Full text of Economic Indicators : October 1994
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103d Congress, 2d Session
Economic Indicators
OCTOBER
1994
(Includes data available as of November 1, 1994)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1994
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
KWEISI MFUME, Maryland, Chairman
PAUL S. SARBANES, Maryland, Vice Chairman
HOUSE OF REPRESENTATIVES
LEE H. HAMILTON (Indiana)
DAVID R. OBEY (Wisconsin)
FORTNEY H. (PETE) STARK (California)
RON WYDEN (Oregon)
MICHAEL A. ANDREWS (Texas)
RICHARD K. ARMEY (Texas)
JIM SAXTON (New Jersey)
CHRISTOPHER C. COX (California)
JIM RAMSTAD (Minnesota)
SENATE
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
CHARLES S. ROBB (Virginia)
BYRON L. DORGAN (North Dakota)
BARBARA BOXER (California)
WILLIAM V. ROTH, JR. (Delaware)
CONNIE MACK (Florida)
LARRY E. CRAIG (Idaho)
ROBERT F. BENNETT (Utah)
RICK McGAHEY, Executive Director
COUNCIL OF ECONOMIC ADVISERS
LAURA D. TYSON, Chair
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
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at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
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Approved June 23, 1949.
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Economic Indicators, published monthly, is available at $3.00 a single copy
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I S B N 0-16-046054-9
U
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the third quarter of 1994, according to advance estimates, current-dollar gross domestic product (GDP) rose 5.2
percent (annual rate), real GDP (GDP in 1987 dollars) rose 3.4 percent, and the implicit price deflator rose 1.6
percent.
BILLIONS OF DOLLARS (RATIO SCALE!
BILLIONS OF DOLLARS (RATIO SCALE|
6,800
6,800
/^
SEASONAUY ADJUSTED ANNUAL RATES
X
6,400
/
6,000
^-1
6,400
I-""
6,000
^
5,600
GDP
\
5,200
^^
5,200
^ s-
^
r xr<
4,800
.-''
^
4,800
GDP
IS 1987DOL JVRS
4,400
_ - _ _
X
/
/
3,600
4,400
'>
^
s-
4,000
4,000
^
3,600
/
3,200
2,800
\./
5,600
^-
J
IN CURRENT DOLLARS ^
i i i
1
1982
1983
!
3,200
1
\
\ \
1984
i
i i
1985
1
I
1
1986
1 1 1
1987
1
!
i
1
1988
I i
i
i i
1990
1989
1
!
'
1
1991
I
1992
SOURCE: DEPARTMENT OF COMMERCE
!
\
i
1993
1
!
1
!
2,800
1994
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1986
1987
1988
1989
1990
1991
1992
1993
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
Gross
domestic
product
TV
IV
IV
IV
IV
IV
IV
IV
IV
IV
HI
rv
1993- I
U
ra
IV
1994- I
n
m P.
1
4,268.6
4,539.9
4,900.4
5,250.8
5,546.1
5,724.8
6,020.2
6,343.3
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
5,796.6
6,043.6
6,169.3
6,235.9
6,299.9
6,359.2
6,478.1
6,574.7
6,689.9
6,775.9
Gross
private
domestic
investment
Net
exports
2,850.6
3,052.2
3,296.1
3,523.1
3,761.2
3,902.4
4,136.9
4,378.2
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
3,955.7
4,154.0
4,251.3
4,294.6
4,347.3
4,401.2
4,469.6
4,535.0
4,586.4
4,655.3
717.6
749.3
793.6
832.3
808.9
744.8
788.3
882.0
464.2
614.8
722.8
737.0
697.1
800.2
814.8
825.2
756.4
756.8
795.5
822.0
853.8
869.7
882.2
922.5
966.6
1,034.4
1,051.1
-132.5
143 1
-108.0
-79.7
71 4
-19.9
303
-65.3
-29.5
-71.8
-107.1
-135.5
-133.2
- 143.2
-106.0
-73.9
-71.6
-13.7
-37.8
42 2
-49.6
63 3
-77.0
-71.2
-86.7
97 6
-116.9
Federal
Exports
Imports
319.2
364.0
444.2
508.0
557.1
601.1
638.1
659.1
265.6
286.2
308.7
304.7
333.9
392.4
467.0
523.8
577.6
623.7
638.8
649.2
646.8
660.1
649.0
680.3
674.2
704.5
720.1
451.7
507.1
552.2
587.7
628.5
620.9
668.4
724.3
295.1
358.0
415.7
440.2
467.1
535.6
573.1
597.7
649.2
637.5
676.6
691.4
696.4
723.5
726.0
751.4
760.9
802.1
836.9
GDP less exports of goods and services plus imports of goods and services.
Government purchases
Exports and imports of goods
and services
Personal
consumption
expenditures
Total
Total
833.0
881.5
918.7
975.2
1,047.4
1,097.4
1,125.3
1,148.4
631.6
657.6
727.0
799.2
849.7
901.4
937.6
994.5
1,076.5
1,097.9
1,131.9
1,138.1
1,137.1
1,146.3
1,152.9
1,157.2
1,159.8
1,166.7
1,186.4
367.8
384.9
387.0
401.6
426.5
445.8
449.0
443.6
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
438.3
452.9
454.8
446.9
445.2
442.7
439.8
437.8
435.1
442.9
National
defense
276.7
292.1
295.6
299.9
314.0
322.8
314.2
302.7
205.5
222.8
242.9
268.6
278.6
295.8
296.8
302.5
322.5
311.6
318.6
316.0
307.0
305.8
299.0
299.1
291.7
291.7
297.8
Nondefense
91.1
92.9
91.4
101.7
112.5
123.1
134.8
140.9
75.9
66.9
81.9
88.3
94.5
96.7
95.2
102.6
114.0
126.6
134.2
138.7
139.9
139.4
143.6
140.7
146.1
143.5
145.1
State
and
local
465.3
496.6
531.7
573.6
620.9
651.6
676.3
704.7
350.3
367.9
402.2
442.4
476.6
509.0
545.7
589.3
640.0
659.7
679.1
683.3
690.2
701.2
710.2
717.4
722.0
731.5
743.5
Final
sales of
domestic
product
Gross
domestic
purchases l
Addendum:
Gross
national
product
4,260.0
4,513.7
4,884.2
5,217.5
5,539.3
5,726.6
6,017.2
6,327.9
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
5,782.3
6,038.3
6,160.0
6,215.8
6,281.4
6,345.4
6,469.2
6,550.6
6,622.5
6,703.5
4,401.2
4,683.0
5,008.4
5,330.5
5,617.5
5,744.7
6,050.5
6,408.6
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
5,810.4
6,081.4
6,211.4
6,285.5
6,363.3
6,436.3
6,549.3
6,661.4
6,787.5
6,892.8
4,277.7
4,544.5
4,908.2
5,266.8
5,567.8
5,740.8
6,025.8
6,347.8
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
5,810.7
6,049.4
6,167.0
6,243.9
6,303.3
6,367.8
6,476.2
6,574.0
6,682.5
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS DOMESTIC PRODUCT IN 1987 DOLLARS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Gross
domestic
product
Personal
con-
Gross private
domestic investment
sumption
expenditures
Nonresidential
investment
investment
1987
1988
1989
1990
1991
1992 ....
1993
4,404.5 2,969.1
4,539.9 3,052.2
4,718.6 3,162.4
4,838.0 3,223.3
4,897.3 3,272.6
4,867.6 3,259.4
4,979.3 3,349.5
5,134.5 3,458.7
500.3
497.8
530.8
540.0
546.5
515.4
525.9
591.6
226.2
225.2
222.7
214.2
194.5
169.5
196.9
213.0
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
19901991:
IV
IV .
IV
IV
IV
IV
IV
IV
IV
IV
3,759.6
4,012.1
4,194.2
4,333.5
4,427.1
4,625.5
4,779.7
4,856.7
4,867.2
4,880.8
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
3,265.3
HI
4,990.5
5,060.7
Period
1993:
in
business
inventories
Net
exports
Ex-
Im-
Gross
domestic
chases '
Addendum:
Gross
national
product
pur-
defense
373.0
384.9
377.3
376.1
384.1
386.7
373.5
356.6
280.6
292.1
287.0
281.4
283.6
281.4
261.4
243.7
92.4
92.9
90.2
94.8
100.4
105.3
112.2
113.0
482.4
496.6
509.6
528.3
548.5
557.2
563.3
573.1
4,395.9
4,513.7
4,698.6
4,808.3
4,891.6
4,868.7
4,976.9
5,119.3
4,559.6
4,683.0
4,822.6
4,911.7
4,951.9
4,887.2
5,011.6
5,208.4
4,413.5
4,544.5
4,726.3
4,852.7
4,916.5
4,882.3
4,985.7
5,140.3
735.9
748.1
784.3
830.5
864.8
893.0
894.5
912.6
942.4
934.4
316.0
322.2
341.7
363.7
377.5
391.6
378.4
376.1
386.5
374.1
229.4
242.9
254.3
272.1
282.2
295.0
285.7
281.5
285.7
265.8
86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.7
100.8
108.2
419.9
425.9
442.6
466.7
487.3
501.4
516.1
536.5
555.8
560.4
3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565.6
4,758.7
4,831.8
4,888.0
4,867.3
3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,924.1
4,904.0
4,897.6
3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,875.1
4,895.4
4,893.9
619.4
629.3
938.5
940.6
376.0
377.0
264.6
262.4
111.4
114.6
562.5
563.6
4,985.3
5,054.1
5,029.4
5,099.2
4,997.2
5,061.0
589.2
600.2
595.3
625.2
646.8
669.6
681.6
707.4
926.5
929.3
931.8
931.5
361.6
358.3
355.6
351.1
248.2
246.8
240.9
238.7
113.3
111.5
114.7
112.4
564.9
571.0
576.2
580.4
5,056.8
5,086.5
5,126.5
5,207.2
5,132.9
5,174.7
5,225.8
5,300.2
5,083.9
5,110.1
5,148.4
5,218.7
619.6
643.9
659.2
723.6
755.6
777.5
919.9
917.1
930.3
341.7
334.7
342.6
228.5
226.1
230.8
113.2
108.7
111.7
578.3
582.4
587.8
5,235.7
5,254.9
5,294.7
5,365.1
5,425.8
5,477.5
5,262.7
5,310.5
484.7
507.1
525.7
545.4
565.1
562.1
611.2
676.3
855.4
881.5
886.8
904.4
932.6
944.0
936.9
929.8
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
506.9
131.2 -44.9
-19.0
83 7
190.6
29.3
198.8
47.9 -131.4
207.4
1554
30.2
230.5 -20.1 - 156.0
223.3
1360
59.9
225.3
20.9 -102.7
208.0
24.9
-67.4
176.3 -20.9
-36.8
177.5
13.5 -16.9
280.4
291.5
312.8
312.0
342.9
386.1
438.2
487.7
520.4
562.6
299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.0
557.2
579.4
3,357.6
3,403.4
531.2
540.9
196.9
207.7
5.2
6.6
-38.9
385
580.5
590.7
I .
II
5,075.3 3,417.2
5,105.4 3,439.2
5,139.4 3,472.2
5,218.0 3,506.2
560.3
581.0
597.9
627.2
210.4
206.3
211.0
224.5
18.5
18.9
13.0
10.8
-57.6
693
-86.3
822
I
II
5,261.1
5,314.1
5,359.2
643.6
657.9
669.2
229.9
233.8
229.5
25.4
59.2
64.5
-104.0
1118
-118.3
3,546.3
3,557.8
3,583.9
and
Final
sales of
domestic
product
National
defense
329.6
364.0
421.6
471.8
510.5
542.6
578.8
602.5
rv
Slate
Total
155 1
8.5
26.3 -143.1
19.9
1040
29.8
-73.7
5.7
547
-19.5
2.5 -32.3
-73.9
15.3
m'
1
fixed
Federal
Change
ports
ra
rv
1994:
fixed
Government purchases
ports
1986
1992:
Residential
Exports and imports of
goods and services
GDP less exports of goods and services plus imports of goods and services.
Total
Non-
local
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[1987=100; quarterly data are seasonally adjusted]
Period
Gross
domestic
product
Personal consumption
expenditures
Gross private
domestic investment
Government purchases
Exports and imports of
goods and services
Federal
Total
Durable
goods
Nondurable goods
Services
Nonresidential
fixed
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
96.9
100.0
103.9
108.5
113.3
117.6
120.9
123.5
96.0
100.0
104.2
109.3
114.9
119.7
123.5
126.6
96.9
100.0
102.0
104.2
105.7
107.3
108.9
109.8
96.1
100.0
103.7
109.3
115.9
120.0
122.5
124.2
95.7
100.0
105.1
110.6
116.7
122.5
127.7
132.3
98.4
100.0
102.8
105.2
107.3
108.1
106.7
104.1
95.8
100.0
104.2
107.8
110.7
111.9
113.7
117.6
96.9
100.0
105.3
107.7
109.1
110.8
110.2
109.4
93.2
100.0
105.1
107.8
111.2
110.5
109.4
107.1
98.6
100.0
102.6
106.8
111.0
115.3
120.2
124.4
98.6
100.0
103.0
106.6
110.7
114.7
120.2
124.2
98.6
100.0
101.4
107.3
112.0
116.9
120.2
124.7
96.4
100.0
104.3
108.6
113.2
116.9
120.1
123.0
85.0
88.4
92.3
95.5
98.0
101.2
105.5
110.1
115.0
118.8
83.8
87.6
90.7
94.6
97.0
101.6
106.1
111.0
117.5
121.1
90.6
93.3
94.4
95.9
97.8
101.0
103.1
104.9
106.1
107.8
89.4
91.8
94.2
97.0
96.3
101.5
105.6
110.8
119.2
120.8
79.0
83.7
87.7
92.9
97.3
101.9
107.1
112.7
119.2
124.5
95.3
95.0
96.4
97.3
99.2
100.7
104.0
106.0
108.2
107.3
86.0
88.0
90.7
93.1
97.3
101.5
105.3
108.8
111.1
111.9
94.7
98.2
98.7
97.7
97.4
101.6
106.6
107.4
111.0
110.9
98.5
95.4
93.6
94.2
93.6
102.6
106.0
107.7
116.5
110.0
89.0
89.9
95.0
98.1
98.8
100.2
103.6
107.7
112.9
117.2
89.6
91.7
95.5
98.7
98.7
100.3
103.9
107.5
112.9
117.2
87.7
84.3
93.7
96.4
99.2
100.1
102.6
108.4
113.1
117.0
83.4
86.4
90.9
94.8
97.8
101.5
105.7
109.9
115.2
117.7
1992- m
121.1
121.9
123.7
124.9
109.1
109.1
123.0
123.3
127.7
129.8
106.5
106.0
114.0
115.1
110.0
109.9
109.2
109.9
120.4
120.6
120.4
120.4
120.5
121.1
120.7
121.2
1993- I
122.9
123.4
123.7
124.1
125.7
126.4
126.8
127.5
109.2
109.8
110.0
110.2
124.0
124.2
123.9
124.6
130.8
131.9
132.7
133.8
105.3
104.9
103.5
103.0
115.9
117.2
118.2
119.0
109.8
110.0
109.0
108.8
107.7
108.1
106.5
106.2
123.6
124.2
124.5
125.3
123.7
123.9
124.1
125.3
123.5
125.0
125.2
125.1
122.2
122.8
123.3
123.6
125.0
125.9
126.4
127.9
128.9
129.9
110.5
111.1
111.7
124.6
125.1
126.3
134.4
135.9
136.9
103.4
103.9
104.1
120.5
121.3
122.8
108.8
109.4
109.2
105.2
106.1
107.6
128.1
130.0
129.3
127.7
129.0
129.0
129.1
132.0
129.8
124.9
125.6
126.5
1986
1987
1988
1989
1990
1991
1992
1993
19821983:
1984:
1985:
1986:
19871988:
19891990:
1991-
IV
IV
IV
IV
IV
FV
IV
IV
IV .
IV
rv
n
in
IV
1994- I
II
Ill''
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]
Persona! consumption expenditures
Gross domestic product
Period
1981
1982
Current
dollars
11.9
3.9
8.1
10.9
6.9
5.7
6.4
7.9
7.2
5.6
3.2
5.2
5.4
9.1
5.9
3.1
1.0
2.8
5.0
3.8
2.6
7.1
5.2
4.9
8.6
4.4
4.2
3.8
7.7
6.1
7.2
5.2
.
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1990- I
II
Ill
IV
1991- I
II
Ill
IV
1992- I
II
in
IV
1993- I
II
ni
rv
n
m*
1994- I
Fixed-weighted
price index
(1987 weights)
Constant
(1987) dollars
Implicit price
deflator
1.8
-2.2
3.9
6.2
3.2
2.9
3.1
3.9
2.5
1.2
g
10.0
6.2
4.1
4.4
3.7
2.6
3.2
3.9
4.4
4.4
3.8
2.8
2.2
5.2
4.4
4.0
4.3
5.0
2.8
2.8
2.7
3.8
2.7
1.3
2.7
3.3
1.6
1.0
1.3
2.9
2.9
1.6
2.3
3.1
3.5
1.5
-.9
32
-2.1
2.2
1.0
.1
3.1
2.4
3.5
5.7
1.2
2.4
2.7
6.3
3.3
4.1
3.4
Current
dollars
Constant
(1987) dollars
10.2
6.9
9.0
5.7
4.9
3.9
3.9
3.1
4.2
4.2
4.9
5.1
4.2
3.2
2.5
6.3
4.3
6.1
6.7
3.4
2.4
3.1
3.4
3.3
3.7
1.6
3.9
2.6
2.2
1.3
2.2
1.3
3.2
3.1
1.2
1.1
4.6
4.8
4.4
3.6
2.8
3.6
1.9
1.5
4
2.8
3.3
2.8
.9
2.1
-2.7
-2.8
2.1
1.3
.5
9.6
9.0
8.4
6.9
7.1
8.0
6.9
6.8
3.8
6.0
5.8
9.2
5.3
8.3
3.7
.5
4.7
4.3
3.0
9.3
5.4
5.6
9.7
4.1
5.0
5.1
6.4
6.0
4.6
6.1
3.9
3.4
3.5
2.8
3.1
4.0
4.5
4.6
4.0
3.2
3.0
5.8
4.4
4.7
3.8
5.1
3.1
3.3
2.7
3.9
3.3
2.7
2.8
4.2
2.4
2.0
2.4
3.1
2.9
2.7
Fixed- weighted
price index
(1987 weights)
Implicit price
deflator
5.8
1.7
3.9
5.6
1.6
2.6
3.9
4.0
4.7
1.3
3.0
8.6
5.4
4.3
3.7
3.8
3.0
4.1
4.3
5.0
5.3
4.4
3.5
2.8
6.6
4.2
6.3
7.0
3.6
2.8
3.3
3.6
3.7
3.8
3.5
3.0
2.9
2.6
1.4
2.8
1.9
2.8
3.5
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
(Quarterly data at seasonally adjusted annual rates]
Gross domestic product
of nonfinancial
corporate business
(billions of dollars)
Period
Current
dollars
1987
dollars
2,386.3
2,547.3
2,764.8
2,913.5
3,045.5
3,089.7
3,222.9
3,409.7
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
3,125.9
2,439.3
2,547.3
2,684.8
2,718.9
2,747.4
2,716.7
2,802.8
2,942.9
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
2,740.9
3,239.4
3,307.8
2,815.7
2,870.2
1993- I
3,324.4
3,386.3
3,428.7
3,499.3
2,868.4
2,920.5
2,963.3
3,019.5
1994-
3,568.6
3,626.7
3,062.6
3,098.9
1986
1987
1988
1989
1990
1991
1992
1993
19821983:
198419851986198719881989199019911992-
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
HI
rv
n
in
rv
I
n
1
2
Current-dollar cost and profit per unit of output (dollars) *
Total
cost and
profit 2
0.978
1.000
1.030
1.072
1.109
1.137
1.150
1.159
.903
.924
.957
.976
.984
1.009
1.046
1.084
.120
.140
.150
.152
.159
.159
.157
.159
.165
.170
Consumption of
fixed
capital
0.111
.110
.111
.117
.120
.126
.126
.123
.119
.119
.111
.110
.112
.110
.112
.120
.123
.125
.130
.123
.124
.123
.124
.120
.125
.121
Output is measured by GDP of nonfinancial corporate business in 1987 dollars.
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the3decimal point shifted two places to the left.
Indirect business tax and nontax liability plus business transfer payments less subsidies.
Indirect
business
taxes 3
Compensation of
employees
Net
interest
Corporate profits witb inventory
valuation and capital consumption
adjustments
Total
0.095
0.648
0.040
0.084
.095
.096
.101
.106
.115
.117
.117
.086
.088
.091
.093
.095
.094
.097
.102
.109
.117
.117
.118
.117
.117
.116
.117
.117
.117
.658
.676
.706
.736
.756
.767
.768
.607
.602
.623
.643
.654
.664
.687
.718
.748
.760
.769
.768
.776
.770
.766
.760
.763
.766
.042
.045
.054
.054
.049
.041
.039
.040
.036
.041
.038
.042
.042
.047
.055
.054
.047
.039
.038
.039
.039
.039
.038
.038
.039
.096
.102
.094
.093
.092
.099
.112
.051
.079
.091
.092
.081
.099
.102
.088
.085
.092
.095
.107
.102
.111
.113
.123
.122
.127
4
Profits
tax
liability
0.031
.037
.038
.037
.034
.031
.031
.040
.020
.029
.027
.030
.035
.038
.040
.033
.034
.031
.031
.033
.037
.040
.038
.043
.043
.046
Profits
after
tax 4
0.053
.059
.064
.057
.059
.061
.067
.073
.030
.050
.064
.063
.045
.060
.063
.055
.052
.061
.065
.073
.065
.071
.075
.080
.078
.081
Output
per hour
of all
employees
(1987
dollars)
Compensation per
hour of
all .
employees
(dollars)
22.733
23.127
23.572
23.189
23.446
23.926
24.648
25.377
21.070
21.893
22.055
22.346
22.891
23.356
23.521
23.146
23.549
24.210
14.739
15.207
15.833
16.377
17.246
18.081
18.916
19.481
12.791
13.186
13.732
14.359
14.975
15.517
16.069
16.616
17.623
18.400
24.774
25.087
19.052
19.255
24.966
25.244
25.521
25.816
19.368
19.435
19.543
19.612
26.024
25.938
19.859
19.860
With inventory valuation and capital consumption adjustments.
*See note, p. 16.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Compensation of
employees1
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
1988
1989
1990
1991
1992
1993
1982:
1983:
1984:
1985:
1986:
1987:
1988:
19891990:
19911992:
4,002.6
4,249.5
4,491.0
4,608.2
4,829.5
5,131.4
2,551.5
2,834.3
3,134.4
3,341.9
3,486.0
3,828.8
4,127.6
4,305.2
4,539.2
4,663.9
4,793.9
4,964.9
5,031.1
5,094.0
5,138.5
5,262.0
5,308.7
5,430.7
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
III
IV
1993: I
II
Ill
IV
1994: I
II
III '
1
2,921.3
3,100.2
3,297.6
3,404.8
3,591.2
3,780.4
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
3,459.1
3,614.7
3,671.0
3,713.1
3,761.1
3,801.7
3,845.8
3,920.0
3,979.3
4,021.9
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
30.9
40.2
41.9
36.7
44.4
37.3
10.2
6.3
21.9
17.8
23.6
42.4
30.9
38.4
43.8
36.6
38.8
46.0
49.6
39.4
15.8
44.4
47.2
39.3
28.5
4.3
-13.5
-14.2
-10.5
-5.5
24.1
24.1
22.2
24.3
14.0
4.7
6.8
2.8
21 6
-11.1
81
-15.5
5.1
16.5
23.4
26.3
30.3
15.3
34.1
33.8
293.4
307.0
321.4
339.5
374.4
404.3
169.6
193.8
217.7
250.9
260.9
282.6
302.5
311.4
325.1
349.8
374.0
392.4
394.8
399.4
404.5
418.5
423.8
431.9
436.9
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
365.0
362.8
380.6
390.3
405.1
485.8
150.3
229.1
261.3
284.9
264.6
343.3
378.3
354.5
362.8
394.7
363.2
432.5
442.5
473.1
493.5
533.9
508.2
546.4
Inventory
valuation
adjustment
Profits
before tax
Total
320.3
325.4
354.7
370.9
389.4
456.2
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
372.3
352.3
415.6
421.5
446.6
461.7
495.1
471.2
509.0
347.5
342.9
365.7
365.2
395.9
462.4
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
368.9
373.1
359.5
413.5
432.7
456.6
458.7
501.7
483.5
523.1
Capital
consumption
adjustment
— 27.3
-17.5
-11.0
5.8
-6.4
-6.2
-8.6
7.6
3.5
3.8
-10.7
-17.8
-31.7
- 13.5
195
-.8
-7.3
2.1
11 2
-10.0
3.0
-6.5
123
-14.1
-18.9
44,7
37.4
25.9
19.4
15.7
29.5
-9.6
12.9
37.7
56.9
39.6
49.9
37.9
33.9
13.5
22.4
10.9
16.9
21.0
26.5
31.7
38.8
37.0
37.4
37.8
Net
interest
387.7
452.7
463.7
447.4
420.0
399.5
256.8
281.8
321.1
331.9
349.7
368.6
408.1
459.8
474.4
431.8
418.7
418.0
414.6
397.6
396.7
389.1
394.2
399.7
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS
[Billions of 1987 dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Durable goods
Period
3,162.4
1988
1989
1990
1991
1992
1993
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
1993:
Total
personal
consumption
expenditures
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
III
IV
I
II
3,223.3
3,272.6
3,259.4
3,349.5
3,458.7
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,265.3
3,357.6
3,403.4
3,417.2
3,439.2
3,472.2
3,506.2
Ill
IV
1994: I
3,546.3
II
3,557.8
Ill '.... 3,583.9
1
Total
durable
goods
Motor
vehicles
and
parts
428.7
194.8
155.4
440.7
196.4
192.7
170.0
181.8
196.1
123.7
151.6
164.3
173.9
193.6
183.6
197.7
188.3
182.1
171.6
180.6
188.2
189.7
195.1
195.0
204.7
213.7
205.3
205.6
165.8
171.6
179.2
193.3
214.1
96.4
109.3
118.7
128.6
141.4
145.9
160.3
167.9
172.3
181.2
195.3
202.0
205.2
209.9
216.6
224.6
225.9
232.5
240.7
443.1
425.3
452.6
489.9
272.3
319.1
347.7
369.6
415.7
404.7
439.2
43S.8
433.2
427.7
454.5
468.8
472.5
483.7
492.7
510.8
521.7
522.2
532.2
Includes other items, not shown separately.
Furniture and
household
equipment
Sen-ices
Nondurable goods
Other
78.5
78.5
78.7
76.1
77.5
79.7
52.3
58.1
64.8
67.1
80.7
75.2
81.2
80.5
78.8
74.9
78.6
78.6
77.6
78.7
81.1
81.5
82.0
84.4
85.9
Total
nondurable goods
1,035.1
1,051.6
1,060.7
1,047.7
1,057.7
1,078.5
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,058.9
1,057.5
1,040.4
1,056.4
1,074.2
1,070.0
1,074.3
1,081.7
1,088.0
1,098.3
1,104.3
1,110.1
Food
513.4
515.0
523.9
518.8
514.7
524.0
458.3
467.1
475.1
488.2
496.9
502.4
518.0
515.6
525.8
514.9
511.5
522.0
520.7
522.3
525.1
528.1
531.9
536.1
533.7
Clothing
and
shoes
178.9
187.8
186.2
184.7
193.2
197.8
135.7
147.7
154.7
161.7
171.9
174.5
182.8
190.9
184.5
182.8
194.9
198.7
194.0
196.1
198.6
202.4
203.8
204.9
209.3
Gasoline
and oil
86.1
87.3
86.4
83.1
85.6
86.5
73.4
76.9
79.0
79.5
84.6
85.4
87.5
88.6
84.6
82.4
86.6
86.0
86.1
85.7
87.5
86.6
86.1
86.7
87.3
Fuel
oil and
eoal
12.0
11.4
10.5
10.7
11.2
12.1
10.5
11.4
11.1
11.4
12.4
11.9
12.0
12.0
9.5
10.7
10.8
11.3
12.0
11.8
12.2
12.2
13.4
11.4
11.9
Other
244.7
250.2
253.8
250.5
253.0
258.2
202.8
212.2
222.9
228.0
235.2
240.4
246.4
251.8
253.1
249.7
252.6
256.3
257.2
258.3
258.4
258.8
263.1
265.1
267.9
Total
sen-ices '
Housing
1,698.5
1,731.0
1,768.8
1,786.3
1,839.1
1,890.3
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
1,797.3
1,846.7
1,860.4
461.8
469.2
474.6
479.0
485.2
492.6
1,874.8
1,881.2
1,897.8
1,907.4
1,926.3
1,931.4
1,941.6
Retail sales of newpassenger cars
(millions of units)
Medical
care
411.0
419.7
431.3
438.1
444.8
457.0
465.6
471.3
475.9
481.4
486.1
487.8
489.8
491.5
493.7
495.4
497.7
500.0
502.4
Source: Department of Commerce, Bureau of Economic Analysis.
399.4
408.6
424.6
437.7
454.3
466.4
327.8
334.8
344.9
359.1
372.0
390.7
403.0
411.8
429.4
444.7
456.6
459.0
463.1
464.3
467.6
470.4
473.2
477.4
481.4
Domeslies
7.5
7.1
6.9
6.1
6.3
6.7
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
6.6
6.1
6.3
6.4
6.4
6.9
6.7
7.1
7.4
7.2
7.1
Imports
3.1
2.8
2.6
2.3
2.1
2.0
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.4
2.2
2.0
2.0
2.0
2.1
2.0
1.9
2.0
2.0
2.0
SOURCES OF PERSONAL INCOME
Personal income rose $32.3 billion (annual rate) in September, following a rise of $22.1 billion in August. Wages
and salaries rose $16.6 billion in September, after rising $6.3 billion in August.
BILLIONS OF DOLLARS* (RATIO SCALE]
BILLIONS OF DOLLARS* (RATIO SCALE)
6,000
6,000
5,000
5,000
4,000
4,000
3,000
3,000
WAGE AND SALARY DISBURSEMENTS
2,000
2,000
1,400
1,400
V
OTHER INCOME
TRANSFER PAYMENTS
800
400
1986
1987
1988
1989
800
LLLLl
1991
1990
400
I Illl
III I I I II I
1992
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1986
1987
1988
1989
1990
1991
1992
1993
1993- Aug
Sept
Oct
Nov
Dec
1994- Jan
Feb
Mar
May
,!
July '
Aue r
Sept ".
1
Total
personal
income
3,590.4
3,802.0
40759
4,380.3
46738
4,860.3
5 154.3
5,375.1
5 415.4
5,416.3
5,454.4
54828
5,516.7
54839
5,576.0
5 607.5
5,639.4
5,665.4
56749
5,702.3
5 724.4
5,756.7
Proprietors ' income 3
Wage and
disbursements *
2,105.4
2 261 2
24430
25864
2 7450
2 816.1
29748
3,080.8
3 124 7
3,119.6
3 1385
3 1460
3 160.8
3 1982
3,206.7
3220 1
3,241.4
3 2634
3 2670
3 282.5
3 2888
3 305.4
income * 2
200.7
210.4
2305
251.9
274.3
299.0
328.7
355.3
358.8
361.4
364.0
366.7
369.6
371.4
373.2
375.0
376.7
378.4
380.1
381.9
383.7
385.5
Farm
22.3
31 3
309
40.2
41 9
36.7
444
37.3
21 9
21.8
31.4
480
53.9
43 1
49.5
488
46.9
38.8
32 3
29.2
278
28.5
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 lor social insurance and the excess of
wage
accruals over wage disbursements.
2
Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventor^' valuation and capital consumption adjustments.
Nonfarm
261.5
279.0
2934
307.0
321.4
339.5
374.4
404.3
405.6
406.0
414.5
418.3
422.7
418.2
424.3
429.0
430.2
432.1
433.5
434.2
437.1
439.3
4
5
6
Rental
income of
persons 4
Personal
dividend
income
8.7
104.7
3.2
43
— 13.5
142
— 10.5
5.5
24.1
28.4
29.3
29.6
30.1
31.4
27.0
34.6
38.4
35.0
34.6
326
33.0
33.7
34.6
100.4
108.4
126.5
144.4
150.5
161.0
181.3
182.9
183.5
183.9
184.1
184.3
184.5
185.4
187.1
189.9
191.8
193.4
195.1
197.0
198.8
Personal
interest
income
531.7
548.1
5832
668.2
6982
695.1
665.2
637.9
634.7
634.3
630.9
627.3
624.9
627.9
631.1
634.4
642.0
649.3
656.9
663.4
670.1
677.1
Less: Personal
payments 5
517.8
542.2
5767
625.0
6876
770.1
860.2
915.4
922.7
924.6
927.5
9288
936.8
943.2
947.4
951.5
955.9
957.1
9600
964.9
968.7
971.4
for social
insurance
162.1
173.6
1945
211.4
2249
236.2
248.7
261.3
264.5
264.1
265.8
2664
267.5
275.7
276.2
276.9
278.5
280.2
2809
282.0
2826
283.8
Nonfarm
personal
income 8
3,545.6
3,749 4
40239
4,318 0
46086
4,801.8
50894
5,316.6
5372 1
5,373.0
5,401 4
5413 1
5,441 1
54186
5,5043
5,536 4
5,570.1
5,6040
56199
5,6503
56737
5,705 3
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.
DISPOSITION OF PERSONAL INCOME
According to advance estimates, per capita disposable personal income in 1987 dollars rose in the third quarter of
1994.
BILLIONS OF DOLLARS' [RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE]
DOLLARS* (RATIO SCALE)
DOLLARS" (RATIO SCALE)
20,000
20,000
PER CAPITA DISPOSABLE PERSONAL INCOME
_-—-
_____
18,000
CURRENT DOLLARS
\
16,000
•—1r-
16,000
\ ^ _ —'
14,000
_ _ , . - - - - 1^-- """ "" ~" ~~-^
12,000
1 8,000
-~
.
^
r"i
14,000
987 DOLLA PS
1 2,000
^~~
—
10,000
10,000
^
i i i
8,000
1982
1983
1984
1985
1986
1987
!
1989
1988
I
i i i
1992
!
1990
1991
•SEASONALLY ADJUSTED ANNUAL RATES
SOURCE; DEPARTMENT OF COMMERCE
Period
Personal
Less:
Personal
tax and
nontax
payments
F
1
Disposable
income
1988
1989
1990....
1991
1992
1993
3,802.0
4^075.9
4,380.3
4373.8
4,860.3
5,'l54.3
5,375.1
512.5
527.7
593.3
623.3
623.7
648.6
686.4
3,289.5
3,548.2
3,787.0
4,050.5
4,236.6
4,505.8
4,688.7
!
1993
8,000
!
1994
COUNCIL OF ECONOMIC ADVISERS
Less:
Personal
outlays *
Equals:
Personal
saving
Per capita
disposable personal
income
Disposable
personal
income in
1987
Current
dollars
dollars
(billions)
Billions of dollars
1987
I
1987
dollars
Per capita personal
consumption
expenditures
Current
dollars
1987
dollars
142.0
155.7
152.1
170.0
211.6
247.9
192.6
3,289.5
3404.3
3,464.9
s'524.5
3,538.5
3348.1
3,704.1
13,545
14^477
15,307
16,'205
16,766
is',153
13,545
13J890
14,005
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
overseas
(thousands) 2
Percent
Dollars
3,147.5
3^392.5
3,634.9
3^880.6
4,025.0
4^257.8
4,496.2
Percent
change in
real per
capita
disposable
personal
income
14^003
14,279
14,341
12,568
13448
14,241
15,'o48
15,444
16,192
16,951
12^903
13,029
13J093
12,899
13^110
13,391
01
2.5
.8
.7
7
2.0
.4
12,154
12,591
13,145
13,278
13,522
13,685
13,996
14,015
14,018
13,998
14,215
14,533
14,222
14,351
14,338
14,451
14,535
14,625
14,682
9,134
9,980
10,649
11,445
12,101
12,819
13,814
14,491
15,283
15,588
16,235
16,566
16,693
16,856
17,017
17,233
17,443
17,598
17,813
10,895
11,390
11,739
12,095
12,472
12,615
13,020
13,053
13,010
12,868
13,122
13,262
13,283
13,335
13,425
13,519
13,640
13,651
13,714
-0.5
7.2
1.0
1.8
-1.7
5.2
3.2
1.8
-1.7
.7
.5
9.3
-8.3
3.7
-.4
3.2
2.3
2.5
1.6
12,568
4.3
4.4
4.0
4.2
5.0
5.5
4.1
242,860
245^093
247,397
249,951
252,688
255,484
258,290
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
m....
rv
1993: I
n
m....
rv
1994: I
np
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
4,934.2
5,148.1
5,335.0
5,255.5
5,364.5
5,395.9
5,484.6
5,555.8
5,659.9
5,727.8
372.1
371.6
413.4
448.8
478.5
528.6
542.0
605.1
625.2
631.2
648.1
676.2
657.3
685.9
695.4
707.0
723.0
746.4
743.8
2,374.7
2,594.3
2,829.1
3,007.9
3,169.3
3,389.9
3,653.2
3,864.3
4,133.9
4,303.0
4,500.0
4,658.8
4,598.2
4,678.6
4,700.5
4,777.6
4,832.8
4,913.5
4,984.0
2,190.9
2,417.9
2,606.5
2,828.7
3,018.2
3,220.1
3,496.7
3,715.5
3,957.7
4,078.4
4,274.2
4,371.4
4,413.7
4,464.6
4,518.2
4,588.2
4,657.3
4,712.4
4,785.3
183.8
176.3
222.6
179.2
151.1
169.8
156.4
148.8
176.2
224.6
225.8
287.4
184.6
214.0
182.3
189.4
175.5
201.1
198.8
1
Includes personal consumption expenditures, interest paid by persons, and personal transfer payments to rest of the world (net).
10,189
11,033
11,925
12,565
13,121
13,907
14,850
15,558
16,467
16,957
17,587
18,154
17,874
18,141
18,174
18,421
18,588
18,853
19,071
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
3,552.1
3,637.2
3,729.6
3,658.9
3,701.3
3,708.4
3,747.8
3,779.2
3,811.5
3,837.0
2
7.7
6.8
7.9
6.0
4.8
5.0
4.3
3.9
4.3
5.2
5.0
6.2
4.0
4.6
3.9
4.0
3.6
4.1
4.0
233,060
235,146
237,231
239,387
241,550
243,745
246,004
248,372
251,035
253,758
255,865
256,626
257,262
257,908
258,635
259,356
259,997
260,627
261,337
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the second quarter of 1994, according to preliminary estimates, gross farm income rose $4.2 billion (annual rate)
and net farm income rose $1.8 billion.
BILLIONS Of COLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
240
240
200
~
^
^
^^--'
/—
'S
1
/-
r-~~-^1
^
'
'
"
160
^^
120
GROSS FARM INCOME
80
60
,N
40
/ \
\
\
\
A
'
\J
2
i
•\/">
1 '
y
'A\ //
i ' \i
\
'-x/
"\
~\
N
f
40
\-'
/
—"
/
-v
I /
'
\ /
\l
NETFARN\ INCOME
\\ « i
>i 'M M»
i1 1< *
n
i i i
i i i
1982
1983
20
10
l l i
1984
i i i
1985
i ii
i
1986
1987
i i
i
l
i i
1988
i
i
1 1 1
1990
1989
1
1
1
1991
' SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
i
i i
1
1
i
1
1993
1992
i i
1994
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total 1
Total
1984,
1985
1986
1987
1988
1989
1990
1991
1992
1993
1992- I
n
m
IV
1993- I
n
rv
TTT
1994- I p
n
168.0
161.2
156.1
168.5
175.8
192.8
198.2
192.3
200.2
201.4
200.3
198.8
202.0
199.8
207.8
202.3
184.5
211.2
211.7
215.9
142.8
144.1
135.4
141.8
151.2
161.1
170.0
168.8
171.2
175.1
165.2
167.7
181.2
170.7
176.9
175.2
172.1
176.0
177.2
185.1
Livestock and
products
72.9
69.8
71.6
76.0
79.4
84.1
89.8
86.7
86.4
90.6
82.4
87.2
89.6
86.2
86.4
95.5
89.8
90.5
90.2
87.2
1
Cash marketing receipts and inventor}1 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.
3
Income in current dollars divided by the GDP implicit price deflator.
Crops
69.9
74.3
63.8
65.9
71.7
77.0
80.1
82.1
84.9
84.5
82.8
80.4
91.7
84.5
90.6
79.7
82.3
85.5
86.9
97.9
Value of
inventory2
changes
6.0
-2.3
-2.2
-2.3
-3.4
4.8
3.4
-.3
4.3
-3.6
5.4
5.0
4.0
2.9
-6.5
-5.1
-6.0
3.0
6.6
6.1
Production
expenses
Current
dollars
141.9
132.4
125.1
128.8
137.0
144.9
151.3
151.2
150.1
158.0
147.4
149.7
151.5
152.0
155.1
157.5
159.5
160.0
158.5
161.0
26.1
28.8
31.1
39.7
38.8
47.9
46.9
41.1
50.1
43.4
52.9
49.2
50.5
47.8
52.7
44.8
25.0
51.1
53.2
55.0
1987 dollars "
28.7
30.5
32.0
39.7
37.3
44.1
41.4
35.0
41.4
35.1
44.1
40.7
41.7
39.2
42.8
36.3
20.2
41.2
42.6
43.7
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Quarterly data plotted for 1989 through 1991 in chart do not reflect revisions to annual data in
table.
Sources: Department of Agriculture and Department of Commerce.
CORPORATE PROFITS
In the second quarter of 1994, corporate profits before tax rose $39.6 billion (annual rate), following a decline of
$18.2 billion in the first quarter. The first- and second-quarter changes reflect the effects of the Northridge
earthquake.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
550
550
SEASONALLY ADJUSTED ANNUAL RATES
,
500
1
500
N/
J
450
450
/
400
TS BEFORE
V
400
-
\\
350
1
/\
T ,v
-
/
/^
350
\S
/
/
^
300
300
^
./
s
250
200
/•—,
-
r*
J
r^^
s_.
150
/
"
s. ^
s~~'
^/
\ -»•
^---x
/
100
/
me3FITS AFTER TAX
^
.^
50
^-
—~
/
.' — •^.'•''
•
\
1
1983
!
1
1 1
1984
!
1
\ . ,'
-
/'
FAX LiABiLrr1
\
_>_. '
^.
.f
\
\
'<'
_
200
/
/•-"'
150
f
V
V
*"
N
\-~
s
y
100
-'
50
-
'UNDISTRI iUTED PRO ITS
0
!
1985
250
\/
/
\
*
v
/
/
x.
'
sf *• '
y
1
x
^"
0
1 1
1982
/
/'
,'\
s
s'
*--s
~
/
\,
!
1986
19S9
1988
1987
1990
1
1992
1991
SOURCE: DEPARTMENT OF COMMERCE
1
1993
1994
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment l
Profits after tax
Domestic industries
Period
Nonfinancial
Total 2
Total
1986
1987
1988
1989
1990
1991
1992
1993
19821983198419851986198719881989199019911992-
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
TIT
IV
1993- I
n
m
IV
1994- I
II
in"
1
2
227.6
273.4
320.3
325.4
354.7
370.9
389.4
456.2
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
372.3
352.3
415.6
421.5
446.6
461.7
495.1
471.2
509.0
194.6
233.9
271.2
266.0
286.7
302.4
328.8
391.0
130.8
182.6
192.9
193.5
192.5
246.3
285.9
254.8
273.8
301.4
291.6
361.0
354.0
383.8
392.6
433.4
410.1
448.2
Financial
35.8
36.4
41.8
50.6
65.7
84.3
81.9
103.7
23.0
22.1
20.3
29.0
34.7
39.4
46.1
52.5
66.6
84.6
48.8
86.7
95.9
100.1
103.9
114.6
89.6
106.4
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not sh'own separately.
Total
3
158.9
197.5
229.4
215.3
221.1
218.1
246.9
287.3
107.8
160.5
172.6
164.5
157.8
207.0
239.7
202.3
207.2
216.8
242.8
274.3
258.0
283.7
288.7
318.8
320.5
341.8
Manufacturing
Wholesale and
retail
trade
59.0
87.0
117.5
108.0
109.1
90.1
94.5
114.2
50.1
90.5
79.2
83.3
63.9
98.7
129.3
94.5
98.5
85.3
95.6
101.3
96.2
114.2
112.4
134.2
145.1
143.0
46.3
39.9
37.1
39.7
37.2
46.7
54.8
61.2
33.8
40.7
50.8
39.0
43.1
39.3
39.3
39.2
36.2
47.4
52.5
64.6
56.0
63.3
62.0
63.7
59.0
72.0
3
Profits
before
tax
217.8
287.9
347.5
342.9
365.7
365.2
395.9
462.4
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
368.9
373.1
359.5
413.5
432.7
456.6
458.7
501.7
483.5
523.1
Tax
liability
106.5
127.1
137.0
141.3
138.7
131.1
139.7
173.2
58.7
82.2
83.8
97.6
116.6
135.2
146.2
134.2
137.0
133.1
124.6
148.6
159.8
171.8
169.9
191.5
184.1
201.7
Total
111.3
160.8
210.5
201.6
227.1
234.1
256.2
289.2
109.9
141.6
136.3
134.2
119.2
176.0
226.0
200.0
231.8
240.0
234.9
264.8
273.0
284.8
288.9
310.2
299.4
321.4
Dividends
109.8
106.2
115.3
134.6
153.5
160.0
171.1
191.7
72.5
84.2
83.4
97.4
111.0
106.3
121.0
141.3
153.7
160.9
174.4
182.1
188.2
190.7
193.2
194.6
196.3
202.5
207 9
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
1.6
54.6
95.2
67.1
73.6
74.1
85.1
97.5
37.5
57.4
52.9
36.9
8.2
69.7
105.0
58.7
78.1
79.1
60.5
82.7
84.7
94.1
95.6
115.6
103.0
118.9
Inventory
valuation
ment
9.7
-14.5
-27.3
-17.5
11 0
5.8
64
-6.2
86
-7.6
3.5
-3.8
-10.7
17 8
-31.7
13 5
-19.5
8
-7.3
2.1
-11.2
100
3.0
65
-12.3
14 1
-18.9
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
In the third quarter of 1994, according to advance estimates, nonresidential fixed investment in 1987 dollars rose
$11.3 billion (annual rate) and residential investment fell $4.3 billion. There was a $64.5 billion increase in
inventories, following an increase of $59.2 billion in the second quarter.
BILLIONS OF 1987 DOLLARS
BILLIONS OF 1987 DOLLARS
1,000
1,000
SEASONAUY ADJUSTED ANNUAL RATES
900
r"
800
/
700
j
600
"X
500
\— f
\
P\
800
-s
700
>• "*
s
\
.--•"
-*
y
^
^^
GROSS PRIVATE DOMESTIC
INVESTMENT
—• —
,
s
-^
400
r*—^
/^
S
\_
900
s
,~-
^__
600
s
500
\
NONRESIDENTIAL
FIXED INVESTMENT
^
400
RESIDE NTIAL
300
300
200
200
^s*
— ._.-*'
100
"* ™ N
/
0
*
\^
1
-100
!
+
<v
• — .—••"""'
100
A
/
X
t
*"
t
0
\ ,
•* ,/
*
1
1
1
1983
1982
'"*
CH/ ^NGE IN Bl SINESS
INVENTOR ES
!
1
1
1984
1
I
!
1985
1
1
1
1986
1
1
!
1987
1
!
!
!
1988
i
i i
1
1
1
1990
1989
1
!
i i i
1
1991
SOURCE: DEPARTMENT OF COMMERCE
i
1993
1992
i i
-100
1994
COUNCIl OF ECONOMIC ADVISERS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period
1986
1987
1988
1989
1990
1991
1992
1993
19821983:
198419851986198719881989199019911992-
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
m
.
rv
1993- I
n
m
rv
1994- I
n
Ill*
Source: Department of Commerce, Bureau of Economic Analysis.
Gross
private
domestic
investment
735.1
749.3
773.4
784.0
746.8
683.8
725.3
819.9
503.5
669.5
756.4
763.1
705.9
793.8
785.0
769.5
695.7
697.9
733.3
755.2
789.2
806.2
821.8
862.5
898.9
950.9
963.2
Change in business
inventories
Nonresidentia]
Total
726.5
723.0
753.4
754.2
741.1
684.9
722.9
804.6
548.4
640.2
708.4
732.9
725.9
733.9
764.1
744.6
716.6
684.4
728.1
748.6
770.7
787.3
808.8
851.7
873.4
891.7
898.7
Total
Structures
Producers'
durable
equipment
Residential
323.7
326.5
356.8
362.5
367.0
354.9
376.2
443.9
226.2
225.2
222.7
214.2
194.5
169.5
196.9
213.0
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
506.9
176.6
171.3
174.0
177.6
179.5
160.6
149.8
147.7
173.2
162.6
189.5
198.3
170.4
177.9
175.7
179.8
172.8
151.4
244.0
287.0
320.1
327.2
325.0
332.7
363.1
356.9
367.4
355.5
531.2
540.9
560.3
581.0
597.9
627.2
643.6
657.9
669.2
148.4
146.3
147.2
147.3
147.5
148.7
144.1
151.0
148.9
382.8
394.6
413.0
433.7
450.3
478.5
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
176.3
177.5
196.9
207.7
210.4
206.3
211.0
224.5
229.9
233.8
229.5
500.3
497.8
530.8
540.0
546.5
515.4
525.9
591.6
499.4
506.9
520.3
Total
8.5
26.3
19.9
29.8
5.7
— 1.1
2.5
15.3
-44.9
29.3
47.9
30.2
-20.1
59.9
20.9
24.9
-20.9
13.5
5.2
6.6
18.5
18.9
13.0
10.8
25.4
59.2
64.5
Nonfarm
10.6
32.7
26.9
29.9
3.2
-1.3
20
18.5
-46.2
32.3
50.8
28.0
186
62.1
30.5
31.2
187
14.6
1.8
6.3
19.7
22.8
20.9
10.7
22.1
51.7
56.0
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department July-August 1994 survey, business spending for new plant and equipment
is expected to rise 8.8 percent in 1994, following a rise of 7.3 percent in 1993.
BILLIONS OF DOLLARS (RATIO SCALE)
700
BILLIONS OF DOLLARS (RATIO SCALE)'
700
SEASONALLY ADJUSTED ANNUAL RATES
600
600
500
A"
ALL INDUSTRIES
400
400
-V
300
NONMANUFACTURING -
200
MANUFACTURING
1988
1989
i SURVEYED QUARTERLY
i'SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT Of COMMERCE
COUNGL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Manufacturing
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
.
4
1992- I .
II
m
IV
1993- I
n
m ...
IV
1994- I
n4
m4
IV
1
All
industries
Total
373.83
410.12
399.36
410.52
455.49
507.40
532.61
528.39
546.60
586.73
638.37
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.47
192.56
534.23
541.29
547.82
559.39
Nonmanufacturing
Nonmanufacturing
Nondurable
goods
Total1
Mining
Transportation
Public
utilities
64.57
70.87
65.68
68.03
77.04
82.56
82.58
77.64
73.32
81.45
92.78
75.04
82.01
72.28
73.03
86.41
101.24
110.04
105.17
100.69
98.02
99.77
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
407.26
445.81
11.86
12.00
8.15
8.28
9.29
9.21
9.88
10.02
8.88
10.08
11.24
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.66
22.64
21.77
21.19
57.53
59.58
56.61
56.26
60.37
66.28
67.21
66.57
72.21
75.98
76.44
151.39
171.09
181.59
189.84
205.76
229.28
241.43
246.32
268.84
299.44
336.93
173.14
172.52
173.05
176.74
73.26
73.74
72.63
73.64
99.87
98.78
100.42
103.09
361.09
368.77
374.77
382.65
8.99
9.20
8.96
8.43
21.82
23.32
23.66
21.66
69.09
72.56
72.48
73.79
261.19
263.69
269.67
278.77
173.14
172.52
173.05
17674
361.09
368.77
374.77
38265
563.48
578.95
594.56
604.51
173.99
17755
182.48
182.15
78.19
80.33
82.74
83.64
95.80
97.22
99.74
98.51
389.49
401.40
412.09
422.36
8.98
9.10
11.09
10.92
22.38
21.50
21.32
21.84
73.78
74.45
75.94
78.87
284.35
296.35
303.74
310.73
173.99
177.55
182.48
182.15
389.49
401.40
412.09
422.36
619.34
637.08
651.92
645.13
185.04
193.99
197.36
193.83
86.03
91.71
98.97
94.44
99.02
102.28
98.39
99.39
434.29
443.09
454.56
451.30
11.43
10.70
11.57
11.27
22.47
19.59
20.73
21.98
73.20
76.51
78.50
77.57
327.20
336.28
343.76
340.48
18504
193.99
19736
193.83
43429
443.09
454.56
451.30
Durable
goods
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
"Alt industries" plus the part of nonmanufacturing that is surveyed annually.
3
Consists of forestry, fisheries, and agricultural services; professional services; social services and
membership organizations; and real estate.
10
Total
nonfarm
business 2
Commercial
and
other
4
418.38
454.93
447.11
461.51
508.22
563.93
591.96
587.93
607.71
650.41
Manufacturing
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.47
19256
Total
278.77
302.05
309.16
320.45
344.77
380.13
399.34
405.12
433.69
470.95
Surveyed
quarterly
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
407.26
44581
Surveyed
annually*
44.55
44.81
47.75
50.99
52.73
56.53
59.35
59.54
61.11
63.68
Planned capital expenditures as reported by business in July-August 1994, corrected for biases.
NOTE.—The quarterly Plant and Equipment Survey will be discontinued and replaced by a new
semi-annual indicator survey of investment plans. The first new survey results are scheduled for
release in February- 1995. See Plant and Equipment Expenditures and Plans release of September
8, 1994 for details*
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In September, civilian employment rose by 462,000 and unemployment fell by 308,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS *
134
134
SEASONALLY ADJUSTED
130
130
CIVILIAN LABOR FORCE
126
126
122
122
118
-~ -^.
118
CIVILIAN
EMPLOYMENT
114
114
110
110
106
106
UNEMPLOYMENT
/
III11
1986
11111 IIIIll 11111
1111II11111 111111
1987
1988
1989
1990
1991
I
1992
1993
1994
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
1984
1985
1986s
1987
1988
1989
1990
1991
1992
....
1993
1993:
Sept
Oct
Nov
Dec
Civilian
Resident
Armed
Forces
NSA
Labor force
including
resident
Armed
Forces
178,080
179,912
182,293
184,490
186,322
188,081
189,686
191,329
193,142
195,034
1,697
1,706
1,706
1,737
1,709
1,688
1,637
1,564
1,566
1,485
115,241
117,167
119,540
121,602
123,378
125,557
126,424
126,867
128,548
129,525
106,702
108,856
111,303
114,177
116,677
119,030
119,550
118,440
119,164
120,791
113,544
115,461
117,834
119,865
121,669
123,869
124,787
125,303
126,982
128,040
105,005
107,150
109,597
112,440
114,968
117,342
117,914
116,877
117,598
119,306
3,321
3,179
3,163
3,208
3,169
3,199
3,186
3,233
3,207
3,074
101,685
103,971
106,434
109,232
111,800
114,142
114,728
113,644
114,391
116,232
5,512
5,334
5,345
5,122
4,965
4,657
4,860
5,767
6,116
6,106
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
2,737
2,305
2,232
1,983
1,610
1,375
1,504
2,323
3,354
3,052
64.4
64.8
65.3
65.6
65.9
66.5
66.4
66.0
66.3
66.2
59.5
60.1
60.7
61.5
62.3
63.0
62.7
61.6
61.4
61.6
195,453
195,626
195,791
195,993
1,482
1,475
1,470
1,461
129,590
130,055
130,132
130,359
121,050
121,416
121,802
122,122
128,108
128,580
128,662
128,898
119,568
119,941
120,332
120,661
3,093
3,021
3,114
3,096
116,475
116,920
117,218
117,565
6,173
5,957
5,904
5,934
8,540
8,639
8,330
8,237
3,047
3,030
2,971
2,864
66.0
66.2
66.2
66.3
61.6
61.8
61.9
62.0
130,667
130,776
130,580
130,747
130,774
130,248
130,457
131,189
131,343
121,971
122,258
122,037
122,338
122,872
122,430
122,452
123,166
123,628
3,331
3,391
3,426
3,459
3,435
3,235
3,278
3,444
3,409
118,639
118,866
118,611
118,880
119,437
119,195
119,173
119,722
120,218
4,842
4,384
4,762
4,613
4,688
4,590
4,224
4,092
4,075
8,696
8,518
8,543
8,408
7,902
7,817
8,005
8,023
7,715
3,027
3,103
3,110
2,951
2,801
2,683
2,855
2,793
2,841
66.7
66.7
66.6
66.6
66.5
66.2
66.3
66.6
66.6
62.2
62.3
62.2
62.3
62.5
62.2
62.2
62.5
62.7
1994:
Jan*
Peb
Mar
May
, •*
July
Sept
1
Employment
including
resident
Armed
Forces
Nonagricuhura)
Civilian
labor force
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime
work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutional population.
3
Not strictly comparable with earlier data.
83-940 0 - 9 4 - 2
Unemployment
Civilian employment
Noninstitutional
population
including
resident
Armed
Forces
NSA
Total
Agricultural
Totel
Part time
for
economic
reasons *
Total
15
weeks
and over
Labor
force
participation
rate
(percent) z
Employment/
population
ratio
(percent) 2
4
Data beginning January 1994 are based on the revised Current Population Survey and are not
directly comparable with data for earlier periods. For details, see Employment and Earnings, February 1994.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In September, the civilian unemployment rate fell to 5.9 percent.
PERCENT* (SEASONALLY ADJUSTED]
PERCENT* (SEASONALLY ADJUSTED)
10
10
o U
1994
1990
* UN EMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE !N GROUP SPECIFIED
SOURCE; DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993:
Sept....
Oct
Nov ....
Dec
1994- Jan 4
Feb.
Mar
Apr
May
Unemployment
rate,
all
workers 1
7.4
7.1
6.9
6.1
5.4
5.2
5.4
6.6
7.3
6.7
6.6
6.6
6.4
6.3
July ....
Sept
1
By sex and age
civilian
work-
ers
7.5
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
6.8
6.7
6.7
6.5
6.4
6.7
6.5
6.5
6.4
6.0
6.0
6.1
6.1
5.9
Men
20 years
and over
Women
20 years
and
over
6.6
6.2
6.1
5.4
4.8
4.5
4.9
6.3
7.0
6.4
6.8
6.6
6.2
5.4
4.9
4.7
4.8
5.7
6.3
5.9
6.3
6.2
5.9
5.8
5.9
6.0
5.8
5.6
5.2
5.3
5.6
5.4
5.1
5.8
5.8
5.7
5.7
6.0
5.7
6.0
5.6
5.4
5.4
5.3
5.4
5.3
Both
sexes
16-19
years
18.9
18.6
18.3
16.9
15.3
15.0
15.5
18.6
20.0
19.0
17.9
18.9
18.3
17.8
18.4
17.9
17.8
19.9
18.3
16.9
17.7
17.5
17.0
Black
White
3
12
and
Black
other
6.5
6.2
6.0
5.3
4.7
4.5
4.7
6.0
6.5
6.0
14.4
13.7
13.1
11.6
10.4
10.0
10.1
11.1
12.7
11.7
5.8
6.1
5.6
5.6
5.8
5.6
5.7
5.6
5.2
5.3
5.4
5.3
5.1
11.4
10.9
11.3
10.7
Unemployed as percent of total labor force including resident Armed Forces.
Revised definition; for details, see Employment and Earnings, February 1994.
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
2
By selected groups
By race
All
11.6
11.3
11.3
10.8
10.4
10.2
10.4
10.8
10.3
15.9
15.1
14.5
13.0
11.7
11.4
11.3
12.4
14.1
12.9
12.5
11.9
12.5
11.5
13.1
12.9
12.5
11.8
11.5
11.2
11.2
11.5
10.7
Experienced
wage and
salary
workers
7.1
6.8
6.6
5.8
5.2
5.0
5.3
6.5
7.1
6.5
6.3
6.4
6.2
6.2
6.6
6.4
6.4
6.2
5.8
5.9
6.0
5.9
5.6
Married
men,
spouse
present
4.6
4.3
4.4
3.9
3.3
3.0
3.4
4.4
5.0
4.4
4.2
4.4
4.0
3.9
4.1
4.3
4.1
3.9
3.7
3.5
3.7
3.5
3.4
Women
who
maintain
families
10.3
10.4
9.8
9.2
8.1
8.1
8.2
9.1
9.9
9.5
9.0
9.3
9.0
10.2
9.4
9.7
9.6
9.1
8.9
8.7
7.8
8.9
9.0
Fulltime
workers z
Parttime
workers 2
Labor
force
time lost
(percent) a
7.5
7.1
6.9
6.0
5.3
5.1
5.4
6.7
7.4
6.8
7.4
7.5
7.4
6.9
6.4
6.2
6.3
6.9
7.4
7.1
8.6
8.1
7.9
7.1
6.3
5.9
6.2
7.6
8.3
7.7
6.6
6.6
6.3
6.4
6.9
7.2
6.9
6.6
6.2
5.9
6.3
6.5
6.2
5.8
6.0
6.4
5.7
7.5
7.6
7.2
7.2
6.8
6.6
6.6
6.4
6.0
6.1
6.2
6.1
5.9
4
Data beginning January 1994 are based on the revised Current Population Survey and are not
directly comparable with data for earlier periods. For details, aee Employment and Earnings, February 1994.
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In September, the percentages of the unemployed who had been out of work for less than 5 weeks, for 15-26
weeks, and for 27 weeks and over rose; the percentage for 5-14 weeks fell. The mean duration of unemployment
was unchanged at 19.2 weeks and the median duration rose to 10.0 weeks.
PERCENT DISTRIBUTION '
PERCENT DISTRIBUTION
70
70
DURATION OF UNEMPLOYMENT
50
LESS THAN
/
5 WEEKS
40
-A/V
5-14
WEEKS
15-2<S
WEEKS
20
10
27 WEEKS
AND OVER
mi i nut
ni 1 i M H l 1 ( ! ) | 1 1
1990
1990
* SEASONALLY ADJUSTED
I/BEGINNING JANUARY 1 994, JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
Reason for unemployment:
percent distribution
State
programs
Number of
weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers *
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted)'
Weekly average, thousands
1984'
1985
1986
1987
1988
1989
1990
1991
1992
1993
'
..
.
1993- Sept
Oct
Nov
Dec
1994- Jan 3
Feb
Mar
May
y
'
July
Sent
1
....
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
8,540
8,639
8,330
8,237
8,696
8,518
8,543
8,408
7,902
7,817
8,005
8,023
7,715
39.2
42.1
41.9
43.7
46.0
48.6
46.1
40.1
34.9
36.2
35.7
36.4
35.4
37.5
38.4
30.6
32.8
34.7
33.4
35.6
35.5
32.5
34.1
28.7
30.2
31.0
29.6
30.0
30.3
32.0
32.3
29.4
28.9
28.7
28.7
28.9
27.5
26.8
32.5
30.3
29.5
31.0
31.0
29.2
32.7
29.5
12.9
12.3
12.7
12.7
12.0
11.2
11.8
14.5
15.2
14.6
15.2
14.8
14.6
14.1
15.1
16.2
15.0
14.2
13.9
14.4
15.7
15.2
16.0
19.1
15.4
14.4
14.0
12.1
9.9
10.1
13.0
20.6
20.4
20.5
20.1
21.1
21.0
19.7
20.8
21.9
21.6
21.7
19.1
19.6
19.6
20.4
Beginning January 1994, job losers and persons who completed temporary jobs.
Includes State <50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Railroad (RR) programs included through 1991. Also includes
Federal and State extended benefit programs. Does not include Federal supplemental compensation
or Emergency Unemployment Compensation programs.
2
18.2
15.6
15.0
14.5
13.5
11.9
12.1
13.8
17.9
18.1
18.4
18.4
18.9
18.2
18.3
18.7
19.2
19.1
19.6
18.3
19.2
19.2
19.2
7.9
6.8
6.9
6.5
5.9
4.8
5.4
6.9
8.8
8.4
8.9
8.3
8.5
8.2
8.5
9.0
9.1
9.2
9.2
8.9
9.3
9.0
10.0
51.8
49.8
48.9
48.0
46.1
45.7
48.3
54.7
56.4
54.6
55.0
55.2
53.4
54.2
51.1
48.6
46.9
44.4
45.4
47.5
48.6
47.7
46.7
9.6
10.6
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.8
10.8
11.1
11.5
11.4
8.8
10.3
10.1
9.7
10.2
10.2
9.4
9.4
11.7
25.6
27.1
26.2
26.6
27.0
28.2
27.4
24.8
23.7
24.6
24.3
24.1
25.0
24.6
32.6
33.7
35.5
37.9
36.5
36.3
34.7
34.8
33.7
13.0
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.5
10.0
9.9
9.7
10.0
9.7
7.5
7.4
7.5
8.1
7.8
6.0
7.3
8.1
8.0
2,476
2,611
2,650
2,332
2,081
2,158
2,522
3,342
3,245
2,751
2,823
2,815
2,776
2,694
2,720
2,791
2,744
2,722
2,755
2,760
2,738
2,679
2,622
377
396
378
328
310
330
388
447
408
341
328
341
335
325
369
351
340
350
367
351
349
327
320
2,561
2,693
2,746
2,401
2,135
2,205
2,575
3,406
3,339
2,838
2,421
2,324
2,563
2,794
3,511
3,506
3,396
2,872
2,626
2,634
2,578
'2,573
2,178
3
Data beginning January 1994 are based on the revised Current Population Survey and are not
directly comparable with data for earlier periods. For details, see Employment and Earnings, February 1994.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 239,000 in September.
MILLIONS OF PERSONS
MILLIONS OF PERSONS* (ENLARGED SCALE)
34
110
100
90
80
SERVICE-PRODUCING
INDUSTRIES
60
40
GOODS-PRODUCING
INDUSTRIES
30
__CONSTRUCriON
\
Ill 1 1 I I I I I I 1 1
1992
1990
1993
1990
1991
1992
1993
1994
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; * seasonally adjusted]
Service-producing industries
Goods-producing industries
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993: Sept
Oct
Nov
Dec
1994: Jan
Feb
Mar
Apr
May
June ....
July '....
Aug r....
Sept "...
Total
nonagricultural
employment
94,408
97,387
99,344
101,958
105,210
107,895
109,419
108,256
108,604
110,525
110,923
111,112
111,366
111,610
111,711
111,919
112,298
112,699
112,951
113,334
113,624
113,870
114,109
Manufacturing
Total
2
24,718
24,842
24,533
24,674
25,125
25,254
24,905
23,745
23,231
23,256
23,206
23,245
23,281
23,298
23,328
23,327
23,395
23,506
23,519
23,576
23,590
23,627
23,642
Construction
4,380
4,668
4,810
4,958
5,098
5,171
5,120
4,650
4,492
4,642
4,667
4,700
4,733
4,738
4,744
4,745
4,806
4,893
4,907
4,927
4,944
4,941
4,960
Durable
goods
Nondurable
goods
Total
Total
19,372
19,248
18,947
18,999
19,314
19,391
19,076
18,406
18,104
18,003
17,934
17,940
17,944
17,942
17,968
17,970
17,980
18,007
18,009
18,044
18,045
18,084
18,081
11,476
11,458
11,195
11,154
11,363
11,394
11,109
10,569
10,277
10,172
10,123
10,135
10,142
10,153
10,182
10,182
10,190
10,216
10,217
10,253
10,249
10,283
10,293
7,896
7,790
7,752
7,845
7,951
7,997
7,968
7,837
7,827
7,831
7,811
7,805
7,802
7,789
7,786
7,788
7,790
7,791
7,792
7,791
7,796
7,801
7,788
69,690
72,544
74,811
77,284
80,086
82,642
84,514
84,511
85,373
87,269
87,717
87,867
88,085
88,312
88,383
88,592
88,903
89,193
89,432
89,758
90,034
90,243
90,467
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived
from this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes, bad
14
Transportation
and
public
utilities
5,156
5,233
5,247
5,362
5,514
5,625
5,793
5,762
5,721
5,787
5,783
5,798
5,800
5,792
5,793
5,803
5,816
5,759
5,843
5,849
5,857
5,864
5,881
Wholesale
trade
5,568
5,727
5,761
5,848
6,030
6,187
6,173
6,081
5,997
5,958
5,962
5,965
5,971
5,976
5,990
6,003
6,013
6,028
6,037
6,049
6,053
6,071
6,081
Retail
trade
16,512
17,315
17,880
18,422
19,023
19,475
19,601
19,284
19,356
19,717
19,805
19,822
19,848
19,931
19,924
19,965
20,026
20,137
20,153
20,279
20,386
20,410
20,450
Finance,
insurance,
and real
estate
5,684
5,948
6,273
6,533
6,630
6,668
6,709
6,646
6,602
6,712
6,735
6,748
6,763
6,769
6,771
6,776
6,781
6,791
6,787
6,798
6,797
6,802
6,793
Government
Services
Total
20,746
21,927
22,957
24,110
25,504
26,907
27,934
28,336
29,052
30,278
30,545
30,661
30,816
30,926
31,004
31,129
31,326
31,497
31,598
31,765
31,918
32,040
32,141
16,024
16,394
16,693
17,010
17,386
17,779
18,304
18,402
18,645
18,817
18,887
18,873
18,887
18,918
18,901
18,916
18,941
18,981
19,014
19,018
19,023
19,056
19,121
Federal
2,807
2,875
2,899
2,943
2,971
2,988
3,085
2,966
2,969
2,915
2,902
2,901
2,900
2,915
2,893
2,892
2,884
2,882
2,870
2,859
2,859
2,858
2,860
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.
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
Tola!
private
nonagrieultural '
Period
Total
Average gross weekly earnings
Average gross hourly earnings
Manufacturing
Total private
nonagrirultural *
Overtime
Current
dollars
Current dollars
Total private
nonagricultural '
1982
dollars 2
Manufacturing
Current
dollars
1982
dollars 2
Manufacturing
Construction
Retail
trade
Percent change from a
vear earlier, total
private
nonagricultural 3
1982
dollars
Current
dollars
35.2
34.9
34.8
34.8
34.7
34.6
34.5
34.3
34.4
34.5
40.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0
41.4
3.4
3.3
3.4
3.7
3.9
3.8
3.6
3.6
3.8
4.1
$8.32
8.57
8.76
8.98
9.28
9.66
10.01
10.32
10.57
10,83
$7.80
7.77
7.81
7.73
7.69
7.64
7.52
7.45
7.41
7.39
$9.19
9.54
9.73
9.91
10.19
10.48
10.83
11.18
11,46
11.74
$292.86
299.09
304.85
312.50
322.02
334.24
345.35
353.98
363.61
373.64
$274.73
271.16
271.94
269.16
266.79
264.22
259.47
255.40
254.99
254.87
$374.03
386.37
396.01
406.31
418.81
429.68
441.86
455.03
469.86
486.04
$458.51
464.46
466.75
480.44
495.73
513.17
526.01
533.40
537.70
551.81
$174.33
1985
1986
1987
1988
1989
1990
1991 .
1992
1993
174.64
176.08
178.70
183.62
188.72
194.40
198.48
205.06
209.95
4.3
2.1
1.9
2.5
3.0
3.8
3.3
2.5
2.7
2.8
-.9
1.0
-1.8
1.6
-.2
.0
1993- Sept
Oct
Nov
Dec
34.4
34.5
34.6
34.5
41.5
41.6
41.7
41.7
4.2
4.3
4.4
4.4
10.88
10.92
10.94
10.96
7.40
7.39
7.39
7.40
11.82
11.84
11.87
11.93
374.27
376.74
378.52
378.12
254.43
255.07
255.76
255.14
490.53
492.54
494.98
497.48
553.34
554.11
562.49
559.11
208.78
212.42
211.68
212.26
3.0
3.1
2.3
3.2
.5
.5
2
\1
1994- Jan
Feb
Mar
34.8
34.3
34.6
34.7
34.8
34.6
34.6
34.5
34.6
41.7
41.3
42.1
42.2
42.1
42.0
42.0
42.0
42.0
4.5
4.5
4.7
4.8
4.7
4.7
4.6
4.6
4.6
11.02
11.03
11.02
11,05
11.09
11.08
11.11
11.13
11.16
7.43
7.42
7.39
7.40
7.42
7.39
7.38
7.36
7.37
11.95
12.01
12.00
12.00
12.00
12.03
12.05
12.07
12.11
383.50
378.33
381.29
383.44
385.93
383.37
384.41
383.99
386.14
258.60
254.60
255.73
256.83
258.15
255.58
255.25
253.96
255.05
498.32
496.01
505.20
506.40
505.20
505.26
506.10
506.94
508.62
558.44
545.25
561.44
559.02
570.86
567.73
573.78
571.52
579.07
214.89
212.21
214.73
216.05
216.63
216.63
216.92
216.75
217.33
3.7
2.5
3.5
3.5
2.8
3.1
3.0
2.1
3.5
1.3
.1
1.2
1.3
.7
.6
.3
-.7
.5
1984
May
, -'
July r
Aug '.
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 (CPI-W) (on a 1982 = 100 base).
0.8
-1.3
.3
1.0
3
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 = 100)
Percent change from
3 months earlier
Period
Total
compensation
Wages and
salaries
Benefits *
Total
compensation
Wages and
salaries
12 months earlier
Benefits •
Total
compensation
Wages and
salaries
4.9
4.2
4.1
3.2
3.3
4.1
4.1
4.0
3.7
2.6
3.1
Benefits *
Not seasonally adjusted
84.0
87.3
90.1
93.1
97.6
102.3
107.0
111.7
115.6
119.8
84.8
88.3
91.1
94.1
98.0
102.0
106.1
110.0
112.9
116.4
1991- Sept
Dec
110.8
111.9
109.2
110.1
115.2
116.8
1.0
1.0
0.7
.8
1.7
1.4
4.5
4.4
3.7
3.7
6.4
6.2
1992- Mar
112.9
113.8
114.7
115.7
110.9
111.6
112.1
113.0
118.2
119.5
121.3
122.9
.9
.8
.8
.9
.7
.6
.4
.8
1.2
1.1
1.5
1.3
4.2
3.7
3.4
3.5
3.4
3.0
2.7
2.6
6.3
5.5
5.2
5.2
116.8
117.9
118.9
119.9
113.9
114.6
115.6
116.5
124.7
126.4
127.7
129.1
1.0
.9
.8
.8
.8
.6
.9
.8
1.5
1.4
1.0
1.1
3.5
3.6
3.7
3.6
2.7
2.7
3.1
3.1
5.6
5.8
5.4
5.0
120.7
121.8
122.8
117.1
118.1
119.0
130.2
131.4
132.9
.7
.9
.8
.5
.9
.8
.9
.9
1.1
3.3
3.4
3.3
2.9
3.1
2.9
4.4
3.9
4.0
1984198519861987198819891990199119921993:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
....
...
....
81.7
84.6
3.9
3.2
3.3
4.8
4.8
4.6
4.4
3.5
3.6
87.5
90.5
96.7
102.6
109.4
116.2
122.2
128.3
Seasonally adjusted
Sept
Dec
1993- Mar
....
.
Sept
Dec
1994- 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.
6.5
3.5
3.4
3.4
6.9
6.1
6.6
6.2
5.2
5.0
Not seasonally adjusted
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 '
Hours of all
persons "
Compensation per
hour 3
Real compensation
per hour *
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
Business
sector
100.8
100.6
101.1
104.3
104.1
104.2
102.7
102.8
103.6
105.7
106.1
101.5
103.4
106.5
109.5
112.3
116.0
121.0
127.1
131.5
134.2
136.9
101.5
103.4
106.8
110.0
112.8
116.5
121.5
127.6
132.1
135.2
137.5
103.4
107.7
111.2
113.6
116.6
120.8
126.1
131.2
135.9
138.8
141.5
104.0
107.6
111.6
114.2
117.2
121.4
126.5
131.8
136.7
139.9
142.6
100.6
100.5
100.7
102.4
105.6
105.1
104.7
103.4
103.4
105.1
100.6
100.4
100.7
101.8
105.2
104.6
104.1
102.6
102.5
104.2
101.0
102.1
104.3
108.0
111.6
113.7
117.9
123.0
129.8
132.9
101.0
101.9
104.4
108.5
112.2
114.3
118.0
123.4
130.5
133.5
101.1
104.8
109.0
112.4
114.6
117.9
122.8
127.8
133.2
136.9
101.4
105.2
109.0
112.9
115.2
118.5
123.4
128.2
134.0
137.9
150.9
152.6
154.7
156.5
105.9
106.0
106.8
107.2
104.9
105.3
106.0
106.3
133.0
133.9
134.7
135.1
134.0
134.9
135.9
136.1
138.0
138.8
138.3
140.1
139.0
139.9
139.5
141.2
158.9
160.1
161.3
162.3
157.4
158.3
159.4
160.4
107.1
107.1
107.5
107.3
106.1
105.9
106.2
106.0
136.6
137.5
137.4
136.3
137.5
138.1
137.7
136.9
140.8
141.4
141.6
142.1
142.0
142.5
142.8
143.1
164.8
164.9
162.8
163.1
108.4
107.7
107.0
106.5
137.4
138.5
137.9
139.1
142.6
143.8
143.5
145.1
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
1983
1984
1985
1986
1987...
1988
1989
1990
1991
1992....
1993
102.3
104.8
106.3
108.5
109.6
110.7
109.9
110.7
112.1
115.5
117.3
102.5
104.7
105.6
107.7
108.6
109.6
108.6
109.1
110.7
113.7
115.5
104.1
112.6
116.7
119.9
124.8
130.1
132.3
133.3
132.0
135.5
140.6
104.4
113.0
116.8
120.1
125.0
130.6
132.7
133.5
132.2
135.5
141.0
101.8
107.4
109.8
110.5
113.8
117.5
120.4
120.5
117.7
117.4
119.9
101.9
107.9
110.7
111.5
115.1
119.1
122.2
122.4
119.5
119.2
122.1
103.8
108.3
113.2
118.8
123.1
128.5
133.0
140.6
147.4
154.9
160.6
104.0
108.3
112.8
118.4
122.5
127.7
132.0
139.2
146.2
153.7
158.8
100.6
100.6
101.5
104.6
104.6
104.8
103.5
103.8
104.4
106.6
107.3
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
IV
IV
IV
IV
IV
IV
TV
TV
W
IV
101.1
103.1
105.4
107.0
108.3
110.6
110.9
109.7
110.5
113.0
101.1
103.3
105.3
106.0
107.4
109.5
110.0
108.5
108.9
111.5
100.0
107.5
114.4
118.0
120.6
127.4
131.7
132.3
132.1
132.6
100.0
108.1
114.8
118.2
120.8
127.6
132.5
132.7
132.2
132.8
98.9
104.3
108.5
110.2
111.3
115.1
118.8
120.6
119.6
117.4
98.9
104.7
109.0
111.4
112.5
116.5
120.5
122.3
121.4
119.2
102.1
105.3
109.9
115.6
120.9
125.8
130.6
134.9
143.5
150.1
102.1
105.2
109.9
115.0
120.5
125.1
129.8
133.9
142.2
148.8
I
114.5
114.8
115.9
116.8
112.6
113.1
113.9
115.0
133.7
134.4
136.1
137.9
133.6
134.4
135.9
137.9
116.8
117.1
117.4
118.1
118.7
118.8
119.3
119.9
152.2
153.7
156.0
157.8
1993: I
n
m
116.3
116.5
117.4
119.1
114.5
114.6
115.8
117.2
138.1
139.6
140.9
143.9
138.3
139.9
141.5
144.3
118.8
119.8
120.0
120.8
120.8
122.0
122.3
123.1
n'....
119.9
119.1
118.0
117.2
145.8
146.9
146.1
147.1
121.6
123.3
123.8
125.5
Nonfarm
business
sector
Unit labor costs
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Nonfarm
business
sector
1982 = 100; quarterly data seasonally adjusted
1992:
n
m
rv
IV
1994- I
Percent change; quarterly data at seasonally adjusted annual rates
1983
1984..
1985
1986.
1987
1988
1989
1990.
1991
1992
1993
2.3
2.4
1.4
2.1
1.0
1.0
-.7
.7
1.3
3.0
1.6
2.5
2.2
.8
2.0
.8
1.0
g
.4
1.5
2.7
1.6
4.1
8.2
3.6
2.8
4.1
4.3
1.7
.7
-1.0
2.7
3.8
4.4
8.2
3.4
2.8
4.1
4.4
1.7
.6
-1.0
2.4
4.1
1.8
5.6
2.1
.6
3.0
3.3
2.5
.1
-2.3
3
2.1
1.9
5.9
2.5
.8
3.2
3.4
2.6
.2
-2.4
3
2.4
3.8
4.3
4.5
5.0
3.6
4.4
3.5
5.7
-4.8
5.1
3.7
4.0
4.1
4.1
5.0
3.5
4.2
3.3
5.5
5.0
5.1
3.4
0.6
.0
.9
3.1
-.1
.2
-1.3
.3
.6
2.0
.7
0.8
-.2
.6
3.1
-.2
.1
-1.4
.1
.8
2.0
.4
1.5
1.9
3.0
2.8
2.5
3.4
4.3
5.0
3.5
2.1
2.1
1.5
1.9
3.3
2.9
2.6
3.3
4.3
5.1
3.5
2.4
1.7
3.4
4.1
3.3
2.2
2.6
3.6
4.4
4.1
3.5
2.2
1.9
4.0
3.5
3.7
2.4
2.6
3.6
4.2
4.2
3.7
2.3
1.9
1991: El
1.3
2.2
1.6
1.8
.9
1.2
1.1
1.2
-.4
-.9
-.5
-.6
4.4
5.3
4.6
5.0
1.2
2.0
1.4
1.7
3.1
3.1
2.9
3.2
2.3
1.7
1992: I
5.4
1.2
3.8
3.3
4.2
1.9
2.8
3.9
3.4
2.2
4.9
5.6
2.4
2.5
4.4
6.2
-1.9
1.1
1.1
2.2
.6
1.5
2.2
5.8
4.0
6.2
4.6
5.7
4.6
5.8
4.6
3.1
.7
3.0
1.3
3.0
1.2
2.7
1.3
.3
2.8
2.4
1.2
1.4
2.6
3.0
.6
3.3
2.2
-1.3
5.1
2.6
2.3
3.2
2.5
-1.2
5.1
rv
n
m
IV
1993: I
n
m
rv
1994: I
n'....
-1.7
.7
3.4
5.7
.5
4.1
4.9
.6
4.2
4.0
8.6
1.0
4.7
4.9
7.9
2.4
3.5
.6
2.8
2.9
4.2
.8
2.9
2.8
3.2
3.1
2.4
2.2
2.5
2.8
2.4
-.2
.1
1.2
-.5
-.8
-.6
1.0
-.6
4.6
2.5
-.3
-3.1
4.2
2.0
-1.2
-2.4
2.3
1.7
.6
1.2
2.2
1.6
.7
.8
2.9
-2.7
2.9
-2.5
5.5
2.9
5.2
2.7
2.6
5.8
2.3
5.4
6.2
.3
6.1
4.0
-2.4
3.9
-1.9
3.3
3.2
3.1
3.4
1.5
3.5
1.2
4.4
-1.8
1
-1.8
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).
2
16
5
.8
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore
differ slightly from percent changes based on indexes shown here.
'Based on GDP data released on August 26, 1994.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production was unchanged in September; capacity utilization fell slightly.
INDEX, 1987= 100' (RATIO SCALE)
INDEX, 1987= 100' (RATIO SCALE!
160
FINAL PRODUCTS
^
BUSINESS
EQUIPMENT
\
\
130
120
100
/-^
s\
~s^-
^)s
Jr
^~^'
110
140
„-— -s
100
MANUFACTURING
v
•'"'\
^^''
CONSUMER
GOODS .
• -x »
130
\
90
DURABLE
120
/'*>
110
\
DEFENSE
AND SPACE
EQUIPMENT
80
/
X
's .
NONDURABLE
100
1 1 1 I ! 1 1 1 M 1
140
UTILITIES AND MINING
130
\ /
--'N
110
\
_^\,'Y\'~-"
v_
" "~*~
1991
MM!
UN!
^
A
\S^Y^^
n111i 11111
1990
/f~-^
\
80
V
90
11 ! I 1! M 1 I 1
r^
82 ^
MINING
100
1 1 1 (1 I 1 1 1 1 1
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY]
imiiTiF?;
120
M 1 1 M 1 1 I M
PERCENT*
1 1 n 11M 1 11
1992
76
1994
1993
1 1 1 1 1 1 M 1 M
1990
1 1 1 1 1
1991
i I! 1 1 1 1 1 1 1 i 1 1 I I 1 1
1
1992
1993
1994
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
Index,
1987 = 100
Capacity utilization
rale, percent *
Industry production indexes, 1987=100
Total
industrial
production
Manufacturing
Percent
change
from year
earlier
Mining
Durable
Total
Utilities
Nondurable
Total
industry
Manufacturing
1984
1985
1986
1987
1988.....
1989
1990
1991
1992
1993
92.8
94.4
95.3
100.0
104.4
106.0
106.0
104.1
106.5
110.9
9.3
1.7
.9
4.9
4.4
1.5
.0
-1.8
2.3
4.1
89.3
91.6
94.3
100.0
104.7
106.4
106.1
103.7
106.8
111.7
88.4
91.8
93.9
100.0
106.6
108.6
107.4
103.9
107.0
114.3
90.8
91.5
94.9
100.0
102.3
103.7
104.4
103.5
106.5
108.7
111.9
109.0
101.0
100.0
101.3
100.0
102.0
100.1
98.2
97.3
97.0
99.5
96.3
100.0
105.0
108.7
109.9
112.3
112.0
116.2
81.1
80.3
79.2
81.5
83.7
83.6
82.0
79.1
79.7
81.5
80.4
79.5
79.1
81.6
83.6
83.1
81.1
77.8
78.6
80.6
1993: Sept
Oct
Nov
Dec
..
111.3
111.9
112.8
114.0
4.4
4.1
4.2
4.6
112.f
112.9
114.0
115.4
115.0
116.2
118.0
120.1
108.5
108.8
109.1
109.7
97.4
98.0
96.9
96.9
116.2
114.9
116.1
115.8
81.4
81.7
82.2
82.9
80.4
80.8
81.5
82.3
1994- Jan
Feb
Mar
..
Apr
May
.
June r....
r
July
Aue r.
Sept " .
114.6
115.0
115.9
116.0
116.6
117.5
117.9
118.7
118.7
4.9
4.6
5.4
5.0
6.0
6.4
6.3
6.8
6.7
115.6
116.1
117.2
117.7
118.5
118.9
119.5
120.7
120.8
120.4
120.9
121.7
122.5
122.9
123.4
124.3
126.2
126.4
109.6
110.1
111.7
111.8
113.1
113.3
113.6
114.0
114.0
97.0
98.8
99.5
99.9
99.1
99.8
98.7
98.3
97.8
121.9
119.8
118.0
114.4
114.7
120.8
119.6
117.6
116.9
83.2
83.3
83.8
83.7
83.9
84.3
84.4
84.8
84.6
82.2
82.4
83.0
83.1
83.4
83.5
83.7
84.3
84.2
1
Output as percent of capacity.
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; monthly data seasonally adjusted]
Materials
Products
Intermediate products
Final products
Consumer goods
Equipment
Period
Total
Total
Durable
goods
Nondurable
goods
Total >
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Energy
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
91.0
94.2
95.7
100.0
104.8
106.8
107.0
105.3
108.0
112.7
92.8
93.7
96.8
100.0
102.9
104.0
103.4
102.8
105.7
108.7
91.0
91.6
94.5
100.0
104.6
106.6
102.3
95.2
102.0
110.5
93.4
94.4
97.6
100.0
102.4
103.2
103.8
104.9
106.8
108.2
89.2
94.8
94.5
100.0
107.6
110.9
112.1
108.9
111.2
118.5
85.4
91.1
93.1
100.0
110.7
115.5
116.9
115.7
122.2
134.6
78.9
89.4
96.0
100.0
99.7
100.1
98.8
91.6
83.1
74.8
86.2
88.3
91.9
100.0
101.8
102.0
101.2
96.8
99.0
102.6
86.2
89.1
93.8
100.0
101.5
100.5
98.2
91.0
93.3
96.8
86.2
87.7
90.7
100.0
102.0
103.0
103.2
100.7
102.8
106.5
96.6
96.6
95.9
100.0
105.0
106.7
106.8
105.4
107.7
111.9
103.8
103.4
99.5
100.0
102.2
103.1
104.2
104.5
103.9
103.7
1993: Sept
Oct
Nov
Dec
113.1
113.8
114.6
115.4
108.5
109.2
109.7
110.1
108.7
112.7
115.8
118.2
108.4
108.2
107.9
107.9
119.8
120.4
121.8
123.1
136.3
137.7
139.7
141.8
73.7
72.7
72.5
71.5
103.0
103.5
104.3
105.4
97.8
98.6
99.5
101.3
106.4
106.7
107.5
108.1
112.2
112.8
113.9
115.5
103.1
103.0
103.1
103.2
1994: Jan
Feb
Mar
Apr
May
116.2
117.2
117.5
117.3
117.8
118.7
119.4
120.3
120.4
110.9
111.6
111.9
111.2
111.7
112.7
113.2
113.7
113.3
119.0
120.9
118.3
117.4
115.5
116.5
117.4
120.0
118.4
108.6
109.0
110.1
109.4
110.6
111.6
112.1
111.9
111.8
123.9
125.3
125.7
126.2
126.6
127.5
128.2
130.0
130.6
142.9
145.0
145.5
146.3
147.3
148.5
149.9
152.5
153.4
71.0
69.9
69.9
69.8
68.9
68.6
68.0
68.0
67.5
105.7
105.1
105.9
106.7
107.5
108.3
108.6
108.5
108.3
100.5
98.9
99.7
101.8
102.9
102.7
103.5
104.1
103.8
109.2
109.3
110.0
109.9
110.6
112.0
112.0
111.4
111.4
116.0
116.2
117.7
117.9
118.6
119.4
119.5
120.6
120.6
104.8
105.6
105.6
105.2
104.6
106.9
105.2
105.1
104.5
July r..
Sept ».
1
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987—100; monthly data seasonally adjusted]
Durable manufactures
Period
Total
Iron
and
steel
Nondurable manufactures
Transportation
equipment
Primary metals
Fabricated
metal
products
Industrial
machinery and
equipment
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber and
products
Apparel
products
Printing and
publishing
Chemicals
and
products
Foods
1984.
1985
1986. .
1987
1988
1989
1990
1991
1992
1993
102.4
101.8
93.7
100.0
108.7
107.2
106.5
98.3
101.1
106.5
105.9
104.5
90.8
100.0
112.7
111.2
111.5
100.5
104.7
111.6
93.3
94.5
93.8
100.0
104.2
102.8
99.5
94.9
95.6
99.5
80.8
86.8
90.3
100.0
113.0
117.3
117.6
113.8
123.4
144.1
94.1
93.1
94.3
100.0
108.5
111.0
111.4
112.7
115.7
127.5
83.1
91.8
96.9
100.0
105.2
109.6
107.0
101.9
102.8
104.2
90.6
99.0
98.5
100.0
105.7
106.9
101.0
94.5
106.4
120.7
86.0
88.0
95.1
100.0
100.1
99.4
97.1
90.6
96.5
100.6
95.7
92.6
96.3
100.0
98.1
95.0
92.2
91.8
93.6
93.1
84.5
87.6
90.6
100.0
100.9
101.1
100.8
96.9
99.0
101.3
91.4
91.4
94.6
100.0
106.0
109.2
111.8
111.4
114.3
117.8
92.1
94.9
97.4
100.0
101.5
102.5
103.7
105.3
107.7
108.6
1993- Sept
Oct
Nov
Dec.
1994- Jan
Feb
Mar
107.3
106.1
109.8
113.0
112.4
113.3
114.4
119.1
99.6
100.7
102.1
102.6
148.4
150.3
152.0
155.7
130.9
131.4
132.1
134.3
100.4
104.2
108.3
110.7
115.1
124.1
132.4
138.5
101.8
104.6
104.9
105.2
92.1
92.1
92.6
93.1
101.1
101.6
101.7
101.9
118.3
117.8
118.8
119.3
109.0
109.0
108.4
109.0
110.5
107.6
111.1
114.4
115.4
111.9
111.1
112.4
113.3
115.8
111.5
117.2
122.2
123.2
118.6
116.5
117.6
118.6
103.9
103.0
104.1
105.0
105.1
106.4
107.7
108.0
108.0
156.3
158.8
161.4
162.8
165.0
166.3
169.0
171.4
173.1
134.8
136.1
138.3
140.2
141.9
144.1
147.9
149.7
151.1
111.9
113.0
110.1
108.8
106.5
106.7
104.9
109.3
107.8
142.1
146.1
139.9
137.5
132.5
132.8
129.9
139.1
137.0
105.2
102.8
102.9
103.8
105.8
105.9
105.9
106.4
105.6
92.4
92.9
94.2
94.6
95.3
95.7
96.1
95.6
96.0
101.7
102.3
103.6
103.9
104.4
105.5
105.1
105.0
104.6
119.3
119.9
121.7
121.2
123.3
123.6
124.0
125.6
125.5
109.2
110.1
112.2
111.8
112.3
112.1
113.2
111.9
112.2
May
July r
Aug '
Sept p
Source: Board of Govei
18
s of the Federal Reserve System.
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
Total new
construction
expenditures
Period
Residential
Total
New housing
units
Total '
Commercial
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(1987=100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1984 ... .
1985
1986 ....
1987
1988....
1989
1990.
1991
1992 ..
1993
348.8
377.4
407.7
419.4
432.3
443.7
442.2
403.6
435.4
466.4
278.6
299.5
323.1
328.7
337.5
345.5
334.7
293.5
316.1
341.1
153.8
158.5
187.1
194.7
198.1
196.6
182.9
157.8
187.9
210.5
74.0
89.8
84.4
84.0
88.0
94.3
96.4
77.0
65.8
66.4
113.8
114.7
133.2
139.9
138.9
139.2
128.0
110.6
129.6
144.1
50.8
51.3
51.6
50.1
51.5
54.6
55.4
58.7
62.5
64.2
83
91
96
100
101
105
95
89
97
104
70.2
77.8
84.6
90.6
94.7
98.2
107.5
110.1
119.2
125.3
Annual rates
Annual rates
1993: Sept ...
Oct
Nov ....
Dec
470.8
477.8
490.2
499.9
342.5
350.2
360.4
367.3
211.5
216.6
222.4
228.5
145.3
149.5
154.1
159.5
66.1
67.3
70.8
71.8
65.0
66.3
67.3
67.0
128.3
127.6
129.8
132.7
1994: Jan
Feb
Mar
488.5
485.9
496.0
497.0
504.4
506.1
506.8
506.8
515.1
363.9
361.9
371.7
374.1
378.2
379.3
377.7
377.5
383.3
229.8
233.3
236.8
238.0
241.2
240.7
239.4
238.6
239.8
160.8
164.2
167.0
168.4
170.1
168.9
168.9
167.9
168.4
67.3
66.3
70.3
73.3
73.7
73.5
73.3
74.3
77.1
66.7
62.3
64.6
62.8
63.4
65.1
64.9
64.6
66.4
124.6
124.0
124.4
122.9
126.1
126.8
129.1
129.3
131.8
May
July '
Sept p..
1
2
3
955
1,097
1,016
1,019
973
961
783
577
556
575
r
!04
110
112
107
544
561
566
628
107
110
113
106
110
108
109
110
107
633
592
742
612
642
624
750
690
685
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Units started, by type of structure
Period
Total
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
! unit
2-4 units
121.4
93.4
84.0
65.3
58.8
55.2
37.5
35.6
30.7
29.4
5 or more units
544.0
576.1
542.0
408.7
348.0
317.6
260.4
137.9
139.0
132.6
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1 376 1
1,192.7
1,013.9
1,199.7
1,287.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
1,125.7
1,319
1,359
1,409
1,406
1,612
,178
,160
,231
,248
,383
17
32
31
30
21
124
167
147
128
208
,271
,328
,519
,471
,491
,358
,439
,461
,525
,125
,121
,271
,211
,200
,163
,219
,180
,252
23
33
33
32
36
19
32
39
42
123
174
215
228
255
176
188
242
231
Units
authorized
Units
completed
Homes sold
Homes for
sale at end of
period '
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
1,192.7
639
688
750
671
676
650
534
509
610
666
353
346
357
366
368
365
321
284
266
294
1,234
1,265
1,298
1,363
1,474
,248
,172
,248
,248
,289
645
738
723
766
817
286
288
291
294
294
1,312
1,252
1,313
,380
,357
,316
,337
,354
,425
,216
,334
,273
,354
1,446
r
1,329
1,281
1,319
642
697
722
673
692
629
641
703
296
298
298
298
301
314
316
320
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
1,199.1
Vaeancv rate
for rental
housing units
(percent) 2
5.9
6.5
7.3
7.7
7.7
2
7.4
7.2
7.4
7.4
2
7.3
Seasonally adjusted annu al rates
1993: Aug
Sept
Oct
,
Noy
Dec
1994- Jan
Feb
Mar
May
July
T
Sept "
1
Seasonally adjusted.
2
Revised series beginning 1989 and 1994; not comparable with earll
have
lave been revised lo be compari,.,^
comparable with
„,,., new
,„ .. series
™.,.i beginning in 1994.
Quarterly data entered in last month of quarter.
•xcep! 1993 data
7.0
6.9
7.5
7.4
7.2
NOTE.—Beginning 1984, units authorized are for I7,(XX) permit-issuing places; for 1978-8:1 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 3.0 percent and inventories rose $8.9 billion. According to advance
data, retail sales rose 0.6 percent in September, following a rise of 1.1 percent in August.
BILLIONS OF DOLLARS" (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE)
3001
,000
900
800
_ —-— '
250
_—-—
t
\
MAN UFACTURING AND
TRA DE INVENTO ?IES
700
RETAIL INVENTORIES
200
'
600
—
500
-
:
\
\
v
150
Mi\NUFACTURIr*3
AhJD TRADE SA ES
RETAIL SALES
400
100
300
RATIO*
200
m N li mi
1990
1991
1992
1993
1994
1994
1990
• SEASONAUY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufacturing and
trade '
Period
Sales
2
Inventories 3
COUNCIL OF ECONOMIC ADVISERS
Inventory-sales ratio 4
Retail
Wholesale
Sales 2
Sales
2
Inventories 3
Total
Durable
goods
stores
Inventories
Nondurable goods
stores
Total
3
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade 1
Retail
Millions of dollars, seasonally adjusted, except as noted
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993:
Augr
Sept
Oct
Nov
Dec
1994- Jan
Feb
Mar
May
June
July T
Aue p
Sept p
1
2
T
651,551
665,835
664,624
711,725
767,538
813,637
837,120
832,852
841,831
865,584
113,502
114,816
116,326
124,340
135,170
143,754
148,859
146,834
152,031
160,213
144,223
149,155
155,445
165,814
180,535
188,566
196,935
201,462
208,757
216,586
591,660
595,436
599,649
606,711
612,462
859,113
860,885
862,110
866,720
865,584
160,739
161,020
161,316
162,135
161,797
214,553
215,071
214,687
216,011
216,586
610,456
619,103
627,781
625,080
627,524
632,863
630,573
649,693
867,692
871,842
870,189
874,989
885,185
889,100
894,689
903,591
163,483
165,330
167,981
167,408
167,897
169,208
169,801
174,419
217,278 178,643
218,820 181,958
217,359 185,303
219,605 183,429
223,213 183,395
223,098 185,089
226,639 185,287
228,467 ' 187 ,311
188,426
r
174,365
174,328
177,862
179,002
180,943
See page 21 for manufacturing.
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.
20
69,369
73,075
75,746
80,453
85,626
91,888
98,088
100,790
104,316
108,085
167,812
181,881
186,510
207,836
219,581
238,160
241,117
245,042
253,836
271,573
79,074
88,315
89,983
105,481
112,690
121,716
121,666
119,739
123,520
135,757
88,738
93,566
96,527
102,355
106,891
116,444
119,451
125,303
130,316
135,816
1.53
1.55
1.55
1.50
1.49
1.53
1.53
1.54
1.50
1.45
1.49
1.52
1.56
1.56
1.54
1.58
1.56
1.55
1.52
1.52
107,940
108,602
109,403
109,388
109,895
263,168
265,125
267,122
270,528
271,573
128,445
129,416
131,360
134,023
135,757
134,723
135,709
135,762
136,505
135,816
1.51
1.52
1.50
1.51
1.50
109,028
111,098
111,997
111,041
111,455
112,284
112,782
r
113,064
113,389
271,506
272,954
273,058
274,739
279,590
282,896
281,405
288,023
137,492
138,061
137,817
139,242
141,314
142,792
142,403
147,516
134,014
134,893
135,241
135,497
138,276
140,104
139,002
140,507
1.45
1.45
1.44
1.43
1.41
1.42
1.41
1.39
1.40
1.41
1.40
1.42
1.39
37,873
41,510
45,057
47,989
52,482
54,894
55,944
54,456
58,942
65,383
107,243
114,586
120,803
128,442
138,108
146,782
154,031
155,246
163,258
173,468
411,427423,940
431,786
459,107
496,819
523,260
542,349
537,598
559,799
592,201
r
66,425
65,726
68,459
69,614
71,048
69,615
70,860
73,306
72,388
71,940
72,805
72,505
r
74,247
75,037
3
r
Seasonally adjusted, end of period.
4
Annual data are averages of seasonally adjusted monthly i
Source: Department of Commerce, Bureau of the Census.
1.52
1.50
.47
.50
.52
.53
.52
1.54
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In August, manufacturers' shipments, inventories, and new orders rose, and unfilled orders fell. In September,
according to advance estimates, durable goods shipments fell and new orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
320
TOTAL
280
240
200
160
BILLIONS OF DOLLARS' (RATIO SCALE!
MENT
^—^
r"
,
/' _sr~~^^
480
440
400
360
'ENTO
——-
—™si
V
,
\
320
280
DU RABLE GOODs
i-t
240
~'~\
200
DUR/ 4.BLEGOODS
\
/'
120
160
"
NONDlJRABLE GOOt IS
\
120
80
NOfvIDURABLEGC)ODS
BILLIC NS OF DOLLARS' (RATIO SCALE)
320
NEVVORD -PS
240
80
1 1 1 1 1
M i l l
TOTAL
280
^sr —-^-^"
-x^v
RATIO .
2.20
?on
INVENTORY-SHIPMENTS RATIO
2.00
1.60
\^^/|
s.
^^1
1.40
1.20
1 1 1 1 1
M i l l
i i 1 1 il i 1 1 i i 1 1 1 1 1 1 1 1 1 1
1991
1990
1 1 1 I M 1 1 1 1 1
M i l l
1 993
1992
*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments '
Manufacturers' inventories 2
Manufacturers' new orders '
Durable goods
Period
Total
Durable
goods
MM!
1 994
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Total
Total
Capital
goods
industries,
non-defense
Nondurable
goods
Manufacturers'
unfilled
orders 2
Manufacturers'
invenshtpments
ratio 3
Millions of dollars, seasonally adjusted, except as noted
1985
1986
1987 .
1988
1989
1990
1991
1992
1993
190,682
194,538
194,657
206,326
223,541
232,724
239,459
235,518
244,511
258,520
97,940
101,279
103,238
108,128
117,993
121,703
122,387
119,151
125,553
135,981
92,742
93,259
91,419
98,198
105,549
111,022
117,072
116,367
118,958
122,539
339,516
334,799
322,669
338,075
367,422
386,911
399,068
386,348
379,238
377,425
221,330
218,212
212,006
220,776
241,402
256,065
259,988
249,117
237,717
236,303
118,186
116,587
110,663
117,299
126,020
130,846
139,080
137,231
141,521
141,122
192,879
195,706
195,204
209,389
227,026
235,932
240,646
234,354
241,545
255,701
100,164
102,356
103,647
110,809
121,445
124,933
123,556
117,878
122,614
133,273
23,669
24,545
23,983
26,095
30,729
32,725
32,254
29,468
29,653
31,889
92,715
93,351
91,557
98,579
105,581
1 10,999
117,090
116,476
118,932
122,428
373,529
387,095
393,412
430,288
471,951
510,459
524,846
511,122
475,304
441,947
.73
.73
.68
.59
.58
.64
.65
1.67
1.57
1.47
1993: Aug
Sept
Oct
Nov
Dec
256,556
260,088
260,471
265,574
269,722
134,521
137,521
138,153
142,665
146,182
122,035
122,567
122,318
122,909
123,540
381,392
380,689
380,301
380,181
377,425
237,688
237,571
237,632
237,886
236,303
143,704
143,118
142,669
142,295
141,122
253,461
255,309
258,270
262,773
266,351
131,752
133,176
136,613
139,675
142,481
31,992
30,992
32,825
34,878
35,059
121,709
122,133
121,657
123,098
123,870
455,100
450,321
448,120
445,319
441,947
.49
.46
.46
.43
.40
1994- Jan
Feb
Mar
268,330
271,815
274,497
274,243
276,232
278,566
275,485
287,963
144,709
146,260
147,388
146,932
148,510
150,010
146,472
' 155,593
154 574
123,621
125,555
127,109
127,311
127,722
128,556
129,013
132,370
378,908
380,068
379,772
380,645
382,382
383,106
386,645
387,101
238,172
238,832
238,195
239,164
240,539
241,039
243,392
244,091
140,736
141,236
141,577
141,481
141,843
142,067
143,253
143,010
272,616
271,786
274,691
275,182
277,441
279,788
274,305
287,024
148,549
145,882
146,906
147,345
149,412
151,212
145,251
* 154,570
154,732
36,630
36,382
36,127
35,815
35,498
38,055
36,310
r
37,550
37,733
124,067
125,904
127,785
127,837
128,029
128,576
129,054
132,454
446,233
446,204
446,398
447,337
448,546
449,767
448,587
447,648
.41
.40
1.38
1.39
1.38
1.38
1.40
1.34
1984
May
July pr
Aug
Sept *
1
Annual data are averages of monthly not seasonally adjusted figures; monthly data i
ally adjusted totals for month. Shipments are the same as sales.
2
Seasonally adjusted, end of period.
3
Annual data are averages of seasonally adjusted monthlv r
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In September, the producer price index for all finished goods fell 0.5 percent. Prices of finished consumer foods fell
0.2 percent and prices of other finished consumer goods fell 0.7 percent. Capital equipment prices rose 0.1
percent.
INDEX, 1982= 100 (RATIO SCALE)
INDEX, 1982= 100 (RATIO SCALE)
140
140
SEASONAUY ADJUSTED
FINISHED GOODS PRICES
130
130
CONSUMER FOODS
120
120
CAPITAL EQUIPMENT
K
""\
110
110
CONSUMER GOODS
EXCLUDING FOODS
100
100
90
i i i i I 90
1986
1987
1989
1988
1990
1991
1992
1993
1994
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT Of LABOR
[1982 = 100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Total
Durable
Nondurable
Capital
equipment
Consumer goods
Total
Crude materials
Total
finished
consumer
goods
Total
Foods
and
feeds '
Other
Total
Foodstuffs
and
feedstuffs
Other
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
103.7
104.7
103.2
105.4
108.0
113.6
119.2
121.7
123.2
124.7
105.4
104.6
107.3
109.5
112.6
118.7
124.4
124.1
123.3
125.7
103.2
104.6
101.9
104.0
106.5
111.8
117.4
120.9
123.1
124.4
102.2
103.3
98.5
100.7
103.1
108.9
115.3
118.7
120.8
121.7
104.5
106.5
108.9
111.5
113.8
117.6
120.4
123.9
125.7
128.0
101.1
101.7
93.3
94.9
97.3
103.8
111.5
115.0
117.3
117.6
105.2
107.5
109.7
111.7
114.3
118.8
122.9
126.7
129.1
131.4
103.3
103.8
101.4
103.6
106.2
112.1
118.2
120.5
121.7
123.0
103.1
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.7
116.2
105.7
97.3
96.2
99.2
109.5
113.8
113.3
111.1
110.7
112.7
103.0
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.9
116.4
103.5
95.8
87.7
93.7
96.0
103.1
108.9
101.2
100.4
102.4
104.7
94.8
93.2
96.2
106.1
111.2
113.1
105.5
105.1
108.4
102.2
96.9
81.6
87.9
85.5
93.4
101.5
94.6
93.5
94.7
1993- Sept
Oct
Nov
Dec
124.3
124.2
124.3
124.2
126.1
125.9
126.9
127.7
123.7
123.6
123.5
123.0
120.5
120.6
120.3
119.6
128.6
127.5
128.6
128.9
115.7
116.2
115.3
114.2
131.9
131.4
131.8
132.0
122.3
122.3
122.4
122.1
116.3
116.4
116.6
116.3
113.3
114.0
115.3
116.9
116.4
116.5
116.7
116.3
101.5
103.7
103.4
101.8
109.1
107.6
112.7
113.8
92.8
97.1
93.5
90.4
1994- Jan
Feb
Mar
Apr
May r
124.6
125.1
125.3
125.3
125.1
125.2
125.8
126.6
126.0
127.2
126.8
127.5
126.9
125.7
125.6
126.2
127.1
126.9
123.8
124.5
124.5
124.7
124.8
125.0
125.6
126.3
125.7
120.3
121.2
121.1
121.1
121.2
121.2
122.0
122.9
122.1
130.0
130.0
130.2
130.5
131.1
131.3
131.5
131.9
131.6
114.7
116.0
115.8
115.7
115.5
115.5
116.5
117.7
116.5
132.9
133.1
133.4
133.9
134.3
134.6
134.8
135.0
135.2
122.4
123.0
123.1
123.0
122.7
122.7
123.4
124.3
123.6
116.4
116.9
117.1
117.1
117.2
117.7
118.3
119.1
119.4
117.3
118.2
117.8
117.4
116.3
114.9
112.6
113.1
113.6
116.4
116.9
117.1
117.1
117.3
117.9
118.6
119.4
119.7
103.5
102.1
103.4
103.2
101.7
102.9
102.0
101.6
100.0
112.8
113.8
112.5
111.3
107.0
106.1
103.9
102.4
102.6
93.7
90.7
93.6
94.1
94.4
96.9
96.8
97.2
94.5
July
Sept
1
Intermediate materials for food manufacturing and feeds.
22
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In September, the consumer price index for all urban consumers rose 0.2 percent seasonally adjusted (it rose 0.3
percent not seasonally adjusted). The index was 3.0 percent above its year-earlier level.
INDEX, 1982-84 - 100 (RATIO SCALE]
INDEX, 1982-84 =100 (RATIO SCALE)
160
160
SEASONALLY ADJUSTED
150
150
140
140
CONSUMER PRICES—ALL ITEMS
130
130
120
120
110
110
100
90
90
1986
1987
1988
1989
1990
1992
1994
1993
COUNCIL OF ECONOMIC ADViSERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
All items '
Transportation
Housing
Shelter
Period
Rel. imp.z .
1984
1985
1986 '
1987
1988
1989
1990
1991
1992
1993
1993:
Sept
Oct
Nov
Dec
1994:
Jan
Feb
Mar
Apr
J
Mav
T
July
Sept
Not
seasonally
adjusted
(NSA)
Seasonally
adjusted
100.0
1039
107.6
1096
113.6
1183
124.0
1307
136.2
140.3
144.5
Total
Renters'
costs
(Dec.
1982 =
100)
Homeowners'
costs
(Dec.
1982 =
100)
Maintenance
and
repairs
(NSA)
Food
Total '
Fuel
and
other
utilities
Apparel and
upkeep
Total 1
New
cars
Motor
fuel
Medical
care
Ener2
All
items
less
food
and
energy
gy
15.8
103.2
105.6
109.0
113.5
118.2
125.1
132.4
136.3
137.9
140.9
41.4
103.6
107.7
110.9
114.2
118.5
123.0
128.5
133.6
137.5
141.2
27.9
104.0
109.8
115.8
121.3
127.1
132.8
140.0
146.3
151.2
155.7
8.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
155.6
160.9
165.0
19.8
107.3
113.1
119.4
124.8
131.1
137.3
144.6
150.2
155.3
160.2
0.2
103.7
106.5
107.9
111.8
114.7
118.0
122.2
126.3
128.6
130.6
7.3
104.8
106.5
104.1
103.0
104.4
107.8
111.6
115.3
117.8
121.3
5.9
102.1
105.0
105.9
110.6
115.4
118.6
124.1
128.7
131.9
133.7
17.0
103.7
106.4
102.3
105.4
108.7
114.1
120.5
123.8
126.5
130.4
4.0
102.8
106.1
110.6
114.6
116.9
119.2
121.0
125.3
128.4
131.5
3.0
97.9
98.7
77.1
80.2
80.9
88.5
101.2
99.4
99.0
98.0
7.1
106.8
113.5
122.0
130.1
138.6
149.3
162.8
177.0
190.1
201.4
7.0
100.9
101.6
88.2
88.6
89.3
94.3
102.1
102.5
103.0
104.2
77.5
104.6
109.1
113.5
118.2
123.4
129.0
135.5
142.1
147.3
152.2
145.1
145.7
145.8
145.8
145.1
145.6
146.0
146.3
141.6
142.3
142.6
143.3
141.9
142.2
142.5
142.8
156.3
156.6
157.1
157.5
164.8
165.6
165.8
166.3
161.1
161.3
161.9
162.4
131.3
130.8
127.9
127.6
122.4
122.5
122.4
122.3
133.4
133.2
134.1
133.9
130.6
131.9
131.9
131.7
132.5
132.9
133.1
133.2
94.1
98.3
96.6
95.3
203.8
204.8
205.4
206.1
102.6
104.5
103.6
102.9
153.1
153.5
154.1
154.4
146.2
146.7
147.2
147.4
147.5
148.0
148.4
149.0
149.4
146.3
146.7
147.2
147.4
147.7
148.1
148.6
149.1
149.4
143.1
142.7
142.9
143.0
143.5
143.9
144.6
145.2
145.7
142.9
143.5
144.0
144.0
144.3
144.4
144.7
145.2
145.4
157.8
158.6
159.2
159.3
159.7
159.8
160.2
160.9
161.4
166.3
167.0
167.7
167.7
168.4
168.5
168.4
169.2
169.1
162.8
163.6
164.3
164.4
164.8
164.8
165.4
166.1
166.9
128.9
129.4
129.3
130.2
131.0
131.5
131.3
131.2
131.6
121.8
122.9
123.3
122.9
122.8
122.7
122.9
123.1
122.6
133.8
133.4
134.0
133.6
134.2
135.0
134.4
133.1
133.0
131.4
132.0
132.8
133.2
132.7
133.5
134.8
136.2
136.4
133.3
133.9
134.5
135.0
135.4
135.9
136.6
136.9
137.6
94.8
96.8
97.0
96.8
95.3
95.6
99.2
102.3
101.4
206.7
207.3
207.8
209.1
209.9
210.7
211.6
212.4
213.2
102.1
103.7
104.1
103.7
102.7
102.8
104.7
106.2
105.5
154.6
155.0
155.5
155.8
156.3
156.7
157.0
157.4
157.7
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
excluded beginning 1983.
3
Relative importance, December 1993.
NOTE,—Data beginning 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 and* 1988 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Total
finished
goods
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Capital
equipment
Excluding
foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
1984
1985....
1986
1987....
1988
1989....
1990
1991....
1992
1993
1.7
1.8
-2.3
2.2
4.0
4.9
5.7
1
1.6
.2
. .
3.5
.6
2.8
-.2
5.7
5.2
2.6
-1.5
1.6
2.4
0.8
2.1
-6.6
4.1
3.1
5.3
8.7
-.7
1.6
-1.4
2.1
1.0
-1.4
2.1
2.5
5.2
4.9
2.1
1.2
1.2
1.8
2.7
2.1
1.3
3.6
3.8
3.4
2.5
1.7
1.8
Change, month to month
0.2
1993- Sept
Oct
Nov
.1
1
Dec
1994-
Jan
.3
.4
.2
0
-.2
'.I
.5
.6
5
Feb
Mar
May '
July
Sept
0.6
-.2
.8
.6
-0.1
.1
-.6
0.1
— .4
.3
.2
-2.5
-2.8
.6
3
3.2
2.9
4.9
5.2
67
-6.1
-1.0
-3.0
2.2
-.6
0
.3
-1.3
24
-2^2
-1.4
1.8
4.2
-.4
-.3
.6
-.5
.6
.7
-.1
0
.1
'0
.7
.7
7
.7
.2
.2
.4
.3
r
.2
.1
.1
.1
1.3
2.6
3.6
2.3
0
3
1.6
r
4.9
2.6
4.2
3
-.6
9
-3.4
-5.8
-2.2
r
4.5
4.2
10
3.0
5.1
2.7
0
.3
3.0
'5.7
3.0
4.6
4.0
4.3
3.0
3.7
3.6
2.7
r
2.1
1.8
-.8
1.6
1.6
1.8
1.3
1.6
1.9
2.4
1.1
3.6
2.2
2.2
1.6
-1.9
-3.3
-1.6
.5
9
o
Q
r
~'.l
.5
.7
— .2
2.3
g
-3.9
-4.3
-4.8
-4.8
1.4
.2
.8
1.2
.4
.2
.4
.2
-3.6
1.0
1.0
.8
1.5
2.7
2.8
2.8
1.7
2.0
2.0
2.3
3.8
3.8
4.0
2.9
2.9
2.7
.2
.2
.2
-.4
-.4
0
.6
1.9
1.4
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing
Transportation
Shelter
Period
All
items 1
Food
Total '
Total
1
Renters'
costs
Homeowners'
costs
Fuel
and
other
utilities
Appare)
and
upkeep
New
cars
Total1
Motor
fuel
Medical
care
Ener2
gy
All
items
less
food
and
energy
Addendum: All items, percent change
(annual rate)
From
previous
quarter 3
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
3.9
3.8
1.1
4.4
4.4
4.6
6.1
3.1
2.9
2.7
3.8
2.6
3.8
3.5
5.2
5.6
5.3
1.9
1.5
2.9
4.3
4.3
1.7
3.7
4.0
3.9
4.5
3.4
2.6
2.7
5.2
6.0
4.6
4.8
4.5
4.9
5.2
3.9
2.9
3.0
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.2
2.8
2.6
5.1
5.9
4.6
5.3
4.7
5.1
4.7
3.7
2.9
3.2
Sept
Oct
Nov
Dec
0.1
.3
.3
.2
0.3
.5
.2
.5
0.2
.2
.2
.2
0.2
.2
.3
.3
0.2
.5
.3
0.2
.1
.4
.3
0.2
.1
j
i
-0.4
-.1
.7
— .1
0
1.0
0
2
1994- Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
0
.3
.3
.1
.2
.3
.3
.3
.2
-.1
-.3
.1
.1
.3
.3
.5
.4
.3
.1
.4
.3
0
.2
.2
.5
.4
.1
.3
.1
.3
.4
.3
0
.4
.4
0
.4
.1
— .1
.5
— .1
.2
.5
.4
.1
.2
0
.4
.4
.5
4
.9
.3
3
-.1
— .1
.2
.2
— .1
-.3
.4
-.3
.4
.6
-.4
-1.0
-.1
-.2
.5
.6
.3
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
4.2
1.8
-5.6
1.6
2.9
3.2
4.0
2.9
2.3
2.5
2.0
2.8
.9
4.8
4.7
1.0
5.1
3.4
1.4
.9
3.1
2.6
-5.9
6.1
3.0
4.0
10.4
-1.5
3.0
2.4
2.5 -2.4
3.1
3.4
5.9 -30.7
18.7
1.8
2.1 -2.1
2.3
6.8
1.4
36.5
3.3 -16.0
2.3
1.8
2.8 -5.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
7.9
6.6
5.4
0.2
1.8
-19.7
8.2
.5
5.1
18.1
— 7.4
2.0
— 1.4
4.7
4.3
0.2
.3
.2
.1
-1.3
4.5
-1.7
-1.3
0.4
.5
.3
.3
-0.4
1.9
-.9
-.7
0.1
.3
.4
.2
.1
.5
.4
.4
.3
.4
.5
.2
.5
-.5
2.1
.2
.3
.3
.2
.6
.4
.4
.4
.4
.4
-.8
1.6
.4
-.4
-1.0
.1
1.8
1.4
-.7
.1
.3
.3
.2
.3
.3
.2
.3
.2
4.3
3.6
1.9
3.6
4.1
4.8
5.4
4.2
3.0
3.0
3.8
4.2
4.7
4.4
5.2
4.4
3.3
3.2
Change, month to month
1993:
1
2
.2
.3
.1
— .4
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
excluded beginning 1983.
24
A
.6
1.0
1.0
.1
3
q
-1.5
.3
3.8
3.1
-.9
2.0
3.1
1.9
2.8
3.6
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
2.0
2.8
2.8
3.3
2.2
2.2
2.4
2.6
2.7
2.8
2.7
2.7
1.9
1.9
2.5
3.0
2.8
2.5
3.3
3.8
3.6
2.4
2.4
2.9
2.5
2.3
2.5
3.2
3.3
3.0
2.5
2.5
2.5
2.4
2.3
2.5
2.8
2.9
3.0
PRICES RECEIVED AND PAID BY FARMERS
In October, prices received by farmers fell 1.5 percent from their September level. Prices paid by farmers in
October were unchanged from their July level. (Data are not seasonally adjusted.)
INDE X, 1977=1 00 (RATIO SCALE)
INDEX, 1 977=100 (RATIO SCALE]
240
240
220
220
200
200
r—f
_f
180
~"
" -""
180
*• —*
,_ -"
f —'
_„
_/
160
160
J
140
120
100
S^ -^
^^t^\
y\v— "A
\.
F RICES RECEIVED
X
^^-A S^
t I I I I 1 1 I * I I
140
120
\
1 1 1 1 1 1I 1 1 1 !
I M I I 1 i i i P i1
1 1 1 1 1 1 1 I M 1
1 1 1 1 1
1 1 i 1 1 I
I )
i
1 1 1
100
RATK3-^
RAT O-!/
140
140
120
120
OATin
100
—^
1
80
.
60
1
1
1986
1987
1
111111
1988
'
100
—"I
^-^^—1
1 1 1 1 1 1 t I 1 1 1
T "^
1 1 1 1 1 i j t M
1989
1990
80
.
-
,
1 | 1 1 1 1 1 1 1 1 1 1 1
1
1991
1992
1 993
'
^—- ^ 60
i
..
1 994
SOURCE: DEPARTMENT OF AGRICULTURE
[1977 = 100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
All farm
products
Livestock and
products
Crops
Production
All commodities,
services,
interest, taxes,
and wage rates 1
items, interest,
taxes, and wage
rates
Production
items
Ratio 2
1986
1987
1988
1989
1990
1991
1992
1993
142
128
123
127
138
147
149
146
139
143
138
120
107
106
126
134
127
129
121
123
146
136
138
146
150
160
170
161
157
162
164
162
159
162
169
177
183
187
189
195
161
156
150
152
159
167
171
172
173
178
155
151
144
148
157
165
171
173
174
179
87
79
77
78
82
83
81
78
74
73
1993- Oct...
Nov
Dec...
145
144
145
130
128
133
159
158
156
196
(3)
<3>
178
(3)
(3)
181
<3>
(3)
74
73
74
1994- Jan
Feb
Mar.
147
148
148
146
142
138
133
137
134
132
135
135
132
131
131
127
118
123
122
120
159
161
163
161
154
148
147
150
r
!45
142
198
(3>
(3)
200
(3)
(3)
199
<3)
(3)
199
180
(3)
(3)
183
(3)
<3>
180
<3>
(3)
180
181
(3)
(3)
184
(3)
(3)
181
(3)
(3)
180
74
75
75
73
71
69
67
69
67
66
1984
1985
July
Sept
Oct
1
Includes items not shown separately.
2
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
NOTE.—The official indexes are published on a 1910-14 base »s 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 fell again in September; M3 rose slightly.
BILLIONS OF DOLLARS" (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE]
600
600
400
400
1994
1
AVERAGES Of DAILY FIGURES; SEASONALLY ADJUSTED
SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
198419851986:
19871988198919901
1991:
19921993:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec '
..
1993* Aug
Sept '
Oct '
Nov '
Dec '
1994- Jan '
Feb '
Mar '
Aor '
May'
July '
\ue '
Sept
.'
Ml
M2
M3
L
Debt
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
RPs and
Eurodollars,
HMMF 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
M3 plus
other liquid
assets
Debt of
domestic
nonfmancial
sectors
(monthly
average) *
Ml
M2
M3
Debt
552.1
619.9
724.5
750.1
787.4
794.7
826.4
897.7
1,024.8
1,128.4
2,377.8
2,575.0
2,818.2
2,920.1
3,081.4
3,239.8
3,353.0
3,455.3
3,509.0
3,568.0
2,994.6
3,211.6
3,497.3
3,681.3
3,920.4
4,067.3
4,125.7
4,180.4
4,183.1
4,232.1
3,536.0
3,838.9
4,137.5
4,340.2
4,674.6
4,897.3
4,974.8
4,992.9
5,057.2
5,134.5
6,011.4
6,902.1
7,785.2
8,544.6
9,315.0
10,045.1
10,690.6
11,165.9
11,697.8
12,320.3
6.0
12.3
16.9
3.5
5.0
.9
4.0
8.6
14.2
10.1
8.7
8.3
9.4
3.6
5.5
5.1
3.5
3.1
1.6
1.7
11.1
7.2
8.9
5.3
6.5
3.7
1.4
1.3
.1
1.2
14.6
14.8
12.8
9.8
9.0
7.8
6.4
4.4
4.8
5.3
1,095.3
1,105.1
1,113.4
1,122.4
1,128.4
3,536.1
3,544.4
3,548.1
3,560.4
3,568.0
4,188.4
4,197.7
4,205.4
4,219.1
4,232.1
5,096.5
5,089.7
5,100.4
5,113.9
5,134.5
12,109.5
12,163.1
12,199.2
12,253.2
12,320.3
11.6
12.5
12.7
10.2
9.6
2.4
2.8
2.9
2.2
2.2
1.5
2.0
2.0
1.4
2.1
5.9
5.9
5.4
5.2
5.3
1,133.5
1,138.5
1,142.3
1,141.1
1,142.8
1,146.3
1,153.3
1,151.6
1,152.8
3,573.2
3,569.4
3,583.5
3,592.2
3,596.3
3,589.3
3,603.6
3,597.7
3,596.5
4,236.6
4,210.6
4,219.6
4,230.0
4,229.1
4,229.1
4,250.6
4,243.2
4,247.7
5,154.9
5,143.8
5,144.7
5,165.1
5,165.9
5,157.7
5,188.8
"5,187.5
12,363.8
12,413.5
12,482.5
12,540.2
12,591.5
12,627.7
12,654.4
"12,713.3
8.6
7.9
6.7
5.0
3.6
3.2
3.5
2.3
1.8
2.2
1.9
2.2
2.5
2.0
1.2
1.7
1.6
.7
2.3
1.1
1.0
1.2
.5
— .1
.7
1.5
1.3
5.2
5.0
5.3
5.6
5.5
5.0
4.7
4.8
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinanciat 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
Percent change from year or 6
months earlier 2
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve Svstem.
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Currency
Demand
deposits
Overnight
repurchase
agreeOther
ments
check(RPs),
able
net,
deposplus
its
over(OCDs)
night
Eurodollars >
Money market
mutual fund
balances 2
General
purpose
and
broker/
dealer
Institution
only
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Small
denomination
time
deposits 3
Large
denomination
time
deposits 3
NSA
19841985:
19861987:
19881989:
19901991:
19921993:
1993:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Aug
Sept
Oct
Nov
Dec
1994: Jan . ..
Feb
Mar
Apr *
May *
July '.
Aug r
Sept
156.1
167.9
180.7
196.9
212.2
222.6
246.7
267.1
292.2
321.4
312.4
315.4
317.6
319.5
321.4
325.2
329.2
332.4
334.8
337.6
340.3
343.2
345.4
347.3
243.7
266.6
302.1
287.1
287.2
279.8
277.9
290.0
339.6
384.8
370.9
375.4
378.4
383.2
384.8
388.3
390.3
390.0
388.9
385.8
386.5
389.2
387.6
388.2
147.4
179.8
235.6
259.5
280.9
285.4
294.0
332.8
384.9
414.3
404.2
406.6
409.5
411.8
414.3
412.0
411.2
411.9
409.3
411.2
411.4
412.7
410.2
408.9
63.0
75.6
83.3
85.7
84.1
80.2
77.3
80.6
80.6
92.3
82.2
85.6
89.5
90.6
92.3
95.2
93.5
98.5
97.0
100.1
104.4
109.2
110.5
111.9
62.5
64.7
85.3
92.0
91.5
108.5
135.0
181.0
201.5
197.0
190.1
190.8
194.3
194.8
197.0
192.7
176.9
177.4
177.0
169.3
169.5
170.9
169.3
167.9
167.9
177.4
209.8
223.5
244.4
320.4
355.5
370.4
352.0
348.8
345.5
345.0
344.4
347.0
348.8
347.8
343.7
348.4
361.5
365.1
359.3
363.5
362.9
362.4
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 than
$100,000 and more than $100,000, respectively.
2
3
704.8
815.4
941.0
937.7
926.7
891.0
920.4
1,041.1
1,183.6
1,215.5
1,205.9
1,208.4
1,208.8
1,211.9
1,215.5
,220.3
,220.9
,221.9
,220.7
,215.9
,207.2
,202.4
,194.6
,186.3
888.8
416.6
885.7
434.3
859.0
431.5
922.7
475.5
525.5
1,038.6
549.1
1,153.7
489.5
1,174.5
1,067.4
425.8
870.5
360.3
r
785.7
339.0
806.6
341.6
' 800.0 340.4
' 795.0 341.6
' 790.7 339.4
' 785.7 339.0
779.5 '341.8
774.5 ' 336.5
r
771.2 r 332.2
768.6
332.1
335.0
769.1
770.4
335.3
772.6
337.7
777.7
340.7
783.0
346.9
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
57.6
62.4
80.6
106.0
121.8
99.0
89.6
72.5
81.1
96.8
97.6
97.3
96.0
95.6
96.8
92.9
91.5
94.1
97.9
96.9
100.8
102.4
100.4
101.6
82.9
76.5
83.8
91.0
105.7
79.5
68.7
57.6
45.6
47.0
44.1
45.2
45.0
48.9
47.0
46.0
48.1
47.1
47.4
48.5
50.8
51.6
51.2
50.9
Savings
bonds
Shortterm
Treasury
securities
74.2
79.5
91.8
100.6
109.4
117.5
126.0
137.9
156.6
171.7
168.2
169.2
170.1
170.8
171.7
172.7
173.4
174.1
174.8
175.7
176.6
177.5
"178.4
261.0
298.3
280.0
253.1
269.3
325.5
332.0
316.2
332.5
329.3
343.8
328.0
323.7
324.6
329.3
339.1
341.6
345.8
361.2
358.7
348.9
357.2
"367.7
Bankers'
acceptances
Commercial
paper
160.7
45.4
42.1
207.5
231.3
37.1
260.6
44.5
335.4
40.2
40.6
346.5
355.2
35.9
334.8
23.6
364.3
20.6
386.8
14.6
379.5
16.5
378.4
16.4
384.7
16.4
384.1
15.3
386.8
14.6
391.6
14.9
403.0
15.3
15.7
389.6
14.1
384.9
11.4
391.0
10.5
392.6
10.7
392.7
'11.2 "387.0
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not shown
here.
Source: Board of Governors of the Federal Reserve Svstem.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily Figures *; millions of dollars; seasonally adjusted, except as noted by NSA]
Borrowings of depository
institutions from the Federal
Reserve (NSA)
Adjusted for changes in reserve requirements
Reserves of depository institutions
Period
Total
1984:
19851986:
19871988198919901991:
19921993:
1993-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Sept
Oct
Nov
Dec
1994- Jan
Feb
Mar
Apr
May
, '
July
Sept "
1
26,847
31,451
38,935
38,849
40,396
40,496
41,769
45,532
54,341
60,476
58,813
59,749
60,320
60,476
60,603
60,763
60,588
60,333
59,910
59,708
59,819
59,518
59,485
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Nonborrowed
23,661
30,132
38,108
38,072
38,681
40,231
41,444
45,340
54,218
60,394
58,386
59,464
60,231
60,394
60,529
60,693
60,533
60,208
59,709
59,374
59,361
59,050
58,998
Nonborrowed plus
extended
credit
26,265
30,632
38,411
38,555
39,925
40,251
41,466
45,340
54,218
60,394
58,386
59,464
60,231
60,394
60,529
60,693
60,533
60,208
59,709
59,374
59,361
59,050
58,998
Required
25,992
30,414
37,565
37,803
39,349
39,574
40,105
44,553
53,186
59,413
57,723
58,660
59,219
59,413
59,155
59,623
59,621
59,181
58,995
58,603
58,712
58,514
58,423
Monetary
base
Total
187,224
203,543
223,576
239,775
256,870
267,696
293,157
317,122
350,609
385,855
378,076
381,400
384,029
385,855
389,613
393,960
397,014
399,198
401,725
404,319
407,043
409,175
411,037
3,186
1,318
827
777
1,716
265
326
192
124
82
428
285
89
82
73
70
55
124
200
333
458
469
487
Seasonal
113
56
38
93
130
84
76
38
18
31
236
192
75
31
15
15
24
57
134
226
364
445
444
Extended
credit
2,604
499
303
483
1,244
20
23
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Source: Board of Governors of the Federal Reserve Svstem.
27
BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.6 percent in September; commercial and industrial loans rose 0.7
percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE]
3,600
3,200 -
3,600
3,200
ALL COMMERCIAL BANKS
2,800
2,800
2,400
2,400
2,000
2,000
. LOANS AND LEASES -
1,600
1,600
1,200
1,200
800
800
U.S. GOVERNMENT SECURITIES
V
400
400
OTHER SECURITIES
-V
200
200
160
120
160
l l l ll 1 l i l i
120
1988
1989
1990
1992
1991
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted 1]
Loans and leases in bank credit
Securities in bank credit
Total
bank
credit
Period
New series:
1988- Dec
1989: Dec
1990- Dec
1991: Dec
1992: Dec
1993: Dec r
Total
securities
U.S.
Government
securities
Real estate
Other
securities
Total
loans and
leases 2
Commercial and
industrial
674.5
769.6
854.5
878.9
900.4
940.9
40.1
50.3
62.3
69.6
T
T
r
r
r
' 400.0
r
455.6
r
563.9
663.3
727.2
195.3
184.5
178.2
179.5
176.3
183.8
1,873.3
2,024.1
2,115.9
2,109.1
2,110.1
2,193.9
607.9
639.0
640.0
618.6
594.2
583.4
2,435.7
2,608.6
r
2,749.7
2,852.6
r
2,949.7
3,104.9
562.4
584.5
T
633.8
r
743.4
r
839.6
911.0
367.1
Total
Revolving
borne
equity
Consumer
Security
Other
Other
357.7
378.2
73.6
73.2
634.5
719.3
792.2
809.3
826.8
867.6
383.5
366.4
358.7
391.1
64.6
87.7
192.1
195.4
192.8
190.5
r
192.1
190.9
41.0
41.9
45.2
54.7
3,072.7
3,075.0
3,091.1
3,104.9
904.4
899.8
903.0
911.0
720.3
717.4
720.7
727.2
184.1
182.4
182.3
183.8
2,168.3
2,175.2
2,188.1
2,193.9
586.6
585.9
584.2
583.4
922.9
927.0
933.7
940.9
74.4
73.8
73.5
73.2
848.5
853.1
860.3
867.6
380.3
384.7
388.3
391.0
82.4
81.8
88.2
87.7
196.2
195.7
193.6
190.9
1994: Jan r.
3,127.8
3,141.4
Feb r.
3,170.0
Mar '.
r
3,197.2
Apr .
3,203.5
May '
June ' .... 3,213.9
3,248.6
July '
3,260.0
Aug r
3,269.4
Sept
927.8
931.8
951.9
967.7
964.1
965.1
968.6
961.8
957.8
732.3
731.8
746.6
757.4
750.4
751.2
750.8
745.9
739.8
195.4
200.0
205.3
210.3
213.8
213.9
217.8
215.9
218.1
2,200.0
2,209.6
2,218.1
2,229.5
2,239.4
2,248.8
2,280.0
2,298.2
2,311.6
588.3
590.6
595.2
602.1
607.1
610.3
619.0
623.6
628.1
942.8
942.3
943.1
946.3
948.9
955.9
962.5
971.2
978.7
73.0
73.2
73.3
73.4
73.7
74.1
74.2
74.4
74.7
869.8
869.1
869.8
873.0
875.1
881.8
888.3
896.8
904.0
394.2
397.8
402.4
408.8
412.3
416.0
423.9
430.0
434.8
81.1
82.3
83.4
77.0
77.5
76.2
77.7
75.0
69.2
193.6
196.6
193.9
195.3
193.6
190.4
196.9
198.3
200.8
1993: Sepf.
Get r
Nov r
Dec r.
1
Data are Wednesday values or prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment companies, and foreign-related institutions. Data are adjusted for breaks caused by reclassifications of
assets and liabilities.
28
2
Excludes Federal funds sold to, reverse repurchase agreements (RFs) with, and 1
mercial banks in the United States.
NOTE.—Data for new series not yet available prior to 1988.
Source: Board of Governors of the Federal Reserve Svstem.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Total
Total
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1992- I
H
TIT
IV
1993: I
n .
m
IV .
1994- I p
n
Capital
expenditures 3
Credit market funds
Internal l
Securities
and
mortgages
Loans and
short-term
paper
Other 2
Total
Increase in
financial
assets
Discrepancy
(sources less
uses)
511.3
493.9
538.8
564.7
634.2
567.8
535.5
471.7
560.6
556.3
336.3
351.9
336.7
375.9
404.3
399.6
411.6
426.0
438.4
462.3
175.0
142.0
202.1
188.8
229.9
168.2
123.9
45.7
122.2
94.0
118.9
84.7
148.1
89.3
95.0
68.0
48.3
8.7
67.9
66.1
55
13.2
65.1
39.9
47
-37.5
-20.0
96.2
67.0
81.0
124.4
71.5
83.0
49.4
99.7
105.5
68.3
-87.5
.9
149
56.1
57.2
54.1
99.5
134.9
100.2
75.6
37.0
54.2
27.9
495.4
467.2
501.7
492.4
575.8
509.4
488.7
435.4
527.8
523.4
391.6
370.2
344.2
361.5
391.0
401.1
402.8
379.8
386.0
440.4
103.8
97.0
157.5
130.9
184.8
108.3
85.9
55.6
141.8
83.0
16.0
26.7
37.1
72.4
58.4
58.4
46.7
36.4
32.8
32.9
541.3
570.7
531.2
598.9
444.2
561.1
585.6
634.6
659.0
626.8
434.3
432.9
440.7
445.6
436.4
450.7
476.4
485.7
502.9
502.0
107.0
137.8
90.5
153.3
81.6
78.4
39.4
72.2
94.3
95.3
31.0
47.2
12 7
-16.9
8.4
25.0
25.5
59.4
51.1
81.2
512.8
528.7
522.6
547.0
7.8
110.4
109.2
148.9
28.3
92.9
63.6
79.5
79.9
73.4
96.6
-51.6
19.5
-33.0
5.7
-20.6
17.5
45.6
69.4
426.2
530.6
549.6
587.3
156.1
124.8
124.3
128.5
91.5
71.5
31.8
-3.6
603.7
591.6
362.1
389.2
394.1
398.7
424.8
441.7
443.7
451.3
483.3
533.8
150.7
139.5
128.5
148.3
1.4
88.9
105.9
136.0
120.4
57.8
28.4
42.0
8.6
51.9
18.1
30.4
35.9
47.2
55.4
35.2
73.8
32.8
57.0
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
2
Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment in
the U.S.
9
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System,
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Installment credit outstanding (end of period)
Period
Total
19841985198619871988198919901991:
19921993-
Dec
Dec
Dee
Dee
Dec 3
Dec
Dec
Dec
Dec
Dee
Automobile
Revolving
Other 2
Net change in installment credit outstanding *
Total
Automobile
Revolving
Other 2
442,602
517,659
572,006
608,675
662,553
717,200
734,621
728,398
729,932
795,573
173,564
210,238
247,772
266,295
285,364
291,531
282,984
260,574
257,890
281,504
100,280
121,758
135,825
153,064
174,269
199,162
223,589
245,631
257,453
287,970
168,758
185,664
188,408
189,316
202,921
226,508
228,047
222,193
214,590
226,099
73,636
75,057
54,347
36,669
53,878
(4)
17,421
-6,223
1,534
65,641
30,004
36,674
37,534
18,523
19,069
(4)
-8,547
-22,410
-2,684
23,614
21,192
21,478
14,067
17,239
21,205
<">
24,427
22,042
11,822
30,517
22,440
16,906
2,744
908
13,605
(*)
1,539
-5,854
7 603
11,509
1993- Aug
Sept
Oct
Nov
Dec
762,156
772,045
779,220
786,911
795,573
270,311
273,383
277,737
280,561
281,504
275,430
279,324
281,486
285,508
287,970
216,415
219,338
219,996
220,842
226,099
4,602
9,889
7,175
7,691
8,662
2,050
3,072
4,354
2,824
943
1,910
3,894
2,162
4,022
2,462
642
2,923
658
846
5,257
1994' Jan
Feb
Mar
800,912
805,787
817,173
827,288
838,748
849,904
857,608
868,808
283,453
284,388
287,912
292,738
296,566
301,534
305,260
308,233
290,807
294,461
299,218
304,381
308,590
312,591
317,100
323,975
226,651
226,938
230,043
230,168
233,593
235,778
235,248
236,600
5,339
4,875
11,386
10,115
11,460
11,156
7,704
11,199
1,949
935
3,524
4,826
3,827
4,969
3,725
2,973
2,837
3,654
4,757
5,163
4,208
4,002
4,509
6,875
552
287
3,105
126
3,424
2,186
-530
1,351
May
July''
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
2
Outstanding loans for mobile homes, education, boats, trailers, vacations, etc.
3
Data newly available in January 1989 result in breaks in many series between December 1988
and subsequent months.
4
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Interest rates rose in October.
PERCENT PER ANNUM
PERCENT PER ANNUM
14
14
12
CORPORATE Aaa SONDS
(MOODY'S}
\A
10
\
\
VX
'
/
/-' \
V-
-'1
\
\.J
r''
x
/~v
/
-\
N.
r~-
/
8
TREASURY
BILLS
v
"M
6
\
/r
....,••-•'" H
—'
r
Nx
t
DISCOUNT
I
RATE
FEDERAL
RESERVE
../
BANK OF
NEW YORK
4
,/H
•-..•' :
2 l! 1 1 1 1
1
III
11111111111
> 1 11 1111 111
1987
1988
1986
rls r1 1 t 1 1
1
Mill
11
M 1 I 1 1 1 1 1 1 1
1989
1991
1990
1 11111
1 1 1 1 1
Mil)
1993
1992
1994
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. Treasury security yields
Period
3-month bills
{new issues) *
Constant maturities 2
3-year
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
Corporate
Aaa bonds
(Moody's)
Prime
commercial
paper,
6 months 1
Discount rate
(N.Y. F.R.
Bank) 4
Prime rate
charged bv
banks * '
New-home
mortgage
yields
(FHFB) 5
... .
9.58
7.48
5.98
5.82
6.69
8.12
7.51
5.42
3.45
3.02
11.89
9.64
7.06
7.68
8.26
8.55
8.26
6.82
5.30
4.44
12.44
10.62
7.68
8.39
8.85
8.49
8.55
7.86
7.01
5.87
10.15
9.18
7.38
7.73
7.76
7.24
7.25
6.89
6.41
5.63
12.71
11.37
9.02
9.38
9.71
9.26
9.32
8.77
8.14
7.22
10.16
8.01
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.30
8.80
7.69
6.33
5.66
6.20
6.93
6.98
5.45
3.25
3.00
12.04
9.93
8.33
8.21
9.32
10.87
10.01
8.46
6.25
6.00
12.38
11.55
10.17
9.31
9.19
10.13
10.05
9.32
8.24
7.20
1993: Oct
Nov
Dec
3.04
3.12
3.08
4.18
4.50
4.54
5.33
5.72
5.77
5.29
5.47
5.35
6.67
6.93
6.93
3.27
3.43
3.40
3.00-3.00
3.00-3.00
3.00-3.00
6.00-6.00
6.00-6.00
6.00-6.00
6.80
6.80
6.92
1994: Jan
Feb
Mar
Apr
May•*
T
3.02
3.21
3.52
3.74
4.19
4.18
4.39
4.50
4.64
4.96
4.48
4.83
5.40
5.99
6.34
6.27
6.48
6.50
6.69
7.04
5.75
5.97
6.48
6.97
7.18
7.10
7.30
7.24
7.46
7.74
5.30
5.44
5.93
6.28
6.26
6.14
6.19
6.19
6.33
6.50
6.92
7.08
7.48
7.88
7.99
7.97
8.11
8.07
8.34
8.57
3.30
3.62
4.08
4.40
4.92
4.86
5.13
5.19
5.32
5.70
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.50
3.50-3.50
3.50-3.50
3.50-4.00
4.00-4.00
4.00-4.00
6.00-6.00
6.00-6.00
6.00-6.25
6.25-6.75
6.75-7.25
7.25-7.25
7.25-7.25
7.25-7.75
7.75-7.75
7.75-7.75
6.95
6.85
6.99
7.31
7.43
7.62
7.71
7.67
7.70
4.92
4.92
4.92
5.07
7.02
6.95
7.01
7.16
7.72
7.65
7.71
7.86
6.49
6.43
6.45
6.64
8.57
8.50
8.54
8.65
5.67
5.70
5.65
5.77
4.00-4.00
4.00-4.00
4.00-4.00
4.00-4.00
7.75-7.75
7.75-7.75
7.75-7.75
7.75-7.75
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
July
Sept
Oct
Week ended:
1994: Get 8
15
22
29
1
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and week.
2
30
5
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Sen-ice, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices fell in October.
INDEX, DEC. 31,1965=50 (RATIO SCALE)
INDEX, DEC. 31, 1965=50 (RATIO SCALE)
300
280
260
240
300
280
260
240
220
220
200
200
180
180
160
160
COMPOSITE STOCK PRICE INDEX
(NYSE)
140
140
120
120
100
100
80 I i i i i i I i i i i i
80
1986
1987
1989
1988
1991
1990
1992
1993
1994
PER CENT
PERCE NT
20
20
15
15
EARNINGS-PRICE fWOld ON COMM DN STOCKS
(S&P)
10
^
5
0
i
i
1986
i
/-
i
i
1987
i
_\
,
^
i
i
1988
t
i
i
i
1989
i
10
_^
5
i
i
i
i
i
i
1991
1990
i
i
1992
i
i
i
1993
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Industrial
i
0
COUNCIL OF ECONOMIC ADVISERS
Transportation
Common stock yields
(percent) 6
, except as
New York Stock Exchange indexes (Dec
noted) 2
Composite
i
1994
Common stock prices!
Period
i
Utility
3
Finance
Dow-Jones
industrial
aveiage 4
Standard &
Poor's
composite
index
(194143 = 10)5
Dividendprice ratio
Earningsprice ratio
1984 ..
1985
1986
1987
1988
1989
1990
1991
1992
1993
92.46
108.09
136.00
161.70
149.91
180.02
183.46
206.33
229.01
249.58
108.01
123.79
155.85
195.31
180.95
216.23
225.78
258.14
284.62
299.99
85.63
104.11
119.87
140.39
134.12
175.28
158.62
173.99
201.09
242.49
92.89
113.49
142.72
148.59
143.53
174.87
181.20
185.32
198.91
228.90
89.28
114.21
147.20
146.48
127.26
151.88
133.26
150.82
179.26
216.42
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2.50H.91
2,678.94
2,929.33
3,284.29
3,522.06
160.46
186.84
236.34
286.83
265.79
322.84
334.59
376.18
415.74
451.41
4.64
4.25
3.49
3.08
3.64
3.45
3.61
3.24
2.99
2.78
10.02
8.12
6.09
5.48
8.01
7.41
6.47
4.79
4.22
4.46
1993- Oct
Nov
257.53
255.93
257.73
306.61
310.84
313.22
254.04
262.96
268.11
240.97
230.12
229.95
228.18
214.08
216.00
3,625.81
3,674.70
3,744.10
463.90
462.89
465.95
2.72
2.72
2.72
4.69
262.11
261.97
257.32
247.97
249.56
251.21
249.29
256.08
257.61
255.22
320.92
322.41
:i 18.08
304.48
307.58
308.66
307.34
116.55
322.19
:I21.53
278.29
276.67
265.68
250.43
244.75
246.64
244.21
244.67
239.10
230.71
225.15
220.85
215.45
210.08
205.7"
206.5 1
205 ±6
211 :!6
204 60
203.35
218.71
217.12
211.02
208.12
211.30
215.89
210.91
214.77
211.90
203.33
3.868.36
3,905.62
3,816.98
3,661.48
3,707.99
3,737.58
3,718.30
3,797.48
3,880.60
3,868.10
472.99
471.58
463.81
447.23
450.90
454.83
451.40
464.24
466.96
463.81
2.69
2.70
2.78
2.90
2.89
2.84
2.87
2.78
2.80
2.82
251.60
256.26
257.13
255.18
316.07
322.63
324.08
322.33
226.85
231.45
232.95
230.76
201.68
205.01
204.73
201.73
202.21
204.18
204.50
202.07
3,801.67
3,874.74
3,915.99
3,871.99
455.46
465.43
467.73
464.92
2.87
2.80
2.78
2.84
Dec
1994- Jan
Feb
Mar
May
July
Sept
Oct
Week ended:
1994- Oct 8
15
22
29
1
Average of dailv closing prices.
Includes all the stocks (more than 2,000 in 1992) listed on the NYSE.
Dec. 31, 196")= 100. Effective April 27, 1993 the NYSE douhled the value of the utility index
to facilitate trading of options and futures on the index. All indexes shown here reflect the doubling.
4
Includes 30 stocks.
5
Includes 500 stocks.
2
3
5.09
5.67
6
Standard & Poor's staes. Dividend-price ratios based on Wednesday closing prices. Eariiingsprice ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSK).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In fiscal 1994, there was a deficit of $203.4 billion, compared with a deficit of $255.3 billion a year earlier.
BILLIOh-IS OF DOLLARS
1,600
RECEIPTS AND OUTLAYS ^
1,500
BILLIONS OF CKDLLARS
1,600
1,500
____--•"'
1,400
OUTLAYS^1
_
1,400
— - "
1,300
1,300
1,200
1,200
1,100
1,100
'--'''"'
1,000
_-—-;
^^- —
900
'
"
1,000
RECEIPTS-^
900
800
800
^
'
700
700
600 A
V
1
1
1
1
!
1
1
1
1
N 600
N
0
0
100
-100
^f****~r
^
-300
-400
--^_
A
^
\
V
1986
—
\
\
-200
^^——^—~—^~~^^
\
1
1
1
I
1
1987 1988 1989 1990 1991 1992 19931994 1995
SOURCES: DEPARTMENT OF THE TREASURV AND OFFICE OF MANAGEMENT AND BUDGET
-300
Ik
-aoo
^
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Total
Fiscal year or period
Receipts
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 1
1994 i
1995 (estimates)
Outlays
Receipts
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
<-)
Total
Held by
the public
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
371.8
409.2
458.7
503.5
590.9
678.2
745.8
808.4
851.8
73 7
-53.7
59 2
-40.2
73 8
-79.0
- 128.0
-207.8
-185.4
231.7
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
328.5
369.1
403.5
476.6
543.1
594.4
661.3
686.0
-70.5
-49.8
-54.9
-38.2
-72.7
-74.0
-120.1
-208.0
-185.7
66.4
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
-3.2
-3.9
-4.3
-2.0
-1.1
-5.0
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
1,257.2
1,354.3
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,408.5
1,460.6
1,521.4
-212.3
— 221.2
-149.8
-155.2
-152.5
-221.4
-269.5
— 290.4
-255.3
— 203.4
-167,1
547.9
568.9
640.7
667.5
727.0
749.7
760.4
788.0
841.3
922.2
1,000.5
769.6
806.8
810.1
861.4
932.3
1,027.6
1,082.1
1,128.5
1,141.9
1,181.2
1,229.4
-221.7
2380
- 169.3
1940
-205.2
2780
-321.7
3405
-300.7
2590
-229.0
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
335.0
353.9
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.6
279.4
292.0
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.3
55.7
61.8
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,598.3
4,001.9
4,351.3
4,644.0
4,953.0
1,499.4
1,736.2
1,888.1
2,050.3
2,189.3
2,410.4
2,687.9
2,998.6
3,247.4
3,432.4
3,633.5
1
Data from Monthly Treasury Statement.
NOTE.—Data for fiscal 1995 are from Mid-Session Review of the 1995 Budget issued July 14,
32
Outlays
Gross Federal debt
(end of period)
Off-budget
On-budget
Surplus
or deficit
(-)
1994. Other data (except as noted) are from Budget of the United States Government, Fiscal Year
1995, February 1994.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In fiscal 1994, receipts were $104.0 billion higher than a year earlier and outlays were $52.1 billion higher.
BILLIO-IS OF DOLLARS
700
BILLIONS OF CXDLLARS
700
RECEIPTS ^
600
600
500
500
400
400
300
300
INCOME TAXES
200
OTHER RECEIPTS
TAXES AND CONTRIBUTIONS
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
NONDEFENSE
\
1,000
— -'
1,000
V""
900
900
___.-•-''
800
800
700
700
600
600
500
500
NATIONAL DEFENSE
400
400
\
300
200 A
1
1
1
1
300
1
1
1
1
1
V
-^ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
N 200
\l
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
Individual
income
taxes
Corporation
income
taxes
Social
insurance
taxes
and
contributions
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
371.8
409.2
458.7
503.5
590.9
678.2
745.8
808.4
851.8
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.2
1,257.2
1,354.3
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
542.7
603.1
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5
140.4
144.0
265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
428.3
461.5
489.3
73.0
73.1
74.3
78.9
82.3
90.9
92.3
100.5
97.7
112.6
117.9
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,408.5
1,460.6
1,521.4
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.1
281.5
270.3
Fiscal year
Total
1976
1977
1978
1979 .
1980
1981 .
1982
1983
1984
..
1985
1986
1987
1988
1989
1990
1991
1992
1993 '
1994 '
1995 (estimates)
1
National defense
Other
Total
Data from Monthly Treasury Statement.
NOTE.— Data for fiscal 1995 are from Mid-Session ' 'view of the 1995 Budget issued July 14,
1994. Other data (except as noted) are from Budget of the United Slates Government, Fiscal Year
Total
International
affairs
Health
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
15.8
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
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
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
268.6
258.8
16.2
14.2
11.6
10.5
9.6
13.8
15.9
16.1
16.8
17.2
17.9
33.5
35.9
40.0
44.5
48.4
57.7
71.2
89.5
99.6
106.5
118.6
65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
130.6
144.7
160.8
128.2
119.8
123.3
129.3
136.0
147.0
170.3
197.0
207.3
214.0
220.1
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.6
319.6
337.8
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.8
203.0
224.4
131.8
142.1
125.9
139.4
158.8
203.9
225.1
173.9
159.8
174.1
171.5
Department of
Defense,
military
Medicare
Income
security
Social
security
Net
interest
26.7
Other
1995, February 1994.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter of 1994, according to advance estimates. Federal expenditures rose $16.6 billion (annual rate).
Receipts data are incomplete.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,600
1,600
SEASONALLY ADJUSTED ANNUAL BATES
1,400
1,400
1,200
1,200
1,000
1,000
800
RECEIPTS
SURPLUS OR DEFICIT 1 -)
-200
-200
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
CALENDAR YEARS
SOURCE: DEPARTMENT Of COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
1,122.6
1,158.4
1,242.3
477.4
481.0
514.0
109.5
112.3
134.2
76.0
81.1
82.9
459.7
484.1
511.2
1,311.7
1,434.5
1,496.6
1,128.7
1,178.3
1,265.7
632.3
671.1
739.8
803.6
856.8
943.5
1,000.6
1,068.3
1,115.8
1,140.5
1,166.5
1,219.9
1,212.7
1,263.7
1,272.7
1,313.6
1,337.4
1,380.7
475.8
489.5
520.3
301.6
290.5
323.5
351.8
371.7
414.8
420.0
470.1
483.9
477.3
489.2
511.6
497.2
519.8
527.5
536.8
550.2
571.1
566.6
108.1
115.6
143.0
45.5
65.4
67.0
77.0
91.4
109.7
118.5
111.3
115.1
109.6
103.2
122.6
132.1
141.8
140.2
157.8
151.8
166.3
79.9
81.3
84.6
49.2
55.4
58.2
56.8
54.8
59.5
61.4
62.2
67.1
82.9
80.2
83.8
81.9
83.5
82.3
90.7
90.4
90.4
92.1
465.0
491.9
517.8
235.9
259.8
291.1
318.0
338.8
359.4
400.7
424.7
449.7
470.7
493.9
501.9
501.6
518.6
522.7
528.3
545.1
553.0
557.5
1,331.6
1,460.9
1,507.0
815.7
855.7
926.6
990.8
1,034.3
1,096.3
1,135.5
1,209.8
1,306.9
1,386.3
1,460.4
1,492.0
1,496.2
1,500.6
1,497.6
1,533.7
1,513.7
1,525.9
1,542.5
Period
Total
Fiscal year:
199i
1992
1993
Calendar year:
1991
1992
1993
1982: IV
1983: IV
1984: IV
1985: IV
1986- IV
1987: IV ...
1988- IV
1989: IV....
1990- IV
1991: IV
1992: III
IV
1993: I
II
III
IV
1994: I
II
III '
.
.
.
Source: Department of Commerce, Bureau of Economic Analysis.
34
Federal Government expenditures
Contributions
for
social
insurance
Total
Surplus
or deficit
(-),
national
income
and
product
accounts
Transfer
payments
Grantsin-aid
to
State
and
local
governments
Net
interest
paid
Subsidies less
current
surplus
of
Government
enterprises
445.4
444.9
447.4
512.3
606.1
650.2
147.1
168.7
181.0
183.5
189.0
183.5
23.5
25.9
34.5
0.0
.0
.0
1892
-276.1
2544
445.8
449.0
443.6
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
438.3
452.9
454.8
446.9
445.2
442.7
439.8
437.8
435.1
442.9
522.2
625.3
658.0
346.0
351.1
360.1
383.8
404.2
419.7
444.5
488.8
526.6
566.2
624.8
643.1
644.8
652.8
660.2
674.1
671.5
676.2
682.4
153.3
172.2
186.1
84.3
86.9
97.7
104.5
103.8
102.9
113.0
121.9
137.6
162.6
174.6
176.6
176.7
182.9
187.8
197.0
190.0
194.4
202.2
187.8
186.8
183.6
86.8
99.2
122.3
129.2
131.1
143.1
151.2
168.9
174.4
191.6
186.6
183.1
182.5
184.8
183.6
183.5
179.3
188.8
194.2
22.4
27.6
35.7
17.3
28.8
22.2
16.4
22.1
37.8
34.9
25.0
32.0
27.7
21.5
34.5
45.2
35.1
23.3
39.3
35.1
31.3
20.8
-.1
.0
.0
.0
.0
.6
.0
.0
-.2
.0
.0
.2
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
2029
-282.7
—241.4
-183.4
-184.6
- 186.8
-187.2
177 5
-152.7
1349
-141.5
191 0
-245.8
-293.9
-272.1
-283.5
2370
-224.9
220 1
-176.2
145 1
Purchases
Less:
Wage
accruals
less
disbursements
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84=100; NSA)
Industrial production (19H7=HX>; -seasonally adjusted)
Period
United
States
92.8
94.4
95.3
100.0
104.4
106.0
106.0
104.1
106.5
110.9
110.4
110.9
111.1
111.3
111.9
112.8
114.0
114.6
115.0
115.9
116.0
116.6
r
l!7.5
r
l!7.9
r
l!87
118.7
1984
1985
1986
1987
1988
1989 ..
1990
1991
1992
1993 »
1993: June
July
Sept
Oct
Nov
Dec . .
1994:
Jan
Feb
Mar
May
July
Sept "
1
Japan
Canada
91.0
96.1
95.4
100.0
105.3
105.2
101.7
97.5
98.4
103.2
r
France
!11.0
97.1
97.2
98.0
100.0
104.6
108.9
111.0
111.0
109.7
106.8
103.7
102.7
103.6
104.4
104.4
104.8
104.6
112.5
111.9
111.0
113.3
107.4
109.9
108,0
106.2
107.1
107.1
107.8
105.9
106.9
105.7
105.1
' 104.6
106.1
107.5
' 108.5
' 109.5
110.1
109.1
109.0
113.7
111.2
110.1
113.0
111.9
116 2
107.1
107.0
107.8
109.9
110.3
109.5
r
93.5
96.9
96.7
r
r
100.0
' 109.4
* 115.7
' 120.6
* 122.9
' 115.8
r
Germany
93.5
97.7
99.6
100.0
103.9
108.8
114.5
117.9
115.6
107.2
107.2
106.4
108.1
107.9
107.4
106.7
107.3
105.4
107.5
108.0
109.9
109.8
111.7
r
l!3.3
109.6
United
Kingdom
Italy
United
States '
Canada
Japan
France
Germany
United
Kingdom
Italy
91.8
92.9
96.2
100.0
105.9
109.2
109.4
108.4
108.2
105.4
89.0
93.9
96.2
100.0
104.8
107.0
106.7
102.5
102.0
104.5
103.9
107.6
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
104.8
108.9
113.4
118.4
123.2
129.3
135.5
143.1
145.2
147.9
102.1
104.1
104.8
104.9
105.7
108.0
111.4
115.0
116.9
118.5
107.9
114.2
117.2
120.9
124.2
128.6
133.0
137.2
140.6
143.5
102.7
104.8
104.7
104.9
106.3
109.2
112.1
116.0
120.6
125.6
111.5
121.1
128.5
134.4
141.1
150.4
159.5
169.8
178.8
186.3
104.8
111.1
114.9
119.7
125.6
135.4
148.2
156.9
162.7
165.3
104.0
' 104.5
' 104.0
' 104.3
103.4
104.9
105.0
104.9
106.4
106.7
106.2
144.4
144.4
144.8
145.1
145.7
145.8
145.8
147.6
148.0
148.1
148.2
148.4
149.1
148.8
118.5
118.8
119.2
119.3
119.2
118.5
118.6
143.4
143.5
143.5
144.0
144.3
144.4
144.3
125.7
126.0
126.0
126.1
126.4
126.7
126.9
186.3
187.0
187.2
187.4
188.6
189.5
189.5
165.7
165.3
166.0
166.7
166.6
166.4
166.7
107.2
107.8
' 107.4
109.3
109.8
' 109.8
109.9
109.8
146.2
146.7
147.2
147.4
147.5
148.0
148.4
149.0
149.4
148.8
147.7
147.6
147.6
147.3
147.6
148.2
148.3
148.4
118.7
118.7
119.3
119.5
119.6
119.2
118.6
119.2
144.5
144.9
145.2
145.6
145.9
145.9
145.9
145.9
146.3
128.0
128.5
128.7
129.0
129.3
129.5
129.6
129.7
129.7
190.6
191.3
191.7
192.2
192.9
193.3
193.6
194.2
194.2
166.0
167.0
167.4
169.4
170.0
170.0
169.2
170.0
170.4
r
'104.9
' 104.2
' 104.5
r
103.4
' 105.1
'r 105.5
ni.7
' 107.5
r
109.4
111.2
Data relate to all urban consumers.
Source: National sources as reported bv Department of Commerce (Bureau of Economic Analysis
and International Trade Administration, Office of Trade and Economic Analysis).
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally adjusted]
Goods: Imports (customs value)
Goods: Exports (f.a.s. value)
Sen-ices
(BOP basis)
Balance of trade
(exports minus imports!
Census basis (by end-use category)
Census basis (by end-use category) *
BO" basis
Period
BOP
basis
Total,
Census
basis z
Foods,
feeds,
and
ages
1986
1987
1988
1989
1990
1991
1992 ..
1993
1993:
Aug
Sept
Oct
Noy
Dec
1994:
Jan
Feb
Mar
Apr
May
57.3
66.7
85.1
99.3
104.4
109.7
109.1
111.8
75.8
86.2
109.2
138.8
152.7
166.7
175.9
181.7
21.7
24.6
14.2
17.7
465.1
22.3
24.3
32.3
37.2
35.1
35.7
40.3
40.6
29.3
34.8
37.4
40.0
47.0
52.4
23.1
36.4
43.3
45.9
51.4
54.7
37.4
37.9
39.4
39.4
41.0
38.1
38.6
40.0
40.1
41.7
3.1
3.4
3.5
3.5
3.7
9.0
9.5
9.9
9.6
9.6
15.1
14.7
15.5
15.5
16.9
4.2
4.3
4.5
4.7
4.5
38.5
37.4
39.2
38.1
42.8
41.1
41.1
42.8
3.3
3.2
3.4
3.1
3.3
3.1
3.1
3.7
9.0
8.7
16.0
15.3
17.3
16.7
16.6
17.7
16.3
17.6
4.4
4.4
4.8
4.7
223.3
250.2
227.2
320 2
362.1
389.3
322.4
363.8
393.6
416.9
421.7
440.4
456.9
448.2
42.1
40.4
40.3
June .... 42.0
July '.... 40.1
Aug
1
2
AutoConCap- motive sumer
ital
vehi- goods
cles,
(nongoods
food)
except parts
autoand
except
materimotive
enautoals
gines motive
Indu,
trial
supplies
43.9
254.1
41.0
44.9
10.6
9.6
9.9
9.8
10.3
10.7
4.5
4.7
4.3
5.2
Includes undocumented exports to Canada through 1988.
Total includes "other" exports or imports, not shown separately.
BOP
basis
To' '.,
Census
Industrial
Foods
feeds, supplies
and
ages
materials
536.5
589.4
365.4
406.2
441.0
473.2
495.3
488.5
532.7
580.7
24.4
24.8
24.8
25.1
26.6
26.5
27.5
27.9
132.3
143.2
131.6
138.6
145.6
4.6
4.7
4.6
4.9
4.7
49.0
50.4
51.9
50.9
50.1
48.2
49.2
50.8
50.0
49.4
2.3
2.4
2.6
2.3
2.3
11.8
12.2
12.5
12.3
11.5
4.5
4.5
4.9
4.7
4.8
5.1
4.9
5.3
50.5
51.0
53.5
53.7
54.5
56.0
56.1
58.2
50.1
50.2
52.4
53.1
54.0
55.8
55.8
57.8
2.4
2.4
2.5
2.5
2.5
2.6
2.6
2.7
11.7
11.9
12.7
12.8
13.2
14.0
368.4
409.8
447.2
477.4
498.3
491.0
AutoConCap- motive sumer
ital
vehi- goods
goods
cles,
(nonexcept parts
food)
autoand
except
motive
enautogines motive
14.6
Imports
Goods,
Census
basis
87.7
113.3
86.1
116.4 87.3
120.7
85.7
134.3
91.8
152.4 102.4
79.4
88.7
95.9
102.9
105.7
108.0
122.7
134.0
86.1
97.8
110.0
126.8
147.2
163.2
176.6
184.8
79.8
90.2
97.9
101.9
117.0
117.6
120.9
128.0
12.5
12.9
13.6
13.3
13.9
8.6
8.7
8.9
8.9
8.7
11.5
11.5
11.7
11.5
11.3
ISA
15.4
15.7
15.1
15.8
10.6
10.8
11.1
11.1
11.2
-10.1
-10.6
-10.8
-9.9
-7.8
14.1
14.0
14.5
14.7
14.9
15.1
15.2
15.3
8.7
8.8
9.5
9.5
9.5
11.6
11.5
11.3
11.8
12.1
12.1
12.0
15.1
15.4
16.3
16.0
16.1
16.3
16.2
15.9
11.0
11.5
11.8
11.1
11.2
11.4
11.4
11.4
-10.9
-12.1
-9.6
-12.0
-12.9
-13.0
-14.8
-13.0
101.3
71.8
111.0
84.5
118.3 101.4
14.4
Exports
78.2
85.2
10.2
9.9
11.1
12.5
Goods
- 138.3 — 145.1
-152.1 — 159.6
Senices
Goods
and
services
6.3 — 138.8
7.6 — 152.0
1185 127 0 12.1 — 114.8
-109.4 — 115.2 24.9 —90.3
-101.7 — 109.0 30.2 — 78.8
45.6
55.7
56.9
-28.5
-11.6
-12.5
-12.5
— 11.5
-9.1
4.8
4.5
4.6
4.0
-6.8
-8.0
-7.9
-7.5
-4.5
-12.0
-13.5
-11.4
-13.3
-14.3
-14.0
-15.9
-14.3
4.1
3.9
4.5
4.9
4.9
5.0
4.8
— 66.7
— 84.5
— 74.1
— 96.1
-115.6 — 132.6
4.6
4.6
—40.4
-75.7
-7.8
-9.6
-6.9
-8.4
-9.4
-9.0
-11.2
-9.7
Note.—BOP refers to balance of payments or international transactions basis. BOP data shown
here are consistent with figures shown on pp. 36 and 37.
Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis).
35
U.S. INTERNATIONAL TRANSACTIONS
In the second quarter of 1994, the merchandise trade deficit rose to $41.8 billion, from $37.0 billion in the first
quarter. The current account deficit rose to $37.0 billion, from $32.3 billion in the first quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS •
15
15
BALANCE ON GOODS
AND SERVICES
111
-45
1984
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits ( + ), debits (—)]
Merchandise l
Period
Exports
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
....
237,044
211,157
201,799
219,926
215,915
223,344
250,208
320,230
362,116
389,303
416,913
440,361
456,866
Imports
Investment income
Services
Net
balance
-265,067 -28,023
247 642 -36,485
-268,901 -67,102
112 492
-332,418
-338,088 -122,173
-368,425
145 081
-409,765 -159,557
447 189
126 959
-477,365 -115,249
109 033
-490,981 -74,068
536 458 -96,097
-589,441 - 132,575
Balance
on goods
and
services
Net
travel
and
transportation
receipts
Other
services,
net
-844
112
-563
-2,547
-4,390
5 181
-3,844
6 315
-6,726
7 567
-5,485
3034
-763
144
-992
-4,227
-8,438
-9,798
7 382
-6,481
-1,511
5,071
8,978
17,957
20,885
20,840
12,552
13,209
14,095
14,277
14,266
18,855
17,900
19,961
26,558
28,811
33,124
37,862
36,773
-16,172
-24,156
-57,796
- 109,200
-122,095
- 138,789
-151,981
-114,824
90345
-78,810
28472
-40,384
75725
Net
military
transactions 2 3
Balance
on goods,
services,
and
income
Unilateral
transfers,
net 4
Balance
on
current
account
32,903
29,788
31,078
30,038
19,673
11,763
7,937
11,607
13,659
20,725
14,833
4,540
3,946
16,732
5,632
26,719
-79,161
- 102,422
-127,026
-144,045
-103,217
-76,686
-58,085
-13,639
-35,844
-71,779
-11,702
-17,075
-17,741
-20,612
-22,950
-24,176
-23,052
-24,977
-26,134
—33,663
6,687
-32,042
-32,117
5,030
— 11,443
-44,460
-99,773
-125,372
-151,201
-167,097
— 128,194
-102,820
-91,748
-6,952
-67,886
- 103,896
Payments
on foreign
assets in
U.S.
Net
86,529
86,200
84,778
104,075
92,760
90,858
99,239
127,414
152,517
160,300
136,914
114,449
113,856
-53,626
56412
-53,700
-74,036
-73,087
-79,095
-91,302
-115,806
-138,858
139 574
-122,081
- 109,909
-109,910
Receipts
on U.S.
assets
abroad
1992:
m
rv
1993:
I
n
in
rv
1994:
I
p
n
109,546 -136,906
113,744 -140,080
-27,360
-26,336
-525
-1,277
5,138
5,005
9,960
9,262
-12,787
- 13,346
27,864
26,158
-26,644
-26,887
1,220
-729
-11,567
- 14,075
-7,040
-10,308
-18,607
-24,383
111,664 - 140,855
113,787 -147,514
111,736 -148,224
152 848
119,679
-29,191
-33,727
-36,488
-33,169
-105
128
-87
141
5,307
5,565
5,230
4,740
9,567
9,221
9,087
8,897
14422
- 19,070
22258
- 19,976
27,727
28,801
28,513
28,816
— 25,872
-28,133
-26,498
-29,406
1,855
668
2,015
-590
-12,567
- 18,402
-20,243
-20,566
-7,283
-7,200
-7,613
-10,021
-19,850
-25,602
-27,856
-30,587
118,018 -154,980
122,670 — 164,441
-36,962
-41,771
-337
17
4,098
5,455
8,874
9,288
-24,328
-27,011
29,888
32,270
-30,699
-34,765
-811
2,495
-25,139
-29,506
-7,178
-7,464
-32,317
-36,970
1
3
2
4
Adjusted from Census data Tor differences in timing and coverage; excludes military.
Transfers under U.S. military agency sales contracts (exports) minus direct defense expenditures
(imports).
36
Quarterly data are not seasonally adjusted.
Includes transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation of table.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks decreased $15.1 billion in the second
quarter of 1994, in contrast to an increase of $1.2 billion in the first quarter. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, increased $24.8 billion in the second quarter, following an
increase of $35.2 billion in the first quarter.
BILLIONS OF COLLARS *
BILLIONS OF DOLLARS •
20
-20
-40
-60
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the U.S., net
[increase/capital inflow ( + )]
U.S. assets abroad, net
[increase/capitiil outflow (— ) ]
Period
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1992:
TTT
IV
1993:
I
n
TTT
IV
1994:
I
p
n
114 147
-122,335
-58,735
34917
-39,225
-104,818
-71,443
-99,360
168 741
70363
-51,512
-61,510
147 898
U.S.
official
reserve
assets 3 5
-5,175
4 965
-1,196
3 131
-3,858
312
9,149
-3,912
-25,293
2 158
5,763
3,901
-1,379
Other U.S.
Government
assets
U.S.
private
assets
5097 -103,875
-6,131 -111,239
5006 -52,533
26 298
-5,489
-2,821 -32,547
-2,022 -103,109
1,006 -81,597
-98,414
2,967
1,259
144 710
2,307
-70,512
2,900
60 175
-1,652
-63,759
-306
146 213
Total
Other
foreign
assets
83,032
92,418
83,380
113,932
141,183
226,111
242,983
240,265
218,490
122,192
98,134
146,504
230,698
4,960
3,593
5,845
3,140
1 119
35,648
45,387
39,758
8,503
33,910
17,199
40,858
71,681
78,072
88,826
77,534
110,792
142,301
190,463
197,596
200,507
209,987
88,282
80,935
105,646
159,017
1,093
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net 5
(unadjusted,
end of
period)
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,721
71,323
73,442
24,992
41,359
19,815
20,758
23,415
29,908
—4443
-12,712
53,075
39,919
-39,670
-17,108
21,096
- 10,806
-29,395
1,952
1,542
394
-701
-12,364
-30,236
29,935
42,581
-7,417
6,363
37,352
36,218
-522
11,197
-6,375
966
78,527
71,323
- 12,659
35966
-35,651
63 622
-983
822
-545
673
488
281
-192
321
12 164
-36,507
34915
-62,628
16,772
51,829
71,934
90,162
10,968
17,492
19,259
23,962
5,804
34,337
52,675
66,200
15,737
9,739
-8,427
4,047
6,105
435
6,643
103
74,378
73,968
75,835
73,442
-48,236
-1,827
59
3,537
490
-217
-48,667
5 147
95,078
42,329
11,530
7,869
83,548
34,460
-14,525
-3,532
5,810
480
76,809
75,732
5
Consists of gold, special draw-ing rights (SDKs), foreign currencies, and the U.S. reserve position in the IMF.
Foreign
official
assets s
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
w
Gross Domestic Product
Gross Domestic Product in 1987 Dollars
Implicit Price Deflators for Gross Domestic Product
Changes in GDP, Personal Consumption Expenditures, and Related Implicit Price Deflators and Price Indexes
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures in 1987 Dollars
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment in 1987 Dollars
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Credit at All Commercial Banks
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. International Trade in Goods and Services
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
* Preliminary.
' Revised.
* Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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