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102d Congress, 2d Session

Economic Indicators
MARCH

1992

(Includes data available as of March 31, 1992)

Prepared for the Joint Economic Committee by the




Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1992

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL S. SARBANES, Maryland, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
ALBERT GORE, JR. (Tennessee)
RICHARD H. BRYAN (Nevada)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
CONNIE MACK (Florida)
ROBERT C. SMITH (New Hampshire)

HOUSE OF REPRESENTATIVES
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
KWEISI MFUME (Maryland)
RICHARD K. ARMEY (Texas)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)

STEVEN QUICK, Executive Director

COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, Chairman
DAVID F. BRADFORD, Member
PAUL WONNACOTT, Member
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts prepared by the Art Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.50 a single copy
($3.13 foreign), or by subscription at $28.00 per year ($35.00 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402




For sale by the U.S. Government Printing Office
Superintendent of Documents, Congressional Sales Office, Washington, DC 20402
ISBN 0-16-037787-0

TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the fourth quarter of 1991, according to revised estimates, current-dollar gross domestic product (GDP) rose 2.2
percent (annual rate) or $30.5 billion. Real GDP (GDP in 1987 dollars) rose 0.4 percent and the implicit price
deflator rose 1.7 percent.
BILUONS OF DOLLARS (RATIO SCALE)

BIIUONS OF DOUARS (RATIO SCALE)
SEASONALLY ADJUSTED ANNUM RATES

^^~

5,600

^Xl^~

5,200

/

4,800

^

5,600

5,200

r||_ J^_

4,800

f^

GDP
IN 1 987 DOLLARS
\

4,400

~~"

__1
r5^

4,400

_•>""
x-'''
4,000

X

«*

s^ \

X

2,800

/*

/

3,200

i

I

I

1

1982

4,000

GDP

IN CURRENT DOlLARS

X

3,600

\

3,600

3,200

1 1
1983

\

\

1

1984

i

i

i

1985

I

I

I

1986

I

I i
1987

\

I

I

i

i

i

1

1

1

1990

1989

1988

SOURCE: DEPARTMENT OF COMMERCE

\ \ t

2,800

1991

COUNCIL OF ECONOMIC ADVISERS

[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Gross
private
domestic
investment

3,030.6
3,149.6
3,405.0
3,777.2
4,038.7
4,268.6
4,539.9
4,900.4
5,244.0
5,513.8
5,672.6

1,926.2
2,059.2
2,257.5
2,460.3
2,667.4
2,850.6
3,052.2
3,296.1
3,517.9
3,742.6
3,889.1

558.0
503.4
546.7
718.9
714.5
717.6
749.3
793.6
837.6
802.6
726.7

-14.7
-20.6
51 4
-102.7
-115.6

IV
IV
IV
IV
IV
IV
IV
IV

3,195.1
3,547.3
3,869.1
4,140.5
4,336.6
4,683.0
5,044.6
5,340.4

2,128.7
2,346.8
2,526.4
2,739.8
2,923.1
3,124.6
3,398.2
3,592.8

1990- I
II
Ill
IV

5,422.4
5,504.7
5,570.5
5,557.5

1991: I
II
Ill
IV

5,589.0
5,652.6
5,709.2
5,739.7

Period

1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:

1
2

....
..

....
...

''..

Federal

Net
exports

Gross
domestic
purchases 2

Addendum:
Gross
national
product 3

Total

National
defense

Nondefense

State
and
local

Exports

Imports

-143.1
- 108.0
82 9
-74.4
30 7

303.0
282.6
276.7
302.4
302.1
319.2
364.0
444.2
504.9
550.4
591.3

317.7
303.2
328.1
405.1
417.6
451.7
507.1
552.2
587.8
624.8
622.0

561.1
607.6
652.3
700.8
772.3
833.0
881.5
918.7
971.4
1,042.9
1,087.5

240.8
266.6
292.0
310.9
344.3
367.8
384.9
387.0
401.4
424.9
445.1

167.5
193.8
214.4
233.1
258.6
276.7
292.1
295.6
300.0
313.4
323.5

73.3
72.7
77.5
77.8
85.7
91.1
92.9
91.4
101.5
111.5
121.6

320.3
341.1
360.3
389.9
428.1
465.3
496.6
531.7
570.0
618.0
642.4

3,005.2
3,165.5
3,410.6
3,706.1
4,014.1
4,260.0
4,513.7
4,884.2
5,208.1
5,513.8
5,691.1

3,045.3
3,170.2
3,456.5
3,879.9
4,154.3
4,401.2
4,683.0
5,008.4
5,326.9
5,588.1
5,703.3

3,063.8
3,179.8
3,434.4
3,801.5
4,053.6
4,277.7
4,544.5
4,908.2
5,248.2
5,524.5
5,685.8

464.2
614.8
722.8
737.0
697.1
800.2
814.8
834.4

-29.5
-71.8
-107.1
-135.5
-133.2
-143.2
- 106.0
-77.5

265.6
286.2
308.7
304.7
333.9
392.4
467.0
521.3

295.1
358.0
415.7
440.2
467.1
535.6
573.1
598.8

631.6
657.6
727.0
799.2
849.7
901.4
937.6
990.7

281.4
289.7
324.7
356.9
373.1
392.5
392.0
403.7

205.5
222.8
242.9
268.6
278.6
295.8
296.8
301.6

75.9
66.9
81.9
88.3
94.5
96.7
95.2
102.1

350.3
367.9
402.2
442.4
476.6
509.0
545.7
587.0

3,241.4
3,527.1
3,818.1
4,107.9
4,355.4
4,623.7
5,027.3
5,305.3

3,224.6
3,619.1
3,976.2
4,276.0
4,469.8
4,826.2
5,150.7
5,417.9

3,222.6
3,578.4
3,890.2
4,156.2
4,340.5
4,690.5
5,054.3
5,350.9

3,667.3
3,706.0
3,785.2
3,812.0

812.0
825.9
821.8
750.9

-78.0
-60.4
-82.5
-76.6

534.6
545.9
548.7
572.6

612.6
606.3
631.2
649.2

1,021.2
1,033.2
1,046.0
1,071.2

417.2
423.3
424.7
434.5

309.3
312.7
311.1
320.6

107.9
110.7
113.6
113.9

604.0
609.9
621.4
636.7

5,425.7
5,479.1
5,556.5
5,594.0

5,500.5
5,565.1
5,653.0
5,634.0

5,432.7
5,505.5
5,576.8
5,583.2

3,827.7
3,868.5
3,916.4
3,943.7

709.3
708.8
740.9
747.9

-36.8
-17.2
-37.3
-31.4

565.9
589.8
597.0
612.5

602.7
607.0
634.3
643.8

1,088.8
1,092.5
1,089.1
1,079.5

451.5
452.1
444.9
432.0

332.3
328.4
322.3
311.0

119.2
123.7
122.6
121.0

637.3
640.4
644.2
647.5

5,628.2
5,689.6
5,712.8
5,733.8

5,625.8
5,669.8
5,746.5
5,771.1

5,611.7
5,660.6
5,720.1
5,750.7

New definition: Excludes receipts and payments of factor income from or to rest of the world.
GDP less exports of goods and services plus imports of iroods and services.




Final
sales of
domestic
product

Government purchases

Exports and imports of goods
and services *

Personal
consumption
expenditures

Gross
domestic
product

Total

3
GDP plus net receipts of factor income from rest of the world.
„
„
source: Department of Commerce, Bureau of rjconomic Analysis.

GROSS DOMESTIC PRODUCT IN 1987 DOLLARS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment

Exports and imports of
goods and services *

Government purchases

Personal
Gross
domestic
product

sumption
expenditures

1984
1985
1986
1987 . .
1988
1989
1990
1991 '

3,843.1
3,760.3
3,906.6
4,148.5
4,279.8
4,404.5
4,540.0
4,718.6
4,836.9
4,884.9
4,848.8

2,476.9
2,503.7
2,619.4
2,746.1
2,865.8
2,969.1
3,052.2
3,162.4
3,223.1
3,262.6
3,259.0

455.0
433.9
420.8
490.2
521.8
500.3
497.8
530.8
542.4
548.8
512.4

1982:
1983:
1984:
19851986:
1987:
1988:
1989:

IV
IV
IV
IV
IV
IV
IV
IV

3,759.6
4,012.1
4,194.2
4,333.5
4,427.1
4,625.5
4,779.7
4,859.7

2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,241.6

1990: I
II
III
IV

4,880.8
4,900.3
4,903.3
4,855.1

1991:

Period

1981
1982
1983

1
2

I
II
Ill
IV '

Final
sales of
domestic
product

Federal
Nonresidential
fixed
investment

Residential
fixed
investment

Change
in
business
inventories

State
and
local

Gross
domestic
purchases 2

Addendum:
Gross
national
product 3

Exports

Imports

Total

151.6
24.6
22.0
124.1 -17.5
-7.4
174.2
4.4 -56.1
199.3
67.9 -122.0
202.0
22.1 -145.3
226.2
8.5 -155.1
225.2
26.3
1430
222.7
19.9 - 104.0
214.2
75 7
32.6
195.5
.2 -51.3
175.2 -13.9
-20.9

326.1
296.7
285.9
305.7
309.2
329.6
364.0
421.6
469.2
505.7
537.8

304.1
304.1
342.1
427.7
454.6
484.7
507.1
525.7
544.9
557.0
558.7

713.2
723.6
743.8
766.9
813.4
855.4
881.5
886.8
900.4
929.1
937.1

295.8
306.0
320.8
331.0
355.2
373.0
384.9
377.3
375.0
380.9
384.9

206.4
221.4
234.2
245.8
265.6
280.6
292.1
287.0
280.7
281.3
281.4

89.4
84.7
86.6
85.1
89.5
92.4
92.9
90.2
94.4
99.6
103.5

417.4
417.6
423.0
436.0
458.2
482.4
496.6
509.6
525.3
548.2
552.2

3,818.6
3,777.8
3,902.2
4,080.6
4,257.6
4,395.9
4,513.7
4,698.6
4,804.3
4,884.7
4,862.7

3,821.2
3,767.7
3,962.8
4,270.5
4,425.1
4,559.6
4,683.0
4,822.6
4,912.6
4,936.2
4,869.7

3,884.4
3,796.1
3,939.6
4,174.5
4,295.0
4,413.5
4,544.6
4,726.3
4,840.7
4,894.6
4,860.2

417.2
449.6
509.6
525.5
495.5
510.6
538.8
541.3

131.2 —44.9 -19.0
190.6
29.3 -83.7
198.8
47.9 -131.4
207.4
30.2
155 4
230.5 -20.1 -156.0
223.3
59.9 -136.0
225.3
20.9
102 7
207.9
30.0 -70.0

280.4
291.5
312.8
312.0
342.9
386.1
438.2
485.8

299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.7

735.9
748.1
784.3
830.5
864.8
893.0
894.5
908.9

316.0
322.2
341.7
363.7
377.5
391.6
378.4
373.9

229.4
242.9
254.3
272.1
282.2
295.0
285.7
279.9

86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.0

419.9
425.9
442.6
466.7
487.3
501.4
516.1
534.9

3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565.6
4,758.7
4,829.7

3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,929.7

3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,869.3

3,258.8
3,258.6
3,281.2
3,251.8

550.7
544.3
555.5
544.5

208.2 -4.0
199.5
22.1
190.9
13.9
183.3 -31.2

-56.0
525
-65.7
— 31.2

496.2
502.1
501.6
522.5

552.2
554.5
567.4
553.7

923.0
928.1
927.5
937.9

379.3
383.3
378.4
382.6

281.5
283.8
278.0
282.0

97.7
99.5
100.4
100.6

543.7
544.8
549.1
555.3

4,884.8
4,878.1
4,889.4
4,886.3

4,936.8
4,952.7
4,969.1
4,886.3

4,890.2
4,901.2
4,909.2
4,877.7

4,824.0 3,241.1
4,840.7 3,252.4
4,862.7 3,271.2
4,868.0 3,271.1

519.1
514.8
510.0
505.6

170.7 -32.8
172.0 -30.4
176.5
.1
181.7
7.6

-18.6
-12.3
-31.1
21 3

512.5
535.7
545.2
558.0

531.1
548.0
576.3
579.3

944.5
944.3
936.1
923.3

391.7
392.7
384.5
370.7

289.4
287.0
280.4
268.7

102.3
105.7
104.1
102.0

552.7
551.7
551.6
552.7

4,856.8
4,871.2
4,862.6
4,860.3

4,842.6
4,853.1
4,893.8
4,889.3

4,843.7
4,847.8
4,872.0
4,877.3

Net
exports

Total

Nondefense

National
defense

3
GDP plus net receipts of factor income from rest of the world.
Source: Department of Commerce, Bureau of Economic Analysis.

New definition: Excludes receipts and payments of factor income from or to rest of the world.
GDP less exports of goods and services plus imports of goods and services.

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

Period

Gross
domestic
product

Personal consumption
expenditures

Gross private
domestic investment

Durable
goods

Residential fixed

Government purchases

Exports and imports of
goods and services *

Federal
Total

Nondurable goods

Services

Nonresidential
fixed

Exports

Imports

Total

National
defense

Nondefense

State
and local

1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 '' ....

78.9
83.8
87.2
91.0
94.4
96.9
100.0
103.9
108.4
112.9
117.0

77.8
82.2
86.2
89.6
93.1
96.0
100.0
104.2
109.1
114.7
119.3

86.4
90.1
92.4
93.9
95.4
96.9
100.0
102.0
104.3
106.1
107.9

85.7
88.6
90.8
93.4
95.9
96.1
100.0
103.7
109.3
115.9
120.0

70.9
76.7
81.9
86.2
90.8
95.7
100.0
105.1
110.3
116.1
121.5

90.1
95.3
95.1
95.6
96.6
98.4
100.0
102.8
105.2
107.0
107.4

80.9
85.2
87.3
89.7
92.0
95.8
100.0
104.2
107.8
110.4
111.3

92.9
95.2
96.8
98.9
97.7
96.9
100.0
105.3
107.6
108.9
109.9

104.5
99.7
95.9
94.7
91.9
93.2
100.0
105.1
107.9
112.2
111.3

81.4
87.1
91.0
93.9
96.9
98.6
100.0
102.6
107.0
111.6
115.7

81.1
87.6
91.6
94.8
97.3
98.6
100.0
103.0
106.9
111.4
115.0

82.1
85.9
89.5
91.3
95.7
98.6
100.0
101.4
107.5
112.0
117.5

76.7
81.7
85.2
89.4
93.4
96.4
100.0
104.3
108.5
112.7
116.3

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

IV
IV
IV
IV
IV
IV
IV
IV

85.0
88.4
92.2
95.5
98.0
101.2
105.5
109.9

83.8
87.6
90.7
94.6
97.0
101.6
106.1
110.8

90.6
93.3
94.4
95.9
97.8
101.0
103.1
105.2

89.4
91.8
94.1
97.0
96.3
101.5
105.6
110.8

79.0
83.7
87.7
92.9
97.3
101.9
107.1
112.2

95.3
95.0
96.4
97.3
99.2
100.7
104.0
105.9

86.0
88.0
90.7
93.1
97.3
101.5
105.3
108.7

94.7
98.2
98.7
97.7
97.4
101.6
106.6
107.3

98.5
95.4
93.6
94.2
93.6
102.6
106.0
107.7

89.0
89.9
95.0
98.1
98.8
100.2
103.6
108.0

89.6
91.7
95.5
98.7
98.7
100.3
103.9
107.8

87.7
84.3
93.7
96.4
99.2
100.1
102.6
108.6

83.4
86.4
90.9
94.8
97.8
101.5
105.7
109.7

1990:

I
II
III
IV

111.1
112.3
113.6
114.5

112.5
113.7
115.4
117.2

106.0
105.9
106.1
106.6

113.3
114.3
116.6
119.3

113.7
115.3
116.9
118.5

106.5
106.5
107.4
107.5

110.0
110.4
110.7
110.3

107.7
108.7
109.4
109.6

110.9
109.3
111.2
117.2

110.0
110.4
112.2
113.6

109.9
110.2
111.9
113.7

110.4
111.2
113.1
113.2

111.1
111.9
113.2
114.7

I

115.9
116.8
117.4
117.9

118.1
118.9
119.7
120.6

107.3
107.6
108.3
108.5

119.4
119.8
120.2
120.8

119.8
121.1
122.1
123.2

107.9
107.7
107.2
106.6

110.4
111.2
112.0
111.7

110.4
110.1
109.5
109.8

113.5
110.8
110.1
111.1

115.3
115.1
115.7
116.5

114.8
114.4
114.9
115.8

116.5
117.1
117.9
118.6

115.3
116.1
116.8
117.2

1991:

II

III
IV T
1

New definition: Excludes receipts and payments of factor income from or to rest of the world.




Source: Department of Commerce, Bureau of Economic Analysis.

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

Constant
(1987)
dollars

Current
dollars

Implicit
price
deflator

Personal consumption expenditures
Fixedweighted
price index

Constant
(1987)
dollars

Current
dollars

(1987

Implicit
price
deflator

weights)

11.9
3.9
8.1
10.9
6.9
5.7
6.4
7.9
7.0
5.1
2.9

19871988'

1989-

1990-

1991-

. ..

III
IV
I
II
III
IV
I
II
III
IV
I
II
III
IV
I
II
Ill
IV r

.

1.8
-2.2
3.9
6.2
3.2
2.9
3.1
3.9
2.5
1.0
-.7

10.0
6.2
4.1
4.4
3.7
2.6
3.2
3.9
4.3
4.2
3.6

6.1
3.8
3.3
3.5
2.7
3.1
3.9
4.3
4.3
3.9

6.9
9.6
9.0
8.4
6.9
7.1
8.0
6.7
6,4
3.9

4.6
4.8
4.4
3.6
2.8
3.6
1.9
1.2
— .1

9.0
5.7
4.9
3.9
3.9
3.1
4.2
4.2
4.7
5.1
4.0

8.6
5.4
4.3
3.7
3.8
3.0
4.1
4.3
4.8
5.2
4.1

7.2
9.9
6.1
9.1
7.6
8.1
7.8
6.3
4.6
4.9
6.3
6.2
4.9
-.9
2.3
4.6
4.1
2.2

1981
1982

1983
1984
1985
1986
1987
1988
1989
1990
1991

Fixedweighted
price index
(1987
weights)

4.0
5.9
2.6
4.3
2.5
3.9
2.5
1.9
1.1
1.2
1.7
1.6
.2
39
-2.5
1.4
1.8
.4

3.3
3.6
3.6
4.4
5.1
3.9
5.4
4.2
3.4
3.7
4.4
4.4
4.7
3.2
5.0
3.1
2.1
1.7

3.4
3.7
3.6
4.5
5.4
3.7
4.8
4.5
3.5
3.7
5.0
4.6
4.8
3.2
5.4
3.3
2.6
2.1

8.3
4.4
9.9
7.9
8.4
8.9
4.6
6.4
7.2
4.7
8.6
4.3
8.8
2.9
1.7
4.3
5.0
2.8

3.9
1
7.1
2.5
2.9
4.1
-.2
1.0
4.1
.1
2.1
-.0
2.8
-3.5
13
1.4
2.3
-.0

4.1
4.5
2.8
5.2
5.1
4.7
5.0
5.3
3.0
4.5
6.3
4.3
6.1
6.4
3.1
2.7
2.7
3.0

4.3
4.5
2.7
5.2
5.4
4.6
5.0
5.6
3.1
4.6
6.7
4.1
6.1
6.8
3.1
2.9
2.8
2.8

NOTE.—Annual changes are from preceding year and quarterly changes are from preceding quarer.

10.2

1.2
1.1

Source: Department of Commerce, Bureau of Economic Analysis,

NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Gross domestic product
of nonfinancial
corporate business
(billions of dollars)

Period

Current
dollars

1987
dollars

Current-dollar cost and profit per unit of output (dollars) *

Total
cost and
profit 2

Consumption of
fixed
capital

Indirect
business
taxes 3

Compensation of
employees

Net

Corporate profits with inventory
valuation and capital consumption
adjustments

interest

Profits
Total

tax

liability

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

1985- IV
1986- IV
1987- IV
19881989:
1990-

IV
IV
I

II

III
IV
1991-

I
II
Ill

IV "
1

/

2,035.8
2,002.1
2,113.3
2,285.0
2,366.3
2,444.3
2,544.6
2,682.2
2,715.3
2,717.4
2,692.0

0.859
.901

0.102
.115
.115
.109
.109
.111
.111
.111
.116
.120
.127

0.081
.083
.086
.089
.091
.094
.093
.095
.099
.105
.114

0.573

0.035

0.067

.606
.604
.619
.638
.650
.659
.676
.708
.745
.763

.041
.036
.038
.038
.040
.042
.045
.052
.055
.054

.056
.076
.094
.094
.083
.096
.102
.096
.083
.076

0.031
.023
.028
.032
.030
.031
.037
.038
.037
.035
.031

0.036

.917
.949
.970
.978
1.000
1.030
1.072
1.107
1.135

1,807.1
2,038.1
2,230.0
2,341.3
2,428.4
2,625.9
2,840.1
2,943.3
2,974 7
3,025.6
3,021.2
3,014.2
3,011.8
3,043.9
3,070.1
3,091.8

2,000.5
2,205.2
2,330.3
2,399.5
2,469.0
2,602.4
2,717.1
2,715.3
2,720.0
2,741.6
2,710.4
2,697.6
2,668.1
2,682.1
2.699.0
2,718.6

.903
.924
.957
.976
.984
1.009
1.045
1.084
1.094
1.104
1.115
1.117
1.129
1.135
1.138
1.137

.119
.119
.111
.110
.112
.110
.112
.119
.119
.119
.121
.123
.127
.128
.127
.127

.085
.086
.090
.092
.094
.093
.096
.100
.103
.103
.106
.109
.113
.113
.116
.116

.609
.604
.624
.644
.655
.665
.687
.720
.729
.737
.755
.758
.760
.763
.765
.763

.040
.036
.041
.038
.042
.042
.047
.054
.054
.054
.055
.056
.056
.054
.054
.052

.051
.079
.091
.092
.080
.099
.102
.090
.090
.091
.077
.072
.073
.077
.076
.079

.020
.029
.027
.030
.035
.038
.040
.034
.036
.036
.037
.033
.030
.031
.032
.032

.030
.050
.064
.063
.045
.060
.063
.056
.054
.055
.041
.039
.043
.046
.044
.047

Output is measured by gross domestic product of nonfinancial corporate business in 1987 do!-

lurs.
2

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
4

Compensation per
hour of
all
employees
(dollars)

20.560
20.827
21.597
21.905
22.144
22.737
23.047
23.472
23.059
23.062
23.396

11.790
12.620
13.037
13.559
14.121
14.770
15.181
15.782
16.330
17.171
17.849

21.103
21.905
22.050
22.340
22.891
23.268
23.423
22.967
22.973
23.181
22.952
23.110
23.188
23.355
23.456

12.842
13.233
13.770
14.395
15.001
15.483
16.005
16.542
16.740
17.092
17.325
17.509
17.625
17.818
17.933

tax

1,749.1
1,803.5
1,937.1
2,167.3
2,295.5
2,391.3
2,544.6
2,762.1
2,910.8
3,008.9
3,054.4

1981
1982

1984:

Profits
after
4

Output
per hour
of all
employees
(1987
dollars)

.033
.048
.062
.064
.052
.059
.064
.060
.047
.045

Indirect business tax and nontax liability plus business transfer payments less subsidies.
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

1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 '
19821983:
19841985:
198619871988:
19891990:

2,522.5
2,720.8
3,058.3
3,268.4
3,437.9
3,692.3
4,002.6
4,244.7
4,459.6
4,542.5
2,551.5
2,834.3
3,134.4
3,341.9
3,486.0
3,828.8
4,127.6
4 3005
4,395.5
4,461.0
4,475.2
4,506.8
4,489.8
4,530.8
4,559.8
4,589.3

IV
IV
IV
IV
IV
IV
IV
IV
I
II
Ill
IV
1991: I
II
Ill
IV
1

1,916.0
2,029.4
2,226.9
2,382.8
2,523.8
2,698.7
2,921.3
3,101.3
3,290.3
3,388.2
1,940.4
2,101.2
2,288.1
2,442.5
2,582.5
2,785.1
3,004.9
3,157.4
3,216.1
3,279.9
3,325.3
3,340.0
3,342.9
3,377.4
3,405.3
3,427.4

Rental
income of
persons
with
capital
consumption
adjustment

Nonfarm

13.5
2.4
21.3
21.5
22.3
31.3
30.9
41.4
42.5
35.1
10.2
6.3
21.9
17.8
23.6
42.4
30.9
41.0
50.9
45.3
32.4
41.2
32.8
39.6
32.0
36.1

21.9
22.1
23.3
18.7
8.7
3.2
4.3
-7.9
-12.9
-12.7
24.1
22.2
24.3
14.0
4.7
6.8
2.8
-12.5
-14.2
-17.3
-10.4
-9.5
-11.9
-11.7
-14.2
-13.1

157.3
184.3
214.7
238.4
261.5
279.0
293.4
305.5
330.7
344.5
169.6
193.8
217.7
250.9
260.9
282.6
302.5
310.2
324.9
328.8
336.5
332.7
331.4
340.4
350.5
355.9

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

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

151.5
212.7
264.2
280.8
271.6
319.8
365.0
351.7
319.0
307.1
150.3
229.1
261.3
284.9
264.6
343.3
378.3
334.7
340.2
339.8
299.8
296.1
302.1
303.5
306.1
316.6

166.4
202.2
236.4
225.3
227.6
273.4
320.3
327.0
318.2
315.8
160.0
216.2
223.6
228.0
225.0
293.4
340.5
319.2
330.0
335.4
302.4
304.9
315.7
316.1
313.4
317.9

Inventory
valuation
adjustment

176.3
210.7
240.5
225.0
217.8
287.9
347.5
344.5
332.3
312.7
168.6
223.8
220.1
231.8
235.7
311.2
372.2
332.8
336.6
331.6
335.1
326.1
309.1
306.2
318.2
317.2

Total

Capital
consumption
adjustment

-9.9
-8.5
-4.1
.2
9.7
-14.5
-27.3
-17.5
-14.2
3.1
-8.6
-7.6
3,5
-3.8
-10,7
-17.8
-31.7
-13.5
-6.6
3.8
-32.6
-21.2
6.7
9.9
-4.8
.7

-14.9
10.4
27.8
55.5
44.1
46.4
44.7
24.7
.8
-8.7
-9.6
12.9
37.7
56.9
39.6
49.9
37.9
15.4
10.2
4.4
-2.7
-8.8
— 13.6
-12.6
-7.3
-1.3

Net
interest

262.4
270.0
307.9
326.2
350.2
360.4
387.7
452.6
490.1
480.2
256.8
281.8
321.1
331.9
349.7
368.6
408.1
469.6
477.5
484.5
491.8
506.4
492.6
481.6
480.1
466.5

Source: Department, of Commerce, Bureau of Economic Analysis.

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

Period

1982

2,503.7
2,619.4
2,746.1
2,865.8

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

IV
IV
IV
IV
IV
IV
IV

1989:

IV

1990:

I

II
Ill
IV
1991: I
II
Ill r
IV ....
1

Total
personal
consumption
expendi-

2,969.1
3,052.2
3,162.4
3,223.1
3,262.6
3,259.0
2,539.3
2,678.2
2,784.8
2,8953
3,012.5
3,074.7
3,202.9
3,241.6
3,258.8
3,258.6
3,281.2
3,251.8
3,241.1
3,252.4
3,271.2
3,271.1

Total
durable
goods

262.5

297.7
338.5
370.1
402.0
403.7
428.7
440.8

438.9
412.5
272.3

319.1
347.7
369,6
415.7
404.7
439.2
435.6
452.7
438.7
440.3
424.0
410.8
408.9
418.3
412.2

Motor
vehicles

and
parts

115.6
138.1
160.3
180.2
193.3
183.5
194.8
196.2
191.4
167.9
123.7
151.6
164.3
173.9
193.6
183.6
197.7
187.8
200.7
192.0
192.9
179.8
166.7
164.2
170.9
169.7

Includes other items, not shown separately.




Furniture and
household
equipment

94.2
104.3

115.3
123.8
136.3
144.0
155.4
166.1
170.6
170.5
96.4
109.3
118.7
128.6
141.4
145.9
160.3
167.7
173.1
170.9
170.5
168.0
168.9
171.1
172.5
169.4

Other

52.7
55.3
62.9
66.1
72.4
76.2
78.5
78.5
76.9
74.2
52.3
58.1
64.8
67.1
80.7
75.2
81.2
80.0
78.8
75.8
76.9
76.2
75.1
73.6
74.9
73.1

Total
nondurable goods

872.7

900.3
934.6
958.7
991.0
1,011.1
l',035.1
1,049.3
1,050.8
1,043.0
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,055.3
1,054.4
1,050.3
1,053.7
1,044.7
1,043.9
1,046.2
1,046.1
1,035.8

Food

Clothing

and
shoes

451.4
463.4
472.3
483.0
494.1
500.7
513.4
513.3
515.8
517.2
458.3
467.1
475.1
488.2
496.9
502.4
518.0
511.7
513.9
516.3
517.1
515.9
518.7
517.0
517.4
515.6

133.7
142.4
153.1
158.8
170.3
174.5
178.9
187.9
187.4
182.9
135.7
147.7
154.7
161.7
171.9

174.5
182.8
190.1
190.1
187.2
188.2
184.1
181.7
186.1
184.7
179.0

Gasoline

and oil

73.9
75.7

77.9
79.2
82.9
84.7
86.1
86.7
85.0
83.0
73.4
76.9
79.0
79.5
84.6
85.4
87.5
90.2
87.2
84.5
84.4
84.0
81.8
83.0
83.6
83.6

Retail sales of new
passenger cars
(millions of units)

Sen-ices

Nondurable goods

Fuel
oil and
coat

10.9
11.1
11.2

11.5
12.1
12.0
12.0
11.5
10.0
9.6
10.5
11.4
11.1
11.4
12 A
11.9
12.0
12.3
9.5
10.5
11.0
8.9
9.3
9.8
10.1
9.4

Other

202.3

207.8
220.0
226.2
231.7
239.1
244.7
250.0
252.6
250.3

202.8
212.2
222.9

228.0
235.2
240.4

246.4
251.0
253.8
251.9
252.9
251.7
252.5
250.3
250.3
248.2

Total
services!

1,368.9
1,421.4
1^473.0
1,537.0
1,516.1
1,637.4
1^698.5
1,732.9
1,773.0
1,803.4
1,386.2
1,443.9
1,494.2
1,557.1
1,595.8
1,655.5
1,716.9
1,750.7

1,751.8
1,769.6
1,787.3
1,783.1
1,786.3
1,797.2
1.806.8
1,823.1

Housing

Medical
care

Domestics

409.6

323.7

5.8

415.5
426.8
435.9

332.6
341.9
353.0
366.2
384.7
399.4
408.5
424.3
439.6
327.8
334.8
344.9
359.1
372.0
390.7
403.0
411.5
417.7

6.8
8.0
8.2
8.2
7.1
7.5
7.1
6.9
6.1
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
7.1
6.8
7.1
6.6
6.1
6.1
6.3
6.1

442.1
452.5
461.8

469.0
474.5
478.9
411.0

419.7
431.3
438.1
444.8

457.0
465.6
472.8
472.8
473.0
475.4
476.9
477.3
478.3
479.4
480.7

Source: Department of Commerce, Bureau of Economic Analysis.

422.4

427.7
429.6
432.9
436.9
441.7
447.0

Imports

2.2
2.4

2.4
2.8
3.2
3.2
3.1
2.8
2.6
2.3
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.8
2.7
2.5
2.4
2.2
2.3
2.3
2.1

SOURCES OF PERSONAL INCOME
Personal income rose $54.3 billion (annual rate) in February after falling $7.5 billion in January. The changes were
affected by several special factors. The February change was boosted by farm subsidy payments and by a
speedup of life insurance dividends to veterans (included in transfer payments). The January change was reduced
by a decrease in farm subsidy payments and by December bonus payments to motor vehicle industry employees.
The January change was boosted by cost-of-living adjustments to several Federal transfer payment programs, an
increase in unemployment insurance benefit payments, and a pay raise for Federal Government employees.
Excluding these special factors, personal income increased $42.5 billion in February; the effects of these factors on
the January change were offsetting.
BILLIONS Of DOLLARS* (RATIO SCALE)
5,000

BILLIONS OF DOLLARS* (RATIO SCALE)
5,000
4,000

4,000

3,000

3,000

2,000

2,000

WAGE AND SALARY DISBURSEMENTS

1,400

1,400

\
OTHER INCOME

800

800

\
TRANSFER PAYMENTS

400

400

i i i i it i i i i i
1984

I I1 M III i iI

1986

i i i i i I 11 i i i

1987

1985

! I I 1 i i I I I II

1989

1988

I IIIIII IM I

1990

1991

SOURCE: DEPARTMENT OF COMMERCE

1992

COUNCIL OF ECONOMIC ADVISERS

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

Period

1982

1983
1984
1985
1986
1987
1988
1989
1990
1991 '
1991- Feb
Mar
May

July
Sept
Oct '
Nov '.
Dec ' .
1992: Jan '
Feb"

personal
income

T

2 6909

2 862 5
3 1346
3 379 8
3 5904
3 802 0
4'o?5 9
4 380 2
4'679 8
4 834 4
4 761 2
4 781 4
4 7920
4825 5
4845 8
4 833 1
4 854 2
4 872 8
4883 0
4877 2
4925 6
4918 1
4972 4

Wage and
salary
disbursements *

1 593 3
1 684 7
l'849 8
1 9865
2 105 4
2 261 2
2443 0
2 585 8
2'738 9
2 808 3
2 767 6
2 7734
2 7794
2 799 5
2 822 8
2 808 1
2 823 6
28359
2 830 2
28350
2 852 7
2 835.8
2 871 9

1654

174 6
184 7
191 8
200 7
210 4
2305
253 7
2740
290 6
2842
2858
287 2
2886
2899
291 3
292 7
294 2
2956
297 0
298 3
299 7
301 1

1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
^Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.




Less:

Proprietors ' income 3
Other labor
income l z

Farm

Nonfarm

13 5
24
21 3
21 5

22 3
31 3
309
41 4
42 5
35 1
29 2
41 8
394
434
360
320
31 0
330
424
27 1
38 9
268
32 2
4

157 3
184 3
214 7
238 4
261 5
279 0
2934
305 5
330 7
344 5
332 2
332 2
3362
3408
3443
347 9
3503
353 3
353 9
3553
3584
3620
3680

income of
persons 4

21 9
22 1

23 3
18 7
87
32
43
79
129
12 7
12 3
-11 3
11 7
-11 6
11 6
— 129
14 2
155
19 1
11 5
86
94
92

dividend
income

interest
income

67 1

376 8

77 8
78 8
87 9
104 7
1004
1084
119 8
124 8
1285
1295
127.8
127 2
127.5
127 6
128.3
1286
129.1
129 3
129.5
1294
129.1
1294

397 5
461 9
498 1
531 7
548 1
583 2
6690
721 3
718 6
729 8
726.0
723 8
721 7
719 8
718.1
7166
7155
7105
705.8
7009
697.4
6954

payments 5
408.1
4389
452.9
4859
517.8
542 2
576.7
6244
684.9
759 5
736.2
741.5
7465
752.6
755.5
758.7
7650
767.4
780 1
779.1
797.1
820.4
830 1

contributions
for social
insurance

112.3
119 7

132.8
149 1
162.1
1736
194.5
211 7
224.3
2380
235.3
235.8
2359
237.0
238.3
238.3
239.4
240.2
239.8
240.1
241.4
243.8
246.4

personal
income 6

2,649.8

2,832.6
3,106.1
3,333.2
3,545.6
3,749.4
4,023.9
4316.6
4,614.5
4,775.5
4,708.7
4,716.2
4,729.1
4,758.5
4,786.2
4,777.3
4,799.3
4,815.7
4,816.6
4,825.8
4,862.5
4,867.0
4,915.9

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

DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in 1987 dollars was about unchanged in the
fourth quarter of 1991.
BILLIONS OF DOLLARS- (RATIO SCALE]

BILLIONS OF DOLLARS' (RATIO SCALE]

2,500

2,000
DOLLARS' (RATIOSCALE]

DOLLARS' (RATIO SCALE]

8,000

8,000

COUNCIL Of ECONOMIC ADVISERS

Period

Personal

Less:
Personal
tax and
nontax
payments

p

i

Disposable
income

Less:
Persona!
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
1987
dollars
(billions)

Per capita
disposable personal
income
Current
dollars

Billions of dollars
1981
1982.

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

360.2
371.4
368.8
395.1
436.8
459.0
512.5
527.7
591.7
621.0
616.1

3,289.5
3)548.2
3,788.6
4,058.8
4)218.4

I 982 6
2,120.1
2,325.1
2,537.5
2,753.7
2,944.0
3,147.5
3,392.5
3,622.4
3,853.1
3)998)4

2,746.8
2,965.8
3,242.5
3,456.7
3,647.8
3,918.5
4,195.2
4,474.4
4,580.6
4,654.7
4,719.3
4,764.7
4,768.0
4,821.1
4,853.3
4,895.3

372.1
371.6
413.4
448.8
478.5
528.6
542.0
602.9
606.6
622.7
627.5
627.2
617.1
613.6
615.1
618.4

2,374.7
2,594.3
2,829.1
3,007.9
3,169.3
3,389.9
3,653.2
3,871.4
3,974.0
4,032.0
4,091.8
4,137.5
4,151.0
4,207.5
4,238.2
4,276.8

2,190.9
2,417.9
2,606.5
2,828.7
3,018.2
3,220.1
3,496.7
3,701.3
3,777.4
3,816.2
3,896.2
3,922.5
3,938.4
3,978.7
4,025.7
4,053.5

2,319.6
2)493.7
2,759.5
2,943.0

Current
dollars

1987
dollars

191 8
199 5
168.7
222 0
189.3
187.5
142.0
155.7
166 1
205.8
219.9

9 455
9 989
10 642
11 573
12 339
13,010
13 545
14 477
15 313
16,236
16)695

2 795 8

2 820 4
2 893.6
3 080 1
3 162.1
3,261.9
3 289 5
3 404.3
3 471.2
3,538.3
3)534.9

Percent
change in
real per
capita
disposable
personal
income

Saving as
percent of
disposable
personal
income

Population,
including
Armed
Forces
abroad
(thousands) 2

Percent

Dollars

2,534.7
2)690.9
2,862.5
3,154.6
3)379.8
3,590.4
3,802.0
4)075.9
4,380.2
4)679.8
4,834.4

2,174.5

1987
dollars

Per capita personal
consumption
expenditures

Q Q7K
0,0 i tj

12 156
12 146
12,349
13 029
13,258
13,552
13 545
13,890
14 030
14 154
13)990

8 868
9 634
10 408
11 184
11 §43
12 568
13 448
14 219
14 971
15)392

10 770
10 782
11,179
11 617
12 015
12,336
12 568
12,903
13 027
13 051
12)898

13
1
1.7
5.5
1.8
2.2
1
2.5
1.0
.9
-1.2

8.6
6.8
8.0
6.4
6.0
4.3
4.4
4.4
5.1
5.2

229 989
232 201
234,326
236 393
238,510
240,691
242 860
245,093
247 405
249,992
252)676

12,154
12,591
13,145
13,278
13,522
13,685
13,996
14,063
14,185
14,204
14,168
14,058
13,965
14,022
13,992
13,981

9,134
9,980
10,649
11,445
12,101
12,819
13,814
14,464
14,731
14,848
15,120
15,183
15,208
15,334
15,481
15,542

10,895
11,390
11,739
12,095
12,472
12,615
13,020
13,051
13,090
13,056
13,107
12,952
12,877
12,892
12,930
12,891

-0.5
7.2
1.0
1.8
-1.7
5.2
3.2
1.9
3.5
.5
-1.0
-3.1
-2.6
1.6
-.9
-.3

7.7
6.8
7.9
6.0
4.8
5.0
4.3
4.4
4.9
5.4
4.8
5.2
5.1
5.4
5.0
5.2

233,060
235,146
237,231
239,387
241,550
243,745
246,004
248,387
248,950
249,594
250,349
251,074
251,689
252,281
252,990
253,742

8.8

Seasonally adjusted annual rates

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

IV
IV
IV
IV
IV
IV
IV
IV
I
II
III....
IV
1991: I
II
III....

IV '...
1

183.8
176.3
222.6
179.2
151.1
169.8
156.4
170.1
196.6
215.9
195.6
215.0
212.6
228.8
212.5
223.4

2,832.6
2,960.6
3,118.5
3,178.7
3,266.2
3,335.8
3,443.1
3,493.0
3,531.4
3,545.3
3,547.0
3,529.5
3,514.8
3,537.4
3,539.9
3,547.5

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




10,189
11,033
11,925
12,565
13,121
13,907
14,850
15,586
15,963
16,154
16,344
16,479
16,492
16,678
16,752
16,855
2

Annual data are averages of quarterly data, which are averages for the period.

Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).

FARM INCOME
In the third quarter of 1991, according to current estimates, gross farm income rose $0.6 billion (annual rate) and
net farm income rose $4.3 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
240

BILLIONS OF DOLLARS* (RATIO SCALE)

^—

•v.

^-^

r\ "^—

-^-—'

^-

^~l
f

'

240
700

'

^^
120

\
GRO 55 FARM INC DME

«

40

/
—

20

\
A
»i // ' V
i /
i
v__/
i

l

/\

""»

' ^ ff-'

1 V'

i
i
i

*\^J

^

\l

,'

— -.

*•*."'

^'*- " N N

/

"**•* X

^^

^*

40

""•^

\ /
V

\

1 / ^V /

1
.

\

*

A

/*^ s
/
— \

*

NET FARM INCOME

*

20

i

/ .i
1 * 1
/ \i

i /
ii
i/
u

i i i

1 1 1

1 1 1

1982

2

1983

1984

1

1

1

1

1985

1 1

1

1986

1 1
1987

1

i

i i i

1 1 1

1989

1

1990

1988

* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE

1

1

I

1991

COUNCIL OF ECONOMIC ADVISERS

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

Cash marketing receipts
Total '

1980
1981
1982
1983 . .
1984
1985
1986
1987
1988 . ...
1989
1990
1990:

I.
II
Ill

IV
1991: I
II

III

149.3
166.3
164.1
153.9
168.0
161.2
156.1
168.4
174.5
190.3
195.1
199.5
191.6
188.3
201.4
187.4
185.4
186.0

Total
139.7
141.6
142.6
136.8
142.8
144.1
135.3
141.8
151.1
160.9
170.0
166.0
166.8
173.7
173.4
164.3
163.1
172.8

Livestock and
products

Crops

71.7
72.5
72.3
67.2
69.9
74.3
63.7
65.8
71.6
76.8
80.4
76.6
78.9
83.0
83.1
78.3
79.5
86.9

68.0
69.2
70.3
69.6
72.9
69.8
71.6
76.0
79.4
84.1
89.6
89.4
87.9
90.7
90.3
86.0
83.6
85.9

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




Net farm income

3

Production
expenses

Value of
inventory
changes a

6.3

6.5
1.4
-10.9
6.0
-2.3
-2.2
-2.3
-3.5
4.3
2.9
4.8
3.7
2.3
1.0
.9
1

-.5

Current
dollars

133.1
139.4
140.3
139.6
141.9
132.4
125.1
128.7
133.9
140.2
144.3
142.0
143.4
143.8
148.0
146.3
148.4
144.7

1987 dollars3

16.1
26.9
23.8
14.2
26.1
28.8
31.0
39.7
40.6
50.1
50.8
57.4
48.1
44.4
53.3
41.1
37.0
41.3

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

NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.

22.5
34.1
28.5
16.3
28.7
30.5
32.0
39.7
39.1
46.2
45.0
51.7
42.8
39.1
46.6
35.4
31.7
35.2

r

CORPORATE PROFITS
In the fourth quarter of 1991, according to preliminary estimates, corporate profits before tax fell $1.0 billion
(annual rate) and profits after tax rose $0.7 billion.
BILUCDNS OF DOLLARS

BILUONS OF DC*1ARS

400

400
SEASONALLY ADJUSTED ANNUAL RATES

r\

/]

350

/

,

350

Vq"

N
l
^
~

300

300

PROFITS BEFORE TAX /

^

250

\

/

250

V

200

f

J

P iOFITS AFTER TAX
f

^

s

\

"->

s

y

150
^ • ~" " ^ .
_.-•-•

*-

100

*~* •'

'\

T A X L [ABILITY

— •"'•».

50

"-«.-•

'•*._.

.**•""

100
' •*. '

200

^

/

\

150

^^

)ISTRIBUTED P

t
* '

"" ™

50

\
^

,
0

0

-50

1

1

1 1 1

1

1983

1982

1

1

1

i i i

1

1

111

1

1986

1985

1984

1987

1

1
1988

I ( I

1
1989

SOURCE: DEPARTME NT OF COMMERCE

1990

1

1

I

-50

1991

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment

J

Profits after tax

Domestic industries
Period

Total

1981
1982
1983
1984
1985

1986
1987
1988
1989
1990
1991 '
19821983:
1984198519861987198819891990-

IV
IV
IV ...
IV
IV
IV
IV
IV
I
II
III
IV .
1991- I
II
III
IV "
1
2

Profits
before tax

Nonfinancial
Total 2

203.2
166.4
202.2
236.4
225.3
227.6
273.4
320.3
327.0
318.2
315.8
160.0
216.2
223.6
228.0
225.0
293.4
340.5
319.2
330.0
335.4
302.4
304.9
315.7
316.1
313.4
317.9

174.0
138.6
171.9
205.2
194.5
194.6
233.9
271.2
273.1
258.0
249.7
130.8
182.6
192.9
193.5
192.5
246.3
285.9
258.3
271.9
282.1
245.8
232.1
241.2
254.4
250.4
252.9

Financial

18.7
15.6
24.5
20.3
28.7
35.8
36.4
41.8
39.2
39.6
41.8
23.0
22.1
20.3
29.0
34.7
39.4
46.1
32.4
41.4
41.5
39.3
36.4
40.1
42.1
43.5
41.6

Total 3

155.3
123.0
147.4
185.0
165.8
158.9
197.5
229.4
233.9
218.3
207.9
107.8
160.5
172.6
164.5
157.8
207.0
239.7
225.9
230.5
240.7
206.5
195.7
201.0
212.3
206.9
211.3

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




Manufacturing

87.4
63.1
71.4
86.7
80.1
59.0
87.0
117.5
113.6
95.7
81.9
50.1
90.5
79.2
83.3
63.9
98.7
129.3
101.0
102.1
107.1
94.8
78.9
75.0
82.9
84.1

liability

228.9
176.3
210.7
240.5
225.0
217.8
287.9
347.5
344.5
332.3
312.7
168.6
223.8
220.1
231.8
235.7
311.2
372.2
332.8
336.6
331.6
335.1
326.1
309.1
306.2
318.2
317.2

81.1
63.1
77.2
94.0
96.5
106.5
127.1
137.0
138.0
135.3
124.6
58.7
82.2
83.8
97.6
116.6
135.2
146.2
129.8
137.6
137.9
138.8
127.1
119.4
123.5
128.6
126.9

Tax

Wholesale and
retail
trade

31.6
31.9
38.7
49.7
43.1
46.3
39.9
37.1
42.8
39.8
46.1
33.8
40.7
50.8
39.0
43.1
39.3
39.3
45.1
41.6
45.1
34.4
38.2
45.3
46.9
44.6

Total

147.8
113.2
133.5
146.4
128.5
111.3
160.8
210.5
206.6
197.0
188.1
109.9
141.6
136.3
134.2
119.2
176.0
226.0
203.0
199.1
193.7
196.3
199.0
189.7
182.7
189.6
190.3

Dividends

Undistributed
profits

69.2
70.0
81.2
82.7
92.4
109.8
106.2
115.3
127.9
133.7
137.8
72.5
84.2
83.4
97.4
111.0
106.3
121.0
130.7
132.3
132.5
133.8
136.2
137.8
136.7
138.1
138.5

78.6
43.2
52.3
63.8
36.1
1.6
54.6
95.2
78.7
63.3
50.3
37.5
57.4
52.9
36.9
8.2
69.7
105.0
72.3
66.7
61.2
62.5
62.8
51.9
46.1
51.5
51.7

3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.

Inventory
valuation
adjustment

-25.7
-9.9
-8.5
-4.1
.2
9.7
-14.5
-27.3
-17.5
14 2
3.1
-8.6
-7.6
3.5
-3.8
-10.7
-17.8
31 7
-13.5
-6.6
3.8
-32.6
21 2
6.7
9.9
-4.8
r
.7

GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
According to revised estimates for the fourth quarter of 1991, nonresidential fixed investment in 1987 dollars fell
$4.4 billion (annual rate) and residential investment rose $5.2 billion. There was a $7.6 billion rise in inventories,
following an increase of $0.1 billion in the third quarter.
BILLIONS OF 1987 DOLLARS

BILLIONS OF 1987 DOLLARS

900

900

SEASONALLY ADJUSTED ANNUAL RATES

800

800

700

700
GROSS PRIVATE DOMESTIC
INVESTMENT

600

-v

500

500

NONRESIDENTIAL
FIXED INVESTMENT

400

400
RESIDENTIAL
FIXED INVESTMENT

300

300

\

200

200
CHANGE IN BUSINESS
INVENTORIES

100

100

\,

-100

-100
1982

1988

1987

1985

1989

1990

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
Period

Gross
private
domestic
investment

Nonresidential
Total

Total

Structures

Producers'
durable
equipment

Residential

Total

Nonfarm

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

631.1
540.5
599.5
757.5
745.9
735.1
749.3
773.4
789.2
744.5
673.7

606.5
558.0
595.1
689.6
723.8
726.5
723.0
753.4
756.6
744.2
687.6

455.0
433.9
420.8
490.2
521.8
500.3
497.8
530.8
542.4
548.8
512.4

182.9
181.3
160.3
182.8
197.4
176.6
171.3
174.0
177.4
177.9
154.0

272.0
252.6
260.5
307.4
324.4
323.7
326.5
356.8
365.0
370.8
358.3

151.6
124.1
174.2
199.3
202.0
226.2
225.2
222.7
214.2
195.5
175.2

24.6
-17.5
4.4
67.9
22.1
8.5
26.3
19.9
32.6
.2
-13.9

18.6
-20.7
12.8
66.2
19.8
10.6
32.7
26.9
33.3
-1.5
— 13.9

19821983:
1984:
19851986:
1987:
1988:
1989-

IV
IV
IV
IV
IV
IV
IV
IV

503.5
669.5
756.4
763.1
705.9
793.8
785.0
779.2

548.4
640.2
708.4
732.9
725.9
733.9
764.1
749.2

417.2
449.6
509.6
525.5
495.5
510.6
538.8
541.3

173.2
162.6
189.5
198.3
170.4
177.9
175.7
178.6

244.0
287.0
320.1
327.2
325.0
332.7
363.1
362.7

131.2
190.6
198.8
207.4
230.5
223.3
225.3
207.9

-44.9
29.3
47.9
30.2
— 20.1
59.9
20.9
30.0

-46.2
32.3
50.8
28.0
-18.6
62.1
30.5
38.1

1990: I
II
III
IV

754.9
766.0
760.3
696.6

758.9
743.8
746.4
727.8

550.7
544.3
555.5
544.5

182.3
178.9
180.0
170.4

368.4
365.4
375.5
374.0

208.2
199.5
190.9
183.3

-4.0
22.1
13.9
-31.2

-5.5
15.5
9.9
-25.7

1991: I
II
III
IV '

657.0
656.3
686.5
694.9

689.8
686.8
686.5
687.2

519.1
514.8
510.0
505.6

163.3
158.9
148.4
145.4

355.8
355.8
361.6
360.1

170.7
172.0
176.5
181.7

-32.8
-30.4
.1
7.6

-31.1
-30.8
-2.8
9.2

1981
1982

Source: Department of Commerce, Bureau of Economic Analysis.




EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department October-November 1991 survey, business spending for new plant and
equipment is expected to rise 5.4 percent in 1992, following an expected decline of 0.5 percent in 1991.
BILLIONS OF DOLLARS (RATIO SCALE)

BILLIONS OF DOLLARS (RATIO SCALE)

600

600
SEASONALLY ADJUSTED ANNUAL RATES

^-

500

•

400

1

1

f

^
^

.— -^

\
/ LL INDUSTRIES

500
400

^""

•

300

300

\" 1

_."-'

.

NONAAANUFACTUF INGi-/

_^-

^
f*s

200

„ —'

200

•*.*•''
-

-,

-"C

^.^

N ANUFACTUR NG
s

100

100

2l
\

1

1983

1

1

1

1 1
1984

1 1
1985

1

1 1
1986

\

1 1
1987

1

1 1
1988

1

1 1
1989

1

1 1
1990

-^SURVEYED QUARTERLY
•^SEE FOOTNOTE A BELOW
SOURCE; DEPARTMENT OF COMMERCE

1

1

1

2] ll
1
1

1991

1

1992

COUNCIL OF ECONOMIC ADVISERS

[Billion.1, of dollars; quarterly data at seasonally adjusted annual rates]
Addenda

Industries surveyed quarterly
Nonmanufacturing

Manufacturing
Period

Ail
industries

Total

Durable
goods

Nondurable
goods

Total '

Mining

Transportation

Public
utilities

Commercial
and
other

Total
nonfarm
business 2

Nonmanufacturing
Manufacturing

Total

Surveyed
quarterly

1980
1981
1982...
1983
1984
1985
1986
1987
1988
1989
1990
1991 "
1992 4

286.40
324.73
326.19
321.16
373.83
410.12
399.36
410.52
455.49
507.40
532.61
529.97
558.60

112.60
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
184.31
184.0H

54.82
58.93
54.58
51.61
64.57
70.87
65.68
68.03
77.04
82.56
82.58
77.04
79.38

57.77
69.75
69.39
65.74
75.04
82.01
72.28
73.03
86.41
101.24
1 10.04
107.27
104.68

173.80
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.66
374.54

12.71
15.81
14.11
10.64
11.86
12.00
8.15
8.28
9.29
9.21
9.88
10.06
9.50

13.56
12.67
11.75
10.81
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.18
26.24

41.32
47.17
53.58
52.95
57.53
59.58
56.61
56.26
60.37
66.28
67.21
65.98
71.44

106.21
120.41
122.79
129.41
151.39
171.09
181.59
189.84
205.76
229.28
241.43
247.44
267.35

1990- I
II
Ill
IV

532 50
534.55
534.11
530.13

192.18
195.02
194.05
189.72

86.03
84.15
82.48
79.03

106.14
110.87
111.57
110.69

340.33
339.53
340.06
340.41

9.62
9.77
9.97
10.12

21.84
21.94
21.08
21.18

65.41
64.64
67.68
70.24

243.46
243.18
241.32
238.87

192.16
195.02
194.05
189.72

535.50
524.57
527.86
531.96

191.13
187.35
177.05
181.72

81.24
79.69
74.51
72.74

109.90
107.66
102.54
108.98

344.37
337.22
350.81
350.24

9.89
10.09
10.09
10.15

23.25
23.05
22.83
19.61

67.04
64.58
66.47
65.82

244.19
239.50
251.42
254.66

191.13
187.35
177.05
181 72

344.37
337.22
350 81
350.24

563.31
580.52

188.11
197.49

80.58
84.87

107.52
112.61

375.20
383.03

10.58
10.01

24.82
27.68

71.52
74.47

268.28
270.88

188 11
197.49

Iy3

340.33
339.53
340.06
340.41

1991: I
II
Ill
IV4

Surveyed
annual-

37520
383 03

1992:

I4
II4

1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
15)84 survey, are no longer surveyed quarterly. See last column ("nonmanufaeturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufucturing that is surveyed annually.

10



318.08
358.77
363.08
359.73
418.38
454.93
447.11
461.51
508.22
563.93
591.96

112.60
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
184.31
184.06

205.48
230.09
239.11
242.38
278.77
302.05
309.16
320.45
344.77
380.13
399.34

173.80
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.66
374.54

31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
59.35

3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in October-November 1991, corrected for
biases.

Source: Department of Commerce, Burea

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In February, civilian employment fell 74,000 and unemployment rose 315,000.
MILLIONS OF PERSONS*
130

MILLIONS OF PERSONS*
130
SEASONALLY ADJUSTED

126

126

CIVILIAN LABOR FORCE
122

\
118

118

114

CIVILIAN
EMPLOYMENT

110

106

102

-

UNEMPLOYME <tT
M^

/

•

~*

Ill

Ill

1985

1984

) I i I i 1I I II
1986

'

^~

—-

I I II
1987

•

-^-^~~^~

I II I1
1988

l I I I I i I I II
1989

1 i nII
1991

I I 11
1990

II

1992

AGE AND OVER
RTMENT OF LABC

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

Eesident
Armed
Forces
NSA

Labor force
including
resident
Armed
Forces

173,939
175,891
178,080
179,912
182,293
184,490
186,322
188,081
189,686
191,329

1,668
1,676
1,697
1,706
1,706
1,737
1,709
1,688
1,637
1,564

111,872
113,226
115,241
117,167
119,540
121,602
123,378
125,557
126,424
126,867

101,194
102,510
106,702
108,856
111,303
114,177
116,677
119,030
119,550
118,440

110,204
111,550
113,544
115,461
117,834
119,865
121,669
123,869
124,787
125,303

99,526
100,834
105,005
107,150
109,597
112,440
114,968
117,342
117,914
116,877

3,401
3,383
3,321
3,179
3,163
3,208
3,169
3,199
3,186
3,233

96,125
97,450
101,685
103,971
106,434
109,232
111,800
114,142
114,728
113,644

190,717
190,703
190,836
190,980
191,173
191,443
191,589
191,746
191,903
192,057
192,209

1,602
1,460
1,456
1,458
1,505
1,604
1,616
1,624
1,614
1,605
1,604

126,669
126,710
127,100
126,717
127,029
126,808
126,620
127,214
127,122
126,979
127,223

118,539
118,294
118,844
118,188
118,414
118,333
118,100
118,713
118,481
118,377
118,332

125,067
125,250
125,644
125,259
125,524
125,204
125,004
125,590
125,508
125,374
125,619

116,937
116,834
117,388
116,730
116,909
116,729
116,484
117,089
116,867
116,772
116,728

3,237
3,124
3,187
3,256
3,286
3,244
3,254
3,283
3,204
3,272
3,183

192,358
192,469

1,599
1,585

127,645
127,872

118,716
118,628

126,046
126,287

117,117
117,043

1982
1983
1984
1985
1986*

1987
1988
1989
1990
1991
1991:
Feb
Mar
Apr
May
June ....
July ....
Aug
Sept ....
Oct
Nov
Dec
1992:
Jan
Feb

Employment
including
resident
Armed
Forces

Nonagricultural
Civilian
labor force

Civilian
Labor
force
participation
rate
(per-2
cent)

Employment/
population
ratio
(percent) 2

Total

15
weeks
and
over

5,852
5,997
5,512
5,334
5,345
5,122
4,965
4,657
4,860
5,767

10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426

3,485
4,210
2,737
2,305
2,232
1,983
1,610
1,375
1,504
2,323

65.6
65.9
66.5
66.4
66.0

57.8
57.9
59.5
60.1
60.7
61.5
62.3
63.0
62.7
61.6

113,700
113,710
114,201
113,474
113,623
113,485
113,230
113,806
113,663
113,500
113,545

5,685
5,760
5,791
5,697
5,469
5,660
5,710
6,040
6,055
6,123
6,084

8,130
8,416
8,256
8,529
8,615
8,475
8,520
8,501
8,641
8,602
8,891

1,985
2,144
2,180
2,213
2,488
2,355
2,417
2,422
2,570
2,623
2,843

66.1
66.2
66.3
66.1
66.2
66.0
65.8
66.1
66.0
65.8
65.9

61.8
61.7
62.0
61.6
61.6
61.5
61.3
61.6
61.4
61.3
61.2

3,166 113,951
3,232 113,811

6,429
6,213

8,929
9,244

3,059
3,204

66.1
66.2

61.4
61.3

Agricultural

Total

1
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 noninstitutional population.




Unemployment

Civilian employment

Noninstitutional
population
including
resident
Armed
Forces
NSA

Total

Part time
for
economic
reasons 1

64.0
64.0
64.4
64.8
65.3

'Data beginning January 1986 not strictly comparable \ •ith earlier data because of change in
estimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.

11

SELECTED UNEMPLOYMENT RATES
In February, the civilian unemployment rate rose to 7.3 percent; the overall unemployment rate rose to 7.2 percent.
PERCENT* (SEASONALLY ADJUSTED)

PERCENT* (SEASONALLY ADJUSTED)

25

20

15

15

10

10

ALL CIVILIAN WORKERS

MACK
AND OTHER

\

WHITE

0 111111111111
1988

M I I I I M I II

1989

1990

1991

1992

1988

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

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
nemployment
rate,
all
workers *

Period

Men
20 years
and over

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

9.5
9.5
7.4
7.1
6.9
6.1
5.4
5.2
5.4
6.6

9.7
9.6

8.8
8.9

7.5
7.2
7.0
6.2
5.5
5.3
5.5
6.7

1991:

6.4
6.6
6.5
6.7
6.8
6.7
6.7
6.7
6.8
6.8
7.0
7.0
7.2

1992:

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

....
...
....
....
....
....

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

Fulltime
workers

Parttime
workers

11.7
12.2

10.3
10.4
9.8
9.2
8.1
8.1
8.2
9.1

9.6
9.5
7.2
6.8
6.6
5.8
5.2
4.9
5.2
6.5

10.5
10.4
9.3
9.3
9.1
8.4
7.6
7.3
7.4
8.3

Labor
force
time lost
(percent) 2

11.0
10.9

6.6
6.2
6.1
5.4
4.8
4.5
4.9
6.3

8.3
8.1
6.8
6.6
6.2
5.4
4.9
4.7
4.8
5.7

23.2
22.4
18.9
18.6
18.3
16.9
15.3
15.0
15.5
18.6

8.6
8.4
6.5
6.2
6.0
5.3
4.7
4.5
4.7
6.0

17.3
17.8
14.4
13.7
13.1
11.6
10.4
10.0
10.1
11.1

18.9
19.5
15.9
15.1
14.5
13.0
11.7
11.4
11.3
12.4

9.3
9.2
7.1
6.8
6.6
5.8
5.2
5.0
5.3
6.5

6.5
4.6
4.3
4.4
3.9
3.3
3.0
3.4
4.4

6.5
6.7
6.6
6.8
6.9
6.8
6.8
6.8
6.9
6.9
7.1

6.2
6.3
6.2
6.4
6.5
6.5
6.5
6.5
6.5
6.4
6.6

5.4
5.6
5.5
5.7
5.7
5.4
5.7
5.6
5.8
5.9
6.1

17.3
18.5
18.2
18.9
19.0
19.9
19.0
18.2
18.9
18.7
19.3

5.8
6.0
5.8
6.0
6.1
6.1

10.7
11.0
11.1
11.3
11.2
10.6
11.1
11.1
11.5
11.0
11.5

11.9
12.3
12.5
12.8
12.7
11.9
12.4
12.3
12.8
12.3
12.7

6.3
6.6
6.3
6.5
6.6
6.4
6.5
6.5
6.6
6.7
6.8

4.2
4.4
4.3
4.4
4.6
4.4
4.4
4.5
4.2
4.5
4.7

9.1
9.1
9.6
9.2
9.1
8.5
9.4
9.0
9.4
9.1
9.1

6.3
6.4
6.3
6.5
6.6
6.6
6.6
6.5
6.6
6.5
6.8

7.5
8.8
8.2
8.8
8.5
8.2
8.3
8.4
8.4
8.6
8.6

7.4
7.6
7.5
7.6
7.6
7.6
7.7
7.7
7.7
7.9
8.1

7.1
7.3

6.9
7.0

5.9
6.1

18.3
20.0

12.6
12.2

13.7
13.8

6.9
7.1

4.8
5.0

9.0
9.5

6.8
7.1

9.1
8.8

8.1
8.3

6.1
6.1
6.1
6.2
6.3
6.2
6.5

1
Unemployed as percent of total labor force including resident Armed Forces.
2
Aggrpgate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.

12

By selected groups

By race

By sex and age

All
civilian
workers

6.5

Source: Department of Labor, Bureau of Labor Statistics.

8.6
8.1
7.9
7.1
6.3
5.9
6.2
7.6

SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In February, the percentage of the unemployed who had been out of work for less than 5 weeks fell, the
percentages for 5-14 weeks and for 27 weeks and over rose, and the percentage for 15-26 weeks was
unchanged. The mean duration of unemployment rose to 17.0 weeks and the median rose to 8.2 weeks.

PERCENT DISTRIBUTION*
70

PERCENT DISTRIBUTION
70

DURATION OF UNEMPLOYMENT

LESS THAN
5 WEEKS

-

5-14 .
WEEKS

A
30

20

1989

1988

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution

Duration of unemployment
Period

Unemployment
(thousands)

Percent distribution
Less
than
5
weeks

5-14
weeks

15-26
weeks

State
programs

Number of
weeks
27
weeks
and
over

Average
(mean)

Median

Job
losers

Job
leavers

Reentrants

New
entrants

Insured
unemployment

Initial
claims

Insured
unemployment,
"all
regular
programs
(unadjusted) '

Weekly average, thousands

1982
1983
1984
1985.
1986
1987 .
1988
1989
1990
1991
1991- Feb
Mar
May
' J

July
. *
Sept .. .
Oct
Nov
Dec
1992- Jan
Feb

10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
8,130
8,416
8,256
8,529
8,615
8,475
8,520
8,501
8,641
8,602
8,891
8,929
9,244

36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
46.1
40.1
42.2
41.1
40.2
42.2
39.2
39.8
39.9
39.0
38.2
38.1
37.1
36.8
33.3

31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
32.0
32.3
33.3
33.3
33.1
31.8
32.3
32.3
31.6
32.7
32.1
31.5
31.0
29.5
31.7

16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
11.8
14.5
13.2
14.3
14.5
13.9
15.7
14.6
14.8
14.7
16.4
15.1
15.4
16.1
16.1

16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
10.1
13.0
11.4
11.2
12.2
12.0
12.8
13.2
13.7
13.6
13.4
15.3
16.5
17.7
18.9

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




15.6
8.7
20.0
10.1
18.2
7.9
15.6
6.8
15.0
6.9
14.5 ' 6.5
13.5
5.9
11.9
4.8
12.1
5.4
13.8
6.9
12.9
6.3
13.0
6.5
13.4
6.9
13.1
6.6
14.0
6.9
13.9
6.8
14.1
7.2
14.2
7.4
14.6
7.4
14.9
7.7
15.3
7.8
16.4
8.1
17.0
8.2

58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
48.3
54.7
55.1
54.4
54.0
53.6
54.7
54.7
55.4
56.1
55.1
54.8
56.2
53.7
57.8

7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
14.8
11.6
12.2
12.5
12.0
12.1
12.3
11.6
10.5
11.0
11.4
11.5
10.3
11.0
9.8

22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
27.4
24.8
24.7
24.6
25.0
25.3
24.4
24.3
24.9
23.8
24.2
24.6
24.4
26.4
23.5

11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
9.5
8.9
8.0
8.4
9.0
9.0
8.5
9.4
9.1
9.1
9.4
9.0
9.1
8.9
8.9

4,061
3,396
2,476
2,611
2,650
2,332
2,081
2,158
2,522
3,342
3,303
3,467
3,490
3,475
3,406
3,336
3,283
3,267
3,273
3,313
3,317
3,349
3,324

583
438
377
396
378
328
310
330
388
447
498
511
460
433
421
418
415
415
418
448
464
446
452

4,594
3,775
2,561
2,693
2,746
2,401
2,135
2,205
2,575
3,407
4,090
4,060
3,864
3,262
3,177
3,270
2,999
2,795
2,795
2,846
r
3,565
r
4,198
4,281

Source; Department of Labor (Bureau of Labor Statistics and Fjmployment and Training Administration).

13

NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 164,000 in February.
MILLIONS OF PERSONS* (ENLARGED SCALE)

MILLIONS OF PERSONS*

30

28
ALL NONAGRICULTURAL
ESTABLISHMENTS

\
26

SERVICES

24

90

22

\

RETAIL TRADE

SERVICE-PRODUCING
INDUSTRIES

20

XO

18
60

-

16
MANUFACTURING

50

40

20

A"

GOODS-PRODUCING
INDUSTRIES

30
CONSTRUCTION

1
1988

1989

1991

1990

1988

1992

1989

1990

* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR

1992

1991

COUNCIL OF ECONOMIC ADVISERS

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

Goods-producing industries
. ]
Penod

Total
nonagricultural
employment

Manufacturing
Total 2

Construction

Total

Durable
goo s

Nondurable
goods

Total

Transportation
and
public
utilities

Wholesale
trade

Retail
trade

Government

Finance,
insurance,
and real
estate

Services
Total

Federal

1982
1983
1984.
1985
1986
1987
1988....
1989
1990 .. ..
1991 ' .

89,566
90,200
94,496
97,519
99,525
102,200
105,536
108,329
109,971
108,981

23,813
23,334
24,727
24,859
24,558
24,708
25,173
25,322
24,958
23,819

3,905
3,948
4,383
4,673
4,816
4,967
5,110
5,187
5,136
4,696

18,781
18*434
19,378
19*,260
18,965
19*024
19,350
19,442
19,111
18,426

11,014
10*707
11,479
11,464
11,203
11*167
11,381
11,420
11,115
10 556

7,767
7*726
7,899
7*796
7,761
7*858
7,969
8*X>22
7,995
7 870

65,753
66366
69,769
72^660
74,967
77,492
80,363
83,007
85,014
85 163

5,082
4,954
5,159
5*238
5,255
5*372
5,527
5*644
5,826
5 824

5,296
5*.286
5,574
5*736
5,774
5*865
6,055
6*221
6,205
6 072

15,161
15*595
16,526
17336
17,909
18*462
19,077
19*,549
19,683
19 346

5,341
5*468
5,689
5*955
6,283
6*547
6,649
6*695
6,739
6,708

19,036
19*694
20,797
21 ".999
23,053
24^235
25,669
27*120
28,240
28,779

15,837
15,869
16,024
16,394
16,693
17*X>10
17,386
17,779
18,322
18,433

2,739
2,774
2,807
2,875
2,899
2,943
2,971
2,988
3,085
2,966

1991: Feb
Mar
Apr
May....
June...
July....
Aug....
Sept ...
Oct ....
Nov ...
Decr...

109,160
108,902
108,736
108,887
108,885
108,859
108,971
109,066
109,073
108,843
108,882

24,039
23,877
23,794
23,847
23,792
23,798
23,826
23,797
23,727
23,595
23,552

4,792
4,720
4,688
4,715
4,710
4,695
4,691
4,699
4,671
4,584
4,589

18,532
18,443
18,396
18,426
18,378
18,402
18,442
18,414
18,377
18,337
18,293

10,652
10,584
10,560
10,575
10,534
10,546
10,553
10,531
10,493
10,457
10,414

7,880
7,859
7,836
7,851
7,844
7,856
7,889
7,883
7,884
7,880
7,879

85,121
85,025
84,942
85,040
85,093
85,061
85,145
85,269
85,346
85,248
85,330

5,834
5,824
5,814
5,819
5,809
5,809
5,820
5,829
5,828
5,816
5,811

6,119
6,105
6,086
6,085
6,068
6,064
6,050
6,049
6,047
6,034
6,023

19,464
19,378
19,324
19,339
19,345
19,347
19,343
19,338
19,288
19,227
19,224

6,732
6,735
6,718
6,712
6,703
6,688
6,687
6,692
6,697
6,694
6,701

28,583
28,576
28,576
28,645
28,712
28,733
28,831
28,937
29,019
29,008
29,057

18,389
18,407
18,424
18,440
18,456
18,420
18,414
18,424
18,467
18,469
18,514

2,951
2,951
2,953
2,952
2,971
2,963
2,967
2,979
2,983
2,982
2,986

Jan r ... 108,733
Febp... 108,897

23,503
23,485

4,600
4,570

18,237
18,249

10,366
10,381

7,871
7,868

85,230
85,412

5,798
5,813

6,005
5,997

19,161
19,294

6,692
6,699

29,065
29,112

18,509
18,497

2,984
2,978

1992:

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



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.
8amx. Department of

L^ BunHU of Labor Statistics.

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

Average weekly hours
Manufacturing
Total
private
nonagricultural 1

Period

Total

Average gross weekly earnings

Total private
nonagricultural *

Overtime

Current
dollars

Total private
nonagricultural 1

1982
dollars z

Manufacturing

Current
dollars

Percent change from a
year earlier, total
private
nonagricultural 3

Current dollars

1982
dollars 2

Construction

Manufacturing

Retail
trade

1982

Current
dollars

dollars

34.8
35.0
35.2
34.9
34.8
34.8
34.7
34.6
34.5
34.3

1991- Feb
Mar
May
July
Sept
Oct
Nov
Dec '

1992- Jan '
Feb »

2.3
3.0
3.4
3.3
3.4
3.7
3.9
3.8
3.6
3.6

$7.68
8.02
8.32
8.57
8.76
8.98
9.28
9.66
10.02
10.34

$7.68

7.79
7.80
7.77
7.81
7.73
7.69
7.64
7.53
7.46

$8.49
8.83
9.19
9.54
9.73
9.91
10.19
10.48
10.83
11.18

$267.26
280.70
292.86
299.09
304.85
312.50
322.02
334.24
345.69
354.66

$267.26
272.52
274.73
271.16
271.94
269.16
266.79
264.22
259.72
255.89

$330.26
354.08
374.03
386.37
396.01
406.31
418.81
429.68
441.86
455.03

$426.82
442.97
458.51
464.46
466.75
480.44
495.73
513.17
526.40
533.78

$163.83
171.13
174.47
174.81
175.80
178.80
183.62
188.72
194.69
200.20

4.7
5.0
4.3
2.1
1.9
2.5
3.0
3.8
3.4
2.6

.3
-1.0
9
-1.0
-1.7
-1.5

40.3
40.3
40.2
40.4
40.8
40.7
41.0
41.0
40.9
41.0
41.1

3.3
3.3
3.3
3.4
3.7
3.7
3.8
3.7
3.7
3.7
3.8

10.20
10.24
10.28
10.32
10.37
10.36
10.40
10.41
10.40
10.44
10.48

7.44
7.45
7.46
7.47
7.49
7.47
7.49
7.47
7.45
7.45
7.46

11.03
11.05
11.12
11.15
11.19
11.22
11.25
11.25
11.26
11.31
11.32

349.86
350.21
349.52
353.98
358.80
353.28
356.72
359.15
356.72
359.14
361.56

255.19
254.88
253.64
256.32
259.25
254.89
256.82
257.82
255.53
256.35
257.52

444.51
445.32
447.02
450.46
456.55
456.65
461.25
461.25
460.53
463.71
465.25

533.65
526.67
532.50
533.40
532.64
532.38
533.25
537.73
536.97
527.42
537.86

196.48
197.34
197.95
200.33
202.59
199.65
201.34
203.04
200.50
204.19
203.77

2.4
2.3
2.5
2.9
3.1
1.9
3.0
2.8
3.3
3.0
3.0

-2.5
-2.2
-2.1
-1.9
-1.4
-2.3
-.5
3
.6
.2
.3

34.3
34.7

1984
1985
1986
1987
1988
1989
1990
1991

38.9
40.1
40.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7

34.3
34.2
34.0
34.3
34.6
34.1
34.3
34.5
34.3
34.4
34.5

1982
1983

40.8
41.1

3.6
3.8

10.47
10.50

7.45
7.46

11.29
11.34

359.12
364.35

255.60
258.77

460.63
466.07

531.62
523.77

202.64
208.49

3.0
4.1

.6
1.3

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).

-1.2
2.0
.8
-1.3

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)

12 months earlier

3 months earlier
Period

Total
compensation

Wages and
salaries

Benefits '

Total
compensation

Wages and
salaries

Benefits '

Total
compensation

Wages and
salaries

Benefits 1

Not seasonally adjusted

1982:
19831984:
19851986:
19871988:
19891990:
1991-

Dec
Dec
Dec
Dec
Dec
Dec .
Dec
Dec
Dec
Dec

75.8
80.1
84.0
87.3
90.1
93.1
97.6
102.3
107.0
111.7

77.6
81.4
84.8
88.3
91.1
94.1
98.0
102.0
106.1
110.0

71.4
76.7
81.7
84.6
87.5
90.5
96.7
102.6
109.4
116.2

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

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

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

Sept
Dec.

1990- Mar
Sept
Dec
1991- Mar
Sept
Dec

. ..

96.6
97.8
98.9
99.9
101.2
102.4
103.8
105.0
106.2
107.2
108.5
109.7
110.8
111.9

96.9
98.1
99.1
100.0
101.1
102.2
103.3
104.4
105.4
106.2
107.3
108.4
109.2
110.1

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




95.7
97.0
98.2
99.9
101.5
103.0
105.2
106.7
108.3
109.9
111.4
113.2
115.1
116.7

0.9
1.2
1.1
1.0
1.3
1.2
1.4
1.2
1.1
.9
1.2
1.1
1.0
1.0

6.3
4.9
4.2
4.1
3.2
3.3
4.1
4.1
4.0
3.7

7.2
7.4
6.5

3.5
3.4
3.4
6.9
6.1
6.6
6.2

Not seasonally adjusted

SeasonalJy adjusted
1988: Sept
Dec
1989: Mar

6.5
5.7
4.9
3.9
3.2
3.3
4.8
4.8
4.6
4.4

0.8
1.2
1.0
.9
1.1
1.1
1.1
1.1
1.0
.8
1.0
1.0
.7
.8

1.2
1.4
1.2
1.7
1.6
1.5
2.1
1.4
1.5
1.5
1.4
1.6
1.7
1.4

4.4
4.8
4.6
4.5
4.8
4.8
5.2
5.2
4.9
4.6
4.4
4.4
4.5
4.4

3.7
4.1
4.2
4.1
4.3
4.1
4.2
4.5
4.2
4.0
4.0
3.7
3.7
3.7

6.8
6.9
5.4
5.6
6.0
6.1
7.2
6.9
6.8
6.6
5.8
6.2
6.4
6.2

Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistic

15

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

Output 1

Hours of all
persons z

Nonfarm
business
sector

Compensation per
hour 3

Real compensation
per hour 4

Business
sector

Nonfarm
business
sector

99.9
100.0
102.2
104.6
106.1
108.3
109.4
110.4
109.5
109.7
110.0

99.9
100.0
102.4
104.5
105.4
107.5
108.3
109.2
108.2
108.1
108.4

102.4
100.0
104.1
112.6
116.7
119.9
124.8
130.1
132.4
132.9
131.0

102.4
100.0
104.4
113.0
116.8
120.1
125.0
130.6
132.8
133.2
131.1

102.5
100.0
101.8
107.6
109.9
110.7
114.1
117.9
120.9
121.2
119.1

102.5
100.0
102.0
108.1
110.8
111.8
115.4
119.5
122.7
123.1
120.9

93.0
100.0
103.7
108.1
113.0
118.6
122.7
128.0
132.5
139.6
145.1

93.0
100.0
103.9
108.1
112.6
118.1
122.1
127.2
131.5
138.3
143.8

101.1
103.0
105.2
106.9
108.0
110.3
110.4

101.0
103.2
105.1
105.8
107.1
109.1
109.6

100.0
107.5
114.4
118.0
120.6
127.4
131.7

100.0
108.1
114.8
118.2
120.8
127.6
132.5

98.9
104.3
108.7
110.4
111.6
115.5
119.3

98.9
104.7
109.2
111.7
112.8
117.0
121.0

102.1
105.2
109.7
115.4
120.6
125.3
130.1

102.1
105.1
109.7
114.8
120.1
124.6
129.3

110.0
109.7
109.2
109.1

108.8
108.2
107.9
107.8

132.6
132.5
132.4
132.2

133.0
132.8
132.8
132.6

120.5
120.7
121.3
121.2

122.2
122.7
123.1
123.0

131.3
131.9
132.6
134.1

130.4
130.7
131.5
133.0

109.6
110.3
109.6
109.4

108.1
108.6
107.9
107.9

133.2
133.9
132.9
131.8

133.5
134.1
133.1
132.0

121.6
121.4
121.2
120.5

123.5
123.4
123.3
122.4

136.2
139.0
140.9
142.3

109.4
109.9
110.2
110.8

107.9
108.4
108.6
109.1

130.2
130.7
131.3
131.6

130.4
130.9
131.4
131.6

119.1
119.0
119.2
118.7

120.9
120.8
121.0
120.6

143.2
144.8
145.8
146.9

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Business
sector

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

93.1
100.0
101.5
103.3
106.5
109.5
112.2
116.0
121.0
127.2
131.9

93.1
100.0
101.5
103.4
106.8
109.9
112.8
116.4
121.5
127.9
132.6

94.5
100.0
103.4
107.7
111.2
113.6
116.6
120.8
126.0
130.8
135.1

94.2
100.0
104.0
107.6
111.6
114.2
117.2
121.4
126.4
131.3
136.0

100.6
100.3
100.5
101.6
104.9
104.2
103.6

100.6
100.4
100.6
102.2
105.3
104.8
104.3

Business
sector

Implicit price
deflator 5

98.8
100.0
100.7
100.4
101.0
104.0
103.7
103.8
102.3
102.1
101.9

98.7
100.0
100.5
100.4
101.3
104.4
104.3
104.4
103.1
103.1
102.8

Business
sector

Unit labor costs

101.0
102.1
104.3
108.0
111.6
113.7
117.8

101.1
101.8
104.4
108.4
112.1
114.3
118.0

101.1
104.8
109.0
112.4
114.6
117.9
122.8

101.4
105.2
109.0
112.9
115.2
118.5
123.4

Nonfarm
business
sector

1982 = 100; quarterly data seasonally adjusted

1981
1982
1983
1984...

1985
1986
1987
1988
1989
1990
1991

r

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

IV
IV
IV
IV
IV
IV
IV

1989: I
II

m
IV

1990- I

n... .
m
IV

1991: I

n
m

IV r....

104.0
102.9
102.7
102.7

r

103.3
102.0
101.8
101.9

119.3
120.2
121.5
122.8

119.8
120.8
121.9
123.4

124.2
125.6
126.4
127.6

124.5
126.0
126.9
128.0

134.9
137.6
139.5
141.0

102.6
103.6
103.3
102.6

' 101.7
102.6
102.3
101.7

124.3
126.1
128.5
130.1

124.9
126.7
129.2
130.7

128.8
130.2
131.6
132.5

129.2
130.6
132.2
133.3

142.0
143.6
144.5
145.5

102.4
103.0
103.0
102.9

'

131.0
131.8
132.3
132.6

131.6
132.5
133.0
133.3

134.0
135.0
135.6
135.9

134.9
135.7
136.4
137.0

r

r

101.6
102.1
102.1
101.8

T

Percent change; quarterly data at seasonally adjusted annual rates
1.3
.1
2.2
2.3
1.4
2.0
1.0
.9
-.7
.2
.2

0.9
.1
2.4
2.1
.8
1.9
.8
.9
-.9
-.1
r
.3

1.9
-2.3
4.1
8.2
3.6
2.8
4.1
4.3
1.8
.4
-1.5

1.6
24
4.4
8.2
3.4
2.8
4.1
4.4
1.7
.3
16

0.6
-2.5
1.8
5.7
2.1
.7
3.1
3.3
2.6
.2
-1.7

0.7
-2.4
2.0
6.0
2.5
.9
3.3
3.5
2.7
.3
-1.8

9.4
7.6
3.7
4.2
4.5
4.9
3.5
4.3
3.5
5.4
3.9

9.6
7.5
3.9
4.0
4.2
4.9
3.4
4.1
3.4
5.2
4.0

1989- I
II
Ill
IV

15
-1.0
-2.0
-.2

-2.8
-2.0
-1.3
-.3

2.6

4.2
.7
2.0
-.4

4.3
1.4
1.4
-.4

3.5
2.0
2.1
4.4

3.4
1.1
2.5
4.5

r

r

r

r

-.6

1.4
-.6
.1
-.7

1990:

1.7
2.4
-2.2
-.9

1.0
2.1
-2.5
-.3

3.0
2.0
-3.0
-3.0

2.7
1.8
-3.0
-3.1

1.2
-.5
-.8
-2.2

1.8
-.3
-.5
-2.8

6.6
8.4
5.7
4.1

6.0
8.1
5.6
4.4

< -A
r
4.1
r
-1.3
r
-2.6

r

-.1
1.9
1.1
2.2

.1
1.9
.9
1.7

-4.9
1.7
1.8
.8

-4.9
1.6
1.6
.6

-4.7
-.3
.7
-1.5

-4.9
-.3
.7
— 1.1

2.6
4.6
r
2.7
3.2

2.7
4.6
r
2.6
2.7

1981
1982...
1983
1984.
1985
1986
1987
1988
1989
1990
1991

1991:

I
II
Ill
IV
I
II
Ill
IV r....

D
J

1

Output refers to gross domestic product originating in the sector in 1987 dollars.
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price index for all urban consumers.
5
Current dollar gross domestic product divided bv constant dollar gross domestic product.
2

NOTE.— Data relate to all persons engaged in the sector.

16



07
1.2
.7
-.3
.6
3.0
-.2
0
-1.4
2
-.2

8.0
7.4
1.5
1.9
3.0
2.8
2.5
3.3
4.3
5.2
3.7

8.6
7.4
1.5
1.9
3.3
2.9
2.6
3.2
4.3
5.3
3.7

10.1
5.8
3.4
4.1
3.3
2.2
2.6
3.6
4.3
3.8
3.3

10.1
6.1
4.0
3.5
3.7
2.4
2.6
3.6
4.1
3.9
3.5

j 3
-4.8
r
-.7
r
.4

5.1
3.1
4.2
4.6

6.4
3.2
3.8
4.8

4.7
4.4
2.7
3.7

3.9
4.7
3.0
3.5

-1.0
r
3.9
-1.4
r
-2.3

4.8
5.8
8.1
5.0

5.0
5.9
8.4
4.7

4.0
4.3
4.4
2.8

3.8
4.5
4.8
3.4

2.7
2.6
1.6
.9

2.7
2.6
1.8
.9

4.5
2.9
1.8
1.1

4.8
2.5
2.1
1.7

-0.8
1.3
.5
-.1
.9
3.0
1
.1
12
-.0
3
-l.l
-4.0
r
-1.0
r
.3

r

-.6
r
r2.0

o

-.4

r

r

-.5
2.1
-.l
-.9
r

r

r

Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Data reflect the recent comprehensive (benchmark) revision of the national income and product
accounts by the Department of Commerce, Bureau of Economic Analysis (BEA), BEA data for
output and compensation for 1991 incorporate benchmarking to unemployment insurance (UI)
records. However, the detailed UI information needed by the Bureau of Labor Statistics to measure
employment and hours for 1990 and 1991 is not yet available. Therefore, movements in measures
based on hours of labor input should be interpreted with caution for 1990 and 1991.
Source: Department of Labor, Bureau of Labor Statistics.

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

INDEX, 1987 - 100* (RATIO SCALE)

120

130

TOTAL INDUSTRIAL PRODUCTION

_>
x—-1

105

-^

r ^ \./—1

y v

/I

^

I l l l l l l l l l l I l l l l l l l l l l 1 1 n 1 1 n1 11

.

^_

100

95

FINAL PRODUCTS

105

1 1 1 1 1 1 1 M 1 1 i 1 1 1 ll M M 1

100

/°
y

r

V^^V-,

\ i
BUSINESS
EQUIPMEI- T

•"^"N

\ \__._

f/^

^" S

CONSUME R
. GOODS

-,..'"\. ,-,--._
DEFENSE
ANDSPArF
EQUIPMENT

niiilinii
115

UTILITIES
\

105
100

95

(
I

A

V

."~-» ..
/
-I

v

A '— ^
C>^]i/ /^-/V^ vA7^ /
v

V

1 1 1 1 11M 1 11
1988

1989

™»

Illllllllll

:

i 1 1 1 ll 1 N i t

•Y UTILIZAT
(TOTAL 1NDUSTRY)

UTILITIES AND MINING

110

•'

'\ ,_./ i

V

MINING
1 1 M 1 It 1 1 1 1
1990

~^

•*

r^^v.
^~\^
^~\

\

]

'

vyv\

M 1 1 1 11 1 !11

1991

V~A.
niiilinii

1 1 1 1 it 1 1 1 1 1
1992

niiilinii

1988

r

1 1 1 1 ll i 1 II 1

1989

1 1 1 ill 1 1 1 1 1 1 1 1 1 1 1 1 n 1 1
1991

1990

1 1992

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted]

Period
Index,
1987=100

Capacity utilization
rate, percent *

Industry production indexes, 1987=100

Total
industrial
production

Manufacturing

Percent
change
from year
earlier

Mining
Durable

Total

Utilities

Nondurable

Total
industry

Manufacturing

85.7
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
109.2
107.1

1.9
— 4.4
3.7
9.3
1.7
1.0
4.9
5.4
2.6
1.0
-1.9

80.3
76.6
80.9
89.3
91.6
94.3
100.0
105.8
108.9
109.9
107.5

77.4
72.7
76.8
88.4
91.8
93.9
100.0
107.6
110.9
111.6
107.1

84.5
82.5
87.0
90.8
91.5
94.9
100.0
103.6
106.4
107.8
107.9

114.3
109.3
104.8
111.9
109.0
101.0
100.0
101.8
100.5
102.6
101.0

94.3
91.8
93.6
97.0
99.5
96.3
100.0
104.4
107.1
108.0
108.7

80.9
75.0
75.8
81.1
80.3
79.2
81.4
84.0
84.2
83.0
79.4

78.8
72.8
74.9
80.4
79.5
79.0
81.4
83.9
83.9
82.3
78.2

Nov r
Dec r

105.7
105.0
105.5
106.4
107.3
108.1
108.0
108.4
108.4
108.1
107.4

-2.6
-3.6
-3.0
-2.7
-2.5
-2.1
-2.3
-2.0
— 1.4
2
.2

106.1
105.2
105.9
106.6
107.5
108.3
108.4
108.9
109.0
108.6
108.1

106.1
105.0
106.0
106.7
107.3
108.1
107.8
108.4
108.2
107.8
106.9

106.0
105.4
105.9
106.5
107.6
108.6
109.0
109.6
110.1
109.6
109.7

102.9
101.5
100.9
100.2
102.1
102.7
101.3
101.4
100.7
99.6
98.7

104.6
106.4
105.9
111.4
111.5
110.9
110.7
109.7
109.4
111.0
107.9

79.1
78.4
78.6
79.1
79.6
80.0
79.8
79.9
79.8
79.3
78.7

78.0
77.2
77.5
77.8
78.3
78.7
78.6
78.8
78.7
78.2
77.7

Jan r
Feb "

106.6
107.2

.0
1.4

107.4
108.1

105.8
106.8

109.4
109.8

97.1
97.4

107.3
106.7

77.9
78.2

77.0
77.4

1981
1982
1983
1984

1985
1986
1987
1988
1989
1990
1991 *
1991: Feb
Mar
Apr
May
July
Sept

Oct

1992:
1

Output as percent of capacity.




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
Equipment

Consumer goods
Period
Total
Total

Durable
goods

Nondurable
goods

Total

1

Business

Defense
and
space
equipment

Total

Construction
supplies

Business
supplies

Total

Energy

80.8
83.0
91.0
94.2
95.7
100.0
105.6
109.1
110.9
109.6

84.5
88.8
92.8
93.7
96.8
100.0
104.0
106.7
107.3
107.5

68.7
79.7
91.0
91.6
94.5
100.0
104.9
107.9
106.2
102.3

89.7
91.9
93.4
94.4
97.6
100.0
103.7
106.4
107.6
109.0

77.0
76.8
89.2
94.8
94.5
100.0
107.6
112.3
115.5
112.2

72.9
71.9
85.4
91.1
93.2
100.0
111.8
119.1
123.1
121.5

65.7
71.8
78.9
89.4
96.0
100.0
98.0
97.4
97.3
91.1

75.1
80.3
86.2
88.3
92.0
100.0
104.4
106.8
107.7
103.3

72.2
80.2
86.2
89.1
93.8
100.0
104.4
106.1
105.2
96.1

77.0
80.3
86.2
87.7
90.7
100.0
104.4
107.3
109.4
108.3

85.1
88.3
96.6
96.6
95.9
100.0
105.6
107.4
107.8
105.5

100.7
98.9
103.8
103.4
99.4
100.0
101.8
101.4
102.1
102.3

Sept
Oct
Nov '
Dec r

108.3
108.1
108.7
109.3
110.1
110.2
109.8
110.4
110.6
110.6
110.0

104.7
104.7
105.5
106.6
108.0
108.3
108.4
109.4
109.7
110.0
109.5

95.2
95.9
99.3
101.1
104.2
105.5
104.0
107.7
107.5
106.0
104.8

107.3
107.1
107.2
108.1
109.0
109.0
109.6
109.8
110.3
111.1
110.7

112.9
112.5
112.8
112.7
112.8
112.8
111.6
111.8
111.9
111.4
110.8

120.6
120.3
121.3
121.7
121.9
122.5
121.3
122.2
122.3
121.8
121.4

94.5
93.9
92.5
91.5
91.0
90.0
89.8
89.1
89.1
88.8
87.7

102.6
101.3
101.2
102.7
104.0
104.0
104.4
104.3
104.1
103.9
103.5

96.4
94.0
94.9
95.8
97.4
96.9
96.7
96.5
95.4
95.9
95.2

106.8
106.4
105.6
107.5
108.5
109.0
109.7
109.7
110.1
109.4
109.3

103.9
102.6
103.4
104.5
105.4
107.0
107.2
107.5
107.4
106.6
105.7

101.1
101.3
101.1
102.4
103.4
104.1
103.3
103.6
103.1
102.2
100.5

1992: Jan '
Feb p

108.9
109.7

108.5
109.4

100.9
104.5

110.6
110.8

109.4
110.1

120.0
121.2

86.4
85.6

103.3
103.4

95.3
95.5

108.9
109.0

105.0
105.6

99.5
99.4

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

.. .
Feb
Mar
May
f *

July

1

Includes oil and gas well drilling and manufactured homes, not shown separately.

[1987 = 100; monthly data seasonally adjusted]
Nondurable manufactures

Durable manufactures
Transportation
equipment

Primary metals
Period
Total

Iron
and
steel

Fabricated
metal
products

Nonelectrical
machinery

Electrical
machinery

Total

Motor
vehicles
and
parts

Lumber and
products

Apparel
products

Printing
and
publishing

Chemicals
and
products

Foods

1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 '

83.2
91.0
102.4
101.8
93.8
100.0
110.3
109.2
108.4
99.5

86.2
96.1
105.9
104.5
90.8
100.0
113.8
109.3
109.9
98.0

83.2
85.5
93.3
94.5
93.8
100.0
106.2
107.2
105.9
100.4

63.9
64.3
80.8
86.8
90.4
100.0
113.8
121.8
126.5
123.5

75.9
80.3
94.1
93.1
94.3
100.0
106.5
109.5
111.4
110.1

64.8
72.7
83.1
91.8
96.9
100.0
105.0
107.2
105.5
98.6

58.8
74.5
90.6
99.0
98.5
100.0
105.5
104.9
96.8
90.4

67.3
79.9
86.0
88.0
95.1
100.0
104.6
103.0
101.6
94.2

90.1
93.8
95.7
92.6
96.3
100.0
102.2
104.3
98.8
96.2

75.2
79.0
84.5
87.6
90.7
100.0
103.6
108.5
111.9
112.3

81.8
87.5
91.4
91.4
94.6
100.0
105.4
108.5
110.3
110.9

87.7
90.1
92.1
94.9
97.4
100.0
102.8
105.5
107.6
108.5

1991- Feb
Mar.

99.5
94.7
94.5
96.9
96.4
101.2
102.6
102.3
102.6
103.5
101.2

98.0
92.0
91.6
94.0
92.9
99.5
100.6
100.8
102.4
105.6
101.7

99.1
97.8
98.0
99.1
99.8
100.9
101.4
101.9
101.9
101.8
101.0

124.5
123.1
123.5
123.6
123.4
123.9
123.3
123.1
123.5
122.8
121.8

108.2
108.6
109.7
110.6
111.5
111.0
111.5
111.0
109.8
110.7
110.5

95.5
95.0
97.2
98.2
99.7
101.3
99.0
102.2
102.4
99.7
98.1

79.4
79.8
86.2
89.8
92.5
96.7
91.6
99.5
100.4
95.9
94.6

91.5
91.2
92.7
92.5
96.7
94.8
95.3
95.2
93.8
96.4
95.4

93.1
92.5
93.2
95.2
96.2
97.8
98.3
98.1
98.7
98.8
98.7

110.9
110.4
110.7
110.6
111.2
111.9
112.3
113.3
114.4
114.2
113.6

109.1
108.2
109.0
109.2
109.6
111.5
112.3
112.6
113.5
113.0
113.2

107.6
107.4
107.6
107.8
108.6
108.3
108.7
109.5
109.4
110.1
109.7

103.9
103.0

106.8
105.1

99.5
100.7

120.9
122.4

109.9
110.6

93.6
96.3

87.0
93.2

97.3
96.4

98.2
97.7

114.0
113.4

113.6
114.6

109.4
109.8

May

.,

July
Sept
Oct
Nov '
Dec '
1992: Jan '
Feb"

.. .

Source: Board of Governors of the Federal Reserve System.

18



NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3

Private
Total new
construction
expenditures

Period

Residential
Total

New housing
units

Total '

Commercial
and
industrial z

Other

Federal,
State, and
local

Total value
index
(1987 = 100)

Commercial
and industrial
floor space
(millions of
square feet)

Billions of dollars

1983
1984

294.9
348.8
377.4
407.7

231.5
278.6
299.5

419.3

1985
1986
1987
1988
1989
1990
1991

328.6
337.4
345.4
337.8
295.2

432.2
443.7
446.4
404.0

323.1

94.6
113.8
114.7
133.2
139.9
138.9
139.2
128.0
110.8

125.5
153.8
158.5
187.1
194.7
198.1
196.6
182.9
160.6

57.7
74.0
89.8
84.4
84.0
88.0
94.3
96.4
76.0

48.2

50.8
51.3
51.6
50.0
51.4
54:6
58.5
58.6

63.5
70.2
77.8
84.6
90.6
94.8
98.3
108.7
108.8

75
83
91

96
100
101
105
95
88

Annual rates

Annual rates

1991:

405.4
398.9

290.9
290.3
293.4
296.6
297.5
293.2
290.7

161.8
155.6
152.4
151.8
154.6
158.3
158.0
162.8
166.6
168.3
166.0
164.3

107.9
103.5
100.8
100.6
103.2
106.7
109.9
114.4
118.0
118.3
118.9
119.1

85.1
86.2
83.2
87.0
78.2
73.8
73.4
72.0
71.2
70.4
68.4
67.6

57.0
58.7
57.6
60.2
58.3
58.8
58.9
58.6
58.8
58.8
58.9
58.8

102.6
109.6
108.6
108.0
108.0
107.3
108.1
109.7
110.4
112.8
112.2
108.3

r

81
86
86
93
r
89
82
88
92
86
96
81
r
97

602
658
538
624
565
438
469
507
408
625
474
479

404.1

294.6

168.0

121.1

66.8

59.9

109.4

r

472
563

Jan
Feb
Mar . . .

406.5

May

399.0
398.2
398.4
403.2
407.0

410.1
401.9
407.1

July
Sept

Oct
Nov ...
Dec

410.3

1992- Jan »
Feb p
1
2
3

756
955
1,097
1,016
1,019
973
961
783
545

303.9
300.5
293.3
299.0

291.0

Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.

r

94
100

Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
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
Period

Units started, by type of structure
Total

1982
1983

1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9

1984
1985
1986
1987
1988
1989
1990 r .
.
1991

1 unit
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4

2-4 units

5 or more units

80.0
113.5
121.4
93.4
84.0
65.3
58.8
55.2
37.5
35.6

319.6

Units
authorized

260.4

1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8

137.9

961.4

522.0
544.0

576.1
542.0
408.7
348.0

317.6

Units
completed

Homes sold

Homes for
sale at end of
period!

1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,089.4

412
623
639
688
750
671
676
650
534
509

253
301
353
346
357
366
368
365
321
283

r 1,123
' 1,097

406
490
497
505
511
513
505
522
499
526

315
312
308
302
298
296
295
292
292
289
286
283
281
269

Vacancy rate
for rental
housing units
(percent) z

5.3
5.7
5.9
6.5
7.3
7.7
7.7
7.4
7.2

Seasonally adjusted annual rates

1991:

Jan
Feb
Mar

... .

May
, '
July
Sept

Oct
Nov
Dec '
1992: Jan '
Feb

p

1

844
1,008
918
978
983
1,036
1,053
1,053
1,020
1,085
1,085
1,118
1,190
1,304

644
803
751
802
830
870
881
881
864
887
907
972
999
1,146

30
36
27
32
36
26
46
41
28
49
33
46
29
30

Seasonally adjusted.
2
Quarterly data entered in 1 st month of quarter. Series beginning 1989 not comparable with
earlier data.




170
169
140
144
117
140
126
131
128
149
145
100
162
128

802
876
892
913
966
999
1,005
953
982
1,028
993
1,055
1,111
1,166

r

l,188

r

1,090
' 1,072
r

l,104

' 1,065
'1,051
r
l,193

' 1,073
1,021
1,005
1,018

r

r

578

567
630
613

7.5
7.3
7.6
7.3

NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
re for 16,000 places.
Seasonally adjusted housing completions revised beginning 1989.
Source: Department of Commerce, Bureau of the Census.

19

BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In January, manufacturing and trade sales rose 0.7 percent and inventories fell $3.6 billion. In February, according
to advance data, retail sales rose 1.3 percent, following a rise of 2.1 percent in January.
BILLIONS OF DOLLARS * (RATIO SCALE)

BILLIONS Of DOLLARS* (RATIO SCALE)

1,000

300

900

250

800

700
200

MANUFACTURING AND
TRADE INVENTORIES

600

-v

500

150

MANUFACTURING
AND TRADE SALES

\
RETAIL SALES

400

1111 LI I

IIIHl

100
300

mull

Illllllllll

RATIO '
1.80

INVENTORY-SALES RATIO
1.70

\

1.60

•s^_/V J

200
1.50

""' "V" '^x

1.30
1989

1991

1990

\-^"/

/

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 i 1 1 1 t l It 1 1 1

In,:

1989

1988

1992

^

MANUFACTURING

1.40

1988

^v-

' - \ 1 "v"

,

f

1990

1991

1992

COUNCIL OF ECONOMIC ADVISERS

Manufacturing and
trade *

Wholesale

Sales

Inventories 3

Inventories 3

Sales 2

Period
2

Inventory-sales ratio 4

Eetail

Sales *

Inventories 3

Total

Durable
goods
stores

Nondurable goods
stores

Total

Durable
goods
stores

Nondurable goods
stores

134,493
147,712
167,748
181,773
186,587
208,112
219,791
238,159
241,860
244,767
243,550
241,179
236,900
236,696
236,204
235,098
235,994
236,757
239,745
241,955
242,186
244,767
243,111

61,469
69,025
79,250
88,464
90,197
105,738
112,254
120,663
120,488
118,327
121,053
119,239
116,041
116,087
115,490
114,305
114,754
115,279
117,437
118,172
117,735
118,327
116,838

73,024
78,687
88,498
93,309
96,390
102,374
107,537
117,496
121,372
126,440
122,497
121,940
120,859
120,609
120,714
120,793
121,240
121,478
122,308
123,783
124,451
126,440
126,273

Manufacturing
and
trade 1

Retail

Millions of dollars, seasonally adjusted

1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 '
1991: Jan r
Feb.
Mar
Apr.
May
June
July
Aue
Sept
Oct
Nov
Dec r
1992: Jan"
Feb"
1
2
3

348,755
370,441
411,391
423,806
431,668
459,088
496,330
525,839
542,917
535,356
526,946
r
527,495
523,117
530,872
535,926
536,977
541,023
539,578
540,898
542,982
542,757
532,637
536,286

574,518
590,968
650,789
665,060
664,031
711,595
767,700
810,257
825,363
816,683
830,333
828,201
819,615
816,893
811,713
807,105
806,802
806,648
809,793
813,024
813,898
816,683
813,101

See page 21 for manufacturing.
Monthly average for year and total for month.
End of period.

20



96,290
100,324
113,393
114,626
116,151
124,254
135,176
144,005
149,193
144,970
144,900
143,608
142,935
145,019
144,927
145,217
147,635
145,524
146,000
145,365
144,772
144,200
144,287

128,196
130,906
143,557
148,484
154,713
165,271
180,313
188,273
194,692
196,215
198,402
198,563
196,733
195,052
193,632
192,039
192,806
192,503
191,211
193,005
193,892
196,215
195,825

89,114
97,570
107,316
114,642
120,860
128,509
137,613
145,146
150,602
151,752
147,498
r
150,672
151,467
150,967
152,710
152,642
153,195
152,160
152,658
152,483
152,505
152,440
r
155,609
157,670

28,013
32,631
37,938
41,567
45,121
48,051
52,281
54,349
54,563
53,747
50,463
r
53,189
53,725
53,490
54,074
54,212
54,117
53,390
54,619
54,657
54,247
54,687
r
56,211
57,512

61,101
64,939
69,377
73,075
75,738
80,457
85,332
90,797
96,039
98,005
97,035
r
97,483
97,742
97,477
98,636
98,430
99,078
98,770
98,039
97,826
98,258
97,753
7
99,398
100,158

* Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.

1.67
1.55
1.53
1.55
1.55
1.50
1.49
1.51
1.51
1.52
1.58
1.57
1.57
1.54
1.51
1.50
.49
.49
.50
.50
.50
1.53
1.52

1.49
1.44
1.49
1.52
1.56
1.55
1.55
1.60
1.59
1.58
1.65
1.60
1.56
1.57
1.55
1.54
.54
.56
.57
.59
.59
1.61
1.56

MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In January, manufacturers' shipments and new orders rose, while inventories and unfilled orders fell. In February,
according to advance estimates, durable goods shipments rose and new orders fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
280
SHIPMENTS

BILLIONS OF DOLLARS* (RATIO SCALE)

240

440

200

360

" TOTAL

160

.

\

-DURABLE GOODS

T^TA

280

\

\
-

120
200

•

DURABLE GOODS
NONDURABLE GOODS

160

80
120

60
NC5NDURABLE 30ODS

ii i nl ii i iill
80

BILLIONS OF DOLLARS* (RATIO SCALE)
280
NEW ORDERS
240

60

200
(|m|

TOTAL
160

Illllllllll

DURABLE GOODS

RATIO *
2.20
INVENTORY-SHIPMENTS RATIO

120
2.00

\

1.80

NONDURABLE GOODS

80
1.60

-»

-

| \
^

;S"*^-

^—^

1.40
1.20
1988

1989

1990

|||(-

(

iiiiiliiiii

1992

1991

COUNCil OF ECONOMIC ADVISERS

Manufacturers' shipments l

Manufacturers' new orders 1

Manufacturers' inventories2

Durable goods

Period
Total

Durable
goods

Nondurable
goods

Total

Durable
goods

Nondurable
goods

Total
Total

Capital
goods
industries,
non-defense

Nondurable
goods

Manufacturers'
unfilled
orders 2

Manufacturers'
tory —
shipments
ratio 3

Millions of dollars, seasonally adjusted
1982.. .
1983

1984
1985
1986...
1987
1988
1989
1990. .. .
1991
1991: Jan
Feb
Mar
May
July
Sept
Oct
Nov
Dec

1992: Jan r
Feb"
1
2

163,351
172,547
190,682
194,538
194,657
206,326
223,541
236,689
243,122
c
238,634

79,212
85,481
97,940
101,279
103,238
108,128
117,993
124,532
125,388
121,588

84,139
87,066
92,742
93,259
91,419
98,198
105,549
112,156
117,735
117,046

311,829
312,350
339,484
334,803
322,731
338,212
367,596
383,825
388,811
375,701

200,409
199,814
221,284
218,182
212,010
220,790
241,389
253,261
252,836
240,292

111,420
112,536
118,200
116,621
110,721
117,422
126,207
130,564
135,975
135,409

162,140
175,451
192,879
195,706
195,204
209,389
227,025
240,758
243,643
237,288

78,064
88,140
100,164
102,356
103,647
110,809
121,444
128,651
125,958
120,139

19,213
19,624
23,669
24,545
23,983
26,096
30,727
34,816
34,032
31,501

84,077
87,311
92,715
93,351
91,557
98,579
105,581
112,107
117,685
117,149

311,893
347,310
373,607
387,241
393,629
430,589
472,223
520,837
527,195
511,348

1.95
1.78
1.73
1.73
1.68
1.59
1.58
1.61
1.60
1.60

234,548
233,215
228,715
234,886
238,289
239,118
240,193
241,894
242,240
245,134
245,480
235,997

117,648
117,432
114,487
119,721
121,024
122,240
122,994
124,459
124,965
126,404
126,547
119,795

116,900
115,783
114,228
115,165
117,265
116,878
117,199
117,435
117,275
118,730
118,933
116,202

388,381
388,459
385,982
385,145
381,877
379,968
378,002
377,388
378,837
378,064
377,820
375,701

252,170
252,256
250,405
249,546
246,964
245,642
244,467
243,616
244,310
242,816
242,290
240,292

136,211
136,203
135,577
135,599
134,913
134,326
133,535
133,772
134,527
135,248
135,530
135,409

234,462
233,132
226,431
231,229
236,540
233,725
248,090
243,160
237,624
242,230
243,138
234,102

117,789
117,547
112,116
116,139
118,434
117,128
130,827
125,482
120,092
123,325
124,046
117,785

33,957
33,756
31,940
28,748
28,038
29,282
36,689
30,993
30,078
31,098
34,876
28,909

116,673
115,585
114,315
115,090
118,106
116,597
117,263
117,678
117,532
118,905
119,092
116,317

527,109
527,026
524,742
521,085
519,336
513,943
521,840
523,106
518,490
515,586
513,243
511,348

1.66
1.67
1.69
1.64
1.60
1.59
1.57
1.56
1.56
1.54
1.54
1.59

236,390

121,648
125 186

114,742

374,165

238,928

135,237

235,286

120,592
120,496

31,652
30,908

114,694

510,244

1.58

Monthly average for year and total for month. Shipments are the same a
End of period.




3

Annual data are averages of seasonally adjusted monthly ratios.

Source:'Department of Commerce, Bureau of the Census.

21

PRICES
PRODUCER PRICES
In February, the producer price index for all finished goods rose 0.2 percent. Prices of finished consumer foods rose
1.1

percent and

prices

of

other

finished

consumer goods

rose

0.1

percent.

Capital

equipment

prices

were

unchanged.
INDEX, 1982 = 100 (RATIO SCALE)

INDEX, 1982 = 100 (RATIO SCALE)

FINISHED GOODS PRICES

SEASONALLY ADJUSTED

130

130
r-

CONSUMER FOODS

\,»

-''''/^ k^J^- '\
-

120

CAPITAL EQUIPMENT

f—

^

.

, - 1

^-•N/-

r,"

_- —T^-i

/

J

-—,
110

^/

X

r^' ^1
< >// ". / i

*

120

„^ X

*s - -" *

- '
/^

'

110

V

/

,s.<v-1F v X"V -'"
s^*7~~ r~^
?'-' f
s~^_^_
^_ —'^TV'-'
\Vx^^ TOTAL
•*.-'
^

.-

/

-"\

100

90

,~*

\ • x>\ ^.j

1 1 1 M

1 1 1 1 1 1

1984

11111111111

1 1 1 111 1 1 1 11

l llll1lllll l l l l l 1 l l l ll l i il i1 i i i ii 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 I 1 1 1 1 1
1987

1986

1985

100

EXCLUDING FOODS

1989

1988

1990

\ \ \ \ \ \ \ \ \ \ \

1991

SOURCE: DEPARTMENT OF LABOR

90

1992

COUNCIL OF ECONOMIC ADVISERS

[1982 = 100; monthly data seasonally adjusted]

Period

Total
finished
goods

Consumer
foods

Nondurable

Capital
equipment

Total
finished
consumer
goods

100.0
100.5
101.1
101.7
93.3
94.9
97.3
103.8
111.5
115.0
115.0
113.6
113.9
114.5
114.2
114.0
114.9
115.3
116.1
116.1
115.7
114.7
114.9

100.0
102.8
105.2
107.5
109.7
111.7
114.3
118.8
122.9
126.7
125.9
126.2
126.2
126.6
126.7
126.8
126.9
127.1
127.3
127.5
127.7
128.0
128.0

100.0
101.3
103.3
103.8
101.4
103.6
106.2
112.1
118.2
120.5
120.6
120.0
120.2
120.4
120.1
119.8
120.2
120.4
120.8
120.9
120.7
120.1
120.5

Consumer goods
Total
Total

1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 '
1991- Feb
Mar
May
July
Sept

Oct r
Nov
Dec
1992- Jan
Feb
1

100.0
101.6
103.7
104.7
103.2
105.4
108.0
113.6
119.2
121.7
121.6
121.2
121.4
121.6
121.4
121.2
121.5
121.8
122.1
122.2
122.1
121.7
122.0

100.0
101.0
105.4
104.6
107.3
109.5
112.6
118.7
124.4
124.2
124.8
124.9
125.3
125.0
124.7
124.0
123.4
123.3
123.3
123.1
122.9
122.5
123.8

100.0
101.8
103.2
104.6
101.9
104.0
106.5
111.8
117.4
120.9
120.7
120.0
120.1
120.4
120.2
120.1
120.6
121.2
121.7
122.2
122.0
121.4
121.6

Intermediate materials for food manufacturing and feeds.

22



100.0
101.2
102.2
103.3
98.5
100.7
103.1
108.9
115.3
118.7
118.7
117.6
117.7
118.1
117.8
117.7
118.3
119.0
119.6
120.1
119.7
118.9
119.0

Durable

100.0
102.8
104.5
106.5
108.9
111.5
113.8
117.6
120.4
123.9
123.6
123.9
123.9
123.4
123.3
123.5
123.8
124.3
124.4
124.8
124.8
125.5
125.3

Crude materials

Intermediate materials

Finished goods
Finished goods excluding consumer foods

Total

100.0
100.6
103.1
102.7
99.1
101.5
107.1
112.0
114.5
114.4
115.8
114.5
114.1
114.0
114.2
113.8
114.1
114.3
114.0
114.1
113.9
113.3
113.9

Foods
and
feeds '

Foodstuffs
Other

Total

and

Other

stuffs

100.0
103.6
105.7
97.3
96.2
99.2
109.5
113.8
113.3
111.1
112.1
112.4
112.4
110.5
110.2
108.5
110.6
110.8
111.7
112.0
112.0
111.1
112.6

100.0
100.5
103.0
103.0
99.3
101.7
106.9
111.9
114.5
114.6
116.0
114.7
114.2
114.2
114.4
114.1
114.3
114.5
114.2
114.2
114.0
113.4
114.0

Source: Department of Labor, Bureau of Labor Statistics.

100.0
101.3
103.5
95.8
87.7
93.7
96.0
103.1
108.9
101.2
104.4
100.7
100.4
100.9
99.3
99.3
99.1
98.4
100.5
100.4
98.3
97.7
99.4

100.0
101.8
104.7
94.8
93.2
96.2
106.1
111.2
113.1
105.5
108.1
108.4
108.2
105.6
106.0
104.2
102.6
104.2
104.2
103.6
103.2
105.0
107.3

100.0
100.7
102.2
96.9
81.6
87.9
85.5
93.4
101.5
94.6
98.0
92.3
92.0
94.1
91.5
92.4
93.1
91.1
94.2
94.3
91.4
89.3
90.5

CONSUMER PRICES—ALL URBAN CONSUMERS
In February, the consumer

price index

for

all urban consumers

rose 0.3

percent seasonally adjusted (it rose

0.4

percent not seasonally adjusted). The index was 2.8 percent above its year-earlier level.
INDEX, 1982-84 » 100 (RATIO SCALE)
150

INDEX, 1982-84 » 100 (RATIO SCALE)
150
SEASONALLY ADJUSTED

130

CONSUMER PRICES—ALL ITEMS

120

120

110

1 ! 1 1 1

! I 1 M

1 IM 1

1 1 1 1 1

1990
COUNCIL OF ECONOMIC ADVtSERS

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

Transportation

Housing
Shelter

Not
Period

seasonally
adjust-

ed
(NSA)

Rel. imp.3....

1982 ..
1983
1984
1985
1986.....

1987
1988
1989
1990
1991
1991:
Feb
Mar
Apr
May
June
July

Aug ....
Sept

Oct
Nov
Dec
1992:
Feb

Season-

Rent-

Food

ers'

Total l

ally
adjust-

Total

ed

100.0
965
99.6
103 9
107 6
109.6
113 6
118.3
1240
1307
136.2

costs

All
Fuel

Home-

owners'
costs

Maintenance

and

Medi-

Appar-

and

el and

other
utilities

upkeep

Total 1

New
ears

Motor
fuel

cal
care

Ener-

gy 2

items
less
food

and

(Dec.
1982 =
100)

(Dec.
1982 =
100)

repairs

7.3
94.9
100.2
104.8
106.5
104.1
103.0
104.4
107.8
111.6
115.3

6.1
97.8
100.2
102.1
105.0
105.9
110.6
115.4
118.6
124.1
128.7

17.0
97.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
120.5
123.8

4.1
97.4
99.9
102.8
106.1
110.6
114.6
116.9
119.2
121.0
125.3

3.3
102.8
99.4
97.9
98.7
77.1
80.2
80.9
88.5
101.2
99.4

6.7
92.5
100.6
106.8
113.5
122.0
130.1
138.6
149.3
162.8
177.0

7.4
99.2
99.9
100.9
101.6
88.2
88.6
89.3
94.3
102.1
102.5

76.6
95.8
99.6
104.6
109.1
113.5
118.2
123.4
129.0
135.5
142.1

energy

(NSA)

16.0
97.4
99.4
103.2
105.6
109.0
113.5
118.2
125.1
132.4
136.3

41.5
96.9
99.5
103.6
107.7
110.9
114.2
118.5
123.0
128.5
133.6

57.9
96.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
140.0
146.3

8.0

19.7

103.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
155.6

102.5
107.3
113.1
119.4
124.8
131.1
137.3
144.6
150.2

0.2
96.4
99.9
103.7
106.5
107.9
111.8
114.7
118.0
122.2
126.3

134.8
135.0
135.2
135.6
136.0
136.2
136.6
137.2
137.4
137.8
137.9

134.9
135.1
135.4
135.7
136.1
136.2
136.6
137.1
137.4
137.9
138.2

135.3
135.7
136.4
136.7
137.3
136.6
136.3
136.5
136.4
137.0
137.4

132.3
132.5
132.7
133.0
133.2
133.6
133.8
134.2
134.6
135.0
135.4

144.4
144.7
145.1
145.3
145.8
146.1
146.4
146.9
147.4
147.9
148.4

153.1
153.6
153.9
154.2
154.6
155.0
155.2
155.8
156.3
156.6
157.3

148.5
148.7
149.2
149.4
149.9
150.2
150.5
151.1
151.6
152.1
152.7

125.1
124.2
126.1
126.9
126.2
126.9
127.2
126.8
126.6
127.6
128.1

114.6
114.7
114.1
114.5
114.4
115.0
115.3
115.7
116.2
116.8
116.8

127.9
128.2
128.6
128.6
127.8
127.7
129.2
130.0
130.3
131.1
129.6

123.9
122.9
122.7
123.1
123.4
123.6
124.2
124.2
124.0
124.5
124.8

124.0
124.4
125.0
125.1
125.5
125.7
125.9
126.3
126.2
126.3
126.5

102.6
97.8
97.9
98.6
98.7
97.1
98.0
97.9
97.3
98.2
98.5

172.3
173.3
174.5
175.4
176.6
177.7
178.9
180.0
181.1
182.0
183.3

103.7
101.3
100.9
101.3
101.1
100.6
101.2
101.4
101.4
102.2
102.3

140.5
140.9
141.3
141.6
142.0
142.4
143.0
143.6
143.9
144.4
144.7

138.1
138.6

138.3
138.7

136.8
137.2

135.7
136.0

149.1
149.5

158.4
158.9

153.2
153.6

128.0
128.3

116.4
115.9

130.0
131.9

124.4
124.2

126.6
126.7

96.3
95.7

184.5
186.0

100.8
99.9

145.1
145.7

1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
also included through 1982.
3
Relative importance, December 1991.




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]
Change from preceding period

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

Capital
equipment

Excluding
foods

Foods

Total
finished

Capital
equipment

Excluding
foods

Foods

goods

Change
from
year
earlier,
total
finished
goods
NSA

Change, Dec. to Dec., NSA

1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 *

3.6
.6
1.7
1.8
2.3
2.2
4.0
4.9
5.7
— .1

2.0
2.3
3.5
.6
2.8
-.2
5.7
5.2
2.6
-1.6

4.1
1.6
2.1
1.0
-1.4
2.1
2.5
5.2
4.9
2.1

3.9
2.0
1.8
2.7
2.1
1.3
3.6
3.8
3.4
2.5

4.2
-.9
.8
2.1
-6.6
4.1
3.1
5.3
8.7
g

Change, month to month

1991:

Feb

-0.7
-.3
.2
.2
-.2
2
.2
.2
.2
.1
-.1

May
July
Sept
Oct '
Nov '
Dec

Feb

-2.9
-2.9
-3.2
0
.7
7
3
1.3
3.0
2.3
1.0

-7.7
84
-7.8
20
.7
0
.7
4.1
6.6
6.2
2.4

5.2
5.2
1.6
2.2
1.6
1.9
1.0
1.3
1.6
1.9
1.9

3.9
.5
-1.3
-1.5
-1.1
-2.0
-.2
1.0
1.2
1.0
1.2

-0.3
.3
.5
0
-.3
-1.3
-2.2
-2.5
-3.2
-3.0
-2.9

7.1
.3
-5.1
-4.9
-4.0
-4.0
-.7
2.4
3.3
3.4
3.3

4.1

0
1.6
.6
-.6
4.1
-5.0
-4.4
— 2.2
-1.0
13

3.9
3.6
3.7
3.4
1.8
1.6
1.4
1.8
1.4
1.6

3.4
3.2
3.3
3.5
3.5
2.9
2.0
.8
— .1
-.5
-.1

-.7
.1

1.1

1992: Jan '

0.2
.2
0
.3
.1
.1
.1
.2
.2
.2
.2

— 0.6

9
.1
.3
-.3
-.1
.5
.6
.5
.4
-.3

.2
0

-1.3
-.7

-2.6
2.3

-2.3
36

2.2
1.6

.8
.8

-2.4
.6

2.0
1.2

1.9
1.7

-.5
.4

-1.2

0
.1
.3
-.2
-.2
-.6
-.5
j
0
-.2
-.2

-.3
.2

Mar

Q

Source: Department of Labor, Bureau of Labor Statistics.

CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing

Transportation

Shelter
Period

All
items '

Food

Total1
Total

1

Renters'
costs

Homeowners'
costs

Fuel
and
other
utilities

Apparel
and
upkeep

Total"

New
cars

Motor
fuel

Medical
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

3.8
3.8
3.9
3.8
1.1
4.4
4.4
4.6
6.1
3.1

1982
1983

1984
1985
1986
1987
1988
1989
1990
1991

3.1
2.7
3.8
2.6
3.8
3.5
5.2
5.6
5.3
1.9

3.6
3.5
4.3
4.3
1.7
3.7
4.0
3.9
4.5
3.4

2.4
4.7
5.2
6.0
4.6
4.8
4.5
4.9
5.2
3.9

5.1
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.2

4.5
5.1
5.9

0.1
.1
.2
.2
.3
.1
.3
.4
.2
.4
.2

-0.1
.3
.5
.2
.4
-.5

.4
.3

0.4
.2
.2
.2
.2
.3
.1
.3
.3
.3
.3

0.4
.2
.3
.1
.3
.2
.2
.3
.3
.3
.3

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

0.4
.1
.3
.1
.3
.2
.2
.4
.3
.3
.4

03
.1
5
.4
— .1
.5
.3
.3
.4
.5
0

.1
.3

-.4
.3

.2
.2

.5
.3

.7
.3

.3
.3

-.3

4.6
5.3
4.7
5.1
4.7
3.7

9.7
1.8
4.2
1.8
-5.6
1.6
2.9
3.2
4.0
2.9

1.6
2.9
2.0
2.8
.9
4.8
4.7
1.0
5.1
3.4

1.8
3.9
3.1
2.6
-5.9
6.1
3.0
4.0
10.4
1.5

1.5 -6.5
3.4 -1.7
2.5 -2.4
3.4
3.1
5.9 -30.7
18.7
1.8
2.1 -2.1
6.8
2.3
1.4
36.5
3.3 -16.0

11.0
6.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
7.9

1.3
-.5
.2
1.8
-19.7
8.2
.5
5.1
18.1
7.4

0.6
.6
.7
.5
.7
.6
.7
.6
.6
.5
.7

-3.8
-2.3

0.6
.3
.3
.2
.3
.3
.4
.4
.2
.3
.2

.7
.8

-1.5

6.2
3.2
4.3
3.6
1.9
3.6
4.1
4.8
5.4
4.2

4.5
4.8
4.7
4.3
3.8
4.2
4.7
4.4
5.2
4.4

Cha nge, month to month
1991:

Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

1992: Jan
Feb

9

.1
i

1.2
.6
.2
.6
-1.1

-1.3
-.8
2
.3
.2
.2
.5
0
2
.4
.2

0.6
.3
.5
.1
.3
.2
.2
.3

.3
1.5

-.3
2

.1
.1

1.7
.2
.3
0
-.6
1

1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
also included through 1982.

24



70
-4.7
.1
.7
.1
-1.6
.9
-.1
Q

.1
.2

.9
.3

-2.2
Q

4
.4
2
5
.6
.2
0
.8
.1
9

3.3

2.4

2.7
3.6

.3
.4

3
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.

3.3
2.7
2.1
2.4
3.0
2.4
2.7
3.0
3.6
3.9
3.2

4.9
3.8
2.9
2.9
2.9
2.2
2.5
3.0
3.0
3.3
3.1

5.3
4.9
4.9
5.0
4.7
4.4
3.8
3.4
2.9
3.0
3.1

2.6
2.3

3.1
3.1

2.6
2.8

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

INDEX, 1977= 100 (RATIO SCALE)

200

—,

'*"
180

180

"

r-^-'"^

160

160

~T\

PRICES PAID

—x •S\

—^

140 —^\

^

^V

f

140

\

/\/A J

^/"

l

120

^

^y\\

120

PRICES RECEIVE D

100

100

80

1 1 11 1111 1 1 1

1 1 1 1 1 1 I 1 II

1

II

1 1 t 1 1 1 El I

I I i I I I i i i II

1 1 1 1 1 1 ! I 1 11

1 1 1 M

1 1 1 1 1 1

M t 1 1 1 1 1 1 M

I I I I I 1 I I I II

! I 1 ! 1 11 1 ! 1 1

80

RA TIOJ>
140

RATKDi/

140

120

120

RATIO

/

100

100

/

80

^—^~

p

~~

— " -—

60

M

1984

1 1 1 1 1 1 1 1 1

1986

1985

1 I 1 ! 1 1 1 M

1 1

1 1 1 1 1 1 1 1 1 1 I

1 1 1 1 1 1 ! 1 1 1 1

1989

1 M M 1 M 11 1

1987

1990

1988

80

~^Y~
1 1 1 1 1 1 1 M

1991

1 1

60

1 1 I1 1 1 1 ! 1 1 1

|

1992

COUNCIL OF ECONOMIC ADVISERS

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

Prices received by farmers
Period

All farm
products

Livestock and
products

Crops

All commodities,
services,
interest, taxes,
and wage rates *

Production
items, interest,
taxes, and wage
rates

Production
items

Ratio 2

133
135
142
128
123
127
138
148
149
146

121
128
138
120
107
106
126
134
127
130

145
141
146
136
138
146
150
160
170
162

159
161
164
162
159
162
170
178
184
189

158
159
161
156
150
152
160
167
171
175

153
152
155
151
144
148
157
165
171
173

84
84
87
79
77
78
81
83
81
77

Oct
Nov
Dec

148
148
151
153
149
146
147
142
139
137

127
130
137
142
136
133
137
126
124
120

169
166
165
163
162
158
157
158
154
154

(3)
189
(3)
(3)
189
(3)
(3)
189
(3)
(3)

(3)
176
(3)
(3)
174
(3)
(3)
173
(3)
(3)

(3)
175
(3)
(3)
173
(3)
(3)
172
(3)
(3)

79
78
80
81
79
77
78
75
74
72

Jan..
Feb
Mar

138
142
143

152
!56
155

188
(3)
(3)

172
(3)
(3)

171
(3)
(3)

73
76
76

1982

1983
1984
1985
1986
1987
1988
1989
1990
1991
1991- Mar
Anr
May
June
July
Sept

1992:

1

123
!28
130

r

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




r

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 accelerated in February.
BILLIONS OF DOLLARS* (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]
Percent change from year or 6
months earlier 2

Ml

M2

M3

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

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

M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances

M3 plus
other liquid
assets

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec r
Dec '

474.6
521.4
552.5
620.2
724.6
750.0
786.9
794.1
826.1
898.2

1,951.9
2,186.1
2,374.3
2,569.4
2,811.1
2,910.8
3,071.1
3,227.3
3,339.0
3,439.3

2,440.6
2,693.0
2,987.4
3,203.2
3,494.3
3,681.1
3,923.1
4,059.8
4,114.6
4,172.2

2,850.4
3,154.3
3,528.8
3,830.4
4,134.5
4,339.5
4,677.9
'4,891.7
4,966.6
4,989.2

'4,672.7
' 5,209.4
r
5,963.3
r
6,833.9
'7,742.5
r
8,514.4
'9,312.6
'10,059.6
10,749.9
11,216.2

8.7
9.9
6.0
12.3
16.8
3.5
4.9
.9
4.0
8.7

8.9
12.0
8.6
8.2
9.4
3.5
5.5
5.1
3.5
3.0

9.3
10.3
10.9
7.2
9.1
5.3
6.6
3.5
1.3
1.4

'9.3
'11.5
'14.5
'14.6
'13.3
'10.0
9.4
8.0
6.9
4.3

1991: Feb r
Mar '

836.2
842.3
842.7
850.9
857.3
860.0
866.5
872.0
880.9
891.4
898.2

3,369.4
3,386.9
3,394.4
3,405.6
3,411.8
3,407.4
3,409.5
3,411.5
3,417.4
3,431.1
3,439.3

4,160.2
4,165.9
4,168.4
4,170.5
4,167.7
4,157.3
4,156.6
4,152.6
4,159.0
4,167.5
4,172.2

5,008.6
5,004.2
4,978.0
4,958.3
4,986.4
4,991.3
4,985.0
4,974.2
4,977.8
4,990.8
4,989.2

10,827.1
10,863.2
10,885.1
10,937.5
10,988.9
11,025.5
11,067.1
11,105.0
11,146.3
11,187.9
11,216.2

4.9
4.7
5.0
6.6
7.6
8.2
7.2
7.1
9.1
9.5
9.5

3.2
3.4
3.6
4.3
4.4
3.8
2.4
1.5
1.4
1.5
1.6

2.6
2.5
2.5
2.7
2.6
1.5
-.2
-.6
5
i
.2

4.9
4.6
4.3
4.2
4.4
4.6
4.4
4.5
4.8
4.6
4.1

910.3
930.8

3,448.5
3,475.6

4,177.1
4,201.5

4,984.9

11,238.7

11.7
14.8

2.4
3.9

1.0
2.2

3.9

Period

19821983:
1984:
1985:
1986:
19871988:
19891990:
1991:

May r.

July '.
Sept r
Oct '
Nov '
Dec '
1992: Jan '
Feb

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

26



L

Debt

Debt of
domestic
nonfinancial
sectors
(monthly
average) 1

Ml

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

M2

M3

Debt

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

Period

Currency

Demand
deposits

Overnight
repurchase
agreeOther
ments
check(RPs),
able
net,
deposplus
its
over(OCDs)
night
Eurodollars *

Money market
mutual fund
balances 2
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)

Institution
only

Small
denomination
time
deposits 3

Large
denomination
time
deposits 3

NSA

1982:
19831984:
19851986:
19871988:
1989199019911991:

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

July
Sept
Oct
Nov
Dec
1992: Jan '
Feb

132.5
146.2
156.1
167.9
180.8
197.0
212.3
222.6
246.8
267.3
254.6
256.0
256.3
256.6
257.6
259.3
261.3
262.9
264.8
266.0
267.3
269.4
271.6

234.0
238.5
243.9
266.7
302.0
286.8
286.5
279.0
277.1
289.5
275.9
276.9
276.1
278.4
280.1
279.3
280.1
280.6
283.8
287.6
289.5
293.9
305.1

103.7
131.8
147.2
179.7
235.3
259.3
280.6
285.1
293.9
333.2
297.5
r
301.3
302.5
'307.8
311.6
'313.7
317.3
320.6
324.5
329.7
333.2
338.9
346.0

39.9
55.6
60.6
73.5
82.3
84.1
83.2
77.6
74.7
'75.7
70.4
69.2
69.6
68.4
67.9
64.9
67.3
66.4
69.5
73.3
75.7
77.5
77.5

184.5
138.3
167.1
176.1
208.0
221.7
241.9
316.3
348.9
'360.5
361.0
365.0
366.6
367.8
368.8
367.9
'362.4
'359.9
'359.3
'359.5
'360.5
360.0
363.7

51.1
42.7
63.7
65.8
86.1
92.1
91.0
107.2
133.7
179.1
145.5
148.5
152.9
155.2
155.3
155.4
158.6
162.6
168.2
173.6
179.1
182.4
188.2

1

Includes continuing contract RPs.
Data prior to 1983 are not seasonally adjusted.
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
z

3

398.5
684.0
704.2
814.4
940.1
937.0
926.2
891.2
920.7
'1,042.6
'931.0
'941.7
'953.0
'966.1
'976.8
'986.1
'994.1
'1,002.4
1,015.0
1,028.7
'1,042.6
1,061.3
1,084.2

847.2
780.8
884.9
881.7
854.8
917.5
1,032.9
1,148.5
'1,168.7
' 1,063.0
'1,169.5
'1,165.9
'1,159.4
'1,150.9
'1,140.6
'1,129.5
'1,120.8
'1,111.0
' 1,095.2
'1,079.2
'1,063.0
1,042.6
1,019.0

323.3
324.8
415.6
436.1
439.5
489.1
541.2
559.3
'494.9
437.1
'499.6
'492.8
'487.7
'483.5
'478.3
'471.2
'465.5
'458.5
450.0
'442.3
437.1
427.9
421.9

Term
repurchase
agreements
CRPs)

Term
Eurodollars
(net)

NSA

General
purpose
and
broker/
dealer

NSA

33.4
49.9
57.6
62.4
80.6
106.0
121.8
99.1
89.6
70.9
86.7
83.5
82.2
80.4
78.4
78.8
78.4
76.7
75.5
73.7
70.9
70.9
72.0

81.7
91.5
82.9
76.5
83.8
91.0
105.7
79.5
68.7
58.5
69.8
68.2
65.2
62.3
61.6
62.7
63.6
61.5
63.0
62.3
58.5
57.3
57.8

Shortterm
Treasury
securities

Savings
bonds

Bankers'
acceptances

183.6
211.9
260.9
298.2
280.0
253.0
269.6
325.5
'332.7
'316.1
'328.8
'323.5
'307.3
'299.5
'325.1
'332.7
'330.4
'322.9
'321.2
'323.7
'316.1
310.9

68.0
71.1
74.2
79.5
91.8
100.6
109.4
117.5
126.0
137.9
127.9
129.0
130.1
131.3
132.4
133.5
134.4
135.2
136.1
137.1
137.9
138.9

Commercial
paper

44.5
45.0
45.4
42.0
37.1
44.3
39.8
40.1
34.0
'23.3
34.6
32.1
30.6
29.1
28.1
28.1
27.2
25.8
25.3
24.5
'23.3
23.2

113.7
133.2
160.8
207.5
231.2
260.5
336.1
348.6
359.3
'339.7
357.1
353.8
341.6
327.9
333.0
339.8
336.3
337.7
336.2
337.9
'339.7
334.8

NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not shown
here.
Data for 1982-89 reflect annual benchmark and seasonal adjustment revisions that were not
available for the February issue of Economic Indicators.
Source: Board of Governors of the Federal Reserve System.

AGGREGATE RESERVES AND MONETARY BASE
LAverages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA]
Borrowings of depository
institutions from the Federal
Reserve (NSA)

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

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

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec.
Feb
Mar
F

r;

July

Sept
Oct
Nov
Dec...
1992- Jan
Feb
1

^

27,835
29,901
31,662
37,061
45,863
45,812
47,596
47,729
49,104
53,752
49,590
49 530
49,344
50,000
50,345
50,410
c
50,886
51,147
51,816
52,095
53,752
54,367
56,418

Data arc prorated averages of biweekly (maintenance period) averages of daily figures.
"Monetary base data have been revised. Revised data prior to 1991 are not yet available.




Nonborrowed

27,201
29,127
28,476
35,473
45,037
45,035
45,880
47,464
48,778
53,560
49,338
49,289
49,112
49,697
50,005
49,804
50,121
50,502
51,556
52,587
53,560
54,133
56,340

Nonborrowed plus
extended
credit
27,387
29,129
31,080
36,242
45,340
45,518
47,124
47,483
48,801
53,561
49,372
49,342
49,198
49,785
50,013
49,849
50,422
50,804
51,567
52,588
53,561
54,134
56,342

Monetary
base
Required

27,335
29,340
30,807
36,024
44,494
44,766
46,549
46,807
47,440
52,774
47,782
48,351
48,313
48,970
49,337
49,505
49,800
50,219
50,734
51,802
52,774
r
53,364
55,352

Total

164,276
179,921
191,374
208,619
230,039
246,281
263,459
274,168
299,785
325,222
308,938
310,291
310,226
311,265
312,470
314,216
316,683
318,496
320,928
323,133
325,222
r
327,681
332,160

634
774
3,186
1,318
827
777
1,716
265
326
192
252
241
231
303
340
607
764
645
261
108
192
233
77

Seasonal

33
96
113
56
38
93
130
84
76
38
37
55
79
151
222
317
331
287
211
86
38
17
22

Extended
credit

186
2
2,604
499
303
483
1,244
20
23
1
34
53
86
88
8
46
300
302
12
1
1
1
2

Source: Board of Governors of the Federal Reserve System.

27

BANK LOANS AND SECURITIES
Total commercial bank loans and leases fell 0.2 percent in February; commercial and industrial loans fell 0.9
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

OTHER SECURITIES
200

200

140

160

120

i i iii Iii i ii
1984

1985

l l l l l I l l l ll
1986

I l l l l I I I I I I I I II I I

120

1987

1992

1991

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, seasonally adjusted ']
Ail commercial banks
Loans and leases
Period

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

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

Total
loans and
securities 2

U.S.
Government
securities

1,400.4
1,552.2
1,722.2

201.7
259.2
260.2
270.8
310.0
335.8
363.5
398.2
454.1
562.5
460.7
470.8
478.2
484.1
493.9
503.7
513.2
523.4
538.4
550.5
562.5
564.2
568.7

1,909.5
2,093.2
2,238.5
2,422.8
2,590.8
2,730.8
2,836.0
2,747.3
2,759.9
2,763.9
2,765.7
2,774.6
2,776.4
2,778.3
2,789.4
2,805.1
2,821.6
2,836.0
2,843.5
2,844.6

Other
securities

164.8
169.1
140.9
179.0
193.9
193.6
192.4
181.7
177.9
178.5
178.3
178.5
177.5
176.9
176.2
175.3
174.0
175.8
177.1
177.6
178.5
179.0
179.1

Total

2

1,033.9
1,123.9
1,321.1

1,459.8
1,589.4
1,709.1
1,866.9
2,010.9
2,098.8
2,095.0
2,108.3
2,110.6
2,108.3
2,104.8
2,104.6
2,097.4
2,091.1
2,090.2
2,089.6
2,093.4
2,095.0
2,100.2
2,096.7

Commercial
and
industrial

392.5
414.2
473.1
500.2
537.0
567.1
606.8
640.2
643.2
617.6
638.2
638.7
635.1
630.6
626.0
623.6
619.4
622.0
622.6
621.0
617.6
614.5
608.9

Individual

299.9
330.9
376.2
425.8
494.0
586.9
670.1
759.5
843.3
871.1
852.8
857.7
861.5
863.8
868.6
867.7
866.9
867.9
869.0
870.6
871.1
870.7
875.4

188.2 25.3
212.9 28.0
253.8 34.4
294.7 43.0
315.3 40.3
328.3 34.8
354.5 41.2
374.8 41.5
379.6 44.7
363.9 54.6
376.3 51.8
375.2 48.2
374.3 48.5
373.6 49.1
372.9 49.0
371.0 47.4
370.3 48.4
367.2 r50.1
364.4 r51.2
363.2 53.6
363.9 54.6
363.9 59.1
364.2 56.9

1
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions. Data beginning January 1984 are not strictly
comparable with data for earlier periods, largely because beginning January 1984 certain obligations
of States and political subdivisions are included in loans rather than in other securities.

28



Security

Eeal
estate

Nonbank
financial
institutions
31.2
30.4
31.3

32.4
35.0
32.0
32.3
34.3
35.7
40.6
36.1
36.9
36.0
36.5
39.3
38.8
37.7
37.6
38.1
39.2
40.6
40.3
42.1

State
Agricultural

36.2
39.2
40.1
36.1
31.5
29.4
28.7
29.8
32.0
34.1
31.9
33.0
33.6
33.7
33.9
34.0
34.2
34.3
34.1
33.9
34.1
33.7
33.7

and
political
subdivisions
0.0
.0
46.0
56.7

58.5
52.4
45.1
40.0
33.9
29.2
32.9
32.8
32.3
31.7
31.3
30.9
30.5
30.1
29.7
29.4
29.2
28.3
28.4

Foreign
banks

14.7
13.4
11.6
9.9
10.3

7.8
7.7
8.2
7.5
7.2
6.6
7.5
7.1
6.6
6.5
6.6
6.6
6.9
6.6
6.8
7.2
7.1
6.6

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

Foreign
official
institutions

Lease
financing
receivables

5.9
9.4
8.4
6.3
6.3
5.7
5.0
3.5
2.8
2.5
2.7
2.8
2.5
2.4
2.5
2.4
2.3
2.3
2.4
2.6
2.5
2.4
2.3

13.3
13.7
16.0
19.0
22.4
24.6
29.3
31.8
32.8
31.4

26.7
31.9
30.2
35.6
38.8
40.1
46.2
47.1
43.3
42.9

33.0
33.1
33.1
33.0
33.2
32.4
31.7
31.7
31.5
31.3
31.4

45.9
44.7
44.2
43.6
41.5
42.8
43.1
40.2
r
40.0
41.8
42.9

31.3
31.3

49.0
46.9

Other

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

Uses

Sources
External
Period
Total

Internal

Credit market funds

l

Securities
and
mortgages

Total

Total

Loans and
short-term
paper

Total

Other 2

313.7
431.2
491.4
464.3
521.5
545.0
586.7
549.3
470.6
472.5

nr
ni r .
IV

1990- I r
11 T r

m

IV

... .

1991: I rr

n

m

r

IV"

66.1
138.9
155.0
112.3
184.7
168.9
182.3
144.4
89.1
81.0

50.7
81.0
92.5
52.4
126.7
63.0
63.0
42.1
16.5
39.7

-4.0
45.5
13 0
45
60.9
27.5
-13.0
-41.7
134
97.7

54.7
35.5
105.5
56.9
65.8
35.4
76.0
83.8
29.9
-58.0

15.4
57.9
62.5
59.9
58.0
106.0
119.3
102.3
72.6
41.4

401.4
404.3
410.5
403.7

136.9
225.8
62.5
152.4

-6.3
129.2
6.6
38.9

101 8
6
-85.5
20.7

95.5
129.8
92.1
18.2

542.1
518.1
444.1
378.1

393.8
395.2
361.2
375.9

148.3
122.9
82.9
2.2

54.0
49.8
-1.4
36.4

-13.6
8.5
485
-.4

485.8
480.5
456.5
466.9

1989- I r r

247.6
292.3
336.4
351.9
336.8
376.1
404.4
404.9
381.5
391.5

538.3
630.1
473.0
556.1

1982
1983
1984
1985
1986
1987
1988
1989 r
1990 r
1991 "

390.9
390.7
387.1
397.2

94.9
89.8
69.4
69.7

17.4
57.6
45.5
38.0

70.1
117.2
90.0
113.2

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

Capital
expenditures 3

r

Increase in
financial
assets

r

51.8
125.1
r
107.2
r
82.8
r
!51.2
r
l!1.7
r
163.8
103.9
86.5
87.3

Discrepancy
(sources less
uses)

r

-24.3
r
2.3
- 14.8
r
6.2
r
!6.4
r
67.5
r
28.4
24.1
-19.1
19.6

337.9
428.9
r
506.3
""458.1
r
505.1
r
477.5
r
558.3
525.3
489.7
452.9

286.1
303.8
399.1
375.3
353.9
365.8
394.5
421.4
403.2
365.6

143.2
96.6
55.9
113.5

508.9
558.4
484.0
549.5

420.7
419.2
416.4
429.1

88.2
139.2
67.6
120.4

29.4
71.7
-11.0
6.5

67.6
41.3
47.1
-36.0

94.3
73.2
84.3
38.6

507.7
523.0
529.4
398.8

402.4
415.9
418.2
376.2

105.3
107.1
111.2
22.6

34.4
-4.8
-85.3
-20.7

-52.7
-59.6
-44.5
-75.2

77.5
32.3
24.0
31.8

437.9
431.1
472.0
470.3

346.0
350.7
380.7
384.8

91.9
80.4
91.3
85.5

47.9
49.4
-15.5
-3.3

r

r

r

the U.S.
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
gource: 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
1982: Dec
1983: Dec

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

Dec
Dec
Dec
Dec
Dec 2
Dec
Dec
Dec r

1991: Feb
Mar
Apr
May
-. i
July
Sept
Oct
Nov
Dec r

1992: Jan

Automobile

Revolving

325,805
368,966
442,602
518,252
573,017
610,468
664,049
718,863
735,102
729,420

125,945
143,560
173,564
210,187
247,428
265,851
284,214
290,676
284,585
267,909

66,454
79,088
100,280
121,816
135,851
153,078
174,104
199,082
220,110
234,504

732,762
732,442
733,621
732,289
730,591
729,962
729,108
729,152
730,317
730,147
729,420

282,626
280,689
279,746
276,494
274,496
273,565
271,906
270,219
270,013
268,123
267,909

729,237

268,241

c

Other

Total

Automobile

Revolving

Mobile
home

Other

22,604
23,562
25,861
26,850
27,096
25,920
25,348
22,471
20,919
19,116

110,802
122,756
142,897
159,400
162,642
165,620
180,383
206,633
209,487
207,891

6,937
14,546
17,615
43,161
30,004
73,636
36,623
75,650
37,241
54,765
18,423
37,451
18,363
53,581
3
(3)
< )
16,239 -6,091
-5,682 -16,676

5,384
12,634
21,192
21,536
14,035
17,227
21,026
(3)
21,028
14,394

2,546
958
2,299
989
246
-1,176
-572
(3)
-1,552
1,803

322
11,954
20,141
16,503
3,242
2,978
14,763
(3)
2,854
-1,596

221,556
224,817
225,994
227,301
227,737
228,199
229,453
232,070
233,661
234,666
234,504

20,200
20,123
20,098
19,796
19,907
19,615
19,495
18,892
18,943
19,059
19,116

208,379
206,813
207,782
208,697
208,451
208,582
208,253
207,971
207,700
208,300
207,891

-201
-320
1,179
-1,331
1 698
-629
854
44
1,165
-170
-728

-1,120
-1,937
943
-3,252
-1,998
-931
-1,659
-1,687
-207
-1,890
-214

1,968
3,261
1,177
1,307
435
462
1,255
2,617
1,591
1,005
162

-258
78
-24
-302
111
-291
-120
-603
51
116
57

-791
1 566
969
915
246
131
329
282
-270
599
-409

234,803

18,663

207,529

-183

332

299

-453

-362

1
For vear-eiid data, change from preceding year-end; for monthly data, change from preceding
month.
2
Data newly available in January 1989 result in breaks in many series between December 1988
and subsequent months.




Mobile
home

3
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.

29

INTEREST RATES AND BOND YIELDS
Interest rates rose in March.
PERCENT PER ANNUM

PERCENT PER ANNUM

1991

1S92

COUNCIL OF ECONOMIC ADVISERS

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

3-month bills
(new issues) l

1981
1982
1983
1984 ..
1985....
1986
1987 ....
1988 ..
1989....
1990 ...
1991 ....

3-year

10-year

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

Corporate
Aaa bonds
(Moody's)

Prime
commercial
paper,
6 months *

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

Prime rate
charged by
banks *

New-home
mortgage
yields
(FHFB)5

14.029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
8.12
7.51
5.42

May

Sept
Oct .
Nov
Dec

.. ..

14.44
12.92
10.45
11.89
9.64
7.06
7.68
8.26
8.55
8.26
6.82

13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
8.49
8.55
7.86

11.23
11.57
9.47
10.15
9.18
7.38
7.73
7.76
7.24
7.25
6.89

14.17
13.79
12.04
12.71
11.37
9.02
9.38
9.71
9.26
9.32
8.77

14.76
11.89
8.89
10.16
8.01
6.39
6.85
7.68
8.80
7.95
5.85

13.42
11.02
8.50
8.80
7.69
6.33
5.66
6.20
6.93
6.98
5.45

18.87
14.86
10.79
12.04
9.93
8.33
8.21
9.32
10.87
10.01
8.46

14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
10.13
10.05
9.32

5.91
5.67
5.51
5.60
5.58
5.39
5.25
5.03
4.60
4.12
3.84
3.84
4.05

1991- Mar

1992: Jan
Peb
Mar"
Week ended:
1992: Mar 7
14
21
28

Constant maturities 2

7.35
7.23
7.12
7.39
7.38
6.80
6.50
6.23
5.90
5.39
5.40
5.72
6.18

8.11
8.04
8.07
8.28
8.27
7.90
7.65
7.53
7.42
7.09
7.03
7.34
7.54

7.07
7.05
6.95
7.09
7.03
6.89
6.80
6.59
6.64
6.63
6.41
6.67
6.69

8.93
8.86
8.86
9.01
9.00
8.75
8.61
8.55
8.48
8.31
8.20
8.29
8.35

6.36
6.07
5.94
6.16
6.14
5.76
5.59
5.33
4.93
4.49
4.06
4.13
4.38

6.00-6.00
6.00-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.00
5.00-5.00
5.00-4.50
4.50-3.50

9 00 9 00
9.00-9.00
9.00-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.00
8.00-8.00
8.00-7.50
7.50-6.50

3.50-3.50
3.50-3.50
3.50-3.50

6.50-6.50
6.50-6.50
6.50-6.50

9.43
9.60
9.52
9.46
9.43
9.48
9.30
9.04
8.64
8.53
8.49
8.65

4.02
4.02
4.09
4.08

6.00
6.14
6.33
6.26

7.45
7.54
7.63
7.56

6.66
6.71
6.70
6.70

8.32
8.34
8.38
8.36

4.32
4.35
4.43
4.39

3.50-3.50
3.50-3.50
3.50-3.50
3.50-3.50

6.50-6.50
6 50 6 50
6.50-6.50
6.50-6.50

1
Bank-discount basis.
2
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and week.

30



6
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 fell in March.
INDEX, DEC. 31,1965 = 50 (RATIO SCALE)

INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
24U

^

200
180

.
.
/ \

160

'

~

/"~

120

,—

220
200
180

/
^^

1

160
140

\
TE STOCK PRIC
(NYSE)

x_^^-/

100

^/

'

V,^^^

,

140

V—~~^\N--^\

'

120
100

V_^~

80

80

60

60

40

i iiii1 iii i i

1 1 1 1 1 1 1 1 1p
1987

...I.1...M

1986

1985

1984

l.i.i,
1988

i ii i i 1 i i i i i

1989

1990

PER CENT
20

iiiiiliii.i . . . i . 1 1 1 . . . 40
1991
1992
PERC :NT
20

15

li

(&)
SP
/

10

— •—

1 1 1
1984

1

•

^
1

1 1
1985

I

—^1—

1 1
1986

IU

~~~^

<s

1
[

1 |
1 1 1
1 8
9 7
1988

1

1

,

r~~~^—~"iI
i i i

1

1989

1990

SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION

5

•*•—.

1

1 1
1991

n
1992

COUNCIL OF ECONOMIC ADVISERS

Common stock prices 1

Common stock yields
(percent) 5

New York Stock Exchange indexes (Dec. 31, 1965 = 50) 2
Period
Composite

Industrial

Transportation

Utility

Finance

Dow-Jones
industrial
average 3

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

Dividendprice ratio

Earningsprice ratio

1981
1982
1983
1984
1985
1986
1987
1988
1989.. .
1990
1991

74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
180.02
183.46
206.33

85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
216.23
225.78
258.14

72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
175.28
158.62
173.99

38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
87.43
90.60
92.66

73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
151.88
133.26
150.82

932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33

128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
322.84
334.59
376.18

5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
3.45
3.61
3.24

11.96
11.60
8.03
10.02
8.12
6.09
5.48
8.01
7.41
6.47
4.81

1991: Mar ..

203.57
207.71
206.93
207.32
208.29
213.33
212.55
213.10
213.25
214.26

255.36
260.15
260.13
261.16
262.48
268.22
266.21
265.68
264.89
266.01

166.26
166.90
170.77
177.05
177.15
178.52
177.99
187.31
188.52
185.47

92.29
92.92
90.76
89.01
90.05
92.38
93.72
95.25
96.78
98.08

145.42
152.64
151.32
152.31
151.60
157.70
157.69
158.94
159.78
159.96

2,920.11
2,925.54
2,928.42
2,968.14
2,978.19
3,006.09
3,010.35
3,019.74
2,986.12
2,958.64

372.28
379.68
377.99
378.29
380.23
389.40
387.20
386.88
385.92
388.51

3.26
3.19
3.23
3.23
3.20
3.10
3.15
3.14
3.15
3.11

5.58

229.34
228.12
225,21

286.62
286.09
282.36

201.55
205.53
204.07

99.31
96.18
94.15

174.50
174.05
173.49

3,227.06
3,257.27
3,247.42

416.08
412.56
407.36

2.90
2.94
3.01

226.40
224.06
225 92
225.29

283.86
280.72
283.40
282.58

208.08
202.67
204.14
202.94

94.44
94.24
94.20
93.98

174.38
172.34
174.00
173.67

3,259.44
3,219.86
3,256.89
3,258.32

409.12
405.17
409.24
407.53

2.99
3.03
2.99
3.01

May
July
. •*
Sept
Oct
Noy

Dec
1992: Jan
Feb
Mar"
Week ended:
1992- Mar 7
14
21
28
1
2
3
4
5

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




5.23
4.59
3.83

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

31

FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 5 months of fiscal 1992, there was a deficit of $147.5 billion, compared with a deficit of $111.0 billion
a year earlier.
BILUONS OF DOLLARS

BILUONS OF DOL1ARS

1,600

RECEIPTS AND OUTIAYS •!/
1,500

1,500

1,400

1,400

1,300

1,300

OUTLAYS-^
1,200

1,200

1,100

1,100

1,000

1,000
900

900

RECEIPTS-1'
800

800

700

700

600

V

600

0
-100

.—•

-»^__

-200

^

200

-_^

-300

-300

A
Vl984

i

i
1985

1

1986

1987

1
1988

1
1989

1
1990

l \
1991

-T

'

1992

j\ -400
1993 V

FISCAL YEARS
COUNCIL OF ECONOMC ADVISERS

[Billions of dollars]
On-budget

Total
Fiscal year or period
Receipts

1976
1977
1978
1979

1980
1981
1982
1983
1984
1985
1986 .
1987
1988
1989
1990
1991
. .
1992 (estimates)
1993 (estimates)
Cumulative total, first 5
months: l
Fiscal year 1991
Fiscal year 1992

Outlays

Surplus
or deficit
(-)

Receipts




Surplus
or deficit
(-)

Receipts

Outlays

Surplus
or deficit
(-)

32

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

-53.7
-59.2
40 2
-73.8
790
-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
549
-38.2
72 7
-74.0
-120.1
-208.0
-185.7

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

-3.9
43
-2.0
-1.1
50
-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
1,075.7
1,165.4

946.4
990.3
1,003.9
1,064.1
1,144.2
1,251.8
1,323.0
1,475.4
1,515.3

-212.3
-221.2
-149.8
-155.2
153 5
-220.5
268 7
-399.7
349 9

547.9
568.9
640.7
667.5
727.0
749.7
760.4
774.8
839.6

769.6
806.8
810.1
861.4
933.3
1,026.7
1,081.3
1,223.9
1,251.3

-221.7
2380
-169.3
1940
-206.2
277 1
-320.9
-449.1
-411.7

186.2
200.2
213.4
241.5
263.7
281.7
293.9
300.9
325.8

176.8
183.5
193.8
202.7
210.9
225.1
241.7
251.5
264.0

9.4
16.7
19.6
38.8
52.8
56.6
52.2
49.4
61.8

1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,599.0
4,077.5
4,543.0

1,499.4
1,736.2
1,888.1
2,050.3
2,190.3
2,410.4
2,687.2
3,077.3
3,428.0

528.8
568.6

111 0
-147.5

300.2
306.5

432.8
469.8

132 6
-163.3

117.5
114.6

96.0
98.8

21.6
15.8

3,411.7
3,762.1

2,557.7
2,809.5

417.8
421.1

73 7

1
Data from Monthly Treasury Statement.
NOTE.— Data (except as noted) are from Budget of the United States Govern lent, Fiscal Year

32

Outlays

Gross Federal debt
(end of period)

Off-budget

66.4

1993, Supplement, issued February 18, 1992, and are on a cash basis.
Sources: Department of the Treasury and Office of Management and Budget.

FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 5 months of fiscal 1992, receipts were $3.3 billion higher than a year earlier, and outlays were $39.8
billion higher.
BILUC3NS 01= DOLLARS

BILLIONS OF DO JARS

600

RECEIPTS -^

600

INDIVIDUAL INCOME TAXES
\

500

500

400

— •-"""
'

300

—

400

y

-

'"

\
300

CORPORATION
IN<-<"YAE TAyE5

200

OTHER RECEIPTS
1

0

200

\
X

\

100

SOCIAL INSURANCE
TAXF<; AND rnwTBini mnNS

1

1

1

100

1

1

1

1

1

0

1,300

1,300
OUTLAYS-"

1,200

1,200

*-- ~"

1,100

1,100

^*
_---

1,000

NONDEFENSE
\

900

1,000

-- —
-•-

900

>_-^'"

800

800

.----'"

700

700

_- — -~ "
600

600
500

500
400

NATIONAL DEFENSE

300

\

200

/I

—T
1984

i

i

1985

1986

1
1987

1
1988

400
300

1
1989

1
1990

T
1991

IS

1
1992

200

1993

FISCAL YEARS
-'INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURr AND OFFICE OF MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

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

On-budget and off-budget receipts

Nationa defense

Total

Individual
income
taxes

Corporation
income
taxes

Social
insurance
taxes
and
contributions

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

89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4

734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,075.7
1,165.4

334.5
349.0
392.6
401.2
445.7
466.9
467.8
478.7
515.2

61.3
63.1
83.9
94.5
103.3
93.5
98.1
89.0
103.8

265.2
283.9
303.3
334.3
359.4
380.0
396.0
410.9
446.7

73.0
73.1
74.3
78.9
82.3
90.9
92.3
97.1
99.7

946.4
990.3
1,003.9
1,064.1
1,144.2
1,251.8
1,323.0
1,475.4
1,515.3

417.8
421.1

193.2
195.7

31.8
28.6

155.3
155.0

37.5
41.7

528.8
568.6

Fiscal year

1976
1977
1978
1979
1980
1981
1982.
1983
1984 .
1985
1986
1987
1988
1989
1990
1991
1992 (estimates)
1993 (estimates)
Cumulative total, first 5 months: l
Fiscal year 1991
Fiscal year 1992
1

Other

Data from Monthly Treasury Statement.

NOTE.—Data (except as noted) are from 1 u.dget of the United States Government, Fiscal Ycc




Total

Income
security

Social
securi-

Net
interest

Other

ty

15.8
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
94.6
108.2

65.8
70.2
75.1
78.9
85.0
98.1
104.5
118.6
129.3

128.2
t ly.e
123.3
129.3
136.0
147.3
170.8
198.1
196.7

188.6
198.8
207.4
219.3
232.5
248.6
269.0
286.7
302.3

129.5
136.0
138.7
151.8
169.3
184.2
194.5
198.8
213.7

131.8
142.1
125.9
139.4
159.8
202.7
223.8
253.4
255.7

27.1
35.3

40.9
48.0

70.2
80.9

107.8
115.9

79.9
83.9

81.3
72.9

International
affairs

Health

87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9

6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9

15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4

252.7
273.4
282.0
290.4
303.6
299.3
273.3
307.3
291.4

245.2
265.5
274.0
281.9
294.9
289.8
262.4
294.6
278.3

16.2
14.2
11.6
10.5
9.6
13.8
15.9
17.8
18.0

114.3
123.7

109.9
118.7

7.3
7.9

Total

Department of
Defense,
military

Medicare

1993, Supplement, issued February 18, 1992, and are on a cash basis.
Sources: Department of the Treasury and Office of Management and Budget.

33

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 1991, according to revised estimates, Federal receipts rose $2.0 billion (annual rate) and
Federal expenditures rose $34.5 billion.
BILLIONS OF DOUARS

BIL1JONS OF DOUARS
SEASONALLY ADJUSTED ANNUAL RATES

1,400

1,400

1,200

1,200

EXPENDITURES
\

1,000

1,000

800

800

~\
RECEIPTS

600

600

200

- SURPLUS OR DEFICIT I -)-

1984

1982

1986

1987

CALENDAR YEARS

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

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

Federal Government receipts

Period
Total

Fiscal year:
1988
1989....
1990
1991
Calendar year:
1988
1989....
1990
1991 r
1982: IV
1983: IV
1984: IV
1985: IV
1986: IV
1987: IV
1988: IV
1989: IV
1990: I
II
III
IV
1991: I...
II
Ill
IV T

Personal
tax and
nontax
receipts

Corporate
profits
tax
accruals

Indirect
business
tax and
nontax
accruals

Contributions for
social
insurance

Total

Purchases

Transfer
Payments

Grantsin-aid to
State
and
local
governments

Net
interest
paid

Subsidies
less
current
surplus of
Government
enterprises

Less:
Wage
accruals
less
disbursements

Surplus
or deficit
(-),
national
income
and
product
accounts

955.1
1,047.1
1,087.9
1,116.2

403.8
455.7
472.2
474.5

107.6
116.7
113.1
103.2

59.6
62.2
63.7
75.6

384.1
412.5
438.9
462.9

1,098.5
1,162.1
1,245.6
1,305.4

386.3
399.0
416.4
445.8

430.9
459.4
502.0
505.3

108.4
115.8
128.3
146.3

143.8
160.3
175.3
185.2

28.9
27.6
23.7
22.8

01
.0
.0
.0

-143.3
-115.0
-157.8
-189.2

972.3
1,055.2
1,104.8
1,120.2
632.3
671.1
739.8
803.6
856.8
943.5
1,000.6
1,062.7
1,086.8
1,106.3
1,115.4
1,110.7
1,115.2
1,114.3
1,124.6
1,126.6

410.1
460.2
482.2
470.4
301.6
290.5
323.5
351.8
371.7
414.8
420.0
467.9
471.2
485.4
486.6
485.5
473.9
468.8
469.9
469.0

111.0
113.9
112.1
103.0
45.5
65.4
67.0
77.0
91.4
109.7
118.5
107.4
113.7
114.1
115.1
105.7
99.0
102.0
106.2
104.8

60.9
61.9
65.8
78.8
49.2
55.4
58.2
56.8
54.8
59.5
61.4
62.1
64.6
64.8
65.2
68.5
78.2
77.1
78.7
81.2

390.4
419.4
444.7
468.0
235.9
259.8
291.1
318.0
338.8
353.4
400.7
425.2
437.2
442.0
448.5
451.1
464.1
466.3
469.9
471.6

1,109.0
1,179.4
1,270.1
1,321.7
815.7
855.7
926.6
990.8
1,034.3
1,096.3
1,135.5
1,206.0
1,247.6
1,263.2
1,265.1
1,304.4
1,261.6
1,321.0
1,334.8
1,369.3

387.0
401.4
424.9
445.1
281.4
289.7
324.7
356.9
373.1
392.5
392.0
403.7
417.2
423.3
424.7
434.5
451.5
452.1
444.9
432.0

436.3
469.5
510.8
513.5
346.0
351.1
360.1
383.8
404.2
419.7
444.5
486.4
501.6
507.2
510.7
523.8
457.5
505.1
534.9
556.6

111.3
118.2
132.2
152.8
84.3
86.9
.97.7
104.5
103.8
102.9
113.0
121.9
128.1
132.2
131.2
137.3
143.7
151.0
153.3
163.3

146.0
164.7
177.5
188.7
86.8
99.2
122.3
129.2
131.1
143.1
151.2
168.8
170.9
177.5
183.7
177.7
185.7
189.7
187.9
191.4

28.4
25.5
24.7
21.5
17.3
28.8
22.2
16.4
22.1
37.8
34.9
25.1
29.8
23.0
14.8
31.2
23.4
22.7
13.9
26.0

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

136 6
-124.2
-165.3
-201.5
-183.4
-184.6
-186.8
-187.2
-177.5
-152.7
-134.9
-143.3
-160.8
-156.9
-149.7
-193.6
- 146.4
-206.7
-210.2
-242.8

Source: Department of Commerce, Bureau of Economic Analysis.

34



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

Industrial production (1987=100; seasonally adjusted)
Period

United
States

Canada

Japan

France

Germany

76.5
81.5
91.4
96.5
95.4
100.0
105.5
105.3
100.8
96.7

82.9
85.5
93.4
96.8
96.6
100.0
109.2
115.9
121.4
124.1

97.3
96.5
97.1
97.2
98.0
100.0
104.7
108.9
110.2
113.1

90.3
90.9
93.5
97.7
99.6
100.0
103.9

1991 '.....

81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
109.2
107.1

1990- Dec

107.2

96.4

123.8

106.0

1991- Jan..
Feb
Mar
Apr

106.6
105.7
105.0
105.5
106.4
107.3
108.1
108.0
108.4
108.4
108.1
* 107.4

1982
1983
1984
1985
1986
1987
1988
1989
1990

..

....
.. ..
... .

May... .
July
Sept

Oct
Nov
Dec

96.4

'95.6
r

95.2
96.4

r

'97.0
97.4
97.8
'98.2
'98.0
r

97.2
96.9

r

95.6

r

1992- Jan
Feb"
1

r

125.8
110.4
125.7
109.4
123.0
106.8
123.3
109.8
126.0
109.6
122.8
109.7
126.6
110.9
122.8
110.9
123.7 r 109.6
123.9 '111.1
123.8 ' 110.3
' 122.0 108.9
121.5

!066

111.0

United
Kingdom

91.7
88.9
91.8
92.9
96.2
100.0
105.9
109.2
109.4
107.0

'108.8
'114.5

118.0

Canada

Japan

France

Germany

Italy

United
Kingdom

86.4
89.6
89.7
94.6
96.9
100.0
103.6
104.0
103.4
100.4

Italy

United
States1

96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
136.2

94.9
100.4
104.8
108.9
113.4
118.4
123.2
129.3
135.5
143.1

98.0
99.9
102.1
104.1
104.8
104.9
105.7
108.0
111.4
115.0

91.7
100.3
108.0
114.3
117.2
121.1
124.4
128.9
133.2
137.2

97.0
100.3
102.7
104.8
104.7
104.9
106.3
109.2
112.1
116.0

87.7
100.8
111.5
121.1
128.5
134.4
141.1
150.4
159.6
169.8

95.4
99.8
104.8
111.1
114.9
119.7
125.6
135.4
148.2
156.9

116.2

109.6

100.2

133.8.

138.1

113.0

134.9

113.3

164.2

152.6

119.1
118.3
118.3
117.8
116.9
121.6
119.5
117.3
117.5
117.5

'108.5
'108.1

'99.8
101.3
101.3
98.7
98.5
101.5
101.6
100.0
100.2
100.9
100.4

134.6
134.8
135.0
135.2
135.6
136.0
136.2
136.6
137.2
137.4
137.8
137.9

141.7
141.7
142.3
142.3
143.0
143.7
143.8
143.9
143.7
143.4
144.0
143.4

113.8
113.5
114.0
114.7
115.3
114.8
114.7
114.9
115.1
116.4
116.6
116.0

135.5
135.7
135.8
136.3
136.6
136.9
137.4
137.7
138.0
138.6
138.9
139.1

114.0
114.3
114.2
114.7
115.2
115.8
116.8
116.8
117.0
117.4
117.9
118.0

165.4
167.0
167.4
168.2
168.8
169.7
169.9
170.4
171.1
172.6
173.8
174.2

153.0
153.8
154.4
156.4
156.9
157.6
157.2
157.6
158.1
158.7
159.3
159.4

138.1
138.6

144.0
144.1

115.8

139.4
139.9

118.6

175.5
175.9

159.3
160.1

r

108.4
103.3
' 105.0
'110.3

106.3
104.1
107.6
105.5

'118.0 '111.4

113.1

104.5

'100.0

98.7

119.5

1072

Data relate to all urban consumers.

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

U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
Merchandise exports (f.a.s. value) 1

General merchandise imports (customs value) 3

Principal end-use commodity category
Period

1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 '.

Z

July
Sept

Oct.
Nov
Dec '
1992- Jan

Consumer
goods
(nonfood)
except
automotive

Other 2

15.7

14.3
13.4
13.3
12.6
14.2
17.7
23.1
36.4
43.3
46.1

20.7
20.5
24.0
27.3
35.9
34.6
43.4
17.2
20.7
24.1

31.3
30.9
31.5
24.0
22.3
24.3
32.3
37.2
35.1
35.7

61.7
56.7
61.7
58.5
57.3
66.7
85.1
99.3
104.4
109.1

72.7
67.2
72.0
73.9
75.8
86.2
109.2
138.8
152.7
166.7

16.8
20.6
22.9
21.7
24.6
29.3
34.8
37.4
39.9

34.1
33.6
34.0
35.6
35.3
35.0
35.2
34.4
35.3
37.1
36.9
35.9

2.7
3.1
3.0
2.9
3.0
2.9
3.1
2.9
3.0
3.2
3,2
3.4

9.5
9.7
8.9
9.2
9.4
8.7
9.1
9.1
8.5
9.3
8.8
8.9

13.0
12.4
13.5
14.4
13.7
14.4
13.7
13.4
14.3
14.4
15.4
14.2

3.1
2.6
2.9
3.4
3.5
3.5
3.6
3.2
3.6
3.8
3.7
3.3

3.9
3.9
3.8
3.8
3.8
3.7
3.7
3.7
3.8
4.2
4.1
3.8

1.9
1.9
1.9
1.9
2.0
1.9
2.1
2.0
2.1
2.2
1.8
2.4

41.5
39.1
38.1
40.1
40.1
38.8
41.2
40.9
42.3
43.4
41.1
41.9

35.5

3.1

9.4

13.9

3.1

4.0

2.1

41.3

1
Includes Department of Defense Military Assistance Program grant-aid
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.




shipments.

Total

Industrial
supplies
and
materials

Capital
goods
except
automotive

Automotive
vehicles,
parts,
and
engines

Consumer
goods
(nonfood)
except
automotive

17.1
18.2
21.0
21.9
24.4
24.8
24.8
25.1
26.6
26.5

112.0
107.0
123.7
113.9
101.3
111.0
118.3
132.3
143.2
131.3

35.4
40.9
59.8
65.1
71.8
84.5
101.4
113.3
116.4
121.4

33.3
40.8
53.5
66.8
78.2
85.2
87.7
86.1
87.3
84.8

39.7
44.9
60.0
68.3
79.4
88.7
95.9
102.9
105.7
108.0

6.3
7.8
9.4
10.4
12.1
12.8
13.6
16.1
16.0

254.9
269.9
346.4
352.5
382.3
424.4
459.5
493.2
517.0
509.1

-66.3

-87.5

2.2
2.1
2.1
2.4
2.3
2.3
2.3
2.1
2.2
2.2
2.2
2.3

12.2
10.8
10.1
11.0
11.3
10.5
10.8
10.9
11.2
11.2
10.8
10.9

9.9
9.9
9.9
10.4
10.1
9.8
10.4
9.9
10.3
10.6
9.7
10.5

7.3
6.7
6.6
6.7
6.5
6.6
7.2
8.0
7.6
7.9
7.2
7.0

8.6
8.5
8.0
8.5
8.4
8.1
9.3
8.7
9.6
10.3
9.9
10.0

1.3
1.2
1.3
1.3
1.5
1.4
1.3
1.3
1.3
1.4
1.4
1.3

43.4
40.9
39.8
42.0
41.8
40.4
43.0
42.7
44.1
45.2
42.8
43.7

-7.4
-5.5
-4.1
-4.5
-4.8
38
-5.9
-6.5
-6.9
-6.3
42
-6.0

-9.2
-7.3
58
-6.4
-6.6
-5.5
-7.8
-8.3
-8.8
-8.1
59
-7.8

2.3

10.6

10.2

7.4

9.5

1.2

43.1

58

75

244.0
258.0
330.7
4
336.5
365.4
406.2 '
441.0
473.2
495.3
487.9
4

5

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

Foods
feeds,
and
beverages

Foods,
feeds,
and
beverages

Capital
goods
except
automotive

216.4
205.6
224.0
5
218.8
5
227.2
254.1
322.4
363.8
393.6
421.6

1991; Jan
Feb ...
Mar
'
.

Automotive
vehicles,
parts,
and
engines

Industrial
supplies
and
materials

Total 2

Trade balance

Principal end-use commodity category

•

Other

6.5

Exports
(f.a.s) less
imports
(customs
value)

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

-27.5
-38.4
524
64 2
-106.7 -122.4
-117.7 -133.6

— 138.3

155 1

-152.1 -170.3
-118.5
137 1
-109.4 -129.4
-101.7
123 4

Total exports are on a revised statistical month basis; end-use categories are on a statistical

NOTE.—Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census.

35

U.S. INTERNATIONAL TRANSACTIONS
The current account deficit was $10.3 billion in the fourth quarter of 1991, compared with $11.6 billion (revised) in
the third quarter. A decline in the merchandise trade deficit, augmented by a decrease in net unilateral transfers,
more than accounted for the smaller fourth-quarter deficit.
BILLIONS OF DOLLARS*
15

BILLIONS OF DOLLARS
15

BALANCE ON GOODS,
SERVICES, AND INCOME

-35
-40

-45

-45
1982

COUNCIL OF ECONOMIC ADVISERS

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

Merchandise * 2

1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 p
1989: HI
IV
1990: I

237,085
211,198
201,820
219,900
215,935
223,367
250,266
320,337
361,451
389,550
416,517
90,142
92,493
95,244
n
97,088
m
96,638
IV
100,580
r
1991: I r
100,549
n .r
103,889
m .... 104,018
IV.... 108,061
1
2
3
4




services,
net 5

Receipts
on U.S.
assets
abroad

12,552
12,981
13,859
14,042
14,008
18,551
18,012
19,925
25,998
29,456
30,832
6,772
6,911
6,695
7,322
7,607
7,832
7,330
7,893
8,185
7,424

84,975
53 626
85,346 -57,097
81,972
54 549
92,935 -69,542
82,282
66 115
80,982
-70,013
90,536
82 908
110,669 -105,317
128,651
125 963
130,091 -118,146
115,306
105 943
32,217 -31,718
33,159 -30,687
31,959 -28,957
31,314 -31,307
32,012 -29,210
34,805 -28,672
32,748 -27,846
28,307 -25,942
28,538 -26,675
25,714 -25,480

Imports

Net balance

-265,063
-247,642
-268,900
-332,422
-338,083
-368,425
-409,766
-447,323
-477,368
-497,665
-490,103
-119,330
-121,104
-122,781
-121,178
- 125,398
- 128,308
-119,087
— 119,426
- 124,867
-126,723

27 978
-36,444
67 080
-112,522
122 148
- 145,058
159 500
- 126,986
115 917
-108,115
73 586
-29,188
-28,611
-27,537
-24,090
-28,760
-27,728
-18,538
-15,537
-20,849
-18,662

144
844
-992
112
163 -4,227
9 153
-2,147
4 096 -10,788
-4,907 -8,939
3 662 -8,006
3 844
-5,743
6 204
2,621
4,140
-7,220
10,327
5 280
-1,161
652
1,265
- 1,693
941
-1,737
834
-1,558
479
-1,683
1,885
-2,243
2,089
-2,329
2,553
-1,484
2,946
-882
2,739
-584

Excludes military.
Adjusted from Census data for differences in timing and coverage.
Quarterly data are not seasonally adjusted.
Includes transfers of goods and services under U.S. military grant programs.

36

Net
travel and
transportation
receipts

Net
military
transactions 3 4

Period

Exports

Investment income 5

Services
Other

Payments
on foreign
assets in
U.S. 3

Net

Balance on
goods,
services,
and income

Unilateral
transfers,
net 4

Balance
on current
account

31,349
28,250
27,423
23,394
16,166
10,969
7,629
5,353
2,688
11,945
9,363
499
2,472
3,002
7
2,802
6,133
4,902
2,365
1,863
234

15,223
3,907
-30,188
-86,385
- 106,859
- 129,384
- 145,527
-111,294
-90,814
-69,794
-28,344
-22,426
- 19,656
-18,635
-17,485
- 19,555
-14,122
-6,545
-4,211
-8,737
-8,849

-8,331
-9,775
-9,956
-12,621
-15,473
- 16,009
-14,674
-14,943
-15,491
-22,329
19,728
-3,794
-5,044
-4,032
-4,693
-4,326
-9,280
16,919
7,108
-2,880
-1,417

6,892
-5,868
-40,143
-99,006
-122,332
-145,393
- 160,201
-126,236
- 106,305
-92,123
-8,616
-26,220
-24,700
-22,667
-22,178
-23,881
-23,402
10,374
2,897
-11,617
- 10,266

5
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
United States are excluded from investment income and included in other services, net.

See p. 37 for continuation of table.

U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $20.7 billion in the fourth quarter of
1991, in contrast to a decrease of $2.3 billion in the third quarter. Liabilities to private foreigners reported by U.S.
banks, excluding Treasury securities, increased $26.0 billion in the fourth quarter, compared to an increase of $6.5
billion in the third quarter.
BILLIONS OF DOLLARS*

BILLIONS OF DOLLARS*

1982

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase /capit
Period
Total

1981
1982
1983
1984. ..
1985
1986..
1987
1988
1989
1990
1991 *

U.S.
official
reserve
assets 3 6

-110,951
-124,490
-56,100
-31,070
-27,721
92 030
-62,937
-86,057
-128,610
-57,706
-67,747

-5,175
-4,965
-1,196
-3,131
3858

1989: HI
IV

-45,743
-41,021

-5,996
-3,202

1990: I
II

37,147
-33,462
-26,689
-34,703

-3,177

Ir
-1,123
II r
-15,181
r
Ill ... -11,206
IV... -40,235

-353
1,014

in
IV

1991:

6

312
9,149
-3,912

25 293
-2,158
5,763

371
1,739
-1,091

3,877

1,225

Other U.S.
Government
assets

Foreign assets in the U.S., net
[increase/capital inflow (-f-)j 3

]

U.S.
private
assets

Total

Other
foreign
assets

1,093

Total (sum
of the items
with sign
reversed)

Of which:
Seasonal
adjustment
discrepancy

U.S. official
reserve
assets, net 6
(unadjusted,
end of
period)
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,719

19,934
36,612
11,374
27,456
20,041
15,824
-6,690
9 240
18,366
63,526
-3,139

100 679
5 097
6 131 -113,394
-49,898
-5,006
22 451
5 489
-2,821
-21,043
90 321
2 022
-73,091
1,006
85 111
2,966
1,320 - 104,637
58 524
2,976
3,572
-77,082

83,032
93,746
84,869
102,621
130,012
221,599
229,828
221,534
216,549
86,303
79,503

-1,083
35,588
45,343
39,657
8,624
32,425
20,585

78,072
90,154
79,023
99,481
131,096
186,011
184,485
181,877
207,925
53,879
58,918

564
119

40 311
-37,938

74,255
70,238

13,053
-7,158

61,202
77,396

-2,292
-4,517

-6,379
3,096

68,418
74,609

-669
800
-314
4,759

40,993
33 033
-28,114
38 370

33082
31,257
49,096
39,033

-7,022
5,805
13,341
20,301

-26,059
25,452
35,754
18,732

18,601
24,383
1,475
19,072

4,367

76,303
77,298
80,024
83,316

1,422
493
3,197
-553

-2,192
-15,702
-18,281
40 908

729
3,503
26,979
49,751

6,631
3 105

-7,361
6,608
23,125
36,546

-8,522
8,781
-4,156
750

Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve position in the IMF.




Foreign
official
assets

Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)

4,960
3,593
5,845

3,140

3,854
13,205

105
-6,473
2,007
4,322

496
-6,232

1,407

78,002
74,940
74,731
77,719

Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treaswy.

37

Contents
TOTAL OUTPUT, INCOME, AND SPENDING

page

Gross Domestic Product
Gross Domestic Product in 1987 Dollars
Implicit Price Deflators for Gross Domestic Product
Changes in GDP, Personal Consumption Expenditures, and Related Implicit Price Deflators and Price Indexes
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures in 1987 Dollars
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment in 1987 Dollars
Expenditures for New Plant and Equipment

1
2
2
3
3
4
4
5
6
7
8
9
10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector

11
12
13
14
15
15
16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders

17
18
19
19
20
21

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 Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields

26
27
27
28
29
29
30
31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis

32
33
34

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions

35
35
36

General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, ail dollar figures are in current dollars.
Symbols used:
p
Preliminary.
* Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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Washington, B.C. 20402. Price $2.50 (single copy) ($3.13 foreign).
Subscription price: $28.00 per year; $35.00 for foreign mailing.
38




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