Full text of Economic Indicators : March 1992
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
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 ~~" _ _ 1r5^ 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 Federal sumption expenditures Nonresidential fixed investment 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 ' Residential fixed investment Change in business inventories State and local Final sales of domestic product 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) 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 19871988' 1989- 1990- 1991- . .. III IV I II III IV I II III IV I II III IV I II Ill IV r . Fixedweighted price index (1987 weights) 11.9 3.9 8.1 10.9 6.9 5.7 6.4 7.9 7.0 5.1 2.9 1.8 -2.2 3.9 6.2 3.2 2.9 3.1 3.9 2.5 1.0 -.7 10.0 6.2 4.1 4.4 3.7 2.6 3.2 3.9 4.3 4.2 3.6 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 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 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 ' 1982: IV 1983- IV 1984: 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 lurs. 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 Output is measured by gross domestic product of nonfinancial corporate business in 1987 do!- 2 Profits after4 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 Total 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 Profits before tax 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 -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 Capital consumption adjustment -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 1984 i i i i it i i i i i I I1 M III i iI 1986 1987 1985 i i i i i I 11 i i i ! 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 2 i i i 1 1 1 1 1 1 1982 1983 1984 1 1 1 1 1985 1 1 1 1986 1 1 1987 1 i 1 i i i 1 1 1 1989 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 Nonfinancial Total 2 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 2 203.2 166.4 202.2 236.4 225.3 227.6 273.4 320.3 327.0 318.2 315.8 160.0 216.2 223.6 228.0 225.0 293.4 340.5 319.2 330.0 335.4 302.4 304.9 315.7 316.1 313.4 317.9 174.0 138.6 171.9 205.2 194.5 194.6 233.9 271.2 273.1 258.0 249.7 130.8 182.6 192.9 193.5 192.5 246.3 285.9 258.3 271.9 282.1 245.8 232.1 241.2 254.4 250.4 252.9 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 Profits before tax 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 70.24 243.46 243.18 241.32 238.87 192.16 195.02 194.05 189.72 340.33 339.53 340.06 340.41 1991: I II Ill IV4 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 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 Surveyed annualIy3 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 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1991- Feb Mar May July Sept Oct Nov Dec ' 1992- Jan ' Feb » 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 38.9 40.1 40.7 40.5 40.7 41.0 41.1 41.0 40.8 40.7 2.3 3.0 3.4 3.3 3.4 3.7 3.9 3.8 3.6 3.6 $7.68 8.02 8.32 8.57 8.76 8.98 9.28 9.66 10.02 10.34 $7.68 7.79 7.80 7.77 7.81 7.73 7.69 7.64 7.53 7.46 $8.49 8.83 9.19 9.54 9.73 9.91 10.19 10.48 10.83 11.18 $267.26 280.70 292.86 299.09 304.85 312.50 322.02 334.24 345.69 354.66 $267.26 272.52 274.73 271.16 271.94 269.16 266.79 264.22 259.72 255.89 $330.26 354.08 374.03 386.37 396.01 406.31 418.81 429.68 441.86 455.03 $426.82 442.97 458.51 464.46 466.75 480.44 495.73 513.17 526.40 533.78 $163.83 171.13 174.47 174.81 175.80 178.80 183.62 188.72 194.69 200.20 4.7 5.0 4.3 2.1 1.9 2.5 3.0 3.8 3.4 2.6 .3 -1.0 9 -1.0 -1.7 -1.5 34.3 34.2 34.0 34.3 34.6 34.1 34.3 34.5 34.3 34.4 34.5 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 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 98.7 100.0 100.5 100.4 101.3 104.4 104.3 104.4 103.1 103.1 102.8 101.1 103.0 105.2 106.9 108.0 110.3 110.4 101.0 103.2 105.1 105.8 107.1 109.1 109.6 100.0 107.5 114.4 118.0 120.6 127.4 131.7 100.0 108.1 114.8 118.2 120.8 127.6 132.5 98.9 104.3 108.7 110.4 111.6 115.5 119.3 98.9 104.7 109.2 111.7 112.8 117.0 121.0 102.1 105.2 109.7 115.4 120.6 125.3 130.1 102.1 105.1 109.7 114.8 120.1 124.6 129.3 100.6 100.4 100.6 102.2 105.3 104.8 104.3 110.0 109.7 109.2 109.1 108.8 108.2 107.9 107.8 132.6 132.5 132.4 132.2 133.0 132.8 132.8 132.6 120.5 120.7 121.3 121.2 122.2 122.7 123.1 123.0 131.3 131.9 132.6 134.1 130.4 130.7 131.5 133.0 109.6 110.3 109.6 109.4 108.1 108.6 107.9 107.9 133.2 133.9 132.9 131.8 133.5 134.1 133.1 132.0 121.6 121.4 121.2 120.5 123.5 123.4 123.3 122.4 136.2 139.0 140.9 142.3 109.4 109.9 110.2 110.8 107.9 108.4 108.6 109.1 130.2 130.7 131.3 131.6 130.4 130.9 131.4 131.6 119.1 119.0 119.2 118.7 120.9 120.8 121.0 120.6 143.2 144.8 145.8 146.9 Business sector Business sector Nonfarm business sector Business sector Nonfarm business sector Business sector Unit labor costs Implicit price deflator 5 Business sector Nonfarm business sector Business sector Nonfarm business sector 98.8 100.0 100.7 100.4 101.0 104.0 103.7 103.8 102.3 102.1 101.9 93.1 100.0 101.5 103.3 106.5 109.5 112.2 116.0 121.0 127.2 131.9 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 94.2 100.0 104.0 107.6 111.6 114.2 117.2 121.4 126.4 131.3 136.0 100.6 100.3 100.5 101.6 104.9 104.2 103.6 101.0 102.1 104.3 108.0 111.6 113.7 117.8 101.1 101.8 104.4 108.4 112.1 114.3 118.0 101.1 104.8 109.0 112.4 114.6 117.9 122.8 101.4 105.2 109.0 112.9 115.2 118.5 123.4 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 /^-/V^ vA7^ / 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 Percent change from year earlier Mining Durable Total Utilities Nondurable Total industry Manufacturing 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 1985 1986 1987 1988 1989 1990 1991 * 1991: Feb Mar Apr May July Sept Oct 1 Manufacturing 85.7 81.9 84.9 92.8 94.4 95.3 100.0 105.4 108.1 109.2 107.1 1981 1982 1983 1984 1992: Capacity utilization rate, percent * Industry production indexes, 1987=100 Total industrial production 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 1985 1986 1987 1988 1989 1990 1991 294.9 348.8 377.4 407.7 231.5 278.6 299.5 419.3 328.6 337.4 345.4 337.8 295.2 432.2 443.7 446.4 404.0 323.1 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: 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 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 May 399.0 398.2 398.4 403.2 407.0 410.3 1992- Jan » Feb p 1 85.1 86.2 83.2 87.0 78.2 73.8 73.4 72.0 71.2 70.4 68.4 67.6 410.1 401.9 407.1 Oct Nov ... Dec 3 107.9 103.5 100.8 100.6 103.2 106.7 109.9 114.4 118.0 118.3 118.9 119.1 406.5 Sept 2 405.4 398.9 290.9 290.3 293.4 296.6 297.5 293.2 290.7 161.8 155.6 152.4 151.8 154.6 158.3 158.0 162.8 166.6 168.3 166.0 164.3 r Jan Feb Mar . . . July 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 / r~^ ,s.<v-1F v X"V -'" ?'-'s^*7~~ 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] Period Change from preceding period Change from 3 months earlier, annual rate Change from 6 months earlier, annual rate Consumer goods Consumer goods Consumer goods Total finished goods Capital equipment Excluding foods Foods Total finished goods 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 Mar May July Sept Oct ' Nov ' Dec -0.7 -.3 .2 .2 -.2 2 .2 .2 .2 .1 -.1 0 .1 .3 -.2 -.2 -.6 -.5 j 0 -.2 -.2 -.3 .2 1.1 1992: Jan ' Feb 0.2 .2 0 .3 .1 .1 .1 .2 .2 .2 .2 -2.9 -2.9 -3.2 0 .7 7 3 1.3 3.0 2.3 1.0 — 0.6 0 1.6 .6 -.6 4.1 -5.0 -4.4 — 2.2 -1.0 13 -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 9 .1 .3 -.3 -.1 .5 .6 .5 .4 -.3 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 .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 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 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 3.8 3.8 3.9 3.8 1.1 4.4 4.4 4.6 6.1 3.1 3.1 2.7 3.8 2.6 3.8 3.5 5.2 5.6 5.3 1.9 3.6 3.5 4.3 4.3 1.7 3.7 4.0 3.9 4.5 3.4 2.4 4.7 5.2 6.0 4.6 4.8 4.5 4.9 5.2 3.9 5.1 5.9 6.3 5.0 3.9 3.9 4.5 6.7 4.2 4.5 5.1 5.9 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 4.5 4.8 4.7 4.3 3.8 4.2 4.7 4.4 5.2 4.4 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 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 M M 1 M 11 1 1987 1 1 1 1 1 1 1 1 1 1 I 1 1 1 1 1 1 ! 1 1 1 1 1989 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 Livestock and products Crops 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: All farm products All commodities, services, interest, taxes, and wage rates * 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 General purpose and broker/ dealer Institution only Savings deposits, including money market deposit accounts (MMDAs) Small denomination time deposits 3 Large denomination time deposits 3 NSA 1982: 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 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 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 Bankers' acceptances 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 1982 1983 1984 1985 1986 1987 1988 1989 r 1990 r 1991 " 1989- I r r nr ni r . IV 1990- I r 11 T r m IV ... . 1991: I rr n m r IV" Loans and short-term paper Total Other 2 313.7 431.2 491.4 464.3 521.5 545.0 586.7 549.3 470.6 472.5 247.6 292.3 336.4 351.9 336.8 376.1 404.4 404.9 381.5 391.5 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 41.4 538.3 630.1 473.0 556.1 401.4 404.3 410.5 403.7 136.9 225.8 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 -.4 485.8 480.5 456.5 466.9 390.9 390.7 387.1 397.2 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 .... 1991- Mar May Sept Oct . Nov Dec 1992: Jan Peb Mar" Week ended: 1992: Mar 7 14 21 28 .. .. Constant maturities 2 3-year 10-year High-grade municipal bonds (Standard3 & Poor'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 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 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 Corporate Aaa bonds (Moody's) 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 (S&P) / 10 — •— 1 1 1 1984 1 • ^1 1 1 1985 I —^1— 1 1 1986 IU ~~~^- <s 1 [ 1 | 1 1 1 1987 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 Total Individual income taxes Corporation income taxes 298.1 355.6 399.6 463 3 517.1 599.3 617.8 600.6 666.5 131.6 157.6 181.0 217.8 244.1 285.9 297.7 288.9 298.4 41.4 54.9 60.0 65.7 64.6 61.1 49.2 37.0 56.9 90.8 106.5 121.0 138.9 157.8 182.7 201.5 209.0 239.4 34.3 36.6 37.7 40.8 50.6 69.5 69.3 65.6 71.8 371.8 409.2 458.7 503.5 590.9 678.2 745.8 808.4 851.8 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 Nationa defense Social insurance taxes and contributions 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 Italy 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 United Kingdom United States1 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 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 Foods, feeds, and beverages Capital goods except automotive 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 41.3 216.4 205.6 224.0 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 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. Trade balance Principal end-use commodity category Total Foods feeds, and beverages 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) Industrial supplies and materials • 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. For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, B.C. 20402. Price $2.50 (single copy) ($3.13 foreign). Subscription price: $28.00 per year; $35.00 for foreign mailing. 38 U.S. GOVERNMENT PRINTING OFFICE : 1992 0—53-848