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103d Congress, 1st Session
Economic Indicators
SEPTEMBER
1993
(Includes data available as of October 4, 1993)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
OCT 21 B93
FEDERAL RESERVE
SANK OF CHICAGO
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1993
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
DAVID R. OBEY, Wisconsin, Chairman
PAUL S. SARBANES, Maryland, Vice Chairman
HOUSE OF REPRESENTATIVES
LEE H. HAMILTON (Indiana)
FORTNEY H. (PETE) STARK (California)
KWEISI MFUME (Maryland)
RON WYDEN (Oregon)
MICHAEL A. ANDREWS (Texas)
RICHARD K. ARMEY (Texas)
JIM SAXTON (New Jersey)
CHRISTOPHER C. COX (California)
JIM RAMSTAD (Minnesota)
SENATE
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
RICHARD H. BRYAN (Nevada)
CHARLES S. ROBB (Virginia)
BYRON L. DORGAN (North Dakota)
WILLIAM V. ROTH, JR. (Delaware)
CONNIE MACK (Florida)
LARRY E. CRAIG (Idaho)
ROBERT F. BENNETT (Utah)
STEVEN QUICK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
LAURA D. TYSON, Chair
ALAN S. BLINDER, Member
JOSEPH E. STIGLITZ, Member
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
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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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distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
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Approved June 23, 1949.
Charts prepared by the Art Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.75 a single copy
($3.44 foreign), or by subscription at $30.00 per year ($37.50 for foreign
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ISBN 0-16-041591-8
U
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the second quarter of 1993, according to revised estimates, current-dollar gross domestic product (GDP) rose 4.3
percent (annual rate), real GDP (GDP in 1987 dollars) rose 1.9 percent, and the implicit price deflator rose 2.3
percent.
•JS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS {RATIO SCALE)
6,400
SEASONALLY ADJUSTED ANNUAL RATES
6,400
,
6,000
6,000
GDF
•J CURRENT
\
5,600
^
^
^-1
5,600
f
x
5,200
—*
f
^_
^
4,800
^---
4,800
r -- •*"
\
GDP
1987 POL
4,400
5,200
,'•'''
4,400
•*-•****'
^
^
x"~~
4,000
«*
s
3,600
X^
x
3,600
/
3,200
1
2,800
1
1
4,000
X
^
3,200
i i i
1982
\
\
\
i
1984
1983
i
i
i
i
1986
1985
i
\
\
1987
1
i i i
1988
1
1
1989
1
i
i t
i i i
1990
1991
i
t
i
1992
i i i
2,800
1993
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
]I
m
IV
1992: I
n
m
IV
1993- I r
n.
1
Gross
domestic
product
3,777.2
4,038.7
4,268.6
4,539.9
4,900.4
5,250.8
5,546.1
5,722.9
6,038.5
3,195.1
3,547.3
3,869.1
4,140.5
4,336.6
4,683.0
5,044.6
5,344.8
5,597.9
5,631.7
5,697.7
5,758.6
5,803.7
5,908.7
5,991.4
6,059.5
6,194.4
6,261.6
6,327.6
Personal
consumption
expenditures
Gross
private
domestic
investment
2,460.3
2,667.4
2,850.6
3,052.2
3,296.1
3,523.1
3,761.2
3,906.4
4,139.9
2,128.7
2,346.8
2,526.4
2,739.8
2,923.1
3,124.6
3,398.2
3,599.1
3,836.6
3,843.6
3,887.8
3,929.8
3,964.1
4,046.5
4,099.9
4,157.1
4,256.2
4,296.2
4,359.9
718.9
714.5
717.6
749.3
793.6
832.3
808.9
736.9
796.5
464.2
614.8
722.8
737.0
697.1
800.2
814.8
825.2
756.4
729.1
721.5
744.5
752.4
750.8
799.7
802.2
833.3
874.1
874.1
Federal
Net
exports
102 7
1156
-132.5
143 1
- 108.0
79 7
71 4
-19.6
296
-29.5
-71.8
-107.1
-135.5
— 133.2
-143.2
- 106.0
-73.9
-71.6
-34.0
11 5
-19.8
130
-7,0
33 9
-38.8
-38.8
483
-65.1
Exports
302.4
302.1
319.2
364.0
444.2
508.0
557.1
601.5
640.5
265.6
286.2
308.7
304.7
333.9
392.4
467.0
523.8
577.6
576.5
600.7
603.0
625.7
633.7
632.4
641.1
654.7
651.3
660.0
GDP less exports of goods and services plus imports of goods and services.
Government purchases
Exports and imports of goods
and services
Imports
405.1
417.6
451.7
507.1
552.2
587.7
628.5
621.1
670.1
295.1
358.0
415.7
440.2
467.1
535.6
573.1
597.7
649.2
610.6
612.2
622.8
638.8
640.7
666.3
679.9
693.5
699.6
725.0
Total
Total
700.8
772.3
833.0
881.5
918.7
975.2
1,047.4
1,099.3
1,131.8
631.6
657.6
727.0
799.2
849.7
901.4
937.6
994.5
1,076.5
1,093.0
1,099.9
1,104.0
1,100.2
1,118.5
1,125.8
1,139.1
1,143.8
1,139.7
1,158.6
310.9
344.3
367.8
384.9
387.0
401.6
426.5
445.9
448.8
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
450.2
449.4
446.8
437.4
445.5
444.6
452.8
452.4
442.7
447.5
National
defense
233.1
258.6
276.7
292.1
295.6
299.9
314.0
322.5
313.8
205.5
222.8
242.9
268.6
278.6
295.8
296.8
302.5
322.5
331.4
326.3
321.2
311.2
312.3
310.4
316.7
315.7
304.8
307.6
Nondefense
77.8
85.7
91.1
92.9
91.4
101.7
112.5
123.4
135.0
75.9
66.9
81.9
88.3
94.5
96.7
95.2
102.6
114.0
118.7
123.0
125.6
126.2
133.1
134.2
136.1
136.7
137.9
140.0
State
and
local
389.9
428.1
465.3.
496.6
531.7
573.6
620.9
653.4
683.0
350.3
367.9
402.2
442.4
476.6
509.0
545.7
589.3
640.0
642.9
650.5
657.3
662.8
673.0
681.2
686.2
691.4
697.0
711.1
Final
sales of
domestic
product
Gross
domestic
purchases 1
3,706.1
4,014.1
4,260.0
4,513.7
4,884.2
5,217.5
5,539.3
5,731.6
6,031.2
3,241.4
3,527.1
3,818.1
4,107.9
4,355.4
4,623.7
5,027.3
5,314.6
5,621.8
5,651.6
5,720.8
5,759.1
5,794.8
5,913.9
5,978.6
6,049.9
6,182.5
6,227.1
6,314.5
3,879.9
4,154.3
4,401.2
4,683.0
5,008.4
5,330.5
5,617.5
5,742.5
6,068.2
3,224.6
3,619.1
3,976.2
4,276.0
4,469.8
4,826.2
5,150.7
5,418.7
5,669.5
5,665.8
5,709.2
5,778.4
5,816.7
5,915.8
6,025.3
6,098.3
6,233.2
6,309.9
6,392.7
Source: Department of Commerce, Bureau of Economic Analysis.
Addendum:
Gross
national
product
3,801.5
4,053.6
4,277.7
4,544.5
4,908.2
5,266.8
5,567.8
5,737.1
6,045.8
3,222.6
3,578.4
3,890.2
4,156.2
4,340.5
4,690.5
5,054.3
5,365.0
5,630.0
5,656.1
5,710.6
5,766.2
5,815.5
5,927.6
5,996.3
6,067.3
6,191.9
6,262.1
6,327.1
GROSS DOMESTIC PRODUCT IN 1987 DOLLARS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Exports and imports of
goods and services
Government purchases
Personal
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
19821983:
19841985:
19861987:
19881989:
1990:
..
IV
IV ....
IV
IV ....
IV
IV ....
IV
IV ....
m ...
IV
1991: I
n
m....
rv
1992: I
n
m....
IV
1993: I r
n
1
Gross
domestic
product
4,148.5
4,279.8
4,404.5
4,539.9
4,718.6
4,838.0
4,897.3
4,861.4
4,986.3
3,759.6
4,012.1
4,194.2
4,333.5
4,427.1
4,625.5
4,779.7
4,856.7
4,906.5
4,867.2
4,837.8
4,855.6
4,872.6
4,879.6
4,922.0
4,956.5
4,998.2
5,068.3
5,078.2
5,102.1
Final
sales of
domestic
product
Federal
gumption
expenditures
Nonresidential
fixed
investment
Residential
fixed
investment
Change
in
business
inventories
2,746.1
2,865.8
2,969.1
3,052.2
3,162.4
3,223.3
3,272.6
3,258.6
3,341.8
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,288.4
3,265.9
3,242.7
3,256.9
3,267.1
3,267.5
3,302.3
3,316.8
3,350.9
3,397.2
3,403.8
3,432.7
490.2
521.8
500.3
497.8
530.8
540.0
546.5
514.5
529.2
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
551.2
540.2
521.4
517.8
512.8
506.1
510.5
528.8
533.8
543.7
562.3
584.3
199.3
202.0
226.2
225.2
222.7
214.2
194.5
169.5
197.1
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
189.0
176.3
163.8
164.3
171.0
179.1
186.2
195.6
196.2
210.6
211.4
206.2
67.9
22.1
8.5
26.3
19.9
29.8
5.7
-8.4
6.5
-44.9
29.3
47.9
30.2
-20.1
59.9
20.9
24.9
10.9
20 9
-17.4
-22.3
-.9
7.1
-5.0
12.6
9.6
8.7
29.3
13.0
Net
exports
Exports
122 0 305.7
-145.3 309.2
155 1 329.6
-143.1 364.0
-104.0 421.6
-73.7
471.8
54 7 510.5
-19.1 543.4
336 578.0
-19.0 280.4
83 7 291.5
-131.4 312.8
155 4 312.0
- 156.0 342.9
1360 386.1
- 102.7 438.2
67 4 487.7
-62.2
508.6
520.4
-21.6 519.4
-13.3 542.9
546.9
-25.0
16 4 564.2
-15.2 571.0
38 0 570.2
579.3
-42.5
38 8 591.6
-59.9 588.0
75 2 593.2
Imports
Total
427.7
454.6
484.7
507.1
525.7
545.4
565.1
562.5
611.6
299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.0
570.7
557.2
541.0
556.2
571.9
580.7
586.2
608.2
621.8
630.3
647.9
668.4
766.9
813.4
855.4
881.5
886.8
904.4
932.6
946.3
945.2
735.9
748.1
784.3
830.5
864.8
893.0
894.5
912.6
929.2
942.4
948.9
952.3
947.6
936.2
943.1
940.7
950.2
946.9
931.3
941.1
GDP less exports of goods and services plus imports of goods and services.
Total
National
defense
331.0
355.2
373.0
384.9
377.3
376.1
384.1
386.5
373.0
316.0
322.2
341.7
363.7
377.5
391.6
378.4
376.1
379.6
386.5
393.8
393.6
386.6
372.1
372.1
369.2
377.0
373.7
357.6
359.4
State
and
local
Nondefense
85.1
89.5
92.4
92.9
90.2
94.8
100.4
105.3
111.8
86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.7
101.1
100.8
101.8
104.9
107.2
107.2
110.9
111.3
112.5
112.4
111.5
113.0
245.8
265.6
280.6
292.1
287.0
281.4
283.6
281.3
261.2
229.4
242.9
254.3
272.1
282.2
295.0
285.7
281.5
278.5
285.7
292.0
288.7
279.4
264.9
261.2
257.9
264.4
261.3
246.0
246.4
436.0
458.2
482.4
496.6
509.6
528.3
548.5
559.7
572.2
419.9
425.9
442.6
466.7
487.3
501.4
516.1
536.5
549.6
555.8
555.1
558.7
561.0
564.1
571.0
571.5
573.2
573.2
573.7
581.6
Gross
domestic
purchases '
Addendum:
Gross
national
product
4,080.6
4,257.6
4,395.9
4,513.7
4,698.6
4,808.3
4,891.6
4,869.8
4,979.8
3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565.6
4,758.7
4,831.8
4,895.6
4,888.0
4,855.2
4,878.0
4,873.5
4,872.5
4,926.9
4,943.8
4,988.6
5,059.6
5,048.9
5,089.1
4,270.5
4,425.1
4,559.6
4,683.0
4,822.6
4,911.7
4,951.9
4,880.5
5,019.9
3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,924.1
4,968.6
4,904.0
4,859.4
4,869.0
4,897.6
4,896.0
4,937.1
4,994.5
5,040.7
5,107.1
5,138.1
5,177.4
4,174.5
4,295.0
4,413.5
4,544.5
4,726.3
4,852.7
4,916.5
4,874.5
4,994.0
3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,875.1
4,920.9
4,895.4
4,859.3
4,867.5
4,880.3
4,890.9
4,939.0
4,962.2
5,006.4
5,068.4
5,080.7
5,104.1
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[1987 = 100; quarterly data are seasonally adjusted]
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
1982:
19831984:
19851986:
198719881989:
19901991:
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
Gross
domestic
product
...
...
.
...
..
n
m ...
IV
1992- I . .
n
m ...
IV
1993: I
If
91.0
94.4
96.9
100.0
103.9
108.5
113.3
117.7
121.1
85.0
88.4
92.3
95.5
98.0
101.2
105.5
110.1
115.0
116.4
117.3
118.2
118.9
120.0
120.9
121.2
122.2
123.3
124.0
Personal consumption
expenditures
Total
89.6
93.1
96.0
100.0
104.2
109.3
114.9
119.9
123.9
83.8
87.6
90.7
94.6
97.0
101.6
106.1
111.0
117.5
118.5
119.4
120.3
121.3
122.5
123.6
124.1
125.3
126.2
127.0
Durable
goods
Nondurable goods
93.9
95.4
96.9
100.0
102.0
104.2
105.7
107.3
108.9
90.6
93.3
94.4
95.9
97.8
101.0
103.1
104.9
106.1
106.8
107.1
107.5
107.8
108.4
109.0
109.1
109.1
109.2
109.8
Source: Department of Commerce, Bureau of Economic Analysis.
93.4
95.9
96.1
100.0
103.7
109.3
115.9
120.0
122.4
89.4
91.8
94.2
97.0
96.3
101.5
105.6
110.8
119.2
119.5
.119.8
120.1
120.7
121.5
122.1
122.8
123.1
124.1
124.2
Gross private
domestic investment
Services
86.2
90.8
95.7
100.0
105.1
110.6
116.7
122.8
128.5
79.0
83.7
87.7
92.9
97.3
101.9
107.1
112.7
119.2
120.8
122.0
123.5
124.9
126.6
128.1
128.5
130.7
131.8
133.1
dential
fixed
95.7
96.6
98.4
100.0
102.8
105.2
107.3
108.0
106.9
95.3
95.0
96.4
97.3
99.2
100.7
104.0
106.0
108.2
108.7
108.3
107.8
107.3
107.1
107.1
106.6
106.6
105.7
106.0
Residential fixed
89.7
92.0
95.8
100.0
104.2
107.8
110.7
111.8
113.4
86.0
88.0
90.7
93.1
97.3
101.5
105.3
108.8
111.1
111.3
111.7
112.5
111.8
112.2
112.8
113.8
114.9
115.8
117.3
Government purchases
Exports and imports of
goods and services
Federal
Exports
98.9
97.7
96.9
100.0
105.3
107.7
109.1
110.7
110.8
94.7
98.2
98.7
97.7
97.4
101.6
106.6
107.4
111.0
111.0
110.6
110.2
110.9
111.0
110.9
110.7
110.7
110.8
111.3
Imports
94.7
91.9
93.2
100.0
105.1
107.8
111.2
110.4
109.6
98.5
95.4
93.6
94.2
93.6
102.6
106.0
107.7
116.5
112.9
110.1
108.9
110.0
109.3
109.6
109.3
110.0
108.0
108.5
Total
93.9
96.9
98.6
100.0
102.6
106.8
111.0
115.4
120.3
89.0
89.9
95.0
98.1
98.8
100.2
103.6
107.7
112.9
114.3
114.2
115.6
117.5
119.7
120.4
120.1
121.1
123.8
124.5
National
defense
94.8
97.3
98.6
100.0
103.0
106.6
110.7
114.7
120.1
89.6
91.7
95.5
98.7
98.7
100.3
103.9
107.5
112.9
113.5
113.0
114.9
117.5
119.6
120.3
119.8
120.8
123.9
124.8
Nondefense
91.3
95.7
98.6
100.0
101.4
107.3
112.0
117.2
120.8
87.7
84.3
93.7
96.4
99.2
100.1
102.6
108.4
113.1
116.7
117.3
117.2
117.8
120.0
120.6
121.0
121.6
123.6
123.9
State
and local
89.4
93.4
96.4
100.0
104.3
108.6
113.2
116.7
119.4
83.4
86.4
90.9
94.8
97.8
101.5
105.7
109.9
115.2
115.8
116.4
117.2
117.5
117.9
119.2
119.7
120.6
121.5
122.3
CHANGES IN GDP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED IMPLICIT PRICE DEFLATORS AND PRICE INDEXES
[Percent change from preceding year or quarter; quarterly data at seasonally adjusted annual rates]
Gross domestic product
Period
Current
dollars
1981
1982
11.9
3.9
8.1
10.9
6.9
5.7
6.4
7.9
7.2
5.6
3.2
5.5
8.6
6.3
3.8
5.1
9.1
5.9
3.1
1.0
2.4
4.8
4.3
3.2
7.4
5.7
4.6
9.2
Constant
(1987) dollars
n
m
IV
1990- I
n
m ....
iv
1991- I
n
m ....
IV
1992- I
n
m
IV
1993- I r
n
Implicit price
deflator
Current
dollars
Constant
(1987) dollars
Implicit price
deflator
6.2
3.2
2.9
3.1
3.9
2.5
1.2
Y
2^6
3.2
1.8
0
1.5
3.5
1.5
9
-3.2
24
1.5
1.4
.6
3.5
2.8
3.4
5.7
10.0
6.2
4.1
4.4
3.7
2.6
3.2
3.9
4.4
4.4
3.9
2.9
5.4
4.6
3.8
3.7
5.2
4.4
4.0
4.3
5.0
3.1
3.1
2.4
3.8
3.0
1.0
3.3
3.9
3.4
3.5
2.8
3.1
4.0
4.5
4.6
4.1
3.3
5.0
4.8
3.8
3.7
5.8
4.4
4.7
3.8
5.1
3.4
3.4
2.7
4.2
3.4
2.5
3.1
10.2
6.9
9.6
9.0
8.4
6.9
7.1
8.0
6.9
6.8
3.9
6.0
5.1
7.0
6.3
5.3
9.2
5.3
8.3
3.7
.7
4.7
4.4
3.5
8.6
5.4
5.7
9.9
1.2
1.1
4.6
4.8
4.4
3.6
2.8
3.6
1.9
1.5
-.4
2.6
.1
1.1
2.9
.8
2.8
.9
2.1
27
-2.8
1.8
1.3
.0
4.3
1.8
4.2
5.6
.8
1.9
3.6
2.3
4.3
2.8
3.8
6.1
.8
3.4
Fixed-weighted
price index
(1987 weights)
5.7
4.9
3.9
3.9
3.1
4.2
4.2
4.9
5.1
4.4
3.3
5.0
5.7
3.3
4.4
6.3
4.3
6.1
6.7
3.4
3.1
3.0
3.4
4.0
3.6
1.6
3.9
2.9
2.6
4.4
4.3
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1989: I
Personal consumption expenditures
Fixed- weighted
price index
(1987 weights)
1.8
-2.2
3.9
8.6
5.4
4.3
3.7
3.8
3.0
4.1
4.3
5.0
5.3
4.5
3.7
9.0
5.2
5.9
3.5
4.4
6.6
4.2
6.3
7.0
3.9
3.2
3.4
3.5
4.5
3.6
3.4
3.1
3.4
2.9
Source: Department of Commerce, Bureau of Economic Analysts.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) 1
Gross domestic product
of nonfinancial
corporate business
(billions of dollars)
Period
Total
cost and
profit "
Consumption of
fixed
capital
Indirect
business
taxes 3
Compensation of
employees
Net
interest
Corporate profits with inventory
valuation and capital consumption
adjustments
Profits
tax
liability
Profits
after
tax 4
Output
per hour
of all
employees
(1987
dollars) '
Compensation per
hour of
all
employees
(dollars) '
Current
dollars
2,166.5
2,293.6
2,386.3
2,547.3
2,764.8
2,913.5
3,045.5
3,082.1
3,243.4
1984
1985
1986
1987
1988
1989
1990 '
1991 r
1992 '
1982198319841985198619871988:
198919901991-
IV
IV
IV
IV
IV
IV
IV
IV ..
IV T
m "
IV *
1992- I T
n'r
mr
IV
1993- I '
n
1987
dollars
2,284.1
2,364.3
2,439.3
2,547.3
2,684.8
2,718.9
2,747.4
2,710.0
2,822.3
0.949
0.109
.109
.111
.110
.111
.117
.120
.126
.125
0.091
.093
.095
.095
.096
.101
.106
.115
.116
0.617
.636
.648
.658
.676
.706
.736
.758
.762
0.038
0.094
0.032
.970
.978
1.000
1.030
1.072
1.109
1.137
1.149
.038
.040
.042
.045
.054
.054
.052
.048
.094
.084
.096
.102
.094
.093
.086
.099
.030
.031
.037
.038
.037
.034
.031
.035
0.062
.064
.053
.059
.064
.057
.059
.056
.064
21.925
22.149
22.734
23.128
23.572
23.189
23.383
23.733
24.479
13.527
14.082
14.740
15.208
15.833
16.377
17.230
18.020
18.539
1,806.3
2,037.2
2,228.2
2,338.8
2,422.8
2,627.6
2,843.2
2,951.5
3,052.5
3,086.8
3,129.5
3,159.8
3,218.1
3,264.2
3,331.6
3,331.7
3,395.9
1,999.6
2,204.2
2,328.4
2,396.9
2,463.3
2,604.0
2,719.0
2,722.7
2,725.0
2,708.5
2,745.0
2,759.5
2,802.6
2,839.8
2,887.4
2,867.5
2,916.6
.903
.924
.957
.976
.984
1.009
1.046
1.084
1.120
1.140
1.140
1.145
1.148
1.149
1.154
1.162
1.164
.119
.119
.111
.110
.112
.110
.112
.120
.123
.126
.125
.125
.124
.129
.122
.124
.123
.086
.088
.091
.093
.095
.094
.097
.102
.109
.116
.116
.117
.116
.116
.116
.116
.118
.607
.602
.623
.643
.654
.664
.687
.718
.748
.761
.760
.762
.762
.762
.761
.772
.770
.040
.036
.041
.038
.042
.042
.047
.055
.054
.052
.051
.050
.049
.047
.046
.047
.046
.051
.079
.091
.092
.081
.099
.102
.088
.085
.084
.088
.091
.098
.096
.109
.102
.108
.020
.029
.027
.030
.035
.038
.040
.033
.034
.031
.031
.033
.036
.034
.037
.037
.040
.030
.050
.064
.063
.045
.060
.063
.055
.052
.053
.056
.059
.062
.062
.072
.065
.068
21.071
21.891
22.054
22.346
22.890
23.357
23.523
23.150
23.473
23.779
24.024
24.197
24.318
24.583
24.887
24.687
12.791
13.185
13.731
14.359
14.974
15.518
16.070
16.619
17.598
18.137
18.286
18.394
18.465
18.603
18.746
18.875
- 1 Output is measured by GDP of nonfinancial corporate business in 1987 dollars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the3 decimal point shifted two places to the left.
Indirect business tax and nontax liability plus business transfer payments less subsidies.
4
With inventory valuation and capital consumption adjustments.
Total
' Data do not reflect GDP revisions of September 29, 1993.
NOTE.—Data revised beginning 1990 to reflect the annual revisions of the national income and
product accounts.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Compensation of
employees1
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
1985
1986
1987
1988
1989
1990
1991
1992
1982:
19831984:
19851986:
1987:
1988:
1989:
1990:
1991:
3,268.4
3,437.9
3,692.3
4,002.6
4,249.5
4,491.0
4,598.3
4,836.6
2,551.5
2,834.3
3,134.4
3,341.9
3,486.0
3,828.8
4,127.6
4,305.2
4,539.2
45969
4,662.6
4,755.4
4,814.6
4,800.8
4,975.8
5,038.9
5,104.0
IV
TV
IV
IV
IV
IV
IV .
IV
IV .
III
IV ..
1992: I
II
19931
in
rv
I
nr
2,382.8
2,523.8
2,698.7
2,921.3
3,100.2
3,297.6
3,402.4
3,582.0
1,940.4
2,101.2
2,288.1
2,442.5
2,582.5
2,785.1
3,004.9
3,162.8
3,344.2
3,415.8
3,455.4
3,507.8
3,558.1
3,603.6
3,658.6
3,705.1
3,750.6
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
21.5
22.3
31.3
30.9
40.2
41.9
36.8
43.7
10.2
6.3
21.9
17.8
23.6
42.4
30.9
38.4
43.8
29.8
37.6
45.6
44.9
36.8
47.6
55.7
47.0
18.7
8.7
3.2
4.3
-13.5
14 2
-12.8
-8.9
24.1
22.2
24.3
14.0
4.7
6.8
2.8
-21.6
— 11.1
-16.3
-11.2
-8.7
72
-18.5
-1.2
7.5
12.7
238.4
261.5
279.0
293.4
307.0
321.4
339.5
370.6
169.6
193.8
217.7
250.9
260.9
282.6
302.5
311.4
325.1
344.4
350.1
361.2
366.2
371.3
383.6
388.4
392.4
Includes employer contributions for social insurance. (See also p. 5.)
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Profits
before tax
280.8
271.6
319.8
365.0
362.8
380.6
369.5
407.2
150.3
229.1
261.3
284.9
264.6
343.3
378.3
354.5
362.8
359.0
378.8
409.9
411.7
367.5
439.5
- 432.1
458.1
225.3
227.6
273.4
320.3
325.4
354.7
367.3
390.1
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
359.0
375.4
399.7
395.7
350.1
414.8
407.0
433.4
Inventory
valuation
adjustment
225.0
217.8
287.9
347.5
342.9
365.7
362.3
395.4
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
368.9
362.0
373.5
404.3
409.5
357.9
409.9
419.8
445.6
Total
Capital
consumption
adjustment
Net
interest
55.5
44.1
46.4
44.7
37.4
25.9
2.2
17.1
-9.6
12.9
37.7
56.9
39.6
49.9
37.9
33.9
13.5
.0
3.5
10.2
16.0
17.4
24.7
25.1
24.7
326.2
350.2
360.4
387.7
452.7
463.7
462.8
442.0
256.8
281.8
321.1
331.9
349.7
368.6
408.1
459.8
474.4
464.2
451.9
439.5
440.8
440.1
447.7
450.1
443.2
0.2
9.7
-14.5
-27.3
-17.5
-11.0
4.9
-5.3
-8.6
76
3.5
38
-10.7
-17.8
-31.7
-13.5
-19.5
-3.0
1.9
-4.6
13 7
-7.8
4.9
-12.7
-12.2
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS
[Billions of 1987 dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Period
Total
durable
goods
1984
2,746.1
338.5
1985 .
1986
1987
1988
1989
1990
1991
1992
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
2,865.8
2,969.1
3,052.2
3,162.4
3,223.3
3,272.6
3,258.6
3,341.8
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,242.7
3,256.9
3,267.1
3,267.5
3,302.3
3,316.8
3,350.9
3,397.2
3,403.8
3,432.7
370.1
402.0
403.7
428.7
440.7
443.1
426.6
456.6
272.3
319.1
347.7
369.6
415.7
404.7
439.2
436.8
433.2
420.3
422.0
1992:
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
n
m
rv
I
n
m
IV
1993: I r
n.
1
432.6
431.5
446.6
447.5
459.0
473.4
471.9
484.2
Motor
vehicles
and
parts
160.3
180.2
193.3
183.5
194.8
196.4
192.7
170.5
182.3
123.7
151.6
164.3
173.9
193.6
183.6
197.7
188.3
182.1
169.4
165.9
173.7
173.0
180.6
179.5
180.6
188.6
185.7
191.3
Includes other items, not shown separately.
Furniture and
household
equipment
115.3
123.8
136.3
144.0
155.4
165.8
171.6
180.0
194.8
96.4
109.3
118.7
128.6
141.4
145.9
160.3
167.9
172.3
174.3
180.0
182.7
182.9
188.2
189.8
197.1
204.2
206.5
212.4
Services
Nondurable goods
Durable goods
Total
personal
consumption
expenditures
Other
62.9
66.1
72.4
76.2
78.5
78.5
78.7
76.1
79.5
52.3
58.1
64.8
67.1
80.7
75.2
81.2
80.5
78.8
76.6
76.0
76.2
75.6
77.8
78.2
81.3
80.6
79.7
80.6
Total
nondurable goods
934.6
958.7
991.0
1,011.1
1,035.1
1,051.6
1,060.7
1,048.2
1,062.9
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,058.9
1,057.5
1,048.2
1,051.1
1,049.3
1,044.0
1,052.0
1,055.0
1,062.9
1,081.8
1,076.0
1,083.1
Clothing
Food
shoes
472.3
483.0
494.1
500.7
513.4
515.0
523.9
518.7
520.5
458.3
467.1
475.1
488.2
496.9
502.4
518.0
515.6
525.8
518.7
519.0
518.8
518.2
518.8
515.7
518.2
529.3
526.7
528.6
153.1
158.8
170.3
174.5
178.9
187.8
186.2
184.7
193.7
135.7
147.7
154.7
161.7
171.9
174.5
182.8
190.9
184.5
182.9
187.0
185.9
183.1
188.3
191.1
195.4
200.0
194.8
197.8
Gasoline
and oil
77.9
79.2
82.9
84.7
86.1
87.3
86.4
83.1
83.9
73.4
76.9
79.0
79.5
84.6
85.4
87.5
88.6
84.6
82.7
83.7
83.4
82.5
82.7
83.7
84.7
84.4
83.9
84.1
Fuel
oil and
coal
11.2
11.5
12.1
12.0
12.0
11.4
10.5
10.7
11.9
10.5
11.4
11.1
11.4
12.4
11.9
Other
Total
services l
Housing
220.0
1,473.0
426.8
226.2
231.7
239.1
244.7
250.2
253.8
250.9
252.9
202.8
212.2
222.9
228.0
235.2
1,537.0
1,576.1
1,637.4
1,698.5
1,731.0
1,768.8
1,783.8
1,822.3
1,386.2
1,443.9
1,494.2
1,557.1
1,595.8
1,655.5
1,716.9
1,746.3
1,775.2
1,774.2
1,783.8
1,785.2
1,792.0
1,803.7
1,814.3
1,829.0
1,842.0
1,855.9
1,865.4
435.9
12.0
240.4
246.4
12.0
9.5
10.3
10.6
11.4
10.6
11.1
12.8
11.7
11.9
12.9
12.6
251.8
253.1
253.5
250.9
249.8
249.6
251.1
251.7
252.7
256.2
257.7
259.9
442.1
452.5
461.8
469.2
474.6
478.6
484.2
411.0
419.7
431.3
438.1
444.8
457.0
465.6
471.3
475.9
476.3
478.1
479.4
480.6
481.7
483.2
485.1
486.7
488.8
490.7
Source: Department of Commerce, Bureau of Economic Analysis.
Retail sales of new
passenger cars
(millions of units)
Medical
care
341.9
353.0
366.2
384.7
399.4
408.6
424.6
437.6
449.2
327.8
334.8
344.9
359.1
372.0
390.7
403.0
411.8
429.4
432.6
435.3
438.8
443.6
445.3
447.9
450.4
453.2
458.0
461.1
Domestics
8.0
8.2
8.2
7.1
7.5
7.1
6.9
6.1
6.3
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
6.6
6.2
6.1
6.2
6.1
6.1
6.3
6.2
6.4
6.4
6.9
Imports
2.4
2.8
3.2
3.2
3.1
2.8
2.6
2.3
2.1
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.4
2.2
2.3
2.3
2.2
2.3
2.2
2.0
2.0
2.0
2.1
SOURCES OF PERSONAL INCOME
Personal income increased $70.3 billion (annual rate) in August, after falling $15.8 billion in July. The changes
were affected by the Midwest floods and a drought in the Southeast. Excluding these factors, personal income is
estimated to have risen about three-fourths percent in August and a little less than one-half percent in July.
BILLIONS OF COLLARS* (RATIO SCALE]
6,000
BILLIONS OF COLLARS* (RATIO SCALE!
6,000
5,000
5,000
4,000
4,000
3,000
3,000
WAGE AND SALARY DISBURSEMENTS .
2,000
2,000
1,400
1,400
\
OTHER INCOME
800
800
TRANSFER PAYMENTS
\
I I I I I I I I I I i M i i I i i Ml
400
1985
1988
1987
1986
1989
mill
M I 1 1I I I II
1990
1992
1991
400
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Total
personal
income
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992: Aug
Sept
Oct
.. .
Nov
Dec
1993- Jan
Feb
Mar r.
Apr r
May ..
July r
Au£ p
.. .
3,154.6
3,379.8
3,590.4
3,802.0
4,075.9
4,380.3
4,673.8
4,850.9
5,144.9
5,118.4
5,172.4
5,239.1
5,238.5
5,507.3
5,225.7
5,249.1
5,289.2
5,365.6
5,380.4
5,373.6
5,357.8
5,428.1
Wage and
salary
disbursements 1
1,849.8
1,986.5
2,105.4
2,261.2
2,443.0
2,586.4
2,745.0
2,815.0
2,973.1
2,981.6
2,976.3
3,002.5
3,021.1
3,263.9
2,970.9
2,976.3
2,975.8
3,068.3
3,093.8
3,086.0
3,101.7
3,128.8
Proprietors' income 3
Other labor
income L z
184.7
191.8
200.7
210.4
230.5
251.9
274.3
296.9
322.7
326.0
327.9
329.8
331.5
333.1
335.8
338.5
341.2
343.9
346.6
349.3
352.0
354.7
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
2
Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
Farm
21.3
21.5
22.3
31.3
30.9
40.2
41.9
36.8
43.7
31.5
43.8
58.0
38.6
46.2
36.9
48.2
82.0
59.7
45.2
36.0
6.2
28.3
4
214.7
238.4
261.5
279.0
293.4
307.0
321.4
339.5
370.6
370.5
373.2
380.7
382.4
387.8
388.4
388.7
388.2
389.7
392.7
394.8
395.1
399.8
Rental
income of
persons 4
23.3
18.7
8.7
3.2
4.3
-13.5
142
-12.8
89
-42.7
8.0
-1.8
-1.4
4
4.9
9.5
8.1
14.3
12.0
11.9
3.5
12.6
Personal
dividend
income
78.8
87.9
104.7
100.4
108.4
126.5
144.4
127.9
140.4
145.2
147.4
149.7
152.0
155.3
156.7
157.1
157.2
157.5
157.8
158.2
158.6
159.0
Personal
interest
income
461.9
498.1
531.7
548.1
583.2
668.2
698.2
715.6
694.3
691.9
689.6
692.2
694.8
696.6
695.7
695.3
695.2
694.1
693.1
692.0
693.0
694.5
Transfer
payments
452.9
485.9
517.8
542.2
576.7
625.0
687.6
769.9
858.4
864.5
872.2
879.7
872.4
880.2
892.4
892.6
898.3
901.7
904.5
910.2
913.5
918.2
Less:
Personal
contributions
for social
insurance
132.8
149.1
162.1
173.6
194.5
211.4
224.9
237.8
249.3
250.3
250.1
251.6
252.9
255.4
256.1
256.9
256.9
263.5
265.3
264.9
265.9
267.8
Nonfarm
personal
income 6
3,106.1
3,333.2
3,545.6
3,749.4
4,023.9
4,318.0
4,608.6
4,792.0
5,080.1
5,065.9
5,107.7
5,160.2
5,178.9
5,440.2
5,167.4
5,179.0
5,185.1
5,283.7
5,312.8
5,315.0
5,329.0
5,377.1
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
5
6
DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in 1987 dollars rose sharply in the second
quarter of 1993.
BILLIONS OF DOLLARS' (RATIO SCALE!
BIIUONS OF DOLLARS' (RATIO SCALE!
3,000
2,500
2,500
2,0001-in i I i i i I i i i I i i i I i
I I I I I I I I I I 2,000
DOLLARS' (RATIO SCALE!
18,000
DOLLARS- (RATIOSCALE!
PER CAPITA DISPOSABLE PERSONAL INCOME
CURREN1 DOLLARS
18,000
"^
16,000
^
_. ••"
14,000
—' ^^'
\
12,000
1987DOL .ARS
" "
" '
8,000
"
-
'^
12,000
10,000
16,000
_J»-nr
14,000
—•
i i
1982
10,000
^
\ \ \
1 1 1
1983
1984
1
1
1985
\
\ 1
1986
\
\ \
1987
1 1 1
• 1988
1
1 1
1989
1
1 1
1990
1
1 1
1991
1
1 1
1992
1
8,000
1993
COUNCIL OF ECONOMIC ADVISERS
Period
Personal
income
Less:
Personal
tax and
nontax
payments
Disposable
personal
income
Less:
Persona!
outlays1
Equals:
Personal
saving
Disposable
personal
income in
1987
dollars
(billions)
Current
dollars
Billions of dollars
1984
1985
1986
1987
1988
1989
1990
1991
1992
3,154.6
3,379.8
3,590.4
3,802.0
4,075.9
4,380.3
4,673.8
4,850.9
5,144.9
395.1
436.8
459.0
512.5
527.7
593.3
623.3
620.4
644.8
2,759.5
2,943.0
3,131.5
3,289.5
3,548.2
3,787.0
4,050.5
4,230.5
4,500.2
Per capita personal
consumption
expenditures
Per capita
disposable personal
income
1987
dollars
Current
dollars
1987
dollars
222.0
189.3
187.5
142.0
155.7
152.1
170.0
201.5
238.7
3,080.1
3,162.1
3,261.9
3,289.5
3,404.3
3,464.9
3,524.5
3,529.0
3,632.5
11,673
12,339
13,010
13,545
14,477
15,307
16,205
16,741
17,615
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
overseas
(thousands)2
Percent
Dollars
2,537.5
2,753.7
2,944.0
3,147.5
3,392.5
3,634.9
3,880.6
4,029.0
4,261.5
Percent
change in
real per
capita
disposable
personal
income
13,029
13,258
13,552
13,545
13,890
14,005
14,101
13,965
14,219
10,408
11,184
11,843
12,568
13,448
14,241
15,048
15,459
16,205
11,617
12,015
12,336
12,568
12,903
13,029
13,093
12,895
13,081
12,154
12,591
13,145
13,278
13,522
13,685
13,996
14,015
14,018
13,971
14,000
13,927
13,963
14,073
14,142
14,169
14,490
14,163
14,326
9,134
9,980
10,649
11,445
12,101
12,819
13,814
14,491
15,283
15,273
15,409
15,530
15,621
15,906
16,072
16,249
16,589
16,704
16,907
10,895
11,390
11,739
12,095
12,472
12,615
13,020
13,053
13,010
12,885
12,908
12,911
12,876
12,981
13,002
13,098
13,241
13,234
13,312
5.5
1.8
2.2
— .1
2.5
.8
.7
— 1.0
1.8
6.4
6.0
4.3
4.4
4.0
4.2
4.8
5.3
236,393
238,510
240,691
242,860
245,093
247,397
249,951
252,699
255,472
7.7
6.8
7.9
6.0
4.8
5.0
4.3
3.9
4.3
4.8
4.9
4.4
4.9
5.0
5.3
4.9
6.0
3.9
4.4
233,060
235,146
237,231
239,387
241,550
243,745
246,004
248,372
251,035
251,659
252,312
253,048
253,776
254,392
255,090
255,836
256,569
257,197
257,872
8.0
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
1993:
IV
2,746.8
IV
2,965.8
IV
3,242.5
IV
3,456.7
IV
3,647.8
IV
3,918.5
IV
4,195.2
4,469.4
IV
IV.... 4,759.1
I
4,783.9
n
4,833.4
m ... 4,858.8
IV.... 4,927.5
I
5,017.8
5,093.8
n
m ... 5,139.8
IV.... 5,328.3
5,254.7
I
n r.... 5,373.2
372.1
371.6
413.4
448.8
478.5
528.6
542.0
605.1
625.2
616.4
616.6
619.7
628.8
630.9
634.6
642.8
670.7
657.1
681.0
2,374.7
2,594.3
2,829.1
3,007.9
3,169.3
3,389.9
3,653.2
3,864.3
4,133.9
4,167.5
4,216.8
4,239.1
4,298.8
4,386.9
4,459.2
4,497.0
4,657.6
4,597.5
4,692.2
2,190.9
2,417.9
2,606.5
2,828.7
3,018.2
3,220.1
3,496.7
3,715.5
3,957.7
3,966.0
4,010.7
4,052.3
4,087.0
4,169.4
4,221.3
4,277.3
4,377.9
4,419.7
4,483.6
183.8
176.3
222.6
179.2
151.1
169.8
156.4
148.8
176.2
201.5
206.0
186.8
211.7
217.5
237.9
219.6
279.7
177.9
208.7
2,832.6
2,960.6
3,118.5
3,178.7
3,266.2
3,335.8
3,443.1
3,480.9
3,519.0
3,515.9
3,532.5
3,524.2
3,543.4
3,580.1
3,607.5
3,624.8
3,717.6
3,642.6
3,694.4
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
16,560
16,712
16,752
16,939
17,245
17,481
17,577
18,153
17,876
18,196
-0.5
7.2
1.0
1.8
— 1.7
5.2
3.2
1.8
-1.7
-1.3
.8
-2.1
1.0
3.2
2.0
.8
9.4
-8.7
4.7
2
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
in the first quarter of 1993, according to revised estimates, gross farm income rose $3.9 billion (annual rate) and
net farm income rose $6.8 billion.
BILUC NS OF COLLARS' |RATIO SCALE]
BILLIONS OF DOLLARS' (RATIOSCALE]
240
200
160
^^-^
/•—•
v
•^S'
^ ^
.
—
*~
240
200
•*
'
160
V ^"'^ f~^
"
~
1
120
120
GRO. .S FARM INCOME
80
80
60
60
x
'\
40
20
\
\
'\
\
1
^
1
1
\-'
/
2
\
^j\
1
1
1
10
/
'
.
'-->/' X/.
\
1
\ 1
if
v
40
•JET FARM NCOME
20
/\ |
10
1 I *
1/
11
1
1
1 1
1982
1
1 1
1983
1
1 1
1
1984
1 1
1985
1
1 1
1986
1
1 1
1
1987
1
1
1
1
1989
1988
1
1
1
1990
1
1
1991
•SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
1
1
1 1
1
1992
2
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from fanning
Net farm income
Gross farm income
Period
Cash marketing receipts
Total 1
Total
1984
1985
.. .
1986
1987
1988 r
1989 '
1990 *
1991 r
1992 *
1991: I r r
nr
m
IV
1992: I r r
nr
mr
rv
1993: I r
. . ..
168.0
161.2
156.1
168.5
175.8
190.9
196.4
190.3
197.7
190.5
191.2
186.8
192.7
199.6
202.8
197.3
191.3
195.2
142.8
144.1
135.4
141.8
151.2
161.2
170.0
168.7
171.2
166.5
166.8
172.2
169.4
167.1
174.2
178.9
164.5
168.0
Livestock and
products
69.9
74.3
63.8
65.9
71.7
77.0
80.1
81.9
84.8
76.9
79.2
87.3
84.4
82.9
88.1
93.6
74.6
83.0
72.9
69.8
71.6
76.0
79.4
84.1
89.8
86.8
86.4
89.6
87.6
84.9
85.0
84.2
86.0
85.3
89.9
85.1
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
Crops
3
Value of
inventory
changes 2
6.0
-2.3
2.2
-2.3
3.4
4.8
3.4
-.3
3.8
1.2
.6
.1
3.1
4.7
4.3
3.5
2.5
-1.3
Production
expenses
Current
dollars
141.9
132.4
125.1
128.8
137.0
144.0
149.9
150.3
149.1
147.5
149.8
151.7
152.2
146.3
148.6
150.4
151.0
148.1
1987 dollars 3
26.1
28.8
31.1
39.7
38.8
46.9
46.5
40.0
48.6
43.0
41.4
35.2
40.5
53.3
54.2
46.8
40.3
47.1
Income in current dollars divided by the GDP implicit price deflator.
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
28.7
30.5
32.0
39.7
37.3
43.2
41.0
34.0
40.2
37.0
35.3
29.8
34.1
44.4
44.8
38.6
33.0
38.2
CORPORATE PROFITS
In the second quarter of 1993, according to revised estimates, corporate profits before tax rose $25.8 billion
(annual rate) and profits after tax rose $13.4 billion.
BIQJONS OF DOLLARS
BILUONS OF DOLLARS
150
100
50
1983
1992
1984
SOURCE: DEPARTMENT OF COMMERCE
:OUNCIL OF ECONi
[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
Total2
Total
1984
1985
1986
1987
1988 .. .
1989
1990
1991
1992
1982- IV
1983: IV
1984- IV
1985: IV
1986: IV
1987- IV
1988: IV
1989- IV
1990: IV
1991- I
1992-
n
TTT
rv
I
n
m
IV
1993: I
Ur
1
2
236.4
225.3
227.6
273.4
320.3
325.4
354.7
367.3
390.1
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
364.6
370.1
359.0
375.4
399.7
395.7
350.1
414.8
407.0
433.4
205.2
194.5
194.6
233.9
271.2
266.0
286.7
300.4
327.8
130.8
182.6
192.9
193.5
192.5
246.3
285.9
254.8
273.8
291.9
303.6
299.3
306.8
328.5
334.2
288.6
360.1
348.0
375.3
Financial
20.3
28.7
35.8
36.4
41.8
50.6
65.7
80.7
78.1
23.0
22.1
20.3
29.0
34.7
39.4
46.1
52.5
66.6
75.9
81.0
84.2
81.6
97.9
87.7
44.6
82.0
92.3
96.4
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Total
3
185.0
165.8
158.9
197.5
229.4
215.3
221.1
219.7
249.8
107.8
160.5
172.6
164.5
157.8
207.0
239.7
202.3
207.2
216.0
222.6
215.1
225.2
230.5
246.5
244.0
278.1
255.7
278.9
Manufacturing
Wholesale and
retail
trade
86.7
80.1
59.0
87.0
117.5
108.0
109.1
89.8
115.5
50.1
90.5
79.2
83.3
63.9
98.7
129.3
94.5
98.5
91.5
89.6
89.3
88.9
98.9
115.7
119.3
128.0
118.9
132.5
49.7
43.1
46.3
39.9
37.1
39.7
37.2
47.4
46.3
33.8
40.7
50.8
39.0
43.1
39.3
39.3
39.2
36.2
46.5
49.6
45.6
47.8
40.0
46.0
41.3
57.7
46.0
55.4
Profits
hefore
tax
Tax
liability
240.5
94.0
225.0
96.5
217.8
106.5
287.9
127.1
347.5 - 137.0
342.9
141.3
365.7
138.7
362.3
129.8
146.3
395.4
168.6
58.7
223.8
82.2
220.1
83.8
97.6
231.8
116.6
235.7
311.2
135.2
146.2
372.2
134.2
334.1
368.9
137.0
125.4
356.5
128.0
357.4
362.0
132.5
133.4
373.5
404.3
147.0
409.5
153.0
130.1
357.9
409.9
155.0
419.8
160.9
445.6
173.3
Total
146.4
128.5
111.3
160.8
210.5
201.6
227.1
232.5
249.1
109.9
141.6
136.3
134.2
119.2
176.0
226.0
200.0
231.8
231.1
229.4
229.5
240.1
257.3
256.5
227.8
254.9
258.9
272.3
Dividends
82.7
92.4
109.8
106.2
115.3
134.6
153.5
137.4
150.5
72.5
84.2
83.4
97.4
111.0
106.3
121.0
141.3
153.7
145.9
136.2
133.4
133.9
138.0
146.1
155.2
162.9
167.5
168.5
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
63.8
36.1
1.6
54.6
95.2
67.1
73.6
95.2
98.6
37.5
57.4
52.9
36.9
8.2
69.7
1(55.0
58.7
78.1
85.2
93.2
96.1
106.1
119.3
110.4
72.7
92.0
91.4
103.9
Inventory
valuation
adjustment
41
.2
9.7
-14.5
-27.3
-17.5
-11.0
4.9
-5.3
86
-7.6
3.5
-3.8
-10.7
17 8
-31.7
-13.5
-19.5
8.2
12.7
-3.0
1.9
-4.6
-13.7
-7.8
4.9
12 7
-12.2
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
According to revised estimates for the second quarter of 1993, nonresidential fixed investment in 1987 dollars rose
$22.0 billion (annual rate) and residential investment fell $5.2 billion. There was a $13.0 billion increase in
inventories, following an increase of $29.3 billion in the first quarter.
BILLIONS OF 1987 DOLLARS
BILLIONS OF 1987 DOLLARS
900
900
SEASONALLY ADJUSTED ANNUAL RATES
800
700
600
600
500
500
400
RESIDENTIAL
FIXED INVESTMENT
300
300
200
200
CHANGE IN BUSINESS
INVENTORIES
100
-100
-100
1988
1984
1990
1991
1992
1993
COUNCIL OF ECONOMiC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period
Gross
private
domestic
investment
Change in business
inventories
Nonresidential
Total
Total
Structures
Producers'
durable
equipment
214.2
194.5
169.5
197.1
244.0
287.0
320.1
327.2
325.0
332.7
363.1
356.9
367.4
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
176.3
—44.9
29.3
47.9
30.2
-20.1
59.9
20.9
24.9
-20.9
-46.2
32.3
50.8
28.0
-18.6
62.1
30.5
31.2
-18.7
169.0
165.2
155.6
151.0
352.5
352.6
357.2
355.2
163.8
164.3
171.0
179.1
— 17.4
-22.3
-.9
7.1
-18.7
— 26.2
.0
10.3
510.5
528.8
533.8
543.7
152.8
152.9
148.8
148.0
357.7
375.9
385.1
395.7
186.2
195.6
196.2
210.6
-5.0
12.6
9.6
8.7
-9.6
7.0
5.8
7.5
562.3
584.3
148.2
151.1
414.1
433.2
211.4
206.2
29.3
13.0
29.3
17.1
490.2
521.8
500.3
497.8
530.8
540.0
546.5
514.5
529.2
182.8
197.4
176.6
171.3
174.0
177.6
179.5
160.2
150.6
307.4
324.4
323.7
326.5
356.8
362.5
367.0
354.3
378.6
503.5
669.5
756.4
763.1
705.9
793.8
785.0
769.5
695.7
548.4
640.2
708.4
732.9
725.9
733.9
764.1
744.6
716.6
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
173.2
162.6
189.5
198.3
170.4
177.9
175.7
179.8
172.8
667.8
659.8
682.8
692.3
685.2
682.1
683.8
685.2
521.4
517.8
512.8
506.1
1992- I
II
691.7
737.0
739.6
763.0
696.7
724.4
730.0
754.3
1993: I r
803.0
803.6
773.7
790.6
1982:
19831984:
19851986198719881989:
1990-
.. .
IV
IV
IV
IV
IV
IV
IV
IV
IV
1991- I
n
TJI
IV
.
m
rv
n
Source: Department of Commerce, Bureau of Economic Analysis.
Nonfarm
66.2
19.8
10.6
32.7
26.9
29.9
3.2
-8.6
2.7
689.6
723.8
726.5
723.0
753.4
754.2
741.1
684.1
726.4
1985
19L6
1987
1988
1989
1990
1991
1992
Total
67.9
22.1
8.5
26.3
19.9
29.8
5.7
-8.4
6.5
757.5
745.9
735.1
749.3
773.4
784.0
746.8
675.7
732.9
1984
Residential
199.3
202.0
226.2
225.2
222.7
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department July-August 1993 survey, business spending for new plant and equipment
is expected to rise 7.1 percent in 1993, following a rise of 3.4 percent in 1992.
BILLIONS OF DOLLARS (RATIO SCALE]
600
BILLIONS OF DOLLARS (RATIO SCALE)
600
500
40
0
300
NONMANUFACTURING
200
200
MANUFACTURING
100
1984
I
_L_L
1985
I I
1986
I
1987
I I
1988
-L_L
1990
1989
JL_L
1991
I/SURVEYED QUARTERLY
^ySEE FOOTNOTE * BELOW
SOURCE: DEPARTMENT Of COMMERCE
1992
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanufacturing
Manufacturing
All
industries
Total
1982
1983
1984
1985
1986
1987
1988....
1989
1990 ...
1991
1992 r...
1993 4
326.19
321.16
373.83
410.12
399.36
410.52
455.49
507.40
532.61
528.39
546.60
585.20
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.90
1991: I r r
534.02
525.74
526.76
529.51
Period
n
mr
IV '
1992- I r r
H r
m
IV
1993- I r r
U4
m
TV*
1
Nonmanufacturing
Manufacturing
Surveyed
quarterly
Nondurable
goods
Total 1
Mining
Transportation
Public
utilities
Commercial
and
other
54.58
51.61
64.57
70.87
65.68
68.03
77.04
82.56
82.58
77.64
73.32
80.94
69.39
65.74
75.04
82.01
72.28
73.03
86.41
101.24
110.04
105.17
100.69
98.95
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
405.31
14.11
10.64
11.86
12.00
8.15
8.28
9.29
9.21
9.88
10.02
8.88
9.29
11.75
10.81
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.66
22.64
22.98
53.58
52.95
57.53
59.58
56.61
56.26
60.37
66.28
67.21
66.57
72.21
75.65
122.79
129.41
151.39
171.09
181.59
189.84
205.76
229.28
241.43
246.32
268.84
297.39
190.93
186.82
178.12
178.31
80.92
79.16
75.18
76.40
110.00
107.65
102.94
101.92
343.10
338.92
348.64
351.20
9.99
10.08
9.99
10.02
23.02
22.69
22.03
23.02
67.18
65.10
66.94
66.94
242.91
241.05
249.67
251.22
190.93
186.82
178 12
178.31
534.85
541.41
547.40
559.24
173.82
171.98
172.86
176.86
73.98
74.07
72.09
73.30
99.85
97.91
100.77
103.56
361.03
369.44
374.54
382.38
8.92
9.20
8.98
8.47
21.83
23.15
23.91
21.60
69.00
72.63
72.18
74.07
261.27
264.46
269.46
278.24
173.82
171.98
172.86
176.86
361.03
369.44
374.54
382.38
564.13
579.79
598.91
597.98
175.05
177.09
186.69
180.75
79.11
80.88
82.73
81.06
95.94
96.21
103.96
99.69
389.08
402.70
412.21
417.23
8.89
9.10
9.65
9.52
22.47
21.58
24.42
23.44
73.51
74.55
77.88
76.66
284.21
297.46
300.26
307.62
175.05
177.09
18669
180.75
Surveyed
annually"
343.10
338.92
348.64
351.20
389.08
402.70
412 21
417.23
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 ("nonmanufacturiag surveyed annually") for data for
these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
10
Total
nonfarm
business 2
363.08
359.73
418.38
454.93
447.11
461.51
508.22
563.93
591.96
587.93
607.71
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.90
Total
239.11
242.38
278.77
302.05
309.16
320.45
344.77
380.13
399.34
405.12
433.69
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
405.31
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
59.35
59.54
61.11
3
Consists of forestry, fisheries, and agricultural services; professional services; social services and
membership organizations; and real estate.
4
Planned capital expenditures as reported by business in July-August 1993, corrected for biases.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In August, civilian employment rose by 409,000 and unemployment fell by 108,000.
MILL ONS OF PERSONS*
MILLIONS OF PERSO NS*
130
130
SEASONALLY ADJUSTED
r^
126
CIVILIAN L 4.BOR FORCE
r^ —""
122
r^^
^^^"
1
118
114
110
'
'\
^——•*.*-
-S^~^
126
*.
122
118
^~~'~"~^
>s
-
CIVILIAN
EMPLOYMENT
114
110
-
y"
106
106
102
102
12
12
UNEMPLOYMENT
i M MIi ii
1985
1986
1987
1988
1990
1989
1991
1992
*16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
1993
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
Noninstitutional
population
including
resident
Armed
Forces
Unemployment
Civilian employment
Resident
Armed
Forces
NSA
Labor force
including
resident
Armed
Forces
Employment
including
resident
Armed
Forces
Civilian
labor force
Total
Agricultural
Part time
Total
NSA
for
Civilian
15
Total
economic
reasons 1
weeks
and over
Labor
force
participation
rate
Employment/
population
ratio
(per-
Nonagricultural
cent) z
cent) 2
(per-
175,891
178,080
179,912
182,293
184,490
186,322
188,081
189,686
191,329
193,142
1983
1984
1985
1986*
1987
1988
1989
1990
1991
1992
1,676
1,697
1,706
1,706
1,737
1,709
1,688
1,637
1,564
1,566
113,226
115,241
117,167
119,540
121,602
123,378
125,557
126,424
126,867
128,548
102,510
106,702
108,856
111,303
114,177
116,677
119,030
119,550
118,440
119,164
111,550
113,544
115,461
117,834
119,865
121,669
123,869
124,787
125,303
126,982
100,834
105,005
107,150
109,597
112,440
114,968
117,342
117,914
116,877
117,598
3,383
3,321
3,179
3,163
3,208
3,169
3,199
3,186
3,233
3,207
97,450
101,685
103,971
106,434
109,232
111,800
114,142
114,728
113,644
114,391
5,997
5,512
5,334
5,345
5,122
4,965
4,657
4,860
5,767
6,116
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
4,210
2,737
2,305
2,232
1,983
1,610
1,375
1,504
2,323
3,354
64.0
64.4
64.8
65.3
65.6
65.9
66.5
66.4
66.0
66.3
57.9
59.5
60.1
60.7
61.5
62.3
63.0
62.7
61.6
61.4
193,356
193,513
193,683
193,847
194,026
1,566
1,566
1,552
1,531
1,517
128,970
128,840
128,618
128,896
129,108
119,346
119,290
119,239
119,595
119,828
127,404
127,274
127,066
127,365
127,591
117,780
117,724
117,687
118,064
118,311
3,218
3,221
3,169
3,209
3,262
114,562
114,503
114,518
114,855
115,049
6,099
6,096
6,151
6,230
6,063
9,624
9,550
9,379
9,301
9,280
3,547
3,522
3,564
3,446
3,605
66.4
66.3
66.1
66.2
66.3
61.4
61.3
61.3
61.4
61.5
194,159
194,298
194,456
194,618
194,767
194,933
195,104
195,275
1,515
1,512
1,497
1,492
1,484
1,477
1,471
1,482
128,598
128,839
128,926
128,833
129,615
129,604
129,541
129,852
119,586
119,963
120,062
119,908
120,757
120,696
120,772
121,192
127,083
127,327
127,429
127,341
128,131
128,127
128,070
128,370
118,071
118,451
118,565
118,416
119,273
119,219
119,301
119,710
3,191
3,116
3,082
3,060
3,070
3,024
3,039
2,980
114,879
115,335
115,483
115,356
116,203
116,195
116,262
116,729
5,887
6,242
5,965
6,238
6,268
6,176
6,255
6,287
9,013
8,876
8,864
8,925
8,858
8,908
8,769
8,661
3,317
3,143
3,073
2,926
3,004
2,849
3,037
3,032
66.0
66.0
66.0
65.9
66.3
66.2
66.1
66.2
61.3
61.4
61.4
61.3
61.7
61.6
61.6
61.8
1992:
Sept
Oct
Nov
Dec
.
. .
1993:
Feb .
Mar
May
T 3
July
. }
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutional population.
* Data beginning January 1986 not strictly comparable with earlier data because of change in
estimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In August, the civilian unemployment rate fell from 6.8 percent to 6.7 percent.
PERCENT* (SEASONALLY ADJUSTED]
PERCENT* (SEASONALLY ADJUSTED)
T
15
V
10
vv
10
MEN 20 YEARS
AND OVER
WOMEN 20 YEARS
AND OVER
1989
1993
1990
1993
1992
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
9.6
7.4
7.1
6.9
6.1
5.4
5.2
5.4
6.6
7.3
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
All
civilian
workera
9.5
Period
Unemployment
rate,
all
workers 1
By selected groups
By race
By sex and age
Both
sexes
16-19
years
Men
20 years
and over
Women
20 years
and
over
7.5
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
8.9
6.6
6.2
6.1
5.4
4.8
4.5
4.9
6.3
7.0
8.1
6.8
6.6
6.2
5.4
4.9
4.7
4.8
5.7
6.3
22.4
18.9
18.6
18.3
16.9
15.3
15.0
15.5
18.6
20.0
Black
and
other
Black
Experienced
wage and
salary
workers
8.4
6.5
6.2
6.0
5.3
4.7
4.5
4.7
6.0
6.5
17.8
14.4
13.7
13.1
11.6
10.4
10.0
10.1
11.1
12.7
19.5
15.9
15.1
14.5
13.0
11.7
11.4
11.3
12.4
14.1
9.2
7.1
6.8
6.6
5.8
5.2
5.0
5.3
6.5
7.1
6.5
4.6
4.3
4.4
3.9
3.3
3.0
3.4
4.4
5.0
12.2
10.3
10.4
9.8
9.2
8.1
8.1
8.2
9.1
9.9
9.5
7.2
6.8
6.6
5.8
5.2
4.9
5.2
6.5
7.1
10.4
9.3
9.3
9.1
8.4
7.6
7.3
7.4
8.3
9.2
White
Married
men,
spouse
present
Women
who
maintain
families
Fulltune
workers
Parttime
workers
Labor
force
time lost
(percent) 2
10.9
8.6
8.1
7.9
7.1
6.3
5.9
6.2
7.6
8.3
1992:
Aug ....
Sept ....
Get
Nov ....
Dec
7.5
7.4
7.3
7.2
7.2
7.6
7.5
7.4
7.3
7.3
7.2
7.1
7.2
6.9
6.8
6.4
6.4
6.2
6.2
6.4
19.9
20.4
18.9
20.2
19.2
6.6
6.6
6.5
6.4
6.3
12.9
12.6
12.5
12.6
12.8
14.2
13.9
14.1
14.0
14.2
7.2
7.2
7.1
7.0
7.0
5.3
5.2
5.1
4.9
4.8
10.3
9.1
9.3
10.4
10.3
7.3
7.2
7.1
7.0
6.9
9.1
9.5
9.2
9.2
9.7
8.4
8.3
8.3
8.3
8.1
1993:
Jan
Feb
Mar
Apr
May
June ...
July
Aug
7.0
6.9
6.9
6.9
6.8
6.9
6.8
6.7
7.1
7.0
7.0
7.0
6.9
7.0
6.8
6.7
6.4
6.5
6.7
6.4
6.4
6.5
6.5
6.4
6.4
6.0
5.7
6.0
5.9
5.9
5.8
5.7
19.7
19.6
19.5
20.7
19.7
19.8
18.2
18.2
6.2
6.1
6.1
6.0
6.0
6.1
6.0
5.9
12.9
12.0
12.0
12.5
11.7
12.0
11.7
11.6
14.2
13.1
13.5
13.8
12.9
13.3
12.9
12.5
6.8
6.7
6.6
6.7
6.5
6.6
6.6
6.5
4.5
4.5
4.7
4.5
4.5
4.4
4.6
4.4
10.6
10.2
9.0
9.6
9.9
9.8
9.8
8.7
6.7
6.6
6.6
6.6
6.6
6.6
6.7
6.5
9.3
9.1
8.9
9.7
8.4
7.9
7.9
7.9
7.8
7.9
7.8
7.8
7.7
1
2
Unemployed aa percent of total labor force including resident Armed Forces.
Aggregate hours lost by the unemployed and persons on part time for economic reasons as per-
12
cent of potentially available labor force hours.
Source: Department of Labor, Bureau of Labor Statistics.
8.9
8.3
8.4
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In August, there was a decrease in the percentage of the unemployed who had been out of work for less than 5
weeks; there were increases in the percentages for 5-14 weeks, for 15-26 weeks, and for 27 weeks and over. The
mean duration of unemployment rose to 18.3 weeks and the median duration rose to 8.4 weeks.
PERCENT DISTRIBUTION'
70
PERCENT DISTRIBUTION*
70
REASON FOR UNEMPLOYMENT
JOB LOSERS
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
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) 1
Weekly average, thousands
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992- Aug
Sept
Oct
Nov
Dec
1993- Jan
Feb
Mar
May
T J
July
. '
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
9,624
9,550
9,379
9,301
9,280
9,013
8,876
8,864
8,925
8,858
• 8,908
8,769
8,661
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
46.1
40.1
34.9
34.0
34.0
33.9
33.2
32.6
36.1
36.5
35.5
38.2
37.7
36.8
37.0
34.5
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
32.0
32.3
29.4
29.4
29.5
28.3
30.2
28.8
27.4
28.1
29.4
28.4
28.2
31.3
28.7
30.6
16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
11.8
14.5
15.2
15.5
14.8
15.7
15.3
16.5
15.5
13.9
14.4
14.5
14.3
12.9
14.6
14.9
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
10.1
13.0
20.6
21.1
21.7
22.2
21.4
22.1
21.1
21.5
20.7
18.8
19.8
19.1
19.7
20.0
1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Railroad (RR) programs included through 1991. Also includes
Federal and State extended benefit programs. Does not include Federal supplemental compensation
program.
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.1
13.8
17.9
18.3
18.5
19.2
18.4
19.2
18.7
18.3
17.5
17.4
17.6
17.6
17.9
18.3
8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
5.4
6.9
8.8
8.9
9.3
9.3
9.4
9.4
8.5
8.2
8.3
8.5
8.1
8.1
8.2
8.4
58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
48.3
54.7
56.4
56.3
56.5
58.5
55.9
55.4
54.0
52.3
54.2
53.9
52.9
54.6
56.1
57.0
7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.5
10.0
9.7
10.5
10.5
9.1
11.8
12.3
11.3
10.9
10.6
10.2
9.6
22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
27.4
24.8
23.7
23.4
23.6
23.5
23.6
24.1
26.1
25.9
23.0
24.3
25.9
25.0
23.9
23.8
11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.5
9.8
9.8
8.3
10.0
10.0
10.7
10.0
10.5
10.5
10.2
9.7
9.8
9.5
4,061
3,396
2,476
2,611
2,650
2,332
2,081
2,158
2,522
3,342
3,245
3,178
3,168
3,035
2,937
2,783
2,715
2,640
2,701
2,764
2,770
2,813
2,832
2,796
583
438
377
396
378
328
310
330
388
447
408
387
402
365
359
341
353
343
362
347
341
343
352
r
327
4,594
3,775
2,561
2,693
2,746
2,401
2,135
2,205
2,575
3,406
3,339
3,114
2,814
2,537
2,670
3,064
3,390
3,344
3,394
2,929
2,597
2,806
2,655
2,721
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 fell by 39,000 in August.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
32
110
ALL NONAGRICULTURAL
ESTABLISHMENTS
100
SERVICE-PRODUCING
INDUSTRIES
70
50
40
GOODS-PRODUCING
INDUSTRIES
30
/
CONST tucrioN
I I II iTl I
1989
1992
|l M 1 1 1 1 1 1 1 1
'
1993
1989
II 1 II II III III II 1 1 1 II ll II II l>
1991
1992
1993 '
1 1 1 M 1 IE 1 1 1 M i l l
1990
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OE LABC
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; 1 seasonally adjusted]
Goods-producing industries
Period
1983
1984
1985
1986
1987
1988
1989
1990
1991 ..
1992
1992: Aug....
Sept....
Oct
Nov....
Dec
1993: Jan
Feb
Mar
Apr ....
May....
June ...
July".
Aug "..
Total
nonagricultural
employment
90,132
94,408
97,387
99,344
101,958
105,210
107,895
109,419
108,256
108,519
108,615
108,674
108,789
108,921
109,079
109,235
109,539
109,565
109,820
110,058
110,101
110,312
110,273
Service-producing industries
Manufacturing
Total 2
23,330
24,718
24,842
24,533
24,674
25,125
25,254
24,905
23,745
23,142
23,073
23,012
22,995
22,995
22,985
23,001
23,069
23,016
22,980
23,006
22,941
22,948
22,894
Construction
3,946
4,380
4,668
4,810
4,958
5,098
5,171
5,120
4,650
4,471
4,459
4,447
4,466
4,462
4,459
4,454
4,515
4,481
4,517
4,577
4,574
4,596
4,588
Total
Durable
goo s
18,432
19,372
19,248
18,947
18,999
19,314
10,707
11,476
11,458
19,391
19,076
18,406
18,040
17,991
17,949
17,911
17,917
17,913
17,936
17,954
17,935
17,863
17,827
17,771
17,757
17,715
11,195
11,154
11,363
11,394
11,109
10,569
10,237
10,192
10,164
10,135
10,142
10,136
10,152
10,163
10,144
10,090
10,047
10,011
9,991
9,965
Nondurable
goods
7,725
7,896
7,790
7,752
7,845
7,951
7,997
7,968
7,837
7,804
7,799
7,785
7,776
7,775
7,777
7,784
7,791
7,791
7,773
7,780
7,760
7,766
7,750
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived
from this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes, bad
14
Total
66,821
69,690
72,544
74,811
77,284
80,086
82,642
84,514
84,511
85,377
85,542
85,662
85,794
85,926
86,094
86,234
86,470
86,549
86,840
87,052
87,160
87,364
87,379
Transportation
and
public
utilities
4,952
5,156
5,233
5,247
5,362
5,514
5,625
5,793
5,762
5,709
5,701
5,704
5,699
5,699
5,707
5,719
5,725
5,724
5,720
5,719
5,711
5,704
5,703
Finance,
Wholesale
trade
5,283
5,568
5,727
5,761
5,848
6,030
6,187
6,173
6,081
6,045
6,037
6,037
6,052
6,061
6,062
6,086
6,097
6,103
6,110
6,125
6,110
6,126
6,117
Retail
trade
15,587
16,512
17,315
17,880
18,422
19,023
19,475
19,601
19,284
19,346
19,359
19,380
19,402
19,405
19,460
19,523
19,629
19,604
19,648
19,702
19,751
19,785
19,785
insurance,
and real
estate
5,466
5,684
5,948
6,273
6,533
6,630
6,668
6,709
6,646
6,571
6,558
6,565
6,570
6,569
6,575
6,578
6,577
6,574
6,585
6,588
6,590
6,602
6,604
Government
Services
Total
19,664
20,746
21,927
15,869
16,024
16,394
22,957
24,110
25,504
26,907
27,934
28,336
29,053
29,178
29,247
29,361
29,430
29,524
29,573
29,665
29,756
29,977
30,099
30,175
30,304
30,338
16,693
17,010
17,386
17,779
18,304
18,402
18,653
18,709
18,729
18,710
18,762
18,766
18,755
18,777
18,788
18,800
18,819
18,823
18,843
18,832
Federal
2,774
2,807
2,875
2,899
2,943
2,971
2,988
3,085
2,966
2,969
2,961
2,966
2,945
2,943
2,968
2,945
2,944
2,938
2,923
2,912
2,901
2,901
2,898
weather, etc., even if they are not paid for the time off; and which are based on a sample of the
working-age population, whereas the estimates in this table are based on reports from employing
establishments.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY
EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average weekly hours
Average gross hourly earnings
Manufacturing
Period
Total
private
nonagricultural 1
1983
Total
Average gross weekly earnings
Total private
nonagricultural 1
Overtime
Current
dollars
Total private
nonagricultural
1982
dollars 2
Manufacturing
Current dollars
1
Current
dollars
1982
dollars 2
Manufacturing
Construction
Retail
trade
Percent change from a
year earlier, total
private
nonagricultural 3
Current
dollars
1982
dollars
35.0
35.2
34.9
34.8
34.8
34.7
34.6
34.5
34.3
34.4
40.1
40.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0
3.0
3.4
3.3
3.4
3.7
3.9
3.8
3.6
3.6
3.8
$8.02
8.32
8.57
8.76
8.98
9.28
9.66
10.01
10.32
10.58
$7.79
7.80
7.77
7.81
7.73
7.69
7.64
7.52
7.45
7.42
$8.83
9.19
9.54
9.73
9.91
10.19
10.48
10.83
11.18
11.46
$280.70
292.86
299.09
304.85
312.50
322.02
334.24
345.35
353.98
363.95
$272.52
274.73
271.16
271.94
269.16
266.79
264.22
259.47
255.40
255.22
$354.08
374.03
386.37
396.01
406.31
418.81
429.68
441.86
455.03
469.86
$442.97
458.51
464.46
466.75
480.44
495.73
513.17
526.01
533.40
537.70
$171.05
174.33
174.64
176.08
178.70
183.62
188.72
194.40
198.48
205.34
5.0
4.3
2.1
1.9
2.5
3.0
3.8
3.3
2.5
2.8
2.0
.8
13
.3
10
-.9
10
-1.8
16
-.1
Aug
Sept
Oct
Nov
Dec
34.6
34.2
34.4
34.6
34.3
41.1
41.0
41.1
41.2
41.2
3.8
3.6
3.8
3.9
3.9
10.63
10.62
10.65
10.69
10.68
7.43
7.41
7.40
7.41
7.40
11.50
11.51
11.52
11.55
11.58
367.80
363.20
366.36
369.87
366.32
257.02
253.45
254.59
256.50
253.68
472.65
471.91
473.47
475.86
477.10
542.82
537.59
539.22
537.89
535.72
205.92
207.50
206.78
207.79
207.65
3.1
1.1
2.5
3.3
1.9
.0
-1.8
-.6
.3
-1.0
1993: Jan
Feb
Mar
34.5
34.4
34.2
34.4
34.7
34.4
34.5
34.7
41.4
41.4
41.2
41.5
41.4
41.2
41.4
41.5
4.0
4.2
4.0
4.2
4.1
4.0
4.0
4.2
10.73
10.74
10.78
10.77
10.82
10.81
10.82
10.87
7.40
7.38
7.39
7.36
7.39
7.38
7.38
7.40
11.61
11.64
11.66
11.71
11.71
11.72
11.73
11.79
370.19
369.46
368.68
370.49
375.45
371.86
373.29
377.19
255.30
253.92
252.87
253.24
256.28
253.83
254.63
256.77
480.65
481.90
480.39
485.97
484.79
482.86
485.62
489.29
534.96
538.94
544.07
541.21
556.39
551.32
561.21
559.38
208.22
208.08
205.01
208.80
211.41
209.66
209.95
211.70
3.4
2.2
2.0
2.8
3.4
2.6
3.0
3.2
.2
-.9
-1.0
-.3
.2
-.2
.3
.5
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992:
May
July?
Aug p
1
Also includes other private industry groups shown on p. 14.
2
Current dollar earnings divided by the consumer price index for urban waj : earners and clerical
workers (on a 1982 = 100 base).
3
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Percent change from
Index (June 1989 = 100)
12 months earlier
3 months earlier
Total
compensation
Wages and
salaries
80.1
84.0
87.3
90.1
93.1
97.6
102.3
107.0
111.7
115.6
81.4
84.8
88.3
91.1
94.1
98.0
102.0
106.1
110.0
112.9
1990: Sept
Dec
106.2
107.2
105.4
106.2
108.3
109.9
1991- Mar
108.4
109.7
110.9
111.9
107.3
108.4
109.2
110.1
113.0
113.8
114.7
115.7
116.9
117.9
Period
Benefits
1
Total
compensation
Wages and
salaries
Benefits '
Total
compensation
Wages and
salaries
Benefits '
Not seasonally adjusted
1983198419851986:
19871988'
1989199019911992:
Dec
Dec
Dec
Dec..
Dec
Dec
Dec
Dec
Dec .
Dec
1.1
1.2
.6
.6
.6
1.0
.8
.7
.6
.6
1.3
1.4
.5
.6
1.0
1.0
1.2
1.0
.9
.8
1.0
.9
1.0
.8
1.5
1.5
4.9
4.6
4.2
4.0
6.8
6.6
111.3
113.3
115.1
116.7
1.1
1.2
1.1
.9
1.0
1.0
.7
.8
1.3
1.8
1.6
1.4
4.4
4.4
4.5
4.4
4.0
3.7
3.7
3.7
5.8
6.2
6.4
6.2
110.9
111.5
112.2
113.0
118.2
119.6
121.2
122.7
1.0
.7
.8
.9
.7
.5
.6
.7
1.3
1.2
1.3
1.2
4.2
3.7
3.4
3.5
3.4
3.0
2.7
2.6
6.3
5.5
5.2
5.2
113.9
114.6
124.8
126.6
1.0
.9
.8
.6
1.7
1.4
3.5
3.6
2.7
2.7
5.6
5.8
76.7
81.7
84.6
87.5
90.5
96.7
102.6
109.4
116.2
122.2
1.3
1.3
.6
,7
.6
1.0
1.1
.8
.6
.7
Seasonally adjusted
Dec
1992- Mar
Sept
Dec
1993- Mar
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-
5.7
4.9
3.9
3.2
3.3
4.8
4.8
4.6
4.4
3.5
4.9
4.2
4.1
3.2
3.3
4.1
4.1
4.0
3.7
2.6
7.4
6.5
3.5
3.4
3.4
6.9
6.1
6.6
6.2
5.2
Not seasonally adjusted
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistic:
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Output '
Hours of all
persons 2
Compensation per
hour 3
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
102.3
104.8
106.3
108.5
109.6
110.7
109.9
110.7
111.8
115.6
102.5
104.7
105.6
107.7
108.6
109.6
108.6
109.1
110.3
113.8
104.1
112.6
116.7
119.9
124.8
130.1
132.3
133.3
131.6
135.4
104.4
113.0
116.8
120.1
125.0
130.6
132.7
133.5
131.8
135.4
101.8
107.4
109.8
110.5
113.8
117.5
120.4
120.5
117.7
117.1
101.9
107.9
110.7
111.5
115.1
119.1
122.2
122.4
119.5
118.9
101.1
103.1
105.4
107.0
108.3
100.0
107.5
114.4
118.0
120.6
127.4
131.7
132.3
100.0
108.1
114.8
118.2
120.8
127.6
132.5
132.7
98.9
104.3
108.5
r
110.2
111.3
115.1
118.8
120.6
99.0
104.7
' 109.0
110.9
109.7
101.1
103.3
105.3
106.0
107.4
109.5
110.0
108.5
110.2
111.1
110.8
110.5
108.7
109.5
109.1
108.9
133.5
134.3
133.3
132.1
133.8
134.6
133.5
132.2
110.9
111.6
111.9
112.9
109.5
110.2
110.5
111.4
131.0
131.5
131.6
132.4
114.3
115.0
116.2
117.3
112.5
113.3
114.3
115.5
116.8
116.5
115.0
114.6
2.3
2.4
1.4
2.1
1.0
1.0
-.7
.7
1.0
3.4
2.5
2.2
.8
2.0
.8
.9
-.9
.4
1.1
3.2
-1.1
— 1.1
-1.5
-.6
-3.0
-3.5
1.6
2.6
.8
3.8
1.9
2.7
1.0
3.5
4.9
2.5
4.3
3.8
-1.6
-1.0
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Unit labor costs
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
101.5
103.4
106.5
109.5
112.3
116.0
121.0
127.1
131.9
134.2
101.5
103.4
106.8
110.0
112.8
116.5
121.5
127.6
132.6
135.2
103.4
107.7
111.2
113.6
116.6
120.8
126.1
131.2
136.1
139.2
104.0
107.6
111.6
114.2
117.2
121.4
126.5
131.8
137.0
140.3
!01.0
102.1
104.3
108.0
111.6
113.7
117.9
123.0
101.0
101.9
104.4
108.5
112.2
114.3
118.0
123.4
101.1
104.8
109.0
112.4
114.6
117.9
122.8
127.8
101.4
105.2
109.0
112.9
115.2
118.5
123.4
128.2
1982 = 100; quarterly data seasonally adjusted
1983 .
1984
1985
1986....
1987
1988
1989
1990 r.
1991 r
1992 r.
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
IV
IV
IV
IV
IV
IV
IV
IV
1990: I rr
n r.....
rn ...
IV r...
1991:
Ir
n rr.....
m r...
IV ...
1992: I rr
n r.....
m ...
IV r...
1993: I r r
n .....
r
l!0.6
103.8
108.3
113.2
118.9
123.1
128.5
133.0
140.6
147.4
155.1
104.0
108.3
112.8
118.4
122.5
127.7
132.0
139.2
146.3
153.9
100.6
100.6
101.5
r
104.6
104.6
104.8
103.5
103.8
104.5
106.7
100.8
100.6
101.2
104.3
104.1
104.2
102.7
102.8
103.6
105.8
112.5
116.5
120.5
122.3
102.1
105.3
109.9
115.6
120.9
125.8
130.7
134.9
102.1
105.2
109.9
115.0
r
120.4
125.1
129.8
133.9
100.6
100.5
100.7
102.4
105.6
T
105.1
104.7
103.4
100.6
100.4
100.7
101.8
105.2
104.6
104.1
102.6
121.2
120.9
120.3
119.6
123.1
122.9
122.4
121.4
137.3
139.9
141.8
143.5
136.0
138.4
140.3
142.1
103.4
104.3
104.0
103.5
102.4
103.2
102.9
102.5
124.6
125.9
127.9
129.8
125.1
126.4
128.6
130.5
129.3
130.6
131.8
133.2
129.7
131.1
132.4
134.0
131.2
131.7
131.8
132.7
118.1
117.8
117.6
117.3
119.9
119.5
119.3
119.1
144.9
146.6
148.2
150.2
143.6
145.4
147.1
148.9
103.6
104.2
104.7
105.2
102.7
103.4
103.9
104.3
130.6
131.3
132.5
133.0
131.2
132.0
133.1
133.7
134.8
135.8
136.6
137.2
135.7
136.6
137.5
138.2
133.4
134.5
136.1
137.9
133.4
134.5
135.9
137.9
116.7
117.0
117.1
117.6
118.6
118.7
118.9
119.4
152.3
153.9
156.3
158.0
151.0
152.8
155.0
156.8
105.9
106.1
107.1
107.4
104.9
105.4
106.2
106.6
133.3
133.8
134.5
134.7
134.2
134.8
135.6
135.8
138.3
139.1
140.6
139.3
140.2
139.8
141.8
138.1
139.0
138.2
139.2
118.2
119.3
120.2
121.5
159.3
160.1
157.9
158.4
107.3
107.0
106.3
105.9
136.3
137.4
137.3
138.3
141.6
142.4
142.7
143.5
r
l!1.4
r
r
138.7-
Percent change; quarterly data at seasonally adjusted annual rates
1983
1984
1985 .
1986
1987
1988
1989
1990 r'.
1991 r
1992 .
1990: mrT...
IV ...
1991: I r
n '.....
r
m ...
IV...
1992: I r r
r
n .....
m ...
IV '...
1993: I r r
n .....
1
1.8
5.6
2.1
.6
3.0
3.3
2.5
.1
-2.3
g
1.9
5.9
2.5
.8
3.2
3.5
2.6
.2
24
-.5
3.8
4.3
4.5
5.0
3.6
4.4
3.5
5.7
4.9
5.2
4.0
4.1
4.1
5.0
3.5
4.2
3.3
5.5
5.0
5.2
0.6
.0
.9
3.1
-.1
.2
-1.3
.3
.6
2.1
0.8
-.2
.6
3.1
-.2
.1
— 1.4
.1
.8
2.1
1.5
1.9
3.0
2.8
2.5
3.4
4.3
5.0
3.8
1.7
1.5
1.9
3.3
2.9
2.6
3.3
4.3
5.1
3.9
2.0
3.4
4.1
3.3
2.2
2.6
3.6
4.4
4.1
3.7
2.3
4.0
3.5
3.7
2.4
2.6
3.6
4.2
4.2
3.9
2.4
-3.1
-3.7
-1.9
-2.5
-1.7
-3.2
5.5
4.9
5.6
5.4
-1.2
-1.9
— 1.1
-1.4
6.7
6.0
7.1
6.0
3.7
4.5
4.0
5.0
-3.2
1.5
.2
2.7
-3.0
1.5
.4
2.7
-4.7
-1.1
-.6
-1.1
-4.9
-1.1
-.6
-.8
4.1
4.8
4.6
5.3
4.3
4.9
4.7
5.1
.3
2.5
1.8
2.0
.6
2.7
2.0
1.7
2.4
2.2
3.8
1.5
2.4
2.2
3.7
1.5
4.8
3.1
2.4
1.7
4.9
2.7
2.6
2.2
4.0
2.9
3.6
4.1
2.9
3.4
4.6
5.6
2.1
3.3
4.4
6.0
-1.9
.8
.3
1.8
-1.8
.3
.7
1.8
5.9
4.2
6.3
4.6
5.8
4.8
6.0
4.6
2.5
1.1
3.5
1.4
2.4
1.6
3.2
1.4
.9
1.6
1.9
.8
1.7
1.8
2.2
.5
3.3
2.4
-1.2
5.6
3.2
2.7
-1.1
5.6
-1.8
-1.3
.5
2.8
.7
3.1
2.1
3.8
2.6
4.5
3.2
2.0
2.8
1.4
-.6
-.9
-1.0
-1.5
4.9
3.1
4.7
2.8
2.7
2.5
2.5
2.4
4.1
8.2
3.6
2.8
4.1
4.3
1.7
.7
13
2.9
4.4
8.2
3.4
2.8
4.1
4.4
1.7
.6
13
2.7
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-TJ)5
Current dollar gross domestic product divided by constant dollar gross domestic product.
2
16
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
NOTE.—Data revised beginning 1990 to reflect the annual revisions of the national income and
product accounts in August 1993. Data do not reflect GDP revisions of September 29, 1993.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose in August and capacity utilization was unchanged.
INDEX, 1987 - 100* (RATIO SCALE)
INDEX, 1987= 100* (RATIO SCALE)
120
TOTAL INDUSTRIAL PRODUCTION
FINAL PRODUCTS
135
_^
s
130
125
105
120
115
110
105
100
J—\ .
uV^V-o/
\
^ V * vBUSINESS|^-^r
;
EQUIPME NT
v-'
_/"~ \
f**s-*\
•^.
/"' \
\
DEFENSE
AND SPACE
bC,JUIPMENT
90
**"•**.—.
v-V-/*
~~.ry
-J \
N*
95
S
CONSl MER
DS
GOO
x^
\
85
*N
115
110
105
UTILITIESjAND MINING
/
/
^ (-i
, ^ ,. r\^\ ,- ./
1^ V '
1
, r\<~,*
\ Vv S^AA^-V
S
/N
/'
v
\
UTILITIES
*-\
V
75 1 1 1 1 1 1 1 1 1 1 1 II III M i l l M i l l INN
PERCENT*
/
100 "^J
V '\
MINING
^X/
95
90
Iim l
1989
lllm
Illllllllll mnlmi.
1990
1991
84
v^
82
1 1111111111
76
1 1 1 II
I11 1 1
1 1 1 1 1 1 1 1 1 1I
v_ CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
v \ -i^\^_
V
\_/—~Y^ ~*~*^
80
78
M 1 1 1 1 1 I1 1 1
j
I l l l l l l l l l l ii i ii In MI mull mi I l l l l l l l l l l
1989
1993
1992
N
80
/ 1 V /
•
1990
1991
1 1992
1993
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
Index,
1987 = 100
Capacity utilization
rate, percent l
Industry production indexes, 1987 = 100
Total
industrial
production
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
1983 .
1984
1985
1986
1987
1988
1989
1990
1991
1992
84.9
92.8
94.4
95.3
100.0
104.4
106.0
106.0
104.1
106.5
3.7
9.3
1.7
.9
4.9
4.4
1.5
.0
-1.8
2.3
80.9
89.3
91.6
94.3
100.0
104.7
106.4
106.1
103.7
106.9
76.8
88.4
91.8
93.9
100.0
106.6
108.6
107.4
103.8
108.1
87.0
90.8
91.5
94.9
100.0
102.3
103.7
104.4
103.5
105.4
104.8
111.9
109.0
101.0
100.0
101.3
100.0
102.0
100.4
97.6
93.6
97.0
99.5
96.3
100.0
105.0
108.7
109.9
112.2
112.0
75.8
81.1
80.3
79.2
81.5
83.7
83.6
82.1
79.2
79.8
74.9
80.4
79.5
79.1
81.6
83.6
83.1
81.1
77.8
78.8
1992- Aug
106.6
106.2
107.5
108.4
108.9
1.9
.9
2.3
3.2
4.0
107.0
106.8
108.0
108.9
109.2
108.5
108.1
109.8
110.9
111.8
105.2
105.2
105.8
106.4
106.0
97.0
97.1
97.6
97.8
98.2
110.4
111.2
112.7
114.7
116.8
79.7
79.3
80.2
80.8
81.0
78.7
78.4
79.2
79.7
79.8
109.3
109.9
110.1
110.4
110.2
110.4
110.9
111.1
4.6
4.4
4.3
3.9
3.3
4.2
3.8
4.2
109.9
110.5
110.8
111.4
111.3
111.3
111.5
111.9
112.9
113.8
114.1
115.0
114.9
114.5
115.2
115.6
106.4
106.4
106.6
106.9
106.9
107.3
107.0
107.2
98.3
95.9
95.3
96.4
97.3
97.5
97.2
96.3
112.8
117.5
117.8
114.4
112.1
114.9
118.7
118.7
81.2
81.5
81.6
81.7
81.5
81.5
81.8
81.8
80.3
80.5
80.6
80.9
80.7
80.6
80.7
80.8
Sept
Oct
Nov...
Dec
1993' Jan
Feb . .
Mar
May r
July r
Aug p
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 i
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Energy
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
88.8
83.0
92.8
91.0
93.7
94.2
96.8
95.7
100.0
100.0
102.9
104.8
106.8 • 104.0
103.4
107.0
102.8
105.3
105.2
108.2
79.7
91.0
91.6
94.5
100.0
104.6
106.6
102.3
95.2
102.5
91.9
93.4
94.4
97.6
100.0
102.4
103.2
103.8
105.0
105.9
76.8
89.2
94.8
94.5
100.0
107.6
110.9
112.1
108.9
112.7
71.9
85.4
91.1
93.1
100.0
110.7
115.5
116.9
115.7
123.2
71.8
78.9
89.4
96.0
100.0
99.7
100.1
98.8
91.7
85.9
80.3
86.2
88.3
91.9
100.0
101.8
102.0
101.2
96.5
97.6
80.2
86.2
89.1
93.8
100.0
101.5
100.5
98.2
90.7
93.8
80.3
86.2
87.7
90.7
100.0
102.0
103.0
103.2
100.4
100.1
88.3
96.6
96.6
95.9
100.0
105.0
106.7
106.8
105.5
107.9
98.9
103.8
103.4
99.5
100.0
102.2
103.1
104.2
104.6
103.4
1992- Aug
Sept
Oct
Nov
Dec .. .
108.9
108.1
110. 1
111.0
111.5
105.1
104.4
106.4
107.1
107.5
101.9
100.9
104.1
105.7
107.9
106.0
105.3
107.1
107.5
107.4
114.3
113.5
115.4
116.7
117.2
126.1
125.0
127.5
129.0
129.6
84.5
84.4
83.5
83.2
82.5
97.0
96.9
97.8
98.1
98.3
94.1
93.0
94.7
95.1
94.5
99.0
99.5
99.9
100.0
100.8
107.6
107.4
108.1
109.3
110.0
102.5
103.6
103.0
103.9
105.1
111 9
112.4
112.7
112.8
112.5
112.6
112.9
113.1
107.6
108.5
108.6
108.1
107.3
107.3
107.5
107.3
110.9
111.3
111.5
112.2
110.8
107.8
107.7
106.8
106.7
107.7
107.7
106.9
106.3
107.1
107.4
107.4
118.1
118.0
118.7
119.7
119.9
120.2
120.8
121.6
131.2
131.7
133.4
134.8
135.4
135.7
136.7
137.6
82.0
81.5
80.7
80.5
79.5
78.5
78.4
77.7
98.2
99.3
99.6
100.0
99.7
99.6
100.6
100.7
94.8
97.5
96.4
96.4
97.7
96.7
97.6
97.8
100.5
100.5
101.8
102.5
101.0
101.5
102.5
102.6
110.4
110.9
110.9
111.5
111.6
112.0
112.5
112.7
103.4
103.8
103.5
103.4
103.4
104.2
105.3
104.4
.. .
1993- Jan
Feb
Mar
May '
July '
Aug"
1
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987 = 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Period
Total
Iron
and
steel
Transportation
equipment
Fabricated
metal
products
Industrial and
commercial
machinery and
computer
equipment 1
Electrical
machinery
Primary metals
Total
Motor
vehicles
and
parts
Lumber and
products
Apparel
products
Printing and
publishing
Chemicals
and
products
Foods
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
91.0
102.4
101.8
93.7
100.0
108.7
107.2
106.5
98.4
101.1
96.1
105.9
104.5
90.8
100.0
112.7
111.2
111.5
100.6
104.7
85.5
93.3
94.5
93.8
100.0
104.2
102.8
99.5
94.9
96.7
64.3
80.8
86.8
90.3
100.0
113.0
117.3
117.6
113.7
124.8
80.3
94.1
93.1
94.3
100.0
108.5
111.0
111.4
112.8
119.8
72.7
83.1
91.8
96.9
100.0
105.2
109.6
107.0
101.8
102.6
74.5
90.6
99.0
98.5
100.0
105.7
106.9
101.0
94.3
104.8
79.9
86.0
88.0
95.1
100.0
100.1
99.4
97.1
90.5
96.4
93.8
95.7
92.6
96.3
100.0
98.1
95.0
92.2
91.9
92.3
79.0
84.5
87.6
90.6
100.0
100.9
101.1
100.8
96.8
95.0
87.5
91.4
91.4
94.6
100.0
106.0
109.2
111.8
111.3
115.0
90.1
92.1
94.9
97.4
100.0
101.5
102.5
103.7
105.3
106.0
1992- Aug
Sept
Oct
Nov
Dec
100.5
98.0
100.5
101.6
102.4
103.8
102.0
104.1
103.6
107.4
97.0
96.5
97.5
97.6
97.8
126.9
127.9
130.6
132.8
133.8
120.6
121.5
122.6
124.4
124.8
102.4
100.5
103.0
103.6
106.3
105.0
102.6
108.0
109.9
116.2
96.6
94.7
97.8
99.8
98.0
91.3
91.5
91.7
92.9
92.7
93.5
94.1
94.5
94.2
94.7
114.4
115.2
116.2
117.7
116.7
106.3
105.6
106.8
106.4
106.2
1993- Jan
Feb
Mar
102.8
108.0
104.2
104.4
104.2
105.6
105.6
107.1
107.0
112.9
107.6
108.4
108.1
110.9
111.9
113.4
99.8
99.7
100.3
101.4
100.6
100.2
101.0
101.5
135.0
136.7
139.6
142.8
144.2
145.1
148.3
150.0
125.8
127.1
128.5
129.0
129.7
129.5
130.8
131.6
108.4
107.8
106.9
106.9
105.5
103.3
101.5
101.1
120.9
120.7
120.1
120.4
118.1
1-15.0
111.6
111.6
99.3
101.8
98.0
98.1
97.4
96.0
97.7
97.9
93.1
92.5
92.1
92.0
91.2
90.9
91.0
91.1
94.7
94.0
94.7
95.6
94.7
94.9
94.5
94.3
116.8
116.2
117.6
117.8
118.1
119.1
118.7
118.8
105.9
106.9
106.7
106.7
106.7
107.2
107.1
107.9
May *
July r
Aug '.
1
Formerly nonelectrical machinery.
18
Source: Board of Governors 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
294.9
348.8
377.4
407.7
419.4
432.3
443.6
442.1
403.4
436.0
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
..
...
231.5
278.6
299.5
323.1
328.7
337.5
345.5
334.7
293.5
317.3
125.5
153.8
158.5
187.1
194.7
198.1
196.6
182.9
157.8
187.8
57.7
74.0
89.8
84.4
84.0
88.0
94.3
96.4
77.0
65.8
94.6
113.8
114.7
133.2
139.9
138.9
139.2
128.0
110.6
129.6
48.2
50.8
51.3
51.6
50.1
51.5
54.6
55.4
58.7
63.7
63.5
70.2
77.8
84.6
90.6
94.8
98.1
107.5
109.9
118.8
75
83
91
96
100
101
105
95
89
97
756
955
1,097
1,016
1,019
973
961
783
577
544
Annual rates
Annual rates
1992: Aug
Sept
Oct
Nov
Dec
430.4
433.5
442.6
449.3
455.2
312.3
317.4
324.8
328.2
335.4
187.3
189.2
194.6
199.3
206.4
127.9
129.1
132.1
135.4
138.9
61.9
63.3
65.0
64.0
63.6
63.1
64.9
65.3
64.8
65.3
118.1
116.1
117.7
121.1
119.9
r
94
96
106
98
96
512
463
546
510
511
1993: Jan
Feb
Mar
Apr '
May '
451.3
453.8
454.5
449.1
453.3
460.7
461.3
456.0
335.5
334.8
337.0
328.1
332.2
335.0
332.7
331.3
207.2
205.7
205.5
197.3
198.4
200.5
200.4
201.5
141.8
142.9
141.8
137.7
138.3
139.3
141.5
142.4
64.4
66.4
67.4
65.6
67.4
67.1
65.3
63.8
63.9
62.7
64.0
65.2
66.4
67.4
67.0
66.0
115.8
119.0
117.5
120.9
121.0
125.7
128.6
124.6
103
98
r
96
99
93
104
100
99
443
479
524
548
489
520
587
534
July '.
Aug "
1
2
3
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Units started, by type of structure
Period
Total
1983
.
..
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1,199.7
1984
1985
1986
1987
1988
1989
1990
1991
1992
1 unit
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
2^ units
113.5
121.4
93.4
84.0
65.3
58.8
55.2
37.5
35.6
30.7
5 or more units
522.0
544.0
576.1
542.0
408.7
348.0
317.6
260.4
137.9
139.0
Units
authorized
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9
Units
completed
Homes sold
Homes for
sale at end of
period 1
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
623
639
688
750
671
676
650
534
509
610
301
353
346
357
366
368
365
321
284
265
Vacancy rate
for rental
housing units
(percent) 2
5.7
5.9
6.5
7.3
7.7
7.7
7.4
7.2
7.4
7.4
Seasonally adjusted annual rates
1992- July
Sept
Oct
Nov
Dec ....
1993' Jan
Feb
Mar
May
July '
1
2
Seasonally adjusted.
Quarterly data entered i
earlier data.
1,106
1,229
1,218
1,226
1,226
1,286
961
1,038
1,045
1,079
1,089
1,133
25
31
28
18
28
32
120
160
145
129
109
121
1,083
1,081
1,120
1,141
1,136
1,196
1,234
1,133
1,128
1,137
1,229
1,227
622
625
672
637
615
662
271
270
267
264
262
265
1,171
1,180
1,124
1,206
1,248
1,248
1,227
1,323
1,051
1,036
987
1,059
1,107
1,079
1,063
1,180
26
24
32
26
26
31
49
25
94
120
105
121
115
138
115
118
1,157
1,141
1,034
1,101
1,121
1,115
1,162
1,242
1,136
1,241
1,108
1,222
1,129
1,159
1,066
603
597
602
689
r
629
647
636
616
266
268
270
271
r
274
274
277
288
ist month of quarter. Series beginning 1989 not comparable with
7.3
7.1
7.9
7.6
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In July, manufacturing and trade sales fell 1.0 percent and inventories fell $3.7 billion. In August, according to
advance data, retail sales rose 0.2 percent, following a rise of 0.3 percent in July.
BILLIONS OF DOLLARS » (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
,000
300
900
_
.
_——•-
800 ^^"
250
M, iNUFACTURIhIG AND
r iADE INVEN DRIES
^
700
200
600
^-~—'
.
x-^*^^
V
500
\
-v
150
MXkNUFACTURIr4Q
AN D TRADE SA1ES
RETAIL SALES
400
I I II i l l
100
300
RATIO
1.80
INVENTORY-SALES RATIO
1.70
RETAIL
1.60
200
1.50
MANUFACTURING
AND TRADE
"
1.40
Illllllllll Illllllllll Illllllllll
1990
1989
1991
1.30
1992
1989
1993
1990
1992
1993
COUNCIL OF ECONOMIC ADVISERS
Manufacturing and
trade *
Period
Sales
2
Inventories 5
Wholesale
Inventory-sales ratio 4
Retail
Inventories 3
Sales 2
Sales
2
Inventories 3
Total
Durable
goods
stores
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade '
Retail
Millions of dollars, seasonally adjusted, except as noted
370,501
411,427
423,940
431,786
459,107
497,031
523,729
543,097
538,609
560,383
1983
1984
1985
1986
1987
1988 ....
1989
1990
1991
1992
1992: July r
Sent
Oct
Nov
Dec
1993- Jan
Feb
Mar
Apr
May
June r
July p ...
AU2 P
r
591,875
651,551
665,835
664,624
711,725
767,538
813,793
837,445
833,518
849,117
100,440
113,502
114,816
116,326
124,340
135,357
144,158
149,489
147,635
152,337
562,128
557, 409
563,694
567,073
569,848
581,061
843,411
844,940
844,011
844,728
846,374
849,117
153,762
152,495
153,405
154,011
154,032
155,297
205,058
205,609
205,114
206,093
208,424
209,232
581,584
584,903
583,575
584,943
587,930
589,990
583,800
851,190
854,715
859,094
862,478
864,198
864,227
860,503
159,507
158,987
157,206
159,291
162,187
159,095
158,985
210,139
209,765
210,503
211,860
212,190
212,058
211,691
97,514
107,243
114,586
120,803
128,442
138,133
146,847
154,149
155,456
163,535
131,663
144,223
149,155
155,445
165,814
180,519
188,539
196,901
201,285
209,232
r
162,107
163,198
164,211
167,603
167,291
169,155
169,232
169,116
167,390
170,538
171,736
172,596
r
!73,135
173,520
T
58,281
58,345
59,172
61,051
60,610
61,873
62,216
60,978
60,723
62,804
63,771
64,527
r
65,006
65,395
1
3
2
4
See page 21 for manufacturing.
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.
20
64,943
69,369
73,075
75,746
80,453
85,664
91,974
98,230
100,965
104,777
147,833
167,812
181j881
186,510
207,836
219,597
238,343
241,476
245,885
260,647
68,856
79,074
88,315
89,983
105,481
112,505
121,448
121,338
119,828
131,549
78,977
88,738
93,566
96,527
102,355
107,092
116,895
120,138
126,057
129,098
1.56
1.53
1.55
1.55
1.50
1.49
1.53
1.53
1.54
1.50
1.44
1.49
1.52
1.56
1.56
1.54
1.59
1.56
1.55
1.55
103,826
104,853
105,039
106,552
106,681
107,282
254,984
254,145
254,884
255,540
256,895
260,647
127,018
127,334
126,900
127,760
128,884
131,549
127,966
126,811
127,984
127,780
128,011
129,098
1.50
1.52
1.50
1.49
1.49
1.46
1.57
1.56
1.55
1.52
1.54
1.54
107,016
108,138
106,667
107,734
107,965
108,069
r
108,129
108,125
262,427
265,718
269,052
270,311
270,417
270,843
267,251
132,861
135,599
137,803
138,784
138,097
138,483
135,412
129,566
130,119
131,249
131,527
132,320
132,360
131,839
1.46
1.46
1.47
1.47
1.47
1.46
1.47
1.55
1.57
1.61
1.59
1.57
1.57
1.54
32,571
37,873
41,510
45,057
47,989
52,469
54,873
55,919
54,492
58,758
r
Seasonally adjusted, end of period.
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In August, manufacturers' shipments and new orders rose; inventories were about unchanged, and unfilled orders
fell.
BILLIONS Of DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE|
320
480 — INVENTORIES440
400
TDTAI
280
*~~J
240 —^-°X^—-
—
r-*r^
*•
-*•
360
~^
320
200
280
160
!ABLE GOOC S
240
t .--'.'
\
DURABLE GOODS
200
120
160
NONDURAB .E GOODS
-V
Illllllllll
flO
BILLIONS OF DOLLARS* (RATIO SCALE)
NONDURABLE GOODS
320 — NEW OR
TOTAL
280
240
f~~^~—
-^T^^^l-.
•*•
—*S
~^s~f
T
^
-
^-/
200
INVENTORY-SHIPMENTS RATIO
pi IRABLE
160
N
120
80
->.v.x-'
/.
A,_._.
^ •"*•-""-*•
'~AlLE GOODS
HONDURAS
rtrinn":
1.80
•>•-/.•
<
' * *-**T* -*
1989
1990
[S
N•^•^N
1.40 -
ii inlii ill
1992
1991
^
^
^
Illllllllll
I t l l II III II
S*~~+pv~N^/
1.60
|m||
1993
1.20
1989
IIIMI Illllllllll
|||M| Illllllllll
1991
1990
1993
1992
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments *
Manufacturers' inventories
Manufacturers' new orders 1
2
Durable goods
Period
Total
Durable
goods
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Total
Total
Capital
goods
industries,
non-defense
Nondurable
goods
Manufacturers'
unfilied
orders 2
Manufacturers'
inventoryshipments
ratio 3
Millions of dollars, seasonally adjusted, except as noted
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
172,547
190,682
194,538
194,657
206,326
223,541
232,724
239,459
235,518
244,511
85,481
97,940
101,279
103,238
108,128
117,993
121,703
122,387
119,151
125,553
87,066
92,742
93,259
91,419
98,198
105,549
111,022
117,072
116,367
118,958
312,379
339,516
334,799
322,669
338,075
367,422
386,911
399,068
386,348
379,238
199,854
221,330
218,212
212,006
220,776
241,402
256,065
259,988
249,117
237,717
112,525
118,186
116,587
110,663
117,299
126,020
130,846
139,080
137,231
141,521
175,451
192,879
195,706
195,204
209,389
227,026
235,932
240,646
234,354
241,545
88,140
100,164
102,356
103,647
110,809
121,445
124,933
123,556
117,878
122,614
19,624
23,669
24,545
23,983
26,095
30,729
32,725
32,254
29,468
29,653
87,311
92,715
93,351
91,557
98,579
105,581
110,999
117,090
116,476
118,932
347,273
373,529
387,095
393,412
430,288
471,951
510,459
524,846
511,122
475,304
1.78
1.73
1.73
1.68
1.59
1.58
1.64
1.65
1.67
1.57
1992- Aug
Sept
241,716
246,078
245,459
248,525
256,609
124,246
125,873
126,425
128,720
134,228
117,470
120,205
119,034
119,805
122,381
385,186
384,013
383,095
381,055
379,238
243,597
242,122
240,909
239,407
237,717
141,589
141,891
142,186
141,648
141,521
237,230
240,685
244,882
243,106
256,727
120,007
120,608
125,656
123,096
134,348
27,486
29,801
30,129
26,804
32,275
117,223
120,077
119,226
120,010
122,379
486,575
481,182
480,605
475,186
475,304
1.59
1.56
1.56
1.53
1.48
252,845
256,800
258,979
255,114
254,007
258,299
251,680
255,511
130,805
134,133
135,537
132,763
132,307
135,042
129,257
133,892
122,040
122,667
123,442
122,351
121,700
123,257
122,423
121,619
378,624
379,232
379,539
380,307
381,591
381,326
381,561
381,418
236,332
237,034
236,849
237,043
237,734
237,514
237,937
237,484
142,292
142,198
142,690
143,264
143,857
143,812
143,624
143,934
253,626
257,250
253,007
252,369
248,335
255,462
250,566
252,811
131,266
134,533
129,903
129,838
126,783
132,252
128,520
131,450
28,645
32,748
29,122
30,453
29,931
33,850
30,093
31,859
122,360
122,717
123,104
122,531
121,552
123,210
122,046
121,361
476,085
476,535
470,563
467,818
462,146
459,309
458,195
455,495
1.50
1.48
1.47
1.49
1.50
1.48
1.52
1.49
Get
Nov
Dec
1993- Jan
Feb . .
Mai-
May
J
T
July '
Aug"
1
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales.
2
Seasonally adjusted, end of period.
3
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In August, the producer price index for all finished goods fell 0.6 percent. Prices of finished consumer foods rose
0.5 percent and prices of other finished consumer goods fell
percent.
1.5 percent. Capital equipment
prices rose
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
SEASONAllY ADJUSTED
FINISHED GOODS PRICES
130
130
CONSUMER F OODS
,
'""'
£r
\
^"**
120
CAPITAL EQUIPMENT
—
'"""
-- r^~1
.
V
r-"~"~~~ /N '^ ^ /
'
^1^"
/
.^
^^ f
,/
I
,'
TOTAL f.
^~
• **•
^ _s
S***"
/;
/ jT,^'
("
X s'T'"''
110
1
r^^J-^^ ^
\
^ * * "'
~^
r-^S^
,
*x
^j
110
~'\
\
CONSUM ER GOODS
EXCLUDEIG FOODS
100
f'
M
1 1 1 M 1 1 M
1985
120
—
;
/
\
100
90
0.2
1 1 1 1 I 1 1 1 1 I1
1 1 1 M 1If 1 ! 1
1986
1987
1 1 1 1 1 1 1 1 I1 1 I I I 1 I 1 1 1 1 1 1 I I I I 1 1 I I I II
1989
1990
1988
1 1 1 1111 1 1 11
1 1 1 1 M
1 1 1 1 1
1992
1991
SOURCE: DEPARTMENT OF LABOR
1 11 1 1 1 1 1111
90
1993
COUNCIL OF ECONOMIC ADVISERS
[1982 = 100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992: Aug
SeBt
Oct
Nov
Dec
1993- Jan
Feb
Mar
Apr r
July
1
Durable
consumer
goods
Foods
and
feeds l
Other
Total
Foodstuffs
and
feedstuffs
Other
101.6
103.7
104.7
103.2
105.4
108.0
113.6
119.2
121.7
123.2
123.6
123.9
124.0
123.8
123.8
101.0
105.4
104.6
107.3
109.5
112.6
118.7
124.4
124.1
123.3
123.6
124.1
124.2
123.5
125.1
101.8
103.2
104.6
101.9
104.0
106.5
111.8
117.4
120.9
123.1
123.5
123.7
123.8
123.7
123.3
101.2
102.2
103.3
98.5
100.7
103.1
108.9
115.3
118.7
120.8
121.2
121.5
121.8
121.6
120.9
102.8
104.5
106.5
108.9
111.5
113.8
117.6
120.4
123.9
125.7
126.3
126.0
125.3
125.9
126.0
100.5
101.1
101.7
93.3
94.9
97.3
103.8
111.5
115.0
117.3
117.7
118.3
118.9
118.4
117.4
102.8
105.2
107.5
109.7
111.7
114.3
118.8
122.9
126.7
129.1
129.5
129.5
129.3
129.5
129.7
101.3
103.3
103.8
101.4
103.6
106.2
112.1
118.2
120.5
121.7
122.1
122.5
122.6
122.3
122.3
100.6
103.1
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.7
115.3
115.5
115.2
114.9
114.9
103.6
105.7
97.3
96.2
99.2
109.5
113.8
113.3
111.1
110.7
109.6
110.4
109.7
110.2
111.1
100.5
103.0
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.9
115.6
115.7
115.4
115.2
115.1
101.3
103.5
95.8
87.7
93.7
96.0
103.1
108.9
101.2
100.4
100.9
103.0
102.7
102.6
101.5
101.8
104.7
94.8
93.2
96.2
106.1
111.2
113.1
105.5
105.1
104.5
104.6
105.6
104.7
105.9
100.7
102.2
96.9
81.6
87.9
85.5
93.4
101.5
94.6
93.5
94.8
97.9
96.8
97.4
94.8
124.2
124.7
125.1
125.8
125.7
125.3
125.1
124.3
124.4
124.4
124.6
126.3
126.1
125.0
124.9
125.5
124.1
124.7
125.1
125.6
125.5
125.2
125.1
123.9
121.6
122.3
122.9
123.4
123.3
122.8
122.6
120.8
126.7
127.2
127.5
128.2
127.9
128.4
128.9
129.3
118.1
118.9
119.5
120.0
119.9
119.1
118.6
115.8
130.4
130.8
131.1
131.3
131.3
131.5
131.6
131.9
122.6
123.1
123.6
124.4
124.3
123.6
123.5
122.4
115.3
115.9
116.3
116.6
116.3
116.5
116.4
116.4
111.5
111.0
110.3
111.8
111.5
110.5
113.0
113.8
115.5
116.2
116.7
116.8
116.5
116.8
116.6
116.6
101.8
101.6
101.8
103.3
105.1
103.9
102.5
102.0
106.4
106.4
106.4
109.1
109.4
106.0
107.3
109.0
95.0
94.7
94.9
95.6
98.4
98.6
95.5
93.6
Intermediate materials for food manufacturing and feeds.
22
Nondurable
Total
Total
1983
Total
Total
finished
Capital
equipment
Consumer goods
Crude materials
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In August, the consumer price index for all urban consumers rose 0.3 percent, seasonally adjusted and not
seasonally adjusted. The index was 2.8 percent above its year-earlier level.
INDEX, 1982-84 - 100 (RATIO SC
ALE|
INDE X, 1 982-84 = 1 00 (RATIO SCALE)
150
150
SEASONALLY ADJUSTED
f
140
/*
—-
140
r— -^
130
130
CONSUMER PRICES— ALL ITEMS
^
120
120
.^L
110
^
110
^
100
100
90
90
80
1983
1 11 11
1987
1986
1 I I 1 II
1988
80
1 1 1 1 11 1 1 1M
1989
1990
1991
1993
1992
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1982-84—100, except as noted; monthly data seasonally adjusted, except as noted]
Transportation
Housing
All items '
Shelter
Period
Not
seasonally
adjusted
(NSA)
Seasonally
adjusted
1986
1987.. .
1988
1989
1990
1991
1992
1992:
Sept
Oct
Nov
Dec
Maintenance
and
repairs
(NSA)
Food
Total '
99.6
1039
107.6
1096
113.6
1183
124.0
1307
136.2
1403
June
Aue
Apparel and
upkeep
Total '
New
cars
Motor
fuel
Medical
care
Energy 2
All
items
less
food
and
energy
99.5
103.6
107.7
110.9
114.2
118.5
123.0
128.5
133.6
137.5
27.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
140.0
146.3
151.2
8.0
103.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
155.6
160.9
19.7
102.5
107.3
113.1
119.4
124.8
131.1
137.3
144.6
150.2
155.3
0.2
99.9
103.7
106.5
107.9
111.8
114.7
118.0
122.2
126.3
128.6
7.3
100.2
104.8
106.5
104.1
103.0
104.4
107.8
111.6
115.3
117.8
6.0
100.2
102.1
105.0
105.9
110.6
115.4
118.6
124.1
128.7
131.9
17.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
120.5
123.8
126.5
4.0
99.9
102.8
106.1
110.6
114.6
116.9
119.2
121.0
125.3
128.4
3.3
99.4
97.9
98.7
77.1
80.2
80.9
88.5
101.2
99.4
99.0
6.9
100.6
106.8
113.5
122.0
130.1
138.6
149.3
162.8
177.0
190.1
7.3
99.9
100.9
101.6
88.2
88.6
89.3
94.3
102.1
102.5
103.0
76.9
99.6
104.6
109.1
113.5
118.2
123.4
129.0
135.5
142.1
147.3
41.4
140.9
141.3
141.8
142.0
141.9
140.9
141.1
141.7
142.0
142.2
138.3
138.7
138.7
138.8
139.2
137.9
138.0
138.5
138.8
138.9
151.4
151.6
152.2
152.6
152.9
160.6
161.2
161.8
162.1
161.9
155.7
155.8
156.4
156.8
157.4
128.1
128.5
129.4
129.5
129.3
118.5
118.6
118.9
119.2
119.3
132.4
131.9
132.4
132.3
131.9
126.9
126.9
127.8
128.4
128.5
128.9
129.2
129.2
129.4
129.5
99.8
99.5
100.2
100.3
99.8
191.7
192.6
193.7
194.7
195.5
103.4
103.4
103.9
104.1
103.9
148.1
148.2
148.9
149.3
149.6
142.6
143.1
143.6
144.0
144.2
144.4
144.4
144.8
142.9
143.4
143.6
144.2
144.4
144.4
144.5
144.9
139.7
139.9
140.1
140.6
141.2
140.6
140.6
141.0
139.3
139.6
140.0
140.7
140.8
141.2
141.2
141.6
153.5
154.0
154.2
155.0
155.1
155.6
155.5
155.9
161.9
162.5
162.8
163.8
164.3
164.4
164.2
164.3
158.2
158.7
158.9
159.6
159.7
160.3
160.3
160.8
129.7
130.5
131.5
131.8
131.6
131.2
131.3
131.6
119.4
118.8
120.2
120.7
120.9
121.4
121.8
122.4
133.0
135.0
134.3
134.3
133.6
132.9
132.9
134.1
129.3
129.9
130.0
130.2
130.1
129.9
130.2
130.3
129.8
129.8
130.1
130.7
131.0
131.2
131.6
132.1
101.2
101.8
101.4
100.8
98.4
97.3
96.8
95.2
196.7
197.7
198.2
199.3
200.8
201.6
202.4
202.9
104.4
104.0
104.7
104.9
103.9
103.7
103.7
103.2
150.3
151.0
151.2
151.8
152.1
152.3
152.5
152.9
1993:
Feb
Mar
Apr
Fuel
and
other
utilities
15.8
99.4
103.2
105.6
109.0
113.5
118.2
125.1
132.4
136.3
137.9
WOO
1983. ..
1984
1985
Total
Renters'
costs
(Dec.
1982 =
100)
Homeowners'
costs
(Dec.
1982 =
100)
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
also included through 1982.
3
Eelative importance, December 1992.
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 basisSource: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Period
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Total
finished
goods
Excluding
foods
Foods
Capital
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Poods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dee. to Dec., NSA
0.6
1.7
1.8
-2.3
2.2
4.0
4.9
5.7
.1
1.6
1983
1984.. . .
1985
1986
1987
1988...
1989
1990
1991
1992
-0.9
.8
2.1
66
4.1
3.1
5.3
8.7
-.7
1.6
2.3
3.5
.6
2.8
.2
5.7
5.2
2.6
1.5
1.6
1.6
2.1
1.0
-1.4
2.1
2.5
5.2
4.9
2.1
1.2
2.0
1.8
2.7
2.1
1.3
3.6
3.8
3.4
2.5
1.7
Change, month to month
.1
.2
.1
-.2
0
Scot
Oct
Nov
Dec
1993:
Jan
Feb
Mar
Mav r
™"
July T
.7
.4
.1
-.6
1.3
.3
.4
.3
.6
-.1
-.3
-.2
-.6
1992: Aug
-.6
0
.2
1.4
-.2
9
-.1
.5
-.3
.2
.2
2
-.6
.6
.6
.5
.4
1
-.4
2
-1.5
3.8
3.0
2.9
2.5
1.0
-1.0
1.7
1.1
.3
.5
.9
1.6
1.6
1.8
1.4
1.6
2.8
1.3
.8
3.4
4.3
-.2
.8
1.8
0
1.8
2.3
2.6
2.8
3.2
1.7
-2.4
1.9
2.0
2.5
3.1
2.8
2.8
1.8
1.7
2.0
2.0
2.0
2.5
2.0
1.4
1.3
.6
.2
0
-.2
.2
.2
1.3
1.3
1.6
.6
-.3
3.6
4.3
5.0
3
3.3
.7
0
.7
1.3
-2.0
.9
1.2
.3
0
.6
2.3
2.3
2.0
1.0
.5
.8
1.8
2.6
1.6
.5
.3
.2
.2
0
.2
.1
.2
.6
2.9
4.3
5.3
3.2
.6
22
44
.6
2.9
16
6.3
5.6
1.3
-4.4
19
-.7
2.3
6.8
6.1
3.3
-.3
26
-7.9
3.4
4.1
4.4
2.8
1.5
1.2
.9
1.8
1.1
1.8
1.9
2.9
3.1
2.4
1.5
-.6
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing
Transportation
Shelter
Period
All
items '
Food
Total1
Total '
Renters'
costs
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
Total1
New
cars
Motor
fuel
Medical
care
Energy2
All
items
less
food
and
energy
Addendum: AH items, percent change
(annual rate)
Prom
previous
quarter 3
From
3
months
earlier
From
6
months
earlier
Prom
year
earlier
NSA
Change, December to December, NSA
4.5
5.1
5.9
4.6
5.3
4.7
5.1
4.7
3.7
2.9
1.8
4.2
1.8
-5.6
1.6
2.9
3.2
4.0
2.9
2.3
2.9
2.0
2.8
.9
4.8
4.7
1.0
5.1
3.4
1.4
3.9
3.1
2.6
-5.9
6.1
3.0
4.0
10.4
-1.5
3.0
3.8
3.9
3.8
1.1
4.4
4.4
4.6
6.1
3.1
2.9
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
2.7
3.8
2.6
3.8
3.5
5.2
5.6
5.3
1.9
1.5
3.5
4.3
4.3
1.7
3.7
4.0
3.9
4.5
3.4
2.6
4.7
5.2
6.0
4.6
4.8
4.5
4.9
5.2
3.9
2.9
5.1
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.2
2.8
.2
.1
.4
.2
.1
.6
.3
0
.1
.3
.2
.1
.4
.2
.1
.2
.1
.4
.3
.2
.2
.4
.4
.2
-.1
.2
.1
.4
.3
.4
.3
,1
.3
.3
.1
-.2
.4
-.1
-.3
— .2
0
.7
.5
.1
.5
.3
.1
.4
.1
0
.1
.3
.4
,1
.1
.4
.4
— .4
0
.3
.3
.2
.3
.5
.1
.3
0
.3
.4
.3
.1
.5
.1
.3
— .1
.3
0
.4
.2
.6
.3
.1
-.1
.1
.5
,3
.1
.4
.1
.4
0
.3
.1
5
1.2
.4
.2
.4
.3
.5
.8
1.5
-.5
0
-.5
-.5
0
.9
.6
.5
.1
.2
1
-.2
.2
.1
3.4 -1.7
24
2.5
3.1
3.4
5.9 -30.7
18.7
1.8
2.1 -2.1
2.3
6.8
36.5
1.4
3.3 -16.0
2.3
1.8
6.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
7.9
6.6
.2
1.8
-19.7
8.2
.5
5.1
18.1
-7.4
2.0
.3
.2
0
.2
.1
-1.6
„. 3
.1
.1
-.5
1.4
.2
.6
0
.2
-.4
6
.5
.5
.5
.6
.5
.4
— .4
0
.5
.2
-.2
.2
.1
.5
.3
.2
.5
4
.7
.2
.2
.2
.3
.4
.6
.5
.3
.6
.8
.4
.4
.2
.5
.5
.1
.4
.2
.1
.1
.3
3.2
4.3
3.6
1.9
3.6
4.1
4.8
5.4
4.2
3.0
4.8
4.7
4.3
3.8
4.2
4.7
4.4
5.2
4.4
3.3
-0.5
Change, month to month
1992: Aug
Sept
Oct
Nov
Dec
1993:
Jan
Feb
Mar
Apr
May
June
July
Aug
1
2
£
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
also included through 1982.
24
— 2.4
-1.1
-1.7
-1.0
-.2
0
2.9
3.2
3.7
2.8
3
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
2.9
2.6
3.2
3.2
3.2
3.0
2.6
2.9
3.0
2.9
3.1
3.0
3.2
3.0
2.9
3.4
4.0
4.0
3.7
2.8
2.2
.8
1.4
3.3
3.6
3.6
3.6
3.4
3.1
2.3
2.1
3.3
3.2
3.1
3.2
3.2
3.0
2.8
2.8
PRICES RECEIVED AND PAID BY FARMERS
In September, prices received by farmers were up 2.1 percent from their August level. Prices paid by farmers in
July were unchanged from their April level. (Data are not seasonally adjusted).
INDEX, 1977 = 100 (RATIO SCALE)
200
INDEX, 1977 = 100 (RATIO SCALE)
200
_/
_,
180
160
—t
—x K^
^/
S\ s
"•v
^
^\/^ ^X^A
180
160
- \
^
1
PRICES PAID
140
120
,
' 1
140
-A
^
PRICES RECE YED
120
100
100
80 1 1 1 I 1 1 I I I I I
RATKDJ/
140
1
1
1 1 1 1 1 11 1 111
1 1 1 1
1 M 1 1
l
i i ii i Ii ii ii
Mill
1
1
M
1 1 1 1 1 1 1 1 1
80
Rf iTIO-!/
140
120
120
RATIO
—
100
100
/
r —' —
80
60
I I I I I 1 I I I II
1985
1
1 1 1 1 1 1 1 1 1 1
I 1 t 1 1 1 M 1M
1987
1986
1 1 M
1
1 1 1 11
t
1 1 1 t
1988
—*-__.
t i i M 1 i i i ri
1 1 1 ! 1 1 1 1 1 1 1
1990
1 1 1 1 1 1
1989
r"—' ~~
1991
1 1 It 1 1 t M 1 1
1992
80
60
1 1 1 1 1 1 1 M i 1
1993
COUNCIL OF ECONOMIC ADVISERS
[1977 = 100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
All farm
products
Livestock and
products
Crops
All commodities,
services,
interest, taxes,
and wage rates *
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio 2
1986
1987
1988
1989
1990
1991
1992
135
142
128
123
127
138
147
149
145
140
128
138
120
107
106
126
134
127
129
121
141
146
136
138
146
150
160
170
161
157
161
164
162
159
162
170
178
184
189
191
159
161
156
150
152
160
167
172
175
176
152
155
151
144
148
157
165
171
174
174
84
87
79
77
78
81
83
81
77
73
1992- Sept
Get
Nov
Dec
139
138
136
137
117
117
115
118
159
158
156
156
(3)
192
(3)
(3)
<3)
176
(3)
(3)
(3)
175
(3)
(3)
72
72
71
71
1993: Jan
Feb
Mar
139
140
142
146
144
140
140
142
145
117
118
116
126
120
112
118
r
!23
128
159
162
166
167
168
166
161
162
161
194
(3)
<3>
197
(3)
(3)
197
(3)
(3)
178
(3)
(3)
181
(3)
(3)
180
(3)
(3)
176
<3>
(3)
179
(3)
(3)
178
(s)
(3)
72
72
73
74
73
71
71
72
74
1983
1984
1985
May
July
Sept
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.
9
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 ha 3 as required by law. The indexes
lave been converted to a 1977 —100 base to facilitate compariat i with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
M2 and M3 rose in August.
BILLIONS OF DOLLARS* {RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE|
4,800
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
KPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term KPs, term
Eurodollars, and
institution-only
MMMF balances
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
521.2
552.4
620.1
724.5
750.0
787.1
794.6
827.2
899.3
1,026.6
2,186.5
2,376.0
2,572.4
2,816.0
2,917.2
3,078.3
3,233.3
3,345.5
3,445.8
3,497.8
2,693.1
2,988.2
3,203.6
3,491.6
3,674.8
3,915.5
4,056.1
4,116.7
4,168.1
'4,167.3
3,154.4
3,529.6
3,830.9
4,131.9
4,333.5
4,669.4
4,886.1
4,966.6
4,982.2
5,044.4
1992- July
963.3
975.5
990.1
1,005.9
1,019.1
1,026.6
3,463.7
3,472.7
3,480.7
3,492.1
3,498.7
3,497.8
4,169.1
4,179.1
4,183.5
4,180.6
4,179.3
r
4,167.3
5,012.6
5,026.2
5,037.9
r
5,041.3
r
5,051.7
' 5,044.4
1,033.3
1,033.1
1,035.3
1,043.0
1,066.8
1,073.2
1,085.5
1,094.9
3,488.8
3,477.2
3,474.6
3,477.3
3,507.7
3,514.9
3,521.3
3,526.8
4,142.7
4,137,0
4,132.6
4,144.7
4,174.3
4,174.4
4,172.6
4,175.7
5,020.1
5,015.1
5,013.0
5,030.8
5,072.9
5,078.2
"5,076.2
Period
198319841985:
1986198719881989199019911992-
Sept
Oct
Nov
Dec
1993- Jan
Feb
Mar
T *1
'
July '
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate.
26
Debt
L
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average) l
r
Percent change from year or 6
months earlier 2
Ml
M2
5,257.5
6,006.1
r
6,901.1
r
7,778.6
' 8,543.3
r
9,306.1
' 10,030.7
' 10,670.1
r
l l , 141.9
"\\, 718.6
9.9
6.0
12.3
16.8
3.5
4.9
1.0
4.1
8.7
14.2
12.0
8.7
8.3
9.5
3.6
5.5
5.0
3.5
3.0
1.5
r
l 1,489.6
11,548.8
ll,593.6
r
ll,622.2
r
ll,664.1
r
ll,718.6
11.4
10.6
11.8
13.7
14.1
15.5
.7
.3
.7
1.6
1.8
2.1
11,749.0
11,773.8
11,817.5
11,862.8
11,910.4
11,973.8
"12,030.0
14.5
11.8
9.1
7.4
9.4
9.1
10.1
12.0
1.4
.3
— .4
.8
.5
1.0
1.9
2.9
r
r
r
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
Debt
M3
10.3
11.0
7.2
9.0
5.2
6.6
3.6
1.5
1.2
-.0
— .1
-.5
1
.1
-.0
-.1
-1.3
-2.0
— 2.4
-1.7
_ 2
.3
1.4
1.9
r
!2.1
!4.2
!4.9
r
!2.7
r
9.8
r
8.9
'7.8
r
6.4
r
4.4
r
5.2
r
r
5.4
5.6
5.5
r
5.1
r
5.0
r
5.0
r
r
4.5
3.9
3.9
4.1
4.2
4.4
4.8
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Currency
Demand
deposits
Overnight
repurchase
agreements
(RPs),
net,
plus
overnight
Eurodollars 1
Other
checkable
deposits
(OCDs)
Money market
mutual fund
balances 2
General
purpose
and
broker/
dealer
Institution
only
Savings
deposits,
including
money
market
deposit
accounts
(HMD As)
Small
denomination
time
deposits3
Large Term
denom- repurination chase
time
agreedepos- ments
3
its
(RPs)
NSA
1983:
19841985:
19861987:
19881989:
19901991:
19921992:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
July
.
... .
. .
..
Sept
Oct
Dec
1993- Jan
Feb
Mar
May
July
r
146.2
156.1
167.9
180.8
196.9
212.3
222.7
246.7
267.2
292.3
279.5
282.4
286.3
288.0
289.8
292.3
294.8
296.9
299.0
301.4
304.0
306.8
309.6
312.6
238.5
244.0
266.9
302.3
287.1
287.1
279.8
278.2
290.5
340.9
317.5
322.5
329.0
336.0
339.5
340.9
341.9
341.9
342.0
347.3
359.1
360.6
365.8
370.8
55.6
60.6
73.5
82.3
84.1
83.2
77.6
74.7
76.3
74.8
72.9
76.5
74.3
75.6
75.8
74.8
73.3
74.1
74.5
72.7
70.0
r
73.5
75.7
78.3
131.9
147.3
179.7
235.3
259.3
280.7
285.3
294.5
333.8
385.2
358.6
362.8
366.7
373.7
381.6
385.2
388.6
386.4
386.3
386.2
395.5
397.9
402.3
403.8
NSA
41.9
63.2
65.5
86.1
92.7
92.0
108.8
135.9
182.1
202.3
212.5
220.9
220.7
210.9
209.2
202.3
197.7
201.9
200.9
200.4
202.8
198.1
195.0
193.3
139.1
168.0
177.2
209.0
222.6
242.9
317.4
350.5
363.9
342.3
350.4
348.9
343.9
346.3
343.7
342.3
' 340.0
r
333.2
r
332.7
r
332.3
r
337.2
r
337.0
336.8
335.0
1
Includes continuing contract RPs.
Data prior to 1983 are not seasonally adjusted.
Small denomination and large denomination dej sits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
2
3
685.0
704.7
815.1
940.9
937.6
926.6
891.0
920.8
1,042.5
1,186.0
1,134.5
1,145.7
1,158.9
1,170.5
1,180.4
1,186.0
1,184.4
1,182.4
1,178.8
1,181.6
1,193.7
1,198.7
1,200.1
1,205.1
784.1
888.9
885.5
858.9
922.8
1,038.3
1,152.7
1,172.3
1,064.7
870.1
941.5
926.9
912.7
896.5
881.7
870.1
861.3
856.1
851.1
844.2
837.4
829.8
821.3
814.2
327.6
416.5
434.1
431.3
475.4
525.4
548.8
489.6
424.7
357.5
382.5
378.1
373.7
367.0
361.3
357.5
350.7
346.3
340.5
346.0
345.9
'342.1
338.2
338.5
Savings
bonds
Shortterm
Treasury
securities
71.1
74.2
79.5
91.8
100.6
109.4
117.6
126.1
138.0
156.8
145.8
147.4
149.3
151.9
154.7
156.8
158.9
161.1
162.7
163.9
164.8
165.7
"167.2
211.9
260.9
298.2
280.0
253.1
269.2
324.9
331.1
315.0
331.6
324.8
322.9
r
321.0
' 320.2
'325.1
331.6
r
337.1
340.9
338.0
r
337.4
345.9
T
350.3
"349.7
Term
Eurodollars
(net)
91.5
82.9
76.5
83.8
91.0
105.7
79.5
68.7
57.6
45.6
51.1
51.4
49.4
48.1
47.2
45.6
43.6
47.0
50.4
r
49.8
r
50.5
M7.8
44.3
45.6
Commercial
paper
NSA
49.9
57.6
62.4
80.6
106.0
121.8
99.0
89.6
72.5
80.6
75.1
75.8
77.6
79.6
81.4
80.6
79.7
82.1
85.7
88.8
89.7
92.8
96.4
96.3
Bankers'
acceptances
45.0
133.2
45.4
160.8
42.0
207.6
231.4
37.0
44.3
260.7
39.9
335.5
40.2
347.3
357.1
35.6
23.4
337.7
20.4
368.4
21.7
351.2
21.1
355.7
20.7
363.4
20.5
368.0
20.3
372.4
368.4
20.4
20.6
360.7
20.2
355.9
360.3
19.3
r
365.5
!9.3
19.4 ' 368.3
r
!8.7 ' 369.1
"15.1 "371.6
NOTE.—Travelers cheeks of nonbank issuers are a component of money stock but are not show
here.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures l; millions of dollars; seasonally adjusted, except as noted by NSA]
Adjusted for changes in reserve requirements
Borrowings of depository
institutions from the Federal
Reserve (NSA)
Reserves of depository institutions
Period
Total
198319841985198619871988:
19891990199119921992-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Aug
Sept
Oct
Dec
1993- Jan .. .
Feb
Mar
May
July
Aug '.
1
.
25367
26,845
31,448
38,943
38,862
40,398
40,492
41,767
45,533
54,351
50,341
51,274
52,836
53,815
54,351
54,665
54,922
55,166
55,197
56,877
57,119
57,567
58,033
Data are prorated averages of biweekly (maintenance period) averages of daily figures-
Nonborrowed
24,593
23,659
30,129
38,116
38,085
38,683
40,227
41,441
45,341
54,228
50,091
50,987
52,693
53,711
54,228
54,500
54,876
55,074
55,124
56,756
56,938
57,323
57,680
Nonborrowed plus
extended
credit
24,595
26,263
30,628
38,419
38,568
39,927
40,247
41,464
45,342
54,228
50,091
50,987
52,693
53,711
54,228
54,501
54,877
55,074
55,124
56,756
56,938
57,323.
57,680
Required
24,806
25,990
30,411
37,573
37,816
39,351
39,570
40,102
44,555
53,196
49,407
50,280
51,763
52,772
53,196
53,405
53,818
53,953
54,101
55,881
56,209
56,478
57,080
Monetary
base
Total
175,467
187,237
203,585
223,667
239,872
256,932
267,734
293,185
317,169
350,798
336,844
341,585
344,849
347,832
350,798
353,224
355,734
358,374
360,634
364,769
368,069
370,978
374,531
774
3,186
1,318
827
777
1,716
265
326
192
124
251
287
143
104
124
165
45
91
73
121
181
244
352
Seasonal
96
113
56
38
93
130
84
76
38
18
223
193
114
40
18
11
18
26
41
84
142
210
234
Extended
credit
2
2,604
499
303
483
1,244
20
23
1
1
0
0
0
0
1
1
0
0
0
0
0
0
0
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases rose 0.1 percent in August; commercial and industrial loans fell 0.1
percent.
BILLIONS OF DOLLARS* (RATIO SCALE!
BILLIONS OF DOLLARS* (RATIO SCALE)
3,200
3,200
2,800
AIL COMMERCIAL BANKS
2,800
2,400
2,400
2,000
2,000
\
" LOANS AND LEASES
1,600
1,600
1,200
1,200
800
800
U.S. GOVERNMENT SECURITIES
400
400
OTHER SECURITIES
200
200
A-
160
160
120
I I I I II
1985
1986
I I I I II I I I I I I I I I I I
1987
1988
I IIIIIIIii
I I I III II II
1992
1989
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted *
All commercial banks
Loans and leases
Period
Total
securities 2
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
1992:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Aug
Sept
Oct
Nov
Dec
1993: Jan
Feb
Mar r....
Apr r....
May r....
June r...
July r....
Aug
1,552.2
1,722.9
1,910.4
2,093.7
2,241.2
2,422.9
2,590.8
2,732.4
2,836.9
2,937.6
2,902.2
2,917.4
2,926.0
2,932.4
2,937.6
2,935.3
2,943.9
2,960.1
2,971.0
2,992.2
3,015.0
3,037.9
3,046.1
U.S.
Government
securities
259.2
259.8
270.8
310.1
335.8
362.7
397.0
452.1
559.3
657.1
632.6
640.6
647.3
651.4
657.1
656.5
666.2
680.2
691.0
693.6
703.8
707.8
714.1
Other
securities
169.1
140.9
179.0
193.9
195.8
193.7
182.4
178.8
179.9
176.0
178.2
178.2
178.8
177.3
176.0
174.5
176.4
178.9
180.4
181.0
179.7
181.2
181.9
Total
2
1,123.9
1,322.2
1,460.6
1,589.7
1,709.6
1,866.5
2,011.4
2,101.4
2,097.8
2,104.6
2,091.4
2,098.6
2,099.8
2,103.8
2,104.6
2,104.4
2,101.3
2,101.1
2,099.6
2,117.6
2,131.5
2,148.8
2,150.1
Commercial
and
industrial
414.2
473.2
500.2
536.7
566.4
605.3
638.4
642.6
617.0
597.6
601.4
601.2
600.8
600.5
597.6
598.0
596.7
593.1
588.0
591.0
592.7
591.7
590.9
Keal
estate
Individual
Security
331.0
376.3
425.9
494.1
212.9
254.2
295.0
315.4
28.0
35.0
43.3
40.3
587.2
670.1
760.1
843.4
871.8
892.4
883.1
886.8
890.7
892.5
892.4
890.8
890.1
891.9
892.3
898.1
903.8
906.9
910.1
328.2
354.8
375.2
380.3
363.9
355.5
357.4
357.0
355.8
355.4
355.5
358.4
361.9
362.3
364.2
367.1
368.3
371.9
374.1
34.5
40.9
41.3
44.7
54.3
64.8
61.6
64.0
64.7
64.2
64.8
63.5
62.8
64.3
62.6
69.0
71.9
82.1
80.4
1
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions. Data beginning January 1984 are not strictly
comparable with data for earlier periods, largely because beginning January 1984 certain obligations
of States and political subdivisions are included in loans rather than in other securities.
28
N nn
onbank
financial
institutions
30.4
31.6
32.8
35.3
32.1
32.5
34.4
35.9
41.4
43.6
42.0
44.0
43.9
44.7
43.6
45.1
44.6
44.2
44.8
45.5
45.4
46.1
46.3
State
Agricultural
political
subdivisions
39.2
40.1
36.1
31.6
29.4
29.0
30.1
32.3
34.2
35.0
35.3
35.2
35.1
35.2
35.0
34.5
34.3
34.0
34.0
34.2
34.0
34.5
34.5
0.0
46.1
56.8
58.4
52.5
45.3
40.0
34.0
29.0
24.8
25.9
25.8
25.4
25.1
24.8
24.2
23.8
23.7
23.3
23.5
23.5
23.7
23.6
Foreign
banks
13.4
11.4
9.7
10.1
7.7
7.6
8.2
7.7
7.3
7.7
7.2
7.9
7.6
7.5
7.7
7.7
8.8
8.5
8.4
8.5
8.6
9.1
9.5
2
Excludes loans to commercial banks in the United States,
Source: Board of Governors of the Federal Reserve System.
Foreign
official
institutions
Lease
financing
receivables
9.4
8.4
6.3
6.3
5.1
13.7
16.1
19.1
22.5
24.7
29.4
31.9
32.9
31.7
30.9
30.8
31.0
30.8
30.9
30.9
30.4
30.6
30.6
30.7
31.0
31.3
31.7
31.8
5.0
3.5
2.9
2.4
2.8
2.3
2.5
2.4
2.8
2.8
2.9
3.2
3.2
3.2
3.1
3.3
3.3
3.2
Other
31.8
29.9
35.5
39.0
41.7
46.5
48.1
44.9
44.7
49.5
44.3
43.2
42.6
45.0
49.5
48.8
44.5
45.3
47.9
46.5
48.7
47.9
45.8
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Internal
1
Total
Total
1983
1984
Securities
and
mortgages
Other 2
Loans and
short-term
paper
Total
451.2
381.6
537.8
397.2
13.9
4
44.6
55.6
403.4
377.2
367.4
388.3
393.6
26.2
87.7
73.0
91.2
47.4
18.3
19.5
2.6
15 8
-29.3
32.0
11.3
24.0
78.3
53.0
68.9
520.8
567.3
520.0
543.0
369.9
415.2
150.9
166.1
117.3
127.8
37.6
32.4
71.4
53.4
ra r
IV
1993: I r
U"
-66.0
14.9
5.8
40.5
446.1
561.3
446.4
447.2
-.3
114.1
37.6
49.7
96.2
108.6
76.1
140.3
65.2
71.8
62.4
37.7
6.9
67.8
56.2
-5.4
13.0
65.6
27.8
-14.6
32 8
-18.8
95.9
68.3
40.0
114.0
63.1
74.7
37.4
86.4
95.2
56.5
890
-.5
51.4
56.1
58.2
54.9
99.5
134.9
100.2
75.7
28.5
56.0
433.0
440.9
426.9
450.4
17.9
32.5
54.0
37.0
4.0
32.9
9.4
185
92.5
123.7
72.2
95.4
-88.5
90 8
-62.8
113 9
454.6
452.2
468.4
475.5
103.7
147.6
123.1
121.0
79.7
69.3
70.1
52.0
95.5
98.6
38.1
40.7
460.6
465.7
23.1
145.3
17.4
104.8
83.4
89.9
300.1
416.5
515.3
483.7
611.0
1992- I '
n rr
1
Undistributed profits {after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
'
abroad.
2
Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment in
the U.S.
23.3
-14.3
20.4
28.5
50.7
52.7
38.7
20.8
22.0
48.7
365.0
394.4
403.8
407.3
147.5
164.7
134.4
195.2
164.6
206.6
162.6
113.4
35.4
123.8
558.3
599.8
591.5
596.5
nr
m r.
rv
Discrepancy
(sources less
uses)
465.9
503.4
489.9
558.2
523.6
502.0
292.3
336.3
351.9
336.7
375.9
404.3
399.6
409.4
437.8
462.7
450.9
473.4
480.9
487.4
1991: I r r
Increase hi
financial
assets
116.4
116.8
91.0
151.5
124.9
163.8
119.8
94.7
69.6
140.6
439.8
501.0
486.3
531.9
540.5
610.9
562.2
522.8
473.2
586.5
1985
1986
1987
1988
1989
1990
1991 ..
1992
Capital
expenditures 3
Credit market funds
398.5
374.9
351.9
455.1
461.3
484.8
401.2
402.7
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Note.—Series revised to reflect annual benchmark and seasonal adjustment revisions, which inCorp0rate revision of the national income and product accounts in August 1993.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstanding 1
Installment credit outstanding (end of period)
Period
Total
1983:
1984:
1985:
1986:
1987:
1988:
1989:
19901991:
1992-
Dec
Dec
Dec
Dee
Dec
Dec 3
Dec .
Dec
Dec ..
Dec
Automobile
Revolving
Other 2
12,912
22,440
16,906
2,744
146,318
168,758
185,664
188,408
189,316
202,921
233,273
231,474
229,048
227,167
43,161
73,636
75,057
54,347
36,669
53,878
(4)
14,412
-5,255
7,583
17,615
30,004
36,674
37,534
18,523
19,069
(4)
7 797
-23,841
1 271
12,634
21,192
21,478
14,067
17,239
21,205
(")
(4)
24,008
21,012
10,735
-1,799
2,426
-1,881
730,496
731,023
733,023
734,195
736,023
741,093
258,259
258,827
259,433
258,208
258,860
259,627
248,980
249,384
250,456
251,806
252,086
254,299
223,257
222,812
223,135
224,181
225,077
227,167
-370
527
2,001
1,171
1,829
5,070
270
568
606
1 225
653
767
185
403
1,072
1,350
280
2,213
-825
445
323
1,046
896
743,583
747,228
750,151
r
751,618
' 750,866
754,637
759,740
258,737
261,434
r
262,325
261,826
264,008
264,927
266,960
255,984
258,384
259,661
T
260,967
261,520
262,604
265,409
228,862
227,410
228,166
r
228,825
225,338
227,107
227,372
' 2,490
r
3,645
2,923
1,467
-752
3,771
5,103
-890
2,697
r
891
r
-499
2,182
918
2,033
1,685
r
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
Total
79,088
100,280
121,758
135,825
153,064
174,269
198,544
222,552
243,564
254,299
Oct
Nov
Dec
July"
Other
143,560
173,564
210,238
247,772
266,295
285,364
292,536
284,739
260,898
259,627
Sept
May
Revolving
368,966
442,602
517,659
572,006
608,675
662,553
724,353
738,765
733,510
741,093
1992- July
1993: Jan
Feb
Mar
Automobile
2
r
908
13,605
2,090
T
1,277
* 1,306
1,695
1,452
756
659
553
' - 3,487
1,084
1,769
265
2,400
r
2,805
r
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 fell in September.
PER CENT PER ANNUM
PERCENT PER ANNUM
14
12
14
.A
12
I
1
w
CORPORATE Aaa BONDS
(MOODY'S)
^^\
\
\
/ \
10
10
\
\
/
vx
N
\\-j '
r'
--i
\
\
\
.A
,-f
/
/""~x
•^
-\...... „••*' '•—
/
/r
6
8
\
''•-...
V
\l
\
\
8
TREASURY
BILLS
y —x.
—'
t
DISCOUNT
RATE
FEDERAL
RESERVE
BANK OF
NEW YORK
\
1
6
4
4
'-—-'\
2
|
M 1 1 1 ] 1 i 1 1 1
1 li 11 1 1 1 1 ! 1
1985
\ 1 M
1986
1 1 1 1 1 1 1
M
1 i 1
i I i1 1
15 88
1987
Mill
Nil!
1 1 1 1 1 1 1 i f ii
1 1 1 1 i
1989
1990
M
:
1991
OURCE; SEE TABLE BELOw
111ii
1 M 1
1992
1993
COUNCIL 3F ECONOMIC ADVISERS
[Percent per annum]
U.S. Treasury security yields
Period
1983
1984
1985
1986
1987
1988
1989...
1990
1991
1992
1992: Sept
Oct
Nov
Dec
1993- Jan
Feb
Mar
May
July
Sept
Week ended:
1993' Sept 4
11
18
25
Oct 2
3-month bills
(new issues) *
Constant maturities 2
3-year
10-year
High-grade
municipal
honds
(Standard3 &
Poor's)
Prime
commercial
paper,
6 months *
Discount rate
(N.Y. F.R.
4
Bank)
Prime rate
charged 4by
banks
8.63
9.58
7.48
5.98
5.82
6.69
8.12
7.51
5.42
3.45
2.97
2.84
3.14
3.25
3.06
2.95
2.97
2.89
2.96
3.10
3.05
3.05
2.96
10.45
11.89
9.64
7.06
7.68
8.26
8.55
8.26
6.82
5.30
4.42
4.64
5.14
5.21
4.93
4.58
4.40
4.30
4.40
4.53
4.43
4.36
4.17
11.10
12.44
10.62
7.68
8.39
8.85
8.49
8.55
7.86
7.01
6.42
6.59
6.87
6.77
6.60
6.26
5.98
5.97
6.04
5.96
5.81
5.68
5.36
9.47
10.15
9.18
7.38
7.73
7.76
7.24
7.25
6.89
6.41
6.24
6.43
6.35
6.24
6.18
5.87
5.65
5.78
5.81
5.73
5.60
5.50
5.31
12.04
12.71
11.37
9.02
9.38
9.71
9.26
9.32
8.77
8.14
7.92
7.99
8.10
7.98
7.91
7.71
7.58
7.46
7.43
7.33
7.17
6.85
6.66
8.89
10.16
8.01
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.26
3.33
3.67
3.70
3.35
3.27
3.24
3.19
3.20
3.38
3.35
3.33
3.25
8.50
8.80
7.69
6.33
5.66
6.20
6.93
6.98
5.45
3.25
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
10.79
12.04
9.93
8.33
8.21
9.32
10.87
10.01
8.46
6.25
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
3.02
2.95
2.98
2.93
2.90
4.16
4.09
4.19
4.22
4.17
5.41
5.28
5.35
5.44
5.33
5.39
5.28
5.28
5.34
5.26
6.61
6.51
6.66
6.79
6.69
3.27
3.22
3.24
3.26
3.26
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
New-home
mortgage
yields
(FHFB)5
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
1
Bank-discount basis.
2
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and week.
30
Corporate
Aaa bonds
(Moody's)
12.57
12.38
11.55
10.17
9.31
9.19
10.13
10.05
9.32
8.24
7.93
7.90
8.07
7.88
7.82
7.77
7.46
7.46
7.37
7.23
7.20
7.05
5
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices generally rose in September.
INDE X, DEC. 31, 1965=50 (RATIO SCALE!
260
240
220
200
180
160
_J
140
120
100
/
(
^—s
.
~s\
ALE)
INDEX, DEC. 31, 1965=50 (RATIO SC
260
_-_ -*•»
240
r-^~*^~S
220
'
^~v^\ /
\s
~/\
200
180
160
\
\\. •s-*s~^~^OSITE STOCK 'RICE INDEX
IUMF
140
(NYSE)
^
120
100
80
80
60
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 II 1 1 1
1985
11111 11111
1 1 1 1 1 1 1 1 1 1 1 1 1 II 1 1 1 1 1 i
1987
1986
1 111 1 1 1 111
1989
1988
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 I 1 1 1 1 1 1 1 1 1 1 1 1 1 1 60
1990
1991
1992
1993
PER CENT
20
PERC ENT
20
ON COMMON STOCKS
(S IP)
FAPNINfiS-PPirF PATIO
15
\
\
10
1^
5
0
15
"
1
-
r
^
1
1985
I
1
1
1986
1
"H
i i i
1987
10
1
1
1
1
1988
1
1
1
1
1p
"-*"*
1
1
5
1
1990
1989
1
1
1991
1
1
1
1992
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Industrial
1
0
COUNCIL OF ECONOMIC ADVISERS
Common stock yields
(percent) 6
, except as
New York Stock Exchange indexes (Dec
noted) 2
Composite
1
1993
Common stock prices *
Period
1
Transportation
Utility 3
Finance
Dow-Jones
industrial
average 4
Standard &
Poor's
composite
index
(194143 = 10)5
Dividendprice ratio
Earningsprice ratio
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
92.63
92.46
108.09
136.00
161.70
149.91
180.02
183.46
206.33
229.01
107.45
108.01
123.79
155.85
195.31
180.95
216.23
225.78
258.14
284.62
89.36
85.63
104.11
119.87
140.39
134.12
175.28
158.62
173.99
201.09
94.00
92.88
113.50
142.72
148.60
143.54
174.86
181.20
185.32
198.92
95.34
89.28
114.21
147.20
146.48
127.26
151.88
133.26
150.82
179.26
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
160.41
160.46
186.84
236.34
286.83
265.79
322.84
334.59
376.18
415.74
4.40
4.64
4.25
3.49
3.08
3.64
3.45
3.61
3.24
2.99
8.03
10.02
8.12
6.09
5.48
8.01
7.41
6.47
4.81
4.22
1992: Sept
Oct
Nov
Dec...
230.13
226.97
232.84
239.47
285.76
279.70
287.30
294.86
191.61
192.30
204.78
212.35
204.52
203.24
202.26
207.70
178.27
181.36
189.27
196.87
3,293.92
3,198.70
3,238.49
3,303.15
418.48
412.50
422.84
435.64
3.00
3.07
2.98
2.90
4.32
239.67
243.41
248.12
244.72
246.02
247.16
247.85
251.93
254.86
292.11
294.40
298.75
292.19
297.83
298.78
295.34
298.83
300.92
221.00
226.96
229.42
237.97
237.80
234.30
238.30
250.82
248.15
211.04
218.89
225.06
227.56
222.41
226.53
232.55
237.44
244.21
203.38
209.93
217.01
216.02
209.40
209.75
218.94
224.96
229.35
3,277.72
3,367.26
3,440.74
3,423.63
3,478.17
3,513.81
3,529.43
3,597.01
3,592.29
435.23
441.70
450.16
443.08
445.25
448.06
447.29
454.13
459.24
2.88
2.81
2.76
2'.82
2.80
2.81
2.81
2.76
2.73
256.43
254.36
255.26
253.19
255.90
304.13
300.23
301.05
298.82
301.90
251.74
245.21
247.32
246.70
252.44
244.11
244.47
246.06
242.83
243.25
227.52
228.89
229.74
228.02
232.23
3,640.07
3,601.79
3,625.54
3,548.58
3,567.25
462.25
458.60
460.36
455.91
460.73
2.71
2.75
2.72
2.76
2.73
1993- Jan
Feb
Mar
May
y
}
July
. 3
Sept
Week ended:
1993- Sept 4
11
18
25
Oct 2
1
.. ...
Average of daily closing prices.
Includes all the stocks (more than 2,000 in 1992) listed on the NYSE.
Dec. 81, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility index
to facilitate trading of options and futures on the index. Such trading is expected to begin later this
year. All indexes shown here reflect the doubling.
* Includes 30 stocks.
2
3
4.38
4.39
5
Includes 500 stocks.
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earningsprice ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
6
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 11 months of fiscal 1993, there was a deficit of $263.4 billion, compared with a deficit of $295.7
billion a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,600
1,600
RECEIPTS AND OUTLAYS-^
1,500
1,500
___
1,400
1,400
1,300
OUTLAYS-!/
1,200
\
1,300
__„-'
-'*"
1,200
1,100
1,100
-.---"'''
1,000
^--'""
900
'
1,000
^^\
~^"
^^
900
RECEIPTS-!'
800
800
—
_^_
"
"
700
700
600
A
V
i
i
i
i
i
i
i
i
l\
V
i
SURPLUS OR DEFICIT ( J ''
0
600
0
-100
-100
.
|
-200
^^-—""
^—~»^
"
^"
—— —_
-300
-400
A
^1984
i
i
1985
i
1986
i
1987
i
1988
i
1989
i
1990
i
1991
f\
i
1992
-400
1993 ^
FISCAL YEARS
•I'lNClUDES ON-BUDGEI AND OfF-BUDGET REMS.
SOURCES: DEPARTMENT Of THE TREASURY AND OFFICE Of MANAGEMENT AND BUDGCT
s
COUNCIL OF ECONOMIC ADVISER
[Billions of dollars]
Total
Fiscal year or period
Receipts
1976 . .
1977
1978
1979
1980
1981
1982
1983
1984
Outlays
Off-budget
On-budget
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Receipts
Outlays
Gross Federal debt
(end of period)
Surplus
or deficit
(-)
32
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
592
-40.2
73 8
-79.0
1280
-207.8
1854
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
-3.9
43
-2.0
11
-5.0
-7.9
.2
.3
629.0
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
477.4
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
1985
1986
1987
1988
1989
1990
1991
1992
1993 (estimates)
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,144.1
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,425.2
212 3
-221.2
1498
-155.2
1525
-221.4
2695
-290.4
281 1
547.9
568.9
640.7
667.5
727.0
749.7
760.4
788.0
832.3
769.6
806.8
810.1
861.4
932.3
1,027.6
1,082.1
1,128.6
1,158.5
-221.7
-238.0
169 3
-194.0
205 2
-278.0
321 7
-340.5
326 2
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.8
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.7
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.1
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,599.0
4,002.7
4,360.2
1,499.4
1,736.2
1,888.1
2,050.3
2,189.3
2,410.4
2,687.9
2,998.6
3,263.0
Cumulative total, first 11
months: 1
Fiscal year 1992
Fiscal year 1993
972.3
1,026.3
1,267.9
1,289.7
-295.7
-263.4
695.4
743.2
1,041.6
1,051.8
346 2
-308.6
276.9
283.1
226.3
237.9
50.6
45.2
3,983.7
4,343.4
2,988.9
3,256.5
.
1
Data from Monthly Treasury Statement.
NOTE.—Data for fiscal 1992 and 1993 are from Mid-Session Review of the 1994 Budget issued
September 1, 1993. Other data (except as noted) are from Budget Baselines, Historical Data, and
32
Alternatives for the Future, January 1993.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 11 months of fiscal 1993, receipts were $54.0 billion higher than a year earlier and outlays were $21.8
billion higher.
BILUC>NS OF DOLLARS
BILLIONS OF DC1LLARS
600
600
RECEIPTS -^
INDIVIDUAL INCOME TAXES
\
500
400
500
_ _
400
y
\
300
~
200
CORPORATION
INfnMF TAXFS
\
OTHER RECEIPTS
100
\
1
0
300
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
200
'<
1
1
1
1
100
1
1
1
1
0
1,300
1,300
OUTLAYS-"
1,200
1,200
.
1,100
1,100
^ -^ *"
1,000
NONDEFENSE
1,000
- *~
\
900
-'
900
\,_--~
800
800
_ „ — - — ""
700
700
_---"'"''
400
600
500
500
NATIONAL DEFENSE
400
400
\
300
200 A
1
\S
1984
•
1
I
1985
1986
I
1987
1
1988
300
1
1989
l~
~~\
1990
1991
1
1992
K
1993
\
200
FISCAL YEARS
^INCLUDES ON-BUDGET AND OFF-BUDGET TOMS.
>OURCES-. DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADMSERs
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
Corporation
income
taxes
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
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,144.1
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
508.1
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
111.8
265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
427.5
972.3
1,026.3
420.5
454.6
80.4
93.0
380.4
390.5
Total
1985
1986
1987
1988
1989
1990
1991
1992
1993 (estimates)
Cumulative total, first 11 months:1
Fiscal year 1992
Fiscal year 1993
1
National defense
Individual
income
taxes
Fiscal year
1976
1977
1978
1979
1980
1981
1982
1983
1984
Social
insurance
taxes
298.1
Other
Total
Department of
Defense,
military
International
affairs
Health
Medicare
Income
security
Social
securi-
inter-
ty
est
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
26.7
29.9
35.5
42.6
52.5
68.8
85.0
89.8
111.1
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
Net
Other
371.8
409.2
458.7
503.5
590.9
678.2
745.8
808.4
851.8
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
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
73.0
73.1
74.3
78.9
82.3
90.9
92.3
100.5
96.7
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,425.2
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.9
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.4
16.2
14.2
11.6
10.5
9.6
13.8
15.9
16.1
18.3
33.5
35.9
40.0
44.5
48.4
57.7
71.2
89.5
99.4
65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
131.2
128.2
119.8
123.3
129.3
136.0
147.0
170.3
197.0
208.0
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.5
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.8
131.8
142.1
125.9
139.4
158.8
203.9
225.1
113.9
173.1
91.1
88.1
1,267.9
1,289.7
272.3
265.7
261.7
254.9
14.4
15.6
80.7
90.2
108.7
119.5
182.5
192.8
263.4
279.0
184.0
183.4
161.8
143.5
Data from Monthly Treasury Statement.
NOTE.—Data for fiscal 1992 and 1993 are from Atid-Sessi&n Review of the 1994 Budget issued
September 1, 1993. Other data (except as noted) are from Budget Baselines, Historical Data, and
Total
and
contributions
15.7
17.3
Alternatives for the Future, January 1993.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 1993, according to revised estimates, Federal receipts rose $49.6 billion (annual rate) and
Federal expenditures rose $8.7 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONABLY ADJUSTED ANNUA1 RATES
1,400
1,400
1,000
1,000
SURPLUS OR DEFICIT [ - )
1987
1988
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government expenditures
Federal Government receipts
Period
Total
Fiscal year:
1990 ....
1991
1992
Calendar year:
1989
1990
1991
1992
1982- IV
1983- IV
1984- IV
1985- IV
1986- IV
1987- IV
1988- IV
1989- IV
1990- IV
1991- TTT
IV
1992- I
n
TTT
rv
1993: I r
n
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Total
Purchases
Transfer
payments
Grantsin-aid to
State
and
local
governments
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
Less:
Wage
accruals
less
disbursements
Surplus
or deficit
(-),
national
income
and
product
accounts
1,099.5
1,121.1
1,163.4
480.9
476.2
482.4
115.4
108.4
115.9
64.6
75.6
80.8
438.6
461.0
484.3
1,250.6
1,311.2
1,434.8
418.7
445.7
445.1
504.7
511.8
606.0
128.4
146.9
167.8
175.1
183.2
189.8
23.8
23.6
26.2
0.0
.0
.0
-151.1
- 190.0
1,059.3
1,111.4
1,127.8
1,183.0
632.3
671.1
739.8
803.6
856.8
943.5
1,000.6
1,OB8.3
1,115.8
1,132.6
1,142.5
1,165.9
1,176.1
1,169.1
1,221.1
1,218.4
1,268.0
461.9
484.3
474.9
490.8
301.6
290.5
323.5
351.8
371.7
414.8
420.0
470.1
483.9
474.5
478.5
479.7
482.0
489.5
511.8
502.1
520.7
117.1
116.4
107.1
120.2
45.5
65.4
67.0
77.0
91.4
109.7
118.5
111.3
115.1
109.2
109.8
121.1
125.8
107.0
127.1
132.4
142.4
61.9
65.8
79.1
81.3
49.2
55.4
58.2
56.8
54.8
59.5
61.4
62.2
67.1
79.5
81.3
80.4
80.2
81.1
83.5
81.5
86.2
418.5
444.8
466.7
490.7
235.9
259.8
291.1
318.0
338.8
359.4
400.7
424.7
449.7
469.4
472.8
484.7
488.1
491.4
498.7
502.3
518.7
1,181.6
1,274.9
1,331.2
1,459.3
815.7
855.7
926.6
990.8
1,034.3
1,096.3
1,135.5
1,209.8
1,306.9
1,350.2
1,387.2
1,436.1
1,456.0
1,459.8
1,485.3
1,481.9
1,490.6
401.6
426.5
445.9
448.8
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
446.8
437.4
445.5
444.6
452.8
452.4
442.7
447.5
471.5
514.1
522.0
624.5
346.0
351.1
360.1
383.8
404.2
419.7
444.5
488.8
526.6
546.2
567.7
611.0
620.8
624.4
641.7
642.0
645.6
118.2
132.3
153.0
171.4
84.3
86.9
97.7
104.5
103.8
102.9
113.0
121.9
137.6
154.6
162.3
163.4
171.8
173.7
176.7
176.1
182.8
164.8
176.5
187.6
187.1
86.8
99.2
122.3
129.2
131.1
143.1
151.2
168.9
174.4
187.6
191.9
189.3
190.4
187.4
181.3
178.3
182.5
25.5
25.6
22.6
27.5
17.3
28.8
22.2
16.4
22.1
37.8
34.9
25.0
32.0
15.1
27.9
27.0
28.5
21.4
33.2
42.9
32.3
.0
.1
-122.3
-163.5
-203.4
-276.3
-183.4
-184.6
-186.8
-187.2
-177.5
-152.7
-134.9
-141.5
-191.0
-217.7
-244.7
-270.2
-279.9
-290.7
-264.2
-263.5
-222.6
Source: Department of Commerce, Bureau of Economic Analysis.
34
•
^
.0
.0
.0
.6
.0
.0
-.2
.0
.0
.2
.0
.0
.0
.0
.0
.0
.0
.0
-271.4
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84=100; NSA)
Industrial production (1987 = 100; seasonally adjusted)
Period
United
States
1985
1986 .. .
1987
1988 ... .
1989
1990... .
.
Sept
Oct
Nov
Dec
1993: Jan
Feb
Mar
May
Aug ".
1
France
Germany
Italy
United
Kingdom
100.4
104.8
108.9
113.4
118.4
123.2
129.3
135.5
143.1
146.4
99.8
102.1
104.1
104.8
104.9
105.7
108.0
111.4
115.0
116.9
100.3
108.0
114.3
117.2
121.1
124.4
128.9
133.2
137.2
141.0
100.3
102.7
104.8
104.7
104.9
106.3
109.2
112.1
116.0
120.6
100.8
111.5
121.1
128.5
134.4
141.1
150.4
159.6
169.8
178.9
99.8
104.8
111.1
114.9
119.7
125.6
135.4
148.2
156.9
162.7
140.2
140.5
140.9
141.3
141.8
142.0
141.9
145.2
145.6
145.6
145.5
145.7
146.4
146.4
117.5
116.6
116.9
117.5
117.6
117.4
117.4
141.0
141.4
141.5
141.5
141.9
141.9
141.8
120.7
120.7
120.9
121.2
121.7
122.3
122.4
178.9
179.1
179.2
179.8
180.9
182.0
182.3
163.7
163.1
163.2
163.8
164.4
164.1
163.6
142.6
143.1
143.6
144.0
144.2
144.4
144.4
144.8
147.0
147.4
147.3
147.3
147.6
147.6
148.0
148.1
117.3
117.4
117.7
118.5
118.6
118.5
118.8
142.3
142.8
143.5
143.6
143.9
143.8
143.9
143.9
123.8
124.3
124.7
125.1
125.5
125.7
126.0
126.0
182.9
183.6
184.0
184.7
185.4
186.4
187.1
187.2
162.0
163.1
163.7
165.2
165.8
165.7
165.3
166.0
Germany
96.5
97.1
97.2
98.0
100.0
104.6
108.8
110.9
111.2
110.0
90.9
93.5
97.7
99.6
100.0
103.9
108.8
114.1
117.4
116.0
88.9
91.8
92.9
96.2
100.0
105.9
109.2
109.4
107.1
106.5
89.6
89.7
94.6
96.9
100.0
103.6
104.0
103.4
100.4
100.1
99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
136.2
140.3
r
110.3
110.3
110.3
110.6
111.2
106.3
104.8
116.5
115.9
115.5
115.6
112.8
110.5
107.5
107.4
108.0
102.8
103.4
105.6
106.4
99.9
99.0
100.1
100.0
100.4
101.6
100.9
100.8
100.7
102.1
101.0
101.0
102.8
102.3
97.7 r!17.5
97.4 rl!7.3
99.0 rl!3.9
r
99.2 '118.2
r
99.4 114.6
r
100.0 rl!3.1
' 100.5 rl!2.7
r
r
109.3
109.9
110.1
110.4
110.2
T
110.4
' 110.9
111 1
July
Japan
France
81.2
91.0
96.1
95.4
100.0
105.3
T
105.2
r
101.8
r
98.1
106.0
106.8
106.6
106.2
107.5
108.4
108.9
1992: June.
July
Japan
United
States '
85.5
93.4
96.8
96.6
100.0
109.3
115.9
121.4
r
123.7
r
98.5 ' 116.5
84.9
92.8
94.4
95.3
100.0
104.4
106.0
106.0
104.1
106.5
1983
1984
1991
1992 »
Canada
United
Kingdom
' 100.6
' 101.8
' 103.0
' 102.3
' 102.1
103.2
r
105.0
107.7
116.5 106.6
' 113.4 106.0
r
l!0.7 106.2
112.5
105.9
111.9
l!2.3
l!3.5
r
r
Italy
107.2
105.3
105.9
105.9
107.8
104.4
106.4
99.9
107.3 ' 104.3
' 107.0 101.9
1078
Data relate to all urban consumers.
Canada
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration, Office of Trade and Economic Analysis).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
Merchandise exports (f.a.s. value) l
General merchandise imports (customs value) 3
1983
1984
67.2
72.0
73.9
75.8
86.2
109.2
138.8
152.7
166.7
176.7
16.8
20.6
22.9
21.7
24.6
29.3
34.8
37.4
40.0
47.1
13.4
13.3
12.6
14.2
17.7
23.1
36.4
43.3
45.9
50.4
20.5
24.0
27.3
35.9
34.6
43.4
17.2
20.7
23.7
24.5
9.6
8.9
9.0
9.6
9.0
9.2
14.4
14.0
14.8
15.3
14.5
15.8
3.9
4.1
4.0
3.8
4.4
4.6
4.2
4.1
4.4
4.5
4.5
4.3
9.4
8.7
9.2
9.1
9.7
8.8
9.3
14.5
14.3
15.6
15.2
15.3
15.3
14.3
4.1
4.4
4.3
4.4
4.3
4.1
3.8
4.3
4.2
4.4
4.2
4.5
4.3
4.4
Foods,
feeds,
and
beverages
goods
except
automotive
30.9
31.5
24.0
22.3
24.3
32.3
37.2
35.1
35.7
40.2
56.7
61.7
58.5
57.3
66.7
85.1
99.3
104.4
109.7
109.3
37.4
36.4
37.7
38.9
37.8
39.2
3.4
3.3
3.5
3.6
3.4
3.4
37.5
36.9
38.9
38.5
38.9
37.6
37.1
3.3
3.4
3.5
3.4
3.3
r
3.2
3.2
Total 2
5
1985
1986
1987
1988
1989
1990
1991
1992
5
205.6
224.0
218.8
227.2
254.1
322.4
363.8
393.6
421.7
July
Sent
Oct
Nov
Dec
1993:
Consumer
goods
(nonfood)
except
automotive
448.2
Period
1992:
Automotive
vehicles,
parts,
and
engines
Industrial
supplies
and
materials
Jan
Feb
Mar
May
7* *
July
S?
1
Includes Department of Defense Military Assistance Program grant-aid
2
Includes undocumented exports to Canada through 1988.
3
Total arrivals of imported goods other than intransit shipments.
4
Total includes revisions not reflected in detail.
5
c
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
Other
GenersJ
merchandise
imports
(c.U.
value)
Foods
feeds,
and
beverages
Industrial
supplies
and
materials
258.0
330.7
336.5
365.4
406.2
441.0
473.2
495.3
488.5
532.7
18.2
21.0
21.9
24.4
24.8
24.8
25.1
26.6
26.5
27.9
107.0
123.7
113.9
101.3
111.0
118.3
132.3
143.2
131.6
138.3
40.9
59.8
65.1
71.8
84.5
101.4
113.3
116.4
120.7
134.2
40.8
53.5
66.8
78.2
85.2
87.7
86.1
87.3
85.7
91.8
44.9
60.0
68.3
79.4
88.7
95.9
102.9
105.7
108.0
123.0
6.3
7.8
9.4
10.4
12.1
12.8
13.6
16.1
15.9
17.6
269.9
346.4
352.5
382.3
424.4
459.5
493.2
2.0
2.0
2.0
2.1
2.0
1.9
44.9
45.1
46.0
46.1
45.6
46.1
2.5
2.3
2.2
2.3
2.2
2.3
12.0
11.9
12.0
12.5
11.8
11.5
11.3
11.4
11.6
11.8
11.6
11.9
7.4
7.7
7.8
7.5
8.0
8.2
10.3
10.3
10.9
10.5
10.3
10.7
1.5
1.3
1.4
1.5
1.7
1.5
46.7
46.8
47.8
47.9
47.4
47.9
-7.5
-8.7
-8.3
— 7.2
-7.8
-7.0
-9.3
-10.5
-10.1
-9.1
-9.6
-8.8
2.0
1.9
2.0
2.1
1.9
2.0
2.0
45.2
44.8
49.3
48.7
47.3
49.7
47.4
2.3
2.2
2.4
2.2
2.3
2.3
2.3
11.6
11.1
12.6
12.6
12.3
12.8
12.0
11.7
11.7
12.4
12.4
12.3
13.1
12.8
7.9
8.3
8.8
8.8
8.2
8.6
7.8
10.3
10.3
11.5
11.1
10.7
11.3
11.0
1.4
1.3
1.6
1.5
1.6
1.6
1.5
47.0
46.6
51.3
50.6
49.1
51.6
49.3
-7.7
-7.9
-10.5
— 10.2
-8.4
-12.1
-10.3
-9.5
-9.6
-12.4
-12.1
-10.2
— 14.0
-12.2
Other
Total
2
shipments.
Total exports are on a revised statistical month basis; end-use categories are on a statistical
Trade balance
Principal end-use commodity category
Principal end-use commodity category
4
4
z
goods
except
automotive
Exports
(f.a-s) less
imports
(customs
value)
Exports
(f.a.s)
less
imports
(c.i.f.)
-52.4
— 64.2
- 106.7 -122.4
517.0
-117.7 -133.6
-138.3 -155.1
— 152.1 -170.3
-118.5 -137.1
- 109.4 -129.4
-101.7 -123.4
508.4
554.0
-66.7
-86.6
-84.5 -105.9
month basis.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the second quarter of 1993, the current account deficit rose to $26.9 billion, from $22.3 billion in the first
quarter. The merchandise trade deficit rose to $34.4 billion, from $29.3 billion in the first quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
15
15
-40
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits {+), debits (—)]
Merchandise 1 2
Services
Investment income
Net
travel and
transportation
receipts
Other
services,
net
Receipts
on U.S.
assets
abroad
Payments
on foreign
assets in
U.S.
Exports
Imports
Net balance
Net
military
transactions s *
237,044
211,157
201,799
219,926
215,915
223,344
250,208
320,230
362,116
389,303
416,937
440,138
-265,067
-247,642
-268,901
-332,418
-338,088
-368,425
-409,765
-447,189
-477,365
-498,336
-490,739
-536,276
-28,023
-36,485
67 102
-112,492
122 173
-145,081
159 557
- 126,959
115 249
- 109,033
73 802
-96,138
— 844
112
-563
-2,547
4 390
-5,181
3 844
-6,315
6 726
-7,833
5 851
-2,751
144
-992
-4,227
-8,438
-9,798
-7,382
-6,481
1 511
5,071
8,979
17,933
19,718
12,552
13,209
14,095
14,277
14,266
18,855
17,900
19,961
26,558
29,505
33,799
39,444
86,529
86,200
84,778
99,056
89,489
87,497
95,129
122,275
144,904
151,201
127,292
110,612
-53,626
-56,412
-53,700
-69,572
-68,314
-74,736
-87,403
- 109,653
-130,091
-130,853
-114,272
-104,391
96,431
100,249
-125,385
-128,359
-28,954 -1,584
-28,110 -2,719
1,821
3,365
7,364
8,049
36,884
40,431
-33,160
-32,716
n
m
101,333
104,206
103,764
107,634
-120,123
-120,525
- 123,404
- 126,687
-18,790 -2,532
-16,319 -1,402
-19,640 -1,164
- 19,053
-755
2,926
4,299
5,228
5,481
7,935
8,397
8,660
8,809
36,018
32,057
30,074
29,144
-30,247
-29,147
-28,447
-26,431
n
m
108,347
108,306
109,493
113,992
126 110
-133,107
-137,105
-139,954
-17,763
-24,801
-27,612
-25,962
-571
-727
-617
-836
5,011
5,201
4,882
4,624
9,608
9,177
11,016
9,641
29,028
28,641
27,195
25,749
24 609
-27,734
-25,492
-26,555
111,530
113,125
-140,839
-147,513
-29,309
-34,388
-145
23
5,014
5,323
9,755
9,449
26,078
27,458
-26,115
-27,733
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1990: HI
IV
1991: I
IV
1992- I
IV
1993: Ir
H"
1
2
3
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Quarterly data are not seasonally adjusted.
36
4
Net
32,903
29,788
31,078
29,483
21,175
12,761
7,726
12,621
14,813
20,348
13,021
6,222
3,724
7,715
5,771
2,910
1,627
2,713
4,419
907
1,703
-806
-37
-275
Balance on
goods,
services,
and income
Unilateral
transfers,
net*
Balance
on current
account
16,732
5,632
-26,719
-79,716
- 100,920
-126,028
- 144,256
-102,203
-75,532
-58,034
-14,899
-33,505
-11,702
-17,075
-17,741
-20,612
-22,950
-24,176
-23,052
-24,965
-26,092
-33,827
6,575
-32,895
5,030
— 11,443
-44,460
-100,328
-123,870
- 150,203
- 167,308
-127,168
-101,624
-91,861
-8,324
-66,400
-7,428
-17,629
-11,700 -11,988
-25,057
-23,688
14,096
3,884
-6,564
-4,839
9,406
1,769
-11,853
-7,644
704
-7,389
-8,010
-10,243
-7,147
-10,628
-13,339 -10,348
-6,685
-18,253
-17,775
-23,687
-14,722
-19,868
-22,308
-26,934
-4,690
-2,115
-5,289
-2,805
-7,586
-7,066
Includes transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation of table.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks decreased $4.7 billion in the second
quarter of 1993, following a decrease of $28.1 billion in the first quarter. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, decreased $2.5 billion in the second quarter, following a
decrease of $18.9 billion in the first quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
-60
1993
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capiti
Period
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1990: HI
IV
1991: I
n
m
1992:
IV
I
n
m
IV
r
1993: I p
n ....
-114,147
-122,335
-58,735
-29,654
-34,687
-91,260
-61,254
-91,423
-129,331
-44,132
-59,974
-50,961
-29,885
-29,895
-5,555
-875
-15,672
-37,870
-1,029
8695
-10,798
-30,438
-12,358
-25,428
6
TJ.S.
official
reserve
assets 3 5
5 175
-4,965
1 196
-3,131
3,858
312
9,149
-3,912
-25,293
-2,158
5,763
3,901
1,739
-1,091
-353
1,014
3,877
1,225
-1,057
1,464
1,952
1,542
-983
720
Other U.S.
Government
assets
Foreign assets in the U.S., net
[increase /capital inflow (+)]
]
U.S.
private
assets
-5,097 - 103,875
111 239
-6,131
5006 -52,533
21,035
-5,489
-28,009
-2,821
-2,022
-89,551
1,006 -71,408
-90,477
2,967
1,259 - 105,297
-44,280
2,307
2,905 -68,643
-1,609
-53,253
338 -31,286
4,181 -32,984
-5,761
559
-419
1470
3,224 -22,774
38637
-459
303
-275
9866
-293
-12,445
-305
737 -31,243
535 -11,910
55 -26,203
Total
83,032
92,418
83,380
102,010
130,966
223,191
229,972
219,489
213,571
105,173
83,439
129,579
52,101
48,194
-20
7,120
23,514
52,826
19,834
44,450
26,450
38,845
25,718
38,292
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve position in the IMF.
Foreign
official
assets 3
Other
foreign
assets
4,960
3,593
5,845
3,140
-1,119
35,648
45,387
39,758
8,503
34,198
17,564
40,684
14,077
20,249
5,604
-4,924
3,855
13,029
21,124
21,008
-7,378
5,931
10,929
17,839
78,072
88,826
77,534
98,870
132,084
187,543
184,585
179,731
205,068
70,975
65,875
88,895
38,024
27,945
-5,624
12,044
19,659
39,798
-1,290
23,442
33,828
32,914
14,789
20,453
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
1,093
Total (sum
of the items
with sign
reversed)
24,992
41,359
19,815
27,972
27,592
18,272
— 1,410
899
17,384
30,820
-15,140
-12,218
2,841
5,389
-3,831
-8,014
4,011
7 312
— 12,120
-17,502
2,123
15,280
8,948
14,070
Of which:
Seasonal
adjustment
discrepancy
-6,221
2,098
4,710
-120
-6,506
1,911
4,878
653
6754
1,222
5,814
816
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
80,024
83,316
78,002
74,940
74,731
77,721
74,657
77,092
78,527
71,323
74,378
73,968
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
page
Gross Domestic Product
Gross Domestic Product in 1987 Dollars
Implicit Price Deflators for Gross Domestic Product
Changes in GDP, Personal Consumption Expenditures, and Related Implicit Price Deflators and Price Indexes
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures in 1987 Dollars
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment in 1987 Dollars
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
' Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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U.S. GOVERNMENT PRINTING OFFICE : 1993 0—72-766
