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103d Congress, 1st Session

Economic Indicators
OCTOBER

1993

(Includes data available as of November 1, 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)
RICHARD H. BRYAN (Nevada)
CHARLES S. ROBB (Virginia)
BYRON L. DORGAN (North Dakota)
WILLIAM V. ROTH, JR. (Delaware)
CONNIE MACK (Florida)
LARRY E. CRAIG (Idaho)
ROBERT F. BENNETT (Utah)

STEVEN QUICK, Executive Director

COUNCIL OF ECONOMIC ADVISERS
LAURA D. TYSON, Chair
ALAN S. BLINDER, 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
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
For sale by the U.S. Government Printing Office
Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402-9328
ISBN 0-16-041751-1

TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the third quarter of 1993, according to advance estimates, current-dollar gross domestic product (GDP) rose 4.4
percent (annual rate), real GDP (GDP in 1987 dollars) rose 2.8 percent, and the implicit price deflator rose 1.6
percent.
BILLION S OF DOLLARS (RATIO SCALE|
6,400

BILLIONS OF DOLLARS (RATIO SCALE)
6,400

SEASONALLY ADJUSTED ANNUAl RATES

6,000

6,000

^
^
^1

GDP
-1 CURRENT
\

5,600

x

5,200

4,800

X

4,400

r

f
\^

5,600

5,200

^

-" """

---""

\~~"~

4,800

— —

;>-"

\

GDP
1 987 DOL

4,400

_^-"

4,000

s

s

s

S

/

3,600

3,200

>-

4,000

1

X

S"

3,600

3,200

1 ( 1

1 1 1

1 1 1

1982

2,800

"
^

x"~~

1983

1984

:

i

i

i

1985

i i
1986

1 1 1
1987

i i i
1988

I I i
1989

t

)

l

1990

1

1

i t i

1

1991

SOURCE: DEPARTMENT OF COMMERCE

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 ....
jj

in

IV
1992: I ....

n
m

IV
1993: I

n p
m.

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
6,396.3

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
4,418.2

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
882.5

Federal
Net
exports

-115.6
-132.5
— 143.1
- 108.0
— 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
339
-38.8
-38.8
-48.3
65 1
-65.2

Exports

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
654.9

GDP less exports of goods and services plus imports of goods and services.




Government purchases

Exports and imports of goods
and services
Imports

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
720.0

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
1,160.8

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
442.2

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
302.3

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
139.9

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
718.6

Final
sales of
domestic
product

Gross
domestic
purchases 1

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
6,388.1

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
6,461.5

Source: Department of Commerce, Bureau of Economic Analysis.

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

GROSS DOMESTIC PRODUCT IN 1987 DOLLARS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Period

Government purchases
Final
sales of
domestic
product

Federal
Nonresidential
fixed
investment

Residential
fixed
investment

Change
in
business
inventories

Net
exports

Exports

Imports

Total
Total

National
defense

State
and
local

Nondefense

Gross
domestic
purchases 1

Addendum:
Gross
national
product

IV

1992- I
II
Ill

IV
1993- I
II
Ill"

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

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

4,906.5
4,867.2

3,288.4
3,265.9

551.2
540.2

189.0
10.9
176.3 -20.9

-62.2
86 8

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

4,837.8
4,855.6
4,872.6
4,879.6

3,242.7
3,256.9
3,267.1
3,267.5

521.4
517.8
512.8
506.1

163.8 -17.4
164.3 -22.3
171.0
-.9
179.1
7.1

-21.6
-13.3
-25.0
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

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

-5.0
12.6
9.6
8.7

-15.2
-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
5,138.0 3,467.9

1991: I
II
Ill .

2,865.8
2,969.1
3,052.2
3,162.4
3,223.3
3,272.6
3,258.6
3,341.8

4,922.0
4,956.5
4,998.2
5,068.3

IV
IV .
IV
IV .
IV
IV
IV
IV
III
IV

1

Exports and imports of
goods and services

4,279.8
4,404.5
4,539.9
4,718.6
4,838.0
4,897.3
4,861.4
4,986.3

1985

1986
1987
1988
1989
1990
1991 .
1992
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:

Gross
domestic
product

Personal
consumption
expenditures

562.3
584.3
593.3

211.4
206.2
211.2

29.3
13.0
7.3

-59.9
-75.2
-80.1

588.0
593.2
591.5

647.9
668.4
671.5

931.3
941.1
938.4

357.6
359.4
353.8

246.0
246.4
241.1

111.5
113.0
112.6

573.7
581.6
584.6

5,048.9
5,089.1
5,130.8

5,138.1
5,177.4
5,218.1

5,080.7
5,104.1

GDP less exports of goods and services plus imports of goods and services.

Source: Department of Commerce, Bureau of Economic Analysis.

IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[1987 = 100; quarterly data are seasonally adjusted]

Period

Gross
domestic
product

Gross private
domestic investment

Government purchases

Exports and imports of
goods and services

Federal
Total

Durable
goods

Nondurable goods

Services

Nonresidential
fixed

Residential fixed

Exports

Imports

Total

National
defense

Nondefense

State
and local

94.4
96.9
100.0
103.9
108.5
113.3
117.7
121.1
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II
III
IV

....

1992- I
II

in
IV

..

1993- I
II
III ".

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

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

116.4
117.3
118.2
118.9

1985
1986
1987
1988
1989
1990 .
1991
1992
1982:
19831984'
1985:
19861987:
19881989:
19901991-

Personal consumption
expenditures

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

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

123.3
124.0
124.5

126.2
127.0
127.4

109.2
109.8
109.9

124.1
124.2
123.8

131.8
133.1
134.1

105.7
106.0
105.1

115.8
117.3
118.7

110.8
111.3
110.7

108.0
108.5
107.2

123.8
124.5
125.0

123.9
124.8
125.4

123.6
123.9
124.2

121.5
122.3
122.9

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:
1990:

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

HI. .
IV
I

n
m

n
ni

IV
1992: I

n

m
rv ...
I

n
m"

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
-3.2
24
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

.8
1.9
2.8

3.6
2.3
1.6

Current
dollars

Fixed-weighted
price index
(1987 weights)

Implicit price
deflator

1.2
1.1
4.6

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

4.8
4.4
3.6
2.8
3.6
1.9
1.5
4
2.6
2.9
.8
2.8
.9
2.1
-2.7
-2.8
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

3.8
6.1
5.5

4.3
2.8
2.1

Constant
(1987) dollars

10.2
6.9
9.6

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

4.4
4.3
4.4

.

IV
1991- I

1993:

Constant
U987) dollars

Fixed-weighted
price index
(1987 weights)

.8
3.4
4.2

2.9
2.6
1.3

3.4
2.9
1.4

Source: Department of Commerce, Bureau of Economic Analysis.

NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) 1

Gross domestic product
of nonflnancial
corporate business
(billions of dollars)
Period

Total
cost and
profit 2

Current
dollars

1985
1986
1987
1988
1989
1990
1991
1992

. . . .

19821983:
19841985:
198619871988:
19891990:
1991-

IV
IV
IV
IV
IV
IV
IV
IV
IV
III
IV
1992- I

n
m

IV
1993- I

n

1
2

.

.

1987
dollars

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

1,806.3
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

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

Consumption of
fixed
capital

sation of
employees

Net
interest

Total

0.093

0.636

0.038

0.094

1.000
1.030
1.072
1.109
1.137
1.149

0.109
.111
.110
.111
.117
.120
.126
.125

.095
.095
.096
.101
.106
.115
.116

.648
.658
.676
.706
.736
.758
.762

.040
.042
.045
.054
.054
.052
.048

.084
.096
.102
.094
.093
.086
.099

.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

.119
.119
.111
.110
.112
.110
.112
.120
.123
.126
.125
.125
.124
.129
.122
.124
.123

.086
.088
.091
.093
.095
.094
.097
.102
.109
.116
.116
.117
.116
.116
.116
.116
.118

.607
.602
.623
.643
.654
.664
.687
.718
.748
.761
.760
.762
.762
.762
.761
.772
.770

.040
.036
.041
.038
.042
.042
.047
.055
.054
.052
.051
.050
.049
.047
.046
.047
.046

.051
.079
.091
.092
.081
.099
.102
.088
.085
.084
.088
.091
.098
.096
.109
.102
.108

Output is measured by GDP of nonfmancial corporate business in 1987 dollars.
This is equal to the deflator for gross domestic product of nonfmancial corporate business with
the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments less subsidies.




Indirect
business
taxes 3

Corporate profits with inventory
valuation and capital consumption
adjustments

4

Profits
tax
liability
0.030
.031

Profits
after
tax 4
0.064

.037
.038
.037
.034
.031
.035

.053
.059
.064
.057
.059
.056
.064

.020
.029
.027
.030
.035
.038
.040
.033
.034
.031
.031
.033
.036
.034
.037
.037
.040

.030
.050
.064
.063
.045
.060
.063
.055
.052
.053
.056
.059
.062
.062
.072
.065
.068

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
23.383
23.733
24.479

14.082
14.740
15.208
15.833
16.377
17.230
18.020
18.539

21.071
21.891
22.054
22.346
22.890
23.357
23.523
23.150
23.473
23.779
24.024
24.197
24.318
24.583
24.887
24.687

12.791
13.185
13.731
14.359
14.974
15.518
16.070
16.619
17.598
18.137
18.286
18.394
18.465
18.603
18.746
18.875

With inventory valuation and capital consumption adjustments.
* Data beginning 1990 based on GDP release of August 29, 1993.
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:
1983:
1984:
19851986:
19871988:
19891990:
1991-

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

IV
IV
IV
IV
IV
IV
IV
IV
IV
III .
IV
1992- I ...
II
III
IV
1993- I
II
III"
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
3,792.8

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
27.0

18.7
8.7
3.2
4.3
-13.5
-14.2
-12.8
-8.9
24.1
22.2
24.3
14.0
4.7
6.8
2.8
-21.6
— 11.1
-16.3
-11.2
87
-7.2
185
-1.2
7.5
12.7
13.9

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
396.2

Includes employer contributions for social insurance. (See also p. 5.)

Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Profits
before tax

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

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

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

Total

Capital
consumption
adjustment

Net
interest

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
23.6

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

0.2
9.7
-14.5
-27.3
-17.5
-11.0
4.9
53
-8.6
-7.6
3.5
38
-10.7
17 8
-31.7
-13.5
-19.5
30
1.9
46
13 7
-7.8
4.9
-12.7
-12.2
.2

Source: Department of Commerce, Bureau of Economic Analysis.

PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS
[Billions of 1987 dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Durable goods

Period

Total
personal
consumption
expenditures

Total
durable
goods

1985

2,865.8

370.1

1986
1987
1988
1989
1990
1991
1992
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:

2,969.1

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
493.0

... .

IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II

in

IV
1992: I

n
m
rv

1993: I
II

m »....

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
3,467.9

Motor
vehicles

and
parts

180.2
193.3

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
189.5

Includes other items, not shown separately.




Furniture and
household
equipment

123.8
136.3
144.0

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
219.1

Other

66.1
72.4
76.2
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
84.4

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
1,092.3

Food

Clothing

and
shoes

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
531.5

158.8
170.3
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
200.4

Gasoline

and oil

79.2

82.9
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
85.8

Retail sales of new
passenger cars
(millions of units)

Services

Nondurable goods

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
261.5

Total
services 1

Housing

Medical
care

1,537.0

435.9

353.0

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
1,882.6

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
493.2

366.2
384.7
399.4
408.6
424.6
437.6
449.2
327.8
334.8
344.9
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
466.0

Source: Department of Commerce, Bureau of Economic Analysis.

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 $10.4 billion (annual rate) in September, after rising $70.5 billion in August. The large
increase in August reflected a rebound from the effects of the Midwest floods and a drought in the Southeast.
BILLIONS OF DOLLARS* (RATIO SCALE)
6,000

BILLIONS OF DOLLARS* (RATIO 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

i i i i I i l tll

400
1985

1986

l i l l l I i l l ll
1988

1987

1989

I I i I i I I M II

i l l l l i l l ii

1990

400
1992

1991

1993

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; monthly data at seasonally adjusted annual rates]

Period

personal
income

Wage and
salary
disbursements l

1984

3 1546

1 849 8

1985
1986
1987
1988
1989
1990
1991
1992
1992- Sept ..
Oct
Nov ...
Dec
1993: Jan ...
Feb
Mar

3 379 8
35904
3 8020
4,075.9
43803
4673 8
48509
5 144 9
5 1724
5 239 1
5,238.5
5507 3
5 225.7
5 249 1
5,289.2
53656
5 3804
53736
5 359 2
5,429.7
5440 1

1 9865
2,1054
2 261 2
2,443 0
25864
2 7450
2,8150
2973 1
2,976 3
3002 5
3,021 1
3 2639
2,970 9
29763
2,975.8
3,068 3
30938
3,086 0
3 1000
3,122.8
3 1200

July '
Aug T..
Sept "

Proprietor ' income 3
Other labor
income * 2

184 7
191 8

21 3
21 5

2147

233

2384

2007
2104
230.5
251 9
274 3
2969
322 7
3279
3298
331.5
333 1
335.8
3385
341.2
3439
3466
349.3
3520
354.7
3574

22.3
31 3
30.9
402
41 9
36.8
43 7
43.8
580
38.6
462
36.9
48.2
82.0
59.7
452
36.0
96
33.7
37.8

261 5
2790
293.4
307 0
321 4
3395
3706
373.2
3807
382.4
387 8
388.4
3887
388.2
389.7
392 7
394.8
391 8
397.6
3993

18 7
8.7
32

1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
^ Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.




Nonfarm

Farm

Less:
income of
persons 4

4

4.3

— 135
14 2
12.8
— 89
8.0
— 18
— 1.4

4
4.9
9.5
8.1
14.3
120
11.9
63
16.7
18.7

dividend
income

interest
income

788
87 9

461 9
498 1

104 7
1004
1084
1265
144 4
1279
1404
147 4
149 7
152.0
155 3
156.7
157 1
157.2
1575
157 8
158.2
1586
159.0
1593

531.7
548 1
583.2
6682
6982
715.6
6943
689,6
692 2
694.8
6966
695i7
6953
695.2
694.1
693 1
692.0
6929
694.2
695.6

pay- a

ments

452.9

4859
517.8
542.2
576.7
625.0
687 6
769.9
858.4
872.2
879.7
872.4
880.2
892.4
892.6
898.3
901.7
904.5
910.2
913.9
918.5
919.1

contributions
for social
insurance

1328
149 1

162.1
1736
194.5
211 4
2249
237.8
249 3
250.1
251 6
252.9
2554
256.1
2569
256.9
263.5
2653
264.9
2659
267.5
267 1

personal
income 6

3,106.1

3 333 2
3,545.6
3 749.4
4,023.9
4,318.0
46086
4,792.0
5080.1
5,107.7
5 1602
5,178.9
5,440.2
5,167.4
5,179.0
5,185.1
5,283.7
53128
5,315.0
5,327.2
5,373.4
5,379.6

With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
5
6

DISPOSITION OF PERSONAL INCOME
According to advance estimates, per capita disposable personal income in 1987 dollars was about unchanged in
the third quarter of 1993.
BIWONS Of DOLLARS" (RATIO SCALE]

BILUONS Of DOLLARS' (RATIO SCALE)

2,500

2,500

2,000

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

I

I

I I

I

I

I I

I I

I

I 2,000

DOLLARS' (RATIOSCALE)

DOLLARS' (RATIO SCALEI

8,000

COUNCIl OF ECONOMIC ADVISERS

Period

Personal
income

Less:
Personal
tax and
nontax
payments

P

1

Disposable
income

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
1987
dollars
(billions)

Per capita
disposable personal
income
Current
dollars

Billions of dollars
1985
1986
1987
1988
1989
1990
1991
1992

3,379.8
3,590.4
3,802.0
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
3,787.0
4,050.5
4,230.5
4,500.2

1987
dollars

Per capita personal
consumption
expenditures
Current
dollars

1987
dollars

Dollars
2,753.7
2,944.0
3,147.5
3,392.5
3,634.9
3,880.6
4,029.0
4,261.5

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
3J464.9
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
persona]
income

Saving as
percent of
disposable
personal
income

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

13,258
18,552
13^545
13,890
14^005
14,101
13^965
14,219

11,843
12^568
13,448
14,241
15,048
15,459
16,205

12,015
12,336
12^568
12,903
13^029
13,093
12395
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
12,591
13,145
13,278
13,522
13,685
13,996
14,015
14,018
13,971
14,000
13,927
13,963
14,073
14,142
14,169
14,490
14,163
14,326
14,324

9,134
9,980
10,649
11,445
12,101
12,819
13,814
14,491
15,283
15,273
15,409
15,530
15,621
15,906
16,072
16,249
16,589
16,704
16,907
17,084

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
13,409

-0.5
7.2
1.0
1.8
-1.7
5.2
3.2
1.8
-1.7
-1.3
.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
258,619

11,184

Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:

IV
IV
IV
IV
IV
IV
IV
IV
IV....
I

n
m ...

IV....
1992: I

n
m ...

IV....
1993: I

n
m*..

2,746.8
2,965.8
3,242.5
3,456.7
3,647.8
3,918.5
4,195.2
4,469.4
4,759.1
4,783.9
4,833.4
4,858.8
4,927.5
5,017.8
5,093.8
5,139.8
5,328.3
5,254.7
5,373.2
5,409.7

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
690.2

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
4,719.5

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
4,542.6

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
176.9

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
3,704.4

1
Includes personal consumption expenditures, interest paid by persons, and personal transfer pay
ments 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
18,249

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 first quarter of 1993, according to current estimates, gross farm income rose $3.9 billion (annual rate) and
net farm income rose $6.8 billion.
BILUC NS OF DOLLARS' (RATIO SCALE)

BILLIONS OF DOLLARS' (RATIO S CALE)

240
200

>.,.—,

x

160

-«,

t

>

^

^

f~~

, -,

240
200

* ! •
• •

^"

/*

160

\
\
1
GRO.>S FARM INCOME

120

120

80

80

An

An

40

40

20

20

10

10

•SEASONAUY 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 »

Total

Livestock and
products

Crops

Value of
inventory
changes 2

Production
expenses

Current
dollars

1987 dollars a

1984
1985
1986
1987
1988
1989
1990
1991
1992

168.0
161.2
156.1
168.5
175.8
190.9
196.4
190.3
197.7

142.8
144.1
135.4
141.8
151.2
161.2
170.0
168.7
171.2

72.9
69.8
71.6
76.0
79.4
84.1
89.8
86.8
86.4

69.9
74.3
63.8
65.9
71.7
77.0
80.1
81.9
84.8

6.0
-2.3
-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

26.1
28.8
31.1
39.7
38.8
46.9
46.5
40.0
48.6

28.7
30.5
32.0
39.7
37.3
43.2
41.0
34.0
40.2

1991- I
H

190.5
191.2
186.8
192.7

166.5
166.8
172.2
169.4

89.6
87.6
84.9
85.0

76.9
79.2
87.3
84.4

1.2
.6
.1
-3.1

147.5
149.8
151.7
152.2

43.0
41.4
35.2
40.5

37.0
35.3
29.8
34.1

199.6
202.8
197.3
191.3

167.1
174.2
178.9
164.5

84.2
86.0
85.3
89.9

82.9
88.1
93.6
74.6

4.7
4.3
3.5
2.5

146.3
148.6
150.4
151.0

53.3
54.2
46.8
40.3

44.4
44.8
38.6
33.0

195.2

168.0

85.1

148.1

47.1

38.2

m
rv

1992: I

n ....
m

IV

1993- I
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.




83.0
3

-1.3

Income in current dollars divided by the GDP implicit price deflator.

NOTE.—Data include net Commodity Credit Corporation loans and operator household
Sources: Department of Agriculture and Department of Commerce.

CORPORATE PROFITS
In the second quarter of 1993, corporate profits before tax rose $25.8 billion (annual rate) and profits after tax
rose $13.4 billion.
BILUCNSOFDOUARS
450

BHUONSOFDOUARS
450
SEASONALLY ADJUSTED ANNUAL RATES

PR OFITS BEFC RE TAX

350

200

/"-N

-

r^^

100

S

s**+'

v

•"•""• —

>

' f * + .- - »

%

.

350

300

_/'
y

V

>

/

f

'"*

250

V

S

200

XX

,

,'"
f

1982

1983

1 1
1984

\

\

f

x

f

i

--""

+

*

,-

s
"* *

\

\* /

100
+

50

,' \

i i i
1985

~"
150

• /
V

' UNDISTRI JUTED PRO :ITS

»
1

\

• k

*

1 1 1

^f\

TAX LIABI JTY

0

1 1 1

+-~'^. s.."-"""

*x._

, fS '

W'

t

-

s

s

f'

^ 400

/^

V

^
-.,

/

-N

"A

N.

s'^ *
50

r"1 V

/

^
1

-—s-J
150

/
,_ ^

[\

PftOFITS AFTFR T/kX

/

r\

Jf

v/
ty

300

250

f\

, 1
-

400

-

,
'
1

1 1
1986

1

1 1
1987

1

1 1
1988

1

1 I
1989

1 1 1

1 ! 1
1991

1990

i ii
1992

0

1 1 1
1993

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment

1

Profits after tax

Domestic industries
Nonfinancial

Period
Total 2
Total

1985
1986
1987
1988
1989
1990
1991
1992
19821983:
1984'
1985:
19861987:
1988:
19891990:
1991-

IV
IV..
IV
IV
IV
IV
IV
IV
IV
I
II
Ill
IV
1992- I

...

n
ni

IV
1993- I

n

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

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

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

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

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

HI'
1
2

See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.




3

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

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

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

Dividends

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
169.9

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

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
.2

GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
According to advance estimates for the third quarter of 1993, nonresidential fixed investment in 1987 dollars rose
$9.0 billion (annual rate) and residential investment rose $5.0. There was a $7.3 billion increase in inventories,
following an increase of $13.0 billion in the second quarter.
)LLARS
BILLIONS OF 1 987 DC

BILLIONS OF 1 987 DOLLARS

900

900
SEASONALLY ADJUSTED ANNUAL RATES

800

800

^^

700

/

AGO

500

^

~x/

Pv^
/I

"-^

"A ^s- r^

^

700

X.

GROSS P RIVATE DO MESTIC
(VESTMENT

600

s*~

_r —
\

• ^"^

s*~
S*

' ^V_

^ •*
500

NONRES DENTIAL
FIXED INV ESTMENT

**

400

400
RES IDENTIAL
FIXED NVESTMEN T
300

300

.....J.. — - — -_

.-

200

^'
*s^^

w -^"*"

CHANGE IN BUSINESS
INVENTORIES

S

— . — •*''

200

^» « ^ * "^

V

100
X

100

X,

x

t

0

B

X

/

„,

- - X

_ •"

*'

%% ,

t

\

-100

\

1

1

1984

1983

1982

0

• •- *

4

SOURCE: DEPART MENT OF COM*

1

1985

I

i

1

1

1986

1

1

1

1

1987

1

1

I

1988

1989

| |

i

i

i

-100

1991

1990

c DUNCIL OF

ERCE

1993

1992

ECOC OMIC ADViSER

[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories

Fixed investment
Gross
private
domestic
investment

Period

Nonfarm

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
84
6.5

19.8
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

449
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

...

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

803.0
803.6
811.8

773.7
790.6
804.5

562.3
584.3
593.3

148.2
151.1
150.8

414.1
433.2
442.6

211.4
206.2
211.2

29.3
13.0
7.3

29.3
17.1
17.9

....

.

...

Source: Department of Commerce, Bureau of Economic Analysis.




Total

324.4
323.7
326.5
356.8
362.5
367.0
354.3
378.6

IV

n
m f

Residential

171.3
174.0
177.6
179.5
160.2
150.6

1992- I

1993- I

Producers'
durable
equipment

197.4
176.6

1991- I ...

n
m.
rv

Structures

521.8
500.3
497.8
530.8
540.0
546.5
514.5
529.2

.

n
m.

Total

723.8
726.5
723.0
753.4
754.2
741.1
684.1
726.4

1986
1987
1988
1989
1990
1991
1992
IV..
IV
IV
IV
IV
IV ..
IV
IV .
IV

Total

745.9
735.1
749.3
773.4
784.0
746.8
675.7
732.9

1985

198219831984:
198519861987198819891990-

Nonresidential

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

500

500

400

300

300

NONMANUFACTUR1NG
200

-*

MANUFACTURING

I

I

I I I

I

1986

1984

1987

I
1989

1988

1/5URVEYED QUARTERLY
£/SE£ FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE

I I
1992

I

I I
1993

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda

Industries surveyed quarterly
Nonmanufacturing

Manufacturing
Period

All
industries

Total

1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
19934

326.19
321.16
373.83
410.12
399.36
410.52
455.49
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

1991- I
II

534.02
525.74
526.76
529.51

1992- I
II....
Ill
IV
1993: I

m
IV

n

4

III
IV




Nonmanufacturing
Manufacturing

Total

Surveyed
quarterly

239.11
242.38
278.77
302.05
309.16
320.45
344.77
380.13
399.34
405.12
433.69

202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
405.31

Nondurable
goods

Total 1

Mining

Transportation

Public
utilities

Commercial
and
other

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

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

190.93
186.82
178 12
178.31

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
374.54
382.38

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

175.05
177.09
186 69
180.75

Surveyed
annually"

343.10
338.92
348.64
351.20

389.08
402.70
412 21
417.23

Durable
goods

1
Excludes forestry, fisheries, and agricultural services; professional services; social services and
membership organizations; and real estate, which, effective with the April-May 1984 survey, are no
longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for
these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.

10

Total
nonfarm
business 2
363.08
359.73
418.38
454.93
447.11
461.51
508.22
563.93
591.96
587.93
607.71

123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.90

36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
59.35
59.54
61.11

3
Consists of forestry, fisheries, and agricultural services; professional services; social services and
membership organizations; and real estate.
4
Planned capital expenditures as reported by business in July-August 1993, corrected for biases.

Source: Department of Commerce, Bureau of the Census.

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In September, civilian employment fell by 253,000 and unemployment fell by 144,000.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

130

130

SEASONALLY ADJUSTED

126

126

122

122

118

118

114

114

CIVILIAN
EMPLOYMENT

110

110

106

106

102

102

12
UNEMPLOYMENT

/

1985

1987

1986

1988

1989

1990

1991

1993

1992

*16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR

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

Noninstitutiona]
population
including
resident
Armed
Forces
NSA

Unemployment

Civilian employment
Resident
Armed
Forces
NSA

Labor force
including
resident
Armed
Forces

Employment
including
resident
Armed
Forces

Nonagricultural
Civilian
labor force

Total

Agricultural

Total

Part time
for
economic
reasons l

Total

15
weeks
and over

Civilian
Labor
force
participation
rate
(percent) 2

Employment/
population
ratio
(percent) 2

175,891
178,080
179,912
182,293
184,490
186,322
188,081
189,686
191,329
193,142

1,676
1,697
1,706
1,706
1,737
1,709
1,688
1,637
1,564
1,566

113,226
115,241
117,167
119,540
121,602
123,378
125,557
126,424
126,867
128,548

102,510
106,702
108,856
111,303
114,177
116,677
119,030
119,550
118,440
119,164

111,550
113,544
115,461
117,834
119,865
121,669
123,869
124,787
125,303
126,982

100,834
105,005
107,150
109,597
112,440
114,968
117,342
117,914
116,877
117,598

3,383
3,321
3,179
3,163
3,208
3,169
3,199
3,186
3,233
3,207

97,450
101,685
103,971
106,434
109,232
111,800
114,142
114,728
113,644
114,391

5,997
5,512
5,334
5,345
5,122
4,965
4,657
4,860
5,767
6,116

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

1984
1985
1986*
1987
1988
1989
1990
1991
1992
1992:
Sept
Oct
Nov
Dec
1993:

193,513
193,683
193,847
194,026

1,566
1,552
1,531
1,517

128,840
128,618
128,896
129,108

119,290
119,239
119,595
119,828

127,274
127,066
127,365
127,591

117,724
117,687
118,064
118,311

3,221
3,169
3,209
3,262

114,503
114,518
114,855
115,049

6,096
6,151
6,230
6,063

9,550
9,379
9,301
9,280

3,522
3,564
3,446
3,605

66.3
66.1
66.2
66.3

61.3
61.3
61.4
61.5

194,159
194,298
194,456
194,618
194,767
194,933
195,104
195,275
195,453

1,515
1,512
1,497
1,492
1,484
1,477
1,471
1,482
1,482

128,598
128,839
128,926
128,833
129,615
129,604
129,541
129,852
129,457

119,586
119,963
120,062
119,908
120,757
120,696
120,772
121,192
120,939

127,083
127,327
127,429
127,341
128,131
128,127
128,070
128,370
127,975

118,071
118,451
118,565
118,416
119,273
119,219
119,301
119,710
119,457

3,191
3,116
3,082
3,060
3,070
3,024
3,039
2,980
3,095

114,879
115,335
115,483
115,356
116,203
116,195
116,262
116,729
116,362

5,887
6,242
5,965
6,238
6,268
6,176
6,255
6,287
6,251

9,013
8,876
8,864
8,925
8,858
8,908
8,769
8,661
8,517

3,317
3,143
3,073
2,926
3,004
2,849
3,037
3,032
3,113

66.0
66.0
66.0
65.9
66.3
66.2
66.1
66.2
66.0

61.3
61.4
61.4
61.3
61.7
61.6
61.6
61.8
61.6

1983

Feb
Mar
May

July
Sept
1

Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutional population.




59.5
60.1
60.7
61.5
62.3
63.0
62.7
61.6
61.4

"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 September, the civilian unemployment rate was unchanged at 6.7 percent.
PERCENT* (SEASONALLY ADJUSTED)

PERCENT* (SEASONALLY ADJUSTED)

15

10

1989

1989

1993

* UNEMPLOYMENT AS PERCENT OF CIVItlAN 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

9.5
7.4

1986
1987
1988
1989
1990
1991
1992
1992:

Sept ....

Oct
Nov ....
Dec
1993: Jan
Feb
Mar
Apr
May
June ...
July

Aug
Sept
1
2

Unemployment
rate,
all
workers 1

7.1
6.9
6.1
5.4
5.2
5.4
6.6
7.3
7.4
7.3
7.2
7.2
7.0
6.9
6.9
6.9
6.8
6.9
6.8
6.7
6.6

9.6
7.5
7.2
7.0
6.2

5.5
5.3
5.5
6.7
7.4
7.5
7.4
7.3
7.3
7.1
7.0
7.0
7.0
6.9
7.0
6.8
6.7
6.7

Men
20 years
and over

8.9
6.6
6.2
6.1
5.4
4.8
4.5
4.9
6.3
7.0
7.1
7.2
6.9
6.8
6.4
6.5
6.7
6.4
6.4
6.5
6.5
6.4
6.3

Women
20 years
and
over
8.1
6.8
6.6

6.2
5.4
4.9
4.7
4.8
5.7
6.3
6.4
6.2
6.2
6.4
6.4
6.0
5.7
6.0
5.9
5.9
5.8
5.7
5.7

Both
sexes

16-19

Black
White

years

22.4
18.9
18.6
18.3
16.9
15.3
15.0
15.5
18.6
20.0
20.4
18.9
20.2
19.2
19.7
19.6
19.5
20.7
19.7
19.8
18.2
18.2
17.4




and

Black

other

8.4
6.5
6.2
6.0
5.3
4.7
4.5
4.7
6.0
6.5
6.6
6.5
6.4
6.3
6.2
6.1
6.1
6.0
6.0
6.1
6.0
5.9
5.8

Unemployed as percent of total labor force including resident Armed Forces.
Aggregate hours lost by the unemployed and persons on part time for economic reasons as per-

12

By selected groups

By race

By sex and age
All
civilian
workers

17.8
14.4
13.7
13.1
11.6
10.4
10.0
10.1
11.1
12.7
12.6
12.5
12.6
12.8
12.9
12.0
12.0
12.5
11.7
12.0
11.7
11.6
11.5

19.5
15.9
15.1
14.5
13.0
11.7
11.4
11.3
12.4
14.1
13.9
14.1
14.0
14.2
14.2
13.1
13.5
13.8
12.9
13.3
12.9
12.5
12.6

Experienced
wage and
salary
workers

Married
men,
spouse
present

9.2
7.1
6.8
6.6
5.8
5.2
5.0
5.3
6.5
7.1
7.2
7.1
7.0
7.0

6.5
4.6

6.8
6.7
6.6
6.7
6.5
6.6
6.6
6.5
6.3

4.5
4.5
4.7
4.5
4.5
4.4
4.6
4.4
4.2

4.3
4.4
3.9
3.3
3.0
3.4
4.4
5.0
5.2
5.1
4.9
4.8

Women
who
maintain
families

Fulltime
workers

Parttime
workers

12.2
10.3
10.4

9.5
7.2
6.8

10.4

9.8
9.2
8.1
8.1
8.2
9.1
9.9
9.1
9.3

6.6
5.8
5.2
4.9
5.2
6.5
7.1
7.2
7.1
7.0
6.9
6.7
6.6
6.6
6.6
6.6
6.6
6.7
6.5
6.4

10.4
10.3
10.6
10.2
9.0
9.6
9.9
9.8
9.8
8.7
8.7

cent of potentially available labor force hours.
Source: Department of Labor, Bureau of Labor Statistics.

9.3
9.3
9.1
8.4
7.6
7.3
7.4
8.3
9.2
9.5
9.2
9.2
9.7
9.3
9.1
8.9
9.7
8.4
8.9
8.3
8.4
8.6

Labor
force
time lost
(percent) z

10.9

8.6
8.1
7.9
7.1
6.3
5.9
6.2
7.6
8.3
8.3
8.3
8.3
8.1
7.9
7.9
7.9
7.8
7.9
7.8
7.8
7.7
7.6

SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In September, there was a decrease in the percentage of the unemployed who had been out of work for 5-14
weeks; there were increases in the percentages for less than 5 weeks, for 15-26 weeks, and for 27 weeks and
over. The mean duration of unemployment rose to 18.5 weeks and the median duration rose to 9.1 weeks.
PERCENT DISTRIBUTION
70

PERCENT DISTRIBUTION*
70
REASON FOR UNEMPLOYMENT

REENTRANTS

./

1989

1990

1991

1992

1993

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
34.0
33.9
33.2
32.6
36.1
36.5
35.5
38.2
37.7
36.8
37.0
34.5
35.2

31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
32.0
32.3
29.4
29.5
28.3
30.2
28.8
27.4
28.1
29.4
28.4
28.2
31.3
28.7
30.6
28.5

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
14.8
15.7
15.3
16.5
15.5
13.9
14.4
14.5
14.3
12.9
14.6
14.9
15.9

16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
10.1
13.0
20.6
21.7
22.2
21.4
22.1
21.1
21.5
20.7
18.8
19.8
19.1
19.7
20.0
20.3

15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.1
13.8
17.9
18.5
19.2
18.4
19.2
18.7
18.3
17.5
17.4
17.6
17.6
17.9
18.3
18.5

8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
5.4
6.9
8.8
9.3
9.3
9.4
9.4
8.5
8.2
8.3
8.5
8.1
8.1
8.2
8.4
9.1

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
23.5
23.6
24.1
26.1
25.9
23.0
24.3
25.9
25.0
23.9
23.8
24.1

11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.5
9.8
8.3
10.0
10.0
10.7
10.0
10.5
10.5
10.2
9.7
9.8
9.5
9.8

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' Sept
Oct
Nov
Dec
1993' Jan
Feb
Mar
May

July
Sept
1

10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
9,550
9,379
9,301
9,280
9,013
8,876
8,864
8,925
8,858
8,908
8,769
8,661
8,517

Includes State (.50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Railroad <RR) programs included through 1991. Also includes
Federal and State extended benefit programs. Does not include Federal supplemental compensation
program.




58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
48.3
54.7
56.4
56.5
58.5
55.9
55.4
54.0
52.3
54.2
53.9
52.9
54.6
56.1
57.0
55.3

7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.0
9.7
10.5
10.5
9.1
11.8
12.3
11.3
10.9
10.6
10.2
9.6
10.8

4,061
3,396
2,476
2,611
2,650
2,332
2,081
2,158
2,522
3,342
3,245
3,168
3,035
2,937
2,783
2,715
2,640
2,701
2,764
2,770
2,813
2,832
2,796
2,810

583
438
377
396
378
328
310
330
388
447
408
402
365
359
341
353
343
362
347
341
343
352
327
328

4,594
3,775
2,561
2,693
2,746
2,401
2,135
2,205
2,575
3,406
3,339
2,814
2,537
2,670
3,064
3,390
3,344
3,394
2,929
2,597
2,806
2,655
2,721
2,417

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 156,000 in September.
MILLIONS OF PERSONS* (ENLARGED SCALE)

MILLIONS OF PERSONS*

32
110

r\

I— ' •

1

: -—
=

ALLN ONAGRICULT URAL
ES 'ABLISHMEN S

-

100 -

90

80

-

__

r\ ^

-

-

SER VICE-PRODIK:ING
INDUSTRIES

60 -

-

50

40

-

-

GOO 3S-PRODUCIh IG
1 ^DUSTRIES
f
CONST AUCTION
ll 1 M 1 1 II | | |

' 1989

1 1 1 1 1 1 II M 1 II III! III! 1 m,71
1991
1992
1990

MUllllllll Illllllllll
f
1989
1990

M.iTmn.
1993

^

Illlll
1991

* SEASONALLY ADJUSTED
SOURCE; DEPARTMENT OF LABOR

Illlll
1992

linn.
1993 '

COUNCIL OF ECONOMIC ADVISERS

[Thousands of wage and salary workers; * seasonally adjusted]

Period

1983
1984

1985
1986
1987
1988
1989
1990
1991
1992
1992: Sept....
Oct
Nov ....
Dee
1993: Jan
Feb
Mar
Apr ....
May....
June...
July r..
Aug r..
Sept ".

f
Totaji
nonagricultural
employment

90,152
94,408
97,387
99,344
101,958
105,210
107,895
109,419
108,256
108,519
108,674
108,789
108,921
109,079
109,235
109,539
109,565
109,820
110,058
110,101
110,338
110,297
110,453

Total

z

23,330
24,718
24,842
24,533
24,674
25,125
25,254
24,905
23,745
23,142
23,012
22,995
22,995
22,985
23,001
23,069
23,016
22,980
23,006
22,941
22,948
22,895
22,887

Goods-producing industries
—
Manufacturing
Construction
Durable NondurTotal
able
goods
goods
3,946
4,380
4,668
4,810
4,958
5,098
5,171
5,120
4,650
4,471
4,447
4,466
4,462
4,459
4,454
4,515
4,481
4,517
4,577
4,574
4,593
4,591
4,596

18,432
19,372
19,248
18,947
18,999
19,314
19,391
19,076
18,406
18,040
17,949
17,911
17,917
17,913
17,936
17,954
17,935
17,863
17,827
17,771
17,760
17,712
17,694

10,707
11,476
11,458
11,195
11,154
11,363
11,394
11,109
10,569
10,237
10,164
10,135
10,142
10,136
10,152
10,163
10,144
10,090
10,047
10,011
9,996
9,970
9,967

7,725
7,896
7,790
7,752
7,845
7,951
7,997
7,968
7,837
7,804
7,785
7,776
7,775
7,777
7,784
7,791
7,791
7,773
7,780
7,760
7,764
7,742
7,727

i
Total

66,821
69,690
72,544
74,811
77,284
80,086
82,642
84,514
84,511
85,377
85,662
85,794
85,926
86,094
86,234
86,470
86,549
86,840
87,052
87,160
87,390
87,402
87,566

Transportation
and
public
utilities
4,952
5,156
5^233
5,247
5^362
5,514
5^625
5,793
5,762
5,709
5,704
5,699
5,699
5,707
5,719
5,725
5,724
5,720
5,719
5,711
5,709
5,693
5,705

Service-producing industries
Wholesale
trade

5,283
5,568
5,727
5,761
5,848
6,030
6,187
6,173
6,081
6,045
6,037
6,052
6,061
6,062
6,086
6,097
6,103
6,110
6,125
6,110
6,126
6,107
6,111

R atal}
etali
trade

15,587
16,512
17,315
17,880
18,422
19,023
19,475
19,601
19,284
19,346
19,380
19,402
19,405
19,460
19,523
19,629
19,604
19,648
19,702
19,751
19,790
19,796
19,837

Government

Finance,
insurance,
and real
estate

Services

5,466
5,684
5^948
6,273
6,533
6,630
6,668
6,709
6,646
6,571
6,565
6,570
6,569
6,575
6,578
6,577
6,574
6,585
6,588
6,590
6,604
6,601
6,611

19,664
20,746
'21,927
22,957
24,110
25,504
26,907
27,934
28,336
29,053
29,247
29,361
29,430
29,524
29,573
29,665
29,756
29,977
30,099
30,175
30,320
30,370
30,396

Total

15,869
16,024
16,394
16,693
17,010
17,386
17,779
18,304
18,402
18,653
18,729
18,710
18,762
18,766
18,755
18,777
18,788
18,800
18,819
18,823
18,841
18,835
18,906

Federal

2,774
2,807
2,875
2,899
2,943
2,971
2,988
3,085
2,966
2,969
2,966
2,945
2,943
2,968
2,945
2,944
2,938
2,923
2,912
2,901
2,896
2,906
2,910

weather, etc., even if they are not paid for the time off; and which are based on a sample of the
working-age population, whereas the estimates in this table are based on reports from employing
establishments.
z
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.

14



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

Total
private
nonagricultural l

Period

1983
1984
1985
1986
1987
1988
1989
1990
1991
1992

Total

Average gross weekly earnings
Total private
nonagricultural l

Total private
nonagricultural 1

Overtime

Current
dollars

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
Current
dollars

1982
dollars

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:

Sept
Oct
Nov
Dec

34.2
34.4
34.6
34.3

41.0
41.1
41.2
41.2

3.6
3.8
3.9
3.9

10.62
10.65
10.69
10.68

7.41
7.40
7.41
7.40

11.51
11.52
11.55
11.58

363.20
366.36
369.87
366.32

253.45
254.59
256.50
253.68

471.91
473.47
475.86
477.10

537.59
539.22
537.89
535.72

207.50
206.78
207.79
207.65

1.1
2.5
3.3
1.9

-1.8
-.6
.3
10

1993:

Jan
Feb
Mar

34.5
34.4
34.2
34.4
34.7
34.4
34.5
34.7
34.4

41.4
41.4
41.2
41.5
41.4
41.2
41.4
41.4
41.4

4.0
4.2
4.0
4.2
4.1
4.0
4.0
4.1
4.1

10.73
10.74
10.78
10.77
10.82
10.81
10.81
10.86
10.86

7.40
7.38
7.39
7.36
7.39
7.38
7.37
7.39
7.39

11.61
11.64
11.66
11.71
11.71
11.72
11.72
11.78
11.85

370.19
369.46
368.68
370.49
375.45
371.86
372.95
376.84
373.58

255.30
253.92
252.87
253.24
256.28
253.83
254.40
256.53
254.31

480.65
481.90
480.39
485.97
484.79
482.86
485.21
487.69
490.59

534.96
538.94
544.07
541.21
556.39
551.32
559.77
557.94
552.19

208.22
208.08
205.01
208.80
211.41
209.66
209.66
210.68
209.66

3.4
2.2
2.0
2.8
3.4
2.6
2.9
2.8
2.9

.2
-.9
-1.0
-.3
.2
-.2
.2
.1
.4

May

July *
Sept"
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

Total
compensation

Period

Wages and
salaries

Benefits '

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

76.7
81.7
84.6
87.5
90.5
96.7
102.6
109.4
116.2
122.2

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

Total
compensation

Wages and
salaries

12 months earlier

Benefits '

Total
compensation

Wages and
salaries

Benefits '

Not seasonally adjusted
1983:
19841985:
19861987'
198819891990:
19911992:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

.

...

...

1.3
1.3
.6
.7
.6
1.0
1.1
.8
.6
.7

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

1.1

..

Sect
Dec
1992- Mar

..

Sept
Dec
1993- Mar
Sept
1

.

Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the
influence of employment shifts among occupations and industries.




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

Output l

Hours of all
persons z

Compensation per
hour 3

Unit labor costs

Real compensation
per hour *

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Business
sector

102.3
104.8
106.3
108.5
109.6
110.7
109.9
110.7
111.8
115.6

102.5
104.7
105.6
107.7
108.6
109.6
108.6
109.1
110.3
113.8

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
117.1

101.9
107.9
110.7
111.5
115.1
119.1
122.2
122.4
119.5
118.9

103.8
108.3
113.2
118.9
123.1
128.5
133.0
140.6
147.4
155.1

104.0
108.3
112.8
118.4
122.5
127.7
132.0
139.2
146.3
153.9

100.6
100.6
101.5
104.6
104.6
104.8
103.5
103.8
104.5
106.7

IV
IV
IV
IV
IV
IV
IV
IV

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

102.1
105.3
109.9
115.6
120.9
125.8
130.7
134.9

102.1
105.2
109.9
115.0
120.4
125.1
129.8
133.9

n
ni ....

I

110.2
111.1
110.8
110.5

108.7
109.5
109.1
108.9

133.5
134.3
133.3
132.1

133.8
134.6
133.5
132.2

121.2
120.9
120.3
119.6

123.1
122.9
122.4
121.4

137.3
139.9
141.8
143.5

n
ra ....
rv

110.9
111.6
111.9
112.9

109.5
110.2
110.5
111.4

131.0
131.5
131.6
132.4

131.2
131.7
131.8
132.7

118.1
117.8
117.6
117.3

119.9
119.5
119.3
119.1

114.3
115.0
116.2
117.3

112.5
113.3
114.3
115.5

133.4
134.5
136.1
137.9

133.4
134.5
135.9
137.9

116.7
117.0
117.1
117.6

116.8
116.5

115.0
114.6

138.1
139.0

138.2
139.2

118.2
119.3

Implicit price
deflator 5

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

100.8
100.6
101.2
104.3
104.1
104.2
102.7
102.8
103.6
105.8

101.5
103.4
106.5
109.5
112.3
116.0
121.0
127.1
131.9
134.2

101.5
103.4
106.8
110.0
112.8
116.5
121.5
127.6
132.6
135.2

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

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

136.0
138.4
140.3
142.1

103.4
104.3
104.0
103.5

102.4
103.2
102.9
102.5

124.6
125.9
127.9
129.8

125.1
126.4
128.6
130.5

129.3
130.6
131.8
133.2

129.7
131.1
132.4
134.0

144.9
146.6
148.2
150.2

143.6
145.4
147.1
148.9

103.6
104.2
104.7
105.2

102.7
103.4
103.9
104.3

130.6
131.3
132.5
133.0

131.2
132.0
133.1
133.7

134.8
135.8
136.6
137.2

135.7
136.6
137.5
138.2

118.6
118.7
118.9
119.4

152.3
153.9
156.3
158.0

151.0
152.8
155.0
156.8

105.9
106.1
107.1
107.4

104.9
105.4
106.2
106.6

133.3
133.8
134.5
134.7

134.2
134.8
135.6
135.8

138.3
139.1
138.7
140.6

139.3
140.2
139.8
141.8

120.2
121.5

159.3
160.1

157.9
158.4

107.3
107.0

106.3
105.9

136.3
137.4

137.3
138.3

141.6
142.4

142.7
143.5

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

1982 = 100; quarterly data seasonally adjusted

1983
1984
1985
1986...
1987
1988
1989
1990
1991 .
1992
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:

IV
1991: I

1992: I

n
m ....
IV

1993: I

n

Percent change; quarterly data at seasonally adjusted annual rates

1983
1984
1985
1986
1987
1988
1989
1990
1991
1992

2.3
2.4
1.4
2.1
1.0
1.0
7
.7
1.0
3.4

1990: m ....

rv

-1.1
-1.1

1991: I

1.8
5.6
2.1
.6
3.0
3.3
2.5
.1
-2.3
5

1.9
5.9
2.5
.8
3.2
3.5
2.6
.2
-2.4
5

3.8
4.3
4.5
5.0
3.6
4.4
3.5
5.7
4.9
5.2

4.0
4.1
4.1
5.0
3.5
4.2
3.3
5.5
5.0
5.2

0.6
.0
.9
3.1
— .1
.2
-1.3
.3
.6
2.1

0.8
-.2
.6
3.1
-.2
.1
-1.4
.1
.8
2.1

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
3.3
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

-3.0
-3.5

-3.1
-3.7

-1.9
-2.5
47
-1.1
-.6
-1.1

-1.7
-3.2

5.5
4.9

5.6
5.4

-1.2
-1.9

-1.1
-1.4

6.7
6.0

7.1
6.0

3.7
4.5

4.0
5.0

-4.9
-1.1
-.6
-.8

4.1
4.8
4.6
5.3

4.3
4.9
4.7
5.1

.3
2.5
1.8
2.0

.6
2.7
2.0
1.7

2.4
2.2
3.8
1.5

2.4
2.2
3.7
1.5

4.8
3.1
2.4
1.7

4.9
2.7
2.6
2.2

n
ra ....

-1.9

-1.8

2.4
1.6
3.2
1.4

.9
1.6
1.9
.8

1.7
1.8
2.2
.5

3.3
2.4
-1.2
5.6

3.2
2.7
— 1.1
5.6

IV

4.9
3.1

4.7
2.8

2.7
2.5

2.5
2.4

1.9
2.7
1.0
3.5

-3.2
1.5
.2
2.7

-3.0
1.5
.4
2.7

4.9
2.5
4.3
3.8

IV

1992: I

n

-1.5
-.6

4.4
8.2
3.4
2.8
4.1
4.4
1.7
.6
-1.3
2.7

4.1
8.2
3.6
2.8
4.1
4.3
1.7
.7
j3
2.9

1.6
2.6
.8
3.8

n
ra ....

1993: I

2.5
2.2
.8
2.0
.8
.9
-.9
.4
1.1
3.2

4.0
2.9
3.6
4.1

2.9
3.4
4.6
5.6

2.1
3.3
4.4
6.0

.5
2.8

.7
3.1

-1.6
-1.0

1
2

-1.8
-1.3

.8
.3
1.8

.3
.7
1.8

5.9
4.2
6.3
4.6

5.8
4.8
6.0
4.6

2.5
1.1
3.5
1.4

2.1
3.8

2.6
4.5

3.2
2.0

2.8
1.4

-.6
-.9

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.

16



-1.0
-1.5

NOTE.—Data relate to ali 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 1990 are based on the national income and product accounts data released on
August 31, 1993.
Source: Department of Labor, Bureau of Labor Statistics.

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose in September and capacity utilization was unchanged.
IND IX, 1987 . 100* (RATIO SCALE)
120

INDEX, 1987 = 100* (RATIO SCALE)

TOTAL INDUSTRIAL PRODUCTION

135

115

100
120

~^~^^~~\

^-S

105
100

fJ

120
Mm|^Tm

^TfjTm,

I I 1 1 1 1 1 1 11 i

i 1 1 1 1 1 ! 11 1 1

115
110

» - /

S^~\

f

^

"~^

s^A

100
—

95

"'"^H ~~7"~\S"~~

90

TiTmn',

^s~^J

EQUIPME NI

,- "*N.~..

— "^.rs- •'
_=
\_|

";\,r'
V
\*
[3EFEN SE A,\
A •JD SP/\CE

'

CONSL MER
GOO ns

EC3UIPM INT

L||||

1 1 1 1 1 E 1 1 1 11

'T^-K

' A/S^f— \ \^/*=
BUSINESS

MANUFACTURING
105

"\

85
120

UTILITIESjAND MINING

^ -i

^

^

110

/N
S If
1
^-'
V
105 i
100 v/

V"^-\

^'\S

\
UTILITIES

\
MINING

^

PER CENT*
86
v-^ CAPACITY
84

s^A\^-

95
,|)m,,,mlm,,

|n

90

1989

1990

82

\^

^—•— —

78
76

\

l\y^^^vVl
— V-^

1 1 f nl n 1 1 1

! ! 1 1I

1989

1993

1992

UTILIZATION RATE (TOTAL INDUSTRY)

^"s^v-

80

mnlmn

1991

N

80

/ ,„*,, r A>v-v.y rr^

115

^/

if

125

115
110

s

130

110
105

FINAL PRODUCTS

i n n 1 1 ! ! 1 1 n 1 1 1 1 1 n 1 1 il 1 1 1 1 1

1 990

'

I1 111

1 992

1 991

Hill

1 993

* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted]
Total
industrial
production
Period
Index,
1987 = 100

Capacity utilization
rate, percent *

Percent
change
from year
earlier

Mining
Total

Durable

Utilities

Nondurable

Total
industry

Manufacturing

84.9
92.8
94.4
95.3
100.0
104.4
106.0
106.0
104.1
106.5

1983
1984
1985
1986

1987
1988
1989
1990
1991
1992
1992- Sept
Oct
Dec

1993' Jan
Feb

Mar
Apr

June r.
July * . ...
Aue r
Sept "
1

Industry production indexes, 1987 — 100
Manufacturing

Output as percent of capacity.




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

106.2
107.5
108.4
108.9

.9
2.3
3.2
4.0

106.8
108.0
108.9
109.2

108.1
109.8
110.9
111.8

105.2
105.8
106.4
106.0

97.1
97.6
97.8
98.2

111.2
112.7
114.7
116.8

79.3
80.2
80.8
81.0

78.4
79.2
79.7
79.8

109.3
109.9
110.1
110.4
110.2
110.5
110.7
110.9
111.0

4.6
4.4
4.3
3.9
3.3
4.2
3.7
4.0
4.6

109.9
110.5
110.8
111.4
111.3
111.3
111.5
111.6
112.0

112.9
113.8
114.1
115.0
114.9
114.6
115.2
115.4
116.1

106.4
106.4
106.6
106.9
106.9
107.2
106.9
107.0
107.1

98.3
95.9
95.3
96.4
97.3
98.0
97.2
97.1
98.2

112.8
117.5
117.8
114.4
112.1
114.9
116.2
117.3
113.6

81.2
81.5
81.6
81.7
81.5
81.5
81.6
81.6
81.6

80.3
80.5
80.6
80.9
80.7
80.6
80.6
80.6
80.8

Source: Board of Governors of the Federal Keserve 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 '

Business

Defense
and
space
equipment

Total

Construction
supplies

Business
supplies

Total

Energy

1983
1984
1985
1986
1987
1988
1989
1990
1991
1992

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

1992: Sept
Oct
Nov
Dec

108.1
110.1
111.0
111.5

104.4
106.4
107.1
107.5

100.9
104.1
105.7
107.9

105.3
107.1
107.5
107.4

113.5
115.4
116.7
117.2

125.0
127.5
129.0
129.6

84.4
83.5
83.2
82.5

96.9
97.8
98.1
98.3

93.0
94.7
95.1
94.5

99.5
99.9
100.0
100.8

107.4
108.1
109.3
110.0

103.6
103.0
103.9
105.1

1993: Jan
Feb
Mar

111.9
112.4
112.7
112.8
112.5
112.7
113.0
113.0
113.3

107.6
108.5
108.6
108.1
107.3
107.3
107.5
107.2
107.2

110.9
111.3
111.5
112.2
110.8
107.9
109.0
107.7
108.6

106.7
107.7
107.7
106.9
106.3
107.2
107.1
107.1
106.8

118.1
118.0
118.7
119.7
119.9
120.4
120.8
121.3
122.2

131.2
131.7
133.4
134.8
135.4
136.1
136.6
137.1
138.3

82.0
81.5
80.7
80.5
79.5
78.6
78.5
78.2
78.0

98.2
99.3
99.6
100.0
99.7
99.4
100.2
100.1
100.0

94.8
97.5
96.4
96.4
97.7
96.8
98.2
98.3
98.9

100.5
100.5
101.8
102.5
101.0
101.1
101.5
101.4
100.7

110.4
110.9
110.9
111.5
111.6
112.1
112.0
112.4
112.5

103.4
103.8
103.5
103.4
103.4
104.6
104.2
104.4
103.3

May

July r
Sept".
1

Includes oil and gas well drilling and manufactured homes, not shown separately.

[1987 = 100; monthly data seasonally adjusted]
Nondurable manufactures

Durable manufactures

Period
Total

Fabricated
metal
products

Electrical
machinery

Total

Motor
vehicles
and
parts

Lumber and
products

Apparel
products

Printing and
publishing

Chemicals
and
products

Foods

91.0
102.4
101.8
93.7
100.0
108.7
107.2
106.5
98.4
101.1

1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992: Sept
Oct
Nov
Dec

..

1993: Jan
Feb
Mar
May

July '.
Sepf
1

Iron
and
steel

Transportation
equipment

Industrial and
commercial
machinery and
computer
equipment 1

Primary metals

Formerly nonelectrical machinery.

18



....

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

98.0
100.5
101.6
102.4

102.0
104.1
103.6
107.4

96.5
97.5
97.6
97.8

127.9
130.6
132.8
133.8

121.5
122.6
124.4
124.8

100.5
103.0
103.6
106.3

102.6
108.0
109.9
116.2

94.7
97.8
99.8
98.0

91.5
91.7
92.9
92.7

94.1
94.5
94.2
94.7

115.2
116.2
117.7
116.7

105.6
106.8
106.4
106.2

102.8
108.0
104.2
104.4
104.2
105.7
105.5
106.6
105.5

107.0
112.9
107.6
108.4
108.1
110.9
111.9
111.5
109.9

99.8
99.7
100.3
101.4
100.6
100.1
101.0
100.7
100.3

135.0
136.7
139.6
142.8
144.2
145.4
147.8
148.9
150.2

125.8
127.1
128.5
129.0
129.7
130.1
132.3
132.6
133.2

108.4
107.8
106.9
106.9
105.5
102.6
100.7
100.5
102.3

120.9
120.7
120.1
120.4
118.1
114.3
110.1
110.2
114.5

99.3
101.8
98.0
98.1
97.4
96.5
99.1
98.9
100.1

93.1
92.5
92.1
92.0
91.2
91.1
90.7
90.6
89.6

94.7
94.0
94.7
95.6
94.7
94.5
93.8
93.2
93.3

116.8
116.2
117.6
117.8
118.1
119.1
118.3
118.6
118.7

105.9
106.9
106.7
106.7
106.7
107.1
106.7
107.1
107.0

Source: Board of Governors of the Federal Reserve System

NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3

Private
Period

Total new
construction
expenditures

Residential
Total

New housing
units

Total 1

Commercial
and
industrial 2

Other

Federal,
State, and
local

Total value
index
(1987=100)

Commercial
and industrial
floor space
(millions of
square feet)

Billions of dollars
1983
1984

1985
1986
1987
1988
1989
1990
1991
1992

. .

.

294.9
348.8
377.4
407.7
419.4
432.3
443.6
442.1
403.4
436.0

231.5
278.6
299.5
323.1
328.7
337.5
345.5
334.7
293.5
317.3

125.5
153.8
158.5
187.1
194.7
198.1
196.6
182.9
157.8
187.8

94.6
113.8
114.7
133.2
139.9
138.9
139.2
128.0
110.6
129.6

57.7
74.0
89.8
84.4
84.0
88.0
94.3
96.4
77.0
65.8

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

r

Annual rates

Mar
May
July r
Aug r
Sept "
1
3

317.4
324.8
328.2
335.4

189.2
194.6
199.3
206.4

129.1
132.1
135.4
138.9

63.3
65.0
64.0
63.6

64.9
65.3
64.8
65.3

116.1
117.7
121.1
119.9

451.3
453.8
454.5
449.1
453.3
460.7
465.3
467.4
471.3

Feh

2

Annwdt rates

433.5
442.6
449.3
455.2

1992- Sept
Oct
NOT

756
955
1,097
1,016
1,019
973
961
783
577
544

335.5
334.8
337.0
328.1
332.2
335.0
336.7
340.0
341.6

207.2
205.7
205.5
197.3
198.4
200.5
203.9
206.2
208.1

141.8
142.9
141.8
137.7
138.3
139.3
141.0
143.0
144.9

64.4
66.4
67.4
65.6
67.4
67.1
65.7
66.5
66.0

63.9
62.7
64.0
65.2
66.4
67.4
67.1
67.3
67.5

115.8
119.0
117.5
120.9
121.0
125.7
128.6
127.4
129.6

97
106
98
96

463
546
510
511

!02
98
96
r
98
r
94
'105
101
101
101

443
479
524
548
489
520
587
534
522

r

Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Syst
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 housing units
Units started, by type of structure

Period
Total

1 unit

2-4 units

113.5
121.4
93.4
84.0
65.3
58.8
55.2
37.5
35.6
30.7

5 or more units

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

1984
1985
1986
1987
1988
1989
1990
1991
1992

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

1,229
1,218
1,226
1,226
1,286

1983

1,038
1,045
1,079
1,089
1,133

31
28
18
28
32

160
145
129
109
121

1,171
1,180
1,124
1,206
1,248
1,248
1,232
1,314
1,351

1,051
1,036
987
1,059
1,107
1,079
1,064
1,176
1,141

26
24
32
26
26
31
54
16
39

94
120
105
121
115
138
114
122
171

522.0

544.0
576.1
542.0
408.7
348.0
317.6
260.4
137.9
139.0

New private homes
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 *

1,390.3
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

1,081
1,120
1,141
1,136
1,196

1,133
1,128
1,137
1,229
1,227

625
672
637
615
662

270
267
264
262
265

1,157
1,141
1,034
1,101
1,121
1,115
1,162
1,242
1,271

1,136
1,241
1,108
1,222
1,129
r
l,158
1,084
1,207

603
597
602
689
629
647
636
616

266
268
270
271
274
274
277
288

Vacancy rate
for rental
housing units
(percent) z

5.7
5.9
6.5
7.3
7.7
7.7
7.4
7.2
7.4
7.4

Seasonally adjusted annual rates
Sept
Oct

Nov
Dec

1993' Jan
Feb

Mar
May
July '
Sept P
1
2

.

Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning 1989 not comparable with
earlier data.




7.3
7.1

7.9
7.6
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 August, manufacturing and trade sales rose 1.2 percent and inventories rose $2.3 billion. In September,
according to advance data, retail sales rose 0.1 percent, following a rise of 0.5 percent in August.
BILLIONS OF DOLLARS * (RATIO SCALE)

BILLIONS OF DOLLARS * (RATIO SCALE)
1,000

300

900
250

800

MANUFACTURING AND
TRADE INVENTORIES

700

RETAIL INVENTORIES-

600

-v

500

-v

MANUFACTURING
AND TRADE SALES

RETAIL SALES

400

100
300

RATIO *
1.80

INVENTORY-SALES RATIO

1.70
1.60
200

1.50

RETAIL

CA-^ k^v^ V -^kCT>i/
\

MANUFAC TURING
ANDTf ADE

1.40
1.30
1989

1991

1992

X

/

I M 1 1 1n1 11
1989

1993

1 1 II 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
1991
1990

~\
1 1 1 nil mi
1992

^

~**—*v*.

II 1 Illl Illl
1993

COUNCIL OF ECONOMIC ADVISERS

Manufacturing and
trade 1

Wholesale
Sales

Period

Inventories 3

Inventories 3

Sales 2

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

557,117
563,888
567,073
569,848
581,061

844,942
844,011
844,728
846,374
849,117

152,241
153,405
154,011
154,032
155,297

205,399
205,114
206,093
208,424
209,232

581,584
584,903
583,575
584,943
587,930
589,990
.... 585,626
592,791

851,190
854,715
859,094
862,478
864,198
864,227
863,612
865,864

159,507
158,987
157,206
159,291
162,187
159,095
160,531
162,232

210,139
209,765
210,503
211,860
212,190
212,058
213,244
215,608

Sales

2

Inventory-sales ratio 4

Retail

Total

2

Durable
goods
stores

Inventories
Nondurable goods
stores

Total

3

Durable
goods
stores

Nondurable goods
stores

Manufacturing
and
trade '

Retail

Millions of dollars, seasonally adjusted, except as noted
1983
1984
1985 .
1986
1987 .

1988
1989 .
1990
1991 .
1992
1992- Aug T
Sept
Oct
Nov
Dec
1993: Jan
Feb
Mar
Apr
July r

Auff p
Sept p

r

r

163,160
164,405
167,603
167,291
169,155

169,232
169,116
167,390
170,538
171,736
172,596
173,415
r
174,299
174,448

1
See page 21 for manufacturing.
2
Annual data are averages of monthly not ieasonally adjusted figures; monthly data are seasonally adjusted totals for month.

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

1.56
1.53
1.55
1.55
1.50
1.49
1.53
1.53
lj.54
1.50

1.44
1.49
1.52
1.56
1.56
1.54
1.59
1.56
1.55
1.55

104,959
105,136
106,552
106,681
107,282

254,357
254,884
255,540
256,895
260,647

127,425
126,900
127,760
128,884
131,549

126,932
127,984
127,780
128,011
129,098

1.52
1.50
1.49
1.49
1.46

1.56
1.55
1.52
1.54
1.54

107,016
108,138
106,667
107,734
107,965
108,069
108,183
r
107,989
108,821

262,427
265,718
269,052
270,311
270,417
270,843
268,807
268,638

132,861
135,599
137,803
138,784
138,097
138,483
136,559
136,119

129,566
130,119
131,249
131,527
132,320
132,360
132,248
132,519

1.46
1.46
1.47
1.47
1.47
1.46
1.47
1.46

1.55
1.57
1.61
1.59
1.57
1.57
1.55
1.54

32,571
37,873
41,510
45,057
47,989
52,469
54,873
55,919
54,492
58,758

97,514
107,243
114,586
120,803
128,442
138,133
146,847
154,149
155,456
163,535
r

58,201
59,269
61,051
60,610
61,873

62,216
60,978
60,723
62,804
63,771
64,527
65,232
r
66,310
65,627
3
4

r

Seasonally adjusted, end of period.
Annual data are averages of seasonally adjusted monthly ratio

Source: Department of Commerce, Bureau of the Census.

MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In August, manufacturers' shipments and new orders rose,- inventories were about unchanged, and unfilled orders
fell. In September, according to advance data, manufacturers' durable goods shipments and new orders rose.
BIHIONS Of DOLLARS* (RATIO SCALE)

BILUONS OF DOLLARS* (RATIO SCALE]

320

480 — INVENTORIES440
400
360
320

THTAI

280
240

—^-/r-—^-

^J

y

"^ T

*-*^^

200

280

L)U (ABLE GOOD b

160

240
. . .
- - '

DURABLE GOODS

200

120
160

NONDURAB .E GOODS
i(iiil

80 ||||||||MI

Illllllllll Illllllllll

1 1M 1 1111I I

-V

120

BILUONS OF DOLLARS* (RATIO SCALE)

NONDURABLE GOODS

320
TOTAL

280

80

J*+-*S~-

^v - v-

240 ^•"w*. -jr

RATIO'
t.JU

200

INVENTORY-SHIPMENTS RATIO
2.00

160

r^

1.80

^•^
120

%

'*>.t*~

,
/
"fi" '*'"*• •/•

m

1.60

HONDURAS LE GOODS

1

1.40

^

1 111 1M M 1 1

1991

iiliiliiin

1 1 1 1 II M 1 M

1990

80 M 1 1 II 1 M M
1989

N-^yl

_^

1992

h|m
1.20

Illllllllll
1989

1993

1990

v

LIII niiilinii
^

1991

/<
Illllllllll

1992

1993

COUNCIL OF ECONOMIC ADVISERS

Manufacturers' shipments l

Manufacturers' inventories 2

Manufacturers' new orders 1
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 z

Manufacturers'
inventory —
shipments
ratio 3

Millions of dollars, seasonally adjusted, except as noted
1983 ....
1984 ..

172,547
190,682
194,538
194,657
206,326
223,541
232,724
239,459
235,518
244,511

1985
1986 ....
1987
1988 ....
1989
1990
1991 ....
1992
1992: Aug
Sept .
Oct
Nov
Dec
1993: Jan
Feb
Mar
May
T 3
July

Aug r
Sepf

. .

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

241,716
246,078
245,459
248,525
256,609

124,246
125,873
126,425
128,720
134,228

117,470
120,205
119,034
119,805
122,381

385,186
384,013
383,095
381,055
379,238

243,597
242,122
240,909
239,407
237,717

141,589
141,891
142,186
141,648
141,521

237,230
240,685
244,882
243,106
256,727

120,007
120,608
125,656
123,096
134,348

27,486
29,801
30,129
26,804
32,275

117,223
120,077
119,226
120,010
122,379

486,575
481,182
480,605
475,186
475,304

1.59
1.56
1.56
1.53
1.48

252,845
256,800
258,979
255,114
254,007
258,299
251,680
256,260

130,805
134,133
135,537
132,763
132,307
135,042
129,257
134,520
137009

122,040
122,667
123,442
122,351
121,700
123,257
122,423
121,740

378,624
379,232
379,539
380,307
381,591
381,326
381,561
381,618

236,332
237,034
236,849
237,043
237,734
237,514
237,937
237,737

142,292
142,198
142,690
143,264
143,857
143,812
143,624
143,881

253,626
257,250
253,007
252,369
248,335
255,462
250,566
253,355

131,266
134,533
129,903
129,838
126,783
132,252
128,520
131,860
132,794

28,645
32,748
29,122
30,453
29,931
33,850
30,093
32,032
31,365

122,360
122,717
123,104
122,531
121,552
123,210
122,046
121,495

476,085
476,535
470,563
467,818
462,146
459,309
458,195
455,290

1.50
1.48
1.47
1.49
1.50
1.48
1.52
1.49

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

1.73
1.73
1.68
1.59
1.58
1.64
1.65
1.67
1.57

Annual data are averages of seasonally adjusted monthly ratios.

Source: Department of Commerce, Bureau of the Census.

21

PRICES
PRODUCER PRICES
In September, the producer price index for all finished goods rose 0.2 percent. Prices of finished consumer foods
rose 0.7 percent and prices of other finished consumer goods were unchanged. Capital equipment prices were
unchanged.
INDEX, 1982 = 100 (RATIO SCALE)

INDEX, 1982 = 100 (RATIO SCALE)

FINISHED GOODS PRICES

SEASONALLY ADJUSTED

^
130

130

CONSUMER F OODS

""

^_^

\

^

^^

/

~-

^

^
\

120

CAPITAL iEQUIPMENT

--—
-. ' "

120

(
/

x--1

'

x"""*

110

.

/

110

„/

__ i—
£\

—

/'

/"

TOTAL
^ .x*

CONSUM ER GOODS
EXCLUDIN G FOODS

x.

—

\

100

100
\

f

.

^

90

1I 111111111
1985

1 1 1 1 1 1 1 1 1 11

I I I I I 1 1 I I II 1 1 1 1 1 1 1 1 1 1 1 i i i i i 1 i i i:i I I I I I 1 I I I 1 1 1 1 I I I 1 I I I II

1986

1987

1989

1988

1 1 1 1 1 1 1 1 1 1 1

1991

1990

1 1 1 1 1 1 1 1 1 1 1

1992

OURCE: DEPARTMENT OF LABOR

90

1993

COUNCIL OF ECONOMIC ADVISERS

[1982=100; monthly data seasonally adjusted]
Intermediate materials

Finished goods
Finished goods excluding consumer foods
Period

Total
finished
goods

Consumer
foods

Consumer goods
Total

1983
1984

1985
1986
1987
1988
1989
1990
1991
1992
1992: Sept
Oct
Nov
Dec
1993- Jan
Feb
Mar
Apr
May '
T y
June

. .

. . ..

Aue
Sept
1




Durable

Capital
equipment

Crude materials

Total

Foods
and
feeds >

Other

Total

Foodstuffs
and
feedstuffs

Other

101.6
103.7
104.7
103.2
105.4
108.0
113.6
119.2
121.7
123.2
123.9
124.0
123.8
123.8

101.0
105.4
104.6
107.3
109.5
112.6
118.7
124.4
124.1
123.3
124.1
124.2
123.5
125.1

101.8
103.2
104.6
101.9
104.0
106.5
111.8
117.4
120.9
123.1
123.7
123.8
123.7
123.3

101.2
102.2
103.3
98.5
100.7
103.1
108.9
115.3
118.7
120.8
121.5
121.8
121.6
120.9

102.8
104.5
106.5
108.9
111.5
113.8
117.6
120.4
123.9
125.7
126.0
125.3
125.9
126.0

100.5
101.1
101.7
93.3
94.9
97.3
103.8
111.5
115.0
117.3
118.3
118.9
118.4
117.4

102.8
105.2
107.5
109.7
111.7
114.3
118.8
122.9
126.7
129.1
129.5
129.3
129.5
129.7

101.3
103.3
103.8
101.4
103.6
106.2
112.1
118.2
120.5
121.7
122.5
122.6
122.3
122.3

100.6
103.1
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.7
115.5
115.2
114.9
114.9

103.6
105.7
97.3
96.2
99.2
109.5
113.8
113.3
111.1
110.7
110.4
109.7
110.2
111.1

100.5
103.0
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.9
115.7
115.4
115.2
115.1

101.3
103.5
95.8
87.7
93.7
96.0
103.1
108.9
101.2
100.4
103.0
102.7
102.6
101.5

101.8
104.7
94.8
93.2
96.2
106.1
111.2
113.1
105.5
105.1
104.6
105.6
104.7
105.9

100.7
102.2
96.9
81.6
87.9
85.5
93.4
101.5
94.6
93.5
97.9
96.8
97.4
94.8

124.2
124.7
125.1
125.8
125.8
125.3
125.1
124.3
124.5

124.4
124.4
124.6
126.3
126.3
125.0
124.9
125.5
126.4

124.1
124.7
125.1
125.6
125.6
125.2
125.1
123.9
123.9

121.6
122.3
122.9
123.4
123.4
122.8
122.6
120.8
120.8

126.7
127.2
127.5
128.2
128.0
128.4
128.9
129.3
129.1

118.1
118.9
119.5
120.0
120.0
119.1
118.6
115.8
115.8

130.4
130.8
131.1
131.3
131.4
131.5
131.6
131.9
131.9

122.6
123.1
123.6
124.4
124.4
123.6
123.5
122.4
122.6

115.3
115.9
116.3
116.6
116.3
116.5
116.4
116.4
116.5

111.5
111.0
110.3
111.8
111.4
110.5
113.0
113.8
113.2

115.5
116.2
116.7
116.8
116.5
116.8
116.6
116.6
116.7

101.8
101.6
101.8
103.3
105.4
103.9
102.5
102.0
101.6

106.4
106.4
106.4
109.1
109.6
106.0
107.3
109.0
109.1

95.0
94.7
94.9
95.6
98.7
98.6
95.5
93.6
92.9

Intermediate materials for food manufacturing and feeds.

22

Nondurable

Total

Total
finished
consumer
goods

Source: Department of Labor, Bureau of Labor Statistics.

CONSUMER PRICES—ALL URBAN CONSUMERS
In September,

the consumer price

index

for

all

urban consumers

was

unchanged,

seasonally

adjusted (not

seasonally adjusted it rose 0.2 percent). The index was 2.7 percent above its year-earlier level.
INDEX, 1982-84 - 100 (RATIO SC
ALE|

INDE X, 1982-84 » 100 (RATIO SCALE]

150

ISO
SEASONALLY ADJUSTED

^—

140

140

-^•-^
_^-"

130

130
^

CONSUMER PRICES— ALL ITEMS

120

120

110

110

^^ ^
^

100

100

90

90

80

i 1 t 1 1 1 1 1 It 1
1985

M 1 1 ll 1 1 I I i
1986

1 M

1987

1989

1 1 t E| | 1 1 1 1 1

1 1 1 1 1 II 1 I I |
1993

1 M 1 1 1 1 1 1 11

1 1 1 1 1I 1 1 M I

1990

1 1 1 1 1 1 1 1

1988

1991

1992

SEE NOTE ON TABLE BEIOW
SOURCE: DEPAHTMENT OF LABOR

80

COUNCIL OF 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)

1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992:
Sept

Get
Dec
1993:
Jan
Feb
Mar
Apr
May
June
July
Auer
Sept

Seasonally
adjusted

Total

costs

(Dee.
1982 =
100)

Homeowners'
costs
(Dec.
1982 =
100)

Maintenance
and
repairs
(NSA)

Rent-

Food

ers'

Total '

Apparel and
upkeep

Total '

New
cars

Motor
fuel

Medical
care

Energy 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

WOO
996
103 9
107 6
109 6
1136
1183
1240
1307
1362
1403

41.4
99.5
103.6
107.7
110.9
114.2
118.5
123.0
128.5
133.6
137.5

27.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
140.0
146.3
151.2

8.0
103.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
155.6
160.9

19.7
102.5
107.3
113.1
119.4
124.8
131.1
137.3
144.6
150.2
155.3

0.2
99.9
103.7
106.5
107.9
111.8
114.7
118.0
122.2
126.3
128.6

7.3
100.2
104.8
106.5
104.1
103.0
104.4
107.8
111.6
115.3
117.8

6.0
100.2
102.1
105.0
105.9
110.6
115.4
118.6
124.1
128.7
131.9

17.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
120.5
123.8
126.5

4.0
99.9
102.8
106.1
110.6
114.6
116.9
119.2
121.0
125.3
128.4

3.3
99.4
97.9
98.7
77.1
80.2
80.9
88.5
101.2
99.4
99.0

6.9
100.6
106.8
113.5
122.0
130.1
138.6
149.3
162.8
177.0
190.1

7.3
99.9
100.9
101.6
88.2
88.6
89.3
94.3
102.1
102.5
103.0

76. 9
99.6
104.6
109.1
113.5
118.2
123.4
129.0
135.5
142.1
147.3

141.3
141.8
142.0
141.9

141.1
141.7
142.0
142.2

138.7
138.7
138.8
139.2

138.0
138.5
138.8
138.9

151.6
152.2
152.6
152.9

161.2
161.8
162.1
161.9

155.8
156.4
156.8
157.4

128.5
129.4
129.5
129.3

118.6
118.9
119.2
119.3

131.9
132.4
132.3
131.9

126.9
127.8
128.4
128.5

129.2
129.2
129.4
129.5

99.5
100.2
100.3
99.8

192.6
193.7
194.7
195.5

103.4
103.9
104.1
103.9

148.2
148.9
149.3
149.6

142.6
143.1
143.6
144.0
144.2
144.4
144.4
144.8
145.1

142.9
143.4
143.6
144.2
144.4
144.4
144.5
144.9
144.9

139.7
139.9
140.1
140.6
141.2
140.6
140.6
141.0
141.2

139.3
139.6
140.0
140.7
140.8
141.2
141.2
141.6
141.9

153.5
154.0
154.2
155.0
155.1
155.6
155.5
155.9
156.2

161.9
162.5
162.8
163.8
164.3
164.4
164.2
164.3
164.8

158.2
158.7
158.9
159.6
159.7
160.3
160.3
160.8
161.0

129.7
130.5
131.5
131.8
131.6
131.2
131.3
131.6
131.3

119.4
118.8
120.2
120.7
120.9
121.4
121.8
122.4
122.7

133.0
135.0
134.3
134.3
133.6
132.9
132.9
134.1
133.3

129.3
129.9
130.0
130.2
130.1
129.9
130.2
130.3
130.2

129.8
129.8
130.1 '
130.7
131.0
131.2
131.6
132.1
132.5

101.2
101.8
101.4
100.8
98.4
97.3
96.8
95.2
94.0

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

150.3
151.0
151.2
151.8
152.1
152.3
152.5
152.9
153.0

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

NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 and 1988 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.

23

CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Change from preceding period

Period

Change from 3 months earlier, annual rate

Change from 6 months earlier, annual rate

Consumer goods

Consumer goods

Consumer goods

Total
finished
goods

Capital
equipment

Excluding foods

Poods

Total
finished
goods

Excluding
foods

Foods

Capital
equipment

Total
finished

Capital
equipment

Excluding
foods

Foods

goods

Change
from
year
earlier,
total
finished
goods
NSA

Change, Dec. to Dec., NSA
1983
1984.

0.6
1.7
1.8
-2.3
2.2
4.0
4.9
5.7

. ..

1985
1986
1987
1988
1989
1990
1991
1992

-0.9

2.3
3.5
.6

2.8
-.2
5.7
5.2
2.6
-1.5
1.6

1

1.6

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:

Sept

3^3

1.2
.3
0
.6

2.3
2.0
1.0
.5

1.8
2.6
1.6
3.8

2.9
2.5
1.0
-1.0

1.1

.7
1.3
-2.0

.3
.5
.9

1.6
1.8
1.4
1.6

.6
2.9
-1.6
6.3
6.3
1.3
-4.4
-2.5
4.6

-.7
2.3
6.8
6.1
3.6
3
-2.6
-8.2
-6.4

3.4
4.1
4.4
2.8
1.8
1.2
.9
1.5
1.2

1.1
1.8
1.9
2.9
3.3
2.4
. 1.5
-.6
-1.0

2.8
1.3
.8
3.4
4.6
2
.8
1.8
2.9

0
1.8
2.3
2.6
3.0
3.2
1.7
-2.4
-3.4

1.9
2.0
2.5
3.1
3.0
2.8
1.8
1.7
1.2

2.0
2.0
2.0
2.5
2.1
1.4
1.3
.6
.5

0.2
.1
-.2
0

Nov

Dec
1993- Jan
Feb
Mar . .
May '. .
June '
July
Sept

0.4
.1
-.6
1.3

0.2
.2
-.2
-.6

0
-.2
.2
.2

1.3
1.6
.6
-.3

4.3
5.0

.3
.4
.3
.6
0
4
2
-.6
.2

Oct

-.6
0
.2
1.4
0
-1.0
— .1
.5
.7

.6
.6
.5
.4
0
5
-.2
-1.5
0

.5
.3
.2
.2
.1
.1
.1
.2
0

.6
2.9
4.3
5.3
3.6
.6
-2.2
-4.7
-2.5

0

3

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 1

Food
Total '
Total >

Renters'
costs

Homeowners'
costs

Fuel
and
other
utilities

APparel
and
upkeep

New
cars

Total '

Motor
fuel

Medical
care

Energy2

All
items
less
food
and
energy

Addendum: All items, percent change
(annua 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

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
3.94.5
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

Sept
Oct
Nov
Dec

0.1
.4
.2
.1

0.3
0
.1
.3

0.1
.4
.2
.1

0.1
.4
.3
.2

0.4
.4
.2
— .1

0.1
.4
.3
.4

0.1
.3
.3
.1

Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

.5
.3
.1
.4
.1
0
.1
.3
0

.4
.1
.1
.4
.4
— .4
0
.3
.1

.3
2
.3
.5
.1
.3

.4
.3
.1
.5
.1
.3

0
.4
.2
.6
.3
.1

.1

.3
.2

.3
.2

.5
.3
.1
.4
.1
.4
0
.3
.1

1983
1984

1985
1986
1987
1988
1989
1990
1991
1992

1.8
4.2
1.8
56

1.6
2.9
3.2
4.0
2.9
2.3

2.9
2.0
2.8
.9
4.8
4.7
1.0
5.1
3.4
1.4

3.4 -1.7
2.5 -2.4
3.4
3.1
5.9 -30.7
18.7
1.8
2.1 -2.1
2.3
6.8
1.4
36.5
3.3 -16.0
1.8
2.3

3.9
3.1
2.6

-5.9
6.1
3.0
4.0
10.4
-1.5
3.0

6.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
7.9
6.6

-19.7
8.2
.5
5.1
18.1
-7.4
2.0

.7
.1
-.5

0.5
.6
.5
.4

0
.5
.2
-.2

0.1
.5
.3
.2

1.4
.6
— .4
6
-2.4
-1.1
5
-1.7
-1.3

.6
.5
.3
.6
.8
.4
.4
.2
.4

.5
-.4
.7
.2
-1.0
-.2
0
-.5
— .4

.5
'.5
.1
.4
.2
.1
.1
.3
.1

3.2
4.3
3.6
1.9
3.6
4.1
4.8
5.4
4.2
3.0

4.8
4.7
4.3
3.8
4.2
4.7
4.4
5.2
4.4
3.3

-0.5
.2
1.8

Change, month to month
1992:

1993:

1
2

0

|

1

.1
.3

1.2
.4
.2
.4
.3
.5
.2

.4
-.1
-.3

0
.7
.5
.1

0.2
0
2
.1

.8
1.5
-.5
0
-.5
-.5
0
.9
-.6

.6
.5
.1
.2
\
-.2
.2
.1
— .1

2

-0.4

Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
also included through 1982.

24



0
_2
.5
2
.2
.3
.4
.3
3

-0.3

2.9

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.

2.6
3.2
3.2
3.2

2.6
2.9
3.0
2.9

3.0
3.2
3.0
2.9

3.4
4.0
4.0
3.7
2.8
2.2
.8
1.4
1.4

3.3
3.6
3.6
3.6
3.4
3.1
2.3
2.1
1.8

3.3
3.2
3.1
3.2
3.2
3.0
2.8
2.8
2.7

PRICES RECEIVED AND PAID BY FARMERS
In October, prices received by farmers were 0.7 percent below their September 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

160

160

PRICES PAID
140

140

\

. PRICES RECEIVED .

120

120

100

100

80 Li
RATIO140

80

1985

1993

I/RATIO Of INDEX OF PRICES RECEIVED TO INDEX OT PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL 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

All farm
products

Livestock and
products

Crops

All commodities,
services,
interest, taxes,
and wage rates *

Production
items, interest,
taxes, and wage
rates

Production
items

Ratio 2

135
142
128
123
127
138
147
149
145
140

1992- Oct
Nov

Dec

1993: Jan
Feb

Mar
May

July
Sept
Oct
1

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

138
136
137

117
115
118

158
156
156

192
<3)
(3)

176
(3>
(3)

175
(3)
(3)

72
71
71

139
140
142
146
144
140
140
142
145
144

117
118
116
126
120
112
118
123
128
129

159
162
166
167
168
166
161
162
r
!60
158

194
<3)
<s)
197
<3)
(3)
197
(3)
(3)
199

178
(3)
(3)
181
(3)
(3)
180
(3)
(3)
182

176
(3)
(3)
179
<3)
(3)
178
<3>
(3)
181

72
72
73
74
73
71
71
72
74
72

Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
2




NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977 = 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.

25

MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
M2 and M3 rose in September.
BILLIONS Of DOLLARS' (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE|
4,800

COUNCIl OF ECONOMIC ADVISERS

[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]

Ml

M2

Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)

Ml plus overnight
RPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits

M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances

Dec
Dec
Dec
Dec
Dec ....
Dec
Dec
Dec
Dec
Dec *

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
r
2,816.1
2,917.2
r
3,078.2
3,233.3
3,345.5
3,445.8
3,494.9

2,693.1
2,988.2
3,203.6
r
3,491.7
3,674.8
r
3,915.4
4,056.1
r
4,116.8
4,168.1
4,162.5

1992' Augr
Sept *
Oct ....
Nov
Dec

975.5
990.1
1,006.0
1,019.1
1,026.6

3,471.5
3,479.1
3,490.0
3,496.3
3,494.9

1993- Jan
Feb ....
Mar

1,033.2
1,033.0
1,035.2
1,043.0
1,066.7
1,073.1
1,085.3
1,094.8
1,107.6

3,485.7
3,474.1
3,471.6
3,473.3
3,503.7
3,510.9
3,516.8
3,522.5
3,535.3

L

MS

Period

19831984:
19851986:
198719881989:
19901991:
1992-

May
July

r

.

Sept

1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate.

26



M3 plus
other liquid
assets

Debt

Debt of
domestic
nonfinancial
sectors
(monthly
average) *

Percent change from year or 6
months earlier 2

Ml

M2

Debt

M3

3,154.4
3,529.5
3,830.9
4,131.9
4,333.5
4,669.4
4,886.1
r
4,965.2
r
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
1.0
4.1
8.7
14.2

12.0
8.7
8.3
9.5
3.6
5.5
5.0
3.5
3.0
1.4

10.3
11.0
7.2
9.0
5.2
r
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

4,177.8
4,181.8
4,178.1
4,175.7
4,162.5-

5,025.0
5,036.2
5,038.8
5,048.1
5,039.5

11,548.8
11,593.6
11,622.2
11,664.1
11,718.6

10.6
11.8
13.8
14.1
15.6

.2
.7
1.5
1.7
1.9

.5

5.6
5.5
5.1
5.0
5.0

4,137.4
4,131.7
4,127.2
4,138.0
4,167.5
4,167.5
4,165.1
4,168.3
4,181.1

5,015.2
5,011.8
5,011.1
5,027.4
5,067.3
5,070.2
5,068.4
p
5,075.6

11,749.0
11,773.8
11,817.4
11,862.7
11,910.0
11,972.0
12,025.9
"12,079.5

14.5
11.8
9.1
7.4
9.3
9.1
10.1
12.0
14.0

1.3
.1
— .4
-1.0
.4
.9
1.8
2.8
3.7

r

NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.

1

.0
— .2
— 1.5
-2.2
-2.6
-1.9
— .4
.2
1.3
1.8
2.6

4.5
3.9
3.9
4.1
4.2
4.3
4.7
5.2

COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]

Demand
deposits

Currency

Period

Overnight
repurchase
agreeOther
ments
check(RPs),
able
net,
deposplus
its
over(OCDs)
night
Eurodollars '

Money market
mutual fund
balances 2
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)

Institution
only

Small
denomination
time
deposits s

Term
repurchase
agreements
(RPs)

Large
denomination
time
deposits 3

NSA

19831984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
1992:

Dec
Dec ....
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Aug

146.2
156.1
167.9
180.8
196.9
212.3
222.7
246.7
267.2
292.3
282.4
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

Oct
Nov
Dec
1993: Jan
Feb..
Mar
May
y

3

July *
. }r
Sept

131.9
238.5
244.0
147.3
266.9
179.7
302.3
235.3
287.1
259.3
287.1
280.7
279.8
285.3
278.2
294.5
290.5
333.8
' 340.8 385.2
322.5
362.8
366.7
329.0
373.7
336.0
381.6
339.5
r
385.2
340.8
341.9
388.6
r
341.8
386.4
r
341.9
386.3
' 347.2 386.2
r
359.1
395.5
r
360.5 ' 397.8
365.7
402.2
370.7
403.8
376.5
406.9

55.6
60.6
73.5
82.3
84.1
83,2
77.6
74.7
76.3
74.8
76.5
74.3
75.6
75.8
74.8
73.3
74.1
74.5
72.7
70.0
73.5
75.7
78.9
82.5

41.9
63.2
65.5
86.1
92.7
92.0
108.8
135.9
182.1
202.3
220.9
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

139.1
168.0
177.2
209.0
222.6
242.9
317.4
350.5
363.9
342.3
348.9
343.9
346.3
343.7
342.3
340.0
333.2
332.7
r
331.5
r
336.4
r
336.2
335.9
334.3
332.4

1

Includes continuing contract RPs.
Data prior to 1983 are not seasonally adjusted.
Small denomination and large denomination deposits are those issued in amounts of less
$100,000 and more than $100,000, respectively.

685.0
704.7
815.1
940.9
937.6
926.6
891.0
920.8
1,042.5
1,186.0
1,145.7
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
1,205.2
1,208.8

784.1
327.6
888.9
416.5
885.5
434.1
858.9
431.3
922.8
475.4
1,038.3
525.4
1,152.7
548.8
1,172.3
489.6
1,064.7
424.7
r
867.3 r355.7
r
925.7
378.1
'911.0 r373.6
r
'894.4 366.6
r
879.3 r360.2
r
867.3 r355.7
' 858.3 ' 348.5
' 853.1 ' 344.0
' 848.1 r338.1
r
841.1 ' 343.2
r
834.4 r 343.1
r
826.7 r339.8
817.6
335.2
810.2
335.3
803.5
333.5

Term
Eurodollars
(net)

NSA

General
purpose
and
broker/
dealer

NSA

49.9
57.6
62.4
80.6
106.0
121.8
99.0
89.6
72.5
80.6
75.8
77.6
79.6
81.4
80.6
79.7
82.1
85.7
88.8
89.7
92.8
96.4
96.0
95.4

91.5
82.9
76.5
83.8
91.0
105.7
79.5
68.7
57.6
45.6
51.4
49.4
48.1
47.2
45.6
43.6
47.0
50.4
49.8
50.5
47.8
44.3
45.6
46.5

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
147.4
149.3
151.9
154.7
156.8
158.9
161.1
162.7
163.9
164.8
165.7
166.8
* 167.8

211.9
260.9
298.2
280.0
253.1
269.2
324.9
331.1
315.0
r
331.4
322.9
321.0
320.2
325.1
r
331.4
r
337.5
' 342.9
r
341.6
'340.7
' 347.1
* 349.2
349.9
* 346.9

Bankers'
acceptances

Commercial
paper

45.0
45.4
42.0
37.0
44.3
39.9
40.2
35.6
23.4
20.4
21.1
20.7
20.5
20.3
20.4
20.6
20.2
19.3
19.3
19.4
18.7
17.5
P
16.3

133.2
160.8
207.6
231.4
260.7
335.5
347.3
357.1
337.7
368.4
355.7
363.4
368.0
372.4
368.4
360.7
355.9
360.3
365.5
' 368.4
369.1
369.1
376.3

NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not shown
ere.
Source: Board of Governors of the Federal Reserve System.

2

3

AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA]
Adjusted for changes in reserve requirements

Borrowings of depository
institutions from the Federal
Reserve (NSA)

Reserves of depository institutions
Period
Total

1983:
1984:
19851986:
1987'
1988:
19891990:
1991:
19921992'

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Sept
Oct
Nov
Dec
1993: Jan..
Feb
Mar
May

July
Sept *
1

..

. ..

25,367
26,845
31,448
38,943
38,862
40,398
40,492
41,767
45,533
54,351
51,274
52,836
53,815
54,351
54,665
54,922
55,166
55,197
56,877
57,119
57,567
58,033
58,838

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
50,987
52,693
53,711
54,228
54,500
54,876
55,074
55,124
56,756
56,938
57,323
57,680
58,410

Nonborrowed plus
extended
credit
24,595
26,263
30,628
38,419
38,568
39,927
40,247
41,464
45,342
54,228
50,987
52,693
53,711
54,228
54,501
54,877
55,074
55,124
56,756
56,938
57,323
57,680
58,410

Required

24,806
25,990
30,411
37,573
37,816
39,351
39,570
40,102
44,555
53,196
50,280
51,763
52,772
53,196
53,405
53,818
53,953
54,101
55,881
56,209
56,478
57,080
57,749

Monetary
base

Total

175,467
187,237
203,585
223,667
239,872
256,932
267,734
293,185
317,169
350,798
341,585
344,849
347,832
350,798
353,224
355,734
358,374
360,634
364,769
368,069
370,978
r
374,532
379,266

774
3,186
1,318
827
777
1,716
265
326
192
124
287
143
104
124
165
45
91
73
121
181
244
352
428

Seasonal

96
113
56
38
93
130
84
76
38
18
193
114
40
18
11
18
26
41
84
142
210
234
236

Extended
credit

2
2,604
499
303
483
1,244
20
23
1
1
0
0
0
1
1
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 September; commercial and industrial loans fell 0.5
percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
3,200
ALL COMMERCIAL BANKS
2,800

BILLIONS OF DOLLARS* (RATIO SCALE)
3,200
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

120
1985

1987

1986

1990

1988

1993

1992

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, seasonally adjusted x

All commercial banks
Loans and leases
Period

1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
1992:

Dec
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Sept
Oct
Nov
Dec
1993: Jan
Feb

Mar r....
Apr r ....
May r....
June r...
July r....
Aug •-....
Sept

Total

U.S.

loans and
securities 2

Government
securities

1,552.2
1,722.9

259.2
259.8
270.8
310.1
335.8
362.7
397.0
452.1
559.3
657.1
640.6
647.3
651.4
657.1
656.5
666.2
680.3
691.3
693.9
704.5
708.2
714.6
720.2

1,910.4
2,093.7
2,241.2
2,422.9
2,590.8
2,732.4
2,836.9
2,937.6
2,917.4
2,926.0
2,932.4
2,937.6
2,935.3
2,943.9
2,960.2
2,971.3
2,992.5
3,016.0
3,038.6
3,047.2
3,058.1

Other
securities

169.1
140.9
179.0
193.9
195.8
193.7
182.4
178.8
179.9
176.0
178.2
178.8
177.3
176.0
174.5
176.4
178.8
180.4
181.0
179.7
181.2
182.1
182.2

Total

2

1,123.9
1,322.2
1,460.6
1,589.7
1,709.6
1,866.5
2,011.4
2,101.4
2,097.8
2,104.6
2,098.6
2,099.8
2,103.8
2.104-.6
2,104.4
2,101.3
2,101.1
2,099.6
2,117.7
2,131.8
2,149.2
2,150.6
2,155.7

Commercial
and
industrial
414.2
473.2
500.2
536.7

566.4
605.3
638.4
642.6
617.0
597.6
601.2
600.8
600.5
597.6
598.0
596.7
593.1
587.6
590.7
592.3
591.2
590.6
587.5

Individual

Security

N nn
onbank
financial
institutions

Agricultural

political
subdivisions

331.0
376.3
425.9
494.1
587.2
670.1
760.1
843.4
871.8
892.4
886.8
890.7
892.5
892.4
890.8
890.1
892.0
892.8
898.5
904.3
907.6
910.6
914.2

212.9
254.2
295.0

28.0
35.0
43.3
40.3
34.5
40.9
41.3
44.7
54.3
64.8
64.0
64.7
64.2
64.8
63.5
62.8
64.3
62.6
69.1
72.2
82.5
80.5
83.4

30.4
31.6
32.8
35.3
32.1
32.5
34.4
35.9
41.4
43.6
44.0
43.9
44.7
43.6
45.1
44.6
44.2
44.8
45.5
45.4
46.0
46.3
45.6

39.2
40.1
36.1
31.6
29.4
29.0
30.1
32.3
34.2
35.0
35.2
35.1
35.2
35.0
34.5
34.3
34.0
34.0
34.2
34.1
34.5
34.6
34.7

0.0
46.1
56.8
58.4
52.5
45.3
40.0
34.0
29.0
24.8
25.8
25.4
25.1
24.8
24.2
23.8
23.7
23.4
23.5
23.6
23.7
23.6
23.2

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



State
and

Real
estate

315.4
328.2
354.8
375.2
380.3
363.9
355.5
357.0
355.8
355.4
355.5
358.4
361.9
362.3
364.1
367.0
368.1
371.8
373.9
375.1
2

Foreign
banks

13.4
11.4
9.7
10.1
7.7
7.6
8.2
7.7
7.3
7.7
7.9
7.6
7.5
7.7
7.7
8.8
8.5
8.4
8.5
8.7
9.2
9.6
8.8

Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.

Foreign
official
institutions

Lease
financing
receivables

9.4
8.4

13.7
16.1
19.1
22.5
24.7
29.4

6.3
6.3
5.1
5.0
3.5
2.9
2.4
2.8
2.5
2.4
2.8
2.8
2.9
3.2
3.2
3.2
3.1
3.3
3.3
3.2
3.5

31.9
32.9
31.7
30.9
31.0
30.8
30.9
30.9
30.4
30.6
30.6
30.7
31.0
31.3
31.7
31.8
31.9

Other

31.8
29.9
35.5
39.0
41.7
46.5
48.1
44.9
44.7
49.5
43.2
42.6
45.0
49.5
48.8
44.5
45.3
47.9
46.5
48.7
47.9
45.8
47.7

SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources

Uses
External

Period
Total

Credit market funds

Internal 1
Total
Total

Securities
and
mortgages

Other 2

Loans and
short-term
paper

Total

Capital
expenditures 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

1983
1984
1985
1986
1987 ...
1988
1989
1990
1991
1992

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
54
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

1991:

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

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

483.7
611.0

460.6
465.7

23.1
145.3

17.4
104.8

83.4
89.9

660
14.9

5.8
40.5

446.1
561.3

446.4
447.2

3
114.1

37.6
49.7

I ..

n

Ill
IV

1992:

I

n
ni
IV

1993: I .
HP

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 1

Installment credit outstanding (end of period)
Period

Total

Automobile

Revolving

Other

2

Total

Automobile

Revolving

Other 2

1983:
19841985:
19861987:
19881989:
1990:
1991:
1992:

Dec
Dec
Dec
Dec
Dec
Dec 3
Dec
Dec
Dec
Dec

368,966
442,602
517,659
572,006
608,675
662,553
724,353
738,765
733,510
741,093

143,560
173,564
210,238
247,772
266,295
285,364
292,536
284,739
260,898
259,627

79,088
100,280
121,758
135,825
153,064
174,269
198,544
222,552
243,564
254,299

146,318
168,758
185,664
188,408
189,316
202,921
233,273
231,474
229,048
227,167

43,161
73,636
75,057
54,347
36,669
53,878
<4)
14,412
-5,255
7,583

17,615
30,004
36,674
37,534
18,523
19,069
<4)
7 797
-23,841
1 271

12,634
21,192
21,478
14,067
17,239
21,205
(4)
24,008
21,012
10,735

12,912
22,440
16,906
2,744
908
13,605
(4)
1 799
-2,426
1 881

1992:

Aug
Sept
Oct
Nov
Dec

731,023
733,023
734,195
736,023
741,093

258,827
259,433
258,208
258,860
259,627

249,384
250,456
251,806
252,086
254,299

222,812
223,135
224,181
225,077
227,167

527
2,001
1,171
1,829
5,070

568
606
-1,225
653
767

403
1,072
1,350
280
2,213

-445
323
1,046
896
2,090

1993:

Jan
Feb
Mar r
Apr r
May r

743,583
747,228
750,131
752,193
750,293
752,428
757,465
761,093

258,737
261,434
262,313
262,463
264,007
265,388
267,468
268,382

255,984
258,384
259,661
261,450
262,690
263,338
266,938
269,781

228,862
227,410
228,157
228,280
223,596
223,701
223,058
222,931

2,490
3,645
2,903
2,062
-1,900
2,135
5,037
3,628

-890
2,697
879
150
1,544
1,381
2,080
914

1,685
2,400
1,277
1,789
1,240
648
3,600
2,843

1,695
1 452
747
123
-4,684
105
-643
127

July r
All? p
1

For year-end data, change'from preceding year-end; for monthly data, change from preceding
month.
2
Outstanding loans for mobile homes, education, boats, trailers, vacations, etc.
3
Data newly available in January 1989 result in breaks in many series between December 1988




and subsequent months.
4
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.

29

INTEREST RATES AND BOND YIELDS
Overall, interest rates were about unchanged in October.
PERCENT PER ANNUM

PERCENT PER ANNUM

' U

CORPORATE Aaa BONDS
{MOODY'S)

\A

TREASURY
BILLS

V

i

DISCOUNT
RATE
FEDERAL
RESERVE
BANK OF
NEW YORK

1985
UNCIL OF ECONOMIC ADVISERS

SOURCE, SEE TABLE BEl

[Percent per annum]
U.S. Treasury security yields

Period

3-month bills
(new issues) l

1983
1984
1985
1986
1987 .
1988
1989 ..
1990
1991 .
1992
1992- Oct
Nov

3-year

10-year

High-grade
municipal
honds
(Standard &
Poor's) 3

Corporal*
Aaa bonds
(Moody's)

Prime
commercial
paper,
6 months J

Discount rate
(N.Y. F.K.
Bank)4

Prime rate
charged by
banks 4

8.63
9.58
7.48
5.98
5.82
6.69
8.12
7.51
5.42
3.45
2.84
3.14
3.25
3.06
2.95
2.97
2.89
2.96
3.10
3.05
3.05
2.96
3.04

Dec

1993: Jan
Feb
Mar

July
Autr
Sept
Oct

Week ended:
1993- Oct 9
16. ...
23

30

Constant maturities 2

...

10.45
11.89
9.64
7.06
7.68
8.26
8.55
8.26
6.82
5.30
4.64
5.14
5.21
4.93
4.58
4.40
4.30
4.40
4.53
4.43
4.36
4.17
4.18

11.10
12.44
10.62
7.68
8.39
8.85
8.49
8.55
7.86
7.01
6.59
6.87
6.77
6.60
6.26
5.98
5.97
6.04
5.96
5.81
5.68
5.36
5.33

9.47
10.15
9.18
7.38
7.73
7.76
7.24
7.25
6.89
6.41
6.43
6.35
6.24
6.18
5.87
5.65
5.78
5.81
5.73
5.60
5.50
5.31
5.29

12.04
12.71
11.37
9.02
9.38
9.71
9.26
9.32
8.77
8.14
7.99
8.10
7.98
7.91
7.71
7.58
7.46
7.43
7.33
7.17
6.85
6.66
6.67

8.89
10.16
8.01
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.33
3.67
3.70
3.35
3.27
3.24
3.19
3.20
3.38
3.35
3.33
3.25
3.27

8.50
8.80
7.69
6.33
5.66
6.20
6.93
6.98
5.45
3.25
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

10.79
12.04
9.93
8.33
8.21
9.32
10.87
10.01
8.46
6.25
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

2.96
3.04
3.06
3.08

4.15
4.09
4.17
4.28

5.33
5.24
5.31
5.44

5.31
5.30
5.23
5.32

6.70
6.62
6.63
6.73

3.27
3.25
3.24
3.30

3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00




12.57
12.38
11.55
10.17
9.31
9.19
10.13
10.05
9.32
8.24
7.90
8.07
7.88
7.82
7.77
7.46
7.46
7.37
7.23
7.20
7.05
6.95

6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00

1
Bank-discount basis.
2
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department,
3
Weekly data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and week.

30

New-home
mortgage
yields
(FHFB)5

5
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Keserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.

COMMON STOCK PRICES AND YIELDS
Stock prices rose in October.
INDEX, DEC. 31, 1965=50 (RATIO SCALE)

INDEX, DEC. 31, 1965=50 (RATIO SCALE)
260
240
220

260
240
220

200

200

180

180

160
140

140

- COMPOSITE STOCK PRICE INDEX (NYSE)

120
100

100

80

80

60

1 1111

1985

1986

1987

1988

1989

1990

1 1M 1

1992

1991

I 1 1 I I I I M I 60
1993

PERCENT
201

PERCENT
20
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)

15

10

1985

1986,

1987

1988

1992

SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION

1993

COUNCIL OF ECONOMIC ADVISERS

Common stock prices l

Period

New York Stock Exchange indexes (Dec
noted) 2
Composite

Industrial

Transportation

Common stock yields
(percent) 6

, except as

Utility 3

Finance

Dow-Jones
industrial
average *

Standard &
Poor's
composite
index
(194143 = 10)5

Dividendprice ratio

Earningsprice ratio

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- Oct
Nov
Dec

226.97
232.84
239.47

279.70
287.30
294.86

192.30
204.78
212.35

203.24
202.26
207.70

181.36
189.27
196.87

3,198.70
3,238.49
3,303.15

412.50
422.84
435.64

3.07
2.98
2.90

4.38

1993- Jan
Feb
Mar

239.67
243.41
248.12
244.72
246.02
247.16
247.85
251.93
254.86
257.53

292.11
294.40
298.75
292.19
297.83
298.78
295.34
298.83
300.92
306.61

221.00
226.96
229.42
237.97
237.80
234.30
238.30
250.82
248.15
254.04

211.04
218.89
225.06
227.56
222.41
226.53
232.55
237.44
244.21
240.97

203.38
209.93
217.01
216.02
209.40
209.75
218.94
224.96
229.35
228.18

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

435.23
441.70
450.16
443.08
445.25
448.06
447.29
454.13
459.24
463.90

2.88
2.81
2.76
2.82
2.80
2.81
2.81
2.76
2.73
2.72

255.90
256.05
257.86
258.36
258.09

301.90
302.84
306.07
308.69
309.67

252.44
252.87
251.32
253.45
258.65

243.25
240.92
240.58
242.07
239.87

232.23
231.99
232.32
225.46
222.08

3,567.25
3,586.48
3,608.22
3,641.64
3,675.84

460.73
460.55
463.96
465.87
465.73

2.73
2.73
2.73
2.71
2.71

1983
1984
1985
1986
1987
1988
1989
1990
1991
1992

.

May
r j
July
. }

Sept...
Oct
Week ended:
1993: Oct 2
9
16
23
30
1

...

Average of daily closing prices.
Includes all the stocks (more than 2,000 in 1992) listed on the NYSE.
Dec. 31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility index
to facilitate trading of options and futures on the index. Such trading is expected to begin later this
year. AH indexes shown here reflect the doubling.
4
Includes 30 stocks.
2

3




4.39
4.29

6

Includes 500 stocks.
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earningsprice ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
6

31

FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In fiscal 1993, there was a deficit of $254.9 billion, compared with a deficit of $290.4 billion in fiscal 1992.
BILLIONS OF DOLLARS

BILLIONS Of DOLLARS
1,600

1,600

RECEIPTS AND OUTLAYS-!/

1,500

1,500

1,400

1,400
OUTLAYS J

1,300

1,300
1,200

1,200
1,100

1,100

1,000

1,000
900

900
RECEIPTS-^

800

800

700

700

600

V

600

Slipping OR DFFIHT ( ) -^
-100

-100

^^— *^

-200

~^~^^

-200

^~-~— ^-

_______
-300

-300
-400

/\

Vl985

1

1

1986

1

1987

1

1988

1

1989

1

1990

1

199)

1

1992

1

1993

!\ -400

1994^

FISCAL YEARS
i'wa.UDES ON-BUDGET AND OFF-BUDGET TOMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

COUNOL OF ECONOMIC ADVISERS

[Billions of dollars]
On-budget

Total
Fiscal year or period
Receipts

1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 l
1994 (estimates)

Outlays

Surplus
or deficit
(-)




Outlays

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
402
-73.8
790
-128.0
207.8
- 185.4

231.7
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4

302.2
328.5
369.1
403.5
476.6
543.1
594.4
661.3
686.0

-70.5
49 8
-54.9
382
72 7
-74.0
120 1
-208.0
185 7

66.4
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1

69.6
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8

32
-3.9
43
-2.0
11
-5.0
79
.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

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
2052
-278.0
321 7
-340.5
3009
-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

-221.4
-269.5
-290.4
254 9
-258.7

1
Data from Monthly Treasury Statement.
NOTE.—Data for fiscal 1992 and 1994 are from Mid-Session Review of the 1994

32

Receipts

Gross Federal debt
(end of period)

Off-budget
Surplus
or deficit
(-)

September 1, 1993. Other data (except as noted) are from Budget Baselines, Historical Data, and
Alternatives for the Future, January 1993.
Sources: Department of the Treasury and Office of Management and Budget.

FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In fiscal 1993, receipts were $62.7 billion higher than a year earlier and outlays were $27.2 billion higher.
BILUCINS OF DOLLARS
600
RECEIPTS1'

INDIVIDUAL INCOME TAXES
\

500

BILLIONS OF DCILARS
600
_
.
500

^

400

400

\
\
SOCIAL INSURANCE
TAWS AND rONTORI mONS

300

""
200

CORPORATION
IKirOUF TAYFS
\

OTHER RECEIPTS

300
200
100

100

1

0

1

1

1

1

1

1

1

1

0
1,300

1,300

OUTLAYS ^
1,200

1,200

^
1,100

1,100

'

1,000

1,000

NONDEFENSE
~~ "
\
..*••"
•\^^~

900

900

800

800

700

700

600

600
500

500

NATIONAL DEFENSE

400

200

400

\

300

xj
^1985

1

1

1

1986

1987

1
1988

300

1

1

1989

1990

1
1991

1
1992

1

K

200

1994N

1993

FISCAL YEARS
J'lNaUWS ON-BUDGET AND OFF-BUDGET ITEMS.
jOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

COUNCIL Of ECONOMIC ADVISE -S

[Billions of dollars]
On-budget and off-budget out ays

On-budget and off-budget receipts
National defense

Social
Individual
income
taxes

Corporation
income
taxes

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

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

Fiscal year
Total

1976

1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 J
1

298.1
355.6

ance
taxes

Other

Total

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

and
contributions

Department of
Defense,
military

International
affairs

Health

Medicare

Net

Income
securi-

Social
securi-

inter-

ty

ty

est

73.9

Other

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

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

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

371.8
409.2

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 second quarter of 1993, Federal receipts rose $49.6 billion (annual rate) and Federal expenditures rose $8.7
billion. In the third quarter, according to advance estimates. Federal expenditures fell $10.4 billion; receipts data
are incomplete.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

1,400

. EXPENDITURES -

1,200

1,000

1,000

800

800

600

400

400

200
SURPLUS OR DEFICITI-)

-400

-400
1982

1983

1987

1984

1993

1988

CALENDAR YEARS
COUNCIL OF ECONOMY ADVBERS

SOURCE: DEPARTMENT OF COMMERCE

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government expenditures

Federal Government receipts

Personal

Period
Total

Fiscal year:
1990 r
1991 r
1992 r
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

nf

tax and

nontax
receipts

Corporate
profits
tax
accruals




Contributions for
social
insurance

Total

Pur-

chases

Transfer
payments

Net
interest
paid

Subsidies
less
current
surplus of
Government
enterprises

Surplus
or deficit
Less:
Wage
accruals
less
disbursements

(-),

national
income
and

product
accounts

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

0.0
-.1
.0

-158.0
-187.9
-270.4

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
1,165.9
1,176.1
1,169.1
1,221.1
1,218.4
1,268.0

484.3
474.9
490.8
301.6
290.5
323.5
351.8
371.7
414.8
420.0
470.1
483.9
474.5
478.5
479.7
482.0
489.5
511.8
502.1
520.7
528.2

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

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
86.8

444.8
466.7
490.7
235.9
259.8
291.1
318.0
338.8
359.4
400.7
424.7
449.7
469.4
472.8
484.7
488.1
491.4
498.7
502.3
518.7
522.9

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
1,350.2
1,387.2
1,436.1
1,456.0
1,459.8
1,485.3
1,481.9
1,490.6
1,480.2

426.5
445.9
448.8
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
446.8
437.4
445.5
444.6
452.8
452.4
442.7
447.5
442.2

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
651.2

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
182.9

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
21.5

.1
-.1
.0
.0
.0
.6
.0
.0
-.2
.0
.0
.2

1635
-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

Source: Department of Commerce, Bureau of Economic Analysis.

34

Indirect
business
tax and
nontax
accruals

Grantsin-aid to
State
and
local
governments

.0
.0
.0
.0
.0
.0
.0
.0
.0

INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1987=100; seasonally adjusted)
Period

United
States

Canada

Japan

France

Germany

Consumer prices (1982-84=100; NSA)
United
States '

United
Kingdom

Italy

84.9
92.8
94.4
95.3
100.0
104.4
106.0
106.0
104.1
106.5

81.2
91.0
96.1
95.4
100.0
105.3
105.2
101.8
98.1
98.5

85.5
93.4
96.8
96.6
100.0
109.3
115.9
121.4
123.7
116.5

96.5
97.1
97.2
98.0
100.0
104.6
108.8
110.9
111.2
110.0

90.9
93.5
97.7
99.6
100.0
103.9
108.8
114.1
117.4
116.0

88.9
91.8
92.9
96.2
100.0
105.9
109.2
109.4
107.1
106.5

106.0
106.8
106.6
106.2
107.5
108.4
108.9

97.7
97.4
99.0
99.2
99.4
100.0
100.5

117.5
117.3
113.9
118.2
114.6
113.1
112.7

110.3
110.3
110.3
110.6
111.2
106.3
104.8

116.5
115.9
115.5
115.6
112.8
110.5
107.5

107.4
108.0
102.8
103.4
105.6
106.4
99.9

' 101.2
' 101.7
' 102.6

105.0
107.7
106.6
106.0
106.2
105.9

'110.9

107.2
105.9
107.8
106.4
107.3
107.0
' 106.2
108.4

105.3
105.9
104.4
99.9
104.3
101.9
103.4

Aug

112.3
113.5
116.5
113.4
110.7
112.5
111.9
111.4

' 102.8
' 104.2
r
102.8
' 103.3
r
104.9

June
July

109.3 ' 100.8
109.9
101.8
110.1
103.0
110.4 ' 102.2
110.2 r 101.9
' 110.5 ' 103.3
' 110.7 101.9

1983

1984
1985
1986
1987
1988
1989
1990
1991
1992 '.
1992:

June
July
Sept

Oct
Nov
Dec

1993: Jan
Feb
Mar
Apr
May.

88.9
89.0
93.9
r
96.2
r

r

100.0
104.8
' 107.0
' 106.7
' 102.5
' 102.0
r

'103.1

' 103.9
' 102.8
' 102.0

'103.8

104.8
104.9

111 0

Sept"
1

r

Data relate to all urban consumers.

Canada

United
Kingdom

Japan

France

Germany

'100.5
'107.9
'114.2

'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

Italy

99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
136.2
140.3

100.4
104.8
108.9
113.4
118.4
123.2
129.3
135.5
143.1
146.4

99.8
102.1
104.1
104.8
104.9
105.7
108.0
111.4
115.0
116.9

140.2
140.5
140.9
141.3
141.8
142.0
141.9

145.2
145.6
145.6
145.5
145.7
146.4
146.4

117.5
116.6
116.9
117.5
117.6
117.4
117.4

'140.7
'140.6
'140.4
'140.8
'141.2
'141.4
'141.4

120.7
120.7
120.9
121.2
121.7
122.3
122.4

178.9
179.1
179.2
179.8
180.9
182.0
182.3

163.7
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

147.0
147.4
147.3
147.3
147.6
147.6
148.0
148.1
148.2

117.3
117.4
117.7
118.5
118.6
118.5
118.8
119.2

'141.9
'142.4
'143.1
'143.2
'143.5
'143.4
'143.5
'143.5

123.8
124.3
124.7
125.1
125.5
125.7
126.0
126.0
126.1

182.9
183.6
184.0
184.7
185.4
186.4
187.1
187.2
187.5

162.0
163.1
163.7
165.2
165.8
165.7
165.3
166.0
166.7

117.2
'120.9
'124.2
'128.6
'133.0

137.2

144.0

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]
General merchandise imports (customs value) 3

Merchandise exports (f.a.s. value) l
Principal end-use commodity category

Trade balance

Principal end-use commodity category
General

Period
Total

2

Foods,
feeds,

Industrial

sup-

and

plies

beverages

materi-

and
als

Capital
goods
except
automotive

Automotive
vehicles,
parts,

and
engines

Consumer
goods

(nonfood)
except
automotive

Other

2

Total

Foods
feeds,

Industrial

sup-

and

plies

beverages

materi-

and
als

Capital
goods
except
automotive

Automotive
vehicles,
parts,

Con-

mer-

sumer
goods

chandise
imports
(c.i.f.
value)

and
engines

(nonfood)
except
automotive

Other

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

6.3
7.8
9.4
10.4
12.1
12.8
13.6
16.1
15.9
17.6

269.9
346.4
352.5
382.3
424.4
459.5
493.2

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

258.0
* 330.7
* 336.5
365.4
406.2

Exports
(f.a.s) less
imports
(customs
value)

Exports
(f.a.s)
less
imports
(c.Lf.)

-52.4

-64.2

-106.7
-117.7
-138.3
-152.1
-118.5
-109.4
-101.7

-122.4
-133.6
-155.1
-170.3
-137.1

1991.....

421.7

1992.

448.2

30.9
31.5
24.0
22.3
24.3
32.3
37.2
35.1
35.7
40.2

36.4
37.7
38.9
37.8
39.2

3.3
3.5
3.6
3.4
3.4

8.9
9.0
9.6
9.0
9.2

14.0
14.8
15.3
14.5
15.8

4.1
4.0
3.8
4.4
4.6

4.1
4.4
4.5
4.5
4.3

2.0
2.0
2.1
2.0
1.9

45.1
46.0
46.1
45.6
46.1

2.3
2.2
2.3
2.2
2.3

11.9
12.0
12.5
11.8
11.5

11.4
11.6
11.8
11.6
11.9

7.7
7.8
7.5
8.0
8.2

10.3
10.9
10.5
10.3
10.7

1.3
1.4
1.5
1.7
1.5

46.8
47.8
47.9
47.4
47.9

-8.7
-8.3
-7.2
-7.8
-7.0

-10.5
-10.1
-9.1
-9.6
-8.8

37.5
36.9
38.9
38.5
38.9
37.6
37.1
38.2

3.3
3.4
3.5
3.4
3.3
3.2
3.2
3.1

9.4
8.7
9.2
9.1
9.7
8.8
9.3
9.0

14.5
14.3
15.6
15.2
15.3
15.3
14.3
15.3

4.1
4.4
4.3
4.4
4.3
4.1
3.8
4.2

4.3
4.2
4.4
4.2
4.5
4.3
4.4
4.5

2.0
1.9
2.0
2.1
1.9
2.0
2.0
2.2

45.2
44.8
49.3
48.7
47.3
49.7
47.5
47.9

2.3
2.2
2.4
2.2
2.3
2.3
2.3
2.3

11.6
11.1
12.6
12.6
12.3
12.8
12.1
11.8

11.7
11.7
12.4
12.4
12.3
13.1
12.8
12.4

7.9
8.3
8.8
8.8
8.2
8.6
7.8
8.5

10.3
10.3
11.5
11.1
10.7
11.3
11.0
11.5

1.4
1.3
1.6
1.5
1.6
1.6
1.5
1.4

47.0
46.6
51.3
50.6
49.1
51.6
49.4
49.8

-7.7
-7.9
-10.5
-10.2
-8.4
-12.1
-10.4
-9.7

-9.5
-9.6
-12.4
-12.1
-10.2
-14.0
-12.3
-11.6

1983....

1984

5

1985....

8

1986
1987
1988
1989
1990

205.6
224.0

218.8
227.2

254.1
322.4
363.8
393.6

1992: Aug

...

Sept

Oct
Nov
Dec

1993: Jan
Feb
Mar
May
July r

1

.

Includes Department of Defense Military Assistance Program grant-aid shipments.
Includes undocumented exports to Canada through 1988.
Total arrivals of imported goods other than intransit shipments.
* Total includes revisions not reflected in detail.
5
Total exports are on a revised statistical month basis; end-use categories are on a statistical
2

3




441.0

517.0
508.4
554.0

- 129.4
-123.4

-66.7 -86.6
-84.5 -105.9

month basis.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census.

35

U.S. INTERNATIONAL TRANSACTIONS
In the second quarter of 1993, the current account deficit rose to $26.9 billion, from $22.3 billion in the first
quarter. The merchandise trade deficit rose to $34.4 billion, from $29.3 billion in the first quarter.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS*

15

15

BALANCE ON GOODS,
SERVICES, AND INCOME

/
.
,

A/

/

1983

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)]
Merchandise l

z

Net balance

Net
military
transactions 3 *

-28,023
-36,485
-67,102
-112,492
-122,173
145 081
-159,557
126 959
-115,249
-109,033
-73,802
96 138
-28,954
-28,110
18 790
-16,319
-19,640
-19,053
-17,763
-24,801
-27,612
-25,962
29 309
-34,388

-844
112
-563
2 547
-4,390
5 181
-3,844
6 315
-6,726
7833
-5,851
2 751
-1,584
-2,719
-2,532
-1,402
-1,164
-755
-571
-727
-617
-836
-145
23

Period
Exports

1981
1982
1983
1984
1985

1986
1987
1988
1989
1990
1991
1992
1990: HI
IV
1991- I

n
m

IV
1992: I

n
m

IV
1993- I
1
2
3

237,044
211,157
201,799
219,926
215,915
223,344
250,208
320,230
362,116
389,303
416,937
440,138
96,431
100,249
101,333
104,206
103,764
107,634
108,347
108,306
109,493
113,992
111,530
113,125

Imports

-265,067
-247,642
-268,901
-332,418
-338,088
-368,425
-409,765
-447,189
-477,365
-498,336
-490,739
-536,276
-125,385
- 128,359
-120,123
-120,525
- 123,404
-126,687
-126,110
-133,107
-137,105
- 139,954
- 140,839
-147,513

Excludes military.
Adjusted from Census data for differences in timing and coverage.
Quarterly data are not seasonally adjusted.

36



Investment income

Services
Net
travel and
transportation
receipts
144
-992
-4,227
8 438

-9,798
7 382
-6,481
-1,511
5,071
8,979
17,933
19,718
1,821
3,365
2,926
4,299
5,228
5,481
5,011
5,201
4,882
4,624
5,014
5,323

Other
services,
net

Receipts
on U.S.
assets
abroad

Payments
on foreign
assets in
U.S.

12,552
13,209
14,095
14,277
14,266
18,855
17,900
19,961
26,558
29,505
33,799
39,444
7,364
8,049
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
36,884
40,431
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
-33,160
-32,716
-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,
net 4

Balance
on current
account

32,903
29,788
31,078
29,483
21,175
12,761
7,726
12,621
14,813
20,348
13,021
6,222
3,724
7,715
5,771
2,910
1,627
2,713
4,419
907
1,703
-806
-37
-275

16,732
5,632
-26,719
-79,716
- 100,920
- 126,028
- 144,256
- 102,203
-75,532
-58,034
- 14,899
-33,505
-17,629
-11,700
-4,690
-2,115
-5,289
-2,805
704
-10,243
- 10,628
-13,339
-14,722
-19,868

-11,702
-17,075
-17,741
-20,612
-22,950
-24,176
-23,052
-24,965
-26,092
-33,827
6,575
-32,895
-7,428
-11,988
14,096
3,884
-6,564
-4,839
-7,389
-8,010
-7,147
- 10,348
-7,586
-7,066

5,030
— 11,443
-44,460
- 100,328
- 123,870
- 150,203
-167,308
-127,168
-101,624
-91,861
-8,324
-66,400
-25,057
-23,688
9,406
1,769
-11,853
-7,644
-6,685
-18,253
-17,775
-23,687
-22,308
-26,934

Includes transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation of table.

U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks 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*

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capital outflow (— )]
Period
Total

1981

1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1990: m
IV
1991: I
II
HI
IV
1992: I

n
m

IV
1993: I
H"....

114,147
- 122,335
-58,735
-29,654
34687
-91,260
-61,254
-91,423
-129,331
-44,132
-59,974
-50,961
-29,885
-29,895
-5,555
-875
-15,672
-37,870
-1,029
-8,695
- 10,798
-30,438
-12,358
-25,428

U.S.
official
reserve
assets 3 5
-5,175
4,965
-1,196
3,131
-3,858
312
9,149
-3,912
-25,293
-2,158
5,763
3,901
1,739
-1,091
-353
1,014
3,877
1,225
-1,057
1,464
1,952
1,542
-983
720

Other U.S.
Government
assets

Foreign assets in the U.S., net
[increase /capital inflow (+)]

U.S.
private
assets

-5,097 -103,875
-6,131 -111,239
-5,006
-52,533
-5,489
-21,035
28009
2 821
-2,022
-89,551
1,006
71 408
2,967
-90,477
1,259
105 297
2,307
-44,280
68,643
2,905
-1,609
-53,253
338
31 286
4,181
-32,984
559
-5,761
-419
-1,470
22774
3,224
-459
-38,637
-275
303
-293
-9,866
12445
305
-737
-31,243
535 -11,910
55
-26,203

Total

83,032
92,418
83,380
102,010
130,966
223,191
229,972
219,489
213,571
105,173
83,439
129,579
52,101
48,194
20
7,120
23,514
52,826
19,834
44,450
26,450
38,845
25,718
38,292

5
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve position in the IMF.




Foreign
official
assets 3

Other
foreign
assets

4,960
3,593
5,845
3,140
1 119
35,648
45,387
39,758
8,503
34,198
17,564
40,684
14,077
20,249
5,604
-4,924
3,855
13,029
21,124
21,008
7 378
5,931
10,929
17,839

78,072
88,826
77,534
98,870
132,084
187,543
184,585
179,731
205,068
70,975
65,875
88,895
38,024
27,945
-5,624
12,044
19,659
39,798
1 290
23,442
33,828
32,914
14,789
20,453

Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)

1,093

Total (sum
of the items
with sign
reversed)
24,992
41,359
19,815
27,972
27,592
18,272
-1,410
—899
17,384
30,820
-15,140
— 12,218
2,841
5,389
-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

U.S. official
reserve
assets, net 5
(unadjusted,
end of
period)

-6,221
2,098
4,710
-120
-6,506
1,911
4,878
653
-6,754
1,222
5,814
816

30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,721
71,323
80,024
83,316
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.

37

Contents
TOTAL OUTPUT, INCOME, AND SPENDING

page

Gross Domestic Product
Gross Domestic Product in 1987 Dollars
Implicit Price Deflators for Gross Domestic Product
Changes in GDP, Personal Consumption Expenditures, and Related Implicit Price Deflators and Price Indexes
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures in 1987 Dollars
Sources of Personal Income
Disposition of Personal Income
Farm Income
,
Corporate Profits
Gross Private Domestic Investment in 1987 Dollars
Expenditures for New Plant and Equipment

1
2
2
3
3
4
4
5
6
7
8
9
10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
. Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector

11
12
13
14
15
15
16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders

17
18
19
19
20
21

PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
:
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers

22
23
24
24
25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields

26
27
27
28
29
29
30
31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis

32
33
34

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions

35
35
36

General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
* Preliminary.
'Revised.
e
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
For sale by the Superintendent of Documents, U.S. Government Printing Office,
Washington, B.C. 20402. Price $2.75 (single copy) ($3.44 foreign).
Subscription price: $30.00 per year; $37.50 for foreign mailing.
38




U.S. GOVERNMENT PRINTING OFFICE : 1993

0—73-648