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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