Full text of Economic Indicators : January 1992
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Economic Indicators JANUARY 1992 (Includes data available as of February 10, 1992) JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) PAUL S. SARBANES, Maryland, Chairman LEE H. HAMILTON, Indiana, Vice Chairman SENATE LLOYD BENTSEN (Texas) EDWARD M. KENNEDY (Massachusetts) JEFF BINGAMAN (New Mexico) ALBERT GORE, JR. (Tennessee) RICHARD H. BRYAN (Nevada) WILLIAM V. ROTH, JR. (Delaware) STEVE SYMMS (Idaho) CONNIE MACK (Florida) ROBERT C. SMITH (New Hampshire) HOUSE OF REPRESENTATIVES DAVID R. OBEY (Wisconsin) JAMES H. SCHEUER (New York) FORTNEY H. (PETE) STARK (California) STEPHEN J. SOLARZ (New York) KWEISI MFUME (Maryland) RICHARD K. ARMEY (Texas) CHALMERS P. WYLIE (Ohio) OLYMPIA J. SNOWE (Maine) HAMILTON FISH, JR. (New York) STEVEN QUICK, Executive Director COUNCIL OF ECONOMIC ADVISERS MICHAEL J. BOSKIN, Chairman DAVID F. BRADFORD, Member PAUL WONNACOTT, Member [PUBLIC LAW 120—SlST CONGRESS; CHAPTER 237—IST SESSION] JOINT RESOLUTION [SJ. Res. 55] To print the monthly publication entitled "Economic Indicators" Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts prepared by the Art Production Section, Design and Graphics Branch, Office of the Secretary, Department of Commerce. Economic Indicators, published monthly, is available at $2.50 a single copy ($3.13 foreign), or by subscription at $28.00 per year ($35.00 for foreign mailing) from: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, D.C. 20402 For sale by the U.S. Government Printing Office Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402-9328 ISBN 0-16-037451-0 TOTAL OUTPUT, INCOME, AND SPENDING GROSS DOMESTIC PRODUCT In the fourth quarter of 1991, according to advance estimates, current-dollar gross domestic product (GDP) rose 1.9 percent (annual rate) or $27.4 billion. Real GDP (GDP in 1987 dollars) rose 0.3 percent and the implicit price deflator rose 1.7 percent. BILLIONS OF DOLLARS (RATIO SCALE| 6,000 BILUONS OF DOLLARS (RATIO SCALE] 6,000 SEASONAJH ADJUSTED ANNUAL RATES 5,600 ^"~ 5,200 ^x 4,800 4,800 4,400 \,,- ^ ^ *•* "" 4,000 s 3,600 2,800 _-, -'""' GDP IN 1987 DOLLARS 4,400 5,200 ^ Y^ s /-" 4,000 GDP IN CURRENT DOUARS ^ 3,600 / i I i 1982 \ 3,200 \ 1 i 1984 1983 i t 1985 ] i i 1986 i I i 1987 l i i 1988 i 1989 i i 1990 2,800 1991 COUNCIL OF ECONOMIC ADVISERS SOURCE. DEPARTMENT OF COMMERCE [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Personal Period 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 P Gross domestic product consumption expenditures Gross private domestic investment Federal Net exports Exports 3,030.6 3,149.6 3,405.0 3,777.2 4,038.7 4,268.6 4,539.9 4,900.4 5,244.0 5,513.8 5,671.8 1,926.2 2,059.2 2,257.5 2,460.3 2,667.4 2,850.6 3,052.2 3,296.1 3^517.9 3,742.6 3,886.8 2,128.7 2,346.8 2,526.4 2,739.8 2,923.1 3,!24.6 3,398.2 3,592.8 464.2 614.8 722.8 737.0 697.1 800.2 814.8 834.4 -29.5 -71.8 -107.1 -135.5 -133.2 - 143.2 -106.0 -77.5 265.6 286.2 308.7 304.7 333.9 392.4 467.0 IV 3,195.1 3,547.3 3,869.1 4,140.5 4,336.6 4,683.0 5,044.6 5,340.4 1990: I II Ill IV 5,422.4 5,504.7 5,570.5 5,557.5 3,667.3 3,706.0 3,785.2 3,812.0 812.0 825.9 821.8 750.9 -78.0 -60.4 -82.5 -76.6 1991: I II Ill IV '.... 5,589.0 5,652. B 5,709.2 5,736.6 3,827.7 3,868.5 3,916.4 3,934.4 709.3 708.8 740.9 742.3 -36.8 -17.2 -S7.3 -17.3 1982: 1983: 1984: 1985: 1986: 1987. IV IV IV IV IV IV 1988: IV 1989: J 2 558.0 503.4 546.7 718.9 714.5 717.6 749.3 793.6 837.6 802.6 725.3 — 14.7 -20.6 — 51.4 -102.7 — 115.6 — 132.5 — 143.1 — 108.0 -82.9 -74.4 — 27.1 Imports Total chases 2 dum: Gross national product3 3,005.2 3,165.5 3,410.6 3,706.1 4,014.1 4,260.0 4,513.7 4,884.2 5,208.1 5,513.8 5,692.0 3,045.3 3,170.2 3,456.5 3,879.9 4,154.3 4,401.2 4,683.0 5,008.4 5,326.9 5,588.1 5,699.0 3,063.8 3,179.8 3,434.4 3,801.5 4,053.6 4,277.7 4,544.5 4,908.2 5,248.2 5,524.5 281.4 289.7 324.7 356.9 373.1 392.5 392.0 403.7 205.5 222.8 242.9 268.6 278.6 295.8 296.8 75.9 66.9 81.9 88.3 94.5 96.7 95.2 102.1 350.3 367.9 402.2 442.4 476.6 509.0 545.7 587.0 3,241.4 3,527.1 3,818.1 4,107.9 4,355.4 4,623.7 5,027.3 5,305.3 3,224.6 3,619.1 3,976.2 4,276.0 4,469.8 4,826.2 5,150.7 5,417.9 3,222.6 3,578.4 3,890.2 4,156.2 4,340.5 4,690.5 5,054.3 5,350.9 417.2 423.3 424.7 434.5 309.3 107.9 110.7 113.6 113.9 604.0 609.9 5,425.7 5,479.1 5,556.5 5,594.0 5,500.5 5,565.1 5,653.0 5,634.0 5,432.7 5,505.5 5,576.8 5,583.2 451.5 452.1 444.9 332.3 328.4 322.3 637.3 640.4 644.2 310.7 5,628.2 5,689.6 5,712.8 5,737.6 5,625.8 5,669.8 5,746.5 5,753.8 5,611.7 5,660.6 5,720.1 431.9 119.2 123.7 122.6 121.3 521.3 631.6 657.6 727.0 799.2 849.7 901.4 937.6 990.7 534.6 545.9 548.7 572.6 612.6 606.3 631.2 649.2 1,021.2 1,033.2 1,046.0 1,071.2 565.9 589.8 597.0 620.4 602.7 607.0 634.3 637.7 1,088.8 1,092.5 1,089.1 1,077.0 3 and local pur- 320.3 341.1 360.3 389.9 428.1 465.3 496.6 531.7 570.0 618.0 641.8 295.1 358.0 415.7 440.2 467.1 535.6 573.1 598.8 364.0 444.2 504.9 550.4 593.3 Nondefense Gross domestic 73.3 72.7 77.5 77.8 85.7 91.1 92.9 91.4 101.5 111.5 121.7 401.4 424.9 445.1 302. 1 319.2 National defense State Final sales of domestic product 167.5 193.8 214.4 233.1 258.6 276.7 292.1 295.6 300.0 313.4 323.4 561.1 607.6 652.3 700.8 772.3 833.0 881.5 918.7 971.4 1,042.9 1,086.9 New definition: Excludes receipts and payments a! factor income from or to rest of the world. GDP less exports of goods and services plus imports of goods and services. Total 317.7 303.2 328.1 405.1 417.6 451.7 507.1 552.2 587.8 624.8 620.4 303.0 282.6 276.7 302.4 Adden- Government purchases Exports and imports of goods and services 1 240.8 266.6 292.0 310.9 344.3 367.8 384.9 387.0 301.6 312.7 311.1 320.6 621.4 636.7 645.1 GDP plus net receipts of factor income from rest of the world. Source: Department of Commerce, Bureau of Economic Analysis. GROSS DOMESTIC PRODUCT IN 1987 DOLLARS [Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates] Gross private domestic investment Period Gross domestic product Personal consumption expenditures Exports and imports of goods and services 1 Government purchases Federal Nonresidential fixed investment Residential fixed investment Change in business inventories Net exports Exports Imports Total Total State and local Nondefense National defense Final sales of domestic product Gross domestic purchases 2 Addendum: Gross national product3 3,843.1 3,760.3 3,906.6 4,148.5 4,279.8 4,404.5 45400 4,718.6 4,836.9 4,884.9 4,848.4 2,476.9 2,503.7 2,619.4 2,746.1 2,865.8 2,969.1 3,052.2 3,162.4 3,223.1 3,262.6 3,256.7 455.0 433.9 420.8 490.2 521.8 500.3 497.8 530.8 542.4 548.8 512.7 24.6 151.6 22.0 124.1 -17.5 -7.4 174.2 4.4 — 56.1 199.3 67.9 -122.0 202.0 22.1 - 145.3 226.2 8.5 — 155.1 225.2 26.3 - 143.0 222.7 19.9 - 104.0 214.2 32.6 — 75.7 .2 -51.3 195.5 175.1 -15.1 -17.6 326.1 296.7 285.9 305.7 309.2 329.6 364.0 421.6 469.2 505.7 539.6 304.1 304.1 342.1 427.7 454.6 484.7 507.1 525.7 544.9 557.0 557.2 713.2 723.6 743.8 766.9 813.4 855.4 881.5 886.8 900.4 929.1 936.7 295.8 306.0 320.8 331.0 355.2 373.0 384.9 377.3 375.0 380.9 384.8 206.4 221.4 234.2 245.8 265.6 280.6 292.1 287.0 280.7 281.3 281.4 89.4 84.7 86.6 85.1 89.5 92.4 92.9 90.2 94.4 99.6 103.4 417.4 417.6 423.0 436.0 458.2 482.4 496.6 509.6 525.3 548.2 551.9 3,818.6 3,777.8 3,902.2 4,080.6 4,257.6 4,395.9 4,513.7 4,698.6 4,804.3 4,884.7 4,863.6 3,821.2 3,767.7 3,962.8 4,270.5 4,425.1 4,559.6 4,683.0 4,822.6 4,912.6 4,936.2 4,866.0 3,884.4 3,796.1 3,939.6 4,174.5 4,295.0 4,413.5 4,544.6 4,726.3 4,840.7 4,894.6 IV IV IV IV IV IV IV IV 3,759.6 4,012.1 4,194.2 4,333.5 4,427.1 4,625.5 4,779.7 4,859.7 2,539.3 2,678.2 2,784.8 2,895.3 3,012.5 3,074.7 3,202.9 3,241.6 417.2 449.6 509.6 525.5 495.5 510.6 538.8 541.3 131.2 -44.9 -19.0 190.6 29.3 -83.7 198.8 47.9 -131.4 207.4 30.2 -155.4 230.5 -20.1 - 156.0 223.3 59.9 -136.0 225.3 20.9 -102.7 207.9 30.0 -70.0 280.4 291.5 312.8 312.0 342.9 386.1 438.2 485.8 299.4 375.1 444.2 467.4 498.9 522.1 540.9 555.7 735.9 748.1 784.3 830.5 864.8 893.0 894.5 908.9 316.0 322.2 341.7 363.7 377.5 391.6 378.4 373.9 229.4 242.9 254.3 272.1 282.2 295.0 285.7 279.9 86.6 79.3 87.4 91.6 95.3 96.6 92.7 94.0 419.9 425.9 442.6 466.7 487.3 501.4 516.1 534.9 3,804.5 3,982.8 4,146.2 4,303.3 4,447.2 4,565.6 4,758.7 4,829.7 3,778.6 4,095.8 4,325.5 4,488.9 4,583.1 4,761.5 4,882.4 4,929.7 3,791.7 4,046.6 4,216.4 4,349.5 4,430.8 4,633.0 4,789.0 4,869.3 1990: I .. H Ill IV 4,880.8 4,900.3 4,903.3 4,855.1 3,258.8 3,258.6 3,281.2 3,251.8 550.7 544.3 555.5 544.5 208.2 199.5 190.9 183.3 -4.0 22.1 13.9 -31.2 -56.0 -52.5 -65.7 -31.2 496.2 502.1 501.6 522.5 552.2 554.5 567.4 553.7 923.0 928.1 927.5 937.9 379.3 383.3 378.4 382.6 281.5 283.8 278.0 282.0 97.7 99.5 100.4 100.6 543.7 544.8 549.1 555.3 4,884.8 4,878.1 4,889.4 4,886.3 4,936.8 4,952.7 4,969.1 4,886.3 4,890.2 4,901.2 4,909.2 4,877.7 1991- I II Ill IV 4,824.0 4,840.7 4,862.7 4,866.3 3,241.1 3,252.4 3,271.2 3,262.2 519.1 514.8 510.0 506.9 170.7 -32.8 172.0 -30.4 176.5 .1 181.0 2.7 -18.6 -12.3 -31.1 -8.3 512.5 535.7 545.2 565.1 531.1 548.0 576.3 573.4 944.5 944.3 936.1 921.9 391.7 392.7 384.5 370.2 289.4 287.0 280.4 268.9 102.3 105.7 104.1 101.3 552.7 551.7 551.6 551.7 4,856.8 4,871.2 4,862.6 4,863.7 4,842.6 4,853.1 4,893.8 4,874.6 4,843.7 4,847.8 4,872.0 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 " 1982: 1983: 1984: 1985: 1986: 19871988: 1989: 1 2 3 GDP plus net receipts of factor income from rest of the world. Source: Department of Commerce, Bureau of Economic Analysis. New definition: Excludes receipts and payments of factor income from or to rest of the world. GDP less exports of goods and services plus imports of goods and services. IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT [1987=100; quarterly data are seasonally adjusted] Period Gross domestic product Gross private domestic investment Personal consumption expenditures Government purchases Exports and imports of goods and services l Federal Total Durable goods Nondurable goods Services Nonresidential fixed Residential fixed Exports Imports Total National defense Nondefense State and local 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 '.... 78.9 83.8 87.2 91.0 94.4 96.9 100.0 103.9 108.4 112.9 117.0 77.8 82.2 86.2 89.6 93.1 96.0 100.0 104.2 109.1 114.7 119.3 86.4 90.1 92.4 93.9 95.4 96.9 100.0 102.0 104.3 106.1 107.9 85.7 88.6 90.8 93.4 95.9 96.1 100.0 103.7 109.3 115.9 120.0 70.9 76.7 81.9 86.2 90.8 95.7 100.0 105.1 110.3 116.1 121.6 90.1 95.3 95.1 95.6 96.6 98.4 100.0 102.8 105.2 107.0 107.4 80.9 85.2 87.3 89.7 92.0 95.8 100.0 104.2 107.8 110.4 111.5 92.9 95.2 96.8 98.9 97.7 96.9 100.0 105.3 107.6 108.9 109.9 104.5 99.7 95.9 94.7 91.9 93.2 100.0 105.1 107.9 112.2 111.3 81.4 87.1 91.0 93.9 96.9 98.6 100.0 102.6 107.0 111.6 115.7 81.1 87.6 91.6 94.8 97.3 98.6 100.0 103.0 106.9 111.4 114.9 82.1 85.9 89.5 91.3 95.7 98.6 100.0 101.4 107.5 112.0 117.8 76.7 81.7 85.2 89.4 93.4 96.4 100.0 104.3 108.5 112.7 116.3 1982: 19831984: 1985: 19861987: 19881989- IV IV IV IV IV IV IV IV 85.0 88.4 92.2 95.5 98.0 101.2 105.5 109.9 83.8 87.6 90.7 94.6 97.0 101.6 106.1 110.8 90.6 93.3 94.4 95.9 97.8 101.0 103.1 105.2 89.4 91.8 94.1 97.0 96.3 101.5 105.6 110.8 79.0 83.7 87.7 92.9 97.3 101.9 107.1 112.2 95.3 95.0 96.4 97.3 99.2 100.7 104.0 105.9 86.0 88.0 90.7 93.1 97.3 101.5 105.3 108.7 94.7 98.2 98.7 97.7 97.4 101.6 106.6 107.3 98.5 95.4 93.6 94.2 93.6 102.6 106.0 107.7 89.0 89.9 95.0 98.1 98.8 100.2 103.6 108.0 89.6 91.7 95.5 98.7 98.7 100.3 103.9 107.8 87.7 84.3 93.7 96.4 99.2 100.1 102.6 108.6 83.4 86.4 90.9 94.8 97.8 101.5 105.7 109.7 1990- I . II III IV 111.1 112.3 113.6 114.5 112.5 113.7 115.4 117.2 106.0 105.9 106.1 106.6 113.3 114.3 116.6 119.3 113.7 115.3 116.9 118.5 106.5 106.5 107.4 107.5 110.0 110.4 110.7 110.3 107.7 108.7 109.4 109.6 110.9 109.3 111.2 117.2 110.0 110.4 112.2 113.6 109.9 110.2 111.9 113.7 110.4 111.2 113.1 113.2 111.1 111.9 113.2 114.7 1991: I ... . II III IV * 115.9 116.8 117.4 117.9 118.1 118.9 119.7 120.6 107.3 107.6 108.3 108.5 119.4 119.8 120.2 120.8 119.8 121.1 122.1 123.3 107.9 107.7 107.2 106.6 110.4 111.2 112.0 112.2 110.4 110.1 109.5 109.8 113.5 110.8 110.1 111.2 115.3 115.1 115.7 116.7 114.8 114.4 114.9 115.5 116.5 117.1 117.9 119.6 115.3 116.1 116.8 116.9 1 New definition: Excludes receipts and payments of factor income from or to rest of the world. Source: Department of Commerce, Bureau of Economic Analysis, CHANGES IN GDP, PERSONAL CONSUMPTION EXPENDITURES, RELATED IMPLICIT PRICE DEFLATORS AND PRICE [Percent change from preceding period; quarterly data at seasonally adjusted annual rates] Personal consum >tion expendit ires Gross domestic product Period Current dollars 1981 1982 1983 1984 1985 1986 1987 1988 1989 . 1990 1991 " . 1987: I II III IV 1988: ... I II III ... IV 1989: I . II III IV 1990: I II III . IV 1991: Constant (1987) dollars I II III IV" Implicit price deflator Fixed 1987 weights price index Implicit price deflator Constant (1987) dollars Current dollars 11.9 3.9 8.1 10.9 6.9 5.7 6.4 7.9 7.0 5.1 2.9 1.8 -2.2 3.9 6.2 3.2 2.9 3.1 3.9 2.5 1.0 — .7 10.0 6.2 4.1 4.4 3.7 2.6 3.2 3.9 4.3 4.2 3.6 10.2 6.9 9.6 9.0 8.4 6.9 7.1 8.0 6.7 6.4 3.9 1.2 1.1 4.6 4.8 4.4 3.6 2.8 3.6 1.9 1.2 2 9.0 5.7 4.9 3.9 3.9 6.8 8.1 7.2 9.9 6.1 91 7.6 8.1 7.8 6.3 4.6 4.9 6.3 6.2 4.9 g 2.3 4.6 4.1 1.9 3.0 5.1 4.0 5.9 2.6 4.3 2.5 3.9 2.5 1.9 1.1 1.2 1.7 1.6 .2 -3.9 -2.5 1.4 1.8 .3 3.3 2.9 3.3 3.6 3.6 4.4 5.1 3.9 5.4 4.2 3.4 3.7 4.4 4.4 4.7 3.2 5.0 3.1 2.1 1.7 5.5 9.4 8.3 4.4 9.9 7.9 8.4 8.9 4.6 6.4 7.2 4.7 8.6 4.3 8.8 2.9 1.7 4.3 5.0 1.9 i 4.8 3.9 -.1 7.1 2.5 2.9 4.1 — .2 1.0 4.1 .1 2.1 -.0 2.8 -3.5 -1.3 1.4 2.3 -1.1 5.9 4.5 4.1 4.5 2.8 5.2 5.1 4.7 5.0 5.3 3.0 4.5 6.3 4.3 6.1 6.4 3.1 2.7 2.7 3.0 NOTE.—Annual changes are from preceding year and quarterly changes are from preceding quarer. . Fixed 11)87 weights price index 3.1 4.2 4.2 4.7 5.1 4.0 Source: Department of Commerce, Bureau of Economic Analysis, NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS [Quarterly data at seasonally adjusted annual rates] Current-dollar cost and profit per unit of output (dollars) 3 Gross domestic product of nonfinancial corporate business (billions of dollars) Period 1981 . 1982 1983 1984 1985 1986 . 1987 1988 1989 1990 1991 * 1982: 19831984: 1985: 1986: 1987: 1988: 1989: 1990: IV IV IV IV . IV IV IV IV I II III IV 1991: I 11 Ill " 1 Output i Total cost and profit a Consumption of fixed capital Current dollars 1987 dollars 1,749.1 1,803.5 1,937.1 2,167.3 2,295.5 2,391.3 2,544.6 2,762.1 2,910.8 3,008.9 3,052.3 2,035.8 2,002.1 2,113.3 2,285.0 2,366.3 2,444.3 2,544.6 2,682.2 2,715.3 2,717.4 2,690.5 0.859 .901 .917 .949 .970 .978 1.000 1.030 1.072 1.107 1,134 0.102 .115 .115 .109 .109 1,807.1 2,038.1 2,230.0 2,341.3 2,428.4 2,625.9 2,840.1 2,943.3 2,974.7 3,025.6 3,021.2 3,014.2 8,011.8 3,043.9 3,070.1 2,000.5 2,205.2 2,330.3 2,399.5 2,469.0 2,602.4 2,717.1 2,715.3 2,720.0 2,741.6 2,710.4 2,697.6 2,668.1 2,682.1 2,699.0 .903 .924 .957 .976 .984 1.009 1.045 1.084 1.094 1.104 1.115 1.117 1.129 1.135 1.138 Indirect business taxes 3 Compensation of employees Net interest Corporate profits with inventory valuation and capital consumption adjustments Total Profits tax liability Profits after tax 4 .116 .120 .128 0.573 .606 .604 .619 .638 .650 .659 .676 .708 .745 .763 0.035 .041 .036 .038 .038 .040 .042 .045 .052 .055 .054 0.067 .056 .076 .094 .094 .083 .096 .102 .096 .083 .076 0.031 .023 .028 .032 .030 .031 .037 .038 .037 .035 .031 0.036 .033 .048 .062 .064 .052 .059 .064 .060 .047 .045 20.560 20.827 21.597 21.905 22.144 22.737 23.047 23.472 23.059 23.062 11.790 12.620 13.037 13.559 14.121 14.770 15.181 15.782 16.330 17.171 .119 .119 .111 .110 .112 .110 .112 .119 .119 .119 .121 .123 .127 .128 .127 .085 .086 .000 .092 .094 .093 .096 .100 .103 .103 .106 .109 .113 .113 .116 .609 .604 .624 .644 .655 .665 .687 .720 .729 .737 .755 .758 .760 .763 .765 .040 .036 .041 .038 .042 .042 .047 .054 .054 .054 .055 .056 .056 .054 .054 .051 .079 .091 .092 .080 .099 .102 .090 .090 .091 .077 .072 .073 .077 .076 .020 .029 .027 .030 .035 .038 .040 .034 .036 .036 .037 .033 .030 .031 .032 .030 .050 .064 .063 .045 .060 .063 .056 .054 .055 .041 .039 .043 .046 .044 21.103 21.905 22.050 22.340 22.891 23.268 23.423 22.967 22.973 23.181 22.952 23.110 23.188 23.355 23.456 12.842 13.233 13.770 14.395 15.001 15.483 16.005 16.542 16.740 17.092 17.325 17.509 17.625 17.818 17.933 .111 .111 .111 This is equal to the deflator for gross domestic product of nonfinaMcia! corporate business with the decimal point shifted two places to the left. Compensation per hour of all employees (dollars) 0.081 .083 .086 .089 .091 .094 .093 .095 .099 .105 .114 leasured by gross domestic product of nonfinancial corporate business in 1987 dol- 2 Output per hour of all employees (1987 dollars) aluation and capital consumption adjustments. 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 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 p 19821983: 198419851986: 1987 198819891990- 2,522.5 2,720.8 3,058.3 3,268.4 3,437.9 3,692.3 4,002.6 4,244.7 4,459.6 . . . . IV IV IV IV IV IV IV IV I 2,551.5 2,834.3 3,134.4 3,341.9 3,486.0 3,828.8 4,127.6 4,300.5 4,395.5 4,461.0 4,475.2 4,506.8 n III IT 1991- I II Ill IV 1 4,489.8 4,530.8 4,559.8 1,916.0 2,029.4 2,226.9 2,382.8 2,523.8 2,698.7 2,921.3 3,101.3 3,290.3 3,387.7 1,940.4 2,101.2 2,288.1 2,442.5 2,582.5 2,785.1 3,004.9 3,157.4 3,216.1 3,219.9 3,325.3 3,340.0 3,342.9 3,377.4 3,405.3 3,425.1 Rental income of persons with capita! consumption adjustment Nonfarm 1ST. 3 184.3 214.7 238.4 261.5 279.0 293.4 305.5 330.7 344.5 169.6 193.8 217.7 250.9 260.9 282.6 302.5 310.2 324.9 328.8 336.5 332.7 331.4 340.4 350.5 355.6 13.5 2.4 21.3 21.5 22.3 31.3 30.9 41.4 42.5 35.2 10.2 6.3 21.9 17.8 23.6 42.4 30.9 41.0 50.9 45.3 32.4 41.2 32.8 39.6 32.0 36.3 Includes employer contributions for social insurance. (See also p. 5.) 21.9 22.1 23.3 18.7 8.7 3.2 4.3 -7.9 -12.9 -13.2 24.1 22.2 24.3 14.0 4.7 6.8 2.8 -12.5 -14.2 -17.3 -10.4 -9.5 -11.9 -11.7 -14.2 -15.2 Corporate profits with inventory valuation and capital consumption adjustments Profits with inventory valuation adjustment and without capital consumption adjustment Total Profits before tax Total 151.5 212.7 264.2 280.8 271.6 319.8 365.0 351.7 319.0 166.4 202.2 236.4 225.3 227.6 273.4 320.3 327.0 318.2 176.3 210.7 240.5 225.0 217.8 287.9 347.5' 344.5 332.3 150.3 229.1 261.3 284.9 264.6 343.3 378.3 334.7 340.2 339.8 299.8 296.1 302.1 303.5 306.1 160.0 216.2 223.6 228.0 225.0 293.4 340.5 319.2 330.0 335.4 302.4 304.9 315.7 316.1 313.4 168.6 223.8 220.1 231.8 235.7 311.2 372.2 332.8 336.6 331.6 335.1 326.1 Inventory valuation adjustment 309.1 306.2 318.2 Capita! consumption adjustment -9.9 -8.5 -4.1 .2 9.7 -14.5 -27.3 -17.5 — 14.2 3.8 -8.6 -7.6 3.5 -3.8 -10.7 -17.8 -31.7 -13.5 -6.6 3.8 -32.6 -21.2 6.7 9.9 -4.8 3.3 -14.9 10.4 27.8 55.5 44.1 46.4 44.7 24.7 .8 -9.1 -9.6 12.9 37.7 56.9 39.6 49.9 37.9 15.4 10.2 4.4 -2.7 -8.8 -13.6 -12.6 — 7.3 -2.9 Net interest 262.4 270.0 307.9 326.2 350.2 360.4 387.7 452.6 490.1 481.3 256.8 281.8 321.1 331.9 349.7 368.6 408.1 469.6 477.5 484.5 491.8 506.4 492.6 481.6 480.1 470.8 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] Period 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 r 1982: IV 1983: IV 1984: IV 1985: IV 1986: IV 1O.Q7. IV TV 1987: 1988: IV .... 1989: IV Total personal consumption expenditures 2,503.7 2,619.4 2,746.1 2,865.8 2,969.1 Total ^ Durable goods Motor and parts 262.5 297.7 338.5 370.1 115.6 138.1 402.0 403.7 428.7 440.8 438.9 193.3 3,052.2 3,162.4 3,223.1 3.262.6 3,256.7 412.5 2,539.3 2,678.2 2,784.8 272.3 319.1 2,895.3 3,012.5 •j i\i A "7 160.3 180.2 183.5 194.8 196.2 191.4 167.6 347.7 369.6 123.7 151.6 164.3 173.9 415.7 193.6 1 Q'7 ii Other 94.2 52.7 104.3 115.3 55.3 62.9 66.1 72.4 76.2 123.8 136.3 144.0 155.4 166.1 170.6 170.5 96.4 109.3 118.7 128.6 141.4 Total nondurable goods 872.7 900.3 934.6 958 7 991.0 1,011.1 1,035.1 78.5 78.5 76.9 74.5 1,049.3 1,050.8 1,042.3 52.3 58.1 64.8 67.1 880.7 915.2 942.9 968.7 80.7 1,000.9 Clothing Food and shoes 451.4 463.4 472.3 483.0 494.1 500.7 513.4 513.3 515.8 516.6 458.3 467.1 475.1 488.2 496.9 502.4 518.0 511.7 133.7 142.4 153.1 158.8 170.3 174.5 178.9 187.9 187.4 182.9 135.7 147.7 154.7 161.7 171.9 174.5 182.8 190.1 190.1 187.2 188.2 184.1 Gasoline and oil 73.9 75.7 77.9 79.2 82.9 84.7 86.1 86.7 85.0 83.1 73.4 76.9 79.0 79.5 84.6 Retail sa es of newpassen, er cars (millions of units) Services Nondurab] e goods Fumiture and household equipment Fuel oil and coal 10.9 11.1 11.2 11.5 12.1 12.0 12.0 11.5 10.0 9.6 10.5 11.4 11.1 11.4 12.4 11.9 12.0 12.3 9.5 10.5 11.0 8.9 Other 202.3 207.8 220.0 226.2 231.7 239.1 244.7 250.0 252.6 250.2 202.8 212.2 222.9 228.0 235.2 Total services ] 1,368.9 1,421.4 1,473.0 1.537.0 Housing 409.6 415.5 426.8 435.9 1,576.1 442.1 1,637.4 452.5 1,698.5 461.8 469.0 474.5 478.8 1,732.9 1,773.0 1,801.9 1,386.2 1,443.9 1,494.2 1,557.1 1,595.8 411.0 419.7 431.3 438. 1 444.8 ,1 .77 n Medical care 323.7 332.6 341.9 353.0 366.2 384.7 399.4 408.5 424.3 439.5 327.8 334.8 344.9 359.1 372.0 QOA 7 Domesties Imports 5.8 22 6.8 8.0 82 8.2 7.1 7.5 7.1 2.4 2.4 2.8 3.2 3.2 3.1 2.8 2.6 2.3 6.9 6.1 6.0 7.4 7.7 7.0 7.7 a R 6.8 7.1 6.6 2.5 2.6 2.6 3.1 34 q 'j SOURCES OF PERSONAL INCOME Personal income rose $49.2 billion (annual rate) in December after falling $7.6 billion in November. The changes were affected by a number of special factors. The December increase reflected increases in farm subsidy payments and in unemployment insurance benefit payments, and December bonus payments to employees in the motor vehicle industry. The November decrease reflected a decrease in farm subsidy payments, October bonus payments to employees in the motor vehicle industry, and October restitution payments to Japanese-Americans; these factors were partly offset by uninsured losses resulting from the fire in Oakland, California, which reduced October personal income. Excluding these special factors, personal income increased $23.0 billion in December and $11.6 billion in November. BILLIONS OF DOLLARS* (RATIO SCALE| 5,000 BILLIONS OF DOLLARS* (RATIO SCALE) 5,000 4,000 4,000 TOTAL PERSONAL INCOME 3,000 3,000 \ 2,000 2,000 WAGE AND SALARY DISBURSEMENTS 1,400 \ OTHER INCOME 800 TRANSFER PAYMENTS 400 400 I I I 1989 !988 1987 1990 1991 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; monthly data at seasonally adjusted animal rates] Proprietor ' income 5 Period 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 p 1990- Dec 1991- Jan Feb Mar 2,690.9 ... .. . May July Sept Oct r NOT ' Dec " personal income . .. 2 862.5 3,154.6 3,379.8 3,590.4 3 802.0 4,075.9 4 380.2 4,679.8 4 833.9 4,789.6 4,761.5 4761.2 4,781.4 4 792 0 4,825.5 4,845.8 4833.1 4,854.2 4,872.8 4,881.7 4 874 1 4,923.3 salary disbursements l Other labor income ' 2 1,593.3 1,684.7 1,849.8 1,986.5 2,105.4 165.4 174.6 184.7 191.8 200.7 2,261.2 2,443.0 210.4 230.5 253.7 274.0 2906 281.0 282.6 284.2 285.8 287 2 288.6 289.9 291.3 292.7 294.2 295.6 297 0 298.3 2,585.8 2,738.9 2,807.8 2,796.8 2,771.7 2,767.6 2,773.4 2 779.4 2,799.5 2,822.8 2,808.1 2,823.6 2,835.9 2,829.4 2 832.1 2,850.1 Farm 13.5 2.4 21.3 21.5 22.3 31.3 30.9 41.4 42.5 35 2 45.4 27.4 29.2 41.8 39.4 43.4 36.0 32.0 31.0 33.0 42.4 27.1 39.4 Personal interest income income of persons 4 dividend 157.3 184.3 21.9 22.1 67.1 3768 214.7 238.4 261.5 23.3 18.7 77 8 78.8 87 9 8.7 3.2 4.3 104.7 1004 108.4 397 5 46] 9 498 1 531 7 548 1 583 2 6690 721 3 408 1 438 9 452 9 485 9 517 8 542 2 576 7 624 4 6849 719 4 759 1 738 1 7346 729 8 7260 723 8 721.7 7198 718 I 716.6 715.5 712.2 709 2 7059 712 0 Nonfarm 279.0 293.4 305.5 330.7 344 5 327.2 329.7 332 2 332.2 336 2 340.8 344.3 347.9 350.3 353.3 353.8 354 8 358.2 -7.9 — 12.9 — 13.2 — 10.1 -12.1 -12.3 -11.3 — 11.7 -11.6 -11.6 — 129 -14.2 -15.5 -20.5 -13.7 -11.4 119 8 1248 128 5 1280 128.6 129 5 127.8 127 2 127.5 127.6 128 3 128.6 129.1 129.3 129 5 1294 payments 5 733 9 736 2 741 5 746 5 752.6 7555 758 7 7650 767.4 779 4 778 2 794 7 Less: Personal contributions for social insurance 112 3 119 7 132 8 162 1 ') (549 g 3 106 1 3 333 2 3 545 6 173 6 3 749 4 194 5 2117 224 3 238 0 4 023 9 028 9 ''34 9 935 3 935 8 035 9 237.0 ''38 3 238 3 239 4 240.2 239 8 940 0 241 3 1 The total of wage and salary disbursements and other labor income differs from compensation of employees {see p. 4) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements. 2 Consists primarily of employer contributions to private pension and private welfare funds. 3 With inventory valuation and capital consumption adjustments. 4 With capital consumption adjustment. Nonfarm personal income e NOTE.—Benchmark revisions of monthly data prior to 1987 are not yet available. Source: Department of Commerce, Bureau of Economic Analysis. 4 775 0 4 710 9 4 716 2 4,758.5 4 786 2 4 799 3 4,815.7 48153 DISPOSITION OF PERSONAL INCOME According to advance estimates, per capita disposable personal income in 1987 dollars fell in the fourth quarter of 1991. BIlilONSOFDOUARS- (RATIO SCALE) BILLIONS OF DOLLARS' (RATIO SCALE] 2,000 2,000 DOLLARS' (RATIO SCALE] DOLLARS' (RATIO SCALE] 8,000 8,000 COUNCIL OF ECONOMIC ADVISERS Period Personal income Less: Personal tax and nontax payments EjQuals' Disposable income Less: Personal outlays 1 Equals: Personal saving Disposable personal income in Per capita disposable personal income 1987 Current dollars dollars (billions) Billions of dollars 2,534.7 2,690.9 2,862.5 3,154.6 3,379.8 3,590.4 3,802.0 4,075.9 4,380.2 4,679.8 4,833.9 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991" 360.2 371.4 368.8 395.1 436.8 459.0 512.5 527.7 591.7 621.0 616.0 2,174.5 2319.6 2,493.7 2,759.5 2,943.0 3,131.5 3,289.5 3,548.2 3,788.6 4,058.8 4,217.8 1987 dollars Per capita personal consumption expenditures Current dollars 1987 dollars 2,119.6 2324.7 2,537.2 2^753.2 2,943.6 3446.9 3,392.0 s'621.6 3,852.2 3^995.8 192.4 200.0 169.1 222.3 189.8 187.8 142.6 156.2 166.9 206.6 222.1 2,795.8 2,820.4 2^893.6 3,080.1 3'l62.1 3,261.9 3^404.3 s',471.2 3,538.3 3^534. 1 9,455 9,989 10,'642 11,673 12339 13,010 13^545 * 14,477 15,313 16,236 16^693 12,156 12,146 12349 Saving as percent of disposable personal income Population, including Armed Forces abroad (thousands)2 Percent Dollars 1,982.1 Percent change in real per capita disposable personal income 8,375 10,770 1.3 8.8 8,868 9^634 10,408 1.7 5.5 1.8 2.2 — .1 2.5 1.0 .9 -1.2 8.6 6.8 8.1 6.4 6.0 4.3 4.4 4.4 5.1 5.3 229,989 232,201 234,326 236,393 238,510 240,691 242,860 245,093 247,405 249,992 252,666 -0.5 7.2 1.0 1.8 -1.7 5.2 3.2 1.9 3.5 .5 -1.0 -3.1 -2.6 1.6 -.9 -.6 7.8 6.8 7.9 6.0 4.8 5.0 4.3 4.4 5.0 5.4 4.8 5.2 5.1 5.5 5.0 5.4 233,060 235,146 237,231 239,387 241,550 243,745 246,004 248,387 248,950 249,594 250,349 251,074 251,689 252,281 252,990 253,705 13,029 13^258 13,552 13^545 r 13, 890 14/030 14,154 13^987 11,843 12^568 13,448 14,219 14,971 15383 10,782 11,179 11,617 12^015 12,336 12,568 r 12,903 13,027 13,051 12,889 12,154 12,591 13,145 13,278 13,522 13,685 13,996 14,063 14,185 14,204 14,168 14,058 13,965 14,022 13,992 13,970 9,134 9,980 10,649 11,445 12,101 12,819 13,814 14,464 14,731 14,848 15,120 15,183 15,208 15,334 15,481 15,508 10,895 11,390 11,739 12,095 12,472 12,615 13,020 13,051 13,090 13,056 13,107 12,952 12,877 12,892 12,930 12,858 Seasonally adjusted annual rates 1982: 1983: 1984: 1985: 1986: 1987: 1988: 1989: 1990: IV IV IV IV IT IV IV IV I II 2,746.8 2,965.8 3,242.5 3,456.7 3,647.8 3,918.5 4,195.2 4,474.4 4,580.6 4,654.7 in.... 4,719.3 IV 4,764.7 1991: I 4,768.0 II 4,821.1 III.... 4,853.3 IV.. 4,893.1 372.1 371.6 413.4 448.8 478.5 528.6 542.0 602.9 606.6 622.7 627.5 627.2 617.1 613.6 615.1 618.3 2,374.7 2,594.3 2,829.1 3,007.9 3,169.3 3,389.9 3,653.2 3,871.4 3,974.0 4,032.0 4,091.8 4,137.5 4,151.0 4,207.5 4,238.2 4,274.7 2,190.4 2,417.6 2,606.1 2,828.2 3,017.8 3,219.4 3,496.2 3,700.4 3,776.6 3,815.3 3,895.3 3,921.7 3,937.5 3,977.9 4,024.9 4,042.8 184.2 176.7 223.0 179.7 151.5 170.5 157.0 171.0 197.5 216.7 196.5 215.8 213.4 229.6 213.3 232.0 2,832.6 10,189 2,960.6 11,033 3,118.5 11,925 3,178.7 12,565 3,266.2 13,121 3,335.8 13,907 3,443.1 14,850 3,493.0 . 15,586 3,531.4 15,963 3,545.3 16,154 3,547.0 16,344 3,529.5 16,479 3,514.8 16,492 3,537.4 16,678 3,539.9 16,752 3,544.3 16,849. 1 Includes persona! consumption expenditures, interest paid by persons, and personal transfer payments to rest of the world (net). 2 Annual data are averages of quarterly data, which are averages for the period. Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). FARM INCOME In the third quarter of 1991, according to preliminary estimates, gross farm income fell $10.9 billion (annual rate) and net farm income fell $7.3 billion. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 240 -—, *•- ' -\^ /-— .„ - ^^"^ *^- ^s_^^ t **- 1 -^ ^j'" r " ""1 ^^~*. -—- 240 200 ~~ 120 \ GROi S FARM INCC3ME 80 80 60 ,- , \ 4 40 \ ,/v f \ \ \ I i ' t ,'"* \l ** t ^ x \ 40 \ / 1 V \ * NET FARM INCOME * 20 t ^~~ ~ i > V • i l\ I i 1 . 1 i i ' i i / \i i i ' i i i / 11 u 10 2 I L 1982 I 1 10 1 1 1 1983 1 1 1984 1 1 1 1 1 1 1985 1 1986 1 1 1 1 1 1987 1 1988 1 1 1989 * SEASONALLY ADJUSTED ANNUAL RATES 1 1990 1 1 1991 ? COUNCIL OF ECONOMIC ADVISERS SOURCE; DEPARTMENT OF AGRICULTURE [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 ' 1980 1981 1982 1983 . 1984 1985 1986 1987 .. 1988 1989 1990 1990: Total Livestock and products Crops Value of inventory changes 2 Production expenses Current dollars 1987 dollars 3 149.3 166.3 164.1 153.9 168.0 161.2 156.1 168.4 174.5 190.3 195.1 139.7 141.6 142.6 136.8 142.8 144.1 135.3 141.8 151.1 160.9 170.0 68.0 69.2 70.3 69.6 72.9 69.8 71.6 76.0 79.4 84.1 89.6 71.7 72.5 72.3 67.2 69.9 74.3 63.7 65.8 71.6 76.8 80.4 -6.3 6.5 -1.4 -10.9 6.0 -2.3 -2.2 -2.3 -3.5 4.3 2.9 133.1 139.4 140.3 139.6 141.9 132.4 125.1 128.7 133.9 140.2 144.3 16.1 26.9 23.8 14.2 26.1 28.8 31.0 39.7 40.6 50.1 50.8 22.5 34.1 28.4 16.3 28.7 30.5 32.0 39.7 39.1 46.2 45.0 m 199.7 191.4 188.0 201.4 166.0 166.8 173.7 173.4 89.4 87.9 90.7 90.3 76.6 78.9 83.0 83.1 142.0 143.4 143.8 148.0 57.7 48.0 44.2 53.4 51.9 42.7 38.9 46.6 n p.. m 186.9 197.6 186.7 162.4 173.7 172.2 86.5 83.9 85.9 75.9 89.8 86.3 4.6 3.5 2.3 1.4 1.1 .6 .2 147.4 148.4 144.8 39.4 49.2 41.9 34.1 42.1 35.8 I II IV 1991: I ' 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 GBP Implicit price deflator. NOTE.—Data include net Commodity Credit Corporation loans and operator households. Sources: Department of Agriculture and Department of Commerce. CORPORATE PROFITS In the third quarter of 1991, corporate profits before tax rose $12.0 billion (annual rate) and profits after tax rose $6.9 billion. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 50 SOURCE DEPARTMENT OF COMMERCE 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 Period Nonfinancial Total 2 Total 203.2 166.4 202.2 236.4 225.3 227.6 273.4 320.3 327.0 318.2 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 " 198219831984198519861987198819891990- IV IV IV IV IV IV IV IV I II in IV 1991- I II in rv p 1 2 160.0 216.2 223.6 228.0 225.0 293.4 340.5 319.2 330.0 335.4 302.4 304.9 315.7 316.1 313.4 174.0 138.6 171.9 205.2 194.5 194.6 233.9 271.2 273.1 258.0 248.4 130.8 182.6 192.9 193.5 192.5 246.3 285.9 258.3 271.9 282.1 245.8 232.1 241.2 254.4 250.4 Financial 18.7 15.6 24.5 20.3 28.7 35.8 36.4 41.8 39.2 39.6 42.2 23.0 22.1 20.3 29.0 34.7 39.4 46.1 32.4 41.4 41.5 39.3 36.4 40.1 42.1 43.5 Total 3 155.3 123.0 147.4 185.0 165.8 158.9 197.5 229.4 233.9 218.3 206.2 107.8 160.5 172.6 164.5 157.8 207.0 239.7 225.9 230.5 240.7 206.5 195.7 201.0 212.3 206.9 See p. 4 for profits with inventory valuation and capital consumption adjustmeni Includes rest of the world, not shown separately. Manufacturing 87.4 63.1 71.4 86.7 80.1 59.0 87.0 117.5 113.6 95.7 82.0 50.1 90.5 79.2 83.3 63.9 98.7 129.3 101.0 102.1 107.1 94.8 78.9 75.0 82.9 84.1 Profits before tax Tax liability 228.9 176.3 210.7 240.5 225.0 217.8 287.9 347.5 344.5 332.3 81.1 63.1 77.2 94.0 96.5 106.5 127.1 137.0 138.0 135.3 147.8 113.2 133.5 146.4 128.5 111.3 160.8 210.5 206.6 197.0 168.6 223.8 220.1 231.8 235.7 311.2 372.2 332.8 336.6 331.6 335.1 326.1 309.1 306.2 318.2 58.7 82.2 83.8 97.6 116.6 135.2 146.2 129.8 137.6 137.9 138.8 127.1 119.4 123.5 128.6 109.9 141.6 136.3 134.2 119.2 176.0 226.0 203.0 199.1 193.7 196.3 199.0 189.7 182.7 189.6 Wholesale and retail trade 31.6 31.9 38.7 49.7 43.1 46.3 39.9 37.1 42.8 39.8 44.9 33.8 40.7 50.8 39.0 43.1 39.3 39.3 45.1 41.6 45.1 34.4 38.2 45.3 46.9 44.6 Total Dividends 69.2 70.0 81.2 82.7 92.4 109.8 106.2 115.3 127.9 133.7 137.8 72.5 84.2 83.4 97.4 111.0 106.3 121.0 130.7 132.3 132.5 133.8 136.2 137.8 136.7 138.1 138.5 3 Includes industries not shown separately. Source: Department of Commerce, Bureau of Economic Analysis. Undistributed profits 78.6 43.2 52.3 63.8 36.1 1.6 54.6 95.2 78.7 63.3 37.5 57.4 52.9 36.9 8.2 69.7 105.0 72.3 66.7 61.2 62.5 62.8 51.9 46.1 51.5 Inventory valuation adjustment -25.7 -9.9 -8.5 — 4.1 .2 9.7 -14.5 -27.3 -17.5 -14.2 3.8 -8.6 -7.6 3.5 -3.8 -10.7 -17.8 -31.7 -13.5 -6.6 3.8 -32.6 -21.2 6.7 9.9 -4.8 3.3 PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS According to advance estimates for the fourth quarter of 1991, nonresidential fixed investment in 1987 dollars fell $3.1 billion (annual rate) and residential investment rose $4.5 billion. There was a $2.7 billion rise in inventories, following an increase of $0.1 billion in the third quarter. BILLIONS OF 1987 DOLLARS BILLIONS OF ] 987 DOLLARS 900 900 SEASONALLY ADJUSTED ANNUAL RATES GROSS PRIVATE DOMESTIC INVESTMENT 600 500 500 NONRESIDENTIAL FIXED INVESTMENT 400 400 RESIDENTIAL FIXED INVESTMENT 300 \ 200 200 CHANGE IN BUSINESS INVENTORIES -100 -100 1984 1982 1985 1986 1988 1989 1991 SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates] Change id business inventories Fixed investment Gross private domestic investment Period 1981 1982 631.1 540.5 599.5 757.5 745.9 1983 1984 .. . 1985 1986 1987 1988 1989. . . 1990 1991 " 1982: 1983: 1984: 19851986: 1987: 19881989: 735.1 749.3 773.4 789.2 744.5 672.6 IV IV IV IV IV IV IV IV . ... 1991: I... II III IV .. .. Source: Department of Commerce, Bureau of Economic Analysis. Total Total 606.5 558.0 595.1 689.6 723.8 726.5 723.0 753.4 756.6 744.2 687.7 455.0 433.9 420.8 490.2 521.8 500.3 497.8 530.8 542.4 548.8 512.7 Structures Producers' durable equipment Residential Total Nonfarm 182.9 181.3 160.3 182.8 197.4 176.6 171.3 174.0 177.4 177.9 153.9 272.0 252.6 260.5 307.4 324.4 323.7 326.5 356.8 365.0 370.8 358.8 151.6 124.1 174.2 199.3 202.0 226.2 225.2 222.7 214.2 195.5 175.1 24.6 -17.5 4.4 67.9 22.1 8.5 26.3 19.9 32.6 .2 -15.1 18.6 -20.7 12.8 66.2 19.8 10.6 32.7 26.9 33.3 -1.5 -15.3 244.0 287.0 320.1 327.2 325.0 332.7 363.1 362.7 131.2 190.S 198.8 207.4 230.5 223.3 225.3 207.9 -44.9 29.3 47.9 30.2 -20.1 59.9 20.9 30.0 -46.2 32.3 50.8 28.0 -18.6 62.1 30.5 38.1 764.1 749.2 510.6 538.8 541.3 173.2 162.6 189.5 198.3 170.4 177.9 175.7 178.6 754.9 766.0 760.3 696.6 758.9 743.8 746.4 727.8 550.7 544.3 555.5 544.5 182.3 178.9 180.0 170.4 368.4 365.4 375.5 374.0 208.2 199.5 190.9 183.3 -4.0 22.1 13.9 -31.2 — 5.5 15.5 9.9 -25.7 657.0 656.3 686.5 690.6 689.8 686.8 686.5 687.9 519.1 514.8 510.0 506.9 163.3 158.9 148.4 144.8 355.8 355.8 170.7 172.0 176.5 181.0 -32.8 -30.4 .1 2.7 -31.1 -30.8 503.5 669.5 756.4 763.1 705.9 793.8 785.0 779.2 1990- I II III IV Nonresidentiai 548.4 640.2 708.4 732.9 725.9 733.9 417.2 449.6 509.6 525.5 495.5 361.6 362.1 fj Q 3.6 EXPENDITURES FOR NEW PLANT AND EQUIPMENT According to the Commerce Department October-November 1991 survey, business spending for new plant and equipment is expected to rise 5.4 percent in 1992, following an expected decline of 0.5 percent in 1991. BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE) 600 600 SEASONALLY ADJUSTED ANNUAL RATES 500 500 400 400 \ ALL INDUSTRIES 300 300 NONMANUFACTURING -- 200 200 MANUFACTURING 100 100 I 1983 I I 1984 I I I I 1986 1985 1987 I I I 1988 1989 I I 1990 1991 1992 -^SURVEYED QUARTERLY -^SEE FOOTNOTE 4 BELOW COUNCIL OF ECONOMIC ADVISERS SOURCE. DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual ratesj Addenda Industries surveyed quarterly Manufacturing Period All industries Total 1980 1981.. 1982 1983 1984 1985 1986 . 1987 1988 1989 . 1990 1991 4 1992 4 286.40 324.73 326.19 321.16 373.83 410.12 399.36 410.52 455.49 507.40 532.61 529.97 558.60 112.60 128.68 123.97 117.35 139.61 152.88 137.95 141.06 163.45 183.80 192.61 184.31 184.0B 1990: I II III IV 532.50 534.55 534.11 530.13 1991: I 11 Ill IV 1992: I 4 II4 10 Nonmanufacturing Nondurable goods Total ' Mining Transportation Public utilities Commercial and other 54.82 58.93 54.58 51.61 64.57 70.87 65.68 68.03 77.04 82.56 82.58 77.04 79.38 57.77 69.75 69.39 65.74 75.04 82.01 72.28 73.03 86.41 101.24 110.04 107.27 104.68 173.80 196.06 202.22 203.82 234.22 257.24 261.40 269.46 292.04 323.60 339.99 345.66 374.54 12.71 15.81 14.11 10.64 11.86 12.00 8.15 8.28 9.29 9.21 9.88 10.06 9.50 13.56 12.67 11.75 10.81 13.44 14.57 15.05 15.07 16.63 18.84 21.47 22.18 26.24 41.32 47.17 53.58 52.95 57.53 59.58 56.61 56.26 60.37 66.28 67.21 65.98 71.44 106.21 120.41 122.79 129.41 151.39 171.09 181.59 189.84 205.76 229.28 241.43 247.44 267.35 192.16 195.02 194.05 189.72 86.03 84.15 82.48 79.03 106.14 110.87 111.57 110.69 340.33 339.53 340.06 340.41 9.62 9.77 9.97 10.12 21.84 21.94 21.08 21.18 65.41 64.64 67.68 70.24 243.46 243.18 241.32 238.87 535.50 524.57 527.86 531.96 191.13 187.35 177.05 181.72 81.24 79.69 74.51 72.74 109.90 107.66 102.54 108.98 344.37 337.22 350.81 350.24 9.89 10.0S 10.09 10.15 23.25 23.05 22.83 19.61 67.04 64.58 66.47 65.82 244.19 239.50 251.42 254.66 563.3! 580.52 188.11 197.49 80.58 84.87 107.52 112.61 375.20 383.03 10.58 10.01 24.82 27.68 71.52 74.47 268.28 270.88 I Durable goods Total nonfarm business 2 318.08 358.77 363.08 359.73 418.38 454.93 447.11 461.51 508.22 563.93 591.96 '.'.::..:.::.:::. Nonmanufacturing Manufacturing 112.60 128.68 123.97 117.35 139.61 152.88 137.95 141.06 163.45 183.80 192.61 184.31 184.06 Total 205.48 230.09 239.11 242.38 278.77 302.05 309.16 320.45 344.77 380.13 399.34 Surveyed quarterly 173.80 196.06 202.22 203.82 234.22 257.24 261.40 269.46 292.04 323.60 339.99 345.66 374.54 192.16 195.02 194.05 189.72 340.33 339.53 340.06 340.41 191 13 187.35 177.05 181 72 344.37 337.22 350.81 350.24 1 88. 1 1 197 49 375.20 383.03 Surveyed annually" 31.68 34.04 36.89 38.56 44.55 44.81 47.75 50.99 52.73 56.53 59.35 EMPLOYMENT, UNEMPLOYMENT, AND WAGES In January, civilian employment rose 389,000 and unemployment rose 38,000. MILLIONS OF PERSO NS* MILL ONS OF PERSONS* 126 _ SEASONALLY ADJUSTED CIVILIAN LAB OR FORCE 118 \ _^1 114 ±.~^ 110 x* ^ — >•-" 106 r^ ^~ r^ 122 .,-'—' j^ 126 ^—^s— 122 -•—• — „ _ 118 ~-s^~^ ^.t 114 -J 110 CIVILIAN EMPLOYMENT 106 /•^ - 102 !02 98 98 - 12 UNEMPIOYME -JT X 8 -1 ~ ' ^~ —_ -^L_ • •"" 4 0 M i l l 1 1 1 1 1 1984 * I I I I 1 I I II 1 1985 I 1 1 I 1 1 1 1 11 1986 i i l l l Il l l li 1987 l l i l l 1 1 1 II 1988 1 I f M i 1 M M II 1989 1 1 1 i M / / / 1990 / i/ l ; nMi 1991 l i i i l i i i il 1992 16 YEARS OF AGE AND OVER SOURCE DEPARTMENT OF LABOR [Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA] Period 1982 1983 1984 1985 1986* 1987 1988 1989 1990 1991 1991: Jan T .... Feb r.... Mar r.... Apr r.... May r.... June r... July r... Aug '.... Sept '... Oct r Nov r.. . Dec 1992: Jan Unemployment Civilian employment Noninstitutional population including resident Armed Forces NSA Resident Armed Forces NSA Labor force including resident Armed Forces 173,939 175,891 178,080 179,912 182,293 184,490 186,322 188,081 189,686 191,329 1,668 1,676 1,697 1,706 1,706 1,737 1,709 1,688 1,637 1,564 111,872 113,226 115,241 117,167 119,540 121,602 123,378 125,557 126,424 126,867 101,194 102,510 106,702 108,856 111,303 114,177 116,677 119,030 119,550 118,440 110,204 111,550 113,544 115,461 117,834 119,865 121,669 123,869 124,787 125,303 99,526 100,834 105,005 107,150 109,597 112,440 114,968 117,342 117,914 116,877 3,401 3,383 3,321 3,179 3,163 3,208 3,169 3,199 3,186 3,233 96,125 97,450 101,685 103,971 106,434 109,232 111,800 114,142 114,728 113,644 190,592 190,717 190,703 190,836 190,980 191,173 191,443 191,589 191,746 191,903 192,057 192,209 1,615 1,602 1,460 1,456 1,458 1,505 1,604 1,616 1,624 1,614 1 ,605 1 ,604 126,355 126,669 126,710 127,100 126,717 127,029 126,808 126,620 127,214 127,122 126,979 127,223 118,592 118,539 118,294 118,844 118,188 118,414 118,333 118,100 118,713 118,481 118,377 118,332 124,740 125,067 125,250 125,644 125,259 125,524 125,204 125,004 125,590 125,508 125,374 125,619 116,977 116,937 116,834 117,388 116,730 116,909 116,729 116,484 117,089 116,867 116,772 116,728 3,194 3,237 3,124 3,187 3,256 3,286 3,244 3,254 3,283 3,204 3,272 3,183 192,358 1,599 127,645 118,716 126,046 117,117 3,166 Employment including resident Armed Forces Nonagricultural Civilian labor force Total Agricultural Civilian Labor force participation rate (percent) 2 Employment/ population ratio (percent) 2 Total 15 weeks and over 5,852 5,997 5,512 5,334 5,345 5,122 4,965 4,657 4,860 5,767 10,678 10,717 8,539 8,312 8,237 7,425 6,701 6,528 6,874 8,426 3,485 4,210 2,737 2,305 2,232 1,983 1,610 1,375 1,504 2,323 64.0 64.0 64.4 64.8 65.3 65.6 65.9 66.5 66.4 66.0 57.8 57.9 59.5 60.1 60.7 61.5 62.3 63.0 62.7 61.6 113,783 113,700 113,710 114,201 113,474 113,623 113,485 113,230 113,806 113,663 1 13,500 113,545 5,247 5,685 5,760 5,791 5,697 5,469 5,660 5,710 6,040 6,055 6,123 6,084 7,763 8,130 8,416 8,256 8,529 8,615 8,475 8.520 8,501 8,641 8,602 8,891 1,869 1,985 2,144 2,180 2,213 2,488 2,355 2,417 2,422 2,570 2,623 2,843 66.0 66.1 66.2 66.3 66.1 66.2 66.0 65.8 66.1 66.0 65.8 65.9 61.9 61.8 61.7 62.0 61.6 61.6 61.5 61.3 61.6 61.4 61.3 61.2 113,951 6,429 8,929 3,059 66.1 61.4 Total Part time for economic reasons 1 11 SELECTED UNEMPLOYMENT RATES In January, the civilian unemployment rate was unchanged, at 7.1 percent. The overall unemployment rate was also unchanged, at 7.0 percent. PERCENT* (SEASONALLY ADJUSTED! PERCENT* (SEASONALLY ADJUSTED) TEENAGERS (16-19) , /•/ a^,^ A ^r yv \ V ^ V v\/" v \'"_ J ALL CIVILIAN WORKERS MEN 20 YE ARS AND OVE R \ -<o-=- \ WOMEN 20 YEARS / WHITE 1988 AND OVE ; f | M l l l l ll l i l l l 1 l l l l l 1988 1989 1989 1 1 1 M 1 1 1 1 1 1990 11111 \\\\\ 1991 1 ! 1 1 M 1 1 1 1 1 1992 * UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED SOURCE COUNCIL OF ECONOMIC ADVISERS DEPARTMENT OF LABOR [Monthly data seasonally adjusted] Unemployment rate, all workers 1 Period 1982 1983 1984 1985 9.5 9.5 7.4 7.1 6.9 6.1 5.4 5.2 5.4 6.6 1986 1987 1988 1989 1990 1991 1991: Jan r .... Feb r.... Mar '.... Apr r.... May r... June ' .. July r... Aug '... Sept r... Oct r.... Nov r... Dec 1992: Jan 6.1 6.4 6.6 6.5 6.7 6.8 6.7 6.7 6.7 6.8 6.8 7.0 7.0 Unemployment rate (percent of civilian labor force in group) By sex and age All civilian workers 9.7 9.6 7.5 7.2 7.0 6.2 5.5 5.3 5.5 6.7 6.2 6.5 6.7 6.6 6.8 6.9 6.8 6.8 6.8 6.9 6.9 7.1 7.1 Men 20 years and over Women 20 years and over 8.8 8.9 6.6 6.2 6.1 5.4 4.8 4.5 4.9 6.3 8.3 8.1 6.8 6.6 6.2 5.4 4.9 4.7 4.8 5.7 5.7 6.2 6.3 6.2 6.4 6.5 6.5 6.5 6.5 6.5 6.4 6.6 5.3 5.4 5.6 5.5 5.7 6.9 5.7 5.4 5.7 5.6 5.8 5.9 6.1 5.9 By selected groups By race Both sexes 16-19 years 23.2 22.4 18.9 18.6 18.3 16.9 15.3 15.0 15.5 18.6 18.2 17.3 18.5 18.2 18.9 19.0 19.9 19.0 18.2 18.9 18.7 19.3 18.3 White Black and other Black 8.6 8.4 6.5 6.2 6.0 5.3 4.7 4.5 4.7 6.0 17.3 17.8 14.4 13.7 13.1 11.6 10.4 10.0 10.1 11.1 18.9 19.5 15.9 15.1 14.5 13.0 11.7 11.4 11.3 12.4 5.5 5.8 6.0 5.8 6.0 6.1 6.1 6.1 6.1 6.1 6.2 6.3 10.8 10.7 11.0 11.1 11.3 11.2 10.6 11.1 11.1 11.5 11.0 11.5 12.1 11.9 12.3 12.5 12.8 12.7 11.9 12.4 12.3 12.8 12.3 12.7 6.2 12.6 13.7 Experienced wage and salary workers 9.3 9.2 7.1 6.8 6.6 5.8 5.2 5.0 5.3 6.5 6.0 6.3 6.6 6.3 6.5 6.6 6.4 6.5 6.5 6.6 6.7 6.8 6.9 Married men, spouse present Women who maintain families Fulltime workers Parttime workers 10.5 10.4 11.0 10.9 9.3 9.3 9.1 8.4 8.6 8.1 7.9 7.1 6.3 5.9 6.2 7.6 6.5 6.5 4.6 4.3 4.4 3.9 3.3 3.0 3.4 4.4 11.7 12.2 10.3 10.4 9.8 9.2 8.1 8.1 8.2 9.1 9.6 9.5 7.2 6.8 6.6 5.8 5.2 4.9 5.2 6.5 4.0 4.2 4.4 4.3 4.4 4.6 4.4 4.4 4.5 4.2 4.5 4.7 9.0 9.1 9.1 9.6 9.2 9.1 8.5 9.4 9.0 9.4 9.1 9.1 4.8 9.0 6.0 6.3 6.4 6.3 6.5 6.6 6.6 6.6 6.5 6.6 6.5 6.8 7.6 7.3 7.4 8.3 7.7 7.5 8.8 8.2 8.8 8.5 8.2 8.3 8.4 8.4 8.6 8.6 7.1 7.4 7.6 7.5 7.6 7.6 7.6 7.7 7.7 7.7 7.9 8.1 6.8 9.1 8.1 1. 1 Unemployed as percent of total labor force including resident Armed Forces. 2 Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours. 12 NOTE.—In January 1992, seasonally adjusted data were revi ed beginning 1987. Source: Department of Labor, Bureau of Labor Statistics. Labor force time lost (percent) 2 In January, the percentages of the unemployed who had been out of work for less than 5 weeks and for 5-14 weeks fell, and the percentages for 15-26 weeks and for 27 weeks and over rose. The mean duration of unemployment rose to 16.4 weeks and the median rose to 8.T weeks. PERCENT DISTRIBUTION* PERCENT DISTRIBUTION* 70 * SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE. DEPARTMENT OF LABOR [Monthly data seasonally adjusted, except as noted] Reason for unemployment: percent distribution Duration of unemployment Period Unemployment (thousands) Number of weeks Percent distribution Less than 5 weeks 5-14 weeks 36.4 33.3 39.2 42.1 41.9 43.7 46.0 48.6 46.1 40.1 43.6 42.2 41.1 40.2 42.2 39.2 39.8 39.9 39.0 38.2 38.1 37.1 36.8 31.0 27.4 28.7 30.2 31.0 29.6 30.0 30.3 32.0 32.3 32.4 33.3 33.3 33.1 31.8 32.3 32.3 31.6 32.7 32.1 31.5 31.0 29.5 Insured State programs 15-26 weeks 27 weeks and over Average (mean) Median 16.0 15.4 12.9 12.3 12.7 12.7 12.0 11.2 11.8 14.5 12.9 13.2 14.3 14.5 13.9 15.7 14.6 14.8 14.7 16.4 15.1 15.4 16.1 16.6 23.9 19.1 15.4 14.4 14.0 12.1 9.9 10.1 13.0 11.1 11.4 11.2 12.2 12.0 12.8 13.2 13.7 13.6 13.4 15.3 16.5 17.7 15.6 20.0 18.2 15.6 15.0 14.5 13.5 11.9 12.1 13.8 12.5 12.9 13.0 13.4 13.1 14.0 13.9 14.1 14.2 14.6 14.9 15.3 16.4 8.7 10.1 7.9 6.8 6.9 6.5 5.9 4.8 5.4 6.9 5.9 6.3 6.5 6.9 6.6 6.9 6.8 7.2 7.4 7.4 7.7 7.8 8.1 Job losers Job leavers Reentrants New entrants 22.3 22.5 25.6 27.1 26.2 26.6 27.0 28.2 27.4 24.8 26.4 24.7 24.6 25.0 25.3 24.4 24.3 24.9 23.8 24.2 24.6 24.4 26.4 11.1 11.3 13.0 12.5 12.5 12.4 12.2 10.4 9.5 8.9 8.8 8.0 8.4 9.0 9.0 8.5 9.4 9.1 9.1 9.4 9.0 9.1 8.9 Insured unemployment Initial claims ployment, all regular programs (unadjusted) 1 Weekly average, thousands 1982 1983 1984 1985 . . 1986 1987 1988 1989 1990 1991 1991- Jan '... Feb '. Mar '.. May ' July '. Aug '.. Sept T Oct r Nov '.. Dec 1992' Jan . 10,678 10,717 8,539 8,312 8,237 7,425 6,701 6,528 6,874 8,426 7,763 8,130 8,416 8,256 8,529 8,615 8,475 8,520 8,501 8,641 8,602 8,891 8,929 1 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program. NOTE.—In January 1992, seasonally adjusted unemployment data were revised beginning 1987. 58.7 58.4 51.8 49.8 48.9 48.0 46.1 45.7 48.3 54.7 52.9 55.1 54.4 54.0 53.6 54.7 54.7 55.4 56.1 55.1 54.8 56.2 53.7 7.9 7.7 9.6 10.6 12.3 13.0 14.7 15.7 14.8 11.6 11.9 12.2 12.5 12.0 12.1 12.3 11.6 10.5 11.0 11.4 11.5 10.3 11.0 4,061 3,396 2,476 2,611 2,650 2,332 2,081 2,158 2,522 3,344 3,136 3,303 3,467 3,490 3,475 3,406 3,336 3,283 3,267 3,273 3,313 3,317 583 438 377 396 378 328 310 330 388 449 460 498 511 460 433 421 418 415 415 418 448 464 4,594 3,775 2,561 2,693 2,746 2,401 r 2,135 ' 2,205 ' 2,575 3,408 4,015 4,090 4,060 3,864 3,262 3,177 3,270 2,999 2,795 2,795 2,846 3,596 Seasonally adjusted insured unemployment and initial claims data have been revised beginning 1980. Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 NONAGRICULTURAL EMPLOYMENT Tota! nonagrtcuhural employment as measured by the payroll survey fell 91,000 in January. MILLIONS OF PERSONS* MILLIONS Of PERSONS* (ENLARGED SCALE) 30 ~"~1 ^^r f\ ALL NCDNAGRICULT JRAL ESI ABLISHMENT S - .. - SERN/ICE-PRODUC ING INDUSTRIES 60 - 40 - - - GOOD S-PRODUCIt- G IN4DUSTRIES \ i| | | | | | | 1 1 ! 1 ' m n 1989 1988 MM! Mill 1990 !mn 1 1 1 I 1 1 M 1991 M 1 IK 1992 ^ 1988 COUNCIL OF ECONOMIC ADVISERS [Thousands of wage and salary workers; 1 seasonally adjusted] Goods-producing industries Period Total nonagricultural employment Service-producing industries Manufacturing Total z Con- struction Transportation Total Durable goo s Nondurable goods Total and public utilities Wholesale trade Retail Finance, insurance, and real estate Government Services Total Federal 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 " 89,566 90,200 94,496 97,519 99,525 102,200 105,536 108,329 109,971 108,979 23,813 23,334 24,727 24,859 24,558 24,708 25,173 25,322 24,958 23,819 3,905 3,948 4,383 4,673 4,816 4,967 5,110 5,187 5,136 4,696 18,781 18,434 19,378 19,260 18,965 19,024 19,350 19,442 19,111 18,426 11,014 10,707 11,479 11,464 11,203 11,167 11,381 11,420 11,115 10,556 7,767 7,726 7,899 7,796 7,761 7,858 7,969 8,022 7,995 7,870 65,753 66,866 69,769 72,660 74,967 77,492 80,363 83,007 85,014 85,159 5,082 4,954 5,159 5,238 5,255 5,372 5,527 5,644 5,826 5,823 5,296 5,286 5,574 5,736 5,774 5,865 6,055 6,221 6,205 6,072 15,161 15,595 16,526 17,336 17,909 18,462 19,077 19,549 19,683 19,345 5,341 5,468 5,689 5,955 6,283 6,547 6,649 6,695 6,739 6,707 19,036 19,694 20,797 21^999 23^053 24,235 25,669 27,120 2 8, '240 28,778 15,837 15^869 16,024 16^394 16,693 17,010 17|386 17,779 18^322 18,434 1991: Jan Feb Mar Apr May.... June ... July.... Aug.... Sept ... Oct r... Nov '.. Dec 109,418 109,160 108,902 108,736 108,887 108,885 108,859 108,971 109,066 109,073 108,843 108,846 24,181 24,039 23,877 23,794 23,847 23,792 23.798 23,826 23,797 23,727 23,595 23,554 4,797 4,792 4,720 4,688 4,715 4,710 4,695 4,691 4,fi99 4,671 4,584 4,593 18,671 18,532 18,443 18,396 18,426 18,378 18,402 18,442 18,414 18,377 18,337 18,290 10,770 10,652 10,584 10,560 10,575 10,534 10,546 10,553 10,531 10,493 10,457 10,415 7,901 7,880 7,859 7,836 7,851 7,844 7,856 7,889 7,883 7,884 7,880 7,875 85,237 85,121 85,025 84,942 85,040 85,093 85,061 85,145 85,269 85,346 85,248 85,292 5,866 5,834 5,824 5,814 5,819 5,809 5,809 5,820 5,829 5,828 5,816 5,798 6,138 6,119 6,105 6,086 6,085 6,068 6,064 6,050 6,049 6,047 6,034 6,023 19,542 19,464 19,378 19,324 19,339 19,345 19,347 19,343 19,338 19,288 19,227 19,215 6,736 6,732 6,735 6,718 6,712 6,703 6,688 6,687 6,692 6,697 6,694 6,693 28,590 28,583 28,576 28,576 28,645 28,712 28,733 28,831 28,937 29,019 29,008 29,043 18,365 18,389 18,407 18,424 18,440 18,456 18,420 18,414 18,424 18,467 18,469 18,520 2,963 2,967 2,979 2,983 2,982 2,985 1992: Jan p .. 108,755 23,492 4,587 18,238 10,363 7,875 85,263 5,814 6,009 19,164 6,695 29,050 18,531 2,990 . Total derived n this table, not comparable with estimates of nonagricultural employment of the civilian labor e, shown on p. 11, which include proprietors, self-employed persons, and domestic servants; ch count persons as employed when they are not at work because of industrial disputes, bad 14 establishments. 2 Includes mining, not shown separately. Source: Department of Labor, Bureau of Labor Statistics. 2 739 2J74 2 807 2,875 2,899 2,943 2,971 2,988 3,085 2,966 2,952 2,951 2,951 2,953 2,952 2,971 AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted] Average gross hourly earnings Average weekly hours Manufacturing Total private nonagricultural ' Period Overtime Current dollars Total private nonagricultural 1 1982 dollars 2 Manufacturing Current dollars Current dollars 1982 dollars * Manufacturing Construction Retail trade Percent change from a year ear ier, total private nonagrieuHural 3 Current dollars 1982 dollars 34.8 35.0 35.2 34.9 34.8 34.8 34.7 34.6 34.5 34 3 38.9 40.1 40.7 40.5 40.7 41.0 41.1 41.0 40.8 40.7 2.3 3.0 3.4 3.3 3.4 3.7 3.9 3.8 3.6 3.6 $7.68 8.02 8.32 8.57 8.76 8.98 9.28 9.66 10.02 10.34 $7.68 7.79 7.80 7.77 7.81 7.73 7.69 7.64 7.53 7.46 $8.49 8.83 9.19 9.54 9.73 9.91 10.19 10.48 10.83 11.18 $267.26 280.70 292.86 299.09 304.85 312.50 322.02 334.24 345.69 354.66 $267.26 272.52 274.73 271.16 271.94 269.16 266.79 264.22 259.72 255.89 $330.26 354.08 374.03 386.37 396.01 406.31 418.81 429.68 441.86 455.03 $426.82 442.97 458.51 464.46 466.75 480.44 495.73 513.17 526.40 533.78 $163.83 171.13 174.47 174.81 175.80 178.80 183.62 188.72 194.69 200.20 4.7 5.0 4.3 2.1 1.9 2.5 3.0 3.8 3.4 2.6 -1.2 2.0 .8 -1.3 .3 -1.0 -.9 -1.0 -1.7 -1.5 Sept Oct ' Nov ' Dec 34.1 34.3 34.2 34.0 34.3 34.6 34.1 34.3 34.5 34.3 34.4 34.5 40.4 40.3 40.3 40.2 40.4 40.8 40.7 41.0 41.0 40.9 41.0 41.1 3.4 3.3 3.3 3.3 3.4 3.7 3.7 3.8 3.7 3.7 3.7 3.8 10.18 10.20 10.24 10.28 10.32 10.37 10.36 10.40 10.41 10.40 10,44 10.48 7.42 7.43 7.46 7.47 7.47 7.49 7.47 7.49 7.47 7.46 7.45 7.46 11.02 11.03 11.05 11.12 11.15 11.19 11.22 11.25 11.25 11.26 11.31 11.31 347.14 349.86 350.21 349.52 353.98 358.80 353.28 356.72 359.15 356.72 359.14 361.56 253.02 254.81 255.07 253.83 256.32 259.25 254.89 257.00 257.82 255.90 256.35 257.52 445.21 444.51 445.32 447.02 450.46 456.55 456.65 461.25 461.25 460.53 463.71 464.84 523.13 533.65 526.67 532.50 533.40 532.64 532.38 533.25 537.73 536.97 527.42 539.26 194.14 196.48 197.34 197.95 200.33 202.59 199.65 201.34 203.04 200.50 204.19 203.77 2.4 2.4 2.3 2.5 2.9 3.1 1.9 3.0 2.8 3.3 3.0 2.9 -2.9 -2.5 -2.2 — 2.1 -1.9 -1.4 -2.3 -.5 -.3 .6 .2 .2 Jan " 34.3 40.8 3.6 10.47 11.30 359.12 461.04 531.62 204.06 3.1 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 P 1991' Jan Feb Mar May July 1992- Total Average gross weekly earnings Total private nonagricultural 1 1 Also includes other private industry groups shown on p. 14. 2 Current dollar earnings divided by" the consumer price index for urban wage earners and clerical workers (on a 1982=100 base). 3 Based on seasonally unadjusted data. Source: Department of Labor, Bureau of Labor Statistics. EMPLOYMENT COST INDEX—PRIVATE INDUSTRY Index (June 1989 = 100) Percent change from 3 months earlier Total compensation Period Wages and salaries Benefits ' 77.6 81.4 84.8 88.3 91.1 94.1 98.0 102.0 106.1 110.0 71.4 76.7 81.7 84.6 87.5 90.5 96.7 102.6 109.4 116.2 Total compensation Wages and salaries 12 months earlier Benefits » Total compensation Wages and salaries Benefits ' Not seasonally adjusted 19821983' 1984' 198519861987' 1988198919901991- Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec - 75.8 80.1 84.0 87.3 90.1 93.1 97.6 102.3 107.0 111.7 1.3 1.3 1.3 .6 .7 .6 1.0 1.1 .8 .6 1.2 1.1 1.2 .6 .6 .6 1.0 .8 .7 .6 1.4 1.3 1.4 .5 .6 1.0 1.0 1.2 1.0 .9 Seasonally adjusted .. 1989- Mar Dec 1990- Mar •• Dec 1991- Mar Dec .. 6.3 4.9 4.2 4.1 3.2 3.3 4.1 4.1 4.0 3.7 7.2 7.4 6.5 3.5 3.4 3.4 6.9 6.1 6.6 6.2 Not seasonally adjusted 97.8 96.9 98.1 95.7 97.0 0.9 1.2 0.8 1.2 1.2 1.4 4.4 4.8 3.7 4.1 6.8 6.9 98.9 999 101.2 102.4 99.1 100.0 101.1 102.2 98.2 99.9 101.5 103.0 1.1 1.0 1.3 1.2 1.0 .9 1.1 1.1 1.2 1.7 1.6 1.5 4.6 4.5 4.8 4.8 4.2 4.1 4.3 4.1 5.4 5.6 6.0 6.1 103.8 105.0 106.2 107.2 108.5 109.7 110.8 111.9 103.3 104.4 105.4 10S.2 105.2 106.7 108.3 109.9 1.4 1.2 1.1 .9 1.1 1.1 1.0 .8 2.1 1.4 1.5 1.5 5.2 5.2 4.9 4.6 4.2 4.5 4.2 4.0 7.2 6.9 6.8 6.6 107.3 108.4 109.2 110.1 111.4 113.2 115.1 116.7 1.2 1.1 1.0 1.0 1.0 1.0 .7 .8 1.4 1.6 1.7 1.4 4.4 4.4 4.5 4.4 4.0 3.7 3.7 3.7 5.8 6.2 fi.4 fi.2 96.6 1988- Sept Dec 6.5 5.7 4.9 3.9 3.2 3.3 4.8 4.8 4.6 4.4 i the cost of labor, free from the Datu exclude farm and household workers, rce: Department of Labor, Bureau of Labor Statistics. 15 PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR Output per hour of all persons Output ' Hours of all persons 2 Compensation per hour 3 Real compensation per hour 4 Business sector Nonfarm business sector Business sector Nonfarm business sector Business sector 99.9 100.0 102.2 104.6 106.1 108.3 109.4 110.4 109.5 109.7 109.9 99.9 100.0 102.4 104.5 105.4 107.5 108.3 109.2 108.2 108.1 108.4 102.4 100.0 104.1 112.6 116.7 119.9 124.8 130.1 132.4 132.9 130.9 102.4 100.0 104.4 113.0 116.8 120.1 125.0 130.6 132.8 133.2 131.0 102.5 100.0 101.8 107.6 109.9 110.7 114.1 117.9 120.9 121.2 119.1 102.5 100.0 102.0 108.1 110.8 111.8 115.4 119.5 122.7 123.1 120.9 93.0 100.0 103.7 108.1 113.0 118.6 122.7 128.0 132.5 139.6 145.1 93.0 100.0 103.9 108.1 112.6 118.1 122.1 127.2 131.5 138.3 143.8 98.7 100.0 100.5 100.4 101.3 104.4 104.3 104.4 103.1 103.1 102.8 Period Nonfarm business sector Business sector Nonfarm business sector Business sector Unit labor costs Implicit price deflator 5 Business sector Nonfarm business sector Business sector Nonfarm business sector 98.8 100.0 100.7 100.4 101.0 104.0 103.7 103.8 102.3 102.1 101.9 93.1 100.0 101.5 103.3 106.5 109.5 112.2 116.0 121.0 127.2 132.0 93.1 100.0 101.5 103.4 106.8 109.9 112.8 116.4 121.5 127.9 132.7 94.5 100.0 103.4 107.7 111.2 113.6 116.6 120.8 126.0 130.8 135.1 94.2 100.0 104.0 107.6 111.6 114.2 117.2 121.4 126.4 131.3 136.0 Nonfarm business sector 1982 = 100; quarterly data seasonally adjusted 1981 1982 1983 1984 1985 . .. 1986 1987 1988 1989 1990 1991 p 1982: 1983: 1984: 1985: 1986: 1987: 1988: IV IV IV IV IV IV IV 101.1 103.0 105.2 106.9 108.0 110.3 110.4 101.0 103.2 105.1 105.8 107.1 109.1 109.6 100.0 107.5 114.4 118.0 120.6 127.4 131.7 100.0 108.1 114.8 118.2 120.8 127.6 132.5 98.9 104.3 108.7 110.4 111.6 115.5 119.3 98.9 104.7 109.2 111.7 112.8 117.0 121.0 102.1 105.2 109.7 115.4 120.6 125.3 130.1 102.1 105.1 109.7 114.8 120.1 124.6 129.3 100.6 100.4 100.6 102.2 105.3 104.8 104.3 100.6 100.3 100.5 101.6 104.9 104.2 103.6 101.0 102.1 104.3 108.0 111.6 113.7 117.8 101.1 101.8 104.4 108.4 112.1 114.3 118.0 101.1 104.8 109.0 112.4 114.6 117.9 122.8 101.4 105.2 109.0 112.9 115.2 118.5 123.4 1989: I II HI IV 110.0 109.7 109.2 109.1 108.8 108.2 107.9 107.8 132.6 132.5 132.4 132.2 133.0 132.8 132.8 132.6 120.5 120.7 121.3 121.2 122.2 122.7 123.1 123.0 131.3 131.9 132.6 134.1 130.4 130.7 131.5 133.0 103.9 102.9 102.7 102.8 103.2 102.0 101.8 101.9 119.3 120.2 121.5 122.8 119.8 120.8 121.9 123.4 124.2 125.6 126.4 127.6 124.5 126.0 126.9 128.0 1990: I.. II Ill IV 109.6 110.3 109.6 109.4 108.1 108.6 107.9 107.9 133.2 133.9 132.9 131.8 133.5 134.1 133.1 132.0 121.6 121.4 121.2 120.5 123.5 123.4 123.3 122.4 136.2 139.0 140.9 142.3 134.9 137.6 139.5 141.0 102.6 103.6 103.3 102.6 101.6 102.6 102.3 101.7 124.3 126.1 128.5 130.1 124.9 126.7 129.2 130.7 128.8 130.2 131.6 132.5 129.2 130.6 132.2 133.3 109.4 109.9 110.2 110.6 107.9 108.4 108.6 108.9 130.2 130.7 131.3 131.3 130.4 130.9 131.4 131.4 119.1 119.0 119.2 118.7 120.9 120.8 121.0 120.6 143.2 144.8 145.8 146.9 142.0 143.6 144.5 145.4 102.4 103.0 103.0 102.9 101.5 102.1 102.1 101.9 131.0 131.8 !32.3 132.8 131.6 132.5 133.1 133.5 134.0 135.0 135.6 135.9 134.9 135.7 136.4 136.9 1991: I II Ill IV.... r Percent change; quarterly data at seasonally adjusted annual rates 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1989: 1990: 1.6 -2.4 4.4 8.2 3.4 2.8 4.1 4.4 1.7 .3 -1.6 0.6 -2.5 1.8 5.7 2.1 .7 3.1 3.3 2.6 .2 -1.7 0.7 -2.4 2.0 6.0 2.5 .9 3.3 3.5 2.7 .3 -1.8 9.4 7.6 3.7 4.2 4.5 4.9 3.5 4.3 3.5 5.4 3.9 9.6 7.5 3.9 4.0 4.2 4.9 3.4 4.1 3.4 5.2 4.0 -0.8 1.3 .5 -.1 .9 3.0 1 .1 -1.2 -.0 -.3 -0.7 1.2 .7 -.3 .6 3.0 -.2 0 — 1.4 -.2 -.2 8.0 7.4 1.5 1.9 3.0 2.8 2.5 3.3 4.3 5.2 3.7 8.6 7.4 1.5 1.9 3.3 2.9 2.6 3.2 4.3 5.3 3.7 10.1 5.8 3.4 4.1 3.3 2.2 2.6 3.6 4.3 3.8 3.3 10.1 6.1 4.0 3.5 3.7 2.4 2.6 3.6 4.1 3.9 3.5 -1.5 -1.0 -2.0 -.2 -2.8 -2.0 -1.3 -.3 2.6 -.3 -.1 -.6 1.4 Y 4.2 .7 2.0 — .4 4.3 1.4 1.4 — .4 3.5 2.0 2.1 4.4 3.4 1.1 2.5 4.5 -1.3 -3.9 -1.0 .4 -1.5 -4.7 — .7 .5 5.1 3.1 4.2 4.6 6.4 3.2 3.8 4.8 4.7 4.4 2.7 3.7 3.9 4.7 3.0 3.5 1.7 2.4 -2.2 -.9 1.0 2.1 -2.5 3.0 2.0 -3.0 -3.0 2.7 1.8 -3.0 -3.1 1.2 -.5 -.8 -2.2 1.8 3 -.5 -2.8 6.6 8.4 5.7 4.1 6.0 8.1 5.6 4.4 -.7 4.3 -1.1 -2.7 -1.3 4.1 -1.2 -2.4 4.8 5.8 8.1 5.0 5.0 5.9 8.4 4.7 4.0 4.3 4.4 2.8 3.8 4.5 4.8 3.4 -.1 1.9 1.1 1.6 .1 1.9 .9 1.1 -4.9 1.7 1.8 .1 -4.9 1.6 1.6 -.0 -4.7 -4.9 -.3 .7 -1.1 2.6 4.6 2.8 2.9 2.7 4.6 2.7 2.4 -.9 2.4 -.2 2 -.8 2.5 -.3 -.7 2.7 2.6 1.7 1.3 2.7 2.6 1.8 1.3 4.5 2.9 1.8 1.0 4.8 2.5 2.1 1.5 I II Ill IV I.. . p n Ill IV 1991: — .1 .2 1.9 -2.3 4.1 8.2 3.6 2.8 4.1 4.3 1.8 .4 -1.5 1.3 .1 2.2 2.3 1.4 2.0 1.0 .9 -.7 .2 .2 I II Ill IV.... 0.9 .1 2.4 2.1 .8 1.9 .8 .9 CJ Q 0 .1 q .7 -1.5 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. 5 Current dollar gross domestic product divided by constant dollar gross domestic product. 2 NOTE.—Data relate to all persons engaged in the sector. Percent changes are from preceding period and are based on original data; they therefore may 16 r r differ slightly from percent changes based on indexes shown here. Data reflect the recent comprehensive (benchmark) revision of the national income and product accounts by the Department of Commerce, Bureau of Economic Analysis (BEA). BEA data for output and compensation for the first three quarters of 1991 incorporate benchmarking to unemployment insurance (Ul) records. However, the detailed UI information needed by the Bureau of Labor Statistics to measure employment and hours for 1990 and 1991 is not yet available. Therefore, movements in measures based on hours of labor input should be interpreted with caution for 1990 and 1991. Source: Department of Labor, Bureau of Labor Statistics. Industrial production and capacity utilization fell in December. INDEX, 1987 = 100* (RATIO SCALE) INDEX, 1 987 = 100* {RATIO SCALE) TOTAL INDUSTRIAL PRODUCTION FINAL PRODUCTS r" ^i^y^~~ 110 125 —f —•—-^ _X~^ •"" 105 100 X 115 100 ~^pr f \ i S* X" *— -^"™" DURABLE 115 ! 1 1 II 1 1 1 1 M 1 1 t 1 1 1 1 ! It 1 r^^~ -UTILITIES AND MININ 0 PRODUCTION , 95 r^ v^ / *\>Jv^ A / 1 ' \^£ T*£~- 1987 1988 \ ^,-\\. , 1 1 1 1 llll III I I 1 1 l! M i l l 1 1 m l m i l 88 — CAPACITY UTILIZAT (TOTAL INDUSTRY) 86 .-, \T^ , 84 82 V. 80 ' f —*- ^=±q ~^1V^^^^y / S' \ \^/~^. 78 1 1 1 1 1 linn iimlnm 1990 1989 \ DEFENSE AND SPACE l~ EQUIPMEr•II PERC ENT* ^As, ?^S~» MINING /' ^~~ ... \ V MMlhllM 90 /i -* ,^ 11111111111 1 1 1 1 1 1 II 1 i l ^ 95 85 I 1 M 1 1 1 1 1 1! \ •'-•*.'" *" fi NONDURABLE 105 100 f" GOODS 90 _ 110 t \ r 100 MANUFACTURING^^-^\^ /^t\ "PRODUCTION \}^~ fx.-./A 95 90 yj 105 90 105 >^ ^ V /CONSUMER 110 95 110 BUSINESS EQUIPMENT 120 115 76 1991 ] 1 1 II 1 1 i 1 1 1 1 1 1 M 1 1 1 M 1 1 1 M 1 1 M 1 M M 1 1 1 1 1 1 1 1 1 M M l h l l M 1991 1990 1989 1988 1987 [Monthly data seasonally adjusted] Period Index, 1987 = 100 1981 1982 1983 1984 1985 1986 . 1987 1988 1989 1990 1991*1 1990: Dec 1991- Jan Feb Mar Apr May June Julv Auff r Sept Get r Nov r Dec p 1 Output as percent of capacity. . . Capacity utilization rate, percent 1 Industry production indexes, 1987 — 100 Total industrial production Manufacturing Percent change from year earlier Mining Durable Total Utilities Nondurable Total industry Manufacturing 85.7 81.9 84.9 92.8 94.4 95.3 100.0 105.4 108.1 109.2 107.1 1.9 -4.4 3.7 9.3 1.7 1.0 4.9 5.4 2.6 1.0 -1.9 80.3 76.6 80.9 89.3 91.6 94.3 100.0 105.8 108.9 109.9 107.5 77.4 72.7 76.8 88.4 91.8 93.9 100.0 107.6 110.9 111.6 107.1 84.5 82.5 87.0 90.8 91.5 94.9 100.0 103.6 106.4 107.8 108.0 114.3 109.3 104.8 111.9 109.0 101.0 100.0 101.8 100.5 102.6 101.0 94.3 91.8 93.6 97.0 99.5 96.3 100.0 104.4 107.1 108.0 108.7 80.9 75.0 75.8 81.1 80.3 79.2 81.4 84.0 84.2 83.0 79.4 78.8 72.8 74.9 80.4 79.5 79.0 81.4 83.9 83.9 82.3 78.2 107.2 -1.3 107.5 107.5 107.4 103.4 108.8 80.6 79.4 106.6 105.7 105.0 105.5 106.4 107.3 108.1 108.0 108.4 108.2 108.0 107.8 — .8 -2.6 -3.6 -3.0 -2.7 -2.5 — 2.1 -2.3 -2.0 -1.6 — .3 107.0 106.1 105.2 105.9 106.6 107.5 108.3 108.4 108.9 108.9 108.6 108.7 107.2 106.1 105.0 106.0 106.7 107.3 108.1 107.8 108.4 108.1 107.7 107.5 106.8 106.0 105.4 105.9 106.5 107.6 108.6 109.0 109.6 110.0 109.8 110.3 101.7 102.9 101.5 100.9 100.2 102.1 102.7 101.3 101.4 100.6 99.2 98.9 107.6 104.6 106.4 105.9 111.4 111.5 110.8 110.7 109.7 108.6 110.0 106.7 80.0 79.1 78.4 78.6 79.1 79.6 80.0 79.8 79.9 79.6 79.3 79.0 78.9 78.0 77.2 77.5 77.8 78.3 78.7 78.6 78.8 78.6 78.2 78.1 Source: Board of Governors of the Federal Reserve System. 1? INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND SELECTED MANUFACTURES Prod lets Mnt trials Final products Period Total F Consumer goods ._ Total 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 p 80.8 83.0 91.0 94.2 95.7 100.0 105.6 109.1 110.9 109 '1 1990: Dec 1991- Jan Feb Mar Apr Mav July Sept T Oct r Nov r Dec p Intermediate products Durable goods Equipment Nondurable goods Total ' Business 84.5 88.8 92.8 93.7 96.8 100.0 104.0 106.7 107.3 107 5 68.7 79.7 91.0 91.6 94.5 100.0 104.9 107.9 106.2 102.3 89.7 91.9 93.4 94.4 97.6 100.0 103.7 106.4 107.6 108.9 77.0 76.8 89.2 94.8 94.5 100.0 107.6 112.3 1 15.5 112.2 72.9 71.9 85.4 91.1 93.2 100.0 111.8 119.1 123.1 121.5 109.2 105.7 96.0 108.4 113.6 109.1 108.3 108.1 108.7 109.3 110.1 110.2 109.8 110.4 110 6 110.4 1 10.0 105.6 104.7 104.7 105.5 106.6 108.0 108.3 108.4 109.4 109 7 109.8 109.4 97.6 95.2 95.9 99.3 101.1 104.2 105.5 104.0 107.7 107 5 106.4 105.2 107.8 107.3 107.1 107.2 108.1 109.0 109.0 109.6 109.8 110.3 110.7 110.5 113.6 112.9 112.5 112.8 112.8 112.8 111.6 111.8 111.3 110.9 Defense and space equipment Total Construction supplies Business supplies Total Energy 77.0 80.3 86.2 87.7 90.7 100.0 104.4 107.3 109.4 108.4 85. 1 88.3 96.6 96.6 95.9 100.0 105.6 107.4 107.8 105.6 100.7 98.9 103.8 103.4 99.4 100.0 101.8 101.4 102.1 102.3 65.7 71.8 78.9 89.4 96.0 1 00.0 98.0 97.4 97.3 90.9 75.1 80.3 86.2 88.3 92.0 100.0 104.4 106.8 107.7 103.3 72.2 80.2 86,2 89.1 93.8 100.0 104.4 106.1 105.2 96.0 121.2 95.8 106.0 101.0 109.4 105.3 102.0 121.6 120.6 120.3 121.3 121.7 121.9 122.5 121.3 122.2 122.2 121.8 121.8 94.4 94.5 93.9 92.5 91.5 91.0 90.0 89.8 89.1 88.9 88.4 87.1 103.8 102.6 101.3 101.2 102.7 104.0 104.0 104.4 104.3 103.5 103.8 103.9 97.7 96.4 94.0 94.9 95.8 97.4 96.9 96.7 96.5 94.9 95.4 95.8 108.1 106.8 106.4 105.6 107.5 108.5 109.0 109.7 109.7 109.5 109.7 109.6 104.8 103.9 102.6 103.4 104.5 105.4 107.0 107.2 107.5 107.3 106.6 106.6 101.1 101.1 101.3 101.1 102.4 103.4 104.1 103.3 103.6 103.0 102.4 101.1 d manufactured homes, nol shown separately. [1987= 100; monthly data seasonally adjusted] Durable manufactures Primary metals Period Total Iron and steel Fabricated metal products Nondurable manufactures Transportation equipment Nonelectrical machinery Electrical machinery 63.9 64.3 80.8 86.8 90.4 100.0 113.8 121.8 126.5 123.6 75.9 80.3 94.1 93.1 94.3 100.0 106.5 109.5 111.4 110.1 Total Motor vehicles and parts Lumber and products Apparel products Printing and publishing Chemicals and products Foods 67.3 79.9 86.0 88.0 95.1 100.0 104.6 103.0 101.6 94.0 90.1 93.8 95.7 92.6 96.3 100.0 102.2 104.3 98.8 96.3 75.2 79.0 84.5 87.6 90.7 100.0 103.6 108.5 111.9 112.4 81.8 87.5 91.4 91.4 94.6 100.0 105.4 108.5 110.3 111.2 87.7 90.1 92.1 94.9 97.4 100.0 102.8 105.5 107.6 108.6 1987 1988 1989 1990 p 1991 83.2 91.0 102.4 101.8 93.8 100.0 110.3 109.2 108.4 99.6 86.2 96.1 105.9 104.5 90.8 100.0 113.8 109.3 109.9 98.3 83.2 85.5 93.3 94.5 93.8 100.0 106.2 107.2 105.9 100.4 1990- Dec 104.2 107.3 101.9 124.7 108.7 96.6 78.5 93.5 94.9 112.8 109.9 109.1 1991: Jan Feb Mar 99.7 99 5 94.7 94.5 96 9 96.4 101.2 102.6 102.3 102.6 103.5 103.4 99.0 98.0 92.0 91.6 94.0 92.9 99.5 100.6 100.8 102.4 105.6 105.6 101.7 99.1 97.8 98.0 99.1 99.8 100.9 101.4 101.9 101.7 101.5 101.9 125.5 124.5 123.1 123.5 123.6 123.4 123.9 123.3 123.1 123.3 122.6 122.7 107.6 108.2 108.6 109.7 110.6 111.5 111.0 111.5 111.0 109.9 110.9 110.7 97.6 95.5 95.0 97.2 98.2 99.7 101.3 99.0 102.2 102.4 99.7 98.0 83.0 79.4 79.8 86.2 89.8 92.5 96.7 91.6 99.5 100.4 95.8 94.8 94.2 91.5 91.2 92.7 92.5 96.7 94.8 95.3 95.2 92.4 94.9 95.5 92.9 93.1 92.5 93.2 95.2 96.2 97.8 98.3 98.1 98.7 99.2 99.5 112.1 110.9 110.4 110.7 110.6 111.2 111.9 112.3 113.3 114.3 114.8 115.4 110.1 109.1 108.2 109.0 109.2 109.6 111.5 112.3 112.6 113.9 114.1 114.8 108.3 107.6 107.4 107.6 107.8 108.6 108.3 108.7 109.5 109.8 110.0 110.0 1982 1983 1984 1985 1986 May July Sept r Oct ' Nov ' Dec" Source: Board of Go 18 64.8 72.7 83.1 91.8 96.9 100.0 105.0 107.2 105.5 98.6 58.8 74.5 90.6 99.0 98.5 100.0 105.5 104.9 96.8 90.4 CONSTRUCTION I'rivate Total new construction expenditures Period Construct!, n contracts » Res Total New housing units Toti ' Commercial and • industrial 2 Kcderal, State, jind local Other Total value index (1!M2=1(X» Commercial and industrial floor space (millions ol square feeti r iillions of dollars ''60 6 294.9 348.8 377.4 407.7 198'' 1983 1984 1985 1986 . 1987 1988 1989 1990 1991 " 419 3 432.2 443.7 446 4 404.9 197.5 231.5 278.6 299.5 323.1 328.6 337.4 345.4 337.8 295.7 84.7 125.5 153.8 158.5 187.1 194.7 98.1 196.6 182.9 161.0 57.0 ~"~~ 626 74 0 89.8 84.4 84 0 88.0 94 3 96 4 76.0 50 2 48 2 50 8 51 3 51 6 500 51 4 54 6 58 5 58.8 84 6 90 6 94 8 98 3 108 7 109.2 136 150 159 !6r) 167 173 157 144 136 555 r !33 {)0° r !40 153 145 136 146 'VJ8 (i24 56') 438 57.7 94.6 113.8 114.7 133.2 139.9 138.9 139.2 128 0 110.8 63 1 63 5 r>4 70 '' 77 8 Annual rate* 421.3 311.3 165.0 113.0 88.6 57.7 110.0 1991- Jan Feb Mar Apr Mav June July 406.5 410 1 401.9 407.1 399.0 303.9 300.5 293.3 299.0 291.0 290.9 290.3 293.4 296.6 297.5 295.7 295.0 161.8 55.6 52.4 51.8 54.6 58.3 58.0 162.8 166.6 168.3 168.2 167.3 107.9 103 5 100.8 100.6 103 2 106.7 109.9 114.4 118.0 118.3 118.9 119.2 85 1 86 2 83 •> 87.0 78.2 73.8 73.4 72 0 71.2 70.4 68 5 68.0 57 0 58 7 57 6 «0.2 58.3 10'' 6 109 6 108 6 108.0 108.0 107.3 108 1 Sept (Jet ' Nov ' Dec " 1 2 3 410.3 4084 407.4 Includes residential improvements, not shown separately. Includes hotels and motels. K.W. Dodge series. 545 Animal rtiie.fi 1990: Dec 398.2 3984 403 2 407.0 97S 58.8 589 58 6 58.8 58 8 59 0 59 7 Sources; Department of Commei Company, F.W. Dodge Division. r 109 7 1104 112 8 11'' 7 II9 4 r 143 158 135 9 15 of the Census) and McGraw-Hill Information System. NEW PRIVATE HOUSING AND VACANCY RATES [Thousands of units or homes, except as noted] New private housing units Units started, by type of structure Period Total 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 * 1 unit 1,062.2 1,703.0 1,749.5 1,741.8 1 ,805.4 1,620.5 1,488.1 1 376 1 1,192 7 1,014.7 662.6 1,067.6 1,084.2 1,072.4 1,179.4 1,146.4 1,081.3 1,003.3 894.8 841.6 1,130 971 847 992 907 977 983 ,034 ,049 ,056 ,017 ,090 1 ,075 1,103 769 751 648 788 742 801 831 869 879 883 861 889 910 948 L'-4 units 80.0 113.5 121.4 93.4 84.0 65.3 58.8 55.2 37.5 36.3 5 or more units 319.6 522.0 544.0 576.1 542.0 408.7 348.0 317.6 260.4 136.8 New pr vate homes Units authorized 1,000.5 ,605.2 ,681.8 ,733.3 ,769.4 ,534.8 ,455.6 ,338.4 ,110.8 961.4 Units completed Homes sold Homes for sale at end of period ' 1,005.5 1,390.3 1,652.2 1,703.3 1,756.4 1,668.8 1,529.8 1,422.8 1,308.0 412 623 639 688 750 671 676 650 534 504 253 301 353 346 357 366 368 363 318 283 1.246 1,155 1,125 1 ,096 1,190 1,089 1,070 1,105 1,069 1 ,054 ' 1,194 1,048 "984 480 464 414 488 495 506 507 518 507 522 r 498 518 559 522 327 318 Vacancv rate (or rental housing units (percent) z 5.3 5.7 5.9 6.5 7.7 7.7 7.4 7.2 Seasonally adjusted annual rates 1990- Nov Dec 19911 Jan Feb Mar Apr May June July Aug Oct r Nov r Dec" 1 2 . .. 3 307 203 29 37 28 32 36 24 46 42 28 51 33 56 170 167 137 144 116 141 124 131 128 150 132 99 Seasonally adjusted Quarterly data entered in last month of quarter. Series beginning 1989 not comparable with 916 854 802 876 892 913 966 999 1,005 953 982 1,028 993 1,055 315 313 308 303 299 295 296 291 291 287 284 283 7.2 7.5 7.3 7.6 7.3 NOTE. ---Beginning 1984, tin ts authorized are for 17,000 permit-issuing places; for 1978-83 data are for H},000 places. 19 in November, manufacturing and trade sales fell 0.1 percent and inventories rose $1.1 billion. In December, according to advance data, retail sales fell 0.4 percent, following a decline of 0.5 percent in November. BILLIO MS OF DOLLARS* (RATIO SCALE) BILLIC3NS OF DOLLARS* (RATIO SCALE) 1,000 300 900 800 700 ^ —" " ^^r^\ 250 _^—-^ __ r •N •" _^T--^^ RblAIL INVth^TORIE s 200 MANUFACTURING AND TRADE INVENTORIES ^- 600 500 ,~^X~\ ~^v~' /—-'•'"" _,-150 \ /"" "~~V M>!\NUFACTURIr-JG AN D TRADE SAL ES *• s- — *•'— __ 400 \ RETAIL SALES / 100 300 RATIC) * 1.80 INVENTORY-SALES RATIO RFTAII 1.70 \A 1.60 200 1.50 \ K *V< TV/x \^s~ ^ \ \-""^] ^ "^ MAN UFAC URINC NDTR <(DE 1.40 J.I 1 1 1 1 1 1 II 1 1 1 1 1 I ill 1987 1988 1 1 M 1 1 I II 1 1 1 M 1 1 1 1 1 1 1 II 1 1 1 1 1 1 1 1 1 1 1 1991 1990 1989 j j 1.30 1987 1988 1990 1989 •SEASONALLY ADJUSTED SOURCE. DEPARTMENT OF COMMERCE Manufacturing and trade ' COUNCIL OF ECONOMIC ADVISERS Wholesale Inventory-sales ratio 4 Retail Sales Period 1991 Inventories 3 z Sales 2 Inventories 3 Sales 2 348,755 370,441 411,391 423,806 431,668 459,088 496,330 525,839 542,917 574,518 590,968 650,789 665,060 664,031 711,595 767,700 810,257 826,941 96,290 100,324 113,393 114,626 116,151 124,254 135,176 144,005 149,193 128,196 130,906 143,557 148,484 154,713 165,271 180,313 188,273 195,567 89,114 97,570 107,316 114,642 120,860 128,509 137,613 145,146 150,602 28,013 32,631 37,938 41,567 45,121 48,051 52,281 54,349 54,563 546,533 534,760 527,074 527,915 523,117 530,872 535,926 536,977 541,023 539,578 540,898 542,982 542,655 830,857 826,941 148,037 148,036 144,723 143,608 142,935 145,019 144,927 145,217 147,635 145,524 146,000 145,365 145,444 194,984 195,567 152,669 150, 149 147,803 151,092 151,467 150,967 152,710 152,642 153,195 152,160 152,658 152,483 r !51,731 151,153 54,343 52,627 50,897 53,235 53,725 53,490 54,074 54,212 54,117 53,390 54,619 54,657 r 53,9 19 53,660 Total Durable goods stores Inventories 3 Manufacturing and trade * Retail Total Durable goods stores Nondurable goods stores 61,101 64,939 69,377 73,075 75,738 80,457 85,332 90,797 96,039 134,493 147,712 167,748 181,773 186,587 208,112 219,791 238,159 242,563 61,469 69,025 79,250 88,464 90,197 105,738 112,254 120,663 120,629 73,024 78,687 88,498 93,309 96,390 102,374 107,537 117,496 121,934 1.67 1.55 1.53 1.55 1.55 1.50 1.49 1.51 1.51 1.49 1.44 1.49 1.52 1.56 1.55 1.55 1.60 1.59 98,326 97,522 96,906 97,857 97,742 97,477 98,636 98,430 99,078 98,770 98,039 97,826 r 97,812 97,493 243,503 242,563 244,071 241,179 236,900 236,696 236,204 235,098 235,994 236,757 239,745 241,955 242,158 122,303 120,629 121,217 119,239 116,041 116,087 115,490 114,305 114,754 115,279 117,437 118,172 117,825 121,200 121,934 1.52 1.55 1.58 1.57 1.57 1.54 1.51 1.50 1.49 1.49 1.50 1.50 1.50 1.59 1.62 1.65 1.60 1.56 1.57 1.55 1.54 1.54 1.56 1.57 1.59 1.60 Nondurable goods stores Millions of dollars, seasonally adjusted 1982 1983 1984 1985 1986 1987 1988 1989 1990 Novr Dec 1991- Jan Feb Mar Apr 1990: May r .. June July Aug Sept Oct r Nov p Dec * 1 2 3 See page 21 for manufacturing. Monthly average for year and total foi End of period. 20 831,445 828,201 819,615 816,893 811,713 807,105 806,802 806,648 809,793 813,024 814,126 198,993 198,563 196,733 195,052 193,632 192,039 192,806 192,503 191,211 193,005 194,148 r r 4 r 122,854 121,940 120,859 120,609 120,714 120,793 121,240 121,478 122,308 123,783 124,333 Annual data are averages of seasonally adjusted monthly ration. Source: Department of Commerce, Bureau of the Census. MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS In December, manufacturers' shipments, inventories, and new and unfilled orders fell. BILLIONS OF DOLLARS* (RATIO SCALE) 280 240 - BILLIONS OF DOLLARS* (RATIO SCALE) 440 - INVENTOR SHIPMENTS ATOTAL 200 \ 360 — 280 DURABLE GOODS • — 120 200 DL RABLE GOODS 160 NONDURABLE GOODS 80 120 """"" \ NCENDURABLE G OODS 80 BILLIONS OF DOLLARS* (RATIO SCALE) 280 60 M11 1i 1 1 1 11 1 1 I H 1 1 1 i 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 II ! 1 1 INVENTORY-SHIPMENTS RATIO 2.00 1.80 1.60 \ ^ - -•' ^z^,J\^— 1.40 60 II 1 1 1 1 1 1 1 1 1 1.20 1987 1 1 1 1 1111 1 11 1988 n M i 11111 1990 1989 1991 COUNCIL OF ECONOMIC ADVISERS Manufacturers' shipments ' Manufacturers' inventories 2 Manufacturers' new orders ' Durable goods Period Total Durable goods Nondurable goods Total Durable goods Nondurable goods Total Total Capital goods industries, non-defense Nondurable goods Manufacturers' unfilled orders 2 Manu acturers' tory — shipments ratio 3 Millions of dollars, seasonally adjusted 163,351 172,547 190,682 194,538 194,657 206,326 223,541 236,689 243,122 238,638 79,212 85,481 97,940 101,279 103,238 108,128 117,993 124,532 125,388 121,607 84,139 87,066 92,742 93,259 91,419 98,198 105,549 112,156 117,735 117,031 311,829 312,350 339,484 334,803 322,731 338,212 367,596 383,825 388,811 375,862 200,409 199,814 221,284 218,182 212,010 220,790 241,389 253,261 252,836 240,400 111,420 112,536 118,200 116,621 110,721 117,422 126,207 130,564 135,975 135,462 162,140 175,451 192,879 195,706 195,204 209,389 227,025 240,758 243,643 237,273 78,064 88,140 100,164 102,356 103,647 110,809 121,444 128,651 125,958 120,144 19,213 19,624 23,669 24,545 23,983 26,096 30,727 34,816 34,032 31,503 84,077 87,311 92,715 93,351 91,557 98,579 105,581 112,107 117,685 117,129 311,893 347,310 373,607 387,241 393,629 430,589 472,223 520,837 527,195 510,868 1.95 1.78 .73 .73 .68 .59 .58 .61 1.60 1.60 Dec 236,575 118,578 117,997 388,811 252,836 135,975 238,196 120,221 38,560 117,975 527,195 1.64 1991- Jan Feb 234,548 233,215 228,715 234,886 238,289 239,118 240,193 241,894 242,240 245,134 245,480 236,207 117,648 117,432 114,487 119,721 121,024 122,240 122,994 124,459 124,965 126,404 126,547 120,031 116,900 115,783 114,228 115,165 117,265 116,878 117,199 117,435 117,275 118,730 118,933 116,176 388,381 388,459 385,982 385,145 381,877 379,968 378,002 377,388 378,837 378,064 377,820 375,862 252,170 252,256 250,405 249,546 246,964 245,642 244,467 243,616 244,310 242,816 242,290 240,400 136,211 136,203 135,577 135,599 134,913 134,326 133,535 133,772 134,527 135,248 135,530 135,462 234,462 233,132 226,431 231,229 236,540 233,725 248,090 243,160 237,624 242,230 243,138 233,832 117,789 117,547 112,116 116,139 118,434 117,128 130,827 125,482 120,092 123,325 124,046 117,545 33,957 33,756 31,940 28,748 28,038 29,282 36,689 30,993 30,078 31,098 34,876 29,015 116,673 115,585 114,315 115,090 118,106 116,597 117,263 117,678 117,532 118,905 119,092 116,287 527,109 527,026 524,742 521,085 519,336 513,943 521,840 523,106 518,490 515,586 513,243 510,868 1.66 1.67 1.69 1.64 1.60 1.59 1.57 1.56 1.56 1.54 1.54 1.59 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 P 1990- - - Mar May July Sept Oct Nov ' Dec p 1 2 Monthly average for year and total for month. Shipm ?nts are the same as sales. End of period. 3 Annual data are averages of seasonally adjusted monthly ratios. Source: Department of Commerce, Bureau of the Census. PRICES PRODUCER PRICES In December, the producer price index for all finished goods fell 0.2 percent. Prices of finished consumer foods fell 0.4 percent and prices of other finished consumer goods fell 0.3 percent. Capital equipment prices rose 0.2 percent. INDEX, 1982 = 100 (RATIO SCALE) INDEX, 1982 = 100 (RATIO SCALE) 130 130 SEASONALLY ADJUSTED FINISHED GOODS PRICES 120 120 CAPITAL EQUIPMENT ^4 110 110 100 100 -' 90 1983 1984 1985 CONSUMER GOODS EXCLUDING FOODS i i i i i I i i I J_L 1986 90 1988 1987 1989 1990 SOURCE: DEPARTMENT OF LABOR 1991 COUNCIL OF ECONOMIC ADVISERS [1982—100; monthly data seasonally adjusted] Intermediate materials Finished goods Nondurable Capital equipment Total finished consumer goods 100.0 100.5 101.1 101.7 93.3 94.9 97.3 103.8 111.5 115.0 117.6 117.2 114.7 113.4 113.7 114.9 114.0 113.8 114.7 115.2 116.2 116.6 116.0 100.0 102.8 105.2 107.5 109.7 111.7 114.3 118.8 122.9 126.7 124.8 125.7 125.9 126.2 126.1 126.5 126.7 126.8 126.9 127.0 127.5 127.7 127.9 100.0 101.3 103.3 103.8 101.4 103.6 106.2 112.1 118.2 120.4 121.7 121.6 120.5 119.9 120.2 120.7 120.0 119.7 120.1 120.1 121.0 121.2 120.8 Finished goods excluding consumer foods Period Total finished goods Consumer foods Consumer goods Total Total 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 p 1990: Dec 1991- Jan Feb Mar Apr May July Aue r Sept Oct Nov Dec 22 100.0 101. 6 103.7 104.7 103.2 105.4 108.0 113.6 119.2 121.7 122.3 122.4 121.5 121.2 121.3 121.9 121.4 121.1 121.4 121.5 122.3 122.5 122.2 100.0 101.0 105.4 104.6 107.3 109.5 112.6 118.7 124.4 124.2 124.8 124.6 124.9 125.1 125.5 125.5 124.9 124.0 123.4 122.9 123.4 123.3 122.8 100.0 101.8 103.2 104.6 101.9 104.0 106.5 111.8 117.4 120.9 121.4 121.6 120.4 119.9 120.0 120.7 120.2 120.2 120.8 121.0 121.9 122.2 122.0 100.0 101.2 102.2 103.3 98.5 100.7 103.1 108.9 115.3 118.7 120.2 120.1 118.4 117.5 117.7 118.5 117.7 117.6 118.4 118.7 119.8 120.1 119.7 Durable 100.0 102.8 104.5 106.5 108.9 111. 5 113.8 117.6 120.4 123.9 122.3 123.1 123.5 124.2 123.9 123.6 123.2 123.6 123.8 123.5 124.5 125.0 125.0 Crude materials Total Foods and feeds » Other Total Foodstuffs and feedstuffs Other 100.0 100.6 103.1 102.7 99.1 101.5 107.1 112.0 114.5 114.4 117.2 116.6 115.7 114.5 114.0 113.9 114.0 113.6 114.0 114.2 114.1 114.3 114.1 100.0 103.6 105.7 97.3 96.2 99.2 109.5 113.8 113.3 111.1 111.9 110.4 112.3 113.2 113.0 110.1 109.7 108.5 110.8 110.5 111.7 111.8 111.6 100.0 100.5 103.0 103.0 99.3 101.7 106.9 111.9 114.5 114.6 117.5 116.9 115.9 114.5 114.0 114.1 114.3 113.9 114.2 114.4 114.3 114.4 114.3 100.0 101.3 103.5 95.8 87.7 93.7 96.0 103.1 108.9 101.2 111.2 113.2 104.5 101.0 100.6 100.7 99.2 99.3 99.2 98.3 100.1 100.4 98.2 100.0 101.8 104.7 94.8 93.2 96.2 106.1 111.2 113.1 105.5 109.5 108.3 108.4 109.5 108.7 105.1 105.9 104.3 102.4 103.7 103.8 103.6 ] 03.2 100.0 100.7 102.2 96.9 81.6 87.9 85.5 93.4 101.5 94.6 107.2 110.8 98.0 92.2 92.0 94.1 91.5 92.5 93.2 91.2 93.8 94.3 91.4 CONSUMER PRICES—ALL In December, the consumer price index for ail urban consumers rose 0.3 percent seasonally adjusted (0.1 percent not seasonally adjusted). The index was 3.1 percent above its year-earlier level. INDEX, 1982-84 « 100 (RATIO SCALE) 150 | INDEX, 1982-84 = 100 (RATIO SCALE] 150 CONSUMER PRICES—ALL ITEMS [1982-84=100, except as noted; monthly data seasonally adjusted, except as noted] All items l Transportation Housing Shelter Period Not seasonally adjusted (NSA) Seasonally adjusted Rel. imp.3.... 100.0 1982 96 5 99.6 1983 1984 103 9 1985 107.6 1986 109.6 1987 113.6 1988 118.3 1989 124 0 1990 130.7 1991 136.2 1990: Dec 1991: Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Food Total ' Total Renters' costs (Dec. 1982 = 100) Homeowners' costs (Dec. 1982 = 100) 7.9 19.5 Maintenance and repairs (NSA) 16.2 97.4 99.4 103.2 105.6 109.0 113.5 118.2 125.1 132.4 136.3 41.4 96.9 99.5 103.6 107.7 110.9 114.2 118.5 123.0 128.5 133.6 27.7 96.9 99.1 104.0 109.8 115.8 121.3 127.1 132.8 140.0 146.3 103.0 108.6 115.4 121.9 128.1 133.6 138.9 146.7 155.6 102.5 107.3 113,1 119.4 124.8 131.1 137.3 144.6 150.2 0.2 96.4 99.9 103.7 106.5 107.9 111.8 114.7 118.0 122.2 126.3 Fuel and other utilities Apparel and upkeep Total ' New ears Motor fuel 7.3 94.9 100.2 104.8 106.5 104.1 103.0 104.4 107.8 111.6 115.3 6.1 97.8 100.2 102.1 105.0 105.9 110.6 115.4 118.6 124.1 128.7 17.8 97.0 99.3 103.7 106.4 102.3 105.4 108.7 114.1 120.5 123.8 4.0 97.4 99.9 102.8 106.1 110.6 114.6 116.9 119.2 121.0 125.3 102.8 99.4 97.9 98.7 77.1 80.2 80.9 88.5 101.2 99.4 4.1 gy 2 All items less food and energy 6.4 92.5 100.6 106.8 113.5 122.0 130.1 138.6 149.3 162.8 177.0 8.2 99.2 99.9 100.9 101.6 88.2 88.6 89.3 94.3 102.1 102.5 75.6 95.8 99.6 104.6 109.1 113.5 118.2 123.4 129.0 135.5 142.1 Medical care Ener- 133.8 134.2 134.9 130.8 142.8 150.5 147.3 123.8 113.7 125.7 126.9 122.0 117.7 170.1 110.9 138.6 134.6 134.8 135.0 135.2 135.6 136.0 136.2 136.6 137.2 137.4 137.8 137.9 134.8 135.1 135.0 135.3 135.7 136.0 136.3 136.6 137.1 137.2 137.8 138.2 135.7 135.4 135.7 136.7 136.7 137.4 136.6 136.2 136.3 136.2 137.0 137.4 131.9 132.5 132.6 132.8 133.0 133.1 133.5 133.5 134.2 134.6 134.9 135.4 143.9 144.6 144.8 145.2 145.3 145.8 146.1 146.2 146.9 147.3 147.7 148.4 153.0 154.2 154.2 154.2 154.1 154.5 155.0 154.7 155.4 156.0 156.1 157.0 147.9 148.4 148.7 149.2 149.4 149.9 150.2 150.5 151.3 151.6 152.2 152.8 124.1 125.1 124.2 126.1 126.9 126.2 126.9 127.2 126.8 126.6 127.6 128.1 115.5 115.1 114.8 114.2 114.8 114.0 114.8 114.7 115.4 116.1 116.6 117.1 126.9 128.9 127.4 127.2 127.8 127.7 128.9 130.4 129.9 129.4 130.7 129.9 125.4 124.0 122.8 122.4 123.2 123.5 123.5 124.0 124.3 124.0 124.6 125.0 123.6 124.2 124.8 125.2 125.3 125.6 125.6 125.8 126.2 125.8 126.0 126.1 110.0 102.0 97.1 97.1 99.5 99.1 97.1 97.4 98.3 97.6 98.9 98.9 171.2 172.4 173.5 174.4 175.4 176.5 177.5 178.9 180.1 181.1 182.0 183.4 108.2 103.9 101.2 100.5 101.9 100.9 100.5 100.3 101.3 101.5 102.3 102.7 139.7 140.7 140.9 141.2 141.5 142.0 142.5 143.0 143.6 143.8 144.3 144.7 isure for homeownership costs of Labor, Bureau of Labor Statistics. 23 [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Change from preceding period Change from 3 months earlier, annual rate Change from ti months earlier, annual rate Consumer goods Consumer goods Consumer goods Total finished goods Period Capital equipment Excluding foods Foods Total finished goods Excluding foods Foods Capital equipment Total finished goods Excluding foods Foods Capital equipment Change from year earlier, total finished goods NSA Change, Dec. to Dec., NSA 1984 1985 1986 . 1987 1988... 1989 1990 1991 ".. 3.6 .6 1.7 1.8 -2.3 2.2 4.0 4.9 5.7 j 1990: Dec -0.4 1982 1983... . 2.0 2.3 3.5 .6 .8 2.1 -6.6 4.1 3.1 5.3 8.7 -.6 2.8 9 5^7 5.2 2.6 -1.6 4.1 1.6 2.1 1.0 -1.4 2.1 2.5 5.2 4.9 2.1 3.9 2.0 1.8 2.7 2.1 1.3 3.6 3.8 3.4 2.5 4.2 g Change, month to month July Sept r Oct Nov r Dec .2 .1 .7 .2 -.2 May -0.9 -0.3 .1 -.7 -.2 .1 .5 -.4 2 1991: Jan Feb Mar 0.3 5.1 1.3 7.3 3.3 8.2 1.8 14.0 3.5 5.7 .7 .2 .2 1 .3 2 .1 .1 .1 .4 .2 .2 .3 -4.2 -3.5 -3.5 1.3 .7 -.7 — 1.6 .3 4.0 3.7 2.3 -1.6 -1.0 1.0 2.9 1.9 -.6 -4.7 -6.5 -6.3 -1.9 -1.6 -9.2 -8.7 -7.8 .3 .7 -.3 3 3.4 7.7 5.9 3.4 5.3 4.9 4.6 1.3 1.9 1.6 2.2 1.3 1.0 2.2 2.5 2.9 7.6 3.7 .7 -1.6 -1.5 -1.5 — 2.1 -.2 .5 1.7 1.0 1.3 .5 -.2 1.1 .6 .5 .2 -1.0 -2.4 -3.5 -3.3 -3.5 -3.3 13.2 6.0 -1.0 4.4 4.1 3.9 3.2 3.4 3.1 1.8 1.6 1.3 22 1.9 1.9 4.0 3.4 3.2 3.3 3.5 3.5 2.9 2.0 .7 0 -.5 -.1 -.1 — 1.4 -.8 .2 .7 -.7 -.1 .7 .3 .9 .3 -.2 .2 2 .3 0 -.5 -.7 — .5 -.4 .4 -.1 -.4 0 -.3 -4.8 -4.6 -4.1 -4.1 0 2.1 3.6 2.7 3.4 Source: Department of Labor, Bureau of Labor Statistics. CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Housing Transportation Shelter Period All items * Food Total ' Total ' Renters' costs Homecosts Fuel and other utilities Apparel and upkeep Medical care Motor fuel New cars Total ' All items less food and energy Energy2 Addendum: Ail items, percent change (annua rate) From previous quarter 3 From 6 months earlier From 3 months earlier From year earlier NSA Change, December to December, NSA 1982.. 1983 1984 1985... 1986 1987... 1988 1989 1990.. 1991 3.8 C 3.8 3.9 3.8 1.1 4.4 4.4 4.6 6.1 3.1 3.1 2.7 3.8 2.6 3.8 3.5 5.2 5.6 5.3 1.9 3.6 3.5 4.3 4.3 1.7 3.7 4.0 3.9 4.5 3.4 2.4 4.7 5.2 6.0 4.6 4.8 4.5 4.9 5.2 3.9 5.1 5.9 6.3 5.0 3.9 3.9 4.5 6.7 4.2 4.5 5.1 5.9 4.6 5.3 4.7 5.1 4.7 3.7 1990: Dec 0.3 0.1 0.2 0.4 0.7 0.3 1991: Jan Peb Mar Apr May June July Aug Sept Oct Nov Dec .4 .2 .6 -.2 2 .7 0 .5 .8 .5 .1 .2 .2 .1 .3 0 .5 .3 2 .4 .8 .5 .1 .3 1.7 .8 0 0 -.1 .3 .3 2 .5 .4 .1 .6 .4 .3 .2 .3 .1 .3 .2 .2 .5 .2 .4 .4 9.7 1.8 4.2 1.8 -5.6 1.6 2.9 3.2 4.0 2.9 1.6 2.9 2.0 2.8 .9 4.8 4.7 1.0 5.1 3.4 1.5 -6.5 3.4 -1.7 2.5 -2.4 3.4 3.1 5.9 -30.7 18.7 1.8 2.1 -2.1 6.8 2.3 36.5 1.4 3.3 -16.0 1.8 3.9 3.1 2.6 -5.9 6.1 3.0 4.0 10.4 -1.5 11.0 6.4 6.1 6.8 7.7 5.8 6.9 8.5 9.6 7.9 13 — .5 .2 1.8 -19.7 8.2 .5 5.1 18.1 -7.4 45 4.8 4.7 4.3 3.8 4.2 4.7 4.4 5.2 4.4 -0.4 0.4 6.2 3.2 4.3 3.6 1.9 3.6 4.1 4.8 5.4 4.2 ! Change, month to month 1 .2 .3 .2 2 .2 .4 .1 .4 .3 fj -.3 .1 -.1 .6 .3 .3 2 .1 .5 .3 .3 .5 -0.4 1.6 — .3 -.3 -.5 .5 -.7 .7 1 .6 .6 .4 .4 0.3 0.3 0.4 -0.7 0.8 1.0 1.6 — 1.2 -.2 .5 — .1 .9 1.2 — .4 — .4 1.0 -.6 -1.2 — 1.1 -1.0 -.3 .7 .2 0 .4 2 2 .5 .3 1.3 .5 .5 .3 .1 .2 0 .2 .3 -.3 .2 .1 -6.5 -7.3 -4.8 0 2.5 -.4 -2.0 .3 .9 — .7 1.3 0 .6 .7 .6 .5 .6 .6 .6 .8 .7 .6 .5 .8 Includes items not shown separately. 2 Household fuels—gas (piped), electricity, fuel oil, etc.—-and motor fuel. Motor oil, coolant, etc., also included through 1982. 24 a I 1 U -2.4 -4.0 -2.6 — .7 1.4 — 1.0 — .4 — 2 1.0 2 .8 .4 6.9 .8 I .1 .2 .2 .4 .4 .4 .4 .1 .3 .3 3.6 2.1 3.0 3.0 Quarterly changes are shown in the last month of the quarte Source: Department of Labor, Bureau of Labor Statistics. 4.9 6.6 6.1 4.3 3.9 2.4 1.5 1.8 3.0 3.0 2.7 3.3 2.7 3.6 3.2 6.7 5.4 3.7 2.9 2.9 2.7 2.2 2.2 3.1 2.8 3.1 3.3 5.7 5.3 4.9 4.9 5.0 4.7 4.4 3.8 3.4 2.9 3.0 3.1 PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers in January were unchanged from their December level. Prices paid by farmers were 0.5 percent below their October level. (Data are not seasonally adjusted.) INDEX, 1977 - 100 (RATIO SCALE| INDEX, 1977 . 100 (RATIO SCALE| 200 200 _. 180 160 140 ^ _/-"— K^ —^\ r^ PRICES PAID ^ 120 ^•^-\ -^/ 1 ^ 180 160 ~^N 140 X ^ /^ \ PRICES RECEIVE D 120 100 100 80 | 1 1 1 1 1 1 || RATIC^ 140 M M 1 1 1 \ 1 1 1 M 1 1 M J 1 1 1 1 1 1 1 1 1 1 1 1 1 M M 1 1 1 M ! I 1 1 1 1 1 1 1 11 11 1 1 11 1 1 1 1 1 1 1 1 M 1 1 II M 1 1 1 1 1 1 1 1 1 M 1 M 1 1 1 M 1 1 1 1 120 RATIO / 100 80 z—^^ 60 111111 1984 — .—-"' *--^_ • -^ 1 M 1 1 1 I I I I1 1985 1986 1 M 1 1 1 1 1 1 1 1 I I III 1 II MI ] I I I I 1 I 11 M 1 I I I Ii I I I I 1 1988 1989 1990 1991 1987 'RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID. SOURCE. DEPARTMENT OF AGRICULTURE 80 RXuioi/ 140 120 100 80 60 1992 COUNCIL Of ECONOMIC ADVISERS [1977=100; not seasonally adjusted] Prices paid by farmers Prices received by fanners Period 1981 1982 1983 1984 1985 1986 1987 1988 . 1989 1990 1991 . . All farm products Production items, interest, taxes, and wage rates Production items Katio 2 134 121 128 138 120 107 106 126 134 r !27 r !30 143 145 141 146 136 138 146 150 160 170 162 150 159 161 164 162 159 162 170 178 184 189 151 158 159 161 156 150 152 160 167 r !71 175 148 153 152 155 151 144 148 157 165 171 r !73 92 84 84 87 79 77 78 81 83 r 81 r 77 r r 188 (3) 3 ( ) r !89 3 () (3) 189 (3) (3) 189 (3) (3) 175 (3) (3} 176 (3) (3) 174 (3) (3) r !73 (3) (3) 173 (3) (3) 175 (3) (3) 173 (3) (3) r !72 (3) (3) 77 77 79 78 80 r 81 79 !26 124 r !20 166 166 169 166 165 163 162 158 157 158 154 154 123 151 188 172 171 !44 !44 r !48 r !48 r !51 r !53 r !49 r !46 r !47 r !42 139 r !37 1992- Jan 137 r !21 122 r !27 r !30 r !37 r !42 r !36 r !33 r !37 r Includes items not shown separately. 2 Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wage rates. See also footnote 3. 3 Beginning March 1986, prices paid by farmers are available only for first month in quarter, and for each month the received/paid ratio is based on latest data available. All commodities, services, interest, taxes, and wage rates l 139 133 135 142 128 123 127 138 M48 r !49 r !46 1991- Jan Feb Mar Apr May June July Aue: Sept Oct Nov Dec 1 Livestock and products Crops r?7 78 75 74 r 72 r 73 NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes have been converted to a 1977 = 100 base to facilitate comparison with other indexes. Source: Department of Agriculture. 25 MONEY, CREDIT, AND SECURITY MARKETS MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES Growth in M2 and M3 slowed a little in December. BILLIONS OF DOLLARS* (RATIO SCALE) 4,800 4,400 BILLIONS OF DOLLARS* [RATIO SCALE] 4,800 4,400 4,000 4,000 3,600 3.AOO 3,200 3,200 -v 2,800 2,800 2,400 2,400 2,000 2,000 1,600 1,200 1,200 [Averages of daily figures, except as noted; billions of dollars, seasonally adjusted] Ml M2 M3 L Debt Sum of currency, demand deposits, travelers' checks, and other checkable deposits (OCDs) Ml plus overnight RPs and Eurodollars, MMMF balances {general purpose and broker/dealer), MMDAs, and savings and small time deposits M2 plus large time deposits, term RPs, term Eurodollars, and institution-only MMMF balances M3 plus other liquid assets Debt of domestic nonfinancial sectors (monthly average) 1 Dec Dec Dec Dee Dec Dec Dec Dec Dec 474.4 521.2 552.2 619.9 724.3 749.7 786.4 793.6 825.4 896.7 1,952.9 2,186.3 2,374.7 2,569.7 2.81 1.6 2,910.1 3,069.9 3,223.1 3,327.8 3,425.1 2,441.7 2,693.3 2,986.2 3,201.6 3,492.6 3,677.4 3,919.1 4,055.2 4,111.2 4,171.7 2,851.4 3,154.6 3,527.5 3,828.9 4,133.2 4,337.0 4,676.0 4,889.9 4,966.6 4,886.1 '5,422.7 r 6,176.5 '7,033.1 r 7, 92 1.5 r 8,668.5 '9,437.5 r 10, 152.6 ' 10,792.4 8.7 9.9 5.9 12.3 16.8 3.5 4.9 .9 4.0 8.6 8.9 12.0 8.6 8.2 9.4 3.5 5.5 5.0 3.2 2.9 9.3 10.3 10.9 7.2 9.1 5.3 6.6 3.5 1.4 1.5 '8.8 '11.0 '13.9 '13.9 '12.6 '9.4 '8.9 '7.6 '6.3 1990- Nov Dec 823.3 825.4 3,323.7 3,327.8 4,108.4 4,111.2 4,960.4 4,966.6 r 10,755. 2 ' 10,792.4 3.9 3.4 2.5 2.3 1.3 1.2 '6.1 '5.6 4,124.0 4,159.7 4,168.2 4,170.4 r 4,171.9 '4,165.3 r 4,150.2 r 4,149.4 4,144.7 r 4,151.3 ' 4,103.1 4,171.7 4,983.1 5,010.0 5,010.3 4,977.4 ' 4,955.4 •"4,979.7 r 4,986.0 r 4,979.5 '4,970.6 r 4,980.6 5.008.5 ' 10,818.0 10,868. 3 ' 10,905.4 r 10,922.8 '10,969.7 '11,019.8 ' 1 1 ,058.0 '11,104.9 '11,154.9 '11,207.0 11,256.6 3.9 4.9 5.2 5.1 6.9 8.0 7.9 7.1 6.4 8.8 9.1 8.9 2.2 2.7 3.2 3.6 '4.3 4.4 3.6 2.3 1.2 1.2 1.3 1.4 Period 198219831984198519861987198819891990- 1991- Jan Feb Hjar Aor Mav fulv Sept Oct Dec 820.7 836.4 843.0 842.1 851.6 858.4 859.5 866.1 870.0 879.0 8,90.3 896.7 3,331.4 3,354.7 3,375.4 3,383.7 3,395.5 3,400.9 3,392.0 3.393.7 3,395.5 3,403.9 3,418.2 3,425.! r r Percent change from year or 6 months earlier 2 Ml T al Reserve Svsten 26 M2 M3 1.7 2.8 2.9 3.0 3.1 2.6 '1.3 ' — .5 r -.!) '—.4 .3 Debt '4.9 '4.7 '4.4 '4.1 '4.0 '4.2 '4.4 '4.4 r 4.6 '5.2 5.2 COMPONENTS OF MONEY STOCK AND LIQUID ASSETS [Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA] Period Currency Demand deposits Other checkable deposits (OCDs) Overnight repurchase agreements (RPs), net, plus overnight Eurodollars 1 Money market mutual fund balances 2 General purpose and broker/ dealer Institution only Savings deposits, including money market deposit accounts (MMDAs) Small denomination time deposits 3 Large denomination time deposits 3 NSA 1982: 1983' 19841985198619871988: 198919901991 1990- Dec Dec Dee Dec Dec Dec Dec Dec Dec Dec Nov Dec 1991- Jan Feb Mar May ' } July umy.... Sept Oct Nov Dec 132.5 146.2 156.0 167.8 180.7 196.9 212.0 222.2 246.4 266.8 245.0 246.4 251.6 255.1 256.7 256.6 256.8 257.6 258.9 260.8 262.4 264.4 ' 265.4 266.8 234.0 238.5 243.9 266.6 301.9 286.5 286.3 278.7 276.9 289.1 277.2 276.9 272.9 276.1 277.1 275.8 278.7 281.0 278.9 279.8 279.3 282.6 287.4 289.1 103.5 131.6 147.1 179.5 235.3 259.3 280.7 285.2 293.8 332.5 292.8 293.8 293.9 296.9 301.0 301.9 308.1 311.9 314.1 317.8 r 320.6 324.1 329.5 332.5 39.9 55.6 60.6 73.5 82.3 83.2 83.4 77.4 74.3 75.8 77.8 74.3 71.5 70.5 69.5 70.1 68.9 68.5 65.3 67.9 67.1 r 70.1 r 73.6 75.8 185.2 138.8 167.9 176.7 208.3 221.7 241.1 313.6 345.4 352.3 341.9 345.4 354.0 358.4 364.0 365.1 ' 365.8 '366.5 r 363.7 r 3-58.0 r 355.1 r 354.0 '352.3 352.3 51.1 42.8 62.1 63.9 83.8 88.9 86.9 101.9 125.7 167.1 120.5 125.7 130.1 139.3 142.0 145.6 146.2 143.3 141.8 144.8 149.3 155.4 161.0 167.1 1 Includes continuing contract RPs. Data prior to 1983 are not seasonally adjusted. Small denomination and large denomination deposits are those issued in amounts of less than $100,000 and more than $100,000, respectively. 2 3 400.0 684.7 704.7 814.9 940.6 936.9 925.8 890.2 916.7 1,037.0 917.8 916.7 917.1 926.9 939.7 953.8 969.2 981.0 990.0 996.2 r 1,002.8 1,013.2 r 1,025.1 1,037.0 850.9 327.3 784.1 327.7 887.7 417.7 883.4 437.3 855.5 439.9 917.7 489.2 1,031.8 542.3 1,145.9 563.5 1,164.2 507.1 1,060.9 457.2 1,161.8 512.5 1,164.2 507.1 1,163.8 511.9 1,162.5 516.0 1,158.0 511.5 1,149.4 507.2 1,138.9 503.8 1,126.6 498.7 "1, 115.9 '491.2 ' 1,108.2 r484.8 r l , 101.3 r476.8 r 1,089.0 r 467.3 ' 1,075.2 '460.6 1,060.9 457.2 Term repurchase agreements (RPs) Term Eurodollars (net) NSA NSA 33.4 49.9 57.6 62.4 80.5 106.1 121.8 98.8 89.4 72.5 95.1 89.4 87.3 85.8 82.0 80.8 79.5 77.0 78.2 78.2 77.1 '76.0 r 75.4 72.5 81.7 91.5 82.9 76.5 83.8 91.0 106.0 81.0 71.4 61.4 70.0 71.4 71.9 72.6 71.1 68.2 65.5 64.8 65.9 66.9 r 64.7 '63.6 '62.4 61.4 Shortterm Treasury securities Bankers' acceptances Commercial paper 68.0 71.1 74.2 79.5 91.8 100.6 109.3 117.5 126.0 183.6 212.0 260.8 298.2 280.2 253.5 270.6 327.4 335.4 44.5 45.0 45.4 42.0 37.1 44.5 40.1 40.7 34.7 113.7 133.2 160.8 207.6 231.4 261.0 336.8 349.2 359.4 125.2 126.0 126.7 127.8 128.9 130.1 131.4 132.5 133.5 134.4 135.3 136.2 137.1 333.8 335.4 333.2 331.4 327.8 307.6 299.6 326.8 '337.6 335.1 '328.9 '332.5 342.8 34.0 34.7 36.0 35.2 32.4 30.7 28.8 27.7 27.8 '27.1 '25.1 '24.9 24.8 359.0 359.4 363.2 355.9 353.0 338.6 323.7 '327.4 '336.8 '333.5 '336.6 335.7 340.7 Savings bonds NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not shown here. Source: Board of Governors of the Federal Reserve System. AGGREGATE RESERVES AND MONETARY BASE [Averages of daily figures l ; millions of dollars; seasonally adjusted, except as noted by NSA] Adjusted for changes in reserve requirements Borrowings of depository institutions from the Federal Reserve (NSA) Reserves of depository institutions Period Total 198119821 1983' 19841985198619871988- j)PC Dec Dee DeC Dec Dec Dec Dec 1989- Dec 1990- Dee 1991- Dec 1991 Jan Feb Mar Julv Oct Dec 1992: Jan'' 26,495 27,835 29,901 31,662 37,061 45,863 45,812 47,596 47,729 49,104 53,752 49,459 49,590 49,530 49,344 50,000 50,345 50,410 51,886 51,147 51 816 52,695 53,752 54,372 Nonborrowed Nonborrowed plus extended credit Required Monetary base 25,859 27,201 29,127 28,476 35,473 45,037 45,035 45,880 47,464 48,778 53,560 48,925 49,338 49,289 49,112 49,697 50,005 49,804 50,121 50,502 51 556 52,587 53,560 26,008 27,387 29,129 31,080 36,242 45,340 45,518 47,124 47,483 48,801 53,561 48,952 49,372 49,342 49,198 49,785 50,013 49,849 50,422 50,804 5! 567 52,588 53,561 26,176 27,335 29,340 30,807 36,024 44,494 44,766 46,549 46,807 47,440 52,774 47,290 47,782 48,351 48,313 48,970 49,337 49,505 49,800 50,219 50,734 51,802 52,774 153,001 164,276 179,921 191,374 208,619 230,039 246,281 263,459 274,168 299,785 324,779 305,147 309,422 310,956 310,568 311,430 312,409 313,838 316,229 317,926 320,551 322,285 324,779 54,139 54,139 53,344 327,642 Total 636 634 774 3,186 1,318 827 777 1,716 265 326 192 534 252 241 231 303 340 607 764 645 261 108 192 233 Seasonal 54 33 96 113 56 38 93 130 84 76 38 33 37 55 79 151 222 317 331 287 21) 86 38 17 Extended credit 148 186 2 2,604 499 303 483 1,244 20 23 1 27 34 53 86 88 8 46 300 302 12 1 1 Source: Board of Governors of the Federal Reserve Sv.stem. 2? LOANS AND SECURITIES Tota! commercial bank loans and leases fell slightly in December; commercial and industrial loans fell 0.5 percent. BILLIONS OF DOLLARS' (RATIO SCALE) 3,400 BILLIONS OF DOLLARS' (RATIO SCALE) 3,400 ALL COMMERCIAL BANKS 2,800 2,800 2,400 2,400 2,000 2,000 1,600 1,600 LOANS AND LEASES 1,200 1,200 800 800 U.S. GOVERNMENT SECURITIES 400 400 OTHER SECURITIES 200 200 160 160 l l I I I I I I I I I I 120 120 1983 1984 1985 1988 1987 1986 1991 1990 1989 • SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS [Billions of dollars, seasonally adjusted ^ All commercial banks Loans and leases Period Total securities 2 1982: Dec 1983: 1984: 1985: 1986: 1987: 1988: 1989: 1990: 1991: 1990: 1991: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Jan Feb Mar Apr May June .... July Aug Sept Oct Nov Dec 1,400.5 1,552.1 1,722.2 1,909.6 2,093.5 2,238.9 2,421.7 2,589.0 2,723.6 2,810.6 2,723.6 2,721.2 2,735.1 2,751.0 2,751.8 2,750.5 2,763.2 2,763.3 2,761.6 2,768.9 2,784.5 2,799.3 2,810.6 U.S. Government securities 201.7 259.2 260.2 270.9 310.1 335.9 363.8 399.3 454.2 560.3 454.2 454.1 458.0 471.4 479.2 485.1 495.2 505.3 512.6 522.1 538.2 549.3 560.3 Other securities 164.8 169.1 140.9 179.0 193.9 193.5 192.1 180.8 175.6 173.3 175.6 177.7 177.6 177.6 175.7 173.9 173.1 172.0 169.9 170.8 172.2 172.3 173.3 Total 2 1,034.0 1,123.8 1,321.1 1,459.8 1,589.5 1,709.5 1,865.8 2,008.9 2,093.8 2,077.0 2,093.8 2,089.4 2,099.5 2,102.0 2,096.9 2,091.5 2,094.8 2,086.0 2,079.1 2,076.0 2,074.1 2,077.6 2,077.0 Commercial and industrial 392.5 414.2 473.2 500.3 537.2 567.6 606.6 641.3 648.1 616.8 648.1 644.3 643.9 646.0 640.0 633.2 630.4 626.7 620.5 623.8 623.8 620.2 616.8 Individual Security financial institutions Agricultural political subdivisions 299.9 331.0 376.5 426.0 494.2 587.2 671.5 760.6 836.5 857.0 188.2 212.9 253.8 294.6 315.2 328.2 354.7 375.5 378.9 361.8 378.9 375.9 377.7 375.5 374.1 373.5 372.0 369.6 368.9 365.3 362.7 361.7 361.8 25.3 28.0 34.5 43.1 40.4 31.2 30.4 31.3 32.4 34.9 31.8 29.9 36.2 39.2 40.1 36.1 31.5 29.4 29.8 0.0 .0 46.1 56.8 58.5 52.6 32.7 34.8 39.3 34.8 34.8 r 36.0 36.7 35.9 36.9 r 37.2 r 37.2 36.3 36.1 36.6 38.9 39.3 30.7 33.0 32.4 33.0 33.5 33.5 34.0 33.9 33.6 33.0 32.5 32.3 32.2 32.1 32.2 32.4 836.5 837.3 842.6 846.3 850.9 855.1 859.5 857.0 853.9 853.4 854.2 856.3 857.0 1 Data are prorated averages of Wednesday figures for domestically chartered banks and averages of month-end data for foreign-related institutions. Data beginning January 1984 are not strictly ™m«oraMu u/itli rlntn for por ipr npnons. nrire v because npinnnmir . annnrv 1984 certain nh iiratlons 28 State Non- Real estate 2 34.8 39.9 38.3 40.6 47.2 40.6 43.1 43.2 38.9 39.8 39.8 38.3 41.6 42.6 43.9 43.8 46.4 47.2 45.5 40.0 34.3 28.5 34.3 33.2 33.1 32.7 32.1 31.7 31.0 30.5 30.0 29.5 29.3 28.8 28.5 Foreign banks 14.6 13.4 11.6 9.9 10.3 7.9 7.9 8.6 7.2 6.9 7.2 6.0 6.1 7.2 6.8 6.4 6.0 6.2 6.3 6.5 6.1 6.7 6.9 Excludes loans to commercial banks in the United States. Governors of the Federal Reserve System. Source. Boar[, of Foreign official institutions Lease financing receivables 5.9 9.4 8.4 13.3 13.7 16.0 19.0 22.3 24.5 29.2 31.8 32.7 30.9 32.7 32.4 32.8 33.0 32.7 32.7 32.8 32.0 31.4 31.2 31.1 30.9 30.9 6.3 6.3 5.8 5.1 3.7 3.2 3.3 3.2 3.0 3.1 3.2 3.0 3.0 3.0 3.1 3.1 3.2 3.3 3.5 3.3 Other 26.9 31.8 29.9 35.3 38.6 39.8 45.7 45.8 44.7 52.7 44.7 r 45.8 r 47.5 r 48.5 47.6 r 45.6 51.8 49.6 53.8 50.9 51.0 52.0 52.7 SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE BUSINESS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Uses Sources External Period Total Internal Credit market funds l Loans and short-term paper Securities and mortgages Total Total Other 2 Total Capital expenditures 3 Increase in financial assets Discrepancy (sources less uses) 1987 1988 1989 1990 313.7 431.2 491.4 464.3 521.5 545.0 586.7 548.4 466.7 247.6 292.3 336.4 351.9 336.8 376.1 404.4 405.0 381.5 66.1 138.9 155.0 112.3 184.7 168.9 182.3 143.5 85.2 50.7 81.0 92.5 52.4 126.7 63.0 63.0 42.1 12.5 45.5 -13.0 -4.5 60.9 27.5 13.0 -41.8 17.4 54.7 35.5 105.5 56.9 65.8 35.4 76.0 83.9 30.0 15.4 57.9 62.5 59.9 58.0 106.0 119,3 101.4 72.6 333.1 425.9 504.3 459.2 504.7 478.3 563.5 529.2 484.7 286.1 303.8 399.1 375.3 353.9 365.8 394.5 421.4 403.1 47.0 122.1 105.2 83.9 150.8 112.5 169.0 107.9 81.6 -19.5 5.3 — 12.9 5.1 16.8 66.7 23.2 19.2 -18.0 1989- I r II T III r IV * 538.3 629.4 473.2 553.0 401.4 404.3 410.5 403.7 136.9 225.0 62.7 149.3 6.3 129.2 6.6 38.9 -101.8 6 -85.5 20.7 95.5 129.8 92.1 18.2 143.2 95.8 56.0 110.5 509.3 567.3 489.1 551.3 420.7 419.2 416.4 429.1 88.6 148.0 72.7 122.2 29.0 62.1 -15.9 1.7 Ir II r III r IT * 525.3 518.2 443.7 379.5 393.8 395.2 361.2 375.9 131.5 122.9 82.6 3.6 37.2 49.8 17 -35.1 -30.4 8.4 48 8 .9 67.6 41.3 47.0 -36.0 94.3 73.2 84.3 38.6 505.6 516.4 522.0 394.7 402.4 415.9 418.1 376.2 103.3 100.5 103.9 18.6 19.6 1.8 -78.3 15 2 1991- I ' II r III" 474.7 465.3 469.9 390.5 390.3 386.7 84.3 75.0 83.2 6.7 42.8 59.0 57.6 102.9 94.9 -50.8 60 1 -35.9 77.5 32.2 24.2 445.2 440.2 482.0 354.8 359.5 389.8 90.4 80.7 92.2 29.5 25.1 — 12.2 1982 1983 1984 1985 1986 1990: 4.0 1 Undistributed profits (after inventory valuation and capita! consumption adjustments), capital consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained abroad. 2 Consists of tax liabilities, trade debt, and direct foreign investment in the U.S. 3 Plant and equipment, residential structures, inventory investment, and mineral rights from U.S. Government. Note.—Series revised to reflect the comprehensive (benchmark) revision of the national income and product accounts by the Department of Commerce (Bureau of Economic Analysis). Source: Board of Governors of the Federal Reserve System. CONSUMER INSTALLMENT CREDIT [Millions of dollars; seasonally adjusted] Installment credit outstanding (end of period) Period 19821983' 198419851 1986' 1987198819891990' 1991' Dec Dec Dec Dec Dec Dec Dec 2 Dec Dec Decp 1991' Jan Feb Mar July Sept T Oct r Nov Dec p Automobile Revolving 325,805 368,966 442,602 518,252 573,017 610,468 664,049 718,863 735,102 728,425 125,945 143,560 173,564 210,187 247,428 265,851 284,214 290,676 284,585 267,434 66,454 79,088 100,280 121,816 135,851 153,078 174,104 199,082 220,110 234,459 732,962 732,762 732,442 733,621 732,289 730,591 729,962 729,108 729,152 730,317 730,147 728,425 283,746 282,626 280,689 279,746 276,494 274,496 273,565 271,906 270,219 270,013 268,123 267,434 219,588 221,556 224,817 225,994 227,301 227,737 228,199 229,453 232,070 233,661 234,666 234,459 Total . .. 1 For year-end data, change from preceding year-end; for monthly data, change from preceding month. 2 Data newly available in January 1989 result in breaks in many series between December 1988 and subsequent months. Mobile home c Net change in installment credit outstanding ' Other Total Automobile Revolving Mobile home Other 22,604 23,562 25,861 26,850 27,096 25,920 25,348 22,471 20,919 19,109 110,802 122,756 142,897 159,400 162,642 165,620 180,383 206,633 209,487 207,424 14,546 43,161 73,636 75,650 54,765 37,451 53,581 (3) 16,239 6677 6,937 17,615 30,004 36,623 37,241 18,423 18,363 (3) -6,091 17 151 5,384 12,634 21,192 21,536 14,035 17,227 21,026 21,028 14,349 -1,552 1 810 -322 11,954 20,141 16,503 3,242 2,978 14,763 (3) 2,854 2 063 20,459 20,200 20,123 20,098 19,796 19,907 19,615 19,495 18,892 18,943 19,059 19,109 209,170 208,379 206,813 207,782 208,697 208,451 208,582 208,253 207,971 207,700 208,300 207,424 -2,139 -201 -320 1,179 -1,331 -1,698 -629 -854 44 1,165 -170 -1,722 -839 1 120 -1,937 943 -3,252 -1,998 931 -1,659 -1,687 207 -1,890 -689 -522 1,968 3,261 1,177 1,307 435 462 1,255 2,617 1,591 1,005 -207 -461 -258 -78 -24 -302 111 -291 -120 -603 51 116 50 -317 791 -1,566 969 915 -246 131 -329 -282 270 599 -876 (3) 2,546 958 2,299 989 246 -1,176 -572 (3) 3 Because of breaks in series, net change not available. Source: Board of Governors of the Federal Reserve System. 29 INTEREST RATES AND BOND YIELDS Interest rates fell in January. PERCENT PER ANNUM PERCENT PER ANNUM SOURCE: SEE TABie BELOW COUNCIL OF ECONOMIC ADVISERS [Percent per annum] U.S. Treasury security yields Period 1981 1982 .. 1983 1984... 1985 1986 1987 1988 1989 ... 1990 1991 .. 1991: Jan.. Feb Mar. Apr June July. Sept Oct Nov Dec 1992- Jan Week ended: 1992- Jan 11 18 25 Feb 1 8 1 2 3-month bills (new issues) " Constant maturities 2 3-year 10-year High-grade municipal bonds (Standard & Poor's) 3 Prime commercial paper, 6 months " Discount rate (N.Y. F.R. Bank) 4 Prime rate charged by banks 4 New-home mortgage yields (FHFB)5 14.029 10.686 8.63 9.58 7.48 5.98 5.82 6.69 8.12 7.51 5.42 14.44 12.92 10.45 11.89 9.64 7.06 7.68 8.26 8.55 8.26 6.82 13.91 13.00 11.10 12.44 10.62 7.68 8.39 8.85 8.49 8.55 7.86 11.23 11.57 9.47 10.15 9.18 7.38 7.73 7.76 7.24 7.25 6.89 14.17 13.79 12.04 12.71 11.37 9.02 9.38 9.71 9.26 9.32 8.77 14.76 11.89 8.89 10.16 8.01 6.39 6.85 7.68 8.80 7.95 5.85 13.42 11.02 8.50 8.80 7.69 6.33 5.66 6.20 6.93 6.98 5.45 18.87 14.86 10.79 12.04 9.93 8.33 8.21 9.32 10.87 10.01 8.46 14.70 15.14 12.57 12.38 11.55 10.17 9.31 9.19 10.13 10.05 9.32 6.30 5.95 5.91 5.67 5.51 5.60 5.58 5.39 5.25 5.03 4.60 4.12 7.38 7.08 7.35 7.23 7.12 7.39 7.38 6.80 6.50 6.23 5.90 5.39 8.09 7.85 8.11 8.04 8.07 8.28 8.27 7.90 7.65 7.53 7.42 7.09 7.05 6.90 7.07 7.05 6.95 7.09 7.03 6.89 6.80 6.59 6.64 6.63 9.04 8.83 8.93 8.86 8.86 9.01 9.00 8.75 8.61 8.55 8.48 8.31 7.02 6.41 6.36 6.07 5.94 6.16 6.14 5.76 5.59 5.33 4.93 4.49 6.50-6.50 " 6.50-6.00 6.00-6.00 6.00-5.50 5.50-5.50 5.50-5.50 5.50-5.50 5.50-5.50 5.50-5.00 5.00-5.00 5.00-4.50 4.50-3.50 10.00-9.50 9.50-9.00 9.00-9.00 9.00-9,00 r 9.00-8.50 8.50-8.50 8.50-8.50 8.50-8.50 8.50-8.00 8.00-8.00 8.00-7.50 7.50-6.50 9.65 9.57 9.43 9.60 9.52 9.46 9.43 9.48 9.30 9.04 8.64 8.53 3.84 5.40 7.03 6.41 8.20 4.06 3 50 3 50 6.50-6.50 3.85 3.83 3.78 3.84 3.86 5.12 5.45 5.47 5.65 5.61 6.80 7.04 7.14 7.25 7.25 6.37 6.42 6.39 6.47 6.68 8.14 8.20 8.22 8.25 8.25 3.99 4.08 4.08 4.09 4.07 3.50-3.50 3.50-3.50 3.50-3.50 3.50-3.50 3.50-3.50 6 50 6 50 6.50-6.50 6.50-6.50 6.50-6.50 6.50-6.50 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. 30 Corporate Aaa bonds (Moody's) 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 roses in January. INDEX, DEC. 31, 1965 = 50 (RATIO SCALE) INDEX, DEC. 31, 1965 = 50 (RATIO SCALE) 240 220 200 180 ^ ^ ~/\ 160 140 r ~ - 120 ^s 100 - -J ( ' 240 220 200 180 ' V—*•"! ^\^~S 1 160 \^rt \ 1 COMPOSITE STOCK PRICE INDEX (NYSE) 140 120 100 80 80 60 60 40 1 1 1 11 1 1i 1 11 I t I II 1 it I iI 1 1 i 11 1 11 i 11 1984 PER 1986 1985 iiiiilniii 1987 1988 i i i i i l n MI i i i i i l n i i i 1 1 1 1 1 1 1 1 1 f i 1991 1990 1989 1 ! 1 1 1 11 1 1 11 :ENT PERC ENT 20 20 15 15 bAKNINUS-PKICt KAI IO ON COMM JN SIOCKb S&P) / < _ 10 ^"^1 5 1 0 1 1984 1 1 1 1 1985 '—r~ ^ I I I I i I | 1987 1986 10 —^1 1 1 1 1988 1 1 1 1989 ~^~~^~] ' 1 1 1 1990 •-.-. 1 SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION 1 1 1991 5 1 Period Industrial 0 Common stock yields (percent) 5 New York Stock Exchange indexes (Dec. 31, 1965 Composite 1 1 1992 COUNCIL OF tCONOMIC ADVISERS Common stock prices 1 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 40 1992 Transportation Utility Finance Dow-Jones industrial average 3 Standard & Poor's composite index (194143=10) 4 Dividendprice ratio 74.02 68.93 92.63 92.46 108.09 136.00 161.70 149.91 180.02 183.46 206.33 85.44 78.18 107.45 108.01 123.79 155.85 195.31 180.95 216.23 225.78 258.14 72.61 60.41 89.36 85.63 104.11 119.87 140.39 134.12 175.28 158.62 173.99 38.91 39.75 47.00 46.44 56.75 71.36 74.30 71.77 87.43 90.60 92.66 73.52 71.99 95.34 89.28 114.21 147.20 146.48 127.26 151.88 133.26 150.82 932.92 884.36 1,190.34 1,178.48 1,328.23 1,792.76 2,275.99 2,060.82 2,508.91 2,678.94 2,929.33 128.05 119.71 160.41 160.46 186.84 236.34 286.83 265.79 322.84 334.59 376.18 5.20 5.81 4.40 4.64 4.25 3.49 3.08 3.64 3.45 3.61 r 3.24 177.95 197.75 203.57 207.71 206.93 207.32 208.29 213.33 212.55 213.10 213.25 214.26 220.69 246.74 255.36 260.15 260.13 261.16 262.48 268.22 266.21 265.68 264.89 266.01 145.89 166.06 166.26 166.90 170.77 177.05 177.15 178.52 177.99 187.31 188.52 185.47 88.59 92.08 92.29 92.92 90.76 89.01 90.05 92.38 93.72 95.25 96.78 98.08 121.39 141.03 145.42 152.64 151.32 152.31 151.60 157.70 157.69 158.94 159.78 159.96 2,587.60 2,863.04 2,920.11 2,925.54 2,928.42 2,968.14 2,978.19 3,006.09 3.010.35 3.019.74 2.986.12 2.958.64 325.49 362.26 372.28 379.68 377.99 378.29 380.23 389.40 387.20 386.88 385.92 388.51 3.82 3.35 3.26 3.19 3.23 3.23 3.20 3.10 3.15 3.14 3.15 r 3.11 1992' Jan 229.34 286.62 201.55 99.31 174.50 3.227.06 416.08 2.90 Week ended: 1992- Jan 11 18 25 Feb 1 8 229.79 230.67 229.11 227.62 228.18 286.60 288.67 286.64 284.60 286.26 200.48 206.46 202.81 197.41 200.62 101.02 98.52 98.45 98.10 96.60 174.32 176.09 174.45 173.93 173.74 3,203.58 3,240.97 3,238.55 3,241.19 3,249.10 417.23 418.52 415.51 412.14 412.43 2.89 2.87 2.89 2.96 2.94 . .. . 1991- Jan Feb Mar Julv Sept Oct Nov Dec 1 2 3 4 5 Average of daily closing prices. Includes all the stocks (more than 1,500) listed on the NYSE. Includes 30 stocks. Includes 500 stocks. Standard & Poor's series. Dividend-price ratios based on Wednesday Earningsprice ratio 11.96 11.60 8.03 10.02 8.12 6.09 5.48 8.01 7.41 6.47 r 5.58 r 5.23 4.59 price ratios based on prices at end of quarter. NOTE.—AH data relate to stocks listed on the New York Stock Exchange (NYSE). Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard i Poor's Corporation. FEDERAL FINANCE FEDERAL RECEIPTS, OUTLAYS, AND DEBT In the first 3 months of fiscal 1992, there was a deficit of $83.2 billion, compared with a deficit of $86.2 billion a year earlier. BILLIO NS OF DOLLARS BILLIONS OF DOLLARS 1,500 1,500 1,'400 1,400 OIITliY'lU' 1,300 ---'' 1,300 V""' 1,200 1,200 >• ^*** 1,100 1,100 .---""'" ^^— ^^\ 1,000 .''""""" 900 „.- ' ^-" ^ 1,000 900 RECEIPISi/ 800 800 ^ 700 —-^ /I . --""i V mr, 0 i ~^.-.^.T- i I i i i i i N. \1 700 0 , VI / -100 ~—— ^~~~"~~""^ """"•—-TT -200 ^ -".__ 300 -300 A i' 1984 \ ! I I 1 1985 1986 1987 1988 1 i 1989 I 1990 i 1991 j\ 1992 1993^ FISCAL YEARS I/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Ou-budget Total Fiscal year or period Receipts 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 (estimates) 1993 (estimates) Cumulative total, first 3 months: l Fiscal vcar 1991 Fiscal year 1992 298.1 355.6 399.6 463.3 517.1 599 3 617.8 600.6 866 5 Outlays 371.8 409.2 458.7 503.5 590.9 678.2 r 745.8 r 808.4 851.8 r Surplus or deficit (-) Receipts Outlays Receipts Outlays Gross Federal debt (end of period) Surplus or deficit (-) Total Held by the public -73.7 -53.7 -59.2 -40.2 -73.8 r — 79.0 r - 128.0 -207.8 r - 185.4 231.7 278.7 314.2 365.3 403.9 469.1 474.3 453.2 500.4 302.2 328.5 369.1 403.5 476.6 r 543.1 r 594.4 r S61.3 686.0 -70.5 -49.8 — 54.9 -38.2 -72.7 r -74.0 T ~ 120.1 -208.0 r -185.7 66.4 76.8 85.4 98.0 113.2 130.2 143.5 147.3 166.1 69.6 80.7 89.7 100.0 114.3 135.2 151.4 147.1 165.8 — 3.2 -3.9 -4.3 -2.0 — 1.1 -5.0 -7.9 2 .3 629.0 706.4 776.6 828.9 908.5 994.3 1,136.8 1,371.2 1,564.1 477.4 549. 1 607.1 639.8 709.3 784.8 919.2 1,131.0 1,300.0 r r -221.7 - 238.0 -169.3 r - 194.0 r — 206.2 r -277.1 -320.9 -414.6 -394.5 186.2 200.2 213.4 241.5 263.7 281.7 293.9 300.9 325.8 176.8 183.5 103.8 202.7 210.9 225.1 241.7 251.5 264.0 9.4 16.7 19.6 38.8 52.8 56.6 52.2 49.4 61.8 1,817.0 2,120.1 2,345.6 2,600.8 2,867.5 3,206.3 ''3,599.0 4,078.8 4,544.3 1,499.4 1,736.2 1,888.1 2,050.3 2,190.3 2,410.4 2,687.2 3,078.3 3,430.9 -96.1 -96.8 64.8 66.6 54.9 53.0 9.9 13.7 3,325.8 3,736.3 2,497.4 2,776.3 r 734.1 769.1 854.1 909.0 990.7 1 031.3 1,054.3 1,075.7 1,164.8 946.4 990.3 r 1,003.9 1,064.1 r l , 144.2 r 1,251 8 1,323.0 1,441.0 1,497.5 -212.3 -221.2 r - 149.8 r - 155.2 r - 153.5 r - 220.5 -268.7 -365.2 -332.7 547.9 568.9 640.7 667.5 727.0 749.7 760.4 774.8 839.0 769.6 806.8 r 810.1 861.4 r 933.3 r 1,026.7 1,081.3 1,189.4 1,233.5 249.4 254 9 335.6 338.1 -86.2 -83.2 184.6 188.3 280.7 285.1 1 Data from Monthly Treasury Statement. NOTE.—Data ar« from Budget oj the United States Coven icnt, Fiscal Year 1993, January 32 Off-budget Surplus or deficit (-) r r 1992, except as noted. Sources: Department of the Treasury and Office of Management and Budget. FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 3 months of fiscal 1992, receipts were $5.5 billion higher than a year earlier, and outlays were $2.5 billion higher. BILLIONS OF DOLLARS BILLIO NS OF DOLLARS 600 RECEIPTS^ 500 600 INDIVinilAI 1 NO-IMF TAVF^ — -- 500 400 . - - —--•"""" 300 SOCIAL INSURANCE TAXES AMD CONTRIBUTIONS CORPORATION 200 INCOM i? TAXES OTHER RECEIPTS \ 100 i 0 1,300 200 ____^L— - i i i 1 1 1 ! 1 n 1,300 OUTLAYS-!/ 1 200 _--- - "" F 1 100 1 100 ,, — "~ 1 000 NONDEFENSE ^-"~" 900 800 _„---""' V-----'' _---""" 600 NATinNAI DFFFNSF 400 \ 300 200 A I/I,- ——r-—~ 1984 1985 i~~~ 1986 i T 1987 i 1988 1989 i 1990 ~i 1991 7 i 1992 Jis 200 1993 * FISCAL YEARS J/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS. SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] 33 FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the third quarter of 1991, Federal receipts rose $10.3 billion (annual rate) and Federal expenditures rose $13.8 billion. In the fourth quarter, according to advance estimates, Federal expenditures rose $27.2 billion; receipts data are incomplete. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 1,200 1,000 1,000 1986 1987 1988 CALENDAR YEARS COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Federal Government receipts Period Total Personal tax and nontax receipts Corporate profits tax accruals Indirect business tax and nontax accruals Federal Government expenditures Contributions for social insurance Total Purchases Transfer payments Grantsin-aid to State and local governments Net interest paid Subsidies less current surplus of Government enterprises Less: Wage accruals less disbursements Surplus or deficit (-), national income and product accounts Fiscal year: 1988 r 1989 r 1990 r 1991 ' 955.1 1,047.1 1,087.9 1,116.2 403.8 455.7 472.2 474.5 107.6 116.7 113.1 103.2 59.6 62.2 63.7 75.6 384.1 412.5 438.9 462.9 1,098.5 1,162.1 1,245.6 1,305.4 386.3 399.0 416.4 445.8 430.9 459.4 502.0 505.3 108.4 115.8 128.3 146.3 143.8 160.3 175.3 185.2 28.9 27.6 23.7 22.8 -0.1 .0 .0 .0 -143.3 -115.0 -157.8 -189.2 972.3 1,055.2 1,104.8 1,119.1 632.3 410.1 390.4 419.4 444.7 467.9 235.9 259.8 291.1 318.0 338.8 359.4 400.7 425.2 437.2 442.0 448.5 451.1 464.1 466.3 469.9 471.4 387.0 436.3 469.5 111.3 118.2 132.2 152.3 84.3 86.9 97.7 104.5 103.8 102.9 113.0 121.9 128.1 132.2 131.2 137.3 143.7 151.0 153.3 161.2 146.0 164.7 177.5 188.4 86.8 99,2 122.3 129.2 131.1 143.1 151.2 168.8 170.9 177.5 183.7 177.7 185.7 189.7 187.9 190.5 28.4 25.5 24.7 21.5 17.3 28.8 22.2 16.4 22.1 37.8 34.9 25.1 29.8 23.0 14.8 31.2 23.4 22.7 13.9 25.9 .0 .0 .1 1 .0 290.5 323.5 60.9 61.9 65.8 78.8 49.2 55.4 58.2 56.8 54.8 59.5 81.4 62.1 64.6 64.8 65.2 68.5 78.2 77.1 78.7 81.2 1,109.0 1,179.4 1,270.1 1,319.8 671.1 111.0 113.9 112.1 102.0 45.5 65.4 67.0 77.0 91.4 109.7 118.5 107.4 113.7 114.1 115.1 105.7 99.0 102.0 106.2 -136.6 — 124.2 - 165.3 -200.7 -183.4 -184.6 -186.8 -187.2 — 177.5 152 7 -134.9 — 143.3 1608 - 156.9 — 149.7 -193.6 -146.4 -206.7 — 210.2 Calendar year: 1988 1989 1990 1991 " 1982- IV 1983- TV 1984- IV 1985- IV 1986: IV 1987- IV 1988- IV 1989: IV 1990- I 739.8 803.6 856.8 943.5 1,000.6 1,062.7 1,086.8 1,106.3 1,115.4 1,110.7 1,115.2 1,114.3 1,124.6 n ffl IV 1991- I II Ill IV ". .... 460.2 482.2 470.3 301.6 351.8 371.7 414.8 420.0 467.9 471.2 485.4 486.6 485.5 413.9 468.8 469.9 468.9 Source: Department of Commerce, Bureau of Economic Analysis. 34 815.7 855.7 926.6 990.8 1,034.3 1,096.3 1,135.5 1,206.0 1,247.6 1,263.2 1,265.1 1,304.4 1,261.6 1,321.0 1,334.8 1,362.0 401.4 424.9 445.1 281.4 289.7 324.7 356.9 373.1 510.8 512.5 346.0 351.1 360.1 383.8 404.2 419.7 392.5 392.0 403.7 444.5 486.4 417.2 501.6 423.3 424.7 434.5 507.2 451.5 452.1 444.9 431.9 510.7 523.8 457.5 505.1 534.9 552.4 .0 .6 .0 .0 C) .0 .0 .0 .0 .0 .2 .2 -.4 .0 .0 INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR INDUSTRIAL COUNTRIES Industrial production (1987— !(K); seasonally adjusted) Period United States 81 9 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 * 84.9 92.8 94.4 95.3 100.0 105.4 108.1 109.2 107.1 Oct Nov Dec 1991: 106.6 105.7 105.0 105.5 106.4 107 3 108.1 108.0 ' 108.4 108.2 Jan Feb Mar May Julv Oct Nov Dec p 1 r United States ' 91.8 88.8 91.8 92.9 96.2 100.0 105.9 109.2 109.2 86.4 89.6 89.7 94.6 96.9 100.0 103.6 104.0 103.3 96.5 99.6 103.9 107.6 109.6 113.6 118.3 124.0 130.7 136.2 117.3 117.0 116.6 116.2 110.8 107.5 106.8 109.6 102.3 102.3 100.8 100.2 119.1 118.3 118.3 117.8 116.9 121.6 119.5 117.3 117.5 116.2 108.6 108.4 108.2 103.3 104.6 110.5 106.3 104.1 107.4 99.6 101.2 101.4 98.8 95.6 101.6 101.6 99.8 100.1 101.0 Japan France Germany 76.5 81.5 91.4 96.5 95.4 100.0 105.5 105.3 100.8 82.9 85.5 93.4 96.8 96.6 100.0 109.3 115.7 121.3 97.3 96.5 97.1 97.2 98.0 100.0 104.7 108.9 110.2 90.3 90.9 93.5 97.7 99.6 100.0 103.9 108.7 114.6 99.5 99.4 97.4 96.4 122.4 125.3 124.6 123.7 109.8 110.1 108.0 106.0 110.6 109.9 108.3 107.2 1990- Sept r 96.3 95.4 '95.2 r r r r r 96.3 97.0 97.5 97.9 97.5 98.1 97.5 !080 125.4 rl!0.4 125.1 T 109.4 123.0 106.8 123.3 109.8 126.0 109.6 122.8 109.7 126.6 ' 110.6 122.8 ' 110.6 123.7 109.2 ' 123.9 110.7 124.2 Consumer prices (1982-84=100; N8A) United Kingdom Canada Italy 107 8 United Kingdom Japan Prance Germany 94.9 100.4 104.8 108.9 113.4 118.4 123.2 129.3 135.5 143.1 98.0 99.9 102.1 104.2 104.9 105.0 105.7 108.1 111.4 91.7 100.3 108.0 114.3 117.2 121.1 124.4 128.9 133.2 97.0 100.3 102.7 104.9 104.7 104.9 106.3 109.2 112.1 87.7 100.8 111.5 121.1 128.5 134.4 141.1 150.4 159.6 169.8 95.4 99.8 104.8 111.1 114.9 119.7 125.6 135.4 148.2 156.9 132.7 133.5 133.8 133.8 136.3 137.4 138.2 138.1 112.4 113.9 113.5 113.2 134.4 135.2 135.0 134.9 112.6 113.4 113.2 113.3 161.2 162.6 163.6 164.2 151.9 153.1 152.7 152.6 134.6 134.8 135.0 135.2 135.6 136.0 136.2 136.6 137.2 137.4 137.8 137.9 141.7 141.7 142.3 142.3 143.0 143.7 143.8 143.9 143.7 143.4 144.0 143.4 114.1 113.8 114.3 114.8 115.4 114.9 114.8 115.0 115.3 116.6 116.7 135.5 135.7 135.8 136.3 136.6 136.9 137.4 137.7 138.0 138.6 138.9 114.0 114.3 114.2 114.7 115.2 115.8 116.8 116.8 117.0 117.4 117.9 165.4 167.0 167.4 168.2 168.8 169.7 169.9 170.4 171.1 172.6 173.8 174.2 153.0 153.8 154.4 156.4 156.9 157.6 157.2 157.6 158.1 158.7 159.3 159.4 Canada Italy Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis and International Trade Administration, Trade Information and Analysis). Data relate to ali urban consumers. U.S. MERCHANDISEEXPORTS AND IMPORTS [Billions of dollars; monthly data seasonally adjusted] Merchandise exports (f.a.s. value General merchandise imports (customs value) 3 1 Period Total z 216.4 1982 1983 1984 1985 1986 1987 1988 1989 1990 5 5 205.6 224.0 218.8 227.2 254.1 322.4 363.8 393.6 Trade balance Principal end-use commodity category Principal end-use commodity category Foods, feeds, and beverages Industrial supplies and materials Capital goods except automotive Automotive vehicles, parts, and engines Consumer goods (nonfood) except automotive Other z 31.3 30.9 31.5 24.0 22.3 24.3 32.3 37.2 35.1 61.7 56.7 61.7 58.5 57.3 66.7 85.1 99.3 104.4 72.7 67.2 72.0 73.9 75.8 86.2 109.2 138.8 152.7 15.7 16.8 20.6 22.9 21.7 24.6 29.3 34.8 37.4 14.3 13.4 13.3 12.6 14.2 17.7 23.1 36.4 43.3 20.7 20.5 24.0 27.3 35.9 34.6 43.4 17.2 20.7 Foods feeds, and beverages Industrial supplies and materials Capital goods except automotive Automotive vehicles, parts, and engines Consumer goods (nonfood) except automotive 473.2 495.3 17.1 18.2 21.0 21.9 24.4 24.8 24.8 25.1 26.6 112.0 107.0 123.7 113.9 101.3 111.0 118.3 132.3 143.2 35.4 40.9 59.8 65.1 71.8 84.5 101.4 113.3 116.4 33.3 40.8 53.5 66.8 78.2 85.2 87.7 86.1 87.3 39.7 44.9 60.0 68.3 79.4 88.7 95.9 102.9 105.7 6.3 7.8 9.4 10.4 12.1 12.8 13.6 16.1 Total 244.0 258.0 330.7 4 336.5 365.4 406.2 4 441.0 Other 6.5 General merchandise imports (c.i.f. value) 254.9 269.9 346.4 352.5 382.3 424.4 459.5 493.2 Exports (f.a.s) less imports (customs value) Exports (f.a.s) less imports (c.i.f.) -27.5 -52.4 -38.4 -64.2 -106.7 -117.7 -138.3 -152.1 -118.5 -122.4 -133.6 -155.1 — 170.3 -137.1 - 109.4 -129.4 517.0 -101.7 -123.4 Nov Dec 33.6 33.6 2.9 2.6 9.5 9.2 12.4 13.2 3.2 2.8 3.7 3.8 1.9 1.9 43.1 39.9 2.1 2.2 13.4 11.6 10.0 9.8 7.1 6.6 9.0 8.3 1.5 1.3 45.0 41.6 -9.5 -6.3 — 11.4 -8.0 1991' Jan Feb Mar 34.1 33.6 34.0 35.6 35.3 35.0 35.2 34.4 35.3 37.1 37.5 2.7 3.1 3.0 2.9 3.0 2.9 3.1 2.9 3.0 3.2 3.4 9.5 9.7 8.9 9.2 9.4 8.7 9.1 9.1 8.5 9.3 8.9 13.0 12.4 13.5 14.4 13.7 14.4 13.7 13.4 14.3 14.4 15.3 3.1 2.6 2.9 3.4 3.5 3.5 3.6 3.2 3.6 3.8 3.7 3.9 3.9 3.8 3.8 3.8 3.7 3.7 3.7 3.8 4.2 4.1 1.9 1.9 1.9 1.9 2.0 1.9 2.1 2.0 2.1 2.2 2.1 41.5 39.1 38.1 40.1 40.1 38.8 41.2 40.9 42.3 43.4 41.0 2.2 2.1 2.1 2.4 2.3 2.3 2.3 2.1 2.2 2.2 2.2 12.2 10.8 10.1 11.0 11.3 10.5 10.8 10.9 11.2 11.2 10.7 9.9 9.9 9.9 10.4 10.1 9.8 10.4 9.9 10.3 10.6 9.7 7.3 6.7 6.6 6.7 6.5 6.6 7.2 8.0 7.6 7.9 7.1 8.6 8.5 8.0 8.5 8.4 8.1 9.3 8.7 9.6 10.3 9.9 1.3 1.2 1.3 1.3 1.5 1.4 1.3 1.3 1.3 1.4 1.4 43.4 40.9 39.8 42.0 41.8 40.4 43.0 42.7 44.1 45.2 42.7 -7.4 -5.5 —4.1 -4.5 -4.8 -3.8 -5.9 -6.5 -6.9 -6.3 -3.6 -9.2 -7.3 -5.8 -6.4 -6.6 -5.5 -7.8 -8.3 -8.8 -8.1 -5.3 1990: May July Sept Oct '. Nov 1 2 3 4 . .. Includes Department of Defense Military Assistance Program grant-aid shipments. Includes undocumented exports to Canada through 1988. Total arrivals of imported goods other than intransit shipments. Total includes revisions not reflected in detail. 5 Total exports are on a revised statistical month basis; end-use categories are on a statistical month basis. NOTE.— Data shown include trade of the U.S. Virgin Islands. Source: Department of Commerce, Bureau of the Census. 35 U.S. INTERNATIONAL TRANSACTIONS There was a current account deficit of $10.5 billion in the third quarter of 1991, compared with a surplus of $3.0 billion in the second quarter. The merchandise trade deficit increased and net unilateral transfers shifted from inflows to outflows, as cash contributions from coalition partners in Operation Desert Storm decreased and grants forgiving outstanding debt were provided to several countries, including Poland. BILLIONS OF DOLLARS BILLIONS OF DOLLARS* 15 15 -25 -40 -45 1982 1990 1991 * SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits ( + ), debits { —)] Merchandise * 2 Exports Imports Net balance Net military transactions 3 « 237,085 211,198 201,820 219,900 215,935 223,367 250,266 320,337 361,451 389,550 87,207 91,609 90,142 92,493 95,244 97,088 96,638 100,580 100,900 104,245 104,532 -265,063 — 247,642 -268,900 -332,422 -338,083 -368,425 -409,766 -447,323 -477,368 -497,665 -116,625 -120,309 -119,330 -121,104 -122,781 -121,178 — 125,398 — 128,308 -119,294 -119,636 -125,018 27 978 -36,444 -67,080 -112,522 -122,148 -145,058 -159,500 -126,986 115 917 -108,115 29 418 -28,700 -29,188 -28,611 -27,537 -24,090 -28,760 -27,728 -18,394 -15,391 — 20,486 -844 112 -163 -2,147 -4,096 -4,907 -3,662 -5,743 -6,204 -7,220 -1,715 -1,634 — 1,161 -1,693 -1,737 -1,558 -1,683 -2,243 -2,329 -1,484 -1,168 Period 1981 . 1982 1983 1984 1985 1986 1987 1988 1989 1990 . 1989- I n m IV 1990- I ... TJ ni IV 1991: I n 1 Excludes military. Adjusted from Census data for differences in timing and coverage. Quarterly data are not seasonally adjusted. * Includes transfers of goods and services under U.S. military grant programs. 2 3 36 Investment incomes Services Net travel and transportation receipts 144 992 -4,227 -9,153 10 788 -8,939 -8,006 -3,844 2,621 4,140 261 443 652 1,265 941 834 479 1,885 2,056 2,521 2,607 Payments on foreign assets in U.S. 3 Balance on goods, services, and income Unilateral transfers, net 4 Balance on current account Other services, net 5 Receipts on U.S. assets abroad 12,552 12,981 13,859 14,042 14,008 18,551 18,012 19,925 25,998 29,456 5,940 6,374 6,772 6,911 6,695 7,322 7,607 7,832 7,345 7,909 8,023 6,892 15,223 -8,331 -53,626 31,349 84,975 -5,868 3,907 9 775 -57,097 28,250 85,346 40 143 -9^956 -30,188 81,972 -54,549 27,423 12 621 -99,006 69 542 23,394 -86,385 92,935 129 332 -15,473 66 115 18,186 82,282 16 009 -145,393 80,982 70 013 10,969 -129^384 160 201 7,629 - 145,527 -14,674 -82,908 90,536 5,353 — 111,294 -14,943 -126,236 105 317 110,669 106 305 -90,814 -15,491 2,688 125 963 128,651 92 123 69 794 -22,329 130,091 -118,146 11,945 3 547 -27,579 900 -24,032 -30,074 30,974 -27,808 -33,484 -1,184 32,300 -24,701 -3,107 -26,220 -31,718 499 -22,426 -3,794 32,217 -24,700 -5,044 2,472 -30,687 -19,656 33,159 -22,667 28 957 3,002 18 635 -4,032 31,959 -22,178 7 -17,485 -4,693 -31,307 31,314 -23,881 -19,555 -4,326 2,802 -29,210 32,012 -23,402 -9,280 -14,122 -28,672 6,133 34,805 16,939 10,501 -6,438 4,883 -27,846 32,729 3,028 7,129 — 4,101 -25,942 2,345 28,287 -1,937 -8,522 2,502 - 10,459 -26,303 28,805 Net 5 Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the United States are excluded from investment income and included in other services, net. See p. 37 for continuation of table. U.S. INTERNATIONAL TRANSACTIONS—Continued In the capital accounts, claims on foreigners reported by U.S. banks increased $0.2 billion in the third quarter of 1991, in contrast to a decrease of $1.2 billion in the second quarter. Liabilities to private foreigners reported by U.S. banks, excluding Treasury securities, increased $8.8 billion in the third quarter, compared to a decrease of $28.7 billion in the second quarter. BILLIONS OF DOLLARS* BILLIONS OF DOLLARS* CHANGE IN FOREIGN ASSETS IN THE U.S., NET 20 -20 -20 -40 -40 -60 1991 "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/capital outflow ( — )] Period Total 1981 1982 1983 1984 1985 -110,951 -124,490 -56,100 -31,070 -27,721 -92,030 -62,937 — 86,057 -128,610 -57,706 -5,175 -4,965 -1,196 -3,131 -3,858 312 9,149 -3,912 -25,293 -2,158 I II Ill IV -37,576 -4,270 -45,743 -41,021 -4,000 -12,095 -5,996 -3,202 I II Ill IV 37,147 -33,462 -26,689 -34,703 I II Ill "... -923 -14,982 — 11,971 1986 1987 1988 1989 1990 1989: 1990: 1991: U.S. official reserve assets 3 s 6 Other U.S. Government assets Foreign assets in the U.S., net [increase/capital inflow ( + )]3 U.S. private assets Total 100 679 5 097 -6,131 -113,394 -49,898 -5,006 -22,451 -5,489 -21,043 -2,821 2 022 -90,321 -73,091 1^006 -85,111 2,966 1,320 - 104,637 -58,524 2,976 83,032 93,746 84,869 102,621 130,012 221,599 229,828 221,534 216,549 86,303 928 -292 564 119 -34,504 8,117 -40,311 -37,938 69,557 2,498 74,255 70,238 7,766 -5,038 13,053 -3,177 371 1,739 -1,091 -669 -800 -314 4,759 40,993 -33,033 — 28,114 -38,370 -33,082 31,257 49,096 39,033 -353 1,014 3,877 1,422 -493 2,715 -1,992 -15,503 -18,564 4,960 3,593 5,845 3,140 1 083 35,588 45,343 39,657 8,624 32,425 Other foreign assets 78,072 90,154 79,023 99,481 131,096 186,011 184,485 181,877 207,925 53,879 1,093 Total (sum of the items with sign reversed) Of which: Seasonal adjustment discrepancy 7 158 -4,402 29,580 -2,292 -4,517 -7,022 5,805 13,341 20,301 -26,059 25,452 35,754 18,732 18,601 24,383 1,475 19,072 -729 6,631 3,503 22,816 -3,105 4,309 -7,361 6,608 18,507 -8,849 8,451 -386 U.S. official reserve assets, net 6 (unadjusted, end of period) 30,074 33,958 33,747 34,934 43,186 48,511 45,798 47,802 74,609 83,316 19,934 36,612 11,374 27,456 20,041 15,824 -6,690 -9,240 18,366 63,526 61,791 7,536 61,202 77,396 Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve position in the IMF. Foreign official assets Statistical discrepancy Allocations of special drawing rights (SDKs) 4,066 -780 -6,379 3,096 4,367 105 -6,473 2,007 3,995 166 -6,059 49,854 60,502 68,418 74,609 76,303 77,298 80,024 83,316 78,002 74,940 74,731 Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the 37 Contents TOTAL OUTPUT, INCOME, AND SPENDING Page Gross Domestic Product Gross Domestic Product in 1987 Dollars Implicit Price Deflators for Gross Domestic Product Changes in GDP, Personal Consumption Expenditures, and Related Implicit Price Deflators and Price Indexes Nonfinancial Corporate Business—Output, Costs, and Profits National Income Personal Consumption Expenditures in 1987 Dollars Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment in 1987 Dollars Expenditures for New Plant and Equipment 1 2 2 3 3 4 4 5 6 7 8 9 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force Selected Unemployment Rates Selected Measures of Unemployment and Unemployment Insurance Programs Nonagricultural Employment Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries Employment Cost Index—Private Industry Productivity and Related Data, Business Sector 11 12 13 14 15 15 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial Production—Major Market Groups and Selected Manufactures New Construction New Private Housing and Vacancy Rates Business Sales and Inventories—Manufacturing and Trade Manufacturers' Shipments, Inventories, and Orders 17 18 19 19 20 21 ID'OT^IT'CS rKit^JLo 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 9 T°ft°fs"P K l^f T1^ CSlP'^ff "OT^P^^ ^.^T H °OTL!'"sr35TaCi JMLCJJNJtiZ, ^'Oir LrKJEiUJL 1, J4JMD S J L O U K l l Y M,AKK,tiS Money Stock, Liquid Assets, and Debt Measures Components of Money Stock and Liquid Assets Aggregate Reserves and Monetary Base Bank Loans and Securities Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business Consumer Installment Credit Interest Rates and Bond Yields Common Stock Prices and Yields tUf'OI^TI?''^' 26 27 27 28 29 29 30 31 Federal Receipts, Outlays, and Debt Federal Receipts by Source and Outlays by Function Federal Sector, National Income Accounts Basis 32 33 34 Industrial Production and Consumer Prices—Major Industrial Countries U.S. Merchandise Exports and Imports U.S. International Transactions 35 35 36 General Notes Detail In these tables nrsay not add to totals because of rounding. Unless otherwise noted, all dollar figures are in current dollars. Symbols used: p Preliminary. r Revised. c Corrected. ... Not available (also, not applicable). NSA not seasonally adjusted. U.S, GOVERNMENT PRINTING OFFICE : 1992 0—52-203