Full text of Economic Indicators : January 1993
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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. 38 U.S. GOVERNMENT PRINTING OFFICE : 1993 0—63-675