Full text of Economic Indicators : January 1994
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103d Congress, 2d Session
Economic Indicators
JANUARY
1994
(Includes data available as of February 9, 1994)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
FEDERAL RESERVE
BANK OF. CHICAGO
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1994
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)
RICHARD K. ARMEY (Texas)
JIM SAXTON (New Jersey)
CHRISTOPHER C. COX (California)
JIM RAMSTAD (Minnesota)
SENATE
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
CHARLES S. ROBB (Virginia)
BYRON L. DORGAN (North Dakota)
BARBARA BOXER (California)
WILLIAM V. ROTH, JR. (Delaware)
CONNIE MACK (Florida)
LARRY E. CRAIG (Idaho)
ROBERT F. BENNETT (Utah)
RICK MC.GAHEY, Executive Director
COUNCIL OF ECONOMIC ADVISERS
LAURA D. TYSON, Chair
ALAN S. BLINDER, Member
JOSEPH E. STIGLITZ, Member
[PUBLIC LAW 120—SlST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts prepared by the Art Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $3.00 a single copy
($3.75 foreign), or by subscription at $33.00 per year ($41.25 for foreign
mailing) from:
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ISBN 0-16-043610-9
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the fourth quarter of 1993, according to advance estimates, current-dollar gross domestic product (GDP) rose
7.4 percent (annual rate), real GDP (GDP in 1987 dollars) rose 5.9 percent, and the implicit price deflator rose 1.3
percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE|
6,800
6,800
SEASONALLY ADJUSTED ANNUAL RATES
6,400
6,400
6,000
^
6,000
L
3,600
^
5,600
GDP
IN CURRENT DOLLARS ^^
*^\
^
5,200
r-c"
4,800
'
_--'
* — — --
5,200
^ s1
\
4,800
^
4,400
^ ^ ""
,.--1
;>-
4,400
GDP
IN 1 987 DOLLARS
4,000
4,000
X**
3,600
3,600
/
3,200
^
3,200
"""
1
2,800
1982
1 1
1983
\
\
1984
\
i
111
i i
1985
1986
I
t I
1987
i
i i
1988
i
i i
1989
i
i i
1990
i
i i
1991
SOURCE: DEPARTMENT OF COMMERCE
i i i
1992
2,800
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1986
1987
1988
1989
1990
1991
1992
1993 "
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991-
Gross
domestic
product
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
n
.m
*IV
1992- I
n
m
IV
1993- I
n
m
IV »
1
4,268.6
4,539.9
4,900.4
5,250.8
5,546.1
5,722.9
6,038.5
6,374.0
3,195.1
3,547.3
3,869.1
4,140.5
4,336.6
4,683.0
5,044.6
5,344.8
5,597.9
5,631.7
5,697.7
5,758.6
5,803.7
5,908.7
5,991.4
6,059.5
6,194.4
6,261.6
6,327.6
6,395.9
6,510.8
Personal
consumption
expenditures
Gross
private
domestic
investment
2,850.6
3,052.2
3,296.1
3,523.1
3,761.2
3,906.4
4,139.9
4,390.6
2,128.7
2,346.8
2,526.4
2,739.8
2,923.1
3,124.6
3,398.2
3,599.1
3,836.6
3,843.6
3,887.8
3,929.8
3,964.1
4,046.5
4,099.9
4,157.1
4,256.2
4,296.2
4,359.9
4,419.1
4,487.4
717.6
749.3
793.6
832.3
808.9
736.9
796.5
892.0
464.2
614.8
722.8
737.0
697.1
800.2
814.8
825.2
756.4
729.1
721.5
744.5
752.4
750.8
799.7
802.2
833.3
874.1
874.1
884.0
935.8
Federal
Net
exports
-132.5
-143.1
-108.0
-79.7
71.4
-19.6
296
-65.7
-29.5
-71.8
-107.1
-135.5
-133.2
-143.2
-106.0
-73.9
-71.6
-34.0
11 5
-19.8
-13.0
-7.0
33 9
-38.8
-38.8
-48.3
65 1
-71.9
-77.7
Exports
Imports
319.2
364.0
444.2
508.0
557.1
601.5
640.5
660.1
265.6
286.2
308.7
304.7
333.9
392.4
467.0
523.8
577.6
576.5
600.7
603.0
625.7
633.7
632.4
641.1
654.7
651.3
660.0
653.2
675.8
451.7
507.1
552.2
587.7
628.5
621.1
670.1
725.8
295.1
358.0
415.7
440.2
467.1
535.6
573.1
597.7
649.2
610.6
612.2
622.8
638.8
640.7
666.3
679.9
693.5
699.6
725.0
725.1
753.5
GDP less exports of goods and services plus imports of goods and services.
Government purchases
Exports and imports of goods
and services
Total
Total
833.0
881.5
918.7
975.2
1,047.4
1,099.3
1,131.8
1,157.1
631.6
657.6
727.0
799.2
849.7
901.4
937.6
994.5
1,076.5
1,093.0
1,099.9
,104.0
,100.2
,118.5
,125.8
,139.1
1,143.8
1,139.7
1,158.6
1,164.8
1,165.3
367.8
384.9
387.0
401.6
426.5
445.9
448.8
443.4
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
450.2
449.4
446.8
437.4
445.5
444.6
452.8
452.4
442.7
447.5
443.6
439.7
National
defense
276.7
292.1
295.6
299.9
314.0
322.5
313.8
303.6
205.5
222.8
242.9
268.6
278.6
295.8
296.8
302.5
322.5
331.4
326.3
321.2
311.2
312.3
310.4
316.7
315.7
304.8
307.6
301.9
300.0
Nondefense
91.1
92.9
91.4
101.7
112.5
123.4
135.0
139.8
75.9
66.9
81.9
88.3
94.5
96.7
95.2
102.6
114.0
118.7
123.0
125.6
126.2
133.1
134.2
136.1
136.7
137.9
140.0
141.7
139.7
State
and
local
465.3
496.6
531.7
573.6
620.9
653.4
683.0
713.7
350.3
367.9
402.2
442.4
476.6
509.0
545.7
589.3
640.0
642.9
650.5
657.3
662.8
673.0
681.2
686.2
691.4
697.0
711.1
721.2
725.6
Source: Department of Commerce, Bureau of Economic Analysis.
Final
sales of
domestic
product
Gross
domestic
purchases *
Addendum:
Gross
national
product
4,260.0
4,513.7
4,884.2
5,217.5
5,539.3
5,731.6
6,031.2
6,357.2
3,241.4
3,527.1
3,818.1
4,107.9
4,355.4
4,623.7
5,027.3
5,314.6
5,621.8
5,651.6
5,720.8
5,759.1
5,794.8
5,913.9
5,978.6
6,049.9
6,182.5
6,227.1
6,314.5
6,388.2
6,499.0
4,401.2
4,683.0
5,008.4
5,330.5
5,617.5
5,742.5
6,068.2
6,439.7
3,224.6
3,619.1
3,976.2
4,276.0
4,469.8
4,826.2
5,150.7
5,418.7
5,669.5
5,665.8
5,709.2
5,778.4
5,816.7
5,915.8
6,025.3
6,098.3
6,233.2
6,309.9
6,392.7
6,467.8
6,588.5
4,277.7
4,544.5
4,908.2
5,266.8
5,567.8
5,737.1
6,045.8
3,222.6
3,578.4
3,890.2
4,156.2
4,340.5
4,690.5
5,054.3
5,365.0
5,630.0
5,656.1
5,710.6
5,766.2
5,815.5
5,927.6
5,996.3
6,067.3
6,191.9
6,262.1
6,327.1
6,402.3
GROSS DOMESTIC PRODUCT IN 1987 DOLLARS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Period
1986
1987
1988
1989
1990
1991
1992
1993 '.
1982: IV
1983: IV .. . .
1984- IV
1985: IV
1986- IV
1987: IV
1988- IV
1989: IV
1990- IV
1991: I
n
m
rv
1992- I
n
m
rv
1993- I
n
m
IV*
1
Gross
domestic
product
4,404.5
4,539.9
4,718.6
4,838.0
4,897.3
4,861.4
4,986.3
5,132.7
3,759.6
4,012.1
4,194.2
4,333.5
4,427.1
4,625.5
4,779.7
4,856.7
4,867.2
4,837.8
4,855.6
4,872.6
4,879.6
4,922.0
4,956.5
4,998.2
5,068.3
5,078.2
5,102.1
5,138.3
5,212.1
Personal
consumption
expenditures
2,969.1
3,052.2
3,162.4
3,223.3
3,272.6
3,258.6
3,341.8
3,452.5
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,242.7
3,256.9
3,267.1
3,267.5
3,302.3
3,316.8
3,350.9
3,397.2
3,403.8
3,432.7
3,469.6
3,503.9
Exports and imports of
goods and services
Government purchases
Federal
Nonresidential
fixed
investment
Residential
bed
investment
Change
in
business
inventories
500.3
497.8
530.8
540.0
546.5
514.5
529.2
591.3
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
521.4
517.8
512.8
506.1
510.5
528.8
533.8
543.7
562.3
584.3
594.8
623.8
226.2
225.2
222.7
214.2
194.5
169.5
197.1
214.2
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
176.3
163.8
164.3
171.0
179.1
186.2
195.6
196.2
210.6
211.4
206.2
212.1
227.2
8.5
26.3
19.9
29.8
5.7
-8.4
6.5
15.4
-44.9
29.3
47.9
30.2
-20.1
59.9
20.9
24.9
209
-17.4
-22.3
-.9
7.1
-5.0
12.6
9.6
8.7
29.3
13.0
6.5
12.7
Net
exports
Exports
329.6
364.0
421.6
471.8
510.5
-19.1 543.4
336 578.0
-79.3
596.4
-19.0 280.4
-83.7
291.5
— 131.4 312.8
-155.4 312.0
-156.0 342.9
- 136.0 386.1
1027 438.2
-67.4
487.7
368 520.4
-21.6 519.4
-13.3 542.9
-25.0
546.9
16.4 564.2
-15.2 571.0
-38.0 570.2
-42.5
579.3
38.8 591.6
59.9 588.0
-75.2
593.2
86.3 591.9
-95.6 612.5
-155.1
-143.1
-104.0
-73.7
547
Imports
Total
484.7
507.1
525.7
545.4
565.1
562.5
611.6
675.7
299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.0
557.2
541.0
556.2
571.9
580.7
586.2
608.2
621.8
630.3
647.9
668.4
678.2
708.1
855.4
881.5
886.8
904.4
932.6
946.3
945.2
938.6
735.9
748.1
784.3
830.5
864.8
893.0
894.5
912.6
942.4
948.9
952.3
947.6
936.2
943.1
940.7
950.2
946.9
931.3
941.1
941.7
940.1
GDP less exports of goods and services plus imports of goods and services.
Total
373.0
384.9
377.3
376.1
384.1
386.5
373.0
355.1
316.0
322.2
341.7
363.7
377.5
391.6
378.4
376.1
386.5
393.8
393.6
386.6
372.1
372.1
369.2
377.0
373.7
357.6
359.4
353.7
349.8
National
defense
Nondefense
280.6
292.1
287.0
281.4
283.6
281.3
261.2
242.7
229.4
242.9
254.3
272.1
282.2
295.0
285.7
281.5
285.7
292.0
288.7
279.4
264.9
261.2
257.9
264.4
261.3
246.0
246.4
240.1
238.2
92.4
92.9
90.2
94.8
100.4
105.3
111.8
112.5
86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.7
100.8
101.8
104.9
107.2
107.2
110.9
111.3
112.5
112.4
111.5
113.0
113.7
111.6
State
and
local
Final
sales of
domestic
product
Gross
domestic
purchases l
Addendum:
Gross
national
product
482.4
496.6
509.6
528.3
548.5
559.7
572.2
583.4
419.9
425.9
442.6
466.7
487.3
501.4
516.1
536.5
555.8
555.1
558.7
561.0
564.1
571.0
571.5
573.2
573.2
573.7
581.6
588.0
590.4
4,395.9
4,513.7
4,698.6
4,808.3
4,891.6
4,869.8
4,979.8
5,117.3
3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565.6
4,758.7
4,831.8
4,888.0
4,855.2
4,878.0
4,873.5
4,872.5
4,926.9
4,943.8
4,988.6
5,059.6
5,048.9
5,089.1
5,131.8
5,199.4
4,559.6
4,683.0
4,822.6
4,911.7
4,951.9
4,880.5
5,019.9
5,211.9
3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,924.1
4,904.0
4,859.4
4,869.0
4,897.6
4,896.0
4,937.1
4,994.5
5,040.7
5,107.1
5,138.1
5,177.4
5,224.6
5,307.7
4,413.5
4,544.5
4,726.3
4,852.7
4,916.5
4,874.5
4,994.0
3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,875.1
4,895.4
4,859.3
4,867.5
4,880.3
4,890.9
4,939.0
4,962.2
5,006.4
5,068.4
5,080.7
5,104.1
5,145.8
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[1987 — 100; quarterly data are seasonally adjusted]
Period
1986
1987
1988
1989
1990
1991
1992
1993 *
1982: IV
1983- IV
1984: IV
1985: IV .
1986: IV
1987: IV
1988- IV
1989: IV
1990- IV
1991- I
n
rn
rv
1992: I
n
m
rv
1993- I
n
m
rv '
Gross
domestic
product
96.9
100.0
103.9
108.5
113.3
117.7
121.1
124.2
85.0
88.4
92.3
95.5
98.0
101.2
105.5
110.1
115.0
116.4
117.3
118.2
118.9
120.0
120.9
121.2
122.2
123.3
124.0
124.5
124.9
Personal consumption
expenditures
Exports and imports of
goods and services
Government purchases
Federal
Total
96.0
100.0
104.2
109.3
114.9
119.9
123.9
127.2
83.8
87.6
90.7
94.6
97.0
101.6
106.1
111.0
117.5
118.5
119.4
120.3
121.3
122.5
123.6
124.1
125.3
126.2
127.0
127.4
128.1
Durable
goods
Nondurable goods
Services
Nonresidential
fixed
Residential fixed
96.9
100.0
102.0
104.2
105.7
107.3
108.9
109.8
90.6
93.3
94.4
95.9
97.8
101.0
103.1
104.9
106.1
106.8
107.1
107.5
107.8
108.4
109.0
109.1
109.1
109.2
109.8
109.9
110.2
96.1
100.0
103.7
109.3
115.9
120.0
122.4
124.1
89.4
91.8
94.2
97.0
96.3
101.5
105.6
110.8
119.2
119.5
119.8
120.1
120.7
121.5
122.1
122.8
123.1
124.1
124.2
123.7
124.4
95.7
100.0
105.1
110.6
116.7
122.8
128.5
133.5
79.0
83.7
87.7
92.9
97.3
101.9
107.1
112.7
119.2
120.8
122.0
123.5
124.9
126.6
128.1
128.5
130.7
131.8
133.1
134.0
135.0
98.4
100.0
102.8
105.2
107.3
108.0
106.9
105.3
95.3
95.0
96.4
97.3
99.2
100.7
104.0
106.0
108.2
108.7
108.3
107.8
107.3
107.1
107.1
106.6
106.6
105.7
106.0
105.1
104.7
95.8
100.0
104.2
107.8
110.7
111.8
113.4
117.8
86.0
88.0
90.7
93.1
97.3
101.5
105.3
108.8
111.1
Source: Department of Commerce, Bureau of Economic Analysis.
Gross private
domestic investment
111.3
111.7
112.5
111.8
112.2
112.8
113.8
114.9
115.8
117.3
118.5
119.3
Exports
96.9
100.0
105.3
107.7
109.1
110.7
110.8
110.7
94.7
98.2
98.7
97.7
97.4
101.6
106.6
107.4
111.0
111.0
110.6
110.2
110.9
111.0
110.9
110.7
110.7
110.8
111.3
110.4
110.3
Imports
93.2
100.0
105.1
107.8
111.2
110.4
109.6
107.4
98.5
95.4
93.6
94.2
93.6
102.6
106.0
107.7
116.5
112.9
110.1
108.9
110.0
109.3
109.6
109.3
110.0
108.0
108.5
106.9
106.4
Total
98.6
100.0
102.6
106.8
111.0
115.4
120.3
124.8
89.0
89.9
95.0
98.1
98.8
100.2
103.6
107.7
112.9
114.3
114.2
115.6
117.5
119.7
120.4
120.1
121.1
123.8
124.5
125.4
125.7
National
defense
98.6
100.0
103.0
106.6
110.7
114.7
120.1
125.1
89.6
91.7
95.5
98.7
98.7
100.3
103.9
107.5
112.9
113.5
113.0
114.9
117.5
119.6
120.3
119.8
120.8
123.9
124.8
125.7
126.0
Nondefense
98.6
100.0
101.4
107.3
112.0
117.2
120.8
124.3
87.7
84.3
93.7
96.4
99.2
100.1
102.6
108.4
113.1
116.7
117.3
117.2
117.8
120.0
120.6
121.0
121.6
123.6
123.9
124.6
125.1
State
and local
96.4
100.0
104.3
108.6
113.2
116.7
119.4
122.3
83.4
86.4
90.9
94.8
97.8
101.5
105.7
109.9
115.2
115.8
116.4
117.2
117.5
117.9
119.2
119.7
120.6
121.5
122.3
122.7
122.9
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]
Personal consumption expenditures
Gross domestic product
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 f
1989- III
IV
1990- I
II
HI
Current
dollars
. ..
.
rv
1991- I
II
Ill
IV
1992' I
II
..
m
rv
1993. i
ii
m
rv •'.
.
11.9
3.9
8.1
10.9
6.9
5.7
6.4
7.9
7.2
5.6
3.2
5.5
5.6
3.8
5.1
9.1
5.9
3.1
1.0
2.4
4.8
4.3
3.2
7.4
5.7
4.6
9.2
4.4
4.3
4.4
7.4
Constant
(1987) dollars
Fixed-weighted
price index
(1987 weights)
Implicit price
deflator
Constant
(1987) dollars
Current
dollar.
Fixed-weighted
price index
(1987 weights)
Implicit price
-3^2
-2.4
1.5
1.4
.6
3.5
2.8
3.4
5.7
10.0
6.2
4.1
4.4
3.7
2.6
3.2
3.9
4.4
4.4
3.9
2.9
2.6
3.8
3.7
5.2
4.4
4.0
4.3
5.0
3.1
3.1
2.4
3.8
3.0
1.0
3.3
3.9
3.4
3.5
2.8
3.1
4.0
4.5
4.6
4.1
3.3
3.1
3.8
3.7
5.8
4.4
4.7
3.8
5.1
3.4
3.4
2.7
4.2
3.4
2.5
3.1
10.2
6.9
9.6
9.0
8.4
6.9
7.1
8.0
6.9
6.8
3.9
6.0
6.1
6.3
5.3
9.2
5.3
8.3
3.7
.7
4.7
4.4
3.5
8.6
5.4
5.7
9.9
1.2
1.1
4.6
4.8
4.4
3.6
2.8
3.6
1.9
1.5
-.4
2.6
3.3
2.9
.8
2.8
.9
2.1
-2.7
-2.8
1.8
1.3
.0
4.3
1.8
4.2
5.6
9.0
5.7
4.9
3.9
3.9
3.1
4.2
4.2
4.9
5.1
4.4
3.3
2.7
3.3
4.4
6.3
4.3
6.1
6.7
3.4
3.1
3.0
3.4
4.0
3.6
1.6
3.9
8.6
5.4
4.3
3.7
3.8
3.0
4.1
4.3
5.0
5.3
4.5
3.7
3.0
3.5
4.4
6.6
4.2
6.3
7.0
3.9
3.2
3.4
3.5
4.5
3.6
3.4
3.1
.8
1.9
2.9
5.9
3.6
2.3
1.6
1.3
4.3
2.8
2.1
2.2
3.8
6.1
5.5
6.3
.8
3.4
4.4
4.0
2.9
2.6
1.3
2.2
3.4
2.9
1.4
2.7
1.8
-2.2
3.9
6.2
3.2
2.9
3.1
3.9
2.5
1.2
-.7
2.6
2.9
0
1.5
3.5
1.5
— 9
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) ]
Gross domestic product
of nonfinancial
corporate business
(billions of dollars)
Period
1986
1987
1988
1989
1990
1991
1992
1982198319841985'
198619871988'
1989199019911992-
1987
Current
dollars
dollars
2,386.3
2,547.3
2,764.8
2,913.5
3,045.5
3,082.1
3,243.4
1,806.3
2,037.2
2,228.2
2,338.8
2,422.8
2,627.6
2,843.2
2,951.5
3,052.5
3,129.5
2,439.3
2,547.3
2,684.8
2,718.9
2,747.4
2,710.0
2,822.3
1,999.6
2,204.2
2,328.4
2,396.9
2,463.3
2,604.0
2,719.0
2,722.7
2,725.0
2,745.0
n
m
3,159.8
3,218.1
3,264.2
3,331.6
2,759.5
2,802.6
2,839.8
2,887.4
n
m
3,331.7
3,395.9
3,432.2
2,867.5
2,916.6
2,948.9
.
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
IV
1993- I
1
Total
cost and
profit »
0.978
1.000
1.030
1.072
1.109
1.137
1.149
.903
.924
.957
.976
.984
1.009
1.046
1.084
.120
.140
.145
.148
.149
.154
1.162
1.164
1.164
Consumption of
fixed
capital
0.111
.110
.111
.117
.120
.126
.125
.119
.119
.111
.110
.112
.110
.112
.120
.123
.125
.125
.124
.129
.122
.124
.123
.124
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.
2
Indirect
business
taxes"
Compensation of
employees
Net
Corporate profits with inventory
valuation and capital consumption
adjustments
interest
Total
0.095
0.648
0.040
0.084
.095
.096
.101
.106
.115
.116
.086
.088
.091
.093
.095
.094
.097
.102
.109
.116
.117
.116
.116
.116
.116
.118
.118
.658
.676
.706
.736
.758
.762
.607
.602
.623
.643
.654
.664
.687
.718
.748
.760
.762
.762
.762
.761
.772
.770
.769
.042
.045
.054
.054
.052
.048
.040
.036
.041
.038
.042
.042
.047
.055
.054
.051
.050
.049
.047
.046
.047
.046
.045
.096
.102
.094
.093
.086
.099
.051
.079
.091
.092
.081
.099
.102
.088
.085
.088
.091
.098
.096
.109
.102
.108
.108
Profits
tax
liability
0.031
.037
.038
.037
.034
.031
.035
.020
.029
.027
.030
.035
.038
.040
.033
.034
.031
.033
.036
.034
.037
.037
.040
.038
Profits
after
tax«
0.053
.059
.064
.057
.059
.056
.064
.030
.050
.064
.063
.045
.060
.063
.055
.052
.056
.059
.062
.062
.072
.065
.068
.070
Output
per hour
of all
employees
(1987
dollars)
Compensation per
hour of
all
employees
(dollars)
22.735
23.129
23.572
23.189
23.446
23.865
24.836
21.070
21.893
22.054
22.347
22.892
23.358
23.524
23.147
23.549
24.246
14.741
15.208
15.833
16.377
17.246
18.087
18.915
12.791
13.187
13.732
14.359
14.975
15.518
16.071
16.618
17.623
18.419
24.394
24.678
25.031
25.310
18.597
18.803
19.062
19.249
25.053
25.296
'25.528
19.353
19.468
'19.626
4
With inventory 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
1987
1988
1989
1990
1991
1992
1993 '.
1982: IV
1983: IV
1984: IV
1985: IV
1986: IV
1987: IV
1988: IV
1989: IV...
1990: IV
1991: III .
IV
1992: I
II
III
IV
1993: I
II.
Ill
IV
1
3,692.3
4,002.6
4,249.5
4,491.0
4,598.3
4,836.6
2,551.5
2,834.3
3,134.4
3,341.9
3,486.0
3,828.8
4,127.6
4,305.2
4,539.2
4,596.9
4,662.6
4,755.4
4,814.6
4,800.8
4,975.8
5,038.9
5,104.0
5,143.2
2,698.7
2,921.3
3,100.2
3,297.6
3,402.4
3,582.0
3,772.1
1,940.4
2,101.2
2,288.1
2,442.5
2,582.5
2,785.1
3,004.9
3,162.8
3,344.2
3,415.8
3,455.4
3,507.8
3,558.1
3,603.6
3,658.6
3,705.1
3,750.6
3,793.9
3,839.0
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
3.2
4.3
13 5
-14.2
12 8
-8.9
13.0
24.1
22.2
24.3
14.0
4.7
6.8
2.8
-21.6
— 11.1
16 3
-11.2
87
-7.2
-18.5
-1.2
7.5
12.7
13.7
17.9
279.0
293.4
307.0
321.4
339.5
370.6
397.1
169.6
193.8
217.7
250.9
260.9
282.6
302.5
311.4
325.1
344.4
350.1
361.2
366.2
371.3
383.6
388.4
392.4
397.6
410.1
31.3
30.9
40.2
41.9
36.8
43.7
45.0
10.2
6.3
21.9
17.8
23.6
42.4
30.9
38.4
43.8
29.8
37.6
45.6
44.9
36.8
47.6
55.7
47.0
24.8
52.4
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
Inventory
valuation
adjustment
Profits
before tax
Total
319.8
365.0
362.8
380.6
369.5
407.2
273.4
320.3
325.4
354.7
367.3
390.1
287.9
347.5
342.9
365.7
362.3
395.4
150.3
229.1
261.3
284.9
264.6
343.3
378.3
354.5
362.8
359.0
378.8
409.9
411.7
367.5
439.5
432.1
458.1
468.5
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
359.0
375.4
399.7
395.7
350.1
414.8
407.0
433.4
444.8
168.6
223.8
220.1
231.8
235.7
311.2
S72.2
334.1
368.9
362.0
373.5
404.3
409.5
357.9
409.9
419.8
445.6
443.8
Capital
consumption
adjustment
14 5
-27.3
-17.5
-11.0
4.9
53
-7.8
86
-7.6
3.5
-3.8
107
-17.8
-S1.7
13 5
-19.5
30
1.9
46
13 7
-7.8
4.9
-12.7
12 2
1.0
-7.2
46.4
44.7
37.4
25.9
2.2
17.1
24.3
-9.6
12.9
37.7
56.9
39.6
49.9
37.9
33.9
13.5
.0
3.5
10.2
16.0
17.4
24.7
25.1
24.7
23.8
23.6
Net
interest
360.4
387.7
452.7
463.7
462.8
442.0
256.8
281.8
321.1
331.9
349.7
368.6
408A
459.8
474.4
464.2
451.9
439.5
440.8
440.1
447.7
450.1
443.2
444.6
Source: Department of Commerce, Bureau of Economic Analysi
PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS
[Billions of 1987 dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Period
1987
1988
1989
1990
1991
1992
1993 *
1982: IV
1983: IV
1984: IV
1985: IV
1986: IV
1987: IV
1988: IV
1989: IV
1990: IV
1991:
I
II
Ill
IV
1992-. I
II
Ill
IV
1993:
I
II
Ill
IV ".. .
1
Total
personal
consumption
expenditures
3,052.2
3,162.4
3,223.3
3,272.6
3,258.6
3,341.8
3,452.5
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,242.7\
3,256.9 \
3,267.1
3,267.5
3,302.3
3,316.8
3,350.9
3,397.2
3,403.8
3,432.7
3,469.6
3,503.9
Total
durable
goods
403.7
428.7
440.7
443.1
426.6
456.6
489.7
272.3
319.1
347.7
369.6
415.7
404.7
439.2
436.8
433.2
420.3
422.0
432.6
431.5
446.6
447.5
459.0
473.4
471.9
484.2
493.1
509.9
Motor
vehicles
and
parts
183.5
194.8
196.4
192.7
170.5
182.3
191.7
123.7
151.6
164.3
173.9
193.6
183.6
197.7
188.3
182.1
169.4
165.9
173.7
173.0
180.6
179.5
180.6
188.6
185.7
191.3
189.9
199.9
Includes other items, not shown separately.
Furniture and
household
equipment
144.0
155.4
165.8
171.6
180.0
194.8
216.3
96.4
109.3
118.7
128.6
141.4
145.9
160.3
167.9
172.3
174.3
180.0
182.7
182.9
188.2
189.8
197.1
204.2
206.5
212.4
219.4
227.0
Services
Nondurable goods
Durable goods
Other
76.2
78.5
78.5
78.7
76.1
79.5
81.7
52.3
58.1
64.8
67.1
80.7
75.2
81.2
80.5
78.8
76.6
76.0
76.2
75.6
11.8
78.2
81.3
80.6
79.7
80.6
83.7
83.0
Total
nondurable goods
1,011.1
1,035.1
1^051.6
1,060.7
1,048.2
1,062.9
1,088.1
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,058.9
1,057.5
1,048.2
1,051.1
1,049.3
1,044.0
1,052.0
1,055.0
1,062.9
1,081.8
1,076.0
1,083.1
1,093.0
1,100.1
Food
500.7
513.4
515.0
523.9
518.7
520.5
531.2
458.3
467.1
475.1
488,2
496.9
502.4
518.0
515.6
525.8
518.7
519.0
518.8
518.2
518.8
515.7
518.2
529.3
526.7
528.6
532.6
536.9
Clothing
and
shoes
174.5
178.9
187.8
186.2
184.7
193.7
199.2
135.7
147.7
154.7
161.7
171.9
174.5
182.8
190.9
184.5
182.9
187.0
185.9
183.1
188.3
191.1
195.4
200.0
194.8
197.8
200.6
203.7
Gasoline
and oil
84.7
86.1
87.3
86.4
83.1
83.9
84.9
73.4
76.9
79.0
79.5
84.6
85.4
87.5
88.6
84.6
82.7
83.7
83.4
82.5
82.1
83.7
84.7
84.4
83.9
84.1
86.2
85.3
Fuel
oil and
coal
12.0
12.0
11.4
10.5
10.7
11.9
13.0
10.5
11.4
11.1
11.4
12.4
11.9
12.0
12.0
9.5
10.3
10.6
11.4
10.6
11.1
12.8
11.7
11.9
12.9
12.6
13.2
13.2
Other
239.1
244.7
250.2
253.8
250.9
252.9
259.8
202.8
212.2
222.9
228.0
235.2
240.4
246.4
251.8
253.1
253.5
250.9
249.8
249.6
251.1
251.7
252.7
256.2
257.7
259.9
260.4
261.1
Total
services '
Housing
1,637.4
1,698.5
1,731.0
1,768.8
1,783.8
1,822.3
1,874.7
1,386.2
1,443.9
1,494.2
1,557.1
1,595.8
1,655.5
1,716.9
1,746.3
1,775.2
1,774.2
1,783.8
1,785.2
1,792.0
1,803.1
1,814.3
1,829.0
1,842.0
1,855.9
1,865.4
1,883.5
1,893.9
452.5
461.8
469.2
474.6
478.6
484.2
492.0
411.0
419.7
431.3
4S8.1
444.8
457.0
465.6
471.3
475.9
476.3
478.1
479.4
480.6
481.1
483.2
485.1
486.7
488.8
490.7
493.3
495.0
Source: Department of Commerce, Bureau of Economic Analysi
Retail sales of newpassenger ears
(millions of units)
Medical
eare
384.7
399.4
408.6
424.6
437.6
449.2
463.2
327.8
334.8
344.9
359.1
372.0
390.7
403.0
411.8
429.4
432.6
435.3
438.8
443.6
445.3
447.9
450.4
453.2
458.0
461.1
465.1
468.6
Domestics
Imports
7.1
7.5
7.1
6.9
3.2
3.1
6.1
6.3
6.7
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
6.6
6.2
6.1
6.2
6.1
6.1
6.3
6.2
6.4
6.4
6.9
6.6
7.1
2.3
2.1
2.0
2.5
2.6
2.6
EA
3.4
3.3
3.0
2.6
2.4
2.2
2.3
2.3
2.2
2.3
2.8
2.6
2.2
2.0
2.0
2.0
2.1
2.0
1.9
SOURCES OF PERSONAL INCOME
Personal income increased $32.8 billion (annual rate) in December following a rise of $30.1 billion in November.
The increases were boosted by retroactive social security benefit payments in December, and by subsidy payments
to farm proprietors in November. Excluding these factors, personal income increased $28.7 billion in December,
and $20.7 billion in November.
BILLIONS OF DOLLARS* (RATIO SCALE]
1 6,000
BILLIONS OF DOLLARS* (RATIO SCALE)
6,000
5,000
5,000
4,000
4,000
3,000
3,000
WAGE AND SALARY DISBURSEMENTS .
2,000
2,000
1,400
1,400
\
OTHER INCOME
800
800
TRANSFER PAYMENTS
\
111 111 i i 111
400
1985
1986
i i i 11 i i i i i i 1 1 i i 1 1 1 i 1 1
i i i i i in
M I I I I I I MI
1989
1988
1987
400
1992
1991
1990
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
persona]
income
Period
3 5904
1986
1987
...
1988
1989
1990
1991
1992
1993"
1992- Dec
1993- Jan
Feb
Mar
Apr
May.
...
July
.
Sept
Oct r
Novr
Dec"
.
. .
3,802.0
40759
43803
46738
48509
5 144.9
5,387.6
55073
5 225.7
5249 1
5,289.2
53656
5,380.4
5 373.6
5,365.1
5 432.3
5,440.6
5,478.8
5,508.9
5541.7
Wage and
salary
disbursements 1
2,105.4
2,261.2
2,443.0
25864
2,745.0
28150
2,973.1
3,080.4
3,263.9
2,970.9
2 976.3
2,975.8
3,068.3
3,093.8
3,086.0
3,101.6
3,124.3
3,120.4
3,137.7
3,147.5
3,162.4
Proprietor
Other labor
income 1 2
2007
210.4
230.5
251 9
274.3
2969
322.7
350.7
333.1
335.8
338.5
341.2
343.9
346.6
349.3
352.0
354.7
357.4
360.1
362.9
365.8
1
The total of wage and salary disbursements and other labor income differs from i;ompei;3atir>ri of
employees (see p. 4) in that it excludes employer contributions for social insurance f<ad 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
income 3
Ncnfarm
223
31.3
30.9
402
41.9
368
43.7
45.0
46.2
36.9
48.2
82.0
59.7
45.2
36.0
10.6
31.1
32.7
42.2
54.7
60.2
4
5
6
261 5
279.0
293.4
307 0
321.4
3395
370.6
397.1
387.8
388.4
388.7
388.2
389.7
392.7
394.8
393.1
399.4
400.4
406 1
410.4
413.6
Less:
income of
persons *
8.7
3.2
4.3
13.5
— 14.2
12.8
-8.9
13.0
— .4
4.9
9.5
8.1
14.3
12.0
11.9
7.1
16.1
17.9
17.8
i79
18.0
dividend
income
104.7
100.4
108.4
1265
144.4
1279
140.4
158.3
155.3
156.7
157.1
157.2
157.5
157.8
158.2
158.6
159.0
159.3
159.4
159.4
159.5
interest
income
531.7
548.1
583.2
6682
698.2
715.6
694.3
695.8
696.6
695.7
695.3
695.2
694.1
693.1
692.0
693.6
695.7
697.8
698.6
699.2
699.8
payments s
517.8
542.2
576.7
6250
687.6
7699
858.4
911.6
880.2
892.4
892.6
898.3
901.7
904.5
910.2
914.3
919.4
921.8
925.2
925.9
932.6
contributions
for social
insurance
162.1
173.6
194.5
211.4
224.9
237.8
249.3
264.3
255.4
256.1
256.9
256.9
263.5
265.3
264.9
265.9
267.4
267.0
2683
269.0
270.2
personal
income 6
3,545 6
3,749.4
4,023 9
4 3180
4,608 6
4 7920
5,080.1
5,320.3
5,440.2
5,167.4
5,179.0
5,185.1
5,283.7
5,312.8
5,315.0
5,332.2
5,378.7
5.385.4
5,413.9
5,431.4
5,458.7
Yv'ith capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
According to advance estimates, per capita disposable personal income in 1987 dollars rose in the fourth quarter
of 1993.
BIlilONSOFDOUARS- (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE)
5,000
2,000
DOLLARS' (RATIOSCALE]
DOLLARS' (RATIO SCALE)
PER CAPITA DISPOSABLE PERSONAL INCOME
18,000
18,000
~ CURRENT DOLLARS
16,000
16,000
14,000
14,000
12,000
12,000
1987 DOLLARS
10,000
10,000
I I I
8,000
I I I
I I I
I
I I
I
I I
8,000
COUNCIL OF ECONOMIC ADVISERS
Period
Personal
income
Less:
Personal
tax and
nontax
payments
V
Disposable
personal
income
Less:
Personal
outlays *
Equals:
Personal
saving
Disposable
personal
income in
1987
dollars
(billions)
Per capita
disposable personal
income
Current
dollars
Billions of dollars
3,289.5
3,548.2
3,787.0
4,050.5
4,230.5
4,500.2
4,706.0
3,147.5
142.0
3,289.5
527.7
593.3
623.3
620.4
644.8
681.6
3,392.5
3,634.9
3,880.6
4,029.0
4,261.5
4,515.7
155.7
152.1
170.0
201.5
238.7
190.3
3,404.3
3,464.9
3,524.5
3,529.0
3,632.5
3,700.5
IV
2,746.8
IV
2,965.8
IV
3,242.5
IV
3,456.7
IV
3,647.8
IV
3,918.5
IV
4,195.2
IV
4,469.4
IV .... 4,759.1
I
4,783.9
n
4,833.4
m ... 4,858.8
IV.... 4,927.5
1992: I
5,017.8
II
5,093.8
HI ... 5,139.8
IV .... 5,328.3
5,254.7
1993: I
5,373.2
n
m ... 5,412.7
IV.. 5,509.8
372.1
371.6
413.4
448.8
478.5
528.6
542.0
605.1
625.2
616.4
616.6
619.7
628.8
630.9
634.6
642.8
670.7
657.1
681.0
689.0
699.1
2,374.7
2,594.3
2,829.1
3,007.9
3,169.3
3,389.9
3,653.2
3,864.3
4,133.9
4,167.5
4,216.8
4,239.1
4,298.8
4,386.9
4,459.2
4,497.0
4,657.6
4,597.5
4,692.2
4,723.7
4,810.7
2,190.9
2,417.9
2,606.5
2,828.7
3,018.2
3,220.1
3,496.7
3,715.5
3,957.7
3,966.0
4,010.7
4,052.3
4,087.0
4,169.4
4,221.3
4,277.3
4,377.9
4,419.7
4,483.6
4,544.0
4,615.5
512.5
Current
dollars
1987
dollars
Dollars
3,802.0
4,075.9
4,380.3
4,673.8
4,850.9
5,144.9
5,387.6
1987
1988
1989
1990
1991
1992
1993 "
1987
dollars
Per capita personal
consumption
expenditures
13,545
14,477
15,307
16,205
16,741
17,615
18,222
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
overseas
(thousands) 2
Percent
13,545
13,890
14,005
14,101
13,965
14,219
14,329
12,568
13,448
14,241
15,048
15,459
16,205
17,001
12,568
12,903
13,029
13,093
12,895
13,081
13,369
—0.1
2.5
.8
.7
— 1.0
1.8
.8
4.2
4.8
5.3
4.0
242,860
245,093
247,397
249,951
252,699
255,472
258,256
12,154
12,591
13,145
13,278
13,522
13,685
13,996
14,015
14,018
13,971
14,000
13,927
13,963
14,073
14,142
14,169
14,490
14,163
14,326
14,341
14,484
9,134
9,980
10,649
11,445
12,101
12,819
13,814
14,491
15,283
15,273
15,409
15,530
15,621
15,906
16,072
16,249
16,589
16,704
16,907
17,088
17,303
10,895
11,390
11,739
12,095
12,472
12,615
13,020
13,053
13,010
12,885
12,908
12,911
12,876
12,981
13,002
13,098
13,241
13,234
13,312
13,416
13,511
-0.5
7.2
1.0
1.8
-1.7
5.2
3.2
1.8
-1.7
-1.3
.8
-2.1
1.0
3.2
2.0
.8
9.4
-8.7
4.7
.4
4.0
7.7
6.8
7.9
6.0
4.8
5.0
4.3
3.9
4.3
4.8
4.9
4.4
4.9
5.0
5.3
4.9
6.0
3.9
4.4
3.8
4.1
233,060
235,146
237,231
239,387
241,550
243,745
246,004
248,372
251,035
251,659
252,312
253,048
253,776
254,392
255,090
255,836
256,569
257,197
257,872
258,612
259,343
4.3
4.4
4.0
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
183.8
176.3
222.6
179.2
151.1
169.8
156.4
148.8
176.2
201.5
206.0
186.8
211.7
217.5
237.9
219.6
279.7
177.9
208.7
179.7
195.2
2,832.6
2,960.6
3,118.5
3,178.7
3,266.2
3,335.8
3,443.1
3,480.9
3,519.0
3,515.9
3,532.5
3,524.2
3,543.4
3,580.1
3,607.5
3,624.8
3,717.6
3,642.6
3,694.4
3,708.7
3,756.4
1
Includes persona! consumption expenditures, interest paid by persons, a,nd personal transfer payments to rest of the world (net).
10,189
11,033
11,925
12,565
13,121
13,907
14,850
15,558
16,467
16,560
16,712
16,752
16,939
17,245
17,481
17,577
18,153
17,876
18,196
18,265
18,549
z
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 1993, according to preliminary estimates, gross farm income fell $15.6 billion (annual rate)
and net farm income fell $17.5 billion.
BILLIONS OF DOLLARS' (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE)
240
y*~ -
.
sv
r*^S
-*
^~^
f^^
.
*•
•* "" • •*•
'
v.
^
240
200
160
\^
120
GRO ;S FARM IN COME
80
, "\
f
X. -*
'\
40
:"'']
1
A
\
l\ I
\ 1
1f
If
1
i ii
1982
1
^'
•^ ^
\
y
\l
\
i\ i '\
\j I
2
^
60
/•- s
/
1 1
1983
s \
\
\
40
*
\
|JCT CAOU iKirnuc
20
I
10
*
i i i
i i i
1984
1985
1
1 1
1986
1
1 1 1
1 1
1987
1
1988
1 1
1989
1
1
i
1990
i i i
1991
•SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT Of AGRICULTURE
1
1 1
1
1992
1 1
1993
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates)
Income of farm operators from fanning
Net farm income
Gross farm income
Period
Cash marketing receipts
Total '
Total
1984
1985
1986
1987
1988
1989
1990
1991
1992
1991- I
n
TTT
IV
1992- I
n
TTT
IV
1993- I rr
n
TTTP
Livestock and
products
Production
expenses
..
168.0
161.2
156.1
168.5
175.8
190.9
196.4
190.3
197.7
142.8
144.1
135.4
141.8
151.2
161.2
170.0
168.7
171.2
72.9
69.8
71.6
76.0
79.4
84.1
89.8
86.8
86.4
69.9
74.3
63.8
65.9
71.7
77.0
80.1
81.9
84.8
6.0
-2.3
-2.2
-2.3
-3.4
4.8
3.4
-.3
3.8
141.9
132.4
125.1
128.8
137.0
144.0
149.9
150.3
149.1
.
190.5
191.2
186.8
192.7
199.6
202.8
197.3
191.3
197.0
203.7
188.1
166.5
166.8
172.2
169.4
89.6
87.6
84.9
85.0
76.9
79.2
87.3
84.4
1.2
.6
.1
-3.1
147.5
149.8
151.7
152.2
167.1
174.2
178.9
164.5
84.2
86.0
85.3
89.9
82.9
88.1
93.6
74.6
4.7
4.3
3.5
2.5
146.3
148.6
150.4
151.0
169.9
180.5
175.4
86.2
92.2
90.7
83.7
88.2
84.7
1
Cash marketing receipts and inventory changes plus Government payments, other farm
income, and nonmoney income furnished by farms.
2
Physical changes in end-o/-year inventory of crop and livestock commodities valued at a'
prices during the year.
Crops
Value of
inventory
changes 2
3
-3.6
-3.4
-2.7
Current
dollars
148.2
150.5
152.4
1987 dollars 3
26.1
28.8
31.1
39.7
38.8
46.9
46.5
40.0
48.6
43.0
41.4
35.2
40.5
53.3
54.2
46.8
40.3
48.8
53.2
35.7
Income in current dollars divided \ty the GDP implicit price deflator.
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Sources: Department of, Agriculture and Department of Commerce.
28.7
30.5
32.0
39.7
37.3
43.2
41.0
34.0
40.2
37.0
35.3
29.8
34.1
44.4
44.8
38.6
33.0
39.5
42.9
28.7
CORPORATE PROFITS
In the third quarter of 1993, corporate profits before tax fell $1.8 billion (annual rate) and profits after tax rose
$2.0 billion.
WLUONSOfDOUARS
450
HUlONSOFDOt1ARS
450
S€ASONAUY ADJUSTED ANNUAL RATES
/•^V
400
v/
- r\ r^HM
,<-'
V
OFITS BEFO
350
300
/*^
250
/
PBOFI FS
[\
400
rA V
-
350
s/^
-
300
AFTER T/
*
s
t
r
r--\
^s
250
V
. ,'
>V
200
/I
200
"**S
f
-—x-/
150
S""'
^•x
•— s
~
100
~
50
•-
,-^''."•'
N,
^_---^
~"\
" ™*
' -*/•
/
_.
s • . ~~
. ••* *
*Nl. —
,t S
s*
%
•'
\
' *\
/ \
t
-
-
%
*
\
ITY
t
150
V
s.. — "~
- \
* * " "
TAX UAB!
<••"*.
• /
I/
%
f
•
\
\/
100
. y
* *
50
• UNDISTRI (UTED PRO
-
:
ITS
«
0
1 1 1
1982
1 1 1
1983
i ii
1984
i i i
1985
0
1
1
1986
1
1
1
i i i
i i i
1
1987
1989
1988
1
1
1
1
1990
1
1
1991
OURCE: DEPARTMENT OF COMMERCE
1 1 1
1992
1 1 1
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment
1
Profits after tax
Domestic industries
Nonfinancial
Period
Total
2
Total
1986
1987
1988
1989
1990
1991 .
1992
1993 p
1982- IV
1983- IV
1984- IV
1985- IV
1986- IV
1987- IV
1988- IV
1989- IV
1990- IV
1991- I
,
II
III
IV
1992- I
II
III
IV
1993- I
II
Ill
IV p
1
2
3
227.6
273.4
320.3
325.4
354.7
367.3
390.1
194.6
233.9
271.2
266.0
286.7
300.4
327.8
377.7
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
364.6
370.1
359.0
375.4
399.7
395.7
350.1
414.8
407.0
433.4
444.8
130.8
182.6
192.9
193.5
192.5
246.3
285.9
254.8
273.8
291.9
303.6
299.3
306.8
328.5
334.2
288.6
360.1
348.0
375.3
382.1
Financial
35.8
36.4
41.8
50.6
65.7
80.7
78.1
98.7
23.0
22.1
20.3
29.0
34.7
39.4
46.1
52.5
66.6
75.9
81.0
84.2
81.6
97.9
87.7
44.6
82.0
92.3
96.4
99.3
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Includes industries not shown separately.
Total
3
158.9
197.5
229.4
215.3
221.1
219.7
249.8
279.0
107.8
160.5
172.6
164.5
157.8
207.0
239.7
202.3
207.2
216.0
222.6
215.1
225.2
230.5
246.5
244.0
278.1
255.7
278.9
282.8
Manufacturing
Wholesale and
retail
trade
59.0
87.0
117.5
108.0
109.1
89.8
115.5
128.5
50.1
90.5
79.2
83.3
63.9
98.7
129.3
94.5
98.5
91.5
89.6
89.3
88.9
98.9
115.7
119.3
128.0
118.9
132.5
126.7
46.3
39.9
37.1
39.7
37.2
47.4
46.3
53.4
33.8
40.7
50.8
39.0
43.1
39.3
39.3
39.2
36.2
46.5
49.6
45.6
47.8
40.0
46.0
41.3
57.7
46.0
55.4
55.1
Profits
before
tax
Tax
liability
Total
217.8
287.9
347.5
342.9
365.7
362.3
395.4
106.5
127.1
137.0
141.3
138.7
129.8
146.3
111.3
160.8
210.5
201.6
227.1
232.5
249.1
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
368.9
356.5
357.4
362.0
373.5
404.3
409.5
357.9
409.9
419.8
445.6
443.8
58.7
82.2
83.8
97.6
116.6
135.2
146.2
134.2
137.0
125.4
128.0
132.5
133.4
147.0
153.0
130.1
155.0
160.9
173.3
169.5
109.9
141.6
136.3
134.2
119.2
176.0
226.0
200.0
231.8
231.1
229.4
229.5
240.1
257.3
256.5
227.8
254.9
258.9
272.3
274.3
Dividends
109.8
106.2
115.3
134.6
153.5
137.4
150.5
169.0
72.5
84.2
83.4
97.4
111.0
106.3
121.0
141.3
153.7
145.9
136.2
133.4
133.9
138.0
146.1
155.2
162.9
167.5
168.5
169.7
170.4
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
Inventory
valuation
adjustment
1.6
54.6
95.2
67.1
73.6
95.2
98.6
37.5
57.4
52.9
36.9
8.2
69.7
105.0
58.7
78.1
85.2
93.2
96.1
106.1
119.3
110.4
72.7
92.0
91.4
103.9
104.6
.
9.7
-14.5
-27.3
17.5
-11.0
4.9
5.3
-7.8
8.6
-7.6
3.5
-3.8
-10.7
17.8
-31.7
13.5
19.5
8.2
12.7
-3.0
1.9
-4.6
-13.7
7.8
4.9
12.7
-12.2
1.0
-7.2
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
According to advance estimates for the fourth quarter of 1993, nonresidential fixed investment in 1987 dollars
rose $29.0 billion (annual rate) and residential investment rose $15.1 billion. There was a $12.7 billion increase in
inventories, following an increase of $6.5 billion in the third quarter.
)LLARS
BILLIONS OF 1 987 DC
BILUOMS OF 1987 DOLLARS
900
900
SEASONALLY ADJUSTED ANNUAL RATES
800
y
700
600
500
400
~x/
•^
^''
r^^r^ ^"
/^>
' ^"s_
n
r\ ^
800
r
700
^/"
GROSS P RIVATE DO MESTIC
VESTMENT
f
^-^^
'" \
VI3ENTIAI
'''
600
s~
500
"~*^ ••» •
NONRESI
FIXED INV ESTMENT
400
RE! IDENTIAl
FIXED NVESTMEN T
300
300
""
^
200
100
•^ . *^
s*
CHANGE IN BUSINESS
INVENTORIES
\
t
""*>
V
200
.
100
,-»
^ '
0
• « *
*
111
-100
i t i
1982
1983
1
1
1985
1984
t
I
I I
1 1 1
i l t
1988
1987
1986
t
l i
1989
111
1990
1
t
i i i
1
1991
1 t
1992
1
-100
1993
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Gross
private
domestic
investment
Period
1986
1987
1988
1989
1990
1991
1992
1993 *
1982: IV
1983: IV ..
1984: IV
1985: IV
1986- IV
1987: IV
1988- IV
1989: IV
1990: IV
1991: I
II
Ill
IV
1992: I
II
III
IV
1993: I
II
Ill
IV.
.
. .
.
.
.
. . .
.
Source: Department of Commerce, Bureau of Economic Analysis.
735.1
749.3
773.4
784.0
746.8
675.7
732.9
820.9
503.5
669.5
756.4
763.1
705.9
793.8
785.0
769.5
695.7
667.8
659.8
682.8
692.3
691.7
737.0
739.6
763.0
803.0
803.6
813.4
863.6
Nonresidential
Total
Total
726.5
723.0
753.4
754.2
741.1
684.1
726.4
805.5
548.4
640.2
708.4
732.9
725.9
733.9
764.1
744.6
716.6
685.2
682.1
683.8
685.2
696.7
724.4
730.0
754.3
773.7
790.6
806.9
851.0
500.3
497.8
530.8
540.0
546.5
514.5
529.2
591.3
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
521.4
517.8
512.8
506.1
510.5
528.8
533.8
543.7
562.3
584.3
594.8
623.8
Structures
176.6
171.3
174.0
177.6
179.5
160.2
150.6
151.4
173.2
162.6
189.5
198.3
170.4
177.9
175.7
179.8
172.8
169.0
165.2
155.6
151.0
152.8
152.9
148.8
148.0
148.2
151.1
151.2
155.1
Producers'
durable
equipment
323.7
326.5
356.8
362.5
367.0
354.3
378.6
439.9
244.0
287.0
320.1
327.2
325.0
332.7
363.1
356.9
367.4
352.5
352.6
357.2
355.2
357.7
375.9
385.1
395.7
414.1
433.2
443.6
468.7
Residential
226.2
225.2
222.7
214.2
194.5
169.5
197.1
214.2
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
176.3
163.8
164.3
171.0
179.1"
186.2
195.6
196.2
210.6
211.4
206.2
212.1
227.2
Total
8.5
26.3
19.9
29.8
5.7
-8.4
6.5
15.4
-44.9
29.3
47.9
30.2
20 1
59.9
20.9
24.9
20.9
-17.4
-22.3
9
7.1
-5.0
12.6
9.6
8.7
29.3
13.0
6.5
12.7
Nonfarm
10.6
32.7
26.9
29.9
3.2
86
2.7
21.3
-46.2
32.3
50.8
28.0
18.6
62.1
30.5
31.2
-18.7
-18.7
-26.2
.0
10.3
-9.6
7.0
5.8
7.5
29.3
17.1
19.4
19.4
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department October-November 1993 survey, business spending for new plant and
equipment is expected to rise 5.4 percent in 1994, following an estimated rise of 7.0 percent in 1993.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
700
700
SEASONALLY ADJUSTED ANNUAL RATES
600
600
500
500
ALL INDUSTRIES
400
400
-•-• r\
300
NONMANUFACTURING-1^
200
200
MANUFACTURING
L/LJ
I
1985
1986
I
I
I
1990
1987
I I
1991
I
I I
1993
5-^SURVEYED QUARTERLY
£/SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanufacturing
Manufacturing
Period
All
industries
Total
Durable
goods
Nondurable
goods
Total '
Mining
Transportation
Public
utilities
Commercial
and
other
Total
nonfarm
business 2
Nonmanufacturing
Manufacturing
Total
Surveyed
quarterly
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 4
1994 4
373.83
410.12
399.36
410.52
455.49
507.40
532.61
528.39
546.60
584.64
616.50
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.46
186.27
64.57
70.87
65.68
68.03
77.04
82.56
82.58
77.64
73.32
81.49
84.93
75.04
82.01
72.28
73.03
86.41
101.24
110.04
105.17
100.69
97.97
101.34
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
405.18
430.22
11.86
12.00
8.15
8.28
9.29
9.21
9.88
10.02
8.88
10,13
10.84
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.66
22.64
22.37
20.91
57.53
59.58
56.61
56.26
60.37
66.28
67.21
66.57
72.21
75.00
81.42
151.39
171.09
181.59
189.84
205.76
229.28
241.43
246.32
268.84
297.69
317.05
1992- I
II
III
IV
534.85
541.41
547.40
559.24
173.82
171.98
172.86
176.86
73.98
74.07
72.09
73.30
99.85
97.91
100.77
103.56
361.03
369.44
374.54
382.38
8.92
9.20
8.98
8.47
21.83
23,15
23.91
21.60
69.00
72.63
72.18
74.07
261.27
264.46
269.46
278.24
173.82
171 98
172.86
17686
361.03
36944
374.54
382.38
1993- I ..
II
Ill
IV*
564.13
579.79
594.11
600.53
175.05
177.09
182.17
183.52
79.11
80.88
81.99
83.99
95.94
96.21
100.18
99.53
389.08
402.70
411.94
417.01
8.89
9.10
11.14
11.37
22.47
21.58
21.70
23.73
73.51
74.55
75.62
76.30
284.21
297.46
303.47
305.61
175.05
177.09
182.17
18352
389.08
402.70
411.94
417.01
616.38
624.33
186.22
183.44
87.50
83.92
98.72
99.52
430.16
440.89
10.83
11.14
21.49
21.61
77.78
80.80
320.06
327.33
186.22
183.44
430.16
440.89
1994:
I4
II4
1
Excludes forestry, fisheries, and agricultural services; professional services; social services and
membership organizations; and real estate, which, effective with the April-May 1984 survey, are no
longer 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
418.38
454.93
447.11
461.51
508.22
563.93
591.96
587.93
607.71
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.46
186.27
278.77
302.05
309.16
320.45
344.77
380.13
399.34
405.12
433.69
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
405.18
430.22
Surveyed
annual-
ly 3
44.55
44.81
47.75
50.99
52.73
56.53
59.35
59.54
61.11
3
Consists of forestry, fisheries, and agricultural services; professional services; social services and
membership organizations; and real estate.
4
Planned capital expenditures as reported by business in October-November 199S, corrected for
biases.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In January, civilian employment was 122.0 million and unemployment was 8.7 million. (See footnote 4 below.)
MILLI DNS OF PERSONS^
MILLIONS OF PERSON
134
134
SEASONALLY ADJUSTED
130
130
*
CIVILIAN LABOR FORCE
126
\
^-^—1
r^~~^~
_--—•'•
f —~-
r^—"
- 126
_ -^H
122
118
^^
-^'"~'
114
sv
122
^ —~*
-»v.-./-~-.
s
- 118
..x""""""*
CIVILIAN EMPLOYMENT
114
.-'^'
110
- 110
^"x~"~^
106
106
v
12
_ 12
_
UNEMPLOYMENT
8
x
-
4
-
0
iniilinu
1986
•——
.
|1IM1
1987
1988
.—-^-
s
•— i. ,_ —
"
«*—
—
^*
8
/^\
Mill
Milt
1989
i M i i1 iii ii
1 I1 1 111 I M 1
1991
1990
t i i i i 11 i i t i i i i i i i i t ii
1 1 1 1 1 11 1 1 11
1993
1992
* JANUARY VALUE; REVISED SURVEY BEGINNING JANUARY 1994.
1/16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT Of LABOR
4
0
1994
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
1984
1985
1986 3
1987
1988
1989
1990
1991
1992
1993...
1993:
Jan '
Feb r.
Mar r
Apr '
May '
July '
Sept '
Oct '
Nov r
Dec
1994:
Jan 4
1
Civilian employment
Civilian
Resident
Armed
Forces
NSA
Labor force
including
resident
Armed
Forces
178,080
179,912
182,293
184,490
186,322
188,081
189,686
191,329
193,142
195,034
1,697
1,706
1,706
1,737
1,709
1,688
1,637
1,564
1,566
1,485
115,241
117,167
119,540
121,602
123,378
125,557
126,424
126,867
128,548
129,525
106,702
108,856
111,303
114,177
116,677
119,030
119,550
118,440
119,164
120,791
113,544
115,461
117,834
119,865
121,669
123,869
124,787
125,303
126,982
128,040
105,005
107,150
109,597
112,440
114,968
117,342
117,914
116,877
117,598
119,306
3,163
3,208
3,169
3,199
3,186
3,233
3,207
3,074
101,685
103,971
106,434
109,232
111,800
114,142
114,728
113,644
114,391
116,232
5,512
5,334
5,345
5,122
4,965
4,657
4,860
5,767
6,116
6,106
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
2,737
2,305
2,232
1,983
1,610
1,375
1,504
2,323
3,354
3,052
64.4
64.8
65.3
65.6
65.9
66.5
66.4
66.0
66.3
66.2
59.5
60.1
60.7
61.5
62.3
63.0
62.7
61.6
61.4
61.6
194,159
194,298
194,456
194,618
194,767
194,933
195,104
195,275
195,453
195,626
195,791
195,993
1,515
1,512
1,497
1,492
1,484
1,477
1,471
1,482
1,482
1,475
1,470
1,461
128,739
128,912
128,937
129,031
129,559
129,533
129,573
129,816
129,590
130,055
130,132
130,359
119,693
119,954
120,059
120,077
120,664
120,664
120,841
121,174
121,050
121,416
121,802
122,122
127,224
127,400
127,440
127.539
128,075
128,056
128,102
128,334
128,108
128,580
128,662
128,898
118,178
118,442
118,562
118,585
119,180
119,187
119,370
119,692
119,568
119,941
120,332
120,661
3,182
3,116
3,099
3,071
3,074
3,031
3,043
3,005
3,093
3,021
3,114
3,096
114,996
115,326
115,463
115,514
116,106
116,156
116,327
116,687
116,475
116,920
117,218
117,565
6,016
6,197
6,029
6,189
6,219
6,192
6,213
6,216
6,173
5,957
5,904
5,934
9,046
8,958
8,878
8,954
8,895
8,869
8,732
8,642
8,540
8,639
8,330
8,237
3,293
3,174
3,110
2,986
3,046
3,025
3,007
3,000
3,047
3,030
2,971
2,864
66.0
66.1
66.0
66.0
66.3
66.2
66.2
66.2
66.0
66.2
66.2
66.3
61.3
61.4
61.4
61.4
61.7
61.6
61.6
61.8
61.6
61.8
61.9
62.0
130,667
121,971
3,331
118,639
4,842
8,696
3,027
66.7
62.2
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime
work, etc.
2
Civilian labor force (or employment) as percent of civilian ncminstitutional population.
3
Not strictly comparable with earlier data.
4
Data beginning January 1994 are based on the revised Current Population Survey and are not
Unemployment
Noninstitutional
population
including
resident
Armed
Forces
NSA
Total
Agricultural
3,321
3,179
Total
Part time
for
economic
reasons 1
Total
15
weeks
and over
Labor
force
participation
rate
(percent) *
Employment/
population
ratio
(percent) 2
directly comparable with data for earlier periods. For details, see Employment and Earnings, February 1994,
NOTE.—Seasonally adjusted data beginning 1989 were revised in January 1994.
Source: Department of Jjabor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In January, the civilian unemployment rate was 6.7 percent. (See footnote 4 below.)
PERCENT^ISEASONAUY ADJUSTED)
PERCENT-!/(SEASONAU.Y ADJUSTED)
25
20
20
BIACK
15
15
10
MEN 20 YEARS
AND OVER
All CIVILIAN WORKERS
V
-V
WOMEN 20 YEARS
AND OVER
WHITE
1 1 1 il 1 1 n i
i 1111111111
1990
1991
1992
1993
1994
1990
1991
1 1 1 1 11HM1
1992
1 11 1 1 n 1 11
1994
1993
* JANUARY VALUE; REVISED SURVEY BEGINNING JANUARY 1994,
J/ UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
1984
1985
1986
1987
Unemployment
rate,
all
workers l
1993: Jan r....
Feb r....
Mar r....
Apr '....
May r...
June r..
July r...
Aug ' ...
Sept r...
Oct r....
Nov r...
Dec
Men
20 years
and over
Women
20 years
and
over
Both
sexes
16-19
years
White
Black
and
other
Black
Experienced
wage and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
6.6
6.2
6.1
5.4
4.8
4.5
4.9
6.3
7.0
6.4
6.8
6.9
6.1
5.4
5.2
5.4
6.6
7.3
6.7
7.5
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
6.8
6.6
6.2
5.4
4.9
4.7
4.8
5.7
6.3
5.9
18.9
18.6
18.3
16.9
15.3
15.0
15.5
18.6
20.0
19.0
6.5
6.2
6.0
5.3
4.7
4.5
4.7
6.0
6.5
6.0
14.4
13.7
13.1
11.6
10.4
10.0
10.1
11.1
12.7
11.7
15.9
15.1
14.5
13.0
11.7
11.4
11.3
12.4
14.1
12.9
5.2
5.0
5.3
6.5
7.1
6.5
3.4
4.4
5.0
4.4
10.3
10.4
9.8
9.2
8.1
8.1
8.2
9.1
9.9
9.5
7.0
6.9
6.9
6.9
6.9
6.8
6.7
6.7
6.6
6.6
6.4
6.3
7.1
7.0
7.0
7.0
6.9
6.9
6.8
6.7
6.7
6.7
6.5
6.4
6.5
6.6
6.3
6.0
5.7
6.0
5.9
5.9
5.8
5.7
5.8
5.8
5.7
5.7
19.6
19.6
19.5
20.3
19.8
19.5
18.4
18.4
17.9
18.9
18.3
17.8
6.2
6.1
6.1
6.1
6.1
6.1
6.0
5.9
5.8
6.1
5.6
5.6
12.7
12.1
12.0
12.4
11.8
12.0
11.6
11.5
11.4
10.9
11.3
10.7
14.1
13.3
13.5
13.7
12.9
13.3
12.8
12.5
12.5
11.9
12.5
11.5
6.8
6.7
6.7
6.7
6.6
6.6
6.5
6.4
6.3
6.4
6.2
6.2
4.5
4.6
4.7
4.5
4.5
4.4
4.5
4.4
4.2
4.4
4.0
3.9
10.4
10.1
9.0
9.6
9.8
9.7
9.6
9.0
9.0
9.3
9.0
10.2
6.0
18.4
5.8
11.6
13.1
6.6
4.1
9.4
7.4
7.1
1988
1989
1990
1991
1992
1993
All
civilian
workers
By selected groups
By race
By sex and age
1994: Jan 4
6.7
6.7
6.5
6.5
6.5
6.5
6.4
6.3
6.2
5.9
5.8
5.9
1
Unemployed as percent of total labor force including resident Armed Forces.
2
Revised definition; for details, see Employment and Earnings, February 1994.
3
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
4
Data beginning January 1994 are based on the revised Current Population Survey and are not
12
7.1
6.8
6.6
4.6
4.3
4.4
3.9
3.3
3.0
Fulltime
workers 2
Parttime
workers 2
r
r
7.5
7.1
r
6.9
r
6.0
r
5.3
r
5.1
r
5.4
r
6.7
r
7.4
r
6.8
7.1
7.0
6.9
6.9
6.9
6.9
6.8
6.7
6.6
6.6
6.3
6.4
6.8
Labor
force
time lost
(percent) 3
7.4
7.5
7.4
r
6.9
r
6.4
r
6.2
r
6.3
r
6.9
r
7.4
7.1
8.6
8.1
7.9
7.1
6.3
5.9
6.2
7.6
8.3
7.7
7.5
7.3
7.2
7.6
6.9
7.1
6.7
6.8
6.9
7.2
6.9
6.6
8.0
7.9
7.9
7.8
7.9
7.8
7.8
7.7
7.5
7.6
7.2
7.2
r
r
6.2
directly comparable with data for earlier periods. For details, see Employment and Earnings, February 1994.
Note.—Seasonally adjusted data beginning 1989 were revised in January 1994.
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In January, the distribution of unemployment by duration was (in percent): less than 5 weeks, 38.4; 5-14 weeks,
26.8; 15-26 weeks, 15.1; and 27 weeks and over, 19.7. The mean duration was 18.3 weeks and the median
duration was 8.5 weeks. (See footnote 3 below.)
PERCENT DISTRIBUTION^
PERCENT DISTRIBUTION^
70
70
DURATION OF UNEMPLOYMENT
60
IESS THAN
5 WEEKS
40
5-14
WEEKS
15-26
- WEEKS
10
27 WEEKS
AND OVER
* JANUARY VAIUE; REVISED SURVEY BEGINNING JANUARY 1994.
J/SEASONALLY ADJUSTED
^/BEGINNING JANUARY 1994, JOB LOSERS AND PERSONS WHO COMPLEiED TEMPORARY JOBS.
SOURCE: DEPARTMENT OF LA6OR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Reason for unemployment:
percent distribution
State
programs
Number of
weeks
Insured
unemployment,
all
regular
programs
(unadjusted) 2
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers 1
Job
leavers
Keentrants
New
entrants
28.7
30.2
31.0
29.6
30.0
30.3
32.0
32.3
29.4
28.9
12.9
12.3
12.7
12.7
12.0
11.2
11.8
14.5
15.2
14.6
19.1
15.4
14.4
14.0
12.1
9.9
10.1
13.0
20.6
20.4
18.2
15.6
15.0
14.5
13.5
11.9
12.1
13.8
17.9
18.1
7.9
6.8
6.9
6.5
5.9
4.8
5.4
6.9
8.8
8.4
51.8
49.8
48.9
48.0
46.1
45.7
48.3
54.7
56.4
54.6
9.6
10.6
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.8
25.6
27.1
26.2
26.6
27.0
28.2
27.4
24.8
23.7
24.6
13.0
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.5
10.0
2,476
2,611
2,650
2,332
2,081
2,158
2,522
3,342
3,245
2,751
377
396
378
328
310
330
388
447
408
340
2,561
2,693
2,746
2,401
2,135
2,205
2,575
3,406
3,339
2,837
35.9
36.1
35.6
37.5
36.8
35.9
36.7
35.2
35.7
36.4
35.4
37.5
28.0
28.5
29.2
28.7
28.7
30.6
29.0
30.1
28.7
28.7
28.9
27.5
15.1
14.3
14.4
14.8
14.4
13.9
14.3
14.5
15.2
14.8
14.6
14.1
21.1
21.1
20.8
19.0
20.1
19.6
19.9
20.1
20.5
20.1
21.1
21.0
18.5
18.2
17.7
17.7
17.8
17.8
17.9
18.3
18.4
18.4
18.9
18.2
8.6
8.4
8.4
8.5
8.3
8.3
8.3
8.4
8.9
8.3
8.5
8.2
54.7
53.3
54.6
54.3
53.8
54.6
55.5
56.2
55.0
55.2
53.4
54.2
9.3
11.3
11.9
11.1
10.9
10.6
10.4
10.2
10.8
11.1
11.5
11.4
25.5
25.3
23.1
24.4
25.3
24.8
24.1
24.0
24.3
24.1
25.0
24.6
10.5
10.0
10.4
10.3
10.1
10.1
9.9
9.6
9.9
9.7
10.0
9.7
2,715
2,640
2,701
2,764
2,770
2,813
2,832
2,796
2,810
2,806
2,780
2,710
353
343
362
347
341
343
352
327
328
344
339
328
3,390
3,344
3,394
2,929
2,597
2,806
2,655
2,721
2,421
2,324
2,562
2,791
38.4
26.8
15.1
19.7
18.3
8.5
51.1
8.8
32.6
7.5
Less
than
5
weeks
5-14
weeks
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
39.2
42.1
41.9
43.7
46.0
48.6
46.1
40.1
34.9
36.2
9,046
8,958
8,878
8,954
8,895
8,869
8,732
8,642
8,540
8,639
8,330
8,237
8,696
Insured
unemployment
Initial
claims
Weekly average, thousands
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
..
..
1993- Janr
Febr.
Mar '
Apr '.
July r
Aug *
Sept T
Get r
Nov '
Dec
1994: Jan 3
1
..
Beginning January 1994, job losers and persons who completed temporary jobs,
2
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Railroad (KB.) programs included through 1991. Also includes
Federal and State extended benefit programs. Does not include Federal supplemental compensation
program.
3
Data beginning Januaiy 1994 are based on the revised Current Population Survey and are not
'374
directly comparable with data for earlier periods. For details, see Employment and Earnings, February 1994.
Note.—Seasonally adjusted data beginning 1989 were revised in January 1994.
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 62,000 in January.
MILLIONS OF PERSONS* (ENLARGED SCALE|
MILLIONS OF PERSONS*
32
ALL NONAGRICULTURAL
ESTABLISHMENTS
90
80
SERVICE-PRODUCING
INDUSTRIES .
70
50
GOODS-PRODUCING
INDUSTRIES
CONSTRUCTION
30
^~|I
20
1992
1990
.m||
11III
1993
'
1990
"•
inn! i in
Illllllllll
1991
1992
1
llJIlllllll I l l l l l l l l l l
1993
1 994
1
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; l seasonally adjusted]
Goods-producing industries
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 p
1993: Jan
Feb
Mar
Apr
May....
June...
July....
Aug ...
Sept ...
Oct r...
Nov r..
Dec "..
1994: Jan"..
Total
nonagriculturai
employment
94,408
97,387
99,344
101,958
105,210
107,895
109,419
108,256
108,519
110,174
109,235
109,539
109,565
109,820
110,058
110,101
110,338
110,305
110,502
110,664
110,880
111,070
111,132
Service-producing industries
Total
2
24,718
24,842
24,533
24,674
25,125
25,254
24,905
23,745
23,142
22,975
23,001
23,069
23,016
22,980
23,006
22,941
22,948
22,903
22,886
22,934
22,994
23,006
23,027
Construction
4,380
4,668
4,810
4,958
5,098
5,171
5,120
4,650
4,471
4,574
4,454
4,515
4,481
4,517
4,577
4,574
4,593
4,593
4,592
4,629
4,664
4,663
4,660
Total
Durable
goods
Nondurable
goods
19,372
19,248
18,947
18,999
19,314
19,391
19,076
18,406
18,040
17,802
17,936
17,954
17,935
17,863
17,827
17,771
17,760
17,718
17,698
17,709
17,735
17,737
17,763
11,476
11,458
11,195
11,154
11,363
11,394
11,109
10,569
10,237
10,047
10,152
10,163
10,144
10,090
10,047
10,011
9,996
9,974
9,974
9,988
10,013
10,025
10,052
7,896
7,790
7,752
7,845
7,951
7,997
7,968
7,837
7,804
7,755
7,784
7,791
7,791
7,773
7,780
7,760
7,764
7,744
7,724
7,721
7,722
7,712
7,711
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived
from this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes, bad
14
Transportation
Manufacturing
Total
and
public
utilities
69,690
72,544
74,811
77,284
80,086
82,642
84,514
84,511
85,377
87,199
86,234
86,470
86,549
86,840
87,052
87,160
87,390
87,402
87,616
87,730
87,886
88,064
88,105
5,156
5,233
5,247
5,362
5,514
5,625
5,793
5,762
5,709
5,709
5,719
5,725
5,724
5,720
5,719
5,711
5,709
5,690
5,692
5,693
5,700
5,701
5,716
Wholesale
trade
5,568
5,727
5,761
5,848
6,030
6,187
6,173
6,081
6,045
6,113
6,086
6,097
6,103
6,110
6,125
6,110
6,126
6,107
6,117
6,122
6,129
6,130
6,140
Retail
trade
16,512
17,315
17,880
18,422
19,023
19,475
19,601
19,284
19,346
19,740
19,523
19,629
19,604
19,648
19,702
19,751
19,790
19,795
19,836
19,846
19,853
19,908
19,928
Finance,
insurance,
and real
estate
Services
5,684
5,948
6,273
6,533
6,630
6,668
6,709
6,646
6,571
6,604
6,578
6,577
6,574
6,585
6,588
6,590
6,604
6,602
6,616
6,632
6,651
6,661
6,667
20,746
21,927
22,957
24,110
25,504
26,907
27,934
28,336
29,053
30,192
29,573
29,665
29,756
29,977
30,099
30,175
30,320
30,381
30,433
30,534
30,649
30,706
30,706
Government
Total
16,024
16,394
16,693
17,010
17,386
17,779
18,304
18,402
18,653
18,842
18,755
18,777
18,788
18,800
18,819
18,823
18,841
18,827
18,922
18,903
18,904
18,958
18,948
Federal
2,807
2,875
2,899
2,943
2,971
2,988
3,085
2,966
2,969
2,915
2,945
2,944
2,938
2,923
2,912
2,901
2,896
2,906
2,901
2,901
2,896
2,921
2,901
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 noosupervisory workers; monthly data seasonally adjusted, except as noted]
Average weekly hours
Average gross hourly earnings
Total
private
nonagricultural '
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 f
1993- Jan
Feb
Mar
-
Z
July
Sept
Oct
Nov '
Dec '
1994" Jan
p
Total
Average gross weekly earnings
Total private
nonagricultural *
Total private
nonagricultural '
Manufacturing
Current
dollars
Overtime
1982
dollars 2
Manufacturing
Current dollars
Current
dollar:
1982
dollars 2
Manufacturing
Construction
Ketail
trade
Percent change from a
year earlier, total
private
nonagricultural 3
1982
dollars
Current
dollars
35.2
34.9
34.8
34.8
34.7
34.6
34.5
34.3
34.4
34.5
40.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0
41.4
3.4
3.3
3.4
3.7
3.9
3.8
3.6
3.6
3.8
4.1
$8.32
8.57
8.76
8.98
9.28
9.66
10.01
10.32
10.58
10.83
$7.80
7.77
7.81
7.73
7.69
7.64
7.52
7.45
7.42
7.39
$9.19
9.54
9.73
9.91
10.19
10.48
10.83
11.18
11.46
11.76
$292.86
299.09
304.85
312.50
322.02
334.24
345.35
353.98
363.95
373.64
$274.73
271.16
271.94
269.16
266.79
264.22
259.47
255.40
255.22
254.87
$374.03
386.37
396.01
406.31
418.81
429.68
441.86
455.03
469.86
486.86
$458.51
464.46
466.75
480.44
495.73
513.17
526.01
533.40
537.70
551.04
$174.33
174.64
176.08
178.70
183.62
188.72
194.40
198.48
205.34
209.95
4.3
2.1
1.9
2.5
3.0
3.8
3.3
2.5
2.8
2.7
— 10
-.9
-1.0
-1.8
-1.6
-.1
-.1
34.5
34.4
34.2
34.4
34.7
34.4
34.5
34.7
34.3
34.5
34.5
34.5
41.4
41.4
41.2
41.5
41.4
41.2
41.4
41.4
41.5
41.6
41.7
41.7
4.0
4.2
4.0
4.2
4.1
4.0
4.0
4.1
4.1
4.3
4.3
4.4
10.73
10.74
10.78
10.77
10.82
10.81
10.81
10.86
10.86
10.92
10.93
10.95
7.40
7.38
7.39
7.36
7.39
7.38
7.37
7.39
7.39
7.40
7.40
7.40
11.61
11.64
11.66
11.71
11.71
11.72
11.72
11.77
11.84
11.83
11.88
11.95
370.19
369.46
368.68
370.49
375.45
371.86
372.95
376.84
372.50
376.74
377.09
377.78
255.30
253.92
252.87
253.24
256.28
253.83
254.40
256.53
253.57
255.24
255.14
255.26
480.65
481.90
480.39
485.97
484.79
482.86
485.21
487.28
491.36
492.13
495.40
498.32
534.96
538.94
544.07
541.21
556.39
551.32
559.77
558.33
551.14
551.90
563.16
559.38
208.22
208.08
205.01
208.80
211.41
209.66
209.66
210.97
209.95
r
212.42
211.39
212.26
3.4
2.2
2.0
2.8
3.4
2.6
2.9
2.8
3.0
3.0
2.2
3.1
.2
-.9
-1.0
-.3
.2
-.2
.2
.1
.5
.4
-.3
.6
34.8
41.7
4.4
11.03
11.96
383.84
498.73
556.89
215.47
3.7
1
2
Also includes other private industry groups shown on p. 14.
Current dollar earnings divided by the consumer price index for urban wage earners and clerical
workers (on a 1982=100 base).
0.8
— 13
.3
3
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Percent change from
Index (June 1989 = 100)
3 months earlier
Period
Total
compensation
Wages and
salaries
Benefits '
84.0
87.3
90.1
93.1
97.6
102.3
107.0
111.7
115.6
119.8
84.8
88.3
91.1
94.1
98.0
102.0
106.1
110.0
112.9
116.4
81.7
84.6
87.5
90.5
96.7
102.6
109.4
116.2
122.2
128.3
108.4
109.7
r
110.8
111.9
' 112.9
113.8
114.7
115.7
M16.8
117.9
118.9
119.9
107.3
108.4
109.2
110.1
110.9
'111.6
r
l!2.1
113.0
113.9
114.6
115.6
116.5
Total
compensation
Wages and
salaries
12 months earlier
Benefits '
Total
compensation
Wages and
salaries
Benefits '
Not seasonally adjusted
19841985198619871988'
19891990'
19911992'
1993:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
.
4.9
3.9
3.2
3.3
4.8
4.8
4.6
4.4
3.5
3.6
Seasonally adjusted
1991- Mar
Sept
Dec
1992- Mar
Sept
Dec
1993- Mar
Sept
Dec
1
. ..
4
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.
Data exclude farm and household workers.
'111.2
113.3
r
l!5.2
r
l!6.8
118.2
' 119.5
r
!21.3
' 122.9
' 124.7
r
126.4
' 127.7
129.1
1.1
1.2
'1.0
r
i.o
r
.9
r
.8
.8
.9
1.0
.9
.8
.8
4.2
4.1
3.2
3.3
4.1
4.1
4.0
3.7
2.6
3.1
6.5
3.5
3.4
3.4
6.9
6.1
6.6
6.2
5.2
5.0
Not seasonally adjusted
1.0
1.0
.7
.8
.7
r
.6
r
.4
r
.8
.8
.6
.9
.8
r
1.2
r
1.9
r
1.7
1.4
r
1.2
r
l.l
r
I.5
r
1.3
r
1.5
r 1.4
i.o
1.1
4.4
4.4
4.5
4.4
4.2
3.7
3.4
3.5
3.5
3.6
3.7
3.6
4.0
3.7
3.7
3.7
3.4
3.0
2.7
2.6
2.7
2.7
3.1
3.1
5.8
6.2
6.4
6.2
6.3
5.5
5.2
5.2
5.6
5.8
5.4
5.0
Seasonally adjusted data revised beginning 1989.
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 '
Business
sector
Hours of all
persons 2
Nonfarm
business
sector
Business
sector
Compensation per
hour 3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real compensation
per hour *
Business
sector
Nonfarm
business
sector
Unit labor costs
Business
sector
Nonfarm
business
sector
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
1982 = 100; quarterly data seasonally adjusted
1985
1986
1987
1988 .. .
1989
1990
1991
1992
1993 p
102.3
104.8
106.3
108.5
109.6
110.7
109.9
110.7
111.8
115.5
117.4
102.5
104.7
105.6
107.7
108.6
109.6
108.6
109.1
110.3
113.7
115.5
104.1
112.6
116.7
119.9
124.8
130.1
132.3
133.3
131.6
135.4
140.1
104.4
113.0
116.8
120.1
125.0
130.6
132.7
133.5
131.8
135.4
140.4
101.8
107.4
109.8
110.5
113.8
117.5
120.4
120.5
117.7
117.3
119.4
101.9
107.9
110.7
111.5
115.1
119.1
122.2
122.4
119.5
119.1
121.5
103.8
108.3
113.2
118.9
123.1
128.5
133.0
140.6
147.4
154.9
160.8
104.0
108.3
112.8
118.4
122.5
127.7
131.9
139.2
146.2
153.7
159.2
100.6
100.6
101.5
104.7
104.6
104.8
103.5
103.8
104.5
106.5
107.4
100.8
100.6
101.2
104.3
104.1
104.2
102.7
102.8
103.6
105.7
106.3
101.5
103.4
106.5
109.5
112.3
116.0
121.0
127.1
131.9
134.1
137.0
101.5
103.4
106.8
110.0
112.8
116.5
121.5
127.6
132.6
135.1
137.8
103.4
107.7
111.2
113.6
116.6
120.8
126.1
131.2
136.1
139.2
142.5
104.0
107.6
111.6
114.2
117.2
121.4
126.5
131.8
137.0
140.3
143.6
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
IV
IV
IV
IV
IV
IV
IV
IV
IV
101.1
103.1
105.4
107.0
108.3
110.6
110.9
109.7
110.5
101.1
103.3
105.3
106.0
107.4
109.5
110.0
108.5
108.9
100.0
107.5
114.4
118.0
120.6
127.4
131.7
132.3
132.1
100.0
108.1
114.8
118.2
120.8
127.6
132.5
132.7
132.2
98.9
104.3
108.5
110.2
111.3
115.1
118.8
120.6
119.6
99.0
104.7
109.0
111.4
112.5
116.5
120.5
122.3
121.4
102.1
105.3
109.9
115.6
120.9
125.8
130.6
134.9
143.5
102.1
105.2
109.9
115.0
120.4
125.1
129.8
133.9
142.1
100.6
100.5
100.7
102.4
105.6
105.1
104.7
103.4
103.5
100.6
100.4
100.7
101.8
105.2
104.6
104.1
102.6
102.5
101.0
102.1
104.3
108.0
111.6
113.7
117.9
123.0
129.8
101.0
101.9
104.4
108.5
112.2
114.3
118.0
123.4
130.5
101.1
104.8
109.0
112.4
114.6
117.9
122.8
127.8
133.2
101.4
105.2
109.0
112.9
115.2
118.5
123.4
128.2
134.0
1991:
I
II
Ill ....
IV
110.9
111.6
111.8
112.8
109.4
110.2
110.4
111.3
131.0
131.5
131.5
132.4
131.2
131.7
131.8
132.6
118.1
117.8
117.6
117.3
119.9
119.5
119.4
119.2
144.9
146.6
148.2
150.1
143.7
145.4
147.1
148.8
103.6
104.2
104.7
105.2
102.7
103.4
103.9
104.3
130.6
131.4
132.6
133.1
131.3
132.0
133.2
133.7
134.8
135.8
136.6
137.2
135.7
136.6
137.5
138.2
1992: I
II
Ill ....
IV
114.1
114.8
116.0
117.1
112.4
113.1
114.1
115.3
133.3
134.5
136.0
137.9
133.3
134.4
135.9
137.9
116.8
117.1
117.2
117.7
118.7
118.8
119.0
119.6
152.2
153.7
156.1
157.8
150.9
152.6
154.8
156.6
105.8
106.0
106.9
107.3
104.8
105.2
106.0
106.4
133.4
133.9
134.5
134.8
134.3
134.9
135.6
135.8
138.3
139.1
138.7
140.6
139.3
140.2
139.8
141.8
1993: I
II r
116.6
116.6
117.6
119.0
114.8
114.7
115.8
117.0
138.0
138.1
139.5
140.9
143.1
118.3
119.5
119.4
120.1
120.3
121.6
121.7
122.3
159.1
160.1
161.6
162.8
157.7
158.4
159.8
161.0
107.1
107.0
107.7
107.7
106.2
105.9
106.5
106.6
136.4
137.3
137.4
136.8
137.4
138.2
138.0
137.6
141.6
142.5
142.8
143.3
142.7
143.5
143.9
144.2
1983
1984
m ...
IV "...
-139.3
140.4
142.8
Percent change; quarterly data at seasonally adjusted annual rates
2.3
2.4
1.4
2.1
1.0
1.0
-.7
.7
1.0
3.3
1.7
2.5
2.2
.8
2.0
.8
.9
-.9
.4
1.1
3.1
1.6
4.1
8.2
3.6
2.8
4.1
4.3
1.7
.7
-1.3
2.9
3.5
4.4
8.2
3.4
2.8
4.1
4.4
1.7
.6
13
2.7
3.7
1.8
5.6
2.1
.6
3.0
3.3
2.5
.1
-2.3
— .4
1.8
1.9
5.9
2.5
.8
3.2
3.5
2.6
.2
-2.4
-.4
2.1
3.8
4.3
4.5
5.0
3.6
4.4
3.5
5.7
4.9
5.0
3.8
4.0
4.1
4.1
5.0
3.5
4.2
3.3
5.5
5.0
5.1
3.6
0.6
.0
.9
3.1
— .1
.2
-1.3
.3
.6
2.0
.8
0.8
-.2
.6
3.1
-.2
.1
— 1.4
.1
.8
2.0
.6
1.5
1.9
3.0
2.8
2.5
3.4
4.3
5.0
3.8
1.7
2.1
1.5
1.9
3.3
2.9
2.6
3.2
4.3
5.1
3.9
2.0
1.9
3.4
4.1
3.3
2.2
2.6
3.6
4.4
4.1
3.7
2.3
2.4
4.0
3.5
3.7
2.4
2.6
3.6
4.2
4.2
3.9
2.4
2.3
1991: I
II
Ill ....
IV
1.5
2.5
.6
3.7
1.9
2.7
.8
3.4
-3.3
1.4
.1
2.7
-3.1
1.5
.3
2.7
-4.7
-1.1
-.5
-1.0
-4.9
-1.1
-.6
— .7
4.1
4.8
4.5
5.2
4.4
4.9
4.6
4.9
.4
2.5
1.8
1.9
.6
2.7
1.9
1.6
2.5
2.2
3.8
1.4
2.5
2.2
3.7
1.5
4.8
3.1
2.4
1.7
4.9
2.7
2.6
2.2
1992: I
II
Ill ....
IV
4.7
2.5
4.2
3.8
3.8
2.8
3.6
4.2
2.9
3.4
4.6
5.6
2.1
3.3
4.4
6.0
-1.8
1.0
.4
1.8
-1.6
.5
.8
1.8
5.7
4.1
6.2
4.6
5.6
4.7
5.9
4.6
2.3
.9
3.4
1.4
2.2
1.5
3.1
1.4
.9
1.6
1.9
.7
1.7
1.8
2.2
.4
3.3
2.4
-1.2
5.6
3.2
2.7
-1.1
5.6
1993: I
II
Ill r...
IV "...
-1.6
-.0
3.3
4.8
-1.8
-.4
4.0
4.2
.5
3.8
3.2
7.1
.6
4.0
4.1
6.6
2.1
3.8
— .1
2.2
2.5
4.4
.1
2.3
3.3
2.5
3.9
2.9
2.9
1.9
3.7
2.9
-.5
-.4
2.6
.0
-.9
-1.0
2.4
.0
5.0
2.5
.5
-1.8
4.8
2.3
-.4
-1.2
2.7
2.6
1.1
1.3
2.5
2.4
1.1
1.0
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992 . .
1993 p
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 solfemployed.
4
Hourly compensation divided by the consumer price index for all urban consumers (CPI-U).
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
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.
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. (Series revised.)
INDEX, 1987 - 100* (RATIO SCALE]
INDEX, 1987 =100* (RATIO SCALE]
IM)
130
FINAL PRODUCTS
140
BUSINESS
EQUIPMENT
130
120
110
r^
.-~~">\ ^S'\'
/"
^~V
N
">-*-'
100 •"•
\y
-T-
^
\
90
^-/
S^
p/"
*--***~^
,^"^^"
CONSL MER
GOC
DS
;»ND SPACE
"N
£ QUIPMENT
*x^
80
*N_
70
|||m
120
110
i
r^"'
100 ^J-^
/
-.'••v-'
MA^A
v
\
M i n i u m i M i il 1 1 n i
1989
f V/x"'
-~-"v ,
^x
1990
1
1
llllll
im|i
^^CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
/ r
V"
\ rw
m
PER(;ENT*
86
UTILITIES AND MINING
84
^
82
X^
UTILITIES
\S~Y^
80
/
MINING
-^Vs^~-
\~~**^**-
78
1 1 1 1 1 It 1 1 1 1
1991
7f,
1992
/
1 1 11 1 h1 1 11
^
\
i 1 1 1 1
1 1 1 1 1
'
1 1 1 1 ii n 1 1 1 1 1 1 1 1 1 M 1 1 1 i M n 1 1 n 1 1
1993
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
Index,
1987 = 100
1984
1985
1986
1987
1988
1989
1990
1991 r
1992 r
1993 "
1992- Dec '
r
1993- Jan
Feb '
Mar r
Apr '
May r.
July r
Aug r
Sept '
Oct '
Nov r.
Dec p
1
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
92.8
94.4
95.3
100.0
104.4
106.0
106.0
104.1
106.5
110.9
9.3
1.7
.9
4.9
4.4
1.5
.0
-1.8
2.3
4.1
89.3
91.6
94.3
100.0
104.7
106.4
106.1
103.7
106.8
111.7
88.4
91.8
93.9
100.0
106.6
108.6
107.4
103.9
107.0
114.2
90.8
91.5
94.9
100.0
102.3
103.7
104.4
103.5
106.5
108.7
111.9
109.0
101.0
100.0
101.3
100.0
102.0
100.1
98.2
97.3
97.0
99.5
96.3
100.0
105.0
108.7
109.9
112.3
112.0
116.3
81.1
80.3
79.2
81.5
83.7
83.6
r
82.0
79.1
79.7
81.5
80.4
79.5
79.1
81.6
83.6
83.1
81.1
77.8
78.6
80.6
109.0
4.2
109.3
110.7
107.6
98.2
116.8
80.8
79.7
109.2
109.9
110.0
110.5
110.0
110.4
110.9
111.1
111.3
112.0
113.0
113.8
4.7
4.5
4.2
3.9
3.0
4.0
3.8
4.3
4.4
4.2
4.3
4.4
109.9
110.4
110.5
111.3
111.1
111.2
111.6
111.8
112.1
113.0
114.3
115.0
111.5
112.1
112.5
113.5
113.2
113.0
113.7
113.9
115.0
116.3
118.0
119.6
107.9
108.2
108.2
108.7
108.5
108.9
109.1
109.2
108.5
109.0
109.7
109.4
98.2
97.1
96.9
97.4
97.1
97.9
96.4
96.6
97.4
98.1
97.2
97.3
113.3
117.4
117.3
114.5
112.4
115.4
118.0
118.4
116.2
114.9
115.8
117.0
80.9
81.2
81.2
81.4
81.0
81.1
81.3
81.4
81.4
81.8
82.4
82.8
80.0
80.2
80.1
80.6
80.2
80.1
80.3
80.3
80.4
80.9
81.6
82.0
Output as percent of capacity.
NOTE.—Industrial production series revised beginning 1991; capacity utilization series revised be-
Capacity utilization
rate, percent l
Industry production indexes, 1987 = 100
Total
industrial
production
ginning 1990.
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
Period
Total
Total
Durable
goods
Nondurable
goods
Total '
Business
78.9
89.4
96.0
100.0
99.7
100.1
98.8
91.6
83.1
74.8
86.2
88.3
91.9
100.0
101.8
102.0
101.2
96.8
99.0
102.5
86.2
89.1
93.8
100.0
101.5
100.5
98.2
91.0
93.3
96.6
86.2
87.7
90.7
100.0
102.0
103.0
103.2
100.7
102.8
106.5
Total
Construction
supplies
1984
1985
1986
1987
1988
1989
1990 r
1991 .
1992 ' .
1993 *
91.0
94.2
95.7
100.0
104.8
106.8
107.0
105.3
108.0
112.8
92.8
93.7
96.8
100.0
102.9
104.0
103.4
102.8
105.7
108.9
91.0
91.6
94.5
100.0
104.6
106.6
102.3
95.2
102.0
110.5
93.4
94.4
97.6
100.0
102.4
103.2
103.8
104.9
106.8
108.4
89.2
94.8
94.5
100.0
107.6
110.9
112.1
108.9
111.2
118.6
85.4
91.1
93.1
100.0
110.7
115.5
116.9
115.7
122.2
134.6
1992: Dec '.
111.1
108.2
108.4
108.2
115.4
128.4
79.1
100.9
94.6
1993: Jan
Feb
Mar
Apr
May
111.4
111.8
112.0
112.3
111.8
112.1
112.8
112.7
113.1
114.0
115.1
115.8
108.2
108.9
108.9
108.6
107.8
108.1
108.9
108.6
108.5
109.4
110.5
110.6
110.2
110.1
110.3
110.9
109.0
107.2
108.2
107.3
108.7
112.8
116.5
118.0
107.6
108.6
108.6
108.0
107.4
108.3
109.1
109.0
108.4
108.5
108.7
108.5
115.9
115.8
116.4
117.7
117.7
118.0
118.5
118.6
119.8
120.6
121.9
123.2
129.6
130.0
131.5
133.1
133.5
133.9
134.6
134.8
136.3
137.9
139.9
141.9
78.1
77.9
76.8
76.9
75.6
74.9
74.6
74.0
73.7
72.7
72.4
71.9
100.4
101.8
101.4
102.2
101.7
101.8
102.9
103.3
103.0
103.5
104.2
104.4
94.1
96.0
95.1
94.8
95.9
95.3
96.4
97.3
97.8
98.3
98.9
99.8
....
July
Oct '
Nov
Dec
1
Business
supplies
Defense
and
space
equipment
Total
Energy
96.6
96.6
95.9
100.0
105.0
106.7
106.8
105.4
107.7
111.9
103.8
103.4
99.5
100.0
102.2
103.1
104.2
104.5
103.9
103.7
105.2
109.6
105.2
104.7
105.6
105.7
107.2
105.5
106.1
107.3
107.2
106.4
106.9
107.8
107.5
110.0
110.7
110.8
111.4
111.1
111.7
111.7
112.1
112.2
112.8
113.9
114.9
103.5
104.3
104.6
104.1
102.9
104.4
103.6
103.7
103.1
103.0
103.2
103.7
Note.—Series revised beginning 1991.
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987 = 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Primary metals
Period
Total
Iron
and
steel
Fabricated
metal
products
Industrial and
commercial
machinery and
computer
equipment *
Electrical
machinery
Transportation
equipment
Total
Motor
vehicles
and
parts
Lumber and
products
Apparel
products
Printing and
publishing
Chemicals
and
products
Foods
1984
1985
1986
1987
1988
1989
1990
1991 '
1992 '
1993 *
102.4
101.8
93.7
100.0
108.7
107.2
106.5
98.3
101.1
106.2
105.9
104.5
90.8
100.0
112.7
111.2
111.5
100.5
104.7
111.2
93.3
94.5
93.8
100.0
104.2
102.8
99.5
94.9
95.6
99.3
80.8
86.8
90.3
100.0
113.0
117.3
117.6
113.8
123.4
144.1
94.1
93.1
94.3
100.0
108.5
111.0
111.4
112.7
115.7
127.6
83.1
91.8
96.9
100.0
105.2
109.6
107.0
101.9
102.8
104.2
90.6
99.0
98.5
100.0
105.7
106.9
101.0
94.5
106.4
120.7
86.0
88.0
95.1
100.0
100.1
99.4
97.1
90.6
96.5
100.6
95.7
92.6
96.3
100.0
98.1
95.0
92.2
91.8
93.6
93.1
84.5
87.6
90.6
100.0
100.9
101.1
100.8
96.9
99.0
101.3
91.4
91.4
94.6
100.0
106.0
109.2
111.8
111.4
114.3
117.9
92.1
94.9
97.4
100.0
101.5
102.5
103.7
105.3
107.7
108.7
1992: Dec '
102.3
107.8
96.7
131.9
120.7
105.7
117.7
100.5
94.4
101.2
115.9
107.8
1993- Jan r
Feb r .
Mar r
Apr '
May '
104.0
107.1
104.3
105.0
105.0
105.6
105.6
107.2
107.3
106.1
108.6
110.6
108.4
111.4
108.2
108.9
109.1
111.1
111.9
112.8
112.4
113.3
112.8
116.1
97.8
98.1
98.8
99.2
98.5
98.3
99.6
99.6
99.6
100.3
101.4
101.9
133.2
134.1
136.9
140.1
141.6
143.3
146.1
147.1
148.4
150.5
152.8
155.2
121.4
122.9
124.3
125.6
125.7
126.4
128.6
129.5
130.9
131.7
132.5
133.9
107.5
106.9
105.8
105.9
104.2
101.2
98.9
98.5
100.4
104.2
108.1
110.9
122.7
121.8
120.6
120.9
118.5
114.7
110.2
110.6
115.1
124.1
132.4
138.8
99.6
101.3
98.4
98.3
98.2
97.6
99.6
100.9
101.8
104.4
104.3
105.1
94.2
94.2
93.4
93.3
93.5
93.6
93.6
93.2
92.1
92.1
92.9
92.7
100.9
101.3
101.1
102.6
101.1
101.3
101.6
100.9
101.1
101.9
101.8
100.5
116.0
115.4
117.1
117.3
117.6
118.3
118.6
118.8
118.3
117.9
119.2
119.5
107.9
109.2
108.4
108.2
107.9
108.8
108.8
109.6
109.0
109.4
109.3
109.2
July '.
Sept '
Oct *
Dec »
1
Formerly nonelectrical machinery.
Source: Board of Governors of the Federal Reserve Svstei
Note.—Series revised beginning 1991.
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
Total new
construction
expenditures
Period
Residential
Total
Total
New housing
units
1
Commercial
and
industrial 3
Other
Federal,
State, and
local
Total value
index
(1987=100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993".
.
..
348.8
377.4
407.7
419.4
432.3
443.6
442.1
403.4
436.0
470.3
278.6
299.5
323.1
328.7
337.5
345.5
334.7
293.5
317.3
342.7
153.8
158.5
187.1
194.7
198.1
196.6
182.9
157.8
187.8
207.9
74.0
89.8
84.4
84.0
88.0
94.3
96.4
77.0
65.8
68.0
113.8
114.7
133.2
139.9
138.9
139.2
128.0
110.6
129.6
144.5
50.8
51.3
51.6
50.1
51.5
54.6
55.4
58.7
63.7
66.8
70.2
77.8
84.6
90.6
94.8
98.1
107.5
109.9
118.8
127.6
83
91
96
100
101
105
95
89
97
102
Annual rates
Annual rates
1992- Dec
455.2
1993- Jan
Feb
Mar
Apr
May
451.3
453.8
454.5
449.1
453.3
460.7
466.6
468.5
477.1
489.7
500.0
513.1
July '.
Aug '
Sept '
Oct '
Nov*.
Dec"
1
2
3
335.4
206.4
138.9
63.6
335.5
334.8
337.0
328.1
332.2
335.0
337.9
341.4
345.6
354.1
364.5
371.9
207.2
205.7
205.5
197.3
198.4
200.5
204.6
206.6
209.5
215.2
222.3
228.6
141.8
142.9
141.8
137.7
138.3
139.3
141.1
143.0
145.7
149.9
156.4
161.8
64.4
66.4
67.4
65.6
67.4
67.1
65.6
67.0
68.3
70.5
72.8
74.1
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
955
1,097
1,016
1,019
973
961
783
577
r
556
575
65.3
119.9
63.9
62.7
64.0
65.2
66.4
67.4
67.7
67.8
67.8
68.4
69.3
69.2
115.8
119.0
117.5
120.9
121.0
125.7
128.7
127.2
131.6
135.6
135.6
141.2
r
ioo
511
!04
99
r
99
100
r
95
r
!06
104
103
104
108
106
102
443
479
524
548
489
520
587
534
522
567
569
669
r
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information System
Company, F.W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Units started, by type of structure
Period
Total
1 unit
2-4 units
5 or more units
544.0
576.1
542.0
408.7
348.0
317.6
260.4
137.9
139.0
131.2
Units
authorized
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9
1,214.2
Units
completed
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
1,193.2
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1,199.7
1,285.1
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
1,123.4
1992: Dec
1,286
1,133
32
121
1,196
1,227
1993- Jan
Feb
Mar
1,171
1,180
1,124
1,206
1,248
1,248
1,232
1,328
1,371
1,390
1,450
1,540
1,051
1,036
987
1,059
1,107
1,079
1,064
1,183
1,166
1,211
1,285
1,330
26
24
32
26
26
31
54
17
33
34
33
33
94
120
105
121
115
138
114
128
172
145
132
177
1,157
1,141
1,034
1,101
1,121
1,115
1,162
1,242
1,271
1,304
1,374
1,476
1,136
1,241
1,108
1,222
1,129
1,158
1,088
1,256
r
l,166
1,254
1,255
1,301
1984
1985
1986
.
.
1987
1988
1989
1990
1991
1992
1993"
121.4
93.4
84.0
65.3
58.8
55.2
37.5
35.6
30.7
30.5
Homes sold
639
688
750
671
676
650
534
509
610
669
Homes for
sale at end of
period 1
Vacancy rate
for rental
housing units
(percent) 2
353
346
357
366
368
365
321
284
265
303
5.9
6.5
662
265
7.1
603
597
602
689
629
641
647
r
642
r
742
729
774
862
266
268
270
271
274
274
276
r
286
r
288
292
298
303
7.3
7.7
7.7
7.4
7.2
7.4
7.4
7.4
Seasonally adjusted annual rates
May
T
}
July
. *
Sept
Oct '
Nov '
Dec"
1
Seasonally adjusted.
3
Quarterly data entered in last month of quarter. Series beginning 1989 not comparable with
earlier data.
7.9
7.6
7.1
6.9
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.
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In November, manufacturing and trade sales rose 1.1 percent and inventories rose $4.8 billion. In December,
according to advance data, retail sales rose 0.8 percent, following a rise of 0.3 percent in November.
BILLIONS OF DOLLARS * (RATIO SCALE)
300
BILLIONS OF DOLLARS * (RATIO SCALE|
900
., .
800 -^-
|-
-"
250
MX iNUFACTURIh•IG AND
1 *ADE INVEN UKIbb
700
600
,—'•""'
500
V
— '—~-~—^
\
ISO
MX^NUFACTURII-4G
AS D TRADE SAL ES
RETAIL SALES
400
100 U
300
200
1 1 II ill ll 1 1 INI ll Illl 1 II 1 III 1 1 II 1 II 1 II Illl II
1989
1990
1992
1991
1 1 1 i 11 1 1 1 II
1989
1993
COUNCIL OF ECONOMIC ADVISERS
Manufacturing and
trade '
Sales 2
Period
Sales
2
Inventories 3
Inventory-sales ratio 4
Retail
Wholesale
Sales
2
Inventories 3
Total
Durable
goods
stores
Inventories 3
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade '
Ketail
Millions of dollars, seasonally adjusted, except as noted
1984
1985
1986
1987
1988
1989
1990
1991
1992
651,551
665,835
664,624
711,725
767,538
813,793
837,445
833,518
r
848,899
1992- Novr
569,412
581,002
846,912
848,899
153,759
155,459
1993- Jan
Feb
581,584
584,903
583,575
584,943
587,930
589,990
585,626
592,598
595,804
600,304
606,715
610900
851,190
854,715
859,094
862,478
864,198
864,227
863,612
865,939
867,395
869,709
874,481
159,507
158,987
157,206
159,291
162,187
159,095
160,531
161,459
160,710
161,284
161,997
161,025
Dec T.
May
July
Sept
Oct '
Nov "
Dec "
107,243
114,586
120,803
128,442
138,133
146,847
154,149
155,456
163,535
37,873
41,510
45,057
47,989
52,469
54,873
55,919
54,492
58,758
69,369
73,075
75,746
80,453
85,664
91,974
98,230
100,965
104,777
167,812
181,881
186,510
207,836
219,597
238,343
241,476
245,885
260,647
79,074
88,315
89,983
105,481
112,505
121,448
121,338
119,828
131,549
88,738
93,566
96,527
102,355
107,092
116,895
120,138
126,057
129,098
1.53
1.55
1.55
1.50
1.49
1.53
1.53
1.54
1.50
.49
.52
.56
.56
.54
.59
1.56
1.55
1.55
208,416
209,014
167,128
168,934
60,460
61,693
106,668
107,241
257,441
260,647
129,396
131,549
128,045
129,098
.49
.46
1.54
1.54
210,139
209,765
210,503
211,860
212,190
212,058
213,244
215,199
215,103
214,991
216,110
216,999
169,232
169,116
167,390
170,538
171,736
172,596
173,415
174,583
175,006
178,549
r
179,144
180,648
107,016
108,138
106,667
107,734
107,965
108,069
108,183
108,306
109,208
110,042
r
109,851
110,154
262,427
265,718
269,052
270,311
270,417
270,843
268,807
269,348
271,603
274,417
278,190
132,861
135,599
137,803
138,784
138,097
138,483
136,559
136,774
137,978
140,584
143,227
129,566
130,119
131,249
131,527
132,320
132,360
132,248
132,574
133,625
133,833
134,963
.46
.46
.47
.47
1.47
1.46
1.47
1.46
1.46
1.45
1.44
1.55
1.57
1.61
1.59
.57
.57
.55
.54
.55
.54
.55
144,223
113,502
149,155
114,816
116,326 155,445
124,340 165,814
180,519
135,357
188,539
144,158
196,901
149,489
147,635 201,285
152,337 ' 209,014
411,427
423,940
431,786
459,107
497,031
523,729
543,097
538,609
560,383
. ..
62,216
60,978
60,723
62,804
63,771
64,527
65,232
66,277
65,798
68,507
' 69,293
70,494
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
Seasonally adjusted, end of period.
Annual data are averages of seasonally adjusted monthly ratio!
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In December, manufacturers' shipments and new orders rose, while inventories and unfilled orders fell.
BILUC)NS OF DOLLARS*
BILUC5NS OF DOLLARS* (RATIO SCALE)
320 — SHIPMENTS
280
1—^-^
240 *
v
X^-—-^Sp^*^—^,
200
'^~~~s\
(RATIO SCALE)
480
440
400
360
320
. TOTAL —
280
160
120
RABLE GOOD
^ «^
t
\,
• ..
•"•*.'"
f
mill IINI 1 1 1 1 1 1 1 1 1 II
DURABLE G(}QDS
200
160
HONDURAS E GOODS
80
240
I I I ! l l l l l II 1 1 1 El 1 1 t 1 1 1
Minium
\~~"
———
120
BILLIONS OF DOLLARS* (RATIO SCALE)
320
TOTAL
280
240
A
—._-_r
•/
-
-^
f
•V^/ ~ V~
r—~~''
80
RATIO
2.20
200
INVENTORY-SHIPMENTS RATIO
2.00
DURABLE fvirjns
160
A
. .
120
— -"N, — — -— ?*
/
%->V--"»
^•-*H'^
^-•'
1.60
NONDURAB LE GOODS
80
1 1 1 1 11 1 1 111
1990
1991
\~^
1.40 -
M 1 1 1 1 1 1 1 M 1 1 f 1 1 1 1 II 1 i 1 M N 1 1 1 1 1 1 I l l l l l l l l l l
1989
1.80 -
111 ! f l 1 1 1 H
1.20
1989
1993
1992
r^i ~~^
~^X
Illllllllll Illllllllll
1990
1991
1992
1993
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments
1
Manufacturers' inventories z
Manufacturers' new orders '
Durable goods
Period
Total
Durable
goods
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Manufacturers'
unrdled
orders 2
Capital
goods
industries,
non-defense
Nondurable
goods
100,164
102,356
103,647
110,809
121,445
124,933
123,556
117,878
122,614
133,300
23,669
24,545
23,983
26,095
30,729
32,725
32,254
29,468
29,653
31,901
92,715
93,351
91,557
98,579
105,581
110,999
117,090
116,476
118,932
122,419
373,529
387,095
393,412
430,288
471,951
510,459
524,846
511,122
475,304
442,111
Total
Total
Manufacturers'
inventory —
shipments
ratio 3
Millions of dollars, seasonally adjusted, except as noted
1984 ..
1985
1986 ...
1987
1988
1989
1990
1991
1992
1993 *
190,682
194,538
194,657
206,326
223,541
232,724
239,459
285,518
244,511
258,523
1992- Dec .
1993- Jan
Peb
Mar
May
July
Sept
Oct r.
NOT
Dec "
97,940
101,279
103,238
108,128
117,993
121,703
122,387
119,151
125,553
135,982
92,742
93,259
91,419
98,198
105,549
111,022
117,072
116,367
118,958
122,542
339,516
334,799
322,669
338,075
367,422
386,911
399,068
386,848
379,238
377,941
221,330
218,212
212,006
220,776
241,402
256,065
259,988
249,117
237,717
236,370
118,186
116,587
110,663
117,299
126,020
130,846
139,080
137,231
141,521
141,571
192,879
195,706
195,204
209,389
227,026
235,932
240,646
234,354
241,545
255,719
256,609
134,228
122,381
379,238
237,717
141,521
256,727
134,348
32,275
122,379
475,304
1.48
252,845
256,800
258,979
255,114
254,007
258,299
251,680
256,556
260,088
260,471
265,574
269,227
130,805
134,133
135,537
132,763
132,307
135,042
129,257
134,521
137,521
138,153
' 142,665
146,002
122,040
122,667
123,442
122,351
121,700
123,257
122,423
122,035
122,567
122,318
122,909
123,225
378,624
379,232
379,539
380,307
381,591
381,326
381,561
381,392
380,689
380,301
380,181
377,941
236,332
237,034
236,849
237,043
237,734
237,514
237,937
237,688
237,571
237,632
237,886
236,370
142,292
142,198
142,690
143,264
143,857
143,812
143,624
143,704
143,118
142,669
142,295
141,571
253,626
257,250
253,007
252,369
248,335
255,462
250,566
253,461
255,309
258,270
262,773
266,019
131,266
134,533
129,903
129,838
126,783
132,252
128,520
131,752
133,176
136,613
' 139,675
142,658
28,645
32,748
29,122
30,453
29,931
33,850
30,093
31,992
30,992
32,825
r
34,878
35,366
122,360
122,717
123,104
122,531
121,552
123,210
122,046
121,709
122,133
121,657
123,098
123,361
476,085
476,535
470,563
467,818
462,146
459,309
458,195
455,100
450,321
448,120
445,319
442,111
1.50
1.48
1.47
1.49
1.50
1.48
1.52
1.49
1.46
1.46
1.43
1.40
1
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales.
2
Seasonally adjusted, end of period.
3
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
1.73
1.73
1.68
1.59
1.58
1.64
1.65
1.67
1.57
1.47
PRICES
PRODUCER PRICES
In December, the producer price index for all finished goods fell 0.1 percent. Prices of finished consumer foods
rose 1.1 percent and prices of other finished consumer goods fell 0.7 percent. Capital equipment prices rose 0.3
percent.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
FINISHED GOODS PRICES
SEASONALLY ADJUSTED
^
130
•X" """""""'
130
CONSUMER FOODS
CAPITAL EQUIPMENT
110
/'
-^"""V
~~
> /
•
--'
~V/
%
"~*
^ v
^/~~*
\ ^^^^
\
_
_^'
i' "* "
%
s'
*'
-i
'^--x
• "'
;
120
—
.
. . -*
j/
r
^g*****
/;
— i
^tf^~>~f'
^**S
" X
/
\S~^~**^
I"
J
f
^ /
^Vv—- / ^
i
f>—
\ xr-"''
i^** f
,.-•]
i—
r /- '
,
^^^f'"'—
\^
_ _- " . "^~-~-
^
, s~,''
"
,.
\
120
'
_-"1
^/f
'
TOTAL f .
,'*•'
^ ,f
)
110
/ X
CONSUMER GOODS
EXCLUDING FOODS
x*-
\
100
100
f *
90
i iii i1 11 i11 1 1 1 1 1 1 1 1 11
1985
1 1 1 1 1 1 1 1 M
1
i i i i i 1 I I I I1 i i i i i 1 i i i ii 1 1 1 1 1 1
1988
1987
1986
I I I I I 1 I I I Ii
1 1 1 1 1 1 1 M
1991
1990
1989
11
1 11 1 1 111 11
1992
SOURCE: DEPARTMENT OF LABOR
90
1993
COUNCIL OF ECONOMIC ADVISERS
[1982=100; monthly data seasonally adjusted]
Finished goods
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Crude materials
Foods
Foodstuffs
and
finished
Consumer goods
Nondurable
Capital
equipment
Total
Total
1984
1985
1986
1987
Intermediate materials
Total
Durable
con-
Total
sumer
goods
and
feeds
1
Other
Total
103.7
104.7
103.2
105.4
108.0
113.6
119.2
121.7
123.2
124.7
105.4
104.6
107.3
109.5
112.6
118.7
124.4
124.1
123.3
125.7
103.2
104.6
101.9
104.0
106.5
111.8
117.4
120.9
123.1
124.4
102.2
103.3
98.5
100.7
103.1
108.9
115.3
118.7
120.8
121.7
104.5
106.5
108.9
111.5
113.8
117.6
120.4
123.9
125.7
128.1
101.1
101.7
93.3
94.9
97.3
103.8
111.5
115.0
117.3
117.6
105.2
107.5
109.7
111.7
114.3
118.8
122.9
126.7
129.1
131.4
103.3
103.8
101.4
103.6
106.2
112.1
118.2
120.5
121.7
123.0
103.1
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.7
116.2
105.7
97.3
96.2
99.2
109.5
113.8
113.3
111.1
110.7
112.7
103.0
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.9
116.4
103.5
95.8
87.7
93.7
96.0
103.1
108.9
101.2
100.4
102.4
1992- Dec
123.8
125.1
123.3
120.9
126.0
117.4
129.7
122.3
114.9
111.1
115.1
1993- Jan
Feb
Mar
Apr
May
124.2
124.7
125.1
125.8
125.8
125.1
125.1
124.3
124.5
124.2
124.2
124.1
124.4
124.4
124.6
126.3
126.3
125.1
124.9
125.5
126.4
125.8
126.8
128.2
124.1
124.7
125.1
125.6
125.6
125.1
125.1
123.8
123.9
123.7
123.4
122.9
121.6
122.3
122.9
123.4
123.4
122.7
122.6
120.7
120.8
120.7
120.2
119.3
126.7
127.2
127.5
128.2
128.0
128.0
128.5
129.1
129.1
127.4
128.4
128.8
118.1
118.9
119.5
120.0
120.0
119.1
118.7
115.7
115.8
116.5
115.3
113.8
130.4
130.8
131.1
131.3
131.4
131.2
131.7
131.9
131.9
131.4
131.7
132.1
122.6
123.1
123.6
124.4
124.4
123.6
123.5
122.3
122.6
122.4
122.3
122.0
115.3
115.9
116.3
116.6
116.3
116.5
116.4
116.4
116.5
116.4
116.2
116.0
111.5
111.0
110.3
111.8
111.4
110.4
112.9
113.6
113.2
113.8
115.7
117.5
115.5
116.2
116.7
116.8
116.5
116.8
116.6
116.6
116.7
116.6
116.3
116.0
1988
1989
1990
1991
1992
1993
p
June
July
Aug r
Sept
Oct
Nuv
Dec
1
Intermediate materials for food manufacturing and feeds.
22
Other
stuffs
Source: Department of Labor, Bureau of Labor Statistics.
104.7
94.8
93.2
96.2
106.1
111.2
113.1
105.5
105.1
108.3
102.2
96.9
81.6
87.9
85.5
93.4
101.5
94.6
93.5
94.7
101.5
105.9
94.8
101.8
101.6
101.8
103.3
105.4
103.7
101.4
101.0
101.6
103.0
103.4
101.1
106.4
106.4
106.4
109.1
109.6
105.9
107.1
108.9
109.1
107.5
111.6
113.0
95.0
94.7
94.9
95.6
98.7
98.3
93.9
92.0
92.9
96.1
94.2
89.7
CONSUMER PRICES—ALL URBAN CONSUMERS
In December, the consumer price index for all urban consumers rose 0.2
percent, seasonally adjusted (it was
unchanged not seasonally adjusted). The index was 2.7 percent above its year-earlier level.
INDEX, 1982-84 - 100 (RATIO SCALE]
INDEX, 1982-84 = 100 (RATIO SCALE)
150
150
SEASONALLY ADJUSTED
CONSUMER PRICES—ALL ITEMS
100
COUNCIL OF ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
Transportation
Housing
All items '
Shelter
Period
Rel. imp.3....
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993....
1992:
Dec
1993:
Jan
Feb
Mar
May
July
Sept
Oct
Nov
Dec
Not
seasonally
adjusted
(NSA)
Seasonally
adjusted
100.0
103 9
1076
109 6
113 6
118.3
1240
130 7
1362
140 3
1445
Food
Total
Renters'
costs
(Dec.
1982 =
100)
Homeowners'
costs
(Dec.
1982 =
100)
Maintenance
and
repairs
(NSA)
Total >
Fuel
and
other
utilities
Apparel and
upkeep
Total '
New
cars
Motor
fuel
Medical
care
Energy 2
All
items
less
food
and
energy
15.8
103.2
105.6
109.0
113.5
118.2
125.1
132.4
136.3
137.9
140.9
41.4
103.6
107.7
110.9
114.2
118.5
123.0
128.5
133.6
137.5
141.2
27.9
104.0
109.8
115.8
121.3
127.1
132.8
140.0
146.3
151.2
155.7
8.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
155.6
160.9
165.0
19.7
107.3
113.1
119.4
124.8
131.1
137.3
144.6
150.2
155.3
160.2
0.2
103.7
106.5
107.9
111.8
114.7
118.0
122.2
126.3
128.6
130.6
7.3
104.8
106.5
104.1
103.0
104.4
107.8
111.6
115.3
117.8
121.3
6.0
102.1
105.0
105.9
110.6
115.4
118.6
124.1
128.7
131.9
133.7
17.0
103.7
106.4
102.3
105.4
108.7
114.1
120.5
123.8
126.5
130.4
4.0
102.8
106.1
110.6
114.6
116.9
119.2
121.0
125.3
128.4
131.5
3.3
97.9
98.7
77.1
80.2
80.9
88.5
101.2
99.4
99.0
98.0
6.9
106.8
113.5
122.0
130.1
138.6
149.3
162.8
177.0
190.1
201.4
7.3
100.9
101.6
88.2
88.6
89.3
94.3
102.1
102.5
103.0
104.2
76.9
104.6
109.1
113.5
118.2
123.4
129.0
135.5
142.1
147.3
152.2
141.9
142.2
139.2
138.9
152.9
161.9
157.4
129.3
119.3
131.9
128.5
129.5
99.8
195.5
103.9
149.6
142.6
143.1
143.6
144.0
144.2
144.4
144.4
144.8
145.1
145.7
145.8
145.8
142.9
143.4
143.6
144.2
144.4
144.4
144.5
144.9
144.9
145.5
145.8
146.1
139.7
139.9
140.1
140.6
141.2
140.6
140.6
141.0
141.2
142.0
142.5
143.2
139.3
139.6
140.0
140.7
140.8
141.2
141.2
141.6
141.9
142.2
142.3
142.7
153.5
154.0
154.2
155.0
155.1
155.6
155.5
155.9
156.2
156.5
156.8
157.4
161.9
162.5
162.8
163.8
164.3
164.4
164.2
164.3
164.8
165.6
165.9
166.2
158.2
158.7
158.9
159.6
159.7
160.3
160.3
160.8
161.0
161.1
161.5
162.3
129.7
130.5
131.5
131.8
131.6
131.2
131.3
131.6
131.3
130.8
127.9
127.6
119.4
118.8
120.2
120.7
120.9
121.4
121.8
122.4
122.7
122.8
122.2
122.2
133.0
135.0
134.3
134.3
133.6
132.9
132.9
134.1
133.3
133.5
134.0
133.1
129.3
129.9
130.0
130.2
130.1
129.9
130.2
130.3
130.2
131.5
131.8
131.5
129.8
129.8
130.1
130.7
131.0
131.2
131.6
132.1
132.5
133.0
133.0
133.1
101.2
101.8
101.4
100.8
98.4
97.3
96.8
95.2
94.0
98.3
96.5
94.4
196.7
197.7
198.2
199.3
200.8
201.6
202.4
202.9
203.7
204.8
205.3
206.0
104.4
104.0
104.7
104.9
103.9
103.7
103.7
103.2
102.8
104.8
103.4
102.3
150.3
151.0
151.2
151.8
152.1
152.3
152.5
152.9
153.0
153.4
153.9
154.3
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.also included through 1982.
3
Relative importance, December 1992.
motor fuel. Motor oil, coolant, etc.
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
Capital
equipment
Excluding foods
Foods
Total
finished
goods
Excluding
foods
Foods
Capital
equipment
Total
finished
goods
Excluding
foods
Foods
Capital
equipment
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
1.7
1.8
-2.3
2.2
4.0
4.9
5.7
-.1
1.6
.2
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 *
j
3.5
.6
2.8
-.2
5.7
5.2
2.6
-1.5
1.6
2.4
2.1
1.0
-1.4
2.1
2.5
5.2
4.9
2.1
1.2
1.2
1.8
2.7
2.1
1.3
3.6
3.8
3.4
2.5
1.7
1.9
0.8
2.1
66
4.1
3.1
5.3
8.7
7
1.6
1.4
Change, month to month
1992- Dec
0
1993- Jan
.3
.4
.3
.6
0
-.6
0
-.6
.2
-.2
0
-.1
Feb
Mar
Apr
May
July
Sept
,
Oct
Nov
Dec
-0.6
1.3
-.6
0
.2
1.4
0
-1.0
o
.5
.1
-.5
.8
1.1
.6
.6
.5
.4
0
-.6
1
-1.5
M
-.1
4
0.2
03
3.3
.5
.3
.2
.2
.1
-.2
.4
.2
0
.6
2.9
4.3
5.3
3.6
0
-2.2
47
-1.9
-.2.8
-.3
-1.3
.6
2.9
-1.6
6.3
6.3
1.6
44
-2.5
4.2
2.9
4.2
5.8
A
.2
.3
-.7
-2.0
-.7
2.3
6.8
6.1
3.6
-.6
-2.6
' 85
-6.1
-6.1
r
— 1.6
49
0.6
0.5
3.8
-1.0
0.9
1.6
3.4
4.1
4.4
2.8
1.8
.3
1.2
1.5
2.2
1.1
1.8
1.9
2.9
3.3
2.1
1.5
-.6
-1.0
-2.5
-2.5
-1.6
2.8
1.3
.8
3.4
4.6
0
.8
1.8
2.9
-.8
.8
5.0
0
1.8
2.3
2.6
3.0
3.0
1.7
r
-2.6
-3.4
-4.3
-5.1
55
1.9
2.0
2.5
3.1
3.0
2.3
2.0
1.7
1.2
.2
.5
1.4
2.0
2.0
2.0
2.5
2.1
1.3
1.3
r
.5
.5
.2
.3
.2
g
-.6
.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
Pood
Total '
Total '
Homeowners'
costs
Renters'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
New
cars
Total '
Motor
fuel
caJ
care
Energy2
All
items
less
food
and
energy
Addendum: All items, percent change
(annual rate)
From
previous
quarter 3
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
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
2.9
4.3
4.3
1.7
3.7
4.0
3.9
4.5
3.4
2.6
2.7
5.2
6.0
4.6
4.8
4.5
4.9
5.2
3.9
2.9
3.0
0.1
0.3
0.1
0.2
.5
.3
.1
.4
.1
.4
.1
.1
.4
.4
— .4
0
.3
.1
.6
.4
.5
.3
.2
.3
.5
.1
.3
0
.3
.2
.2
.1
.3
.4
.3
.1
.5
.1
.3
1
.3
.2
.2
.2
.4
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.2
2.8
2.6
5.1
5.9
4.6
5.3
4.7
5.1
4.7
3.7
2.9
3.2
4.2
1.8
5.6
1.6
2.9
3.2
4.0
2.9
2.3
2.5
2.0
2.8
.9
4.8
4.7
1.0
5.1
3.4
1.4
Q
2.5 -2.4
3.1
3.4
5.9 -30.7
1.8
18.7
2.1 -2.1
6.8
2.3
36.5
1.4
3.3 -16.0
1.8
2.3
2.8 -5.4
3.1
2.6
-5.9
6.1
3.0
4.0
10.4
-1.5
3.0
2.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
7.9
6.6
5.4
0.2
1.8
-19.7
8.2
.5
5.1
18.1
7.4
2.0
-1.4
4.7
4.3
3.8
4.2
4.7
4.4
5.2
4.4
3.3
3.2
0.4
-0.2
0.2
4.3
3.6
1.9
3.6
4.1
4.8
5.4
4.2
3.0
3.0
Change, month to month
1992:
Dec
1993:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
0
.1
.3
0
.4
.2
.2
1
-0.1
0
.4
.2
.6
.3
.1
1
.1
.3
.5
.2
.2
0.4
0.1
.5
.3
.1
.4
.1
.4
0
.3
.1
.1
.2
.5
.1
g
1.2
.4
.2
.4
.3
.5
.2
.1
5
0
-0.3
.8
1.5
-.5
0
-.5
-.5
0
.9
-.6
.2
.4
-.7
Includes items not shown separately.
* Household fuels—gas (piped), electricity, fue oil, etc.—and motor fuel. Motor oil, coolant, etc.,
also included through 1982.
24
0.1
0.1
-0.5
.6
.5
.1
.2
1
-.2
.2
.1
— .1
1.0
.2
-.2
.2
0
.2
.5
.2
.2
.3
.4
.3
.4
0
,1
1.4
.6
4
6
-2.4
-1.1
-.5
17
-1.3
4.6
-1.8
-2.2
3
.6
.5
.3
.6
.8
.4
.4
.2
.4
.5
.2
.3
.5
— .4
.7
.2
-1.0
-.2
0
-.5
— .4
1.9
-1.3
-1.1
.5
.5
.1
.4
.2
.1
.1
.3
.1
.3
.3
.3
3.2
3.7
2.8
1.4
2.8
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics-
3.2
2.9
2.9
3.4
4.0
4.0
3.7
2.8
2.2
.8
1.4
1.4
2.8
2.5
3.4
3.3
3.6
3.6
3.6
3.4
3.1
2.3
2.1
1.8
1.8
1.9
2.4
3.3
3.2
3.1
3.2
3.2
3.0
2.8
2.8
2.7
2.8
2.7
2.7
PRICES RECEIVED AND PAID BY FARMERS
In January, prices received by farmers were 2.1 percent above 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]
INDEX, 1977 > 100 (RATIO SCALE)
240
240
220
220
PRICES PAID
200
200
180
180
160
160
140
140
PRICES RECEIVED
120
120
IillllI
100 LU.
I
I IIIM lI
1 I I I I ll I I I l I
140
120
100
RATIO-!/
RATIO.!/
140
-
120
_
RATIO
_
/
100
80
^-^——-j
•
100
—
r~
1 1 1 1 i—
t 11111 >
*-1
60
i 1 i i i1iiiii
1
1986
1987
i iii i1
1988
1 i i i ii i i i i i 1 i i i l l
i ii ii 1 ii ili
1989
1991
1990
80
•
~~^~——'
l llll1
1992
1993
^
I/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
1 1 1 11 1 1 l 1 l l
1994
COUNCIL OF ECONOMIC ADVISERS
[1977 = 100; not seasonally adjusted]
Prices paid by farmers
Prices received by fanners
Period
All farm
products
142
128
123
127
138
147
149
r
!46
r
!39
143
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993- Jan
Feb
Mar
Anr
May
July
Sept
Oct
Nov
Dec
1994: Jan
Livestock and
products
Crops
138
120
107
106
126
134
127
129
121
123
146
136
138
146
150
160
170
161
157
162
!38
140
r
!41
146
144
140
r
!41
r
!44
145
145
r
!44
145
117
118
116
r
!25
120
r
l!3
r
!21
r
!25
128
130
r
!28
133
159
162
166
167
168
166
161
162
160
159
r
!58
156
148
137
157
r
1
Includes items not shown separately.
2
Percentage ratio of index of prices received by fanners to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
All commodities,
services,
interest, taxes,
and wage rates *
Production
items, interest,
taxes, and wage
rates
Production
items
164
162
159
162
r
!69
r
!77
r
!83
r
!87
r
!89
195
161
156
150
152
r
!59
167
r
!71
r
!72
r
!73
178
r
!92
r
r
!96
r
r
r
r
r
r
r
!95
!96
197
155
151
144
148
157
165
171
r
!73
174
179
87
79
77
78
r
82
83
81
r
78
r
74
73
176
72
73
73
74
73
71
r
72
r
74
74
r
74
r
73
74
!75
!79
!78
Ratio 2
!80
!79
!78
181
180
182
r
75
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977 = 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Growth in M2 and M3 slowed in December. (Series revised.)
BILLIONS OF DOUARS* (RATIO SCALE!
4,800
BILLIONS OF DOLLARS* (RATIO SCALE)
4,800
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
RPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
tune deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
552.1
619.9
724.5
750.1
787.4
794.7
826.4
897.7
1,024.8
1,128.4
2,377.8
2,575.0
2,818.2
2,920.1
3,081.4
3,239.8
3,353.0
3,455.3
3,509.0
3,566.2
2,994.6
3,211.6
3,497.3
3,681.3
3,920.4
4,067.3
4,125.7
4,180.4
4,183.0
4,229.9
3,536.0
3,838.9
4,137.5
4,340.2
4,674.6
4,897.3
4,974.8
4,992.9
5,057.1
6,006.1
6,901.1
7,778.6
8,543.3
9,306.1
10,030.7
10,670.1
11,145.5
11,721.1
6.0
12.3
16.9
3.5
5.0
.9
4.0
8.6
14.2
10.1
8.7
8.3
9.4
3.6
5.5
5.1
3.5
3.1
1.6
1.6
11.1
7.2
8.9
5.3
6.5
3.7
1.4
1.3
.1
1.1
14.2
14.9
12.7
9.8
8.9
7.8
6.4
4.5
5.2
1992- Nov
Dec
1,016.6
1,024.8
3,510.5
3,509.0
4,194.1
4,183.0
5,065.3
5,057.1
11,665.6
11,721.1
13.4
14.7
1.6
1.8
.2
-.0
5.0
5.0
1993- Jan
Feb
Mar
1,033.0
1,035.4
1,040.2
1,047.1
1,067.7
1,076.6
1,086.8
1,095.3
1,105.1
1,113.4
1,122.4
1,128.4
3,502.8
3,494.4
3,495.1
3,498.2
3,521.4
3,529.0
3,535.0
3,538.2
3,546.6
3,548.2
3,559.4
3,566.2
4,162.4
4,156.2
4,154.9
4,162.2
4,187.3
4,188.3
4,188.6
4,189.6
4,199.2
4,205.3
4,218.6
4,229.9
5,041.0
5,037.7
5,038.8
5,056.1
5,088.2
5,089.6
5,086.7
5,097.0
5,090.3
5,098.2
"5,113.3
11,757.8
11,781.6
11,821.3
11,867.4
11,912.7
11,976.1
12,033.4
12,088.3
12,141.9
12,178.9
"12,243.2
. 14.3
12.2
10.3
8.5
10.1
10.1
10.4
11.6
12.5
12.7
10.2
9.6
1.3
.3
— .1
5
.6
1.1
1.8
2.5
2.9
2.9
2.2
2.1
-1.1
19
-2.2
17
3
.3
1.3
1.6
2.1
2.1
1.5
2.0
4.6
4.0
3.9
4.2
4.2
4.4
4.7
5.2
5.4
5.2
5.5
Period
1984198519861987198819891990:
19911992:
1993-
'
.
ZJune
'
July '.
Sept *
Oct '
Nov r
Dec
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfmancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate.
26
L
M3 plus
other liquid
assets
Debt
Debt of
domestic
nonfmancial
sectors
(monthly
average) 1
Percent change from year or 6
months earlier z
Ml
M2
NOTE.—See p. 27 for components.
Series revised to reflect annual benchmark and seasonal adjustment revisions.
Source: Board of Governors of the Federal Reserve System.
M3
Debt
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Demand
deposits
Currency
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net,
plus
overnight
Eurodollars 1
Money market
mutual fund
balances 2
General
purpose
and
broker/
dealer
Institution
only
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Small
denomination
time
deposits 3
Large
denomination
time
deposits 3
NSA
1984:
1985:
1986:
1987:
1988:
1989:
19901991:
1992:
19931992-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec '
Dec
Nov *
Dec '
1993- Jan r
Feb r.
Mar '
Apr '.
May r
July '
Aug '..
Sept '
Oct *
Nov r
Dec .
156.1
167.9
180.8
196.9
212.3
222.7
246.7
267.2
292.2
321.3
289.5
292.2
294.5
297.0
299.3
301.8
304.4
307.2
309.7
312.4
315.4
317.6
319.5
321.3
244.0
266.9
302.3
287.1
287.1
279.8
278.2
290.5
339.6
384.9
337.5
339.6
341.9
342.7
344.3
349.0
358.8
362.2
366.4
370.9
375.4
378.5
383.2
384.9
147.3
179.7
235.3
259.3
280.7
285.3
294.5
333.8
384.9
414.3
381.4
384.9
388.6
387.7
388.5
388.2
396.4
399.2
402.8
404.2
406.6
409.5
411.8
414.3
60.6
73.5
82.3
84.1
83.2
77.6
74.7
76.3
80.6
89.0
80.9
80.6
77.8
77.7
78.8
77.2
75.2
78.5
81.3
82.2
85.4
88.0
88.8
89.0
168.0
177.2
209.0
222.6
242.9
317.4
350.5
363.9
352.0
349.9
353.7
352.0
350.3
345.3
345.9
345.9
348.5
347.5
346.6
345.5
345.0
344.8
347.8
349.9
63.2
65.5
86.1
92.7
92.0
108.8
135.9
182.1
201.5
197.0
208.5
201.5
196.6
198.0
197.7
196.3
198.0
194.7
192.6
190.1
190.8
194.3
194.8
197.0
1
Includes continuing contract RPs.
Data prior to 1983 are not seasonally adjusted.
Small denomination and large denomination deposits are thi : issued in amounts of less than
$100,000 and more than $100,000, respectively.
2
3
704.7
815.1
940.9
937.6
926.6
891.0
920.8
1,042.5
1,183.6
1,215.5
1,178.9
1,183.6
1,183.8
1,183.7
1,182.4
1,185.5
1,195.1
1,200.4
1,202.1
1,205.9
1,208.4
1,208.8
1,211.9
1,215.5
888.9
885.5
858.9
922.8
1,038.3
1,152.7
1,172.3
1,064.7
870.5
786.2
882.2
870.5
860.9
853.9
847.1
839.5
831.9
824.2
815.7
808.6
802.3
796.1
790.7
786.2
416.5
434.1
431.3
475.4
525.4
548.8
489.6
424.7
360.3
338.8
364.6
360.3
353.2
350.1
344.8
348.9
348.3
345.5
342.1
341.9
340.6
341.9
339.7
338.8
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
57.6
62.4
80.6
106.0
121.8
99.0
89.6
72.5
81.1
95.3
81.8
81.1
80.1
82.3
86.0
88.9
89.8
92.8
96.5
96.5
96.4
95.1
94.5
95.3
82.9
76.5
83.8
91.0
105.7
79.5
68.7
57.6
45.6
48.0
47.2
45.6
43.5
46.7
49.8
48.7
48.7
45.5
41.9
44.1
45.2
45.4
50.2
48.0
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
74.2
79.5
91.8
100.6
109.4
117.6
126.1
138.0
156.6
260.9
298.2
280.0
253.1
269.2
324.9
331.1
315.0
332.5
45.4
42.0
37.0
44.3
39.9
40.2
35.6
23.4
20.6
160.8
207.6
231.4
260.7
335.5
347.3
357.1
337.7
364.3
154.6
156.6
158.7
160.8
162.4
163.6
164.7
165.9
167.1
168.2
169.2
170.1
" 170.8
326.6
332.5
338.2
341.4
340.5
343.7
345.1
345.9
343.4
343.0
327.4
322.2
"323.9
Savings
bonds
20.3
369.7
20.6
364.3
361.0
20.6
359.4
20.0
19.4
361.7
367.3
19.3
19.2
371.9
371.0
18.5
370.2
17.4
379.6
16.5
378.0
16.4
16.4
384.3
"16.2 "383.8
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not shown
here.
Series revised. See note, p. 26. Revised data prior to 1992 for components shown here are not
yet available.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures lm, millions of dollars; seasonally adjusted, except as noted by NSA]
Adjusted for changes in reserve requirements
Borrowings of depository
institutions from the Federal
Reserve (NSA)
Reserves of depository institutions
Period
Total
198419851986:
19871988:
1989:
1990:
19911992:
19931993:
Dec
Dec
Dec.. .
Dec
Dec...
Dec
Dec
Dec
Dec
Dec
Jan.
Feb
Mar
May
July
Sept
Oct
Nov
Dec
1994: Jan "
L
26,845
31,448
38,943
38,862
40,398
40,492
41,767
45,533
54,351
60,536
54,665
54,922
55,166
55,197
56,877
57,119
57,567
58,033
58,837
59,819
60,459
60,536
60,541
1
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
'Monetary base data have been revised. Revised data prior to 1993 are not yet available.
Nonborrowed
23,659
30,129
38,116
38,085
38,683
40,227
41,441
45,341
54,228
60,454
54,500
54,876
55,074
55,124
56,756
56,938
57,323
57,680
58,410
59,534
r
60,370
60,454
60,468
Nonborrowed plus
extended
credit
26,263
30,628
38,419
38,568
39,927
40,247
41,464
45,342
54,228
60,454
54,501
54,877
55,074
55,124
56,756
56,938
57,323
57,680
58,410
59,534
r
60,370
60,454
60,468
Required
25,990
30.411
37[573
37,816
39,351
39,570
40,102
44,555
53,196
59,474
53,405
53,818
53,953
54,101
55,881
56,209
56,478
57,080
57,747
58,730
59,359
59,474
59,070
Monetary
base*
187,237
203,585
223,667
239,872
256,932
267,734
293,185
317,169
350,798
385,863
r
353,127
' 355,883
' 358,503
'361,060
r
365,416
r
368,267
r
371,315
' 374,365
r
378,084
' 38 1,435
'384,136
385,863
389,267
Total
3,186
1,318
827
777
1,716
265
326
192
124
82
165
45
91
73
121
181
244
352
428
285
89
82
73
Seasonal
113
56
38
93
130
84
76
38
18
31
11
18
26
41
84
142
210
234
236
192
75
31
15
'Extended
credit
2,604
499
303
483
1,244
20
23
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases rose 0.3 percent in December; commercial and industrial loans fell 0.2
percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
3,200
BILLIONS OF DOLLARS* (RATIO SCALE)
3,200
ALL COMMERCIAL BANKS
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
" LOANS AND LEASES
1,200
1,200
800
800
U.S. GOVERNMENT SECURITIES
400
400
..—- x "
OTHER SECURITIES
200
200
160
160
120
ii ' il
1985
M i l II
1987
1986
in iii
1988
1991
1990
1989
120
I
1992
1993
COUNCIL OF ICONOMIC ADVISERS
[Billions of dollars, seasonally adjusted ']
All commercial banks
Loans and leases
U.S.
Period
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
1993:
1993:
loans and
securities2
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Jan
Feb
Mar
Apr
May
June r...
July r....
Aug r....
Sept T...
Oct
T
T
Nov ....
Dec
1,722.9
1,910.4
2,093.7
2,241.2
2,422.9
2,590.8
2,732.4
2,836.9
2,937.6
3,087.2
2,935.3
2,943.9
2,960.2
2,970.9
2,991.2
3,014.1
3,037.4
3,046.6
3,057.2
3,056.6
3,072.6
3,087.2
1
Government
securities
Other
securities
259.8
270.8
310.1
335.8
362.7
397.0
452.1
559.3
657.1
727.2
656.5
666.2
680.2
691.0
693.5
704.3
708.2
714.8
720.6
718.4
720.0
727.2
140.9
179.0
193.9
195.8
193.7
182.4
178.8
179.9
176.0
181.9
174.5
176.4
179.0
181.0
181.2
179.6
181.5
182.4
182.6
180.7
180.9
181.9
Total2
1,322.2
1,460.6
1,589.7
1,709.6
1,866.5
2,011.4
2,101.4
2,097.8
2,104.6
2,178.2
2,104.4
2,101.3
2,101.0
2,098.9
2,116.5
2,130.3
2,147.8
2,149.4
2,153.9
2,157.5
2,171.7
2,178.2
Commercial
and
industrial
473.2
500.2
536.7
566.4
605.3
638.4
642.6
617.0
597.6
584.2
598.0
596.7
593.1
587.5
589.9
590.9
590.2
589.6
586.2
585.7
585.4
584.2
Real
estate
Individual
376.3
425.9
494.1
587.2
670.1
760.1
843.4
871.8
892.4
927.2
890.8
890.1
891.9
892.2
898.0
904.0
907.7
910.8
914.6
918.1
921.8
927.2
254.2
295.0
315.4
328.2
354.8
375.2
380.3
363.9
355.5
385.6
358.4
361.9
362.3
364.4
367.5
368.8
372.5
374.7
376.0
380.3
383.2
385.6
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
35.0
43.3
40.3
34.5
40.9
41.3
44.7
54.3
64.8
86.0
63.5
62.8
64.2
62.3
68.6
71.4
81.6
79.9
82.7
79.5
87.0
86.0
Nonbank
fiuan- Agricultural
cial
institutions
31.6
32.8
35.3
32,1
32.5
34.4
35.9
41.4
43.6
43.2
45.1
44.6
44.2
45.0
45.9
46.0
46.5
46.8
46.1
44.9
44.2
43.2
40.1
36.1
31.6
29.4
29.0
30.1
32.3
34.2
35.0
35.4
34.5
34.3
34.0
34.1
34.3
34.3
34.7
34.8
34.8
35.0
35.5
35.4
State
and
political
subdivisions
46.1
56.8
58.4
52.5
45.3
40.0
34.0
29.0
24.8
21.6
24.2
23.8
23.6
23.1
23.0
22.8
22.8
22.7
22.4
22.2
21.8
21.6
For-
Lease
Foreign
banks
eign
official
institutions
financ-
11.4
8.4
6.3
6.3
5.1
5.0
3.5
2.9
2.4
2.8
3.3
2.9
3.2
3.2
3.2
3.1
3.2
3.2
16.1
9.7
10.1
7.7
7.6
8.2
7.7
7.3
7.7
7.7
7.7
8.8
8.5
8.4
8.4
8.6
9.0
9.5
8.7
8.9
8.1
7.7
2
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
S.I
3.4
3.5
3.3
3.3
ing
receivables
19.1
22.5
24.7
29.4
31.9
32.9
31.7
30.9
32.8
30.4
30.6
30.6
30.7
30.9
31.3
31.6
31.7
31.8
32.1
32.5
32.8
Other
29.9
35.5
39.0
41.7
46.5
48.1
44.9
44.7
49.5
51.1
48.8
44.5
45.3
48.0
46.8
49.0
47.9
46.0
47.3
47.3
49.1
51.1
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Credit market funds
Total
Internal >
Total
Total
1984
1985
1986
1987 ....
1988
... .
1989 .
1990
1991 .
1992
1991- I
n
m
IV
1992: I ..
n
m
IV
1993- I
n
mf
Securities
and
mortgages
r
501.0
486.3
531.9
540.5
610.9
r
562.3
522.8
473.2
r
586.6
336.3
351.9
336.7
375.9
404.3
399.6
409.4
437.8
462.7
164.7
134.4
195.2
164.6
206.6
162.6
113.4
35.4
124.0
108.6
76.1
140.3
65.2
71.8
62.4
37.7
6.9
68.6
-5.5
13.0
r
65.5
27.8
-14.6
r
-32.9
r
-18.9
95.9
68.3
450.9
473.4
480.9
487.4
560.4
600.8
588.2
r
597.0
433.0
440.9
426.9
r
450.5
454.6
452.2
468.5
475.4
468.3
593.6
611.4
460.6
471.4
485.8
17.9
32.5
54.0
37.0
105.8
148.6
119.7
121.7
7.7
122.2
125.5
4.0
32.9
9.4
-18.5
81.7
69.7
68.9
53.9
9.3
88.5
76.0
92.5
123.7
72.2
r
95.3
95.6
96.9
37.8
42.8
69.9
76.9
r
83.3
r
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
Other 2
Loans and
short-term
paper
r
l!4.1
63.1
74.7
37.4
86.4
95.2
r
56.6
-89.0
.3
r
56.1
58.3
54.9
r
99.4
134.9
100.2
75.7
r
28.4
r
55.4
r
13.9
-.4
44.6
55.6
24.1
78.9
r
50.8
r
67.7
-1.6
33.7
49.6
-88.5
-90.8
-62.8
1138
-13.9
-27.2
31.1
11.1
-60.6
11.6
r
-7.4
Total
Capital
expenditures 3
Increase in
financial
assets
Discrepancy
(sources less
uses)
398.5
374.9
351.9
365.0
394.4
403.8
407.3
381.6
397.2
116.8
91.0
151.5
124.9
163.8
119.8
94.7
69.6
140.6
-14.3
20.4
28.5
50.7
52.7
38.7
20.8
22.0
48.8
520.8
567.4
520.0
543.0
377.2
367.4
388.3
393.6
369.9
401.2
402.7
415.2
456.7
" 563.7
585.7
446.4
449.2
457.7
26.2
87.7
73.0
91.2
150.9
166.1
117.3
127.8
10.3
114.4
128.0
47.4
18.3
19.5
2.6
39.6
33.4
68.2
54.0
11.6
29.9
25.6
515.3
465.8
503.3
489.9
558.2
523.6
502.0
451.2
537.8
r
r
r
403.5
455.1
461.4
484.8
r
r
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]
Net change in installment credit outstanding *
Installment credit outstanding (end of period)
Period
Total
1984:
Dec
1985:
1986:
1987:
19881989:
19901991:
19921993:
Dec
Dec
Dec 3
Dec
Dec
Dec
Dec
Dec
Dec p
1993: Jan
Feb
Mar
Apr
May
June
July
Aue T
Septr
Oct .
Nov
Dec p.
r
Automobile
Revolving
442,602
517,659
572,006
608,675
662,553
724,353
738,765
733,510
741,093
789,836
173,564
210,238
247,772
266,295
285,364
292,536
284,739
260,898
259,627
278,323
100,280
121,758
135,825
153,064
174,269
198,544
222,552
243,564
254,299
281,695
743,583
747,228
750,131
752,193
750,293
752,428
757,465
762,503
768,573
775,620
782,561
789,836
258,737
261,434
262,313
262,463
264,007
265,388
267,468
268,784
270,650
273,822
276,853
278,323
255,984
258,384
259,661
261,450
262,690
263,338
266,938
270,753
273,703
277,125
279,273
281,695
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
z
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
Other
r
2
Total
Automobile
Revolving
Other 2
168,758
185,664
188,408
189,316
202,921
233,273
231,474
229,048
227,167
229,818
73,636
75,057
54,347
36,669
53,878
<4)
14,412
-5,255
7,583
48,743
30,004
36,674
37,534
18,523
19,069
(4)
-7,797
-23,841
-1,271
18,696
21,192
21,478
14,067
17,239
21,205
(4)
24,008
21,012
10,735
27,396
22,440
16,906
2,744
908
13,605
(4)
-1,799
-2,426
1 881
2,651
228,862
227,410
228,157
228,280
223,596
223,701
223,058
222,967
224,220
224,673
226,435
229,818
2,490
3,645
2,903
2,062
-1,900
2,135
5,037
5,039
6,070
7,047
6,940
7,276
890
2,697
879
150
1,544
1,381
2,080
1,316
1,866
3,172
3,031
1,470
1,685
2,400
1,277
1,789
1,240
648
3,600
3,815
2,950
3,422
2,148
2,422
1,695
1 452
747
123
-4,684
105
-643
-92
1,254
453
1,761
3,383
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
14
PERCENT PER ANNUM
14
CORPORATE Aaa BONDS
(MOODY'S)
\A
/ \
\
VX _
r'
/'
j.
\ /
.—
V,. —'"^
' —N—'
\
\
X.
r — ^ -\,
/\
B
TREASURY
-•%)—i
6
N]
\-s
_,-*/
"^'"""X
-v.....
/
V
/r
'<-• •v/
—•1
I
DISCOUNT
RATE
FEDERAL
1
x/6
'••L
[l
BANK Of
NEW YORK
•
1 11111
2
i 1 ii1 1 1 11 11
1 1 1 1 1 1 1 1 1 11
1989
1990
1988
1987
1986
4
~^-" ^
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 II
1991
1992
i i I i i 1 i i i i if ?
1994
1993
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SEE TABLE BELOW
[Percent per annum]
U.S. Treasury security yields
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993: Jan
Peb
Mar
Mav
^pv
June
July
. •>
Atur
Sept
Oct
Nov
Dec
1994- Jan
Week ended:
1993: Dec 31
1994- Jan 8
15
22
29
Feb 5
1
Bank-discount
2
3-month bills
(new issues) l
Constant maturities z
3-year
10-year .
High-grade
municipal
bonds
(Standard £
Poor's) »
30
Prime
commercial
paper,
6 months '
10.16
8.01
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.30
3.35
3.27
3.24
3.19
3.20
3.38
3.35
3.33
3.25
3.27
3.43
3.40
5.30
12.71
11.37
9.02
9.38
9.71
9.26
9.32
8.77
8.14
7.22
7.91
7.71
7.58
7.46
7.43
7.33
7.17
6.85
6.66
6.67
6.93
6.93
6.92
5.30
5.33
5.27
5.30
5.28
5.28
6.94
7.01
6.87
6.92
6.91
6.93
9.58
7.48
5.98
5.82
6.69
8.12
7.51
5.42
3.45
3.02
11.89
9.64
7.06
7.68
8.26
8.55
8.26
6.82
5.30
4.44
12.44
10.62
7.68
8.39
8.85
8.49
8.55
7.86
7.01
5.87
10.15
9.18
7.38
7.73
7.76
7.24
7.25
6.89
6.41
5.63
3.06
2.95
2.97
2.89
2.96
3.10
3.05
3.05
2.96
3.04
3.12
3.08
4.93
4.58
4.40
4.30
4.40
4.53
4.43
4.36
4.17
4.18
4.50
4.54
6.60
6.26
5.98
5.97
6.04
5.96
5.81
5.68
5.36
5.33
5.72
5.77
6.18
5.87
5.65
5.78
5.81
5.73
5.60
5.50
5.31
5.29
5.47
r
5.35
3.02
4.48
5.75
3.06
3.10
3.02
2.99
2.96
2.99
4.53
4.59
4.43
4.45
4.44
4.57
5.77
5.85
5.69
5.74
5.74
5.80
basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and week.
Corporate
Aaa bonds
(Moody's)
Discount rate
(N.Y. F.R.
Bank)*
Prime rate
charged by
banks 4
New-home
mortgage
yields
(FHFB)5
8.80
7.69
6.33
5.66
6.20
6.93
6.98
5.45
3.25
3.00
12.04
9.93
8.33
8.21
9.32
10.87
10.01
8.46
6.25
6.00
12.38
11.55
10.17
9.31
9.19
10.13
10.05
9.32
8.24
7.20
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
7.82
7.77
7.46
7.46
7.37
7.23
7.20
7.05
6.95
6.80
6.80
6.92
3.30
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.38
3.37
3.29
3.28
3.26
3.32
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
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
5
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in January.
INDEX, DEC. 31, 1965=50 (RATIO SCALE)
300
280
260
IND EX, DEC 31, 1 965=50 (RATIO SCALE)
300
280
260
240
^~—
220
240
180
s~S
160
/
'\
200
180
\ /~^r~^
:
140
220
'
Jf—'
200
120
*^^
/^~*"*—~^
^/
160
DSITE STOCK PRICE IN
(NYSE)
140
*v
f
120
100
100
80
11111
1 1 1 1 1
1 11 11
1986
111 11111 1 11
1987
1 1111
1 II 1 1 1 1 II 1 1 1 1 1 1 1 1 I 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 M i l l
1989
1988
1991
1990
1992
1993
PER CENT
20
PERC ENT
20
FAPNII>-IGS-PRICE
15
RATIO ON COMMON STOC ic<;
15
(S&P)
\
10
• - ~«.
~—
5
1
0
1
1986
1
1
^L
1
i
1987
_-
'
'
10
,
5
-^——— .
1
1988
1
1
1
1
1
1
1
1990
1989
1
1
1992
1991
1
1
Industrial
Transportation
160.46
186.84
236.34
286.83
265.79
322.84
334.59
376.18
415.74
451.41
4.64
4.25
3.49
3.08
3.64
3.45
3.61
3.24
2.99
2.78
221.00
226.96
229.42
237.97
237.80
234.30
238.30
250.82
248.15
254.04
262.96
268.11
211.04
218.89
' 225.07
227.56
222.41
226.53
232.55
237.44
244.21
240.97
230.12
229.95
203.38
209.93
217.01
216.02
209.40
209.75
218.94
224.96
229.35
228.18
214.08
216.00
3,277.72
3,367.26
3,440.74
3,423.63
3,478.17
3,513.81
3,529.43
3,597.01
3,592.29
3,625.81
3,674.70
3,744.10
435.23
441.70
450.16
443.08
445.25
448.06
447.29
454.13
459.24
463.90
462.89
465.95
2.88
2.81
2.76
2.82
2.80
2.81
2.81
2.76
2.73
2.72
2.72
2.72
320.92
278.29
225.15
218.71
3,868.36
472.99
2.69
316.19
316.98
321.38
322.42
321.91
325.63
270.58
272.98
279.17
280.74
278.94
283.18
232.09
225.21
224.72
224.07
225.51
227.50
217.27
215.47
219.19
218.87
220.06
222.47
3,782.20
3,792.79
3,854.82
3,886.28
3,917.57
3,951.40
469.43
467.38
474.19
474.31
474.37
478.75
2.71
2.72
2.68
2.68
2.69
2.63
239.67
243.41
248.12
244.72
246.02
247.16
247.85
251.93
254.86
257.53
255.93
257.73
292.11
294.40
298.75
292.19
297.83
298.78
295.34
298.83
300.92
306.61
310.84
313.22
1994- Jan
262.11
Week ended:
1993: Dec 31
1994- Jan 8
15
22
29
Feb 5.
260.02
259.16
262.40
262.87
262.99
265.93
Sept
Oct
Nov
Dec *
1
Average of daily closing prices.
Includes all the stocks (more than 2,000 in 1992) listed on the NYSE.
Dec. 31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility index
o facilitate trading of options and futures on the index. All indexes shown here reflect the doubling.
4
Includes 30 stocks.
5
Includes 500 stocks.
2
3
Dividendprice ratio
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
3,522.06
85.63
104.11
119.87
140.39
134.12
175.28
158.62
173.99
201.09
242.49
Mav
T y
July
r
Finance
Dow-Jones
industrial
average 4
89.28
114.21
147.20
146.48
127.26
151.88
133.26
150.82
179.26
216.42
108.01
123.79
155.85
195.31
180.95
216.23
225.78
258.14
284.62
299.99
. ...
Utility
3
Standard &
Poor's
composite
index
(194143 = 10)5
92.89
113.49
142.72
r
148.59
' 143.53
' 174.87
181.20
185.32
' 198.91
228.90
92.46
108.09
136.00
161.70
149.91
180.02
183.46
206.33
229.01
249.58
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
0
Common stock yields
(percent) 6
, except as
New York Stock Exchange indexes (Dec
noted) 2
Composite
1
COUNCIL OF ECONOMIC ADVISERS
Common stock prices l
Period
1
1994
1993
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
1993- Jan
Feb
Mar
80
1994
r
Earningsprice ratio
10.02
8.12
6.09
5.48
8.01
7.41
6.47
4.81
4.22
4.39
4.29
4.46
6
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earningsprice ratios based on prices at end of quarter.
NOTE.—AH data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 3 months of fiscal 1994, there was a deficit of $92.1 billion, compared with a deficit of $120.5 billion
a year earlier.
BILLIONS OF DOLLARS
BILUONS OF DOUARS
1,600
1,500
SURPI US OR DEFICIT ( )-^
-100
^-—"—
-200
"^*-*^
-200
"
-300
-300
-400
A
Vl985
i
i
1986
i
1987
i
1988
i
1989
i
1990
1
1991
1
1992
1
1993
/\ -400
1994 V
FISCAL YEARS
•^INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY ANDOFFICEOF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Total
Fiscal year or period
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994 (estimates)
Cumulative total, first 3
Fiscal year 1993
Fiscal year 1994 .
Receipts
Outlays
Surplus
or deficit
(-)
Receipts
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Total
Held by
the public
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
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
- 128.0
207.8
-185.4
231.7
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
328.5
369.1
403.5
476.6
543.1
594.4
661.3
686.0
-70.5
-49.8
-54.9
-38.2
72.7
-74.0
-120.1
-208.0
-185.7
66.4
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
-3.2
-3.9
-4.3
-2.0
jl
-5.0
-7.9
.2
.3
629.0
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
477.4
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,249.1
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,408.2
1,483.8
-212.3
-221.2
-149.8
-155.2
152.5
-221.4
2695
-290.4
-254.7
-234.8
547.9
568.9
640.7
667.5
727.0
749.7
760.4
788.0
841.6
912.9
769.6
806.8
810.1
861.4
932.3
1,027.6
1,082.1
r
l , 128.5
1,141.6
1,203.0
-221.7
-238.0
-169.3
-194.0
-205.2
-278.0
-321.7
— 340.5
-300.0
— 290.1
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
336.2
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.6
280.9
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.3
55.3
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
'3,598.3
r
4,001.9
4,351.2
4,676.0
1,499.4
1,736.2
1,888.1
2,050.3
2,189.3
2,410.4
2,687.9
2,998.6
3,247.2
3,472.4
265.1
287.2
385.6
379.2
-120.5
-92.1
195.8
214.3
303.8
319.3
-107.9
- 105.0
69.3
72.9
81.8
60.0
-12.5
12.9
4,115.8
4,483.2
3,080.3
3,336.4
1
Data from Monthly Treasury Statement.
NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
32
Outlays
Gross Federal debt
(end of period)
Off-budget
On-budget
1995, February 1994.
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 1994, receipts were $22.1 billion higher than a year earlier and outlays were $6.4
billion lower.
BILLJC!NS OF DOUARS
600
RECEIPTS -^
500
BILLIONS OF DOUARS
INDIVIDUAL INCOME TAXES
\
-
600
_
., . - .
500
400
400
300
300
CORPORATION
200
OTHER RECEIPTS
SOCIAL INSURANCE
200
\
100
100
1
0
1,300
1
1
1
1
1
1
1
1
0
1,300
OUTLAYS-1'
1,200
1,200
,--''
1,100
1,100
1,000
NONDEFENSE
\
900
1,000
^ —
„ -- "
-"
900
„->"
800
800
_---•"
700
700
600
600
500
500
NATIONAL OEFENSF
400
200
400
\
300
/I
V 1985
i
i
i
1986
1987
i
1988
i
1989
300
i
1990
i
1991
i
1992
i
1993
1994
r\
\T
200
FISCAL YEARS
-'INCLUDES ON-fiUDGET AND OFF-BUDGET HEMS.
OFFICE OF MANAGEMENT AND BUDGET
sOURCES: DEPARTMENT OF THE TREASURY AND
COUNCIL OF ECONOMY ADVISESs
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
Corporation
income
taxes
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
371.8
409.2
458.7
503.5
590.9
678.2
745.8
808.4
851.8
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,249.1
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
549.9
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5
130.7
265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
428.3
461.9
73.0
73.1
74.3
78.9
82.3
90.9
92.3
100.5
98.0
106.5
265.1
287.2
121.5
129.5
26.5
32.6
94.4
99.5
22.6
25.6
Total
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994 (estimates)
Cumulative total, first 3 months: J
Fiscal year 1993
Fiscal year 1994
1
National defense
Individual
income
taxes
Fiscal year
1976
Social
insurance
taxes
Other
of the United States Goven
\nt, Fiscal Yec
Social
securi-
ty
Net
interest
Other
ty
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
26.7
29.9
35.5
42.6
52.5
68.8
85.0
89.8
111.1
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
33.5
35.9
40.0
44.5
48.4
57.7
71.2
89.5
99.4
112.3
65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
130.6
143.7
128.2
119.8
123.3
129.3
136.0
147.0
170.3
197.0
207.3
214.6
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.6
320.5
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.8
203.4
131.8
142.1
125.9
139.4
158.8
203.9
225.1
173.9
159.7
190.6
23.6
26.9
31.1
36.0
50.9
53.9
97.4
77.0
49.2
49.9
48.1
54.2
Health
104.5
116.3
134.0
157.5
185.3
209.9
227.4
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,408.2
1,483.8
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.1
279.8
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
267.4
16.2
14.2
11.6
10.5
9.6
13.8
15.9
16.1
16.8
19.0
385.6
379.2
78.0
74.1
74.8
70.7
7.3
7.2
Total
Data from Monthly Treasury Statement.
NOTE,—Data (except as noted) are from
Income
securi-
International
affairs
Total
and
contributions
89.6
97.2
Department of
Defense,
military
Medicare
15.8
1995, February 1994.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter of 1993, Federal receipts rose $7.9 billion (annual rate) and Federal expenditures fell $2.1
billion. In the fourth quarter, according to advance estimates. Federal expenditures rose $24.0 billion; receipts data
are incomplete.
BUIONSOfDOUARS
1,600
BILUONSOf OOUARS
1,600
-200
-too
-4OO
1987
1988
CA1£NDAR YEARS
COUNC& Of ECONOMIC AOWSERS
SOURCE: DEPARTMENT C* COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government expenditures
Federal Government receipts
Personal
tax and
nontax
receipts
Indirect
business
tax and
nontax
accruals
Contributions
for
social
insurance
,121.4
,165.6
,249.3
475.7
484.0
511.7
108.4
116.3
135.6
76.7
80.8
86.0
460.6
484.5
516.0
1,309.2
1,436.0
1,484.5
446.0
444.9
445.0
509.8
607.3
646.4
,127.8
,183.0
1,267.6
632.3
671.1
739.8
803.6
856.8
943.5
1,000.6
1,068.3
1,115.8
1,132.6
1,142.5
1,165.9
1,176.1
1,169.1
1,221.1
1,218.4
1,268.0
1,275.9
474.9
490.8
521.2
301.6
290.5
323.5
351.8
371.7
414.8
420.0
470.1
483.9
474.5
478.5
479.7
482.0
489.5
511.8
502.1
520.7
527.1
5350
107.1
120.2
141.1
45.5
65.4
67.0
77.0
91.4
109.7
118.5
111.3
115.1
109.2
109.8
121.1
125.8
107.0
127.1
132.4
142.4
139.3
79.1
81.3
87.4
49.2
55.4
58.2
56.8
54.8
59.5
61.4
62.2
67.1
79.5
81.3
80.4
80.2
81.1
83.5
81.5
86.2
86.7
95.2
466.7
490.7
517.9
235.9
259.8
291.1
318.0
338.8
359.4
400.7
424.7
449.7
469.4
472.8
484.7
488.1
491.4
498.7
502.3
518.7
522.8
527.6
1,331.2
1,459.3
1,493.4
815.7
855.7
926.6
990.8
1,034.3
1,096.3
1,135.5
1,209.8
1,306.9
1,350.2
1,387.2
1,436.1
1,456.0
1,459.8
1,485.3
1,481.9
1,490.6
1,488.5
1,512.5
445.9
448.8
443.4
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
446.8
437.4
445.5
444.6
452.8
452.4
442.7
447.5
443.6
439.7
522.0
624.5
650.0
346.0
351.1
360.1
383.8
404.2
419.7
444.5
488.8
526.6
546.2
567.7
611.0
620.8
624.4
641.7
642.0
645.6
652.8
659.7
Period
Total
Fiscal year
1991 rr
1992
1993
Calendar year:
1991
1992
1993"
1982- IV
1983- IV
1984- IV
1985- IV
1986- IV
1987- IV
1988- IV
1989- IV
1990- IV
1991- TTT
IV .
1992: I
n
m
IV
1993- I
n
m
IV
Source: Department of Commerce, Bureau of Economic Analysis.
34
Total
Purchases
Surplus
or deficit
(-),
national
income
and
product
accounts
Net
interest
paid
Subsidies less
current
surplus
of
Government
enterprises
147.0
167.4
182.1
183.2
189.7
181.3
23.3
26.7
29.7
0.0
.0
.0
-187.8
-270.4
-235.2
153.0
171.4
185.8
84.3
86.9
97.7
104.5
103.8
102.9
113.0
121.9
137.6
154.6
162.3
163.4
171.8
173.7
176.7
176.1
182.8
188.6
195.8
187.6
187.1
180.6
86.8
99.2
122.3
129.2
131.1
143.1
151.2
168.9
174.4
187.6
191.9
189.3
190.4
187.4
181.3
178.3
182.5
182.2
179.3
22.6
27.5
33.6
17.3
28.8
22.2
16.4
22.1
37.8
34.9
25.0
32.0
15.1
27.9
27.0
28.5
21.4
33.2
42.9
32.3
21.4
38.0
— .1
.0
.0
.0
.0
.6
.0
.0
.2
.0
.0
.2
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
-203.4
-276.3
-225.8
-183.4
-184.6
-186.8
-187.2
-177.5
-152.7
-134.9
— 141.5
-191.0
-217.7
-244.7
-270.2
—279.9
-290.7
-264.2
-263.5
222.6
-212.7
Orantsin-aid
Transto
fer
State
payand
local
ments
governments
Corporate
profits
tax
accruals
Less:
Wage
accruals
less
disbursements
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1987=100; seasonally adjusted)
Period
United
States
Canada
Japan
France
Oennany
Italy
Consumer prices (1982-84=100; NSA)
United
Kingdom
United
States'
Canada
Japan
France
Germany
Italy
United
Kingdom
1984
1985
1986 .. .
1987
1988
1989
1990 .
1991
1992
1993'
92.8
94.4
95.3
100.0
104.4
106.0
106.0
104.1
106.5
1109
91.0
96.1
95.4
100.0
105.3
105.2
101.8
98.1
98.5
93.4
96.8
96.6
100.0
109.3
115.9
121.4
123.7
116.5
97.1
97.2
98.0
100.0
104.6
108.9
111.0
110.9
109.8
93.5
97.7
99.6
100.0
103.9
108.8
114.1
117.4
116.0
91.8
92.9
96.2
100.0
105.9
109.2
109.4
107.1
106.5
89.0
93.9
96.2
100.0
104.8
107.0
106.7
102.5
102.0
103.9
107.6
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
104.8
108.9
113.4
118.4
123.2
129.3
135.5
143.1
'145.2
147.9
102.1
104.1
104.8
104.9
105.7
108.0
111.4
115.0
116.9
118.5
107.9
114.2
117.2
120.9
124.2
128.6
133.0
137.2
140.6
102.7
104.8
104.7
104.9
106.3
109.2
112.1
116.0
120.6
125.5
111.5
121.1
128.5
134.4
141.1
150.4
159.6
169.8
178.9
186.4
104.8
111.1
114.9
119.7
125.6
135.4
148.2
156.9
162.7
165.3
1992- Nov
Dec
'108.3
r
109.0
100.0
100.5
113.1
112.7
107.0
105.8
110.5
107.5
106.4
99.9
102.9
102.2
142.0
141.9
146.4
146.4
117.4
117.4
141.4
141.4
122.3
122.4
182.0
182.3
164.1
163.6
1993:
r
'100.8 112.3
101.7 113.5
103.0 116.5
'102.3 113.4
102.0 110.7
103.8 112.5
'102.9 111.9
'103.6 111.0
'104.5 113.3
104.3 '107.4
104.5 109.9
108.3
105.4
'107.4
106.7
'105.7
'106.0
'105.8
''106.7
'106.7
'106.3
105.5
106.1
102.7
103.9
103.1
103.4
105.1
104.2
105.4
105.3
105.3
106.1
142.6
143.1
143.6
144.0
144.2
144.4
144.4
144.8
145.1
145.7
145.8
145.8
147.0
147.4
147.3
147.3
147.6
147.6
148.0
148.1
148.2
148.4
149.1
148.8
117.3
117.4
117.7
118.5
118.6
118.5
118.8
119.2
119.3
119.2
118.5
118.6
141.9
142.4
143.1
143.2
143.5
143.4
143.5
143.5
144.0
144.3
144.4
123.8
124.3
124.7
125.1
125.5
125.7
126.0
126.0
126.1
126.4
'126.7
126.8
182.9
183.6
184.0
184.7
185.4
186.4
187.1
187.2
187.5
188.6
189.5
189.5
162.0
163.1
163.7
165.2
165.8
165.7
165.3
166.0
166.7
166.6
166.4
166.7
Jan
Feb.
Mar
Apr.
May
109.2
109.9
' 110.0
r
110.5
' 110.0
r
110.4
' 110.9
'111.1
r
!11.3
'112.0
'113.0
1138
July
Sept
Oct.
Nov
Dec*
1
107.2
105.3
105.9 105.9
107.8 104.4
99.9
106.4
104.3
107.3
107.0 101.9
106.2 '104.3
108.5 102.4
108.5 102.2
'107.6 104.5
105.8
Data relate to all urban consumers.
«: 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]
General merchandise imports (customs value) 3
Merchandise exports (f.a.s. value) *
Period
1983
Total2
205.6
224.0
218.8
5
227.2
254.1
322.4
363.8
393.6
421.7
448.2
1984
1985
1986
1987
1988
1989
1990
1991
1992
s
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
67.2
72.0
73.9
75.8
86.2
109.2
138.8
152.7
166.7
176.7
16.8
20.6
22.9
21.7
24.6
29.3
34.8
37.4
40.0
47.1
13.4
13.3
12.6
14.2
17.7
23.1
36.4
43.3
45.9
50.4
20.5
24.0
27.3
35.9
34.6
43.4
17.2
20.7
23.7
24.5
Foods,
feeds,
and
beverages
Industrial
supplies
and
materials
motive
30.9
31.5
24.0
22.3
24.3
32.3
37.2
35.1
35.7
40.2
56.7
61.7
58.5
57.3
66.7
85.1
99.3
104.4
109.7
109.3
fr
goods
except
Trade balance
Principal end-use commodity category
Principal end-use commodity category
Other
Foods
feeds,
and
beverages
Industrial
supplies
and
materials
Capital
goods
except
automotive
258.0
330.7
336.5
365.4
406.2
441.0
473.2
495.3
488.5
532.7
18.2
21.0
21.9
24.4
24.8
24.8
25.1
26.6
26.5
27.9
107.0
123.7
113.9
101.3
111.0
118.3
132.3
143.2
131.6
138.3
40.9
59.8
65.1
71.8
84.5
101.4
113.3
116.4
120.7
134.2
Total
2
4
4
Other
General
merchandise
imports
(c.i.f.
value)
Exports
(f.a.s) less
imports
(customs
value)
Exports
(f.a.s)
less
imports
(c.i.f.)
40.8 44.9
53.5
60.0
66.8 68.3
78.2
79.4
85.2
88.7
87.7
95.9
86.1 102.9
87.3 105.7
85.7 108.0
91.8 123.0
6.3
7.8
9.4
10.4
12.1
12.8
13.6
16.1
15.9
17.6
269.9
346.4
352.5
382.3
424.4
459.5
493.2
517.0
508.4
554.0
-52.4
-106.7
-117.7
1383
-152.1
1185
-109.4
101 7
-66.7
845
-64.2
- 122.4
- 133.6
155 1
-170.3
-137.1
-129.4
1234
-86.6
1059
Automotive
vehicles,
partt,
and
engines
Consumer
goods
(nonfood)
except
automotive
1992- Nov
Dec.
37.8
39.2
3.4
3.4
9.0
9.2
14.5
15.8
4.4
4.6
4.5
4.3
2.0
1.9
45.6
46,1
2.2
2.3
11.8
11.5
11.6
11.9
8.0
8.2
10.3
10.7
1.7
1.5
47.4
47.9
-7.8
-7.0
-9.6
-8.8
1993: Jan.
Feb
Mar
37.5
36.9
38.9
38.5
38.9
37.6
37.1
38.1
38.9
40.1
40.1
3.3
3.4
3.5
3.4
3.3
3.2
3.2
3.1
3.4
3.5
3.4
9.4
8.7
9.2
9.1
9.7
8.8
9.8
9.0
9.6
9.9
9.6
14.5
14.3
15.6
15.2
15.3
15.3
14.3
15.3
15.0
15.6
15.5
4.1
4.4
4.3
4.4
4.3
4.1
3.8
4.2
4.1
4.5
4.7
4.3
4.2
4.4
4.2
4.5
4.3
4.4
4.5
4.6
4.6
4.8
2.0
1.9
2.0
2.1
1.9
2.0
2.0
2.1
2.2
2.0
2.0
45.2
44.8
49.3
48.7
47.3
49.7
47.5
48.1
49.5
51.0
50.2
2.3
2.2
2.4
2.2
2.3
2.3
2.3
2.3
2.4
2.6
2.3
11.6
11.1
12.6
12.6
12.3
12.8
12.1
11.7
12.2
12.5
12.2
11.7
11.7
12.4
12.4
12.3
13.1
12.8
12.5
13.0
13.7
13.7
7.9
8.3
8.8
8.8
8.2
8.6
7.8
8.5
8.7
9.0
8.8
10.3
10.3
11.5
11.1
10.7
11.3
11.0
11.7
11.6
11.7
11.5
1.4
1.3
1.6
1.5
1.6
1.6
1.5
1.4
1.5
1.5
1.7
47.0
46.6
51.3
50.6
49.1
51.6
49.4
50.0
51.5
53.0
52.2
-7.7
-7.9
-10.5
-10.2
-8.4
-12.1
-10.4
-10.0
-10.6
-10.9
— 10.2
-9.5
-9.6
-12.4
-12.1
-10.2
-14.0
-12.3
-11.9
-12.6
-12.9
12 2
May
June
July
Sept
Oct '.
Nov
1
Includes Department of Defense Military Assistance Program grant-aid shipments.
2
Includes undocumented exports to Canada through 1988.
3
Total arrivals of imported goods other than intransit shipments.
4
Total includes revisions not reflected in detail.
5
Total exports are on a revised statistical month basis; end-use categories are on a statistical
month basis.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the third quarter of 1993, the current account deficit rose to $28.0 billion, from $27.2 billion in the second
quarter. The merchandise trade deficit rose to $36.3 billion, from $34.4 billion in the second quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
BALANCE ON GOODS,
SERVICES, AND INCOME
y
A/
1983
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)]
Merchandise 1 2
Period
Exports
Imports
Net balance
237,044
211,157
201,799
219,926
215,915
223,344
250,208
320,230
362,116
389,303
416,937
440,138
-265,067
-247,642
-268,901
-332,418
-338,088
-368,425
-409,765
-447,189
-477,365
-498,336
-490,739
-536,276
-28,023
-36,485
-67,102
-112,492
-122,173
-145,081
-159,557
-126,959
-115,249
-109,033
-73,802
-96,138
n
m
101,333
104,206
103,764
107,634
-18,790
-16,319
-19,640
-19,053
n
m
108,347
108,306
109,493
113,992
n
m »....
111,530
113,118
111,912
-120,123
-120,525
-123,404
-126,687
-126,110
-133,107
-137,105
- 139,954
-140,839
-147,502
-148,191
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1991- I
IV
1992: I
IV
1993: I
1
2
3
-17,763
-24,801
-27,612
-25,962
-29,309
-34,384
-36,279
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Quarterly data are not seasonally adjusted.
36
Investment income
Services
Net
military
transactions a *
Net
travel and
transportation
receipts
-844
112
-563
2547
-4,390
5 181
-3,844
-6,315
-6,726
-7,833
-5,851
-2,751
-2,532
- 1,402
-1,164
-755
-571
-727
-617
-836
-145
-226
-341
144
-992
-4,227
-8,438
9798
-7,382
-6,481
-1,511
5,071
8,979
17,933
19,718
2,926
4,299
5,228
5,481
5,011
5,201
4,882
4,624
5,014
5,372
5,279
Other
services,
net
Receipts
on U.S.
assets
abroad
Payments
on foreign
assets in
U.S.
Net
12,552
13,209
14,095
14,277
14,266
18,855
17,900
19,961
26,558
29,505
33,799
39,444
86,529
86,200
84,778
99,056
89,489
87,497
95,129
122,275
144,904
151,201
127,292
110,612
7,935
8,397
8,660
8,809
36,018
32,057
30,074
29,144
-53,626
-56,412
-53,700
-69,572
-68,314
-74,736
-87,403
-109,653
- 130,091
-130,853
— 114,272
- 104,391
-30,247
-29,147
-28,447
-26,431
32,903
29,788
31,078
29,483
21,175
12,761
7,726
12,621
14,813
20,348
13,021
6,222
5,771
2,910
1,627
2,713
9,608
9,177
11,016
9,641
29,028
28,641
27,195
25,749
26,078
27,876
28,695
-24,609
-27,734
-25,492
-26,555
4,419
907
1,703
-806
-37
47
1,748
9,755
9,313
9,169
-26,115
-27,829
-26,947
Balance on
goods,
services,
and income
Unilateral
transfers,
net 4
Balance
on current
account
16,732
5,632
-26,719
-79,716
- 100,920
-126,028
-144,256
- 102,203
-75,532
-58,034
- 14,899
-33,505
-11,702
-17,075
-17,741
-20,612
-22.950
-24,176
-23,052
-24,965
-26,092
-33,827
6,575
-32,895
5,030
-11,443
-44,460
-100,328
-123,870
-150,203
- 167,308
-127,168
-101,624
-91,861
-8,324
-66,400
-4,690
14,096
-2,115
3,884
-5,289
-6,564
-2,805 -4,839
704 -7,389
- 10,243 -8,010
-50,628 -7,147
-13,339 - 10,348
-14.722
-7,586
-19,878 -7,294
-20,424
-7,562
9,406
1,769
-11,853
-7,644
* Includes transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation of table.
-6,685
-18,253
-17,775
-23,687
-22,308
-27,172
-27,986
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks decreased $7.5 billion in the third quarter
of 1993, following a decrease of $5.3 billion in the second quarter. U.S. liabilities to private foreigners reported
by U.S. banks, excluding Treasury securities, increased $23.5 billion in the third quarter, in contrast to a decrease
of $1.4 billion in the second quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
-40
-40
-60
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets m the U.S., net
[increase/capital inflow (+)]
U.S. assets abroad, net
[increase/capital outflow (— )]
Period
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 .
1992
1991: I
n
m
1992:
IV
I
1993:
IV
I
n
m
np
m ...
— 114,147
-122,335
-58,735
29 654
-34,687
-91,260
-61,254
-91,423
-129,331
-44,132
-59,974
-50,961
-5,555
-875
-15,672
-37,870
-1,029
-8,695
-10,798
-30,438
-12,358
-29,341
-43,961
U.S.
official
reserve
assets 3 5
-5,175
4965
-1,196
3 131
-3,858
312
9,149
-3,912
25 293
-2,158
5,763
3,901
353
1,014
3,877
1,225
-1,057
1,464
1,952
1,542
-983
822
-545
Other U.S.
Government
assets
U.S.
private
assets
-5,097 - 103,875
111 239
6 131
-52,533
-5,006
21 035
5 489
-2,821 -28,009
89551
2 022
-71,408
1,006
90477
2,967
1,259 -105,297
2,307
44 280
2,905 -68,643
53 253
- 1,609
5 761
559
-1,470
-419
3,224
22 774
-38,637
-459
275
303
-9,866
-293
-305 -12,445
-31,243
-737
535 — 11,910
29 888
275
-43,331
-86
Total
83,032
92,418
83,380
102,010
130,966
223,191
229,972
219,489
213,571
105,173
83,439
129,579
-20
7,120
23,514
52,826
19,834
44,450
26,450
38,845
25,718
42,380
66,452
5
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve position in the IMP.
Foreign
official
assets 3
Other
foreign
assets
4,960
3,593
5,845
3,140
-1,119
35,648
45,387
39,758
8,503
34,198
17,564
40,684
5,604
-4,924
3,855
13,029
21,124
21,008
7 378
5,931
10,929
17,699
19,646
78,072
88,826
77,534
98,870
132,084
187,543
184,585
179,731
205,068
70,975
65,875
88,895
-5,624
12,044
19,659
39,798
-1,290
23,442
33,828
32,914
14,789
24,681
46,806
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
1,093
Total (sum
of the items
with sign
reversed)
24,992
41,359
19,815
27,972
27,592
18,272
-1,410
-899
17,384
30,820
-15,140
-12,218
-3,831
-8,014
4,011
-7,312
-12,120
-17,502
2,123
15,280
8,948
14,133
5,495
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net 5
(unadjusted,
end of
period)
4,710
-120
-6,506
1,911
4,878
653
6 754
1,222
5,814
681
-7,605
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,721
71,323
78,002
74,940
74,731
77,721
74,657
77,092
78,527
71,323
74,378
73,968
75,835
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
p^
Gross Domestic Product
Gross Domestic Product in 1987 Dollars
Implicit Price Deflators for Gross Domestic Product
Changes in GDP, Personal Consumption Expenditures, and Related Implicit Price Deflators and Price Indexes
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures in 1987 Dollars
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment in 1987 Dollars
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector.
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancia! 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.
' Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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