labor, Bureau of Labor Statistics.
Fulltime
workers
Parttime
workers
9.6
9.5
7.2
6.8
6.6
5.8
5.2
4.9
5.2
6.5
6.5
6.8
6.8
7.1
7.0
7.0
7.1
7.5
7.4
7.4
7.2
7.0
6.9
10.5
10.4
9.3
9.3
9.1
8.4
7.6
7.3
7.4
8.3
8.6
8.6
9.1
8.8
9.0
8.8
9.5
9.3
9.1
9.1
9.5
9.2
9.2
Labor
force
time lost
(percent) 2
11.0
10.9
8.6
8.1
7.9
7.1
6.3
5.9
6.2
7.6
7.9
8.1
8.1
8.3
8.3
8.3
8.3
8.4
8.4
8.4
8.3
8.3
8.2
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In November, the percentages of the unemployed who had been out of work for less than 5 weeks, for 15-26
weeks, and for 27 weeks and over fell; the percentage for 5-14 weeks rose. The mean duration of unemployment
fell to 18.2 weeks and the median duration rose to 9.4 weeks.
PERCENT DISTRIBUTION*
70
PERCENT DISTRIBUTION'
70
DURATION OF UNEMPLOYMENT
LESS THAN
5 WEEKS
-
5-U
WEEKS
COUNCIL Of ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution
Duration of unemployment
Unemployment
(thousands)
Period
Number of
weeks
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
State
programs
27
weeks
and
over
Average
(mean)
Median
Job
losers
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 1
Weekly average, thousands
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 ..
1991: Nov
Dec
1992: Jan
Feb
Mar
May
July
Sept
Oct... .
Nov
. ..
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
8,602
8,891
8,929
9,244
9,242
9,155
9,504
9,975
9,760
9,700
9,572
9,334
9,193
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
46.1
40.1
38.1
37.1
36.8
33.3
36.0
35.9
36.4
35.6
34.8
34.0
34.0
34.0
33.3
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
32.0
32.3
31.5
31.0
29.5
31.7
29.1
30.2
27.8
27.8
28.3
29.5
30.2
28.3
30.9
16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
11.8
14.5
15.1
15.4
16.1
16.1
15.5
14.4
14.8
15.1
15.0
15.6
14.3
15.4
15.1
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
10.1
13.0
15.3
16.5
17.7
18.9
19.4
19.6
21.1
21.5
21.8
20.9
21.5
22.3
20.7
1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Railroad (BR) programs included through 1991. Also includes
Federal and State extended benefit programs. Does not include Federal supplemental compensation
program.
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.1
13.8
14.9
15.3
16.4
17.0
17.1
17.0
18.3
18.6
18.3
18.2
18.3
19.4
18.2
8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
5.4
6.9
7.7
7.8
8.1
8.2
8.0
8.8
9.0
8.7
8.5
8.9
9.4
9.3
9.4
58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
48.3
54.7
54.8
56.2
53.7
57.8
57.3
56.5
57.7
56.3
56.1
56.1
56.6
59.1
55.7
7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
14.8
11.6
11.5
10.3
11.0
9.8
9.9
11.3
10.5
10.4
10.4
10.7
9.9
9.6
10.6
22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
27.4
24.8
24.6
24.4
26.4
23.5
24.0
23.1
22.7
22.8
23.4
23.4
23.7
23.3
23.6
11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.0
9.1
8.9
8.9
8.8
9.2
9.0
10.4
10.1
9.9
9.9
8.0
10.1
4,061
3,396
2,476
2,611
2,650
2,332
2,081
2,158
2,522
3,342
3,313
3,317
3,349
3,324
3,340
3,348
3,328
3,249
3,327
3,185
3,185
3,029
"2,939
583
438
377
396
378
328
310
330
388
447
448
464
446
452
440
412
407
415
420
409
406
366
'361
4,594
3,775
2,561
2,693
2,746
2,401
2,135
2,205
2,575
' 3,406
' 2,845
' 3,575
4,197
4,199
4,102
3,626
3,193
3,141
3,118
3,115
r
2,814
' 2,537
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 105,000 in November.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
30
no
\ T
^-^
ALL NONAGRICULTURAL
ES TABLISHMEN 'S
100 ~
,
™
•
\
RO
SERVICE-PRODUCING
INDUSTRIES
70
-
60 -
MANUFACTURING
20
40
GOOCjs-pRODuar-\G
INDUSTRIES
30
—,
V
20
iimlimi imilimi n nilnin
" 1988
~~\
1990
1989
Minium,
1991
1992
Illinium
1
*
1988
mill inn
1989
1
1
II ! 1 i 1 1 1 1 1 1 1 1 H 1 1 1 M 1 1 1
1
1990
* SEASONAllY ADJUSTED
SOURCE: DEPARTMENT OF IABOR
1991
1 1 1 1 M 1 1 M It
1992
^
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; * seasonally adjusted]
Service-producing industries
Goods-producing industries
Period
Total
nonagricultural
employment
Transportation
Manufacturing
Total 2
C nn
on-
struction
Total
Nondurable
goods
11,014
10,707
11*479
11,464
11,203
11,167
11,381
11,420
11,130
10,602
7,767
7,726
7^899
7,796
7*761
7,858
7*969
8,022
7*988
7,852
65,753
66,866
69*769
72,660
74*967
77,492
80*363
83,007
84,822
84,480
5,082
4,954
5459
5,238
5*255
5,372
5*527
5,644
5,808
5,772
5,296
5,286
5*.574
5,736
5*774
5,865
6^055
6,221
6,200
6,069
15,161
15,595
16,526
17,336
17,909
18,462
19,077
19,549
19,677
19,259
5,468
5,689
5,955
6,283
6,547
6,649
6,695
6,729
6,678
19,036
19,694
20,797
21,999
23,053
24,235
25,669
27,120
28,103
28,323
15,837
15,869
16,024
16,394
16,693
17,010
17,386
17,779
18,304
18,380
2,739
2,774
2,807
2,875
2,899
2,943
2,971
2,988
3,085
2,966
5,761
5,758
5,746
5,753
5,754
5,746
5,745
5,745
5,742
5,729
5,738
5,730
5,735
6,031
6,021
6,010
6,003
5,997
5,993
5,993
5,988
5,972
5,964
5,957
5,966
5,968
19,130
19,112
6,666
6,670
28,514
28,559
18,424
18,450
2,981
2,983
19,118
19,143
19,092
19,177
19,150
19,156
19,184
19,106
19,122
19,138
19,092
6,665
6,673
6,675
6,682
6,681
6,672
6,660
6,661
6,669
6,680
6,676
28,577
28,584
28,643
28,707
28,833
28,854
28,971
28,981
29,065
29,142
29,206
18,457
18.461
18,507
18,542
18,546
18,538
18,606
18,682
18,650
18,618
18,678
2,981
2,981
2,989
2,986
2,984
2,972
2,957
2,959
2,967
2,944
2,934
5^187
5,133
4,685
18,781
18,434
19378
19,260
18*965
19,024
19350
19,442
19*117
18,455
108,139
108,154
23,613
23,584
4,585
4,592
18,361
18,329
10,498
10,466
7,863
7,863
84,526
84,570
108,100
108,142
108,200
108,377
108,496
108,423
108,594
108,485
108,497
Oct '... 108,531
Nov ".. 108,636
i
23,527
23,525
23,532
23,530
23,548
23,470
23,459
23,362
23,296
23,257
23,281
4,587
4,582
4,603
4,605
4,632
4,600
4,584
4,591
4,574
4,598
4,587
18,283
18,290
18,278
18,279
18,275
18,236
18,242
18,145
18,102
18,037
18,072
10,422
10,430
10,417
10,409
10,398
10,371
10,347
10,298
10,271
10,226
10,246
7,861
7,860
7,861
7,870
7,877
7,865
7,895
7,847
7,831
7,811
7,826
84,573
84,617
84,668
84,847
84,948
84,953
85,135
85,123
85,201
85,274
85,355
1
I
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
and
public
utilities
3,905
3,948
4383
4,673
4,816
4,967
1991: Nov ...
Dec ....
1992: Jan ....
Feb ....
Mar ....
Apr ....
May....
June ..
July ...
Aug ...
Sept r..
Government
Services
Durable
goods
23,813
23,334
24,727
24,859
24,558
24,708
25,173
25,322
24,960
23,830
1985
1986
1987
1988
1989
1990
1991
Finance,
insurance,
and real
estate
He tail
trade
Total
89,566
90,200
94,496
97,519
99,525
102,200
105,536
108,329
109,782
108,310
1982
1983
1984
Wholesale
trade
5,341
i
Total
Federal
i
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
nonagrieultural '
Period
Total
Average gross weekly earnings
Average gross hourly earnings
Manufacturing
Total private
nonagricultural 1
Total private
nonagricultural 1
Overtime
Current
dollars
1982
dollars 2
Manufacturing
Current dollars
Current
dollars
1982
dollars z
Manufacturing
Construction
Retail
trade
Percent change from a
year earlier, total
private
nonagricultural 3
1982
dollars
Current
dollars
34.8
35.0
35.2
34.9
34.8
34.8
34.7
34.6
34.5
34.3
38.9
40.1
40.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7
2.3
3.0
3.4
3.3
3.4
3.7
3.9
3.8
3.6
3.6
$7.68
8.02
8.32
8.57
8.76
8.98
9.28
9.66
10.01
10.33
$7.68
7.79
7.80
7.77
7.81
7.73
7.69
7.64
7.52
7.45
$8.49
8.83
9.19
9.54
9.73
9.91
10.19
10.48
10.83
11.18
$267.26
280.70
292.86
299.09
304.85
312.50
322.02
334.24
345.35
354.32
$267.26
272.52
274.73
271.16
271.94
269.16
266.79
264.22
259.47
255.64
$330.26
354.08
374.03
386.37
396.01
406.31
418.81
429.68
441.86
455.03
$426.82
442.97
458.51
464.46
466.75
480.44
495.73
513.17
526.01
533.02
$163.83
171.13
174.47
174.81
175.80
178.80
183.62
188.72
194.40
198.77
4.7
5.0
4.3
2.1
1.9
2.5
3.0
3.8
3.3
2.6
-1.2
2.0
1991- Nov
Dec
34.4
34.5
40.9
41.0
3.7
3.7
10.42
10.46
7.44
7.45
11.30
11.32
358.45
360.87
255.85
257.03
462.17
464.12
529.84
538.37
202.05
202.62
3.0
3.1
.2
.4
1992: Jan
Feb
Mar
34.3
34.6
34.5
34.3
34.6
34.3
34.3
34.6
34.3
34.5
34.7
40.9
41.1
41.1
41.1
41.3
41.0
41.0
41.0
40.9
41.1
41.3
3.6
3.7
3.8
3.9
4.1
3.8
3.8
3.7
3.5
3.8
3.9
10.46
10.51
10.55
10.52
10.56
10.58
10.58
10.66
10.63
10.65
10.71
7.44
7.46
7.46
7.42
7.44
7.43
7.41
7.44
7.41
7.40
7.42
11.27
11.34
11.37
11.42
11.44
11.44
11.45
11.51
11.51
11.50
11.53
358.78
363.65
363.98
360.84
365.38
362.89
362.89
368.84
364.61
367.43
371.64
255.36
258.27
257.23
254.47
257.31
254.84
254.30
257.57
254.08
255.16
257.55
460.94
466.07
467.31
469.36
472.47
469.04
469.45
471.91
470.76
472.65
476.19
530.22
526.55
532.87
535.95
548.10
543.86
541.82
542.82
537.47
536.29
532.79
202.91
205.61
205.06
202.77
205.06
203.35
203.49
206.92
207.50
207.79
208.80
3.0
3.9
4.2
3.1
3.4
1.9
2.6
3.5
1.2
2.8
3.6
.6
1.1
1.2
.1
.6
-1.0
-.4
.4
17
-.3
.6
1982
..
1983
1984
1985
1986
1987
1988 . .
1989
1990 .
1991
.
..
....
May
July
Sept '
Oct '.
Nov"
1
Also includes other private industry groups shown on p. 14.
2
Current dollar earnings divided by the consumer price index for urban wage earners and clerical
workers (on a 1982 = 100 base).
.8
13
.3
10
-.9
10
-1.8
15
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 '
75.8
80.1
84.0
87.3
90.1
93.1
97.6
102.3
107.0
111.7
77.6
81.4
84.8
88.3
91.1
94.1
98.0
102.0
106.1
110.0
71.4
76.7
81.7
84.6
87.5
90.5
96.7
102.6
109.4
116.2
Total
compensation
Wages and
salaries
Benefits '
Total
compensation
Wages and
salaries
Benefits '
Not seasonally adjusted
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1.3
1.3
1.3
.6
.7
.6
1.0
1.1
.8
.6
1.2
1.1
1.2
.6
.6
.6
1.0
.8
.7
.6
1.4
1.3
1.4
.5
.6
1.0
1.0
1.2
1.0
.9
Sept
Dec
1990: Mar
Sept
Dec
1991: Mar
Sept
Dec
1992- Mar
Sept
1
7.2
7.4
6.5
3.5
3.4
3.4
6.9
6.1
6.6
6.2
98.9
99.9
101.2
102.4
103.8
105.0
106.2
107.2
108.5
109.7
110.8
111.9
99.1
100.0
101.1
102.2
103.3
104.4
105.4
106.2
107.3
108.4
109.2
110.1
98.2
99.9
101.5
103.0
105.2
106.7
108.3
109.9
111.4
113.2
115.1
116.7
1.1
1.0
1.3
1.2
1.4
1.2
1.1
.9
1.2
1.1
1.0
1.0
1.0
.9
1.1
1.1
1.1
1.1
1.0
.8
1.0
1.0
.7
.8
1.2
1.7
1.6
1.5
2.1
1.4
1.5
1.5
1.4
1.6
1.7
1.4
4.6
4.5
4.8
4.8
5.2
5.2
4.9
4.6
4.4
4.4
4.5
4.4
4.2
4.1
4.3
4.1
4.2
4.5
4.2
4.0
4.0
3.7
3.7
3.7
5.4
5.6
6.0
6.1
7.2
6.9
6.8
6.6
5.8
6.2
6.4
6.2
113.0
113.7
114.6
111.0
111.5
112.1
118.4
119.4
121.3
1.0
.6
.8
.8
.5
.5
1.5
.8
1.6
4.2
3.7
3.4
3.4
3.0
2.7
6.3
5.5
5.2
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.
6.3
4.9
4.2
4.1
3.2
3.3
4.1
4.1
4.0
3.7
Not seasonally adjusted
Seasonally adjusted
1989: Mar
6.5
5.7
4.9
3.9
3.2
3.3
4.8
4.8
4.6
4.4
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 1
Business
sector
Compensation per
hour 3
Hours of 2all
persons
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
99.9
100.0
102.2
104.6
106.1
108.3
109.4
110.4
109.5
109.7
110.1
99.9
100.0
102.4
104.5
105.4
107.5
108.3
109.2
108.2
108.2
108.7
102.4
100.0
104.1
112.6
116.7
119.9
124.8
130.1
132.3
132.7
129.8
102.4
100.0
104.4
113.0
116.8
120.1
125.0
130.6
132.7
132.9
130.0
102.5
100.0
101.8
107.6
109.9
110.7
114.1
117.9
120.9
120.9
117.9
102.5
100.0
102.0
108.1
110.8
111.8
115.4
119.5
122.7
122.9
119.6
93.0
100.0
103.7
108.1
113.0
118.6
122.7
128.0
132.3
139.7
146.6
93.0
100.0
103.9
108.1
112.6
118.1
122.1
127.2
131.3
138.4
145.4
98.7
100.0
100.5
100.4
101.3
104.4
104.3
104.4
103.0
103.2
103.9
98.8
100.0
100.7
100.4
101.0
104.0
103.7
103.7
102.2
102.2
103.0
93.1
100.0
101.5
103.3
106.5
109.5
112.2
116.0
120.9
127.3
133.1
93.1
100.0
101.5
103.4
106.8
109.9
112.8
116.4
121.4
127.9
133.8
94.5
100.0
103.4
107.7
111.2
113.6
116.6
120.8
126.1
131.2
136.2
94.2
100.0
104.0
107.6
111.6
114.2
117.2
121.4
126.5
131.8
137.0
IV
IV
IV
IV
IV
IV
IV
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.P
120.9
102.1
105.2
109.7
115.4
120.6
125.3
130.1
102.1
105.1
109.7
114.8
120.1
124.6
129.3
100.6
100.4
100.6
102.2
105.3
104.8
104.3
100.6
100.3
100.5
101.6
104.9
104.2
103.6
101.0
102.1
104.3
108.0
111.6
113.6
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: m
IV
1990: I
109.2
109.3
109.4
110.2
109.8
109.7
109.3
109.8
110.3
111.2
112.3
112.5
113.5
108.0
108.0
132.3
132.3
132.7
132.7
121.1
121.1
132.7
134.3
131.6
133.3
102.7
102.9
101.9
102.1
121.4
122.9
121.9
123.3
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
136.2
138.9
141.0
142.9
134.9
137.5
139.6
141.6
102.6
103.6
103.4
103.0
101.6
102.5
102.4
102.1
124.5
126.0
128.4
130.3
125.0
126.6
129.1
131.0
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
144.1
146.1
147.5
148.8
143.0
145.0
146.4
147.5
103.1
103.9
104.2
104.2
102.3
103.1
103.4
103.3
131.8
133.1
133.7
133.8
132.5
133.8
134.4
134.6
110.6
111.1
111.9
131.4
131.9
133.1
131.5
132.0
133.2
117.0
117.2
117.2
122.9
122.8
123.7
123.4
122.8
121.6
119.9
119.7
119.6
119.3
118.9
118.9
119.1
150.2
151.0
152.4
148.9
149.8
151.1
104.5
104.1
104.4
103.5
103.3
103.5
133.8
134.1
134.3
134.6
134.9
135.1
126.7
127.8
129.1
130.6
131.9
133.3
134.9
136.0
136.7
137.3
138.2
139.0
138.8
127.1
128.2
129.6
131.1
132.5
134.1
135.7
136.6
137.5
138.3
139.1
139.9
139.8
8.0
7.4
1.5
1.9
3.0
2.8
2.5
3.3
4.2
5.3
4.6
8.6
7.4
1.5
1.9
3.3
2.9
2.6
3.2
4.3
5.4
4.6
10.1
5.8
3.4
4.1
3.3
2.2
2.6
3.6
4.4
4.1
3.8
3.2
3.6
4.2
4.7
4.2
4.2
4.8
3.2
2.3
1.6
2.6
2.4
-.4
10.1
6.1
4.0
3.5
3.7
2.4
2.6
3.6
4.2
4.2
4.0
3.3
3.5
4.2
4.7
4.5
4.8
4.9
2.7
2.7
2.2
2.4
2.5
-.5
1981
1982
1983
1984
1985
1986
1987
1988 .
1989
1990 .
1991
1982:
1983:
1984:
1985:
1986:
1987:
1988:
n
m
IV
1991- I
n
m
IV
1992: I
nr
m *.
Percent change; quarterly data at seasonally adjusted annual rates
1981
1982
1983
1984 .
1985
1986....
1987
1988
1989
1990
1991
1989: III
IV
1990- I
n
m
IV
1991: I
n
m
IV
1992: I
n r>
m .
1.3
.1
2.2
2.3
1.4
2.0
1.0
.9
-.8
.3
.3
0.9
.1
2.4
2.1
.8
1.9
.8
.9
-1.0
.0
.5
1.9
-2.3
4.1
8.2
3.6
2.8
4.1
4.3
1.7
.2
22
1.6
-2.4
4.4
8.2
3.4
2.8
4.1
4.4
1.7
.1
22
0.6
-2.5
1.8
5.7
2.1
.7
3.1
3.3
2.6
-.0
-2.5
-.7
.3
-.6
.1
-.3
.2
1.0
.2
J
.4
2.9
-1.4
-.5
-.5
2.5
-1.7
.1
2.6
1.8
-3.6
-3.5
2.2
1.6
-3.7
-3.6
-6.4
.9
1.6
2.0
-6.1
1.9
3.3
-.7
1.7
1.9
2.5
3.9
1.0
3.4
3.7
1.7
3.0
2.3
1.6
3.6
2.2
-1.1
-2.3
-3.0
-5.3
-.7
-.3
-1.3
-1.5
.6
.2
-1.6
J 1
i!e
.9
1.5
1.6
2.3
1.7
3.5
0.7
-2.4
2.0
6.0
2.5
.9
3.3
3.5
2.7
.1
-2.6
.4
9.6
7.5
3.9
4.0
4.2
4.9
3.4
4.1
3.2
5.4
5.1
.9
3.0
— .1
.1
— 1.4
.2
.7
-0.7
1.2
.7
3
.6
3.0
-.2
.0
-1.5
0
.8
-^
3.2
5.1
3.6
5.2
.0
1.0
.4
1.1
4.9
4.9
4.3
4.9
2.8
-.9
-2.1
-3.7
5.8
8.0
6.3
5.4
5.0
7.8
6.4
5.9
-1.2
3.8
7
— 1.4
-1.9
3.5
g
-.9
5.3
5.0
7.8
5.9
5.6
5.1
8.2
5.8
-5.5
-.8
-.3
-.9
3.6
5.6
3.9
3.5
3.8
5.8
3.9
3.1
.4
3.0
1.1
-.0
.6
3.2
1.2
-.4
4.8
3.9
1.9
.2
4.6
4.0
2.0
.6
-1.3
4.0
1.9
3.9
3.8
2.4
3.5
1.1
— 1.4
1.3
.9
-.9
.9
.1
.9
.5
.1
.8
.6
.1
.6
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.
« Hourly
'Iy compensation divided by the consumer price index for all urban consumers.
16
-0.8
1.3
.5
9.4
7.6
3.7
4.2
4.5
4.9
3.5
4.3
3.4
5.6
4.9
5
J
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 December 22, 1992.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization rose in November.
INDEX, 1987- 100* (RATIO SCALE)
120
INDEX, 1987 . 100* (RATIO SCALE)
TOTAL INDUSTRIAL PRODUCTION
125
120
110
-*r—^~^'
'"""I
105
vv^%
^\
1
^~^
""^
1 1 1 1 ll 1 M 1 1
110
105
1 1 1 1 1 1 1 1 1 1 1 ,,,
/,S
115
100
95
FINAL PRODUCTS
1 1 M | 1 1 i | 1 1 1 1 1 1 1 1 1 11 1 1
100
95
-
s^.
V'
S*J
y _„ - —^"~'
\x
^
r^\\^^^^
\
^/~~
1
EQUIPMENT
~~^f
<
'\ . S\
\
CONSUMER
GOODS
\
"•»
\
"N,
DEFENSE
AND SPACE
'
EQUIPMENT
-— -..•+.'' »••
90
85
*s
N
80
1 1 1 1 ll I N 1 1 i M 1 ll 1 1 1 1 1 1 1 1 1 1 1 1 1 t l l M 1 1 1 1 1 1 1 1 1
1 1 i 1 1 1111 11
PERC ENT*
88
CAP AC IT Y UTILIZATI ON RATE
(TOTAL 1 NDUSTRY)
86
84
_/~"^1—**>—
^
— \^
^"
82
80
y~^~~\
\
\/
78
95
76
1992
1 E M ll 1 M 1 1 1 1 1 M 1 1 1 1 1 1 1 U 1 1 1 M 1 1 1 ill
1988
1989
1990
\^^^
1 1 1 1 11 1 1 1 E1 1 1 ! 1 1 1 1 1
1
1991
1992
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
Index,
1987 = 100
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
Capacity utilization
rate, percent l
Industry production indexes, 1987 = 100
Total
industrial
production
Manufacturing
Percent
change
from year
earlier
Mining
Durable
Total
Utilities
Nondurable
Total
industry
Manufacturing
85.7
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
109.2
107.1
1.9
— 4.4
3.7
9.3
1.7
1.0
4.9
5.4
2.6
1.0
19
80.3
76.6
80.9
89.3
91.6
94.3
100.0
105.8
108.9
109.9
107.4
77.4
72.7
76.8
88.4
91.8
93.9
100.0
107.6
110.9
111.6
107.1
84.5
82.5
87.0
90.8
91.5
94;9
100.0
103.6
106.4
107.8
107.9
114.3
109.3
104.8
111.9
109.0
101.0
100.0
101.8
100.5
102.6
101.1
94.3
91.8
93.6
97.0
99.5
96.3
100.0
104.4
107.1
108.0
109.2
80.9
75.0
75.8
81.1
80.3
79.2
81.4
84.0
84.2
83.0
79.4
78.8
72.8
74.9
80.4
79.5
79.0
81.4
83.9
83.9
82.3
78.2
1991:
Nov
Dec
108.1
107.4
-.2
.2
108.6
108.1
107.8
107.1
109.6
109.5
99.6
98.8
111.0
107.9
79.3
78.7
78.2
77.7
1992:
Jan
Feb
Mar
106.6
107.2
107.6
108.1
108.9
108.5
109.4
109.1
108.8
109.3
109.7
.0
1.4
2.5
2.5
2.3
1.1
1.2
1.0
.4
.8
1.5
107.4
108.1
108.5
109.0
109.9
109.6
110.2
110.1
109.7
110.3
110.8
105.8
107.0
107.0
107.6
109.1
108.5
109.0
109.2
108.2
109.2
109.7
109.5
109.6
110.4
110.7
110.9
111.0
111.7
111.3
111.6
111.6
112.2
97.8
98.4
97.5
99.1
99.7
98.0
100.6
98.8
98.8
98.9
99.5
106.8
106.4
107.7
108.2
107.3
106.7
109.3
108.8
109.1
108.6
107.9
78.0
78.3
78.4
78.7
79.1
78.6
79.1
78.8
78.5
78.7
78.9
77.0
77.4
77.5
77.7
78.2
77.8
78.1
77.9
77.4
77.7
77.9
May
July
Aug '
Sept '
Oct
T
Nov p
1
Output as percent of capacity.
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; monthly data seasonally adjusted]
Materials
Products
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
1982
1983.
1984
1985.
1986
1987.
1988
1989.
1990
1991
Durable
goods
Nondurable
goods
Total
1
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Energy
80.8
83.0
91.0
94.2
95.7
100.0
105.6
109.1
110.9
109.6
84.5
88.8
92.8
93.7
96.8
100.0
104.0
106.7
107.3
107.5
68.7
79.7
91.0
91.6
94.5
100.0
104.9
107.9
106.2
102.3
89.7
91.9
93.4
94.4
97.6
100.0
103.7
106.4
107.6
109.0
77.0
76.8
89.2
94.8
94.5
100.0
107.6
112.3
115.5
112.2
72.9
71.9
85.4
91.1
93.2
100.0
111.8
119.1
123.1
121.5
65.7
71.8
78.9
89.4
96.0
100.0
98.0
97.4
97.3
91.1
75.1
80.3
86.2
88.3
92.0
100.0
104.4
106.8
107.7
103.4
72.2
80.2
86.2
89.1
93.8
100.0
104.4
106.1
105.2
96.0
77.0
80.3
86.2
87.7
90.7
100.0
104.4
107.3
109.4
108.4
85.1
88.3
96.6
96.6
95.9
100.0
105.6
107.4
107.8
105.5
100.7
98.9
103.8
103.4
99.4
100.0
101.8
101.4
102.1
102.3
1991: Nov
Dec
110.6
109.9
110.0
109.1
106.0
104.6
111.1
110.3
111.4
110.9
121.8
121.4
88.8
88.1
103.9
103.8
95.9
95.0
109.4
110.0
106.6
105.8
102.2
100.4
1992: Jan
Feb
Mar
108.7
109.4
109.8
110.6
111.4
110.5
111.0
111.5
111.0
111.9
112.2
108.1
108.8
109.3
110.1
110.8
109.6
110.4
110.8
110.3
111.0
111.3
101.3
105.3
106.2
107.9
111.1
109.2
108.6
109.2
106.9
108.6
108.9
110.0
109.8
110.2
110.7
110.7
109.7
110.8
111.2
111.3
111.7
112.0
109.4
110.2
110.4
111.3
112.3
111.6
111.8
112.5
111.9
112.9
113.4
119.9
121.0
121.5
123.0
124.5
124.1
124.4
125.9
125.3
126.7
127.4
86.7
86.2
85.6
84.7
84.2
83.6
82.7
81.8
81.0
80.5
79.7
103.9
104.0
104.4
103.9
104.4
104.4
105.1
104.4
104.0
104.5
104.8
95.5
96.0
96.7
96.5
97.8
97.2
98.6
98.5
96.8
97.8
98.4
109.9
109.6
109.7
109.0
109.0
109.4
109.7
108.5
109.0
109.1
109.2
105.2
105.8
106.1
106.8
107.7
107.6
109.0
108.1
108.0
108.1
108.6
100.4
100.5
100.1
101.3
101.3
100.6
102.9
100.9
102.2
101.3
101.1
..
May
^ •*
July
Aug r
Sept '
Ocf
Nov"
1
Includes oil and gas well 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
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
83.2
91.0
102.4
101.8
93.8
100.0
110.3
109.2
108.4
99.5
86.2
96.1
105.9
104.5
90.8
100.0
113.8
109.3
109.9
98.0
83.2
85.5
93.3
94.5
93.8
100.0
106.2
107.2
105.9
100.4
63.9
64.3
80.8
86.8
90.4
100.0
113.8
121.8
126.5
123.5
75.9
80.3
94.1
93.1
94.3
100.0
106.5
109.5
111.4
110.1
64.8
72.7
83.1
91.8
96.9
100.0
105.0
107.2
105.5
98.6
58.8
74.5
90.6
99.0
98.5
100.0
105.5
104.9
96.8
90.4
67.3
79.9
86.0
88.0
95.1
100.0
104.6
103.0
101.6
94.2
90.1
93.8
95.7
92.6
96.3
100.0
102.2
104.3
98.8
96.2
75.2
79.0
84.5
87.6
90.7
100.0
103.6
108.5
111.9
112.3
81.8
87.5
91.4
91.4
94.6
100.0
105.4
108.5
110.3
110.9
87.7
90.1
92.1
94.9
97.4
100.0
102.8
105.5
107.6
108.6
1991: Nov
Dec
103.5
101.3
105.6
101.7
101.8
101.2
122.8
121.9
110.7
110.6
99.7
98.0
95.9
94.6
96.4
95.2
98.8
99.0
114.2
114.5
113.0
112.6
110.1
109.6
1992: Jan
Feb
Mar
102.5
102.7
101.4
100.9
102.0
102.1
105.6
104.3
102.0
104.7
104.8
105.0
103.7
102.5
100.9
102.2
101.8
106.4
104.4
103.0
107.1
107.6
99.7
100.5
100.0
100.6
102.2
102.2
102.6
102.5
101.4
102.0
102.9
121.4
121.9
122.9
124.1
126.7
126.4
127.8
129.3
129.1
130.4
131.7
110.0
110.7
110.9
111.0
112.3
112.2
112.6
113.0
111.9
112.5
113.0
93.8
96.8
96.5
98.0
99.6
98.2
96.7
97.0
95.6
97.4
96.9
87.1
93.8
94.2
98.5
102.7
100.4
97.7
99.4
97.2
101.4
102.1
97.4
98.8
99.2
97.2
97.4
95.4
99.8
98.9
96.3
98.2
101.2
97.5
97.7
97.8
98.0
99.0
98.1
99.4
97.6
97.6
97.5
97.9
114.8
114.4
113.8
113.7
113.4
113.0
112.3
111.4
113.1
112.6
111.6
112.7
113.4
114.8
115.8
117.0
117.5
118.0
117.6
118.1
118.4
119.6
109.2
109.6
110.2
109.6
109.3
•109.0
109.8
110.6
110.0
110.9
111.2
May
July
. * '
Sept T.
Oct r,
Nov *
Source: Board of Governors of the Federal Reserve System.
18
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts
Private
Period
Total new
construction
expenditures
Residential
Commercial
Total
New housing
units
Total '
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(1987 = 100)
3
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
294.9
348.8
377.4
407.7
1983
1984
1985
1986
1987
1988
1989
1990
1991
419.4
.
432.3
443.4
442.1
401.0
231.5
278.6
299.5
323.1
328.7
337.5
345.3
334.2
290.7
125.5
153.8
158.5
187.1
194.7
198.1
196.6
182.9
157.8
57.7
74.0
89.8
84.4
84.0
88.0
94.3
96.4
77.0
94.6
113.8
114.7
133.2
139.9
138.9
139.2
128.0
' 110.6
48.2
50.8
51.3
51.6
50.1
51.5
54.5
54.9
55.8
63.5
70.2
77.8
84.6
90.6
94.8
98.1
107.9
110.2
75
83
91
96
100
101
105
95
90
Annual rates
Annual rates
1991- Sept
406.0
293.6
Oct
Nov
Dec
1992- Jan
Feb
Mar
406.1
401.2
291.7
398.7
407.1
411.8
421.5
427.6
428.0
426.7
427.7
May
,. '
July
417.6
425.0
429.3
Sept »
Oct p
288.3
287.4
292.5
294.8
301.1
309.8
307.0
312.2
307.9
300.3
306.1
309.9
164.2
164.7
164.5
164.1
169.5
169.8
172.7
182.6
182.9
184.6
182.9
181.3
183.2
187.4
1
Includes
2
Includes
3
756
955
1,097
1,016
1,019
973
961
783
545
72.9
70.1
67.4
67.3
65.8
66.7
69.1
65.9
63.6
66.8
63.2
57.9
61.2
60.9
117.1
117.5
118.0
118.3
122.0
123.3
125.9
128.8
128.1
128.7
127.1
129.2
131.8
135.1
56.5
56.9
56.4
56.0
57.2
58.3
59.4
61.2
60.5
60.7
61.8
61.0
61.7
61.7
112.4
114.4
112.9
111.4
114.6
117.0
120.4
117.8
121.0
114.5
119.8
117.3
118.9
119.4
91
97
81
99
97
101
98
98
88
94
93
92
93
104
408
625
474
479
472
563
497
499
423
525
482
515
438
575
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
residential improvements, not shown separately.
hotels and motels.
F,W. Dodge series.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Period
Units started, by type of structure
Total
1982
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1983
1984
1985
1986
1987
1988
1989
1990
1991
1 unit
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
2-4 units
80.0
113.5
121.4
93.4
84.0
65.3
58.8
55.2
37.5
35.6
5 or more units
319.6
522.0
544.0
576.1
542.0
408.7
348.0
317.6
260.4
137.9
Units
authorized
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
Units
completed
Homes sold
Homes for
sale at end
of
period 1
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
412
623
639
688
750
671
676
650
534
509
253
301
353
346
357
366
368
365
321
283
1,073
1,021
1,021
1,043
1,097
1,127
1,067
1,204
1,184
1,229
' 1,144
1,121
1,161
526
578
578
667
627
555
546
554
583
r
616
289
286
283
281
269
277
274
272
272
271
Vacancy rate
for rental
housing units
(percent) 2
5.3
5.7
5.9
6.5
7.3
7.7
7.7
7.4
7.2
7.4
Seasonally adjusted annual rates
1991- Oct
Noy
Dec
1992- Jan
Feb
Mar
May
, y
July
Sept "
Oct '
Noy "
1
1,085
1,085
1,118
1,180
1,257
1,340
1,086
1,196
1,147
1,100
1,233
1,222
1,224
1,242
887
907
972
989
1,109
1,068
933
1,019
999
956
1,042
1,051
1,086
1,100
49
33
46
28
24
53
27
33
40
25
32
27
19
33
Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning 1989 not comparable with
earlier data.
2
149
145
100
163
124
219
126
144
108
119
159
144
119
109
994
979
1,073
1,106
1,146
1,094
1,058
1,054
1,032
1,080
1,076
1,125
1,139
1,122
r
625
669
600
r
7.3
7.4
7.7
270
268
267
7.3
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 October, manufacturing and trade sales were about unchanged and inventories fell $2.4 billion. In November,
according to advance data, retail sales rose 0.4 percent, following a rise of 1.9 percent in October.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
300
900
250
800
^
700
^^
\
MANUFACTURING AND
TRADE INVENTORIES
200
600
^*S
500
-T~*
\
MX
^x-^~^
S~*
.^—
^— —' *"••"-
150
VNUFACTURIh4G
AN D TRADE SAlES
400
300
200
ii 1 1 1 1 i i i 1 1 1 1 1 1 1 1 M 1 1 1
1989
1988
i ii 1 1 ! 1 1 1 1 1
1 1 II 1 1 1 1 M 1
1991
1990
1992
COUNCIL OF ECONOMIC ADVISERS
Manufacturing
and
trade l
Sales
Inventories 3
Inventories 3
Sales2
Period
2
Inventory-sales ratio 4
Retail
Wholesale
Sales
2
Inventories 3
Total
Durable
goods
stores
Nondurable goods
stores
Total
Nondurable goods
stores
Manufacturing
and
trade *
73,312
61,316
78,977
68,856
88,738
79,074
88,315
93,566
96,527
89,983
105,481 102,355
111,892 107,382
120,138 117,461
119,331 120,886
117,454 125,708
116,629 123,382
116,873 124,006
117,454 125,708
115,918 ,125,068
117,259 124,679
119,827 124,461
122,884 125,108
122,694 124,655
123,198 125,615
124,421 126,961
124,348 125,954
124,204 126,938
123,780 126,618
1.67
1.56
1.53
1.55
1.55
1.50
1.50
1.53
1.53
1.55
1.52
1.53
1.56
1.53
1.52
1.51
1.51
1.52
1.50
1.49
1.51
1.50
1.49
Durable
goods
stores
Retail
Millions of dollars, seasonally adjusted, except as noted
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991:
1992-
348,771
370,501
411,427
423,940
431,786
459,107
496,334
522,344
540,788
533,838
Oct r
540,772
r
Nov
. . 540,264
Dec
531,919
Jan .
536,977
Feb
544,017
Mar
545,424
547,081
May
546,145
554,363
July
559,701
552,480
Sept r.
558,745
p
Oct
558,631
Nov"
575,486
591,858
651,527
665,837
664,654
711,745
767,387
813,018
835,985
828,184
824,342
825,505
828,184
824,150
824,609
826,204
828,630
828,032
831,872
835,373
836,972
835,457
833,095
96,357
100,440
113,502
114,816
116,326
124,340
135,254
144,039
149,204
145,135
145,396
145,310
144,909
145,922
146,366
146,867
146,947
145,555
148,129
151,701
150,467
150,736
149,276
129,024
131,663
144,223
149,155
155,445
165,814
180,717
188,635
196,917
198,979
195,776
196,347
198,979
198,730
199,416
198,677
198,432
197,397
200,205
200,500
201,074
199,925
198,641
89,062
97,514
107,243
114,586
120,803
128,442
137,539
145,580
152,126
153,562
154,464
r
153,974
154,280
157,808
159,753
157,873
158,385
159,111
158,982
160,784
160,999
162,171
r
165,180
165,832
27,966
61,097
32,571
64,943
37,873
69,369
41,510
73,075
45,057
75,746
47,989
80,453
52,219
85,320
54,329
91,252
55,065
97,061
54,413
99,149
55,341
99,123
r
54,693 ' 99,281
55,406
98,874
56,919 100,889
57,961 101,792
57,122 100,751
57,442 100,943
57,643 101,468
57,686 101,296
58,580 102,204
58,254 102,745
59,259 102,912
' 60,936 ' 104,244
61,249 104,583
1
3
2
4
See page 21 for manufacturing.
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.
134,628
147,833
167,812
181,881
186,510
207,836
219,274
237,599
240,217
243,162
240,011
240,879
243,162
240,986
241,938
244,288
247,992
247,349
248,813
251,382
250,302
251,142
250,398
Seasonally adjusted, end of period.
Annual data are averages of seasonally adjusted monthly ratic
Source: Department of Commerce, Bureau of the Census.
20
1.49
1.44
1.49
1.52
1.56
1.55
1.55
1.59
1.57
1.55
1.55
.56
.58
.53
.51
.55
.57
1.55
1.57
1.56
1.55
1.55
1.52
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In October, manufacturers' shipments and inventories fell; new and unfilled orders rose. In November, according to
advance data, manufacturers' durable goods shipments rose and new orders fell.
BILUC>NS OF DOLLARS* (RATIO SCALE)
BILLIC>NS OF DOLLARS* (RATIO SCALE)
280
240
SHIPMENTS
-^-^.
—r\
^
440 — INVENTO
-'
200
\
DUR/kBLE GOODS
160
280
\
120
/
^
""
"•*• — ^
" -* — *-•*
1
^~—
360 _—
TOTAL
"*
%.*»-—
—-
\
200
'\
DURABLE GOODS
NON 3URABLE GO ODS
160
80
--
_.
120
60
80
BILLIC NS OF DOLLARS* (RATIO SCALE)
280
NCDNDURABLE 30ODS
M i n i in n
\ 1 1 1 1 1 1 1 1 It 1 1 M I It 1 1 1 I I l l l l l l l l l l I l l l l l l l l l l
NEW ORDERS
240
'
*-"~—™-^
'
^"^
"\
"
•^-
60
200
TOTAL
160
!
!
DURAB LE GOODS
RATIO *
f"
120
--.>.,
2.20
A---«j
INVENTORY-SHIPMENTS RATIO
»X
-*/•/- --"i
2.00
•• «."*
1.80
NONCJURABLE GO DOS
_^-~-r^~~/
80
1.60
"- ^
—«
60
|
|
Illllllllll
1988
1989
||1(||
1990
||M||
1.20
1992
1991
Illllllllll
^^^
^
1
1.40
Minium
Illllllllll
1989
1990
1988
iiniliiiii
mill
1992
1991
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECC3NOM1C ADVISERS
Manufacturers' shipments l
Manufacturers' inventories
2
Manufacturers' new orders '
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
1982
1983
1984
1985
1986
1987 .. .
1988
1989
1990
1991
163,351
172,547
190,682
194,538
194,657
206,326
223,541
232,724
239,459
235,142
79,212
85,481
97,940
101,279
103,238
108,128
117,993
121,703
122,387
118,548
84,139
87,066
92,742
93,259
91,419
98,198
105,549
111,022
117,072
116,593
311,834
312,362
339,492
334,801
322,699
338,095
367,396
386,784
398,851
386,043
200,423
199,831
221,304
218,211
212,027
220,786
241,356
255,911
259,746
246,966
111,411
112,531
118,188
116,590
110,672
117,309
126,040
130,873
139,105
139,077
162,140
175,451
192,879
195,706
195,204
209,389
227,026
235,905
240,417
233,774
78,064
88,140
100,164
102,356
103,647
110,809
121,445
124,906
123,324
117,063
19,213
19,624
23,669
24,545
23,983
26,095
30,729
32,725
32,227
29,862
84,077
87,311
92,715
93,351
91,557
98,579
105,581
110,999
117,093
116,712
311,889
347,272
373,524
387,087
393,403
430,287
471,942
510,112
521,811
505,631
1.95
1.78
1.73
1.73
1.68
1.59
1.58
1.64
1.65
1.67
1991: Oct
Nov
Dec
240,912
240,980
232,730
122,771
122,814
116,869
118,141
118,166
115,861
388,555
388,279
386,043
249,738
249,202
246,966
138,817
139,077
139,077
238,542
238,679
229,925
120,227
120,343
113,921
29,453
33,066
26,969
118,315
118,336
116,004
510,737
508,436
505,631
1.61
1.61
1.66
1992:
233,247
237,898
240,684
241,749
241,479
247,252
247,216
241,014
245,838
244,175
118,698
121,991
123,503
123,483
122,344
125,831
124,789
123,364
125,346
' 125,132
127,516
114,549
115,907
117,181
118,266
119,135
121,421
122,427
117,650
120,492
119,043
384,434
383,255
383,239
382,206
383,286
382,854
383,491
385,596
384,390
384,056
245,754
244,395
243,787
242,512
242,447
241,891
241,258
242,036
240,550
239,575
138,680
138,860
139,452
139,694
140,839
140,963
142,233
143,560
143,840
144,481
232,467
233,388
237,606
240,771
238,696
244,542
242,307
236,880
239,951
244,499
118,011
117,750
120,187
122,393
119,808
123,164
119,861
119,376
119,801
' 125,288
122,899
30,093
29,463
32,163
29,901
30,469
30,953
29,296
28,153
30,571
r
31,635
28,563
114,456
115,638
117,419
118,378
11§,888
121,378
122,446
117,504
120,150
119,211
504,851
500,341
497,263
496,285
493,502
490,792
485,883
481,749
475,862
476,186
1.65
1.61
1.59
1.58
1.59
1.55
1.55
1.60
1.56
1.57
Jan
Feb
Mar
Apr
May
June
July
Sept r
Oct *
Nov '.
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 November, the producer price index for all finished goods fell 0.2 percent. Prices of finished consumer foods fell
0.5 percent and prices of other finished consumer goods fell 0.2 percent. Capital equipment prices rose 0.1
percent.
INDEX, 1 982 = 1 00 (RATIO SCALE)
INDEX, 1 982 - 1 00 (RATIO SCALE)
FINISHED GOODS PRICES
SEASONALLY ADJUSTED
^-
CONSUMER FOODS
\
•'
CAPITAL EQUIPMENT
X
--
.— 1r- --7
1 10
^"•^" r """'"/"' "'
,S-^7~~*
_X<T-V/X V
TOTAL
-•'"-•--100
\ s*
•
1984
1985
s'
120
.'"•' .'
\
""
*
—
.'
/
—
-'"'\
EXCLUDING FOODS
1 1 1 11 1 1 1 11
1 I I I I I I I I I II
1986
'ls^^~*
,•'
^.J
1 1 1 i 1 1 mill
1
90
'•
r
^
>
***
/
f"
\
/
X
/
—/
y
*
' ''
p.
r~-— /
1
sf-'
130
...iT'
' ::>' ,-* X120
'"
.— —
1987
1989
1988
1 1 1 1 1 11 1 1 1 1 1 1 111 1 1 11 11 1 1 111 11 111
1991
1990
SOURCE: DEPARTMENT OF LABOR
9n
1992
COUNCIL OF ECONOMIC ADVISERS
[1982 = 100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Finished goods excluding consumer foods
Period
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991:
1992:
Nov
Dec
Jan
Feb.. ..
Mar
Apr
May
T
June
T
July
. •>
Aufl:
Sept..
Oct
Nov
y
1
Total
finished
goods
100.0
101.6
103.7
104.7
103.2
105.4
108.0
113.6
119.2
121.7
122.2
122.1
121.9
122.2
122.4
122.8
123.1
123.4
123.4
123.5
123.9
124.0
123.7
Consumer
foods
100.0
101.0
105.4
104.6
107.3
109.5
112.6
118.7
124.4
124.2
123.1
123.0
122.5
123.7
123.1
122.7
122.5
122.8
122.5
123.4
123.9
124.0
123.4
Durable
Nondurable
100.0
101.2
102.2
103.3
98.5
100.7
103.1
108.9
115.3
118.7
119.8
119.5
119.0
119.2
119.6
120.2
120.9
121.4
121.4
121.2
121.6
121.9
121.6
100.0
102.8
104.5
106.5
108.9
111.5
113.8
117.6
120.4
123.9
124.6
124.7
125.4
125.2
125.8
125.9
125.8
125.4
125.9
126.2
126.1
125.1
125.6
100.0
100.5
101.1
101.7
93.3
94.9
97.3
103.8
111.5
115.0
116.2
115.8
114.9
115.2
115.6
116.4
117.5
118.4
118.1
117.7
118.4
119.3
118.6
100.0
102.8
105.2
107.5
109.7
111.7
114.3
118.8
122.9
126.7
127.5
127.7
128.3
128.4
128.8
129.1
129.2
129.1
129.2
129.4
129.4
129.2
129.3
Total
100.0
101.8
103.2
104.6
101.9
104.0
106.5
111.8
117.4
120.9
121.9
121.7
121.6
121.7
122.2
122.7
123.2
123.5
123.5
123.4
123.8
123.9
123.7
Intermediate materials for food manufacturing and feeds.
22
Total
Capital
equipment
Consumer goods
Crude materials
Total
finished
consumer
goods
Total
Foods
and
feeds 1
Other
Total
Foodstuffs
and
feedstuffs
Other
100.0
101.3
103.3
103.8
101.4
103.6
106.2
112.1
118.2
120.5
120.9
120.7
120.2
120.6
120.8
121.1
121.6
122.0
121.9
122.0
122.5
122.7
122.3
100.0
100.6
103.1
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.0
113.9
113.2
113.7
113.8
114.0
114.5
115.3
115.3
115.2
115.4
115.3
115.1
100.0
103.6
105.7
97.3
96.2
99.2
109.5
113.8
113.3
111.1
112.0
111.9
110.8
112.1
111.6
111.2
111.3
111.8
109.8
109.3
110.2
109.5
110.1
100.0
100.5
103.0
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.1
114.0
113.3
113.8
114.0
114.1
114.6
115.5
115.6
115.5
115.6
115.6
115.4
100.0
101.3
103.5
95.8
87.7
93.7
96.0
103.1
108.9
101.2
100.4
98.3
97.3
99.0
97.3
98.3
100.0
101.7
101.5
101.0
102.6
102.5
102.3
100.0
101.8
104.7
94.8
93.2
96.2
106.1
111.2
113.1
105.5
103.5
102.9
104.8
106.9
105.8
104.5
105.6
106.3
104.4
104.0
104.6
105.2
104.6
100.0
100.7
102.2
96.9
81.6
87.9
85.5
93.4
101.5
94.6
94.5
91.6
88.8
90.2
88.1
90.5
92.6
94.8
95.8
95.3
97.4
96.7
96.8
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In November, the consumer price index for all urban consumers rose 0.2 percent, seasonally adjusted (it rose 0.1
percent not seasonally adjusted). The index was 3.0 percent above its year-earlier level.
INDEX, 1982-84 . 100 (RATIO SCALE]
150
INDEX, 1982-84 = 100 (RATIO SCALE)
150
SEASONALLY ADJUSTED
CONSUMER PRICES—ALL ITEMS
M i l l i 1.1.11.1..
I M I I I I I IM
I I II I II IiI
I MI I i I I I II
I I II i II I i I
COUNCIL OF ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
Transportation
Housing
All items *
Shelter
Not
Period
seasonally
adjust-
ed
(NSA)
Rel. imp.3....
1982
1983
1984
1985
1986
1987
1988 . .
1989
1990
1991
1991:
Nov
Dec
1992:
Jan
Feb
Mar
Anr ..
May
T '
June
July
Ausr
Scot
Oct
Noy
Season-
Rent-
Food
Total
ed
100.0
965
99.6
1039
107.6
1096
113.6
1183
124.0
1307
136.2
owners'
Maintenance
(Dec.
1982 =
100)
costs
and
(Dec.
1982 =
100)
repairs
ers'
Total 1
ally
adjust-
All
Fuel
Home-
costs
Medi-
Appar-
cal
Ener-
items
less
food
and
el and
other
utilities
upkeep
7.3
94.9
100.2
104.8
106.5
104.1
103.0
104.4
107.8
111.6
115.3
6.1
97.8
100.2
102.1
105.0
105.9
110.6
115.4
118.6
124.1
128.7
17.0
97.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
120.5
123.8
4.1
97.4
99.9
102.8
106.1
110.6
114.6
116.9
119.2
121.0
125.3
3.3
102.8
99.4
97.9
98.7
77.1
80.2
80.9
88.5
101.2
99.4
6.7
92.5
100.6
106.8
113.5
122.0
130.1
138.6
149.3
162.8
177.0
7.4
99.2
99.9
100.9
101.6
88.2
88.6
89.3
94.3
102.1
102.5
76.6
95.8
99.6
104.6
109.1
113.5
118.2
123.4
129.0
135.5
142.1
Total 1
New
cars
Motor
fuel
care
gy 2
and
energy
(NSA)
16.0
97.4
99.4
103.2
105.6
109.0
113.5
118.2
125.1
132.4
136.3
41.5
96.9
99.5
103.6
107.7
110.9
114.2
118.5
123.0
128.5
133.6
27.9
96.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
140.0
146.3
8.0
19.7
103.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
155.6
102.5
107.3
113.1
119.4
124.8
131.1
137.3
144.6
150.2
0.2
96.4
99.9
103.7
106.5
107.9
111.8
114.7
118.0
122.2
126.3
137.8
137.9
137.9
138.2
137.0
137.4
135.0
135.4
147.9
148.4
156.6
157.3
152.1
152.7
127.6
128.1
116.8
116.8
131.1
129.6
124.5
124.8
126.3
126.5
98.2
98.5
182.0
183.3
102.2
102.3
144.4
144.7
138.1
138.6
139.3
139.5
139.7
140.2
140.5
140.9
141.3
141.8
142.0
138.3
138.7
139.4
139.7
139.9
140.3
140.5
140.9
141.2
141.8
142.1
136.8
137.2
137.9
137.8
137.3
137.5
137.3
138.5
139.1
139.1
139.1
135.7
136.0
136.5
136.7
136.9
137.5
137.6
137.8
137.9
138.5
138.8
149.1
149.5
150.0
150.2
150.4
151.1
151.1
151.4
151.4
152.2
152.5
158.4
158.9
158.5
158.9
159.5
160.4
160.2
160.5
161.3
162.0
162.0
153.2
153.6
154.5
154.6
154.7
155.3
155.5
155.7
155.5
156.4
156.7
128.0
128.3
128.4
128.0
128.1
128.5
128.8
128.1
128.5
129.4
129.5
116.4
115.9
116.4
116.9
117.1
117.5
117.9
118.5
118.6
119.0
119.8
130.0
131.9
132.7
131.8
132.3
132.0
131.8
131.8
132.1
132.5
132.6
124.4
124.2
125.1
125.7
126.1
126.7
127.3
127.2
127.2
128.0
128.6
126.6
126.7
127.2
127.8
128.0
128.5
128.6
129.1
129.6
129.3
129.5
96.3
95.7
96.6
96.8
97.9
101.0
101.7
100.4
99.8
100.4
101.0
184.5
186.0
187.0
188.0
189.0
189.8
190.8
191.6
192.6
193.8
194.6
100.8
99.9
100.5
100.9
101.5
103.5
103.8
103.6
103.6
104.1
104.9
145.1
145.7
146.4
146.8
147.1
147.4
147.7
148.0
148.3
149.0
149.4
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
also included through 1982.
3
Relative importance, December 1991.
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 and 1988 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
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
goods
Excluding
foods
Foods
Capital
equipment
Total
finished
goods
Excluding
foods
Foods
Capital
equipment
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
3.6
.6
1.7
1.8
2.3
2.2
4.0
4.9
5.7
-.1
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
2.0
2.3
3.5
.6
2.8
-.2
5.7
5.2
2.6
-1.5
4.1
1.6
2.1
1.0
-1.4
2.1
2.5
5.2
4.9
2.1
3.9
2.0
1.8
2.7
2.1
1.3
3.6
3.8
3.4
2.5
4.2
9
.8
2.1
-6.6
4.1
3.1
5.3
8.7
-.7
Change, month to month
1991- Nov
Dee
0.1
-.1
1992- Jan
Feb
Mar
-.2
.2
.2
.3
.2
.2
0
.1
.3
.1
T
^
July '
Sept
Oct r
Nov
-0.2
0.2
3
4
.2
.3
.5
.6
.4
0
1
-.4
1.0
-.5
3
-.2
.2
-.2
.7
.4
.1
-.5
2
O
.3
.2
2
0.2
.2
2.3
1.0
.5
.1
.3
.2
.1
1
.1
'.2
0
2
.1
7
10
-1.0
-2.6
2.0
.3
.7
-3.8
10
-.7
3.0
3.6
5.0
0
0
1.0
3.0
3.0
3.3
2.0
1.3
1.6
2.0
.6
5.2
1.7
1.9
1.9
1.0
1.2
-3.0
-2.7
2.9
2.9
1.4
1.6
-.5
-2.0
-2.0
.3
4.1
5.8
6.2
4.1
1.0
.7
1.7
1.3
3.2
2.9
3.5
2.5
2.5
.9
.3
.6
.9
0
-.3
1.2
1.2
1.0
1.1
1.5
2.1
2.5
2.1
2.5
2.0
1.0
-2.4
.5
-.3
-1.0
-1.0
-.3
0
-.5
1.3
2.1
1.5
2.2
1.5
1.0
1.0
1.8
3.2
4.1
3.4
3.4
2.8
1.2
2.4
2.4
2.7
2.8
2.7
2.2
1.4
1.6
.9
.2
.2
-.4
.6
1.1
1.1
1.1
1.6
1.7
1.5
1.6
1.7
1.3
1
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
Homeowners'
costs
Renters'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
Total '
New
cars
Motor
fuel
Medical
care
Bner872
All
items
less
food
and
energy
Addendum: All items, percent change
(annual rate)
From
previous
quarter 3
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
3.8
3.8
3.9
3.8
1.1
4.4
4.4
4.6
6.1
3.1
3.1
2.7'
3.8
2.6
3.8
3.5
5.2
5.6
5.3
1.9
3.6
3.5
4.3
4.3
1.7
3.7
4.0
3.9
4.5
3.4
2.4
4.7
5.2
6.0
4.6
4.8
4.5
4.9
5.2
3.9
5.1
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.2
4.5
5.1
5.9
4.6
5.3
4.7
5.1
4.7
3.7
1991: Nov
Dec
0.4
.2
0.4
.3
0.3
.3
0.3
.3
0.2
.4
0.3
.4
0.5
0
0.6
-1.1
0.4
.2
1992: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
.1
.3
.5
.2
.1
.3
.1
.3
.2
.4
.2
-.4
.3
.5
.2
.2
.4
.5
.3
.3
.1
.1
.5
.7
.3
-.3
.3
.4
.6
1
.2
.5
.4
0
.3
.3
.6
.1
.1
.4
.1
.1
-.1
.6
.2
-.3
-.4
.4
.4
.2
.3
.3
.5
.1
.3
.7
.3
1.5
.6
7
.4
-.2
-.2
0
.2
.3
.1
-.3
2
.7
.5
.3
.5
.5
-.1
0
.6
.5
9.7
1.8
4.2
1.8
56
1.6
2.9
3.2
4.0
2.9
1.6
2.9
2.0
2.8
.9
4.8
4.7
1.0
5.1
3.4
1.8
3.9
3.1
2.6
-5.9
6.1
3.0
4.0
10.4
-1.5
11.0
6.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
7.9
1.3
-.5
.2
1.8
19 7
8.2
.5
5.1
18.1
7.4
4.5
4.8
4.7
4.3
3.8
4.2
4.7
4.4
5.2
4.4
0.9
.3
0.5
.7
0.8
.1
0.3
.2
.1 -2.2
g
.1
.4
.9
.5
.2
.2
1.1
.4
3.2
.1
.7
.4 -1.3
.4
-.6
2
.6
.2
.6
.7
.8
.3
.5
.5
.4
.5
.4
.5
.6
.4
1.5 -6.5
3.4
17
2.5 -2.4
3.4
3.1
5.9 -30.7
1.8
18.7
2.1
21
2.3
6.8
1.4
36.5
3.3 -16.0
6.2
3.2
4.3
3.6
1.9
3.6
4.1
4.8
5.4
4.2
X
Cha nge, month to month
1
-1
-.4
.1
-.1
.9
.4
0
0
0
.4
.2
.2
0
.5
.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.
2
24
0.1
.2
-1.5
9
.6
A
.6
2.0
.3
-.2
0
.5
.8
.3
.4
.5
.3
.2
.2
.2
.2
.2
.5
.3
3.6
2.9
3.5
2.6
3
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
3.9
3.2
3.3
3.1
3.0
3.1
2.6
2.3
3.5
4.1
3.5
2.6
2.3
2.9
2.6
3.8
3.5
3.1
3.1
3.4
3.4
2.9
3.1
3.2
3.2
2.6
3.0
3.2
2.6
2.8
3.2
3.2
3.0
3.1
3.2
3.1
3.0
3.2
3.0
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in November fell 1.4 percent from their October level. Prices paid by farmers in
October were unchanged from their July level. (Data are not seasonally adjusted.)
INDEX, 1977 = 100 (RATIO SCALE]
INDEX, 1977 = 100 (RATIO SCALE|
aw
__
_ _ — — — "~
180
180
160
140
r" '"'1
T\
-^\
PRICES PAID
x_
120
X^
^/^-\
/•V-A
-A
J
160
s^ —^
"-~x /S
140
N.
120
\
PRICES RECEIVE D
100
100
80 i 1 1 1 1 1 1 1 1 1 I
RATK3J/
140
120
t 1 i 1 t 1 1 M
1 1
1 1 M 1 11 1 1 1 1
i IIII1IIiii
i i i i i 1 i Mii
1 M
1 1 1 1 1 M
1
1 1 1 1 1 1 1 M
1 1
80
RA TIOJ/
140
RATIO
/
100
^
--->_
100
1
""•
•
.
•—
60
1 1 1 1 1i 1 1 1 11
120
—
80
1 1 1 1 t 11 M ! 1
I I II I 1 I [ i M
t 1 1 1 1 1 1 1 1 11
1 1 1 M 1t 1 1 11
1 I 1 I! 1 M p !
1984
1985
1986
1987
I 1 1 M
1 M
1 1 1
1 1 t M 11 I1 11
1988
1989
-
•—~-~.
1 1 1 I 1 1 1 II
1990
1 1
r^T—
1 1 1 1 1 1I 1 M 1
1991
1 1 1 M
80
60
1 1 1 1 1 I
1992
SOURCE: DEPARTMENT OF AGRICULTURE
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,
and wage rates "
Production
items, interest,
taxes, and wage
rates
Ratio 2
Production
items
1986
1987
1988
1989
1990
1991
133
135
142
128
123
127
138
147
149
146
121
128
138
120
107
106
126
134
127
130
145
141
146
136
138
146
150
160
170
161
159
161
164
162
159
162
170
178
184
189
158
159
161
156
150
152
160
167
172
175
153
152
155
151
144
148
157
165
171
173
84
84
87
79
77
78
81
83
81
77
1991: Nov
Dec
139
137
124
120
153
153
(3)
(3)
(3)
(3)
(3)
(3)
74
72
1992' Jan
Feb
Mar
Apr
May
138
142
143
141
141
140
138
139
138
139
137
123
128
131
126
123
122
117
117
117
116
115
152
156
155
155
157
157
158
160
158
160
157
189
(3)
(3)
191
(3)
(3)
192
(3)
(3)
192
(3)
174
(s)
(3)
175
(3)
(3)
176
(3)
(3)
176
(3)
171
(3)
(3)
174
(3)
(3)
175
(3)
(3)
174
(3)
73
75
76
74
74
73
72
72
72
72
71
1982
1983
1984
1985
June
July
Sept
Oct
Nov
1
Includes items not shown separately.
2
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.
NOTE.—The official indexes are published on a 1910-14 ba e as required by law. The indexes
have been converted to a 1977=100 base to facilitate comparisc n with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
In November, growth in M2 slowed and growth in M3 accelerated.
BILLIONS OF DOLLARS* (RATIO SCALE]
4,800
4,400
4,000
BILLIONS OF DOLLARS* IRATIO SCALE)
4,800
4,400
4,000
3,600
3,600
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
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Debt
Percent change from year or 6
months earlier 2
Ml
M2
MS
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
RPs and
Eurodollars,
MMMT 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
MMMT balances
MS plus
other liquid
assets
Dec
Dec
Dec
Dec
Dec
Dec....
Dec
Dec
Dee
Dec
474.6
521.4
552.5
620.2
724.6
750.0
786.9
794.1
826.1
898.1
1,951.9
2,186.1
2,374.3
2,569.4
2,811.1
2,910.8
3,071.1
3,227.3
3,339.0
3,439.8
2,440.6
2,693.0
2,987.4
3,203.2
3,494.3
3,681.1
3,923.1
4,059.8
4,114.6
4,171.0
2,850.4
3,154.3
3,528.8
3,830.4
4,134.3
4,339.3
4,677.1
4,890.6
4,965.2
4,988.1
4,700.2
5,244.6
6,008.2
6,875.3
7,795.2
8,546.2
9,326.3
10,076.7
' 10,751.4
'11,201.3
8.7
9.9
6.0
12.3
16.8
3.5
4.9
.9
4.0
8.7
8.9
12.0
8.6
8.2
9.4
3.5
5.5
5.1
3.5
3.0
1991: Get
Nov
Dec ..
880.9
891.4
898.1
3,417.9
3,431.6
3,439.8
4,159.0
4,166.9
4,171.0
4,976.3
4,989.4
4,988.1
'11,133.4
'11,174.6
'11,201.3
9.1
9.5
9.5
1.4
1.5
1.6
9.3
10.3
10.9
7.2
9.1
5.3
6.6
3.5
1.3
1.4
5
-.2
.2
910.4
931.0
939.0
942.8
954.3
951.7
960.5
973.1
988.6
' 1,007.3
1,019.0
'3,447,6
3,474.4
3,475.7
3,471.5
3,473.0
* 3,464.1
'3,461.6
r
3,471.2
3,481.9
' 3,497.1
3,507.2
4,173.7
4,198.7
4,191.8
4,179.4
4,178.7
r
4,166.7
'4,162.9
'4,176.1
'4,182.4
'4,183.8
4,190.1
4,980.6
5,009.1
5,019.9
5,012.7
5,002.5
'5,013.7
'5,006.0
'5,024.6
'5,043.1
"5,051.0
'11,237.5
'11,288.2
'11,345.0
'11,397.4
'11,443.1
'11,490.3
'11,527.2
'11,564.7
'11,596.5
"11,622.4
11.7
14.9
15.4
14.1
14.1
11.9
11.0
9.0
10.6
13.7
13.6
'2.4
3.8
3.7
3.1
2.4
1.4
'.8
-.2
.4
'1.5
2.0
.8
2.0
1.9
1.0
.6
2
5
-1.1
' 4
.2
.5
Period
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992: Jan
Feb
Mar
Apr
May
June
July .. ..
Aug
Sept
Oct
Nov ".
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate.
26
L
Debt of
domestic
nonfinancial
sectors
(monthly
average) *
Ml
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
M2
M3
Debt
9.3
11.6
14.6
14.4
13.4
9.6
9.1
8.0
6.7
4.2
4.5
'4.3
3.8
3.8
'4.1
'4.5
'4.7
'4.8
'5.2
5.2
'4.9
'4.4
3.9
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Demand
deposits
Currency
Overnight
repurchase
agreeOther
ments
check(RPs),
able
net,
deposplus
its
over(OCDs)
night
Eurodollars »
Money market
mutual fund
balances 2
General
purpose
and
broker/
dealer
Institution
only
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Small
denomination
time
deposits 3
Large
denomination
time
deposits 3
NSA
19821983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
19911992:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Oct
Nov
Dec
Jan
Feb
Mar
-
Z
July....
Sept ...
Oct
Nov"
132.5
146.2
156.1
167.9
180.8
197.0
212.3
222.6
246.8
267.3
264.8
266.0
267.3
269.4
271.6
271.8
273.6
274.7
276.2
278.9
282.3
286.4
288.4
290.0
234.0
238.5
243.9
266.7
302.0
286.8
286.5
279.0
277.1
289.5
283.8
287.6
289.5
293.9
305.1
309.6
311.2
315.1
311.0
315.6
320.6
327.8
r
336.2
339.2
103.7
131.8
147.2
179.7
235.3
259.3
280.6
285.1
293.9
333.2
324.5
329.7
333.2
339.0
346.3
349.5
350.0
356.4
356.7
358.2
362.2
366.1
' 374.0
381.2
39.9
55.6
60.6
73.5
82.3
84.1
83.2
77.6
74.7
76.2
70.0
73.7
76.2
77.7
77.6
74.6
72.6
69.2
72.0
72.4
75.8
74.1
75.0
74.7
184.5
138.3
167.1
176.1
208.0
221.7
241.9
316.3
348.9
360.5
359.3
359.5
360.5
358.6
361.7
358.3
355.9
356.7
r
355.3
r
S51.7
r
349.7
' 344.7
' 347.6
348.7
51.1
42.7
63.7
65.8
86.1
92.1
91.0
107.2
133.7
179.1
168.2
173.6
179.1
182.4
188.2
185.3
189.2
194.8
199.7
207.7
217.2
217.2
' 205.6
203.5
1
398.5
684.0
704.2
814.4
940.1
937.0
926.2
891.2
920.7
1,042.6
1,015.0
1,028.7
1,042.6
1,061.2
1,083.9
1,098.0
1,111.2
1,122.4
1,127.0
1,134.4
1,145.6
' 1,159.6
r
l,171.6
1,181.6
847.2
780.8
884.9
881.7
854.8
917.5
1,032.9
1,148.5
1,168.7
1,063.0
1,095.2
1,079.2
1,063.0
1,042.9
1,019.8
1,002.8
985.3
968.7
956.2
r
942.4
' 928.0
r
915.2
' 898.8
884.5
323.3
324.8
415.6
436.1
439.5
489.1
541.2
559.3
494.9
437.1
450.0
442.3
437.1
427.9
420.7
413.0
405.7
400.9
395.3
388.5
384.6
380.0
373.2
369.5
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
33.4
49.9
57.6
62.4
80.6
106.0
121.8
99.1
89.6
70.5
75.2
73.3
70.5
70.5
71.7
73.3
72.5
73.4
73.6
72.5
73.3
75.1
77.3
79.4
81.7
91.5
82.9
76.5
83.8
91.0
105.7
79.5
68.7
57.2
62.8
61.5
57.2
55.3
55.9
57.9
55.0
52.8
51.8
r
50.8
r
50.6
r
47.9
r
47.4
47.8
Savings
bonds
Shortterm
Treasury
securities
68.0
71.1
74.2
79.5
91.8
100.6
109.4
117.5
126.0
137.9
136.1
137.1
137.9
138.9
140.1
141.2
142.4
143.5
144.6
145.9
147.5
149.5
"152.0
183.6
211.9
260.9
298.2
279.8
252.8
268.8
324.4
331.3
316.1
319.7
322.9
316.1
310.0
319.9
327.7
327.6
328.9
333.3
325.2
327.8
326.4
r 322.9
Bankers'
acceptances
Commercial
paper
44.5
113.7
45.0
133.2
45.4
160.8
42.0
207.5
37.1
231.2
44.3
260.5
39.8
336.1
40.1
348.6
34.0
359.3
23.3
339.7
336.2
25.3
337.9
24.5
23.3
339.7
23.2
334.8
22.9
327.5
22.2
337.0
341.7
21.6
329.4
22.0
22.0
347.1
350.3
21.7
r
352.4
20.9
'20.4
364.4
P
21.6 "370.8
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.
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
$100,000 and more than $100,000, respectively.
2
3
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures 1; 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
19821983:
1984:
1985:
1986:
19871988:
1989:
1990:
1991:
1991-
Dec
Dec
Dec ...
Dec
Dec ...
Dec
Dec
Dec ...
Dec
Dec
Nov
Dec
1992- Jan
Feb
Mar....
Apr
May
July
Sept
Oct
Nov ".
1
,
23,600
25,367
26,878
31,485
39,005
38,934
40,468
40,558
41,832
45,601
44,785
45,601
46,186
47,746
48,476
49,001
49,494
49,234
49,489
50,322
51,346
'53,143
54,074
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Nonborrowed
22,966
24,593
23,692
30,167
38,179
38,157
38,752
40,293
41,506
45,409
44,677
45,409
45,953
47,668
48,385
48,911
49,339
49,005
49,205
50,071
51,058
53,000
53,970
Nonborrowed plus
extended
credit
23,152
24,595
26,296
30,666
38,482
38,640
39,996
40,313
41,529
45,410
44,678
45,410
45,954
47,670
48,386
48,913
49,339
49,005
49,205
50,071
51,058
53,000
53,970
Required
23,100
24,806
26,023
30,448
37,635
37,888
39,420
39,636
40,167
44,623
43,893
44,623
45,183
46,681
47,447
47,863
48,494
48,321
48,524
49,387
50,352
52,069
53,023
Monetary
base
Total
160,127
175,467
187,248
203,601
223,732
239,967
256,973
267,772
293,287
317,254
315,332
317,254
319,695
323,411
324,512
326,500
328,584
329,642
332,255
336,865
341,545
345,627
348,159
634
774
3,186
1,318
827
777
1,716
265
326
192
108
192
233
77
91
90
155
229
284
251
287
143
104
Seasonal
33
96
113
56
38
93
130
84
76
38
86
38
17
22
32
47
98
149
203
223
193
114
40
Extended
credit
186
2
2,604
499
303
483
1,244
20
23
1
1
1
1
2
2
2
0
0
0
0
0
0
0
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases rose 0.2 percent in October; commercial and industrial loans rose 0.1
percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
3,200
BILLIONS OF DOLLARS* (RATIO SCALE)
3,200
All COMMERCIAL BANKS
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
LOANS AND LEASES
1,200
1,200
800
800
U.S. GOVERNMENT SECURITIES
400
400
OTHER SECURITIES
200
200
160
160
120
1984
1985
I I I M I I I II
l l l i t Ii i i i i
1987
1988
1986
i i i i i l l l li
I MI I I MM I
I M M I IIM 1
120
1990
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted ']
All commercial banks
Loans and leases
Period
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1991:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Oct
Nov
Dec
1992: Jan
Feb
Mar
Apr
May
June ....
July
Aug
Sept
Oct
Total
loans and
securities 2
1,400.4
1,552.2
1,722.2
1,909.5
2,093.2
2,238.5
2,422.8
2,590.8
2,730.8
2,838.7
2,805.5
2,822.7
2,838.7
2,852.0
2,854.8
2,863.1
2,877.5
2,877.6
2,883.7
2,884.3
2,897.0
2,913.0
2,924.4
U.S.
Government
securities
201.7
259.2
260.2
270.8
310.0
335.8
363.5
398.2
454.1
562.6
538.7
550.8
562.6
566.2
571.2
579.5
592.3
601.7
611.6
619.4
634.0
638.7
645.7
Other
securities
164.8
169.1
140.9
179.0
193.9
193.6
192.4
181.7
177.9
179.4
177.9
178.8
179.4
179.7
180.5
178.1
178.5
177.1
175.6
177.6
177.7
178.0
178.9
Total
2
1,033.9
1,123.9
1,321.1
1,459.8
1,589.4
1,709.1
1,866.9
2,010.9
2,098.8
2,096.6
2,088.9
2,093.2
2,096.6
2,106.1
2,103.1
2,105.5
2,106.7
2,098.8
2,096.5
2,087.3
2.085.2
2,096.3
2,099.8
Commercial
and
industrial
Real
estate
392.5
414.2
473.1
500.2
537.0
567.1
606.8
640.2
643.2
618.0
622.6
621.7
618.0
617.3
613.2
610.9
609.2
607.3
604.7
602.8
600.5
602.7
603.2
299.9
331.0
376.2
425.8
494.0
586.9
670.1
759.5
843.3
873.1
869.8
871.9
873.1
873.5
877.5
879.4
881.4
882.6
881.3
879.2
878.7
882.8
886.9
1
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
Individual
188.2
212.9
253.8
294.7
315.3
328.3
354.5
374.8
379.6
363.5
364.2
363.1
363.5
363.1
363.6
362.2
360.7
358.9
359.1
358.6
357.3
356.6
355.4
Security
25.3
28.0
34.4
43.0
40.3
34.8
41.2
41.5
44.7
54.5
51.1
53.5
54.5
59.4
57.1
60.4
64.9
61.6
63.9
60.7
62.5
66.2
65.8
Nonbank
financial
institutions
31.2
30.4
31.3
32.4
35.0
32.0
32.3
34.3
35.7
40.6
37.2
37.8
40.6
40.8
42.6
43.7
42.7
43.0
41.9
39.9
40.9
43.8
44.2
Agricultural
36.2
39.2
40.1
36.1
31.5
29.4
28.7
29.8
32.0
34.0
34.1
33.8
34.0
33.7
33.5
34.3
34.4
34.3
34.8
34.8
35.3
35.3
35.0
State
and
political
subdivisions
Foreign
banks
0.0
.0
46.0
56.7
58.5
52.4
45.1
40.0
33.9
29.1
29.7
29.4
29.1
28.0
28.1
28.0
27.7
27.2
26.8
26.3
26.0
26.0
25.6
14.7
13.4
11.6
9.9
10.3
7.8
7.7
8.2
7.5
7.4
6.6
6.9
7.4
7.2
6.7
6.5
6.5
6.9
7.5
7.8
7.0
7.9
7.2
* Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
Foreign
official
institutions
5.9
9.4
8.4
6.3
6.3
5.7
5.0
3.5
2.8
2.4
2.4
2.5
2.4
2.3
2.1
2.1
2.0
2.0
2.0
2.1
2.1
2.1
2.1
Lease
financ-
ing
Other
receiv-
ables
13.3
13.7
16.0
19.0
22.4
24.6
29.3
31.8
32.8
31.7
31.6
31.5
31.7
31.5
31.6
31.5
31.6
31.7
32.0
31.0
30.7
30.8
30.6.
26.8
31.8
30.2
35.6
38.8
40.1
46.2
47.1
43.3
42.4
39.5
41.1
42.4
49.2
47.1
46.5
45.6
43.3
42.6
44.0
44.3
42.1
43.8
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Credit market funds
Total
Internal *
Total
Total
1982
1983 .
1984
1985 .
1986
1987
1988
1989
1990
1991 r
1991- I r
n
TTT r
TV
1992: I
r
r
n *p
m
Securities
and
mortgages
Loans and
short-term
paper
Other 2
316.6
423.3
493.1
r
465.7
515.9
540.7
588.7
532.2
511.4
444.2
247.5
292.3
336.3
351.9
336.7
375.9
404.3
399.9
407.5
416.5
69.1
131.0
156.8
113.9
179.2
164.8
184.4
132.3
103.9
27.6
54.0
80.1
98.0
58.5
129.8
67.6
69.3
49.4
23.4
18.8
-0.7
44.6
-7.5
r
1.9
64.6
r
32.8
-6.7
342
r
-11.5
87.5
54.7
35.5
105.5
r
56.6
65.2
34.9
76.0
r
83.7
r
34.9
-68.7
15.1
50.9
58.8
r
55.4
49.4
r
97.1
r
l!5.1
r
82.9
r
80.5
8.8
366.2
476.3
490.4
443.7
417.5
418.9
407.0
422.8
-51.3
57.4
83.4
20.9
8.0
39.2
28.7
-.7
71.8
111.9
78.6
87.7
-63.8
-72.7
-49.9
-88.4
593
18.2
54.8
21.6
542.0
568.7
553.1
439.1
442.2
463.3
102.9
126.5
89.8
109.7
103.2
48.7
-6.0
320
-.4
-.8
55.4
41.4
103.7
71.2
48.4
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
r
Total
Capital
expenditures a
332.9
420.5
502.3
r
457.8
r
502.4
' 473.4
554.2
512.2
482.4
427.6
285.3
300.1
398.5
374.9
351.9
365.1
394.4
406.0
395.1
363.9
r
345.0
436.9
489.7
439.0
353.5
351.3
371.5
379.2
523.8
566.2
530.6
354.1
390.8
399.0
Increase in
financial
assets
Discrepancy
(sources less
uses)
-16.3
2.8
-9.2
7.9
13.5
67.3
34.4
20.0
29.0
16.5
47.6
120.4
103.8
83.0
150.4
108.4
159.8
106.2
87.3
63.7
r
r
21.3
39.4
.7
4.7
-8.6
85.5
118.2
59.8
18.2
2.6
22.5
169.6
175.3
131.6
the U.S.
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Period
Installment credit outstanding (end of period)
Total
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
Dec
Dec
Dec
Dec
Dec
Dec
Dec3
Dec
Dec
Dec
1991: Oct
Nov
Dec
1992:
Jan
Feb
Mar
.
May
T
July
Sept '
Oct p
...
Automobile
Revolving
Total
Automobile
Revolving
Other 2
325,805
368,966
442,602
517,659
572,006
608,675
662,553
716,825
735,338
727,799
125,945
143,560
173,564
210,238
247,772
266,295
285,364
292,002
284,993
263,003
66,454
79,088
100,280
121,758
135,825
153,064
174,269
199,308
222,950
242,785
133,406
146,318
168,758
185,664
188,408
189,316
202,921
225,515
227,395
222,012
14,546
43,161
73,636
75,057
54,347
36,669
53,878
(4)
18,513
7 539
6,937
17,615
30,004
36,674
37,534
18,523
19,069
(4)
-7,009
-21,990
5,384
12,634
21,192
21,478
14,067
17,239
21,205
<«)
23,642
19,835
2,224
12,912
22,440
16,906
2,744
908
13,605
(4)
1,880
5 383
729,225
727,960
727,799
264,420
262,383
263,003
241,436
242,573
242,785
223,369
223,004
222,012
1,776
-1,265
-161
201
-2,037
620
2,449
1,137
212
473
-365
992
728,618
728,395
727,404
723,821
722,928
722,919
721,820
720,664
722,104
722,317
263,134
261,659
262,125
260,376
259,834
257,339
257,743
256,944
257,384
257,412
244,288
245,974
245,259
245,905
246,220
247,418
247,332
248,043
250,017
251,653
221,196
220,762
220,020
217,541
216,874
218,162
216,744
215,677
214,703
213,252
819
-223
-990
3 583
893
-10
-1,099
1 156
1,440
214
131
-1,475
466
-1,749
-542
-2,495
404
799
440
29
1,503
1,686
714
646
316
1,197
86
711
1,974
1,636
-816
-434
-742
-2,479
-667
1,288
-1,418
- 1,068
-974
1 451
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
mouth.
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
Net change in installment credit outstandingl
and subsequent months.
4
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Shorter-term interest rates rose during December and longer rates fell.
PERCENT PER ANNUM
/
PERCENT PER ANNUM
A,
\
K/
A
v
X
V.
r
|
1
CORPORATE Aaa BONDS
(MOODY'S)
\
\
j>\
/\
/'
\
X
.1
>.y
\
~x
/"" \
r'
w*
A
•1
\
TREASURY
BILLS
—i
U/V"^
n
\
/"^ \ xx>—^~^
i
\
^
s\
M—
\_^,
i^r~~S\
'~
Y^
/ \
\y
/
/
A^l
^~\
—"
^-"^™^
^V
\
—'
1
DISCOUNT
RATE
FEDERAL
RESERVE
BANK OF
NEW YORK
.
,
'-'\
1 111 11 1 1 M 1
1984
i ii 1 1 1 1 1 1 1 1
Illl
1986
1985
i
1I1 11
i 1 ii1 1 1 1 11
1989
1988
1987
1
1 1 1 1 1 1 I 1 1 1 1 1 I I I I 1 1 I 1 1 1J
1991
1990
1992
COUNCIL OF ECONOMIC ADVISERS
pPercent per annum]
U.S. Treasury security yields
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991- Nov
Dec
1992- Jan
Feb
Mar
Apr
May
Sept
Oct
Nov
Week ended:
1992: Nov 28
Dee 5
12
19
26
3-month bills
(new issues) *
Constant maturities
3-year
2
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
Prime
commercial
paper,
6 months 1
Discount rate
(N.Y. F.E.
Bank) 4
Prime rate
charged by
banks4
New-home
mortgage
yields
(FHFB)5
14.029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
8.12
7.51
5.42
14.44
12.92
10.45
11.89
9.64
7.06
7.68
8.26
8.55
8.26
6.82
13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
8.49
8.55
7.86
11.23
11.57
9.47
10.15
9.18
7.38
7.73
7.76
7.24
7.25
6.89
14.17
13.79
12.04
12.71
11.37
9.02
9.38
9.71
9.26
9.32
8.77
14.76
11.89
8.89
10.16
8.01
6.39
6.85
7.68
8.80
7.95
5.85
13.42
11.02
8.50
8.80
7.69
6.33
5.66
6.20
6.93
6.98
5.45
18.87
14.86
10.79
12.04
9.93
8.33
8.21
9.32
10.87
10.01
8.46
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
10.13
10.05
9.32
4.60
4.12
5.90
5.39
5.40
5.72
6.18
5.93
5.81
5.60
4.91
4.72
4.42
4.64
5.14
6.64
6.63
6.41
6.67
6.69
6.64
6.57
6.50
6.12
6.08
6.24
6.38
6.35
8.48
8.31
8.20
8.29
8.35
8.33
8.28
8.22
8.07
7.95
7.92
7.99
8.10
4.93
4.49
4.06
4.13
4.38
4.13
3.97
3.99
3.53
3.44
3.26
3.33
3.67
5.00-4.50
4.50-3.50
3.50-3.50
3.50-3.50
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
8.00-7.50
7.50-6.50
6.50-6.50
6.50-6.50
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
8.64
8.53
3.84
3.84
4.05
3.81
3.66
3.70
3.28
3.14
2.97
2.84
3.14
7.42
7.09
7.03
7.34
7.54
7.48
7.39
7.26
6.84
6.59
6.42
6.59
6.87
3.27
3.31
3.29
3.26
3.16
5.24
5.35
5.19
5.25
6.86
6.91
6.77
6.79
6.27
6.28
6.25
6.29
8.06
8.06
8.00
7.99
3.79
3.86
3.73
3.71
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
6.00-6.00
6.00-6.00
6.00-
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)
8.49
8.65
8.51
8.58
8.59
8.43
8.00
8.00
7.93
7.90
s
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose during December.
INDEX, DEC. 31, 1965=50 (RATIO SCALE)
INDEX, DEC. 31, 1965=50 (RATIO SCALE)
240
220
200
180
^ II ^
>—»-•]f^-^V
'
140
120
100
80
^j~~
f_^^y
'
220
200
180
160
\ s*-*s~~~^\
1
/
\v^
^/
y-/\
160
/—•—~—""^
'
^
140
\
120
COMPC3SITE STOCK P «ICE INDEX
(NYSE)
100
80
60
60
40
1 111 1 1 1 1 11
1984
1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 11
1985
1986
1987
1 1 11 1 11 111
1989
1988
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11
1991
1990
40
1992
PERCENT
20
PERCENT
20
15
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
10
5
1984
1985
1986
1987
1991
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
1992
COUNCIL OF ECONOMIC ADVISERS
Common stock prices 1
New York Stock Exchange indexes (Dec. 31, 1965 = 50)
Common stock yields
(percent) 5
2
Period
Composite
Industrial
Transportation
Utility
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index
(194143=10)4
Dividendprice ratio
Earningsprice ratio
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
180.02
183.46
206.33
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
216.23
225.78
258.14
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
175.28
158.62
173.99
38.91
39.75
47.00
46.44
S6.75
71.36
74.30
71.77
87.43
90.60
92.66
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
151.88
133.26
150.82
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
322.84
334.59
376.18
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
3.45
3.61
3.24
11.96
11.60
8.03
10.02
8.12
6.09
5.48
8.01
7.41
6.47
4.81
1991: Nov
Dec
213.25
214.26
264.89
266.01
188.52
185.47
96.78
98.08
159.78
159.96
2,986.12
2,958.64
385.92
388.51
3.15
3.11
3.83
1992- Jan
Feb
Mar
Sept
Oct
Nov
229.34
228.12
225.21
224.55
228.61
224.68
228.17
230.07
230.13
226.97
232.84
286.62
286.09
282.36
281.60
285.25
279.54
281.90
284.44
285.76
279.70
287.30
201.55
205.53
204.07
201.28
207.93
202.02
198.36
191.31
191.61
192.30
204.78
99.31
96.18
r
94.16
94.92
98.26
97.23
101.18
103.41
102.26
101.62
101.13
174.50
174.08
173.49
171.10
175.90
174.82
181.00
180.47
178.27
181.36
189.27
3,227.06
3,257.27
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
416.08
412.56
407.36
407.41
414.81
408.27
415.05
417.93
418.48
412.50
422.84
2.90
2.94
3.01
3.02
2.99
3.06
3.00
2.97
3.00
3.07
2.98
Week ended:
1992- Nov 28 ...
Dec 5
12
19 .
235.56
237.18
239.33
238.93
290.55
292.83
295.60
294.28
208.35
211.82
210.83
210.04
102.09
101.74
102.81
103.93
192.06
194.03
195.48
195.76
3,255.05
3,290.20
3,313.92
3,282.85
428.02
430.80
435.26
434.73
2.94
2.94
2.90
2.91
May
July
1
Average of daily dosing prices.
*
3 Includes all the stocks (more than 1,500) listed on the NYSB.
Includes 30 stocks.
4
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-
4.01
4.18
price ratios based on prices at end of quarter.
,,,vom
NOTE. — All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 2 months of fiscal 1993, there was a deficit of $81.6 billion, compared with a deficit of $81.3 billion a
year earlier.
BIUIONS OF DOUARS
1,600
RECEIPTS AND OUTLAYS-!
BIUIONS OF DOUARS
1,600
1,500
1,500
1,400
1,400
1,300
1,300
OUTLAYS-!/
1,200
1,200
1,100
1,100
1,000
1,000
900
900
RECEIPTS-!'
800
800
700
700
600
V
600
-400
-400
1984
1985
1986
1987
1988
1989
1990
1992
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 l
1992 2
1993 (estimates) *
Cumulative total, first 2
months: 2
Fiscal year 1992
Fiscal year 1993
. ..
. ..
Outlays
Surplus
or deficit
(-)
Receipts
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Total
Held by
the public
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
402
-73.8
790
- 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
39
-4.3
20
-1.1
-5.0
-7.9
.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
1,091.7
1,162.9
946.4
990.3
1,003.9
1,064.1
1,144.2
1,251.8
1,323.8
1,381.9
1,503.9
212 3
-221.2
149 8
-155.2
153 5
-220.5
-269.5
-290.2
-341.0
547.9
568.9
640.7
667.5
727.0
749.7
760.4
789.3
838.9
769.6
806.8
810.1
861.4
933.3
1,026.7
1,082.1
1,129.3
1,238.7
-221.7
-238.0
-169.3
-194.0
-206.2
-277.1
-321.7
340 1
-399.7
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
324.0
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.6
265.2
9.4
16.7
19.6
38.8
52.8
56.6
52.2
49.9
58.8
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,599.0
4,002.8
4,463.4
1,499.4
1,736.2
1,888.1
2,050.3
1
2,189.3
2,410.4
2,687.9
2,998.8
3,355.3
151.3
151.5
232.5
233.1
-81.3
81 6
108.1
106.3
190.3
187.3
-82.1
-81.0
43.1
45.2
42.3
45.8
.9
-.6
3,681.2
4,071.5
2,753.5
3,059.2
1
Data are from Mid-Session Review: The President's Budget and Economic Growth Agenda,
Office of Management and Budget, July 24, 1992.
2
Data from Monthly Treasury Statement.
32
Outlays
Gross Federal debt
(end of period)
Off-budget
On-budget
NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
1993, Supplement, issued February 18, 1992, and are on a cash basis.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 2 months of fiscal 1993, receipts were $0.2 billion higher than a year earlier and outlays were $0.6
billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
6UO
600
1
RECEIPTS- '
INDIVIDUAL INCOME TAXES
\
500
500
400
\
100
\
1
0
SOCIAL INSURANCE
TAXFS AND TOMTPIRI ITinwS
CORPORATION
INCOME TAXFS
\
OTHER RECEIPTS
200
100
-
1
1
1
1
1
1
1
1
1,300
OUTLAYS-"
1,200
1,200
^""
1,100
1,100
1,000
NONDEFENSE
\
900
\
-"
-^
900
_-'-
800
700
700
600
600
500
500
400
300
200
A
•r
r~— i
NATIONAL DEFENSE
400
\
300
i
i
i
i '" i
h
200
,00-,^
FISCAL YEARS
•i/INCLUDES ON-6UDGET ANDOFF-BUDGET TTEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE Of MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
Individual
income
taxes
Corporation
income
taxes
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
371.8
409.2
458.7
503.5
590.9
678.2
745.8
808.4
851.8
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,091.7
1,162.9
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.5
507.0
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
112.2
265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
444.5
73.0
73.1
74.3
78.9
82.3
90.9
92.3
101.3
99.2
151.3
151.5
72.2
70.4
2.1
3.6
59.9
62.5
17.1
15.0
Fiscal year
Total
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 '
1992 2
1993 (estimates) *
Cumulative total, first 2 months: 2
Fiscal year 1992
Fiscal year 1993 ....
1
Data are from Mid-Session Review: The President's Budget and Econom
Office of Management and Budget, July 24, 1992. z
Data from Monthly Treasury Statement.
National defense
Social
insurance
taxes
and
contributions
Other
Growth Agenda,
Department of
Defense,
military
International
affairs
Health
Medicare
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
946.4
990.3
1,003.9
1,064.1
1,144.2
1,251.8
1,323.8
1,381.9
1,503.9
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.2
291.2
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.6
278.2
16.2
14.2
11.6
10.5
9.6
13.8
15.9
16.1
18.2
232.5
233.1
49.7
48.2
47.5
46.2
3.7
6.1
Total
Total
Income
security
Social
security
Net
interest
Other
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
89.6
106.3
65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
132.5
128.2
119.8
123.3
129.3
136.0
147.3
170.8
199.4
202.3
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.5
303.4
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
210.3
131.8
142.1
125.9
139.4
159.8
202.7
224.5
172.7
239.7
14.5
15.4
19.3
20.2
29.4
32.5
45.6
48.4
33.1
32.6
37.3
29.5
NOTE,—Data (except as noted) are from Budget of the United States Government, Fiscal Year
1993, Supplement, issued February 18, 1992, and are on a cash basis.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter of 1992, according to revised estimates, Federal receipts rose $5.6 billion (annual rate) and
Federal expenditures rose $7.1 billion.
BILLIONS OF DOLLARS
1,600
BILLIONS Of DOLLARS
1,600
SEASONALLY ADJUSTED AI*«jAL RATES
1,400
1,400
s
- EXPENDITURES -
1,200
1,200
1,000
1,000
200
SURPLUS OR DEFICIT!-]
-200
-200
1986
1987
1992
1988
CALENDAR YEARS
COUNOL OF ECONOMIC ADVISERS
SOURC1: DEPARTMENT Of COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government expenditures
Federal Government receipts
Period
Total
Fiscal year:
1988
1989
1990
1991
Calendar year:
1988
1989
1990
1991
1982- IV
1983: IV
1984: IV ... .
1985- IV
1986: IV
1987- IV
1988: IV
1989- IV
1990: HI
IV
..
1991: I
n
TTT
IV
1992- I
n r
m
r
955.1
1,050.1
1,089.6
1,114.9
972.3
1,059.3
1,107.4
1,122.2
632.3
671.1
739.8
803.6
856.8
943.5
1,000.6
1,068.3
1,119.9
1,113.3
1,114.6
1,117.3
1,127.7
1,129.4
1,143.3
1,149.8
1,155.4
Personal
tax and
nontax
receipts
r
Corporate
profits
tax
accruals
403.8
456.9
473.2
472.1
107.6
119.2
113.8
104.4
410.1
461.9
482.6
473.4
301.6
290.5
323.5
351.8
371.7
414.8
420.0
470.1
486.6
482.5
474.7
473.1
473.4
472.2
468.4
464.2
475.5
111.0
117.1
113.9
102.5
45.5
65.4
67.0
77.0
91.4
109.7
118.5
111.3
119.2
111.7
100.3
101.6
104.9
103.3
112.2
118.3
108.2
Source: Department of Commerce, Bureau of Economic Analysis.
34
Indirect
business
tax and
nontax
accruals
59.6
62.2
63.8
74.8
r
60.9
61.9
66.0
78.2
49.2
55.4
58.2
56.8
54.8
59.5
61.4
62.2
65.4
68.5
77.3
76.3
78.3
80.8
79.2
79.8
81.3
Contributions for
social
insurance
Total
384.1
411.8
438.7
463.5
1,098.5
1,164.5
1,249.5
1,310.9
390.4
418.5
444.9
468.2
235.9
259.8
291.1
318.0
338.8
359.4
400.7
424.7
448.8
450.6
462.2
466.3
471.1
473.2
483.5
487.4
490.4
1,109.0
1,181.6
1,273.6
1,332.7
815.7
855.7
926.6
990.8
1,034.3
1,096.3
1,135.5
1,209.8
1,265.5
1,307.9
1,264.4
1,329.4
1,348.7
1,388.1
1,432.5
1,452.7
1,459.8
r
r
Purchases
Transfer
payments
386.3 430.9
399.4 461.1
417.6 " 504.5
447.1 510.7
r
387.0
4&1.6
426.4
447.3
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
422.6
438.3
451.3
449.9
447.2
440.8
445.0
444.8
455.2
436.3
471.5
513.3
521.9
346.0
351.1
360.1
383.8
404.2
419.7
444.5
488.8
513.1
525.5
461.6
514.8
545.5
565.9
609.8
619.5
622.6
Grantsin-aid to
State
and
local
governments
108.4
115.8
128.3
r
146.9
r
111.3
118.2
132.3
153.3
84.3
86.9
97.7
104.5
103.8
102.9
113.0
121.9
131.2
137.6
144.3
151.9
153.4
163.6
165.1
174.1
174.0
Net
interest
paid
r
Subsidies
less
current
surplus of
Government
enterprises
143.8
160.5
175.1
183.1
28.9
27.6
23.9
r
23.1
146.0
164.8
176.6
186.9
86.8
99.2
122.3
129.2
131.1
143.1
151.2
168.9
183.3
174.8
182.7
188.1
186.8
190.1
186.8
187.5
187.8
28.4
25.5
25.1
23.1
17.3
28.8
22.2
16.4
22.1
37.8
34.9
25.0
15.3
32.0
24.8
24.4
15.7
27.7
25.7
26.9
20.2
Less:
Wage
accruals
less
disbursements
Surplus
or deficit
(-),
national
income
and
product
accounts
-0.1 -143.3
.0 " - 114.3
.0 -159.9
-.0 -196.1
.0
.0
.1
-.1
.0
.0
.6
.0
.0
-.2
.0
.0
.0
.2
.2
-.4
.0
.0
.0
.0
.0
-136.6
-122.3
-166.2
-210.4
-183.4
-184.6
-186.8
-187.2
-177.5
-152.7
-134.9
-141.5
-145.6
-194.6
-149.9
-212.2
-221.0
-258.7
-289.2
-302.9
-304.4
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84 = 100; NSA)
Industrial production (1987 = 100; seasonally adjusted)
Period
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 *
United
States
81.9
84.9
92.8
94.4
95,3
100.0
105.4
108.1
109.2
107.1
. .
1991- Aug
Sept
Mar
May
, J
July
Sent
Oct
Noy*
97.3
96.5
97.1
97.2
98.0
100.0
104.6
108.8
110.9
111.2
90.3
90.9
93.5
97.7
99.6
100.0
103.9
108.8
114.5
118.0
91.7
88.9
91.8
92.9
96.2
100.0
105.9
109.2
109.4
107.1
86.4
89.6
89.7
94.6
96.9
100.0
103.6
104.0
103.4
100.4
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
136.2
111.1
109.8
111.2
110.2
109.1
117.1
117.5
117.4
117.9
113.4
104.1
107.9
105.8
111.6
104.7
99.8
100.3
100.8
100.4
100.1
119.2 108.5
120.3 111.0
110.7
118.5
104.5
117.6
117.7 '109.3
107.1
116.0
115.7 '107.8
102.7
115.7
113.1
99.0
100.3
99.4
100.0
99.0
99.0
99.9
99.7
100.1
76.2
82.9
81.2
85.5
93.4
91.0
96.8
'96.1
95.4
96.6
100.0
100.0
105.3 ' 109.3
104.9
115.9
121.4
100.5
96.4
124.1
95.6
96.4
'96.6
96.8
'96.5
'96.5
'96.1
United
States 1
Germany
r
106.6
107.2
107.6
108.1
108.9
108.5
109.4
' 109.1
' 108.8
' 109.3
109.7
Dec
1992- Jan
Feb
United
Kingdom
France
r
97.0
97.6
97.1
96.7
95.3
Nov
Japan
r
108.0
108.4
108.4
108.1
107.4
Oct
1
Canada
123.1
124.2
123.5
123.6
122.2
121.5
111.0
120.6
110.1
r
117.7
109.4
117.6 '111.1
115.6 '109.3
118.1 '109.6
119.0
109.7
r
98.0 114.4
109.7
97.8 ' 119.7 109.9
1167
Italy
Data relate to all urban consumers.
United
Kingdom
Japan
France
Germany
94.9
100.4
104.8
108.9
113.4
118.4
123.2
129.3
135.5
143.1
98.0
99.8
102.1
104.1
104.8
104.9
105.7
108.0
111.4
115.0
91.7
100.3
108.0
114.3
117.2
121.1
124.4
128.9
133.2
137.2
97.0
100.3
102.7
104.8
104.7
104.9
106.3
109.2
112.1
116.0
87.7
100.8
111.5
121.1
128.5
134.4
141.1
150.4
159.6
169.7
95.4
99.8
104.8
111.1
114.9
119.7
125.6
135.4
148.2
156.9
136.6
137.2
137.4
137.8
137.9
143.9
143.7
143.4
144.0
143.4
114.9
115.1
116.4
116.6
116.0
137.7
138.0
138.6
138.9
139.1
116.8
117.0
117.4
117.9
118.0
170.3
171.0
172.3
173.5
174.0
157.6
158.1
158.7
159.3
159.4
138.1
138.6
139.3
139.5
139.7
140.2
140.5
140.9
141.3
141.8
142.0
144.0
144.1
144.6
144.6
144.9
145.2
145.6
145.6
145.5
145.7
115.8
115.7
116.3
117.5
117.6
117.5
116.6
116.9
117.5
117.6
139.4
139.8
140.2
140.5
140.9
141.0
141.4
141.5
141.5
142.0
118.5
119.2
119.7
120.0
120.5
120.7
120.7
120.9
121.2
121.7
175.4
175.9
176.6
177.3
178.3
178.9
179.1
179.2
179.8
180.9
159.3
160.1
160.6
163.1
163.7
163.7
163.1
163.2
163.8
164.4
164.1
Canada
Italy
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration, Office of Trade and Economic Analysis).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
General merchandise imports (customs value) 3
Merchandise exports (f.a.s. value) ]
Principal end-use commodity category
Period
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
Foods,
feeds,
and
beverages
Industrial
supplies
and
materials
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
216.4
205.6
224.0
5
218.8
5
227.2
254.1
322.4
363.8
393.6
421.7
31.3
30.9
31.5
24.0
22.3
24.3
32.3
37.2
35.1
35.7
61.7
56.7
61.7
58.5
57.3
66.7
85.1
99.3
104.4
109.7
72.7
67.2
72.0
73.9
75.8
86.2
109.2
138.8
152.7
166.7
15.7
16.8
20.6
22.9
21.7
24.6
29.3
34.8
37.4
40.0
14.3
13.4
13.3
12.6
14.2
17.7
23.1
36.4
43.3
45.9
20.7
20.5
24.0
27.3
35.9
34.6
43.4
17.2
20.7
23.7
36.8
37.3
36.1
3.2
3.2
3.3
9.3
8.9
8.9
14.4
15.4
14.3
3.7
3.6
3.3
4.1
4.1
3.8
2.1
2.1
2.3
35.5
37.7
37.1
36.4
35.7
38.2
37.8
35.8
37.9
39.2
3.1
3.6
3.3
3.5
3.0
3.1
3.5
3.3
3.7
3.7
9.3
8.9
8.8
8.8
8.9
9.3
9.6
8.7
9.1
9.6
13.9
15.3
14.9
14.3
13.9
15.3
14.5
14.0
15.0
15.4
3.2
3.6
3.9
4.0
3.8
4.0
3.9
3.7
3.8
3.8
3.9
4.1
4.0
3.9
4.0
4.2
4.3
4.1
4.5
4.6
2.0
2.1
2.3
2.0
2.1
2.2
2.0
2.1
2.0
2.2
Total2
.
1991- Oct
Noy
Dec
1992- Jan
Feb
Mar
May
July
Sept '
Oct
.
1
Includes Department of Defense Military Assistance Program
2
Includes undocumented exports to Canada through 1988.
3
grant-aid shipments.
Total arrivals of imported goods other than intransit shipments.
* Total includes revisions not reflected in detail.
Trade balance
Principal end-use commodity category
Other
Exports
(f.a.s) less
imports
(customs
value)
Exports
(f.a.s)
less
imports
(c.i.f.)
6.5
6.3
7.8
9.4
10.4
12.1
12.8
13.6
16.1
15.9
254.9
269.9
346.4
352.5
382.3
424.4
459.5
493.2
517.0
508.4
-27.5
-52.4
-106.7
-117.7
-138.3
-152.1
118 5
- 109.4
-101.7
-65.4
-38.4
-64.2
-122.4
-133.6
-155.1
-170.3
-137.1
-129.4
-123.4
-86.6
10.0
9.8
9.8'
1.4
1.4
1.3
44.5
43.1
43.4
-5.9
—4.1
-5.6
-7.6
-5.8
-7.4
9.5
9.6
9.9
9.8
9.8
10.2
10.5
10.3
11.2
10.7
1.3
1.5
1.6
1.4
1.3
1.5
1.5
1.3
1.4
1.5
'43.1
42.6
'44.5
45.3
'44.6
'46.7
46.9
'46.6
48.3
48.0
Foods
feeds,
and
beverages
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
Other
17.1
18.2
21.0
21.9
24.4
24.8
24.8
25.1
26.6
26.5
112.0
107.0
123.7
113.9
101.3
111.0
118.3
132.3
143.2
131.0
35.4
40.9
59.8
65.1
71.8
84.5
101.4
113.3
116.4
120.7
33.3
40.8
53.5
66.8
78.2
85.2
87.7
86.1
87.3
84.9
39.7
44.9
60.0
68.3
79.4
88.7
95.9
102.9
105.7
108.0
42.7
41.4
41.7
2.1
2.2
2.3
11.1
10.8
10.8
10.3
9.9
10.3
7.7
7.2
7.2
41.3
'41.0
42.7
43.5
42.9
'45.0
45.1
'44.8
46.5
46.2
2.3
2.2
2.3
2.4
2.2
2.6
2.5
2.3
2.3
2.3
10.6
'10.4
'10.7
'11.3
'11.4
'12.0
'12.0
'11.8
12.0
12.3
10.3
10.3
10.7
10.8
10.8
11.2
11.3
11.5
11.7
11.8
7.3
7.1
7.5
7.7
7.3
7.4
7.4
7.6
7.8
7.6
Total
2
General
merchandise
imports
(c.i.f.
value)
Industrial
supplies
and
materials
244.0
258.0
330.7
4
336.5
365.4
406.2
441.0
473.2
495.3
487.1
4
-5.8
-7.6
-3.3
-5.0
5 6 '-7.4
-7.1
-8.9
'-7.2 '-8.9
'-6.8
-8.5
-7.3
-9.1
'-9.0 ' - 10.8
-8.6
-10.4
-7.0
-8.9
5
Total exports are on a revised statistical month basis; end-use categories are on i
month basis.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the third quarter of 1992, the merchandise trade deficit rose to $26.5 billion, from $24.6 billion in the second
quarter. The current account deficit fell to $14.2 billion from $17.8 billion in the second quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
15
-10
15
x\
BALANCE ON GOODS,
SERVICES, AND INCOME
-15
-20
-25
-30
~^
17
-X. >—-'/
-35
-40
-45
i i i
1 1 1
1983
1984
t
1985
1 1
1986
i i i
1 1 1
1987
1992
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+)> debits (—)]
Merchandise l 2
Services
1984
1985
1986
1987
1988
1989
1990...
1991
1990- I
n
m
IV
1991: I
n
m
IV
1992: I .r
n.
m '....
Other
services,
net
Receipts
on 0.S.
assets
abroad
Payments
on foreign
assets hi
U.S.
-53,626
56412
-53,700
69 572
-67,875
73 620
Balance on
goods,
services,
and income
Unilateral
transfers,
net 4
Balance
on current
account
16,732
32,903
5,632
29,788
31,915 -25,882
30,843 -78,212
23,235 -98,771
123 354
15,378
10,945 - 140,421
101 787
12,466
14,366 -75,537
57511
19,287
16,429 -11,710
-11,702
-17,075
-17,741
-20,612
-22,950
-24,176
-23,052
-24,869
-25,606
-32,916
8,028
5,030
-11,443
-43,623
-98,824
-121,721
-147,529
- 163,474
-126,656
-101,143
-90,428
-3,682
-15,847 -6,538
-7,401
-13,924
-16,777 -7,201
-10,966 -11,778
-22,385
-21,325
-23,978
-22,744
Exports
Imports
Net balance
Net
military
transactions a *
237,044
211,157
201,799
219,926
215,915
223,344
250,208
320,230
361,697
388,705
415,962
-265,067
-247,642
-268,901
332 418
-338,088
-368,425
-409,765
-447,189
-477,365
-497,558
-489,398
-28,023
36485
-67,102
112 492
-122,173
-145,081
-159,557
-126,959
-115,668
-108,853
-73,436
—844
112
-563
2 547
-4,390
5 181
-3,812
6 354
-6,838
-7,818
-5,524
144
-992
-4,227
-8,293
-9,709
-7,324
-6,398
-1,370
5,851
10,142
17,118
12,552
13,209
14,095
14,277
14,266
18,855
18,400
20,430
26,752
29,730
33,701
86,529
86,200
85,614
100,415
91,110
88,998
96,574
119,456
140,692
143,547
125,315
-85,629
- 106,991
-126,326
-124,261
- 108,886
94,981
96,654
96,544
100,526
- 122,360
-121,461
-125,434
- 128,303
27 379
-24^807
-28,890
-27,777
-1,873
-1,627
-1,692
-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
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
-539
-18,539
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
-2,006
-1,684
-5,075
-2,945
14,199
4,115
-6,012
-4,273
12,193
2,431
-11,087
-7,218
107,946
107,464
110,812
-125,168
— 132,022
-137,350
-17,222
-24,558
-26,538
-625
-623
-548
4,401
4,216
4,024
10,067
9,045
12,149
28,499
28,452
27,756
-24,025
-26,522
-24,205
4,474
1,930
3,551
1,096
-9,990
-7,362
-6,999
-7,812
-6,876
-5,903
- 17,802
-14,238
Period
1981
1982
1983
Investment income
Net
travel and
transportation
receipts
1
Excludes military.
2
Adjusted from Census
3
data for differences in timing and coverage.
Quarterly data are not seasonally adjusted.
36
4
Net
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 increased $0.4 billion in the third quarter
of 1992, following a decrease of $10.9 billion in the second quarter. U.S. liabilities to private foreigners reported
by U.S. banks, excluding Treasury securities, rose $19.9 billion in the third quarter, following a decrease of $0.6
billion in the second quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
-60 L-L
1983
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capit
]
Period
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1990: I
II
Ill
IV
1991: I
II
Ill ....
IV
1992: I r
II
Ill "...
U.S.
official
reserve
assets 3 5
-114,147
-122,335
-58,856
-29,224
-34,069
-91,069
-62,402
-92,708
-114,944
-56,321
-62,220
-5,175
-4,965
-1,196
-3,131
3 858
312
9,149
-3,912
25 293
-2,158
5,763
42,141
-30,682
-30,964
-36,816
-3,177
371
1,739
-1,091
-640
-7,050
-10,368
-44,158
-353
1,014
3,877
1,225
-4,250
37
-20,157
-1,057
1,464
1,952
Other U.S.
Government
assets
Foreign assets in the U.S., net
[increase /capital inflow (+)]
U.S.
private
assets
Total
Other
foreign
assets
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
24,992
41,359
19,099
26,038
24,825
15,407
-4,096
-5,097
103 875
6 131 -111,239
-52,654
-5,006
5489 -20,605
-2,821 -27,391
2022 -89,360
-72,556
1,006
2,967
91 762
1,271 -90,922
56467
2,304
3,397 -71,379
83,032
92,418
83,380
102,010
130,966
223,191
229,972
219,489
213,693
99,379
66,980
4,960
3,593
5,845
3,140
1 119
35,648
45,387
39,758
8,489
33,908
18,407
78,072
88,826
77,534
98,870
132,084
187,543
184,585
179,731
205,204
65,471
48,573
46,061
-30,259
-32,366
-39,903
-30,965
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
-1,360
-7,644
-17,426
— 44,947
-7,840
2,959
22,933
48,929
- 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
-3,155
-1,150
21 724
18,563
47,415
17,286
5,650
4 178
4,115
12,819
21,192
20,895
-7,738
-2,629
26,520
25,024
-8,410
-29,650
17,109
4,023
410
-7,680
74,657
77,092
78,527
743
-794
337
4,179
1,073
-420
3,180
-437
38
-277
385
5
Consists of gold, special drawing rights (SDKs), foreign currenci , and the U.S. reserve [
tion in the IMF.
Foreign
official
assets 3
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
1,093
Sources: Department of Commerce (Bun
Treasury.
126
2,394
47,370
-1,078
of Economic Analysis) and Department of the
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
page
Gross Domestic Product
Gross Domestic Product in 1987 Dollars
Implicit Price Deflators for Gross Domestic Product
Changes in GDP, Personal Consumption Expenditures, and Related Implicit Price Deflators and Price Indexes
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures in 1987 Dollars
Sources of Personal Income
.
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment in 1987 Dollars
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
' Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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