Full text of Economic Indicators : May 1993
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
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
@FedFRASER