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103d Congress, 1st Session

Economic Indicators
JANUARY 1993
(Includes data available as of February 2, 1993)

Prepared for the Joint Economic Committee by the




Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1993

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
DAVID R. OBEY, Wisconsin, Chairman
PAUL S. SARBANES, Maryland, Vice Chairman
HOUSE OF REPRESENTATIVES
LEE H. HAMILTON (Indiana)
FORTNEY H. (PETE) STARK (California)
KWEISI MFUME (Maryland)
RON WYDEN (Oregon)
MICHAEL A. ANDREWS (Texas)

SENATE
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
RICHARD H. BRYAN (Nevada)
CHARLES S. ROBB (Virginia)
BYRON L. DORGAN (North Dakota)
WILLIAM V. ROTH, JR. (Delaware)
CONNIE MACK (Florida)
LARRY E. CRAIG (Idaho)
ROBERT F. BENNETT (Utah)

STEVEN QUICK, Executive Director

COUNCIL OF ECONOMIC ADVISERS
LAURA D. TYSON, Chair-Designate
ALAN S. BLINDER, Chief Economist
[PUBLIC LAW 120—81sT 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 $2.75 a single copy
($3.44 foreign), or by subscription at $30.00 per year ($37.50 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402

11



TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the fourth quarter.of 1992, according to advance estimates, current-dollar gross domestic product (GDP) rose
5.7 percent (annual rate) or $83.4 billion. Real GDP (GDP in 1987 dollars) rose 3.8 percent and the implicit price
deflator rose 1.7 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
6,400

BILUON S OF DOLLARS (RATIO SCALE)
6,400
SEASONALLY ADJUSTED ANNUAL RATES

6,000

6,000

^
5,600

5,600

^
5,200

5,200

f

f

^

GDP
IN 1987 DC

4,800

^ _ „t "•"

• —
-X"

4,800

^ -•

\
4,400

4,400

^--"
4,000

"A

__x
3,600

'K\

fl
4,000

GDP
IN CURRENT DCDLLARS

^

X

/-"•
3,600

/

3,200

3,200

2,800

1

1

t

1982

1

1 1

I

1983

I I
1984

I

I I
1985

i

i i
1986

i

1 1 1

i I
1987

1988

\

I I
1989

1

i i
1990

I

I I
1991

I

i i
1992

2,800

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Billions of current dollars; quarterly data at seasonally adjusted annual rates]

Period

1983
1984
1985
1986
1987
1988
1989
1990
1991
1992 *
1982: IV
1983: IV
1984: IV
1985: IV
1986: IV
1987: IV
1988: IV
1989: IV
1990: IV
1991- I
II
Ill
IV
1992- I
II
Ill
IV
1

Gross
domestic
product

3,405.0
3,777.2
4,038.7
4,268.6
4,539.9
4,900.4
5,250.8
5,522.2
5,677.5
5,945.7
3,195.1
3,547.3
3,869.1
4,140.5
4,336.6
4,683,0
5,044.6
5,344.8
5,561.3
5,585.8
5,657.6
5,713.1
5,753.3
5,840.2
5,902.2
5,978.5
6,061.9

Personal
consumption
expenditures

Gross
private
domestic
investment

2,257.5
2,460.3
2,667.4
2,850.6
3,052.2
3,296.1
3,523.1
3,748.4
3,887.7
4,093.9
2,128.7
2,346.8
2,526.4
2,739.8
2,923.1
3,124.6
3,398.2
3,599.1
3,818.2
3,821.7
3,871.9
3,914.2
3,942.9
4,022.8
4,057.1
4,108.7
4,187.1

546.7
718.9
714.5
717.6
749.3
793.6
832.3
799.5
721.1
769.7
464.2
614.8
722.8
737.0
697.1
800.2
814.8
825.2
739.0
705.4
710.2
732.8
736.1
722.4
773.2
781.6
801.5

Federal
Net
exports

-51.4
-102.7
-115.6
-132.5
-143.1
-108.0
79 7
-68.9
-21.8
-32.7
-29.5
-71.8
-107.1
-135.5
-133.2
-143.2
- 106.0
-73.9
-67.2
-28.7
-15.3
-27.1
-16.0
81
-37.1
-36.0
-49.7

Exports

Imports

276.7
302.4
302.1
319.2
364.0
444.2
508.0
557.0
598.2
634.3
265.6
286.2
308.7
304.7
333.9
392.4
467.0
523.8
579.7
573.2
594.3
602.3
622.9
628.1
625.4
639.0
644.8

328.1
405.1
417.6
451.7
507.1
552.2
587.7
625.9
620.0
667.0
295.1
358.0
415.7
440.2
467.1
535.6
573.1
597.7
646.9
602.0
609.6
629.5
638.9
636.2
662.5
675.0
694.5

GDP less exports of goods and services plus imports of goods and services.




Government purchases

Exports and imports of goods
and services
Total

Total
652.3
700.8
772.3
833.0
881.5
918.7
975.2
1,043.2
1,090.5
1,114.8
631.6
657.6
727.0
799.2
849.7
901.4
937.6
994.5
1,071.3
1,087.5
1,090.8
1,093.3
1,090.3
1,103.1
1,109.1
1,124.2
1,123.0

292.0
310.9
344.3
367.8
384.9
387.0
401.6
426.4
447.3
449.1
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
438.3
451.3
449.9
447.2
440.8
445.0
444.8
455.2
451.5

National
defense
214.4
233.1
258.6
276.7
292.1
295.6
299.9
314.0
323.8
315.5
205.5
222.8
242.9
268.6
278.6
295.8
296.8
302.5
323.2
332.4
325.9
321.9
314.7
313.6
311.7
319.6
317.1

Nondefense
77.5
77.8
85.7
91.1
92.9
91.4
101.7
112.4
123.6
133.7
75.9
66.9
81.9
88.3
94.5
96.7
95.2
102.6
115.0
118.8
124.0
125.3
126.1
131.4
133.1
135.7
134.5

State
and
local
360.3
389.9
428.1
465.3
496.6
531.7
573.6
616.8
643.2
665.7
350.3
367.9
402.2
442.4
476.6
509.0
545.7
589.3
633.0
636.3
640.8
646.0
649.5
658.0
664.3
669.0
671.4

Final
sales of
domestic
product

Gross
domestic
purchases 1

3,410.6
3,706.1
4,014.1
4,260.0
4,513.7
4,884.2
5,217.5
5,515.9
5,687.7
5,942.3
3,241.4
3,527.1
3,818.1
4,107.9
4,355.4
4,623.7
5,027.3
5,314.6
5,592.3
5,614.4
5,679.4
5,712.9
5,744.2
5,855.9
5,894.1
5,963.5
6,055.5

3,456.5
3,879.9
4,154.3
4,401.2
4,683.0
5,008.4
5,330.5
5,591.1
5,699.3
5,978.4
3,224.6
3,619.1
3,976.2
4,276.0
4,469.8
4,826.2
5,150.7
5,418.7
5,628.5
5,614.6
5,672.9
5,740.3
5,769.3
5,848.3
5,939.4
6,014.5
6,111.5

Source: Department of Commerce, Bureau of Economic Analysis.

Addendum:
Gross
national
product
3,434.4
3,801.5
4,053.6
4,277.7
4,544.5
4,908.2
5,266.8
5,542.9
5,694.9
3,222.6
3,578.4
3,890.2
4,156.2
4,340.5
4,690.5
5,054.3
5,365.0
5,592.7
5,614.9
5,674.3
5,726.4
5,764.1
5,859.8
5,909.3
5,992.0

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
eonsumption
expenditures

Government purchases

Exports and imports of
goods and services

Federal
Nonresidentiai
fixed
investment

Residential
fixed
investment

Change
in
business
inventories

4.4
67.9
22.1
8.5
26.3
19.9
29.8
6.2
-9.3
4.4

Net
exports

Exports

Imports

Total
Total

National
defense

State
and
local

Nondefense

Final
sales of
domestic
product

Gross
domestic
purchases '

Addendum:
Gross
national
product

1985 ....
1986
1987
1988
1989 ...
1990
1991 ....
1992'

3,906.6
4,148.5
4,279.8
4,404.5
4,539.9
4,718.6
4,838.0
4,877.5
4,821.0
4,919.9

2,619.4
2,746.1
2,865.8
2,969.1
3,052.2
3,162.4
3,223.3
3,260.4
3,240.8
3,312.4

420.8
490.2
521.8
500.3
497.8
530.8
540.0
538.1
500.2
515.0

174.2
199.3
202.0
226.2
225.2
222.7
214.2
194.8
170.2
193.0

-56.1
-122.0
-145.3
-155.1
— 143.1
-104.0
-73.7
-51.8
-21.8
-43.2

285.9
305.7
309.2
329.6
364.0
421.6
471.8
510.0
539.4
571.5

342.1
427.7
454.6
484.7
507.1
525.7
545.4
561.8
561.2
614.6

743.8
766.9
813.4
855.4
881.5
886.8
904.4
929.9
941.0
938.3

320.8
331.0
355.2
373.0
384.9
377.3
376.1
383.6
388.3
375.9

234.2
245.8
265.6
280.6
292.1
287.0
281.4
283.3
282.8
265.2

86.6
85.1
89.5
92.4
92.9
90.2
94.8
100.3
105.5
110.8

423.0
436.0
458.2
482.4
496.6
509.6
528.3
546.3
552.7
562.3

3,902.2
4,080.6
4,257.6
4,395.9
4,513.7
4,698.6
4,808.3
4,871.3
4,830.3
4,915.5

3,962.8
4,270.5
4,425.1
4,559.6
4,683.0
4,822.6
4,911.7
4,929.3
4,842.8
4,863.1

3,939.6
4,174.5
4,295.0
4,413.5
4,544.5
4,726.3
4,852.7
4,895.9
4,836.4

19821983:
19841985:
1986:
1987:
19881989:

3,759.6
4,012.1
4,194.2
4,333.5
4,427.1
4,625.5
4,779.7
4,856.7

2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0

417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7

131.2 -44.9 -19.0
190.6
29.3 -83.7
131 4
198.8
47.9
207.4
30.2 - 155.4
230.5 -20.1 - 156.0
223.3
59.9 -136.0
225.3
20.9 -102.7
-67.4
208.0
24.9

280.4
291.5
312.8
312.0
342.9
386.1
438.2
487.7

299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.0

735.9
748.1
784.3
830.5
864.8
893.0
894.5
912.6

316.0
322.2
341.7
363.7
377.5
391.6
378.4
376.1

229.4
242.9
254.3
272.1
282.2
295.0
285.7
281.5

86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.7

419.9
425.9
442.6
466.7
487.3
501.4
516.1
536.5

3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565.6
4,758.7
4,831.8

3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,924.1

3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,875.1

1990- I
II .
Ill
IV

4,890.8
4,902.7
4,882.6
4,833.8

3,259.5
3,260.1
3,273.9
3,248.0

544.8
535.6
542.9
529.3

210.7
7.5
201.8
32.8
189.1
11.2
177.5 -26.8

-58.4
-56.9
-59.3
32 7

500.2
508.7
508.4
522.6

558.6
565.6
567.7
555.3

926.8
929.4
924.8
938.5

383.4
385.4
378.3
387.3

284.9
285.1
277.3
285.8

98.5
100.3
101.0
101.5

543.4
544.0
546.5
551.2

4,883.3
4,870.0
4,871.4
4,860.6

4,949.2
4,959.7
4,941.9
4,866.5

4,907.8
4,915.5
4,898.9
4,861.4

1991- I
II
III
IV

4,796.7
4,817.1
4,831.8
4,838.5

3,223.5
3,239.3
3,251.2
3,249.0

507.0
503.0
498.7
492.1

164.1
25 1
166.9 -20.4
172.6
.6
177.3
7.5

-17.9
-17.4
31 6
-20.5

515.9
536.1
544.2
561.4

533.8
553.5
575.8
581.8

945.1
945.6
940.2
933.1

394.1
393.8
387.2
378.2

291.8
287.6
280.6
271.0

102.2
106.2
106.6
107.2

551.0
551.8
553.0
554.9

4,821.8
4,837.4
4,831.2
4,830.9

4,814.6
4,834.4
4,863.4
4,858.9

4,822.0
4,831.8
4,843.7
4,848.2

1992- I
II

4,873.7
4,892.4
4,933.7
4,979.8

3,289.3
3,288.5
3,318.4
3,353.6

495.8
514.7
518.7
530.8

185.6 -12.6
191.2
7.8
191.3
15.0
203.9
7.2

21 5
-43.9
-52.7
54 g

565.4
563.4
575.9
581.2

586.8
607.3
628.6
635.8

937.0
934.2
943.0
938.9

375.3
372.7
379.5
376.3

265.6
262.1
267.4
265.6

109.7
110.6
112.1
110.7

561.8
561.5
563.5
562.6

4,886.3
4,884.6
4,918.7
4,972.6

4,895.2
4,936.3
4,986.4
5,034.4

4,890.7
4,899.1
4,945.6

1983
1984

IV
IV
IV
IV
IV
IV
IV
IV

m

IV"
1

GDP less exports of goods and services plus imports of goods and services.

Source: Department of Commerce, Bureau of Economic Analysis.

IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[1987 = 100; quarterly data are seasonally adjusted]

Period

Gross
domestic
product

1983
1984 .
1985
1986
1987
1988
1989
1990
1991 .
1992"

Personal consumption
expenditures

Gross private
domestic investment

Durable
goods

Nonresidential
fixed

Government purchases

Exports and imports of
goods and services

Federal
Total

Nondurable goods

Services

Residential fixed

Exports

Imports

Total

National
defense

Nondefense

State
and local

87.2
91.0
94.4
96.9
100.0
103.9
108.5
113.2
117.8
120.9

86.2
89.6
93.1
96.0
100.0
104.2
109.3
115.0
120.0
123.6

92.4
93.9
95.4
96.9
100.0
102.0
104.2
105.7
107.6
109.4

90.8
93.4
95.9
96 1
100.0
103.7
109.3
115.9
120.1
122.4

81.9
86.2
90.8
95.7
100.0
105.1
110.6
116.7
122.8
127.7

95.1
95.7
96.6
98.4
100.0
102.8
105.2
107.3
108.2
106.4

87.3
89.7
92.0
95.8
100.0
104.2
107.8
110.7
111.8
113.1

96.8
98.9
97.7
96.9
100.0
105.3
107.7
109.2
110.9
111.0

95.9
94.7
91.9
93.2
100.0
105.1
107.8
111.4
110.5
108.5

91.0
93.9
96.9
98.6
100.0
102.6
106.8
111.2
115.2
119.5

91.6
94.8
-97.3
98.6
100.0
103.0
106.6
110.8
114.5
119.0

89.5
91.3
95.7
98.6
100.0
101.4
107.3
112.0
117.1
120.7

85.2
89.4
93.4
96.4
100.0
104.3
108.6
112.9
116.4
118.4

85.0
88.4
92.3
95.5
98.0
101.2
105.5
110.1
115.0

83.8
87.6
90.7
94.6
97.0
101.6
106.1
111.0
117.6

90.6
93.3
94.4
95.9
97.8
101.0
103.1
104.9
106.1

89.4
91.8
94.2
97.0
96.3
101.5
105.6
110.8
119.3

79.0
83.7
87.7
92.9
97.3
101.9
107.1
112.7
119.3

95.3
95.0
96.4
97.3
99.2
100.7
104.0
106.0
108.2

86.0
88.0
90.7
93.1
97.3
101.5
105.3
108.8
111.0

94.7
98.2
98.7
97.7
97.4
101.6
106.6
107.4
110.9

98.5
95.4
93.6
94.2
93.6
102.6
106.0
107.7
116.5

89.0
89.9
95.0
98.1
98.8
100.2
103.6
107.7
113.2

89.6
91.7
95.5
98.7
98.7
100.3
103.9
107.5
113.1

87.7
84.3
93.7
96.4
99.2
100.1
102.6
108.4
113.3

83.4
86.4
90.9
94.8
97.8
101.5
105.7
109.9
114.8

1991: I
II
III
IV

116.5
117.5
118.2
118.9

118.6
119.5
120.4
121.4

106.7
107.3
108.0
108.3

119.4
119.9
120.2
120.8

120.8
122.1
123.4
124.7

108.7
108.5
108.0
107.4

111.3
111.6
112.5
111.8

111.1
110.9
110.7
111.0

112.8
110.1
109.3
109.8

114.5
114.3
115.5
116.6

113.9
113.3
114.7
116.2

116.2
116.8
117.6
117.6

115.5
116.1
116.8
117.1

1992: I
II
III
IV P.

119.8
120.6
121.2
121.7

122.3
123.4
123.8
124.9

108.6
109.4
109.7
109.7

121.4
122.2
122.9
123.3

126.1
127.4
127.7
129.5

107.1
106.9
106.0
105.7

111.7
112.3
113.4
114.7

111.1
111.0
111.0
110.9

108.4
109.1
107.4
109.2

118.6
119.3
120.0
120.0

118.1
118.9
119.5
119.4

119.8
120.3
121.0
121.5

117.1
118.3
118.7
119.3

1982:
1983:
1984:
19851986:
19871988:
1989:
1990:

IV
IV
IV
IV
IV .
IV
IV
IV
IV

Source: Department of Commerce, Bureau of Economic Analysis.




CHANGES IN GDP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED IMPLICIT PRICE DEFLATORS AND PRICE INDEXES
[Percent change from preceding year or quarter; quarterly data at seasonally adjusted annual rates]
Gross domestic product
Period

1981
1982

.

1983
1984
1985
1986
1987
1988
1989
1990
1991
1992 "

. .

Current
dollars

1989- I

n

III
IV
1990- I

n
m

IV
1991- I

n
m

1992:

IV
I

n

Ill
IV

Constant
(1987) dollars

11.9
3.9
8.1
10.9
6.9
5.7
6.4
7.9
7.2
5.2
2.8
4.7

1.8
-2.2

8.6
6.3
3.8
5.1
7.7
5.8
2.7
.1
1.8
5.2
4.0
2.8
6.2
4.3
5.3
5.7

Personal consumption expenditures
Fixed-weighted
price index
(1987 weights)

Implicit price
deflator

Current
dollars

3.9
6.2
3.2
2.9
3.1
3.9
2.5
.8
12
2.1

10.0
6.2
4.1
4.4
3.7
2.6
3.2
3.9
4.4
4.3
4.1
2.6

3.9
3.4
3.5
2.8
3.1
3.9
4.4
4.5
4.0
3.0

6.9
9.6
9.0
8.4
6.9
7.1
8.0
6.9
6.4
3.7
5.3

3.2
1.8
0
1.5
2.8
1.0
-1.6
-3.9
-3.0
1.7
1.2
.6
2.9
1.5
3.4
3.8

5.4
4.6
3.8
3.7
4.4
4.8
4.7
3.9
5.3
3.5
2.4
2.4
3.1
2.7
2.0
1.7

5.0
4,7
3.7
3.6
5.4
4.6
4.7
4.1
4.7
3.5
3.0
2.4
3.6
2.9
2.1
3.2

5.1
7.0
6.3
5.3
8.4
4.8
8.0
3.2
.4
5.4
4.4
3.0
8.4
3.5
5.2
7.9

Fixed-weighted
price index
(1987 weights)

Constant
(1987) dollars

Implicit price
deflator

1.2
1.1

9.0
5.7
4.9
3.9
3.9
3.1
4.2
4.2
4.9
5.2
4.3
3.0

8.6
5.4
4.3
3,7
3.8
3.0
4.1
4.3
4.9
5.3
4.4
3.3

5.0
5.7
3.3
4.4
6.3
4.7
6.1
6,7
3.4
3.1
3.0
3.4
3.0
3.6
1.3
3.6

5.2
5.9
3.5
4.3
6.4
4.4
6.4
6.8
3.4
3.3
3.0
3.1
3.5
3.5
2.6
3.1

10.2

4.6
4.8
4.4
3.6
2.8
3.6
1.9
1.2
6
2.2
.1
1.1
2.9
.8
2.2
.1
1.7
-3.1
-3.0
2.0
1.5
3
5.1
.1
3.7
4.3

Source: Department of Commerce, Bureau of Economic Analysis.

NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) 1

Gross domestic product
of nonfinancial
corporate business
(billions of dollars)
Period

Total
cost and
profit 2

Consumption of
fixed
capital

Indirect
business
taxes 3

Compensation of
employees

Net

Corporate profits with inventory
valuation and capital consumption
adjustments

interest

Profits
tax
liability

Profits
after
tax 4

Output
per hour
of all
employees
(1987
dollars)

Compensation per
hour of
all
employees
(dollars)

Current
dollars

1987
dollars

1983
1984
1985
1986
1987
1988
1989
1990
1991

1,936.1
2,166.5
2,293.6
2,386.3
2,547.3
2,764.8
2,913.5
3,036.5
3,073.8

2,112.3
2,284.1
2,364.3
2,439.3
2,547.3
2,684.8
2,718.9
2,740.0
2,698.0

0.917
.949
.970
.978
1.000
1.030
1.072
1.108
1.139

0.115
.109
.109
.111
.110
.111
.117
.120
.126

0.088
.091
.093
.095
.095
.096
.101
.106
.115

0.602

0.036

0.076

.617
.636
.648
.658
.676
.706
.737
.759

.038
.038
.040
.042
.045
.054
.054
.053

.094
.094
.084
.096
.102
.094
.091
.085

0.028
.032
.030
.031
.037
.038
.037
.034
.030

0.048
.062
.064
.053
.059
.064
.057
.057
.055

21.586
21.896
22.125
22.690
23.071
23.494
23.088
23.300
23.720

12.995
13.509
14.067
14.711
15.170
15.781
16.306
17.169
18.011

1982:
19831984:
19851986:
198719881989:
1990-

1,806.3
2,037.2
2,228.2
2,338.8
2,422.8
2,627.6
2,843.2
2,951.5
2,999.6
3,053.1
3,048.2
3,045.0
3,037.1
3,062.7
3,084.4
3,111.1
3,138.1
3,178.8
3,211.6

1,999.6
2,204.2
2,328.4
2,396.9
2,463.3
2,604.0
2,719.0
2,722.7
2,742.0
2,763.3
2,737.3
2,717.4
2,683.5
2,687.4
2,699.1
2,722.0
2,737.6
2,760.8
2,787.6

.903
.924
.957
.976
.984
1.009
1.046
1.084
1.094
1.105
1.114
1.121
1.132
1.140
1.143
1.143
1.146
1.151
1.152

.119
.119
.111
.110
.112
.110
.112
.120
.118
.118
.121
.123
.126
.127
.127
.126
.125
.126
.130

.086
.088
.091
.093
.095
.094
.097
.102
.104
.104
.107
.109
.113
.114
.117
.117
.118
.117
.118

.607
.602
.623
.643
.654
.664
.687
.718
.724
.730
.744
.750
.754
.760
.763
.761
.760
.759
.757

.040
.036
.041
.038
.042
.042
.047
.055
.054
.054
.054
.055
.054
.053
.053
.052
.050
.049
.047

.051
.079
.091
.092
.081
.099
.102
.088
.093
.098
.088
.083
.084
.086
.084
.086
.093
.100
.100

.020
.029
.027
.030
.035
.038
.040
.033
.033
.034
.036
.033
.029
.030
.031
.030
.033
.037
.035

.030
.050
.064
.063
.045
.060
.063
.055
.060
.065
.052
.050
.055
.056
.053
.056
.060
.064
.065

21.094
21.895
22.032
22.315
22.838
23.286
23.446
23.054
23.122
23.375
23.293
23.437
23.522
23.646
23.769
24.014
24.152
24.301
24.610

12.805
13.187
13.718
14.339
14.940
15.471
16.018
16.550
16.741
17.067
17.322
17.572
17.724
17.967
18.129
18,278
18.359
18.452
18.599

IV
IV
IV
IV
IV
IV
IV
IV
I
II
Ill
IV
1991: I
II
III
IV
1992- I
II
Ill ....
1
2

.

.

Output is measured by GDP of nonfinancial corporate business in 1987 dollars.
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments less subsidies.




Total

4
With inventor)' valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).

NATIONAL INCOME
[Billions of dollars; quarterly data at'seasonally adjusted annual rates]

National
income

Period

Compensation of
employees1

Proprietors' income
with inventory
valuation and capital
consumption
adjustments

Farm

1983 .
1984
1985
1986
1987
1988
1989
1990
1991
1992"
1982: IV
1983- IV
1984: IV
1985- IV
1986: IV
1987: IV
1988: IV
1989: IV
1990: IV
1991: I .

2,720.8
3,058.3
3,268.4
3,437.9
3,692.3
4,002.6
4,249.5
4,468.3
4,544.2
2,551.5
2,834.3
3,134.4
3,341.9
3,486.0
3,828.8
4,127.6
4,305.2
4,517.9
4,493.0
4,529.2
4,555.4
4,599.1
4,679.4
4,716.5
4,719.6

n
m

IV
1992: I

n
in

IV"
1

2,029.4
2,226.9
2,382.8
2,523.8
2,698.7
2,921.3
3,100.2
3,291.2
3,390.8
3,524.2
1,940.4
2,101.2
2,288.1
2,442.5
2,582.5
2,785.1
3,004.9
3,162.8
3,339.6
3,343.0
3,379.6
3,407.0
3,433.8
3,476.3
3,506.3
3,534.3
3,579.9

Rental
income of
persons
with
capital
consumption
adjustment

Nonfarm

22.1
23.3
18.7
8.7
3.2
4.3
-13.5
12 3
— 10.4
4.7
24.1
22.2
24.3
14.0
4.7
6.8
2.8
-21.6
-9.6
-12.4
12 3
-10.3
66
-4.5
3.3
6.4
13.5

184.3
214.7
238.4
261.5
279.0
293.4
307.0
325.2
332.2
364.6
169.6
193.8
217.7
250.9
260.9
282.6
302.5
311.4
329.7
322.2
329.1
337.6
340.0
353.6
359.9
365.9
379.1

2.4
21.3
21.5
22.3
31.3
30.9
40.2
41.7
35.8
39.6
10.2
6.3
21.9
17.8
23.6
42.4
30.9
38.4
42.8
34.3
41.3
29.5
37.9
40.1
38.5
31.5
48.1

Includes employer contributions for social insurance. (See also p. 5.)

Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Profits
before tax

Total

212.7
264.2
280.8
271.6
319.8
365.0
362.8
361.7
346.3

202.2
236.4
225.3
227.6
273.4
320.3
325.4
341.2
337.8

210.7
240.5
225.0
217.8
287.9
347.5
342.9
355.4
334.7

150.3
229.1
261.3
284.9
264.6
343.3
378.3
354.5
344.0
349.6
347.3
341.2
347.1
384.0
388.4
374.1

160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
333.5
344.2
342.2
331.9
333.1
360.7
361.4
344.4

168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
354.7
337.6
332.3
336.7
332.3
366.1
376.8
354.1

Inventory
valuation
adjustment

Capital
consumption
adjustment

85
-4.1
.2
9.7
14.5
— 27.3
17.5
— 14.2
3.1
83
-8.6
-7.6
3.5
38
-10.7
17 8
-31.7
135
-21.2
6.7
9.9
4.8
.7
54
-15.5
97
-2.7

10,4
27.8
55.5
44.1
46.4
44.7
37.4
20.5
8.4
29.3
-9.6
12.9
37.7
56.9
39.6
49.9
37.9
33.9
10.5
5.3
5.1
9.3
14.1
23.3
27.0
29.7
37.3

Net
interest

270.0
307.9
326.2
350.2
360.4
387.7
452.7
460.7
449.5
256.8
281.8
321.1
331.9
349.7
368.6
408.1
459.8
471.4
456.2
444.4
450.5
446.9
430.0
420.0
407.3

Source: Department of Commerce, Bureau of Economic Analysis.

PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS
[Billions of 1987 dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Durable goods

Period

1983

1984
1985
1986
1987
1988
1989
1990
1991
1992 "
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:

2,619.4
2,746.1

IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II

Ill
IV
1992: I
II
Ill
IV....
1

Total
personal
consumption
expenditures

2,865.8
2,969.1
3,052.2
3,162.4
3,223.3
3,260.4
3,240.8
3,312.4
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,248.0
3,223.5
3,239.3
3,251.2
3,249.0
3,289.3
3,288.5
3,318.4
3,353.6

Total
durable
goods

297.7

338.5
370.1
402.0
403.7
428.7
440.7
439.3
414.7

438.9
272.3
319.1
347.7
369.6
415.7
404.7
439.2
436.8
426.6
412.0
411.3
419.4
416.1
432.3

430.0
439.8
453.3

Motor
vehicles
and
parts

138.1
160.3

180.2
193.3
183.5
194.8
196.4
192.2
171,0
182.6
123.7
151.6
164.3
173.9
193.6
183.6
197.7
188.3
182.0
169.6
167.2
173.3
174.0
181.5
180.2
179.0
189.6

Includes other items, not shown separately.




Furniture and
household
equipment
104.3
115.3
123.8

136.3
144.0
155.4
165.8
169.5
168.6
179.2
96.4
109.3
118.7
128.6
141.4
145.9
160.3
167.9
167.5
166.9
169.3
170.4
167.9
174.4
174.4
181.5
186.7

Other

55.3
62.9
66.1
72.4
76.2
78.5
78.5
77.6
75.0
77.1
52.3
58.1
64.8
67.1
80.7
75.2
81.2
80.5
77.1
75.5
74.8
75.7
74.2
76.5
75.4
79.3
77.0

Total
nondurable goods

900.3

934.6
958.7
991.0
1,011.1
1^035.1
1,051.6
1,056.5
1,042.4
1,053.1
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,058.9
1,051.6
1,043.0
1,046.3
1,044.8
1,035.6
1,049.6
1,045.6
1,052.0
1,065.3

Food

463.4
472.3
483.0
494.1
500.7
513.4
515.0
520.8
515.8
517.8
458.3
467.1
475.1
488.2
496.9
502.4
518.0
515.6
522.0
516.4
516.3
515.0
515.3
518.9
513.5
514.3
524.3

Clothing
and
shoes

142.4
153.1
158.8
170.3
174.5
178.9
187.8
185.9
181.3
188.1
135.7
147.7
154.7
161.7
171.9
174.5
182.8
190.9
183.2
180.8
183.2
183.7
177.5
184.1
184.4
190.8
193.0

Gasoline
and oil

75.7

77.9
79.2
82.9
84.7
86.1
87.3
86.4
85.2
85.6
73.4
76.9
79.0
79.5
84.6
85.4
87.5
88.6
85.0
83.9
86.0
86.0
84.7
85.7
85.8
86.0
84.8

Retail sales of newpassenger cars
(millions of units)

Services

Nondurable goods

Fuel
oil and
coal

11.1
11.2
11.5
12.1

12.0
12.0
11.4
10.1
9.7
10.8
10.5
11.4
11.1
11.4
12.4
11.9
12.0
12.0
8.8
9.4
9.8
10.0
9.4
10.2
12.0
10.9
10.1

Other

207.8

220.0
226.2
231.7
239.1
244.7
250.2
253.4
250.5
250.9
202.8
212.2
222.9
228.0
235.2
240.4
246.4
251.8
252.7
252.5
251.0
250.0
248.6
250.7
249.8
250.1
253.0

Total
services 1

Housing

1,421 .4
1,473.0

415.5
426.8

1^537.0
1,576.1
1,637.4
l'698.5
1,731.0
' 1,764.6
1^783.7
1,820.5
1,386.2
1,443.9
1,494.2
1,557.1
1,595.8
1,655.5
1,716.9
1,746.3
1,769.8
1,768.5
1,781.8
1,787.0
1,797.4
1,807.3
1,812.9
1,826.6
1,835.1

435.9
442.1

452.5
461.8
469.2
474.7
478.2
484.3
411.0
419.7
431.3
438.1
444.8
457.0
465.6
471.3
476.1
476.5
477.9
478.8
479.8
481.2
483.3
485.8
487.1

Source: Department of Commerce, Bureau of Economic Analysis.

Medical
care

332.6

341.9
353.0
366.2
384.7
399.4
408.6
423.9
438.8
455.7
327.8
334.8
344.9
359.1
372.0
390.7
403.0
411.8
428.6
431.9
435.6
440.5
447.2
449.6
453.7
458.1
461.4

Domestics

6.8
8.0
8.2
8.2

7.1
7.5
7.1
6.9
6.1
6.3
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
6.6
6.1
6.1
6.3
6.1
6.1
6.3
6.2
6.4

Imports

2.4
2.4
2.8

3.2
3.2
3.1
2.8
2.6
2.3
2.1
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.4
2.2
2.3
2.3
2.2
2.2
2.2
2.0
2.0

SOURCES OF PERSONAL INCOME
Personal income increased $50.2 billion (annual rate) in December, following a decline of $4.3 billion in November.
The changes were affected by a number of special factors. The December change was boosted by accelerated
bonus payments to employees in the securities industry, subsidy payments to farm proprietors, bonus payments to
employees in the motor vehicle industry, and retroactive social security benefit payments. The November change
was reduced by subsidy payments to farm proprietors and by several other special factors that had boosted
October personal income: bonus payments to employees in the motor vehicle industry, restitution payments to
Japanese-Americans, and retirement incentive payments to U.S. Postal Service employees. Excluding these special
factors, personal income increased $15.0 billion in December and $25.7 billion in November.
BILLIONS OF DOHARS* (RATO SCALE)
6,000

BILLJONSOFDOUARS* (RATIO SCALE)
6,000
5,000

5,000

4,000

4,000

3,000

TOTAL PERSONAL INCOME

3,000

"V

2,000

2,000

WAGE AND SALARY DISBURSEMENTS

1,400

1,400

\
OTHER INCOME

800

800
TRANSFER PAYMENTS

i iil 11

400
1984

1985

400

1989

1988

1987

1990

1992

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; monthly data at seasonally adjusted annual rates]

Period

1983
1984

persona!
income

2 862 5

1985
1986 .. .
1987
1988
1989
1990
1991
1992"
1991: Dec
1992- Jan
Feb
Mar
May

July
" "v
Sept
Oct '.
Nov '.
Dec"
1

3 154 6
3 3798
3 5904
3 802 0
40759
43803
4664 2
4828 3
50568
49449
4 943 2
49887
50096
5 015 4
5032 7
50385
50487
50564
50809
5 141 8
5 137 5
5 187 7

Wage and
salary
disbursements 1

1 6847
1 849 8
1 9865
2 1054
2 261 2
24430
2 586 4
27428
2 8122
2 917 4
2861 2
2 852 8
28849
28950
2 890 6
29076
2905 7
2 911 2
29309
29283
29506
2964 7
29865

Proprietors ' income 3
Other labor
income 1 z

174 6
184 7
191 8
200 7
210 4
2305
251 9
271 0
2883
305 7
2964
297 8
299 2
3007
302 1
3036
3050
306 4
307 9
3093
3108
312 2
3136

The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
* Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.




Farm

Nonfarm

24
21 3

1843
214 7

21 5
22 3
31 3

2384

309

40 2
41 7
35 8
39 6
438
305
407
490

48 1
36 1
31 4
30 6
249

39 1
554
394

49 5

261 5
279 0
2934
3070
3252
332 2
364 6
3407
3490
3548
3569
358 6
3592
361 9
363 8
3638
3699
3762
3788
3823

Less:
income of
persons *

22 1

23 3
18 7
87
32
43

13 5
123
104

47
28
42
62

32
12
33
80
96
36
61
13 2
13 3
14 0

dividend
income

interest
income

77 8

397 5

788

461 9
498 1
531 7
548 1
583 2
6682
6945
7006
669 7
7026
693 1
6844
6769
6760
6752
6744
6686
663 1
657 8
6563
6555
6552

87 9
104 7
100 4
1084
1265
1403
137 0
1393
133 8
133 6
133 8
1342
135 4
1366
137 9
139 5
141 3
142 3
143 8
145 3
148 2

Pay- 5

ments

4389
4529
4859
517 8
542 2
5767
6250
6858
771 1
8663
811 7
8355
8443
848 2
854 2
8609
864 1
869 4
8728
8800
889 1
8830
8938

4

contributions
for social
insurance

119 7
1328

149.1
162 1
1736
1945
211 4
224.8
2384
2505
2425
2449
2473
2482
2483
2498
2499
2505
2520
251 9
2536
2547
2554

personal
income 6

2 8326

3 106 1
3,333 2
3 5456
3 7494
40239
43180
4,599 6
47704
49945
48793
48907
4,925 8
49382
49449

49739
49844
4 995 3
50087
50189
5,063 2
50749
5 1149

With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
5
6

Source: Department of Commerce, Bureau of Economic Analysis.

DISPOSITION OF PERSONAL INCOME
According to advance estimates, per capita disposable personal income in 1987 dollars rose in the fourth quarter
of 1992.
BILUONS OF DOLLARS' (RATIO SCALE)

BILLIONS OF DOUARS' (RATIO SCALE)

2,000
DOLLARS' (RATIOSCALE)

DOLLARS* (RATIO SCALE)

8,000

COUNCIL Of ECONOMIC ADVISERS

Period

Personal
income

Less:
Personal

tax and
nontax
payments

w

\

Disposable
personal
income

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in

1987
dollars
(billions)

Current
dollars

Billions of dollars
1983

1984
1985
1986
1987
1988
1989
1990
1991

1992 p....

2,862.5
3454.6
3,379.8
s'590.4
3,802.0
4375.9
4,380.3
4364.2
4,828.3
5356.8

368.8
395.1
436.8
459.0
512.5
527.7
593.3
621.3
618.7
627.2

2J59.5
2,943.0
3431.5
3,289.5
3348.2
3,787.0
4,042.9
4,209.6
4429.6

2,746.8
2,965.8
3,242.5
3,456.7
3,647.8
3,918.5
4,195.2
4,469.4
4,751.9
4,752.8
4,806.9
4,846.2
4,907.2
4,980.5
5,028.9
5,062.0
5,155.7

372.1
371.6
413.4
448.8
478.5
528.6
542.0
605.1
623.8
616.8
617.2
618.6
622.3
619.6
617.1
628.8
643.1

2,374.7
2,594.3
2,829.1
3,007.9
3,169.3
3,389.9
3,653.2
3,864.3
4,128.1
4,136.0
4,189.7
4,227.6
4,284.9
4,360.9
4,411.8
4,433.2
4,512.5

2,493.7

Per capita personal
consumption
expenditures

Per capita
disposable personal
income

1987
dollars

Current
dollars

1987
dollars

2,753.7
2,944.0
3,147.5
3392.5
3,634.9
3367.3
4,009.9
4,216.1

168.7

222.0
189.3
187.5
142.0
155.7
152.1
175.6
199.6
213.5

2 893.6
3,080.1
3,162.1
3,261.9
3,289.5
3,404.3
3,464.9
3,516.5
3,509.0
3,584.1

10,642
11,673
12,339
13,010
13,545
14,477
15,307
16,174
16,658
17,341

12,349
13329

Saving as
percent of
disposable
personal
income

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

Dollars
2,325.1
2337.5

Percent
change in
real per
capita
disposable
personal
income

9334

13,258
13,552
13,545
13390
14,005
14368
13,886
14332

11,184

11,179
11317
12,015

11,843
12,568
13,448
14,241
14396
15,384
16327

12336
12,568
12303
13.029
13,044
12,824
12368

12,154
12,591
13,145
13,278
13,522
13,685
13,996
14,015
13,988
13,861
13,891
13,876
13,913
14,017
14,021
13,998
14,090

9,134
9,980
10,649
11,445
12,101
12,819
13,814
14,491
15,209
15,184
15,345
15,468
15,537
15,814
15,907
16,063
16,323

10,895
11,390
11,739
12,095
12,472
12315
13,020
13,053
12,938
12,808
12,838
12,848
12,803
12,930
12,893
12,973
13,074

10^408

1.7
5.5
1.8
2.2

6.8
8.0

234,326

2.5
.8
.4
13
1.1

6.4
6.0
4.3
4.4
4.0
4.3
4.7
4.8

236,393
238,510
240,691
242,860
245393
247,397
249,961
252,711
255,435

-0.5
7.2
1.0
1.8
-1.7
5.2
3.2
1.8
-1.4
-3.6
.9
-.4
1.1
3.0
.1
_.7
2.7

7.7
6.8
7.9
6.0
4.8
5.0
4.3
3.9
4.6
4.7
4.7
4.5
5.1
4.9
5.3
4.6
4.5

233,060
235,146
237,231
239,387
241,550
243,745
246,004
248,372
251,050
251,687
252,329
253353
253,776
254,388
255,054
255,786
256,513

Seasonally adjusted annual rates

1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:

IV
IV
IV
IV
IV
IV
IV
IV
IV
I

n
m....

IV
1992: I

n
m ...
IV"..

1

2,190.9
2,417.9
2,606.5
2,828.7
3318.2
3,220.1
3,496.7
3,715.5
3,938.8
3,943.2
3,994.4
4,036.6
4,065.5
4,146.3
4,179.5
4,229.9
4,308.5

183.8
176.3
222.6
179.2
151.1
169.8
156.4
148.8
189.3
192.8
195.3
191.0
219.4
214.6
232.3
203.3
204.0

2,832.6
2,960.6
3,118.5
3,178.7
3,266.2
3,335.8
3,443.1
3,480.9
3,511.6
3,488.7
3,505.2
3,511.5
3,530.8
3,565.7
3,576.0
3,580.5
3314.3

Includes personal consumption expenditures, interest paid by persons, and personal transfer payments to rest of the world (net).




10,189
11,033
11,925
12,565
13,121
13,907
14,850
15,558
16,443
16,433
16,604
16,706
16,885
17,143
17,297
17,332
17,592

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 1992, according to preliminary estimates, gross farm income fell $4.9 billion (annual rate)
and net farm income fell $0.9 billion.
BILLIONS OF DOLLARS* (RATIO S<:ALE)

BILLIC>NS OF DOLLARS* (RATIO SCALE)

240
200
160

"-

-^
\-

/~~~ —ir

—.

"""^i

„

1

"*"

\r

120

J^l

~~^~

GROSS FAF M

«^1

240
200

«*•—•

-

160
120

INCOME

80

80

An

60

40

40

20

20

10

10

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income

Gross farm income
Period

Cash marketing receipts
Total 1
Total

1983
1984
1985
1986
1987
1988
1989
1990
1991

r
r
r

r
T

Livestock and
products

Crops

Value of
inventory
changes z

153.9
168.0
161.2
156.1
r
168.5
175.4
191.1
196.0
189.5

136.8
142.8
144.1
' 135.4
141.8
151.1
161.0
169.9
167.3

69.6
72.9
69.8
71.6
76.0
79.4
84.1
89.9
86.7

67.2
69.9
74.3
r
63.8
r
65.9
71.7
76.9
80.0
80.5

-10.9
6.0
-2.3
-2.2
23
-3.4
4.8
3.5
.4

Production
expenses

Current
dollars

1987 dollars 3

139.6
141.9
132.4
125.1
r
128.8
134.3
141.2
145.1
144.9

14.2
26.1
28.8
r
31.1
39.7
41.1
49.9
51.0
44.6

16.3
28.7
30.5
32.0
39.7
39.6
46.0
45.0
37.9

1990:

n rr
ni r

200.0
192.4
189.3
202.4

166.0
166.7
173.6
173.3

89.7
88.2
91.1
90.6

76.2
78.5
82.6
82.7

5.2
4.1
2.8
1.7

142.8
144.4
144.7
148.3

57.2
48.0
44.6
54.1

51.4
42.6
39.1
47.1

1991:

I rr

189.1
189.7
185.2
194.1

165.1
165.4
170.6
167.9

89.6
87.6
84.9
85.0

75.6
77.9
85.8
83.0

1.2
.6
.1
1

145.8
147.2
143.1
143.4

43.3
42.5
42.0
50.6

37.1
36.2
35.6
42.6

199.2
195.7
190.8

165.2
170.3
174.8

83.8
85.6
84.9

81.4
84.7
89.9

10.8
1.4
.2

145.1
146.5
142.5

54.1
49.2
48.3

45.2
40.8
39.9

I

IV

n r
m

IV "..
1992:

I rr

n
ny

1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.




3

Income in current dollars divided by the GDP implicit price deflator.

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 1992, corporate profits before tax fell $22.7 billion (annual rate) and profits after tax fell
$10.5 billion. The third quarter estimates reflect the effects of Hurricanes Andrew and Iniki.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
400
SEASONALLY ADJUSTED ANNUAL RATES

/T\

350
PROFITS BEFORE TAX

300

250

200
PROFITS AFTER TAX

\

\
TAX LIABILITY

50

UNDISTRIBUTED PROFITS"

1 1 1

-50
1982

1

1983

1

1 1
1985

1

i i i

1

1 1 1

1989

SOURCE: DEPARTMENT OF COMMERCE

COUNCil OF ECONOMIC ADVISERS.

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits after tax

Profits (before tax) with inventory valuation adjustment *
Domestic industries
Nonfinancial

Period
Total

2

Total

1983
1984
1985
1986
1987
1988
1989 .
1990
1991
1992 '
1982: IV
1983: IV
1984- IV
1985: IV
1986- IV
1987: IV
1988- IV
1989- IV
1990: IV
1991- I

n

III.
IV

1992: I

II

III
IV
1
2

202.2
236.4
225.3
227.6
273.4
320.3
325.4
341.2
337.8
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
333.5
344.2
342.2
331.9
333.1
360.7
361.4
344.4

171.9
205.2
194.5
194.6
233.9
271.2
266.0
275.5
271.3
299.7
130.8
182.6
192.9
193.5
192.5
246.3
285.9
254.8
260.2
269.4
275.9
270.0
270.2
292.0
300.4
279.3

Financial

24.5
20.3
28.7
35.8
36.4
41.8
50.6
56.7
60.9
58.3
23.0
22.1
20.3
29.0
34.7
39.4
46.1
52.5
55.1
59.7
60.7
63.6
59.7
70.1
61.3
40.3

See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.




Total 3

147.4
185.0
165.8
158.9
197.5
229.4
215.3
218.8
210.4
241.4
107.8
160.5
172.6
164.5
157.8
207.0
239.7
202.3
205.1
209.7
215.1
206.4
210.5
221.9
239.0
239.0

Manufacturing

Wholesale and
retail
trade

71.4
86.7
80.1
59.0
87.0
117.5
108.0
106.9
89.3
114.3
50.1
90.5
79.2
83.3
63.9
98.7
129.3
94.5
96.3
87.6
90.3
91.8
87.5
97.5
115.2
118.0

38.7
49.7
43.1
46.3
39.9
37.1
39.7
35.8
44.0
45.8
33.8
40.7
50.8
39.0
43.1
39.3
39.3
39.2
35.0
44.1
45.5
41.7
44.5
39.9
46.7
43.7

3

Profits
before
tax

Tax
liability

Total

210.7
240.5
225.0
217.8
287.9
347.5
342.9
355.4
334.7

77.2
94.0
96.5
106.5
127.1
137.0
141.3
136.7
124.0

133.5
146.4
128.5
111.3
160.8
210.5
201.6
218.7
210.7

168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
354.7
337.6
332.3
336.7
332.3
366.1
376.8
354.1

58.7
82.2
83.8
97.6
116.6
135.2
146.2
134.2
133.7
121.3
122.9
127.0
125.0
136.4
144.1
131.8

109.9
141.6
136.3
134.2
119.2
176.0
226.0
200.0
221.0
216.3
209.4
209.6
207.4
229.7
232.7
222.2

Dividends

81.2
82.7
92.4
109.8
106.2
115.3
134.6
149.3
146.5
149.4
72.5
84.2
83.4
97.4
111.0
106.3
121.0
141.3
151.9
150.6
146.2
145.1
143.9
143.6
146.6
151.1
1562

Includes industries not shown separately.

Source: Department of Commerce, Bureau of Economic Analysis.

Undistributed
profits

52.3
63.8
36.1
1.6
54.6
95.2
67.1
69.4
64.2
37.5
57.4
52.9
36.9
8.2
69.7
105.0
58.7
69.1
65.7
63.2
64.5
63.4
86.2
86.1
71.1

Inventory
valuation
adjustment

-8.5
4.1
.2
9.7
-14.5
-27.3
17.5
-14.2
3.1
8.3
-8.6
7.6
3.5
-3.8
-10.7
-17.8
-31.7
-13.5
21.2
6.7
9.9
4.8
.7
-5.4
15.5
-9.7
-2.7

GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
According to advance estimates for the fourth quarter of 1992, nonresidential fixed investment in 1987 dollars
rose $12.1 billion (annual rate) and residential investment rose $12.6 billion. There was a $7.2 billion increase in
inventories, following an increase of $15.0 billion in the third quarter.
BILLIONS OF 1 987 DCLLARS

BILUONS OF 1 987 DOLLARS
900

900
SEASONALLY ADJUSTED ANNUAL HATES

800

800

\

^^
/

600

500

^

^1

700

71

\

^_/-~ -/

700

GROSS P RIVATE DOM FSTir
Ir- VESTMENT

-\,/

600

•^

s

^-^_

^

--\

-_.^

^>

~'~\

-

"

500

S~~

NONRESIC ENTIAL
FIXED INVE STMENT

S

400

400

R ;SIDENTIAL
FIXE 3 INVESTMEf•IT
300

300

\
200

200

s ^— -

-T-

"**'

CHAr•IGE IN BUSI •JESS
1 •IVENTORIES

-'***

100

100
'

''

1

\.

I

1982

1

\.

*x

_.,*

0

-100

%\

,-.
,'*Hx

1

t

1

1983

1

I

1

1984

i

i
1985

i

I

I I
1986

1

1

1

1987

1

1

1

1988

1

)

1

1

1989

1

1

i

1990

SOURCE: DEPART* ENT OF COMMER :E

0

x

\

t

i

i

1

1991

1

1

-100

1992

COUNCIl OF ECC NOMIC ADVISERS

[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
^ixed mvestmen t

domestic
investment

Total

Total

Structures

Change i i business

Producers'
durable
equipment

Residential

1983
1984
1985..
1986
1987...
1988
1989
1990.
1991
1992 ".. .

5995
757 5
745 9
735 1
749 3
7734
784 0
739 1
661 1
712 3

595 1
689 6
723 8
726 5
723 0
7534
754 2
732 9
6704
708 0

4208
4902
521 8
5003
497 8
5308
5400
538 1
5002
5150

1603
1828
197 4
1766
171 3
1740
177 6
179 1
157 6
147 4

2605

174 2

307 4
324 4
323 7
326 5
3568
362 5
359 0
342 6
367 6

1993
202 0
2262
225 2
222 7
214 2
194 8
1702
193 0

1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:

503 5
669 5
756 4
763 1
7059
793 8
7850
769 5
680 0

5484
640 2
708 4
7329
725 9
733 9
764 1
744 6
706 8

417 2
449 6
509 6
5255
495 5
510 6
538 8
536 7
529 3

173 2
162 6
189 5
198 3
170 4
177 9
175 7
179 8
173 2

244 0
287 0
320 1
327 2
325 0
332 7
363 1
356 9
356 1

6460
649 5
6720
6769

671 1
669 8
671 4
6693

507 0
503 0
498 7
492 1

1668
162 2
1530
1484

668 9
713 6
7249
741 9

681 4
7059
7100
734 7

495 8
514 7
518 7
530 8

149 4
149 1
Ml 7
146 3

IV
IV
IV
IV
IV..
IV
IV
TV
IV

1991: I
II

m

IV

1992: I

n
in.. .
IV

Source: Department of Commerce, Bureau of Economic Analysis.




Nonfarm

Total

44
67 9
22 1

12.8
66 2

85
263
199
29 8
62
93
44

198
106
327
269
299
37
—96
20

131 2
190 6
198 8
207 4
230 5
223 3
2253
208 0
177 5

449
293
47 9
302
20 1
59 9
209
24 9
26 8

—462
32 3
508
280
186
62 1
305
31 2
256

340 2
340 8
345 8
343 7

164 1
166 9
1726
177 3

25 1
20 4
6
75

247
245
10
11 8

346 4
365 6
374 0
384 5

185 6
191 2
191 3
203 9

12 6
78
15 0

10 7
60
96
30

72

EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department October-November 1992 survey, business spending for new plant and
equipment is expected to rise 5.3 percent in 1993, following a rise of 3.6 percent in 1992.
BILLIONS OF DOLLARS (RATIO SCALE]

BILLIONS OF DOLLARS (RATIO SCALE)
600

500
400

400

ALL INDUSTRIES

300

300

,\
NONMANUFACTURING17

200

200

MANUFACTURING

100

1

1 1

1

1

1

1
1986

1 1
1987

1

1

! 1
1988

1

1

1
1990

1 1
1991

^-/SURVEYED QUARTERLY
i/SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE

1

1

1

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda

Industries surveyed quarterly
Nonmanufacturing

Manufacturing
Period

All
industries

Total

324.73
326.19
321.16
373.83
410.12
399.36
410.52
455.49
507.40
532.61
528.39
547.39
576.55

128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
173.48
182.57

1991- I

534.27
525.02
526.59
529.87

1992- I

1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992 4
1993 4

n
UI
rv
II

in
rv 4
1993- I 44

II




Nonmanufacturing

Surveyed
quarterly

Nondurable
goods

Total 1

Mining

Transportation

Public
utilities

58.93
54.58
51.61
64.57
70.87
65.68
68.03
77.04
82.56
82.58
77.64
74.07
76.08

69.75
69.39
65.74
75.04
82.01
72.28
73.03
86.41
101.24
110.04
105.17
99.41
106.49

196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
373.91
393.97

15.81
14.11
10.64
11.86
12.00
8.15
8.28
9.29
9.21
9.88
10.02
9.25
9.97

12.67
11.75
10.81
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.66
23.65
23.75

47.17
53.58
52.95
57.53
59.58
56.61
56.26
60.37
66.28
67.21
66.57
72.19
79.83

120.41
122.79
129.41
151.39
171.09
181.59
189.84
205.76
229.28
241.43
246.32
268.81
280.43

190.83
186.52
177.48
179.06

80.99
79.31
74.94
76.40

109.84
107.20
102.55
102.66

343.44
338.50
349.10
350.81

9.94
10.08
10.09
9.99

22.98
22.87
22.56
22.29

67.01
65.09
66.52
67.42

243.51
240.46
249.94
251.11

190.83
186.52
177.48
179.06

343.44
338.50
349.10
350.81

535.72
540.91
547.53
565.40

173.98
171.78
172.23
175.93

74.19
74.26
71.84
75.98

99.79
97.52
100.39
99.95

361.73
369.13
375.30
389.48

8.87
9.18
9.09
9.87

21.88
23.51
24.69
24.54

68.81
72.63
71.66
75.65

262.17
263.80
269.86
279.42

173.98
171.78
172.23
175.93

361.73
369.13
375.30
389.48

576.07
591.20

183.93
185.40

77.30
75.87

106.63
109.52

392.14
405.80

10.97
10.36

23.47
26.77

77.70
79.62

280.00
289.05

183.93
185.40

392.14
405.80

Durable
goods

1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.

10

Total
nonfarm
business 2

Commercial
and
other

358.77
363.08
359.73
418.38
454.93
447.11
461.51
508.22
563.93
591.96
587.93

Manufacturing

128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
173.48
182.57

Total

230.09
239.11
242.38
278.77
302.05
309.16
320.45
344.77
380.13
399.34
405.12

196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
373.91
393.97

Surveyed
annually a
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
59.35
59.54

3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in October-November 1992, corrected for
biases.
*

Source: Department of Commerce, Bureau of the Census.

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In December, civilian employment rose by 247,000 and unemployment fell by 21,000. (Seasonally adjusted data
revised.)
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

130

130
SEASONALLY ADJUSTED

126

126
CIVILIAN LABOR FORCE

122

122

118

118

114

m
CIVILIAN
EMPLOYMENT-

110

110

106

106

102

102

s

12 -

12

UNEMPtOYMENT

/

8

^

'

,

<"

8

_^x^""
_

4 i—
0

1
1984

i i i i i i i i M1 M 1 1 i

II 1 1 I

1984

1985

i ii i >

1 1 i il

1 1 1 11 i 1 1 111

1987

4

1 1 1 1 1 i 1 1 1 1 1 1 1 1 l l i l i i 1 1 i 1 1 1 1 1 1 1 1 i | i i 1 1 1 1 1 i ii 0

1988

1989

1990

1992

1991

COUNCIl OF ECONOMIC ADVISERS

[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]

Period

Noninstitutional
population
including
resident
Armed
Forces

Besident
Armed
Forces

NSA

Labor force
including
resident
Armed
Forces

Nonagricultaral
Civilian
labor force

15
Total

Agricultural

Part time
Total

NSA

1983

1984
1985
1986*
1987
1988
1989
1990
1991
1992
1991:
Dec '
1992:
Jan '
Feb' .
Mar r
r
May
™ *•* "

July ',..
Aue'
Sept r
Oct r. .
Nov '.
Dec

for

Total

economic
reasons l

weeks

and
over

Labor
force
participation
rate

Employment/
population
ratio

(per-

cent) z

cent) "

(per-

175,891
178,080
179,912
182,293
184,490
186,322
188,081
189,686
191,329
193,142

1,676
1,697
1,706
1,706
1,737
1,709
1,688
1,637
1,864
1,566

113,226
115,241
117,167
119,540
121,602
123,378
125,557
126,424
126,867
128,548

102,510
106,702
108,856
111,303
114,177
116,677
119,030
119,550
118,440
119,164

111,550
113,544
115,461
117,834
119,865
121,669
123,869
124,787
125,303
126,982

100,834
105,005
107,150
109,597
112,440
114,968
117,342
117,914
116,877
117,598

3,383
3,321
3,179
3,163
3,208
3,169
3,199
3,186
3,233
3,207

97,450
101,685
103,971
106,434
109,232
111,800
114,142
114,728
113,644
114,391

5,997
5,512
5,334
5,345
5,122
4,965
4,657
4,860
5,767
6,116

10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384

4,210
2,737
2,305
2,232
1,983
1,610
1,375
1,504
2,323
3,354

64.0
64.4
64.8
65.3
65.6
65.9
66.5
66.4
66.0
66.3

57.9
59.5
60.1
60.7
61.5
62.3
63.0
62.7
61.6
61.4

192,209

1,604

127,340

118,356

125,736

116,752

3,169 113,583

6,092

8,984

2,889

66.0

61.3

192,358
192,469
192,607
192,745
192,881
193,025
193,190
193,356
193,513
193,683
193,847
194,026

1,599
1,585
1,585
1,577
1,574
1,570
1,568
1,566
1,566
1,552
1,531
1,517

127,627
127,770
128,133
128,320
128,613
128,868
128,918
128,970
128,840
128,618
128,896
129,108

118,635
118,547
118,849
119,095
119,154
119,080
119,290
119,346
119,290
119,239
119,595
119,828

126,028
126,185
126,548
126,743
127,039
127,298
127,350
127,404
127,274
127,066
127,365
127,591

117,036
116,962
117,264
117,518
117,580
117,510
117,722
117,780
117,724
117,687
118,064
118,311

3,146
3,213
3,194
3,206
3,186
3,244
3,207
3,218
3,221
3,169
3,209
3,262

113,890
113,749
114,070
114,312
114,394
114,266
114,515
114,562
114,503
114,518
114,855
115,049

6,261
6,166
8,142
6,030
8,181
5,921
6,069
6,099
6,096
6,151
6,230
6,063

8,992
9,223
9,284
9,225
9,459
9,788
9,628
9,624
9,550
9,379
9,301
9,280

3,049
3,172
3,185
3,072
3,349
3,432
3,547
3,547
3,522
3,564
3,446
3,605

66.1
66.1
66.2
66.3
66.4
66.5
66.5
66.4
66.3
66.1
66.2
66.3

61.4
61.3
61.4
61.5
61.5
61.4
61.4
61.4
61.3
61.3
61.4
61.5

1
Persons at work- Economic reasons include slack work, material shortages, inability to find foiltime work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutional population.
'Data beginning January 1986 not strictly comparable with earlier data because of change in




Civilian

Unemployment

Civilian employment
Employment
including
resident
Armed
Forces

estimation proceduresNote.—In January 1993, seasonally adjusted data were revised beginning 19
Source: Department of Labor, Bureau of Labor Statistics,

11

SELECTED UNEMPLOYMENT RATES
In December, the civilian unemployment rate was 7.3 percent, unchanged from the November level. (Seasonally
adjusted data revised.)
PERCENT* (SEASONALLY ADJUSTED)

PERCENT* (SEASONALLY ADJUSTED)

15

10

1988

1989

1990

1991

1992

* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
-SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)

Period

1983
1984

1985
1986.
1987
1988
1989
1990
1991
1992
1991: Dec T ...
1992:

Jan r....
Feb r....
Mar r....
Apr r....
May "...
June r..
July r...

Aug r...

Sept r...

Oct r....
r

Nov ...
Dec

nemployment
rate,
all
workers 1

All
civilian
workers

9.5
7.4
7.1
6.9
6.1
5.4
5.2
5.4
6.6
7.3
7.1
7.0
7.2
7.2
7.2
7.4
7.6
7.5
7.5
7.4
7.3
7.2
7.2

1

Men
20 years
and over

Women
20 years
and
over

9.6
7.5
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
7.1

8.9
6.6
6.2
6.1
5.4
4.8
4.5
4.9
6.3
7.0
6.7

8.1
6.8
6.6
6.2
5.4

7.1
7.3
7.3
7.3
7.4
7.7
7.6
7.6
7.5
7.4
7.3
7.3

6.8
7.0
7.0
6.9
7.2
7.3
7.2
7.2
7.1
7.2
6.9
6.8

6.0
6.1
6.1
6.2
6.2
6.3
6.4
6.4
6.4
6.2
6.2
6.4

4.9
4.7
4.8
5.7
6.3
6.1

Both
sexes

16-19

White

years

22.4
18.9
18.6
18.3
16.9
15.3
15.0
15.5
18.6
20.0
19.8
18.9
20.0
20.2
19.4
19.9
22.8
20.6
19.9
20.4
18.9
20.2
19.2

8.4

6.5
6.2
6.0
5.3
4.7
4.5
4.7
6.0
6.5
6.4
6.3
6.5
6.5
6.4
6.5
6.8
6.6
6.6
6.6
6.5
6.4
6.3

Unemployed as percent of total labor force including resident Armed Forces.
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
2

12



By selected groups

By race

By sex and age

Black
and
other

Black

17.8
14.4
13.7
13.1
11.6
10.4
10.0
10.1
11.1
12.7

19.5
15.9
15.1
14.5
13.0
11.7
11.4
11.3
12.4
14.1

11.7

12.9

12.5
12.3
12.3
12.4
12.9
13.1
13.0
12.9
12.6
12.5
12.6
12.8

13.7
13.8
13.9
13.8
14.5
14.5
14.4
14.2
13.9
14.1
14.0
14.2

Experienced
wage and
salary
workers

9.2
7.1
6.8
6.6
5.8
5.2
5.0
5.3
6.5
7.1
6.9
6.9
7.0
7.1
7.0
7.2
7.3
7.2
7.2
7.2
7.1
7.0
7.0

Married
men,
spouse
present

6.5
4.6
4.3
4.4
3.9
3.3
3.0
3.4
4.4
5.0
4.8
4.8
5.0
4.9
4.8
5.0
5.1
5.2
5.3
5.2
5.1
4.9
4.8

Women
who
maintain
families

Fulltime
workers

Parttime
workers

12.2
10.3
10.4

9.5
7.2

10.4
9.3
9.3
9.1
8.4

9.8
9.2
8.1
8.1
8.2
9.1
9.9
9.2
9.1
9.5
9.9
10.0

9.9
10.1
10.3
10.3

9.1
9.3
10.4
10.3

6.8
6.6
5.8
5.2
4.9
5.2
6.5
7.1
6.9
6.8
7.0
7.0
7.0
7.1
7.4
7.3
7.3
7.2
7.1
7.0
6.9

7.6
7.3
7.4
8.3
9.2
8.7
9.0
8.9
9.0
8.9
9.3
9.3
9.2
9.1
9.5
9.2
9.2
9.7

NOTE.—In January 1993, seasonally adjusted data were revised beginning 1988.
Source: Department of Labor, Bureau of Labor Statistics.

Labor
force
time lost
(percent) 2

10.9

8.6
8.1
7.9
7.1
6.3
5.9
6.2
7.6
8.3
8.1
8.1
8.2
8.3
8.2
8.3
8.4
8.4
8.4
8.3
8.3
8.3
8.1

SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In December, the percentages of the unemployed who had been our 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 19.2 weeks and the median duration was unchanged at 9.4 weeks. (Seasonally adjusted
data revised.)
PERCENT DISTRIBUTION

PERCENT DISTRIBUTION*
70

70

COUNCIL Of ECONOMIC ADVISERS

[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
34.9
37.2
36.7
33.9
35.9
36.1
35.9
36.1
34.8
34.0
34.0
33.9
33.2
32.6

31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
32.0
32.3
29.4
30.7
29.7
31.5
29.4
29.9
28.4
26.6
28.6
29.4
29.5
28.3
30.2
28.8

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
15.2
15.3
16.0
15.9
15.4
14.4
15.0
14.0
15.0
15.5
14.8
15.7
15.3
16.5

16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
10.1
13.0
20.6
16.7
17.6
18.8
19.3
19.6
20.7
21.3
21.5
21.1
21.7
22.2
21.4
22.1

15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.1
13.8
17.9
15.5
16.3
16.8
17.0
17.2
17.9
18.2
18.3
18.3
18.5
19.2
18.4
19.2

8.7
10.1
7,9
6.8
6.9
6.5
5.9
4.8
5.4
6.9
8.8
8.0
8.1
8.2
8.1
8.6
8.8
8.7
8.6
8.9
9.3
9.3
9.4
9.4

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
23.7
24.2
25.8
23.7
23.8
23.2
23.1
23.1
23.4
23.4
23.6
23.5
23.6
24.1

11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.5
9.1
9.0
9.1
9.0
9.3
9.1
10.2
9.9
9.8
9.8
8.3
10.0
10.0

State
programs
Insured
unemployment

Initial
claims

Insured
unemployment,
all
regular
programs
(unadjusted) 1

Weekly average, thousands

1982 ...
1983
1984
1985
1986
1987....
1988
1989
1990 .
1991
1992....
1991- Dec '
1992: Jan'
Feb '
Mar '
May '

July '
Aug r
Sept r
Oct r
Nov r
Dec ...

10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,984
8,992
9,223
9,284
9,225
9,459
9,788
9,628
9,624
9,550
9,379
9,301
9,280

1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Railroad (RR) programs included through 1991. Also includes
Federal and State extended benefit programs. Does not include Federal supplemental compensation




58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
48.3
54.7
56.4
56.5
54.4
57.1
57.0
56.6
57.3
56.4
56.3
56.3
56.5
58.5
55.9
55.4

7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.2
10.8
10.1
10.2
10.9
10.5
10.4
10.3
10.5
10.0
9.7
10.5
10.5

4,061
3,396
2,476
2,611
2,650
2,332
2,081
2,158
2,522
3,342
3,245
3,317
3,349
3,324
3,340
3,348
3,328
3,249
3,327
3,185
3,185
3,029
2,935
2,779

583
438
377
396
378
328
310
330
388
447
408
464
446
452
440
412
407
415
420
409
406
366
361
334

4,594
3,775
2,561
2,693
2,746
2,401
2,135
2,205
2,575
3,406
* 3,339
3,575
4,197
4,199
4,102
3,626
3,193
3,141
3,118
3,115
2,814
2,537
2,670
"3,065

NOTE.—In January 1993, seasonally adjusted unemployment data were revised beginning 1988.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).

13

NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 64,000 in December.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS* (ENLARGED SCALE)

30
110

^

\

"

ALLN 3NAGRICUL1URAL
ES ABLISHMEN 'S

100

-

90

80 =—--'

— \
SER YICE-PRODU :ING
INDUSTRIES

-

70

-

60

50

40

GOOC)S-PRODUCIhJG
Ih•IDUSTRIES

30

—.

v~""~i

k CONSTRUCTION

20 l l l l l l l l l l l Minium mullJIII lllllllllll 1 1 1 1 1 1 1 1 II |i
1992
N
1990
t 1988
1989
1991

—,

riimlmii lllllllllll lllllllllll lllllllllll 1 1 1 M 1 1 1 II 1.

'

1988

1989

1990

* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF tABOS

|

1991

1992

N

COUNCIL OF ECONOMIC ADVISERS

[Thousands of wage and salary workers; l seasonally adjusted]
Service-producing industries

Goods-producing industries
Period

1983.
1984
1985 .. .
1986
1987
1988
1989
1990
1991 ;
1992 »..

Total
nonagricultural
employment

Manufacturing
Total 2

Construction

Total

Durable
goods

Nondurable
goods

Total

90,200
94,496
97,519
99,525
102,200
105,536
108,329
109,782
108,310
108,434

23,334
24,727
24,859
24,558
24,708
25,173
25*322
24,960
23,830
23,421

3,948
4*,383
4,673
4316
4,967
5,110
5487
5,133
4*685
4,594

18,434
19*,378
19,260
18,965
19,024
19,350
19*,442
19,117
18*455
18,192

10,707
11,479
11,464
11,203
11,167
11,381
11,420
11 130
10,602
10,340

7,726
7,899
7,796
7*761
7,858
7,969
8*,022
7,988
7^852
7,852

66,866
69,769
72,660
74,967
77,492
80 363
83,007
84,822
84,480
85,013

1991: Dec ... 108,154

23,584

4,592

18,329

10,466

7,863

23,527
23,525
23,532
23,530
23,548
23,470
23,459
23,362
23,296
23,270
23,277
23,273

4,587
4,582
4,603
4,605
4,632
4,600
4,584
4,591
4,574
4,601
4,584
4,579

18,283
18,290
18,278
18,279
18,275
18,236
18,242
18,145
18,102
18,046
18,071
18,074

10,422
10,430
10,417
10,409
10,398
10,371
10,347
10,298
10,271
10,231
10,248
10,243

7,861
7,860
7,861
7,870
7,877
7,865
7,895
7,847
7,831
7,815
7,823
7,831

1992:

1

Jan ....
Feb ....
Mar ....
Apr ....
May....
June ..
July ...
Aug ...
Sept ...
Oct r...
Nov '..
Dec '..

108,100
108,142
108,200
108,377
108,496
108,423
108,594
108,485
108,497
108,571
108,647
108,711

Includes all full- and part-time wage and salary workers in nonagricultural establishments who

force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes, bad

14



Transportation
and
public
utilities

Wholesale
trade

Retail
trade

15 595

Government

Finance,
insurance,
and real
estate

Services
Total

Federal

5*772
5 741

5 286
5,574
5,736
5*774
5,865
6,055
6,221
6,200
6,069
5,983

16,526
17,336
17,909
18,462
19 077
19,549
19 677
19,259
19 137

5,468
5*689
5,955
6^283
6,547
6,649
6*695
6,729
6*678
6,672

19,694
20*797
21,999
23^053
24,235
25 669
27,120
28 103
28,323
28,903

15,869
16*,024
16,394
16*693
17,010
17 386
17*779
18,304
18*380
18,578

2,774
2*807
2,875
2399
2,943
2,971
2*988
3,085
2*966
2,967

84,570

5,758

6,021

19,112

6,670

28,559

18,450

2,983

84,573
84,617
84,668
84,847
84,948
84,953
85,135
85,123
85,201
85,301
85,370
85,438

5,746
5,753
5,754
5,746
5,745
5,745
5,742
5,729
5,738
5,731
5,733
5,737

6,010
6,003
5,997
5,993
5,993
5,988
5,972
5,964
5,957
5,969
5,974
5,967

19,118
19,143
19,092
19,177
19,150
19,156
19,184
19,106
19,122
19,146
19,125
19,140

6,665
6,673
6,675
6,682
6,681
6,672
6,660
6,661
6,669
6,680
6,669
6,677

28,577
28,584
28,643
28,707
28,833
28,854
28,971
28,981
29,065
29,152
29,183
29,253

18,457
18,461
18,507
18,542
18,546
18,538
18,606
18,682
18,650
18,623
18,686
18,664

2,981
2,981
2,989
2,986
2,984
2,972
2,957
2,959
2,967
2,942
2,942
2,944

4 954
5*,159
5 238
5^255
5 372
5*527
5,644

weather, etc., even if they are not paid for the time off; and which are based on a sample of the
working-age population, whereas the estimates in this table are based on reports from employing
establishments.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.

AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY
EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross hourly earnings

Average weekly hours
Manufacturing
Period

Total
private
nonagricultural l

Total

Average gross weekly earnings

Total private
nonagriculturaf 1

Overtime

Current
dollars

Total private
nonagricuHural '

1982
dollars 2

Manufacturing

Percent change from a
year earlier, total
private
nonagricultural 3

Current dollars

Current
dollars

1982
dollars *

Manufacturing

Construction

Retail
trade

Current
dollars

1982
dollars

1985
1986
1987
1988
1989
1990
1991
1992 *

35.0
35.2
34.9
34.8
34.8
34.7
34.6
34.5
34.3
34.4

40.1
40.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0

3.0
3.4
3.3
3.4
3.7
3.9
3.8
3.6
3.6
3.8

$8.02
8.32
8.57
8.76
8.98
9.28
9.66
10.01
10.33
10.59

$7.79
7.80
7.77
7.81
7.73
7.69
7.64
7.52
7.45
7.43

$8.83
9.19
9.54
9.73
9.91
10.19
10.48
10.83
11.18
11.45

$280.70
292.86
299.09
304.85
312.50
322.02
334.24
345.35
354.32
364.30

$272.52
274.73
271.16
271.94
269.16
266.79
264.22
259.47
255.64
255.47

$354.08
374.03
386.37
396.01
406.31
418.81
429.68
441.86
455.03
469.45

$442.97
458.51
464.46
466.75
480.44
495.73
513.17
526.01
533.02
535.80

$171.13
174.47
174.81
175.80
178.70
183.62
188.72
194.40
198.77
205.63

5.0
4.3
2.1
1.9
2.5
3.0
3.8
3.3
2.6
2.8

2.0
.8
-1.3
.3
-1.0
.9
-1.0
-1.8
-1.5
-.1

1991- Dec

34.5

41.0

3.7

10.46

7.45

11.32

360.87

257.03

464.12

538.37

202.62

3.1

.4

460.94
466.07
467.31
469.36
472.47
469.04
469.45
471.91
470.76
473.06
475.86
477.84

530.22
526.55
532.87
535.95
548.10
543.86
541.82
542.82
537.47
536.29
533.17
533.46

202.91
205.61
205.06
202.77
205.06
203.35
203.49
206.92
207.50
207.50
207.79
204.48

3.0
3.9
4.2
3.1
3.4
1.9
2.6
3.5
1.2
2.8
3.5
1.6

.6
1.1
1.2
.1
.6
-1.0
-.4
.4
-1.7
-.3
.5
13

1983
1984

34.3
34.6
34.5
34.3
34.6
34.3
34.3
34.6
34.3
34.5
34.6
34.3

1992- Jan
Feb

Mar
May
July
Sept
Oct r.
Nov '
Dec v

40.9
41.1
41.1
41.1
41.3
41.0
41.0
41.0
40.9
41.1
41.2
41.3

3.6
3.7
3.8
3.9
4.1
3.8
3.8
3.7
3.5
3.8
3.9
3.9

10.46
10.51
10.55
10.52
10.56
10.58
10.58
10.66
10.63
10.65
10.71
10.70

7.44
7.46
7.46
7.42
7.44
7.43
7.41
7.44
7.41
7.40
7.42
7.41

11.27
11.34
11.37
11.42
11.44
11.44
11.45
11.51
11.51
11.51
11.55
11.57

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).

255.36
258.27
257.23
254.47
257.31
254.84
254.30
257.57
254.08
255.16
256.81
254.16

358.78
363.65
363.98
360.84
365.38
362.89
362.89
368.84
364.61
367.43
370.57
367.01

d on seasonally unadjusted data.
: Department of Labor, Bureau of Labor Statistics.

EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Percent change from

Index (June 1989 = 100)
Period

12 months earlier

3 months earlier
Total
compensation

Wages and
salaries

Benefits '

Total
compensation

Wages and
salaries

Benefits 1

Total
compensation

Wages and
salaries

5.7
4.9
3.9
3.2
3.3
4.8
4.8
4.6
4.4
3.5

4.9
4.2
4.1
3.2
3.3
4.1
4.1
4.0
3.7
2.6

Benefits '

Not seasonally adjusted

1983:
19841985:
19861987:
1988:
19891990:
19911992:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

76.7
81.7
84.6
87.5
90.5
96.7
102.6
109.4
116.2
122.2

1.3
1.3
.6
.7
.6
1.0
1.1
.8
.6
.7

80.1
84.0
87.3
90.1
93.1
97.6
102.3
107.0
111.7
115.6

81.4
84.8
88.3
91.1
94.1
98.0
102.0
106.1
110.0
112.9

103.8
105.1
106.2
107.2

103.2
104.4
105.4
106.2

105.1
106.7
108.3
109.9

1.4
1.3
1.0
.9

108.4
109.7
110.9
111.9

107.3
108.4
109.2
110.1

111.3
113.3
115.1
116.7

1.1
1.2
1.1
.9

113.0
113.8
114.7
115.7

110.9
111.5
112.2
113.0

118.2
119.6
121.2
122.7

1.0
.7
.8
.9

1.1
1.2
.6
.6
.6
1.0
.8
.7
.6
.6

1.3
1.4
.5
.6
1.0
1.0
1.2
1.0
.9
.8

1.0
1.2
1.0

.8
1.0
1.0
.7
.8

2.0
1.5
1.5
1.5
1.3
1.8
1.6
1.4

5.2
5.2
4.9
4.6

4.2
4.5
4.2
4.0

7.2
6.9
6.8
6.6

4.4
4.4
4.5
4.4

4.0
3.7
3.7
3.7

5.8
6.2
6.4
6.2

.7
.5
.6
.7

1.3
1.2
1.3
1.2

4.2
3.7
3.4
3.5

3.4
3.0
2.7
2.6

6.3
5.5
5.2
5.2

Not seasonally adjusted

Seasonally adjusted

1990: Mar r.
Sept '
Dec '.

1991:

Mar '.
Sept '
Dec '

1992:

Mar '.
Sept '
Dec

1
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the
influence of employment shifts among occupations and industries.




7.4

6.5
3.5
3.4
3.4
6.9
6.1
6.6
6.2
5.2

Data exclude farm and household workers.
Seasonally adjusted data revised beginning 1988.
Source: Department of Labor, Bureau of Labor Statistics.

15

PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector

Nonfarm
business
sector

Output 1
Business
sector

Compensation per
hour 3

Hours of all
persons 2

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Real compensation
per hour 4
Business
sector

Nonfarm
business
sector

Unit labor costs

Implicit price
deflator 5

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

1982 = 100; quarterly data seasonally adjusted

99.9
100.0
102.2
104.6
106.1
108.3
109.4
110.4
109.5
109.7
110.1

99.9
100.0
102.4
104.5
105.4
107.5
108.3
109.2
108.2
108.2
108.7

102.4
100.0
104.1
112.6
116.7
119.9
124.8
130.1
132.3
132.7
129.8

102.4
100.0
104.4
113.0
116.8
120.1
125.0
130.6
132.7
132.9
130.0

102.5
100.0
101.8
107.6
109.9
110.7
114.1
117.9
120.9
120.9
117.9

102.5
100.0
102.0
108.1
110.8
111.8
115 .4
119.5
122.7
122.9
119.6

93.0
100.0
103.7
108.1
113.0
118.6
122.7
128.0
132.3
139.7
146.6

93.0
100.0
103.9
108.1
112.6
118.1
122.1
127.2
131.3
138.4
145.4

98.7
100.0
100.5
100.4
101.3
104.4
104.3
104.4
103.0
103.2
103.9

98.8
100.0
100.7
100.4
101.0
104.0
103.7
103.7
102.2
102.2
103.0

93.1
100.0
101.5
103.3
106.5
109.5
112.2
116.0
120.9
127.3
133.1

93.1
100.0
101.5
103.4
106.8
109.9
112.8
116.4
121.4
127.9
133.8

94.5
100.0
103.4
107.7
111.2
113.6
116.6
120.8
126.1
131.2
136.2

94.2
100.0
104.0
107.6
111.6
114.2
117.2
121.4
126.5
131.8
137.0

IV
IV
IV
IV
IV
IV
IV

101.1
103.0
105.2
106.9
108.0
110.3
110.5

101.1
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
119.2

98.9
104.7
109.2
111.7
112.8
116.9
120.9

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
113.6
117.8

101.0
101.8
104.4
108.4
112.1
114.2
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: HI
IV
1990: I

109.2
109.3

108.0
108.0

132.3
132.3

132.7
132.7

121.1
121.1

122.9
122.8

132.7
134.3

131.6
133.3

102.7
102.9

101.9
102.1

127.1
128.2

107.9
108.6
108.1
108.1

133.1
133.7
132.5
131.3

133.5
134.0
132.7
131.5

121.7
121.4
120.7
119.8

123.7
123.4
122.8
121.6

136.2
138.9
141.0
142.9

134.9
137.5
139.6
141.6

102.6
103.6
103.4
103.0

101.6
102.5
102.4
102.1

129.1
130.6
131.9
133.3

129.6
131.1
132.5
134.1

n
m

109.3
109.8
110.3
111.2

107.9
108.4
108.9
109.6

129.2
129.5
130.0
130.6

129.4
129.7
130.2
130.7

118.1
117.9
117.8
117.5

119.9
119.7
119.6
119.3

144.1
146.1
147.5
148.8

143.0
145.0
146.4
147.5

103.1
103.9
104.2
104.2

102.3
103.1
103.4
103.3

134.9
136.0
136.7
137.3

135.7
136.6
137.5
138.3

n
m* ...

112.3
112.5
113.5

110.6
111.1
111.9

131.4
131.9
133.1

131.5
132.0
133.2

117.0
117.2
117.2

118.9
118.9
119.1

150.2
151.0
152.4

148.9
149.8
151.1

104.5
104.1
104.4

103.5
103.3
103.5

121.9
123.3
125.0
126.6
129.1
131.0
132.5
133.8
134.4
134.6
134.6
134.9
135.1

126.7
127.8

109.4
110.2
109.8
109.7

121.4
122.9
124.5
126.0
128.4
130.3
131.8
133.1
133.7
133.8
133.8
134.1
134.3

138.2
139.0
138.8

139.1
139.9
139.8

8.6
7.4
1.5
1.9
3.3
2.9
2.6
3.2
4.3
5.4
4.6

10.1
5.8
3.4
4.1
3.3
2.2
2.6
3.6
4.4
4.1
3.8

10.1
6.1
4.0
3.5
3.7
2.4
2.6
3.6
4.2
4.2
4.0

4.3
4.9

3.2
3.6

3.3
3.5

5.6
5.1
8.2
5.8
4.6
4.0
2.0
.6
.1
.8
.6

4.2
4.7
4.2
4.2

4.2
4.7
4.5
4.8

4.8
3.2
2.3
1.6

4.9
2.7
2.7
2.2

2.6
2.4
-.4

2.4
2.5
-.5

1981
1982.
1983
1984
1985
1986...

1987
1988
1989
1990
1991
1982:
1983:
1984:
1985:
1986:
1987:
1988:

n
in
rv

1991:

I

IV
1992: I

Percent change; quarterly data at seasonally adjusted annual rates

1981
1982
1983
1984
1985
1986.
1987
1988..

1989
1990..

1991
1989: HI
IV
1990: I

1.3
.1
2.2
2.3
1.4
2.0
1.0
.9
-.8
.3
.3

-1.6
.2

0.6
25
1.8
5.7
2.1
.7
3.1
3.3
2.6
-.0
-2.5

0.7
24
2.0
6.0
2.5
.9
3.3
3.5
2.7
.1
-2.6

9.4
7.6
3.7
4.2
4.5
4.9
3.5
4.3
3.4
5.6
4.9

9.6
7.5
3.9
4.0
4.2
4.9
3.4
4.1
3.2
5.4
5.1

-0.8
1.3
.5
-.1
.9
3.0
-.1
.1
-1.4
.2
.7

-0.7
1.2
.7
-.3
.6
3.0
2
.0
15
-.0
.8

-.6
.1

1.6
-2.4
4.4
8.2
3.4
2.8
4.1
4.4
1.7
.1
22
3
.2

1.0
— .1

.4
— .1

3.2
5.1

3.6
5.2

.0
1.0

.4
1.1

8.0
7.4
1.5
1.9
3.0
2.8
2.5
3.3
4.2
5.3
4.6
4.9
4.9

0.9
.1
2.4
2.1
.8
1.9
.8
.9
-1.0
.0
.5
7
.3

1.9
-2.3
4.1
8.2
3.6
2.8
4.1
4.3
1.7
.2
22

n
m

.4
2.9
— 1.4

-.5
2.5
-1.7
.1

2.6
1.8
-3.6
-3.5

2.2
1.6
-3.7
-3.6

2.2
-1.1
-2.3
-3.0

2.8
-.9
-2.1
-3.7

5.8
8.0
6.3
5.4

5.0
7.8
6.4
5.9

-1.2
3.8
-.7
-1.4

-1.9
3.5
-.6
-.9

5.3
5.0
7.8
5.9

n
m
rv

-1.1
1.6
1.9
3.3

-.7
1.7
1.9
2.5

-6.4
.9
1.6
2.0

-6.1

-5.3
-.7
-.3
-1.3

-5.5
-.8
-.3
-.9

3.6
5.6
3.9
3.5

3.8
5.8
3.9
3.1

.4
3.0
1.1
-.0

.6
3.2
1.2
4

3.9
1.0
3.4

3.7
1.7
3.0

2.3
1.6
3.6

-1.5

-1.3

4.0
1.9
3.9

3.8
2.4
3.5

1.1
— 1.4
1.3

.9
-.9
.9

4.8
3.9
1.9
.2
.1
.9
.5

IV
1991: I

1992: I

n
np ...

.9
1.5
1.6
2.3
1.7
3.5

.6
.2

.1
.6

1
Output refers to gross domestic product originating in the sector in 1987 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
* Ho
[ourly compensation divided by the consumer price index (or all urban consumers.

16



5

Current dollar gross domestic product divided by constant dollar gross domestic product.

NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
'Data do not reflect GDP revisions of December 22, 1992.
Source: Department of Labor, Bureau of Labor Statistics.

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization rose in December.
INDEX, 1987. 100* (RATIO SCALE)

^|

* j r

y-—'

105

110

100

95 mill 11 1 11

105

1 1 1 1 1 1 1 1 1 II 1 1 1 1 il 1 1 1 1 1

1 1 1 1 1 i 1 1 1 11 1 1 1 i 1 1 1 1 1 M

100

120

MANUFACTURING

115

DURABLE

^^^

110

-

__/^"

__

^

.—^^' ^

'\

^~s

'•ft'""!

^yv
\
CONSUME!
GOODS

\

1 II 1 1 1 M 1 1 1

' *N

85

/

NONDURABLE
Illllllllll

Illllllllll

iiiiiliini

^-*

i**

•«.•' i - "V"""N
\
DEFENSE
/vND
SPACE -

90

-

80
lm

y
\ \__._

95

^~\/

\

100

95

- BUSINESS
EQUIPMENT

/^

EQUIPMENT

S^
105

/

115

^

*\

iiiiiiiiin

Illllllllll Illllllllll

IIUlllllll

Illlllltlll

PERC:ENT«

120

UTILITIES AND MINING

115

UTILITIES
,, \
,\/v>

110 i105

Illlllllll
1988

95

86

/
II
,

1

iv^

1

100 ^O

88

MINING
iiiihmi iiiihini
1989

1f/^r -

""^^w^

\

1991

l/~^~\

82

\

80

i 1 1 ! 1 ll 1 1 1 1

1990

(TOTAL INDUSTRY)
y-^«XT

-•

V'
"V/X

CAPACITY UTILIZATION RATE

1 1 1 1 M 1 1 1 11

X/'^Vx^^"

78
76

1992

Illllllllll

1988

Illllllllll
1989

Illlllllll 1 1 III 1 1 II 1 1 1 1 1 1 1 ll 1 1 It
1990
1991
| 1992

* SEASONALLY ADJUSTED
OURCE: BOARD O GOVERNORS OF THE FEDERAL RESER /E SYSTEM

COUNCIL Of ECONOMIC ADVISERS

[Monthly data seasonally adjusted]

Period
Index,
1987 = 100

1983
1984
1985
1986 . . . . . .
1987
1988
1989
1990
1991
1992 p
1991- Dee
1992- Jan
Feb
Mar
May
July
Sept r
Oct r.
Nov r.
Dec p
1

. ..

Output as percent of capacity.




Manufacturing

Percent
change
from year
earlier

Mining
Total

Durable

Utilities

Nondurable

Total
industry

Manufacturing

3.7
9.3
1.7
1.0
4.9
5.4
2.6
1.0
-1.9
1.5

80.9
89.3
91.6
94.3
100.0
105.8
108.9
109.9
107.4
109.7

76.8
88.4
91.8
93.9
100.0
107.6
110.9
111.6
107.1
108.5

87.0
90.8
91.5
94.9
100.0
103.6
106.4
107.8
107.9
111.2

104.8
111.9
109.0
101.0
100.0
101.8
100.5
102.6
101.1
98.9

93.6
97.0
99.5
96.3
100.0
104.4
107.1
108.0
109.2
107.9

75.8
81.1
80.3
79.2
81.4
84.0
84.2
83.0
79.4
78.8

74.9
80.4
79.5
79.0
81.4
83.9
83.9
82.3
78.2
77.8

107.4

.2

108.1

107.1

109.5

98.8

107.9

78.7

77.7

106.6
107.2
107.6
108.1
108.9
108.5
109.4
109.1
108.9
109.7
110.1
110.5

.0
1.4
2.5
2.5
2.3
1.1
1.2
1.0
.5
1.2
1.9
2.9

107.4
108.1
108.5
109.0
109.9
109.6
110.2
110.1
109.8
110.6
111.1
111.7

105.8
107.0
107.0
107.6
109.1
108.5
109.0
109.2
108.2
109.5
110.2
111.0

109.5
109.6
110.4
110.7
110.9
111.0
111.7
111.3
111.8
111.9
112.3
112.6

97.8
98.4
97.5
99.1
99.7
98.0
100.6
98.8
98.3
99.1
99.8
100.0

106.8
106.4
107.7
108.2
107.3
106.7
109.3
108.8
110.2
110.9
109.7
107.6

78.0
78.3
78.4
78.7
79.1
78.6
79.1
78.8
78.6
79.0
79.2
79.3

77.0
77.4
77.5
77.7
78.2
77.8
78.1
77.9
77.5
77.9
78.2
78.4

84.9
92.8
94.4
95.3
100.0
105.4
108.1
109.2
107.1
108.7
.

Capacity utilization
rate, percent 1

Industry production indexes, 1987 = 100

Total
industrial
production

Source: Board of Governors of the Federal Reserve System.

17

INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; monthly data seasonally adjusted]
Materials

Products
Intermediate products

Final products
Consumer goods

Equipment

Durable
goods

Business

Period
Total
Total

1983
1984
1985
1986
1987
1988
1989
1990
1991
1992 *

....

1991: Dec

_

1992- Jan
Feb
Mar
May
T J

July
. '.
Sept *
Oct r
Nov '.
Dec'
1

Total '

Defense
and
space
equipment

Total

Construction
supplies

Business
supplies

110.0

105.8

100.4

109.9
109.6
109.7
109.0
109.0
109.4
109.7
108.5
109.6
110.2
110.1
109.8

105.2
105.8
106.1
106.8
107.7
107.6
109.0
108.1
107.9
108.2
108.7
108.9

100.4
100.5
100.1
101.3
101.3
100.6
102.9
100.9
102.0
102.3
101.6
101.2

80.3
86.2
87.7
90.7
100.0
104.4
107.3
109.4
108.4
109.3

88.1

103.8

95.0

86.7
86.2
85.6
84.7
84.2
83.6
82.7
81.8
81.1
80.5
80.0
79.4

103.9
104.0
104.4
103.9
104.4
104.4
105.1
104.4
104.5
105.4
105.4
105.1

95.5
96.0
96.7
96.5
97.8
97.2
98.6
98.5
97.1
98.6
98.8
98.4

91.9
93.4
94.4
97.6
100.0
103.7
106.4
107.6
109.0
110.9

76.8
89.2
94.8
94.5
100.0
107.6
112.3
115.5
112.2
112.0

71.9
85.4
91.1
93.2
100.0
111.8
119.1
123.1
121.5
124.5

71.8
78.9
89.4
96.0
100.0
98.0
97.4
97.3
91.1
83.0

109.9

109.1

104.6

110.3

110.9

121.4

108.7
109.4
109.8
110.6
111.4
110.5
111.0
111.5
111.2
112.4
112.9
113.5

108.1
108.8
109.3
110.1
110.8
109.6
110.4
110.8
110.7
111.9
112.0
112.4

101.3
105.3
106.2
107.9
111.1
109.2
108.6
109.2
106.9
108.5
108.7
111.8

110,0
109.8
110.2
110.7
110.7
109.7
110.8
111.2
111.7
112.9
112.9
112.5

109.4
110.2
110.4
111.3
112.3
111.6
111.8
112.5
111.9
113.0
114.1
114.9

119.9
121.0
121.5
123.0
124.5
124.1
124.4
125.9
125.4
126.8
128.3
129.4

Energy

98.9
103.8
103.4
99.4
100.0
101.8
101.4
102.1
102.3
101.3

80.2
86.2
89.1
93.8
100.0
104.4
106.1
105.2
96.0
97.4

79.7
91.0
91.6
94.5
100.0
104.9
107.9
106.2
102.3
108.0

Total

88.3
96.6
96.6
95.9
100.0
105.6
107.4
107.8
105.5
107.5

80.3
86.2
88.3
92.0
100.0
104.4
106.8
107.7
103.4
104.4

88.8
92.8
93.7
96.8
100.0
104.0
106.7
107.3
107.5
110.3

83.0
91.0
94.2
95.7
100.0
105.6
109.1
110.9
109.6
111.0

.

Nondurable
goods

Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987 = 100; monthly data seasonally adjusted]
Nondurable manufactures

Durable manufactures
Transportation
equipment

Primary metals
Period
Total

1983
1984
1985
1986 .
1987
1988
1989
1990
1991
1992 "

Iron
and
steel

Fabricated
metal
products

Nonelectrical
machinery

Electrical
machinery

90.1
92.1
94.9
97.4
100.0
102.8
105.5
107.6
108.6
110.0

110.6

98.0

94.6

95.2

99.0

114.5

112.6

109.6

110.0
110.7
110.9
111.0
112.3
112.2
112.6
113.0
112.1
112.9
113.6
113.9

93.8
96.8
96.5
98.0
99.6
98.2
96.7
97.0
95.6
97.5
97.9
99.8

87.1
93.8
94.2
98.5
102.7
100.4
97.7
99.4
97.2
101.3
102.1
107.3

97.4
98.8
99.2
97.2
97.4
95.4
99.8
98.9
96.7
100.3
101.1
100.1

97.5
97.7
97.8
98.0
99.0
98.1
99.4
97.6
97.6
97.5
97.9
97.5

114.8
114.4
113.8
113.7
113.4
113.0
112.3
111.4
113.2
113.7
112.8
114.3

112.7
113.4
114.8
115.8
117.0
117.5
118.0
117.6
118.3
118.5
119.4
119.7

109.2
109.6
110.2
109.6
109.3
109.0
109.8
110.6
110.2
110.9
110.8
110.7

1991: Dec

101.3

101.7

101.2

121.9

1992: Jan
Feb
Mar

102.5
102.7
101.4
100.9
102.0
102.1
105.6
104.3
102.0
103.9
105.5
106.5

105.0
103.7
102.5
100.9
102.2
101.8
106.4
104.4
103.0
106.2
107.1
108.7

99.7
100.5
100.0
100.6
102.2
102.2
102.6
102.5
101.3
102.3
102.5
103.2

121.4
121.9
122.9
124.1
126.7
126.4
127.8
129.3
129.1
130.5
132.5
133.4




87.5
91.4
91.4
94.6
100.0
105.4
108.5
110.3
110.9
117.1

Foods

79.0
84.5
87.6
90.7
100.0
103.6
108.5
111.9
112.3
113.3

80.3
94.1
93.1
94.3
100.0
106.5
109.5
111.4
110.1
111.9

18

Chemicals
and
products

93.8
95.7
92.6
96.3
100.0
102.2
104.3
98.8
96.2
97.7

64.3
80.8
86.8
90.4
100.0
113.8
121.8
126.5
123.5
127.2

Source: Board of Governors of the Federal Reserve System.

Printing and
publishing

79.9
86.0
88.0
95.1
100.0
104.6
103.0
101.6
94.2
98.5

85.5
93.3
94.5
93.8
100.0
106.2
107.2
105.9
100.4
101.6

Sept *
Oct '
Nov '..
Dee '

Apparel
products

74.5
90.6
99.0
98.5
100.0
105.5
104.9
96.8
90.4
98.7

96.1
105.9
104.5
90.8
100.0
113.8
109.3
109.9
98.0
104.3

May
T '

Lumber and
products

72.7
83.1
91.8
96.9
100.0
105.0
107.2
105.5
98.6
97.4

91.0
102.4
101.8
93.8
100.0
110.3
109.2
108.4
99.5
103.2

July

Total

Motor
vehicles
and
parts

NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3

Private
Period

Total new
construction
expenditures

Residential
Total

New housing
units

Total '

Commercial
and
industrial 2

Other

Federal,
State, and
local

Total value
index
(1987 = 100)

Commercial
and industrial
floor space
(millions of
square feet)

Billions of dollars
294.9
348.8
377.4
407.7

231.5

1984
1985
1986
1987...

419.4

1988
1989
1990
1991
1992"

432.3
443.4

442.1
401.0

328.7
337.5
345.3
334.2
290.7

425.8

307.1

125.5
153.8
158.5
187.1
194.7
198.1
196.6
182.9
157.8
183.0

1991- Nov
Dec

401.2

288.3
287.4

164.5
164.1

1992: Jan
Peb
Mar

407.1
411.8
421.5

292.5
294.8
309.8
307.0

July *

427.6
428.0
426.7
425.7

Aug '

419.6

Sept '

429.3
430.5
434.3
434.4

169.5
169.8
172.7
182.6
182.9
184.6
181.2
184.2
186.3
188.7
190.7
194.2

1983

278.6
299.5

323.1

57.7
74.0
89.8
84.4
84.0
88.0
94.3
96.4
77.0
63.8

48.2
50.8
51.3
51.6
50.1
51.5
54.5
54.9
55.8
60.2

63.5
70.2
77.8
84.6
90.6
94.8
98.1
107.9
110.2
118.7

75
83
91
96
100
101
105
95
89
95

118.0
118.3

67.4
67.3

56.4
56.0

112.9
111.4

81
99

474
479

122.0
123.3
125.9
128.8
128.1
128.7
126.9
129.1
131.4
134.9
137.5
141.3

65.8
66.7
69.1
65.9
63.6
66.8
63.5
57.9
61.2
62.6
63.3
58.6

57.2
58.3
59.4
61.2
60.5
60.7
61.2
59.8
61.2
61.0
60.1
61.5

114.6
117.0
120.4
117.8
121.0
114.5
119.9
117.6
120.5
118.3
120.2
120.1

97
101
r
99
r
99
r
89
94
94
92
94
103
94
90

472
563
497
499
423
525
482
515
438
575
504
491

94.6
113.8
114.7
133.2
139.9
138.9
139.2
128.0
110.6
130.0
Annual rates

398.7

May

Oct '
Nov"
Dec *
1
Includes residential
z
Includes hotels and
3

301.1
312.2
305.8
302.0
308.8

312.2
314.1
314.2

756
955
1,097
1,016
1,019
973
961
783
r

577

544
Annual rates

Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.

improvements, not shown separately.
motels.

F.W. Dodge series.

NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes

New private housing units
Period

Units started, by type of structure
Total

1983

1984
1985
1986.
1987
1988....

1989
1990
1991.
1992"

1 unit

1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1,201.5

1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
1,030.2

1,085
1,118
1,180
1,257
1,340
1,086
1,196
1,147
1,100
1,233
1,222
1,223
1,234
1,302

907
972
989
1,109
1,068
933
1,019
999
956
1,042
1,051
1,077
1,090
1,130

2-4 units

5 or more units

113.5
121.4
93.4
84.0
65.3
58.8
55.2
37.5
35.6
31.4

522.0
544.0

576.1
542.0
408.7
348.0

317.6
260.4

137.9
139.9

Units
authorized
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,105.9

Units
completed

Homes sold

Homes for
sale at end of
period '

1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8

623
639
688
750
671
676
650
534
509
608

301
353
346
357
366
368
365
321
283
276

1,021
1,021
1,043
1,097
1,127
1,067
1,204
1,184
1,229
1,144

578
578
667
627
555
546
554
583
616

286
283
281
269
277
274
272
272
271

Vacancy rate
for rental
housing units
(percent) 2

5.7
5.9
6.5
7.3
7.7
7.7
7.4
7.2
7.4
7.4

Seasonally adjusted annual rates

1991: Nov
Dec
1992: Jan.
Feb
Mar
May
T '
July
Sept

Oct '
Nov *
Dec "
1
2

. .

33
46
28
24
53
27
33
40
25
32
27
17
30
38

Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning 1989 not comparable with
earlier data.




145
100
163
124
219
126
144
108
119
159
144
129
114
134

979
1,073
1,106
1,146
1,094
1,058
1,054
1,032
1,080
1,076
1,125
1,139
1,126
1,201

r

l,125

1,158
1,229

r

627

r

671
618
617
656

r

7.3
7.4
7.7

269

268
268
270
276

7.3
7.1

NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.

19

BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In November, manufacturing and trade sales rose 0.6 percent and inventories rose $1.0 billion. In December,
according to advance data, retail sales rose 1.2 percent, following a decline of 0.5 percent in November.
BILLIONS OF DOLLARS * (RATIO SCALE)
300

BILLIONS OF DOLLARS * (RATIO SCALE)

900

r*

800
^^-1

-^

—i

250

\

700

MANUFACTURING AND
TRADE INVENTORIES

200

400

_,
500

^

,.

'

,s

-

-T~- •-*•

_.

>-"~

150

M) kNUFACTURIf 4G
AN D TRADE SA ES

RETAIL SALES

400

100
300

RATIO *

200

1 1 1| | 1 1 1 1 1 1 l M 1 1 1 n 1 1 1 1 | 1 1 1 M 1 1 1 1 illlilillll Illlilillll
1989

1988

1990

1991

1992

COUNCIL Of ECONOMIC ADVISERS

Manufacturing and
trade'

Inventory-sales ratio 4

Retail

Wholesale
2

Inventories

Sales '

Period

Inventories 3

Inventories 3

Sales2

370,501
411,427
423,940
431,786
459,107
496,334
522,344
540,788
533,838

591,858
651,527
665,837
664,654
711,745
767,387
813,018
835,985
828,184

100,440
113,502
114,816
116,326
124,340
135,254
144,039
149,204
145,135

131,663
144,223
149,155
155,445
165,814
180,717
188,635
196,917
198,979

540,309
532,065

824,239
828,184

145,075
144,909

195,998 154,254
198,979 ' 154,426

r

536,977
544,017
545,424
547,081
546,145
554,363
559,701
552,480
558,745
561,332
564,425

824,150
824,609
826,204
828,630
828,032
831,872
835,373
836,972
835,457
836,788
837,815

145,922
146,366
146,867
146,947
145,555
148,129
151,701
150,467
150,736
151,295
151,884

198,730
157,808
199,416
159,753
198,677
157,873
198,432
158,385
197,397
159,111
200,205
158,982
200,500 160,784
201,074 160,999
199,925
162,171
165,646
201,713
203,582 ' 164,832
166,764

56,919
57,961
57,122
57,442
57,643
57,686
58,580
58,254
59,259
61,278
r
60,505
62,002

Sales

2

Total

Durable
goods
stores

Nondurable goods
stores

Total

3

Durable
goods
stores

Nondurable goods
stores

Manufacturing
and
trade *

Retail

Millions of dollars, seasonally adjusted, except as noted

1983
1984
1985
1986
1987
1988
1989
1990
1991
1991: Nov r
Dec
1992:

r

Jan
Feb
Mar
Apr.
May
June
July
Sept
Get T
Nov '
Dee"

32,571
37,873
41,510
45,057
47,989
52,219
54,329
55,065
54,413

64,943
69,369
73,075
75,746
80,453
85,320
91,252
97,061
99,149

147,833
167,812
181,881
186,510
207,836
219,274
237,599
240,217
243,162

68,856
79,074
88,315
89,983
105,481
111,892
120,138
119,331
117,454

78,977
88,738
93,566
96,527
102,355
107,382
117,461
120,886
125,708

1.56
1.53
1.55
1.55
1.50
1.50
1.53
1.53
1.55

54,976
55,341

99,278
' 99,085

239,962
243,162

116,291
117,454

123,671
125,708

1.53
1.56

240,986
241,938
244,288
247,992
247,349
248,813
251,382
250,302
251,142
251,367
252,812

115,918
117,259
119,827
122,884
122,694
123,198
124,421
124,348
124,204
124,604
125,777

125,068
124,679
124,461
125,108
124,655
125,615
126,961
125,954
126,938
126,763
127,035

1.53
1.52
1.51
1.51
1.52
1.50
1.49
1.51
1.50
1.49
1.48

97,514
107,243
114,586
120,803
128,442
137,539
145,580
152,126
153,562

1

3

2

4

See page 21 for manufacturing.
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.

20



100,889
101,792
100,751
100,943
101,468
101,296
102,204
102,745
102,912
104,368
r
104,327
104,762

Seasonally adjusted, end of period.
Annual data are averages of seasonally adjusted monthly ratios.

Source: Department of Commerce, Bureau of the Census.

1.44
1.49
1.52
.56
.55
.55
.59
.57
.55
1.56
1.57

r

1.53
1.51
1.55
1.57
1.55
1.57
1.56
1.55
1.55
1.52
1.53

MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In November, manufacturers' shipments rose, while inventories and orders fell. In December, according to advance
data, manufacturers' durable goods shipments and new orders rose.
BIUIC3NS OF DOLLARS* (RATIO SCALE)
280
SHIPMENTS
240
200

^~T\

'

-<—

BILUC)NS OF DOLLARS* (RATIO SCALE)

T~~

440

'

360

TOTAL

160

DURABLE GOODS

:—•—p.—
-

\

280

[

\
120

200

X

'-.-

'

"

DURABLE GOODS

\
NON DURABLE GOCDS

80

-•-.

160

-J

,
120

60
||m|

I l l l l l l l l l l Illllllllll I l l l l l l l l l l

BILUC NS OF DOLLARS* (RATIO SCALE)
280
NEW ORDERS
_^
240
~ -~~^
200

'

'

80
60

-NX~^^|

\

\

nnpAp LE GOODS

160

NC3NDURABLE 3OODS

MM l l l l l l l

TOTAL
RATIO

\

,

x

niiil,,,,, Illllllllll Illllllllll Illllllllll
*

1 1 1 ! 1 1 1 1 II 1

2.20

120

INVENTORY-SHIPMENTS RATIO
—- — — *""x
1.80

NONC URABLE GO 3DS

1.60

- ~

',

V^-^^1
*~^=

V

"^1

-^x

1.40
mll |

Illllllllll Illllllllll

1988

1989

||m|

Illllllllll

1990
1991

1992

Illllllllll Illllllllll
1989

1988

1990

1 1 1 1 11 i 1 1 M

1992

1991

* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECC NOMIC ADVISERS

Manufacturers' shipments '

Manufacturers' new orders 1

Manufacturers' inventories 2

Durable goods

Period
Total

Durable
goods

Nondurable
goods

Total

Durable
goods

Nondurable
goods

Total
Total

Capital
goods
industries,
non-defense

Nondurable
goods

Manufacturers'
unfilled
orders 2

Manufacturers'
inventory —
shipments
ratio 3

Millions of dollars, seasonally adjusted, except as noted
163,351
172,547
190,682
194,538
194,657
206,326
223,541
232,724
239,459
235,142

79,212
85,481
97,940
101,279
103,238
108,128
117,993
121,703
122,387
118,548

84,139
87,066
92,742
93,259
91,419
98,198
105,549
111,022
117,072
116,593

311,834
312,362
339,492
334,801
322,699
338,095
367,396
386,784
398,851
386,043

200,423
199,831
221,304
218,211
212,027
220,786
241,356
255,911
259,746
246,966

111,411
112,531
118,188
116,590
110,672
117,309
126,040
130,873
139,105
139,077

162,140
175,451
192,879
195,706
195,204
209,389
227,026
235,905
240,417
233,774

78,064
88,140
100,164
102,356
103,647
110,809
121,445
124,906
123,324
117,063

19,213
19,624
23,669
24,545
23,983
26,095
30,729
32,725
32,227
29,862

84,077
87,311
92,715
93,351
91,557
98,579
105,581
110,999
117,093
116,712

311,889
347,272
373,524
387,087
393,403
430,287
471,942
510,112
521,811
505,631

1.95
1.78
1.73
1.73
1.68
1.59
1.58
1.64
1.65
1.67

1991- Nov
Dec

240,980
232,730

122,814
116,869

118,166
115,861

388,279
386,043

249,202
246,966

139,077
139,077

238,679
229,925

120,343
113,921

33,066
26,969

118,336
116,004

508,436
505,631

1.61
1.66

1992:

233,247
237,898
240,684
241,749
241,479
247,252
247,216
241,014
245,838
244,391
247,709

118,698
121,991
123,503
123,483
122,344
125,831
124,789
123,364
125,346
125,162
r
128,102
132 804

114,549
115,907
117,181
118,266
119,135
121,421
122,427
117,650
120,492
119,229
119,607

384,434
383,255
383,239
382,206
383,286
382,854
383,491
385,596
384,390
383,708
381,421

245,754
244,395
243,787
242,512
242,447
241,891
241,258
242,036
240,550
239,390
237,614

138,680
138,860
139,452
139,694
140,839
140,963
142,233
143,560
143,840
144,318
143,807

232,467
233,388
237,606
240,771
238,696
244,542
242,307
236,880
239,951
244,777
242,932

118,011
117,750
120,187
122,393
119,808
123,164
119,861
119,376
119,801
125,302
r
123,276
134,473

30,093
29,463
32,163
29,901
30,469
30,953
29,296
28,153
30,571
31,665
'28,605
33,724

114,456
115,638
117,419
118,378
118,888
121,378
122,446
117,504
120,150
119,475
119,656

504,851
500,341
497,263
496,285
493,502
490,792
485,883
481,749
475,862
476,248
471,471

1.65
1.61
1.59
1.58
1.59
1.55
1.55
1.60
1.56
1.57
1.54

1982
1983

1984
1985
1986
1987
1988
1989
1990
1991

,

Jan
Feb
Mar
May
,J
July

Sept
Oct '
Nov p
Dec p

* Annual data are averages of monthly not seasonally adjusted figures; Tionthly data are seasonally adjusted totals for month. Shipments are the same as sales.
2
Seasonally adjusted, end of period.




3

Annual data are averages of seasonally adjusted monthly ratios.

Source: Department of Commerce, Bureau of the Census.

21

PRICES
PRODUCER PRICES
In December, the producer price index for all finished goods rose 0.2 percent. Prices of finished consumer foods
rose 1.2 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)
SEASONAllY ADJUSTED

FINISHED GOODS PRICES
130

130

CONSUMER FOODS
^/*

120

120
«

CAPITAL EQUIPMENT

f

^

S

S

V^
110

110

100

' CONSUMER GOODS
EXCLUDING FOODS

100

1984

1986

1985

i i I III i i i I I I

M I II

I I I M I I I II I

90

1987

1989

1988

IIM IIIII I 1 M 1 i M II

1991

1990

90

1992

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[1982 = 100; monthly data seasonally adjusted]
Intermediate materials

Finished goods
Total
finished
consumer
goods

Total

Nondurable

Capital
equipment

100.5
101.1
101.7
93.3
94.9
97.3
103.8
111.5
115.0
117.3
116.2
115.8
114.9
115.2
115.6
116.4
117.5
118.4
118.1
117.6
118.4
119.3
118.6
117.9

102.8
105.2
107.5
109.7
111.7
114.3
118.8
122.9
126.7
129.1
127.5
127.7
128.3
128.4
128.8
129.1
129.2
129.1
129.2
129.4
129.4
129.2
129.3
129.6

101.3
103.3
103.8
101.4
103.6
106.2
112.1
118.2
120.5
121.6
120.9
120.7
120.2
120.6
120.8
121.1
121.6
122.0
121.9
122.0
122.5
122.7
122.3
122.5

100.6
103.1
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.7
114.0
113.9
113.2
113.7
113.8
114.0
114.5
115.3
115.3
115.4
115.4
115.3
115.1
115.1

Finished goods excluding consumer foods
Period

Total
finished
goods

Consumer
foods

Consumer goods
Total
Total

1983
1984....
1985
1986
1987
1988
1989....
1990
1991 ....
1992 p
1991: Nov
Dec
1992: Jan
Feb
Mar

Apr
May

July
Aue '
Sept
Oct

Dec
1

101.6
103.7
104.7
103.2
105.4
108.0
113.6
119.2
121.7
123.2
122.2
122.1
121.9
122.2
122.4
122.8
123.1
123.4
123.4
123.5
123.9
124.0
123.7
123.9

101.0
105.4
104.6
107.3
109.5
112.6
118.7
124.4
" 124.1
123.2
123.1
123.0
122.5
123.7
123.1
122.7
122.5
122.8
122.5
123.6
123.9
124.0
123.4
124.9

101.8
103.2
104.6
101.9
104.0
106.5
111.8
117.4
120.9
123.1
121.9
121.7
121.6
121.7
122.2
122.7
123.2
123.5
123.5
123.4
123.8
123.9
123.7
123.5

Intermediate materials for food manufacturing and feeds.

22



101.2
102.2
103.3
98.5
100.7
103.1
108.9
115.3
118.7
120.8
119.8
119.5
119.0
119.2
119.6
120.2
120.9
121.4
121.4
121.1
121.6
121.9
121.6
121.2

Durable

102.8
104.5
106.5
108.9
111.5
113.8
117.6
120.4
123.9
125.7
124.6
124.7
125.4
125.2
125.8
125.9
125.8
125.4
125.9
126.2
126.1
125.1
125.6
126.0

Foods
and
feeds l

Other

103.6
105.7
97.3
96.2
99.2
109.5
113.8
113.3
111.1
110.7
112.0
111.9
110.8
112.1
111.6
111.2
111.3
111.8
109.8
109.5
110.2
109.5
110.1
111.3

100.5
103.0
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.9
114.1
114.0
113.3
113.8
114.0
114.1
114.6
115.5
115.6
115.7
115.6
115.6
115.4
115.4

Crude materials

Total

Foodstuffs
and

Other

stuffs

Source: Department of Labor, Bureau of Labor Statistics.

101.3
103.5
95.8
87.7
93.7
96.0
103.1
108.9
101.2
100.3
100.4
98.3
97.3
99.0
97.3
98.3
100.0
101.7
101.5
100.8
102.6
102.5
102.3
101.1

101.8
104.7
94.8
93.2
96.2
106.1
111.2
113.1
105.5
105.1
103.5
102.9
104.8
106.9
105.8
104.5
105.6
106.3
104.4
104.0
104.6
105.2
104.6
105.7

100.7
102.2
96.9
81.6
87.9
85.5
93.4
101.5
94.6
93.4
94.5
91.6
88.8
90.2
88.1
90.5
92.6
94.8
95.8
94.9
97.4
96.7
96.8
94.4

CONSUMER PRICES—ALL URBAN CONSUMERS
In December, the consumer price index for all urban consumers rose 0.1 percent, seasonally adjusted (it fell 0.1
percent not seasonally adjusted). The index was 2.9 percent above its year-earlier level.
ALE)
INDEX, 1 982-84 - 1 00 (RATIO SC
ISO

INDE (, 1 982-84 - 1 00 [RATIO SCALE!
150
SEASONALLY ADJUSTED

140

140

*S°

^^
/I

130

CONSUMER PRICES— AU ITEMS

130

^^~s** ^
120

120

r^1

^

110

110

^-^1
100

100

^
90

90

I

1

80
1984

1986

1985

1987

1986

1989

HIM!

I
H 1 1 l l l l 1 II

80

1991

1990

E£ NOTE ON TABLE BE ow
OURCE: DEPARTMENT 3F U6OR

1992

COUNCIL OF ECONOMIC ADVISERS

[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]

Housing

All items '

Transportation

Shelter
Not
Period

seasonally
adjust-

ed
(NSA)

Hel. imp.3...
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1991:
Dec ...
1992:
Jan ..
Feb
Mar
Apr
May
June.. .
July
Aug
Sept
Oct
Nov..
Dec

Season-

Food

ally
adjust-

Rent-

ers'

Total '
Total

ed

100.0
99.6
103.9
107.6
109.6
113.6
118.3
1240
130.7
136 2
140.3

costs

(Dec.
1982 =
100)

owners'

Maintenance

costs

and

(Dec.
1982 =
100)

repairs

Fuel
and
other
utilities

Apparel and
upkeep

Total '

New
cars

Motor
fuel

Medical
care

Ener-

gy 2

items
less
food

and
energy

(NSA)

16.0
99.4
103.2
105.6
109.0
113.5
118.2
125.1
132.4
136.3
137.9

41.5
99.5
103.6
107.7
110.9
114.2
118.5
123.0
128.5
133.6
137.5

27.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
140.0
146.3
151.2

8.0
103.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
155.6
160.9

19.7
102.5
107.3
113.1
119.4
124.8
131.1
137.3
144.6
150.2
155.3

0.2
99.9
103.7
106.5
107.9
111.8
114.7
118.0
122.2
126.3
128.6

7.3
100.2
104.8
106.5
104.1
103.0
104.4
107.8
111.6
115.3
117.8

6.1
100.2
102.1
105.0
105.9
110.6
115.4
118.6
124.1
128.7
131.9

17.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
120.5
123.8
126.5

4.1
99.9
102.8
106.1
110.6
114.6
116.9
119.2
121.0
125.3
128.4

3.3
99.4
97.9
98.7
77.1
80.2
80.9
88.5
101.2
99.4
99.0

6.7
100.6
106.8
113.5
122.0
130.1
138.6
149.3
162.8
177.0
190.1

7.4
99.9
100.9
101.6
88.2
88.6
89.3
94.3
102.1
102.5
103.0

76.6
99.6
104.6
109.1
113.5
118.2
123.4
129.0
135.5
142.1
147.3

137.9

138.2

137.4

135.4

148.4

157.3

152.7

128.1

116.8

129.6

124.8

126.5

98.5

183.3

102.3

144.7

138.1
138.6
139.3
139.5
139.7
140.2
140.5
140.9
141.3
141.8
142.0
141.9

138.3
138.7
139.4
139.7
139.9
140.3
140.5
140.9
141.2
141.8
142.1
142.2

136.8
137.2
137.9
137.8
137.3
137.5
137.3
138.5
139.1
139.1
139.1
139.4

135.7
136.0
136.5
136.7
136.9
137.5
137.6
137.8
137.9
138.5
138.8
138.9

149.1
149.5
150.0
150.2
150.4
151.1
151.1
151.4
151.4
152.2
152.5
152.7

158.4
158.9
158.5
158.9
159.5
160.4
160.2
160.5
161.3
162.0
162.0
161.9

153.2
153.6
154.5
154.6
154.7
155.3
155.5
155.7
155.5
156.4
156.7
157.2

128.0
128.3
128.4
128.0
128.1
128.5
128.8
128.1
128.5
129.4
129.5
129.3

116.4
115.9
116.4
116.9
117.1
117.5
117.9
118.5
118.6
119.0
119.8
119.5

130.0
131.9
132.7
131.8
132.3
132.0
131.8
131.8
132.1
132.5
132.6
131.4

124.4
124.2
125.1
125.7
126.1
126.7
127.3
127.2
127.2
128.0
128.6
128.5

126.6
126.7
127.2
127.8
128.0
128.5
128.6
129.1
129.6
129.3
129.5
129.4

96.3
95.7
96.6
96.8
97.9
101.0
101.7
100.4
99.8
100.4
101.0
100.3

184.5
186.0
187.0
188.0
189.0
189.8
190.8
191.6
192.6
193.8
194.6
195.5

100.8
99.9
100.5
100.9
101.5
103.5
103.8
103.6
103.6
104.1
104.9
104.3

145.1
145.7
146.4
146.8
147.1
147.4
147.7
148.0
148.3
149.0
149.4
149.5

' Includes items not shown separately.
Household fuels— gas (piped), electricity, fuel oil, etc.— and motor fuel. Motor oil, coolant, etc.
also included through 1982.
Relative importance, December 1991.




All

Home-

NOTE.— Data beginning 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with figures for earlier periods
Data beginning 1987 and 1988 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.

23

CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]

Period

Change from preceding period

Change from 3 months earlier, annual rate

Change from 6 months earlier, annual rate

Consumer goods

Consumer goods

Consumer goods

Total
finished

goods

Foods

Total
finished
goods

Capital
equipment

Excluding foods

Excluding
foods

Foods

Capital
equipment

Total
finished
goods

Capital
equipment

Excluding
foods

Foods

Change
from
year
earlier,
total
finished
goods
NSA

Change, Dec. to Dec., NSA

1983
1984
1985
1986.
1987
1988
1989
1990 ..
1991
1992'

0.6
1.7
1.8
-2.3
2.2
4.0
4.9
5.7
1
1.6

,

2.3
3.5
.6
2.8
2
5.7
5.2
2.6
15
1.5

1.6
2.1
1.0
-1.4
2.1
2.5
5.2
4.9
2.1
1.2

2.0
1.8
2.7
2.1
1.3
3.6
3.8
3.4
2.5
1.6

09

.8
2.1
-6.6
4.1
3.1
5.3
8.7
-.7
1.6

Change, month to month
1991- Dec
1992- Jan
Feb
Mar

-0.1
™ 2
.2
.2
.3
.2
.2
0
.1
.3
.1
2
[2

May
T }
July

Sept '
Oet
Nov '
Dec

03
-.4
.2
.3
.5
.6
.4
0
2
.4
.2
-.2
-.3

-0.1
4
1.0
5
-.3
2
.2
2
.9
.2
.1
-.5
1.2

0.2
.5
.1
.3
.2
.1

10
-2.6
2.0
.3
.7
-3.8
10
f
3.6
3.6
5.0
-.6
3.3

1.0

-.7
0
1.0
3.0
3.0
3.3
2.0
1.3
1.6
2.0
.6
0

-1

.1
.2
0
-.2
.1
.2

1.7
-2.0
-3.0
.3
4.1
5.8
6.2
4.1
.7
.7
1.7
1.7
13

1.9
3.2
2.9
3.5
2.5
2.5
.9
.3
.6
.9
0
-.3
.6

2.9
2.2
1.5
1.0
1.0
1.8
3.2
4.1
3.2
3.4
2.8
1.2
3

-2.7
-2.4
.5
-.3
— 1.0
-1.0
-.3
0
-.2
1.3
2.1
1.5
3.4

1.2
1.2
1.2
1.0
1.1
1.5
2.1
2.5
2.1
2.5
2.0
1.0
.8

1.6
2.4
2.4
2.7
2.8
2.7
2.2
1.4
1.6
.9
.2
.2
,8

~_ 1

-.4
.6
1.1
1.1
1.1
1.6
1.7
1.6
1.6
1.7
1.3
1.6

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 l

Food

Total1

Total1

Homeowners'
costs

Renters'
costs

Fuel
and
other
utilities

Appare!
and
upkeep

New
ears

Total1

Motor
fuel

Medical
care

Energy2

All
items
less
food
and
energy

Addendum: AH items, percent change
(annual rate)'
Prom
previous
quarter 0

From
3
months
earlier

From

e

months
earlier

From
year
earlier
NSA

Change, December to December, NSA

1983
1984.
1985
1986
1987.
1988
1989.
1990
1991
1992

3.8
3.9
3.8
1.1
4.4
4.4
4.6
6.1
3.1
2.9

2.7
3.8
2.6
3.8
3.5
5.2
5.6
5.3
1.9
1.5

3.5
4.3
4.3
1.7
3.7
4.0
3.9
4,5
3.4
2.6

4.7
5.2
6.0
4.6
4.8
4.5
4.9
5.2
3.9
2.9

5.1
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.2
2.8

4.5
5.1
5.9
4.6
5.3
4.7
5.1
4.7
3.7
2.9

1991: Dec
1992: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

0.2
.1
.3
.5
.2
.1
.3
.1
.3
.2
.4
.2
.1

0.3
— .4
.3
.5
1

0.3
.2
.2
.4
.1
.1
.4
.1
.1
.1
.4
.2
.1

0.3
.5
.3
.3
.1
.1
.5
0
.2
0
.5
.2
,1

0.4
.7
.3
-.3
.3
.4
.6

0.4
.3
.3
.6
.1
.1
.4
.1
.1
-.1
.6
.2
.3

1.8
4.2
1.8
56

1.6
2.9
3.2
4.0
2.9
2.3

2.9
2.0
2.8
,9
4.8
4.7
1.0
5.1
3.4
1.4

3.9
3.1
2.6
59

6.1
3.0
4.0
10.4
-1.5
3.0

3.4
17
2.5 — 2.4
3.4
3.1
5.9 307
1.8 18.7
2.1 -2.1
2.3
6.8
1.4 36.5
3.3 -16.0
2.3
1.8

6.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
7.9
6.6

-0.5
.2
1.8
-19.7
8.2
.5
5.1
18.1
-7.4
2.0

4.8
4.7
4.3
3.8
4.2
4.7
4.4
5.2
4.4
3.3

0.2
.1
.1
.4
.5
.2
.4
.1
.4
.4
2
.2
t

0.7
.7
.8
.5
.5
.5
.4
.5
.4
.5
.6
.4
.5

0.1
-1.5
-.8
.6
.4
.6
2.0
.3
-.2
0
.5
.8
-.6

0.2
.3
.4
.5
.3
.2
.2
.2
.2
2
^5
.3
.1

3.2
4.3
3.6
1.9
3.6
4.1
4.8
5.4
4.2
3.0

Change, month to month

1

4
.1
I

.9
.4
0
0
.2

1

.2
.5
.4
0
— .1

0
___ Q

A

.4
.4
.2
.3
.3
.5
.1
.3
.7
-.3

-1.1
.3
1.5
.6
7

.4
-.2
™- 9
0
.2
.3
.1
-.9

Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.™ snd motor fuel- Motor oil, eoolaRt, etc.,
lao included through 1982.

24



0.2
g
-.2
.7
.5
.3
.5
.5
-.1
0
.6
.5
-.1
3

0.3
-2.2
-.6
.9
.2
1.1
3.2
.7
-1.3
-.6
.6
.6
-.7

3,6

2.9
3.5
2.6
3.2

Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bareay of Labor Statistics.

3.2

3.1

2.6
2.3
3.5
4.1
3.5
2.6
2.3
2.9
2.6
3.8
3.5
2.9

3.1
3.1
3.4
3.4
2.9
3.1
3.2
3.2
2.6
3.0
3.2
2.7

3.1
2.6
2.8
3.2
3.2
3.0
3.1
3.2
3.1
3.0
3.2
3.0
2.9

PRICES RECEIVED AND PAID BY FARMERS
In January, prices received by farmers rose 0.7 percent from their December level. Prices paid by farmers in
January were 0.5 percent above their October level. (Data are not seasonally adjusted.)
INDEX, 1977 = 100 (RATIO SCALE)
200

INDEX, 1977 » 100 (RATIO SCALE)

200

180

180

-V

160

PRICES PAID

140

. PRICES RECEIVED -

120

120

100

60

60
1991

1992

1993

COUNCIl OF ECONOMIC ADVISERS

[1977 = 100; not seasonally adjusted]
Prices paid by farmers

Prices received by farmers
Period

All farm
products

Livestock and
products

Crops

1986 ..
1987
1988
1989
1990
1991
1992

135
142
128
123
127
138
147
149
r
!45
139

128
138
120
107
106
126
134
127
r
!29
121

141
146
136
138
146
150
160
170
161
157

1992: Jan
Feb
Mar
Apr..
J
May
T
June
July
Auer .. ..
Sept
Oct
Nov
Dec

138
142
143
141
141
140
138
139
138
139
r
!36
137

123
128
131
126
123
122
117
117
117
116
115
118

152
156
155
155
157
157
158
160
158
160
r
!56
156

138

117

158

1983
1984 . .
1985

.-.

1993: Jan..
1

Includes items not shown separately.
2
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.




Al! commodities,
services,
interest, taxes,
and wage rates 1

Production
items, interest,
taxes, and wage
rates

161
164
162
159
162
170
178
184
189
191

159
161
156
150
152
160
167
172
175
176

!90
(3)
(3)
191
(3)
(3)
192
(3)
(3)
192
(3)
(3)

174
(3)
(3)
r
!76
(3)
(3)
r
!77
(3)
(3)
176
(3)
(3)

!72
(3)
(3)
174
(3)
(3)
175
(3)
(3)
r
!75
(3)
(3)

193

177

176

r

Production
items

Ratio 2

84
87
79
77
78
81
83
81
77
73

152
155
151
144
148
157
165
171
r
!74
174
r

r

73
75
75
74
74
73
72
72
72
72
71
71
72

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
M2 and M3 declined 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

3,600

3,200

3,200

2,800

2,800

2,400

2,400

2,000

2,000

1,600

1,600

1,200

600

400

1984

1990
COUNClt OF ECONOMIC ADVISERS

[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
L

Debt

Percent change from year or 6
months earlier 2

Ml

M2

M3

Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)

Ml plus overnight
KPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits

M2 plus large
time deposits,
term BPs, term
Eurodollars, and
institution-only
MMMTf balances

521.4
552.5
620.2
724.6
750.0
786.9
794.1
826.1
898.1
1,024.3

2,186.1
2,374.3
2,569.4
2,811.1
2,910.8
3,071.1
3,227.3
3,339.0
3,439.8
3,503.4

2,693.0
2,987.4
3,203.2
3,494.3
3,681.1
3,923.1
4,059.8
r
4,114.9
r
4,171.4
4,176.9

3,154.3
3,528.8
3,830.4
4,134.3
4,339.3
4,677.1
4,890.6
'4,965.5
'4,988.5

5,244.6
6,008.2
6,875.3
7,795.2
8,546.2
9,326.3
10,076.7
10,751.4
11,201.3

9.9
6.0
12.3
16.8
3.5
4.9
.9
4.0
8.7
14.1

12.0
8.6
8.2
9.4
3.5
5.5
5.1
3.5
3.0
1.8

10.3
10.9
7.2
9.1
5.3
6.6
3.5
'1.4
1.4
.1

11.6
14.6
14.4
13.4
9.6
9.1
8.0
6.7
4.2

1991: Nov
Dec

891.4
898.1

3,431.6
3,439.8

r

4,167.1
'4,171.4

'4,989.6
r
4,988.5

11,174.6
11,201.3

9.5
9.5

1.5
1.6

.2
.2

4.3
3.8

1992: Jan
Feb
Mar
Apr
May
June
July

910.4
931.0
939.0
942.8
954.3
951.7
960.5
973.1
988.6
1,007.3
1,019.0
1,024.3

3,447.6
3,474.6
3,475.7
3,471.5
3,473.0
3,464.1
3,461.6
3,471.2
3,481.9
3,497.1
r
3,507.3
3,503.4

r

'4,981.1
' 5,009.5
'5,020.0
'5,012.9
'5,003.5
'5,015.4
'5,007.3
'5,024.8
'5,042.5
5,051.0
"5,073.5

11,237.5
11,288.2
11,345.0
11,397.4
11,443.1
11,490.3
11,527.2
11,564.7
11,596.5
'11,622.0
"11,682.0

11.7
14.9
15.4
14.1
14.1
11.9
11.0
9.0
10.6
13.7
13.6
15.3

2.4
3.8
3.7
3.1
2.4
1.4
.8
2
.4
1.5
2.0
2.3

.8
2.0
1.9
1.0
.6
-.2
.5
-1.1
4
'.3
r
.6
.5

3.8
4.1
4.5
4.7
4.8
5.2
5.2
4.9
4.4
3.9
4.2

Period

1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:

Dec
Dec
Dec
Dec.
Dec
Dec
Dec
Dec
Dec
Dec

Sept
Oct
Nov
Dec

T

1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfmancia) sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate.

26



4,174.2
'4,199.2
'4,191.9
'4,179.2
4,178.7
4,166.7
'4,163.1
'4,176.8
'4,184.0
'4,185.8
'4,192.2
4,176.9

M3 plus
other liquid
assets

Debt of
domestic
nonfinancial
sectors
(monthly
average) *

Ml

NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.

M2

Debt

M3

COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Overnight
repur-

Currency

Period

Demand
deposits

Other
checkable
deposits
(OCDs)

agreements
(RPs),
net,
plus
overnight
Eurodollars >

Money aarket
mutual fund
balam es 2
General
purpose
and
broker/
dealer

Institution
only

deposits,
including
money
market
deposit
accounts
(MMDAs)

Small
denomination
time
deposits 3

Large
denomination
time
deposits 3

NSA

19831984:
198519861987:
19881989:
19901991:
19921991:

146.2
156.1
167.9
1808
197.0
212 3
222.6
246 8
267.3
2925
266.0
267 3
269.4
271 6
271.8
273 6
274.7
276 2
2789
2823
2864
2884
2900
292.5

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
NOT
Dec
1992: Jan
Peb
Mar
May

July
Sept
Oct
NOT
Dee

2385
243.9
2667
3020
2868
2865
279.0
277 1
289.5
3388
287.6
2895
2939
305 1
3096
311 2
315.1
311 0
315 6
3206
327 8
336 2
339 2
3388

131 8
147.2
179 7
235 3
2593
2806
285 1
293 9
333 2
384 3
3297
333 2
3390
3463
349 5
3500
3564
3567
3582
362 2
366 1
3740
381 2
3843

55.6
60.6
735
82 3
84.1
83 2
77.6
74 7
76.2
735
737
762
77 7
T
11 8
746
726
69.2
720
724
75 8
74 1
r
75 1
'748
735

1383
167.1
176 1
2080
221 7
241 9
3163
3489
360.5
347 2
3595
3605
3586
361 7
3583
3559
3567
3553
351 7
3497
344 7
347 6
348 7
347 2

42 7
63.7
65.8
86 1
92.1
91 0
107.2
133 7
179.1
194 3
173.6
179 1
182.4
1882
185.3
1892
194.8
199 7
207 7
217 2
217 2
2056
203 5
1943

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

6840
704.2
8144
940 1
937.0
9262
891.2
920 7
1,042.6
1 186 8
1,028.7
1 042 6
1 061.2
1 083 9
10980
1 111 2
1 122 4
1 127 0
1 134 4
1 1456
1 1596
1 171 6
T
1 181 7
1 1868

7808
884.9
881 7
8548
917.5
1 032 9
1 148.5
1 168 7
1,063.0
873 2
1,079.2
1 0630
10429
1 019 8
1 002.8
985 3
9687
956 2
942 4
9280
915 2
8988
r
8843
873 2

324.8
415.6
436.1
4395
489.1
541 2
559.3
494.9
437.1
365.7
442.3
437 1
427.9
4207
413.0
4057
400.9
3953
3885
3846
3800
3732
r
368 8
3657

Term
repurchase
agreements
(RPs)

Term
Eurodollars
(net)

NSA

NSA

49.9
57.6
62.4
806
106.0
121 8
99.1
896
70.5
792
73.3
705
70.5
71 7
73.3
725
73.4
736
72 5
733
75 1
77 3
r
!9 5
79 2

91 5
82.9
765
83 8
91.0
105 7
79.5
68 7
r
57.6
498
r
61.7
r
57 6
'55.7
r
56 1
r
580
r
549
52 8
51 8
r
51 0
r
51 4
r
495
r
49 3
r
500
49 8

Shortterm
Treasury
securities

Bankers'
acceptances

Commercial
paper

71.1
74.2
79.5
91 8
100.6
1094
117.5
1260
137.9

211 9
260.9
298.2
279 8
252.8
2688
324.4
331 3
316.1

45.0
45.4
42.0
37 1
44.3
39.8
40.1
34.0
23.3

1332
160.8
2075
231 2
260.5
336 1
348.6
359 3
339.7

137.1
1379
138.9
140 1
141.2

322.9
316 1
310.0
319 9
327.7
'3280
r
329.9
r
3350
r
3263
r
327 1
r
3243
r
323 2
'3320

24.5
23.3
23.2
22.9
22.2
21.6
22.0
22.0
21 7
20.9
204
r
20.5
P
196

337.9
339 7
334.8
327 5
337.0
341 7
329.4
347 1
3503
352 4
3644
r
3695
p
375 0

Savings
bonds

1424
143.5
1446
1459

1475
1495
152.0
"154 7

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 1; millions of dollars; seasonally adjusted, except as noted by NSA]
Borrowings of depository
institutions from the Federal
Reserve (NSA)

Adjusted for changes in reserve requirements
Reserves of depository institutions
Period
Total

1983:
19841985:
1986:
19871988:
19891990:
1991:
19921991:
1992-

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Jan
Feb
Mar
May

July
Sept
Oct
NOT '
Dec
1

.

..

25,367
26,878
31,485
39,003
38,934
40,468
40,558
41,832
45,601
54,479
45,601
46,186
47,746
48,476
49,001
49,494
49,234
49,489
50 322
51,346
53,143
54,069
54,479

Data are prorated averages of biweekly (maintenance period) averages of daily figures.




Nonborrowed

24,593
23,692
30,167
38,179
38,157
38,752
40,293
41,506
45,409
54,355
45,409
45,953
47,668
48,385
48,911
49,339
49,005
49,205
50,071
51,058
53,000
53,965
54,355

Nonborrowed plus
extended
credit
24,595
26,296
30,666
38,482
38,640
39,996
40,313
41,529
45,410
54,356
45,410
45,954
47,670
48,386
48,913
49,339
49,005
49,205
50,071
51,058
53,000
53,965
54,356

Required

24,806
26,023
30,448
37,635
37,888
39,420
39,636
40,167
44,623
53,325
44,623
45,183
46,681
47,447
47,863
48,494
48,321
48,524
49,387
50,352
52,069
53,027
53,325

Monetary
base

175,467
187,248
203,601
223,732
239,967
256,973
267,772
293,287
317,254
350,778
317,254
319,695
323,411
324,512
326,500
328,584
329,642
332,255
336,865
341,545
' 345,610
348,107
350,778

Total

774
3,186
1,318
827
777
1,716
265
326
192
124
192
233
77
91
90
155
229
284
251
287
143
104
124

Seasonal

96
113
56
38
93
130
84
76
38
18
38
17
22
32
47
98
149
203
223
193
114
40
18

Extended
credit

2
2,604
499
303
483
1,244
20
23
1
1
1
1
2
2
2
0
0
0
0
0
0
0
1

Source: Board of Governors of the Federal Reserve System.

27

BANK LOANS AND SECURITIES
Total commercial bank loans and leases rose 0.2 percent in December; commercial and industrial loans fell 0.4
percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
3,200
ALL COMMERCIAL BANKS
2,800

BILLIONS OF DOLLARS* (RATIO SCALE]
3,200
2,800

2,400

2,400

2,000

2,000

1,600

1,600
LOANS AND LEASES

1,200

1,200

800

U.S. GOVERNMENT SECURITIES
400

400

OTHER SECURITIES
200

200

160

160

120

I
1984

I I I I II

I I I I I I I I I II

1985

I
1989

1988

120

I IIIII IIIII
1990
COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, seasonally adjusted '

All commercial banks
Loans and leases
Period

1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
1992:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Jan
Feb
Mar
Apr
May
June ....
July '....

Aug r....
Sept r...
Ocf
Nov
Dec

Total
loans and
securities 2

U.S.
Government
securities

Other
securities

Total

1,552.2
1,722.2
1,909.5
2,093.2
2,238.5
2,422.8
2,590.8
2,730.8
2,838.7
2,944.9
2,852.0
2,854.8
2,863.1
2,877.5
2,877.6
2,883.7
2,884.4
2,898.6
2,914.4
2,923.8
2,935.7
2,944.9

259.2
260.2
270.8
310.0
335.8
363.5
398.2
454.1
562.6
661.3
566.2
571.2
579.5
592.3
601.7
r
611.7
619.5
634.1
639.0
645.4
652.8
661.3

169.1
140.9
179.0
193.9
193.6
192.4
181.7
177.9
179.4
176.1
179.7
180.5
178.1
178.5
177.1
' 175.5
177.8
178.1
178.2
179.7
178.7
176.1

1,123.9
1,321.1
1,459.8
1,589.4
1,709.1
1,866.9
2,010.9
2,098.8
2,096.6
2,107.5
2,106.1
2,103.1
2,105.5
2,106.7
2,098.8
2,096.5
2,087.1
2,086.4
2,097.2
2,098.7
2,104.1
2,107.5

2

Commercial
and
industrial

Real
estate

Individual

414.2
473.1
500.2
537.0
567.1
606.8
640.2
643.2
618.0
602.9
617.3
613.2
610.9
609.2
607.3
T
604.6
602.7
601.0
603.4
602.6
605.3
602.9

331.0
376.2
425.8
494.0
586.9
670.1
759.5
843.3
873.1
889.8
873.5
877.5
879.4
881.4
882.6
881.3
879.1
879.2
883.1
886.7
889.1
889.8

212.9
253.8
294.7
315.3
328.3
354.5
374.8
379.6
363.5
354.8
363.1
363.6
362.2
360.7
358.9
359.1
358.7
357.3
356.6
355.1
354.6
354.8

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
comparable with data for earlier periods, largely because beginning January 1984 certain obligations
of States and political subdivisions are included in loans rather than in other securities.

28



Security

Nonbank
financial
institutions

Agricultural

State
and
political
subdivisions

28.0
34.4
43.0
40.3
34.8
41.2
41.5
44.7
54.5
66.0
59.4
57.1
60.4
64.9
61.6
63.9
60.7
62.5
66.1
65.7
64.4
66.0

30.4
31.3
32.4
35.0
32.0
32.3
34.3
35.7
40.6
45.0
40.8
42.6
43.7
42.7
43.0
r
42.0
40.8
41.7
44.3
44.3
45.2
45.0

39.2
40.1
36.1
31.5
29.4
28.7
29.8
32.0
34.0
34.6
33.7
33.5
34.3
34.4
34.3
34.8
34.9
35.3
35.4
35.0
34.7
34.6

0.0
46.0
56.7
58.5
52.4
45.1
40.0
33.9
29.1
24.9
28.0
28.1
28.0
27.7
27.2
26.8
26.3
26.0
26.0
25.5
25.2
24.9

Foreign
banks

13.4
11.6
9.9
10.3
7.8
7.7
8.2
7.5
7.4
6.9
7.2
6.7
6.5
6.5
6.9
7.5
7.8
7.1
8.0
7.2
6.8
6.9

2
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.

Foreign
official
institutions

Lease
financing
receivables

Other

9.4
8.4
6.3
6.3
5.7
5.0
3.5
2.8
2.4
2.5
2.3
2.1
2.1
2.0
2.0
2.0
2.1
2.1
2.1
2.1
2.5
2.5

13.7
16.0
19.0
22.4
24.6
29.3
31.8
32.8
31.7
30.5
31.5
31.6
31.5
31.6
31.7
r
31.8
30.8
30.7
30.8
30.6
30.5
30.5

31.8
30.2
35.6
38.8
40.1
46.2
47.1
43.3
42.4
49.4
49.2
47.1
46.5
45.6
43.3
r
42.5
43.2
43.4
41.7
43.8
45.8
49.4

SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses

Sources
External
Period
Total

Credit market funds

Internal l
Total
Total

1983
1984
1985

1986
1987
1988
1989
1990
1991
1991: I

n....
in
IV

1992- I

...

n
m"

Other 2

Total

Capital
expenditures 3

Increase in
financial
assets

Discrepancy
(sources less
uses)

Securities
and
mortgages

Loans and
short-term
paper

44.6

50.9
58.8
55.4
49.4
97.1
115.1
82.9
80.5
8.8

420.5
502.3
457.8
502.4
473.4
554.2
512.2
482.4
427.6

300.1
398.5
374.9
351.9
365.1
394.4
406.0
395.1
363.9

120.4
103.8
83.0
150.4
108.4
159.8
106.2
87.3
63.7

2.8
-9.2
7.9
13.5
67.3
34.4
20.0
29.0
16.5

423.3
493.1
465.7
515.9
540.7
588.7
532.2
511.4
444.2

292.3
336.3
351.9
336.7
375.9
404.3
399.9
407.5
416.5

131.0
156.8
113.9
179.2
164.8
184.4
132.3
103.9
27.6

80.1
98.0
58.5
129.8
67.6
69.3
49.4
23.4
18.8

1.9
64.6
32.8
67
-34.2
11 5
87.5

35.5
105.5
56.6
65.2
34.9
76.0
83.7
34.9
-68.7

366.2
476.3
490.4
443.7

417.5
418.9
407.0
422.8

-51.3
57.4
83.4
20.9

8.0
39.2
28.7
-.7

71.8
111.9
78.6
87.7

-63.8
-72.7
49 9
-88.4

-59.3
18.2
54.8
21.6

345.0
436.9
489.7
439.0

353.5
351.3
371.5
379.2

-8.6
85.5
118.2
59.8

21.3
39.4
.7
4.7

542.0
568.7
553.1

439.1
442.2
463.3

102.9
126.5
89.8

103.7
71.2
48.4

109.7
103.2
48.7

-6.0
-32.0
-.4

8
55.4
41.4

523.8
566.2
530.6

354.1
390.8
399.0

169.6
175.3
131.6

18.2
2.6
22.5

7 5

1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
2
Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment in

the U.S.
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.

CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Period

Total

1983:
1984:
1985:
1986:
1987:
1988:
1989:
19901991:

Net change in installment credit outstanding 1

Installment credit outstanding (end of period)
Automobile

Revolving

Other

2

Total

Automobile

Revolving

Other 2

Dee..
Dec
Dec .
Dee
Dec .
Dec 3
Dec .
Dec
Dec .

368,966
442,602
517,659
572,006
608,675
662,553
716,825
735,338
727,799

143,560
173,564
210,238
247,772
266,295
285,364
292,002
284,993
263,003

79,088
100,280
121,758
135,825
153,064
174,269
199,308
222,950
242,785

146,318
168,758
185,664
188,408
189,316
202,921
225,515
227,395
222,012

43,161
73,636
75,057
54,347
36,669
53,878
(4)
18,513
7 539

17,615
30,004
36,674
37,534
18,523
19,069
(4)
7 009
-21,990

12,634
21,192
21,478
14,067
17,239
21,205
(4)
23,642
19,835

12,912
22,440
16,906
2,744
908
13,605
(4)
1,880
-5,383

1991: Nov ..
Dec .

727,960
727,799

262,383
263,003

242,573
242,785

223,004
222,012

1 265
-161

-2,037
620

1,137
212

-365
-992

1992:

728,618
728,395
727,404
723,821
722,928
722,919
721,820
720,664
722,104
722,668
723,890

263,134
261,659
262,125
260,376
259,834
257,339
257,743
256,944
257,384
257,101
257,809

244,288
245,974
245,259
245,905
246,220
247,418
247,332
248,043
250,017
250,485
250,585

221,196
220,762
220,020
217,541
216,874
218,162
216,744
215,677
214,703
215,082
215,496

819
-223
990
-3,583
-893
10
-1,099
1 156
1,440
564
1,221

131
-1,475
466
1 749
-542
-2,495
404
-799
440
-283
708

1,503
1,686
-714
646
316
1,197
-86
711
1,974
468
100

-816
434
-742
2 479
-667
1,288
1,418
-1,068
974
379
413

Jan .
Feb
Mar .

MayJune
July
Aue .
Sept
Oct r.
Nov*>

1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
2
Outstanding loans for mobile homes, education, boats, trailers, vacations, etc.
3
Data newly available in January 1989 result in breaks in many series between December 1988




and subsequent months.
4
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.

29

INTEREST RATES AND BOND YIELDS
Interest rates fell in January.
PERCENT PER ANNUM

PERCENT PER ANNUM

14

14

SOURCE: SEE TABLE BEIOW

COUNCIl Of ECONOMIC ADVISERS

[Percent per annum]
U.S. Treasury security yields
Period

1983
1984
1985

1986
1987
1988
1989
1990 .
1991
1992 .
1991: Dec
1992- Jan
Feb
Mar
Apr
June
July

1993'
Week
1992:
1993:

Sept
Oct
Nov
Dec
Jan
ended:
Dec 26
Jan 2
9
16
23
30

3-month bills
(new issues) *

Constant maturities2
3-year

10-year

High-grade
municipal
bonds
(Standard3 &
Poor's)




Prime
commercial
paper, 1
6 months

Discount rate
(N.Y. F.R.
Bank) 4

Prime rate
charged4by
banks

8.63
9.58
7.48
5.98
5.82
6.69
8.12
7.51
5.42
3.45
4.12
3.84
3.84
4.05
3.81
3.66
3.70
3.28
3.14
2.97
2.84
3.14
3.25
3.06

10.45
11.89
9.64
7.06
7.68
8.26
8.55
8.26
6.82
5.30
5.39
5.40
5.72
6.18
5.93
5.81
5.60
4.91
4.72
4.42
4.64
5.14
5.21
4.93

11.10
12.44
10.62
7.68
8.39
8.85
8.49
8.55
7.86
7.01
7.09
7.03
7.34
7.54
7.48
7.39
7.26
6.84
6.59
6.42
6.59
6.87
6.77
6.60

9.47
10.15
9.18
7.38
7.73
7.76
7.24
7.25
6.89
6.41
6.63
6.41
6.67
6.69
6.64
6.57
6.50
6.12
6.08
6.24
C
6.43
6.35
6.24
6.18

12.04
12.71
11.37
9.02
9.38
9.71
9.26
9.32
8.77
8.14
8.31
8.20
8.29
8.35
8.33
8.28
8.22
8.07
7.95
7.92
7.99
8.10
7.98
7.91

8.89
10.16
8.01
6.39
6.85
7.68
8.80
7.95
5.85
3.80
4.49
4.06
4.13
4.38
4.13
3.97
3.99
3.53
3.44
3.26
3.33
3.67
3.70
3.35

8.50
8.80
7.69
6.33
5.66
6.20
6.93
6.98
5.45
3.25
4.50-3.50
3.50-3.50
3.50-3.50
3.50-3.50
3.50-3.50
3.50-3.50
3.50-3.50
3.50-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00

10.79
12.04
9.93
8.33
8.21
9.32
10.87
10.01
8.46
6.25
7.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00

3.16
3.22
3.15
3.07
3.03
2.98

5.14
5.13
5.06
4.98
4.91
4.78

6.68
6.70
6.67
6.68
6.59
6.46

6.20
6.20
6.18
6.22
6.18
6.14

7.93
7.90
7.92
7.96
7.90
7.84

3.63
3.57
3.44
3.36
3.32
3.29

3.00-3.00
3.00-3.00
3.00-3.00
3 00 300
3.00-3.00
3.00-3.00

6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00

1
Bank-discount basis.
2
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)

New-home
mortgage
yields
OTHFB)5

12.57
12.38
11.55
10.17
9.31
9.19
10.13
10.05
9.32
8.24
8.53
8.49
8.65
8.51
8.58
8.59
8.43
8.00
8.00
7.93
7.90
8.07
7.88

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 were mixed in January.
IND! X, DEC

31, 1 965=50 (RATIO SCALE)

260
240
220

-<•

200

S~~^-/\

180

f^/\

^-/X

y

160
140

^

/~~~

-^^

^

r

\

\

INDEX, DEC. 31, 1965=50 (RATIO SC:ALEI
260
240
r-^_s^—~S
220

'

200

f

180

^^

160

'OSITE STOCK =RICE INDE)
(NYSE)

140
120

120
/ _/\/

100

100

80

80

60 _LL 1 1 1 UN II II
1985
PER(

11111 M1 1

1986

1 II

1 1 1 11

1987

1 1

1 III

1 1 1 11

1 l l 1 1 II II 1 1

II II 1

1

III

1991

1990

1989

1988

1 1

1

1 1111

:ENT

PERC ENT
20
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)

15

\
^

"

5

60

1993

1992

>
1

**— •-

i

1

1985

1986

i

1
1987

^

_-XI

10
^^
»..

1

1

1

_

1

1
1989

1988

1

I

1

1

1

SOURCES: NEW YORK STOCK EXCHANGE AN D STANDARD & POOR S CORPORATION

COUNCIL OF ECONOMIC ADVISERS

Common stock prices l
New York Stock Exchange indexes (Dec. 31, 1965 = 50)
Industrial

Transportation

Utility

Common stock yields
(percent) 5

2

Period
Composite

0
1993

1992

1991

1990

5

"

Finance

Dow-Jones
industrial
average 3

Standard &
Poor's
composite
index
(194143 = 10)4

Dividendprice ratio

1983
1984
1985
1986....
1987
1988
1989
1990
1991
1992

92.63
92.46
108.09
136.00
161.70
149.91
180.02
183.46
206.38
229.01

107.45
108.01
123.79
155.85
195.31
180.95
216.23
225.78
258.14
284.62

89.36
85.63
104.11
119.87
140.39
134.12
175.28
158.62
173.99
201.09

47.00
46.44
56.75
71.36
74.30
71.77
87.43
90.60
92.66
99.46

95.34
89.28
114.21
147.20
146.48
127.26
151.88
133.26
150.82
179.26

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
3,284.29

160.41
160.46
186.84
236.34
286.83
265.79
322.84
334.59
376.18
415.74

4.40
4.64
4.25
3.49
3.08
3.64
3.45
3.61
3.24
2.99

1992: Jan
Feb
Mar

201.55
205.53
204.07
201.28
207.93
202.02
198.36
191.31
191.61
192.30
204.78
212.35

99.31
96.18
94.16
94.92
98.26
97.23
101.18
103.41
102.26
101.62
101.13
103.85

174.50
174.08
173.49
171.10
175.90
174.82
181.00
180.47
178.27
181.36
189.27
196.87

3,227.06
3,257.27
3,247.42
3,294.08
3,376.79
3,337.79
3,329.41
3,307.45
3,293.92
3,198.70
3,238.49
3,303.15

416.08
412.56
407.36
407.41
414.81
408.27
415.05
417.93
418.48
412.50
422.84
435.64

2.90
2.94
3.01
3.02
2.99
3.06
3.00
2.97
3.00
3.07
2.98
2.90

221.00

105.52

203.38

3,277.72

435.23

2.88

214.69
215.27
218.37
222.37
221.64
221.62

106.03
105.06
104.47
105.09
106.16
106.35

199.29
200.46
199.27
200.78
205.97
207.50

3,318.34
3,316.58
3,288.58
3,265.99
3,256.54
3,299.76

439.95
437.92
432.80
433.62
435.39
439.10

2.86
2.87
2.89
2.90
2.90
2.83

DfC

229.34
228.12
225.21
224.55
228.61
224.68
228.17
230.07
230.13
226.97
232.84
239.47

1993: Jan

239.67

286.62
286.09
282.36
281.60
285.25
279.54
281.90
284.44
285.76
279.70
287.30
294.86
292.11

Week ended:
1992: Dec 26
1993: Jan 2
9
16
23
30

241.41
240.76
238.35
238.50
239.82
242.01

296.29
295.31
291.66
291.00
291.25
294.51

May•>
T

July
Aug
Sept ..
Oct
Nov

1
Average
2
Includes
3
Includes
4

,

of daily closing prices.
all the stocks (more than 1,500) listed on the NYSE.
30 stocks.
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-




Earningsprice ratio

8.03
10.02
8.12
6.09
5.48
8.01
7.41
6.47
4.81

4.01
4.18
4.32

price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.

31

FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 3 months of fiscal 1993, there was a deficit of $120.5 billion, compared with a deficit of $83.8 billion
a year earlier.
BILUONS OF DOUARS

BILUONS OF DOUARS
1,600

1,600

RECEIPTS AND OUTLAYS-!

1,500

1,500

1,400

1,400

1,300

1,300

OUTLAYS-!

1,200

1,200

1,100

1,100

1,000

1,000
900

900
RECEIPTS-!

800

800

700

700

600

600

0

0

-100

-100

^^—-""

-200

"

-300
-400

^-""-^.^

A
\^1984

\

i
1985

-200

^—•——-—__
i

1986

i
1987

i
1988

i
1989

i
1990

i
1991

-300

i
1992

/\

-400

1993 V

FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]

Receipts

1976
1977

1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992 r.
1993 (estimates)
Cumulative total, first 3
months: *
Fiscal year 1992
Fiscal year 1993

Outlays

Surplus
or deficit
(-)




Outlays

Eeceipts

Outlays

Surplus
or deficit
(-)

Total

Held by
the public

72 7
-74.0
120 1
-208.0
-185.7

69.6
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8

-3.2
39
-4.3
-2.0
-1.1
-5.0
79
.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

769.6
806.8
810.1
861.4
r
932.3
r
1,027.6
1,082.1
1,129.5
1,208.1

-221.7
2380
-169.3
1940
'- 205.2
'- 278.0
-321.7
-340.3
-379.9

186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
319.4

176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.8

9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
52.6

1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,599.0
4,002.7
4,410.5

1,499.4
1,736.2
1,888.1
2,050.3
2,189.3
2,410.4
2,687.9
2,998.6
3,309.7

285.8
303.9

-97.5
-107.9

66.6
69.3

53.0
81.8

13.7
-12.5

3,736.3
4,115.8

2,776.3
3,080.3

371.8
409.2
458.7
503.5
590.9
678.2
745.8
808.4
851.8

-73.7
53 7
-59.2
40 2
-73.8
-79.0
1280
-207.8
1854

231.7
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4

302.2
328.5
369.1
403.5
476.6
543.1
594.4
661.3
686.0

734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,091.6
1,147.6

946.4
990.3
1,003.9
1,064.1
' 1,143.2
r
1,252.7
1,323.8
1,381.8
1,474.9

-212.3
-221.2
149 8
-155.2
T
- 152.5
r
221 4
-269.5
-290.2
-327.3

547.9
568.9
640.7
667.5
727.0
749.7
760.4
789.2
828.2

254.9
265.2

338.7
385.7

83 8
-120.5

188.3
195.9
atives for

Surplus
or deficit
(-)

66.4
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1

298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5

1
Data from Monthly Treasury Statement.
NOTE.—Data (except as noted) are from Budget Baselines, Historical Data, and Alt<

32

Receipts

Gross Federal debt
(end of period)

Off-budget

On-budget

Total
Fiscal year or period

-70.5
-49.8
-54.9
-38.2

the Future, January 1993, and are on a cash basis.
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 1993, receipts were $10.3 billion higher than a year earlier and outlays were $47.0
billion higher.
BILLIONS OF DCH1ARS
600

BILLK)NS Of DOLLARS
600

RECEIPTS ^

INDIVIDUAL INCOME TAXES
\

500

500

\
400

400

\

300
200

CORPORATION
INCOME TAXES
\

OTHER RECEIPTS

300

SOCIAL INSURANCE
TAXES AND P'XrRIBUTIQNS

200
100

100

1

0

1

1

1

1

1

1

1

1

0
1,300

1,300

OUTLAYS ^
1,200

1,200

1,100

1,100

1,000

1,000

NONDEFENSE
\

900

\

^'

900

_-

800

800

700

700

„. — '

""

600

600

500

500
400

NATIONAL DEFENSE

400

\

300

300
200

,

j

____,

" 1984

j

1985

1986

~
1987

,
1988

1

1
1990

1989

1
1991

1
1992

N 200
1993 ^

FISCAL YEARS
•^INCLUDES ON^UDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OFTHETREASURYAND OFFICE OF MANAGEMENT AND BUDGET

COUNOL OF ECONOMIC ADVISEK

[Billions of dollars]
On-budget and off-budget outlays

On-budget and off-budget receipts

Corporation
income
taxes

298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5

131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4

41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9

90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4

734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,091.6
1,147.6

334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.5
510.4

61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
105.5

265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
435.8

254.9
265.2

114.0
121.6

23.7
26.5

90.9
94.4

Total

1976

1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992 '.
1993 (estimates)
Cumulative total, first 3 months: 1
Fiscal year 1992
Fiscal year 1993
1

Social
insurance
taxes

Individual
income
taxes

Fiscal year

National defense
Other

Health

and

209.9
227.4

87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9

6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9

15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4

252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
289.3

245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
275.9

16.2
14.2
11.6
10.5
9.6
13.8
15.9
16.1
18.7

33.5
35.9
40.0
44.5
48.4
57.7
71.2
89.6
105.0

73.9
78.0

70.6
74.8

5.0
7.3

21.8
23.6

Total

contributions

34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8

371.8
409.2
458.7
503.5
590.9
678.2
745.8
808.4
851.8

946.4
73.0
990.3
73.1
1,003.9
74.3
1,064.1
78.9
82.3 r 1,143.2
90.9 ' 1,252.7
1,323.8
92.3
1,381.8
101.2
1,474.9
95.9

26.3
22.7

Data from Monthly Treasury Statement.

NOTE.—Data (except as noted) are from Budget Baselines, Historical Data, and Alternativ




International
affairs

Total

338.7
385.7

89.6
97.2
104.5
116.3
134.0
157.5
185.3

Department of
Defense,
military

Other

ty

Net
interest

60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7

73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2

26.7
29.9
35.5
42.6
52.5
68.8
85.0
89.8
111.1

82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6

65.8 128.2
119.8
70.2
75.1 123.3
78.9 129.3
85.0 136.0
98.1 r 147.0
104.5 ' 170.3
119.0 198.1
207.4
132.8

188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.5
304.7

131.8
129.5
136.0 142.1
125.9
138.7
151.8 139.4
169.3 r 158.8
184.2 ' 203.9
194.5 ' 225.1
173.7
199.4
202.8 214.2

Medicare

15.8
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5

29.0
31.1

Income
securi-

Social
securi-

ty

45.4
51.2

68.5
97.4

49.7
49.2

45.5
47.9

the Future, January 1993, and are on a cash basis.
Sources: Department of the Treasury and Office of Management and Budget.

33

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 1992, according to advance estimates. Federal expenditures rose $16.1 billion (annual
rate); receipts data are incomplete.
BILUOt-45 OF DOLLARS
1,600

BltUONSOFLXDUARS
1,600

SEASONAUY AQIUS7ED ANNUA1 RATES

^ ... -"

1,400

1,400
-

'~ p''~'

f
1,200

1,200
.

— — ^ *"
S~~

1,000

1,000
^

* """

-

• ^-

^—

~"

—

"
-

^ _,

•*- "\
\

800

''

^

~

800

RECEIPTS

"^

-

'

600

600
-

-

-

-

-

-

400

400

200

200

SURPU S OR DEFICIT I-)

0

0
-\

t

-400

1

1982

1

s~

-v^

1 1 1
1983

1

1

1

1984

1

1

1

1985

1

s—

„

-200

—

1 1 1

1 I
1986

~

1987

1

1

1

1988

1

1

1

1989

1

1

1

1990

1

1

1

1

1

1

-400

1992

1991

(-JilNDfUnfH S
SOURCE: DEPARTME

COUNCIL OF ECONOMIC ADVISER.

4T Of COMMERCE

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government expenditures

Federal Government receipts

Period
Total

Fiscal year:
1989
1990
1991
Calendar year:
1988
1989
1990
1991
1992 "
1982: IV
1983: IV
1984- TV
1985: IV
1986: IV
1987: IV
1988: IV. ...
1989- IV
1990: IV
1991- I
II

Ill
IV

1992: I
II

in

Personal
tax and
nontax
receipts

Corporate
profits
tax
accruals

Indirect
business
tax and
nontax
accruals

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

1,050.1
1,089.6
1,114.9

456.9
473.2
472.1

119.2
113.8
104.4

62.2
63.8
74.8

411.8
438.7
463.5

1,164.5
1,249.5
1,310.9

399.4
417.6
447.1

461.1
504.5
510.7

115.8
128.3
146.9

160.5
175.1
183.1

27.6
23.9
23.1

0.0
.0
-.0

— 114.3
-159.9
-196.1

972.3
1,059.3
1,107.4
1,122.2
1,160.0
632.3
671.1
739.8
803.6
856.8
943.5
1,000.6
1,068.3
1,113.3
1,114.6
1,117.3
1,127.7
1,129.4
1,143.3
1,149.8
1,155.4

410.1
461.9
482.6
473.4
474.0
301.6
290.5
323.5
351.8
371.7
414.8
420.0
470.1
482.5
474.7
473.1
473.4
472.2
468.4
464.2
475.5
487.9

111.0
117.1
113.9
102.5
115.2
45.5
65.4
67.0
77.0
91.4
109.7
118.5
111.3
111.7
100.3
101.6
104.9
103.3
112.2
118.3
108.2

60.9
61.9
66.0
78.2
81.3
49.2
55.4
58.2
56.8
54.8
59.5
61.4
62.2
68.5
77.3
76.3
78.3
80.8
79.2
79.8
81.3
85.0

390.4
418.5
444.9
468.2
489.4
235.9
259.8
291.1
318.0
338.8
359.4
400.7
424.7
450.6
462.2
466.3
471.1
473.2
483.5
487.4
490.4
496.3

1,109.0
1,181.6
1,273.6
1,332.7
1,455.2
815.7
855.7
926.6
990.8
1,034.3
1,096.3
1,135.5
1,209.8
1,307.9
1,264.4
1,329.4
1,348.7
1,388.1
1,432.5
1,452.7
1,459.8
1,475.9

387.0
401.6
426.4
447.3
449.1
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
438.3
451.3
449.9
447.2
440.8
445.0
444.8
455.2
451.5

436.3
471.5
513.3
521.9
621.5
346.0
351.1
360.1
383.8
404.2
419.7
444.5
488.8
525.5
461.6
514.8
545.5
565.9
609.8
619.5
622.6
634.1

111.3
118.2
132.3
153.3
171.9
84.3
86.9
97.7
104.5
103.8
102.9
113.0
121.9
137.6
144.3
151.9
153.4
163.6
165.1
174.1
174.0
174.3

146.0
164.8
176.6
186.9
186.5
86.8
99.2
122.3
129.2
131.1
143.1
151.2
168.9
174.8
182.7
188.1
186.8
190.1
186.8
187.5
187.8
183.7

28.4
25.5
25.1
23.1
26.3
17.3
28.8
22.2
16.4
22.1
37.8
34.9
25.0
32.0
24.8
24.4
15.7
27.7
25.7
26.9
20.2
32.3

.0
.0
.1
-.1
.0
.0
.0
.6
.0
.0
-.2
.0
.0
.2
.2
-.4
.0
.0
.0
.0
.0
.0

-136.6
-122.3
-166.2
-210.4
-295.3
-183.4
-184.6
-186.8
-187.2
-177.5
-152.7
-134.9
-141.5
-194.6
- 149.9
-212.2
-221.0
-258.7
-289.2
-302.9
-304.4

IV

Source: Department of Commerce, Bureau of Economic Analysi

34



INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84=100; NSA)

Industrial production (1987=100; seasonally adjusted)
Period

United
States

1983

1984
1985
1986
1987
1988
1989
1990
1991
1992 "
1991:

Sept

Oct
Nov
Dec

1992: Jan
Feb
Mar

Japan

France

Germany

84.9
92.8
94.4
95.3
100.0
105.4
108.1
109.2
107.1
108 7

81.2
91.0
96.1
95.4
100.0
105.3
104.9
100.5
96.4

85.5
93.4
96.8
96.6
100.0
109.3
115.9
121.4
124.1

96.5
97.1
97.2
98.0
100.0
104.6
108.8
110.9
11.1.2

90.9
93.5
97.7
99.6
100.0
103.9
108.8
114.5
118.0

88.9
91.8
92.9
96.2
100.0
105.9
109.2
109.4
107.1

108.4
108.4
108.1
107.4

97.6
97.1
96.7
95.3

124.2
123.5
123.6
122.2

109.8
111.2
110.2
109.1

117.5
117.4
117.9
113.4

107.9
105.8
111.6
104.7

119.2
120.3
118.5
117.6
117.7
116.0
115.7

108.5
111.0
110.7
104.5
109.3
107.1
107.8
102.7
102.3

106.6
107.2
107.6
108.1
108.9
108.5
109.4
109.1
' 108.9
'r 109.7
l!0 1
1105

May
July
" 3
Sept

Oct
Nov
p

Dec .
1

Canada

121.5 r 110.3
120.6 ' 109.9
96.6
117.7
109.4
96.8
117.6 111.1
96.5
115.6
109.3
96.5
118.1 ' 109.9
96.1
119.0
109.7
r
97.9 114.4
109.7
r
r
97.9 119.7
l!0.1
97.8 ' 116.6 r 110.9
114.6
105.9
r

95.6

96.5

Italy

'115.6
r
l!5.6

112.8
111.3

United
States 1

Canada

Japan

France

Germany

89.6
89.7
94.6
96.9
100.0
103.6
104.0
103.4
100.4

99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
136.2
140.3

100.4
104.8

108.9
113.4
118.4
123.2
129.3
135.5
143.1
146.4

99.8
102.1
104.1
104.8
104.9
105.7
108.0
111.4
115.0

100.3
108.0
114.3
117.2
121.1
124.4
128.9
133.2
137.2
141.0

100.3
102.7
104.8
104.7
104.9
106.3
109.2
112.1
116.0

100.8
111.5
121.1
128.5
134.4
141.1
150.4
159.6
' 169.8
178.9

99.8
104.8
111.1
114.9
119.7
125.6
135.4
148.2
156.9
162.7

100.3
100.8
100.5
100.1

137.2
137.4
137.8
137.9

143.7
143.4
144.0
143.4

115.1
116.4
116.6
116.0

138.0
138.6
138.9
139.1

117.0
117.4
117.9
118.0

171.0
172.3
173.5
174.0

158.1
158.7
159.3
159.4

r
99.1
' 100.4
99.4

138.1
138.6
139.3
139.5
139.7
140.2
140.5
140.9
141.3
141.8
142.0
141.9

144.0
144.1
144.6
144.6
144.9
145.2
145.6
145.6
145.5
145.7
146.4
146.4

115.8
115.7
116.3
117.5
117.6
117.5
116.6
116.9
117.5
117.6
117.4

139.4
139.8
140.2
140.5
140.9
141.0
141.4
141.5
141.5
' 141.9
141.9
141.9

118.5
119.2
119.7
120.0
120.5
120.7
120.7
120.9
121.2
121.7
122.3

175.4
175.9
176.6
177.3
178.3
178.9
179.1
179.2
179.8
180.9
182.0
182.3

159.3
160.1
160.6
163.1
163.7
163.7
163.1
163.2
163.8
164.4
164.1
163.6

T

r
r
r

99.9
98.9
98.9

99.9

r
99.8
'100.2

101.2

Dl41.9ata relate to all urban consumers.

United
Kingdom

United
Kingdom

Italy

Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration, Office of Trade and Economic Analysis).

U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
Merchandise exports (f.a.s. value) l

General merchandise imports (customs value) 3

Principal end-use commodity category
Period

•

1983
1984

1991:

Dec
1992:

Jan
Feb
Mar... .
May
July
Sept
Oct r.
Nov

Consumer
goods
(nonfood)
except
automotive

Other 2

13.4
13.3
12.6
14.2
17.7
23.1
36.4
43.3
45.9

20.5
24.0
27.3
35.9
34.6
43.4
17.2
20.7
23.7

Other

40.8

53.5
66.8
78.2
85.2
87.7
86.1
87.3
84.9

44.9
60.0
68.3
79.4
88.7
95.9
102.9
105.7
108.0

6.3
7.8
9.4
10.4
12.1
12.8
13.6
16.1
15.9

269.9
346.4
352.5
382.3
424.4
459.5
493.2

56.7
61.7
58.5
57.3
66.7
85.1
99.3
104.4
109.7

73.9
75.8
86.2
109.2
138.8
152.7
166.7

16.8
20.6
22.9
21.7
24.6
29.3
34.8
37.4
40.0

37.3
36.1

3.2
3.3

8.9
8.9

15.4
14.3

3.6
3.3

4.1
3.8

2.1
2.3

41.4
41.7

2.2
2.3

10.8
10.8

9.9
10.3

7.2
7.2

9.8
9.8

1.4
1.3

35.5
37.7
37.1
36.4
35.7
38.2
37.8
35.8
37.9
39.1
38.0

3.1
3.6
3,3
3.5
3.0
3.1
3.5
3.3
3.7
3.7
3.4

9.3
8.9
8.8
8.8
8.9
9.3
9.6
8.7
9.1
9.6
9.0

13.9
15.3
14.9
14.3
13.9
15.3
14.5
14.0
15.0
15.2
14.6

3.2
3.6
3.9
4.0
3.8
4.0
3.9
3.7
3.8
3.8
4.4

3.9
4.1
4.0
3.9
4.0
4.2
4.3
4.1
4.5
4.6
4.5

2.0
2.1
2.3
2.0
2.1
2.2
2.0
2.1
2.0
2.2
2.1

41.3
41.0
42.7
43.5
42.9
45.0
45.1
44.8
46.5
46.3
45.6

2.3
2.2
2.3
2.4
2.2
2.6
2.5
2.3
2.3
2.3
2.2

10.6
10.4
10.7
11.3
11.4
12.0
12.0
11.8
12.0
12.4
11.9

10.3
10.3
10.7
10.8
10.8
11.2
11.3
11.5
11.7
11.8
11.5

7.3
7.1
7.5
7.7
7.3
7.4
7.4
7.6
7.8
7.6
7.9

9.5
9.6
9.9
9.8
9.8
10.2
10.5
10.3
11.2
10.7
10.4

1.3
1.5
1.6
1.4
1.3
1.5
1.5
1.3
1.4
1.5
1.7

67.2
72.0

1
Includes Department of Defense Military Assistance Program grant-aid shipments.
2
Includes undocumented exports to Canada througb 1988.
3
Total arrivals of imported goods other than intransit shipments.
4

Total includes revisions not reflected in detail.




Consumer
goods
(nonfood)
except
automotive

30.9
31.5
24.0
22.3
24.3
32.3
37.2
35.1
35.7

Capital
goods
except
automotive

Total

4
4

258.0
330.7
336.5
365,4
406.2
441.0
473.2
495.3
487.1

Foods
feeds,
and
beverages

Industrial
supplies
and
materials

Capital
goods
except
automotive

18.2
21.0
21.9
24.4
24.8
24.8
25.1
26.6
26.5

107.0
123.7
113.9
101.3
111.0
118.3
132.3
143.2
131.0

40.9
59.8
65.1
71.8
84.5
101.4
113.3
116.4
120.7

General
merchandise
imports
(c.i.f.
value)

Automotive
vehicles,
parts,
and
en~

Foods,
feeds,
and
beverages

Total 2

205.6
224.0
218.8
5
227.2
254.1
322.4
363.8
393.6
421.7
Nov...

Automotive
vehicles,
parts,
and
engines

Industrial
supplies
and
materials

5

1985
1986.
1987
1988
1989
1990
1991

Trade balance

Principal end-use commodity category
Exports
(f.a.s) less
imports
(customs
value)

Exports
(f.a.s)
less
imports
(c.i.f.)

508.4

-52.4
-106.7
— 117.7
-138.3
-152.1
-118.5
- 109.4
-101.7
-65.4

-64.2
-122.4
-133.6
-155.1
-170.3
-137.1
-129.4
-123.4
-86.6

43.1
43.4

— 4.1
-5.6

-5.8
-7.4

43.1
42.6
44.5
45.3
44.6
46.7
46.9
46.6
48.3
48.1
47.4

-5.8
-3.3
-5.6
-7.1
-7.2
-6.8
-7.3
-9.0
-8.6
-7.2
-7.6

-7.6
-5.0
-7.4
-8.9
-8.9
-8.5
-9.1
-10.8
-10.4
-9.0
-9.4

517.0

5
Total exports are on a revised statistical month basis; end-use categories are on a ;
month basis.
NOTE.—Data shown include trade of the U.S. Virgin Islands.

Source: Department of Commerce, Bureau of the Census.

35

U.S. INTERNATIONAL TRANSACTIONS
In the third quarter of 1992, the merchandise trade deficit rose to $26.5 billion, from $24.6 billion in the second
quarter. The current account deficit fell to $14.2 billion from $17.8 billion in the second quarter.
BILLIONS OF DOLLARS*

BILLIONS OF DOLLARS

15

15

-30
-35 -40
-45
1992

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)]
Merchandise l 2

Net balance

Net
military
transactions 3 *

Net
travel and
transportation
receipts

Other
services,
net

Receipts
on U.S.
assets
abroad

Payments
on foreign
assets in
U.S.

Period
Exports

Imports

Investment income

Services

Net

Balance on
goods,
services,
and income

Unilateral
transfers,
net 4

Balance
on current
account

5,030
16,732 -11,702
32,903
5,632 -17,075 -11,443
29,788
31,915 -25,882 -17,741 -43,623
30,843 -78,212 -20,612 -98,824
23,235 -98,771 -22,950 -121,721
15,378 -123,354 -24,176 -147,529
10,945 -140,421 -23,052 -163,474
12,466 -101,787 -24,869 -126,656
75537 -25,606 -101,143
14,366
19,287 -57,511 -32,916 -90,428
-3,682
8,028
16,429 -11,710

237,044
211,157
201,799
219,926
215,915
223,344
250,208
320,230
361,697
388,705
415,962

-265,067
-247,642
-268,901
-332,418
-338,088
-368,425
-409,765
-447,189
-477,365
-497,558
-489,398

-28,023
-36,485
67 102
-112,492
-122,173
145 081
- 159,557
126 959
-115,668
108 853
-73,436

-844
112
-563
-2,547
-4,390
5 181
-3,812
6354
-6,838
7818
-5,524

144
992
-4,227
-8,293
9 709
-7,324
-6,398
-1,370
5,851
10,142
17,118

12,552
13,209
14,095
14,277
14,266
18,855
18,400
20,430
26,752
29,730
33,701

86,529
86,200
85,614
100,415
91,110
88,998
96,574
119,456
140,692
143,547
125,315

-53,626
56 412
-53,700
-69,572
-67,875
-73,620
85 629
- 106,991
-126,326
-124,261
- 108,886

94,981
96,654
96,544
100,526

-122,360
-121,461
-125,434
-128,303

27 379
-24,807
-28,890
-27,777

-1,873
-1,627
-1,692
-2,627

2,093
2,073
2,120
3,855

6,984
7,237
7,461
8,051

35,004
34,586
35,137
38,821

-30,676
-31,386
-30,913
-31,289

4,328
3,200
4,224
7,532

1991- I

100,636
103,324
104,151
107,851

-118,962
-119,721
-124,325
-126,390

18 326 -2,564
-16,397 - 1,427
0,94
-20,174
-539
- 18,539

3,755
3,929
4,358
5,080

8,164
8,280
8,660
8,596

35,498
31,215
29,904
28,698

-28,533
-27,284
-26,828
-26,240

6,965
3,931
3,076
2,458

-2,006
-1,684
-5,075
-2,945

14,199
4,115
-6,012
-4,273

12,193
2,431
-11,087
-7,218

1992- I

107,946
107,464
110,812

-125,168
-132,022
-137,350

-17,222
-24,558
-26,538

-625
-623
-548

4,401
4,216
4,024

10,067
9,045
12,149

28,499
28,452
27,756

-24,025
-26,522
-24,205

4,474
1,930
3,551

1,096
-9,990
-7,362

-6,999
-7,812
-6,876

-5,903
- 17,802
-14,238

1981
1982
1983

1984
1985
1986
1987
1988
1989
1990
1991
1990- I

n
m
IV

n
in
rv
np
m ....

1
2
3

Excludes military.
Adjusted from Census data for differences in timing and coverage.
Quarterly data are not seasonally adjusted.

36



4

- 15,847 -6,538
-13,924 -7,401
-16,777 -7,201
-10,966 -11,778

Includes transfers of goods and services under U.S. military grant programs.

See p. 37 for continuation of table.

-22,385
-21,325
-23,978
-22,744

U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $0.4 billion in the third quarter
of 1992, following a decrease of $10.9 billion in the second quarter. U.S. liabilities to private foreigners reported
by U.S. banks, excluding Treasury securities, rose $19.9 billion in the third quarter, following a decrease of $0.6
billion in the second quarter.
BILLIONS OF DOLLARS*

BILLIONS OF DOLLARS*

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
1986
1987
1988
1989
1990
1991 ..

-114,147
-122,335
58 856
-29,224
34069
-91,069
-62,402
-92,708
— 114,944
-56,321
-62,220

U.S.
official
reserve
assets 3 5

Other U.S.
Government
assets

Foreign assets in the U.S., net
[increase /capital inflow (-{-)]
U.S.
private
assets

Total

Foreign
official
assets 3

Other
foreign
assets

Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)

1,093

Total (sum
of the items
with sign
reversed)

Of which:
Seasonal
adjustment
discrepancy

U.S. official
reserve
assets, net 5
(unadjusted,
end of
period)

30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,721

24,992
41,359
19,099
26,038
24,825
15,407
—4,096
-126
2,394
47,370
-1,078

m

42,141
-30,682
-30,964
-36,816

5 175
-4,965
1 196
-3,131
3 858
312
9,149
3 912
25 293
2*158
5,763
-3,177
371
1,739
-1,091

n
m ....

-640
-7,050
-10,368
-44,158

-353
1,014
3,877
1,225

1,073
-420
3,180
-437

-1,360
-7,644
17 426
— 44,947

-7,840
2,959
22,933
48,929

5,650
-4,178
4,115
12,819

- 13,490
7,137
18,818
36,110

-3,713
1,660
-1,478
2,447

4,636
883
-6,137
613

78,002
74,940
74,731
77,721

1992: I
-4,250
II
37
Ill "... -20,157

-1,057
1,464
1,952

38
-277
385

3 155
-1,150
21 724

18,563
47,415
17,286

21,192
20,895
-7,738

-2,629
26,520
25,024

-8,410
-29,650
17,109

4,023
410
-7,680

74,657
77,092
78,527

1990: I
II

1991:

IV
I
IV

-5,097 -103,875
111 239
— 6,131
-5,006 -52,654
20 605
-5,489
97 391
2 891
-2,022 -89,360
72 556
1,006
2,967 -91,762
1,271
90 922
2,304 -56,467
3,397
71 379

83,032
92,418
83,380
102,010
130,966
223,191
229,972
219,489
213,693
99,379
66,980

4,960
3,593
5,845
3,140
— 1,119
35,648
45,387
39,758
8,489
33,908
18,407

78,072
88,826
77,534
98,870
132,084
187,543
184,585
179,731
205,204
65,471
48,573

-743
-794
337
4,179

46,061
30259
-32,366
-39,903

-30,965
30,853
51,386
48,108

6450
6,134
14,097
20,127

-24,515
24,719
37,289
27,981

11,209
21,154
3,556
11,452

4,489
518
-5,605
600

76,303
77,298
80,024
83,316

5
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve position in the IMF.




Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.

37

Contents
TOTAL OUTPUT, INCOME, AND SPENDING

Page

Gross Domestic Product

1

Gross Domestic Product in 1987 Dollars

2

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

2
3
3
4
4
5
6
7

Corporate Profits

8

Gross Private Domestic Investment in 1987 Dollars
Expenditures for New Plant and Equipment

9
10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector

11
12
13
14
15
15
16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders

17
18
19
19
20
21

PRICES
Producer Prices

22

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

23
24
24
25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields

26
27
27
28
29
29
30
31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis

32
33
34

...

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions

35
35
36

General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
* Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
For sale by the Superintendent of Documents, U.S. Government Printing Office,
Washington, D.C. 20402. Price $2.75 (single copy) ($3.44 foreign).
Subscription price: $30.00 per year; $37.50 for foreign mailing.
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1993 0—63-675