Full text of Economic Indicators : May 1994
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103d Congress, 2d Session
Economic Indicators
MAY
1994
(Includes data available as of June 1, 1994)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1994
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
DAVID R. OBEY, Wisconsin, Chairman
PAUL S. SARBANES, Maryland, Vice Chairman
HOUSE OF REPRESENTATIVES
LEE H. HAMILTON (Indiana)
FORTNEY H. (PETE) STARK (California)
KWEISI MFUME (Maryland)
RON WYDEN (Oregon)
MICHAEL A. ANDREWS (Texas)
RICHARD K. ARMEY (Texas)
JIM SAXTON (New Jersey)
CHRISTOPHER C. COX (California)
JIM RAMSTAD (Minnesota)
SENATE
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
CHARLES S. ROBB (Virginia)
BYRON L. DORGAN (North Dakota)
BARBARA BOXER (California)
WILLIAM V. ROTH, JR. (Delaware)
CONNIE MACK (Florida)
LARRY E. CRAIG (Idaho)
ROBERT F. BENNETT (Utah)
RICK McGAHEY, Executive Director
COUNCIL OF ECONOMIC ADVISERS
LAURA D. TYSON, Chair
ALAN S. BLINDER, Member
JOSEPH E. STIGLITZ, Member
[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts prepared by the Art Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $3.00 a single copy
($3.75 foreign), or by subscription at $33.00 per year ($41.25 for foreign
mailing) from:
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 0-16-044380-6
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the first quarter of 1994, according to revised estimates, current-dollar gross domestic product (GDP) rose 5.7
percent (annual rate), real GDP (GDP in 1987 dollars) rose 3.0 percent, and the implicit price deflator rose 2.6
percent.
BILUONS OF DOUARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE]
6,800
6,800
SEASONAllY ADJUSTED ANNUAL RATES
/f
6,400
x
6,000
6,400
^
6,000
^1
^^|
5,600
GDP
IN CURRENT DOLLARS___^X
5,200
\.S
4,800
f
- ——
5,600
5,200
___ X
„--'
4,800
X\, — ^
'\
GDP
4,400
4,400
IN 1987 DOLLARS
-•*
4,000
-----
/
s
X
"^
X'
^
^
4,000
3,600
3,600
/
3,200
3,200
^
2,800
1
1982
I
1983
1
1
1 1
1984
1
1985
1
1
1986
1987
1988
i i i
t i i
t
1989
1990
1991
t i
1
1
1992
SOURCE: DEPARTMENT OF COMMERCE
1
t
< i
1993
i i i
2,800
1994
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1986
1987
1988
1989
1990
1991
1992
1993
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
IV
IV
IV
IV
IV
IV
IV
IV
IV
III
rv
1992- I
II
III
rv
1993- I
II
m
IV
1994- I * ....
1
Gross
domestic
product
4,268.6
4,539.9
4,900.4
5,250.8
5,546.1
5,722.9
6,038.5
6,377.9
3,195.1
3,547.3
3,869.1
4,140.5
4,336.6
4,683.0
5,044.6
5,344.8
5,597.9
5,758.6
5,803.7
5,908.7
5,991.4
6,059.5
6,194.4
6,261.6
6,327.6
6,395.9
6,526.5
6,617.6
Personal
consumption
expenditures
Gross
private
domestic
investment
2,850.6
3,052.2
3,296.1
3,523.1
3,761.2
3,906.4
4,139.9
4,391.8
2,128.7
2,346.8
2,526.4
2,739.8
2,923.1
3,124.6
3,398.2
3,599.1
3,836.6
3,929.8
3,964.1
4,046.5
4,099.9
4,157.1
4,256.2
4,296.2
4,359.9
4,419.1
4,492.0
4,558.0
717.6
749.3
793.6
832.3
808.9
736.9
796.5
891.7
464.2
614.8
722.8
737.0
697.1
800.2
814.8
825.2
756.4
744.5
752.4
750.8
799.7
802.2
833.3
874.1
874.1
884.0
934.5
966.7
Federal
Net
exports
1325
-143.1
1080
-79.7
-71.4
19 6
-29.6
63 6
-29.5
-71.8
-107.1
-135.5
-133.2
-143.2
- 106.0
-73.9
-71.6
-19.8
-13.0
70
-33.9
-38.8
—38.8
48 3
-65.1
-71.9
-69.1
-79.7
Exports
319.2
364.0
444.2
508.0
557.1
601.5
640.5
661.7
265.6
286.2
308.7
304.7
333.9
392.4
467.0
523.8
577.6
603.0
625.7
633.7
632.4
641.1
654.7
651.3
660.0
653.2
682.4
681.6
GDP less exports of goods and services plus imports of goods and services.
Government purchases
Exports and imports of goods
and services
Imports
451.7
507.1
552.2
587.7
628.5
621.1
670.1
725.3
295.1
358.0
415.7
440.2
467.1
535.6
573.1
597.7
649.2
622.8
638.8
640.7
666.3
679.9
693.5
699.6
725.0
725.1
751.5
761.3
Total
Total
833.0
881.5
918.7
975.2
1,047.4
1,099.3
1,131.8
1,158.1
631.6
657.6
727.0
799.2
849.7
901.4
937.6
994.5
1,076.5
1,104.0
1,100.2
1,118.5
1,125.8
1,139.1
1,143.8
1,139.7
1,158.6
1,164.8
1,169.1
1,172.6
367.8
384.9
387.0
401.6
426.5
445.9
448.8
443.4
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
446.8
437.4
445.5
444.6
452.8
452.4
442.7
447.5
443.6
440.0
441.8
National
defense
276.7
292.1
295.6
299.9
314.0
322.5
313.8
303.4
205.5
222.8
242.9
268.6
278.6
295.8
296.8
302.5
322.5
321.2
311.2
312.3
310.4
316.7
315.7
304.8
307.6
301.9
299.2
292.6
Nondefense
91.1
92.9
91.4
101.7
112,5
123.4
135.0
140.1
75.9
66.9
81.9
88.3
94.5
96.7
95.2
102.6
114.0
125.6
126.2
133.1
134.2
136.1
136.7
137.9
140.0
141.7
140.7
149.1
State
and
local
465.3
496.6
531.7
573.6
620.9
653.4
683.0
714.6
350.3
367.9
402.2
442.4
476.6
509.0
545.7
589.3
640.0
657.3
662.8
673.0
681.2
686.2
691.4
697.0
711.1
721.2
729.2
730.8
Final
sates of
domestic
product
Gross
domestic
purchases 1
4,260.0
4,513.7
4,884.2
5,217.5
5,539.3
5,731.6
6,031.2
6,362.3
3,241.4
3,527.1
3,818.1
4,107.9
4,355.4
4,623.7
5,027.3
5,314.6
5,621.8
5,759.1
5,794.8
5,913.9
5,978.6
6,049.9
6,182.5
6,227.1
6,314.5
6,388.2
6,519.6
6,597.5
4,401.2
4,683.0
5,008.4
5,330.5
5,617.5
5,742.5
6,068.2
6,441.5
3,224.6
3,619.1
3,976.2
4,276.0
4,469.8
4,826.2
5,150.7
5,418.7
5,669.5
5,778.4
5,816.7
5,915.8
6,025.3
6,098.3
6,233.2
6,309.9
6,392.7
6,467.8
6,595.6
6,697.3
Source: Department of Commerce, Bureau of Economic Analysis.
Addendum:
Gross
national
product
4,277.7
4,544.5
4,908.2
5,266.8
5,567.8
5,737.1
6,045.8
6,378.1
3,222.6
3,578.4
3,890.2
4,156.2
4,340.5
4,690.5
5,054.3
5,365.0
5,630.0
5,766.2
5,815.5
5,927.6
5,996.3
6,067.3
6,191.9
6,262.1
6,327.1
6,402.3
6,520.9
6,614.6
GROSS DOMESTIC PRODUCT IN 1987 DOLLARS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Period
Gross
domestic
product
Personal
consumption
expenditures
Exports and imports of
goods and services
Government purchases
Federal
Nonresidential
fixed
investment
Residential
fixed
investment
Change
in
business
inventories
Net
exports
Exports
Imports
Total
Total
State
and
local
Nondefense
National
defense
Final
sales of
domestic
product
Gross
domestic
purchases *
Addendum:
Gross
national
product
4,404.5
4,539.9
4,718.6
4,838.0
4,897.3
4,861.4
4,986.3
5,136.0
2,969.1
3,052.2
3,162.4
3,223.3
3,272.6
3,258.6
3,341.8
3,453.2
500.3
497.8
530.8
540.0
546.5
514.5
529.2
591.8
226.2
225.2
222.7
214.2
194.5
169.5
197.1
214.2
8.5
155 1
26.3 -143.1
19.9
104 0
29.8 -73.7
5.7
547
-8.4 -19.1
6.5 -33.6
14.3 -76.5
329.6
364.0
421.6
471.8
510.5
543.4
578.0
598.3
484.7
507.1
525.7
545.4
565.1
562.5
611.6
674.8
855.4
881.5
886.8
904.4
932.6
946.3
945.2
938.9
373.0
384.9
377.3
376.1
384.1
386.5
373.0
354.9
280.6
292.1
287.0
281.4
283.6
281.3
261.2
242.4
92.4
92.9
90.2
94.8
100.4
105.3
111.8
112.5
482.4
496.6
509.6
528.3
548.5
559.7
572.2
584.0
4,395.9
4,513.7
4,698.6
4,808.3
4,891.6
4,869.8
4,979.8
5,121.7
4,559.6
4,683.0
4,822.6
4,911.7
4,951.9
4,880.5
5,019.9
5,212.5
4,413.5
4,544.5
4,726.3
4,852.7
4,916.5
4,874.5
4,994.0
5,138.6
3,759.6
4,012.1
4,194.2
4,333.5
4,427.1
4,625.5
4,779.7
4,856.7
4,867.2
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
280.4
291.5
312.8
312.0
342.9
386.1
438.2
487.7
520.4
299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.0
557.2
735.9
748.1
784.3
830.5
864.8
893.0
894.5
912,6
942.4
316.0
322.2
341.7
363.7
377.5
391.6
378.4
376.1
386.5
229.4
242.9
254.3
272.1
282.2
295.0
285.7
281.5
285.7
86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.7
100.8
419.9
425.9
442.6
466.7
487.3
501.4
516.1
536.5
555.8
3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565.6
4,758.7
4,831.8
4,688.0
3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,924.1
4,904.0
3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,875.1
4,895.4
1991- in
IV ...
4,872.6 3,267.1
4,879.6 3,267.5
512.8
506.1
131.2 -44.9
-19.0
190.6
29.3
83 7
198.8
47.9 -131.4
207.4
30.2
1554
230.5
20 1 - 156.0
223.3
59.9
1360
225.3
20.9 -102.7
208.0
24.9
674
176.3 -20.9
-36.8
9 -25.0
171.0
179.1
7.1 -16.4
546.9
564.2
571.9
580.7
947.6
936.2
386.6
372.1
279.4
264.9
107.2
107.2
561.0
564.1
4,873.5
4,872.5
4,897.6
4,896.0
4,880.3
4,890.9
1992- I
II
4,922.0
4,956.5
4,998.2
5,068.3
3,302.3
3,316.8
3,350.9
3,397.2
510.5
528.8
533.8
543.7
186.2
195.6
196.2
210.6
50
12.6
9.6
8.7
-15.2
380
-42.5
-38.8
571.0
570.2
579.3
591.6
586.2
608.2
621.8
630.3
943.1
940.7
950.2
946.9
372.1
369.2
377.0
373.7
261.2
257.9
264.4
261.3
110.9
111.3
112.5
112.4
571.0
571.5
573.2
573.2
4,926.9
4,943.8
4,988.6
5,059.6
4,937.1
4,994.5
5,040.7
5,107.1
4,939.0
4,962.2
5,006.4
5,068.4
1993: I
5,078.2
5,102.1
5,138.3
5,225.6
3,403.8
3,432.7
3,469.6
3,506.9
562.3
584.3
594.8
625.7
211.4
206.2
212.1
227.2
29.3
13.0
6.5
8.5
-59.9
752
-86.3
-84.5
588.0
593.2
591.9
620.0
647.9
668.4
678.2
704.5
931.3
941.1
941.7
941.7
357.6
359.4
353.7
349.0
246.0
246.4
240.1
237.1
111.5
113.0
113.7
111.8
573.7
581.6
588.0
592.8
5,048.9
5,089.1
5,131.8
5,217.1
5,138.1
5,177.4
5,224.6
5,310.0
5,080.7
5,104.1
5,145.8
5,223.7
1994: I '
5,264.1 3,546.3
635.0
231.4
19.1 -100.8
618.4
719.2
933.1
344.6
228.0
116.6
588.4
5,245.0
5,364.9
5,264.4
1986
1987 .
1988
1989
1990
1991
1992
1993
1982:
1983:
1984:
1985:
1986'
1987:
1988:
1989:
1990:
IV
IV
IV
IV
IV
IV
IV
IV
IV
m
rv
n
ra
rv
1
GDP less exports of goods and services plus imports of goods and services.
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[1987 = 100; quarterly data are seasonally adjusted]
Period
Gross
domestic
product
Personal consumption
expenditures
Gross private
domestic investment
Government purchases
Exports and imports of
goods and services
Federal
Total
Durable
goods
Nondurable goods
Services
Nonresidential
fixed
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
1986
1987
1988
1989
1990
1991
1992 ..
1993
96.9
100.0
103.9
108.5
113.3
117.7
121.1
124.2
96.0
100.0
104.2
109.3
114.9
119.9
123.9
127.2
96.9
100.0
102.0
104.2
105.7
107.3
108.9
109.8
96.1
100.0
103.7
109.3
115.9
120.0
122.4
124.1
95.7
100.0
105.1
110.6
116.7
122.8
128.5
133.5
98.4
100.0
102.6
105.2
107.3
108.0
106.9
105.4
95.8
100.0
104.2
107.8
110.7
111.8
113.4
117.8
96.9
100.0
105.3
107.7
109.1
110.7
110.8
110.6
93.2
100.0
105.1
107.8
111.2
110.4
109.6
107.5
98.6
100.0
102.6
106.8
111.0
115.4
120.3
124.9
98.6
100.0
103.0
106.6
110.7
114.7
120.1
125.1
98.6
100.0
101.4
107.3
112.0
117.2
120.8
124.5
96.4
100.0
104.3
108.6
113.2
116.7
119.4
122.4
1982'
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
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
117.5
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
119.2
79.0
83.7
87.7
92.9
97.3
101.9
107.1
112.7
119.2
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
111.1
94.7
98.2
98.7
97.7
97.4
101.6
106.6
107.4
111.0
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
112.9
89.6
91.7
95.5
98.7
98.7
100.3
103.9
107.5
112.9
87.7
84.3
93.7
96.4
99.2
100.1
102.6
108.4
113.1
83.4
86.4
90.9
94.8
97.8
101.5
105.7
109.9
115.2
1991: in
118.2
118.9
120.3
121.3
107.5
107.8
120.1
120.7
123.5
124.9
107.8
107.3
112.5
111.8
110.2
110.9
108.9
110.0
115.6
117.5
114.9
117.5
117.2
117.8
117.2
117.5
1992: I
120.0
120.9
121.2
122.2
122.5
123.6
124.1
125.3
108.4
109.0
109.1
109.1
121.5
122.1
122.8
123.1
126.6
128.1
128.5
130.7
107.1
107.1
106.6
106.6
112.2
112.8
113.8
114.9
111.0
110.9
110.7
110.7
109.3
109.6
109.3
110.0
119.7
120.4
120.1
121.1
119.6
120.3
119.8
120.8
120.0
120.6
121.0
121.6
117.9
119.2
119.7
120.6
1993- I
n
m
rv
123.3
124.0
124.5
124.9
126.2
127.0
127.4
128.1
109.2
109.8
109.9
110.1
124.1
124.2
123.7
124.3
131.8
133.1
134.0
135.1
105.7
106.0
105.1
104.8
115.8
117.3
118.5
119.5
110.8
111.3
110.4
110.1
108.0
108.5
106.9
106.7
123.8
124.5
125.4
126.1
123.9
124.8
125.7
126.2
123.6
123.9
124.6
125.9
121.5
122.3
122.7
123.0
1994- I '
125.7
128.5
110.4
124.3
135.9
105.0
121.0
110.2
105.9
128.2
128.3
127.9
124.2
IV
IV
IV
IV
IV
IV
IV
IV
IV .
rv
n
m
IV
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
Constant
(1987) dollars
Implicit price
deflator
11.9
3.9
8.1
10.9
6.9
5.7
6.4
7.9
7.2
5.6
3.2
5.5
5.6
1.8
-2.2
3.9
6.2
3.2
2.9
3.1
3.9
2.5
1.2
-.7
2.6
3.0
10.0
6.2
4.1
4.4
3.7
2.6
3.2
3.9
4.4
4.4
3.9
2.9
2.6
9.1
5.9
3.1
1.0
3.5
1.5
-.9
-3.2
1991- I
2.4
4.8
4.3
3.2
1992- I
Fixed-weighted
price index
(1987 weights)
Constant
(1987) dollars
Current
dollars
4.8
4.4
3.6
2.8
3.6
1.9
1.5
4
2.6
3.3
8.6
5.4
4.3
3.7
3.8
3.0
4.1
4.3
5.0
5.3
4.5
3.7
3.0
9.2
5.3
8.3
3.7
2.8
.9
2.1
-2.7
6.3
4.3
6.1
6.7
6.6
4.2
6.3
7.0
5.1
3.4
3.4
2.7
.7
4.7
4.4
3.5
2.8
1.8
1.3
.0
3.4
3.1
3.0
3.4
3.9
3.2
3.4
3.5
3.8
3.0
1.0
3.3
4.2
3.4
2.5
3.1
8.6
5.4
5.7
9.9
4.3
1.8
4.2
5.6
4.0
3.6
1.6
3.9
4.5
3.6
3.4
3.1
.8
1.9
2.9
7.0
3.6
2.3
1.6
1.3
4.3
2.8
2.1
2.3
3.8
6.1
5.5
6.8
.8
3.4
4.4
4.4
2.9
2.6
1.3
2.2
3.4
2.9
1.4
2.8
3.0
2.6
3.1
6.0
4.6
1.3
2.1
1.2
1.1
4.6
3.4
3.5
2.8
3.1
4.0
4.5
4.6
4.1
3.3
3.1
5.2
4.4
4.0
4.3
5.8
4.4
4.7
3.8
-2.4
1.5
1.4
.6
5.0
3.1
3.1
2.4
7.4
5.7
4.6
9.2
3.5
2.8
3.4
5.7
1993- I
n
m
rv
4.4
4.3
4.4
8.4
1994:
I '.
5.7
. .
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1990: I
II
HI
IV
n
m
rv
n
m
rv
Fixed- weighted
price index
(1987 weights)
4.9
3.9
3.9
3.1
4.2
4.2
4.9
5.1
4.4
3.3
2.7
10.2
6.9
9.6
9.0
8.4
6.9
7.1
8.0
6.9
6.8
3.9
6.0
6.1
1981
1982
Implicit price
deflator
3.9
9.0
5.7
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) l
Gross domestic product
of nonfinaneial
corporate business
(billions of dollars)
Period
1987
dollars
2,386.3
2,547.3
2,764.8
2,913.5
3,045.5
3,082.1
3,243.4
3,417.3
1,806.3
2,037.2
2,228.2
2,338.8
2,422.8
2,627.6
2,843.2
2,951.5
3,052.5
3,129.5
2,439.3
2,547.3
2,684.8
2,718.9
2,747.4
2,710.0
2,822.3
2,936.3
1,999.6
2,204.2
2,328.4
2,396.9
2,463.3
2,604.0
2,719.0
2,722.7
2,725.0
2,745.0
0.978
1.000
1.030
1.072
1.109
1.137
1.149
1.164
.903
.924
.957
.976
.984
1.009
1.046
1.084
1.120
1.140
0.111
.110
.111
.117
.120
.126
.125
.123
.119
.119
.111
.110
.112
.110
.112
.120
.123
.125
3,159.8
3,218.1
3,264.2
3,331.6
2,759.5
2,802.6
2,839.8
2,887.4
1.145
1.148
1.149
1.154
...
3,331.7
3,395.9
3,432.2
3,509.4
2,867.5
2,916.6
2,948.9
3,012.1
.
3,559.1
3,038.1
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
1992- I
II
m
IV
1993- I
n
m
IV
1994- I p
1
2
Consumption of
fixed
capital
Current
dollars
1986
1987
1988
1989
1990
1991
1992
1993
1982198319841985198619871988198919901991-
Total
cost and
profit 2
Compensation of
employees
Net
interest
Output
per hour
of all
employees
(1987
dollars)
Compensation per
hour of
all
employees
(dollars)
0.053
.059
.064
.057
.059
.056
.064
.069
.030
.050
.064
.063
.045
.060
.063
.055
.052
.056
22.735
23.129
23.572
23.189
23.446
23.865
24.836
25.425
21.070
21.893
22.054
22.347
22.892
23.358
23.524
23.147
23.549
24.246
14.741
15.208
15.833
16.377
17.246
18.087
18.915
19.532
12.791
13.187
13.732
14.359
14.975
15.518
16.071
16.618
17.623
18.419
Corporate profits with inventory
valuation and capital consumption
adjustments
Total
Profits
tax
liability
Profits
after
tax 4
0.095
.095
.096
.101
.106
.115
.116
.118
.086
.088
.091
.093
.095
.094
.097
.102
.109
.116
0.648
.658
.676
.706
.736
.758
.762
.768
.607
.602
.623
.643
.654
.664
.687
.718
.748
.760
0.040
.042
.045
.054
.054
.052
.048
.046
.040
.036
.041
.038
.042
.042
.047
.055
.054
.051
0.084
.096
.102
.094
.093
.086
.099
.109
.051
.079
.091
.092
.081
.099
.102
.088
.085
.088
0.031
.037
.038
.037
.034
.031
.035
.040
.020
.029
.027
.030
.035
.038
.040
.033
.034
.031
.125
.124
.129
.122
.117
.116
.116
.116
.762
.762
.762
.761
.050
.049
.047
.046
.091
.098
.096
.109
.033
.036
.034
.037
.059
.062
.062
.072
24.394
24.678
25.031
25.310
18.597
18.803
19.062
19.249
1.162
1.164
1.164
1.165
.124
.123
.124
.122
.116
.118
.118
.118
.772
.770
.769
.762
.047
.046
.045
.044
.102
.108
.108
.118
.037
.040
.038
.044
.065
.068
.070
.075
25.053
25.296
25.528
25.907
19.353
19.468
19.626
19.745
1.172
.126
.119
.769
.044
.113
.043
.070
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.
Indirect
business
taxes 3
4
With inventory valuation and capital consumption adjustments.
Sources; Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Compensation of
employees1
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
1987
1988
1989
1990
1991
1992
1993
19821983:
19841985:
19861987:
1988198919901991:
1992-
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II
III
IV
1993- I
II
Ill
IV
1994- I r
1
3,692.3
4,002.6
4,249.5
4,491.0
4,598.3
4,836.6
5,140.3
2,551.5
2,834.3
3,134.4
3,341.9
3,486.0
3,828.8
4,127.6
4,305.2
4,539.2
4,662.6
4,755.4
4,814.6
4,800.8
4,975.8
5,038.9
5,104.0
5,143.2
5,275.0
» 5,309.8
. . . .
2,698.7
2,921.3
3,100.2
3,297.6
3,402.4
3,582.0
3,772.2
1,940.4
2,101.2
2,288.1
2,442.5
2,582.5
2,785.1
3,004.9
3,162.8
3,344.2
3,455.4
3,507.8
3,558.1
3,603.6
3,658.6
3,705.1
3,750.6
3,793.9
3,839.2
3,908.5
Nonfarm
31.3
30.9
40.2
41.9
36.8
43.7
46.0
10.2
6.3
21.9
17.8
23.6
42.4
30.9
38.4
43.8
37.6
45.6
44.9
36.8
47.6
55.7
47.0
24.8
56.4
57.9
Rental
income of
persons
with
capital
consumption
adjustment
3.2
4.3
-13.5
14 2
-12.8
89
12.6
24.1
22.2
24.3
14.0
4.7
6.8
2.8
-21.6
11 1
— 11.2
-8.7
-7.2
-18.5
12
7.5
12.7
13.7
16.4
2.5
279.0
293.4
307.0
321.4
339.5
370.6
397.3
169.6
193.8
217.7
250.9
260.9
282.6
302.5
311.4
325.1
350.1
361.2
366.2
371.3
383.6
388.4
392.4
397.6
410.6
416.6
Includes employer contributions for social insurance. (See also p. 5.)
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
319.8
365.0
362.8
380.6
369.5
407.2
466.6
150.3
229.1
261.3
284.9
264.6
343.3
378.3
354.5
362.8
378.8
409.9
411.7
367.5
439.5
432.1
458.1
468.5
507.9
"474.4
273.4
320.3
325.4
354.7
367.3
390.1
442.3
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
375.4
399.7
395.7
350.1
414.8
407.0
433.4
444.8
484.0
"454.3
Profits
before tax
Inventory
valuation
adjustment
287.9
347.5
342.9
365.7
362.3
395.4
449.4
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
368.9
373.5
404.3
409.5
357.9
409.9
419.8
445.6
443.8
488.4
"470.3
145
-27.3
-17.5
-11.0
4.9
-5.3
-7.1
-8.6
-7.6
3.5
38
-10.7
-17.8
-31.7
13 5
-19.5
1.9
-4.6
13 7
-7.8
4.9
— 12.7
-12.2
1.0
-4.3
160
Capital
consumption
adjustment
Net
interest
46.4
44.7
37.4
25.9
2.2
17.1
24.3
-9.6
12.9
37.7
56.9
39.6
49.9
37.9
33.9
13.5
3.5
10.2
16.0
17.4
24.7
25.1
24.7
23.8
23.9
20.1
360.4
387.7
452.7
463.7
462.8
442.0
445.6
256.8
281.8
321.1
331.9
349.7
368.6
408.1
459.8
474.4
451.9
439.5
440.8
440.1
447.7
450.1
443.2
444.6
444.5
"449.7
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS
[Billions of 1987 dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Period
1987
1988
3,052.2
3,162.4
1989
1990
1991
1992
1993
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
3,223.3
3,272.6
3,258.6
3,341.8
3,453.2
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,267.1
3,267.5
3,302.3
3,316.8
3,350.9
3,397.2
3,403.8
3,432.7
3,469.6
3,506.9
3,546.3
IV
IV
IV
IV
IV
IV
IV
IV
IV
III
IV
1992: I
II
Ill
IV
1993: I
II
Ill
IV
1994: I r
1
Total
durable
goods
403.7
428.7
440.7
443.1
426.6
456.6
490.0
272.3
319.1
347.7
369.6
415.7
404.7
439.2
436.8
433.2
432.6
431.5
446.6
447.5
459.0
473.4
471.9
484.2
493.1
510.9
523.4
Motor
vehicles
and
parts
183.5
194.8
196.4
192.7
170.5
182.3
191.7
123.7
151.6
164.3
173.9
193.6
183.6
197.7
188.3
182.1
173.7
173.0
180.6
179.5
180.6
188.6
185.7
191.3
189.9
199.7
211.3
Includes other items, not shown separately.
Furniture and
household
equipment
144.0
155.4
165.8
171.6
180.0
194.8
216.3
96.4
109.3
118.7
128.6
141.4
145.9
160.3
167.9
172.3
182.7
182.9
188.2
189.8
197.1
204.2
206.5
212.4
219.4
227.1
227.9
Services
Nondurable goods
Durabie goods
Total
personal
consumption
expenditures
Other
76.2
78.5
78.5
78.7
76.1
79.5
82.0
52.3
58.1
64.8
67.1
80.7
75.2
81.2
80.5
78.8
76.2
75.6
77.8
78.2
81.3
80.6
79.7
80.6
83.7
84.1
84.3
Total
nondurable goods
1,011.1
1,035.1
1,051.6
1,060.7
1,048.2
1,062.9
1,088.1
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,058.9
1,057.5
1,049.3
1,044.0
1,052.0
1,055.0
1,062.9
1,081.8
1,076.0
1,083.1
1,093.0
1,100.2
1,111.5
Food
500.7
513.4
515.0
523.9
518.7
520.5
531.0
458.3
467.1
475.1
488.2
496.9
502.4
518.0
515.6
525.8
518.8
518.2
518.8
515.7
518.2
529.3
526.7
528.6
532.6
536.0
541.1
Clothing
and
shoes
Gasoline
and oil
174.5
178.9
84.7
86.1
187.8
186.2
184.7
193.7
199.5
135.7
147.7
154.7
161.7
171.9
174.5
182.8
190.9
184.5
185.9
183.1
188.3
191.1
195.4
200.0
194.8
197.8
200.6
204.6
205.6
87.3
86.4
83.1
83.9
84.9
73.4
76.9
79.0
79.5
84.6
85.4
87.5
88.6
84.6
83.4
82.5
82.7
83.7
84.7
84.4
83.9
84.1
86.2
85.4
84.7
Fuel
oil and
coal
12.0
12.0
11.4
10.5
10.7
11.9
13.0
10.5
11.4
11.1
11.4
12.4
11.9
12.0
12.0
9.5
11.4
10.6
11.1
12.8
11.7
11.9
12.9
12.6
13.2
13.1
14.6
Other
239.1
244.7
250.2
253.8
250.9
252.9
259.8
202.8
212.2
222.9
228.0
235.2
240.4
246.4
251.8
253.1
249.8
249.6
251.1
251.7
252.7
256.2
257.7
259.9
260.4
261.1
265.4
Total
services 1
1,637.4
1,698.5
1,731.0
1,768.8
1,783.8
1,822.3
1,875.2
1,386.2
1,443.9
1,494.2
1,557.1
1,595.8
1,655.5
1,716.9
1,746.3
1,775.2
1,785.2
1,792.0
1,803.7
1,814.3
1,829.0
1,842.0
1,855.9
1,865.4
1,883.5
1,895.8
1,911.4
Housing
Retail sales of newpassenger cars
(millions of units)
Medical
care
452.5
384.7
461.8
399.4
408.6
424.6
437.6
449.2
463.4
327.8
334.8
344.9
359.1
372.0
390.7
403.0
411.8
429.4
438.8
443.6
445.3
447.9
450.4
453.2
458.0
461.1
465.1
469.3
469.2
474.6
478.6
484.2
492.0
411.0
419.7
431.3
438.1
444.8
457.0
465.6
471.3
475.9
479.4
480.6
481.7
483.2
485.1
486.7
488.8
490.7
493.3
495.3
497.5
Source: Department of Commerce, Bureau of Economic Analysi
472.8
Domesties
7.1
7.5
7.1
6.9
6.1
6.3
6.7
6,0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
6.6
6.2
6.1
6.1
6.3
6.2
6.4
6.4
6.9
6.6
7.1
7.5
Imports
3.2
3.1
2.8
2.6
2.3
2.1
2.0
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.4
2.3
2.2
2.3
2.2
2.0
2.0
2.0
2.1
2.0
1.9
2.0
SOURCES OF PERSONAL INCOME
Personal income rose $25.1 billion (annual rate) in April, following a rise of $31.7 billion in March. Wages and
salaries rose $11.8 billion in April, after rising $14.5 billion in March.
BILLIONS OF DOLLARS* (RATIO SCALE]
BILLIONS OF DOLLARS* (RATIO SCALE)
6,000
6,000
5,000
5,000
4,000
4,000
3,000
3,000
WAGE AND SALARY DISBURSEMENTS
2,000
2,000
1,400
1,400
\"
OTHER INCOME
TRANSFER PAYMENTS
800
800
I I i I I I I I I 1 I I I I I I I I I I II
400
1987
1986
1989
1988
1991
1990
1992
1993
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
11 I I I I 11 I I I
1994
400
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
personal
income
Wage and
salary
disbursements l
1986
35904
2 1054
1987
3 8020
40759
43803
46738
48509
5,144.9
53883
53656
53804
5,373.6
5 365 1
5,432.3
54406
5,478.7
5511 2
5,548.1
55007
5,599.0
56307
5,655.8
2 261 2
1988
1989
1990
1991
1992
1993
1993: Apr
May
T '
July
. v
Sept
Get
Nov
Dec
1994: Jan '
Feb '
Mar '
Apr '
.
....
24430
2 5864
27450
2 8150
2,973.1
30805
3,068.3
30938
3,086.0
3 1016
3,124.3
3 1204
3,137.7
3 147 1
3,164.0
3 1923
3,199.4
3213.9
3,225.7
Proprietor ' income 3
Other labor
income * 2
2007
2104
2305
251 9
274.3
2969
322.7
3507
343.9
3466
349.3
3520
354.7
3574
360.1
362.9
365.8
368.8
371.9
375.1
378.4
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.
Farm
Nonfarm
Less:
income of
persons 4
22 3
261 5
87
31 3
309
402
41 9
368
43 7
460
59 7
45 2
360
106
31 1
32 7
439
600
65.3
529
59.9
61 0
61.8
2790
2934
307 0
321 4
3395
3706
397 3
389 7
392 7
3948
393 1
3994
4004
4060
4104
415.4
411 3
417.0
421 6
423.7
32
43
135
142
12 8
89
12 6
14 3
120
119
71
16 1
17 9
168
164
15.9
44 2
236
28 2
26.4
4
dividend
income
interest
income
104 7
1004
531 7
548 1
1084
1265
583 2
668 2
6982
7156
6943
695 2
694 1
693 1
6920
693 6
6957
697 8
6973
696 7
696.2
697 9
700.1
7025
705.0
1444
127 9
1404
1583
157 5
157 8
1582
1586
1590
159 3
1594
1594
159.5
159 7
160.4
1620
164.4
payments 5
517 8
542 2
5767
6250
687 6
769 9
8584
912 1
901 7
9045
9102
9143
9194
921 8
9259
927 5
936.2
9406
945.7
9465
951.5
contributions
for social
insurance
personal
income 6
162 1
173 6
35456
3 749 4
1945
211 4
2249
237 8
2493
264 3
2635
2653
2649
2659
2674
2670
2683
269 1
2702
2785
279 1
280 1
281 0
40239
4 318 o
46086
4 792 0
5080 1
5 320 0
5283 7
5 312 8
53150
5 332 2
53787
53854
5412 1
54284
54599
5424 7
5515 8
55463
55705
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor ina
and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
5
6
DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in 1987 dollars rose in the first quarter of
1994.
BILLIONS Of DOLLARS' (RATIO SCALE)
5,000
^r^SSSS] ^
4,500
BULK*45 OF DOLLARS" (RATIO SCALE)
5,000
4,500
— *<f gS^ ^2^
4,000
4,000
DISPOSABLE PERSONAL INCOME^^^^^*^"^
3,500
3,000
*<<^Si
2,500
3,500
V,^fSi'**' I
\
>
^
PERSONALC UTLAYS
^<^<csssS
3,000
i^>^
SAVING
2,500
-X^
&T
^
1
2,000
t
1
1
1
1
!
1
i
i
i i
i i t
i i i
>
i i
i
i i
)
1
i i i
1
1
1 1
1
1
1
2,000
DOUARS* (RATIC SCALE)
DOLLAR S* (RATIO SCALE)
PER CAPITA DISPOSABLE PERSONAL INCOME
18,000
18,000
CURRENT DOUARS
\
16,000
_
'
-
^
_
16,000
.
14,000
14,000
~
^~'
12,000
^
'
^^
^^
1987DOLW PS
12,000
^—,-—«
10,000
10,000
^
i i i
8,000
1982
1983
1984
1
1
1
1
1985
1984
1987
!
1
1988
1989
i i i
1990
1
1
1
1991
i < E
1992
• SEASONALLY ADJUSTED ANN!JAtRATE
SOURCE: DERMTMENTOFCOMv&a.
Period
Personal
income
Less:
Personal
tax and
Disposable
nontax
payments
income
3,802.0
4,075.9
4,380.3
4,673.8
4,850.9
5,144.9
5,388.3
512.5
527.7
593.3
623.3
620.4
644.8
681.6
3,289.5
3,548.2
3,787.0
4,050.5
4,230.5
4,500.2
4,706.7
1994
COJNOLOFEOONOMIC ADVISERS
Less:
Personal
outlays 1
Equals:
Personal
saving
Disposable
personal
income in
1987
dollars
(billions)
Per capita
disposable personal
income
Current
dollars
Billions of dollars
1987
1988. .
1989
1990
1991
1992
1993
8,000
1993
1887
dollars
Per capita personal
consumption
expenditures
Current
dollars
1987
dollars
142.0
155.7
152.1
170.0
201.5
238.7
189.9
3,289.5
3,404.3
3,464.9
3,524.5
3,529.0
3,632.5
3,700.9
13,545
14,477
15,307
16,205
16,741
17,615
18,225
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
overseas
(thousands) z
Percent
Dollars
3,147.5
3,392.5
3,634.9
3,880.6
4,029.0
4,261.5
4,516.8
Percent
change in
real per
capita
disposable
personal
income
13,545
13,890
14,005
14,101
13,965
14,219
14,330
13,448
14,241
15,048
15,459
16,205
17,006
12,568
12,903
13,029
13,093
12,895
13,081
13,372
—0.1
2.5
.8
.7
— 1.0
1.8
.8
4.3
4.4
4.0
4.2
4.8
5.3
4.0
242,860
245,093
247,397
249,951
252,699
255,472
258,254
12,154
12,591
13,145
13,278
13,522
13,685
13,996
14,015
14,018
13,927
13,963
14,073
14,142
14,169
14,490
14,163
14,326
14,341
14,491
14,549
9,134
9,980
10,649
11,445
12,101
12,819
13,814
14,491
15,283
15,530
15,621
15,906
16,072
16,249
16,589
16,704
16,907
17,088
17,321
17,534
10,895
11,390
11,739
12,095
12,472
12,615
13,020
13,053
13,010
12,911
12,876
12,981
13,002
13,098
13,241
13,234
13,312
13,416
13,523
13,642
-0.5
7.2
1.0
1.8
-1.7
5.2
3.2
1.8
-1.7
-2.1
1.0
3.2
2.0
.8
9.4
-8.7
4.7
.4
4.2
1.6
7.7
6.8
7.9
6.0
4.8
5.0
4.3
3.9
4.3
4.4
4.9
5.0
5.3
4.9
6.0
3.9
4.4
3.8
4.0
3.5
233,060
235,146
237,231
239,387
241,550
243,745
246,004
248,372
251,035
253,048
253,776
254,392
255,090
255,836
256,569
257,197
257,872
258,612
259,334
259,951
12,568
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
IV
IV
IV
IV
IV
IV
IV
IV
IV....
m ...
IV....
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
4,759.1
4,858.8
4,927.5
1992:
5,017.8
n
5,093.8
m ... 5,139.8
IV.... 5,328.3
1993: I
5,254.7
n
5,373.2
m ... 5,412.7
IV.... 5,512.7
1994: I r
5,576.8
372.1
371.6
413.4
448.8
478.5
528.6
542.0
605.1
625.2
619.7
628.8
630.9
634.6
642.8
670.7
657.1
681.0
689.0
699.2
715.8
2,374.7
2,594.3
2,829.1
3,007.9
3,169.3
3,389.9
3,653.2
3,864.3
4,133.9
4,239.1
4,298.8
4,386.9
4,459.2
4,497.0
4,657.6
4,597.5
4,692.2
4,723.7
4,813.5
4,860.9
2,190.9
2,417.9
2,606.5
2,828.7
3,018.2
3,220.1
3,496.7
3,715.5
3,957.7
4,052.3
4,087.0
4,169.4
4,221.3
4,277.3
4,377.9
4,419.7
4,483.6
4,544.0
4,620.1
4,689.2
183.8
176.3
222.6
179.2
151.1
169.8
156.4
148.8
176.2
186.8
211.7
217.5
237.9
219.6
279.7
177.9
208.7
179.7
193.4
171.8
2,832.6
2,960.6
3,118.5
3,178.7
3,266.2
3,335.8
3,443.1
3,480.9
3,519.0
3,524.2
3,543.4
3,580.1
3,607.5
3,624.8
3,717.6
3,642.6
3,694.4
3,708.7
3,757.9
3,782.1
* Includes personal consumption expenditures, interest paid by persons, and personal transfer payments to rest of the world (net).
10,189
11,033
11,925
12,565
13,121
13,907
14,850
15,558
16,467
16,752
16,939
17,245
17,481
17,577
18,153
17,876
18,196
18,265
18,561
18,699
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 1993, according to preliminary estimates, gross farm income rose $17.9 billion (annual
rate) and net farm income rose $17.3 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
240
200
160
^
/— •
^^
^,N _
>!
120
r
s~
1
\\
•'•*•
"*•
•"""I
~
-—
-
240
200
• ->—
^^
i
160
120
GRO SS FARM INC OME
60
'-•*„'"
A
\
\
\
20
*»
1 v'
/^
/
\ _/
A
y \
\
f
'
^ x -*
V
/ \ f
1 \,
4
\/
'
/'
\ /
\
\
^-v
^
i
'"N
\1
^/
\/
\/
40
20
vIET FARM IN
I
1
'\ 1
\
10
^
s
10
V
V
i
2
i i
1982
1
1
1983
1
i i i
1
1
1985
1984
1
i
i i
1986
i
i
i i
i i
i i i
1 1 1
1989
1990
1988
1987
\
\
1991
• SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
i
i i i
i
i i
1993
1992
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total '
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
p
1991- HI
IV
1992- I
n
TTT
IV
1993- I
n
m
IV
1
. ...
Total
Livestock and
products
168.0
161.2
156.1
168.5
175.8
190.9
196.4
190.3
197.7
197.0
142.8
144.1
135.4
141.8
151.2
161.2
170.0
168.7
171.2
174.6
72.9
69.8
71.6
76.0
79.4
84.1
89.8
86.8
86.4
89.6
186.8
192.7
172.2
169.4
84.9
85.0
199.6
202.8
197.3
191.3
167.1
174.2
178.9
164.5
84.2
86.0
85.3
89.9
196.8
203.7
184.7
202.6
170.7
180.8
176.0
170.7
86.2
92.3
90.7
89.4
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
Crops
69.9
74.3
63.8
65.9
71.7
77.0
80.1
81.9
84.8
84.9
87.3
84.4
82.9
88.1
93.6
74.6
84.5
88.6
85.3
81.2
3
Value of
inventory
changes 2
Production
expenses
Current
dollars
1987 dollars 3
6.0
-2.3
2.2
-2.3
3.4
4.8
3.4
-.3
3.8
-4.1
141.9
132.4
125.1
128.8
137.0
144.0
149.9
150.3
149.1
149.6
26.1
28.8
31.1
39.7
38.8
46.9
46.5
40.0
48.6
47.4
28.7
30.5
32.0
39.7
37.3
43.2
41.0
34.0
40.2
38.1
.1
-3.1
151.7
152.2
35.2
40.5
29.8
34.1
4.7
4.3
3.5
2.5
146.3
148.6
150.4
151.0
53.3
54.2
46.8
40.3
44.4
44.8
38.6
33.0
-7.3
-5.8
-6.7
3.4
146.8
149.1
150.9
151.5
50.0
54.6
33.8
51.1
40.5
44.0
27.1
40.9
Income in current dollars divided by the GDP implicit price deflator.
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
CORPORATE PROFITS
In the first quarter of 1994, according to preliminary estimates, corporate profits before tax fell $18.1 billion
(annual rate) and profits after tax fell $11.0 billion. The estimates reflect the effects of the Northridge earthquake.
BILLIONS OF DOLIARS
BILLIONS OF DOLLARS
iiO
550
SEASONALLY ADJUSTED ANNUAL RATES
500
450
rr
-
400
IS BEFORE
y.
350
300
l~~^
250
400
IV
/
350
^
mf 3FITS AFTER TAX
s
\.
s
~O^/
^
y
/
s ""*
s
r
\'
250
200
~
/
/
-_-^\
'*~.s
*•'"""'•'
fm
/
""
I
1982
1 1 1
1983
1
1 1
1984
<
1
X
s
x
150
'•*/
?•*
_/
/
'»
^
\
V
\-~
100
V
<*•*"
\
'<~
i
i i
1985
r""
'•""*
/*"
,- — '
50
-
'UNDISTRI JUTED PRO ITS
V
0
N._
"
- *"
'~'\
TAX UABILITY
^ -' ^ ~*
„-... f
I
's *—.
^-*r"**
^ — —
t
s "-"
s
>. ^
S^'
100
/
/
>*
150
300
/ *
t
-•—v.J
450
-
s ~"
I
200
50
s
f
\S
500
^
S
<
i i
i
t i
t
1987
1986
i
i
1988
i
i ii
i i
1989
1990
1
[
i i 1
1992
1
1991
SOURCE: DEPARTMENT Of COMMERCE
!
i
1
1993
i ii
0
1994
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment *
Profits alter tax
Domestic industries
Period
Ntmfinancial
Total2
Total
1986
1987
1988
1989
1990
1991
1992
1993
1982:
19831984:
19851986:
19871988:
1989:
19901991'
IV
IV
IV
IV
IV
IV.
IV
IV
IV
TTT
IV
1992- I
n
in
rv
1993- I
n
TTT
rv
1994- I *
1
2
227.6
273.4
320.3
325.4
354.7
367.3
390.1
442.3
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
359.0
375.4
399.7
395.7
350.1
414.8
407.0
433.4
444.8
484.0
454.3
194.6
233.9
271.2
266.0
286.7
300.4
327.8
383.6
130.8
182.6
192.9
193.5
192.5
246.3
285.9
254.8
273.8
299.3
306.8
328.5
334.2
288.6
360.1
348.0
375.3
382.1
428.9
400.8
Financial
35.8
36.4
41.8
50.6
65.7
80.7
78.1
99.0
23.0
22.1
20.3
29.0
34.7
39.4
46.1
52.5
66.6
84.2
61.6
97.9
87.7
44.6
82.0
92.3
96.4
99.3
108.1
90.9
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
8
Total
3
158.9
197.5
229.4
215.3
221.1
219.7
249.8
284.6
107.8
160.5
172.6
164.5
157.8
207.0
239.7
202.3
207.2
215.1
225.2
230.5
246.5
244.0
278.1
255.7
278.9
282.8
320.8
309.9
Manufacturing
Wholesale and
retail
trade
59.0
87.0
117.5
108.0
109.1
89.8
115.5
131.7
50.1
90.5
79.2
83.3
63.9
98.7
129.3
94.5
98.5
89.3
88.9
98.9
115.7
119.3
128.0
118.9
132.5
126.7
148.9
46.3
39.9
37.1
39.7
37.2
47.4
46.3
54.4
33.6
40.7
50.8
39.0
43.1
39.3
39.3
39.2
36.2
45.6
47.8
40.0
46.0
41.3
57.7
46.0
55.4
55.1
61.4
Profits
before
tax
217.8
287.9
347.5
342.9
365.7
362.3
395.4
449.4
168.6
223.8
220.1
231.6
235.7
311.2
372.2
334.1
368.9
362.0
373.5
404.3
409.5
357.9
409.9
419.8
445.6
443.8
488.4
470.3
Tax
liability
106.5
127.1
137.0
141.3
138.7
129.8
146.3
174.0
58.7
82.2
83.8
97.6
116.6
135.2
146.2
134.2
137.0
132.5
133.4
147.0
153.0
130.1
155.0
160.9
173.3
169.5
192.5
185.3
Total
111.3
160.8
210.5
201.6
227.1
232.5
249.1
275.4
109.9
141.6
136.3
134.2
119.2
176.0
226.0
200.0
231.8
229.5
240.1
257.3
256.5
227.8
254.9
258.9
272.3
274.3
295.9
284.9
Dividends
109.8
106.2
115.3
134.6
153.5
137.4
150.5
169.0
72.5
84.2
83.4
97.4
111.0
106.3
121.0
141.3
153.7
133.4
133.9
138.0
146.1
155.2
162.9
167.5
168.5
169.7
170.3
r
!71.8
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
1.6
54.6
95.2
67.1
73.6
95.2
98.6
106.4
37.5
57.4
52.9
36.9
8.2
69.7
105.0
58.7
78.1
96.1
106.1
119.3
110.4
72.7
92.0
91.4
103.9
104.6
125.6
113.2
Inventory
valuation
adjustment
9.7
-14.5
-27.3
-17.5
-11.0
4.9
-5.3
-7.1
-8.6
— 7.6
3.5
-3.8
-10.7
-17.8
-31.7
-13.5
-19.5
-3.0
1.9
-4.6
-13.7
-7.8
4.9
-12.7
-12.2
1.0
-4.3
r
-16.0
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
In the first quarter of 1994, according to revised estimates, nonresidential fixed investment in 1987 dollars rose
$9.3 billion (annual rate) and residential investment rose $4.2 billion. There was a $19.1 billion increase in
inventories, following an increase of $8.5 billion in the fourth quarter.
BILLIONS OF 1 987 DOLLARS
BILLIONS OF 1 987 DOLLARS
1,000
1,000
SEASONALLY ADJUSTED ANNUAL RATES
900
800
700
600
500
/
~x
-^
/
r^
GROSS PRIVATE DOMESTIC
INVESTMENT
—
f
yi
^s_
r~^
/^
900
^^~
800
^
700
-
\\ -
••«.
s
600
s
,, -500
NONRESIDENTIAL
FIXED INVESTMENT
X '
400
400
RESID ENTIAL
k FIXED INN/FC:TUFKJT_
300
f . — ...
200
100
— . •*'
,•'•'""
-100
\ i1
1982
N
/
I 1 1
1983
200
'•*
CHXkNGE IN BUSINESS
INVENTORIES
/
0
300
.-._._!i \...
1
!
1984
1
....111
1985
100
.
',
'-^
0
\
i
i i
1986
i
i i
1987
i
i
i
1988
i
i
i
i
1989
1990
i i
i
1991
i i
1992
SOURCE: DEPARTMENT OF COMMERCE
i i I
i
1993
1994
i i
-100
COUNCIL OF ECONOMIC ADVISERS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Gross
private
domestic
investment
Period
Change in business
inventories
Nonresidential
Total
Total
Structures
Producers'
durable
equipment
Residential
Total
Nonfarm
735.1
749.3
773.4
784.0
746.8
675.7
732.9
820.3
726.5
723.0
753.4
754.2
741.1
684.1
726.4
806.0
500.3
497.8
530.8
540.0
546.5
514.5
529.2
591.8
176.6
171.3
174.0
177.6
179.5
160.2
150.6
151.5
323.7
326.5
356.8
362.5
367.0
354.3
378.6
440.2
226.2
225.2
222.7
214.2
194.5
169.5
197.1
214.2
8.5
26.3
19.9
29.8
5.7
-8.4
6.5
14.3
10.6
32.7
26.9
29.9
3.2
-8.6
2.7
19.7
IV
IV
IV
IV
IV
IV
IV
IV
IV
503.5
669.5
756.4
763.1
705.9
793.8
785.0
769.5
695.7
548.4
640.2
708.4
732.9
725.9
733.9
764.1
744.6
716.6
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
173.2
162.6
189.5
198.3
170.4
177.9
175.7
179.8
172.8
244.0
287.0
320.1
327.2
325.0
332.7
363.1
356.9
367.4
131.3
190.6
198.8
207.4
230.5
223.3
225.3
208.0
176.3
449
29.3
47.9
30.2
-20.1
59.9
20.9
24.9
-20.9
462
32.3
50.8
28.0
-18.6
62.1
30.5
31.2
-18.7
1991- 1H
IV
682.8
692.3
683.8
685.2
512.8
506.1
155.6
151.0
357.2
355.2
171.0
179.1
-.9
7.1
.0
10.3
691.7
737.0
739.6
763.0
696.7
724.4
730.0
754.3
510.5
528.8
533.8
543.7
152.8
152.9
148.8
148.0
357.7
375.9
385.1
395.7
186.2
195.6
196.2
210.6
-5.0
12.6
9.6
8.7
-9.6
7.0
5.8
7.5
in
IV
803.0
803.6
813.4
861.4
773.7
790.6
806.9
852.9
562.3
584.3
594.8
625.7
148.2
151.1
151.2
155.6
414.1
433.2
443.6
470.0
211.4
206.2
212.1
227.2
29.3
13.0
6.5
8.5
29.3
17.1
19.4
12.9
1994- I '
885.5
866.4
635.0
147.1
487.9
231.4
19.1
21.1
1986
1987
1988
1989
1990
1991
1992
1993
198219831984:
198519861987198819891990-
.
1992- I
II
. . . . .
m
IV
1993- I
TJ
Source: Department of Commerce, Bureau of Economic Analysis.
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department January-March 1994 survey, business spending for new plant and
equipment is expected to rise 8.0 percent in 1994, following a rise of 7.1 percent in 1993.
BILUONS OF DOUARS (RATIO SCALE)
BILUONS OF DOHARS (RATIO SCALE)
/CO
SEASONAUY ADJUSTED ANNUAL RATES
/OO
*
«•—
!,-•
600
500
•^
^^
400
• """1
r
^
"
I
600
-—•—-^
^.,—r
\
500
ALL INDlJSTRIES
^.d
'
..-•
400
-""
^-""\
300
300
NONMANUF/kCTURING-^
*••""'
200
xx
t
*"""">
,-'''"'
200
*
vv
^^m.^
MANUFACT JRING
100
100
1
1
1985
1
1
1986
1988
1987
!
i
1
1989
i
1
1991
1990
i i i
1992
• SECOND HAlf
^SURVEYED QUARTERLY
^SEE FOOTNOTE 4 BaOW
SOURCE: DEPARTMENT OF COMMERCE
V
\
1
V
V
!
1994
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanufacturing
Manufacturing
Period
All
industries
Total
Durable
goods
Nondurable
goods
Total 1
Mining
Transportation
Public
utilities
Commercial
and
other
Total
nonfarm
business 2
418.38
454.93
447.11
461.51
508.22
563.93
591.96
587.93
607.71
649.32
698.39
Nonmanufacturing
Manufacturing
Total
278.77
302.05
309.16
320.45
344.77
380.13
399.34
405.12
433.69
470.14
505.70
Surveyed
quarterly
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
406.46
440.07
1984
1985
1986
1987 . .
1988
1989
1990
1991
1992
1993
1994*
373.83
410.12
399.36
410.52
455.49
507.40
532.61
528.39
546.60
585.64
632.76
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.18
192.69
64.57
70.87
65.68
68.03
77.04
82.56
82.58
77.64
73.32
81.33
89.09
75.04
82.01
72.28
73.03
86.41
101.24
110.04
105.17
100.69
97.84
103.60
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
406.46
440.07
11.86
12.00
8.15
8.28
9.29
9.21
9.88
10.02
8.88
10.03
10.63
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.66
22.64
21.87
21.27
57.53
59.58
56.61
56.26
80.37
66.28
67.21
66.57
72.21
75.72
78.28
151.39
171.09
181.59
189.84
205.76
229.28
241.43
246.32
268.84
298.83
329.90
1992
in
IV
534.85
541.41
547.40
559.24
173.82
171.98
172.86
176.86
73.98
74.07
72.09
73.30
99.85
97.91
100.77
103.56
361.03
369.44
374.54
382.38
8.92
9.20
8.98
8.47
21.83
23.15
23.91
21.60
69.00
72.63
72.18
74.07
261.27
264.46
269.46
278.24
173 82
171.98
17286
176.86
36103
369.44
37454
382.38
1993- I
II
III
IV
564.13
579.79
594.11
604.51
175.05
177.09
182.17
182.40
79.11
80.88
81.99
83.35
95.94
96.21
100.18
99.04
389.08
402.70
411.94
422.11
8.89
9.10
11.14
10.98
22.47
21.58
21.70
21.73
73.51
74.55
75.62
79.21
284.21
297.46
303.47
310.20
17505
177.09
182 17
182.40
38908
402.70
411 94
422.11
1994- I "
II"
2nd half 4
621.28
624.99
642.39
191.23
189.09
195.22
91.81
87.68
88.45
99.42
101.41
106.77
430.06
435.89
447.17
10.84
11.51
10.09
20.06
20.56
22.23
73.69
77.59
80.92
325.47
326.23
333.94
191.23
189.09
195 22
430.06
435.89
447 17
I
11
1
Excludes forestry, fisheries, and agricultural services; professional services; social services and
membership organizations; and real estate, which, effective with the April-May 1984 survey, are no
longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for
these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
10
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.18
192.69
Surveyed
annuallyS
44.55
44.81
47.75
50.99
52.73
56.53
59.35
59.54
61.11
63.68
65.63
3
Consists of forestry, fisheries, and agricultural services; professional services; social services and
membership organizations; and real estate.
4
Planned capita! expenditures as reported by business in January-March 1994, corrected for
biases.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In April, civilian employment rose 301,000 and unemployment fell 135,000.
MILLIONS OF PERSONS *
MILLIONS OF PERSONS *
134
134
SEASONALLY ADJUSTED
130
130
CIVILIAN LABOR FORCE
126
126
122
122
\
118
118
CIVILIAN .
EMPLOYMENT
114
114
110
110
106
106
UNEMPLOYMENT
/
I I I II I t I M I
1986
II I I I I I I I I I
I I I I I I 1 I I I I I l I I l Il j I i I
I I I I I MI I II
1988
1987
1989
1990
1992
1991
1993
1994
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Civilian employment
tional
population
including
resident
Armed
Forces
NSA
Period
1984
1985
1986 3
1987
1988
1989
1990
1991
1992
1993
. ..
Employment
including
resident
Armed
Forces
July
Oct
Nov
Dec
1994:
Jan 4
Feb
Mar
Labor force
including
resident
Armed
Forces
178,080
179,912
182,293
184,490
186,322
188,081
189,686
191,329
193,142
195,034
1,697
1,706
1,706
1,737
1,709
1,688
1,637
1,564
1,566
1,485
115,241
117,167
119,540
121,602
123,378
125,557
126,424
126,867
128,548
129,525
106,702
108,856
111,303
114,177
116,677
119,030
119,550
118,440
119,164
120,791
113,544
115,461
117,834
119,865
121,669
123,869
124,787
125,303
126,982
128,040
105,005
107,150
109,597
112,440
114,968
117,342
117,914
116,877
117,598
119,306
3,321
3,179
3,163
3,208
3,169
3,199
3,186
3,233
3,207
3,074
101,685
103,971
106,434
109,232
111,800
114,142
114,728
113,644
114,391
116,232
5,512
5,334
5,345
5,122
4,965
4,657
4,860
5,767
6,116
6,106
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
2,737
2,305
2,232
1,983
1,610
1,375
1,504
2,323
3,354
3,052
64.4
64.8
65.3
65.6
65.9
66.5
66.4
66.0
66.3
66.2
59
60
60
61
62
63
62
61
61
61
194,618
194,767
194,933
195,104
195,275
195,453
195,626
195,791
195,993
1,492
1,484
1,477
1,471
1,482
1,482
1,475
1,470
1,461
129,031
129,559
129,533
129,573
129,816
129,590
130,055
130,132
130,359
120,077
120,664
120,664
120,841
121,174
121,050
121,416
121,802
122,122
127,539
128,075
128,056
128,102
128,334
128,108
128,580
128,662
128,898
118,585
119,180
119,187
119,370
119,692
119,568
119,941
120,332
120,661
3,071
3,074
3,031
3,043
3,005
3,093
3,021
3,114
3,096
115,514
116,106
116,156
116,327
116,687
116,475
116,920
117,218
117,565
6,189
6,219
6,192
6,213
6,216
6,173
5,957
5,904
5,934
8,954
8,895
8,869
8,732
8,642
8,540
8,639
8,330
8,237
2,986
3,046
3,025
3,007
3,000
3,047
3,030
2,971
2,864
66.0
66.3
66.2
66.2
66.2
66.0
66.2
66.2
66.3
61
61
61
61
61
61
61
61
62
130,667
130,776
130,580
130,747
121,971
122,258
122,037
122,338
3,331
3,391
3,426
3,459
118,639
118,866
118,611
118,880
4,842
4,384
4,762
4,613
8,696
8,518
8,543
8,408
3,027
3,103
3,110
2,951
66.7
66.7
66.6
66.6
62
62
62
62
Civilian
labor -force
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutional population.
3
Not strictly comparable with earlier data.
Civilian
Labor
force
participation
rate
(percent) z
Kesident
Armed
Forces
NSA
1993:
May
Unemployment
Nonagricultural
Total
Agricultural
Total
Part time
for
economic
reasons 1
Total
15
weeks
and over
Employ
ment/
populati
ratio
(percent) '
4
Data beginning January 1994 are based on the revised Current Population Survey and are i
directly comparable with data for earlier periods. For details, see Employment and Earnings, Fi
ruary 1994.
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED UNEMPLOYMENT RATES
In April, the civilian unemployment rate fell to 6.4 percent from 6.5 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
20
BLACK
IS
15
10
10
ALL CIVILIAN WORKERS
\
1990
1990
1994
1993
*UNEMPIOYMENT 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)
Period
Unemployment
rate,
all
work-
ers
By sex and age
By selected groups
By race
All
civilian
work-
1
ers
Men
20 years
and over
Women
20 years
Both
sexes
and
16-19
over
years
Black
White
and
Black
other
Experienced
wage and
salary
workers
Married
Women
men,
who
spouse
present
maintain
families
Fulltime
work-
Parttime
work-
ers
ers
2
Labor
force
time lost
(percent) 3
2
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
7.4
7.1
6.9
6.1
5.4
5.2
5.4
6.6
7.3
6.7
7.5
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
6.8
6.6
6.2
6.1
5.4
4.8
4.5
4.9
6.3
7.0
6.4
6.8
6,6
6.2
5.4
4.9
4.7
4.8
5.7
6.3
5.9
18.9
18.6
18.3
16.9
15.3
15.0
15.5
18.6
20.0
19.0
6.5
6.2
6.0
5.3
4.7
4.5
4.7
6.0
6.5
6.0
14.4
13.7
13.1
11.6
10.4
10.0
10.1
11.1
12.7
11.7
15.9
15.1
14.5
13.0
11.7
11.4
11.3
12.4
14.1
12.9
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
4.4
10.3
10.4
9.8
9.2
8.1
8.1
8.2
9.1
9.9
9.5
7.5
7.1
6.9
6.0
5.3
5.1
5.4
6.7
7.4
6.8
7.4
7.5
7.4
6.9
6.4
6.2
6.3
6.9
7.4
7.1
8.6
8.1
7.9
7.1
6.3
5.9
6.2
7.6
8.3
7.7
1993: Apr
May ....
6.9
6.9
6.8
6.7
6.7
6.6
6.6
6.4
6.3
7.0
6.9
6.9
6.8
6.7
6.7
6.7
6.5
6.4
6.5
6.5
6.5
6.5
6.4
6.3
6.2
5.9
5.8
6.0
5.9
5.9
5.8
5.7
5.8
5.8
5.7
5.7
20.3
19.8
19.5
18.4
18.4
17.9
18.9
18.3
17.8
6.1
6.1
6.1
6.0
5.9
5.8
6.1
5.6
5.6
12.4
11.8
12.0
11.6
11.5
11.4
10.9
11.3
10.7
13.7
12.9
13.3
12.8
12.5
12.5
11.9
12.5
11.5
6.7
6.6
6.6
6.5
6.4
6.3
6.4
6.2
6.2
4.5
4.5
4.4
4.5
4.4
4.2
4.4
4.0
3.9
9.6
9.8
9.7
9.6
9.0
9.0
9.3
9.0
10.2
6.9
6.9
6.9
6.8
6.7
6.6
6.6
6.3
6.4
7.6
6.9
7.1
6.7
6.8
6.9
7.2
6.9
6.6
7.8
7.9
7.8
7.8
7.7
7.5
7.6
7.2
7.2
6.7
6.5
6.5
6.4
5.9
6.0
5.8
5.6
6.0
5.7
6.0
5.6
18.4
17.9
17.8
19.9
5.8
5.6
5.7
5.6
11.6
11.3
11.3
10.8
13.1
12.9
12.5
11.8
6.6
6.4
6.4
6.2
4.1
4.3
4.1
3.9
9.4
9.7
9.6
9.1
6.8
6.6
6.6
6.4
6.2
5.9
6.3
6.5
June ...
July ....
Aug ....
Sept ....
Oct
Nov ....
Dec
1994- Jan 4
Feb
Mar
1
z
Unemployed as percent of totd labor force including resident Armed Forces.
Revised definition; for details, see Employment and Earnings, February 1994.
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
3
12
4
Data beginning January 1994 are based on the revised Current Population Survey and are not
directly comparable with data for earlier periods. For details, see Employment and Earnings, February 1994.
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In April, there was an increase in the percentage of the unemployed who had been out of work for less than 5
weeks; there were decreases in the percentages for 5-14 weeks, for 15-26 weeks, and for 27 weeks and over.
The mean duration of unemployment fell to 19.1 weeks and the median duration rose to 9.2 weeks.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION *
70
70
REASON FOR UNEMPLOYMENT
JOB IOSERSJ/
50
\
30
REENTRANTS
*-/,->v*-A
20
JOB LEAVERS
10
„-/•NEW ENTRANTS
(MuJdin
1990
1994
1991
1992
* SEASONAliY ADJUSTED
X/>EGINMNG JANUARY 1994, JOB LOSERS AND PERSONS WHO COMPUTED TEMPORARY JOBS.
SOURCE: DEPARTMENT OF LABOR
1993
1994
COUNOl OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Duration of unemployment
Period
Unemployment
(thousands)
Number of
weeks
Percent distribution
Less
27
than 5-14 15-26 weeks
weeks weeks and
5
over
weeks
Average
(mean)
Median
Reason for unemployment:
percent distribution
Job
losers 1
Job
leavers
KeenNew
Iran ts entrants
Insured
unemployment,
all
regular
Insured Initial
unem- claims programs
(unadjustployment
ed)*
State
programs
Weekly average, thousands
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993- Apr
May
f J
July
•
Sept
Oct
Nov
Dec
1994- Jan*
Feb
Mar
ACT
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
8,954
8,895
8,869
8,732
8,642
8,540
8,639
8,330
8,237
8,696
8,518
8,543
8,408
39.2
42.1
41.9
43.7
46.0
48.6
46.1
40.1
34.9
36.2
37.5
36.8
35.9
36.7
35.2
35.7
36.4
35.4
37.5
38.4
30.6
32.8
34.7
28.7
30.2
31.0
29.6
30.0
30.3
32.0
32.3
29.4
28.9
28.7
28.7
30.6
29.0
30.1
28.7
28.7
28.9
27.5
26.8
32.5
30.3
29.5
12.9
12.3
12.7
12.7
12.0
11.2
11.8
14.5
15.2
14.6
14.8
14.4
13.9
14.3
14.5
15.2
14.8
14.6
14.1
15.1
16.2
15.0
14.2
19.1
15.4
14.4
14.0
12.1
9.9
10.1
13.0
20.6
20.4
19.0
20.1
19.6
19.9
20.1
20.5
20.1
21.1
21.0
19.7
20.8
21.9
21.6
1
Beginning January 1994, job losers and persons who completed temporary jobs,
* 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
or Emergency Unemployment Compensation programs.
18.2
15.6
15.0
14.5
13.5
11.9
12.1
13.8
17.9
18.1
17.7
17.8
17.8
17.9
18.3
18.4
18.4
18.9
18.2
18.3
18.7
19.2
19.1
7.9
6.8
6.9
6.5
5.9
4.8
5.4
6.9
8.8
8.4
8.5
8.3
83
/8.S
8.4
8.9
8.3
8.5
8.2
8.5
9.0
9.1
9.2
51.8
49.8
48.9
48.0
46.1
45.7
48.3
54.7
56.4
54.6
54.3
53.8
54.6
55.5
56.2
55.0
55.2
53.4
54.2
51.1
48.6
46.9
44.4
9.6
10.6
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.8
11.1
10.9
10.6
10.4
10.2
10.8
11.1
11.5
11.4
8.8
10.3
10.1
9.7
25.6
27.1
26.2
26.6
27.0
28.2
27.4
24.8
23.7
24.6
24.4
25.3
24.8
24.1
24.0
24.3
24.1
25.0
24.6
32.6
33.7
35.5
37.9
13.0
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.5
10.0
10.3
10.1
10.1
9.9
9.6
9.9
9.7
10.0
9.7
7.5
7.4
7.5
8.1
2,476
2,611
2,650
2,332
2,081
2,158
2,522
3,342
3,245
2,751
2,759
2,789
2,840
2,851
2,819
2,823
2,815
2,776
2,694
2,720
2,791
2,744
2,722
377
396
378
328
310
330
388
447
408
341
350
348
348
352
329
328
341
335
325
369
351
340
350
2,561
2,693
2,746
2,401
2,135
2,205
2,575
3,406
3,339
2,838
2,929
2,597
2,806
2,655
2,721
2,421
2,324
2,563
2,794
3,510
3,505
r
3,394
2,871
3
Data beginning January 1994 are based on the revised Current Population Survey and are not
directly comparable with data for earlier periods. For details, see Employment and Earnings, February 1994.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 267,000 in April.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
32
110
30
\
28
ALL NONAGRICULTURAL
ESTABLISHMENTS
100
SERVICES
26
90
24
22
80
RETAIL TRADE
SERVICE-PRODUCING
INDUSTRIES
20
70
18
GOVERNMENT
iillllllll
16
60
50
40
GOODS-PRODUCING
INDUSTRIES
30
20
[ 1111111111
I IM II IIi I I
1991
1990
\
CONSTISUCTION
_
I [ [ul
1111111 iI 1 1 1 1 1 1 1 1 1 iI
n 111
1992
Illinium
r
1993
1990
lillll
1992
1991
|
1 11 1 111 11 11,
1994
'
1993
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; l seasonally adjusted]
Goods-producing industries
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993:
1994:
Apr
May....
June ...
July....
Aug ...
Sept ...
Oct ....
Nov ...
Dec ....
Jan ....
Feb r...
Mar r..
Apr "..
Total
nonagricultural
employment
94,408
97,387
99,344
101,958
105,210
107,895
109,419
108,256
108,519
110,178
109,820
110,058
110,101
110,338
110,305
110,502
110,664
110,880
111,110
111,079
111,357
111,821
112,088
Service-producing industries
Manufacturing
Total2
24,718
24,842
24,533
24,674
25,125
25,254
24,905
23,745
23,142
22,975
22,980
23,006
22,941
22,948
22,903
22,886
22,934
22,994
23,008
23,024
23,032
23,125
23,189
Construction
4,380
4*668
4,810
4*,958
5,098
z,ni
5,120
4*.650
4,471
4,574
4,517
4,577
4,574
4,593
4,593
4,592
4,629
4,664
4,665
4,653
4,650
4,732
4,796
Total
Durable
goods
Nondurable
goods
19,372
19*,248
18,947
18*999
19,314
19*391
19,076
18406
18,040
17,802
17,863
17,827
17,771
17,760
17,718
17,698
17,709
17,735
17,738
17,769
17,783
17,796
17,799
11,476
11 ".458
11,195
Il|l54
11,363
11*394
11,109
10^569
10,237
10*047
10,090
10,047
10,011
9,996
9,974
9,974
9,988
10,013
10,028
10,061
10,071
10,078
10,088
7,896
7*790
7,752
7*845
7,951
7*.997
7,968
7,837
7,804
7,755
7,773
7,780
7,760
7,764
7,744
7,724
7,721
7,722
7,710
7,708
7,712
7,718
7,711
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived
from this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes, bad
14
Total
69,690
72*344
74,811
77*284
80,086
82*642
84,514
84*511
85,377
87*203
86,840
87,052
87,160
87,390
87,402
87,616
87,730
87,886
88,102
88,055
88,325
88,696
88,899
Transportation
and
public
utilities
Wholesale
trade
5,156
5*,233
5,247
5362
5,514
5^625
5,793
5*,762
5,709
5*708
5,720
5,719
5,711
5,709
5,690
5,692
5,693
5,700
5,697
5,708
5,719
5,732
5,665
5,568
5*,727
5,761
5*848
6,030
6*,187
6,173
6*.081
6,045
6*113
6,110
6,125
6,110
6,126
6,107
6,117
6,122
6,129
6,133
6,156
6,176
6,193
6,209
Retail
trade
16,512
17JJ15
17,880
18*422
19,023
19/475
19,601
19*284
19,346
19,14:3
19,648
19,702
19,751
19,790
19,795
19,836
19,846
19,853
19,949
19,923
19,977
20,049
20,129
Finance,
insurance,
and real
estate
Services
5,684
5*,948
6,273
6*533
6,630
6^668
6,709
6*646
6,571
6*604
6,585
6,588
6,590
6,604
6,602
6,616
6,632
6,651
6,660
6,656
6,666
6,679
6,688
20,746
21*927
22,957
24, 110
25,504
26*907
27,934
28336
29,053
30*. 192
29,977
30,099
30,175
30,320
30,381
30,433
30,534
30,649
30,709
30,683
30,853
31,079
31,225
Government
Total
16,024
16*394
16,693
17*010
17,386
17^779
18,304
18*,402
18,653
18342
18,800
18,819
18,823
18,841
18,827
18,922
18,903
18,904
18,954
18,929
18,934
18,964
18,983
Federal
2,807
2*875
2,899
2*943
2,971
2*988
3,085
2*,966
2,969
2,915
2,923
2,912
2,901
2,896
2,906
2,901
2,901
2,896
2,918
2,897
2,895
2,884
2,877
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 weekly hours
Average gross hourly earnings
Total
private
nonagricultural >
Period
1984
1985
1986
1987
1988...
1989
1990
1991
1992
1993
1993' Apr
May
July
sept
:::::::::::::::
Oct
Nov
Dec
1994: Jan
Feb '
Mar '.
Apr »
Total
Average gross weekly earnings
Total private
nonagricultural '
Manufacturing
Current
dollars
Overtime
1982
dollars *
Manufacturing
Current
dollars
1982
dollars *
Percent change from a
year earlier, total
private
nonagricultural 3
Current dollars
Total private
nonagricultural *
Construction
Manufacturing
Retail
trade
Current
dollars
1982
dollars
35.2
34.9
34.8
34.8
34.7
34.6
34.5
34.3
34.4
34.5
40.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0
41.4
3.4
3.3
3.4
3.7
3.9
3.8
3.6
3.6
3.8
4.1
$8.32
8.57
8.76
8.98
9.28
9.66
10.01
10.32
10.58
10.83
$7.80
7.77
7.81
7.73
7.69
7.64
7.52
7.45
7.42
7.39
$9.19
9.54
9.73
9.91
10.19
10.48
10.83
11.18
11.46
11.76
$292.86
299.09
304.85
312.50
322.02
334.24
345.35
353.98
363.95
373.64
$274.73
271.16
271.94
269.16
266.79
264.22
259.47
255.40
255.22
254.87
$374.03
386.37
396.01
406.31
418.81
429.68
441.86
455.03
469.86
486.86
$458.51
464.46
466.75
480.44
495.73
513.17
526.01
533.40
537.70
551.04
$174.33
174.64
176.08
178.70
183.62
188.72
194.40
198.48
205.34
209.95
4.3
2.1
1.9
2.5
3.0
3.8
3.3
2.5
2.8
2.7
34.4
34.7
34.4
34.5
34.7
34.3
34.5
34.5
34.5
41.5
41.4
41.2
41.4
41.4
41.5
41.6
41.7
41.7
4.2
4.1
4.0
4.0
4.1
4.1
4.3
4.3
4.4
10.77
10.82
10.81
10.81
10.86
10.86
10.92
10.93
10.95
7.38
7.39
7.38
7.37
7.39
7.38
7.39
7.39
7.39
11.71
11.71
11.72
11.72
11.77
11.84
11.83
11.88
11.95
370.49
375.45
371.86
372.95
376.84
372.50
376.74
377.09
377.78
253.76
256.45
253.83
254.23
256.35
253.23
255.07
254.79
254.91
485.97
484.79
482.86
485.21
487.28
491.36
492.13
495.40
498.32
541.21
556.39
551.32
559.77
558.33
551.14
551.90
563.16
557.94
208.80
211.41
209.66
209.66
210.97
209.95
212.42
211.39
212.99
2.8
3.4
2.6
2.9
2.8
3.0
3.0
2.2
3.1
-.3
.2
— .2
.2
.1
.5
.4
34.8
34.2
34.7
34.7
41.8
41.2
42.2
42.2
4.4
4.6
4.8
4.8
11.02
11.03
11.03
11.06
7.43
7.42
7.40
7.41
11.96
12.03
12.01
12.02
383.50
377.23
382.74
383.78
258.60
253.86
256.70
257.05
499.93
495.64
506.82
507.24
556.51
543.80
562.11
558.25
214.89
212.78
215.47
215.31
3.6
2.4
3.6
3.5
1.2
.1
1.8
1.8
1
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 (CPI-W) (on & 1982—100 base).
2
0.8
18
.3
10
-.9
— 1.0
— 1.8
— 1.6
-.1
— .1
g
.6
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
compensa-
tion
Wages and
salaries
Benefits '
Total
compensation
Wages and
salaries
12 months earlier
Benefits *
Total
compensation
Wages and
salaries
Benefits '
Not seasonally adjusted
1984'
198519861987:
1988'
19891990199119921993:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
*
84.0
87.3
90.1
93.1
97.6
102.3
107.0
111.7
115.6
119.8
84.8
88.3
91.1
94.1
98.0
102.0
106.1
110.0
112.9
116.4
108.4
109.7
110.8
111.9
112.9
113.8
114.7
115.7
116.8
117.9
118.9
119.9
120.7
107.3
108.4
109.2
110.1
110.9
111.6
112.1
113.0
113.9
114.6
115.6
116.5
117.1
81.7
84.6
87.5
90.5
96.7
102.6
109.4
116.2
122.2
128.3
4.9
3.9
3.2
3.3
4.8
4.8
4.6
4.4
3.5
3.6
Seasonally adjusted
1991- Mar
Sept
Dec
1992- Mar
Sent
Dec
1993- Mar
Sept
Dee
1994' Mar
J
i
j
1
Employer costs for employee benefits.
NOTE. —The employment cost index is a measure of the change in the cc st of labor, free from the
influence of employment shifts among occupations and industries.
111.2
113.3
115.2
116.8
118.2
119.5
121.3
122.9
124.7
126.4
127.7
129.1
130.2
1.1
1.2
1.0
1.0
.9
.8
.8
.9
1.0
.9
.8
.8
.7
4.2
4.1
3.2
3.3
4.1
4.1
4.0
3.7
2.6
3.1
6.5
3.5
3.4
3.4
6.9
6.1
6.6
6.2
5.2
5.0
Not seasonally adjusted
1.0
1.0
.7
.8
.7
.6
.4
.8
.8
.6
.9
.8
.5
1.2
1.9
1.7
1.4
1.2
1.1
1.5
1.8
1.5
1.4
1.0
1.1
.9
4.4
4.4
4.5
4.4
4.2
3.7
3.4
3.5
3.5
3.6
3.7
3.6
3.3
4.0
3.7
3.7
3.7
3.4
3.0
2.7
2.6
2.7
2.7
3.1
3.1
2.9
5.8
6.2
6.4
6.2
6.3
5.5
5.2
5.2
5.6
5.8
5.4
5.0
4.4
Data exclude farm and household workers,
Source: Department of Labor, Bureau of Labor Statistic s.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Output 1
Compensation per
hour 3
Hours of all
persons 2
Unit labor costs
Real compensation
per hour *
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
100.8
100.6
101.2
104.3
104.1
104.2
102.7
102.8
103.6
105.7
106.3
101.5
103.4
106.5
109.5
112.3
116.0
121.0
127.1
131.9
134.1
136.8
101.5
103.4
106.8
110.0
112.8
116.5
121.5
127.6
132.6
135.1
137.6
103.4
107.7
111.2
113.6
116.6
120.8
126.1
131.2
136.1
139.2
142.5
104.0
107.6
111.6
114.2
117.2
121.4
126.5
131.8
137.0
140.3
143.6
100.6
100.5
100.7
102.4
105.6
105.1
104.7
103.4
103.4
100.6
100.4
100.7
101.8
105.2
104.6
104.1
102.6
102.5
101.0
102.1
104.3
108.0
111.6
113.7
117.9
123.0
129.8
101.0
101.9
104.4
108.5
112.2
114.3
118.0
123.4
130.5
101.1
104.8
109.0
112.4
114.6
117.9
122.8
127.8
133.2
101.4
105.2
109.0
112.9
115.2
118.5
123.4
128.2
134.0
147.1
148.8
104.6
105.1
103.8
104.2
132.6
133.1
133.2
133.7
136.6
137.2
137.5
138.2
152.2
153.7
156.1
157.8
150.9
152.6
154.8
156.6
105.9
106.1
106.9
107.2
104.9
105.3
106.0
106.3
133.4
133.9
134.5
134.8
134.3
134.9
135.6
135.8
138.3
139.1
138.7
140.6
139.3
140.2
139.8
141.8
120.3
121.6
121.7
122.4
159.1
160.1
161.6
162.7
157.7
158.4
159.8
160.9
107.3
107.1
107.6
107.6
106.3
106.0
106.4
106.4
136.4
137.3
137.4
136.0
137.4
138.2
138.0
136.9
141.6
142.5
142.8
143.2
142.7
143.5
143.9
144.1
123.0
164.9
163.1
108.5
107.3
137.7
138.5
143.7
144.5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
102.3
104.8
106.3
108.5
109.6
110.7
109.9
110.7
111.8
115.5
117.6
102.5
104.7
105.6
107.7
108.6
109.6
108.6
109.1
110.3
113.7
115.7
104.1
112.6
116.7
119.9
124.8
130.1
132.3
133.3
131.6
135.4
r
140.4
104.4
113.0
116.8
120.1
125.0
130.6
132.7
133.5
131.8
135.4
140.6
101.8
107.4
109.8
110.5
113.8
117.5
120.4
120.5
117.7
117.3
119.4
101.9
107.9
110.7
111.5
115.1
119.1
122.2
122.4
119.5
119.1
121.5
103.8
108.3
113.2
118.9
123.1
128.5
133.0
140.6
147.4
154.9
160.8
104.0
108.3
112.8
118.4
122.5
127.7
131.9
139.2
146.2
153.7
159.2
100.6
100.6
101.5
104.7
104.6
104.8
103.5
103.8
104.5
106.5
107.4
101.1
103.1
105.4
107.0
108.3
110.6
110.9
109.7
110.5
101.1
103.3
105.3
106.0
107.4
109.5
110.0
108.5
108.9
100.0
107.5
114.4
118.0
120.6
127.4
131.7
132.3
132.1
100.0
108.1
114.8
118.2
120.8
127.6
132.5
132.7
132.2
98.9
104.3
108.5
110.2
111.3
115.1
118.8
120.6
119.6
99.0
104.7
109.0
111.4
112.5
116.5
120.5
122.3
121.4
102.1
105.3
109.9
115.6
120.9
125.8
130.6
134.9
143.5
102.1
105.2
109.9
115.0
120.4
125.1
129.8
133.9
142.1
1991: HI ....
IV
111.8
112.8
110.4
111.3
131.5
132.4
131.8
132.6
117.6
117.3
119.4
119.2
148.2
150.1
1992: I
114.1
114.8
116.0
117.1
112.4
113.1
114.1
115.3
133.3
134.5
136.0
137.9
133.3
134.4
135.9
137.9
116.8
117.1
117.2
117.7
118.7
118.8
119.0
119.6
n
m ....
IV '...
116.6
116.6
117.6
119.6
114.8
114.7
115.8
117.6
138.0
139.3
140.4
143.7
138.1
139.5
140.9
143.9
118.3
119.5
119.4
120.1
I'*...
119.8
117.8
144.7
144.8
120.8
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
2.3
2.4
1.4
2.1
1.0
1.0
7
.7
1.0
3.3
1.8
2.5
2.2
.8
2.0
.8
.9
g
A
1.1
3.1
1.7
4.1
8.2
3.6
2.8
4.1
4.3
1.7
.7
-1.3
2.9
3.6
4.4
8.2
3.4
2.8
4.1
4.4
1.7
.6
-1.3
2.7
r
3.9
1.8
5.6
2.1
.6
3.0
3.3
2.5
.1
-2.3
1991: m ....
IV
.6
3.7
.8
3.4
.1
2.7
1992: I
4.7
2.5
4.2
3.8
3.8
2.8
3.6
4.2
n
m r ....
-1.8
IV ....
-1.6
-.0
3.3
7.1
1994: IP'...
.5
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
1993
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
IV
IV
IV
IV
IV
IV
IV
IV
IV
n
m ....
IV
1993: I
1994:
Percent change; quarterly data at seasonally adjusted annual rates
n
m ....
IV
1993: I
1.8^
1.9
5.9
2.5
.8
3.2
3.5
2.6
.2
-2.4
-.4
2.1
3.8
4.3
4.5
5.0
3.6
4.4
3.5
5.7
4.9
5.0
3.8
4.0
4.1
4.1
5.0
3.5
4.2
3.3
5.5
5.0
5.1
3.6
0.6
.0
.9
3.1
-.1
.2
-1.3
.3
.6
2.0
.8
0.8
-.2
.6
3.1
-.2
.1
14
.1
.8
2.0
.6
1.5
1.9
3.0
2.8
2.5
3.4
4.3
5.0
3.8
1.7
2.0
1.5
1.9
3.3
2.9
2.6
3.2
4.3
5.1
3.9
2.0
1.8
3.4
4.1
3.3
2.2
2.6
3.6
4.4
4.1
3.7
2.3
2.4
4.0
3.5
3.7
2.4
2.6
3.6
4.2
4.2
3.9
2.4
2.3
.3
2.7
-.5
-1.0
-.6
-.7
4.5
5.2
4.6
4.9
1.3
1.9
1.4
1.6
3.8
1.4
3.7
1.5
2.4
1.7
2.6
2.2
2.9
3.4
4.6
5.6
2.1
3.3
4.4
6.0
-1.8
1.0
.4
1.8
-1.6
.5
.8
1.8
5.7
4.1
6.2
4.6
5.6
4.7
5.9
4.6
2.9
.7
3.0
1.3
2.9
1.3
2.7
1.3
.9
1.6
1.9
.7
1.7
1.8
2.2
.4
3.3
2.4
-1.2
5.6
3.2
2.7
-1.1
5.6
4.0
6.4
.5
3.8
3.2
9.6
.6
4.0
4.1
8.9
2.1
3.8
— .1
2.3
2.5
4.4
.1
2.4
3.3
2.5
3.9
2.8
2.9
1.9
3.7
2.8
.2
-.6
2.0
-.1
-.2
-1.2
1.8
-.2
5.0
2.5
.5
-4.0
4.8
2.3
-.4
-3.3
2.7
2.6
1.1
1.1
2.5
2.4
1.1
.6
.5
2.9
2.6
2.4
2.0
5.5
5.6
3.4
3.4
5.0
5.0
1.3
1.1
4
1
2
Output refers to gross domestic product originating in the sector in 1987 dollars.
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfHourly compensation divided by the consumer price index for aU urban consumers (CPI-U).
16
s
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.
*Based on GDP release of April 28, 1994.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose in April and capacity utilization was unchanged.
INDEX, 1987= 100* (RATIO SCALE)
INDEX, 1987 = 100' (RATIO SCALE]
160
s~
FINAL PRODUCTS
/I
140
BUSINESS
/
130
120
~/~^
,_
^—^~^-f
110
\. ^
100
*•••*.-
,'""<-''
/
'•*,
\
CONSUMER
GOODS
\
90
DEFENSE
AND SPAC
EQUIPMENr
80
v
-%
'•••v.
70
111M 1
130
PER :ENT*
86
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
84
UTIUTiES AND MINING
120
110
\
' "* **• ^ A
^
\ /'
^'
100 ^
^^
*
\/
82
^^
UTILITIES
sn
^
/j^"
V
/\C^^
^~*-^\_^^- /^
,
.MINING
1 1 1 1 1 1 1 1 1 11 i i I i M i i i i i
90 i i i i i 1 i M i i
1990
*
1991
1992
1993
1994
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Total
industrial
production
Period
Index,
1987 = 100
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993: Apr
Mav
July
Sept
Oct
Nov
Dec
1994- Jan r
Feb '
Mar r
Aprp
1
Output as percent of capacity.
Industry production indexes, 1987 = 100
Capacity utilization
rate, percent J
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
92.8
94.4
95.3
100.0
104.4
106.0
106.0
104.1
106.5
110.9
9.3
1.7
.9
4.9
4.4
1.5
.0
-1.8
2.3
4.1
89.3
91.6
94.3
100.0
104.7
106.4
106.1
103.7
106.8
111.7
88.4
91.8
93.9
100.0
106.6
108.6
107.4
103.9
107.0
114.3
90.8
91.5
94.9
100.0
102.3
103.7
104.4
103.5
106.5
108.7
111.9
109.0
101.0
100.0
101.3
100.0
102.0
100.1
98.2
97.3
97.0
99.5
96.3
100.0
105.0
108.7
109.9
112.3
112.0
116.2
81.1
80.3
79.2
81.5
83.7
83.6
82.0
79.1
79.7
81.5
80.4
79.5
79.1
81.6
83.6
83.1
81.1
77.8
78.6
80.6
110.5
110.0
110.4
110.9
111.1
111.3
111.9
112.8
114.0
3.9
3.0
4.0
3.8
4.3
4.4
4.1
4.2
4.6
111.3
111.1
111.2
111.6
111.8
112.1
112.9
114.0
115.4
113.5
113.2
113.0
113.7
113.9
115.0
116.2
118.0
120.1
108.7
108.5
108.9
109.1
109.2
108.5
108.8
109.1
109.7
97.4
97.1
97.9
96.4
96.6
97.4
98.0
96.9
96.9
114.5
112.4
115.4
118.0
118.4
116.2
114.9
116.1
115.8
81.4
81.0
81.1
81.3
81.4
81.4
81.7
82.2
82.9
80.6
80.2
80.1
80.3
80.3
80.4
80.8
81.5
82.3
114.6
115.1
115.7
116.0
4.9
4.7
5.2
5.0
115.6
116.2
117.1
117.5
120.4
121.2
122.0
122.5
109.6
110.1
111.1
111.5
97.0
98.7
99.3
99.4
121.9
119.6
116.8
116.1
83.2
83.4
83.6
83.6
82.2
82.5
82.9
83.0
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; monthly data seasonally adjusted]
Materials
Products
Intermediate products
Final products
Equipment
Consumer goods
Period
Total
Total
1984
1985
1986
1987
1988
1989
1990
1991.
1992
1993
<,
1993: Apr
May
T '
Sect
Oct
Nov
Dec
. ..
1994- Jan '
Feb r
Mar '
Apr *
1
Durable
goods
Nondurable
goods
Total
1
Defense
and
space
equipment
Business
Total
Construction
supplies
Business
supplies
Total
Energy
91.0
94.2
95.7
100.0
104.8
106.8
107.0
105.3
108.0
112.7
92.8
93.7
96.8
100.0
102.9
104.0
103.4
102.8
105.7
108.7
91.0
91.6
94.5
100.0
104.6
106.6
102.3
95.2
102.0
110.5
93.4
94.4
97.6
100.0
102.4
103.2
103.8
104.9
106.8
108.2
89.2
94.8
94.5
100.0
107.6
110.9
112.1
108.9
111.2
118.5
85.4
91.1
93.1
100.0
110.7
115.5
116.9
115.7
122.2
134.6
78.9
89.4
96.0
100.0
99.7
100.1
98.8
91.6
83.1
74.8
86.2
88.3
91.9
100.0
101.8
102.0
101.2
96.8
99.0
102.6
86.2
89.1
93.8
100.0
101.5
100.5
98.2
91.0
93.3
96.8
86.2
87.7
90.7
100.0
102.0
103.0
103.2
100.7
102.8
106.5
96.6
96.6
95.9
100.0
105.0
106.7
106.8
105.4
107.7
111.9
103.8
103.4
99.5
100.0
102.2
103.1
104.2
104.5
103.9
103.7
112.3
111.8
112.1
112.8
112.7
113.1
113.8
114.6
115.4
108.6
107.8
108.1
108.9
108.6
108.5
109.2
109.7
110.1
110.9
109.0
107.2
108.2
107.3
108.7
112.7
115.8
118.2
108.0
107.4
108.3
109.1
109.0
108.4
108.2
107.9
107.9
117.7
117.7
118.0
118.5
118.6
119.8
120.4
121.8
123.1
133.1
133.5
133.9
134.6
134.8
136.3
137.7
139.7
141.8
76.9
75.6
74.9
74.6
74.0
73.7
72.7
72.5
71.5
102.2
101.7
101.8
102.9
103.3
103.0
103.5
104.3
105.4
94.8
95.9
95.3
96.4
97.3
97.8
98.6
99.5
101.3
107.2
105.5
106.1
107.3
107.2
106.4
106.7
107.5
108.1
111.4
111.1
111.7
111.7
112.1
112.2
112.8
113.9
115.5
104.1
102.9
104.4
103.6
103.7
103.1
103.0
103.1
103.2
116.2
117.4
117.7
117.9
110.9
111.9
112.1
112.0
119.0
122.2
119.6
118.4
108.6
109.0
109.9
110.2
123.9
125.3
125.9
126.5
142.9
145.1
146.0
146.7
71.0
69.7
69.5
69.6
105.7
105.1
105.3
106.1
100.5
98.9
100.2
100.9
109.2
109.2
108.8
109.5
116.0
116.2
117.2
117.4
104.8
105.5
105.0
104.8
•
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
Transportation
equipment
Fabricated
metal
products
Industrial
machinery and
equipment
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber and
products
Apparel
products
Printing and
publishing
Chemicals
and
products
Foods
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
102.4
101.8
93.7
100.0
108.7
107.2
106.5
98.3
101.1
106.5
105.9
104.5
90.8
100.0
112.7
111.2
111.5
100.5
104.7
111.6
93.3
94.5
93.8
100.0
104.2
102.8
99.5
94.9
95.6
99.5
80.8
86.8
90.3
100.0
113.0
117.3
117.6
113.8
123.4
144.1
94.1
93.1
94.3
100.0
108.5
111.0
111.4
112.7
115.7
127.5
83.1
91.8
96.9
100.0
105.2
109.6
107.0
101.9
102.8
104.2
90.6
99.0
98.5
100.0
105.7
106.9
101.0
94.5
106.4
120.7
86.0
88.0
95.1
100.0
100.1
99.4
97.1
90.6
96.5
100.6
95.7
92.6
96.3
100.0
98.1
95.0
92.2
91.8
93.6
93.1
84.5
87.6
90.6
100.0
100.9
101.1
100.8
96.9
99.0
101.3
91.4
91.4
94.6
100.0
106.0
109.2
111.8
111.4
114.3
117.8
92.1
94.9
97.4
100.0
101.5
102.5
103.7
105.3
107.7
108.6
1993- Apr
105.0
105.0
105.6
105.6
107.2
107.3
106.1
109.8
113.0
108.9
109.1
111.1
111.9
112.8
112.4
113.3
114.4
119.1
99.2
98.5
98.3
99.6
99.6
99.6
100.7
102.1
102.6
140.1
141.6
143.3
146.1
147.1
148.4
150.3
152.0
155.7
125.6
125.7
126.4
128.6
129.5
130.9
131.4
132.1
134.3
105.9
104.2
101.2
98.9
98.5
100.4
104.2
108.3
110.7
120.9
118.5
114.7
110.2
110.6
115.1
124.1
132.4
138.5
98.3
98.2
97.6
99.6
100.9
101.8
104.6
104.9
105.2
93.3
93.5
93.6
93.6
93.2
92.1
92.1
92.6
93.1
102.6
101.1
101.3
101.6
100.9
101.1
101.6
101.7
101.9
117.3
117.6
118.3
118.6
118.8
118.3
117.8
118.8
119.3
108.2
107.9
108.8
108.8
109.6
109.0
109.0
108.4
109.0
110.5
107.8
108.2
109.4
115.8
111.6
111.7
112.7
103.9
103.2
104.3
104.9
156.3
158.1
161.4
163.7
134.8
136.6
138.8
140.9
111.9
114.4
111.6
109.6
142.1
149.0
143.1
139.0
105.2
103.0
104.1
104.6
92.4
92.4
93.7
94.6
101.7
102.2
102.8
103.5
119.3
120.1
120.7
120.8
109.2
110.1
111.9
111.2
July
Sept
Oct
Nov
Dec
1994- Jan ' .
Feb '
Mar '
Apr p
Source: Board of Governors of the Federal Reserve System.
18
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts *
Private
Period
Total new
construction
expenditures
Evidential
Total
Total
New housing
units
1
Commercial
and
industrial z
Other
Federal,
State, and
local
Total value
index
(1987=100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
348.8
377.4
407.7
419.4
432.3
443.6
442.1
403.4
436.0
470.1
1984
1985
1986
1987. . . .
1988
1989
1990
1991
1992
1993
278.6
299.5
323.1
328.7
337.5
345.5
334.7
293.5
*17.3
343.0
153.8
158.5
187.1
194.7
198.1
196.6
182.9
157.8
187.8
208.1
74.0
89.8
84.4
84.0
88.0
94.3
96.4
77.0
65.8
68.1
113.8
114.7
133.2
139.9
138.9
139.2
128.0
110.6
129.6
144.5
50.8
51.3
51.6
50.1
51.5
54.6
55.4
58.7
63.7
66.8
70.2
77.8
84.6
90.6
94.8
98.1
107.5
109.9
118.8
127.2
83
91
96
100
101
105
95
89
97
103
Annual rates
1993: Apr
May
T •*
July
. *
Sent
Oet
Nov
Dec
1994* Jan
Feb '
Mar '
Apr ".
Annual rates
449.1
453.3
460.7
466.6
468.5
477.1
488.7
497.9
508.7
328.1
332.2
335.0
337.9
341.4
345.6
354.5
364.5
371.4
197.3
198.4
200.5
204.6
206.6
209.5
215.9
222.8
229.2
137.7
138.3
139.3
141.1
143.0
145.7
150.0
155.7
162.1
65.6
67.4
67.1
65.6
67.0
68.3
70.2
72.5
73.4
65.2
66.4
67.4
67.7
67.8
67.8
68.4
69.2
68.8
120.9
121.0
125.7
128.7
127.2
131.6
134.2
133.4
137.3
101
95
106
105
105
106
110
r
!07
106
526
514
521
571
533
544
561
566
628
496.9
496.1
505.4
508.5
366.1
365.7
376.2
382.7
230.2
234.1
238.5
241.2
162.3
163.3
167.4
169.8
71.2
66.9
71.3
72.9
64.8
64.7
66.5
68.6
130.8
130.4
129.1
125.9
'105
109
111
103
633
592
742
612
1
Includes
2
3
955
1,097
1,016
1,019
973
961
783
577
556
575
residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Units started, by type of structure
Period
Total
1984
1985
1986
1987
1988
1989
1990
1991
1992..
1993
1 unit
2-4 units
121.4
93.4
84.0
65.3
58.8
55.2
37.5
35.6
30.7
29.4
5 or more units
544.0
576.1
542.0
408.7
348.0
317.6
260.4
137.9
139.0
132.6
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
1,287.6
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
1,125.7
1,092
1,232
1,241
1,238
1,245
1,319
1,359
1,409
1,406
1,612
957
1,082
1,100
1,067
1,076
1,178
1,160
1,231
1,248
1,383
30
27
26
30
53
17
32
31
30
21
105
123
115
141
116
124
167
147
128
208
1,271
1,328
1,492
1,455
1,125
1,121
1,260
1,205
23
33
31
31
123
174
201
219
Units
authorized
Units
completed
Homes sold
Homes for
sale at end of
period1
Vacancy rate
for rental
housing units
(percent) z
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
1,192.7
639
688
750
671
676
650
534
509
610
666
353
346
357
366
368
365
321
284
266
294
5.9
6.5
7.3
7.7
7.7
'7.4
7.2
7.4
7.4
'7.4
l,046
l,107
l,113
' 1,122
r
1,169
' 1,234
r
l,265
' 1,298
' 1,363
' 1,474
1,105
1,212
1,137
1,168
1,097
1,248
1,172
1,248
1,248
1,289
600
685
635
641
647
645
738
723
766
817
270
271
273
274
277
286
288
291
294
294
7.8
r
1,216
1,326
1,251
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9
r
l,199.1
Seasonally adjusted annual rates
1993- Mar
May
T '
July
Sept .
Oct
Noy
Dec
1994- Jan
Feb '
Mar T
Apr'
.. ..
1
Seasonally adjusted.
2
Revised series beginning 1989 and 1993; not comparable with earlier data. Quarterly data entered in last month of quarter.
r
r
r
l,312
1,252
1,313
1,380
r
642
689
733
683
7.6
7.1
6.9
r
296
299
300
302
7.5
Seasonally adjusted housing unite authorized revised beginning 1992; unadjusted data revised beginning 1993.
Source: Department of Commerce, Bureau of the Census.
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
are for 16,000 places.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In March, manufacturing and trade sales rose 1.3 percent and inventories fell $1.6 billion. According to advance
data, retail sales fell 0.8 percent in April, following a rise of 1.7 percent in March.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
,000
3UU
900
^—•"!
—I
h\
800
—*—'
iwn
TR/i,DE INVENTO RIES
MA*. UFACTURINC
700
RETAIL INVENTOR! :S
^
600
^.
.'
x —
"""
500
„"^/.-"r"
^"'
\
*~ V
150
MANUFACTURI *IG
A ^D TRADE SA LES
\
RETAIL SALE s
400
100
300
Illllllllll Illllllllll 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 Illllllllll
RATIC) *
1.80
INVENTORY-SALES RATIO
1.70
RETAIL
1.60
\V
1.50
III I l l l l l l 1
1990
1991
1 1 1 1 1 1 1 1 1 1 1 Illllllllll I l l l l l l l l l l
!992
1993
A
-^-v^^
Illllllllll
1.30
1994
1 1 1 1 1 11 1 1 1 i
199J
1990
1 1 1 11 1 1 1 M I
\
N
MANUFACTURING
1.40
1 1 1 1 1 11 1 1 1 1
f<\^-
cPv^ ^-;^^-Av/^^N x
200
i i 1 1 1 i 1 11 11 1 1 1 1 1 11 1 1 f 1
1992
J993
1994
COUNCIL Of ECONOMIC ADVISERS
Sales
Period
Sales
2
Inventories 3
Sales
2
Inventory-sales ratio 4
Retail
Wholesale
Manufacturing and
trade *
Inventories 3
Total
2
Inventories 3
Durable
goods
stores
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade '
Retail
Millions of dollars, seasonally adjusted, except as noted
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
411,427
423,940
431,786
459,107
496,819
523,260
542,349
537,598
559,799
592,201
651,551
665,835
664,624
711,725
767,538
813,637
837,120
832,852
841,831
865,584
113,502
114,816
116,326
124,340
135,170
143,754
148,859
146,834
152,031
160,213
144,223
149,155
155,445
165,814
180,535
188,566
196,935
201,462
208,757
216,586
Mar T
Apr...
May
June
July
Aug .
Sept
Oct ..
Nov
Dec ..
583,005
'585,296
587,202
589,551
585,266
591,937
595,536
599,649
606,711
612,462
851,123
854,209
856,288
856,853
857,008
858,979
860,885
862,110
866,720
865,584
156,732
159,555
161,594
158,978
160,450
161,054
161,020
161,316
162,135
161,797
210,283
211,612
211,859
212,060
213,118
214,813
215,071
214,687
216,011
216,586
1994- Jan
Feb '
Mar"
Apr p
610,256
618,885
626,669
867,065
871,110
869,492
163,283
165,112
167,254
216,651
218,088
216,196
1993:
37,873
41,510
45,057
47,989
52,482
54,894
55,944
54,456
58,942
65,383
107,243
114,586
120,803
128,442
138,108
146,782
154,031
155,246
163,258
173,468
r
r
167,294
170,627
171,601
172,274
173,136
174,327
174,428
177,862
179,002
180,943
178,643
181,958
185,000
183,608
88,738
93,566
96,527
102,355
106,891
116,444
119,451
125,303
130,316
135,816
1.53
1.55
1.55
1.50
1.49
1.53
1.53
1.54
1.50
1.45
1.49
1.52
1.56
1.56
1.54
1.58
1.56
1.55
1.52
1.52
106,344
107 ,514
107,562
107,599
107,814
107,862
108,529
109,403
109,388
109,895
261,301
262,290
262,838
263,467
262,329
262,774
265,125
267,122
270,528
271,573
128,152
128,879
128,831
129,318
128,025
128,243
129,416
131,360
134,023
135,757
133,149
133,411
134,007
134,149
134,304
134,531
135,709
135,762
136,505
135,816
1.46
1.46
1.46
1.45
1.46
1.45
1.45
1.44
1.43
1.41
1.56
1.54
1.53
1.53
1.52
1.51
1.52
1.50
1.51
1.50
r
69,615
109,028
70,860 111,098
72,972 * 112,028
71,831
111,777
271,506
272,954
273,480
137,492
138,061
138,238
134,014
134,893
135,242
1.42
1.41
1.39
1.52
1.50
1.48
3
4
79,074
88,315
89,983
105,481
112,690
121,716
121,666
119,739
123,520
135,757
r
60,950
63,113
64,039
64,675
65,322
66,465
65,899
68,459
69,614
71,048
1
20
167,812
181,881
186,510
207,836
219,581
238,160
241,117
245,042
253,836
271,573
r
2
See page 31 for manufacturing.
Annua! data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.
69,369
73,075
75,746
80,453
85,626
91,888
98,088
100,790
104,316
108,085
Seasonally adjusted, end of period.
Annual data are averages of seasonally adjusted monthly ratios.
Source; Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In March, manufacturers' shipments and new orders rose, inventories fell, and unfilled orders were unchanged. In
April, according to advance data, durable goods manufacturers' shipments fell and new orders rose.
BILLIONS OF DOLLARS' (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE]
320
480
INVENTORIES
440
400 .
——=^^;
360
TOTAI
280
240
*—•
„
r
_^nr-~-^-"1
"I
200
160
.,
uv-
80
11 1 1 1 1 1 1 1 1 1
--
i 1 1 111 1 1 M 1
\
280
240
Dl RABLE GOOD s
120
V
320
-V
-"
„.,,•-'
i
—
/
I
200
\
DURABLE GOODS
160
NOND JRABLE GOO 35
1 ! 1 f 1 !1 1 1 1 1
M 1 11 11 1 1 f i
1 H 1 1 1 I1 i 1 1
\
120
NO ^DURABLE GCX)DS
BILLIONS OF DOLLARS' (RATIO SCALE)
320 - NEWORDEPS
80
E 1 I1 1 1 1 1 1 1 1
1 11 1E111 11 !
Mill
111 11
1 ! 1 E 1 I1 1 1 1 1
1 1 M ! 1 ! 1 E1 !
1 11 1 1! t 11 11
111M 11 11 !1
TOTAL
280
*"""*
^
240
/
-V_
_ ^S
1
~^^
"1
RATIO
2.20
200
INVENTORY-SHIPMENTS RATIO
2.00
nJRABLE GOOI15
160
/•,-•—I
120
/'
/\
, V-
1.80 -
' — ,S-S
•»»v- -•"•*•
V^~Wl
1.60
7
V
^—X^"*^
^
1
NOND JRABLE GOO 3S
-
1.40
80
1 ! 1 1 11111 1 1
1.20
1990
1992
1991
1991
1990
1994
1993
1992
1993
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
1994
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments 1
Manufacturers' inventories 2
Manufacturers' new orders '
Durable goods
Period
Total
Durable
goods
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Total
Total
Capital
goods
industries,
non-defense
Nondurable
goods
92,715
Manufacturers'
unfilled
orders 2
Manufacturers'
inventory—
shipments
ratio 3
Millions of dollars, seasonally adjusted, except as noted
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
. ..
.
1993: Mar
Apr
May
y
}
July
Sept
Oct
Nov
Dec
1994- Jan
Feb r
Mar '
Apr *
190,682
194,538
194,657
206,326
223,541
232,724
239,459
235,518
244,511
258,520
97,940
101,279
103,238
108,128
117,993
121,703
122,387
119,151
125,553
135,981
92,742
93,259
91,419
98,198
105,549
111,022
117,072
116,367
118,958
122,539
339,516
334,799
322,669
338,075
367,422
386,911
399,068
386,348
379,238
377,425
221,330
218,212
212,006
220,776
241,402
256,065
259,988
249,117
237,717
236,303
118,186
116,587
110,663
117,299
126,020
130,846
139,080
137,231
141,521
141,122
192,879
195,706
195,204
209,389
227,026
235,932
240,646
234,354
241,545
255,701
100,164
102,356
103,647
110,809
121,445
124,933
123,556
117,878
122,614
133,273
23,669
24,545
23,983
26,095
30,729
32,725
32,254
29,468
29,653
31,889
93,351
91,557
98,579
105,581
110,999
117,090
116,476
118,932
122,428
373,529
387,095
393,412
430,288
471,951
510,459
524,846
511,122
475,304
441,947
1.73
1.73
1.68
1.59
1.58
1.64
1.65
1.67
1.57
1.47
258,979
255,114
254,007
258,299
251,680
256,556
260,088
260,471
265,574
269,722
135,537
132,763
132,307
135,042
129,257
134,521
137,521
138,153
142,665
146,182
123,442
122,351
121,700
123,257
122,423
122,035
122,567
122,318
122,909
123,540
379,539
380,307
381,591
381,326
381,561
381,392
380,689
380,301
380,181
377,425
236,849
237,043
237,734
237,514
237,937
237,688
237,571
237,632
237,886
236,303
142,690
143,264
143,857
143,812
143,624
143,704
143,118
142,669
142,295
141,122
253,007
252,369
248,335
255,462
250,566
253,461
255,309
258,270
262,773
266,351
129,903
129,838
126,783
132,252
128,520
131,752
133,176
136,613
139,675
142,481
29,122
30,453
29,931
33,850
30,093
31,992
30,992
32,825
34,878
35,059
123,104
122,531
121,552
123,210
122,046
121,709
122,133
121,657
123,098
123,870
470,563
467,818
462,146
459,309
458,195
455,100
450,321
448,120
445,319
441,947
1.47
1.49
1.50
1.48
1.52
1.49
1.46
1.46
1.43
1.40
268,330
271,815
274,415
144,709
146,260
' 147,400
146,574
123,621
125,555
127,015
378,908
380,068
379,816
238,172
238,832
238,199
140,736
141,236
141,617
272,616
271,786
274,592
36,630
36,382
36,157
35,829
124,067
125,904
127,630
446,233
446,204
446,381
1.41
1.40
1.38
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.
z
Seasonally adjusted, end of period.
3
r
148,549
145,882
146,962
147,047
r
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 fell 0.1 percent. Prices of finished consumer foods fell 0.5
percent and prices of other finished consumer goods fell 0.2 percent. Capital equipment prices rose 0.4 percent.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
130
130
120
110
CONSUMER GOODS
EXCLUDING FOODS
90
1986
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1982 = 100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Finished goods excluding consumer foods
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
r
1993- Apr
May
July
Sept...
Oct
Nov
Dec r.
1994: Jan
Feb .
Mar
1
Total
finished
goods
Consumer
foods
Consumer goods
Durable
Nondurable
Total
Total
finished
consumer
goods
Total
Foods
and
feeds 1
Other
Total
Foodstuffs
and
feedstuffs
Other
103.7
104.7
103.2
105.4
108.0
113.6
119.2
121.7
123.2
124.7
105.4
104.6
107.3
109.5
112.6
118.7
124.4
124.1
123.3
125.6
103.2
104.6
101.9
104.0
106.5
111.8
117.4
120.9
123.1
124.4
102.2
103.3
98.5
100.7
103.1
108.9
115.3
118.7
120.8
121.7
104.5
106.5
108.9
111.5
113.8
117.6
120.4
123.9
125.7
128.0
101.1
101.7
93.3
94.9
97.3
103.8
111.5
115.0
117.3
117.6
105.2
107.5
109.7
111.7
114.3
118.8
122.9
126.7
129.1
131.4
103.3
103.8
101.4
103.6
106.2
112.1
118.2
120.5
121.7
123.0
103.1
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.7
116.2
105.7
97.3
96.2
99.2
109.5
113.8
113.3
111.1
110.7
112.7
103.0
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.9
116.4
103.5
95.8
87.7
93.7
96.0
103.1
108.9
101.2
100.4
102.4
104.7
94.8
93.2
96.2
106.1
111.2
113.1
105.5
105.1
108.4
102.2
96.9
81.6
87.9
85.5
93.4
101.5
94.6
93.5
94.7
125.7
125.7
125.1
125.1
124.1
124.3
124.2
124.3
124.2
126.3
125.8
125.1
125.0
125.4
126.1
125.9
126.9
127.7
125.5
125.5
125.0
125.0
123.7
123.7
123.6
123.5
123.0
123.3
123.3
122.6
122.5
120.6
120.5
120.6
120.3
119.6
128.0
128.0
128.2
128.5
128.9
128.6
127.5
128.6
128.9
119.9
119.9
118.9
118.5
115.6
115.7
116.2
115.3
114.2
131.3
131.3
131.2
131.6
131.8
131.9
131.4
131.8
132.0
124.3
124.2
123.5
123.4
122.1
122.3
122.3
122.4
122.1
116.6
116.3
116.3
116.3
116.3
116.3
116.4
116.6
116.3
111.4
111.5
110.4
113.1
113.8
113.3
114.0
115.3
116.9
116.9
116.5
116.7
116.5
116.4
116.4
116.5
116.7
116.3
103.0
105.2
103.6
101.5
100.8
101.5
103.7
103.4
101.8
108.4
109.3
105.8
107.4
108.6
109.1
107.6
112.7
113.8
95.5
98.6
98.2
93.8
92.0
92.8
97.1
93.5
90.4
124.5
125.1
125.4
125.3
127.3
126.8
127.4
126.8
123.7
124.5
124.7
124.7
120.1
121.2
121.3
121.1
129.7
129.9
130.3
130.5
114.6
116.0
116.0
115.8
133.0
133.1
133.5
134.0
122.3
123.0
123.2
123.0
116.4
116.9
117.1
117.1
117.4
118.3
117.9
117.6
116.4
116.9
117.1
117.1
102.5
101.2
104.0
103.5
112.1
113.5
112.4
111.2
92.5
89.5
94.7
94.6
Intermediate materials for food manufacturing and feeds.
22
Total
Capital
equipment
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 0.1 percent seasonally adjusted and not seasonally
adjusted. The index was 2.4 percent above its year-earlier level.
INDEX, 1982-84 = 100 (RATIO SCALE)
INDEX, 1982-84 . 100 (RATIO SC.ALE)
ISO
150
SEASONALLY ADJUSTED
——
^
"
^^1
140
CONSUMER PRICES— ALL IT!MS
130
^'
120
•--
_ -—
140
• Vi
130
^
120
^-~
110
^<bt.
^
100
110
100
90
90
80 1 1 1 I 1 1 I f 1 1 1
1986
1 1 1 II 1 1 1 1 1 1
1987
! 1 1 1 1 1 1 1 1 1 1
1988
1 1 M
1989
1
1 1 1 1 1 1 1 1 i
M
1 1 ! M 1 1 M 1 I
1991
1990
1 1 1 1 1 1 1 M 1 |
1992
1 [ M 1 I II
SEE NOTE ON TABLES LOW
SOURCE: DEPARTMENT Of LABOR
1 11
80
1994
1993
COUNCIL Of
ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
All items '
Transportation
Housing
Shelter
Not
Period
seasonally
adjust-
ed
(NSA)
Season-
1987
1988
1989
1990
1991
1992
1993
1993:
May
July
Sept
Oct
Nov
Dec
1994:
Jan
Feb
Mar
Food
ers'
Total 1
ally
adjust-
Total
ed
WOO
1984
1985
1986
Rent-
owners'
Fuel
Maintenance
(Dec.
1982 =
100)
costs
and
(Dec.
1982 =
100)
repairs
Medi-
Appar-
and
el and
other
utilities
upkeep
Total '
New
cars
118.2
125.1
132.4
136.3
137.9
140.9
8.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
155.6
160.9
165.0
19.8
107.3
113.1
119.4
124.8
131.1
137.3
144.6
150.2
155.3
160.2
0.2
103.7
106.5
107.9
111.8
114.7
118.0
122.2
126.3
128.6
130.6
7.3
104.8
106.5
104.1
103.0
104.4
107.8
111.6
115.3
117.8
121.3
5.9
102.1
105.0
105.9
110.6
115.4
118.6
124.1
128.7
131.9
133.7
17.0
103.7
106.4
102.3
105.4
108.7
114.1
120.5
123.8
126.5
130.4
4.0
102.8
106.1
110.6
114.6
116.9
119.2
121.0
125.3
128.4
131.5
3.0
97.9
98.7
77.1
80.2
80.9
88.5
101.2
99.4
99.0
98.0
100.5
98.9
97.2
96.9
95.3
94.1
98.3
96.6
95.3
144.0
144.3
144.4
144.6
145.0
145.1
145.6
146.0
146.3
140.2
141.1
140.7
140.7
141.2
141.6
142.3
142.6
143.3
140.5
140.8
141.1
141.2
141.6
141.9
142.2
142.5
142.8
154.7
155.1
155.4
155.6
156.0
156.3
156.6
157.1
157.5
163.6
164.0
164.2
164.3
164.5
164.8
165.6
165.8
166.3
159.4
159.7
160.1
160.4
160.8
161.1
161.3
161.9
162.4
131.8
131.6
131.2
131.3
131.6
131.3
130.8
127.9
127.6
120.8
121.0
121.4
121.8
122.2
122.4
122.5
122.4
122.3
134.0
133.6
133.1
133.0
133.9
133.4
133.2
134.1
133.9
130.0
130.1
130.0
130.5
130.6
130.6
131.9
131.9
131.7
130.7
131.0
131.2
131.6
132.2
132.5
132.9
133.1
133.2
146.2
146.7
147.2
147.4
146.3
146.7
147.2
147.4
143.1
142.7
142.9
143.0
142.9
143.5
144.0
144.0
157.8
158.6
159.2
159.3
166.3
167.0
167.7
167.7
162.8
163.6
164.3
164.4
128.9
129.4
129.3
130.2
121.8
122.9
123.3
122.9
133.8
133.4
134.0
133.6
131.4
132.0
132.8
133.2
133.3
133.9
134.5
135.0
Includes items not shown separately
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
excluded beginning 1983.
3
Relative importance, December 1993.
gy 2
items
less
food
and
(NSA)
27.9
104.0
109.8
115.8
121.3
127.1
132.8
140.0
146.3
151.2
155.7
ai3.5
cal
care
Ener-
energy
144.0
144.2
144.4
144.4
144.8
145.1
145.7
145.8
145.8
1
Motor
fuel
41.4
103.6
107.7
110.9
114.2
118.5
123.0
128.5
133.6
137.5
141.2
15.8
103.2
105.6
109.0
103.9
1076
109.6
1136
118.3
1240
130.7
1362
140.3
1445
costs
All
Home-
94.8
96.8
97.0
96.8
7.1
106.8
113.5
122.0
130.1
138.6
149.3
162.8
177.0
190.1
201.4
7.0
100.9
101.6
88.2
88.6
89.3
94.3
102.1
102.5
103.0
104.2
77.2
104.6
109.1
113.5
118.2
123.4
129.0
135.5
142.1
147.3
152.2
199.3
104.8
104.2
103.7
103.7
103.0
102.6
104.5
103.6
102.9
151.6
152.0
152.3
152.6
153.0
153.1
153.5
154.1
154.4
102.1
103.7
104.1
103.7
154.6
155.0
155.5
155.8
200.7
201.5
202.4
203.0
203.8
204.8
205.4
206.1
206.7
207.3
207.8
209.1
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 and 1988 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Total
finished
goods
Capital
equipment
Excluding foods
Poods
Total
finished
goods
Excluding
foods
Poods
Capital
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Poods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
1.7
1.8
2.3
2.2
4.0
4.9
5.7
1
1.6
.2
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
3.5
.6
2.8
-.2
5.7
5.2
2.6
-1.5
1.6
2.4
0.8
2.1
-6.6
4.1
3.1
5.3
8.7
Y
1.6
— 1.4
2.1
1.0
-1.4
2.1
2.5
5.2
4.9
2.1
1.2
1.2
1.8
2.7
2.1
1.3
3.6
3.8
3.4
2.5
1.7
r
1.8
Change, month to month
1993: Apr
May
T J
July
Sept
Oct
Noy
Dec
1994- Jan
Feb
Mar
Am-
0.5
0
-.5
0
1.8
— .4
-.6
8
.3
.6
-.2
.8
.6
-.3
-.4
.5
-.5
.2
•t
.1
1
.2
.5
.2
1
1
0.3
0
-.6
— .1
-1.6
.1
2
-.6
.4
.9
.1
-.2
0.2
0
-.1
.3
.2
.1
4
.3
r
.2
r
.8
.1
.3
.4
5.9
4.2
1.3
41
-1.3
3.2
2.9
4.9
5.2
4.5
-.3
-.9
-1.6
4.6
2.9
0
-1.9
-5.0
25
-2.8
.6
-.3
1.0
2.6
3.9
2.6
5.0
2.6
-1.0
-2.6
-8.5
-6.7
-6.1
10
-3.0
-1.6
3.0
5.8
3.4
2.8
1.5
.6
.9
1.5
2.2
-.6
0r
.3
5.0
4.0
r
4.6
3.0
2.8
2.9
1.9
1.3
1i
-1.3
24
-2.2
14
-1.0
1.6
1.8
1.8
2.8
2.8
2.3
1.2
31
3.1
3.6
.6
.8
1.5
2.3
6
-3.9
43
-4.8
-4.8
-3.9
1.0
1.3
.8
1.8
4.2
3.7
2.2
2.1
1.4
3.0
2.6
2.3
1.8
1.5
1.4
.2
.8
r
l,2
2.1
2.0
2.4
4.0
2.5
2.1
1.3
1.3
.5
.4
.2
.4
.2
.2
.2
.2
A
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing
Transportation
Shelter
Period
All
items '
Food
Total1
Total '
Homeowners'
costs
Renters'
costs
Fuel
and
other
utilities
Apparel
and
up
ikeep
"
Total1
New
cars
Motor
fuel
cal
care
Energy2
All
items
less
food
and
energy
Addendum: All items, percent change
(annual rate)
From
previous
quarter3
From
3
months
earlier
Prom
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
1985
1986
1987
1988
1989
1990
1991
1992
1993
3.9
3.8
1.1
4.4
4.4
4.6
6.1
3.1
2.9
2.7
3.8
2.6
3.8
3.5
5.2
5.6
5.3
1.9
1.5
2.9
4.3
4.3
1.7
3.7
4.0
3.9
4.5
3.4
2.6
2.7
5.2
6.0
4.6
4.8
4.5
4.9
5.2
3.9
2.9
3.0
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.2
2.8
2.6
5.1
4.2
5.9
1.8
4.6 -5.6
5.3
1.6
4.7
2.9
5.1
3.2
4.7
4.0
3.7
2.9
2.9
2.3
3.2
2.5
1993: Apr
May
June
July
Aug
Sept
Oct
Noy
Dec
1994: Jan
Feb
Mar
Apr
0.3
.2
.1
.1
.3
.1
.3
.3
.2
0
.3
.3
.1
0.2
.6
-.3
0
.4
.3
.5
.2
.5
— .1
-.3
.1
.1
0.4
.2
.2
.1
.3
.2
.2
.2
.2
0.3
.3
.2
.1
.3
.2
.2
.3
.3
.1
.4
.3
0
.2
.5
.4
.1
0.4
.2
.1
.1
.1
.2
.5
.1
.3
0
.4
.4
0
0.3
.2
.3
.2
.2
.2
.1
A
.3
.2
.5
.4
.1
1984
2.0
2.8
.9
4.8
4.7
1.0
5.1
3.4
1.4
.9
3.1
2.6
-5.9
6.1
3.0
4.0
10.4
15
3.0
2.4
2.5
24
3.4
3.1
5.9 -30.7
1.8 18.7
2.1 -2.1
2.3
6.8
1.4 36.5
3.3 160
2.3
1.8
2.8 -5.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
7.9
6.6
5.4
0.2
1.8
-19.7
8.2
.5
5.1
18.1
-7.4
2.0
— 1.4
4.7
4.3
3.8
4.2
4.7
4.4
5.2
4.4
3.3
3.2
0.5
.2
.2
.3
.5
.2
.3
.2
.1
.1
.5
.4
.4
0.6
.7
.4
.4
.3
.4
.5
.3
.3
.3
.3
.2
.6
0.1
-.6
-.5
0
7
-.4
1.9
0.3
.3
.2
.2
.3
.1
.3
.4
.2
.1
.3
.3
.2
4.3
3.6
1.9
3.6
4.1
4.8
5.4
4.2
3.0
3.0
Change, month to month
0.3 -0.1
.2
-.3
.3 -.4
j
.3
.3
.7
4
.2
.1 -.1
-.1
.7
-.1 -.1
-.4 -.1
3
.9
.3
.4
3
-.3
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
excluded beginning 1983.
24
0.2
.1
-.1
.4
.1
0
1.0
0
n
2
.5
.6
.3
06
-1.6
-1.7
-.3
-1.7
-1.3
4.5
-1.7
-1.3
-.5
2.1
.2
-.2
-.9
-.7
-.8
1.6
.4
— .4
3.1
2.0
3.1
1.9
3
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
3.7
3.1
2.5
1.7
2.0
2.0
2.8
2.8
3.3
1.9
1.9
2.5
3.0
3.3
3.1
2.8
2.7
2.5
2.2
2.2
2.4
2.6
2.4
2.4
2.9
2.5
3.2
3.2
3.0
2.8
2.8
2.7
2.8
2.7
2.7
2.5
2.5
2.5
2.4
PRICES RECEIVED AND PAID BY FARMERS
In May, prices received by farmers fell 1.4 percent from their April level. Prices paid by farmers in April were 1.0
percent above their January level. (Data are not seasonally adjusted).
INDE X, 1977=100 (RATIO SCALE)
INDEX, 1977=100 (RATIO SC ALE]
240
240
220
220
200
KKICtb HAIL)
/
_
200
-1r—
f
"
-i• — — ' '
180
180
*- —*
r--S
/- -*
160
160
—/
**~^\
120
100
/^ ^\
—^S
140
^
^^A
yvA
H U1 11 1 M1
X
RICES RECEIVEC)
J
S\s~~- ^
f^^
140
120
1 1 1 1 1 1 1 1 1 1 1
I i I i I1 r I i i I
1 1 1 1 11
i i i t i Ii i i i i
1 1 1 1 11
11 11 11
1 11111
i i i i i1 i i i i i
RATI D-^
100
RAT lO-!'
140
140
120
120
PATID
100
80
,_
r~~~~-—-
„
60
In i , il
1986
1
1
1987
i l l i l j II
1988
/__
i
1990
1989
100
T T~—
'
1991
1
1992
_!/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID
SOURCE: DEPARTMENT OF AGRICULTURE
H
1
80
60
1 i i i i i i 1 1 i 1 1 1 1 i ii
1993
'
1994
COUNCIL OF ECONOMIC ADVISERS
[1977=100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
All farm
products
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993: May
July
Sept
Oct
Nov
Dec
1994- Jan
Feb
Mar
Apr
May
.
.. .
Livestock and
products
Crops
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio z
142
128
123
127
138
147
149
146
139
143
138
120
107
106
126
134
127
129
121
123
146
136
138
146
150
160
170
161
157
162
164
162
159
162
169
177
183
187
189
195
161
156
150
152
159
167
171
172
173
178
155
151
144
148
157
165
171
173
174
179
87
79
77
78
82
83
81
78
74
73
144
140
141
144
145
145
144
145
120
113
121
125
128
130
128
133
168
166
161
162
160
159
158
156
(3)
(3)
195
(3)
(3)
196
(3)
(3)
(3)
(3)
178
(3)
(3)
178
<3)
(3)
(3)
<3)
179
(3>
(3)
181
(3)
(3)
73
71
72
74
74
74
73
74
147
148
148
146
144
135
135
132
r
!31
132
159
161
163
r
!61
155
198
(3)
(3)
200
(3)
180
(3)
(3)
183
(3)
181
(3)
(3)
184
(3)
74
75
75
73
72
1
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.
AH commodities,
services,
interest, taxes,
and wage rates *
NOTE.—The official indexes are published on a 1910-14 ba B as required by law. The indexes
have been converted to a 1977 = 100 base to facilitate companst i with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
In April, growth in M2 slowed, while growth in M3 accelerated slightly.
BIUION S OF DOUARS* (RATIO SCALE)
4,800
4,400
_.,
4,000
_.
3,600
BILLIONS OF DOLLARS* (RATIO SCALE]
4,800
4,400
1
4,000
-.~r"-Y~"~"
3,600
"" "\
\
M3
3,200
„--•
3,200
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
_---—~
^-^
—
800
^-—•"
800
—
... •**
\
Ml
600
600
^
400
1 1 1 ! 1
M i l l
1986
i M 1 1 !in11
M i l !
1987
1 1 1
M
1 1 M
1
1 1 1 1 1
ii i i i 1 i i ItI I
1990
1989
1988
M
M 1 M
M i l l
1992
1991
1 1111 11111
1993
"AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORSOFTHEFHSRAL RESERVE SYSTEM
COUNCIL Of
400
1 1 1 1 1 1
1994
ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
Ml
M2
M3
L
Debt
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
RPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
MS plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average) l
Debt
6,006.1
6,901.1
7,778.6
8,543.3
9,306.1
10,030.7
10,670.1
11,147.3
11,721.5
r
12,309.6
6.0
12.3
16.9
3.5
5.0
.9
4.0
8.6
14.2
10.1
8.7
8.3
9.4
3.6
5.5
5.1
3.5
3.1
1.6
1.5
11.1
7.2
8.9
5.3
6.5
3.7
1.4
1.3
.1
1.0
14.2
14.9
12.7
9.8
8.9
7.8
6.4
4.5
5.2
r
5.0
1,047.1
1,067.7
1,076.6
1,086.8
1,095.3
1,105.1
1,113.4
1,122.4
1,128.4
4,162.0
4,187.6
4,187.8
4,186.8
4,186.5
4,195.2
4,200.6
4,212.9
r
4,225.1
5,053.8
5,086.8
5,087.3
T
5,083.6
' 5,092.4
5,085.5
r
5,093.3
T
5, 104.1
r
5,122.6
11,869.0
11,914.9
11,979.7
12,037.7
12,092.8
12,145.7
r
!2,179.3
' 12,237.4
T
12,309.6
8.5
10.1
10.1
10.4
11.6
12.5
12.7
10.2
9.6
.5
.6
1.1
1.8
2.4
2.8
2.7
1.9
1.9
— 1.7
4.2
4.3
4.4
4.7
5.3
5.5
r
5.2
r
5.4
r
5.5
1,133.5
1,138.6
1,142.4
1,141.3
3,569.0
3,564.7
3,579.2
3,588.0
4,229.9
4,202.9
4,211.6
4,222.0
5,143.7
5,134.3
"5,141.3
12,354.4
12,400.2
" 12,460.6
8.6
7.9
6.8
5.0
2.0
1.6
2.0
2.4
2.1
.8
.8
1.0
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
M3
3,536.0
3,838.9
4,137.5
4,340.2
4,674.6
4,897.3
4,974.8
4,992.9
5,057.1
r
5,122.6
1993- Apr
May
Oct
Nov
Dec
1994- Jan r
Feb '
Mar '
M2
2,994.6
3,211.6
3,497.3
3,681.3
3,920.4
4,067.3
4,125.7
4,180.4
4,183.0
r
4,225.1
552.1
619.9
724.5
750.1
787.4
794.7
826.4
897.7
1,024.8
1,128.4
July
Ml
2,377.8
2,575.0
2,818.2
2,920.1
3,081.4
3,239.8
3,353.0
3,455.3
3,509.0
3,563.1
3,498.0
3,521.9
3,528.7
3,533.6
3,535.7
3,543.6
3,545.1
3,556.2
3,563.1
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1984198519861987198819891990199119921993-
Percent change from year
or 6
months earlier 2
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
0
.2
1.2
1.5
2.0
1.9
1.2
1.8
5.3
5.1
5.2
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
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(KPs),
net,
plus
overnight
Eurodollars 1
Money market
mutual fund
balances 2
General
purpose
and
broker/
dealer
Institution
only
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Small
denomination
time
deposits 3
Large
denomination
time
deposits 3
NSA
1984:
19851986:
19871988:
19891990:
1991:
1992:
1993:
1993:
Dec
Dec
Dec
Dec
Dee...
Dee
Dec ... .
Dec
Dec ..
Dec
Apr
May
July
1994:
Sept
Oct
Nov
Dec
Jan r.
Feb '.
Mar '
156.1
167.9
180.7
196.9
212.2
222.6
246.7
267.1
292.2
321.4
301.8
304.4
307.2
309.7
312.4
315.4
317.6
319.5
321.4
325.2
329.2
332.4
334.8
243.7
266.6
302.1
287.1
287.2
279.8
277.9
290.0
339.6
384.8
349.0
358.8
362.2
366.4
370.9
375.4
378.4
383.2
384.8
388.3
390.3
390.0
388.9
147.4
179.8
235.6
259.5
280.9
285.4
294.0
332.8
384.9
414.3
388.2
396.4
399.2
402.8
404.2
406.6
409.5
411.8
414.3
412.0
411.2
411.9
409.5
63.0
75.6
83.3
85.7
84.1
80.2
77.3
80.6
80.6
90.4
77.2
75.2
78.5
81.2
82.1
85.3
88.0
89.1
90.4
93.3
90.8
95.6
93.1
62.5
64.7
85.3
92.0
91.5
108.5
135.0
181.0
201.5
197.0
196.3
198.0
194.7
192.6
190.1
190.8
194.3
194.8
197.0
192.7
176.9
177.4
177.0
167.9
177.4
209.8
223.5
244.4
320.4
355.5
370.4
352.0
348.8
345.9
348.5
347.5
346.6
345.5
345.0
344.4
347.0
348.8
347.8
343.7
348.6
361.9
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 lest
$100,000 and more than $100,000, respectively.
704.8
815.4
941.0
937.7
926.7
891.0
920.4
1,041.1
1,183.6
1,215.5
1,185.5
1,195.1
1,200.4
1,202.1
1,205.9
1,208.4
1,208.8
1,211.9
1,215.5
1,220.3
1,220.9
1,221.9
1,220.7
888.8
416.6
885.7
434.3
859.0
431.5
922.7
475.5
1,038.6
525.5
1,153.7
549.1
1,174.5
489.5
1,067.4
425.8
870.5
360.3
782.8 ' 339.0
839.4
348.8
832.4
348.2
823.9
345.3
814.4
341.8
806.2
341.6
799.4
340.4
793.5
341.6
788.0
339.4
782.8 ' 339.0
777.2
341.5
772.4. 335.7
769.6
330.9
767.8
331.0
Term
repurchase
agreements
(BJ's)
Term
Eurodollars
(net)
NSA
NSA
57.6
62.4
80.6
106.0
121.8
99.0
89.6
72.5
81.1
82.9
76.5
83.8
91.0
105.7
79.5
68.7
57.6
45.6
r
46.4
48.7
48. 7
45.5
41.9
44.1
45.2
44.9
48.5
r
46.4
45.4
48.1
47.5
48.3
88.9
89.8
92.8
96.4
96.0
95.6
r
94.2
94.0
r
95.3
91.3
89.3
91.2
93.2
Savings
bonds
Shortterm
Treasury
securities
74.2
79.5
91.8
100.6
109.4
117.5
126.0
137.9
156.6
171.7
163.6
164.7
165.9
167.1
168.2
169.2
170.1
170.8
171.7
172.7
173.4
"174.1
261.0
298.3
280.0
253.1
269.3
325.5
332.0
316.2
332.5
r
324.3
341.8
343.4
344.2
341.9
341.7
326.3
321.5
'321.0
r
324.3
334.6
339.7
"340.0
Bankers'
acceptances
Commercial
paper
160.7
45.4
207.5
42.1
231.3
37.1
260.6
44.5
40.2
335.4
346.5
40.6
355.2
35.9
23.6
334.8
20.6
364.3
r
!4.7
386.8
367.1
19.3
19.2
371.8
18.5
370.9
17.4
370.4
16.5
379.5
16.4
378.4
16.4
384.7
r
384.1
!5.3
r
!4.7
386.8
15.0
391.6
403.0
15.3
"15.5 "400.1
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 Svstem.
2
3
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA]
Borrowings of depository
institutions from the Federal
Reserve (NSA)
Adjusted for changes in reserve requirements
Reserves of depository institutions
Period
Total
1984:
1985:
19861987:
19881989:
19901991:
199219931D93-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Apr
May
July
1994-
1
Sept
Oct
Nov
Dec
Jan
Feb
Mar
Apr"
26,847
31,451
38,935
38,849
40,396
40,496
41,769
45,532
54,341
60,476
55,306
56,740
57,048
57,546
58,011
58,813
59,749
60,320
60,476
60,603
60,763
60,589
60,215
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Nonborrowed
23,661
30,132
38,108
38,072
38,681
40,231
41,444
45,340
54,218
60,394
55,233
56,618
56,867
57,302
57,659
58,386
59,464
60,231
60,394
60,529
60,693
60,534
60,091
Nonborrowed plus
extended
credit
26,265
30,632
38,411
38,555
39,925
40,251
41,466
45,340
54,218
60,394
55,233
56,618
56,867
57,302
57,659
58,386
59,464
60,231
60,394
60,529
60,693
60,534
60,091
Required
25,992
30,414
37,565
37,803
39,349
39,574
40,105
44,553
53,186
59,413
54,210
55,743
56,138
56,457
57,059
57,723
58,660
59,219
59,413
59,155
59,623
59,621
59,065
Monetary
base
187,224
203,543
223,576
239,775
256,870
267,696
293,157
317,122
350,609
385,855
361,166
365,294
368,194
371,286
374,340
378,076
381,400
384,029
385,855
389,613
' 383,959
397,004
399,066
Total
3,186
1,318
827
777
1,716
265
326
192
124
82
73
121
181
244
352
428
285
89
82
73
70
55
124
Seasonal
113
56
38
93
130
84
76
38
18
31
41
84
142
210
234
236
192
75
31
15
15
24
57
Extended
credit
2,604
499
303
483
1,244
20
23
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Source: Board of Governors of the Federal Reserve
27
BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.4 percent in April; commercial and industrial loans rose 1.1 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
3,600
3,200 2,800
ALL COMMERCIAL BANKS
3,600
3,200
- TOTAL
2,800
2,400
2,400
2,000
2,000
LOANS AND LEASES-
1,600
1,600
1,200
1,200
800
800
U.S. GOVERNMENT SECURITIES
400
400
OTHER SECURITIES
-V
200
200
160
160
! I I I II I I III
120 I I I I I I l l I I I I
1988
1989
I I I I I II I I II
I I II I I I I I I I 120
I II I II I I III
1992
1991
1990
1994
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted 1]
Loans and leases in bank credit
Securities in bank credit
Total
bank
credit
U.S.
Heal estate
Total
securities
Government
securities
Other
securities
Total
loans and
leases 2
Commercial and
industrial
2,435.9
2,608.9
2,749.9
2,852.6
2,949.7
3,104.8
562.6
584.8
634.0
743.6
839.6
910.9
367.3
400.3
455.9
563.9
663.2
726.7
195.3
184.5
178.2
607.9
639.0
640.2
618.6
594.2
583.7
674.5
769.6
854.2
878.9
900.4
940.9
40.1
179.6
176.4
184.2
1,873.3
2,024.1
2,115.9
2,109.0
2,110.1
2,193.9
50.3
62.3
69.7
73.6
73.2
1993: Apr r.
May
June
July
Aug
Sept '.
Oct T
Nov r
Dec r.
2,991.9
3,014.8
3,036.8
3,059.5
3,065.7
3,072.9
3,075.1
3,091.2
3,104.8
878.8
883.5
891.7
895.9
902.4
904.8
900.0
903.1
910.9
697.2
701.2
710.1
713.9
717.9
720.1
717.1
720.4
726.7
181.6
182.3
• 181.6
182.0
184.5
184.5
182.9
182.8
184.2
2,113.1
2,131.3
2,145.2
2,163.5
2,163.3
2,168.2
2,175.1
2,18iU
2,193.9
587.8
591.3
592.4
590.5
589.2
586.6
586.0
584.5
583.7
902.8
907.2
912.6
916.1
919.9
923.0
927.0
933.8
940.9
1994: Jan r
Feb r
Mar r.
Apr
3,124.2
3,138.5
3,165.8
3,193.3
924.9
930.2
950.0
967.6
732.4
732.4
747.8
758.9
192.5
197.8
202.2
208.7
2,199.3
2.208.3
2,215.8
2,225.7
588.8
591.2
595.9
602.6
942.1
940.9
940.9
943.1
Period
New series:
1988- Dec
1989: Dec
1990- Dec
1991: Dec
1992- Dec
1993: Dec T
1
Data are Wednesday values or prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment companies, and foreign-related institutions. Data are adjusted for breaks caused by ^classifications of
assets and liabilities.
28
Total
Other
Consumer
Security
634.5
719.3
792.0
809.2
826.8
867.7
357.7
378.2
383.5
366.3
358.7
390.9
41.0
41:9
45.2
54.7
64.6
87.3
192.1
195.4
192.8
190.6
192.2
191.0
75.1
75.2
75.1
75.0
74.7
74.4
73.8
73.5
73.2
827.8
831.9
837.5
841.1
845.2
848.6
853.2
860.3
867.7
367.0
369.2
371.1
375.3
378.4
380.2
384.6
388.2
390.9
63.6
69.3
73.0
82.9
80.2
82.1
81.6
87.9
87.3
191.8
194.3
196.1
198.7
195.5
196.3
195.8
193.7
191.0
73.0
73.1
73.1
73.2
869.1
867.8
867.8
869.9
393.8
397.1
401.4
407.4
80.9
82.2
83.3
76.9
193.8
196.8
194.3
195.7
Revolving
home
equity
Other
2
Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the United States.
Note.—Data for new series not yet available prior to 1988.
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]
Sources
Uses
External
Period
Credit market funds
Total
Internal '
Total
Total
Securities
and
mortgages
Loans and
short-term
paper
Other 2
Total
Capital
expenditures 3
Increase in
financial
assets
Discrepancy
(sources less
uses)
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 ".
501.0
486.3
531.9
540.5
610.9
562.3
522.8
473.2
587.2
580.6
336.3
351.9
336.7
375.9
404.3
399.6
409.4
437.8
462.7
476.1
164.7
134.4
195.2
164.6
206.6
162.6
113.4
35.4
124.5
104.5
108.6
76.1
140.3
65.2
71.8
62.4
37.7
6.9
69.1
74.9
-5.5
13.0
65.5
27.8
146
-32.9
-18.9
95.9
68.8
85.9
114.1
63.1
74.7
37.4
86.4
95.2
56.6
-89.0
.3
-11.0
56.1
58.3
54.9
99.4
134.9
100.2
75.7
28.4
55.3
29.6
515.3
465.8
503.3
489.9
558.2
523.6
502.0
451.2
537.8
546.3
398.5
374.9
351.9
365.0
394.4
403.8
407.3
381.6
397.2
454.6
116.8
91.0
151.5
124.9
163.8
119.8
94.7
69.6
140.6
91.7
-14.3
20.4
28.5
50.7
52.7
38.7
20.8
22.0
49.4
34.2
1992- I
H
TTT
IV
1993: I
560.5
600.9
589.5
597.8
454.6
452.2
468.5
475.4
105.9
148.7
121.0
122.4
17.0
127.1
105.9
167.8
-14.0
-27.1
31.1
11.5
-63.4
15.9
-10.8
14.4
24.1
78.9
50.9
67.8
2.6
27.8
28.8
59.3
369.9
401.2
402.7
415.2
458.8
469.6
489.8
486.0
95.8
96.9
39.1
43.2
77.8
83.4
87.9
94.2
520.8
567.3
520.0
543.0
475.8
596.7
595.7
653.8
81.8
69.8
70.2
54.7
14.4
99.3
77.1
108.6
456.6
559.7
554.2
614.7
442.9
445.5
456.4
473.7
150.9
166.1
117.3
127.8
13.7
114.2
97.8
141.0
39.7
33.5
69.5
54.8
19.2
36.9
41.5
39.2
n
m
IV
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
ab
a°??' •
,- .-,-.j ,L
- , j r i.-i- •
, «•
, - •
t
" 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]
Installment credit outstanding (end of period)
Period
Total
Automobile
Revolving
Net change in installment credit outstanding l
Other 2
Total
Automobile
Revolving
Other 2
1984:
1985:
19861987:
19881989:
19901991:
1992:
1993:
Dec
Dec
Dec
Dec
Dec3
Dec
Dec
Dec
Dec
Dec
442,602
517,659
572,006
608,675
662,553
724,353
738,765
733,510
741,093
790,082
173,564
210,238
247,772
266,295
285,364
292,536
284,739
260,898
259,627
278,321
100,280
121,758
135,825
153,064
174,269
198,544
222,552
243,564
254,299
281,474
168,758
185,664
188,408
189,316
202,921
233,273
231,474
229,048
227,167
230,288
73,636
75,057
54,347
36,669
53,878
(4)
14,412
-5,255
7,583
48,989
30,004
36,674
37,534
18,523
19,069
(4)
-7,797
-23,841
-1,271
18,694
21,192
21,478
14,067
17,239
21,205
(4)
24,008
21,012
10,735
27,175
22,440
16,906
2,744
908
13,605
(4)
-1,799
-2,426
-1,881
3,121
1993:
Mar
750,131
752,193
750,293
752,428
757,465
762,503
768,573
775,620
782,561
790,082
262,313
262,463
264,007
265,388
267,468
268,784
270,650
273,822
276,853
278,321
259,661
261,450
262,690
263,338
266,938
270,753
273,703
277,125
279,273
281,474
228,157
228,280
223,596
223,701
223,058
222,967
224,220
224,673
226,435
230,288
2,903
2,062
-1,900
2,135
5,037
5,039
6,070
7,047
6,940
7,521
879
150
1,544
1,381
2,080
1,316
1,866
3,172
3,031
1,467
1,277
1,789
1,240
648
3,600
3,815
2,950
3,422
2,148
2,201
747
123
-4,684
105
-643
-92
1,254
453
1,761
3,853
796,458
800,440
807,865
279,046
280,444
282,897
284,898
287,414
288,685
232,514
232,582
236,283
6,376
3,982
7,425
726
1,397
2,453
3,424
2,517
1,270
2,226
68
3,702
July
Sept
Oct
Nov
Dec
1994: Jan
Peb r
Mar"
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.
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
12
12
CORPORATE Aao BONDS
(MOODV'S)
\»
/\
10
/
'V~-\
_j
i
I
10
/
r'
--^•\
\
I-./
/--^N
8
TREASURY
BILLS
/
/
AW
/"•-.
\
7
"T^Tn x/
M_
vx
/r
-
8
"Xq
^'~~~'\
v"
6
"Vr —~\
1
I
DISCOUNT
RATE
FEDERAL
RESERVE
BANK OF
NEW YORK
K
6
•
,-'V...,
1986
1 1 1 I 11
1 1 ! 1 1 1 M 1 I1
1988
1987
n i i i i t i i Ii
1989
1 1 1 1 1 1 1 1 1 1>
1990
1991
1 1 1 1 1 1 M
1 11
1992
4
./r
I'--, f
h 11 1 1 11 1 1 11
/
,s
—'
4
2
/
lllnl
2
1994
1993
COUNCIl OF ECONOMIC ADVISERS
SOURCE.- SEE TABlf BEIOW
[Percent per annum]
U.S. Treasury security yields
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993- May
Julv
Sept
Oct
Nov
Dec
1994- Jan
Peb
Mar
May
Week ended:
1994- May 1
14
21
28
1
3-month bills
(new issues) l
Constant maturities 2
3-year
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
30
Prime
commercial
paper,
6 months l
Discount rate
(N.Y. F.R.
Bank)4
Prime rate
charged by
banks*
New-home
mortgage
yields
(FHPB)5
9'.58
7.48
5.98
5.82
6.69
8.12
7.51
5.42
3.45
3.02
11.89
9.64
7.06
7.68
8.26
8.55
8.26
6.82
5.30
4.44
12.44
10.62
7.68
8.39
8.85
8.49
8.55
7.86
7.01
5.87
10.15
9.18
7.38
7.73
7.76
7.24
7.25
6.89
6.41
5.63
12.71
11.37
9.02
9.38
9.71
9.26
9.32
8.77
8.14
7.22
10.16
8.01
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.30
8.80
7.69
6.33
5.66
6.20
6.93
6.98
5.45
3.25
3.00
12.04
9.93
8.33
8.21
9.32
10.87
10.01
8.46
6.25
6.00
12.38
11.55
10.17
9.31
9.19
10.13
10.05
9.32
8.24
7.20
2.96
3.10
3.05
3.05
2.96
3.04
3.12
3.08
4.40
4.53
4.43
4.36
4.17
4.18
4.50
4.54
6.04
5.96
5.81
5.68
5.36
5.33
5.72
5.77
5.81
5.73
5.60
5.50
5.31
5.29
5.47
5.35
7.43
7.33
7.17
6.85
6.66
6.67
6.93
6.93
3.20
3.38
3.35
3.33
3.25
3.27
3.43
3.40
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
7.37
7.23
7.20
7.05
6.95
6.80
6.80
6.92
3.02
3.21
3.52
3.74
4.19
4.48
4.83
5.40
5.99
6.34
5.75
5.97
6.48
6.97
7.18
5.30
5.44
5.93
r
6.28
6.26
6.92
7.08
7.48
7.88
7.99
3.30
3.62
4.08
4.40
4.92
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.50
6.00-6.00
6.00-6.00
6.00-6.25
6.25-6.75
6.75-7.25
6.95
6.85
6.99
7.31
4.00
4.32
4.22
4.23
6.30
6.54
6.20
6.30
7.16
7.37
7.06
7.14
6.30
6.38
6.18
6.19
7.97
8.12
7.89
7.98
4.76
5.07
4.96
4.89
3.00-3.00
3.00-3.00
3.00-3.50
3.50-3.50
6.75-6.75
6.75-6.75
6 75 7 25
7.25-7.25
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and week.
2
Corporate
Aaa bonds
(Moody's)
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.
INDE*, DEC. 31, 1965-50 (RATIO SCALE)
260
240
/"*-x^'
220
200
180
^/
160
140
120
J
>x—'
^/
'\
(
^
/""
\\l s-J"^
INDEX, DEC. 31,1 965=50 (RATIO S<:AIE)
300
280
260
V.
_ - , -""'
240
^
220
200
-~Nr^
J
\ \ Vf
180
160
COMPOSITE STOCK PRICE INDEX
(NYSE)
140
120
100
100
,
Mill MM!
1987
80
1986
M M f
1 1 1 1 1
Mill
1988
M 1M 111111
HIM
1989
i i i ii
Mill
1 1 1 1 | 1 1 M 11
1991
1990
1 M
1 1
MEM
1 1 1 || 1 1 1 1 1 1
1993
1992
80
1994
PERCENT
20
PERC ENT
20
15
15
EARNINGS PRICE RATIO ON COMMON STOCKS
(S&P)
10
5
*
0
1
t
-^•^
_^-~
_
1
1986
.
\
10
'—-^-.
1
1
1
1987
i i i
1988
i
i
1989
i
i
i
i
i
1
1991
1990
i i
1992
i
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD! POOR' CORPORATION
1
1993
Industrial
1
0
!
COUNCIL Of ECONOMIC ADVISERS
Common stock yields
(percent) 6
New York Stock Exchange indexes (Dec. 31, 1965 = 50, except as
noted) 2
Composite
1
1994
Common stock prices l
Period
5
•*
^
Transportation
Utility 3
Finance
Dow-Jones
industrial
average *
Standard £
Poor's
composite
index
(194143 = 10)s
Dividendprice ratio
92.46
108.09
136.00
161.70
149.91
180.02
183.46
206.33
229.01
249.58
108.01
123.79
155.85
195.31
180.95
216.23
225.78
258.14
284.62
299.99
85.63
104.11
119.87
140.39
134.12
175.28
158.62
173.99
201.09
242.49
92.89
113.49
142.72
148.59
143.53
174.87
181.20
185.32
198.91
228.90
89.28
114.21
147.20
146.48
127.26
151.88
133.26
150.82
179.26
216.42
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
3,522.06
160.46
186.84
236.34
286.83
265.79
322.84
334.59
376.18
415.74
451.41
4.64
4.25
3.49
3.08
3.64
3.45
3.61
3.24
2.99
2.78
Sept
Oct
Nov
Dec
246.02
247.16
247.85
251.93
254.86
257.53
255.93
257.73
297.83
298.78
295.34
298.83
300.92
306.61
310.84
313.22
237.80
234.30
238.30
250.82
248.15
254.04
262.96
268.11
222.41
226.53
232.55
237.44
244.21
240.97
230.12
229.95
209.40
209.75
218.94
224.96
229.35
228.18
214.08
216.00
3,478.17
3,513.81
3,529.43
3,597.01
3,592.29
3,625.81
3,674.70
3,744.10
445.25
448.06
447.29
454.13
459.24
463.90
462.89
465.95
2.80
2.81
2.81
2.76
2.73
2.72
2.72
2.72
1994- Jan
Feb
Mar
Aor
May
262.11
261.97
257.32
247.97
249.56
320.92
322.41
318.08
304.48
307.58
278.29
276.67
265.68
250.43
244.75
225.15
220.85
215.45
210.08
205.77
218.71
217.12
211.02
208.12
211.30
3,868.36
3,905.62
3,816.98
3,661.48
3,707.99
472.99
471.58
463.81
447.23
450.90
2.69
2.70
2.78
2.90
2.89
Week ended:
1994' May 7
14
21
28
250.49
245.62
249.68
251.93
308.44
303.32
307.63
310.40
249.48
240.37
241.67
246.45
210.44
201.00
205.24
206.19
209.49
207.43
212.51
214.83
3,695.73
3,645.40
3,730.07
3,750.70
451.39
443.54
451.79
455.75
2.88
2.95
2.87
2.86
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
..
1993- May
July
1
Average of daily closing prices.
2
Includes all the stocks (more than
3
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 4facilitate trading of options and futures on the index. All indexes shown here reflect the doubling.
Includes 30 stocks.
5
Includes 500 stocks.
Earningsprice ratio
10.02
8.12
6.09
5.48
8.01
7.41
6.47
4.79
4.22
4.46
4.29
4.45
4.69
5.08
6
Standard & Poor's series. IDividend-price ratios based on Wednesday closing prices. Earningsprice ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange <NYSB).
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 1994, there was a deficit of $133.2 billion, compared with a deficit of $174.7 billion
a year earlier.
BILLIONS OF DOLLARS
1,600
BILLIONS OF DOLLARS
1,600
RECEIPTS AND OUTLAYS-!'
1,500
1,500
„_--'
1,400
1,400
„---•'*
1,300
UUILAYbJ'
1,300
_ — -•*"
1,200
1,200
•„>-''
_^-—-""
1,100
1,100
__---•-''
'
1,000
1,000
„--"--
^^^\
900
900
^^
RECEIPTS-1/
"""
800
800
""
700
700
600
A
V
i
i
i
i
i
i
i
i
i
A
\l
0
SURPMJS OR DEFICIT ( J -^
0
100
-100
J-^-—
200
"
^^
-200
^~
300
-400
600
A
\/1985
i
i
1986
i
1987
i
1988
i
1989
-^— -——_———'
i
1990
i
1991
i
1992
"
/\
i
1993
-300
-400
1994 V
FISCAL YEARS
•^INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
,OURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIt OF ECONOMY ADVISER
[Billions of dollars]
Fiscal year or period
Receipts
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Total
Held by
the public
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
371.8
409.2
458.7
503.5
590.9
678.2
745.8
808.4
851.8
-73.7
-53.7
-59.2
-40.2
-73.8
-79.0
-128.0
-207.8
-185.4
231.7
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
328.5
369.1
403.5
476.6
543.1
594.4
661.3
686.0
-70.5
-49.8
54.9
-38.2
72.7
-74.0
120.1
-208.0
185.7
66.4
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
-3.2
3.9
-4.3
-2.0
-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
1,153.5
1,249.1
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,408.2
1,483.8
-212.3
221.2
-149.8
1552
-152.5
221 4
-269.5
2904
-254.7
-234.8
547.9
568.9
640.7
667.5
727.0
749.7
760.4
788.0
841.6
912.9
769.6
806.8
810.1
861.4
932.3
1,027.6
1,082.1
1,128.5
1,141.6
1,203.0
221.7
-238.0
169.3
- 194.0
205.2
-278.0
321.7
-340.5
300.0
-290.1
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
336.2
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.6
280.9
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.3
55.3
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,598.3
4,001.9
4,351.2
4,676.0
1,499.4
1,736.2
1,888.1
2,050.3
2,189.3
2,410.4
2,687.9
2,998.6
3,247.2
3,472.4
659.1
717.5
833.9
850.7
174.7
-133.2
480.3
524.5
683.2
692.2
-202.9
-167.7
178.9
193.0
150.7
158.5
28.2
34.5
4,189.0
4,521.5
3,145.6
3,365.8
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994 (estimates)
Outlays
Gross Federal debt
(end of period)
Off-budget
On-budget
Total
Cumulative total, first 7
Fiscal year 1993
Fiscal year 1994
1
Data from Monthly Treasury Statement.
NOTE. — Data (except as noted} are from E
32
jet of the United States Government, Fiscal Year
1995, February 1994.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 7 months of fiscal 1994, receipts were $58.4 billion higher than a year earlier and outlays were $16.8
billion higher.
BILUC)NS OF DOLLARS
600
RECEIPTS -^
500
INDIVIDUAL INCOME TAXES
V
,
BILLIONS OF DOLIARS
600
._
500
..
400
400
300
300
CORPORATION
200
OTHER RECEIPTS
SOCIAL INSURANCE
200
\
100
100
1
0
1
1
1
1
1
1
1
1
0
1,300
1,300
OUTLAYS -"
1,200
1,200
— •*"
1,100
_ ,—
1,100
^
1,000
1,000
NONDEFENSE
\
900
,•*•"*
^
_jv--"
800
900
800
---•""
700
700
600
600
500
500
NATIONAL DEFENSE
400
400
\
300
200 A
\
V
1985
\
I
1986
1987
1
1988
300
1
1989
1
1990
1
1991
1
1992
1
1993
1994
IS, 200
N
FISCAL YEARS
^INCLUDES ON-BUDGEIANDOFF-flUDGET RIMS.
OURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNOt OF ECONOMIC ADVISERs
[Billions of dollars]
On-budget and off-budget out ays
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
1,153.5
1,249.1
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
549.9
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5
130.7
265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
428.3
461.9
73.0
73.1
74.3
78.9
82.3
909
92.3
100.5
98.0
106.5
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,408.2
1,483.8
659.1
717.5
302.9
321.7
61.0
74.3
240.9
259.7
54.3
61.7
833.9
850.7
Total
,
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994 (estimates)
Cumulative total, first 7 months: 1
Fiscal year 1993
Fiscal year 1994
1
National defense
Individual
income
taxes
Fiscal year
1976
1977
1978
1979
1980
1981
1982
1983
1984
Social
insurance
taxes
Other
Social
securi-
inter-
ty
ty
est
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
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
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.1
279.8
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
267.4
16.2
14.2
11.6
10.5
9.6
13.8
15.9
16.1
16.8
19.0
33.5
35.9
40.0
44.5
48.4
57.7
71.2
89.5
99.4
112.3
65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
130.6
143.7
128.2
119.8
123.3
129.3
136.0
147.0
170.3
197.0
207.3
214.6
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.6
320.5
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.8
203.4
131.8
142.1
125.9
139.4
158.8
203.9
225.1
173.9
159.7
190.6
173.3
164.2
166.2
156.7
11.5
11.5
56.8
61.0
74.4
81.9
129.3
134.1
173.9
182.6
115.9
116.2
98.9
99.2
Total
Data from Monthly Treasury Statement.
Net
Income
securi-
International
affairs
Total
and
contributions
Department of
Defense,
military
Medicare
15.8
Other
Sources: Department of the Treasury and Office of Management and Budget.
NOTE.—Data (except as noted) are from Bud* I of the United States Government, Fiscal Year
1995, February 1994.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 1994, according to preliminary estimates, Federal receipts rose $24.2 billion (annual rate)
and Federal expenditures fell $18.0 billion.
BILLIONS OF COLLARS
BILLIONS OF DOLLARS
1,600
SEASONALLY ADJUSTED ANNUAL RATES
1,400
1,400
1,200
1,200
\
1,000
1,000
800
800
SURPLUSORDEFIOr(-)
-200
-200
-400
1983
1993
1992
1984
CALENDAR YEARS
SOURCE: DEPARTMENT OF COfcWF-RCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government expenditures
Federal Government receipts
Period
Total
Corporate
profits
tax
accruals
Personal
tax and
nontax
receipts
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
,
Fiscal year:
1991
1992
1993
Calendar year:
1991
1992
1993
1982: IV
1983- IV
1984- IV
1985- IV
1986- IV
H)87- IV
1988- IV
1989- IV
1990- IV
1991: IV
1,121 4
1,165.6
1,249.3
475.7
484.0
511.7
108.4
1,127.8
1,183.0
1,269.5
632.3
671.1
739.8
803.6
856.8
943.5
1,000.6
1,068.3
1,115.8
1,142.5
474.9
490.8
521.3
301.6
2905
323.5
351.8
371.7
414.8
420.0
470.1
483.9
478.5
I
II
IH
IV
1,165.9
1,176.1
1,169.1
1,221.1
1993- I
II
Ill
IV
r
1992-
1994- I
Less:
Wage
accruals
less
disbursements
135.6
76.7
80.8
86.0
460.6
484.5
516.0
1,309.2
1,436.0
1,484.5
446.0
444.9
445.0
509.8
607.3
646.4
147.0
167.4
182.1
183.2
189.7
181.3
23.3
26.7
29.7
0.0
.0
.0
-187.8
-270.4
-235.2
107.1
120.2
143.1
45.5
65.4
67.0
77.0
91.4
109.7
118.5
111.3
115.1
109.8
79.1
81.3
87.3
49.2
55.4
58.2
56.8
54.8
59.5
61.4
62.2
67.1
81.3
466.7
490.7
517.8
235.9
259.8
291.1
318.0
338.8
359.4
400.7
424.7
449.7
472.8
1,331,2
1,459.3
1,495.9
815.7
855.7
926.6
990.8
1,034.3
1,096.3
1,135.5
1,209.8
1,306.9
1,387.2
445.9
448.8
443.4
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
437.4
522.0
624.5
651.9
346.0
351.1
360.1
383.8
404.2
419.7
444.5
488.8
526.6
567.7
153.0
171.4
186.2
84.3
86.9
97.7
104.5
103 8
102.9
113.0
121.9
137.6
162.3
187.6
187.1
180.8
86.8
99.2
122.3
129.2
131.1
143.1
151.2
168.9
174.4
191.9
22.6
27.5
33.6
17.3
28.8
22 2
16.4
22.1
37.8
34.9
25.0
32.0
27.9
1
.0
.0
.0
.0
.6
.0
.0
-.2
.0
.0
.2
.0
-203.4
-276.3
-226.4
— 183.4
-184.6
-186.8
-187.2
— 177.5
-152.7
- 134.9
— 141.5
-191.0
-244.7
479.7
482.0
489.5
511.8
121.1
125.8
107.0
127.1
80.4
80.2
81.1
83.5
484.7
4K8.J
491.4
498.7
1,436.1
1,456.0
1 ,459.8
1,485.3
445.5
444.6
452.8
452.4
611.0
620.8
624.4
641.7
163.4
171.8
173.7
176.7
189.3
190.4
187.4
181.3
27.0
28.5
21.4
33.2
.0
0
.0
.0
— 270.2
-279.9
-290.7
-264.2
1,218.4
1,268.0
1 ">75 9
1,315.7
502.1
520.7
527 1
535.1
13S..I
142 •!
139.S
158. 1
b: °
66.'}
86.7
95.0
502.3
518.7
522.8
527.5
1,481.9
1,490.6
1,488.5
1,522.6
442.7
447.5
443.6
440.0
642.0
645.6
652.8
667.2
176.1
182.8
188.6
197.4
178.3
182.5
182.2
180.4
42.9
32.3
21.4
37.7
.0
.0
.0
.0
-263.5
-222,6
-212.7
-207.0
n ,339.9
549.1
"152.3
93.6
544.9
1,504.6
441.8
664.6
188.4
175.7
34.1
.0 '-164.7
Source: Department of Commerce, Bureau of Economic Analysis.
34
Surplus
or deficit
(-),
national
income
and
product
accounts
iie.s
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
92.8
94.4
95.3
100.0
104.4
106.0
106.0
104.1
106.5
110.9
91.0
96.1
95.4
100.0
105.3
105.2
101.8
98.1
98.5
103.2
93.4
96.8
96.6
100.0
109.3
115.9
121.4
123.7
116.5
111.7
97.1
97.2
98.0
100.0
104.6
108.9
111.0
111.0
109.7
106.8
93.5
97.7
99.6
100.0
103.9
108.8
114.5
117.9
115.6
107.2
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 "
Italy
91.8
92.9
96.2
100.0
105.9
109.2
109.4
107.1
106.5
103.6
1992:
Dec
109.0
100.5
112.7
105.8
107.9
99.9
1993:
Jan
Feb
Mar
109.2
109.9
110.0
110.5
110.0
110.4
110.9
111.1
111.3
111.9
112.8
114.0
' 100.6
101.8
r
103.2
102.3
' 102.1
' 103.8
102.7
' 103.6
104.4
r
104.4
' 105.1
' 104.6
112.3
113.5
116.5
113.4
110.7
112.5
111.9
111.0
113.3
107.4
109.9
108.0
105.4
107.4
106.7
105.7
106.0
105.8
106.7
107.1
106.8
' 106.0
106.9
105.8
107.4
106.1
107.8
106.6
107.0
107.2
106.4
108.1
107.9
107.4
106.7
107.3
105.3
105.9
104.4
99.9
104.3
101.9
104.3
102.4
102.2
104.5
r
106.0
101.7
May
July
Sept
Oct
Nov
Dec
1994:
1
r
Jan
Feb
Mar
Apr"
r
114.6
l!5.1
l!5.7
r
' 105.1 109.1 " 105.7
104.5 ' 109.0 106.4
113.3
r
105.4
107.5
106.1
United
Kingdom
United
States '
89.0
93.9
96.2
100.0
104.8
107.0
106.7
102.5
102.0
104.7
103.9
107.6
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
102.2
' 102.6
* 103.7
103.0
' 103.0
r
105.0
' 103.8
105.2
' 105.2
105.2
106.3
106.6
146.2
146.7
147.2
147.4
'105.9
' 106.8
107.5
106.8
116.0
Data relate to all urban consumers.
United
Kingdom
Japan
France
Germany
104.8
108.9
113.4
118.4
123.2
129.3
135.5
143.1
145.2
147.9
102.1
104.1
104.8
104.9
105.7
108.0
111.4
115.0
116.9
118.5
107.9
114.2
117.2
120.9
124.2
128.6
133.0
137.2
140.6
143.5
102.7
104.8
104.7
104.9
106.3
109.2
112.1
116.0
120.6
125.6
111.5
121.1
128.5
134.4
141.1
150.4
159.6
169.8
178.9
186.4
104.8
111.1
114.9
119.7
125.6
135.4
148.2
156.9
162.7
165.3
141.9
146.4
117.4
141.4
122.4
182.3
163.6
142.6
143.1
143.6
144.0
144.2
144.4
144.4
144.8
145.1
145.7
145.8
145.8
147.0
147.4
147.3
147.3
147.6
147.6
148.0
148.1
148.2
148.4
149.1
148.8
117.3
117.4
117.7
118.5
118.6
118.5
118.8
119.2
119.3
119.2
118.5
118.6
141.9
142.4
143.1
143.2
143.5
143.4
143.5
143.5
144.0
144.3
144.4
144.3
123.8
124.3
124.7
125.1
125.5
125.7
126.0
126.0
126.1
126.4
126.7
126.9
182.9
183.6
184.0
184.7
185.4
186.4
187.1
187.2
187.5
188.6
189.5
189.5
162.0
163.1
163.7
165.2
165.8
165.7
165.3
166.0
166.7
166.6
166.4
166.7
148.8
147.7
147.6
147.6
118.7
118.7
119.3
144.5
144.9
145.2
145.6
128.0
128.5
128.7
129.1
190.6
191.4
191.8
192.2
166.0
167.0
167.4
169.4
Canada
Italy
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration, Office of Trade and Economic Analysis).
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally adjusted]
Goods: Exports (f.a.s. value)
Census basis (by end-use category)
Period
1986
BOP
basis
223.3
250.2
320.2
1987
1988
1989
1990
1991
1992
1993
362.1
389.3
416.9
440.1
Total,
Census
basis 2
227.2
254.1
322.4
363.8
393.6
421.7
Services
(BOP basis)
Goods: Imports (customs value)
l
Census basis (by end-use category)
Auto- ConIndus- Cap- motive sumer
Foods, trial
ital
vehi- goods
feeds,
supgoods
cles
(nonand
plies except
parts
food)
beverand
autoand
except
ages materimotive
enautoals
gines motive
22.3
24.3
32.3
37.2
35.1
35.7
40.2
40.4
57.3
66.7
85.1
99.3
104.4
109.7
109.3
112.0
75.8
86.2
109.2
138.6
152.7
166.7
176.7
183.0
21.7
24.6
29.3
34.8
37.4
40.0
47.1
51.7
14.2
17.7
23.1
36.4
43.3
45.9
50.4
53.4
BOP
basis
Total,
Census
basis 2
368.4
409.8
447.2
477.4
498.3
490.7
536.3
589.2
365.4
406.2
441.0
473.2
495.3
488.5
532.7
580.5
BOP basis
Auto- ConIndus- Cap- motive sumer
Foods
trial
vehi- goods
ital
feeds,
supcles
(nongoods
and
plies except parts
food)
beverand
and
except
autoages materienautomotive
als
gines motive
24.4
24.8
24.8
25.1
26.6
26.5
27.9
28.1
101.3
111.0
118.3
132.3
143.2
131.6
138.3
145.0
71.8
84.5
101.4
113.3
116.4
120.7
134.2
152.8
78.2
85.2
87.7
86.1
87.3
85.7
91.8
102.4
79.4
88.7
95.9
102.9
105.7
108.0
123.0
133.9
Exports
Imports
86.1
97.8
110.0
126.8
148.3
164.3
179.7
186.8
79.8
90.2
97.9
101.9
117.7
118.4
123.3
131.1
456.8
448.2
464.8
Oct
Nov
Dec
38.4
37.8
38.2
37.0
36.6
37.2
38.1
39.4
39.5
41.5
38.9
38.5
38.9
37.6
37.1
38.1
38.9
40.1
40.2
42.2
3.5
3.4
3.3
3.2
3.2
3.1
3.4
3.5
3.5
3.7
9.2
9.1
9.7
8.8
9.3
9.0
9.6
9.9
9.7
9.8
15.6
15.2
15.3
15.3
14.3
15.3
15.0
15.6
15.6
17.2
4.3
4.4
4.3
4.1
3.8
4.2
4.1
4.5
4.7
4.6
4.4
4.2
4.5
4.3
4.4
4.5
4.6
4.6
4.8
4.7
50.2
49.3
48.1
50.1
48.3
48.9
50.7
52.0
50.8
50.2
49.3
48.7
47.3
49.7
47.5
48.1
49.5
51.0
49.9
49.6
2.4
2.2
2.3
2.3
2.3
2.3
2.4
2.6
2.3
2.3
12.6
12.6
12.3
12.8
12.1
11.7
12.2
12.5
12.3
11.6
12.4
12.4
12.3
13.1
12.8
12.5
13.0
13.7
13.3
14.0
8.9
8.8
8.2
8.6
7.8
8.5
8.7
9.0
8.8
8.9
11.5
11.1
10.7
11.3
11.0
11.7
11.6
11.7
11.5
11.1
15.7 10.9
15.7 10.9
15.5 10.6
15.6 10.8
15.8 11.0
15.5 10.9
15.5 11.1
15.6 11.4
15.3 11.4
15.8 11.2
1994: Jan
Feb
Mar
38.5
37.4
42.2
39.3
38.1
43.0
3.3
3.2
3.4
9.0
8.7
10.6
16.1
15.3
17.3
4.4
4.5
4.7
4.5 49.9
4.4 50.9
4.8 54.2
49.5
50.1
53.1
2.5
2.4
2.6
11.6
12.0
12.9
14.2
14.0
14.5
8.5
8.8
9.6
11.3
11.4
11.7
15.8
15.8
16.2
1993:
Mar
Apr
May
July
Sept
1
2
Balance of trade
(exports minus imports)
Includes undocumented exports to Canada through 1988.
Total includes "other" exports or imports, not shown separately.
11.1
11.5
11.6
Goods,
Census
basis
Goods
Services
Goods
and
services
- 138.3 -145.1 6.3 - 138.8
-152.1
1596 7.6
1520
-118.5 - 127.0 12.1 -114.8
90.3
- 109.4 -115.2 24.9
-101.7 -109.0 30.7 -78.4
-66.7 -73.8 45.9 -27.9
-84.5 -96.1 56.4 -39.7
-76.8
-115.7 -132.4 55.7
-11.8
-11.5
-9.8
-13.1
-11.8
-11.6
-12.6
-12.6
-11.4
-8.7
4.8
4.8
4.9
4.8
4.9
4.6
4.4
4.2
3.9
4.6
-6.9
-6.7
-4.9
-8.3
-6.9
-7.0
-8.2
-8.5
-7.5
-4.1
-10.2 -11.3
-12.0 -13.5
-10.1 -12.0
4.7
4.4
4.6
-6.6
-9.2
-7.5
-10.5
-10.2
-8.4
-12.1
-10.4
-10.0
-10.6
-10.9
-9.7
-7.4
here are consistent with figures shown on pp. 36 and 37.
Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis).
Note.—BOP refers to balance of payments or international transactions basis. BOF data shown
35
U.S. INTERNATIONAL TRANSACTIONS
In the fourth quarter of 1993, the merchandise trade deficit fell to $32.8 billion, from $36.0 billion in the third
quarter. The current account deficit rose to $31.5 billion, from $28.1 billion.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
BALANCE ON GOODS,
SERVICES, AND INCOME
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)j
Merchandise l
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 r
1991: m
IV
1992- I
n
in
IV
1993- I
n
mp
rv ....
Investment income
Services
Exports
Imports
Net balance
Net
military
transactions 2 3
237,044
211,157
201,799
219,926
215,915
223,344
250,208
320,230
362,116
389,303
416,937
440,138
456,766
103,764
107,634
108,347
108,306
109,493
113,992
111,480
113,067
111,935
120,284
-265,067
-247,642
-268,901
-332,418
-338,088
-368,425
-409,765
-447,189
-477,365
-498,336
490 739
-536,276
589244
-123,404
-126,687
-126,110
-133,107
-137,105
-139,954
-140,805
-147,465
- 147,907
-153,067
-28,023
36 485
-67,102
112 492
-122,173
145 081
-159,557
126 959
-115,249
-109,033
-73,802
96 138
-132,478
- 19,640
-19,053
-17,763
-24,801
-27,612
-25,962
29 325
-34,398
-35,972
-32,783
-844
112
-563
2 547
-4,390
5 181
-3,844
6315
-6,726
7 833
-5,851
2 751
-1,027
-1,164
-755
-571
-727
-617
-836
-145
-226
-128
-528
Net
travel and
transportation
receipts
Other
services,
net
Receipts
on U.S.
assets
abroad
144
992
4 227
-8,438
-9,798
-7,382
6481
-1,511
5,071
8,979
17,933
19,718
19,762
5,228
5,481
5,011
5,201
4,882
4,624
5,063
5,420
4,992
4,287
12,552
13,209
14,095
14,277
14,266
18,855
17,900
19,961
26,558
29,505
33,799
39,444
36,944
8,660
8,809
9,608
9,177
11,016
9,641
9,736
9,296
8,991
8,922
86,529
86,200
84,778
99,056
89,489
87,497
95,129
122,275
144,904
151,201
127,292
110,612
110,339
30,074
29,144
29,028
28,641
27,195
25,749
26,003
27,802
28,409
28,127
1
3
2
4
Adjusted from Census data for differences in timing and coverage; excludes military.
Transfers under U.S. military agency sales contracts (exports) minus direct defense expenditures
(imports).
36
Payments
on foreign
assets in
U.S.
Net
-53,626 32,903
-56,412 29,788
-53,700 31,078
-69,572 29,483
-68,314 21,175
-74,736 12,761
7,726
-87,403
-109,653 12,621
-130,091 14,813
-130,853 20,348
-114,272 13,021
6,222
-104,391
66
-110,273
-28,447
1,627
-26,431
2,713
-24,609
4,419
907
-27,734
-25,492
1,703
-26,555
-806
-26,115
-112
-27,829
-27
-26,792
1,617
-29,538 -1,411
Balance on
goods,
services,
and income
Unilateral
transfers,
net"
Balance
on current
account
16,732
5,632
-26,719
-79,716
-100,920
-126,028
- 144,256
-102,203
-75,532
-58,034
- 14,899
-33,505
-76,733
-5,289
-2,805
704
- 10,243
-10,628
-13,339
-14,783
- 19,935
-20,500
-21,513
-11,702
-17,075
-17,741
-20,612
-22,950
-24,176
-23,052
-24,965
-26,092
-33,827
6,575
-32,895
-32,509
-6,564
-4,839
-7,389
-8,010
-7,147
- 10,348
-7,592
-7,300
-7,591
-10,026
5,030
-11,443
-44,460
-100,328
-123,870
-150,203
-167,308
-127,168
-101,624
-91,861
-8,324
-66,400
-109,242
-11,853
-7,644
-6,685
-18,253
-17,775
-23,687
-22,375
-27,235
-28,091
-31,539
Quarterly data are not seasonally adjusted.
Includes transfers of goods and services under U.S. military grant programs.
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 increased $7.3 billion in the fourth
quarter of 1993, in contrast to a decrease of $8.5 billion in the third quarter. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, increased $7.5 billion in the fourth quarter, following an
increase of $24.9 billion in the third quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
CHANGE IN
FOREIGN ASSETS v
IN THE U.S., NET 1^
-40
-60
1983
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the U.S., net
[increase/capital inflow (+)]
U.S. assets abroad, net
[increase/capit,al outflow (— )]
Period
Total
-114,147
- 122,335
-58,735
-29,654
-34,687
-91,260
-61,254
-91,423
-129,331
-44,132
1990
-59,974
1991
-50,961
1992 P
-143,872
1993
-5,555
1991: I
875
- 15,672
IV
-37,870
-1,029
1992: I
-8,695
10 798
IV
-30,438
-12,715
1993: I
-29,697
-43,398
IV... -58,062
1981
1982
1983
1984
1985
1986
1987
1988
1989
n
in
n
m
n
ra ....
U.S.
official
reserve
assets 3 5
-5,175
-4,965
-1,196
-3,131
-3,858
312
9,149
-3,912
-25,293
-2,158
5,763
3,901
-1,379
-353
1,014
3,877
1,225
-1,057
1,464
1,952
1,542
-983
822
-545
-673
Other U.S.
Government
assets
-5,097
-6,131
-5,006
-5,489
-2,821
-2,022
1,006
2,967
1,259
2,307
2,905
-1,609
-106
559
-419
3,224
-459
-275
-293
-305
-737
535
-275
-180
-186
U.S.
private
assets
-103,875
-111,239
-52,533
-21,035
-28,009
-89,551
-71,408
-90,477
-105,297
-44,280
-68,643
-53,253
-142,388
-5,761
-1,470
-22,774
-38,637
303
-9,866
- 12,445
-31,243
- 12,267
-30,244
-42,674
-57,203
Total
83,032
92,418
83,380
102,010
130,966
223,191
229,972
219,489
213,571
105,173
83,439
129,579
226,380
-20
7,120
23,514
52,826
19,834
44,450
26,450
38,845
25,875
42,537
71,637
86,330
5
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve position in the IMF.
Foreign
official
assets 3
Other
foreign
assets
4,960
3,593
5,845
3,140
-1,119
35,648
45,387
39,758
8,503
34,198
17,564
40,684
71,225
5,604
-4,924
3,855
13,029
21,124
21,008
-7,378
5,931
10,929
17,699
19,237
23,360
78,072
88,826
77,534
98,870
132,084
187,543
184,585
179,731
205,068
70,975
65,875
88,895
155,154
-5,624
12,044
19,659
39,798
-1,290
23,442
33,828
32,914
14,946
24,838
52,400
62,970
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
1,093
Total (sum
of the items
with sign
reversed)
24,992
41,359
19,815
27,972
27,592
18,272
-1,410
—899
17,384
30,820
— 15,140
— 12 218
26,735
-3,831
-8,014
4,011
-7,312
-12,120
-17,502
2,123
15,280
9,215
14,395
-148
3,271
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net 5
(unadjusted,
end of
period)
4,710
-120
-6,506
1,911
4,878
653
-6,754
1,222
6,082
943
-7,319
292
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,721
71,323
73,442
78,002
74,940
74,731
77,721
74,657
77,092
78,527
71,323
74,378
73,968
75,835
73,442
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
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 Credit at All Commercial Banks
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. International Trade in Goods and Services
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
' Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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