Full text of Economic Indicators : November 1993
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103d Congress, 1st Session
Economic Indicators
NOVEMBER
1993
(Includes data available as of December 6, 1993)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1993
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
DAVID R. OBEY, Wisconsin, Chairman
PAUL S. SARBANES, Maryland, Vice Chairman
HOUSE OF REPRESENTATIVES
LEE H. HAMILTON (Indiana)
FORTNEY H. (PETE) STARK (California)
KWEISI MFUME (Maryland)
RON WYDEN (Oregon)
MICHAEL A. ANDREWS (Texas)
RICHARD K. ARMEY (Texas)
JIM SAXTON (New Jersey)
CHRISTOPHER C. COX (California)
JIM RAMSTAD (Minnesota)
SENATE
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
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 $2.75 a single copy
($3.44 foreign), or by subscription at $30.00 per year ($37.50 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
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Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402-9328
ISBN 0-16-043272-3
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the third quarter of 1993, according to revised estimates, current-dollar gross domestic product (GDP) rose 4.3
percent (annual rate), real GDP (GDP in 1987 dollars) rose 2.7 percent, and the implicit price deflator rose 1.6
percent.
BILLIONS OF DOLLARS (RATIO SCALE)
S OF DOLLARS (RATIO SCALE)
6,800
6,800
SEASONALLY ADJUSTED ANNUAL RATES
6,400
6,400
^1
<S,000
6,000
^
5,600
GDP
IN CURRENT DOLLARS
5,200
r-c'
4,400
5,600
^
^
Vx,
4,800
^^
X
^X
._
'
• «~ *"*
4,800
4,400
GDP
IN 1 987 DOLLARS
^ x """
X
4,000
^
X
5,200
4,000
X
/*
X
3,600
3,600
/
3,200
2,800
3,200
1
1
1
1982
l
t
i
\
\
1984
1983
t
i
I
i t
1985
I i
1986
i
i i
1987
i
i i
1988
I
I I
1989
1
!
t
1
1990
1991
SOURCE: DEPARTMENT Of COMMERCE
1
1
1992
i i i
2,800
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
••
Period
1985
1986
1987
1988
1989
1990
1991
1992
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991-
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II
Ill
IV
1992- I
II
IU
IV
1993- I
n
ra r
1
Gross
domestic
product
4,038.7
4,268.6
4,539.9
4,900.4
5,250.8
5,546.1
5,722.9
6,038.5
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
5,631.7
5,697.7
5,758.6
5,803.7
5,908.7
5,991.4
6,059.5
6,194.4
6,261.6
6,327.6
6,394.6
Personal
consumption
expenditures
Gross
private
domestic
investment
2,667.4
2,850.6
3,052.2
3,296.1
3,523.1
3,761.2
3,906.4
4,139.9
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
3,843.6
3,887.8
3,929.8
3,964.1
4,046.5
4,099.9
4,157.1
4,256.2
4,296.2
4,359.9
4,419.4
714.5
717.6
749.3
793.6
832.3
808.9
736.9
796.5
464.2
614.8
722.8
737.0
697.1
800.2
814.8
825.2
756.4
729.1
721.5
744.5
752.4
750.8
799.7
802.2
833.3
874.1
874.1
883.1
Federal
Net
exports
-115.6
132 5
-143.1
1080
79 7
-71.4
19 6
-29.6
-29.5
-71.8
-107.1
-135.5
-133.2
-143.2
- 106.0
-73.9
-71.6
— 34.0
-11.5
-19.8
-13.0
-7.0
-33.9
-38.8
-38.8
-48.3
-65.1
-73.4
Exports
Imports
302.1
319.2
364.0
444.2
508.0
557.1
601.5
640.5
265.6
286.2
308.7
304.7
333.9
392.4
467.0
523.8
577.6
576.5
600.7
603.0
625.7
633.7
632.4
641.1
654.7
651.3
660.0
652.5
417.6
451.7
507.1
552.2
587.7
628,5
621.1
670.1
295.1
358.0
415.7
440.2
467.1
535.6
573.1
597.7
649.2
610.6
612.2
622.8
638.8
640.7
666.3
679.9
693.5
699.6
725.0
726.0
GDP less exports of goods and services plus imports of goods and services.
Government purchases
Exports and imports of goods
and services
Total
Total
772.3
833.0
881.5
918.7
975.2
1,047.4
1,099.3
1,131.8
631.6
657.6
727.0
799.2
849.7
901.4
937.6
994.5
1,076.5
1,093.0
1,099.9
1,104.0
1,100.2
1,118.5
1,125.8
1,139.1
1,143.8
1,139.7
1,158.6
1,165.5
344.3
367.8
384.9
387.0
401.6
426.5
445.9
448.8
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
450.2
449.4
446.8
437.4
445.5
444.6
452.8
452.4
442.7
447.5
445.4
National
defense
258.6
276.7
292.1
295.6
299.9
314.0
322.5
313.8
205.5
222.8
242.9
268.6
278.6
295.8
296.8
302.5
322.5
331.4
326.3
321.2
311.2
312.3
310.4
316.7
315.7
304.8
307.6
303.8
Nondefense
85.7
91.1
92.9
91.4
101.7
112.5
123.4
135.0
75.9
66.9
81.9
88.3
94.5
96.7
95.2
102.6
114.0
118.7
123.0
125.6
126.2
133.1
134.2
136.1
136.7
137.9
140.0
141.6
State
and
local
428.1
465.3
496.6
531.7
573.6
620.9
653.4
683.0
350.3
367.9
402.2
442.4
476.6
509.0
545.7
589.3
640.0
642.9
650.5
657.3
662.8
673.0
681.2
686.2
691.4
697.0
711.1
720.1
Final
sales of
domestic
product
Gross
domestic
4,014.1
4,260.0
4,513.7
4,884.2
5,217.5
5,539.3
5,731.6
6,031.2
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
5,651.6
5,720.8
5,759.1
5,794.8
5,913.9
5,978.6
6,049.9
6,182.5
6,227.1
6,314.5
6,387.4
4,154.3
4,401.2
4,683.0
5,008.4
5,330.5
5,617.5
5,742.5
6,068.2
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
5,665.8
5,709.2
5,778.4
5,816.7
5,915.8
6,025.3
6,098.3
6,233.2
6,309.9
6,392.7
6,468.1
Source: Department of Commerce, Bureau of Economic Analysis.
chases J
Addendum:
Gross
national
product
4,053.6
4,277.7
4,544.5
4,908.2
5,266.8
5,567.8
5,737.1
6,045.8
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
5,656.1
5,710.6
5,766.2
5,815.5
5,927.6
5,996.3
6,067.3
6,191.9
6,262.1
6,327.1
6,397.4
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
Nonresidentiat
fixed
investment
Residential
fixed
investment
Change
in
business
inventories
Net
exports
Exports
Imports
Total
Total
National
defense
State
and
local
Nondefense
Final
sales of
domestic
product
Gross
domestic
purchases *
Addendum:
Gross
national
product
1986 .
1987
1988
1989
1990
1991
1992
4,279.8
4,404.5
4,539.9
4,718.6
4,838.0
4,897.3
4,861.4
4,986.3
2,865.8
2,969.1
3,052.2
3,162.4
3,223.3
3,272.6
3,258.6
3,341.8
521.8
500.3
497.8
530.8
540.0
546.5
514.5
529.2
202.0
226.2
225.2
222.7
214.2
194.5
169.5
197.1
22.1
145 3
8.5 -155.1
26.3 -143.1
19.9 -104.0
29.8 -73.7
5.7 -54.7
-8.4 -19.1
6.5 -33.6
309.2
329.6
364.0
421.6
471.8
510.5
543.4
578.0
454.6
484.7
507.1
525.7
545.4
565.1
562.5
611.6
813.4
855.4
881.5
886.8
904.4
932.6
946.3
945.2
355.2
373.0
384.9
377.3
376.1
384.1
386.5
373.0
265.6
280.6
292.1
287.0
281.4
283.6
281.3
261.2
89.5
92.4
92.9
90.2
94.8
100.4
105.3
111.8
458.2
482.4
496.6
509.6
528.3
548.5
559.7
572.2
4,257.6
4,395.9
4,513.7
4,698.6
4,808.3
4,891.6
4,869.8
4,979.8
4,425.1
4,559.6
4,683.0
4.822.6
4,911.7
4,951.9
4,880.5
5,019.9
4,295.0
4,413.5
4,544.5
4,726.3
4,852.7
4,916.5
4,874.5
4,994.0
19821983:
198419851986198719881989:
3,759.6
4,012.1
4,194.2
4,333.5
4,427.1
4,625.5
4,779.7
4,856.7
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
131.2 -44.9
-19.0
190.6
29.3
83 7
198.8
47.9 -131.4
207.4
30.2
155 4
230.5 -20.1 - 156.0
223.3
59.9
136 0
225.3
20.9 -102.7
208.0
24.9
67 4
280.4
291.5
312.8
312.0
342.9
386.1
438.2
487.7
299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.0
735.9
748.1
784.3
830.5
864.8
893.0
894.5
912.6
316.0
322.2
341.7
363.7
377.5
391.6
378.4
376.1
229.4
242.9
254.3
272.1
282.2
295.0
285.7
281.5
86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.7
419.9
425.9
442.6
466.7
487.3
501.4
516.1
536.5
3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565.6
4,758.7
4,831.8
3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,924.1
3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,875.1
1990: III
IV
4,906.5 3,288.4
4,867.2 3,265.9
551.2
540.2
189.0
176.3
10.9
209
-62.2
368
508.6
520.4
570.7
557.2
929.2
942.4
379.6
386.5
278.5
285.7
101.1
100.8
549.6
555.8
4,895.6
4,888.0
4,968.6
4,904.0
4,920.9
4,895.4
1991- I
II
III
IV
4,837.8 3,242.7
4,855.6 3,256.9
4,872.6 3,267.1
4,879.6 3,267.5
521.4
517.8
512.8
506.1
163.8 -17.4
164.3 -22.3
g
171.0
179.1
1.1
21 6
- 13.3
250
-16.4
519.4
542.9
546.9
564.2
541.0
556.2
571.9
580.7
948.9
952.3
947.6
936.2
393.8
393.6
386.6
372.1
292.0
288.7
279.4
264.9
101.8
104.9
107.2
107.2
555.1
558.7
561.0
564.1
4,855.2
4,878.0
4,873.5
4,872.5
4,859.4
4,869.0
4,897.6
4,896.0
4,859.3
4,867.5
4,880.3
4,890.9
1992- I
II
Ill
IV
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
152
-38.0
-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
5,078.2 3,403.8
5,102.1 3,432.7
.. . 5,135.8 3,469.6
562.3
584.3
594.8
211.4
206.2
211.6
29.3
13.0
5.5
599
-75.2
87 3
588.0
593.2
591.0
647.9
668.4
678.3
931.3
941.1
941.7
357.6
359.4
354.9
246.0
246.4
241.4
111.5
113.0
113.4
573.7
581.6
586.8
5,048.9
5,089.1
5,130.4
5,138.1
5,177.4
5,223.2
5,080.7
5,104.1
5,140.5
1985
IV
IV
IV
IV
IV
IV
IV
IV
1993- I
II
Ill '
1
Source: Department of Commerce, Bureau ff Economic Analysis.
GDP less exports of goods and services plus imports oi goods and services.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[1987 = 100; quarterly data are seasonally adjusted]
Period
Gross
domestic
product
Personal consumption
expenditures
Gross private
domestic investment
Durable
goods
Nonresidential
fixed
Exports and imports of
goods and services
Government purchases
Federal
Total
Nondurable goods
Services
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
1985
1986 .. .
1987
1988
1989
1990
1991 .
1992
94.4
96.9
100.0
103.9
108.5
113.3
117.7
121.1
93.1
96.0
100.0
104.2
109.3
114.9
119.9
123.9
95.4
96.9
100.0
102.0
104.2
105.7
107.3
108.9
95.9
96.1
100.0
103.7
109.3
115.9
120.0
122.4
90.8
95.7
100.0
105.1
110.6
116.7
122.8
128.5
96.6
98.4
100.0
102.8
105.2
107.3
108.0
106.9
92.0
95.8
100.0
104.2
107.8
110.7
111.8
113.4
97.7
96.9
100.0
105.3
107.7
109.1
110.7
110.8
91.9
93.2
100.0
105.1
107.8
111.2
110.4
109.6
96.9
98.6
100.0
102.6
106.8
111.0
115.4
120.3
97.3
98.6
100.0
103.0
106.6
110.7
114.7
120.1
95.7
98.6
100.0
101.4
107.3
112.0
117.2
120.8
93.4
96.4
100.0
104.3
108.6
113.2
116.7
119.4
198219831984:
19851986:
1987198819891990-
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
n
m
IV
116.4
117.3
118.2
118.9
118.5
119.4
120.3
121.3
106.8
107.1
107.5
107.8
119.5
119.8
120.1
120.7
120.8
122.0
123.5
124.9
108.7
108.3
107.8
107.3
111.3
111.7
112.5
111.8
111.0
110.6
110.2
110.9
112.9
110.1
108.9
110.0
114.3
114.2
115.6
117.5
113.5
113.0
114.9
117.5
116.7
117.3
117.2
117.8
115.8
116.4
117.2
117.5
I ..
II
III
IV
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
II
III '
123.3
124.0
124.5
126.2
127.0
127.4
109.2
109.8
109.9
124.1
124.2
123.7
131.8
133.1
134.0
105.7
106.0
105.1
115.8
117.3
118.6
110.8
111.3
110.4
108.0
108.5
107.0
123.8
124.5
125.5
123.9
124.8
125.8
123.6
123.9
124.8
121.5
122.3
122.7
IV
IV
IV
IV
IV
IV
IV
IV
IV
1991- I
1992:
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]
Personal consumption expenditures
Gross domestic product
Period
Current
dollars
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1989:
HI
IV
1990: I
n
m
IV
1991- I
II
m
IV
1992- I
n
m
rv
1993- I
n
mr
Fixed-weighted
price index
(1987 weights)
Constant
(1987) dollars
Implicit price
deflator
11.9
3.9
8.1
10.9
6.9
5.7
6.4
7.9
7.2
5.6
3.2
5.5
3.8
5.1
9.1
5.9
3.1
1.0
2.4
4.8
4.3
3.2
7.4
5.7
4.6
9.2
1.8
-2.2
3.9
6.2
3.2
2.9
3.1
3.9
2.5
1.2
-.7
2.6
0
1.5
3.5
1.5
-.9
32
-2.4
1.5
1.4
.6
3.5
2.8
3.4
5.7
10.0
6.2
4.1
4.4
3.7
2.6
3.2
3.9
4.4
4.4
3.9
2.9
3.8
3.7
5.2
4.4
4.0
4.3
5.0
3.1
3.1
2.4
3.8
3.0
1.0
3.3
3.9
3.4
3.5
2.8
3.1
4.0
4.5
4.6
4.1
3.3
3.8
3.7
5.8
4.4
4.7
3.8
5.1
3.4
3.4
2.7
4.2
3.4
2.5
3.1
10.2
6.9
9.6
9.0
8.4
6.9
7.1
8.0
6.9
6.8
3.9
6.0
6.3
5.3
9.2
5.3
8.3
3.7
.7
4.7
4.4
3.5
8.6
5.4
5.7
9.9
4.4
4.3
4.3
.8
1.9
2.7
3.6
2.3
1.6
4.3
2.8
2.2
3.8
6.1
5.6
Constant
(1987) dollars
Current
dollars
Implicit price
deflator
Fixed-weighted
price index
(1987 weights)
2.9
.8
2.8
.9
2.1
-2.7
28
1.8
1.3
.0
4.3
1.8
4.2
5.6
9.0
5.7
4.9
3.9
3.9
3.1
4.2
4.2
4.9
5.1
4.4
3.3
3.3
4.4
6.3
4.3
6.1
6.7
3.4
3.1
3.0
3.4
4.0
3.6
1.6
3.9
8.6
5.4
4.3
3.7
3.8
3.0
4.1
4.3
5.0
5.3
4.5
3.7
3.5
4.4
6.6
4.2
6.3
7.0
3.9
3,2
3.4
3.5
4.5
3.6
3.4
3.1
.8
3.4
4.4
2.9
2.6
1.3
3.4
2.9
1.4
1.2
1.1
4.6
4.8
4.4
3.6
2.8
3.6
1.9
1.5
-.4
2.6
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Period
Gross domestic product
of nonfinancial
corporate business
(billions of dollars)
Current
dollars
1987
r^
Total
cost and
profit 2
dollars
Current-dollar cost and profit per unit of output (dollars) '
Consumption of
fixed
capital
Indirect
business
taxes 3
Compensation of
employees
Net
interest
Corporate profits with inventory
valuation and capital consumption
adjustments
Profits
Total
tax
liability
1985
1986
3987
1988
1989
1990
1991
1992
1982198319841985198619871988198919901991-
IV
IV
IV
TV
IV
IV
IV
IV
IV
TTT
IV
1992' I
II
Ill
rv
n
m"
1993- I
1
2,293.6
2,386.3
2,547.3
2,764.8
2,913.5
3,045.5
3,082.1
3,243.4
2,364.3
2,439.3
2,547.3
2,684.8
2,718.9
2,747.4
2,710.0
2,822.3
0.970
.978
1.000
1.030
1.072
1.109
1.137
1.149
0.109
.111
.110
.111
.117
.120
.126
.125
0.093
0.636
0.038
0.064
.648
.658
.676
.706
.736
.758
.762
.040
.042
.045
.054
.054
.052
.048
0.094
.084
.096
.102
.094
.093
.086
.099
0.030
.095
,095
.096
.101
.106
.115
.116
.031
.037
.038
.037
.034
.031
.035
.053
.059
.064
.057
.059
.056
.064
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
3,086.8
3,129.5
3,159.8
3,218.1
3,264.2
3,331.6
3,331.7
3,395.9
3,431.3
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
2,708.5
2,745.0
2,759.5
2,802.6
2,839.8
2,887.4
2,867.5
2,916.6
2,947.1
.903
.924
.957
.976
.984
1.009
1.046
1.084
1.120
1.140
1.140
1.145
1.148
1.149
1.154
1.162
1.164
1.164
.119
.119
.111
.110
.112
.110
.112
.120
.123
.126
.125
.125
.124
.129
.122
.124
.123
.125
.086
.088
.091
.093
.095
.094
.097
.102
.109
.116
.116
.117
.116
.116
.116
.116
.118
.118
.607
.602
.623
.643
.654
.664
.687
.718
.748
.761
.760
.762
.762
.762
.761
.772
.770
.769
.040
.036
.041
.038
.042
.042
.047
.055
.054
.052
.051
.050
.049
.047
.046
.047
.046
.045
.051
.079
.091
.092
.081
.099
.102
.088
.085
.084
.088
.091
.098
.096
.109
.102
.108
.108
.020
.029
.027
.030
.035
.038
.040
.033
.034
.031
.031
.033
.036
.034
.037
.037
.040
.038
.030
.050
.064
.063
.045
.060
.063
.055
.052
.053
.056
.059
.062
.062
.072
.065
.068
.069
Output is measured by GDP of nonfinancial corporate business in 1987 dollars.
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments less subsidies.
2
Profits
after
tax«
4
Output
per hour
of all
employees
(1987
dollars) •
Compensation per
hour of
all
employees
(dollars) '
22.149
22.734
23.128
23.572
23.189
T
23.446
' 23.865
' 24.836
14.082
14.740
15.208
15.833
16.377
' 17.246
' 18.087
' 18.915
21.071
21.891
22.054
22.346
22.890
23.357
r
23.524
' 23. 147
'23.549
12.791
13.185
13.731
14.359
14.974
15.518
" 16.071
' 16.618
' 17.623
'23.889
' 24.246
' 24.394
r
24.678
'25.031
r
25.310
'25.053
25.296
' 18.183
* 18.419
' 18.597
' 18.803
r
!9.062
' 19.249
' 19.353
19.468
With inventory valuation and capital consumption adjustments.
* See Note, p. 16.
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
1985
1986
1987
1988
1989
1990
1991
1992
1982:
19831984:
19851986:
19871988:
198919901991-
3,268.4
3,437.9
3,692.3
4,002.6
4,249.5
4,491.0
4,598.3
4,836.6
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
4,596.9
4,662.6
4,755.4
4,814.6
4,800.8
4,975.8
5,038.9
5,104.0
5,143.0
IV ....
IV
IV
IV
IV
IV
IV
IV
IV
HI
IV
1992- I
II
III
IV
1993: 1 .
II r
in .
1
2,382.8
2,523.8
2,698.7
2,921.3
3,100.2
3,297.6
3,402.4
3,582.0
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
3,415.8
3,455.4
3,507.8
3,558.1
3,603.6
3,658.6
3,705.1
3,750.6
3,794.2
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
21.5
22.3
31.3
30.9
40.2
41.9
36.8
43.7
10.2
6.3
21.9
17.8
23.6
42.4
30.9
38.4
43.8
29.8
37.6
45.6
44.9
36.8
47.6
55.7
47.0
24.8
18.7
8.7
3.2
4.3
-13.5
14 2
-12.8
89
24.1
22.2
24.3
14.0
4.7
6.8
2.8
-21.6
11 1
-16.3
11 2
-8.7
72
-18.5
-1.2
7.5
12.7
14.2
238.4
261.5
279.0
293.4
307.0
321.4
339.5
370.6
169.6
193.8
217.7
250.9
260.9
282.6
302.5
311.4
325.1
344.4
350.1
361.2
366.2
371.3
383.6
388.4
392.4
396.6
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
280.8
271.6
319.8
365.0
362.8
380.6
369.5
407.2
150.3
229.1
261.3
284.9
264.6
343.3
378.3
354.5
362.8
359.0
378.8
409.9
411.7
367.5
439.5
432.1
458.1
470.3
225.3
227.6
273.4
320.3
325.4
354.7
367.3
390.1
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
446.6
Profits
before tax
Inventory
valuation
adjustment
225.0
217.8
287.9
347.5
342.9
365.7
362.3
395.4
168.6
223.8
220.1
231.8
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
446.8
0.2
9.7
145
-27.3
17 5
-11.0
4.9
-5.3
-8.6
76
3.5
38
-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
2
Capital
consumption
adjustment
55.5
44.1
46.4
44.7
37.4
25.9
2.2
17.1
-9.6
12.9
37.7
56.9
39.6
49.9
37.9
33.9
13.5
.0
3.5
10.2
16.0
17.4
24.7
25.1
24.7
23.7
Net
interest
326.2
350.2
360.4
387.7
452.7
463.7
462.8
442.0
256.8
281.8
321.1
331.9
349.7
368.6
408.1
459.8
474.4
464.2
451.9
439.5
440.8
440.1
447.7
450.1
443.2
442.8
Source: Department of Commerce, Bureau of Economic Analysis.
Includes employer contributions for social insurance. (See also p. 5.)
PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS
[Billions of 1987 dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Period
1985
1986
1987
1988
1989
1990
1991
1992
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
n
ni
IV
1992: I
II
Ill
IV
1993: I
II
Ill '....
1
Total
personal
consumption
expenditures
2,865.8
2,969.1
3,052.2
3,162.4
3,223.3
3,272.6
3,258.6
3,341.8
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
3,242.7
3,256.9
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
Total
durable
goods
370.1
402.0
403.7
428.7
440.7
443.1
426.6
456.6
272.3
319.1
347.7
369.6
415.7
404.7
439.2
436.8
433.2
420.3
422.0
432.6
431.5
446.6
447.5
459.0
473.4
471.9
484.2
492.8
Motor
vehicles
and
parts
Furniture and
household
equipment
Other
180.2
193.3
123.8
183.5
194.8
196.4
192.7
170.5
182.3
123.7
151.6
164.3
173.9
193.6
183.6
197.7
188.3
182.1
169.4
165.9
173.7
173.0
180.6
179.5
180.6
188.6
185.7
191.3
189.9
144.0
66.1
72.4
76.2
155.4
165.8
171.6
180.0
194.8
96.4
109.3
118.7
128.6
141.4
145.9
160.3
167.9
172.3
174.3
180.0
182.7
182.9
188.2
189.8
197.1
204.2
206.5
212.4
219.2
78.5
78.5
78.7
76.1
79.5
52.3
58.1
64.8
67.1
80.7
75.2
81.2
80.5
78.8
76.6
76.0
76.2
75.6
77.8
78.2
81.3
80.6
79.7
80.6
83.7
Includes other items, not shown separately.
Nondurable goods
Durable goods
136.3
Total
nondurable goods
958.7
991.0
1,011.1
1,035.1
1,051.6
1,060.7
1,048.2
1,062.9
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,058.9
1,057.5
1,048.2
1,051.1
1,049.3
1,044.0
1,052.0
1,055.0
1,062.9
1,081.8
1,076.0
1,083.1
1,092.9
Clothing
Food
483.0
494.1
500.7
513.4
515.0
523.9
518.7
520.5
458.3
467.1
475.1
488.2
496.9
502.4
518.0
515.6
525.8
518.7
519.0
518.8
518.2
518.8
515.7
518.2
529.3
526.7
528.6
532.7
and
shoes
Gasoline
and oil
158.8
170.3
79.2
82.9
174.5
178.9
187.8
186.2
184.7
193.7
135.7
147.7
154.7
161.7
171.9
174.5
182.8
190.9
184.5
182.9
187.0
185.9
183.1
188.3
191.1
195.4
200.0
194.8
197.8
200.6
84.7
86.1
87.3
86.4
83.1
83.9
73.4
76.9
79.0
79.5
84.6
85.4
87.5
88.6
84.6
82.7
83.7
83.4
82.5
82.7
83.7
84.7
84.4
83.9
84.1
85.9
Services
Fuel
oil and
coal
11.5
12.1
12.0
12.0
11.4
10.5
10.7
11.9
10.5
11.4
11.1
11.4
12.4
11.9
12.0
12.0
9.5
10.3
10.6
11.4
10.6
11.1
12.8
11.7
11.9
12.9
12.6
13.2
Other
226.2
231.7
239.1
244.7
250.2
253.8
250.9
252.9
202.8
212.2
222.9
228.0
235.2
240.4
246.4
251.8
253.1
253.5
250.9
249.8
249.6
251.1
251.7
252.7
256.2
257.7
259.9
260.4
Retail sales of new
passenger cars
(millions of units)
Total
services *
Housing
Medical
care
1,537.0
1,576.1
1,637.4
1,698.5
1,731.0
1,768.8
1,783.8
1,822.3
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
1,774.2
1,783.8
1,785.2
1,792.0
1,803.7
1,814.3
1,829.0
1,842.0
1,855.9
1,865.4
1,883.9
435.9
442.1
452.5
461.8
469.2
474.6
478.6
484.2
411.0
419.7
431.3
438.1
444.8
457.0
465.6
471.3
475.9
476.3
478.1
479.4
480.6
481.7
483.2
485.1
486.7
488.8
490.7
493.3
353.0
366.2
384.7
399.4
408.6
424.6
437.6
449.2
327.8
334.8
344.9
Source: Department of Commerce, Bureau of Economic Analysis.
359:1
372.0
390.7
403.0
411.8
429.4
432.6
435.3
438.8
443.6
445.3
447.9
450.4
453.2
458.0
461.1
465.1
Domestics
8.2
8.2
7.1
7.5
7.1
6.9
6.1
6.3
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
6.6
6.2
6.1
6.2
6.1
6.1
6.3
6.2
6.4
6.4
6.9
6.6
Imports
2.8
3.2
3.2
3.1
2.8
2.6
2.3
2.1
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.4
2.2
2.3
2.3
2.2
2.3
2.2
2.0
2.0
2.0
2.1
2.0
SOURCES OF PERSONAL INCOME
Personal income increased $33.2 billion (annual rate) in October following a rise of $8.0 billion in September.
Wages and salaries rose $15.6 billion in October, in contrast to a decrease of $2.6 billion in September.
BILUONS OF DOLLARS* (RATIO SCALE)
6,000
BIUJONS OF DOUARS* (RATO SCALE)
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
800
800
TRANSFER PAYMENTS
\
400
1985
ii 1 1 ! 1 1 1 1 1
1986
400
1988
1987
1989
1990
1992
1991
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1984
1985
..
1986
1987
1988
1989
1990
1991
1992
1992- Oct
..
.
Nov
Dec
1993' Jan
Feb
Mar
.
May
T '
July '
Aug "
Sept '
Oct '
1
..
..
Total
personal
income
3,154.6
3,379.8
3,590.4
3,802.0
4,075.9
4,380.3
4,673.8
4,850.9
5,144.9
5,239.1
5,238.5
5,507.3
5,225.7
5,249.1
5,289.2
5,365.6
5,380.4
5,373.6
5,363.1
5,429.5
5,437.5
5,470.7
Wage and
salary
disbursements 1
1,849.8
1,986.5
2,105.4
2,261.2
2,443.0
2,586.4
2,745.0
2,815.0
2,973.1
3,002.5
3,021.1
3,263.9
2,970.9
2,976.3
2,975.8
3,068.3
3,093.8
3,086.0
3,101.6
3,124.1
3,121.5
3,137.1
Proprietors' income 3
Other labor
income 1 2
184.7
191.8
200.7
210.4
230.5
251.9
274.3
296.9
322.7
329.8
331.5
333.1
335.8
338.5
341.2
343.9
346.6
349.3
352.0
354.7
357.4
360.1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4t in th&t 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
21.3
21.5
22.3
31.3
30.9
40.2
41.9
36.8
43.7
58.0
38.6
46.2
36.9
48.2
82.0
59.7
45.2
36.0
10.6
31.1
32.7
38.0
4
214.7
238.4
261.5
279.0
293.4
307.0
321.4
339.5
370.6
380.7
382.4
387.8
388.4
388.7
38S.2
389.7
392.7
394.8
392.1
398.4
399.4
403.4
Rental
income of
persons 4
23.3
18.7
8.7
3.2
4.3
-13.5
-14.2
12.8
-8.9
1.8
— 1.4
-.4
4.9
9.5
8.1
14.3
12.0
11.9
7.3
16.6
18.6
19.1
Personal
dividend
income
78.8
87.9
104.7
100.4
108.4
126.5
144.4
127.9
140.4
149.7
152.0
155.3
156.7
157.1
137.2
157.5
157.8
158.2
158.6
159.0
159.3
159.4
Personal
interest
income
461.9
498.1
531.7
548.1
583.2
668.2
698.2
715.6
694.3
692.2
694.8
696.6
695.7
695.3
695.2
694.1
693.1
692.0
692.9
694.2
695.6
698.1
Transfer
payments 5
452.9
485.9
517.8
542.2
576.7
625.0
687.6
769.9
858.4
879.7
872.4
880.2
892.4
892.6
898.3
901.7
904.5
910.2
913.9
918.8
920.1
923.7
Less:
Persona!
contributions
for social
insurance
132.8
149.1
162.1
173.6
194.5
211.4
224,9
237.8
249.3
251.6
252.9
255.4
256.1
256.9
256.9
263.5
265.3
264.9
265.9
267.4
267.1
268.2
Nonfarm
personal
income 6
3,106.1
3,333.2
3,545.6
3,749.4
4,023.9
4,318.0
4,608.6
4,792.0
5,080.1
5,160.2
5,178.9
5,440.2
5,167.4
5,179.0
5,185.1
5,283.7
5,312.8
5,315.0
5,330.2
5,375.9
5,382.2
5,410.1
With capital consumption adjustment.
Consists maudy ot social insar&rice benefits, direct relief, sad veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
6
e
DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in 1987 dollars was about unchanged in the
third quarter of 1993.
BILLIONS Of DOLLARS' IRATIO SCAIE)
5,000
BILLIONS OF DOUARS' (RATIO SCALE)
4,500
4,000
I
I I
! I I
I I I
I I I
I I
I I I
I I I I I I I I I I I I I I I I 2,000
DOLLARS' (RATIOSCAIE)
PER CAPITA DISPOSABLE PERSONAL INCOME
18,000
18,000
>IT DOLLARS
^
12,000
14,000
-
H-^
.,
16,000
-*^-—
.
_\^
14,000
1
.
\
16,000
'
\
I987DOU ARS
12,000
'
10,000
^.
•* ^^
8,000
1 1 1
1982
1 1 1
1983
10,000
1 1 1
1984
1
1 1
1985
1
1 1
1986
1 1 1
1987
1 1 1
1988
1
1 1
1989
1 1 1
1990
1
1 1
1991
1
1 1
1992
1 1 1
1993
8,000
COUNCIL OF ECONOMIC ADVISERS
Period
Personal
income
Less:
Persona!
tax and
nontax
payments
bquals:
Disposable
personal
Less:
Personal
outlays '
Equals:
Persona)
saving
Disposable
personal
income in
1987
dollars
(billions)
Per capita
disposable personal
income
Current
dollars
Current
dollars
1987
dollars
3,379.8
3,590.4
3302.0
4,075.9
4^380.3
4,673.8
4,850.9
5,144.9
436.8
459.0
512.5
527.7
593.3
623.3
620.4
644.8
2,943.0
3,131.5
3^289.5
3,548.2
8J787.0
4,050.5
4,230.5
4,500.2
2,753.7
2,944.0
3,147.5
3,392.5
3,634.9
3,880.6
4,029.0
4,261.5
IV
2,746.8
IV
2,965.8
IV
3,242.5
IV
3,456.7
IV
3,647.8
IV
3,918.5
IV
4,195.2
IV
4,469.4
IV.... 4,759.1
4,783.9
I
II
4,833.4
HI ... 4,858.8
IV.... 4,927.5
1992: I
5,017.8
5,093.8
Ill ... 5,139.8
IV .... 5,328.3
1993: I
5,254.7
II
5,373.2
r
III . 5,410.1
372.1
371.6
413.4
448.8
478.5
528.6
542.0
605.1
625.2
616.4
616.6
619.7
628.8
630.9
634.6
642.8
670.7
657.1
681.0
689.4
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
4,167.5
4,216.8
4,239.1
4,298.8
4,386.9
4,459.2
4,497.0
4,657.6
4,597.5
4,692.2
4,720.6
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
3,966.0
4,010.7
4,052.3
4,087.0
4,169.4
4,221.3
4,277.3
4,377.9
4,419.7
4,483.6
4,544.2
189.3
187.5
142.0
155.7
152.1
170.0
201.5
238.7
3,162.1
3,261.9
3,289.5
3,404.3
3,464.9
3,524.5
3,529.0
3,632.5
12,339
13,010
13,545
14,477
15,307
16,205
16,741
17,615
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population.
including
Armed
Forces
overseas
(thousands) z
Percent
Dollars
Billions of dollars
1985...
1986
1987. .
1988
1989...
1990
1991 ....
1992
1987
dollars
Per capita personal
consumption
expenditures
12,568
13,448
14,241
15,048
15,459
16,205
12,015
12,336
12,568
12,903
13,029
13,093
12,895
13,081
1.8
2.2
— .1
2.5
.8
.7
— 1.0
1.8
6.4
6.0
4.3
4.4
4.0
4.2
4.8
5.3
238,510
240,691
242,860
245,093
247,397
249,951
252,699
255,472
12,154
9,134
9,980
12,591
13,145 10,649
13,278 •11,445
13,522 12,101
13,685 12,819
13,996 13,814
14,015 14,491
14,018 15,283
13,971 15,273
14,000 15,409
13,927 15,530
13,963 15,621
14,073 15,906
14,142 16,072
14,169 16,249
14,490 16,589
14,163 16,704
14,326 16,907
14,330 17,089
10,895
11,390
11,739
12,095
12,472
12,615
13,020
13,053
13,010
12,885
12,908
12,911
12,876
12,981
13,002
13,098
13,241
13,234
13,312
13,416
-0.5
7.2
1.0
1.8
-1.7
5.2
3.2
1.8
-1.7
-1.8
.8
-2.1
1.0
3.2
2.0
.8
9.4
-8.7
4.7
.1
7.7
6.8
7.9
6.0
4.8
5.0
4.3
3.9
4.3
4.8
4.9
4.4
4.9
5.0
5.3
4.9
6.0
3.9
4.4
3.7
233,060
235,146
237,231
239,387
241,550
243,745
246,004
248,372
251,035
251,659
252,312
253,048
253,776
254,392
255,090
255,836
256,569
257,197
257,872
258,613
13,258
13,552
13,545
13,890
14,005
14,101
13,965
14,219
11,184
11,843
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
n
183.8
176.3
222.6
179.2
151.1
169.8
156.4
148.8
176.2
201.5
206.0
186.8
211.7
217.5
237.9
219.6
279.7
177.9
208.7
176.4
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
3,515.9
3,532.5
3,524.2
3,543.4
3,580.1
3,607.5
3,624.8
3,717.6
3,642.6
3,694.4
3,706.0
1
Include*; 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
16,560
16,712
16,752
16,939
17,245
17,481
17,577
18,153
17,876
18,196
18,254
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 second quarter of 1993, according to preliminary estimates, gross farm income rose $15.1 billion (annual
rate) and net farm income rose $12.8 billion.
BILLIC NS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIOS CALE)
240
200
_
V
160
—
^^-~'
».
/—
^v
^^
-».
-X~"
s
-
—
240
200
^
'
^
160
\~\
\
120
120
GRO: S FARM INCOME
80
80
An
An
40
40
20
20
10
10
•SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
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 1
Total
1984
1985
1986
1987
1988
1989
1990
1991
1992
1991- I
II
Ill
IV
1992- I
II
.
Ill
1993- I r
II"
168.0
161.2
156.1
168.5
175.8
190.9
196.4
190.3
197.7
190.5
191.2
186.8
192.7
199.6
202.8
197.3
191.3
193.2
208.3
142.8
144.1
135.4
141.8
151.2
161.2
170.0
168.7
171.2
166.5
166.8
172.2
169.4
167.1
174.2
178.9
164.5
166.1
185.1
Livestock and
products
72.9
69.8
71.6
76.0
79.4
84.1
89.8
86.8
86.4
89.6
87.6
84.9
85.0
84.2
86.0
85.3
89.9
89.9
89.1
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
Crops
69.9
74.3
63.8
65.9
71.7
77.0
80.1
81.9
84.8
76.9
79.2
87.3
84.4
82.9
88.1
93.6
74.6
76.2
95.9
3
Value of
inventory
changes 2
Production
expenses
6.0
23
-2.2
-2.3
3.4
4.8
3.4
-.3
3.8
141.9
132.4
125.1
128.8
137.0
144.0
149.9
150.3
149.1
1.2
.6
.1
3.1
147.5
149.8
151.7
152.2
4.7
4.3
3.5
2.5
-3.6
3.4
146.3
148.6
150.4
151.0
148.2
150.5
Current
dollars
1987 dollars 3
26.1
28.8
31.1
39.7
38.8
46.9
46.5
40.0
48.6
43.0
41.4
35.2
40.5
53.3
54.2
46.8
40.3
45.0
57.8
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.
28.7
30.5
32.0
39.7
37.3
43.2
41.0
34.0
40.2
37.0
35.3
29.8
34.1
44.4
44.8
38.6
33.0
36.5
46.6
CORPORATE PROFITS
In the third quarter of 1993, according to preliminary estimates, corporate profits before tax rose $1.2 billion
(annual rate) and profits after tax rose $2.1 billion.
BILUONSOfDOUARS
450
BltUONSOFDCHJARS
450
r _
V ,- x V
-
SEASONAUY ADJUSTED ANNUAL RATES
^
400
PR OFITS BEFO RE TAX
350
f\
o/
V
M
X>
s
300
250
200
r*^
1 ppnFi TS AFTER It \.x
- f\ V.r^nM
f
,'
>^
A
.
400
350
300
250
200
J
150
" —^
f
**
^™.*^""* *
———_ /
,^,:
•>..-
s'
Ji
100
••»
/'"•'
"A
V
\
' w
50
.
'
-
, •-•f
• /
V
"
*
1982
1
1 1
1983
OURCE: DEPART MENT OF COMM
1 1 1
1984
1
1 1
1985
* /
/
,*
1
1 1
1986
1
1 1
1987
1
1 1
1988
1
-
1 1
1989
111
1 I 1
1991
1990
EftCE
1 1 1
150
100
/
\
' UNDISTRI HJTED PRO :ITS
i
i
0
1 1 1
-
\
f
TAX LIABI ITY
«. • — .
,*•'''*.
111
50
0
1993
1992
cOUNCIL OF ECO NOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment
l
Profits after tax
Domestic industries
Period
Nonfinancial
Total 2
Total
1985
1986 ... .
1987
1988
1989
1990
1991
1992
1982- IV
1983- IV
1984- IV
1985: IV
1986- IV
1987: IV
1988- IV
1989: IV
1990- IV
1991: I
II
III
IV
1992: I
II
III
IV
1993: I
II
III"
1
2
225.3
227.6
273.4
320.3
325.4
354.7
367.3
390.1
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
364.6
370.1
359.0
375.4
399.7
395.7
350.1
414.8
407.0
433.4
446.6
194.5
194.6
233.9
271.2
266.0
286.7
300.4
327.8
130.8
182.6
192.9
193.5
192.5
246.3
285.9
254.8
273.8
291.9
303.6
299.3
306.8
328.5
334.2
288.6
360.1
348.0
375.3
387.6
Financial
28.7
35.8
36.4
41.8
50.6
65.7
80.7
78.1
23.0
22.1
20.3
29.0
34.7
39.4
46.1
52.5
66.6
75.9
81.0
84.2
81.6
97.9
87.7
44.6
82.0
92.3
96.4
106.0
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Total 3
165.8
158.9
197.5
229.4
215.3
221.1
219.7
249.8
107.8
160.5
172.6
164.5
157.8
207.0
239.7
202.3
207.2
216.0
222.6
215.1
225.2
230.5
246.5
244.0
278.1
255.7
278.9
281.6
Manufacturing
Wholesale and
retail
trade
80.1
59.0
87.0
117.5
108.0
109.1
89.8
115.5
50.1
90.5
79.2
83.3
63.9
98.7
129.3
94.5
98.5
91.5
89.6
89.3
88.9
98.9
115.7
119.3
128.0
118.9
132.5
43.1
46.3
39.9
37.1
39.7
37.2
47.4
46.3
33.8
40.7
50.8
39.0
43.1
39.3
39.3
39.2
36.2
46.5
49.6
45.6
47.8
40.0
46.0
41.3
57.7
46.0
55.4
Profits
before
tax
225.0
217.8
287.9
347.5
342.9
365.7
362.3
395.4
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
368.9
356.5
357.4
362.0
373.5
404.3
409.5
357.9
409.9
419.8
445.6
446.8
Tax
liability
96.5
106.5
127.1
137.0
141.3
138.7
129.8
146.3
58.7
82.2
83.8
97.6
116.6
135.2
146.2
134.2
137.0
125.4
128.0
132.5
133,4
147.0
153.0
130.1
155.0
160.9
173.3
172.4
Total
128.5
111.3
160.8
210.5
201.6
227.1
232.5
249.1
109.9
141.6
136.3
134.2
119.2
176.0
226.0
200.0
231.8
231.1
229.4
229.5
240.1
257.3
256.5
227.8
254.9
258.9
272.3
274.4
dends
92.4
109.8
106.2
115.3
134.6
153.5
137.4
150.5
72.5
84.2
83.4
97.4
111.0
106.3
121.0
141.3
153.7
145.9
136.2
133.4
133.9
138.0
146.1
155.2
162.9
167.5
168.5
r
169.7
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
36.1
1.6
54.6
95.2
67.1
73.6
95.2
98.6
37.5
57.4
52.9
36.9
8.2
69.7
105.0
58.7
78.1
85.2
93.2
96.1
106.1
119.3
110.4
72.7
92.0
91.4
103.9
104.7
Inventory
valuation
adjustment
0.2
9.7
-14.5
27.3
-17.5
11.0
4.9
-5.3
-8.6
7.6
3.5
-3.8
10.7
-17.8
31.7
-13.5
19.5
8.2
12.7
-3.0
1.9
-4.6
13.7
-7.8
4.9
— 12.7
-12.2
r
9
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
According to revised estimates for the third quarter of 1993, nonresidential fixed investment in 1987 dollars rose
$10.5 billion (annual rate) and residential investment rose $5.4 billion. There was a $5.5 billion increase in
inventories, following an increase of $13.0 billion in the second quarter.
BIHIONS OF 1987 DOLLARS
BILLIONS OF 1987 DOUARS
900
900
SEASONALLY ADJUSTED ANNUAL RATES
700
600
600
500
400
400
RESIDENTIAL
FIXED INVESTMENT
300
300
200
CHANGE IN BUSINESS
INVENTORIES
I
-100
1982
I I
I I I
-100
1985
1983
1986
1988
1987
1989
1990
1991
1992
1993
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Period
Gross
private
domestic
investment
Nonresidential
Total
Total
Structures
Producers'
durable
equipment
Residential
Total
Nonfarm
745.9
735.1
749.3
773.4
784.0
746.8
675.7
732.9
723.8
726.5
723.0
753.4
754.2
741.1
684.1
726.4
521.8
500.3
497.8
530.8
540.0
546.5
514.5
529.2
197.4
176.6
171.3
174.0
177.6
179.5
160.2
150.6
324.4
323.7
326.5
356.8
362.5
367.0
354.3
378.6
202.0
226.2
225.2
222.7
214.2
194.5
169.5
197.1
22.1
8.5
26.3
19.9
29.8
5.7
-8.4
6.5
10.6
32.7
26.9
29.9
3.2
-8.6
2.7
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
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
176.3
— 44.9
29.3
47.9
30.2
— 20.1
59.9
20.9
24.9
-20.9
— 46.2
32.3
50.8
28.0
-18.6
62.1
30.5
31.2
-18.7
667.8
659.8
682.8
692.3
685.2
682.1
683.8
685.2
521.4
517.8
512.8
506.1
169.0
165.2
155.6
151.0
352.5
352.6
357.2
355.2
163.8
164.3
171.0
179.1
-17.4
— 22.3
-.9
7.1
-18.7
-26.2
.0
10.3
1992- I
II
Ill
IV
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
1993' I
II
Ill r
803.0
803.6
811.9
773.7
790.6
806.4
562.3
584.3
594.8
148.2
151.1
151.2
414.1
433.2
443.6
211.4
206.2
211.6
29.3
13.0
5.5
29.3
17.1
16.7
1985
1986
1987
1988
1989
1990
1991
1992
198219831984198519861987198819891990-
.
IV
IV
IV
IV
IV
IV
IV
IV
IV
1991- I
II
Ill
IV
..
. ...
lartment of Commerce, Bureau of Economic Anah
19.8
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department July-August 1993 survey, business spending for new plant and equipment
is expected to rise 7.1 percent in 1993, following a rise of 3.4 percent in 1992.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
600
SEASONALLY ADJUSTED ANNUAL RATES
500
400
400
ALL INDUSTRIES
300
300
NONMANUFACTURING-17
200
200
MANUFACTURING
100
I
1984
L/LJ
I I I
I I
1987
1988
1991
lySURVEYED QUARTERLY
£/SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
1992
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanufaeturing
Manufacturing
All
industries
Period
Durable
goods
Total
Nondurable
goods
Total 1
Mining
Transportation
Public
utilities
Commercial
and
other
Total
nonfarm
business 2
Nonmanufaeturing
Manufacturing
Total
Surveyed
quarterly
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
405.31
326.19
321.16
373.83
410.12
399.36
410.52
45549
507.40
532.61
528.39
546.60
585.20
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.90
54.58
51.61
64.57
70.87
65.68
68.03
77.04
82.56
82.58
77.64
73.32
80.94
69.39
65.74
75.04
82.01
72.28
73.03
86.41
101.24
110.04
105.17
100.69
98.95
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
405.31
14.11
10.64
11.86
12.00
8.15
8.28
9.29
9.21
9.88
10.02
8.88
9.29
11.75
10.81
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.66
22.64
22.98
53.58
52.95
57.53
59.58
56.61
56.26
60.37
66.28
67.21
66.57
72.21
75.65
122.79
129.41
151.39
171.09
181.59
189.84
205.76
229.28
241.43
246.32
268.84
297.39
1991- I
II
Ill
IV
534.02
525.74
526.76
529.51
190.93
186.82
178.12
178.31
80.92
79.16
75.18
76.40
110.00
107.65
102.94
101.92
343.10
338.92
348.64
351.20
9.99
10.08
9.99
10.02
23.02
22.69
22.03
23.02
67.18
65.10
66.94
66.94
242.91
241.05
249.67
251.22
19093
186.82
178.12
178.31
343 10
338.92
34864
351.20
1992- I
II
Ill
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
172.86
176.86
361 03
369.44
37454
382.38
1993- I
II
Ill 4
IV 4
564.13
579.79
598.91
597.98
175.05
177.09
186.69
180.75
79.11
80.88
82.73
81.06
95.94
96.21
103.96
99.69
389.08
402.70
412.21
417.23
8.89
9.10
9.65
9.52
22.47
21.58
24.42
23.44
73.51
74.55
77.88
76.66
284.21
297.46
300.26
307.62
17505
177.09
186 69
18075
38908
402.70
412 21
417 23
1982
1983
1984
1985 .
1986
1987
1988
1989
1990
1991
1992....
1993 *
;
I
I
I
1
I
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.90
239.11
242.38
278.77
302.05
309.16
320.45
344.77
380.13
399.34
405.12
433.69
]y3
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
59.35
59.54
61.11
1_
1
Excludes forestry, fisheries, and agricultural services; professional services; social services and
umbership organizations; and real estate, which, effective with the April-May 1984 survey, are no
long
iger surveyed quarterly. See last column ("nonmanufaeturing surveyed annually") for data for
these
ese industries.
2
"All indust ies" plus the part of nonmanufucturing that is surveyed annual
10
363.08
359.73
418.38
454.93
447.11
461.51
508.22
563.93
591.96
587.93
607.71
Surveyed
annual-
Consists of forestry, fisheries, and agricultural services; professional services; social s
membership organizations; and real estate.
4
in July-August 1993, corrected for bia
Planned capital expenditures as reported by busin
„
^
,, ,,
,-,
Source:
rce, Bur u of the Census.
Department of Co
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In November, civilian employment rose by 453,000 and unemployment fell by 534,000.
MILLI ONS OF PERSONS*
MILLIONS OF PERSO NS*
130
130
SEASONALLY ADJUSTED
.
^
^
^~1
126
126
'
CIVILIAN L>\BOR FORCE
122
122
^_/
r^~~"1
|
118
118
X
-x"""" "
-~"~
s»s~^
T~"
- 114
CIVILIAN
EMPLOYMENT
110
110
106
- 106
^»— ^,^*>
102
102
12
UNEMPLOYMENT
/
I M I IM I I
1985
1987
1986
1988
1990
1989
1991
1992
*I6 VEARS OF ACE AND OVER
SOURCE: DEPARTMENT OF LABOR
1993
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
1983
1984
...
1985
1986*
1987
1988
1989
1990 ...
1991
1992
1992:
Nov
Dec
Unemployment
Civilian employment
Noninstitutiona]
population
including
resident
Armed
Forces
NSA
Resident
Armed
Forces
175,891
178,080
179,912
182,293
184,490
186,322
188,081
189,686
191,329
193,142
,676
,697
,706
,706
,737
,709
,688
,637
,564
,566
NSA
Labor force
including
resident
Armed
Forces
Kmployment
including
resident
Armed
Forces
Nonagricuitura!
Civilian
labor force
Total
Agricultural
Total
Part time
for
economic
reasons 1
Total
15
weeks
and over
Civilian
Labor
force
participation
rate
(percent)*
Employment/
population
ratio
(percent) *
113,226
115,241
117,167
119,540
121,602
123,378
125,557
126,424
126,867
128,548
102,510
106,702
108,856
111,303
114,177
116,677
119,030
119,550
118,440
119,164
111,550
113,544
115,461
117,834
119,865
121,669
123,869
124,787
125,303
126,982
100,834
105,005
107,150
109,597
112,440
114,968
117,342
117,914
116,877
117,598
3,383
3,321
3,179
3,163
3,208
3,169
3,199
3,186
3,233
3,207
97,450
101,685
103,971
106,434
109,232
111,800
114,142
114,728
113,644
114,391
5,997
5,512
5,334
5,345
5,122
4,965
4,657
4,860
5,767
6,116
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
4,210
2,737
2,305
2,232
1,983
1,610
1,375
1,504
2,323
3,354
64.0
64.4
64.8
65.3
65.6
65.9
66.5
66.4
66.0
66.3
57.9
59.5
60.1
60.7
61.5
62.3
63.0
62.7
61.6
61.4
193,847
194,026
1,531
1,517
128,896
129,108
119,595
119,828
127,365
127,591
118,064
118,311
3,209
3,262
114,855
115,049
6,230
6,063
9,301
9,280
3,446
3,605
66.2
66.3
61.4
61.5
194,159
194,298
194,456
194,618
194,767
194,933
195,104
195,275
195,453
195,626
195,791
1,515
1,512
1,497
1,492
1,484
1,477
1,471
1,482
1,482
1,475
1,470
128,598
128,839
128,926
128,833
129,615
129,604
129,541
129.852
129,457
130,189
130,103
119,586
119,963
120,062
119,908
120,757
120,696
120,772
121,192
120,939
121,403
121,851
127,083
127,327
127,429
127,341
128,131
128,127
128,070
128,370
127,975
128,714
128,633
118,071
118,451
118,565
118,416
119,273
119,219
119,301
119,710
119,457
119,928
120,381
3,191
3,116
3,082
3,060
3,070
3,024
3,039
2,980
3,095
2,991
3,138
114,879
115,335
115,483
115,356
116,203
116,195
116,262
116,729
116,362
116,936
117,243
5,887
6,242
5,965
6,238
6,268
6,176
6,255
6,287
6,251
5,931
5,813
9,013
8,876
8,864
8,925
8,858
8,908
8,769
8,661
8,517
8,786
8,252
3,317
3,143
3,073
2,926
3,004
2,849
3,037
3,032
3,113
3,105
3,018
66.0
66.0
66.0
65.9
66.3
66.2
66.1
66.2
66.0
66.3
66.2
61.3
61.4
61.4
61.3
61.7
61.6
61.6
61.8
61.6
61.8
61.9
1993:
Feb
Mar
Apr
May
, }
July
Sept
Oct .
Nov
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fuHtime work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutional population.
'Data beginning January 1986 not strictly comparable with earlier data because of change in
estimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
in November, the civilian unemployment rate fell to 6.4 percent from 6.8 percent in October.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED]
10
1989
1989
1993
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
1983 ....
1984
1985 ..
1986
Unemployment
rate,
all
workers 1
9.5
7.4
1992:
Nov ....
Dec
7.1
6.9
6.1
5.4
5.2
5.4
6.6
7.3
7.2
7.2
1993:
Ja,n
Feb
Mar
Apr
May
June ...
July
Aug
Sept
Oct
Nov ....
7.0
6.9
6.9
6.9
6.8
6.9
6.8
6.7
6.6
6.7
6.3
1987
1988
1989
1990
1991
1992
1
2
By sex and age
All
civilian
workers
Men
20 years
and over
Women
20 years
and
over
9.6
7.5
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
8.9
6.6
6.2
6.1
5.4
4.8
4.5
4.9
6.3
7.0
6.2
5.4
4.9
4.7
4.8
5.7
6.3
7.3
7.3
6.9
6.8
6.4
6.5
6.7
6.4
6.4
6.5
6.5
6.4
6.3
6.3
5.8
6.2
6.4
6.4
6.0
5.7
6.0
5.9
5.9
5.8
5.7
5.7
5.9
5.8
7.1
7.0
7.0
7.0
6.9
7.0
6.8
6.7
6.7
6.8
6.4
8.1
6.8
6.6
Both
sexes
16-19
years
22.4
18.9
18.6
18.3
16.9
15.3
15.0
15.5
18.6
20.0
20.2
19.2
19.7
19.6
19.5
20.7
19.7
19.8
18.2
18.2
17.4
19.4
18.1
Unemployed as percent of total labor force including resident Armed Forces.
Aggregate hours lost by the unemployed and persons on part time for economic
By selected groups
By race
White
8.4
6.5
6.2
6.0
5.3
4.7
4.5
4.7
6.0
6.5
6.4
6.3
6.2
6.1
6.1
6.0
6.0
6.1
6.0
5.9
5.8
6.2
5.6
Black
and
other
Black
17.8
14.4
13.7
13.1
11.6
10.4
10.0
10.1
11.1
12.7
12.6
12.8
12.9
12.0
12.0
12.5
11.7
12.0
11.7
11.6
11.5
10.7
11.3
19,5
15,9
15.1
14.5
13.0
11.7
11,4
11.3
12.4
14.1
14.0
14.2
14.2
13.1
13.5
13.8
12.9
13.3
12.9
12.5
12.6
11.7
12.5
Experienced
wage and
salary
workers
9.2
7.1
6.8
6.6
5.8
5.2
5.0
Married
men,
spouse
present
6.5
4.6
4.3
4.4
5.3
6.5
7.1
7.0
7.0
3.9
3.3
3.0
3.4
4.4
5.0
4.9
4.8
6.8
6.7
6.6
6.7
6.5
6.6
6.6
6.5
6.3
6.4
6.1
4.5
4.5
4.7
4.5
4.5
4.4
4.6
4.4
4.2
4.4
4.0
Women
who
maintain
families
12.2
10.3
10.4
9.8
9.2
8.1
8.1
8.2
9.1
9.9
10.4
10.3
10.6
10.2
9.0
9.6
9.9
9.8
9.8
8.7
8.7
9.3
8.9
cent of potentially available labor force hours.
masons as per-
Source: Department of Labor, Bureau of Labor Statistics.
Labor
force
time lost
(percent) 2
Fulltime
workers
Parttime
workers
9.5
10.4
9.3
9.3
9.1
8.4
10.9
8.6
8.1
7.9
7.1
7.6
7.3
7.4
8.3
9.2
6.3
5.9
6.2
7.6
8.3
9.2
9.7
8.3
8.1
7.9
7.9
7.9
7.8
7.9
7.8
7.8
7.7
7.6
7.6
7.2
7.2
6.8
6.6
5.8
5.2
4.9
5.2
6.5
7.1
7.0
6.9
6.7
6.6
6.6
6.6
6.6
6.6
6.7
6.5
6.4
6.4
6.0
9.3
9.1
8.9
9.7
8.4
8.9
8.3
8.4
8.6
9.1
8.7
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In November, there were decreases in the percentages of the unemployed who had been out of work for less than
5 weeks and for 15-26 weeks; there were increases in the percentages for 5-14 weeks and for 27 weeks and
over. The mean duration of unemployment rose to 19.3 weeks and the median duration rose to 8.7 weeks.
PERCENT DISTRIBUTION'
PERCENT DISTRIBUTION*
70
70
REASON FOR UNEMPLOYMENT
JOB LOSERS
REENTRANTS
I/
1990
* SEASONALLY ADJUSTED
SOURCE.- DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
46.1
40.1
34.9
33.2
32.6
36.1
36.5
35.5
38.2
37.7
36.8
37.0
34.5
35.2
36.1
34.8
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
32.0
32.3
29.4
30.2
28.8
27.4
28.1
29.4
28.4
28.2
31.3
28.7
30.6
28.5
28.8
29.0
Reason for unemployment:
percent distribution
State
programs
Number of
weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
11.8
14.5
15.2
15.3
16.5
15.5
13.9
14.4
14.5
14.3
12.9
14.6
14.9
15.9
15.5
14.6
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
10.1
13.0
20.6
21.4
22.1
21.1
21.5
20.7
18.8
19.8
19.1
19.7
20.0
20.3
19.7
21.7
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.1
13.8
17.9
18.4
19.2
18.7
18.3
17.5
17.4
17.6
17.6
17.9
18.3
18.5
18.6
19.3
8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
5.4
6.9
8.8
9.4
9.4
8.5
8.2
8.3
8.5
8.1
8.1
8.2
8.4
9.1
8.3
8.7
Job
losers
Job
leavers
Reentrants
New
entrants
22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
27.4
24.8
23.7
23.6
24.1
26.1
25.9
23.0
24.3
25.9
25.0
23.9
23.8
24.1
23.7
25.1
11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.5
10.0
10.0
10.7
10.0
10.5
10.5
10.2
9.7
9.8
9.5
9.8
9.7
10.0
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 1
Weekly average, thousands
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992- Nov
Dec
1993- Jan
Feb
Mar
May
" "v
July
. 3
Sept
Oct
Nov
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
9,301
9,280
9,013
8,876
8,864
8,925
8,858
8,908
8,769
8,661
8,517
8,786
8,252
1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal fUCFE). Railroad (RR) programs included through 1991. Also includes
Federal and State extended benefit programs. Does not include Federal supplemental compensation
program.
58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
48.3
54.7
56.4
55.9
55.4
54.0
52.3
54.2
53.9
52.9
54.6
56.1
57.0
55.3
55.4
53.2
7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.5
10.5
9.1
11.8
12.3
11.3
10.9
10.6
10.2
9.6
10.8
11.3
11.7
4,061
3,396
2,476
2,611
2,650
2,332
2,081
2,158
2,522
3,342
3,245
2,937
2,783
2,715
2,640
2,701
2,764
2,770
2,813
2,832
2,796
2,810
2,806
583
438
377
396
378
328
310
330
388
447
408
359
341
353
343
362
347
341
343
352
327
328
344
P339
4,594
3,775
2,561
2,693
2,746
2,401
2,135
2,205
2,575
3,406
3,339
2,670
3,064
3,390
3,344
3,394
2,929
2,597
2,806
2,655
2,721
r
2,421
2,322
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 208,000 in November.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE]
32
30
ALL NONAGRICULTURAL
ESTABLISHMENTS
100
28
SERVICES
26
90
24
SERVICE-PRODUCING
INDUSTRIES
22
RETAIL TRADE
-V
20
70
50
GOODS-PRODUCING
INDUSTRIES
30
<——1
1
1989
11 III
1992
1990
CONSTRUCTION
. ,, , , |
LlTl 1 1 1 1
1993
'
1989
||M||
1 1 II 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 III 1 1 1 1 1 1 1 li
1991
1992
1993
"
1990
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;
1
seasonally adjusted]
Service-producing industries
Goods-producing industries
Period
1983
1984
1985
1986
Total
nonagricultural
employment
90 152
94408
97 387
99344
101 958
105 210
1987
1988
1989
107 895
1990
109419
1991
108 256
1992
108 519
1992: Nov.... 108,921
Dee
109,079
1993: Jan
109,235
Feb
109,539
Mar
109,565
Apr
109,820
May.... 110,058
June... 110,101
July.... 110,338
Aug '.. 110,305
Sept r.. 110,502
Oct "... 110,649
Nov ".. 110,857
Manufacturing
Total 2
23 330
24 718
24 842
24533
24674
25 125
25 254
24905
23 745
23 142
22,995
22,985
23,001
23,069
23,016
22,980
23,006
22,941
22,948
22,903
22,886
22,930
22,986
Construction
3 946
4380
4 668
4810
4958
5098
5 171
5 120
4650
4,471
4,462
4,459
4,454
4,515
4,481
4,517
4,577
4,574
4,593
4,593
4,592
4,625
4,652
Total
18432
19372
19 248
18947
18 999
19 314
19 391
19,076
18406
18,040
17,917
17,913
17,936
17,954
17,935
17,863
17,827
17,771
17,760
17,718
17,698
17,710
17,740
Durable
goods
10
11
11
11
11
11
11
11
707
476
458
195
154
363
394
109
10 569
10237
10,142
10,136
10,152
10,163
10,144
10,090
10,047
10,011
9,996
9,974
9,974
9,988
10,012
Nondurable
goods
7 725
7 896
7 790
7 752
7 845
7951
7 997
7968
7 837
7 804
7,775
7,777
7,784
7,791
7,791
7,773
7,780
7,760
7,764
7,744
7,724
7,722
7,728
Total
66 821
69690
72 544
74811
77 284
80,086
82 642
84,514
84511
85,377
85,926
86,094
86,234
86,470
86,549
86,840
87,052
87,160
87,390
87,402
87,616
87,719
87,871
Transportation
and
public
utilities
Wholesale
trade
4 952
5,156
5 233
5 283
5568
5 727
5,247
5 362
5,514
5625
5,793
5,762
5,709
5,699
5,707
5,719
5,725
5,724
5,720
5,719
5,711
5,709
5,690
5,692
5,693
5,705
5 761
5 848
6030
6 187
6 173
6081
6,045
6,061
6,062
6,086
6,097
6,103
6,110
6,125
6,110
6,126
6,107
6,117
6,119
6,130
Retail
trade
15 587
16 512
17 315
17 880
18422
19023
19475
19 601
19 284
19 346
19,405
19,460
19,523
19,629
19,604
19,648
19,702
19,751
19,790
19,795
19,836
19,840
19,823
Finance,
insurance,
and real
estate
5466
5684
5 948
6273
6 533
6,630
6668
6,709
6646
6,571
6,569
6,575
6,578
6,577
6,574
6,585
6,588
6,590
6,604
6,602
6,616
6,634
6,661
Government
Services
Total
19 664
20746
21 927
22957
24 110
25504
26 907
27 934
28 336
29,053
29,430
29,524
29,573
29,665
29,756
29,977
30,099
30,175
30,320
30,381
30,433
30,529
30,634
15 869
16024
16 394
16693
17 010
17 386
17 779
18,304
18402
18,653
18,762
18,766
18,755
18,777
18,788
18,800
18,819
18,823
18,841
18,827
18,922
18,904
18,918
Federal
2 774
2807
2 875
2 899
2 943
2971
2988
3085
2966
2969
2,943
2,968
2,945
2,944
2,938
2,923
2,912
2,901
2,896
2,906
2,901
2,910
2,909
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 tahle 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
Manufacturing
Period
Total
private
nonagricultural f
Total
Average gross weekly earnings
Total private
nonagricultural 1
Overtime
Current
dollars
Total private
nonagricultural *
1982
dollars 2
Manufacturing
Current dollars
Current
dollars
1982
dollars 2
Manufacturing
Construction
Retail
trade
Percent change from a
year earlier, total
private
nonagricultural 3
1982
dollars
Current
dollars
1985
1986
1987
1988 .
1989
1990
1991
1992
35.0
35.2
34.9
34.8
34.8
34.7
34.6
34.5
34.3
34.4
40.1
40.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0
3.0
3.4
3.3
3.4
3.7
3.9
3.8
3.6
3.6
3.8
$8.02
8.32
8.57
8.76
8.98
9.28
9.66
10.01
10.32
10.58
$7.79
7.80
7.77
7.81
7.73
7.69
7.64
7.52
7.45
7.42
$8.83
9.19
9.54
9.73
9.91
10.19
10.48
10.83
11.18
11.46
$280.70
292.86
299.09
304.85
312.50
322.02
334.24
345.35
353.98
363.95
$272.52
274.73
271.16
271.94
269.16
266.79
264.22
259.47
255.40
255.22
$354.08
374.03
386.37
396.01
406.31
418.81
429.68
441.86
455.03
469.86
$442.97
458.51
464.46
466.75
480.44
495.73
513.17
526.01
533.40
537.70
$171.05
174.33
174.64
176.08
178.70
183.62
188.72
194.40
198.48
205.34
5.0
4.3
2.1
1.9
2.5
3.0
3.8
3.3
2.5
2.8
2.0
.8
-1.3
.3
-1.0
-.9
-1.0
-1.8
-1.6
— .1
1992- Nov
Dec
34.6
34.3
41.2
41.2
3.9
3.9
10.69
10.68
7.41
7.40
11.55
11.58
369.87
366.32
256.50
253.68
475.86
477.10
537.89
535.72
207.79
207.65
3.3
1.9
1993: Jan
Feb ....
Mar
34.5
34.4
34.2
34.4
34.7
34.4
34.5
34.7
34.3
34.5
34.6
41.4
41.4
41.2
41.5
41.4
41.2
41.4
41.4
41.5
41.6
41.7
4.0
4.2
4.0
4.2
4.1
4.0
4.0
4.1
4.1
4.3
4.4
10.73
10.74
10.78
10.77
10.82
10.81
10.81
10.86
10.86
10.92
10.94
7.40
7.38
7.39
7.36
7.39
7.38
7.37
7.39
7.39
7.40
11.61
11.64
11.66
11.71
11.71
11.72
11.72
11.77
11.84
11.83
11.88
370.19
369.46
368.68
370.49
375.45
371.86
372.95
376.84
372.50
376.74
378.52
255.30
253.92
252.87
253.24
256.28
253.83
254.40
256.53
253.57
255.24
480.65
481.90
480.39
485.97
484.79
482.86
485.21
487.28
491.36
492.13
495.40
534.96
538.94
544.07
541.21
556.39
551.32
559.77
558.33
551.14
551.90
562.77
208.22
208.08
205.01
208.80
211.41
209.66
209.66
210.97
209.95
212.13
211.68
3.4
2.2
2.0
2.8
3.4
2.6
2.9
2.8
3.0
3.0
2.5
.3
-1.0
.2
-.9
-1.0
-.3
.2
o
.2
.1
.5
.4
1983
1984
.. .
May
^ '
July
Aug r..
Sept r
Oct *
Nov*
1
Also includes other private industry groups shown on p. 14.
2
Current dollar earnings divided by the consumer price index for urban wage earners and clerical
workers (on a 1982=100 base).
3
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 = 100)
Percent change from
3 months earlier
Period
Total
compensation
Wages and
salaries
80.1
84.0
87.3
90.1
93.1
97.6
102.3
107.0
111.7
115.6
81.4
84.8
88.3
91.1
94.1
98.0
102.0
106.1
110.0
112.9
106.2
107.2
108.4
109.7
110.9
111.9
113.0
113.8
114.7
115.7
116.9
117.9
118.9
105.4
106.2
107.3
108.4
109.2
110.1
110.9
111.5
112.2
113.0
113.9
114.6
115.6
Benefits >
Total
compensation
Wages and
salaries
12 months earlier
Benefits '
Total
compensation
Wages and
salaries
Benefits '
Not seasonally adjusted
19831984:
19851986198719881989:
199019911992:
Dec
Dec
Dec....
Dec
Dec
Dec
Dec
Dec. .
Dec
Dec
76.7
81.7
84.6
87.5
90.5
96.7
102.6
109.4
116.2
122.2
1.3
1.3
.6
.7
.6
1.0
1.1
.8
.6
.7
1.1
1.2
.6
.6
.6
1.0
.8
.7
.6
.6
1.3
1.4
.5
.6
1.0
1.0
1.2
1.0
.9
.8
1.0
.8
1.0
1.0
.7
.8
.7
.5
.6
.7
.8
.6
.9
1.5
1.5
1.3
1.8
1.6
1.4
1.3
1.2
1.3
1.2
1.7
1.4
.8
Sent
Dec
1992- Mar. .
Sept..
Dec
1993- Mar
Sept
1
.. j
..
.
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the
influence of employment shifts among occupations and industries.
108.3
109.9
111.3
113.3
115.1
116.7
118.2
119.6
121.2
122.7
124.8
126.6
127.6
1.0
.9
1.1
1.2
1.1
.9
1.0
.7
.8
.9
1.0
.9
.8
4.9
4.2
4.1
3.2
3.3
4.1
4.1
4.0
3.7
2.6
7.4
6.5
3.5
3.4
3.4
6.9
6.1
6.6
6.2
5.2
Not seasonally adjusted
Seasonally adjusted
1990- Sept
Dec
1991- Mar
5.7
4.9
3.9
3.2
3.3
4.8
4.8
4.6
4.4
3.5
4.9
4.6
4.4
4.4
4.5
4.4
4.2
3.7
3.4
3.5
3.5
3.6
3.7
4.2
4.0
4.0
3.7
3.7
3.7
3.4
3.0
2.7
2.6
2.7
2.7
3.1
6.8
6.6
5.8
6.2
6.4
6.2
6.3
5.5
5.2
5.2
5.6
5.8
5.4
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Output '
Business
sector
Compensation per
hour 3
Hours of all
persons 2
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Implicit price
deflator 5
Unit labor costs
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1982 = 100; quarterly data seasonally adjusted
1983. .
1984
1985
139.2
146.2
153.7
100.6
100.6
101.5
104.6
104.6
104.8
103.5
103.8
104.5
106.5
100.8
100.6
101.2
104.3
104.1
104.2
102.7
102.8
103.6
105.7
101.5
103.4
106.5
109.5
112.3
116.0
121.0
127.1
131.9
134.1
101.5
103.4
106.8
110.0
112.8
116.5
121.5
127.6
132.6
135.1
103.4
107.7
111.2
113.6
116.6
120.8
126.1
131.2
136.1
139.2
104.0
107.6
111.6
114.2
117.2
121.4
126.5
131.8
137.0
140.3
102.1
105.3
109.9
115.6
120.9
125.8
r
130.6
134.9
102.1
105.2
109.9
115.0
120.4
125.1
129.8
133.9
100.6
100.5
100.7
102.4
105.6
105.1
104.7
103.4
100.6
100.4
100.7
101.8
105.2
104.6
104.1
102.6
101.0
102.1
104.3
108.0
111.6
113.7
117.9
123.0
101.0
101.9
104.4
108.5
112.2
114.3
118.0
123.4
101.1
104.8
109.0
112.4
114.6
117.9
122.8
127.8
101.4
105.2
109.0
112.9
115.2
118.5
123.4
128.2
r
141.7
143.5
140.3
142.1
104.0
103.5
102.9
102.5
127.9
129.8
128.6
130.5
131.8
133.2
132.4
134.0
119.9
119.5
119.4
119.2
144.9
146.6
148.2
150.1
143.7
145.4
147.1
148.8
103.6
104.2
104.7
105.2
102.7
103.4
103.9
104.3
130.6
131.4
132.6
133.1
131.3
132.0
133.2
133.7
134.8
135.8
136.6
137.2
135.7
136.6
137.5
138.2
116.8
117.1
117.2
117.7
118.7
118.8
119.0
119.6
152.2
153.7
156.1
157.8
150.9
152.6
154.8
156.6
105.8
106.0
106.9
107.3
104.8
105.2
106.0
106.4
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
118.3
119.5
119.4
120.3
121.6
121.7
159.1
160.1
161.5
157.7
158.4
159.8
107.1
107.0
107.7
106.2
105.9
106.5
136.4
137.3
137.4
137.4
138.2
138.0
141.6
142.5
142.9
142.7
143.5
143.9
1.5
1.9
3.0
2.8
2.5
3.4
4.3
5.0
3.8
1.7
1.5
1.9
3.3
2.9
2.6
r
3.2
4.3
5.1
3.9
2.0
3.4
4.1
3.3
2.2
2.6
3.6
4.4
4.1
3.7
2.3
4.0
3.5
3.7
2.4
2.6
3.6
4.2
4.2
3.9
2.4
6.7
6.1
r
7.1
6.1
3.7
4.5
4.0
5.0
102.3
104.8
106.3
108.5
109.6
110.7
109.9
110.7
111.8
115.5
102.5
104.7
105.6
107.7
108.6
109.6
108.6
109.1
110.3
113.7
104.1
112.6
116.7
119.9
124.8
130.1
132.3
133.3
131.6
135.4
104.4
113.0
116.8
120.1
125.0
130.6
132.7
133.5
131.8
135.4
101.8
107.4
109.8
110.5
113.8
117.5
120.4
120.5
117.7
117.3
101.9
107.9
110.7
111.5
115.1
119.1
122.2
122.4
119.5
119.1
103.8
108.3
113.2
118.9
123.1
128.5
133.0
140.6
147.4
154.9
101.1
103.1
105.4
107.0
108.3
110.6
110.9
109.7
101.1
103.3
105.3
106.0
107.4
109.5
110.0
108.5
100.0
107.5
114.4
118.0
120.6
127.4
131.7
132.3
100.0
108.1
114.8
118.2
120.8
127.6
132.5
132.7
98.9
104.3
108.5
110.2
111.3
115.1
118.8
120.6
99.0
104.7
109.0
111.4
112.5
116.5
120.5
122.3
1990: HI ....
110.8
110.5
109.1
108.9
133.3
132.1
133.5
132.2
120.3
119.6
122.4
121.4
1991: I r r
110.9
111.6
111.8
112.8
109.4
110.2
110.4
111.3
131.0
131.5
131.5
132.4
131.2
131.7
131.8
132.6
118.1
117.8
117.6
117.3
1992: I 'r
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
116.6
116.6
117.6
114.8
114.7
115.8
138.0
139.3
140.4
138.1
139.5
140.9
1986
1987
1988....
1989
1990.
1991
1992 r
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
IV
IV
IV
IV
IV
IV
IV
IV
rv
n r.....
m r...
rv ...
n r.....
m T...
IV ...
1993: I r r
n .....
HI"*
104.0
108.3
112.8
118.4
122.5
127.7
r
!31.9
r
Percent change; quarterly data at seasonally adjusted annual rates
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992 r.
2.3
2.4
1.4
2.1
1.0
1.0
-.7
.7
1.0
3.3
1990: m
IV
1991: I r r
-1.1
-1.1
4.1
8.2
3.6
2.8
4.1
4.3
1.7
.7
13
2.9
2.5
2.2
.8
2.0
.8
.9
-.9
.4
1.1
3.1
r
-1.4
-.6
r
-3.0
-3.6
r
4.4
8.2
3.4
2.8
4.1
4.4
1.7
.6
-1.3
2.7
1.8
5.6
2.1
.6
3.0
3.3
2.5
.1
23
-.4
1.9
5.9
2.5
.8
3.2
3.5
2.6
.2
-2.4
-.4
3.8
4.3
4.5
5.0
3.6
4.4
3.5
5.7
4.9
5.0
4.0
4.1
4.1
5.0
3.5
4.2
3.3
5.5
5.0
5.1
-3.1
-3.8
-1.9
-2.5
-1.7
-3.2
5.5
4.9
5.6
5.4
0.6
.0
.9
3.1
-.1
.2
-1.3
.3
.6
2.0
0.8
-.2
.6
3.1
-l.l
-1.8
-1.1
-1.4
4.4
4.9
4.6
4.9
.4
2.5
1.8
1.9
.6
2.7
1.9
1.6
2.5
2.2
3.8
1.4
2.5
2.2
3.7
1.5
4.8
3.1
2.4
1.7
4.9
2.7
2.6
2.2
r
r
o
.1
14
.1
.8
2.0
r
1.5
2.5
.6
3.7
1.9
2.7
.8
3.4
-3.3
1.4
.1
2.7
-3.1
1.5
.3
2.7
-4.7
-1.1
-.5
-1.0
-4.9
-1.1
-.7
4.1
4.8
4.5
5.2
1992: I T r
4.7
2.5
4.2
3.8
3.8
2.8
3.6
4.2
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
2.3
.9
3.4
1.4
2.2
1.5
3.1
1.4
.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
1993: I r r
-1.6
-.0
3.3
-1.8
-.4
3.9
.5
3.8
3.2
.6
4.0
4.1
2.1
3.8
-.1
2.5
4.4
.2
3.3
2.5
3.7
2.9
1.9
3.5
-.5
-.4
2.5
-.9
-1.0
2.3
5.0
2.5
.4
4.8
2.3
2.7
2.6
1.2
2.5
2.4
1.1
n .....
mr...
IV "...
n r.....
m r...
rv ...
n .....
m »•
1
2
a
Output refers to gross domestic product originating in the sector in 1987 dollars.
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price index for all urban consumers (CPI-U).
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
^
NOTE.—Data relate to at! persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Data beginning 1991 revised to reflect 1992 Hours at Work Survey.
'Third quarter 1993 data are based on GDF release of October 28, 1993.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization rose in October.
INDEX, 1987 . 100* (RATIO SCALE)
INDEX, 1987. 100* (RATIO SCALE)
130
160
FINAL PRODUCTS
TOTAL INDUSTRIAL PRODUCTION
140
120
110
^^
130
-^-~
^^——^
^~/"
120
100
|
P~
Jiiiiliini
1I1M|
110
100
^~Vrv^^-s^~~
BUSINESS
~^~-
^
EQUIPME •n
*"*^«—f
--'T'
N
\
90
J~
.^S
CONSUMER
GOODS
t ND
SPACE
EQUIPMENT
"\.
80
70
lllllll.JIJ Illllllim inn
IJIIJ 111)1 IJ ] j J f ! 1 f 1
PERC ENT*
86
^^CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
84
82
X^^-^
1989
1990
1992
'
\Jr^*Y^^^
78
76
^-
\
80
IIHlllllll
tlllllllllt
1989
1990
,„„(,,,„
1»91
|
1992
1993
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Industry production indexes, 1987=100
Total
industrial
production
Period
Index,
1987 = 100
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
....
Dec
1993- Jan
Feb
Mar
Apr
May
June
July '
Aug *
Sept r
Get"
1
....
Output as percent of capacity.
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
3.7
9.3
1.7
.9
4.9
4.4
1.5
.0
-1.8
2.3
80.9
89.3
91.6
94.3
100.0
104.7
106.4
106.1
103.7
106.9
76.8
88.4
91.8
93.9
100.0
106.6
108.6
107.4
103.8
108.1
87.0
90.8
91.5
94.9
100.0
102.3
103.7
104.4
103.5
105.4
104.8
111.9
109.0
101.0
100.0
101.3
100.0
102.0
100.4
97.6
93.6
97.0
99.5
96.3
100.0
105.0
108.7
109.9
112.2
112.0
75.8
81.1
80.3
79.2
81.5
83.7
83.6
82.1
79.2
79.8
74.9
80.4
79.5
79.1
81.6
83.6
83.1
81.1
77.8
78.8
107.5
108.4
108.9
2.3
3.2
4.0
108.0
108.9
109.2
109.8
110.9
111.8
105.8
106.4
106.0
97.6
97.8
98.2
112.7
114.7
116.8
80.2
80.8
81.0
79.2
79.7
79.8
109.3
109.9
110.1
110.4
110.2
110.5
110.8
110.9
111.4
112.2
4.6
4.4
4.3
3.9
3.3
4.2
3.7
4.0
4.9
4.4
109.9
110.5
110.8
311.4
111.3
111.3
111.6
111.8
112.5
113.5
112.9
113.8
114.1
115.0
114.9
114.6
115.4
115.6
116.8
118.3
106.4
106.4
106.6
106.9
106.9
107.2
107.0
107.1
107.2
107.5
98.3
95.9
95.3
96.4
97.3
98.0
96.4
95.5
97.2
96.6
112.8
117.5
117.8
114.4
112.1
114.9
116.9
117.8
114.9
115.0
81.2
81.5
81.6
81.7
81.5
81.5
81.7
81.6
81.9
82.4
80.3
80.5
80.6
80.9
80.7
80.6
80.7
80.7
81.1
81.7
84.9
92.8
94.4
95.3
100.0
104.4
106.0
106.0
104.1
306.5
1992- Oct
Capacity utilization
rate, percent J
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
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
Durable
goods
Nondurable
goods
Total
1
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Energy
83.0
91.0
94.2
95.7
100.0
104.8
106.8
107.0
105.3
108.2
88.8
92.8
93.7
96.8
100.0
102.9
104.0
103.4
102.8
105.2
79.7
91.0
91.6
94.5
100.0
104.6
106.6
102.3
95.2
102.5
91.9
93.4
94.4
97.6
100.0
102.4
103.2
103.8
105.0
105.9
76.8
89.2
94.8
94.5
100.0
107.6
110.9
112.1
108.9
112.7
71.9
85.4
91.1
93.1
100.0
110.7
115.5
116.9
115.7
123.2
71.8
78.9
89.4
96.0
100.0
99.7
100.1
98.8
91.7
85.9
80.3
86.2
88.3
91.9
100.0
101.8
102.0
101.2
96.5
97.6
80.2
86.2
89.1
93.8
100.0
101.5
100.5
98.2
90.7
93.8
80.3
86.2
87.7
90.7
100.0
102.0
103.0
103.2
100.4
100.1
88.3
96.6
96.6
95.9
100.0
105.0
106.7
106.8
105.5
107.9
98.9
103.8
103.4
99.5
100.0
102.2
103.1
104.2
104.6
103.4
Oct
Nov
Dec
110.1
111.0
111.5
106.4
107.1
107.5
104.1
105.7
107.9
107.1
107.5
107.4
115.4
116.7
117.2
127.5
129.0
129.6
83.5
83.2
82.5
97.8
98.1
98.3
94.7
95.1
94.5
99.9
100.0
100.8
108.1
109.3
110.0
103.0
103.9
105.1
1993: Jan
Feb
Mar
111.9
112.4
112.7
112.8
112.5
112.7
113.2
113.3
114.1
115.4
107.6
108.5
108.6
108.1
107.3
107.3
107.7
107.5
107.9
109.3
110.9
111.3
111.5
112.2
110.8
107.9
108.6
107.9
109.4
113.3
106.7
107.7
107.7
106.9
106.3
107.2
107.4
107.4
107.5
108.1
118.1
118.0
118.7
119.7
119.9
120.4
121.2
121.6
123.0
124.2
131.2
131.7
133.4
134.8
135.4
136.1
137.1
137.6
139.4
141.3
82.0
81.5
80.7
80.5
79.5
78.6
78.6
78.1
77.9
77.2
98.2
99.3
99.6
100.0
99.7
99.4
100.4
100.5
100.5
100.5
94.8
97.5
96.4
96.4
97.7
96.8
98.4
98.5
99.5
99.7
100.5
100.5
101.8
102.5
101.0
101.1
101.7
101.8
101.2
101.1
110.4
110.9
110.9
111.5
111.6
112.1
112.0
112.1
112.4
113.0
103.4
103.8
103.5
103.4
103.4
104.6
103.7
102.9
102.7
102.4
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992:
May
July T
Oct *
1
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987 = 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Fabricated
metal
products
Industrial and
commercial
machinery and
computer
equipment 1
Electrical
machinery
Primary metals
Period
Total
Iron
and
steel
Transportation
equipment
Total
Motor
vehicles
and
parts
Lumber and
products
Apparel
products
Printing and
publishing
Chemicals
and
products
Foods
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
91.0
102.4
101.8
93.7
100.0
108.7
107.2
1065
98.4
101.1
96.1
105.9
104.5
90.8
100.0
112.7
111.2
111.5
100.6
104.7
85.5
93.3
94.5
93.8
100.0
104.2
102.8
99.5
94.9
96.7
64.3
80.8
86.8
90.3
100.0
113.0
117.3
117.6
113.7
124.8
80.3
94.1
93.1
94.3
100.0
108.5
111.0
111.4
112.8
119.8
72.7
83.1
91.8
96.9
100.0
105.2
109.6
107.0
101.8
102.6
74.5
90.6
99.0
98.5
100.0
105.7
106.9
101.0
94.3
104.8
79.9
86.0
88.0
95.1
100.0
100.1
99.4
97.1
90.5
96.4
93.8
95.7
92.6
96.3
100.0
98.1
95.0
92.2
91.9
92.3
79.0
84.5
87.6
90.6
100.0
100.9
101.1
100.8
96.8
95.0
87.5
91.4
91.4
94.6
100.0
106.0
109.2
111.8
111.3
115.0
90.1
92.1
94.9
97.4
100.0
101.5
102.5
103.7
105.3
106.0
1992- Oct
Nov
Dec.
100.5
101.6
102.4
104.1
103.6
107.4
97.5
97.6
97.8
130.6
132.8
133.8
122.6
124.4
124.8
103.0
103.6
106.3
108.0
109.9
116.2
97.8
99.8
98.0
91.7
92.9
92.7
94.5
94.2
94.7
116.2
117.7
116.7
106.8
106.4
106.2
1993- Jan
Feb
Mar
102.8
108.0
104.2
104.4
104.2
105.7
105 3
106.0
105.7
106.2
107.0
112.9
107.6
108.4
108.1
110.9
111.9
112.2
110.5
111.7
99.8
99.7
100.3
101.4
100.6
100.1
101.2
100.8
100.6
101.5
135.0
136.7
139.6
142.8
144.2
145.4
148.5
149.8
151.6
153.4
125.8
127.1
128.5
129.0
129.7
130.1
132.3
133.5
135.1
136.2
108.4
107.8
106.9
106.9
105.5
102.6
100.8
100.6
102.4
106.3
120.9
120.7
120.1
120.4
118.1
114.3
110.1
110.2
114.5
122.8
99.3
101.8
98.0
98.1
97.4
96.5
99.1
99.7
100.7
101.2
93.1
92.5
92.1
92.0
91.2
91.1
90.7
90.3
89.2
88.6
94.7
94.0
94.7
95.6
94.7
94.5
93.8
93.1
93.2
93.1
116.8
116.2
117.6
117.8
118.1
119.1
118.7
118.7
118.8
119.7
105.9
106.9
106.7
106.7
106.7
107.1
107.2
107.6
107.7
108.3
May
July T
Sept r
Oct*
1
Formerly nonelectrical machinery.
18
Source: Board of Governors of the Federal Reserve System.
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts
Private
Total new
construction
expenditures
Period
Residential
Total
New housing
units
Total '
Commercial
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(1987 = 100)
3
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
294.9
348.8
377.4
407.7
231.5
419.4
328.7
337.5
345.5
334.7
293.5
278.6
299.5
323.1
432.3
443.6
442.1
403.4
436.0
317.3
125.5
153.8
158.5
187.1
194.7
198.1
196.6
182.9
157.8
187.8
57.7
74.0
89.8
84.4
84.0
88.0
94.3
96.4
77.0
65.8
94.6
113.8
114.7
133.2
139.9
138.9
139.2
128.0
110.6
129.6
48.2
50.8
51.3
51.6
50.1
51.5
54.6
55.4
58.7
63.7
63.5
70.2
77.8
84.6
90.6
94.8
98.1
107.5
109.9
118.8
75
83
91
96
100
101
105
95
89
97
Annual rates
Annual rates
1992: Oct
Nov..
Dec
442.6
449.3
455.2
324.8
328.2
335.4
194.6
199.3
206.4
132.1
135.4
138.9
65.0
64.0
63.6
65.3
64.8
65.3
117.7
121.1
119.9
1993:
451.3
453.8
454.5
335.5
334.8
337.0
449.1
328.1
July
453.3
460.7
465.3
Sept r
467.1
474.1
Oct".
485.8
332.2
335.0
336.7
339.8
343.4
350.3
207.2
205.7
205.5
197.3
198.4
200.5
203.9
205.7
208.1
214.6
141.8
142.9
141.8
137.7
138.3
139.3
141.0
142.9
145.4
150.5
64.4
66.4
67.4
65.6
67.4
67.1
65.7
66.9
68.0
67.9
63.9
62.7
64.0
65.2
66.4
67.4
67.1
67.2
67.2
67.9
115.8
119.0
117.5
120.9
121.0
125.7
128.6
127.3
130.7
135.5
Jan
Peb
Mar
May
, 3
. *'
1
2
3
756
955
1,097
1,016
1,019
973
961
783
577
544
106
98
96
546
510
511
!03
r
99
r 96
443
479
524
548
489
520
587
534
522
567
r
ioo
94
105
!03
102
103
103
r
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
Includes residential improvements, not shown separately
Includes hotels and motels.
F.W. Dodge series.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Units started, by type of structure
Period
Total
1983
1984.
1985
1986
1987
1988
1989
1990
1991
1992
.
.. .
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1,199.7
2-4 units
1 unit
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
113.5
121.4
93.4
84.0
65.3
58.8
55.2
37.5
35.6
30.7
5 or more units
522.0
544.0
576.1
542.0
408.7
348.0
317.6
260.4
137.9
139.0
Units
authorized
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9
Units
completed
Homes sold
Homes for
sale at end of
period 1
Vacancy rate
for rental
housing units
(percent) 2
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
623
639
688
750
671
676
650
534
509
610
301
353
346
357
366
368
365
321
284
265
5.7
1,128
1,137
1,229
1,227
672
637
615
662
267
264
262
265
7.3
603
597
602
689
629
r
641
266
268
270
271
274
274
5.9
6.5
7.3
7.7
7.7
7.4
7.2
7.4
7.4
Seasonally adjusted annual rates
1992- Sept
Oct
Nov
Dec
1993- Jan
Feb
Mar
May
July
Auff '
Sept '
Oct
p
1
2
1,218
1,226
1,226
1,286
1,171
1,180
1,124
1,206
1,248
1,248
1,232
1,328
1,359
1,396
Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning
earlier data.
1,045
1,079
1,089
1,133
1,051
1,036
987
1,059
1,107
1,079
1,064
1,183
1,157
1,224
28
18
28
32
26
24
32
26
26
31
54
17
29
34
i not comparable with
145
129
109
121
94
120
105
121
115
138
114
128
173
138
1,120
1,141
1,136
1,196
1,157
1,141
1,034
1,101
1,121
1,115
1,162
1,242
1,271
1,304
1,136
1,241
1,108
1,222
1,129
1,158
* 1,088
1,256
1,167
1,239
r
647
632
726
679
r
7.1
7.9
7.6
276
288
290
297
7.1
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In September, manufacturing and trade sales rose 0.8 percent and inventories rose $2.7 billion. In October,
according to advance data, retail sales rose 1.5 percent, following a rise of 0.1 percent in September.
BILLIC)NS OF DOLLARS * (RATIO SCALE)
300
BILLION S OF DOLLARS * (RATIO SCALE)
1,000
900
800 _,
•
250
r\—1
=
=^=f—
^-~~
Mt kNUFACTURII'JG AND
?ADE INVEN' ORIES
700
_^^
rn
\
RFT/kIL INVENTOR IES
200
600
^^S
•x-/-^— *-
^_.^—•
^.— ~-v —•s
-•+s^
''
500
150
\
MkNUFACTURII'-IG
Ah D TRADE SA ES
^./~~"
- - vH
~~
RETAIL SA ES
400
100
300
IIM|llMI|
RATIC
1.80
immilll
Illllllllll II 1 1 1 1 1 1 1 1 1 i 1 1 1 il I ) 1 1 1
*
INVENTORY-SALES RATIO
1.70
1.60
RETAIL
\
i*^
^'•*" —•snx 2t
'^A
OA/V1
*^£3\k^.^1r
A-^I
200
1.50
^^>.
M
MANUFACTURING
AND T iADE
1.40
1 1 1 1 1 1 1 1 II 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 II 1 1 1 1 1 1 M 1 1 1 1 II 1 1 1 illllllllll
1992
1993
1989
1990
1991
1.30
iiiiihiiii
1 1 1 1 1 1 II 1 H
1989
1990
llllllll|ll
1991
1 1 M 1 1!1 1 11
1 1 1 ' '1 1 1 1 n
1992
1993
•SEASONALLY ADJ LISTED
SOURCE: DEPARTM NT OF COMMERC E
Manufacturing
and
trade 1
COUNCIL OF EC ONOMIC ADVISERS
Wholesale
Inventory-sales ratio 4
Retail
Inventories 3
Sales "
Period
Sales 2
Inventories 3
-
^v ——^x
Sales
2
Inventories 3
Total
Durable
goods
stores
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
Retail
trade '
Millions of dollars, seasonally adjusted, except as noted
1983
1984 ..
1985
1986
1987
1988
1989
1990
1991
1992
370,501
411,427
423,940
431,786
459,107
497,031
523,729
543,097
538,609
560,383
591,875
651,551
665,835
664,624
711,725
767,538
813,793
837,445
833,518
849,117
100,440
113,502
114,816
116,326
124,340
135,357
144,158
149,489
147,635
152,337
131,663
144,223
149,155
155,445
165,814
180,519
188,539
196,901
201,285
209,232
564,197
566,496
569,848
581,061
844,032
844,728
846,374
849,117
153,551
154,011
154,032
155,297
205,264
206,093
208,424
209,232
581,584
584,903
583,575
584,943
587,930
589,990
585,626
592,598
597,231
851,190
854,715
859,094
862,478
864,198
864,227
863,612
865,939
868,636
159,507
158,987
157,206
159,291
162,187
159,095
160,531
161,459
162,437
210,139
209,765
210,503
211,860
212,190
212,058
213,244
215,199
216,479
.
.
..
..
1992: Sept r
Get
Nov
Dec
r
1993: Jan
Feb..
Mar
Apr .
May
r^7
July
Aug ' ...
Sept"
Oct "
1
97,514
107,243
114,586
120,803
128,442
138,133
146,847
154,149
155,456
163,535
r
164,568
167,026
167,291
169,155
169,232
169,116
167,390
170,538
171,736
172,596
173,415
174,583
174,706
177,322
See page 21 for manufacturing.
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.
2
20
64,943
69,369
73,075
75,746
80,453
85,664
91,974
98,230
100,965
104,777
147,833
167,812
181,881
186,510
207,836
219,597
238,343
241,476
245,885
260,647
68,856
79,074
88,315
89,983
105,481
112,505
121,448
121,338
119,828
131,549
78,977
88,738
93,566
96,527
102,355
107,092
116,895
120,138
126,057
129,098
105,237
106,262
106,681
107,282
254,755
255,540
256,895
260,647
126,978
127,760
128,884
131,549
127,777
127,780
128,011
129,098
107,016
108,138
106,667
107,734
107,965
108,069
108,183
108,306
p
109,222
110,139
262,427
265,718
269,052
270,311
270,417
270,843
268,807
269,348
271,468
132,861
135,599
137,803
138,784
138,097
138,483
136,559
136,774
137,862
129,566
130,119
131,249
131,527
132,320
132,360
132,248
132,574
133,606
32,571
37,873
41,510
45,057
47,989
52,469
54,873
55,919
54,492
58,758
r
59,331
60,764
60,610
61,873
62,216
60,978
60,723
62,804
63,771
64,527
65,232
66,277
T
65,484
67,183
r
3
Seasonally adjusted, end of period.
* Annua) data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
1.56
1.53
1.55
1.55
1.50
1.49
1.53
1.53
1.54
1.50
1.50
1.49
1.49
1.46
1.46
1.46
1.47
1.47
1.47
1.46
1.47
1.46
1.45
1.44
1.49
1.52
1.56
1.56
1.54
1.59
1.56
1.55
1.55
1.55
1.53
1.54
1.54
r
1.55
1.57
1.61
1.59
1.57
1.57
1.55
1.54
1.55
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In October, manufacturers' new orders rose; shipments were virtually unchanged; and inventories and unfilled
orders fell.
BIUIONS OF DOLLARS • (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
480 — INVENTO RIES
440
400
f— —-—,
360
^~—- TOTAL
320
280
240
. DURABLE Gnnp<;
200
160
\\
————
120
BILLIONS OF DOLLARS* (RATIO SCALE)
not-^DURABLE
G(30DS
320
TOTAL
280
Mil 1 1 II [II
1 1 IE 1 1 1 I II 1 1 1 1 1 1 1 f 1 1 1 1 1 1 1 El 1 1 1 1 1 1
P~^
240
•XXV - \r~
RATIO*
200
INVENTORY-SHIPMENTS RATIO
2.00
DURABLE Goons
r
/.
—V
A. % ._.
120
•V*--" ^
'^./.-"
^-.J^ii
1.60
NONDURAB .E GOODS
80
Illllll I E E E
1991
1990
—"-^lPv_—
1.40
!
1989
_>v^^~N/N/1
1992
1.20
III I l l l l l l 1
1989
1993
I E , E H 1 M 1 1 1 1 1 II i 1 1 1 i 1 1 1 1 f 1 1 1 1 1 1 1 1 1 1 1 1 1
1990
1991
1992
1993
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments l
Manufacturers' new orders 1
Manufacturers' inventories 2
Durable goods
Period
Total
Durable
goods
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Total
Total
Capital
goods
industries,
non-defense
Nondurable
goods
Manufacturers'
unfilled
orders 2
Manufacturers'
inventory —
shipments
ratio 3
Millions of dollars, seasonally adjusted, except as noted
1985
1986
1987
1988
1989
1990
1991
1992
172,547
190,682
194,538
194,657
206,326
223,541
232,724
239,459
235,518
244,511
85,481
97,940
101,279
103,238
108,128
117,993
121,703
122,387
119,151
125,553
87,066
92,742
93,259
91,419
98,198
105,549
111,022
117,072
116,367
118,958
312,379
339,516
334,799
322,669
338,075
367,422
386,911
399,068
386,348
379,238
199,854
221,330
218,212
212,006
220,776
241,402
256,065
259,988
249,117
237,717
112,525
118,186
116,587
110,663
117,299
126,020
130,846
139,080
137,231
141,521
175,451
192,879
195,706
195,204
209,389
227,026
235,932
240,646
234,354
241,545
88,140
100,164
102,356
103,647
110,809
121,445
124,933
123,556
117,878
122,614
19,624
23.669
24,545
23,983
26,095
30,729
32,725
32,254
29,468
29,653
87,311
92,715
93,351
91,557
98,579
105,581
110,999
117,090
116,476
118,932
347,273
373,529
387,095
393,412
430,288
471,951
510,459
524,846
511,122
475,304
1.78
1.73
1.73
1.68
1.59
1.58
1.64
1.65
1.67
1.57
1992- Oct
Nov
Dec
245,459
248,525
256,609
126,425
128,720
134,228
119,034
119,805
122,381
383,095
381,055
379,238
240,909
239,407
237,717
142,186
141,648
141,521
244,882
243,106
256,727
125,656
123,096
134,348
30,129
26,804
32,275
119,226
120,010
122,379
480,605
475,186
475,304
1.56
1.53
1.48
1993: Jan
Feb
Mar
252,845
256,800
258,979
255,114
254,007
258,299
251,680
256,556
260,088
260,154
130,805
134,133
135,537
132,763
132,307
135,042
129,257
134,521
' 137,521
137,691
122,040
122,667
123,442
122,351
121,700
123,257
122,423
122,035
122,567
122,463
378,624
379,232
379,539
380,307
381,591
381,326
381,561
381,392
380,689
380,250
236,332
237,034
236,849
237,043
237,734
237,514
237,937
237,688
237,571
237,476
142,292
142,198
142,690
143,264
143,857
143,812
143,624
143,704
143,118
142,774
253,626
257,250
253,007
252,369
248,335
255,462
250,566
253,461
255,309
258,394
131,266
134,533
129,903
129,838
126,783
132,252
128,520
131,752
r
!33,176
136,586
28,645
32,748
29,122
30,453
29,931
33,850
30,093
31,992
' 30,992
32,495
122,360
122,717
123,104
122,531
121,552
123,210
122,046
121,709
122,133
121,808
476,085
476,535
470,563
467,818
462,146
459,309
458,195
455,100
450,321
448,561
1.50
1.48
1.47
1.49
1.50
1.48
1.52
1.49
1.46
1.46
1983
1984
May
July
}
.
r
Sept
Oct *
1
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales.
2
Seasonally adjusted, end of period.
3
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
PRICES
PRODUCER PRICES
In October, the producer price index for all finished goods fell 0.2 percent. Prices of finished consumer foods fell
0.5 percent and prices of other finished consumer goods fell 0.1 percent. Capital equipment prices fell 0.4 percent.
INDEX, 1982-100 (RATIO SCALE)
INDEX, 1982 . 100 (RATIO SCALE)
SEASONALLY ADJUSTED
FINISHED GOODS PRICES
130
130
CONSUMER FOODS
120
120
CAPITAL EQUIPMENT
110
110
,.' \
CONSUMER GOODS
EXCLUDING FOODS
TOTAL
.^.'
100
100
11111
90
1985
.....
1986
1 111 11111
1988
1987
1989
1991
1990
90
1992
SOUDCE. DEPARTMENT Of LABOR
1993
COUNCIL Of ECONOMIC ADVISERS
[1982=100; monthly data seasonally adjusted]
Finished goods
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Consumer goods
Total
Total
1983
1984
1985
100.5
101.1
101.7
93.3
94.9
97.3
103.8
111.5
115.0
117.3
121.8
121.6
120.9
121.6
122.3
122.9
123.4
123.4
122.7
122.6
120.8
120.8
120.7
126.7
127.2
127.5
128.2
128.0
128.0
128.9
129.3
129.1
127.4
118.1
118.9
119.5
120.0
120.0
119.1
118.6
115.8
115.8
116.5
101.0
105.4
104.6
107.3
109.5
112.6
118.7
124.4
124.1
123.3
101.8
103.2
104.6
101.9
104.0
106.5
111.8
117.4
120.9
123.1
101.2
102.2
103.3
98.5
100.7
103.1
108.9
115.3
118.7
120.8
1992- Oct
Nov
Dec
124.0
123.8
123.8
124.2
123.5
125.1
123.8
123.7
123.3
1993- Jan
Feb
Mar
Apr
May
June
July
^ 1
Ausr
Sent
124.2
124.7
125.1
125.8
125.8
125.1
125.1
124.3
124.5
124.2
124.4
124.4
124.6
126.3
126.3
125.1
124.9
125.5
126.4
125.8
124.1
124.7
125.1
125.6
125.6
125.1
125.1
123.9
123.9
123.7
1986
1987
1988
1989
1990
1991
1992
.
...
.
T
Oct
1
Intermediate materials for food manufacturing and feeds.
22
Nondurable
102.8
104.5
106.5
108.9
111.5
113.8
117.6
120.4
123.9
125.7
125.3
125.9
126.0
101.6
103.7
104.7
103.2
105.4
108.0
113.6
119.2
121.7
123.2
.
Durable
118.9
118.4
117.4
Capital
equipment
102.8
105.2
107.5
109.7
111.7
114.3
118.8
122.9
126.7
129.1
129.3
129.5
129.7
130.4
130.8
131.1
131.3
131.4
131.2
131.6
131.9
131.9
131.4
Total
finished
consumer
goods
Intermediate materials
Crude materials
Foods
and
feeds '
Other
Total
101.3
103.3
103.8
101.4
103.6
106.2
112.1
118.2
120.5
121.7
100.6
103.1
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.7
122.6
122.3
122.3
122.6
123.1
123.6
124.4
124.4
123.6
123.5
122.4
122.6
122.4
115.2
114.9
114.9
115.3
115.9
116.3
116.6
116.3
116.5
116.4
116.4
116.5
116.4
103.6
105.7
97.3
96.2
99.2
109.5
113.8
113.3
111.1
110.7
109.7
110.2
111.1
111.5
111.0
110.3
111.8
111.4
110.4
113.0
113.8
113.2
113.8
Other
Total
Foodstuffs
and
feedstuffs
100.5
103.0
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.9
115.4
115.2
115.1
101.3
103.5
95.8
87.7
93.7
96.0
103.1
108.9
101.2
100.4
101.8
104.7
94.8
93.2
96.2
106.1
111.2
113.1
105.5
105.1
100.7
102.2
96.9
81.6
87.9
85.5
93.4
101.5
94.6
93.5
102.7
102.6
101.5
105.6
104.7
105.9
96.8
97.4
94.8
115.5
116.2
116.7
116.8
116.5
116.8
116.6
116.6
116.7
116.6
101.8
101.6
101.8
103.3
105.4
103.7
102.5
102.0
101.6
103.0
106.4
106.4
106.4
109.1
109.6
105.9
107.3
109.0
109.1
107.5
95.0
94.7
94.9
95.6
98.7
98.3
95.5
93.6
92.9
96.1
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In October, the consumer price index for all urban consumers rose 0.4 percent, seasonally adjusted and not
seasonally adjusted. The index was 2.8 percent above its year-earlier level.
INDEX, 1 982-84 - 1 00 (RATIO:ALE)
S<
INDE X, 1 982-84 - 1 00 (RATIO SCALE)
150
150
SEASONALLY ADJUSTED
UO
^-^
140
—•••— '
r—
/-,
130
130
CONSUMER PRICES—AIL ITEMS
120
120
f^\
110
110
^
^
100
100
90
90
80
<M«I«<H
1 1 1 1 1 1 t 1 1 1 1
1985
1986
I
1
t
1 1 I 1 \
\
1
1987
1
1 1 1111 1 1 1 11
t 1 { I!
1 1 1 1 1 1
1989
1988
! 1 1 H ! H 1 11
1 1 1 1 1 1 1 1 1 11
innl,,,,,
1990
1991
1992
SEE NOTE ON TABLE BE LOW
SOURCE: DEPARTMENT OF LABOR
80
1993
COUNCIL 0 ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
All items
1
Transportation
Housing
Shelter
Period
Not
seasonally
adjusted
(NSA)
Seasonally
adjusted
Rel. imp.3.... 100.0
996
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992:
Oct
Nov
Dec
1993:
Jan
Feb
Mar
Apr
July
Sept
Oct
103.9
107 6
109.6
113 6
118.3
1240
130.7
1362
140.3
Food
Total '
Total
Renters'
costs
(Dec.
1982 =
100)
Homeowners'
costs
(Dec.
1982 =
100)
Maintenance
and
repairs
(NSA)
Apparel and
upkeep
Total
J
New
cars
Motor
fuel
Medical
care
Ener-
gy 2
All
items
less
food
and
energy
15.8
99.4
103.2
105.6
109.0
113.5
118.2
125.1
132.4
136.3
137.9
41.4
99.5
103.6
107.7
110.9
114.2
118.5
123.0
128.5
133.6
137.5
37.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
140.0
146.3
151.2
8.0
103.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
155.6
160.9
19.7
102.5
107.3
113.1
119.4
124.8
131.1
137.3
144.6
150.2
155.3
0.2
99.9
103.7
106.5
107.9
111.8
114.7
118.0
122.2
126.3
128.6
7.3
100.2
104.8
106.5
104.1
103.0
104.4
107.8
111.6
115.3
117.8
6.0
100.2
102.1
105.0
105.9
110.6
115.4
118.6
124.1
128.7
131.9
17.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
120.5
123.8
126.5
4.0
99.9
102.8
106.1
110.6
114.6
116.9
119.2
121.0
125.3
128.4
3.3
99.4
97.9
98.7
77.1
80.2
80.9
88.5
101.2
99.4
99.0
6.9
100.6
106.8
113.5
122.0
130.1
138.6
149.3
162.8
177.0
190.1
7.3
99.9
100.9
101.6
88.2
88.6
89.3
94.3
102.1
102.5
103.0
76.9
99.6
104.6
109.1
113.5
118.2
123.4
129.0
135.5
142.1
147.3
141.8
142.0
141.9
141.7
142.0
142.2
138.7
138.8
139.2
138.5
138.8
138.9
152.2
152.6
152.9
161.8
162.1
161.9
156.4
156.8
157.4
129.4
129.5
129.3
118.9
119.2
119.3
132.4
132.3
131.9
127.8
128.4
128.5
129.2
129.4
129.5
100.2
100.3
99.8
193.7
194.7
195.5
103.9
104.1
103.9
148.9
149.3
149.6
142.6
143.1
143.6
144.0
144.2
144.4
144.4
144.8
145.1
145.7
142.9
143.4
143.6
144.2
144.4
144.4
144.5
144.9
144.9
145.5
139.7
139.9
140.1
140.6
141.2
140.6
140.6
141.0
141.2
142.0
139.3
139.6
140.0
140.7
140.8
141.2
141.2
141.6
141.9
142.2
153.5
154.0
154.2
155.0
155.1
155.6
155.5
155.9
156.2
156.5
161.9
162.5
162.8
163.8
164.3
164.4
164.2
164.3
164.8
165.6
158.2
158.7
158.9
159.6
159.7
160.3
160.3
160.8
161.0
161.1
129.7
130.5
131.5
131.8
131.6
131.2
131.3
131.6
131.3
130.8
119.4
118.8
120.2
120.7
120.9
121.4
121.8
122.4
122.7
122.8
133.0
135.0
134.3
134.3
133.6
132.9
132.9
134.1
133.3
133.5
129.3
129.9
130.0
130.2
130.1
129.9
130.2
130.3
130.2
131.5
129.8
129.8
130.1
130.7
131.0
131.2
131.6
132.1
132.5
133.0
101.2
101.8
101.4
100.8
98.4
97.3
96.8
95.2
94.0
98.3
196.7
197.7
198.2
199.3
104.4
104.0
104.7
104.9
103.9
103.7
103.7
103.2
102.8
104.8
150.3
151.0
151.2
151.8
152.1
152.3
152.5
152.9
153.0
153.4
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
also included through 1982.
3
Relative importance, December 1992.
Fuel
and
other
utilities
200.8
201.6
202.4
202.9
203.7
204.8
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.
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
Foods
Capital
equipment
Exclud.
ing foods
Total
finished
goods
Excluding
foods
Foods
Capita!
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
0.6
1.7
1.8
-2.3
2.2
4.0
4.9
5.7
-.1
1.6
1983....
1984
1985
1986
1987
1988
1989
1990....
1991
1992
J
2.3
3.5
.6
2.8
-.2
5.7
5.2
2.6
-1.5
1.6
-0.9
1.6
2.1
1.0
-1.4
2.1
2.5
5.2
4.9
2.1
1.2
2.0
1.8
2.7
2.1
1.3
3.6
3.8
3.4
2.5
1.7
.8
2.1
-6.6
4.1
3.1
5.3
8.7
7
1.6
Change, month to month
1992: Oct
Nov
Dec
1993: Jan . .
Feb
Mar .. .
May ...
June r
July '
Sept ',
Oct
0.1
o
0
0.1
-.6
1.3
0.2
-.2
-.6
.3
.4
.3
.6
0
-.6
0
6
.2
-.2
-.6
0
.2
1.4
0
-1.0
-.2
.5
.7
-.5
.6
.6
.5
.4
0
-.6
I
-1.5
0
*
1.6
.6
-.3
.6
2.9
4.3
5.3
3.6
0
-2.2
47
-1.9
-2.8
-0.2
.2
.2
.5
.3
.2
.2
.1
2
.3
.2
0
— .4
0.7
1.3
-2.0
7
2.3
6.8
6.1
3.6
-.6
26
-8.2
-6.1
-6.1
5.0
-.3
3.3
.6
2.9
-1.6
6.3
6.3
1.6
44
-2.5
4.2
2.9
.6
2.0
1.0
.5
2.6
1.6
3.8
2.5
1.0
-1.0
0.3
.5
.9
1.8
1.4
1.6
3.4
4.1
4.4
2.8
1.8
.3
.9
1.5
2.2
-.6
1.1
1.8
1.9
2.9
3.3
2.1
1.5
-.6
-1.0
-2.5
2.8
1.3
.8
3.4
4.6
0
.8
1.8
2.9
-.8
0
1.8
2.3
2.6
3.0
3.0
1.7
-2.4
-3.4
-4.3
1.9
2.0
2.5
3.1
3.0
2.3
1.8
1.7
1.2
.2
2.0
2.0
2.0
2.5
2.1
1.3
1.3
.6
.5
.2
0.3
0
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Transportation
Housing
Shelter
Period
All
items '
Food
Total '
Total '
Renters'
costs
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
New
cars
Total '
Motor
fuel
Medical
care
All
items
less
food
and
energy
Energy2
Addendum: All items, percent change
(annual rate)
From
previous
quarter 3
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
3.8
3.9
3.8
1.1
4.4
4.4
4.6
6.1
3.1
2.9
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
2.7
3.8
2.6
3.8
3.5
5.2
5.6
5.3
1.9
1.5
3.5
4.3
4.3
1.7
3.7
4.0
3.9
4.5
3.4
2.6
4.7
5.2
6.0
4.6
4.8
4.5
4.9
5.2
3.9
2.9
5.1
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.2
2.8
4.5
5.1
5.9
4.6
5.3
4.7
5.1
4.7
3.7
2.9
1.8
4.2
1.8
-5.6
1.6
2.9
3.2
4.0
2.9
2.3
2.9
2.0
2.8
.9
4.8
4.7
1.0
5.1
3.4
1.4
3.4
2.5
3.4
3.9
3.1
2.6
59
6.1
3.0
4.0
10.4
15
6.4
-0.5
6.1
6.8
7.7
5.8
6.9
8.5
9.6
7.9
6.6
.2
1.8
-19.7
8.2
.5
5.1
18.1
-7.4
2.0
4.8
4.7
4.3
3.8
4.2
4.7
4.4
5.2
4.4
3.3
0.7
.1
-.5
0.6
.5
O.B
.2
2
0.5
.3
,2
1.4
.6
— .4
6
.6
.5
.3
.6
.8
.4
.4
.2
.4
.5
.5
.5
.5
.1
.4
.2
.1
.1
.3
.1
.3
-1.7
24
3.1
5.9 -30.7
1.8
18.7
2.1 -2.1
6.8
2.3
36.5
1.4
3.3 -16.0
1.8
2.3
3.0
3.2
4.3
3.6
1.9
3.6
4.1
4.8
5.4
4.2
3.0
Change, month to month
1992: Oct
Nov
Dec
0.4
.2
.1
0
.1
.3
0.4
.2
.1
0.4
.3
.2
1993:
.5
.3
.1
.4
.1
0
.1
.3
0
.4
.4
.1
.1
.4
.4
— .4
0
.3
.1
.6
.3
.2
.3
.5
.1
.3
0
.3
.2
.2
.4
.3
.1
.5
.1
.3
—.1
.3
.2
.2
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
0.4
.2
J
0.4
.3
.4
0.3
.3
.1
0.4
-.1
-.3
.4
.2
.6
.3
.1
— .1
.1
.3
.5
.5
.3
.1
.4
.1
.4
0
.3
.1
.1
.1
5
1.2
.4
.2
.4
.3
.5
.2
.1
.8
1.5
-.5
0
5
-.5
0
.9
-.6
.2
0
Includes items not shown separately.
Household fuels — gas (piped), electricity, fuel oil, etc.
also included through 1982.
24
r o.2
.1
.2
0
.2
.5
.2
.2
.3
.4
.3
.4
-1
-.2
.2
.1
-1
1.0
3
1
2
0.7
.5
.1
.6
.5
.1
.2
nd motor fuel. Motor oil, coolant, etc.,
-2.4
— 1.1
-.5
-1.7
-1.3
4.6
.4
A
.1
.2
-1.0
-.2
0
5
-.4
1.9
3.2
3.7
2.8
1.4
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
3.2
3.2
3.2
2.9
3.0
2.9
3.2
3.0
2.9
3.4
4.0
4.0
3.7
2.8
2.2
.8
1.4
1.4
2.8
3.3
3.6
3.6
3.6
3.4
3.1
2.3
2.1
1.8
1.8
3.3
3.2
3.1
3.2
3.2
3.0
2.8
2.8
2.7
2.8
PRICES RECEIVED AND PAID BY FARMERS
In November, prices received by farmers were 1.4 percent below their October level. Prices paid by farmers in
October were 1.0 percent above their July level. (Data are not seasonally adjusted).
INDEX, 1977 = 100 (RATIO SCALE)
200
INDEX, 1977 = 100 (RATIO SCALE]
200
180
180
-V
160
160
PRICES PAID
s\
140
140
\
. PRICES RECEIVED -
120
120
100
80
RATION
RATIO.
140
120
120
-
RATIO
-
100
80
60
100
I_^
^—-^—i
r—•— ,
^-— —
f | 1 1 1 1 1 M 11
1985
1 Ml
1 1 1 1 1 1 1
1 f 1 1 1 1 1 1 1 1 !
1987
1986
II I 1 I 1 I I I I I
1 1 ! j 1 1 1 1 1 M
1988
1 1 11 11111 11
...
1 1 1 M
1990
1989
1 1 1 1 M
1991
80
--»_•*"—'—-
_
1 1 I1 1 i 1 1 1 1 1
1992
60
1 I 1 1 1 1 1 M
1 1
1993
COUNCit OF ECONOMIC ADVISERS
[1977 — 100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
1983
1984..
.
1985
1986
1987
1988
1989
1990
1991
1992
1992: Nov
Dec
1993- Jan
Feh
Mar
May
July
Sept
Oct r
Nov
All farm
products
Livestock and
products
Crops
Production
items, interest,
taxes, and wage
rates
Ratio 2
Production
items
135
142
128
123
127
138
147
149
145
140
128
138
120
107
106
126
134
127
129
121
141
146
136
138
146
150
160
170
161
157
161
164
162
159
162
170
178
184
189
191
159
161
156
150
152
160
167
172
175
176
152
155
151
144
148
157
165
171
174
174
84
87
79
77
78
81
83
81
77
73
136
137
115
118
156
156
(3)
(3)
(3)
(3)
(3)
(3)
71
71
139
140
142
146
144
140
140
142
145
145
143
117
118
116
126
120
112
118
123
128
130
129
159
162
166
167
168
166
161
162
160
159
157
194
(3)
(3)
197
(3)
(3)
197
(3)
(3)
199
(3)
178
(3)
(3)
181
(3)
(3)
180
(3)
(3)
182
(3)
176
(3)
(3)
179
(3)
(3)
178
(3)
(3)
181
(3)
72
72
73
74
73
71
71
72
74
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. Sec also footnote 3.
3
Beginning March 1986, prices paid by farmers arc 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 l
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977 = 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Growth in M2 and M3 slowed in October.
BILLIONS OF DOLLARS* IRATIO SCALE)
4,800
BIUIONS OF DOLLARS" (RATIO SCALE)
4,800
600
400
400
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
19831984:
19851986:
198719881989199019911992-
Dec
Dec
Dec
Dec
Dec
Dec
Dec .
Dec
Dec
Dec
1992- Sept
Oct
Nov
Dec
1993- Jan
Feb
Mar
..
Mav
July '.
Aue'
Sept r
Oct
Debt
Percent change from year or 6
months earlier 2
M2
M3
Sum of currency,
demand deposits,
Iravelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
KPs 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
521.2
552.4
620.1
724.5
750.0
787.1
794.6
827.2
899.3
1,026.6
2,186.5
2,376.0
2,572.4
2,816.1
2,917.2
3,078.2
3,233.3
3,345.5
3,445.8
'3,494.8
2,693.1
2,988.2
3,203.6
3,491.7
3,674.8
3,915.4
4,056.1
4,116.8
4,168.1
4,162.5
3,154.4
3,529.5
3,830.9
4,131.9
4,333.5
4,669.4
4,886.1
'4,966.6
4,982.3
5,039.5
5,257.5
6,006.1
6,901.1
7,778.6
8,543.3
9,306.1
10,030.7
10,670.1
11,141.9
11,718.6
9.9
6.0
12.3
16.8
3.5
4.9
I.O
4.1
8.7
14.2
12.0
8.7
8.3
9.5
3.6
5.5
5.0
3.5
3.0
1.4
10.3
11.0
7.2
9.0
5.2
6.5
3.6
1.5
1.2
— .1
12.1
14.2
14.9
12.7
9.8
8.9
7.8
6.4
4.4
5.2
990.1
1,006.0
1,019.1
1,026.6
'3,479.0
3,490.0
'3,496.2
'3,494.8
4,181.8
4,178.1
'4,175.6
4,162.5
'5,036.1
'5,038.7
5,048.1
5,039.5
11,593.6
11,622.2
11,664.1
11,718.6
11.8
13.8
14.1
15.6
'.6
1.5
1.7
1.9
— .1
.0
-.2
-.4
5.5
5.1
5.0
5.0
1,033.2
1,033.0
1,035.2
1,043.0
1,066.7
1,073.1
1,085.0
1,094.1
1,106.5
1,116.1
'3,485.6
'3,474.0
'3,471.5
'3,473.2
3,503.7
3,510.9
3,516.3
3,520.9
3,532.7
3,535.3
'4,137.3
'4,131.3
'4,126.5
'4,136.8
'4,165.8
'4,165.2
4,162.4
4,165.1
4,176.8
4,183.6
'5,015.0
'5,011.3
'5,010.4
'5,026.2
'5,065.6
'5,067.9
5,065.6
5,080.1
'5,071.5
11,749.0
11,773.8
11,817.4
11,862.7
11,910.0
11,972.0
12,024.7
12,076.0
"12,120.7
14.5
11.8
9.1
7.4
9.3
9.1
10.0
11.8
13.8
14.0
1.3
.1
— .4
-1.0
.4
.9
1.8
2.7
3.5
3.6
-1.5
-2.2
-2.6
' 2.0
'-.5
'.1
1.2
1.6
2.4
2.3
4.5
3.9
3.9
4.1
4.2
4.3
4.7
5.1
5.1
1
Consists of outstanding credit market debt of the U.S. Government, State and local governmentfi, and private nonfinancial sectors; data from flow of funds accounts.
3
Annual changes are from December to December and monthly changes arc from 6 months earlier at a simple annual rate.
26
L
Ml
M3 plus
other liquid
assets
Debt of
domestic
nonfmancial
sectors
(monthly
average) '
Ml
NOTE. — See p. 27 for components,
Source: Board of Governors of the Federal Reserve System.
M2
M3
Debt
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Currency
Demand
deposits
Overnight
repurchase
agreeOther
ments
check(RPs),
able
net,
deposplus
its
over(OCDs)
night
Eurodollars >
Money market
mutual fund
balances 2
General
purpose
and
broker/
dealer
Institution
only
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Small
denomination
time
deposits 3
Large Term
denom- repurination chase
time
agreedepos- ments
its 3
(RPs)
NSA
NSA
19831984:
19851986:
19871988:
19891990:
19911992:
1992:
Dee
Dec
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Sept
Oct
Nov
Dec
1993: Jan
Feb.
Mar
May
July r
Aug
Sept '
Oct
146.2
156.1
167.9
180.8
196.9
212.3
222.7
246.7
267.2
292.3
286.3
288.0
289.8
292.3
294.8
296.9
299.0
301.4
304.0
306.8
309.6
312.6
316.4
318.2
238.5
244.0
266.9
302.3
287.1
287.1
279.8
278.2
290.5
340.8
329.0
336.0
339.5
340.8
341.9
341.8
341.9
347.2
359.1
360.5
365.7
370.7
376.4
379.9
131.9
147.3
179.7
235.3
259.3
280.7
285.3
294.5
333.8
385.2
366.7
373.7
381.6
385.2
388.6
386.4
386.3
386.2
395.5
397.8
r
401.9
403.1
406.0
410.2
55.6
60.6
73.5
82.3
84.1
83.2
77.6
74.7
76.3
r
74.7
74.3
75.6
75.8
r
74.7
73.3
74.0
r
74.4
r
72.6
70.0
73.5
75.7
78.3
81.7
84.3
41.9
63.2
65.5
86.1
92.7
92.0
108.8
135.9
182.1
202.3
220.7
210.9
209.2
202.3
197.7
201.9
200.9
200.4
202.8
198.1
195.0
193.3
194.1
196.6
139.1
168.0
177.2
209.0
222.6
242.9
317.4
350.5
363.9
342.3
343.9
346.3
343.7
342.3
340.0
333.2
332.7
331.5
336.4
336.2
335.9
334.3
332.4
333.0
1
Includes continuing contract RPs.
Data prior to 1983 are not seasonally adjusted.
Small denomination and large denomination dej sits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
2
3
685.0
704.7
815.1
940.9
937.6
926.6
891.0
920.8
1,042.5
1,186.0
1,158.9
1,170.5
1,180.4
1,186.0
1,184.4
1,182.4
1,178.8
1,181.6
1,193.7
1,198.8
1,200.1
1,205.1
1,208.7
1,209.6
784.1
888.9
885.5
858.9
922.8
1,038.3
1,152.7
1,172.3
1,064.7
867.3
911.0
894.4
879.3
867.3
858.3
853.1
848.1
841.1
834.4
r
826.8
817.6
809.9
802.8
795.5
327.6
416.5
434.1
431.3
475.4
525.4
548.8
489.6
424.7
355.7
373.6
366.6
360.2
355.7
348.5
344.0
338.1
343.2
343.1
339.8
335.2
335.4
333.8
334.5
Savings
bonds
Shortterm
Treasury
securities
71.1
74.2
79.5
91.8
100.6
109.4
117.6
126.1
138.0
156.8
149.3
151.9
154.7
156.8
158.9
161.1
162.7
163.9
164.8
165.7
166.8
167.8
"168.8
211.9
260.9
298.2
280.0
253.1
269.2
324.9
331.1
315.0
331.4
321.0
320.2
325.1
331.4
337.5
342.9
341.6
340.7
347.1
349.2
r
349.7
349.3
"329.2
Term
Eurodollars
(net)
Bankers'
acceptances
Commercial
paper
NSA
49.9
91.5
57.6
82.9
62.4
76.5
80.6
83.8
106.0
91.0
121.8 105.7
99.0
79.5
89.6 • 68.7
72.5
57.6
80.6
45.6
77.6
49.4
r
79.7
48.1
81.4
47.2
80.6
45.6
r
r
79.8
43.5
82.1 r46.7
85.7 r49.8
88.8 r48.7
r
89.8 r48.7
92.8 r45.5
96.4 r41.9
96.3
43.8
96.2
44.3
95.0
44.6
133.2
45.0
45.4
160.8
42.0
207.6
231.4
37.0
260.7
44.3
335.5
39.9
347.3
40.2
357.1
35.6
337.7
23.4
368.4
20.4
363.4
20.7
368.0
20.5
372.4
20.3
20.4
368.4
360.7
20.6
355.9
20.2
360.3
19.3
365.5
19.3
19.4
368.4
18.7
369.1
17.5
369.1
381.4
16.4
"17.3 "379.5
NOTE.—Travelers cheeks of nonbank issuers are a component of money stock but are not shown
here.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures 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
19831984:
19851986198719881989:
19901991:
19921992:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Oct
Nov
Dec
1993- Jan
Feb
Mar
May
T *
July
Sept '.
Oct
1
25,367
26,845
31,448
38,943
38,862
40,398
40,492
41,767
45,533
54,351
52,836
53,815
54,351
54,665
54,922
55,166
55,197
56,877
57,119
57,567
58,033
58,837
59,819
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Nonborrowed
24,593
23,659
30,129
38,116
38,085
38,683
40,227
41,441
45,341
54,228
52,693
53,711
54,228
54,500
54,876
55,074
55,124
56,756
56,938
57,323
57,680
58,410
59,534
Nonborrowed plus
extended
credit
24,595
26,263
30,628
38,419
38,568
39,927
40,247
41,464
45,342
54,228
52,693
53,711
54,228
54,501
54,877
55,074
55,124
56,756
56,938
57,323
57,680
58,410
59,534
Required
24,806
25,990
30,411
37,573
37,816
39,351
39,570
40,102
44,555
53,196
51,763
52,772
53,196
53,405
53,818
53,953
54,101
55,881
56,209
56,478
57,080
57,747
58,730
Monetary
base
Total
175,467
187,237
203,585
223,667
239,872
256,932
267,734
293,185
317,169
350,798
344,849
347,832
350,798
353,224
355,734
358,374
360,634
364,769
368,069
370,978
374,532
379,260
381,766
774
3,186
1,318
827
777
1,716
265
326
192
124
143
104
124
165
45
91
73
121
181
244
352
428
285
Seasonal
96
113
56
38
93
130
84
76
38
18
114
40
18
11
18
26
41
84
142
210
234
236
192
Extended
credit
2
2,604
499
303
483
1,244
20
23
1
1
0
0
1
1
0
0
0
0
0
0
0
0
0
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases rose 0.2 percent in October; commercial and industrial loans were virtually
unchanged.
BILLIONS OF DOLLARS* (RATIO SCALE]
3,200
2,800
BILLIONS OF DOLLARS* (RATIO SCALE!
3,200
ALL COMMERCIAL BANKS
2,800
2,400
2,400
2,000
2,000
\
" LOANS AND LEASES
1,600
1,600
1,200
1,200
800
U.S. GOVERNMENT SECURITIES
400
OTHER SECURITIES
-V
200
200
160
160
i ii 1 i i i i i I I MMI I 1 II I I III I i It t
1987
1988
I 1 I I I I I I I II
1989
M
120
I I I I I I I I t
1993
1990
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted l]
All commercial banks
Loans and leases
Period
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
1992:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Oct
Nov
Dec
1993: Jan
Feb
Mar r....
Apr r....
May r....
June r..
July r...
Aug r....
Sept r..
Oct
U.S.
Total
loans and
securities 2
Government
securities
1,552.2
1,722.9
1,910.4
2,093.7
2,241.2
2,422.9
2,590.8
2,732.4
2,836.9
2,937.6
259.2
259.8
270.8
310.1
335.8
362.7
397.0
452.1
559.3
657.1
2,926.0
2,932.4
2,937.6
647.3
651.4
657.1
2,935.3
2,943.9
2,960.2
2,970.9
2,991.2
3,013.9
3,037.6
3,045.9
3,056.8
3,056.3
656.5
666.2
680.2
691.0
693.5
704.1
708.1
714.3
719.7
717.2
Other
securities
169.1
140.9
179.0
193.9
195.8
193.7
182.4
178.8
179.9
176.0
178.8
177.3
176.0
174.5
176.4
179.0
181.0
181.2
179.7
181.3
182.2
182.6
181.0
Total
2
Commercial
and
industrial
Nonbank
Real
estate
Individual
Secu-
finan-
rity
cial
institutions
28.0
35.0
43.3
40.3
34.5
40.9
41.3
44.7
54.3
64.8
64.7
64.2
64.8
63.5
62.8
64.2
62.3
68.6
71.4
81.5
79.7
82.6
79.2
1,123.9
1,322.2
1,460.6
1,589.7
1,709.6
1,866.5
2,011.4
2,101.4
2,097.8
2,104.6
414.2
473.2
500.2
536.7
566.4
605.3
638.4
642.6
617.0
597.6
331.0
376.3
425.9
494.1
587.2
670.1
760.1
843.4
871.8
892.4
2,099.8
2,103.8
2,104.6
2,104.4
2,101.3
2,101.0
2,098.9
2,116.5
2,130.1
2,148.2
2,149.4
2,154.5
2,158.1
600.8
600.5
597.6
598.0
596.7
593.1
587.5
589.9
590.8
589.8
589.0
585.8
585.7
890.7
892.5
892.4
212.9
254.2
295.0
315.4
328.2
354.8
375.2
380.3
363.9
355.5
355.8
355.4
355.5
890.8
890.1
891.9
892.2
898.0
903.7
907.5
910.6
914.4
917.7
358.4
361.9
362.3
364.4
367.5
368.9
372.7
374.9
376.1
380.6
1
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions. Data beginning January 1984 are not strictly
comparable with data for earlier periods, largely because beginning January 1984 certain obligations
of States and political subdivisions are included in loans rather than in other securities.
28
30.4
31.6
32.8
35.3
32.1
32.5
34.4
35.9
41.4
43.6
43.9
44.7
43.6
45.1
44.6
44.2
45.0
45.9
46.0
46.6
46.9
46.1
45.0
Agricultural
39.2
40.1
36.1
31.6
29.4
29.0
30.1
32.3
34.2
35.0
35.1
35.2
35.0
34.5
34.3
34.0
34.1
34.3
34.3
34.8
34.8
34.8
35.0
State
and
political
subdivisions
0.0
46.1
56.8
58.4
52.5
45.3
40.0
34.0
29.0
24.8
25.4
25.1
24.8
24.2
23.8
23.6
23.1
23.0
22.7
22.8
22.7
22.4
22.2
For-
Foreign
banks
13.4
11.4
9.7
10.1
7.7
7.6
8.2
7.7
7.3
7.7
7.6
7.5
7.7
7.7
8.8
8.5
8.4
8.4
8.6
9.1
9.5
8.7
8.9
2
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
eign
official
institutions
9.4
8.4
6.3
6.3
5.1
5.0
3.5
2.9
2.4
2.8
2.4
2.8
2.8
2.9
3.2
3.2
3.2
3.1
3.2
3.2
3.1
3.4
3.5
Lease
financing
Other
receivables
13.7
16.1
19.1
22.5
24.7
29.4
31.9
32.9
31.7
30.9
30.8
30.9
30.9
30.4
30.6
30.6
30.7
30.9
31.2
31.6
31.7
31.8
32.1
31.8
29.9
35.5
39.0
41.7
46.5
48.1
44.9
44.7
49.5
42.6
45.0
49.5
48.8
44.5
45.3
48.0
46.8
49.2
48.5
46.5
48.3
48.2
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Internal l
Total
Total
1983
1984
1985
1986
1987
1988
Capital
Credit market funds
Securities
and
mortgages
Other 2
Loans and
short-term
paper
Total
tures 3
Increase in
financial
assets
Discrepancy
(sources less
uses)
23.3
-14.3
20.4
28.5
50.7
52.7
38.7
20.8
22.0
48.7
439.8
501.0
486.3
531.9
540.5
610.9
562.2
522.8
473.2
586.5
292.3
336.3
351.9
336.7
375.9
404.3
399.6
409.4
437.8
462.7
147.5
164.7
134.4
195.2
164.6
206.6
162.6
113.4
35.4
123.8
96.2
108.6
76.1
140.3
65.2
71.8
62.4
37.7
6.9
67.8
56.2
-5.4
13.0
65.6
27.8
-14.6
-32.8
-18.8
95.9
68.3
40.0
114.0
63.1
74.7
37.4
86.4
95.2
56.5
-89.0
-.5
51.4
56.1
58.2
54.9
99.5
134.9
100.2
75.7
28.5
56.0
416.5
515.3
465.9
503.4
489.9
558.2
523.6
502.0
451.2
537.8
300.1
398.5
374.9
351.9
365.0
394.4
403.8
407.3
381.6
397.2
116.4
116.8
91.0
151.5
124.9
163.8
119.8
94.7
69.6
140.6
450.9
473.4
480.9
487.4
433.0
440.9
426.9
450.4
17.9
32.5
54.0
37.0
4.0
32.9
9.4
-18.5
92.5
123.7
72.2
95.4
-88.5
-90.8
62 8
-113.9
13.9
-.4
44.6
55.6
403.4
455.1
461.3
484.8
377.2
367.4
388.3
393.6
26.2
87.7
73.0
91.2
47.4
18.3
19.5
2.6
1992: I
558.3
599.8
591.5
596.5
454.6
452.2
468.4
475.5
103.7
147.6
123.1
121.0
79.7
69.3
70.1
52.0
95.5
98.6
38.1
40.7
-15.8
-29.3
32.0
11.3
24.0
78.3
53.0
68.9
520.8
567.3
520.0
543.0
369.9
401.2
402.7
415.2
150.9
166.1
117.3
127.8
37.6
32.4
71.4
53.4
1993- I
483.7
611.0
460.6
465.7
23.1
145.3
17.4
104.8
83.4
89.9
-66.0
14.9
5.8
40.5
446.1
561.3
446.4
447.2
-.3
114.1
37.6
49.7
1989
1990
1991
1992
1991- I
n
m
IV
n
m
rv
n"
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
2
Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment in
the U.S.
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstanding *
Installment credit outstanding (end of period)
Period
Total
19831984:
19851986:
198719881989199019911992-
Dec
Dee
Dec
Dec
Dec
Dec 3
Dec
Dec
Dec
Dec
1992- Sept
Oct
Nov
Dec
1993' Jan
Feb
Mar
Apr
May
T '
June
July
Aug r
Sept p
. .
...
'
. .
Automobile
Revolving
Total
Automobile
Revolving
Other 2
368,966
442,602
517,659
572,006
608,675
662,553
724,353
738,765
733,510
741,093
143,560
173,564
210,238
247,772
266,295
285,364
292,536
284,739
260,898
259,627
79,088
100,280
121,758
135,825
153,064
174,269
198,544
222,552
243,564
254,299
146,318
168,758
185,664
188,408
189,316
202,921
233,273
231,474
229,048
227,167
43,161
73,636
75,057
54,347
36,669
53,878
(4)
14,412
-5,255
7,583
17,615
30,004
36,674
37,534
18,523
19,069
(4)
-7,797
-23,841
-1,271
12,634
21,192
21,478
14,067
17,239
21,205
<*>
24,008
21,012
10,735
12,912
22,440
16,906
2,744
908
13,605
(4)
-1,799
-2,426
-1,881
733,023
734,195
736,023
741,093
259,433
258,208
258,860
259,627
250,456
251,806
252,086
254,299
223,135
224,181
225,077
227,167
2,001
1,171
1,829
5,070
606
1 225
653
767
1,072
1,350
280
2,213
323
1,046
896
2,090
743,583
747,228
750,131
752,193
750,293
752,428
757,465
762,503
769,182
258,737
261,434
262,313
262,463
264,007
265,388
267,468
268,784
271,068
255,984
258,384
259,661
261,450
262,690
263,338
266,938
270,753
273,789
228,862
227,410
228,157
228,280
223,596
223,701
223,058
222,967
224,324
2,490
3,645
2,903
2,062
1900
2,135
5,037
5,039
6,678
-890
2,697
879
150
1,544
1,381
2,080
1,316
2,284
1,685
2,400
1,277
1,789
1,240
648
3,600
3,815
3,037
1,695
-1,452
747
123
4,684
105
-643
-92
1,358
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
Other
2
and subsequent months.
4
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
INTEREST RATES AND BOND YIELDS
Interest rates rose in November.
PERCENT PER ANNUM
PERCENT PER ANNUM
14
CORPORATE Aoo BONDS
(MOODY'S)
\A
/\
TREASURY
BltLS
V
DISCOUNT
L
RATE
FEDERAL
RESERVE
BANK OF
NEW YORK
I I I I I
SOURCE, SEE TABLE BELOW
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. Treasury security yields
Period
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992- Nov
Dec
1993- Jan
Feb
Mar
May
July
Sept
Oct
Nov
Week ended:
1993: Nov 6
13
20
27
1
2
3-month bills
(new issues) l
Constant maturities
3-year
2
10-year
High-grade
municipal
bonds
(Standards &
Poor's)
Prime
commercial
paper,
6 months r
Discount rate
(N.Y. F.K.
Bank) 4
Prime rate
charged 4by
banks
New-home
mortgage
yields
(FHFB)5
8.63
9.58
7.48
5.98
5.82
6.69
8.12
7.51
5.42
3.45
10.45
11.89
9.64
7.06
7.68
8.26
8.55
8.26
6.82
5.30
11.10
12.44
10.62
7.68
8.39
8.85
8.49
8.55
7.86
7.01
9.47
10.15
9.18
7.38
7.73
7.76
7.24
7.25
6.89
6.41
12.04
12.71
11.37
9.02
9.38
9.71
9.26
9.32
8.77
8.14
8.89
10.16
8.01
6.39
6.85
7.68
8.80
7.95
5.85
3.80
8.50
8.80
7.69
6.33
5.66
6.20
6.93
6.98
5.45
3.25
10.79
12.04
9.93
8.33
8.21
9.32
10.87
10.01
8.46
6.25
12.57
12.38
11.55
10.17
9.31
9.19
10.13
10.05
9.32
8.24
3.14
3.25
3.06
2.95
2.97
2.89
2.96
3.10
3.05
3.05
2.96
3.04
3.12
5.14
5.21
4.93
4.58
4.40
4.30
4.40
4.53
4.43
4.36
4.17
4.18
4.50
6.87
6.77
6.60
6.26
5.98
5.97
6.04
5.96
5.81
5.68
5.36
5.33
5.72
6.35
6.24
6.18
5.87
5.65
5.78
5.81
5.73
5.60
5.50
5.31
5.29
5.47
8.10
7.98
7.91
7.71
7.58
7.46
7.43
7.33
7.17
6.85
6.66
6.67
6.93
3.67
3.70
3.35
3.27
3.24
3.19
3.20
3.38
3.35
3.33
3.25
3.27
3.43
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
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
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
8.07
7.88
7.82
7.77
7.46
7.46
7.37
7.23
7.20
7.05
6.95
6.80
3.11
3.11
3.11
3.14
3.12
4.47
4.48
4.49
4.56
4.54
5.66
5.68
5.71
5.83
5.80
5.47
5.45
5.44
5.50
5.50
6.87
6.92
6.94
6.99
"6.95
3.40
3.42
3.43
3.45
3.46
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
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.
30
Corporate
Aaa bonds
(Moody's)
6
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Heserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices were mixed in November.
INDE X, DEC. 31,1 965-50 (RATIO SCALE)
260
240
220
200
180
ALE)
INDEX, DEC. 31,1 965-50 (RATIO SC
_ - _ -^*~ 260
240
i—*—*^^~ ~*S
220
__-<
'
200
v/~"*T\x-/\
/
^/\
1
^S
^S\
160
140
f—^
r vn
(.UMK OSITE STOCK
\^^
(
180
160
140
•RICE INDEX
(NYSE)
120
120
r^^
100
100
80
80
1 1 1 1 1 IIM|
1985
1986
Inn,
M i l l 1 II 1 1
1990
1 1 1 1 1 1 II 1 1 1
1988
1987
1989
1! 111 1111 M
1 M II M 1 M 1
1992
1993
1991
PERIINT
20
PERC£NT
20
PADWIMl3S-PRICE
15
RATIO ON COMMON srnrk-s
(S&P)
\
^
10
_-
^
5
10
r-—_^-~~~~,
r
-^
1 1 1
0
r—"—ir 'I
i i i i i i
1985
1986
1987
15
5
1—
1
1
1
1988
1
1 1
1989
1
1
1
1
1 1
1
1
1991
1990
1
1
1
1992
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Common stock yields
(percent) 6
New York Stock Exchange indexes (Dec. 31, 1965=50, except as
noted)2
Composite
Industrial
0
COUNCIL OF ECONOMIC ADVISERS
Common stock prices '
Period
1 1
1993
Transportation
Utility 3
Finance
Dow-Jones
industrial
average 4
Standard &
Poor's
composite
index
(194143 = 10)5
Dividendprice ratio
Earningsprice ratio
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
92.63
92.46
108.09
136.00
161.70
149.91
180.02
183.46
206.33
229.01
107.45
108.01
123.79
155.85
195.31
180.95
216.23
225.78
258.14
284.62
89.36
85.63
104.11
119.87
140.39
134.12
175.28
158:62
173.99
201.09
94.00
92.88
113.50
142.72
148.60
143.54
174.86
181.20
185.32
198.92
95.34
89.28
114.21
147.20
146.48
127.26
151.88
133.26
150.82
179.26
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
160.41
160.46
186.84
236.34
286.83
265.79
322.84
334.59
376.18
415.74
4.40
4.64
4.25
3.49
3.08
3.64
3.45
3.61
3.24
2.99
8.03
10.02
8.12
6.09
5.48
8.01
7.41
6.47
4.81
4.22
1992* Nov
Dec
232.84
239.47
287.30
294.86
204.78
212.35
202.26
207.70
189.27
196.87
3,238.49
3,303.15
422.84
435.64
2.98
2.90
4.38
1993- Jan
Feb
Mar
ADF
M™
,"
239.67
243.41
248.12
244.72
246.02
247.16
247.85
251.93
254.86
257.53
255.93
292.11
294.40
298.75
292.19
297.83
298.78
295.34
298.83
300.92
306.61
310.84
221.00
226.96
229.42
237.97
237.80
234.30
238.30
250.82
248.15
254.04
262.96
211.04
218.89
225.06
227.56
222.41
226.53
232.55
237.44
244.21
240.97
230.12
203.38
209.93
217.01
216.02
209.40
209.75
218.94
224.96
229.35
228.18
214.08
3,277.72
3,367.26
3,440.74
3,423.63
3,478.17
3,513.81
3,529.43
3,597.01
3,592.29
3,625.81
3,674.70
435.23
441.70
450.16
443.08
445.25
448.06
447.29
454.13
459.24
463.90
462.89
2.88
2.81
2.76
2.82
2.80
2.81
2.81
2.76
2.73
2.72
2.72
256.72
255.98
256.58
254.56
255.54
309.99
310.59
312.77
310.36
310.48
261.00
262.84
264.54
261.94
266.63
235.46
229.35
228.25
227.33
228.52
216.92
215.75
213.02
210.47
213.93
3,664.11
3,659.69
3,694.40
3,678.99
3,693.00
463.52
462.46
464.30
461.40
462.72
2.72
2.72
2.71
2.73
2.73
July
Amr
Sent
Oct
Nov
Week ended:
1993- Nov 6
13
20
27
1
Average of daily closing prices.
* Includes all the stocks (more than 2,000 in 1993) listed on the NYSE.
* Dec. 31, 1965= 100. Effective April 27, 1993 the NYSE doubled the value of the utility index
to facilitate trading of options and futures on the index. All indexes shown here reflect the doubling.
4
Includes SO stocks.
1
Includes 500 stocks.
4.39
4.29
4.46
" Standard & Poor's series. Dividend-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 (NYSE).
Sources: New York Stock Exchange, Dow-Jones t Company, Inc., and Standard & Poor's Corporation.
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first month of fiscal 1994, there was a deficit of $45.3 billion, compared with a deficit of $48.8 billion a
year earlier.
BIlilONS OF DOLLARS
1,600
BILUONS OF DOLLARS
1,600
RECEIPTS AND OUTLAYS-!.
1,500
1,500
1,400
1,400
1,300
1,300
OUTLAYS-
1,200
1,200
1,!00
1,100
1,000
1,000
900
900
800
800
700
600
V
600
<;iippiii<;nBrii=ci(-iT(-]Jy
-100
-100
.^ *•*""
-200
'"""-•—^__
""
-200
^~~~^-^______
-300
-400
-300
A
Vl985
i
i
1986
i
i
1987
1
1988
1989
1
1990
1
1991
1
1992
1
1993
j\ -400
1994 V
FISCAL YEARS
^INCLUDES ON-BUOGCT AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCR OF ECONOMIC ADVISERS
[Billions of dollars]
Fiscal year or period
Receipts
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 !
First month1 1
Fiscal year 1993
Fiscal year 1994
Outlays
Surplus
or deficit
(-)
Receipts
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
1,153.2
1,241.3
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,408.1
1,500.1
-212.3
-221.2
149.8
-155.2
152.5
-221.4
269.5
-290.4
-254.9
-258.7
547.9
568.9
640.7
667.5
727.0
749.7
760.4
788.0
841.2
903.4
769.6
806.8
810.1
861.4
932.3
1,027.6
1,082.1
1,128.6
1,142.1
1,219.4
-221.7
-238.0
-169.3
- 194.0
-205.2
-278.0
-321.7
-340.5
-300.9
-316.0
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
337.9
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.0
280.7
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.9
57.2
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,599.0
4,002.7
4,351.1
4,734.7
1,499.4
1,736.2
1,888.1
2,050.3
2,189.3
2,410.4
2,687.9
2,998.6
3,247.2
3,528.2
76.8
78.7
125.6
124.0
-48.8
-45.3
55.0
55.9
103.8
100.5
-48.7
— 44.6
21.8
22.8
21.8
23.5
-.1
-.7
4,006.1
4,362.7
2,997.2
3,251.5
1
Data from Monthly Treasury Statement.
NOTE.—Data for fiscal 1992 and 1994 are from Mid-Session Review of the 1994 Budget issued
September 1, 1993. Other data (except as noted) are from Budget Baselines, Historical Data, and
32
Outlays
Gross Federal debt
(end of period)
Off-budget
On-budget
Total
Alternatives for the Future, January 1993.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first month of fiscal 1994, receipts were $1.9 billion higher than a year earlier and outlays were $1.6 billion
lower.
BILLICINS OF DOL1ARS
600
RECEIPTS1'
500
BILLIONS OF DCWARS
INDIVIDUAL INCOME TAXES
\
\_
_.
600
_
_._.
500
—• —•
400
_
200
CORPORATION
iNrnuF TAXFS
\
OTHER RECEIPTS
400
\
\
SOCIAL INSURANCE
T4XFS ANn roNTRiRi rnnKK
-'
300
300
200
100
100
1
0
1,300
1
1
1
1
1
1
1
1
0
1,300
OUTLAYS-1'
1,200
1,200
** ^
1,100
1,100
1,000
NONDEFENSE
900
1,000
*~ •*
\
900
---
~^""
800
800
---"
700
700
600
600
500
500
NATIONAL DEFENSE
400
400
\
300
200 /]
1
1
"1985
1
1986
1987
1
1988
1
1989
300
1
1990
1
1991
1
1992
1
N
200
1994NJ
1993
FISCAL YEARS
-'INCLUDES ON-BUDGET AND Of F-BUDGET ITEMS
THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
sOURCES: DEPARTMENT Of
COUNCIL OF ECONOMIC ADVISERs
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
Fiscal year
Total
Individual
taxes
1976
1977
1978
1979
1980
1981
1982
1983
1984
.
...
1985
1986
1987
1988
1989
1990
1991
1992
1993 1
1994 (estimates)
First month- 1
Fiscal year 1993
Fiscal year 1994
1
Corporation
income
taxes
Social
insurance
taxes
and
contributions
Nationa defense
Other
Total
Department of
Defense,
military
International
affairs
Health
Medicare
Income
security
Social
security
Net
interest
Other
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
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
15.8
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
26.7
29.9
35.5
42.6
52.5
68.8
85.0
89.8
111.1
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
734.1
769.1
854.1
909.0
990.7
1 031 3
1,054.3
1,090.5
1,153.2
1,241.3
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
548.2
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5
120.8
265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
428.3
464.6
73.0
73.1
74.3
78.9
82.3
90.9
92.3
100.5
97.7
107.7
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,408.1
1,500.1
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
290.6
276.7
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
264.1
16.2
14.2
11.6
10.5
9.6
13.8
15.9
16.1
17.2
19.3
33.5
35.9
40.0
44.5
48.4
57.7
71.2
89.5
99.2
113.5
65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
130.6
146.5
128.2
119.8
123.3
129.3
136.0
147.0
170.3
197.0
207.9
213.1
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.6
321.5
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.9
206.4
131.8
142.1
125.9
139.4
158.8
203.9
225.1
173.9
159.2
203.1
76.8
78.7
37.3
37.7
2.1
2.2
29.6
30.8
7.8
8.0
125.6
124.0
27.1
24.3
26.0
23.1
2.1
4.7
8.0 ' 11.0
10.7
9.3
18.3
17.3
24.3
25.5
16.5
17.1
18.2
15.0
Data from Monthly Treasury Statement,
NOTE.—Data for fiscal 1992 and 1994 are from Mid-Session Review of the 1994 Budget issued
September 1, 1993. Other data (except as noted) are from Budget Baselines, Historical Data, and
Total
Alternatives for the Future, January 1993.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter of 1993, according to preliminary estimates, Federal receipts rose $10.7 billion (annual rate)
and Federal expenditures fell $0.3 billion.
BILLIONS OF DOLLARS
1,600
BILLIONS OF DOLLARS
1,600
SEASONALLY ADJUSTED ANNUAL RATES
1,400
1,400
. EXPENDITURES
1,200
\
1,200
_--
1,000
1,000
800
800
RECEIPTS
600
400
200
SURPLUS OR DEFIC1T(-|
I
-400
I I
1982
I
I I
1983
I
I I
1984
I
I I
I
1985
I I
1986
J
I I
1987
I
I I
I
I I
I
I
I
I
1989
1988
I I
I I I
I I I
1991
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government expenditures
Federal Government receipts
Period
Total
Fiscal year:
1990
1991
1992
Calendar year:
1990
1991
1992
1982- IV
1983- IV
1984- IV
1985- IV
1986- IV
1987- IV
1988- IV
1989- IV
1990- IV
1991: TTT
IV
1992- I
n
m
rv
1993- I
n r
m
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Total
Purchases
Transfer
payments
Grantsin-aid to
State
and
local
governments
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
1,091.9
1,121.3
1,165.4
475.2
475.7
484.1
115.4
108.4
116.1
63.1
76.7
80.8
438.4
460.6
484.6
1,250.0
1,309.2
1,436.0
418.2
446.0
444.9
505.6
509.8
607.2
128.3
147.0
167.3
175.1
183.2
189.8
22.7
23.3
26.8
1,111.4
1,127.8
1,183.0
632.3
671.1
739.8
803.6
856.8
943.5
1,000.6
1,068.3
1,115.8
1,132.6
1,142.5
484.3
474.9
490.8
301.6
290.5
323.5
351.8
371.7
414.8
420.0
470.1
483.9
1,274.9
1,331.2
1,459.3
815.7
855.7
926.6
990.8
1,034.3
1,096.3
1,135.5
1,209.8
1,306.9
426.5
445.9
448.8
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
469.4
472.8
479.7
482.0
489.5
511.8
502.1
520.7
527.5
1,350.2
1,387.2
1,436.1
1,456.0
1,459.8
1,485.3
1,481.9
1,490.6
1,490.3
446.8
437.4
445.5
444.6
452.8
452.4
1,218.4
1,268.0
1,278.7
65.8
79.1
81.3
49.2
55.4
58.2
56.8
54.8
59.5
61.4
62.2
67.1
79.5
81.3
80.4
80.2
81.1
83.5
81.5
86.2
86.7
444.8
466.7
490.7
235.9
259.8
291.1
318.0
338.8
359.4
400.7
424.7
449.7
1,165.9
1,176.1
1,169.1
1,221.1
116.4
107.1
120.2
45.5
65.4
67.0
77.0
91.4
109.7
118.5
111.3
115.1
109.2
109.8
121.1
125.8
107.0
127.1
132.4
142.4
141.7
-
514.1
522.0
624.5
346.0
351.1
360.1
383.8
404.2
419.7
444.5
488.8
526.6
546.2
567.7
611.0
620.8
624.4
641.7
642.0
645.6
652.5
132.3
153.0
171.4
84.3
86.9
97.7
104.5
103.8
102.9
113.0
121.9
137.6
154.6
162.3
163.4
171.8
173.7
176.7
176.1
182.8
188.7
176.5
187.6
187.1
86.8
99.2
122.3
129.2
131.1
143.1
151.2
168.9
174.4
187.6
191.9
189.3
190.4
187.4
181.3
178.3
182.5
182.4
25.6
22.6
27.5
17.3
28.8
22.2
16.4
22.1
37.8
34.9
25.0
32.0
15.1
27.9
27.0
28.5
21.4
33.2
42.9
32.3
21.4
474.5
478.5
Source: Department of Commerce, Bureau of Economic Analysis.
34
484.7
488.1
491.4
498.7
502.3
518.7
522.8
—
442.7
447.5
445.4
--
Less:
Wage
accruals
less
disbursements
0.0
-.1
.0
.1
-.1
.0
.0
.0
.6
.0
.0
-.2
.0
.0
.2
.0
.0
.0
.0
.0
.0
.0
.0
.0
Surplus
or deficit
/ "i
national
income
and
product
accounts
-158.0
-187.9
-270.4
- 163.5
-203.4
-276.3
-183.4
-184.6
-186.8
-187.2
-177.5
-152.7
-134.9
-141.5
-191.0
-217.7
-244.7
-270.2
-279.9
-290.7
-264.2
-263.5
-222.6
-211.7
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
106.8
106.6
106.2
107.5
108.4
108.9
81.2
91.0
96.1
95.4
100.0
105.3
105.2
101.8
98.1
98.5
97.4
99.0
99.2
99.4
100.0
100.5
109.3
109.9
110.1
110.4
110.2
110.5
'110.8
110.9
'100.7
101.8
103.1
'102.3
'102.1
'103.7
'102.6
103.2
1983
84.9
92.8
94.4
95.3
100.0
104.4
106.0
106.0
104.1
106.5
1984
1985
1986
1987
1988
1989
1990
1991
1992".
1992:
July
Aue
Sept
Oct
Nov .
Dec
1993: Jan
Feb
Mar
Apr
May
T}
July .
.
Japan
United
States '
France
Germany
100.4
104.8
108.9
113.4
118.4
123.2
129.3
135.5
143.1
146.4
99.8
102.1
104.1
104.8
104.9
105.7
108.0
111.4
115.0
116.9
100.5
107.9
114.2
117.2
120.9
124.2
128.6
133.0
137.2
140.6
100.3
102.7
104.8
104.7
104.9
106.3
109.2
112.1
116.0
120.6
100.8
111.5
121.1
128.5
134.4
141.1
150.4
159.6
169.8
178.9
99.8
104.8
111.1
114.9
119.7
125.6
135.4
148.2
156.9
162.7
140.5
140.9
141.3
141.8
142.0
141.9
145.6
145.6
145.5
145.7
146.4
146.4
116.6
116.9
117.5
117.6
117.4
117.4
140.6
140.4
140.8
141.2
141.4
141.4
120.7
120.9
121.2
121.7
122.3
122.4
179.1
179.2
179.8
180.9
182.0
182.3
163.1
163.2
163.8
164.4
164.1
163.6
142.6
143.1
143.6
144.0
144.2
144.4
144.4
144.8
145.1
145.7
147.0
147.4
147.3
147.3
147.6
147.6
148.0
148.1
148.2
148.4
117.3
117.4
117.7
118.5
118.6
118.5
118.8
119.2
119.3
141.9
142.4
143.1
143.2
143.5
143.4
143.5
143.5
144.0
144.3
123.8
124.3
124.7
125.1
125.5
125.7
126.0
126.0
126.1
126.4
182.9
183.6
184.0
184.7
185.4
186.4
187.1
187.2
187.5
188.6
162.0
163.1
163.7
165.2
165.8
165.7
165.3
166.0
166.7
166.6
Germany
85.5
96.5
93.4
97.1
96.8
97.2
96.6
98.0
100.0 100.0
109.3 104.6
115.9 108.8
121.4 110.9
123.7 111.2
116.5 110.0
117.3 '110.4
113.9 '110.4
118.2 110.6
114.6 111.2
113.1 106.3
112.7 104.8
90.9
93.5
97.7
99.6
100.0
103.9
108.8
114.1
117.4
116.0
88.9
91.8
92.9
96.2
100.0
105.9
109.2
109.4
107.1
106.5
88.9
89.0
93.9
96.2
100.0
104.8
107.0
106.7
102.5
102.0
99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
136.2
140.3
115.9
115.5
115.6
112.8
110.5
107.5
108.0
102.8
103.4
105.6
106.4
99.9
101.7
102.6
103.1
'104.2
'102.9
'102.2
107.2
105.9
107.8
106.4
107.3
107.0
106.2
'108.5
106 1
105.3
105.9
104.4
99.9
104.3
101.9
103.4
'102.7
' 103.9
'103.0
'103.4
'105.1
'104.3
'105.3
'105.2
105.3
112.3
113.5
116.5
113.4
110.7
112.5
111.9
105.0
' 107.6
'106.5
' 105.9
'106.0
105.9
107.2
107.2
Italy
112 2
Data relate to all urban consumers.
United
Kingdom
Japan
France
1125
Sept
Oct *.
1
Canada
United
Kingdom
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. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
Merchandise exports (f.a.s. value) l
General merchandise imports (customs value) s
Principal end-use commodity category
Period
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992- Sept
Oct
Nov
Dec
1993- Jan
Feb
Mar
Apr
May
T •*
July
Aug '
Sept
269.9
346.4
352.5
382.3
424.4
459.5
493.2
517.0
508.4
554.0
52.4
-106.7
-117.7
-138.3
-152.1
118.5
-109.4
-101.7
-66.7
-84.5
-64.2
-122.4
-133.6
-155.1
-170.3
-137.1
- 129.4
-123.4
-86.6
- 105.9
10.9
10.5
10.3
10.7
1.4
1.5
1.7
1.5
47.8
47.9
47.4
47.9
-8.3
-7.2
-7.8
-7.0
-10.1
-9.1
-9.6
-8.8
10.3
10.3
11.5
11.1
10.7
11.3
11.0
11.7
11.8
1.4
1.3
1.6
1.5
1.6
1.6
1.5
1.4
1.5
47.0
46.6
51.3
50.6
49.1
51.6
49.4
50.0
51.7
-7.7
-7.9
-10.5
-10.2
-8.4
-12.1
-10.4
-10.0
-10.9
-9.5
-9.6
-12.4
-12.1
-10.2
-14.0
-12.3
-11.9
-12.9
Other
258.0
* 330.7
* 336.5
365.4
406.2
441.0
473.2
495.3
488.5
532.7
18.2
21.0
21.9
24.4
24.8
24.8
25.1
26.6
26.5
27.9
107.0
123.7
113.9
101.3
111.0
118.3
132.3
143.2
131.6
138.3
40.9
59.8
65.1
71.8
84.5
101.4
113.3
116.4
120.7
134.2
40.8
53.5
66.8
78.2
85.2
87.7
86.1
87.3
85.7
91.8
44.9
60.0
68.3
79.4
88.7
95.9
102.9
105.7
108.0
123.0
2.0
2.1
2.0
1.9
46.0
46.1
45.6
46.1
2.2
2.3
2.2
2.3
12.0
12.5
11.8
11.5
11.6
11.8
11.6
11.9
7.8
7.5
8.0
8.2
2.0
1.9
2.0
2.1
L9
2.0
2.0
2.1
2.1
45.2
44.8
49.3
48.7
47.3
49.7
47.5
48.1
49.8
2.3
2.2
2.4
2.2
2.3
2.3
2.3
2.3
2.4'
11.6
11.1
12.6
12.6
12.3
12.8
12.1
11.7
12.3
11.7
11.7
12.4
12.4
12.3
13.1
12.8
12.5
13.0
7.9
8.3
8.8
8.8
8.2
8.6
7.8
8.5
8.7
Foods,
feeds,
and
beverages
Other 2
30.9
31.5
24.0
22.3
24.3
32.3
37.2
35.1
35.7
40.2
56.7
61.7
58.5
57.3
66.7
85.1
99.3
104.4
109.7
109.3
67.2
72.0
73.9
75.8
86.2
109.2
138.8
152.7
166.7
176.7
16.8
20.6
22.9
21.7
24.6
29.3
34.8
37.4
40.0
47.1
13.4
13.3
12.6
14.2
17.7
23.1
36.4
43.3
45.9
50.4
20.5
24.0
27.3
35.9
34.6
43.4
17.2
20.7
23.7
24.5
37.7
38.9
37.8
39.2
3.5
3.6
3.4
3.4
9.0
9.6
9.0
9.2
14.8
15.3
14.5
15.8
4.0
3.8
4.4
4.6
4.4
4.5
4.5
4.3
37.5
36.9
38.9
38.5
38.9
37.6
37.1
38.1
38.9
3.3
3.4
3.5
3.4
3.3
3.2
3.2
3.1
3.4
9.4
8.7
9.2
9.1
9.7
8.8
9.3
9.0
9.6
14.5
14.3
15.6
15.2
15.3
15.3
14.3
15.3
15.0
4.1
4.4
4.3
4.4
4.3
4.1
3.8
4.2
4.1
4.3
4.2
4.4
4.2
4.5
4.3
4.4
4.5
4.6
shipments.
Total exports are on a revised statistical month basis; end-use categories are on a statistical
6.3
7.8
9.4
10.4
12.1
12.8
13.6
16.1
15.9
17.6
Consumer
goods
(nonfood)
except
automotive
Consumer
goods
(nonfood)
except
automotive
1
Includes Department of Defense Military Assistance Program grant-aid
2
Includes undocumented exports to Canada through 1988.
3
Total arrivals of imported goods other than intransit shipments.
4
Total includes revisions not reflected in detail.
6
Exports
(f.a.s)
less
imports
(c.i.f.)
Automotive
vehicles,
parts,
and
engines
Automotive
vehicles,
parts,
and
engines
205.6
224.0
218.8
5
227.2
254.1
322.4
363.8
393.6
421.7
448.2
Exports
(f.a.8) less
imports
(customs
value)
Foods
feeds,
and
beverages
Capital
goods
except
automotive
Capital
goods
except
automotive
5
General
merchandise
imports
(c.i.f.
value)
Industrial
supplies
and
materials
Industrial
supplies
and
material!
Total2
Trade balance
Principal end-use commodity category
Total
month basis.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
U.S. INTERNATIONAL TRANSACTIONS
In the third quarter of 1993, the merchandise trade deficit rose to $36.3 billion, from $34.4 billion in the second
quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits ( —)]
Merchandise * z
Services
Period
Exports
237,044
211,157
201,799
219,926
1985
215,915
1986
223,344
1987
250,208
1988
320,230
1989
362,116
1990
389,303
1991
416,937
1992
440,138
1991- I
101,333
n
104,206
m
103,764
IV
107,634
1992- I
108,347
n
108,306
m
109,493
IV
113,992
1993- I
111,530
n" r!13,118
TTT '.... 111,912
1981
1982
1983
1984
Imports
Net balance
-265,067
-247,642
-268,901
-332,418
-338,088
-368,425
-409,765
-447,189
-477,365
498 336
-490,739
-536,276
-120,123
-120,525
- 123,404
-126,687
— 126,110
-133,107
-137,105
-139,954
-140,839
r
- 147,502
-148,191
-28,023
-36,485
-67,102
112 492
-122,173
-145,081
- 159,557
-126,959
-115,249
-109,033
-73,802
-96,138
- 18,790
-16,319
- 19,640
-19,053
-17,763
-24,801
-27,612
-25,962
-29,309
"- 34,384
-36,279
1
Excludes military.
' Adjusted from Census data for differences in timing and coverage.
yuarteny data are not seasonally adjusted.
36
Investment income
Net
military
transactions 3 4
Net
travel and
transportation
receipts
Other
services,
net
Receipts
on U.S.
assets
abroad
Payments
on foreign
assets in
U.S.
-844
112
-563
2547
-4,390
5 181
-3,844
-6,315
-6,726
-7,833
-5,851
-2,751
-2,532
-1,402
-1,164
-755
-571
-727
-617
-836
-145
23
144
-992
-4,227
-8,438
9 798
-7,382
6481
-1,511
5,071
8,979
17,933
19,718
2,926
4,299
5,228
5,481
5,011
5,201
4,882
4,624
5,014
5,323
12,552
13,209
14,095
14,277
14,266
18,855
17,900
19,961
26,558
29,505
33,799
39,444
7,935
8,397
8,660
8,809
9,608
9,177
11,016
9,641
9,755
9,449
86,529
86,200
84,778
99,056
89,489
87,497
95,129
122,275
144,904
151,201
127,292
110,612
36,018
32,057
30,074
29,144
29,028
28,641
27,195
25,749
26,078
27,458
-53,626
-56,412
-53,700
-69,572
-68,314
-74,736
-87,403
-109,653
-130,091
- 130,853
-114,272
-104,391
-30,247
-29,147
-28,447
-26,431
-24,609
-27,734
-25,492
-26,555
-26,115
-27,733
4
Net
Balance on
goods,
services,
and income
Unilateral
transfers,
net4
5,030
16,732 -11,702
32,903
5,632 -17,075 — 11,443
29,788
31,078 -26,719 -17,741 -44,460
29,483 -79,716 -20,612 -100,328
21,175 -100,920 -22,950 -123,870
12,761 -126,028 -24,176 - 150,203
144 256 -23,052 -167,308
7,726
12,621 - 102,203 -24,965 -127,168
75532 -26,092 -101,624
14,813
20,348 -58,034 -33,827 -91,861
-8,324
6,575
13,021 -14,899
6,222 -33,505 -32,895 -66,400
9,406
-4,690
14,096
5,771
1,769
-2,115
3,884
2,910
-5,289 -6,564 -11,853
1,627
-7,644
-2,805 -4,839
2,713
-6,685
704 -7,389
4,419
907 - 10,243 -8,010 - 18,253
1,703 -10,628 -7,147 -17,775
-806 -13,339 - 10,348 -23,687
-37 -14,722 -7,586 -22,308
-19,868 -7,066 -26,934
-275
Includes transfers of goods and services under U.S. military grant programs.
37 ft/r canAnvalim „/ toifc.
See
Balance
on current
account
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks decreased $4.7 billion in the second
quarter of 1993, following a decrease of $28.1 billion in the first quarter. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, decreased $2.5 billion in the second quarter, following a
decrease of $18.9 billion in the first quarter.
BILLIONS OF DOLLARS'
BILLIONS OF DOLLARS*
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET/\
\
. ^
20
-20
-40
-40
-60
-60
1993
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 /capifail outflow (— )]
Period
Total
1981
1982 ...
1983
1984 . ...
1985
1986
-114,147
-122,335
-58,735
-29,654
-34,687
-91,260
1987
-61,254
1988
91 423
1989
-129,331
1990
11 1°°
1991
-59,974
1992
50961
1991: I
-5,555
875
- 15,672
IV
37 870
1992: I
-1,029
8 695
-10,798
IV
-30,438
1993: I
-12,358
H".... -25,428
n
m
n
m
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
-353
1,014
3,877
1,225
1 057
1,464
1,952
1,542
983
720
Other U.S.
Government
assets
U.S.
private
assets
103 875
5097
-6,131 -111,239
52533
5 006
-21,035
-5,489
-2,821 -28,009
-89,551
-2,022
1,006 -71,408
-90,477
2,967
1,259 -105,297
-44,280
2,307
2,905 -68,643
- 1,609 -53,253
-5,761
559
-1,470
-419
3,224 -22,774
38 637
-459
303
-275
-9,866
-293
305 -12,445
-737 -31,243
535 -11,910
55 -26,203
6
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. i
tion in the IMF.
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
20
7,120
23,514
52,826
19,834
44,450
26,450
38,845
25,718
38,292
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
5,604
4924
3,855
13,029
21,124
21,008
-7,378
78,072
88,826
77,534
98,870
132,084
187,543
184,585
179,731
205,068
70,975
65,875
88,895
-5,624
12,044
19,659
39,798
-1,290
23,442
33,828
32,914
14,789
20,453
5,931
10,929
17,839
Statistical discrepancy
Allocations
of special
drawing
rights
(SDRs)
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
-3,831
-8,014
4,011
-7,312
-12,120
-17,502
2,123
15,280
8,948
14,070
Of which:
Seasonal
adjustment
discrepancy
4,710
-120
-6,506
1,911
4,878
653
-6,754
1,222
5,814
816
U.S. official
reserve
assets, net5
(unadjusted,
end of
period)
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,721
71,323
78,002
74,940
74,731
77,721
74,657
77,092
78,527
71,323
74,378
73,968
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
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
Nonagricuhural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, 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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