Full text of Economic Indicators : February 1995
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104th Congress, 1st Session
Economic Indicators
FEBRUARY
1995
(Includes data available as of March 7, 1995)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1995
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
CONNIE MACK, Florida, Chairman
JIM SAXTON, New Jersey, Vice Chairman
SENATE
WILLIAM V. ROTH, JR. (Delaware)
LARRY E. CRAIG (Idaho)
ROBERT F. BENNETT (Utah)
RICK SANTORUM (Pennsylvania)
RODNEY D. GRAMS (Minnesota)
JEFF BINGAMAN (New Mexico)
PAUL S. SARBANES (Maryland)
EDWARD M. KENNEDY (Massachusetts)
CHARLES S. ROBB (Virginia)
HOUSE OF REPRESENTATIVES
THOMAS W. EWING (Illinois)
JACK QUINN (New York)
DONALD A. MANZULLO (Illinois)
MARSHALL (MARK) SANFORD (South Carolina)
WILLIAM M. (MAC) THORNBERRY (Texas)
FORTNEY H. (PETE) STARK (California)
DAVID R. OBEY (Wisconsin)
LEE H. HAMILTON (Indiana)
KWEISI MFUME (Maryland)
ROBERT N. MOTTICE, Executive Director
COUNCIL OF ECONOMIC ADVISERS
LAURA D. TYSON, Chair
JOSEPH E. STIGLITZ, Member
MARTIN N. BAILY, Member-Nominee
[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 Comnvttee 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:
SUPERINTENDENT OF DOCUMENTS
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Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402-9328
ISBN 0-16-046918-X
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the fourth quarter of 1994, according to revised estimates, current-dollar gross domestic product (GDP) rose 5.8
percent (annual rate), real GDP (GDP in 1987 dollars) rose 4.6 percent, and the implicit price deflator rose 1.3
percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE|
7,200
7,200
SEASONALLY ADJUSTED ANNUAL RATES
6,800
^
xl
6,400
y
6,000
6,400
^
I-""
6,800
6,000
^
5,600
^^
GDP
IN CURR ENTDOLLA RS
\
S
\y
5,200
4,800
.X
4,400
5,600
.„.-•
f
5,200
- -" ~~
_
r-c
„--'"
.
4,800
4,400
GDP
IN 1987.DOLU\RS
„ — " ~~
4,000
/
_-_- /
'>
^
4,000
S'
s
3,600
3,600
^
/
3,200
2,800
i
i i
1982
i
i I
1983
3,200
1
1
1
1984
i
i i
1985
1
1
!
1986
1
!
!
1987
i
t
i I
1988
i i
i
1989
i i
i
i I
i
1991
1990
i i
1992
SOURCE: DEPARTMENT OF COMMERCE
1
1
1993
!
i i i
2,800
1994
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994 '
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
1993-
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
H
III
IV
1994: I
II
III
IV '
1
Gross
domestic
product
4,268.6
4,539.9
4,900.4
5,250.8
5,546.1
5,724.8
6,020.2
6,343.3
6,736.1
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
5,796.6
6,169.3
6,235.9
6,299.9
6,359.2
6,478.1
6,574.7
6,689.9
6,791.7
6,888.1
Gross
private
domestic
investment
Net
exports
2,850.6
3,052.2
3,296.1
3,523.1
3,761.2
3,902.4
4,136.9
4,378.2
4,628.0
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
3,955.7
4,251.3
4,294.6
4,347.3
4,401.2
4,469.6
4,535.0
4,586.4
4,657.5
4,732.9
717.6
749.3
793.6
832.3
808.9
744.8
788.3
882.0
1,031.6
464.2
614.8
722.8
737.0
697.1
800.2
814.8
825.2
756.4
756.8
822.0
853.8
869.7
882.2
922.5
966.6
1,034.4
1,055.1
1,070.2
1325
-143.1
1080
-79.7
-71.4
199
-30.3
65 3
-98.6
-29.5
-71.8
-107.1
-135.5
-133.2
-143.2
- 106.0
-73.9
-71.6
-13.7
-42.2
-49.6
633
-77.0
-71.2
-86.7
97 6
-109.6
-100.6
Federal
Exports
319.2
364.0
444.2
508.0
557.1
601.1
638.1
659.1
718.7
265.6
286.2
308.7
304.7
333.9
392.4
467.0
523.8
577.6
623.7
649.2
646.8
660.1
649.0
680.3
674.2
704.5
730.5
765.6
GDP less exports of goods and sen-ices plus imports of goods and sen-ices.
Government purchases
Exports and imports of goods
and services
Personal
consumption
expenditures
Imports
451.7
507.1
552.2
587.7
628.5
620.9
668.4
724.3
817.3
295.1
358.0
415.7
440.2
467.1
535.6
573.1
597.7
649.2
637.5
691.4
696.4
723.5
726.0
751.4
760.9
802.1
840.1
866.2
Total
Total
833.0
881.5
918.7
975.2
1,047.4
1,097.4
1,125.3
1,148.4
1,175.2
631.6
657.6
727.0
799.2
849.7
901.4
937.6
994.5
1,076.5
1,097.9
1,138.1
1,137.1
1,146.3
1,152.9
1,157.2
1,159.8
1,166.7
1,188.8
1,185.5
367.8
384.9
387.0
401.6
426.5
445.8
449.0
443.6
437.3
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
438.3
454.8
446.9
445.2
442.7
439.8
437.8
435.1
444.3
431.8
National
defense
276.7
292.1
295.6
299.9
314.0
322.8
314.2
302.7
292.2
205.5
222.8
242.9
268.6
278.6
295.8
296.8
302.5
322.5
311.6
316.0
307.0
305.8
299.0
299.1
291.7
291.7
300.5
284.7
Source: Department of Com
Nondefense
91.1
92.9
91.4
101.7
112.5
123.1
134.8
140.9
145.1
75.9
66.9
81.9
88.3
94.5
96.7
95.2
102.6
114.0
126.6
138.7
139.9
139.4
143.6
140.7
146.1
143.5
143.8
147.1
State
and
local
465.3
496.6
531.7
573.6
620.9
651.6
676.3
704.7
737.9
350.3
367.9
402.2
442.4
476.6
509.0
545.7
589.3
640.0
659.7
683.3
690.2
701.2
710.2
717.4
722.0
731.5
744.5
753.7
Final
sales of
domestic
product
Gross
domestic
purchases 1
Addendum:
Gross
national
product
4,260.0
4,513.7
4,884.2
5,217.5
5,539.3
5,726.6
6,017.2
6,327.9
6,684.2
3,241.4
3,527.1
3,818.1
4,107.9
4,355.4
4,623.7
5,027.3
5,314.6
5,621.8
5,782.3
6,160.0
6,215.8
6,281.4
6,345.4
6,469.2
6,550.6
6,622.5
6,729.1
6,834.5
4,401.2
4,683.0
5,008.4
5,330.5
5,617.5
5,744.7
6,050.5
6,408.6
6,834.7
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
5,810.4
6,211.4
6,285.5
6,363.3
6,436.3
6,549.3
6,661.4
6,787.5
6,901.3
6,988.7
4,277.7
4,544.5
4,908.2
5,266.8
5,567.8
5,740.8
6,025.8
6,347.8
, Bureau of Economic Analysis.
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
5,810.7
6,167.0
6,243.9
6,303.3
6,367.8
6,476.2
6,574.0
6,682.5
6,779.6
GROSS DOMESTIC PRODUCT IN 1987 DOLLARS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994 '
1982198319841985198619871988198919901991:
1992-
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
1993: I ..
II
Ill
IV
1994- I
II
in r
IV .
1
Gross
domestic
product
Personal
eonsumption
expenditures
4,404.5
4,539.9
4,718.6
4,838.0
4,897.3
4,867.6
4,979.3
5,134.5
5,342.4
2,969.1
3,052.2
3,162.4
3,223.3
3,272.6
3,259.4
3,349.5
3,458.7
3,579.5
3,759.6
4,012.1
4,194.2
4,333.5
4,427.1
4,625.5
4,779.7
4,856.7
4,867.2
4,880.8
5,060.7
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,265.3
3,403.4
5,075.3
5,105.4
5,139.4
5,218.0
5,261.1
5,314.1
5,367.0
5,427.2
3,417.2
3,439.2
3,472.2
3,506.2
3,546.3
3,557.8
3,584.7
3,629.1
Exports and imports of
goods and sen-ices
Government purchases
Federal
Nonresidential
fixed
investment
500.3
497.8
530.8
540.0
546.5
515.4
525.9
591.6
671.9
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
506.9
540.9
560.3
581.0
597.9
627.2
643.6
657.9
680.0
705.9
Residential
fixed
investment
Change
in
business
inventories
Net
exports
226.2
8.5 -155.1
225.2
26.3 -143.1
222.7
19.9 -104.0
214.2
29.8 -73.7
194.5
5.7 -54.7
169.5 -1.1
-19.5
196.9
2.5
32 3
213.0
15.3 -73.9
231.1
47.4 -110.6
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 -20.9 -36.8
177.5
13.5 -16.9
207.7
6.6 -38.5
210.4
18.5
576
206.3
18.9 -69.3
211.0
13.0 -86.3
224.5
10.8 -82.2
229.9
25.4
1040
233.8
59.2 -111.8
230.2
57.1
1170
230.6
48.1 -109.6
State
and
local
Exports
Imports
Total
329.6
364.0
421.6
471.8
510.5
542.6
578.8
602.5
656.9
484.7
507.1
525.7
545.4
565.1
562.1
611.2
676.3
767.5
299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.0
557.2
579.4
629.3
855.4
881.5
886.8
904.4
932.6
944.0
936.9
929.8
923.0
735.9
748.1
784.3
830.5
864.8
893.0
894.5
912.6
942.4
934.4
940.6
373.0
384.9
377.3
376.1
384.1
386.7
373.5
356.6
337.8
316.0
322.2
341.7
363.7
377.5
391.6
378.4
376.1
386.5
374.1
377.0
280.6
292.1
287.0
281.4
283.6
281.4
261.4
243.7
226.6
229.4
242.9
254.3
272.1
282.2
295.0
285.7
281.5
285.7
265.8
262.4
86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.7
100.8
108.2
114.6
646.8
669.6
681.6
707.4
926.5
929.3
931.8
931.5
361.6
358.3
355.6
351.1
248.2
246.8
240.9
238.7
113.3
111.5
114.7
112.4
723.6
755.6
783.5
807.4
919.9
917.1
932.0
923.0
341.7
334.7
343.5
331.2
228.5
226.1
233.0
219.0
113.2
108.7
110.5
112.3
280.4
291.5
312.8
312.0
342.9
386.1
438.2
487.7
520.4
562.6
590.7
589.2
600.2
595.3
625.2
619.6
643.9
666.5
697.8
GDP less exports of goods and sen-ices plus imports of goods and services.
Total
National
defense
Non-
defense
92.4
92.9
90.2
94.8
100.4
105.3
112.2
113.0
111.2
482.4
496.6
509.6
528.3
548.5
557.2
563.3
573.1
585.2
419.9
425.9
442.6
466.7
487.3
501.4
516.1
536.5
555.8
560.4
563.6
564.9
571.0
576.2
580.4
578.3
582.4
588.5
591.8
Addendum:
Gross
national
product
Final
sales of
domestic
product
Gross
domestic
purchases '
4,395.9
4,513.7
4,698.6
4,808.3
4,891.6
4,868.7
4,976.9
5,119.3
5,294.9
4,559.6
4,683.0
4,822.6
4,911.7
4,951.9
4,887.2
5,011.6
5,208.4
5,452.9
4,413.5
4,544.5
4,726.3
4,852.7
4,916.5
4,882.3
4,985.7
5,140.3
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
4,867.3
5,054.1
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
4,897.6
5,099.2
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
4,893.9
5,061.0
5,056.8
5,086.5
5,126.5
5,207.2
5,132.9
5,174.7
5,225.8
5,300.2
5,083.9
5,110.1
5,148.4
5,218.7
5,235.7
5,254.9
5,310.0
5,379.1
5,365.1
5,425.8
5,484.0
5,536.8
5,262.7
5,310.5
5,359.9
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[1987=100; quarterly data are seasonally adjusted]
Period
Gross
domestic
product
Personal consumption
expenditures
Gross private
domestic investment
Durable
goods
Nondurable goods
Services
Nonresidential
fixed
Residential fixed
Government purchases
Exports and imports of
goods and services
Federal
Total
Exports
Imports
Total
National
defense
Nondefense
State
and local
1986
1987
1988
1989
1990 . .
1991
1992
1993 r
1994
96.9
100.0
103.9
108.5
113.3
117.6
120.9
123.5
126.1
96.0
100.0
104.2
109.3
114.9
119.7
123.5
126.6
129.3
96.9
100.0
102.0
104.2
105.7
107.3
108.9
109.8
111.2
96.1
100.0
103.7
109.3
115.9
120.0
122.5
124.2
125.7
95.7
100.0
105.1
110.6
116.7
122.5
127.7
132.3
136.3
98.4
100.0
102.8
105.2
107.3
108.1
106.7
104.1
103.7
95.8
100.0
104.2
107.8
110.7
111.9
113.7
117.6
122.3
96.9
100.0
105.3
107.7
109.1
110.8
110.2
109.4
109.4
93.2
100.0
105.1
107.8
111.2
110.5
109.4
107.1
106.5
98.6
100.0
102.6
106.8
111.0
115.3
120.2
124.4
129.4
98.6
100.0
103.0
106.6
110.7
114.7
120.2
124.2
128.9
98.6
100.0
101.4
107.3
112.0
116.9
120.2
124.7
130.5
96.4
100.0
104.3
108.6
113.2
116.9
120.1
123.0
126.1
19821983:
19841985:
19861987:
19881989:
1990:
19911992:
85.0
88.4
92.3
95.5
98.0
101.2
105.5
110.1
115.0
118.8
121.9
83.8
87.6
90.7
94.6
97.0
101.6
106.1
111.0
117.5
121.1
124.9
90.6
93.3
94.4
95.9
97.8
101.0
103.1
104.9
106.1
107.8
109.1
89.4
91.8
94.2
97.0
96.3
101.5
105.6
110.8
119.2
120.8
123.3
79.0
83.7
87.7
92.9
97.3
101.9
107.1
112.7
119.2
124.5
129.8
95.3
95.0
96.4
97.3
99.2
100.7
104.0
106.0
108.2
107.3
106.0
86.0
88.0
90.7
93.1
97.3
101.5
105.3
108.8
111.1
111.9
115.1
94.7
98.2
98.7
97.7
97.4
101.6
106.6
107.4
111.0
110.9
109.9
98.5
95.4
93.6
94.2
93.6
102.6
106.0
107.7
116.5
110.0
109.9
89.0
89.9
95.0
98.1
98.8
100.2
103.6
107.7
112.9
117.2
120.6
89.6
91.7
95.5
98.7
98.7
100.3
103.9
107.5
112.9
117.2
120.4
87.7
84.3
93.7
96.4
99.2
100.1
102.6
108.4
113.1
117.0
121.1
83.4
86.4
90.9
94.8
97.8
101.5
105.7
109.9
115.2
117.7
121.2
1993: I
122.9
123.4
123.7
124.1
125.7
126.4
126.8
127.5
109.2
109.8
110.0
110.2
124.0
124.2
123.9
124.6
130.8
131.9
132.7
133.8
105.3
104.9
103.5
103.0
115.9
117.2
118.2
119.0
109.8
110.0
109.0
108.8
107.7
108.1
106.5
106.2
123.6
124.2
124.5
125.3
123.7
123.9
124.1
125.3
123.5
125.0
125.2
125.1
122.2
122.8
123.3
123.6
1994: I
II .
HI
IV '
125.0
125.9
126.5
126.9
127.9
128.9
129.9
130.4
110.5
111.1
111.7
111.4
124.6
125.1
126.3
126.6
134.4
135.9
137.0
138.0
103.4
103.9
104.3
103.4
120.5
121.3
123.1
124.4
108.8
109.4
109.6
109.7
105.2
106.1
107.2
107.3
128.1
130.0
129.3
130.4
127.7
129.0
129.0
130.0
129.1
132.0
130.1
131.0
124.9
125.6
126.5
127.4
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
n
III
rv
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GDP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED IMPLICIT PRICE DEFLATORS AND PRICE INDEXES
[Percent change from preceding year or quarter; qunrterlv data at scasonallv adjusted animal rates]
Personal consumption expenditures
Gross domestic product
Period
1981
1982
Current
dollars
..
11.9
1983 ..
1984
1985 ..
1986
1987 ..
1988
1989 .
1990
1991 ..
1992
1993 .
1994"
1990- III
IV
1991- I
II
III
IV
1992: I
II
III
IV
1993- I
II
III
IV
1994- I
II
III
IV '
3.9
8.1
10.9
6.9
5.7
6.4
7.9
7.2
5.6
3.2
5.2
5.4
6.2
3.1
1.0
2.8
5.0
3.8
2.6
7.1
5.2
4.9
8.6
4.4
4.2
3.8
7.7
6.1
7.2
6.2
5.8
Constant
(1987) dollars
Implicit price
deflator
1.8
-2.2
3.9
6.2
3.2
2.9
3.1
3.9
2.5
1.2
-.6
2.3
3.1
4.0
-.9
-3.2
-2.1
2.2
1.0
.1
3.1
2.4
3.5
5.7
1.2
2.4
2.7
6.3
3.3
4.1
4.0
4.6
10.0
6.2
4.1
4.4
3.7
2.6
3.2
3.9
4.4
4.4
3.8
2.8
2.2
2.1
4.0
4.3
5.0
2.8
2.8
2.7
3.8
2.7
1.3
2.7
3.3
1.6
1.0
1.3
2.9
2.9
1.9
1.3
Fixed-weighted
price index
(1987 weights)
Current
dollars
Constant
(Him dollars
Implicit price
deflator
1.2
1.1
4.6
4.8
4.4
3.6
2.8
3.6
1.9
1.5
4
2.8
3.3
3.5
2.1
27
-2.8
2.1
1.3
-.5
5.8
1.7
3.9
5.6
1.6
2.6
3.9
4.0
4.7
1.3
3.1
5.0
9.0
5.7
10.2
6.9
9.6
9.0
8.4
6.9
7.1
8.0
6.9
6.8
3.8
6.0
5.8
5.7
8.3
3.7
.5
4.7
4.3
3.0
9.3
5.4
5.6
9.7
4.1
5.0
5.1
6.4
6.0
4.6
6.3
6.6
3.9
3.4
3.5
2.8
3.1
4.0
4.5
4.6
4.0
3.2
3.0
2.7
4.7
3.8
5.1
3.1
3.3
2.7
3.9
3.3
2.7
2.8
4.2
2.4
2.0
2.4
3.1
2.9
3.0
2.6
Fixed-weighted
price index
(1987 weights)
8.6
5.4
4.3
4.9
3.9
3.9
3.1
4.2
4.2
4.9
5.1
4.2
3.2
2.5
2.1
6.1
6.7
3.4
2.4
3.1
3.4
3.3
3.7
1.6
3.9
2.6
2.2
1.3
2.2
1.3
3.2
3.1
1.5
3.7
3.8
3.0
4.1
4.3
5.0
5.3
4.4
3.5
2.8
2.5
6.3
7.0
3.6
2.8
3.3
3.6
3.7
3.8
3.5
3.0
2.9
2.6
1.4
2.8
1.9
2.8
3.6
2.3
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Gross domestic product
of nonfinaneial
corporate business
(billions of dollars)
Period
1986
1987 .
1988
1989
1990
1991
1992
1993
1982: IV
1983- IV
1984: IV
1985- IV
1986- IV
1987- IV
1988- IV
1989- IV
1990- IV
1991: IV
1992- IV
1993- I
II
..
..
.
in
rv
1994- I
II
Ill ...
1
..
..
...
Current
dollars
1987
dollars
2,386.3
2,547.3
2,764.8
2,913.5
3,045.5
3,089.7
3,222.9
3,409.7
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
3,125.9
3,307.8
2,439.3
2,547.3
2,684.8
2,718.9
2,747.4
2,716.7
2,802.8
2,942.9
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
2,740.9
2,870.2
3,324.4
3,386.3
3,428.7
3,499.3
2,868.4
2,920.5
2,963.3
3,019.5
3,568.6
3,626.7
3,679.4
3,062.6
3,098.9
3,131.2
Current-dollar cost and profit per unit of output (dollars) '
Total
cost and
profit 2
0.978
1.000
1.030
1.072
1.109
1.137
1.150
1.159
.903
.924
.957
.976
.984
1.009
1.046
1.084
1.120
1.140
1.152
1.159
1.159
1.157
1.159
1.165
1.170
1.175
Consumption of
fixed
capital
0.111
.110
Compensation of
employees
Net
interest
Total
0.095
0.648
0.040
0.084
.095
.096
.101
.106
.115
.117
.117
.086
.088
.091
.093
.095
.094
.097
.102
.109
.117
.118
.117
.117
.116
.117
.117
.117
.118
.658
.676
.706
.736
.756
.767
.768
.607
.602
.623
.643
.654
.664
.687
.718
.748
.760
.768
.776
.770
.766
.760
.763
.766
,768
.042
.045
.054
.054
.049
.041
.039
.040
.036
.041
.038
.042
.042
.047
.055
.054
.047
.038
.039
.039
.039
.038
.038
.039
.040
.096
.102
.094
.093
.092
.099
.112
.051
.079
.091
.092
.081
.099
.102
.088
.085
.092
.107
.102
.111
.113
.123
.122
.127
.127
.111
.117
.120
.126
.126
.123
.119
.119
.111
.110
.112
.110
.112
.120
.123
.125
.123
.124
.123
.124
.120
.125
.121
.122
Output is measured by GDP of nonfinaneial corporate business in 1987 dollars.
This is equal to the deflator for gross domestic product of nonfinaneial corporate business with
the decimal point shifted two places to the left.
2
Indirect
business
taxes 3
Corporate profits with inventory
valuation and capital consumption
adjustments
3
Profits
tax
liability
OX)31
.037
.038
.037
.034
.031
.03)
.040
.020
.029
.027
' .030
.035
.038
.040
.033
.034
.031
.033
.037
.040
.038
.043
.043
.046
.047
Profits
after
tax *
0.053
.059
.064
.057
.059
.061
.067
.073
.030
.050
.064
.063
.045
.060
.063
.055
.052
.061
.073
.065
.071
.075
.080
.078
.081
.080
Output
per hour
of all
employees
(1987
dollars)
Compensation per
hour of
all
employees
(dollars)
22.733
23.127
23.572
23.189
23.446
23.926
24.648
25.379
21.070
21.893
22.055
22.346
22.891
23.356
23.521
23.146
23.549
24.211
25.085
14.739
15.207
15.833
16.377
17.246
18.081
18.916
19.483
24.962
25.239
25.516
25.810
19.365
19.432
19.539
19.608
26.018
25.923
26.054
19.855
19.852
20.012
12.791
13.186
13.732
14.359
14.975
15.517
16.069
16.616
17.623
18.400
19.254
Indirect business tax and nontax liability plus business transfer payments less subsidies.
With inventory valuation and capital consumption adjustments,
Sources: Department of Commerce (Bureau of Economic Analvsis) and Department of Labor
(Bureau of Labor Statistics).
4
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
1988
1989
1990
1991
1992
1993
1994 '
1982- IV
1983- IV
1984: IV
1985: IV
1986: IV
1987- IV
1988: IV
1989- IV
1990: IV
1991- IV
1992: IV
1993- I
II
4,002.6
4,249.5
4,491.0
4,608.2
4,829.5
5,131.4
2,551.5
2,834.3
3,134.4
3,341.9
3,486.0
3,828.8
4,127.6
4,305.2
4,539.2
4,663.9
4,964.9
5,031.1
5,094.0
5,138.5
5,262.0
5,308.7
5,430.7
5,494.9
m
rv
1994- I
II ...
mr
IV ....
1
2,921.3
3,100.2
3,297.6
3,404.8
3,591.2
3,780.4
4,004.6
1,940.4
2,101.2
2,288.1
2,442.5
2,582.5
2,785.1
3,004.9
3,162.8
3,344.2
3,459.1
3,671.0
3,713.1
3,761.1
3,801.7
3,845.8
3,920.0
3,979.3
4,023.7
4,095.6
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
293.4
307.0
321.4
339.5
374.4
404.3
434.2
169.6
193.8
217.7
250.9
260.9
282.6
302.5
311.4
325.1
349.8
392.4
394.8
399.4
404.5
418.5
423.8
431.9
437.1
443.8
30.9
40.2
41.9
36.7
44.4
37.3
39.4
10.2
6.3
21.9
17.8
23.6
42.4
30.9
38.4
43.8
36.6
46.0
49.6
39.4
15.8
44.4
47.2
39.3
29.8
41.4
Includes employer contributions for social insurance. (See also p. 5.)
4.3
-13.5
-14.2
-10.5
-5.5
24.1
27.7
24.1
22.2
24.3
14.0
4.7
6.8
2.8
-21.6
-11.1
-8.1
5.1
16.5
23.4
26.3
30.3
15.3
34.1
32.6
28.8
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Profits
before tax
Total
365.0
362.8
380.6
390.3
405.1
485.8
320.3
325.4
354.7
370.9
389.4
456.2
347.5
342.9
365.7
365.2
395.9
462.4
150.3
229.1
261.3
284.9
264.6
343.3
378.3
354.5
362.8
394.7
432.5
442.5
473.1
493.5
533.9
508.2
546.4
556.0
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
372.3
415.6
421.5
446.6
461.7
495.1
471.2
509.0
518.5
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
368.9
373.1
413.5
432.7
456.6
458.7
501.7
483.5
523.1
538.1
Inventory
valuation
adjustment
Capital
consumption
adjustment
Net
interest
44.7
37.4
25.9
19.4
15.7
29.5
37.7
96
12.9
37.7
56.9
39.6
49.9
37.9
33.9
13.5
22.4
16.9
21.0
26.5
31.7
38.8
37.0
37.4
37.5
38.8
387.7
452.7
463.7
447.4
420.0
399.5
-27.3
-17.5
— 11.0
5.8
-6.4
-6.2
-19.3
-8.6
-7.6
3.5
-3.8
-10.7
-17.8
-31.7
-13.5
-19.5
-.8
2.1
-11.2
-10.0
3.0
-6.5
-12.3
-14.1
-19.6
-31.2
256.8
281.8
321.1
331.9
349.7
368.6
408.1
459.8
474.4
431.8
418.0
414.6
397.6
396.7
389.1
394.2
399.7
415.7
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS
[Billions of 1987 dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Durable goods
Period
1988
1989
1990
1991
1992
1993
1994r
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
1993:
1994:
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
n
in
IV
I
n
in
IV
1
Total
personal
consumption
expenditures
3,162.4
3,223.3
3,272.6
3,259.4
3,349.5
3,458.7
3,579.5
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,265.3
3,403.4
3,417.2
3,439.2
3,472.2
3,506.2
3,546.3
3,557.8
3,584.7
'..... 3,629.1
Total
durable
goods
428.7
440.7
443.1
425.3
•452.6
489.9
532.0
272.3
319.1
347.7
369.6
415.7
404.7
439.2
436.8
433.2
427.7
468.8
472.5
483.7
492.7
510.8
521.7
522.2
529.6
554.6
Motor
vehicles
and
parts
194.8
196.4
192.7
170.0
181.8
196.1
208.2
123.7
151.6
164.3
173.9
193.6
183.6
197.7
188.3
182.1
171.6
188.2
189.7
195.1
195.0
204.7
213.7
205.3
202.0
212.0
Includes other items, not shown separately.
Furniture and
houseMa
equipment
155.4
165.8
171.6
179.2
193.3
214.1
238.6
96.4
109.3
118.7
128.6
141.4
145.9
160.3
167.9
172.3
181.2
202.0
205.2
209.9
216.6
224.6
225.9
232.5
241.7
254.3
Nondurable goods
Other
78.5
78.5
78.7
76.1
77.5
79.7
85.2
52.3
58.1
64.8
67.1
80.7
75.2
81.2
80.5
78.8
74.9
78.6
77.6
78.7
81.1
81.5
82.0
84.4
86.0
88.3
Total
nondurable goods
1,035.1
1,051.6
1,060.7
1,047.7
1,057.7
1,078.5
1,109.6
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,058.9
1,057.5
1,040.4
1,074.2
1,070.0
1,074.3
1,081.7
1,088.0
1,098.3
1,104.3
1,113.4
1,122.4
Food
513.4
515.0
523.9
518.8
514.7
524.0
535.7
458.3
467.1
475.1
488.2
496.9
502.4
518.0
515.6
525.8
514.9
522.0
520.7
522.3
525.1
528.1
531.9
536.1
535.7
538.8
Clothing
and
shoes
Gasoline
and m\
Fuel
oil and
coal
178.9
187.8
186.2
184.7
193.2
197.8
208.8
135.7
147.7
154.7
161.7
171.9
174.5
182.8
190.9
184.5
182.8
198.7
194.0
196.1
198.6
202.4
203.8
204.9
210.2
216.5
86.1
87.3
12.0
11.4
10.5
86.4
83.1
85.6
86.5
87.3
73.4
76.9
79.0
79.5
84.6
85.4
87.5
88.6
84.6
82.4
86.0
86.1
85.7
87.5
86.6
86.1
86.7
88.0
88.5
Retail sales of new
passenger cars
(millions of units)
Services
10.7
11.2
12.1
11.9
10.5
11.4
11.1
11.4
12.4
11.9
12.0
12.0
9.5
10.7
11.3
12.0
11.8
12.2
12.2
13.4
11.4
11.7
11.1
Other
244.7
250.2
253.8
250.5
253.0
258.2
265.9
202.8
212.2
222.9
228.0
235.2
240.4
246.4
251.8
253.1
249.7
256.3
257.2
258.3
258.4
258.8
263.1
265.1
267.8
267.5
Total
services l
1,698.5
1,731.0
1*768.8
1,786.3
1,839.1
1,890.3
1,937.9
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
1,797.3
1,860.4
1,874.8
1,881.2
1,897.8
1,907.4
1,926.3
1,931.4
1,941.8
1,952.1
Housing
461.8
469.2
474.6
479.0
485.2
492.6
501.3
411.0
419.7
431.3
438.1
444.8
457.0
465.6
471.3
475.9
481.4
487.8
489.8
491.5
493.7
495.4
497.7
500.0
502.6
505.0
Source: Department of Commerce, Bureau of Economic Analysis.
Medical
care
399.4
408.6
424.6
437.7
454.3
466.4
479.0
327.8
334.8
344.9
359.1
372.0
390.7
403.0
411.8
429.4
444.7
459.0
463.1
464.3
467.6
470.4
473.2
477.4
481.0
484.2
Domestics
Imports
7.5
3.1
7.1
6.9
6.1
6.3
6.7
7.3
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
6.6
6.1
6.4
6.4
6.9
6.7
7.1
7.4
7.2
7.1
7.4
2.8
2.6
2.3
2.1
2.0
2.0
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.4
2.2
2.0
2.0
2.1
2.0
1.9
2.0
2.0
2.0
1.8
SOURCES OF PERSONAL INCOME
Personal income rose $50.1 billion (annual rate) in January, following an increase of $42.7 billion in December.
The January change was boosted by cost-of-living adjustments to several Federal transfer payment programs, by
increased Earned Income Credits, and by pay raises for Federal civilian and military personnel. The January change
was reduced by program changes affecting personal contributions for social insurance, by a decrease in farm
subsidy payments, and by retroactive social security benefits payments that had boosted December personal
income. Excluding these special factors, personal income increased $43.2 billion in January.
BILLIONS OF DOLLARS' (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE]
7,000
7,000
6,000
6,000
5,000
5,000
4,000
4,000
• TOTAL PERSONAL INCOME
3,000
3,000
\
WAGE AND SALARY DISBURSEMENTS
2,000
2,000
1,400
1,400
OTHER INCOME
I
TRANSFER PAYMENTS
800
800
400
400
1987
1988
1989
1991
1990
1992
1993
1994
1995
COUNOl OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1986
1987
1988
1989
1990
1991
1992
1993 ..
1994 r
1994- Jan
Feb
Mar
May
July
Sept
Oct '
Nov *
Dec '
1995- Jan p
Total
personal
income
3,590.4
3,802.0
4,075.9
4,380.3
4,673.8
4,860.3
5,154.3
5,375.1
5,701.9
5,483.9
5,576.0
5,607.5
5,639.4
5,665.4
5,674.9
5,704.4
5,730.6
5,768.4
5,844.9
5,842.5
5,885.2
5,935.3
Wage and
salary
disbursements *
2,105.4
2,261.2
2,443.0
2,586.4
2,745.0
2,816.1
2,974.8
3,080.8
3,279.0
3,198.2
3,206.7
3,220.1
3,241.4
3,263.4
3,267.0
3,282.6
3,289.0
3,310.2
3,351.6
3,349.5
3,368.8
3,399.0
Proprietors' income 3
Other labor
income 1 z
200.7
210.4
230.5
251.9
274.3
299.0
328.7
355.3
381.0
371.4
373.2
375.0
376.7
378.4
380.1
381.9
383.7
385.5
387.1
388.7
390.3
391.8
Farm
22.3
31.3
30.9
40.2
41.9
36.7
44.4
37.3
39.4
43.1
49.5
48.8
46.9
38.8
32.3
30.0
29.6
30.0
48.9
34.8
40.6
35.8
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions lor 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.
Noofarm
261.5
279.0
293.4
307.0
321.4
339.5
374.4
404.3
434.2
418.2
424.3
429.0
430.2
432.1
433.5
434.4
437.6
439.4
441.3
443.5
446.6
449.8
4
Rental
income of
persons *
8.7
3.2
4.3
13 5
-14.2
105
-5.5
24.1
27.7
-27.0
34.6
38.4
35.0
34.6
32.6
32.4
32.6
32.7
31.2
29.3
25.9
26.3
Personal
dividend
income
104.7
100.4
108.4
126.5
144.4
150.5
161.0
181.3
194.3
184.5
185.4
187.1
189.9
191.8
193.4
195.1
197.0
198.8
200.8
202.8
204.4
204.8
Personal
interest
income
531.7
548.1
583.2
668.2
698.2
695.1
665.2
637.9
664.3
627.9
631.1
634.4
642.0
649.3
656.9
665.1
674.0
683.6
693.1
702.5
711.6
720.8
Transfer
payments 5
517.8
542.2
576.7
625.0
687.6
770.1
860.2
915.4
963.4
943.2
947.4
951.5
955.9
957.1
960.0
964.9
969.8
972.3
977.0
977.5
984.4
1,000.4
Less: Personal
contributions
for social
insurance
162.1
173.6
194.5
211.4
224.9
236.2
248.7
261.3
281.4
275.7
276.2
276.9
278.5
280.2
280.9
282.0
282.6
284.1
286.2
286.1
287.5
293.4
Nonfarm
personal
income 6
3,545.6
3,749.4
4,023.9
4,318.0
4,608.6
4,801.8
5,089.4
5,316.6
5,639.7
5,418.6
5,504.3
5,536.4
5,570.1
5,604.0
5,619.9
5,651.6
5,678.1
5,715.5
5,772.8
5,784.4
5,821.0
5,875.8
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
5
6
DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in 1987 dollars rose again in the fourth
quarter of 1994.
BILLIONS OF DOLLARS' (RATIO SCALE|
BIlilONS OF DOLLARS' (RATIO SCALE)
5,500
5,000
2,500
COLLARS* (RATIO SCALE]
20,000
PER CAPITA DISPOSABLE PERSONAL INCOME
18,000
DOLLARS' (RATIO SCALE]
20,000
----18,000
CURRENT DOLLARS
\
16,000
.
——
— —•
'
16,000
-
«•» **" *~
~~^_
__^
12,000
^
^
r\
14,000
14,000
p— 1987 DOLLA P*
-
12,000
^
10,000
10,000
^
8,000
\
1982
\
i i i
1984
i
1983
1
1985
1986
1
i
i
1987
i \ \
1989
i i
1988
i i i
1990
i i i
1991
i
1992
i i
1993
8,000
1994
COUNCIL OF ECONOMIC ADVISERS
Period
Personal
income
Less:
Personal
tax and
nontax
payments
F
1
Disposable
income
Less:
Persona]
outlays '
Equals:
Personal
saving
Disposable
persona]
income in
Per capita
disposable personal
income
1987
Current
dollars
dollars
(billions)
Billions of dollars
3,802.0
4,075.9
4,380.3
4,673.8
4,860.3
5,154.3
5,375.1
5,701.9
1987
1988.
1989
1990.
1991
1992.
1993
1994 r.
512.5
527.7
593.3
623.3
623.7
648.6
686.4
742.1
3,289.5
3,548.2
3,787.0
4,050.5
4,236.6
4,505.8
4,688.7
4,959.8
1987
dollars
Per capita personal
consumption
expenditures
Current
dollars
1987
dollars
Dollars
3,147.5
3,392.5
3,634.9
3,880.6
4,025.0
4,257.8
4,496.2
4,756.1
142.0
155.7
152.1
170.0
211.6
247.9
192.6
203.7
13,545
14,477
15,307
16,205
16,766
17,636
18,153
19,004
3,289.5
3)404.3
3,464.9
3)538.5
3,'648.1
3,704.1
3',836.1
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
persona]
income
Population,
including
Armed
Forces
overseas
(thousands) 2
Percent
13,545
13,890
14,005
14,101
14,003
14,279
14,341
14,698
12,568
13)448
14,241
15,048
15,444
16,192
16,951
17,732
12,568
12)903
13,029
13)093
12,899
12,154
12,591
13,145
13,278
13,522
13,685
13,996
14,015
14,018
13,998
14,533
14,222
14,351
14,338
14,451
14,535
14,625
14,697
14,934
9,134
9,980
10,649
11,445
12,101
12,819
13,814
14,491
15,283
15,588
16,566
16,693
16,856
17,017
17,233
17,443
17,598
17,821
18,065
10,895
11,390
11,739
12,095
12,472
12,615
13,020
13,053
13,010
12,868
13,262
13,283
13,335
13,425
13,519
13,640
13,651
13,717
13,852
13)391
13)715
—0.1
2.5
.8
.7
— .7
2.0
.4
2.5
4.3
4.4
4.0
4.2
5.0
5.5
4.1
4.1
242,860
245,093
247,397
249,951
252,688
255,484
258,290
260,991
7.7
6.8
7.9
6.0
4.8
5.0
4.3
3.9
4.3
5.2
6.2
4.0
4.6
3.9
4.0
3.6
4.1
4.1
4.6
233,060
235,146
237,231
239,387
241,550
243,745
246,004
248,372
251,035
253,758
256,626
257,262
257,908
258,635
259,356
259,997
260,627
261,340
262,000
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
1993:
1994:
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
n
m....
IV
I
n
m r...
IV ...
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
4,934.2
5,335.0
5,255.5
5,364.5
5,395.9
5,484.6
5,555.8
5,659.9
5,734.5
5,857.5
372.1
371.6
413.4
448.8
478.5
528.6
542.0
605.1
625.2
631.2
676.2
657.3
685.9
695.4
707.0
723.0
746.4
744.1
754.9
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
4,303.0
4,658.8
4,598.2
4,678.6
4,700.5
4,777.6
4,832.8
4,913.5
4,990.3
5,102.6
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
4,078.4
4,371.4
4,413.7
4,464.6
4,518.2
4,588.2
4,657.3
4,712.4
4,787.0
4,867.5
183.8
176.3
222.6
179.2
151.1
169.8
156.4
148.8
176.2
224.6
287.4
184.6
214.0
182.3
189.4
175.5
201.1
203.3
235.1
' 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
16,957
18,154
17,874
18,141
18,174
18,421
18,588
18,853
19,095
19,476
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
3,552.1
3,729.6
3,658.9
3,701.3
3,708.4
3,747.8
3,779.2
3,811.5
3,840.9
3,912.6
2
-0.5
7.2
1.0
1.8
-1.7
5.2
3.2
1.8
-1.7
.7
9.3
-8.3
3.7
— .4
3.2
2.3
2.5
2.0
6.6
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 1994, according to preliminary estimates, gross farm income rose $15.9 billion (annual rate)
and net farm income rose $13.9 billion.
BILLIONS OF DOLLARS* (RATIO SCALE]
240
200
^f
160 ^
^r
r-^^O
^
'
BILLIONS OF DOLLARS* (RATIO SCALEI
240
r
"
200
-
^ -
160
^"C^
^sX
120
3ROSS FAR M INCOME
80
60
'--*/
40
/*
/ \
\
\
\
20
sj
'V '
'x
'
\'
\'
1
^
V
\ /
'
^ —
/
/
-N
/
, X
•
\/
^S
\/
\
V
s __
/
40
N
NET FARM INCOME
20
\J
1 l\ i
1 1 \i
\ 1 *
11
II
1
10
2
1
J
1982
J
i
i i
1983
10
1
1
1
1984
1
1985
1
i i i
1987
1
1986
t
1
i i i
!
1988
i i i
1990
1989
i
i i
1991
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
i i i
1992
i
\ \
1993
1994
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
1993
1992- I
H
TIT
rv
1993:
I
n
m
IV
1994:
I
n
m''
168.0
161.2
156.1
168.5
175.8
192.8
198.2
192.3
200.2
201.4
200.3
198.8
202.0
199.8
203.4
202.6
198.3
202.8
211.7
201.1
217.0
142.8
144.1
135.4
141.8
151.2
161.1
170.0
168.8
171.2
175.1
165.2
167.7
181.2
170.7
172.6
175.4
186.0
167.6
178.0
170.9
196.2
Livestock and
products
72.9
69.8
71.6
76.0
79.4
84.1
89.8
86.7
86.4
90.6
82.4
87.2
89.6
86.2
84.2
88.4
101.9
87.8
90.0
81.8
97.3
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.
3
Income in current dollars divided by the GDP implicit price deflator.
Crops
69.9
74.3
63.8
65.9
71.7
77.0
80.1
82.1
84.9
84.5
82.8
80.4
91.7
84.5
88.4
87.1
84.1
79.8
88.0
89.1
98.8
Value of
inventory
changes 2
6.0
23
-2.2
23
-3.4
4.8
3.4
3
4.3
-3.6
5.4
5.0
4.0
2.9
-6.5
51
-6.0
3.0
6.6
6.1
4.9
Production
expenses
Current
dollars
141.9
132.4
125.1
128.8
137.8
144.9
151.3
151.2
150.1
158.0
147.4
149.7
151.5
152.0
155.1
157.5
159.5
160.0
159.3
161.8
163.8
26.1
28.8
31.1
39.7
38.0
47.9
46.9
41.1
50.1
43.4
52.9
49.2
50.5
47.8
48.3
45.0
38.9
42.8
52.4
39.3
53.2
1987 dollars "
28.7
30.5
32.0
39.7
36.6
44.1
41.4
35.0
41.4
35.1
44.1
40.7
41.7
39.2
39.3
36.5
31.4
34.5
41.9
31.2
42.1
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Quarterly data plotted for 1989 through 1991 in chart do not reflect previous revisions to annual
data in table.
Sources: Department of Agriculture and Department of Commerce.
CORPORATE PROFITS
In the third quarter of 1994, corporate profits before tax rose $15.0 billion (annual rate). In the second quarter,
profits had risen $39.6 billion, largely reflecting a rebound from the first-quarter effects of the California
earthquake.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
550
SEASONAIiY ADJUSTED ANNUAL RATES
660
/
-y
500
500
J\
450
450
-
/
400
TS BEFORE
V[\
350
^
FAY
./
V
400
-
/"~^
\~^
s
'
350
f
/
s-
300
/•—,
250
/
for 3FITS AFTER TAX
7
M
200
>•
s
s
150
~
^. _
/
/
"" —
/
y
^ — -~ ~" \
X
100
-
^.~._
50
~-
J>
'
•^^
^•-"*
\
__>_.
-•"""•-
s'
150
/
/
\
'<~
N
N--
/ \
•»
'-
^-. f
' V
-Z?"
'"V^
S
\
\
V
**
S
100
- -'
50
-
'UNDISTRI iUTED PRO ITS
\
0
1 1 1
1982
\
1 1
1983
!
1
1984
!
i
\
1
1985
200
/'
/•-•'
f ,
\
S
250
\l
_ /
s
f
1*
f'\
s
AX LIABILIT1
-••-**
— . '• / s'-'
/
S
^S
x.J
S """ '
/
V
—/->
300
_
^ S
,'
1
1
1
1986
0
!
1
1
1987
i
i i i
1988
i i
1989
I
1 1
1990
1991
1992
SOURCE: DEPARTMENT OF COMMERCE
i i i
1993
i i I
1994
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment
l
Profits after tax
Domestic industries
Nonflnancial
Period
Total 2
Total
1986 ..
1987
1988
1989 ..
1990
1991 ..
1992
1993..
1994"
1982: IV
1983- IV
1984: FV
1985- IV
1986: IV
1987: IV
1988- IV
1989: IV
1990- IV
1991: IV
1992- IV
1993: I
.-...
n
m
rv
1994: I
II
in
rv *
. .
Financial
Manufacturing
Wholesale and
retail
trade
Tax
liability
Total
227.6
273.4
320.3
325.4
354.7
370.9
389.4
456.2
194.6
233.9
271.2
266.0
286.7
302.4
328.8
391.0
35.8
36.4
41.8
50.6
65.7
84.3
81.9
103.7
158.9
197.5
229.4
215.3
221.1
218.1
246.9
287.3
59.0
87.0
117.5
108.0
109.1
90.1
94.5
114.2
46.3
39.9
37.1
39.7
37.2
46.7
54.8
61.2
217.8
287.9
347.5
342.9
365.7
365.2
395.9
462.4
106.5
127.1
137.0
141.3
138.7
131.1
139.7
173.2
1H.3
160.8
210.5
201.6
227.1
234.1
256.2
289.2
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
372.3
415.6
421.5
446.6
461.7
495.1
471.2
509.0
518.5
130.8
182.6
192.9
193.5
192.5
246.3
285.9
254.8
273.8
301.4
361.0
354.0
383.8
392.6
433.4
410.1
448.2
458.1
23.0
22.1
20.3
29.0
34.7
39.4
46.1
52.5
66.6
84.6
86.7
95.9
100.1
103.9
114.6
89.6
106.4
112.6
107.8
160.5
172.6
164.5
157.8
207.0
239.7
202.3
207.2
216.8
274.3
258.0
283.7
288.7
318.8
320.5
341.8
345.5
50.1
90.5
79.2
83.3
63.9
98.7
129.3
94.5
98.5
85.3
101.3
96.2
114.2
112.4
134.2
145.1
143.0
143.3
33.8
40.7
50.8
39.0
43.1
39.3
39.3
39.2
36.2
47.4
64.6
56.0
63.3
62.0
63.7
59.0
72.0
70.1
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
368.9
373.1
413.5
432.7
456.6
458.7
501.7
483.5
523.1
538.1
58.7
82.2
83.8
97.6
116.6
135.2
146.2
134.2
137.0
133.1
148.6
159.8
171.8
169.9
191.5
184.1
201.7
208.6
109.9
141.6
136.3
134.2
119.2
176.0
226.0
200.0
231.8
240.0
264.8
273.0
284.8
288.9
310.2
299.4
321.4
329.5
* See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
2
Total 3
Profits
before
tax
3
Dividends
109.8
106.2
115.3
134.6
153.5
160.0
171.1
191.7
205.2
72.5
84.2
83.4
97.4
111.0
106.3
121.0
141.3
153.7
160.9
182.1
188.2
190.7
193.2
194.6
196.3
202.5
207.9
213.9
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analys
Undistributed
profits
1.6
54.6
95.2
67.1
73.6
74.1
85.1
97.5
37.5
57.4
52.9
36.9
8.2
69.7
105.0
58.7
78.1
79.1
82.7
84.7
94.1
95.6
115.6
103.0
118.9
121.6
Inventory
valuation
adjustment
9.7
14.5
-27.3
-17.5
11.0
5.8
-6.4
-6.2
'- 19.3
-8.6
-7.6
3.5
-3.8
-10.7
-17.8
31.7
-13.5
-19.5
.8
2.1
-11.2
-10.0
3.0
-6.5
-12.3
-14.1
19.6
r
-31.2
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
In the fourth quarter of 1994, according to revised estimates, nonresidential fixed investment in 1987 dollars rose
$25.9 billion (annual rate) and residential investment rose $0.4 billion. There was a $48.1 billion increase in
inventories, following an increase of $57.1 billion in the third quarter.
BILLIONS OF 1987 DOLLARS
BILLIONS OF 1987 DOLLARS
1,100
1,100
SEASONALLY ADJUSTED ANNUAL RATES
1,000
1,000
/^
900
900
800
^~"
s.—"
^>
V^
\
1
700
500
H\
G !OSS PRIVATE DOMES!1C
INVES MENT
/
600
^S
~x/
\\
^ *- — ""
*r
^
s
RE SIDENTIAL
FIXED INVESTME
300
.
^•"""'
^ *~
500
400
yr
300
-•*'
t
-100
'' \.
1 1 1
1982
„. — ._.
'
X
200
-H
CHANGE IN BUSINESS
INVENTORIES
\
^
100
0
600
*"
s
\
— .—.
700
s
NONRESIDENTIAL
FIXED INVESTMENT
s
400
200
800
s*
s
**
^^
S
f
100
\4
~ ^ ^ .» * * •*
*• N
V
+
s
*"" •*
0
J
1
1
1983
1
1 I 1
1984
i i i
1985
1
1
1
1986
i
i
1987
i
i i i
i i i
i i i
i i i
1988
1989
1990
1991
I
1
1
1992
SOURCE: DEPARTMENT Of COMMERCE
1
1
1
1
1 1
-100
1994
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Period
Gross
private
domestic
investment
Nonresidential
Total
Total
Structures
Producers'
durable
equipment
Residential
Total
Nonfarm
735.1
749.3
773.4
784.0
746.8
683.8
725.3
819.9
950.4
726.5
723.0
753.4
754.2
741.1
684.9
722.9
804.6
903.0
500.3
497.8
530.8
540.0
546.5
515.4
525.9
591.6
671.9
176.6
171.3
174.0
177.6
179.5
160.6
149.8
147.7
150.4
326.5
356.8
362.5
367.0
354.9
376.2
443.9
521.4
226.2
225.2
222.7
214.2
194.5
169.5
196.9
213.0
231.1
8.5
26.3
19.9
29.8
5.7
— 1.1
2.5
15.3
47.4
10.6
32.7
26.9
29.9
3.2
-1.3
-2.0
18.5
40.4
503.5
669.5
756.4
763.1
705.9
793.8
785.0
769.5
695.7
697.9
755.2
548.4
640.2
708.4
732.9
725.9
733.9
764.1
744.6
716.6
684.4
748.6
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
506.9
540.9
173.2
162.6
189.5
198.3
170.4
177.9
175.7
179.8
172.8
151.4
146.3
244.0
287.0
320.1
327.2
325.0
332.7
363.1
356.9
367.4
355.5
394.6
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
176.3
177.5
207.7
-44.9
29.3
47.9
30.2
20.1
59.9
20.9
24.9
-20.9
13.5
6.6
-46.2
32.3
50.8
28.0
-18.6
62.1
30.5
31.2
-18.7
14.6
6.3
1993- I
789.2
806.2
821.8
862.5
770.7
787.3
808.8
851.7
560.3
581.0
597.9
627.2
147.2
147.3
147.5
148.7
413.0
433.7
450.3
478.5
210.4
206.3
211.0
224.5
18.5
18.9
13.0
10.8
19.7
22.8
20.9
10.7
1994. j
U
898.9
950.9
967.3
984.6
873.4
891.7
910.2
936.6
643.6
657.9
680.0
705.9
144.1
151.0
151.6
155.0
499.4
506.9
528.4
550.9
229.9
233.8
230.2
230.6
25.4
59.2
57.1
48.1
22.1
51.7
47.4
40.4
1986
1987
1988
1989
1990
1991
1992
1993
1994 '
19821983198419851986198719881989199019911992-
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
...
.
n
TTT
rv
TTT
IV '
Source: Department of Commerce, Bureau of Economic Analysis.
323.7
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department July-August 1994 survey, business spending for new plant and equipment
is expected to rise 8.8 percent in 1994, following a rise of 7.3 percent in 1993.
BILLIONS Of DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
700
^—
SEASONALLY ADJUSTED ANNUAL RATES
_.
700
600
1
^--r-T
r^ \
500
ALL INDlJSTRIES
^
1
^..
^-^
400
^ •""'
'""-""\
300
NONMANUFy OURING -^
..•*'
200
^~~~
s
•>
s'~~"
--•""C
""'
'^—.
MANUFAQURING
V
2/ 2/
1
1
1985
1
1
1
1
I
1986
i
I
19S7
\
i
i
1988
!
1
i
1
i
i
i
i
1991
1990
1989
I
I
I
1992
^SURVEYS) QUARTERLY
i<SEEFOOTNOrcJBaOW
SOURCE DBWrTMENT Of COMMERCE
i
i
i
1
i
1
1
1994
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanufacturing
Manufacturing
Period
1984
1985
1986
1987
1988
1989..
1990
1991
1992
1993
1994 4
1992: I
n
m
IV
1993- I
n
m
IV
1994- I
n4
m
rv 4
All
industries
Total
373.83
410.12
399.36
410.52
455.49
507.40
532.61
528.39
546.60
586.73
638.37
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.47
192.56
534.23
541.29
547.82
559.39
10
Nonmanufacturing
Surveyed
quarterly
Nondurable
goods
Total 1
Mining
Transportation
Public
utilities
64.57
70.87
65.68
68.03
77.04
82.56
82.58
77.64
73.32
81.45
92.78
75.04
82.01
72.28
73.03
86.41
101.24
110.04
105.17
100.69
98.02
99.77
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
407.26
445.81
11.86
12.00
8.15
8.28
9.29
9.21
9.88
10.02
8.88
10.08
11.24
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.66
22.64
21.77
21.19
57.53
59.58
56.61
56.26
60.37
66.28
67.21
66.57
72.21
75.98
76.44
151.39
171.09
181.59
189.84
205.76
229.28
241.43
246.32
268.84
299.44
336.93
173.14
172.52
173.05
176.74
73.26
73.74
72.63
73.64
99.87
98.78
100.42
103.09
361.09
368.77
374.77
382.65
8.99
9.20
8.96
8.43
21.82
23.32
23.66
21.66
69.09
72.56
72.48
73.79
261.19
263.69
269.67
278.77
173.14
17252
173.05
176.74
361.09
368.77
374.77
382.65
563.48
578.95
594.56
604.51
173.99
177.55
182.48
182.15
78.19
80.33
82.74
83.64
95.80
97.22
99.74
98.51
389.49
401.40
412.09
422.36
8.98
9.10
11.09
10.92
22.38
21.50
21.32
21.84
73.78
74.45
75.94
78.87
284.35
296.35
303.74
310.73
173.99
17755
182.48
182.15
389.49
401.40
412.09
422.36
619.34
637.08
651.92
645.13
185.04
193.99
197.36
193.83
86.03
91.71
98.97
94.44
99.02
102.28
98.39
99.39
434.29
443.09
454.56
451.30
11.43
10.70
11.57
11.27
22.47
19.59
20.73
21.98
73.20
76.51
78.50
77.57
327.20
336.28
343.76
340.48
185.04
193.99
197.36
19383
434.29
443.09
454.56
451.30
Durable
goods
1
Excludes forestry, fisheries, and agricultural services; professional services; social services and
membership organizations; and real estate, which, effective with the April-May 1984 survey, are no
longer sun-eyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for
these industries.
2
"All industries" plus the part of nonmanufacturing that is sun-eyed annually.
3
Consists of forestry, fisheries, and agricultural services; professional services; social services and
membership organizations; and reai estate.
Total
nonfarm
business 2
Commercial
and
other
4
418.38
454.93
447.11
461.51
508.22
563.93
591.96
587.93
607.71
650.41
Manufacturing
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.47
192.56
Total
278.77
302.05
309.16
320.45
344.77
380.13
399.34
405.12
433.69
470.95
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
407.26
445.81
Surveyed
annually 3
44.55
44.81
47.75
50.99
52.73
56.53
59.35
59.54
61.11
63.68
Planned capital expenditures as reported by business in July-August 1994, corrected for biases.
NOTE.—The quarterly Plant and Equipment Survey has been discontinued and replaced by a
new semi-annual indicator survey: Business Inwsimeni and Pfans. The first new survey results for
1993-95 were released February 23, 1995. The new survey data may be incorporated into Economic Indicators at a later date. See Plant and Equipment Expenditures and Plans release of
September 8, 1994 for details.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In January, employment rose by 69,000 and unemployment rose by 343,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS *
134
134
SEASONAUr ADJUSTED
.
130
CIVILIAN LABOR FORCE
_^^
118
r—
^
^~^
'
-
~"
126
_^''"
r^*"^
""
___-•— "
»^*~jr~
11B
-.. -n*^ "
«-V
- s**'*'
114
130
_>—
\
126 -
., •"""'''"^
114
CIVILIAN 1
EMPLOYMENT
-
110 -
110
10A
IfVi
V
V
1987
*16 YEARS OF AGE AND OVER
SOURCE; DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
Chilian
labor force
Percent 2
Unemployment
Chilian employment
Civilian
noninstiturional
population
Nonagricultural
Total
NSA
Agricultural
Part time
Total
for
economic
reasons '
Total
15
weeks
and over
Not in
labor force
Labor
force
participation
rate
Employment/
population
ratio
Unemployment
rate
178,206
180,587
182,753
184,613
186,393
188,049
189,765
191,576
193,550
196,814
115,461
117,834
119,865
121,669
123,869
124,787
125,303
126,982
128,040
131,056
107,150
109,597
112,440
114,968
117,342
117,914
116,877
117,598
119,306
123,060
3,179
3,163
3,208
3,169
3,199
3,186
3,233
3,207
3,074
3,409
103,971
106,434
109,232
111,800
114,142
1 14,728
113,644
114,391
116,232
119,651
5,334
5,345
5,122
4,965
4,657
4,860
5,767
6,116
6,106
4,414
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
7,996
2,305
2,232
1,983
1,610
1,375
1,504
2,323
3,354
3,052
2,860
62,744
62,752
62,888
62,944
62,523
63,262
64,462
64,593
65,509
65,758
64.8
65.3
65.6
65.9
66.5
66.4
66.0
66.3
66.2
66.6
60.1
60.7
61.5
62.3
63.0
62.7
61.6
61.4
61.6
62.5
5.5
5.3
5.5
6.7
7.4
6.8
6.1
Sept
Oct
Nov
Dec
195,953
196,090
196,213
196,363
196,510
196,693
196,859
197,043
197,248
197,430
197,607
197,765
130,643
130,784
130,706
130,787
130,699
130,538
130,774
131,086
131,291
131,646
131,718
131,725
121,903
122,208
122,160
122,402
122,703
122,635
122,781
123,197
123,644
124,141
124,403
124,570
3,328
3,368
3,396
3,438
3,413
3,294
3,333
3,436
3,411
3,494
3,500
3,532
118,575
118,840
118,764
118,964
119,290
119,341
119,448
119,761
120,233
120,647
120,903
121,038
4,748
4,479
4,706
4,583
4,583
4,510
4,273
4,173
4,154
4,226
4,246
4,254
8,740
8,576
8,546
8,385
7,996
7,903
7,993
7,889
7,647
7,505
7,315
7,155
3,046
3,066
3,056
2,972
2,853
2,740
2,823
2,773
2,768
2,934
2,661
2,456
65,310
65,306
65,507
65,576
65,811
66,155
66,085
65,957
65,957
65,784
65,889
66,040
66.7
66.7
66.6
66.6
66.5
66.4
66.4
66.5
66.6
66.7
66.7
66.6
62.2
62.3
62.3
62.3
62.4
62.3
62.4
62.5
62.7
62.9
63.0
63.0
6.7
6.6
6.5
6.4
6.1
6.1
6.1
6.0
5.8
5.7
5.6
5.4
1995- Jan
197,753
132,136
124,639
3,575
121,064
4,430
7,498
2,386
65,617
66.8
63.0
5.7
1985
1986 "
1987
1988
1989 .
1990
1991
1992
1993
1994 *
1994- Jan 4
Feb
Mar
Apr
May
,"
July
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutional population; and unemployment as percent of civilian labor force.
88-748 0 - 9 5 - 2
7.2
7.0
6.2
3
Not strictly comparable with earlier data.
* Data beginning January 1994 are not directly comparable with data for earlier periods. See
Employment and Earnings, February 1994.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In January, the unemployment rate rose to 5.7 percent from 5.4 percent in December.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT * (SEASONALLY ADJUSTED)
25
20
BLACK
15
10
10
ALL CIVILIAN WORKERS
WHITE
1991
1992
1993
1991
1995
1994
1995
*UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
By selected groups
By race
By sex and age
Both
sexes
16-19
years
Experienced
wage
and
salary
workers
Married
men,
spouse
present
All civilian
workers
Men
20 years
and over
Women
20 years
and
over
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994 2
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
6.8
6.1
6.2
6.1
5.4
4.8
4.5
4.9
6.3
7.0
6.4
5.4
6.6
6.2
5.4
4.9
4.7
4.8
5.7
6.3
5.9
5.4
18.6
18.3
16.9
15.3
15.0
15.5
18.6
20.0
19.0
17.6
6.2
6.0
5.3
4.7
4.5
4.7
6.0
6.5
6.0
5.3
13.7
13.1
11.6
10.4
10.0
10.1
11.1
12.7
11.7
10.5
15.1
14.5
13.0
11.7
11.4
11.3
12.4
14.1
12.9
11.5
6.8
6.6
5.8
5.2
5.0
5.3
6.5
7.1
6.5
5.9
4.3
4.4
3.9
3.3
3.0
3.4
4.4
5.0
4.4
3.7
1994- Jan 2
Feb
Mar
6.7
6.6
6.5
6.4
6.1
6.1
6.1
6.0
5.8
5.7
5.6
5.4
6.1
6.0
5.8
5.7
5.4
5.3
5.5
5.3
5.1
5.0
4.9
4.7
5.9
5.7
5.9
5.6
5.4
5.4
5.3
5.3
5.2
5.0
5.0
4.7
5.8
5.7
5.6
5.6
5.3
5.3
5.3
5.2
5.1
5.0
4.8
4.8
11.4
11.3
11.3
10.8
10.6
10.4
10.3
10.6
10.2
10.4
9.8
9.2
13.0
12.7
12.4
11.9
11.7
11.3
11.2
11.3
10.7
11.1
10.5
9.8
6.6
6.4
6.4
6.2
5.9
5.9
6.0
5.8
5.7
5.5
5.4
5.3
5.7
5.0
4.9
18.5
18.2
18.0
19.2
18.1
17.1
17.7
17.5
17.2
17.1
15.8
17.2
16.7
4.9
9.5
10.2
5.4
May
July
Sept
Oct
Nov
Dec ....
1995: Jan
1
2
Revised definition; for details, see Employment and Karnings, February 1994.
Data beginning January 1994 are not directly comparable with data for earlier periods. See
12
White
Black
and
other
Black
Women
who
maintain
families
Full-time
workers 1
Part-time
workers 1
10.4
9.8
9.2
8.1
8.1
8.2
9.1
9.9
9.5
8.9
7.1
6.9
6.0
5.3
5.1
5.4
6.7
7.4
6.8
6.1
7.5
7.4
6.9
6.4
6.2
6.3
6.9
7.4
7.1
6.0
4.2
4.3
4.1
3.9
3.7
3.6
3.6
3.5
3.4
3.3
3.2
3.2
9.3
9.5
9.4
9.1
8.9
8.8
7.9
8.8
8.9
8.9
8.7
8.8
3.4
8.9
6.8
6.7
6.6
6.4
6.1
6.1
6.1
6.0
5.8
5.8
5.6
5.3
5.5
6.2
6.1
6.3
6.2
6.2
5.9
6.0
6.2
5.8
5.6
5.4
5.9
6.2
Employment and Earnings, February 1994.
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In January, the percentage of the unemployed who had been out of work for less than 5 weeks rose; the
percentages for 5-14 weeks, 15-26 weeks, and 27 weeks and over all fell. The mean duration of unemployment
fell to 16.7 weeks and the median duration fell to 7.9 weeks.
PER( :ENT
DISTRIBUTION *
PER :ENT
70
DISTRIBUTION *
70
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
60
60
jT^AWX
50
50
W
JOB LOSE IS-"
^
40
\^
LESS THAN
^^./
-<
^*-%v
30
v
,
V*
-14
w EEKS
10
.'S<^
Y
£>&
40
f
/ x-v
/CvV,
R [ENTRANTS
30
17 WEEKS
AND OVER
r^v -J
X
20
wv
rJ^^I
\.X-\.A
-r
S~\
V
^y
\
-
V— '
20
JOB LEAVER S
15-2o
10
WEEKS
r-~^
C^
NE W ENTRANT S
0
Illllllllll
1991
Illllllllll
Illllllllll
in, ,11,,,,
1993
1994
1995
1992
0
1991
!992
1993
* SEASONALLY ADJUSTED
I/BEGINNING JANUARY 1994, JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS
SOUHCEi DEPARTMENT OF LABOR
1994
1995
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Duration of unemployment
Unemployment
(thousands)
Period
Number of
weeks
Percent distribution
Beason for unemployment:
percent distribution
27
Less
than 5-14 15-26 weeks
5
weeks weeks and
over
weeks
Average
(mean)
Median
Job
losers 1
Job
leavers
15.4
14.4
14.0
12.1
9.9
10.1
13.0
20.6
20.4
20.3
19.9
20.8
21.4
21.1
21.3
19.5
20.0
19.7
20.1
20.9
19.9
19.0
18.2
15.6
15.0
14.5
13.5
11.9
12.1
13.8
17.9
18.1
18.8
18.4
18.8
19.2
19.1
19.4
18.4
19.0
18.9
18.8
19.3
18.2
17.8
16.7
6.8
6.9
6.5
5.9
4.8
5.4
6.9
8.8
8.4
9.2
8.5
8.9
9.1
9.2
9.2
9.1
9.2
9.2
9.5
10.1
9.1
8.7
7.9
49.8
48.9
48.0
46.1
45.7
48.3
54.7
56.4
54.6
47.7
50.6
48.5
47.8
45.5
46.0
47.8
48.3
47.1
46.6
46.8
47.5
47.6
49.2
10.6
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.8
9.9
9.4
9.9
9.7
9.5
10.1
10.1
9.6
10.0
11.4
10.1
9.6
9.7
9.3
ReenNew
trants entrants
State
programs
Insured Initial
unemployment claims
Insured
unemployment,
all
regular
programs
(unadjusted)"
Weekly average, thousands
1985..
1986
1987 ..
1988
1989..
1990
1991 .
1992
1993
1994 "
1994- Jan 3
Feb
Mar
May
July
Aue
Sept
Oct
Nov
Dec
1995: Jan
1
Beginning
2
. . . .
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
7,996
8,740
8,576
8,546
8,385
7,996
7,903
7,993
7,889
7,647
7,505
7,315
7,155
7,498
42.1
41.9
43.7
46.0
48.6
46.1
40.1
34.9
36.2
34.1
38.1
31.8
32.8
33.7
33.3
34.7
34.8
33.2
34.6
31.9
35.0
36.0
39.4
30.2
31.0
29.6
30.0
30.3
32.0
32.3
29.4
28.9
30.1
27.0
31.7
30.7
30.2
30.9
30.9
29.7
32.1
29.6
29.6
29.1
29.9
28.5
12.3
12.7
12.7
12.0
11.2
11.8
14.5
15.2
14.6
15.5
15.0
15.7
15.1
15.0
14.6
15.0
15.5
15.0
15.7
17.6
16.0
15.1
13.9
January 1994, job losers and persons who completed temporary jobs.
Includes State (50 States, District of Columbia, Puerto Kico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Railroad (RB) programs included through 1993. Also includes
Federal and State extended benefit programs. Does not include Federal supplemental compensation
or Emergency Unemployment Compensation programs.
s
Data beginning January 1994 are not directly comparable with data for earlier periods. See
27.1
26.2
26.6
27.0
28.2
27.4
24.8
23.7
24.6
34,8
32.5
34.2
35.1
37.1
36.2
35.7
34.6
35.0
34.2
35.0
35.0
34.9
33.4
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.5
10.0
7.6
7.4
7.4
7.4
8.0
7.7
6.4
7.4
7.9
7.8
8.2
7.9
7.7
8.0
2,617
2,643
2,300
2,081
2,158
2,522
3,342
3,245
2,751
2,671
'2,737
r
2,794
r
2,739
r
2,713
'r 2,743
2,745
'2,717
'2,667
'2,614
'2,569
'2,531
'2,533
'2,515
397
378
328
310
330
388
447
408
341
340
'368
351
340
'349
'365
'350
'348
'328
'323
'328
'329
'326
'335
2,699
2,739
2,369
2,135
2,205
2,575
3,406
3,348
2,845
2,740
3,512
3,507
3,396
2,873
2,626
2,635
2,578
2,573
2,179
2,203
2,343
'2,514
3,279
Employment and Earnings, February 1994.
Note.—Seasonally adjusted data for insured unemployment and initial claims have been revised
historically.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Traininir Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 134,000 in January, following
increases of 210,000 in December and 534,000 in November.
MILLIONS OF PERSONS* [ENLARGED SCALE)
MILLIONS OF PERSONS*
120
110
All NONAGRICULTURAt,
ESTABLISHMENTS
100
80
SERVICE-PRODUCING
INDUSTRIES
70
60
50
40
GOODS-PRODUCING
INDUSTRIES
30
20
il Nil i
1991
I III I
1992
\
Mill
1993
6
CONSTRUCTION
_—
4
mull
i n i il i
1994
1
1995
—
imihmi
[imilmn
1993
1992
1
1994
1995 ^
COUNCIL OF ECONOMIC ADVISERS
{Thousands of wage and salary workers; * seasonally adjusted]
Total
nonagrieultural
employment
Period
1985
1986
1987
1988
1989 .. ..
1990
1991
1992
1993
1994"
1994: Jan
Feb
Mar
Apr
May
June ....
July
Aug
Sept
Get
NOT
Dec *....
1995: Jan"....
97387
99,344
101 958
105,210
107,895
109,419
108,256
108,604
110,525
113,427
111,711
111,919
112,298
112,699
112,951
113,334
113,624
113,914
114,186
114,348
114,882
115,092
115,226
Service-producing industries
Goods-producing industries
Manufacturing
Total2
24,842
24,533
24,674
25,125
25,254
24,905
23,745
23,231
23,256
23,583
23,328
23,327
23,395
23,506
23,519
23,576
23,590
23,640
23,673
23,715
23,827
23,858
23,927
fifit*
%jonstruction
4,668
4,810
4,958
5,098
5,171
5,120
4,650
4,492
4,642
4,916
4,744
4,745
4,806
4,893
4,907
4,927
4,944
4,942
4,972
4,974
5,044
5,044
5,071
Non-
Total
72,544
74,811
77,284
80,086
82,642
84,514
84,511
85,373
87,269
89,844
88,383
88,592
88,903
89,193
89,432
89,758
90,034
90,274
90,513
90,633
91,055
91,234
91,299
Total
ifuraDle
goods
durable
goods
19,248
18,947
18,999
19,314
19,391
19,076
18,406
18,104
18,003
18,063
17,968
17,970
17,980
18,007
18,009
18,044
18,045
18,095
18,096
18,142
18,183
18,218
18,257
11,458
11,195
11,154
11,363
11,394
11,109
10,569
10,277
10,172
10,267
10,182
10,182
10,190
10,216
10,217
10,253
10,249
10,290
10,306
10,335
10,371
10,400
10,426
7,790
7,752
7,845
7,951
7,997
7,968
7,837
7,827
7,831
7,796
7,786
7,788
7,790
7,791
7,792
7,791
7,796
7,805
7,790
7,807
7,812
7,818
7,831
Tl. vnllla
1
Includes all full- and part-time wage and salary workers in nonagrieultural establishments who
received pay for any part of the pay period which includes the 12th of the month, Excludes proprietors, self-employed persons, domestic sen-ants, and personnel of the Armed Forces, Total derived
from this table not comparable with estimates of nonagrieulturai 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
Transportation
and
public
utilities
5,233
5,247
5,362
5,514
5,625
5,793
5,762
5,721
5,787
5,843
5,793
5,803
5,816
5,759
5,843
5,849
5,857
5,866
5,865
5,867
5,888
5,915
5,930
Wholesale
trade
5,727
5,761
5,848
6,030
6,187
6,173
6,081
5,997
5,958
6,059
5,990
6,003
6,013
6,028
6,037
6,049
6,053
6,079
6,095
6,106
6,117
6,132
6,148
Rotnil
fteuul
trade
17,315
17,880
18,422
19,023
19,475
19,601
19,284
19,356
19,717
20,309
19,924
19,965
20,026
20,137
20,153
20,279
20,386
20,405
20,470
20,523
20,655
20,736
20,748
Government
Finance,
insurance,
and real
estate
Services
5,948
6,273
6,533
6,630
6,668
6,709
6,646
6,602
6,712
6,789
6,771
6,776
6,781
6,791
6,787
6,798
6,797
6,801
6,794
6,786
6,791
6,791
6,792
21,927
22,957
24,110
25,504
26,907
27,934
28,336
29,052
30,278
31,803
31,004
31,129
31,326
31,497
31,598
31,765
31,918
32,036
32,138
32,231
32,414
32,497
32,550
Total
16,394
16,693
17,010
17,386
17,779
18,304
18,402
18,645
18,817
19,041
18,901
18,916
18,941
18,981
19,014
19,018
19,023
19,087
19,151
19,120
19,190
19,163
19,131
Federal
2,875
2,899
2,943
2,971
2,988
3,085
2,966
2,969
2,915
2,870
2,893
2,892
2,884
2,882
2,870
2,859
2,859
2,858
2,863
2,858
2,854
2,869
2,841
weather, etc., even if they are Rot paid for the lime off; and which are based OH a sample of (he
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 tabor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY
EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average weekly hours
Total
private
nonagricultural '
Period
Total
Average gross weekly earnings
Average gross hourly earnings
Manufacturing
Total private
nonagricultura! '
Overtime
Current
dollars
Manufacturing
1382
dollars *
dollars 2
$271.16
271.94
269.16
266.79
264.22
259.47
255.40
254.99
254.87
255.99
34.9
34.8
34.8
34.7
34.6
34.5
34.3
34.4
34.5
34.6
40.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0
41.4
42.0
3.3
3.4
3.7
3.9
3.8
3.6
3.6
3.8
4.1
4.7
$8.57
$7.77
$9.54
8.76
8.98
9.28
9.66
10.01
10.32
10.57
10.83
11.12
7.81
7.73
7.69
7.64
7.52
7.45
7.41
7.39
7.40
9.73
9.91
10.19
10.48
10.83
11.18
11.46
11.74
12.06
$299.09
304.85
312.50
322.02
334.24
345.35
353.98
363.61
373.64
384.75
41.7
41.3
42.1
42.2
42.1
42.0
42.0
42.0
42.0
42.1
42.1
42.2
4.5
4.5
4.7
4.8
4.7
4.7
4.6
4.6
4.7
4.7
4.8
4.8
11.02
11.03
11.02
11.05
11.09
11.08
11.11
11.13
11.17
11.25
11.23
11.25
7.43
7.42
'7.40
7.40
7.42
7.39
7.38
Dec*
34.8
34.3
34.6
34.7
34.8
34.6
34.6
34.4
34.6
34.9
34.6
34.6
7.39
7.39
11.95
12.01
12.00
12.00
12.00
12.03
12.05
12.08
12.12
12.14
12.17
12.19
383.50
378.33
381.29
383.44
385.93
383.37
384.41
382.87
386.48
392.63
388.56
389.25
1995: Jan »
34.9
42.2
4.9
11.32
7.41
12.23
395.07
1985.
1986
1987.
1988
1989.
1990
1991
1992
1993
1994 '
1994:
Jan
Feb
Mar
May
,"
July
Sept
Oct
Nov
r
7.37
7.38
r
7.42
1
Also includes other private industry groups shown on p. 14.
2
Current dollar earnings divided bv the consumer price index for urban wage earners and clerical
workers <CPI-W) (on a 1982—100 base). Seasonally adjusted CPI-W data revised beginning 1990.
1982
Current
dollars
Percent change from a
year earlier, total
private
nonagricultural 3
Current dollars
Total private
nonagricultura! '
Manufacturing
Construction
Retail
trade
Current
dollars
1982
dollars
$386.37
396.01
406.31
418.81
429.68
441.86
455.03
469.86
486.04
506.52
$464.46
466.75
480.44
495.73
513.17
526.01
533.40
537.70
551.81
569.97
$174.64
176.08
178.70
183.62
188.72
194.40
198.48
205.06
209.95
216.46
2.1
1.9
2.5
3.0
3.8
3.3
2.5
2.7
2.8
3.0
-1.3
.3
-1.0
-.9
-1.0
-1.8
-1.6
-.2
— 0
.4
258.42
••254.43
•"255.90
256.83
258.15
255.58
255.25
'253.39
255.27
' 258.99
255.80
255.75
498.32
496.01
505.20
506.40
505.20
505.26
506.10
507.36
509.04
511.09
512.36
514.42
558.44
545.25
561.44
559.02
570.86
567.73
573.78
569.66
577.98
575.53
573.53
578.79
214.89
212.21
214.73
216.05
216.63
216.63
216.92
216.75
216.58
220.75
218.48
219.93
3.7
2.5
3.5
3.5
2.8
3.1
3.0
1.8
3.3
3.8
2.7
3.0
1.3
.1
1.2
1.3
.7
.6
.3
-1.0
.3
1.2
.0
.3
258.72
516.11
580.26
222.21
3.1
.2
r
3
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Percent change from
Index (June 1889 = 1001
3 months earlier
Period
Total
compensation
Wages and
salaries
Benefits >
Total
compensation
Wages and
salaries
12 months earlier
Benefits '
Total
compensation
Wages and
salaries
Benefits *
Not seasonally adjusted
1985:
1986'
198719881989:
1990:
1991199219931994:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
. . .
. . . .
.
.
.
.
..
..
3.9
3.2
3.3
4.8
4.8
4.6
4.4
3.5
3.6
3.1
88.3
91.1
94.1
98.0
102.0
106.1
110.0
112.9
116.4
119.7
113.0
113.8
114.6
115.7
111.0
111.6
112.1
113.0
118.2
119.5
121.2
122.9
1.0
.7
.7
1.0
0.8
.5
.4
.8
1.3
1.1
1.4
1.4
4.2
3.7
3.4
3.5
3.4
3.0
2.7
2.6
6.3
5.5
5.2
5.2
116,9
117.9
118.9
119.9
120.8
121.8
122.8
123.6
113.9
114.6
115.6
116.4
117.3
118.3
119.1
119.8
124.8
126.5
127.7
129.1
130.2
131.5
132.8
133.8
1.0
.9
.8
.8
.8
.8
.8
.7
.8
.6
.9
.7
.8
.9
.7
.6
1.5
1.4
.9
I.I
3.5
3.6
3.7
3.6
3.3
3.4
3.3
3.1
2.7
2.7
3.1
3.1
2.9
3.1
2.9
2.8
5.6
5.8
5.4
5.0
4.4
3.9
4.0
3.7
84.6
87.5
90.5
96.7
102.6
109.4
116.2
122.2
128.3
133.0
Seasonally adjusted
1992- Mar
Sent
Dec
.
.
.
.
1993- Mar
Sept
Dec
1994- Mar
.
.
Sent
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.
3.5
3.4
3.4
6.9
6.1
6.6
6.2
5.2
5.0
3.7
87.3
90.1
93.1
97.6
102.3
107.0
111.7
115.6
119.8
123.5
4.1
3.2
3.3
4.1
4.1
4.0
3.7
2.6
3.1
2.8
Not seasonally adjusted
.9
1.0
1.0
.8
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Output l
Business
sector
Compensation
per
hour 3
Hours of 2all
persons
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Unit labor costs
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1982 = 100; quarterly data seasonally adjusted
1985
1986 .
1987
1988
1989 ....
1990
1991 ..
1992
1993
1994 **
106.3
108.5
109.6
110.7
109.9
110.7
112.1
115.5
117.2
119.9
105.6
107.7
108.6
109.6
108.6
109.1
110.7
113.7
115.4
117.9
116.7
119.9
124.8
130.1
132.3
133.3
132.0
135.5
140.6
148.1
116.8
120.1
125.0
130.6
132.7
133.5
132.2
135.5
141.0
148.3
109.8
110.5
113.8
117.5
120.4
120.5
117.7
117.4
120.0
123.5
110.7
111.5
115.1
119.1
122.2
122.4
119.5
119.2
122.2
125.8
113.2
118.8
123.1
128.5
133.0
140.6
147.4
154.9
160.5
165.6
112.8
118.4
122.5
127.7
132.0
139.2
146.2
153.7
158.7
163.7
101.5
104.6
104.6
104.8
103.5
103.8
104.4
106.6
107.2
107.8
101.1
104.3
104.1
104.2
102.7
102.8
103.6
105.7
106.0
106.6
106.5
109.5
112.3
116.0
121.0
127.1
131.5
134.2
136.9
138.1
106.8
110.0
112.8
116.5
121.5
127.6
132.1
135.2
137.5
138.8
111.2
113.6
116.6
120.8
126.1
131.2
135.9
138.8
141.5
144.0
111.6
114.2
117.2
121.4
126.5
131.8
136.7
139.9
142.6
145.2
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
101.1
103.1
105.4
107.0
108.3
110.6
110.8
109.7
110.5
113.0
101.1
103.3
105.3
106.0
107.4
109.5
110.0
108.5
108.9
111.5
100.0
107.5
114.4
118.0
120.6
127.4
131.7
132.3
132.1
132.6
100.0
108.1
114.8
118.2
120.8
127.6
132.5
132.7
132.2
132.8
98.9
104.3
108.5
110.2
111.3
115.1
118.8
120.6
119.6
117.4
98.9
104.7
109.0
111.4
112.5
116.5
120.5
122.3
121.4
119.2
102.1
105.3
109.9
115.6
120.9
125.8
130.6
134.9
143.5
150.1
102.1
105.2
109.9
115.0
120.5
125.1
129.8
133.9
142.2
148.8
100.6
100.5
100.7
102.4
105.6
105.1
104.7
103.4
103.4
105.1
100.6
100.4
100.7
101.8
105.2
104.6
104.1
102.6
102.5
104.2
101.0
102.1
104.3
108.0
111.6
113.7
117.9
123.0
129.8
132.9
101.0
101.9
104.4
108.5
112.2
114.3
118.0
123.4
130.5
133.5
101.1
104.8
109.0
112.4
114.6
117.9
122.8
127.8
133.2
136.9
101.4
105.2
109.0
112.9
115.2
118.5
123.4
128.2
134.0
137.9
1992- I
114.5
114.8
115.9
116.8
112.6
113.1
113.9
115.0
133.7
134.4
136.1
137.9
133.6
134.4
135.9
137.9
116.8
117.1
117.4
118.1
118.6
118.8
119.3
120.0
152.2
153.7
156.0
157.7
150.9
152.6
154.7
156.4
105.9
106.1
106.8
107.1
105.0
105.3
106.0
106.3
133.0
133.9
134.7
135.1
134.0
134.9
135.9
136.1
138.0
138.8
138.3
140.1
139.0
139.9
139.5
141.2
1993: I
116.2
116.4
117.3
119.0
114.4
114.5
115.6
117.0
138.1
139.6
140.9
143.9
138.3
139.9
141.5
144.3
118.9
119.9
120.1
121.0
120.9
122.1
122.4
123.3
158.8
160.0
161.2
162.1
157.2
158.2
159.3
160.2
107.0
107.0
107.3
107.2
106.0
105.8
106.1
105.9
136.6
137.5
137.4
136.3
137.5
138.1
137.7
136.9
140.8
141.4
141.6
142.1
142.0
142.5
142.8
143.1
1994:
119.8
119.2
120.3
120.8
117.9
117.2
118.2
118.7
145.8
147.2
148.8
150.8
146.1
147.3
148.8
150.8
121.7
123.5
123.7
124.8
124.0
125.6
126.0
127.1
164.6
164.7
166.2
167.5
162.6
162.9
164.1
165.6
108.3
107.6
107.6
107.9
106.9
106.4
106.3
106.6
137.4
138.2
138.1
138.7
137.9
138.9
138.9
139.5
142.6
143.8
144.5
144.9
143.5
145.1
145.9
146.2
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
n
m
rv
n
m ....
rv
I
n
m ....
rv*.
Percent change; quarterly data at seasonally adjusted annual rates
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994P*
1.4
2.1
1.0
1.0
-.7
.7
1.3
3.0
1.5
2.3
•0.8
2.0
.8
1.0
-.9
.4
1.5
2.7
1.5
2.2
3.6
2.8
4.1
4.3
1.7
.7
-1.0
2.7
3.8
5.3
3.4
2.8
4.1
4.4
1.7
.6
-1.0
2.4
4.1
5.2
2.1
.6
3.0
3.3
2.5
.1
-2.3
-.3
2.2
2.9
2.5
.8
3.2
3.4
2.6
.2
-2.4
-.3
2.5
2.9
4.5
5.0
3.6
4.4
3.5
5.7
4.8
5.1
3.6
3.2
4.1
5.0
3.5
4.2
3.3
5.5
5.0
5.1
3.3
3.1
0.9
3.1
— .1
.2
-1.3
.3
.6
2.0
.6
.6
0.6
3.1
-.2
.1
-1.4
.1
.8
2.0
.2
.6
3.0
2.8
2.5
3.4
4.3
5.0
3.5
2.1
2.0
.9
3.3
2.9
2.6
3.3
4.3
5.1
3.5
2.4
1.7
.9
3.3
2.2
2.6
3.6
4.4
4.1
3.5
2.2
1.9
1.7
3.7
2.4
2.6
3.6
4.2
4.2
3.7
2.3
1.9
1.8
1992- I
5.5
1.1
3.7
3.2
4.2
1.9
2.8
3.8
3.4
2.2
4.9
5.6
2.4
2.5
4.4
6.2
19
1.1
1.2
2.3
18
.6
1.6
2.3
5.8
4.0
6.1
4.4
5.7
4.6
5.8
4.5
3.1
.7
3.0
1.2
3.0
1.2
2.6
1.2
.3
2.8
2.4
1.2
1.4
2.6
2.9
.6
3.3
2.2
-1.3
5.1
3.2
2.5
-1.2
5.1
1993: I
-1.9
.6
3.3
5.7
-2.0
.4
4.0
4.9
.6
4.2
4.0
8.6
1.0
4.7
4.9
7.9
2.5
3.6
.7
2.8
3.0
4.3
.9
2.9
2.6
3.1
3.0
2.4
2.1
2.4
2.8
2.4
-.4
-.0
1.1
-.6
-.9
-.7
.9
-.6
4.6
2.5
-.3
-3.1
4.1
2.0
-1.2
-2.4
2.3
1.7
.6
1.2
2.2
1.6
.7
.8
1994:
2.9
-2.0
3.7
1.7
2.9
-2.1
3.2
1.8
5.5
3.7
4.5
5.4
5.2
3.2
4.3
5.4
2.5
5.9
.8
3.7
2.3
5.5
1.1
3.6
6.3
.2
3.6
3.4
6.1
.7
3.1
3.7
4.1
-2.5
0
1.1
3.9
-2.0
-.4
1.4
3.3
2.3
2
1.7
3.1
2.9
-.1
1.9
1.5
3.5
2.0
1.0
1.2
4.5
2.3
.7
n
m
rv
n
ni
rv
I
n
m ....
rv".
1
Output refers to gross domestic product originating in the sector in 1987 dollars.
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.
z
16
NOTE.—Data relate to alt 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.
' Fourth quarter 1994 data are based on GDP data released -January 27, 199f>. The GDP data
shown elsewhere in this issue of Economic. Indicators were released on March 1, l!)9.r>.
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)
140
TOTAL INDUSTRIAL PRODUCTION
130
INDEX, 1987- 100* (RATIO SCALE)
160
FINAL PRODUCTS
150
BUSINESS
EQUIPMENT
w^
140
120
^
130
110
120
100
^
>
/ ^^
'~-
,-- — '•
110
,'-*"'
X -•'"""
100
••_'
V
GOODS
'\
90
""*••+
"^
80
'•V
AND SPACE
EQUIPMENT
^
*\
** • •»
*%
70
Minium iniilii 1 1
I4U
in n i l nil
Illlli Mill
UTILITIES AND MINING
130
unUTIES
\
120
110 x
^
j
/ — - '« **•*-•*
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)/
- V';--4r»^'' s -•
,-
/
1
MINING
100
90
/
^-
f
•***—w^^
1991
1992
1993
\y~^]
1 1111111111
" ~^^
1 1 1 1 11 1 1 11 1
1994
1 1n 1111111
1995
/"
^"~"~^
f
1991
I I I M I 1 1 1 1 1 1 1 1 1 n in nl
1992
mill
1994
)993
1995
COUNOI Of ECONOMIC ADVBEK
[Monthly data seasonally adjusted]
Industry production indexes, 1987 = 100
Total
industrial
production
Period
Index,
1987 = 100
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994 P.
1994- Jan
Feb
Mar
May
July
. "
Sept
Oct r.
Nor r.
Dec r
.
1995. Jan r
1
Output as percent of capacity.
Capacity utilization
rate, percent 1
Manufacturing
Percent
change
from year
earlier
Mining
Durable
Total
Utilities
Nondurable
Total
industry
Manufacturing
94.4
95.3
100.0
104.4
106.0
106.0
104.3
107.6
112.0
118.1
1.7
.9
4.9
4.4
1.5
.0
— 1.7
3.2
4.1
5.4
91.6
94.3
100.0
104.7
106.4
106.1
103.9
108.0
112.9
119.7
91.8
93.9
100.0
106.6
108.6
107.4
104.2
109.3
116.1
125.6
91.5
94.9
100.0
102.3
103.7
104.4
103.6
106.5
109.3
113.2
109.0
101.0
100.0
101.3
100.0
102.0
100.2
98.9
98.2
99.8
99.5
96.3
100.0
105.0
108.7
109.9
112.3
111.9
116.2
118.1
80.3
79.2
81.5
83.7
83.7
82.1
79.2
80.2
81.7
84.0
79.5
79.1
81.6
83.6
83.2
81.3
78.0
79.2
80.9
83.4
114.7
115.6
116.6
116.7
117.4
118.0
118.2
119.1
119.0
119.5
120.4
121.4
3.7
3.9
4.7
4.8
5.7
5.8
5.5
6.1
5.8
6.0
5.9
5.8
115.8
116.7
118.0
118.4
119.0
119.3
119.8
120.9
120.9
121.5
122.6
123.8
121.0
122.1
122.9
123.7
124.0
124.6
125.2
127.0
127.2
128.0
129.2
131.0
110.0
110.7
112.5
112.4
113.4
113.4
113.6
114.0
113.7
114.2
115.3
115.9
97.8
99.5
100.5
100.7
100.7
100.6
100.1
100.0
100.1
99.2
98.4
99.9
120.3
119.6
117.9
114.7
115.8
121.1
119.0
118.8
116.5
117.2
116.9
116.0
82.7
83.2
83.7
83.6
83.8
84.1
84.1
84.5
84.2
84.4
84.8
85.4
81.8
82.2
82.9
83.0
83.2
83.2
83.3
83.8
83.6
83.8
84.4
85.0
121.9
6.2
124.2
131.9
115.7
100.2
117.6
85.5
85.1
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; monthly data seasonally adjusted]
Products
Materials
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994 P
1994. Jan
Feb
Mar
Apr
May
94.2
95.7
100.0
104.8
106.8
107.0
105.6
109.0
113.4
118.4
115.9
117.0
117.4
117.3
117.8
118.4
118.5
119.2
118.9
119.2
119.9
121.1
121.7
July
Sept
Oct 'r
Nov
Decr.
1995. Jan P
1
Total
93.7
96.8
100.0
102.9
104.0
103.4
103.0
105.9
109.4
113.1
111.5
112.4
112.9
112.3
112.8
113.5
113.3
113.8
113.0
113.0
113.9
115.0
115.4
Durable
goods
Nondurable
goods
91.6
94.5
100.0
104.6
106.6
102.3
95.5
102.6
110.7
119.4
118.6
121.1
119.0
117.8
116.4
118.0
118.0
120.7
119.1
119.4
120.6
123.3
124.1
94.4
97.6
100.0
102.4
103.2
103.8
105.2
106.9
109.2
111.6
109.8
110.4
111.5
111.0
112.0
112.5
112.2
112.2
111.7
111.5
112.4
113.1
113.4
Total
1
94.8
94.5
100.0
107.6
110.9
112.1
109.4
113.4
119.3
126.7
122.7
123.8
124.3
124.9
125.4
125.8
126.4
127.5
128.0
128.8
129.2
130.5
131.5
Business
91.1
93.1
100.0
110.7
115.5
116.9
116.5
124.1
134.6
146.9
140.4
142.0
142.6
143.5
144.5
145.5
146.9
148.9
149.5
150.9
151.4
153.1
154.5
Defense
and
space
equipment
89.4
96.0
100.0
99.7
100.1
98.8
91.3
86.5
78.5
71.1
74.5
73.6
73.7
73.6
72.4
71.3
69.9
69.2
68.8
68.7
68.9
69.1
69.1
Total
88.3
91.9
100.0
101.8
102.0
101.2
96.9
98.8
102.4
108.1
104.6
104.9
106.3
106.9
107.7
108.5
109.1
109.2
108.6
109.9
110.7
110.7
110.5
Construction
supplies
89.1
93.8
100.0
101.5
100.5
98.2
91.8
95.0
98.9
106.7
102.9
102.7
103.2
104.7
106.1
106.4
107.9
108.2
108.6
109.7
109.7
110.6
110.7
Business
supplies
87.7
90.7
100.0
102.0
103.0
103.2
100.3
101.3
104.9
109.2
105.8
106.5
108.4
108.5
108.8
110.1
110.0
109.9
108.7
110.1
111.5
111.0
110.5
Total
Energy
96.6
95.9
100.0
105.0
106.7
106.8
105.4
109.2
114.1
121.4
117.1
118.1
119.5
119.7
120.5
121.2
121.4
122.8
122.9
123.4
124.6
125.9
126.4
103.4
99.5
100.0
102.2
103.1
104.2
104.4
103.7
103.6
105.2
103.8
104.7
105.0
104.8
104.6
106.7
105.2
106.1
105.6
105.2
105.1
105.8
106.6
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987 = 100; monthly data seasonally adjusted]
Durable manufactures
Primary metals
Total
Iron
and
steel
Fabricated
metal
products
Industrial
machinery and
equipment
Electrical
machinery
101.8
93.7
100.0
108.7
107.2
106.5
98.7
101.9
106.9
114.2
108.0
111.6
112.1
114.8
114.8
113.7
112.7
113.5
116.0
115.9
119.2
123.4
120.7
104.5
90.8
100.0
112.7
111.2
111.5
100.5
105.1
111.4
117.8
110.8
116.0
116.7
121.5
120.9
118.2
116.1
113.0
118.2
118.8
121.9
130.2
125.8
94.5
93.8
100.0
104.2
102.8
99.5
95.3
98.8
103.7
110.7
107.2
106.6
108.5
109.6
110.0
110.2
111.7
112.4
111.6
112.2
113.3
114.4
115.7
86.8
90.3
100.0
113.0
117.3
117.6
115.0
124.6
141.1
160.0
150.3
151.9
154.0
156.1
157.7
158.9
160.6
162.6
164.6
166.5
167.6
169.3
171.5
93.1
94.3
100.0
108.5
111.0
111.4
113.4
121.9
139.3
160.2
148.1
150.1
152.6
154.3
156.5
159.5
161.5
164.1
165.0
166.9
168.9
172.2
174.6
Period
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994 f
1994- Jan
Feb
Mar
Apr
May
July
Oct 'r
Nov
Dec r
1995. Jan p
Source: Board of Governors of the Federal Reserve System.
18
Nondurable manufactures
Transportation
equipment
Total
Motor
vehicles
and
parts
91.8
96.9
100.0
105.2
109.6
107.0
101.3
105.1
105.5
109.9
110.8
112.3
110.7
109.5
107.6
107.5
105.7
109.5
108.8
109.0
110.4
112.1
112.6
99.0
98.5
100.0
105.7
106.9
101.0
94.3
107.4
121.1
138.0
138.7
142.6
138.8
136.2
131.6
132.2
129.6
138.1
137.4
138.4
141.5
144.5
146.3
Lumber and
products
Apparel
products
Printing and
publishing
Chemicals
and
products
88.0
95.1
100.0
100.1
99.4
97.1
90.5
95.8
100.2
106.1
105.3
103.8
104.0
103.9
106.0
106.2
106.8
105.5
107.6
106.7
106.5
108.3
107.1
92.6
96.3
100.0
98.1
95.0
92.2
92.9
95.0
94.9
96.2
93.5
94.9
95.7
96.2
97.1
97.0
97.0
96.8
96.8
96.9
96.8
96.8
96.0
87.6
90.6
100.0
100.9
101.1
100.8
97.0
97.2
99.3
101.3
98.2
98.8
101.3
101.7
101.6
102.4
102.1
101.5
100.9
101.4
102.1
102.4
101.5
91.4
94.6
100.0
106.0
109.2
111.8
111.1
114.7
119.1
123.9
121.3
121.8
123.1
122.4
124.0
124.4
124.7
124.7
123.7
123.8
125.7
126.3
127.2
Foods
94.9
97.4
100.0
101.5
102.5
103.7
105.3
107.0
109.4
112.8
109.9
109.9
112.9
111.9
112.8
112.8
113.4
113.7
114.6
113.4
114.2
114.8
115.0
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts
Private
Period
Total new
construction
expenditures
Residential
Total
New housing
units
Total1
Commercial
and
industrial «
Other
Federal,
State, and
local
Total value
index
(1987=100)
3
Commercial
and industrial
floor space
(millions of
square feel)
Billions of dollars
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994 '
316.1
341.1
158.5
187.1
194.7
198.1
196.6
182.9
157.8
187.9
210.5
377.8
237.9
377.4
407.7
299.5
419.4
328.7
337.5
345.5
334.7
293.5
432.3
443.7
442.2
403.6
435.4
466.4
506.9
323.1
89.8
84.4
84.0
88.0
94.3
96.4
77.0
65.8
66.4
74.0
114.7
133.2
139.9
138.9
139.2
128.0
110.6
129.6
144.1
167.4
51.3
51.6
50.1
51.5
54.6
55.4
58.7
62.5
64.2
65.9
91
96
100
101
105
95
89
97
104
111
77.8
84.6
90.6
94.7
98.2
107.5
110.1
119.2
125.3
129.2
Annual raleg
Annual rates
1994- Jan ..
Feb
Mar ...
Apr
May
, *..
529.7
393.1
242.8
169.2
505.4
505.5
Aug
514.2
521.4
525.1
Sept
Oct
Nov '
Dec r
1995- Jan *
3
240.7
237.8
236.9
238.5
239.3
242.3
243.9
506.1
July ....
1
2
241.2
530.9
378.2
379.3
376.5
376.2
382.3
384.9
393.5
395.2
160.8
164.2
167.0
168.4
170.1
168.9
168.8
167.9
168.9
167.8
169.2
170.4
488.5
485.9
496.0
497.0
504.4
363.9
361.9
371.7
374.1
229.8
233.3
236.8
238.0
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
1,097
1,016
1,019
973
961
783
577
556
589
715
r
r
67.3
66.3
70.3
73.3
73.7
73.5
73.4
74.0
76.4
76.7
81.2
81.1
66.7
62.3
64.6
62.8
63.4
65.1
65.3
65.4
67.4
68.8
70.0
70.2
124.6
124.0
124.4
122.9
126.1
126.8
129.0
129.3
131.9
136.5
131.6
135.7
!09
111
113
107
r
l!2
r
l!0
112
r
!20
r
l!5
113
104
771
688
83.9
66.4
136.7
104
786
r
lll
636
'602
r
714
'625
r
658
r
631
'719
'688
r
710
r
707
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Period
Units started, by type of structure
Total
1985
1986
1987
1988 ..
1989
1990
1991
1992
1993
1994 r
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1,
1,192.7
1,013.9
1,199.7
1,287.6
1,455.3
1 unit
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
1,125.7
1,196.8
2-4 units
5 or more units
93.4
84.0
65.3
58.8
55.2
37.5
35.6
30.7
29.4
35.2
576.1
542.0
408.7
348.0
317.6
260.4
137.9
139.0
132.6
223.3
Unite
authorized
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9
1,199.1
' 1,374.6
Units
completed
Homes sold
Homes for
sale at end of
period1
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
1,192.7
1,346.4
688
750
671
676
650
534
509
610
666
672
346
357
366
368
365
321
284
'265
r
293
341
Vacancy rate
for rental
housing units
(percent) 2
6.5
7.3
7.7
7.7
"7.4
7.2
7.4
7.4
»7.3
7.4
Seasonally adjusted annual rates
1994' Jan r
Feb r.
Mar '
Apr '
May '
Oct '
Nov r
Dec '
1,266
1,318
1,499
1,463
1,489
1,370
1,440
1,463
1,511
1,451
1,536
1,527
1,122
1,112
1,259
1,209
1,197
1,174
1,219
1,174
1,235
1,164
1,186
1,223
23
32
30
31
36
18
32
40
42
39
62
36
121
174
210
223
256
178
189
249
234
248
288
268
1,392
1,279
1,331
1,377
1,383
1,336
1,347
1,382
1,416
1,391
1,355
1,421
1,231
1,337
1,266
1,363
1,438
1,333
1,280
1,337
1,400
1,376
1,371
1,388
640
691
722
672
689
632
630
672
691
707
648
654
295
298
299
298
302
313
317
322
328
330
335
341
1995- Jan *
1,377
1,072
38
267
1,302
1,410
679
344
June'.
July ' .
Aue r
Sept ' .
1
2
Seasonally adjusted.
Revised series beginning 1989 and 1994; not comparable with earlier data, except 1993 data
have been revised to be comparable with new series beginning in 1994.
Quarterly data entered in last month of quarter.
3
The 1994 total based on 17,000 permit-issuing places is 1,332.3 thousand units (revised).
7.5
7.4
7.2
7.4
NOTE.—Beginning 1994, units authorized are for 19,000 places. For other data shown, units
authorized are for 17,000 places.
Seasonally adjusted data for housing starts, housing completions, and homes sold and for sale
have been revised beginning 1992.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In December, manufacturing and trade sales rose 1.4 percent and inventories rose $2.6 billion. According to
advance data, retail sales rose 0.2 percent in January, the same gain as in December.
BILLIONS OF DOLLARS' (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
300
1,000
900
-CTT^
\
800
250
RETAIL INVENTORIES
MAI MUFACTURIN<5 AND
TR,ADE INVENTC3RIES
^f— '
,'~~"~~
700
600
200
---'-'"
.^
\
M,\NUFACTURII«
MgD TRADE SALES
500
RETAIL SALES
150
400
100
300
RATIO*
1.80
INVENTORY-SALES RATIO
1.70
RETAIL
1.60
200
\v;>^szrv /w/« ^-<t
1.50
1.40
1.30
1991
1992
1993
1994
1 1 M 1 11 1 1 M
1991
1995
k MANUFACTURING
ANDTRy
« M 11t 1 1t 1 11
1992
"x
1 1 1 I 1 1 1 M 1 1 f 1 11 1 I M 1 1t
1993
• SEASON4UY ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
Manufacturing and
trade 1
Sales »
Inventories3
i 1 1 111 1 | t M
1995
COUNCIL OFB:ONOMCADV!SB!
Sales2
Inventories3
Inventory-sales ratio *
Retail
Wholesale
Sales
Period
1994
Total
Inventories 3
2
Durable
goods
stores
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade1
Retail
Millions of dollars, seasonally adjusted, except as noted
1984
1985.
1986
1987.
1988
1989
.
1990
1991
1992
1993
1994 *
1993: Dec '
1994: Jan
Feb
Mar
May
July
. '
Aug
Sent
Oct
Nov r
Dec *
1995: Jan p
411,427 651,551
423,940 665,835
431,786 664,624
459,107 711,725
496,819 767,538
523,260 813,637
542,349 837,120
537,598 832,852
559,799 841,831
592,201 '865,267
638,729 921,011
611,127 865,267
'610,641 867,692
619,103 871,842
627,781 870,189
625,080 874,989
627,524 885,185
632,863 889,100
630,573 894,689
651,210 902,514
649,932 906,731
651,917 913,385
661,100 918,393
670,125 921,011
113,502
114,816
116,326
124,340
135,170
143,754
148,859
146,834
152,031
160,213
171,118
160,889
163,483
165,330
167,981
167,408
167,897
169,208
169,801
175,157
174,333
176,153
177,298
181,159
144,223 107,243
149,155 114,586
155,445 120,803
165,814 128,442
180,535 138,108
188,566 146,782
196,935 154,031
201,462 155,246
208,757 163,258
216,536 173,468
234,613 186,777
216,536 180,516
217,278 '178,828
218,820 181,958
217,359 185,303
219,605 183,429
223,213 183,395
223,098 185,089
226,639 185,287
227,600 187,973
228,755 189,465
232,224 191,789
234,078 192,611
234,613 '192,913
193,218
* See page 21 for manufacturing.
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.
2
37,873
41,510
45,057
47,989
52,482
54,894
55,944'
54,456
58,942
65,383
73,994
70,822
'70,072
70,860
73,306
72,388
71,940
72,805
72,505
74,532
75,468
77,664
77,944
'77,718
77,428
3
88,738
79,074
69,369 167,812
93,566
73,075 181,881
88,315
96,527
89,983
75,746 186,510
80,453 207,836 105,481 102,355
85,626 219,581 112,690 106,891
91,888 238,160 121,716 116,444
98,088 241,117 121,666 119,451
100,790 245,042 119,739 125,303
104,316 253,836 123,520 130,316
108,085 '271,306 '135,508 ' 135,798
112,783 294,588 151,540 143,048
109,694 271,306 135,508 135,798
'108,756 271,506 137,492 134,014
111,098 272,954 138,061 134,893
111,997 273,058 137,817 135,241
111,041 274,739 139,242 135,497
111,455 279,590 141,314 138,276
112,284 282,896 142,792 140,104
112,782 281,405 142,403 139,002
113,441 287,902 147,508 140,394
113,997 291,445 149,766 141,679
114,125 293,098 150,490 142,608
114,667 294,327 151,421 142,906
'115,195 294,588 151,540 143,048
115,790
Seasonally adjusted, end of period,
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
4
.53
.55
.55
.50
.49
1.53
1.53
1.54
1.50
1.45
1.40
1.42
.42
.41
.39
.40
.41
.40
.42
.39
1.40
1.40
1.39
1.37
1.49
1.52
1.56
1.56
1.54
1.58
1.56
1.55
1.52
1.52
1.52
1.50
1.52
1.50
1.47
1.50
1.52
1.53
1.52
.53
.54
.53
.53
.53
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
Manufacturers' shipments, inventories, and new and unfilled orders rose again in January.
BILLIONS OF DOLLARS' (RATIO SCALE)
320 _ SHIPMENT.
BILLIONS OF DOLLARS' (RATIO SCALE)
TOTAL
80
INVtNIOKIbS
140
100 — ===
60
^^
280
240
>
-V,
1
TOTAL
20
200
80
XJRABLE GOC IDS
40
;
160
f
•*'
/
120
"\
1
RABLE GOOD
00
60
NO ••(DURABLE GCXDDS
80
1 1 1 1 1 1 1 1 1 1 1
I
1 11 1 11 1 1 1 11 l 1 1 1 1 1 1 1 1 11 1 1 1 I 111 M M
Mill
!1 1 1 !
\
vIDURABLE GC
20
BILLIONS OF DOLLARS' (RATIO SCALE)
320
MFW OPnFBS
80
TOTAI
280
1 1 1 1 M 1 11 1 1
1 ! 111 i 11 11 1
1 1 1 11 11 111 1
r~^
r~~
240
1 1 1 1 i11 1 1 11
""I
-N^^
200
DURABLE GCX3DS
160
'V
\
/
.
120
»
NONIJURABLE GOC OS
80
II 1 1 1 1 1 1 i 1 1
1991
I I I i I IE H 1 1
1992
1 1 M 11 1 11 11
1993
1994
1995
1991
1995
•SEASONAUY ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments *
Manufacturers' new orders l
Manufacturers' inventories 2
Durable goods
Period
Total
Durable
goods
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Total
Total
Capital
goods
industries,
non-defense
Nondurable
goods
Manufacturers'
unfilled
orders z
Manufacturers'
inventory —
shipments
ratio 3
Millions of dollars, seasonally adjusted, except as noted
190,682
194,538
194,657
206,326
223,541
232,724
239,459
235,518
244,511
258,520
280,835
97,940
101,279
103,238
108,128
117,993
121,703
122,387
119,151
125,553
135,981
151,060
92,742
93,259
91,419
98,198
105,549
111,022
117,072
116,367
118,958
122,539
129,775
339,516
334,799
322,669
338,075
367,422
386,911
399,068
386,348
379,238
377,425
391,810
221,330
218,212
212,006
220,776
241,402
256,065
259,988
249,117
237,717
236,303
247,644
118,186
116,587
110,663
117,299
126,020
130,846
139,080
137,231
141,521
141,122
144,166
195,706
195,204
209,389
227,026
235,932
240,646
234,354
241,545
255,701
281,953
100,164
102,356
103,647
110,809
121,445
124,933
123,556
117,878
122,614
133,273
151,878
23,669
24,545
23,983
26,095
30,729
32,725
32,254
29,468
29,653
31,889
37,530
92,715
93,351
91,557
98,579
105,581
110,999
117,090
116,476
118,932
122,428
130,074
373,529
387,095
393,412
430,288
471,951
510,459
524,846
511,122
475,304
441,947
456,838
1.73
1.73
1.68
1.59
1.58
1.64
1.65
1.67
1.57
1.47
1.37
Sept
Oct
Nov
Dec *
268,330
271,815
274,497
274,243
276,232
278,566
275,485
288,080
286,134
283,975
291,191
296,053
144,709
146,260
147,388
146,932
148,510
150,010
146,472
155,619
154,350
152,586
157,292
159,299
123,621
125,555
127,109
127,311
127,722
128,556
129,013
132,461
131,784
131,389
133,899
136,754
378,908
380,068
379,772
380,645
382,382
383,106
386,645
387,012
386,531
388,063
389,988
391,810
238,172
238,832
238,195
239,164
240,539
241,039
243,392
244,116
243,814
244,925
246,374
247,644
140,736
141,236
141,577
141,481
141,843
142,067
143,253
142,896
142,717
143,138
143,614
144,166
272,616
271,786
274,691
275,182
277,441
279,788
274,305
287,222
287,248
285,985
293,716299,514
148,549
145,882
146,906
147,345
149,412
151,212
145,251
154,675
155,433
154,150
159,321
162,310
36,630
36,382
36,127
35,815
35,498
38,055
36,310
37,595
39,056
38,276
40,781
37,759
124,067
125,904
127,785
127,837
128,029
128,576
129,054
132,547
131,815
131,835
134,395
137,204
446,233
446,204
446,398
447,337
448,546
449,767
448,587
447,729
448,843
450,853
453,378
456,838
1.41
1.40
1.38
1.39
1.38
1.38
1.40
1.34
1.35
1.37
1.34
1.32
1995: Jan '
297,340
160,660
136,680
395,886
250,432
145,454
301,291
164,036
41,380
137,255
460,789
1.33
1984
1985
1986
1987
1988 .
1989
1990
1991
1992
1993
1994 '
1994' Jan
Feb
Mar
Apr
May
y 3
July
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.
192,879
3
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In January, the producer price index for all finished goods rose 0.3 percent. Prices of finished consumer foods fell
0.6 percent and prices of other finished consumer goods rose 0.7 percent. Capital equipment prices rose 0.3
percent. (Seasonally adjusted data revised.)
INDEX, 1982 . 100 (RATIO SCALE!
INDEX, 1982 « 100 (RATIO SCALE)
150
150
FINISHED GOODS PRICES
SEASONAU.Y ADJUSTED
140
140
-
r
X
-''
r---''
130
130
CONSUMER FOODS
\
^jnrr"*'"'
y\,^-^>
^~
f**
CAPfTAL EQUIPMENT
\
120
^'-w.^'^
,/'X.-"'
'^•^
^
120
'a^-
TOTAL /
*"~"
/
f
'
110
-
/ V~"
-
CONSUMER©DODS
EXaUDINGFCX)DS
J
110
-
<<
100
100
I M I
1987
I
11111111111
1988
1 1 1 1 1 11 1 1 11
1989
i i i i 11iiiii
| 1 1 1 1
1990
1 M
i
i i i i i I i i i i i i i i i i 1 i i i ii i l l
1 1
1991
1 1 1 1 1 !1 1 1 1 1
1994
1993
1992
1995
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OflAEOR
[1982=100; monthly date seasonally adjusted]
Finished goods
Finished goods excluding consumer foods
Period
Total
finished
goods
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994 f
1994- Jan '
Peb r.
Mar r
Apr1"
May r
July r.
Aug r
Sept '
Oct r
Nov r
Dec T
1995- Jan
104.7
103.2
105.4
108.0
113.6
119.2
121.7
123.2
124.7
125.5
124.9
125.2
125.2
125.2
125.1
125.2
125.5
126.2
125.8
125.3
126.0
126.5
126.9
Consumer
foods
104.6
107.3
109.5
112.6
118.7
124.4
124.1
123.3
125.7
126.8
127.4
127.0
127.4
126.8
126.1
125.6
126.1
126.4
126.2
126.2
127.2
129.0
128.2
Consumer goods
Total
104.6
101.9
104.0
106.5
111.8
117.4
120.9
123.1
124.4
125.1
124.0
124.6
124.5
124.7
124.8
125.0
125.2
126.0
125.6
125.0
125.6
125.7
126.4
1
Intermediate materials for food manufacturing and feeds.
NOTE.-—Seasonally adjusted data revised beginning 1990,
22
Total
103.3
98.5
100.7
103.1
108.9
115.3
118.7
120.8
121.7
121.6
120.6
121.3
121.1
121.2
121.2
121.4
121.7
122.7
122.0
121.4
122.2
122.1
123.0
Durable
106.5
108.9
111.5
113.8
117.6
120.4
123.9
125.7
128.0
130.9
129.9
130.0
130.1
130.3
181.0
131.1
131.3
131.8
131.9
130.9
131.3
131.7
132.0
Nondurable
Capital
equipment
101.7
93.3
94.9
97.3
103.8
111.5
115.0
117.3
117.6
116.2
115.2
116.2
115.9
115.9
115.6
115.8
116.2
117.4
116.3
115.9
116.9
116.6
117.7
107.5
109.7
111.7
114.3
118.8
122.9
126.7
129.1
131.4
134.1
132.9
133.1
133.3
133.7
134.1
134.3
134.4
134.7
135.0
134.3
134.5
135.0
135.4
Total
finished
consumer
goods
103.8
101.4
103.6
106.2
112.1
118.2
120.5
121.7
123.0
123.3
122.7
123.1
123.1
123.0
122.8
122.8
123.2
123.9
123.4
122.9
123.8
124.3
124.7
Intermediate materials
Crude materials
Total
Foods
and
feeds1
Other
Total
Foodstuffs
and
feedstuffs
Other
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.7
116.2
118.5
116.7
117.1
117.2
117.2
117.4
117.8
118.2
119.0
119.5
119.9
121.0
121.5
122.7
97.3
96.2
99.2
109.5
113.8
113.3
111.1
110.7
112.7
114.8
117.3
118.1
117.7
117.2
116.3
115.3
112.6
112.9
113.5
112.5
112.7
111.8
112.6
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.9
116.4
118.7
116.6
117.0
117.2
117.2
117.4
118.0
118.5
119.3
119.8
120.2
121.4
122.0
123.2
95.8
87.7
93.7
96.0
103.1
108.9
101.2
100.4
102.4
101.7
102.3
101.7
102.9
103.5
101.9
103.0
102.6
102.6
100.1
99.9
100.4
100.0
101.0
94.8
93.2
96.2
106.1
111.2
113.1
105.5
105.1
108.4
106.5
112.3
112.6
111.8
111.2
106.9
106.4
103.9
102.8
102.6
101.5
102.2
102.4
102.3
96.9
81.6
87.9
85.5
93.4
101.5
94.6
93,5
94.7
94.8
91.9
90.9
93.3
94.6
94.7
96.8
97.8
98.5
94.7
95.1
95.4
94.5
96.2
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In January, the consumer price index for all urban consumers rose 0.3 percent seasonally adjusted (it rose 0.4
percent not seasonally adjusted). The index was 2.8 percent above its year-earlier level. (Seasonally adjusted data
revised.)
INDEX, 1982-84 - 100 (RATIO SCAIE)
INDEX, 1982-84 = 100 (RATIO SCALE)
160
160
SEASONAUY ADJUSTS)
150
150
140
140
130
130
120
120
110
110
100
100
90
90
1987
1989
1988
1990
1992
1991
1993
1995
1994
SEE NOli ON TABlf BELOW
SOURCE: DERARTMfNT OF LABOR
COUNO. Of ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
Housing
All items '
Transportation
Shelter
Period
Not
seasonally
adjusted
(NSA)
Seasonally
adjusted
1000
1985
1986
1987
1988
1989
1990
1991
1992 . .
1993
1994
1994:
Jan '
Feb r
Mar r.
Apr '
May r
1
Total1
Total
ers'
costs
(Dec.
1982 =
100)
Maintenance
and
repairs
(NSA)
Apparel and
upkeep
Total1
New
cars
Motor
fuel
Medical
care
Energy 2
All
items
less
food
and
energy
41.3
107.7
110.9
114.2
118.5
123.0
128.5
133.6
137.5
141.2
144.8
38.0
109.8
115.8
121.3
127.1
132.8
140.0
146.3
151.2
155.7
160.5
8.0
115.4
121.9
128.1
133.6
138.9
146.7
155.6
160.9
165.0
169.4
19.9
113.1
119.4
124.8
131.1
137.3
144.6
150.2
155.3
160.2
165.5
0.3
106.5
107.9
111.8
114.7
118.0
122.2
126.3
128.6
130.6
130.8
7.1
106.5
104.1
103.0
104.4
107.8
111.6
115.3
117.8
121.3
122.8
5.7
105.0
105.9
110.6
115.4
118.6
124.1
128.7
131.9
133.7
133.4
17.1
106.4
102.3
105.4
108.7
114.1
120.5
123.8
126.5
130.4
134.3
4.1
106.1
110.6
114.6
116.9
119.2
121.0
125.3
128.4
131.5
136.0
3.1
98.7
77.1
80.2
80.9
88.5
101.2
99.4
99.0
98.0
98.5
7.3
113.5
122.0
130.1
138.6
149.3
162.8
177.0
190.1
201.4
211.0
7.0
101.6
88.2
88.6
89.3
94.3
102.1
102.5
103.0
104.2
104.6
77.3
109.1
113.5
118.2
123.4
129.0
135.5
142.1
147.3
152.2
156.5
146.4
146.8
147.1
147.4
147.6
148.1
148.5
149.1
149.4
149.6
149.8
150.1
143.0
142.7
142.9
143.2
143.5
143.9
144.7
145.4
145.7
145.8
146.0
147.1
143.1
143.6
143.9
144.0
144.3
144.4
144.7
145.1
145.4
145.7
145.9
145.9
158.0
158.5
159.0
159.3
159.7
159.8
160.2
160.9
161.3
161.8
162.2
162.3
166.6
167.0
167.6
167.6
168.1
168.5
168.5
169.2
169.1
169.7
170.2
170.1
162.9
163.6
164.1
164.4
164.8
164.9
165.3
166.1
166.8
167.3
167.7
167.8
128.9
129.4
129.3
130.2
131.0
131.5
131.3
131.2
131.6
130.8
131.2
132.7
122.1
123.1
123.2
122.9
122.6
122.6
122.8
123.0
122.6
122.6
122.9
122.7
134.0
133.5
133.7
133.6
133.9
134.7
134.2
133.0
133.1
132.8
132.4
132.1
131.6
132.3
132.8
133.2
132.8
133.7
134.7
136.0
136.2
136.1
136.3
136.6
133.6
134.0
134.5
135.0
135.4
135.9
136.5
136.9
137.5
137.6
137.4
137.6
95.4
96.8
96.6
96.7
95.4
96.1
98.8
101.8
101.1
100.4
101.1
101.3
206.7
207.4
210.7
211.5
212.4
213.3
214.3
215.2
216.2
102.7
103.8
103.8
103.6
102.7
103.0
104.4
105.9
105.3
105.0
105.5
105.4
154.7
155.0
155.5
155.8
156.2
156.7
157.0
157.4
157.7
158.0
158.3
158.5
150.6
146.7
146.5
162.8
170.5
168.4
133.1
123.3
133.0
137.4
137.7
101.7
216.9
105.7
159.2
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
excluded beginning 1983.
3
Relative importance, December 1994.
Fuel
and
other
utilities
15.8
105.6
109.0
113.5
118.2
125.1
132.4
136.3
137.9
140.9
144.3
1076
109.6
1136
118.3
1240
130.7
136.2
1403
144.5
148.2
146.2
146.7
147.2
147.4
147.5
r
148.0
June .
r
148.4
July
Aug '...<.... 149.0
r
149.4
Sept
149.5
Oct r.
149.7
NOT '.
149.7
Dec '.
1995:
150.3
Jan
Food
Homeowners'
costs
(Dec.
1982 =
100)
208.1
209.2
209.9
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership costs.
Seasonally adjusted data revised beginning 1990.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
nVrwtit change from prm^ng period; monthly data srasonailv adjusted, except as noted by NSAJ
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods*
IVriod
Total
finished
goods
Capital
equipment
deluding foods
Poods
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, Dee. to Dec., NSA
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994"
1.8
-2.3
2.2
4.0
4.9
5.7
— .1
1.6
.2
1.7
...
0.6
2.8
— 2
2.1
-6.6
4.1
3.1
5.3
8.7
-.7
1.6
-1.4
1.9
i.i
5.2
2.6
1a
J.6
2.4
1.0
1.0
-1.4
2.1
2.5
5.2
4.9
2.1
1.2
1.2
.6
2.7
2.1
1.3
3.6
3.8
3.4
2.5
1.7
1.8
2.0
Change, month to month
1994- Jan '
Febr.
Mar '
Apr'
Mav 'r
June
July'r
Aug
Sept '
Oct '
Nov '
Dec'....
1995: Jan. ..
0.5
.2
0
0
—.1
.1
.2
.6
-.3
J
j
,
A
.6
.4
.3
02
-.3
.3
-.5
0.7
.6
-.2
.1
0
.2
.2
.8
-.6
-.5
.7
-.1
.7
—
-.4
.4
.2
2
0
.8
1.4
-.6
fi
0.4
.2
.2
.3
.3
.1
.1
.2
.2
-.5
.1
.4
.3
6.2
-.3
9
-1.9
28
-5.5
-2.2
1.0
1.9
.3
2.6
9.2
6.5
2.6
2.6
2.9
1.0
-.3
0
1.0
3.6
1.9
-.6
-.6
2.2
5.2
NOTE.—Seasonally adjusted data revised beginning J990,
0.3
3.7
4.4
2.0
3
1.0
1.7
5.0
2.0
-1.0
-1.6
.3
5.4
-2.6
1.7
1.3
1.2
1.7
2.7
1.8
2.3
1.5
.3
1.7
1.2
2.1
4.0
2.9
2.9
2.1
-1.6
3.3
-2.0
-.9
-1.9
-.9
1.8
5.5
3.4
0.0
2.1
1.8
1.8
1.1
1.5
1.0
1.6
1.0
.2
1.4
2.1
2.2
3.7
2.8
2.7
2.4
3.0
3.0
2.1
1.8
2.1
-.3
-.6
0
3.3
2.1
2.1
2.3
3.1
2.9
2.9
2.3
2.4
2.6
.9
.6
1.0
1.5
.2
.2
.2
-.4
4
.1
.6
1.9
1.5
1.0
1.3
1.7
1.6
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
(Pereeat change from preceding period; monthly data seasonally adjusted, except as noted by NSA}
Transportation
Housing
Shelter
Period
All
items *
Food
Total1
Total
1
Renters'
eosts
Homeowners'
costs
Fuel
and
other
utilities
Anparel
and
upkeep
All
Total'
New
curs
Motor
fuel
Medical
care
Energy"
items
less
food
and
energy
Addendum: AH items, percent change
(annual rate)
From
previous
quarter 3
From
3
months
earlier
From
«
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
3.8
1.1
4.4
4.4
4.6
6.1
3.1
2.9
2.7
2.7
2.6
3.8
3.5
5.2
5.6
5.3
1.9
1.5
2.9
2.9
4.3
1.7
3.7
4.0
3.9
4.5
3.4
2.6
2.7
2.2
6.0
4.6
4.8
4.5
4.9
5.2
3.9
2.9
3.0
3.0
6.3
5.0
3.9
3.9
4.5
6.7
4.2
2.8
2.6
2.3
5.9
4.6
5.3
4.7
5.1
4.7
3.7
2.9
3.2
3.3
0.0
-.2
.1
.2
.2
.3
.6_
.5
.2
.1
.1
.8
-.3
0.1
.3
.2
.1
.2
.1
.2
.3
.2
.2
.1
0
.4
0.3
.3
.3
.2
.3
.1
.3
.4
.2
.3
.2
.1
.3
0.1
.2
.4
0
.3
.2
0
.4
-.1
.4
.3
— .1
.2
0.2
.4
.3
.2
.2
.1
.2
.5
.4
.3
.2
.1
.4
2.8
.9
4.8
1.6
4.7
2.9
1.0
3.2
5.1
4.0
2.9
3.4
2.3
1.4
2.5
.9
.2 -1.6
1.8
56
2.6
-5.9
6.1
3.0
4.0
10.4
-1.5
3.0
2.4
3.8
3.4
3.1
5.9 307
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
3.2
5.9
6.8
7.7
5.8
6.9
8.5
9.6
7.9
6.6
5.4
4.9
1.8
197
8.2
.5
5.1
18.1
-7.4
2.0
-1.4
2.2
4.3
3.8
4.2
4.7
4.4
5.2
4.4
3.3
3.2
2.6
0.2
01
1.5
.3
.4 -.2
.1
.4
.3 -1.3
.7
.4
.4
2.8
.3
3.0
.4
-.7
.1 -.7
j
.7
.1
.2
.1
.4
0.3
.3
.3
.5
.3
.4
.4
.4
.4
.5
,4
,5
.3
-0.3
1.1
0
-.2
—9
.3
1.4
1.4
-.6
-.3
.5
— .1"
.3
0.2
.2
.3
.2
.3
.3
.2
.3
.2
.2
.2
.1
.4
3.6
1.9
3.6
4.1
4.8
5.4
4.2
3.0
3.0
2.6
Change, month to month
1994: Jan * .... 0.1
.3
Feh ' ....
Mar'....
.2
.2
Apr ' ....
.1
May '....
.3
June ' ...
July r' ... .3
.4
Aug ....
Sept r ' ... .2
.1
Oct r
.1
Nov ....
.2
Dec " ....
.3
1995: Jan
1
2
02
.8
.1
2
-.2
0
.2
.2
—.3
0
.2
-.2
.5
01
-.4
.1
1
.2
.6
-.4
-.9
.1
-.2
g
-.2
,7
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
Deluded beginning 1383.
24
0.0
.5
.4
.3
-.3
.7
.7
1.0
.1
-.1
.1
.2
.6
2.2
2.5
3.6
2.2
3
Quarterly changes are shown in the last month of the quarter,
NOTE.—Seasonally adjusted data revised beginning 1390.
Source: Department of Labor, Bureau of Labor Statistics.
1.9
2.2
2.2
2.8
2.2
2.7
3.0
4.1
3.6
3.0
1.9
1.9
2.7
2.5
2.6
2.9
2.3
2.2
2.5
2.9
3.2
3.2
3.0
3.0
2.7
2.8
2.5
2.5
2.5
2.4
2.3
2.5
2.8
2.9
3.0
2.6
2.7
2.7
2.8
PRICES RECEIVED AND PAID BY FARMERS
In February, prices received by farmers were unchanged from their January level. Prices paid by farmers in January
rose 0.9 percent from their October level. (Data are not seasonally adjusted.)
INDEX, 1990-92=100 (RATIO SCALE)
INDEX, 1990-92=100 (RATIO SCALE)
120
120
110
100
80
RAT O-L/
D-!'
140
140
RATIO
120
100
'""^
*~~\
r^~
1—^ y
-
r^—-^
100
-"
~~"^~^1-
^
80
80
-
-
60
i ! i i i 1 I I I II
1QR7
1 1 1 1 1 11 1 1 1 1
loan
120
i i i i i 1 i i i ri
IQflO
hill!
, HI, 1
10W1
1
. 1 I I I I I 1 I I!
1051
1OOO
1Q9T
_!/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
1
,,,,,!,,,,,
1994
199<5
60
COUNCIL OF ECONOMIC ADVISERS
[1990-92=100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
All farm
products
Livestock and
products
Crops
AH commodities,
services,
interest, taxes,
and wage rates l
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio 2
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
91
87
89
99
104
104
100
98
101
100
98
87
86
104
109
103
101
101
102
105
86
88
91
93
100
105
99
97
100
95
86
85
87
91
96
99
100
101
103
106
87
85
87
92
97
99
100
101
103
106
91
86
87
90
95
99
100
101
103
106
106
103
102
108
108
105
99
98
98
94
1994- Feb
Mar
Apr
May
104
105
102
101
100
97
97
97
95
95
99
110
109
106
107
108
101
101
102
99
100
106
100
101
100
97
94
93
94
91
90
90
90
.(3)
<3)
107
(3>
(3>
106
(3)
(3)
106
(3>
(3)
(3)
(3)
107
(3)
(3)
105
(3)
<3>
104
<3>
<3>
(3)
<3>
108
<3>
<3>
105
(3)
(3)
105
(3)
(3)
98
99
95
94
93
92
92
92
90
90
93
!03
103
93
94
107
(3)
106
(3)
105
(3)
92
92
July
Sept
Oct
Nov
Dec
1995: Jan....
Feb
98
98
r
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
Prices paid by farmers are available only for first month in quarter, and for each month the
received/paid ratio is based on latest data available.
/
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1990-92= 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Growth in M2 and M3 accelerated in January.
BILLIONS OF DOLLARS' (RATIO SCALE)
4,800
4,400
BILUONS OF DOLLARS' (RATIO SCALE)
4,800
4,400
4,000
4,000
A-
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
800
800
600
600
400
I
1987
1988
1989
1991
1990
1992
1993
1994
1995
COUNdl Of ECONOMIC ADVBBS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
HI plus overnight
BPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term KPa, term
Eurodollars, and
institution-only
MMMF balances
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
619.9
724.4
749.8
786.9
794.2
825.9
897.3
1,024.4
1,128.6
1,147.8
2,576.1
2,820.3
2,922.3
3,083.6
3,243.1
3,355.9
3,457.9
3,515.3
'3,583.6
'3,613.1
3,200.2
3,488.7
3,675.8
3,915.7
4,066.1
4,123.0
4,176.0
4,182.9
4,242.5
'4,301.8
3,827.5
4,129.1
4,334.8
4,670.1
4,896.5
4,973.5
4,990.9
5,061.1
5,150.3
'5,283.1
6,902.1
7,785.2
8,544.6
9,315.0
10,045.1
10,690.2
11,171.1
11,706.1
12,335.4
'12,973.8
12.3
16.9
3.5
4.9
.9
4.0
8.6
14.2
10.2
1.7
8.3
9.5
3.6
5.5
5.2
3.5
3.0
1.7
1.9
.8
7.3
9.0
5.4
6.5
3.8
1.4
1.3
.2
1.4
1.4
14.8
12.8
9.8
9.0
7.8
6.4
4.5
4.8
5.4
5.2
1994' Jan
Feb
Mar
,132.5
,137.0
,141.1
,142.8
,143.5
,147.0
,152.2
,150.8
,151.0
1,148.1
1,147.5
1,147.8
'3,589.1
'3,586.1
'3,597.4
'3,605.3
'3,608.4
3,605.3
'3,616.5
'3,612.8
'3,611.3
'3,607.6
'3,608.6
3,613.1
4,246.0
4,232.1
4,240.8
4,250.9
'4,251.5
'4,256.7
'4,274.2
'4,271.6
'4,276.9
'4,284.0
'4,290.2
4,301.8
5,165.6
'5,163.0
'5,165.9
'5,181.4
'5,188.7
'5,185.6
'5,208.7
'5,205.8
'5,208.1
'5,231.4
'5,244.0
"5,283.1
12,379.6
12,430.4
12,496.0
12,555.2
12,613.6
12,655.5
12,683.4
12,749.1
12,809.5
'12,862.7
'12,932.1
"12,973.8
8.7
7.7
6.6
5.3
3.8
3.3
3.5
2.4
1.7
.9
.7
.1
2.6
2.1
2.2
2.3
1.8
1.2
1.5
1.5
.8
.1
.0
.4
2.1
1.3
1.3
1.3
.8
.7
1.3
1.9
1.7
1.6
1.8
2.1
5.2
5.1
5.3
5.6
5.6
5.2
4.9
5.1
5.0
'4.9
'5.1
5.0
1,148.8
3,626.4
4,326.7
-.6
.5
2.5
Period
19851986198719881989*
1990'
19911992'
19931994-
May
July
Sept
Oct
Nov
Dec '
1995' Jan
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate.
26
L
M3 plus
other liquid
assets
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) '
Percent change from year or 6
months earlier 2
Ml
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
M2
M3
Debt
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Currency
Demaud
deposits
OverMoney market
night
mutual fund
repurbalances 2
chase
GeneragreeOther
ments
al
cheekpur(RPs),
able
net,
pose
Instideposplus
and
tution
its
overbroker/
only
(OCDs)
night
dealer
Eurodollars '
Savings
deposits,
including
money
market
deposit
accounts
(HMD As)
Small
denomination
time
deposits 3
Large
denomination
time
deposits 3
NSA
1985'
19861987198819891990'
199119921
199319941994-
Dec
Dec
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Dec r
Jan
Feb
Mar
May
T '
July
Sept
Oct
Nov
Dec *
1995- Jan
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
167.9
180.7
196.8
212.2
222.6
246.8
267.4
292.8
322.1
354.5
325.4
328.9
332.0
334.5
337.3
340.0
342.8
345.1
347.2
350.0
353.0
354.5
266.6
302.1
286.8
286.8
279.3
277.4
289.5
338.9
383.9
382.0
386.9
388.6
388.6
388.1
385.6
386.3
388.0
386.6
386.5
384.4
382.3
382.0
179.8
235.6
259.5
280.9
285.4
293.9
332.7
384.6
414.7
402.9
412.3
411.6
412.5
412.0
412.4
412.5
413.1
410.8
408.9
405.4
403.8
402.9
76.3
84.9
87.3
85.1
81.5
77.7
79.9
83.1
96.6
117.5
r
98.0
r
94.9
' 100.0
r
98.9
' 102.5
' 106.9
' 110.7
r
!11.8
r
113.2
r
!15.1
' 113.6
117.5
178.0
210.6
224.5
245.9
322.4
358.2
374.2
356.9
360.1
389.7
361.2
359.5
361.9
370.5
373.5
370.7
375.8
376.2
376.6
379.7
384.2
389.7
64.1
84.5
91.1
90.5
107.2
134.0
180.0
200.2
198.1
180.8
194.6
182.1
183.8
183.1
177.5
177.9
178.7
177.4
176.3
180.8
180.5
180.8
815.4
941.0
937.7
926.7
891.0
920.5
1,041.2
1,183.6
1,215.7
1,143.9
1,221.1
1,221.9
1,222.0
1,220.0
1,214.8
1,206.8
1,201.2
1,192.6
1,183.7
1,171.0
1,157.6
1,143.9
885.7
859.0
922.7
1,038.6
1,153.7
1,174.0
1,066.6
869.2
785.1
816.6
779.5
775.0
772.0
770.1
770.8
772.9
775.4
780.7
786.5
796.0
806.8
816.6
422.4
420.2
467.0
518.3
541.5
480.9
416.6
353.8
332.7
361.4
335.1
331.8
330.3
329.8
332.4
335.0
338.2
341.5
347.3
353.0
r
357.7
361.4
62.5
81.1
107.3
123.2
100.4
90.9
73.3
82.0
97.6
105.3
'93.7
r
92.3
r
95.5
r
99.0
98.0
* 102.5
T
103.1
' 101.3
' 102.2
102.3
* 103.4
105.3
76.9
85.1
91.6
106.3
83.8
71.6
59.4
45.9
46.5
53.7
45.5
47.9
46.2
46.5
47.7
50.3
51.1
r
51.4
r
52.1
53.1
r
55.4
53.7
357.7
383.5
399.2
126.0
392.6
186.3
1,129.5
831.9
361.4
109.0
54.9
1
Includes continuing
2
Data prior to 1983
3
contract RPs.
are not seasonally adjusted.
Small denomination and large denomination deposits are those issued in amounts of lees than
$100,000 and more than $100,000, respectively.
Savings
bonds
Shortterm
Treasury
securities
79.5
91.8
100.6
109.4
117.5
126.0
137.9
156.6
171.5
" 180.3
172.5
173.2
173.9
174.8
175.7
176.7
177.7
178.5
179.1
179.5
179.9
' 180.3
298.3
280.1
253.2
269.5
326.0
333.4
318.5
336.2
334.2
"364.5
340.9
r
341.7
r
344.9
r
354.7
r
357.3
r
348.8
' 353.1
'356.5
' 348.4
r
351.9
r
358.8
"364.5
Bankers'
acceptances
Commercial
paper
42.1
207.5
37.1
231.3
44.5
260.6
40.2
335.4
40.6
346.4
35.9
355.2
23.8
334.8
20.8
364.5
14.9
387.1
"10.1 "426.5
14.8
391.4
14.9
401.2
15.5
390.8
14.0
387.1
11.6
392.6
10.8
392.7
10.9
392.8
11.4
387.7
11.9
391.7
11.7
404.2
10.9
404.0
"10.1 "426.5
NOTE.—Travelers checks of nonbank issuers are a component of money stock bat are not shown
here.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures *; millions of dollars; seasonally adjusted, except as noted by NSA]
Adjusted for changes in reserve requirements
Borrowings of depository
institutions from the Federal
Reserve (NSA)
Reserves of depository institutions
Period
Total
19851986'
198719881989199019911992199319941994-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec '
Feb '
Mar *
Apr '
May '
July r
Sep *
Oct '
Nov '
Dec '
1995- Jan *
31,451
38,935
38,849
40,396
40,496
41,769
45,532
54,341
60,476
59.342
60,775
60,587
60,480
60,105
59,989
60,105
59,839
59,794
59,496
59,401
59,342
59,124
58,909
1
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
NOTE.—Aggregate reserves and the monetary base data have been revised. Revised data prior to
Nonborrowed
30,132
38,108
38,072
38,681
40,231
41,444
45,340
54,218
60,394
59.133
60,705
60,532
60,356
59,905
59,656
59,647
59,370
59,307
59,116
59,152
59,133
58,988
58,849
Nonborrowed plus
extended
credit
30,632
38,411
38,555
39,925
40,251
41,466
45,340
54,218
60,394
59,133
60,705
60,532
60,356
59,905
59,656
59,647
59,370
59,307
59,116
59,152
59,133
58,992
58,850
Required
30,414
37,565
37,803
39,349
39,574
40,105
44,553
53,186
59,413
58,174
59,635
59,620
59,329
59,190
58,885
58,998
58,835
58,734
58,693
58,394
58,174
57,785
57,951
Monetary
base
Total
203,543
223,576
239,775
256,870
267,696
293,157
317,122
350,609
385,855
418,223
393,771
396,668
399,229
401,680
404,213
407,175
409,243
411,337
413,854
416,788
418,223
421,047
422,595
February 1994 are not yet available.
Source: Board of Governors of the Federal Reserve System.
1,318
827
777
1,716
265
326
192
124
82
209
70
55
124
200
333
458
469
487
380
249
209
136
59
Seasonal
56
38
93
130
84
76
38
18
31
100
15
24
57
134
226
364
445
444
339
164
100
46
33
Extended
credit
499
303
483
1,244
20
23
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
4
0
BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 1.4 percent in January; commercial and industrial loans rose 2.0
percent.
BILLIONS OF DOLLARS* (RATIO SCALE!
BILLIONS OF DOLLARS* (RATIO SCALE)
3,600
3,200 -
3,600
3,200
ALL COMMERCIAL BANKS
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
800
800
U.S. GOVERNMENT SECURITIES
\
400
400
OTHER SECURITIES
-V
200
200
160
160
120
i i i i i I i i i i i i i i i i I I t i i t i i i I I ! i i i 1 i I 1 t 1 i i I 1 1i1i iIi i I i i i i ii i i i i I t i i i i i i t i [ i t
1988
1989
1991
1990
1992
1993
i i i M 1 i i i i 120
i
1994
1995
COUNCil OF ECONOMIC ASVISERS
[Billions of dollars, seasonally adjusted l]
Securities in bank credit
Period
New series:
1988: Dec
1989: Dec
1990: Dec
1991: Dec
1992: Dec
1993: Dec
1994: Dec1"
Total
bank
credit
Total
securities
U.S.
Government
securities
Loans and leases in bank credit
Beat estate
Other
securities
Total
loans and
leases 2
Commercial and
industrial
195.3
184.4
178.1
179.7
176.4
184.7
229.3
1,873.2
2,023.9
2,115.2
2,109.6
2,108.2
T
2,190.8
2,371.6
607.8
639.0
640.0
619.7
595.0
584.5
645.7
2,435.5
2,608.5
2,749.2
2,854.7
2,949.3
3,105.7
3,319.7
562.3
584.6
634.0
745.0
841.1
914.9
948.1
367.1
400.2
455.9
565.3
* 664.8
730.2
718.8
1994: Jan r
Feb r.
Mar r.
Apr r.
May r
June '
July r
Aug '
Sept r.
Oct r
Nov r
Dec ".
3,146.7
3,155.3
3,176.1
3,203.4
3,209.7
3,221.7
3,256.6
3,269.3
3,281.5
3,290.6
3,300.6
3,319.7
942.2
942.9
952.9
967.8
965.5
969.0
975.0
969.4
967.3
959.0
952.1
948.1
734.8
735.5
745.9
756.4
751.1
751.5
750.8
745.2
740.1
730.5
723.0
718.8
207.4
207.4
207.0
211.4
214.4
217.5
224.2
224.2
227.2
228.5
229.1
229.3
2,204.5
2,212.4
2,223.2
2,235.7
2,244.2
2,252.7
2,381.6
2,299.9
2,314.3
2,331.6
2,348.5
2,371.6
1995: Jan
3,351.2
946.4
720.2
226.2
2,404.8
1
Data are Wednesday values or prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment companies, and foreign-related institutions. Data &re adjusted for breaks caused by ^classifications of
assets and liabilities.
28
Total
Revolving
home
equity
Other
Consumer
Security
Other
634.5
719.1
791.9
808.6
825.0
865.1
922.6
357.8
854.2
878.4
898.7
r
938.6
998.9
40.1
50.3
62.3
69.8
73.7
73.4
76.3
378.3
383.3
366.7
358.8
391.1
449.7
40.9
41.7
44.9
54.0
63.2
85.8
73.5
195.4
192.8
190.8
192.4
190.9
203.7
591.2
592.4
597.1
603.0
607.8
611.3
618.8
623.5
627.9
634.3
640.5
C45.7
943.2
942.9
944.3
948.8
951.5
957.5
965.9
973.4
981.0
985.8
991.2
998.9
73.3
73.4
73.4
73.5
73.7
74.0
74.2
74.6
75.1
75.3
75.9
76.3
869.9
869.5
870.9
875.3
877.8
883.5
891.7
898.9
905.9
910.5
915.3
922.6
394.8
398.3
402,6
408.3
412.5
416.5
423.5
429.7
435.0
441.4
444.4
449.7
81.3
83.0
84.3
79.0
78.1
76.2
77.2
75.0
69.7
71.2
71.8
73.5
194.0
195.7
194.8
196.5
194.2
191.2
196.2
198.3
200.7
198.9
200.7
203.7
658.6
1,013.4
76.7
936.8
454.6
71.6
206.5
674.5
769.5
192.1
2
Excludes Federal funds sold to, reverse repurchase agreements (BPs) with, and loans to commercial banks in the United States.
NOTE.—Data for new series not yet available prior to 1988.
Source: Board of Governors of the Federal Beserve System,
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Credit market funds
Period
Total
Internal *
Total
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1992- I
n
m
IV
1993- I
n
m
IV
1994- I
np
m
Total
Securities
and
mortgages
Other 2
Loans and
short-term
paper
Total
Capital
expenditures 3
Increase in
financial
assets
Discrepancy
(sources less
uses)
511.4
493.8
538.8
564.7
634.2
567.9
535.5
471.7
560.5
557.4
336.3
351.9
336.7
375.9
404.3
399.6
411.6
426.0
438.4
462.3
175.0
142.0
202.1
188.8
229.9
168.2
123.9
45.7
122.2
95.1
118.9
84.7
148.1
89.3
95.0
68.0
48.3
8.7
67.9
67.1
-5.6
13.2
65.1
39.9
-4.7
-37.6
-20.1
96.1
67.0
81.2
124.5
71.5
83.0
49.4
99.8
105.6
68.3
-87.4
.9
-14.1
56.1
57.3
54.0
99.4
134.9
100.2
75.6
37.0
54.3
28.0
495.4
467.2
501.7
492.3
575.8
509.4
488.7
435.3
527.8
523.4
391.6
370.2
344.2
361.5
391.0
401.1
402.8
379.8
386.0
440.4
103.8
97.0
157.5
130.9
184.8
108.3
85.9
55.6
141.8
83.0
16.0
26.7
37.1
72.4
58.4
58.4
46.7
36.4
32.8
34.0
541.3
570.7
531.2
598.9
443.4
548.8
600.6
636.8
653.8
656.8
664.5
434.3
432.9
440.7
445.6
436.4
450.7
476.4
485.7
502.9
500.4
503.1
107.0
137.8
90.5
153.3
81.6
78.4
39.4
72.2
27.5
80.6
78.6
81.7
110.3
114.4
75.9
94.3
95.3
31.0
47.2
83.9
68.0
101.9
71.1
12.4
36.7
-23.7
-12.7
-16.9
8.3
25.0
56.4
12.7
23.3
10.6
97.9
77.7
99.6
25.5
59.4
51.1
81.1
-20.6
17.5
45.6
69.4
40.5
42.0
85.6
512.8
528.7
522.6
547.0
426.1
530.4
550.0
587.2
648.9
652.0
646.2
362.1
389.2
394.1
398.7
424.7
441.5
444.1
451.2
474.7
520.7
535.2
150.7
139.5
128.5
148.3
1.4
88.9
105.9
136.0
174.2
131.3
111.0
28.4
42.0
8.6
51.9
17.3
18.4
50.5
49.5
4.8
4.8
18.3
7.0
98.1
124.1
151.1
150.8
156.4
161.5
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
2
Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment in
the U.S.
3
Plant and equipment, residential structures, inventory investment, and mineral rightsfromU.S.
Government.
Source: Board of Governors of the Federal Reserve System,
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstanding 1
Installment credit outstanding (end of period)
Period
Total
198519861987198819891990'
1991:
199219931994-
Dec
Dec
Dec
Dec 3
Dec
Dec
Dec
Dec
Dec
Dec T
1994' Jan
Peb
Mar
Mav
T
June
July
Sept
Oct .
Nov Tr.
Dec
1995- Jan
p
1
. . . .
«
Automobile
Other
Total
517,659
572,006
608,675
662,553
717,200
734,898
728,389
731,098
794,300
911,311
210,238
247,772
266,295
285,364
291,531
283,072
259,594
257,678
282,036
324,519
121,758
135,825
153,064
174,269
199,162
223,517
245,281
257,304
287,875
337,694
185,664
188,408
189,316
202,921
226,508
228,309
223,514
216,117
224,389
249,098
75,057
54,347
36,669
53,878
(4)
17,698
-6,509
2,709
63,202
117,011
798,844
802,720
813,750
823,342
836,936
847,715
854,469
869,628
879,961
891,603
904,757
911,311
283,134
284,447
288,663
293,018
298,278
303,526
305,193
309,721
315,162
318,036
323,447
324,519
290,165
292,604
296,710
301,260
305,528
309,472
313,591
321,365
322,823
327,707
334,843
337,694
225,545
225,668
228,376
229,064
233,130
234,717
235,685
238,542
241,976
245,860
246,467
249,098
4,544
3,876
11,030
9,592
13,594
10,779
6,753
15,159
10,333
11,642
13,154
6,554
914,984
324,230
342,406
248,348
3,673
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.
Kevolving
2
3
Automobile
36,674
37,534
18,523
19,069
(")
— 8459
-23,478
1 916
24,358
42,483
Kevolving
Other 2
21,478
14,067
17,239
21,205
(4)
24,355
21,764
12,023
30,571
49,819
16,906
2,744
908
13,605
(4)
1,801
-4,795
7 397
8,272
24,709
1,098
1,313
4,216
4,355
5,260
5,248
1,666
4,528
5,441
2,875
5,411
1,072
2,290
2,439
4,106
4,550
4,268
3,944
4,119
7,773
1,459
4,883
7,136
2,851
1,156
123
2,708
688
4,066
1,587
968
2,857
3,434
3,884
607
2,631
-289
4,713
75x
Data newly available in January 1989 result in breaks in many series between December 1988
and subsequent months.
* Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Keserve System.
INTEREST RATES AND BOND YIELDS
Interest rates feii in February.
PERCENT PER ANNUM
PERCENT PER ANNUM
14
CORPORATE Aoa BONDS
A
/ \
(MOODY'S)
\ /•" V -'•»
/
r'
\
/
—
/
TREASURY
BILLS
/"^'V^~__
N
X.
p-,
\
/
~\
•"
\x
/-•
./I \_.
/r
•v/
10
\-
—'
-••.
X.
X
DISCOUNT
•\
.
"X
'"
^^
I
RATE
1
\
y
\
^ '4
FEDERAL
RESERVE
/'
/
BANK OF
y\
,/H
\
NEW YORK
1
T --. -• •
Illinium M i n i i i i i
1987
it
1
1 1 1 1 1 1 1 1 1 11
1989
1988
ii
ii
i ii ii! i i i ii
i
nnilniM
1992
1993
1994
1991
1990
r
A
?
1995
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SEE TABLE BELOW
[Percent per annum]
U.S. Treasury security yields
Period
3-month bills
(new issues) *
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.K.
Bank)*
Prime rate
charged by
banks 4
New-home
mortgage
yields
(FHFB)5
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
7.48
5.98
5.82
6.69
8.12
7.51
5.42
3.45
3.02
4.29
9.64
7.06
7.68
8.26
8.55
8.26
6.82
5.30
4.44
6.27
10.62
7.68
8.39
8.85
8.49
8.55
7.86
7.01
5.87
7.09
9.18
7.38
7.73
7.76
7.24
7.25
6.89
6.41
5.63
6.19
11.37
9.02
9.38
9.71
9.26
9.32
8.77
8.14
7.22
7.97
8.01
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.30
4.93
7.69
6.33
5.66
6.20
6.93
6.98
5.45
3.25
3.00
3.60
9.93
8.33
8.21
9.32
10.87
10.01
8.46
6.25
6.00
7.15
11.55
10.17
9.31
9.19
10.13
10.05
9.32
8.24
7.20
7.49
1994- Peb
3.21
3.52
3.74
4.19
4.18
4.39
4.50
4.64
4.96
5.25
5.64
4.83
5.40
5.99
6.34
6.27
6.48
6.50
6.69
7.04
7.44
7.71
5.97
6.48
6.97
7.18
7.10
7.30
7.24
7.46
7.74
7.96
7.81
5.44
5.93
6.28
6.26
6.14
6.19
6.19
6.33
6.50
6.96
6.76
7.08
7.48
7.88
7.99
7.97
8.11
8.07
8.34
8.57
8.68
8.46
3.62
4.08
4.40
4.92
4.86
5.13
5.19
5.32
5.70
6.01
6.62
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.50
3.50-3.50
3.50-3.50
3.50-4.00
4.00-4.00
4.00-4.00
4.00-4.75
4.75-4.75
6.00-6.00
6.00-6.25
6.25-6.75
6.75-7.25
7.25-7.25
7.25-7.25
7.25-7.75
7.75-7.75
7.75-7.75
7.75-8.50
8.50-8.50
6.85
6.99
7.31
7.43
7.62
7.71
7.67
7.70
7.76
7.81
7.83
5.81
5.80
7.66
7.25
7.78
7.47
6.53
6.24
8.46
8.26
6.63
6.38
4.75-4.75
4.75-5.25
8.50-8.50
8.50-9.00
8.18
5.79
5.83
5.82
5.74
5.73
7.41
7.39
7.28
7.07
6.95
7.62
7.56
7.48
7.36
7.27
6.38
6.22
6.20
6.17
6.08
8.33
8.28
8.26
8.23
8.17
6.58
6.38
6.38
6.30
6.28
4.75-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
8.50-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
May
July
Aue
Sept
Oct
Nov
Dec
1995' Jan
Feb
Week ended:
1995- Feb 4
11
18
25
* 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
5
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in February.
INDEX, DEC. 31,1965=50 (RATIO SCALE)
INDEX, DEC. 31,1965=50 (RATIO SCALE)
300
JW
^
^
^N^-•x~"""">1S
240
/~^~^~ , '
/—"I
\^
yy
/
r~S'\
S
•\ V A \
^/~"
^
'
(NY SE)
\ /^
^
140
120
11111
20
i i i i i l l l l l M i l l Rn
19 P4
19 P5
PERCE NT
20
15
15
RO
11111
Mill
IMI|
i i iii
19 89
Mill
1988
19 87
Mill
M i l l
19 90
i i i i i Mill i i iM M
1991
19 92
M 1
i i i ii i i i i i
19 93
PER CENT
EARNINGS-PRICE RATIO ON COWvtoN
10
_
--—__,
1
5
i
0
i
1987
E
1
1
1988
STOCKS
10
(S&P)
"
1
1
1
1989
1
^"^^
1
1
1
1990
~TH
5
i
1991
i i
1992
i
i i
1993
SOURCES: NEW YORK STOCK EXCHANGE AN 3 STANDARD & POOR'S CORPORATION
i
i i
1994
Industrial
i
0
Common stock yields
(percent) 6
New York Stock Exchange indexes (Dec. 31, 1965=50, except as
noted) 2
Composite
i
1995
COUNCIL OF -CONOMIC ADVISERS
Common stock prices 1
Period
i
Transportation
Utility 3
Finance
Dow-Jones
industrial
average 4
Standard &
Poor's
composite
index
(194143=10)5
Dividendprice ratio
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
108.09
136.00
161.70
149.91
180.02
183.46
206.r.1
229.01
249.58
254.12
123.79
155.85
195.31
180.95
216.23
225.78
258.14
284.62
299.99
315.25
104.11
119.87
140.39
134.12
175.28
158.62
173.99
201.09
242.49
247.29
113.49
142.72
148.59
143.53
174.87
181.20
185.32
198.91
228.90
209.06
114.21
147.20
146.48
127.26
151.88
133.26
150.82
179.26
216.42
209.73
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
3,793.77
186.84
236.34
286.83
265.79
322.84
334.59
376.18
415.74
451.41
460.33
4.25
3.49
3.08
3.64
3.45
3.61
3.24
2.99
2.78
2.82
1994: Feb
Mar
Sept
Oct
Nov
Dec
261.97
257.32
247.97
249.56
251.21
249.29
256.08
257.61
255.22
252.48
248.65
322.41
318.08
304.48
307.58
308.66
307.34
316.55
322.19
321.53
319.33
313.92
276.67
265.68
250.43
244.75
246.64
244.21
244.67
239.10
230.71
227.45
218.93
220.85
215.45
210.08
205.77
206.54
205.46
211.26
204.60
203.35
200.13
200.02
217.12
211.02
208.12
211.30
215.89
210.91
214.77
211.90
203.33
198.38
195.25
3,905.62
3,816.98
3,661.48
3,707.99
3,737.58
3,718.30
3,797.48
3,880.60
3,868.10
3,792.43
3,770.31
471.58
463.81
447.23
450.90
454.83
451.40
464.24
466.96
463.81
461.01
455.19
2.70
2.78
2.90
2.89
2.84
2.87
2.78
2.80
2.82
2.86
2.91
1995- Jan
Feb
253.56
261.86
319.93
328.98
230.25
237.29
201.16
207.73
201.05
211.76
3,872.46
3,953.72
465.25
481.92
2.87
2.81
Week ended:
1995- Feb 4
11
18
25
Mar 4
256.89
261.61
262.45
263.53
263.55
322.30
328.15
330.08
331.46
331.77
230.26
232.63
239.05
242.91
241.69
207.64
209.53
207.02
206.91
204.86
206.32
212.00
211.98
213.21
214.10
3,864.58
3,936.45
3,967.94
3,988.02
3,992.79
472.15
480.96
483.19
485.71
485.48
2.86
2.80
2.79
2.79
2.79
May
T }
July
. •>
1
Average of daily closing prices.
includes all the stocks (more than 2,000 in 1992) listed on the NVSE.
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. AJ1 indexes shown here reflect the doubling.
4
Includes 30 stocks.
5
Includes 500 stocks.
z
3
Earningsprice ratio
8.12
6.09
5.48
8.01
7.41
6.47
4.79
4.22
4.46
5.09
5.67
5.91
8
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 1995, there was a deficit of $58.9 billion, compared with a deficit of $76.3 billion a
year earlier.
BILLIOh45 OF DOLLARS
1,600
RECEIPTS AND OUTLAYS ^
1,500
BILLIONS OF DCJLLARS
1,600
--
1,400
OUTLAYS-'
_ _-
1,500
1,400
— ~
1,300
1,300
-.-'"*"'
1,200
^^
_„-.-""
1,100
----''"'
1,000
_
900
1,200
_^-—^
——-—r-
'""''^
"
1,100
"
1,000
RECEIPTS -^
900
^^-
800
800
'
700
700
600 /]
V
1
1
1
1
1
1
1
1
1
|\ 600
\l
0
0
100
^^-
-300
-200
^""""~--^
*"
-400 /I
^ 1986
^~~~^~-——__-—— -"~~~^
1
1
1987
1
1
1
1988 1989
1
1
-300
1
1990 1991 1992
N -400
1993 1994 1995 ^
FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars]
Total
Fiscal year or period
Receipts
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995 (estimates)
Cumulative total, first 4
months: l
Fiscal year 1994
Fiscal year 1995
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,257.7
1,346.4
410.1
439.3
Outlays
Receipts
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Total
Held by
the public
371.8
409.2
458.7
504.0
590.9
678.2
745.8
808.4
851.8
-73.7
-53.7
59 2
-40.7
73 8
-79.0
-128.0
207 8
-185.4
231.7
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
328.5
369.1
404.1
476.6
543.1
594.4
661.3
686.0
70 5
-49.8
549
-38.7
-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
32
-3.9
-4.3
-2.0
-1.1
-5.0
-7.9
.2
.3
629.0
706.4
776.6
829.5
909.1
994.8
1,137.3
1,371.7
1,564.7
1,131.6
1,300.5
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.4
1,380.9
1,408.7
1,460.9
1,538.9
212 3
-221.2
149 8
-155.2
-152.5
-221.4
-269.2
-290.4
-255.1
-203.2
192 5
547.9
568.9
640.7
667.5
727.0
749.7
760.4
788.0
841.6
922.7
995.2
769.6
806.8
810.1
861.4
932.3
1,027.6
1,081.8
1,128.5
1,142.1
1,181.5
1,246.9
-221.7
-238.0
-169.3
-194.0
-205.2
-278.0
-321.4
-340.5
-300.5
-258.8
-251.8
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
335.0
351.3
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.6
279.4
292.0
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.3
55.7
59.3
1,817.5
2,120.6
2,346.1
2,601.3
2,868.0
3,206.6
3,598.5
4,002.1
4,351.4
4,643.7
4,961.5
1,499.9
1,736.7
1,888.7
2,050.8
2,189.9
2,410.7
2,688.1
2,998.8
3,247.5
3,432.2
3,640.1
-76.3
-58.9
308.7
332.4
402.2
409.3
-93.6
-77.0
101.5
106.9
84.2
88.8
17.3
18.1
4,474.4
4,762.8
3,329.5
3,505.6
486.4
498.2
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
Surplus
or deficit
(-)
1996, issued February 6, 1995.
Sources: Department of the Treasury and Office of Management and Budget.
477.4
549.1
607.1
640.3
709.8
785.3
919.8
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 4 months of fiscal 1995, receipts were $29.2 billion higher than a year earlier and outlays were $11.8
billion higher.
BILLIOr•JS OF DOLLARS
700
BILLIONS OF DC5LLARS
700
RECEIPTS ^
600
600
500
500
400
400
T_
\
300
300
200
INCOME JAXES
\
OTHER RECEIPTS
TAXES AND CONTRIBUTIONS
200
100
100
1
0
1,300
1
1
1
1
1
1
1
1
OUTLAYS ^
1,200
0
1,300
„_--"•"
^^^
1,100
1,200
"""
1,100
NONDEFENSE
\
1,000
---'
1,000
>„.--"
900
900
800
800
.
""
700
700
600
600
500
500
NATIONAL DEFENSE
400
400
\
300
200 A
1
V
1986
1
1
1987
1988
1
1989
300
1
1
1990
1991
1
1992
1
1993
1
N 200
1995 ^
1994
J
INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
OURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
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
504.0
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
1,257.7
1,346.4
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
543.1
588.5
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5
140.4
150.9
265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
428.3
461.5
484.4
73.0
73.1
74.3
78.9
82.3
90.9
92.3
100.5
98.0
112.8
122.7
410.1
439.3
203.7
214.0
36.5
39.7
136.4
146.9
33.5
38.7
Total
1977
1978 ....
1979
1980 ...
1981
1982 ...
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 ...
1994
1995 (estimates)
Cumulative total, first 4 months:l
Fiscal year 1994
Fiscal year 1995
National defense
Individual
income
taxes
Fiscal year or period
1976
Social
insurance
taxes
Other
Social
securi-
inter-
ty
ty
est
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
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
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
120.2
131.4
133.5
125.4
122.3
118.6
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.4
1,380.9
1,408.7
1,460.9
1,538.9
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.1
281.6
271.6
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
268.6
260.2
16.2
14.2
11.6
10.5
9.6
13.8
15.9
16.1
17.2
17.1
18.7
33.5
35.9
40.0
44.5
48.4
57.7
71.2
89.5
99.4
107.1
115.1
65.8
702
75.1
78.9
85.0
98.1
104.5
119.0
130.6
144.7
157.3
128.2
119.8
123.3
129.3
136.0
147.0
170.3
196.9
207.3
214.0
223.0
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.6
319.6
336.1
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.8
203.0
234.2
131.8
142.1
125.9
139.4
158.8
203.9
224.8
173.9
159.7
173.8
182.8
486.4
498.2
93.3
86.1
88.8
81.8
8.3
8.8
34.6
36.8
45.9
49.8
70.1
67.1
103.2
108.3
67.0
75.8
64.1
65.5
Total
contributions
1
Data from Monthly Treasury Statement.
NOTE.—Data (except us noted) are from Budget of the United States Government, Fiscal Year
Income
securi-
Department of
Defense,
military
Total
and
Health
Medicare
1996, issued February 6. 1995.
Sources: Department of the Treasury and Office of Management and Budget.
Net
Other
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter of 1994, Federal receipts rose $8.1 billion (annual rate) and Federal expenditures rose $16.9
billion. In the fourth quarter, according to revised estimates, expenditures rose $25.1 billion; receipts data are
incomplete.
BIUJONS OF DOUARS
BIUJONS OF DOUARS
1,600
1,600
SEASONAUY ADJUSTED ANNUAL RATES
1,400
1,400
EXPENDITURES -
1,200
1,200
1,000
1,000
800
800
RECEIPTS
«00
400
200
200
SURPLUS OR DEFICIT I - ]
-200
-200
I
-400
1982
1986
1984
1987
1988
1989
1993
1992
1990
1994
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
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
1,161.2
1,241.0
1,349.4
484.6
511.8
552.1
112.4
134.6
161.2
81.1
82.9
93.3
483.1 1,435.9
511,7 1,495.5
542.8 1,521.9
1,178.3
1,265.7
489.5
520.3
5656
301.6
290.5
323.5
351.8
371.7
414.8
420.0
470.1
483.9
477.3
511.6
497.2
519.8
527.5
536.8
550.2
571.1
566.9
574 3
115.6
143.0
81.3
84.6
91.2
49.2
55.4
58.2
56.8
54.8
59.5
61.4
62.2
67.1
82.9
83.8
81.9
83.5
82.3
90.7
90.4
90.4
91.9
91.9
491.9
517.8
555.1
235.9
259.8
291.1
318.0
338.8
359.4
400.7
424.7
449.7
470.7
501.9
501.6
518.8
522.7
528.3
545.1
553.0
557.6
564.7
Period
Total
Fiscal year:
1992
1993
1994
Calendar year:
1992 .'.
1993
1994 '
1982: IV
1983- IV
1984: IV
1985- IV . . .
1986: IV
1987- IV
1988- IV
1989- IV
1990- IV
1991: IV
1992- IV
1993- I
n
in
IV
1994- I
II
HI
IV ' .
,
632.3
671.1
739.8
803.6
856.8
943.5
1,000.6
1,068.3
1,115.8
1,140.5
1,219.9
1,212.7
1,263.7
1,272.7
1,313.6
1,337.4
1,380.7
1,388.8
Source: Department «f Commerce, Bureau of Economic Analysis,
34
45.5
65.4
67.0
77.0
91,4
109.7
118.5
111.3
115.1
109.6
122.6
132.1
141.8
140.2
157.8
151.8
166.3
172.4
Contributions
for
social
insurance
Total
1,460.9
1,507.0
1,537.6
815.7
855.7
926.6
990.8
1,034.3
1,096.3
1,135.5
1,209.8
1,306.9
1,386.3
1,492.0
1,496.2
1,500.6
1,497.6
1,533.7
1,513.7
1,525.9
1,542.8
1,567.9
Surplus
or deficit
(-),
national
income
and
product
accounts
Transfer
payments
Grantsin-aid
to
State
and
local
governments
Net
interest
paid
Subsidies less
current
surplus
of
Government
enterprises
445.2
446.3
435.1
607.4
651.5
674.4
168.2
180.7
197.9
188.9
183.5
187.0
26.1
33.4
27.6
0.0
.0
.0
-274.7
2544
- 172.5
449.0
443.6
437.3
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
438.3
454.8
446.9
445.2
442.7
439.8
437,8
435.1
444.3
431.8
625.3
658.0
682.2
346.0
351.1
360.1
383.8
404.2
419.7
444.5
488.8
526.6
566.2
643.1
644.8
652.8
660.2
674.1
671.5
676.2
683.0
698.3
172.2
186.1
1B7.2
84.3
86.9
97.7
104.5
103.8
102.9
113.0
121.9
137.6
162.6
176.6
176.7
182.9
187.8
197.0
190.0
194.4
200.3
204.1
186.8
183.6
191.6
86.8
99.2
122.3
129.2
131.1
143.1
151.2
168.9
174.4
191.6
183.1
182.5
184.8
183.6
183.5
179.3
188.8
194.4
203.9
27.6
35.7
29.2
17.3
28.8
22.2
16.4
22.1
37.8
34.9
25.0
32.0
27.7
34.5
45.2
35.1
23.3
39.3
35.1
31.3
20.9
29.8
.0
.0
.0
.0
.0
.6
.0
.0
2
.0
.0
.2
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
-282.7
2414
Purchases
Less:
Wage
accruals
less
disbursements
1834
-184.6
- 186.8
187 2
-1775
- 152.7
134 8
-141.5
-191.0
-245.8
-272.1
2835
-237.0
2249
-220.1
1762
-145.1
1540
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84=100; NSA)
Industrial production (1987=100; seasonally adjusted)
Period
1986
1987
United
States
....
1988
1989
1990
1991
1992 ....
1993
1994 ".
1993- Oct
Nov
....
Dec
1994:
Jan
Feb
Mar
May
July
Sept
Oct
Nov
1
France
Germany
Italy
110.7
113.4
118.4
123.2
129.3
135.5
143.1
145.2
147.9
148.2
104.8
104.9
105.7
108.0
111.4
115.0
116.9
118.5
119.3
104.9
104.2
104.5
105.1
106.6
106.1
145.7
145.8
145.8
148.4
149.1
148.8
119.2
118.5
118.6
107.2
146.2
146.7
147.2
147.4
147.5
148.0
148.4
149.0
149.4
149.5
149.7
149.7
148.8
147.7
147.6
147.6
147.3
147.6
148.2
148.3
148.4
148.2
149.0
149.2
118.7
118.7
119.3
119.5
119.6
119.2
118.6
119.2
119.5
120.0
119.7
119.4
96.7
100.0
109.4
115.7
120.6
122.9
115.8
111.0
112.2
98.0
100.0
104.6
108.9
111.0
111.0
109.7
105.6
99.6
100.0
103.9
108.8
114.5
117.9
115.6
107.2
110.6
112.7
113.7
114.7
104.4
104.8
104.6
107.5
109.0
108.3
106.4
107.1
106.6
107.3
106.7
107.3
114.7
115.6
116.6
116.7
117.4
118.0
118.2
119.1
119.0
105.0
104.7
106.2
' 107.6
' 108.7
109.9
110.5
111.7
108.8
108.3
113.0
110.5
109.4
112.3
111.2
115.7
113.5
112.5
107.3
107.4
107.9
110.2
110.7
110.3
112.4
112.4
112.2
111.4
105.6
107.5
108.1
109.9
109.8
111.6
113.3
110.3
111.5
112.4
103.4
105.1
105.5
111.7
107.5
109.4
111.6
116.8
112.4
'111.5
' 120.4
' 121.4
111.6
113.2
'115.7
'112.7
115.2
114.8
Japan
Canada
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
148.2
95.4
100.0
105.3
105.2
101.7
97.5
98.4
103.2
r
United
States'
96.2
100.0
104.8
107.0
106.7
102.5
102.0
104.5
109.9
95.3
100.0
104.4
106.0
106.0
104.3
107.6
112.0
118 1
'119.5
Dec
1995- Jan "
Japan
Canada
United
Kingdom
96.2
100.0
105.9
109.2
109.4
108.4
108.2
'105.5
'107.8
'107.3
109.3
'109.7
'109.9
110.6
110.8
'112.0
'112.5
'110.9
'112.7
118.8
110.6
111.7
121 9
France
117.2
120.9
124.2
128.6
133.0
137.2
140.6
143.5
United
Kingdom
Italy
'145.9
104.7
104.9
106.3
109.2
112.1
116.0
120.6
125.6
129.4
128.5
134.4
141.1
150.4
159.5
169.8
178.8
186.3
193.6
114.9
119.7
125.6
135.4
148.2
156.9
162.7
165.3
169.3
144.3
144.4
144.3
126.4
126.7
126.9
188.6
189.5
189.5
166.6
166.4
166.7
144.5
144.9
145.2
145.6
145.9
145.9
145.9
145.9
146.3
146.7
146.7
146.7
128.0
128.5
128.7
129.0
129.3
129.5
129.6
129.7
129.8
129.9
130.4
190.6
191.3
191.7
192.2
192.9
193.3
193.6
194.2
194.7
195.8
196.5
197.2
166.0
167.0
167.4
169.4
170.0
170.0
169.2
170.0
170.4
170.6
170.7
171.5
131.0
197.9
171.5
150.3
Data relate to all urban consumers.
Germany
'130.1
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. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally adjusted]
Period
BOP
basis
1986
223.3
250.2
320.2
1987
1988
1989
1990
1991
1992
1993
1994 »
1
2
227.2
254.1
389.3
322.4
363.8
393.6
362.1
416.9
421.7
440.4
456.9
502.8
448.2
41.0
41.7
38.5
37.4
42.1
40.4
40.3
June .... 42.0
July
40.1
Aug
44.1
43.6
Sept
Oct
43.4
Nov '.... 44.9
Dec ".... 46.7
39.2
38.1
42.8
41.1
41.1
42.8
41.0
45.1
44.4
44.3
45.7
47.7
1993: Dec
1994:
Total,
Census
Jan
Feb
Mai
Apr
May
465.1
512.7
Auto- ConCap- motive sumer
Foods,
vehi- goods
ital
feeds,
(nongoods cles,
and
except parts food)
and
except
autoages materi- motive
enautoals
gines motive
3.7
3.3
3.2
3.4
3.1
3.3
3.1
3.1
3.7
3.7
3.9
4.1
4.3
9.6
9.0
8.7
10.6
9.6
9.9
9.8
10.3
10.7
10.3
10.6
10.7
11.3
75.8
21.7
86.2
109.2
138.8
152.7
166.7
175.9
181.7
24.6
29.3
34.8
37.4
40.0
47.0
52.4
57.3
23.1
36.4
43.3
45.9
51.4
54.7
60.0
4.5
4.4
4.4
4.8
4.7
4.5
4.7
4.3
5.2
5.0
5.0
4.9
5.6
4.7
4.5
4.5
4.9
4.7
4.8
5.1
4.9
5.3
5.2
5.4
5.5
5.3
205.3
16.9
16.0
15.3
17.3
16.7
16.6
17.7
16.3
17.7
17.8
16.9
18.1
18.9
Includes undocumented exports to Canada through 1988.
Total includes "other" exports or imports, not shown separately.
Balance of trade
(exports minus imports)
Census basis (by end-use category)
Industrial
supplies
22.3
57.3
24.3
66.7
32.3
85.1
37.2
99.3
35.1 104.4
35.7 109.7
40.3 109.1
40.6 111.8
42.0 121.3
Services
(BOP basis)
Goods: Imports (customs value)
Goods: Exports (f.a.s. value)
Census basis (by end-use category) l
14.2
17.7
BOP
basis
Total,
Census
basis 2
Foods
feeds,
and
ages
368.4
409.8
447.2
477.4
498.3
491.0
536.5
589.4
669.1
365.4
406.2
441.0
473.2
495.3
488.5
532.7
580.7
663.8
50.1
49.4
50.5
51.0
53.5
53.7
54.5
56.0
56.1
58.2
58.0
58.4
60.0
59.4
50.1
50.2
52.4
53.1
54.0
55.8
55.8
57.9
57.8
58.2
59.7
59.1
Auto- ConIndusCap- motive sumer
trial
vehi- goods
ital
sup(nongoods cles,
plies except parts food)
and
and except
automateri- motive
enautoals
gines motive
78.2
85.2
87.7
113.3 86.1
116.4 87.3
85.7
120.7
134.3 91.8
152.4 102.4
184.5 118.6
24.4
24.8
24.8
25.1
26.6
26.5
27.5
27.9
31.0
101.3
111.0
2.3
2.4
2.4
2.5
2.5
2.5
2.6
2.6
2.7
2.7
2.7
2.6
2.7
11.5
13.9
11.7
11.9
12.7
12.8
13.2
14.0
14.4
14.7
14.3
14.0
14.5
14.2
14.1
14.0
14.5
14.7
14.9
15.1
15.2
15.3
16.5
16.6
17.0
16.8
118.3
132.3
143.2
131.6
138.6
145.6
162.0
71.8
84.5
101.4
8.7
8.7
8.8
9.5
9.5
9.5
10.2
9.9
11.1
9.9
10.2
10.7
10.7
79.4
88.7
95.9
102.9
105.7
108.0
122.7
134.0
146.3
BOP basis
Exports
Imports
79.8
86.1
90.2
97.8
110.0 97.9
126.8 101.9
147.2 117.0
163.2 117.6
176.6 120.9
184.8 128.0
193.6 135.4
Goods,
Census
basis
Goods
-138.3 — 145.1
— 152.1 — 159.6
-118.5 — 127.0
— 109.4 — 115.2
-101.7 — 109.0
— 66.7 — 74.1
-84.5 —96.1
— 115.6 — 132.6
— 151.1 — 166.3
11.3
15.8
11.2
-7.8
-9.1
11.6
11.5
11.3
11.8
12.1
12.1
12.0
12.5
12.6
12.8
12.9
12.9
15.1
15.4
16.3
15.6
16.0
16.3
16.2
16.2
16.5
16.5
16.7
16.9
11.0
11.5
11.8
10.8
10.9
11.1
11.2
11.1
11.4
11.5
11.6
11.6
-10.9
-12.1
-9.6
-12.0
-12.9
-13.0
-14.8
-12.8
-13.4
-13.8
-14.1
— 11.4
-12.0
-13.5
-11.4
-13.3
-14.3
-14.0
-16.0
-14.1
-14.4
-15.1
-15.1
-12.7
Services
Goods
and
services
6.3
7.6
— 138.8
— 152.0
12.1 — 114.8
24.9 —90.3
30.2 — 78.8
45.6 — 28.5
55.7 —40.4
56.9 — 75.7
58.2 — 108.1
4.6 -4.5
4.1 -7.8
3.9 -9.6
4.5 -6.9
4.8 -8.6
5.1 -9.2
5.2 -8.8
5.0 -11.0
5.0 -9.1
5.1 -9.4
5.0 -10.1
5.1 -10.0
5.3 -7.3
NOTE.—BOP refers to balance of payments on international transactions basis. BOF data shown
here are consistent with figures shown on pp. 36 and 37.
Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis).
35
U.S. INTERNATIONAL TRANSACTIONS
In the third quarter of 1994, the merchandise trade deficit rose to $44.6 billion, from $41.6 billion in the second
quarter. The current account deficit rose to $41.7 billion, from $37.9 billion in the second quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS *
15
15
-45
1984
1993
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
1994
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)]
Period
Investment income
Services
Merchandise *
Net
military
transactions 2 3
Net
travel
and
transportation
receipts
Other
services,
net
Balance
on goods
and
services
Receipts
on U.S.
assets
abroad
Payments
on foreign
assets in
U.S.
Net
Balance
on goods,
services,
and
income
Unilateral
transfers,
net 4
Balance
on
current
account
Exports
Imports
Net
balance
1981 .
1982
1983
1984
1985 .
1986
1987
1988
1989
1990
1991 .
1992
1993 .
237,044
211,157
201,799
219,926
215,915
223,344
250,208
320,230
362,116
389,303
416,913
440,361
456,866
-265,067
-247,642
-268,901
-332,418
-338,088
-368,425
-409,765
-447,189
-477,365
—498,336
-490,981
-536,458
-589,441
-28,023
— 36,485
-67,102
— 112,492
-122,173
— 145,081
- 159,557
-126,959
-115,249
-109,033
— 74,068
-96,097
-132,575
844
112
563
-2,547
4,390
-5,181
3 814
-6,315
6 726
-7,567
-5,485
-3,034
-763
144
992
-4,227
8438
-9,798
7,382
-6,481
1,511
5,071
8,978
17,957
20,885
20,840
12,552
13,209
14,095
14,277
14,266
18,855
17,900
19,961
26,558
28,811
33,124
37,862
36,773
-16,172
-24,156
-57,796
- 109,200
- 122,095
- 138,789
151,981
-114,824
90,345
-78,810
28,472
—40,384
75,725
86,529
86,200
84,778
104,075
92,760
90,858
99,239
127,414
152,517
160,300
136,914
114,449
113,856
-53,626
-56,412
-53,700
-74,036
-73,087
-79,095
-91,302
-115,806
- 138,858
-139,574
-122,081
-109,909
-109,910
32,903
29,788
31,078
30,038
19,673
11,763
7,937
11,607
13,659
20,725
14,833
4,540
3,946
16,732
5,632
-26,719
— 79,161
- 102,422
- 127,026
-144,045
-103,217
-76,686
-58,085
-13,639
-35,844
-71,779
-11,702
-17,075
-17,741
-20,612
-22,950
-24,176
-23,052
-24,977
-26,134
-33,663
6,687
-32,042
-32,117
5,030
-11,443
-44,460
-99,773
-125,372
-151,201
- 167,097
-128,194
- 102,820
-91,748
-6,952
-67,886
- 103,896
1992: m
IV
109,546 -136,906
113,744 - 140,080
-27,360
-26,336
-525
1 277
5,138
5,005
9,960
9,262
-12,787
-13,346
27,864
26,158
— 26,644
-26,887
1,220
-729
-11,567
- 14,075
-7,040
- 10,308
- 18,607
— 24,383
1993: I
II
III
IV
111,664
113,787
111,736
119,679
-140,855
-147,514
- 148,224
-152,848
-29,191
-33,727
-36,488
-33,169
-105
128
-87
444
5,307
5,565
5,230
4,740
9,567
9,221
9,087
8,897
-14,422
- 19,070
-22,258
-19,976
27,727
28,801
28,513
28,816
-25,872
-28,133
— 26,498
-29,406
1,855
668
2,015
-590
-12,567
- 18,402
-20,243
-20,566
-7,283
-7,200
-7,613
-10,021
-19,850
-25,602
-27,856
-30,587
1994- I
118,018 - 154,980
122,683 -164,315
127,817 -172,450
-36,962
-41,632
—44,633
-337
177
376
4,098
5,344
4,843
8,874
9,465
9,903
-24,328
-26,646
-29,511
29,888
31,878
35,399
-30,699
-811
-34,687 -2,809
-39,347 -3,948
-25,139
-29,455
-33,459
-7,178
-8,451
-8,263
-32,317
-37,906
-41,722
n p
m
. ...
1
3
2
4
Adjusted from Census data for differences in timing and coverage; excludes military.
Transfers under U.S. military agency sales contracts (exports) minus direct defense expenditu
(imports).
36
Quarterly data are not seasonally adjusted.
Includes transfers of goods and sen-ices under U.S. r Hilary grant programs.
See p. 37 for continuation of table.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $3.5 billion in the third quarter
of 1994, in contrast to a decrease of $15.2 billion in the second quarter. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, increased $16.8 billion in the third quarter, following an
increase of $25.5 billion in the second quarter.
BILUONSOFDOUARS*
BILLIONS OF DOLLARS •
100
-20
-40
-60
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capit si outflow (— ) ]
Period
Total
-114,147
1981
1982
- 122,335
1983
-58,735
1984
-34,917
-39,225
1985
-104,818
1986
-71,443
1987
-99,360
1988
1989
-168,744
-70,363
1990
1991
-51,512
1992
61 510
-147,898
1993
1992: m .... - 10,806
IV
-29,395
- 12,659
1993: I
35 966
-35,651
IV
63 622
1994: I
-48,236
7 031
p
-20,394
n
m ....
n
m ...
U.S.
official
reserve
assets 3 5
-5,175
-4,965
-1,196
-3,131
-3,858
312
9,149
3 912
-25,293
2 158
5,763
3,901
-1,379
1,952
1,542
983
822
54.5
-673
-59
3,537
-165
Other TJ.S.
Government
assets
-5,097
-6,131
-5,006
-5,489
2 821
-2,022
1,006
2,967
1,259
2,307
2,900
-1,652
-306
-394
701
488
281
-192
321
490
462
-118
Foreign assets in the U.S., net
[increase/capital inflow (+)]
U.S.
private
assets
- 103,875
-111,239
-52,533
-26,298
-32,547
103 109
-81,597
98414
-144,710
70512
-60,175
-63,759
-146,213
12 364
-30,236
12 164
-36,507
34915
-62,628
-48,667
-11,030
20 111
Total
83,032
92,418
83,380
113,932
141,183
226,111
242,983
240,265
218,490
122,192
98,134
146,504
230,698
29,935
42,581
16,772
51,829
71,934
90,162
95,078
49,257
67,439
5
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve position in the IMF.
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
33,910
17,199
40,858
71,681
-7,417
6,363
10,968
17,492
19,259
23,962
11,530
8,925
17,496
78,072
88,826
77,534
110,792
142,301
190,463
197,596
200,507
209,987
88,282
80,935
105,646
159,017
37,352
36,218
5,804
34,337
52,675
66,200
83,548
40,332
49,943
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
1,093
Total (sum
of the items
with sign
reversed)
24,992
41,359
19,815
20,758
23,415
29,908
—4,443
-12,712
53,075
39,919
-39,670
-17,108
21,096
-522
11,197
15,737
9,739
-8,427
4,047
-14,525
-4,320
-5,323
Of which:
Seasonal
adjustment
discrepancy
-6,375
966
6,105
435
-6,643
103
5,810
639
-6,919
U.S. official
reserve
assets, net5
(unadjusted,
end of
period)
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,721
71,323
73,442
78,527
71,323
74,378
73,968
75,835
73,442
76,809
75,732
76,532
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
h*
Gross Domestic Product
Gross Domestic Product in 1987 Dollars
Implicit Price Deflators for Gross Domestic Product
Changes in GDP, Personal Consumption Expenditures, and Related Implicit Price Deflators and Price Indexes
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures in 1987 Dollars
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment in 1987 Dollars
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
,
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Credit at All Commercial Banks
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. International Trade in Goods and Services
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:,
p
Preliminary.
' Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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