Full text of Economic Indicators : February 1992
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102d Congress, 2d Session
Economic Indicators
FEBRUARY 1992
(Includes data available as of March 4, 1992)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1992
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL S. SARBANES, Maryland, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
ALBERT GORE, JR. (Tennessee)
RICHARD H. BRYAN (Nevada)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
CONNIE MACK (Florida)
ROBERT C. SMITH (New Hampshire)
HOUSE OF REPRESENTATIVES
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
KWEISI MFUME (Maryland)
RICHARD K. ARMEY (Texas)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
STEVEN QUICK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, Chairman
DAVID F. BRADFORD, Member
PAUL WONNACOTT, Member
[PUBLIC LAW 120—SlST 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 $2.50 a single copy
($3.13 foreign), or by subscription at $28.00 per year ($35.00 for foreign
mailing) from:
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I S B N 0-16-037608-4
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the fourth quarter of 1991, according to revised estimates, current-dollar gross domestic product (GDP) rose 2.7
percent (annual rate) or $37.5 billion. Real GDP (GDP in 1987 dollars) rose 0.8 percent and the implicit price
deflator rose 1.7 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
6,000
BILLION S OF DOLLARS (RATIO SCALE]
6,000
SEASONAtiY ADJUSTED ANNUAL BATES
5,600
5,600
^~
5,200
5,200
x"
/^ ^
4,800
/
.
4,800
,.--
GDP
IN 1987 DOLLARS
4,400
V--
4,400
^
S-
\
4,000
4,000
GDP
IN CURRENT DOLLARS
*"
/
S
X
3,600
3,600
/
3,200
3,200
^
\
2,800
1982
1 1
1983
\
\
\
1984
1
!
!
1985
i
i I
1986
!
I
1
1987
1
!
1988
1
\
I I
1989
!
1
1
1990
OURCE' DEPARTMENT OF COMMERCE
I
1
i
2,800
1991
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Exports and imports of goods
and services 1
Personal
consumption
expenditures
Gross
private
domestic
investment
3,030.6
3,149.6
3,405.0
3,777.2
4,038.7
4,268.6
4,539.9
4,900.4
5,244.0
5,513.8
5,674.4
1,926.2
2,059.2
2,257.5
2,460.3
2|667.4
2,850.6
3,052.2
3,296.1
3^517.9
3,742.6
3388.8
558.0
503.4
546.7
718.9
714.5
717.6
749.3
793.6
837.6
802.6
727.4
— 14.7
— 20.6
— 51.4
— 102.7
— 115.6
— 132.5
-143.1
IV
IV
IV
IV
IV
IV
IV
IV
3,195.1
3,547.3
3,869.1
4,140.5
4,336.6
4,683.0
5,044.6
5,340.4
2,128.7
2,346.8
2,526.4
2,739.8
2,923.1
3,124.6
3,398.2
3,592.8
1990: I
II
Ill
IV
5,422.4
5,504.7
5,570.5
5,557.5
1991: I
II
III
IV r
5,589.0
5,652.6
5,709.2
5,746.7
Period
Gross
domestic
product
1981 .
1982
1983 .
1984
1985 .
1986
1987
1988 .
1989
1990 .
1991 r
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1
2
Federal
Net
exports
Total
Nondefense
State
and
local
Gross
domestic
purchases 2
Addendum:
Gross
national
product 3
Imports
— 108.0
-82.9
— 74.4
— 29.4
303.0
282.6
276.7
302 4
302.1
319.2
364.0
444 2
504.9
550.4
592.5
317.7
303.2
328.1
405 1
417.6
451.7
507.1
552.2
587.8
624.8
621.9
561 1
607.6
652 3
700 8
772 3
833.0
881.5
918 7
971.4
1 042 9
1,087.6
240.8
266.6
292.0
310 9
344.3
367.8
384.9
387 0
401.4
424.9
445.0
167 5
193.8
214 4
233 1
258.6
276.7
292.1
295 6
300.0
313 4
323.5
73.3
72.7
77.5
77 8
85.7
91.1
92.9
91.4
101.5
1115
121.6
320.3
341.1
360.3
389.9
428.1
465.3
496.6
531.7
570.0
618.0
642.6
3,005.2
3,165.5
3,410.6
3,706.1
4,014.1
4,260.0
4,513.7
4,884.2
5'208.1
5,513.8
5,691.9
3,045.3
3^170.2
3,456.5
3 879.9
4,154.3
4,401.2
4,683.0
5,008.4
5^326.9
5,588.1
5J03.8
3,063.8
3^179.8
3,434.4
3 801.5
4,053.6
4'277.7
4,544.5
4,908.2
s'248.2
5,524.5
464.2
614.8
722.8
737.0
697.1
800.2
814.8
834.4
-29.5
-71.8
-107.1
-135.5
-133.2
-143.2
-106.0
-77.5
265.6
286.2
308.7
304.7
333.9
392.4
467.0
521.3
295.1
358.0
415.7
440.2
467.1
535.6
573.1
598.8
631.6
657.6
727.0
799.2
849.7
901.4
937.6
990.7
281.4
289.7
324.7
356.9
373.1
392.5
392.0
403.7
205.5
222.8
242.9
268.6
278.6
295.8
296.8
301.6
75.9
66.9
81.9
88.3
94.5
96.7
95.2
102.1
350.3
367.9
402.2
442.4
476.6
509.0
545.7
587.0
3,241.4
3,527.1
3,818.1
4,107.9
4,355.4
4,623.7
5,027.3
5,305.3
3,224.6
3,619.1
3,976.2
4,276.0
4,469.8
4,826.2
5,150.7
5,417.9
3,222.6
3,578.4
3,890.2
4,156.2
4,340.5
4,690.5
5,054.3
5,350.9
3,667.3
3,706.0
3,785.2
3,812.0
812.0
825.9
821.8
750.9
-78.0
-60.4
-82.5
-76.6
534.6
545.9
548.7
572.6
612.6
606.3
631.2
649.2
1,021.2
1,033.2
1,046.0
1,071.2
417.2
423.3
424.7
434.5
309.3
312.7
311.1
320.6
107.9
110.7
113.6
113.9
604.0
609.9
621.4
636.7
5,425.7
5,479.1
5,556.5
5,594.0
5,500.5
5,565.1
5,653.0
5,634.0
5,432.7
5,505.5
5,576.8
5,583.2
3,827.7
3,868.5
3,916.4
3,942.4
709.3
708.8
740.9
750.5
-36.8
— 17.2
-37.3
-26.3
565.9
589.8
597.0
617.2
602.7
607.0
634.3
643.5
1,088.8
1 092 5
l|o89.1
1,080.1
451.5
452 1
444.9
431.6
332.3
328 4
322.3
311.0
119.2
123.7
122.6
120.6
637.3
640.4
644.2
648.5
5,628.2
5,689.6
5,712.8
5,737.0
5,625.8
5,669.8
5J46.5
5,773.0
5,611.7
5,660.6
5i720.1
Total
3
National
defense
Final
sales of
domestic
product
Exports
New definition: Excludes receipts and payments of factor income from or to rest of the world.
GDP less exports of goods and services plus imports of goods and services.
Government purchases
GDP plus net receipts of factor income from rest of the world.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS DOMESTIC PRODUCT IN 1987 DOLLARS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 '.
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
IV .
IV
IV .
IV
IT
IV
IV
IV
1990: I
n
Ill
IV
1991: I
n
in...
r
IV
1
2
Gross
domestic
product
Personal
consumption
expenditures
Exports and imports of
goods and services 1
Government purchases
Adden-
Federal
Nonresidential
fixed
investment
Residential
fixed
investment
Change
in
business
inventories
Net
exports
Exports
Imports
Total
Total
National
defense
State
and
local
Nondefense
Final
sales of
domestic
product
Gross
domestic
purchases 2
Gross
product3
3,843.1
3,760.3
3,906.6
4,148.5
4,279.8
4,404.5
4,540.0
4,718.6
4,836.9
4,884.9
4,849.9
2,476.9
2,503.7
2,619.4
2,746.1
2,865.8
2,969.1
3,052.2
3,162.4
3,223.1
3,262.6
3,258.6
455.0
433.9
420.8
490.2
521.8
500.3
497.8
530.8
542.4
548.8
512.0
151.6
24.6
22.0
124.1 -17.5
-7.4
174.2
4.4 -56.1
199.3
67.9 -122.0
202.0
22.1 -145.3
226.2
8.5 -155.1
225.2
26.3 -143.0
222.7
19.9 -104.0
214.2
32.6
-75.7
195.5
.2 -51.3
175.3 -13.1 -19.9
326.1
296.7
285.9
305.7
309.2
329.6
364.0
421.6
469.2
505.7
538.9
304.1
304.1
342.1
427.7
454.6
484.7
507.1
525.7
544.9
557.0
558.8
713.2
723.6
743.8
766.9
813.4
855.4
881.5
886.8
900.4
929.1
937.0
295.8
306.0
320.8
331.0
355.2
373.0
384.9
377.3
375.0
380.9
384.6
206.4
221.4
234.2
245.8
265.6
280.6
292.1
287.0
280.7
281.3
281.4
89.4
84.7
86.6
85.1
89.5
92.4
92.9
90.2
94.4
99.6
103.2
417.4
417.6
423.0
436.0
458.2
482.4
496.6
509.6
525.3
548.2
552.4
3,818.6
3,777.8
3,902.2
4,080.6
4,257.6
4,395.9
4,513.7
4,698.6
4,804.3
4,884.7
4,863.0
3,821.2
3,767.7
3,962.8
4,270.5
4,425.1
4,559.6
4,683.0
4,822.6
4,912.6
4,936.2
4,869.8
3,884.4
3,796.1
3,939.6
4,174.5
4,295.0
4,413.5
4,544.6
4,726.3
4,840.7
4,894.6
3,759.6
4,012.1
4,194.2
4,333.5
4,427.1
4,625.5
4,779.7
4,859.7
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,241.6
417.2
449.6
509.6
525.5
495.5
510.6
538.8
541.3
131.2 -44.9 -19.0
190.6
29.3
-83.7
198.8
47.9 -131.4
207.4
30.2 - 155.4
230.5 -20.1 - 156.0
223.3
59.9 -136.0
225.3
20.9 -102.7
207.9
30.0 -70.0
280.4
291.5
312.8
312.0
342.9
386.1
438.2
485.8
299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.7
735.9
748.1
784.3
830.5
864.8
893.0
894.5
908.9
316.0
322.2
341.7
363.7
377.5
391.6
378.4
373.9
229.4
242.9
254.3
272.1
282.2
295.0
285.7
279.9
86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.0
419.9
425.9
442.6
466.7
487.3
501.4
516.1
534.9
3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565.6
4,758.7
4,829.7
3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,929.7
3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,869.3
4,880.8
4,900.3
4,903.3
4,855.1
3,258.8
3,258.6
3,281.2
3,251.8
550.7
544.3
555.5
544.5
208.2
199.5
190.9
183.3
-4.0
22.1
13.9
-31.2
-56.0
-52.5
-65.7
-31.2
496.2
502.1
501.6
522.5
552.2
554.5
567.4
553.7
923.0
928.1
927.5
937.9
379.3
383.3
378.4
382.6
281.5
283.8
278.0
282.0
97.7
99.5
100.4
100.6
543.7
544.8
549.1
555.3
4,884.8
4,878.1
4,889.4
4,886.3
4,936.8
4,952.7
4,969.1
4,886.3
4,890.2
4,901.2
4,909.2
4,877.7
4,824.0
4,840.7
4,862.7
4,872.2
3,241.1
3,252.4
3,271.2
3,269.5
519.1
514.8
510.0
504.1
170.7 -32.8
172.0 -30.4
.1
176.5
182.0
10.9
-18.6
-12.3
-31.1
-17.6
512.5
535.7
545.2
562.2
531.1
548.0
576.3
579.8
944.5
944.3
936.1
923.2
391.7
392.7
384.5
369.6
289.4
287.0
280.4
268.9
102.3
105.7
104.1
100.8
552.7
551.7
551.6
553.5
4,856.8
4,871.2
4,862.6
4,861.3
4,842.6
4,853.1
4,893.8
4,889.8
4,843.7
4,847.8
4,872.0
3
New definition: Excludes receipts and payments of factor income from or to rest of the world.
GDP less exports of goods and services plus imports of goods and services.
GDP plus net receipts of factor income from rest of the world.
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
1981
1982
1983
1984
1985
1986
1987
1988
1989 .
1990
1991 '
Persona! consumption
expenditures
Gross private
domestic investment
Government purchases
Exports and imports of
goods and services l
Federal
Total
Durable
goods
Nondurable goods
Services
Nonresidential
fixed
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
78.9
83.8
87.2
91.0
94.4
96.9
100.0
103.9
108.4
112.9
117.0
77.8
82.2
86.2
89.6
93.1
96.0
100.0
104.2
109.1
114.7
119.3
86.4
90.1
92.4
93.9
95.4
96.9
100.0
102.0
104.3
106.1
107.9
85.7
88.6
90.8
93.4
95.9
96.1
100.0
103.7
109.3
115.9
120.0
70.9
76.7
81.9
86.2
90.8
95.7
100.0
105.1
110.3
116.1
121.6
90.1
95.3
95.1
95.6
96.6
98.4
100.0
102.8
105.2
107.0
107.4
80.9
85.2
87.3
89.7
92.0
95.8
100.0
104.2
107.8
110.4
111.3
92.9
95.2
96.8
98.9
97.7
96.9
100.0
105.3
107.6
108.9
109.9
104.5
99.7
95.9
94.7
91.9
93.2
100.0
105.1
107.9
112.2
111.3
81.4
87.1
91.0
93.9
96.9
98.6
100.0
102.6
107.0
111.6
115.7
81.1
87.6
91.6
94.8
97.3
98.6
100.0
103.0
106.9
111.4
114.9
82.1
85.9
89.5
91.3
95.7
98.6
100.0
101.4
107.5
112.0
117.8
76.7
81.7
85.2
89.4
93.4
96.4
100.0
104.3
108.5
112.7
116.3
1982:
1983'
1984:
1985:
1986:
1987:
1988:
1989:
IV ..
IV
IV
IV
IV
IV .
IV
IV
85.0
88.4
92.2
95.5
98.0
101.2
105.5
109.9
83.8
87.6
90.7
94.6
97.0
101.6
106.1
110.8
90.6
93.3
94.4
95.9
97.8
101.0
103.1
105.2
89.4
91.8
94.1
97.0
96.3
101.5
105.6
110.8
79.0
83.7
87.7
92.9
97.3
101.9
107.1
112.2
95.3
95.0
96.4
97.3
99.2
100.7
104.0
105.9
86.0
88.0
90.7
93.1
97.3
101.5
105.3
108.7
94.7
98.2
98.7
97.7
97.4
101.6
106.6
107.3
98.5
95.4
93.6
94.2
93.6
102.6
106.0
107.7
89.0
89.9
95.0
98.1
98.8
100.2
103.6
108.0
89.6
91.7
95.5
98.7
98.7
100.3
103.9
107.8
87.7
84.3
93.7
96.4
99.2
100.1
102.6
108.6
83.4
86.4
90.9
94.8
97.8
101.5
105.7
109.7
1990:
I
II.
Ill
IV
111.1
112.3
113.6
114.5
112.5
113.7
115.4
117.2
106.0
105.9
106.1
106.6
113.3
114.3
116.6
119.3
113.7
115.3
116.9
118.5
106.5
106.5
107.4
107.5
110.0
110.4
110.7
110.3
107.7
108.7
109.4
109.6
110.9
109.3
111.2
117.2
110.0
110.4
112.2
113.6
109.9
110.2
111.9
113.7
110.4
111.2
113.1
113.2
111.1
111.9
113.2
114.7
1991:
I
II
Ill
IV '
115.9
116.8
117.4
117.9
118.1
118.9
119.7
120.6
107.3
107.6
108.3
108.5
119.4
119.8
120.2
120.8
119.8
121.1
122.1
123.2
107.9
107.7
107.2
106.6
110.4
111.2
112.0
111.7
110.4
110.1
109.5
109.8
113.5
110.8
110.1
111.0
115.3
115.1
115.7
116.8
114.8
114.4
114.9
115.7
116.5
117.1
117.9
119.7
115.3
116.1
116.8
117.1
1
New definition: Excludes receipts and payments of factor income from or to rest of the worid.
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 period; quarterly data at seasonally adjusted annual rates]
Gross domestic product
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 '
1987- I
II
Ill
IV
1988- I
II
Ill
IV
1989- I
II
Ill
IV
1990: I
II
III
IV
1991:
Constant
(1987)
dollars
Current
dollars
I
II
III
IV
Implicit
price
deflator
Personal consumption expenditures
Fixedweighted
price index
(1987
weights)
Constant
(1987)
dollars
Current
dollars
Implicit
price
deflator
Fixedweighted
price index
(1987
weights)
11.9
3.9
8.1
10.9
6.9
5.7
6.4
7.9
7.0
5.1
2.9
1.8
-2.2
3.9
6.2
3.2
2.9
3.1
3.9
2.5
1.0
-.7
10.0
6.2
4.1
4.4
3.7
2.6
3.2
3.9
4.3
4.2
3.6
6.1
3.8
3.3
3.5
2.7
3.1
3.9
4.3
4.3
3.9
10.2
6.9
9.6
9.0
8.4
6.9
7.1
8.0
6.7
6.4
3.9
1.2
1.1
4.6
4.8
4.4
3.6
2.8
3.6
1.9
1.2
9.0
5.7
4.9
3.9
3.9
3.1
4.2
4.2
4.7
5.1
4.0
5.4
4.3
3.7
3.8
3.0
4.1
4.3
4.8
5.2
4.1
6.8
8.1
7.2
9.9
6.1
9.1
7.6
8.1
7.8
6.3
4.6
4.9
6.3
6.2
4.9
-.9
2.3
4.6
4.1
2.7
3.0
5.1
4.0
5.9
2.6
4.3
2.5
3.9
2.5
1.9
1.1
1.2
1.7
1.6
.2
-3.9
-2.5
1.4
1.8
.8
3.3
2.9
3.3
3.6
3.6
4.4
5.1
3.9
5.4
4.2
3.4
3.7
4.4
4.4
4.7
3.2
5.0
3.1
2.1
1.7
3.6
2.8
3.4
3.7
3.6
4.5
5.4
3.7
4.8
4.5
3.5
3.7
5.0
4.6
4.8
3.2
5.4
3.3
2.6
2.2
5.5
9.4
8.3
4.4
9.9
7.9
8.4
8.9
4.6
6.4
7.2
4.7
8.6
4.3
8.8
2.9
1.7
4.3
5.0
2.7
-.1
4.8
3.9
-.1
7.1
2.5
2.9
4.1
-.2
1.0
4.1
.1
2.1
-.0
2.8
-3.5
-1.3
1.4
2.3
2
5.9
4.5
4.1
4.5
2.8
5.2
5.1
4.7
5.0
5.3
3.0
4.5
6.3
4.3
6.1
6.4
3.1
2.7
2.7
3.0
5.5
4.4
4.3
4.5
2.7
5.2
5.4
4.6
5.0
5.6
3.1
4.6
6.7
4.1
6.1
6.8
3.1
2.9
2.8
2.9
NOTE. — Annual changes are from preceding year and quarterly changes are from preceding quarer.
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) :
Gross domestic product
of nonfinancial
corporate husiness
(billions of dollars)
Period
Total
cost and
profit 2
Consumption of
fixed
capital
Indirect
business
taxes 3
Compensation of
employees
Net
interest
Corporate profits with nventory
valuation and capital consumption
adjustments
Profits
after
tax 4
Output
per hour
of all
employees
(1987
dollars)
Compensation per
hour of
all
employees
(dollars)
Current
dollars
1987
dollars
1981
1982
1,749.1
1 803 5
1983
1984
1985
1986
1987
1988
1,937.1
2,167.3
2,295.5
2,391.3
2,544.6
2,762.1
2,910.8
3,008.9
3,053.3
2,035.8
2,002.1
2,113.3
2,285.0
2,366.3
2,444.3
2,544.6
2,682.2
2,715.3
2,717.4
2,690.7
0.859
.901
.917
.949
.970
.978
1.000
1.030
1.072
1.107
1.135
0.102
.115
.115
.109
.109
.111
.111
.111
.116
.120
.127
0.081
.083
.086
.089
.091
.094
.093
.095
.099
.105
.114
0.573
.606
.604
.619
.638
.650
.659
.676
.708
.745
.763
0.035
.041
.036
.038
.038
.040
.042
.045
.052
.055
.054
0.067
.056
.076
.094
.094
.083
.096
.102
.096
.083
.076
0.031
.023
.028
.032
.030
.031
.037
.038
.037
.035
.031
0.036
.033
.048
.062
.064
.052
.059
.064
.060
.047
.045
20.560
20.827
21.597
21.905
22.144
22.737
23.047
23.472
23.059
23.062
11.790
12.B20
13.037
13.559
14.121
14.770
15.181
15.782
16.330
17.171
1,807.1
2,038.1
2,230.0
2 341 3
2,428.4
2,625.9
2,840.1
2,943.3
2,974.7
3,025.6
3,021.2
3,014.2
3,011.8
3,043.9
3,070.1
2,000.5
2,205.2
2,330.3
2,399.5
2,469.0
2,602.4
2,717.1
2,715.3
2,720.0
2,741.6
2,710.4
2,697.6
2,668.1
2,682.1
2,699.0
.903
.924
.957
.976
.984
1.009
1 .045
1.084
1.094
1.104
1.115
1.117
1.129
1.135
1.138
.119
.119
.111
.110
.112
.110
.112
.119
.119
.119
.121
.123
.127
.128
.127
.085
.086
.090
.092
.094
.093
.096
.100
.103
.103
.106
.109
.113
.113
.116
.609
.604
.624
.644
.655
.665
.687
.720
.729
.737
.755
.758
.760
.763
.765
.040
.036
.041
.038
.042
.042
.047
.054
.054
.054
.055
.056
.056
.054
.054
.051
.079
.091
.092
.080
.099
.102
.090
.090
.091
.077
.072
.073
.077
.076
.020
.029
.027
.030
.035
.038
.040
.034
.036
.036
.037
.033
.030
.031
.032
.030
.050
.064
.063
.045
.060
.063
.056
.054
.055
.041
.039
.043
.046
.044
21.103
21.905
22.050
22.340
22.891
23.268
23.423
22.967
22.973
23.181
22 952
23.110
23.188
23.355
23.456
12.842
13.233
13.770
14.395
15.001
15.483
16.005
16.542
16.740
17.092
17.325
17.509
17.625
17.818
17.933
1989
1990
1991 '
1982:
1983:
1984'
1985:
1986:
1987-
IV
IV
IV
IV
IV
IV
1988- IV
1989- IV
1990- I
II
III
IV
1991- I
II
HI "
1
Output is measured by gross domestic product of nonfinancial corporate business in 1987 dol-
lars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
Total
Profits
tax
liability
3
Indirect husiness tax and nontax liability plus business transfer payments less subsidies,
With nyentory valuation and capital consum )tion adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Burelm |)f ^ s,atisti(.s)
4
3
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Compensation of
employees1
Proprietors' income
with inventory
valuation and capita!
consumption
adjustments
Farm
1982
1983
1984
1985
1986 .
1987
1988
1989
1990
1991 *
1982: IV
1983: IV
1984: IV
1985: IV
1986: IV
1987: IV
1988: IV
1989: IV
1990: I ....
II
Ill .
IV
1991: I
II
Ill
Corporate profits with inventory valuation and capita!
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Inventory
valuation
adjustment
Profits
before tax
Total
Capital
consumption
adjustment
Net
interest
2,522.5
2,720.8
3,058.3
3,268.4
3,437.9
3,692.3
4,002.6
4,244.7
4,459.6
1,916.0
2,029.4
2,226.9
2,382.8
2,523.8
2,698.7
2,921.3
3,101.3
3,290.3
3,388.3
13.5
2.4
21.3
21.5
22.3
31.3
30.9
41.4
42.5
35.1
157.3
184.3
214.7
238.4
261.5
279.0
293.4
305.5
330.7
344.7
21.9
22.1
23.3
18.7
8.7
3.2
4.3
-7.9
-12.9
-12.8
151.5
212.7
264.2
280.8
271.6
319.8
365.0
351.7
319.0
166.4
202.2
236.4
225.3
227.6
273.4
320.3
327.0
318.2
176.3
210.7
240.5
225.0
217.8
287.9
347.5
344.5
332.3
-9.9
-8.5
-4.1
.2
9.7
- 14.5
-27.3
-17.5
-14.2
3.4
-14.9
10.4
27.8
55.5
44.1
46.4
44.7
24.7
.8
-8.7
262.4
270.0
307.9
326.2
350.2
360.4
387.7
452.6
490.1
481.5
2,551.5
2 834 3
3,134.4
3,341.9
3,486.0
3,828.8
4,127.6
4,300.5
1,940.4
2,101.2
2,288.1
2,442.5
2,582.5
2,785.1
3,004.9
3,157.4
10.2
6.3
21.9
17.8
23.6
42.4
30.9
41.0
169.6
193.8
217.7
250.9
260.9
282.6
302.5
310.2
24.1
22.2
24.3
14.0
4.7
6.8
2.8
-12.5
150.3
229.1
261.3
284.9
264.6
343.3
378.3
334.7
160.0
216.2
223.6
228.0
225.0
293.4
340.5
319.2
168.6
223.8
220.1
23 i. 8
235.7
311.2
372.2
332.8
-8.6
-7.6
3.5
-3.8
-10.7
-17.8
-31.7
- 13.5
-9.6
12.9
37.7
56.9
39.6
49.9
37.9
15.4
256.8
281.8
321.1
331.9
349.7
368.6
408.1
469.6
4 395 5
4,461.0
4,475.2
4,506.8
3,216.1
3,279.9
3,325.3
3,340.0
50.9
45.3
32.4
41.2
324.9
328.8
336.5
332.7
-14.2
-17.3
— 10.4
-9.5
340.2
339.8
299.8
296.1
330.0
335.4
302.4
304.9
336.6
331.6
335.1
326.1
-6.6
3.8
-32.6
— 21.2
10.2
4.4
-2.7
— 8.8
477.5
484.5
491.8
506.4
4,489.8
4,530.8
4,559.8
3,342.9
3,377.4
3,405.3
3,427.6
32.8
39.6
32.0
36.1
331.4
340.4
850.5
356.4
-11.9
-11.7
-14.2
-13.6
302.1
303.5
306.1
315.7
316.1
313.4
309.1
306.2
318.2
6.7
9.9
-4.8
1.9
-13.6
-12.6
-7.3
— 1.2
492.6
481.6
480.1
471.8
IV '
1
Nonfarm
Rental
income of
persons
with
capital
consumption
adjustment
Includes employer contributions for social insurance. (See also p. 5.)
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS
[Billions of 1987 dollars, except as noted; quarterly data at seasonally adjusted annual rates]
1
Durable goods
Nondurable goods
1
Total
personal
consumption
expenditures
Furniture and
household
equipment
Total
durable
goods
Motor
vehicles
and
parts
2,503.7
2,619.4
2,746.1
2,865.8
2,969.1
3,052.2
3462.4
3,223.1
3[262.6
3,258.6
262.5
297.7
94.2
104.3
412.5
115.6
138.1
160.3
180.2
193.3
183.5
194.8
196.2
191.4
167.8
IV
IV
IV
IV
IV
IV
IV
IV
I
11
Ill
IV
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,241.6
272.3
319.1
347.7
369.6
415.7
404.7
439.2
435.6
123.7
151.6
164.3
173.9
193.6
183.6
197.7
187.8
96.4
109.3
118.7
128.6
141.4
145.9
160.3
167.7
3,258.8
3,258.6
3,281.2
3,251.8
452.7
438.7
440.3
424.0
200.7
192.0
192.9
179.8
1991: I
II
Ill
3,241.1
3,252.4
3,271.2
3,269.5
410.8
408.9
418.3
411.9
166.7
164.2
170.9
169.4
Period
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 r
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
IV r....
1
370.1
402.0
403.7
428.7
440.8
438.9
Includes other items, not shown separately.
Other
52.7
55.3
62.9
66.1
72.4
Total
nondurable goods
Food
Clothing
and
shoes
1,054.4
1,050.3
1,053.7
1,044.7
513.9
516.3
517.1
515.9
168.9
171.1
75.1
73.6
74.9
73.0
1,043.9
1,046.2
1,046.1
1,037.7
518.7
517.0
517.4
516.9
172.5
169.5
411.0
419.7
431.3
438.1
444.8
457.0
465.6
472.8
327.8
334.8
344.9
359.1
372.0
390.7
403.0
411.5
9.5
253.8
251.9
252.9
251.7
1,751.8
1,769.6
1,787.3
1,783.1
472.8
473.0
475.4
476.9
417.7
422.4
427.7
429.6
252.5
250.3
250.3
248.4
1,786.3
1,797.2
1,806.8
1,819.9
477.3
478.3
479.4
480.7
432.9
436.9
441.7
446.7
81.8
83.0
83.6
83.8
78.8
75.8
76.9
76.2
154.7
161.7
171.9
174.5
182.8
323.7
332.6
341.9
353.0
366.2
384.7
399.4
408.5
424.3
439.5
1,386.2
1,443.9
1,494.2
1,557.1
1,595.8
1,655.5
1,716.9
1,750.7
181.7
186.1
184.7
179.1
173.1
170.9
170.5
168.0
182.9
409.6
415.5
426.8
435.9
442.1
452.5
461.8
469.0
474.5
478.9
202.8
212.2
222.9
228.0
235.2
240.4
246.4
251.0
87.2
84.5
84.4
84.0
135.7
147.7
Medical
care
9.6
190.1
458.3
467.1
475.1
488.2
496.9
502.4
518.0
511.7
Housing
10.5
11.4
11.1
11.4
12.4
11.9
12.0
12.3
190.1
187.2
188.2
184.1
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,055.3
78.5
78.5
76.9
158.8
170.3
174.5
178.9
187.9
187.4
Total
services '
1,368.9
73.4
76.9
79.0
79.5
84.6
85.4
87.5
90.2
74.2
52.3
58.1
64.8
67.1
80.7
75.2
81.2
80.0
166.1
170.6
170.5
76.2
133.7
142.4
153.1
Other
202.3
207.8
220.0
226.2
231.7
239.1
244.7
250.0
252.6
250.4
10.9
11.1
11.2
11.5
12.1
451.4
463.4
472.3
483.0
494.1
500.7
513.4
513.3
515.8
517.5
144.0
155.4
Fuel
oil and
coal
73.9
75.7
77.9
79.2
82.9
84.7
86.1
86.7
85.0
83.1
872.7
900.3
934.6
958.7
991.0
1 011.1
l[o35.1
1 049.3
l[o50.8
1,043.5
115.3
123.8
136.3
Gasoline
and oil
Retail sales of new
passenger cars
(millions of units)
Services
12.0
12.0
11.5
10.0
10.5
11.0
8.9
9.3
9.8
10.1
9.4
1,473.0
1 [s.37.0
1,576.1
1,637.4
1 [698.5
1,732.9
1J73.0
1,802.6
Source: Department of Commerce, Bureau of Economic Analysis.
Domestics
5.8
6.8
8.0
8.2
8.2
7.1
7.5
7.1
6.9
6.1
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
7.1
6.8
7.1
6.6
6.1
6.1
6.3
6.1
Imports
22
2.4
2.4
2.8
3.2
3.2
3.1
2.8
2.6
2.3
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.8
2.7
2.5
2.4
2.2
2.3
2.3
2.1
SOURCES OF PERSONAL INCOME
Personal income fell $2.7 billion (annual rate) in January after rising $50.5 billion in December. The changes were
affected by several special factors. The January change was reduced by a decrease in farm subsidy payments,
December bonus payments to motor vehicle industry employees, and a change in personal contributions for social
insurance programs; it was boosted by cost-of-living adjustments to several Federal transfer payment programs, an
increase in unemployment insurance benefit payments, and a pay raise for Federal Government employees. The
December change was boosted by an increase in farm subsidy payments, an increase in unemployment insurance
benefit payments, and the motor vehicle industry bonus payments. Excluding these special factors, personal income
increased $24.8 billion in December; the effects of these factors on the January change were offsetting.
BILLIONS OF DOLLARS* (RATIO SCALE)
5,000
BILLIONS OF DOLLARS* (RATIO SCALE)
5,000
4,000 -
4,000
3,000
3,000
2,000
2,000
WAGE AND SALARY DISBURSEMENTS
1,400
1,400
\
OTHER INCOME
800
\
TRANSFER PAYMENTS
400
400
1984
1985
1987
1986
1988
1990
1989
1991
1992
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
personal
income
Wage and
salary
disburse-
Proprietor
Other labor
income l 2
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 '
1991- Jan
Feb
Mar
2 6909
*"2 862 6
4 679 8
4 835 3
4 761 5
4 761 2
4 781 4
4 792 0
' 7389
2?808 4
2 779 4
285 8
287 2
May
4,825.5
2,799.5
288.6
4 845 8
2 822 8
289 9
4,833.1
2,808.1
2 823 6
2 835 9
2 830 2
291.3
292 7
294 2
Oct '
Nov r.
4 854 2
4 872 8
4 884 8
4 880 6
Dec '
4,931.1
2 835.0
2,853.8
1992- Jan *
4 928 4
2 839 2
July
Sept
3 154 6
3 379 8
3 5904
3 8020
4 075 9
4 3802
1 593 3
1 684 7
1 849 8
1 986 5
2 105 4
2 261 2
2 443 0
2 585 8
2 771 7
2 767 6
2 773 4
1654
174 6
184 7
191 8
200 7
210 4
230 5
253 7
274 0
290 6
282 6
284 2
295 6
297 0
298.3
299 7
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
2
Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Farm
income 3
Nonfarm
13 5
24
21 3
21 5
22 3
31 3
30 9
41 4
42 5
35 1
27 4
29 2
41 8
394
43.4
360
32.0
31 0
330
424
27 1
38.8
27 0
4
157 3
184 3
214 7
238 4
261 5
279 0
293 4
305 5
330 7
344 7
329 7
332 2
332 2
336 2
340.8
344 3
347.9
350 3
353 3
354 1
355 6
3594
362 2
Less:
income of
persons 4
21 9
22 1
23 3
18 7
87
32
43
79
12 9
12 8
12 1
12 3
11 3
11 7
-11.6
11 6
-12.9
14 2
15 5
19 2
11 9
-9.8
74
dividend
income
interest
income
67 1
376 8
77 8
78 8
87 9
104 7
1004
397 5
461 9
498 1
531 7
548 1
583 2
108 4
119 8
124 8
128 5
128 6
129 5
127 8
127 2
127.5
127 6
128.3
128 6
129 1
129 3
129 5
1294
129 1
6690
pay- 5
ments
408 1
438 9
4529
485 9
5178
542 2
576 7
624 4
contributions
for social
insurance
112 3
119 7
132 8
149 1
162 1
173 6
1945
211 7
224 3
721 3
719 7
734 6
729 8
6849
7592
7362
2349
2353
7260
741 5
235 8
723 8
721.7
719 8
718.1
7166
715 5
712 7
7102
746.5
752.6
235.9
237.0
755 5
238 3
758,7
7650
767.4
238.3
2394
2402
779 5
239 8
778.2
240.0
795.1
817 6
241.3
244 0
707.4
704 9
733 9
2380
personal
income 6
2,649 8
2 832 6
3,106 1
3 333 2
3,545.6
3,749 4
4023 9
4,3166
4614 5
4,776 4
4 7109
4,708.7
4 716 2
4,729.1
4,758.5
4 786 2
4,777.3
47993
4,815.7
4,8183
4,829.3
4,868.0
4 877 1
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 was about unchanged in the
fourth quarter of 1991.
BILLIONS OF DOLLARS- (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE|
4,500
4,000
3,000
2,500
2,500
DOLLARS- (RATIO SCALE]
DOLLARS' (RATIO SCALE)
8,000
COUNCIL OF ECONOMIC ADVISERS
.
Period
Personal
income
Less:
Personal
tax and
nontax
payments
Less:
Persona!
outlays 1
Disposable
personal
income
Equals:
Personal
saving
Disposable
personal
income in
Per capita
disposable personal
income
1987
dollars
(billions)
Current
dollars
1987
Current
dollars
dollars
9,455
9^989
10,642
11,673
12,339
13,010
13,545
14,477
15)313
16,236
16,698
12,156
12,146
12,349
13,029
13,258
13,552
13,545
13,890
14)o30
14,154
13)992
8)868
9,634
10,408
11,184
11,843
12,568
13,448
14)219
14',971
15,'390
11,179
11,617
12,015
12)336
12,568
12)903
13)027
13,051
12396
12,154
12,591
13,145
13,278
13,522
13,685
13,996
14,063
14,185
14,204
14,168
14,058
13,965
14,022
13,992
13,990
9,134
9,980
10,649
11,445
12,101
12,819
13,814
14,464
14,731
14,848
15,120
15,183
15,208
15,334
15,481
15,537
10,895
11,390
11,739
12,095
12,472
12,615
13,020
13,051
13,090
13,056
13,107
12,952
12,877
12,892
12,930
12,885
Billions of dollars
dollars
2,534.7
2,690.9
2,862.5
3,154.8
3,379.8
3)590.4
3,802.0
4,075.9
4,380.2
4,679.8
4,835.3
360.2
371.4
368.8
395.1
436.8
459.0
512.5
527.7
591.7
621.0
616.1
1,982.6 r!91.8
2*319. 6 r 2, 120.1 r 199.5
2,493.7 r 2, 325.1 r!68.7
2J59.5 r2',537.5 '222.0
2,943.0 r2,753.7 'r 189.3
3)l31.5 ' 2, 944.0 !87.5
3,289.5 r3,147.5 r 142.0
3,'548.2 r3,392.5 rr 155.7
166.1
3,788.6 r s)622.4
4,058.8 r 3, 853.1 r205.8
4,'219.2
3)998.6
220.6
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
2,746.8
2,965.8
3,242.5
3,456.7
3,647.8
3,918.5
4,195.2
4,474.4
4,580.6
4,654.7
4,719.3
4,764.7
4,768.0
4,821.1
4,853.3
4,898.8
372.1
371.6
413.4
448.8
478.5
528.6
542.0
602.9
606.6
622.7
627.5
627.2
617.1
613.6
615.1
618.5
2,374.7
2,594.3
2,829.1
3,007.9
3,169.3
3,389.9
3,653.2
3,871.4
3,974.0
4,032.0
4,091.8
4,137.5
4,151.0
4,207.5
4,238.2
4,280.3
2,795.8
2)820.4
2,893.6
3,080.1
3,162.1
3)261.9
r
3, 289. 5
3,404.3
3^471.2
3,538.3
3,535.5
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands) 2
Percent
Dollars
r
1981
1982
1983
1984
1985
1986
1987
1988....
1989
1990,.r .
1991 .
2,174.5
1987
Per capita persona]
consumption
expenditures
8,375
10,770
10)782
1.3
— .1
1.7
5.5
1.8
2.2
I
2.5
1.0
.9
-1.1
8.8
8.6
r
6.8
8.0
6.4
6.0
4.3
4.4
4.4
5.1
5.2
229,989
232,201
234,326
236,393
238,510
240,691
242,860
245,093
247,405
249,992
252,675
Seasonally adjusted annual rates
IV
IV
IV
IV
IV
IV
IV
IV
I
II
III....
IV
1991: I
II
III....
IV r...
r
2,190.9
r
2,417.9
r
2,606.5
r
2,828.7
r
3,018.2
r
3, 220.1
r
3,496.7
3,701.3
r
3,777.4
r
3,816.2
r
3,896.2
r
3,922.5
r
3,938.4
r
3,978.7
r
4,025.7
4,051.8
r
r
183.8
176.3
r
222.6
r
179.2
r
!51.1
r
169.8
r
156.4
r
!70.1
r
196.6
r
215.9
r
195.6
r
215.0
r
212.6
r
228.8
r
212.5
228.6
r
2,832.6
2,960.6
3,118.5
3,178.7
3,266.2
3,335.8
3,443.1
3,493.0
3,531.4
3,545.3
3,547.0
3,529.5
3,514.8
3,537.4
3,539.9
3,549.7
1
Includes personal consumption expenditures, interest paid by persons, and personal transfer payments to rest o{ the world (net).
10,189
11,033
11,925
12,565
13,121
13,907
14,850
15,586
15,963
16,154
16,344
16,479
16,492
16,678
16,752
16,869
2
-0.5
7.2
1.0
1.8
-1.7
5.2
3.2
1.9
3.5
.5
-1.0
-3.1
-2.6
1.6
-.9
1
r
7.7
6.8
7.9
6.0
4.8
5.0
4.3
4.4
r
r
4.9
5.4
4.8
5.2
5.1
5.4
5.0
5.3
233,060
235,146
237,231
239,387
241,550
243,745
246,004
248,387
248,950
249,594
250,349
251,074
251,689
252,281
252,990
253,740
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 third quarter of 1991, according to revised estimates, gross farm income rose $0.6 billion (annual rate) and
net farm income rose $4.3 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
240
200
^
160
_
f-~
BILLIONS OF DOLLARS* (RATIO SCALE)
240
_
1
"1
^~,
i
\
l_«
^ ""-""
^-"
120
'—
—
il20
\
GRO SS FARM INC OME
80
80
60
60
^
A
i
/\
<«
40
^
1
I
^
\
20
^ \ ^,x""
v
/ '
/
1
/\
1
/'
1
/
I
1 1 1
s
*
\
i
'
40
f»
V-
\/
*
_
^^/
\ /
\
'
V
NET FARM INCOME
20
*
1
10
I
\/
/
/
I
I
1982
!
—
/ \/
I
/\
/
"~ —f
1
'
1
X
I
/'
^ I
10
/
1 1
1983
i l l
i i i
1
1985
1984
>
1
i
1986
I I I
1 1
1987
\
1988
1
I
1989
" SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
\
\ \
1990
1
i
1
1991
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
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
Livestock and
products
Crops
Value of
inventory
changes 2
Production
expenses
Current
dollars
1987 dollars 3
149.3
166.3
164.1
153.9
168.0
161.2
156.1
168.4
174.5
190.3
195.1
139.7
141.6
142.6
136.8
142.8
144.1
135.3
141.8
151.1
160.9
170.0
68.0
69.2
70.3
69.6
72.9
69.8
71.6
76.0
79.4
84.1
89.6
71.7
72.5
72.3
67.2
69.9
74.3
63.7
65.8
71.6
76.8
80.4
-6.3
6.5
— 1.4
— 10.9
6.0
-2.3
-2.2
-2.3
-3.5
4.3
2.9
133.1
139.4
140.3
139.6
141.9
132.4
125.1
128.7
133.9
140.2
144.3
16.1
26.9
23.8
14.2
26.1
28.8
31.0
39.7
40.6
50.1
50.8
22.5
34.1
r
28.5
16.3
28.7
30.5
32.0
39.7
39.1
46.2
45.0
1990:
Ir
II r
III r
IV r .
199.5
191.6
188.3
201.4
166.0
166.8
173.7
173.4
89.4
87.9
90.7
90.3
76.6
78.9
83.0
83.1
4.8
3.7
2.3
1.0
142.0
143.4
143.8
148.0
57.4
48.1
44.4
53.3
51.7
42.8
39.1
46.6
1991-
Ir
II r
III r
187.4
185.4
186.0
164.3
163.1
172.8
86.0
83.6
85.9
78.3
79.5
86.9
.9
— .1
-.5
146.3
148.4
144.7
41.1
37.0
41.3
35.4
31.7
35.2
Government payments, other farm cash
CORPORATE PROFITS
In the third quarter of 1991, corporate profits before tax rose $12.0 billion (annual rate) and profits after tax rose
$6.9 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
50 ^r^-^7
COUNCIL OF ECONOMIC ADVISERS
SOURCE. DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment 1
Profits after tax
Domestic industries
Period
Nonfinancial
Total 2
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
r
1982:
1983:
1984:
19851986:
19871988:
1989:
1990:
IV
IV
IV ..
IV
IV...
IV
IV
IV
I
II
III
IV
1991: I
II....
Ill
IV
1
2
203.2
166.4
202.2
236.4
225.3
227.6
273.4
320.3
327.0
318.2
160.0
216.2
223.6
228.0
225.0
293.4
340.5
319.2
330.0
335.4
302.4
304.9
315.7
316.1
313.4
174.0
138.6
171.9
205.2
194.5
194.6
233.9
271.2
273.1
258.0
249.5
130.8
182.6
192.9
193.5
192.5
246.3
285.9
258.3
271.9
282.1
245.8
232.1
241.2
254.4
250.4
Financial
18.7
15.6
24.5
20.3
28.7
35.8
36.4
41.8
39.2
39.6
42.7
23.0
22.1
20.3
29.0
34.7
39.4
46.1
32.4
41.4
41.5
39.3
36.4
40.1
42.1
43.5
Total 3
155.3
123.0
147.4
185.0
165.8
158.9
197.5
229.4
233.9
218.3
206.8
107.8
160.5
172.6
164.5
157.8
207.0
239.7
225.9
230.5
240.7
206.5
195.7
201.0
212.3
206.9
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Manufacturing
87.4
63.1
71.4
86.7
80.1
59.0
87.0
117.5
113.6
95.7
81.3
50.1
90.5
79.2
83.3
63.9
98.7
129.3
101.0
102.1
107.1
94.8
78.9
75.0
82.9
84.1
Profits
before tax
Tax
liability
228.9
176.3
210.7
240.5
225.0
217.8
287.9
347.5
344.5
332.3
81.1
63.1
77.2
94.0
96.5
106.5
127.1
137.0
138.0
135.3
147.8
113.2
133.5
146.4
128.5
111.3
160.8
210.5
206.6
197.0
168.6
223.8
220.1
231.8
235.7
311.2
372.2
332.8
336.6
331.6
335.1
326.1
309.1
306.2
318.2
58.7
82.2
83.8
97.6
116.6
135.2
146.2
129.8
137.6
137.9
138.8
127.1
119.4
123.5
128.6
109.9
141.6
136.3
134.2
119.2
176.0
226.0
203.0
199.1
193.7
196.3
199.0
189,7
182.7
189.6
Wholesale and
retail
trade
31.6
31.9
38.7
49.7
43.1
46.3
39.9
37.1
42.8
39.8
45.4
33.8
40.7
50.8
39.0
43.1
39.3
39.3
45.1
41.6
45.1
34.4
38.2
45.3
46.9
44.6
3
Total
Dividends
69.2
70.0
81.2
82.7
92.4
109.8
106.2
115.3
127.9
133.7
137.8
72.5
84.2
83.4
97.4
111.0
106.3
121.0
130.7
132.3
132.5
133.8
136.2
137.8
136.7
138.1
138.5
Includes industries not shown separately.
«„.,„„. n QnnrlmDn . ~f n
~.n n.. ..„.,„ ~f p^™^ m ;^ A^ Q i,..; t .
Undistributed
profits
78.6
43.2
52.3
63.8
36.1
1.6
54.6
95.2
78.7
63.3
37.5
57.4
52.9
36.9
8.2
69.7
105.0
72.3
66.7
61.2
62.5
62.8
51.9
46.1
51.5
Inventory
valuation
adjustment
-25.7
-9.9
-8.5
— 4.1
.2
9.7
-14.5
-27.3
-17.5
-14.2
3.4
-8.6
-7.6
3.5
-3.8
-10.7
-17.8
-31.7
-13.5
-6.6
3.8
-32.6
— 21.2
6.7
9.9
-4.8
r
1.9
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
According to revised estimates for the fourth quarter of 1991, nonresidential fixed investment in 1987 dollars fell
$5.9 billion (annual rate) and residential investment rose $5.5 billion. There was a $10.9 billion rise in inventories,
following an increase of $0.1 billion in the third quarter.
BILLIONS OF 1987 DOLLARS
BILLIONS OF 1987 DOLLARS
700
-100
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Period
1981
1982...
1983
1984...
1985
1986...
1987
1988
1989...
1990
1991 '
1982:
1983:
1984:
1985:
19861987:
19881989:
IV
IV
IV
IV
IV
IV
IV
IV
1990: I
III
IV
1991-
I
II
Ill
IV
r
Source: Department of Commerce, Bureau of Economic Analysis.
Gross
private
domestic
investment
Nonresidential
Total
Total
Structures
Producers'
durable
equipment
Residential
Total
Nonfarm
631.1
5405
599.5
757.5
745.9
735.1
749.3
773.4
789.2
744.5
674.2
606.5
558.0
595.1
689.6
723.8
726.5
723.0
753.4
756.6
744.2
687.3
455.0
433.9
420.8
490.2
521.8
500.3
497.8
530.8
542.4
548.8
512.0
182.9
181.3
160.3
182.8
197.4
176.6
171.3
174.0
177.4
177.9
154.2
272.0
252.6
260.5
307.4
324.4
323.7
326.5
356.8
365.0
370.8
357.8
151.6
124.1
174.2
199.3
202.0
226.2
225.2
222.7
214.2
195.5
175.3
24.6
-17.5
4.4
67.9
22.1
8.5
26.3
19.9
32.6
.2
-13.1
18.6
-20.7
12.8
66.2
19.8
10.6
32.7
26.9
33.3
— 1.5
-13.1
503.5
669.5
756.4
763.1
705 9
793.8
785.0
779.2
548.4
640.2
708.4
732.9
725.9
733.9
764.1
749.2
417.2
449.6
509.6
525.5
495.5
510.6
538.8
541.3
173.2
162.6
189.5
198.3
170.4
177.9
175.7
178.6
244.0
287.0
320.1
327.2
325.0
332.7
363.1
362.7
131.2
190.6
198.8
207.4
230.5
223.3
225.3
207.9
-44.9
29.3
47.9
30.2
-20.1
59.9
20.9
30.0
-46.2
32.3
50.8
28.0
-18.6
62.1
30.5
38.1
754.9
766.0
760.3
696.6
758.9
743.8
746.4
727.8
550.7
544.3
555.5
544.5
182.3
178.9
180.0
170.4
368.4
365.4
375.5
374.0
208.2
199.5
190.9
183.3
-4.0
22.1
13.9
-31.2
15.5
9.9
-25.7
657.0
656.3
686 5
697.1
689.8
686.8
686.5
686.2
519.1
514.8
510.0
504.1
163.3
158.9
148.4
146.0
355.8
355.8
361.6
358.2
170.7
172.0
176.5
182.0
-32.8
-30.4
.1
10.9
-31.1
-30.8
-2.8
12.5
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department October-November 1991 survey, business spending for new plant and
equipment is expected to rise 5.4 percent in 1992, following an expected decline of 0.5 percent in 1991.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
600
600
SEASONALLY ADJUSTED ANNUAL RATES
^
500
500
-r^~1
1
^*-
400
300
400
,
\
^^
> LL INDUSTRIE S
___
'
^•"~
.-—-300
_^
\
'
^-
200
*s
NONAAANUFACTUF ING-L/
*- — — "'
200
_'-~~--.
""--_--
""\
H ANUFACTUR NG
---"
s
100
100
\
\ \
1983
1
1
I
1984
1
1
i i i
1
1985
1986
iJ ll i]
1
1
1
1987
1
1
1
1
1988
1
1
1989
1
1
i
\
1990
-^SURVEYED QUARTERLY
-^SEt FOOTNOTE 4 8ELOW
SOURCE: DEPARTMENT OF COMMERCE
\
\
\
\
\
1992
1991
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanufacturing
Manufacturing
Period
1980
1981
1982
1983
1984
1983
1986
All
industries
Total
Dura-
Non-
ble
goods
durable
goods
Total '
57.77
69.75
69.39
65.74
75.04
82.01
72.28
73.03
86.41
101.24
110.04
107.27
104.68
173.80
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.66
374.54
12.71
15.81
14.11
10.64
11.86
12.00
8.15
8.28
9.29
9.21
9.88
10.06
9.50
13.56
12.67
11.75
10.81
18.44
14.57
15.05
15.07
16.63
18.84
21.47
22.18
26.24
41.32
47.17
53.58
52.95
57.53
59.58
56.61
56.26
60.37
66.28
67.21
65.98
71.44
106.21
120.41
122.79
129.41
151.39
171.09
181.59
189.84
205.76
229.28
241.43
247.44
267.35
54.82
58.93
54.58
Mining
Transportation
Public
utilities
Nonmanufacturing
Total
Commercial
and
other
nonfarm
business 2
318.08
358.77
363.08
359.73
418.38
454.93
447.11
461.51
508.22
563.93
591.96
Manufacturing
112.60
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
Total
205.48
230.09
239.11
242.38
278.77
302.05
309.16
320.45
344.77
380.13
399.34
Sur-
Sur-
veyed
quarterly
veyed
annual-
1 73.80
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.66
374.54
1988
1989
1990
1991 4
1992 *
286.40
324.73
326.19
321.16
373.83
410.12
399.36
410.52
455.49
507.40
532.61
529.97
558.60
112.60
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
184.31
184.06
1990: I
II
III
IV
532.50
534.55
534.11
530.13
192.16
195.02
194.05
189.72
86.03
106.14
110.87
111.57
110.69
340.33
339.53
340.06
340.41
9.62
9.77
9.97
10.12
21.84
21.94
21.08
21.18
65.41
64.64
67.68
70.24
243.46
243.18
241.32
238.87
192.16
195.02
194.05
189.72
340.33
84.15
82.48
79.03
1991-
535.50
524.57
527.86
531.96
191.13
187.35
177.05
181.72
81.24
79.69
74.51
72.74
109.90
107.66
102.54
108.98
344.37
337.22
350.81
350.24
9.89
10.09
10.09
10.15
23.25
23.05
22.83
244.19
239.50
251.42
254.66
191.13
187.35
177.05
181.72
344.37
337.22
350.81
19.61
67.04
64.58
66.47
65.82
563.31
580.52
188.11
197.49
80.58
84.87
107.52
112.61
375.20
383.03
10.58
10.01
24.82
27.68
71.52
74.47
268.28
270.88
188.11
375.20
197 49
883 08
1987... .
I
II
Ill
IV4
1992- I 4
II4
1
51.61
64.57
70.87
65.68
68.03
77.04
82.56
82.58
77.04
79.38
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for these industries.
2
"All industries" plus the part of noninanufacturing that is surveyed annually.
10
184 31
184.06
3
iy 3
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
59.35
339 53
340.06
340.41
350 94
Consists of forestry, fishe
„— __. .ices ana memoersmp organizations; ana real estate.
4
Planned capital expenditures as reported by business in October-November 1991, corrected for
biases.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In January, civilian employment rose 389,000 and unemployment rose 38,000.
MILL ONS OF PERSONS*
MILLIONS OF PERSO NS*
126
122
126
r--~--~-'~—""
SEASONALLY ADJUSTED
r"^ ""
—--^•'
122
CIVILIAN LAB OR FORCE
118
~
r~^~"
114
110
^x-"*"
J *S
106
s
s.-*'
- 1 18
^—^
\
s~
^c"
—x-^""'
1 14
- 110
CIVILIAN
EMPLOYMENT
106
/•-^
s"
-
102
98
12
102
98
--
UNEMPLOYMEr •n
x
11
I
III
1984
1985
——«.
11111
1986
Mill Mill
1987
-
^~
____ -—"
-_ -~>L_
Ill
1988
1989
I I f I I
1990
It
L.I
1 1 1
1991
1 1 1 1 1
1992
16 YEARS OF AGE AND OVER
OURCE DEPARTMENT OF LABOR
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
1982
1983
1984
1985
1986*
1987
1988
1989
1990
1991
1991:
Jan
Feb
Mar
Apr
May
June ....
July ....
Aug
Sept ....
Oct
Nov
Dec
1992:
Jan
Noninstitutional
population
including
resident
Armed
Forces
NSA
Resident
Armed
Forces
NSA
Labor force
including
resident
Armed
173,939
175,891
178,080
179,912
182,293
184,490
186,322
188,081
189,686
191,329
1,668
1,676
1,697
1,706
1,706
1,737
1,709
1,688
1,637
1,564
111,872
113,226
115,241
117,167
119,540
121,602
123,378
125,557
126,424
126,867
101,194
102,510
106,702
108,856
111,303
114,177
116,677
119,030
119,550
118,440
110,204
111,550
113,544
115,461
117,834
119,865
121,669
123,869
124,787
125,303
99,526
100,834
105,005
107,150
109,597
112,440
114,968
117,342
117,914
116,877
3,401
3,383
3,321
3,179
3,163
3,208
3,169
3,199
3,186
3,233
96,125
97,450
101,685
103,971
106,434
109,232
111,800
114,142
114,728
113,644
190,592
190,717
190,703
190,836
190,980
191,173
191,443
191,589
191,746
191,903
192,057
192,209
1,615
1,602
1,460
1,456
1,458
1,505
1,604
1,616
1,624
1,614
1,605
1,604
126,355
126,669
126,710
127,100
126,717
127,029
126,808
126,620
127,214
127,122
126,979
127,223
118,592
118,539
118,294
118,844
118,188
118,414
118,333
118,100
118,713
118,481
118,377
118,332
124,740
125,067
125,250
125,644
125,259
125,524
125,204
125,004
125,590
125,508
125,374
125,619
116,977
116,937
116,834
117,388
116,730
116,909
116,729
116,484
117,089
116,867
116,772
116,728
3,194
3,237
3,124
3,187
3,256
3,286
3,244
3,254
3,283
3,204
3,272
192,358
1,599
127,645
118,716
126,046
117,117
Unemployment
Civilian employment
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
Total
Civilian
Labor
force
participation
'
(percent) 2
Employment/
population
ratio
(percent) 2
Total
15
weeks
and
over
5,852
5,997
5,512
5,334
5,345
5,122
4,965
4,657
4,860
5,767
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
3,485
4,210
2,737
2,305
2,232
1,983
1,610
1,375
1,504
2,323
65.9
66.5
66.4
66.0
3,183
113,783
113,700
113,710
114,201
113,474
113,623
113,485
113,230
113,806
113,663
113,500
113,545
5,247
5,685
5,760
5,791
5,697
5,469
5,660
5,710
6,040
6,055
6,123
6,084
7,763
8,130
8,416
8,256
8,529
8,615
8,475
8,520
8,501
8,641
8,602
8,891
1,869
1,985
2,144
2,180
2,213
2,488
2,355
2,417
2,422
2,570
2,623
2,843
66.0
66.1
66.2
66.3
66.1
66.2
66.0
65.8
66.1
66.0
65.8
65.9
61.9
61.8
61.7
62.0
61.6
61.6
61.5
61.3
61.6
61.4
61.3
61.2
3,166
113,951
6,429
8,929
3,059
66.1
61.4
Agricultural
Total
Part time
for
economic
reasons l
64.0
64.0
64.4
64.8
65.3
65.6
'57.8
57.9
59.5
60.1
60.7
61.5
62.3
63.0
62.7
61.6
11
SELECTED UNEMPLOYMENT RATES
In January, the civilian unemployment rate was unchanged, at 7.1 percent. The overall unemployment rate was
also unchanged, at 7.0 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
TEENAGERS
(16-19)
V
MEN 20 YEARS
AND OVER
WOMEN 20 YEARS
AND OVER
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991:
Jan
Feb
Mar
Apr
May ....
June ...
July ....
Aug ....
Sept ....
Oct
Nov ....
Dec
1992: Jan
Unemployment
rate,
all
workers 1
By sex and age
All
civilian
workers
Men
20 years
and over
Women
20 years
and
over
By selected groups
By race
Both
sexes
16-19
vears
White
Black
and
other
Black
9.5
9.5
7.4
7.1
6.9
6.1
5.4
5.2
5.4
6.6
9.7
9.6
7.5
7.2
7.0
6.2
5.5
5.3
5.5
6.7
8.8
8.9
6.6
6.2
6.1
5.4
4.8
4.5
4.9
6.3
8.3
8.1
6.8
6.6
6.2
5.4
4.9
4.7
4.8
5.7
23.2
22.4
18.9
18.6
18.3
16.9
15.3
15.0
15.5
18.6
8.6
8.4
6.5
6.2
6.0
5.3
4.7
4.5
4.7
6.0
17.3
17.8
14.4
13.7
13.1
11.6
10.4
10.0
10.1
11.1
18.9
19.5
15.9
15.1
14.5
13.0
11.7
11.4
11.3
12.4
6.1
6.4
6.6
6.5
6.7
6.8
6.7
6.7
6.7
6.8
6.8
7.0
6.2
6.5
6.7
6.6
6.8
6.9
6.8
6.8
6.8
6.9
6.9
7.1
5.7
6.2
6.3
6.2
6.4
6.5
6.5
6.5
6.5
6.5
6.4
6.6
5.3
5.4
5.6
5.5
5.7
5.7
5.4
5.7
5.6
5.8
5.9
6.1
18.2
17.3
18.5
18.2
18.9
19.0
19.9
19.0
18.2
18.9
18.7
19.3
5.5
5.8
6.0
5.8
6.0
6.1
6.1
6.1
6.1
6.1
6.2
6.3
10.8
10.7
11.0
11.1
11.3
11.2
10.6
11.1
11.1
11.5
11.0
11.5
12.1
11.9
12.3
12.5
12.8
12.7
11.9
12.4
12.3
12.8
12.3
12.7
7.0
7.1
6.9
5.9
18.3
6.2
12.6
13.7
Experienced
wage and
salary
workers
9.3
9.2
7.1
6.8
6.6
5.8
5.2
5.0
5.3
6.5
6.0
6.3
6.6
6.3
6.5
6.6
6.4
6.5
6.5
6.6
6.7
6.8
6.9
Women
who
maintain
families
Fulltime
workers
Parttime
workers
6.5
6.5
4.6
4.3
4.4
3.9
3.3
3.0
3.4
4.4
11.7
12.2
10.3
10.4
9.6
9.5
7.2
6.8
6.6
5.8
5.2
4.9
5.2
6.5
10.5
10.4
11.0
10.9
9.3
9.3
9.1
8.4
7.6
7.3
7.4
8.3
8.6
8.1
7.9
7.1
6.3
5.9
6.2
7.6
4.0
4.2
4.4
4.3
4.4
4.6
4.4
4.4
4.5
4.2
4.5
4.7
9.0
9.1
9.1
9.6
9.2
9.1
8.5
9.4
9.0
9.4
9.1
9.1
6.0
6.3
6.4
7.7
7.5
8.8
8.2
8.8
8.5
8.2
8.3
8.4
8.4
8.6
8.6
7.1
7.4
7.6
7.5
7.6
7.6
7.6
7.7
7.7
7.7
7.9
8.1
4.8
9.0
9.1
8.1
Married
men,
spouse
present
9.8
9.2
8.1
8.1
8.2
9.1
1
1
Unemployed as percent of total labor force including resident Armed Forces.
2
Aggregate hours lost by the unemployed and persons on part time for economic reasons as per•ent of potentially available labor force hours.
12
Labor
force
time lost
(percent) 2
Source: Department of Labor, Bureau of Labor Statistics.
6.3
6.5
6.6
6.6
6.6
6.5
6.6
6.5
6.8
6.8
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In January, the percentages of the unemployed who had been out of work for less than 5 weeks and for 5-14
weeks fell, and the percentages for 15-26 weeks and for 27 weeks and over rose. The mean duration of
unemployment rose to 16.4 weeks and the median rose to 8.1 weeks.
PERCENT DISTRIBUTION'
PERCENT DISTRIBUTION*
70
70
30 -
20
10
-
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
46.1
40.1
43.6
42.2
41.1
40.2
42.2
39.2
39.8
39.9
39.0
38.2
38.1
37.1
36.8
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
32.0
32.3
32.4
33.3
33.3
33.1
31.8
32.3
32.3
31.6
32.7
32.1
31.5
31.0
29.5
Number of
weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
11.8
14.5
12.9
13.2
14.3
14.5
13.9
15.7
14.6
14.8
14.7
16.4
15.1
15.4
16.1
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
10.1
13.0
11.1
11.4
11.2
12.2
12.0
12.8
13.2
13.7
13.6
13.4
15.3
16.5
17.7
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.1
13.8
12.5
12.9
13.0
13.4
13.1
14.0
13.9
14.1
14.2
14.6
14.9
15.3
16.4
8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
5.4
6.9
5.9
6.3
6.5
6.9
6.6
6.9
6.8
7.2
7.4
7.4
7.7
7.8
8.1
Job
losers
Job
leavers
Reentrants
New
entrants
State
programs
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 1
Weekly average, thousands
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991: Jan ....
Feb
Mar ...
Mav
July
Sept
Oct
Nov ...
Dec
1992: Jan
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
7,763
8,130
8,416
8,256
8,529
8,615
8,475
8,520
8,501
8,641
8,602
8,891
8,929
1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
48.3
54.7
52.9
55.1
54.4
54.0
53.6
54.7
54.7
55.4
56.1
55.1
54.8
56.2
53.7
7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
14.8
11.6
11.9
12.2
12.5
12.0
12.1
12.3
11.6
10.5
11.0
11.4
11.5
10.3
11.0
22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
27.4
24.8
26.4
24.7
24.6
25.0
25.3
24.4
24.3
24.9
23.8
24.2
24.6
24.4
26.4
11.1
11.3
13.0
12.5
12.5
12.4 .
12.2
10.4
9.5
8.9
8.8
8.0
8.4
9.0
9.0
8.5
9.4
9.1
9.1
9.4
9.0
9.1
8.9
4,061
3,396
2,476
2,611
2,650
2,332
2,081
2,158
2,522
r
3,342
3,136
3,303
3,467
3,490
3,475
3,406
3,336
3,283
3,267
3,273
3,313
3,317
3,349
583
438
377
396
378
328
310
330
388
'447
460
498
511
460
433
421
418
415
415
418
448
464
446
4,594
3,775
2,561
2,693
2,746
2,401
2,135
2,205
2,575
r
3,407
4,015
4,090
4,060
3,864
3,262
3,177
3,270
2,999
2,795
2,795
2,846
r
3,578
4,214
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey fell 91,000 in January.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
30
^
^-"
\
ALL NONAGRICULTURAL
ES" ABLISHMENT S
too
80
_^——-
SERVICE-PRODUCING
INDUSTRIES
60
-
16
MANUFACTURING
40
GOOD S-PRODUCIS G
INDUSTRIES
\ ..
30
V
\
20
||m |
> 1988
1
CONSTRUC TlnM
1 II I l l i l 1 1 1 Ml 1 ll 1 1 1 II II 1 II III 1 II 1 1 1 1 ll II 1 II.
1989
1990
1991
1992 ^
.Illllllllll
' 1988
| m | | I l l l l l l l l l l I l l l l l l l l l l 1 1 1 1 ! S 1 1 1 1 !.
1991
1990
1992 ^
1989
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; x seasonally adjusted]
Service-producing industries
Goods-producing industries
Period
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 p
Total
nonagricultural
employment
Manufacturing
Total
2
Construction
Total
Durable
goods
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
Retail
trade
Government
Finance,
insurance,
and real
estate
Services
Total
Federal
89,566
90,200
94,496
97,519
99,525
102,200
105,536
108,329
109,971
108,979
23,813
23,334
24,727
24,859
24,558
24,708
25,173
25,322
24,958
23,819
3,905
3,948
4,383
4,673
4,816
4,967
5,110
5,187
5,136
4,696
18,781
18',434
19,378
19,'260
18,965
19^024
19,350
19^442
19,111
18^426
11,014
10,707
11,479
11,464
11,203
11,167
11,381
11,420
11,115
10,556
7,767
7,726
7,899
7,796
7,761
7,858
7,969
8,022
7,995
7,870
65,753
66,866
69,769
72,660
74,967
77,492
80,363
83,007
85,014
85,159
5,082
4,954
5,159
5,238
5,255
5,372
5,527
5,644
5,826
5,823
5,296
5,286
5,574
5,736
5,774
5,865
6,055
6,221
6,205
6,072
15,161
15,595
16,526
17,336
17,909
18,462
19,077
19,549
19,683
19,345
5,341
5,468
5,689
5,955
6,283
6,547
6,649
6,695
6,739
6,707
19,036
19,694
20,797
21,999
23,053
24,235
25,669
27,120
28,240
28,778
15,837
15,869
16,024
16,394
16,693
17,010
17,386
17,779
18,322
18,434
2,739
2,774
2,807
2,875
2,899
2,943
2,971
2,988
3,085
2,966
6,138
6,119
6,105
6,086
6,085
6,068
6,064
6,050
6,049
6,047
6,034
6,023
6,009
19,542
19,464
19,378
19,324
19,339
19,345
19,347
19,343
19,338
19,288
19,227
19,215
6,736
6,732
6,735
6,718
6,712
6,703
6,688
6,687
6,692
6,697
6,694
6,693
28,590
28,583
28,576
28,576
28,645
28,712
28,733
28,831
28,937
29,019
29,008
29,043
18,365
18,389
18,407
18,424
18,440
18,456
18,420
18,414
18,424
18,467
18,469
18,520
2,952
2,951
2,951
2,953
2,952
2,971
2,963
2,967
2,979
2,983
2,982
2,985
19,164
6,695
29,050
18,531
2,990
1991:
Jan
Feb
Mar
Apr
May....
June...
July....
Aug....
Sept ...
Oct ....
Nov ...
Dec
109,418
109,160
108,902
108,736
108,887
108,885
108,859
108,971
109,066
109,073
108,843
108,846
24,181
24,039
23,877
23,794
23,847
23,792
23,798
23,826
23,797
23,727
23,595
23,554
4,797
4,792
4,720
4,688
4,715
4,710
4,695
4,691
4,699
4,671
4,584
4,593
18,671
18,532
18,443
18,396
18,426
18,378
18,402
18,442
18,414
18,377
18,337
18,290
10,770
10,652
10,584
10,560
10,575
10,534
10,546
10,553
10,531
10,493
10,457
10,415
7,901
7,880
7,859
7,836
7,851
7,844
7,856
7,889
7,883
7,884
7,880
7,875
85,237
85,121
85,025
84,942
85,040
85,093
85,061
85,145
85,269
85,346
85,248
85,292
5,866
5,834
5,824
5,814
5,819
5,809
5,809
5,820
5,829
5,828
5,816
5,798
1992:
Jan".. 108,755
23,492
4,587
18,238
10,363
7,875
85,263
5,814
1
Includes all full- and part-time wage and salary workers in nonagricuitural 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 nonagrieultural employment of the civilian labor
force, shown on p. I I , which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes, bad
14
weather, etc., even if they are not paid for the time off; and which are based on a sample of the
working-a^e 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
Average gross hourly earnings
Manufacturing
Period
Total
private
nonagricultural *
Current
dollars
38.9
40.1
40.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7
2.3
3.0
3.4
3.3
3.4
3.7
3.9
3.8
3.6
3.6
$7.68
8.02
8.32
8.57
8.76
8.98
9.28
9.66
10.02
10.34
Sept
Oct
Nov
Dec
34.1
34.3
34.2
34.0
34.3
34.6
34.1
34 3
34,5
34 3
34,4
34,5
40.4
40.3
40.3
40.2
40.4
40.8
40.7
41.0
41.0
40.9
41.0
41.1
3.4
3.3
3.3
3.3
3.4
3.7
3.7
3.8
3.7
3.7
3.7
3.8
10.18
10.20
10.24
10.28
10.32
10.37
10.36
10.40
10.41
10.40
10.44
10.48
Jan *
34.3
40.8
3.6
10.47
p
1991: Jan
Feb
Mar
May
July
1992:
Overtime
34.8
35.0
35.2
34.9
34.8
34.8
34.7
34.6
34.5
34.3
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
Total
Average gross weekly earnings
Total private
nonagricultural '
Total private
nonagricultural 1
1982
dollars z
Manufacturing
$267.26
280.70
292.86
299.09
304.85
312.50
322.02
334.24
345.69
354.66
r
7.43
7.44
7.45
r
7.46
7.47
7.49
7.47
7.49
7.47
r
7.45
7.45
7.46
11.02
11.03
11.05
11.12
11.15
11.19
11.22
11.25
11.25
11.26
11.31
11.31
347.14
349.86
350.21
349.52
353.98
358.80
353.28
356.72
359.15
356.72
359.14
361.56
7.45
11.30
359.12
r
1
Also includes other private industry groups shown on p. 14.
2
Current dollar earnings divided by the consumer price index for urban wage earners and clerical
workers (on a 1982=100 base). Seasonally adjusted data revised beginning 1987.
Construction
Retail
trade
$267.26
272.52
274.73
271.16
271.94
269.16
266.79
264.22
259.72
255.89
$330.26
354.08
374.03
386.37
396.01
406.31
418.81
429.68
441.86
455.03
$426.82
442.97
458.51
464.46
466.75
480.44
495.73
513.17
526.40
533.78
$163.83
171.13
174.47
174.81
175.80
178.80
183.62
188.72
194.69
200.20
4.7
5.0
4.3
2.1
1.9
2.5
3.0
3.8
3.4
2.6
-1.2
2.0
.8
-1.3
.3
-1.0
-.9
-1.0
-1.7
-1.5
* 253. 39
255.19
' 254.88
* 253.64
256.32
259.25
254.89
T
256.82
257.82
' 255.53
256.35
257.52
445.21
444.51
445.32
447.02
450.46
456.55
456.65
461.25
461.25
460.53
463.71
464.84
523.13
533.65
526.67
532.50
533.40
532.64
532.38
533.25
537.73
536.97
527.42
539.26
194.14
196.48
197.34
197.95
200.33
202.59
199.65
201.34
203.04
200.50
204.19
203.77
2.4
2.4
2.3
2.5
2.9
3.1
1.9
3.0
2.8
3.3
3.0
2.9
-2.9
— 2.5
-2.2
-2.1
-1.9
-1.4
-2.3
-.5
-.3
.6
.2
255.60
461.04
531.62
204.06
3.1
.6
1982
dollars 2
$8.49
8.83
9.19
9.54
9.73
9.91
10.19
10.48
10.83
11.18
Percent change from a
year earlier, total
private
nonagricultural 3
Manufacturing
dollars
$7.68
7.79
7.80
7.77
7.81
7.73
7.69
7.64
7.53
7.46
r
Current dollars
r
1982
dollars
Current
dollars
3
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistic
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 = 100)
Percent change from
12 months earlier
3 months earlier
Period
Total
compensation
Wages and
salaries
Benefits '
Total
compensation
Wages and
salaries
Benefits l
Total
compensation
Wages and
salaries
Benefits '
Not seasonally adjusted
Dec.
Dec
Dec.
Dec,
Dec
Dec
Dec
Dec
Dec
Dec
75.8
80.1
84.0
87.3
90.1
93.1
97.6
102.3
107.0
111.7
77.6
81.4
84.8
88.3
91.1
94.1
98.0
102.0
106.1
110.0
1988: Sept
Dec
1989: Mar
June
Sept
Dec
1990: Mar
96.6
97.8
98.9
99.9
101.2
102.4
103.8
105.0
106.2
107.2
108.5
109.7
110.8
111.9
96.9
98.1
99.1
100.0
101.1
102.2
103.3
104.4
105.4
106.2
107.3
108.4
109.2
110.1
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
71.4
76.7
81.7
84.6
87.5
90.5
96.7
102.6
109.4
116.2
1.3
1.3
1.3
.6
.6
1.0
1.1
.8
.6
1.2
1.1
1.2
.6
.6
.6
1.0
.8
.7
.6
1.4
1.3
1.4
.5
.6
1.0
1.0
1.2
1.0
.9
0.8
1.2
1.0
.9
1.1
1.1
1.1
1.1
1.0
.8
1.0
1.0
.7
.8
1.2
1.4
1.2
1.7
1.6
1.5
2.1
1.4
1.5
1.5
1.4
1.6
1.7
1.4
Sept
Dec
1991: Mar
Sept
Dec
.
.
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.
0.9
1.2
1.1
1.0
1.3
1.2
1.4
1.2
1.1
.9
1.2
1.1
1.0
1.0
6.3
4.9
4.2
4.1
3.2
3.3
4.1
4.1
4.0
3.7
7.2
7.4
6.5
3.5
3.4
3.4
6.9
6.1
6.6
6.2
Not seasonally adjusted
Seasonally adjusted
95.7
97.0
98.2
99.9
101.5
103.0
105.2
106.7
108.3
109.9
111.4
113.2
115.1
116.7
6.5
5.7
4.9
3.9
3.2
3.3
4.8
4.8
4.6
4.4
4.4
4.8
4.6
4.5
4.8
4.8
5.2
5.2
4.9
4.6
4.4
4.4
4.5
4.4
3.7
4.1
4.2
4.1
4.3
4.1
4.2
4.5
4.2
4.0
4.0
3.7
3.7
3.7
6.8
6.9
5.4
5.6
6.0
6.1
7.2
6.9
6.8
6.6
5.8
6.2
6.4
6.2
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
Output '
Hours of all
persons 2
Compensation per
hour 3
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
99.9
100.0
102.2
104.6
106.1
108.3
109.4
110.4
109.5
109.7
109.9
99.9
100.0
102.4
104.5
105.4
107.5
108.3
109.2
108.2
108.1
108.4
102.4
100.0
104.1
112.6
116.7
119.9
124.8
130.1
132.4
132.9
130.9
102.4
100.0
104.4
113.0
116.8
120.1
125.0
130.6
132.8
133.2
131.0
102.5
100.0
101.8
107.6
109.9
110.7
114.1
117.9
120.9
121.2
119.1
102.5
100.0
102.0
108.1
110.8
111.8
115.4
119.5
122.7
123.1
120.9
93.0
100.0
103.7
108.1
113.0
118.6
122.7
128.0
132.5
139.6
145.1
93.0
100.0
103.9
108.1
112.6
118.1
122.1
127.2
131.5
138.3
143.8
98.7
100.0
100.5
100.4
101.3
104.4
104.3
104.4
103.1
103.1
102.8
IV
IV
IV
IV
IV
IV
IV
101.1
103.0
105.2
106.9
108.0
110.3
110.4
101.0
103.2
105.1
105.8
107.1
109.1
109.6
100.0
107.5
114.4
118.0
120.6
127.4
131.7
100.0
108.1
114.8
118.2
120.8
127.6
132.5
98.9
104.3
108.7
110.4
111.6
115.5
119.3
98.9
104.7
109.2
111.7
112.8
117.0
121.0
102.1
105.2
109.7
115.4
120.6
125.3
130.1
102.1
105.1
109.7
114.8
120.1
124.6
129.3
1989: I
II
Ill
IV
110.0
109.7
109.2
109.1
108.8
108.2
107.9
107.8
132.6
132.5
132.4
132.2
133.0
132.8
132.8
132.6
120.5
120.7
121.3
121.2
122.2
122.7
123.1
123.0
131.3
131.9
132.6
134.1
1990: I
II
III
IV
109.6
110.3
109.6
109.4
108.1
108.6
107.9
107.9
133.2
133.9
132.9
131.8
133.5
134.1
133.1
132.0
121.6
121.4
121.2
120.5
123.5
123.4
123.3
122.4
1991: I
II
Ill
109.4
109.9
110.2
110.6
107.9
108.4
108.6
108.9
130.2
130.7
131.3
131.3
130.4
130.9
131.4
131.4
119.1
119.0
119.2
118.7
120.9
120.8
121.0
120.6
Period
Nonfarm
business
sector
Unit labor costs
Real compensation
per hour 4
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
98.8
100.0
100.7
100.4
101.0
104.0
103.7
103.8
102.3
102.1
101.9
93.1
100.0
101.5
103.3
106.5
109.5
112.2
116.0
121.0
127.2
132.0
93.1
100.0
101.5
103.4
106.8
109.9
112.8
116.4
121.5
127.9
132.7
94.5
100.0
103.4
107.7
111.2
113.6
116.6
120.8
126.0
130.8
135.1
94.2
100.0
104.0
107.6
111.6
114.2
117.2
121.4
126.4
131.3
136.0
100.6
100.4
100.6
102.2
105.3
104.8
104.3
100.6
100.3
100.5
101.6
104.9
104.2
103.6
101.0
102.1
104.3
108.0
111.6
113.7
117.8
101.1
101.8
104.4
108.4
112.1
114.3
118.0
101.1
104.8
109.0
112.4
114.6
117.9
122.8
101.4
105.2
109.0
112.9
115.2
118.5
123.4
130.4
130.7
131.5
133.0
103.9
102.9
102.7
102.8
103.2
102.0
101.8
101.9
119.3
120.2
121.5
122.8
119.8
120.8
121.9
123.4
124.2
125.6
126.4
127.6
124.5
126.0
126.9
128.0
136.2
139.0
140.9
142.3
134.9
137.6
139.5
141.0
102.6
103.6
103.3
102.6
101.6
102.6
102.3
101.7
124.3
126.1
128.5
130.1
124.9
126.7
129.2
130.7
128.8
130.2
131.6
132.5
129.2
130.6
132.2
133.3
143.2
144.8
145.8
146.9
142.0
143.6
144.5
145.4
102.4
103.0
103.0
102.9
101.5
102.1
102.1
101.9
131.0
131.8
132.3
132.8
131.6
132.5
133.1
133.5
134.0
135.0
135.6
135.9
134.9
135.7
136.4
136.9
8.6
7.4
1.5
1.9
3.3
2.9
2.6
3.2
4.3
5.3
3.7
10.1
5.8
3.4
4.1
3.3
2.2
2.6
3.6
4.3
3.8
3.3
10.1
6.1
4.0
3.5
3.7
2.4
2.6
3.6
4.1
3.9
3.5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1982 = 100; quarterly data seasonally adjusted
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990.
1991 "
1982:
1983:
1984:
1985:
1986:
1987:
1988:
IV....
Percent change; quarterly data at seasonally adjusted annual rates
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 p...
1.3
.1
2.2
2.3
1.4
2.0
1.0
.9
-.7
.2
.2
0.9
.1
2.4
2.1
.8
1.9
.8
.9
-.9
1989: I..
II
Ill
IV
-1.5
-1.0
-2.0
-.2
-2.8
-2.0
-1.3
-.3
1990- I
II
Ill
IV
1.7
2.4
-2.2
-.9
1.0
2.1
-2.5
-.3
.1
1.9
.9
1.1
1991: I
II
Ill
IV....
I
1.9
1.1
1.6
.2^
1.9
-2.3
4.1
8.2
3.6
2.8
4.1
4.3
1.8
.4
-1.5
1.6
24
4.4
8.2
3.4
2.8
4.1
4.4
1.7
.3
-1.6
0.6
25
1.8
5.7
2.1
.7
3.1
3.3
2.6
.2
-1.7
0.7
-2.4
2.0
6.0
2.5
.9
3.3
3.5
2.7
.3
-1.8
9.4
7.6
3.7
4.2
4.5
4.9
3.5
4.3
3.5
5.4
3.9
9.6
7.5
3.9
4.0
4.2
4.9
3.4
4.1
3.4
5.2
4.0
.9
3.0
I
.1
-1.2
-.0
-.3
0
-1.4
-.2
-.2
8.0
7.4
1.5
1.9
3.0
2.8
2.5
3.3
4.3
5.2
3.7
2.6
-.3
-!e
1.4
-.6
.1
n
4.2
.7
2.0
-.4
4.3
1.4
1.4
-.4
3.5
2.0
2.1
4.4
3.4
1.1
2.5
4.5
-1.3
-3.9
-1.0
.4
-1.5
-4.7
-.7
.5
5.1
3.1
4.2
4.6
6.4
3.2
3.8
4.8
4.7
4.4
2.7
3.7
3.9
4.7
3.0
3.5
3.0
2.0
-3.0
-3.0
2.7
1.8
-3.0
-3.1
1.2
-.5
-.8
-2.2
1.8
-.3
-2.8
6.6
8.4
5.7
4.1
6.0
8.1
5.6
4.4
7
4.3
-1.1
-2.7
13
4.1
-1.2
-2.4
4.8
5.8
8.1
5.0
5.0
5.9
8.4
4.7
4.0
4.3
4.4
2.8
3.8
4.5
4.8
3.4
-4.9
1.7
1.8
.1
-4.9
1.6
1.6
-.0
-4.7
-.3
.7
-1.5
-4.9
-.3
.7
— 1.1
2.6
4.6
2.8
2.9
2.7
4.6
2.7
2.4
-.9
2.4
o
-.2
-.8
2.5
-.3
-.7
2.7
2.6
1.7
1.3
2.7
2.6
1.8
1.3
4.5
2.9
1.8
1.0
4.8
2.5
2.1
1.5
1
1
Output refers to gross domestic product originating in the sector in 1987 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price index for all urban consumers.
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
16
-0.8
1.3
.5
J
-0.7
1.2
.7
q
.6
3.0
2
differ slightly from percent changes based on indexes shown here.
Data reflect the recent comprehensive (benchmark) revision of the national income and product
accounts by the Department of Commerce, Bureau of Economic Analysis (BEA). BEA data for
output and compensation for 1991 incorporate benchmarking to unemployment insurance (UI)
records. However, the detailed Ul information needed by the Bureau of Labor Statistics to measure
employment and hours for 1990 and 1991 is not yet available. Therefore, movements in measures
based on hours of labor input should be interpreted with caution for 1990 and 1991.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization fell in January.
INDEX, 1987 = 100* (RATIO SCALE)
INDEX, 1987 . 100* (RATIO SCALE)
120
IJU
FINAL PRODUCTS
TOTAL INDUSTRIAL PRODUCTION
125
__/—•^-~'
105
^~^\
-""
120
r~^ ^
./
]
/
115
110
105
i 1 II 1 1 1 1 1 II 1 M 1 1 1 1 1 1 II II 1 1 1 1 1 1 M 1 1 M 1 1 1 H 1 1 1
1 1 H 1 1 1 1 1 II
^^
100
95
MANUFACTURING
-
/J\
I/
^ V
\^~^~~-
\
1
BUSINFSS
EQUIPMEf •n
y^*-'^
„K-NX ,— '^
~
1
\
\ ^.^ - .''"\. ....
%
r^"
^J V
CONSUM :R
GOOD:
.
• X
115
DEFENSE
AND SPACE
EQUIPMENT
90
^.~ **
105
^
85
NONDURABLE
100
sn
\4
lm
,
,
1 1 1 1 1 ! I l l II
m|
PERCENT*
88
UTILITIES AND MINING
86
115
UTILITIES
v
A
105
V
/'
/
A——
V
'
•/
rA
J
\f
84
,— -» .,
*\
N* /
" \/>
82
1 M 1 1 1 1 11 11
| M 1 1 1 1 1 i 1!
1988
1989
"^-^] "-^^_
—"^
~\^
^~\
]
\\l r^^^^V^ 'V/V\
MINING
/^"
FY UTILIZAT
_ (TOTAL NDUSTRY)
\
80
V~N
78
M 1 1 1 ! M 1 1 1 1 1 M ! 11 1 1 1 1 1 1 ! 1 1 1 11 1 1 1
1991
1992
1990
76 1 1 1 I I 1 1 1 1 i 1 1 1 i 1 1 1 I 1 1 M
1989
1988
1 1 It
11 1 1 1 1 1
1990
1 i I 1 1 1 I 1 1 1 1 I t II 1 1 M i l l
1 991
|
1 992
COUNCIL Of ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
Index,
1987 = 100
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 r
1991: Jan
Feb
Mar
Apr
May
June
July
Aue
Sept
Oct r.
Nov r .
Dec r
. ...
....
1992: Jan"
1
Output as percent of capacity.
..
Capacity utilization
rate, percent l
Industry production indexes, 1987 = 100
Total
industrial
production
Manufacturing
Percent
change
from year
earlier
Mining
Durable
Total
Utilities
Nondurable
Total
industry
Manufacturing
85.7
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
109.2
107.1
1.9
— 4.4
3.7
9.3
1.7
1.0
4.9
5.4
2.6
1.0
19
80.3
76.6
80.9
89.3
91.6
94.3
100.0
105.8
108.9
109.9
107.5
77.4
72.7
76.8
88.4
91.8
93.9
100.0
107.6
110.9
111.6
107.1
84.5
82.5
87.0
90.8
91.5
94.9
100.0
103.6
106.4
107.8
108.0
114.3
109.3
104.8
111.9
109.0
101.0
100.0
101.8
100.5
102.6
101.0
94.3
91.8
93.6
97.0
99.5
96.3
100.0
104.4
107.1
108.0
109.2
80.9
75.0
75.8
81.1
80.3
79.2
81.4
84.0
84.2
83.0
79.4
78.8
72.8
74.9
80.4
79.5
79.0
81.4
83.9
83.9
82.3
78.2
106.6
105.7
105.0
105.5
106.4
107.3
108.1
108.0
108.4
108.4
108.1
107.6
g
-2.6
36
-3.0
27
-2.5
-2.1
-2.3
-2.0
-1.4
2
.4
107.0
106.1
105.2
105.9
106.6
107.5
108.3
108.4
108.9
109.0
108.6
108.5
107.2
106.1
105.0
106.0
106.7
107.3
108.1
107.8
108.4
108.2
107.7
107.2
106.8
106.0
105.4
105.9
106.5
107.6
108.6
109.0
109.6
110.1
109.7
110.1
101.7
102.9
101.5
100.9
100.2
102.1
102.7
101.3
101.4
100.7
99.3
97.8
107.6
104.6
106.4
105.9
111.4
111.5
110.9
110.7
109.7
109.4
111.0
108.1
80.0
79.1
78.4
78.6
79.1
79.6
80.0
79.8
79.9
79.8
79.3
78.8
78.9
78.0
77.2
77.5
77.8
78.3
78.7
78.6
78.8
78.7
78.2
78.0
106.7
.0
107.5
105.8
109.6
97.6
107.7
78.0
77.0
Source: Board of Governors of the Federal Keserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987=100; monthly data seasonally adjusted]
Materials
Products
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
Durable
goods
Nondurable
goods
Total »
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Energy
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 '
80.8
83.0
91.0
94.2
95.7
100.0
105.6
109.1
110.9
109.6
84.5
88.8
92.8
93.7
96.8
100.0
104.0
106.7
107.3
107.6
68.7
79.7
91.0
91.6
94.5
100.0
104.9
107.9
106.2
102.3
89.7
91.9
93.4
94.4
97.6
100.0
103.7
106.4
107.6
109.0
77.0
76.8
89.2
94.8
94.5
100.0
107.6
112.3
115.5
112.2
72.9
71.9
85.4
91.1
93.2
100.0
111.8
119.1
123.1
121.5
65.7
71.8
78.9
89.4
96.0
100.0
98.0
97.4
97.3
91.0
75.1
80.3
86.2
88.3
92.0
100.0
104.4
106.8
107.7
103.4
72.2
80.2
86.2
89.1
93.8
100.0
104.4
106.1
105.2
96.1
77.0
80.3
86.2
87.7
90.7
100.0
104.4
107.3
109.4
108.4
85.1
88.3
96.6
96.6
95.9
100.0
105.6
107.4
107.8
105.5
100.7
98.9
103.8
103.4
99.4
100.0
101.8
101.4
102.1
102.3
1991: Jan
Feb
Mar
Dec r.
109.1
108.3
108.1
108.7
109.3
110.1
110.2
109.8
110.4
110.6
110.6
110.2
105.6
104.7
104.7
105.5
106.6
108.0
108.3
108.4
109.4
109.7
110.0
109.7
97.6
95.2
95.9
99.3
101.1
104.2
105.5
104.0
107.7
107.5
106.0
105.2
107.8
107.3
107.1
107.2
108.1
109.0
109.0
109.6
109.8
110.3
111.0
111.0
113.6
112.9
112.5
112.8
112.7
112.8
112.8
111.6
111.8
111.9
111.4
110.9
121.6
120.6
120.3
121.3
121.7
121.9
122.5
121.3
122 2
122.3
121.7
121.7
94.4
94.5
93.9
92.5
91.5
91.0
90.0
89.8
89.1
89.1
88.8
87.4
103.8
102.6
101.3
101.2
102.7
104.0
104.0
104.4
104.3
104.1
104.1
104.2
97.7
96.4
94.0
94.9
95.8
97.4
96.9
96.7
96.5
95.4
95.8
95.6
108.1
106.8
106.4
105.6
107.5
108.5
109.0
109.7
109.7
110.1
109.9
110.1
104.8
103.9
102.6
103.4
104.5
105.4
107.0
107.2
107.5
107.4
106.6
105.8
101.1
101.1
101.3
101.1
102.4
103.4
104.1
103.3
103.6
103.1
102.1
100.2
1992- Jan "
109.2
108.9
101.8
110.9
109.5
120.3
85.9
103.5
95.3
109.2
104.9
100.0
May
July .
Sept
Octr
Noy '
!
Includes oi! and gas well drilling and manufactured homes, not shown separately.
[1987=100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Transportation
equipment
Primary metals
Period
Total
Iron
and
steel
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber and
products
Apparel
products
Printing
and
publishing
Chemicals
and
products
Foods
1982
1983
1984
1985
1988
1987
1988
1989
1990
1991 '
83.2
91.0
102.4
101.8
93.8
100.0
1103
109.2
108.4
99.6
86.2
96.1
105.9
104.5
90.8
100.0
113.8
109.3
109.9
98.3
83.2
85.5
93.3
94.5
93.8
100.0
106.2
107.2
105.9
100.4
63.9
64.3
80.8
86.8
90.4
100.0
113.8
121.8
126.5
123.6
75.9
80.3
94.1
93.1
94.3
100.0
106.5
109.5
111.4
110.1
64.8
72.7
83.1
91.8
96.9
100.0
105.0
107.2
105.5
98.6
58.8
74.5
90.6
99.0
98.5
100.0
105.5
104.9
96.8
90.4
67.3
79.9
86.0
88.0
95.1
100.0
104.6
103.0
101.6
94.3
90.1
93.8
95.7
92.6
96.3
100.0
102.2
104.3
98.8
96.2
75.2
79.0
84.5
87.6
90.7
100.0
103.6
108.5
111.9
112.4
81.8
87.5
91.4
91.4
94.6
100.0
105.4
108.5
110.3
111.0
87.7
90.1
92.1
94.9
97.4
100.0
102.8
105.5
107.6
108.6
1991: Jan
Feb
Mar
99.7
99 5
94.7
94.5
96.9
96.4
101.2
102.6
102.3
102.6
103.5
103.1
99.0
98.0
92.0
91.6
94.0
92.9
99.5
100.6
100.8
102.4
105.6
104.8
101.7
99.1
97.8
98.0
99.1
99.8
100.9
101.4
101.9
101.9
101.8
101.3
125.5
124.5
123.1
123.5
123.6
123.4
123.9
123.3
123.1
123.5
122.9
122.1
107.6
108.2
108.6
109.7
110.6
111.5
111.0
111.5
111.0
109.8
110.7
110.5
97.6
95.5
95.0
97.2
98.2
99.7
101.3
99.0
102.2
102.4
99.7
97.9
83.0
79.4
79.8
86.2
89.8
92.5
96.7
91.6
99.5
100.4
95.9
94.7
94.2
91.5
91.2
92.7
92.5
96.7
94.8
95.3
95.2
93.8
96.2
96.4
92.9
93.1
92.5
93.2
95.2
96.2
97.8
98.3
98.1
98.7
98.8
98.9
112.1
110.9
110.4
110.7
110.6
111.2
111.9
112.3
113.3
114.4
114.3
115.0
110.1
109.1
108.2
109.0
109.2
109.6
1 1 1 .5
112.3
112.6
113.5
113.0
113.7
108.3
107.6
107.4
107.6
107.8
108.6
108.3
108.7
109.5
109.4
110.0
110.0
102.9
105.8
99.5
121.8
110.2
93.1
86.9
96.4
98.4
114.3
113.1
110.0
May
July
Sept
Oct '
Noy '
Dec '.
1992: Jan " .
Source: Board of Governors of the Federal Reserve System.
18
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
Period
Tola! new
construction
expenditures
Residential
Total
New housing
units
Total '
and
industrial 2
Other
Federal,
State, and
local
Totai value
index
(1987 = 100)
Commercial
and industrial
floor space
{millions of
square feet)
Billions of dollars
294.9
348.8
377.4
407.7
419.3
432.2
443.7
446.4
404.0
1983
1984
1985
1986
1987
1988
1989
1990
1991 T
231.5
278.6
299.5
323.1
328.6
337.4
345.4
337.8
295.2
125.5
153.8
158.5
187.1
194.7
198.1
196.6
182.9
160.6
94.6
113.8
114.7
133.2
139.9
138.9
139.2
128.0
110.8
57.7
74.0
89.8
84.4
84.0
88.0
94.3
96.4
76.0
48.2
50.8
51.3
51.6
50.0
51.4
54.6
58.5
58.6
63.5
70.2
77.8
84.6
90.6
94.8
98.3
108.7
108.8
75
83
91
96
100
101
105
95
88
756
955
1,097
1,016
1,019
973
961
783
545
Annual rates
Annual rates
Sept
Oct
Nov '
Dec r
406.5
410.1
401.9
407.1
399.0
398.2
398.4
403.2
407.0
410.3
405.4
398.9
303.9
300.5
293.3
299.0
291.0
290.9
290.3
293.4
296.6
297.5
293.2
290.7
161.8
155.6
152.4
151.8
154.6
158.3
158.0
162.8
166.6
168.3
166.0
164.3
107.9
103.5
100.8
100.6
103.2
106.7
109.9
114.4
118.0
118.3
118.9
119.1
85.1
86.2
83.2
87.0
78.2
73.8
73.4
72.0
71.2
70.4
68.4
67.6
57.0
58.7
57.6
60.2
58.3
58.8
58.9
58.6
58.8
58.8
58.9
58.8
102.6
109.6
108.6
108.0
108.0
107.3
108.1
109.7
110.4
112.8
112.2
108.3
80
85
86
93
88
82
88
92
86
96
81
96
602
658
538
624
565
438
469
r
507
r
408
r
625
474
479
1992: Jan"
404.1
294.6
168.0
121.1
66.8
59.9
109.4
95
472
1991- Jan
Feb
Mar
May
July
1
2
3
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Period
Units started, hy type of structure
Total
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
' 1,014.5
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1 unit
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
r
841.2
2-4 units
80.0
113.5
121.4
93.4
84.0
65.3
58.8
55.2
37.5
r
35.5
5 or more units
319.6
522.0
544.0
576.1
542.0
408.7
348.0
317.6
260.4
r
!37.7
Units
authorized
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
961.4
Units
completed
Homes sold
Homes for
sale at end of
period 1
Vacancy rate
for rental
housing units
(percent)*
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,087.7
412
623
639
688
750
671
676
650
534
r
506
253
301
353
346
357
366
368
r
365
r
.321
283
5.3
5.7
5.9
6.5
7.3
7.7
7.7
7.4
7.2
1,155
1,125
1,096
1,190
1,089
1,070
1,105
1,069
1,054
1,194
1,069
1,023
"991
469
406
490
497
505
511
513
505
522
499
526
568
542
612
321
315
312
308
302
298
296
295
292
292
289
286
283
283
7.2
Seasonally adjusted annual rates
1990- Dec '
1991- Jan r
Feb '
Marr
Mavr
July '
Sept r
Oct '
Nov '
Dec '
1992- Jan"
1
Seasonally adjusted.
2
Quarterly data entered i
earlier data.
962
844
1,008
918
978
983
1,036
1,053
1,053
1,020
1,085
1,085
1,106
1,167
737
644
803
751
802
830
870
881
881
864
887
907
965
974
16
30
36
27
32
36
26
46
41
28
49
33
44
31
last month of quarter. Series beginning 1989 not comparable with
209
170
169
140
144
117
140
126
131
128
149
145
97
162
854
802
876
892
913
966
999
1,005
953
982
1,028
993
1,055
1,111
7.5
7.3
7.6
7.3
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
ai e for 16,000 places.
Seasonally adjusted housing starts and new homes sold and for sale revised beginning 1989.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In December, manufacturing and trade sales fell 1.7 percent and inventories rose $3.3 billion. In January,
according to advance data, retail sales rose 0.6 percent, following a rise of 0.1 percent in December.
BILLIONS OF DOLLARS "(RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE!
300
,uuu
900
800
700
.
•
-"
r"^1
250
—i
\
MANUFACTURING AND
TRADE INVENTORIES
600
^-s ~~/
500
T~—-,
uT~.
^--
••
-
\
*s
RETAIL INVENTORIES
200
\
150
M> vNUFACTURIh1C
AN D TRADE SAL ES
RETAIL SALES
400
300
RATIO '
1.80
INVENTORY-SALES RATIO
1.70
.. ,^\
1.60
200
^^
/
{-•^^ X ~ .
' " \
1
'V"
MANUFACTURING
AND IK <UJt
i ii i in 1 1 1 1
1 1 1 1 1 1 1 II 1 1 1 1 1 1 1 1 1 1 1 n
1989
1990
1.50
1.40
1 1 1 1 ill 1 1 II M i n i u m
1988
1 1 1 1 1 1 1 1 1 II 1 1 II 1 1 II 1 1 1
1989
1991
1990
1.30
A
N^-A^
1992
1988
V,
i
1991
1 II 1 ll 1 1 1 1 1
1992
COUNCIL OF ECONOMIC ADVISERS
Manufacturing and
trade 1
Wholesale
Sales
Period
Sales 2
Inventories 3
348,755
370,441
411,391
423,806
431,668
459,088
496,330
525,839
542,917
535,451
535,141
r
526,988
527,915
523,117
530,872
535,926
536,977
541,023
539,578
540,898
542,982
542,757
533,260
574,518
590,968
650,789
665,060
664,031
711,595
767,700
810,257
r
825,363
817,196
825,363
831,445
828,201
819,615
816,893
811,713
807,105
806,802
806,648
809,793
813,024
813,898
817,196
Sales
2
Inventories 3
Inventory-sales ratio 4
Retail
Total
2
Durable
goods
stores
Inventories
Nondurable goods
stores
Total
3
Durable
goods
stores
Nondurable goods
stores
61,469
69,025
79,250
88,464
90,197
105,738
112,254
120,663
r
120,488
118,174
120,488
121,217
119,239
116,041
116,087
115,490
114,305
114,754
115,279
117,437
118,172
117,735
118,174
73,024
78,687
88,498
93,309
96,390
102,374
107,537
117,496
r
121,372
126,840
121,372
122,854
121,940
120,859
120,609
120,714
120,793
121,240
121,478
122,308
123,783
124,451
126,840
Manufacturing
and
trade '
Retail
Millions of dollars, seasonally adjusted
1982
1983
1984
1985
1986
1987
1988.
1989
1990
1991 "
1990: Dec r
1991: Jan
Feb
Mar
May
June
July
Sept
Oct
Nov r
Dec p
1992- Jan "
96,290
100,324
113,393
114,626
116,151
124,254
135,176
144,005
149,193
145,024
148,347
144,723
143,608
142,935
145,019
144,927
145,217
147,635
145,524
146,000
145,365
144,772
144,600
128,196
130,906
143,557
148,484
154,713
165,271
180,313
188,273
T
194,692
196,481
194,692
198,993
198,563
196,733
195,052
193,632
192,039
192,806
192,503
191,211
193,005
193,892
196,481
89,114
97,570
107,316
114,642
120,860
128,509
137,613
145,146
150,602
151,794
150,219
r
147,717
151,092
151,467
150,967
152,710
152,642
153,195
152,160
152,658
152,483
152,505
r
152,663
153,538
28,013
32,631
37,938
41,567
45,121
48,051
52,281
54,349
54,563
53,736
52,661
' 50,767
53,235
53,725
53,490
54,074
54,212
54,117
53,390
54,619
54,657
54,247
' 54,340
54,636
61,101 134,493
64,939 147,712
69,377 167,748
73,075 181,773
75,738 186,587
80,457 208,112
85,332 219,791
90,797 238,159
96,039 " 241,860
98,058 245,014
97,558 241,860
r
96,950 244,071
97,857 241,179
97,742 236,900
97,477 236,696
98,636 236,204
98,430 235,098
99,078 235,994
98,770 236,757
98,039 239,745
97,826 241,955
98,258 242,186
r
98,323 245,014
98,902
..
1
See page 21 for manufacturing.
Monthly average for year and total for month.
3
End of period.
2
20
4
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
1.67
1.55
1.53
1.55
1.55
1.50
1.49
1.51
1.51
1.52
1.54
1.58
1.57
1.57
1.54
1.51
1.50
1.49
1.49
1.50
1.50
1.50
1.53
1.49
1.44
1.49
1.52
1.56
1.55
1.55
1.60
1.59
1.58
1.61
1.65
1.60
1.56
1.57
1.55
1.54
1.54
1.56
1.57
1.59
1.59
1.60
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In January, manufacturers' shipments and new orders rose, while inventories and unfilled orders fell.
BILUONS OF DOLLARS* (RATIO SCALE)
240
SHIPMENTS
BILLIONS OF DOLLARS* IRATIO SCALE!
_x~~
\
TOTAL
[^-—
200
_
440
^^^^
360
160
280
—• • -\
120
- - • — -'""""
""
\
NONC)URABLE GOO )S
"™°™
\
200
"
_-
\
—
\
DL RABLE GOODS
160
80
120
60
1 1 1 iilmn
|||M|
\
NCDNDURABLE G DODS
mll |
||m|
80
BILLIONS OF DOLLARS* (RATIO SCALE)
NEW ORDERS
_.
60
240
\
200
1 1 I! 1 1 I 1 1 1 t
pi ifABl f rj~mrK
160
•^.v
120
_
,
TOTAL
RATIC *
2.20
/•---i.
INVENTORY-SHIPMENTS RATIO
2.00
\
NONE URABLEGOO 3S
1.80
80
1.60 —=====_^^^-^
*--v^ -^
1.40
60
Jllllllllll
|||m
MIlllIM
1989
1988
1990
Illll Illll
1991
|
||m |
1.20
1992
1 1 1 1 1 1 1 11 1 1 1 1 M! 1 1 1 1 11
1989
1988
1 1 1 III I l l l l
1990
1992
1991
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments l
Manufacturers' inventories z
Manufacturers' new orders 1
Durable goods
Period
Total
Durable
goods
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Total
Total
Capital
goods
industries,
non-defense
Nondurable
goods
Manufacturers'
unfilled
orders z
Manufacturers'
tory —
shipments
ratio 3
Millions of dollars, seasonally adjusted
1982
1983 .
1984
1985 . .
1986
1987
1988
1989
1990. ..
1991 r
1991: Jan
Feb
Mar
May
,}
July
Sept
Oct
Nov
Dec '
1992: Jan '
1
2
163,351
172,547
190,682
194,538
194,657
206,326
223,541
236,689
243,122
231,634
79,212
85,481
97,940
101,279
103,238
108,128
117,993
124,532
125,388
121,588
84,139
87,066
92,742
93,259
91,419
98,198
105,549
112,156
117,735
117,046
311,829
312,350
339,484
334,803
322,731
338,212
367,596
383,825
388,811
375,701
200,409
199,814
221,284
218,182
212,010
220,790
241,389
253,261
252,836
240,292
111,420
112,536
118,200
116,621
110,721
117,422
126,207
130,564
135,975
135,409
162,140
175,451
192,879
195,706
195,204
209,389
227,025
240,758
243,643
237,288
78,064
88,140
100,164
102,356
103,647
110,809
121,444
128,651
125,958
120,139
19,213
19,624
23,669
24,545
23,983
26,096
30,727
34,816
34,032
31,501
84,077
87,311
92,715
93,351
91,557
98,579
105,581
112,107
117,685
117,149
311,893
347,310
373,607
387,241
393,629
430,589
472,223
520,837
527,195
511,348
1.95
1.78
1.73
1.73
1.68
1.59
1.58
1.61
1.60
1.60
234,548
233,215
228,715
234,886
238,289
239,118
240,193
241,894
242,240
245,134
245,480
235,997
117,648
117,432
114,487
119,721
121,024
122,240
122,994
124,459
124,965
126,404
126,547
119,795
116,900
115,783
114,228
115,165
117,265
116,878
117,199
117,435
117,275
118,730
118,933
116,202
388,381
388,459
385,982
385,145
381,877
379,968
378,002
377,388
378,837
378,064
377,820
375,701
252,170
252,256
250,405
249,546
246,964
245,642
244,467
243,616
244,310
242,816
242,290
240,292
136,211
136,203
135,577
135,599
134,913
134,326
133,535
133,772
134,527
135,248
135,530
135,409
234,462
233,132
226,431
231,229
236,540
233,725
248,090
243,160
237,624
242,230
243,138
234,102
117,789
117,547
112,116
116,139
118,434
117,128
130,827
125,482
120,092
123,325
124,046
117,785
33,957
33,756
31,940
28,748
28,038
29,282
36,689
30,993
30,078
31,098
34,876
28,909
116,673
115,585
114,315
115,090
118,106
116,597
117,263
117,678
117,532
118,905
119,092
116,317
527,109
527,026
524,742
521,085
519,336
513,943
521,840
523,106
518,490
515,586
513,243
511,348
1.66
1.67
1.69
1.64
1.60
1.59
1.57
1.56
1.56
1.54
1.54
1.59
236,179
121,310
114,869
374,402
239,217
135,185
235,008
120,341
31,747
114,667
510,177
1.59
Monthly average for year and total for month. Shipments are the same as sales.
End of period.
3
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In January, the producer price index for all finished goods fell 0.3 percent. Prices of finished consumer foods fell
0.3 percent and prices of other finished consumer goods fell 0.7 percent. Capital equipment prices rose 0.2
percent.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
SEASONALLY ADJUSTED
FINISHED GOODS PRICES
130
130
CONSUMER FOODS
120
120
CAPITAL EQUIPMENT
\^
110
110
TOTAL
100
100
• CONSUMER GOODS
EXCLUDING FOODS
90
90
1984
1987
1986
1985
1989
1988
1990
1992
1991
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1982=100; monthly data seasonally adjusted]
—
Intermediate materials
Finished goods
Period
1982
1983
1984
1985
1986
1987
1988
1989 .
1990
1991 p.
1991: Jan r.
Feb r
Mar r
Apr r.
May r
July r
Aue r
Sept r
Oct r
Nov '
Dec r
1992:
Jan
1
Total
finished
goods
100.0
101.6
103.7
104.7
103.2
105.4
108.0
113.6
119.2
121.7
122.4
121.6
121.2
121.4
121.6
121.4
121.2
121.5
121.8
122.2
122.2
122.1
121.7
Consumer
foods
100.0
101.0
105.4
104.6
107.3
109.5
112.6
118.7
124.4
124.2
124.8
124.8
124.9
125.3
125.0
124.7
124.0
123.4
123.3
123.3
123.1
122.9
122.5
Durable
Nondurable
Capital
equipment
100.0
101.2
102.2
103.3
98.5
100.7
103.1
108.9
115.3
118.7
120.1
118.7
117.6
117.7
118.1
117.8
117.7
118.3
119.0
120.0
120.1
119.7
100.0
102.8
104.5
106.5
108.9
111.5
113.8
117.6
120.4
123.9
123.2
123.6
123.9
123.9
123.4
123.3
123.5
123.8
124.3
124.5
124.8
124.8
125.5
100.0
100.5
101.1
101.7
93.3
94.9
97.3
103.8
111.5
115.0
117.1
115.0
113.6
113.9
114.5
114.2
114.0
114.9
115.3
116.1
116.1
115.7
114.7
100.0
102.8
105.2
107.5
109.7
111.7
114.3
118.8
122.9
126.7
125.7
125.9
126.2
126.2
126.6
126.7
126.8
126.9
127.1
127.3
127.5
127.7
128.0
100.0
101.3
103.3
103.8
101.4
103.6
106.2
112.1
118.2
r
120.5
121.6
120.6
120.0
120.2
120.4
120.1
119.8
120.2
120.4
120.9
120.9
120.7
120.1
Consumer goods
Total
100.0
101.8
103.2
104.6
101.9
104.0
106.5
111.8
117.4
120.9
121.6
120.7
120.0
120.1
120.4
120.2
120.1
120.6
121.2
122.2
122.2
122.0
121.4
Intermediate materials for food manufacturing and feeds.
Note.—Seasonally adjusted data revised beginning 1987.
22
Total
Total
finished
consumer
goods
Finished goods excluding consumer foods
118.9
Total
100.0
100.6
103.1
102.7
99.1
101.5
107.1
112.0
114.5
114.4
116.4
115.8
114.5
114.1
114.0
114.2
113.8
114.1
114.3
114.0
114.1
113.9
113.3
Foods
and
feeds '
Other
100.0
103.6
105.7
97.3
96.2
99.2
109.5
113.8
113.3
111.1
110.5
112.1
112.4
112.4
110.5
110.2
108.5
110.6
110.8
111.7
112.0
112.0
111.1
100.0
100.5
103.0
103.0
99.3
101.7
106.9
111.9
114.5
114.6
116.8
116.0
114.7
114.2
114.2
114.4
114.1
114.3
114.5
114.1
114.2
114.0
113.4
Crude materials
Total
Foodstuffs
and
Other
stuffs
Source: Department of Labor, Bureau of Labor Statistics.
100.0
101.3
103.5
95.8
87.7
93.7
96.0
103.1
108.9
101.2
113.2
104.4
100.7
100.4
100.9
99.3
99.3
99.1
98.4
100.1
100.4
98.3
97.7
100.0
101.8
104.7
94.8
93.2
96.2
106.1
111.2
113.1
105.5
108.3
108.1
108.4
108.2
105.6
106.0
104.2
102.6
104.2
104.0
103.6
103.2
105.0
100.0
100.7
102.2
96.9
81.6
87.9
85.5
93.4
101.5
94.6
110.9
98.0
92.3
92.0
94.1
91.5
92.4
93.1
91.1
93.7
94.3
91.4
89.3
CONSUMER PRICES—ALL URBAN CONSUMERS
In January, the consumer price index for all urban consumers rose 0.1 percent seasonally adjusted and not
seasonally adjusted. The index was 2.6 percent above its year-earlier level.
INDEX, 1 9 8 2 - 8 4 = 100 (RATIO SC ALE)
150
IND EX, 1 982-84 = 1 00 (RAT O SCALE)
150
SEASONALLY Amu S ,E =
140
140
^^\
130
130
^
^^
CONSUMER PRICES— ALL ITEMS
^^s***
120
120
_^^\
^
110
110
^~
100
100
^
90
90
1
80
1984
Mill
1 1 1 1 1
1 1 1 M
! 1 1 II 1
1986
1985
1 1 1
M 1 M 1 M 1 M
II
1988
1987
II
1 1 1
1 1 1 1 1
1 M 1 1
1989
Mill
1 M
1 1 1 1 1 1 1 1
1990
HIM
1991
M i l l
80
1992
SEE NOTE ON TABLE 9 LOW
SOURCE DEPARTMENT OF LABOR
ECONOMIC ADVISERS
[1982-84—100, except as noted; monthly data seasonally adjusted, except as noted]
All items *
Transportation
Housing
Shelter
Not
Period
seasonally
adjust-
ed
(NSA)
Rel. imp. 3
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991:
Jan r
Feb r
Mar r
Apr r
May r
June
July
r
r
Aug r.
Sept
r
Oct r
Nov r.
Dec r
1992:
Jan
Season-
Rent-
Food
ers'
Total '
ally
adjust-
Total
ed
100.0
96.5
99.6
103.9
107 6
109.6
113 6
118.3
124.0
130.7
1362
27. 9
costs
costs
and
repairs
8.0
19.7
ears
Motor
fuel
cal
care
gy2
and
energy
(NSA)
6. 7
3.3
102.8
92.5
99.4 100.6
97.9 106.8
98.7 113.5
77.1 122.0
80.2 1 1 30 1
138.6
80.9
149.3
88.5
162.8
101.2
177.0
99.4
76.6
102.5
107.3
113.1
119.4
124.8
131.1
137.3
144.6
150.2
4.1
97.4
99.9
102.8
106.1
110.6
114.6
116.9
119.2
121.0
125.3
7.4
97.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
120.5
123.8
99.2
99.9
100.9
101.6
88.2
88.6
89.3
94.3
102.1
102.5
95.8
99.6
104.6
109,1
113.5
118.2
123.4
129.0
135.5
142.1
152.8
153.1
153.6
153.9
154.2
154.6
155.0
155.2
155.8
156.3
156.6
157.3
147.9
148.5
148.7
149.2
149.4
149.9
150.2
150.5
151.1
151.6
152.1
152.7
124.1
125.1
124.2
126.1
126.9
126.2
126.9
127.2
126.8
126.6
127.6
128.1
114.9
114.6
114.7
114.1
114.5
114.4
115.0
115.3
115.7
116.2
116.8
116.8
125.8
127.9
128.2
128.6
128.6
127.8
127.7
129.2
130.0
130.3
131.1
129.6
125.5
123.9
122.9
122.7
123.1
123.4
123.6
124.2
124.2
124.0
124.5
124.8
123.3
124.0
124.4
125.0
125.1
125.5
125.7
125.9
126.3
126.2
126.3
126.5
110.3
102.6
97.8
97.9
98.6
98.7
97.1
98.0
97.9
97.3
98.2
98.5
171.2
172.3
173.3
174.5
175.4
176.6
177.7
178.9
180.0
181.1
182.0
183.3
107.8
103.7
101.3
100.9
101.3
101.1
100.6
101.2
101.4
101.4
102.2
102.3
139.6
140.5
140.9
141.3
141.6
142.0
142.4
143.0
143.6
143.9
144.4
144.7
158.4
153.2
128.0
116.4
130.0
124.4
126.6
96.3
184.5
100.8
145.1
149.1
1
Includes items not shown separately.
2
Household fuels — gas (piped), electricity, fuel oil, etc. — and motor fuel. Motor oil, coolant, etc.
Iso included through 1982.
3
Relative importance, December 1991.
New
17.0
135.7
136.8
Total '
items
less
food
6.1
143.8
144.4
144.7
145.1
145.3
145.8
146.1
146.4
146.9
147.4
147.9
148.4
138.3
el and
upkeep
Ener-
97.8
100.2
102.1
105.0
105.9
110.6
115.4
118.6
124.1
128.7
131.8
132.3
132.5
132.7
133.0
133.2
133.6
133.8
134.2
134.6
135.0
135.4
138.1
and
other
utilities
Medi-
7.3
94.9
100.2
104.8
106.5
104.1
103.0
104.4
107.8
111.6
115.3
103.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
155.6
137.1
137.4
137.9
138.2
Appar-
0.2
96.4
99.9
103.7
106.5
107.9
111.8
114.7
118.0
122.2
126.3
96.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
140.0
146.3
135.4
135.3
135.7
136.4
136.7
137.3
136.6
136.3
136.5
136.4
137.0
137.4
Maintenance
(Dec.
1982 =
100)
(Dec.
41.5
96.9
99.5
103.6
107.7
110.9
114.2
118.5
123.0
128.5
133.6
134.7
134.9
135.1
135.4
135.7
136.1
136.2
136.6
owners'
1982 =
100)
16.0
97.4
99.4
103.2
105.6
109.0
113.5
118.2
125.1
132.4
136.3
134.6
134.8
135.0
135.2
135.6
136.0
136.2
136.6
137.2
137.4
137.8
137.9
All
Fuel
Home-
NOTE. — Data beginning 198H incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with figures for earlier per ods.
Data beginning 1987 and" 1988 calculated on a revised basis.
Seasonally adjusted data revised beginning 19H7.
Source: Department of Labor, Bureau of Labor LStatisfk-s.
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
Total
finished
goods
Capita!
equipment
Excluding foods
Foods
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
3.6
.6
1.7
1.8
-2.3
2.2
4.0
4.9
5.7
j
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 p
4.2
9
.8
2.1
-6.6
4.1
3.1
5.3
8.7
-.6
2.0
2.3
3.5
.6
2.8
-.2
5.7
5.2
2.6
-1.6
4.1
1.6
2.1
1.0
-1.4
2.1
2.5
5.2
4.9
2.1
3.9
2.0
1.8
2.7
2.1
13
3.6
3.8
3.4
2.5
Change, month to month
1991- Jan *
Feb r
Mar '
0.2
-.7
g
.2
.2
-.2
-.2
.2
.2
.3
0
May '
July
r
Sept '
Oct '
Nov '
Dec r .
-0.1
0
.1
.3
-.2
-.2
-.6
-.5
-.1
0
_.2
-.2
3
1
-.3
1992: Jan
-0.1
-1.2
— .9
.1
.3
-.3
1
.5
.6
.8
.1
-.3
0.9
.2
.2
0
.3
.1
.1
.1
.2
.2
2
.2
-.7
.2
0.7
-2.9
-2.9
-3.2
0
.7
-.7
-.3
1.3
3.3
2.3
1.0
-0.6
-.6
0
1.6
.6
-.6
-4.1
-5.0
-4.4
-2.2
-1.0
-1.3
— 2.3
-7.7
-8.4
-7.8
-2.0
.7
0
.7
4.1
8.0
6.2
2.4
5.6
5.2
5.2
1.6
2.2
1.6
1.9
1.0
1.3
1.6
1.9
1.9
7.6
3.9
.5
-1.3
-1.5
-1.1
-2.0
2
1.0
1.3
1.0
1.2
-1.6
-2.6
-3.6
2.2
.8
NOTE.-—Seasonally adjusted data revised beginning 1987.
-3.2
-3.0
-2.9
13.2
7.1
.3
-5.1
-4.9
-4.0
-4.0
-.7
2.4
3.9
3.4
3.3
4.4
4.1
3.9
3.6
3.7
3.4
1.8
1.6
1.4
1.8
1.4
1.6
4.0
3.4
3.2
3.3
3.5
3.5
2.9
2.0
.8
0
-.5
-.1
-2.4
2.0
1.9
-.5
0.8
-.3
.3
.5
0
-.3
-1.3
— 2.2
95
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing
Transportation
Shelter
Period
All
items
J
Food
Total '
Total '
Renters'
costs
Homeowners'
costs
Fuel
and
other
utilities
Appare!
and
upkeep
New
cars
Total '
Motor
fuel
Medical
care
Energy2
All
items
less
food
and
energy
Addendum: All items, percent change
(annual rate)
From
previous
quarter 3
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
3.8
3.8
3.9
3.8
1.1
4.4
4.4
4.6
6.1
3.1
3.1
2.7
3.8
2.6
3.8
3.5
5.2
5.6
5.3
1.9
0.4
.1
.1
2
2
.3
.1
.3
.4
.2
.4
.2
0.4
-.1
.3
.5
.2
.4
-.5
-.2
.1
— .1
.4
.3
0.8
.4
.2
.2
.2
2
.3
.1
.3
.3
.3
.3
0.6
.4
.2
.3
.1
.3
.2
.2
.3
.3
.3
.3
1.3
.2
.3
2
.2
.3
.3
.1
.4
.3
.2
.4
0.4
.4
.1
.3
.1
.3
.2
2
.4
.3
.3
.4
1.3
-.3
.1
-.5
.4
-.1
.5
.3
.3
.4
.5
0
.1
-.4
.2
.5
.7
.3
-.3
3.6
3.5
4.3
4.3
1.7
3.7
4.0
3.9
4.5
3.4
2.4
4.7
5.2
6.0
4.6
4.8
4.5
4.9
5.2
3.9
5.1
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.2
4.5
5.1
5.9
4.6
5.3
4.7
5.1
4.7
3.7
9.7
1.8
4.2
1.8
-5.6
1.6
2.9
3.2
4.0
2.9
1.6
2.9
2.0
2.8
.9
4.8
4.7
1.0
5.1
3.4
1.8
3.9
3.1
2.6
-5.9
6.1
3.0
4.0
10.4
-1.5
1.5 -6.5
3.4 -1.7
2.5 — 2.4
3.4
3.1
5.9 -30.7
18.7
1.8
2.1 -2.1
2.3
6.8
1.4
36.5
3.3 -16.0
11.0
6.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
7.9
1.3
— .5
.2
1.8
-19.7
8.2
.5
5.1
18.1
-7.4
4.5
4.8
4.7
4.3
3.8
4.2
4.7
4.4
5.2
4.4
-6.0
-7.0
-4.7
.1
.7
.1
-1.6
.9
— .1
-.6
.9
.3
0.8
.6
.6
.7
.5
.7
.6
.7
.6
.6
.5
.7
— 2.4
-3.8
-2.3
-.4
.4
C.7
.6
.3
.3
.2
.3
.3
.4
.4
.2
.3
2
-2.2
.7
6.2
3.2
4.3
3.6
1.9
3.6
4.1
4.8
5.4
4.2
Change, month to month
1991:
Jan '
Peb '
Mar '
Apr r
May r.....
June T....
July '....
Aug r.....
Sept T ....
Oct '
Nov '
Dec '
1992: Jan
1
1.2
.6
.2
.6
-1.1
-1.1
-1.3
-.8
-.2
.3
2
2
.5
0
-.2
.4
.2
0.7
.6
.3
.5
.1
.3
.2
2
.3
-.1
.1
,2
.3
-.3
.1
0.2
1.7
.2
.3
0
-.6
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
3
__. 9
-.5
.6
.2
0
.8
.1
-1.5
3.3
2.4
2.7
3.6
.3
Quarterly' changes are shown in the last month of the quarter.
NOTE.—Seasonally adjusted data revised beginning 1987.
Source: Department of Labor, Bureau of Labor Statistics.
3.6
3.3
2.7
2.1
2.4
3.0
2.4
2.7
3.0
3.6
3.9
3.2
6.4
4.9
3.8
2.9
2.9
2.9
2.2
2.5
3.0
3.0
3.3
3.1
5.7
5.3
4.9
4.9
5.0
4.7
4.4
3.8
3.4
2.9
3.0
3.1
2.6
3.1
2.6
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in February rose 2.9 percent from their January level. Prices paid by farmers in January
were 0.5 percent below their October level. (Data are not seasonally adjusted.)
INDEX, 1977 = 100 (RATIO SCALE)
INDEX, 1977 = 100 (RATIO SCALE)
200
1-
_,._.
^
180
180
^-/
"
160
160
140
•—^v
x_
PRICES PAID
^\/- k^
120
S^* —^/ ^^
^\N, /
140
^
120
J^
\
PRICES RECEIVE D
100
100
1
80
1
RATICD
UO
80
1 1 M
1 1 1 1 1 1 1
"
~^
1 1 1 1 1 1 1 1 1 1 1 1 1 i1 11 M IM
1984
l l
ill
1
1 M
i 1 1
1 11 1i!1 11 1 1 1 11 11111111
1 1 1 1 1 1
1 1 1 1 1 1
80
RATIO 1
140
-
RATIO
/
~-p -
^~~~-— 1—
1 1 1 i 1 1 1 1 !
1985
1986
M
1 I 1 1 1 1 I I I i i
1987
1 1 1 1 1 i 1 I!
1 1
1988
1 1 I I I 1 I I t 1 1
1989
1 M
—
1 1 1 1 1 M
1990
1
^_^
1 1 1 ! 1 i 1 1 1 i 1
1991
_
80
I M I 11 It I II
1992
RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977 = 100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991:
All farm
products
..
..
..
..
..
Feb
Mar
Apr
May
July
Sept
Oct...
Nov
Dec
1992:
Jan
Peb
1
r
Livestock and
products
Crops
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio 2
133
135
142
128
123
127
138
148
149
146
121
128
138
120
107
106
126
134
127
130
145
141
146
136
138
146
150
160
170
162
159
161
164
162
159
162
170
178
184
189
158
159
161
156
150
152
160
167
171
175
153
152
155
151
144
148
157
165
171
173
84
84
87
79
77
78
81
83
81
77
144
148
148
151
153
149
146
147
142
139
137
122
127
130
137
142
136
133
137
126
124
120
166
169
166
165
163
162
158
157
158
154
154
(3)
(3)
189
(3)
(3)
189
(3)
(3)
189
(3)
(3)
(3)
(3)
176
(3)
(3)
174
(3)
(3)
173
(3)
(3)
(3)
(3)
175
(3)
(3)
173
(3)
(3)
172
(3)
(3)
77
79
78
80
81
79
77
78
75
74
72
!38
142
123
127
!52
157
188
(3)
172
(3)
171
(3)
73
76
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
2
All commodities,
services,
interest, taxes,
and wage rates l
r
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 a little in January.
BILLIONS OF DOLLARS* (RATIO SCALE)
4,800
4,400
BILLIONS OF DOLLARS* (RATIO SCALE)
4,400
4,000
4,000
3,600
3,600
3,200
3,200
2,800
2,800
2,400
2,400
2,000
2,000
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Debt
Percent change from year or 6
months earlier 2
Ml
M2
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),
HMD As, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
474.6
521.4
552.5
620.2
724.6
750.0
786.9
794.1
826.1
898.1
1,951.9
2,186.1
2,374.3
2,569.4
2,811.1
2,910.8
3,071.1
3,227.3
3,332.4
3,442.3
2,440.6
2,693.0
2,987.4
3,203.2
3,494.3
3,681.1
3,923.1
4,059.8
4,114.4
4,175.2
2,850.4
3,154.3
3,528.8
3,830.4
4,134.5
4,339.5
4,677.9
4,891.5
4,966.7
5,005.4
4,715.0
5,251.6
6,005.4
6,877.2
7,787.6
8,561.7
9,362.5
10,113.3
10,791.0
11,292.4
8.7
9.9
6.0
12.3
16.8
3.5
4.9
.9
4.0
8.7
8.9
12.0
8.6
8.2
9.4
3.5
5.5
5.1
3.3
3.3
9.3
10.3
10.9
7.2
9.1
5.3
6.6
3.5
1.3
1.5
1990: Dec r
826.1
3,332.4
4,114.4
4,966.7
10,791.0
4.1
2.6
1.5
6.0
1991: Jan '
Feb r
Mar r
826.2
836.2
842.2
842.7
850.8
857.2
860.0
866.5
872.0
880.9
891.4
898.1
3,336.5
3,361.4
3,378.5
3,385.7
3,396.4
3,402.8
3,400.6
3,403.7
3,408.2
3,420.3
3,434.4
3,442.3
4,125.1
4,159.6
4,165.3
4,168.0
4,170.0
4,167.5
4,157.2
4,157.5
4,154.6
4,161.8
4,170.8
4,175.2
4,982.2
5,010.3
5,006.8
4,981.1
4,960.9
4,988.7
4,994.6
4,991.4
4,983.7
4,992.5
5,009.9
5,005.4
10,821.1
10,871.6
10,905.6
10,924.5
10,974.5
11,022.9
11,060.1
11,106.8
11,154.5
11,206.5
11,257.5
11,292.4
4.0
4.9
4.7
5.0
6.6
7.5
8.2
7.2
7.1
9.1
9.5
9.5
2.4
2.9
3.1
3.4
4.1
4.2
3.8
2.5
1.8
2.0
2.2
2.3
1.7
2.6
2.4
2.5
2.6
2.6
1.6
-.1
5.3
5.0
4.6
4.3
4.2
4.3
4.4
4.3
4.6
5.2
5.2
4.9
910.4
3,452.1
4,180.5
11.7
3.0
1.1
Period
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
Dec r
Dec r
Dec r
Dec r
Dec r
Dec r.
Dec r
Dec *
Dec r
Dec r
May
T
July '
Oct '
Nov '
Dec '
1992: Jan
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate.
26
t,
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
{monthly
average) 1
Ml
M2
NOTE.—See p, 27 for components.
Series revised to reflect annual benchmark and seasonal adjustment revisions.
Source: Board of Governors of the Federal Reserve System.
Debt
M3
K
-.3
.0
.4
9.2
11.4
14.4
14.5
13.2
9.9
9.4
8.0
6.7
4.6
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Currency
Period
Demand
deposits
Overnight
repurchase
agreeOther
ments
check(KPs),
able
net,
deposplus
its
over(OCDs)
night
Eurodollars l
Money market
mutual fund
balances 2
General
purpose
and
broker/
dealer
Institution
only
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Small
denomination
time
deposits 3
Large
denomination
time
deposits 3
NSA
1982198319841985:
1986:
1987:
19881989:
19901991:
1991-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec '
Dec r
Jan '
Peb '.
Mar '
132.5
146.2
156.0
167.8
180.7
196.9
212.0
222.2
246.8
267.3
251.5
254.6
256.0
256.3
256.6
257.6
259.3
261.3
262.9
264.8
266.0
267.3
269.4
May '
July T.
Sept r.
Oct '
Nov '
Dec ' ....
1992- Jan
234.0
238.5
243.9
266.6
301.9
286.5
286.3
278.7
277.1
289.5
271.8
275.9
276.9
276.1
278.4
280.1
279.3
280.1
280.6
283.8
287.6
289.5
293.9
103.5
131.6
147.1
179.5
235.3
259.3
280.7
285.2
293.9
333.2
294.6
297.5
301.2
302.5
307.7
311.6
313.6
317.3
320.6
324.5
329.7
333.2
338.9
39.9
55.6
60.6
73.5
82.3
83.2
83.4
77.4
74.7
75.6
71.9
70.4
69.2
69.6
68.4
67.9
64.9
67.3
66.4
69.5
73.3
75.7
78.1
185.2
138.8
167.9
176.7
208.3
221.7
241.1
313.6
348.9
361.5
356.6
361.0
365.0
366.6
367.8
368.8
367.9
363.5
361.9
361.7
361.4
361.5
360.7
51.1
42.8
62.1
63.9
83.8
88.9
86.9
101.9
133.7
179.1
138.3
145.5
148.5
152.9
155.2
155.3
155.4
158.6
162.6
168.2
173.6
179.1
182.4
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.
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not shown
2
3
400.0
684.7
704.7
814.9
940.6
936.9
925.8
890.2
920.7
1,042.5
922.0
930.7
941.4
952.7
965.8
976.5
985.8
993.7
1,002.2
1,015.0
1,028.7
1,042.5
1,061.2
850.9
784.1
887.7
883.4
855.5
917.7
1,031.8
1,145.9
1,162.1
1,065.1
1,162.1
1,161.7
1,157.9
1,151.0
1,142.1
1,132.0
1,123.1
1,114.3
1,106.0
1,095.6
1,080.5
1,065.1
1,045.0
327.3
327.7
417.7
437.3
439.9
489.2
542.3
563.5
501.3
437.1
503.4
507.0
500.6
496.0
492.3
487.0
477.9
472.2
463.7
450.0
442.2
437.1
427.4
Term
repurchase
agreements
(KPs)
Term
Eurodollars
(net)
NSA
NSA
33.4
49.9
57.6
62.4
80.5
106.1
121.8
98.8
89.6
70.9
88.7
86.7
83.5
82.2
80.4
78.4
78.8
78.4
76.7
75.5
73.7
70.9
70.8
81.7
91.5
82.9
76.5
83.8
91.0
106.0
81.0
68.7
58.5
69.2
69.8
68.2
65.2
62.3
61.6
62.7
63.6
61.5
63.0
62.3
58.5
57.4
Shortterm
Treasury
securities
Savings
bonds
68.0
71.1
74.2
79.5
91.8
100.6
109.3
117.5
126.0
137.9
126.9
127.9
129.0
130.1
131.3
132.4
133.5
134.4
135.2
136.1
137.1
137.9
Bankers'
acceptances
183.6
212.0
260.8
298.2
280.2
253.5
270.6
327.4
333.0
333.5
331.5
331.1
326.8
310.9
302.5
327.7
336.0
336.0
330.4
333.1
339.6
333.5
44.5
45.0
45.4
42.0
37.1
44.5
40.1
40.7
34.0
23.7
35.3
34.6
32.1
30.6
29.1
28.1
28.1
27.2
25.8
25.3
24.5
23.7
Commercial
paper
113.7
133.2
160.8
207.6
231.4
261.0
336.8
349.2
359.3
335.0
363.4
357.1
353.8
341.6
327.9
333.0
339.8
336.3
337.7
336.2
337.9
335.0
here.
Series revised. See note, p. 26. Revised data prior to 1990 for components shown here are not
yet available.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures '; millions of dollars; seasonally adjusted, except as noted by NSA]
Borrowings of depository
institutions from the Federal
Reserve (NSA)
Adjusted for changes in reserve requirements
Reserves of depository institutions
Period
Total
1982:
1983:
1984:
19851986:
19871988:
19891990:
1991:
1991-
Dec ...
Dec
Dec
Dec
Dec
Dec .
Dec
Dec ...
Dec
Dec
Jan
Feb
Mar
.
Mav
Julv....
Oct
Nov
Dec
1992:
Jan r
1
27,835
29,901
31,662
37,061
45,863
45,812
47,596
47,729
49,104
53,752
49,459
49,590
49,530
49,344
50,000
50 345
50,410
51,886
51,147
51,816
52 695
53,752
54,367
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
"Monetary base data have been revised. Revised data prior to 1991 are not yet available.
Nonborrowed
27,201
29,127
28,476
35,473
45,037
45,035
45,880
47,464
48,778
53,560
48,925
49,338
49,289
49,112
49,697
50,005
49,804
50,121
50,502
51,556
52 587
53,560
54,133
Nonborrowed plus
extended
credit
27,387
29,129
31,080
36,242
45,340
45,518
47,124
47,483
48,801
53,561
48,952
49,372
49,342
49,198
49,785
50,013
49,849
50,422
50,804
51,567
52,588
53,561
54,134
Monetary
base
Total
Required
27,335
29,340
30,807
36,024
44,494
44,766
46,549
46,807
47,440
52,774
47,290
47,782
48,351
48,313
48,970
49,337
49,505
49,800
50,219
50,734
51,802
52,774
53,363
164,276
179,921
191,374
208,619
230,039
246,281
263,459
274,168
299,785
' 325, 222
r
305,095
r
308,938
T
3 10,291
r
310,226
r
31 1,265
r
312,470
r
314,216
'316,683
' 3 18,496
r
320,928
r
323,133
' 325,222
327,696
634
774
3,186
1,318
827
777
1,716
265
326
192
534
252
241
231
303
340
607
764
645
261
108
192
233
Seasonal
33
96
113
56
38
93
130
84
76
38
33
37
55
79
151
222
317
331
287
211
86
38
17
Extended
credit
186
9
2,604
499
303
483
1,244
20
23
1
27
34
53
86
88
8
46
300
302
12
1
1
1
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases rose slightly in January; commercial and industrial loans fell 0.5 percent.
BILLIONS OF DOLLARS* (RATIO SCALE]
3,200
BILLIONS OF DOLLARS* (RATIO SCALE)
3,200
ALL COMMERCIAL BANKS
2,800
2,800
2,400
2,400
2,000
2,000
1,600
LOANS AND LEASES
1,200
800
U.S. GOVERNMENT SECURITIES
400
OTHER SECURITIES
200
200
160
160
1984
I I I II I I I I I l
1988
1985
I I I l l I
1989
[HE FEDERAl RESERVE SYSTEM
I 120
1992
1991
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted 1]
All commercial banks
Loans and leases
Period
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
Dec r....
Dec r....
Dec r....
Dec r....
Dec r....
Dec r....
Dec '....
Dec r....
Dec r....
Dec
1991: Jan r ....
Feb r....
Mar r....
Apr r....
May >-....
June r..
July '...
Aug r....
Sept r...
Oct r
Nov '....
Dec r....
1992: Jan
Total
loans and
securities 2
U.S.
Government
securities
1,400.4
1,552.2
1,722.2
1,909.5
2,093.2
2,238.5
2,422.8
2,590.8
2,730.8
2,836.0
2,735.8
2,747.3
2,759.9
2,763.9
2,765.7
2,774,6
2,776.4
2,778.3
2,789.4
2,805.1
2,821.6
2,836.0
201.7
259.2
260.2
270.8
2,843.5
1
310.0
335.8
363.5
398.2
454.1
562.5
456.8
460.7
470.8
478.2
484.1
493,9
503.7
513.2
523.4
538.4
550.5
562.5
564.2
Other
securities
164.8
169.1
140.9
179.0
193.9
193.6
192.4
181.7
177.9
178.5
178.3
178.3
178.5
177.5
176.9
176.2
175.3
174.0
175.8
177.1
177.6
178.5
179.0
Total
2
1,033.9
1,123.9
1,321.1
1,459.8
1,589.4
1,709.1
1,866.9
2,010.9
2,098.8
2,095.0
2,100.7
2,108.3
2,110.6
2,108.3
2,104.8
2,104.6
2,097.4
2,091.1
2,090.2
2,089.6
2,093.4
2,095.0
2,100.2
Commercial
and
industrial
392.5
414.2
473.1
500.2
537.0
567.1
606.8
640.2
643.2
617.6
638.6
638.2
638.7
635.1
630.6
626.0
623.6
619.4
622.0
622.6
621.0
617.6
614.5
Real
estate
Individual
Security
299.9
330.9
376.2
425.8
494.0
586.9
670.1
759.5
843.3
871.1
188.2
212.9
253.8
294.7
315.3
328.3
354.5
374.8
379.6
363.9
374.9
376.3
375.2
374.3
373.6
372.9
371.0
370.3
367.2
364.4
363.2
363.9
363.9
25.3
28.0
34.4
43.0
40.3
34.8
41.2
41.5
44.7
54.6
847.7
852.8
857.7
861.5
863.8
868.6
867.7
866.9
867.9
869.0
870.6
871.1
870.7
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions. Data beginning January 1984 are not strictly
comparable with data for earlier periods, largely because beginning January 1984 certain obligations
of States and political subdivisions are included in loans rather than in other securities.
28
49.8
51.8
48.2
48.5
49.1
49.0
47.4
48.4
50.0
51.1
53.6
54.6
59.1
Nonbank
financial
institutions
31.2
30.4
31.3
32.4
35.0
32.0
32.3
34.3
35.7
40.6
35.5
36.1
36.9
36.0
36.5
39,3
38.8
37.7
37.6
38.1
39.2
40.6
40.3
Agricultural
36.2
39.2
40.1
36.1
31.5
29.4
28.7
29.8
32.0
34.1
31.9
31.9
33.0
33.6
33.7
33.9
34.0
34.2
34.3
34.1
33.9
34.1
33.7
State
and
political
subdivisions
0.0
.0
46.0
56.7
58.5
52.4
45.1
40.0
33.9
29.2
32.8
32.9
32.8
32.3
31.7
31.3
30.9
30.5
30.1
29.7
29.4
29.2
28.3
Foreign
banks
14.7
13.4
11.6
9.9
10.3
7.8
7.7
8.2
7.5
7.2
6.7
6.6
7.5
7.1
6.6
6.5
6.6
6.6
6.9
6.6
6.8
7.2
7.1
Foreign
official
institutions
Lease
financing
receivables
5.9
9.4
8.4
13.3
13.7
16.0
,19.0
22 4
24.6
6.3
6.3
5.7
5.0
3.5
2.8
2.5
2.6
2.7
2.8
2.5
2.4
2.5
2.4
2.3
2.3
2.4
2.6
2.5
2.4
3
Excludes loans to commercial banks in the United States.
NOTE.—Series revised to reflect annual benchmark and seasonal adjustment re'
Source: Board of Governors of the Federal Reserve System.
29.3
31.8
32.8
31.4
32.7
33.0
33.1
33.1
33.0
33.2
32.4
31.7
31.7
31.5
31.3
31.4
31.3
Other
26.7
31.9
30.2
35.6
38.8
40.1
46.2
47.1
43.3
42.9
47.4
45.9
44.7
44.2
43.6
41.5
42.8
43.1
40.2
40.1
41.8
42.9
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
Internal
Credit market funds
1
Total
Total
1982
1983
1984
1985
1986
1987
1988
1989
1990
Securities
and
mortgages
Loans and
short-term
paper
Total
Other 2
Capital
expenditures 3
Increase in
financial
assets
Discrepancy
(sources less
uses)
313.7
431.2
491.4
464.3
521.5
545.0
586.7
548.4
466.7
247.6
292.3
336.4
351.9
336.8
376.1
404.4
405.0
381.5
66.1
138.9
155.0
112.3
184.7
168.9
182.3
143.5
85.2
50.7
81.0
92.5
52.4
126.7
63.0
63.0
42.1
12.5
-4.0
45.5
-13.0
-4.5
60.9
27.5
-13.0
-41.8
17 4
54.7
35.5
105.5
56.9
65.8
35.4
76.0
83.9
30.0
15.4
57.9
62.5
59.9
58.0
106.0
119.3
101.4
72.6
333.1
425.9
504.3
459.2
504.7
478.3
563.5
529.2
484.7
286.1
303.8
399.1
375.3
353.9
365.8
394.5
421.4
403.1
47.0
122.1
105.2
83.9
150.8
112.5
169.0
107.9
81.6
-19.5
5.3
-12.9
5.1
16.8
66.7
23.2
19.2
-18.0
1989:
I
II
III
IV
538.3
629.4
473.2
553.0
401.4
404.3
410.5
403.7
136.9
225.0
62.7
149.3
-6.3
129.2
6.6
38.9
-101.8
6
-85.5
20.7
95.5
129.8
92.1
18.2
143.2
95.8
56.0
110.5
509.3
567.3
489.1
551.3
420.7
419.2
416.4
429.1
88.6
148.0
72.7
122.2
29.0
62.1
— 15.9
1.7
1990:
I
II
III
IV
525.3
518.2
443.7
379.5
393.8
395.2
361.2
375.9
131.5
122.9
82.6
3.6
37.2
49.8
-35.1
-30.4
8.4
48 8
.9
67.6
41.3
47.0
-36.0
94.3
73.2
84.3
38.6
505.6
516.4
522.0
394.7
402.4
415.9
418.1
376.2
103.3
100.5
103.9
18.6
19.6
1.8
-78.3
-15.2
474.7
465.3
469.9
390.5
390.3
386.7
84.3
75.0
83.2
6.7
42.8
59.0
57.6
102.9
94.9
-50.8
-60.1
-35.9
77.5
32.2
24.2
445.2
440.2
482.0
354.8
359.5
389.8
90.4
80.7
92.2
29.5
25.1
— 12.2
1991- I
II
nip
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
abr
d
2°* -
,
,- .... •
j , ,
, •,.
, • - , ,r 0
•* Consists ot tax liabilities, trade debt, and direct foreign investment in the U.S.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstanding 1
Installment credit outstanding (end of period)
Period
Total
19821983:
19841985:
19861987:
1988:
1989:
19901
1991:
Dec
Dec
Dec
Dec
Dec
Dec....
Dec 2
Dec
Dec
Dec p
1991: Jan
Feb
Mar
Apr
May
July
Aue:
Sept
Oct
Dec p
Automobile
Revolving
325,805
368 966
442,602
518,252
573,017
610,468
664,049
718,863
735,102
728,425
125,945
143,560
173,564
210,187
247,428
265,851
284,214
290,676
284,585
267,434
66,454
79,088
100,280
121,816
135,851
153,078
174,104
199,082
220,110
234,459
732,962
732,762
732,442
733,621
732,289
730,591
729,962
729,108
729,152
730,317
730,147
728,425
283,746
282,626
280,689
279,746
276,494
274,496
273,565
271,906
270,219
270,013
268,123
267,434
219,588
221,556
224,817
225,994
227,301
227,737
228,199
229,453
232,070
233,661
234,666
234,459
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
2
Data newly available in January 1989 result in breaks in many series between December 1988
und subsequent months.
Mobile
home
c
Other
Total
Automobile
Revoking
Mobile
home
Other
22,604
23,562
25,861
26,850
27,096
25,920
25,348
22,471
20,919
19,109
110,802
122,756
142,897
159,400
162,642
165,620
180,383
206,633
209,487
207,424
6,937
14,546
17,615
43,161
30,004
73,636
36,623
75,650
37,241
54,765
18,423
37,451
18,363
53,581
(3)
(3)
-6,091
16,239
-6,677 -17,151
5,384
12,634
21,192
21,536
14,035
17,227
21,026
(3)
21,028
14,349
2,546
958
2,299
989
246
— 1,176
— 572
(3)
-1,552
-1,810
-322
11,954
20,141
16,503
3,242
2,978
14,763
(3)
2,854
-2,063
20,459
20,200
20,123
20,098
19,796
19,907
19,615
19,495
18,892
18,943
19,059
19,109
209,170
208,379
206,813
207,782
208,697
208,451
208,582
208,253
207,971
207,700
208,300
207,424
-2,139
-201
-320
1,179
-1,331
-1,698
-629
-854
44
1,165
-170
-1,722
-839
-1,120
-1,937
-943
-3,252
-1,998
-931
-1,659
-1,687
-207
-1,890
-689
-522
1,968
3,261
1,177
1,307
435
462
1,255
2,617
1,591
1,005
-207
-461
-258
-78
-24
-302
111
-291
-120
-603
51
116
50
-317
-791
-1,566
969
915
-246
131
-329
— 282
-270
599
-876
3
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Long-term interest rates rose in February.
PERCENT PER ANNUM
PERCENT PER ANNUM
~~
"
114
CORPORATE Aao BONDS
(MOODY'S)
TREASURY
BILLS
;
V-"
DISCOUNT
_
RATE
FEDERAL
RESERVE
BANK OF
L
NEW YORK
[Percent per annum]
U.S. Treasury security yields
Period
1981
1982
1983
1984
1985
1986
3-month bills
(new issues) l
1991: Feb
Mar
May
July
Ausr
Sept
Oct
Nov
Dec
1992: Jan
Peb
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.R.
Bank) 4
Prime rate
charged by
banks 4
New-home
mortgage
yields
(FHFB) 5
14.44
12.92
10.45
11.89
9.64
7.06
7.68
8.26
8.55
8.26
6.82
13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
8.49
8.55
7.86
11.23
11.57
9.47
10.15
9.18
7.38
7.73
7.76
7.24
7.25
6.89
14.17
13.79
12.04
12.71
11.37
9.02
9.38
9.71
9.26
9.32
8.77
14.76
11.89
8.89
10.16
8.01
6.39
6.85
7.68
8.80
7.95
5.85
13.42
11.02
8.50
8.80
7.69
6.33
5.66
6.20
6.93
6.98
5.45
18.87
14.86
10.79
12.04
9.93
8.33
8.21
9.32
10.87
10.01
8.46
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
10.13
10.05
9.32
5.95
5.91
5.67
5.51
5.60
5.58
5.39
5.25
5.03
4.60
4.12
7.08
7.35
7.23
7.12
7.39
7.38
6.80
6.50
6.23
5.90
5.39
6.90
7.07
7.05
6.95
7.09
7.03
6.89
6.80
6.59
6.64
6.63
6.50-6.00
6.00-6.00
6.00-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.00
5.00-5.00
5.00-4.50
4.50-3.50
9.50-9.00
9.00-9.00
9.00-9.00
9.00-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.00
8.00-8.00
8.00-7.50
7.50-6.50
9.57
9.43
9.60
9.52
9.46
9.43
9.48
9.30
9.04
8.64
8.53
5.40
5.72
6.41
6.67
8.83
8.93
8.86
8.86
9.01
9.00
8.75
8.61
8.55
8.48
8.31
8.20
8.29
6.41
6.36
6.07
5.94
6.16
6.14
5.76
5.59
5.33
4.93
4.49
3.84
3.84
7.85
8.11
8.04
8.07
8.28
8.27
7.90
7.65
7.53
7.42
7.09
7.03
7.34
4.06
4.13
3.50-3.50
3.50-3.50
6.50-6.50
6.50-6.50
8.49
3.86
3.72
3.83
3.96
5.61
5.61
5.82
5.86
7.25
7.31
7.44
7.37
6.68
6.67
6.67
6.64
8.25
8.27
8.33
8.31
4.07
4.02
4.19
4.24
3.50-3.50
3.50-3.50
3.50-3.50
3.50-3.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
14.029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
8.12
7.51
5.42
1987
1988
1989
1990
1991 ....
Constant maturities 2
Week ended:
1992: Feb 8
15
92
29
1
Bp.nk-discoimt
2
Yields on the
actively traded issues adjusted to constant maturities bv the Treasury Den tiiieiH.
partment.
3
Weekly data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and •
30
5
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges ^
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices were mixed in February.
INDEX, DEC. 31, 1965 = 50 (RATIO :ALE)
SC
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
240
220
200
180
•/ —""Ht*~~s~\x
.(
140
'
'
/
160
^~^\~~^~^\
(
140
V
rr>MPOSITE STOCK PRICE INDEX (NYSE)
/
120
^—
^-w
80
\
/^
120
~/
^^
S*-S\
160
100
240
220
200
180
1-
^
100
80
60
60
40
1984
PER(
ii ml
1
IMIlllllM
1986
1985
1 I 1 I 1 1 M 1 I1
1987
1988
1 1 i i i 1 1 1 1 11 i i i i i l n i M
:ENT
PERC! NT
20
20
~^
1
1
1984
1
1
^1
.
1
1
1
1
1
SOURCES: NEW YORK STOCK EXCHANGE A
1
1
1
1987
1986
1985
15
fcAKNISGS-PRICE RATIO ON COMMCJNbluut-i
(S&P)
/
1
-— _j
—-—-"
5
0
•ID STANDARD & POO
1
1
1
1
1
1
1
1989
1988
10
1 "- 1
1990
1
5
1
1
1
1
1991
R'S CORPORATION
\ 1
1992
Common stock yields
(percent) 5
Common stock prices '
Period
Composite
Industrial
0
COUNCIl OF £ CONOMIC ADVISERS
New York Stock Exchange indexes (Dee. 31, 1965 = 50) 2
1981
1982
1983
1984
1985
40
1992
1991
1990
1989
Transportation
Utility
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index
(194143=10) 4
Dividendprice ratio
74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
180.02
183.46
206.33
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
216.23
225.78
258.14
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
175.28
158.62
173.99
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
87.43
90.60
92.66
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
151.88
133.26
150.82
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
322.84
334.59
376.18
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
3.45
3.61
3.24
197.75
203.57
207.71
206.93
207.32
208.29
9
13 33
212.55
213.10
213.25
214.26
246.74
255.36
260.15
260.13
261.16
262.48
268.22
266.21
265.68
264.89
266.01
166.06
166.26
166.90
170.77
177.05
177.15
178.52
177.99
187.31
188.52
185.47
92.08
92.29
92.92
90.76
89.01
90.05
92.38
93.72
95.25
96.78
98.08
141.03
145.42
152.64
151.32
152.31
151.60
157.70
157.69
158.94
159.78
159.96
2,863.04
2,920.11
2,925.54
2,928.42
2,968.14
2,978.19
3,006.09
3,010.35
3,019.74
2,986.12
2,958.64
362.26
372.28
379.68
377.99
378.29
380.23
389.40
387.20
386.88
385.92
388.51
3.35
3.26
3.19
3.23
3.23
3.20
3.10
3.15
3.14
3.15
3.11
1992: Jan
Peb ....
2'->9 34
228.12
286.62
286.09
201.55
205.53
99.31
96.18
174.50
174.05
3,227.06
3,257.27
416.08
412.56
2.90
2.94
Week ended:
1992:
Peb 8
15
'>'>
29
228.18
229.06
226.89
228.10
286.26
287.31
284.36
286.10
200.62
204.48
208.99
208.71
96.60
96.94
95.59
95.46
173.74
174.28
173.20
174.80
3,249.10
3,253.22
3,253.97
3,272.14
412.43
414.17
410.25
412.93
2.94
2.91
2.98
2.94
198G
198"
1988.
1989
1990.
1991
1991:
Feb
Mar
Apr
Mav
June
July
Sept
Oct..
Nov
Dec
Earningsprice ratio
11.96
11.60
8.03
10.02
8.12
6.09
5.48
8.01
7.41
6.47
5.58
5.23
4.59
York Stock Exchange {NYSE).
Company, Inc., and Standard & Hoi
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 4 months of fiscal 1992, there was a deficit of $98.6 billion, compared with a deficit of $84.5 billion a
year earlier.
BILLIONS OF DOLLARS
1,600
RECEIPTS AND OUTLAYS -^
1,500
BILLIONS OF DOLLARS
1 1,600
1,500
1,400
1,400
1,300
1,300
OUTLAYS-1'
1,200
1,200
1,100
1,100
1,000
1,000
900
900
RECEIPTS1'
800
800
700
700
600
600
.
_^-^-
^""—-^_
~""
^^^~—
300
A
Vl984
i
i
1985
i
1986
i
1987
i
1988
i
1989
i
1990
i^^^_—r""""""
1991
1992
j\
1993 V
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Total
Fiscal year or period
Receipts
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992 (estimates)
1993 (estimates)....
Cumulative total, first 4
months: 1
Fiscal year 1991
Fiscal year 1992
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,075.7
r
1,165.4
350.1
359.0
Outlays
371.8
409.2
458.7
503.5
590.9
678.2
745.8
808.4
851.8
946.4
990.3
1,003.9
1,064.1
1,144.2
1,251.8
1,323.0
' 1,475.4
r
1,515.3
434.6
457.6
Receipts
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Total
Held by
the pubfic
-73.7
-53.7
-59.2
-40.2
-73.8
-79.0
-128.0
-207.8
-185.4
231.7
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
328.5
369.1
403.5
476.6
543.1
594.4
661.3
686.0
-70.5
-49.8
-54.9
-38.2
-72.7
-74.0
-120.1
-208.0
-185.7
66.4
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
-3.2
-3.9
-4.3
-2.0
-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
-212.3
— 221.2
-149.8
-155.2
-153.5
-220.5
-268.7
r
- 399.7
r
- 349.9
547.9
568.9
640.7
667.5
727.0
749.7
760.4
774.8
" 839.6
769.6
806.8
810.1
861.4
933.3
1,026.7
1,081.3
r
1,223.9
* 1,251.3
-221.7
-238.0
-169.3
— 194.0
-206.2
-277.1
-320.9
r
-449.1
r
-411.7
186.2
200.2
213.4
241.5
263.7
281.7
293.9
300.9
325.8
176.8
183.5
193.8
202.7
210.9
225.1
241.7
251.5
264.0
9.4
16.7
19.6
38.8
52.8
56.6
52.2
49.4
61.8
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,599.0
r
4,077.5
r
4,543.0
1,499.4
1,736.2
1,888.1
2,050.3
2,190.3
2,410.4
2,687.2
r
3,077.3
r
3,428.0
84 5
-98.6
254.6
268.2
359.8
382.1
-105.2
-113.9
95.5
90.8
74.8
75.5
20.7
15.3
3,366.0
3,743.5
2,522.9
2,787.7
1
Data from Monthly Treasury Statement.
NOTE.—Data (except as noted) are from Budget of the United Stales Government, fiscal Year
1993, Supplement, issued February 18, 1992, and are on a cash basis. (Data for 1992 and 1993
32
Outlays
Gross Federal debt
(end of period)
Off-budget
On-budget
Surplus
or deficit
(-)
vert; shown on an accrual basis in the January issue of Economic Indicators.)
Sources: Department of the Treasury and Office of Management and Budge!.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 4 months of fiscal 1992, receipts were $8.9 billion higher than a year earlier, and outlays were $23.0
billion higher.
BULK5NS OF DOLLARS
BILLIONS OF DO LARS
600
600
RECEIPTS lJ
INDIVIDUAL INCOME TAXES
>_._.
500
::;_.--
\
400
— •":.
300
__
200
1
0
1
1
\"
CORPORATION
|N"~>ME TAVps
\
^
OTHER RECEIPTS
\
_______
100
• • •-
1
1
500
400
300
SOCIAL INSURANCE
TAXFq AMD rnwrani ITinN";
200
100
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
400
NATIONAL DEFENSE
300
\
200 /I
V
1
1984
'
i
1
1985
1986
1
1987
1
1988
400
300
1
1989
T
1990
1991
!
1992
l\ 200
1993
N
FISCAL YEARS
^INCLUDES ON-BUDGET AND OFF BUDGET ITEMS.
SOURCES. DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC AD^SERS
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
Fiscal year
Total
Corporation
income
taxes
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
334.5
349.0
392.6
401.2
445.7
466.9
467.8
r
478.7
515.2
61.3
63.1
83.9
94.5
103.3
93.5
98.1
89.0
' 103.8
265.2
283.9
303.3
334.3
359.4
380.0
396.0
410.9
446.7
73.0
946.4
73.1
990.3
74.3 1,003.9
78.9 1,064.1
82.3 1,144.2
90.9 1,251.8
92.3 1,323.0
97.1 ' 1,475.4
99.7 * 1,515.3
252.7
273.4
282.0
290.4
303.6
299.3
273.3
307.3
r
291.4
29.3
27.4
125.4
122.8
30.2
35.3
Individual
taxes
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992 (estimates)
1993 (estimates)
Cumulative total, first 4 months: 1
Fiscal year 1991
Fiscal year 1992
1
Data from Monthly Treasury Statement.
298.1
355 6
399.6
463 3
517.1
599.3
617.8
600.6
666.5
734.1
769.1
854.1
909.0
990.7
1,031,3
1,054.3
1,075.7
' 1,1 65.4
350.1
359.0
National defense
Social
insurance
taxes
and
contributions
165.3
173.5
Other
Total
Total
434.6
457.6
97.4
99.4
International
affairs
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
245.2
265.5
274.0
281.9
294.9
289.8
262.4
294.6
' 278.3
16.2
14.2
11.6
10.5
9.6
13.8
15.9
17.8
18.0
33.5
35.9
40.0
44.5
48.4
57.7
71.2
94.6
108.2
6.3
6.6
21.6
28.5
Department of
Defense,
military
93.8
95.4
Net
Income
securi'y
Social
security
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
29.9
35.5
42.6
52.5
68.8
85.0
89.8
111.1
65.8 128.2
70.2 119.8
123.3
75.1
129.3
78.9
85.0 136.0
98.1 147.3
104.5 170.8
118.6 r!98.1
129.3 '196.7
188.6
198.8
207.4
219.3
232.5
248.6
269.0
286.7
302.3
129.5 131.8
136.0 142.1
138.7 125.9
151.8 139.4
169.3 159.8
184.2 202.7
194.5 223.8
198.8 ' 253.4
r
213.7 255.7
54.8
62.3
85.6
92.2
Medicare
15.8
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
32.7
38.8
interest
26.7
63.1
67.4
Other
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
73.2
62.4
.•ere shown on an accrual basis in the January issue of Economic Indicators.)
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter of 1991, Federal receipts rose $10.3 billion (annual rate) and Federal expenditures rose $13.8
billion. In the fourth quarter, according to revised estimates, Federal expenditures rose $29.3 billion; receipts data
are incomplete.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,400
,200
EXPENDITURES
\
1,000
• SURPLUS OR DEFICIT ( - )
\
1986
1987
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE' DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Period
Total
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Federal Government expenditures
Contributions for
social
insurance
Total
Purchases
Transfer
payments
Grantsin-aid to
State
and
local
governments
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
Less:
Wage
accruals
iess
disbursements
Surplus
or deficit
(-),
national
income
and
product
accounts
Fiscal year:
1988
1989
1990
1991
955.1
Calendar vear:
1988...".....
1989
1990
1991 r
1982:
IV....
1983:
IV
1984: IV....
1985- IV
1986: IV
1987- IV
1988:
403.8
455.7
472.2
474.5
107.6
116.7
113.1
103.2
59.6
62.2
63.7
75.6
384.1
412.5
438.9
462.9
1,098.5
1,162.1
1,245.6
1,305.4
386.3
399.0
416.4
445.8
430.9
459.4
502.0
505.3
108.4
115.8
128.3
146.3
143.8
160.3
175.3
185.2
28.9
27.6
23.7
22.8
-0.1
.0
.0
.0
-143.3
— 115.0
-157.8
-189.2
972.3
1,055.2
1,104.8
1,119.9
632.3
410.1
290.5
323.5
60.9
61.9
65.8
78.8
49.2
55.4
58.2
56.8
54.8
59.5
61.4
62.1
64.6
64.8
65.2
68.5
78.2
77.1
78.7
81.2
390.4
419.4
444.7
468.0
235.9
259.8
291.1
318.0
338.8
359.4
400.7
425.2
437.2
442.0
448.5
451.1
464.1
466.3
469.9
471 .4
1,109.0
1,179.4
1,270.1
1,320.4
815.7
855.7
926.6
990.8
1,034.3
1,096.3
1,135.5
1,206.0
1,247.6
1,263.2
1,265.1
1,304.4
1,261.6
1,321.0
1,334.8
1,364.1
387.0
401.4
424.9
445.0
281.4
289.7
324.7
356.9
373.1
392.5
392.0
403.7
417.2
423.3
424.7
434.5
451.5
452.1
444.9
431.6
436.3
469.5
510.8
512.5
346.0
351.1
360.1
383.8
404.2
419.7
444.5
486.4
111.3
118.2
132.2
152.8
84.3
86.9
97.7
104.5
103.8
102.9
113.0
121.9
128.1
132.2
131.2
137.3
143.7
151.0
153.3
163.3
146.0
164.7
177.5
188.4
86.8
99.2
122.3
129.2
131.1
143.1
151.2
168.8
170.9
177.5
183.7
177.7
185.7
189.7
187.9
190.4
28.4
25.5
24.7
21.5
17.3
28.8
22.2
16.4
22.1
37.8
34.9
25.1
29.8
23.0
14.8
31.2
23.4
22.7
13.9
26.0
.0
.0
671.1
111.0
113.9
112.1
102.8
45.5
65.4
67.0
77.0
91.4
109.7
118.5
107.4
113.7
114.1
115.1
105.7
99.0
102.0
106.2
-136.6
-124.2
-165.3
-200.5
-183.4
-184.6
-186.8
-187.2
— 177.5
-152.7
-134.9
-143.3
- 160.8
-156.9
— 149.7
-193.6
-146.4
-206.7
-210.2
1,047.1
1,087.9
1,116.2
IV....
1989- IV
1990: I
II
III....
IV
1991: I
II
III...
739.8
803.6
856.8
943.5
1,000.6
1,062.7
1,086.8
1,106.3
1,115.4
1,110.7
1,115.2
1,114.3
1,124.6
IV
460.2
482.2
470.4
301.6
351.8
371.7
414.8
420.0
467.9
471.2
485.4
486.6
485.5
473.9
468.8
469.9
469.0
Source: Department of Commerce, Bureau of Economic Analysis.
34
501.6
507.2
510.7
523.8
457.5
505.1
534.9
552.7
.0
.0
.6
.0
.0
-.2
.0
.0
.0
.0
.0
2
.2
— .4
.0
.0
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84=100; NSA)
Industrial production (1987 — 100; seasonally adjusted)
Period
United
States
Canada
Japan
France
Germany
United
Kingdom
Italy
r
United
States '
Canada
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
136.2
France
Germanv
Italy
94.9
100.4
104.8
108.9
113.4
118.4
123.2
129.3
135.5
143.1
98.0
99.9
102.1
' 104.1
' 104.8
' 104.9
105.7
' 108.0
111.4
115.0
91.7
100.3
108.0
114.3
117.2
121.1
124.4
128.9
133.2
137.2
97.0
100.3
102.7
' 104.8
104.7
104.9
106.3
109.2
112.1
116.0
87.7
100.8
121.1
128.5
134.4
141.1
150.4
159.6
169.8
95.4
99.8
104.8
111.1
114.9
119.7
125.6
135.4
148.2
156.9
l!3.1
l!3.0
135.0
134.9
113.2
113.3
163.6
164.2
152.7
152.6
l!3.8
'113.5
r
l!4.0
r
l!4.7
135.5
135.7
135.8
136.3
136.6
136.9
137.4
137.7
138.0
138.6
138.9
139.1
114.0
114.3
114.2
114.7
115.2
115.8
116.8
116.8
117.0
117.4
117.9
118.0
165.4
167.0
167.4
168.2
168.8
169.7
169.9
170.4
171.1
172.6
173.8
174.2
153.0
153.8
154.4
156.4
156.9
157.6
157.2
157.6
158.1
158.7
159.3
159.4
118.6
175.5
159.3
1984
1985
1986
1987
1988
1989
1990
1991 "
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108 1
109.2
107 1
82.9
76.5
85.5
81.5
91.4
93.4
96.8
96.5
95.4
96.6
100.0
100.0
r
109.2
105.5
105 3 ' 115.9
100.8 M21.4
124 2
97.3
96.5
97.1
97.2
98.0
100.0
104.7
108.9
110.2
90.3
90.9
93.5
97.7
99.6
100.0
103.9
108.7
114.6
91.8
92.9
96.2
100.0
105.9
109.2
' 109.4
86.4
89.6
89.7
94.6
96.9
100.0
103.6
104.0
' 103.4
100.4
1990- Nov
Dec
108 3
107.2
97.4 ' 124.3
96.4 r 123.8
108.0
106.0
116.6
116.2
106.8
109.6
100.8
100.2
133.8
133.8
138.2
138.1
r
1991- Jan
Feb
Mar
106.6
105.7
105.0
105 5
106.4
107.3
108.1
108.0
108.4
r
108.4
' 108.1
r
107 6
96.2 ' 125.8
95.4 r!25.7
110.4
109.4
106.8
109.8
109.6
109.7
' 110.9
' 110.9
' 109.3
119.1
118.3
118.3
117.8
116.9
121.6
119.5
117.3
117.5
108.6
108.4
108.2
103.3
104.6
110.5
106.3
104.1
r
99.7
!01.3
134.6
134.8
135.0
135.2
135.6
136.0
136.2
136.6
137.2
137.4
137.8
137.9
141.7
141.7
142.3
142.3
143.0
143.7
143.8
143.9
143.7
143.4
144.0
143.4
r
138.1
144.0
1982
1983
May
July
Sept
Oct
Nov
Dec
1992- Jan " .
1
r
r
r
95.1
96.3
96.9
r
97.4
r
97.8
97.5
98.1
97.5
97.5
123.0
123.3
126.0
122.8
126.6
122.8
123.7
123.9
'123.8
r
l!0.6
109.9
r
r
r
91.7
88.9
r
' 101.3
r
!07.6
105.5
111.1
l!7.5
119.0
122 6
98.7
98.5
!01.5
r
r
101.6
r
100.0
r
100.2
r
100.9
100.4
100.1
106 7
Data relate to all urban consumers.
United
Kingdom
Tfinwn
t)!ipau
r
' 11 5.3
r
r
r
r
l!4.8
l!4.7
l!4.9
115.1
116.4
M16.6
116.0
r
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration, Trade Information and Analysis).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
Merchandise exports (f.a.s. value) 1
General merchandise imports (customs value) 3
Principal end-use commodity category
Period
Foods,
feeds,
and
beverages
Industrial
supplies
and
materials
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
421.9
31.3
30.9
31.5
24.0
22.3
24.3
32.3
37.2
35.1
35.8
61.7
56.7
61.7
58.5
57.3
66.7
85.1
99.3
104.4
109.2
72.7
67.2
72.0
73.9
75.8
86.2
109.2
138.8
152.7
166.8
15.7
16.8
20.6
22.9
21.7
24.6
29.3
34.8
37.4
39.9
14.3
13.4
13.3
12.6
14.2
17.7
23.1
36.4
43.3
46.1
20.7
20.5
24.0
27.3
35.9
34.6
43.4
17.2
20.7
24.1
Total 2
216.4
1982
1983
1984
5
1985
1986
1987
1988
1989
1990
1991
5
205.6
224.0
218.8
227.2
254.1
322.4
363.8
393.6
Trade balance
Principal end-use commodity category
Other
Total
2
4
4
Foods
feeds,
and
beverages
Industrial
supplies
and
materials
Automotive
vehicles,
parts,
and
engines
goods
(nonfood)
except
automotive
33.3
40.8
53.5
66.8
78.2
85.2
87.7
86.1
87.3
84.8
39.7
44.9
60.0
68.3
79.4
88.7
95.9
102.9
105.7
108.0
6.5
6.3
7.8
9.4
10.4
12.1
12.8
13.6
16.1
16.0
254.9
269.9
346.4
352.5
382.3
424.4
459.5
493.2
112.0
107.0
123.7
113.9
488.1
17.1
18.2
21.0
21.9
24.4
24.8
24.8
25.1
26.6
26.5
101.3
111.0
118.3
132.3
143.2
131.4
35.4
40.9
59.8
65.1
71.8
84.5
101.4
113.3
116.4
121.4
244.0
258.0
330.7
336.5
365.4
406.2
441.0
473.2
495.3
General
merchandise
imports
(c.i.f.
value)
Capital
goods
except
automotive
Con-
Other
517.0
509.3
Exports
(f.a.s) less
imports
(customs
value)
Kxports
(f.a.s)
less
imports
(c.i.f.)
-27.5
-52.4
-38.4
-64.2
-106.7 -122.4
-117.7 - 133.6
-138.3 -155.1
-152.1 -170.3
-118.5 -137.1
-109.4 -129.4
-101.7 -123.4
-87.5
-66.2
1990:
Dec
33.6
2.6
9.2
13.2
2.8
3.8
1.9
39.9
2.2
11.6
9.8
6.6
8.3
1.3
41.6
-6.3
-8.0
1991-
Jan
Feb
Mar
Apr
May
34.1
33.6
34.0
35.6
35.3
35.0
35.2
34.4
35.3
37.1
36.9
36.1
2.7
3.1
3.0
2.9
3.0
2.9
3.1
2.9
3.0
3.2
3.2
3.4
9.5
9.7
8.9
9.2
9.4
8.7
9.1
9.1
8.5
9.3
8.8
8.9
13.0
12.4
13.5
14.4
13.7
14.4
13.7
13.4
14.3
14.4
15.4
14.2
3.1
2.6
2.9
3.4
3.5
3.5
3.6
3.2
3.6
3.8
3.7
3.3
3.9
3.9
3.8
3.8
3.8
3.7
3.7
3.7
3.8
4.2
4.1
3.9
1.9
1.9
1.9
1.9
2.0
1.9
2.1
2.0
2.1
2.2
1.8
2.4
41.5
39.1
38.1
40.1
40.1
38.8
41.2
40.9
42.3
43.4
41.1
42.1
2.2
2.1
2.1
2.4
2.3
2.3
2.3
2.1
2.2
2.2
22
2.3
12.2
10.8
10.1
11.0
11.3
10.5
10.8
10.9
11.2
11.2
10.8
11.0
9.9
9.9
9.9
10.4
10.1
9.8
10.4
9.9
10.3
10.6
9.7
10.5
7.3
6.7
6.6
6.7
6.5
6.6
7.2
8.0
7.6
7.9
7.2
7.1
8.6
8.5
8.0
8.5
8.4
8.1
9.3
8.7
9.6
10.3
9.9
10.0
1.3
1.2
1.3
1.3
1.5
1.4
1.3
1.3
1.3
1.4
1.4
1.3
43.4
40.9
39.8
42.0
41.8
40.4
43.0
42.7
44.1
45.2
42.8
43.9
— 7.4
— 5.5
-4.1
-4.5
-4.8
-3.8
-5.9
-6.5
-6.9
-6.3
-4.2
-5.9
-9.2
-7.3
-5.8
-6.4
-6.6
-5.5
-7.8
-8.3
-8.8
-8.1
-5.9
-7.7
July
Sept
Oct
Noy '
Dec .
1
2
3
4
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
month basis.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the fourth quarter of 1991, the merchandise trade deficit fell to $18.7 billion from $20.8 billion in the third
quarter.
BIL1 IONS OF DOLLARS*
BILLIONS OF DOLL>^RS*
15
15
10
10
\
\
\
BALANCE ON
5
0
•A
V-1
/\ "
CURRENT ACCOUNT
\
^
-10
'•,„.'•
^
\\
\
\
\
\
\
/I
V
\
BALANCE ON GOODS,
,\
\Y._.
A
KK
V-s
;
\
V^i-40
i
i i i
I
1
1
I
1984
1983
1985
1
1
1986
^x/
1
1
1987
1
f"^
\
J<
*
'
,--./
\
X
j
/
SERVICES, AND INCOME
\,
15
/\
*
\
-•-s /'I
\
\
1982
10
*•
\ X]
i
5
l/"'\
-25
45
0
*.
\
-20
5
S
'r^~'
'
\
I I I
^^
''
•
\---''
MERCHANC)ISE TRADE
i
i
i
1
1989
1988
1
1
1990
1
1
f
-45
1991
•SEASONALLY ADJ JSTED
SOURCE; DEPARTME NT OF COMMERCE
COUNCIL OF EC ONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits { + ), debits ( — )]
Merchandise l
z
Period
Exports
1981
1982
237,085
211,198
1983
201,820
1984
219,900
1985
213,935
1986
223,367
1987
250,266
1988
320,337
1989
361,451
1990
389,550
1991 "
416,517
1989: III
90,142
IV
92,493
1990: I
95,244
II
97,088
Ill
96,638
IV
100,580
r
1991: I
100,549
r
II
103,889
r
Ill P.... 104,018
IV.... 108,061
1
2
3
4
Imports
-265,063
-247,642
-268,900
332 422
-338,083
368 425
-409,766
447 323
-477,368
497 665
-490^103
-119,330
— 121,104
-122,781
-121,178
-125,398
-128,308
r
- 119,087
r
— 119,426
r
- 124,867
-126,723
Net balance
-27,978
-67,080
-112,522
-122,148
- 145,058
— 159,500
-126,986
-115,917
108 115
-73,586
-29,188
-28,611
-27,537
-24,090
-28,760
-27,728
' - 18,538
r
- 15,537
r
- 20,849
-18,662
Net
travel and
transportation
receipts
Other
services,
net 6
Receipts
on U.S.
assets
abroad
— 844
144
112
-992
163
4 227
-2,147
-9,153
4 096 -10,788
-4,907
-8,939
-3,662
-8,006
-5,743
-3,844
6 204
2,621
-7,220
4,140
12,552
12,981
13,859
14,042
14,008
18,551
18,012
19,925
25,998
29,456
84,975 -53,626
57 097
85,346
-54,549
81,972
69 542
92,935
82,282 -66,115
70 013
80,982
-82,908
90,536
1AC Q1 7
110,669
128,651 -125,963
130,091
Net
military
transactions 3 4
— 1,161
-1,693
-1,737
-1,558
-1,683
-2,243
-2,329
-1,484
-1,168
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Quarterly data are not seasonally adjusted.
Includes transfers of goods and services under U.S. military grant programs.
36
Investment income 5
Services
652
1,265
941
834
479
1,885
2,056
2,521
2,607
6,772
6,911
6,695
7,322
7,607
7,832
7,345
7,909
8,023
32,217
33,159
31,959
31,314
32,012
34,805
32,729
28,287
28,805
Payments
on foreign
assets 3in
Net
Balance on
goods,
services,
and income
Unilateral
transfers,
net 4
Balance
on current
account
U.S.
-31,718
-30,687
-28,957
-31,307
-29,210
-28,672
-27,846
— 25,942
-26,303
6,892
15,223 -8,331
31,349
3,907
5 868
9 775
28,250
40 143
30 188 -9,956
27,423
12 621 -99,006
23,394 -86,385
122 332
16,166 -106,859 -15,473
16 009 -145,393
10,969 -129,384
7,629 -145,527 -14,674 -160,201
111 294
14 943 -126,236
5,353
106 305
2,688 -90,814 -15,491
22 329 -92,123
11,945 -69,794
499
2,472
3,002
7
2,802
6,133
4,883
2,345
2,502
-22,426
-19,656
-18,635
-17,485
-19,555
-14,122
-6,438
-4,101
-8,522
-3,794
-5,044
-4,032
-4,693
-4,326
-9,280
16,939
7,129
-1,937
-26,220
— 24,700
-22,667
-22,178
-23,881
-23,402
10,501
3,028
-10,459
5
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
United States are excluded from investment income and included in other services, net.
See p. 37 for continuation of table.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $0.2 billion in the third quarter of
1991, in contrast to a decrease of $1.2 billion in the second quarter. Liabilities to private foreigners reported by
U.S. banks, excluding Treasury securities, increased $8.8 billion in the third quarter, compared to a decrease of
$28.7 billion in the second quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
80
CHANGE IN
FOREIGN ASSETS
60
- IN THE U.S., NET
40
20
CHANGE IN
U.S. ASSETS
ABROAD, NET
-20
-40
-40
-60
-60
1982
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the U.S., net
[increase /capital inflow ( + )] 3
U.S. assets abroad, net
[increase /capital outflow ( — )]
Period
Total
1981 .
1982
1983.
1984
1985
1986
1987
1988
1989
1990
U.S.
official
reserve
assets 3 6
Other U.S.
Government
assets
U.S.
private
assets
Foreign
official
assets
Other
foreign
assets
83,032
93,746
84,869
102,621
130,012
221,599
229,828
221,534
216,549
86,303
4,960
3,593
5,845
3,140
-1,083
35,588
45,343
39,657
8,624
32,425
78,072
90,154
79,023
99,481
131,096
186,011
184,485
181,877
207,925
53,879
Total
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net 6
(unadjusted,
end of
period)
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
..
-110,951
- 124,490
-56,100
-31,070
-27,721
-92,030
-62,937
-86,057
-128,610
-57,706
-5,175
-4,965
-1,196
-3,131
-3,858
312
9,149
-3,912
-25,293
-2,158
1989: III
IV
-45,743
-41,021
-5,996
-3,202
564
119
40311
-37,938
74,255
70,238
13,053
-7,158
61,202
77,396
-2,292
-4,517
-6,379
3,096
68,418
74,609
1990: I
II
Ill
IV
37,147
-33,462
-26,689
-34,703
-3,177
371
1,739
-1,091
669
-800
-314
4,759
40,993
-33,033
-28,114
38 370
-33,082
31,257
49,096
39,033
7 022
5,805
13,341
20,301
-26,059
25,452
35,754
18,732
18,601
24,383
1,475
19,072
4,367
105
-6,473
2,007
76,303
77,298
80,024
83,316
1991: I
-923
- 14,982
-11,971
-353
1,014
3,877
1,422
-493
2,715
-1,992
15 503
-18,564
-729
3,503
22,816
6,631
-3,105
4,309
-7,361
6,608
18,507
-8,849
8,451
-386
3,995
166
6059
78,002
74,940
74,731
n
m "...
5 097
100 679
-6A31 -113',394
5006
49 898
-5,489 -22,451
— 2,821
21 043
-2,022 -90,321
1,006
73 091
2,966 — 85,111
1,320
104 637
2,976 -58,524
6
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve position in the IMF.
1,093
19,934
36,612
11,374
27,456
20,041
15,824
6690
-9,240
18,366
63,526
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
NOTE.—Merchandise trade data for 1991 have been revised. Other data to he revised next
month.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
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
GeneraJ 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.
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