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103d Congress, 1st Session

Economic Indicators
DECEMBER

1993

(Includes data available as of December 27, 1993)

Prepared for the Joint Economic Committee by the




Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1993

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
DAVID R. OBEY, Wisconsin, Chairman
PAUL S. SARBANES, Maryland, Vice Chairman
HOUSE OF REPRESENTATIVES
LEE H. HAMILTON (Indiana)
FORTNEY H. (PETE) STARK (California)
KWEISI MFUME (Maryland)
RON WYDEN (Oregon)
MICHAEL A. ANDREWS (Texas)
RICHARD K. ARMEY (Texas)
JIM SAXTON (New Jersey)
CHRISTOPHER C. COX (California)
JIM RAMSTAD (Minnesota)

SENATE
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
CHARLES S. ROBB (Virginia)
BYRON L. DORGAN (North Dakota)
BARBARA BOXER (California)
WILLIAM V. ROTH, JR. (Delaware)
CONNIE MACK (Florida)
LARRY E. CRAIG (Idaho)
ROBERT F. BENNETT (Utah)

RICK MC.GAHEY, Executive Director

COUNCIL OF ECONOMIC ADVISERS
LAURA D. TYSON, Chair
ALAN S. BLINDER, Member
JOSEPH E. STIGLITZ, Member
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts prepared by the Art Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce.

Economic Indicators, published monthly, is available at $2.75 a single copy
($3.44 foreign), or by subscription at $30.00 per year ($37.50 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402




For sale by the U.S. Government Printing Office
Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402-9328
ISBN 0-16-043365-7

TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the third quarter of 1993, according to revised estimates, current-dollar gross domestic product (GDP) rose 4.4
percent (annual rate), real GDP (GDP in 1987 dollars) rose 2.9 percent, and the implicit price deflator rose 1.6
percent.
BILLION S OF DOLLARS (RATIO SCALE]

BILLIONS OF DOLLARS (RATIO SCALE]

6,800

6,800

SEASONALLY ADJUSTED ANNUAL RATES

6,400

6,400
6,000

S

6,000

^
'

5,600

GDP
IN CURRENT DOLLARS
\

5,200

5,600

^
^

j
-^ f

5,200
, —• ""

\^

r-c

4,800

4,400

x

x--'

4,000

rx

„-•-'

^

f

4,800

—
4,400

GDP
IN 1987 DOLLARS

"^
4,000

X
X

3,600

3,600

^

/
3,200

2,800

3,200

1

I I
1982

i

I I
1983

I I i
1984

111

1

1985

1 1
1986

I I I
1987

I

I I
1988

i

I I
1989

I

I I
1990

I

I i
1991

SOURCE: DEPARTMENT OF COMMERCE

i

I I
1992

I I I
1993

2,800

COUNCIL OF ECONOMIC ADVISERS

[Billions of current dollars; quarterly data at seasonally adjusted annual rates]

Period

1985
1986
1987
1988
1989
1990
1991
1992
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991-

IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II

ra

IV
1992- I
II
III
IV
1993: I
II
III '
1

Gross
domestic
product

4,038.7
4,268.6
4,539.9
4,900.4
5,250.8
5,546.1
5,722.9
6,038.5
3,195.1
3,547.3
3,869.1
4,140.5
4,336.6
4,683.0
5,044.6
5,344.8
5,597.9
5,631.7
5,697.7
5,758.6
5,803.7
5,908.7
5,991.4
6,059.5
6,194.4
6,261.6
6,327.6
6,395.9

Personal
consumption
expenditures

Gross
private
domestic
investment

2,667.4
2,850.6
3,052.2
3,296.1
3,523.1
3,761.2
3,906.4
4,139.9
2,128.7
2,346.8
2,526.4
2,739.8
2,923.1
3,124.6
3,398.2
3,599.1
3,836.6
3,843.6
3,887.8
3,929.8
3,964.1
4,046.5
4,099.9
4,157.1
4,256.2
4,296.2
4,359.9
4,419.1

714.5
717.6
749.3
793.6
832.3
808.9
736.9
796.5
464.2
614.8
722.8
737.0
697.1
800.2
814.8
825.2
756.4
729.1
721.5
744.5
752.4
750.8
799.7
802.2
833.3
874.1
874.1
884.0

Federal
Net
exports

1156
-132.5
143 1
- 108.0
-79.7
71 4
-19.6
-29.6
— 29.5
-71.8
-107.1
-135.5
-133.2
- 143.2
-106.0
-73.9
-71.6
340
-11.5
-19.8
-13.0
-7.0
-33.9
-38.8
-38.8
-48.3
65 1
-71.9

Exports

Imports

302.1
319.2
364.0
444.2
508.0
557.1
601.5
640.5
265.6
286.2
308.7
304.7
333.9
392.4
467.0
523.8
577.6
576.5
600.7
603.0
625.7
633.7
632.4
641.1
654.7
651.3
660.0
653.2

417.6
451.7
507.1
552.2
587.7
628.5
621.1
670.1
295.1
358.0
415.7
440.2
467.1
535.6
573.1
597.7
649.2
610.6
612.2
622.8
638.8
640.7
666.3
679.9
693.5
699.6
725.0
725.1

GDP less exports of goods and services plus imports of goods and services.




Government purchases

Exports and imports of goods
and services
Total

Total
772.3
833.0
881.5
918.7
975.2
1,047.4
1,099.3
1,131.8
631.6
657.6
727.0
799.2
849.7
901.4
937.6
994.5
1,076.5
1,093.0
1,099.9
1,104.0
1,100.2
1,118.5
1,125.8
1,139.1
1,143.8
1,139.7
1,158.6
1,164.8

344.3
367.8
384.9
387.0
401.6
426.5
445.9
448.8
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
450.2
449.4
446.8
437.4
445.5
444.6
452.8
452.4
442.7
447.5
443.6

National
defense
258.6
276.7
292.1
295.6
299.9
314.0
322.5
313.8
205.5
222.8
242.9
268.6
278.6
295.8
296.8
302.5
322.5
331.4
326.3
321.2
311.2
312.3
310.4
316.7
315.7
304.8
307.6
301.9

Nondefense
85.7
91.1
92.9
91.4
101.7
112.5
123.4
135.0
75.9
66.9
81.9
88.3
94.5
96.7
95.2
102.6
114.0
118.7
123.0
125.6
126.2
133.1
134.2
136.1
136.7
137.9
140.0
141.7

State
and
local
428.1
465.3
496.6
531.7
573.6
620.9
653.4
683.0
350.3
367.9
402.2
442.4
476.6
509.0
545.7
589.3
640.0
642.9
650.5
657.3
662.8
673.0
681.2
686.2
691.4
697.0
711.1
721.2

Final
sales of
domestic
product

Gross
domestic
purchases *

4,014.1
4,260.0
4,513.7
4,884.2
5,217.5
5,539.3
5,731.6
6,031.2
3,241.4
3,527.1
3,818.1
4,107.9
4,355.4
4,623.7
5,027.3
5,314.6
5,621.8
5,651.6
5,720.8
5,759.1
5,794.8
5,913.9
5,978.6
6,049.9
6,182.5
6,227.1
6,314.5
6,388.2

4,154.3
4,401.2
4,683.0
5,008.4
5,330.5
5,617.5
5,742.5
6,068.2
3,224.6
3,619.1
3,976.2
4,276.0
4,469.8
4,826.2
5,150.7
5,418.7
5,669.5
5,665.8
5,709.2
5,778.4
5,816.7
5,915.8
6,025.3
6,098.3
6,233.2
6,309.9
6,392.7
6,467.8

Source: Department of Commerce, Bureau of Economic Analysis.

Addendum:
Gross
national
product
4,053.6
4,277.7
4,544.5
4,908.2
5,266.8
5,567.8
5,737.1
6,045.8
3,222.6
3,578.4
3,890.2
4,156.2
4,340.5
4,690.5
5,054.3
5,365.0
5,630.0
5,656.1
5,710.6
5,766.2
5,815.5
5,927.6
5,996.3
6,067.3
6,191.9
6,262.1
6,327.1
6,402.3

GROSS DOMESTIC PRODUCT IN 1987 DOLLARS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Period

1985

Gross
domestic
product

Personal
consumption
expenditures

Exports and imports of
goods and services

Government purchases

State
and
local

Final
sales of
domestic
product

Gross
domestic
purchases 1

Addendum:
Gross
national
product

Federal
Nonresidentia!
fixed
investment

Residential
fixed
investment

Change
in
business
inventories

Net
exports

Exports

Imports

Total
Total

National
defense

Nondefense

4,279.8
4,404.5
4,539.9
4,718.6
4,838.0
4,897.3
4,861.4
4,986.3

2,865.8
2,969.1
3,052.2
3,162.4
3,223.3
3,272.6
3,258.6
3,341.8

521.8
500.3
497.8
530.8
540.0
546.5
514.5
529.2

202.0
226.2
225.2
222.7
214.2
194.5
169.5
197.1

145 3
22.1
8.5 -155.1
143 1
26.3
19.9 -104.0
29.8 -73.7
5.7 -54.7
-8.4
-19.1
6.5 -33.6

309.2
329.6
364.0
421.6
471.8
510.5
543.4
578.0

454.6
484.7
507.1
525.7
545.4
565.1
562.5
611.6

813.4
855.4
881.5
886.8
904.4
932.6
946.3
945.2

355.2
373.0
384.9
377.3
376.1
384.1
386.5
373.0

265.6
280.6
292.1
287.0
281.4
283.6
281.3
261.2

89.5
92.4
92.9
90.2
94.8
100.4
105.3
111.8

458.2
482.4
496.6
509.6
528.3
548.5
559.7
572.2

4,257.6
4,395.9
4,513.7
4,698.6
4,808.3
4,891.6
4,869.8
4,979.8

4,425.1
4,559.6
4,683.0
4,822.6
4,911.7
4,951.9
4,880.5
5,019.9

4,295.0
4,413.5
4,544.5
4,726.3
4,852.7
4,916.5
4,874.5
4,994.0

3,759.6
4,012.1
4,194.2
4,333.5
4,427.1
4,625.5
4,779.7
4,856.7

2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0

417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7

131.2 -44.9
-19.0
190.6
29.3 -83.7
198.8
131 4
47.9
207.4
30.2 -155.4
230.5 -20.1
156 0
223.3
59.9 -136.0
225.3
20.9 -102.7
208.0
674
24.9

280.4
291.5
312.8
312.0
342.9
386.1
438.2
487.7

299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.0

735.9
748.1
784.3
830.5
864.8
893.0
894.5
912.6

316.0
322.2
341.7
363.7
377.5
391.6
378.4
376.1

229.4
242.9
254.3
272.1
282.2
295.0
285.7
281.5

86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.7

419.9
425.9
442.6
466.7
487.3
501.4
516.1
536.5

3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565.6
4,758.7
4,831.8

3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,924.1

3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,875.1

1990: III
IV

4,906.5
4,867.2

3,288.4
3,265.9

551.2
540.2

189.0
176.3

10.9
209

-62.2
-36.8

508.6
520.4

570.7
557.2

929.2
942.4

379.6
386.5

278.5
285.7

101.1
100.8

549.6
555.8

4,895.6
4,888.0

4,968.6
4,904.0

4,920.9
4,895.4

1991- I
II
III
IV

4,837.8
4,855.6
4,872.6
4,879.6

3,242.7
3,256.9
3,267.1
3,267.5

521.4
517.8
512.8
506.1

163.8
174
164.3 -22.3
9
171.0
179.1
7.1

-21.6
-13.3
-25.0
-16.4

519.4
542.9
546.9
564.2

541.0
556.2
571.9
580.7

948.9
952.3
947.6
936.2

393.8
393.6
386.6
372.1

292.0
288.7
279.4
264.9

101.8
104.9
107.2
107.2

555.1
558.7
561.0
564.1

4,855.2
4,878.0
4,873.5
4,872.5

4,859.4
4,869.0
4,897.6
4,896.0

4,859.3
4,867.5
4,880.3
4,890.9

1992- I

4,922.0
4,956.5
4,998.2
5,068.3

3,302.3
3,316.8
3,350.9
3,397.2

510.5
528.8
533.8
543.7

186.2
195.6
196.2
210.6

50
12.6
9.6
8.7

-15.2
-38.0
-42.5
-38.8

571.0
570.2
579.3
591.6

586.2
608.2
621.8
630.3

943.1
940.7
950.2
946.9

372.1
369.2
377.0
373.7

261.2
257.9
264.4
261.3

110.9
111.3
112.5
112.4

571.0
571.5
573.2
573.2

4,926.9
4,943.8
4,988.6
5,059.6

4,937.1
4,994.5
5,040.7
5,107.1

4,939.0
4,962.2
5,006.4
5,068.4

5,078.2 3,403.8
5,102.1 3,432.7
5,138.3 3,469.6

562.3
584.3
594.8

211.4
206.2
212.1

29.3
13.0
6.5

-59.9
-75.2
86 3

588.0
593.2
591.9

647.9
668.4
678.2

931.3
941.1
941.7

357.6
359.4
353.7

246.0
246.4
240.1

111.5
113.0
113.7

573.7
581.6
588.0

5,048.9
5,089.1
5,131.8

5,138.1
5,177.4
5,224.6

5,080.7
5,104.1
5,145.8

1986
1987
1988
1989
1990
1991
1992
1982:
198319841985198619871988:
1989-

IV
IV
IV
IV
IV
IV .
IV
IV ..

n
ni ....
IV

1993- I

n r
in

1

GDP less exports of goods and services plus import 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

Gross
domestic
product

Gross private
domestic investment

Personal consumption
expenditures

Exports and imports of
goods and services

Government purchases
Federal

Total

Durable
goods

Nondurable goods

Services

dential
fixed

Residential fixed

Exports

Imports

Total

National
defense

Nondefense

State
and local

94.4
96.9
100.0
103.9
108.5
113.3
117.7
121.1

93.1
96.0
100.0
104.2
109.3
114.9
119.9
123.9

95.4
96.9
100.0
102.0
104.2
105.7
107.3
108.9

95.9
96.1
100.0
103.7
109.3
115.9
120.0
122.4

90.8
95.7
100.0
105.1
110.6
116.7
122.8
128.5

96.6
98.4
100.0
102.8
105.2
107.3
108.0
106.9

92,0
95.8
100.0
104.2
107.8
110.7
111.8
113.4

97.7
96.9
100.0
105.3
107.7
109.1
110.7
110.8

91.9
93.2
100.0
105.1
107.8
111.2
110.4
109.6

96.9
98.6
100.0
102.6
106.8
111.0
115.4
120.3

97.3
98.6
100.0
103.0
106.6
110.7
114.7
120.1

95.7
98.6
100.0
101.4
107.3
112.0
117.2
120.8

93.4
96.4
100.0
104.3
108.6
113.2
116.7
119.4

IV
IV
IV
IV
IV
IV
IV
IV
IV

85.0
88.4
92.3
95.5
98.0
101.2
105:5
110.1
115.0

83.8
87.6
90.7
94.6
97.0
101.6
106.1
111.0
117.5

90.6
93.3
94.4
95.9
97.8
101.0
103.1
104.9
106.1

89.4
91.8
94.2
97.0
96.3
101.5
105.6
110.8
119.2

79.0
83.7
87.7
92.9
97.3
101.9
107.1
112.7
119.2

95.3
95.0
96.4
97.3
99.2
100.7
104.0
106.0
108.2

86.0
88.0
90.7
93.1
97.3
101.5
105.3
108.8
111.1

94.7
98.2
98.7
97.7
97.4
101.6
106.6
107.4
111.0

98.5
95.4
93.6
94.2
93.6
102.6
106.0
107.7
116.5

89.0
89.9
95.0
98.1
98.8
100.2
103.6
107.7
112.9

89.6
91.7
95.5
98.7
98.7
100.3
103.9
107.5
112.9

87.7
84.3
93.7
96.4
99.2
100.1
102.6
108.4
113.1

83.4
86.4
90.9
94.8
97.8
101.5
105.7
109.9
115.2

1991: I
II
Ill
IV

116.4
117.3
118.2
118.9

118.5
119.4
120.3
121.3

106,8
107.1
107.5
107.8

119.5
119.8
120.1
120.7

120.8
122.0
123.5
124.9

108.7
108.3
107.8
107.3

111.3
111.7
112.5
111.8

111.0
110.6
110.2
110.9

112.9
110.1
108.9
110.0

114.3
114.2
115.6
117.5

113.5
113.0
114.9
117.5

116.7
117.3
117.2
117.8

115.8
116.4
117.2
117.5

1992:

120.0
120.9
121.2
122.2

122.5
123.6
124.1
125.3

108.4
109.0
109.1
109.1

121.5
122.1
122.8
123.1

126.6
128.1
128.5
130.7

107.1
107.1
106.6
106.6

112.2
112.8
113.8
114.9

111.0
110.9
110.7
110.7

109.3
109.6
109.3
110.0

119.7
120.4
120.1
121.1

119.6
120.3
119.8
120.8

120.0
120.6
121.0
121.6

117.9
119.2
119.7
120.6

123.3
124.0
124.5

126.2
127.0
127.4

109.2
109.8
109.9

124.1
124.2
123.7

131.8
133.1
134.0

105.7
106.0
105.1

115.8
117.3
118.5

110.8
111.3
110.4

108.0
108.5
106.9

123.8
124.5
125.4

123.9
124.8
125.7

123.6
123.9
124.6

121.5
122.3
122.7

1985
1986
1987
1988
1989
1990
1991
1992
1982198319841985:
19861987:
198819891990-

I
II
Ill

IV

1993- I
II
Ill *

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]
Persona] consumption expenditures

Gross domestic product
Period

Current
dollars

1981
1982
1983
1984
1985
1986 ... .
1987
1988
1989
1990
1991
1992 .
1989: m
IV
1990: I

IV
I

....

n
in .
IV

1993- I

n r
m

2.6
0
1.5
3.5
1.5
.9
-3.2
24
1.5
1.4
.6
3.5
2.8
3.4
5.7

3.7
2.6
3.2
3.9
4.4
4.4
3.9
2.9
3.8
3.7
5.2
4.4
4.0
4.3
5.0
3.1
3.1
2.4
3.8
3.0
1.0
3.3

.8
1.9
2.9

3.6
2.3
1.6

Implicit price
deflator

10.2
6.9
9.6
9.0
8.4
6.9
7.1
8.0
6.9
6.8
3.9
6.0
6.3
5.3
9.2
5.3
8.3
3.7
.7
4.7
4.4
3.5
8.6
5.4
5.7
9.9

1.2
1.1
4.6
4.8
4.4
3.6
2.8
3.6
1.9
1.5
4
2.6
2.9
.8
2.8
.9
2.1
-2.7
-2.8
1.8
1.3
.0
4.3
1.8
4.2
5.6

9.0
5.7
4.9
3.9
3.9
3.1
4.2
4.2
4.9
5.1
4.4
3.3
3.3
4.4
6.3
4.3
6.1
6.7
3.4
3.1
3.0
3.4
4.0
3.6
1.6
3.9

8.6
5.4
4.3
3.7
3.8
3.0
4.1
4.3
5.0
5.3
4.5
3.7
3.5
4.4
6.6
4.2
6.3
7.0
3.9
3.2
3.4
3.5
4.5
3.6
3.4
3.1

4.3
2.8
2.1

10.0
6.2
4.1
4.4

4.4
4.3
4.4

IV
I
II

m
1992:

1.8
-2.2
3.9
6.2
3.2
2.9
3.1
3.9
2.5
1.2
7

Fixed-weighted
price index
(1987 weights)

Constant
(1987) dollars

3.9
3.4
3.5
2.8
3.1
4.0
4.5
4.6
4.1
3.3
3.8
3.7
5.8
4.4
4.7
3.8
5.1
3.4
3.4
2.7
4.2
3.4
2.5
3.1

Implicit price
deflator

11.9
3.9
8.1
10.9
6.9
5.7
6.4
7.9
7.2
5.6
3.2
5.5
3.8
5.1
9.1
5.9
3.1
1.0
2.4
4.8
4.3
3.2
7.4
5.7
4.6
9.2

n
m

1991:

Constant
(1987) dollars

Fixed-weighted
price index
(1987 weights)

3.8
6.1
5.5

.8
3.4
4.4

2.9
2.6
1.3

3.4
2.9
1.4

Current
dollars

Source: Department of Commerce, Bureau of Economic Analysis.

NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Gross domestic product
of nonfinancial
corporate business
(billions of dollars)
Period

Current-dollar cost and profit per unit of output (dollars) '

Total
cost and
profit 2

Consumption of
fixed
capital

Indirect
business
taxes 3

Compensation of
employees

Net
interest

Corporate profits with inventory
valuation and capital consumption
adjustments
Profits
tax
liability

Profits
after
4

Current
dollars

2,293.6
2,386.3
2,547.3
2,764.8
2,913.5
3,045.5
3,082.1
3,243.4

1985

1986
1987
1988
1989
1990
1991
1992
198219831984198519861987198819891990-

IV
IV
IV
IV
IV
IV
IV
IV
IV

i99i- in
IV
1992- I

n
m

IV
1993- I

n
in '

1987
dollars

2,364.3
2,439.3
2,547.3
2,684.8
2,718.9
2,747.4
2,710.0
2,822.3

0.970

0.109
.111
.110
.111
.117
.120
.126
.125

0.093
.095
.095
.096
.101
.106
.115
.116

0.636

0.038

0.064

.648
.658
.676
.706
.736
.758
.762

.040
.042
.045
.054
.054
.052
.048

0.094
.084
.096
.102
.094
.093
.086
.099

0.030

.978
1.000
1.030
1.072
1.109
1.137
1.149

.031
.037
.038
.037
.034
.031
.035

.053
.059
.064
.057
.059
.056
.064

1,806.3
2,037.2
2,228.2
2,338.8
2,422.8
2,627.6
2,843.2
2,951.5
3,052.5
3,086.8
3,129.5
3,159.8
3,218.1
3,264.2
3,331.6
3,331.7
3,395.9
3,432.2

1,999.6
2,204.2
2,328.4
2,396.9
2,463.3
2,604.0
2,719.0
2,722.7
2,725.0
2,708.5
2,745.0
2,759.5
2,802.6
2,839.8
2,887.4
2,867.5
2,916.6
2,948.9

.903
.924
.957
.976
.984
1.009
1.046
1.084
1.120
1.140
1.140
1.145
1.148
1.149
1.154
1.162
1.164
1.164

.119
.119
.111
.110
.112
.110
.112
.120
.123
.126
.125
.125
.124
.129
.122
.124
.123
.124

.086
.088
.091
.093
.095
.094
.097
.102
.109
.116
.116
.117
.116
.116
.116
.116
.118
.118

.607
.602
.623
.643
.654
.664
.687
.718
.748
.761
.760
.762
.762
.762
.761
.772
.770
.769

.040
.036
.041
.038
.042
.042
.047
.055
.054
.052
.051
.050
.049
.047
.046
.047
.046
.045

.051
.079
.091
.092
.081
.099
.102
.088
.085
.084
.088
.091
.098
.096
.109
.102
.108
.108

.020
.029
.027
.030
.035
.038
.040
.033
.034
.031
.031
.033
.036
.034
.037
.037
.040
.038

.030
.050
.064
.063
.045
.060
.063
.055
.052
.053
.056
.059
.062
.062
.072
.065
.068
.070

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
the3decimal point shifted two places to the left.
Indirect business tax and nontax liability plus business transfer payments less subsidies.




Total

4

Output
per hour
of all
employees
(1987
dollars)

Compensation per
hour of
all
employees
(dollars)

tax

T

22. 150

' 22.735
r
23.129
23.572
23.189
23.446
23.865
24.836
r
r

2 1.070

21.893
22.054
r
22.347
r
22.892
' 23.358
23.524
23.147
23.549
23.889
24.246
24.394
24.678
25.031
25.310
25.053
25.296
25.512

' 14.083
' 14.741
15.208
15.833
16.377
17.246
18.087
18.915
12.791
!3.187
' 13.732
14.359
' 14.975
15.518
16.071
16.618
17.623
18.183
18.419
18.597
18.803
19.062
19.249
19.353
19.468
19.629
r

With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).

NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]

National
income

Period

Compensation of
employees1

Proprietors' income
with inventory
valuation and capital
consumption
adjustments

Farm

1985
1986 ...
1987
1988 . .
1989
1990 .. .
1991
1992 . .
1982: IV
1983- IV
1984: IV
1985- IV
1986: IV
1987: IV
1988: IV
1989: IV
1990: IV
1991: III
IV
1992: I
II
Ill
IV
1993: I
II
III T.
1

3,268.4
3,437.9
3,692.3
4,002.6
4,249.5
4,491.0
4,598.3
4,836.6
2,551.5
2,834.3
3,134.4
3,341.9
3,486.0
3,828.8
4,127.6
4,305.2
4,539.2
4,596.9
4,662.6
4,755.4
4,814.6
4,800.8
4,975.8
5,038.9
5,104.0
5,143.2

2,382.8
2,523.8
2,698.7
2,921.3
3,100.2
3,297.6
3,402.4
3,582.0
1,940.4
2,101.2
2,288.1
2,442.5
2,582.5
2,785.1
3,004.9
3,162.8
3,344.2
3,415.8
3,455.4
3,507.8
3,558.1
3,603.6
3,658.6
3,705.1
3,750.6
3,793.9

Kental
income of
persons
with
capital
consumption
adjustment

Nonfarm

21.5
22.3
31.3
30.9
40.2
41.9
36.8
43.7
10.2
6.3
21.9
17.8
23.6
42.4
30.9
38.4
43.8
29.8
37.6
45.6
44.9
36.8
47.6
55.7
47.0
24.8

18.7
8.7
3.2
4.3
13 5
-14.2
-12.8
-8.9
24.1
22.2
24.3
14.0
4.7
6.8
2.8
-21.6
— 11.1
-16.3
-11.2
-8.7
-7.2
-18.5
-1.2
7.5
12.7
13.7

238.4
261.5
279.0
293.4
307.0
321.4
339.5
370.6
169.6
193.8
217.7
250.9
260.9
282.6
302.5
311.4
325.1
344.4
350.1
361.2
366.2
371.3
383.6
388.4
392.4
397.6

Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Profits
before tax

280.8
271.6
319.8
365.0
362.8
380.6
369.5
407.2
150.3
229.1
261.3
284.9
264.6
343.3
378.3
354.5
362.8
359.0
378.8
409.9
411.7
367.5
439.5
432.1
458.1
468.5

225.3
227.6
273.4
320.3
325.4
354.7
367.3
390.1
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
359.0
375.4
399.7
395.7
350.1
414.8
407.0
433.4
444.8

Inventory
valuation
adjustment

225.0
217.8
287.9
347.5
342.9
365.7
362.3
395.4
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
368.9
362.0
373.5
404.3
409.5
357.9
409.9
419.8
445.6
443.8

Total

Capital
consumption
adjustment

Net
interest

55.5
44.1
46.4
44.7
37.4
25.9
2.2
17.1
-9.6
12.9
37.7
56.9
39.6
49.9
37.9
33.9
13.5
.0
3.5
10.2
16.0
17.4
24.7
25.1
24.7
23.8

326.2
350.2
360.4
387.7
452.7
463.7
462.8
442.0
256.8
281.8
321.1
331.9
349.7
368.6
408.1
459.8
474.4
464.2
451.9
439.5
440.8
440.1
447.7
450.1
443.2
444.6

0.2
9.7
-14.5
-27.3
17 5
-11.0
4.9
-5.3
-8.6
-7.6
3.5
38
-10.7
178
-31.7
-13.5
-19.5
-3.0
1.9
-4.6
-13.7
-7.8
4.9
-12.7
-12.2
1.0

Source: Department of Commerce, Bureau of Economic Analysis.

Includes employer contributions for social insurance. (See also p. 5.)

PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS
[Billions of 1987 dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Durable goods
Period

1985

1986
1987
1988
1989
1990
1991
1992
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:

1992:

IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II
Ill
IV
I
II
Ill

IV
1993: I
II r
Ill ....
1

Total
persona!
consumption
expenditures

2,865.8
2,969.1
3,052.2
3,162.4
3,223.3
3,272.6
3,258.6
3,341.8
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,242.7
3,256.9
3,267.1
3,267.5
3,302.3
3,316.8
3,350.9
3,397.2
3,403.8
3,432.7
3,469.6

Total
durable
goods

370.1
402.0
403.7
428.7
440.7

443.1
426.6
456.6
272.3
319.1
347.7
369.6
415.7
404.7
439.2
436.8
433.2
420.3
422.0
432.6
431.5
446.6
447.5
459.0
473.4

471.9
484.2
493.1

Motor
vehicles
and
parts

180.2

193.3
183.5
194.8
196.4
192.7
170.5
182.3
123.7
151.6
164.3
173.9
193.6
183.6
197.7
188.3
182.1
169.4
165.9
173.7
173.0
180.6
179.5
180.6
188.6
185.7
191.3
189.9

Includes other items, not shown separately.




Furniture and
household
equipment
123.8
136.3
144.0
155.4

165.8
171.6
180.0
194.8
96.4
109.3
118.7
128.6
141.4
145.9
160.3
167.9
172.3
174.3
180.0
182.7
182.9
188.2
189.8
197.1
204.2
206.5
212.4
219.4

Services

Nondurable goods

Other

66.1
72.4
76.2

78.5
78.5
78.7
76.1
79.5
52.3
58.1
64.8
67.1
80.7
75.2
81.2
80.5
78.8
76.6
76.0
76.2
75.6
77.8
78.2
81.3
80.6
79.7
80.6
83.7

Total
nondurable goods

958.7
991.0

1,011.1
1,035.1
1,051.6
1,060.7
1,048.2
1,062.9
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,058.9
1,057.5
1,048.2
1,051.1
1,049.3
1,044.0
1,052.0
1,055.0
1,062.9
1,081.8
1,076.0
1,083.1
1,093.0

Food

483.0
494.1
500.7
513.4
515.0
523.9
518.7
520.5
458.3
467.1
475.1
488.2
496.9
502.4
518.0
515.6
525.8
518.7
519.0
518.8
518.2
518.8
515.7
518.2
529.3
526.7
528.6
532.6

Clothing
and
shoes

158.8

170.3
174.5
178.9
187.8
186.2
184.7
193.7
135.7
147.7
154.7
161.7
171.9
174.5
182.8
190.9
184.5
182.9
187.0
185.9
183.1
188.3
191.1
195.4
200.0
194.8
197.8
200.6

Gasoline
and oil

79.2
82.9

84.7
86.1
87.3
86.4
83.1
83.9
73.4
76.9
79.0
79.5
84.6
85.4
87.5
88.6
84.6
82.7

83.7
83.4
82.5
82.7
83.7
84.7
84.4
83.9
84.1
86.2

Fuel
oil and
coal

11.5
12.1
12.0
12.0
11.4
10.5

10.7
11.9
10.5
11.4
11.1
11.4

12.4
11.9
12.0
12.0

9.5
10.3
10.6
11.4
10.6
11.1
12.8
11.7
11.9
12.9
12.6
13.2

Other

226.2
231.7
239.1
244.7
250.2
253.8
250.9
252.9
202.8
212.2
222.9
228.0
235.2
240.4
246.4
251.8
253.1
253.5
250.9
249.8
249.6
251.1
251.7
252.7
256.2
257.7
259.9
260.4

Total
services ]

1,537.0
1,576.1
1,637.4
1,698.5
1,731.0
1,768.8
1,783.8
1,822.3
1,386.2
1,443.9
1,494.2
1,557.1
1,595.8
1,655.5
1,716.9
1,746.3
1,775.2
1,774.2
1,783.8
1,785.2
1,792.0
1,803.7
1,814.3
1,829.0
1,842.0
1,855.9
1,865.4
1,883.5

Housing

435.9

442.1
452.5
461.8
469.2
474.6
478.6
484.2
411.0
419.7
431.3
438.1
444.8
457.0
465.6
471.3
475.9
476.3
478.1
479.4
480.6
481.7
483.2
485.1
486.7
488.8
490.7
493.3

Source: Department of Commerce, Bureau of Economic Analysis.

Retail sales of new
passenger cars
(millions of units)
Medical
care

353.0
366.2
384.7
399.4
408.6
424.6
437.6
449.2
327.8
334.8
344.9
359.1
372.0
390.7
403.0
411.8
429.4
432.6
435.3
438.8
443.6
445.3
447.9
450.4
453.2
458.0
461.1
465.1

Domestics

8.2
8.2
7.1

7.5
7.1
6.9
6.1
6.3
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2

6.6
6.2
6.1
6.2
6.1
6.1
6.3
6.2
6.4
6.4
6.9
6.6

Imports

2.8
3.2
3.2
3.1
2.8
2.6
2.3
2.1
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.4
2.2
2.3
2.3
2.2
2.3
2.2
2.0
2.0
2.0
2.1
2.0

SOURCES OF PERSONAL INCOME
Personal income increased $34.2 billion (annual rate) in November following a rise of $38.9 billion in October.
Wages and salaries rose $11.7 billion in November following an increase of $16.3 billion in October.
BIUJONS OF DOUARS* (RATIO SCALE)
6,000

BILLIONS OF DOUARS* (RATIO SCALE)
6,000

5,000

5,000

4,000

4,000

3,000

3,000

WAGE AND SALARY DISBURSEMENTS .

2,000

2,000

1,400

1,400

\

OTHER INCOME

800

800
TRANSFER PAYMENTS

\
*

, •

400

400
1985

1986

1988

1987

1989

1990

1992

1991

1993

COUNCIL OF ECONOMIC ADVISEIS

[Billions of dollars; monthly data at seasonally adjusted annual rates]
Total
personal
income

Period

1984

1985
1986
1987
1988
1989
1990
1991
1992
1992- Nov
Dec
1993- Jan
Feb
Mar

. ...

May
July '
Aug r
Sent r
Oct '
Nov '

....

3,154.6
3,379.8
3,590.4
3,802.0
4,075.9
4,380.3
4,673.8
4,850.9
5,144.9
5,238.5
5,507.3
5,225.7
5,249.1
5,289.2
5,365.6
5,380.4
5,373.6
5,365.1
5,432.3
5,440.6
5,479.5
5,513.7

Wage and
salary
disbursements *

1,849.8
1,986.5
2,105.4
2,261.2
2,443.0
2,586.4
2,745.0
2,815.0
2,973.1
3,021.1
3,263.9
2,970.9
2,976.3
2,975.8
3,068.3
3,093.8
3,086.0
3,101.6
3,124.3
3,120.4
3,136.7
3,148.4

Proprietors' income 3
Other labor
income ' 2

184.7
191.8
200.7
210.4
230.5
251.9
274.3
296.9
322.7
331.5
333.1
335.8
338.5
341.2
343.9
346.6
349.3
352.0
354.7
357.4
360.1
362.9

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.
* Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.




Nonfarm

Farm

21.3
21.5
22.3
31.3
30.9
40.2
41.9
36.8
43.7
38.6
46.2
36.9
48.2
82.0
59.7
45.2
36.0
10.6
31.1
32.7
41.2
54.3
4

214.7
238.4
261.5
279.0
293.4
307.0
321.4
339.5
370.6
382.4
387.8
388.4
388.7
388.2
389.7
392.7
394.8
393.1
399.4
400.4
405.7
408.1

Rental
income of
persons 4

23.3
18.7
8.7
3.2
4.3
-13.5
— 14.2
-12.8
-8.9
— 1.4
-.4
4.9
9.5
8.1
14.3
12.0
11.9
7.1
16.1
17.9
19.2
20.5

Personal
dividend
income

78.8
87.9
104.7
100.4
108.4
126.5
144.4
127.9
140.4
152.0
155.3
156.7
157.1
157.2
157.5
157.8
158.2
158.6
159.0
159.3
159.4
159.4

Personal
interest
income

461.9
498.1
531.7
548.1
583.2
668.2
698.2
715.6
694.3
694.8
696.6
695.7
695.3
695.2
694.1
693.1
692.0
693.6
695.7
697.8
700.3
702.8

Transfer
payments *

452.9
485.9
517.8
542.2
576.7
625.0
687.6
769.9
858.4
872.4
880.2
892.4
892.6
898.3
901.7
904.5
910.2
914.3
919.4
921.8
925.0
926.3

Less:
Personal
contributions
for social
insurance

132.8
149.1
162.1
173.6
194.5
211.4
224.9
237.8
249.3
252.9
255.4
256.1
256.9
256.9
263.5
265.3
264.9
265.9
267.4
267.0
268.2
269.0

Nonfarm
personal
income 8

3,106.1
3,333.2
3,545.6
3,749.4
4,023.9
4,318.0
4,608.6
4,792.0
5,080.1
5,178.9
5,440.2
5,167.4
5,179.0
5,185.1
5,283.7
5,312.8
5,315.0
5,332.2
5,378.7
5,385.4
5,415.6
5,436.8

With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
5
6

DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in 1987 dollars rose in the third quarter of
1993.
BILUONS OF DOLLARS' (RATIO SCALE)
5,000

BILLIONS OF DOLLARS' (RATIO SCALE]

2,500

2,000 I T I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I I

I

I

I

I

I

I

I I

I

I

I I

I

I

I I

DOLLARS' (RATIOSCALE)

I

I

I

I 2,000

DOLLARS- (RATIOSCALE)

PER CAPITA DISPOSABLE PERSONAL INCOME
18,000

18,000

•MT DOLLAR
—• 1

1,

\

16,000

"

16,000

•—

14,000

._

12,000

14,000

^-

r^-H

^-——•"

^

\

12,000

1 987 DOLLARS

" "
"

'

10,000

8,000

1

1

\ \ 1

1

1983

1982

10,000

1

1

1

1984

111
1985

1

1 1
1986

1

1 1
1987

1

1 1
1988

1

1 1

1

1989

1 1

1

1990

1 I
1991

1

1

1

1992

1

1 1

8,000

1993

COUNCIL OF ECONOMIC ADVISERS

Period

Personal
income

Less:
Personal

tax and
nontax
payments

Kquals:
Disposable
personal
income

Less:
Persona!
outlays *

Equals:
Personal
saving

Per capita
disposable personal
income

Disposable
personal
income in

1987

Current
dollars

dollars
(billions)

3,379.8
3,590.4
3,802.0
4,075.9
4,380.3
4,673.8
4,850.9
5,144.9

436.8
459.0
512.5
527.7
593.3
623.3
620.4
644.8

2,943.0
3,131.5
3,289.5
3,548.2
3,787.0
4,050.5
4,230.5
4,500.2

Current
dollars

1987
dollars

2,753.7
2,944.0
3,147.5
3,392.5
3,634.9
3,880.6
4,029.0
4,261.5

189.3
187.5
142.0
155.7
152.1
170.0
201.5
238.7

3,162.1
3,261.9
3,289.5
3,404.3
3,464.9
3,524.5
3,529.0
3,632.5

12,339
13,010
13,545
14,477
15,307
16,205
16,741
17,615

Percent
change in
real per
capita
disposable
personal
income

Saving as
percent of
disposable
personal
income

Population,
including
Armed
overseas
(thousands) 2

Percent

Dollars

Billions of dollars

1985
1986
1987.
1988
1989
1990
1991 . .
1992

1987
dollars

Per capita personal
consumption
expenditures

13,258
13,552
13,545
13,890
14,005
14,101
13,965
14,219

11,843
12,568
13,448
14,241
15,048
15,459
16,205

12,015
12,336
12,568
12,903
13,029
13,093
12,895
13,081

1.8
2.2
— .1
2.5
.8
.7
-1.0
1.8

6.4
6.0
4.3
4.4
4.0
4.2
4.8
5.3

238,510
240,691
242,860
245,093
247,397
249,951
252,699
255,472

12,154
12,591
13,145
13,278
13,522
13.685
13,996
14,015
14,018
13,971
14,000
13,927
13,963
14,073
14,142
14,169
14,490
14,163
14,326
14,341

9,134
9,980
10,649
11,445
12,101
12,819
13,814
14,491
15,283
15,273
15,409
15,530
15,621
15,906
16,072
16,249
16,589
16,704
16,907
17,088

10,895
11,390
11,739
12,095
12,472
12,615
13,020
13,053
13,010
12,885
12,908
12,911
12,876
12,981
13,002
13,098
13,241
13,234
13,312
13,416

-0.5
7.2
1.0
1.8
-1.7
5.2
3.2
1.8
-1.7
-1.3
.8
— 2.1
1.0
3.2
2.0
.8
9.4
-8.7
4.7
.4

7.7
6.8
7.9
6.0
4.8
5.0
4.3
3.9
4.3
4.8
4.9
4.4
4.9
5.0
5.3
4.9
6.0
3.9
4.4
3.8

233,060
235,146
237,231
239,387
241,550
243,745
246,004
248,372
251,035
251,659
252,312
253,048
253,776
254,392
255,090
255,836
256,569
257,197
257,872
258,612

11,184

Seasonally adjusted annual rates

1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:

2,746.8
2,965.8
3,242.5
3,456.7
3,647.8
3,918.5
4,195.2
4,469.4
4,759.1
4,783.9
4,833.4
m ... 4,858.8
IV .... 4,927.5
1992: I
5,017.8
II
5,093.8
m ... 5,139.8
IV .... 5,328.3
5,254.7
1993: I
II r
5,373.2
Ill .. 5,412.7
IV
IV
IV
IV
IV
IV
IV
IV
IV ....
I
II

372.1
371.6
413.4
448.8
478.5
528.6
542.0
605.1
625.2
616.4
616.6
619.7
628.8
630.9
634.6
642.8
670.7
657.1
681.0
689.0

2,374.7
2,594.3
2,829.1
3,007.9
3,169.3
3,389.9
3,653.2
3,864.3
4,133.9
4,167.5
4,216.8
4,239.1
4,298.8
4,386.9
4,459.2
4,497.0
4,657.6
4,597.5
4,692.2
4,723.7

2,190.9
2,417.9
2,606.5
2,828.7
3,018.2
3,220.1
3,496.7
3,715.5
3,957.7
3,966.0
4,010.7
4,052.3
4,087.0
4,169.4
4,221.3
4,277.3
4,377.9
4,419.7
4,483.6
4,544.0

183.8
176.3
222.6
179.2
151.1
169.8
156.4
148.8
176.2
201.5
206.0
186.8
211.7
217.5
237.9
219.6
279.7
177.9
208.7
179.7

2,832.6
2,960.6
3,118.5
3,178.7
3,266.2
3,335.8
3,443.1
3,480.9
3,519.0
3,515.9
3,532.5
3,524.2
3,543.4
3,580.1
3,607.5
3,624.8
3,717.6
3,642.6
3,694.4
3,708.7

1
Includes personal consumption expenditures, interest paid by persons, and personal transfer payments to rest of the world (net).




10,189
11,033
11,925
12,565
13,121
13,907
14,850
15,558
16,467
16,560
16,712
16,752
16,939
17,245
17,481
17,577
18,153
17,876
18,196
18,265
z

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 1993, according to preliminary estimates, gross farm income rose $15.1 billion (annual
rate) and net farm income rose $12.8 billion.
BILUC NS OF DOLLARS' (RATIO SCALE)

BILLIONS OF DOLLARS' (RATIOS CALE)

240
200
160

f

^

1

^

^

~~~
^

^

!
•

•

•"
"

" '—

"

240
200

"

160

\^\1
\

120

120

GRO:>S FARM INCOME
80

80

An

40

40

20

20

10

10

•SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income

Gross farm income
Period

Cash marketing receipts
Total '
Total

1984
1985

1986
1987
1988
1989
1990
1991
1992
1991:

. ..

I
II
III

rv
1992: I

. ...

168.0
161.2
156.1
168.5
175.8
190.9
196.4
190.3
197.7
190.5
191.2
186.8
192.7
199.6

II

202.8

III

197.3
191.3
193.2

IV

1993- I p

n

1

208.3

142.8
144.1
135.4
141.8
151.2
161.2
170.0
168.7
171.2
166.5
166.8
172.2
169.4
167.1
174.2
178.9
164.5
166.1
185.1

Livestock and
products

69.9
74.3
63.8
65.9
71.7
77.0
80.1
81.9
84.8
76.9
79.2
87.3
84.4
82.9
88.1
93.6
74.6
76.2
95.9

72.9
69.8
71.6
76.0
79.4
84.1
89.8
86.8
86.4
89.6
87.6
84.9
85.0
84.2
86.0
85.3
89.9
89.9
89.1

Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.




Crops

3

Value of
inventory
changes 2

6.0
-2.3
2.2
-2.3
3.4
4.8
3.4
-.3
3.8
1.2
.6
.1
-3.1
4.7
4.3
3.5
2.5
-3.6
-3.4

Production
expenses

Current
dollars

141.9
132.4
125.1
128.8
137.0
144.0
149.9
150.3
149.1
147.5
149.8
151.7
152.2
146.3
148.6
150.4
151.0
148.2
150.5

1987 dollars

26.1
28.8
31.1
39.7
38.8
46.9
46.5
40.0
48.6
43.0
41.4
35.2
40.5
53.3
54.2
46.8
40.3
45.0
57.8

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.

3

28.7
30.5
32.0
39.7
37.3
43.2
41.0
34.0
40.2
37.0
35.3
29.8
34.1
44.4
44.8
38.6
33.0
36.5
46.6

CORPORATE PROFITS
In the third quarter of 1993, according to revised estimates, corporate profits before tax fell $1.8 billion (annual
rate) and profits after tax rose $2.0 billion.
BILLIONS OF DOUARS
450

BILLIONS OF DOLLARS

350

200

100

50

SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adju=t-'d annual rates]
Profits (before tax) with inventory valuation adjustment

1

Profits after tax

Domestic industries
Period

Nonfinancial
Total 2
Total

1985
1986
1987
1988
1989
1990
1991
1992
1982:
1983:
1984:
1985198619871988:
1989:
1990:
1991:

...

IV. .
IV
IV
IV
IV
IV
IV
IV
IV
I
II

m

IV .
1992: I
II
Ill
IV
1993- I
II r

in

1
2

225.3
227.6
273.4
320.3
325.4
354.7
367.3
390.1
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
364.6
370.1
359.0
375.4
399.7
395.7
350.1
414.8
407.0
433.4
444.8

194.5
194.6
233.9
271.2
266.0
286.7
300.4
327.8
130.8
182.6
192.9
193.5
192.5
246.3
285.9
254.8
273.8
291.9
303.6
299.3
306.8
328.5
334.2
288.6
360.1
348.0
375.3
382.1

Financial

28.7
35.8
36.4
41.8
50.6
65.7
80.7
78.1
23.0
22.1
20.3
29.0
34.7
39.4
46.1
52.5
66.6
75.9
81.0
84.2
81.6
97.9
87.7
44.6
82.0
92.3
96.4
99.3

See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.




Total 3

165.8
158.9
197.5
229.4
215.3
221.1
219.7
249.8
107.8
160.5
172.6
164.5
157.8
207.0
239.7
202.3
207.2
216.0
222.6
215.1
225.2
230.5
246.5
244.0
278.1
255.7
278.9
282,8

Manufacturing

Wholesale and
retail
trade

80.1
59.0
87.0
117.5
108.0
109.1
89.8
115.5
50.1
90.5
79.2
83.3
63.9
98.7
129.3
94.5
98.5
91.5
89.6
89.3
88.9
98.9
115.7
119.3
128.0
118.9
132.5
126.7

43.1
46.3
39.9
37.1
39.7
37.2
47.4
46.3
33.8
40.7
50.8
39.0
43.1
39.3
39.3
39.2
36.2
46.5
49.6
45.6
47.8
40.0
46.0
41.3
57.7
46.0
55.4
55.1

3

Profits
before
tax

225.0
217.8
287.9
347.5
342.9
365.7
362.3
395.4
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
368.9
356.5
357.4
362.0
373.5
404.3
409.5
357.9
409.9
419.8
445.6
443.8

Tax
liability

96.5
106.5
127.1
137.0
141.3
138.7
129.8
146.3
58.7
82.2
83.8
97.6
116.6
135.2
146.2
134.2
137.0
125.4
128.0
132.5
133.4
147.0
153.0
130.1
155.0
160.9
173.3
169.5

Total

128.5
111.3
160.8
210.5
201.6
227.1
232.5
249.1
109.9
141.6
136.3
134.2
119.2
176.0
226.0
200.0
231.8
231.1
229.4
229.5
240.1
257.3
256.5
227.8
254.9
258.9
272.3
274.3

Dividends

92.4
109.8
106.2
115.3
134.6
153.5
137.4
150.5
72.5
84.2
83.4
97.4
111.0
106.3
121.0
141.3
153.7
145.9
136.2
133.4
133.9
138.0
146.1
155.2
162.9
167.5
168.5
169.7

Includes industries not shown separately.
Sourre: Department of Commerce, Bureau of Economic Analysis.

Undistributed
profits

36.1
1.6
54.6
95.2
67.1
73.6
95.2
98.6
37.5
57.4
52.9
36.9
8.2
69.7
105.0
58.7
78.1
85.2
93.2
96.1
106.1
119.3
110.4
72.7
92.0
91.4
103.9
104.6

Inventory
valuation
adjustment

0.2
9.7
-14.5
27.3
-17.5
-11.0
4.9
-5.3
-8.6
-7.6
3.5
-3.8
10.7
-17.8
-31.7
-13.5
-19.5
8.2
12.7
-3.0
1.9
-4.6
-13.7
-7.8
4.9
-12.7
-12.2
1.0

GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
According to revised estimates for the third quarter of 1993, nonresidential fixed investment in 1987 dollars rose
$10.5 billion (annual rate) and residential investment rose $5.9 billion. There was a $6.5 billion increase in
inventories, following an increase of $13.0 billion in the second quarter.
BILLIONS OF 1987 DOLLARS

BILLIONS OF 1987 DOLLARS
900

900
SEASONALLY ADJUSTED ANNUAL RATES

800

800

700

700

600

500

500

400

RESIDENTIAL
FIXED INVESTMENT
300

200

200

CHANGE IN BUSINESS
INVENTORIES
100

AT

I

-100

L

1982

100

1984

1985

1988

1989

1990

1992

SOURCE: DEPARTMENT OF COMMERCE

1993

COUNCIL OF ECONOMIC ADVISERS

[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories

Fixed investment
Gross
private
domestic
investment

Period

1985
1986
1987
1988
1989
1990
1991
1992
198219831984198519861987198819891990-

Total

Ill
IV
1992- I
II

. . .

Ill

.

Source: Department of Commerce, Bureau of Economic Analysis,

Producers'
durable
equipment

Residential

Total

Nonfarm

324.4
323.7
326.5
356.8
362.5
367.0
354.3
378.6

202.0
226.2
225.2
222.7
214.2
194.5
169.5
197.1

22.1
8.5
26.3
19.9
29.8
5.7
8.4
6.5

19.8
10.6
32.7
26.9
29.9
3.2
8.6
2.7

538.8
536.7
540.2

173.2
162.6
189.5
198.3
170.4
177.9
175.7
179.8
172.8

244.0
287.0
320.1
327.2
325.0
332.7
363.1
356.9
367.4

131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
176.3

44.9
29.3
47.9
30.2
-20.1
59.9
20.9
24.9
-20.9

— 46.2
32.3
50.8
28.0
18.6
62.1
30.5
31.2
-18.7

521.4
517.8
512.8
506.1

169.0
165.2
155.6
151.0

352.5
352.6
357.2
355.2

163.8
164.3
171.0
179.1

-17.4
— 22.3
-.9
7.1

-18.7
-26.2
.0
10.3

696.7
724.4
730.0
754.3

510.5

528.8
533.8
543.7

152.8
152.9
148.8
148.0

357.7
375.9
385.1
395.7

186.2
195.6
196.2
210.6

-5.0
12.6
9.6
8.7

9.6
7.0
5.8
7.5

773.7
790.6
806.9

562.3
584.3
594.8

148.2
151.1
151.2

414.1
433.2
443.6

211.4
206.2
212.1

29.3
13.0
6.5

29.3
17.1
19.4

726.4

529.2

548.4
640.2
708.4
732.9
725.9
733.9

417.2

764.1

667.8
659.8
682.8
692.3

685.2

691.7
737.0
739.6
763.0

1991- I
II

Structures

197.4
176.6
171.3
174.0
177.6
179.5
160.2
150.6

723.8
726.5
723.0
753.4
754.2

503.5
669.5
756.4
763.1
705.9
793.8
785.0
769.5
695.7

IV
IV
IV
IV
IV
IV
IV
IV
IV




Total

745.9
735.1
749.3
773.4
784.0
746.8
675.7
732.9

.

IV
1993- I
II
HI r

Nonresidential

803.0
803.6
813.4

741.1
684.1

744.6
716.6
682.1

683.8
685.2

521.8

500.3
497.8
530.8
540.0
546.5
514.5

449.6
509.6
525.5
495.5
510.6

EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department October-November 1993 survey, business spending for new plant and
equipment is expected to rise 5.4 percent in 1994, following an estimated rise of 7.0 percent in 1993.
BILLIONS OF DOLLARS (RATIO SCALE]

BILLIONS Of DOLLARS (RATIO SCALE)
700

700
SEASONALLY ADJUSTED ANNUAL HATES

600
500

500

ALL INDUSTRIES

400'

400

\
NONMANUFACTURING^

\
MANUFACTURING

I

I

I

I

1985

I

I

I

I I
1990

1987

I

I

I

I

I

I/SURVEYED QUARTERLY
2/SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE

I

I

I

I

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

1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 4
1994"

326.19
321.16
373.83
410.12
399.36
410.52
455.49
507.40
532.61
528.39
546.60
584.64
616.50

123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.46
186.27

54.58
51.61
64.57
70.87
65.68
68.03
77.04
82.56
82.58
77.64
73.32
81.49
84.93

69.39
65.74
75.04
82.01
72.28
73.03
86.41
101.24
110.04
105.17
100.69
97.97
101.34

202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
405.18
430.22

14.11
10.64
11.86
12.00
8.15
8.28
9.29
9.21
9.88
10.02
8.88
10.13
10.84

11.75
10.81
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.66
22.64
22.37
20.91

53.58
52.95
57.53
59.58
56.61
56.26
60.37
66.28
67.21
66.57
72.21
75.00
81.42

122.79
129.41
151.39
171.09
181.59
189.84
205.76
229.28
241.43
246.32
268.84
297.69
317.05

1992- I
II

534.85
541.41
547.40
559.24

173.82
171.98
172.86
176.86

73.98
74.07
72.09
73.30

99.85
97.91
100.77
103.56

361.03
369.44
374.54
382.38

8.92
9.20
8.98
8.47

21.83
23.15
23.91
21.60

69.00
72.63
72.18
74.07

261.27
264.46
269.46
278.24

173 82
171.98
172 86
176.86

175.05
177.09
182.17
183.52

79.11
80.88
81.99
83.99

95.94
96.21
100.18
99.53

389.08
402.70
411.94
417.01

8.89
9.10
11.14
11.37

22.47
21.58
21.70
23.73

73.51
74.55
75.62
76.30

284.21
297.46
303.47
305.61

175.05
177.09
182.17
183.52

389.08
402.70
411 94
417.01

616.38
624.33

186.22
183.44

87.50
83.92

98.72
99.52

430.16
440.89

10.83
11.14

21.49
21.61

77.78
80.80

320.06
327.33

186 22
183.44

ly 3

361.03
369.44
374 54
382.38

564.13
579.79
594.11
600.53

Surveyed
annual-

430 16
440.89

Ill

IV

1993- I
II
Ill r
IV

1994: I "
II •>

1
Excludes forestry, fisheries, and agricultural services; professional services; social services and
membership organizations; and real estate, which, effective with the April-May 1984 survey, are no
longer surveyed quarterly. See iast column ("nonmanufacturing surveyed annually") for data for
these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.

10



363.08
359.73
418.38
454.93
447.11
461.51
508.22
563.93
591.96
587.93
607.71

123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179 46
186 27

239.11
242.38
278.77
302.05
309.16
320.45
344.77
380.13
399.34
405.12
433.69

202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
405.18
430 22

36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
59.35
59.54
61.11

3
Consists of forestry, fisheries, and agricultural services; professional services; social services and
membership organizations; and real estate.
4
Planned capital expenditures as reported by business in October-November 1993, corrected for
biases.

Source: Department of Commerce, Bureau of the Census.

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In November, civilian employment rose by 453,000 and unemployment fell by 534,000.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

12

UNEMPLOYMENT
8

/

4
0
1985

1987

1986

1988

1990

1989

1991

1993

1992

*)6 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Unemployment

Civilian

1983

.

1992:
Nov

Dec

Resident
Armed
Forces
NSA

Labor force
including
resident
Armed
Forces

175,891
178,080
179,912
182,293
184,490
186,322
188,081
189,686
191,329
193,142

1,676
1,697
1,706
1,706
1,737
1,709
1,688
1,637
1,564
1,566

113,226
115,241
117,167
119,540
121,602
123,378
125,557
126,424
126,867
128,548

102,510
106,702
108,856
111,303
114,177
116,677
119,030
119,550
118,440
119,164

111,550
113,544
115,461
117,834
119,865
121,669
123,869
124,787
125,303
126,982

100,834
105,005
107,150
109,597
112,440
114,968
117,342
117,914
116,877
117,598

3,383
3,321
3,179
3,163
3,208
3,169
3,199
3,186
3,233
3,207

97,450
101,685
103,971
106,434
109,232
111,800
114,142
114,728
113,644
114,391

5,997
5,512
5,334
5,345
5,122
4,965
4,657
4,860
5,767
6,116

10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384

4,210
2,737
2,305
2,232
1,983
1,610
1,375
1,504
2,323
3,354

64.0
64.4
64.8
65.3
65.6
65.9
66.5
66.4
66.0
66.3

57.9
59.5
60.1
60.7
61.5
62.3
63.0
62.7
61.6
61.4

193,847
194,026

Period

1984
1985
1986*
1987
1988
1989
1990
1991
1992

Civilian employment

Noninstitutional
population
including
resident
Armed
Forces
NSA

1,531
1,517

128,896
129,108

119,595
119,828

127,365
127,591

118,064
118,311

3,209
3,262

114,855
115,049

6,230
6,063

9,301
9,280

3,446
3,605

66.2
66.3

61.4
61.5

194,159
194,298
194,456
194,618
194,767
194,933
195,104
195,275
195,453
195,626
195,791

1,515
1,512
1,497
1,492
1,484
1,477
1,471
1,482
1,482
1,475
1,470

128,598
128,839
128,926
128,833
129,615
129,604
129,541
129,852
129,457
130,189
130,103

119,586
1 19,963
120,062
119,908
120,757
120,696
120,772
121,192
120,939
121,403
121,851

127,083
127,327
127,429
127,341
128,131
128,127
128,070
128,370
127,975
128,714
128,633

118,071
118,451
118,565
118,416
119,273
119,219
119,301
119,710
119,457
119,928
120,381

3,191
3,116
3,082
3,060
3,070
3,024
3,039
2,980
3,095
2,991
3,138

114,879
115,335
115,483
115,356
116,203
116,195
116,262
116,729
116,362
116,936
117,243

5,887
6,242
5,965
6,238
6,268
6,176
6,255
6,287
6,251
5,931
5,813

9,013
8,876
8,864
8,925
8,858
8,908
8,769
8,661
8,517
8,786
8,252

3,317
3,143
3,073
2,926
3,004
2,849
3,037
3,032
3,113
3,105
3,018

66.0
66.0
66.0
65.9
66.3
66.2
66.1
66.2
66.0
66.3
66.2

61.3
61.4
61.4
61.3
61.7
61.6
61.6
61.8
61.6
61.8
61.9

Employment
including
resident
Armed
Forces

Nonagricultural
Civilian
labor force

Total

Agricultural

Total

Part time
for
economic
reasons 1

15
Total

weeks
and over

Labor
force
participation
rate
(percent) 2

Employment/
population
ratio
(percent) 2

1993:
Feb

Mar

July

. ...

Sept

Oct
Nov

1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutional population.




"Data beginning January 1986 not strictly comparable with earlier data because of change in
estimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.

11

SELECTED UNEMPLOYMENT RATES
In November, the civilian unemployment rate fell to 6.4 percent from 6.8 percent in October.
PERCENT* (SEASONALLY ADJUSTED)

PERCENT* (SEASONALLY ADJUSTED)

25

15
BLACK

10

10

ALL CIVILIAN WORKERS

\
WHITE

1991

1989

1992

1993

* UNEMPLOYMENT AS PERCENT OF CiVIUAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)

Period

1983
1984
1985
1986
1987
1988
1989
1990
1991
1992

Unemployment
rate,
all
workers l

All
civilian
workers

Men

20 years
and over

Women
20 years
and
over

Both
sexes
16-19
years

9.6

8.9

7.5
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4

6.6
6.2
6.1
5.4
4.8
4.5
4.9
6.3
7.0

8.1
6.8

22.4
18.9

....

9.5
7.4
7.1
6.9
6.1
5.4
5.2
5.4
6.6
7.3

6.6
6.2
5.4
4.9
4.7
4.8
5.7
6.3

1992:

Nov ....
Dec

7.2
7.2

7.3
7.3

6.9
6.8

1993:

Jan
Feb
Mar
Apr
May
June ...
July
Aug
Sept
Oct
Nov ....

7.0
6.9
6.9
6.9
6.8
6.9
6.8
6.7
6.6
6.7
6.3

7.1
7.0
7.0
7.0
6.9
7.0
6.8
6.7
6.7
6.8
6.4

6.4
6.5
6.7
6.4
6.4
6.5
6.5
6.4
6.3
6.3
5.8

1
2

White




Black
and
other

Black

Experienced
wage and
salary
workers
9.2
7.1 •
6.8

11.6
10.4
10.0
10.1
11.1
12.7

19.5
15.9
15.1
14.5
13.0
11.7
11.4
11.3
12.4
14.1

6.4
6.3

12.6
12.8

6.2
6.1
6.1
6.0
6.0
6.1
6.0
5.9
5.8
6.2
5.6

12.9
12.0
12.0
12.5
11.7
12.0
11.7
11.6
11.5
10.7
11.3

18.6
18.3
16.9
15.3
15.0
15.5
18.6
20.0

8.4
6.5
6.2
6.0

17.8
14.4
13.7
13.1

5.3
4.7
4.5
4.7
6.0
6.5

6.2
6.4

20.2
19.2

6.4
6.0
5.7
6.0
5.9
5.9
5.8
5.7
5.7
5.9
5.8

19.7
19.6
19.5
20.7
19.7
19.8
18.2
18.2
17.4
19.4
18.1

Unemployed as percent of total labor force including resident Armed Forces.
Aggregate hours lost by the unemployed and persons on part time for economic reasons as per-

12

By selected groups

By race

By sex and age

Married
men,
spouse
present

Women
who
maintain
families

Fulltime
workers

Parttime
workers

10.4

9.3
9.3
9.1
8.4
7.6
7.3
7.4
8.3
9.2

10.9
8.6
8.1
7.9
7.1
6.3
5.9
6.2
7.6
8.3

7.0
6.9

9.2
9.7

8.3
8.1

6.7
6.6
6.6
6.6
6.6
6.6
6.7
6.5
6.4
6.4
6.0

9.3
9.1
8.9
9.7
8.4
8.9
8.3
8.4
8.6
9.1
8.7

7.9
7.9
7.9
7.8
7.9
7.8
7.8
7.7
7.6
7.6
7.2

12.2

6.6
5.8
5.2
5.0
5.3
6.5
7.1

6.5
4.6
4.3
4.4
3.9
3.3
3.0
3.4
4.4
5.0

10.3
10.4
9.8
9.2
8.1
8.1
8.2
9.1
9.9

9.5
7.2
6.8
6.6
5.8
5,2
4.9
5.2
6.5
7.1

14.0
14.2

7.0
7.0

4.9
4.8

10.4
10.3

14.2
13.1
13.5
13.8
12.9
13.3
12.9
12.5
12.6
11.7
12.5

6.8
6.7
6.6
6.7
6.5
6.6
6.6
6.5
6.3
6.4
6.1

4.5
4.5
4.7
4.5
4.5
4.4
4.6
4.4
4.2
4.4
4.0

10.6
10.2
9.0
9.6
9.9
9.8
9.8
8.7
8.7
9.3
8.9

cent of potentially available labor force hours.
Source: Department of Labor, Bureau of Labor Statistics.

Labor
force
time lost
(percent) 2

SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In November, there were decreases in the percentages of the unemployed who had been out of work for less than
5 weeks and for 15-26 weeks; there were increases in the percentages for 5-14 weeks and for 27 weeks and
over. The mean duration of unemployment rose to 19.3 weeks and the median duration rose to 8.7 weeks.
PERCENT DISTRIBUTION

PERCENT DISTRIBUTION*

70

70

REASON FOR UNEMPLOYMENT

JOB LOSERS

REENTRANTS

I/

10 _ ^ _ — , '

1990
COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution

Duration of unemployment
Unemployment
(thousands)

Period

State
programs

Number of
weeks

Percent distribution
Less
than
5
weeks

5-14
weeks

15-26
weeks

27
weeks
and
over

Average
(mean)

Median

36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
46.1
40.1
34.9
33.2
32.6
36.1
36.5
35.5
38.2
37.7
36.8
37.0
34.5
35.2
36.1
34.8

31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
32.0
32.3
29.4
30.2
28.8
27.4
28.1
29.4
28.4
28.2
31.3
28.7
30.6
28.5
28.8
29.0

16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
11.8
14.5
15.2
15.3
16.5
15.5
13.9
14.4
14.5
14.3
12.9
14.6
14.9
15.9
15.5
14.6

16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
10.1
13.0
20.6
21.4
22.1
21.1
21.5
20.7
18.8
19.8
19.1
19.7
20.0
20.3
19.7
21.7

15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.1
13.8
17.9
18.4
19.2
18.7
18.3
17.5
17.4
17.6
17.6
17.9
18.3
18.5
18.6
19.3

8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
5.4
6.9
8.8
9.4
9.4
8.5
8.2
8.3
8.5
8.1
8.1
8.2
8.4
9.1
8.3
8.7

Job
losers

Job
leavers

Reentrants

New
entrants

22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
27.4
24.8
23.7
23.6
24.1
26.1
25.9
23.0
24.3
25.9
25.0
23.9
23.8
24.1
23.7
25.1

11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.5
10.0
10.0
10.7
10.0
10.5
10.5
10.2
9.7
9.8
9.5
9.8
9.7
10.0

Insured
unemployment

Initial
claims

Insured
unemployment,
all
regular
programs
(unadjusted) 1

Weekly average, thousands

1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992- Nov
Dec
1993' 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
9,384
9,301
9,280
9,013
8,876
8,864
8,925
8,858
8,908
8,769
8,661
8,517
8,786
8,252

1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Railroad (RR) programs included through 1991. Also includes
Federal and State extended benefit programs. Does not include Federal supplemental compensation
program.




58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
48.3
54.7
56.4
55.9
55.4
54.0
52.3
54.2
53.9
52.9
54.6
56.1
57.0
55.3
55.4
53.2

7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.5
10.5
9.1
11.8
12.3
11.3
10.9
10.6
10.2
9.6
10.8
11.3
11.7

4,061
3,396
2,476
2,611
2,650
2,332
2,081
2,158
2,522
3,342
3,245
2,937
2,783
2,715
2,640
2,701
2,764
2,770
2,813
2,832
2,796
2,810
2,806
"2,780

583
438
377
396
378
328
310
330
388
447
408
359
341
353
343
362
347
341
343
352
327
328
344
339

4,594
3,775
2,561
2,693
2,746
2,401
2,135
2,205
2,575
3,406
3,339
2,670
3,064
3,390
3,344
3,394
2,929
2,597
2,806
2,655
2,721
2,421
r
2,316
2,555

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 208,000 in November.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS* (ENLARGED SCALE)
32

110
30
ALL NONAGRICULTURAL
ESTABLISHMENTS

100

90

80

SERVICE-PRODUCING
INDUSTRIES

22
RETAIL TRADE

-V

20

60
20

50

40
GOODS-PRODUCING
INDUSTRIES

t!

20

r~/~~~

CONST iucrioN

I III

1991

n n ill mi

I Mil II I

'

1993

1989

1990

MM1I 11111

1991

* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR

i H 1 1 1 1 n ii
1992

1 1 1 1 1i 1 1 M

1993

h

^

COUNCIL OF ECONOMIC ADVISERS

[Thousands of wage and salary workers; l seasonally adjusted]
Goods-producing industries
Period

1983
1984
1985
1986

1987
1988
1989
1990
1991
1992
1992: Nov....
Deo
1993: Jan
Feb
Mar
Apr
May....
June ...
July....
Aug ...
Sept ...

Total
nonagricultural
employment

90,152
94,408
97,387
99,344
101,958
105,210
107,895
109,419
108,256
108,519

108,921
109,079
109,235
109,539
109,565
109,820
110,058
110,101
110,338
110,305
110,502
Oct "... 1 10,649
Nov ".. 110,857

Service-producing industries

Manufacturing
Total 2

Con-

Total

23,330
24,718
24,842
24,533
24,674

25,125
25,254
24,905
23,745
23,142
22,995
22,985
23,001
23,069
23,016
22,980
23,006
22,941
22,948
22,903
22,886
22,930
22,986

3,946
4,380
4,668
4,810
4,958
5,098
5,171
5,120
4,650
4,471
4,462
4,459
4,454
4,515
4,481
4,517
4,577
4,574
4,593
4,593
4,592
4,625
4,652

18,432
19,372
19,248
18,947

18,999
19,314
19,391
19,076
18,406
18,040
17,917
17,913
17,936
17,954
17,935
17,863
17,827
17,771
17,760
17,718
17,698
17,710
17,740

D hi
goods

10,707
11,476

11,458
11,195
11,154
11,363
11,394
11,109
10,569
10,237
10,142
10,136
10,152
10,163
10,144
10,090
10,047
10,011
9,996
9,974
9,974
9,988
10,012

Nondurable
goods
7,725
7,896
7,790
7,752
7,845

7,951
7,997
7,968
7,837
7,804
7,775
7,777
7,784
7,791
7,791
7,773
7,780
7,760
7,764
7,744
7,724
7,722
7,728

1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived
from this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they arc not at work because of industrial disputes, bad

14



Total

Transportation
and
public
utilities

66,821
69,690
72,544
74,811

4,952
5,156
5,233
5,247

77,284
80,086
82,642
84,514
84,511
85,377
85,926
86,094
86,234
86,470
86,549
86,840
87,052
87,160
87,390
87,402
87,616
87,719
87,871

5,362
5,514
5,625
5,793
5,762
5,709
5,699
5,707
5,719
5,725
5,724
5,720
5,719
5,711
5,709
5,690
5,692
5,693
5,705

Government

Finance,

Wholesale
trade

5,283
5,568
5,727

5,761
5,848
6,030
6,187
6,173
6,081
6,045
6,061
6,062
6,086
6,097
6,103
6,110
6,125
6,110
6,126
6,107
6,117
6,119
6,130

Retail

15,587
16,512
17,315
17,880
18,422
19,023
19,475
19,601
19,284
19,346
19,405
19,460
19,523
19,629
19,604
19,648
19,702
19,751
19,790
19,795
19,836
19,840
19,823

insurance,
and real
estate
5,466

5,684
5,948
6,273
6,533
6,630
6,668
6,709
6,646
6,571
6,569
6,575
6,578
6,577
6,574
6,585
6,588
6,590
6,604
6,602
6,616
6,634
6,661

Services
Total

19,664
20,746
21,927
22,957
24,110
25,504
26,907
27,934
28,336
29,053
29,430
29,524
29,573
29,665
29,756
29,977
30,099
30,175
30,320
30,381
30,433
30,529
30,634

15,869
16,024
16,394

16,693
17,010
17,386
17,779
18,304
18,402
18,653
18,762
18,766
18,755
18,777
18,788
18,800
18,819
18,823
18,841
18,827
18,922
18,904
18,918

Federal

2,774

2,807
2,875
2,899
2,943
2,971
2,988
3,085
2,966
2,969
2,943
2,968
2,945
2,944
2,938
2,923
2,912
2,901
2,896
2,906
2,901
2,910
2,909

weather, etc., even if they arc 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
nonagricutturai *

Period

Total

Average gross weekly earnings

Average gross hourly earnings

Manufacturing

Overtime

Current
dollars

Current dollars

Total private
nonagricultural 1

Total private
nonagricultural *
1982
dollars z

Manufacturing

Current
dollars

1982
dollars 2

Manufacturing

Construction

Retail
trade

Percent change from a
year earlier, total
private
nonagricultural 3
Current
dollars

1982
dollars

35.0
35.2
34.9
34.8
34.8
34.7
34.6
34.5
34.3
34.4

1992:

Nov
Dec

1993:

Jan
Feb
Mar

..

May
, }
July

" •>
Sept
Oct *
Nov f

3.0
3.4
3.3
3.4
3.7
3.9
3.8
3.6
3.6
3.8

$8.02
8.32
8.57
8.76
8.98
9.28
9.66
10.01
10.32
10.58

$7.79
7.80
7.77
7.81
7.73
7.69
7.64
7.52
7.45
7.42

$8.83
9.19
9.54
9.73
9.91
10.19
10.48
10.83
11.18
11.46

$280.70
292.86
299.09
304.85
312.50
322.02
334.24
345.35
353.98
363.95

$272.52
274.73
271.16
271.94
269.16
266.79
264.22
259.47
255.40
255.22

$354.08
374.03
386.37
396.01
406.31
418.81
429.68
441.86
455.03
469.86

$442.97
458.51
464.46
466.75
480.44
495.73
513.17
526.01
533.40
537.70

$171.05
174.33
174.64
176.08
178.70
183.62
188.72
194.40
198.48
205.34

5.0
4.3
2.1
1.9
2.5
3.0
3.8
3.3
2.5
2.8

2.0
.8
1.3
.3
10
-.9
10
-1.8
-1.6

41.2
41.2

3.9
3.9

10.69
10.68

7.41
7.40

11.55
11.58

369.87
366.32

256.50
253.68

475.86
477.10

537.89
535.72

207.79
207.65

3.3
1.9

.3
-1.0

34.5
34.4
34.2
34.4
34.7
34.4
34.5
34.7
34.3
34.5
34.6

1984..
1985
1986..
1987
1988..
1989
1990..
1991
1992..

40.1
40.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0

34.6
34.3

1983

41.4
41.4
41.2
41.5
41.4
41.2
41.4
41.4
41.5
41.6
41.7

4.0
4.2
4.0
4.2
4.1
4.0
4.0
4.1
4.1
4.3
4.4

10.73
10.74
10.78
10.77
10.82
10.81
10.81
10.86
10.86
10.92
10.94

7.40
7.38
7.39
7.36
7.39
7.38
7.37
7.39
7.39
7.40
7.40

11.61
11.64
11.66
11.71
11.71
11.72
11.72
11.77
11.84
11.83
11.88

370.19
369.46
368.68
370.49
375.45
371.86
372.95
376.84
372.50
376.74
378.52

255.30
253.92
252.87
253.24
256.28
253.83
254.40
256.53
253.57
255.24
256.10

480.65
481.90
480.39
485.97
484.79
482.86
485.21
487.28
491.36
492.13
495.40

534.96
538.94
544.07
541.21
556.39
551.32
559.77
558.33
551.14
551.90
562.77

208.22
208.08
205.01
208.80
211.41
209.66
209.66
210.97
209.95
212.13
211.68

3.4
2.2
2.0
2.8
3.4
2.6
2.9
2.8
3.0
3.0
2.5

.2
-.9
-1.0
-.3
.2
-.2
.2
.1
.5
.4
-.0

1
2

Also includes other private industry groups shown on p. 14.
Current dollar earnings divided by the consumer price index for urban wage earners and clerical
workers (on a 1982=100 base).

J

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)
3 months earlier
Total
compensation

Wages and
salaries

80.1
84.0
87.3
90.1
93.1
97.6
102.3
107.0
111.7
115.6

Period

81.4
84.8
88.3
91.1
94.1
98.0
102.0
106.1
110.0
112.9

106.2
107.2
108.4
109.7
110.9
111.9
113.0
113.8
114.7
115.7
116.9
117.9
118.9

105.4
106.2
107.3
108.4
109.2
110.1
110.9
111.5
112.2
113.0
113.9
114.6
115.6

Benefits '

Total
compensation

Wages and
salaries

12 months earlier
Benefits '

Total
compensation

Wages and
salaries

Benefits '

Not seasonally adjusted

1983198419851986198719881989'
1990'
19911992:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

.

..
. ...

76.7
81.7
84.6
87.5
90.5
96.7
102.6
109.4
116.2
122.2

1.3

1.1

1.3
.6
.7
.6
1.0
1.1
.8
.6
.7

1.2
.6
.6
.6
1.0
.8
.7
.6
.6

1.3
1.4
.5
.6
1.0
1.0
1.2
1.0
.9
.8

1.0
.8
1.0
1.0
.7
.8
.7
.5
.6
.7
.8
.6
.9

1.5
1.5
1.3
1.8
1.6
1.4
1.3
1.2
1.3
1.2
1.7
1.4
.8

Seasonally adjusted
1990- Sept
Dee
1991: Mar
Sept
Dec
1992- Mar
Sept
Dec
1993- Mar
Sept
1

...
....

.

...

.

Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the
influence of employment shifts among occupations and industries.




108.3
109.9
111.3
113.3
115.1
116.7
118.2
119.6
121.2
122.7
124.8
126.6
127.6

1.0
.9
1.1
1.2
1.1
.9
1.0
.7
.8
.9
1.0
.9
.8

5.7
4.9
3.9

3.2
3.3
4.8
4.8
4.6
4.4
3.5

4.9
4.2
4.1
3.2
3.3
4.1
4.1
4.0
3.7
2.6

7.4
6.5
3.5
3.4
3.4
6.9
6.1
6.6
6.2
5.2

Not seasonally adjusted

4.9
4.6
4.4
4.4
4.5
4.4
4.2
3.7
3.4
3.5
3.5
3.6
3.7

4.2
4.0
4.0
3.7
3.7
3.7
3.4
3.0
2.7
2.6
2.7
2.7
3.1

6.8
6.6
5.8
6.2
6.4
6.2
6.3
5.5
5.2
5.2
5.6
5.8
5.4

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

Output *

Hours of all
persons 2

Compensation per
hour 3

Real compensation
per hour 4

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Business
sector

102.3
104.8
106.3
108.5
109.6
110.7
109.9
110.7
111.8
115.5

102.5
104.7
105.6
107.7
108.6
109.6
108.6
109.1
110.3
113.7

104.1
112.6
116.7
119.9
124.8
130.1
132.3
133.3
131.6
135.4

104.4
113.0
116.8
120.1
125.0
130.6
132.7
133.5
131.8
135.4

101.8
107.4
109.8
110.5
113.8
117.5
120.4
120.5
117.7
117.3

101.9
107.9
110.7
111.5
115.1
119.1
122.2
122.4
119.5
119.1

103.8
108.3
113.2
118.9
123.1
128.5
133.0
140.6
147.4
154.9

104.0
108.3
112.8
118.4
122.5
127.7
131.9
139.2
146.2
153.7

100.6
100.6
101.5
r
104.7
104.6
104.8
103.5
103.8
104.5
106.5

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Business
sector

Unit labor costs

Implicit price
deflator 5

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

100.8
100.6
101.2
104.3
104.1
104.2
102.7
102.8
103.6
105.7

101.5
103.4
106.5
109.5
112.3
116.0
121.0
127.1
131.9
134.1

101.5
103.4
106.8
110.0
112.8
116.5
121.5
127.6
132.6
135.1

103.4
107.7
111.2
113.6
116.6
120.8
126.1
131.2
136.1
139.2

104.0
107.6
111.6
114.2
117.2
121.4
126.5
131.8
137.0
140.3

Nonfarm
business
sector

1982 = 100; quarterly data seasonally adjusted

1983
1984
1985
1986
1987
1988....:

1989
1990
1991
1992
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:

IV
IV
IV
IV
IV
IV
IV
IV

101.1
103.1
105.4
107.0
108.3
110.6
110.9
109.7

101.1
103.3
105.3
106.0
107.4
109.5
110.0
108.5

100.0
107.5
114.4
118.0
120.6
127.4
131.7
132.3

100.0
108.1
114.8
118.2
120.8
127.6
132.5
132.7

98.9
104.3
108.5
110.2
111.3
115.1
118.8
120.6

99.0
104.7
109.0
111.4
112.5
116.5
120.5
122.3

102.1
105.3
109.9
115.6
120.9
125.8
130.6
134.9

102.1
105.2
109.9
115.0
120.4
125.1
129.8
133.9

100.6
100.5
100.7
102.4
105.6
105.1
104.7
103.4

100.6
100.4
100.7
101.8
105.2
104.6
104.1
102.6

101.0
102.1
104.3
108.0
111.6
113.7
117.9
123.0

101.0
101.9
104.4
108.5
112.2
114.3
118.0
123.4

101.1
104.8
109.0
112.4
114.6
117.9
122.8
127.8

101.4
105.2
109.0
112.9
115.2
118.5
123.4
128.2

1990:

III ....
IV

110.8
110.5

109.1
108.9

133.3
132.1

133.5
132.2

120.3
119.6

122.4
121.4

141.7
143.5

140.3
142.1

104.0
103.5

102.9
102.5

127.9
129.8

128.6
130.5

131.8
133.2

132.4
134.0

n
ni ....

I

110.9
111.6
111.8
112.8

109.4
110.2
110.4
111.3

131.0
131.5
131.5
132.4

131.2
131.7
131.8
132.6

118.1
117.8
117.6
117.3

119.9
119.5
119.4
119.2

144.9
146.6
148.2
150.1

143.7
145.4
147.1
148.8

103.6
104.2
104.7
105.2

102.7
103.4
103.9
104.3

130.6
131.4
132.6
133.1

131.3
132.0
133.2
133.7

134.8
135.8
136.6
137.2

135.7
136.6
137.5
138.2

m ....

114.1
114.8
116.0
117.1

112.4
113.1
114.1
115.3

133.3
134.5
136.0
137.9

133.3
134.4
135.9
137.9

116.8
117.1
117.2
117.7

118.7
118.8
119.0
119.6

152.2
153.7
156.1
157.8

150.9
152.6
154.8
156.6

105.8
106.0
106.9
107.3

104.8
105.2
106.0
106.4

133.4
133.9
134.5
134.8

134.3
134.9
135.6
135.8

138.3
139.1
138.7
140.6

139.3
140.2
139.8
141.8

116.6
116.6
117.6

114.8
114.7
115.9

138.0
139.3
140.5

138.1
139.5
141.0

118.3
119.5
119.4

120.3
121.6
121.7

159.1
160.1
161.6

157.7
158.4
159.9

107.1
107.0
107.7

106.2
105.9
106.6

136.4
137.3
137.4

137.4
138.2
138.0

141.6
142.5
142.9

142.7
143.5
144.0

2.5
2.2
.8
2.0
.8
.9
-.9
.4
1.1
3.1

4.1
8.2
3.6
2.8
4.1
4.3
1.7
.7
-1.3
2.9

4.4
8.2
3.4
2.8
4.1
4.4
1.7
.6
13
2.7

-1.4
-.6

-3.0
-3.6

1.5 /
2.5
.6
3.7

1.9
2.7
.8
3.4

4.7
2.5
4.2
3.8

-1.6
-.0
3.6

1991:

IV
1992: I
II
IV

1993:

I

n
HI".

Percent change; quarterly data at seasonally adjusted annual rates

1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1990:

2.3
2.4
1.4
2.1
1.0
1.0
-.7
.7
1.0
3.3
III
IV

1991: I

n
m ....
IV

1992:

I

n
in ....
IV

1993: I

n
in •*.

-1.1
-1.1

1

1.8
5.6
2.1
.6
3.0
3.3
2.5
.1
23
— .4

1.9
5.9
2.5
.8
3.2
3.5
2.6
.2
-2.4
-.4

3.8
4.3
4.5
5.0
3.6
4.4
3.5
5.7
4.9
5.0

4.0
4.1
4.1
5.0
3.5
4.2
3.3
5.5
5.0
5.1

0.6
.0
.9
3.1
-.1
.2
-1.3
.3
.6
2.0

0.8
-.2
.6
3.1
-.2
.1
-1.4
.1
.8
2.0

1.5
1.9
3.0
2.8
2.5
3.4
4.3
5.0
3.8
1.7

1.5
1.9
3.3
2.9
2.6
3.2
4.3
5.1
3.9
2.0

3.4
4.1
3.3
2.2
2.6
3.6
4.4
4.1
3.7
2.3

4.0
3.5
3.7
2.4
2.6
3.6
4.2
4.2
3.9
2.4

-3.1
-3.8

-1.9
-2.5

-1.7
-3.2

5.5
4.9

5.6
5.4

-1.1
-1.8

-1.1
-1.4

6.7
6.1

7.1
6.1

3.7
4.5

4.0
5.0

-3.3
1.4
.1
2.7

-3.1
1.5
.3
2.7

-4.7
-1.1
-.5
-1.0

-4.9
-1.1
-.6
— .7

4.1
4.8
4.5
5.2

4.4
4.9
4.6
4.9

A
2.5
1.8
1.9

.6
2.7
1.9
1.6

2.5
2.2
3.8
1.4

2.5
2.2
3.7
1.5

4.8
3.1
2.4
1.7

4.9
2.7
2.6
2.2

3.8
2.8
3.6
4.2

2.9
3.4
4.6
5.6

2.1
3.3
4.4
6.0

-1.8
1.0
.4
1.8

-1.6
.5
.8
1.8

5.7
4.1
6.2
4.6

5.6
4.7
5.9
4.6

2.3
.9
3.4
1.4

2.2
1.5
3.1
1.4

.9
1.6
1.9
.7

1.7
1.8
2.2
.4

3.3
2.4
-1.2
5.6

3.2
2.7
-1.1
5.6

-1.8
— .4
4.3

.5
3.8
3.5

.6
4.0
4.4

2.1
3.8

2.5
4.4
.1

3.3
2.5
3.9

2.9
1.9
3.7

5
-.4
2.7

g
-1.0
2.5

5.0
2.5
.3

4.8
2.3
-.6

2.7
2.6
1.2

2.5
2.4
1.2

^

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 (amity
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price index for all urban consumers (CPI-U).
5
Current dollar gross domestic product divided by constant dollar gross domestic product.

16



NOTE.—Data relate to 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.
'Third quarter 1993 data are based on GDP release of December I , 1993. The GDP data shown
elsewhere in this issue of Economic Indicators were released on December 22, 1993.
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.
INDE <, 1 987 = 1 00 * (RATIO SCALE)

INDEX, 1 987 = 1 00" (RATIO SCALE)

150

130

TOTAL INDUSTRIAL PRODUCTION

FINAL PRODUCTS

J

120
130

^

110
^

"
~
1

_^-~^V~/"

V_

rO
. —— \ ^S"T

~^\~^
100

130

MANUFACTURING

~"

^.'

120
90

, — —— "

r^~s"

f^,—-''

JMER
.
CONSl
\ GOC
DS
%

N
*X
*x

80

/

100

7"

J~

/iND SPACE
E QUIPMENT

^~'

^

""^-1
>*~>...— tZ^^^Zp-

w^-^

-'~V

1 M 1 ll 1 1 1 1 1

1M 1 1 1 t l 1 11

V^

120

T^

It 1 1 1 II 1 1 1 1 II 1 1 1 1 1 1 1 1 ll 1 1 1 1 1 1 1 M 1 !

110

s^

BUSINESS

NONDURABLE

90

1 ! 1 1 1 1 I M 1 1 1 1 1 1 l! M 1 1 1 1 1 1 1 ll 1 1 1 1 ! f 1 11 i h|< 1 1

1 1 i til 1 1 1 1 1

70

UTILITIES AND MINING
120
110
100

90

i
/

r^."''

i

1 11 1 1 1 11 1 11
1989

/
~s\ A /v^-'y-. '
1

84

^^_^

82

78

.
MINING
,
n 1 1 1 i t I u 1 1 1 ill 1 1 1 1 1 1 1 i H ill ill 1 1 M 1 1 1 n 1 1

76

/

\j —y'^

^
1 1 1 1 1 In i n 1 1 1 1 1 ! 1 1 1 11
1989

1992 1993

"

/|

\

80

^^^T-S^^A— V/N/~
1991

1 1 1 M 1 1 1 1 11

^^CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)

A'"-

UTILITIES

1990

1

mill inn

l||ll|lllll ll 1 1 ll 1 1 H 1
PER :ENT*
86

130

I M 1 ll 1 1 | |l| ] | j | 1 1| 1 1 1 1 t1 1
11| l

1990

1991

'

* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

1992

11 n
1993

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted]
Total
industrial
production
Period
Index,
1987 = 100

Industry production indexes, 1987=100

Capacity utilization
rate, percent J

Manufacturing

Percent
change
from year
earlier

Mining
Durable

Total

Utilities

Nondurable

Total
industry

Manufacturing

1985
1986
1987
1988
1989
1990
1991
1992

84.9
92.8
94.4
95.3
100.0
104.4
106.0
106.0
104.1
106.5

3.7
9.3
1.7
.9
4.9
4.4
1.5
.0
-1.8
2.3

80.9
89.3
91.6
94.3
100.0
104.7
106.4
106.1
103.7
106.9

76.8
88.4
91.8
93.9
100.0
106.6
108.6
107.4
103.8
108.1

87.0
90.8
91.5
94.9
100.0
102.3
103.7
104.4
103.5
105.4

104.8
111.9
109.0
101.0
100.0
101.3
100.0
102.0
100.4
97.6

93.6
97.0
99.5
96.3
100.0
105.0
108.7
109.9
112.2
112.0

75.8
81.1
80.3
79.2
81.5
83.7
83.6
82.1
79.2
79.8

74.9
80.4
79.5
79.1
81.6
83.6
83.1
81.1
77.8
78.8

1992- Nov
Dec

108.4
108.9

3.2
4.0

108.9
109.2

110.9
111.8

106.4
106.0

97.8
98.2

114.7
116.8

80.8
81.0

79.7
79.8

1993: Jan
Feb
Mar
Apr
May

109.3
109.9
110.1
110.4
110.2
110.5
110.8
111.0
111.4
112.2
113.2

4.6
4.4
4.3
3.9
3.3
4.2
3.7
4.1
4.9
4.4
4.4

109.9
110.5
110.8
111.4
111.3
111.3
111.6
111.9
112.4
113.2
114.4

112.9
113.8
114.1
115.0
114.9
114.6
115.4
115.7
116.9
118.2
119.8

106.4
106.4
106.6
106.9
106.9
107.2
107.0
107.3
106.9
107.1
107.7

98.3
95.9
95.3
96.4
97.3
98.0
96.4
95.5
97.5
98.0
97.7

112.8
117.5
117.8
114.4
112.1
114.9
116.9
117.7
115.3
115.6
116.0

81.2
81.5
81.6
81.7
81.5
81.5
81.7
81.7
81.9
82.4
83.0

80.3
80.5
80.6
80.9
80.7
80.6
80.7
80.8
81.1
81.5
82.2

1983
1984

July
Aug r .. .
Sept r

Oct r ....
Nov"

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
Intermediate products

Final products
Equipment

Consumer goods
Period
Total
Total

Durable
goods

Nondurable
goods

Total '

Business

Defense
and
space
equipment

Total

Construction
supplies

Business
supplies

Total

Energy

1983
1984
1985
1986
1987
1988
1989
1990
1991 .
1992

83.0
91.0
94.2
95.7
100.0
104.8
106.8
107.0
105.3
108.2

88.8
92.8
93.7
96.8
100.0
102.9
104.0
103.4
102.8
105.2

79.7
91.0
91.6
94.5
100.0
104.6
106.6
102.3
95.2
102.5

91.9
93.4
94.4
97.6
100.0
102.4
103.2
103.8
105.0
105.9

76.8
89.2
94.8
94.5
100.0
107.6
110.9
112.1
108.9
112.7

71.9
85.4
91.1
93.1
100.0
110.7
115.5
116.9
115.7
123.2

71.8
78.9
89.4
96.0
100.0
99.7
100.1
98.8
91.7
85.9

80.3
86.2
88.3
91.9
100.0
101.8
102.0
101.2
96.5
97.6

80.2
86.2
89.1
93.8
100.0
101.5
100.5
98.2
90.7
93.8

80.3
86.2
87.7
90.7
100.0
102.0
103.0
103.2
100.4
100.1

88.3
96.6
96.6
95.9
100.0
105.0
106.7
106.8
105.5
107.9

98.9
103.8
103.4
99.5
100.0
102.2
103.1
104.2
104.6
103.4

1992- Nov
Dec

111.0
111.5

107.1
107.5

105.7
107.9

107.5
107.4

116.7
117.2

129.0
129.6

83.2
82.5

98.1
98.3

95.1
94.5

100.0
100.8

109.3
110.0

103.9
105.1

1993: Jan
Feb
Mar

111.9
112.4
112.7
112.8
112.5
112.7
113.2
113 5
114.0
115.0
116.0

107.6
108.5
108.6
108.1
107.3
107.3
107.7
107.8
107.9
109.1
110.0

110.9
111.3
111.5
112.2
110.8
107.9
108.6
107.9
109.3
113.6
116.9

106.7
107.7
107.7
106.9
106.3
107.2
107.4
107.8
107.5
107.8
108.0

118.1
118.0
118.7
119.7
119.9
120.4
121.2
121.6
122.8
123.5
124.8

131.2
131.7
133.4
134.8
135.4
136.1
137.1
137.6
139.3
140.4
142.3

82.0
81.5
80.7
80.5
79.5
78.6
78.6
78.0
77.5
76.9
76.7

98.2
99.3
99.6
100.0
99.7
99.4
100.4
100.6
100.4
100.4
101.2

94.8
97.5
96.4
96.4
97.7
96.8
98.4
98.7
99.3
99.6
100.8

100.5
100.5
101.8
102.5
101.0
101.1
101.7
101.8
101.2
101.0
101.5

110.4
110.9
110.9
111.5
111.6
112.1
112.0
112.2
112.6
113.4
114.3

103.4
103.8
103.5
103.4
103.4
104.6
103.7
102.8
103.3
104.0
103.8

May

July
Sept *
Oct '.
Nov"
1

Includes oil and gas well drilling and manufactured homes, not shown separately.

[1987 = 100; monthly data seasonally adjusted]
Nondurable manufactures

Durable manufactures

Period
Total

Iron
and
steel

Transportation
equipment

Fabricated
metal
products

Industrial and
commercial
machinery and
computer
equipment 1

Electrical
machinery

Primary metals

Total

Motor
vehicles
and
parts

Lumber and
products

Apparel
products

Printing and
publishing

Chemicals
and
products

Foods

1983
1984
1985
1986
1987
1988
1989 . .
1990
1991
1992

91.0
102.4
101.8
93.7
100.0
108.7
107.2
106.5
98.4
101.1

96.1
105.9
104.5
90.8
100.0
112.7
111.2
111.5
100.6
104.7

85.5
93.3
94.5
93.8
100.0
104.2
102.8
99.5
94.9
96.7

64.3
80.8
86.8
90.3
100.0
113.0
117.3
117.6
113.7
124.8

80.3
94.1
93.1
94.3
100.0
108.5
111.0
111.4
112.8
119.8

72.7
83.1
91.8
96.9
100.0
105.2
109.6
107.0
101.8
102.6

74.5
90.6
99.0
98.5
100.0
105.7
106.9
101.0
94.3
104.8

79.9
86.0
88.0
95.1
100.0
100.1
99.4
97.1
90.5
96.4

93.8
95.7
92.6
96.3
100.0
98.1
95,0
92.2
91.9
92.3

79.0
84.5
87.6
90.6
100.0
100.9
101.1
100.8
96.8
95.0

87.5
91.4
91.4
94.6
100.0
106.0
109.2
111.8
111.3
115.0

90.1
92.1
94.9
97.4
100.0
101.5
102.5
103.7
105.3
106.0

1992- Nov
Dec

101.6
102.4

103.6
107.4

97.6
97.8

132.8
133.8

124.4
124.8

103.6
106.3

109.9
116.2

99.8
98.0

92.9
92.7

94.2
94.7

117.7
116.7

106.4
106.2

1993- Jan
Feb
Mar

102.8
108.0
104.2
104.4
104.2
105.7
105.3
106.2
105.8
106.1
106 3

107.0
112.9
107.6
108.4
108.1
110.9
111.9
112.1
111.1
112.3
112.3

99.8
99.7
100.3
101.4
100.6
100.1
101.2
101.0
101.1
101.6
102.2

135.0
136.7
139.6
142.8
144.2
145.4
148.5
149.9
151.8
153.1
155.2

125.8
127.1
128.5
129.0
129.7
130.1
132.3
133.5
135.4
136.9
138.7

108.4
107.8
106.9
106.9
105.5
102.6
100.8
100.4
102.1
106.1
109.5

120.9
120.7
120.1
120.4
118.1
114.3
110.1
110.0
114.3
123.7
132.0

99.3
101.8
98.0
98.1
97.4
96.5
99.1
99.9
100.9
102.4
103.7

93.1
92.5
92.1
92.0
91.2
91.1
90.7
90.6
89.5
89.1
88.9

94.7
94.0
94.7
95.6
94.7
94.5
93.8
93.4
93.7
93.6
93.9

116.8
116.2
117.6
117.8
118.1
119.1
118.7
119.1
118.5
118.4
118.6

105.9
106.9
106.7
106.7
106.7
107.1
107.2
107.8
107.7
108.3
108.6

May

July
Sept r
Oct '
Nov "
1

Formerly nonelectrical machinery.

18



Source: Board of Governors of the Federal Reserve System.

NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3

Private
Period

Total new
construction
expenditures

Residential
Total

New housing
units

Total '

Commercial
and
industrial 2

Other

Federal,
State, and
local

Total value
index
(1987 = 100)

Commercial
and industrial
floor space
(millions of
square feet)

Billions of dollars
1983
1984

294.9
348.8
377.4
407.7
419.4
432.3
443.6
442.1
403.4
436.0

....

1985
1986
1987
1988
1989.
1990
1991
1992

231.5
278.6
299.5
323.1
328.7
337.5
345.5
334.7
293.5
317.3

125.5
153.8

158.5
187.1
194.7
198.1
196.6
182.9
157.8
187.8

94.6
113.8
114.7
133.2
139.9
138.9
139.2
128.0
110.6
129.6

57.7
74.0
89.8
84.4
84.0
88.0
94.3
96.4
77.0
65.8

48.2
50.8
51.3
51.6
50.1
51.5
54.6
55.4
58.7
63.7

75
83
91
96
100
101
105
95
89
97

63.5
70.2
77.8
84.6
90.6
94.8
98.1
107.5
109.9
118.8

756
955
1,097
1,016
1,019
973
961
783
577
544

Annual rates

Annual rates
1992: Oct
Nov
Dec

442.6
449.3
455.2

324.8
328.2
335.4

194.6
199.3
206.4

132.1
135.4
138.9

65.0
64.0
63.6

65.3
64.8
65.3

117.7
121.1
119.9

106
98
96

546
510
511

1993:

451.3
453.8
454.5
449.1
453.3
460.7
465.3
467.1
474.1
485.8

335.5
334.8
337.0
328.1
332.2
335.0
336.7
339.8
343.4
350.3

207.2
205.7
205.5
197.3
198.4
200.5
203.9
205.7
208.1
214.6

141.8
142.9
141.8
137.7
138.3
139.3
141.0
142.9
145.4
150.5

64.4
66.4
67.4
65.6
67.4
67.1
65.7
66.9
68.0
67.9

63.9
62.7
64.0
65.2
66.4
67.4
67.1
67.2
67.2
67.9

115.8
119.0
117.5
120.9
121.0
125.7
128.6
127.3
130.7
135.5

103
99
96
100
94
105
103
102
103
103

443
479
524
548
489
520
587
534
522
567

Jan
Feb
Mar
May

July
Sept
Oct "
1
2
3

Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.

Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.

NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes

New private housing units
Units started, by type of structure

Period
Total

1983
1984

1985
1986
1987
1988
1989
1990
1991 .
1992

.

1 unit

2-4 units

113.5
121.4
93.4
84.0
65.3
58.8
55.2
37.5
35.6
30.7

5 or more units

522.0
544.0
576.1
542.0
408.7
348.0
317.6
260.4
137.9
139.0

1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1,199.7

1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9

1,226
1,226
1,286

1,079
1,089
1,133

18
28
32

129
109
121

1,171
1,180
1,124
1,206
1,248
1,248
1,232
1,328
1,371
1,378
1,432

1,051
1,036
987
1,059
1,107
1,079
1,064
1,183
1,166
1,214
1,269

26
24
32
26
26
31
54
17
33
32
38

94
120
105
121
115
138
114
128
172
132
125

Units
authorized

Units
completed

Homes sold

Homes for
sale at end of
period '

Vacancy rate
for rental
housing units
(percent) 2

1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5

623
639
688
750
671
676
650
534
509
610

301
353
346
357
366
368
365
321
284
265

5.7
5.9
6.5
7.3
7.7
7.7
7.4
7.2
7.4
7.4

1,141
1,136
1,196

1,137
1,229
1,227

637
615
662

264
262
265

7.1

1,157
1,141
1,034
1,101
1,121
1,115
1,162
1,242
1,271
1,304
1,374

1,136
1,241
1,108
1,222
1,129
1,158
1,088
1,256
1,167
1,239

603
597
602
689
629
641
647
632
726
679

266
268
270
271
274
274
276
288
290
297

1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9

Seasonally adjusted annu a! rates
1992- Oct
Nov
Dec
Feb
Mar
May

July
Sept r
Oct r
Nov "
1
2

Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning 1989 not comparable with
earlier data.




7.9
7.6
7.1

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 rose 0.5 percent and inventories rose $0.3 billion. In November,
according to advance data, retail sales rose 0.4 percent, following a rise of 1.8 percent in October.
BILLIONS OF DOLLARS * (RATIO SCALE)

BILLIONS OF DOLLARS • (RATIO SCALE)

300
900

=,-

800 _*

—T-t

1

'

1

~
250

M/ .NUFACTURIf <IG AND
T JADE INVEN UklbS

700

RETAIL INVENTORIES.

200
600

—'
500 --'—»~'-

V
\

150

M, VNUFACTURIh4G
Ah D TRADE SA ES

RETAIL SALES

400

100

1 1 1 1 1 1 h1 1 1 1

I l l l ill II

300

RATIO
INVENTORY-SALES RATIO
1.70

RETAIL

1.60

/"^ y\

200

1 II M i l l III

1989

II Illl 1 Illl

1990

1 1 tl 1M 1 111

Minium

1992

1991

V

^*\

MANUFACTURING
ANDTf AUt

1.40

imilm ii

kCT>"i/ -s
~\ --—-—*

*\

x^\Y
\

1.50

1 1 1 1 il 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 II I l l l l l l l 1

1.30

1989

1993

1990

1 1 1 1 1 1 M M 1 1 1 ! 1 1 11 1 1 11

1991

1992

1993

COUNCIt OF ECONOMIC ADVISERS

Manufacturing and
trade '
Period
Sales

2

Inventories 3

Inventory-sales ratio 4

Retail

Wholesale

Inventories 3

Sales 2
Sales

2

Inventories 3

Total

Durable
goods
stores

Nondurable goods
stores

Total

Durable
goods
stores

Nondurable goods
stores

Manufacturing
and
trade l

Retail

Millions of dollars, seasonally adjusted, except as noted
370,501
411,427
423,940
431,786
459,107
497,031
523,729
543,097
538,609
560,383

1983
1984

1985
1986
1987
1988
1989
1990
1991
1992
1992- Oct '
Nov
Dec
1993- Jan
Feb
Mar
May
July
Sept r.
Oct*
Nov p
1
2

r

591,875
651,551
665,835
664,624
711,725
767,538
813,793
837,445
833,518
849,117

100,440
113,502
114,816
116,326
124,340
135,357
144,158
149,489
147,635
152,337

131,663
144,223
149,155
155,445
165,814
180,519
188,539
196,901
201,285
209,232

97,514
107,243
114,586
120,803
128,442
138,133
146,847
154,149
155,456
163,535

566,536
569,674
581,061

845,196
846,374
849,117

154,211
154,032
155,297

206,655
208,424
209,232

581,584
584,903
583,575
584,943
587,930
589,990
585,626
592,598
595,804
598,766

851,190
854,715
859,094
862,478
864,198
864,227
863,612
865,939
867,395
867,733

159,507
158,987
157,206
159,291
162,187
159,095
160,531
161,459
160,710
159,902

210,139 169,232
209,765 169,116
210,503 167,390
211,860 170,538
212,190 171,736
212,058 172,596
213,244 173,415
215,199 174,583
215,103 175,006
214,128 ' 178,198
178,926

r

166,866
167,117
169,155

See page 21 for manufacturing.
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.

20



64,943
69,369
73,075
75,746
80,453
85,664
91,974
98,230
100,965
104,777

147,833
167,812
181,881
186,510
207,836
219,597
238,343
241,476
245,885
260,647

68,856
79,074
88,315
89,983
105,481
112,505
121,448
121,338
119,828
131,549

78,977
88,738
93,566
96,527
102,355
107,092
116,895
120,138
126,057
129,098

1.56
1.53
1.55
1.55
1.50
1.49
1.53
1.53
1.54
1.50

1.44
1.49
1.52
1.56
1.56
1.54
1.59
1.56
1.55
1.55

60,704 106,162
' 60,503 r 106,614
61,873 107,282

255,446
256,895
260,647

127,544
128,884
131,549

127,902
128,011
129,098

1.49
1.49
1.46

1.53
1.54
1.54

62,216
60,978
60,723
62,804
63,771
64,527
65,232
66,277
65,798
r
68,117
68,764

262,427
265,718
269,052
270,311
270,417
270,843
268,807
269,348
271,603
273,255

132,861
135,599
137,803
138,784
138,097
138,483
136,559
136,774
137,978
139,737

129,566
130,119
131,249
131,527
132,320
132,360
132,248
132,574
133,625
133,518

1.46
1.46
1.47
1.47
1.47
1.46
1.47
1.46
1.46
1.45

1.55
1.57
1.61
1.59
1.57
1.57
1.55
1.54
1.55
1.53

32,571
37,873
41,510
45,057
47,989
52,469
54,873
55,919
54,492
58,758

3
4

107,016
108,138
106,667
107,734
107,965
108,069
108,183
108,306
109,208
r
110,081
110,162

Seasonally adjusted, end of period.
Annual data are averages of seasonally adjusted monthly ratios.

Source: Department of Commerce, Bureau of the Census.

MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In October, manufacturers' shipments and new orders rose; inventories were virtually unchanged; and unfilled
orders fell. In November, according to advance data, durable goods shipments and new orders rose.
BllilONS OF DOUARS* (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE)
480
440
400
360
320

INVENTORIES

-.

,

"I

| v

280
240

\

DURABLE G -v->p5

200
160

_

\\

.

80

120

BILLIONS OF DOUARS* (RATIO SCALE)

320

NOI-^DURABLE GC3ODS

NEW ORDERS
TOTAL

280

80

240

RATIO *
2.20

200

INVENTORY-SHIPMENTS RATIO

f

2.00

. DURABLE GOODS -

160

1.80
120

1.60

NONDURABLE GOODS

1.40

80

1.20
1990

1989

1993

1991

1993
COUNCIL OF ECONOMIC ADVISERS

Manufacturers' shipments 1

Manufacturers' inventories 2

Manufacturers' new orders l
Durable goods

Period
Total

Durable
goods

Nondurable
goods

Total

Durable
goods

Nondurable
goods

Total
Total

Capital
goods
industries,
non-defense

Nondurable
goods

Manufacturers'
unfilled
orders 2

Manufacturers'
inventory —
shipments
ratio 3

Millions of dollars, seasonally adjusted, except as noted
1983

1984
1985
1986
1987
1988
1989
1990
1991
1992
1992- Oct
Nov
Dec
1993- Jan
Feb
Mar

,

May

July .

.

Sept
Oct '
Nov '

172,547
190,682
194,538
194,657
206,326
223,541
232,724
239,459
235,518
244,511
245,459
248,525
256,609
252,845
256,800
258,979
255,114
254,007
258,299
251,680
256,556
260,088
260,666

85,481
97,940
101,279
103,238
108,128
117,993
121,703
122,387
119,151
125,553
126,425
128,720
134,228
130,805
134,133
135,537
132,763
132,307
135,042
129,257
134,521
137,521
138,166
141,870

87,066
92,742
93,259
91,419
98,198
105,549
111,022
117,072
116,367
118,958
119,034
119,805
122,381
122,040
122,667
123,442
122,351
121,700
123,257
122,423
122,035
122,567
122,500

312,379
339,516
334,799
322,669
338,075
367,422
386,911
399,068
386,348
379,238
383,095
381,055
379,238
378,624
379,232
379,539
380,307
381,591
381,326
381,561
381,392
380,689
380,350

199,854
221,330
218,212
212,006
220,776
241,402
256,065
259,988
249,117
237,717
240,909
239,407
237,717
236,332
237,034
236,849
237,043
237,734
237,514
237,937
237,688
237,571
237,566

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.




112,525
118,186
116,587
110,663
117,299
126,020
130,846
139,080
137,231
141,521
142,186
141,648
141,521
142,292
142,198
142,690
143,264
143,857
143,812
143,624
143,704
143,118
142,784
3

175,451
192,879
195,706
195,204
209,389
227,026
235,932
240,646
234,354
241,545
244,882
243,106
256,727
253,626
257,250
253,007
252,369
248,335
255,462
250,566
253,461
255,309
258,447

88,140
100,164
102,356
103,647
110,809
121,445
124,933
123,556
117,878
122,614
125,656
123,096
134,348
131,266
134,533
129,903
129,838
126,783
132,252
128,520
131,752
133,176
136,591
139,356

19,624
23,669
24,545
23,983
26,095
30,729
32,725
32,254
29,468
29,653
30,129
26,804
32,275
28,645
32,748
29,122
30,453
29,931
33,850
30,093
31,992
30,992
32,816
34,550

87,311
92,715
93,351
91,557
98,579
105,581
110,999
117,090
116,476
118,932
119,226
120,010
122,379
122,360
122,717
123,104
122,531
121,552
123,210
122,046
121,709
122,133
121,856

347,273
373,529
387,095
393,412
430,288
471,951
510,459
524,846
511,122
475,304
480,605
475,186
475,304
476,085
476,535
470,563
467,818
462,146
459,309
458,195
455,100
450,321
448,102

1.78
1.73
1.73
1.68
1.59
1.58
1.64
1.65
1.67
1.57
1.56
1.53
1.48
1.50
1.48
1.47
1.49
1.50
1.48
1.52
1.49
1.46
1.46

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 was unchanged. Prices of finished consumer foods
rose 0.8 percent and prices of other finished consumer goods fell 0.4 percent. Capital equipment prices rose 0.2
percent.
INDEX, 1982 - 100 (RATIO SCALE)

INDEX, 1982 - 100 (RATIO SCALE)
SEASONAUY ADJUSTED

FINISHED GOODS PRICES
130

130

CONSUMER FOODS

120

120

CAPITAL EQUIPMENT

v

110

110

CONSUMER GOODS
EXCLUDING FOODS

TOTAL

100

100

1 1 1 1 1 11 1 11 1 1 1 1 1 1 1 1 1 1

90
1985

1986

1989

1988

1987

1 1 1 i 1 1 1 1 11
1991

1990

SOURCE: DEPARTMENT OF LAICtt

90
1992

1993

COUNCIL OF ECONOMIC ADVISERS

[1982 = 100; monthly data seasonally adjusted]
Intermediate materials

Finished goods
Finished goods excluding consumer foods
Period

Total
finished
goods

Consumer
foods

Nondurable

Capital
equipment

Consumer goods
Total
Total

Durable

Total
finished
consumer
goods

Crude materials

Total

Foods
and
feeds '

Other

Total

Foodstuffs
and
feedstuffs

Other

101.6
103.7
104.7
103.2
105.4
108.0
113.6
119.2
121.7
123.2

101.0
105.4
104.6
107.3
109.5
112.6
118.7
124.4
124.1
123.3

101.8
103.2
104.6
101.9
104.0
106.5
111.8
117.4
120.9
123.1

101.2
102.2
103.3
98.5
100.7
103.1
108.9
115.3
118.7
120.8

102.8
104.5
106.5
108.9
111.5
113.8
117.6
120.4
123.9
125.7

100.5
101.1
101.7
93.3
94.9
97.3
103.8
111.5
115.0
117.3

102.8
105.2
107.5
109.7
111.7
114.3
118.8
122.9
126.7
129.1

101.3
103.3
103.8
101.4
103.6
106.2
112.1
118.2
120.5
121.7

100.6
103.1
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.7

103.6
105.7
97.3
96.2
99.2
109.5
113.8
113.3
111.1
110.7

100.5
103.0
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.9

101.3
103.5
95.8
87.7
93.7
96.0
103.1
108.9
101.2
100.4

101.8
104.7
94.8
93.2
96.2
106.1
111.2
113.1
105.5
105.1

100.7
102.2
96.9
81.6
87.9
85.5
93.4
101.5
94.6
93.5

1992: Nov
Dec

123.8
123.8

123.5
125.1

123.7
123.3

121.6
120.9

125.9
126.0

118.4
117.4

129.5
129.7

122.3
122.3

114.9
114.9

110.2
111.1

115.2
115.1

102.6
101.5

104.7
105.9

97.4
94.8

1993- Jan
Feb
Mar

124.2
124.7
125.1
125.8
125.8
125.1
125.1
124.3
124.5
124.2
124.2

124.4
124.4
124.6
126.3
126.3
125.1
124.9
125.5
126.4
125.8
126.8

124.1
124.7
125.1
125.6
125.6
125.1
125.1
123.9
123.9
123.7
123.4

121.6
122.3
122.9
123.4
123.4
122.7
122.6
120.8
120.8
120.7
120.2

126.7
127.2
127.5
128.2
128.0
128.0
128.5
129.3
129.1
127.4
128.4

118.1
118.9
119.5
120.0
120.0
119.1
118.7
115.8
115.8
116.5
115.3

130.4
130.8
131.1
131.3
131.4
131.2
131.7
131.9
131.9
131.4
131.7

122.6
123.1
123.6
124 .4
124.4
123.6
123.5
122.4
122.6
122.4
122.3

115.3
115.9
116.3
116.6
116.3
116.5
116.4
116.4
116.5
116.4
116.2

111.5
111.0
110.3
111.8
111.4
110.4
112.9
113.8
113.2
113.8
115.7

115.5
116.2
116.7
116.8
116.5
116.8
116.6
116.6
116.7
116.6
116.3

101.8
101.6
101.8
103.3
105.4
103.7
101.4
102.0
101.6
103.0
103.4

106.4
106.4
106.4
109.1
109.6
105.9
107.1
109.0
109.1
107.5
111.6

95.0
94.7
94.9
95.6
98.7
98.3
93.9
93.6
92.9
96.1
94.2

1983
1984
1985

1986
1987
1988
1989
1990
1991
1992

. .

May
July r.
Sept

Oct
Nov
1

Intermediate materials for food manufacturing and feeds.

22



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 2.7 percent above its year-earlier level.
INDEX, 1982-84 = 100 (RATIO SCALE)

INDEX, 1982-84 - 100 (RATIO SCALE)

150

150
SEASONALLY ADJUSTED

CONSUMER PRICES—ALL ITEMS

I I I I I I I I I II

1 I I I I I I I II

M M I I I I I II

! I I i I I I i [I

1989

1988

COUNCIL OF ECONOMIC ADVISERS

[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
All items *

Transportation

Housing
Shelter

Period

Rel. imp.^ ....
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992:
Nov
Dec
1993:
Feb
Mar
Apr
May

July
Sept
Get
Nov

Not
seasonally
adjusted
(NSA)

Seasonally
adjusted

Total

Renters'
costs
(Dec.
1982 =
100)

Homeowners'
costs
CDec.
1982 =
100)

Maintenance
and
repairs
(NSA)

Food
Total !

Fuel
and
other
utilities

Apparel and
upkeep

Total i

New
cars

Motor
fuel

Medical
care

Energy 2

All
items
less
food
and
energy

15.8
99.4
103.2
105.6
109.0
113.5
118.2
125.1
132.4
136.3
137.9

100.0
99.6
103.9
107.6
109.6
113.6
118 3
124.0
130 7
136.2
1403

41.4
99.5
103.6
107.7
110.9
114.2
118.5
123.0
128.5
133.6
137.5

27.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
140.0
146.3
151.2

8.0
103.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
155.6
160.9

19.7
102.5
107.3
113.1
119.4
124.8
131.1
137.3
144.6
150.2
155.3

0.2
99.9
103.7
106.5
107.9
111.8
114.7
118.0
122.2
126.3
128.6

7.3
100.2
104.8
106.5
104.1
103.0
104.4
107.8
111.6
115.3
117.8

6.0
100.2
102.1
105.0
105.9
110.6
115.4
118.6
124.1
128.7
131.9

17.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
120.5
123.8
126.5

4.0
99.9
102.8
106.1
110.6
114.6
116.9
119.2
121.0
125.3
128.4

3.3
99.4
97.9
98.7
77.1
80.2
80.9
88.5
101.2
99.4
99.0

6.9
100.6
106.8
113.5
122.0
130.1
138.6
149.3
162.8
177.0
190.1

7.3
99.9
100.9
101.6
88.2
88.6
89.3
94.3
102.1
102.5
103.0

76.9
99.6
104.6
109.1
113.5
118.2
123.4
129.0
135.5
142.1
147.3

142.0
141.9

142.0
142.2

138.8
139.2

138.8
138.9

152.6
152.9

162.1
161.9

156.8
157.4

129.5
129.3

119.2
119.3

132.3
131.9

128.4
128.5

129.4
129.5

100.3
99.8

194.7
195.5

104.1
103.9

149.3
149.6

142.6
143.1
143.6
144.0
144.2
144.4
144.4
144.8
145.1
145.7
145.8

142.9
143.4
143.6
144.2
144.4
144.4
144.5
144.9
144.9
145.5
145.8

139.7
139.9
140.1
140.6
141.2
140.6
140.6
141.0
141.2
142.0
142.5

139.3
139.6
140.0
140.7
140.8
141.2
141.2
141.6
141.9
142.2
142.3

153.5
154.0
154.2
155.0
155.1
155.6
155.5
155.9
156.2
156.5
156.8

161.9
162.5
162.8
163.8
164.3
164.4
164.2
164.3
164.8
165.6
165.9

158.2
158.7
158.9
159.6
159.7
160.3
160.3
160.8
161.0
161.1
161.5

129.7
130.5
131.5
131.8
131.6
131.2
131.3
131.6
131.3
130.8
127.9

119.4
118.8
120.2
120.7
120.9
121.4
121.8
122.4
122.7
122.8
122.2

133.0
135.0
134.3
134.3
133.6
132.9
132.9
134.1
133.3
133.5
134.0

129.3
129.9
130.0
130.2
130.1
129.9
130.2
130.3
130.2
131.5
131.8

129.8
129.8
130.1
130.7
131.0
131.2
131.6
132.1
132.5
133.0
133.0

101.2
101.8
101.4
100.8
98.4
97.3
96.8
95.2
94.0
98.3
96.5

196.7
197.7
198.2
199.3
200.8
201.6
202.4
202.9
203.7
204.8
205.3

104.4
104.0
104.7
104.9
103.9
103.7
103.7
103.2
102.8
104.8
103.4

150.3
151.0
151.2
151.8
152.1
152.3
152.5
152.9
153.0
153.4
153.9

1

Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
also included through 1982.
3
Relative importance, December 1992.
2




NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 and 1988 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.

23

CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Change from preceding period

Change from 3 months earlier, annual rate

Change from 6 months earlier, annual rate

Consumer goods

Consumer goods

Consumer goods
Period

Total
finished
goods

Capital
equipment

Excluding foods

Foods

Total
finished
goods

Excluding
foods

Foods

Capital
equipment

Total
finished
goods

Capital
equipment

Excluding
foods

Foods

Change
from
year
earlier,
total
finished
goods
NSA

Change, Dec. to Dec., NSA

1985
1986
1987 . . .
1988
1989
1990
1991
1992

0.6
1.7
1.8
-2.3
2.2
4.0
4.9
5.7
1
1.6

1992- Nov
Dec

-0.2
0

1983
1984

-0.9
.8
2.1
66
4.1
3.1
5.3
8.7
-.7
1.6

2.3
3.5
.6

2.8
2
5.7
5.2
2.6
-1.5
1.6

1.6
2.1
1.0
-1.4
2.1
2.5
5.2
4.9
2.1
1.2

2.0
1.8

2.7
2.1
1.3
3.6
3.8
3.4
2.5
1.7

Change, month to month

1993: Jan
Feb
Mar

.3
.4
.3
.6
0
-.6
0
-.6
.2
-.2
0

May

July
Sept
Oct
Nov

02
-.6
.6
.6
.5
.4
0
-.6
1
-1.5
0
-.1
-.4

-0.6
1.3
-.6
0
.2
1.4
0
-1.0
2
.5
.7
5
.8

0.2
.2

0.6
-.3

-0.3
3.3

1.3
-2.0

0
.6

.5
.3
.2
.2
.1
2
'A
.2
0
4
.2

.6
2.9
4.3
5.3
3.6
0
22

.6
2.9
-1.6
6.3
6.3
1.6
-4.4
25
4.2
2.9
4.2

-.7
2.3
6.8
6.1
3.6
-.6
-2.6
-8.2
-6.1
61
-2.0

3.4
4.1
4.4
2.8
1.8
.3
'1.2
1.5
2.2
r
-.9
-.6

1.6
3.8

1.1

-4.7
19
-2.8
3

.5
1.8
1.9
2.9
3.3
2.1
1.5
-.6
-1.0
-2.5
-2.5

1.0
-1.0

0.5
.9

1.4
1.6

2.8
1.3
.8
3.4
4.6
0
.8
1.8
2.9
-.8
.8

1.0

0
1.8
2.3
2.6
3.0
3.0
1.7
-2.4
-3.4
-4.3
-5.1

1.9
2.0
2.5
3.1
3.0
2.3
r
2.0
1.7
1.2
.2
.5

2.0
2.0
2.0
2.5
2.1
1.3
1.3
.6
.5
.2
.3

Source: Department of Labor, Bureau of Labor Statistics.

CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Transportation

Housing

Ap-

Shelter
Period

All
items

l

Food
Total '
Total '

Renters'
costs

Homeowners'
costs

Fuel
and
other
utilities

parel
and
upkeep

Total

New
cars

L

Motor
fuel

Medical
care

Energy2

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

1985
1986
1987
1988
1989
1990
1991
1992

3.8
3.9
3.8
1.1
4.4
4.4
4.6
6.1
3.1
2.9

2.7
3.8
2.6
3.8
3.5
5.2
5.6
5.3
1.9
1.5

3.5
4.3
4.3
1.7
3.7
4.0
3.9
4.5
3.4
2.6

4.7
5.2
6.0
4.6
4.8
4.5
4.9
5.2
3.9
2.9

5.1
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.2
2.8

4.5
5.1
5.9
4.6
5.3
4.7
5.1
4.7
3.7
2.9

1992: Nov
Dec

0.2
.1

0.1
.3

0.2
.1

0.3
.2

0.2

0.3
.4

0.3
.1

-0.1
-.3

1993: Jan
Feb
Mar

.5
.3
.1
.4
.1
0
.1
.3
0
.4
.2

.4
.1
.1
.4
.4
-.4
0
.3
.1
.6
.4

.3
.2
.3
.5
.1
.3
0
.3
2
.2
.1

.4
.3
.1
.5
.1
.3
-.1
.3
.2
.2
.2

0
.4
.2
.6
.3
.1
— .1
.1
.3
.5
.2

.5
.3
.1
.4
.1
.4
0
.3
.1
.1
.2

.1
-.5
1.2
.4
.2
.4
.3
.5
.2
.1
-.5

.8
1.5
-.5
0

.6
.5
.1
.2
-.1
-.2
.2
.1
— .1
1.0
.2

1.8
4.2
1.8
-5.6
1.6
2.9
3.2
4.0
2.9
2.3

2.9
2.0
2.8
.9
4.8
4.7
1.0
5.1
3.4
1.4

3.9
3.1
2.6
-5.9
6.1
3.0
4.0
10.4
-1.5
3.0

-1.7
-2.4
3.1
-30.7
18.7
-2.1
6.8
36.5
-16.0
1.8

6.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
7.9
6.6

-0.5
.2
1.8
-19.7
8.2
.5
5.1
18.1
-7.4
2.0

4.8
4.7
4.3
3.8
4.2
4.7
4.4
5.2
4.4
3.3

0.1
-.5
1.4
.2
.6
0
.2
-.4
-.6
.5
.2
24
.2 -1.1
5
.3
.4 -1.7
.3 -1.3
4.6
.4
-1.8
0

0.5
.1

1983
1984

0.5
.4

0.2
-.2

0.3
.2

.6
.5
.3
.6
.8
.4
.4
.2
.4
.5
.2

.5
-.4
.7
.2
-1.0
-.2
0
5
4
1.9
-1.3

.5
.5
.1
.4
.2
.1
.1
.3
.1
.3
.3

3.4
2.5
3.4
5.9
1.8
2.1
2.3
1.4
3.3
2.3

3.2
43
3.6
19
3.6
4.1
4.8
5.4
4.2
3.0

Change, month to month

May
June
July
Aug
Sept
Oct
Nov

1

-.5
0
.9
-.6
.2
.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.

24



0.2
.1

3

3.2

3.7
2.8
1.4

Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.

3.2
3.2

3.0
2.9

3.0
2.9

3.4
4.0
4.0
3.7
2.8
2.2
.8
1.4
1.4
2.8
2.5

3.3
3.6
3.6
3.6
3.4
3.1
2.3
2.1
1.8
1.8
1.9

3.3
3.2
3.1
3.2
3.2
3.0
2.8
2.8
2.7
2.8
2.7

PRICES RECEIVED AND PAID BY FARMERS
In November, prices received by farmers were 1.4 percent below their October level. Prices paid by farmers in
October were 1.0 percent above their July level. (Data are not seasonally adjusted).
INDEX, 1977 = 100 {RATIO SCALE)
200

INDEX, 1977 . 100 (RATIO SCALE)

200

180

180

-V

160

160

PRICES PAID

140

\

. PRICES RECEIVED -

120

120

100

l I I I l l l l i I i i i i i I i i n I Iln nIl

I l I I I I I l l l l l l I I l l ll l

80
RATI 3J;
140

80

RA TIOJ/
140

120

120

RATIO

-

100

100

/
80

ii iii1iilil
1985

1 1 I'l 1 1

1986

r

I 1 M

1

1 1 1 1 1 1 1 1

1987

i

1 1 1111111 M

1 1 M

r—•—

1 11 1 11 1

80

-i|

1 1 111111 1111111 1 11 1 11 11 i i ll11l ll l i

1990

1989

1988

i

^r
1991

| 1992

60

1993

COUNCIL OF ECONOMIC ADVISERS

[1977 = 100; not seasonally adjusted]
Prices paid by farmers

Prices received by farmers
Period

All farm
products

Livestock and
products

Crops

All commodities,
services,
interest, taxes,
and wage rates 1

Production
items, interest,
taxes, and wage
rates

Ratio z

Production
items

1987
1988
1989
1990
1991
1992

135
142
128
123
127
138
147
149
145
140

128
138
120
107
106
126
134
127
129
121

141
146
136
138
146
150
160
170
161
157

161
164
162
159
162
170
178
184
189
191

159
161
156
150
152
160
167
172
175
176

152
155
151
144
148
157
165
171
174
174

84
87
79
77
78
81
83
81
77
73

1992- Nov
Dec..

136
137

115
118

156
156

(3)
(3)

(3)
(3)

(3)
(3)

71
71

1993: Jan
Peb
Mar

139
140
142
146
144
140
140
142
145
145
143

117
118
116
126
120
112
118
123
128
130
129

159
162
166
167
168
166
161
162
160
159
157

194
(3)
(3)
197
(3)
(3)
197
(s)
(3)
199
(3)

178
(3)
(3)
181
(3)
(3)
180
(3)
(3)
182
(3)

176
(3)
(3)
179
(3)
(3)
178
(3)
(3)
181
(3)

72
72
73
74
73
71
71
72
74
73
72

1983
1984
1985
1986

May
July
Sept

Oct
Nov
1
2

Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.




NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977 = 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.

25

MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Growth in M2 and M3 accelerated in November.
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE)
4,800

COUNCIl OF ECONOMIC ADVISEIS

[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]

Ml

Ma

M3

Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)

Ml plus overnight
RPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits

M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances

521.2
552.4
620.1
724.5
750.0
787.1
794.6
827.2
899.3
1,026.6

2,186.5
2,376.0
2,572.4
2,816.1
2,917.2
3,078.2
3,233.3
3,345.5
3,445.8
3,494.8

2,693.1
2,988.2
3,203.6
3,491.7
3,674.8
3,915.4
4,056.1
4,116.8
4,168.1
4,162.5

3,529.5
3,830.9
4,131.9
4,333.5
4,669.4
4,886.1
4,966.6
4,982.3
5,039.5

5,257.5
6,006.1
6,901.1
7,778.6
8,543.3
9,306.1
10,030.7
10,670.1
'11, 145.5
'11,721.1

9.9
6.0
12.3
16.8
3.5
4.9
1.0
4.1
8.7
14.2

12.0
8.7
8.3
9.5
3.6
5.5
5.0
3.5
3.0
1.4

10.3
11.0
7.2
9.0
5.2
6.5
3.6
1.5
1.2
.1

12.1
14.2
14.9
12.7
9.8
8.9
7.8
6.4
'4.5
5.2

1992- Oct
Nov
Dec

1,006.0
1,019.1
1,026.6

3,490.0
3,496.2
3,494.8

4,178.1
4,175.6
4,162.5

5,038.7
5,048.1
5,039.5

* 11,625.7
r
\ 1,665.6
'11,721.1

13.8
14.1
15.6

1.5
1.7
1.9

.0
2
— .4

5.1
5.0
5.0

1993: Jan
Feb
Mar

1,033.2
1,033.0
1,035.2
1,043.0
1,066.7
1,073.1
1,085.0
1,094.1
1,106.5
1,116.1
1,125.8

3,485.6
3,474.0
3,471.5
3,473.2
'3,503.5
'3,510.8
3,516.3
3,521.1
3,533.1
3,535.2
3,547.7

4,137.3
4,131.3
4,126.5
4,136.8
r
4,165.7
r
4,165.0
4,162.4
4,165.6
4,178.9
4,186.3
4,200.9

5,015.0
5,011.3
5,010.4
5,026.2
' 5,065.4
'5,067.7
'5,064.3
5,077.0
5,066.5
"5,078.7

r
ll,757.8
'11,781.6
'11,821.3
'11, 867.4
'11,912.7
'11,976.1
12,033.4
12,088.3
12,141.6
''12,178.9

14.5
11.8
9.1
7.4
9.3
9.1
10.0
11.8
13.8
14.0
11.1

1.3
.1

-1.5
-2.2
26
-2.0
-.5
.1
1.2
1.7
2.5
2.4
1.7

'4.6
'4.0
3.9
'4.2
4.2
'4.4
4.7
5.2
5.4
5.2

Period

19831984:
1985:
19861987:
1988:
19891990:
19911992:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

.

..

....:

May
July
Sept r
Get '
Nov *

1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinaneiai 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

M3 plus
other liquid
assets

3,154;4

Debt

Debt of
domestic
nonfinanciaf
sectors
(monthly
average) 1

Percent change from year or 6
months earlier 2

Ml

NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.

M3

M2

A

-1.0
.4
.9
1.8
2.7
3.5
3.6
2.5

Debt

COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Overnight
repur-

Period

Other
checkable
deposits
(OCDs)

Demand
deposits

Currency

agreements
(RPs),
net,
plus
overnight
Eurodollars 1

Money market
mutua fund
balan ^es 2
deposits,
including
money
market
deposit
accounts
(MMDAs)

Large
denomination
time
deposits 3

Institution
only

Small
denomination
time
deposits 3

NSA

1983:
19841985:
1986:
1987:
19881989:
19901991:
19921992:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Oct
Nov
Dec
1993- Jan
Feb
Mar
May
June
July

Sept
Oct '
Nov"

146.2
156 1
167 9
180.8
196 9
212 3
222 7
246 7
267 2
292 3
2880
289 8
292 3
294 8
2969
299 0
301 4
3040
306.8
309 6
312 6
3164
318 2
319 9

238.5
244 0
2669
302.3
287 1
287 1
279 8
278 2
2905
3408
3360
3395
340 8
341 9
341 8
341 9
347 2
359 1
360.5
r
365 6
370 7
3764
3799
385 3

131.9
147 3
179 7
235.3
259 3
280 7
2853
294 5
333 8
385 2
373 7
381 6
385 2
388 6
3864
386 3
386 2
395 5
397.8
401 9
403 1
4060
410 2
412 7

55.6
60 6
73 5
82.3
84 1
83 2
77 6
74 7
763
74 7
75 6
75 8
74 7
73 3
740
74 4
726
700
73.5
75 7
78 3
r
81 5
840
85 3

139.1
168 0
177 2
209.0
222 6
242 9
317 4
350 5
363 9
342 3
346 3
343 7
342 3
340 0
333 2
332 7
331 5
3364
336.2
3359
r
334 2
3324
332 9
3364

41.9
63 2
65 5
86.1
99 7
92 0
108 8
135 9
182 1
202 3
2109
209 2
202 3
197 7
201 9
200 9
2004
202 8
198.1
1950
193 3
194 1
1966
196 7

1

Includes continuing contract RPs.
Data prior to 1983 are not seasonally adjusted.
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
2

3

685.0
704 7
815 1
940.9
937 6
926 6
891 0
920 8
1 042 5
1 1860
1 1705
1 180 4
1 1860
1 184 4
1 182 4
1 1788
1 181 6
1 193 7
1,198.8
1 200 1
1 205 1
1 208 7
1 209 6
1 2145

784.1
888 9
885 5
858.9
922 8
1 038 3
1 152 7
1 179 3
1 064 7
867 3
8944
879 3
867 3
858 3
853 1
848 1
841 1
r
834 2
r
826.6
817 6
""810 1
r
8034
795 8
7882

327.6
4165
434 1
431.3
4754
5254
5488
4896
424 7
355 7
3666
360 2
355 7
3485
3440
338 1
3432
343 1
339.8
3352
335 4
333 8
3344
332.6

Term
repurchase
agreements
(RPs)

Term
Eurodollars
(net)

NSA

General
purpose
and
broker/
dealer

NSA

49.9
57 6
624
80.6
1060
121 8
990
89 6
72 5
806
79 7
81 4
806
79 8
82 1
85 7
88 8
89 8
92.8
96 4
963
96 2
950
945

91.5
82 9
765
83.8
91 0
105 7
79 5
68 7
57 6
45 6
48 1
47 2
45 6
43 5
46 7
49 8
48 7
48 7
45.5
41 9
r
r

44 1
453

460
51 1

Savings
bonds

Shortterm
Treasury
securities

71.1
74 2
795
91.8
100 6
109 4
117 6
126 1
1380
156 8
151 9
154 7
156 8
158 9
161 1
162 7
163 9
1648
165.7
166 8
167 8
168 8
P
169 8

211.9
260 9
298 2
280.0
253 1
269 2
3249
331 1
3150
331 4
3202
325 1
331 4
337 5
342 9
341 6
340 7
347 1
r
349.1
r
348 5
r
345 7
r
323 5
"318 9

Bankers'
acceptances

Commercial
paper

45.0
133.2
454
1608
420
207 6
231.4
37.0
443
2607
399
335 5
347 3
40 2
356
357 1
23 4
337 7
204
3684
205
3680
203
372 4
204
3684
206
360 7
202
3559
19 3
360 3
19.3
3655
19 4
3684
18.7
369.1
17 5
369 1
164
381 4
r
!59
3795
"15 5 "388 1

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 Svstem.

AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures l; millions of dollars; seasonally adjusted, except as noted by NSA]
Adjusted for changes in reserve requirements

Borrowings of depository
institutions from the Federal
Reserve (NSA)

Reserves of depository institutions
Period
Total

198319841985198619871988:
19891990199119921992-

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Nov
Dec
1993- Jan
Feb
Mar
May

July
Oct
Nov"
1

.

..

25,367
26,845
31,448
38,943
38,862
40,398
40,492
41,767
45,533
54,351
53,815
54,351
54,665
54,922
55,166
55,197
56,877
57,119
57,567
58,033
58,837
59,819
60,459

Data are prorated averages of biweekly (maintenance period) averages of daily figures.




Nonborrowed

24,593
23,659
30,129
38,116
38,085
38,683
40,227
41,441
45,341
54,228
53,711
54,228
54,500
54,876
55,074
55,124
56,756
56,938
57,323
57,680
58,410
59,534
60,369

Nonborrowed plus
extended
credit
24,595
26,263
30,628
38,419
38,568
39,927
40,247
41,464
45,342
54,228
53,711
54,228
54,501
54,877
55,074
55,124
56,756
56,938
57,323
57,680
58,410
59,534
60,369

Required

24,806
25,990
30,411
37,573
37,816
39,351
39,570
40,102
44,555
53,196
52,772
53,196
53,405
53,818
53,953
54,101
55,881
56,209
56,478
57,080
57,747
58,730
59,359

Monetarv
base

Total

175,467
187,237
203,585
223,667
239,872
256,932
267,734
293,185
317,169
350,798
347,832
350,798
353,224
355,734
358,374
360,634
364,769
368,069
370,978
374,532
379,260
381,766
384,566

774
3,186
1,318
827
777
1,716
265
326
192
124
104
124
165
45
91
73
121
181
244
352
428
285
89

Seasonal

96
113
56
38
93
130
84
76
38
18
40
18
11
18
26
41
84
142
210
234
236
192
75

Extended
credit

2
2,604
499
303
483
1,244
20
23
1
1
0
1
1
0
0
0
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 0.7 percent in November; commercial and industrial loans were
unchanged.
BILLIONS OF DOLLARS* (RATIO SCALE)
3,200
ALL COMMERCIAL BANKS
2,800

BILLIONS OF DOLLARS* (RATIO SCALE)
3,200
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

-V

200

200

160

160

120

120

I I I i I I I I MI

1985

1986

1987

1988

1989

1991

1990

1993

1992

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, seasonally adjusted *

AH commercial banks
Loans and leases
Period

Total
loans and
securities 2

U.S.
Government
securities

Other
securities

Total

2

Commercial
and

industri-

Real
estate

Individual

Security

331.0
376.3
425.9
494.1
587.2

212.9
254.2
295.0
315.4
328.2
354.8
375.2
380.3
363.9
355.5
355.4
355.5
358.4
361.9
362.3
364.4
367.5
368.8
372.5
374.7
375.9
380.3
383.2

28.0
35.0
43.3
40.3
34.5
40.9
41.3
44.7
54.3
64.8
64.2
64.8
63.5
62.8
64.2
62.3
68.6
71.4
81.5
79.6
82.5
79.5
86.9

al

1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
1992:
1993:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Nov
Dec
Jan
Feb
Mar
Apr
May
June r...
July r....
Aug r....
Sept r...
Oct r
Nov

1,552.2
1,722.9
1,910.4
2,093.7
2,241.2
2,422.9
2,590.8
2,732.4
2,836.9
2,937.6
2,932.4
2,937.6
2,935.3
2,943.9
2,960.2
2,970.9
2,991.2
3,014.3
3,037.7
3,046.2
3,056.9
3,056.3
3,072.3

259.2
259.8
270.8
310.1
335.8
362.7
397.0
452.1
559.3
657.1
651.4
657.1
656.5
666.2
680.2
691.0
693.5
704.4
708.2
714.4
719.8
717.6
719.2

169.1
140.9
179.0
193.9
195.8
193.7
182.4
178.8
179.9
176.0
177.3
176.0
174.5
176.4
179.0
181.0
181.2
179.5
181.3
182.1
182.5
180.5
180.7

1,123.9
1,322.2
1,460.6
1,589.7
1,709.6
1,866.5
2,011.4
2,101.4
2,097.8
2,104.6
2,103.8
2,104.6
2,104.4
2,101.3
2,101.0
2,098.9
2,116.5
2,130.4
2,148.2
2,149.6
2,154.6
2,158.2
2,172.4

414.2

473.2
500.2
536.7
566.4
605.3
638.4
642.6
617.0
597.6
600.5
597.6
598.0
596.7
593.1
587.5
589.9
591.0
590.8
590.1
586.8
586.5
586.3

670.1
760.1
843.4
871.8
892.4
892.5
892.4
890.8
890.1
891.9
892.2
898.0
904.0
907.8
910.8
914.5
917.9
921.5

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



Nonbank
financial
institutions
30.4
31.6

32.8
35.3
32.1
32.5
34.4
35.9
41.4
43.6
44.7
43.6
45.1
44.6
44.2
45.0
45.9
46.0
46.4
46.7
46.0
45.0
44.1

Agricultural

State
and
political
subdivisions

39.2
40.1
36.1
31.6
29.4
29.0
30.1
32.3
34.2
35.0
35.2
35.0
34.5
34.3
34.0
34.1
34.3
34.3
34.7
34.8
34.8
35.0
35.5

0.0
46.1
56.8
58.4
52.5
45.3
40.0
34.0
29.0
24.8
25.1
24.8
24.2
23.8
23.6
23.1
23.0
22.8
22.8
22.7
22.4
22.3
21.8

eign
banks

Foreign
official
institutions

13.4
11.4

9.4
8.4

9.7

6.3
6.3
5.1
5.0
3.5
2.9
2.4
2.8
2.8
2.8
2.9
3.2
3.2
3.2
3.1
3.2
3.2
3.1
3.4
3.5
3.3

For-

10.1
7.7
7.6
8.2
7.7
7.3
7.7
7.5
7.7
7.7
8.8
8.5
8.4
8.4
8.6
9.1
9.5
8.7
8.9
8.2

2
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.

Lease
financing
receivables

13.7
16.1
19.1
22.5
24.7
29.4
31.9
32.9
31.7
30.9
30.9
30.9
30.4
30.6
30.6
30.7
30.9
31.3
31.6
31.7
31.8
32.2
32.5

Other

31.8
29.9
35.5
39.0
41.7
46.5
48.1
44.9
44.7
49.5
45.0
49.5
48.8
44.5
45.3
48.0
46.8
49.0
47.9
46.0
47.7
47.3
49.0

SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses

Sources
External
Period
Total

Credit market funds

Internal :
Total
Total

1983
1984
1985

Securities
and
mortgages

Loans and
short-term
paper

Other z

Total

Capital
expenditures 3

Increase in
financia!
assets

Discrepancy
(sources less
uses)

439.8
501.0
486.3
531.9
540.5
610.9
562.2
522.8
473.2
586.7

1991: I.

n
in
IV

1992- I r r

n r
m.

IV '. .
1993- I " r

H

III"

147.5
164.7
134.4
195.2
164.6
206.6
162.6
113.4
35.4
124.0

96.2
108.6
76.1
140.3
65.2
71.8
62.4
37.7
6.9
68.6

56.2
-5.4
13.0
65.6
27.8
-14.6
32 8
-18.8
95.9
68.3

40.0
114.0
63.1
74.7
37.4
86.4
95.2
56.5
89 0
.3

51.4
56.1
58.2
54.9
99.5
134.9
100.2
75.7
28.5
55.3

416.5
515.3
465.9
503.4
489.9
558.2
523.6
502.0
451.2
537.8

300.1
398.5
374.9
351.9
365.0
394.4
403.8
407.3
381.6
397.2

116.4
116.8
91.0
151.5
124.9
163.8
119.8
94.7
69.6
140.6

23.3
-14.3
20.4
28.5
50.7
52.7
38.7
20.8
22.0
48.8

450.9
473.4
480.9
487.4
560.4
600.8
588.2
597.1
468.3
593.6
611.3

..

1986
1987
1988
1989
1990
1991
1992 '.

292.3
336.3
351.9
336.7
375.9
404.3
399.6
409.4
437.8
462.7
433.0
440.9
426.9
450.4
454.6
452.2
468.5
475.4
460.6
471.4
485.8

17.9
32.5
54.0
37.0
105.8
148.6
119.7
121.7
7.7
122.2
125.5

4.0
32.9
9.4
18 5
81.7
69.7
68.9
53.9
9.3
88.5
76.0

92.5
123.7
72.2
95.4
95.6
96.9
37.8
42.8
69.9
76.9
83.5

-88.5
90 8
-62.8
113 9
-13.9
27 2
31.1
11.1
-60.6
11.6
-7.5

13.9

403.4
455.1
461.3
484.8
520.8
567.3
520.0
543.0
456.7
563.6
585.7

377.2
367.4
388.3
393.6
369.9
401.2
402.7
415.2
446.4
449.2
457.7

26.2
87.7
73.0
91.2
150.9
166.1
117.3
127.8
10.3
114.4
128.0

47.4
18.3
19.5
2.6
39.6
33.4
68.2
54.0
11.6
29.9
25.6

1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
" Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment in

4
44.6
55.6
24.1
78.9
50.9
67.8
16
33.7
49.6

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]

Installment credit outstanding (end of period)
Period

Total

1983:
19841985:
19861987:
19881989:
199019911992-

Sept r
Oct p

Net change in installment credit outstanding *
Total

Automobile

Revolving

Other 2

r

..

..

143,560
173,564
210,238
247,772
266,295
285,364
292,536
284,739
260,898
259,627

79,088
100,280
121,758
135,825
153,064
174,269
198,544
222,552
243,564
254,299

146,318
168,758
185,664
188,408
189,316
202,921
233,273
231,474
229,048
227,167

43,161
73,636
75,057
54,347
36,669
53,878
(4)
14,412
5 255
7,583

17,615
30,004
36,674
37,534
18,523
19,069
(4)
-7,797
23 841
-1,271

12,634
21,192
21,478
14,067
17,239
21,205
(4)
24,008
21,012
10,735

12,912
22,440
16,906
2,744
908
13,605
(4)
-1,799
-2,426
1,881

258,208
258,860
259,627

251,806
252,086
254,299

224,181
225,077
227,167

1,171
1,829
5,070

1 225
653
767

1,350
280
2,213

1,046
896
2,090

743,584
747,228
750,131
752,193
750,293
752,428
757,465
762,503
768,599
776,707

258,737
261,434
262,313
262,463
264,007
265,388
267,468
268,784
270,676
274,616

255,984
258,384
259,661
261,450
262,690
263,338
266,938
270,753
273,703
276,854

228,863
227,410
228,157
228,280
223,596
223,701
223,058
222,967
224,220
225,238

2,490
3,645
2,903
2,062
1 900
2,135
5,037
5,039
6,096
8,108

890
2,697
879
150
1,544
1,381
2,080
1,316
1,892
3,940

1,685
2,400
1,277
1,789
1,240
648
3,600
3,815
2,950
3,151

1,695
1,452
747
123
4684
105
-643
92
1,254
1,017

1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
2
Outstanding loans for mobile homes, education, boats, trailers, vacations, etc.
3
Data newlv available in January 1989 result in breaks in many series between December 1988




Other 2

734,195
736,023
741,093

1992- Oct
Nov
Dec

July

Revolving

368,966
442,602
517,659
572,006
608,675
662,553
724,353
738,765
733,510
741,093

Dec
Dec
Dec
Dec
Dee
Dec 3
Dec
Dec
Dec
Dec

1993- Jan
Feb
Mar

Automobile

r

and subsequent months.
4
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve Svstem.

29

INTEREST RATES AND BOND YIELDS
Short-term interest rates fell a little in December, and longer-term rates rose slightly.
PERCENT PER ANNUM

PERCENT PER ANNUM

14

14

12

.A\
\\

12

I
v

\
\

CORPORATE A era BONDS
>OD
(MC Y'S)
\A

\

\

/

\

10

/-

\

~-"v
\--,._./

\. /

/.

•'

.• \
\|
\

TREASURY
BIllS
.•"«•••"••..

x.

i

v^

/
/\
__ ,.-...v..-/

'..
:.

^x_

X

'"r—

^

"'-",....,. '""""""-\

/'

Ny ..."

\]

*-x

/\

—'

DISCOUNT
RATE

\J

^

1

^U,
•1

FEDERAL

•••-./

N

t

BANK OF

K

NEW YORK

4
1.
.

2

•ll

1 1 1

i l i 1 1

1 1 1 1 ij 1 1 1 1 !

M i l l

1985

Mill

1988

1987

1986

M i l l

111 1111 1111

1989

1990

1 11 111 11 1 11

! l l l |

f.

1 1 1 11

1 1 1 1 1 1 1 1 1 1^

1992

1991

2

1993
COUNOL OF ECONOMIC ADVISERS

SOURCE: SEE TABLE BELOW

[Percent per annum]
U.S. Treasury security yields
Period

3-month bills
(new issues) l

Constant maturities 2
3-year

10-year

High-grade
municipal
bonds
(Standard &
Poor's) 3

Corporate
Aaa bonds
(Moody's)

Prime
commercial
paper,
6 months l

Discount rate
(N.Y. F.K.
Bank) 4

Prime rate
charged by
banks 4

New-home
mortgage
yields
(FHFB) 5

8.63
9.58
7.48
5.98
5.82
6.69
8.12
7.51
5.42
3.45

1983.
1984

1985.
1986
1987.
1988
1989.
1990
1991
1992
1992: Dec
1993: Jan
Feb
Mar
May

July
Sept
Oct
Nov
Dec p
Week ended:
1993: Dee 4
11
18
25
31
1

10.45
11.89
9.64
7.06
7.68
8.26
8.55
8.26
6.82
5.30

11.10
12.44
10.62
7.68
8.39
8.85
8.49
8.55
7.86
7.01

9.47
10.15
9.18
7.38
7.73
7.76
7.24
7.25
6.89
6.41

12.04
12.71
11.37
9.02
9.38
9.71
9.26
9.32
8.77
8.14

8.89
10.16
8.01
6.39
6.85
7.68
8.80
7.95
5.85
3.80

8.50
8.80
7.69
6.33
5.66
6.20
6.93
6.98
5.45
3.25

10.79
12.04
9.93
8.33
8.21
9.32
10.87
10.01
8.46
6.25

12.57
12.38
11.55
10.17
9.31
9.19
10.13
10.05
9.32
8.24

3.25
3.06
2.95
2.97
2.89
2.96
3.10
3.05
3.05
2.96
3.04
3.12
3.08

5.21
4.93
4.58
4.40
4.30
4.40
4.53
4.43
4.36
4.17
4.18
4.50
4.54

6.77
6.60
6.26
5.98
5.97
6.04
5.96
5.81
5.68
5.36
5.33
5.72
5.77

6.24
6.18
5.87
5.65
5.78
5.81
5.73
5.60
5.50
5.31
5.29
5.47
5.36

7.98
7.91
7.71
7.58
7.46
7.43
7.33
7.17
6.85
6.66
6.67
6.93
6.93

3.70
3.35
3.27
3.24
3.19
3.20
3.38
3.35
3.33
3.25
3.27
3.43
3.40

3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-

6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-

7.88
7.82
7.77
7.46
7.46
7.37
7.23
7.20
7.05
6.95
6.80
6.80

3.12
3.11
3.06
3.06
3.06

4.54
4.51
4.57
4.54

5.80
5.71
5.82
5.79

5.44
5.33
5.36
5.30

6.95
6.86
6.97
6.97

3.46
3.42
3.38
3.36

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-

r

Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and week.
2

30




5
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.

COMMON STOCK PRICES AND YIELDS
Stock prices rose in December.
INDE X, DEC. 31,1 965=50 (RATIO SCALE)
260
240

ALE)
INDEX, DEC. 3 1 , 1 965=50 (RATIO SC
260
~^"~

200

y—»-*|\^^\

^/\

160

(

140

200

f

180

\s
,-A
I
VI
\ /-<r*^'OSITE STOCK "RICE INDEX
v.
'

/

120

100

'

S—*

180

240
220

r-~-^*~-*/

220

160
140

1_UM

(NYSE)

120

r^

100

80

80

1 1111 11111

1 1 11 1 11111

11111 11 111

1 1 11 1 11 1 11

1985

60

1986

1987

1988

1 1 1 11

1 1 1 II 1 1 1 1 1 1 1 1 1 1 1 1 II 1 1 1 1 1 1 1 1 1 1 1 M i l l 1 1 II 1

11111

1989

1991

1990

1992

PERCENT
20

PERC ENT
20
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)

15

15

\

10

r

^

5
0

1

1
1985

^
1

1

1
1986

1

"H
i i i
1987

10

^

_-

1
1

1

1

1988

1

1

1

f*
~~1

"*

1

1

1

5
1

1990

1989

1

1

1

1991

1

1

1992

SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION

Period

Industrial

Transportation

Utility 3

196.87

3,303.15

435.64

2.90

4.38

211.04
218.89
225.06
227.56
222.41
226.53
232.55
237.44
244.21
240.97
230.12
229.50

203.38
209.93
217.01
216.02
209.40
209.75
218.94
224.96
229.35
228.18
214.08
215.72

3,277.72
3,367.26
3,440.74
3,423.63
3,478.17
3,513.81
. 3,529.43
3,597.01
3,592.29
3,625.81
3,674.70
3,736.23

435.23
441.70
450.16
443.08
445.25
448.06
447.29
454.13
459.24
463.90
462.89
465.23

2.88
2.81
2.76
2.82
2.80
2.81
2.81
2.76
2.73
2.72
2.72
2.73

228.52
229.29
228.70
230.92

213.93
216.90
214.44
216.17

3,693.00
3,726.81
3,740.34
3,755.07

462.72
465.52
464.06
466.46

273
2.71
2.74
2.72

239.47

294.86

212.35

1993- Jan
Feb
Mar

239.67
243.41
248.12
244.72
246.02
247.16
247.85
251.93
254.86
257.53
255.93
257.22

292.11
294.40
298.75
292.19
297.83
298.78
295.34
298.83
300.92
306.61
310.84
312.56

221.00
226.96
229.42
237.97
237.80
234.30
238.30
250.82
248.15
254.04
262.96
267.49

255.54
257.51
256.63
257.84

310.48
312.77
312.12
313.12

266.63
266.50
268.17
267.82

Average of daily closing prices.
Includes all the stocks (more than 2,000 in 1992) listed on the NYSE.
Dec. 31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility index
to facilitate trading of options and futures on the index. All indexes shown here reflect the doubting.
4
Includes SO stocks.
5
Includes 500 stocks.




Earningsprice ratio

207.70

1992: Dec

1

Dividendprice ratio

8.03
10.02
8.12
6.09
5.48
8.01
7.41
6.47
4.81
4.22

94.00
92.88
113.50
142.72
148.60
143.54
174.86
181.20
185.32
198.92

3

Finance

Dow-Jones
industrial
average 4

4.40
4.64
4.25
3.49
3.08
3.64
3.45
3.61
3.24
2.99

89.36
85.63
104.11
119.87
140.39
134.12
175.28
158.62
173.99
201.09

2

Common stock yields
(percent) e
Standard &
Poor's
composite
index
(194143=10) 5
160.41
160.46
186.84
236.34
286.83
265.79
322.84
334.59
376.18
415.74

107.45
108.01
123.79
155.85
195.31
180.95
216.23
225.78
258.14
284.62

Week ended:
1993- Dec 4
11
18
25

0

1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29

92.63
92.46
108.09
136.00
161.70
149.91
180.02
183.46
206.33
229.01

Sent
Oct
Nov
Dec '

1

95.34
89.28
114.21
147.20
146.48
127.26
151.88
133.26
150.82
179.26

1983
1984
1985
1986
1987
1988
1989
1990
1991
1992

May

1

COUNCIL OF ECONOMIC ADVISERS

New York Stock Exchange indexes (Dec 31, 1965 = 50 , except as
noted) 2
Composite

1

1993

Common stock prices l

July

60

1993

4.39
4.29
4.46

6
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earningsprice ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.

31

FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 2 months of fiscal 1994, there was a deficit of $83.8 billion, compared with a deficit of $81.5 billion a
year earlier.
BIWONS OF DOLLARS

BILLIONS OF DOLLARS

700

700

400

600

5URPLU5 OR DEFICIT (-) -^
-100

-100

-^•**^

-200

^""~""~^

-200
^~"-~---

_
-300

-300

-400

A
Vl985

i

i
1984

i
1987

i
1988

i
1989

i
1990

i
1991

/s

i
1992

1993

-400

1994 V

FISCAl YEARS
IONOUDCS GN-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Total
Fiscal year or period
Receipts

1976
1977
1978
1979
1980
1981
1982
1983
1984

.

..

1985
1986
1987
1988
1989
1990
1991
1992
1993 *
1994 (estimates)
Cumulative total, first 2
months: *
Fiscal year 1993
....
Fiscal year 1994

Outlays

On-budget
Surplus
or deficit
(-)




Outlays

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
-40.2
-73.8
-79.0
-128.0
-207.8
1854

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
1857

66.4
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1

69.6
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8

3.2
-3.9
4.3
-2.0
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
1,090.5
1,153.2
1,241.3

946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,408.1
1,500.1

-212.3
-221.2
- 149.8
-155.2
152.5
-221.4
-269.5
-290.4
-254.9
-258.7

547.9
568.9
640.7
667.5
727.0
749.7
760.4
788.0
841.2
903.4

769.6
806.8
810.1
861.4
932.3
1,027.6
1,082.1
1,128.6
1,142.1
1,219.4

-221.7
-238.0
-169.3
- 194.0
-205.2
-278.0
-321.7
340.5
-300.9
-316.0

186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
337.9

176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.0
280.7

9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.9
57.2

1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,599.0
4,002.7
4,351.1
4,734.7

1,499.4
1,736.2
1,888.1
2,050.3
2,189.3
2,410.4
2,687.9
2,998.6
3,247.2
3,528.2

233.0
245.6

-81.5
-83.8

106.3
114.6

187.2
197.3

-80.9
-82.7

45.2
47.2

45.8
48.3

-.6
-1.1

4,071.5
4,436.4

3,059.2
3,322.4

151.4
161.8

1
Data from Monthly Treasury Statement.
NOTE.—Data for fiscal 1992 and 1994 are from Mid-Session Review of the 1994

32

Receipts

Gross Federal debt
(end of period)

Off-budget

Surplus
or deficit
(-)

September 1, 1993. Other data (except as noted) are from Budget Baselines, Historical Data, and
Alternatives for the Future, January 1993.
Sources: Department of the Treasury and Office of Management and Budget,

FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 2 months of fiscal 1994, receipts were $10.4 billion higher than a year earlier and outlays were $12.6
billion higher.
BILUC>NS OF DOLLARS
600
RECEIPTS1'

BILLIONS Of DCULARS
600
_

INDIVIDUAL INCOME TAXES

500

\

500

400

400

"

\
300

300
200

CORPORATION
INfOMF TAXFS
\

OTHER RECEIPTS

SOCIAL INSURANCE
TAXFS AMn TOMTBIRI IT1ONS

200

100

100

1

0

1

1

1

1

1

1

1

1

0

1,300

1,300

OUTLAYS -^
1,200

1,200
•'""

1,100

1,100

^ ^^

1,000

NONDEFENSE
\

900

1,000

** •*
---

900

-.-^-""

800

800

_---•""
700

700

600

600
500

500

NATIONAL DEFENSE

400

400

\

300
200 /]

1

l/

1985

1

1

1986

1987

1
1988

1

300

!

1989

1990

1
1991

1
1992

1

[\ 200
1994XI

1993

FISCAL YEARS
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
5993
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

89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4

734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.2
1,241.3

334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
548.2

61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5
120.8

265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
428.3
464.6

73.0
73.1
74.3
78.9
82.3
90.9
92.3
100.5
97.7
107.7

946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,408.1
1,500.1

151.4
161.8

70.4
75.3

3.6
4.4

62.5
65.5

15.0
16.6

233.0
245.6

Fiscal year
Total

1976

1977
1978 .
1979
1980
1981
1982
1983
1984 ... .
1985
1986
1987
1988
1989
1990
1991
1992
1993 '
1994 (estimates)
Cumulative total, first 2 months: 1
Fiscal year 1993
Fiscal year 1994
1

National defense

Social
insurance
taxes
and
contributions

Other

Data from Monthly Treasury Statement.




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
89.5
99.2
113.5

65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
130.6
146.5

128.2
119.8
123.3
129.3
136.0
147.0
170.3
197.0
207.9
213.1

188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.6
321.5

129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.9
206.4

131.8
142.1
125.9
139.4
158.8
203.9
225.1
173.9
159.2
203.1

15.4
18.0

20.2
22.2

32.4
34.1

48.4
51.1

32.6
33.3

29.7
32.9

Health

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

252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
290.6
276.7

245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
264.1

16.2
14.2
11.6
10.5
9.6
13.8
15.9
16.1
17.2
19.3

48.0
47.3

45.9
44.9

6.2
6.7

Total

NOTE.—Data for fiscal 1992 and 1994 are from Mid-Session Review of the 1994 Budget issued
September 1, 1993. Other data (except as noted) are from Budget Baselines, Historical Data, and

Income
security

Internationa)
affairs

Total

Department of
Defense,
military

Medicare

Alternatives for the Future, January 1993.
Sources: Department of the Treasury and Office of Management and Budget.

33

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter of 1993, according to revised estimates, Federal receipts rose $7.9 billion (annual rate) and
Federal expenditures fell $2.1 billion.
BILLIONS OF DOLLARS
1,600

BILLIONS OF DOLLARS
1 1,600
SEASONALLY ADJUSTED ANNUM RATES

1,400

1,400
. EXPENDITURES -

1,200

1,200

1,000

1,000

RECEIPTS

600

600

400

200

200
SURPLUS OR DEFICrr(-)

-200

-200

-400
1982

1983

1987

1984

1988

1993

1992

CALENDAR YEARS

SOURCE: DEPARTMENT Of COMMERCE

COUNCIl Of ECONOMY ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government expenditures

Federal Government receipts

Period

Fiscal year:
1990
1991
1992
Calendar year:
1990
1991
1992
1982- IV
1983: IV
1984- IV
1985- IV
1986- IV
1987: IV
1988- IV
1989- IV
1990- IV
1991- TTT
IV
1992- I

n
m
rv

1993- I

n r
m

Total

Personal
tax and
nontax
receipts

Corporate
profits
tax
accruals

Indirect
business
tax and
nontax
accruals

Contributions for
social
insurance

Total

Purchases

Transfer
payments

Grantsin-aid to
State
and
local
governments

Net
interest
paid

Subsidies
less
current
surplus of
Government
enterprises

Less:
Wage
accruals
less
disbursements

Surplus
or deficit
(-),
national
income
and
product
accounts

1,091.9
1,121.3
1,165.4

475.2
475.7
484.1

115.4
108.4
116.1

63.1
76.7
80.8

438.4
460.6
484.6

1,250.0
1,309.2
1,436.0

418.2
446.0
444.9

505.6
509.8
607.2

128.3
147.0
167.3

175.1
183.2
189.8

22.7
23.3
26.8

0.0
-.1
.0

-158.0
-187.9
-270.4

1,111.4
1,127.8
1,183.0
632.3
671.1
739.8
803.6
856.8
943.5
1,000.6
1,068.3
1,115.8
1,132.6
1,142.5
1,165.9
1,176.1
1,169.1
1,221.1
1,218.4
1,268.0
1,275.9

484.3
474.9
490.8
301.6
290.5
323.5
351.8
371.7
414.8
420.0
470.1
483.9
474.5
478.5
479.7
482.0
489.5
511.8
502.1
520.7
527.1

116.4
107.1
120.2
45.5
65.4
67.0
77.0
91.4
109.7
118.5
111.3
115.1
109.2
109.8
121.1
125.8
107.0
127.1
132.4
142.4
139.3

65.8
79.1
81.3
49.2
55.4
58.2
56.8
54.8
59.5
61.4
62.2
67.1
79.5
81.3
80.4"
80.2
81.1
83.5
81.5
86.2
86.7

444.8 1,274.9
466.7 1,331.2
490.7 1,459.3
815.7
235.9
855.7
259.8
926.6
291.1
990.8
318.0
338.8 1,034.3
359.4 1,096.3
400.7 1,135.5
424.7 1,209.8
449.7 1,306.9
469.4 1,350.2
472.8 1,387.2
484.7 1,436.1
488.1 1,456.0
491.4 1,459.8
498.7 1,485.3
502.3 1,481.9
518.7 1,490.6
522.8 1,488.5

426.5
445.9
448.8
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
446.8
437.4
445.5
444.6
452.8
452.4
442.7
447.5
443.6

514.1
522.0
624.5
346.0
351.1
360.1
383.8
404.2
419.7
444.5
488.8
526.6
546.2
567.7
611.0
620.8
624.4
641.7
642.0
645.6
652.8

132.3
153.0
171.4
84.3
86.9
97.7
104.5
103.8
102.9
113.0
121.9
137.6
154.6
162.3
163.4
171.8
173.7
176.7
176.1
182.8
188.6

176.5
187.6
187.1
86.8
99.2
122.3
129.2
131.1
143.1
151.2
168.9
174.4
187.6
191.9
189.3
190.4
187.4
181.3
178.3
182.5
182.2

25.6
22.6
27.5
17.3
28.8
22.2
16.4
22.1
37.8
34.9
25.0
32.0
15.1
27.9
27.0
28.5
21.4
33.2
42.9
32.3
21.4

.1
-.1

-163.5
-203.4
-276.3
-183.4
-184.6
-186.8
-187.2
-177.5
-152.7
-134.9
-141.5
-191.0
-217.7
-244.7
-270.2
-279.9
-290.7
-264.2
-263.5
-222.6
-212.7

Source: Department of Commerce, Bureau of Economic Analysis.

34




.0
.0
.0
.6
.0
.0
-.2
.0
.0
.2
.0
.0
.0
.0
.0
.0
.0
.0
.0

INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84=100; NSA1

Industrial production (1987=100; seasonally adjusted)
Period

United
States

Canada

France

Germany

Italy

United
Kingdom

United
States '

Canada

Japan

France

Germany

100.4

Italy

United
Kingdom

84.9
92.8
94.4
95.3
100.0
104.4
106.0
106.0
104.1
106.5

1984
1985
1986
1987
1988
1989
1990
1991
1992 *
1992: July
Sept

Oct
Nov
Dec

1993: Jan
Feb.. .
Mar

91.0
96.1
95.4
100.0
105.3
105.2
101.8
98.1
98.5

85.5
96.5
93.4
97.1
96.8
97.2
96.6
98.0
100.0
100.0
109.3
104.6
115.9 ' 108.9
r
121.4 l!1.0
123.7 ' 110.9
116.5 ' 109.8

90.9
93.5
97.7
99.6
100.0
103.9
108.8
114.1
117.4
116.0

88.9
91.8
92.9
96.2
100.0
105.9
109.2
109.4
107.1
106.5

88.9
89.0
93.9
96.2
100.0
104.8
107.0
106.7
102.5
102.0

99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
136.2
140.3

104.8
108.9
113.4
118.4
123.2
129.3
135.5
143.1
146.4

99.8
102.1
104.1
104.8
104.9
105.7
108.0
111.4
115.0
116.9

100.5
107.9
114.2
117.2
120.9
124.2
128.6
133.0
137.2
140.6

100.3
102.7
104.8
104.7
104.9
106.3
109.2
112.1
116.0
120.6

100.8
111.5
121.1
128.5
134.4
141.1
150.4
159.6
169.8
178.9

99.8
104.8
111.1
114.9
119.7
125.6
135.4
148.2
156.9
162.7

106.8
106.6
106.2
107.5
108.4
108.9

1983

97.4
99.0
99.2
99.4
100.0
100.5

117.3
113.9
118.2
114.6
113.1
112.7

' 110.0
' 110.0

115.9
115.5
115.6
112.8
110.5
107.5

108.0
102.8
103.4
105.6
106.4
99.9

101.7
102.6
103.1
104.2
102.9
102.2

140.5
140.9
141.3
141.8
142.0
141.9

145.6
145.6
145.5
145.7
146.4
146.4

116.6
116.9
117.5
117.6
117.4
117.4

140.6
140.4
140.8
141.2
141.4
141.4

120.7
120.9
121.2
121.7
122.3
122.4

179.1
179.2
179.8
180.9
182.0
182.3

163.1
163.2
163.8
164.4
164.1
163.6

107.2
105.9
107.8
106.4
107.3
107.0
106.2
108.5
' 108.5
108.2

105.3
105.9
104.4
99.9
104.3
101.9
103.4

102.7
103.9
' 103.1
103.4
105.1
' 104.2
r
105.4
r
105.3
105.3
106.1

142.6
143.1
143.6
144.0
144.2
144.4
144.4
144.8
145.1
145.7
145.8

147.0
147.4
147.3
147.3
147.6
147.6
148.0
148.1
148.2
148.4
149.1

117.3
117.4
117.7
118.5
118.6
118.5
118.8
119.2
119.3
119.2

141.9
142.4
143.1
143.2
143.5
143.4
143.5
143.5
144.0
144.3

123.8
124.3
124.7
125.1
125.5
125.7
126.0
126.0
126.1
126.4
126.8

182.9
183.6
184.0
184.7
185.4
186.4
187.1
187.2
187.5
188.6
189.5

162.0
163.1
163.7
165.2
165.8
165.7
165.3
166.0
166.7
166.6
166.4

81.2

109.3
109.9
110.1
110.4
110.2
110.5
110.8

May
July

!01.7

l!1.0

111.4
112.2
113.2

Oct
Nov"..

100.7

112.3
113.5
' 103.0 116.5
' 102.2 113.4
' 102.0 110.7
' 103.8 112.5
r
102.8 111.9
r
103.7 111.0
104.2 rl!3.3
107.8
r

r

Sept

1

Japan

r

l!0.1

' 110.9
r
107.0
* 105.8
r

105.4
' 107.5
' 106.7
' 105.8
r
106.1
105.9
' 106.5
' 106.5
106.2

Data relate to all urban cons

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

Foods,
feeds,
and
beverages

Industrial
supplies
and
materials

Capital
goods
except
automotive

Automotive
vehicles,
parts,
and
engines

Consumer
goods
(nonfood)
except
automotive

Other "

448.2

30.9
31.5
24.0
22.3
24.3
32.3
37.2
35.1
35.7
40.2

56.7
61.7
58.5
57.3
66.7
85.1
99.3
104.4
109.7
109.3

67.2
72.0
73.9
75.8
86.2
109.2
138.8
152.7
166.7
176.7

16.8
20.6
22.9
21.7
24.6
29.3
34.8
37.4
40.0
47.1

13.4
13.3
12.6
14.2
17.7
23.1
36.4
43.3
45.9
50.4

20.5
24.0
27.3
35.9
34.6
43.4
17.2
20.7
23.7
24.5

1992- Oct
Nov
Dec

38.9
37.8
39.2

3.6
3.4
3.4

9.6
9.0
9.2

15.3
14.5
15.8

3.8
4.4
4.6

4.5
4.5
4.3

1993: Jan
Feb
Mar
Apr
May

37.5
36.9
38.9
38.5
38.9
37.6
37.1
38.1
38.9
40.1

3.3
3.4
3.5
3.4
3.3
3.2
3.2
3.1
3.4
3.5

9.4
8.7
9.2
9.1
9.7
8.8
9.3
9.0
9.6
9.9

14.5
14.3
15.6
15.2
15.3
15.3
14.3
15.3
15.0
15.6

4.1
4.4
4.3
4.4
4.3
4.1
3.8
4.2
4.1
4.5

4.3
4.2
4.4
4.2
4.5
4.3
4.4
4.5
4.6
4.6

.

Period
Total

1983
1984

5

1985
1986
1987
1988
1989
1990
1991
1992

5

2

205.6
224.0

218.8
227.2

254.1
322.4
363.8
393.6

421.7

July
Sept r.

Oct
1

3
4




General
merchandise
imports
(c.i.f.
value)

Foods
feeds,
and
beverages

Industrial
supplies
and
materials

Capital
goods
except
automotive

Automotive
vehicles,
parts,
and
engines

sumer
goods
(nonfood)
except
automotive

473.2
495.3
488.5
532.7

18.2
21.0
21.9
24.4
24.8
24.8
25.1
26.6
26.5
27.9

107.0
123.7
113.9
101.3
111.0
118.3
132.3
143.2
131.6
138.3

40.9
59.8
65.1
71.8
84.5
101.4
113.3
116.4
120.7
134.2

40.8
53.5
66.8
78.2
85.2
87.7
86.1
87.3
85.7
91.8

44.9
60.0
68.3
79.4
88.7
95.9
102.9
105.7
108.0
123.0

6.3
7.8
9.4
10.4
12.1
12.8
13.6
16.1
15.9
17.6

269.9
346.4
352.5
382.3
424.4
459.5
493.2
508.4
554.0

-66.7
-84.5

-86.6
- 105.9

2.1
2.0
1.9

46.1
45.6
46.1

2.3
2.2
2.3

12.5
11.8
11.5

11.8
11.6
11.9

7.5
8.0
8.2

10.5
10.3
10.7

1.5
1.7
1.5

47.9
47.4
47.9

-7.2
-7.8
-7.0

-9.1
-9.6
-8.8

2.0
1.9
2.0
2.1
1.9
2.0
2.0
2.1
2.2
2.1

45.2
44.8
49.3
48.7
47.3
49.7
47.5
48.1
49.5
50.6

2.3
2.2
2.4
2.2
2.3
2.3
2.3
2.3
2.4
2.6

11.6
11.1
12.6
12.6
12.3
12.8
12.1
11.7
12.2
12.5

11.7
11.7
12.4
12.4
12.3
13.1
12.8
12.5
13.0
13.2

7.9
8.3
8.8
8.8
8.2
8.6
7.8
8.5
8.7
9.0

10.3
10.3
11.5
11.1
10.7
11.3
11.0
11.7
11.6
11.7

1.4
1.3
1.6
1.5
1.6
1.6
1.5
1.4
1.5
1.6

47.0
46.6
51.3
50.6
49.1
51.6
49.4
50.0
51.5
52.6

— 7.7
-7.9
— 10.5
-10.2
-8.4
-12.1
-10.4
— 10.0
-10.6
-10.5

-9.5
-9.6
-12.4
-12.1
-10.2
— 14.0
-12.3
-11.9
-12.6
-12.5

Total

Includes Department of Defense Military Assistance Program grant-aid shipments.
Includes undocumented exports to Canada through 1988.
Total arrivals of imported goods other than intransit shipments.
Total includes revisions not reflected in detail.
5
Total exports are on a revised statistical month basis; end-use categories are on a statistical
2

Trade balance

Principal end-use commodity category

4
4

258.0
330.7
336.5
365.4
406.2

441.0

Other

517.0

Exports
(f.a.s) less
imports
(customs
value)

Exports
(f.a.s)
less
imports
(c.i.f.)

-52.4

— 64.2

-106.7 -122.4
-117.7 -133.6
-138.3 ^-155.1
-152.-T' -170.3
-118.5 — 137.1
- 109.4 -129.4
-101.7 — 123.4

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 1993, the current account deficit rose to $28.0 billion, from $27.2 billion in the second
quarter (revised). The merchandise trade deficit rose to $36.3 billion, from $34.4 billion in the second quarter.
BILLIONS OF DOLLARS*

BILLIONS OF DOLLARS

15

15

BALANCE ON GOODS,
SERVICES, AND INCOME

'

\

1993
COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)]

Merchandise l 2
Period

Exports

1981
1982..

1983
1984
1985
1986..
1987
1988
1989
1990
1991..
1992
1991- I

. .

ri
in
rv

1992: I

n
m

IV
1993: I r

n p.
m ....

1
2
3

Imports

237,044
211,157
201,799
219,926
215,915
223,344
250,208
320,230
362,116
389,303
416,937
440,138
101,333
104,206
103,764
107,634
108,347
108,306
109,493
113,992
111,530
113,118
111,912

-265,067
-247,642
-268,901
-332,418
-338,088
-368,425
-409,765
-447,189
477 365
-498,336
-490,739
-536,276
-120,123
-120,525
- 123,404
-126,687
-126,110
-133,107
-137,105
- 139,954
-140,839
- 147,502
-148,191

Services

Net balance

— 28,023
-36,485
-67,102
-112,492
122 173
-145,081
159 557
— 126,959
115 249
- 109,033
— 73,802
-96,138
18 790
-16,319
-19,640
- 19,053
-17,763
-24,801
-27,612
-25,962
-29,309
-34,384
-36,279

Excludes military.
Adjusted from Census data for differences in timing and coverage.
Quarterly data are not seasonally adjusted.

36




Net
military
transactions 3 *
844

112
-563
-2,547
-4,390
-5,181
-3,844
6315
-6,726
7 833
-5,851
2 751
-2,532
-1,402
-1,164
-755
-571
-727
-617
-836
-145
-226
-341

Net
travel and
transportation
receipts
144
992

-4,227
8 438
-9,798
7 382
-6,481
-1,511
5,071
8,979
17,933
19,718
2,926
4,299
5,228
5,481
5,011
5,201
4,882
4,624
5,014
5,372
5,279

Investment income
Other
services,
net

Receipts
on U.S.
assets
abroad

Payments
on foreign
assets in
U.S.

12,552
13,209
14,095
14,277
14,266
18,855
17,900
19,961
26,558
29,505
33,799
39,444
7,935
8,397
8,660
8,809
9,608
9,177
11,016
9,641
9,755
9,313
9,169

86,529
86,200
84,778
99,056
89,489
87,497
95,129
122,275
144,904
151,201
127,292
110,612
36,018
32,057
30,074
29,144
29,028
28,641
27,195
25,749
26,078
27,876
28,695

-53,626
-56,412
-53,700
-69,572
-68,314
-74,736
87 403
- 109,653
-130,091
- 130,853
-114,272
- 104,391
-30,247
-29,147
-28,447
-26,431
-24,609
-27,734
-25,492
-26,555
-26,115
-27,829
-26,947

4

Net

Balance on
goods,
services,
and income

Unilateral
transfers,
net 4

Balance
on current
account

32,903
29,788
31,078
29,483
21,175
12,761
7,726
12,621
14,813
20,348
13,021
6,222
5,771
2,910
1,627
2,713
4,419
907
1,703
-806
-37
47
1,748

16,732
5,632
-26,719
-79,716
-100,920
- 126,028
- 144,256
- 102,203
-75,532
-58,034
- 14,899
-33,505
-4,690
-2,115
-5,289
-2,805
704
- 10,243
- 10,628
-13,339
-14,722
-19,878
-20,424

-11,702
-17,075
-17,741
-20,612
-22,950
-24,176
-23,052
-24,965
-26,092
-33,827
6,575
-32,895
14,096
3,884
-6,564
-4,839
-7,389
-8,010
-7,147
-10,348
-7,586
-7,294
-7,562

5,030
-11,443
—44,460
- 100,328
-123,870
- 150,203
-167,308
-127,168
-101,624
-91,861
-8,324
-66,400
9,406
1,769
-11,853
-7,644
-6,685
-18,253
-17,775
-23,687
-22,308
-27,172
-27,986

Includes transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation of table.

U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks decreased $7.5 billion in the third quarter
of 1993, following a decrease of $5.3 billion in the second quarter. U.S. liabilities to private foreigners reported
by U.S. banks, excluding Treasury securities, increased $23.5 billion in the third quarter, in contrast to a decrease
of $1.4 billion in the second quarter.
BILLIONS OF DOLLARS*

BILLIONS OF DOLLARS'

CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET/ X

•40

-60
1983

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase /capit il outflow ( — ) ]
Period
Total

1981
1982
1983
1984

1985
1986
1987
1988
1989
1990
1991
1992
1991:

1992:

1993:

-114,147
-122,335
-58,735
-29,654
-34,687
-91,260
-61,254
— 91,423
-129,331
— 44,132
-59,974
-50,961
I
-5,555
II
-875
Ill
-15,672
IV
-37,870
I
-1,029
II
-8,695
Ill
- 10,798
IV
— 30,438
I
-12,358
-29,341
II r
Ill "... -43,961

U.S.
official
reserve

5 175
-4,965
1 196
-3,131
3 858
312
9,149
3 912
-25,293
2 158
5,763
3,901
-353
1,014
3,877
1,225
-1,057
1,464
1,952
1,542
-983
822
-545

Other U.S.
Government
assets

Foreign assets in the U.S., net
[increase/capital inflow ( + )]
U.S.
private
assets

-5,097 - 103,875
6 131
111 239
-5,006 -52,533
5489 -21,035
-2,821 -28,009
— 2,022 -89,551
1,006
-71,408
2,967 -90,477
1,259 - 105,297
2,307 -44,280
2,905 -68,643
-1,609 -53,253
559
-5,761
—419
-1,470
3,224 -22,774
-459
-38,637
-275
303
-293
9 866
-305 -12,445
-737
-31,243
535 — 11,910
275 -29,888
-86
-43,331

5
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S.
tion in the IMF.




Total

83,032
92,418
83,380
102,010
130,966
223,191
229,972
219,489
213,571
105,173
83,439
129,579
-20
7,120
23,514
52,826
19,834
44,450
26,450
38,845
25,718
42,380
66,452

Foreign
official
assets 3

Other
foreign
assets

4,960
3,593
5,845
3,140
-1,119
35,648
45,387
39,758
8,503
34,198
17,564
40,684
5,604
-4,924
3,855
13,029
21,124
21,008
-7,378
5,931
10,929
17,699
19,646

78,072
88,826
77,534
98,870
132,084
187,543
184,585
179,731
205,068
70,975
65,875
88,895
-5,624
12,044
19,659
39,798
-1,290
23,442
33,828
32,914
14,789
24,681
46,806

Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)

1,093

Total (sum
of the items
with sign
reversed)
24,992
41,359
19,815
27,972
27,592
18,272
-1,410
-899
17,384
30,820
-15,140
-12,218
-3,831
-8,014
4,011
-7,312
— 12,120
-17,502
2,123
15,280
8,948
14,133
5,495

Of which:
Seasonal
adjustment
discrepancy

4,710
-120
-6,506
1,911
4,878
653
-6,754
1,222
5,814
681
-7,605

U.S. official
reserve
assets, net5
{unadjusted,
end of
period)
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,721
71,323
78,002
74,940
74,731
77,721
74,657
77,092
78,527
71,323
74,378
73,968
75,835

Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.

37

Contents
TOTAL OUTPUT, INCOME, AND SPENDING

p,«e

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.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
For sale by the Superintendent of Documents, U.S. Government Printing Office,
Washington, B.C. 20402. Price $2.75 (single copy) ($3.44 foreign).
Subscription price: $30.00 per year; $37.50 for foreign mailing.
38




U.S. GOVERNMENT PRINTING OFFICE : 1993 0 - 75-193


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102