Full text of Economic Indicators : May 1993
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103d Congress, 1st Session Economic Indicators MAY 1993 (Includes data available as of June 2, 1993} Prepared for the Joint Economic Committee by the Council of Economic Advisers riiDEHAL R t S E R v t •3ANK OF CHICAGO UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1993 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) DAVID R. OBEY, Wisconsin, Chairman PAUL S. SARBANES, Maryland, Vice Chairman HOUSE OF REPRESENTATIVES LEE H. HAMILTON (Indiana) FORTNEY H. (PETE) STARK (California) KWEISI MFUME (Maryland) RON WYDEN (Oregon) MICHAEL A. ANDREWS (Texas) RICHARD K. ARMEY (Texas) JIM SAXTON (New Jersey) CHRISTOPHER C. COX (California) JIM RAMSTAD (Minnesota) SENATE EDWARD M. KENNEDY (Massachusetts) JEFF BINGAMAN (New Mexico) RICHARD H. BRYAN (Nevada) CHARLES S. ROBB (Virginia) BYRON L. DORGAN (North Dakota) WILLIAM V. ROTH, JR. (Delaware) CONNIE MACK (Florida) LARRY E. CRAIG (Idaho) ROBERT F. BENNETT (Utah) STEVEN QUICK, Executive Director COUNCIL OF ECONOMIC ADVISERS LAURA D. TYSON, Chair ALAN S. BLINDER, Chief Economist JOSEPH E. STIGLITZ, Chief Economist [PUBLIC LAW 120—SlST CONGRESS; CHAPTER 237—IST SESSION] JOINT RESOLUTION [SJ. Res. 55] To print the monthly publication entitled "Economic Indicators" Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949Charts prepared by the Art Production Section, Design and Graphics Branch, Office of the Secretary, Department of Commerce. Economic Indicators, published monthly, is available at $2.75 a single copy ($3.44 foreign), or by subscription at $30.00 per year ($37.50 for foreign mailing) from: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, D.C. 20402 For sale by the U.S. Government Printing Office Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402-9328 ISBN 0-16-040955-1 11 TOTAL OUTPUT, INCOME, AND SPENDING GROSS DOMESTIC PRODUCT In the first quarter of 1993, according to revised estimates, current-dollar gross domestic product (GDP) rose 4.4 percent (annual rate), real GDP (GDP in 1987 dollars) rose 0.9 percent, and the implicit price deflator rose 3.3 percent. BILUON S OF DOLLARS IRATO SCALE) 6,400 BILLIONS OF DOLLARS (RATIO SCALE) 6,400 SEASONALLY ADJUSTED ANNUAL RATES X-1 f 6,000 6,000 p 5,600 5,400 ^^ 5,200 x GDP 4,800 IN I9B7DOUJ^Rb 5,200 X' ^ ^_^ ——^ 4,800 ^' r'l 4,400 ^ """ < 1 S^ & GDPDC LIARS INC URRENT X 4,000 , / 4..400 ^' 4,000 3,600 3,600 /^ 3,200 2,800 i I i 1982 1 1 1 \ 1983 \ \ 1984 3,200 I I I I 1985 I i 1986 i i i 1987 I I I 1988 i i I 1989 i i i 1990 1 1 ' 1991 SOURCE; DEPARTMENT OF COMMERCE i i i 1992 i I i 1993 2,800 COUNCIL OF ECONOMIC ADVISERS [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period 1984 1985 1986 1987 1988 1989 1990 1991 1992 1982: 1983: 1984: 1985: 1986: 1987: 1988: 1989: 1990: 1991- IV IV IV IV IV IV IV IV IV I u ra IV n ra IV 1993- I ' 1 Gross Personal private conGross domestic sumption domestic product expendi- investment tures 3,777.2 4,038.7 4,268.6 4,539.9 4,900.4 5,250.8 5,522.2 5,677.5 5,950.7 3,195.1 3,547.3 3,869.1 4,140.5 4,336.6 4,683.0 5,044.6 5,344.8 5,561.3 5,585.8 5,657.6 5,713.1 5,753.3 5,840.2 5,902.2 5,978.5 6,081.8 6,148.0 2,460.3 2,667.4 2,850.6 3,052.2 3,296.1 3,523.1 3,748.4 3,887.7 4,095.8 2,128.7 2,346.8 2,526.4 2,739.8 2,923.1 3,124.6 3,398.2 3,599.1 3,818.2 3,821.7 3,871.9 3,914.2 3,942.9 4,022.8 4,057.1 4,108.7 4,194.8 4,238.6 718.9 714.5 717.6 749.3 793.6 832.3 799.5 721.1 770.4 464.2 614.8 722.8 737.0 697.1 800.2 814.8 825.2 739.0 705.4 710.2 732.8 736.1 722.4 773.2 781.6 804.3 844.1 Federal Net exports - 102.7 -115.6 - 132.5 -143.1 - 108.0 -79.7 68.9 -21.8 -30.4 -29.5 -71.8 -107.1 - 135.5 -133.2 - 143.2 -106.0 -73.9 -67.2 -28.7 15.3 -27.1 -16.0 8.1 -37.1 -36.0 -40.5 -50.9 Exports Imports 302.4 302.1 319.2 364.0 444.2 508.0 557.0 598.2 636.3 265.6 286.2 308.7 304.7 333.9 392.4 467.0 523.8 579.7 573.2 594.3 602.3 622.9 628.1 625.4 639.0 652.7 649.7 405.1 417.6 451.7 507.1 552.2 587.7 625.9 620.0 666.7 295.1 358.0 415.7 440.2 467.1 535.6 573.1 597.7 646.9 602.0 609.6 629.5 638.9 636.2 662.5 675.0 693.2 700.5 GDP less exports of goods and services plus imports of goods and services. Government purchases Exports and imports of goods and services Total Total 700.8 772.3 833.0 881.5 918.7 975.2 1,043.2 1,090.5 1,114.9 631.6 657.6 727.0 799.2 849.7 901.4 937.6 994.5 1,071.3 1,087.5 1,090.8 1,093.3 1,090.3 1,103.1 1,109.1 1,124.2 1,123.3 1,116.1 310.9 344.3 367.8 384.9 387.0 401.6 426.4 447.3 449.1 281.4 289.7 324.7 356.9 373.1 392.5 392.0 405.1 438.3 451.3 449.9 447.2 440.8 445.0 444.8 455.2 451.6 441.2 National defense 233.1 258.6 276.7 292.1 295.6 299.9 314.0 323.8 315.8 205.5 222.8 242.9 268.6 278.6 295.8 296.8 302.5 323.2 332.4 325.9 321.9 314.7 313.6 311.7 319.6 318.2 304.3 Nondefense 77.8 85.7 91.1 92.9 91.4 101.7 112.4 123.6 133.4 75.9 66.9 81.9 88.3 94.5 96.7 95.2 102.6 115.0 118.8 124.0 125.3 126.1 131.4 133.1 135.7 133.4 136.9 State and local 389.9 428.1 465.3 496.6 531.7 573.6 616.8 643.2 665.8 350.3 367.9 402.2 442.4 476.6 509.0 545.7 589.3 633.0 636.3 640.8 646.0 649.5 658.0 664.3 669.0 671.7 674.9 Final sales of domestic product Gross domestic purchases ' Addendum: Gross national product 3,706.1 4,014.1 4,260.0 4,513.7 4,884.2 5,217.5 5,515.9 5,687.7 5,946.3 3,241.4 3,527.1 3,818.1 4,107.9 4,355.4 4,623.7 5,027.3 5,314.6 5,592.3 5,614.4 5,679.4 5,712.9 5,744.2 5,855.9 5,894.1 5,963.5 6,071.5 6,109.0 3,879.9 4,154.3 4,401.2 4,683.0 5,008.4 5,330.5 5,591.1 5,699.3 5,981.1 3,224.6 3,619.1 3,976.2 4,276.0 4,469.8 4,826.2 5,150.7 5,418.7 5,628.5 5,614.6 5,672.9 5,740.3 5,769.3 5,848.3 5,939.4 6,014.5 6,122.3 6,198.9 3,801.5 4,053.6 4,277.7 4,544.5 4,908.2 5,266.8 5,542.9 5,694.9 5,961.9 3,222.6 3,578.4 3,890.2 4,156.2 4,340.5 4,690.5 5,054.3 5,365.0 5,592.7 5,614.9 5,674.3 5,726.4 5,764.1 5,859.8 5,909.3 5,992.0 6,086.8 6,168.1 Source: Department of Commerce, Bureau of Economic Analysis. GROSS DOMESTIC PRODUCT IN 1987 DOLLARS [Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates] Gross private domestic investment Gross domestic product Personal consumption expenditures 4,148.5 4,279.8 4,404.5 4,539.9 4,718.6 4,838.0 4,877.5 4,821.0 4,922.6 Federal Nonresidential fixed investment Residential fixed investment Change in business inventories 2,746.1 2,865.8 2,969.1 3,052.2 3,162.4 3,223.3 3,260.4 3,240.8 3,314.0 490.2 521.8 500.3 497.8 530.8 540.0 538.1 500.2 515.0 199.3 202.0 226.2 225.2 222.7 214.2 194.8 170.2 192.6 67.9 22.1 8.5 26.3 19.9 29.8 6.2 -9.3 5.0 3,759.6 4,012.1 4,194.2 4,333.5 4,427.1 4,625.5 4,779.7 4,856.7 2,539.3 2,678.2 2,784.8 2,895.3 3,012.5 3,074.7 3,202.9 3,242.0 4,890.8 4,902.7 4,882.6 4,833.8 1991- I 4,796.7 4,817.1 4,831.8 4,838.5 1992- I Period Government purchases Exports and imports of goods and services State and local Final sales of domestic product Gross domestic purchases l Addendum: Gross national product Net exports Exports Imports Total -122.0 -145.3 -155.1 -143.1 104.0 -73.7 -51.8 -21.8 -41.8 305.7 309.2 329.6 364.0 421.6 471.8 510.0 539.4 573.2 427.7 454.6 484.7 507.1 525.7 545.4 561.8 561.2 615.0 766.9 813.4 855.4 881.5 886.8 904.4 929.9 941.0 937.8 331.0 355.2 373.0 384.9 377.3 376.1 383.6 388.3 375.6 245.8 265.6 280.6 292.1 287.0 281.4 283.3 282.8 265.0 89.5 92.4 92.9 90.2 94.8 100.3 105.5 110.6 436.0 458.2 482.4 496.6 509.6 528.3 546.3 552.7 562.2 4,080.6 4,257.6 4,395.9 4,513.7 4,698.6 4,808.3 4,871.3 4,830.3 4,917.6 4,270.5 4,425.1 4,559.6 4,683.0 4,822.6 4,911.7 4,929.3 4,842.8 4,964.4 4,174.5 4,295.0 4,413.5 4,544.5 4,726.3 4,852.7 4,895.9 4,836.4 4,932.8 417.2 449.6 509.6 525.5 495.5 510.6 538.8 536.7 131.2 -44.9 -19.0 190.6 29.3 -83.7 198.8 47.9 — 131.4 30.2 - 155.4 207.4 230.5 — 20.1 -156.0 59.9 -136.0 223.3 20.9 -102.7 225.3 208.0 24.9 -67.4 280.4 291.5 312.8 312.0 342.9 386.1 438.2 487.7 299.4 375.1 444.2 467.4 498.9 522.1 540.9 555.0 735.9 748.1 784.3 830.5 864.8 893.0 894.5 912.6 316.0 322.2 341.7 363.7 377.5 391.6 378.4 376.1 229.4 242.9 254.3 272.1 282.2 295.0 285.7 281.5 86.6 79.3 87.4 91.6 95.3 96.6 92.7 94.7 419.9 425.9 442.6 466.7 487.3 501.4 516.1 536.5 3,804.5 3,982.8 4,146.2 4,303.3 4,447.2 4,565.6 4,758.7 4,831.8 3,778.6 4,095.8 4,325.5 4,488.9 4,583.1 4,761.5 4,882.4 4,924.1 3,791.7 4,046.6 4,216.4 4,349.5 4,430.8 4,633.0 4,789.0 4,875.1 3,259.5 3,260.1 3,273.9 3,248.0 544.8 535.6 542.9 529.3 7.5 210.7 32.8 201.8 11.2 189.1 177.5 -26.8 -58.4 -56.9 -59.3 — 32.7 500.2 508.7 508.4 522.6 558.6 565.6 567.7 555.3 926.8 929.4 924.8 938.5 383.4 385.4 378.3 387.3 284.9 285.1 277.3 285.8 98.5 100.3 101.0 101.5 543.4 544.0 546.5 551.2 4,883.3 4,870.0 4,871.4 4,860.6 4,949.2 4,959.7 4,941.9 4,866.5 4,907.8 4,915.5 4,898.9 4,861.4 3,223.5 3,239.3 3,251.2 3,249.0 507.0 503.0 498.7 492.1 164.1 -25.1 166.9 -20.4 .6 172.6 7.5 177.3 -17.9 -17.4 -31.6 -20.5 515.9 536.1 544.2 561.4 533.8 553.5 575.8 581.8 945.1 945.6 940.2 933.1 394.1 393.8 387.2 378.2 291.8 287.6 280.6 271.0 102.2 106.2 106.6 107.2 551.0 551.8 553.0 554.9 4,821.8 4,837.4 4,831.2 4,830.9 4,814.6 4,834.4 4,863.4 4,858.9 4,822.0 4,831.8 4,843.7 4,848.2 n in 4,873.7 3,289.3 4,892.4 3,288.5 4,933.7 3,318.4 4,990.8 3,359.9 495.8 514.7 518.7 530.9 185.6 — 12.6 7.8 191.2 15.0 191.3 9.8 202.3 -21.5 -43.9 -52.7 -49.0 565.4 563.4 575.9 588.3 586.8 607.3 628.6 637.3 937.0 934.2 943.0 936.8 375.3 372.7 379.5 375.0 265.6 262.1 267.4 265.0 109.7 110.6 112.1 109.9 561.8 561.5 563.5 561.9 4,886.3 4,884.6 4,918.7 4,981.0 4,895.2 4,936.3 4,986.4 5,039.8 4,890.7 4,899.1 4,945.6 4,995.9 1993- I ' 5,002.5 3,369.9 545.4 202.2 36.8 — 71.1 584.5 655.6 919.3 357.1 245.9 111.3 562.2 4,965.7 5,073.6 5,019.6 1984 1985 1986 1987 1988 1989 1990 1991 1992 19821983198419851986198719881989- IV IV IV IV IV IV IV IV 1990- I H m IV n m rv IV 1 Total National defense Nondefense 85.1 Source: Department of Commerce, Bureau of Economic Analysis. 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 Gross private domestic investment Personal consumption expenditures Exports and imports of goods and services Government purchases Federal Total Durable goods Nondurable goods Services Nonresidential fixed Residential fixed Exports Imports Total National defense Nondefense State and local 91.0 94.4 96.9 100.0 103.9 108.5 113.2 117.8 120.9 89.6 93.1 96.0 100.0 104.2 109.3 115.0 120.0 123.6 93.9 95.4 96.9 100.0 102.0 104.2 105.7 107.6 109.4 93.4 95.9 96.1 100.0 103.7 109.3 115.9 120.1 122.4 86.2 90.8 95.7 100.0 105.1 110.6 116.7 122.8 127.7 95.7 96.6 98.4 100.0 102.8 105.2 107.3 108.2 106.5 89.7 92.0 95.8 100.0 104.2 107.8 110.7 111.8 113.0 98.9 97.7 96.9 100.0 105.3 107.7 109.2 110.9 111.0 94.7 91.9 93.2 100.0 105.1 107.8 111.4 110.5 108.4 93.9 96.9 98.6 100.0 102.6 106.8 111.2 115.2 119.6 94.8 97.3 98.6 100.0 103.0 106.6 110.8 114.5 119.1 91.3 95.7 98.6 100.0 101.4 107.3 112.0 117.1 120.6 89.4 93.4 96.4 100.0 104.3 108.6 112.9 116.4 118.4 85.0 88.4 92.3 95.5 98.0 101.2 105.5 110.1 115.0 83.8 87.6 90.7 94.6 97.0 101.6 106.1 111.0 117.6 90.6 93.3 94.4 95.9 97.8 101.0 103.1 104.9 106.1 89.4 91.8 94.2 97.0 96.3 101.5 105.6 110.8 119.3 79.0 83.7 87.7 92.9 97.3 101.9 107.1 112.7 119.3 95.3 95.0 96.4 97.3 99.2 100.7 104.0 106.0 108.2 86.0 88.0 90.7 93.1 97.3 101.5 105.3 108.8 111.0 94.7 98.2 98.7 97.7 97.4 101.6 106.6 107.4 110.9 98.5 95.4 93.6 94.2 93.6 102.6 106.0 107.7 116.5 89.0 89.9 95.0 98.1 98.8 100.2 103,6 107.7 113.2 89.6 91.7 95.5 98.7 98.7 100.3 103.9 107.5 113.1 87.7 84.3 93.7 96.4 99.2 100.1 102.6 108.4 113.3 83.4 86.4 90.9 94.8 97.8 101.5 105.7 109.9 114.8 1991- I II 116.5 117.5 118.2 118.9 118.6' 119.5 120.4 121.4 106.7 107.3 108.0 108.3 119.4 119.9 120.2 120.8 120.8 122.1 123.4 124.7 108.7 108.5 108.0 107.4 111.3 111.6 112.5 111.8 111.1 110.9 110.7 111.0 112.8 110.1 109.3 109.8 114.5 114.3 115.5 116.6 113.9 113.3 114.7 116.2 116.2 116.8 117.6 117.6 115.5 116.1 116.8 117.1 1992- I 119.8 120.6 121.2 121.9 122.3 123.4 123.8 124.8 108.6 109.4 109.7 109.8 121.4 122.2 122.9 123.3 126.1 127.4 127.7 129.5 107.1 106.9 106.0 105.9 111.7 112.3 113.4 114.6 111.1 111.0 111.0 111.0 108.4 109.1 107.4 108.8 118.6 119.3 120.0 120.4 118.1 118.9 119.5 120.0 119.8 120.3 121.0 121.4 117.1 118.3 118.7 119.5 122.9 125.8 110.0 124.3 130.5 104.7 115.8 111.2 106.9 123.5 123.8 123.0 120.0 1984 1985 1986 1987 1988 1989 1990 1991 1992 198219831984198519861987198819891990- IV IV IV IV TV IV IV IV IV m rv II TTT rv 1993- I T Source: Department of Commerce, Bureau of Economic Analysis. CHANGES IN GDP, PERSONAL CONSUMPTION EXPENDITURES AND RELATED IMPLICIT PRICE DEFLATORS AND PRICE INDEXES [Percent change from preceding year or quarter; quarterly data at seasonally adjusted annual rates] Gross domestic product Period Current dollars Personal consumption expenditures Fixed-weighted price index (1987 weights) Constant (1987) dollars Implicit price deflator 11.9 3.9 8.1 10.9 6.9 5.7 6.4 7.9 7.2 5.2 2.8 4.8 1.8 -2.2 3.9 6.2 3.2 2.9 3.1 3.9 2.5 .8 -1.2 2.1 10.0 6.2 4.1 4.4 3.7 2.6 3.2 3.9 4.4 4.3 4.1 2.6 3.9 3.4 3.5 2.8 3.1 4.0 4.5 4.6 4.0 2.9 n m rv 8.6 6.3 3.8 5.1 7.7 5.8 2.7 .1 1.8 5.2 4.0 2.8 6.2 4.3 5.3 7.1 3.2 1.8 0 1.5 2.8 1.0 -1.6 -3.9 -3.0 1.7 1.2 .6 2.9 1.5 3.4 4.7 5.4 4.6 3.8 3.7 4.4 4.8 4.7 3.9 5.3 3.5 2.4 2.4 3.1 2.7 2.0 2.3 5.0 4.8 3.8 3.7 5.6 4.6 4.8 4.0 4.9 3.5 2.9 2.4 3.4 2.9 2.2 3.4 1993- I ' 4.4 .9 3.3 4.2 X981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 .... . .. 1989- I 1990- 1991- n Ill rv I n m rv I n m . IV 1992- I Current dollars Fixed-weighted price index (1987 weights) Constant (1987) dollars Implicit price deflator 10.2 6.0 9.6 9.0 8.4 6.9 7.1 8.0 6.9 6.4 3.7 5.4 1.2 1.1 4.6 4.8 4.4 3.6 2.8 3.6 1.9 1.2 -.6 2.3 9.0 5.7 4.9 3.9 3.9 3.1 4.2 4.2 4.9 5.2 4.3 3.0 4.3 3.7 3.8 3.0 4.1 4.3 5.0 5.3 4.4 3.2 5.1 7.0 6.3 5.3 8.4 4.8 8.0 3.2 .4 5.4 8.4 3.5 5.2 8.6 .1 1.1 2.9 .8 2.2 .1 1.7 -3.1 -3.0 2.0 1.5 -.3 5.1 -.1 3.7 5.1 5.0 5.7 3.3 4.4 6.3 4.7 6.1 6.7 3.4 3.1 3.0 3.4 3.0 3.6 1.3 3.3 5.2 5.9 3.5 4.4 6.5 4.5 6.4 6.8 3.5 3.4 3.1 3.2 3.5 3.4 2.6 3.0 4.2 1.2 3.2 3.5 4.4 3.0 8.6 5.4 Source: Department oi Commerce, Bureau of Kconomie Analysis. NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS [Quarterly data at seasonally adjusted annual rates] Current-dollar cost and profit per unit of output (dollars) l Gross domestic product of nonfinancial corporate business (billions of dollars) Period Total cost and profit 2 Consumption of fixed capital Indirect business taxes 3 Compensation of employees Net interest Corporate profits with inventory valuation and capital consumption adjustments Current dollars 2,166.5 2,293.6 2,386.3 2,547.3 2,764.8 2,913.5 3,036.5 3,073.8 3,201.7 1984 1985 1986 1987 1988 1989 1990 1991 1992 19821983198419851986198719881989: 19901991- IV IV IV IV IV IV IV TV IV I n m IV 1992- I II in IV 1993: I " 1 1987 dollars 2,284.1 2,364.3 2,439.3 2,547.3 2,684.8 2,718.9 2,740.0 2,698.0 2,780.9 0.949 .970 .978 1.000 1.030 1.072 1.108 1.139 1.151 0.109 .109 .111 .110 .111 .117 ,120 .126 .126 0.091 .093 .095 .095 .096 .101 .106 .115 .118 0.617 .636 .648 .658 .676 .706 .737 .759 .757 0.038 0.094 0.032 .038 .040 .042 .045 .054 .054 .053 .048 0.062 .094 .084 .096 .102 .094 .091 .085 .102 .030 .031 .037 .038 .037 .034 .030 .036 .064 .053 .059 .064 .057 .057 .055 .066 1,806.3 2,037.2 2,228.2 2,338.8 2,422.8 2,627.6 2,843.2 2,951.5 3,045.0 1,999.6 2,204.2 2,328.4 2,396.9 2,463.3 2,604.0 2,719.0 2,722.7 2,717.4 3,037.1 3,062.7 3,084.4 3,111.1 3,138.1 3,178.8 3,211.6 3,278.3 3,291.1 2,683.5 2,687.4 2,699.1 2,722.0 2,737.6 2,760.8 2,787.6 2,837.6 2,830.0 .903 .924 .957 .976 .984 1.009 1.046 1.084 1.121 1.132 1.140 1.143 1.143 1.146 1.151 1.152 1.155 1.163 .119 .119 .111 .110 .112 .110 .112 .120 .123 .126 .127 .127 .126 .125 .126 .130 .124 .125 .086 .088 .091 .093 .095 .094 .097 .102 .109 .113 .114 .117 .117 .118 .117 .118 .119 .120 .607 .602 .623 .643 .654 .664 .687 .718 .750 .754 .760 .763 .761 .760 .759 .757 .753 .763 .040 .036 .041 .038 .042 .042 .047 .055 .055 .054 .053 .053 .052 .050 .049 .047 .046 .046 .051 .079 .091 .092 .081 .099 .102 .088 .083 .084 .086 .084 .086 .093 .100 .100 .113 .109 .020 .029 .027 .030 .035 .038 .040 .033 .033 .029 .030 .031 .030 .033 .037 .035 .038 .037 .030 .050 .064 .063 .045 .060 .063 .055 .050 .055 .056 .053 .056 .060 .064 .065 .075 .071 Output is measured by GDP of nonfinancial corporate business in 1987 dollars. This is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the left. 3 Indirect business tax and nontax liability plus business transfer payments less subsidies. 2 Profits tax liability Total 4 1 Profits after tax'' Output per hour of all employees (1987 dollars) Compensation per hour of all employees (dollars) 21.896 22.125 22.690 23.071 23.494 23.088 23.300 23.720 24.504 13.509 14.067 14.711 15.170 15.781 16.306 17.169 18.011 18.557 21.094 21.895 22.032 22.315 22.838 23.286 23.446 23.054 23.437 23.522 23.646 23.769 24.014 24.152 24.301 24.607 24.949 12.805 13.187 13.718 14.339 14.940 15.471 16.018 16.550 17.572 17.724 17.967 18.129 18.278 18.359 18.452 18.621 18.793 With inventory valuation and capital consumption adjustments. Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor LStatistics). 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 1985 1986 1987 1988 1989 1990 1991 1992 1982198319841985198619871988198919901991- IV IV IV IV IV IV IV IV TV I 3,268.4 3,437.9 3,692.3 4,002.6 4,249.5 4,468.8 4,544.2 4,743.4 2,551.5 2,834.3 3,134.4 3,341.9 3,486.0 3,828.8 4,127.6 4,305.2 4,517.9 4,493.0 4,529.2 4,555.4 4,599.1 4,679.4 4,716.5 4,719.6 4,858.0 4,923.5 . n m IV 1992- I n in IV 1993- I ' 1 2,382.8 2,523.8 2,698.7 2,921.3 3,100.2 3,291.2 3,390.8 3,525.2 1,940.4 2,101.2 2,288.1 2,442.5 2,582.5 2,785.1 3,004.9 3,162.8 3,339.6 3,343.0 3,379.6 3,407.0 3,433.8 3,476.3 3,506.3 3,534.3 3,583.7 3,628.9 Rental income of persons with capital consumption adjustment Nonfarm 238.4 261.5 279.0 293.4 307.0 325.2 332.2 364.9 169.6 193.8 217.7 250.9 260.9 282.6 302.5 311.4 329.7 322.2 329.1 337.6 340.0 353.6 359.9 365.9 380.4 389.1 21.5 22.3 31.3 30.9 40.2 41.7 35.8 39.5 10.2 6.3 21.9 17.8 23.6 42.4 30.9 38.4 42.8 34.3 41.3 29.5 37.9 40.1 38.5 31.5 48.1 52.9 18.7 8.7 3.2 4.3 -13.5 -12.3 — 10.4 4.7 24.1 22.2 24.3 14.0 4.7 6.8 2.8 -21.6 -9.6 -12.4 -12.3 -10.3 -6.6 4.5 3.3 6.4 13.6 17.5 Corporate profits with inventory valuation and capital consumption adjustments Profits with inventory valuation adjustment and without capital consumption adjustment Total Profits before tax 280.8 271.6 319.8 365.0 362.8 361.7 346.3 393.8 150.3 229.1 261.3 284.9 264.6 343.3 378.3 354.5 344.0 349.6 347.3 341.2 347.1 384.0 388.4 374.1 428.5 432.2 225.3 227.6 273.4 320.3 325.4 341.2 337.8 364.2 160.0 216.2 223.6 228.0 225.0 293.4 340.5 320.6 333.5 344.2 342.2 331.9 333.1 360.7 361.4 344.4 390.4 391.4 Inventory valuation adjustment 225.0 217.8 287.9 347.5 342.9 355.4 334.7 371.6 168.6 223.8 220.1 231.8 235.7 311.2 372.2 334.1 354.7 337.6 332.3 336.7 332.3 366.1 376.8 354.1 389.4 400.6 Total Capital consumption adjustment Net interest 55.5 44.1 46.4 44.7 37.4 20.5 8.4 29.5 96 12.9 37.7 56.9 39.6 49.9 37.9 33.9 10.5 5.3 5.1 9.3 14.1 23.3 27.0 29.7 38.1 40.8 326.2 350.2 360.4 387.7 452.7 460.7 449.5 415.2 256.8 281.8 321.1 331.9 349.7 368.6 408.1 459.8 471.4 456.2 444.4 450.5 446.9 430.0 420.0 407.3 403.6 402.9 0.2 9.7 -14.5 — 273 -17.5 — 14.2 3.1 -7.4 86 -7.6 3.5 -3.8 -10.7 178 -31.7 — 13.5 -21.2 6.7 9.9 -4.8 .7 -5.4 -15.5 -9.7 1.0 -9.3 Source: Department of Commerce, Bureau of Economic Analysis. Includes employer contributions for social insurance, (See also p. 5.) PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS [Billions of 1987 dollars, except as noted; quarterly data at seasonally adjusted annual rates] Nondurable goods Durable goods Period 1984 1985 1986 1987 1988 1989 1990 1991 1992 1982: 1983: 1984: 1985: 1986: 1987: 1988: 1989: 1990: 1991: .... .. IV IV IV IV IV IV IV IV IV I n in rv n m IV 1993: lr Total durable goods Motor vehicles and parts household equipment 338.5 160.3 115.3 2,865.8 2,969.1 3,052.2 3,162.4 3,223.3 3,260.4 3,240.8 3,314.0 2,539.3 2,678.2 2,784.8 2,895.3 3,012.5 3,074.7 3,202.9 3,242.0 3,248.0 3,223.5 3,239.3 3,251.2 3,249.0 3,289.3 3,288.5 3,318.4 3,359.9 3,369.9 370.1 402.0 403.7 428.7 440.7 439.3 414.7 439.1 272.3 319.1 347.7 369.6 415.7 404.7 439.2 436.8 426.6 412.0 411.3 419.4 416.1 432.3 430.0 439.8 454.4 455.1 180.2 193.3 183.5 194.8 196.4 192.2 171.0 182.2 123.7 151.6 164.3 173.9 193.6 183.6 197.7 188.3 182.0 169.6 167.2 173.3 174.0 181.5 180.2 179.0 188.0 186.3 123.8 136.3 144.0 155.4 165.8 169.5 168.6 179.6 96.4 109.3 118.7 128.6 141.4 145.9 160.3 167.9 167.5 166.9 169.3 170.4 167.9 174.4 174.4 181.5 188.0 189.9 Includes other items, not shown separately. Services Retail sales of new passenger cars (millions of units) Furni- 2,746.1 1992: I 1 Total personal consumption expenditures Other 62.9 66.1 72.4 76.2 78.5 78.5 77.6 75.0 77.4 52.3 58.1 64.8 67.1 80.7 75.2 81.2 80.5 77.1 75.5 74.8 75.7 74.2 76.5 75.4 79.3 78.3 78.8 Total nondurable goods 934.6 958.7 991.0 1,011.1 1,035.1 1,051.6 1,056.5 1,042.4 1,054.1 880.7 915.2 942.9 968.7 1,000.9 1,014.6 1,046.8 1,058.9 1,051.6 1,043.0 1,046.3 1,044.8 1,035.6 1,049.6 1,045.6 1,052.0 1,069.4 1,063.0 Food 472.3 483.0 494.1 500.7 513.4 515.0 520.8 515.8 518.4 458.3 467.1 475.1 488.2 496.9 502.4 518.0 515.6 522.0 516.4 516.3 515.0 515.3 518.9 513.5 514.3 526.7 523.5 Clothing and shoes 153.1 158.8 170.3 174.5 178.9 187.8 185.9 181.3 188.3 135.7 147.7 154.7 161.7 171.9 174.5 182.8 190.9 183.2 180.8 183.2 183.7 177.5 184.1 184.4 190.8 193.7 188.6 Gasoline and oil 77.9 79.2 82.9 84.7 86.1 87.3 86.4 85.2 85.5 73.4 76.9 79.0 79.5 84.6 85.4 87.5 88.6 85.0 83.9 86.0 86.0 84.7 85.7 85.8 86.0 84.6 84.0 Fuel oil and coal 11.2 11.5 12.1 12.0 12.0 11.4 10.1 9.7 10.9 10.5 11.4 11.1 11.4 12.4 11.9 12.0 12.0 8.8 9.4 9.8 10.0 9.4 10.2 12.0 10.9 10.8 11.6 Other 220.0 226.2 231.7 239.1 244.7 250.2 253.4 250.5 251.0 202.8 212.2 222.9 228.0 235.2 240.4 246.4 251.8 252.7 252.5 251.0 250.0 248.6 250.7 249.8 250.1 253.6 255.3 Total services 1 1,473.0 1,537.0 1,576.1 1,637.4 1,698.5 1,731.0 1,764.6 1,783.7 1,820.7 1,386.2 1,443.9 1,494.2 1,557.1 1,595.8 1,655.5 1,716.9 1,746.3 1,769.8 1,768.5 1,781.8 1,787.0 1,797.4 1,807.3 1,812.9 1,826.6 1,836.2 1,851.8 Housing 426.8 435.9 442.1 452.5 461.8 469.2 474.7 478.2 484.4 411.0 419.7 431.3 438.1 444.8 457.0 465.6 471.3 476.1 476.5 477.9 478.8 479.8 481.2 48S.3 485.8 487.2 489.3 Source: Department of Commerce, Bureau of Economic Analysis. Medical care 341.9 353.0 366.2 384.7 399.4 408.6 423.9 438.8 455.8 327.8 334.8 344.9 359.1 372.0 390.7 403.0 411.8 428.6 431.9 435.6 440.5 447.2 449.6 453.7 458.1 461.7 466.5 Domestics 8.0 8.2 8.2 7.1 7.5 7.1 6.9 6.1 6.3 6.0 7.4 7.7 7.0 7.7 6.6 7.5 6.2 6.6 6.1 6.1 6.3 6.1 6.1 6.3 6.2 6.4 6.3 Imports 2.4 2.8 3.2 3.2 3.1 2.8 2.6 2.3 2.1 2.5 2.6 2.6 3.1 3.4 3.3 3.0 2.6 2.4 2.2 2.3 2.3 2.2 2.2 2.2 2.0 2.0 2.0 SOURCES OF PERSONAL INCOME Personal income increased $1.0 billion (annual rate) in April, after rising $32.3 billion in March. The changes were affected by two special factors. The April change in farm proprietors' income was reduced by a large decrease in subsidy payments, following a large increase in these payments, which had boosted the March change. The April change in rental income of persons was boosted by a rebound from the effects of the East Coast storm in March, which had reduced the March change. Excluding these special factors, personal income increased $14.0 billion in April and $9.8 billion in March. BILUONSOFDOUARS* (RATIO SCAl£) 6,000 BIWONS OF DOLLARS* (RATKD SCAlf) 6,000 5,000 4,000 3,000 2,000 1,400 800 400 400 1993 1985 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; monthly data at seasonally adjusted annual rates] Period 1984 1985 1986 1987 1988 1989 1991 1992 May , ' July Sept Oct Nov Dec 1993- Jan ' Feb r ' Mar Apr " personal income 3,154.6 3,379.8 3,590.4 3,802.0 4,075.9 4,380.3 46642 4,828.3 5,058.1 50154 5,032.7 5,038.5 5,048.7 5,056.4 5,080.9 5,145.0 5,143.7 5,194.0 5,223.1 5,228.7 5,261.0 5,262.0 Wage and salary disbursements * 1,849.8 1,986.5 2,105.4 2,261.2 2,443.0 2,586.4 2,742.8 2,812.2 2,918.1 2,890.6 2,907.6 2,905.7 2,911.2 2,930.9 2,928.3 2,951.3 2,967.8 2,990.6 3,010.1 3,004.6 3,004.3 3,012.6 Proprietor ' income 3 Other labor income ' 2 Farm Nonfarm 184.7 21.3 191.8 200.7 210.4 230.5 251.9 271.0 288.3 305.7 302.1 303.6 305.0 306.4 307.9 309.3 310.8 312.2 313.6 315.1 316.5 318.0 319.4 21.5 22.3 31.3 30.9 40.2 41.7 35.8 39.5 48.1 36.1 31.4 30.6 24.9 39.1 55.4 39.3 49.4 38.4 45.5 74.7 53.5 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. Transfer 214.7 238.4 261.5 279.0 293.4 307.0 325.2 332.2 364.9 358.6 359.2 361.9 363.8 363.8 369.9 376.7 380.0 384.4 388.9 388.9 389.6 391.0 income of persons * 23.3 18.7 8.7 3.2 4.3 -13.5 12.3 -10.4 4.7 — 1.2 3.3 8.0 9.6 3.6 6.1 13.5 13.4 14.0 17.6 20.1 14.9 23.4 dividend income 78.8 87.9 104.7 100.4 108.4 126.5 1403 137.0 139.3 1354 136.6 137.9 139.5 141.3 142.3 143.8 145.3 148.2 149.6 149.9 150.1 150.3 interest income 461.9 498.1 531.7 548.1 583.2 668.2 6945 700.6 670.2 6760 675.2 674.4 668.6 663.1 657.8 657.7 657.8 657.9 656.9 656.3 656.0 655.5 payments 452.9 485.9 517.8 542.2 576.7 625.0 6858 771.1 866.1 8542 860.9 864 1 869.4 8728 880.0 889.2 8826 892.1 906.8 9074 913.9 917 1 4 Less: Personal contributions for social insurance 132 8 149 1 162 1 1736 1945 211 4 224 8 2384 2506 248 3 2498 2499 2505 2520 251 9 2534 2547 256 3 2603 2605 2604 2609 Nonfarm personal income * 3 106 1 3 3332 35456 3 7494 4 023 9 43180 47704 49958 49739 4 984 4 49953 5 008 7 5 018 9 50664 5 081 1 5 121 3 5 161 1 5 159 6 5 162 8 5 184 6 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 lal ,bor income, and agricultural net interest. 5 6 Source: Department of Commerce, Bureau of Economic Analysis. DISPOSITION OF PERSONAL INCOME According to revised estimates, per capita disposable personal income in 1987 dollars rose in the first quarter of 1993. BILLIONS OF DOLLARS- (RATIO SCALE) BILLIONS OF DOILARS' (RATIO SCALE) 2,000 2,000 DOLLARS' (RATIOSCALE! DOLLARS' (RATIO SCALE] PER CAPITA DISPOSABLE PERSONAL INCOME 18,000 \ 14,000 » • 12,000 -- '_x ^ 8,000 1 1 16,000 14,000 ' M \ 12,000 CURRENT : JOLLARS " " " 10,000 18,000 -— * _---1 r _ — Vc=-«~-''!"i —„ _ '— 1 ,T-—I|— 987 DOLLA 3S 16,000 •" ^^ 1 1 1982 1 1 1983 10,000 1 1 1 1984 1 1 1 1985 1 1 1 1986 1 1 1 1987 1 1 1 1988 1 1 \ 1989 1 1 1 1990 1 1 1 1991 1 1 1 1992 1 1 1 1993 8,000 COUNCIL OF ECONOMIC ADVISERS Period Personal income Less: Personal tax and nontax payments Disposable personal income Less: Personal outlays l Equals: Personal saving Disposable personal income in 1987 dollars (billions) Per capita disposable personal income Current dollars 3,154.6 3,379.8 3,590.4 3,802.0 4,075.9 4,380.3 4,664.2 4,828.3 5,058.1 1985 1986 1987 1988 1989 1990 1991 1992 395.1 436.8 459.0 512.5 527.7 593.3 621.3 618.7 627.3 2,759.5 2,943.0 3,131.5 3,289.5 3,548.2 3,787.0 4,042.9 4,209.6 4,430.8 Current dollars 1987 dollars Dollars Billions of dollars 1984 1987 dollars Per capita personal consumption expenditures 2,537.5 2,753.7 2,944.0 3,147.5 3,392.5 3,634.9 3,867.3 4,009.9 4,218.1 222.0 189.3 187.5 142.0 155.7 152.1 175.6 199.6 212.6 3,080.1 3,162.1 3,261.9 3,289.5 3,404.3 3,464.9 3,516.5 3,509.0 3,585.1 11,673 12,339 13,010 13,545 14,477 15,307 16,174 16,658 17,346 Percent change in real per capita disposable persona! income Saving as percent of disposable personal income Population, including Armed Forces overseas (thousands) 2 Percent 13,029 13,258 13,552 13,545 13,890 14,005 14,068 13,886 14,035 10,408 11,184 11,843 12,568 13,448 14,241 14,996 15,384 16,035 11,617 12,015 12,336 12,568 12,903 13.029 13,044 12,824 12,974 12,154 12,591 13,145 13,278 13,522 13,685 13,996 14,015 13,988 13,861 13,891 13,876 13,913 14,017 14,021 13,998 14,105 14,165 9,134 9,980 10,649 11,445 12,101 12,819 13,814 14,491 15,209 15,184 15,345 15,468 15,537 15,814 15,907 16,063 16,353 16,484 10.895 11,390 11,739 12,095 12,472 12,615 13,020 13,053 12,938 12,808 12,838 12,848 12,803 12,930 12,893 12,973 13,098 13,105 5.5 1.8 2.2 — .1 2.5 .8 .4 — 1.3 1.1 6.4 6.0 4.3 4.4 4.0 4.3 4.7 4.8 236,393 238,510 240,691 242,860 245,093 247,397 249,961 252,711 255,435 7.7 6.8 7.9 6.0 4.8 5.0 4.3 3.9 4.6 4.7 4.7 4.5 5.1 4.9 5.3 4.6 4.4 4.8 233,060 235,146 237,231 239,387 241,550 243,745 246,004 248,372 251,050 251,687 252,329 253,053 253,776 254,388 255,054 255,786 256,513 257,140 8.0 Seasonally adjusted annual rates 1982: 1983: 1984: 1985: 1986: 1987: 1988: 1989: 1990: 1991: IV IV IV IV IV IT IV IT IT I n m.... IV 1992: I n m ... IT.... 1993: I ' 2,746.8 2,965.8 3,242.5 3,456.7 3,647.8 3,918.5 4,195.2 4,469.4 4,751.9 4,752.8 4,806.9 4,846.2 4,907.2 4,980.5 5,028.9 5,062.0 5,160.9 5,237.6 372.1 371.6 413.4 448.8 478.5 528.6 542.0 605.1 623.8 616.8 617.2 ,.618.6 622.3 619.6 617.1 628.8 643.6 656.3 2,374.7 2,594.3 2,829.1 3,007.9 3,169.3 3,389.9 3,653.2 3,864.3 4,128.1 4,136.0 4,189.7 4,227.6 4;284.9 4,360.9 4,411.8 4,433.2 4,517.3 4,581.4 2,190.9 2,417.9 2,606.5 2,828.7 3,018.2 3,220.1 3,496.7 3,715.5 3,938.8 3,943.2 3,994.4 4,036.6 4,065.5 4,146.3 4,179.5 4,229.9 4,316.9 4,362.3 183.8 176.3 222.6 179.2 151.1 169.8 156.4 148.8 189.3 192.8 195.3 191.0 219.4 214.6 232.3 203.3 200.4 219.0 2,832.6 2,960.6 3,118.5 3,178.7 3,266.2 3,335.8 3,443.1 3,480.9 3,511.6 3,488.7 3,505.2 3,511.5 3,530.8 3,565.7 3,576.0 3,580.5 3,618.2 3,642.4 1 Includes personal consumption expenditures, interest paid by persons, and personal transfer j ments to rest of the world (net). 10,189 11,033 11,925 12,565 13,121 13,907 14,850 15,558 16,443 16,433 16,604 16,706 16,885 17,143 17,297 17,332 17,610 17,817 -0.5 7.2 1.0 1.8 -1.7 5.2 3.2 1.8 -1.4 -3.6 .9 -.4 1.1 3.0 .1 -.7 3.1 1.7 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 fourth quarter of 1992, according to preliminary estimates, gross farm income fell $4.5 billion (annual rate) and net farm income fell $5.0 billion. BILLIONS OF DOLLARS' (RATIO SCALE) BILLIONS OF DOLLARS' (RATIO SCALE) 240 240 160 "• /. d*. "•s^>— ' ^*. s 1 " 120 « — ^~ " " " I ^ \ 120 GROSS FAf M INCOME 60 N /^ . _ \ \ 1^ / , <• 1 l\ \ 1 ft * x' * Y \V// '\ \ ' 1 S v -,'N k s^ ,\ ^ — ™" N A 1 !X 1 1 • 'V 10 10 V 1 1 1982 1 60 / NET FAR)* INCOME 1 2 »' \ \,l 7A / I ^•> s '-^/ \ 1 \1 * 1 1 1 1983 1 1 1 1984 1 1 1 1 1985 1 1 1 1 1 1 1987 1986 1 1 1988 1 1 1 1 1 1 1989 1990 • SEA5ONAUY ADJUSTED ANNUAL KATES SOURCE: DEPARTMENT OF AGRICULTURE 1 1 1 I I I 7 1992 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 Total1 Total 1984 1985 1986 1987 1988 1989 1990 1991 1990- I n in rv 1991- I n in IV 1992- I n m IV" 1 . . . . 168.0 161.2 156.1 168.5 175.4 191.1 196.0 189.5 200.0 192.4 189.3 202.4 189.1 189.7 185.2 194.1 193.3 200.8 196.4 191.9 Livestock and products 142.8 144.1 135.4 141.8 151.1 161.0 169.9 167.3 166.0 166.7 173.6 173.3 165.1 165.4 170.6 167.9 165.2 172.2 176.9 162.6 Crops 69.9 74.3 63.8 65.9 71.7 76.9 80.0 80.5 76.2 78.5 82.6 82.7 75.6 77.9 85.8 83.0 81.4 86.5 92.0 73.1 72.9 69.8 71.6 76.0 79.4 84.1 89.9 86.7 89.7 88.2 91.1 90.6 89.6 87.6 84.9 85.0 83.9 85.7 85.0 89.5 Cash marketing receipts and inventory changes plus Government payments, other farm cash income, and nonmoney income furnished by farms. * 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 2 6.0 -2.3 -2.2 -2.3 —34 4.8 3.5 .4 5.2 4.1 2.8 1.7 1.2 .6 .1 | 5.0 4.7 3.8 2.7 Current dollars 141.9 132.4 125.1 128.8 134.3 141.2 145.1 144.9 142.8 144.4 144.7 148.3 145.8 147.2 143.1 143.4 142.5 144.8 146.6 147.1 1987 dollars 3 26.1 28.8 31.1 39.7 41.1 49.9 51.0 44.6 57.2 48.0 44.6 54.1 43.3 42.5 42.0 50.6 50.8 56.0 49.8 44.8 Income in current dollars divided by the GDF implicit price deflator. NOTE.—Data include net Commodity Credit Corporation loans and operator households. Sources: Department of Agriculture and Department of Commerce. 28.7 30,5 32.0 39.7 39.6 46.0 45.0 37.9 51.4 42.6 39.1 47.1 37.1 36.2 35.6 42.6 42.4 46.4 41.1 36.7 CORPORATE PROFITS In the first quarter of 1993, according to preliminary estimates, corporate profits before tax rose $11.2 billion (annual rate) and profits after tax rose $12.8 billion. BILLONS OF DOLLARS BILUONS OF DOL1ARS SEASONALLY ADJUSTED ANNUAL RATES V PROFITS BEFORE TAX \ / PROFITS AFTER TAX -- / 100 TAX LIABILITY L \- UNDISTRIBUTED PROFITS 1 1 1 _L_L J_L 1991 SOURCE: DEPARTMENT OF COMMERCE 1992 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Profits (before tax) with inventory valuation adjustment l Profits after tax Domestic industries Nonfmancial Period Total 2 Total 1984 1985 1986 1987 1988 1989 1990 1991 1992 1982198319841985198619871988198919901991- 1992- .... IV IV IV IV IV IV IV TV IV I .... n m rv I n m IV 1993- I * 1 2 . .. 236.4 225.3 227.6 273.4 320.3 325.4 341.2 337.8 364.2 160.0 216.2 223.6 228.0 225.0 293.4 340.5 320.6 333.5 344.2 342.2 331.9 333.1 360.7 361.4 344.4 390.4 391.4 205.2 194.5 194.6 233.9 271.2 266.0 275.5 271.3 300.2 130.8 182.6 192.9 193.5 192.5 246.3 285.9 254.8 260.2 269.4 275.9 270.0 270.2 292.0 300.4 279.3 329.3 315.5 Financial 20.3 28.7 35,8 36.4 41.8 50.6 56.7 60.9 56.8 23.0 22.1 20.3 29.0 34.7 39.4 46.1 52.5 55.1 59.7 60.7 63.6 59.7 70.1 61.3 40.3 55.3 58.8 See p. 4 for profits with inventory valuation and capital consumption adjustments. Includes rest of the world, not shown separately. Total 3 185.0 165.8 158.9 197.5 229.4 215.3 218.8 210.4 243.5 107.8 160.5 172.6 164.5 157.8 207.0 239.7 202.3 205.1 209.7 215.1 206.4 210.5 221.9 239.0 239.0 274.0 256.7 Manufacturing Wholesale and retail trade 86.7 80.1 59.0 87.0 117.5 108.0 106.9 89.3 113.8 50.1 90.5 79.2 83.3 63.9 98.7 129.3 94.5 96.3 87.6 90.3 91.8 87.5 97.5 115.2 118.0 124.5 49.7 43.1 46.3 39.9 37.1 39.7 35.8 44.0 47.7 33.8 40.7 50.8 39.0 43.1 39.3 39.3 39.2 35.0 44.1 45.5 41.7 44.5 39.9 46.7 43.7 60.7 3 Profits before tax 240.5 225.0 217.8 287.9 347.5 342.9 355.4 334.7 371.6 168.6 223.8 220.1 231.8 235.7 311.2 372.2 334.1 354.7 337.6 332.3 336.7 332.3 366.1 376.8 354.1 389.4 400.6 Tax liability 94.0 96.5 106.5 127.1 137.0 141.3 136.7 124.0 140.2 58.7 82.2 83.8 97.6 116.6 135.2 146.2 134.2 133.7 121.3 122.9 127.0 125.0 136.4 144.1 131.8 148.5 146.8 Total 146.4 128.5 111.3 160.8 210.5 201.6 218.7 210.7 231.4 109.9 141.6 136.3 134.2 119.2 176.0 226.0 200.0 221.0 216.3 209.4 209.6 207.4 229.7 232.7 222.2 241.0 253.8 Includes industries not shown separately. Source: Department of Commerce, Bureau of Economic Anal Dividends 82.7 92.4 109.8 106.2 115.3 134.6 149.3 146.5 149.3 72.5 84.2 83.4 97.4 111.0 106.3 121.0 141.3 151.9 150.6 146.2 145.1 143.9 143.6 146.6 151.1 155.9 160.2 Undistributed profits 63.8 36.1 1.6 54.6 95.2 67.1 69.4 64.2 82.1 37.5 57.4 52.9 36.9 8.2 69.7 105.0 58.7 69.1 65.7 63.2 64.5 63.4 86.2 86.1 71.1 85.0 93.6 Inventory valuation adjustment -4.1 .2 9.7 -27.3 -14.2 3.1 -7.4 -8.6 3.5 -3.8 -10.7 -17.8 -31.7 -13.5 -21.2 6.7 9.9 .7 -5.4 -15.5 -9.7 1.0 GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS According to revised estimates for the first quarter of 1993, nonresidential fixed investment in 1987 dollars rose $14.5 billion (annual rate) and residential investment fell $0.1 billion. There was a $36.8 billion increase in inventories, following an increase of $9.8 billion in the fourth quarter of 1992. BILLIONS OF 1987 DOLLARS BILLIONS OF 1987 DOLLARS 900 900 SEASONALLY ADJUSTED ANNUAL RATES 800 700 700 600 600 500 500 400 RESIDENTIAL FIXED INVESTMENT 300 300 200 CHANGE IN BUSINESS INVENTORIES -\: 100 100 -100 -100 1982 1983 1984 1987 1986 1988 1989 1990 1992 SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates] Fixed investment Gross private domestic investment Period 1984 .. Change n business mve itories Nonresidential Total Total Structures Producers' durable equipment Residential Total Nonfarm 757.5 745.9 735.1 749.3 773.4 784.0 739.1 661.1 712.6 689.6 723.8 726.5 723.0 753.4 754.2 732.9 670.4 707.6 490.2 521.8 500.3 497.8 530.8 540.0 538.1 500.2 515.0 182.8 197.4 176.6 171.3 174.0 177.6 179.1 157.6 146.8 307.4 324.4 323.7 326.5 356.8 362.5 359.0 342.6 368.2 199.3 202.0 226.2 225.2 222.7 214.2 194.8 170.2 192.6 67.9 22.1 8.5 26.3 19.9 29.8 6.2 -9.3 5.0 66.2 19.8 10.6 32.7 26.9 29.9 3.7 — 9.6 2.6 503.5 669.5 756.4 763.1 705.9 793.8 785.0 769.5 680.0 548.4 640.2 708.4 732.9 725.9 733.9 764.1 744.6 706.8 417.2 449.6 509.6 525.5 495.5 510.6 538.8 536.7 529.3 173.2 162.6 189.5 198.3 170.4 177.9 175.7 179.8 173.2 244.0 287.0 320.1 327.2 325.0 332.7 363.1 356.9 356.1 131.2 190.6 198.8 207.4 230.5 223.3 225.3 208.0 177.5 -44.9 29.3 47.9 30.2 -46.2 32.3 50.8 28.0 -18.6 62.1 30.5 31.2 — 25.6 646.0 649.5 672.0 676.9 671.1 669.8 671.4 669.3 507.0 503.0 498.7 492.1 166.8 162.2 153.0 148.4 340.2 340.8 345.8 343.7 164.1 166.9 172.6 177.3 IV 668.9 713.6 724.9 743.1 681.4 705.9 710.0 733.3 495.8 514.7 518.7 530.9 149.4 149.1 144.7 144.0 346.4 365.6 374.0 386.9 1993- I r 784.3 747.6 545.4 143.4 402.0 1985 1986 1987 1988 1989 1990 1991 1992 1982198319841985198619871988198919901991- . .. IV IV IV IV IV IV IV.... IV IV I II HI IV.... .... . . 1992- I U m Source: Department of Commerce, Bureau of Economic Analysis. 59.9 20.9 24.9 -26.8 -25.1 .6 7.5 -24.5 — 1.0 11.8 185.6 191.2 191.3 202.3 7.8 15.0 9.8 -10.7 6.0 9.6 5.6 202.2 36.8 33.8 EXPENDITURES FOR NEW PLANT AND EQUIPMENT According to the Commerce Department January-March 1993 survey, business spending for new plant and equipment is expected to rise 6.6 percent in 1993, following a rise of 3.3 percent in 1992. BILLIONS OF DOLLARS (RATIO SCALE) 600 BILLIONS OF DOLLARS (RATIO SCALE) 600 SEASONALLY ADJUSTED ANNUAL RATES 500 500 400 ALL INDUSTRIES 300 \ NONMANUFACTURING200 200 \ MANUFACTURING 100 100 I 1984 198<S 1985 I I 1987 I I I 1988 I I I I I I I I I I I I 1993 •SECOND HALF I/SURVEYED QUARTERLY ii/SEE FOOTNOTE 4 BELOW SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Industries surveyed quarterly Nonmanufacturing Manufacturing Period All industries Total Durable goods Addenda Nondurable goods Total ' Mining Transportation Public utilities Commercial and other Total nonfarm business2 363.08 359.73 418.38 454.93 447.11 461.51 508.22 563.93 591.96 587.93 607.19 644.55 Nonmanufacturing Manufacturing Total Surveyed quarterly 1982 J983 1984 1985 1986 . 1987 1988 1989 1990 1991 1992 1993 4 326.19 321.16 373.83 410.12 399.36 410.52 455.49 507.40 532.61 528.39 546.08 582.31 123.97 117.35 139.61 152.88 137.95 141.06 163.45 183,80 192.61 182.81 173.90 183.35 54.58 51.61 64.57 70.87 65.68 68.03 77.04 82.56 82.58 77.64 73.41 77.11 69.39 65.74 75.04 82.01 72.28 73.03 86.41 101.24 110.04 105.17 100.50 106.24 202.22 203.82 234.22 257.24 261.40 269.46 292.04 323.60 339.99 345.58 372.17 398.96 14.11 10.64 11.86 12.00 8.15 8.28 9.29 9.21 9.88 10.02 8.90 9.32 11.75 10.81 13.44 14.57 15.05 15.07 16.63 18.84 21.47 22.66 22.78 23.06 53.58 52.95 57.53 59.58 56.61 56.26 60.37 66.28 67.21 66.57 71.96 77.40 122.79 129.41 151.39 171.09 181.59 189.84 205.76 229.28 241.43 246.32 268.54 289.18 1991- I 534.27 525.02 526.59 529.87 190.83 186.52 177.48 179.06 80.99 79.31 74.94 76.40 109.84 107.20 102.55 102.66 343.44 338.50 349.10 350.81 9.94 10.08 10.09 9.99 22.98 22.87 22.56 22.29 67.01 65.09 66.52 67.42 243.51 240.46 249.94 251.11 190.83 186.52 177.48 179.06 535.72 540.91 547.53 560.16 173.98 171.78 172.23 177.62 74.19 74.26 71.84 73.34 99.79 97.52 100.39 104.28 361.73 369.13 375.30 382.54 8.87 9.18 9.09 8.44 21.88 23.51 24.69 21.06 68.81 72.63 71.66 74.73 262.17 263.80 269.86 278.32 173.98 171.78 172.23 177.62 361.73 369.13 375.30 382.54 571.41 578.15 589.84 183.69 181.10 184.30 80.68 77.62 75.06 103.01 103.48 109.24 387.72 397.04 405.54 9.52 9.49 9.14 21.70 24.31 23.12 76.06 77.26 78.13 280.44 285.98 295.15 183.69 181.10 184.30 Iy3 343.44 338.50 349.10 350.81 1992- I Surveyed annual- 387.72 397.04 405.54 n HJ rv n m rv 1993- I * n« 4 2nd haU ' Excludes forestry, fisheries, and agricultural services; professional services; social services and membership organizations; and real estate, which, effective with the April-Hay 1984 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for these industries. 1 "All industries" plus the part of nomnanufacturing that is surveyed annually. >• "~ • » . . . • 10 123.97 117.35 139.61 152.88 137.95 141.06 163.45 183.80 192.61 182.81 173.90 183.35 239.11 242.38 278.77 302.05 309.16 320.45 344.77 380.13 399.34 405.12 433.28 461.20 202.22 203.82 234.22 257.24 261.40 269.46 292.04 323.60 339.99 345.58 372.17 398.96 36.89 38.56 44.55 44.81 47.75 50.99 52.73 56.53 59.35 59.54 61.11 62.24 'Consists of forestry, fisheries, and agricultural services; professional services; social services and membership organizations; and real estate. 'Planned capital expenditures as reported by business in January-March 1993, corrected for biases. Source: Department o f Commerce, Bureau o f t h e Census. EMPLOYMENT, UNEMPLOYMENT, AND WAGES In April, civilian employment fell by 149,000 and unemployment rose by 61,000. 1 MILLIONS OF PERSONS* MILLIONS OF PERSC)NS* 130 130 SEASONALLY ADJUSTED 126 CIVILIAN b\BOR FORCE \ ' p_^ ' ^ r"^"">~/— ^^^^^~ ^^^ 126 - 122 122 118 — " ^ 1 " " 118 ' ^ ^ — X""""" 114 "\ - CIVILIAN EMPLOYMENT m ^^ 110 110 ^^ 106 *, - 106 * '" -' 102 102 v 12 UNEMPLOYMENT 8 4 0 1985 1987 1986 1989 1988 1990 1992 1991 1993 COUNCIL Of ECONOMIC ADVISERS [Thousands of persons 16 years of age and over, except as noted; monthly date seasonally adjusted except as noted by NSA] Period 1983 1984 1985 1986* 1987 1988 1989 1990 1991 1992 . .. 1992: Apr May July Sept Oct Nov Dec Mar . Resident Armed Forces NSA 175,891 178,080 179,912 182,293 184,490 186,322 188,081 189,686 191,329 193,142 1,676 1,697 1,706 1,706 1,737 1,709 1,688 1,637 1,564 1,566 113,226 115,241 117,167 119,540 121,602 123,378 125,557 126,424 126,867 128,548 102,510 106,702 108,856 111,303 114,177 116,677 119,030 119,550 118,440 119,164 111,550 113,544 115,461 117,834 119,865 121,669 123,869 124,787 125,303 126,982 100,834 105,005 107,150 109,597 112,440 114,968 117,342 117,914 116,877 117,598 3,383 3,321 3,179 3,163 3,208 3,169 3,199 3,186 3,233 3,207 97,450 101,685 103,971 106,434 109,232 111,800 114,142 114,728 113,644 114,391 5,997 5,512 5,334 5,345 5,122 4,965 4,657 4,860 5,767 6,116 192,745 192,881 193,025 193,190 193,356 193,513 193,683 193,847 194,026 1,577 1,574 1,570 1,568 1,566 1,566 1,552 1,531 1,517 128,320 128,613 128,868 128,918 128,970 128,840 128,618 128,896 129,108 119,095 119,154 119,080 119,290 119,346 119,290 119,239 119,595 119,828 126,743 127,039 127,298 127,350 127,404 127,274 127,066 127,365 127,591 117,518 117,580 117,510 117,722 117,780 117,724 117,687 118,064 118,311 3,206 3,186 3,244 3,207 3,218 3,221 3,169 3,209 3,262 114,312 114,394 114,266 114,515 114,562 114,503 114,518 114,855 115,049 194,159 194,298 194,456 194,618 1,515 1,512 1,497 1,492 128,598 128,839 128,926 128,833 119,586 119,963 120,062 119,908 127,083 127,327 127,429 127,341 118,071 118,451 118,565 118,416 3,191 3,116 3,082 3,060 114,879 115,335 115,483 115,356 Employment 'ncluding resident Armed Forces Nonagricultura] Civilian labor force 1 Persons at work. Economic reasons include slack work, material shortages, inability to find fullie work, etc. 2 Civilian labor force (or employment) as percent of civilian noninstitutional population Unemployment Labor force including resident Armed Forces 1993: Feb Civilian employment Noninstitutional population including resident Armed Forces NSA Total Agricultural Total Civilian 15 weeks and over Labor force participation rate (percent) z Employment/ population ratio (percent) 2 10,717 8,539 8,312 8,237 7,425 6,701 6,528 6,874 8,426 9,384 4,210 2,737 2,305 2,232 1,983 1,610 1,375 1,504 2,323 3,354 64.0 64.4 64.8 65.3 65.6 65.9 66.5 66.4 66.0 66.3 57.9 59.5 60.1 60.7 61.5 62.3 63.0 62.7 61.6 61.4 6,030 6,181 5,921 6,069 6,099 6,096 6,151 6,230 6,063 9,225 9,459 9,788 9,628 9,624 9,550 9,379 9,301 9,280 3,072 3,349 3,432 3,547 3,547 3,522 3,564 3,446 3,605 66.3 66.4 66.5 66.5 66.4 66.3 66.1 66.2 66.3 61.5 61.5 61.4 61.4 61.4 61.3 61.3 61.4 61.5 5,887 6,242 5,965 6,238 9,013 8,876 8,864 8,925 3,317 3,143 3,073 2,926 66.0 66.0 66.0 65.9 61.3 61.4 61.4 61.3 Part time for economic reasons 1 Total ' Data beginning January 1986 not strictly comparable with earlier data because of change in . Source: Department of Labor, Bureau of Labor Statistics. 11 UNEMPLOYMENT RATES In April, the civilian unemployment rate remained at 7.0 percent. PERCENT* (SEASONALLY ADJUSTED) PERCENT* (SEASONALLY ADJUSTED] 10 * 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) Unemployment rate, all workers l Period Apr May June July Aug Sept Oct Nov Dec 1993: Jan Feb Mar Apr 1 2 .... ... .... .... .... .... Black and other Black Experienced wage and salary workers 8.4 6.5 6.2 6.0 5.3 4.7 4.5 4.7 6.0 6.5 17.8 14.4 13.7 13.1 11.6 10.4 10.0 10.1 11.1 12.7 19.5 15.9 15.1 14.5 13.0 11.7 11.4 11.3 12.4 14.1 9.2 7.1 6.8 6.6 5.8 5.2 5.0 5.3 6.5 7.1 6.5 4.6 4.3 4.4 3.9 3.3 3.0 3.4 4.4 5.0 19.4 19.9 22.8 20.6 19.9 20.4 18.9 20.2 19.2 6.4 6.5 6.8 6.6 6.6 6.6 6.5 6.4 6.3 12.4 12.9 13.1 13.0 12.9 12.6 12.5 12.6 12.8 13.8 14.5 14.5 14.4 14.2 13.9 14.1 14.0 14.2 7.0 7.2 7.3 7.2 7.2 7.2 7.1 7.0 7.0 19.7 19.6 19.5 20.7 6.2 6.1 6.1 6.0 12.9 12.0 12.0 12.5 14.2 13.1 13.5 13.8 6.8 6.7 6.6 6.7 Both sexes 16-19 years civilian workers Men 20 years and over Women 20 years and over 9.6 7.5 7.2 7.0 6.2 5.5 5.3 5.5 6.7 7.4 8.9 6.6 6.2 6.1 5.4 4.8 4.5 4.9 6.3 7.0 8.1 6.8 6.6 6.2 5.4 4.9 4.7 4.8 5.7 6.3 22.4 18.9 18.6 18.3 16.9 15.3 15.0 15.5 18.6 20.0 7.2 7.4 7.6 7.5 7.5 7.4 7.3 7.2 7.2 7.3 7.4 7.7 7.6 7.6 7.5 7.4 7.3 7.3 6.9 7.2 7.3 7.2 7.2 7.1 7.2 6.9 6.8 6.2 6.2 6.3 6.4 6.4 6.4 6.2 6.2 6.4 7.0 6.9 6.9 6.9 7.1 7.0 7.0 7.0 6.4 6.5 6.7 6.4 6.4 6.0 5.7 6.0 White Unemployed as percent of total labor force including resident Armed Forces. Aggregate hours lost by the unemployed and persons on part time for economic reasons as per- 12 By selected groups A 11 All 9.5 7.4 7.1 6.9 6.1 5.4 5.2 5.4 6.6 7.3 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1992: By race By sex and age Married men, spouse present Women who maintain families Labor force time lost (percent) 2 Fulltime workers Parttime workers 12.2 10.3 10.4 9.8 9.2 8.1 8.1 8.2 9.1 9.9 9.5 7.2 6.8 6.6 5.8 5.2 4.9 5.2 6.5 7.1 10.4 9.3 9.3 9.1 8.4 7.6 7.3 7.4 8.3 9.2 10.9 8.6 8.1 7.9 7.1 6.3 5.9 6.2 7.6 8.3 4.8 5.0 5.1 5.2 5.3 5.2 5.1 4.9 4.8 10.0 9.9 10.1 10.3 10.3 9.1 9.3 10.4 10.3 7.0 7.1 7.4 7.3 7.3 7.2 7.1 7.0 6.9 8.9 9.3 9.3 9.2 9.1 9.5 9.2 9.2 9.7 8.2 8.3 8.4 8.4 8.4 8.3 8.3 8.3 8.1 4.5 4.5 4.7 4.5 10.6 10.2 9.0 9.6 6.7 6.6 6.6 6.6 9.3 9.1 8.9 9.7 7.9 7.9 7.9 7.8 cent of potentially available labor force hours. Source: Department of Labor, Bureau of Labor Statistics. SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In April, the percentages of the unemployed who had been out of work for less than 5 weeks and for 15-26 weeks rose, while the percentages for 5-14 weeks and for 27 weeks and over fell. The mean duration of unemployment fell to 17.4 weeks and the median duration rose to 8.5 weeks. PERCENT DISTRIBUTION* 70 PERCENT DISTRIBUTION* 70 COUNCIL Of ECONOMIC ADVISERS [Monthly data seasonally adjusted, except as noted] Duration of unemployment Period Unemployment (thousands) Reason for unemployment: percent distribution Number of weeks Percent distribution Less than 5 weeks 5-14 weeks 15-26 weeks 27 weeks and over Average (mean) Median 36.4 33.3 39.2 42.1 41.9 43.7 46.0 48.6 46.1 40.1 34.9 36.1 35.9 36.1 34.8 34.0 34.0 33.9 33.2 32.6 36.1 36.5 35.5 38.2 31.0 27.4 28.7 30.2 31.0 29.6 30.0 30.3 32.0 32.3 29.4 29.9 28.4 28.6 28.6 29.4 29.5 28.3 30.2 28.8 27.4 28.1 29.4 28.4 16.0 15.4 12.9 12.3 12.7 12.7 12.0 11.2 11.8 14.5 15.2 14.4 15.0 14.0 15.0 15.5 14.8 15.7 15.3 16.5 15.5 13.9 14.4 14.5 16.6 23.9 19.1 15.4 14.4 14.0 12.1 9.9 10.1 13.0 20.6 19.6 20.7 21.3 21.5 21.1 21.7 22.2 21.4 22.1 21.1 21.5 20.7 18.8 15.6 20.0 18.2 15.6 15.0 14.5 13.5 11.9 12.1 13.8 17.9 17.2 17.9 18.2 18.3 18.3 18.5 19.2 18.4 19.2 18.7 18.3 17.5 17.4 8.7 10.1 7.9 6.8 6.9 6.5 5.9 4.8 5.4 6.9 8.8 8.6 8.8 8.7 8.6 8.9 9.3 9.3 9.4 9.4 8.5 8.2 8.3 8.5 Job losers Job leavers Reentrants New entrants 58.7 58.4 51.8 49.8 48.9 48.0 46.1 45.7 48.3 54.7 56.4 56.6 57.3 56.4 56.3 56.3 56.5 58.5 55.9 55.4 54.0 52.3 54.2 53.9 7.9 7.7 9.6 10.6 12.3 13.0 14.7 15.7 14.8 11.6 10.4 10.9 10.5 10.4 10.3 10.5 10.0 9.7 10.5 10.5 9.1 11.8 12.3 11.3 22.3 22.5 25.6 27.1 26.2 26.6 27.0 28.2 27.4 24.8 23.7 23.2 23.1 23.1 23.4 23.4 23.6 23.5 23.6 24.1 26.1 25.9 23.0 24.3 11.1 11.3 13.0 12.5 12.5 12.4 12.2 10.4 9.5 8.9 9.5 9.3 9.1 10.2 9.9 9.8 9.8 8.3 10.0 10.0 10.7 10.0 10.5 10.5 State programs Insured unemployment Initial claims Insured unemployment, all regular programs (unadjusted)> Weekly average, thousands 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1992- Apr May . July Sept Oct Nov Dec 1993' Jan Feb Mar . . 10,678 10,717 8,539 8,312 8,237 7,425 6,701 6,528 6,874 8,426 9,384 9,225 9,459 9,788 9,628 9,624 9,550 9,379 9,301 9,280 9,013 8,876 8,864 8,925 1 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Railroad (RR) programs included through 1991. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program. 4,061 3,396 2,476 2,611 2,650 2,332 2,081 2,158 2,522 3,342 3,245 3,340 3,314 3,279 3,304 3,178 3,168 3,035 2,937 2,783 2,715 2,640 2,701 2,764 583 438 377 396 378 328 310 330 388 447 408 413 408 414 433 387 402 365 359 341 353 343 362 347 4,594 3,775 2,561 2,693 2,746 2,401 2,135 2,205 2,575 3,406 3,339 3,626 3,193 3,141 3,118 3,114 2,814 2,537 2,670 3,064 3,390 3,344 ••3,394 2,929 Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey rose by 119,000 in April. MILLIONS Of PERSONS* (ENLARGED SCALE) 30 MILLIONS OF PERSONS* 100 ALLN DNAGRICULT URAL ES FABLISHMEN' S - - 90 _ - —- \\ 1 SER VICE-PRODUC ING INDUSTRIES - - - - 60 GOOCJS-PRODUCIS G It^IDUSTRIES 30 = 20 It 1 1 1 1 1 I H | | I! I 1 1 1 II 1 1 1 m i l l III! 1 1 1989 1990 1991 i n 1 1 1 1 1 1 n n n 1 1 n i ih 1992 1993 ^ "1 y~^__ 1 X fCONSTRUCTION ill III! III! 1 V 1989 _. | mill inn 1990 1991 * SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF LABOR ||M|| | |lm 1992 1993 ' COUNCIL OF ECONOMIC ADVISERS [Thousands of wage and salary workers; * seasonally adjusted] Goods-producing industries Period 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1992: Apr.... May.... June .. July ... Aug ... Sept ... Oct .... NOT ... Dec .... 1993: Jan Feb r... Mar '.. Apr".. Total nonagricultural employment 90,200 94,496 97,519 99,525 102,200 105,536 108,329 109,782 108,310 108,437 108,377 108,496 108,423 108,594 108,485 108,497 108,571 108,646 108,752 108,865 109,203 109,194 109,313 Service-producing industries Manufacturing Total 2 23,334 24,727 24,859 24,558 24,708 25,173 25,322 24,960 23,830 23,420 23,530 23,548 23,470 23,459 23,362 23,296 23,270 23,280 23,26323,267 23,374 23,293 23,214 Construction 3,948 4,383 4,673 4,816 4,967 5,110 5,187 5,133 4,685 4,595 4,605 4,632 4,600 4,584 4,591 4,574 4,601 4,590 4,582 4,559 4,657 4,598 4,588 Total Durable goods Nondurable goods 18,434 19,378 19,260 18,965 19,024 19,350 19,442 19,117 18,455 18,190 18,279 18,275 18,236 18,242 18,145 18,102 18,046 18,068 18,062 18,092 18,112 18,088 18,023 10,707 11,479 11,464 11,203 11,167 11,381 11,420 11,130 10,602 10,339 10,409 10,398 10,371 10,347 10,298 10,271 10,231 10,247 10,238 10,265 10,274 10,246 10,198 7,726 7,899 7,796 7,761 7,858 7,969 8,022 7,988 7,852 7,851 7,870 7,877 7,865 7,895 7,847 7,831 7,815 7,821 7,824 7,827 7,838 7,842 7,825 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 Total 66,866 69,769 72,660 74,967 77,492 80,363 83,007 84,822 84,480 85,017 84,847 84,948 84,953 85,135 85,123 85,201 85,301 85,366 85,489 85,598 85,829 85,901 86,099 Transportation and public utilities 4,954 5,159 5,238 5,255 5,372 5,527 5,644 5,808 5,772 5,742 5,746 5,745 5,745 5,742 5,729 5,738 5,731 5,732 5,742 5,763 5,771 5,770 5,768 Wholesale trade 5,286 5,574 5,736 5,774 5,865 6,055 6,221 6,200 6,069 5,983 5,993 5,993 5,988 5,972 5,964 5,957 5,969 5,976 5,970 5,995 6,002 6,009 6,008 Retail trade 15,595 16,526 17,336 17,909 18,462 19,077 19,549 19,677 19,259 19,138 19,177 19,150 19,156 19,184 19,106 19,122 19,146 19,116 19,162 19,227 19,361 19,342 19,363 Finance, insurance, and real estate Services • 5,468 5,689 5,955 6,283 6,547 6,649 6,695 6,729 6,678 6,672 6,682 6,681 6,672 6,660 6,661 6,669 6,680 6,669 6,677 6,682 6,681 6,680 6,697 19,694 20,797 21,999 23,053 24,235 25,669 27,120 28,103 28,323 28,903 28,707 28,833 28,854 28,971 28,981 29,065 29,152 29,188 29,253 29,267 29,322 29,400 29,551 Government Total 15,869 16,024 16,394 16,693 17,010 17,386 17,779 18,304 18,380 18,579 18,542 18,546 18,538 18,606 18,682 18,650 18,623 18,685 18,685 18,664 18,692 18,700 18,712 Federal 2,774 2,807 2,875 2,899 2,943 2,971 2,988 3,085 2,966 2,969 2,986 2,984 2,972 2,957 2,959 2,967 2,942 2,940 2,971 2,943 2,943 2,935 2,927 weather, etc., even if they are not paid for the time off; and which are based on a sample of the working-age population, whereas the estimates in this table are based on reports from employing establishments. 2 Includes mining, not shown separately. Source: Department of Labor, Bureau of Labor Statistics. AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES {For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted] Average gross hourly earnings Average weekly hours Period 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 Total private nonagri-1 cultural Total Average gross weekly earnings Total private nonagricultural l Manufacturing Overtime Current dollars Total private nonagricultural * 1982 dollars * Manufacturing Current dollars Current dollars 1982 dollars* Manufacturing Construction Retail trade Percent change from a year earlier, total private nonagricultural 3 1982 dollars Current dollars 35.0 35.2 34.9 34.8 34.8 34.7 34.6 34.5 34.3 34.4 . 1992' Apr Mav July AUK Sept Oct. Nov Dec 1993. Jan Feb ' Mar r Apr " 3.0 3.4 3.3 3.4 3.7 3.9 3.8 3.6 3.6 3.8 $8.02 8.32 8.57 8.76 8.98 9.28 9.66 10.01 10.33 10.59 $7.79 7.80 7.77 7.81 7.73 7.69 7.64 7.52 7.45 7.43 $8.83 9.19 9.54 9.73 9.91 10.19 10.48 10.83 11.18 11.45 $280.70 292.86 299.09 304.85 312.50 322.02 334.24 345.35 354.32 364.30 $272.52 274.73 271.16 271.94 269.16 266.79 264.22 259.47 255.64 255.47 $354.08 374.03 386.37 396.01 406.31 418.81 429.68 441.86 455.03 469.45 $442.97 458.51 464.46 466.75 480.44 495.73 513.17 526.01 533.02 536.18 $171.13 174.47 174.81 175.80 178.70 183.62 188.72 194.40 198.77 205.63 5.0 4.3 2.1 1.9 2.5 3.0 3.8 3.3 2.6 2.8 2.0 .8 -1.3 .3 -1.0 -.9 -1.0 — 18 -1.5 — .1 41.1 41.3 41.0 41.0 41.0 40.9 41.1 41.2 41.2 3.9 4.1 3.8 3.8 3.7 3.5 3.8 3.9 3.9 10.52 10.56 10.58 10.58 10.66 10.63 10.65 10.71 10.69 7.41 7.43 7.43 7.41 7.45 7.42 7.40 7.43 7.40 11.42 11.44 11.44 11.45 11.51 11.51 11.51 11.54 11.57 360.84 365.38 362.89 362.89 368.84 364.61 367.43 370.57 366.67 254.29 257.13 254.84 254.12 257.75 254.44 255.34 256.98 253.93 469.36 472.47 469.04 469.45 471.91 470.76 473.06 475.45 476.68 535.95 548.10 543.86 541.82 542.82 537.47 536.29 533.92 533.83 202.77 205.06 203.35 203.49 206.92 207.50 207.50 208.51 206.64 3.1 3.4 1.9 2.6 3.5 1.2 2.8 3.6 1.5 .1 .6 -1.0 —.4 .4 -1.7 -.3 .6 — 14 34.5 34.4 34.3 34.4 .... 40.1 40.7 40.5 40.7 41.0 41.1 41.0 40.8 40.7 41.0 34.3 34.6 34.3 34.3 34.6 34.3 34.5 34.6 34.3 .. 41.4 41.5 41.2 41.5 4.0 4.2 3.9 4.3 10.73 10.76 10.79 10.79 7.40 7.40 7.40 7.38 11.60 11.64 11.64 11.71 370.19 370.14 370.10 371.18 255.30 254.39 253.84 253.71 480.24 483.06 479.57 485.97 526.68 534.49 543.31 538.27 207.94 208.80 204.45 208.36 3.3 2.5 1.6 2.6 .1 -.6 -1.4 -.5 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). 3 Based on seasonally unadjusted data. Source: Department of Labor, Bureau of Labor Statistics. EMPLOYMENT COST INDEX—PRIVATE INDUSTRY Index (June 1989 = 100) Percent change from 3 months earlier Period Total compensation Wages and salaries Benefits ' Total compensation Wages and salaries 12 months earlier Benefits ' Total compensation Wages and salaries 5.7 4.9 3.9 3.2 3.3 4.8 4.8 4.6 4.4 3.5 4.9 4.2 4.1 3.2 3.3 4.1 4.1 4.0 3.7 2.6 Benefits > Not seasonally adjusted 1992: Dec 80.1 84.0 87.3 90.1 93.1 97.6 102.3 107.0 111.7 115.6 81.4 84.8 88.3 91.1 94.1 98.0 102.0 106.1 110.0 112.9 103.8 105.1 106.2 107.2 108.4 109.7 110.9 111.9 113.0 113.8 114.7 115.7 116.9 103.2 104.4 105.4 106.2 107.3 108.4 109.2 110.1 110.9 111.5 112.2 113.0 113.9 76.7 81.7 84.6 87.5 90.5 96.7 102.6 109.4 116.2 122.2 1.3 1.3 .6 .7 .6 1.0 1.1 .8 .6 .7 1.1 1.2 .6 .6 .6 1.0 .8 .7 .6 .6 1.3 1.4 .5 .6 1.0 1.0 1.2 1.0 .9 .8 1.0 1.2 1.0 .8 1.0 1.0 .7 .8 .7 .5 .6 .7 .8 2.0 1.5 1.5 1.5 1.3 1.8 1.6 1.4 1.3 1.2 1.3 1.2 1.7 Seasonally adjusted Dec Sept 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. 105.1 106.7 108.3 109.9 111.3 113.3 115.1 116.7 118.2 119.6 121.2 122.7 124.8 1.4 1.3 1.0 .9 1.1 1.2 1.1 .9 1.0 .7 .8 .9 1.0 7.4 6.5 3.5 3.4 3.4 6.9 6.1 6.6 6.2 5.2 Not seasonally adjusted 5.2 5.2 4.9 4.6 4.4 4.4 4.5 4.4 4.2 3.7 3.4 3.5 3.5 4.2 4.5 4.2 4.0 4.0 3.7 3.7 3.7 3.4 3.0 2.7 2.6 2.7 7.2 6.9 6.8 6.6 5.8 6.2 6.4 6.2 6.3 5.5 5.2 5.2 5.6 Data exclude farm and household workers. Source: Department of Labor, Bureau of Labor Statistics. 15 PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR Output per hour of all persons Period Output ' Compensation per hour 3 Hours of 2ail persons Business sector Nonfarm business sector Business sector 102.4 104.5 105.4 107.5 108.3 109.2 108.2 108.2 108.7 r l!1.6 104.1 112.6 116.7 119.9 124.8 130.1 132.3 132.7 129.8 132.8 104.4 113.0 116.8 120.1 125.0 130.6 132.7 132.9 130.0 132.9 101.8 107.6 109.9 110.7 114.1 117.9 120.9 120.9 117.9 117.2 102.0 108.1 110.8 111.8 115.4 119.5 122.7 122.9 119.6 119.0 103.7 108.1 113.0 118.6 122.7 128.0 132.3 139.7 146.6 152.1 103.9 108.1 112.6 118.1 122.1 127.2 131.3 138.4 145.4 150.8 100.5 100.4 101.3 104.4 104.3 104.4 103.0 103.2 103.9 104.6 101.1 103.0 105.2 106.9 108.0 110.3 110.5 109.3 101.1 103.2 105.1 105.8 107.1 109.1 109.6 108.0 100.0 107.5 114.4 118.0 120.6 127.4 131.7 132.3 100.0 108.1 114.8 118.2 120.8 127.6 132.5 132.7 98.9 104.3 108.7 110.4 111.6 115.5 119.2 121.1 98.9 104.7 109.2 111.7 112.8 116.9 120.9 122.8 102.1 105.2 109.7 115.4 120.6 125.3 130.2 134.3 102.1 105.1 109.7 114.8 120.1 124.6 129.3 133.3 109.4 110.2 109.8 109.7 107.9 108.6 108.1 108.1 133.1 133.7 132.5 131.3 133.5 134.0 132.7 131.5 121.7 121.4 120.7 119.8 123.7 123.4 122.8 121.6 136.2 138.9 141.0 142.9 109.3 109.8 110.3 111.2 107.9 108.4 108.9 109.6 129.2 129.5 130.0 130.6 129.4 129.7 130.2 130.7 118.1 117.9 117.8 117.5 119.9 119.7 119.6 119.3 n m .... 112.3 112.6 113.5 114.7 110.6 111.1 111.8 113.0 131.4 131.9 133.0 134.7 131.5 132.0 133.2 134.8 117.0 117.2 117.2 117.5 1993: I"*.... 114.7 113.0 135.4 135.6 118.1 Business sector Nonfarm business sector 102.2 104.6 106.1 108.3 109.4 110.4 109.5 109.7 110.1 113.3 Unit labor costs Real compensation per hour 4 Implicit price deflator 5 Business sector Nonfarm business sector Business sector Nonfarm business sector 100.7 100.4 101.0 104.0 103.7 103.7 102.2 102.2 103.0 103.7 101.5 103.3 106.5 109.5 112.2 116.0 120.9 127.3 133.1 r 134.3 101.5 103.4 106.8 109.9 112.8 116.4 121.4 127.9 133.8 r 135.1 103.4 107.7 111.2 113.6 116.6 120.8 126.1 131.2 136.2 139.1 104.0 107.6 111.6 114.2 117.2 121.4 126.5 131.8 137.0 140.0 100.6 100.4 100.6 102.2 105.3 104.8 104.3 103.0 100.6 100.3 100.5 101.6 104.9 104.2 103.7 102.2 101.0 102.1 104.3 108.0 111.6 113.6 117.8 122.9 101.0 101.8 104.4 108.4 112.1 114.2 118.0 123.3 101.1 104.8 109.0 112.4 114.6 117.9 122.8 127.8 101.4 105.2 109.0 112.9 115.2 118.5 123.4 128.2 134.9 137.5 139.6 141.6 102.5 103.5 103.4 103.1 101.6 102.5 102.4 102.2 124.5 126.0 128.4 130.3 125.0 126.6 129.1 131.0 129.1 130.6 131.9 133.3 129.6 131.1 132.5 134.1 144.1 146.1 147.5 148.8 143.0 145.0 146.4 147.5 103.0 103.9 104.2 104.3 102.2 103.1 103.4 103.4 131.8 133.1 133.7 133.8 132.5 133.8 134.4 134.6 134.9 136.0 136.7 137.3 135.7 136.6 137.5 138.3 118.9 118.9 119.1 119.3 150.3 151.0 152.7 154.3 148.9 149.8 151.4 153.0 104.4 104.1 104.6 104.9 103.5 103.3 103.7 104.0 133.8 134.1 134.5 134.6 134.6 134.9 135.3 135.4 138.2 139.0 138.9 140.3 139.1 139.9 139.9 141.2 120.0 155.8 154.3 104.9 103.9 135.8 136.6 141.1 142.0 1.5 1.9 3.3 2.9 2.6 3.2 4.3 5.4 4.6 .9 3.4 4.1 3.3 2.2 2.6 3.6 4.4 4.1 3.8 2.1 4.0 3.5 3.7 2.4 2.6 3.6 4.2 4.2 4.0 2.2 Nonfarm business sector .Business sector Nonfarm business sector Business sector Nonfarm business sector 1982=100; quarterly data seasonally adjusted 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1982: 1983: 1984: 1985: 1986: 1987: 1988: 1989: IV IV IV IV IV IV IV IV 1990: I n m .... IV 1991: I n ni .... IV 1992: I IV... Percent change; quarterly data at seasonally adjusted annual rates 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 2.2 2.3 1.4 2.0 1.0 .9 8 .3 .3 2.9 2.4 2.1 .8 1.9 .8 .9 -1.0 .0 .5 r 2.7 4.1 8.2 3.6 2.8 4.1 4.3 1.7 .2 -2.2 2.3 4.4 8.2 3.4 2.8 4.1 4.4 1.7 .1 22 2.2 1.8 5.7 2.1 .7 3.1 3.3 2.6 -.0 25 -.6 2.0 6.0 2.5 .9 3.3 3.5 2.7 .1 -2.6 -.5 3.7 4.2 4.5 4.9 3.5 4.3 3.4 5.6 4.9 3.7 3.9 4.0 4.2 4.9 3.4 4.1 3.2 5.4 5.1 3.7 0.5 -.1 .9 3.0 1 .1 14 .2 .7 .7 .6 3.0 2 .0 -1.5 -.0 .8 .7 1.5 1.9 3.0 2.8 2.5 3.3 4.2 5.3 4.6 r .9 .4 2.9 -1.4 -.5 -.5 2.5 -1.7 .1 2.6 1.8 -3.6 -3.5 2.2 1.6 31 -3.6 2.2 -1.1 -2.3 -3.0 2.8 -2.1 -3.7 5.8 8.0 6.3 5.4 5.0 7.8 6.4 5.9 -1.6 4.0 -.4 -1.4 -2.3 3.7 -.3 -.9 5.3 5.0 7.8 5.9 5.6 5.1 8.2 5.8 4.2 4.7 4.2 4.2 4.2 4.7 4.5 4.8 1991: I -1.1 1.6 1.9 3.3 -.7 1.7 1.9 2.5 -6.4 .9 1.6 2.0 -6.1 .9 1.5 1.6 -5.3 -.7 -.3 -1.3 -5.5 -.8 -.3 g 3.6 5.6 3.9 3.5 3.9 5.8 3.9 3.1 -.1 3.4 1.1 .3 .1 3.5 1.2 — .1 4.8 3.9 1.9 .2 4.6 4.0 2.0 .6 4.8 3.2 2.3 1.6 4.9 2.7 2.7 2.2 1992: I n in .... rv... 3.9 1.0 3.3 4.3 3.7 1.7 2.9 4.1 2.3 1.6 3.6 5.2 2.3 1.7 3.5 5.1 -1.5 .6 .2 .9 -1.3 .1 .6 .9 4.0 1.9 4.5 4.5 3.8 2.4 4.2 4.5 .6 -1.2 °1.8 1.3 .4 -.6 1.5 1.3 .1 .9 1.2 .2 .1 .8 1.3 .3 2.6 2.4 -.2 4.0 2.4 2.5 -.3 3.9 1993: I"*.... .1 -.1 2.0 2.3 1.9 2.4 3.8 3.3 — .1 -.5 3.6 3.4 2.4 2.4 .... . 1990: I n m .... IV n m .... rv Q 1 Output refers to gross domestic product originating in the sector in 1987 dollars. 2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family workers. Estimates based primarily on establishment data. 3 Wages and salaries of employees plus employers' contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed. * Hourly compensation divided by the consumer price index for all urban consumers (CPI-TJ). 16 5 0.7 O Current dollar gross domestic product divided by constant dollar gross domestic product. NOTE.—Data relate to all persons engaged in the sector. Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here. 'Data do not reflect GDP revisions of May 28, 1993. Source: Department of Labor, Bureau of Labor Statistics- PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production rose slightly in April and capacity utilization was unchanged. (Series revised.} INDEX, 1987 - 100* (RATIO SCALE] INDEX, 1987 . 100* (RATIO SCALE) UTILITIES,AND MINING / 110 i>rr^' \ V f in 1 11 11 1 1 *'\ /, /V-V-'Vx/ " ^7>^ 1989 ^ „ 1 1 UTILITIES ^.^ CAPACITY UTILIZATION RATE (TOTAL INDUSTRY) ^K-/y-\^^ 'V ^A^^- MINING V \s 1 1 1 1 1 1 i 1 1 1 1 111 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 U 1 lit t 1 1 1992 1990 1993 r 1991 1 1 1 f li 1 1 U 1 1 1989 . S~ /I N^x-^Y^^^ 1 1 II 1 i 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ll 1 1 1 1 1 II 1 1 li 1 1 1 1 1 II 1990 1991 1 1992 1993 COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted] Period Index, 1987 = 100 Capacity utilization rate, percent * Industry production indexes, 1987=100 Total industrial production Manufacturing Percent change from year earlier Total r Durable Nondurable Mining Utilities Total industry Manufacturing 1991 1992 84.9 92.8 94.4 95.3 100.0 104.5 106.1 106.1 104.1 106.6 3.6 9.3 1.7 .9 r 5.0 4.4 1.5 .0 -1.8 2.4 80.9 89.3 91.6 94.3 100.0 104.7 106.4 106.1 103.7 106.9 76.8 88.4 91.8 93.9 100.0 106.6 108.6 107.4 103.8 108.1 87.0 90.8 91.5 94.9 100.0 102.3 103.7 104.4 103.5 105.4 104.8 111.9 109.0 101.0 100.0 101.3 100.0 102.0 100.4 97.6 93.6 97.0 99.5 96.3 100.0 105.0 108.7 109.9 112.2 112.0 75.8 81.1 80.3 79.2 r 81.5 83.7 83.6 82.1 79.2 79.8 74.9 80.4 79.5 79.1 r 81.6 83.6 83.1 81.1 77.8 78.8 1992: Aprr May '. June r. July T Aug '. Sepf Oct r Nov r Dec r 106.3 106.7 106.0 106.8 106.6 106.2 107.5 108.4 108.9 3.6 3.3 1.5 2.2 1.9 .9 2.3 3.2 4.0 106.5 107.1 106.5 107.1 107.0 106.8 108.0 108.9 109.2 107.2 108.4 107.6 108.2 108.5 108.1 109.8 110.9 111.8 105.5 105.4 105.2 105.7 105.2 105.2 105.8 106.4 106.0 97.4 98.8 97.1 98.5 97.0 97.1 97.6 97.8 98.2 112.0 111.2 110.0 111.2 110.4 111.2 112.7 114.7 116.8 79.9 80.1 79.5 80.0 79.7 79.3 80.2 80.8 81.0 78.8 79.1 78.6 78.9 78.7 78.4 79.2 79.7 79.8 1993: Jan r Feb r Mar r Apr" 109.3 109.9 109.9 110.0 4.6 4.4 4.1 3.4 109.9 110.5 110.6 111.0 112.9 113.9 114.0 114.4 106.4 106.4 106.4 106.8 98.3 95.6 95.4 96.1 112.8 117.4 117.3 113.1 81.2 81.5 81.4 81.4 80.3 80.5 80.5 80.7 1983 1984 1985 1986 1987 1988 1989 1990 1 T Output as percent of capacity. NOTE.—Series revised beginning in 1986, primarily to reflect conversion of the indexes from 1987 forward to the 1987 Standard Industrial Classification, and to incorporate more comprehensive source data. Source: Board of Governors of the Federal Reserve System. 17 INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND SELECTED MANUFACTURES [1987 = 100; monthly data seasonally adjusted] Materials Products Intermediate products Final products Consumer goods Equipment Durable goods Business Period Total Total Total ' Defense and space equipment Total Construction supplies Business supplies Total Energy 83.0 91.0 94.2 95.7 100.0 104.8 106.8 107.0 105.3 108.2 1992- Apr ' May r July ' Aue ' Sept ' Oct ' Nov r Dec r. .... . 1993- Jan ' Feb ' Mar ' Apr" 88.8 92.8 93.7 96.8 100.0 102.9 104.0 103.4 102.8 105.2 79.7 91.0 91.6 94.5 100.0 104.6 106.6 102.3 95.2 102.5 91.9 93.4 94.4 97.6 100.0 102.4 103.2 103.8 105.0 105.9 76.8 89.2 94.8 94.5 100.0 107.6 110.9 112.1 108.9 112.7 71.9 85.4 91.1 93.1 100.0 110.7 115.5 116.9 115.7 123.2 71.8 78.9 89.4 96.0 100.0 99.7 100.1 98.8 91.7 85.9 80.3 86.2 88.3 91.9 100.0 101.8 102.0 101.2 96.5 97.6 80.2 86.2 89.1 93.8 100.0 101.5 100.5 98.2 90.7 93.8 80.3 86.2 87.7 90.7 100.0 102.0 103.0 103.2 100.4 100.1 88.3 96.6 96.6 95.9 100.0 105.0 106.7 106.8 105.5 107.9 98.9 103.8 103.4 99.5 100.0 102.2 103.1 104.2 104.6 103.4 107.7 108.3 107.1 108.1 108.9 108.1 110.1 111.0 111.5 105.4 105.8 104.0 104.9 105.1 104.4 106.4 107.1 107.5 102.6 105.6 102.0 102.8 101.9 100.9 104.1 105.7 107.9 106.1 105.9 104.6 105.5 106.0 105.3 107.1 107.5 107.4 111.1 112.0 111.6 112.7 114.3 113.5 115.4 116.7 117.2 120.6 122.1 121.9 123.7 126.1 125.0 127.5 129.0 129.6 87.7 87.2 86.5 85.1 84.5 84.4 83.5 83.2 82.5 97.9 97.9 97.7 98.6 97.0 96.9 97.8 98.1 98.3 93.6 95.3 93.6 94.3 94.1 93.0 94.7 95.1 94.5 100.7 99.6 100.6 101.4 99.0 99.5 99.9 100.0 100.8 107.9 108.0 107.8 108.5 107.6 107.4 108.1 109.3 110.0 103.5 103.3 103.1 104.4 102.5 103.6 103.0 103.9 105.1 111.9 112.3 112.3 112.5 1983 1984 1985. 1986 r. 1987 1988 1989 1990 1991 1992 1 Nondurable goods 107.6 108.2 108.1 107.9 110.9 111.7 111.0 111.2 106.7 107.3 107.3 107.0 118.1 118.1 118.4 119.1 131.2 131.8 132.9 134.0 82.0 81.4 80.9 80.5 98.2 99.3 99.4 98.6 94.8 97.3 97.2 96.3 100.5 100.6 100.8 100.2 110.4 111.0 111.0 111.4 103.4 103.9 103.8 102.9 Includes oil and gas well drilling and manufactured homes, not shown separately. [1987 = 100; monthly data seasonally adjusted] Nondurable manufactures Durable manufactures Primary metals Period Total Iron and steel Fabricated metal products Transportation equipment Industrial and commercial machinery and computer equipment 1 Electrical machinery Total Motor vehicles and parts Lumber and products Apparel products Printing and publishing Chemicals and products Foods 1983 1984 1985 1986 ' 1987 1988 1989 1990 ... 1991 1992 91.0 102.4 101.8 93.7 100.0 108.7 107.2 106.5 98.4 101.1 96.1 105.9 104.5 90.8 100.0 112.7 111.2 111.5 100.6 104.7 85.5 93.3 94.5 93.8 100.0 104.2 102.8 99.5 94.9 96.7 64.3 80.8 86.8 90.3 100.0 113.0 117.3 117.6 113.7 124.8 80.3 94.1 93.1 94.3 100.0 108.5 111.0 111.4 112.8 119.8 72.7 83.1 91.8 96.9 100.0 105.2 109.6 107.0 101.8 102.6 74.5 90.6 99.0 98.5 100.0 105.7 106.9 101.0 94.3 104.8 79.9 86.0 88.0 95.1 100.0 100.1 99.4 97.1 90.5 96.4 93.8 95.7 92.6 96.3 100.0 98.1 95.0 92.2 91.9 92.3 79.0 84.5 87.6 90.6 100.0 100.9 101.1 100.8 96.8 95.0 87.5 91.4 91.4 94.6 100.0 106.0 109.2 111.8 111.3 115.0 90.1 92.1 94.9 97.4 100.0 101.5 102.5 103.7 105.3 106.0 1992: Apr ' May ' 101.8 101.1 101.2 100.6 100.5 98.0 100.5 101.6 102.4 105.6 104.8 103.8 104.7 103.8 102.0 104.1 103.6 107.4 96.8 97.2 97.1 97.0 97.0 96.5 97.5 97.6 97.8 120.9 123.2 123.8 125.7 126.9 127.9 130.6 132.8 133.8 118.2 119.5 119.3 120.7 120.6 121.5 122.6 124.4 124.8 103.2 104.5 102.7 101.4 102.4 100.5 103.0 103.6 106.3 104.5 107.9 104.8 103.1 105.0 102.6 108.0 109.9 ire.2 95.3 96.1 93.8 96.6 96.6 94.7 97.8 99.8 98.0 93.4 93.5 91.7 92.7 91.3 91.5 91.7 92.9 92.7 95.8 94.5 95.6 95.7 93.5 94.1 94.5 94.2 94.7 114.6114.8 114.9 114.6 114.4 115.2 116.2 117.7 116.7 106.0 106.1 105.4 105.9 106.3 105.6 106.8 106.4 106.2 102.8 107.9 104.8 105.1 107.0 112.8 109.1 109.5 99.8 99.8 100.1 100.4 135.0 137.1 139.6 142.0 125.8 127.0 127.8 127.9 108.4 108.1 107.0 106.4 120.9 121.3 120.0 120.2 99.3 101.3 99.9 98.6 93.1 92.9 92.5 92.1 94.7 94.3 94.4 94.8 116.8 115.8 116.9 117.4 105.9 106.3 106.1 106.2 July '.. ... . Septr. Oct ' Dec ' 1993: Jan '. Feb r. . Mar r Apr" 1 Formerly nonelectrical machinery. Note.—Series revised. See Note, p. 17. 18 Source: Board of Governors of the Federal Reserve System. NEW CONSTRUCTION [Monthly data seasonally adjusted] Construction contracts 3 Private Period Total new construction expenditures Residential Total New housing units Total ' Commercial and industrial 2 Other Federal, State, and local Total value index (1987 = 100) Commercial and industrial floor space (millions of square feet) Billions of dollars 1983 1984 294.9 348.8 377.4 407.7 1985 1986 1987 1988 1989 1990 1991 1992 419.4 .. . 432.3 443.4 442.1 401.0 426.7 231.5 278.6 299.5 323.1 328.7 337.5 345.3 334.2 290.7 308.2 125.5 153.8 158.5 187.1 194.7 198.1 196.6 182.9 157.8 184.1 48.2 50.8 51.3 51.6 50.1 51.5 54.5 54.9 55.8 60.1 57.774.0 89.8 84.4 84.0 88.0 94.3 96.4 77.0 64.0 94.6 113.8 114.7 133.2 139.9 138.9 139.2 128.0 110.6 130.0 75 83 91 96 100 101 105 95 89 97 63.5 70.2 77.8 84.6 90.6 94.8 98.1 107.9 110.2 118.4 Annual rates Annual rates 1992: Apr May T J July . J * 427.6 428.0 426.7 425.7 419.6 Sept 429.3 432.2 Oct 309.8 307.0 312.2 305.8 302.0 308.8 436.1 439.9 320.7 441.3 327.8 446.7 446.2 444.4 Dec 1993- Jan Feb r Mar ' Apr ' 315.9 317.5 331.8 330.3 328.1 182.6 182.9 184.6 181.2 184.2 186.3 192.6 194.8 198.5 128.8 128.1 128.7 126.9 129.1 131.4 134.9 137.3 140.2 65.9 63.6 66.8 63.5 57.9 61.2 62.8 63.2 61.2 61.2 60.5 60.7 61.2 59.8 61.2 60.5 59.5 61.0 204.8 205.0 205.0 202.2 140.6 140.7 141.1 138.5 61,6 64.1 62.2 62.1 61.4 62.8 63.1 63.9 99 91 95 r 94 93 96 105 98 r 95 !03 97 95 94 113.6 114.9 115.9 116.2 484 423 512 504 512 463 546 510 511 443 479 524 548 117.8 121.0 114.5 119.9 117.6 120.5 116.4 118.7 119.2 1 Includes 2 Includes 3 756 955 1,097 1,016 1,019 973 961 783 577 544 r Sources: Department of Commerce {Bureau of the Census) and McGraw-Hill Information Systems Company, F.W. Dodge Division. residential improvements, not shown separately. hotels and motels. F.W. Dodge series. NEW PRIVATE HOUSING AND VACANCY RATES [Thousands of units or homes, except as noted] New private homes New private housing units Period Units started, by type of structure Total 1983 1984 1985 .. 1986 1987 .. 1988 1989 1990 1991 1992 1,703.0 1,749.5 1,741.8 1,805.4 1,620.5 1,488.1 1,376.1 1,192.7 1,013.9 1,199.7 1 unit 1,067.6 1,084.2 1,072.4 1,179.4 1,146.4 1,081.3 1,003.3 894.8 840.4 1,029.9 2-4 units 113.5 121.4 93.4 84.0 65.3 58.8 55.2 37.5 35.6 30.7 5 or more units 522.0 544.0 576.1 542.0 408.7 348.0 317.6 260.4 137.9 139.0 Units authorized 1,605.2 1,681.8 1,733.3 1,769.4 1,534.8 1,455.6 1,338.4 1,110.8 948.8 r 1,094.9 Units completed Homes sold Homes for sale at end of period * Yaeancy rate for rental housing units (percent) 2 1,390.3 1,652.2 1,703.3 1,756.4 1,668.8 1,529.8 1,422.8 1,308.0 1,090.8 1,157.5 623 639 688 750 671 676 650 534 509 610 301 353 346 357 366 368 365 321 284 265 5.7 5.9 6.5 7.3 7.7 7.7 7.4 7.2 7.4 7.4 1,120 1,079 1,194 1,181 1,234 1,133 1,128 1,137 1,229 1,227 552 552 552 584 622 625 672 637 615 662 279 274 273 273 271 270 267 264 262 265 7.4 603 266 268 270 270 Seasonally adjusted annual rates 1992: Mar May July Scot Oct Nov Dec 1993- Jan Feb r Mar ' Aor * 1 1,318 1,095 1,197 1,141 1,106 1,229 1,218 1,226 1,226 1,286 1,050 939 1,019 994 961 1,038 1,045 1,079 1,089 1,133 51 28 32 40 25 31 28 18 28 32 217 128 146 107 120 160 145 129 109 121 1,171 1,180 1,137 1,213 1,051 1,036 1,000 1,063 26 24 32 30 94 120 105 120 Seasonally adjusted. Quarterly data entered in last month of quarter. Series beginning 1989 not comparable with earlier data. NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data 2 ' 1,082 1,040 r 1,053 ' 1,048 r 1,083 r 1,081 r r l,120 l,141 r ' 1,136 r l,196 r 1,157 1,141 1,034 1,101 r l,136 1,237 1,096 r 603 612 751 7.7 7.3 7.1 7.9 are for 16,000 places. Seasonally adjusted housing units authorized have been revised beginning 1991; unadjusted data revised beginning 1992. Source: Department of Commerce, Bureau of the Census. 19 BUSINESS SALES AND INVENTORIES—Manufacturing and Trade In March, manufacturing and trade sales rose 0.2 percent and inventories rose $6.4 billion. In April, according to advance data, retail sales rose 1.2 percent, following a decline of 0.8 percent in March. BILLIO NS OF DOLLARS * (RATIO SCALE) 300 BILLIOl-J.S OF DOLLARS * (RATIO SCALE) 1,000 900 800 -^- 1 -/ .— ^=\ —- 250 ^ Mf NUFACTURIf JO AND 700 ^ ~ T RADE INVEN DRIES • ^ V IL INVENTOR 200 600 ,,-— ~-v S-. •—--- 500 . ,-~~-' -^ v 150 \ ^ ^ ^ . " M/ NUFACRIRIr-4G Al- D TRADE SAt ES ' RETAIL SAL ES ^ 400 100 300 1 t 11111M 11 |||||[||||| RATIO 1.80 Illllllllll 111111111 n * INVENTORY-SALES RATIO 1.70 1.60 .-\/^-'V ki^X/f'^*-^/k£Tvi \i 200 1.50 RETAIL \ ? 1989 Illllllllll 1990 1991 1.30 1 I 1 III 1993 1992 i 11I 1 ANDTI ADE mi r If in i Hill 1 f i l l 1 1989 1990 11 i III 1 t i l l 1993 Inventory-sales ratio 4 Retail Wholesale Inventories 3 Sales 2 2 Inventories 3 Inventories a Sales 370,501 411,427 423,940 431,786 459,107 497,031 523,729 543,097 538,233 560,039 591,858 651,527 665,837 664,654 711,745 767,512 813,666 837,228 833,213 848,805 100,440 113,502 114,816 116,326 124,340 135,357 144,158 149,489 147,635 152,337 131,663 144,223 149,155 155,445 165,814 180,519 188,539 196,901 201,285 209,232 552,126 552,488 551,257 , 559,606 563,656 556,733 563,454 566,005 569,483 581,479 832,031 835,471 835,106 839,721 843,101 845,350 844,388 845,341 846,585 848,805 151,394 150,557 148,496 151,221 154,124 152,495 153,405 154,011 154,032 155,297 201,463 201,699 200,878 204,299 204,626 205,609 205,114 206,093 208,424 209,232 581,760 585,369 586,316 851,018 854,563 860,989 159,507 158,987 158,745 210,139 169,232 209,765 169,116 211,321 '167,720 169,700 Sales 1992 COUNCIL OF ECONOMIC ADVISERS Period 2 inn In in 1991 •SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE Manufacturing and trade 1 -* . MANUFACTURING 1.40 nmliim mill -A J Total Nondurable goods stores Durable goods stores Total Durable goods stores Nondurable goods stores Manufacturing and trade1 Retail Millions of dollars, seasonally adjusted, except as noted 1983 1984 1985 1986 .. 1987 1988 1989 1990 1991 1992 . 1992: Mar T Apr May June July Aug Sept Oct Nov Dec 1993: Jan Feb r Mar " .... Apr'" 1 r r 160,048 160,182 161,282 161,133 162,316 163,224 164,211 167,603 167,291 169,155 See page 21 for manufacturing. Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. 2 20 64,943 69,369 73,075 75,746 80,453 85,664 91,974 98,230 100,965 104,777 32,571 37,873 41,510 45,057 47,989 52,469 54,873 55,919 54,492 58,758 97,514 107,243 114,586 120,803 128,442 138,133 146,847 154,149 155,456 163,535 57,281 57,073 57,553 57,777 58,352 58,369 59,172 61,051 60,610 61,873 r 62,216 60,978 60,775 62,087 r 3 r T 147,833 167,812 181,881 186,510 207,836 219,597 238,343 241,476 245,885 260,647 68,856 79,074 88,315 89,983 105,481 112,505 121,448 121,338 119,828 131,549 78,977 88,738 93,566 96,527 102,355 107,092 116,895 120,138 126,057 129,098 1.56 1.53 1.55 1.55 1.50 1.49 1.53 1.53 1.54 1.50 1.44 1.49 1.52 1.56 1.56 1.54 1.59 1.56 1.55 1.55 102,767 103,109 103,729 103,356 103,964 104,855 105,039 106,552 106,681 107,282 247,329 251,566 250,942 252,568 254,984 254,145 254,884 255,540 256,895 260,647 122,113 125,405 125,217 125,844 127,018 127,334 126,900 127,760 128,884 131,549 125,216 126,161 125,725 126,724 127,966 126,811 127,984 127,780 128,011 129,098 1.51 1.51 1.51 1.50 1.50 1.52 1.50 1.49 1.49 1.46 1.55 1.57 1.56 1.57 1.57 1.56 1.55 1.52 1.54 1.54 107,016 108,138 106,945 107,613 262,427 265,718 269,830 132,861 135,599 138,517 129,566 130,119 131,313 1.46 1.46 1.47 1.55 1.57 1.61 Seasonally adjusted, end of period. Annual data are averages of seasonally adjusted monthly ratios. Source: Department of Commerce, Bureau of the Census. 4 INVENTORIES, in March, manufacturers' shipments and inventories rose; new and unfilled orders fell. In April, according to advance data, durable goods shipments fell and new orders were unchanged. BILLIONS OF DOLLARS* (RATIO SCALE! 280 SHIPMENTS 240 ,, _ - ^-V. BILLIONS Of DOLLARS* (RATIO SCALE) « ___™. MO ^—sl*-^-*^ — ~\ 200 360 TOTAL TOTAL rin ?ABLE GOOD 5 160 , 120 \. -^ ^ 280 . -« ^ rr" -- \ 200 DURABLE GOODS N DNDURABLE 3OODS 160 X ~ \ 120 Illllllllll 1 NON DURABLE GO ODS r- ^ inn inn m i l h l l l l I l l l l l l l l l l I l l l l l l l l l l 80 BILUONS OF DOLLARS* (RATIO SCALE] 280 240 .— — • ! NEW ORDERS —-*—s- "~ -F-*"» 60 200 ( i ( [ TOTAL 160 DURABLE GOODS 120 •*-*. RATIO- / .' .jV.-.J. ^ — ^ "' ~, .**•-•-* * %- INVENTORY-SHIPMENTS RATIO 2 00 1.80 NONDURABLE GOODS 80 r^i I IMII ^— VA/j ^ ^ '- 1.40 - 60 I l l l l l l l l l l I l l l l l l l l l l I l l l l l l l l l l 1 1 1 IE 1 1 1 1 1 1 1989 1990 III Illl III 1 II M I N I II 1 III III II III I l l l l l l l l l l 1 M1 1 11 1 1 1I iimliiiii iiiiilnm 1989 1993 1992 1991 1.20 1990 V —^-~N . - miiliim Illllllllll 1992 1993 1991 COUNCIL OF ECONOMIC ADVISERS Manufacturers' shipments l Manufacturers' inventories 2 Manufacturers' new orders l 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' inventoryshipments ratio 3 Millions of dollars, seasonally adjusted, except as noted 172,547 190,682 194,538 194,657 206,326 223,541 232,724 239,459 235,142 244,167 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1992: Mar May July Sept Oct Nov Dec 1993- Jan Feb Mar ' Apr p .. 85,481 97,940 101,279 103,238 108,128 117,993 121,703 122,387 118,548 124,865 87,066 92,742 93,259 91,419 98,198 105,549 111,022 117,072 116,593 119,302 312,362 339,492 334,801 322,699 338,095 367,396 886,784 398,851 386,043 378,926 199,831 221,304 218,211 212,027 220,786 241,356 255,911 259,746 246,966 235,360 112,531 118,188 116,590 110,672 117,309 126,040 130,873 139,105 139,077 143,566 175,451 192,879 195,706 195,204 209,389 227,026 235,905 240,417 233,774 241,461 88,140 100,164 102,356 103,647 110,809 121,445 124,906 123,324 117,063 122,186 19,624 23,669 24,545 23,983 26,095 30,729 32,725 32,227 29,862 30,542 87,311 92,715 93,351 91,557 98,579 105,581 110,999 117,093 116,712 119,275 347,272 373,524 387,087 393,403 430,287 471,942 510,112 521,811 505,631 472,751 1.78 1.73 1.73 1.68 1.59 1.58 1.64 1.65 1.67 1.57 240,684 241,749 241,479 247,252 247,216 241,014 245,838 244,391 248,160 257,027 123,503 123,483 122,344 125,831 124,789 123,364 125,346 125,162 128,105 134,010 117,181 118,266 119,135 121,421 122,427 117,650 120,492 119,229 120,055 123,017 383,239 382,206 383,286 382,854 383,491 385,596 384,390 383,708 381,266 378,926 243,787 242,512 242,447 241,891 241,258 242,036 240,550 239,390 237,542 235,360 139,452 139,694 140,839 140,963 142,233 143,560 143,840 144,318 143,724 143,566 237,606 240,771 238,696 244,542 242,307 236,880 239,951 244,777 243,426 258,264 120,187 122,393 119,808 123,164 119,861 119,376 119,801 125,302 123,271 135,208 32,163 29,901 30,469 30,953 29,296 28,158 30,571 31,665 28,597 34,044 117,419 118,378 118,888 121,378 122,446 117,504 120,150 119,475 120,155 123,056 497,263 496,285 493,502 490,792 485,883 481,749 475,862 476,248 471,514 472,751 1.59 1.58 1.59 1.55 1.55 1.60 1.56 1.57 1.54 1.47 253,021 257,266 259,851 130,465 134,104 135,410 132,838 122,556 123,162 124,441 378,452 379,080 379,838 234,363 235,120 235,345 144,089 143,960 144,493 255,018 258,377 254,346 132,123 135,209 130,246 130,300 30,355 34,567 30,827 31,200 122,895 123,168 124,100 474,748 475,859 470,354 1.50 1.47 1.46 1 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales. 2 Seasonally adjusted, end of period. 3 Annual data are averages of seasonally adjusted monthly ratios. Source: Department of Commerce, Bureau of the Census. 21 PRICES PRODUCER PRICES In April, the producer price index for all finished goods rose 0.6 percent. Prices of finished consumer foods rose 1.4 percent and prices of other finished consumer goods rose 0.3 percent. Capital equipment prices rose 0.2 percent. INDE <, 1 982 - 1 00 (RATIO SCALE) INDEX, 1 982 - 1 00 (RATIO SCALE) SEASONAUY ADJU5TED FINISHED GOODS PRICES 130 130 CONSUMER F OODS ^,*^'—^ ^ ' * w "^,^ ' / 120 I CAPITAL EQUIPMENT X ^f - ^^TT* /c "^-~~^~- • 120 • 1 - — / 110 * \ ~ \( 110 ,-•' "\ :w K^- CONSUM :R GOODS EXCLUDE)G FOODS TOTAL ,. — V 100 100 V.''" - 1 1 M ll M 1 1 1 1985 1986 1 1 1 t 1 1 1 11 M 1987 M 1 1 1 111I 11 90 1988 M 1 1 1 1 1 1 1 11 1 1 1 t 1 1 M M 1 t 1 1 11 1 1 M 11 1991 1992 90 1 1 M 11 M 1 11 1990 1989 1993 COUNCIL OF ECONOMIC ADVISER SOURCE: DEPARTMENT OF LABOR s [1982 = 100; monthly data seasonally adjusted] Finished goods Intermediate materials Finished goods excluding consumer foods Period 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 r 1992' Apr May June July Sept Oct Nov Dec r 1993' Jan Feb Mar Apr 1 Total finished goods Consumer foods 101.6 103.7 104.7 103.2 105.4 108.0 113.6 119.2 121.7 123.2 122.8 123.2 123.5 123.5 123.6 123.9 124.0 123.8 123.8 101.0 105.4 104.6 107.3 109.5 112.6 118.7 124.4 124.1 123.3 122.6 122.5 122.8 122.7 123.6 124.1 124.2 123.5 125.1 124.0 124.5 125.0 125.7 123.9 123.8 124.4 126.2 Consumer goods Total finished consumer goods Total Foods and feeds ' Other Total Foodstuffs and feedstuffs Other Total Durable Nondurable Capital equipment 101.8 103.2 104.6 101.9 104.0 106.5 111.8 117.4 120.9 123.1 122.7 123.2 123.6 123.7 123.5 123.7 123.8 123.7 123.3 101.2 102.2 103.3 98.5 100.7 103.1 108.9 115.3 118.7 120.8 120.3 121.0 121.5 121.6 121.2 121.5 121.8 121.6 120.9 102.8 104.5 106.5 108.9 111.5 113.8 117.6 120.4 123.9 125.7 125.9 125.8 125.5 126.0 126.3 126.0 125.3 125.9 126.0 100.5 101.1 101.7 93.3 94.9 97.3 103.8 111.5 115.0 117.3 116.5 117.6 118.4 118.4 117.7 118.3 118.9 118.4 117.4 102.8 105.2 107.5 109.7 111.7 114.3 118.8 122.9 126.7 129.1 129.1 129.2 129.1 129.2 129.5 129.5 129.3 129.5 129.7 101.3 103.3 103.8 101.4 103.6 106.2 112.1 118.2 120.5 121.7 121.1 121.6 122.1 122.1 122.1 122.5 122.6 122.3 122.3 100.6 103.1 102.7 99.1 101.5 107.1 112.0 114.5 114.4 114.7 114.1 114.5 115.3 115.3 115.3 115.5 115.2 114.9 114.9 103.6 105.7 97.3 96.2 99.2 109.5 113.8 113.3 111.1 110.7 111.0 111.2 111.5 110.1 109.6 110.4 109.7 110.2 111.1 100.5 103.0 103.0 99.3 101.7 106.9 111.9 114.5 114.6 114.9 114.2 114.7 115.5 115.6 115.6 115.7 115.4 115.2 115.1 101.3 103.5 95.8 87.7 93.7 96.0 103.1 108.9 101.2 100.4 98.1 100.1 101.5 101.6 100.9 103.0 102.7 102.6 101.5 101.8 104.7 94.8 93.2 96.2 106.1 111.2 113.1 105.5 105.1 104.2 105.7 105.9 104.7 104.5 104.6 105.6 104.7 105.9 100.7 102.2 96.9 81.6 87.9 85.5 93.4 101.5 94.6 93.5 90.4 92.6 94.8 95.7 94.8 97.9 96.8 97.4 94.8 124.0 124.6 125.1 125.4 121.6 122.4 122.9 123.3 126.6 127.1 127.4 128.0 118.1 118.9 119.6 119.9 130.0 130.6 130.8 131.0 122.5 123.0 123.5 124.3 115.3 115.9 116.3 116.5 111.4 110.9 110.1 111.7 115.6 116.2 116.6 116.7 101.9 101.4 101.8 103.0 106.0 106.1 106.2 108.9 95.3 94.5 95.0 95.3 Total Intermediate materials for food manufacturing and feeds. 22 Crude materials Source: Department of Labor, Bureau of Labor Statistics. CONSUMER PRICES—ALL URBAN CONSUMERS In April, the consumer price index for all urban consumers rose 0.4 percent, seasonally adjusted (it rose 0.3 percent not seasonally adjusted). The index was 3.2 percent above its year-earlier level. INDEX, 1982-84 « 100 (RATIO SC ALE] 150 INDE X, 1982-84 = 100 (RATIO SCALE) 150 SEASONALLY ADJUSTED ^ 140 140 ->^_ ^-^ / I 130 CONSUMER PRICES— ALL ITEMS ^. 130 ^ 120 120 -^1 ^ -^r 110 110 100 100 90 90 I,,,,, 1985 80 1 1 1 t 1 11 1 1 1 1 1 1 I 1 1 1 1 I 1 1 I 1987 1986 1 1 1 1 1 I H 1 1 1 1 1 1 ! 1 1 1 ! 1 t | 1988 1989 mnl M 1 1 1 1 1 I1 M 1990 I 1 1 1 1 1 M 1991 1 1 1 1992 SEE NOTE ON TABIE BE LOW SOURCE: DEPARTMENT OF LABOR 1 1 1 1 1 1M 1 11 80 1993 COUNCIL OF ECONOMIC ADVISERS [1982-84=100, except as noted; monthly data seasonally adjusted, except as noted] All items L Transportation Housing Shelter Period Rel. imp.3.... 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1992: Apr May June July Aug Sept Oct Nov Dec 1993: Feb ... Mar Apr Not seasonally adjusted (NSA) Seasonally adjusted 1000 Total Renters' costs (Dec. 1982 = 100) Homeowners' costs (Dec. 1982 = 100) Maintenance and repairs (NSA) Food Total ' Fuel and other utilities Apparel and upkeep Total J New cars Motor fuel Medical care Ener2 All items less food and energy gy 15.8 99.4 103.2 105.6 109.0 113.5 118.2 125.1 132.4 136.3 137.9 99.6 103 9 107.6 109 6 113.6 1183 124.0 130 7 136.2 140.3 41.4 99.5 103.6 107.7 110.9 114.2 118.5 123.0 128.5 133.6 137.5 27.9 99.1 104.0 109.8 115.8 121.3 127.1 132.8 140.0 146.3 151.2 8.0 103.0 108.6 115.4 121.9 128.1 133.6 138.9 146.7 155.6 160.9 19.7 102.5 107.3 113.1 119.4 124.8 131.1 137.3 144.6 150.2 155.3 0.2 99.9 103.7 106.5 107.9 111.8 114.7 118.0 122.2 126.3 128.6 7.3 100.2 104.8 106.5 104.1 103.0 104.4 107.8 111.6 115.3 117.8 6.0 100.2 102.1 105.0 105.9 110.6 115.4 118.6 124.1 128.7 131.9 17.0 99.3 103.7 106.4 102.3 105.4 108.7 114.1 120.5 123.8 126.5 4.0 99.9 102.8 106.1 110.6 114.6 116.9 119.2 121.0 125.3 128.4 3.3 99.4 97.9 98.7 77.1 80.2 80.9 88.5 101.2 99.4 99.0 6.9 100.6 106.8 113.5 122.0 130.1 138.6 149.3 162.8 177.0 190.1 7.3 99.9 100.9 101.6 88.2 88.6 89.3 94.3 102.1 102.5 103.0 76.9 99.6 104.6 109.1 113.5 118.2 123.4 129.0 135.5 142.1 147.3 139.5 139.7 140.2 140.5 140.9 141.3 141.8 142.0 141.9 139.7 139.9 140.2 140.6 140.9 141.1 141.7 142.0 142.2 138.1 137.5 137.6 137.5 138.3 138.7 138.7 138.8 139.2 136.7 136.9 137.4 137.6 137.9 138.0 138.5 138.8 138.9 150.1 150.4 150.9 151.1 151.4 151.6 152.2 152.6 152.9 159.0 159.7 160.2 160.2 160.6 161.2 161.8 162.1 161.9 154.5 154.6 155.2 155.4 155.7 155.8 156.4 156.8 157.4 128.0 128.1 128.5 128.8 128.1 128.5 129.4 129.5 129.3 117.0 117.2 117.4 118.1 118.5 118.6 118.9 119.2 119.3 130.8 131.8 132.1 132.7 132.4 131.9 132.4 132.3 131.9 125.9 126.1 126.5 127.1 126.9 126.9 127.8 128.4 128.5 127.9 128.1 128.3 128.5 128.9 129.2 129.2 129.4 129.5 97.4 98.1 100.4 101.4 99.8 99.5 100.2 100.3 99.8 188.0 188.9 189.8 190.8 191.7 192.6 193.7 194.7 195.5 101.3 101.8 103.1 103.8 103.4 103.4 103.9 104.1 103.9 146.7 147.1 147.3 147.8 148.1 148.2 148.9 149.3 149.6 142.6 143.1 143.6 144.0 142.9 143.4 143.6 144.2 139.7 139.9 140.1 140.6 139.3 139.6 140.0 140.7 153.5 154.0 154.2 155.0 161.9 162.5 162.8 163.8 158.2 158.7 158.9 159.6 129.7 130.5 131.5 131.8 119.4 118.8 120.2 120.7 133.0 135.0 134.3 134.3 129.3 129.9 130.0 130.2 129.8 129.8 130.1 130.7 101.2 101.8 101.4 100.8 196.7 197.7 198.2 199.3 104.4 104.0 104.7 104.9 150.3 151.0 151.2 151.8 1 Includes items not shown separately. Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc. also included through 1982. 3 Relative importance, December 1992. 2 NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership costs ind therefore are not strictly comparable with figures for earlier periods. Data beginning 1987 and 1988 calculated on a revised basis. Source: Department of Labor, Bureau of Labor Statistics. 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Change from preceding period Change from 3 months earlier, annual rate Change from 6 months earlier, annual rate Consumer goods Consumer goods Consumer goods Total Bnished goods Period Capital equipment Excluding foods Foods Total finished goods Excluding foods Foods Capital equipment Total finished goods Excluding foods Foods Capital equipment Change from year earlier, total finished goods NSA Change, Dec. to Dec., NSA 0.6 1.7 1.8 -2.3 2.2 4.0 4.9 5.7 1 1.6 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 r -0.9 .8 2.1 -6.6 4.1 3.1 5.3 8.7 -.7 1.6 2.3 3.5 .6 2.8 2 5.7 5.2 2.6 1.5 1.6 2.0 1.8 2.7 2.1 1.3 3.6 3.8 3.4 2.5 1.7 1.6 2.1 1.0 -1.4 2.1 2.5 5.2 4.9 2.1 1.2 Change, month to month 1 .2 .1 .7 .4 .1 -.6 1.3 May July Sept Oct Nov Dee r 1993- Jan r Feb Mar ' . ... 0.4 .6 .4 .1 -.3 .2 .2 -.2 -.6 0.2 .1 — .1 .1 .2 0 -.2 .2 .2 3.3 3.3 2.3 1.3 1.3 1.6 .6 -.3 0 — 19 -.6 .3 3.6 4.3 5.0 -.3 3.3 4.4 5.5 5.8 4.4 .7 0 .7 1.3 -2.0 2.5 2.5 .9 .3 .9 1.2 .3 0 .6 1.3 1.6 2.6 2.6 2.3 2.3 2.0 1.0 .5 — 1.1 -1.0 -.5 .2 .8 1.8 2.6 1.6 3.8 1.7 2.4 4.1 4.4 3.0 2.9 2.5 1.0 -1.0 2.8 2.7 2.2 1.4 1.7 1.1 .3 .5 .9 1.1 1.1 1.6 1.7 1.6 1.6 1.8 1.4 1.6 -1.0 -.1 .5 1.4 0.2 .3 .2 0 .1 .2 .1 -.2 0 1992- Apr .6 .7 .4 .3 .2 .5 .2 .2 0 2.3 3.9 5.6 -1.0 1.0 -2.2 7.6 .7 2.7 6.8 5.7 2.2 3.4 3.4 3.1 .8 1.5 1.8 2.8 2.0 .3 .5 3.2 0 2.0 2.3 2.5 1.2 1.7 2.0 2.6 1.8 1.8 2.0 2.4 -0.3 .2 .4 .4 .6 3.0 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] Transportation Housing Shelter Period All items l Food Total 1 Total ' Homeowners' costs Renters' 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) Prom previous quarter 3 From 3 months earlier From 6 months earlier From year earlier NSA Change, December to December, NSA 3.8 3.9 3.8 1.1 4.4 4.4 4.6 6.1 3.1 2.9 2.7 3.8 2.6 3.8 3.5 5.2 5.6 5.3 1.9 1.5 3.5 4.3 4.3 1.7 3.7 4.0 3.9 4.5 3.4 2.6 4.7 5.2 6.0 4.6 4.8 4.5 4.9 5.2 3.9 2.9 5.1 5.9 6.3 5.0 3.9 3.9 4.5 6.7 4.2 2.8 4.5 5.1 5.9 4.6 5.3 4.7 5.1 4.7 3.7 2.9 Apr May June July Aug Sept Oct Nov Dee 0.3 .1 .2 .3 .2 .1 .4 .2 .1 0.1 — .4 .1 -.1 .6 .3 0 .1 .3 0.2 .1 .4 .1 .2 .1 .4 .2 .1 0.1 .2 .3 .1 .2 .1 .4 .3 .2 0.1 .4 .3 0 .2 .4 .4 .2 -.1 0.2 .1 .4 .1 .2 .1 A .3 .4 0.4 .2 .2 .6 .3 .1 .3 .3 .1 Jan Feb Mar Apr .5 .3 .1 .4 .4 .1 .1 .4 .3 .2 .3 .5 .4 .3 .1 .5 0 .4 .2 .6 .5 .3 .1 .4 .1 -.5 1.2 .4 1983 1984 1985 1986 1987 1988 1989 1990 1391 1992 1.8 4.2 1.8 -5.6 1.6 2.9 3.2 4.0 2.9 2.3 2.9 2.0 2.8 .9 4.8 4.7 1.0 5.1 3.4 1.4 3.4 -1.7 2.5 -2.4 3.1 3.4 5.9 -30.7 1.8 18.7 2.1 -2.1 6.8 2.3 36.5 1.4 3.3 16.0 1.8 2.3 6.4 6.1 6.8 7.7 5.8 6.9 8.5 9.6 7.9 6.6 -0.5 .2 1.8 -19.7 8.2 .5 5.1 18.1 -7.4 2.0 4.8 4.7 4.3 3.8 4.2 4.7 4.4 5.2 4.4 3.3 0.4 .2 .3 .5 2 0 .7 .5 .1 0.3 .2 .2 .2 .3 .2 0 .2 .1 0 .7 2.3 1.0 -1.6 -.3 .7 .1 -.5 0.6 .5 .5 .5 .5 .5 .6 .5 .4 0.3 .5 1.3 .7 -.4 0 .5 .2 -.2 0.3 .3 .1 .3 .2 .1 .5 .3 .2 .6 .5 .1 .2 .2 0 .2 .5 1.4 .6 — .4 -.6 .6 .5 .3 .6 .5 -.4 .7 .2 .5 .5 .1 .4 3.9 3.1 2.6 5.9 6.1 3.0 4.0 10.4 -1.5 3.0 3.2 4.3 3.6 1.9 3.6 4.1 4.8 5.4 4.2 3.0 Change, month to month 1992: 1993: 1 2 -0.5 .8 .2 .5 -.2 -.4 .4 1 -.3 .8 1.5 5 o' Includes items not shown separately. Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc., also included through 1982. 24 2.9 2.9 3.2 3.7 3 Quarterly changes are shown in the last month of the quarter. Source: Department of Labor, Bureau of Labor Statistics. 3.5 3.2 2.6 2.6 2.9 2.6 3.2 3.2 3.2 3.5 3.1 3.1 3.1 3.0 2.6 2.9 3.0 2.9 3.2 3.0 3.1 3.2 3.1 3.0 3.2 3.0 2.9 3.4 4.0 4.0 3.7 3.3 3.6 3.6 3.6 3.3 3.2 3.1 3.2 PRICES RECEIVED AND PAID BY FARMERS In May, prices received by farmers were unchanged from their April level. Prices paid by farmers in April were 1.5 percent above their January level. (Data are not seasonally adjusted.) INDEX, 1977 = 100 (RATIO SCALE) INDEX, 1977 = 100 (RATIO SCALE] 200 200 180 180 160 PRICES PAID 140 . PRICES RECEIVED - 120 80 I ItIlIII 1 I II IIII 120 Ii i i i IIIIIIIIIIIIi I I I I I II I II II II II III II I I I I I I I I I so RATIO.!/ 140 I RATIO-L1 140 120 120 1993 COUNCIL OF ECONOMIC ADVISERS [1977 = 100; not seasonally adjusted] Prices received by farmers Period 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 . All farm products 1992- May July 1993' Jan Feb Mar May 1 Livestock and products Crops Production items, interest, taxes, and wage rates Production items Ratio 2 ... . 128 138 120 107 106 126 134 127 129 121 141 146 136 138 146 150 160 170 161 157 161 164 162 159 162 170 178 184 189 191 159 161 156 150 152 160 167 172 175 176 152 155 151 144 148 157 165 171 174 174 84 87 79 77 78 81 83 81 77 73 141 140 138 138 138 138 136 137 123 121 117 116 117 117 115 118 158 157 158 160 158 158 156 156 (3) <3> 192 (3) (3) 192 (3) (3) (3) <3> 177 (3) (3) 176 (3) (3) (3) (3) 175 (3) (3) 175 (3) (3) 74 73 72 72 72 72 71 71 139 140 142 r !46 146 117 118 116 r !26 122 159 162 166 r !67 168 194 (3) (3) 197 (3) 178 (3) (3) 181 (a) 176 (3) <3> 179 (3) 72 72 73 74 74 Includes items not shown separately. 2 Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wage rates. See also footnote 3. 3 Beginning March 1986, prices paid by farmers are available only for first month in quarter, and for each month the received/paid ratio is based on latest data available. All commodities, services, interest, taxes, and wage rates * 135 142 128 123 127 138 147 149 145 140 . Sept Oct Nov Dec Prices paid by farmers 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. 9..S MONEY, CREDIT, AND SECURITY MARKETS MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES M2 and M3 rose in April. BILLIONS OF DOLLARS* (RATIO SCALE) 4,800 4,400 4,000 BILLIONS OF DOLLARS- (RATIO SCALE) 4,800 4,400 4,000 -V 3,600 3,600 3,200 3,200 -V 2,800 2,800 M2 2,400 2,400 2,000 1,600 1,600 1,200 mill 1990 COUNCIL OF ECONOMIC ADVISERS [Averages of daily figures, except as noted; billions of dollars, seasonally adjusted] Ml 1983* 198419851986* 19871988* 19891990' 19911992- Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec , 1992- Mar May July Sent Oct Nov Dec 1993- Jan ' Feb ' Mar ' Anr 1 „ M3 Sum of currency, demand deposits, travelers' checks, and other checkable deposits (OCDs) Period M2 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 1 3 plus 1 other liquid assets Debt Debt of domestic nonfinancial sectors (monthly average) * Percent change from year or 6 months earlier 2 Ml M2 M3 Debt 521.2 552.4 620.1 724.5 750.0 787.1 794.6 827.2 899.3 1,026.6 2,186.5 2,376.0 2,572.4 2,816.0 2,917.2 3,078.3 3,233.3 3,345.5 3,445.8 3,497.0 2,693.1 2,988.2 3,203.6 3,491.6 3,674.8 3,915.5 4,056.1 4,116.7 4,168.1 r 4,166.5 3,154.4 3,529.6 3,830.9 4,131.9 4,333.5 4,669.4 4,886.1 4,966.6 4,982.2 '5,052.1 5,244.6 6,008.2 6,875.3 7,795.2 8,546.2 9,326.3 10,076.7 10,751.3 11,192.7 11,768.2 9.9 6.0 12.3 16.8 3.5 4.9 1.0 4.1 8.7 14.2 12.0 8.7 8.3 9.5 3.6 5.5 5.0 3.5 3.0 1.5 10.3 11.0 7.2 9.0 5.2 6.6 3.6 1.5 1.2 -.0 11.6 14.6 14.4 13.4 9.6 9.1 8.0 6.7 4.1 5.1 935.1 941.2 952.2 952.6 963.3 975.5 990.1 1,005.9 1,019.1 1,026.6 3,467.8 3,464.8 3,467.5 3,462.1 3,463.6 3,472.4 3,480.2 3,491.4 3,498.0 3,497.0 4,184.9 4,177.9 4,179.8 4,170.1 4,169.0 4,178.7 '4,183.0 r 4,180.0 r 4,178.5 r 4,166.5 5,010.1 5,009.1 '5,011.0 5,014.8 5,012.5 r 5,025.9 '5,037.4 '5,042.3 '5,055.9 '5,052.1 11,338.7 11,393.4 11,441.3 11,493.5 11,537.8 11,584.5 11,624.7 11,652.2 11,707.6 11,768.2 14.4 14.0 13.7 11.9 11.4 10.6 11.8 13.7 14.1 15.5 2.9 2.5 1.8 .9 .7 .3 .7 1.5 1.8 2.0 1.7 1.1 .8 .1 -.2 5 — .1 .1 -.2 4.4 4.7 4.9 5.4 5.5 5.4 5.0 4.5 4.7 4.8 1,033.3 1,033.1 1,035.4 1,043.2 3,487.0 3,475.2 3,472.7 3,473.3 4,140.9 4,134.4 4,129.0 4,136.1 5,030.4 5,023.8 "5,025.1 11,795.1 11,837.1 '11,902.6 14.5 11.8 9.2 7.4 1.4 .2 -.4 -1.0 -1.3 21 -2.6 -2.1 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. 2 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate. 26 L NOTE.—See p. 27 for components. Source: Board of Governors of the Federal Reserve System. t 4.5 4.4 4.8 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 Money market Overnight mutual fund repurbalances 2 chase agreeGenerOther ments al checkpur(RPs), able Instinet, pose depostution plus and its only overbroker/ (OCDs) night dealer Eurodollars ' Savings deposits, including money market deposit accounts (MMDAs) Large denomination time deposits 3 NSA 19831984: 1985: 1986: 19871988: 19891990: 1991: 1992: 1992- Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Mar May , 3 July Sept Oct Nov Dec 1993- Jan ' Feb '. Mar * 146.2 238.5 156.1 244.0 167.9 266.9 180.8 302.3 196.9 287.1 212.3 287.1 222.7 279.8 246.7 278.2 267.2 290.5 292.3 340.9 271.9 308.0 273.6 310.8 275.1 314.7 276.6 312.3 279.5 317.5 282.4 322.5 286.3 329.0 288.0 336.0 289.8 339.5 292.3 340.9 294.7 341.9 296.8 341.9 299.0 342.0 301.4 ' 347.3 131.9 147.3 179.7 235.3 259.3 280.7 285.3 294.5 333.8 385.2 347.5 349.0 354.7 355.9 358.6 362.8 366.7 373.7 381.6 385.2 388.6 386.4 386.4 386.4 55.6 60.6 73.5 82.3 84.1 83.2 77.6 74.7 76.3 73.8 74.7 72.7 69.5 72.5 72.8 76.2 73.8 75.0 75.1 73.8 72.3 72.9 73.2 69.8 41.9 63.2 65.5 86.1 92.7 92.0 108.8 135.9 182.1 202.3 192.2 195.9 202.2 206.3 212.5 220.9 220.7 210.9 209.2 202.3 197.7 201.9 200.9 200.4 139.1 168.0 177.2 209.0 222.6 242.9 317.4 350.5 363.9 342.3 358.0 354.5 354.9 353.5 350.4 348.9 343.9 346.3 343.7 342.3 339.6 333.6 333.1 331.7 1 Includes continuing contract RPs. Data prior to 1983 are not seasonally adjusted. Small denomination and large denomination deposits are those issued in amounts of less than $100,000 and more than $100,000, respectively. 2 3 685.0 704.7 815.1 940.9 937.6 926.6 891.0 920.8 1,042.5 1,186.0 1,094.3 1,107.5 1,119.6 1,126.0 1,134.5 1,145.7 1,158.9 1,170.5 1,180.4 1,186.0 1,184.3 1,182.3 1,178.8 1,181.6 784.1 888.9 885.5 858.9 922.8 1,038.3 1,152.7 1,172.3 1,064.7 870.2 1,004.0 986.1 969.6 955.7 941.5 926.9 912.7 896.5 881.7 870.2 860.9 854.9 850.1 843.6 327.6 416.5 434.1 431.3 475.4 525.4 548.8 489.6 424.7 357.5 407.4 402.1 395.9 389.3 382.5 378.1 373.7 367.0 361.3 357.5 350.7 346.3 340.5 343.3 Term repurchase agreements (RPs) Term Eurodollars (net) NSA Small denomination time deposits 3 NSA 49.9 57.6 62.4 80.6 106.0 121.8 99.0 89.6 72.5 r 80.7 74.3 74.1 76.4 76.4 75.1 r 75.8 r 77.6 r 79.7 r 81.5 r 80.7 79.9 82.2 85.8 88.4 91.5 82.9 76.5 83.8 91.0 105.7 79.5 68.7 57.6 45.6 58.0 54.9 52.8 51.9 51.1 51.4 49,4 48.1 47.2 45.6 43.5 46.2 48.6 48.5 Savings bonds Shortterm Treasury securities 71.1 74.2 79.5 91.8 100.6 109.4 117.6 126.1 138.0 156.8 141.3 142.4 143.5 144.6 145.8 147.4 149.3 151.9 154.7 156.8 158.9 161.1 "162.7 211.9 260.9 298.2 280.0 253.1 269.2 324.9 331.1 315.0 ' 340.0 325.1 325.9 329.4 330.1 324.8 322.9 r 321.0 r 321.8 ' 330.1 * 340.0 347.1 350.5 " 349.6 Bankers' acceptances Commercial paper 45.0 133.2 45.4 160.8 42.0 207.6 37.0 231.4 44.3 260.7 39.9 335.5 40.2 347.3 357.1 35.6 23.4 337.7 20.4 368.4 22.2 336.7 21.8 341.0 22.0 336.4 22.0 348.1 21.7 351.2 21.1 355.7 20.7 363.4 20.5 368.0 20.3 372.4 20.4 368.4 20.6 363.0 20.1 357.8 "19.1 "364.7 NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not shown here. Source: Board of Governors of the Federal Reserve System, AGGREGATE RESERVES AND MONETARY BASE [Averages of daily figures '; millions of dollars; seasonally adjusted, except as noted by NSA] Borrowings of depository institutions from the Federal Reserve (NSA) Adjusted for changes in reserve requirements Reserves of depository institutions Period Total 1983: 1984: 1985: 1986: 1987: 1988: 1989: 1990: 1991: 1992: 1992: Dec Dec Dec Dec Dec Dec Dee Dec Dec Dec .... Apr May June July Aug Sept Oct Nov Dec 1993: Jan Feb Mar Apr " 1 25,367 26,845 31,448 38,943 38,862 40,398 40,492 41,767 45,533 54,351 48,992 49,496 49,316 49,629 50,341 51,274 52,836 53,815 54,351 54,665 54,922 55,166 55,197 Data are prorated averages of biweekly (maintenance period) averages of daily figures. Nonborrowed 24,593 23,659 30,129 38,116 38,085 38,683 40,227 41,441 45,341 54,228 48,902 49,341 49,087 49,345 50,091 50,987 52,693 53,711 54,228 54,500 54,876 55,074 55,123 Nonborrowed plus extended credit 24,595 26,263 30,628 38,419 38,568 39,927 40,247 41,464 45,342 54,228 48,904 49,341 49,087 49,345 50,091 50,987 52,693 53,711 54,228 54,501 54,877 55,074 55,124 Required 24,806 25,990 30,411 37,573 37,816 89,351 39,570 40,102 44,555 53,196 47,855 48,495 48,403 48,664 49,407 50,280 51,763 52,772 53,196 53,405 53,818 53,953 54,101 Monetary base Total 175,467 187,237 203,585 223,667 239,872 256,932 267,734 293,185 317,169 r 350,798 326,691 328,863 330,228 333,177 336,844 341,585 344,849 347,832 r 350,798 353,224 '355,734 358,374 360,635 774 3,186 1,318 827 777 1,716 265 326 192 124 90 155 229 284 251 287 143 104 124 165 45 91 73 Seasonal 96 113 56 38 93 130 84 76 38 18 47 98 149 203 223 193 114 40 18 11 18 26 41 Extended credit 2 2,604 499 303 483 1,244 20 23 1 1 2 0 0 0 0 0 0 0 1 1 0 0 0 Source: Board of Governors of the Federal Reserve System. 27 BANK LOANS AND SECURITIES Total commercial bank loans and leases rose 0.1 percent in April; commercial and industrial loans fell 0.5 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 1,200 800 U.S. GOVERNMENT SECURITIES OTHER SECURITIES A- 200 200 160 160 1987 1988 120 I I I I I I I I II I I I I I I I I I II 1985 1989 1993 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars, seasonally adjusted *] All commercial banks Loans and leases Period 1983: 1984: 1985: 1986: 1987: 1988: 1989: 1990: 1991: 1992: 1992: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec r.... Apr May June July Aug Sept ''.. Oct r.... r Nov .... Dec r.... 1993: Jan r ... Feb r... Mar r... Apr lotal loans and securities 2 U.S. Government securities 1,552.2 1,722.9 1,910.4 2,093.7 2,241.2 2,422.9 2,590.8 2,732.4 2,836.9 2,937.6 2,874.3 2,875.3 2,882.8 2,886.9 2,902.2 2,917.4 2,926.0 2,932.4 2,937.6 2,932.7 2.936.6 2,950.4 2,962.8 259.2 259.8 270.8 310.1 335.8 362.7 397.0 452.1 559.3 657.1 590.8 600.2 610.7 619.2 632.6 640.6 647.3 651.4 657.1 656.9 667.3 681.7 691.6 Other securities 169.1 140.9 179.0 193.9 195.8 193.7 182.4 178.8 179.9 176.0 178.5 176.9 175.8 177.9 178.2 178.2 178.8 177.3 176.0 174.0 175.2 177.0 178.3 Total 2 1,123.9 1,322.2 1,460.6 1,589.7 1,709.6 1,866.5 2,011.4 2,101.4 2,097.8 2,104.5 2,104.9 2,098.2 2,096.2 2,089.8 2,091.4 2,098.6 2,099.8 2,103.8 2,104.5 2,101.7 2,094.1 2,091.8 2,093.0 Commercial and industrial 414.2 473.2 500.2 536.7 566.4 605.3 638.4 642.6 617.0 597.6 609.0 607.6 604.6 602.5 601.4 601.2 600.8 600.5 597.6 598.2 596.1 592.5 589.7 Keal estate Individual Security Nonbank financial institutions 331.0 376.3 425.9 494.1 587.2 670.1 760.1 843.4 871.8 892.4 881.8 883.3 881.8 881.5 883.1 886.8 890.7 892.5 892.4 889.0 886.9 887.5 887.2 212.9 254.2 295.0 315.4 328.2 354.8 375.2 380.3 363.9 355.5 360.8 359.2 359.0 358.6 357.4 357.0 355.8 355.4 355.5 358.2 360.3 360.9 364.4 28.0 35.0 43.3 40.3 34.5 40.9 41.3 44.7 54.3 64.8 63.4 60.9 63.3 60.5 61.6 64.0 64.7 64.2 64.8 63.0 61.7 62.5 60.8 30.4 31.6 32.8 35.3 32.1 32.5 34.4 35.9 41.4 43.6 43.2 43.3 42.4 41.5 42.0 44.0 43.9 44.7 43.6 44.9 44.7 44.5 45.3 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. 2 Excludes loans to commercial banks in the United States. 28 State Agricultural political subdivisions 39.2 40.1 36.1 31.6 29.4 29.0 30.1 32.3 34.2 35.0 34.3 34.3 34.6 34.9 35.3 35.2 35.1 35.2 35.0 34.5 34.3 33.9 34.0 0.0 46.1 56.8 58.4 52.5 45.3 40.0 34.0 29.0 24.8 27.6 27.3 26.8 26.2 25.9 25.8 25.4 25.1 24.8 24.2 23.6 23.4 23.1 Foreign banks 13.4 11.4 9.7 10.1 7.7 7.6 8.2 7.7 7.3 7.7 6.7 7.0 7.5 7.7 7.2 7.9 7.6 7.5 7.7 7.7 8.5 8.1 8.0 Foreign official institutions Lease financing receivables 9.4 8.4 6.3 6.3 5.1 5.0 3.5 2.9 2.4 2.8 2.0 2.0 2.0 2.2 2.3 2.5 2.4 2.8 2.8 2.8 3.0 2.9 2.9 13.7 16.1 19.1 22.5 24.7 29.4 31.9 32.9 31.7 30.9 31.1 30.9 31.0 30.8 30.8 31.0 30.8 30.9 30.9 30.3 30.3 30.3 30.3 Other 31.8 29.9 35.5 39.0 41.7 46.5 48.1 44.9 44.7 49.5 45.1 42.4 43.3 43.2 44.3 43.2 42.6 45.0 49.5 48.8 44.5 45.3 47.4 NOTE.—Data have been revised beginning September 1992 to reflect new benchmark and other adjustments. Source: Board of Governors of the Federal Reserve System. SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE BUSINESS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Uses Sources External Credit market funds Period Total Internal * Total Total Loans and short-term paper Securities and mortgages Other 2 Total Capital expenditures 3 Increase in financial assets Discrepancy (sources less uses) 423.3 493.1 465.7 515.9 540.7 588.7 532.2 511.4 447.3 568.9 n m IV 1992: I ... n m IV. 131.0 156.8 113.9 179.2 164.8 184.4 132.3 103.9 30.8 115.6 80.1 98.0 58.5 129.8 67.6 69.3 49.4 23.4 22.0 80.3 44.6 -7.5 1.9 64.6 32.8 -6.7 -34.2 11 5 90.8 81.0 35.5 105.5 56.6 65.2 34.9 76.0 83.7 34.9 -68.8 -.7 50.9 58.8 55.4 49.4 97.1 115.1 82.9 80.5 8.7 35.3 420.5 502.3 457.8 502.4 473.4 554.2 512.2 482.4 425.5 549.5 300.1 398.5 374.9 351.9 365.1 394.4 406.0 395.1 363.9 385.3 120.4 103.8 83.0 150.4 108.4 159.8 106.2 87.3 61.6 164.2 2.8 -9.2 7.9 13.5 67.3 34.4 20.0 29.0 21.8 19.4 417.5 418.9 407.0 422.8 -46.7 58.9 82.9 28.0 12.3 41.1 28.2 6.3 76.1 113.8 78.1 94.6 -63.8 -72.7 -49.9 88.3 -59.0 17.8 54.7 21.6 336.5 436.8 489.7 439.0 353.5 351.3 371.5 379.2 -17.0 85.5 118.2 59.8 34.2 40.9 .2 11.7 560.7 565.2 552.3 597.6 1991- I 292.3 336.3 351.9 336.7 375.9 404.3 399.9 407.5 416.5 453.3 370.8 477.8 489.9 450.8 1983 . 1984 1985 1986 1987 1988 1989 1990.. 1991 1992 p 439.1 442.2 465.3 466.7 121.6 123.0 87.0 130.9 111.9 70.7 62.1 76.4 117.9 103.5 47.7 54.9 -6.0 -32.8 14.4 21.5 9.7 52.3 24.8 54.4 520.0 544.8 538.1 595.3 354.2 388.1 394.9 404.1 165.8 156.7 143.2 191.2 40.8 20.3 14.2 2.3 1 Undistributed profits (after inventory valuation and capital consumption adjustments), capital consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained abroad. 2 Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment in the U.S. 3 Plant and equipment, residential structures, inventory investment, and mineral rights from U.S. Government. Source: Board of Governors of the Federal Reserve System. CONSUMER INSTALLMENT CREDIT [Millions of dollars; seasonally adjusted] Net change in installment credit outstanding * Installment credit outstanding (end of period) Period Total Automobile Revolving Other 2 Total Automobile Revolving Other 2 1983: 1984: 1985: 1986: 1987: 1988: 1989: 1990: 1991: 1992: Dee Dec Dec ... Dec Dec .... Dec 3 Dec r. Decr Dec r... Dec ' 368,966 442,602 517,659 572,006 608,675 662,553 724,353 738,765 733,510 741,093 143,560 173,564 210,238 247,772 266,295 285,364 292,536 284,739 260,898 259,627 79,088 100,280 121,758 135,825 153,064 174,269 198,544 222,552 243,564 254,299 146,318 168,758 185,664 188,408 189,316 202,921 233,273 231,474 229,048 227,167 43,161 73,636 75,057 54,347 36,669 53,878 (4) 14,412 -5,255 7,583 17,615 30,004 36,674 37,534 18,523 19,069 (4) -7,797 -23,841 -1,271 12,634 21,192 21,478 14,067 17,239 21,205 (4) 24,008 21,012 10,735 12,912 22,440 16,906 2,744 908 13,605 (4) -1,799 -2,426 1 881 1992: Mar * Apr r May r June r. July r Aug r. Sept r Oct r. Nov r Dec r 734,434 731,736 730,612 730,866 730,496 731,023 733,023 734,195 736,023 741,093 262,087 260,746 259,844 257,989 258,259 258,827 259,433 258,208 258,860 259,627 246,324 246,987 247,205 248,795 248,980 249,384 250,456 251,806 252,086 254,299 226,023 224,002 223,562 224,081 223,257 222,812 223,135 224,181 225,077 227,167 210 -2,698 — 1,124 254 -370 527 2,001 1,171 1,829 5,070 1,422 — 1,341 -902 -1,855 270 568 606 -1,225 653 767 150 663 218 1,590 185 403 1,072 1,350 280 2,213 1,062 -2,021 440 519 825 -445 323 1,046 896 2,090 1993: Jan r Feb r Mar" 744,196 748,765 752,205 258,463 260,945 261,255 256,435 259,378 261,329 229,299 228,443 229,621 3,103 4,569 3,440 -1,164 2,482 310 2,136 2,943 1,951 2,132 -856 1,179 1 For year-end data, change from preceding year-end; for monthly data, change from preceding month. 2 Outstanding loans for mobile homes, education, boats, trailers, vacations, etc. 3 Data newly available in January 1989 result in breaks in many series between December 1988 and subsequent months. 4 Because of breaks in series, net change not available. Note.—Series revised beginning January 1989. Source: Board of Governors of the Federal Reserve System. 29 INTEREST RATES AND BOND YIELDS Interest rates rose in May. PERCENT PER ANNUM PERCENT PER ANNUM 14 14 COVHCH Of ECONOMIC ADVISERS [Percent per annum] U.S. Treasury security yields Period 3-month bills (new issues) ' 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1992: May July Sept Oct Nov Dec .. . . 1993- Jan Feb Mar May Constant maturities 2 3-year 10-year High-grade municipal bonds (Standard & Poor's) 3 Corporate Aaa bonds (Moody's) Prime commercial paper, 6 months * Discount rate (N.Y. F.R. Bank) 4 Prime rate charged by banks 4 8.63 9.58 7.48 5.98 5.82 6.69 8.12 7.51 5.42 3.45 3.66 3.70 3.28 3.14 2.97 2.84 3.14 3.25 10.45 11.89 9.64 7.06 7.68 8.26 8.55 8.26 6.82 5.30 5.81 5.60 4.91 4.72 4.42 4.64 5.14 5.21 11.10 12.44 10.62 7.68 8.39 8.85 8.49 8.55 7.86 7.01 7.39 7.26 6.84 6.59 6.42 6.59 6.87 6.77 9.47 10.15 9.18 7.38 7.73 7.76 7.24 7.25 6.89 6.41 6.57 6.50 6.12 6.08 6.24 6.43 6.35 6.24 12.04 12.71 11.37 9.02 9.38 9.71 9.26 9.32 8.77 8.14 8.28 8.22 8.07 7.95 7.92 7.99 8.10 7.98 8.89 10.16 8.01 6.39 6.85 7.68 8.80 7.95 5.85 3.80 3.97 3.99 3.53 3.44 3.26 3.33 3.67 3.70 8.50 8.80 7.69 6.33 5.66 6.20 6.93 6.98 5.45 3.25 10.79 12.04 9.93 8.33 8.21 9.32 10.87 10.01 8.46 6.25 3.50-3.50 3.50-3.50 3.50-3.00 3.00-3.00 3.00-3.00 3.00-3.00 3.00-3.00 3.00-3.00 6.50-6.50 6.50-6.50 6.50-6.00 6.00-6.00 6.00-6.00 6.00-6.00 6.00-6.00 6.00-6.00 3.06 2.95 2.97 2.89 2.96 4.93 4.58 4.40 4.30 4.40 6.60 6.26 5.98 5.97 6.04 6.18 5.87 5.65 5.78 5.81 7.91 7.71 7.58 7.46 7.43 3.35 3.27 3.24 3.19 3.20 3.00-3.00 3.00-3.00 3.00-3.00 3.00-3.00 3.00-3.00 6.00-6.00 6.00-6.00 6.00-6.00 6.00-6.00 6.00-6.00 2.88 2.89 3.00 3.06 4.24 4.30 4.48 4.60 5.92 5.96 6.12 6.14 5.76 5.77 5.86 5.86 7.37 7.41 7.48 7.46 3.13 3.14 3.22 3.30 3.00-3.00 3.00-3.00 3.00-3.00 3.00-3.00 New-home mortgage yields (FHFB)5 12.57 12.38 11.55 10.17 9.31 9.19 10.13 10.05 9.32 8.24 8.59 8.43 8.00 8.00 7.93 7.90 8.07 7.88 6.00-6.00 6.00-6.00 6.00-6.00 6.00-6.00 7.82 7.77 7.46 7.46 Week ended: 1993: May 8 15 22 29 1 Bank-discount basis. * Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department. a Weekly data are Wednesday figures. 4 Average effective rate for year; opening and closing rate for month and week. 30 5 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation. COMMON STOCK PRICES AND YIELDS Stock prices rose in May. IND! INDEX, DEC. 31, 1965=50 (RATIO S< :ALE) 260 ^^_ 240 /—~^^—~/' 220 .X, DEC. 31, 1965=50 (RATIO SCALE) 260 240 220 ^~^^^\ 180 120 100 /_^y 200 180 ~S\ -S\ 1 ^ \ \ \V* ^r^. STOCK 'RICE Ih / =OSITE 160 140 ' ^—^ 1 200 / 160 140 (NYSE) 120 100 80 60 80 1 1 1 11 1 1111 1 1 1 1 1 1 1 1 1 1 1 1985 1 II 1 1 1986 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 II 1 1 1 1 1 1 1 1 1 1 1 1987 1989 1988 1 1111 1 1111111111 11111 1991 1990 1 1 1 1 1 1 1 1 11 1992 1 1 1 1 1 PER :ENT PERC:ENT 20 EARNINGS-PRICE RATIO ON COMMON STOCKS (S&P) \ ^ -~v. 1 _- 1 1 1985 1 1 1986 1 1 15 10 • . •>- . 5 0 5 —^ 1 ^ 1987 1 1 1 1988 1 1 1 I 1989 1 1990 1 1 1 1991 I I 1992 SOURCES: NEW YORK STOCK EXCHANGE AN D STANDARD & POOR S CORPORATION Period Industrial Common stock yields (percent) 6 Transportation Utility 3 Finance 1992: May... July Sept Oct Nov Dec 1993- Jan Feb. Mar May Week ended: 1993- May 8 15 22 29 1 Average of daily closing prices. 2 Includes all the stocks (more than 3 Dividendprice ratio 160.41 160.46 186.84 236.34 286.83 265.79 322.84 334.59 376.18 415.74 4.40 4.64 4.25 3.49 3.08 3.64 3.45 3.61 3.24 2.99 414.81 408.27 415.05 417.93 418.48 412.50 422.84 435.64 2.99 3.06 3.00 2.97 3.00 3.07 2.98 2.90 203.38 209.93 217.01 216.02 209.40 3,376.79 3,337.79 3,329.41 3,307.45 3,293.92 3,198.70 3,238.49 3,303.15 3,277.72 3,367.26 3,440.74 3,423.63 3,478.17 435.23 441.70 450.16 443.08 445.25 211.68 209.90 206.71 209.33 3,444.17 3,457.07 3,482.09 3,529.37 443.32 442.15 444.94 450.58 Earningsprice ratio 2.88 2.81 r 2.76 2.82 2.80 2.82 2.82 2.80 2.77 107.45 108.01 123.79 155.85 195.31 180.95 216.23 225.78 258.14 284.62 89.36 85.63 104.11 119.87 140.39 134.12 175.28 158.62 173.99 201.09 94.00 92.88 113.50 142.72 148.60 143.54 174.86 181.20 185.32 198.92 228.61 224.68 228.17 230.07 230.13 226.97 232.84 239.47 207.93 202.02 198.36 191.31 191.61 192.30 • 204.78 212.35 221.00 226.96 229.42 237.97 237.80 196.52 194.46 202.36 206.82 204.52 203.24 202.26 207.70 239.67 243.41 248.12 244.72 246.02 285.25 279.54 281.90 284.44 285.76 279.70 287.30 294.86 292.11 294.40 298.75 292.19 297.83 95.34 89.28 114.21 147.20 146.48 127.26 151.88 133.26 150.82 179.26 175.90 174.82 181.00 180.47 178.27 181.36 189.27 196.87 211.04 218.89 225.06 227.56 222.41 245.08 244.72 245.73 248.54 295.01 295.37 298.78 302.17 236.46 236.60 238.02 240.10 224.47 222.74 220.02 222.42 2,000 in 1992) listed on the NYSE. Dec. 31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility index to facilitate trading of options and futures on the index. Such trading is expected to begin later this year. All indexes shown here have been revised to reflect the doubling. 4 Includes 30 stocks. Dow-Jones industrial average 4 Standard & Poor's composite index (194143 = 10)5 1,190.34 1,178.48 1,328.23 1,792.76 2,275.99 2,060.82 2,508.91 2,678.94 2,929.33 3,284.29 92.63 92.46 108.09 136.00 161.70 149.91 180.02 183.46 206.33 229.01 1983 1984 1985 1986 1987.. 1988 1989 1990 1991 1992 0 COUNCIL OF ECONOMIC ADVISERS New York Stock Exchange indexes (Dec 31, 1965 = 50 , except as noted) 2 Composite I 1993 Common stock prices l 60 1993 8.03 10.02 8.12 6.09 5.48 8.01 7.41 6.47 4.81 4.23 4.18 4.32 r 4.39 5 6 Includes 500 stocks. Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earningsprice ratios based on prices at end of quarter. NOTE.—AH data relate to stocks listed on the New York Stock Exchange (NYSE). Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation. 31 FEDERAL FINANCE FEDERAL RECEIPTS, OUTLAYS, AND DEBT In the first 7 months of fiscal 1993, there was a deficit of $174.7 billion, compared with a deficit of $184.8 billion a year earlier. BILLIONS OF DOLLARS BIOIONS OF DOUARS 1,400 1,600 RECEIPTS AND OUTLAYS-! 1,500 1,500 1,400 1,400 1,300 1,300 OUTLAYS-!; 1,200 1,200 1,100 1,100 1,000 1,000 900 900 RECEIPTS iJ 800 800 700 700 600 600 -100 -400 -400 1984 1985 1986 1987 1988 1989 1990 1992 1993 FISCAL YEARS ^INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS. SOURCES: DEPARTMENT OF THE TREASURY AND ORCE Of MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Total Fiscal year or period 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 .... 1989 1990 1991. .... 1992 1993 (estimates) Cumulative total, first 7 months: * Fiscal year 1992 Fiscal year 1993 Receipts Outlays On-budget Surplus or deficit (-) Receipts Receipts Outlays Surplus or deficit (-) Gross Federal debt (end of period) Total Held by the public 298.1 355.6 399.6 463.3 517.1 599.3 617.8 600.6 666.5 371.8 409.2 458.7 503.5 590.9 678.2 745.8 808.4 851.8 -73.7 -53.7 -59.2 -40.2 -73.8 -79.0 -128.0 -207.8 -185.4 231.7 278.7 314.2 365.3 403.9 469.1 474.3 453.2 500.4 302.2 328.5 369.1 403.5 476.6 543.1 594.4 661.3 686.0 -70.5 —49.8 -54.9 -38.2 — 72 7 -74.0 -120.1 -208.0 -185.7 66.4 76.8 85.4 98.0 113.2 130.2 143.5 147.3 166.1 69.6 80.7 89.7 100.0 114.3 135.2 151.4 147.1 165.8 32 -3.9 -4.3 -2.0 -1.1 -5.0 -7.9 .2 .3 629.0 706.4 776.6 828.9 908.5 994.3 1,136.8 1,371.2 1,564.1 477.4 549.1 607.1 639.8 709.3 784.8 919.2 1,131.0 1,300.0 734.1 769.1 854.1 909.0 990.7 1,031.3 1,054.3 1,090.5 1,145.7 946.4 990.3 1,003.9 1,064.1 1,143.2 1,252.7 1,323.8 1,380.9 1,467.6 -212.3 -221.2 — 149 8 -155.2 -152.5 -221.4 -269.5 -290.4 -322.0 547.9 568.9 640.7 667.5 727.0 749.7 760.4 788.0 833.9 769.6 806.8 810.1 861.4 932.3 1,027.6 1,082.1 1,128.5 1,200.4 -221.7 -238.0 — 169 3 -194.0 -205.2 -278.0 -321.7 -340.5 -366.5 186.2 200.2 213.4 241.5 263.7 281.7 293.9 302.4 311.8 176.8 183.5 193.8 202.7 210.9 225.1 241.7 252.3 267.2 9.4 16.7 19.6 38.8. 52.8 56.6 52.2 50.1 44.5 1,817.0 2,120.1 2,345.6 2,600.8 2,867.5 3,206.3 3,599.0 4,002.7 4,396.7 1,499.4 .1,736.2 1,888.1 2,050.3 2,189.3 2,410.4 2,687.9 2,998.6 3,303.8 632.1 659.6 816.9 834.3 -184.8 -174.7 455.9 480.7 674.1 683.7 -218.2 -203.0 176.1 178.9 142.7 150.7 33.4 28.2 3,822.2 4,189.0 2,867.1 3,145.6 1 Data from Monthly Treasury Statement. NOTE.—Data for fiscal 1992 and 1993 are from Budget of the United States Government, Fiscal Year 1994, issued April 8, 1993. Other data (except as noted) are from Budget Baselines, Histori- 32 Outlays Off-budget Surplus or deficit (-) cat Data, and Alternatives for the Future, January 1993. Sources: Department of the Treasury and Office of Management and Budget. FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 7 months of fiscal 1993, receipts were $27.5 billion higher than a year earlier and outlays were $17.4 billion higher. BILUC)NS OF DOLLARS 600 RECEIPTS1' BILLONS OF DCILLARS 600 INDIVIDUAL INCOME TAXES 500 •" ' 500 '"'"" 400 400 ^ .«•- • —• • * ~ ' ~ " " " — ^_ __ ^— •"" " ~ ~™ ™ \ SOCIAL INSURANCE TAXFS ANH roMTpiRi rnONK 300 200 CORPORATION iwrnup TAXFS \ OTHER RECEIPTS 300 200 100 100 1 0 1,300 1 1 1 1 1 1 1 0 1,300 OUTLAYS-1' 1,200 1,200 ^--' 1,100 1,100 -.-*•' 1,000 NONDEFENSE \ 900 \ 1,000 ^"" -- 900 ,^" 800 800 700 700 ^.--~"" 600 600 500 500 NATIONAL DEFENSE 400 400 \ 300 • 200 /l L^ 1 1— 1984 - 1 1985 1986 300 u 1 1987 1 1988 1 1989 1 1990 1991 1 IS 1992 200 1993 FISCAL YEARS ^INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS. OURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERs [Billions of dollars] On-budget and off-budget receipts Corporation income taxes 298.1 355.6 399.6 463.3 517.1 599.3 617.8 600.6 666.5 131.6 157.6 181.0 217.8 244.1 285.9 297.7 288.9 298.4 41.4 54.9 60.0 65.7 64.6 61.1 49.2 37.0 56.9 90.8 106.5 121.0 138.9 157.8 182.7 201.5 209.0 239.4 34.3 36.6 37.7 40.8 50.6 69.5 69.3 65.6 71.8 371.8 409.2 458.7 503.5 590.9 678.2 745.8 808.4 851.8 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 1,090.5 1,145.7 334.5 349.0 392.6 401.2 445.7 466.9 467.8 476.0 515.3 61.3 63.1 83.9 94.5 103.3 93.5 98.1 100.3 106.3 265.2 283.9 303.3 334.3 359.4 380.0 396.0 413.7 426.8 73.0 73.1 74.3 78.9 82.3 90.9 92.3 100.5 97.3 946.4 990.3 1,003.9 1,064.1 1,143.2 1,252.7 1,323.8 1,380.9 1,467.6 632.1 659.6 285.5 303.3 52.5 61.0 236.8 240.9 57.3 54.4 816.9 834.3 Total 1976 1977 1978 1979 1980 1981 1982 1983 1984 1 On-budget and off-budget outlays National defense Individual income taxes Fiscal year 1985 1986 . . 1987 1988 1989 1990 1991 1992 1993 (estimates) Cumulative total, first 7 months: 1 Fiscal year 1992 Fiscal year 1993 Social insurance taxes .. Other 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 30.4 252.7 273.4 282.0 290.4 303.6 299.3 273.3 298.4 290.6 245.2 265.5 274.0 281.9 294.9 289.8 262.4 286.9 277.2 16.2 14.2 11.6 10.5 9.6 13.8 15.9 16.1 18.3 170.8 173.2 163.8 166.2 12.2 11.5 Total Data from Monthly Treasury Statement. NOTE—.Data for fiscal 1992 and 1998 are from Budget a/ the United States Government. Focal Year U94, isiucd April 8, 1993. Other data (except as noted) are from Budget Baseline*, Histori- International affairs Total and contributions Department of Defense, military Income securi- Social securi- inter- ty ty est 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 89.5 105.3 65.8 70.2 75.1 78.9 85.0 98.1 104.5 119.0 132.7 128.2 119.8 123.3 129.3 136.0 147.0 170.3 197.0 209.2 188.6 198.8 207.4 219.3 232.5 248.6 269.0 287.6 304.9 129.5 136.0 138.7 151.8 169.3 184.2 194.5 199.4 201.5 131.8 142.1 125.9 139.4 158.8 203.9 225.1 173.9 205.0 50.6 56.8 67.9 74.4 119.2 129.5 163.8 173.3 117.6 115.9 114.8 99.1 Medicare Net Other cal Data, and Alternatives for the Future, January 1993. Sources: Department of the Treasury and Office of Management and Budget. 33 FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the first quarter of 1993, according to preliminary estimates. Federal receipts rose $20.4 billion (annual rate) and Federal expenditures fell $1.6 billion. BILLIONS OF DOLLARS BILUONS OF COLLARS 1,400 -200 1987 1988 CAIfNDAR 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: 1990 1991 1992 p Calendar year: 1989 1990 1991 1992 1982- IV 1983- IV 1984- IV 1985- IV 1986- IV 1987- IV 1988- IV 1989- IV 1990- IV 1991- I n m IV 1992- I n m IV 1993- I ' 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 1,089.6 1,114.9 1,144.5 473.2 472.1 470.1 113.8 104.4 110.5 63.8 74.8 80.3 438.7 463.5 483.6 1,249.5 1,310.9 1,433.3 417.6 447.1 446.5 504.5 510.7 604.5 128.3 146.9 169.2 175.1 183.1 188.1 23.9 23.1 25.1 0.0 -.0 .0 1,059.3 1,107.4 1,122.2 1,160.4 632.3 671.1 739.8 803.6 856.8 943.5 1,000.6 1,068.3 1,113.3 l,114.d 1,117.3 1,127.7 1,129.4 1,143.3 1,149.8 1,155.4 1,193.1 1,213.5 461.9 482.6 473.4 474.1 301.6 290.5 323.5 351.8 371.7 414.8 420.0 470.1 482.5 474.7 473.1 473.4 472.2 468.4 464.2 475.5 488.2 499.3 117.1 113.9 102.5 115.0 45.5 65.4 67.0 77.0 91.4 109.7 118.5 111.3 111.7 100.3 101.6 104.9 103.3 112.2 118.3 108.2 121.4 120.0 61.9 66.0 78.2 81.5 49.2 55.4 58.2 56.8 54.8 59.5 61.4 62.2 68.5 77.3 76.3 78.3 80.8 79.2 79.8 81.3 85.8 87.1 418.5 444.9 468.2 489.7 235.9 259.8 291.1 318.0 338.8 359.4 400.7 424.7 4S0.6 462.2 466.3 471.1 473.2 483.5 487.4 490.4 497.7 507.0 1,181.6 1,273.6 1,332.7 1,458.4 815.7 855.7 926.6 990.8 1,034.3 1,096.3 1,135.5 1,209.8 1,307.9 1,264.4 1,329.4 1,348.7 1,388.1 1,432.5 1,452.7 1,459.8 1,488.6 1,487.0 401.6 426.4 447.3 449.1 281.4 289.7 324.7 356.9 373.1 392.5 392.0 405.1 438.3 451.3 449.9 447.2 440.8 445.0 444.8 455.2 451.6 441.2 471.5 513.3 521.9 623.3 346.0 351.1 360.1 383.8 404.2 419.7 444.5 488.8 525.5 461.6 514.8 545.5 565.9 609.8 619.5 622.6 641.4 645.4 118.2 132.3 153.3 173.0 84.3 86.9 97.7 104.5 103.8 102.9 113.0 121.9 137.6 144.3 151.9 153.4 163.6 165.1 174.1 174.0 178.7 178.2 164.8 176.6 186.9 186.7 86.8 99.2 122.3 129.2 131.1 143.1 151.2 168.9 174.8 182.7 188.1 186.8 190.1 186.8 187.5 187.8 184.8 181.8 25.5 25.1 23.1 26.2 17.3 28.8 22.2 16.4 22.1 37.8 34.9 25.0 32.0 24.8 24.4 15.7 27.7 25.7 26.9 20.2 32.2 40.4 .0 .1 j .0 .0 .0 .6 .0 .0 2 .0 .0 .2 .2 -.4 .0 .0 .0 .0 .0 .0 .0 1 Source: Department of Commerce, Bureau of Economic Analysis. 34 Surplus or deficit (-), national income and product accounts 1599 -196.1 -288.8 -122.3 166 2 2104 -298.0 1834 -184.6 -186.8 187 2 -177.5 -152.7 134 9 141 5 -194.6 149 9 212 2 -221.0 -258.7 289 2 -302.9 -304.4 295 5 -273.5 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 Italy United Kingdom Canada Japan France Germany 81.2 91.0 96.1 95.4 100.0 105.3 104.9 100.5 96.4 97.2 85.5 93.4 96.8 96.6 100.0 109.3 115.9 121.4 124.1 117.3 96.5 97.1 97.2 98.0 100.0 104.6 108.8 110.9 111.2 110.0 90.9 93.5 97.7 99.6 100.0 103.9 108.8 114.5 117.9 115.5 88.9 91.8 92.9 96.2 100.0 105.9 109.2 109.4 107.1 106.5 89.6 89.7 94.6 96.9 100.0 103.6 104.0 103.4 100.4 100.0 99.6 103.9 107.6 109.6 113.6 118.3 124.0 130.7 136.2 140.3 100.4 104.8 108.9 113.4 118.4 123.2 129.3 135.5 143.1 146.4 99.8 102.1 104.1 104.8 104.9 105.7 108.0 111.4 115.0 116.9 100.3 108.0 114.3 117.2 121.1 124.4 128.9 133.2 137.2 141.0 100.3 102.7 104.8 104.7 104.9 106.3 109.2 112.1 116.0 120.6 100.8 111.5 121.1 128.5 134.4 141.1 150.4 159.6 169.8 178.9 99.8 104.8 111.1 114.9 119.7 125.6 135.4 148.2 156.9 162.7 '105.3 ' 105.6 ' 106.3 ' 106.7 ' 106.0 r 106.8 ' 106.6 ' 106.2 r !07.5 ' 108.4 r 108.9 1986 1987 1988 1989 1990 1991 1992" '96.2 '96.4 '96.7 96.4 96.5 95.9 97.9 98.0 98.3 '98.9 '99.4 120.6 117.7 117.6 115.6 118.1 119.0 114.4 119.7 116.6 114.3 113.1 109.9 109.4 111.1 109.3 109.9 110.3 110.3 110.6 111.2 106.3 105.1 120.2 118.5 117.7 117.7 116.0 115.7 115.6 115.6 112.8 110.5 107.5 111.3 111.0 104.7 109.5 107.4 108.0 102.8 103.4 105.6 106.4 99.9 100.5 99.5 100.0 99.0 99.0 100.1 100.0 100.4 101.5 100.8 100.7 138.6 139.3 139.5 139.7 140.2 140.5 140.9 141.3 141.8 142.0 141.9 144.1 144.6 144.6 144.9 145.2 145.6 145.6 145.5 145.7 146.4 146.4 115.7 116.3 117.5 117.6 117.5 116.6 116.9 117.5 117.6 117.4 117.4 139.8 140.2 140.5 140.9 141.0 141.4 141.5 141.5 141.9 141.9 141.8 119.2 119.7 120.0 120.5 120.7 120.7 120.9 121.2 121.7 122.3 122.4 175.9 176.6 177.3 178.3 178.9 179.1 179.2 179.8 180.9 182.0 182.3 160.1 160.6 163.1 163.7 163.7 163.1 163.2 163.8 164.4 164.1 163.6 T '99.5 100.2 107.2 105.9 105.2 105.3 105.9 100.6 102.2 142.6 143.1 143.6 144.0 147.0 147.4 147.3 147.3 117.3 117.4 117.7 142.3 142.8 143.5 143.6 123.8 124.3 124.7 182.9 183.6 184.0 184.7 162.0 163.1 163.7 165.2 1992- Feb Mar May T 3 July Sept Oct Nov Dec 1 United States ' 84.9 92.8 . ... 94.4 95.3 100.0 r 104.5 ' 106.1 * 106.1 * 104.1 T 106.6 1983 1984 1985 1993: United Kingdom Jan Feb .. Mar Apr" . .. 109.3 109.9 r !099 1100 r r 113.0 114.9 115.6 r 105.1 107.7 106.7 Italy r Data relate to all urban consumers. Source: Natipnal sources as reported by Department of Commerce (Bureau of Economic Analysis and International Trade Administration, Office of Trade and Economic Analysis). U.S. MERCHANDISE EXPORTS AND IMPORTS [Billions of dollars; monthly data seasonally adjusted] Merchandise exports (f.a.s. value) 1 General merchandise imports (customs value) 3 Principal end-use commodity category 1983 1984 1985 1986 1987 1988 1989 1990 1991 * 1992 r . .. 1992- Mar ' May '.... July r Sept r Get ' . .. Nov r Dec ' 1993: Jan ' Feb ' Mar 1 3 3 6.3 7.8 9.4 10.4 12.1 12.8 13.6 16.1 15.9 17.6 269.9 346.4 352.5 382.3 424.4 459.5 493.2 517.0 508.4 554.0 -52.4 -106.7 -117.7 -138.3 -152.1 -118.5 -109.4 -101.7 -66.7 -84.5 -64.2 — 122.4 -133.6 -155.1 -170.3 -137.1 -129.4 -123.4 -86.6 -105.9 7.6 7.6 7.6 7.6 7.4 7.7 7.8 7.5 8.0 8.2 10.0 9.9 10.1 10.1 10.3 10.3 10.9 10.5 10.3 10.7 1.5 1.4 1.4 1.5 1.5 1.3 1.4 1.5 1.7 1.5 44.5 45.2 45.4 46.6 46.7 46.8 47.8 47.9 47.4 47.9 -5.5 -7.0 -7.7 -6.8 -7.5 -8.7 -8.3 -7.2 -7.8 -7.0 -7.3 -8.8 -9.4 -8.6 -9.3 -10.5 -10.1 -9.1 -9.6 -8.8 7.9 8.3 8.8 10.3 10.3 11.4 1.4 1.3 1.6 47.0 46.6 51.1 — 7.7 -7.9 -10.2 -9.5 -9.6 -12.2 258.0 330.7 336.5 365.4 406.2 441.0 473.2 495.3 488.5 532.7 18.2 21.0 21.9 24.4 24.8 24.8 25.1 26.6 26.5 27.9 107.0 123.7 113.9 101.3 111.0 118.3 132.3 143.2 131.6 138.3 40.9 59.8 65.1 71.8 84.5 101.4 113.3 116.4 120.7 134.2 40.8 53.5 66.8 78.2 85.2 87.7 86.1 87.3 85.7 91.8 2.2 2.0 2.1 2.2 2.0 2.0 2.0 2.1 2.0 1.9 42.7 43.4 43.6 44.9 44.9 45.1 46.0 46.1 45.6 46.1 2.3 2.4 2.3 2.5 2.5 2.3 2.2 2.3 2.2 2.3 10.6 11.2 11.5 12.0 12.0 11.9 12.0 12.5 11.8 11.5 10.6 10.9 10.9 11.1 11.3 11.4 11.6 11.8 11.6 11.9 2.0 1.9 2.0 45.2 44.8 49.2 2.3 2.2 2.4 11.6 11.1 12.6 11.7 11.7 12.4 Foods, feeds, and beverages Other 2 205.6 224.0 218.8 5 227.2 254.1 322.4 363.8 393.6 421.7 448.2 30.9 31.5 24.0 22.3 24.3 32.3 37.2 35.1 35.7 40.2 56.7 61.7 58.5 57.3 66.7 85.1 99.3 104.4 109.7 109.3 67.2 72.0 73.9 75.8 86.2 109.2 138.8 152.7 166.7 176.7 16.8 20.6 22.9 21.7 24.6 29.3 34.8 37.4 40.0 47.1 13.4 13.3 12.6 14.2 17.7 23.1 36.4 43.3 45.9 50.4 20.5 24.0 27.3 35.9 34.6 43.4 17.2 20.7 23.7 24.5 37.2 36.4 36.0 38.0 37.4 36.4 37.7 38.9 37.8 39.2 3.3 3.4 3.0 3.1 3.4 3.3 3.6 3,4 3.4 8.8 8.8 9.0 9.4 9.6 8.9 9.0 9.6 9.0 9.2 15.1 14.4 13.9 15.4 14.4 14.0 14.8 15.3 14.5 15.8 3.7 3.9 3.9 3.8 3.9 4.1 4.0 3.8 4.4 4.6 4.1 3.9 4.1 4.2 4.2 4.1 4.4 4.5 4.5 4.3 37.5 36.9 39.0 3.3 3.4 3.5 9.4 8.7 9.3 14.5 14.3 15.6 4.1 4.4 4.3 4.3 4.2 4.4 Includes Department of Defense Military Assistance Program grant-aid shipments. Includes undocumented exports to Canada through 1988. Total arrivals of imported goods other than mtransit shipments. Total includes revisions not reflected in detail. 5 Total exports are on a revised statistical month basis; end-use categories are on a statistical month basis. 4 44.9 60.0 68.3 79.4 88.7 95.9 102.9 105.7 108.0 123.0 Consumer goods (nonfood) except automotive Consumer goods (nonfood) except automotive 5 Other Exports (f.a.s) less imports (c.i.f.) Automotive vehicles, parts, and engines Automotive vehicles, parts, and engines 2 Exports (f.a.s) less imports (customs value) Foods feeds, and beverages Capital goods except automotive Capital goods except automotive Total General merchandise imports (c.i.f. value) Industrial supplies and materials Industrial supplies and materials Period Trade balance Principal end-use commodity category Total 4 4 NOTE. — Data shown include trade of the U.S. Virgin Islands. Seasonally adjusted data have been revised beginning 1991. Unadjusted data have also been revised beginning 1991 for imports, and beginning 1992 for exports. Source; Department of Commerce, Bureau of the Census, 35 U.S. INTERNATIONAL TRANSACTIONS In the first quarter of 1993, the merchandise trade deficit rose to $29.1 billion, from $26.0 billion in the fourth quarter of 1992. (Series revised.) BILLIONS OF DOLLARS BILLIONS OF DOLLARS* 15 15 COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)] Merchandise ' 2 Net military transactions 3 4 Net travel and transportation receipts Other services, net Receipts on U.S. assets abroad -844 28 023 112 -36,485 -67,102 -563 -112,492 -2,547 -122,173 -4,390 - 145,081 5 181 -159,557 -3,812 -126,959 6 354 '-115,249 -6,838 ' - 109,033 -7,818 ' 73 802 -5,524 '-96,138 -2,503 '-28,954 -1,692 '-28,110 -2,627 '-18,790 -2,564 '-16,319 -1,427 -994 '-19,640 ' - 19,053 -539 '-17,763 -625 -623 '-24,801 '-27,612 -578 '-25,962 -677 29068 144 -992 -4,227 8 293 -9,709 -7,324 -6,398 -1,370 5,851 10,142 17,118 17,513 2,120 3,855 3,755 3,929 4,358 5,080 4,392 4,206 3,994 4,922 12,552 13,209 14,095 14,277 14,266 18,855 18,400 20,430 26,752 29,730 33,701 40,114 7,461 8,051 8,164 8,280 8,660 8,596 10,058 9,036 12,321 8,703 53 626 86,529 86,200 -56,412 53 700 85,614 100,415 -69,572 67 875 91,110 88,998 -73,620 85 629 96,574 119,456 -106,991 126 326 140,692 143,547 -124,261 108 886 125,315 109,173 -99,111 35,137 -30,913 38,821 -31,289 28 533 35,498 31,215 -27,284 29,904 -26,828 28,698 -26,240 28,418 -24,024 28,371 -26,520 27,102 -24,125 25,281 -24,442 Period Exports 1981 1982 1983 1984 1985 1986 1987 1988 1989. 1990 1991 1992 p 1990: HI TV 237,044 211,157 201,799 219,926 215,915 223,344 250,208 320,230 r 362,116 r 389,303 r 416,937 r 440,138 r 96,431 ' 100,249 r 1991- I 101,333 r 104,206 '103,764 r IV 107,634 r 1992: I 108,347 r 108,306 '109,493 TV ".... r 113,992 1993: I". 111,627 n m n m 1 2 3 4 Imports -265,067 -247,642 -268,901 -332,418 -338,088 -368,425 -409,765 -447,189 -477,365 p -498,336 ' -490,739 '-536,276 '-125,385 ' - 128,359 ' 120 123 '-120,525 '-123,404 '-126,687 '-126,110 '-133,107 '-137,105 '-139,954 -140,695 Net balance Excludes military. Adjusted from Census data for differences in timing and coverage. Quarterly data are not seasonally adjusted. Includes transfers of goods and sen-ices under U.S. military grant programs. 36 Investment income Services Payments on foreign assets in U.S. Net Balance on goods, services, and income Unilateral transfers, net 4 Balance on current account 5,030 16,732 -11,702 32,903 5,632 -17,075 -11,443 29,788 -43,623 31,915 -25,882 -17,741 -98,824 30,843 -78,212 -20,612 23,235 -98,771 -22,950 -121,721 15,378 -123,354 -24,176 -147,529 10,945 -140,421 -23,052 -163,474 12,466 -101,787 -24,869 - 126,656 14,366 -75,537 -25,606 -101,143 -90,428 19,287 -57,511 -32,916 -3,682 8,028 16,429 -11,710 10,062 -31,088 -31,360 -62,448 4,224 -16,777 -7,201 -23,978 -22,744 7,532 -10,966 -11,778 12,193 14,199 -2,006 6,965 2,431 -1,684 4,115 3,931 -5,075 -6,012 -11,087 3,076 -7,218 -2,945 -4,273 2,458 -6,374 4,394 557 -6,931 -18,279 - 10,534 -7,745 1,851 -8,921 -6,850 -15,771 2,977 839 -12,187 -9,833 -22,020 Note.—Merchandise trade data have been revised for 1989-92. Other data to be revised in next month's issue of Economic Indicators. See p. 37 for continuation of table. U.S. INTERNATIONAL TRANSACTIONS—Continued In the capital accounts, U.S. claims on foreigners reported by U.S. banks decreased $6.8 billion in the fourth quarter of 1992, following an increase of $1.3 billion in the third quarter. U.S. liabilities to private foreigners reported by U.S. banks, excluding Treasury securities, decreased $3.2 billion in the fourth quarter, following an increase of $22.9 billion in the third quarter. BILLIONS OF DOLLARS- BILLIONS OF DOLLARS* 80 CHANGE IN FOREIGN ASSETS IN THE U.S., NET \ \ ' ; I , , '\ i '\ i i a ' ' i\ / i i \ ' > - \ i \ ' 20 -20 -40 -60 1983 COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted, except as noted] U.S. assets abroad, net [increase/capit Period Total -114,147 -122,335 -58,856 -29,224 -34,069 -91,069 -62,402 -92,708 -114,944 -56,321 -62,220 -44,900 1981 1982 1983 1984.. 1985 1986.. 1987 1988 1989 1990 1991 1992 p 1990: U.S. official reserve assets 3 5 -5,175 4965 -1,196 3 131 -3,858 312 9,149 3 912 -25,293 2 158 5,763 3,901 -30,964 -36,816 1,739 -1,091 -640 -7,050 -10,368 -44,158 -353 1,014 3,877 1,225 -4,709 -423 -21,241 -18,528 -1,057 1,464 1,952 1,542 III IV 1991: I II Ill .... IV 1992: I II Ill .... IV... Other U.S. Government assets Total (sum of the items with sign reversed) Of which: Seasonal adjustment discrepancy U.S. official reserve assets, net 5 (unadjusted, end of period) Other foreign assets 83,032 92,418 83,380 102,010 130,966 223,191 229,972 219,489 213,693 99,379 66,980 120,400 4,960 3,593 5,845 3,140 -1,119 35,648 45,387 39,758 8,489 33,908 18,407 40,307 78,072 88,826 77,534 98,870 132,084 187,543 184,585 179,731 203,204 63,471 48,573 80,093 -32,366 39903 51,386 48,108 14,097 20,127 37,289 27,981 3,556 11,452 -5,605 600 80,024 83,316 -1,360 7 644 -17,426 44947 -7,840 2,959 22,933 48,929 - 13,490 7,137 18,818 36,110 -3,713 1,660 -1,478 2,447 4,636 883 -6,137 613 78,002 74,940 74,731 77,721 -3,614 1 610 -22,892 19726 18,615 47,466 21,977 32,343 5,650 4 178 4,115 12,819 21,192 20,895 -7,269 5,489 -2,577 26,571 29,246 26,854 -7,532 -28,764 15,035 8,205 4,901 1,296 -6,640 439 74,657 77,092 78,527 71,323 Total 5 Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve position in the IMF. NOTE.—Merchandise trade data (p. 36) have been revised for 1989-92. Other data to be revised Allocations of special drawing rights (SDKs) Foreign official assets 3 U.S. private assets -5,097 -103,875 6 131 111 239 -5,006 -52,654 20 605 -5,489 -2,821 -27,391 -2,022 -89,360 1,006 -72,556 2,967 -91,762 -90,922 1,271 2,304 -56,467 3,397 71 379 959 -47,843 337 4,179 1,073 -420 3,180 -437 38 -277 301 -344 Statistical discrepancy Foreign assets in the U.S., net [increase/capital inflow (+)] 1,093 30,074 33,958 33,747 34,934 43,186 48,511 45,798 47,802 74,609 83,316 77,721 71,323 24,992 41,359 19,099 26,038 24,825 15,407 -4,096 126 2,394 47,370 1 078 -13,052 in next month's issue of Economic Indicators. Sources: Department Treasury. of Commerce (Bureau of Economic Anal and Department of the 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 TO FEDERAL FINANCE Federal Receipts, Oudays, and Debt Federal Receipts by Source and Outlays by Function Federal Sector, National Income Accounts Basis 32 33 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries U.S. Merchandise Exports and Imports U.S. International Transactions 35 35 36 General Notes Detail in these tables may not add to totals because of rounding. Unless otherwise noted, all dollar figures are in current dollars. Symbols used: " Preliminary. 'Revised. c Corrected. ... Not available (also, not applicable). NSA not seasonally adjusted. For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. Price $2.75 (single copy) ($3.44 foreign). Subscription price: $30.00 per year; $37.50 for foreign mailing. 38 U.S. GOVERNMENT PRINTING OFFICE : 1993 0—68-448