Full text of Economic Indicators : February 1994
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103d Congress, 2d Session
Economic Indicators
FEBRUARY
1994
(Includes data available as of March 2, 1994)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
FEDERAL RESERVE
BANK OF CHICAGO
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1994
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
DAVID R. OBEY, Wisconsin, Chairman
PAUL S. SARBANES, Maryland, Vice Chairman
HOUSE OF REPRESENTATIVES
LEE H. HAMILTON (Indiana)
FORTNEY H. (PETE) STARK (California)
KWEISI MFUME (Maryland)
RON WYDEN (Oregon)
MICHAEL A. ANDREWS (Texas)
RICHARD K. ARMEY (Texas)
JIM SAXTON (New Jersey)
CHRISTOPHER C. COX (California)
JIM RAMSTAD (Minnesota)
SENATE
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
CHARLES S. ROBB (Virginia)
BYRON L. DORGAN (North Dakota)
BARBARA BOXER (California)
WILLIAM V. ROTH, JR. (Delaware)
CONNIE MACK (Florida)
LARRY E. CRAIG (Idaho)
ROBERT F. BENNETT (Utah)
RICK McGAHEY, Executive Director
COUNCIL OF ECONOMIC ADVISERS
LAURA D. TYSON, Chair
ALAN S. BLINDER, Member
JOSEPH E. STIGLITZ, Member
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts prepared by the Art Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $3.00 a single copy
($3.75 foreign), or by subscription at $33.00 per year ($41.25 for foreign
mailing) from:
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ISBN 0-16-043704-0
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the fourth quarter of 1993, according to revised estimates, current-dollar gross domestic product (GDP) rose 8.8
percent (annual rate), real GDP (GDP in 1987 dollars) rose 7.5 percent, and the implicit price deflator rose 1.3
percent.
BILLIONS OF DOUARS (RATIOSCALE)
BIUJONS OF DOLLARS (RATIO SCALE)
6,800
6,800
SEASONALLY ADJUSTED ANNUAL RATES
X
6,400
^
6,000
GDP
IN CURRENT DOUARS
5,200
^^
^X
^X
Fxr-c'
4,800
x ""
X
s
S
*•*
y
3,600
3,200
1
1
1
1982
x-^"
X"
111
X
4,800
4,400
GDP
IN 1 987 DOLLARS
4,400
5,600
5,200
f
S^
4,000
^
.S
)^\
2,800
6,000
x^
5,600
6,400
"^
4,000
/*
3,600
3,200
l
1983
i i
1984
1 1 1
I
1985
I i
1986
i
i I
1987
I
I I
1988
i
i i
1989
I
I I
1990
I
I I
1991
SOURCE: DEPARTMENT OF COMMERCE
I I I
1992
i i t
1993
2,800
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1986 ....
1987
1988 ....
1989 ..
1990
1991 ....
1992
1993 r
1982: IV
1983: IV
1984: IV
1985: IV
1986: IV
1987: IV
1988: IV
1989: IV
1990: IV
1991- I
II
III
IV
1992: I
n
m
IV.
1993- I
II
III
IV '
1
Gross
domestic
product
4,268.6
4,539.9
4,900.4
5,250.8
5,546.1
5,722.9
6,038.5
6,379.4
3,195.1
3,547.3
3,869.1
4,140.5
4,336.6
4,683.0
5,044.6
5,344.8
5,597.9
5,631.7
5,697.7
5,758.6
5,803.7
5,908.7
5,991.4
6,059.5
6,194.4
6,261.6
6,327.6
6,395.9
6,532.4
Personal
consumption
expenditures
2,850.6
3,052.2
3,296.1
3,523.1
3,761.2
3,906.4
4,139.9
4,391.9
2,128.7
2,346.8
2,526.4
2,739.8
2,923.1
3,124.6
3,398.2
3,599.1
3,836.6
3,843.6
3,887.8
3,929.8
3,964.1
4,046.5
4,099.9
4,157.1
4,256.2
4,296.2
4,359.9
4,419.1
4,492.5
Exports and imports of goods
Gross
and services
private
domestic
Net
invest- '
Exports Imports
exports
ment
717.6
749.3
793.6
832.3
808.9
736.9
796.5
892.8
464.2
614.8
722.8
737.0
697.1
800.2
814.8
825.2
756.4
729.1
721.5
744.5
752.4
750.8
799.7
802.2
833.3
874.1
874.1
884.0
939.0
-132.5
143.1
- 108.0
— 79.7
71.4
-19.6
29.6
-63.2
-29.5
-71.8
-107.1
-135.5
-133.2
-143.2
- 106.0
-73.9
-71.6
-34.0
11.5
-19.8
-13.0
-7.0
-33.9
-38.8
-38.8
48.3
-65.1
-71.9
-67.6
319.2
364.0
444.2
508.0
557.1
601.5
640.5
661.7
265.6
286.2
308.7
304.7
333.9
392.4
467.0
523.8
577.6
576.5
600.7
603.0
625.7
633.7
632.4
641.1
654.7
651.3
660.0
653.2
682.2
GDP less exports of goods and services plus imports of goods and services.
451.7
507.1
552.2
587.7
628.5
621.1
670.1
724.9
295.1
358.0
415.7
440.2
467.1
535.6
573.1
597.7
649.2
610.6
612.2
622.8
638.8
640.7
666.3
679.9
693.5
699.6
725.0
725.1
749.7
Government purchases
Federal
Total
Total
833.0
881.5
918.7
975.2
1,047.4
1,099.3
1,131.8
1,157.9
631.6
657.6
727.0
799.2
849.7
901.4
937.6
994.5
1,076.5
1,093.0
1,099.9
1,104.0
1,100.2
1,118.5
1,125.8
1,139.1
1,143.8
1,139.7
1,158.6
1,164.8
1,168.5
367.8
384.9
387.0
401.6
426.5
445.9
448.8
443.6
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
450.2
449.4
446.8
437.4
445.5
444.6
452.8
452.4
442.7
447.5
443.6
440.5
National
defense
276.7
292.1
295.6
299.9
314.0
322.5
313.8
303.6
205.5
222.8
242.9
268.6
278.6
295.8
296.8
302.5
322.5
331.4
326.3
321.2
311.2
312.3
310.4
316.7
315.7
304.8
307.6
301.9
300.1
Nondefense
91.1
92.9
91.4
101.7
112.5
123.4
135.0
140.0
75.9
66.9
81.9
88.3
94.5
96.7
95.2
102.6
114.0
118.7
123.0
125.6
126.2
133.1
134.2
136.1
136.7
137.9
140.0
141.7
140.4
State
and
local
465.3
496.6
531.7
573.6
620.9
653.4
683.0
714.3
350.3
367.9
402.2
442.4
476.6
509.0
545.7
589.3
640.0
642.9
650.5
657.3
662.8
673.0
681.2
686.2
691.4
697.0
711.1
721.2
728.0
Final
sales of
domestic
product
Gross
domestic
purchases l
4,260.0
4,513.7
4,884.2
5,217.5
5,539.3
5,731.6
6,031.2
6,362.4
3,241.4
3,527.1
3,818.1
4,107.9
4,355.4
4,623.7
5,027.3
5,314.6
5,621.8
5,651.6
5,720.8
5,759.1
5,794.8
5,913.9
5,978.6
6,049.9
6,182.5
6,227.1
6,314.5
6,388.2
6,519.8
4,401.2
4,683.0
5,008.4
5,330.5
5,617.5
5,742.5
6,068.2
6,442.6
3,224.6
3,619.1
3,976.2
4,276.0
4,469.8
4,826.2
5,150.7
5,418.7
5,669.5
5,665.8
5,709.2
5,778.4
5,816.7
5,915.8
6,025.3
6,098.3
6,233.2
6,309.9
6,392.7
6,467.8
6,600.0
Source: Department of Commerce, Bureau of Economic Analysis.
Addendum:
Gross
national
product
4,277.7
4,544.5
4,908.2
5,266.8
5,567.8
5,737.1
6,045.8
3,222.6
3,578.4
3,890.2
4,156.2
4,340.5
4,690.5
5,054.3
5,365.0
5,630.0
5,656.1
5,710.6
5,766.2
5,815.5
5,927.6
5,996.3
6,067.3
6,191.9
6,262.1
6,327.1
6,402.3
GROSS DOMESTIC PRODUCT IN 1987 DOLLARS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Gross
domestic
product
Personal
consumption
expenditures
Government purchases
Federal
Nonresidential
fixed
investment
Residential
fixed
investment
4,404.5 2,969.1
4,539.9 3,052.2
4,718.6 3,162.4
4,838.0 3,223.3
4,897.3 3,272.6
4,861.4 3,258.6
4,986.3 3,341.8
5,137.7 3,453.7
500.3
497.8
530.8
540.0
546.5
514.5
529.2
591.7
226.2
225.2
222.7
214.2
194.5
169.5
197.1
214.2
3,759.6 2,539.3
4,012.1 2,678.2
4,194.2 2,784.8
4,333.5 2,895.3
4,427.1 3,012.5
4,625.5 3,074.7
4,779.7 3,202.9
4,856.7 3,242.0
4,867.2 3,265.9
1991- I
II
III
IV .
Period
Exports and imports of
goods and services
Change
in
business
inventories
State
and
local
Final
sales of
domestic
product
Gross
domestic
purchases '
Addendum:
Gross
national
product
Exports
Imports
Total
8.5 -155.1
26.3
143 1
19.9 -104.0
29.8
73 7
5.7 -54.7
-8.4
19 1
6.5 -33.6
15.5
76 4
329.6
364.0
421.6
471.8
510.5
543.4
578.0
598.3
484.7
507.1
525.7
545.4
565.1
562.5
611.6
674.7
855.4
881.5
886.8
904.4
932.6
946.3
945.2
939.0
373.0
384.9
377.3
376.1
384.1
386.5
373.0
355.1
280.6
292.1
287.0
281.4
283.6
281.3
261.2
242.6
92.4
92.9
90.2
94.8
100.4
105.3
111.8
112.4
482.4
496.6
509.6
528.3
548.5
559.7
572,2
583.9
4,395.9
4,513.7
4,698.6
4,808.3
4,891.6
4,869.8
4,979.8
5,122.1
4,559.6
4,683.0
4,822.6
4,911.7
4,951.9
4,880.5
5,019.9
5,214.1
4,413.5
4,544.5
4,726.3
4,852.7
4,916.5
4,874.5
4,994.0
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
131.2 -44.9 -19.0
190.6
29.3
83 7
198.8
47.9 -131.4
207.4
30.2
155 4
230.5
20 1 - 156.0
223.3
59.9
136 0
225.3
20.9 -102.7
208.0
24.9
-67.4
176.3
209 -36.8
280.4
291.5
312.8
312.0
342.9
386.1
438.2
487.7
520.4
299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.0
557.2
735.9
748.1
784.3
830.5
864.8
893.0
894.5
912.6
942.4
316.0
322.2
341.7
363.7
377.5
391.6
378.4
376.1
386.5
229.4
242.9
254.3
272.1
282.2
295.0
285.7
281.5
285.7
86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.7
100.8
419.9
425.9
442.6
466.7
487.3
501.4
516.1
536.5
555.8
3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565.6
4,758.7
4,831.8
4,888.0
3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,924.1
4,904.0
3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,875.1
4,895.4
4,837.8 3,242.7
4,855.6 3,256.9
4,872.6 3,267.1
4,879.6 3,267.5
521.4
517.8
512.8
506.1
163.8 -17.4
164.3
22 3
171.0
-.9
179.1
7.1
21 6
-13.3
-25.0
-16.4
519.4
542.9
546.9
564.2
541.0
556.2
571.9
580.7
948.9
952.3
947.6
936.2
393.8
393.6
386.6
372.1
292.0
288.7
279.4
264.9
101.8
104.9
107.2
107.2
555.1
558.7
561.0
564.1
4,855.2
4,878.0
4,873.5
4,872.5
4,859.4
4,869.0
4,897.6
4,896.0
4,859.3
4,867.5
4,880.3
4,890.9
1992- I
II
III
IV .
4,922.0
4,956.5
4,998.2
5,068.3
3,302.3
3,316.8
3,350.9
3,397.2
510.5
528.8
533.8
543.7
186.2
195.6
196.2
210.6
-5.0
12.6
9.6
8.7
15 2
-38.0
-42.5
38 8
571.0
570.2
579.3
591.6
586.2
608.2
621.8
630.3
943.1
940.7
950.2
946.9
372.1
369.2
377.0
373.7
261.2
257.9
264.4
261.3
110.9
111.3
112.5
112.4
571.0
571.5
573.2
573.2
4,926.9
4,943.8
4,988.6
5,059.6
4,937.1
4,994.5
5,040.7
5,107.1
4,939.0
4,962.2
5,006.4
5,068.4
1993: I
II
III
IV '.
5,078.2
5,102.1
5,138.3
5,232.1
3,403.8
3,432.7
3,469.6
3,508.6
562.3
584.3
594.8
625.2
211.4
206.2
212.1
226.9
29.3
13.0
6.5
13.4
-59.9
752
-86.3
84 1
588.0
593.2
591.9
620.1
647.9
668.4
678.2
704.2
931.3
941.1
941.7
942.0
357.6
359.4
353.7
349.5
246.0
246.4
240.1
238.0
111.5
113.0
113.7
111.5
573.7
581.6
588.0
592.5
5,048.9
5,089.1
5,131.8
5,218.7
5,138.1
5,177.4
5,224.6
5,316.2
5,080.7
5,104.1
5,145.8
1986
1987 ....
1988
1989 ..
1990
1991
1992
1993 '
1982:
19831984:
19851986:
19871988:
1989:
1990:
1
IV
IV
IV
IV
IV
IV
IV
IV
IV
Net
exports
GDP less exports of goods and services plus imports of goods and services.
Total
Nondefense
National
defense
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[1987=100; quarterly data are seasonally adjusted]
Period
1986
1987
1988
1989
1990
1991
1992
1993 '
Gross
domestic
product
Gross private
domestic investment
Personal consumption
expenditures
Government purchases
Exports and imports of
goods and services
Federal
Total
Durable
goods
Nondurable goods
Services
Nonresidential
fixed
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
96.9
100.0
103.9
108.5
113.3
117.7
121.1
124.2
96.0
100.0
104.2
109.3
114.9
119.9
123.9
127.2
96.9
100.0
102.0
104.2
105.7
107.3
108.9
109.8
96.1
100.0
103.7
109.3
115.9
120.0
122.4
124.1
95.7
100.0
105.1
110.6
116.7
122.8
128.5
133.5
98.4
100.0
102.8
105.2
107.3
108.0
106.9
105.4
95.8
100.0
104.2
107.8
110.7
111.8
113.4
117.8
96.9
100.0
105.3
107.7
109.1
110.7
110.8
110.6
93.2
100.0
105.1
107.8
111.2
110.4
109.6
107.4
98.6
100.0
102.6
106.8
111.0
115.4
120.3
124.9
98.6
100.0
103.0
106.6
110.7
114.7
120.1
125.1
98.6
100.0
101.4
107.3
112.0
117.2
120.8
124.5
96.4
100.0
104.3
108.6
113.2
116.7
119.4
122.3
1982:
1983:
1984:
1985:
19861987:
1988:
1989:
1990:
IV
IV . .
IV
IV
IV
IV
IV
IV
IV .
85.0
88.4
92.3
95.5
98.0
101.2
105.5
110.1
115.0
83.8
87.6
90.7
94.6
97.0
101.6
106.1
111.0
117.5
90.6
93.3
94.4
95.9
97.8
101.0
103.1
104.9
106.1
89.4
91.8
94.2
97.0
96.3
101.5
105.6
110.8
119.2
79.0
83.7
87.7
92.9
97.3
101.9
107.1
112.7
119.2
95.3
95.0
96.4
97.3
99.2
100.7
104.0
106.0
108.2
86.0
88.0
90.7
93.1
97.3
101.5
105.3
108.8
111.1
94.7
98.2
98.7
97.7
97.4
101.6
106.6
107.4
111.0
98.5
95.4
93.6
94.2
93.6
102.6
106.0
107.7
116.5
89.0
89.9
95.0
98.1
98.8
100.2
103.6
107.7
112.9
89.6
91.7
95.5
98.7
98.7
100.3
103.9
107.5
112.9
87.7
84.3
93.7
96.4
99.2
100.1
102.6
108.4
113.1
83.4
86.4
90.9
94.8
97.8
101.5
105.7
109.9
115.2
1991:
I
II
III
IV ... .
116.4
117.3
118.2
118.9
118.5
119.4
120.3
121.3
106.8
107.1
107.5
107.8
119.5
119.8
120.1
120.7
120.8
122.0
123.5
124.9
108.7
108.3
107.8
107.3
111.3
111.7
112.5
111.8
111.0
110.6
110.2
110.9
112.9
110.1
108.9
110.0
114.3
114.2
115.6
117.5
113.5
113.0
114.9
117.5
116.7
117.3
117.2
117.8
115.8
116.4
117.2
117.5
1992:
I
II.
120.0
120.9
121.2
122.2
122.5
123.6
124.1
125.3
108.4
109.0
109.1
109.1
121.5
122.1
122.8
123.1
126.6
128.1
128.5
130.7
107.1
107.1
106.6
106.6
112.2
112.8
113.8
114.9
111.0
110.9
110.7
110.7
109.3
109.6
109.3
110.0
119.7
120.4
120.1
121.1
119.6
120.3
119.8
120.8
120.0
120.6
121.0
121.6
117.9
119.2
119.7
120.6
123.3
124.0
124.5
124.9
126.2
127.0
127.4
128.0
109.2
109.8
109.9
110.1
124.1
124.2
123.7
124.4
131.8
133.1
134.0
135.0
105.7
106.0
105.1
104.8
115.8
117.3
118.5
119.6
110.8
111.3
110.4
110.0
108.0
108.5
106.9
106.5
123.8
124.5
125.4
126.0
123.9
124.8
125.7
126.1
123.6
123.9
124.6
125.8
121.5
122.3
122.7
122.9
Ill
IV
1993- I
II. .
Ill
IV '....
Source: Department of Commerce, Bureau of Economic Analysi
CHANGES IN GDP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED IMPLICIT PRICE DEFLATORS AND PRICE INDEXES
[Percent change from preceding year or quarter; quarterly data at seasonally adjusted annual rates]
Personal consumption expenditures
Gross domestic product
Period
Current
dollars
Constant
(1987) dollars
Implicit price
deflator
Fixed-weighted
price index
(1987 weights)
Current
dollars
Constant
(1987) dollars
Implicit price
deflator
Fixed-weighted
price index
(1987 weights)
1981
1982
11.9
3.9
1.8
22
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 *
1989: HI
8.1
10.9
6.9
5.7
6.4
7.9
7.2
5.6
3.2
5.5
5.6
3.8
5.1
9.1
5.9
3.1
1.0
2.4
4.8
4.3
3.2
7.4
5.7
4.6
9.2
3.9
6.2
3.2
2.9
3.1
3.9
2.5
1.2
-.7
2.6
r
3.0
0
1.5
3.5
1.5
9
-3.2
-2.4
1.5
1.4
.6
3.5
2.8
3.4
5.7
10.0
6.2
4.1
4.4
3.7
2.6
3.2
3.9
4.4
4.4
3.9
2.9
2.6
3.8
3.7
5.2
4.4
4.0
4.3
5.0
3.1
3.1
2.4
3.8
3.0
1.0
3.3
3.9
3.4
3.5
2.8
3.1
4.0
4.5
4.6
4.1
3.3
3.1
3.8
3.7
5.8
4.4
4.7
3.8
5.1
3.4
3.4
2.7
4.2
3.4
2.5
3.1
10.2
6.9
9.6
9.0
8.4
6.9
7.1
8.0
6.9
6.8
3.9
6.0
6.1
6.3
5.3
9.2
5.3
8.3
3.7
.7
4.7
4.4
3.5
8.6
5.4
5.7
9.9
1.2
1.1
4.6
4.8
4.4
3.6
2.8
3.6
1.9
1.5
-.4
2.6
3.3
2.9
.8
2.8
.9
2.1
-2.7
2.8
1.8
1.3
.0
4.3
1.8
4.2
5.6
9.0
5.7
4.9
3.9
3.9
3.1
4.2
4.2
4.9
5.1
4.4
3.3
2.7
3.3
4.4
6.3
4.3
6.1
6.7
3.4
3.1
3.0
3.4
4.0
3.6
1.6
3.9
8.6
5.4
4.3
3.7
3.8
3.0
4.1
4.3
5.0
5.3
4.5
3.7
3.0
3.5
4.4
6.6
4.2
6.3
7.0
3.9
3.2
3.4
3.5
4.5
3.6
3.4
3.1
4.4
4.3.
4.4
8.8
.8
1.9
2.9
7.5
3.6
2.3
1.6
1.3
4.3
2.8
2.1
2.3
3.8
6.1
5.5
6.8
.8
3.4
4.4
4.6
2.9
2.6
1.3
1.9
3.4
2.9
1.4
2.7
rv
1990:
1991:
I
II
HI
IV
I
II
m
IV
1992: I
II
m
IV
1993:
I
II
m
IV '
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) 1
Gross domestic product
of nonfinancial
corporate business
(billions of dollars)
Period
Current
dollars
1986
n
m
rv
1993- I
n
m
1
. ..
Total
cost and
profit 2
dollars
1,806.3
2,037.2
2,228.2
2,338.8
2,422.8
2,627.6
2,843.2
2,951.5
3,052.5
3,129.5
2,439.3
2,547.3
2,684.8
2,718.9
2,747.4
2,710.0
2,822.3
1,999.6
2,204.2
2,328.4
2,396.9
2,463.3
2,604.0
2,719.0
2,722.7
2,725.0
2,745.0
3,159.8
3,218.1
3,264.2
3,331.6
2,759.5
2,802.6
2,839.8
2,887.4
3,331.7
3,395.9
3,432.2
2,867.5
2,916.6
2,948.9
2,386.3
2,547.3
2,764.8
2,913.5
3,045.5
3,082.1
3,243.4
1987 ..
1988
1989
1990
1991
1992
1982: IV
1983- IV
1984: IV
1985: IV
1986: IV
1987: IV
1988- IV
1989: IV
1990- IV
1991: IV
1992- I
1987
0.978
.000
.030
.072
.109
.137
.149
.903
.924
.957
.976
.984
1.009
1.046
1.084
1.120
1.140
1.145
1.148
1.149
1.154
1.162
1.164
1.164
Consumption of
fixed
capital
0.111
.110
.111
.117
.120
.126
.125
.119
.119
.111
.110
.112
.110
.112
.120
.123
.125
.125
.124
.129
.122
.124
.123
.124
Output is measured by GDP of nonfinancial corporate business in 1987 dollars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments less subsidies.
Indirect
business
taxes 3
Compensation of
employees
Net
interest
Corporate profits with inventory
valuation and capital consumption
adjustments
Total
0.095
0.648
0.040
0.084
.095
.096
.101
.106
.115
.116
.086
.088
.091
.093
.095
.094
.097
.102
.109
.116
.117
.116
.116
.116
.116
.118
.118
.658
.676
.706
.736
.758
.762
.607
.602
.623
.643
.654
.664
.687
.718
.748
.760
.762
.762
.762
.761
.772
.770
.769
.042
.045
.054
.054
.052
.048
.040
.036
.041
.038
.042
.042
.047
.055
.054
.051
.050
.049
.047
.046
.047
.046
.045
.096
.102
.094
.093
.086
.099
.051
.079
.091
.092
.081
.099
.102
.088
.085
.088
.091
.098
.096
.109
.102
.108
.108
4
Profits
tax
liability
0.031
.037
.038
.037
.034
.031
.035
.020
.029
.027
.030
.035
.038
.040
.033
.034
.031
.033
.036
.034
.037
.037
.040
.038
Profits
after
tax 4
0.053
.059
.064
.057
.059
.056
.064
.030
.050
.064
.063
.045
.060
.063
.055
.052
.056
.059
.062
.062
.072
.065
.068
.070
Output
per hour
of all
employees
(1987
dollars)
Compensation per
hour of
all
employees
(dollars)
22.735
23.129
23.572
23.189
23.446
23.865
24.836
21.070
21.893
22.054
22.347
22.892
23.358
23.524
23.147
23.549
24.246
14.741
15.208
15.833
16.377
17.246
18.087
18.915
12.791
13.187
13.732
14.359
14.975
15.518
16.071
16.618
17.623
18.419
24.394
24.678
25.031
25.310
18.597
18.803
19.062
19.249
25.053
25.296
25.528
19.353
19.468
19.626
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Compensation of
employees1
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
1987
1988
1989
1990
1991
1992
1993 '
1982:
198319841985:
19861987:
19881989:
19901991:
3,692.3
4,002.6
4,249.5
4,491.0
4,598.3
4,836.6
2,698.7
2,921.3
3,100.2
3,297.6
3,402.4
3,582.0
3,772.0
2,551.5
1,940.4
2,834.3
2,101.2
3,134.4
2,288.1
3,341.9 . 2,442.5
3,486.0
2,582.5
3,828.8
2,785.1
4,127.6
3,004.9
4,305.2
3,162.8
4,539.2
3,344.2
4,596.9
3,415.8
4,662.6
3,455.4
4,755.4
3,507.8
4,814.6
3,558.1
4,800.8
3,603.6
4,975.8
3,658.6
5,038.9
3,705.1
5,104.0
3,750.6
5,143.2
3,793.9
3,838.4
IV
IV
IV
IV
IV
IV
IV
IV
IV
IE
IV
1992: I
II
in
IV
1993- I
II
in
IV '
1
Nonfarm
Rental
income of
persons
with
capital
consumption
adjustment
279.0
293.4
307.0
321.4
339.5
370.6
397.3
169.6
193.8
217.7
250.9
260.9
282.6
302.5
311.4
325.1
344.4
350.1
361.2
366.2
371.3
383.6
388.4
392.4
397.6
410.5
31.3
30.9
40.2
41.9
36.8
43.7
46.0
10.2
6.3
21.9
17.8
23.6
42.4
30.9
38.4
43.8
29.8
37.6
45.6
44.9
36.8
47.6
55.7
47.0
24.8
56.4
Includes employer contributions for social insurance. (See also p. 5.)
3.2
4.3
13 5
-14.2
12 8
-8.9
12.8
24.1
22.2
24.3
14.0
4.7
6.8
2.8
-21.6
11 1
-16.3
-11.2
-8.7
-7.2
185
-1.2
7.5
12.7
13.7
17.4
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Profits
before tax
Total
319.8
365.0
362.8
380.6
369.5
407.2
273.4
320.3
325.4
354.7
367.3
390.1
287.9
347.5
342.9
365.7
362.3
395.4
150.3
229.1
261.3
284.9
264.6
343.3
378.3
354.5
362.8
359.0
378.8
409.9
411.7
367.5
439.5
432.1
458.1
468.5
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
359.0
375.4
399.7
395.7
350.1
414.8
407.0
433.4
444.8
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
368.9
362.0
373.5
404.3
409.5
357.9
409.9
419.8
445.6
443.8
Inventory
valuation
adjustment
Capital
consumption
adjustment
Net
interest
46.4
44.7
37.4
25.9
2.2
17.1
24.3
9.6
12.9
37.7
56.9
39.6
49.9
37.9
33.9
13.5
.0
3.5
10.2
16.0
17.4
24.7
25.1
24.7
23.8
23.9
360.4
387.7
452.7
463.7
462.8
442.0
-14.5
-27.3
-17.5
110
4.9
53
-7.2
86
-7.6
3.5
-3.8
10 7
-17.8
-31.7
135
-19.5
30
1.9
4.6
-13.7
-7.8
4.9
-12.7
12.2
1.0
—4.8
256.8
281.8
321.1
331.9
349.7
368.6
408.1
459.8
474.4
464.2
451.9
439.5
440.8
440.1
447.7
450.1
443.2
444.6
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]
Nondurable goods
Durable goods
Period
1987
1988
1989
1990
1991
1992
1993 '
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
Total
personal
consumption
expenditures
3,052.2
3,162.4
3,223.3
3,272.6
3,258.6
3,341.8
3,453.7
IV
2,539.3
2,678.2
IV
2,784.8
IV
IV
2,895.3
IV
3,012.5
IV
3,074.7
IV
3,202.9
IV
3,242.0
3,265.9
IV
3,242.7
I
3,256.9
n
3,267.1
ni
rv
3,267.5
1992: I
3,302.3
n
3,316.8
in
3,350.9
3,397.2
IV
3,403.8
1993: I
II
3,432.7
3,469.6
HI
IV '..... 3,508.6
1
Total
durable
goods
403.7
428.7
440.7
443.1
426.6
456.6
490.1
272.3
319.1
347.7
369.6
415.7
404.7
439.2
436.8
433.2
420.3
422.0
432.6
431.5
446.6
447.5
459.0
473.4
471.9
484.2
493.1
511.1
Motor
vehicles
and
parts
183.5
194.8
196.4
192.7
170.5
182.3
191.7
123.7
151.6
164.3
173.9
193.6
183.6
197.7
188.3
182.1
169.4
165.9
173.7
173.0
180.6
179.5
180.6
188.6
185.7
191.3
189.9
199.8
Includes other items, not shown separately.
Furniture and
household
equipment
144.0
155.4
165.8
171.6
180.0
194.8
216.5
96.4
109.3
118.7
128.6
141.4
145.9
160.3
167.9
172.3
174.3
180.0
182.7
182.9
188.2
189.8
197.1
204.2
206.5
212.4
219.4
227.8
Other
Total
nondurable goods
76.2
1,011.1
78.5
78.5
78.7
76.1
79.5
81.9
52.3
58.1
64.8
67.1
80.7
75.2
81.2
80.5
78.8
76.6
76.0
76.2
75.6
77.8
78.2
81.3
80.6
79.7
80.6
83.7
83.4
1,035.1
1,051,6
1,060.7
1,048.2
1,062.9
1,088.7
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,058.9
1,057.5
1,048.2
1,051.1
1,049.3
1,044.0
1,052.0
1,055.0
1,062.9
1,081.8
1,076.0
1,083.1
1,093.0
1,102.7
Pood
500.7
513.4
515.0
523.9
518.7
520.5
531.4
458.3
467.1
475.1
488.2
496.9
502.4
518.0
515.6
525.8
518.7
519.0
518.8
518.2
518.8
515.7
518.2
529.3
526.7
528.6
532.6
537.8
Services
Clothing
and
shoes
Gasoline
and oil
Fuel
oil and
coal
174.5
178.9
187.8
186.2
184.7
193.7
199.4
135.7
147.7
154.7
161.7
171.9
174.5
182.8
190.9
184.5
182.9
187.0
185.9
183.1
188.3
191.1
195.4
200.0
194.8
197.8
200.6
204.5
84.7
86.1
12.0
12.0
11.4
10.5
10.7
11.9
87.3
86.4
83.1
83.9
84.9
73.4
76.9
79.0
79.5
84.6
85.4
87.5
88.6
84.6
82.7
83.7
83.4
82.5
82.7
83.7
84.7
84.4
83.9
84.1
86.2
85.5
13.0
10.5
11.4
11.1
11.4
12.4
11.9
12.0
12.0
9.5
10.3
10.6
11.4
10.6
11.1
12.8
11.7
11.9
12.9
12.6
13.2
13.2
Other
239.1
244.7
250.2
253.8
250.9
252.9
259.9
202.8
212.2
222.9
228.0
235.2
240.4
246.4
251.8
253.1
253.5
250.9
249.8
249.6
251.1
251.7
252.7
256.2
257.7
259.9
260.4
261.7
Total
services l
1,637.4
1,698.5
1,731.0
1,768.8
1,783.8
1,822.3
1,874.9
1,386.2
1,443.9
1,494.2
1,557.1
1,595.8
1,655.5
1,716.9
1,746.3
1,775.2
1,774.2
1,783.8
1,785.2
1,792.0
1,803.7
1,814.3
1,829.0
1,842.0
1,855.9
1,865.4
1,883.5
1,894.8
Housing
Retail sales of new
passenger cars
(millions of units)
Medical
care
452.5
384.7
461.8
469.2
474.6
478.6
484.2
492.0
411.0
419.7
431.3
438.1
444.8
457.0
465.6
471.3
475.9
476.3
478.1
479.4
480.6
481.7
483.2
485.1
486.7
488.8
490.7
493.3
495.2
399.4
408.6
424.6
437.6
449.2
463.4
327.8
334.8
344.9
359.1
372.0
390.7
403.0
411.8
429.4
432.6
435.3
438.8
443.6
445.3
447.9
450.4
453.2
458.0
461.1
465.1
469.3
Source: Department of Commerce, Bureau of Economic Analysis.
Domestics
Imports
7.1
7.5
3.2
3.1
7.1
6.9
6.1
6.3
6.7
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
6.6
6.2
6.1
6.2
6.1
6.1
6.3
6.2
6.4
6.4
6.9
6.6
7.1
2.8
2.6
2.3
2.1
2.0
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.4
2.2
2.3
2.3
2.2
2.3
2.2
2.0
2.0
2.0
2.1
2.0
1.9
SOURCES OF PERSONAL INCOME
Personal income fell $15.3 billion (annual rate) in January, following a rise of $35.8 billion in December. A $32.6
billion increase in wages and salaries was more than offset by uninsured losses to residential and business property
from the California earthquake.
BILLIONS OF DOUARS* (RATIO SCALE)
BIUIONS OF DOUARS* (RATIO SCALE)
5,000
1—
—,
4,000
\
'
.
-* h—~~~~1
'
5,000
4,000
:OME
TOTAL PERSONAL INC
3,000
_/*
——•
3,000
"\
_i— _.. — ••"
WAGE AN ) SALARY DISB JRSEMENTS
2,000
2,000
..*'""
1,400
1,400
\
.••••
1
OTHER INCO)rtE
— •—•
TR/kNSFER PAYME ••ITS
800
800
^..
400
1 1 I 1 I 1 1 M 11
i i i i t 1 i t in
1987
1986
1 1 1 1 I 1 1 II
M
i i i 1 1 1 1 i i i i i i i i i 1 i i i ii l i i i 1 1 i i > ii i 1 1 1 1 1 1 1 1 1 1
1989
1988
1990
1991
1 1111 11 1111
1993
1992
M 1 1 || | | 1 11
400
1994
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Total
personal
income
Period
1986
1987
1988
1989
1990
1991
1992
1993 '
1993' Jan
Feb
Mar
Apr
....
May":
r::
July
Sept
Oct '
Nov "
Dec *
1994- Jan *
1
.
...
3,590.4
3,802.0
4,075.9
4,380.3
4,673.8
4,850.9
5,144.9
5,388.9
5,225.7
5,249.1
5,289.2
5,365.6
5,380.4
5,373.6
5,365.1
5,432.3
5,440.6
5,480.8
5,514.4
5,550.2
5,534.9
Wage and
salary
disbursements '
2,105.4
2,261.2
2,443.0
2,586.4
2,745.0
2,815.0
2,973.1
3,080.3
2,970.9
2,976.3
2,975.8
3,068.3
3,093.8
3,086.0
3,101.6
3,124.3
3,120.4
3,137.7
3,147.1
3,161.7
3,194.3
Proprietors' income 3
Other labor
income ' z
200.7
210.4
230.5
251.9
274.3
296.9
322.7
350.7
335.8
338.5
341.2
343.9
346.6
349.3
352.0
354.7
357.4
360.1
362.9
365.8
368.8
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
* Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Farm
Nonfarm
22.3
31.3
30.9
40.2
41.9
36.8
43.7
46.0
36.9
48.2
82.0
59.7
45.2
36.0
10.6
31.1
32.7
43.9
60.1
65.3
51.7
4
261.5
279.0
293.4
307.0
321.4
339.5
370.6
397.3
388.4
388.7
388.2
389.7
392.7
394.8
393.1
399.4
400.4
406.1
410.4
415.1
415.4
Rental
income of
persons 4
8.7
3.2
4.3
-13.5
-14.2
-12.8
-8.9
12.8
4.9
9.5
8.1
14.3
12.0
11.9
7.1
16.1
17.9
17.5
17.4
17.4
-22.4
Personal
dividend
income
104.7
100.4
108.4
126.5
144.4
127.9
140.4
158.3
156.7
157.1
157.2
157.5
157.8
158.2
158.6
159.0
159,3
159.4
159.4
159.5
159.7
Personal
interest
income
531.7
548.1
583.2
668.2
698.2
715.6
694.3
695.8
695.7
695.3
695.2
694.1
693.1
692.0
693.6
695.7
697.8
698.6
699.2
699.8
700.8
Transfer
payments 5
517.8
542.2
576.7
625.0
687.6
769.9
858.4
912.0
892.4
892.6
898.3
901.7
904.5
910.2
914.3
919.4
921.8
925.8
926.9
935.7
945.1
Less:
Personal
contributions
for social
insurance
162.1
' 173.6
194.5
211.4
224.9
237.8
249.3
264.3
256.1
256.9
256.9
263.5
265.3
264.9
265.9
267.4
267.0
268.3
269.1
270.1
278.5
Nonfarm
personal
income 6
3,545.6
3,749.4
4,023.9
4,318.0
4,608.6
4,792.0
5,080.1
5,320.6
5,167.4
5,179.0
5,185.1
5,283.7
5,312.8
5,315.0
5,332.2
5,378.7
5,385.4
5,414.2
5,431.5
5,461.9
5,460.0
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Persona! 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
8
DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in 1987 dollars rose in the fourth quarter of
1993.
BILLIONS OF DOLLARS' (RATIO SCALEI
BILLIONS OF DOLLARS' (RATIO SCALEI
5,000
2,000
DOLLARS- (RATIO SCALE)
DOLLARS' (RATIO SCALE]
PER CAPITA DISPOSABLE PERSONAL INCOME
18,000
^
JT DOLLARS
\
16,000
.
1
— —]
18,000
^
16,000
'
J^\
14,000
,,
'^
12,000
-
14,000
Z^——--
\
12,000
1 987 DOL .ARS
^
10,000
8,000
10,000
^
\
1 1
1982
\
\ 1
1983
1
1 1
1984
1
i 1
1985
1 1 1
1986
1
1
1
1987
1
1
1988
1
1
1 1
1989
1
1 1 1
1990
1
1991
1
1
1
1
1992
1 1 1
1993
8,000
COUNCIL OF ECONOMIC ADVISERS
.
Personal
income
Less:
Personal
tax and
nontax
payments
F
I
Disposable
personal
income
Less:
Personal
outlays ]
Equals:
Personal
saving
Disposable
personal
income in
1987
dollars
(billions)
Per capita
disposable personal
income
Current
dollars
Billions of dollars
1987
1988
1989
1990
1991
1992 ..
1993 r.
.
3,802.0
4,075.9
4,380.3
4,673.8
4,850.9
5,144.9
5,388.9
512.5
527.7
593.3
623.3
620.4
644.8
681.6
2,746.8
2,965.8
3,242.5
3,456.7
3,647.8
3,918.5
4,195.2
4,469.4
4,759.1
4,783.9
4,833.4
4,858.8
4,927.5
5,017.8
5,093.8
5,139.8
5,328.3
5,254.7
5,373.2
5,412.7
5,515.1
372.1
371.6
413.4
448.8
478.5
528.6
542.0
605.1
625.2
616.4
616.6
619.7
628.8
630.9
634.6
642.8
670.7
657.1
681.0
689.0
699.1.
3,289.5
3,548.2
3,787.0
4,050.5
4,230.5
4,500.2
4,707.4
1987
dollars
Per capita personal
consumption
expenditures
Current
dollars
1987
dollars
Dollars
3,147.5
3,392.5
3,634.9
3,880.6
4,029.0
4,261.5
4,517.0
142.0
155.7
152.1
170.0
201.5
238.7
190.4
3,289.5
3,404.3
3,464.9
3,524.5
3,529.0
3,632.5
3,701.7
13,545
14,477
15,307
16,205
16,741
17,615
18,228
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
overseas
(thousands) 2
Percent
13,890
14,005
14,101
13,965
14,219
14,334
12,568
13,448
14^241
15,048
15^459
16,205
17,006
12,568
12,903
13^029
13,093
12395
13,081
13,373
—0.1
2.5
.8
.7
— 1.0
1.8
.8
4.3
4.4
4.0
4.2
4.8
5.3
4.0
242,860
245,093
247^397
249,951
252,699
255,472
258,254
12,154
12,591
13,145
13,278
13,522
13,685
13,996
14,015
14,018
13,971
14,000
13,927
13,963
14,073
14,142
14,169
14,490
14,163
14,326
14,341
14,504
9,134
9,980
10,649
11,445
12,101
12,819
13,814
14,491
15,283
15,273
15,409
15,530
15,621
15,906
16,072
16,249
16,589
16,704
16,907
17,088
17,323
10,895
11,390
11,739
12,095
12,472
12,615
13,020
13,053
13,010
12,885
12,908
12,911
12,876
12,981
13,002
13,098
13,241
13,234
13,312
13,416
13,529
-0.5
7.2
1.0
1.8
-1.7
5.2
3.2
1.8
-1.7
-1.3
.8
-2.1
1.0
3.2
2.0
.8
9.4
-8.7
4.7
.4
4.6
7.7
6.8
7.9
6.0
4.8
5.0
4.3
3.9
4.3
4.8
4.9
4.4
4.9
5.0
5.3
4.9
6.0
3.9
4.4
3.8
4.1
233,060
235,146
237,231
239,387
241,550
243,745
246,004
248,372
251,035
251,659
252,312
253,048
253,776
254,392
255,090
255,836
256,569
257,197
257,872
258,612
259,334
13,545
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
IV
IV
IV
IV
IV
IV
IV
IV
IV....
I
II
Ill ...
IV ....
1992: I
II
Ill ...
IV ....
1993: I
n
mr ...
iy ...
2,374.7
2,594.3
2,829.1
3,007.9
3,169.3
3,389.9
3,653.2
3,864.3
4,133.9
4,167.5
4,216.8
4,239.1
4,298.8
4,386.9
4,459.2
4,497.0
4,657.6
4,597.5
4,692.2
4,723.7
4,816.0
2,190.9
2,417.9
2,606.5
2,828.7
3,018.2
3,220.1
3,496.7
3,715.5
3,957.7
3,966.0
4,010.7
4,052.3
4,087.0
4,169.4
4,221.3
4,277.3
4,377.9
4,419.7
4,483.6
4,544.0
4,620.6
183.8
176.3
222.6
179.2
151.1
169.8
156.4
148.8
176.2
201.5
206.0
186.8
211.7
217.5
237.9
219.6
279.7
177.9
208.7
179.7
195.4
2,832.6
2,960.6
3,118.5
3,178.7
3,266.2
3,335.8
3,443.1
3,480.9
3,519.0
3,515.9
3,532.5
3,524.2
3,543.4
3,580.1
3,607.5
3,624.8
3,717.6
3,642.6
3,694.4
3,708.7
3,761.3
1
Includes personal consumption expenditures, interest paid by persons, and personal transfer payments to rest of the world (net).
10,189
11,033
11,925
12,565
13,121
13,907
14,850
15,558
16,467
16,560
16,712
16,752
16,939
17,245
17,481
17,577
18,153
17,876
18,196
18,265
18,571
2
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the third quarter of 1993, according to preliminary estimates, gross farm income fell $15.6 billion (annual rate)
and net farm income fell $17.5 billion.
BILLIONS OF DOLLARS' (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE)
240
240
-*-i
*»-
"^x— ^
y
s
^•N.
^
—-
- -*
-~~<^
/"
•
•—
^x.
\
GRO! S FARM IN COME
60
60
\
t
,
40
'
f
\
\
'^\ '
^,-'
\J
\
\J
''
'
f
/,<
s
S
'-•\
v x
\
/
\
40
"\
1
'
/
V-
'
'\
X,
/
/
f
f
/
fjcj CAPU iwrnuc
1
1
ft
1
1
/\ /
/ \l
\
^
1
I
\ 1
\l
V
1
2
1 1
1982
1
1 1
1983
1
1 1
1
1 1
1
1985
1984
1 1
1986
1
1 1 1
1 1
1
1988
1987
1 1
1989
1
1 1
1990
1
1
1
1 1 1
1 1 1
1992
1993
1991
•SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total '
Total
1984
1985
1986
1987
1988
1989
1990
1991
1992
1991- I
II
III
IV
1992- I
II
HI
IV
1993- I
II p
Ill
168.0
161.2
156.1
168.5
175.8
190.9
196.4
190.3
197.7
142.8
144.1
135.4
141.8
151.2
161.2
170.0
168.7
171.2
190.5
191.2
186.8
192.7
166.5
166.8
172.2
169.4
199.6
202.8
197.3
191.3
167.1
174.2
178.9
164.5
197.0
203.7
188.1
169.9
180.5
175.4
Livestock and
products
72.9
69.8
71.6
76.0
79.4
84.1
89.8
86.8
86.4
89.6
87.6
84.9
85.0
84.2
86.0
85.3
89.9
86.2
92.2
90.7
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
Crops
69.9
74.3
63.8
65.9
71.7
77.0
80.1
81.9
84.8
76.9
79.2
87.3
84.4
82.9
88.1
93.6
74.6
83.7
88.2
84.7
3
Value of
inventory
changes 2
6.0
-2.3
-2.2
-2.3
-3.4
4.8
3.4
.3
3.8
1.2
.6
.1
-3.1
4.7
4.3
3.5
2.5
3.6
-3.4
2.7
Production
expenses
Current
dollars
141.9
132.4
125.1
128.8
137.0
144.0
149.9
150.3
149.1
147.5
149.8
151.7
152.2
146.3
148.6
150.4
151.0
148.2
150.5
152.4
1987 dollars 3
26.1
28.8
31.1
39.7
38.8
46.9
46.5
40.0
48.6
43.0
41.4
35.2
40.5
53.3
54.2
46.8
40.3
48.8
53.2
35.7
Income in current dollars divided by the GDP implicit price deflator.
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
28.7
30.5
32.0
39.7
37.3
43.2
41.0
34.0
40.2
37.0
35.3
29.8
34.1
44.4
44.8
38.6
33.0
39.5
42.9
28.7
CORPORATE PROFITS
In the third quarter of 1993, corporate profits before tax fell $1.8 billion (annual rate) and profits after tax rose
$2.0 billion.
BIUIONSOFDOUARS
450
BIWONSOFDO!MRS
450
SEASONALLY ADJUSTED ANNUAL RATES
/•^\
400
OFITS BEFO PE TAX
350
r\
j/
400
V
/">
s
V
f\
350
-
V/
300
300
^
l~~^
250
I
--—\- r\
200
MS
— — -»_
— • —.
111
100
50
0
1982
/
S"~»'
^-s
/
™~x
•'.'-
> — -"N
"A
\
,-"•'
w'
1 1
1984
s OUHCE: DEPARTMENT OF COMM
>*
^ ,s
i ii
1985
f-\
S
s~~
s
250
200
.'"' ~
«., ,.,-*'
* X j.
*•'••*. s. •-"""'
J X
\
\
+
f
V
r
NX
\
+ *y
,' \
' UNDISTRI IUTED PRO
'»
1
s*
TAX LIABI ITY
«
\
1 1
1983
/
^]
t
<•
/
1
AFTER It
^O
J
150
P80FI rS
\
t
„-""
—
*
""
^
v%
150
. /
V
** /
* /
100
,*
50
-
"ITS
,'
1
0
1 l_
1986
1 1 1
1987
1
1 1
1988
i i i
I 1 1
1 ! 1
1 1 l
1989
1990
1991
1992
RCE
1 1 J_
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment 1
Profits after tax
Domestic industries
Period
Nonfmancial
Total 2
Total
1986
1987 .
1988
1989. .
1990
1991
1992
1993 *
1982: TV
1983: IV
1984: IV
1985: IV...
1986- IV
1987: IV
1988- IV
1989: IV
1990- IV
1991: I
1992:
n
in
rv
I
n
m
IV
1993: I
n.
m
227.6
273.4
320.3
325.4
354.7
367.3
390.1
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
364.6
370.1
359.0
375.4
399.7
395.7
350.1
414.8
407.0
433.4
444.8
194.6
233.9
271.2
266.0
286.7
300.4
327.8
382.1
130.8
182.6
192.9
193.5
192.5
246.3
285.9
254.8
273.8
291.9
303.6
299.3
306.8
328.5
334.2
288.6
360.1
348.0
375.3
382.1
Financial
35.8
36.4
41.8
50.6
65.7
80.7
78.1
100.0
23.0
22.1
20.3
29.0
34.7
39.4
46.1
52.5
66.6
75.9
81.0
84.2
81.6
97.9
87.7
44.6
82.0
92.3
96.4
99.3
IV* .
1
2
9
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Includes industries not shown separately.
Total
3
158.9
197.5
229.4
215.3
221.1
219.7
249.8
282.1
107.8
160.5
172.6
164.5
157.8
207.0
239.7
202.3
207.2
216.0
222.6
215.1
225.2
230.5
246.5
244.0
278.1
255.7
278.9
282.8
Manufacturing
59.0
87.0
117.5
108.0
109.1
89.8
115.5
129.5
50.1
90.5
79.2
83.3
63.9
98.7
129.3
94.5
98.5
91.5
89.6
89.3
88.9
98.9
115.7
119.3
128.0
118.9
132.5
126.7
Wholesale and
retail
trade
46.3
39.9
37.1
39.7
37.2
47.4
46.3
54.4
33.8
40.7
50.8
39.0
43.1
39.3
39.3
39.2
36.2
46.5
49.6
45.6
47.840.0
46.0
41.3
57.7
46.0
55.4
55.1
Profits
before
tax
Tax
liability
Total
217.8
287.9
347.5
342.9
365.7
362.3
395.4
106.5
127.1
137.0
141.3
138.7
129.8
146.3
111.3
160.8
210.5
201.6
227.1
232.5
249.1
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
368.9
356.5
357.4
362.0
373.5
404.3
409.5
357.9
409.9
419.8
445.6
443.8
58.7
82.2
83.8
97.6
116.6
135.2
146.2
134.2
137.0
125.4
128.0
132.5
133.4
147.0
153.0
130.1
155.0
160.9
173.3
169.5
109.9
141.6
136.3
134.2
119.2
176.0
226.0
200.0
231.8
231.1
229.4
229.5
240.1
257.3
256.5
227.8
254.9
258.9
272.3
274.3
Dividends
109.8
106.2
115.3
134.6
153.5
137.4
150.5
169.0
72.5
84.2
83.4
97.4
111.0
106.3
121.0
141.3
153.7
145.9
136.2
133.4
133.9
138.0
146.1
155.2
162.9
167.5
168.5
169.7
r
!703
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
1.6
54.6
95.2
67.1
73.6
95.2
98.6
37.5
57.4
52.9
36.9
8.2
69.7
105.0
58.7
78.1
85.2
93.2
96.1
106.1
119.3
110.4
72.7
92.0
91.4
103.9
104.6
Inventory
valuation
adjustment
9.7
-14.5
-27.3
-17.5
-11.0
4.9
-5.3
72
-8.6
-7.6
3.5
38
-10.7
178
-31.7
13.5
-19.5
8.2
12.7
3.0
1.9
—4.6
-13.7
-7.8
4.9
-12.7
12 2
1.0
r
-4.8
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
According to revised estimates for the fourth quarter of 1993, nonresidential fixed investment in 1987 dollars rose
$30.4 billion (annual rate) and residential investment rose $14.8 billion. There was a $13.4 billion increase in
inventories, following an increase of $6.5 billion in the third quarter.
BllilONSOF1987DOUARS
BILUONS OF 1 987 DC
3LURS
900
900
SEASONALLY ADJUSTED ANNUAL RATES
*
r\ ^^ r^
800
\^^
/^
700
500
400
"X/
~^_
^
s
— -.—'.^
^_^**
S
s*
/'
600
/"'
-" V
^ _L
>•**
\
^
k
700
^.
GROSS PRIVATE DO lAESTIC
VESTMENT
/
600
V^
n
800
' ^V_^
^r**
500
NONRESI 3ENTIAI
FIXED INV ESTMENT
400
RE! IDENTIAL
FIXED NVESTMEN T
300
300
.. — . — • ,_
.-*
200
s'
—.
. •**
- -- %
%
t
0
-100
""""*•,
CHANGE IN BUSINESS
INVENTORIES
\
100
\
X.
X
/ '
^
-*
^^~
200
•-•
100
* *• s
*
,'
1
»
1
1982
I
0
/
\ f
4
\
1
1983
1
i
i
i
t
1984
t
1985
i
1
1
1
1
1986
1
1
1
I I
1988
1987
1
1
1989
1
1
1
1
1990
1
1
i
1
1991
t
i
t
1992
1
1
-100
1993
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF COMMERCE
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Gross
private
domestic
investment
Period
1986
1987
1988
.
1989
1990
1991
1992
1993 r
19821983:
19841985:
198619871988198919901991-
.. .
... .
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
. .
...
n
m
IV
1992- I
n
TTT
IV
1993- I
n
TTT
IV *
Source: Department of Commerce, Bureau of Economic Analysis.
Change i]n business
tones
Nonresidential
Total
Total
Structures
Producers'
durable
equipment
Residential
Total
Nonfarm
735.1
749.3
773.4
784.0
746.8
675.7
732.9
821.4
726.5
723.0
753.4
754.2
741.1
684.1
726.4
805.8
500.3
497.8
530.8
540.0
546.5
514.5
529.2
591.7
176.6
171.3
174.0
177.6
179.5
160.2
150.6
151.7
323.7
326.5
356.8
362.5
367.0
354.3
378.6
440.0
226.2
225.2
222.7
214.2
194.5
169.5
197.1
214.2
8.5
26.3
19.9
29.8
5.7
-8.4
6.5
15.5
10.6
32.7
26.9
29.9
3.2
-8.6
2.7
20.9
503.5
669.5
756.4
763.1
705.9
793.8
785.0
769.5
695.7
548.4
640.2
708.4
732.9
725.9
733.9
764.1
744.6
716.6
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
173.2
162.6
189.5
198.3
170.4
177.9
175.7
179.8
172.8
244.0
287.0
320.1
327.2
325.0
332.7
363.1
356.9
367.4
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
176.3
—44.9
29.3
47.9
30.2
-20.1
59.9
20.9
24.9
-20.9
-46.2
32.3
50.8
28.0
-18.6
62.1
30.5
31.2
-18.7
667.8
659.8
682.8
692.3
685.2
682.1
683.8
685.2
521.4
517.8
512.8
506.1
169.0
165.2
155.6
151.0
352.5
352.6
357.2
355.2
163.8
164.3
171.0
179.1
17 4
-22.3
-.9
7.1
-18.7
-26.2
.0
10.3
691.7
737.0
739.6
763.0
696.7
724.4
730.0
754.3
510.5
528.8
533.8
543.7
152.8
152.9
148.8
148.0
357.7
375.9
385.1
395.7
186.2
195.6
196.2
210.6
-5.0
12.6
9.6
8.7
-9.6
7.0
5.8
7.5
803.0
803.6
813.4
865.5
773.7
790.6
806.9
852.2
562.3
584.3
594.8
625.2
148.2
151.1
151.2
156.3
414.1
433.2
443.6
469.0
211.4
206.2
212.1
226.9
29.3
13.0
6.5
13.4
29.3
17.1
19.4
17.8
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department October-November 1993 survey, business spending for new plant and
equipment is expected to rise 5.4 percent in 1994, following an estimated rise of 7.0 percent in 1993.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
700
700
SEASONALLY ADJUSTED ANNUAL RATES
600
• v
1
r
\
500
-.—
4.LL INDUSTRI
^1
—1
500
S
-•
^"
400
^
1
400
.*- *
,._._.
__
300
.***""
-._-•-•
300
NONM/\NUFACTURIN G-^
-
"""
^•~
200
"V"
^*~~
V
s
^
I 1 1
1 1 1
1985
1986
\
1
"*• — •
MX iNUFACTURIN G
^^"'
,"-•*
200
"""*">*
s
1
1 1 1
1988
1987
1
1
1
1
1989
1
1
1990
1
1
1
1991
i i i
1992
I/SURVEYED QUARTERLY
I/SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
LI LI LI
1
1
!
1
I 1
1994
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Industries surveyed quarterly
Nonmanufacturing
Manufacturing
Period
All
industries
Total
1984...
1985
1986
1987
1988
1989
1990
1991
1992
1993 4
1994 4
373.83
410.12
399.36
410.52
455.49
507.40
532.61
528.39
546.60
584.64
616.50
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.46
186.27
1992- I
TJ
TTT
534.85
541.41
547.40
559.24
1993- I
1994- I 44
rv
n
m4
rv
n
Total
nonfarm
business2
Nonmanufacturing
Surveyed
quarterly
Nondurable
goods
Total1
Mining
Transportation
Public
utilities
Commercial
and
other
64.57
70.87
65.68
68.03
77.04
82.56
82.58
77.64
73.32
81.49
84.93
75.04
82.01
72.28
73.03
86.41
101.24
110.04
105.17
100.69
97.97
101.34
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
405.18
430.22
11.86
12.00
8.15
8.28
9.29
9.21
9.88
10.02
8.88
10.13
10.84
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.66
22.64
22.37
20.91
57.53
59.58
56.61
56.26
60.37
66.28
67.21
66.57
72.21
75.00
81.42
151.39
171.09
181.59
189.84
205.76
229.28
241.43
246.32
268.84
297.69
317.05
173.82
171.98
172.86
176.86
73.98
74.07
72.09
73.30
99.85
97.91
100.77
103.56
361.03
369.44
374.54
382.38
8.92
9.20
8.98
8.47
21.83
23.15
23.91
21.60
69.00
72.63
72.18
74.07
261.27
264.46
269.46
278.24
173 82
171.98
172 86
176.86
361 03
369.44
37454
382.38
564.13
579.79
594.11
600.53
175.05
177.09
182.17
183.52
79.11
80.88
81.99
83.99
95.94
96.21
100.18
99.53
389.08
402.70
411.94
417.01
8.89
9.10
11.14
11.37
22.47
21.58
21.70
23.73
73.51
74.55
75.62
76.30
284.21
297.46
303.47
305.61
175.05
177.09
182 17
183.52
389.08
402.70
411 94
417.01
616.38
624.33
186.22
183.44
87.50
83.92
98.72
99.52
430.16
440.89
10.83
11.14
21.49
21.61
77.78
80.80
320.06
327.33
186.22
183.44
430.16
440.89
Durable
goods
1
Excludes forestry, fisheries, and agricultural services; professional services; social services and
membership organizations; and real estate, which, effective with the April-Hay 1984 survey, are no
longer surveyed quarterly. See hut column ("nonmanufacturing surveyed annually") for data for
these industries.
2
"All industries" plus the part of norunanufacturing that is surveyed annually.
10
Addenda
418.38
454.93
447.11
461.51
508.22
563.93
591.96
587.93
607.71
Manufacturing
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
17946
186.27
Total
278.77
302.05
309.16
320.45
344.77
380.13
399.34
405.12
433.69
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
405 18
430.22
Surveyed
annually s
44.55
44.81
47.75
50.99
52.73
56.53
59.35
59.54
61.11
3
Consists of forestry, fisheries, and agricultural services; professional services; social services and
membership organizations; and real estate.
* Planned capital expenditures as reported by business in October-November 1993, corrected for
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In January, civilian employment was 122.0 million and unemployment was 8.7 million. (See footnote 4 below.)
1
MILLI DNS OF PERSONS /
MILLIONS OF PERSONS -^
134
134
SEASONALLY ADJUSTED
130
126
-
_\__— ^~-/—
r^^~^~
122
118
r—~^~
-.^v-^/
--x^-
.x~*
——
x-^*""
-
f
.. ,*t'*~"~ '~~'~'
CIVILIAN
EMPLOYMENT
118
114
-
Z-"~"~'
106
!2
126
122
s-*^
>-^"^~~~
^x"'
-
^^
^^"
114
no
130
*
CIVILIAN LABOR FORCE
110
106
_ 12
_
UNEMPLOYMENT
8
X
•
-
4
-
0
^.iU,i
1986
——
_
—^H
1 1 1 1 1 1 1 1 11
^—•**~~ •"—
x
1
T—*..-—-„..
I l l l l l l l l l l
1987
1988
.
||M1|
1989
1990
1
1991
'
^. *
,,,,,1
-4
1 1 1 1 ill 1 1 i i 0
1
1993
1992
* JANUARY VALUE; REVISED SURVEY BEGINNING JANUARY 1994.
1/16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF IABOR
8
1994
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA}
Period
1984
1985
1986 3
1987
1988
1989
1990
1991
1992
1993
1993:
Feb
Mar
May
T* *
Julv
Sect
Oct
Nov
Dec
1994: 4
Jan
1
.
Civilian employment
Civilian
Resident
Armed
Forces
178,080
179,912
182,293
184,490
186,322
188,081
189,686
191,329
193,142
195,034
1,697
1,706
1,706
1,737
1,709
1,688
1,637
1,564
1,566
1,485
115,241
117,167
119,540
121,602
123,378
125,557
126,424
126,867
128,548
129,525
106,702
108,856
111,303
114,177
116,677
119,030
119,550
118,440
119,164
120,791
113,544
115,461
117,834
119,865
121,669
123,869
124,787
125,303
126,982
128,040
105,005
107,150
109,597
112,440
114,968
117,342
117,914
116,877
117,598
119,306
3,321
3,179
3,163
3,208
3,169
3,199
3,186
3,233
3,207
3,074
101,685
103,971
106,434
109,232
111,800
114,142
114,728
113,644
114,391
116,232
5,512
5,334
5,345
5,122
4,965
4(657
4,860
5,767
6,116
6,106
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
2,737
2,305
2,232
1,983
1,610
1,375
1,504
2,323
3,354
3,052
64.4
64.8
65.3
65.6
65.9
66.5
66.4
66.0
66.3
66.2
59.5
60.1
60.7
61.5
62.3
63.0
62.7
61.6
61.4
61.6
194,159
194,298
194,456
194,618
194,767
194,933
195,104
195,275
195,453
195,626
195,791
195,993
1,515
1,512
1,497
1,492
1,484
1,477
1,471
1,482
1,482
1,475
1,470
1,461
128,739
128,912
128,937
129,031
129,559
129,533
129,573
129,816
129,590
130,055
130,132
130,359
119,693
119,954
120,059
120,077
120,664
120,664
120,841
121,174
121,050
121,416
121,802
122,122
127,224
127,400
127,440
127,539
128,075
128,056
128,102
128,334
128,108
128,580
128,662
128,898
118,178
118,442
118,562
118,585
119,180
119,187
119,370
119,692
119,568
119,941
120,332
120,661
3,182
3,116
3,099
3,071
3,074
3,031
3,043
3,005
3,093
3,021
3,114
3,096
114,996
115,326
115,463
115,514
116,106
116,156
116,327
116,687
116,475
116,920
117,218
117,565
6,016
6,197
6,029
6,189
6,219
6,192
6,213
6,216
6,173
5,957
5,904
5,934
9,046
8,958
8,878
8,954
8,895
8,869
8,732
8,642
8,540
8,639
8,330
8,237^
3,293
3,174
3,110
2,986
3,046
3,025
3,007
3,000
3,047
3,030
2,971
2,864
66.0
66.1
66.0
66.0
66.3
66.2
66.2
66.2
66.0
66.2
66.2
66.3
61.3
61.4
61.4
61.4
61.7
61.6
61.6
61.8
61.6
61.8
61.9
62.0
121,971
3,331
118,639
4,842
8,696
3,027
66.7
62.2
NSA
Labor force
including
resident
Armed
Forces
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
130,667
Persona at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Civilian
labor force (or employment) as percent of civilian noniastitutional population.
3
Not strictly comparable with earlier data.
4
Data beginning January 1994 are based on the revised Current Population Survey and are not
Unemployment
Noninstitutional
population
including
resident
Armed
Forces
NSA
Total
Agricultural
Total
Fart time
for
economic
reasons 1
Total
15
weeks
and over
Labor
force
participation
rate
(percent)2
Employment/
population
ratio
(percent)2
directly comparable with data for earlier periods. For details, see Employment and Earnings, February 1994.
NOTE.—Seasonally adjusted data beginning 1989 were revised in January 1994.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In January, the civilian unemployment rate was 6.7 percent. (See footnote 4 below.)
PERCENT-^(SEASONALLY ADJUSTED)
PERCENT-!/(SEASONALLY ADJUSTED)
10
1994
1990
1990
*JANUARY VALUE; REVISED SURVEY BEGtNMNG JANUARY 1994.
Ij 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
Unemployment
rate,
all
work-
ers '
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993: Jan
Feb
Mar
Apr
May ....
June ...
July ....
Aug ....
Sept ....
Oct
Nov ....
Dec
1994- Jan *
1
7.4
7.1
6.9
6.1
5.4
5.2
5.4
6.6
7.3
6.7
7.0
6.9
6.9
6.9
6.9
6.8
6.7
6.7
6.6
6.6
6.4
6.3
By race
By sex and age
All
civilian
work-
ers
Men
20 years
and over
7.5
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
6.8
7.1
7.0
7.0
7.0
6.9
6.9
6.8
6.7
6.7
6.7
6.5
6.4
6.6
6.2
6.1
5.4
4.8
4.5
4.9
6.3
7.0
6.4
6.5
6.6
6.7
6.5
6.5
6.5
6.5
6.4
6.3
6.2
5.9
5.8
6.7
5.9
Women
20 years
and
over
6.8
6.6
6.2
5.4
4.9
4.7
4.8
5.7
6.3
5.9
6.3
6.0
5.7
6.0
5.9
5.9
5.8
5.7
5.8
5.8
5.7
5.7
6.0
Both
sexes
16-19
years
18.9
18.6
18.3
16.9
15.3
15.0
15.5
18.6
20.0
19.0
19.6
19.6
19.5
20.3
19.8
19.5
18.4
18.4
17.9
18.9
18.3
17.8
18.4
White
6.5
6.2
6.0
5.3
4.7
4.5
4.7
6.0
6.5
6.0
6.2
6.1
6.1
6.1
6.1
6.1
6.0
5.9
5.8
6.1
5.6
5.6
5.8
Unemployed as percent of total labor force including resident Armed Forces.
Revised definition; for details, see Employment and Earnings, February 1994.
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
4
Data beginning January 1994 are based on the revised Current Population Survey and are not
2
3
1O
Black
and
other
By selected groups
Black
14.4
13.7
13.1
11.6
10.4
10.0
10.1
11.1
12.7
11.7
12.7
12.1
12.0
12.4
11.8
12.0
11.6
11.5
11.4
10.9
11.3
10.7
11.6
15.9
15.1
14.5
13.0
11.7
11.4
11.3
12.4
14.1
12.9
14.1
13.3
13.5
13.7
12.9
13.3
12.8
12.5
12.5
11.9
12.5
11.5
13.1
Experienced
wage and
salary
workers
Married
Women
men,
who
spouse
present
maintain
families
10.3
10.4
5.8
5.2
5.0
5.3
6.5
7.1
6.5
4.6
4.3
4.4
3.9
3.3
3.0
3.4
4.4
5.0
4.4
6.8
6.7
6.7
6.7
6.6
6.6
6.5
6.4
6.3
6.4
6.2
6.2
6.6
4.5
4.6
4.7
4.5
4.5
4.4
4.5
4.4
4.2
4.4
4.0
3.9
4.1
10.4
10.1
7.1
6.8
6.6
9.8
9.2
8.1
8.1
8.2
9.1
9.9
9.5
Fulltime
work-
ers
2
7.5
7.1
6.9
6.0
5.3
5.1
5.4
6.7
7.4
6.8
10.2
7.1
7.0
6.9
6.9
6.9
6.9
6.8
6.7
6.6
6.6
6.3
6.4
9.4
6.8
9.0
9.6
9.8
9.7
9.6
9.0
9.0
9.3
9.0
Parttime
workers 2
7.4
7.5
7.4
6.9
6.4
6.2
6.3
6.9
7.4
7.1
7.5
7.3
7.2
7.6
6.9
7.1
6.7
6.8
6.9
7.2
6.9
6.6
6.2
Labor
force
time lost
(percent) 3
8.6
8.1
7.9
7.1
6.3
5.9
6.2
7.6
8.3
7.7
8.0
7.9
7.9
7.8
7.9
7.8
7.8
7.7
7.5
7.6
7.2
7.2
directly comparable with data for earlier periods. For details, see Employment and Earnings, February 1994.
Note.—Seasonally adjusted data beginning 1989 were revised in January 1994.
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In January, the distribution of unemployment by duration was (in percent): less than 5 weeks, 38.4; 5-14 weeks,
26.8; 15-26 weeks, 15.1; and 27 weeks and over, 19.7. The mean duration was 18.3 weeks and the median
duration was 8.5 weeks. (See footnote 3 below.)
PERCENT DISTRIBUTION-^
PERCENT DISTRIBUTION^
70
70
DURATION OF UNEMPLOYMENT
LESS THAN
5 WEEKS
/
0 |[i M 11 m n
1990
1 1M l
1 1 M)
* JANUARY VAUJE; REVISED SURVEY BEGINNING JANUARY 1994.
-V SEASONALLY ADJUSTED
^/BEGINNING JANUARY 1994, XX LOSERS AND PERSONS WHO COMPLETED rEMPORARY JOBS.
SOURCE: DEPARTMENT OF LABOR
COUNCIL Of ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Duration of unemployment
Unemployment
(thousands)
Period
Percent distribution
Less
than
5
weeks
5-14
weeks
39.2
42.1
41.9
43.7
46.0
48.6
46.1
40.1
34.9
36.2
35.9
36.1
35.6
37.5
36.8
35.9
36.7
35.2
35.7
36.4
35.4
37.5
38.4
28.7
30.2
31.0
29.6
30.0
30.3
32.0
32.3
29.4
28.9
28.0
28.5
29.2
28.7
28.7
30.6
29.0
30.1
28.7
28.7
28.9
27.5
26.8
Reason for unemployment:
percent distribution
State
programs
Number of
weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
12.9
12.3
12.7
12.7
12.0
11.2
11.8
14.5
15.2
14.6
15.1
14.3
14.4
14.8
14.4
13.9
14.3
14.5
15.2
14.8
14.6
14.1
15.1
19.1
15.4
14.4
14.0
12.1
9.9
10.1
13.0
20.6
20.4
21.1
21.1
20.8
19.0
20.1
19.6
19.9
20.1
20.5
20.1
21.1
21.0
19.7
18.2
15.6
15.0
14.5
13.5
11.9
12.1
13.8
17.9
18.1
18.5
18.2
17.7
17.7
17.8
17.8
17.9
18.3
18.4
18.4
18.9
18.2
18.3
7.9
6.8
6.9
6.5
5.9
4.8
5.4
6.9
8.8
8.4
8.6
8.4
8.4
8.5
8.3
8.3
8.3
8.4
8.9
8.3
8.5
8.2
8.5
Job
losers l
Job
leavers
Reentrants
New
entrants
25.6
27.1
26.2
26.6
27.0
28.2
27.4
24.8
23.7
24.6
25.5
25.3
23.1
24.4
25.3
24.8
24.1
24.0
24.3
24.1
25.0
24.6
32.6
13.0
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.5
10.0
10.5
10.0
10.4
10.3
10.1
10.1
9.9
9.6
9.9
9.7
10.0
9.7
7.5
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 2
Weekly average, thousands
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993- Jan
Feb
Mar
May
T
}
July
Sept
Oct
Nov
Dec
1994: Jan 3
1
.
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
9,046
8,958
8,878
8,954
8,895
8,869
8,732
8,642
8,540
8,639
8,330
8,237
8,696
Beginning January 1994, job losers and persons who completed temporary jobs.
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Kailroad (K.R) programs included through 1991. Also includes
Federal and State extended benefit programs. Does not include Federal supplemental compensation
or Emergency Unemployment Compensation programs.
3
Data beginning January 1994 are based on the revised Current Population Survey and are not
directly comparable with data for earlier periods. For details, see Employment and Earnings, February 1994.
2
51.8
49.8
48.9
48.0
46.1
45.7
48.3
54.7
56.4
54.6
54.7
53.3
54.6
54.3
53.8
54.6
55.5
56.2
55.0
55.2
53.4
54.2
51.1
9.6
10.6
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.8
9.3
11.3
11.9
11.1
10.9
10.6
10.4
10.2
10.8
11.1
11.5
11.4
8.8
2,476
377
2,611
396
2,650
378
2,332
328
2,081
310
2,158
330
2,522
388
3,342
447
3,245
408
2,751
340
' 2,697 '350
'2,631
'341
'2,679
'358
T
r
2,759
350
r
2,789
'348
'2,840
'348
r
2,851
352
'2,819
'329
'2,823
328
r
'2,815
341
'2,776
'335
'2,694
'325
' 2,720 ' 369
2,561
2,693
2,746
2,401
2,135
2,205
2,575
3,406
3,339
2,837
3,390
3,344
3,394
2,929
2,597
2,806
2,655
2,721.
2,421
2,324
2,562
2,791
Note.—Seasonally adjusted data beginning 1989 for unemployment (total and by duration and
reason) were revised in January 1994.
Seasonally adjusted data beginning 1980 for insured unemployment and initial claims revised to
reflect annual seasonal adjustment revisions.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 62,000 in January.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
32
110
100 -
90
80
-
SERVICE-PRODUCING
INDUSTRIES
70
40 GOODS-PRODUCING
INDUSTRIES
CONSTRLK:TION
_
.
llMllllllll
20
1990
1991
1992
1993
> 1990
1994
|||M|
III! ill III 1
1991
1992
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT Of LABOR
1993
Minium
1994
N
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; * seasonally adjusted]
Service-producing industries
Goods-producing industries
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 f
1993: Jan
Feb
Mar
Apr
May....
June ...
July....
Aug ...
Sept ...
Oct ....
Nov ...
Dec "..
1994: Jan p ..
Total
nonagricultural
employment
94,408
97,387
99,344
101,958
105,210
107,895
109,419
108,256
108,519
110,174
109,235
109,539
109,565
109,820
110,058
110,101
110,338
110,305
110,502
110,664
110,880
111,070
111,132
Manufacturing
Total 2
24,718
24,842
24,533
24,674
25,125
25,254
24,905
23,745
23,142
22,975
23,001
23,069
23,016
22,980
23,006
22,941
22,948
22,903
22,886
22,934
22,994
23,006
23,027
construction
4,380
4,668
4,810
4,958
5,098
5,171
5,120
4,650
4,471
4,574
4,454
4,515
4,481
4,517
4,577
4,574
4,593
4,593
4,592
4,629
4,664
4,663
4,660
Total
Durable
goods
Nondurable
goods
19,372
19,248
18,947
18,999
19,314
19,391
19,076
18,406
18,040
17,802
17,936
17,954
17,935
17,863
17,827
17,771
17,760
17,718
17,698
17,709
17,735
17,737
17,763
11,476
11,458
11,195
11,154
11,363
11,394
11,109
10,569
10,237
10,047
10,152
10,163
10,144
10,090
10,047
10,011
9,996
9,974
9,974
9,988
10,013
10,025
10,052
7,896
7,790
7,752
7,845
7,951
7,997
7,968
7,837
7,804
7,755
7,784
7,791
7,791
7,773
7,780
7,760
7,764
7,744
7,724
7,721
7,722
7,712
7,711
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
received pay for any part of the pay period which includes the 12th of the month. Excludes proprietora, self-employed persona, domestic servants, and personnel of the Armed Forces. Total derived
from this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes, bad
14
Total
69,690
72,544
74,811
77,284
80,086
82,642
84,514
84,'511
85,377
87,199
86,234
86,470
86,549
86,840
87,052
87,160
87,390
87,402
87,616
87,730
87,886
88,064
88,105
Transportation
and
public
utilities
i
m ole-
5,156
5,233
5,247
5,362
5,514
5,625
5,793
5,762
5,709
s',709
5,719
5,725
5,724
5,720
5,719
5,711
5,709
5,690
5,692
5,693
5,700
5,701
5,716
5,568
5,727
5,761
5,848
6,030
6,187
6,173
6,081
6,045
6,113
6,086
6,097
6,103
6,110
6,125
6,110
6,126
6,107
6,117
6,122
6,129
6,130
6,140
sale
trade
j
trade
16,512
17,315
17,880
18,422
19,023
19,475
19,601
19,284
19,346
19,740
19,523
19,629
19,604
19,648
19,702
19,751
19,790
19,795
19,836
19,846
19,853
19,908
19,928
Government
Finance,
insurance,
and real
estate
Services
5,684
5,948
6,273
6,533
6,630
6,668
6,709
6,646
6,571
6,604
6,578
6,577
6,574
6,585
6,588
6,590
6,604
6,602
6,616
6,632
6,651
6,661
6,667
20,746
21,927
22,957
24,110
25,504
26,907
27,934
28,336
29,053
30,192
29,573
29,665
29,756
29,977
30,099
30,175
30,320
30,381
30,433
30,534
30,649
30,706
30,706
Total
16,024
16,394
16,693
17,010
17,386
17,779
18,304
18,402
18,653
18,842
18,755
18,777
18,788
18,800
18,819
18,823
18,841
18,827
18,922
18,903
18,904
18,958
18,948
Federal
2,807
2,875
2,899
2,943
2,971
2^988
3,085
2^966
2,969
2,915
2,945
2,944
2,938
2,923
2,912
2,901
2,896
2,906
2,901
2,901
2,896
2,921
2,901
weather, etc., even if they are not paid for the time off; and which are based on a sample of the
working-age population, whereas the estimates in this table are based on reports from employing
establishments.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY
EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross hourly earnings
Average weekly hours
Manufacturing
Total
private
nonagricultural '
Period
Current
dollars
1982
dollars »
Manufacturing
Percent change from a
year earlier, total
private
nonagricultural 3
Current
dollars
1982
dollars 2
Manufacturing
Construction
Retail
trade
$374.03
386.37
396.01
406.31
418.81
429.68
441.86
455.03
469.86
486.86
$458.51
464.46
466.75
480.44
495.73
513.17
526.01
533.40
537.70
551.04
$174.33
174.64
176.08
178.70
183.62
188.72
194.40
198.48
205.34
209.95
4.3
2.1
1.9
2.5
3.0
3.8
3.3
2.5
2.8
2.7
-1.8
-1.6
.1
— .1
1982
dollars
Current
dollars
40.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0
41.4
3.4
3.3
3.4
3.7
3.9
3.8
3.6
3.6
3.8
4.1
$8.32
8.57
8.76
8.98
9.28
9.66
10.01
10.32
10.58
10.83
$7.80
7.77
7.81
7.73
7.69
7.64
7.52
7.45
7.42
7.39
$9.19
9.54
9.73
9.91
10.19
10.48
10.83
11.18
11.46
11.76
$292.86
299.09
304.85
312.50
322.02
334.24
345.35
353.98
363.95
373.64
$274.73
271.16
271.94
269.16
266.79
264.22
259.47
255.40
255.22
254.87
41.4
41.4
41.2
41.5
41.4
41.2
41.4
41.4
41.5
41.6
41.7
41.7
4.0
4.2
4.0
4.2
4.1
4.0
4.0
4.1
4.1
4.3
4.3
4.4
10.73
10.74
10.78
10.77
10.82
10.81
10.81
10.86
10.86
10.92
10.93
10.95
r
Oct
Nov
Dec *
34.5
34.4
34.2
34.4
34.7
34,4
34.5
34.7
34 3
34.5
34.5
34.5
7.41
7.39
'7.40
r
7.38
7.39
7.38
7.37
7.39
r
7.38
r
7.39
r
7.39
r
7,39
11.61
11.64
11.66
11.71
11.71
11.72
11.72
11.77
11.84
11.83
11.88
11.95
370.19
369.46
368.68
370.49
375.45
371.86
372.95
376.84
372.50
376.74
377.09
377.78
255.48
254.27
253.21
'253.76
' 256.45
253.83
' 254.23
' 256.35
r
253.23
' 255.07
' 254.79
r
254.91
480.65
481.90
480.39
485.97
484.79
482.86
485.21
487.28
491.36
492.13
495.40
498.32
534.96
538.94
544.07
541.21
556.39
551.32
559.77
558.33
551.14
551.90
563.16
559.38
208.22
208.08
205.01
208.80
211.41
209.66
209.66
210.97
209.95
212.42
211.39
212.26
3.4
2.2
2.0
2.8
3.4
2.6
2.9
2.8
3.0
3.0
2.2
3.1
.2
-.9
-1.0
3
.2
-.2
.2
.1
.5
.4
-.3
.6
Jan * ..
34.8
41.7
4.4
11.03
7.44
11.96
383.84
258.83
498.73
556.89
215.47
3.7
1.3
..
p
1993- Jan
Feb
Mar
May
, '
July ...
Sept
1994:
Overtime
Current dollars
Total private
nonagricultural 1
35.2
34.9
34.8
34.8
34.7
34.6
34.S
34.3
34.4
34.5
1984. .. .
1985
1986 ...
1987
1988
1989
1990
1991
1992
1993
Total
Average gross weekly earnings
Total private
nonagricultural '
r
1
2
Also includes other private industry groups shown on p. J4.
Current dollar earnings divided by the consumer price index (or urban wage earners and clerical
workers (CPI-W) (on a 1982=100 base). Seasonally adjusted CPI-W data revised beginning 1989.
r
r
r
0.8
-1.3
.3
1.0
-.9
10
3
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 = 100)
Percent change from
3 months earlier
Period
Total
compensation
Wages and
salaries
Benefits 1
84.0
87.3
90.1
93.1
97.6
102.3
107.0
111.7
115.6
119.8
84.8
88.3
91.1
94.1
98.0
102.0
106.1
110.0
112.9
116.4
81.7
84.6
87.5
90.5
96.7
102.6
109.4
116.2
122.2
128.3
108.4
109.7
110.8
111.9
112.9
113.8
114.7
115.7
116.8
117.9
118.9
119.9
107.3
108.4
109.2
110.1
110.9
111.6
112.1
113.0
113.9
114.6
115.6
116.5
Total
compensation
Wages and
salaries
12 months earlier
Benefits '
Total
compensation
Wages and
salaries
Benefits »
Not seasonally adjusted
19841985198619871988'
198919901991:
19921993:
Dec
Dec
D e e . . .
Dec
Dee
Dec
Dec
Dec
Dec
Dec
.
.
.
4.9
3.9
3.2
3.3
4.8
4.8
4.6
4.4
3.5
3.6
Seasonally adjusted
1991- Mar
Sept .
.
Dec
1992- Mar .
.
,
Sept
1993-
Dec
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.
111.2
113.3
115.2
116.8
118.2
119.5
121.3
122.9
124.7
126.4
127.7
129.1
1.1
1.2
1.0
1.0
.9
.8
.8
.9
1.0
.9
.8
.8
4.2
4.1
3.2
3.3
4.1
4.1
4.0
3.7
2.6
3.1
6.5
3.5
3.4
3.4
6.9
6.1
6.6
6.2
5.2
5.0
Not seasonally adjusted
1.0
1.0
.7
.8
.7
.6
.4
.8
.8
.6
.9
.8
1.2
1.9
1.7
1.4
1.2
1.1
1.5
1.3
1.5
1.4
1.0
1.1
4.4
4.4
4.5
4.4
4.2
3.7
3.4
3.5
3.5
3.6
3.7
3.6
4.0
3.7
3.7
3.7
3.4
3.0
2.7
2.6
2.7
2.7
3.1
3.1
5.8
6.2
6.4
6.2
6.3
5.5
5.2
5.2
5.6
5.8
5.4
5.0
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Output '
Hours of 2all
persons
Compensation
per
hour 3
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
1988
1989
1990
1991
1992
1993 *"
102.3
104.8
106.3
108.5
109.6
110.7
109.9
110.7
111.8
115.5
117.4
102.5
104.7
105.6
107.7
108.6
109.6
108.6
109.1
110.3
113.7
115.5
104.1
112.6
116.7
119.9
124.8
130.1
132.3
133.3
131.6
135.4
140.1
104.4
113.0
116.8
120.1
125.0
130.6
132.7
133.5
131.8
135.4
140.4
101.8
107.4
109.8
110.5
113.8
117.5
120.4
120.5
117.7
117.3
119.4
101.9
107.9
110.7
111.5
115.1
119.1
122.2
122.4
119.5
119.1
121.5
103.8
108.3
113.2
118.9
123.1
128.5
133.0
140.6
147.4
154.9
160.8
104.0
108.3
112.8
118.4
122.5
127.7
131.9
139.2
146.2
153.7
159.2
100.6
100.6
101.5
104.7
104.6
104.8
103.5
103.8
104.5
106.5
107.4
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
101.1
103.1
105.4
107.0
108.3
110.6
110.9
109.7
110.5
101.1
103.3
105.3
106.0
107.4
109.5
110.0
108.5
108.9
100.0
107.5
114.4
118.0
120.6
127.4
131.7
132.3
132.1
100.0
108.1
114.8
118.2
120.8
127.6
132.5
132.7
132.2
98.9
104.3
108.5
110.2
111.3
115.1
118.8
120.6
119.6
99.0
104.7
109.0
111.4
112.5
116.5
120.5
122.3
121.4
102.1
105.3
109.9
115.6
120.9
125.8
130.6
134.9
143.5
102.1
105.2
109.9
115.0
120.4
125.1
129.8
133.9
142.1
110.9
111.6
111.8
112.8
109.4
110.2
110.4
111.3
131.0
131.5
131.5
132.4
131.2
131.7
131.8
132.6
118.1
117.8
117.6
117.3
119.9
119.5
119.4
119.2
144.9
146.6
148.2
150.1
114.1
114.8
116.0
117.1
112.4
113.1
114.1
115.3
133.3
134.5
136.0
137.9
133.3
134.4
135.9
137.9
116.8
117.1
117.2
117.7
118.7
118.8
119.0
119.6
116.6
116.6
117.6
119.0
114.8
114.7
115.8
117.0
138.0
139.3
140.4
142.8
138.1
139.5
140.9
143.1
118.3
119.5
119.4
120.1
120.3
121.6
121.7
122.3
Nonfarm
business
sector
Unit labor costs
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
100.8
100.6
101.2
104.3
104.1
104.2
102.7
102.8
103.6
105.7
106.3
101.5
103.4
106.5
109.5
112.3
116.0
121.0
127.1
131.9
134.1
137.0
101.5
103.4
106.8
110.0
112.8
116.5
121.5
127.6
132.6
135.1
137.8
103.4
107.7
111.2
113.6
116.6
120.8
126.1
131.2
136.1
139.2
142.5
104.0
107.6
111.6
114.2
117.2
121.4
126.5
131.8
137.0
140.3
143.6
100.6
100.5
100.7
102.4
105.6
105.1
104.7
103.4
103.5
100.6
100.4
100.7
101.8
105.2
104.6
104.1
102.6
102.5
101.0
102.1
104.3
108.0
111.6
113.7
117.9
123.0
129.8
101.0
101.9
104.4
108.5
112.2
114.3
118.0
123.4
130.5
101.1
104.8
109.0
112.4
114.6
117.9
122.8
127.8
133.2
101.4
105.2
109.0
112.9
115.2
118.5
123.4
128.2
134.0
143.7
145.4
147.1
148.8
103.6
104.2
104.7
105.2
102.7
103.4
103.9
104.3
130.6
131.4
132.6
133.1
131.3
132.0
133.2
133.7
134.8
135.8
136.6
137.2
135.7
136.6
137.5
138.2
152.2
153.7
156.1
157.8
150.9
152.6
154.8
156.6
105.8
106.0
106.9
107.3
104.8
105.2
106.0
106.4
133.4
133.9
134.5
134.8
134.3
134.9
135.6
135.8
138.3
139.1
138.7
140.6
139.3
140.2
139.8
141.8
159.1
160.1
161.6
162.8
157.7
158.4
159.8
161.0
107.1
107.0
107.7
107.7
106.2
105.9
106.5
106.6
136.4
137.3
137.4
136.8
137.4
138.2
138.0
137.6
141.6
142.5
142.8
143.3
142.7
143.5
143.9
144.2
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1982 = 100; quarterly data seasonally adjusted
1983
1984
1985
1986 ...
1987
IV
IV
IV
IV
IV
IV
IV
IV
IV
1991: I
n
m ....
IV
1992: I
n
m ....
IV
1993: I
n
HI ....
IV"'.
Percent change; quarterly data at seasonally adjusted annual rates
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1991:
..
..
....
...
"*
I
n
m ....
IV
1992: I
n
m ....
IV
1993: I
II
m ....
IV"'.
2.3
2.4
1.4
2.1
1.0
1.0
-.7
.7
1.0
3.3
1.7
2.5
2.2
.8
2.0
.8
.9
-.9
.4
1.1
3.1
1.6
4.1
8.2
3.6
2.8
4.1
4.3
1.7
.7
-1.3
2.9
3.5
4.4
8.2
3.4
2.8
4.1
4.4
1.7
.6
-1.3
2.7
3.7
1.8
5.6
2.1
.6
3.0
3.3
2.5
.1
-2.3
-.4
1.8
1.9
5.9
2.5
.8
3.2
3.5
2.6
.2
-2.4
-.4
2.1
3.8
4.3
4.5
5.0
3.6
4.4
3.5
5.7
4.9
5.0
3.8
4.0
4.1
4.1
5.0
3.5
4.2
3.3
5.5
5.0
5.1
3.6
0.6
.0
.9
3.1
— .1
.2
-1.3
.3
.6
2.0
.8
0.8
o
.6
3.1
-.2
.1
-1.4
.1
.8
2.0
.6
1.5
1.9
3.0
2.8
2.5
3.4
4.3
5.0
3.8
1.7
2.1
1.5
1.9
3.3
2.9
2.6
3.2
4.3
5.1
3.9
2.0
1.9
3.4
4.1
3.3
2.2
2.6
3.6
4.4
4.1
3.7
2.3
2.4
4.0
3.5
3.7
2.4
2.6
3.6
4.2
4.2
3.9
2.4
2.3
1.5
2.5
.6
3.7
1.9
2.7
.8
3.4
-3.3
1.4
.1
2.7
-3.1
1.5
.3
2.7
-4.7
-1.1
-.5
-1.0
-4.9
-1.1
-.6
7
4.1
4.8
4.5
5.2
4.4
4.9
4.6
4.9
.4
2.5
1.8
1.9
.6
2.7
1.9
1.6
2.5
2.2
3.8
1.4
2.5
2.2
3.7
1.5
4.8
3.1
2.4
1.7
4.9
2.7
2.6
2.2
4.7
2.5
4.2
3.8
3.8
2.8
3.6
4.2
2.9
3.4
4.6
5.6
2.1
3.3
4.4
6.0
-1.8
1.0
.4
1.8
-1.6
.5
.8
1.8
5.7
4.1
6.2
4.6
5.6
4.7
5.9
4.6
2.3
.9
3.4
1.4
2.2
1.5
3.1
1.4
.9
1.6
1.9
.7
1.7
1.8
2.2
.4
3.3
2.4
-1.2
5.6
3.2
2.7
-1.1
5.6
-1.6
-.0
3.3
4.8
-1.8
-.4
4.0
4.2
.5
3.8
3.2
7.1
.6
4.0
4.1
6.6
2.1
3.8
-.1
2.2
2.5
4.4
.1
2.3
3.3
2.5
3.9
2.9
2.9
1.9
3.72.9
-.5
— .4
2.6
.0
-.9
-1.0
2.4
.0
5.0
2.5
.5
-1.8
4.8
2.3
-.4
-1.2
2.7
2.6
1.1
1.3
2.5
2.4
1.1
1.0
1
Output refers to gross domestic product originating in the sector in 1987 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price index for all urban consumers (CPI-U).
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
16
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
'Based on GDP release of January 28, 1994. GDP data shown elsewhere in this issue of Economic Indicators were released on March 1, 1994.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization rose in January.
INDEX, 1987 . 100* (RATIO SCALE)
INDEX, 1987- 100* (RATIO SCALE)
160
130
TOTAL INDUSTRIAL PRODUCTION
FINAL PRODUCTS
J
140
120
BUSINESS
EQUIPMENT
130
110
'
^
^ -,- ^
S
120
100
1 1 n i li t M i 1 1 1 1 1 inn 1 1 1 1 1 It 1 1 n
I t 1 1 1 ll 1 M 1
HI HI i 1 1 1 i
\^
^^~ ^_^->
•/"
110
100
^*/
S^
"—~^.
~ *'*- ^
^-~^
-r-'
^
CONSUMER
GOODS
"\
90
DEFENSE
AND SPACE
EQUIPMENT
80
"v.
"x,
x%
70
HI i/h i in
\/
100 N^
90
•\ '"~'\ -f'\
--"\J
^
-^^
i II 1 1 1 1 1 1 1 1
1990
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
/\A'
84
82
^
A
UTILITIES
•^,
I 1 1 i it 1 M 1I
1991
i mill i i i i Minium
11 II ll M IN
86
120
110
in i l l 111n
PERC:ENT*
UTILITIES AND MINING
\^Y^
80
*—\*^~
~^^^~.
MINIt-iG
1 1 1 1 ll 1 1 1 1 1 1 1 1 1 1 in 1 1 1 II 1 1 [ 1 1 1 1 1 1
1992
1993
1994
\
78
76
s~-^
1 1 111 h1 1 11
1990
1 1 M 1 1 M 1 II
1991
1 H 1 t l 1 1 1 1 1 1 1 1 M il 1 1 1 1 1 1 1 t 1 I 1 1 M 1
' 1992
1994
1993
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
Index,
1987 = 100
1984
1985
1986..
..
1987
1988..
..
1989
1990
1991
1992
1993 f
1993- Jan
Feb
Mar
Apr
May
June
July
Au£
Sept
Oct Tr.
Nov
Dec r
1994- Jan
1
f
Output as percent of capacity.
Capacity utilization
rate, percent *
Industry production indexes, 1987 = 100
Total
industrial
production
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
92.8
94.4
95.3
100.0
104.4
106.0
106.0
104.1
106.5
110.9
9.3
1.7
.9
4.9
4.4
1.5
.0
-1.8
2.3
4.1
89.3
91.6
94.3
100.0
104.7
106.4
106.1
103.7
106.8
111.7
88.4
91.8
93.9
100.0
106.6
108.6
107.4
103.9
107.0
114.2
90.8
91.5
94.9
100.0
102.3
103.7
104.4
103.5
106.5
108.7
111.9
109.0
101.0
100.0
101.3
100.0
102.0
100.1
98.2
97.3
97.0
99.5
96.3
100.0
105.0
108.7
109.9
112.3
112.0
116.3
81.1
80.3
79.2
81.5
83.7
83.6
82.0
79.1
79.7
81.5
80.4
79.5
79.1
81.6
83.6
83.1
81.1
77.8
78.6
80.6
109.2
109.9
110.0
110.5
110.0
110.4
110.9
111.1
111.3
111.9
112.8
113.9
4.7
4.5
4.2
3.9
3.0
4.0
3.8
4.3
4.4
4.1
4.2
4.5
109.9
110.4
110.5
111.3
111.1
111.2
111.6
111.8
112.1
112.9
114.1
115.2
111.5
112.1
112.5
113.5
113.2
113.0
113.7
113.9
115.0
116.2
118.1
120.0
107.9
108.2
108.2
108.7
108.5
108.9
109.1
109.2
108.5
108.8
109.2
109.3
98.2
97.1
96.9
97.4
97.1
97.9
96.4
96.6
97.4
98.0
96.3
96.8
113.3
117.4
117.3
114.5
112.4
115.4
118.0
118.4
116.2
114.9
116.0
117.1
80.9
81.2
81.2
81.4
81.0
81.1
81.3
81.4
81.4
81.7
82.2
82.9
80.0
80.2
80.1
80.6
80.2
80.1
80.3
80.3
80.4
80.8
81.5
82.2
114.4
4.7
115.4
120.7
108.8
97.6
121.2
83.1
82.1
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987=100; monthly data seasonally adjusted]
Materials
Products
Intermediate products
Filial products
Consumer goods
Equipment
Period
Total
Total
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 P
.
...
1993: Jan
Feb
Mar
May
July
Sept
Oct *
Nov ' ,. ...
Dec r
...
1994- Jan *
1
Durable
goods
Nondurable
goods
Total
1
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Energy
91.0
94.2
95.7
100.0
104.8
106.8
107.0
105.3
108.0
112.8
92.8
93.7
96.8
100.0
102.9
104.0
103.4
102.8
105.7
108.9
91.0
91.6
94.5
100.0
104.6
106.6
102.3
95.2
102.0
110.5
93.4
94.4
97.6
100.0
102.4
103.2
103.8
104.9
106.8
108.4
89.2
94.8
94.5
100.0
107.6
110.9
112.1
108.9
111.2
118.6
85.4
91.1
93.1
100.0
110.7
115.5
116.9
115.7
122.2
134.6
78.9
89.4
96.0
100.0
99.7
100.1
98.8
91.6
83.1
74.8
86.2
88.3
91.9
100.0
101-8
102.0
101.2
96.8
99.0
102.5
86.2
89.1
93.8
100.0
101.5
100.5
98.2
91.0
93.3
96.6
86.2
87.7
90.7
100.0
102.0
103.0
103.2
100.7
102.8
106.5
96.6
96.6
95.9
100.0
105.0
106.7
106.8
105.4
107.7
111.9
103.8
103.4
99.5
100.0
102.2
103.1
104.2
104.5
103.9
103.7
111.4
111.8
112.0
112.3
111.8
112.1
112.8
112.7
113.1
113.8
114.8
115.5
108.2
108.9
108.9
108.6
107.8
108.1
108.9
108.6
108.5
109.2
109.9
110.1
110.2
110.1
110.3
110.9
109.0
107.2
108.2
107.3
108.7
112.7
115.9
117.8
107.6
108.6
108.6
108.0
107.4
108.3
109.1
109.0
108.4
108.2
108.2
107.9
115.9
115.8
116.4
117.7
117.7
118.0
118.5
118.6
119.8
120.4
121.9
123.4
129.6
130.0
131.5
133.1
133.5
133.9
134.6
134.8
136.3
137.7
139.8
142.1
78.1
77.9
76.8
76.9
75.6
74.9
74.6
74.0
73.7
72.7
72.5
71.9
100.4
101.8
101.4
102.2
101.7
101.8
102,9
103.3
103.0
103.5
104.1
105.2
94.1
96.0
95.1
94.8
95.9
95.3
96.4
97.3
97.8
98.6
99.1
101.0
104.7
105.6
105.7
107.2
105.5
106.1
107.3
107.2
106.4
106.7
107.5
107.9
110.0
110.7
110.8
111.4
111.1
111.7
111.7
112.1
112.2
112.8
113.7
115.2
103.5
104.3
104.6
104.1
102.9
104.4
103.6
103.7
103.1
103.0
103.1
103.6
116.2
110.4
118.5
108.1
124.5
144.0
70.9
105.4
101.4
108.1
115.7
105.4
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987 = 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Transportation
equipment
Primary metals
Period
Total
Iron
and
steel
Fabricated
metal
products
a)
machinery and
equipment
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber and
products
el
products
Printing and
publishing
Chemicals
and
products
Foods
102.4
101.8
93.7
100.0
108.7
107.2
108.5
98.3
101.1
106.2
105.9
104.5
90.8
100.0
112.7
111.2
111.5
100.5
104.7
111.2
93.3
94.5
93.8
100.0
104.2
102.8
99.5
94.9
95.6
99.3
80.8
86.8
90.3
100.0
113.0
117.3
117.6
113.8
123.4
144.1
94.1
93.1
94.3
100.0
108.5
111.0
111.4
112.7
115.7
127.6
83.1
91.8
96.9
100.0
105.2
109.6
107.0
101.9
102.8
104.2
90.6
99.0
98.5
100.0
105.7
106.9
101.0
94.5
106.4
120.7
86.0
88.0
95.1
100.0
100.1
99.4
97.1
90.6
96.5
100.6
95.7
92.6
96.3
100.0
98.1
95.0
92.2
91.8
93.6
93.1
84.5
87.6
90.6
100.0
100.9
101.1
100.8
96.9
99.0
101.3
91.4
91.4
94.6
100.0
106.0
109.2
111.8
111.4
114.3
117.9
92.1
94.9
97.4
100.0
101.5
102.5
103.7
105.3
107.7
108.7
Sept
Oct *
Nov '
Dec r
104.0
107.1
104.3
105.0
105.0
105.6
105.6
107.2
107.3
106.1
109.8
112.5
108.4
111.4
108.2
108.9
109.1
111.1
111.9
112.8
112.4
113.3
114.3
118.5
97.8
98.1
98.8
99.2
98.5
98.3
99.6
99.6
99.6
100.7
102.1
102.6
133.2
134.1
136.9
140.1
141.6
143.3
146.1
147.1
148.4
150.3
152.5
156.4
121.4
122.9
124.3
125.6
125.7
126.4
128.6
129.5
130.9
131.4
132.3
133.8
107.5
106.9
105.8
105.9
104.2
101.2
98.9
98.5
100.4
104.2
108.2
110.7
122.7
121.8
120.6
120.9
118.5
114.7
110.2
110.6
115.1
124.1
132.4
138.4
99.6
101.3
98.4
98.3
98.2
97.6
99.6
100.9
101.8
104.6
104.4
105.9
94.2
94.2
93.4
93.3
93.5
93.6
93.6
93.2
92.1
92.1
92.6
92.4
100.9
101.3
101.1
102.6
101.1
101.3
101.6
100.9
101.1
101.6
101.7
101.4
116.0
115.4
117.1
117.3
117.6
118.3
118.6
118.8
118.3
117.8
118.4
118.3
107.9
109.2
108.4
108.2
107.9
108.8
108.8
109.6
109.0
109.0
108.7
108.5
1994- Jan »
108.8
111.8
103.1
159.4
135.8
111.3
140.8
106.0
91.5
100.5
118.8
107.9
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 P
1993- Jan
Feb
Mar
.
...
.
..
Mav
July
Source: Board of Governors of the Federal Reserve System.
18
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts s
Private
Total newconstruction
expenditures
Period
Res denttal
Total
New housing
units
Total >
Commercial
and
industrial z
Other
Federal,
State, and
local
Total value
index
(1887 = !00)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993'
.
.
.
..
348.8
377.4
407.7
278.6
299.5
419.4
328.7
337.5
345.5
334.7
293.5
323.1
432.3
443.6
442.1
403.4
436.0
470.4
317.3
343.0
153.8
158.5
187.1
194.7
198.1
196,6
182.9
157.8
187.8
208.1
74.0
89.8
84.4
84.0
88.0
94.3
96.4
77.0
65.8
68.1
113.8
114.7
133.2
139.9
138.9
139.2
128.0
110.6
129.6
144.5
50.8
51.3
51.6
50.1
51.5
54.6
55.4
58.7
63.7
66.8
70.2
77.8
84.6
90.6
94.8
98.1
107.5
109.9
118.8
127.5
83
91
96
100
101
105
95
89
97
102
Ann-Mil rates
Annv&l rates
1993:
Jan
451.3
Feb...
453.8
454.5
335.5
334.8
337.0
449.1
328.1
453.3
460.7
466.6
468.5
332.2
335.0
337.9
Mar
May
July
Sept
Oct
Nov '
Dec '
1994:
Jan
f
477.1
345.6
200.5
204.6
206.6
209.5
489.7
499.8
354.1
215.2
365.0
511.7
372.1
223.2
229.6
141.8
142.9
141.8
137.7
138.3
139.3
141.1
143.0
145.7
149.9
155.7
161.8
505.5
369.0
230.7
162.1
341.4
207.2
205.7
205.5
197.3
198.4
1
Includes
2
Includes
3
955
1,097
1,016
1,019
973
961
783
577
556
575
64.4
66.4
67.4
65.6
67.4
67.1
65.6
67.0
68.3
70.5
72.6
73.7
63.9
62.7
64.0
65.2
66.4
67.4
67.7
67.8
67.8
68.4
69.2
68.8
115.8
119.0
117.5
120.9
121.0
125.7
128.7
127.2
131.6
135.6
134.8
139.5
104
99
'100
100
95
106
104
'104
'105
'109
107
104
'462
'482
'519
'526
'514
'521
'571
'533
'544
'561
566
628
72.5
65.8
136.5
103
633
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
residential improvements, not shown separately.
hotels and motels.
P.W. Dodge series.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or Homes, except as rioted}
New private homes
New private housing units
Units started, by type of structure
Period
Total
1984
1985
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376,1
1,192.7
1,013.9
1,199.7
1,285.4
1986
1987
1988
1989
1990
1991 .
1992
1993 '
1 unit.
2-4 units
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
1,123.8
121,4
93.4
84.0
65.3
58.8
55.2
37.5
35.6
30.7
29.3
5 or more units
544.0
576.1
542.0
408.7
348.0
317.6
260.4
137.9
139.0
132.3
Units
authorized
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9
1,214.2
Units
completed
Homes sold
Homes for
sale at end of
period *
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
1,193.2
639
688
750
671
676
650
534
509
610
669
353
346
357
366
368
365
321
284
'266
'298
1,136
1,241
1,108
1,222
1,129
1,158
1,088
1,256
1,166
1,254
1,255
1,301
'610
'599
'600
'685
'635
641
647
'645
'738
723
770
870
'267
'269
270
271
'273
274
'277
286
288
291
295
298
695
302
Vacancy rate
for rental
housing units
(percent) a
5.9
6.5
7.3
7.7
7.7
7.4
7.2
7,4
7.4
7.4
Seasonally adjusted annual rates
1993' Jan
Feb..
Mar
.
'1,170
'1,194
r
r
May.
r
July
r
r
1,092
1,232
1,241
1,238
1,245
'1,319
r
Oct '
Nov T
Dec '
1994' Jan
p
1
2
1,359
1,409
1,406
1,571
1,294
Seasonally adjusted.
Quarterly data entered in last month oC quarter. Series beginning
earlier data.
'1,049
'1,048
'957
'1,082
'1,100
' 1,067
'1,076
'1,178
'1,160
1,231
1,248
1,349
1,147
'25
24
'30
'27
26
'30
'53
17
'32
31
30
19
22
) not comparable with
'96
'122
105
'123
115
'141
'116
'124
'167
147
128
203
1,157
1,141
1,034
1,101
1,121
1,115
1,162
1,242
1,271
1,304
1,374
1,476
125
1,358
7.9
7.6
7.1
6.9
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
•e for 16,000 places.
Seasonally adjusted housing starts and new homes sold and for sale revised beginning 1991.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In December, manufacturing and trade sales rose 0.9 percent and inventories fell $0.4 billion. In January,
according to advance data, retail sales fell 0.5 percent, following a rise of 1.2 percent in December.
BILLIO NS OF DOLLARS * (RATIO SCALE)
300
BILLIOh4S OF DOLLARS * (RATIO SCALE)
1,000
900
^_ - ___
,
-1
800
^\—l
r~
*~
250
_
'
M, tNUFACTURIh4G AN D
( iADE INVEN ORIES
700
^-~1
"—n\
RETAIL INVENTORI S
200
600
-~^
x
x"1^*^'
-^
"
500
_
"N
""V\
150
My\NUFACTURI ^G
AhJD TRADE SA ES
^S
_.,-'
'—
1
RETAIL SAL :S
400
inn nil M n i i i l n i n
100
300
RATIO
III Illlllll
*
1.80
INVENTORY-SALES RATIO
1.70
RETAIL
\
1.60
^Xx^-N.-s*'
200
1.50
^^c:^i
M
~\
mi ill mi
1991
inn
1993
1992
1 Illlllll 1 1
1.30
mnlinn
1990
1994
-^
MANUFACTURING
AND TR ADE
1.40
Illlllll III
1990
.
|/V
mi iln in M ii limn
1991
1992
•SEASONALLY ADJ LISTED
SOURCE: DEPARTMENT OF COMMERCE
Manufacturing
and
trade l
Period
Sales
2
Inventories 3
1993
1994
COUNCIL OF EC<3NOMIC ADVISERS
Wholesale
Inventory-sales ratio *
Retail
Inventories 3
Sales 2
Sales 2
Inventories 3
Total
Durable
goods
stores
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade l
Retail
Millions of dollars, seasonally adjusted, except as noted
1984
1985
1986
1987
1988
1989 ..
1990
1991...
1992
1993 p
1992: Dec r ...
1993:
Jan
Feb
Mar
Apr
May
July
Sept
Oct
Nov r
Dec p .
1994: Jan p
1
411,427
423,940
431,786
459,107
497,031
523,729
543,097
538,609
560,383
592,597
651,551
665,835
664,624
711,725
767,538
813,793
837,445
833,518
r
849,486
874,110
113,502
114,816
116,326
124,340
135,357
144,158
149,489
147,635
152,337
160,161
144,223
149,155
155,445
165,814
180,519
188,539
196,901
201,285
209,014
216,999
107,243
114,586
120,803
128,442
138,133
146,847
154,149
155,456
163,535
173,864
. 580,897
849,486
155,459
209,014
168,829
851,190
854,715
859,094
862,478
864,198
864,227
863,612
865,939
867,395
869,709
874,553
874,110
159,507
158,987
157,206
159,291
162,187
159,095
160,531
161,459
160,710
161,284
161,997
161,025
210,139 T 169,187
209,765 169,116
167,390
210,503
211,860 170,538
212,190 171,736
212,058
172,596
213,244 173,415
174,583
215,199
175,006
215,103
214,991 178,549
179,755
216,110
216,999 ' 181,961
r
581,539
584,903
583,575
584,943
587,930
589,990
585,626
592,598
595,804
600,304
607,326
612,930
180,964
See page 21 for manufacturing.
2
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.
20
37,873
41,510
45,057
47,989
52,469
54,873
55,919
54,492
58,758
65,256
69,369
73,075
75,746
80,453
85,664
91,974
98,230
100,965
104,777
108,609
167,812
181,881
186,510
207,836
219,597
238,343
241,476
245,885
r
261,234
279,697
61,500
107,329
261,234
132,122
62,418 r 106,769 262,427
60,978 108,138 265,718
60,723 106,667 269,052
107,734 270,311
62,804
63,771 107,965 270,417
64,527 108,069 270,843
65,232 108,183 268,807
269,348
108,306
66,277
65,798 109,208 271,603
110,042 274,417
68,507
69,641 110,114
278,262
' 7 1,046 ' 110,915 279,697
132,861
135,599
137,803
138,784
138,097
138,483
136,559
136,774
137,978
140,584
143,608
145,624
r
69,931
3
4
1.53
1.55
1.55
1.50
1.49
1.53
1.53
1.54
1.50
1.46
1.49
1.52
1.56
1.56
1.54
1.59
1.56
1.55
1.55
1.56
129,112
1.46
1.55
129,566
130,119
131,249
131,527
132,320
132,360
132,248
132,574
133,625
133,833
134,654
134,073
1.46
1.46
1.47
1.47
1.47
1.46
1.47
1.46
1.46
1.45
1.44
1.43
1.55
1.57
1.61
1.59
1.57
1.57
1.55
1.54
1.55
1.54
1.55
1.54
88,738
79,074
88,315
93,566
96,527
89,983
105,481 102,355
112,505
107,092
121,448
116,895
121,338 . 120,138
126,057
119,828
r
132,122 r!29,112
145,624 . 134,073
111,033
Seasonally adjusted, end of period.
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In December, manufacturers' shipments and new orders rose, while inventories and unfilled orders fell. In January,
according to advance estimates, durable goods shipments fell and new orders rose.
BILUC>NS OF DOLLARS* (RATIO SCALE)
320
BILUC>NS OF DOLLARS* {RATIO SCALE)
— SHIPMENTS
480 - INVENTO *IES
440
400 ==^«—"•<I
-=
280
~<s*^—<- '
240
• TOTAL
320
200
280
ov :ABLE GOOC 5
160
••• 1
••-..
360
—
... "•-•-. _
240
"
200
120
160
NONDURAB ,E GOODS
Illllllllll
80
Hill
III II Illllllllll
\
1
\
1
NOS DURABLE GC)ODS
120
BILUC)NS OF DOLLARS* (RATIO SCALE)
320
TOTAL
280
240
80
— --
•W - op
I l l l l l l l l l l 1 1 1 f 1 1 ! 1 11 1 miiliii ii
Illllllllll
RATIO .
200
INVENTORY-SHIPMENTS RATIO
2.00
160
JRABLE GOO
<r""*
120
•x— v
80
Illllllllll
Illllllllll
1990
1991
f
f'
V~-^/[
NONDURAf LE GOODS
Illlll
1992
-
1.80
^^N
1.40
Illllllllll
Illllllllll
1993
1994
1.20
1990
Niiiliiiii
Illllllllll Illllllllll
1991
1992
1994
1993
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments l
Manufacturers' inventories 2
Manufacturers' new orders '
Durable goods
Period
Total
Durable
goods
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Capital
goods
industries,
non-defense
Nondurable
goods
100,164
102,356
103,647
110,809
121,445
124,933
123,556
117,878
122,614
133,286
23,669
24,545
23,983
26,095
30,729
32,725
32,254
29,468
29,653
31,890
92,715
93,351
91,557
98,579
105,581
110,999
117,090
116,476
118,932
122,449
Total
Total
Manufacturers'
unfilled
orders 2
Manufacturers'
tory —
shipments
ratio 3
Millions of dollars, seasonally adjusted, except as noted
1986
1987
1988
1989
1990
1991
1992 .
1993 r
190,682
194,538
194,657
206,326
223,541
232,724
239,459
235,518
244,511
258,572
97,940
101,279
103,238
108,128
117,993
121,703
122,387
119,151
125,553
135,997
92,742
93,259
91,419
98,198
105,549
111,022
117,072
116,367
118,958
122,575
339,516
334,799
322,669
338,075
367,422
386,911
399,068
386,348
379,238
377,414
221,330
218,212
212,006
220,776
241,402
256,065
259,988
249,117
237,717
236,108
1992- Dec
256,609
134,228
122,381
379,238
1984
1985
1993:
Jan
Feb
Mar
May
July
Sent
Oct
Nov
Dec '
1994- Jan *
252,845
256,800
258,979
255,114
254,007
258,299
251,680
256,556
260,088
260,471
265,574
269,944
130,805
134,133
135,537
132,763
132,307
135,042
129,257
134,521
137,521
138,153
142,665
146,319
122,040
122,667
123,442
122,351
121,700
123,257
122,423
122,035
122,567
122,318
122,909
123,625
378,624
379,232
379,539
380,307
381,591
381,326
381,561
381,392
380,689
380,301
380,181
377,414
118,186
116,587
110,663
117,299
126,020
130,846
139,080
137,231
141,521
141,306
192,879
195,706
195,204
209,389
227,026
235,932
240,646
234,354
241,545
255,735
237,717
141,521
256,727
134,348
32,275
236,332
237,034
236,849
237,043
237,734
237,514
237,937
237,688
237,571
237,632
237,886
236,108
142,292
142,198
142,690
143,264
143,857
143,812
143,624
143,704
143,118
142,669
142,295
141,306
253,626
257,250
253,007
252,369
248,335
255,462
250,566
253,461
255,309
258,270
262,773
266,292
131,266
134,533
129,903
129,838
126,783
132,252
128,520
131,752
133,176
136,613
139,675
142,569
28,645
32,748
29,122
30,453
29,931
33,850
30,093
31,992
30,992
32,825
34,878
35,106
147,871
37,170
145,681
1
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales.
2
Seasonally adjusted, end of period.
a
373,529
387,095
393,412
430,288
471,951
510,459
524,846
511,122
475,304
441,666
1.73
1.73
1.68
1.59
1.58
1.64
1.65
1.67
1.57
1.47
122,379
475,304
1.48
122,360
122,717
123,104
122,531
121,552
123,210
122,046
121,709
122,133
121,657
123,098
123,723
476,085
476,535
470,563
467,818
462,146
459,309
458,195
455,100
450,321
448,120
445,319
441,666
1.50
1.48
1.47
1.49
1.50
1.48
1.52
1.49
1.46
1.46
1.43
1.40
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 rose 0.2 percent. Prices of finished consumer foods fell
0.3 percent and prices of other finished consumer goods rose 0.4 percent. Capital equipment prices rose 0.6
percent.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
FINISHED GOODS PRICES
SEASONALLY ADJUSTED
^_-— -'If
13(
130
CONSUMER FCX>DS
____.
\
i
-"'
&r
\
^^"^ S^.
1
120
\
—
12C
.'•
CAPITA L EQUIPMENT
>r"
-
—
._
110
x
!
/
f
>
/
i
*/'
1X
"\
CONSUMER GOODS
EXCLUDING FOODS
IK
TOTAL
—
s^^
IOC
100
*' *
90
-^
i 1 1 i i i 1 1 ii i i i 1 1 1 i i i ii i i 1 1 1 1 1 1 1 i
1987
1988
1986
M iM 1 1111
1 i i 1 1 i li i i 1 1 i i n i i i i 1 1 i i 1 1 I
1992
1990
1991
1989
1 1 1 11 11 1111
1 11 11 11 1 1 11
1993
1994
90
COUNCIL Of ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1982 = 100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Consumer goods
Total
Total
Durable
Nondurable
Crude materials
Capital
equipment
Total
finished
consumer
goods
Total
Foods
and
feeds 1
Other
Total
Foodstuffs
and
feedstuffs
Other
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 '
103.7
104.7
103.2
105.4
108.0
113.6
119.2
121.7
123.2
124.7
105.4
104.6
107.3
109.5
112.6
118.7
124.4
124.1
123.3
125.7
103.2
104.6
101.9
104.0
106.5
111.8
117.4
120.9
123.1
124.4
102.2
103.3
98.5
100.7
103.1
108.9
115.3
118.7
120.8
121.7
104.5
106.5
108.9
111.5
113.8
117.6
120.4
123.9
125.7
128.1
101.1
101.7
93.3
94.9
97.3
103.8
111.5
115.0
117.3
117.6
105.2
107.5
109.7
111.7
114.3
118.8
122.9
126.7
129.1
131.4
103.3
103.8
101.4
103.6
106.2
112.1
118.2
120.5
121.7
123.0
103.1
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.7
116.2
105.7
97.3
96.2
99.2
109.5
113.8
113.3
111.1
110.7
112.7
103.0
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.9
116.4
103.5
95.8
87.7
93.7
96.0
103.1
108.9
101.2
100.4
102.4
104.7
94.8
93.2
96.2
106.1
111.2
113.1
105.5
105.1
108.3
102.2
96.9
81.6
87.9
85.5
93.4
101.5
94.6
93.5
94.7
1993- Janr '
Feb r
Mar r
Apr
May '
June r .
July rr.
Aue ...
Septr r
Oct
Nor '
Dec r
124.3
124.8
125.1
125.7
125.7
125.1
125.1
124.1
124.3
124.2
124.3
124.2
124.5
124.5
124.7
126.3
125.8
125.1
125.0
125.4
126.1
125.9
127.0
127.7
124.2
124.8
125.2
125.5
125.5
125.0
125.0
123.7
123.7
123.6
123.5
123.1
121.8
122.5
122.9
123.3
123.3
122.6
122.5
120.6
120.5
120.6
120.2
119.6
126.7
127.1
127.3
128.0
128.0
128.2
128.5
128.9
128.6
127.6
128.6
129.0
118.4
119.1
119.7
119.9
119.9
118.9
118.5
115.6
115.7
116.2
115.3
114.1
130.4
130.8
131.0
131.3
131.3
131.2
131.6
131.8
131.9
131.5
131.8
132.2
122.8
123.3
123.6
124.3
124.2
123.5
123.4
122.1
122.3
122.3
122.4
122.1
115.4
115.9
116.3
116.6
116.3
116.3
116.3
116.3
116.3
116.5
116.4
116.2
111.3
110.7
110.2
111.4
111.5
110.4
113.1
113.8
113.3
114.2
115.6
117.2
115.7
116.2
116.6
116.9
116.5
116.7
116.5
116.4
116.4
116.6
116.5
116.2
101.7
101.6
101.8
103.0
105.2
103.6
101.5
100.8
101.5
103.1
103.7
101.2
106.2
106.4
106.6
108.4
109.3
105.8
107.4
108.6
109.1
107.5
112.0
113.1
95.0
94.6
94.9
95.5
98.6
98.2
93.8
92.0
92.8
96.2
94.4
89.8
1994: Jan
124.5
127.3
123.7
120.1
129.7
114.6
133.0
122.3
116.4
117.4
116.4
102.5
112.1
92.5
1
Intermediate materials for food manufacturing and feeds.
NOTE.—Seasonally adjusted data revised beginning 1989.
22
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In January, the consumer price index for all urban consumers was unchanged, seasonally adjusted (it rose 0.3
percent not seasonally adjusted). The index was 2.5 percent above its year-earlier level.
INDEX, 1982-84 . 100 (RATIO SCALE]
INDEX, 1982-84 - 100 (RATIO SCALE]
150
150
SEASONALLY ADJUSTED
CONSUMER PRICES—ALL ITEMS
130
120
120
90
M I I I I I I I II
I j IIIIII II 1
1987
COUNCIL OF ECONOMIC ADVISERS
[1982-84—100, except as noted; monthly data seasonally adjusted, except as noted]
All items
1
_
Transportation
Housing
Shelter
Period
Not
seasonally
adjusteu
(NSA)
3
Rel imp **
1984
1985 .
1986
1987 .
1988
1989
1990
1991
1992
1993
1993:
Jan r
Peb '
Mar r
Apr '
May r
June r
July '
Aug *
Sept *
Oct r
Nov r
Dec r
1994:
Jan
Seasonally
adjusted
WOO
103.9
107 6
109.6
113 6
118.3
124.0
130.7
136.2
140.3
144.5
Food
Total '
Total
8.0
All
Maintenance
and
repairs
(NSA)
Fuel
and
other
utilities
Apparel and
upkeep
7.3
104.8
106.5
104.1
5.9
102.1
105.0
105.9
103.0
104.4
107.8
111.6
115.3
117.8
121.3
110.6
115.4
118.6
124.1
128.7
131.9
133.7
41.4
103.6
107.7
110.9
114.2
118.5
123.0
128.5
133.6
137.5
141.2
27.9
104.0
109.8
115.8
121.3
127.1
132.8
140.0
146.3
151.2
155.7
108.6
115.4
121.9
128.1
133.6
138.9
146.7
155.6
160.9
165.0
19.8
107.3
113.1
119.4
124.8
131.1
137.3
144.6
150.2
155.3
160.2
103.7
106.5
107.9
111.8
114.7
118.0
122.2
126.3
128.6
130.6
139.3
139.5
140.0
140.5
140.8
141.1
141.2
141.6
141.9
142.2
142.5
142.8
153.4
153.9
154.2
154.7
155.1
155.4
155.6
156.0
156.3
156.6
157.1
157.5
162.1
162.5
162.9
163.6
164.0
164.2
164.3
164.5
164.8
165.6
165.8
166.3
158.1
158.6
158.9
159.4
159.7
160.1
160.4
160.8
161.1
161.3
161.9
162.4
129.7
130.5
131.5
131.8
131.6
131.2
131.3
131.6
131.3
130.8
127.9
127.6
119.3
119.0
120.4
120.8
121.0
121.4
121.8
122.2
122.4
122.5
122.4
122.3
142.9
157.8
166.3
162.8
128.9
121.8
145.0
145.1
145.6
146.0
146.3
139.2
139.6
139.9
140.2
141.1
140.7
140.7
141.2
141.6
142.3
142.6
143.3
146.2
146.3
143.1
1
Includes items not shown separately.
2
Household fuels — gas (piped), electricity, fuel oil, etc.
also included through 1982.
3
Relative importance, December 1993.
Homeowners'
costs
(Dec.
1982 =
100)
15.8
103.2
105.6
109.0
113.5
118.2
125.1
132.4
136.3
137.9
140.9
142.6
143.1
143.6
144.0
144.2
144.4
144.4
144.8
145.1
145.7
145.8
145.8
142.7
143.2
143.5
144.0
144.3
144.4
144.6
Renters'
costs
(Dec.
1982 =
100)
and motor fuel. Motor oil, coolant, etc.
0.2
Total '
New
cars
Motor
fuel
Medical
care
4.0
3.0
7.1
97.9
98.7
77.1
80.2
108.7
114.1
120.5
123.8
126.5
130.4
102.8
106.1
110.6
114.6
116.9
119.2
121.0
125.3
128.4
131.5
88.5
101.2
99.4
99.0
98.0
106.8
113.5
122.0
130.1
138.6
149.3
133.1
134.3
134.2
134.0
133.6
133.1
133.0
133.9
133.4
133.2
134.1
133.9
129.0
129.5
129.7
130.0
130.1
130.0
130.5
130.6
130.6
131.9
131.9
131.7
129.7
129.8
130.1
130.7
131.0
131.2
131.6
132.2
132.5
132.9
133.1
133.2
100.9
101.3
101.1
100.5
98.9
97.2
96.9
95.3
94.1
98.3
96.6
95.3
133.8
131.4
133.3
94.8
17.0
103.7
106.4
102.3
105.4
80^9
Energy 2
items
less
food
and
energy
88.6
89.3
94.3
102.1
102.5
103.0
104.2
77.2
104.6
109.1
113.5
118.2
123.4
129.0
135.5
142.1
147.3
152.2
206.1
104.2
103.9
104.7
104.8
104.2
103.7
103.7
103.0
102.6
104.5
103.6
102.9
150.2
150.8
151.1
151.6
152.0
152.3
152.6
153.0
153.1
153.5
154.1
154.4
206.7
102.1
154.6
162.8
177.0
190.1
201.4
196.6
197.6
198.1
199.3
200.7
201.5
202.4
203.0
203.8
204.8
205.4
7.0
100.9
101.6
88.2
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeowners hip costs
and therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 and" 1988 calculated on a revised basis.
Seasonally adjusted data revised beginning 1989.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Total
finished
goods
Excluding
foods
Foods
Capital
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
1984
1.7
1.8
-2.3
2.2
4.0
4.9
5.7
-.1
1.6
.2
j
1985
1986
1987
1988
1989
1990
1991
1992
19931"
3.5
.6
2.8
-.2
5.7
5.2
2.6
-1.5
1.6
2.4
2.1
1.0
-1.4
2.1
2.5
5.2
4.9
2.1
1.2
1.2
1.8
2.7
2.1
1.3
3.6
3.8
3.4
2.5
1.7
1.9
0.8
2.1
-6.6
4.1
3.1
5.3
8.7
-.7
1.6
-1.4
Change, month to month
1993- Jan
Feb .
Mar
0.3
.4
.2
.5
0
May
July '
Aag r
Sept r
Oct r
Nov '
Dec '
1994- Jan
5
0.5
.3
.2
.2
0
— .1
.3
.2
.1
-.3
.2
.3
1.0
2.9
3.9
4.6
2.9
0
19
-5.0
25
-2.8
.6
3
0.3
2.9
0
5.9
4.2
1.3
—4.1
-1.3
3.2
2.9
5.2
5.2
.4
.6
1.0
4.5
0
-.8
.2
— .1
.1
— .1
02
0
.2
1.3
-.4
-.6
-.1
.3
.6
-.2
.9
.6
0.5
.6
.3
.3
0
-.6
I
-1.6
1
.1
.2
-.3
g
Note.—Seaonaliy adjusted data revised beginning 1989.
0.7
3.0
5.7
5.0
2.6
-1.0
-2.6
-8.5
-6.7
-6.1
-1.3
-3.0
-1.6
3.1
3.8
4.1
2.8
1.5
.6
.9
1.5
2.2
-.3
0
.9
4.6
2.8
1.6
1.5
3.1
3.6
.6
.8
1.5
2.3
-.6
1.9
4.2
1.5
2.1
2.3
2.8
2.9
1.9
1.3
-1.1
-1.3
-2.4
-2.2
— 1.4
3.7
-1.0
0.7
2.3
2.5
2.8
2.8
2.3
1.2
-3.1
-3.9
-4.3
-5.0
-4.8
1.9
2.2
2.3
3.0
2.6
2.3
1.8
1.5
1.4
.3
.8
1.5
2.0
2.0
2.0
2.5
2.1
1.3
1.3
.5
.4
.2
.3
.2
-3.9
2.1
.2
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
Transportation
Housing
Shelter
All
items 1
Period
Pood
Total '
Total'
Renters'
costs
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
New
cars
Total 1
Motor
fuel
Medical
care
All
items
less
food
and
energy
Ener-
gy"
Addendum: All items, percent change
(annual rate)
From
previous
quarter 3
From
3
months
earlier
Prom
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
3.9
3.8
1.1
4.4
4.4
4.6
6.1
3.1
2.9
2.7
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
3.8
2.6
3.8
3.5
5.2
5.6
5.3
1.9
1.5
2.9
4.3
4.3
1.7
3.7
4.0
3.9
4.5
3.4
2.6
2.7
5.2
6.0
4.6
4.8
4.5
4.9
5.2
3,9
2.9
3.0
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.2
2.8
2.6
5.1
5.9
4.6
5.3
4.7
5.1
4.7
3.7
2.9
3.2
4.2
1.8
56
1.6
2.9
3.2
4.0
2.9
2.3
2.5
2.0
2.8
.9
4.8
4.7
1.0
5,1
3.4
1.4
.9
r^-2.4
3.1
2.6
-5.9
6.1
3.0
4.0
10.4
-1.5
3.0
2.4
2.5
3.1
3.4
5.9 -30.7
1.8
18.7
2.1 -2.1
2.3
6.8
1.4
36.5
3.3 -16.0
2.3
1.8
2.8 -5.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
7.9
6.6
5.4
0.2
1.8
-19.7
8.2
.5
5.1
18.1
-7.4
2.0
-1.4
4.7
4.3
3.8
4.2
4.7
4.4
5.2
4.4
3.3
3.2
0.2
.1
.2
.5
.2
.2
.3
.5
.2
.3
.2
.1
0.5
.5
.3
.6
.7
.4
.4
.3
.4
.5
.3
.3
-0.2
-.3
.8
.1
-.6
0.3
.4
.2
.3
.3
.2
.2
.3
.1
.3
.4
.2
.1
.3
-.8
4.3
3.6
1.9
3.6
4.1
4.8
5.4
4.2
3.0
3.0
Change, month to month
1993:
r
Jan
Feb r....
Mar '
Apr r
May T....
June T....
July r....
Aug r.....
Sept '....
Oct '.....
Nov '
Dec '
1994: Jan
0.2
.4
.2
.3
.2
.1
.1
.3
.1
.3
.3
.2
0
1
2
0
.3
.2
.2
.6
-.3
0
.4
.3
.5
.2
.5
I
0.2
.1
.4
.4
.2
.2
.1
.3
.2
.2
.2
.2
0.3
.3
.2
.3
.3
.2
.1
.3
.2
.2
.3
.3
.1
.2
0.1
.2
.2
.4
.2
.1
.1
.1
.2
.5
.1
.3
0
0.4
.3
.2
.3
.2
.3
.2
.2
.2
.1
.4
.3
0
-.3
1.2
.3
.2
.3
.3
.3
.2
.1
-.1
— 1
0.4
.9
—.1
— .1
— .4
-.1
.7
— .4
— .1
.7
-.1
0.3
.4
.2
.2
.1
— .1
.4
.1
0
1.0
0
— .2
.2
— .4
-.1
-.2
Q
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—:and motor fuel. Motor oil, coolant, etc.,
also included through 1982.
24
3
0.2
.4
-.2
6
-1.6
-1.7
3
-1.7
-1.3
4.5
17
-1.3
0
-.7
-.4
1.9
Q
>7
2.8
3.1
2.0
3.1
.1
Quarterly changes are shown in the last month of the quarter.
Note.—Seaonaliy adjusted data revised beginning 1989.
Source: Department of Labor, Bureau of Labor Statistics.
3.7
3.1
2.5
1.7
2.0
2.0
2.8
2.8
3.3
3.0
3.1
3.3
3.3
3.1
2.8
2.7
2.5
2.2
2.2
2.4
2.6
3.3
3.2
3.1
3.2
3.2
3.0
2.8
2.8
2.7
2.8
2.7
2.7
1.9
2.4
2.5
2.9
3.1
3.1
PRICES RECEIVED AND PAID BY FARMERS
In February, prices received by farmers were unchanged from their January level. Prices paid by farmers in January
were 0.5 percent above their October level. (Data are not seasonally adjusted).
INDEX, 1977 - 100 (RATIO SCALE)
INDEX, 1977 - 100 (RATIO SCALE)
240
240
220
220
ppirps RAID
200
200
_,/-,-1—.
180
i
,— '
"
"
180
*"^^
^.*s~—
*— ^
_^
160
J
140
120
v^-~V
100
1 1 1 1 1111 11 ]
s^ ~^S
/^>
'RICES RECEIVEC
^
160
N.
s\^
s
/\/~^
-
140
S^
\
1 1 1 1 1 I
1 1 1 1
120
II 1 1 1 1 1 1 1 1 1
1 M
1 1 1 11 1 1 1
i iit i
i i i i L II
1 1 I 1i M M
1 1 1 1 11M
1 1 1
100
MMll
RATH:>-!/
RA TIOJ/
140
140
120
120
_
RATIO
/
100
80
_
;
100
1c~—i
—
60
| | 1 1 1 ! 1 M 1 1
1 1 1 I1 1 I M 1 1
1 111 11 1 1t 11
1 1 1 1 1 1 1 I M 1
1986
1987
1988
1989
innlM.M
MM,!
1991
1990
1992
80
- »—•
60
1 1 1 M
11 1 1 1 1
1993
M M 1 1
1994
COUNCil OF ECONOMIC ADVISERS
[1977 = 100; not seasonally adjusted]
Prices paid by farmers
Prices received by fanners
Period
All farm
products
1984 ...
1985
1986..
1987
1988
1989
1990
1991
1992
1993
1993: Feb
Mar
Apr
May
July
. .
Sept
Oct
Nov
Dec
1994- Jan
Feb
r
Livestock and
products
Crops
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio 2
142
128
123
127
138
147
149
146
139
143
138
120
107
106
126
134
127
129
121
123
146
136
138
146
150
160
170
161
157
162
164
162
159
162
169
177
183
187
189
195
161
156
150
152
159
167
171
172
173
178
155
151
144
148
157
165
171
173
174
179
87
79
77
78
82
83
81
78
74
73
140
141
146
144
140
141
144
145
145
144
145
118
116
125
120
113
121
125
128
130
128
133
162
166
167
168
166
161
162
160
159
158
156
(3)
(3)
196
(")
(3)
195
(3)
(3)
196
(3)
(3)
(3)
<3>
179
(3)
(3)
178
(3)
(3)
178
(3)
(3)
(3)
(3)
180
(3)
(3)
179
(3)
(3)
181
(3)
(3)
73
73
74
73
71
72
74
74
74
73
74
!59
160
197
(3)
180
(3)
182
(3)
75
75
!47
147
r
!35
134
1
Includes items not shown separately.
2
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
All commodities,
services,
interest, taxes,
and wage rates 1
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.
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
In January, growth in M2 was about unchanged and growth in M3 slowed.
BILLIONS OF DOLLARS' (RATIO SCALE)
4,800
4,400
BILLIONS OF DOLLARS* (RATIO SCALE)
4,800
4,400
4,000
4,000
-V
3,600
3,600
3,200
3,200
\
- M2-
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
1990
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
L
Debt
Percent change from year or 6
V
months earlier 2
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OODs)
Ml plus overnight
RPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMT balances
Dee
Dec
Dec
Dec..
Dec
Dec
Dec
Dee
Dec ..
Dec '
552.1
619.9
724.5
750.1
787.4
794.7
826.4
897.7
1,024.8
1,128.5
2,377.8
2,575.0
2,818.2
2,920.1
3,081.4
3,239.8
3,353.0
3,455.3
3,509.0
3,565.8
2,994.6
3,211.6
3,497.3
3,681.3
3,920.4
4,067.3
4,125.7
4,180.4
4,183.0
4,228.1
3,536.0
3,838.9
4,137.5
4,340.2
4,674.6
4,897.3
4,974.8
4,992.9
5,057.1
"5,130.6
6,006.1
6,901.1
7,778.6
8,543.3
9,306.1
10,030.7
10,670.1
11,145.5
11,721.1
"12,316.8
6.0
12.3
16.9
3.5
5.0
.9
4.0
8.6
14.2
10.1
8.7
8.3
9.4
3.6
5.5
5.1
3.5
3.1
1.6
1.6
11.1
7.2
8.9
5.3
6.5
3.7
1.4
1.3
.1
1.1
14.2
14.9
12.7
9.8
8.9
7.8
6.4
4.5
5.2
5.1
1993- Jan '
Feb *
Mar T
' '
•'
June T
July '
Aug r
Sept r
Oct '
Nov r
Dec '
1,033.0
1,035.4
1,040.2
1,047.1
1,067.7
1,076.6
1,086.8
1,095.3
1,105.1
1,113.4
1,122.4
1,128.5
3,502.8
3,494.2
3,494.8
3,498.0
3,521.9
3,528.7
3,534.0
3,337.0
3,545.4
3,547.3
3,558.8
3,565.8
4,162.4
4,156.0
4,154.6
4,162.0
4,187.7
4,188.0
4,187.5
4,188.0
4,197.3
4,203.2
4,216.1
4,228.1
5,040.9
5,037.6
5,038.6
5,055.9
5,088.7
5,089.3
5,085.5
5,095.3
5,088.2
5,095.9
5,107.5
"5,130.6
11,757.8
11,781.6
11,821.3
11,867.4
11,912.7
11,976.1
12,033.4
12,088.3
12,141.9
12,177.4
12,239.5
"12,316.8
14.3
12.2
10.3
8.5
10.1
10.1
10.4
11.6
12.5
12.7
10.2
9.6
1.3
.3
-.1
-.5
.6
1.1
1.8
2.4
2.9
2.8
2.1
2.1
— 1.1
-1.9
2.2
-1.7
-.3
.2
1.2
1.5
2.1
2.0
1.4
1.9
4.6
4.0
3.9
4.2
4.2
4.4
4.7
5.2
5.4
5.2
5.5
5.7
1,133.6
3,572.4
4,231.8
8.6
2.2
2.1
Period
1984198519861987198819891990199119921993-
Z
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate.
26
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average) 1
Ml
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
M2
M3
Debt
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Currency
Demand
deposits
Overnight
repurchase
agreeOther
ments
check(RPs),
able
net,
deposplus
its
over(OODs)
night
Eurodollars 1
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
1984:
19851986:
19871988:
19891990:
199119921993:
1993:
Dec
Dec
Dec
Dec
Dec
Dec ...
Dec
Dec ....
Dec
Decr
Jan
Feb
Mar
May
, 3
July
Sept
Oct
Nov
Dec r
1994- Jan. ..
156.1 243.7
167.9 266.6
180.7 302.1
196.9 287.1
212.2 287.2
222.6 279.8
246.7 277.9
267.1 290.0
292.2 339.6
321.4 384.9
294.5 341.9
297.0 342.7
299.3 344.3
301.8 349.0
304.4 358.8
307.2 362.2
309.7 366.4
312.4 370.9
315.4 375.4
317.6 r378.4
319.5 383.2
321.4 384.9
325.3 388.5
147.4
179.8
235.6
259.5
280.9
285.4
294.0
332.8
384.9
414.3
388.6
387.7
388.5
388.2
396.4
399.2
402.8
404.2
406.6
409.5
411.8
414.3
412.0
63.0
75.6
83.3
85.7
84.1
80.2
77.3
80.6
80.6
90.1
77.8
77.7
78.8
77.2
75.2
78.5
r
81.2
r
82.1
'85.3
88.0
r
89.1
90.1
93.1
167.9
177.4
209.8
223.5
244.4
320.4
355.5
370.4
352.0
349.9
350.3
345.3
345.9
345.9
348.5
347.5
346.6
345.5
345.0
344.8
347.8
349.9
348.9
62.5
64.7
85.3
92.0
91.5
108.5
135.0
181.0
201.5
197.0
196.6
198.0
197.7
196.3
198.0
194.7
192.6
190.1
190.8
194.3
194.8
197.0
192.7
1
Includes continuing contract RPs.
Data prior to 1983 are not seasonally adjusted.
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
2
3
704.8
815.4
941.0
937.7
926.7
891.0
920.4
1,041.1
1,183.6
1,215.5
1,183.8
1,183.7
1,182.4
1,185.5
1,195.1
1,200.4
1,202.1
1,205.9
1,208.4
1,208.8
1,211.9
1,215.5
1,220.3
888.8
885.7
859.0
922.7
1,038.6
1,153.7
1,174.5
1,067.4
870.5
784.6
r
860.8
r
853.8
* 846.8
r
839.4
r
832.4
r
823.9
r
814.8
r
807.5
r
801.2
r
795.2
r
789.8
784.6
779.6
416.6
434.3
431.5
475.5
525.5
549.1
489.5
425.8
360.3
339.2
353.2
350.1
344.8
348.9
348.3
345.5
342.1
341.9
340.6
341.9
339.7
339.2
341.5
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
57.6
62.4
80.6
106.0
121.8
99.0
89.6
72.5
81.1
95.4
80.1
82.3
86.0
88.9
89.8
92.8
r
96.4
r
96.0
r
95.6
'94.3
r
94.0
95.4
90.7
82.9
76.5
83.8
91.0
105.7
79.5
68.7
57.6
45.6
45.8
43.5
46.7
49.8
48.7
48.7
45.5
41.9
44.1
45.2
M5.0
r
48.7
45.8
44.1
Savings
bonds
Shortterm
Treasury
securities
74.2
79.5
91.8
100.6
109.4
117.5
126.0
137.9
156.6
"171.7
158.7
160.8
162.4
163.6
164.7
165.9
167.1
168.2
169.2
170.1
170.8
"171.7
261.0
298.3
280.0
253.1
269.3
325.5
332.0
316.2
332.5
' 328.4
338.2
341.4
340.5
343.7
345.1
345.9
343.4
r
342.9
r
327.3
r
322.0
r
320.8
"328.4
Bankers'
acceptances
Commercial
paper
45.4
160.7
42.1
207.5
37.1
231.3
44.5
260.6
335.4
40.2
40.6
346.5
355.2
35.9
23.6
334.8
364.3
20.6
"16.3 "386.2
361.0
20.6
359.4
20.0
19.4
361.7
19.3
367.3
19.2
371.9
18.5
371.0
17.4
370.2
16.5
379.6
16.4
378.0
16.4
384.3
r
383.8
!6.1
"16.3 "386.2
NOTE.—Travelers cheeks of nonbank issuers are a component of money stock but are not shown
here.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures l; 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
19841985:
1986198719881989199019911992:
19931993:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Jan
Feb
Mar
May
, *
July
Sept
Oct
Nov
Dec
1994- Jan '.
1
26,845
31,448
38,943
38,862
40,398
40,492
41,767
45,533
54,351
60,536
54,665
54,922
55,166
55,197
56,877
57,119
57,567
58,033
58,837
59,819
60,459
60,536
60,555
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
'Monetary base data have been revised. Revised data prior to 1993 are not yet available.
Nonborrowed
23,659
30,129
38,116
38,085
38,683
40,227
41,441
45,341
54,228
60,454
54,500
54,876
55,074
55,124
56,756
56,938
57,323
57,680
58,410
59,534
60,370
60,454
60,481
Nonborrowed plus
extended
credit
26,263
30,628
38,419
38,568
39,927
40,247
41,464
45,342
54,228
60,454
54,501
54,877
55,074
55,124
56,756
56,938
57,323
57,680
58,410
59,534
60,370
60,454
60,481
Required
25,990
30,411
37,573
37,816
39,351
39,570
40,102
44,555
53,196
59,474
53,405
53,818
53,953
54,101
55,881
56,209
56,478
57,080
57,747
58,730
59,359
59,474
59,106
Monetary
base*
Total
187,237
203,585
223,667
239,872
256,932
267,734
293,185
317,169
350,798
' 385,902
353,127
355,883
358,503
361,060
365,416
368,267
371,315
374,365
378,084
' 38 1,439
' 384, 156
' 385,902
389,566
3,186
1,318
827
777
1,716
265
326
192
124
82
165
45
91
73
121
181
244
352
428
285
89
82
73
Seasonal
113
56
38
93
130
84
76
38
18
31
11
18
26
41
84
142
210
234
236
192
75
31
15
Extended
credit
2,604
499
303
483
1,244
20
23
1
1
0
1
0
0
0
0
0
0
0
0
0
0
0
0
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases rose 0.2 percent in January; commercial and industrial loans rose 1.1
percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
3,200
BILLIONS OF DOLLARS* (RATIO SCALE)
3,200
ALL COMMERCIAL BANKS
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
- LOANS AND LEASES
1,200
1,200
800
800
U.S. GOVERNMENT SECURITIES
V-.J
. -••"
400
400
OTHER SECURITIES
-V
200
200
160
160
120
i iiiIii ii i
I 1 IM I 1 II I I
1986
1988
1987
1989
1991
1990
1992
i i t i i I i ii ii
120
1994
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted *
All commercial banks
Loans and leases
Period
Total '
loans and
securities 2
U.S.
Government
securities
Total
2
Commercial
and
indus trial
33.0
54.8
46.1
56.8
58.4
52.5
45.3
40.0
34.0
29.0
24.8
21.6
24.2
23.8
23.6
23.1
23.0
22.8
22.8
22.7
22.4
22.2
21.8
21.6
11.4
9.7
10.1
7.7
7.6
42.2
35.8
21.3
2,104.4
2,101.3
2,101.0
2,098.9
2,116.5
2,130.3
2,147.8
r
2,149.5
2,153.9
2,157.7
2,171.9
2,178.5
598.0
596.7
593.1
587.5
589.9
590.9
590.2
589.6
586.2
585.7
585.5
584.2
890.8
890.1
891.9
892.2
898.0
r
903.9
907.7
910.8
914.7
918.2
921.8
927.4
358.4
361.9
362.3
364.4
367.5
368.8
372.5
374.7
376.0
380.3
383.2
385.6
726.1
187.0
2,182.4
590.6
926.5
388.8
78.1
3,095.5
3.8
36.1
31.6
29.4
29.0
30.1
32.3
34.2
35.0
35.4
34.5
34.3
34.0
34.1
34.3
34.3
34.7
34.8
34.8
35.0
35.5
35.4
656.5
666.2
680.2
691.0
693.5
704.3
708.2
714.8
720.7
718.9
720.5
727.9
Jan
7.5
40.1
35.0
43.3
40.3
34.5
40.9
41.3
44.7
54.3
64.8
86.0
63.5
62.8
64.2
62.3
68.6
71.4
81.6
79.9
82.7
79.5
87.0
86.0
1994:
29.4
31.9
32.9
31.7
30.9
32.8
30.4
30.6
30.6
30.7
30.9
31.3
31.6
31.7
31.8
32.1
32.5
32.8
29.9
35.5
39.0
41.7
46.5
48.1
44.9
44.7
49.5
51.2
48.8
44.5
45.3
48.0
46.8
49.0
47.9
46.0
47.3
47.3
49.1
51.2
31.6
32.8
35.3
32.1
32.5
34.4
35.9
41.4
43.6
43.2
45.1
44.6
44.2
45.0
45.9
46.0
46.5
46.8
46.1
44.9
44.2
43.2
254.2
295.0
315.4
328.2
354.8
375.2
380.3
363.9
355.5
385.6
2,935.3
2,943.9
2,960.2
2,970.9
2,991.2
3,014.1
3,037.4
3,046.6
3,057.3
3,056.9
3,072.9
3,087.7
16.1
19.1
22.5
24.7
8.2
7.7
7.3
7.7
7.7
7.7
8.8
8.5
8.4
8.4
8.6
9.0
9.5
8.7
8.9
8.1
7.7
8.4
6.3
6.3
5.1
5.0
3.5
2.9
2.4
2.8
3.3
2.9
3.2
3.2
3.2
3.1
3.2
3.2
3.1
3.4
3.5
3.3
3.3
bank
financial
institutions
376.3
425.9
494.1
587.2
670.1
760.1
843.4
871.8
892.4
927.4
259.8
270.8
310.1
335.8
362.7
397.0
452.1
559.3
657.1
727.9
Lease
financing
receivables
Security
473.2
500.2
536.7
566.4
605.3
638.4
642.6
617.0
597.6
584.2
1,722.9
1,910.4
2,093.7
2,241.2
2,422.9
2,590.8
2,732.4
2,836.9
2,937.6
3,087.7
Foreign
official
institutions
Individual
1,322.2
1,460.6
1,589.7
1,709.6
1,866.5
2,011.4
2,101.4
2,097.8
2,104.6
2,178.5
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec r ....
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept T...
Oct T
Nov T....
Dec '....
State
and
political
subdivisions
Real
estate
140.9
179.0
193.9
195.8
193.7
182.4
178.8
179.9
176.0
181.4
174.5
176.4
179.0
181.0
181.2
179.6
181.5
182.4
182.6
180.3
180.5
181.4
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
1993:
1993:
Other
securities
2
Agricultural
Foreign
banks
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
Other
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
1984
1985
1986
1987
1988 .
1989
1990
1991
1992
1991- I
n
m
IV
1992: I
n
m
IV
1993: I
n
mp
Total
Securities
and
mortgages
Other 2
Loans and
short-term
paper
Total
Capital
expenditures 3
Increase in
financial
assets
Discrepancy
(sources less
uses)
501.0
486.3
531.9
540.5
610.9
562.3
522.8
473.2
586.6
336.3
351.9
336.7
375.9
404.3
399.6
409.4
437.8
462.7
164.7
134.4
195.2
164.6
206.6
162.6
113.4
35.4
124.0
108.6
76.1
140.3
65.2
71.8
62.4
37.7
6.9
68.6
-5.5
13.0
65.5
27.8
14 6
-32.9
189
95.9
68.3
114.1
63.1
74.7
37.4
86.4
95.2
56.6
-89.0
.3
56.1
58.3
54.9
99.4
134.9
100.2
75.7
28.4
55.4
515.3
465.8
503.3
489.9
558.2
523.6
502.0
451.2
537.8
398.5
374.9
351.9
365.0
394.4
403.8
407.3
381.6
397.2
116.8
91.0
151.5
124.9
163.8
119.8
94.7
69.6
140.6
-14.3
20.4
28.5
50.7
52.7
38.7
20.8
22.0
48.8
450.9
473.4
480.9
487.4
560.4
600.8
588.2
597.0
468.3
593.6
611.4
433.0
440.9
426.9
r
450.4
454.6
452.2
468.5
475.4
460.6
471.4
485.8
17.9
32.5
54.0
37.0
105.8
148.6
119.7
121.7
7.7
122.2
125.5
4.0
32.9
9.4
-18.5
81.7
69.7
68.9
53.9
9.3
88.5
76.0
92.5
123.7
72.2
95.3
95.6
96.9
37.8
42.8
69.9
76.9
83.3
-88.5
-90.8
62 8
-113.8
-13.9
27 2
31.1
11.1
-60.6
11.6
-7.4
13.9
-.4
44.6
55.6
24.1
78.9
50.8
67.7
-1.6
r
33.6
49.6
403.5
455.1
461.4
484.8
520.8
567.4
520.0
543.0
456.7
563.7
585.7
377.2
367.4
388.3
393.6
369.9
401.2
402.7
415.2
446.4
449.2
457.7
26.2
87.7
73.0
91.2
150.9
166.1
117.3
127.8
10.3
114.4
128.0
47.4
18.3
19.5
2.6
39.6
33.4
68.2
54.0
11.6
29.9
25.6
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
2
Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment in
the U.S.
a
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
gource. Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstanding '
Installment credit outstanding (end of period)
Period
Total
1984:
19851986:
19871988:
19891990:
19911992:
1993-
Dec
Dec
Dec
Dec
Dec3
Dec
Dec
Dec
Dec
Dec p
1993- Jan
Feb
Mar
May
T
July
Sept
Oct
Nov
Dec*"
Automobile
Revolving
Total
Automobile
Revolving
Other 2
442,602
517,659
572,006
608,675
662,553
724,353
738,765
733,510
741,093
789,836
173,564
210,238
247,772
266,295
285,364
292,536
284,739
260,898
259,627
278,323
100,280
121,758
135,825
153,064
174,269
198,544
222,552
243,564
254,299
281,695
168,758
185,664
188,408
189,316
202,921
233,273
231,474
229,048
227,167
229,818
73,636
75,057
54,347
36,669
53,878
' («)
14,412
5 255
7,583
48,743
30,004
36,674
37,534
18,523
19,069
(")
-7,797
-23,841
-1,271
18,696
21,192
21,478
14,067
17,239
21,205
(4)
24,008
21,012
10,735
27,396
22,440
16,906
2,744
908
13,605
(4)
1,799
-2,426
1,881
2,651
743,583
747,228
750,131
752,193
750,293
752,428
757,465
762,503
768,573
775,620
782,561
789,836
258,737
261,434
262,313
262,463
264,007
265,388
267,468
268,784
270,650
273,822
276,853
278,323
255,984
258,384
259,661
261,450
262,690
263,338
266,938
270,753
273,703
277,125
279,273
281,695
228,862
227,410
228,157
228,280
223,596
223,701
223,058
222,967
224,220
224,673
226,435
229,818
2,490
3,645
2,903
2,062
-1,900
2,135
5,037
5,039
6,070
7,047
6,940
7,276
-890
2,697
879
150
1,544
1,381
2,080
1,316
1,866
3,172
3,031
1,470
1,685
2,400
1,277
1,789
1,240
648
3,600
3,815
2,950
3,422
2,148
2,422
1,695
1 452
747
123
-4,684
105
-643
-92
1,254
453
1,761
3,383
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
2
Outstanding loans for mobile homes, education, boats, trailers, vacations, etc.
3
Data newly available in January 1989 result in breaks in many series between December 1988
Other
2
and subsequent months.
4
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Interest rates rose in February.
PERCENT PER ANNUM
PERCENT PER ANNUM
14
14
CORPORATE Ago BONDS
(MOODY'S)
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TREASURY
BILLS
x
',
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DISCOUNT
RATE
FEDERAL
•:-.."•'
1
BANK OF
MEW YORK
N
4
[••:
111111 11111 1111 1 1
2
1986
i 1 I I I II I 1 1
1988
1987
1 1 1 1 1
1989
IN I I I
III
1991
1990
f
1 1 1 1 1 1 1 1 1 11
1992
111111
,1 > ' 1 t f ' ' ' M^ 2
1993
SOURCE: SEE TABLE BELOW
1994
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. Treasury security yields
Period
3-month bills
(new issues) 1
Constant maturities
3-year
2
10-year
High-grade
municipal
bonds
(Standard3 &
Poor's)
Corporate
Aaa bonds
(Moody's)
Prime
commercial
paper,
6 months '
Discount rate
(N.Y. F.E.
Bani)4
Prime rate
charged by
banks 4
New-home
mortgage
yields
(FHFB)S
9.58
7.48
5.98
5.82
6.69
8.12
7.51
5.42
3.45
3.02
11.89
9.64
7.06
7.68
8.26
8.55
8.26
6.82
5.30
4.44
12.44
10.62
7.68
8.39
8.85
8.49
8.55
7.86
7.01
5.87
10.15
9.18
7.38
7.73
7.76
7.24
7.25
6.89
6.41
5.63
12.71
11.37
9.02
9.38
9.71
9.26
9.32
8.77
8.14
7.22
10.16
8.01
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.30
8.80
7.69
6.33
5.66
6.20
6.93
6.98
5.45
3.25
3.00
12.04
9.93
8.33
8.21
9.32
10.87
10.01
8.46
6J5
6.00
12.38
11.55
10.17
9.31
9.19
10.13
10.05
9.32
8.24
7.20
2.95
2.97
2.89
2.96
3.10
3.05
3.05
2.96
3.04
3.12
3.08
4.58
4.40
4.30
4.40
4.53
4.43
4.36
4.17
4.18
4.50
4.54
6.26
5.98
5.97
6.04
5.96
5.81
5.68
5.36
5.33
5.72
5.77
5.87
5.65
5.78
5.81
5.73
5.60
5.50
5.31
5.29
5.47
5.35
7.71
7.58
7.46
7.43
7.33
7.17
6.85
6.66
6.67
6.93
6.93
3.27
3.24
3.19
3.20
3.38
3.35
3.33
3.25
3.27
3.43
3.40
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
7.77
7.46
7.46
7.37
7.23
7.20
7.05
6.95
6.80
6.80
6.92
1994- Jan
Feb
3.02
3.21
4.48
4.83
5.75
5.97
5.30
5.44
6.92
7.08
3.30
3.62
3.00-3.00
3.00-3.00
6.00-6.00
6.00-6.00
6.95
Week ended:
1994- Feb 5 ...
12
19
26
2.99
3.24
3.28
3.33
4.57
4.81
4.85
5.03
5.80
5.94
5.95
6.15
5.28
5.42
5.42
5.62
6.93
7.03
7.06
7.23
3.32
3.63
3.66
3.79
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993: Feb
Mar
Apr
June
July
Auir
Sept
Oct
Nov
Dec
1
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and week.
2
30
5
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices fell during February.
INDE X, DEC 31, 1965=50 (RATIO SCALE)
300
280
260
240
220
s
200
160
f
140
120
/
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'
\x/r
/-"•"Xx/\
180
INDEX, DEC. 31, 1965=50 (RATIO SC:ALE)
300
280
260
^__ --•
'
240
f-^~~~ —-S
220
'
200
/
180
160
-COMP OSITE STOCK PRICE IN
(NYSE)
\v
\^^
140
f
120
100
100
80 1 1 1 1 1 1 1
1986
1 11 11
1 1 1
1 1 1 1 1
1987
1 I 1I 1 1 1111 1 1111 1 1 1 11 1 11 11 1 1
1989
1990
1988
1 1 1
1 1 1 1 1
1 II 1 1 I N N 1 1 1 1 1 1 1 1 1 1
1991
1992
1 1 1 1 1
1 1 1 1 1
1993
1 1 1 1 1
PER :ENT
20
PERC ENT
20
EARNINGS-PRICE RATIO ON COMMON STOC K-<;
(S&P)
15
\
5
. —'•
••
"
1
0
_—
,/1
-~>
-
1
1986
1
.,
^>^
1
1987
10
_X-*
1
1988
1
1
1
1989
~~~— .
5
1
1
1
1990
1992
1991
1
1
New York Stock Exchange indexes (Dec
noted) 2
Composite
Industrial
0
1
COUNCIL OF ECONOMIC ADVISERS
Common stock prices *
Period
1
1994
1993
SOURCES: NEW YORK STOCK EXCHANGE M~ D STANDARD & POOR S CORPORATION
Transportation
Common stock yields
(percent) 6
, except as
Utility 3
Finance
Dow-Jones
industrial
average 4
Standard &
Poor's
composite
index
(194143 = 10)5
Dividendprice ratio
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
92.46
108.09
136.00
161.70
149.91
180.02
183.46
206.33
229.01
249.58
108.01
123.79
155.85
195.31
180.95
216.23
225.78
258.14
284.62
299.99
85.63
104.11
119.87
140.39
134.12
175.28
158.62
173.99
201.09
242.49
92.89
113.49
142.72
148.59
143.53
174.87
181.20
185.32
198.91
228.90
89.28
114.21
147.20
146.48
127.26
151.88
133.26
150.82
179.26
216.42
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
3,522.06
160.46
186.84
236.34
286.83
265.79
322.84
334.59
376.18
415.74
451.41
4.64
4.25
3.49
3.08
3.64
3.45
3.61
3.24
2.99
2.78
1993: Feb
Mar
Sept
Oct
Nov
Dec
243.41
248.12
244.72
246.02
247.16
247.85
251.93
254.86
257.53
255.93
257.73
294.40
298.75
292.19
297.83
298.78
295.34
298.83
300.92
306.61
310.84
313.22
226.96
229.42
237.97
237.80
234.30
238.30
250.82
248.15
254.04
262.96
268.11
218.89
225.07
227.56
222.41
226.53
232.55
237.44
244.21
240.97
230.12
229.95
209.93
217.01
216.02
209.40
209.75
218.94
224.96
229.35
228.18
214.08
216.00
3,367.26
3,440.74
3,423.63
3,478.17
3,513.81
3,529.43
3,597.01
3,592.29
3,625.81
3,674.70
3,744.10
441.70
450.16
443.08
445.25
448.06
447.29
454.13
459.24
463.90
462.89
465.95
2.81
2.76
2.82
2.80
2.81
2.81
2.76
2.73
2.72
2.72
2.72
1994- Jan
Feb
262.11
261.97
320.92
322.41
278.29
276.67
225.15
220.85
218.71
217.12
3,868.36
3,905.62
472.99
471.58
2.69
2.69
Week ended:
1994: Feb 5
12
19
26
265.93
261.84
261.48
259.73
325.63
321.88
322.38
320.64
283.18
278.01
275.92
271.66
227.50
222.03
218.96
216.67
222.47
216.96
216.25
214.49
3,951.40
3,906.88
3,915.94
3,870.51
478.75
470.94
470.71
468.12
2.63
2.71
2.71
2.72
May
July
1
Average of daily closing prices.
Includes all the stocks (more than 2,000 in 1992) listed on the NYSE.
Dec. 31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility index
to facilitate trading of options and futures on the index. Alt indexes shown here reflect the doubling.
4
Includes 30 stocks.
5
Includes 500 stocks.
2
3
80
1994
Earningsprice ratio
10.02
8.12
6.09
5.48
8.01
7.41
6.47
4.81
4.22
4.47
4.39
4.29
r
4.45
4.74
6
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earningsprice ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
in the first 4 months of fiscal 1994, there was a deficit of $76.4 billion, compared with a deficit of $90.6 billion a
year earlier.
BILLIONS OF DOUARS
BIIUONS OF DOUARS
1,600
1,600
RECEIPTS AND OUTLAYS-!
1,500
1,500
1,400
1,400
1,300
1,300
OUTLAYS-!/
1,200
1,200
1,100
1,100
1,000
1,000
900
900
RECEIPTS1'
800
800
700
700
600
600
... SURPLUS OR DFFICIT ( ) -^
-100
-100
_^—-"""
-200
^--s^_
-300
-400
-200
^^-~—A
Vl985
i
i
1986
i
1987
i
1988
i
1989
i
1990
-300
1
1991
1
1992
1
1993
t\ -400
1994 V
FISCAL YEARS
•i'NOUOESON-BUOGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT ANJ BUDGET
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars]
Fiscal year or period
Receipts
1976
1977
1978
1979
1980
1981
1982
...
1983
1984
1985 .
1986
1987 ..
1988
1989 ....
1990
1991
1992
1993
1994 (estimates)
Cumulative total, first 4
months: 1
Fiscal year 1993.
Fiscal year 1994
Outlays
Surplus
or deficit
(-)
Receipts
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
371.8
409.2
458.7
503.5
590.9
678.2
745.8
808.4
851.8
73.7
-53.7
-59.2
-40.2
-73.8
790
- 128.0
207.8
-185.4
231.7
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
328.5
369.1
403.5
476.6
543.1
594.4
661.3
686.0
-70.5
-49.8
-54.9
382
-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
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,249.1
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,408.2
1,483.8
-212.3
-221.2
-149.8
- 155.2
-152.5
-221.4
-269.5
-290.4
254.7
-234.8
547.9
568.9
640.7
667.5
727.0
749.7
760.4
788.0
841.6
912.9
769.6
806.8
810.1
861.4
932.3
1,027.6
1,082.1
1,128.5
1,141.6
1,203.0
221.7
-238.0
-169.3
-194.0
-205.2
-278.0
-321.7
-340.5
-300.0
-290.1
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
336.2
377.8
410.2
468.5
486.6
-90.6
-76.4
286.0
308.7
388.7
402.4
-102.7
-93.8
91.9
101.5
1
Data from Monthly Treasury Statement.
NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
32
Outlays
Gross Federal debt
(end of period)
Off-budget
On-budget
Total
Total
Held by
the public
-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
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.6
280.9
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.3
55.3
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,598.3
4,001.9
4,351.2
4,676.0
1,499.4
1,736.2
1,888.1
2,050.3
2,189.3
2,410.4
2,687.9
2,998.6
3,247.2
3,472.4
79.8
84.2
12.1
17.3
4,106.4
4,474.4
3,071.9
3,329.5
11 1
1995, February 1994.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 4 months of fiscal 1994, receipts were $32.4 billion higher than a year earlier and outlays were $18.1
billion higher.
BILUC>NS OF DOLLARS
600
RECEIPTS1''
500
BILLJONSOFDOUARS
600
_
INDIVIDUAL INCOME TAXES
\
^_
_._._._.
500
. _ . — ••"
400
400
300
300
CORPORATION
200
OTHER RECEIPTS
SOCIAL INSURANCE
200
\~
100
100
1
0
1
1
1
1
1
1
1
1
0
1,300
1,300
OUTLAYS •"
1,200
1,200
1,100
1,100
'
i,000
NONDEFENSE
900
X
1,000
,,--''
900
^**~
800
800
700
700
600
600
500
500
NATIONAL DEFFNSF
400
400
300
300
200 A
V
1
1985
1
1
1986
1987
1
1988
1
1989
1
1990
1
1991
1
1992
1
K 200
1993
1994
\J
FISCAL YEARS
-'INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
OFFICE OF MANAGEMENT AND BUDGET
sOUHCE5: DEPARTMENT OF THE TREASURY AND
COUNCIL OF ECONOMIC ADVISER
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
Corporation
income
taxes
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
371.8
409.2
458.7
503.5
590.9
678.2
745.8
808.4
851.8
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,249.1
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
549.9
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5
130.7
265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
428.3
461.9
73.0
73.1
74.3
78.9
82.3
90.9
92.3
100.5
98.0
106.5
377.8
410.2
195.3
203.7
29.7
36.5
123.8
136.4
29.0
33.5
Total
1977
1978.
1979
1980 .
1981
1982
1983
1984
...
'
1985
1986
1987
1988
1989
1990. .
1991
1992
1993
1994 (estimates)
Cumulative total, first 4 months: l
Fiscal year 1993
Fiscal year 1994
1
National defense
Individual
income
taxes
Fiscal year
1976
Social
insurance
taxes
Other
Data from Monthly Treasury Statement.
NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
Department of
Defense,
military
International
affairs
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,408.2
1,483.8
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.1
279.8
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
267.4
16.2
14.2
11.6
10.5
9.6
13.8
15.9
16.1
16.8
19.0
468.5
486.6
97.7
92.9
93.8
88.4
8.5
8.3
Total
and
contributions
Total
Net
Income
securi-
Social
securi-
inter-
ty
ty
est
15.8
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
26.7
29.9
35.5
42.6
52.5
68.8
85.0
89.8
111.1
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
33.5
35.9
40.0
44.5
48.4
57.7
71.2
89.5
99.4
112.3
65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
130.6
143.7
128.2
119.8
123.3
129.3
"136.0
147.0
170.3
197.0
207.3
214.6
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.6
320.5
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.8
203.4
131.8
142.1
125.9
139.4
158.8
203.9
225.1
173.9
159.7
190.6
31.5
34.6
40.7
45.9
67.0
70.1
98.2
103.2
67.0
67.0
58.0
64.6
Health
15.7
Medicare
Other
1995, February 1994.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter of 1993, Federal receipts rose $7.9 billion (annual rate) and Federal expenditures fell $2.1
billion. In the fourth quarter, according to revised estimates, Federal expenditures rose $31.7 billion; receipts data
are incomplete.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,600
SEASONAUY ADJUSTED ANNUAL RATES
1,400
1,400
. EXPENDITURES _
1,200
N — -r
1,000
1,000
800
800
600
400
400
SURPLUS OR DEFICrr I -)
-\-
-200
-200
\
1982
\
\
1983
1
1
1
1
1
1 1 1
1
1987
1984
1
1988
1 1
1989
1
\ \
1 1
1990
1993
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government expenditures
Federal Government receipts
Fiscal year:
1991
1992
1993
Calendar year:
1991
1992
1993 '
1982- IV
1983- IV
1984: IV....
1985- IV
1986: IV....
1987- IV
1988: IV....
1989- IV
1990: IV
1991- III
IV
1992- I
n
III
IV
1993- I ....
II
III ..
IV '
34
1,309.2
1,436.0
1,484.5
446.0
444.9
445.0
509.8
607.3
646.4
147.0
167.4
182.1
183.2
189.7
181.3
23.3
26.7
29.7
0.0
.0
.0
187 8
— 270.4
-235.2
466.7 1,331.2
490.7 1,459.3
517.8 1,495.3
235.9
815.7
259.8
855.7
291.1
926.6
318.0
990.8
338.8 1,034.3
359.4 1,096.3
400.7 1,135.5
424.7 1,209.8
449.7 1,306.9
469.4 1,350.2
472.8 1,387.2
484.7 1,436.1
488.1 1,456.0
491.4 1,459.8
498.7 1,485.3
502.3 1,481.9
518.7 1,490.6
522.8 1,488.5
527.4 1,520.2
445.9
448.8
443.6
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
446.8
437.4
445.5
444.6
452.8
452.4
442.7
447.5
443.6
440.5
522.0
624.5
651.9
346.0
351.1
360.1
383.8
404.2
419.7
444.5
488.8
526.6
546.2
567.7
611.0
620.8
624.4
641.7
642.0
645.6
652.8
667.1
153.0
171.4
185.8
84.3
86.9
97.7
104.5
103.8
102.9
113.0
121.9
137.6
154.6
162.3
163.4
171.8
173.7
176.7
176.1
182.8
188.6
195.6
187.6
187.1
180.6
86.8
99.2
122.3
129.2
131.1
143.1
151.2
168.9
174.4
187.6
191.9
189.3
190.4
187.4
181.3
178.3
182.5
182.2
179.4
22.6
27.5
33.5
17.3
28.8
22.2
16.4
22.1
37.8
34.9
25.0
32.0
15.1
27.9
27.0
28.5
21.4
33.2
42.9
32.3
21.4
37.7
— 1
.0
.0
.0
.0
.6
.0
.0
-.2
.0
.0
.2
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
-203.4
2763
— 226.4
-183.4
184 6
-186.8
-187.2
-177.5
-152.7
1349
-141.5
-191.0
-217.7
244 7
-270.2
2799
-290.7
-264.2
-263.5
-222.6
212 7
Indirect
business
tax and
nontax
accruals
1,121.4
1,165.6
1,249.3
475.7
484.0
511.7
108.4
116.3
135.6
76.7
80.8
86.0
460.6
484.5
516.0
1,127.8
1,183.0
1,268.9
632.3
671.1
739.8
803.6
856.8
943.5
1,000.6
1,068.3
1,115.8
1,132.6
1,142.5
1,165.9
1,176.1
1,169.1
1,221.1
1,218.4
1,268.0
1,275.9
474.9
490.8
521.2
301.6
290.5
323.5
351.8
371.7
414.8
420.0
470.1
483.9
474.5
478.5
479.7
482.0
489.5
511.8
502.1
520.7
527.1
5350
107.1
120.2
142.6
45.5
65.4
67.0
77.0
91.4
109.7
118.5
111.3
115.1
109.2
109.8
121.1
125.8
107.0
127.1
132.4
142.4
139.3
79.1
81.3
87.3
49.2
55.4
58.2
56.8
54.8
59.5
61,4
62.2
67.1
79.5
81.3
80.4
80.2
81.1
83.5
81.5
86.2
86.7
95.0
Source: Department of Commerce, Bureau of Economic Analysis.
Net
interest
paid
Transfer
Payments
Corporate
profits
tax
accruals
Total
Surplus
or deficit
(-),
national
income
and
product
accounts
Purchases
Contributions
for
social
insurance
Personal
tax and
nontax
receipts
Period
Subsidies less
current
surplus
of
Government
enterprises
Grantsin-aid
to
State
and
local
governments
Total
Less:
Wage
accruals
less
disbursements
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
Italy
United
Kingdom
United
States '
Canada
Japan
France
Germany
Italy
United
Kingdom
1984....
1985
1986....
1987
1988
1989
1990
1991
1992
1993"
92.8
94.4
95.3
100.0
104.4
106.0
106.0
104.1
106.5
110.9
91.0
96.1
95.4
100.0
105.3
105.2
101.8
98.1
98.5
93.4
96.8
96.6
100.0
109.3
115.9
121.4
123.7
116.5
97.1
97.2
98.0
100.0
104.6
108.9
111.0
110.9
109.8
93.5
97.7
99.6
100.0
103.9
108.8
114.1
117.4
116.0
91.8
92.9
96.2
100.0
105.9
109.2
109.4
107.1
106.5
89.0
93.9
96.2
100.0
104.8
107.0
106.7
102.5
102.0
104.8
103.9
107.6
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
104.8
108.9
113.4
118.4
123.2
129.3
135.5
143.1
145.2
147.9
102.1
104.1
104.8
104.9
105.7
108.0
111.4
115.0
116.9
118.5
107.9
114.2
117.2
120.9
124.2
128.6
133.0
137.2
140.6
143.5
102.7
104.8
104.7
104.9
106.3
109.2
112.1
116.0
120.6
'125.6
111.5
121.1
128.5
134.4
141.1
150.4
159.6
169.8
178.9
186.4
104.8
111.1
114.9
119.7
125.6
135.4
148.2
156.9
162.7
165.3
1992:
Nov
Dec
108.3
109.0
100.0
100.5
113.1
112.7
107.0
105.8
110.5
107.5
106.4
99.9
102.9
102.2
142.0
141.9
146.4
146.4
117.4
117.4
141.4
141.4
122.3
122.4
182.0
182.3
164.1
163.6
1993:
Jan
Feb
109.2
109.9
110.0
110.5
110.0
110.4
110.9
111.1
111.3
'111.9
'112.8
'113.9
100.8
101.7
103.0
102.3
102.0
103.8
102.9
103.6
104.5
104.3
104.5
112.3
113.5
116.5
113.4
110.7
112.5
111.9
111.0
113.3
107.4
109.9
108.3
105.4
107.4
106.7
105.7
106.0
105.8
106.7
106.7
106.3
105.5
106.1
107.2
105.9
107.8
106.4
107.3
107.0
106.2
'108.1
'108.1
'107.5
'106.6
107.1
105.3
105.9
104.4
99.9
104.3
101.9
104.3
102.4
102.2
104.5
102.7
'103.8
' 103.0
'103.2
'105.0
'103.9
' 105.3
'105.2
105.3
'106.7
106.9
106.3
142.6
143.1
143.6
144.0
144.2
144.4
144.4
144.8
145.1
145.7
145.8
145.8
147.0
147.4
147.3
147.3
147.6
147.6
148.0
148.1
148.2
148.4
149.1
148.8
117.3
117.4
117.7
118.5
118.6
118.5
118.8
119.2
119.3
119.2
118.5
118.6
141.9
142.4
143.1
143.2
143.5
143.4
143.5
143.5
144.0
144.3
144.4
144.3
123.8
124.3
124.7
125.1
125.5
125.7
126.0
126.0
126.1
126.4
126.7
'126.9
182.9
183.6
184.0
184.7
185.4
186.4
187.1
187.2
187.5
188.6
189.5
189.5
162.0
163.1
163.7
165.2
165.8
165.7
165.3
166.0
166.7
166.6
166.4
166.7
146.2
148.8
128.0
190.6
166.0
Mar
Apr
May
, }
July
Sept
Oct
Nov
Dec
1994:
1
Jan
p
114.4
Data relate to all urban consumers.
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration, Office of Trade and Economic Analysis).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
Merchandise exports (f.a.s. value) l
General merchandise imports (customs value) 3
Principal end-use commodity category
Period
1984....
1985
1986
1987
1988
1989
1990
1991
1992
1993
Total 2
224.0
218.8
5
227.2
254.1
322.4
363.8
393.6
421.7
448.2
464.8
5
Foods,
feeds,
and
beverages
Industrial
supplies
and
materials
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
31.5
24.0
22.3
24.3
32.3
37.2
35.1
35.7
40.2
40.4
61.7
58.5
57.3
66.7
85.1
99.3
104.4
109.7
109.3
112.0
72.0
73.9
75.8
86.2
109.2
138.8
152.7
166.7
176.7
183.0
20.6
22.9
21.7
24.6
29.3
34.8
37.4
40.0
47.1
51.7
Trade balance
Principal end-use commodity category
Consumer
goods
(nonfood)
except
automotive
Other 2
13.3
12.6
14.2
17.7
23.1
36.4
43.3
45.9
50.4
53.4
24.0
27.3
35.9
34.6
43.4
17.2
20.7
23.7
24.5
24.3
Total
4
4
330.7
336.5
365.4
406.2
441.0
473.2
495.3
488.5
532.7
580.5
Other
General
merchandise
imports
(c.i.f.
value)
Exports
(f.a.s) less
imports
(customs
value)
Exports
(f.a.s)
less
imports
(c.i.f.)
60.0
68.3
79.4
88.7
95.9
102.9
105.7
108.0
123.0
133.9
7.8
9.4
10.4
12.1
12.8
13.6
16.1
15.9
17.6
18.4
346.4
352.5
382.3
424.4
459.5
493.2
517.0
508.4
554.0
603.5
-106.7
-117.7
-138.3
-152.1
-118.5
- 109.4
-101.7
-66.7
-84.5
-115.8
-122.4
-133.6
-155.1
-170.3
-137.1
-129.4
-123.4
-86.6
- 105.9
-138.7
Foods
feeds,
and
beverages
Industrial
supplies
and
materials
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
21.0
21.9
24.4
24.8
24.8
25.1
26.6
26.5
27.9
28.1
123.7
113.9
101.3
111.0
118.3
132.3
143.2
131.6
138.3
145.1
59.8
65.1
71.8
84.5
101.4
113.3
116.4
120.7
134.2
152.7
53.5
66.8
78.2
85.2
87.7
86.1
87.3
85.7
91.8
102.4
1992- Dec
39.2
3.4
9.2
15.8
4.6
4.3
1.9
46.1
2.3
11.5
11.9
8.2
10.7
1.5
47.9
-7.0
-8.8
1993: Jan
37.5
36.9
38.9
38.5
38.9
37.6
37.1
38.1
38.9
40.1
40.2
42.2
3.3
3.4
3.5
3.4
3.3
3.2
3.2
3.1
3.4
3.5
3.5
3.7
9.4
8.7
9.2
9.1
9.7
8.8
9.3
9.0
9.6
9.9
9.7
9.8
14.5
14.3
15.6
15.2
15.3
15.3
14.3
15.3
15.0
15.6
15.6
17.1
4.1
4.4
4.3
4.4
4.3
4.1
3.8
4.2
4.1
4.5
4.7
4.6
4.3
4.2
4.4
4.2
4.5
4.3
4.4
4.5
4.6
4.6
4.8
4.7
2.0
1.9
2.0
2.1
1.9
2.0
2.0
2.1
2.2
2.0
2.0
2.3
45.2
44.8
49.3
48.7
47.3
49.7
47.5
48.1
49.5
51.0
49.9
49.6
2.3
2.2
2.4
2.2
2.3
2.3
2.3
2.3
2.4
2.6
2.3
2.3
11.6
11.1
12.6
12.6
12.3
12.8
12.1
11.7
12.2
12.5
12.3
11.7
11.7
11.7
12.4
12.4
12.3
13.1
12.8
12.5
13.0
13.7
13.3
13.9
7.9
8.3
8.8
8.8
8.2
8.6
7.8
8.5
8.7
9.0
8.8
8.9
10.3
10.3
11.5
11.1
10.7
11.3
11.0
11.7
11.6
11.7
11.5
11.1
1.4
1.3
1.6
1.5
1.6
1.6
1.5
1.4
1.5
1.5
1.7
1.7
47.0
46.6
51.3
50.6
49.1
51.6
49.4
50.0
51.5
53.0
51.9
51.6
-7.7
-7.9
-10.5
-10.2
-8.4
-12.1
— 10.4
-10.0
-10.6
-10.9
-9.7
-7.4
-9.5
-9.6
-12.4
-12.1
-10.2
-14.0
-12.3
-11.9
-12.6
-12.9
-11.7
-9.4
Peb
Mar
Apr
May
July
Sept
Oct
Nov '
Dec
1
Includes Department of Defense Military Assistance Program grant-aid
2
Includes undocumented exports to Canada through 1988.
3
Total arrivals of imported goods other than intransit shipments.
4
Totai includes revisions not reflected in detail.
5
shipments.
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 1993, the merchandise trade deficit fell to $32.8 billion, from $36.0 billion (revised) in the
third quarter. (See Note.)
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
15
15
-35 -
-45
1983
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)]
Merchandise ' z
Period
Exports
Imports
237,044 -265,067
-247,642
211,157
201,799 -268,901
219,926 -332,418
-338,088
215,915
223,344 -368,425
-409,765
250,208
320,230 -447,189
362,116 -477,365
389,303 -498,336
-490,739
416,937
-536,276
440,138
456,766 -589,244
- 123,404
103,764
-126,687
107,634
-126,110
108,347
108,306 -133,107
109,493
-137,105
113,992 -139,954
r
111,480 * - 140,805
1993: I .
' 113,067 r - 147 ,465
r
Ill ".... 111,935 T - 147,907
IV".... 120,284
153 067
1981
1982
1983
1984
1985
1986
1987
1988
1989 .
1990
1991
1992
1993 "
1991: HI
IV
1992: I
H
Ill
IV
n
1
2
3
Net balance
28023
-36,485
67 102
-112,492
122 173
-145,081
159 557
-126,959
-115,249
- 109,033
-73,802
96 138
-132,478
-19,640
-19,053
-17,763
-24,801
-27,612
-25,962
r
- 29,325
r
- 34,398
r
- 35,972
-32,783
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Quarterly data are not seasonally adjusted.
36
Investment income
Services
Net
military
transactions 3 4
Net
travel and
transportation
receipts
Other
services,
net
Receipts
on U.S.
assets
abroad
844
112
563
-2,547
-4,390
-5,181
-3,844
6 315
-6,726
7 833
-5,851
2 751
144
-992
-4,227
-8,438
-9,798
-7,382
6481
-1,511
5,071
8,979
17,933
19,718
12,552
13,209
14,095
14,277
14,266
18,855
17,900
19,961
26,558
29,505
33,799
39,444
-1,164
-755
-571
-727
-617
-836
-145
-226
-341
5,228
5,481
5,011
5,201
4,882
4,624
5,014
5,372
5,279
8,660
8,809
9,608
9,177
11,016
9,641
9,755
9,313
9,169
4
Net
Balance on
goods,
services,
and income
Unilateral
transfers,
net 4
Balance
on current
account
53 626
-56,412
-53,700
-69,572
-68,314
-74,736
-87,403
-109,653
- 130,091
-130,853
-114,272
- 104,391
32,903
29,788
31,078
29,483
21,175
12,761
7,726
12,621
14,813
20,348
13,021
6,222
16,732
5,632
-26,719
-79,716
-100,920
- 126,028
-144,256
- 102,203
-75,532
-58,034
-14,899
-33,505
-11,702
-17,075
-17,741
-20,612
-22,950
-24,176
-23,052
-24,965
-26,092
-33,827
6,575
-32,895
5,030
-11,443
-44,460
- 100,328
-123,870
- 150,203
-167,308
-127,168
- 101,624
-91,861
-8,324
-66,400
-28,447
-26,431
-24,609
-27,734
-25,492
-26,555
— 26,115
-27,829
-26,947
1,627
2,713
4,419
907
1,703
-806
-37
47
1,748
-5,289 -6,564
-2,805 -4,839
704 -7,389
-10,243 -8,010
-10,628
-7,147
-13,339 - 10,348
-14,722 -7,586
-19,878 -7,294
-20,424 -7,562
-11,853
-7,644
-6,685
-18,253
-17,775
-23,687
-22,308
-27,172
-27,986
Payments
on foreign
assets in
U.S.
86,529
86,200
84,778
99,056
89,489
87,497
95,129
122,275
144,904
151,201
127,292
110,612
30,074
29,144
29,028
28,641
27,195
25,749
26,078
27,876
28,695
Includes transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation of table.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks decreased $7.5 billion in the third quarter
of 1993, following a decrease of $5.3 billion in the second quarter. U.S. liabilities to private foreigners reported
by U.S. banks, excluding Treasury securities, increased $23.5 billion in the third quarter, in contrast to a decrease
of $1.4 billion in the second quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET/ x
rUKCIl71> MOOC1O
i 1
i
\
—X\;\ • v
A
M
20
-20
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capital outflow {— )]
Period
U.S.
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992 . .
1991: I
II
Ill
IV
1992: I
II
m
IV
1993: I
np
ra ...
-114,147
-122,335
-58,735
-29,654
-34,687
-91,260
-61,254
-91,423
-129,331
-44,132
-59,974
-50,961
-5,555
-875
-15,672
-37,870
-1,029
-8,695
-10,798
-30,438
- 12,358
-29,341
-43,961
official
reserve
assets 3 5
-5,175
4965
-1,196
3 131
-3,858
312
9,149
3 912
-25,293
2 158
5,763
3,901
-353
1,014
3,877
1,225
-1,057
1,464
1,952
1,542
-983
822
-545
Other U.S.
Government
assets
Foreign assets in the U.S., net
[increase/capital inflow (+)]
U.S.
private
assets
103 875
-5,097
6 131 -111,239
-5,006
-52,533
5489 -21',035
-2,821 -28,009
2022
89 551
1,006
-71,408
2,967
90477
1,259 -105,297
2,307
44 280
2,905 -68,643
-1,609 -53,253
559
-5,761
1 470
419
3,224 -22,774
-459
38 637
303
-275
293
9 866
-305
-12,445
31 243
-737
535 — 11,910
275
29 888
-86 -43,331
Total
83,032
92,418
83,380
102,010
130,966
223,191
229,972
219,489
213,571
105,173
83,439
129,579
-20
7,120
23,514
52,826
19,834
44,450
26,450
38,845
25,718
42,380
66,452
5
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve position in the IMF.
Note.—Merchandise trade data r
;ed for 1993. Revised data for 1993 for other columns will be
Foreign
official
assets 3
Other
foreign
assets
4,960
3,593
5,845
3,140
1 119
35,648
45,387
39,758
8,503
34,198
17,564
40,684
5,604
-4,924
3,855
13,029
21,124
21,008
-7,378
5,931
10,929
17,699
19,646
78,072
88,826
77,534
98,870
132,084
187,543
184,585
179,731
205,068
70,975
65,875
88,895
-5,624
12,044
19,659
39,798
-1,290
23,442
33,828
32,914
14,789
24,681
46,806
Allocations
of special
drawing
rights
(SDKs)
1,093
Statistical discrepancy
Total (sum
of the items
with sign
reversed)
24,992
41,359
19,815
27,972
27,592
18,272
-1,410
-899
17,384
30,820
-15,140
-12,218
-3,831
-8,014
4,011
-7,312
-12,120
-17,502
2,123
15,280
8,948
14,133
5,495
Of which:
Seasonal
adjustment
discrepancy
4,710
120
-6,506
1,911
4,878
653
-6,754
1,222
5,814
681
-7,605
U.S. official
reserve
assets, net 5
(unadjusted,
end of
period)
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,721
71,323
78,002
74,940
74,731
77,721
74,657
77,092
78,527
71,323
74,378
73,968
75,835
published in next month's issue of Economic Indicators.
Sources: Department of Commerce (Bureau of Economic Analysis
Treasury.
and Department of the
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
page
Gross Domestic Product
Gross Domestic Product in 1987 Dollars
Implicit Price Deflators for Gross Domestic Product
Changes in GDP, Personal Consumption Expenditures, and Related Implicit Price Deflators and Price Indexes
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures in 1987 Dollars
Sources of Personal Income
Disposition of Personal Income .
Farm Income
Corporate Profits
Gross Private Domestic Investment in 1987 Dollars
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagriculrural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
,
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
" Preliminary.
' Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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