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OCTOBER
1994
VOLUME 74 NUMBER
U.S. DEPARTMENT OF COMMERCE **^> ECONOMICS AND STATISTICS ADMINISTRATION
BUREAU OF ECONOMIC ANALYSIS
OCTOBER
1994
VOLUME 74 NUMBER
10
SURVEY of
CURRENT BUSINESS
SURVEY OF CURRENT BUSINESS. Published monthly by the Bureau of Economic Analysis of the U.S. Department
of Commerce. Editorial correspondence should be addressed to the Editorin-Chief, SURVEY OF CURRENT BUSINESS, Bureau of Economic Analysis, U.S.
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Editor-in-Chief
Managing Editor
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Leland L Scott
Publication Staff;
W, Ronnie Foster, M, Gretchen Gibson,
Ernestine T. Gladden, Eric B, Manning
THIS ISSUE of the SURVEY went to the printer on November 8,
It incorporates data from the following monthly BEA news releases;
Gross Domestic Product (October 28),
Personal Income and Outlays (October 31), and
Composite Indexes of Leading, Coincident, and Lagging
Indicators (November a),
October 1994
SURVEY OF CURRENT BUSINESS
TABLE
OF
CONTENTS
l\egular features
1
Business Situation
17. S. economic activity continued at a moderate pace in the third quarter of
1994° Real GDP increased 3.4 percent after increasing 4.1 percent in the second
quarter. Inflation also remained moderate: The price index for gross domestic
purchases increased 3.2 percent, the same as in the second quarter.
30
Gross Product by Industry, 1991-92
In 1992, real gross product increased for all major industry groups except mining and government. Of the 2.3-percent increase in real GDP in 1992, slightly
more than one-half was accounted for by finance, insurance, and real estate,
services, and wholesale trade. Manufacturing increased 1.5 percent, with durable and nondurable goods industries both increasing at that rate.
36
Motor Vehicles, Model Year 1994
In model year 1994, motor vehicle sales, employment, and production increased
for the third consecutive year, and inventories remained lean. Total sales
increased 9.1 percent to 15.2 million units, the highest level since 1989. The
increase was more than accounted for by sales of domestic cars and domestic
trucks.
42
Personal Income by State and Region, Second Quarter 1994
A pickup in personal income in the Nation in the second quarter of 1994 was
accounted for by a rebound in California from the effects of the destruction
caused by the Northridge earthquake. Personal income increased faster than
prices in all States except four farm States.
47
Reconciliation of the U.S,-Canadian Current Account, 1992-93
This year's reconciliation of the U.S.-Canadian current account resulted in a
smaller U.S. surplus for 1992 and a shift to a small U.S. deficit for 1993.
— Continued on next page —
II
SURVEY OF CURRENT BUSINESS
l\eports and statistical presentations
7
National Income and Product Accounts
7
26
28
C-l
Selected NIPA Tables
NIPA Charts
Selected Monthly Estimates
Business Cycle Indicators
C-l
C-6
C-7
C-28
C-51
C-52
C-53
Data tables
Footnotes for pages C-l through C-5
Charts
Historical data for selected series
Business cycle expansions and contractions
Cyclical leads and lags for selected indicators
Titles and sources of series
LOOKING AHEAD
Research and Development Satellite Account In an upcoming issue of the SURVEY,
BEA will present a research and development satellite account. This account, which
will supplement the existing system of national economic accounts, will treat
expenditures on research and development as fixed investment, and the resulting
capital stocks will be consistent with BEA'S estimates of tangible wealth.
October 1994
October 1994
SURVEY OF CURRENT BUSINESS
THE BUSINESS SITUATION
This article was
prepared under the
direction of Daniel
Larkins.
EAL GROSS domestic product (GDP) in% leased 34 percent in the third quarter of
1994 after increasing 4.1 percent in the second, according to the "advance" estimates of the national
income and product accounts (NIPA'S) (chart i). 1
The output of goods and services increased a little
more than in the second quarter, but the output
of structures turned down (table i).
Real gross domestic purchases increased 3.9
percent after increasing 4.6 percent (table 2).
Most of the third-quarter increase was in final
sales to domestic purchasers, which accelerated to
a 3.5-percent increase from a 2.0-percent increase.
Inventory investment increased modestly in the
third quarter, as inventories increased even more
strongly than they had in the second quarter.
Personal consumption expenditures increased
3.0 percent, more than twice as much as in the
second quarter; purchases of durable goods and
of services accounted for the step-up. Government purchases turned up; Federal Government
purchases accounted for most of the upturn, with
defense and nondefense purchases contributing
about equally. Nonresidential fixed investment
increased a little less than in the second quarter, as a step-up in producers' durable equipment
was offset by a downturn in structures. Residen-
tial investment turned down, mainly reflecting a
downturn in single-family structures.
Exports and imports, which are the link between goods and services produced in the United
States (GDP) and goods and services purchased by
U.S. residents (gross domestic purchases), both
increased less than in the third quarter.
The fixed-weighted price index for gross domestic purchases increased 3.2 percent, the same
rate as in the second quarter. The fixed-weighted
price index for GDP increased 2.7 percent after
increasing 2.9 percent.
Motor vehicles.—Motor vehicle output and final
sales of motor vehicles to domestic purchasers in-
Selected Measures;
Change From Preceding Quarter
Percent
10
REAL GROSS DOMESTIC PRODUCT
5
o
,..S...m.._.J.J
-5
-10
i. Quarterly estimates in the NIPA'S are expressed at seasonally adjusted
annual rates, and quarterly changes are differences between these rates.
Quarter-to-quarter percent changes are annualized. Real, or constant-dollar,
estimates are expressed in 1987 dollars.
10
REAL GROSS DOMESTIC PURCHASES
5
o
Table 1—Real Gross Domestic Product, by Major Type of Product
-5
[Seasonally adjusted at annual rates]
Percent change from preceding
quarter
Billions of 1987 dollars
Change from preceding quarter
Level
1994:111
Gross domestic product ... 5,339,2
Goods
Motor vehicles
Other
2,236.1
225.8
2,010.3
Services
2,649.7
Structures
473.3
10
1994
1993
1993
IV
1994
II
III
78.6
43.1
53.0
45.1
57.3
22.2
35.1
33.3
18.0
15.3
32.5
34.8
-12.2
44.7
32.4
7.7
14.6
10.0
13.9
.8
-4.8
10.4
-3.6
5.1
16.2
II
I
IV
I
2.4
6.3
11.5
53.8
15.0
3.3
4.1
3.4
6.4
3.2
6.1
-19.2
9.6
6.5
4.4
6.7
2.3
1.5
2.1
37.4
-4.0
GROSS DOMESTIC PURCHASES PRICE INDEX
(FIXED WEIGHTS)
III
9.2
1991
1992
Note—Percent change at annual ratefrompreceding quarter;
-3.0
NOTE.—Most series are found in NIPA table 1.4. Output of motor vehicles is the sum of auto output and truck output, from
tables 8.4 and 8.6, respectively.
-10
U,S< Department of Commerce, Bureau of Economic Analysis,
1994
SURVEY OF CURRENT BUSINESS
2 • October 1994
creased in the third quarter after falling in the
second.2 Output increased 4.4 percent after dropping 19.2 percent; trucks more than accounted
for the increase (table 3). Sales increased 3.1 percent after falling 12.9 percent; auto sales, which
increased 4.0 percent after falling 12.8 percent,
accounted for most of the increase.
Final sales of motor vehicles to business increased 6.3 percent in the third quarter after
falling 16.5 percent in the second; trucks accounted for the increase. Sales to consumers
were unchanged after dropping 17.6 percent; a
4.9-percent increase in auto sales was offset by
a 12.6-percent decrease in truck sales. Factors
frequently considered in analyses of consumer
spending were mixed in the third quarter: The
unemployment rate decreased, but the growth
of real disposable personal income slowed; the
Index of Consumer Sentiment (prepared by the
University of Michigan's Survey Research Center) decreased for the second consecutive quarter
but remained above 90 percent. Among factors
specific to motor vehicle purchases, interest rates
on new-vehicle loans increased for the second
consecutive quarter, and many popular vehicle
models were in short supply.
2. See also "Motor Vehicles, Model Year 1994" in this issue.
Tabie 2.—Real Gross Domestic Product, ReaS Gross Domestic Purchases, and Reai Final Sales to Domestic
Purchasers
[Seasonally adjusted at annual rates]
Percent change from preceding quarter
Billions of 1987 dollars
Level
1994:111
Gross domestic product
Less: Exports of goods and services
Plus' Imports of goods and services
Equals: Gross domestic purchases
Personal consumption expenditures
Nonresidential fixed investment
Residential investment
Government purchases
IV
IV
II
SI
III
III
78.6
43.1
53.0
45.1
29.9
25.8
-5.6
16.2
24.3
32.0
15.3
21.9
51.7
74.4
64.9
60.7
-2.2
14.6
33.8
5,413.0
76.6
50.3
26.9
46.4
3,583.9
669.2
229.5
930.3
34.0
29.3
13.5
40.1
16.4
11.5
14.3
5.4
-11.6
-2.8
26.1
11.3
-4.3
13.2
-.3
1994
1994
I
659.2
777.5
64.5
Equals'. Final sales to domestic purchasers
1993
1993
5,359.2
5,477.5
Less: Change in business inventories
Change from preceding quarter
6.3
21.7
16.0
4.1
3.3
-3.5
9.5
16.6
18.9
3.4
9.8
12.1
3.9
5.0
4.6
6.0
3.9
2.0
3.5
4.0
4.7
1.3
9.2
7.0
3.0
7.0
5.8
5.3
3.9
21.1
28.2
-.1
10.9
10.0
-4.9
-7.2
5.9
-1.2
NOTE.—Dollar levels are found in NIPA tables 1.2 and 1.6. Percent changes are found in table
Table 3.—Motor Vehicle Output, Sales, and Inventories
[Seasonally adjusted at annual rates]
Billions of 1987 dollars
Percent change from preceding quarter
Change from preceding quarter
1994
1993
Level
1994
1993
II
IV
1994:111
OutDUt
Autos
Trucks
Less1 Exports
Autos
Trucks
Plus' Imports
Autos
Trucks
225.8
125.7
100.1
20.8
15.4
5.4
66.8
57.4
9.4
Equals: Gross domestic purchases
Autos
Trucks
271.8
167.7
104.1
Less* Change in business inventories
Autos
Trucks
7.2
2.5
4.7
Equals: Final sales to domestic purchasers
Autos
Trucks
NOTE.—Dollar levels are found in NIPA tables 8.4 (autos) and 8.6 (trucks).
264.6
165.2
99.4
I
IV
22.2
13.0
9,2
2.5
1.3
1.2
-.4
-.6
.2
II
18.0
7.9
10.1
1.2
1.3
-.1
-1,6
-1.7
.1
2.4
-.2
2.6
53.8
53.9
53.6
37.4
27.3
52.8
-19.2
-24.6
-11.4
11.1
-.7
-.6
-.1
1.5
1.4
.1
77.0
50.9
28.1
45.2
-7.1
-13.3
-15.5
34.9
46.4
7.7
7.5
.2
4.8
4.3
.5
-4.9
-12.2
-9.2
-3.0
8.2
10.3
27
5.7
2.7
3.0
7.3
7.2
.1
-2.5
-5.2
5.4
4.6
.8
3.7
1.1
2.6
19.3
11.1
12.0
3.9
8.1
15.2
4.9
2.7
17.7
10.1
7.6
III
III
-3.8
-1.1
-9.2
-5.7
-3.5
2.0
1.6
.4
167.7
28
-7.2
-11.0
-13.6
4.7
70.0
83.9
37.1
33.0
44.4
26.1
12.7
51.9
-5.5
-2.6
21.3
10.4
42.9
30.9
27.9
36.1
9.9
9.5
100
12.9
-12.8
-13.0
4.4
-.6
7.8
34.8
36.5
24.4
8.8
6.7
12.4
3.1
4.0
1.6
SURVEY OF CURRENT BUSINESS
Motor vehicle inventories increased for the second consecutive quarter but remained low. In
units, the inventory-sales ratio for domestic new
autos edged up to 2.4—the traditional industry
target—from 2.3.
Prices
As noted earlier, the fixed-weighted price index
for gross domestic purchases increased 3.2 percent in the third quarter, the same rate as in the
second. The price index for gross domestic purchases less food and energy, which is sometimes
used to estimate an "underlying" inflation rate,
increased 2.5 percent after increasing 3.6 percent;
the third-quarter increase was about the same as
October 1994 • 3
the average quarterly increase in 1993 and a percentage point lower than the average quarterly
increase in 1991-92 (chart 2).
Prices of personal consumption expenditures
(PCE) increased 3.5 percent after increasing 2.8
percent (table 4). The step-up was more than
accounted for by food and energy prices. An acceleration in food prices mainly reflected a surge
in the prices of nonalcoholic beverages (mainly
coffee) and upturns in the prices of fresh fruits
and vegetables. An upturn in energy prices was
mainly concentrated in gasoline and oil. "Other
PCE" prices decelerated; much of the slowdown
was accounted for by clothing and shoes and
by furniture and household equipment, although
most other components also contributed.
Third-Quarter 1994 Advance GDP Estimate: Source Data and Assumptions
The advance GDP estimate for the third quarter is based
on the following major source data, some of which are
subject to revision. (The number of months for which
data were available is shown in parentheses.)
Personal consumption expenditures: Sales of retail stores
(3) and unit auto and truck sales (3);
Nonresidential fixed investment: Unit auto and truck
sales (3), construction put in place (2), manufacturers'
shipments of machinery and equipment (3), and exports
and imports of machinery and equipment (2);
Residential investment: Construction put in place (2)
and housing starts (3);
Change in business inventories: Manufacturing and
trade inventories (2) and unit auto and truck inventories
(3);
Net exports of goods and services: Exports and imports
of goods and services (2);
Government purchases: Military outlays (3), other Federal outlays (2), State and local construction put in place
(2), State and local employment (3); and Employment
Cost Index for the quarter.
GDP prices: Consumer Price Index (3), Producer Price
Index (3), price indexes for nonpetroleum merchandise
exports and imports (3), and values and quantities of
petroleum imports (2).
The Bureau of Economic Analysis (BEA) made assumptions for the source data that were not available. Table A
shows the assumptions for key series; a more comprehensive listing of assumptions is available on the Department
of Commerce's Economic Bulletin Board or from BEA.
Table A.—Key Data Assumptions for the Advance GDP Estimate, 1994:111
[Billions of dollars, seasonally adjusted at annual rates]
19 94
April
Fixed investment:
Nonresidential structures:
Buildings, utilities, and farm:
Value of new nonresidential construction put in place
Producers' durable equipment:
Manufacturers' shipments of complete aircraft
Residential structures:
Value of new residential construction put in place:
1-unit structures
2-or-more-unit structures . . . . . .
1334
156
Net exports:
Exports of merchandise:
U.S. exports of merchandise, excluding gold, balance of payments basis
Imports of merchandise:
U.S. imports of merchandise, excluding gold, balance of payments basis
Net merchandise trade (exports less imports)
Government purchases:
State and local:
Structures:
Value of new construction put in place
1. Assumed.
..............
...
1343
150
June
1357
225
July
1347
136
August
1334
September
'1325
231
*21 9
1530
126
133
131
132
134
M539
M46
407
982
304
754
695
M83
484.5
483.3
504.3
481.6
526.6
1
698.2
-171.6
1
1558
Change in business inventories, nonfarm:
Change in inventories for manufacturing and trade (except nonmerchant wholesalers) for
industries other than motor vehicles and equipment in trade
.
.
May
1568
644.6
-160.0
6546
-171.3
1099
1127
1558
672.6
-168.2
113.7
1549
673.0
-191.4
1157
117.6
1
51 0.8
695.1
-184.3
1
115.9
SURVEY OF CURRENT BUSINESS
October 1994
Prices of nonresidential fixed investment increased 2.5 percent, about the same rate as in
the two preceding quarters. A step-up in structures was offset by a slowdown in producers'
durable equipment. The slowdown reflected a
larger drop in computer prices than in the second quarter and smaller price increases for other
major categories of equipment.
Prices of residential investment increased 5.3
percent after increasing 2.7 percent. The thirdquarter increase, which was the largest in more
Gross Domestic Purchases
Prices (Fixed Weights):
Change From Preceding Quarter
Percent
a
DTotal
Less Food and Energy
ii
1991
1992
1993
1994
Noter-Percent change at annual rate from preceding quarter;
based on seasonally adjusted index numbers (1987*100),
than 4 years, was mainly accounted for by
single-family structures.
Prices of government purchases increased 2.0
percent after increasing 4.9 percent. About half
of the slowdown reflected the pattern of incentive payments ("buyouts") to civilian employees
who leave Federal service voluntarily; these payments dropped sharply in the third quarter after
increasing sharply in the second. Excluding the
buyouts, prices of government purchases would
have increased 2.6 percent after increasing 4.1 percent. For Federal Government purchases, prices
increased 0.8 percent after increasing 7.7 percent; excluding the buyouts, prices would have
increased 2.2 percent after increasing 5.8 percent. Both defense and nondefense purchases
contributed to the slowdown. For State and local government purchases, prices increased 2.9
percent, about the same as in the second quarter.
The price index for GDP, which measures the
prices paid for goods and services produced in
the United States, increased 2.7 percent after increasing 2.9 percent. This index, unlike the index
for gross domestic purchases, includes the prices
of exports and excludes the prices of imports. Export prices increased 2.3 percent after increasing
2.7 percent. Import prices increased 8.1 percent
after increasing 5.8 percent; the price of imported
petroleum products increased less sharply than
in the second quarter, while the price of "other
merchandise imports" accelerated.
US. Department of Commerce, Bureau of Economic Analysis
Alternative measures
Both of BEA'S alternative measures of real
GDP—the chain-type annual-weighted measure
and the benchmark-years-weighted measure—
increased 3.1 percent in the third quarter, 0.3
Table 4.—Fixed-Weighted Price Indexes: Change From
Preceding Quarter
[Percent change at annual rates; based on seasonally adjusted index
numbers (1987=100)]
1993
IV
Gross domestic product
Less: Exports of goods and services
Plus: Imports of goods and services
Equals: Gross domestic purchases
1994
II
I
III
2.4
3.1
2.9
2.7
.6
1.1
3.8
2.7
5.8
2.3
8.1
3.2
3.2
2.4
-2.7
2.5
Table 5.—Fixed-Weighted and Alternative Quantity and
Price Indexes
[Percent change at annual rates; based on seasonally adjusted index
numbers (1987=100)]
1993
IV
Less* Change in business inventories
Equals: Final sales to domestic purchasers ....
2.4
2.5
3.2
3.2
Personal consumption expenditures
Food
Energy
Other personal consumption expenditures ....
Nonresidential fixed investment
Nonresidential structures
Producers' durable equipment
Residential investment
Government purchases
28
3.7
1.9
2.7
1.6
33
7
2.9
1.6
19
1.1
28
1.3
-.8
3.4
2.7
20
31
2.7
4.9
35
5.5
Addenda:
Merchandise imports
Petroleum and products
Other merchandise
-1.5
2.3
2.5
32
21
4.5
4.3
-1 -26
-26.3 -34.7
2.6
.5
10.4
2.6
2.5
40
17
5.3
2.0
77
93
79.6
55.5
3.4
5.9
NOTE—Percent changes in major aggregates are found in NIPA table 8.1. Most index
number levels are found in tables 7.1 and 7.2.
Gross domestic product:
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts
Gross domestic purchases:
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts
1994
I
III
•II
6.3
51
51
3.3
32
32
4.1
42
41
3.4
31
31
24
2.5
2.4
3.1
3.2
3.2
2.9
2.7
2.7
2.7
2.4
2.4
24
24
2.4
2.5
2.5
2.6
32
31
3.1
32
30
3.0
NOTE.—Percent changes are found in NIPA table 8.1. Index number levels are found in
tables 7.1 and 7.2.
SURVEY OF CURRENT BUSINESS
percentage point less than the featured fixed1987-weighted measure (table 5). Most of this
difference was accounted for by a strong increase
in purchases of computers, a product whose
prices have decreased sharply since 1987. In the
first and second quarters, the alternative measures had differed from the featured measure by
no more than o.i percentage point.
The alternative measures of gross domestic
purchases prices both increased 3.0 percent—0.2
percentage point less than the featured fixed-ipS/weighted measure of gross domestic purchases
prices. The alternative measures of GDP prices
both increased 2.4 percent in the third quarter—
0.3 percentage point less than the corresponding
fixed-weighted measure.
October 1994
ing 3.5 percent in the second (chart 3). The
deceleration reflected a slowdown in currentdollar DPI, which increased 5.9 percent after
increasing 6.8 percent. The personal saving
rate—saving as a percentage of current-dollar
DPI—edged down o.i percentage point to 4.0
percent.
Personal income increased $67.9 billion after
increasing $104.1 billion (table 6). Rental income
of persons accounted for more than half of the
deceleration; wage and salary disbursements and
proprietors' income also contributed.
Table 6.—Personal Income and Its Disposition
[Billions of dollars, seasonally adjusted at annual rates]
Personal income
Level
Real disposable personal income (DPI) increased
2.7 percent in the third quarter after increas-
1994:
III
Wage and salary disbursements
Commodity-producing industries
Manufacturing
Other
Distributive industries
Service industries ..
Government and government enterprises
Seiected Personal Income and
Saving Measures
Billions $
140
120
186.9
•CHANGE IN PERSONAL
INCOME
100
R
80
60
40
ao
0
-20
it
T]
t
%
1
9
f
iu
•t
L
&
Lt
1
-40
Percent
10
CHANGE IN REAL DP!
5
f
n
*r
is
5
?
K
P
f.
•1
£
•i I
f
^
i-/i
1
11 1
|
1991
;1
5
1
1092
196.9
670.2
L.
1
i
i
ii
7
V
nn
1 1
1993
,1
1
1994
Note—Changes are from preceding quarter,
US, Department of Commerce, Bureau of Economic Analysis
«;
II
III
32.5
59.9
10.9
48.9
35.1
9.6
6.8
2.8
3.0
18.2
16.0
25.0
8.0
6.4
5.2
8.1
2.8
5.3
.3
42.6
28.6
14.0
-7.9
8.1
9.4
5.0
4.4
11.3
12.0
2.3
5.3
-5.9
-10.8
5.0
4.0 -15.0
1.6
1.3
3.4
18.8
18.3
20.8
10.2
10.7
-6.4
9.4
16.4
9.7
6.0
3.6
-.3
5.2
2.9
5,727.8
88.7
71.2
104.1
743.8
11.6
16.0
23.4
4,984.0
77.1
55.2
80.7
70.5
4,785.3
70.0
69.1
55.1
72.9
7.1 -13.9
25.6
198.8
-.9
2.7
13.9
-3.3
In nonfarm proprietors' income:
Uninsured losses to business property:
Due to Northridge California earthquake *
0
-1.4
In rental income of persons with CCAdj:
Uninsured losses to business property:
Due to Northridge, California, earthquake:
0
-18.5
In personal contributions for social insurance:
Social security rate and base changes and increase in premium for
supplementary medical insurance and in medicare taxable wage
base
13.9
19.2
6.2
2.8
...
9.7
3.4
6.3
7.9
968.3
In farm proprietors' income:
Agricultural subsidy payments
7.7
3.2
1.7
282.8
In transfer payments to persons:
Social security retroactive payments
Cost-of-living increases in Federal transfer payments
Northridge, California, earthquake disaster relief payments
Emergency unemployment compensation payments
n
„
IV
I
Less: Personal contributions for social insurance
Less: Personal tax and nontax payments
1994
1993
Transfer payments to persons
Addenda: Special factors in personal income:
In wages and salaries:
Federal Government and Postal Service pay adjustments, including
"buyouts"
Based on Seasonally Adjusted Annual Rates
33.8
.
Equals: Personal saving
).6
PERSONAL SAVING RATE
•j.
28.5
436.9
Less: Personal outlays
|
Percent
10
465.4
Equals: Disposable personal income
-1-79.5
7i ...(^•••Ei3-"-U-|"U"-iLJ"-ijJ
1
1
383.7
Proprietors' income
Farm
Nonfarm
Personal income
i
0 .ra...Q...ts...D.1..EJ...H...D...
-10
f
T
1
't
f;,
1.
Other labor income ...
Rental income of persons
Personal dividend income .
Personal interest income
1
77
3,292.3
821.0
617.8
203.2
753.8
1,113.2
604.2
Change from preceding
quarter
1.2
0
0
-2.4
0
-1.2
8.9
1.4
-4.7
6.2
1.7
-2.9
1.4
19.2
.1
1.6
-.9
67.9
26
2.3
-1.5
-7.3
0
-.3
•j
0
.2
-3.7
-1.5
0
0
1. These estimates mainly reflect adjustments to account for uninsured losses to residential and business property; however, some
of the estimates include relatively small amounts reflecting other items.
NoiE.-Most dollar levels are found in NIPA table 2.1.
IVA Inventory valuation adjustment
CCAdj Capital consumption adjustment
SURVEY OF CURRENT BUSINESS
6 • October
Rental income of persons decreased $0.3 billion
after increasing $18.8 billion. The second-quarter
increase had reflected a rebound from the effects
of damages that resulted from the Northridge,
California, earthquake in January.3
Wage and salary disbursements increased $35.1
billion after increasing $48.9 billion. Wages and
salaries in both private industry and government
decelerated. In private industry, the deceleration
was concentrated in the service and distributive
industries and reflected a downturn in average
hours per employee. In government, the deceleration reflected the pattern of incentive payments
(buyouts) for Federal personnel.
Farm proprietors' income decreased $10.8 billion after decreasing $7,9 billion. Federal farm
subsidy payments decreased $7.3 billion after decreasing $2.9 billion. Excluding subsidies, farm
proprietors' income decreased $3.6 billion after decreasing $4.9 billion; the decreases were
accounted for by lower crop and livestock prices.
3. The April 1994 "Business Situation" presented adjustments that reflected estimates of the extent of the earthquake's damage to fixed capital
and the resulting effects on various components of personal income and on
corporate profits.
Nonfarm proprietors' income increased less
than in the second quarter, when it rebounded
from the effects of the Northridge earthquake.
The deceleration also reflected a slowdown in
single-family construction, the part of the construction industry in which proprietorships and
partnerships are concentrated.
Personal interest income increased $20.8 billion
after increasing $18.3 billion. The increases largely
reflected increases in interest rates.
Other labor income, personal dividend income,
and transfer payments increased about as much
as in the second quarter Personal contributions
for social insurance, which are subtracted in the
derivation of the personal income total, increased
about the same amount in both quarters.
Personal tax and nontax payments decreased
$2.6 billion after increasing $23.4 billion. Secondquarter tax payments had been boosted by the
effects of the Omnibus Budget Reconciliation Act
of 1993, which retroactively increased tax rates for
high-income taxpayers. These taxpayers had the
option of paying the additional 1993 income tax
in three annual installments, the first of which
was due April 15, 1994. SI
SURVEY OF CURRENT BUSINESS
October 1994
7
NATIONAL INCOME AND PRODUCT ACCOUNTS
Selected NIPA Tables
New estimates in this issue: "Advance" estimates for the third quarter of 1994.
The selected set of national income and product accounts (NIPA) tables shown in this section presents
quarterly estimates, which are updated monthly. (In most tables, the annual estimates are also shown.) These
tables are available on the day of the gross domestic product (GDP) news release on printouts and diskettes on a
subscription basis or from the Commerce Department's Economic Bulletin Board. For order information, write
to the National Income and Wealth Division (BE-54),- Bureau of Economic Analysis, Washington, DC 20230 or
call (202) 606-9700.
Tables containing the estimates for 1929-87 are available in the two-volume set National Income and Product
Accounts of the United States^ see inside back cover for order information. For 1988-93, the complete official
time series of NIPA estimates can be found as follows:
1989
1990
1991-93
July 1992 SURVEY
Aug. 1993 SURVEY
Sept 1993 SURVEY
July 1994 SURVEY
1988
Most tables
NIPA'S, vol 2
Tables 1 15 1 16 and 7 15
Tables 3.15-3.20 and 9.1-9.6 . . .
Tables 7.1, 7.2, 7.3, and 8.1 .... Aug. 1994 SURVEY
Tables 7.4—7.12
Apr 1993 SURVEY
Sept. 1992 SURVEY
Aug. 1994 SURVEY
Apr 1993 SURVEY
Sept. 1994 SURVEY
Aug. 1994 SURVEY
July 1994 SURVEY
Aug. 1994 SURVEY
Aug 1993 SURVEY
Summary NIPA series back to 1929 are in the September 1994 issue of the SURVEY. Errata to published NIPA tables
appear in the September 1992, April 1993, October 1993, and March 1994 issues. NIPA tables are also available,
most beginning with 1929, on diskettes or magnetic tape. For more information on the presentation of the
estimates, see "A Look at How BEA Presents the NIPA'S" in the February 1994 SURVEY.
NOTE.—This section of the SURVEY is prepared by the National Income and Wealth Division and the
Government Division.
i. National Product and Income.
Table 1.1.—Gross Domestic Product
Table 1.2.—Gross Domestic Product in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1992
1993
1993
II
Gross domestic
product
Personal consumption
expenditures
Durable goods
Nondurable goods
Services ...
Gross private domestic
investment
Fixed investment
Nonresidential
Structures
Producers' durable
equipment
Residential
Change in business
inventories
Nonfarm
Farm
Net exports of goods and
services
Exports
Imports
Government purchases
Federal
National defense
Nondefense
State and local
III
1992
1994
II
I
IV
6,020.2 6,343.3 6,299.9 6,359.2 6,478.1 6,574.7 6,689.9 6,775,9
4,136.9 4,378.2 4,347.3 4,401.2 4,469.6 4,535.0 4,586.4 4,655.3
492.7 538.0 531.2 541.9
562.8 576.2 580.3 594.7
1,295.5 1,339.2 1,334.2 1,340.2 1,355.2 1,368.9 1,381.4 1,402.0
2,348.7 2,501.0 2,481.9 2,519.1 2,551.6 2,589.9 2,624.7 2,658.6
788.3
882.0
869.7
882.2
922.5
966.6 1,034.4 1,051.1
785.2
561.4
171.1
866.7
616.1
173.4
851.1
609.3
172.3
868.3
619.0
173.9
913.5
646.3
176.7
942.5
665.4
172.7
967.0
683.3
181.8
978.7
696.7
181.1
390.3
223.8
442.7
250.6
437.0
241.8
445.1
249.3
469.6
267.2
492.7
277.1
501.5
283.6
515.6
282.0
15.4
20.1
-4.7
18.6
23.9
-5.3
13.9
24.2
10.7
24.1
22.3
67.4
60.4
72.5
64.5
-30.3
-65.3
-63.3
638.1
668.4
659.1
724.3
660.1
723.5
3.0
-2.7
5.7
-10.3
9.0
7.0
7.9
1.7
1.8
-77.0
-71.2
-86.7
-97.6
-116.9
649.0
726.0
680.3
751.4
674.2
760.9
704.5
802.1
720.1
836.9
1,125.3 1,148.4 1,146.3 1,152.9 1,157.2 1,159.8 1,166.7 1,186.4
449.0
314.2
134.8
676.3
443.6
302.7
140.9
704.7
changes from preceding period for
DigitizedNOTE.—Percent
for FRASER
445.2
305.8
139.4
701.2
442.7
299.0
143.6
710.2
439.8
299.1
140.7
717.4
437.8
291.7
146.1
722.0
435.1
291.7
143.5
731.5
selected items in this table are shown in table 8.1.
442.9
297.8
145.1
743.5
1993
1993
II
III
Gross domestic
product
Personal consumption
expenditures
Durable goods
Nondurable goods
Services
Gross private domestic
investment
Fixed investment
Nonresidential
Structures
Producers' durable
equipment
Residential
Change in business
inventories
Nonfarm
Farm
Net exports of goods and
services
Exports
Imports .
Government purchases
Federal
National defense
Nondefense
State and local
III
1994
IV
II
I
III
4,979.3 5,134.5 5,105.4 5,139.4 5,218.0 5,261.1 5,314.1 5,359.2
3,349.5 3,458.7 3,439.2 3,472.2 3,506.2 3,546.3 3,557.8 3,583.9
522.2 532.2
452.6 489.9 483.7 492.7 510.8 521.7
1,057.7 1,078.5 1,074.3 1,081.7 1,088.0 1,098.3 1,104.3 1,110.1
1,839.1 1,890.3 1,881.2 1,897.8 1,907.4 1,926.3 1,931.4 1,941.6
725.3
819.9
806.2
821.8
862.5
898.9
950.9
963.2
722.9
525.9
149.8
804.6
591.6
147.7
787.3
581.0
147.3
808.8
597.9
147.5
851.7
627.2
148.7
873.4
643.6
144.1
891.7
657.9
151.0
898.7
669.2
148.9
376.2
196.9
443.9
213.0
433.7
206.3
450.3
211.0
478.5
224.5
499.4
229.9
506.9
233.8
520.3
229.5
15.3
18.5
-3.2
18.9
22.8
-3.9
13.0
20.9
-7.9
10.8
10.7
25.4
22.1
59.2
51.7
64.5
56.0
-32.3
-73.9
-69.3
-86.3
-82.2
578.8
611.2
602.5
676.3
600.2
669.6
595.3
681.6
625.2
707.4
619.6
723.6
936.9
929.8
929.3
931.8
931.5
373.5
261.4
112.2
563.3
356.6
243.7
113.0
573.1
358.3
246.8
111.5
571.0
355.6
240.9
114.7
576.2
351.1
238.7
112.4
580.4
2.5
-2.0
4.5
.1
3.3
7.5
8.5
-104.0 -111.8 -118.3
643.9
755.6
659.2
777.5
919.9
917.1
930.3
341.7
228.5
113.2
578.3
334.7
226.1
108.7
582.4
342.6
230.8
111.7
587.8
NOTE—Percent changes from preceding period for selected items in this table are shown in table 8.1.
SURVEY OF CURRENT BUSINESS
8 • October 1994
Table 1.3.—Gross Domestic Product by Major Type of Product
Table 1.4.—Gross Domestic Product by Major Type of Product
in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Seasonally adjusted at annual rates
1992
1993
1993
II
Gross domestic
product
Final sales of domestic
product
,
Change in business
inventories
III
Seasonally adjusted at annual rates
1994
6,017.2 6,327.9 6,281.4 6,345.4 6,469.2 6,550.6 6,622.5 6,703.5
3.0
15.4
18.6
13.9
9.0
24.1
72.5
67.4
Goods l
Final sales
Change in business
inventories
2,295.0 2,405.8 2,396.2 2,395.8 2,461.6 2,513.2 2,561.2 2,603.8
Durable goods
Final sales
Change in business
inventories
Nondurable goods
Final sales
Change in business
inventories
Services l
955.6 1,041.0 1,034.4 1,041.7 1,081.9 1,118.7 1,137.6 1,170.3
968.6 1,032.4 1,030.6 1,026.8 1,072.9 1,098.2 1,099.4 1,117.8
Structures
2,292.0 2,390.4 2,377.6 2,381.9 2,452.6 2,489.1 2,493.7 2,531.3
3.0
-13.0
15.4
8.6
18.6
3.7
13.9
14.9
9.0
9.0
24.1
20.6
72.5
67.4
52.6
38.2
1,339.4 1,364.8 1,361.8 1,354.0 1,379.7 1,394.5 1,423.5 1,433.5
1,323.4 1,358.0 1,347.0 1,355.1 1,379.7 1,390.9 1,394.3 1,413.6
16.0
6.7
14.8
-1.1
0
3.5
19.9
29.2
3,227.2 3,405.5 3,383.1 3,429.3 3,459.3 3,503.8 3,555.4 3,596.8
498.0
532.0
520.6
534.1
557.2
557.7
573.4
II
III
6,020,2 6,343.3 6,299.9 6,359.2 6,478.1 6,574.7 6,689.9 6,775.9
575.3
1993
1993
1992
II
I
IV
Gross domestic
product
Final sales of domestic
product
Change in business
inventories
Goods ]
Final sales
Change in business
inventories
Durable goods
Final sales
Change in business
inventories
Nondurable goods
Final sales
Change in business
inventories
Services1
Structures
III
1994
II
I
IV
III
4,979.3 5,134.5 5,105.4 5,139.4 5,218.0 5,261.1 5,314.1 5,359.2
4,976.9 5,119.3 5,086.5 5,126.5 5,207.2 5,235.7 5,254.9 5,294.7
2.5
15.3
18.9
13.0
10.8
25.4
59.2
64.5
1,991.0 2,081.8 2,069.9 2,078.2 2,135.5 2,168.8 2,201.3 2,236.1
1,988.5 2,066.5 2,051.0 2,065.3 2,124.7 2,143.3 2,142.1 2,171.6
2.5
,.
15.3
18.9
895.6
906.7
986.0
977.7
973.4
968.8
-11.2
8.3
4.6
13.0
10.8
25.4
59.2
64.5
991.4 1,033.6 1,061.4 1,071.9 1,103.3
977.9 1 0247 1 041 7 1 0382 1 0571
13.5
8.9
19.7
33.7
46.2
1,095.4 1,095.8 1,096.5 1,086.8 1,101.9 1,107.4 1,129.4 1,132.8
1,081.8 1,088.8 1,082.2 1,087.4 1,100.0 1,101.7 1,103.9 1,114.6
13.6
7.0
-.6
14.3
1.9
5.7
18.3
25.5
2,549.3 2,597.6 2,588.5 2,606.1 2,611.2 2,625.8 2,635.8 2,649.7
439.0
455.1
447.0
455.1
471.3
466.5
476.9
473.3
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal
Government, are included in services.
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal
Government, are included in services.
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Table 1.5.—Relation of Gross Domestic Product, Gross Domestic
Purchases, and Final Sales to Domestic Purchasers
Table 1.6.—Relation of Gross Domestic Product, Gross Domestic
Purchases, and Final Sales to Domestic Purchasers in Constant
Dollars
[Billions of dollars]
Gross domestic product
Less: Exports of goods and
services
Plus: Imports of goods and
services
Equals: Gross] domestic
purchases
Less: Change in business
inventories
Equals: Final sales to 2
domestic purchasers
6,020.2
[Billions of 1987 dollars]
6,343.3 6,299.9 6,359.2 6,478.1 6,574.7 6,689.9 6,775.9
6381
6591
6601
6490
6803
6742
7045
7201
6684
724.3
723.5
726.0
751.4
760.9
802.1
8369
6,050.5 6,408.6 6,363.3 6,436.3 6,549,3 6,661.4 6,787.5 6,892.8
30
154
186
139
90
24.1
67.4
725
6,047.5 6,393.2 6,344.7 6,422.4 6,540.3 6,637.3 6,720.1 6,820.3
Gross domestic product
Less: Exports of goods and
services
Plus: Imports of goods and
services
Equals: Gross domestic
purchases l
Less: Change in business
inventories
Equals: Final sales to 2
domestic purchasers
4,979.3
5,134.5 5,105.4 5,139.4 5,218.0 5,261.1 5,314.1 5,359.2
5788
6025
6002
5953
6252
619.6
6439
659.2
611.2
676.3
669.6
681.6
707.4
723.6
755.6
777.5
5,011.6 5,208.4 5,174.7 5,225.8 5,300.2 5,365.1 5,425.8 5,477.5
25
15.3
18.9
13.0
10.8
25.4
59.2
64.5
5,009.2 5,193.1 5,155.8 5,212.8 5,289.4 5,339.7 5,366.6 5,413.0
1. Purchases by U.S. residents of goods and services wherever produced.
2. Final sales to U.S. residents of goods and services wherever produced.
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
1. Purchases by U.S. residents of goods and services wherever produced.
2. Final sales to U.S. residents of goods and services wherever produced.
NOTE—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Table 1.7.—Gross Domestic Product by Sector
Table 1.8,—Gross Domestic Product by Sector in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Gross domestic
product
Business
Nonfarrn
Nonfarm less housing ....
Housing
Farm
Statistical discrepancy
6,020.2 6,343.3 6,299.9 6,359.2 6,478.1 6,574.7 6,689.9 6,775.9
5,090.4 5,371.4 5,332.3 5,382.1 5,494.4 5,575.7 5,677.9 5,756.3
49961 52938 52493 53223 5431 7 55247 56187 56993
4,494.4 4,771.0 4,730.8 4,796.4 4,899.5 4,975.0 5,075.0 5,148.4
501 7 522.7 518.5 525.8 532.2 549.6 543.8 551.0
87.1
83.2
80.9
2.3
5.7
65.4
-5.5
79.2
8.8
-16.5
-36.1
-24.0
-24.0
Households and institutions
Private households
Nonprofit institutions
General government
268.6
285.3
283.4
286.9
291.0
295.7
300.1
304.6
101
258.4
108
274.5
107
272.7
108
276.1
109
280.0
11 1
284.5
113
288.8
11 5
293.1
661.2
686,6
684.2
690.2
692.7
703.3
711.8
715.0
Federal
State and local
Addendum:
Gross domestic business
product less housing ......
199.5
461.7
203.6
483.0
203.6
480.6
204.3
485.9
202.5
490.2
206.3
497.1
208.4
503.4
205.5
509.5
85.6
75.3
4,584.2 4,844.0
77.3
Gross domestic
oroduct
Business
Nonfarm
Nonfarm less housing ....
Housing
Farm
Statistical discrepancy
Households and institutions
Private households
Nonprofit institutions
General government
Federal
State and local
Addendum:
Gross domestic business
product less housing
4,979.3 5,134.5 5,105.4 5,139.4 5,218.0 5,261.1 5,314.1 5,359.2
4,258.7 4,409.4 4,380.4 4,413.3 4,491.7 4,532.6 4,583.6 4,627.2
41706 43364 4,303.4 4,353 8 44332 44861 4,521.3 4,563.5
3,771.0 3,925.5 3,893.8 3,941.1 4,017.9 4,070.6 4,103.5 4,143.7
415.3 415.5 417.8 419.8
399.6 410.9 409.6 412.7
71.0
75.9
81.6
82.9
1.9
4.7
64.0
-4.5
72.0
7.3
-13.5
-29.3
-19.3
-19.3
208.5
215.6
215.0
217.0
218.1
220.1
222.5
223.7
8.8
199.8
9.0
206.5
9.0
206.0
9.0
208.0
9.0
209.1
9.1
2110
9.2
213.3
9.3
214.4
512.0
509.6
510.0
509.1
508.2
508.4
508.0
508.2
151.9
360 1
146.0
3636
146.9
145.1
3640
143.2
141.9
3665
139.9
138.7
369.5
80.8
3,855.4 3,994.9
72.3
3631
3651
3681
SURVEY OF CURRENT BUSINESS
October 1994
Table 1.9.—Relation of Gross Domestic Product, Gross National
Product, Net National Product, National Income, and Personal
Income
Table 1.10.—Relation of Gross Domestic Product, Gross National
Product, Net National Product, and National Income in Constant
Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1992
1993
II
Gross domestic product
Plus: Receipts of factor
income from the rest of the
world1
Less: Payments of factor
income to the rest of the
world2
,
Equals: Gross national
product
Less: Consumption of fixed
capital
Capital
consumption
allowances
Less: Capital
consumption
adjustment
III
1992
1994
1993
IV
I
II
III
6,020.2 6,343.3 6,299.9 6,359.2 6,478.1 6,574.7 6,689.9 6,775.9
133.5
136.6
137.6
137.1
141.3
145.4
162.1
127.9
132.1
134.3
128.6
143.3
146.1
169.5
Equals: Gross national
product
6,025.8 6,347.8 6,303.3 6,367.8 6,476.2 6,574.0 6,682.5
658.5
669.1
662.0
677.3
674.0
734.1
698.1
709.0
604.2
635.1
626.9
644.8
650.3
683.2
669.8
679.1
-54.4
-33.9
-35.1
-32.6
-23.8
-50.9
-28.3
-29.9
Equals: National income
Less: Corporate profits with
inventory valuation and
capital consumption
adjustments
Net interest
.
Contributions for
social insurance
Wage accruals less
disbursements
Plus: Personal interest income
Personal dividend
income
Government transfer
payments to
persons
Business transfer
payments to
persons
504.4
525.3
521.4
524.7
539.7
544.7
550.3
556.8
28.1
28.7
28.9
28.6
30.1
30.3
30.7
-16.5
-36.1
-24.0
8.8
2.3
5.7
28.9
-5.5
3.5
9.0
8.8
-3.9
11.7
7.4
3.0
III
IV
I
II
4,979.3 5,134.5 5,105.4 5,139.4 5,218.0 5,261.1 5,314.1 5,359.2
109.2
109.1
110.1
109.4
112.4
114.8
127.1
102.8
103.4
105.3
100.4
111.7
113.2
130.7
4,985.7 5,140.3 5,110.1 5,148.4 5,218.7 5,262.7 5,310.5
Less: Consumption of fixed
capital
595.8 599.5 593.9 605.5 602.0 648.1 614.8
Equals: Net national product 4,389.9 4,540.8 4,516.2 4,542.9 4,616.7 4,614.6 4,695.7
Less: Indirect business tax
and nontax liability plus
business transfer payments
less subsidies plus current
surplus of government
enterprises
Statistical discrepancy
HI
406.0
7.3
421.2
1.9
418.2
4.7
423.1
-4.5
428.3
-13.5
432.7
-29.3
434.9
-19.3
621.5
438.3
Equals: National income
3,976.6 4,117.7 4,093.3 4,124.3 4,2018 4,2113 4,280.2
Addenda:
Net domestic product
Domestic income
Gross national income
4,383.5 4,535.1 4,511.4 4,533.9 4,616.0 4,613.0 4,699.3 4,737.6
3,970.2 4,112.0 4,088.5 4,115.3 4,201.1 4,209.7 4,283.8
4,978.4 5,138.4 5,105.4 5,153.0 5,232.2 5,292.1 5,329.8
-8.1
1. Consists largely of receipts by U.S. residents of interest and dividends and reinvested earnings of foreign
affiliates of U.S. corporations.
2. Consists largely of payments to foreign residents of interest and dividends and reinvested earnings of U.S.
affiliates of foreign corporations.
4,829.5 5,131.4 5,094.0 5,138.5 5,262.0 5,308.7 5,430.7
Table 1.11—Command-Basis Gross National Product in Constant
Dollars
405.1
420.0
485.8
399.5
473.1
397.6
493.5
396.7
533.9
389.1
508.2
394.2
546.4
399.7
556.4
585.6
586.1
590.9
597.2
614.7
623.5
628.8
-20.0
665.2
20.0
637.9
0
636.6
0
634.1
0
627.7
0
631.1
0
649.4
0
670.2
161,0
181.3
180.4
182.8
184.1
185.7
191.7
196.9
837.9
892.6
887.6
898.8
908.3
924.2
934.3
944.7
22.3
22.8
22.8
22.8
22.7
23.2
23.4
23.6
Equals: Personal income
5,154.3 5,375.1 5,364.5 5,395.9 5,484.6 5,555.8 5,659.9 5,727.8
Addenda:
Net domestic product
Domestic income
Gross national income
5,361.7 5,674.2 5,637.9 5,681.9 5,804.1 5,840.7 5,991.8 6,066.9
4,824.0 5,126.9 5,090.7 5,130.0 5,264.0 5,309.4 5,438.1
6,017.0 6,345.5 6,297.5 6,373.3 6,492.7 6,610.1 6,706.5
1. Consists largely of receipts by U.S. residents of interest and dividends and reinvested earnings of foreign
affiliates of U.S. corporations.
2. Consists largely of payments to foreign residents of interest and dividends and reinvested earnings of U.S.
affiliates of foreign corporations.
Gross domestic product
1994
1993
I!
Plus: Receipts of factor
income from the rest of the
world1
Less: Payments of factor
income to the rest of the
world2
Equals: Net national product 5,367.3 5,678.7 5,641.2 5,690.5 5,802.2 5,840.0 5,984.5
Less: Indirect business tax
and nontax liability
Business transfer
payments
Statistical discrepancy
Plus: Subsidies less current
surplus of government
enterprises
1993
[Billions of 1987 dollars]
Gross national product
Less: Exports of goods and
services and receipts of
factor income from the rest
of the world
Plus: Command-basis exports
of goods and services and
receipts of factor income l .
4,985.7 5,140.3 5,110.1 5,148.4 5,218.7 5,262.7 5,310.5
688.0
711.6
710.3
704.7
737.6
734.5
771.0
691.8
724.4
720.7
719.3
752.2
756.2
790.6
Equals: Command-basis
gross national product .... 4,989.5 5,153.1 5,120.5 5,163.1 5,233.3 5,284.5 5,330.1
Addendum:
100.5 101 8 101.5 102.1 102.0 103.0 102.5
Terms of trade2
1. Exports of goods and services and receipts of factor income deflated by the implicit price deflator for
imports of goods and services and payments of factor income.
2. Ratio of the implicit price deflator for exports of goods and services and receipts of factor income to the
corresponding implicit price deflator for imports with the decimal point shifted two places to the right.
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
SURVEY OF CURRENT BUSINESS
10 © October 1994
Table 1,16.—Gross Domestic Product of Corporate Business in
Current Dollars and Gross Domestic Product of Nonfinancia!
Corporate Business in Current and Constant Dollars
Table 1.14.—National Income by Type of Income
[Billions of dollars]
Seasonally adjusted at annual rates
1992
I!
IV
III
Seasonally adjusted at annual rates
1994
1993
1993
!
II
1992
III
1993
1993
II
National income
Compensation of employees
Wages and salaries
Government
Other
Supplements to wages and
salaries
Employer contributions
for social insurance ...
Other labor income
Proprietors' income with
IVA and CCAdj
Farm
Proprietors' income with
IVA
CCAdj
Nonfarm
Proprietors' income
IVA
CCAdj
Rental income of persons
with CCAd]
Rental income of persons ..
CCAdj
Corporate profits with IVA
and CCAdj
Corporate profits with IVA ..
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
IVA
CCAdj
HQ\ interest
Addenda:
Corporate profits after tax
with IVA and CCAdj
Net cash flow with IVA and
CCAdj
Undistributed profits with
IVA and CCAdj
Consumption of fixed
capital
Less: IVA
Equals' Net cash flow
1994
!
IV
III
II
III
4,829.5 5,131.4 5,094.0 5,138.5 5,262.0 5,308.7 5,430.7
3,591.2 3,780.4 3,761.1 3,801.7 3,845.8 3,920.0 3,979.3 4,021.9
2,954.8 3,100.8 3,085.1 3,115.9 3,148.4 3,208.3 3,257.2 3,292.3
604.2
587.8 595.7 601.9
567.3 583.8 580.9 586.1
2,387.5 2,517.0 2,504.2 2,529.8 2,560.7 2,612.6 2,655.4 2,688.1
636.4
679.6
676.0
685.9
697.4
711.7
722.0
729.7
307.7
328.7
324.3
355.3
324.6
351.4
327.0
358.8
330.6
366.8
338.5
373.2
343.6
378.4
346.0
383.7
418.7
441.6
438.8
420.3
462.9
471.0
471.3
465.4
44.4
37.3
39.4
15.8
44.4
47.2
39.3
28.5
51.9
-7.5
44.5
-7.2
46.5
-7.2
23.2
-7.4
51.5
-7.0
54.5
-7.3
46.6
-7.3
35.8
-7.3
374.4
362.0
-.5
404.3
390.2
-.8
399.4
385.5
-.8
404.5
389.8
-.1
418.5
403.7
9
423.8
409.3
6
431.9
417.5
436.9
422.7
12.9
14.9
14.7
14.8
15.7
15.2
-1.1
15.5
-1.1
15.3
-5.5
24.1
23.4
26.3
30.3
15.3
34.1
33.8
92.4
61-2
86.3
83.6
-66.7
-62.2
-60.3
-62.6
-62.1
101.7
-86.4
-64.5
405.1
485.8
473.1
493.5
533.9
508.2
546.4
88.9
98.6
389.4
395.9
139.7
256.2
171.1
456.2
462.4
173.2
289.2
191.7
446.6
456.6
171.8
284.8
190.7
461.7
458.7
169.9
288.9
193.2
85.1
-6.4
97.5
-6.2
94.1
95.6
15.7
29.5
26.5
31.7
38.8
37.0
37.4
420.0
399.5
397.6
396.7
389.1
394.2
399.7
100
3.0
495.1
501.7
191.5
310.2
194.6
115.6
-6.5
471.2
483.5
184.1
299.4
196.3
103.0
-12.3
509.0
523.1
201.7
321.4
202.5 "207!9
118.9
-14.1
-18.9
2654
3125
301 3
3236
3424
3241
3448
491.1
528.7
515.5
543.6
558.9
559.9
568.2
94.3
120.9
110.7
130.3
147.9
127.7
142.3
396.8
407.8
-6.4
-6.2
4975
5349
404.8
-10.0
5254
413.3
3.0
540.6
411.1
-6.5
5655
432.2
-12.3
5722
99.8
-66.0
425.9
-14.1
5823
37.8
432.3
-18.9
Billions of dollars
Gross domestic
product of corporate
business
Consumption of fixed capital ..
Net domestic product
Indirect business tax and
nontax liability plus
business transfer
payments less subsidies
Domestic income
Compensation of
employees
Wages and salaries ...
Supplements to wages
and salaries
Corporate profits with
IVA and CCAdj
Profits before tax
Profits tax liability ..
Profits after tax ......
Dividends
Undistributed
profits
IVA
CCAdj
Net interest
Gross domestic
product of financial
corporate business ..
Gross domestic
product of
nonfinancial
corporate business ..
Consumption of fixed capital ..
Net domestic product
Indirect business tax and
nontax liability plus
business transfer
payments less subsidies
Domestic income
Compensation of
employees
Wages and salaries ...
Supplements to wages
and salaries
Corporate profits with
IVA and CCAdj
Profits before tax .......
Profits tax liability ..
Profits after tax
Dividends
Undistributed
profits
IVA
CCAdj
Net interest
3,563.6 3,796.2 3,767.3 3,817.9 3,904.8 3,957.0 4,036.0
396.8
407.8
404.8
413.3
411.1
432.2
425.9
432.3
3,166.9 3,388.4 3,362.5 3,404.6 3,493.7 3,524.8 3,610.0
361.9
377.5
374.7
377.6
388.3
393.5
397.8
403.5
2,804.9 3,010.9 2,987.8 3,027.0 3,105.4 3131.3 3,212.2
2,340.9 2,471.6 2,459.2 2,484.4 2,513.8 2,564.0 2,603.3 2,634.2
1,942.1 2,045.6 2,035.5 2,055.7 2,079.6 2,121.1 2,154.2 2,179.6
398.8
426.1
423.7
428.7
434.2
442.9
449.0
344.5
335.3
139.7
195.6
147.7
420.5
397.2
173.2
223.9
177.2
410.4
393.8
171.8
222.0
173.2
424.3
389.6
169.9
219.7
177.1
472.2
440.0
191.5
248.5
180.2
447.1
422.4
184.1
238.3
177.0
485.7
462.3
201.7
260.7
183.6
47.8
-6.4
15.7
46.7
-6.2
29.5
48.8
42.7
-10.0
119.5
340.7
61.3
77.1
-12.3
-14,1
37.0
37.4
119.4
120.2
123.3
405.5
388.4
409.3
26.5
31.7
68.3
-6.5
38.8
118.8
118.2
118.3
386.5
381.0
389.1
3.0
454.6
18.9
37.8
3,222.9 3,409.7 3,386.3 3,428.7 3,499.3 3,568.6 3,626.7
352.9
361.5
358.8
366.5
363.7
383.7
376.3
381.7
2,870.0 3,048.2 3,027.5 3,062.2 3,135.6 3,184.8 3,250.3
328.9
2541 1
344.0
341.3
344.3
354.3
358.9
362.9
368.2
2,704.2 2 686.2 2,717.9 2,781.3 2,825.9 2,887.5
2,151.0 2,259.2 2,248.5 2,269.1 2,293.9 2,337.1 2,373.1 2,404.4
1,782.3 1,866.2 1,857.7 1,873.9 1,893.8 1,929.4 1,959.8 1,985.5
368.7
393.0
390.8
395.2
400.1
407.7
413.4
276.6
253.4
165.5
136.3
330.9
293.5
116.8
176.7
159.8
324.4
293.7
116.7
176.9
156.7
334.3
285.7
113.5
172.2
159.4
371.6
325.4
130.8
194.6
162.3
372.2
332.8
132.5
200.3
159.5
394.7
355.9
143.4
212.5
164.3
29.2
-6.4
29.7
16.9
-6.2
43.6
20.2
12.8
40.8
48.1
-12.3
-14.1
-18.9
40.7
45.7
32.2
-6.5
52.7
51.7
52.9
53.8
113.5
114.0
113.3
114.4
115.8
116.6
119.6
87.8
100
3.0
418.9
Billions of 1987 dollars
Gross domestic
product of
nonfinancial
corporate business ..
Consumption of fixed capital ..
Net domestic product .. ..
Indirect business tax and
nontax liability plus
business transfer
payments less subsidies
Domestic income
2,802.8 2,942.9 2,920.5 2,963.3 3,019.5 3,062.6 3,098.9
319.2 325.3 322.9 329.0 327.0 342.4 333.9
2,483.6 2,617.6 2,597.6 2,634.2 2,692.5 2,720.2 2,765.0
337.7
260.7 272.4 270.4 273.7 277.3 280.6 282.1
2,222.8 2,345.2 2,327.2 2,360.5 2,415.2 2,439.6 2,482.9
285.0
SURVEY OF CURRENT BUSINESS
October 1994 •
11
2. Personal Income and Outlays,
Table 2.2.—Personal Consumption Expenditures by Major Type of
Product
Table 2.1.—Personal Income and Its Disposition
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
1992
1993
II
Personal income
Wage and salary
disbursements
Commodity-producing
industries
Manufacturing
Distributive industries
Service industries
Government
Other labor income ...
Proprietors' income with
inventory valuation and
capital consumption
adjustments
Farm
Nonfarm
Rental income of persons
with capital
consumption
adjustment
Personal dividend income
Personal interest income
Transfer payments to
persons
Old-age, survivors,
disability, and health
insurance benefits
Government
unemployment
insurance benefits
Veterans benefits
Government employees
retirement benefits
Other transfer payments
Aid to families with
dependent children
Other
Less: Personal
contributions for social
insurance
Less: Personal tax and
nontax payments
Equals: Disposable personal
income
Less: Persona! outlays
Personal consumption
expenditures
Interest paid by persons ....
Personal transfer payments
to rest of the world (net)
Equals: Personal saving
Addenda:
Disposable personal
income:
Total, billions of 1987
dollars
Per capita:
Current dollars
1987 dollars
Population (mid-period,
millions)
Personal saving as
percentage of disposable
personal income
III
Seasonally adjusted at annual rates
1994
1993
IV
I
II
1992
III
1994
1993
1993
I!
III
IV
I
II
III
5,154.3 5,375.1 5,364.5 5,395.9 5,484.6 5,555.8 5,659.9 5,727.8
2,974.8 3,080.8 3,085,1 3,115.9 3,148,4 3,208.3 3,257,2 3,292.3
757.6 773.8 776.4 781.4 791.0 801.9 811.6 821.0
578.3
588.4 591.4 594.9 601.7 609.4 612.8 617.8
682.3 701.9 704.0 709.6 712.6 728.6 742.5 753.8
967.6 1,021.4 1,023.7 1,038.8 1,057.0 1,082.0 1,101.2 1,113.2
567.3 583.8 580.9 586.1 587.8 595.7 601.9
604.2
328,7
418.7
355.3
441.6
351.4
438.8
358.8
420.3
366.8
462.9
373.2
471.0
44.4
37.3
39.4
15.8
44.4
47.2
374.4
404.3
399.4
404.5
418.5
423.8
-5,5
24,1
378.4
471.3
39.3
431.9
383.7
465,4
28.5
436.9
23,4
26.3
30,3
15.3
34.1
33,8
161.0
1813
180.4
182.8
184.1
185.7
191.7
196.9
665.2
637,9
636.6
634.1
627.7
631.1
649.4
670.2
860,2
915.4
910,4
921,6
931.0
947.4
957,6
968.3
414.0
444.4
441.9
446.8
452.1
463.8
470.7
476.3
38.9
19.3
33.9
20.1
34.0
20.2
34.5
20.2
32.7
20.0
27.9
20.0
23.5
19.8
21.2
20.5
109.9
278.1
118.7
298.3
118.0
296.2
119.6
300.5
121.1
305.1
122.8
312.9
126.2
317.4
128.3
322.1
23.3
23.9
24.0
24.0
24.1
24.2
24.3
24.2
254.9
274.4
272.2
276.5
281.0
288.7
293.1
297.9
Personal consumption
expenditures
Durable goods
Motor vehicles and parts ....
Furniture and household
equipment ..
Other
Nondurable goods
Food
Clothing and shoes
Gasoline and oil
Fuel oil and coal
Other
Services
Housing
Household operation
Electricity and gas
Other household
operation
Transportation
Medical care
Other
4,136.9 4,378,2 4,347.3 4,401.2 4,469.6 45535.0 4,586.4 4,655.3
492.7
538.0
531.2
541.9
562,8
576.2
580.3
594.7
204.1
228.0
225.7
228.4
241.4
253.0
245.8
249.7
192.5
208.9
101.1
205.5
100.0
210.6
102.9
217.7
103.7
218.1
105.1
225.3
109.3
232.8
112.2
96.1
1,295.5 1,339.2 1,334.2 1,340.2 1,355.2 1,368.9 1,381.4 1,402.0
626.8
227.7
105.5
649.7
235.4
105.6
646.0
233.2
105.6
651.7
235.9
104.1
660.8
240.7
104.4
667.9
241.9
103.2
675.5
243.9
103.7
681.1
246.8
109.8
13.0
14.0
13.9
14.2
13.9
15.5
13.1
13.6
322.5
334.4
335.5
334.2
335.4
340.4
345.2
350.6
2,348.7 2,501.0 2,481.9 2,519.1 2,551.6 2,589.9 2,624.7 2,658.6
601.3
239.4
105.7
629.0
256.3
112.8
625.9
252.9
110.1
632.4
260.4
115.5
638.8
261.3
115.1
648.2
261.1
116.3
655.2
265.9
115.2
663.6
264.9
112.7
133.7
156.7
628.3
723.0
143.5
170.6
680.5
764.7
142.8
170.0
674.5
758.7
144.9
171.5
686.1
768.8
146.2
173.6
697.3
780.7
144.8
175.4
707.4
797.8
150.7
178.5
720.9
804.3
152.2
180.5
733.3
816.3
Table 2.3.—Personal Consumption Expenditures by Major Type of
Product in Constant Dollars
[Billions of 1987 dollars]
248,7
261.3
261.5
263.8
266.6
276.3
279.9
282.8
648.6
686,4
685.9
695,4
707.0
723.0
746,4
743.8
4,505.8 4,688.7 4,678.6 4,700.5 4,777.6 4,832.8 4,913.5 4,984.0
4,257.8 4,496.2 4,464.6 4,518.2 4,588.2 4,657,3 4,712.4 4,785.3
4,136.9 4,378.2 4,347.3 4,401.2 4,469.6 4,535.0 4,586.4 4,655.3
107.2 108.7 111.7
115.5
111.4 108.2 107.5
119.3
•9.5
9.9
9.8
9.9
9.8
247.9
192.6
214.0
182.3
189.4
10.5
175.5
10.5
201.1
10.6
198.8
3,648.1 3,704.1 3,701.3 3,708.4 37478 37792 3811 5 3,837.0
17,636 18,153 18,141 18,174 18,421 18,588 18,853 19,071
14,279 14,341 14,351 14,338 14,451 14,535 14,625 14,682
255.5
258.3
257.9
258.6
259.4
260.0
260.6
261.3
5.5
4.1
4.6
3.9
4.0
3.6
4.1
4.0
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Personal consumption
expenditures
Durable goods
Motor vehicles and parts ....
Furniture and household
equipment
Other
Nondurable goods
Food
Clothing and shoes
Gasoline and oil
Fuel oil and coal
Other
Services
Housing
Household operation
Electricity and gas
Other household
operation
Transportation
Medical care
Other
3,349.5 3,458.7 3,439.2 3,472.2 3,506.2 3,546.3 3,557.8 3,583.9
532.2
452.6
489.9
483.7
492.7
510.8
521.7
522.2
181.8
196.1
195.1
195.0
204.7
213.7
205.3
205.6
193.3
214.1
209.9
216.6
224.6
225.9
232.5
240.7
79.7
78.7
81.1
81.5
82.0
84.4
85.9
77.5
1,057.7 1,078.5 1,074.3 1,081.7 1,088.0 1,098.3 1,104.3 1,110.1
524.0
197.8
522.3
196.1
525.1
198.6
528.1
202.4
531.9
203.8
536.1
2049
533.7
209.3
85.6
11.2
86.5
12.1
85.7
11.8
87.5
12.2
86.6
12.2
2582
2583
2584
258.8
86.7
11.4
2651
87.3
11.9
2530
86.1
13.4
2631
514.7
193.2
2679
1,839.1 1,890.3 1,881.2 1,897.8 1,907.4 1,926.3 1,931.4 1,941.6
493.7
227.4
495.4
226.9
5000
229.1
100.2
502.4
227.6
95.2
98.6
96.3
99.9
99.6
497.7
228.7
101.1
1225
1267
1265
1275
1272
1277
1289
1297
122.9
454.3
5589
127.9
466.4
5782
127.6
464.3
575.0
128.4
467.6
580.7
129.8
470.4
584.9
130.9
473.2
5959
131.8
477.4
132.3
481.4
5979
4852
217.8
4926
225.3
491.5
222.8
5931
97.9
SURVEY OF CURRENT BUSINESS
12 © October 1994
3, Government Receipts and Expenditures.
Table 3.2.—Federal Government Receipts and Expenditures
Table 3.3.—State and Local Government Receipts and Expenditures
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
1992
1993
1993
II
III
Receipts
1,178.3 1,265.7 1,263.7 1,272.7
Personal tax and nontax
489.5 520.3 519.8 527.5
receipts
Income taxes
476.8 505.9 505.0 513.3
Estate and gift taxes
12.9
13.3
12.6
11.3
1.5
Nontaxes
1.4
1.6
1.6
140.2
115.6
143.0
141.8
Corporate profits tax accruals
168
16.0
160
157
Federal Reserve banks
Other
98.8
124.4
127.0 125.8
Indirect business tax and
nontax accruals
81.3
84.6
83.5
82.3
Excise taxes
46.7
45.8
48.5
46.3
20.4
Customs duties
18.3
19.9
20.3
17.2
16.4
15.7
Nontaxes
16.3
Contributions for social
insurance
491.9 517.8 518.6 522.7
Expenditures
1,460.9 1,507.0 1,500.6 1,497.6
Purchases .
449.0 443.6 445.2 442.7
314.2 302.7 305.8 299.0
National defense
Nondefense
139.4 143.6
134.8 140.9
Transfer payments (net)
625.3 658.0 652.8 660.2
608.8 642.2 639.9 645.9
To persons
15.7
To rest of the world (net) ...
16.5
12.9
14.3
Grants-in-aid to State and
172.2
local governments
186.1
182.9
187.8
Net interest paid
186.8 183.6 184.8
183.6
Interest paid
217.5 214.3 215.5
214.9
177.1
172.7 174.7 172.6
To persons and business
To rest of the world (net)
40.5
41.6
40.8
42.2
Less: Interest received by
government
30.7
30.7
31.2
30.8
Subsidies less current surplus
27.6
35.7
of government enterprises .
35.1
23.3
31.7
37.4
37.4
26.1
Subsidies
Less: Current surplus of
4.1
1.7
government enterprises ..
2.4
2.8
Less: Wage accruals less
0
0
disbursements
0
0
Surplus or deficit (-),
national income and
-282.7 -241.4 -237.0 -224.9
product accounts
33.2
34.0
36.0
Social insurance funds
36.5
Other
-315.8 -275.4 -273.5 -260.9
Seasonally adjusted at annual rates
1992
1994
II
I
IV
II
III
1,313.6 1,337.4 1,380.7
536.8
521.4
550.2
533.6
571.1
552.5
566.6
550.4
13.8
14.8
16.9
14.4
1.7
1.7
1.8
157.8
151.8
166.3
15.8
16.0
16.9
142.0
135.8
149.4
90.7
53.9
20.2
16.6
90.4
53.1
20.2
17.1
90.4
52.9
21.5
15.9
528.3
545.1
553.0
1.8
92.1
54.0
21.2
16.8
557.5
1,533.7 1,513.7 1,525.9 1,542.5
439.8
299.1
140.7
437.8
291.7
146.1
435.1
291.7
143.5
442.9
297.8
145.1
674.1
649.8
671.5
659.9
676.2
663.5
682.4
668.1
24.3
11.6
12.7
14.3
197.0
190.0
194.4
202.2
183.5
213.9
171.4
179.3
208.3
165.1
188.8
217.7
172.8
194.2
223.2
176.8
42.4
43.2
44.9
46.4
30.4
29.1
28.9
28.9
39.3
41.6
35.1
37.7
31.3
34.6
20.8
25.8
2.3
2.6
3.3
5.0
0
0
0
0
-220.1 -176.2 -145.1
39.3
49.3
1993
1993
53.5
-259.4 -225.5 -198.7
54.6
Receipts
Personal tax and nontax
receipts
Income taxes
Nontaxes
Other .
Corporate profits tax accruals
Indirect business tax and
nontax accruals
Sales taxes
Property taxes
Other
Contributions for social
insurance
Federal grants-in-aid
Expenditures
Purchases
Compensation of
employees
Other
Transfer payments to persons
Net interest paid
Interest paid
Less: Interest received by
government
Less: Dividends received by
government
Subsidies less current surplus
of government enterprises .
Subsidies
Less: Current surplus of
government enterprises ..
Less: Wage accruals less
disbursements
Surplus or deficit (-),
national income and
product accounts
Social insurance funds
Other
1994
I
IV
III
II
III
842.9
891.0
884.3
896.0
918.8
919.1
935.6
159.1
118.1
166.1
123.3
166.1
123.4
167.9
124.9
170.2
126.6
172.9
128.7
175.3
130.6
177.2
131.9
21.8
19.1
22.7
20.1
22.5
20.2
22.8
20.2
23.2
20.4
23.5
20.7
23.7
21.1
23.9
21.4
24.2
30.3
30.0
29.7
33.7
32.3
35.4
423.1
202.1
177.5
440.7
212.4
184.0
437.9
210.6
183.3
442.4
212.8
184.8
449.0
217.8
186.4
454.2
220.7
188.0
460.0
224.2
189.8
464.7
227.0
191.6
43.5
44.3
44.0
44.8
44.9
45.6
46.0
46.2
64.5
67.8
67.5
68.2
68.9
69.7
70.5
71.3
172.2
186.1
182.9
187.8
197.0
190.0
194.4
202.2
818.1
864.7
859.0
872.1
884.3
893.9
908.6
925.2
676.3
704.7
701.2
710.2
717.4
722.0
731.5
743.5
461.7
214.6
483.0
221.7
480.6
220.6
485.9
224.3
490.2
227.2
497.1
224.9
503.4
228.1
509.5
234.0
229.0
250.4
247.7
252.9
258.6
264.3
270.7
276.7
-53.1
-53.4
-53.3
-53.4
-53.6
-54.1
-54.6
-55.1
64.8
65.1
65.0
65.1
65.2
65.3
65.5
65.6
117.9
118.4
118.3
118.5
118.8
119.4
120.1
120.7
10.1
10.4
10.3
10.4
10.5
10.7
10.8
10.9
-24.0
.4
-26.7
.4
-26.3
.4
-27.2
.4
-27.6
.4
-27.7
.4
-28.3
.4
-28.9
.4
24.4
27.1
26.7
27.5
27.9
28.1
28.7
29.3
0
0
0
0
0
0
0
0
24.8
26.3
25.3
23.9
34.5
25.2
27.0
66.4
66.3
66.4
66.3
66.2
65.9
65.9
-41.6
-40.0
-42.4
-31.7
-40.7
-38.9
-41.1
65.3
October 1994 ®
SURVEY OF CURRENT BUSINESS
Table 3.7B.--Government Purchases by Type
Table 3.8B.—Government Purchases by Type in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1992
1993
II
Government purchases
Federal
National defense
Durable goods
Nondurable goods
Services
Compensation of
employees
Military
Civilian
Other services
Structures
Nondefense
Durable goods
.....
. .
Nondurable goods
Commodity Credit
Corporation
inventory change ...
Other nondurables
Services
Compensation of
employees
Other services
Structures
State and local
Durable goods
Nondurable goods
Services
Compensation of
employees
Other services
Structures
449.0
443.6
445.2
442.7
439.8
437.8
435.1
442.9
314.2
302.7
305.8
299.0
299.1
291.7
291.7
297.8
80.9
10.2
70.6
74.3
10.5
66.7
66.6
64.6
63.1
64.8
9.2
219.1
7.9
214.5
7.2
217.3
9.2
218.7
217.8
9.5
218.1
216.7
9.2
218.2
135.9
135.8
135.4
136.2
134.4
135.3
135.6
135.0
90.2
45.8
81.8
88.3
47.5
82.4
89.0
46.5
81.2
87.6
48.7
81.9
86.4
48.0
84.6
87.1
48.2
79.2
87.0
48.5
81.7
86.4
48.6
83.7
5.3
4.5
4.3
5.0
4.4
4.7
4.1
5.1
134.8
6.6
7.7
140.9
7.2
7.2
139.4
7.2
6.8
143.6
7.4
6.9
140.7
7.3
7.2
146.1
7.4
7.5
143.5
7.2
7.2
145.1
7.8
6.2
-.6
8.4
109.9
-.3
7.6
114.8
-.5
7.3
114.2
-.8
7.6
117.6
.3
6.9
114.3
-.2
7.7
119.2
-.2
7.4
118.5
8.0
120.6
63.6
46.3
10.5
67.9
47.0
11.7
68.2
46.0
11.3
68.1
49.6
11.7
68.1
46.2
11.9
71.0
48.2
12.0
72.9
45.6
10.7
70.5
50.1
10.5
676.3
704.7
701.2
710.2
717.4
722.0
731.5
743.5
35.7
59.9
36.9
62.6
36.8
63.0
37.2
62.5
37.3
62.6
38.0
64.3
38.4
65.0
38.8
66.4
486.2
505.7
502.8
508.5
512.5
520.5
526.7
533.1
461.7
483.0
480.6
485.9
490.2
497.1
503.4
509.5
24.5
94.5
22.6
99.6
22.2
98.6
22.6
22.3
23.6
105.0
23.5
99.2
23.3
102.0
101.5
105.1
-1.8
Government purchases
IV
I
II
ill
936.9
929.8
929.3
931.8
931.5
919.9
917.1
930.3
373.5
356.6
358.3
355.6
351.1
341.7
334.7
342.6
National defense . . . .
Durable goods
Nondurable goods
Services
Compensation of
employees
Military
. .
Civilian
Other services
Structures
261.4
243.7
246.8
240.9
238.7
228.5
226.1
230.8
74.3
64.8
67.7
62.5
61.4
57.9
55.8
57.9
9.4
173.3
8.6
166.9
9.2
166.6
8.5
166.2
8.4
165.7
7.4
159.8
6.7
160.6
8.4
160.8
102.2
96.5
63.0
33.4
70.4
97.3
63.5
33.7
69.3
96.0
62.6
33.4
70.3
93.7
61.3
32.4
72.0
92.5
60.5
32.0
67.3
91.5
59.7
31.8
69.1
90.7
59.2
31.5
70.1
4.4
3.4
3.3
3.6
3.1
3.4
2.9
3.7
Nondefense
Durable goods
Nondurable goods
Commodity Credit
Corporation
inventory change ...
Other nondurables
Services
Compensation of
employees
Other services
Structures
112.2
7.2
7.2
113.0
8.0
6.4
111.5
7.8
6.1
114.7
8.7
5.8
112.4
8.5
6.4
113.2
7.5
6.5
108.7
7.5
6.0
111.7
8.4
5.3
Federal
State and local
Durable goods
Nondurable goods
Services
Compensation of
employees
Other services
Structures
..
66.8
35.4
71.1
-.4
7.5
-.3
6.8
-.3
6.5
-1.0
6.8
.3
6.1
-.2
6.8
-.5
6.6
Nondurable goods
Petroleum products
Ammunition
Other nondurable goods
Services
Compensation of
employees
Military
Civilian
Other services
Contractual research and
development
Installation supportl
Weapons support2
Personnel support3
Transportation of
material
Travel of persons
Other
302.7
305.8
299.0
299.1
291.7
80.9
70.6
74.3
66.7
66.6
74.9
65.8
21.7
10.5
10.9
69.3
23.2
10.1
12.6
61.8
20.8
61.8
21.5
9.8
10.0
23.1
14.1
12.1
3.8
6.6
15.1
6.0
10.2
3.5
3.4
3.4
217.8
3.0
6.4
13.4
4.8
9.5
3.2
3.5
2.8
218.1
3.2
6.8
13.4
5.0
10.5
3.5
4.3
2.7
216.7
135.8
88.3
47.5
82.4
135.4
90.2
45.8
81.8
27.0
23.2
27.4
25.3
27.5
135.9
9.0
15.1
5.3
4.3
-2.0
89.0
46.5
81.2
8.0
25.9
7.4
14.7
13.8
4.6
4.4
-2.0
3.9
4.0
-1.3
9.2
9.9
2.3
6.4
291.7
297.8
64.6
63.1
64.8
60.4
20.4
58.8
17.1
60.5
20.0
9.5
9.3
2.0
6.2
9.6
10.3
8.5
10.7
4.9
4.8
4.2
5.9
13.9
4.3
1.5
5.4
14.3
4.4
9.2
9.2
7.9
7.2
9.2
3.4
2.8
3.0
2.9
3.7
2.5
2.5
3.0
2.4
3.4
1.7
2.2
3.5
2.6
3.1
13.1
218.2
136.2
87.6
48.7
81.9
26.8
25.7
2,1
5.6
12.8
219.1
217.3
218.7
135.3
135.6
135.0
86.4
48.0
84.6
87.1
48.2
79.2
87.0
48.5
81.7
86.4
48.6
83.7
27.6
24.5
26.8
26.6
28.1
25.7
28.1
14.8
5.0
5.0
5.3
4.1
-3.2
214.5
134.4
25.1
8.3
15.5
7.8
13.1
1.9
-1.3
7.2
15.6
4.6
3.9
-3.3
7.9
16.3
4.3
3.4
-4.8
8.4
16.4
4.3
4.3
-3.4
5.3
4.5
4.3
5.0
4.4
4.7
4.1
5.1
3.5
1.8
3.1
1.3
3.1
1.2
3.5
1.5
3.0
1.4
3.0
1.7
2.5
1.5
3.6
1.6
1. Includes utilities, communications, rental payments, maintenance and repair, and payments to contractors to
operate installations.
2. Includes depot maintenance and contractual services for weapons systems, other than research and
development.
3. Includes compensation of foreign personnel, consulting, training, and education.
National defense
purchases
Durable goods
Military equipment
Aircraft
Missiles
Ships
Vehicles
Electronic equipment
Other
Other durable goods
Nondurable goods
Petroleum products
Ammunition
Other nondurable goods ....
Services
Compensation of
employees
Military
Civilian
Other services
Contractual research and
development
Installation support2!
Weapons support
Personnel support3
Transportation of
material
Travel of persons
Other
Structures
Military facilities
Other
7.1
88.5
87.9
90.1
87.4
88.9
86.1
89.2
49.7
38.9
49.6
38.9
10.1
49.6
38.3
49.2
40.9
10.1
49.4
38.0
10.2
49.4
39.5
10.2
48.5
37.6
48.0
41.2
9.2
9.0
8.8
563.3
573.1
571.0
576.2
580.4
578.3
582.4
587.8
31.6
51.8
32.1
53.6
32.0
53.3
32.2
53.9
32.4
54.4
32.7
55.2
32.8
55.6
33.0
56.2
9.7
394.3
399.1
398.2
399.8
401.2
404.0
405.9
408.3
360.1
363.6
363.1
364.0
365.1
366.5
368.1
369.5
34.2
85.7
35.5
88.3
35.0
87.5
35.7
90.4
36.2
92.4
37.5
86.4
37.8
88.1
38.8
90.3
[Billions of 1987 dollars]
314.2
-1.7
88.6
Table 3.11.—National Defense Purchases in Constant Dollars
Military equipment
Aircraft
Missiles
Ships
Vehicles
Electronic equipment..
Other
Other durable goods
Military facilities
Other
1,125.3 1,148.4 1,146.3 1,152.9 1,157.2 1,159.8 1,166.7 1,186.4
ill
I!
III
[Billions of dollars]
Durable goods
Structures.
II
I
IV
1994
1993
1993
Table 3.10.—National Defense Purchases
National defense
purchases
1
III
1992
1994
1993
261.4
243.7
246.8
240.9
238.7
228.5
226.1
230.8
74.3
64.8
67.7
62.5
61.4
57.9
55.8
57.9
67.9
58.9
61.8
56.0
55.3
53.3
50.9
52.6
206
144
197
11 2
176
137
10.5
10.2
10.6
8.2
2.0
5.9
11 2
6.5
180
11 1
83
1.8
5.2
109
6.1
168
3.4
6.1
130
6.4
184
11 6
91
2.5
5.9
11 4
5.9
164
93
8.6
1.2
5.0
12 1
5.3
9.4
8.6
9.2
2.9
35
3.0
2.8
33
2.5
173.3
10.4
2.6
6.2
11 4
5.9
11.1
7.7
1.6
5.6
11 1
4.6
8.3
1.6
5.3
11.8
4.9
8.4
7.4
6.7
3.0
39
2.4
8.5
3.0
28
2.8
2.6
36
2.3
2.5
27
2.2
3.1
17
1.9
8.4
3.2
25
2.8
166.9
166.6
166.2
165.7
159.8
160.6
160.8
102.2
668
96.5
97.3
96.0
93.7
92.5
91.5
90.7
630
635
626
61 3
605
597
592
35.4
71.1
33.4
70.4
33.7
69.3
33.4
70.3
32.4
72.0
32.0
67.3
31.8
69.1
31.5
70.1
239
240
241
21.7
22.4
23.5
22.0
242
20.2
21.5
21.6
22.9
23.2
23.8
23.4
7.5
11.4
5.7
3.9
-1.5
6.4
11.0
5.0
3.7
-1.4
5.9
6.2
6.6
10.3
11.0
11.4
4.1
3.5
-1.0
5.5
4.4
-2.3
5.8
3.5
-1.0
5.6
11.6
4.7
3.3
-2.3
6.2
12.2
4.2
2.9
-3.3
224
6.5
12.1
4.4
3.7
-2.4
4.4
3.4
3.3
3.6
3.1
3.4
2.9
3.7
30
1.5
24
1.0
25
.9
26
1.1
22
1.0
22
1.2
18
1.1
26
1.1
1. Includes utilities, communications, rental payments, maintenance and repair, and payments to contractors to
operate installations.
2. Includes depot maintenance and contractual services for weapons systems, other than research and
development.
3. Includes compensation of foreign personnel, consulting, training, and education.
14
SURVEY OF CURRENT BUSINESS
® October 1994
4. Foreign Transactions.
Table 4.1.—Foreign Transactions in the National Income and Product
Accounts
Table 4.2.™Exports and Imports of Goods and Services and
Receipts and Payments of Factor Income In Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1992
1993
Receipts from rest of
the world
Exports of goodsl and services
Merchandise
Durable
Nondurable
Services1
Receipts of factor income2 ....
Capital grants received by the
United States (net)
Payments to rest of the
world
Imports of goods
and services
Merchandise!
Durable
Nondurable
Services l
Payments of factor income 3 ..
Transfer payments (net)
From persons (net)
From government (net)
From business
Net foreign investment
771,6
IV
III
795.6 797.7 786.1
659.1
461.0
314.8
146.2
198.1
1992
1994
1993
II
I
821.6
II
819.6
866.6
649.0
450.3
307.1
143.2
198.7
680.3
480.3
329.2
151.1
200.0
674.2
476.0
329.4
146.6
198.3
704.5
499.5
346.0
153.5
205.0
133.5 136.6 137.6 137.1
141.3
145.4
162.1
0
0
0
638.1
449.7
301.4
148.3
188.5
660.1
461.7
316.3
145.4
198.4
0
0
0
0
771,6 795.6 797.7 786.1
821.6
819.6
866.6
724.3
592.1
385.5
206.6
132.2
723.5
592.6
379.6
213.0
130.9
726.0
593.2
386.4
206.8
132.8
751.4
613.3
407.8
205.6
138.1
760.9
622.3
418.1
204.2
138.6
802.1
665.3
445.3
220.0
136.8
127.9
132.1
134.3
128.6
143.3
146.1
169.5
31.8
31.5
28.8
30.3
40.1
29.0
10.5
11.6
30.1
10.5
12.7
9.5
5.8
9.9
15.7
5.9
9.8
12.9
9.8
9.9
24.3
14.3
6.1
5.9
6.9
6.9
-56.6 -92.3 -88.9 -98.8
-113.2
-116.4
-135.1
6.1
720.1
515.9
351.4
164.5
204.2
0
668.4
544.6
346.3
198.3
123.8
16.5
836.9
698.6
463.8
234.8
138.4
[Billions of dollars]
Other
Durable goods
Nondurable goods
Imports of merchandise
Foods, feeds, and beverages
Industrial supplies and materials, except
petroleum and products
Durable goods
Nondurable goods
Petroleum and products
Capital goods, except automotive
Civilian aircraft, engines, and parts ...
Computers, peripherals, and parts ....
Other
.,
Automotive vehicles, engines, and parts
Consumer goods, except automotive
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods ......
Addenda:
Exports of agricultural products!
Exports of nonagricultural products ...
Imports of nonpetroleum products .....
40.3
40.7
40.4
450.3 480.3 476.0 499.5 515.9
39.0
42.5
39.7
378
40.9
105.1 102.7 103.2 101.2 103.4 104.1 111.8 120.4
375 379 396 429
368 376 376 37.9
68.2
65.1
656
176.1 182.2 183.2
37.7
28.8
1096
47.0
51.4
32.7
29.3
1202
52.4
54.7
36.4
28.3
1185
52.7
53.7
72.1
65.9
66.2
176.3 192.4
194.7
204.3 205.3
26.7
29.5
1201
50.4
55.2
34.2
31.3
1291
54.3
55.4
34.1
31.9
1383
55.9
58.3
63.3
34.5
30.6
1273
55.0
56.9
77.5
27.3
33.7
1443
57.1
61.4
266
284
285
284
293
286
305
307
249
262
252
267
277
268
278
307
29.8
14.9
28.3
14.1
28.5
28.2
14.1
30.1
15.1
27.8
13.9
31.4
15.7
30.8
15.4
149
141
141
151
139
157
154
143
143
544.6 592.1 592.6 593.2 613.3 622.3 665 3 698.6
27.6
27.9
274
28.0
28.9
29.4
82.3
39.2
88.9
43.0
879
92.3
41.4
89.4
43.3
432
459
465
572
461
501
467
457
476
97.6
48.7
11.7
37.1
10.4
38.9
12.4
40.3
51 6 51 5
134.3 152.4 150.5 152.9 163.2
12.6
31.7
90.0
91.8
11.3
38.0
488
30.5
31.9
103.1 108.4
52.9
55.8
502
526
605
41 6 51 4
170.5 179.0 184.2
9.4
11.3
12.3
41.8
44.3
45.9
103.1 101 6 103.6 110.6 117.4 122.3 128.9
102.4 101.7 101.5 105.9 108.1 116.5 126.8
122.7 134.0 132.7 136.6 137.9 137.8 144.5 148.2
768 77.7
73? 72.1
71.4
70.2
63.9
68.5
58.7
34.3
172
172
44.0
638
642
653
647
657
677
35.1
35.2
34.7
37.5
37.4
40.4
70.5
38.5
176
176
174
174
187
187
202
202
193
193
175
175
43.7
43.6
42.1
188
188
45.4
43.7
43.8
46.2
405.6 417.3 418.1 408.1 435.0 432.2 455.7 469.7
493.0 540.6 535.4 543.1 565.7 580.7 613.9 638.1
1. Includes parts of: exports of foods, feeds, and beverages, of nondurable industrial supplies and materials,
and of nondurable consumer goods.
578.8
426.5
291.4
135.2
152.3
602.5
446.0
312.5
133.4
156.5
III
IV
I
II
600.2
443.3
310.4
132.9
156.9
595.3
438.5
308.0
130.5
156.7
625.2
468.1
330.6
137.5
157.1
619.6
464.4
332.6
131.7
155.2
643.9
484.6
348.5
136.1
159.2
109.2
109.1
110.1
109.4
112.4 114.8
127.1
611.2
512.8
333.4
179.4
676.3
572.7
380.9
191.8
103.6
669.6
567.4
373.7
193.7
102.2
681.6
577.1
384.0
193.0
104.5
707.4
599.9
405.1
194.8
107.6
755.6
648.3
443.4
204.9
107.4
98.4
102.8
103.4 105.3 100.4 111.7
723.6
615.2
417.7
197.5
108.5
in
659.2
501, f
357.7
143.7
157.8
777.5
669.6
460.4
209.2
108.0
113.2 130.7
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal
Government, are included in services.
2. Consists largely of receipts by U.S. residents of interest and dividends and reinvested earnings of foreign
affiliates of U.S. corporations.
3. Consists largely of payments to foreign residents of interest and dividends and reinvested earnings of U.S.
affiliates of foreign corporations.
7.1
Table 43.—Exports and Imports of Merchandise by End-Use Category
449.7 461.0 461.7
Exports of goods
and services
Merchandise l
Durable
Nondurable
Services1
Receipts of factor income 2
Imports of goods and services
Merchandise '
Durable
Nondurable
Services!
Payments of factor income3
1994
1993
II
32.0
10.6
14.3
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal
Government, are included in services.
2. Consists largely of receipts by U.S. residents of interest and dividends and reinvested earnings of foreign
affiliates of U.S. corporations.
3. Consists largely of payments to foreign residents of interest and dividends and reinvested earnings of U.S.
affiliates of foreign corporations.
Exports of merchandise
Foods, feeds, and beverages
industrial supplies and materials
Durable goods
Nondurable goods
Capital goods, except automotive
Civilian aircraft, engines, and parts ...
Computers, peripherals, and parts ....
Other
Automotive vehicles, engines, and parts
Consumer goods, except automotive
Durable goods
Nondurable goods
1993
III
Tabie 4A—Exports and Imports of Merchandise by End-Use Category
In Constant Dollars
[Billions of 1987 dollars]
Exports of merchandise
Foods feeds and beverages
Industrial supplies and materials
Durable goods
Nondurable goods
Capital goods, except automotive
Civilian aircraft, engines, and parts ...
Computers, peripherals, and parts ....
Other
Automotive vehicles, engines, and parts
Consumer goods, except automotive
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
Imports of merchandise
Foods feeds and beverages
Industrial supplies and materials, except
petroleum and products .. .
Durable goods
Nondurable goods
Petroleum and products
Capital goods, except automotive
Civilian aircraft, engines, and parts ...
Computers, peripherals, and parts ....
Other
Automotive vehicles, engines, and parts
Consumer goods, except automotive
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
Addenda:
Exports of agricultural products 5
Exports of nonagricultural products ...
Imports of nonpetroleum products
426.5 446.0 443.3 438.5 468.1 464.4 4846 5014
35.8
97.4
32.1
65.3
180.7
30.7
53.9
96.0
41.9
44.4
23.6
356
947
31.0
63.7
359
94.3
30.6
63.6
33.8
93.4
31.1
62.3
36.2
96.4
31 0
65.4
33.0
95.4
30.8
64.5
36.2
32.0
flP7
103.3
3??
R76
34.4
68.9
197.6 195.4 194.6 211.9 216.7 226.9 233.0
25.9
66.6
29.0
62.9
21.1
68.5
105 1 103.5 105.0
26.5
79.3
21.0
85.7
110.9 113.0 121.0
126.3
27.0
74.0
26.8
76.9
46.3
46.9
25.2
46.6
46.2
25.3
44.6
47.3
25.3
48.6
48.6
25.9
47.7
47.3
25.2
49.0
49.8
26.9
50.0
52.4
27.1
21 7
22 1
209
263
209
250
22 1
248
248
227
264
242
229
272
253
265
13.2
13.2
12.4
12.4
12.5
12.5
12.4
12.4
13.2
13.2
12.1
12.1
13.6
13.6
13.3
13.?
512.8 572.7 567,4 577.1
599.9 615.2 648.3 669.6
257
256
256
253
257
262
262
25.4
72.1
33.8
782
371
771
356
793
377
81.1
400
85.5
41.8
89.6
44.8
382
41 1
41 5
41 6
41 1
438
448
51.2
56.5
57.7
56.7
58.1
56.5
60.3
92.2
46.5
45.6
63.6
149.2 180.9 176.7 183.6 197.3 207.8 219.0 226.7
7.2
9.6
9.7
8.2
10.2
8.8
9.3
8.9
106.9 112.5
99.7
87.8
60.4
94.6
83.9
80.0
1070
785 880 874 876 930 992 1026
86.4
96.7
104.6
87.1
79.7
90.3
88.9
87.4
104.9 113.9 112.8 115.9 116.7 116.9 122.2 124.9
66.4
65.7
61.9
61 3 62.8
604 59.1
55.6
49.3
30.0
53.5
30.3
53.7
30.5
54.6
29.9
53.9
32.0
55.0
32.0
150
150
151
151
152
152
149
149
160
160
160
160
39.8
38.6
39.3
36.9
39.1
36.6
56.5
34?
171
58.5
32.2
17 1
161
161
37.5
41.1
386.7 407.4 404.0 401.6 429.1 427.8 447.1 460.3
461.6 516.3 509.7 520.4 541.8 558.6 587.9 606.0
1. includes parts of: exports of foods, feeds, and beverages, of nondurable industrial supplies and materials,
and of nondurable consumer goods.
SURVEY OF CURRENT BUSINESS
October 1994 •
5. Saving and InvestmentTable 5=1—Gross Saving and investment
[Billions of dollars]
Seasonally adjusted at annual rates
1992
1993
II
Gross saving
Gross private saving
Personal saving
Undistributed corporate
profits with inventory
valuation and capital
consumption .adjustments
Undistributed profits
Inventory valuation
adjustment
Capital consumption
adjustment ......
Corporate consumption of
fixed capital
Noncorporate consumption
of fixed capital
Wage accruals less
disbursements
Government surplus or
deficit (-), national
income and product
accounts
Federal
State and local
Capital grants received by
the United States (net)
Gross investment
Gross private domestic
investment .
Net foreign investment
1994
1993
!
IV
II!
II
886.2
III
787.5
77§.©
788.9
980.8 1,002.5
247.9
192.6
986,6
214.0
989.9 1,011.4 1,037.3 1,0414
189.4 175.5 201.1
182.3
94.3
85.1
120.9
110.7
130.3
97.5
94.1
95.6
-6.4
-6.2
-10.0
15.7
29.5
26.5
31.7
722.9
3.0
825.8
923.3
198.8
147.9
115.6
127.7
103.0
142.3
118.9
-6.5
-12.3
-14.1
-18.9
38.8
37.0
37.4
37.8
396.8
407.8
404.8
413.3
411.1
432.2
425.9
432.3
261.8
261.2
257.2
264.1
263.0
301.8
272.1
276.7
-20.0
20.0
0
0
0
0
0
0
-257.8 -215.0 -211.6 -2010 -185.6 -151.1 -118.1
-282.7 -241.4 -237.0 -224.9 -220.1 -176.2 -145.1
252
345
239
25.3
24.8
26.3
27.0
Statistical discrepancy
0
.0
731.7
789.8
0
0
780.8
783.4
788.3
882.0
869.7
882.2
-566
-923
-889
-988
2.3
8.8
5.7
-5.5
0
809.3
0
850.2
0
0
899.3
922.5 966.6 1,034.4 1,051.1
-1132 -1164 -1351
-16.5
-36.1
-24.0
Table 5.4.—Fixed Investment by Type
Table 5.5,—Fixed Investment by Type in Constant DoHars
[Billions of dollars]
[Billions of 1987 dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1992
1993
1993
II
1992
1994
IV
I
II
868.3 913.5 942.5 967.0
978.7
616.1
609.3 619.0 646.3 665.4 683.3
171.1
173.4
172.3 173.9
696 7
181 1
785.2 866.7 8511
Residential
Structures
Single family
Multifamily
Other structures
Producers' durable equipment .......
223.8 250.6 2418
169.3
177.0
181 9
51.5
52.6
53.4
112.9 116.7 123.5
102.9 107.0 111.0
53.6
1283
1142
104.2 107.3 101.4 107.9 118.6 112.1
90.4
94.4
89.0
90.7
97.8 101.5
1150
104.6
282.0
273.5
1540
137
1057
8.5
Residential
Structures
Single family
Multifamily
Other structures
Producers' durable equipment .......
115.2 118.7 122.3
1818
119.0 127.2
34.7
34.4
34.2
34.1
34.4
34.7
35.6
11.8
12.2
12.8
10.1
12.0
11.4
11.1
11.2
9.2
9.1
8.6
7.9
7.9
390.3 442.7 437.0 445.1 469.6 492.7 5015
146.1 155.0
132.0
151.5
36.5
95.5
86.0
47.0
44.8
49.1
104.5
101.4
105.9
96.7
94.6
97.9
91.5
80.8
249.3 267.2 277.1 283.6
216.5 242.8 234.2 2415 259.2 269.1 275.3
116.5 133.3 128.1 132.0 143.2 152.5 156.2
13.1
86.9
7.3
Fixed investment
164.4
114.7 117.6
9.9
II
Nonresidential
Structures
Nonresidential buildings, including
farm
Utilities
Mining exploration, shafts, and
wens
Other structures
Producers' durable equipment
Information processing and related
equipment
Computers and
peripheral
equipment l
Other .
Industrial equipment
Transportation and related
equipment
Other
176.7 172.7
10.8
98.8
7.7
1. Includes new computers and peripheral equipment only.
10.3
95.8
7,6
11.2
98.3
7.8
11.1
11.4
13.0
105.0 105.2 106.2
8.0
8.0
8.3
125 1
364
109
86
515.6
1993
1993
III
5614
Fixed investment
Nonresidential
Structures
Nonresidential buildings, including
farm
Utilities
Mining exploration, shafts, and
wells
Other structures
Producers' durable equipment
Information processing and related
equipment
Computers and
peripheral
equipment 1
Other
Industrial equipment
Transportation and related
equipment
Other
III
III
1994
IV
722.9 804.6 787.3 808.8 8517
I
II
873.4 8917
III
898.7
525.9 5916
581.0 597.9 627.2 643.6 657.9 669.2
149.8 147.7
147.3 147.5 148.7 144.1 151.0 148.9
196.9 213.0 206.3 2110
100.8 100.0
29.9
28.8
98.5
28.7
10.3
10.7
11.2
8.9
8.2
9.0
100.5 102.7
28.5
10.5
8.0
28.5
9.9
7.6
99.2
28.4
9.6
6.9
105.4
102.4
29.0
29.5
9.8
6.8
9.6
7.4
376.2 443.9 433.7 450.3 478.5 499.4 506.9 520.3
156.8 200.9
190.8 208.9 225.2 233.2 242.2 249.7
68.3
88.5
71.7
105.4
98.0
92.8
77.5
112.2
95.5
79.2
78.3
69.4
87.8
76.1
90.4
74.9
85.3
76.2
96.7
79.9
122.5 127.2 130.3
102.7 106.0 111.8
83.6
86.4
88.9
133.7
116.0
911
90.9
78.9
98.5
81.3
92.3
83.6
93.8
85.8
224.5 229.9 233.8 229.5
189.9 205.7 199.1 203.5 216.9 222.4 226.0 221.6
102.4 112.1 108.5 110.2 118.3 125.1 127.6 123.8
11.7
9.2
9.7 10.0
11.3
9.6
9.9
11.7
75.8
7,0
84.1
7.4
1. Includes new computers and peripheral equipment only.
81.3
7.2
83.5
7.5
88.9
7.6
87.3
7.5
87.2
7.8
86.1
7.9
SURVEY OF CURRENT BUSINESS
l6 • October 1994
Table 5.10.—Change in Business Inventories by Industry
Table 5.11.—Change in Business Inventories by industry in Constant
Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Seasonally adjusted at annual rates
1992
1993
1993
II
Change in business inventories
Farm
Nonfarm
Change in book value .
Inventory valuation adjustment
3.0
15.4
18.6
-4.7
-5.3
20.1
28.4
-8.3
23.9
38.1
-2.7
6.4
-9.1
Manufacturing
Durable goods
Nondurable goods
-11.9
150
3.1
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
Retail trade
Durable goods
Automotive
Other
Nondurable goods
Other
Durable goods
Nondurable goods
IV
III
5.7
9.0
13.9
-10.3
10.7
18.4
-7.7
4.7
.3
3.2
-.1
3.4
2.5 -10.8
2.6 -5.5
-.1 -5.2
7.5
3.8
3.7
4.9
2.2
2.8
7.5
.8
6.7
8.1
7.1
1.0
7.4
3.9
3.4
.1
-.1
.2
5.0
2.1
2.9
—1
.1
-.2
7.0
2.3
4.7
.5
3.9
.6
.7
-.1
3.3
-2.2
-2.4
.2
-2.0
-2.3
10.6
6.5
4.1
-2.5
.6
-1.5
10.3
5.3
-.1
5.4
5.1
6.9
3.5
3.4
2.0
-3.1
1.8
.8
-.9
1.8
1.0
-8.7
2.2
9.1
III
24.1
67.4
72.5
7.9
60.4
84.2
64.5
90.9
-18.3
-23.8
-26.3
8.3
5.3
2.9
-2.0
.1
-.2
.3
1.0
.9
.1
-3.2
-2.2
1.1
6.9
20.7
19.9
.8
18.9
19.8
10
1.1
2.1
-.8
1.8
.1
1.6
-1.0
2.7
6.2
3.0
3.2
9.9
1.1
14.7
9.2
5.5
12.2
12.6
-.5
-5.9
-.1
20
5.7
4.6
8.2
7.7
7.0
22.3
40.6
-5.4
6.4
5.8
.6
II
1.1
.7
.4
7.2
-.5
11.3
I
1.8
-1.7
24.2
19.6
-14.2
Seasonally adjusted at annual rates
1992
1994
26.1
7.2
-2.4
9.6
21.9
15.6
22.0
18.8
8.8
10.0
18.9
3.2
13.3
12.6
8.4
5.5
2.9
4.2
8.4
IV
13.0
10.8
15.3
18.9
-3.2
-3.9
-2.0
18.5
22.8
Manufacturing
Durable goods
Nondurable goods
-10.2
-13.1
2.9
-1.3
Wholesale trade
Durable goods
Nondurable goods
6.5
3.4
3.1
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
6.3
6.6
2.0
2.3
-.3
ill
4.5
Nonfarm
Retail trade
Durable goods
Automotive
Other
Nondurable goods
Other
Durable goods
Nondurable goods
8
1994
II
2.5
Farm ...
19.9
13.3
-3.5
9.1
4.2
Change in business inventories
1993
1993
.1
79
77
.5
2.5
2.5
0
4.3
2.0
2.4
7.3
.9
6.4
6.8
6.4
.4
.7
.8
0
6.4
3.5
2.9
.1
-.1
.2
4.4
1.9
2.5
0
.1
—2
6.8
2.2
4.6
.5
9.1
5.9
3.3
4
3.6
.6
.6
0
3.0
9.1
4.7
0
4.7
4.4
1.8
1.0
-.8
1.8
.8
5.9
2.9
3.0
9.8
1.9
7.9
-1.9
-2.1
.2
1.8
5.0
4.0
J
6.8
17.7
17.3
.4
16.0
17.2
1
1.0
2.2
12
1.6
0
1.6
-1.2
2.0
5.0
2.5
2.5
8.5
1.1
12.7
22.3
6.2
19
8.1
-3.0
16.1
11.3
11.0
7.7
5.0
3.5
7.5
7.5
3.7
Table 5.12.—Inventories and Final Sales of Domestic Business
by Industry
Table 5.13.—Inventories and Final Sales of Domestic Business
by Industry in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
1993
Inventories '
Farm
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods ..
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
Retail trade
Durable goods
Automotive
Other
Nondurable goods
Other
Final sales of domestic business2
Final sales of goods and structures of
domestic business2
1993
1994
IV
I
II
96.7
97.6
99.1
93.8
94 8
1,027.4 1,034.6 1,040.8 1,046.6 1,070.0 1,091.9
571.2 576.1 582.9 588.0 602.2 617.5
456.2 458.5 457.9 458.6 467.8 474.3
397.3 397.0 394.6 395.9 400.2 405.0
245.8 245.8 245.2 246.3 249.8 253.2
151.5 151.2 149.4 149.6 150.5 151.8
254.6 257.5 259.9 260.0 266.2 273.5
158.2 160.4 161.7 162.4 167.6 172.4
97.7
96.4
98.2
97.1
98.5
101.1
226.3 230.0 232.2 231.8 237.7 244.5
141.0 143.2 144.1 144.1 149.5 1 53 7
87.8
88.3
85.3
86.9
88.0
90.8
28.2
27.7
28.3
27.5
28.5
29 0
17.2
17.2
18.3
18.2
17.5
18.7
11.1
10.2
9.9
10.3
10.3
10.3
277.2 279.7 282.0 283.0 292.2 299.2
131.7 132.4 135.4 136.6 140.5 145.6
69.0
66.8
67.5
68.5
67.0
71.1
69.2
65.4
62.7
68.6
72.0
74.5
145.5 147.3 146.6 146.4 151.7 153.6
100.4 104.4 107.7 111.3 114.1
98.3
442.8
447.4
457.1
462.6
467.5
473.7
241.5
243.0
250.8
253.9
255.6
258.9
Ratio of inventories to final sales of domestic
business
Inventories to final sales
Nonfarm inventories to final sales
Nonfarm inventories to final sales of goods and
structures
19.0
13.9
5.0
16.9
11.6
5.3
2.0
2.3
-.3
18.2
15.6
7.2
8.4
2.6
7.0
4.5
2.5
Inventories1
Farm
III
1994
IV
II
I
III
997.9 1,001.1 1,003.8 1,010.2 1,025.0 1,041.1
87.4
85.5
85.5
86.3
88.2
90.3
Nonfarm
Durable goods
Nondurable goods
Manufacturing
Durable goods
Nondurable goods
910.4
511.4
399.0
915.6
514.8
400.9
918.3
517.0
401.3
936.8
530.3
406.4
950.8
541.9
408.9
361.0
226.7
134.2
361.6
227.4
134.2
359.7
226.5
133.2
923.8
521.9
401.9
362.1
228.2
133.9
362.3
229.9
132.4
365.3
232.9
132.3
Wholesale trade
Durable goods
Nondurable goods
222.0
139.1
223.7
140.7
223.9
140.9
223.7
140.9
228.1
145.3
232.8
148.7
83.0
83.1
83.0
82.7
82.8
84.1
197.1
123.9
199.3
125.3
199.2
125.3
198.7
124.8
202.7
129.1
207.0'
132.0
73.2
25.0
15.2
74.0
24.4
15.3
74.0
24.7
15.6
73.9
24.9
16.1
73.6
25.3
16.1
75.0
25.8
16.7
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
Retail trade
Durable goods
Automotive
Other
Nondurable goods
Other
Final sales of domestic business2
Final sales of goods and structures of
domestic business 2
9.8
9.1
9.1
8.8
9.2
9.1
239.9
114.9
241.4
114.9
242.7
115.9
243.2
117.1
248.7
118.6
253.3
122.5
60.6
54.3
58.8
56.1
57.6
58.2
58.3
58.9
57.8
60.9
59.6
63.0
124.9
126.5
126.8
126.1
130.1
130.7
87.6
88.9
92.1
94.9
97.7
99.4
363.5
366.7
373.4
375.6
377.0
380.2
208.2
210.0
216.3
217.5
218.3
220.4
2.75
2.50
2.73
2.50
2.69
2.46
2.69
2.46
2.72
2.48
2.74
2.50
4.37
4.36
4.24
4.25
4.29
4.31
Ratio of inventories to final sales of domestic
business
2.54
2.32
2.53
2.31
2.49
2.28
2.48
2.26
2.49
2.29
2.51
2.31
4.25
4.26
4.15
4.12
4.19
4.22
1. Inventories are as of the end of the quarter.
2. Quarterly totals at monthly rates. Final sales of domestic business equals final sales of domestic product
less gross product of households and institutions and general government and includes a small amount of final
sales by farm.
II
III
1,123.0 1,131.3 1,138.4 1,145.7 1,163.7 1,186.7
95.6
Nonfarm
Durable goods
Nondurable goods
Manufacturing
Durable goods
Nondurable goods
III
11.9
12.2
Seasonally adjusted quarterly totals
Seasonally adjusted quarterly totals
II
8.5
56.0,
-.3
-6.0
-2.0
-1.8
-4.5
5.3
5.0
.3
51.7
.3
6.2
-.3
7.0
6.5
64.5
7.5
-1.3
.5
-7.4
59.2
-1.0
1
-2.9
25.4
9.9
6.8
3.1
-3.5
-4.2
1.1
1.0
.1
-1.3
III
22.1
3.9
.8
3.1
-2.3
II
3.3
10.7
20.9
I
Inventories to final sales
Nonfarm inventories to final sales
Nonfarm inventories to final sales of goods and
structures
1. Inventories are as of the end of the quarter. Quarter-to-quarter changes calculated from this table are at
quarterly rates, whereas the constant-dollar change in business inventories component of GDP is stated at annual
rates.
2. Quarterly totals at monthly rates. Final sales of domestic business equals final sales of domestic product
less gross product of households and institutions and general government and includes a small amount of final
sales by farm.
SURVEY OF CURRENT BUSINESS
October 1994
6. Income, Employment, and Product by Industry.
Table 6.1 C.—National Income Without Capital Consumption Adjustment
by Industry
Table 6.16C.—Corporate Profits by Industry
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1992
1993
1993
II
National income
without capital
consumption
adjustment
Domestic industries
Private industries
Agriculture, forestry, and
fisheries
Mining
Construction
Manufacturing
Durable goods
Nondurable goods
Transportation and public
utilities
Transportation .
Communications
Electric, gas, and
sanitary services ....
Wholesale trade
Retail trade
Finance, insurance, and
real estate
Services
Government
Rest of the world
III
IV
I
II
4,875.3 5,156.4 5,120.2 5,162.1 5,276.7 5,350.3 5,449.6
4,869.8 5,151.9 5,116.8 5,153.5 5,278.7 5,351.0 5,457.0
4,131.4 4,386.7 4,355.4 4,385.2 4,507.0 4,567.5 4,664.6
100.2
101.0
95.1
40.4
97.2
40.6
73.4
39.8
103.8
107.9
38.8
40.9
39.7
38.7
203.3
215.4
212.5
217.7
222.7
227.9
238.9
862.8
483.7
379.1
911.9
514.3
397.6
908.1
509.2
398.9
913.1
518.2
394.9
945.5
539.1
406.4
967.1
554.9
412.2
970.3
554.9
415.4
361.8
153.4
102.6
384.8
166.1
107.6
380.8
163.8
388.1
168.9
392.2
170.2
391.0
169.3
404.8
175.9
1085
1084
1077
1101
1126
105.8
111.1
108.5
110.9
114.3
111.6
116.3
279.5
420.3
288.6
444.9
290.9
441.2
288.3
449.4
294.3
451.4
300.2
455.8
312.6
472.2
781.3 846.0 836.2 848.4 865.2 860.7 885.0
1,083.3 1,159.6 1,147.9 1,167.1 1,190.9 1,217.2 1,241.1
738.4
765.2
761.5
768.3
5.6
4.5
3.3
8.5
1992
771.7
-1.9
783.5
-.7
792.4
-7.4
II
III
Corporate profits with inventory
valuation and capital
consumption adjustments
Domestic industries
Financial
Nonfinancial
Rest of the world
Receipts from the rest of the world ...
Less: Payments to the rest of the
world
Corporate profits with inventory
valuation adjustment
Domestic industries
Financial
Federal Reserve banks .
Other
Nonfinancial
Manufacturing
Durable goods . ..
Primary metal industries
Fabricated metal products
Industrial machinery and
equipment
Electronic and other electric
equipment
Motor vehicles and
equipment
Other
Nondurable goods
Food and kindred products ...
Chemicals and allied
products
Petroleum and coal products
Other
Transportation and public utilities ..
Wholesale and retail trade
Other
Rest of the world
1994
1993
1993
1994
III
IV
I
II
405.1 485.8 473.1 493.5 533.9 508.2 546.4
344.5 420.5 410.4 424.3 472.2 447.1 485.7
90.0 100.6
89.5
86.0
67.9
276.6 330.9 324.4 334.3 3716
60.6
65.4
4.8
65.3
74.2
8.9
62.7
75.3
12.6
69.1
75.2
6.1
74.9
90.9
372.2 3947
61.7
74.7
61.1
77.6
60.7
79.1
13.0
16.6
18.4
389.4 456.2 446.6 461.7 495.1 471.2 509.0
328.8 391.0 383.8 392.6 433.4 410.1 448.2
103.7 100.1 103.9 114.6 89.6 106.4
81.9
159 15.7
158 160 169
178 16.0
64.2
87.7
84.2
88.2
98.8
73.6
89.6
246.9 287.3 283.7 288.7 318.8 320.5 341.8
94.5 114.2 114.2 112.4 134.2 145.1 143.0
35.5
49.4
47.2
52.2
64.0
71.4
69.4
-.4
75
.2
6.8
.6
70
-2
6.7
1.8
78
,2
90
.9
90
6.1
7.4
7.1
9.1
7.6
9.3
9.0
9.0
11.9
4.1
9.1
4.0
13.0
3.1
14.9
16.6
17.9
14.4
21.8
73.8
20.9
22.9
73.5
20.3
18.4
19.1
19.0
64.9
16.9
19.4
67.0
16.4
20.4
60.2
16.3
10.3
21.5
70.2
15.9
15.8
-1.4
17.5
16.9
15.7
18.8
271
25.8
65.0
61.2
46.9
65.3
-1.5
14.8
58.9
17.5
55.6
54.8
42.0
60.6
4.7
6.0
27.7
61.9
63.3
44.3
62.7
5.4
22.9
67.0
62.0
47.3
69.1
9.1
264
69.7
63.7
51.3
61.7
5.5
29.0
63.4
59.0
53.0
61.1
9.7
4.6
295
73.2
72.0
53.6
60.7
III
l8
SURVEY OF CURRENT BUSINESS
® October 1994
7. Quantity and Price Indexes.
Table 7.I—Fixed-Weighted and Alternative Quantity and Price Indexes for Gross Domestic Product
[Index numbers, 1987=100]
Seasonally adjusted
1992
Gross domestic product:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weights
Implicit price deflator
Personal consumption expenditures:
Current dollars
Quantity indexes:
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts
Implicit price deflator
Durable goods:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Bench mark-vears weionts
Price indexes:
Fixed 1987 weights
Chain-type annual weiahts
Benchmark-years weignts
Implicit price deflator
Nondurable poods:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts
Implicit price deflator
Services:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weignts
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights ...
Gross private domestic investment:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weionts
Implicit price deflator
Fixed investment:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Imolicit orice deflator
1993
1993
Seasonally adjusted
1992
1994
II
III
IV
I
II
III
138.8
140.1
142.7
144.8
147.4
149.3
132.6
139.7
109.7
109.4
109.3
113.1 112.5
112.2 111.7
112.0 111.5
121.9
121.2
121.4
120.9
125.5
124.6
124.8
123.5
125.2
124.3
124.5
123.4
125.8
124.9
125.1
123.7
126.6
125.6
125.8
124.1
127.5
126.6
126.8
125.0
128.5
127.5
127.7
125.9
129.3
128.2
128.4
126.4
135.5
143.4
142.4
144.2
146.4
148.6
150.3
152.5
109.7
109.3
109.3
113.3 112.7
112.5 111.9
112.5 111.9
113.2 114.9 115.9 117.1 118.0
112.2 113.6 114.5 115.6 116.5
112.0 113.4 114.3 115.5 116.3
113.8 114.9 116.2
112.9 113.9 115.1
112.9 11.3.8 115.1
124.6
124.1
124.1
123.5
128.1
127.5
127.5
126.6
127.8
127.3
127.3
126.4
128.3
127.7
127.7
126.8
129.1
128.6
128.6
127.5
122.0
133.3
131.6
134.2
129.8
129.2
129.2
127.9
116.6 117.4
115.5 116.3
115.5 116.3
130.7
130.2
130.2
128.9
131.8
131.2
131.2
129.9
139.4
142.7
143.7
147.3
121.4 119.8 122.0 126.5
112.1
110.6 118.8 117.5 119.3 123.3
110.7 118.9 117.7 119.5 123.4
129.2
125.7
125.9
129.3
125.5
125.7
131.8
127.6
127.9
111.6
110.4
110.2
108.9
113.9
112.2
112.1
109.8
113.7
112.0
111.8
109.8
114.3
112.5
112.3
110.0
115.0
113.1
113.0
110.2
115.5
113.6
113.4
110.5
116.7
114.6
114.4
111.1
117.8
115.6
115.4
111.7
128.1
132.4
132.0
132.5
134.0
135.4
136.6
138.7
104.6
104.4
104.4
106.7
106.3
106.3
106.3
105.9
105.9
107.0
106.6
106.6
107.6
107.2
107.1
108.6
108.2
108.1
109.2
108.8
108.7
109.8
109.4
109.3
123.0
122.7
122.7
122.5
125.0
124.6
124.6
124.2
125.0
124.6
124.6
124.2
124.7
124.3
124.4
123.9
125.4
125.0
125.1
124.6
125.4
125.2
125.2
124.6
125.9
125.6
125.6
125.1
127.2
126.9
126.9
126.3
143.4
152.7
151.6
153.8
155.8
158.2
160.3
162.4
112.3
112.0
112.0
115.4 114.9 115.9 116.5 117.6
114.8 114.3 115.3 115.8 116.9
114.8 114.3 115.3 115.8 116.9
128.7
128.3
128.3
127.7
133.5 133.1
133.0 132.6
133.0 132.6
•fOQ O
131.9
133.9
133.5
133.5
132.7
135.0
134.5
134.5
133.8
135.9
135.5
135.5
134.4
137.0
136.6
136.7
135.9
138.0
137.6
137.6
136.9
105.2
117.7
116.1
117.7
123.1
129.0
138.1
140.3
96.8
95.5
95.5
109.4
105.4
105.4
107.6
104.1
104.1
mi
11R1
i?nn
1?RP
105.2
105.2
109.6
109.6
114.1
114.1
121.3
121.2
128.5
122.6
122.5
117.7 120.1
126.4
130.4
118.0 118.6
117.3 118.0
117.3 118.0
133.7
135.4
108.6
119.9
100.0
111.3 108.9
106.6 104.8
107.2 105.3
111.9
106.6
107.2
117.8 120.8 123.3 124.3
111.8 114.6 116.9 117.5
112.4 115.1 117.4 118.1
114.4
112.4
111.9
107.7
114.7
112.7
112.1
107.4
115.3
113.0
112.4
107.3
98.0
98.5
112.0
110.9
110.3
108.6
114.1
112.3
111.7
108.1
116.2
113.8
113.3
107.9
117.0
114.6
114.0
108.4
118.0
115.4
114.8
108.9
Nonresidentia!:
Current dollars
Quantity indexes:
Pivpri 1 Qfi7 \wpifihtQ
Chain-type annual weights ....
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weights
Implicit price deflator
Structures:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights .
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights .
Implicit price deflator
Producers' durable
equipment:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights .
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights .
Imolicit orice deflator
Residential:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weights
Implicit price deflator .
Exports of goods and services:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
Imports of goods and services:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
1994
1993
1993
II
III
IV
I
II
III
112.8 123.8
122.4
124.4
129.8
133.7
137.3
140.0
105.7
102.8
103.5
118.8
112.1
112.9
116.7
110.9
111.6
120.1 126.0 129.3
112.5 117.4 120.3
113.3 -118.1 121.1
132.2
122.8
123.6
134.4
124.7
125.5
111.2
109.7
109.0
106.7
113.0
110.4
109.7
104.1
112.8
110.4
109.6
104.9
113.3
110.5
109.8
103.5
113.7
110.7
109.9
103.0
114.4
111.3
110.5
103.4
115.2
111.9
111.2
103.9
115.9
112.4
111.8
104.1
99.9
101.2
100.6
101.5
103.1
100.8
106.1
105.7
87.4
86.2
86.0
86.1
86.8
84.1
88.1
86.9
87.5
86.2
86.0
86.1
86.8
84.2
88.2
86.9
87.5
86.2
86.0
86.1
86.8
84.2
88.2
86.9
114.1
114.2
114.2
114.2
117.3
117.4
117.4
117.4
116.9
116.9
116.9
116.9
117.8 118.8
117.9 118.8
117.9 118.8
117.9 118.8
119.7
119.7
119.7
119.8
120.3
120.4
120.4
120.4
121.5
121.5
121.5
121.6
119.6
135.6
133.9
136.3
143.8
150.9
153.6
158.0
115.2
111.2
112.1
136.0
126.5
127.4
132.8
124.7
125.6
137.9
127.2
128.2
146.6
134.4
135.3
153.0
140.5
141.4
155.3
142.1
143.1
159.4
145.8
146.8
109.7
107.5
106.7
103.8
110.7 110.7 110.9 111.1
107.2 107.4 107.2 107.1
106.5 106.6 106.4 106.3
99.7
100.8
98.8
98.1
111.7
107.5
106.7
112.5
108.2
107.5
113.0
108.5
107.8
98.7
98.9
99.1
118.6 123.0
125.9
125.2
99.4
111.2
107.3
110.7
87.4
94.6
91.6
93.7
99.7
87.4
87.4
94.6
94.7
91.6
91.7
93.6
93.7
99.7
99.8
102.1
102.1
102.2
103.8
103.9
103.9
101.9
101.9
102.0
113.6
113.7
113.6
113.7
117.4
117.6
117.5
117.6
•116.9
118.0
117.2 118.2
117.1 118.1
117.2 118.2
118.8
119.0
118.9
119.0
120.2
120.4
120.3
120.5
121.0
121.3
121.2
121.3
122.5
122.8
122.7
122.8
175.3
181.1
181.4
178.3
186.9
185.3
193.6
197.8
159.0
155.5
156.5
165.5
159.7
160.8
164.9
159.8
160.9
163.6
157.2
158.3
171.8
164.8
165.8
170.2
162.4
163.5
176.9
168.7
169.8
181.1
171.7
172.9
113.9
112.8
112.0
110.2
115.3
113.4
112.6
109.4
115.3
113.5
112.8
110.0
115.4
113.4
112.7
109.0
115.6
113.5
112.7
108.8
116.7
114.2
113.5
108.8
117.5
114.9
114.2
109.4
118.1
115.4
114.8
109.2
131.8
142.9
142./
143.2
148.2
150.1
158.2
165.1
132.1
125.7
127.0
134.4
127.2
128.5
139.5
131.7
132.9
142.7
134.4
135.6
149.0
139.9
141.2
153.3
143.5
144.8
115.9
113.5
112.4
108.1
115.0
112.5
111.4
106.5
115.3
112.5
111.4
106.2
114.5
111.6
110.5
105.2
116.2
113.1
112.1
106.1
118.4
115.2
114.1
107.6
133.4
120.5
116.3 126.7
117.5 127.9
115.4
113.6
112.5
109.4
115.2
112.8
111.7
107.1
SURVEY OF CURRENT BUSINESS
October 1994
Table 7,1—Fixed-Weighted and Alternative Quantity and Price Indexes
for Gross Domestic Product—Continued
Table 7.2.™Fixed-Weighted and Alternative Quantity and Price Indexes
for Gross Domestic Product, Final Sales, and Purchases
[Index numbers, 1987=100]
[Index numbers, 1987=100]
Seasonally adjusted
Seasonally adjusted
1992
Government purchases:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts
Implicit price deflator
Federal:
Current dollars
Quantity indexes:
Fixed 1 987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
,
National defense:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weignts
Implicit price deflator
Nondefense:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weights .....
Price indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weights
Implicit price deflator
State and local:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts
Implicit price deflator
1993
1992
1994
1993
II
III
IV
I
II
III
127.7
130.3
130.0
130.8
131.3
131.6
132.3
134.6
106.3
106.2
106.0
105.5
105.3
105.1
105.4
105.3
105.1
105.7
105.4
105.2
105.7
105.3
105.1
104.4
104.4
104.2
104.0
104.1
103.8
105.5
105.5
105.2
120.8
120.2
120.5
120.1
124.5
123.7
124.0
123.5
124.3
123.5
123.7
123.4
124.9
124.1
124.3
123.7
125.4
124.6
124.9
124.2
126.7
126.1
126.3
126.1
128.3
127.3
127.6
127.2
128.9
127.9
128.1
127.5
116.6
115.2 115.6
115.0
114.2 113.7
113.0
115.1
97.0
96.9
96.5
92.7
92.5
92.1
93.1
93.1
92.7
92.4
91.9
91.6
91.2
90.9
90.5
88.8
89.2
88.9
87.0
87.4
87.1
89.0
89.3
88.9
121.5
120.4
120.9
120.2
126.1
124.6
125.1
124.4
125.7
124.2
124.7
124.2
126.5
125.0
125.5
124.5
127.0
125.7
126.2
125.3
128.5
127.5
128.0
128.1
130.9
129.6
130.0
130.0
131.2
129.5
130.0
129.3
107.6
103.7
104.7 102.4
102.4
99.9
99.9
102.0
89.5
88.9
88.8
83.4
82.8
82.7
84.5
84.0
83.9
82.5
81.5
81.5
81.7
80.9
80.8
78.2
78.2
78.1
77.4
77.3
77.3
79.0
78.9
78.8
122.0
121.1
121.1
120.2
126.6
125.3
125.3
124.2
126.0
124.6
124.6
123.9
127.0
125.6
125.6
124.1
127.9
126.6
126.7
125.3
129.0
127.8
127.9
127.7
131.1
129.5
129.5
129.0
131.7
130.1
130.1
129.0
145.1
151.7
150.1
154.6
151.4
157.3
154.5
156.2
120.8
122.4
121.0
121.7
123.4
122.0
120.1
122.0
120.5
123.5
125.1
123.6
121.0
122.6
121.2
121.8
124.4
122.9
117.0
119.5
118.0
120.3
122.2
120.8
119.8
118.6
120.0
120.2
124.3
122.9
124.4
124.7
124.7
123.1
124.6
125.0
125.1
123.6
125.1
125.2
124.4
123.5
125.0
125.1
127.2
126.5
127.9
129.1
130.5
129.4
130.9
132.0
129.6
128.0
129.5
129.8
136.2
141.9
141.2
143.0
144.5
145.4
147.3
149.7
116.4 117.3
116.2 116.9
116.2 117.0
118.4
118.0
118.0
125.3
125.2
125.2
124.9
127.1
126.9
126.9
126.5
113.4 115.4 115.0 116.0 116.9
113.3 115.1 114.7 115.7 116.5
113.3 115.2 114.8 115.7 116.5
120.3
120.2
120.2
120.1
123.4
123.3
123.2
123.0
123.2
123.1
123.0
122.8
123.7
123.6
123.6
123.3
124.1
124.0
124.0
123.6
126.2
126.0
126.0
125.6
NOTE—The quantity and price indexes in this table are calculated from weighted averages of the detailed
output and prices used to prepare each aggregate and component. The fixed-weighted measures use as weights
the composition of output in 1987. For the alternative indexes, the chain-type indexes with annual weights use
weights for the preceding and current years, and the indexes with benchmark-years weights use weights of 1959,
1963, 1967, 1972, 1977, 1982, 1987, 1992, and the most recent year. Percent changes from preceding period for
selected items in this table are shown in table 8.1.
1993
1993
II
Gross domestic productCurrent dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
Final sales of domestic product '• :
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights ..
Price indexes:
Fixed 1987 weights
. .
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
Gross domestic purchases2:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
Final sales to domestic purchasers3:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights ..
Implicit price deflator
132.6
139.7
109.7 113.1
109.4 112.2
109.3 112.0
138.8
III
1994
IV
I
II
140.1 142.7 144.8 147.4
III
149.3
112.5 113.2 114.9 115.9 117.1 118.0
111.7 112.2 113.6 114.5 115.6 116.5
111.5 112.0 113.4 .114.3 115.5 116.3
121.9
121.2
121.4
120.9
125.5
124.6
124.8
123.5
125.2
124.3
124.5
123.4
133.3
140.2
139.2 140,6 143.3 145.1 146.7 148.5
110.3
109.9
109.8
113.4 112.7 113.6 115.4 116.0
112.4 111.8 112.4 114.0 114.6
112.3 111.8 112.4 113.9 114.5
122.0
121.4
121.5
120.9
125.6
124.7
124.8
123.6
125.3
124.4
124.5
123.5
129.2
136.8
135.9 137.4 139.9 142.2 144.9 147,2
107.0 111.2
106.6 110.0
106.6 110.0
110.5 111.6 113.2 114.6 115.9 117.0
109.4 110.2 111.5 112.8 114.0 115.0
109.4 110.2 111.5 112.8 114.0 115.0
121.8
121.3
121.3
120.7
125.2
124.4
124.5
123.0
124.9
124.2
124.2
123.0
129.9
137.3
136.2 137.9 140.4 142.5 144.3 146.5
125.8
124.9
125.1
123.7
125.9
125.0
125.1
123.8
125.4
124.7
124.7
123.2
126.6
125.6
125.8
124.1
126.7
125.8
125.9
124.2
126.2
125.4
125.5
123.6
127.5
126.6
126.8
125.0
127.7
126.8
126.9
125.1
127.0
126.2
126.3
124.2
128.5
127.5
127.7
125.9
129.3
128.2
128.4
126.4
116,4 117.3
115.0 115.8
114.9 115.7
128.6
127.6
127.7
126.0
128.0
127.2
127.2
125.1
129.4
128.4
128.5
126.6
129.0
128.1
128.1
125.8
107.6 111.5 110.7 111.9 113.6 114.7 115.2 116.2
107.0 110.2 109.6 110.5 111.9 112.9 113.4 114.3
1.07.1 110.3 109.6 110.5 111.9 112.9 113.5 114.4
121.9
121.4
121.4
120.7
125.3
124.6
124.5
123.1
125.0
124.3
124.3
123.1
125.5
124.8
124.8
123.2
126.3
125.6
125.5
123.6
127.1
126.4
126.3
124.3
128.1
127.3
127.3
125.2
129.1
128.2
128.2
126.0
1. Equals GDP less change in business inventories.
2. Equals GDP less net exports of goods and services or equals the sum of personal consumption
expenditures, gross private domestic investment, and government purchases.
3. Equals gross domestic purchases less change in business inventories or equals the sum of personal
consumption expenditures, gross private domestic fixed investment, and government purchases.
NOTE—Percent changes from preceding period for selected items in this table are shown in table 8.1.
SURVEY OF CURRENT BUSINESS
20 • October 1994
Table 7.3.—Fixed-Weighted and Alternative Quantity and Price Indexes
for Gross National Product and Command-Basis Gross National
Product
Table 7.6.—Price Indexes for Fixed Investment by Type, Fixed
1987 Weights
[Index numbers, 1987=100]
[Index numbers, 1987=100]
Seasonally adjusted
Seasonally adjusted
1992
1993
1993
II
III
1992
IV
I
II
II
132.6 13P7
138.7
Less: Exports of goods and services
and receipts of factor income:
Current dollars
Quantity index, fixed 1987 weights ...
Plus: Command-basis exports of
goods and services and receipts
of factor income:
Current dollars
Quantity index, fixed 1987 weights ...
Equals: Command-basis gross
national product:
Current dollars
Quantity index, fixed 1987 weights ...
1645
125.4
124.5
124.7
123.5
1696
125.1
124.2
124.4
123.3
140.1 142.5 144.7 147.0
1701
125.7
124.8
125.0
123.7
1676
126.5
125.6
125.8
124.1
1752
127.5
126.6
126.8
124.9
1748
128.4
127.4
127.6
125.8
1848
146.7 151.7 151.5 150.2 157.3 156.6 164.4
175.3 181.1 181.4 178.3 186.9 185.3 193.6
147.5 154.5 153.7 153.4 160.4 161.2 168.6
132.6 139.7 138.7 140.1 142.5 144.7 147.0
109.8 113.4 112.7 113.6 115.2 116.3 117.3
Table 7.4.—Price Indexes for Personal Consumption Expenditures
by Major Type of Product, Fixed 1987 Weights
[Index numbers, 1987=100]
Durable goods
Motor vehicles and parts
Furniture and household equipment ..
Other
Nondurable goods
Food
Clothing and shoes
Gasoline and oil
Fuel oil and coal
Other
Services
Housing
Household operation
Electricity and gas
Other household operation
Transportation
Medical care
Other
Addenda:
Price indexes for personal
consumption expenditures:
Chain-type annual weights
Benchmark-years weights
124.6 128.1 127.8
111.6
113.9 113.7
II
III
114.7 115.3 116.2 117.0 118.0
114.4 114.1
113.0 112.8 113.3 113.7 114.4 115.2 115.9
Structures
Nonresidentia! buildings, including
farm
Utilities
Mining exploration, shafts, and
wells
Other structures
114.1
117.3
Producers' durable equipment
Information processing and related
equipment
Computers and
peripheral
equipment l
Other
Industrial equipment
Transportation and related
equipment
Other
109.7 110.7 110.7 110.9 111.1
116.9 117.8 118.8 119.7 120.3 121.5
113.9 117.5 116.9 118.1 119.2 120.0 120.7 122.2
115.6 118.9 118.9 119.4 120.3 121.7 122.7 123.2
115.3 114.3 114.4 114.3 114.7 115.8 114.4 114.3
111.5 112.7 112.7 112.9 113.5 114.3 115.4 1.16.1
111.7
112.5 113.0
93.1
91.7
91.9
91.3
91.2
91.1
91.3
91.1
59.9
51.5
52.3
50.3
48.5
47.7
47.4
46.2
107.9 109.7 109.5 109.7 110.3 110.6 111.0 111.3
120.3 122.3 122.2 122.6 123.2 123.8 124.6 125.3
116.8 119.2 119.1 119.7 119.6 121.2 122.9 123.8
117.1 119.4 119.3 119.7 120.3 120.9 121.9 122.7
113.6 117.4 116.9 118.0
117.2
118.0
112.1
117.8
118.8 120.2 121.0 122.5
119.2
121.0
114.0
118.2
Structures
Single family
Multifamily
Other structures
113.8
113.7
111.7
114.7
Producers' durable equipment
104.9 105.5 105.4 105.9 106.3 106.8 107.8 108.8
Addenda:
Price indexes for fixed investment:
Chain-type annual weights
Benchmark-years weights
110.9 112.4 112.3 112.7 113.0 113.8 114.6 115.4
110.3 111.9 111.7 112.1 112.4 113.3 114.0 114.8
117.7
118.9
112.8
117.5
118.3
119.8
113.2
117.8
120.5
121.9
114.9
120.3
121.3
122.4
115.3
121.7
122.9
124.4
117.2
122.6
1. Includes new computers and peripheral equipment only.
NOTE—Percent changes from preceding period for selected items in this table are shown in table 8.1.
128.3 129.1 129.8 130.7 131.8
114.3 115.0 115.5 116.7
117.8
1161 115.5 1170 1178 118.3 1197 121 5
103.9 1-04.3 104.1 104.2 104.9 105.3 105.9 106.1
1268 1272 1268 1271 1283 1299 131 2
1124
Table 7.9.—Price Indexes for Exports and Imports of Goods
and Services and for Receipts and Payments of Factor Income,
Fixed 1987 Weights
[Index numbers, 1987=100]
1242
1230
125.0 125.0 1247
122.0 124.4 124.1 1245
117.9 119.2 119.0 1189
1233
1164
1221
1160
1231
1176
1189
1162
1254
125.4 1259
127.2
125.6 125.9 126.3 128.0
119.1 118.9 1193 118.1
1205 119.9 1195 125.7
1136
1153
1144
1144
129.0 131.8 132.4 131 8 131.7 131.6 132.7 133.4
128.7 133.5 133.1 133.9 135.0 135.9 137.0 138.0
124.1 127.9 127.6 128.3 129.2 130.5 131.3 132.3
1123 1154 115 1 1162 1167 1170 1174 1177
111.0 114.4 114.3 115.6 115.6 115.0 115.0 115.1
1134
1293
1163
1343
139 1 1473
131 0 134.5
1157
1167
134.1 1345
1466 1482
134.2 1346
1177
1188
1195
134.5 135.1 1364
1498 151 2 1527
1200
137.3
1541
135.8 136.5 137.7 138.6
124.1 127.5 127.3 127.7 128.6 129.2 130.2 131.2
124.1 127.5 127.3 127.7 128.6 129.2 130.2 131.2
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
i
111.2
Residential
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Personal consumption
expenditures
IV
112.0
Nonresidential
109.7 113.1 112.4 113.3 114.8 115.8 116.9
109.4 112.2 111.7 112.3 113.5 114.4 115.4
109.3 112.0 111.5 112.1 113.3 114.2 115.3
121.8
121.2
121.4
1-20.9
III
1994
III
Fixed investment
Gross national product:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
1993
1993
1994
Exports of goods and services
Merchandise l
Durable
Nondurable
Services l
Receipts of factor income2
Imports of goods and services
Merchandise [
Durable
Nondurable
Services!
Payments of factor income3
Addenda:
Price indexes for exports of goods
and services:
Chain-type annual weights
Benchmark-years weights
Price indexes for imports of goods
and services:
Chain-type annual weights
Benchmark-years weights
113.9 115.3
115.3 115.4 115.6 116.7 117.5 118.1
109.7
109.4
110.2
124.0
110.3
110.9
109.3
127.4
110.3
110.6
109.8
127.3
110.4
110.7
110.0
127.6
110.6
110.7
110.4
127.8
111.8
111.2
112.9
128.4
112.4
111.5
114.0
129.7
113.2
111.8
115.6
130.3
122.3 125.1 125.0 125.3 125.7 126.6 127.5
115.4 115.2
115.9 115.0 115.3 114.5 116.2 118.4
112.0
112.8
110.7
130.9
111.8
114.0
107.9
130.7
112.4
113.7
110.1
131.3
124.8
128.0 127.8 128.2 128.7 129.6 130.5
111.7
114.2
107.3
130.0
111.7
115.1
105.6
131.9
110.9
115.4
103.2
130.8
113.0
116.1
107.7
130.4
115.5
117.0
113.0
131.5
112.8 113.4 113.5 113.4 113.5 114.2 114.9 115.4
112.0 112.6 112.8 112.7 112.7 113.5 114.2 114.8
113.6 112.8 113.5 112.5 112.5 111.6 113.1 115.2
112.5 111.7 112.4 111.4 111.4 110.5 112.1 114.1
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal
Government, are included in services.
2. Consists largely of receipts by U.S. res dents of interest and dividends and reinvested earnings of foreign
affiliates of U.S. corporations.
3. Consists largely of payments to foreign residents of interest and dividends and re n vested earnings of U.S.
affiliates of foreign corporations.
NOTE,— Percent changes from preceding period for selected items in this table are shown in table 8.1.
SURVEY OF CURRENT BUSINESS
October 1994
•
Table 7.10.—Price Indexes for Exports and Imports of Merchandise
by End-Use Category, Fixed 1987 Weights
Table 7.11.—Price Indexes for Government Purchases by Type,
Fixed 1987 Weights
[Index numbers, 1987=100]
[Index numbers, 1987=100]
Seasonally adjusted
Seasonally adjusted
1992
Exports of merchandise
Foods, feeds, and beverages
Industrial supplies and materials
Durable goods
Nondurable goods
Capital goods, except automotive
Civilian aircraft, engines, and parts ...
Computers, peripherals, and parts ....
Other
Automotive vehicles, engines, and parts
Consumer goods, except automotive
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
Imports of merchandise
Foods feeds and beverages
Industrial supplies and materials, except
petroleum and products
Durable goods
Nondurable goods
Petroleum and products
Capital goods except automotive
Civilian aircraft, engines, and parts ...
Computers, peripherals, and parts ....
Other
Automotive vehicles, engines, and parts
Consumer goods, except automotive
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
Addenda:
Exports of agricultural products ]
Exports of nonagricultural products ...
Imports of nonpetroleum products
1993
1993
1992
1994
II
III
IV
I
II
III
109.7
110.3
110.3
110.4
110.6
111.8
112.4
113.2
114.5
108.3
116.5
104.6
105.9
122.8
116.2
109.2
125.3
102.0
105.7
126.0
113.1
110.4
127.6
102.6
105.6
125.5
118.2
109.1
126.3
101.3
105.6
126.4
120.2
108.4
125.1
100.9
105.8
127.6
125.8
110.6
127.8
102.8
105.8
127.9
122.4
113.6
128.7
106.7
105.9
128.6
117.0
118.1
130.0
112.6
105.9
130.3
59.1
50.6
51.3
49.4
47.7
46.9
46.5
45.2
116.4
112.3
118.0
114.5
120.9
113.0
113.0
113.0
117.9
113.2
119.7
114.9
123.8
113.8
113.8
113.8
117.8
113.3
119.7
115.0
123.9
113.9
113.9
113.9
118.1
113.0
119.6
114.7
123.9
113.7
113.7
113.7
118.6
113.3
119.8
114.7
124.2
114.1
114.1
114.1
118.8
113.8
120.0
115.2
124.2
114.8
114.8
114.8
118.8
114.0
120.0
115.4
124.1
115.4
115.3
115.3
118.8
114.3
120.0
115.5
123.9
116.0
116.0
116.0
112.0
111.8
112.4
111.7
111.7
110.9
113.0
115.5
108.1 108.0 106.6 109.0
113.8
114.4
113.1
100.8
107.5
122.9
110.8 110.8 115.0 124.5
113.1 113.5 112.7 112.7 113.5 114.9 117.4
114.6 114.7 114.1 114.7 115.9 117.4 119.3
111.5 112.2 111.2 110.5 110.9 112.2 115.3
91.1
99.1
88.4
81.9
73.6
85.2
95.2
107.8 107.5 108.3 108.6 108.3 109.0 109.9
126.1 125.5 126.4 127.6 127.9 128.6 130.3
61.8
54.3
55.3
53.2
51.1
50.0
49.6
48.9
116.5
114.8
118.3
116.9
120.1
114.6
114.6
114.6
118.4
116.9
119.7
118.8
120.7
115.9
115.9
115.9
117.8
116.5
119.6
118.7
120.9
115.6
115.6
115.6
119.3
117.1
120.0
119.2
121.0
116.3
116.3
116.3
120.1
119.0
120.3
119.5
121.3
117.3
117.2
117.2
119.9
119.5
120.1
119.6
120.7
117.2
117.1
117.1
120.8
120.3
120.4
119.7
121.3
118.2
118.1
118.1
122.0
121.0
120.8
119.9
122.0
119.8
119.7
119.7
111.5 113.3 110.5 114.9 116.7 122.6 120.0 11.6.2
109.4 109.9 110.3 109.9 109.8 110.5 111.4 112.8
113.3 114.2 113.9 114.4 115.2 115.3 116.3 117.9
1. Includes parts of: exports of foods, feeds, and beverages, of nondurable industrial supplies and materials,
and of nondurable consumer goods.
21
Government purchases
Federal
National defense
Durable goods
Nondurable goods
Services
Compensation of employees
Military
Civilian
Other services
Structures
Nondefense
Durable goods
Nondurable goods
Commodity Credit Corporation
inventory change
Other nondurables
Services
Compensation of employees
Other services
Structures
State and local
Durable goods
Nondurable goods
Services
Compensation of employees
Other services
Structures
Addenda:
Price indexes for government
purchases:
Chain-type annual weights
Benchmark-years weights
Price indexes for Federal national
defense purchases:
Chain-type annual weights
Benchmark-years weights
Price indexes for Federal nondefense
purchases:
Chain-type annual weights
Benchmark-years weights
Price indexes for State and local
purchases:
Chain-type annual weights
Benchmark-years weights
1993
1993
II
III
1994
IV
I
II
III
125.4 126.7 128.3
126.1
124.3
125.7
124.9
121.5
126.5
127.0
128.5 130.9 131.2
122.0
114.0
115.5
126.3
133.1
135.2
129.0
116.6
121.4
126.6
116.7
113.8
131.9
140.8
140.3
141.8
119.1
132.4
126.0
1.16.6
117.4
131.0
139.4
140.3
137.6
119.0
127.8
127.0
116.0
112.6
132.7
141.9
140.1
145.6
119.5
136.6
127.9
116.7
111.9
133.7
143.3
141.2
147.6
120.2
137.2
129.0
117.6
107.3
135.3
146.0
143.8
150.4
120.2
138.0
131.1
121.0
111.7
136.7
147.9
145.7
152.4
120.9
138.7
131.7
121.1
117.3
137.4
148.4
145.9
153.7
121.6
139.5
119.8 124.3
100.8 93.0
124.7
125.1
124.4
127.2
130.5
129.6
94.0
94.0
90.2
92.4
92.4
93.7
108.0
123.9
128.0
118.3
114.0
106.3
129.9
136.9
120.1
116.3
106.5
130.0
137.4
119.7
116.0
106.3
130.7
138.5
119.8
116.6
105.5
130.7
137.7
120.9
117.4
105.9
134.4
143.7
121.5
118.2
105.6
138.2
150.3
121.3
119.1
106.7
136.1
146.9
121.1
120.1
120.3
113.1
115.4
123.4
128.3
123.4
115.1
116.2
126.9
133.0
123.2
115.1
117.8
126.4
132.5
123.7
115.5
115.6
127.4
133.6
124.1
115.3
114.5
128.0
134.4
125.3
116.4
116.2
129.1
135.8
126.2
117.2
116.4
130.1
136.9
127.1
117.9
117.9
130.9
138.0
69.5
60.4
60.5
59.4
57.3
56.4
55.6
53.0
120.8 124.5
128.9
110.2 112.8 112.7 112.9 113.9 115.0 115.6 116.7
120.2 123.7 123.5 124.1 124.6 126.1 127.3 127.9
120.5 124.0 123.7 124.3 124.9 126.3 127.6 128.1
121.1 125.3 124.6 125.6 126.6 127.8 129.5
121.1 125.3 124.6 125.6 126.7 127.9 129.5
118.6
120.0
130.1
130.1
122.9 123.1 123.6 123.5 126.5 129.4 128.0
124.4 124.6 125.1 125.0 127.9 130.9 129.5
120.2 123.3 123.1 123.6 124.0 125.2 126.0 126.9
120.2 123.2 123.0 123.6 124.0 125.2 126.0 126.9
SURVEY OF CURRENT BUSINESS
22 • October 1994
Table 7.12.—Price Indexes for National Defense Purchases, Fixed
1987 Weights
Table 7.14.—Implicit Price Deflators for Gross Domestic Product
by Sector
[Index numbers, 1987=100]
[Index numbers, 1987=100]
Seasonally adjusted
Seasonally adjusted
1992
1993
1993
II
National defense purchases ...
114.0 116.7
Nondurable goods
114.8
118.5
101.2
118.4
120.9
109.2
116.6
105.8
Services
,
Compensation of employees
Military
Civilian
Other services
Contractual research and
development
Installation supportl
Weapons support2 .
Personnel support3
Transportation of material
Travel of persons
Other
1992
1994
IV
I
II
122.0 126.6 126.0 127.0 127.9 129.0 131.1
Durable goods
Military equipment
Aircraft
Missiles
Ships
Vehicles
Electronic equipment
Other
Other durable goods .
Petroleum products
Ammunition
Other nondurable goods
III
131.7
116.6 116.0 116.7 117,6 121.0 121.1
117.9 117.7 117.1 117.9 118.8 122.5 122.7
124.6 124.3 125.3 124.3 125.7 133.3 133.8
95.7
94.4
89.6
95.8
95.3
94.6
92.2
121.7
128.2
109.5
118.4
105.1
121.3
131.0
109.4
118.4
105.2
122.6
127.1
109.3
118.2
104.8
122.1
128.5
109.7
118.7
105.1
123.3
129.9
110.1
118.9
105.4
124.5
131.5
111.1
120.0
105.5
125.8
133.6
110.2
120.7
104.7
115.5 113.8 117.4 112.6 111.9 107.3 111.7
117.3
Addenda:
Price indexes for national defense
purchases:
Chain-type annual weights
Benchmark-years weights
III
120.9 123.5 123.4 123.7 124.1 125.0 125.9 126.4
Business
Nonfarm
Nonfarm less housing
Housing
Farm
Statistical discrepancy
119.5 121.8 121.7 122.0 122.3 123.0 123.9 124.4
Households and institutions
128.8 132.3 131.8 132.2 133.4 134.3 134.9 136.1
Private households
Nonprofit institutions
119.8
119.2
125.5
105.9
119.5
122.1
121.5
127.2
106.1
121.8
122.0
121.5
126.6.
107.0
121.7
122.2
121.7
127.4
102.1
122.0
122.5
121.9
128.2
110.1
122.3.
123.2
122.2
132.3
114.9
123.0
124,3
123.7
130.2
101.9
123.9
124.9
124.2
131.2
97.5
124.4
115.7 119.4 118.7 119.9 121.1 121.8 122.5 123.5
129.4 132.9 132.4 132.8 133.9 134.9 135.4 136.7
126.3 131.9 131.0 132.7 133.7 135.3 136.7 137.4
Addendum:
Gross domestic business product
less housing
133.1
135.2
129.0
116.6
140.8
140.3
141.8
119.1
139.4
140.3
137.6
119.0
141.9
140.1
145.6
119.5
143.3
141.2
147.6
120.2
146.0
143.8
150.4
120.2
147.9
145.7
152.4
120.9
148.4
145.9
153.7
121.6
112.4
114.5
120.4
133.0
104.8
110.5
113.5
117.3
124.4
136.6
105.3
116.5
113.5
117.4
124.0
136.1
104.9
115.7
113.4
118.3
124.4
137.2
105.8
116.4
114.2
118.1
126.1
138.0
105.4
118.5
113.3
118.6
127.7
137.4
105.3
119.5
113.9
119.6
126.8
140.6
105.5
117.8
114.3
121.2
127.6
140.7
105.3
118.0
[Index numbers, 1987=100]
120.9 123.5 123.4 123.7 124.1 125.0 125.9 126.4
1223
125 1 1250
1253
1257
1266
1275
124.5 127.8 127.5 128.1 128.3 129.1 129.7
120.9 123.5 123.3 123.7 124.1 124.9 125.8
Less: Consumption of fixed capital
110.5 111.6 111.5 111.9 112.0 113.3 113.6 114.1
Equals: Net national product
122.3 125.1 124.9 125.3 125.7 126.6 127.4
Less: Indirect business tax and nontax
liability plus business transfer
payments less subsidies plus current
surplus of government enterprises ....
Statistical discrepancy
130.3 129.4 129.5 131.8 130.0 131.1 132.8 135.9
119.5 121.8 121.7 122.0 122.3 123.0 123.9
Equals: National income
121.5 124.6 124.4 124.6 125.2 126.1 126.9
Addenda:
Net domestic product
Domestic income
1223
1251
1250
1253
1257
1266
1275
1281
121.5 124.7 124.5 124.7 125.3 126.1 126.9
1. Consists largely of receipts by G.S. residents of interest and dividends and reinvested earnings of foreign
affiliates of U.S. corporations.
2. Consists largely of payments to foreign residents of interest and dividends and reinvested earnings of U.S.
affiliates of foreign corporations.
II
131.3 139.4 138.6 140.8 141.4 145.4 148.9 148.1
128.2 132.9 132.3 133.5 134.3 135.6 136.8 137.9
Table 7.13.—-Implicit Price Deflators for the Relation of Gross
Domestic Product, Gross National Product, Net National Product,
and National Income
Equals: Gross national product
I
129.1 134.7 134.2 135.6 136.3 138.4 140.1 140.7
1. Includes utilities, communications, rental payments, maintenance and repair, and payments to contractors to
operate installations.
2. Includes depot maintenance and contractual services for weapons systems, other than research and
development.
3. Includes compensation of foreign personnel, consulting, training, and education.
Plus: Receipts of factor1income from
the rest of the world
Less: Payments of factor
income to the
rest of the world2
1994
IV
Federal
State and local
121.1 125.3 124.6 125.6 126.6 127.8 129.5 130.1
121.1 125.3 124.6 125.6 126.7 127.9 129.5 130.1
Gross domestic product
Gross domestic product
SI!
General government
117.5 131.0 123.9 137.4 137.8 138.3 139.3 139.4
128.7 135.1 135.0 135.1 136.2 137.3 137.7 139.6
Military facilities
Other
II
119.7 113.1 120.3 111.6 109.5 95.1 107.1 116.5
108.1 112.6 115.2 111.4 112.1 113.0 113.7 115.2
117.9 115.6 116.5 114.7 114.2 115.0 114.7 120.2
121.4 132.4 127.8 136.6 137.2 138.0 138.7 139.5
Structures
1993
1993
III
118.9 121.3
Table 7.15.—Current-'Dollar Cost and Profit Per Unit of ConstantDollar Gross Domestic Product of Nonfinancial Corporate Business
[Dollars]
Current-dollar cost and profit
per unit of constant-dollar
gross domestic product * ...
Consumption of fixed capital
Net domestic product
Indirect business tax and nontax
liability plus business transfer
payments less subsidies .
Domestic income
Compensation of employees
Corporate profits with inventory
valuation and capital
consumption adjustments
Profits tax liability
Profits after tax with inventory
valuation and capital
consumption adjustments
Net interest
1.150
1.159
.126
.123
1.159 1.157
.123
.124
1.159
.120
1.165 1,170
.125
.121
1.024 1.036 1.037 1.033 1.038 1.040 1.049
116
917
766
.117
.117
921
923
.768
117
920
770
.760
.763
.117
.932
.766
112
040
111
040
113
038
123
043
122
043
.127
.046
067
073
.041
.039
.071
.039
.075
.039
.080
.038
.078
.038
.081
.039
117
907
767
099
031
117
919
1. Equals the deflator for gross domestic product of nonfinancial corporate business with the decimal point
shifted two places to the left.
SURVEY OF CURRENT BUSINESS
October 1994
® 2$
8e Supplementary TablesTable 8.1.™Percent Change From Preceding Period in Selected Series
[Percent]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1992
1993
II
Gross domestic product:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights .
Price indexes: Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights .
Personal consumption expenditures:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-tvDe annual weiohts
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain~tvDe annual weiohts
Benchmark-years weights
Durable goods:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Nondurable goods:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Services:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Gross private domestic investment:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Fixed investmentCurrent dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Nonresidential:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weights ......
Price indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weights
5.2
5.4
III
4.2
3.8
1992
1994
1993
IV
7.7
II
I
6.1
7.2
5.2
3.1
2.5
2.5
2.4
1.8
1.8
2.7
1.8
1.8
6.3
5.1
5.1
3.3
3.2
3.2
4.1
4.2
4.1
3.4
3.1
3.1
3.2
3.0
3.1
3.0
2.8
2.8
2.4
2.3
2.3
2.0
1.9
1.9
2.4
2.5
2.4
3.1
3.2
3.2
2.9
2.7
2.7
2.7
2.4
2.4
6.0
5.8
5.0
5.1
6.4
6.0
4.6
6.1
2.8
2.6
2.7
3.3
2.9
2.9
2.6
2.3
2.3
3.9
3.5
3.5
4.0
3.4
3.4
4.7
4.3
4.3
1.3
1.4
1.4
3.0
2.8
2.8
3.5
3.4
3.5
2.8
2.8
2.8
2.6
2.5
2.5
1.4
1.5
1.5
2.8
2.8
2.8
1.9
2.0
2.0
2.8
2.9
2.9
3.5
3.3
3.3
7.9
9.2
6.4
5.9
6.1
8.2
7.4
7.4
9.8
9.3
9.2
2.3
1.9
2.0
2.1
1.7
1.7
3.3
2.7
2.7
2.2
1.9
3.0
3.4
2.2
1.0
.9
.9
2.0
1.8
1.8
1.6
1.4
1.4
2.1
2.1
2.1
1.6
1.5
1.5
.9
.8
.7
7.3
6.5
3.0
2.8
2.9
4.7
4.6
4.6
Residential:
Current dollars
Quantity indexes:
Civarl 1 QQ7 u/oinhto
16.3
9.9
2.9
7.7
15.5
13.9
13.9
8.8
8.2
8.1
.4
-.6
-.4
7.9
6.8
6.9
2.5
2.3
2.2
1.9
1.5
1.5
4.1
3.7
3.7
3.9
3.5
3.6
1.8
4.6
4.1
3.7
6.1
2.8
2.6
2.6
2.4
2.2
2.2
3.8
3.8
3.8
2.2
2.2
2.2
2.1
2.2
2.2
-.8
-.9
2.2
2.3
2.2
.2
.3
.3
1.5
1.5
1.5
4.3
4.0
4.0
5.1
6.1
5.3
6.1
5.5
5.3
2.8
2.6
2.6
1.4
1.3
1.3
3.6
3.4
3.4
2.0
1.9
1.9
4.0
3.8
3.8
1.1
1.4
1.3
•2.1
2.3
2.3
Chain-type annual weights
3.7
3.7
3.7
3.4
3.5
3.5
2.6
2.7
2.7
3.2
3.2
3.2
2.9
2.9
2.9
3.3
3.4
3.4
2.9
2.9
2.9
Price indexes:
Fiypd 1 Qft7 w/pinhte
Chain-type annual weights
Benchmark-years weights
.6.3
6.3
1.9.
-1.1
10.3
11.9
7.7
5.9
19.6
20.5
31.1
6.6
6.1
5.2
5.6
13.0
10.4
10.4
8.9
5.8
5.6
8.0
4.3
4.2
21.3
18.0
17.9
18.0
17.3
17.4
25.2
27.8
27.5
5.3
4.3
4.4
5.2
10.4
8.6
5.5
4.5
5.0
11.3
8.8
8.8
8.9
6.4
6.3
1.1
.7
.9
2.1
1.4
1.4
2.9
2.3
2.1
.8
9.7
.9
.3
.6
Producers' durable
equipment:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights .
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights .
8.3
5.8
2.0
.5
1.2
Structures:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights .
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights .
12.5
9.0
9.0
1.6
.6
,6
13.9
15.6
12.7
12.4
2.3
1.3
1.2
8.3
11.4
7.0
7.0
2.2
1.3
1.3
6.5
12.2
6.1
6.2
1.5
.4
A
22.5
13.3
23.0
21.2
20.9
10.6
10.2
10.3
2.0
1.2
1.2
3.1
2.9
2.9
18.8
12.4
21.1
18.4
18.0
10.9
10.2
10.4
1.6
.6
.6
2.5
2.1
2.2
10.8
4.9
8.6
8.1
8.2
3.2
2.3
2.4
2.7
2.6
2.6
3.4
2.8
2.9
11.2
8.1
9.2
8.6
8.7
7.0
6.3
6.4
2.7
2.5
2.5
2.5
1.8
2.0
Chain-type annual weights ....
Benchmark-years weights
Price indexes:
Fixed 1987 weights .
Chain-type annual weights ....
Benchmark-years weights
Exports of goods and services:
Current dollars
Quantity indexes:
Chain-type annual weights
Benchmark-years weights
Price indexes:
Chain-type annual weights
-6.5
-6.7
-6.7
-6.7
.3
.3
.3
1.3
-1.4
-1.4
-1.4
2.8
2.8
2.8
III
3.8
.3
.2
.2
.5
.6
.6
3.8
3.8
3.8
3.3
3.2
3.2
13.4
18.1
6.0
4.0
4.8
18.0
13.7
13.7
21.6
18.1
17.7
18.0
16.2
16.2
16.2
.9
-.2
-.2
12.0
8.2
8.3
8.3
IV
4.0
4.3
1.3
.4
.7
1994
1993
II
III
2.3
2.1
2.2
12.2
1993
1.4
.3
.1
-3.4
7R
-7.6
-7.6
7.6
16.2
8.4
8.5
.5
-.7
-.7
13.0
9.4
9.2
9.3
6.6
I
II
III
-8.8
22.8
-1.5
20.6
20.4
20.4
-5.4
-5.5
-5.5
3.3 -11.8
3.2 -11.6
3.2 -11,7
3.3
3.3
3.3
3.2
3.2
3.2
2.0
2.1
2.1
4.0
3.9
3.9
23.9
21.2
7.3
11.7
27.5
24.7
24.2
18.6
19.3
19.4
6.1
4.8
4.9
11.0
10.8
10.8
.7
-.5
2.1
1.7
1.8
3.1
2.6
2.7
1.7
1.0
1.2
32.0
15.7
9.7
-2.2
28.2
28.4
28.4
10.0
10.2
10.1
7.0
6.9
6.9
-7.2
-7.2
70
1.5
1.6
1.5
3.3
3.4
3.4
4.2
4.5
4.5
6.2
3.3
8.5
-6.6
20.7
-3.5
19.2
9.2
6.7
5.5
6.0
4.1
2.7
2.7
7.7
7.1
6.9
-3.2
-6.3
-6.3
21.7
20.5
20.3
-3.5
-5.6
-5.5
16.6
16.5
16.5
9.8
7.3
7.5
1.2
.6
.8
1.2
.5
.5
2.1
1.5
1.4
7.7
8.4
3.7
3.5
3.5
.4
-.3
-.3
2.9
2.8
2.8
.6
.2
.1
4.5
4.8
4.8
3.8
2.6
2.8
2.7
2.8
2.8
2.7
2.3
2.4
5.3
5.1
5.2
2.3
1.9
2.1
Imports of goods and services:
16.5
1.4
14.7
5.2
23.5
18.5
14.9
12.8
12.6
7.4
4.9
4.8
16.0
14.9
14.5
9.5
8.3
8.3
18.9
17.4
17.5
12.1
10.7
10.8
Quantity indexes:
8.7
7.0
7.8
10.7
8.9
8.9
1.5
.8
1.1
-.2
-.7
-.7
4.2
3.2
3.1
2.5
2.1
3.3
-2.8
-3.3
-3.3
1.1
3
-.2
-2.7
-3.0
-2.9
5.8
5.5
5.6
8.1
7.5
7.6
2.4
6.9
Government purchases:
Quantity indexes:
FiypH 1 Qfi7 wpicihtQ
Chain-type annual weights
Benchmark-years weights
Price indexes:
-.8
-.7
-.7
-.8
-.9
-.9
Chain-type annual weights
3.5
3.3
3.4
3.1
2.9
2.9
Federal:
Current dollars
Quantity indexes:
Fixed 1987 weiohts
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights .........
Benchmark-years weights
National defense:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weights ......
Price indexes:
Fixed 1987 weights
...... ..
Chain-type annual weights ....
Benchmark-years weights
.7
-3.4
-3.2
-3.3
4.3
4.0
4.2
-2.7
71
-6.9
-7.0
4.7
4.6
47
2.3
1.5
.9
1.2
.7
.7
1.1
.3
.3
-.1
-.2
-.2
-4.9
-3.4
-3.4
2.4
2.4
2.4
2.1
2.1
2.0
1.6
1.7
1.8
4.3
46
4.6
-1.2
-1.4
-1.4
4.9
4.1
4.1
5.9
5.5
5.4
2.0
1.7
1.7
-1.2
-1.5
-2.2
-2.6
-1.8
-2.4
7.4
-4.5
-4.6
-4.6
-3.6
-4.1
-4.2
-3.0
-4.7
-4.6
-5.0
-4.6
-4.8
-10.3
-7.9
-8.0
-7.9
9.8
8.8
8.6
3.7
3.5
3.5
-3.7
-6.8
-6.9
-6.9
3.7
3.4
3.4
2.3
2.3
2.3
-1.6
22
-3.0
-3.1
1.3
1.0
1.0
2.6
2.7
2.5
-8.6
-9.2
-11.1
-11.0
3.0
3.2
3.0
1.7
2.2
2.3
.1
-3.6
-3.0
-3.4
2.9
3.4
3.5
-7.0
-7.0
4.8
5.8
5.7
-9.5
-16.0
-12.6
-12.6
3.5
4.0
3.9
7.7
6.6
6.5
.8
-.2
-.1
0
8.6
-4.1
-4.4
-4.3
6.7
5.3
5.1
8.6
8.4
8.2
2.0
1.8
1.8
SURVEY OF CURRENT BUSINESS
24 • October 1994
Table 8.1.—Percent Change From Preceding Period in Selected
Series—Continued
Table 8.2.—Selected Per Capita Product and Income Series in
Current and Constant Dollars and Population of the United States
[Percent]
[Dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1992
Nondefense:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weights
State and local:
Current dollars
Quantity indexes:
Fixed 1987 weights .
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Addenda:
Final sales of domestic product:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Gross domestic purchases:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights ....
Chain-type annual weights
Benchmark-years weignts
Final sales to domestic purchasers:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts
Gross national product:
Current dollars
Quantity indexes:
'Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
1992
1994
1993
1993
II
III
IV
I
II
-1.4
12.6
-7.8
16.3
-6.9
-6.2
-6.6
-6.5
12.0
10.6
10.8
-7.8
-7.9
-7.7
2.9 -15.0
6.0 -14.8
5.8 -14.8
11.5
-2.0
9.1
9.8
9.9
-2.8
-4.3
-4.3
II
III
1994
IV
I
II
III
Current dollars:
9.5
4.5
6.6
6.6
6.5
.7
.8
.8
2.8
2.7
2.8
3.7
3.7
3.7
3.8
5.7
5.4
5.3
1.1
1.7
1.5
4.2
6.5
5.2
4.1
1.1
1.0
1.0
1.7
1.6
1.6
4.4
4.0
4.0
3.7
3.5
3.5
2.9
2.7
2.7
2.8
2.8
2.8
2.5
2.5
2.5
2.4
2.5
2.5
1.8
1.7
1.7
1.5
1.4
1.4
5.1
5.2
4.3
4.1
2.2
2.0
2.1
2.9
2.3
2.3
2.4
1.9
1.9
3.2
3.0
3.1
3.0
2.8
2.8
5.3
-.2
-.4
10.9
9.4
9.5
4.5
9.5
9.7
5.4
6.7
2.9
2.7
2.7
3.8
3.6
3.6
3.9
3.8
3.8
2.7
2.6
2.6
2.9
3.0
3.0
8.0
5.1
4.5
5.0
3.2
2.1
2.2
6.4
5.5
5.4
2.2
2.2
2.2
1.5
1.5
1.5
3.1
2.7
2.7
2.4
2.3
2.3
2.0
2.0
1.9
2.5
2.5
2.4
3.2
3.2
3.2
2.9
2.7
2.7
2.6
2.3
2.4
5.9
5.0
4.7
7.2
7.0
7.8
6.4
2.5
2.3
2.4
3.9
3.2
3.2
3.3
2.5
2.4
4.0
3.0
3.0
5.8
4.7
4.7
5.0
4.7
4.7
4.6
4.4
4.4
3.9
3.5
3.5
3.2
3.0
3.1
2.8
2.6
2.6
2.6
2.5
2.5
1.6
1.6
1.6
2.4
2.4
2.4
2.5
2.5
2.6
3.2
3.1
3.1
3.2
3.0
3.0
5.2
5.7
5.2
5.0
7.5
6.1
5.1
6.1
2.5
2.2
2.3
3.7
3.0
3.0
3.3
2.6
2.5
45
3'.4
3.4
6.0
5.1
5.0
3.9
3.7
3.7
2.0
1.8
1.8
3.5
3.2
3.2
3.2
3.0
3.1
2.8
2.6
2.6
2.6
2.5
2.5
1.6
1.6
1.6
2.4
2.4
2.4
2.5
25
3.2
3.1
3.1
3.2
2.9
3.0
5.0
5.3
3.9
4.2
7.0
6.2
6.8
5.6
4.4
4.4
3.4
3?
3.2
3.7
37
3.7
2.6
-1.4
-1.1
-1.2
2'.6
2.1
19
2.0
3.1
25
2.5
2.1
15
1.5
3.0
?1
2.1
3.2
3.0
3.1
3.0
2.8
2.8
2.4
2o
2.3
2.0
1.9
1.9
2.4
2.5
2.4
3.1
3.2
3.2
2.9
2.7
2.7
Command-basis gross national
product:
Quantity index, fixed 1987 weights ...
2.2
3.3
2.0
3.4
5.6
4.0
3.5
Disposable personal income:
Current dollars
1987 dollars
6.4
3.1
4.1
1.5
7.2
4.7
1.9
.8
6.7
4.c
4.7
3.4
6.8
3.5
5.9
2.7
NOTE—Except for disposable personal income, the quantity and price indexes in this table are calculated from
weighted averages of the detailed output and prices used to prepare each aggregate and component. The fixedweighted measures use as weights the composition of output in 1987. For the alternative indexes, the chain-type
indexes with annual weights use weights for the preceding and current years, and the indexes with benchmarkyears weights use weights of 1959, 1963, 1967, 1972, 1977, 1982, 1987, 1992, and the most recent year.
1993
1993
III
Gross domestic
product
Gross national
product
Personal income .
Disposable
personal
income
Personal
consumption
expenditures ...
Durable goods
Nondurable
ooods
Services
23,564
24,559
24,427
24,588
24,978
25,288
25,669
25,928
23,586
20,175
24,576
20,810
24,440
20,800
24,621
20,863
24,970
21,147
25,285
21,369
25,640
21,717
21,917
17,636
18,153
18,141
18,174
18,421
18,588
18,853
19,071
16,192
1,928
16,951
2,083
16,856
2,059
17,017
2,095
17,233
2,170
17,443
2,216
17,598
2,227
17,813
2,276
5,071
9,193
5,185
9,683
5,173
9,623
5,182
9,740
5,225
9,838
5,265
9,961
5,300
10,071
5,365
10,173
19,490
19,879
19,795
19,871
20,119
20,235
20,390
20,507
19,515
19,901
19,814
19,906
20,122
20,242
20,376
14,279
14,341
14,351
14,338
14,451
14,535
14,625
14,682
13,110
1,772
13,391
1,897
13,335
1,876
13,425
1,905
13,519
1,970
13,640
2,007
13,651
2,004
13,714
2,037
4,140
7,199
4,176
7,318
4,165
7,294
4,182
7,338
4,195
7,354
4,224
7,409
4,237
7,410
4,248
7,430
Constant (1987)
dollars:
Gross domestic
product
Gross national
product
Disposable
personal
income
Personal
consumption
expenditures ...
Durable goods
Nondurable
goods
Services
Population (midperiod,
thousands)
255,484 258,290
257,908 258,635 259,356 259,997 260,627 261,337
SURVEY OF -CURRENT BUSINESS
October 1994 ®
Table 8,3.—Auto Output
Table 8.4.—Auto Output in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Seasonally adjusted at annual rates
1992 1993
Auto output
133.3 144.5
133.2 142.2
Final sales
Personal consumption expenditures .. 125.9 139.3
87.4
93.4
New autos
Net purchases of used autos
38.6
45.9
Producers' durable equipment
38.0
38.8
:
New autos
.
62.7
68.3
Net purchases of used autos
-24.7 -29.6
Net exports
-32.8 -37.7
Exports
14.3
14.5
52.2
Imports
47.0
Government purchases
2.0
1.9
Change in business inventories of
new and used autos
.1
2.2
New
.
...
i
.5
1.9
-.4
.3
Used
Addenda:
l
Domestic output of new autos2
104.8 112.6
Sales of imported new autos
60.0
65.1
1993
Seasonally adjusted at annual rates
1992 1993
1994
II
III
!V
!
II
III
146.8
137.5
151.0
162.7
153.4
155.1
144.5
137.8
91.5
46.3
41.3
73.4
-32.1
-36.6
14.9
51.6
2.0
142.0
140.5
92.3
48.2
38.8
69.0
-30.2
-39.2
13.7
52.8
1.9
148.3
146.5
101.3
45.2
38.8
68.2
-29.5
-38.6
15.2
53.8
1.7
164.2
154.7
100.1
54.6
43.4
78.8
-35.4
-35.8
16.7
52.5
2.0
150.1
149.6
99.1
50.5
43.9
79.1
-35.2
-45.4
16.3
61.7
2.1
151.0
154.1
101.0
53.1
43.9
79.6
-35.7
-49.2
17.9
67.1
2.1
2.3
0
2.4
-4.5
-4.5
-.1
2.7
1.6
1.1
1.5
.3
-1.8
3.3
1.3
2.0
4.1
3.1
.9
133.7
66.2
126.6
69.3
112.8
66.1
103.9
68.7
119.9
65.3
132.4
68.4
1993
II
Auto output
117.6
117.2
Final sales
Personal consumption expenditures .. 112.8
New autos
77.9
Net purchases of used autos
34.9
33.2
Producers' durable equipment
New autos
55.9
Net purchases of used autos
-22.8
-30.5
Net exports
12.7
Exports
Imports
43.3
Government purchases
1.8
Change in business inventories of
.4
new and used autos
New
.7
_ 0
Used
Addenda:
93.7
Domestic output of new autos l
53.6
Sales of imported new autos2
III
1994
IV
I
II
III
121.6
123.4
114.2
127.2
135.1
125.9
125.7
121.1
119.3
81.3
38.0
34.4
59.5
-25.1
-34.2
12.8
47.0
1.6
123.7
118.8
80.1
38.7
36.6
64.2
-27.6
-33.4
13.1
46.5
1.7
119.4
119.1
80.0
39.1
34.6
59.8
-25.2
-36.0
12.0
47.9
1.6
125.2
123.2
87.2
36.0
34.6
58.7
-24.2
-34.0
13.3
47.3
1.4
138.3
129.8
85.6
44.2
38.0
67.4
-29.4
-31.0
14.6
45.6
1.6
124.5
123.8
83.8
40.0
38.1
66.9
-28.8
-39.1
14.0
53.1
1.7
123.2
125.3
84.4
40.9
38.1
66.5
-28.4
-42.0
15.4
57.4
1.7
.5
.6
-.1
-.3
-2.0
1.7
-5.2
-4.8
-.4
2.0
1.5
.5
-3.2
-1.7
15
1.4
-3
i!e
2.5
1.8
.7
97.4
57.8
89.6
59.6
104.3
56.2
112.9
56.6
106.4
58.7
110.6
57.2
97.6
56.7
1. Consists of final sales and change in business inventories of new autos assembled in the United States.
2. Consists of personal consumption expenditures, producers' durable equipment, and government purchases.
1. Consists of final sales and change in business inventories of new autos assembled in the United States,
2. Consists of personal consumption expenditures, producers' durable equipment, and government purchases.
Table' 8.5—Truck Output
Table 8.6—Truck Output In Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Truck output l
83.4
101.9
99.0
99.5
110.8
124.3
123.0
128.1
82.2 102.1 102.5 101.4 112.5 122.7 120.2 122.0
Final sales
Personal consumption expenditures ., 43.4 52.3 52.0 50.8 57.3 58.9 56.9 56.0
Producers' durable equipment . .. ,i 370 487 467 48.8 547 622 584 60.7
-5.1
-4.1
-4.6
-3.8
-5.0
-55 -6.2
-5.1
Net exports
fiP
6.7
6.7
6.8
5.3
Exports
5.8
5.8
' 5.6
107 11 2 120 103 106 107 11 3 12.0
Imports
44
9 6 103
56
68
65 100
69
Government purchases
6.1
-.2 -3.5
1.2
2.8
-1.9
Change in business inventories
-1.7
1.6
1. Includes new trucks only.
Truck output1
Final sales
Personal consumption expenditures ..
Producers' durable equipment
Net exports
Exports
Imports
...
....
Government purchases ...
Change in business inventories
1. Includes new trucks only.
71.4
839
818
81?
90,4 1005
70.4
37.2
31.7
-4.4
48
9.1
5.9
84.1
43.3
39.9
-4.5
47
9.2
5.4
84.7
43.3
38.3
-5.1
47
9.8
8.2
82.6
41.6
39.6
-4.1
43
8.4
5.5
91.8
46.7
44.6
-3.1
55
8.6
3.6
1.0
-.1
-2.9
-1.5
-1.4
975 100.1
99.2
47.7
50.2
-3.3
54
8.7
4.5
95.4
45.3
46.2
-3.6
53
8.9
7.6
95.4
43.8
47.5
-4.0
54
9.4
8.1
1.3
2.1
4.7
26
SURVEY OF CURRENT BUSINESS
« October 1994
NIPA Charts
Jan. July July
F T P
Nov
T
Billion 1987 $; seasonally adjusted annual rates
js$$£ pri /ate domes tic investor ent—
usmess inventories
Net expo ts of good
Qfcy^rnment purcha >es—
1966
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
90
91
92
93
1994
SURVEY OF CURRENT BUSINESS
Percent change
10
October 1994 • 2/
Percent change
10
1
REAL GROSS DOMESTIC PRODUCT
GROSS DOMESTIC PURCHASES PRICE INDEX
(FIXED WEIGHTS)1
:0
1991
M992
1903
1904
Percent change
10
1991
BIion$
600
REAL GROSS DOMESTIC PURCHASES1
1992
; 1093
1994
CORPORATE PROFITS WITH IVA AND CCAdj2
500
400
300
•10'
1991
1992
;
1993
Percent change
10
Percent
10
REAL DISPOSABLE 1
PERSONAL INCOME
-10
1991
1992
1993
19S4
1991
.: 1993
1994
PERSONAL SAVING RATE3
1991
1. Percent change at annual rate from preceding charter; based on seasonally adjusted estimates,
2. Seasonally adjusted annual rate; IVA1$ inventory vacation adjustment, and OCAdf is capital consumption adjustment
3. Personal saving as percentage of disposable personal Income;; based on seasonally adjusted estimates.
US, Department of Commerce, Bureau of Economic Analysis
1992
1992
1993
1994
SURVEY OF CURRENT BUSINESS
28
October 1994
Selected Monthly Estimates
Table 1.—Personal Income
[Billions of dollars; monthly estimates seasonally adjusted at annual rates]
1993
1992
Sept.
Aug.
Personal income
Wage and salary disbursements
Private industries
Commodity-producing industries
Manufacturing
Distributive industries
Service idustries
Government
Other labor income
Proprietors' income with IVA and CCAdj
Farm
Nonfarm
Rental income of persons with CCAdj
Personal dividend income
Personal interest income
Transfer payments to persons
Old-age, survivors, disability, and health insurance benefits
Government unemployment insurance benefits
Other
Less: Personal contributions for social insurance
Addenda:
Total nonfarm income
Total farm income1
5 154.3
29748
2 407.5
757.6
578.3
682.3
967.6
567.3
5,375.1
30808
2,497.0
773.8
588.4
701.9
1,021.4
5838
5,4154
31247
2538.8
780.9
5944
3287
418.7
3553
441.6
373
4043
3588
4276
21 9
4056
44.4
3744
1994
1993
7129
1 ,044.9
5859
Oct.
Nov.
5,416.3
31196
2,531.3
784.7
597.8
706.3
1 ,040.4
5883
5,454 4
31385
2 551 .3
787.3
5987
712.7
1,051.3
5872
54828
31460
25586
790.8
601 2
711 0
1 056.8
5874
361 4
3640
4459
31 4
3667
4663
480
4145
4183
427.8
218
4060
Jan.
Dec.
55167
31608
2 572.1
794.9
6051
7142
1,063.0
5886
Mar.
Feb.
54839
3 1982
26040
797.6
6058
7274
1 079.0
5942
5 576 0
371 4
3696
476.5
539
4227
4182
•June"-"-
May
Apr.
56394
3 241 4
26420
809.3
611 9
7378
1 0949
5994
5 665 4
1 080.8
5962
56075
32201
26232
805.4
611 9
731 4
1086.3
5969
3732
4738
495
4243
3750
4779
488
4290
3767
32067
26105
802.6
6106
7271
461 3
431
4771
469
4302
32634
26591
810.7
r
r
July
Aug.
56749 57023
3 267 0 "• 3 282 5
26651 26796
814.9
8179
Sept.^
57244
5 756 7
32888
26847
• 8203
33054
26999
824.8
6120
6144
6154
6178
6201
7436
751 0
1 1047
6043
7460
1 104 1
601 9
7529
1 111 6
604 1
757?
1 117.'
6056
3784
471 0
388
432 1
380-1
4658
323
433 5
3837
4649
278
437 1
3855
4678
285
4393
1 1107
6029
381 9
4634
292
4342
337
-5.5
24.1
28.4
29.3
29.6
30.1
31.4
-27.0
34.6
38.4
35.0
34.6
32.6
330
161 0
6652
181 3
1829
1835
1839
1843
1845
1854
1871
1899
191 8
1934
195 1
1970
1988
6379
915.4
444.4
6343
924.6
448.6
6309
9275
449.8
328
444.9
265.8
184 1
6273
6249
9368
455.9
333
447.6
267.5
6279
9432
461.3
291
452.9
275.7
631 1
6344
951 5
466.9
263
458.3
276.9
6420
9559
469.5
253
461 1
278.5
6493
9474
463.1
284
4559
276.2
6569
9600
471.8
224
4657
280.9 -
6634
9649
474.4
21 7
4688
282.0
670 T
9687
476.3
21 0
471 4
282.6
677 1
971 4
478.1
209
4723
5 373.0
433
54186
652
55043
71 7
55364
71 1
5 570 1
693
56199
55 0
56503
520
56737
507
57053
51 5
May
June
July | Aug.r
38.9
33.9
407.3
248.7
437.1
261.3
6347
9227
446.2
350
441.4
264.5
5 089.4
649
5316.6
585
53721
433
860.2
414.0
34.5
441.5
264.1
5401 4
530
p
Preliminary.
Revised.
1. Equals farm proprietors' income, farm wages, farm other labor income, and agricultural net interest.
9288
450.7
320
446.1
266.4
5441 1
54131
696
757
9571
470.8
227
4635
280.2
5 604 0
61 4
34.6
283.8
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
CCadj Capital consumption adjustment
IVA Inventory valuation adjustment
r
Table 2.—The Disposition of Personal Income
[Monthly estimates seasonally adjusted at annual rates]
1994
1993
1992
1993
Sept.
Aug.
Oct.
Nov.
Jan.
Dec.
Mar.
Feb.
Apr.
Sept.^
Billions of dollars, unless otherwise indicated
Personal income
Less1 Personal tax and nontax payments
Equals'. Disposable personal income
Less1 Personal outlays
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Interest paid by persons
Personal transfer payments to rest of world
Ecjusls'. Personal savings
Addenda:
Disposable personal income: 1
Total billions of 1987 dollars
Per capita:
Current dollars
1987 dollars
Population (thousands)
Personal consumption expenditures:
Total billions of 1987 dollars
Durable goods
Nondurable goods
Services
Implicit price deflator 1987-100
Personal saving as percentage of disposable personal
income2
5,154.3
5,375.1
5,415.4
5,416.3
5,454.4
5,482.8
5,516.7
5,483.9
5,576.0
5,607.5
5,639.4
5,665.4
5,674.9
5,702.3
5,724.4
648.6
686.4
696.9
697.5
703.6
706.6
710.8
720.3
722.5
726.3
763.3
737.3
738.7
741.7
743.1
4,505.8
4,688.7
4,718.5
4,718.8
4,750.8
4,776.1
4,805.9
4,763.6
4,853.5
4,881.2
4,876.1
4,928.1
4,936.3
4,960.6
4,981.3
4,257.8
4,496.2
4,523.7
4,531.4
4,567.5
4,592.1
4,604.9
4,605.8
4,665.9
4,700.0
4,687.2
4,711.3
4,738.8
4,755.2
4,795.4
4,805.2
4,136.9
492.7
1,295.5
2,348.7
4,378.2
538.0
1,339.2
2,501.0
4,406.7
545.1
1,341.4
2,520.2
4,414.0
542.6
1,342.1
2,529.2
4,449.8
556.3
1,352.1
2,541.3
4,473.8
562.9
1,355.7
2,555.2
4,485.2
569.2
1,357.8
2,558.3
4,484.3
564.7
1,346.8
2,572.8
4,544.2
575.8
1,374.0
2,594.4
4,576.5
588.3
1,385.8
2,602.4
4,562.5
581.8
1,374.0
2,606.7
4,585.4
576.7
1 ,380.5
2,628.2
4,611.5
582.5
1,389.8
2,639.2
4,626.8
577.0
1,398.6
2,651.2
4,665.3
604.4
1,401.3
2,659.6
4,673.8
602.8
1 ,406.0
2,665.1
111.4
9.5
108.2
9.9
107.1
9.9
107.5
9.9
107.9
9.8
108.4
9.8
109.8
9.8
111.0
113.0
114.2
115.4
116.8
117.8
119.4
120.7
10.5
10.5
10.5
10.5
10.5
10.5
10.6
10.6
10.6
247.9
192.6
194.8
187.4
183.3
184.0
201.0
157.8
187.5
181.2
188.9
216.8
197.4
205.4
186.0
205.0
3,648.1
3,704.1
3,722.2
3,718.4
3,730.9
3,745.0
3,767.6
3,741.1
3,793.3
3,803.1
3,790.9
3,822.9
3,820.9
3,824.4
3,835.9
3,850.7
17,635
14,279
255,484
18,152
14,341
258,290
18,244
14,391
258,638
18,227
14,363
258,892
18,334
14,398
259,129
18,415
14,440
259,359
18,514
14,514
259,579
18,337
14,401
259,780
18,669
14,591
259,972
18,761
14,617
260,180
18,725
14,558
260,404
18,909
14,668
260,626
18,924
14,648
260,852
18,999
14,648
261,090
19,061
14,678
261,339
261,5b«
3,349.5
452.6
1,057.7
1,839.1
123.5
3,458.7
489.9
1,078.5
1,890.3
126.6
3,476.2
495.5
1,082.0
1,898.8
126.8
3,478.2
493.0
1,084.8
1,900.5
126.9
3,494.4
503.8
1,086.6
1,904.0
127.3
3,508.0
510.5
1,087.9
1,909.7
127.5
3,516.2
518.2
1,089.5
1,908.4
127.6
3,521.7
513.0
1,081.2
1,927.5
127.3
3,551.6
521.3
1,102.9
1,927.4
127.9
3,565.7
530.8
1,110.8
1,924.1
128.3
3,547.0
524.9
1,100.4
1,921.7
128.6
3,557.0
518.6
1,104.3
1,934.1
128.9
3,569.5
523.0
1,108.1
1,938.3
129.2
3,567.0
517.0
1,109.5
1,940.5
129.7
3,592.6
540.8
1,109.6
1,942.2
129.9
3,592.2
538.9
1,111.2
1,942.1
130.1
5.5
4.1
3.9
4.0
3.9
4.0
3.8
3.8
3.6
3.8
4.0
4.1
4.2
4.0
4.0
111.1
5,756.7
746.6
5,010.1
19,153
i4,7r
Percent change from preceding period
Personal income, current dollars
Disposable personal income:
Current dollars
1987 dollars
Personal consumption expenditures:
Current dollars
1987 dollars
6.1
4.3
1.1
0
0.7
0.5
0.6
6.4
3.1
4.1
1.5
1.2
1.0
-.1
0
.7
.3
.5
.4
.6
.6
6.0
2.8
5.8
3.3
.5
.4
,2
.1
,8
.5
.5
.4
.3
.2
p Preliminary.
r
Revised.
1. Disposable personal income in 1987 dollars equals the current-dollar figure divided by the implicit price deflator
for personal consumption expenditures.
1.7
0.6
0.6
0.5
0.2
0.5
0.4
0.6
-.9
-.7
1.9
1.4
.6
.3
-.1
-.3
1.1
.8
.2
_ -j
.5
.1
.4
.3
.6
,4
0
.2
1.3
.8
.7
.4
.3
-.5
.5
.3
.6
.4
.3
-.1
.8
.7
.2
0
-0.6
2, Monthly estimates equal the centered 3-month moving average of personal saving as a percentage of the
centered 3-month moving average of disposable personal income.
Source: U.S. Department of Commerce, Bureau of Economic Analysis,
SURVEY OF CURRENT BUSINESS
October 1994
®
29
Table 3.—U.S. International Transactions in Goods and Services
[Millions of dollars; monthly estimates seasonally adjusted]
1QQ9
1993
1QCW
Aug.
Sept.
Oct.
1994
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.p
616 924
641,677
52731
53,300
55,086
54465
56,728
53625
52866
58,386
56,402
56397
58363
56327
59791
Goods
Foods feeds and beverages .,
Industrial supplies and materials
Capital goods except automotive
Automotive vehicles engines and parts
Consumer goods (nonfood), except automotive
Other goodsl
Adjustments
440,361
40270
109 140
175915
47028
51,425
24385
-7805
456,866
40628
111,814
181 696
52404
54,656
23893
-8224
37,356
37,909
39,361
3458
39,364
3476
40,953
3665
9,630
16894
4529
4,715
2224
38,533
3346
8974
16022
37,425
40,378
3087
9625
16747
40,276
3268
4417
4,500
4,468
2020
42,028
3088
9820
17727
4723
5,114
2340
40,133
3052
10254
16284
4275
4,859
43,882
3662
10698
17600
4417
42,065
3405
10604
17309
4760
4,882
1 849
Services
Travel
Passenger fares
Other transportation
,
Royalties and license fees
Other private services
Transfers under U.S. military agency sales contracts2
U.S. Government miscellaneous services
176 563
54284
16972
22704
19922
50992
10,828
861
184811
57621
16550
23151
20398
54870
11,413
808
15375
4807
1 372
1 871
1 717
4602
945
60
Exports of goods snd services
,
Imports of goods and services
3100
3411
8959
15107
4223
4,595
9,499
14707
2146
-774
4313
4,677
2003
9881
9615
15471
4536
4,647
2027
15491
4679
4,870
-700
-658
1953
-719
15391
4772
15725
5067
1 440
1 986
1 703
4640
832
56
15100
4595
1 285
1 924
1 698
4740
801
57
1361
1 927
1 709
4659
906
56
-705
1988
-714
15774
5066
1 410
1 996
1 697
4762
784
60
15092
4567
1 311
1 901
1 763
4678
802
70
3163
8721
15318
4721
4,659
2250
-681
-743
-711
15440
16322
16024
4671
1373
5162
5140
1 505
1 864
1 780
4867
816
70
2107
1 790
1 408
2008
1 796
4851
4713
841
67
905
53
9914
16555
4543
4,804
2018
-828
16121
5066
1 367
2018
1 798
4896
928
49
-783
2261
-852
16334
5238
1 432
2068
1 799
16194
5 186
1 413
1 991
1 810
4812
4818
940
47
5195
5,294
2407
-974
15909
4844
1 329
2071
916
60
1 812
4886
911
56
657,308
717,402
59550
61,286
63,005
61,997
61,253
61,455
62,460
65,285
64,849
65778
67,403
67,518
69534
Goods
Foods feeds and beverages
industrial supplies and materials
Capital goods, except automotive
Automotive vehicles engines and parts
Consumer goods (nonfood), except automotive
Other goods
Adjustments 1
,
,
536458
27610
138644
134253
91 788
122657
17713
3795
589,441
27867
145606
152365
102420
134015
18386
8783
48974
50,440
2422
12158
12902
8748
11496
1 500
1 217
51895
50068
2339
11 495
13888
8728
11281
1 710
629
50501
2440
11 653
14121
8683
11 603
1 598
404
50968
2364
11 932
14028
8787
11502
1 566
789
53,511
2543
12659
14467
9549
11 335
1 837
1 120
53715
2492
12771
14727
54547
12541
13600
8893
11 673
1 590
1 045
50886
2328
12276
13308
8856
11526
1 686
905
56081
2624
14375
15195
9491
9481
11845
1 808
581
12*136
1 801
559
56047
2593
14007
15129
10 153
12138
1 820
208
12023
1 701
252
58 180
2707
14*632
15*327
11 055
12464
1 628
367
Services
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Direct defense expenditures2
U.S. Government miscellaneous services
120850
39007
10608
23460
4987
26625
13862
2,301
127 961
40564
11 416
24502
4840
32*119
12176
2,344
10577
3262
947
10846
3459
1 006
2040
417
11 110
3563
978
11 112
3566
972
10953
11 134
11437
3702
1 050
11354
3637
1 034
2091
2167
2167
2261
446
2905
954
178
11 231
3693
1 048
2083
434
2833
918
222
11 356
3580
1 017
2140
11492
3720
1 006
1 980
713
2926
932
216
11774
3930
1 069
440
2848
960
182
11 185
3690
992
2039
448
2889
946
181
473
2978
917
223
478
2928
905
207
443
2877
893
209
-1 1 968 -13542
4138
3948
7830
9594
11 446
4548
6899
-13337 -14271
4890
4890
-8447
9381
14019
4979
9040
15948
4757
11 191
14298
4555
9*743
Memoranda:
Balance on goods
Balance on services
Balance on goods and services
,
-96 097
55713
-40384
2313
11 827
12547
8586
11498
1 411
792
2017
409
2759
970
213
2761
955
209
2551
-132575 -11 618 -12531 -12533 -1 1 521 -9115
4545
4614
4589
56850
4799
3988
-75 725 -6819
7986 -7919 -7533 -4526
p Preliminary,
r
Revised.
1. Reflects adjustments necessary to bring the Census Bureau's component data in line with the concepts and
3591
955
1 952
450
2861
938
207
2159
444
3025
926
221
3615
1 019
2066
435
2857
921
221
2531
13 155
14883
9911
definitions used to prepare BEA's international and national accounts.
2. Contains goods that cannot be separately identified.
Source: U.S. Department of Commerce, Bureau of Economic Analysis and Bureau of the Census
Sept.
SURVEY OF CURRENT BUSINESS
October 1994
Gross Product by Industry, 1991-92
By Robert E. Yuskavage
HIS ARTICLE presents current- and constantJL dollar estimates of gross product originating
(GPO) by industry for 1991-92.1 The estimates
incorporate gross domestic product (GDP) and
distributions by industry of the components of
gross domestic income from the annual revision
of the national income and product accounts
(NIPA'S) that was released in July 1994. These estimates update and extend the current-dollar GPO
estimates for 1947-91 and the constant-dollar GPO
estimates for 1977-91 that were published in the
November 1993 SURVEY OF CURRENT BusiNESS.2
Estimates for 1993 will be published next spring.
The first section of this article discusses how
the industrial distribution of GDP has changed
from 1991 to 1992. The second section reviews
the revisions to the GPO estimates for 1991.
Changes in Industry GPO, 1991-92
GPO growth rates
Comparisons of constant-dollar GPO growth rates
can be used to gauge the performance over time
of the various industries. In 1992, real GDP
1. Gross product, or gross product originating (GPO), by industry is the
contribution of each industry—including government—to gross domestic
product (GDP). An industry's GPO, often referred to as its "value added,"
is equal to its gross output (sales or receipts and other operating income,
plus inventory change) minus its intermediate inputs (consumption of goods
and services purchased from other industries or imported). Current- and
constant-dollar GDP are measured as the sum of the national income and
product accounts (NIPA) expenditure components. Current-dollar GDP and
the sum of the current-dollar GPO estimates differ by the statistical discrepancy; constant-dollar GDP and the sum of the constant-dollar GPO estimates
differ by the constant-dollar statistical discrepancy and the "residual." For
a more detailed explanation, see the box on page 33 of "Gross Product by
Industry, 1977-90" in the May 1993 SURVEY OF CURRENT BUSINESS.
2. See "Gross Product by Industry, 1988-91," SURVEY 73 (November 1993):
33-44-
The gross product by industry program is under the su-
increased 2.3 percent; the increase was widespread among the major industry groups, with
only mining and government declining (table i).
The major contributors to the increase were finance, insurance, and real estate (FIRE), services,
and wholesale trade, which accounted for slightly
more than one-half of the increase in real GDP
(table 2),3 Among the other industry groups,
the largest rates of increase were in agriculture,
forestry, and fisheries (12.1 percent), construction (34 percent), and transportation and public
utilities (3.2 percent).
According to table 2, which shows GPO estimates in greater industry detail, the largest
increases in FIRE were in security and commodity brokers (31.1 percent) and insurance carriers
3. Changes in real GDP and in all industries for 1990-92 are calculated
using fixed-1987-weighted measures, shown in table 2. In the previously
published estimates, changes for 1977-87 in real GDP and in real manufacturing GPO were measured using benchmark-years-weighted indexes—one of
BEA'S alternative measures of real output. Benchmark-years-weighted measures for 1987-92, which are calculated using 1987 and 1992 weights, are not
presented in this article because differences between this measure and the
fixed-1987-weighted measure are small for GDP.
Table 1.—ReaS Gross Domestic Product by Industry
Group: Annual Rates of Change for 1990-92
[Percent]
1991
1990
Gross domestic product
Private industries
Agriculture, forestry, and fisheries
1.2
-0.6
2.3
.9
-.3
8.9
2.7
12.1
.5
-3.6
2.7
Mining
10.2
Construction
-1.4
-7.3
3.4
Manufacturing
Durable goods
Nondurable goods
-4
-1 1
6
19
-21
-1 6
15
15
15
29
4.8
3.8
.2
3.6
3.6
5.3
2.0
3.2
5.0
3.8
.8
16
51
Transportation and public utilities
Transportation
Communications
Electric, gas, and sanitary services
pervision of Robert E. Yuskavage, Chief of the Industry
Wholesale trade
-1 5
Branch of the National Income and Wealth Division.
Preparation of the estimates involved the following
Retail trade
-1.2
staff: Felicia V, Candela, Lance L Lane, Sherlene K. S.
1992
Finance, insurance and real estate
Services
-1.0
2.9
.3
.1
2.8
28
,2
21
2.6
.9
—4
Lum, Brian C. Moyer, Brooks B. Robinson, Timothy
F. Slaper, John Sporing, and Robert A. Sylvester. Mar-
Government and government enterprises ....
ilyn E. Baker and A. Vanessa Clark provided support
Statistical discrepancy and residual
services.
NOTE—Changes in gross domestic product and in all industry groups are calculated using
the fixed-1987-weighted measures, shown in table 2.
SURVEY OF CURRENT BUSINESS
October 1994
Table 2.—Gross Domestic Product by Industry In Current Dollars and in Constant Dollars, 1990-92
Billions of dollars
Billions of 1987 dollars
Line
1990
1
2
3
4
5
Gross domestic product
Private industries
Agriculture, forestry, and fisheries
Farms
Agricultural services, forestry and fisheries
6
7
8
9
10
Mining
Metal mining
„.
Coal mining
,
Oil and gas extraction
Nonmetallic minerals, except fuels ...
11
Construction
12
Manufacturing
.... ....
.
..
1991
1992
1991
5,546.1
5,724.8
6,020.2
4,897.3
4,867.6
4,979.3
4,862.1
5,001.5
5,255.8
4,324.2
4,313.3
4,430.7
112.0
107.2
115.5
85.1
26.9
78.6
28.6
103.1
6.2
92.0
12.7
12.4
66.1
76.9
...
1990
1992
6.3
110.3
85.6
29.9
95.8
71.6
24.2
98.4
70.7
27.8
80.8
29.5
85.2
§1.8
92.3
89.0
6.3
13.1
58.5
6.6
15.3
62.9
7.7
15.5
62.2
8.0
16.7
57.2
7.2
7.1
7.3
7.0
6.9
7.1
240.1
223.1
222.1
210.2
194.8
201.4
1,024.7
1,032.5
1,063.0
928.5
910.8
924.6
13
14
15
16
17
18
19
20
21
22
23
24
Durable goods
Lumber and wood products
Furniture and fixtures
Stone clay and glass products
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electric equipment
Motor vehicles and equipment ....
Other transportation equipment
Instruments and related products
Miscellaneous manufacturing industries
563.7
554.3
568.0
537.0
525.5
533.6
30.8
15.9
24.9
44.0
66.5
29.4
15.7
23.3
42.4
65.1
31.3
16.6
24.8
40.0
70.1
27.7
14.3
25.6
35.2
59.7
26.0
13.7
23.3
37.5
57.2
24.9
14.7
24.9
36.4
59.7
109.1
101.2
102.7
102.4
100.5
85.7
88.3
44.6
66.1
59.0
19.3
85.5
56.7
60.8
59.5
20.0
90.9
49.4
64.1
50.3
17.3
93.7
44.0
61.2
51.2
17.1
25
26
27
28
29
30
31
32
33
34
35
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and other textile products
Paper and allied product's
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and miscellaneous plastics products
Leather and leather products
461.0
97.1
478.2
101.8
495.0
103.9
16.0
21.9
25.3
46.2
72.1
17.4
22.3
26.1
45.7
73.5
19.3
24.3
27.1
46.2
76.6
107.1
110.8
44.3
36.2
43.4
38.9
36
37
38
39
40
41
42
43
44
45
46
47
48
Transportation and public utilities
Transportation
Railroad transportation
...
Local and interurban passenger transit
Trucking and warehousing
Water transportation
Transportation by air
Pipelines, except natural gas
Transportation services
Communications
Telephone and telegraph
Radio and television
Electric gas and sanitary services
49
46.3
65.1
56.4
18.9
....
103.6
-40.1
34.6
....
391.5
83.9
9.4
21.0
24.1
41.9
61.9
87.6
25.8
32.3
385.4
83.4
8.5
21.2
24.1
42.3
58.9
85.7
24.8
32.9
107.6
93.1
51.3
53.5
50.4
17.2
391.0
82.9
7.8
22.5
24.6
43.7
57.5
87.8
25.2
35.1
4.0
4.1
4.5
3.6
3.6
3.9
481.2
176.8
222
507.0
183.7
529.3
193.8
462.6
168.9
479.1
175.0
494.5
183.7
23.0
11.0
74.6
10.8
41.4
23.0
11.4
78.4
24.1
25.6
26.0
10.0
73.3
10.0
39.8
4.2
4.2
10.3
46.0
4.7
8.7
69.0
8.0
39.7
4.5
8.9
72.4
8.2
40.3
4.8
9.0
76.6
7.6
44.5
4.8
17.3
18.7
20.1
15.0
14.7
15.1
146.7
122.5
154.2
127.5
162.1
134.6
140.8
120.8
148.2
125.5
153.8
131.2
24.2
26.7
27.5
20.0
22.6
22.6
157.7
169.2
173.4
152.9
155.9
157.1
Wholesale trade
363.0
373.4
394.4
319.5
324.5
340.9
50
Retail trade
515.7
531.9
557.5
478.1
473.2
486.7
51
52
53
54
55
56
57
58
59
60
Finance, insurance, and real estate
Depository institutions
Nondepository institutions
Security and commodity brokers
Insurance carriers
Insurance agents brokers and service
Real estate
982.4
158.7
1,041.1
181.3
868.3
135.1
868.8
129.4
893.4
125.3
25.9
17.9
18.2
19.5
84.7
38.5
49.6
84.8
40.4
38.4
60.1
32.1
38.9
67.5
31.2
51.0
73.0
31.3
664.2
483.6
180.6
698.7
512.0
186.7
566.7
398.3
168.5
565.2
403.9
161.3
575.0
409.4
165.7
61
62
63
64
65
66
67
68
69
70
71
72
73
74
Services
Hotels and other lodging places . .
Personal services
Business services . .
.
.
.
Auto repair, services, and parking
Miscellaneous repair services
.
Motion pictures
Amusement and recreation services
Health services
Legal services
Educational services
.
Social services and membership organizations
Other services
Private households
....
20.7
..
37.9
69.9
37.7
641.7
458.7
183.0
Nonfarm housing services
Other real estate
Holding and other investment offices
15.8
1,040.0
. ..
Government
23.0
37.1
12.1
1,093.3
1,106.1
193.9
12.8
1,182.7
18.1
18.5
18.3
869.4
871.4
889.9
45.0
31.0
45.5
29.9
46.0
30.4
49.9
36.3
52.4
36.8
198.2
199.2
220.5
172.6
167.9
173.7
46.2
17.1
18.6
40.2
48.1
16.2
18.3
44.8
48.8
16.9
19.3
51.1
38.9
15.9
15.5
34.6
38.9
14.6
14.6
36.8
37.1
13.9
14.6
40.8
304.4
335.2
364.4
241.4
248.0
252.0
79.6
38.1
82.3
43.4
88.7
45.6
70.2
66.1
32.1
64.7
34.8
66.0
35.1
55.0
57.5
59.6
110.0
8.2
112.2
8.8
53.9
39.0
60.6
65.0
141.3
9.4
142.4
9.2
154.1
10.1
112.3
8.9
676.3
721.8
755.7
581.5
586.7
584.2
76
77
78
Federal
General government
Government enterprises
221.3
180.1
239.9
192.7
247.9
199.5
193.3
156.2
194.4
157.2
188.8
151.9
41.3
47.2
48.4
37.2
37.2
36.9
79
80
81
State and local
General government
Government enterprises
454.9
412.7
481.9
437.9
507.8
461.7
388.2
353.3
392.3
357.2
395.4
360.1
42.2
44.1
46.0
34.9
35.1
35.3
75
82
Statistical discrepancy l
83
Residual 2
1. The current-dollar statistical discrepancy equals gross domestic product (GDP) measured as
the sum of expenditures less gross domestic income—that is, GDP measured as the costs incurred and profits earned in domestic production. The constant-dollar statistical discrepancy equajs
the current-dollar statistical discrepancy deflated by the implicit price deflator for gross domestic
business product.
7.8
1.5
8.8
6.9
-15.3
1.3
7.3
-33.7
-43.0
2. Equals GDP in constant dollars measured as the sum of expenditures less the statistical
discrepancy in constant dollars and GDP in constant dollars measured as the sum of gross product originating by industry.
NOTE.—Estimates in this table are based on the 1987 Standard Industrial Classification.
SURVEY OF CURRENT BUSINESS
32 • October 1994
(8.1 percent). For services, increases were widespread among the detailed industries, with decreases only in auto repair, services, and parking
and in miscellaneous repair services. The increase in agriculture, forestry, and fisheries was
primarily due to farms, which increased 14.3 percent. Within transportation and public utilities,
substantial increases were recorded in transportation by air (10.4 percent) and in trucking and
warehousing (5.8 percent).
Manufacturing increased 1.5 percent, with both
durable and nondurable goods industry groups
increasing at the same rate. Of the 11 durable
goods industries shown in table 2, 6 industries
increased, and 5 decreased. The largest increase was in motor vehicles and equipment (16.6
percent); the largest decrease was in other transportation equipment (-12.6 percent). Of the
10 nondurable goods industries, 7 industries increased, and 3 decreased. Large increases were
in leather and leather products (8.3 percent),
rubber and miscellaneous plastics products (6.7
percent), and textile mill products (6.1 percent).
The largest decrease was in tobacco manufactures
(-8.2 percent).
The decline in mining was more than accounted for by oil and gas extraction, which fell
8.0 percent; all other mining industries increased
in 1992. The decline in government, its first since
1982, was more than accounted for by Federal
general government, which fell 3.4 percent; State
and local government increased 0.8 percent.
The 2.3-percent increase in real GDP in 1992
followed a decline of 0.6 percent in 1991. The
largest contributors to this turnaround were FIRE,
construction, and durable goods manufacturing.
FIRE increased 2.8 percent after a o.i-percent increase; the major contributors were security and
commodity brokers and other real estate. Construction increased 3.4 percent after declining 7.3
percent. Durable goods manufacturing rose 1.5
percent after falling 2.1 percent; the major contributors were motor vehicles and equipment and
industrial machinery and equipment. Limiting
the turnaround in durable goods manufacturing
was other transportation equipment, which declined more in 1992 (-12.6 percent) than in 1991
(-4.5 percent).
GPO shares
Current-dollar shares can be used to measure the
relative size of industries at a given point in time.
As shown in table 3, services accounted for the
largest share of current-dollar GDP in 1992 (19.6
percent), followed closely by FIRE (18.4 percent)
and manufacturing (17.7 percent).
Constant-dollar shares can be used to measure whether an industry is becoming a larger
or smaller part of the total economy over time.
Since 1990, industry shares of constant-dollar
Table 3.—Gross Domestic Product by Industry Group as a Percentage of Gross Domestic Product, 1987-92
[Percent]
Constant dollars l
Current dollars
1987
1988
1989
1990
1992
1991
1987
1988
1989
1990
1991
1992
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
Agriculture forestry and fisheries
1.9
1.9
2.0
2.0
1.9
1.9
1.9
1.8
1.8
2.0
2.0
2.2
Mining
1.8
1.8
1.6
1.9
1.6
1.4
1.8
2.0
1.7
1.9
1.9
1.8
Construction
4.7
4.6
4.5
4.3
3.9
3.7
4.7
4.5
4.4
4.3
4.0
4.0
19.3
11.1
19.6
11.0
19.1
10.7
18.5
10.2
18.0
17.7
8.6
8.4
8.3
9.7
8.4
9.4
8.2
19.3
11.1
8.3
Transportation and public utilities
Transportation
Communications
Electric gas and sanitary services
9.2
3.4
2.8
3.1
9.0
3.3
2.8
2.9
8.8
3.2
2.7
2.9
8.7
3.2
2.6
2.8
8.9
3.2
2.7
3.0
Wholesale trade
6.7
6.8
6.7
6.5
Retail trade
9.7
9.6
9.6
9.3
Gross domestic product
Manufacturing
Durable goods
Nondurable goods
19.6
11.4
19.3
11.2
19.0
11.0
18.7
10.8
18.6
10.7
8.3
8.2
8.0
8.0
7.9
7.9
8.8
3.2
2.7
2.9
9.2
3.4
2.8
3.1
9.3
3.3
2.9
3.1
9.3
3.3
2.8
3.2
9.4
3.4
2.9
3.1
9.8
3.6
3.0
3.2
9.9
3.7
3.1
3.2
6.5
6.6
6.7
6.6
6.7
6.5
6.7
6.8
9.3
9.3
9.7
10.0
10.0
9.8
9.7
9.8
Finance insurance and real estate
17.8
17.7
17.6
17.7
18.2
18.4
17.8
17.9
17.9
17.7
17.8
17.9
Services
17.2
17.7
18.1
18.8
19.1
19.6
17.2
17.2
17.5
17.8
17.9
17.9
Government and government enterprises
12.0
11.9
12.0
12.2
12.6
12.6
12.0
11.8
11.7
11.9
12.1
11.7
Percentage not allocated by industry2
-.5
-.6
0
1. Percentages are calculated using the fixed-1987-weighted measures, shown in table 2.
2. The numerator for the current-dollar percentage is the current-dollar statistical discrepancy,
which is gross domestic product (GDP) measured as the sum of expenditures less gross domestic
income—that is, GDP measured as the costs incurred and profits earned in domestic production.
The numerator for the constant-dollar percentage is the sum of (a) the constant-dollar statistical
.1
0
.1
-.5
-.6
-.3
-.2
-.7
-J
discrepancy, which is the statistical discrepancy in current dollars deflated by the implicit price
deflator for gross domestic business product, and (b) the residual, which is GDP in constant dollars measured as the sum of expenditures less the statistical discrepancy in constant dollars and
GDP in constant dollars measured as the sum of gross product originating by industry.
SURVEY OF CURRENT BUSINESS
GDP have changed very little; transportation and
wholesale trade have increased the most, while
manufacturing and construction have fallen the
most
Revisions to GPO Estimates for 1991
The revisions to the GPO estimates for 1991 are
shown in table 4. The revised current-dollar
estimates incorporate the results of the 1994 annual NIPA revision, which covered 1991-93. The
revised constant-dollar estimates also incorporate revised source data for gross output, for
intermediate input prices, and for other series
used to prepare the previously published estimates. No significant changes were made to the
methodologies used for the previously published
estimates. 4
For 1991, the largest revisions to cur rent-dollar
GPO were in manufacturing and services. The
largest revisions to constant-dollar GPO were in
FIRE, services, and manufacturing. For services
and manufacturing, the constant-dollar GPO revisions primarily reflect the revisions to currentdollar GPO. For FIRE, the large downward
4. For information on the principal source data and estimating methods
used in preparing the GPO estimates, see tables 5-8 in the May 1993 SURVEY
article.
October 1994 • 33
revision to constant-dollar GPO is more than
accounted for by security and commodity brokers and insurance carriers, primarily reflecting
downward revisions to current-dollar GPO for
these industries.
The three industries in FIRE whose constantdollar GPO is prepared by extrapolation—
depository institutions, nondepository institutions, and holding and other investment offices—
registered relatively large upward revisions to
their current-dollar GPO. However, these revisions were not matched by similar revisions to
their constant-dollar GPO because the series used
for extrapolation were revised little.
The "residual," which is the difference between
constant-dollar GDP less the statistical discrepancy in constant dollars and GDP in constant
dollars measured as the sum of GPO by industry,
was -$33.7 billion, compared with -$48.4 billion
in the previously published estimates. The 1991
level was 0.7 percent of GDP.
In general, the revisions to constant-dollar GPO
for 1991 did not substantially affect the rates
of change of the industry groups from 1990 to
1991 (table 4). The largest revisions to growth
rates were for transportation, which was revised up from 2.4 percent to 3.6 percent, and
Table 4.—Revisions in Gross Domestic Product by Industry Group, 1991
Billions of dollars
Gross domestic product
Private industries
Agriculture, forestry, and fisheries
Minina
Previously
published
Revised
5,722.9
5,724.8
4,992.8
5,001.5
108.6
107.2
91.8
92.0
Billions of constant (1987) dollars
Previously
published
Revised
1.9
4,861.4
4,867.6
8.7
4,315.1
4,313.3
Revision
-1.4
.2
Revision
6.2
-1.8
.3
.1
2.7
1.0
91.5
92.3
.8
-.3
.5
.9
-.3
194.5
194.8
.3
908.0
525.5
382.5
910.8
474.8
6.3
2.9
3.4
525.5
385.4
2.8
0
2.9
Transportation and public utilities ..
Transportation
Communications
Electric gas and sanitary services
506.0
507.0
180.8
154.9
170.3
183.7
154.2
169.2
1.0
2.9
7
-1.1
478.1
173.0
148.8
156.3
479.1
175.0
148.2
155.9
Wholesale trade
375.1
373.4
-1.7
326.4
324.5
Retail trade
532.1
531.9
474.1
473.2
-7.5
22
-2.1
-2.1
16
.7
4
3.4
2.4
5.7
2.2
3.6
3.6
5.3
2.0
.2
1.2
4
-.2
2.2
1.6
-.6
-.9
-.8
1.0
2.0
6
-1.9
-1.0
1,039.7
1,041.1
1.4
878.4
868.8
1.2
.1
1,093.3
3.5
866.7
871.4
4.7
-.3
.2
720.6
721.8
1.2
586.5
586.7
.2
.9
.9
9.6
1.5
1. The current-dollar statistical discrepancy equals gross domestic product (GDP) measured as
the sum of expenditures less gross domestic income—that is, GDP measured as the costs incurred and profits earned in domestic production. The constant-dollar statistical discrepancy equals
the current-dollar statistical discrepancy deflated by the implicit price deflator for gross domestic
business product.
-8.1
8.1
-48.4
1.3
-33.7
0
23
1,089.8
Residual2
.3
19
Finance, insurance, and real estate
Statistical discrepancy 1
.2
-7.3
Services
Government and government enterprises
0.1
.2
1.7
223.1
_2
-0.6
Revision
1.0
1,032.5
554.3
478.2
551.4
-0.7
Revised
98.4
223.4
Manufacturing
Durable goods
Nondurable goods
Previously
published
97.4
1,026.2
Construction
Percent change from preceding
year, constant dollars
-9.6
-.2
-1.1
.5
0
-6.8
14.7
2. Equals GDP in constant-dollars measured as the sum of expenditures less the statistical
discrepancy in constant dollars and GDP in constant dollars measured as the sum of gross product originating by industry.
NOTE.—Changes in GDP and in all industry groups are calculated using the fixed-1987-weighted measures, shown in table 2.
SURVEY OF CURRENT BUSINESS
34 • October 1994
for agriculture, forestry, and fisheries, which
was revised up from 1.7 percent to 2.7 percent. The growth rate for FIRE was revised
down from 1.2 percent to o.i percent. In addition, for mining and services, small declines
in 1991 were revised to small increases. For
mining, the revision was primarily attributable
to metal mining; for services, major contributors to the revision were educational services,
amusement and recreation services, and health
services.
Because revisions to both cur rent-dollar and
constant-dollar GPO for industry groups were
generally small, revisions to industry shares were
also generally small. E3
Data Availability
Estimates of gross product by industry for 194792 in current dollars and for 1977-92 in constant
dollars are available on diskette, computer tape, and
printout. Constant-dollar measures for 1977-87 for
GDP and for manufacturing are available on both the
benchmark-years-weighted basis and the fixed-1987weighted basis. Current- and constant-dollar estimates
of gross output and intermediate inputs by industry, of
manufacturing establishment shipments, and of manufacturing product shipments are also available. For
further information, write to the National Income and
Wealth Division (BE-54), Bureau of Economic Analysis,
Washington, DC 20230 or call (202) 606-5307.
'II
II
0)
£
W
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Q.
O
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1
I.
It
[Hi
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SURVEY OF CURRENT BUSINESS
October 1994
Motor Vehicles, Model Year 1994
By Ralph W. Morris
cent in 1992. Sales of trucks jumped 13.6 percent
in 1994; sales of transplant trucks and domesticnameplate trucks increased sharply, but sales of
imported trucks decreased.2 Sales of cars increased 6.3 percent; sales of transplant cars and
domestic-nameplate cars increased, but sales of
imported cars decreased. Combined sales of domestic cars and domestic light trucks reached a
record level.
The increase in vehicle sales in 1994 led motor vehicle manufacturers to increase production, which was reflected in sizable increases in
MODEL year 1994, motor vehicle sales,
7 Nemployment,
and production increased for
the third consecutive year, and inventories remained lean.1 The improvement in sales was
more than accounted for by sales of domestic cars
and domestic trucks (table i).
Sales of new motor vehicles in the United States
increased 9.1 percent in model year 1994 to 15.2
million units, the highest level since 1989; sales
had increased 8.1 percent in 1993 and 0.9 peri. This article uses data on unit sales, inventories, and production mainly
from the Ward's Automotive Reports and the American Automobile Manufacturers Association, Inc. and data on prices mainly from the Automobile
Invoice Service and the Bureau of Labor Statistics, U.S. Department of Labor.
These data underlie the estimates of auto and truck output in the national
income and product accounts.
For this article, the model year is defined as beginning on October i
and ending on the following September 30. Thus, model year 1994 covers
the fourth calendar quarter of 1993 and the first, second, and third calendar
quarters of 1994.
2. Sales of domestic cars and trucks consist of sales of vehicles manufactured in North America and sold in the United States. Domestic-nameplate
vehicles are those manufactured in North America at factories owned by U.S.
companies. Transplant vehicles are those manufactured in North America
at foreign-owned factories, which are known as transplants. Imported cars
and trucks are those manufactured outside North America and sold in the
United States.
Table 1—Selected Motor Vehicle Indicators
Model year 1
Seasonally adjusted annual rates
1994
1993
1989
1990
1991
1992
1993
1994
III
IV
I
II
I
III
Thousands of units
New motor vehicle sales
New-car sales
Domestic
U S nameplates
Transplants
Import
..
New-truck sales
Light
Domestic
U S nameplates
Transplants
ImDort
Other
Domestic-car production
2
Domestic-car inventories .
....
Domestic-car inventory-sales ratio3
15,394
14,169
12,756
12,868
13,913
15,179
14,023
14,891
15,808
15,129
15,030
10,328
7,387
6,642
745
2,941
9,436
6,790
5,758
1,032
2,645
8,589
6,276
5,137
1,140
2,313
8,334
6,195
5,048
1,146
2,140
8,606
6,595
5,533
1,062
2,011
9,150
7,173
5,790
1,383
1,977
8,652
6,682
8,967
7,077
9,446
7,443
9,154
7,160
9,093
7,086
1,970
1,890
2,003
1,994
2,007
5,066
4,723
4,205
4,167
3,914
3,582
3,505
77
333
253
4,533
4,273
4,026
3,891
135
247
261
5,307
4,987
4,789
4,454
334
199
320
6,029
5,654
5,499
5,064
435
155
375
5,371
5,038
4,854
5,924
5,557
5,426
6,362
5,999
5,859
5,975
5,591
5,434
5,937
5,548
5,361
518
343
4,733
4,428
3,996
3,985
11
432
306
184
334
131
368
140
363
157
384
186
389
7,129
6,231
5,454
5,643
5,827
6,539
5,365
6,365
6,990
6,403
6,467
1,359
1,382
1,390
1,394
1,390
2.44
2.34
2.24
2.34
2.35
.
Dollars
Average expenditure per new car 4
Domestic
Import
15,078
14,738
15,963
15,926
15,470
17,116
1. A model year begins on October 1 and ends on September 30. Thus, it covers the fourth
quarter of one calendar year and the first three quarters of the next calendar year. Model year
1994, for example, encompasses the fourth quarter of 1993 and the first, second, and third quarters of 1994.
2. End of quarter, not at annual rate.
3. Ratio of end-of-quarter inventories to average monthly sales for the quarter.
16,650
16,215
17,830
17,825 18,585
17,152 17,519
19,792 22,093
19,467 18,828 19,036
18,204 17,615 17,779
24,078 22,940 23,742
19,112 19,660 20,061
17,775 18,396 18,864
24,081 24,200 24,288
4. BEA estimate based on the manufacturer's suggested retail price (adjusted for options, discounts or premiums, and sales taxes) for each model, weighted by each model's share of sales;
not at annual rates.
Source: American Automobile Manufacturers Association and Ward's Automotive Reports; data
are seasonally adjusted by BEA.
SURVEY OF CURRENT BUSINESS
employment, in average weekly hours, and in
capacity utilization,, Employment in the motor vehicle industry increased 5.0 percent to
868,000 in model year 1994 after increasing 2.0
percent in 1993. The average weekly hours of
production workers increased 1.9 hours, to 45.8
hours, and the capacity utilization rate jumped
9.7 percentage points to 85.7 percent.
Motor vehicle sales have behaved atypically
during the current business recovery. Typically,
sales increase sharply during the first 2 years of
a recovery and then slow down. In the current
recovery, relatively modest increases during the
first 2 years of the recovery were followed by a
stronger increase during the third year (chart i).
Factors affecting 1994 sales.—The increase in vehicle sales in 1994 partly reflected three interrelated
general economic factors that are usually associated with increases in expenditures for durable
goods: Constant-dollar disposable personal income increased 2.5 percent, the unemployment
rate decreased for the second consecutive year,
and the Index of Consumer Sentiment (prepared
October 1994 •
37
by the University of Michigan's Survey Research
Center) increased to its highest level in 5 years.
In addition, vehicle sales may have been bolstered by several factors that are specific to the
motor vehicle market: Finance terms on new-car
loans, sales-incentive programs for consumers,
and leasing arrangements.
Finance terms on new-car loans remained favorable. First, interest rates were relatively low:
For loans made by commercial banks, rates averaged 8 percent in 1994 after averaging 8V4 percent
in 1993; for loans made by auto finance companies, rates averaged 9Vi percent in 1994, the same
as in 1993 (chart 2). Second, downpayments were
smaller: For loans made by auto finance companies, the ratio of the average value of loans to
value of cars purchased rose to 92 percent in 1994
from 90 percent in 1993.
Manufacturers offered sales-incentive programs
to consumers throughout model year 1994. These
programs included rebates, below-market financing, and discount packages on options on selected
models.
New Motor Vehicle Sales
Million units
20
Million units
2
0
1
'
~
'
P
T
P
15
15
10
10
oi 1 1 1 l : H v i 4 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ui 1 1 hi-teil 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 liki 1 1 1 1 1 1 1 1 1 1 1 1 1
I II HIIV I II ttflV I tt IIIIV I II HV I II IttlV t II IHIV t « HIIV I IIHHV I H ilV t If HJiV t « «W I U IIIIV t IIIIIIV I II tillV I II IHjV t IIIII1V t II IHIV I II HlrV 1 II IttIV I II HIIV I II IHIV I II HllV
1973
74
75
76
77
78
79
80
81
82
83
84
6^
86
87
88
89
90
91
92
93
Seasonally Adjusted at Annual Rates
Note,— Peak (P) indicates the end of business cycle expansion and the beginning of recession (shaded area), Trough (T) indicates the end of business cycle recession and the beginning of
expansion. Business cycle peaks and troughs designated by the National Bureau of Economic Research, Inc.
Data; American Automobile Manufacturers Association, Inc. and Ward's Automotive Heporfs, seasonally adjusted by BEA.
US, Department of Commerce, Bureau of Economic Analysis
94
SURVEY OF CURRENT BUSINESS
October 2994
Manufacturers continued to shift marketing
strategies toward leasing new vehicles to consumers. These programs promote the features of
leasing arrangements that are attractive to consumers: Leasing terms can be designed to hold
down monthly payments (making new vehicles
available to consumers who either cannot afford or are not willing to make higher monthly
payments); alternatively, leasing terms can be designed to require a lower initial cash outlay from
consumers than would be required to purchase
the vehicle. About one-fourth of new cars and
light trucks operated by consumers were leased in
Finance Terms on 4&Month
New Car Installment Loans
New Cars
Sales of new cars increased 6.3 percent to 9,2
million units in 1994 after increasing 3.3 percent in 1993; the 1993 increase had followed 6
years of decline. The 1994 increase was more
than accounted for by domestic-car sales, as sales
of both transplant and domestic-nameplate cars
increased.
Sales of domestic cars increased 8.8 percent
to 7.2 million units in 1994 after increasing 6.5
percent in 1993. The increases may have partly
reflected new-model introductions in recent years
and continued improvements in quality. In addition, the increases may have reflected increased
sales to businesses who lease to consumers. Sales
Percent
14
INTEREST RATES1
Auto Finance Companies
12
10
Monti
AVERAGE LENGTH TO MATURITY
55
53
51
1994, compared with about one-tenth in 1986, the
year before leasing began to increase sharply.3
New-car prices increased moderately again in
1994. The consumer price index (CPI) for new
cars increased 3.3 percent after increasing 2.4
percent. The average expenditure per new car increased 4.7 percent to $19,467 after increasing 4.3
percent,4 A factor that increased the average expenditure in 1994, as it has in each year since 1989,
was an increase in sales of models with additional
features, such as driver-side and front-passengerside airbags, antilock brakes, and power windows.
The cost of car operation increased 3.4 percent in
1994 after decreasing 1.5 percent in 1993.5 The increase reflected higher gasoline prices and higher
insurance premiums.
I i i i I i i I I i i i I i i i I i i i I i i i
Percent
95 LOAN-TO-VALUE RATIO
3. Information on leasing was provided by CNW Marketing Research.
4. BEA derives the average expenditure per new car by weighting each
model's suggested retail price (adjusted for options, discounts or premiums,
and sales taxes) by its share of sales. Movements in the average expenditure differ from movements in the new-car component of the CPI primarily
because the CPI, unlike the average expenditure, is adjusted to remove the
influence of quality change on prices and because the average expenditure,
unlike the CPI (which is a fixed-weighted price index), reflects changes in
the mix of models and options sold and includes cars sold to businesses and
governments.
5. Data on cost of car operation are from an American Automobile Association study that is based on detailed information provided by Runzheimer
International. The study covers car owners who were not involved in any
accidents.
Data Availability
87
85
I i i i
1989
1990
1991
1992
1993
1994
1. !&8tcommofi interest rates {annual percentage rate) at reporSing insSiuiions.
U.S. Department of Commerce, Bureau of Economic Analysis
BEA prepares seasonally adjusted estimates of auto
and truck unit sales, auto unit production and inventory change, and average expenditure per car. These
estimates are available on printouts and diskettes by
subscription. For order information, write to the National Income and Wealth Division (BE-54), Bureau of
Economic Analysis, Washington, DC 20230, or call (202)
606-9700.
SURVEY OF CURRENT BUSINESS
of transplant cars jumped 30.2 percent after
falling 7.3 percent. Sales of domestic-nameplate
cars increased 4.6 percent after increasing 9.6
percent.
Sales of imported cars decreased 1.7 percent to
2.0 million units in 1994, the lowest level since
1978. Sales of imported cars have decreased substantially since 1988. The decreases in import
sales largely reflect shifts in production by foreign manufacturers from overseas plants to U.S.
transplants; most of the models manufactured at
transplants were previously manufactured overseas and then imported. In addition, the decrease
may also have reflected the weakening of the
U.S. dollar against the Japanese yen, which led to
larger price increases for Japanese cars than for
domestic cars.
The market share (the percent of total new-car
sales) of transplant cars jumped to 15.1 per-
Share of New Cars by Source
Peroent
80
Transplants2
Imports
60
October 1994
cent in 1994 from 12.3 percent in 1993 (chart 3)0
The market share of domestic-nameplate cars decreased to 63.3 percent from 64.3 percent. The
market share of imported cars decreased to 21.6
percent in 1994 from 23.4 percent in 1993; their
share had peaked at 30.5 percent in 1987.
Sales of all size classes of cars increased in
1994; the market shares of large and luxury
cars increased, while market shares of small
and middle-sized cars decreased. Sales of large
cars increased to i.o million, and their market
share increased to 11.6 percent from 10.7 percent
(chart 4)0 Sales of luxury cars increased to 1.2
million, and their market share edged up to 13.1
percent from 13.0 percent. Sales of small cars
increased to 2.9 million, and their market share
decreased to 31.6 percent from 32.3 percent. Sales
of middle-sized cars increased to 3.9 million, and
their market share decreased to 43.6 percent from
44.0 percent.
Domestic-car production increased 12.2 percent
to 6.5 million units in 1994—the highest level
in 5 years—from 5.8 million in 1993. Domesticcar inventories were at 1.4 million at the end
of 1994, about the same as at the end of 1993.
The inventory-sales ratio was 2.4—the traditional
industry target—at the end of both years.
By quarter, car sales increased in the fourth
quarter of 1993 and jumped in the first quarter
of 1994; sales decreased in the second and third
quarters (chart 5).
«,
Share of New Car Sales by Size Class
40
Model Year 1994
Percent
1989
1990
1991
1992
Model Years
1993
f. Domestic nameplates are cars manufactured in North America at
factories owned by domestic companies,
2, Transplants are cars manufactured in North America at factories
owned by foriegn companies.
Data: American Automobile Manufacturers Association, Inc.
and Ward's Automotive Reports, seasonally adjusted by BEA.
U.S. Department of Commerce, Bureau of Economic Analysts
1994
, Mote-Based on data for October 1 , 199$ through September 30,1994
Data; Ward's Automotive Reports
US* Department of Commerce, Bureau of Economic Analysis
•
39
SURVEY OF CURRENT BUSINESS
4O • October 1994
New Trucks
Sales of new trucks increased 13.6 percent to a
record 6.0 million units in 1994 after increasing 17.1 percent in 1993. The 1994 increase was
mainly accounted for by a jump in the sales of
light domestic trucks; sales of "other" trucks also
increased, but sales of light imported trucks fell
sharply.6 The share of total new motor vehicle
sales accounted for by trucks increased to a record
39.7 percent in 1994 from 38.1 percent in 1993.
Sales of light trucks (domestic and imported)
increased 13.4 percent to 5.7 million in 1994
after increasing 16.7 percent in 1993 and 9.2 percent in 1992. Light-truck sales in 1994 were
affected by the same general factors (growth in
disposable personal income, declining unemployment, and increasing consumer confidence) and
by some of the factors specific to the motor
vehicle industry (favorable finance terms, salesincentive programs, and leasing arrangements)
that strengthened car sales.
6. Light trucks are those with a gross vehicle weight of up to 10,000
pounds; these trucks include light conventional pickups, compact pickups,
sport-utility vehicles, and passenger vans. "Other" trucks are those with a
gross vehicle weight of over 10,000 pounds; these trucks range from mediumduty general delivery trucks to heavy-duty diesel tractor-trailers.
In addition, the increase in light-truck
sales continues a 13-year trend in which
truck purchases have been substituting for
car purchases.
The trend is strongest for
families purchasing second and third vehicles; these families often prefer the recreation and utility features, such as increased
passenger and load-carrying capacity, that
light trucks offer.
Moreover, trucks are
increasingly purchased as primary vehicles
because the newly designed truck models
have blurred the distinction between trucks
and cars in terms of function and comfort.
Sales of light domestic trucks increased 14.8
percent in 1994 after increasing 19.0 percent in
1993 and 12.4 percent in 1992. The strength in
sales of these trucks in recent years may have reflected new-model introductions and continued
improvements in quality. Sales of domesticnameplate trucks increased 13.7 percent in 1994
to 5.1 million; their market share of total lighttruck sales increased to 89.6 percent. Sales
of transplant trucks increased 30,2 percent to
0.4 million; their market share increased to 7.7
percent.
Sales of light imported trucks fell 22.1 percent to 0.2 million after falling 19.4 percent
Retail Sales of New Cars
Millions Units
Retail Sales of New Trucks
12
Millions Units
10
1989
0 I i i i I i i i I i i i I i i l l i i i I i i i
1989
1990 1991 1992 1993 1994
1990
1991
1992
1993
Data; American Automobile Manufacturers Association, Inc.
and Ward's /tofomoftVe Reports, seasonally adjusted by BEA,
Note-Retail sales of domestic trucks are classified by gross vehicle
weight as light (up to 10,000 pounds) and 'other' (over 10,000 pounds),
imported trucks indude imports by U.S. manufacturers,
Data: American Automobile Manufacturers Association, Inc.
and Ward's Automotive Reports, seasonally adjusted by BEA.
U.S. Department of Commerce, Bureau of Economic Analysis
U,S. Department of Commerce, Bureau of Economic Analysis
1994
SURVEY OF CURRENT BUSINESS
in 1993 and 25.9 percent in 1992; import sales
have decreased each year since 1988. These decreases, like those of imported-car sales, partly
reflected a shift in production from overseas
plants to transplants. The imported-truck share
of light-truck sales decreased to 2.7 percent in
1994.
Sales of "other" trucks increased 17.2 percent
to 0.4 million. Nearly all of these trucks are
purchased by businesses.
By quarter, truck sales increased sharply in the
fourth quarter of 1993 and the first quarter of
1994; sales decreased in the second and third
quarters (chart 6). E3
October 1994 • 41
SURVEY OF CURRENT BUSINESS
October 1994
Personal Income by State and Region,
Second Quarter 1994
This article was
written by Howard
L. Friedenberg and
Duke D. Iran. The
estimates of State
personal income
were prepared by
the Regional
Economic
Measurement
Division.
sr\ ERSONAL INCOME in the Nation increased 1.9
JL percent in the second quarter of 1994 after
increasing 1.3 percent in the first.1 The pickup
reflected the effects on personal income of the
destruction caused by the Northridge earthquake
in southern California on January 17 and of the
relief efforts that resulted.
Most of the effects of the earthquake on personal income were embedded in the source data
that were used to make the estimates; where they
were not, BEA made adjustments to account for
the effects. To reflect the destruction caused
by the earthquake, BEA made downward adjustments of $19.9 billion (at an annual rate) in the
first quarter, mainly to rental income of persons.
To reflect the relief efforts, BEA made an upward
adjustment of $1.4 billion to transfer payments to
persons in the first quarter and upward adjustments of $0.7 billion to rental income and of $0.5
billion to transfer payments in the second quarter. Without these adjustments, personal income
in the Nation would have increased 1.5 percent in
i. In this article, percent changes are at quarterly—not at annual—rates.
Total Personal Income: Percent Change, 1994:1-1994:11
UNITED STATES 1.9%
j Fastest growing States
[™| Slowest growing States
n All other States
U.S. Department of Commerce, Bureau of Economic Analysis
SURVEY OF CURRENT BUSINESS
the second quarter after increasing 1.6 percent in
the first.
In the second quarter, the i.9-percent increase
in personal income exceeded the o./-percent
increase in U.S. prices (as measured by the fixedweighted price index for personal consumption
expenditures). By State, the increase in personal
income exceeded the increase in U.S. prices in all
States except the four farm States of Arkansas,
Minnesota, Iowa, and South Dakota.
The remainder of this article focuses on the
States with the fastest and slowest growth in personal income. Tables i and 2 at the end of the
article contain the quarterly estimates of total and
nonfarm State personal income beginning with
the first quarter of 1991. These estimates incorporate the revisions to the annual State estimates
published in the August 1994 SURVEY OF CURRENT BUSINESS and the revisions to the quarterly
national income and product accounts estimates
published in the July 1994 SURVEY.
Fastest growing States
In 11 States, increases in personal income were
more than the U.S. aiverage (table A and chart i).
The strongest increase was in California, where
personal income increased .3.9 percent after declining 1.6 percent in the first quarter. The
rebound reflected the effects of the earthquake.
Without the adjustments for these effects, personal income would have increased i.o percent in
October 1994
the second quarter after increasing 1.1 percent in
the first.
In Nevada, Utah, and New Mexico, increases
in payrolls were above average in government. In
addition, in Utah and New Mexico, increases in
payrolls were well above average in construction
and in the finance-insurance-real estate group.
In Florida, Kentucky, Louisiana, and Virginia, increases in payrolls were above average
in nondurables manufacturing, in mining, in
the transportation-public utilities group, and in
trade.
In Delaware, Nebraska, and Rhode Island, increases in payrolls were above average in durables
manufacturing, in construction, and in services. In addition, in Nebraska, personal income
growth was boosted by an increase in Federal
corn subsidy payments to farmers.
Slowest growing States
In 11 States, increases in personal income were
less than two-thirds of the U.S. average, and in
South Dakota, personal income declined,
In South Carolina, Vermont, West Virginia,
Montana, New Hampshire, and Ohio, payrolls either declined or increased at below-average rates
in manufacturing, in the finance-insurance-real
estate group, and, except in West Virginia, in
construction.
In Hawaii and Alaska, payrolls either declined or increased at below-average rates
Table A.—Percent Change in Personal Income for Selected States and the United States, 1994:1-1994:1!
Personal income
Rank
Total
Nonfarm
1
2
3
4
5
6
7
8
9
10
11
Fastest growing States:
California
Nevada
Delaware
Nebraska
Florida
Utah
Kentucky
Rhode Island
New Mexico
Louisiana
Virginia
3.9
2.4
2.3
2.2
2.2
2.1
2.1
2.0
2.0
2.0
2.0
4.1
2.4
2.4
1.8
2.3
2.1
2.1
2.0
2.2
2.4
2.0
United States
1.9
2.0
39
40
41
42
43
44
45
46
47
48
49
50
Slowest arowing States;
South Carolina
Vermont
West Virginia
Hawaii
Montana
New Hampshire
Ohio
Alaska ........
Arkansas
Minnesota
Iowa
South Dakota
1.2
1.2
1.2
1.2
1.1
1.1
1.0
,9
.7
2
A
-.5
1.4
1,3
1.2
1.2
1.2
1.1
1.0
.9
2.3
1.2
1.5
2.0
Wage and salary disbursements (payrolls)
Durables
manufacturing
-0.9
-3.9
1.5
4.0
-.2
2.6
3.4
2.5
.6
6.5
2.3
Nondurables
manufacturing
0.6
5.5
5
3.2
2.5
_ -|
4*.9
5.1
3.4
1.2
2.5
Construction
3.2
3.0
7.4
6.4
4.2
8.3
6.5
13.3
6.9
7.8
4.1
,4
,8
4,5
.1
.5
.2
22
3.4
3.5
8.6
-.3
1.8
-3.9
-1.2
-2.5
-5.5
-1.7
-1.7
-3.6
6.6
-2.4
0
3.8
-1.9
-4.4
-.6
-.8
-10.1
5.2
-.3
.3
2.2
-1.2
2.5
2.3
5.1
1.8
4.7
6.1
Mining
-3.9
1.6
2
-7.1
.8
-1.9
.2
-.3
1.4
1.1
.5
-1.1
-.3
10.9
.6
—3
l!5
-.3
-1.6
.4
-.3
1.5
2.9
-4.5
Transportation
and public utilities
0.3
2.5
1.8
10
Wholesale
trade
Retail
trade
Government
1.3
1.7
4.0
2.4
2.4
1.9
1.6
2.7
2.6
3.1
2.4
1.1
2.0
1.8
.6
1.6
1.9
.7
.5
1.3
1.0
1.0
2.6
1.0
2.0
1.1
1.8
2.4
3.0
.7
1.8
2.8
2.0
4.1
3.0
2.2
3.1
2.6
.7
-.4
.9
.8
.7
-.7
.8
1.2
1.1
.3
1.5
1.2
1.3
2.1
2.4
1.0
1.5
2.5
1.2
1.8
1.8
1.9
1.7
2.1
-.3
2.2
2!4
1.2
1.6
2.0
1.4
1.6
3.6
5.0
1.5
2.7
2.2
2.9
3.3
3.6
3.5
3.5
1.0
1.8
2.1
1.2
0
1.9
-.1
1.3
0
1.5
1.5
-1
1.7
2.6
1.2
1.8
1.8
.3
1.4
1.4
1.6
2.9
.6
1.5
.9
2.1
2.1
Services
.7
2.2
.6
1.1
3.9
.2
.3
3.4
1.8
2.0
1.1
1.7
2.6
1.3
2.1
2.0
2.7
7
3.4
2.7
2.5
_ 7
Finance,
insurance,
and real
estate
-0.2
-1.0
.7
1.6
-2.0
1.4
—5
i!i
1.1
1.7
1.2
43
SURVEY OF CURRENT BUSINESS
44 * October 1994
in manufacturing, construction, services, and
government.
In Arkansas, Minnesota, Iowa, and South
Dakota, personal income growth was slowed by
large declines in farm income. In Arkansas, the
decline in farm income reflected lower Federal
rice subsidy payments to farmers. In Minnesota,
Iowa, and South Dakota, the declines partly reflected lower Federal payments to farmers for
relief from the effects of the 1993 Midwest floods.
In addition, in Minnesota and Iowa, payrolls either declined or increased at below-average rates
in manufacturing, wholesale trade, and services.
Tables i and 2 follow. H
Data Availability
Quarterly estimates for 1969-90 are available from
the Regional Economic Information System, Regional
Economic Measurement Division, BE-55, Bureau of
Economic Analysis, U.S. Department of Commerce,
Washington, DC 20230, or call (202) 606-5360.
SURVEY OF CURRENT BUSINESS
October 1994
45
Table 1.—Total Personal Income, States and Regions
[Millions of dollars, seasonally adjusted at annual rates]
1991
State and region
lr ,
United States
1992
lllr
IV r
V
llr
lllrl
IV
|r
IIr
Percent change
1994
1993
llr
lllr2
IV
I*"
3
\\P
1994:1-1994:11
1993:11-1994:11
4,775,991
4,819,787
4,849,931
4,917,364
5,012,145
5,082,874
5,127,992
5,317,236
5,239,451
5,348,392
5,381,287
5,469,226
5,540,239
5,644,488
1.9
5.5
New England
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
294,447
84,223
21,348
136,226
23,124
19,530
9,995
295,634
85,046
21,306
136,603
23,162
19,442
10,074
295,317
84,923
21,405
136,229
23,150
19,477
10,133
298,544
85,960
21,626
137,634
23,437
19,641
10,245
302,122
86,712
22,002
139,432
23,722
19,805
10,449
305,149
87,941
22,288
140,268
23,966
20,027
10,659
307,545
89,098
22,553
140,683
24,150
20,264
10,798
318,414
92,420
22,998
145,930
25,079
20,927
11,061
310,790
89,395
22,801
142,731
24,321
20,614
10,927
318,469
91,619
23,176
146,626
24,815
21,094
11,138
323,148
92,485
23,452
149,144
25,261
21,481
11,325
325,141
93,000
23,653
150,090
25,392
21,625
11,381
331,266
95,422
24,009
152,425
26,011
21,865
11,534
336,624
96,856
24,373
155,117
26,294
22,309
11,675
1.6
1.5
1.5
1.8
1.1
2.0
1.2
5.7
5.7
5.2
5.8
6.0
5.8
4.8
Mideast
Delaware
District of Columbia
Maryland
New Jersey
New York
Pennsylvania
966,745
13,727
15,299
108,595
190,079
408,813
232,233
976,707
13,717
15,467
109,044
191,613
413,239
233,627
980,432
13,827
15,521
109,265
192,843
414,122
234,854
991,713
14,055
15,737
110,484
194,831
418,729
237,877
1,009,427
14,178
16,251
111,600
198,759
426,693
241,946
1,020,466
14,427
16,406
112,752
201,461
430,612
244,809
1,032,607
14,644
16,655
114,439
204,223
435,453
247,193
1,071,692
15,067
16,965
117,509
211,922
455,717
254,512
1,038,870
14,935
16,982
116,421
205,437
435,220
249,875
1,069,695
15,254
17,142
118,499
211,087
452,253
255,459
1,078,163
15,295
17,361
119,362
212,387
455,758
258,000
1,087,416
15,398
17,550
120,755
213,577
459,785
260,352
1,100,857
15,927
17,752
122,808
215,765
465,694
262,910
1,119,390
16,285
18,015
124,893
219,876
472,825
267,496
1.7
2.3
1.5
1.7
1.9
1.5
1.7
4.6
6.8
5.1
5.4
4.2
4.5
4.7
Great Lakes
Illinois
Indiana
Michigan
Ohio
Wisconsin
784,850
234,426
95,484
172,568
194,777
87,594
790,211
236,703
96,070
174,374
194,774
88,291
797,855
238,293
96,951
175,729
197,749
89,133
809,353
241,210
98,899
178,304
200,407
90,534
824,059
246,259
100,975
180,270
203,895
92,660
838,889
250,231
102,954
184,675
206,740
94,288
847,231
253,212
104,441
185,512
208,403
95,663
876,296
262,051
107,718
192,204
215,199
99,123
867,308
259,254
107,287
189,904
213,056
97,807
882,369
262,946
108,955
194,399
216,662
99,407
888,056
264,005
109,682
195,725
218,599
100,045
903,451
268,157
111,937
198,719
222,455
102,183
922,549
272,550
113,911
205,777
226,457
103,853
935,783
276,988
115,732
208,919
228,732
105,411
1.4
1.6
1.6
1.5
1.0
1.5
6.1
5.3
6.2
7.5
5.6
6.0
Plains ...
Iowa ..
Kansas
Minnesota
Missouri
Nebraska
North Dakota
South Dakota
3117,439
47,664
44,41 1
83,969
92,445
28,296
9,406
11,247
320,977
47,567
45,354
84,912
92,742
28,987
9,746
11,668
320,304
47,292
45,083
85,458
93,290
28,543
9,396
11,243
329,328
48,334
47,054
87,131
94,954
28,973
10,958
11,923
336,244
50,464
47,181
89,367
96,459
30,348
10,391
12,034
338,668
50,188
47,769
90,048
97,525
30,460
10,612
12,066
341,915
50,689
47,870
91,684
98,355
30,551
10,589
12,178
356,409
52,471
50,543
95,517
101,426
31,739
11,845
12,868
352,779
52,881
49,460
94,048
100,802
32,019
10,651
12,919
354,716
51,433
50,324
94,929
102,512
31,834
10,921
12,763
346,145
49,026
49,354
93,600
100,950
30,887
10,056
12,272
364,984
52,916
52,043
97,189
105,212
32,276
11,861
13,487
369,182
54,159
51,749
99,343
106,362
32,634
11,231
13,704
373,136
54,234
52,607
99,553
108,344
33,357
11,408
13,632
1.1
.1
1.7
.2
1.9
2.2
1.6
-.5
5.2
5.4
4.5
4.9
5.7
4.8
4.5
6.8
1,013,669
62,971
33,953
252,259
114,890
56,012
62,968
33,742
110,797
54,567
80,243
125,203
26,062
1,022,878
63,369
34,155
254,215
116,363
56,892
63,519
34,054
112,634
54,723
81,009
125,741
26,204
1,031,663
64,063
34,139
255,447
117,355
57,855
64,095
34,236
114,715
55,155
81,872
126,277
26,453
1,044,606
64,829
34,858
257,600
118,956
58,702
65,192
34,939
115,636
55,864
83,512
127,695
26,822
1,067,403
66,505
36,496
261,522
121,499
60,152
66,591
36,040
118,469
56,830
85,844
130,032
27,423
1,083,626
67,382
37,135
265,125
123,713
61,073
67,548
36,447
120,264
57,648
87,561
131,965
27,764
1,084,902
68,619
37,083
255,442
125,420
61,871
67,438
36,723
122,653
58,529
88,766
134,110
28,249
1,134,495
70,509
38,536
279,582
129,833
63,695
69,747
37,765
126,136
60,039
92,042
137,703
28,908
1,127,421
70,191
38,314
275,709
128,691
62,659
70,050
38,129
126,167
59,987
91,368
137,318
28,838
1,150,821
71,206
38,708
282,490
132,731
64,011
71,170
38,509
129,079
61,033
93,072
139,428
29,383
1,162,732
71,962
38,435
286,296
133,730
64,600
71,572
38,942
130,727
61,737
94,525
140,701
29,506
1,179,124
73,121
39,646
288,691
136,176
65,680
72,215
39,895
133,185
62,185
96,610
141,879
29,841
1,203,041
74,327
40,462
292,767
139,048
66,394
75,595
41,363
136,816
63,524
98,086
144,094
30,565
1,224,528
75,269
40,728
299,154
141,408
67,756
77,078
41,946
139,474
64,309
99,568
146,904
30,933
1.8
1.3
.7
2.2
1.7
2.1
2.0
1.4
1.9
1.2
1.5
2.0
1.2
6.4
5.7
5.2
5.9
6.5
5.9
8.3
8.9
8.1
5.4
7.0
5.4
5.3
Southwest
Arizona
New Mexico
Oklahoma
Texas
429,784
62,006
22,565
48,719
296,494
435,804
62,609
22,840
49,423
300,932
438,896
62,813
22,955
49,405
303,722
447,169
63,686
23,358
50,827
309,298
457,280
65,172
23,902
51,473
316,733
465,200
66,220
24,295
52,288
322,397
471,381
67,159
24,728
52,936
326,558
488,490
69,456
25,273
54,529
339,231
485,647
69,060
25,679
53,998
336,910
495,959
70,950
26,172
54,830
344,008
499,501
72,028
26,601
55,025
345,848
509,990
73,230
27,154
56,337
353,269
518,961
75,277
27,815
56,654
359,216
526,993
76,650
28,376
57,522
364,445
1.5
1.8
2.0
1.5
1.5
6.3
8.0
8.4
4.9
5.9
Rocky Mountain
Colorado
Idaho
Montana
Utah ..
Wyoming
126,867
65,019
15,943
12,266
25,421
8,218
129,373
66,158
16,389
12,568
25,908
8,348
130,151
66,663
16,401
12,519
26,185
8,382
134,239
68,305
17,076
13,659
26,636
8,563
134,908
68,995
17,137
12,960
27,262
8,554
137,537
70,436
17,501
13,242
27,663
8,695
139,796
71,639
17,830
13,299
28,264
8,763
145,300
74,098
18,633
14,376
29,124
9,068
145,621
74,396
18,663
14,219
29,205
9,137
148,718
76,026
19,130
14,521
29,805
9,235
149,978
76,981
19,225
14,274
30,225
9,273
154,727
78,919
20,096
15,453
30,804
9,455
157,012
80,018
20,347
15,230
31,711
9,705
159,485
81,182
20,658
15,402
32,372
9,871
1.6
1.5
1.5
1.1
2.1
1.7
7.2
6.8
8.0
6.1
8.6
6.9
Far West
Alaska
California
Hawaii
Nevada
Oregon
Washington
8140,191
12,071
628,045
24,117
26,232
50,916
98,811
848,204
12,174
633,473
24,282
26,561
51,531
100,182
855,312
12,350
637,658
24,672
26,931
52,091
101,610
862,412
12,524
640,410
25,084
27,298
53,138
103,958
880,702
12,782
653,864
25,873
28,109
53,934
106,141
893,339
12,925
662,941
26,164
28,646
54,793
107,872
902,615
13,136
669,522
24,586
29,374
56,125
109,872
926,141
13,455
682,946
27,024
30,711
57,609
114,395
911,015
13,570
670,483
27,152
30,636
57,738
111,436
927,644
13,752
682,488
27,446
31,328
58,575
114,055
933,564
13,800
686,299
27,453
31,851
59,205
114,956
944,393
14,019
692,739
27,505
32,557
60,330
117,242
937,371
14,345
681,803
28,124
33,685
61,652
117,760
968,549
14,477
708,555
28,462
34,495
62,827
119,733
3.3
.9
3.9
1.2
2.4
1.9
1.7
4.4
5.3
3.8
3.7
318,469
918,800
882,369
354,716
925,040
266,798
508,715
277,168
896,316
323,148
926,145
888,056
346,145
934,716
270,028
510,880
280,458
901,712
325,141
933,714
903,451
364,984
945,659
275,307
521,467
287,668
911,836
331,266
944,369
922,549
369,182
963,301
280,170
531,927
293,788
903,686
336,624
960,197
935,783
373,136
981,376
284,539
539,774
299,006
934,054
1.6
1.7
1.4
1.1
1.9
1.6
1.5
1.8
3.4
Southeast
Alabama
Arkansas
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina
South Carolina
Tennessee
Virginia
West Virginia
10.1
7.3
5.0
Census Divisions
New England
Middle Atlantic
East North Central
West North Central ....
South Atlantic ...
East South Central
West South Central
Mountain
Pacific
....
.
294,447
831,125
784,850
317,439
821,399
232,968
442,135
237,670
813,959
295,634
838,479
790,211
320,977
828,108
235,323
448,030
241,383
821,643
295,317
841,819
797,855
320,304
834,017
238,026
451,361
242,850
828,381
298,544
851,437
809,353
329,328
842,849
241,983
460,175
248,581
835,114
302,122
867,398
824,059
336,244
857,804
248,541
471,293
252,091
852,593
305,149
876,881
838,889
338,668
870,064
252,463
479,369
256,697
864,694
307,545
886,869
847,231
341,915
870,142
255,978
484,014
261,057
873,240
r
Revised.
p Preliminary.
1. The third-quarter 1992 estimates of personal income reflect the losses resulting from damage caused by Hurricane Andrew in Florida and Louisiana and by Hurricane Iniki in Hawaii.
2. The third-quarter 1993 estimates of personal income reflect the losses resulting from damage caused by floods
in Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, and Wisconsin and by drought
in Georgia, North Carolina, South Carolina, and Virginia.
318,414
922,151
876,296
356,409
911,741
264,012
502,044
270,740
895,430
310,790
890,532
867,308
352,779
905,048
262,346
499,272
270,996
880,379
5.7
4.5
6.1
5.2
6.1
6.6
6.1
7.9
4.2
3. The first-quarter 1994 estimates of personal income reflect the losses resulting from damage caused by the
Northridge Earthquake in California.
NOTE.—The personal income level shown for the United States is derived as the sum of the State estimates;
it differs from the national income and product accounts (NIPA) estimate of personal income because, by definition,
it omits the earnings of Federal civilian and military personnel stationed abroad and of U.S. residents employed
abroad temporarily by private U.S. firms. It can also differ from the NIPA estimate because of different data sources
and revision schedules.
SURVEY OF CURRENT BUSINESS
46 ® October 1994
Table 2.—Nonfarrn Personal Income, States and Regions
[Millions of dollars, seasonally adjusted at annual rates]
region
United States
1991
\r
llr
1992
III1-
IV
\r
llr
1993
III''1
r
IV
4,730,329 4,768,617 4,813,327 4,872,091 4,957,818 5,033,191 5,084,815 5,264,776 5,181,062
IIr
Percent change
1994
UK2
IV
I'3
II*
1994:1-1994:11
1993:11-1994:11
5,300,171
5,355,085
5,415,019
5,482,819
5,594,607
2.0
5.6
New England
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
293,650
83,990
21,188
136,000
23,078
19,490
9,903
294,777
84,798
21,134
136,358
23,112
19,399
9,976
294,584
84,716
21,258
136,012
23,108
19,443
10,047
297,847
85,767
21,476
137,433
23,396
19,608
10,167
309,927
89,154
22,626
142,505
24,264
20,569
10,809
317,610
91,372
22,997
146,406
24,761
21,052
11,022
322,284
92,232
23,281
148,916
25,207
21,438
11,210
324,092
92,710
23,434
149,821
25,313
21,574
11,239
330,155
95,118
23,769
152,138
25,941
21,810
11,380
335,554
96,561
24,133
154,844
26,228
22,256
11,532
1.6
1.5
1.5
1.8
1.1
2.0
1.3
5.6
5.7
4.9
5.8
5.9
5.7
4.6
Mideast
Delaware
District of Columbia
Maryland
New Jersey
New York
Pennsylvania
966,598
13,582
15,299
108,235
189,831
408,072
231,580
974,370
13,553
15,467
108,635
191,342
412,452
232,921
978,454
13,693
15,521
108,921
192,605
413,454
234,259
989,779 1,006,792 1,017,993 1,030,125 1,069,368 1,036,335
14,034
14,944
13,925
14,306
14,510
14,802
15,737
16,251
16,406
16,982
16,655
16,965
110,154 111,193 112,386
117,162
114,058
116,051
194,611 198,514 201,201 203,976 211,693 205,146
418,080 425,854 429,844 434,703 455,008 434,450
237,273 240,947 243,851 246,224 253,597
248,904
1,067,382
15,132
17,142
118,183
210,805
451,594
254,525
1,076,011
15,187
17,361
119,075
212,106
455,166
257,116
1,084,832
15,278
17,550
120,373
213,268
459,093
259,271
1,097,907
15,761
17,752
122,369
215,408
464,893
261,723
1,116,578
16,138
18,015
124,504
219,472
472,068
266,382
1.7
2.4
1.5
1.7
1.9
1.5
1.8
4.6
6.6
5.1
5.3
4.1
4.5
4.7
Great Lakes
Illinois
Indiana
Michigan
Ohio
Wisconsin
780,842
233,449
95,137
171,820
193,873
86,562
786,232
235,725
95,821
173,575
193,840
87,271
795,677
238,065
97,015
175,170
197,079
88,347
806,440
240,675
98,765
177,678
199,726
89,596
817,846
244,246
100,080
179,494
202,503
91,523
833,881
248,736
102,314
183,909
205,614
93,308
843,037
252,099
103,956
184,890
207,345
94,746
871,396
260,558
107,119
191,523
214,106
98,089
859,621
256,458
105,875
188,859
211,635
96,794
877,601
261,553
108,268
193,531
215,597
98,652
886,601
264,269
109,293
195,185
217,796
100,059
899,664
267,410
111,342
197,990
221,367
101,554
918,297
271,785
113,231
204,973
225,225
103,084
931,566
276,026
115,045
208,151
227,533
104,811
1.4
1.6
1.6
1.6
1.0
1.7
6.1
5.5
6.3
7.6
5.5
6.2
Plains
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota
South Dakota
308,502
45,480
43,558
82,509
91,870
25,921
9,110
10,055
310,831
45,838
43,902
83,478
92,202
26,083
9,177
10,150
314,677
46,341
44,611
84,521
93,008
26,565
9,301
10,329
318,587
46,853
45,116
85,642
94,141
26,913
9,420
10,501
324,434
47,744
45,827
87,568
95,552
27,445
9,586
10,711
329,211
48,507
46,440
88,797
96,676
28,153
9,721
10,918
333,904
49,160
46,835
90,587
97,679
28,592
9,929
11,122
343,988
50,477
48,325
93,847
100,308
29,416
10,171
11,443
340,799
50,055
47,695
92,678
99,640
29,074
10,164
11,493
347,116
50,991
48,668
94,332
101,550
29,629
10,295
11,651
349,644
51,117
49,202
95,417
101,941
29,860
10,331
11,777
355,988
52,553
49,756
96,471
104,283
30,376
10,572
11,978
361,446
53,183
50,398
98,217
105,902
30,733
10,724
12,290
367,199
53,983
51,205
99,377
107,927
31,277
10,889
12,540
1.6
1.5
1.6
1.2
1.9
1.8
1.5
2.0
5.8
5.9
5.2
5.3
6.3
5.6
5.8
7.6
Southeast
Alabama
Arkansas
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina
South Carolina
Tennessee
Virginia
West Virginia
999,809 1,008,069 1,019,606 1,032,978 1,051,727 1,069,148 1,073,214 1,121,522 1,113,007
61,574
61,992
69,040
62,838
63,786
65,366
66,319
67,579
69,355
32,543
32,850
33,380
34,055
34,751
35,416
35,773
37,276
36,590
249,352 250,901 252,565 254,862 257,962 262,195 254,008
277,139 273,286
119,812
121,917
113,356
123,879 128,140
114,615
115,821
117,483
126,875
55,757
62,417
54,920
56,839
57,713
58,763
59,903
60,631
61,455
65,882
63,808
66,733
67,050
62,323
62,963
64,855
69,239
69,276
33,096
35,109
35,575
36,115
37,007
33,408
33,880
34,425
37,325
117,932 120,148
108,310
109,659
112,113
113,396 115,785
123,960
123,343
54,797
56,431
57,280
58,210
59,652
54,153
54,268
55,490
59,568
81,497
85,147
86,872
88,177
91,372
79,746
80,520
83,039
90,733
136,777
124,539
125,006
125,675
129,381
131,330 133,480 137,132
127,113
25,997
27,337
27,677
28,741
26,131
28,834
26,393
26,760
28,166
1,138,305
70,225
37,289
280,092
131,211
62,902
70,602
37,977
126,528
60,712
92,545
138,931
29,291
1,153,520
71,050
37,870
283,843
132,553
63,610
71,478
38,833
128,738
61,583
94,168
140,372
29,421
1,165,027
71,754
38,335
285,771
134,345
64,431
71,901
39,400
130,219
61,750
96,045
141,334
29,741
1,186,419
72,905
38,752
289,462
136,901
65,046
74,887
40,645
133,408
63,106
97,404
143,453
30,450
1,210,905
74,054
39,632
296,248
139,657
66,394
76,711
41,502
136,550
63,991
98,998
146,348
30,821
2.1
1.6
2.3
2.3
2.0
2.1
2.4
2.1
2.4
1.4
1.6
2.0
1.2
6.4
5.5
6.3
5.8
6.4
5.6
8.7
9.3
7.9
5.4
7.0
5.3
5.2
Southwest
Arizona . .
New Mexico
Oklahoma
Texas
424,739
61,242
22,133
47,999
293,365
429,743
61,684
22,325
48,424
297,309
435,148
62,055
22,594
48,969
301,529
442,105
63,023
22,939
49,742
306,401
452,133
64,467
23,434
50,516
313,717
459,621
65,585
23,831
51,351
318,854
467,143
66,532
24,313
52,119
324,179
482,437
68,830
24,794
53,290
335,522
477,973
68,107
25,091
52,871
331,904
489,002
70,210
25,591
53,715
339,486
495,064
71,456
26,107
54,192
343,308
502,238
72,537
26,501
54,754
348,447
510,211
74,332
27,105
55,322
353,452
519,980
75,833
27,704
56,367
360,076
1.9
2.0
2.2
1.9
1.9
6.3
8.0
8.3
4.9
6.1
Rocky Mountain
Colorado
Idaho
Montana
Utah
Wyoming
124,560
64,302
15,124
11,923
25,208
8,002
126,211
65,165
15,356
12,005
25,638
8,047
128,132
66,008
15,671
12,274
25,992
8,188
130,453
67,205
16,007
12,528
26,392
8,322
132,799
68,383
16,328
12,749
26,990
8,349
135,291
69,812
16,710
12,920
27,384
8,466
137,884
71,119
17,039
13,149
28,011
8,567
141,813
73,144
17,577
13,456
28,818
8,818
142,525
73,461
17,610
13,644
28,934
8,877
145,422
75,115
18,012
13,830
29,516
8,950
147,490
76,295
18,267
13,896
29,983
9,049
150,037
77,611
18,684
14,139
30,459
9,144
153,259
79,004
19,021
14,453
31,366
9,414
155,718
80,172
19,365
14,625
32,019
9,537
1.6
1.5
1.8
1.2
2.1
1.3
7.1
6.7
7.5
5.7
8.5
6.6
Far West
Alaska
California
Hawaii
Nevada
Oregon
Washington
831,528
12,065
621,648
23,899
26,133
50,164
97,619
838,384
12,168
626,412
24,065
26,449
50,639
98,65.1
847,050
12,344
631,519
24,460
26,843
51,387
100,497
853,902
12,514
. 634,679
24,872
27,208
52,274
102,355
870,875
12,778
646,652
25,639
28,045
53,144
104,617
883,781
12,920
655,948
25,927
28,575
54,031
106,379
892,896
13,131
662,209
24,427
29,309
55,379
108,441
916,663
13,446
676,339
26,818
30,638
56,734
112,689
900,874
13,564
663,123
26,951
30,540
56,886
109,810
917,731
13,746
675,458
27,249
31,229
57,702
112,347
924,471
13,795
679,887
27,263
31,765
58,429
113,333
933,141
14,008
685,217
27,308
32,462
59,247
114,899
925,125
14,338
€72,954
27,919
33,575
60,653
115,686
957,108
14,470
700,533
28,252
34,378
61,770
117,705
3.5
.9
4.1
1.2
2.4
1.8
1.7
4.3
5.3
3.7
3.7
317,610
916,925
877,601
347,116
917,223
263,649
501,092
272,453
886,502
322,284
924,388
886,601
349,644
928,133
267,661
506,849
276,818
892,706
324,092
931,632
899,664
355,988
936,361
271,629
513,437
281,536
900,680
330,155
942,024
918,297
361,446
952,663
276,000
522,413
288,270
891,550
335,554
957,921
931,566
367,199
972,271
280,948
532,786
293,634
922,729
1.6
1.7
1.4
1.6
2.1
1.8
2.0
1.9
3.5
301,212
86,474
21,808
139,208
23,672
19,766
10,285
304,266
87,714
22,094
140,046
23,918
19,991
10,503
306,612
88,855
22,337
140,456
24,099
20,225
10,639
317,590
92,202
22,811
145,723
25,033
20,893
10,927
10.1
7.1
4.8
Census Divisions
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
East South Central
West South Central
Mountain
Pacific
293,650
829,483
780,842
308,502
812,823
229,336
436,230
234,068
805,394
294,777
836,715
786,232
310,831
818,234
231,677
441,547
236,670
811,935
294,584
840,318
795,677
314,677
825,499
235,054
447,687
239,624
820,207
297,847
849,963
806,440
318,587
834,920
238,963
455,054
243,622
826,694
301,212
865,314
817,846
324,434
848,187
244,385
464,865
248,744
842,830
304,266
874,896
833,881
329,211
861,427
248,669
472,354
253,282
855,205
306,612
884,903
843,037
333,904
863,113
252,501
479,120
258,039
863,587
r
Revised.
p Preliminary.
1. The third-quarter 1992 estimates of nonfarm personal income reflect the losses resulting from damage caused
by Hurricane Andrew in Florida and Louisiana and by Hurricane Iniki in Hawaii.
2. The third-quarter 1993 estimates of nonfarm personal income reflect the losses resulting from damage caused
317,590
920,298
871,396
343,988
903,928
260,150
495,326
266,075
886,025
309,927
888,500
859,621
340,799
896,425
258,552
490,640
266,263
870,334
5.6
4.5
6.1
5.8
6.0
6.6
6.3
7.8
4.1
by floods in Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, and Wisconsin.
3. The first-quarter 1994 estimates of nonfarm personal income reflect the losses resulting from damage caused
by the Northridge Earthquake in California.
NOTE.—Nonfarm personal income is total personal income less farm earnings.
SURVEY OF CURRENT BUSINESS
October 1994
47
Reconciliation of the U.S.-Canadian
Current Account, 1992-93
By Anthony J. DiLullo and Lucie Laliberte
Anthony DiLullo is
the assistant chief
of BEA'S Balance of
Payments Division.
Lucie Laliberte is
the director of
Statistics Canada's
Balance of
Payments Division.
This article will
also be published
in Canada's
Balance of
International
Payments, Third
Quarter 1994.
E RECONCILIATION of the U.S.-Canadian
current account for 1992 and 1993 resulted
in a smaller U.S. surplus, or Canadian deficit, for
1992 and a shift to a small U.S. deficit, or Canadian surplus, for 1993. Before reconciliation, the
U.S. current-account surplus with Canada is $3.3
billion for 1992 and $1.4 billion for 1993; the corresponding Canadian estimates are $1.9 billion for
1992 and $1.7 billion for 1993. After reconciliation, the U.S. surplus for 199218 reduced to $1.0
billion, and the U.S. surplus for 1993 changes to
a small deficit (chart i, table i).
This article presents details of the reconciliation of the U.S.-Canadian current account for
1992 and 1993 by Statistics Canada and the Bureau
of Economic Analysis (BEA)/ The reconciliation
i. The reconciliation of the current account has been undertaken each
year since 1970. Summary results of the reconciliations were published in the
United States in the following issues of the SURVEY OF CURRENT BUSINESS:
June 1975, September 1976 and 1977, December 1979, June 1981, December 1981
through 1991, November 1992, and October 1993. In Canada, the results were
published in the following issues of Canada's Balance of International Payments (catalogue 67-001), a publication of Statistics Canada: Fourth Quarter
is undertaken because of the extensive economic
links between Canada and the United States and
the need to explain differences in the Canadian
and U.S. published estimates of bilateral currentaccount transactions. In principle, the bilateral
current account of one country should mirror the
bilateral current account of the other country.
The reconciliation process has improved the
accuracy of the published estimates of transactions between Canada and the United States
and has increased the efficiency of producing
the estimates. The improvements have been
accomplished through the exchange of data between the two countries and the development of
improved estimating techniques. The exchange
of data covers over 80 percent of the value of
Canadian and U.S. current-account transactions.
This year, a change in the definition of direct
investment income in the Canadian published
estimates eliminated one of the remaining ma1973> Second Quarter 1976 and i9/7> Third Quarter 1978 and 1979, First
Quarter 1981, and Third Quarter 1981 through 1993.
Table 1,—Major U.S.-Canadian Balances
[Billions of U.S. dollars]
Published
estimates
Reconciled
estimates '
United
United
States Canada States Canada
U.S.*Canadian Current-Account Balance1
monua$
1992
-9.5
8.9
4.2
Merchandise trade
Services
Investment income
Goods, services, and income
3.6
Unilateral transfers, net
-.3
12.1
-9.1
-5.9
-2.9
1.0
-13.0
7.7
6.5
13.0
-8.0
-6.2
1.2
-1.2
-.2
RECONCILED
.2
3.3
-1.9
1.0
-1.0
-12.1
7.7
6.1
15.2
-8.5
-9.4
-16.3
6.7
9.4
16.3
-7.1
-9.3
Goods, services, and income
1.7
-2.7
-.1
1
Unilateral transfers, net
-.3
-.2
2
-.3
.1
Current account
PUBLISHED
1993
Merchandise trade . . .
Services
Investment income
Current account
.•
1.4
1.0
-1.7
1, Some differences remain in the reconciled estimates because some service and income
estimates could not be fully reconciled.
NOTE.—A U.S. surplus (+) is a Canadian deficit (-), and a Canadian surplus (+) is a U.S.
deficit (-).
Details may not add to totals because of rounding.
1992
1993
1992
1993
1, Balance shown is net northbound—a US. surplus is a Canadian deficit
U.S. Depar&nenl of Commerce, Bureau of Economic Analysis
SURVEY OF CURRENT BUSINESS
48 • October 1994
jor definitional differences between the U.S. and
Canadian published estimates.
After reconciliation, revisions are incorporated
into the Canadian and U.S. published estimates
as far as possible. A complete exchange of data or
substitution of reconciled estimates for published
estimates is not feasible, because of definitional
and methodological differences and because estimates of transactions with third countries would
be affected in some cases. In addition, protecting the confidentiality of source data bars the
exchange of data for some transactions.
The rest of this article consists of two parts.
The first part briefly discusses the reconciled balances for 1992-93. The second part summarizes
the methodology for reconciliation and discusses
the major reconciliation adjustments to the U.S.
and Canadian current accounts.
Reconciled Balances for 1992-93
For 1992, the reconciled U.S.-Canadian currentaccount balance is a U.S. surplus, or Canadian
deficit, of $1.0 billion; the U.S. published estimate is a surplus of $3.3 billion, and the Canadian
published estimate is a deficit of $1.9 billion. For
1993, the balance is not fully reconciled. The
provisional U.S. estimate of the reconciled balance is a U.S. deficit, or Canadian surplus, of
$0.3 billion; the provisional Canadian estimate is
a U.S. deficit, or Canadian surplus, of $0.1 billion.
By comparison, the U.S. published estimate for
Table 2.—Summary of Reconciliation Adjustments, Northbound
[Millions of U.S. dollars]
Definitional
United
States
Methodological
Rectification
Canada
United
States
Canada
United
States
Total
Statistical
Gross or net
Canada
United
States
Canada
United
States
Canada
1992
Merchandise trade
. .
. .
-15
Services
-507
4,080
-222
-600
-1,206
.
.
. .
4,273
4,273
418
418
-507
-301
-206
Investment income
Direct
Other
-193
-418
-426
8
-597
133
-133
292
-305
Unilateral transfers
..
Total adjustments
104
-1,787
-1,847
60
15
433
15
2,486
2,426
60
433
-600
744
295
405
44
32
-511
533
10
329
278
7
44
-1,493
-222
-158
628
-60
688
2,325
-586
2,911
747
1,041
-294
2,167
-586
2,753
778
822
-44
28
1,469
898
1,427
222
-600
-17
-176
-956
-97
-97
...
Transportation
Inland freight
Other
Other services
Affiliated
Unaffiliated
Government
2,652
-15
-66
-66
. . .
Passenger fares
151
104
Transfers under U.S military agency sales contracts
Travel .
-3,815
265
-4,080
-158
-103
338
-1,222
-42
423
85
-812
-699
18
-103
296
1993
Merchandise trade
.
Services
-409
-4,398
-549
4,398
-266
-633
-1,364
Transfers under U S military agency sales contracts
.
451
-1,902
-1,989
87
451
-549
-320
-229
Investment income . . . .
Direct
Other
-410
Unilateral transfers
-114
328
-1,482
-83
-78
-332
-187
-451
-266
-633
-460
9
-266
-633
-20
-167
-145
161
-161
-145
425
-65
490
790
331
416
43
3,054
123
3,177
140
-140
-135
-503
347
21
22
321
-299
88
-208
2,069
-1,313
144
-174
-174
4,585
4,585
Other services
Affiliated
Unaffiliated ..... ..
Government
2,769
-409
-78
-78
Transportation
Inland freight
Other
Total adjustments
-131
144
Travel
Passenger fares
-4,107
291
-109
2,683
2,596
87
337
311
-17
43
2,909
-123
311
311
-1,768
-823
-975
30
36
339
3,032
-303
416
-114
1,986
-1,798
SURVEY OF CURRENT BUSINESS
1993 is a $1.4 billion surplus, and the Canadian
published estimate is a $1.7 billion deficit. The
difference between the provisional reconciled estimates reflects the preliminary nature of the 1993
data, as well as difficulties in reconciling some
service and direct investment estimates related to
insurance transactions. In the past, those differences have been offsetting; in 1993, they are
not.
Adjustments to the U.S. southbound estimates
are larger than those to the northbound estimates
for both years (tables 2 and 3).2 The increases
in U.S. payments primarily reflect definitional
2. In this article, the term "northbound" refers to U.S. receipts, or Canadian payments; "southbound" refers to Canadian receipts, or U.S. payments.
All values are expressed in U.S. dollars.
October 1994
adjustments to merchandise trade, such as the addition of Canadian reexports to U.S. merchandise
imports, and statistical adjustments to transportation (inland freight) and "other services" for
undercoverage. The largest adjustments to U.S.
estimates of receipts, such as the reclassification
of inland freight and statistical adjustments to
transportation and investment income, are partly
offsetting. For 1992, the reconciliation adjustments resulted in a reduction of $2.3 billion in
the U.S. published surplus; for 1993, they resulted
in a shift from a $1.4 billion surplus to a small
deficit (tables 4 and 5).
The only large overall adjustments to the Canadian estimates were to the 1993 northbound
estimates. The reconciled balances mainly reflect
Table 3.—Summary of Reconciliation Adjustments, Southbound
[Millions of U.S. dollars]
Definitional
Canada
United
States
Statistical
Methodological
Reclassification
Canada
United
States
Total
Gross or net
Canada
United
States
Canada
United
States
Canada
United
States
831
-313
279
3,844
1992
Merchandise trade
1,738
Services
-414
1,996
Direct defense expenditures
-948
-2,309
948
2,309
68
-94
41
-600
-222
346
Travel
Passenger fares
Transportation
Inland freight
Other
-54
.
.
.
1,308
948
360
.
-54
Other services
Affiliated
Unaffiliated
Government
-360
2,403
2,403
-428
-600
-428
-600
-222
-18
222
. . . .
-305
-211
Unilateral transfers
-988
-94
Total adjustments
46
-14
-1
-1
407
347
60
1,204
1,256
-52
1,661
1,295
366
-39
568
-1,427
31
1,996
Merchandise trade
1,577
2,305
Services
-461
374
11
496
72
190
37
144
-107
628
-60
688
""-158
338
75
28
-42
652
-158
-354
544
-94
-14
-424
-342
Investment income
Direct
Other
1,757
-22
-442
-996
11
513
-626
1,138
-913
1,794
3,607
3,659
-52
346
274
72
-121
144
-265
338
711
3,748
688
115
89
3,610
11
-76
1993
956
Direct defense expenditures
Travel
-956
103
67
-2,190
2,190
-633
-266
227
-7
..
-7
-7
Passenger fares
Transportation
Inland freight
Other
Other services
Affiliated
Unaffiliated
Government
1,688
-92
-76
-57
1,311
956
355
-57
-404
2,266
2,266
-458
-633
-266
-458
-633
-266
-18
-..
-264
-143
-121
Unilateral transfers
-964
Total adjustments
-112
1,162
1,168
-6
204
425
-65
490
-145
-208
-84
-811
-145
328
2,305
416
13
-83
727
3,428
3,434
-6
540
-1,291
274
469
71
-1,061
13
-243
-196
204
-400
75
285
-7
1,369
933
436
-225
-386
Investment income
Direct
Other
115
-23
138
77
-1,019
1,096
-889
1,492
-35
203
71
-341
204
-545
328
3,714
49
SURVEY OF CURRENT BUSINESS
50 • October 1994
a reduction in the Canadian published deficits.
For 1992, the reconciliation adjustments resulted
in a reduction of $0.9 billion in the Canadian
published deficit; for 1993, they resulted in a shift
from a $1.7 billion deficit to a small surplus.
Definitional and methodological adjustments are
required because of differences in the definitions and methodologies used to compile the
international accounts in Canada and the United
States. These differences primarily reflect each
country's requirements to integrate the external accounts with the domestic accounts and
differences in compilation conventions due to
institutional factors,, To achieve reconciliation,
a common definition is selected, and methodologies are adjusted to a common basis. The
choice of one definition or methodology over
another does not necessarily indicate agreement
on the correct definition or the most appropriate methodology. Often, the choice is based on
practical considerations, such as the availability
of data.
Statistical adjustments reflect differences in data
sources and estimation techniques. There are
Reconciliation Adjustments
Reconciliation adjustments to each country's
published estimates are classified in three major categories—definitional, methodological, and
statistical-—-which reflect the differences that
occur in the published estimates.3
3. A detailed article on the methodology used to reconcile the U.S.Canadian current account was published by BEA in the November 1992 issue
of the SURVEY and by Statistics Canada in Reconciliation of the Canada-United
States Current Account, 1990-91. Statistics Canada also published a shortened
version in the December 1992 Canadian Economic Observer and in Canada's
Balance of International Payments, Third Quarter 1992.
Table 4,—U.S.-Canadian Current-Account Reconciliation, Northbound
[Millions of U.S. dollars]
Reconciled estimates
Published estimates
U.S.
receipts
Canadian
payments
Difference
U.S.
receipts
Adjustments to
published estimates
Canadian
payments
Remaining
difference
409
United
States
Canada
1992
1,004
193
-3,815
-15
2,652
-956
104
117,411
118,202
-788
118,417
118,008
Merchandise trade
91,365
87,565
3,800
87,550
87,550
Services
Transfers under U.S. military agency sales contracts
Travel.
Passenger fares
.
Inland freight
Other transportation
Royalties and license fees
Other services
17,258
104
8,182
1,099
(2)
1,042
1,265
5,567
20,721
(')
8,116
1,002
2,426
637
1,207
7,333
-3,462
104
66
97
-2,426
405
58
-1,766
19,911
104
8,116
1,002
2,426
1,102
(3)
7,161
19,765
104
8,116
1,002
2,426
1,070
146
7$
114
8,789
2,653
6,119
17
9,915
976
8,939
(4)
-1,126
1,677
-2,820
17
10,956
2,067
8,889
(4)
10,693
1,798
8,895
(4)
263
269
-6
2,167
-586
2,770
-17
526
-526
423
423
423
-103
117,411
118,729
-1,314
118,840
118,431
409
1,427
-296
128,079
131,139
-3,060
129,648
129,454
195
1,571
-1,684
101,194
97,496
3,698
97,087
97,087
Services
Transfers under U.S. military agency sales contracts
Travel
Passenger fares
Inland freight
.
Other transportation . . . .
Royalties and license fees
Other services
16,573
144
7,458
1,191
(2)
999
1,254
5,527
20,632
0)
7,380
1,017
2,596
757
1,266
7,616
-4,059
144
78
174
2596
242
-12
-2,089
19,342
144
7,380
1,017
2,596
1,086
(3)
7,118
19,321
144
7,380
1,017
2,596
1,069
(3)
7,115
21
Investment income
Direct investment
Other private assets/liabilities
U.S. Government assets
10,312
4,005
6,293
13
13,010
3,372
9,638
(4)
-2,699
633
-3,345
13
13,220
3,882
9,338
(4)
13,046
3,711
9,335
(4)
174
171
3
2,909
123
3,045
13
128,079
131,668
195
1,986
Northbound goods services and income
Investment income
Direct investment
Other private assets/liabilities
U.S Government assets
...
Unilateral transfers, net
Unilateral transfers, gross
Currsnt account, northbound
32
-66
97
2,426
60
-1,265
1,594
433
-1,207
-286
778
822
-44
1993
Northbound goods services and income
Merchandise trade
.
.
.
.
Unilateral transfers, net
Unilateral transfers gross
Current account, northbound ....
530
1. In the Canadian published accounts, transactions of U.S. military agencies are not shown
separately.
2. In the U.S. published accounts, inland freight is included in the merchandise trade account
-530
-3,590
416
416
130,064
129,870
-4,107
17
4
2,769
-78
-174
2,596
87
-1,254
1,592
416
-409
-1,313
144
311
1 266
-501
36
339
-303
-114
1,798
3. Royalties and license fees are included in other services for reconciliation.
4. Income on U.S. Government assets is included in income on other private assets in the
Canadian published accounts. The same treatment is used for reconciliation.
October 1994
SURVEY OF CURRENT BUSINESS
The following sections present a discussion
of the major reconciliation adjustments made
to the current account. Although numerous
adjustments are made, only those that involve
important definitional, methodological, or statistical differences are discussed. Definitional and
statistical adjustments affect the current-account
balance because they affect the value of transactions. Methodological adjustments, such as
the reclassification or the grossing or netting of
transactions, are necessary to achieve common
treatment, but because they are offsetting, they
do not affect the current-account balance.
four types of statistical adjustments. First, some
adjustments are based on an evaluation of the
quality and coverage of the source data. When
one country's data are believed to be of better quality, the better data are used to develop
the reconciliation adjustments. Second, some
adjustments are based on detailed information
that is available from one country but not the
other. Third, adjustments are made to reflect
revisions in source data that become available after publication of the estimates. Fourth, some
adjustments are essentially pragmatic, particularly when it is not possible to clearly establish
the merits of one country's data relative to the
other country's data. In such cases, reconciled values are developed that are believed to
be within a reasonable range of measurement
error.
Merchandise trade
Most of the differences between Canadian and
U.S. published estimates of merchandise trade
stem from different treatment of the source data
Table 5.—U.S.-Canadian Current-Account Reconciliation, Southbound
[Millions of U.S. dollars]
Canadian
receipts
U.S.
payments
Adjustments to
published estimates
Reconciled estimates
Published estimates
Difference
Canadian
receipts
U.S.
payments
Remaining
difference
-293
Canada
United
States
1992
Southbound goods services and income
Merchandise trade
1,622
3,410
115,272
113,777
1,496
116,892
117,185
99,725
100,868
-1,143
100,555
100,555
831
-313
279
46
3,844
-94
-14
-1
3,659
-52
-84
430
11,530
0)
3,540
226
2,364
323
104
4,973
8,363
140
3,554
227
(2)
733
84
3,624
3,169
-140
-14
-1
2,364
-410
20
1,349
11,809
46
3,540
226
3,659
689
(3)
3,649
12,206
46
3,540
226
3,659
681
(3)
4,054
-397
4,016
1,377
1,774
865
4,546
659
2,835
1,052
-530
718
-1,061
-187
4,529
752
2,818
959
4,425
803
2,663
959
104
-52
156
286
-286
1,537
624
624
-913
624
116,809
114,063
2,747
117,516
117,809
-293
711
3,748
128,468
126,376
2,092
129,321
129,762
-441
853
3,386
112,737
113,310
-573
113,425
113,425
688
115
Services
Direct defense expenditures
Travel
..
Passenger fares
Inland freight
Other transportation
Royalties and license fees
Other services
12,104
0)
3,685
253
2,502
326
106
5,232
8,869
87
3,692
260
(2)
764
96
3,970
3,235
-87
-7
-7
2,502
-438
10
1,262
12,192
11
3,685
253
3,434
762
89
11
4,047
12,481
11
3,685
253
3,434
758
(3)
4,340
3,610
-76
-7
-7
3,434
-6
-96
370
Investment income ....
Direct investment
Other private assets/liabilities
U S Government liabilities
3,627
926
2,032
669
4,197
-35
2,721
1,511
-570
961
-689
-842
3,704
-93
2,707
1,090
3,856
169
2,597
1,090
312
-312
1,529
640
640
3,309
129,961
130,402
Services
Direct defense expenditures
Travel
Passenger fares
Inland freight
Other transportation
Royalties and license fees
Other services
....
Investment income
Direct investment
Other private assets/liabilities
U S Government liabilities
Unilateral transfers net ...
Unilateral transfers gross
1,537
Current account, southbound
8
^05
1,295
366
-104
-1,323
513
-626
1,045
94
-121
144
-172
-93
-286
1993
Southbound goods services and income
Merchandise trade
Unilateral transfers net ..
Unilateral transfers gross
Current account, southbound
1,529
129,997
126,688
1. In the Canadian published accounts, transactions of U.S. military agencies are not shown
separately.
2. In the U.S. published accounts, inland freight is included in the merchandise trade account.
3. Royalties and license fees are included in other services for reconciliation.
-289
4
-293
-152
-262
110
933
436
-106
-1,185
77
-1,019
675
421
-341
204
-124
-421
-312
-441
-889
640
-35
3,714
SURVEY OF CURRENT BUSINESS
52 • October 1994
(tables 6 and j).4 Among the definitional adjustments, U.S. imports are redefined to include
Canadian reexports in order to align them with
Canadian estimates of exports to the United
States. U.S. published estimates, which are
on a country-of-origin basis, attribute Canadian reexports to third countries rather than to
4. The source data are the same for both countries, except for those used
by Statistics Canada to compile petroleum and natural gas exports. The data,
except as noted, are compiled from U.S. and Canadian customs documents
filed by U.S. and Canadian importers. U.S. merchandise imports are compiled from U.S. customs documents, and U.S. exports (Canadian imports)
are compiled from data provided from Canadian customs documents. Similarly, Canadian merchandise imports are compiled from Canadian import
documents, and Canadian exports (U.S. imports) are compiled from data
provided from U.S. customs documents.
Table 6.—Merchandise Trade, Northbound
[Millions of U.S. dollars]
Canadian
payments
U.S.
receipts
Type of adjustment
1992
Balance of payments basis,
published.
Reconciliation adjustments:
Inland freight
Repair of equipment
Other balance of payments
adjustments.
Statistical adjustments
Reconciled
91,365
-4273
193
7
87,565
Reclassification
Reclassification
-15 Definitional
Statistical
258
87,550
87,550
101,194
97,496
1993
Balance of payments basis,
published.
Reconciliation adjustments:
Inland freight
Repair of equipment
Other balance of payments
adjustments.
Statistical adjustments
Reconciled
-4585
187
7
-409
97,087
Table 7.—Merchandise Trade, Southbound
[Millions of U.S. dollars]
Canadian
receipts
U.S.
payments
Reconciliation adjustments:
Canadian reexports
Inland freight
Other balance of payments
adjustments.
Statistical adjustments
Reconciled
99,725
-876
1,665
100,868
1 925 Definitional
-2403 Reclassification
165 Definitional
Statistical
41
100,555
100,555
112,737
113,310
1993
Balance of payments basis,
published.
Reconciliation adjustments:
Canadian reexports
.,
Inland freight
Other balance of payments
adjustments.
Statistical adjustments
Reconciled
-956
1,577
Definitional
Reclassification
172 Definitional
2209
-2266
Statistical
68
113,425
113,425
Travel and passenger fares.—The Canadian and
U.S. published estimates of travel and passenger fares are based mostly on the same source
data and on common definitions. Thus, the rec-
Type of adjustment
1992
Balance of payments basis,
published.
Services
Statistical
284
97,087
Reclassification
Reclassification
Definitional
Canada; the Canadian published estimates are
on a country-of-shipment basis and thus do not
require a similar adjustment. Definitional adjustments are made to the Canadian published
estimates to eliminate timing differences (including progress payments on certain military
equipment imported from the United States) and
valuation differences.
Among the methodological adjustments, inland freight charges (freight charges on overland
shipments of exports and imports from the plant
to the border) are reclassified from merchandise
trade to the transportation accounts. This adjustment is made in order to value merchandise trade
in the U.S. accounts at the plant, rather than
at the border as in the U.S. published estimates.
In the Canadian published estimates, merchandise trade, with the exception of natural gas
exports, is valued at the plant, and inland freight
charges, except for those on natural gas exports,
are included in transportation; for reconciliation,
inland freight charges on Canadian exports of
natural gas are reclassified to transportation in
the Canadian accounts.
Other methodological adjustments include the
reclassification of equipment repairs from services to merchandise trade in the U.S. accounts.
In the U.S. published accounts, all equipment repairs are classified in services, though some are
initially reported in the merchandise trade source
data.
The reconciliations were carried out under the direction
of Lucie Laliberte, director of Statistics Canada's Balance of Payments Division, and Anthony DiLullo, assistant chief of BEA'S Balance of Payments Division. At
Statistics Canada, Hugh Henderson, Emmanuel Manolikakis, Jean-Francois Carbonneau, Robert Theberge,
Robert Poisson, and Denise Demers participated in the
reconciliation of the Canadian accounts. Ghysline Forget and Marguerite Desnoyers were responsible for the
production and coordination of reconciliation tables.
At BEA, Russell Scholl, assisted by Jane Newstedt, was
responsible for reconciling the U.S. portfolio income
accounts; Mark New, for the accounts related to U.S.
direct investment in Canada; Gregory M. Fouch, for
the accounts related to Canadian direct investment in
the United States; Kwok Lee, for merchandise trade;
and Howard Murad, for services.
SURVEY OF CURRENT BUSINESS
October 1994 •
Table 8.—Transportation, Northbound
[Millions of U.S. dollars]
Published estimates
U.S.
receipts
Adjustments to published estimates
Reconciled estimates
Canadian Difference
payments
U.S.
receipts
Canadian Remaining
payments difference
United
States
Type of adjustment
Canada
1992
Total
3,528
3,496
32
2,486
433
580
149
39
392
-2
138
119
26
-21
578
149
39
390
-6
-32
26
336
65
261
10
302
25
267
10
34
40
-6
6
471
105
261
105
21
79
188
188
88
2,426
-2,426
2,426
2,426
2,426
-2,355
3,682
3,665
32
23
568
147
43
378
568
147
43
378
307
55
242
10
291
39
242
10
1,042
3,063
440
30
39
371
586
181
13
392
Port services
Vessel operators
Airline operators
Other
502
130
261
111
31
25
Other
100
Freiaht
Ocean
Air
Other . „
.
Inland freight
-2,022
-146
-151
-2
19
-166
271
-65
-101
Statistical
Statistical
Statistical
267
4
167
Statistical
Reclassification
Reclassification and statistical
Reclassification and statistical
Reclassification and statistical
1993
Total
....
999
3,353
Freight
Ocean
Air
Other
413
11
43
359
687
294
11
382
Port services
Vessel operators
Airline operators
Other
486
110
242
134
43
27
16
443
83
242
118
Other
100
28
72
210
2,596
-2,596
2,596
Inland freight
-274
-283
16
2,683
155
136
19
16
16
179
311
-119
-147
32
-4
Statistical
Statistical
Statistical
124
248
12
242
-6
Statistical
Reclassification and statistical
Reclassification and statistical
210
110
182
Reclassification and statistical
2,596
2,596
-55
Reclassification and statistical
Table 9.—Transportation, Southbound
[Millions of U.S. dollars]
Published estimates
Adjustments to published estimates
Reconciled estimates
RemainCanadian
U.S.
Canadian
U.S.
ing
receipts payments Difference receipts payments difference
United
States
Canada
Type of adjustment
1992
Total
2,687
733
1,954
4,348
4,340
214
85
32
97
216
95
41
80
-2
-10
-9
17
223
85
41
97
223
85
41
97
Port services
Vessel operators
Airline operators
Other
13
6
7
393
71
247
75
-68
348
36
250
62
340
36
247
57
Other
96
124
-28
119
2,364
Freight
Ocean
Air
Other
Inland freight
2,364
-380
-65
-247
8
1,661
3,607
9
7
-10
9
17
8
335
30
250
55
-53
-35
119
23
-5
3,659
3,659
1,295
3,659
1,369
3,429
80
50
16
14
70
62
334
41
230
63
-75
-44
-18
-13
5
-18
Statistical
Statistical
Statistical
Statistical
Reclassification
Reclassification and statistical
Definitional, reclassification, and
statistical
Reclassification and statistical
1993
Total
Freight
Ocean
Air
Other
Port services
Vessel operators
Airline operators
Other
Other
Inland freight
4
2,828
764
2,064
4,196
4,192
206
90
30
86
216
78
46
92
-10
12
16
-6
286
140
46
100
286
140
46
100
9
4
5
414
89
248
77
-72
343
45
230
68
339
45
230
64
112
134
-22
134
134
22
2,501
3,434
3,434
933
2,501
-405
-85
-248
4
4
8
Statistical
Statistical
Statistical
Statistical
Reclassification and statistical
Reclassification and statistical
Definitional, reclassification, and
statistical
3,434
Reclassification and statistical
53
54 * October 1994
SURVEY OF CURRENT BUSINESS
onciliation adjustments are statistical. The U.S.
estimates are adjusted to exclude some transactions for cruise travel that may duplicate similar
transactions in the Canadian source data and to
account for differences in the timing of publication of revised estimates by Statistics Canada and
BEA.
Transportation.—The adjustments to transportation are largely methodological (reclassification)
and statistical (tables 8 and 9)0 The methodological adjustments include the previously mentioned reclassification of inland freight charges
from merchandise trade to transportation. In
addition, expenditures for port services by air
and rail carriers are reclassified from business
services to transportation in the Canadian published accounts to align them with the U.S.
treatment. Statistical adjustments are made to
reduce the U.S. northbound estimates of inland freight to the Canadian level because the
Canadian published estimates are believed to
be more accurate. Adjustments are made to
the U.S. southbound estimates of inland freight
to add Canadian estimates of inland freight
on U.S. natural gas and newsprint imports,
which are not fully covered in the U.S. source
data.
Table 10—Other Services, Northbound
[Millions of U.S. dollars]
Reconciled estimates
Published estimates
U.S.
receipts
Canadian Difference
payments
U.S.
receipts
Adjustments to published estimates
Canadian Remaining
payments difference
United
States
Canada
Type of adjustment
1992
Total
6,832
8,540
-1,708
7,161
7,047
114
329
-1,493
Affiliated
Royalties and license fees
Other services
3,499
1,100
2,399
4,605
1,005
3,600
-1,106
95
-1,201
3,777
-16
I1)
(')
278
I1)
0)
-812
8
3,793
I1)
0)
Unaffiliated
Royalties, license fees, and selected
services.
Insurance
Financial services ...
Education
Communications
Business services
Sports and entertainment
Commuters' wages
Trade union transactions
Other
Commissions
Airline port services
Railway port services
Aircraft leasing
2,885
360
3,457
369
-572
2,892
348
2,759
348
134
7
-12
-699
471
376
321
222
767
205
57
106
640
413
250
-169
471
396
321
340
393
321
131
3
721
472
57
106
721
472
57
106
Private:
Government:
United States
Canada
546
496
57
106
580
154
267
142
17
-9
-37
71
222
221
-291
-21 Statistical
-300
20
-222
-46
267
Definitional and statistical
I1)
(')
Gross to net and statistical
-20 Statistical
71 Statistical
Gross to net
175 Reclassification and statistical
-24 Statistical
-580
-154
-267
-142
-580
-154
-267
-142
Definitional
Reclassification
Reclassification
-17 Reclassification
-17
18 Statistical
56
392
42
436
14
-44
56
436
60
436
-4
6,781
8,882
-2,101
7,118
7,115
4
337
-1,768
Affiliated
Royalties and license fees
Other services
3,606
1,093
2,513
4,830
1,054
3,776
-1,224
39
1 263
3,917
(')
0)
4,008
0)
0)
-91
311
0)
0)
-822
Unaffiliated
Royalties, license fees, and selected
services.
Insurance
Financial services
Education
Communications
Business services . .
Sports and entertainment
Commuters' wages
Trade union transactions
Other
Commissions
Airline port services
Railway port services
Aircraft leasing
2,743
331
3,605
388
-862
2,727
365
2,630
365
97
-16
34
-975
193
469
368
266
787
169
56
104
672
428
246
-479
193
491
368
180
407
368
13
84
671
479
56
104
671
479
56
104
Statistical
44
1993
Total
Private:
Government:
United States
Canada
....
77
355
572
506
56
104
633
174
280
161
18
49
398
1. Royalties and license fees are combined with other services for reconciliation.
-57
41
122
266
215
-337
-266
-116
310
633
Gross to net and statistical
-21 Statistical
122 Statistical
Gross to net
99 Reclassification and statistical
-27 Statistical
-633
-174
-280
-161
Definitional
Reclassification
Reclassification
-18 Reclassification
-174
-280
-161
-18
28
^3
-23 Statistical
-492
22
Definitional and statistical
(')
0)
77
398
79
398
30 Statistical
-2
43
Statistical
October 1994
SURVEY OF CURRENT BUSINESS
A single definitional adjustment is made to the
Canadian southbound estimates to delete estimates of freight charges on U.S. exports in transit
in Canada. In the U.S. treatment, those charges
are viewed as payable by the importer and thus as
transactions between Canada and third countries.
"Other services."—"Other services" include transactions in royalties and license fees and in a
variety of other services between affiliated, or
related, persons and between unaffiliated per-
sons; they also include government transactions
(tables 10 and n). Affiliated services are reconciled at a highly aggregated level because of the
lack of detailed information by type of transaction in the U.S. source data. By contrast, the
source data on unaffiliated transactions contain a
large amount of detail by type of transaction, so a
detailed reconciliation of unaffiliated transactions
is undertaken.
Definitional adjustments are made to the Canadian estimates of affiliated and unaffiliated trans-
Table 11,—Other Services, Southbound
[Millions of U.S. dollars]
Reconciled estimates
Published estimates
Canadian
receipts
U.S.
payments
Difference
Canadian
U.S.
receipts payments
Adjustments to published estimates
Remaining
difference
Canada
United
States
Type of adjustment
1992
Total
5,077
3,708
1,369
3,649
4,054
Affiliated
Royalti6S and license fees
Other services
2,015
67
1,948
1,500
59
1,441
515
8
507
1,573
0)
0)
1,500
0)
I1)
Unaffiliated
Royalties, license fees, and selected
services.
Insurance
2,795
207
2,002
138
793
69
1,797
203
2,276
203
720
203
39
60
269
257
149
125
766
315
250
79
31
68
23
659
239
24
312
323
33
149
125
61
-36
15
252
-54
224
211
202
39
60
551
257
149
125
659
203
39
90
551
257
149
125
-405
-1,427
346
Private:
Financial services
Education
Communications
Business services
Sports and entertainment
Commuters' wages
Trade union transactions
Other
Commissions
Airline port services
Railway port services
Aircraft leasing
U.S. defense expenditures
Refining fees
..
...
...
Government:
Canada
United States
73
8
-479
-998
-448
-509
-4
-1
-1
-30
0)
0
274
65
-36
15
-222
282
766
315
250
79
31
68
23
Definitional and statistical
-442
228
224
-766
-315
-250
Definitional
Reclassification
Reclassification
Reclassification
Reclassification
Definitional
-79
-31
-68
-23
72
195
206
72
-11
72
206
72
206
5,338
4,066
1,272
4,047
4,340
293
Affiliated
Royalties and license fees
Other services
2,054
68
1,986
1,771
68
1,703
282
-1
283
1,810
0)
(l)
1,772
H
(>)
38
Unaffiliated
Royalties, license fees, and selected
services.
Insurance
;....
Financial services
Education
Communications
Business services
Sports and entertainment
Commuters' wages
Trade union transactions
Other
Commissions
Airline port services
Railway port services
Aircraft leasing
U S defense expenditures
Refining fees
3,030
212
2,098
141
932
71
1,969
208
2,300
208
-331
734
301
38
91
274
270
147
123
840
349
246
78
31
103
33
570
375
28
336
320
58
147
123
164
74
10
219
300
38
91
573
270
147
123
570
300
38
70
573
270
147
123
-352
11
Statistical
Gross to net and statistical
Statistical
Statistical
Gross to net
Reclassification and statistical
Statistical
72 Statistical
Statistical
1993
Total
-1,291
274
Private:
Government:
Canada
United States
71
184
-46
212
840
349
246
78
31
103
33
197
1. Royalties and license fees are combined with other services for reconciliation.
-245
71
-13
-243
H
-1,061
-4
203
67
-516
21
299
-78
-31
-103
-33
71
197
0
Statistical
Gross to net and statistical
Statistical
Statistical
Gross to net
-266
253 Reclassification and statistical
212 Statistical
-74
10
-840
-349
-246
71
197
1 Definitional and statistical
n
(>)
13
Definitional
Reclassification
Reclassification
Reclassification
Reclassification
Definitional
71 Statistical
Statistical
55
SURVEY OF CURRENT BUSINESS
56 • October 1994
actions to exclude nonresident taxes. In the U.S.
accounts, nonresident taxes are included on a
global basis, but they are not allocated by country. In addition, commissions on merchandise
trade are removed from the Canadian estimates
to align them with the U.S. treatment.
Methodological adjustments are made only to
unaffiliated transactions. They include the reclassification of air and rail carriers' port services
to transportation in the Canadian accounts. In
the U.S. northbound accounts, equipment repairs are reclassified to merchandise trade, and
medical services covered by Canadian Provincial health insurance programs are reclassified to
Canadian government services. Other methodological adjustments include netting the U.S.
estimates of northbound communications trans-
actions against southbound transactions.
A
detailed comparison of the Canadian and U.S.
estimates of communication transactions cannot
be undertaken because of the confidentiality of
source data. The Canadian estimates of insurance transactions are adjusted to a net basis for
comparability with the U.S. estimates; however,
insurance transactions cannot be fully reconciled
because of differences in accounting conventions
and data collection methods for the insurance
industry in Canada and the United States.
Statistical adjustments to the U.S. estimates include increases to account for undercoverage of
both affiliated and unaffiliated transactions. Statistical adjustments to the Canadian estimates are
made mostly to affiliated transactions, which are
reduced to reflect removal of an estimate for
Table 12.—Direct Investment income, Northbound
[Millions of U.S. dollars]
U.S.
receipts
Adjustments to published estimates
Reconciled estimates
Published estimates
Canadian
payments Difference
U.S.
receipts
Canadian Remaining
payments difference
United
States
Canada
Type of adjustment
1992
Direct investment income
Earnings of incorporated affiliates ..
Dividends
Reinvested earnings
Earnings of unincorporated
affiliates.
Net interest
976
358
2,383
1,677
1,138
537
-2,025
98
620
520
4,005
2,690
1,407
3,372
2,797
1,808
1,283
567
989
96
748
479
2,653
1,496
2,018
-522
2,067
929
2,203
1,798
929
2,203
1,503
439
-1,274
537
-1,274
268
100
601
601
633
3,882
2,658
1,523
3,711
2,658
1,523
294
471
1,135
567
1,135
396
269
657
657
-365
269
-586
-567
185
-752
269
-19
822
571
Definitional, reclassification, and
statistical
751 Statistical
170 Definitional, reclassification, and
statistical
81 Reclassification, net to gross, and
statistical
-180
1993
Direct investment income
Earnings of incorporated affiliates ..
Dividends
Reinvested earnings
Earnings of unincorporated
affiliates.
Net interest
-107
-401
171
-123
-32
116
-148
171
-91
339
-139
-285
146
300
178
Definitional, reclassification, and
statistical
Statistical
Definitional, reclassification, and
statistical
Definitional, reclassification, and
statistical
Table 13.—Direct Investment Income, Southbound
[Millions of U.S. dollars]
Canadian
receipts
U.S.
payments
Adjustments to published estimates
Reconciled estimates
Published estimates
RemainU.S.
differDifference Canadian
receipts payments ingence
Canada
United
States
Type of adjustment
1992
Direct investment income
Earnings of incorporated affiliates ..
Dividends
Reinvested earnings
Earnings of unincorporated
affiliates.
Net interest
1,377
408
372
36
747
659
289
186
103
28
718
119
186
-67
719
752
280
177
103
128
803
280
177
103
180
222
343
121
343
343
-35
-93
136
169
-364
442
-806
398
135
135
-52
-626
-128
-195
67
-52
-619
144
-9
-9
Statistical
Statistical
152 Definitional and statistical
Gross to net and statistical
121
1993
Direct investment income
Earnings of incorporated affiliates ..
Dividends
Reinvested earnings
Earnings of unincorporated
affiliates.
Net interest
755
222
961
411
194
217
533
152
135
17
926
19
608
-589
-392
414
-806
-364
442
-806
-262
-1,019
-383
166
-262
-217
-619
-17
204
28
28
Statistical
Statistical
176 Definitional and statistical
Gross to net and statistical
SURVEY OF CURRENT BUSINESS
undercoverage and to eliminate possible duplication of tooling charges in merchandise trade and
services.
Government transactions require only statistical adjustments, which reflect timing differences
in the publication of revised estimates. Estimates of government; transactions are exchanged
between Statistics Canada and BEA.
Investment income
Direct investment income,—This year, the reconciliation of direct investment income includes
the total income—distributed earnings, reinvested earnings, and interest—of incorporated
and unincorporated affiliates. In earlier years,
the reconciliation excluded reinvested earnings
of incorporated affiliates because they were not
included in the Canadian published estimates
of direct investment income. The inclusion of
reinvested earnings in the Canadian published estimates eliminates one of the major definitional
differences in the Canadian and U.S. published
estimates of investment income.
Statistical adjustments were the largest type of
adjustment made to the direct investment income estimates (tables 12 and 13). U.S. estimates
of northbound reinvested earnings of incorporated affiliates reflect higher earnings, or smaller
losses, than the Canadian estimates. Until further research on the reasons for the differences
can be undertaken, the estimates were reconciled
October 1994 •
at an arbitrary value midway between the U.S.
and Canadian published estimates. For southbound reinvested earnings, U.S. estimates are
used for reconciliation. For distributed earnings (dividends), Canadian estimates are used to
reconcile northbound and southbound estimates.
Statistical adjustments to earnings of unincorporated affiliates, which are reconciled in aggregate,
are made mainly to earnings in the banking,
insurance, and real estate industries for both
northbound and southbound estimates.
Definitional adjustments are made to the Canadian published estimates only. The Canadian
estimates are adjusted to exclude nonresident
taxes; in addition, the Canadian estimates of
earnings of insurance affiliates are adjusted to an
accrual basis from a cash basis.
Methodological adjustments are made to the
Canadian estimates; these include the reclassification of certain dividends from portfolio income
to direct investment income and the adjustment
of interest receipts and payments to a net basis
for comparability with the U.S. estimates.
"Other investment (portfolio) income."—The reconciliation adjustments to "other investment
income" are mostly statistical to account for
differences in source data (tables 14 and 15). Definitional adjustments consist primarily of the
removal of nonresident taxes from the Canadian
estimates.
Table 14.—Other Investment Income, Northbound
[Millions of U.S. dollars]
Reconciled estimates
Published estimates
U.S.
receipts
1992
Other investment income
Securities
Dividends
Interest on bonds
U.S. claims/Canadian liabilities
U S bank claims
Other private U.S. claims
U S Government claims
Canadian
payments Difference
U.S.
receipts
Adjustments to published estimates
Canadian Remaining
payments difference
-6
United
States
Canada
6,136
8,939
-2,803
8,889
8,895
4,359
421
6,695
484
2,336
-63
6,464
475
6,464
475
3,938
6,211
-2,273
5,989
5,989
1,777
1,143
2,244
320
-467
2,425
840
2,431
840
-6
1,924
-1,307
17
1,585
1,591
-6
968
17
-333
6,306
9,638
-3,332
9,338
9,335
3
3,032
-303
4,863
467
7,754
600
-2,891
7,476
577
7,476
577
2,613
110
-278
-133
4,396
7,154
-2,758
6,899
6,899
2,503
-255
1,443
980
1,884
339
-441
1,862
643
1,859
643
3
1,219
1,216
3
617
17
823
2,753
-44
2,105
54
-231
2,051
-222
648
-303
Type of adjustment
-9
187
520
Definitional, reclassification, and
statistical
Definitional and statistical
Net to gross, gross to net, and
statistical
Net to gross and statistical
Reclassification
1993
Other investment income
Securities
Dividends
Interest on bonds
U.S. claims/Canadian liabilities
U.S. bank claims
Other private U S claims
U.S. Government claims
450
13
1,545
641
-1,095
13
419
-337
769
-13
-23
-25
304
-329
Definitional, reclassification, and
statistical
Definitional and statistical
Net to gross, gross to net, and
statistical
Net to gross and statistical
Reclassification
57
SURVEY OF CURRENT BUSINESS
5$ • October 1994
Methodological adjustments are made primarily to the estimates of income on bank claims and
liabilities. With one exception, the Canadian estimates are converted from a net basis (receipts
on claims less payments on liabilities) to a gross
basis to align them with the U.S. treatment; the
exception is income receipts and payments between affiliated U.S. and Canadian banks, which
are reconciled on a net basis. On a gross basis,
the Canadian estimates substantially exceed the
U.S. estimates, but on a net basis, they are almost
identical. The divergence in the estimates on a
gross basis may be due to differences in reporting definitions for banks in Canada and in the
United States.
ernment liabilities are arbitrarily adjusted to a
midpoint. The Canadian estimates are lower
than the U.S. estimates because compilers of the
Canadian accounts assume that some U.S. Government securities are purchased by Canadian
parents on behalf of their U.S. insurance affiliates;
thus, the income would accrue to U.S. residents,
Based on indications in the U.S. source data,
compilers of the U.S. accounts assume that those
purchases and the income are entirely for the accounts of the Canadian parents.5 Finally, some
adjustments are made to the Canadian and U.S.
estimates to reconcile miscellaneous commercial
transactions.
Unilateral transfers
Several statistical adjustments are made, primarily to income on securities. First, the U.S.
estimates of northbound dividends are raised
to the Canadian level, and the Canadian estimates of southbound dividends are raised to the
U.S. level; these adjustments reflect the general
assumption that a country's source data on payments of dividends are more comprehensive than
its source data on receipts. Second, U.S. northbound estimates of income receipts on holdings
of Canadian bonds are raised to the Canadian
level; the Canadian estimates are based on an inventory of individual bonds held by nonresidents
that is more detailed and more comprehensive
than the U.S. inventory. Third, the Canadian
and U.S. estimates of payments on U.S. Gov-
In a definitional adjustment, the Canadian estimates of unilateral transfers are reduced by the
removal of nonresident taxes. In a methodological adjustment, the U.S. estimates are converted
to a gross basis from a net basis to align them
with the Canadian treatment. Small statistical
adjustments are made to the U.S. northbound
estimates and to the Canadian southbound estimates to compensate for a lack of coverage in the
source data, ffl
5. In 1993, the difference between the U.S. and Canadian estimates of
payments on U.S. Government liabilities widened considerably. The U.S.
estimate increased substantially, whereas the Canadian estimate decreased.
The U.S. estimate reflects a much larger increase in Canadian purchases of
U.S. Government securities than the Canadian estimate, and a much smaller
decline in yields.
Table 15.—Other Investment Income, Southbound
[Millions of U.S. dollars]
Adjustments to published estimates
Reconciled estimates
Published estimates
RemainCanadian
U.S.
U.S.
Canadian
ing
receipts payments Difference receipts payments difference
1992
Other investment income
Canada
United
States
-265
Type of adjustment
2,639
3,887
-1,248
3,778
3,622
156
1,139
1,604
1,396
208
2,116
1,558
558
-512
-162
-350
2,026
1,558
468
2,029
1,558
471
-3
-3
422
162
260
170
95
719
659
-549
-564
793
588
634
432
159
156
623
493
Other Canadian claims
75
60
15
205
202
3
130
142
Net to gross, gross to net, and
statistical
Net to gross and statistical
U S Government liabilities
865
1,052
187
959
959
94
-93
Statistical
2,701
4,232
-1,531
3,797
3,687
1,755
1,476
279
2,131
1,533
598
-376
-319
2,052
1,533
519
2,052
1,533
519
277
222
590
530
-313
-308
655
490
546
381
55
60
165
165
110
669
1,511
1,090
1,090
421
Securities
Dividends
Interest on bonds
Canadian claims/U.S. liabilities
Canadian bank claims . .
-87
-87
-85
-227
Definitional and statistical
Definitional and statistical
1993
Other investment income
Securities
Dividends
Interest on bonds
Canadian claims/U.S. liabilities
Canadian bank claims
Other Canadian claims
U.S. Government liabilities
-57
-5
-842
110
1,096
297
57
240
110
110
378
268
-545
79
-79
Definitional and statistical
Definitional and statistical
-44
-149
105
-421
Net to gross, gross to net, and
statistical
Net to gross and statistical
Statistical
C-J
SURVEY OF CURRENT BUSINESS
October
BUSINESS
CYCLE
INDICATORS
NOTE ro USERS: The composite indexes of leading, coincident, and lagging indicators have been revised from January 1989
through August 1994. For more information, see the box on page C-6.
Series originating in Government agencies are not copyrighted and may be reprinted freely. Series from private sources
are provided through the courtesy of the compilers and are subject to their copyrights.
Current and historical data for the series shown in the C-pages are available on diskettes, printouts, and the Commerce
Department's Economic Bulletin Board. For more information, contact the Business Cycle Indicators Branch, Business
Outlook Division (BE-SI), Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230. (Telephone:
(202) 606-5366; fax: (202) 606-5313.)
NOTE.—This section of the SURVEY is prepared by the Business Cycle Indicators Branch.
Series
no.
Series title and timing classification
Year
1993
1993
Aug.
Sept
1994
Nov.
Oct
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
1. COMPOSITE INDEXES
The Leading Index
910*
Composite index of leading indicators, 1987=100 (L,L,L)§ .
Percent change from previous month §
Percent change over 3-month span AR §
•
Leading index components:
Average weekly hours, mfq. (L,L,L)
1•
5*
Average weekly initial claims! for unemployment
insurance, thous. (L,C,L) $.
8*
Mfrs.' new orders, consumer goods and materials,
bil.1987$ (L.L.L).
32*
Vendor performance, slower deliveries diffusion index,
percent (L.L.L)*.
Contracts and orders for plant and equipment, bil. 1987$
2CU
(L.L.L).
29*
Index of new private housing units authorized by local
building permits, 1967=100 (L,L,L).
92*
Change in mfrs.1 unfilled orders, durable goods, bil.
1987$, smoothed (L,L,L)t.
99*
Change in sensitive materials prices, percent, smoothed
(L,L,L)t.
19*
Index of stock prices, 500 common stocks, 1941-43=10,
NSA (L,L,L)*.
106*
Money supply M2 bil. 1987$ (L.LL)
83*
Index of consumer expectations,
U. of Michigan,
1966:1=100, NSA (L,L,L)©2.
Diffusion index of 11 leading indicator components:
950
Percent rising over 1-month span§
Percent rising over 6-month span §
*
The Coincident Index
920*
*
41 *
51 *
47*
57*
951
*
Composite index of coincident indicators, 1987=100
(C,C,C)§.
Percent change from previous month §
Percent change over 3-month span, AR §
Coincident index components:
Employees on nonagricultural payrolls, thous. (C,C,C) ....
Personal income less transfer payments, bil. 1987$, AR
(C.C.C).
Index of industrial production, 1987=100 (C.C.C)
Manufacturing and trade sales, mil. 1987$ (C.C.C)
Diffusion index of 4 coincident indicator components
Percent rising over 1 -month span §
Percent rising over 6-month span§
98.8
.1
1.4
'98.5
-.4
r
1.6
'98.7
.2
'4.6
-99.2
.5
4.5
-99.6
.4
-6.6
-100.3
.7
-5,3
-100.5
.2
-4.5
-100.7
-.2
-4.0
-101.3
-.6
-3.6
-101.4
-.1
3.2
-101.5
.1
-1.6
-101.7
.2
1.2
-101.7
0
-2.8
-102.2
-.5
'2.0
'102.2
'0
41.4
365
41.5
371
41.5
370
41.6
354
41.7
336
41.7
318
41.7
360
41.3
338
42.1
327
42.2
344
42.1
371
42.0
348
-42.0
345
42.0
328
'42.0
324
1,304.63
106.61
108.97
111.33
112,47
114.60
116.08
115.62
118.25
117.64
118.72
117.69
-115.34
51.6
51.3
50.9
50.7
50.7
51.7
55.0
58.8
55.1
57.6
60.7
59.7
57.3
61.1
61.6
445.34
37.63
'36.77
38.48
41.33
40.82
42.06
42.18
43.49
42.01
-42.10
44.11
-43.23
-44.60
M5.01
104.7
110.0
108.2
104.9
106.6
108.0
113.6
-1.41
-1.02
-.63
-.18
--.20
--.46
'-.58
98.4
96.3
-2.87
-3.15
100.9
103.5
108.7
117.5
104.6
-3.23
-3.10
-2.92
-2.89
-2.21
99.8
-1.68
-12192 ' 120.32
-.26
-.48
-.50
-.32
-.05
.26
.52
.85
1.07
1.22
-1.44
-1.77
-2.28
-2.36
2.28
451.41
454.13
459.24
463.90
462.89
465.95
472.99
471.58
463.81
447.23
450.90
454.83
451.40
464.24
466.96
2,774.9
72.8
2.773.4
65.8
2.777.7 -2,772.0 -2,772.9
66.8
72.5
70.3
2,772.3
78.8
2,776.4
86.4
2,767.0
83.5
2,769.3 -2,771.8 -2,768.5
82.6
84.2
85.1
2,756.8
82.7
r
57.6
66.3
109.4
r
81.8
81.8
109.8
r
r
2,757 2
78.5
-2,744.2 '2.737.1
80.8
83.5^
-36.4
-77.3
-113.6
-113.7
-114.4
-.4
-2.9
.1
-4.3
'59.1
90.9
81.8
90.9
72.7
81.8
81.8
90.9
77.3
86.4
45.5
63.6
81.8
63.6
54.5
63.6
63.6
72.7
P72.7
109.9
-110.3
-110.9
-111.5
-111.4
-112.1
-112.7
-112.9
-113.2
45.5
'59.1
3
114.7
3
.3
.1
2.6
.6
2.6
'.1
4.5
.4
4.1
.5
-6.0
.5
-4.0
-.1
-4.4
-.6
-4.4
.5
-5.5
.2
4.0
.3
-3.2
110,525
3,523.2
110,714
3,543.1
110,923
3,539.6
111,112
3,556.1
111,366
3,571.8
111,610
3,589.3
111,711
3,566.9
111,919
3,618.9
112,298
3,629.0
112,699
3,641.9
112,951
3,652.7
113,334 -113,624 -113,870 '114,109
3,649.3 -3,652.6 -3,661.0 "3,678.2
111.1
111.3
110.9
6,261.841 -524,717 -527,396
111.9
530,616
112.8
535,649
114.0
541,961
114.6
539,978
115.0
545,678
115.9
553.121
116.0
549,559
116.6
550,330
-118.7
-117.5
-117.9
553,961 -549,868 ' 563,945
83.3
97.9
r
100.0
100.0
-75.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
50.0
100.0
100.0
100.0
100.0
100.0
75.0
100.0
100.0
100.0
96.4
3
3
-.6
3.9
'118.7
75.0
100.0
75.0
100.0
3
83.3
4
98.4
The Lagging Index
930*
*
91 *
77*
62*
109*
101 *
95*
120*
952
*
940*
Composite index of lagging indicators, 1987=100
(Lg,Lg,Lg)§.
Percent change from previous month §
Percent change over 3-month span AR § ....
Lagging index components:
Average duration of unemployment, weeks (Lg.Lg.Lg) 5 $
Ratio, mfg. and trade inventories to sales in 1987$
(Lg.Lg.lg).
Change in labor cost per unit of output, mfg., percent,
AR, smoothed (Lg.Lg.Lg) f.
Average prime rate charged by banks, percent, NSA
(Lg.Lg.Lg)*.
Commercial and industrial loans outstanding, mil. 1987$
(Lg.Lg.Lg).
Ratio, consumer installment credit outstanding to
personal income, percent (Lg.Lg.Lg).
Change in Consumer Price Index for services, percent,
AR, smoothed (Lg.Lg.Lg) f.
Diffusion index of 7 lagging indicator components:
Percent rising over 1 -month span§
Percent rising over 6-month span §
Ratio, coincident index to lagging index, 1987=100 (L,L,L)§
96.3
.1
.2
18.1
1.53
-96.7
-96.5
-96.3
96.2
96.4
96.0
95.8
96.4
96.8
-97.3
97.5
-97.7
r
-A
-1.7
'.3
-1.2
-.2
--.4
-.2
--2.1
--.1
--.4
.2
'-1.2
-.4
-1.7
-.2
0
.6
3.4
.4
-6.4
-.5
.4.6
-.2
-3.8
-.2
4
4.6
18.3
1.52
18.4
1.52
18.4
1.51
18.9
1.50
18.2
1.48
18.3
1.49
18.7
1.48
19.2
1.45
19.1
1.47
19.6
1.48
18.3
1.47
19.2
1.49
19.2
'1.46
19.2
4
.7
-.9
.1
.9
.5
-.5
-2.1
-2.8
-2.4
-2.9
-3.4
-4.3
--4.0
--3.9
--4.4
'-3.6
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.06
6.45
6.99
7.25
7.25
7.51
7.75
371,343
376,605
376,574
373,963
374,072
373,476
375,033
371.935
369,083
371,660
14.13
14.07
14.25
14.29
14.35
14.42
14.60
14.45
14.57
14.67
14.80
14.98
-15.04
* 15.18
3.8
3.9
3.7
3.6
3.5
3.5
3.1
3.2
3.6
3.6
3.3
3.0
2.9
3.1
47.6
44.0
113.6
-35.7
50.0
' 113.9
50.0
-35.7
-113.7
28.6
'28.6
'114.3
28.6
21.4
-115.2
42.9
28.6
-115.9
50.0
35.7
'115.6
35.7
42.9
'116.8
42.9
42.9
-117.6
78.6
50.0
r
117.1
57.1
-42.9
-116.9
71.4
50.0
-116.8
64.3
-64.3
-116.6
-117.1
NOTE—The following current high values were reached .before August 1993: May 1991—BCI-106
(2,865.8); December 1991-BCI-77 (1.65); January 1992-BCI-120 smoothed (4.2); October 1992-BCI-62
smoothed
(3.0); December 1992—BCI-51 (3,706.5) and BCI-83 (89.5); and April 1993—BCI-91 (17.7).
See page C-6 for other footnotes.
375,953 -377,976
4
383,702 -385,573 ''394,210
3.1
4
80.0
'116.6
C-2
Series
no.
SURVEY OF CURRENT BUSINESS
® October 1994
1993
Year
Series title and timing classification
Aug.
1993
1994
| Nov.
Oct
Sept
| Dec.
|
Jan.
Feb.
Mar.
Apr.
130,580
122,037
130,747
122,338
| May
June
July
Aug.
130,248
122,430
130,457
122,452
131,189
123,166
131,343
123,628
| Sept.
2. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
441
442
451
452
453
1*
21 *
5*
46*
60
48*
42
41 *
963
40*
90*
37
43*
45
91*
44
Labor force:
Civilian labor force thous l
Civilian employment thous '
Civilian labor force participation rates (percent):
Males 20 years and over 1 l
Females 20 years and over
Both sexes 16-19 years of age1
Marginal employment adjustments:
Average weekly hours mfg (L L L)
Average weekly overtime hours mfg. (L C L)
Average weekly initial claims for unemployment
insurance, thous. (L,C;L)2$.
Job vacancies:
Index of help-wanted advertising, 1967=100 (L.Lg.U)
Ratio, help-wanted advertising to unemployed (L,Lg,U) *
Employment:
Employee hours in nonagricultural establishments,
bil. hours, AR (U.C.C).
Persons engaged in nonagricultural activities, thous.
(U.C.C) *.
Employees on nonagricultural payrolls, thous. (C.C.C) ....
Diffusion index of employees on private nonagricultural
payrolls, 356 industries:
Percent rising over 1 -month span
Percent rising over 6-month span
Employees in goods-producing industries, thous. (L,C,U)
Ratio, civilian employment to population of working age,
percent (U.Lg.U) f.
Unemployment:
Number of persons unemployed, thous. (L,Lg,U) l $
Civilian unemployment rate, percent (L.Lg.U) 1 1
Average weekly insured unemployment rate, percent
l
Average duration of unemployment, weeks (Lg.Lg.Lg) $
Unemployment rate, 15 weeks and over, percent
(Lg.Lg.Lg)1^.
128,040
119,306
128,334
119,692
128,108
119,568
128,580
119,941
128,662
120,332
128,898
120,661
130,667
121,971
130,776
1 22,258
130,774
122,872
76.9
58.4
51.5
77.0
58.5
51.6
76.7
58.4
51.2
77.0
58.6
51.1
76.8
58.7
51.2
76.8
58.9
50.9
77.0
59.3
53.3
76.9
59.5
52.4
76.8
59.3
52.3
76.7
59.2
54.0
76.7
59.3
53.1
76.2
58.9
53.7
76.4
59.0
52.5
76.6
59.4
53.0
76,5
59.8
41.4
41.5
41.5
41.6
41.7
41.7
41.7
41.3
42.1
42.2
42.1
42.0
41
371
42
370
43
354
44
336
44
318
45
338
47
327
4.8
344
47
371
4.7
348
'42.0
4.6
345
42.0
'4.6
"42.0
4.1
365
328
324
103
MOO
'.348
100
.343
.355
106
.365
107
.382
45
360
110
105
115
.397
.359
.402
117
.407
116
121
.410
.456
117
.445
.51.1
"4.6
'122
119
"117
'.453
.441
P. 451
204.76
205.58
204.88
206.15
206.18
206.89
207.96
205.56
208.41
209.56
210.47
210.03
'210.18
'210.09
"211.63
116,232
116,687
116,475
116,920
117,218
117,565
118,639
118,867
118,611
118,880
119,437
119,195
119,173
119,722
120,219
110,525
110,714
110,923
111,112
111,366
111,610
111,711
111,919
112,298
112,699
112,951
113,334 '113,624 '113,870 "114,109
563
'"67.6
23,519
632
'59.3
'"60.3
"56.5
"66.3
23,576 '"' 23,590 '"'23"627 "P 23 642
574
56.2
59.5
50.0
58.8
567
61.0
62.8
574
60.8
23,256
23,207
23,206
23,245
23,281
23,298
61.6
61.8
61.6
61.8
61.9
8,734
6.8
2.6
8,642
6.7
2.6
8,540
6.7
2.6
8,639
6.7
2.6
18.1
18.3
18.4
18.4
2.4
2.3
59.7
2.4
2.4
566
583
67.0
65.9
62.9
68.8
23,328
23,327
23,395
62.0
62.2
62.3
62.2
62.3
62.5
62.2
62.2
62.5
62.7
8,330
6.5
2.6
8,237
6.4
2.5
8,696
6.7
2.5
8,518
6.5
2.6
8,543
6.5
2.6
8,408
6.4
2.5
7,902
6.0
2.5
7,817
6.0
2.5
8,005
6.1
2.5
8,023
6.1
2.5
7,715
5.9
2.4
18.9
18.2
18.3
18.7
19.2
19.1
19.6
18.3
19.2
19.2
19.2
2.3
63.6
2.2
2.3
2.4
2.4
62.5
'66.0
23,506
2.3
2.\
2.1
2.1
2.2
2.2
3. OUTPUT, PRODUCTION, AND CAPACITY UTILIZATION
55*
50
49
47*
73*
74*
75*
124
82 *
Output:
Gross domestic product, bil. 1987$, AR (C.C.C)
Percent change from previous Quarter AR
Gross national product bil 1987$ A R ( C C C )
Value of domestic goods output bil. 1987$ AR (CCC)
Industrial production indexes, 1987=100:
Total (CCC)
Durable manufactures (CCC)
Nondurable manufactures (C L L)
Consumer goods (C L C)
Capacity utilization rates (percent):
Total industry (L C U)
Manufacturing (L C U)
5,134.5
31
51403
2081.8
5,139.4
2.7
51484
2 078.2
110.9
111.1
111.3
111.9
112.8
114.0
114.6
115.0
1143
1086
1088
1139
1092
1086
1150
1085
1085
1162
1088
1092
1180
1091
1097
1201
1097
1204
1096
1109
1209
1101
1116
81 5
806
81 4
803
5,218.0
6.3
52187
2135.5
81 4
804
81 7
808
822
81 5
110 1
829
823
832
822
"5,359.2
5,314.1
4.1
5,310.5
2201.3
5,261.1
33
52627
21688
115.9
121 7
111 7
1119
"3.4
"2,236.1
116.0
116.6
1229
111.8
111 2
113.1
111 7
'117.5
'1234
113.3
'1127
'117.9
124.3
'113.6
'1132
'118.7
1225
'84.3
'83 5
'84.4
837
'84.8
833
824
838
830
837
831
839
834
1262
'114.0
'1137
84.3
P 11 8.7
^ 126.4
"114.0
"1133
P 84.6
^842
4. SALES, ORDERS, AND DELIVERIES
57*
59*
7*
8*
92*
32*
Sales:
Manufacturing and trade sales, mil. 1987$ (C.C.C)
Sales of retail stores, mil. 1987$ (U.L.U)
Orders 1and deliveries:
Mfrs. new orders, durable goods, bil. 1987$ (L,L,L)
Mfrs.' new orders, consumer goods and materials,
bil. 1987$ (L.L.L).
Mfrs.1 unfilled orders, durable goods, mil. 1987$0
Change from previous month bil. 1987$
Change from previous month, bil. 1987$, smoothed
(L,L,L)t.
Vendor performance, slower deliveries diffusion index,
percent (L,L,L)*.
6,261,841 '524,717 '527,396
1 758 746 M 47 ,392 '147,486
530,616
149,842
535,649
150675
541,961
152,566
539,978
150,500
545,678
153034
553,121
155,456
549,559
153,754
550,330
153,469
1,381.61
1,304.63
113.68
106.61
115.01
108.97
117.87
111.33
120.10
112.47
122.20
114.60
126.86
116.08
124.58
115.62
125.24
118.25
125.61
117.64
M 26.94
118.72
362,630
368,404
-1 97
-3.10
366,140
362,630
364,684
205
-2.21
363,422
-1 26
-1.68
361,459
-1 96
-1.41
361,811
35
-1.02
361,963
15
374,775
370,372
-288
-240
-440
-2.87
-3.15
-3.23
51.6
51.3
50.9
50.7
-226
-351
-2.92
-2.89
50.7
51.7
55.0
58.8
55.1
57.6
-.63
60.7
553,961 '549,868 P 563,945
154,498 '154,021 '155,574 "156,240
128.04
117.69
'122.89
'115.34
'130.33
'121.92
>> 130.36
"120.32
362,987 '360,716 '358,628 "358,459
'-227
p-M
1 02
'-209
'-.20
'-.46
-.18
"-.58
59.7
57.3
61.1
61.6
5. FIXED CAPITAL INVESTMENT
12*
13*
10
20*
27*
9*
61
100*
69*
Formation of business enterprises:
Index of net business formation, 1967=100 (L,L,L)
Number of new business incorporations (L L L)
Business investment commitments:
Contracts and orders for plant and equipment, bil.$
(UL.L).
Contracts and orders for plant and equipment, bil. 1987$
(L,L,L).
Mfrs.' new orders, nondefense capital goods, bil. 1987$
(L,L,L).
Construction contracts awarded for commercial and
industrial buildings, mil. sq. ft. (L,C,U)©4.
Business investment expenditures:
New plant and equipment expenditures by business,
bil.$, AR (C.Lg.Lg)*.
New plant and equipment expenditures by business
bil.1987$,AR(C,Lg,Lgr.
Mfrs.' machinery and equipment sales and business
construction expenditures, bil.$, AR (C.Lg.Lg).
'126.3
'125.5
121.1
58209
122.3
63758
119.2
55294
123.5
61 739
125.3
61 873
125.2
61978
125.1
60680
127.5
64,119
125.4
58992
430.82
36.36
'35.28
•36.56
38.78
38.84
40.91
40.72
41.12
39.41
39.69
41.99
'40.64
'42.30
f 42.46
445.34
37.63
'36.77
38.48
41.33
40.82
42.06
42.18
43.49
42.01
'42.10
44.11
'43.23
'44.60
"45.01
401.86
33.87
33.09
35.28
37.99
37.60
38.43
38.50
39.27
38.98
'38.58
40.81
'39.62
'40.66
"41.09
535.60
44.44-
45.34
46.74
47.15
52.36
52.76
49.34
61.83
50.96
53.48
51.96
62.47
57.50
57.08
586.73
594.56
604.51
61934
637.08
"651 92
56340
57446
58690
59897
61316
a
462.79
467.15
461.86
467.11
NOTE.—The following current high values were reached before August 1993: July 1991—BCI-92 change (6.72)
and April 1993-BCI-91 (17.7).
See page C-6 for other footnotes.
'125.9
"63097
121.1
707413
489.94
511.08
480.27
491.54
503.68
499.18
124.8
58528
503.95
517.15
'509.90
"123.5
628 96
'525.00
P 528.31
SURVEY OF CURRENT BUSINESS
Series
no.
October 1994 •
1994
1993
Year
Series title and timing classification
1993
Aug.
Nov.
Oct
| Sept
C-3
Dec.
Jan.
Mar.
Feb.
Apr.
May
June
Aug.
July
Sept.
5, FIXED CAPITAL INVESTMENT-Continued
76*
86
87
88
28
29
894
Business investment expenditures— Continued:
Index of industrial production, business equipment,
1987=100 (C,Lg,U).
Gross private nonresidential fixed investment, bil. 1987$,
AR:
Total (C Lg.C)
Structures (Lg,Lg Lg)
Producers' durable equipment (C Lg C)
Residential construction and investment:
New private housing units started, thous., AR (L,L,L)
Index of new private housing units authorized by local
building permits, 1967=100 (L.L.L).
Gross private residential fixed investment bil. 1987$ AR
(L,L,L).
134.6
134,8
591 6
443.9
597.9
147.5
450.3
1,288
1,319
96.3
98.4
213.0
211.0
1477
136.3
139.7
137.7
141.8
142.9
627.2
148.7
478.5
1,359
100.9
145.5
146.3
147.3
1,612
117.5
1,271
104.6
224.5
1,328
99.8
r
r
148.5
1,519
104.7
1,471
110.0
1,491
108.2
2299
r
149.9
152.5
f 153.4
P 669.2
•M489
^520.3
6579
151 0
506.9
6436
144 1
499.4
1,406
108.7
1,409
103.5
145.0
r
1,358
104.9
r
1,439
106.6
1,461
108.0
* 1,525
113.6
^229.5
233.8
6. INVENTORIES AND INVENTORY INVESTMENT
70
77 *
30*
31 *
Inventories on hand:
Mfg. and trade inventories, bil. 1987$ (Lg,Lg,l_g)0
Ratio mfg. and trade inventories to sales in 1987$
(Lg.Lg.Lg).
Inventory investment:
Change in business inventories bil 1987$ AR (ILL)
Change in mfg. and trade inventories bil.$ AR (L L L) ..
801.57
1 53
153
238
799.28
1 52
r
130
17.0
802.34
1 52
801.82
1 51
801.57
1 48
803.66
1.50
802.70
1 49
805.34
1 48
253
254
498
108
r
21.3
14.7
-13.6
55.3
804.03
1 45
805.40
1 47
811.95
1 48
813.79
1 47
-198
57.6
592
122.4
47.0
r
81 9.93 ^821.93
1 49
*1 46
r
P
671
''645
1068
7. PRICES
99*
98
23*
336
337 *
334 *
333 *
332 *
331 *
311
*
*
320
323 *
*
120*
Sensitive commodity prices:
Index of sensitive materials prices, 1987=100
Percent change from previous month ..
Percent change from previous month, smoothed
(L,L,L)f.
Index of producer prices for sensitive crude and
intermediate materials, 1987=100 (L,L,L).
Cattle hides
Lumber and wood products
Wastepaper, news
Wastepaper, mixed, NSA
Wastepaper corrugated
Iron and steel scrap
Copper base scrap
Aluminum base scrap
Other nonferrous scrap, n.e.c., NSA
Sand, gravel, and crushed stone
Raw cotton
Domestic apparel woo!
Index of spot market prices, raw industrial materials,
1967=100, NSA(U,L,L)© 1+ .
Copper scrap, $ per Ib.©
Lead scrap $ per Ib. ©
Steel scrap, $ per tori © ....
Tin, $ per Ib., NSA©
Zinc, $ per Ib., NSA©
Burlap, $ per yd., NSA©'
Cotton $ per Ib. ©
Print cloth, $ per yd., NSA©
Wool tops, $ per Ib., NSA©
Hides, $ per Ib., NSA©
Rosin $ per 100 Ib ©
Rubber $ per Ib ©
Tallow, $ per Ib. ©
Producer Price Indexes:
Finished goods 1982=100 ....
Percent change over 1 -month span
Percent change over 6-month span AR
Finished goods less foods and energy, 1982=100
Percent change over 1 -month span
Percent change over 6-month span AR
Finished consumer goods, 1982=100
Percent change over 1 -month span
Percent change over 6-rnonth span AR
Capital equipment, 1982=100
Percent change over 1 -month span
Percent change over 6-month span, AR
Intermediate materials, supplies, and components,
1982=100.
Percent change over 1 -month span
Percent change over 6-month span, AR
Crude materials for further processing, 1982=100
Percent change over 1 -month span
Percent change over 6-month span AR
Fixed-weighted price index qross domestic business
product, 1987-100.
Percent change from previous quarter AR
Consumer Price Indexes for all urban consumers:
All items 1982-84=100 NSA
Percent change over 1 -month span
Percent change over 6-month span AR
All items less food and energy, 1982-84=100
Percent change over 1 -month span
Percent change over 6-month span AR
Services, 1982-84=100
Percent change from previous month, AR
Percent change from previous month, AR, smoothed
(Lg,Lg,Lg)t.
99.58
98.03
97.67
-.03
-.26
-.86
-.48
-.37
-.50
161.79
159.54
1804
1741
1797
1721
94.0
80.8
1394
100.6
90.2
1423
1728
1362
1293
113.8
134.0
922
-.05
161.13
165.78
1859
1744
93.5
80.4
1389
.85
1.03
1.07
169.43
172.15
174.01
173.02
173.22
169.51
1852
1826
1838
91.1
74.2
181 8
1764
181 2
1865
181 8
101 1
750
178 1
181 7
999
1576
1002
7?.4
1950
2058
201 4
97.9
56.8
1043
58.1
1148
56.7
1246
1204
80.2
1222
86.4
255.6
258.1
263.7
268.8
632
275.2
69.3
253.1
279.1
280.9
288.0
.572
.644
.696
.717
.747
.744
.876
.654
134
114042
3.294
451
.240
.611
123
110402
3.095
445
.241
.578
118
127351
3.189
459
135.7
123
138.940
3.225
.147
.146
124 1
-.8
130
138530
3.621
467
128
135827
3.630
461
165
132161
3.518
482
.887
154
131.992
3.612
721
.890
3.450
815
59118
442
3.600
3.500
3.500
756
55944
448
3.750
746
55944
447
156
3.900
788
55944
493
-.1
1.6
135.5
.1
19
122.1
-.2
13
132.0
.2
2.3
116.3
.3
18
136.2
.5
27
122.4
.2
11
132.9
.7
3.8
116.4
.4
M3
136.3
.1
r
27
123.0
.5
5
.2
16
136.5
.1
25
123.1
.1
10
133.4
.2
4.0
117.1
0
19
136.6
.1
16
123.0
-.1
16
133.9
.4
2.9
117.1
.1
.2
103.7
2.2
4.0
.2
1.0
103.4
-.3
2.6
-.3
1.4
101.8
.1
1.2
103.5
1.7
-1-.0
.2
2.4
103.4
1.3
22
0
3.3
103.2
-.2
-29
.808
56112
448
.798
56225
446
-1.5
3.8
145.8
.3
2.4
154.1
.4
2.6
160.0
3.8
3.5
.2
38
116.9
r
r
.4
1.0
102.1
r
-1.4
-33
r
2.4
145.7
.3
2.4
153.5
.3
2.6
159.5
3.1
3.6
1331
1259
1250
1.8
145.1
.1
2.6
153.1
.1
2.8
159.1
3.1
3.7
,844
157
117992
3.620
490
680
.1
1.6
135.3
.4
1.8
122.4
.1
15
131.8
.3
2.0
116.6
1243
.895
.917
129
113198
3.713
484
87.8
313.6
.890
-.1
-.8
134.8
-.3
-6
122.3
0
-1 6
131.4
-.4
2.0
116.4
1240
1149
82.1
305.3
673
1253
-3.4
1074
85.0
299.5
.890
.155
-3.4
83.5
290.9
1621
177.8
143.7
138.2
123.1
705
1253
0
0
101.5
.7
171 6
141.1
138.2
.890
1251
0
.5
100.8
-.7
139.1
138.0
752
.152
.1
1.0
102.4
0
.9
131.1
137.3
121.0
1725
.860
1246
131.9
.1
1.2
116.3
1854
1572
161 4
724
.143
131.8
.2
.8
116.3
1759
.772
1242
122.3
.2
-23
1690
1609
1602
325.5
265.2
401 1
188.1
726
.138
-22
128
125098
3.730
145.8
.2
2.9
154.4
.2
3.2
160.5
3.8
3.5
.478
.275
.275
1243
122.1
-1.1
-29
105.2
2620
r
1831
r
1444
r
151 5
M23.1
r
137.1
r
.750
.275
.140
.2
240.7
283.1
481 0
753
.273
1242
-1.4
208.9
302.1
4772
.750
.269
.142
135.2
.1
-13
2157
1800
116.6
170.2
361 4
703
.265
1243
-2.2
144.8
.3
2.4
153.0
.3
2.8
158.7
3.9
3.9
131
140201
3.598
483
121.8
137.5
3.950
845
55888
512
145
135.1
-1.1
128
139625
3.324
496
1950
1372
1497
1776
.750
.750
1247
124
140435
3.286
492
1374
1465
r
1733
r
1076
r
644
571
.700
3.400
805
59940
447
106.5
137.2
141 7
115.4
136.9
179.32
2107
1791
1.44
2.28
.750
547
.792
102.4
136.2
1351
178.05
2031
1769
r
4.17
.466
.256
.700
3.400
1282
1320
174.86
191 1
M.77
'115.71
.247
513
59940
441
2030
1232
1296
89.6
2063
171.29
1856
53.1
98.5
72.3
1399
141 2
207.4
1761
118.08
167.70
51.7
128.1
880
116.40
.60
r
2.36
'111.08
'2.95
119.1
136.9
121 4
1173
.688
.2
2.6
152.2
.3
3.0
157.9
3.8
3.8
r
r
2.28
107 .90
r
2.19
r
1.44
100.7
136.3
959
202.5
556
1445
r
1.23
1.22
107.5
134.8
905
94.0
79.3
1399
.677
2.8
105.59
113.5
133.8
181 3
607
0
2
135.8
0
3
123.0
0
-2
131.4
.2
1.8
116.2
104.31
171 2
255.5
3.339
799
59238
450
1.84
1251
1256
NOTE.—The following current high values were reached before August 1993: July 1991—BCI-120 change (5.9);
December 1991—BCI-77 (1.65); and January 1992—BCI-120 smoothed (4.2).
See page C-6 for other footnotes.
103.25
.26
101.38
.88
.52
1.03
1302
1275
260.4
.247
-.32
100.50
170.0
85.7
54.9
.702
99.48
.94
1844
1777
94.2
80.2
1390
1907
1190
1287
56.5
139
115553
3.494
484
98.55
.90
3.910
.873
56000
518
.275
4.000
.886
56000
557
.275
4.000
.906
56000
627
1467
1472
1474
0
2.5
154.6
.1
3.0
160.6
.8
3.1
.3
2.3
155.0
.3
29
161.3
5.4
3.2
.3
2.5
155.5
.3
3.0
162.0
5.3
3.6
.1
3.2
155.8
.2
3.1
162.3
2.2
3.6
4.475
.938
55944
669
.157
.164
.173
.186
.192
1252
1258
1266
1260
24
137.1
r
.4
22
122.7
-.2
21
r
134.3
'.3
29
' 117.2
M
1.1
137.2
M
21
122.7
0
8
134.6
'.2
2.7
117.7
M
3.8
M01.7
r
-1.5
-1 0
'.4
4.0
102.9
M.2
-65
"-.2
r
.5
.6
-.5
137.3
.1
137.8
.4
137.9
.1
123.4
.6
124.3
.7
123.6
-.6
134.8
.1
135.0
.1
135.2
.1
118.3
119.1
119.4
.5
.7
.3
102.0
-.9
101.6
-.4
100.0
1475
s!s
156.3
.3
31
162.5
1.5
3.3
-1.6
p-\21 6
27
1462
4.070
896
55888
665
.505
.278
M251
1267
28
.275
^27
1480
.3
3.0
156.7
.3
2.8
162.8
2.2
3.0
1484
1490
1494
.3
.3
.2
157.0
.2
157.4
.3
157.7
.2
163.3
3.7
2.9
163.9
4.5
3.1
164.2
2.2
3.1
C-4
Series
no.
SURVEY OF CURRENT BUSINESS
® October 1994
Year
1993
Series title and timing classification
1993
Aug.
1994
Nov.
Oct
| Sept
Dec.
Jan.
Feb.
Mar.
| Apr.
May
June
|
July
Aug.
Sept.
8. PROFITS AND CASH FLOW
16*
18*
22 *
81 •
26*
35
Profits and profit margins:
Corporate profits aner tax, bil.$ AR (L L L) ..
Corporate profits after tax, bil. 1987$, AR (L,L,L)
Ratio corporate domestic profits after tax to corporate
domestic income, percent (L,L,L).
Ratio corporate domestic profits after tax with IVA and
CCAdj to corporate domestic income, percent(U,L,L).
Ratio, implicit price deflator to unit labor cost all
persons, nonfarm business sector, 1982= 100 (L,L,L).
Corporate net cash flow bil. 1987$ AR (ILL)
289.2
245.1
74
2889
244.8
73
264.9
80
299.4
253.1
76
321.4
271.5
8.1
90
84
88
3102
82
84
103.7
103.7
104.5
104.1
104.3
494.7
4996
5249
527.1
535.0
9. WAGES, LABOR COSTS, AND PRODUCTIVITY
345
346
53*
63
62*
370
*
358 *
Wages and compensation:
Index of average hourly compensation all employees
nonfarm business sector, 1982=100.
Percent change from previous quarter AR
Index of real average hourly compensation all
employees, nonfarm business sector, 1982=100.
Percent change from previous quarter, AR
Wages and salaries in mining, mfg., and construction,
bil.1987$,AR(C,C,C).
Unit labor costs:
Index of unit labor cost all persons business sector
1982=100 (Lg.Lg.Lg).
Index of labor cost per unit of output, mfg., 1987=100 ...
Percent change from previous month AR
Percent change from previous month, AR, smoothed
(Lg,Lg,Lg)t.
Productivity:
Index of output per hour all persons business sector
1982=100.
Percent change over 1 -quarter span AR
Percent change over 4-quarter span AR
Index of output per hour, all persons, nonfarm business
sector, 1982=100.
1583
1590
1599
1621
1625
24
105.7
57
106.6
8
106.1
33
105.7
1059
.3
599.8
1.1
603.5
1369
1374
111.3
-25
-.9
111.7
22
.1
117.3
1174
119.1
16
2.2
115.5
34
3.1
115.8
57
2.2
117.2
30
606.0
606.1
112.0
33
.9
111.5
-52
.5
-.6
606.9
608.5
610.4
110.2
-83
110.2
-2.1
-2.8
3.5
612.9
1363
-1.9
613.1
615.0
110.5
33
109.7
-84
109.3
-43
o
108.6
-74
-2.4
-2.9
-3.4
-4.3
616.4
'616.3
^ 61 6.2
P618.2
108.7
r
11
-4.0
r
r
'107.9
'34
"-3.6
138.5
1374
111.0
-53
614.6
r
r
108.3
-43
'-3.9
107.6
r
r
-75
-4,4
119.1
1199
29
-27
118.0
117.2
10. PERSONAL INCOME AND CONSUMER ATTITUDES
52
51 *
58
83*
122
123*
Personal income:
Personal income bil. 1987$ AR (CCC)
Personal income less transfer payments, bil. 1987$, AR
(C.C.C).
Indexes of consumer attitudes:
Consumer sentiment, U. of Michigan, 1966:1=100, NSA
(U.L)©1.
Consumer expectations,
U. of Michigan, 1966:1=100,
NSAtU.L)©1.
Consumer confidence, The Conference Board, 1985=100
(LXL)*.
Consumer expectations, The Conference Board,
1985=100 (L,L,L)*.
4,246.4
3,523.2
42682
3,539.6
4,270.8
3,543.1
4,300.2
3,571.8
4 284 7
3,556.1
43234
3,589.3
43079
3,566.9
4,359.7
3,618.9
4,370.6
3,629.0
4 385.2
3,641.9
4 395.2
3,652.7
43923
3,649.3
r
r
4 396 5 r 4 406.8 P 4,424. 8
3,652.6 r3,661.0 '3,678.2
82.8
77.3
77.9
82.7
81.2
88.2
94.3
93.2
91.5
92.6
92.8
91.2
89.0
9.1.7
91.5
72.8
65.8
66.8
72.5
70.3
78.8
86.4
83.5
85.1
82.6
84.2
82.7
78.5
80.8
83.5
65.9
59.3
63.8
60.5
71.9
79.8
82.6
79.9
86.7
92.1
88.9
92.5
91.3
90.4
89.5
77.4
66.8
72.8
66.7
80.3
91.8
92.6
84.4
92.6
95.4
93.6
94.6
91.9
89.4
89.5
11, SAVING
290
295
292
298*
293*
Gross saving bil $ AR
Business saving bil $ AR
Personal saving bil $ AR ..
Government surplus or deficit bil $ AR
Personal saving rate percent
787.5
789.9
1.92.6
-215.0
4.1
886.2
861.8
175.5
-151 1
3.6
825.8
821 9
189.4
-185.6
4.0
788.9
807.6
182.3
-201.0
3.9
9233
8404
201.1
-118 1
41
'198.8
'40
12. MONEY, CREDIT, INTEREST RATES, AND STOCK PRICES
85*
102*
105
106*
107
108
93
94
112*
113*
110*
14
39
Money:
Percent change in money supply M1 (L L L)*
Percent change in money supply M2 (LC U)
Money supply M1 bil. 1987$ (L L L) . .
Money supply M2 bil. 1987$ (LLL)
Velocity of money:
Ratio, gross domestic product to money suppy M1
(C.C.C).
Ratio, personal income to money supply M2 (C.Lg.C) ....
Bank reserves:
Free reserves, mil.$, NSA (L,U,U)t
Member bank borrowings from the Federal Reserve,
mil.$, NSA (L,Lg,U).
Credit flows:
Net change in business loans, bil.$, AR (L.L.L)
Net change in consumer installment credit, bil.$, AR
(L,L,L).
Funds raised by private nonfinancial borrowers in credit
markets, mil.$, AR (L.L.L).
Credit difficulties:
Current liabilities of business failures, mil.$, NSA
Percent of consumer installment loans delinquent 30
days and over (L,L,L)©2Ot
-.11
M5
.33
.24
.11
.40
880.5
879.8
882.8
2,769.3 '2,771.8 '2,768.5
.31
'.61
'-.15
'.10
'.40
'-.16
'-.03
-.19
'880.4
'878.4
'882.4
'877.3
2,756.8 ''2,757'.2 '2,744.2 '2,737.1
5.880
5.804
1.524
1.531
1.528
1.537
1.540
1.546
1.535
1.562
1.565
1.570
1.575
1.581
'1.582
'1.591
901
180
600
352
662
428
804
285
1,012
89
981
82
1,375
73
1,070
70
912
55
1,027
124
715
200
772
333
649
458
535
469
-22.73
86.10
-2.98
92.29
-21.72
103.94
39.56
64.07
-34.12
58.50
-21.98
136.63
35.99
121.38
68.99
137.52
'50.99
133.87
'89.68
'92.45
'54.10
'134.39
2.15
2.05
-.43
55.22
118.67
421,285
512,916
47,501.9
7,144.9
2.03
3,246.9 '2,222.1 '2,991.0 '2,552.3
1.95
1.93
1.86
5777
1.77
'5.879
' 5.851
385,504
422,480
r
'.44
-.11
882.6
2,767.0
r
5.777
65.64
1.77
r
NoiE.-The following current high values were reached before August 1993: May 1991-BCI-106 (2,865.8); July
1991-BCI-93 (345); August 1991-BCI-94 (764); October 1992-BCI-62 smoothed (3.0); December 1992-BCI-51
(3,706.5), BCI-53 (664.2), BCI-62 index (113.3), BCI-62 change (16.1), BCI-83 (89.5), and BC1-123 (103.9); and
.45
.15
880.7
2,776.4
.78
.07
859.1
2,773.4
.89
.23
866.1
2,777.7
.75
.81
.10
.35
874.1
869.8
2,772.0 '•2,772.9
.53
.21
876.8
2,772.3
.81
.14
848.9
2,774.9
'1.601
'575
'487
'108.00
''363,792
'1,736.4 '2,141.3 '2,166.0 '1,688.7 '2,565.0 '2,328.6 '2,111.7 '2,459.5 '3,533.5
1.98
1.87
1.74
May 1993-BCI-85 (1.97) and BCI-102 (0.68).
See page C-6 for other footnotes.
1.78
1.72
1.71
SURVEY OF CURRENT BUSINESS
Series
no.
1993
1994
1993
Year
Series title and timing classification
Aug.
Oct
Sept
C-5
October 1994
| Nov.
|
Jan.
Dec.
Feb.
Mar.
Apr.
May
827 288
838 748
July
June
Aug.
Sept.
12. MONEY, CREDIT, INTEREST RATES, AND STOCK PRICES-Continued
66
72
101 *
95*
119 *
114*
116*
115*
117
118
109*
19*
Outstanding debt:
Consumer installment credit outstanding mi!.$
(Lg.Lg.Lg) 0.
Commercial and industrial loans outstanding, mil.$,
(Lg,Lg,Lg).
Commercial and industrial loans outstanding, mil. 1987$
(Lg.Lg.Lg).
Ratio consumer installment credit outstanding to
personal income, percent (Lg.Lg.Lg).
Interest rates (percent, NSA):
Federal funds rate (L Lg Lgj*
Discount rate on new 91 -day Treasury bills (C.Lg.Lgj* ...
Yield on new high-grade corporate bonds (Lg.Lg.Lg)*
Yield on long-term Treasury bonds (C.Lg.Lg)*
Yield on municipal bonds, 20-bond average (U.Lg.Lg)* ...
Secondary market yields on FHA mortgages (Lg.Lg.Lg) .
Average prime rate charged by banks (Lg.Lg.Lg)*
Index of stock prices, 500 common stocks, 1941-43=10,
NSA (L.L.L)*.
795 573
762156
772 045
779 220
786 91 1
800912
795 573
805 787
817173
849 904
r
857 608 '868,808
429,487
434,979
434,943
433,049
432,801
430,991
434,288
431,445
429,613
432,612
438,361
r
371,343
376,605
376,574
373,963
374,072
373,476
375,033
371,935
369,083
371,660
375,953
r
1445
1^57
1467
1480
1498
3.25
3.21
7.27
6.44
5.40
7.59
6.00
3.34
3.52
7.64
6.90
5.91
8.57
6.06
3.56
3.74
7.95
7.32
6.23
8.63
6.45
4.01
4.19
8.17
7.47
6.19
8.63
6.99
4.25
4.18
8.16
7.43
6.11
9.03
7.25
4,26
4.39
8.30
7.61
6.23
8.65
7.25
4.47
4.50
8.25
7.55
6.21
8.66
7.51
4.73
4.64
8.48
7.81
6.28
9.10
7.75
454.83
451 .40
464.24
466.96
8865
5,546
'68.0
' 15 767
'6,143
'68.0
'7,473
'67.5
1413
1407
1425
1429
1435
1442
1460
3.02
3.02
7.34
6.46
5.60
7.46
6.00
3.03
3.05
7.04
6.18
5.45
7.02
6.00
3.09
2.96
6.88
5.94
5.29
7.03
6.00
2.99
3.04
6.88
5.90
5.25
7.08
6.00
3.02
3.12
7.17
6.25
5.47
7.51
6.00
2.96
3.08
7.22
6.27
5.35
7.52
6.00
3.02
7.16
6.24
5.31
7.05
6.00
451.41
454.13
459.24
463.90
462.89
305
465.95
472.99
471.58
463.81
447.23
450.90
10247
7,738
9343
6,136
10064
4,902
7314
442,610 ' 450,083 '454,591 ' 463,591
377,976
383,702 '385,573 '394,210
r
1504
'1518
13. NATIONAL DEFENSE
525
548
557
570
564*
Defense Department prime contract awards, mil.$
Manufacturers' new orders, defense products, mil.$
Index of industrial production, defense and space
equipment, 1987=100.
Employment defense products industries thous
Federal Government purchases, national defense, bil.$, AR
76,649
11,785
6,598
74.8
74.0
961
302.7
944
299.0
1 1 359
6,446
5,304
5,172
5,239
6,280
8834
7,180
73.7
72.7
72.5
71.5
71.0
69.9
69.9
69.8
68.9
940
933
923
299.1
910
901
895
291.7
892
887
883
291.7
877
38106
3 118
8363
50178
3,960
6,713
118,018
154980
-36 962
42808
41 103
3'685
42811
9198
9329
55839
4,606
7,842
14601
7,050
'68.6
r
r
870
pQQQ
'297.8
14. EXPORTS AND IMPORTS
602
604
606
612
614
616
618*
620*
622
Exports excluding military aid shipments mi! $
Exports of domestic agricultural products mil $
Exports of nonelectrical machinery, mil.$
General imports mil $
Imports of petroleum and petroleum products, mil.$
Imports of automobiles and parts, mil.$
Merchandise exports, adjusted, excluding military, mil.$ l ....
Merchandise imports adjusted excluding
military, mil.S1 ....
Balance on merchandise trade mil $1
465 091
38 131
41 940
3401
99787
8529
580659 48182
50,454 '3,756
79,400
6,555
456,866 111,736
589 441 148 224
-132575 -36 488
38610
3550
40Q19
8301
8279
50849
3,936
6,871
49224
3,698
6,736
3521
40084
3509
8660
49979
3,729
6,748
119,679
152848
-33 169
41 657
3768
8975
49439
3,371
6849
39247
3497
8435
50097
2,981
6134
3412
9096
52391
4,162
7,258
41 089
3326
9009
53134
3,997
7,546
53988
3,863
7,300
' 122,670
'164441
'-41 771
3718
'40985
3 487
44 856
4013
'55830
5,027
7,464
10079
57813
4,950
8,765
'117.9
'118.7
9321
15. INTERNATIONAL COMPARISONS
47*
721 *
728*
725*
726*
722 *
727*
723 *
320
738 *
4
735
736
^
4
732
737 *
733 *
+
19 *
748 *
745*
746*
742 *
747*
743*
750*
758*
755*
756*
752*
757 *
753*
Industrial production indexes (1987=100):
United States
OECD European countries2
Japan
Federal Republic of Germany
France
United Kingdom
Italy §
Canada
.
Consumer price indexes (1982-84=100):
United States NSA
Percent change over 6-month span, AR
Japan NSA
Percent change over 6-month span AR
Federal Republic of Germany, NSA
Percent change over 6-month span AR
France NSA
Percent change over 6-month span AR
United Kingdom NSA
Percent change over 6-month span AR
Italy NSA
Percent change over 6-month span AR .... ......
Canada NSA
...
Percent change over 6-month span, AR
Stock price indexes (1967=100, NSA):
United States*
Japan*
Federal Republic of Germany*
France*
United Kingdom*
i
Italy*
Canada*
Exchange rates:
Exchange value of U.S. dollar, index: March 1973=100,
NSA*.
Foreign currency per U.S. dollar (NSA):
Japan (yen)*
Federal Republic of Germany (d mark)* ...
France (franc)*
United Kingdom (pound)*
Italy (lira)*
Canada (dollar)*
1057
108
111 0
108
107
105
'1080
103.1
1035
111.3
108
111 4
108
107
105
'1037
104.4
1445
1448
1451
110.9
107
1116
107
107
105
1111
2.4
2.6
1185
1192
1.1
125.6
35
143.5
19
165.3
19
10
126.0
29
143.5
17
1660
20
2.6
111.9
108
112.8
108
1140
107
109
1081
1097
1090
1095
1090
107
106
107
'1058
104.4
107
107
107
'1059
107
106
107
'1043
105
107
108
'1040
1048
1046
1458
1458
1457
2.4
2.4
1193
1192
1440
-.2
126.4
29
144.3
15
166.6
24
-5
126.7
34
144.4
18
166.4
24
5
126.1
27
18
1667
26
1185
108
2.9
1186
7
126.9
35
1146
1051
110
110
110
'1099
'107.7
1462
1467
1472
1474
110
'1097
'1098
'1106
'111 8
1475
1480
'112
1130
'111
'109
'118.7
'1119
'110
1494
1490
5
129.3
25
145.9
15
170.0
24
1186
1192
129.5
22
145.9
15
170.0
23
129.6
129.7
1297
145.9
1459
1463
1692
1700
1704
1922
1929
1933
1936
1942
1942
32
147.6
4.1
147.3
1.2
37
147.6
1.9
148.2
148.3
148.4
504.5
514.5
513.0
486.5
490.5
1 4886
1 376 0 1 445 1 1 466 9 14570
3742
3727
3802
396.9
3998
p 1 075 8
'1 1458 Pi 141 4 ' 1 095 8' 1 072 1
1 5843 1 584.3 1 5206 1 488.3 1 472.6
6468
8239
7033
6999
8156
5147
4999
4892
482.2
4889
494.8
1 5262
7
128.0
35
18
28
1863
1872
1874
1886
1895
1895
1906
42
147.9
1.1
45
148.1
2.2
39
148.2
2.6
39
148.4
1.5
33
149.1
.9
35
148.8
1488
491.0
1 381 4
312.2
9702
1 ,375.0
5752
441.1
494.0
1 5104
325.4
1 021 3
1 ,405.7
6344
467.5
499.6
1 5064
322.9
1 0071
1 414.1
504.6
1 490 6
337.9
1 0472
1 440.2
506.9
1 3Q87
6331
6172
4509
480.9
503.5
1 381 9
345.7
1 0238
1 430.8
5752
472.3
93.18
94.32
92.07
93.29
95.47
95.73
96.54
10702
10557
107 88
10991
1 1 1 08 10377?
1 6219
1 6405
1 6545 1 6944
1 7005
1 7105
5.7541
5.6669
5.6724
5.9069
5.9298
5.8477
.6662
.6705
.6753
.6558
.6656
.6706
1 573 41 1 603 75 1 569 10 1 600 93 1 666 31 1 68717
1 2902 1 3080
1 3215
1 3263
1 3174
1 3308
111 44
1 7426
5.9207
.6701
1 699 45
1 3173
1 111 5
1 5091
6227
4883
'117.5
116.6
111
'1101
110
110
110
'1099
'108.8
1484
1660
3631
'111 1
1192
25
1187
1667
-1.6
116.0
111
107
107
108
'1060
'1048
1445
17
1159
109
'1137
108
108
108
'1055
'1063
1443
22
1150
34
-1 5
2.3
1187
7
128.5
32
144.9
17
2.5
1195
1452
-.2
129.0
28
145.6
18
169.4
23
7
128.7
33
17
1670
1674
31
191 3
36
147.7
2.5
27
191 7
36
147.6
95.79
3.2
1193
-2.3
94.35
-1.2
94.39
3.3
1196
92.79
3.0
491 0
5050
5080
1 4985 1 4946 1 441 2
'3894
3720
3798
/>9759
^9982 p 1 030 6
1 4099 ' 1 430 8'1 503 9 '1 454 7
721 2
7571
7385
'7102
4548
4722
491 5
4920
3731
'987 1
91.60
89.06
89.26
88.08
10630
105 10
10253
9994
10348
10375
9845
9877
1 7355
1 6984
1 6271
1 5674
1 5646
1 6909
1 6565
1 5491
55597
5.8955
5.7647
5.3702
53602
5.8170
5.6728
52975
.6648
.6552
.6760
.6703
.6746
.6465
.6484
6385
1 685 96 1 666 63 1 626 07 1 594 56 1 592 22 1 562 31 1 58215 1 565 79
1 3424
1 3644
1 3808
1 3830
1 3836
1 3826
1 3783
1 3540
16. ALTERNATIVE COMPOSITE INDEXES
990*
991 *
4
CIBCR long-leading composite index, 1967=100 §
CIBCR short-leading composite index, 1967=1 00 4 §
See footnotes on page C-6.
254.9
224.3
r
254.0
224.0
254.6
226.4
256.1
226.9
258.4
230.0
261.5
230.7
260.4
232.4
260.5
233.8
260.3
237.1
261.1
237.4
263.0
238.4
263.3
'239.7
264.7
'238.8
'267.3
'242.7
'267.1
'245.8
SURVEY OF CURRENT BUSINESS
C-6 • October 1994
FOOTNOTES FOR PAGES C-l THROUGH C»5
a
AR
c
©
e
*
Anticipated.
Annual rate.
Corrected.
Copyrighted.
Estimated.
Later data listed in notes.
NSA
p
r
$
§
o
Not seasonally adjusted.
Preliminary.
Revised.
Graph included for this series.
Major revision—see notes.
End of period.
L,C,Lg,U Cyclical indicator series are classified as L (leading), C (coincident), Lg (lagging), or U (unclassified) at reference cycle peaks, troughs, and overall. Series classifications
are shown in parentheses following the series titles.
t Cyclical indicator series denoted by t are inverted (i.e., the sign is reversed) for cyclical analysis calculations, including classifications, contributions to composite indexes,
and current high values.
t Cyclical indicator series denoted by t are smoothed by an autoregressive-moving-average filter developed by Statistics Canada.
For information on composite indexes and other concepts used in this section, see "Business Cycle Indicators: Upcoming Revision of the Composite Indexes" in the October
1993 SURVEY OF CURRENT BUSINESS and "The Composite Index of Coincident Indicators and Alternative Coincident Indexes" in the June 1992 SURVEY,
References to series in this section use the prefix "BCI-" followed by the series number. Unless otherwise noted, series are seasonally adjusted.
Percent change data are centered within the spans: 1-month changes are placed in the ending month, 3-month changes are placed in the 3d month, 6-month changes are
placed in the 4th month, 1-quarter changes are placed in the ending quarter, and 4-quarter changes are placed in the 3d quarter.
Diffusion indexes are defined as the percent of components rising plus one-half of the percent of components unchanged. Diffusion index data are centered within the spans:
1-month indexes are placed in the ending month and 6-month indexes are placed in the 4th month.
High values reached by cyclical indicators in the expansion following the last reference cycle trough (March 1991) are shown in boldface type; high values reached prior to the
period shown in the table are listed at the bottom of each page. For inverted series, low values are indicated as highs.
Sources for series in this section are shown on pages C-53 through C-55.
Page C-1
NOTE.—Major data revisions: The composite indexes of leading, coincident, and lagging indicators
(BCI-910, -920, and -930), the ratio of the coincident to lagging composite indexes (BCI-940), and
the corresponding diffusion indexes (BCI-950, -951, and -952) have been revised from January 1989
forward. (See the box below.) For further information, contact the U.S. Department of Commerce,
Bureau of Economic Analysis, Business Outlook Division, Washington, DC 20230.
* Preliminary October 1994 values: BCI-32 = 64.7, BCI-19 = 463.81, and BCI-109 = 7.75.
1. Data exclude Puerto Rico, which is included in figures published by the source agency. From
August 1992 through April 1994, data include initial claims made under the July 1992 Emergency
Unemployment Compensation amendments.
2. Copyrighted. This series may not be reproduced without written permission from the University
of Michigan, Survey Research Center, P.O. Box 1248, Ann Arbor, Ml 48106-1248.
3. Excludes BCI-57, for which data are not available.
4. Excludes BCI-77 and BCI-95, for which data are not available.
5. Data beginning January 1994 are based on the revised Current Population Survey and are not
directly comparable with data for earlier periods.
Page C-2
* Preliminary October 1994 value: BCI-32 = 64.7; anticipated 4th quarter 1994 values: BCI-61 =
645.13 and 801-100 = 623.89.
1. Data beginning January 1994 are based on the revised Current Population Survey and are not
directly comparable with data for earlier periods.
2. Data exclude Puerto Rico, which is included in figures published by the source agency. From
August 1992 through April 1994, data include initial claims made under the July 1992 Emergency
Unemployment Compensation amendments.
3. Data exclude Puerto Rico, which is included in figures published by the source agency.
4. Copyrighted. This series may not be reproduced without written permission from McGraw-Hill
Information Systems Company, F.W. Dodge Division, Paramount Plaza, 13th Floor, 1633 Broadway,
New York, NY 10019.
Page C-3
* Preliminary October 1994 value: BCI-23 = 318.7.
1. Copyrighted. This series may not be reproduced without written permission from Knight-Ridder
Financial Publishing, 30 South Wacker Drive, Suite 1820, Chicago, IL 60606.
Page C4
* Preliminary October 1994 values: BCI-122 = 87.6, BCI-123 = 85.9, and BCI-85 = -0.23.
1. Copyrighted. This series may not be reproduced without written permission from the University
of Michigan, Survey Research Center, P.O. Box 1248, Ann Arbor, Ml 48106-1248.
2. Copyrighted. This series may not be reproduced without written permission from the American
Bankers Association, 1120 Connecticut Avenue, NW, Washington, DC 20036.
Page C-5
NOTE.—Major data revisions:
The index of industrial production for Italy (BCI-727) has been revised from 1960 forward to reflect
a correction in the calculation of the index. For further information, contact the U.S. Department of
Commerce, Bureau of Economic Analysis, Business Outlook Division, Washington, DC 20230.
The CIBCR long-leading (BCI-990) and short-leading (BCI-991) composite indexes have been revised from 1948 and 1953, respectively, forward to incorporate revised data for component series. For
further information, contact the Center for International Business Cycle Research, Graduate School of
Business, Columbia University, New York, NY 10027.
* Preliminary October 1994 values: BCI-119 = 4.78, BCI-114 = 4.96, BCI-116 = 8.76, BCI-115 =
8.02, BCI-117 = 6.52, BCI-109 = 7.75, BCI-19 (1941-43=10) = 463.81, BCI-19 (1967=100) * 504.5,
BCI-748 = 1,435.2, BCI-745 = 365.1, BCI-746 = 943.0, BCI-742 = 1,417.0, BCI-747 = 668,6, BCI-743
= 484.9, BCI-750 = 86.66, BCI-758 = 98.35, BCI-755 = 1.5195, BCI-756 = 5.2025, BCI-752 = 0.6225,
BCI-757 = 1,548.29, and BCI-753 = 1.3503.
1. Balance of payments basis: Excludes transfers under military grants and Department of Defense
sales contracts (exports) and Department of Defense purchases (imports).
2. Organisation for Economic Co-operation and Development.
3. This index is the weighted-average exchange value of the U.S. dollar against the currencies of
the other G-10 countries plus Switzerland. Each country is weighted by its 1972-76.global trade. For a
description of this index, see the August 1978 Federal Reserve Bulletin (p. 700).
4. This index is compiled by the Center for International Business Cycle Research (CIBCR), Graduate
School of Business, Columbia University, New York, NY 10027.
Annual Revision of the Composite Indexes
The composite indexes of leading, coincident, and lagging indicators (BCI-910, -920, and -930) have been revised from January 1989 through August 1994. These revisions
incorporate revised data for component series but do not involve changes in the components of the indexes or changes in the standardization factors or weights. The ratio
of the coincident to lagging composite indexes (BCI-940) and the diffusion indexes based on the leading, coincident, and lagging indicator components (BCI-950, -951, and
-952) have been revised for the same period. Historical data for these indexes and their components are shown on pages C-28 through C-50,
SURVEY OF CURRENT BUSINESS
October 1994 • C-7
CYCLICAL INDICATORS
Composite Indexes
Aug. Apr.
P T
Apr, Feb.
P T
OK. Nov.
P T
Nov. Mar.
P
T
Jan. July July Nov.
PT
P T
July Mar.
PT
1957 58 59 60 61 6 2 6 3 6 4 6 5 6 6 6 7 6 8 6 9 7 0 7 1 7 2 7 3 7 4 7 5 7 6 7 7 7 8 7 9 8 0 8 1 82 83 84 85 86 87 88 89 90 91 92 931994
NOTE—Tha numbers and arrows Indicate length of leads {•) and lags (+) in months from business
cycle turning dates. Currant data tor these series are shown on page C-1.
C-8 • October 1994
SURVEY OF CURRENT BUSINESS
CYCLICAL INDICATORS
Composite Indexes: Rates of Change
Aug. Apr.
PT
Apr. Feb.
P T
Nov. Mar
P
T
Jan. July July Nov.
PT
P T
July Mar.
P T
ange over 3-month sparuannual rate
Composite Indexes: Diffusion
omponents rising over 6-ffronth span
1957 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 78 77 78 79 80 81 82 B3 84 85 86 87 88 89 90 91 92 931994
NOTE.—Current data for these series are shown on page C-1.
SURVEY OF CURRENT BUSINESS
October 1994 *
CYCLICAL INDICATORS
Composite Indexes: Leading Index Components
Aug. Apr.
PT
Apr. Feb.
P T
Jan. July July Nov
PT
P
T
no isuper fisow
Ave-agewjeklyiiltial cairns tyr unerppl
.j i -
maruifactui Ing (n< urs)
ms (housa ids—ii vert
W nufac urers
Jontra to and onto
...I
I,*>i,.,!,., I.. 1 1 . 1 ml
I
!...,,,!
I..,!,,,!.,, ... 1.1. ,,,[.., ,,.!,.. ...I
|
I.,. ,,,!,,.
1957 5 8 5 9 6 0 61 6 2 6 3 6 4 6 5 6 6 6 7 6 8 6 9 7 0 7 1 7 2 7 3 7 4 7 5 7 6 7 7 7 8 7 9 8 0 8 1 8 2 8 3 8 4 8 5 8 6 8 7 8 8 8 9 9 0 91 92931994
MOTE.—Current data for these series are shown on page C-1.
C-9
C-10 •
October 1994
SURVEY OF CURRENT BUSINESS
CYCLICAL INDICATORS
Composite Indexes: Leading Index Components—Continued
Aug.Apr.
PT
Apr. Feb.
P T
Dec. Nov.
P T
Nov. Mar.
P T
Jan. July July Nov.
PT P
T
comr lOi^Kks (Ir dex: 1 W1
^^^^^^^^^^^^^^^^^^^^^UJ^JJJg^^^^^^^^^^^^^m^^^^^^^^^^^^^^^^^UjU^^
^^MK
M^^^B^^^^^I
^^^^^^^^^^U
^^^Mltt^l
^M
^
^M
1 9 5 7 5 8 5 9 6 0 6 1 6 2 6 3 6 4 6 5 0 6 6 7 6 8 6 0 7 0 7 1 7 2 7 3 7 4 7 S 7 6 7 7 7 8 7 9 8 0 8 1 8 2 8 3 8 4 8 S 6 6 6 7 8 8 8 9 9 0 9 1 9293 1994
I.ThilMrtoitinxxiMbyinautongraMhie^^
2. Tte is a copyrighted Mrias used by penrtosion; I may nottoreproducedwlhoU written pemiation
from he lWwf% rt MfcNgan, Survey Re«eardi C«rter.
NOTE.-Currwt data for these seoes are shorn on pagaC-L
SURVEY OF CURRENT BUSINESS
October 1994
* C-ll
CYCLICAL INDICATORS
Composite Indexes: Coincident Index Components
Aug. Apr.
PT
Apr. Feb.
P T
Dae. Nov.
P T
•Ian-July Jdy Nov.
PT P
T
July Mar.
PT
1967 5 8 5 9 6 0 6 1 6 2 6 3 f t 4 6 5 6 6 « 7 6 8 e 9 7 0 7 1 7 2 7 3 7 4 7 5 7 6 7 7 7 8 7 9 8 0 8 1 8 2 8 3 8 4 8 5 8 6 8 7 8 8 8 9 9 0 9 1 9 2 931994
NOTE.—Conwrt data far these aeries an shown on page C-1.
C-12
•
October 1994
SURVEY OF CURRENT BUSINESS
CYCLICAL INDICATORS
Composite Indexes: Lagging Index Components
Aug. Apr.
PT
Apr. Feb.
P T
Dec. Nov.
P T
Nov. Mar.
P
T
Jan. July July Nov.
PT
P
T
July Mar.
P T
1957 5 8 6 9 6 0 6 1 6 2 6 3 6 4 6 5 6 6 8 7 6 8 6 9 7 0 7 1 7 2 7 3 7 4 7 5 7 6 7 7 7 8 7 9 8 0 8 1 8 2 8 3 8 4 8 5 8 6 8 7 8 8 8 9 9 0 9 1 9 2 931994
1. This series is smoothed by an autof egresslve-movirtg-averase filter developed by Statistics Canada.
NOTE.—Current data tor these series are shown on page C-1.
SURVEY OF CURRENT BUSINESS
October
• C-13
CYCLICAL INDICATORS
Employment and Unemployment
Dec. Nov.
P T
In n«tf*»pers (Index: 1967=100
an unerr ploymerKte {pdrciiMr verted s ale)
196667 68 69 70 71 7 2 7 3 7 4 7 5 7 6 7 7 7 8 7 9 8 0 8 1 8 2 8 3 8 4 8 5
More.—Cunwt dabfarhose aerias are shown on page C-2.
87 88 89 W 91 92
93 1994
C-14
October 1994
SURVEY OF CURRENT BUSINESS
CYCLICAL INDICATORS
Output, Production, and Capacity Utilization
Dec. Nov.
P T
di ranernc nufactur» (lnde>: 1
1966 6 7 6 8 6 9 7 0 7 1 7 2 7 3 7 4 7 5 7 8 7 7 7 8 7 9 8 0 8 1 8 2 8 3 8 4 8 5 8 8 8 7
NOTE.—Current dab for these series are shown on page C-2.
89 90 91 92 93 1994
SURVEY OF CURRENT BUSINESS
October 1994
" C-15
CYCLICAL INDICATORS
Sales and Orders
Dec. Nov.
P T
Nov.
P
Jan. July July
PT
P
Mar.
T
Nov.
T
Wages and Consumer Attitudes
salaries In 1987
(ann. rate, Ml.
1966 6 7 6 8 6 0 7 0 7 1 7 2 7 3 7 4 7 5 7 6 7 7 7 8 7 9 8 0 6 1 8 2 8 3 8 4 8 5 6 6 8 7 8 8 8 9 9 0 9 1 9 2 9 3 1994
NOTE.—Current data for these series are shown on pages 02 and C-4.
C-16 •
October 1994
SURVEY OF CURRENT BUSINESS
CYCLICAL INDICATORS
Fixed Capital Investment
or defense capital gHjds I
1986 6 7 8 8 6 9 7 0 7 1 7 2 7 3 7 4 7 5 7 6 7 7 7 8 7 9 8 0 8 1 8 2 6 3 8 4 8 5 8 6 8 7 8 8
1. This is 8 copyriflhtod tarn used by penrtsskm; it may not be reproduced without written
permission from McGraw-H* Information Systems Company, F.W. Dodge Division,
00 W
NOTE.—Current data for these series are shown on page O2.
02
93 1994
SURVEY OF CURRENT BUSINESS
October 1994 • C-17
CYCLICAL INDICATORS
Fixed Capital Investment—Continued
t and equipment
are, Q1 (pnn.
c,
1966 6 7 6 6 6 8 7 0 7 1 7 2 7 3 7 4 7 6 7 6 7 7 7 8 7 9 8 0 6 1 8 2 8 3 8 4 8 6 8 6 8 7 8 6
1. Dotted fine represents anticipated axpemRures. •
NOTE.—Currant data for these series an shown on pages 02 and C-3.
90 91 92
93 1994
C-18 •
October 1994
SURVEY OF CURRENT BUSINESS
CYCLICAL INDICATORS
Fixed Capital Investment—Continued
Inventories and Inventory Investment
1966 6 7 6 8 6 0 7 0 7 1 7 2 7 3 7 4 7 5 7 6 7 7 7 8 7 9 8 0 8 1 8 2 8 3 8 4 8 6 8 6 8 7
Num.—Curort dtia for these aeries am shown on page W.
89 90 91 92 93 1994
SURVEY OF CURRENT BUSINESS
October 1994 • C-19
CYCLICAL INDICATORS
Prices and Profits
Dec. Nov.
P T
1966 6 7 6 8 6 9 7 0 7 1 7 2 7 3 7 4 7 5 7 8 7 7 7 8 7 9 8 0 8 1 8 2 8 3 8 4
IVA Inventory valuation abutment CCAoj Capital consumption adjustment,
NOTE.—Currant data for IhOM series are shown on pagn C-3 and C-4.
8 6 8 7 8 8 8 9 9 0 9 1 9 2 9 3 1994
1. From Ju»l9ettawaid,lhb it a copyright Mrietu^ by psn^
reproduced wiftoiit wrinen pvmMonfromKrighMVddwfinincialPiMihing.
C-20 •
October 1994
SURVEY OF CURRENT BUSINESS
CYCLICAL INDICATORS
Money, Credit, and Interest Rates
Dec. Nov.
P
T
Nov.
P
Mar.
T
Jan. July July
PT
P
Nov.
T
July Mar.
P T
prtyM1(Farcent;(Hrm
1966 6 7 6 8 6 9 7 0 7 1 7 2 7 3 7 4 7 5 7 6 7 7 7 6 7 9 8 0 8 1 8 2 8 3 6 4 8 5 8 6 6 7 8 6 8 9 9 0 9 1 9 2 9 3 1994
NOTE.—Current data for these series are shown on page C4.
SURVEY OF CURRENT BUSINESS
October1994
CYCLICAL INDICATORS
Money, Credit, and Interest Rates—Continued
Nov.
P
Mar,
T
Jan. July July Nov.
P T
P
T
July Mar.
P T
Alternative Composite Indexes
1966 8 7 6 8 6 9 7 0 7 1 7 2 7 3 7 4 7 5 7 6 7 7 7 8 7 9 8 0 8 1
CIBCR Canter for International Business Cycle Research (Columbia University).
NoTE-Current data for these series are shown on page C-5.
82 83 84 85 88
87 88
90 91 92
93 1994
• C-21
C-22 •
October 1094
SURVEY OF CURRENT BUSINESS
OTHER IMPORTANT ECONOMIC MEASURES
Prices
Dec. Nov.
P
T
Jan. July July
PT
P
Nov.
T
July Mar.
P T
Percent chanHat annual rate
1966 6 7 6 8 6 9 7 0 7 1 7 2 7 3 7 4 7 5 7 8 7 7 7 8 7 9 8 0 8 1 8 2 8 3 6 4 8 5 8 6 8 7 8 8 8 9 9 0 9 1 9 2 9 3 1994
NoTE.-^urrant data for ttme serin an ahown on page C-3.
SURVEY OF CURRENT BUSINESS
October 1994 •
OTHER IMPORTANT ECONOMIC MEASURES
Other Measures
Dec. Nov.
P
T
29f, Govern nent sui rius or
Imp irts, adjusted,
n. irte,bll. clol.)
1966
07
68
69
70
71
72
73
74
75
76
NOTE.—Currant dab far these series are shown on pages C-4 and C-5.
77
7 8 7 9 8 0 81 8 2 8 3 B 4 8 5 8 6 8 7 8 B 8 9 9 0 9 1 9 2 9 3 1994
C-23
C-24 •
October 1994
SURVEY OF CURRENT BUSINESS
OTHER IMPORTANT ECONOMIC MEASURES
International Industrial Production
Dec. Nov.
P T
140120-
10080-
120-i
100-1
80-1
140120100-
8060-
140-1
120100-
120100-
8060-
120100-
80-
12010080-
120100-
80-
60-
1966 6 7 6 8 6 9 7 0 7 1 7 2 7 3 7 4 7 5 7 6 7 7 7 8 7 9 8 0 8 1 8 2 8 3 8 4 8 5 8 6 8 7
NOTE.—Current data for these series are shown on page C-5.
89 90 91 92 93 1994
SURVEY OF CURRENT BUSINESS
October 1994
OTHER IMPORTANT ECONOMIC MEASURES
International Consumer Prices
Dec. Nov.
P
T
Percent change over 6-month
1066 6 7 0 8 6 0 7 0 7 1 7 2 7 3 7 4 7 5 7 6 7 7 7 8 7 9 8 0 8 1 8 2 8 3 8 4 8 5
NoiE.-Current data for these series are shown on page C-5.
90 91 92 93 1994
• C-25
C-26
•
October 1994
SURVEY OF CURRENT BUSINESS
OTHER IMPORTANT ECONOMIC MEASURES
International Stock Prices
Dae. Nov.
P
T
JaitJuly July
Nov.
F T P
T
I960 8 7 6 8 0 0 7 0 7 1 7 2 7 3 7 4 7 5 7 6 7 7 7 8 7 9 8 0 8 1 8 2 8 3 8 4 8 5 8 6 8 7
MOTE.—Current data for these series are shown on paga C-5,
80
00 01 92 93 1004
SURVEY OF CURRENT BUSINESS
October 1994 * C-27
OTHER IMPORTANT ECONOMIC MEASURES
International Exchange Rates
Dec. Nov.
P T
Jan, July July Nov.
P T P T
Nov. Mar.
P T
July Mar.
P T
18
1966 67
68 69 70
71
72
73
74
75
NOTE.—Currant data (or these series are shown on page C-5.
76
77
78 79
80
81
82
83
84
85
86
87
88 89
90
91
92
93 1994
C-28 • October 1994
SURVEY OF CURRENT BUSINESS
Historical Data for Selected Series
Jan.
YEAR
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
....
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 .................
1990
1991
1992
.
1993
Apr.
Mar.
Feb.
72.1
69.3
72.7
77.8
72.9
75.3
71.2
76.7
78.4
76.8
73.1
78.4
78.7
77.4
80.9
81.8
83.6
86.5
88.3
86.0
88.0
90.1
86.7
86.3
90.4
93.9
91.5
81.2
89.5
91.5
92.2
93.5 ,
90.1
89.9
86.1
90.1
96.4
94.7
96.6
99.0
99.4
100.9
99.5
96.0
97.5
98.9
71.4
68.9
73.0
77.2
73.1
75.3
71.6
77.3
78.1
76.6
72.7
78.8
78.1
77.6
81.3
82.1
83.9
86.4
88.3
85.7
88.4
90.0
86.0
86.9
90.9
94.1
90.7
81.0
90.0
91.8
92.6
93.4
90.4
89.4
86.9
91.0
96.4
94.6
96.8
99.3
100.0
100.7
98.9
96.5
97.9
99.3
71.7
68.6
73.3
76.9
72.9
75.1
71.7
77.7
78.2
76.3
73.0
79.4
77.3
78.2
81.3
82.4
84.0
86.6
88.7
85.4
88.5
89.7
85.4
87.5
91.3
93.9
91.1
81.6
90.2
92.1
92.8
93.8
88.6
89.6
86.5
91.7
96.3
94.8
97.1
99.4
100.0
100.2
99.4
96.8
98.2
98.5
-.9
1.1
1.2
.1
.4
0
.9
-.3
-.5
-.1
.8
-.1
.5
0
.5
.4
.3
.1
.4
-.2
.4
-.8
.7
.7
0
-.4
-1.0
1.5
-.3
-.8
-.1
.1
-.2
-.6
1.2
.6
.5
.2
-.2
-.2
.4
.1
-.5
.3
-.3
-1.0
-.6
.4
-.8
.3
0
.6
.8
-.4
-.3
-.5
.5
-.8
.3
.5
.4
.4
-.1
0
-.3
.5
-.1
-.8
.7
.6
.2
-.9
-.2
.6
.3
.4
-.1
.3
-.6
.9
1.0
0
-.1
.2
.3
.6
—2
-.6
.5
.4
.4
.4
-.4
.4
-.4
-.3
-.3
.1
.5
.1
-.4
.4
.8
-1.0
.8
0
.4
.1
.2
.5
-.4
.1
-.3
-.7
.7
.4
-.2
.4
.7
.2
.3
.2
.4
-2.0
.2
-.5
.8
-.1
.2
.3
.1
0
-.5
.5
.3
.3
-.8
May
June
July
Aug.
Sept.
910. Composite index of 11 leading indicators (1987-100)
72.3
71.5
72.2
71.9
71.5
70.9
68.2
68.2
68.0
68.8
69.6
70.7
73.7
74.8
76.0
77.4
76.9
74.5
74.5
73.7
73.0
76.0
75.6
73.0
73.7
73.7
74.4
72.9
75.5
72.9
73.9
73.7
72.7
74.9
74.5
71.8
73.0
73.4
73.6
74.1
72.0
72.5
77.9
78.1
78.2
78.5
78.3
78.5
78.3
77.6
77.3
77.5
77.5
77.3
75.9
75.8
75.6
75.3
75.1
74.5
73.2
73.9
74.6
75.5
76.2
76.8
79.4
79.4
79.2
78.8
78.6
79.5
77.4
77.3
77.4
77.5
77.3
77.5
78.7
79.5
79.5
80.2
79.7
79.1
80.0
80.2
80.2
81.0
80.5
80.5
82.6
82.8
82.7
82.7
83.1
82.9
84.4
84.7
85.1
85.3
85.6
84.6
86.5
86.7
86.9
86.8
86.8
87.0
88.5
88.0
87.6
87.3
86.7
86.5
86.3
86.8
87.4
85.5
85.8
87.5
88.2
88.2
88.4
88.2
88.7
88.0
89.8
89.6
89.1
88.7
88.6
88.7
84.9
84.8
84.9
84.7
84.8
84.8
87.9
88.0
88.0
88.0
88.1
88.3
91.4
91.8
92.3
93.0
91.5
93.3
93.3
93.2
92.7
93.6
93.5
92.8
90.4
89.3
88.6
87.4
90.3
85.9
84.4
85.0
85.7
86.4
83.3
87.0
90.4
90.7
91.3
91.4
90.1
91.5
92.2
92.4
92.5
92.3
92.5
92.6
93.3
93.2
93.4
93.2
93.2
93.8
92.9
92.7
91.9
91.5
93.0
91.5
86.3
87.2
88.2
87.0
85.6
89.1
90.2
89.5
89.1
89.0
88.0
90.1
86.7
86.6
87.0
86.6
87.3
86.8
93.8
94.3
94.4
92.3
93.0
94.9
96.1
96.0
95.4
95.1
94.8
94.4
94.7
95.1
95.2
95.6
94.5
95.9
97.4
97.6
97.7
97.7
97.7
97.5
99.7
100.2
100.9
101.0
99.5
101.0
100.0
99.9
100.6
100.0
100.2
100.1
99.4
99.2
99.2
100.4
99.6
99.2
99.4
99.2
98.4
99.3
99.5
97.9
97.1
97.1
97.9
97.8
97.7
96.9
98.2
98.4
98.3
98.3
98.0
97.9
98.2
98.3
98.1
98.5
98.7
98.6
910C. Composite index of 1 1 leading indicators, change from previous month (pet.)
1.0
-.4
-.6
.8
-1.1
-.8
-.6
-.3
1.2
1.2
1.6
0
1.1
.4
1.6
1.8
.5
-6
-1.2
0
-.5
-1.5
-1.1
-.9
1.5
1.1
0
.9
0
0
-.8
-.3
-1.4
-1.2
-.3
-.5
.4
.7
.7
.7
.5
.3
.3
.1
.4
-.3
.3
.3
.1
-.4
.3
0
-.9
-.3
-.1
-.8
-.3
-.4
-.3
-.5
.8
.9
1.2
.9
.3
1.0
0
.1
-.1
-.3
-.5
-.3
.1
0
-.1
.1
.1
0
.5
0
.9
.6
.5
-.6
-.4
-.6
.4
-.6
.2
0
.4
.2
-.1
-.1
0
.5
.2
.1
.5
.2
.4
.5
-.1
-.1
.2
-.1
.3
.2
-.2
-.6
-.2
-.5
-.3
-.7
.1
.4
.1
.6
.6
.7
.2
0
.2
-.2
-.6
.6
.1
-.2
.1
-.6
-.4
-.1
-.7
.1
-.1
.1
0
-.2
.1
.5
0
0
.1
.2
.1
.1
.3
.5
.8
.3
-.1
-.2
-.1
-.5
-.3
.1
-.1
-1.1
-.8
-1.4
-.8
-1.7
2.1
1.3
.7
.8
.8
.7
-.1
.3
.3
.7
.1
.1
.1
.2
.1
.1
-.2
.2
.4
.1
-.1
.2
0
.4
.1
-.3
-.9
-.4
-1.0
0
-1.6
-1.8
.8
1.0
1.1
1.0
-.1
.7
-.7
-.4
-.1
-1.1
.1
.2
-.2
.5
-.5
.8
.7
.8
.9
.5
.1
.5
-.1
-.2
-.6
-.3
-.3
-.4
.2
.4
.1
.4
-.3
.3
-.1
.4
.2
.1
0
0
.1
.2
.5
.7
.1
0
0
-.1
,7
-.6
.2
-.1
.2
-.2
-.2
0
-.8
0
-.1
.2
-.1
-.2
-.8
-.5
.1
.2
0
.8
-.1
-.1
.2
0
-.1
0
-.3
-.1
-.4
.1
.1
-.2
.4
.2
Oct.
Nov.
Dec.
Annual
70.9
70.8
77.0
72.9
75.0
71.6
74.8
78.3
77.3
74.1
77.3
78.4
77.2
80.3
80.6
83.2
85.7
87.6
86.0
87.6
89.4
88.2
84.6
88.5
93.3
92.8
84.8
87.5
91.3
92.4
94.3
90.8
89.9
87.2
87.7
95.7
93.9
95.9
98.2
100.6
100.1
98.9
97.3
97.7
98.1
99.2
70.6
71.4
76.8
72.7
74.9
71.2
75.5
78.6
77.4
73.6
77.9
78.0
77.1
80.7
81.2
83.3
86.0
88.0
85.8
87.7
89.5
87.7
84.7
88.8
93.7
92.8
83.3
87.9
91.4
92.5
93.9
90.3
90.4
86.7
88.2
96.0
94.1
95.8
98.5
99.8
100.0
99.1
96.5
97.5
98.3
99.6
69.9
71.9
76.9
72.8
75.0
71.2
76.0
78.6
77.2
73.2
77.8
78.8
77.0
80.9
81.4
83.3
86.2
88.2
85.7
88.2
89.7
87.4
85.7
89.8
93.9
91.9
82.0
88.2
91.8
92.9
93.6
90.0
90.1
86.6
89.0
95.8
94.2
96.4
99.2
99.6
100.5
99.4
96.5
97.2
99.2
100.3
0
.1
.1
-.1
-.7
-.3
.9
-.3
0
-.5
.7
-.3
-.4
.8
.1
.1
.1
.7
-.6
.1
.8
-.6
-.1
.2
0
0
-1.3
.6
-.2
-.2
.5
-.8
.9
-.9
.5
.8
-.5
0
.5
-.4
0
-.3
-,6
0
.2
.5
-.4
.8
-.3
-.3
-.1
-.6
.9
.4
.1
-.7
.8
-.5
-.1
.5
.7
.1
.4
.5
-.2
.1
.1
-.6
.1
.3
.4
0
-1.8
.5
.1
.1
—4
-'.&
.6
-.6
.6
.3
.2
-.1
.3
-.8
-.1
.2
-.8
-.2
.2
.4
-1.0
.7
.1
.1
.1
0
.7
0
-.3
-.5
-.1
1.0
-.1
.2
.2
0
.2
.2
-.1
.6
.2
-.3
1.2
1.1
.2
-1.0
-1.6
.3
.4
.4
-.3
-.3
-.3
-.1
.9
-.2
.1
.6
.7
-.2
.5
.3
0
-.3
.9
.7
71.4
69.5
75.3
74.7
73.9
73.4
73.3
78.1
77.7
75.2
75.2
78.9
77.5
79.3
80.8
82.7
84.9
87.0
87.3
86.7
88.6
89.0
85.2
88.0
92.2
93.2
87.9
84.9
90.8
92.3
93.3
92.1
88.6
88.8
87.1
93.6
95.3
95.3
97.7
100.0
100.1
99.7
98.5
97.2
98.2
98.8
.2
.6
-.5
.2
-.4
.5
.3
-.2
-.4
.5
.1
-.2
.4
0
.2
.3
.2
-.2
.3
.1
-.2
-.2
.4
.4
-.2
-1.0
.6
.3
.1
.1
-.3
0
-.3
.2
.6
-.1
.2
.2
0
.1
-.1
-.2
.1
.2
.1
SURVEY OF CURRENT BUSINESS
October 1994
* C-29
Historical Data for Selected Series—Continued
Jan.
YEAR
Mar.
Feb.
June
May
Apr.
July
Sept.
Aug.
Dec.
Oct.
Annual
91 Oc. Composite index of 11 leading indicators, change over 3-month span (AR, pet.)
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1.1
-9.3
9.3
2.1
22
2.2
23
9.9
-25
-4.1
„
-4.8
4.7
.5
26
3.0
4.5
2.9
1.9
1.4
-.5
3.2
2.3
-75
10.8
9.8
17
-8.7
-10.6
9.9
1.8
.4
-2.1
.4
-4.4
.9
133
1.7
2.1
4.2
3.3
.8
2.8
-.8
0
1.7
4.1
-7.2
8.0
0
6
.5
28
9.3
-20
-46
-1 1
8.5
-74
64
2.0
5.0
3.4
1.9
2.3
-1.4
1.4
0
-88
87
6.9
o
-3.4
-1.9
9.4
1.3
.9
-6.1
-2.2
127
2.1
2.6
2.9
.8
1.6
-1.2
0
1.2
4.2
-2.8
0.6
-6.2
5.6
-4.0
-8.9
-8.0
-1.1
-4.2
0
-2.1
8.5
4.6
5.1
6.4
-.5
4.2
-4.6
.5
5.2
-6.9
6.9
.5
4.0
3.9
0
.9
-2.3
0
-1.3
-8.5
7.6
4.5
-2.5
-4.1
6.8
3.6
-3.5
8.0
-3.9
4.0
3.4
1.9
-1.4
2.8
-3.5
8.4
-11.9
4.5
-6.2
7.5
2.6
-4.5
-3.6
9.1
0
0
6.8
-6.2
2.0
3.4
.5
-4.9
.5
-.9
-1.8*
-1.3
-2.6
-5.5
-2.3
5.2
2.7
4.3
2.3
2.2
-2.2
3.6
16.5
-11.6
4.5
-13.1
8.5
-6.3
-9.3
8.0
6.2
3.1
1.0
-4.0
-3.1
13.2
-1.0
.5
4.1
-3.9
.5
3.4
1.9
6.2
1.8
-4.8
0
.5
4.0
-2.5
-1.8
-2.5
-7.7
-1.7
-7.7
10.8
17.9
17.7
2.2
12.0
1.8
2.6
2.6
1.7
2.2
-2.5
-1.7
-4.6
-13.1
1.3
2.8
-19.6
3.2
-.5
9.1
-10.0
-.4
.5
9.5
10.1
-1.2
-.8
3.8
2.0
2.4
-2.0
-.8
3.8
2.9
-1.2
-1.6
.4
2.5
1.6
-.4
-4.3
2.4
2.5
2.1
-4.4
-3.7
1.3
2.1
3.3
2.4
-3.2
0
1.2
.4
-.8
-3.6
13.0
-3.5
.5
5.7
-1.5
-1.0
5.4
.4
0
-4.2
.9
-4.8
1.4
9.0
-4.1
3.0
.8
5.7
0
-4.7
-.4
4.2
.4
-2.0
-7.0
16.9
11.7
-7.8
10.1
-10.9
6.2
-4.3
7.2
-10.9
-8.0
7.9
2.7
10.7
-4.0
-2.0
1.0
2.5
1.5
-4.9
5.7
2.3
-1.8
-.9
1.4
6.7
-3.4
-2.1
-12.2
-14.4
9.8
4.5
.4
.9
0
-1.0
1.4
.5
.5
6.7
7.0
-4.0
1.0
9.7
3.6 '
.4
2.2
9.9
4.1
2.0
2.4
2.9
3.3
-5.8
3.7
4.6
-2.2
-.9
2.3
4.4
-1.7
-16.1
8.7
0
.4
4.8
1.5
-.5
-7.8
9.2
2.5
5.1
2.9
3.3
5.6
-4.1
1.4
6.0
-4.0
-.9
3.2
3.0
.4
-17.5
7.1
0
0
2.2
-6.3
-5.1
-4.7
-5.1
12.7
-4.8
13.6
13.0
-8.3
10.4
-9.9
-.9
6.2
-4.9
3.9
1.2
5.3
1.2
-1.6
-4.3
2.9
-6.5
3.3
4.8
-4.1
3.4
.4
3.2
-2.0
-.8
-5.9
2.5
-1.6
-1.6
1.2
1.6
-5.5
10.8
12.3
-4.0
4.3
-4.4
-4.9
-3.1
-1.6
5.4
-1.0
-1.0
-6.2
0
7.7
0
-5.4
12.1
1.5
0
-5.7
3.4
-5.8
-5.3
-1.3
-4.7
2.7
3.1
4.4
0
8.5
13.1
3.3
6.1
-5.0
3.0
2.1
-1.2
.4
-1.2
-7.4
-.8
-.8
4.6
7.6
7.0
-2.9
.8
3.3
-4.7
-.8
-.4
-7.5
-1.2
1.2
4.5
-1.1
-2.6
-3.3
10.7
.5
-.5
-6.8
5.3
1.0
-2.6
6.2
4.5
1.0
2.8
5.6
-3.6
3.2
4.6
-5.7
4.8
7.0
2.6
-8.7
11.2
4.2
0
1.6
-2.2
10.6
.5
-2.6
-5.3
5.8
1.5
1.0
3.0
6.1
1.9
3.8
3.2
0
1.8
3.2
-6.6
8.3
8.9
2.6
3.3
7.3
-5.5
3.2
-5.1
6.9
3.3
-1.8
-5.0
6.6
,7
-1.7
4.8
,9
2.4
3.4
2.3
-2.6
2.5
2.1
-2.7
-1.8
4.9
4.7
-3.8
-5.5
-1.9
-17.0
-15.9
-10.6
5.6
1.3
1.3
-.9
-6.4
4.6
-6.2
8.0
3.8
-.8
2.1
6.3
-5.4
1.6
,8
-5.6
-2.0
5.4
9.5
-3.4
-3.0
0
-5.0
11.4
3.0
3.5
3.0
3.3
-4.7
3.2
2.4
-5.2
-.8
3.3
5.3
8.0
3.5
1.0
1.3
-3.7
.6
-4.0
3.1
7.9
-1.8
2.1
2.7
,8
.9
-1,1
-3.0
1.1
1.5
1.4
950. Diffusion index of 11 leading indicator components (percent rising over 1-month span)
1948
1949
.
.
1950
1951
1952
1953
1954
1955
1956
27.8
35.0
25.0
.
.
.
.
.
100.0
80.0
75.0
65.0
45.0
60.0
54.5
54.5
65.0
59.1
81.8
40.0
50.0
59.1
72.7
.
.
90.9
18.2
36.4
36.4
27.3
63.6
72.7
1958
1959
.
.
81.8
40.9
27.3
54.5
81.8
1960
1961
1962
1963
1964
.
.
.
.
.
27.3
63.6
54.5
77.3
81.8
1965
1966
1967
1968
.
.
.
.
72.7
59.1
63.6
27.3
86.4
.
.
.
1973 .
1974 .
13.6
81.8
86.4
1957 .
1969 .
1986
9.1
63.6
36.4
31.8
81.8
27.3
45.5
40.9
36.4
81.8
36.4
90.9
18.2
45.5
36.4
81.8
77.3
72.7
18.2
72.7
63.6
72.7
63.6
63.6
27.3
54.5
90.9
59.1
45.5
54.5
68.2
40.9
81.8
18.2
50.0
72.7
68.2
50.0
63.6
63.6
50.0
59.1
45.5
72.7
72.7
63.6
40.9
68.2
45.5
68.2
50.0
45.5
36.4
54.5
63.6
18.2
72.7
54.5
31.8
50.0
18.2
86.4
59.1
22.7
50.0
22.7
77.3
50.0
27.3
45.5
50.0
54.5
54.5
36.4
45.5
54.5
81.8
54.5
54.5
63.6
54.5
22.7
36.4
86.4
63.6
59.1
50.0
90.9
63.6
63.6
63.6
36.4
86.4
72.7
63.6
72.7
90.9
45.5
72.7
9.1
,
,
81.8
9.1
9.1
54.5
27.3
31.8
9.1
72.7
22.7
45.5
31.8
59.1
90.9
27.3
59.1
27.3
81.8
63.6
54.5
63.6
63.6
45.5
45.5
50.0
18.2
54.5
86.4
72.7
40.9
68.2
13.6
36.4
36.4
77.3
40.9
68.2
36.4
54.5
63.6
40.9
59.1
9.1
90.9
50.0
100.0
59.1
54.5
63.6
45.5
68.2
45.5
54.5
36.4
81.8
22.7
27.3
81.8
45.5
45.5
22.7
81.8
22.7
72.7
90.9
45.5
54.5
100.0
45.5
54.5
81.8
54.5
36.4
100.0
36.4
31.8
54.5
81.8
27.3
4.5
63.6
27.3
100.0
50.0
36.4
59.1
36.4
81.8
45.5
59.1
45.5
40.9
54.5
36.4
77.3
22.7
40.9
63.6
36.4
31.8
59.1
54.5
31.8
59.1
54.5
63.6
72.7
40.9
36.4
27.3
36.4
22.7
NOTE.—Data are centered within the spans: 3-month percent changes are placed on the 3d month, and 1-month
diffusion indexes are placed on the ending month.
AR Annual rate
45.5
45.5
81.8
22.7
54.5
86.4
18.2
63.6
81.8
54.5
81.8
36.4
90.9
54.5
54.5
27.3
72.7
,
,
,
1993 ,
68.2
54.5
22.7
90.9
9.1
63.6
90.9
45.5
63.6
72.7
9.1
45.5
36.4
81.8
54.5
1991
1992
90.9
60.0
27.3
86.4
54.5
36.4
40.9
90.9
36.4
18.2
1990
90.9
63.6
27.3
40.9
72.7
72.7
36.4
.
.
,
,
,
.
,
63.6
68.2
18.2
54.5
63.6
45.5
72.7
55.0
50.0
36.4
50.0
27.3
54.5
72.7
63.6
27.3
18.2.
10.0
85.0
18.2
72.7
81.8
50.0
80.0
40.0
65.0
36.4
90.9
40.0
40.9
81.8
27.3
36.4
81.8
36.4
30.0
60.0
25.0
90.0
25.0
50.0
60.0
36.4
72.7
63.6
59.1
0
80.0
20.0
90.9
45.5
59.1
63.6
31.8
9.1
50.0
90.0
60.0
45.5
54.5
45.5
45.5
81.8
72.7
54.5
55.0
20.0
35.0
36.4
54.5
59.1
59.1
59.1
1987 ,
1988
1989
59.1
63.6
54.5
63.6
36.4
70.0
30.0
61.1
75.0
50.0
63.6
45.5
27.3
.
.
.
1978 .
1979 .
1985
81.8
63.6
0
90.0
70.0
33.3
60.0
80.0
50.0
77.3
81.8
63.6
27.3
1975
1976
1977
1981
1982
1983
1984
81.8
72.7
36.4
31.8
63.6
81.8
20.0
70.0
61.1
30.0
18.2
77.3
68.2
36.4
59.1
1970
1971
1972
1980
66.7
20.0
45.5
81.8
56,7
50.0
50.0
64.6
42.1
54.5
54.5
72.7
60.8
37.5
77.6
45.5
36.4
27.3
50.0
81.8
62.9
38.7
30.3
72.3
50.4
54.5
54.5
90.9
50.0
72.7
59.1
81.8
68.2
59.1
63.6
42.0
74.6
56.1
64.0
68.2
81.8
13.6
54.5
86.4
18.2
72.7
18.2
72.7
45.5
90.9
59.1
45.5
65.1
36.4
66.7
58.7
39.8
54.5
63.6
45.5
54.5
13.6
50.0
77.3
81.8
86.4
39.0
66.3
71.6
48.5
23.5
72.7
63.6
81.8
36.4
18.2
59.1
63.6
68.2
63.6
59.1
54.5
54.5
63.6
22.7
90.9
81.8
72.7
63.6
63.6
0
31.8
36.4
35.2
81.8
45.5
86.4
45.5
45.5
63.6
0
72.7
50.0
59.1
72.7
59.1
72.7
18.2
59.1
9.1
100.0
81.8
18.2
18.2
50.0
36.4
65.2
61.7
58.7
53.4
40.9
59.9
78.8
77.3
72.7
100.0
90.9
68.2
31.8
31.8
50.0
40.9
63.6
22.7
72.7
61.4
90.9
36.4
57.6
51.9
43.9
59.1
59.1
45.5
45.5
45.5
45.5
63.6
54.5
36.4
31.8
45.5
50.0
59.1
63.6
51.1
43.9
22.7
27.3
36.4
45.5
40.6
45.5
50.0
59.1
45.5
68.2
31.8
54.5
72.7
40.9
77.3
81.8
49.6
54.9
57.6
SURVEY OF CURRENT BUSINESS
C-30 • October 1994
Historical Data for Selected Series—Continued
YEAR
Jan.
Mar.
Feb.
Apr.
June
May
July
Sept.
Aug.
Dec.
Oct.
Annual
5
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
....
..
. ..
200
1000
50.0
600
45.0
727
909
63.6
91
364
90.9
36.4
77.3
63.6
864
90.9
63.6
727
36.4
591
72.7
9.1
1000
100.0
81 8
9.1
36.4
909
63.6
773
36.4
9.1
45.5
27.3
909
72.7
545
727
81 8
40.9
545
636
273
68.2
72.7
200
1000
55.0
600
27.3
727
90.9
18.2
136
54.5
81.8
54.5
100.0
22.7
90.9
81.8
63.6
63.6
45.5
68.2
36.4
18.2
1000
90.9
636
0
45.5
1000
72.7
591
18.2
9.1
45.5
54.5
1000
63.6
636
773
636
45.5
273
54.5
545
63.6
54.5
200
1000
30.0
50.0
18.2
773
90.9
27.3
91
77.3
81.8
9.1
90.9
27.3
81.8
77.3
68.2
50.0
54.5
50.0
40.9
9.1
90.9
81.8
682
18.2
72.7
77.3
68.2
636
27.3
18.2
27.3
59.1
1000
45.5
72.7
636
111
86.4
227
54.5
636
72.7
36.4
32.7
32.7
32.8
32.6
950. Diffusion index of 11 leading indicator components (percent rising over 6-month span)
55.6
44.4
22.2
33.3
11.1
0
30.0
50.0
100.0
90.0
100.0
100.0
90.0
20.0
80.0
9.1
80.0
20.0
60.0
9.1
80.0
30.0
100.0
9.1
80.0
20.0
80.0
9.1
10.0
10.0
20.0
100.0
100.0
100.0
69.2
65.0
50.0
70.0
27.3
90.9
40.0
70.0
90.0
45.5
90.9
60.0
70.0
50.0
45.5
90.9
78.8
37.9
71.7
9.1
100.0
80.0
20.0
80.0
18.2
90.9
63.6
54.5
63.6
36.4
63.6
54.5
0
100.0
9.1
100.0
45.5
36.4
18.2
27.3
27.3
50.0
27.3
18.2
90.9
36.4
50.0
90.9
86.4
90.9
63.6
59.1
90.9
81.8
86.4
72.7
36.4
72.7
90.9
72.7
36.4
68.2
0
0
70.0
20.0
80.0
90.9
77.3
86.4
90.9
90.9
27.3
18.2
90.9
63.6
81.8
36.4
18.2
68.2
13.6
18.2
63.6
18.2
18.2
100.0
100.0
100.0
36.4
22.7
18.2
0
100.0
9.1
18.2
45.5
54.5
36.4
36.4
36.4
90.9
36.4
100.0
100.0
100.0
100.0
31.8
63.6
72.7
31.8
63.6
81.8
18.2
72.7
72.7
90.9
72.7
77.3
86.4
90.9
45.5
95.5
86.4
63.6
81.8
59.1
18.2
72.7
36.4
31.8
63.6
90.9
90.9
0
0
100.0
9.1
90.9
36.4
90.9
50.0
36.4
90.9
81.8
18.2
90.9
90.9
90.9
90.9
77.3
90.9
18.2
22.7
63.6
86.4
36.4
45.5
81.8
90.9
31.8
63.6
81.8
72.7
31.8
0
0
90.9
59.1
63.6
63.6
27.3
86.4
68.2
59.1
59.1
18.2
81.8
72.7
72.7
81.8
100.0
9.1
100.0
9.1
81.8
63.6
81.8
27.3
86.4
72.7
81.8
72.7
45.5
36.4
63.6
72.7
18.2
9.1
9.1
18.2
72.7
22.7
54.5
81.8
45.5
22.7
100.0
100.0
36.4
36.4
9.1
9.1
81.8
77.3
63.6
63.6
27.3
100.0
100.0
72.7
63.6
54.5
18.2
72.7
54.5
81.8
27.3
54.5
45.5
45.5
100.0
100.0
68.2
9.1
18.2
63.6
90.9
18.2
59.1
45.5
81.8
77.3
9.1
40.9
90.9
72.7
36.4
9.1
9.1
0
9.1
0
81.8
68.2
9.1
45.5
31.8
72.7
100.0
72.7
36.4
0
100.0
54.5
45.5
54.5
27.3
9.1
81.8
90.9
81.8
36.4
100.0
18.2
63.6
63.6
90.9
100.0
22.7
86.0
72.0
34.5
12.5
87.5
42.8
40.2
93.9
53.4
77.3
78.0
73.5
30.7
71.2
70.5
23.5
38.6
83.7
81.8
18.2
18.2
86.7
43.6
90.9
63.6
54.5
40.9
36.4
100.0
82.2
54.5
72.7
72.0
62.9
59.5
23.9
72.7
18.2
90.9
81.8
36.4
72.7
27.3
90.9
81.8
50.0
52.3
22.7
65.5
89.4
63.6
9.1
50.0
9.1
8.7
36.4
18.2
59.1
90.9
36.4
27.3
90.9
81.8
36.4
72.7
45.5
63.6
68.2
13.6
81.8
45.5
72.7
90.9
59.1
72.7
81.8
72.7
54.5
90.9
81.8
63.6
86.4
72.7
36.4
86.4
81.8
40.9
100.0
54.5
75.4
68.2
63.2
63.6
36.4
50.0
27.3
63.6
36.4
54.5
45.5
81.8
54.5
54.5
40.9
40.9
50.0
60.6
34.9
40.9
81.8
59.1
31.8
22.7
63.6
45.5
63.6
27.3
72.7
0
72.7
54.5
63.6
59.1
81.8
54.5
9.1
9.1
39.0
72.7
72.7
90.9
36.4
81.8
90.9
18.2
63.6
81.8
81.8
18.2
72.7
72.7
90.9
29.9
64.4
67.0
66.3
920. Composite index of 4 coincident indicators (1987=100)
1948 .,
1949 .,
1950 ,
1951 .
1952 .
1953 .
1954 .
1955 .
1956 .
1957 .
1958 .
1959 .
1960 .
1961 .
1962 .
1963 .
1964 .
1965 .
1966 .
1967 .
1968 .
1969 .
1970 .
1971 .
1972 .
1973 .
1974 .
1975 .
1976 .
1977 .
1978 .
1979 .
1980 .
1981 .
1982 .
1983 .
1984 .
1985 .
1986 .
1987 .
1988 .
1989 .
1990 .
1991 .
1992 .
1993 .
32.8
32.9
32.6
36.6
37.2
39.6
38.9
40.0
42.6
43.6
42.3
43.8
46.2
45.0
47.3
48.8
50.9
53.8
57.3
59.8
61.6
64.3
65.7
65.6
68.2
72.9
74.7
71.5
73.6
76.8
80.4
85.3
32.8
32.5
33.0
32.3
33.3
32.2
33.4
31.9
33.5
32.2
33.5
32.5
33.5
31.7
33.4
32.1
33.3
32.3
33.2
32.6
36.6
37.6
39.9
38.9
33.2
36.8
37.6
40.1
38.7
33.6
36.9
37.6
40.1
38.6
34.1
36.9
37.7
40.2
38.6
34.6
37.0
37.5
40.1
38.7
35.4
36.7
37.2
40.3
38.6
36.0
36.9
38.2
40.1
38.7
35.8
36.9
38.8
39.9
38.8
35.9
37.0
39.1
39.8
39.0
35.9
37.1
39.2
39.4
39.4
36.4
37.2
34.7
39.5
39.0
39.7
38.9
40.2
40.6
42.7
41.3
41.4
41.7
41.7
43.0
43.7
42.1
43.7
42.9
43.7
42.2
43.5
43.3
42.4
42.9
43.6
41.9
43.2
43.8
40.9
43.0
43.6
41.8
44.2
41.6
44.6
41.2
45.0
41.3
45.3
41.7
45.4
42.1
45.3
42.4
44.6
42.6
43.7
42.6
43.4
45.8
41.4
43.0
43.5
42.2
44.8
46.1
45.9
45.1
47.9
49.2
51.2
46.0
45.3
48.1
49.5
51.6
45.9
45.6
48.1
49.6
51.9
45.8
46.0
48.2
49.8
52.0
45.7
46.1
48.4
49.9
52.3
45.7
46.4
48.5
50.0
52.5
45.7
54.0
57.5
59.7
61.9
64.6
54.4
54.6
58.0
59.8
62.3
65.0
54.9
58.3
59.9
62.6
65.1
55.2
55.5
58.8
60.1
63.1
65.7
55.7
58.6
60.0
62.9
65.4
65.7
65.6
68.3
73.2
65.7
65.7
65.7
65.6
66.1
69.4
73.5
65.5
66.3
69.5
73.8
65.6
66.2
69.8
74.0
74.5
74.5
70.7
70.9
74.9
78.4
75.0
78.8
83.4
42.6
43.8
44.9
47.6
49.1
51.2
74.5
71.0
74.1
77.2
80.9
85.5
86.7
85.3
84.4
90.2
93.8
96.2
57.9
59.7
62.1
64.9
68.8
73.3
74.4
70.4
74.3
77.6
81.6
86.2
73.3
74.2
70.6
74.7
78.0
82.7
85.5
82.9
86.1
86.1
85.5
86.8
85.7
84.6
86.7
84.3
90.7
84.6
91.2
85.0
91.5
85.6
91.8
84.2
86.9
85.2
86.2
92.4
94.1
94.5
96.4
94.8
97.1
99.3
94.9
94.8
99.1
96.9
99.5
96.8
99.7
96.3
99.0
86.3
86.9
85.7
85.7
45.5
46.8
48.6
50.5
52.5
45.3
47.2
48.8
50.5
53.2
45.0
47.4
57.0
59.5
61.7
64.2
66.1
55.3
58.5
60.3
62.9
65.4
65.3
67.6
72.6
75.1
72.2
66.3
70.1
74.0
74.2
56.2
65.9
66.0
66.2
56.7
59.4
61.2
64.0
66.0
65.5
66.2
70.4
74.1
65.5
66.6
70.8
74.3
64.9
66.8
71.5
75.0
64.6
67.2
72.1
75.4
74.6
74.4
74.3
71.2
75.2
79.2
71.8
75.4
79.4
83.5
86.1
83.9
86.1
84.2
84.7
87.3
87.3
84.6
86.7
92.6
92.8
59.3
60.6
63.7
74.2
73.4
48.8
50.8
53.7
46.0
48.2
49.8
52.2
65.4
72.2
72.5
72.6
72.9
71.5
75.6
79.8
84.2
76.2
80.3
85.0
86.4
76.7
80.6
75.1
78.8
83.2
86.1
75.5
80.0
84.6
86.4
85.3
87.1
86.0
86.7
86.5
86.3
84.4
87.7
93.2
84.0
88.4
84.0
88.9
93.5
93.1
85.3
86.4
86.0
85.6
86.8
83.9
89.5
93.8
84.9
86.5
92.2
94.8
97.1
95.2
97.2
97.8
97.7
97.9
98.5
95.0
97.2
100.3
103.7
105.8
100.5
103.8
105.6
101.3
104.5
105.6
101.2
104.6
106.1
102.0
105.3
106.3
100.0
103.5
105.8
107.0
105.4
106.5
109.8
106.7
105.6
106.9
109.9
106.3
105.6
107.4
110.3
105.9
105.4
107.7
110.9
105.9
105.4
109.8
111.5
106.7
105.3
106.7
109.4
101.8
105.6
102.3
105.6
102.7
105.8
102.9
106.0
103.0
105.7
103.4
105.6
106.8
104.9
105.8
108.2
107.2
104.8
106.0
108.3
107.0
104.9
106.2
108.9
107.2
105.1
106.2
109.0
107.3
105.3
106.3
109.2
107.1
105.4
106.6
109.1
52.8
42.8
44.5
55.8
59.0
60.5
63.4
106.2
105.2
105.3
107.9
1. Diffusion indexes over 6-month spans are placed on the 4th month.
45.6
46.5
48.5
50.2
36.9
38.1
39.9
43.5
43.0
43.4
44.8
58.9
60.5
63.1
100.1
103.5
105.4
98.1
43.5
42.7
44.5
32.3
95.4
95.4
95.6
96.1
SURVEY OF CURRENT BUSINESS
C-31
October 1994
Historical Data for Selected Series—Continued
YEAR
Jan.
Mar.
Feb.
Apr.
1948 . .
1949
1950
1951
1952
1953
1954
1955 ....
1956
1957
1958 .
1959 .
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986 ...
1987
1988
1989 ..
1990
1991
1992
1993
-1.2
.9
.5
0
.3
-.3
.8
0
-.2
-.7
.9
.9
0
-.2
0
.2
.2
.5
.5
-.2
.2
-.6
.5
.9
.4
-.5
-1.0
1.0
.1
-.2
0
.5
0
-.7
.6
.8
0
.1
-.4
-.2
.3
-.1
-.7
-.1
-1.7
-0.3
-.6
0
0
1.1
.8
0
.5
0
.5
-1.2
.9
-.2
-.2
.6
.6
.6
.4
.3
-.2
.5
.5
0
0
.1
.4
-.3
-.7
.7
.5
.6
.2
-.1
0
.6
-.1
.6
.3
.1
.9
.5
0
.6
-.3
.5
.3
0.3
-.3
1.8
.5
0
.5
-.5
1.0
.2
0
-.5
.9
-.4
.4
.6
.2
0
.7
.7
0
.3
.5
0
.2
.7
.1
-.1
-.8
.3
.5
.9
.8
-.5
.1
-.1
.4
.6
.4
.1
.1
.4
.2
.4
-.1
.2
.1
1948
1949
1950
1951
1952
1953
1954
1955
1956 ....
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971 ...
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
-8.1
6.4
8.0
5.5
7.3
-5.0
8.4
1.9
2.8
-10.7
7.6
12.1
-3.5
3.4
2.5
5.7
6.2
5.8
2.0
4.7
3.8
-1.8
6.3
6.7
6.2
-4.7
-12.5
8.5
5.4
3.0
2.4
1.4
1.4
-2.3
1.4
8.3
2.6
3.0
4.6
4.4
3.9
2.7
-3.7
1.5
1.9
-8.1
11.6
4.5
4.4
6.2
-3.0
9.4
.9
.9
-9.1
11.5
.9
.9
4.3
3.3
3.2
5.3
6.5
1.4
2.6
4.4
-2.4
2.5
7.3
3.9
-3.7
-9.6
7.9
4.8
5.1
4.3
-.5
.5
-.9
3.4
7.8
3.0
1.3
2.5
2.8
1.9
3.4
-4.1
2.3
-5.4
0
-4.8
12.8
3.3
4.4
5.1
-3.0
9.3
3.8
0
-10.0
11.4
-1.7
2.7
6.9
5.9
5.6
6.1
5.0
0
4.6
4.4
0
1.8
6.0
2.2
-2.7
-4.9
6.1
6.4
11.9
.9
-5.9
0
1.9
2.9
5.9
4.3
3.8
5.0
4.4
1.5
3.0
-1.1
3.5
3.8
1. Data are placed on the 3d month of the span.
AR Annual rate
May
920c. Coniposite
0
-.3
1.2
.3
0
0
-.3
.7
.7
-.5
-1.0
.9
.2
.4
.4
.6
.8
.4
.2
.2
.3
.2
0
.3
.6
0
_3
.3
.5
.5
1.3
-.8
-.9
-.1
0
.5
.3
.3
.7
.2
.2
.2
_2
!i
June
July
Aug.
Sept.
index of •4 coincident indicators, change from previous month (pet.)
0.9
0.3
0.3
0
0.6
.9
-.6
-.3
-.9
.9
-.6
1.5
1.5
2.3
1.7
.3
-.8
.5
0
0
-.5
-.8
2.7
1.6
.3
.2
-.2
.5
-.5
0
.3
-.3
.3
.3
.2
.7
0
.5
1.0
-.2
.7
.2
-2.1
1.9
0
.
2
0
0
-.5
.7
.2
1.0
1.0
.7
.7
-.2
.2
-.2
-1.5
-.2
-.2
-.2
-.2
0
.2
.7
.9
.2
.7
.2
.4
.2
0
0
.4
.4
.2
.2
.2
.2
.6
.4
.6
.6
.2
.5
.5
.5
.4
.2
.5
.3
.2
.5
.2
.2
.7
.2
0
.5
.5
.3
0
.5
.2
.5
.5
.3
.2
-.2
.2
-.2
-.2
0
.3
-.2
0
.6
.3
.1
.4
.9
.6
.3
.4
.3
.1
.3
.3
-.1
.4
0
.1
-.3
.1
.3
.4
.8
.6
.1
.3
.3
.3
.3
.5
.5
.3
.5
.5
.4
.2
.6
.1
.5
0
0
0
0
.7
.7
-1.1
-.5
0
.6
-.2
-.1
.2
.5
0
-.6
-.4
-.4
0
-.2
.7
.7
-.1
.7
1.2
.4
.7
.2
.2
.3
.1
-.1
0
.4
.2
-.1
.3
.1
-.2
.6
.2
.4
.2
.2
.2
.1
.4
.1
.2
.1
-.1
-.2
.4
-.2
-.3
.1
-.2
-.1
.2
-.3
.2
.1
0
.2
.2
.4
.1
.3
-.1
0
.1
.1
.2
-.1
.6
.2
.6
920c. Compiosite index of 4 1coincident indicators, change over 3-month span (AR .pct.)1
3.7
7.5
6.2
2.4
1.2
6.2
-7.2
-1.2
3.8
-4.8
-2.5
-4.8
23.2
24.2
14.6
19.7
5.8
18.0
-2.2
0
-1.1
3.3
2.2
3.3
-4.2
5.4
14.6
1.1
-1.1
22.0
-4.9
3.0
2.0
-1.0
-2.0
0
4.2
-3.0
0
0
1.0
1.0
11.4
4.9
8.1
8.1
3.9
4.9
2.8
14.0
2.8
-8.1
0
1.9
-3.6
-1.8
-.9
.9
.9
-1.8
-4.7
6.8
9.0
11.1
9.9
1.0
10.3
7.4
2.7
-6.0
-7.7
-6.9
-1.7
-1.7
-2.6
-1.7
-1.7
-.9
6.4
7.3
7.2
4.4
6.2
8.2
2.5
3.4
2.5
4.3
2.5
1.7
4.9
4.1
3.3
3.3
3.3
5.0
6.4
5.6
5.5
4.7
6.3
1.5
6.8
6.0
4.4
5.1
6.8
6.0
3.4
5.7
5.6
4.2
2.8
4.9
3.4
1.3
2.0
4.1
3.4
2.0
5.2
3.2
3.2
3.9
4.6
5.3
4.4
5.0
3.7
3.1
3.1
3.1
-4.2
-.6
-.6
0
-.6
-1.2
3.7
3.7
3.1
1.8
.6
1.8
10.1
6.6
4.1
3.5
5.9
7.7
1.6
3.9
3.3
2.7
5.5
2.8
-2.1
2.2
-.5
-1.1
.5
0
17
3.4
6.4
7.5
2.9
7.5
4.4
2.7
2.7
3.2
3.8
1.6
4.1
6.4
6.3
5.2
5.2
6.3
5.4
10.3
3.9
4.9
3.9
9.1
2.8
0
0
-.5
2.8
1.4
-9.4
8.8
-9.3
-5.9
.5
5.3
-2.7
-.5
2.3
2.8
.9
0
-3.7
-5.0
-3.7
-4.2
-.5
-2.3
8.7
5.2
7.1
7.8
6.3
7.6
2.2
5.4
4.9
4.4
3.5
4.9
3.4
0
1.3
2.6
2.6
1.3
2.5
2.5
0
1.2
4.2
1.7
2.4
3.3
3.3
3.2
4.9
2.0
3.9
2.8
2.8
2.4'
2.7
1.6
.4
-2.2
.4
0
.8
-.8
.4
.4
-.7
-2.2
-3.0
1.5
1.9
1.1
1.1
.8
.8
1.9
1.5
1.5
1.1
2.3
3.0
1.1
3.4
4.5
3.0
.7
3.0
2.6
Oct.
Nov.
Dec.
'.8
-.1
0
-.1
.8
.7
0
-.4
0
.5
.4
-0.3
1.3
0
.3
.3
-1.0
1.0
,5
0
-.7
1.4
.7
-.4
.9
.4
0
1.3
.9
.2
1.0
.5
-.3
-.5
.6
,8
,5
-1.1
.1
.9
.4
.5
0
.6
-.5
0
.6
.4
.2
.2
-1
.1
.5
-.4
-.2
.3
.5
-0.3
,6
1.4
.3
.8
-1.0
.8
.5
.5
-.9
0
2.2
-.7
.4
0
,6
.9
.5
2
.8
,3
.2
1.1
,6
.7
-.4
-1.6
.4
.7
.4
.4
0
.3
-.5
-.1
.7
.3
.5
.6
.8
.7
.2
0
0
1.9
.5
-1.2
-1.2
-1.1
2.2
10.9
-6.8
7.4
6.9
5.7
-6.3
9.8
1.8
-3.5
7.1
2.5
4.1
5.4
7.4
3.4
4.7
5.8
.6
-5.4
6.2
10.0
7.2
-5.3
4.5
4.3
4.6
5.3
1.4
8.8
-4.5
-2.8
10.5
3.1
1.7
2.9
3.6
3.5
1.1
-4.0
0
4.6
4.1
-2.4
-2.4
6.9
3.3
7.4
-8.7
9.6
6.9
4.7
-8.0
6.7
12.2
-5.2
8.0
2.5
4.9
7.0
8.9
3.4
8.2
5.1
.6
-1.2
6.1
10.6
4.4
-10.8
3.9
5.9
4.1
5.3
1.4
7.2
-5.4
-2.3
8.5
2.6
3.0
2.9
6.1
5.9
2.7
-3.0
-.8
11.3
6.0
-70
11.8
8.0
2.2
5.2
-8.7
10.7
3.8
.9
-8.9
9.7
16.2
-4.3
4.3
1.7
3.2
10.3
8.1
3.4
6.8
3.8
-3.0
4.4
8.7
8.1
-1.6
-13.8
6.2
7.1
2.0
3.4
1.9
3.8
-6.3
1.9
8.4
3.0
3.4
1.6
2.0
4.3
2.3
-4.1
-1.1
1.9
4.0
0
-2.5
.3
.3
.8
-.3
.5
.7
.7
-.5
.2
0
-.2
.6
.2
.6
-.6
.7
.5
.2
.5
.3
-.9
.3
1.0
.9
-.1
.4
-.1
.3
.5
.3
.8
-.5
Annual
,
-0.3
1.0
.2
.5
-.1
2
.6
.2
-.2
.2
,5
-.1
.4
,2
.3
,5
.5
A
,3
,3
.3
-.1
,3
,6
,3
-.3
.1
,4
.4
,5
,1
0
-.1
-.2
.6
.4
.2
.2
.3
.3
.1
0
0
.4
.1
-2.5
12.5
2.4
6.3
-.7
1.7
7.2
2.6
-2.2
2.5
5.0
-1.0
4.9
3.2
4.0
5.6
6.4
4.5
3.3
4.3
2.8
-1.1
3.9
7.2
3.5
-3.5
1.1
4.9
5.1
6.0
1.6
.4
-1.0
-2.0
6.5
4.7
2.4
2.3
3.6
3.5
1.0
-.5
-.3
3.0
2.6
C-32 © October 1994
SURVEY OF CURRENT BUSINESS
Historical Data for Selected Series—Continued
YEAR
Jan.
Mar.
Feb.
May
Apr.
June
July
Sept.
Aug.
Dec.
Nov.
Oct.
Annual
951. Diffusion index of 4 coincident indicator components (percent rising over 1 -month span)
1948
1949
37.5
75.0
25.0
62.5
25.0
75.0
0
0
75.0
75.0
50.0
62.5
100.0
100.0
75.0
75.0
50.0
100.0
100.0
50.0
1953
75.0
87.5
1954
37.5
50.0
100.0
0
50.0
50.0
25.0
62.5
62.5
50.0
1955
1956
1957
1958
1959
100.0
100.0
100.0
50.0
87.5
37.5
25.0
1950
1951
1952
50.0
25.0
0
75.0
100.0
1960
1961
.
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
100.0
87.5
87.5
62.5
62.5
75.0
100.0
100.0
100.0
100.0
100.0
0
25.0
75.0
75.0
75.0
100.0
0
100.0
100.0
100.0
50.0
37.5
75.0
87.5
25.0
50.0
25.0
1978
1979
50.0
37.5
1980
1981
1982
100.0
62.5
50.0
0
87.5
.
1988
1989
1990
1991
1992
1993
0
87.5
100.0
100.0
100.0
1985
1986
1987
25.0
50.0
100.0
50.0
25.0
62.5
1975
1976
1977
1983
1984
100.0
0
100.0
0
100.0
100.0
100.0
100.0
100.0
100.0
50.0
87.5
37.5
75.0
25.0
0
100.0
87.5
50.0
100.0
100.0
100.0
0
25.0
12.5
100.0
100.0
50.0
75.0
100.0
59.4
75.0
12.5
0
100.0
100.0
87.5
62.5
37.5
87.5
25.0
25.0
62.5
50.0
25.0
100.0
75.0
100.0
100.0
100.0
100.0
100.0
25.0
100.0
100.0
87.5
62.5
25.0
100.0
100.0
100.0
62.5
100.0
100.0
100.0
100.0
100.0
100.0
100.0
87.5
87.5
25.0
100.0
37.5
50.0
25.0
37.5
37.5
87.5
100.0
100.0
75.0
75.0
75.0
75.0
50.0
12.5
75.0
62.5
75.0
75.0
100.0
100.0
100.0
100.0
75.0
87.5
87.5
75.0
75.0
100.0
100.0
50.0
87.5
75.0
62.5
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
87.5
50.0
50.0
25.0
87.5
25.0
100.0
100.0
75.0
100.0
0
50.0
0
0
0
50.0
25.0
25.0
50.0
75.0
50.0
87.5
87.5
62.5
62.5
75.0
87.5
75.0
50.0
87.5
100.0
75.0
75.0
62.5
25.0
0
25.0
75.0
87.5
75.0
75.0
100.0
12.5
12.5
50.0
12.5
100.0
0
100.0
62.5
50.0
87.5
100.0
75.0
75.0
25.0
75.0
50.0
100.0
25.0
50.0
100.0
50.0
75.0
50.0
100.0
50.0
100.0
75.0
75.0
0
87.5
100.0
100.0
12.5
87.5
50.0
0
1949
1950
1951
100.0
1952
1953
1954
100.0
100.0
0
75.0
0
0
100.0
0
100.0
0
100.0
50.0
100.0
0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
0
100.0
100.0
75.0
62.5
50.0
50.0
100.0
100.0
25.0
37.5
50.0
50.0
100.0
100.0
62.5
25.0
25.0
50.0
100.0
100.0
62.5
100.0
25.0
50.0
75.0
50.0
100.0
75.0
50.0
50.0
100.0
50.0
100.0
0
100.0
100.0
0
100.0
100.0
100.0
100.0
100.0
0
100.0
75.0
37.5
37.5
87.5
25.0
70.8
44.8
0
0
0
75.0
100.0
37.5
100.0
100.0
100.0
75.0
100.0
75.0
87.5
50.0
75.0
50.0
100.0
0
62.5
100.0
100.0
0
100.0
91.7
83.3
74.0
81.3
77.1
100.0
100.0
100.0
12.5
25.0
50.0
50.0
75.0
27.1
82.3
70.8
85.4
85.4
100.0
100.0
25.0
0
100.0
100.0
951. Diffusion index of 4 coincident indicator components (percent rising over 6-month span)
1948
25.0
25.0
62.5
75.0
25.0
62.5
100.0
100.0
100.0
87.5
62.5
50.0
75.0
100.0
62.5
50.0
100.0
75.0
100.0
91.7
69.8
35.4
87.5
37.5
25.0
87.5
100.0
100.0
0
100.0
100.0
50.0
50.0
25.0
100.0
75.0
75.0
75.0
81.3
60.4
67.7
45.8
55.2
0
50.0
100.0
12.5
38.5
75.0
75.0
100.0
50.0
75.0
75.0
62.5
100.0
100.0
0
37.5
50.0
100.0
87.5
50.0
25.0
87.5
87.5
25.0
37.5
50.0
100.0
100.0
75.0
25.0
75.0
62.5
25.0
50.0
62.5
87.5
75.0
75.0
25.0
100.0
75.0
75.0
62.5
75.0
87.5
50.0
100.0
0
100.0
100.0
100.0
100.0
100.0
50.0
75.0
100.0
75.0
75.0
62.5
75.0
87.5
75.0
87.5
75.0
75.0
50.0
75.0
75.0
50.0
37.5
100.0
0
100.0
100.0
75.0
100.0
100.0
0
100.0
75.0
75.0
100.0
62.5
75.0
100.0
75.0
12.5
0
0
100.0
62.5
250
75.0
100.0
100.0
100.0
62.5
100.0
87.5
25.0
75.0
100.0
100.0
87.5
100.0
0
75.0
100.0
100.0
100.0
62.5
62.5
75.0
25.0
50.0
75.0
37.5
75.0
100.0
0
0
100.0
100.0
100.0
100.0
100.0
37.5
100.0
25.0
50.0
62.5
0
100.0
62.5
87.5
75.0
75.0
0
100.0
25.0
75.0
100.0
12.5
75.0
75.0
75.0
75.0
62.5
100.0
62.5
100.0
100.0
0
0
100.0
100.0
100.0
62.5
12.5
50.0
50.0
25.0
50.0
25.0
50.0
50.0
87.5
75.0
50.0
100.0
50.0
62.5
75.0
100.0
37.5
100.0
100.0
100.0
100.0
100.0
25.0
100.0
100.0
100.0
25.0
75.0
100.0
0
0
75.0
75.0
100.0
100.0
100.0
100.0
25.0
37.5
100.0
100.0
78.1
89.6
65.6
87.5
90.6
89.6
61.5
57.3
38.5
24.0
83.3
81.3
76.0
68.8
75.0
82.3
59.4
47.9
44.8
81.2
83.3
o
100.0
35.4
75.0
75.0
75.0
100.0
100.0
0
100.0
100.0
100.0
0
100.0
100.0
100.0
0
100.0
93.8
74.0
92.7
42.7
57.3
100.0
100.0
0
100.0
100.0
100.0
100.0
0
100.0
100.0
75.0
97.9
100.0
0
100.0
100.0
83.3
25.0
68.8
79.2
37.5
91.7
100.0
100.0
100.0
100.0
50.0
62.5
75.0
1958
1959
0
100.0
0
100.0
50.0
50.0
12.5
25.0
62.5
37.5
100.0
100.0
62.5
25.0
75.0
75.0
1960
1961
1962
1963
1964
100.0
100.0
50.0
50.0
25.0
25.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
0
100.0
100.0
100.0
100.0
25.0
75.0
0
100.0
100.0
100.0
100.0
25.0
25.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
1965
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
75.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
75.0
100.0
100.0
100.0
100.0
100.0
100.0
75.0
100.0
100.0
100.0
100.0
100.0
100.0
75.0
0
100.0
100.0
100.0
0
100.0
100.0
100.0
0
50.0
50.0
75.0
100.0
100.0
100.0
0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
75.0
87.5
100.0
100.0
100.0
75.0
75.0
100.0
0
100.0
0
100.0
0
25.0
25.0
75.0
100.0
100.0
100.0
100.0
100.0
75.0
92.7
87.5
99.0
100.0
100.0
1955
1956
1957
.
1966
1967
1968
1969
100.0
100.0
100.0
100.0
50.0
25.0
100.0
100.0
100.0
100.0
100.0
100.0
0
100.0
100.0
100.0
100.0
50.0
25.0
75.0
62.5
75.0
75.0
0
100.0
100.0
100.0
0
100.0
100.0
100.0
100.0
0
100.0
100.0
100.0
0
100.0
100.0
100.0
100.0
100.0
1970
1971
1972
1973
1974
1975
1976
25.0
25.0
100.0
100.0
75.0
50.0
100.0
100.0
100.0
100.0
25.0
100.0
100.0
100.0
0
100.0
50.0
12.5
25.0
25.0
75.0
100.0
100.0
100.0
50.0
100.0
100.0
75.0
50.0
100.0
100.0
100.0
100.0
75.0
100.0
87.5
12.5
100.0
50.0
62.5
75.0
25.0
75.0
75.0
75.0
50.0
100.0
100.0
100.0
50.0
50.0
1980
25.0
0
0
0
0
0
50.0
100.0
100.0
1981
1982
75.0
75.0
50.0
62.5
50.0
75.0
50.0
75.0
62.5
62.5
25.0
12.5
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
1977
1978
1979
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
. ,
75.0
0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
0
100.0
100.0
75.0
87.5
100.0
100.0
0
100.0
100.0
0
100.0
100.0
0
100.0
100.0
100.0
100.0
87.5
75.0
75.0
75.0
75.0
100.0
100.0
100.0
75.0
100.0
100.0
100.0
100.0
0
50.0
0
75.0
75.0
100.0
100.0
100.0
100.0
100.0
75.0
50.0
50.0
0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
87.5
75.0
37.5
50.0
50.0
25.0
75.0
100.0
100.0
100.0
25.0
75.0
0
0
0
50.0
37.5
50.0
0
25.0
75.0
50.0
0
25.0
62.5
50.0
37.5
75.0
75.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
NOTE.—Diffusion indexes are centered within the spans: 1-month indexes are placed on the ending month, and
6-month indexes are placed on the 4th month.
75.0
75.0
0
100.0
75.0
50.0
100.0
75.0
100.0
100.0
0
100.0
100.0
50.0
75.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
75.0
100.0
100.0
100.0
100.0
100.0
75.0
95.8
91.7
100.0
85.4
31.3
100.0
100.0
81.3
32.3
66.7
99.0
96.9
100.0
75.0
47.9
43.8
22.9
93.8
100.0
70.8
44.8
47.9
100.0
97.9
SURVEY OF CURRENT BUSINESS
October 1994 ®
C-33
Historical Data for Selected Series—Continued
YEAR
Jan.
Mar.
Feb.
Apr.
June
May
Aug.
July
Oct.
Sept.
Nov.
Dec.
Annual
930. Composite index of 7 lagging indicators (1987*100)
1948 ,
1949 ,
1950 .
1951 .
1952 .
1953 .
1954 .
1955 .
1956 .
1957 .
1958 .
1959 .
1960 .
1961 .
1962 .
1963 .
1964 .
1965 .
1966 ,
1967 .
1968 .
1969 .
1970 ,
1971 ,
1972 ,
1973 ,
1974 ,
1975 ,
1976 ,
1977 .
1978 .
1979 ,
1980 .
1981 .
1982 .
1983 .
1984 .
1985 .
1986 ,
1987 ,
1988 .
1989 .
1990 .
1991 .
1992 .
1993 .
49.4
53.8
54.0
59.2
64.3
67.2
70.9
66.5
73.0
77.4
79.1
75.0
79.5
80.0
78.8
80.0
81.4
82.8
86.0
89.9
89.6
92.7
96.0
93.0
96.6
99.2
49.9
54.0
50.2
53.8
50.4
53.7
50.5
54.0
50.5
53.9
51.0
53.8
52.6
53.5
53.0
53.2
52.9
54.1
53.3
53.9
53.4
54.0
51.4
54.0
60.0
64.3
53.9
60.6
64.5
67.8
69.6
54.2
61.0
64.4
54.3
61.3
65.0
54.2
62.0
65.9
53.8
62.1
54.1
62.0
65.8
55.2
61.6
65.4
69.8
68.2
70.0
67.7
58.5
62.8
66.3
71.2
66.5
58.1
63.5
66.9
68.8
68.6
57.2
62.5
65.8
70.8
66.5
71.3
66.7
69.6
68.0
66.4
73.1
77.1
78.3
75.2
66.7
66.5
74.7
77.7
77.4
66.9
75.7
77.9
76.1
76.4
67.7
71.5
77.1
79.1
75.2
80.5
72.5
72.6
77.2
79.6
75.2
80.0
68.8
75.7
78.3
76.2
77.7
79.8
79.8
78.7
80.1
79.4
78.9
80.3
79.2
79.2
80.7
80.0
80.2
78.7
79.4
80.1
81.6
79.9
81.7
80.0
81.8
83.1
86.5
89.9
90.1
93.0
83.3
86.7
90.1
90.4
93.1
83.6
87.3
90.0
90.8
93.7
96.1
92.7
89.2
96.4
92.2
89.5
95.9
91.5
89.7
91.5
96.8
91.9
96.5
92.8
97.2
95.6
91.4
90.0
93.0
97.7
90.8
90.3
93.5
98.0
98.3
90.4
96.0
90.1
90.2
93.0
97.4
94.7
90.0
90.3
93.4
97.3
92.5
89.6
90.8
93.8
98.0
91.9
89.7
91.0
94.2
98.3
67.6
70.6
73.8
77.4
78.1
75.4
75.6
70.3
66.7
55.7
62.1
65.8
70.7
66.6
68.1
77.0
77.9
74.9
77.7
70.0
76.8
78.7
74.4
78.7
70.4
77.2
79.2
75.1
80.1
80.9
80.6
78.1
79.7
80.4
81.7
78.0
79.7
79.9
78.2
79.7
80.1
81.7
80.9
78.4
79.6
80.3
81.9
80.8
82.0
80.9
82.1
83.8
83.7
83.7
88.3
90.1
91.4
88.8
90.1
91.3
94.8
84.0
89.1
89.7
91.8
95.0
84.2
89.1
89.9
91.8
95.2
84.5
89.2
89.9
91.7
95.2
94.8
92.0
90.1
91.9
90.1
94.6
91.4
90.1
94.3
98.2
95.1
98.9
95.2
98.8
91.3
89.7
91.4
90.8
89.9
91.7
90.8
90.1
92.1
94.4
98.8
94.8
99.5
95.8
98.4
78.8
79.4
91.1
94.2
76.0
78.0
75.3
77.2
94.8
95.5
66.3
70.0
67.4
95.2
91.4
90.3
94.2
98.0
90.5
89.6
93.0
96.4
89.9
93.1
96.6
97.6
90.3
90.0
93.4
96.1
100.4
100.6
101.7
102.5
102.2
101.4
99.2
97.2
96.2
95.9
96.9
91.6
93.1
95.7
95.8
96.1
91.2
94.4
96.9
95.9
90.6
95.2
97.4
97.5
95.9
90.7
96.4
97.6
95.5
91.3
97.0
98.0
91.7
92.4
98.2
98.1
100.1
100.1
101.2
102.9
100.3
96.3
91.2
93.6
98.2
98.6
100.4
100.4
99.4
99.3
99.5
99.5
101.2
103.5
101.5
103.9
101.8
103.6
104.6
104.7
104.5
104.3
104.5
104.2
99.0
96.3
98.4
96.3
98.0
96.1
98.5
100.8
96.1
90.5
95.7
98.7
95.4
79.9
78.2
79.7
81.3
82.3
78.5
79.9
81.6
82.4
84.9
89.8
89.6
91.9
95.4
85.9
89.9
89.8
92.2
95.6
84.0
88.2
89.9
91.2
94.4
95.2
91.7
89.9
93.7
94.2
93.4
90.9
90.0
95.5
99.1
90.9
89.9
90.6
89.5
92.4
94.9
99.8
90.7
89.8
92.3
95.7
100.1
100.1
95.1
98.4
94.4
91.2
98.0
95.3
98.3
93.5
91.8
97.9
96.3
97.9
92.6
92.3
98.0
96.3
99.8
96.2
80.5
81,9
98.0
93.7
90.0
91.0
94.2
98.2
99.0
97.2
95.5
91.3
95.8
99.8
99.8
100.0
98.9
102.4
105.3
100.1
100.8
102.6
105.5
100.0
100.9
103.0
105.5
99.4
100.6
102.4
105.3
100.7
102.8
105.4
100.2
100.0
102.1
104.6
105.2
101.6
104.8
101.1
104.8
100.7
104.6
100.5
104.5
100.2
104.5
100.0
104.7
102.1
96.9
97.1
96.4
96.7
96.7
96.5
96.5
96.7
95.4
96.2
97.3
96.3
98.9
99.0
100.2
100.1
99.6
99.7
99.9
101.8
104.3
102.2
104.8
102.3
105.2
104.9
103.3
104.9
102.7
104.8
101.9
97.7
96.0
97.5
96.2
97.2
96.3
100.4
95.0
91.2
97.5
79.7
78.3
79.6
80.9
82.4
77.3
79.5
74.9
80.4
53.8
99.2
99.6
96.3
930c. Composite index of 7 lagging indicators, change from previous month (pet.)
1948 .
1949 .
1950 .
1951 .
1952 .
1953 .
1954 .
1955 .
1956 .
1957 .
1958 .
1959 .
1960 .
1961 .
1962 .
1963 .
1964 .
1965 .
1966 .
1967 .
1968 .
1969 .
1970 .
1971 .
1972 .
1973 .
1974 .
1975 .
1976 .
1977 .
1978 .
1979 .
1980 .
1981 .
1982 .
1983 .
1984 .
1985 .
1986 .
1987 .
1990 .
1991 .
1992 .
1993 .
1.0
.4
.6
-.4
.4
-.2
.2
.6
.6
0
-.2
-.2
0
1.9
1.3
.4
-.6
0
1.4
0
.6
-.4
-.2
.6
.7
-.2
1.5
.2
.5
.9
1.5
-.6
-.2
1.1
1.4
.3
-.7
-.3
.6
.3
-.6
-.3
-.2
.1
-.4
.6
1.3
.3
1.2
.4
.1
1.0
.3
.3
-1.4
-1.4
-.3
1.2
-1.0
.5
1.0
.4
-.3
.3
.3
.3
1.1
-.6
0
.4
.1
_2
.4
-.2
-.1
.1
.2
.4
-.5
.3
-.2
.1
.2
_3
'.4
.1
.1
.5
-.5
.3
.1
-.1
.5
.1
0
-.2
.5
.4
.6
0
.6
.3
.1
-.3
-.4
.2
.2
.2
.3
.1
.4
.7
-.1
.4
.6
.3
_5
-.5
-.8
.2
.4
-.4
-1.4
.4
-.3
1.0
.3
-.6
-.1
.1
.6
.2
.3
_ •<
!i
-1.0
.1
-.1
.3
.1
.2
.2
-.3
-1.1
-.1
.8
.2
.1
.7
.5
.1
-.1
.2
-.7
0
.6
-.8
.2
-.1
-.4
-1.0
!s
-.7
-.1
.1
.3
-.5
.4
-.9
1.0
.7
-1.6
_2
.2
-.4
1.4
1.1
-.2
-.6
-.4
.5
.8
.1
-.2
0
.9
.4
.5
-.3
-.4
.2
.3
-.3
-.1
.3
.4
0
-.1
-.4
-.2
.4
-.9
-.3
-.1
1.0
-.2
.2
.6
0
-.4
3.1
-.6
-.2
1.7
.8
-.4
.2
.2
.6
-.2
-.8
.4
3.0
.2
0
.6
-.1
2.7
.6
0
.1
-.2
2.3
.5
.8
.6
0
-.7
1.1
.9
.1
.3
.6
.8
.4
.5
-.5
.6
.5
.6
.9
1.8
1.6
-.1
1.4
.3
.5
-.4
-.1
.1
-.1
.1
.4
-.5
.1
,4
.3
.4
.1
.7
.5
.3
-.5
.5
1.2
.1
.2
.3
.2
.4
.4
0
.2
.3
-.8
0
-.1
.8
.7
-.1
-1.0
1.0
.6
1.3
-.1
-.5
.6
2.8
-.3
1.0
-.7
1.3
.2
-.5
.3
.2
.2
0
-.4
.1
.1
-.2
-.4
-.1
0
.5
.4
.2
.8
-.2
.3
.5
-.1
.3
.3
.3
.6
0
.6
0
-.1
0
.4
.3
-.4
.5
.2
.2
0
.2
0
.2
-.3
-.1
.3
.2
.5
-.1
-.7
.3
.5
.3
-.3
.7
0
.7
0
0
.7
-.2
.1
.2
-.6
.1
.2
.4
.3
-.7
0
.4
.2
.5
-.4
-.1
0
.8
.7
_5
-1.7
-1.4
-1.1
-2.3
-.1
.1
.4
-.1
-.4
.6
.4
.7
-.3
1.1
-.2
-.7
-.8
.5
.2
-.1
.5
-.2
.2
-.1
.1
.5
-.3
.1
.2
.3
.4
.7
-.1
0
.4
.4
.1
0
-.1
.2
-.2
d
.1
-.1
o
.2
.4
.1
.3
.3
-.1
.1
.5
-.1
.5
.7
_g
'.2
0
-.4
-.5
-.1
.3
.3
-.1
-.3
.2
.1
-.2
.2
.7
.1
-.4
.7
.6
.8
-.5
-.1
.5
-.7
0
-.6
0
.5
-1.0
.7
_ -i
.1
0
.1
.4
.5
.2
-.2
.1
.1
.4
.1
-.1
.2
.1
.1
.2
-.5
.7
0
0
.6
.5
.2
.2
.2
0
-.1
.1
.4
0
-.1
-.8
-.3
.1
.4
-.3
-.3
.5
-.4
-.5
.2
-.4
0
-.4
-.4
.3
-.2
-.2
-.2
-.2
-.1
-.3
.2
-.2
-2.2
-2.0
-1.4
.2
-.1
-.1
-.3
.1
.5
0
1.0
-.4
0
-.2
.2
.2
.1
-.2
-.2
-.8
-.1
.3
.3
.3
-.3
.1
-1.0
.5
.1
0
.5
.2
-.6
-.2
-.2
-.1
.2
-.1
.1
.2
.2
0
-.2
-.1
-.4
-.4
.1
-1.3
-.1
C-34 • October 1994
SURVEY OF CURRENT BUSINESS
Historical Data for Selected Series—Continued
YEAR
1948 ...
1949
1950
1951 ..
1952
1953
1954
1955
1956
1957
1958
1959
1960 .
1961
1962
1963
1964
1965
1966
1967 ..
1968
1969
1970
1971 ..
1972
1973
1974 ..
1975
1976
1977
1978
1979
1980
1981
1982 ..
1983
1984 ....;
1985
1986
1987
1988
1989
1990
1991
1992
1993
Jan.
Feb.
5.4
.7
10.7
9.9
8.1
-3.3
-.6
3.4
-1.0
-5.9
1.6
-3.0
_g
2^6
2.0
1.5
3.9
7.8
.4
2.3
4.9
3.0
-6.2
-7.3
6.8
5.6
-3.2
-1.3
.4
3.5
3.8
2.0
2.5
-5.6
-7.9
5.8
.8
2.0
-2.4
1.2
2.0
-3.7
-.8
-7.0
-1.6
Mar.
3.0
-.7
18.4
6.4
5.5
-9.2
0
6.8
1.0
-7.3
1.1
.5
-3.0
2.1
0
.5
4.4
3.8
.9
2.7
4.0
3.4
-5.0
-6.0
9.2
.8
-8.5
-1.3
2.3
4.4
-.4
6.5
-2.5
-6.4
-5.9
5.8
2.1
3.2
-.4
3.2
4.3
-3.4
-1.1
-7.8
3.0
May
Apr.
8.3
-.7
1.5
12.7
.6
9.9
-12.4
0
9.6
1.6
-8.3
3.2
4.1
-3.9
2.0
0
2.0
3.9
6.2
.4
5.5
4.4
-.4
-6.3
.4
9.1
2.5
-12.3
-1.8
2.7
0
4.2
8.6
-1.7
-7.5
-2.2
8.9
0
1.2
-2.4
2.4
2.7
1.2
-5.2
-5.1
-1.2
June
July
Sept.
Aug.
Oct.
930c. Composite index of 1i lagging indicators, change over 3-month span (AR, pet.)
4.9
2.4
17.7
4.8
21.3
15.8
0
.7
-3.7
2.2
.7
-5.1
2.2
22
-1.5
11.5
27.8
-2.9
9.0
9.6
7.4
4.6
.6
2.6
4.4
9.0
-3.0
12.3
5.0
-.6
7.2
4.1
13.7
13.6
4.7
2.9
-12.9
-10.5
-5.2
-8.5
-6.8
-6.3
3.0
6.1
21.5
10.0
19.9
16.9
15.0
12.5
5.9
.5
12.9
6.5
4.2
3.1
4.2
6.3
1.0
6.3
108
136
-8.6
-1.1
1.6
-12.3
6.5
9.9
15.2
11.6
12.6
15.9
4.6
4.1
-.5
-5.8
3.0
-4.9
-5.4
-4.9
-4.9
1.0
^.0
-1.0
1.5
3.6
3.6
-.5
2.5
.5
0
2.0
3.5
2.5
2.0
3.0
.5
1.0
1.5
3.5
-.5
1.0
3.4
1.9
1.0
3.9
.5
2.4
7.1
7.6
7.1
3.7
5.1
1.8
-.4
0
-.4
.4
—9
9
2.2
3.1
4.5
4.5
i!s
1.8
3.4
1.7
5.3
7.5
2.6
4.8
-2.1
-3.7
-1.7
-2.5
29
-2.9
-.4
2.7
-5.5
-5.9
0
4.9
.4
2.7
3.6
3.6
-.9
-.9
6.7
7.1
5.7
4.3
6.2
7.0
3.8
6.4
2.1
3.7
3.3
3.3
-13.9
-19.3
-4.7
-13.6
-7.2
-16.0
-1.3
-1.8
-3.1
1.8
-1.8
1.3
5.0
1.8
3.6
4.9
3.6
4.0
4.4
1.3
1.7
3.0
5.3
4.3
2.9
8.1
6.2
3.7
6.3
6.3
6.5
-1.2
-18.2
-15.5
-12.3
-20.3
3.7
4.2
7.3
7.3
4.2
2.9
-1.7
-4.1
-.8
-6.1
-.8
-4.5
2.2
-2.2
3.1
3.1
-4.3
-3.0
7.7
6.8
9.3
9.3
8.7
7.8
3.7
2.1
.8
1.6
2.9
2.0
-.4
.4
-1.6
-1.2
-3.1
-.8
.4
1.2
4.1
1.6
4.5
.8
2.4
2.8
2.4
1.2
2.0
.8
1.1
3.1
3.5
3.9
1.9
6.3
-.4
1.1
-2.3
1.5
12
0
-6.0
-3.6
-.4
-8.5
-3.2
.8
-6.4
-3.2
3.4
-6.1
-1.6
.8
-4.6
-2.0
1.7
-4.3
-1.6
-1.2
Dec.
Nov.
5.4
3.0
36.7
5.3
3.1
5.2
-1.2
15.1
2.6
4.1
2.7
8.9
34
1.0
0
2.5
1.5
4.4
3.2
-.4
.4
1.7
-4.1
-4.7
-.4
5.2
3.7
-2.6
.4
4.0
5.6
5.4
-7.6
2.9
-8.1
2.2
3.8
3.3
—4
4.1
2.4
.8
-1.1
-3.5
-1.6
-.4
3.1
6.2
18.4
9.3
6.9
3.4
.6
13.1
0
2.0
.5
-.5
.5
1.5
1.0
3.5
1.5
8.3
3.6
-.4
1.8
1.7
-5.8
-4.3
-.9
5.1
3.7
-.9
-1.8
3.1
6.0
2.4
2.1
-2.0
-9.7
4.9
2.1
3.3
-.8
.4
1.6
.4
-1.1
-2.8
-5.3
-2.1
Annual
70
-.7
14.7
12.0
8.8
.6
0
8.7
1.6
0
-1.1
-4.9
1.5
26
2.0
2.5
2.0
7.3
3.2
-1.3
4.4
2.5
-6.6
-7.6
3.1
6.0
1.6
-1.3
-2.2
4.0
6.5
2.4
4.7
-1.6
110
5.4
.8
1.2
0
1.6
1.2
-3.4
.4
-5.8
-.8
-.4
0.9
9.2
8.5
5.2
6.6
-6.3
9.5
6.4
2.7
-5.4
6.8
.1
18
1.7
2.0
1.3
3.8
5.0
-.2
2.9
3.7
-2.2
-3.2
-.2
6.5
3.4
-8.6
-1.1
3.3
3.8
4.3
-3.7
2.3
55
-.4
6.4
2.0
-.1
1.1
2.1
2.2
-.6
-4.6
-3.6
.2
952. Diffusion index of 7 lagcjing indicator compcments (percen t rising over 1-month span)
1948
1949
75.0
50.0
66.7
50.0
58.3
33.3
58.3
58.3
66.7
25.0
91.7
41.7
66.7
25.0
83.3
25.0
58.3
75.0
66.7
25.0
333
58.3
58.3
43.7
1950
1951
1952
1953
1954
58.3
91.7
58.3
75.0
25.0
41.7
66.7
41.7
75.0
25.0
33.3
58.3
75.0
58.3
16.7
41.7
58.3
41.7
41.7
58.3
75.0
66.7
25.0
41.7
75.0
91.7
66.7
25.0
58.3
41.7
58.3
41.7
33.3
75.0
41.7
91.7
66.7
58.3
58.3
25.0
66.7
58.3
58.3
50.0
41.7
75.0
66.7
58.3
58.3
58.3
50.0
83.3
75.0
58.3
58.3
56.3
63.9
58.3
63.9
30.6
1955
1956
1957
1958
1959
1960
1961
1962
1963 .
1964
50.0
75.0
71.4
28.6
50.0
35.7
50.0
85.7
57.1
35.7
41.7
75.0
21.4
42.9
78.6
64.3
28.6
57.1
42.9
64.3
58.3
75.0
64.3
21.4
78.6
85.7
21.4
64.3
42.9
57.1
66.7
58.3
78.6
64.3
14.3
78.6
50.0
21.4
71.4
57.1
42.9
100.0
92.9
42.9
64.3
57.1
92.9
78.6
83.3
57.1
78.6
42.9
85.7
42.9
64.3
50.0
57.1
64.3
100.0
85.7
14.3
85.7
85.7
21.4
78.6
57.1
35.7
91.7
66.7
50.0
14.3
71.4
71.4
21.4
78.6
78.6
71.4
35.7
57.1
35.7
85.7
35.7
57.1
42.9
50.0
78.6
83.3
71.4
78.6
50.0
28.6
78.6
50.0
64.3
92.9
42.9
50.0
42.9
57.1
78.6
28.6
35.7
85.7
50.0
64.3
50.0
68.8
65.6
63.1
29.8
69.7
58.3
44.6
64.3
62.5
57.2
1965
1966
1967
1968
1969
78.6
64.3
42.9
57.1
78.6
57.1
78.6
57.1
64.3
71.4
50.0
50.0
50.0
78.6
50.0
71.4
71.4
50.0
50.0
85.7
57.1
71.4
71.4
64.3
78.6
50.0
78.6
50.0
57.1
35.7
64.3
57.1
21.4
64.3
50.0
64.3
50.0
71.4
50.0
64.3
64.3
50.0
50.0
57.1
57.1
64.3
78.6
28.6
64.3
64.3
71.4
64.3
57.1
64.3
57.1
63.7
67.9
48.8
62.5
64.9
1970 ...
1971
1972
1973
1974
78.6
28.6
14.3
78.6
50.0
50.0
42.9
28.6
85.7
57.1
57.1
28.6
64.3
71.4
42.9
35.7
50.0
78.6
64.3
71.4
50.0
28.6
42.9
71.4
57.1
35.7
71.4
35.7
64.3
28.6
50.0
92.9
35.7
42.9
57.1
50.0
42.9
78.6
64.3
35.7
21.4
42.9
57.1
42.9
14.3
28.6
50.0
57.1
64.3
50.0
57.1
64.3
42.9
38.7
41.7
45.3
69.6
53.0
1975
1976
1977
1978
1979
28.6
28.6
42.9
71.4
71.4
28.6
50.0
71.4
71.4
64.3
28.6
35.7
64.3
85.7
50.0
0
0
0
57.1
57.1
50.0
92.9
50.0
71.4
85.7
50.0
57.1
71.4
71.4
71.4
42.9
35.7
57.1
85.7
71.4
14.3
71.4
85.7
71.4
71.4
28.6
64.3
64.3
78.6
92.9
50.0
64.3
71.4
57.1
57.1
28.6
28.6
85.7
78.6
35.7
57.1
35.7
50.0
71.4
50.0
25.6
48.2
66.1
73.2
64.9
1980
1981 .
1982
1983
1984
57.1
35.7
57.1
21.4
57.1
57.1
42.9
28.6
42.9
92.9
85.7
71.4
42.9
42.9
78.6
57.1
64.3
35.7
28.6
92.9
57.1
50.0
71.4
64.3
42.9
57.1
0
0
35.7
21.4
64.3
50.0
35.7
50.0
100.0
71.4
57.1
71.4
92.9
28.6
71.4
35.7
28.6
85.7
14.3
71.4
14.3
57.1
64.3
50.0
57.1
28.6
78.6
50.0
50.0
64.3
42.9
78.6
64.3
42.3
64.3
39.9
47.0
75.0
1985
1986
1987
1988
1989
64.3
64.3
64.3
78.6
50.0
42.9
57.1
28.6
42.9
71.4
57.1
71.4
42.9
42.9
78.6
28.6
21.4
64.3
78.6
42.9
57.1
50.0
57.1
42.9
78.6
57.1
50.0
57.1
85.7
78.6
64.3
35.7
50.0
42.9
57.1
57.1
35.7
50.0
64.3
71.4
50.0
28.6
85.7
42.9
50.0
71.4
78.6
78.6
64.3
42.9
50.0
50.0
57.1
71.4
42.9
71.4
28.6
28.6
35.7
50.0
55.9
47.6
55.4
57.8
59.5
1990
1991 ...
1992
1993
28.6
57.1
28.6
28.6
14.3
50.0
35.7
28.6
21.4
50.0
64.3
42.9
14.3
35.7
57.1
35.7
14.3
21.4
64.3
64.3
42.9
50.0
64.3
28.6
28.6
71.4
35.7
28.6
28.6
21.4
50.0
42.9
21.4
50.0
28.6
35.7
42.9
64.3
28.6
50.0
42.9
28.6
42.9
40.5
29.8
33.3
47.6
7.1
50.0
100.0
16.7
41.7
66.7
78.6
7.1
71.4
71.4
50.0
71.4
57.1
64.3
71.4
100.0
35.7
78.6
85.7
42.9
7.1
50.0
100.0
57.1
7.1
14.3
50.0
100.0
100.0
NOTE.—Data are centered within the spans: 3-month percent changes are placed on the 3d month, and 1-month
diffusion indexes are placed on the ending month.
AR Annual rate
8.3
58.3
16.7
42.9
50.0
7.1
7.1
7.1
SURVEY OF CURRENT BUSINESS
October 1994 « C-35
Historical Data for Selected Series—Continued
YEAR
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1948 .
1949 .
1950 .
1951 .
1952 .
1953 .
1954 .
1955 .
1956 .
1957 .
1958 .
1959 .
1960 .
1961 .
1962 .
1963 .
1964 .
1965 .
1966 .
1967 .
1968 .
1969 .
1970 .
1971 .
1972 .
1973 .
1974 .
1975 .
1976 .
1977 .
1978 .
1979 .
1980 .
1981 .
1982 .
1983 .
1984 .
1985 .
1986 .
1987 .
1988 .
1989 .
1990 .
1991 .
1992 .
1993 .
Jan.
Feb.
Mar.
58.3
58.3
83.3
50.0
100.0
33.3
41.7
100.0
78.6
28.6
71.4
50.0
28.6
78.6
50.0
64.3
64.3
92.9
57.1
64.3
85.7
57.1
28.6
42.9
85.7
100.0
28.6
42.9
42.9
71.4
85.7
71.4
42.9
28.6
14.3
100.0
42.9
57.1
42.9
57.1
71.4
28.6
42.9
0
50.0
41.7
58.3
83.3
66.7
91.7
0
41.7
100.0
78.6
14.3
85.7
64.3
21.4
92.9
64.3
50.0
64.3
100.0
42.9
78.6
92.9
42.9
28.6
28.6
100.0
100.0
28.6
42.9
57.1
71.4
78.6
71.4
78.6
14.3
14.3
100.0
42.9
64.3
42.9
71.4
78.6
42.9
21.4
0
35.7
41.7
58.3
83.3
66.7
100.0
0
50.0
100.0
78.6
0
85.7
78.6
21.4
78.6
50.0
42.9
78.6
100.0
57.1
85.7
100.0
42.9
14.3
28.6
100.0
85.7
0
28.6
71.4
78.6
100.0
57.1
64.3
28.6
28.6
85.7
57.1
42.9
57.1
85.7
78.6
28.6
0
0
50.0
66.4
61.2
60.4
61.8
57.9
58.9
54.9
60.2
58.4
56.3
53.5
58.4
58.1
56.2
60.0
61.0
62.5
65.5
60.6
60.4
61.0
58.5
59.0
55.1
60.5
58.3
56.8
53.4
58.8
57.8
56.3
60.5
61.3
62.7
65.0
66.5
66.4
68.7
69.5
68.4
70.8
76.6
80.0
77.0
72.2
82.0
85.9
86.9
88.5
86.2
90.5
88.5
92.0
97.4
95.9
96.0
99.6
101.1
102.0
102.2
100.6
107.5
112.4
65.3
60.6
61.6
60.7
58.3
59.1
55.6
60.9
57.9
56.6
53.3
59.2
57.3
56.8
60.7
61.6
62.7
65.3
66.8
66.3
68.7
69.7
68.2
71.3
76.9
79.8
77.1
72.1
82.3
86.2
87.4
89.7
84.9
90.8
89".0
92.8
97.4
95.9
95.6
99.8
101.2
101.8
102.6
100.6
108.2
112.7
65.0
66.6
66.5
68.8
69.4
68.4
70.5
76.1
80.3
77.3
72.1
81.3
85.7
86.5
88.5
86.5
90.2
87.0
92.0
97.6
95.5
96.1
98.0
100.6
102.6
101.5
100.5
106.4
112.0
1. Diffusion indexes over 6-month spans are placed on the 4th month.
Apr.
May
June
July
Aug.
Sept.
952. Diffusion index of 7 lagging indicator components (percent rising over 6-month span)1
66.7
66.7
75.0
83.3
91.7
100.0
41.7
41.7
41.7
25.0
25.0
25.0
41.7
66.7
83.3
58.3
100.0
100.0
66.7
58.3
83.3
58.3
66.7
58.3
66.7
41.7
58.3
41.7
58.3
58.3
66.7
83.3
83.3
83.3
66.7
75.0
8.3
8.3
8.3
0
8.3
25.0
83.3
83.3
100.0
58.3
100.0
83.3
100.0
83.3
75.0
57.1
100.0
83.3
85.7
85.7
71.4
64.3
71.4
57.1
0
14.3
0
0
28.6
28.6
85.7
100.0
100.0
100.0
100.0
100.0
71.4
71.4
57.1
57.1
78.6
35.7
21.4
21.4
21.4
21.4
28.6
50.0
64.3
64.3
50.0
92.9
92.9
64.3
85.7
78.6
64.3
85.7
92.9
78.6
50.0
42.9
50.0
64.3
64.3
64.3
64.3
50.0
78.6
78.6
64.3
85.7
71.4
85.7
85.7
85.7
71.4
85.7
57.1
42.9
57.1
42.9
50.0
42.9
85.7
57.1
71.4
71.4
100.0
64.3
85.7
57.1
92.9
71.4
100.0
78.6
28.6
28.6
42.9
42.9
14.3
14.3
57.1
21.4
42.9
57.1
42.9
42.9
71.4
71.4
71.4
71.4
42.9
429
71.4
85.7
57.1
85.7
85.7
100.0
71.4
57.1
57,1
57.1
57.1
64.3
0
0
0
14.3
28.6
28.6
71.4
57.1
42.9
57.1
28.6
64.3
71.4
100.0
85.7
78.6
92.9
78.6
71.4
71.4
71.4
78.6
71.4
92.9
78.6
71.4
57.1
85.7
100.0
100.0
14.3
28.6
28.6
0
Q
14.3
85.7
57.1
71.4
71.4
85.7
71.4
28.6
28.6
28.6
28.6
14.3
14.3
71.4
85.7
42.9
42.9
28.6
28.6
71.4
85.7
85.7
100.0
92.9
92.9
57.1
71.4
57.1
85.7
57.1
64.3
28.6
50.0
42.9
28.6
28.6
42.9
71.4
57.1
71.4
85.7
85.7
64.3
85.7
85.7
78.6
78.6
64.3
78.6
85.7
85.7
85.7
100.0
78.6
50.0
35.7
35.7
35.7
35.7
42.9
50.0
0
0
0
0
42.9
0
14.3
0
14.3
14.3
50.0
42.9
78.6
50.0
50.0
50.0
50.0
35.7
940. Ratio, coincident composite index to lagging composite index (1987=100)
63.7
65.3
65.9
65.1
65.5
59.7
60.2
60.5
59.8
59.3
62.8
63.8
66.5
62.0
65.8
59.7
60.2
59.1
59.5
60.5
58.4
58.0
56.9
58.1
56.1
58.3
57.3
57.6
57.6
57.0
57.2
56.3
56.6
58.0
57.3
61.7
61.2
61.2
61.5
59.6
56.7
54.7
57.6
56.6
55.9
56.1
56.0
56.0
56.1
55.5
55.4
53.2
54.3
562
57.0
59.3
58.8
58.3
56.7
59.5
56.7
57.3
56.9
56.5
56.6
57.2
58.7
57.9
59.0
59.5
60.7
60.7
60.6
60.6
60.9
62.0
61.9
61.9
62.1
61.9
63.1
63.5
63.5
64.0
64.0
65.5
6S.9
66.3
66.3
65.3
66.4
66.4
66.2
66.2
66.1
67.4
66.4
66.7
66.6
66.7
68.7
68.8
68.7
69.1
69.1
69.0
69.3
68.6
68.6
68.5
68.9
72.0
72.3
73.0
72.4
72.0
77.1
77.1
77.0
78.1
77.3
78.9
79.0
79.0
78.6
78.6
76.0
76.3
76.3
76.1
75.8
74.7
73.5
76.6
77.5
78.6
83.7
83.2
84.1
82.9
83.8
86.5
86.8
87.0
86.9
88.9
88.8
88.6
88.9
88.5
87.9
87.1
87.8
87.6
83.4
84.9
87.1
82.8
83.0
89.2
89.5
89.4
90.6
89.5
88.7
89.2
89.4
88.5
88.6
93.2
95.2
94.5
95.7
95.0
96.4
96.6
96.9
96.1
95.7
96.2
96.5
96.0
95.9
96.2
96.7
96.4
96.5
97.1
96.9
100.0
100.4
100.4
99.8
100i.1
101.2
101.2
101.1
101.2
101.3
101.3
100.8
100.2
102.3
100.5
102.2
102.4
102.0
102.1
101.8
102.3
103.3
103.7
101.5
104.3
109.4
108.7
108.9
110.0
1Q9.7
113.4
113.4
113.3
112.7
113.9
63.2
61.1
64.3
59.4
59.0
56.4
58.3
59.5
56.0
54.9
56.9
55.6
57.1
59.5
60.9
62.1
64.3
66.3
66.2
67.3
69.1
69.3
69.1
72.5
78.6
78.1
75.1
79.5
84.1
87.0
88.8
86.5
89.0
88.5
88.8
96.2
95.6
96.2
98.2
99.9
101.4
100.3
101.8
104.9
110.5
113.7
Oct.
Dec.
Nov.
Annual
83.3
25.0
83.3
66.7
58.3
58.3
25.0
100.0
71.4
57.1
28.6
85.7
28.6
71.4
64.3
85.7
78.6
71.4
64.3
42.9
85.7
78.6
21.4
14.3
57.1
71.4
57.1
14.3
57.1
85.7
78.6
42.9
28.6
71.4
14.3
85.7
71.4
57.1
50.0
78.6
71.4
35.7
28.6
42.9
28.6
28.6
75.0
58.3
83.3
83.3
58.3
58.3
41.7
83.3
71.4
57.1
71.4
57.1
42.9
78.6
50.0
64.3
64.3
71.4
42.9
57.1
64.3
78.6
14,3
0
71.4
85.7
42.9
14.3
57.1
85.7
85.7
64.3
28.6
71.4
7.1
85.7
71.4
71.4
28.6
78.6
85.7
14.3
28.6
21.4
35.7
21.4
75.0
58.3
83.3
83.3
58.3
50.0
41.7
100.0
64.3
42.9
71.4
50.0
35.7
64.3
35.7
71.4
64.3
85.7
57.1
57.1
71.4
64.3
28.6
28.6
85.7
64.3
28.6
28.6
57.1
78.6
57.1
57.1
28.6
28.6
14.3
85.7
57.1
85.7
42.9
50.0
71.4
35.7
28.6
14.3
35.7
28.6
40.3
72.9
72.9
56.9
76.4
16.7
77.1
83.8
69.0
23.8
85.1
56.0
37.5
69.1
72.6
58.4
71.4
78.6
50.6
75.0
82.2
31.6
31.6
57.1
82.7
64.9
15.5
50.6
77.4
75.0
76.8
31.0
66.7
20.9
51.2
84.5
62.5
42.3
65.5
76.2
66.7
35.1
15.5
19.6
44.0
63.3
58.6
628
59.2
59.4
56.2
58.6
59.0
56.4
54.7
56.9
55.3
57.1
59.8
61.1
62.4
63.7
66.5
66.5
67.4
69.5
69.4
68.6
73.1
79.4
78.8
75.1
79.8
83.8
86.9
89.1
86.6
90.4
88.1
89.0
96.9
95.0
95.6
97.6
100.5
101.9
100.1
1.01.6
105.1
111.3
114.3
62.7
59.6
61.4
59.1
59.1
55.3
59.2
58.5
56.3
54.1
57.9
55.7
56.7
60.4
61.2
62.1
64.6
66.8
66.1
68.3
69.6
69.2
68.6
73.9
80.1
79.0
74.1
80.0
84.9
87.0
88.8
86.3
90.8
87.8
89.8
96.8
95.5
95.8
97.9
100.3
101.6
100.6
101.3
105.2
111.4
115.2
62.4
59.8
62.7
58.6
59.0
54.7
59.5
58.7
56.6
53.5
57.7
57.2
56.2
60.4
61.1
62.3
65.2
66.4
66.2
68.7
69.6
69.1
69.9
74.4
80.8
78.0
72.3
80.5
85.7
87.2
88.7
86.3
90.1
87.7
90.6
97.0
95.7
96.1
99.1
101.3
102.4
100.9
101.3
105.4
115.1
115.9
64.5
60.1
62.9
59.9
58.2
57.3
57.2
60.2
56.8
55.6
55.5
57.7
57.0
58.5
60.8
61.9
63.7
65.9
66.4
67.1
69.0
69.3
68.7
72.4
77.9
79.0
75.7
76.4
83.5
86.7
88.4
87.6
86.6
89.3
88.9
94.8
96.3
96.0
97.0
100.0
101.4
101.1
101.9
103.1
109.8
113.6
SURVEY OF CURRENT BUSINESS
C-36 « October 1994
Historical Data for Selected Series—Continued
YEAR
Jan.
Mar.
Feb.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Annual
1. Average weekly hours of production or nonsupervisory workers, manufacturing (hours)
1987
1988
1989
1990
1991
1992 .
1993 .
40.4
39.4
39.6
40.8
40.7
41.0
39.5
40.3
40.8
40.3
38.8
40.1
40.5
39.2
40.0
40.4
40.1
41.2
41.4
41.0
40.3
40.7
40.4
39.9
40.2
40.4
40.5
39.2
40.5
39.7
39.6
40.5
40.0
40.1
38.0
39.4
40.7
40.4
40.8
40.9
41.1
41.2
40.8
40.4
40.8
41.3
40.2
39.4
39.7
40.8
40.7
41.0
39.7
40.5
40.6
40.4
38.6
40.2
40.1
39.3
40.3
40.3
40.6
41.2
41.6
40.4
40.9
40.4
40.2
39.7
40.4
40.9
40.4
38.9
40.3
40.3
39.9
40.5
40.1
40.0
39.6
39.3
41.1
40.1
40.6
41.2
41.0
41.2
40.8
40.3
41.1
41.5
40.4
39.1
39.7
41.0
40.6
41.1
39.5
40.7
40.4
40.2
38.7
40.4
39.9
39.4
40.5
40.4
40.6
41.4
41.5
40.4
40.7
40.8
40.1
39.8
40.4
40.8
40.4
38.8
40.2
40.2
40.5
40.6
39.8
40.0
39.1
39.6
40.7
40.5
40.8
41.0
41.0
41.1
40.9
40.3
41.1
41.1
1948 .
1949 .
1950 .
1951 .
1952 .
1953 .
1954 .
1955 .
1956 .
1957 .
1958 .
1959 .
1960 .
1961 .
1962 .
1963 .
1964 .
1965 .
1966 ,
1967 .
1968 .
1969 ,
1970 ,
1971 ,
1972 ,
1973 ,
1974 ,
1975 ,
1976 .
1977 .
1978 .
1979 .
1980 .
1981 .
1982 .
1983 .
1984 .
1985 .
1986 .
1987 .
1988 .
1989 .
1990 ,
1991 .
1992 .
1993 .
166
285
294
174
221
175
303
256
218
242
354
292
281
393
301
310
283
243
222
196
206
179
240
292
264
226
294
522
360
394
343
353
416
424
563
507
364
378
375
355
345
291
360
441
426
366
206
305
288
181
201
177
318
240
226
225
407
284
271
429
295
301
270
248
219
231
196
186
256
286
262
223
315
532
340
427
381
352
397
410
514
478
345
402
373
348
310
299
346
474
430
349
201
333
276
166
209
188
320
228
221
219
436
258
303
379
287
288
277
237
182
256
194
185
262
294
258
227
302
536
358
346
335
346
438
413
566
479
348
389
395
326
302
317
345
494
424
375
1948 ,
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966 .
1967 .
1968 .
1969 .
1970 .
1971 .
1972 .
1973 .
1974 .
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
40.2
40.4
40.2
40.1
39.6
40.0
39.1
39.4
38.9
38.8
38.9
39.0
40.2
40.1
40.5
40.8
41.1
40.8
41.2
40.7
40.5
40.4
40.2
40.9
40.4
40.1
40.5
40.1
40.5
41.0
40.7
40.6
40.4
40.9
41.1
39.8
39.4
39.5
39.6
39.6
39.7
39.5
40.6
40.6
40.6
40.7
40.9
40.6
40.1
40.2
40.4
40.2
40.6
40.2
40.1
39.9
39.7
39.8
39.9
39.8
39.2
38.6
39.0
39.4
38.8
39.6
40.2
40.6
40.5
40.5
40.3
40.1
39.8
39.4
40.0
39.7
39.8
39.7
39.6
39.9
40.0
40.1
39.5
39.6
40.4
40.7
40.4
40.5
40.5
40.3
40.2
40.6
40.5
40.4
40.6
40.5
40.7
40.8
40.7
40.8
40.9
40.5
41.2
41.0
41.1
41.1
41.0
40.8
41.2
41.4
41.4
41.5
41.4
41.3
40.4
40.4
40.5
40.7
40.5
40.6
40.9
40.0
40.9
40.8
40.7
40.9
40.7
40.7
40.7
40.6
40.7
40.6
40.0
39.8
39.9
39.9
39.3
39.8
39.7
39.9
39.4
39.9
40.0
39.8
40.7
40.6
40.5
40.5
40.6
40.6
40.7
40.7
40.7
40.9
40.6
40.5
40.2
40.2
40.3
39.3
40.2
40.0
39.4
39.2
39.2
39.0
39.7
39.9
39.6
40.2
40.3
40.3
40.1
39.8
40.4
40.4
40.3
40.4
40.4
40.5
40.4
40.5
40.6
40.8
40.5
40.6
40.2
39.2
40.2
40.2
40.2
40.1
39.2
39.1
39.4
39.3
39.5
39.6
40.1
39.9
39.7
40.1
39.9
39.9
39.2
39.0
38.9
39.1
39.0
39.0
39.8
40.1
40.3
40.6
40.0
40.3
40.7
40.7
40.6
40.9
40.5
40.5
40.4
40.4
40.5
40.3
40.6
40.6
40.6
40.7
40.7
40.6
40.6
40.8
41.0
41.0
41.0
41.0
40.9
40.9
41.1
41.1
41.1
40.9
41.1
41.1
41.0
41.2
41.0
40.9
41.0
40.9
40.9
40.9
40.8
40.9
41.0
40.8
40.7
40.4
40.8
41.0
40.3
40.9
41.1
41.0
41.2
41.1
41.0
41.1
41.4
41.4
41.3
41.4
41.5
41.5
5. Average weekly initial claims for unemployment insurance, State programs (thous.)
210
194
239
219
202
218
377
340
320
379
359
385
250
252
223
170
182
263
242
199
209
236
254
199
242
315
219
213
207
168
207
198
179
195
238
229
294
314
322
313
313
319
222
204
222
223
228
233
236
227
245
224
236
223
244
267
246
305
239
235
400
410
350
338
438
363
244
264
271
246
258
291
335
294
316
322
351
363
358
334
348
329
381
316
304
303
300
283
301
305
284
282
288
285
293
290
262
257
260
244
245
265
224
224
231
218
237
248
194
197
192
199
195
179
217
231
236
231
212
259
194
192
194
195
199
193
197
182
195
195
196
181
273
302
291
287
319
326
307
285
290
289
325
281
272
262
286
245
246
260
232
241
234
247
233
238
314
294
294
350
374
289
442
447
496
491
521
449
394
392
393
371
389
410
370
378
358
368
363
371
347
324
321
331
339
322
377
341
411
358
383
378
510
616
532
581
495
488
395
421
401
405
395
483
533
585
551
605
653
566
387
380
453
406
408
470
365
348
350
358
368
360
392
381
383
381
387
375
374
370
363
371
376
380
321
286
320
299
294
318
304
323
295
299
299
290
334
340
337
304
320
329
377
354
362
384
397
356
467
443
432
415
425
429
416
415
426
429
445
413
387
399
371
374
383
370
39.7
39.4
40.9
40.2
41.1
40.0
39.6
40.9
40.5
39.3
39.5
40.1
39.6
40.2
40.2
40.6
40.6
41.2
41.3
40.6
40.9
40.6
39.5
39.9
40.7
40.6
40.0
39.8
40.0
40.5
40.5
40.2
39.8
39.7
38.9
40.7
40.5
40.7
40.6
41.1
41.1
40.7
40.7
40.9
41.1
41.6
39.7
39.0
40.9
40.3
41.0
39.8
40.1
41.0
40.4
39.2
39.8
39.8
39.2
40.5
40.3
40.5
40.8
41.3
41.2
40.6
40.8
40.4
39.5
40.0
40.8
40.7
39.5
39.9
40.1
40.4
40.6
40.1
40.0
39.5
39.1
40.7
40.5
40.7
40.8
41.1
41.2
40.7
40.5
40.9
41.2
41.7
39.5
39.3
40.8
40.6
41.1
39.6
40.0
40.8
40.5
39.0
39.8
40.2
38.4
40.3
40.2
40.6
41.1
41.4
40.9
40.7
40.7
40.5
39.5
40.2
40.5
40.6
39.3
40.2
40.0
40.4
40.6
40.2
40.3
39.4
39.1
40.6
40.6
41.0
40.9
41.1
41.0
40.6
40.6
41.0
41.2
41.7
40.0
39.1
40.5
40.6
40.7
40.5
39.6
40.7
40.4
39.8
39.2
40.3
39.7
39.8
40.4
40.5
40.7
41.2
41.4
40.6
40.7
40.6
39.8
39.9
40.5
40.7
40.0
39.5
40.1
40.3
40.4
40.2
39.7
39.8
38.9
40.1
40.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0
41.4
203
386
194
234
175
251
315
224
214
302
314
311
373
304
304
282
249
209
203
220
188
202
329
294
250
244
419
420
409
357
326
400
447
517
651
386
405
367
361
289
291
359
423
422
393
354
211
344
200
210
169
298
276
215
223
320
311
351
385
305
299
276
262
212
208
209
190
211
322
283
241
251
473
393
390
347
340
420
422
539
616
381
397
371
351
303
298
338
447
439
375
336
234
298
197
213
190
280
253
214
230
355
320
275
381
296
310
301
251
206
219
204
190
210
299
265
236
284
494
364
361
342
347
428
420
551
531
378
386
391
350
308
304
351
442
441
340
318
209
343
232
210
211
218
305
226
227
267
370
279
331
348
299
290
260
228
201
225
194
193
292
291
257
240
351
468
381
368
338
379
480
446
578
426
366
383
370
314
305
327
383
444
411
365
October 1994 • C-37
SURVEY OF CURRENT BUSINESS
Historical Data for Selected Series—Continued
YEAR
Jan.
Feb.
Mar.
Apr.
May
June
. Manufacturers' new orders in 1987 dollars,
1948
1949
1950
1951
1952
1953 .......
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
.
1989
1990
1991
1992
1993
31.29
27.93
31.31
51.43
36.60
47.00
34.67
48.27
47.89
45.11
39.82
47.87
47.08
42.54
52.50
52.97
58.36
64.00
68.48
66.96
71.80
76.42
70.74
73.05
76.70
91.46
89.58
69.06
78.80
88.15
90.17
99.35
89.76
83.77
76.99
80.51
97.67
96.95
99.96
97.25
102.46
109.85
99.13
95.69
98.64
109.26
31.00
27.05
31.44
46.00
36.82
45.03
36.50
47.89
46.50
46.98
36.70
51.40
45.98
42.46
51.35
54.70
56.98
64.04
69.43
66.71
72.47
76.24
70.12
73.07
78.74
92.91
88.91
69.00
80.65
88.61
92.62
97.20
92.05
87.76
77.91
81.72
97.48
93.70
97.22
102.50
103.99
107.66
103.58
95.36
100.23
109.78
32.66
26.49
31.22
47.23
41.15
45.66
36.62
51.27
46.20
46.02
37.78
51.67
44.93
45.38
51.24
55.14
56.57
64.24
72.07
66.32
72.47
76.37
69.72
73.49
78.28
93.18
86.72
66.03
82.32
92.42
94.22
99.68
86.46
87.20
80.53
81.98
95.25
94.03
94.73
102.65
104.54
104.55
106.08
92.48
100.66
107.29
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
14.83
15.36
16.88
21.21
24.19
26.18
25.46
35.60
44.15
45.43
41.12
55.62
58.03
59.72
69.07
65.06
76.45
86.12
93.32
84.45
95.04
102.04
90.31
93.49
103.30
118.42
96.11
72.56
96.86
103.81
90.25
99.71
110.87
132.97
117.28
144.27
166.39
171.61
208.19
264.51
250.48
285.41
339.97
325.49
416.08
435.23
14.10
14.77
17.21
22.00
23.75
25.86
26.02
36.79
44.43
43.47
41.26
54.77
55.78
62.17
70.22
65.92
77.39
86.75
92.69
87.36
90.75
101.46
87.16
97.11
105.24
114.16
9.3.45
80.10
100.64
100.96
88.98
98.23
115.34
128.40
114.50
146.80
157.25
180.88
219.37
280.93
258.13
294.01
330.45
362.26
412.56
441.70
14.30
14.91
17.35
21.63
23.81
25.99
26.57
36.50
47.49
44.03
42.11
56.15
55.02
64.12
70.29
65.67
78.80
86.83
88.88
89.42
89.09
99.30
88.65
99.60
107.69
112.42
97.44
83.78
101.08
100.57
88.82
100.11
104.69
133.19
110.84
151.88
157.44
179.42
232.33
292.47
265.74
292.71
338.47
372.28
407.36
450.16
July
Aug.
Sept.
Oct.
Nov.
Dec.
Annual
consumer goods and materials industries (bil. $)
31.76
25.31
32.72
25.43
35.21
24.27
34.63
25.98
34.15
30.08
32.24
30.34
31.20
28.33
30.22
29.58
28.92
29.05
386.00
329.84
32.68
43.00
42.46
47.23
36.78
36.45
41.29
37.39
46.00
36.78
36.76
39.98
43.43
45.16
38.66
45.79
39.76
40.81
51.27
36.30
39.86
40.49
34.83
42.05
39.04
34.93
36.97
38.06
40.03
37.25
37.19
40.03
34.40
42.93
39.44
36.00
43.26
34.71
46.02
454.97
44.70
40.87
38.59
39.88
33.79
40.51
49.90
46.88
44.55
37.66
50.73
49.52
45.41
44.35
39.25
49.37
50.51
44.35
44.73
41.00
49.32
51.45
44.63
42.95
41.93
47.79
49.90
45.26
43.46
44.08
45.65
49.10
44.09
43.61
43.38
45.26
48.54
45.54
41.75
44.40
45.25
50.36
45.72
40.11
46.63
44.81
49.37
46.14
37.83
46.10
48.35
596.08
548.61
521.45
498.73
577.47
45.15
47.02
48.94
56.84
45.18
48.61
50.11
55.36
58.41
45.94
49.55
49.55
53.71
59.09
45.54
47.71
50.94
55.93
61.09
46.86
50.08
51.80
53.19
58.59
46.80
49.56
52.29
54.38
62.52
45.18
49.51
53.03
56.40
58.95
44.78
52.17
52.87
56.21
60.45
44.52
53.91
51.56
55.75
62.56
547.94
578.50
616.18
660.58
713.11
63.98
69.35
68.17
73.37
64.61
70.12
68.57
73.36
75.76
66.59
68.43
67.98
72.62
76.34
66.38
68.60
71.23
69.11
76.22
62.19
70.14
69.01
76.47
77.46
65.16
70.26
67.80
76.97
77.31
67.60
68.38
69.99
77.60
74.31
69.12
67.87
75.37
75.53
74.60
782.34
833.56
825.12
883.67
913.46
71.82
70.56
81.02
90.75
88.41
70.12
71.44
79.11
90.85
85.72
73.36
83.05
90.49
85.37
69.59
72.98
86.12
89.54
82.01
65.26
72.61
85.31
90.82
79.42
64.87
74.22
86.87
91.64
77.04
71.68
75.79
89.14
88.32
69.96
833.76
873.53
98232
1,091.90
1,010.90
70.60
83.47
91.49
98.50
97.42
74.27
82.73
91.59
96.80
94.47
76.12
83.19
92.52
98.14
92.06
76.17
82.89
91.95
96.84
92.81
76.01
80.91
91.89
98.70
90.96
75.44
84.48
93.96
97.86
90.17
76.42
87.87
94.66
101.98
89.47
867.82
991.87
1,097.12
1,162.03
1,136.55
79.25
88.14
80.29
89.35
95.95
81.48
85.10
77.76
90.73
95.49
86.32
83.32
78.85
90.59
91.38
89.44
80.65
75.53
94.07
93.63
88.79
79.07
75.88
94.76
93.89
89.04
78.28
75.95
96.17
94.40
1,015.52
1,021.11
939.23
1,057.22
1,138.29
59.54
64.43
70.43
67.01
71.90
76.27
69.39
76.16
89.94
70.53
71.16
79.42
92.00
87.67
90.09
69.00
69.70
82.91
90.44
71.80
78.56
81.65
89.44
98.30
95.79
79.57
97.90
97.17
491.60
483.74
497.65
464.53
88.68
79.18
83.34
95.41
94.79
77.17
89.55
79.83
88.32
92.95
93.80
97.05
101.18
104.22
106.40
95.63
94.88
100.63
105.56
103.82
94.87
97.36
102.65
106.17
103.49
95.01
96.09
103.59
104.75
98.21
96.03
96.46
100.64
104.04
104.04
96.73
99.01
102.98
105.85
104.08
95.94
98.14
104.07
105.53
101.43
95.73
95.43
103.33
106.34
103.75
95.58
100.61
104.11
111.00
103.00
1,144.00
1,166.94
1,225.58
1,264.45
1,250.28
103.09
98.00
102.21
106.76
106.12
99.85
101.14
105.60
104.70
96.76
102.92
106.60
102.82
102.46
102.35
105.36
105.00
101.26
101.84
106.61
101.86
102.50
101.65
108.97
102.55
101.70
104.29
111.33
98.23
102.09
105.54
112.47
94.23
97.94
110.00
114.60
1,227.39
1,186.09
1,231.47
1,304.63
76.19
89.59
80.53
85.68
19. Index of stock prices, 500 common stocks, NSA (1941-43=10)
1989
1990
1991
1992
1993
.
.
.
.
.
NSA Not seasonally adjusted
15.40
14.89
16.15
14.78
16.82
13.97
16.42
14.76
15.94
15.29
15.76
15.49
16.19
15.89
15.29
16.11
15.19
16.54
15.53
15.23
17.84
21.92
23.74
24.71
27.63
18.44
21.93
23.73
24.84
28.73
18.74
21.55
24.38
23.95
28.96
17.38
21.93
25.08
24.29
30.13
18.43
22.89
25.18
24.39
30.73
19.08
23.48
24.78
23.27
31.45
19.87
23.36
24.26
23.97
32.18
19.83
22.71
25.03
24.50
33.44
19.75
23.41
26.04
24.83
34.97
18.40
22.34
24.50
24.73
29.69
37.76
48.05
45.05
42.34
57.10
37.60
46.54
46.78
43.70
57.96
39.78
46.27
47.55
44.75
57.46
42.69
48.78
48.51
45.98
59.74
42.43
48.49
45.84
47.70
59.40
44.34
46.84
43.98
48.96
57.05
42.11
46.24
41.24
50.95
57.00
44.95
45.76
40.35
52.50
57.23
45.37
46.44
40.33
53.49
59.06
40.49
46.62
44.38
46.24
57.38
55.73
65.83
68.05
68.76
79.94
55.22
66.50
62.99
70.14
80.72
57.26
65.62
55.63
70.11
80.24
55.84
65.44
56.97
69.07
83.22
56.51
67.79
58.52
70.98
82.00
54.81
67.26
58.00
72.85
83.41
53.73
68.00
56.17
73.03
84.85
55.47
71.08
60.04
72.62
85.44
56.80
71.74
62.64
74.17
83.96
55.85
66.27
62.38
69.87
81.37
87.97
91.60
90.96
95.67
101.26
86.78
92.59
97.87
104.62
85.04
86.06
91.43
100.53
99.14
84.91
85.84
93.01
100.30
94.71
86.49
80.65
94.49
98.11
94.18
89.38
77.81
95.81
101.34
94.51
91.39
77.13
95.66
103.76
95.52
92.15
80.99
92.66
105.40
96.21
91.73
81.33
95.30
106.48
91.11
88.17
85.26
91.93
98.70
97.84
85.95
103.04
108.81
110.27
92.46
76.06
101.64
107.65
107.22
89.67
75.59
99.72
108.01
104.75
89.79
75.72
99.00
107.21
105.83
82.82
77.92
97.24
111.01
103.80
76.03
82.58
99.40
109.39
105.61
68.12
84.37
97.29
109.56
69.44
84.28
92.78
115.05
102.03
71.74
90.05
99.17
117.50
94.78
67.07
83.22
98.29
109.20
107.43
82.85
84.72
101.93
99.05
92.71
102.07
90.10
101.16
98.76
97.41
99.73
92.40
101.77
99.29
97.66
101.73
92.49
104.20
100.18
97.19
102.71
85.71
103.29
97.75
103.92
107.36
84.67
105.45
96.23
103.86
108.60
88.57
101.89
93.74
100.58
104.47
90.07
101.19
94.28
94.71
103.66
88.70
104.66
93.82
96.11
107.78
86.16
102.01
98.20
96.02
103.01
102.97
134.43
116.31
157.71
157.60
107.69
131.73
116.35
164.10
156.55
114.55
132.28
109.70
166.39
153.12
119.83
129.13
109.38
166.96
151.08
123.50
129.63
109.65
162.42
164.42
126.51
118.27
122.43
167.16
166.11
130.22
119.80
132.66
167.65
164.82
135.65
122.92
138.10
165.23
166.27
133.48
123.79
139.37
164.36
164.48
118.78
128.05
119.71
160.41
160.46
180.62
237.98
289.32
262.61
302.25
184.90
238.46
289.12
256.12
313.93
188.89
245.30
301.38
270.68
323.73
192.54
240.18
310.09
269.05
331.93
188.31
245.00
329.36
263.73
346.61
184.06
238.27
318.66
267.97
347.33
186.18
237.36
280.16
277.40
347.40
197.45
245.09
245.01
271.02
340.22
207.26
248.61
240.96
276.51
348.57
186.84
236.35
286.83
265.79
322.84
338.18
379.68
407.41
443.08
350.25
377.99
414.81
445.25
360.39
378.29
408.27
448.06
360.03
380.23
415.05
447.29
330.75
389.40
417.93
454.13
315.41
387.20
418.48
459.24
307.12
412.50
463.90
315.29
385.92
422.84
462.89
328.75
388.51
435.64
465.95
334.59
376.18
415.74
451.41
C-38 • October 1994
SURVEY OF CURRENT BUSINESS
Historical Data for Selected Series—Continued
YEAR
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Annual
20. Contracts and orders for plant and equipment in 1987 dollars (bil. $)
1948
1949
8.04
6.46
9.26
7.01
8.78
6.94
9.72
6.00
8.40
6.18
9.65
6.83
8.71
6.25
8.12
6.79
7.93
7.46
8.06
7.21
7.88
8.17
7.81
7.38
102.36
82.68
1950
1951
1952
1953
1954
8.05
14.82
10.70
12.09
9.20
7.95
15.15
10.85
12.39
9.32
8.72
13.62
11.00
11.22
7.96
8.67
13.71
10.92
12.24
8.12
10.65
19.62
10.19
11.69
8.37
10.28
12.76
11.56
8.98
8.60
12.31
12.17
11.81
11.22
8.97
15.18
11.72
10.66
9.29
9.01
14.07
10.05
14.84
10.85
9.63
12.48
11.14
10.71
11.67
10.24
12.43
11.18
10.16
9.87
9.44
13.19
12.15
12.30
8.90
10.02
133.98
158.09
135.70
130.41
108.88
1955
1956
1957
1958
1959
10.37
13.06
13.16
9.55
10.50
11.23
12.71
12.67
9.22
10.81
12.98
12.62
12.59
9.16
12.74
12.20
12.95
11.16
9.23
11.40
11.54
13.42
11.70
9.32
11.69
12.20
13.55
11.09
9.84
11.91
12.09
12.95
10.78
9.43
12.13
12.72
12.72
11.00
10.86
10.74
13.42
12.16
9.80
10.82
12.22
12.67
12.09
10.11
10.48
11.79
13.66
13.63
10.10
10.20
11.09
13.48
12.81
9.63
9.89
11.70
148.56
154.67
133.79
118.00
138.72
10.98
11.90
12.16
12.68
15.67
11.22
11.53
13.28
13.08
14.15
10.90
10.86
12.39
12.94
14.69
11.85
11.04
12.92
13.30
14.84
11.86
10.90
12.39
14.72
15.94
11.45
11.51
12.15
13.34
16.38
11.56
11.70
12.30
13.18
15.40
11.53
12.34
12.34
13.53
15.57
11.69
11.51
12.21
13.95
15.80
11,34
11.79
12.48
14.25
15.89
10.88
12.59
13.40
15.20
17.04
11.82
11.53
13.87
15.31
17.27
137.08
139.20
151.89
165.48
188.64
1965
1966
1967
1968
1969
16.10
18.90
16.42
23.13
26.49
-16.31
20.31
17.66
22.39
26.02
17.17
19.76
18.08
26.82
23.00
17.30
20.53
17.59
21.58
26.39
17.08
20.10
18.13
19.25
24.60
16.59
19.59
18.85
19.36
23.06
17.20
20.97
18.52
23.26
23.49
16.53
19.63
19.19
24.30
23.73
18.01
21.56
18.72
20.71
26.01
17.94
19.30
19.00
25.52
23.26
17.58
19.12
18.96
21.02
22.50
18.75
19.01
19.32
22.93
22.46
206.56
238.78
220.44
270.27
291.01
1970
1971
1972
1973
1974
25.50
20.88
20.69
26.08
30.47
23.46
22.59
21.24
28.03
31.09
20.77
22.30
22.79
27.72
31.51
20.27
21.89
22.36
28.10
30.09
19.77
20.49
24.69
28.73
31.06
19.24
23.51
21.08
28.65
28.25
20.64
18.87
24.46
29.66
33.48
19.87
22.10
23.34
30.69
29.98
19.50
22.40
25.96
29.10
29.31
17.38
19.89
24.83
32.47
27.68
19.71
21.45
25.30
32.06
24.05
21.51
21.94
25.90
30.38
26.70
247.62
258.31
282.64
351.67
353.67
1975
1976
1977
1978
1979
23.47
23.74
25.10
29.64
34.53
21.70
22.85
25.20
32.46
36.67
20.02
24.38
24.04
29.04
37.84
23.83
23.90
26.38
28.54
36.22
23.82
21.12
28.63
31.72
32.27
23.51
25.23
28.59
29.28
33.43
22.39
27.55
25.02
31.32
34.38
25.21
24.45
27.52
32.79
32.56
20.72
26.44
30.55
34.14
33.69
20.59
26.87
26.40
39.58
34.33
20.11
24.44
26.56
33.12
33.22
19.24
25.36
30.33
29.21
33.67
264.61
296.33
324.32
380.84
412.81
1980
1981
1982
1983
1984
34.73
32.25
28.19
22.47
27.22
31.00
27.56
29.45
21.55
27.31
31.69
30.60
26.94
21.33
27.82
31.66
32.39
24.83
22.94
26.69
26.18
29.03
22.47
24.25
30.30
27.70
29.28
22.56
23.99
28.10
28.89
29.47
23.42
22.21
29.38
29.44
27.98
22.25
24.44
27.50
29.16
26.71
23.12
25.31
27.02
30.39
27.87
23.52
26.91
28.21
28.05
25.42
22.08
24.92
27.53
29.41
24.09
22.79
23.66
26.94
358.30
342.65
291.62
283.98
334.02
1985
1986
1987
1988
1989
27.41
28.76
29.06
35.36
39.01
29.78
30.39
28.83
35.81
35.92
29.73
28.55
28.52
32.96
35.77
27.53
27.82
29.85
34.30
37.52
27.77
27.27
30.92
31.72
34.94
29.08
27.98
32.48
34.87
37.33
28.77
27.50
33.63
36.00
38.61
28.82
27.09
30.77
39.01
33.58
30.99
28.31
30.68
35.30
34.09
30.94
29.02
32.16
33.81
33.51
27.51
28.51
31.72
34.60
35.53
31.20
30.28
34.44
37.84
41.56
349.53
341.48
373.06
421.58
437.37
1990
1991
1992
1993
36.57
33.97
32.34
33.67
33.76
33.85
32.32
36.75
37.60
32.39
34.45
34.96
34.10
30.18
34.40
35.27
34.12
29.39
32.93
34.85
33.50
28.58
33.55
38.67
36.56
36.53
32.87
36.14
31.86
31.33
31.92
37.63
34.58
30.26
33.72
36.77
37.56
31.30
34.00
38.48
32.46
34.18
31.89
41.33
37.65
29.09
37.09
40.82
420.32
381.05
401.48
445.34
1948
1949
109.4
100.4
80.4
81.9
1950
1951
1952
1953
1954
157.4
146.3
159.1
104.5
105.6
111.6
105.8
96.9
99.3
105.0
101.9
159.2
114.9
115.3
110.7
100.4
103.5
106.3
106.9
101.2
106.4
108.8
101.6
103.5
116.9
107.9
100.0
119.9
1955
1956
1957
136.4
109.8
151.0
106.8
129.3
109.8
132.9
109.5
133.6
101.9
126.2
100.1
126.7
1960
1961
1962
1963
1964
.
29. Index of new private housing units authorized by local building permits (1967=100)
1958
1959
99.6
86.5
91.5
91.9
96.2
112.3
109.7
130.6
1965
1966
1967
114.5
120.0
107.3
104.9
1968
1969
103.3
127.9
1970
1971
93.1
62.6
182.8
87.2
105.5
113.0
117.4
1973
1974
102.2
110.2
160.7
78.7
102.4
1975
1976
1977
103.1
106.4
161.3
90.5
119.6
144.0
192.9
195.7
114.7
106.7
104.2
86.7
114.7
1972
161.9
91.7
102.8
87.2
116.5
96.7
90.9
1960
1961
1962
1963
1964
91.2
104.0
86.8
90.4
79.5
117.6
131.0
98.0
139.2
186.9
191.9
117.2
62.8
89.8
94.0
106.7
113.9
118.8
109.6
111.8
83.7
120.0
126.0
99.2
154.2
181.4
177.7
124.1
61.2
95.6
94.2
116.2
116.6
114.5
105.2
103.7
90.8
117.4
99.0
96.6
107.4
122.2
117.6
112.8
126.3
107.3
153.0
184.3
164.5
108.1
74.6
97.6
102.7
115.5
90.1
113.7
116.5
116.5
172.9
178.1
166.4
115.8
166.8
188.1
176.7
98.1
78.8
120.4
97.0
111.7
113.7
112.0
116.1
181.4
189.2
156.8
113.1
118.3
113.7
125.9
104.4
154.9
186.9
208.5
111.0
67.5
118.1
167.4
192.2
157.2
74.9
95.6
92.3
94.0
80.9
1983
1984
115.2
144.8
118.8
158.5
119.2
137.6
126.5
141.6
134.8
138.8
142.9
144.7
145.0
128.0
138.4
122.0
128.0
121.5
138.6
118.8
134.7
131.0
131.4
129.7
131.1
134.8
1985
1986
1987
1988
1989
132.4
147.3
134.8
137.7
141.9
135.9
121.6
116.9
132.5
140.9
134.7
114.7
110.3
132.7
148.2
127.7
114.0
109.7
136.3
143.3
119.6
115.2
110.1
136.8
142.7
121.4
118.4
105.4
135.3
141.9
120.9
114.8
102.3
144.2
137.6
120.5
116.4
106.4
152.8
134.4
120.7
114.5
104.8
139.0
133.6
115.4
120.9
108.9
134.9
131.1
116.2
120.3
107.2
143.1
151.8
107.3
119.7
113.4
138.1
141.2
122.9
115.8
107.7
139.4
106.0
99.4
72.6
86.3
1990
1991
1992
1993
62.7
85.9
68.0
91.4
91.7
91.9
96.8
83.4
65.3
96.1
71.7
69.6
90.6
73.0
84.1
88.3
101.7
90.3
94.8
77.0
78.8
73.8
85.1
79.0
84.2
88.8
110.4
75.5
84.3
88.4
76.9
84.3
86.0
77.6
86.8
89.5
119.9
71.8
74.8
93.2
73.8
79.0
90.3
100.9
130.2
151.2
146.9
101.3
111.7
59.1
92.8
77.8
77.7
88.8
98.4
132.0
152.7
145.0
103.1
110.3
68.4
84.2
85.2
75.3
85.7
122.8
151.5
143.9
119.6
100.2
118.2
116.4
98.6
64.1
79.8
127.6
144.3
141.4
132.3
88.3
115.3
121.8
101.3
103.4
95.6
72.0
112.9
153.4
136.6
128.5
112.3
67.2
131.7
182.2
192.6
120.8
71.0
94.4
100.4
111.7
120.3
116.3
119.1
66.6
137.2
177.6
202.9
121.7
72.4
91.7
109.2
116.2
128.8
105.3
1981
1982
96.9
107.3
145.4
144.3
123.9
115.8
104.5
113.5
94.4
1980
143.1
157.4
129.0
102.4
151.0
160.2
132.5
79.0
85.7
115.8
108.2
108.3
116.2
122.9
113.5
66.9
125.9
100.7
89.9
89.3
112.2
124.6
106.6
125.0
175.0
206.2
146.9
107.0
134.1
100.7
105.6
111.1
128.1
111.5
108.4
103.2
116.3
92.8
89.3
92.1
111.1
70.2
112.1
128.4
110.7
122.2
175.7
195.1
155.9
107.5
118.2
105.3
153.6
108.3
102.4
132.1
93.7
88.5
91.4
103.2
115.0
128.0
114.5
79.4
107.8
118.9
115.4
86.4
87.9
117.9
93.1
91.1
92.6
109.0
112.9
118.6
118.3
84.4
103.2
117.9
112.0
126.2
111.6
103.9
94.2
117.2
100.1
135.9
99.6
98.4
158.6
90.9
116.8
114.5
109.5
82.8
146.7
123.6
93.2
94.5
92.4
86.2
141.9
126.2
94.6
121.9
122.2
93.5
101.9
111.9
119.6
118.1
93.6
81.5
102.9
143.8
142.7
136.0
111.9
112.6
86.6
102.5
114.0
118.3
98.4
118.9
92.1
112.4
97.7
107.7
99.4
93.9
100.7
108.5
121.8
115.8
109.3
94.3
94.8
86.2
89.4
135.6
133.8
122.2
115.5
103.0
124.6
140.6
118.0
96.9
65.3
100.3
143.1
145.3
138.9
119.4
92.5
92.9
84.8
136.2
158.2
1978
1979
99.2
102.6
134.5
140.2
120.5
125.0
96.9
94.9
112.3
100.9
60.4
99.3
75.0
78.5
89.2
103.5
111.8
144.9
145.4
123.6
96.7
64.3
80.0
80.7
109.1
68.7
84.6
93.8
108.7
89.6
75.4
87.6
117.5
96.3
SURVEY OF CURRENT BUSINESS
October 1994
•
C-39
Historical Data for Selected Series—Continued
YEAR
Jan.
Apr.
Feb.
May
June
July
Aug.
Oct.
Sept.
Nov.
Dec.
Annual
32. Vendor performance, slower deliveries diffusion index (percent)
1948 ,
1949 .
1950 .
1951 .
1952 .
1953 .
1954 .
1955 .
1956 .
1957 .
1958 .
1959 .
1960 .
1961 .
1962 .
1963 .
1964 .
1965 .
1966 .
1967 .
1968 .
1969 .
1970 .
1971 .
1972 .
1973 ,
1974 .
1975 .
1976 .
1977 .
1978 ,
1979 .
1980 .
1981 .
1982 .
1983 .
1984 .
1985 .
1986 .
1987 .
1988 .
1989 .
1990 .
1991 .
1992 .
1993 .
36.3
16.6
56.3
88.7
31.3
41.5
23.6
60.6
53.5
36.3
30.3
61.8
46.2
39.2
57.1
50.4
55.3
68.5
74.9
48.2
50.6
63.6
57.9
39.8
55.2
83.7
91.8
19.5
54.0
55.3
55.6
66.4
42.1
49.7
40.1
46.7
64.4
50.4
50.1
51.5
62.0
53.9
47.5
44.4
49.1
52.8
37.1
13.1
68.0
93.3
24.9
41.8
26.9
67.2
51.3
31.2
31.0
67.3
31.7
41.1
56.2
51.0
51.9
68.1
80.1
49.9
53.9
60.1
57.7
44.2
52.6
85.2
88.8
15.9
56.1
65.1
63.4
64.0
46.0
48.5
40.8
49.9
61.5
48.6
49.8
51.2
61.2
54.0
44.0
44.8
49.7
53.0
32.7
12.4
72.0
85.1
18.8
41.8
28.0
68.5
51.0
26.3
34.0
66.3
28.8
42.1
57.0
54.9
60.3
65.9
86.4
38.0
54.0
60.5
49.3
45.0
57.1
87.5
88.9
17.3
56.7
49.6
58.9
66.7
39.1
48.7
36.4
50.8
65.5
46.7
50.5
51.9
57.3
52.5
46.9
44.0
50.3
52.5
41.6
16.2
68.8
65.7
19.4
38.6
30.3
71.9
51.0
28.9
35.5
64.8
28.9
47.5
47.4
58.2
57.7
69.4
79.3
36.9
49.0
63.9
48.7
48.9
55.0
86.7
82.1
21.7
57.3
54.6
57.1
75.6
36.9
51.2
38.2
52.7
64.6
46.1
50.7
52.8
58.6
52.2
47.1
45.1
47.6
53.1
1948 .
1949 .
1950 .
1951 .
1952 ,
1953 .
1954 .
1955 .
1956 .
1957 .
1958 .
1959 .
1960 ,
1961 ,
1962 .
1963 .
1964 .
1965 .
1966 .
1967 .
1968 .
1969 .
1970 .
1971 .
1972 .
1973 .
1974 .
1975 .
1976 .
1977 .
1978 .
1979 .
1980 .
1981 .
1982 .
1983 .
1984 .
1985 .
1986 .
1987 .
1988 .
1989 .
1990 .
1991 .
1992 .
1993 .
44,667
44,624
43,469
47,230
48,227
50,045
49,341
49,354
51,863
52,808
52,003
52,408
54,185
53,534
54,709
55,935
57,269
59,398
62,386
65,215
66,606
69,272
71,018
70,718
72,303
75,474
77,953
77,145
78,326
80,517
84,464
88,728
90,729
91,003
90,448
44,501
44,417
43,192
47,531
48,493
50,273
49,276
49,523
52,093
53,003
51,441
52,568
54,414
53,380
55,018
56,055
57,603
59,683
62,720
65,208
67,029
69,542
71,165
70,657
72,525
75,908
78,177
76,742
78,606
80,794
44,624
44,136
43,824
47,794
48,416
50,382
49,046
49,851
52,228
53,062
51,142
52,883
54,287
53,510
55,107
56,153
57,732
59,864
63,087
65,338
67,132
69,791
71,347
70,746
72,808
76,137
78,177
76,419
78,819
81,221
85,338
89,426
90,995
91,206
90,337
88,946
93,312
96,734
98,796
101,005
104,349
107,466
109,486
108,351
108,148
109,804
44,293
44,112
44,260
47,760
48,509
50,314
49,039
50,104
52,232
53,053
50,807
53,132
54,634
53,462
55,459
56,454
57,784
60,124
63,317
65,323
67,417
69,948
71,251
70,936
73,061
76,312
78,261
76,298
79,134
81,610
86,083
89,363
90,780
91,219
90,031
92,524
96,249
98,599
100,543
103,593
107,046
108,994
108,806
108,074
109,490
90,876
91,095
90,474
88,758
93,043
96,397
98,718
100,772
104,063
107,276
109,294
108,529
108,067
109,856
93,650
96,896
98,974
101,367
104,611
107,636
109,491
108,126
108,350
110,096
38.4
31.2
40.4
22.4
33.0
15.5
15.0
81.7
89.4
76.5
82.9
36.7
322
32.0
45.0
22.4
47.4
41.2
33.0
33.3
28.5
26.5
35.1
36.4
35.8
38.1
34.3
65.7
64.3
68.7
67.0
46.8
41.0
53.9
38.6
30.0
36.8
30.8
30.0
44.7
39.2
43.0
38.5
57.4
63.7
59.1
63.0
323
34.8
35.8
38.0
49.4
50.6
49.3
47.9
43.7
45.2
43.3
45.1
56.4
56.3
43.6
48.5
61.4
57.6
66.2
61.8
65.4
69.3
65.1
68.9
73.1
74.3
74.6
71.6
34.4
36.5
40.9
44.8
49.4
49.9
55.9
47.8
65.7
67.0
70.3
64.9
67.2
66.1
49.8
46.1
47.4
49.7
49.4
47.9
61.7
57.7
62.9
56.1
85.2
86.7
85.6
86.6
69.2
73.1
66.3
74.5
28.7
22.7
24.9
35.1
55.2
58.3
58.6
54.0
53.3
58.3
55.4
53.5
59.4
57.4
61.1
60.6
61.4
63.7
57.4
52.9
32.4
36.3
40.1
29.8
50.2
47.9
44.9
49.6
45.2
42.1
45.8
45.3
60.2
56.8
58.9
51.9
56.2
55.2
59.1
62.5
47.1
45.7
46.6
48.0
49.9
49.9
50.2
50.8
56.8
58.9
54.0
60.3
57.4
58.4
56.9
65.6
46.5
46.1
49.1
44.0
50.4
49.7
47.0
48.0
48.2
47.2
49.7
46.3
50.7
50.0
51.5
50.2
50.2
51.7
51.3
50.0
41. Employees on nonagricultural payrolls (thous.)
44,647
44,879
45,062
45,039
43,814
43,592
43,418
43,479
44,574
44,952
46,024
45,360
47,794
47,805
47,913
47,925
48,474
48,125
47,999
48,686
50,382
50,271
50,358
50,389
48,852
48,791
48,689
48,643
50,404
50,693
50,811
50,929
52,382
52,365
52,433
51,746,
52,941
52,972
52,996
52,913
50,801
50,911
51,113
50,770
53,422
53,584
53,663
53,220
54,214
54,362
54,198
54,276
53,677
54,027
54,222
53,916
55,514
55,561
55,643
55,778
56,563
56,688
56,823
56,513
58,121
57,975
58,311
58,510
61,085
60,363
60,595
64,344
63,560
63,978
64,185
65,654
65,964
65,478
65,831
67,783
67,495
68,219
70,180
70,498
70,668
70,799
70,993
70,905
70,969
70,789
71,129
71,163
71,219
71,220
73,341
73,643
73,636
73,929
76,516
76,738
76,758
77,018
78,407
78,434
78,517
78,478
76,459
76,388
76,626
76,980
79,192
79,258
79,485
79,581
81,977
82,381
82,974
82,760
86,404
86,811
87,037
87,324
89,681
89,955
90,019
90,159
89,974
90,316
89,676
89,964
91,142
91,285
91,410
91,320
89,703
89,177
89,497
90,313
89,973
93,952
94,325
94,647
94,885
97,163
97,280
97,465
97,696
99,096
98,973
99,276
99,435
101,564
101,713
102,047
102,266
104,794
105,156
105,397
105,549
107,871
107,725
107,939
108,026
109,770
109,911
109,561
108,156
108,179
108,106
108,209
108,478
108,510
108,651
108,708
110,372
110,285
110,628
110,714
28.3
39.9
73.7
46.4
42.7
23.2
43.6
66.3
42.8
28.8
51.1
57.5
37.3
50.7
45.1
49.7
71.9
61.2
72.4
46.5
48.4
68.9
46.5
48.9
65.5
90.1
51.8
43.8
52.6
56.7
60.0
50.7
41.2
45.9
45.9
60.7
52.8
49.5
49.6
61.5
55.2
43.9
49.4
48.6
50.9
50.9
28.7
46.1
70.3
47.2
43.3
20.7
49.5
66.5
40.1
32.6
52.4
58.5
36.2
52.4
46.7
47.4
71.2
59.1
68.7
51.1
53.3
66.8
39.0
50.9
73.0
88.7
45.3
44.8
49.0
53.6
64.7
46.9
46.5
37.7
46.5
62.8
49.3
50.0
513
62.2
54.8
43.3
48.3
50.2
48.7
50.7
28.0
51.5
79.1
34.9
45.0
20.2
51.9
64.9
44.6
27.8
55.8
54.6
37.6
51.1
48.7
48.7
70.3
65.1
62.6
51.4
61.0
64.1
37.8
50.9
74.5
96.8
34.0
46.8
47.2
56.3
64.5
46.8
46.8
40.5
46.9
67.5
48.1
48.5
52.0
64.9
52.1
42.5
49.0
49.8
51.2
50.7
17.7
52.2
87.5
33.6
43.5
21.8
54.5
61.4
39.5
27.3
56.4
53.7
40.4
55.8
50.1
47.6
67.8
73.5
57.9
49.9
58.3
66.8
37.5
53.3
80.7
92.8
23.2
41.2
53.3
57.1
63.5
42.2
50.1
41.2
48.6
62.1
48.8
49.3
52.8
62.7
53.0
43.5
47.3
49.1
51.7
51.7
33.1
27.8
75.5
53.4
34.4
31.1
37.7
66.1
46.2
30.6
42.7
60.6
35.7
48.1
48.8
51.1
62.8
66.6
73.0
44.0
52.6
65.2
50.3
48.0
62.7
88.0
65.8
30.2
54.4
55.7
60.5
57.9
40.6
46.3
43.5
56.8
57.3
48.0
50.6
57.4
57.7
47.6
47.9
47.3
50.1
51.6
45,162
43,699
46,301
47,748
49,085
50,226
48,765
51,103
52,439
52,816
51,355
53,257
54,063
54,285
55,849
56,962
58,798
61,367
64,433
45,065
42,805
46,528
47,825
49,434
50,108
45,069
43,142
46,653
48,027
49,719
49,825
49,103
51,507
52,752
52,482
51,814
53,509
53,845
54,622
55,936
57,126
59,114
61,882
64,854
66,591
91,727
95,829
98,286
100,145
103,200
106,400
45,022
43,491
46,752
48,122
49,937
49,625
49,234
51,714
52,908
52,307
51,986
54,040
53,577
54,744
55,918
57,252
-59,335
62,230
65,076
66,776
69,161
71,127
70,666
71,996
75,235
77,992
77,565
77,915
80,338
84,271
88,559
90,617
90,774
90,831
88,675
92,110
95,997
98,500
100,394
103,544
106,703
109,115
108,129
109,109
111,366
108,983
108,123
109,280
111,610
44,866
43,754
45,197
47,819
48,793
50,202
48,990
50,641
52,369
52,853
51,324
53,268
54,189
53,999
55,549
56,653
58.283
60,765
63,901
65,803
67,897
70,384
70,880
71,214
73,675
76,790
78,265
76,945
79,382
82,471
86,697
89,823
90,406
91,152
89,544
90,152
94,408
97,387
99,344
101,958
105,210
107,895
109,419
108,256
108,604
110,525
68,365
70,833
70,857
71,527
74,115
77,164
78,498
77,188
79,842
83,431
87,434
90,149
90,046
91,191
91,088
95,186
97,878
99,747
102,430
105,789
108,200
109,487
108,237
108,802
110,923
51,323
52,674
52,663
51,378
53,196
53,982
54,376
55,912
57,152
58,691
61,578
64,655
66,111
68,603
70,993
70,416
71,532
74,527
77,502
78,569
77,499
79,842
83,661
87,797
90,360
90,334
91,216
88,787
91,408
95,499
98,098
99,980
102,980
106,070
108,266
109,284
108,211
108,994
111,112
70,941
70,296
71,734
74,881
77,833
78,238
77,619
80,141
84,031
88,249
90,466
90,550
91,014
C-40 * October 1994
SURVEY OF CURRENT BUSINESS
Historical Data for Seiecfed Series—Continued
YEAR
Jan.
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
Feb.
Mar.
23.5
23.2
22.9
28.1
28.4
31.4
29.6
31.6
35.1
36.0
33.0
36.0
39.6
36.3
40.4
42.5
45.5
49.6
54.4
57.6
59.4
62.6
62.1
61.5
65.6
71.8
73.0
66.3
69.9
75.5
78.8
85.1
85.9
85.2
82.4
80.8
91.0
93.1
96.1
96.5
103.2
106.6
105.5
104.2
104.3
109.2
23.5
22.9
23.0
28.3
28.5
31.6
29.7
32.0
34.8
36.3
32.3
36.7
39.2
36.2
41.1
42.9
45.8
49.9
54.7
57.0
59.6
63.0
62.1
61.3
66.0
72.8
72.7
65.3
71.1
75.9
79.0
85.8
86.2
85.4
84.2
80.7
90.9
93.8
95.5
97.9
103.4
106.2
106.1
103.0
105.2
109.9
23.3
22.5
23.8
28.4
28.6
31.8
29.5
32.7
34.8
36.3
31.9
37.2
38.9
36.4
41.3
43.2
45.8
50.6
55.5
56.6
59.8
63.5
62.0
61.3
66.5
72.8
73.0
64.1
70.9
76.6
80.0
86.1
86.2
85.7
83.7
81.3
91.9
94.1
94.6
98.2
103.4
107.1
106.4
102.3
105.6
110.0
897.6
906.0
919.9
1,014.3
1,058.2
1,115.6
1,131.1
1,159.3
1,236.0
1,278.2
1,270.5
1,318.7
1,387.1
1,389.5
1,459.1
1,505.6
1,576.5
1,676.5
1,783.1
1,863.9
1,922.1
2,020.1
2,092.0
2,104.6
2,177.2
2,331.1
2,390.7
2,276.6
2,349.0
2,432.8
2,550.0
2,701.6
2,753.7
2,776.2
2768.6
2J67.8
2,922.4
3,081.3
3,139.7
3,220.2
3,307.9
3,427.6
3,457.4
3,419.2
3,412.1
3,461.0
891.1
904.6
915.7
1,014.2
1,075.5
1,124.7
1,129.0
1,161.9
1,243.6
1,284.5
1,264.5
1,326.1
1,379.9
1,390.9
1,464.3
1,515.5
1,586.2
1,678.3
1,786.1
1,863.2
1,937.9
2,025.1
2,087.2
2,103.8
2,188.3
2,331.6
2,364.1
2,255.9
2,362.5
2,439.8
2,562.3
2,714.6
2,744.1
2,772.6
2,776.1
2,760.2
2,963.6
3,092.9
3,158.7
3,240.1
3,322.3
3,445.5
3,476.7
3,414.3
3,440.8
3,465.2
902.3
905.1
931.9
1,026.2
1,077.6
1,135.4
1,123.3
1,170.0
1,248.8
1,283.8
1,268.3
1,338.1
1,378.0
1,391.3
1,475.7
1,515.1
1,593.8
1,686.4
1,791.1
1,865.3
1,941.0
2,037.2
2,090.6
2,105.4
2,195.1
2,330.8
2,334.9
2,259.0
2,370.7
2,447.1
2,590.8
2,726.6
2,731.4
2,775.7
2,781.7
2,764.4
2,982.9
3,103.6
3,187.4
3,240.6
3,335.3
3,455.2
3,487.8
3,426.2
3,445.8
3,475.1
Apr.
May
23.3
22.4
24.6
28.5
28.4
32.0
29.3
33.1
35.1
35.8
31.4
38.0
38.6
37.2
41.4
43.6
46.5
50.8
55.5
57.2
59.9
63.2
61.9
61.6
67.6
73.0
72.9
64.7
71.2
77.7
82.0
85.2
84.5
85.0
83.2
82.3
92.4
94.5
94.8
98.8
104.3
107.1
105.7
102.5
106.4
110.5
June
July
Aug.
47. Index of industrial production (1987=100)
23.7
24.0
24.0
22.1
22.0
22.0
25.2
25.9
26.7
28.4
28.2
27.8
28.1
27.8
27.4
32.2
32.0
32.4
29.5
29.6
29.6
33.7
33.7
34.0
34.8
34.5
33.4
35.7
35.8
36.0
31.7
32.6
33.0
38.6
38.6
37.7
38.5
38.1
37.9
37.7
38.3
38.7
41.3
41.2
41.6
44.1
44.3
44.1
46.8
46.9
47.2
51.2
51.6
52.1
56.1
56.3
56.6
56.7
56.7
56.5
60.6
60.8
60.7
63.0
63.6
63.9
61.8
61.6
61.7
61.9
62.2
62.0
67.5
67.7
67.6
73.4
73.9
74.4
73.8
74.0
73.6
64.5
65.3
65.7
72.0
72.1
72.5
78.3
78.9
78.9
82.3
83.1
83.3
86.2
86.1
85.6
82.5
81.5
81.2
85.6
86.1
87.1
82.7
82.4
82.0
83.2
83.7
85.3
93.0
93.5
93.9
94.7
94.4
94.1
94.7
94.3
94.8
99.4
100.3
100.6
104.0
104.0
104.6
106.7
106.4
105.3
106.5
106.7
106.5
103.4
104.3
104.5
106.8
106.2
106.8
110.0
110.4
110.9
23.9
22.2
27.6
27.5
29.2
32.2
29.6
33.9
34.8
36.0
33.7
36.4
37.9
39.1
41.7
44.2
47.5
52.3
56.7
57.6
60.9
64.1
61.6
61.7
68.5
74.3
73.4
66.9
72.9
79.0
83.6
85.3
82.4
86.9
81.6
86.5
94.0
94.5
94.9
100.9
105.2
105.8
106.8
104.6
106.5
111.1
Sept.
23.7
22.4
27.4
27.7
30.2
31.6
29.6
34.1
35.6
35.7
34.0
36.4
37.5
39.0
41.9
44.6
47.7
52.4
57.2
57.5
61.1
64.1
61.2
62.7
69.2
74.9
73.7
67.6
73.1
79.4
84.1
85.5
83.5
86.5
81.0
87.9
93.9
95.0
95.0
100.7
104.7
105.4
106.8
105.4
106.6
111.3
Oct.
23.9
21.6
27.6
27.7
30.5
31.3
30.0
34.7
35.9
35.1
34.4
36.1
37.4
39.8
42.0
44.9
47.0
52.9
57.6
58.0
61.2
64.1
60.0
63.1
70.2
75.2
73.2
67.9
73.4
79.4
84.5
86.0
84.0
85.8
80.3
88.6
93.2
94.2
95.6
102.1
105.0
105.0
106.3
105.2
107.5
111.9
Nov.
23.6
22.2
27.5
27.9
31.1
30.6
30.5
34.8
35.6
34.3
35.4
36.3
36.9
40.4
42.2
45.1
48.5
53.2
57.2
58.8
62.0
63.5
59.6
63.4
71.1
75.2
71.1
68.6
74.6
79.5
85.2
85.7
85.5
84.8
80.0
88.8
93.3
94.6
96.3
102.2
105.6
105.4
105.0
105.0
108.3
112.8
Dec.
23.4
22.6
28.0
28.1
31.3
29.8
30.9
34.9
36.1
33.7
35.5
38.6
36.2
40.7
42.2
45.1
49.1
53.8
57.3
59.5
62.2
63.3
61.0
64.1
71.7
74.0
68.1
69.1
75.2
79.1
85.4
85.6
85.9
84.1
79.3
89.2
92.8
95.6
96.8
102.8
106.3
106.1
104.5
104.6
109.0
114.0
Annual
23.6
22.3
25.8
28.0
29.1
31.6
29.9
33.7
35.1
35.6
33.3
37.3
38.1
38.4
41.6
44.0
47.0
51.7
56.3
57.5
60.7
63.5
61.4
62.2
68.3
73.8
72.7
66.3
72.4
78.2
82.6
85.7
84.1
85.7
81.9
84.9
92.8
94.4
95.3
100.0
104.4
106.0
106.0
104.1
106.5
110.9
51. Personal income less transfer payments in 1987 dollars (AR, bil. $)
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983 7.
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
'.....
AR Annual rate
903.7
906.0
937.8
1,042.2
1,075.5
1,132.4
1,113.0
1,177.8
1,262.4
1,284.6
1,261.9
1,349.3
1,380.7
1,400.4
1,481.9
1,520.7
1,604.5
1,691.9
1,798.7
1,864.4
1,948.3
2,040.2
2,098.3
2,107.0
2,208.1
2,324.0
2,322.9
2,256.5
2,380.6
2,452.7
2,620.4
2,712.6
2,706.4
2,775.9
2,800.5
2,778.0
2,987.2
3,118.7
3,227.7
3,242.8
3,342.1
3,448.3
3,495.0
3,418.3
3,447.5
3,523.8
911.2
903.7
954.4
1,046.1
1,086.1
1,138.5
1,115.9
1,187.9
1,259.8
1,283.1
1,265.3
1,354.6
1,390.9
1,408.7
1,480.9
1,529.1
1,609.6
1,708.8
1,806.6
1,872.1
1,961.7
2,051.0
2,093.0
2,116.7
2,215.8
2,346.6
2,324.4
2,264.0
2,391.0
2,469.9
2,623.4
2,711.3
2,686.5
2,772.4
2,806.1
2,791.7
2,986.8
3,098.2
3,212.3
3,233.5
3,341.6
3,429.0
3,481.5
3,415.8
3,446.9
3,533.0
925.5
895.3
953.4
1,053.0
1,087.8
1,141.4
1,121.2
1,191.1
1,263.5
1,293.5
1,274.3
1,359.3
1,390.5
1,415.9
1,491.1
1,530.7
1,618.2
1,722.0
1,817.4
1,880.5
1,971.6
2,056.0
2,087.6
2,114.4
2,199.2
2,355.5
2,330.2
2,271.2
2,388.2
2,473.8
2,640.0
2,717.9
2,684.0
2,781.5
2,788.1
2,800.3
3,007.7
3,109.9
3,199.5
3,232.3
3,350.7
3,422.5
3,482.6
3,425.4
3,446.3
3,514.8
923.5
887.0
969.7
1,047.2
1,082.4
1,139.8
1,121.2
1,206.0
1,254.2
1,294.3
1,297.4
1,360.7
1,388.0
1,417.6
1,497.5
1,533.4
1,628.2
1,726.3
1,822.9
1,889.2
1,982.3
2,074.2
2,096.6
2,117.3
2,232.7
2,355.0
2,334.8
2,273.5
2,392.3
2,496.8
2,642.0
2,725.7
2,676.4
2,799.9
2,776.4
2,814.1
3,023.7
3,104.1
3,198.3
3,242.1
3,355.2
3,429.0
3,485.1
3,410.4
3,449.4
3,506.0
930.3
894.0
981.6
1,060.5
1,105.4
1,136.1
1,132.4
1,206.8
1,265.4
1,295.0
1,295.5
1,346.1
1,388.4
1,425.5
1,495.7
1,541.5
1,636.3
1,735.0
1,830.0
1,897.1
1,984.5
2,079.9
2,101.7
2,130.3
2,256.6
2,368.6
2,327.5
2,294.9
2,398.1
2,510.8
2,654.8
2,727.0
2,692.2
2,814.3
2,771.7
2,804.3
3,038.6
3,104.5
3,211.0
3,255.8'
3,357.6
3,424.8
3,464.3
3,404.6
3,455.9
3,543.1
932.6
907.9
993.3
1,058.1
1,118.4
1,136.1
1,138.5
1,215.7
1,269.8
1,291.2
1,303.0
1,344.1
1,385.1
1,425.8
1,494.4
1,552.3
1,646.2
1,738.8
1,829.1
1,893.7
2,000.3
2,086.9
2,101.1
2,130.2
2,267.8
2,379.6
2,330.3
2,309.9
2,402.1
2,524.5
2,668.7
2,728.8
2,706.6
2,813.5
2,762.0
2,826.3
3,064.3
3,105.1
3,216.3
3,258.5
3,362.6
3,414.2
3,461.2
3,410.5
3,473.1
3,539.6
937.2
887.5
1000.0
1,065.1
1,114.9
1,140.2
1,143.9
1,220.9
1,283.1
1,282.9
1,301.1
1,346.7
1,385.6
1,439.8
1,500.7
1,564.1
1,649.7
1,759.5
1,841.4
1,897.8
2,002.1
2,093.0
2,091.7
2,134.9
2,289.8
2,409.3
2,337.2
2,326.6
2,401.9
2,527.7
2,685.4
2,737.0
2,741.9
2,805.3
2,758.7
2,862.2
3,046.0
3,123.6
3,206.7
3,309.4
3,410.6
3,432.1
3,429.0
3,412.8
3,496.7
3,556.1
931.2
898.1
1,011.6
1,065.7
1,107.9
1,136.1
1,156.6
1,230.5
1,278.5
1,283.7
1,320.3
1,366.1
1,383.0
1,454.8
1,505.3
1,564.9
1,663.7
1,775.6
1,846.5
1,909.1
2,011.4
2,098.3
2,091.7
2,147.2
2,314.0
2,428.2
2,314.7
2,328.9
2,424.9
2,534.5
2,692.5
2,744.2
2,760.9
2,793.9
2,756.5
2,879.3
3,060.1
3,118.7
3,209.9
3,292.7
3,386.5
3,447.5
3,439.3
3,401.1
3,501.1
3,571.8
921.7
902.8
1,023.3
1,072.0
1,115.7
1,131.1
1,155.9
1,238.6
1,280.2
1,273.9
1,322.1
1,381.6
1,377.9
1,462.4
1.512.3
1,573.7
1,677.1
1,784.3
1,848.4
1,923.2
2,022.2
2,097.4
2,093.1
2,166.6
2,327.8
2,421.8
2,305.3
2,328.0
2,432.3
2,546.8
2,702.8
2,749.7
2,781.2
2,781.9
2,767.6
2,900.7
3,098.8
3,154.3
3,233.1
3,345.5
3,411.5
3,457.2
3,467.5
3,431.7
3,706.5
3,589.3
917.3
899.8
966.1
1,047.1
1,092.1
1,134.0
1,131.8
1,197.2
1,262.1
1,285.7
1,287.0
1,349.3
1,384.6
1,418.6
1,488.2
1,537.2
1,624.2
1,723.6
1,816.8
1,885.0
1,973.8
2,063.3
2,093.7
2,123.2
2,239.4
2,365.2
2,334.8
2,287.1
2,391.1
2,488.1
2,636.1
2,724.8
2,722.1
2,788.6
2,776.2
2,812.4
3,015.2
3,109.6
3,200.1
3,259.5
3,357.0
3,436.1
3,469.0
3,415.9
3,476.8
3,523.2
SURVEY OF CURRENT BUSINESS
October 1994
C-41
Historical Data for Selected Series—Continued
YEAR
Mar.
Feb.
1948 .
1949 .
1950 .
1951 .
1952 .
1953 .
1954 .
1955 .
1956 .
1957 .
1958 .
1959 .
1960 .
1961 .
1962 .
1963 .
1964 .
1965 .
1966 .
1967 .
1968 .
1969 .
1970 .
1971 .
1972 .
1973 .
1974 .
1975 .
1976 .
1977 .
1978 .
1979 .
1980 .
1981 .
1982 .
1983 .
1984 .
1985 .
1986 .
1987 .
1988 .
1989 .
1990 .
1991 .
1992 .
1993 .
124,835
127,027
126,685
149,265
142,908
160,423
152,719
164,854
174,810
178,898
166,580
177,579
189,271
178,627
195,352
201,169
214,560
229,885
246,684
252,621
265,864
275,855
279,400
279,715
300,201
335,572
338,234
314,166
327,307
348,170
361,385
390,311
392,835
386,997
360,956
364,244
406,597
419,796
434,221
442,460
464,607
491,448
482,101
468,050
484,901
512,471
124,910
126,820
129,318
145,359
144,424
162,734
154,444
166,234
173,428
179,508
163,715
180,295
188,409
179,133
195,537
204,347
214,575
230,640
246,953
252,020
264,932
276,373
279,282
281,661
297,396
336,568
337,134
312,571
329,157
352,455
368,449
386,651
387,465
385,511
367,357
362,022
406,454
420,338
432,399
457,516
469,953
484,640
489,744
471,419
487,232
513,230
125,800
126,345
131,057
143,047
143,663
164,495
153,588
169,611
174,077
178,270
161,262
182,424
187,454
182,209
198,194
204,465
214,008
235,579
250,964
253,265
267,361
277,968
276,126
282,908
302,716
334,362
340,708
303,419
331,645
356,339
371,288
397,051
378,012
383,406
366,724
367,358
406,443
423,347
432,011
457,007
476,757
481,725
493,841
469,663
489,364
512,147
1948 .
1949 .
1950 .
1951 .
1952 .
1953 .
1954 .
1955 .
1956 .
1957 .
1958 .
1959 .
1960 .
1961 .
1962 .
1963 .
1964 .
1965 .
1966 .
1967 ,
1968 .
1969 ,
1970 .
1971 .
1972 .
1973 .
1974 .
1975 .
1976 .
1977 .
1978 .
1979 .
1980 .
1981 .
1982 .
1983 .
1984 .
1985 .
1986 .
1987 ,
1988 ,
1989 .
1990 .
1991 ,
1992 .
1993 .
37.0
38.8
37.2
38.6
42.2
42.7
44.6
42.9
43.5
45.3
47.9
46.4
46.0
48.6
47.0
46.8
45.8
45.5
45.2
46.7
47.8
49.7
53.5
54.1
53.2
54.8
59.3
67.5
70.7
72.0
77.0
81.6
88.1
96.9
104.7
103.8
100.7
104.1
102.4
102.3
100.4
102.6
106.0
110.8
111.7
111.4
37.0
38.7
37.3
39.2
42.3
43.0
44.7
43.1
43.7
45.4
48.3
46.2
46.7
48.6
46.8
46.7
46.1
45.4
45.6
46.8
48.3
49.7
53.3
54.3
53.8
55.1
59.9
68.2
69.9
72.8
77.9
81.8
88.4
96.1
102.4
103.8
101.1
103.1
102.6
100.8
101.0
103.7
106.5
111.2
111.5
111.2
37.6
38.1
37.3
39.5
42.1
43.0
44.5
42.8
44.1
45.2
48.5
46.2
47.2
48.6
47.0
46.4
46.6
45.3
45.5
47.3
48.4
49.8
53.8
54.4
54.1
55.3
59.9
69.7
70.8
72.9
78.7
82.3
89.3
97.1
102.8
103.0
100.9
104.4
104.7
101.0
102.4
104.3
106.8
111.9
111.3
111.2
126,345
125,777
132,663
140,585
145,420
164,552
154,895
171,379
174,579
175,438
160,504
185,177
187,916
181,214
198,356
206,370
217,537
236,142
249,027
253,761
267,119
279,301
274,134
284,258
305,077
332,728
339,270
308,306
334,615
357,357
381,447
384,979
370,276
384,070
366,034
367,559
409,273
423,752
440,859
456,053
474,168
487,227
488,252
478,545
490,274
512,295
July
June
May
Apr.
57. Manufacturing
124,888
123,840
135,960
141,818
146,916
163,828
152,195
172,115
173,984
174,779
161,136
187,213
185,445
183,946
198,124
204,950
219,879
233,649
248,149
253,796
268,528
278,781
277,364
286,259
306,605
331,496
340,309
307,936
333,800
356,424
380,766
395,454
363,974
380,834
368,412
373,644
412,897
428,318
436,751
456,588
475,601
484,606
491,067
480,807
486,912
514,601
Aug.
and trade sales in 1987 dollars
127,564
126,436
126,928
123,456
141,587
152,196
140,754
137,926
147,175
144,070
161,834
164,136
154,137
153,682
172,682
172,131
167,114
174,808
175,789
175,082
164,147
165,833
187,464
186,905
185,299
184,402
187,282
185,026
197,286
198,071
206,727
209,795
219,279
222,959
234,691
238,911
250,815
249,321
254,250
254,249
274,384
271,129
278,746
280,072
278,207
278,441
289,727
288,174
307,938
308,992
330,711
335,267
338,974
340,112
313,554
310,588
337,423
338,535
359,677
360,474
381,737
379,394
389,307
389,666
362,525
368,215
380,509
380,508
363,473
363,756
383,026
383,113
414,612
416,925
422,405
423,369
440,049
443,290
457,551
461,743
480,184
477,002
482,642
478,495
492,587
488,234
480,005
484,684
492,077
495,335
520,591
516,167
(mil. $)
127,824
126,132
154,455
141,418
147,275
160,742
152,696
171,979
172,717
176,271
168,752
180,702
183,416
189,399
199,471
208,574
222,257
237,557
250,896
257,298
270,066
281,564
277,112
286,277
314,304
330,662
335,795
315,628
337,677
360,774
385,200
389,991
369,349
378,832
360,466
382,368
413,394
430,477
442,924
459,995
478,335
491,563
493,036
485,283
492,366
524,717
Nov.
Oct.
127,782
128,607
144,882
141,361
152,374
159,321
153,460
174,807
174,330
173,898
169,723
180,205
185,475
190,051
198,952
208,791
224,339
237,547
250,438
256,699
271,294
283,152
276,793
289,560
317,743
330,325
332,271
316,972
338,062
361,351
383,969
388,185
377,120
376,090
360,457
388,192
413,473
431,734
453,686
464,479
479,287
486,930
485,013
485,914
496,603
527,396
127,893
123,746
141,946
142,330
157,262
158,526
154,055
174,073
175,829
173,046
172,518
180,599
184,494
192,566
200,913
211,015
220,983
239,786
251,112
254,730
275,450
285,865
272,273
290,422
321,720
337,743
327,459
317,251
334,574
362,999
388,325
388,053
384,277
370,117
357,085
392,992
415,489
426,741
447,725
463,331
483,484
482,017
483,311
486,953
499,373
530,616
Annual
Dec.
127,342
125,394
128,259
124,324
1,519,878
1,508,396
137,578
141,980
156,711
154,589
158,685
145,307
140,607
159,538
151,918
162,435
1,673,634
1,706,450
1,787,736
1,927,098
1,856,991
175,542
176,662
170,731
175,180
181,001
175,829
178,391
166,862
170,372
186,020
2,061,236
2,090,729
2,098,572
1,999,722
2,195,584
182,100
194,393
203,713
208,723
223,310
182,475
195,194
200,284
213,334
230,443
2,226,156
2,239,040
2,384,253
2,488,260
2,644,129
243,138
250,109
261,763
277,670
282,135
243,988
251,214
267,141
275,368
281,792
2,841,513
2,995,682
3,071,593
3,249,165
3,361,604
267,731
295,093
326,386
342,034
323,059
276,499
297,156
331,125
337,065
312,343
3,313,362
3,451,213
3,740,203
4,014,533
4,005,668
315,777
340,175
365,148
390,207
• 387,094
319,167
350,306
369,826
391,501
385,697
3,755,335
4,033,276
4,310,994
4,563,668
4,672,439
383,965
367,217
358,425
397,711
419,077
384,437
362,912
355,895
404,330
419,995
4,522,450
4,537,003
4,349,040
4,566,559
4,954,629
430,444
447,543
462,198
484,750
486,247
428,476
455,846
465,853
491,941
487,054
5,109,197
5,307,304
5,504,774
5,736,069
5,824,594
477,011
485,263
502,275
535,649
473,203
478,654
512,072
541,961
5,837,400
5,755,240
5,928,784
6,261,841
62a. Index of labor cost per unit of output, manufacturing (1987=100)
37.2
38.3
36.8
38.7
36.9
38.2
37.7
38.0
36.7
40.2
42.2
43.2
44.5
37.0
40.4
42.6
42.9
44.2
36.4
41.1
43.1
43.3
44.0
42.5
44.0
45.9
48.6
45.9
42.5
44.3
45.9
47.9
45.8
42.7
44.7
45.8
47.3
46.1
42.9
46.3
45.8
47.2
46.9
47.3
47.8
47.4
47.6
47.7
47.9
47.4
47.7
47.2
47.5
47.6
45.8
46.2
45.8
46.1
46.0
46.2
47.4
46.4
46.2
45.0
45.8
47.0
48.7
50.3
44.9
45.8
47.3
48.7
50.8
45.0
46.0
47.5
48.9
50.9
44.6
45.9
47.9
49.2
50.9
53.7
54.2
53.6
55.7
60.4
53.6
54.4
54.1
53.8
54.3
54.2
55.7
54.0
54.2
54.1
69.1
71.1
72.9
77.7
83.5
69.8
71.0
73.2
78.0
83.2
55.8
60.8
36.4
41.3
42.1
43.0
43.8
61.1
56.0
61.9
69.2
71.3
73.8
77.9
84.0
69.0
71.3
74.4
78.5
85.1
94.1
90.8
98.4
92.7
98.5
99.1
94.3
98.7
103.4
102.8
101.4
103.8
102.3
101.1
103.9
102.2
101.1
104.0
101.8
101.3
102.5
102.9
100.1
101.4
102.9
102.2
103.1
103.2
103.3
103.5
102.9
99.3
98.5
98.6
102.1
103.2
102.8
103.7
102.9
105.2
108.2
111.8
111.3
111.2
107.4
111.4
111.5
111.6
107.8
111.0
112.2
111.6
108.1
111.0
112.1
111.5
38.3
37.7
36.3
41.8
42.3
42.7
44.0
42.9
45.0
46.1
47.2
47.3
47.6
46.8
47.0
46.2
46.4
44.8
46.4
47.8
49.2
51.3
54.0
54.9
54.1
56.1
62.3
69.4
71.9
74.4
78.5
85.7
94.4
99.8
104.2
101.0
101.7
103.0
102.9
99.3
102.5
104.9
107.4
111.3
112.5
111.7
38.2
37.4
36.6
42.0
42.6
42.9
43.6
42.9
45.0
45.9
47.1
47.8
47.8
46.6
47.2
46.1
46.4
44.8
46.3
47.6
49.5
51.6
53.8
53.7
54.2
56.2
62.5
69.3
72.0
75.0
79.0
86.5
94.4
100.1
104.3
100.4
102.0
102.8
102.6
100.5
103.2
105.2
107.8
110.6
112.8
112.0
38.5
37.4
38.8
37.1
38.7
37.1
37.7
38.0
37.5
41.8
42.7
38.4
41.7
42.1
37.1
43.3
43.9
43.9
44.2
38.5
42.1
42.9
44.6
43.9
40.8
42.4
43.2
44.2
43.0
45.5
46.4
43.8
45.6
47.5
46.6
48.1
43.3
45.5
47.4
42.9
44.8
46.1
46.8
46.5
47.5
46.8
48.2
46.8
46.9
48.2
46.4
47.5
47.4
47.0
46.9
47.1
45.9
46.4
46.0
46.0
46.5
45.8
46.2
46.2
45.0
46.2
47.2
49.9
51.7
45.3
46.8
47.3
49.6
52.0
45.2
46.6
47.3
49.8
52.6
45.1
46.0
47.3
49.0
50.9
54.0
53.5
54.0
56.6
63.5
53.9
53.5
54.0
57.1
64.6
54.0
54.0
54.2
58.5
66.7
53.8
54.1
54.0
56.1
61.9
69.6
71.8
75.8
79.5
86.3
69.7
72.0
76.1
79.4
86.9
70.0
72.0
76.5
80.8
88.1
69.2
71.3
74.2
78.6
84.6
46.5
47.9
48.0
46.7
94.7
94.6
95.6
92.6
101.5
104.5
100.6
102.4
102.0
104.7
101.2
102.9
102.8
105.5
101.8
103.9
104.0
102.1
101.7
104.8
103.0
103.3
101.9
103.8
101.2
99.5
99.9
99.9
104.8
106.9
103.6
106.1
103.0
106.1
103.4
102.8
100.0
102.5
104.6
108.4
112.1
113.2
111.5
108.8
111.6
111.9
111.0
110.5
112.7
113.3
110.2
107.8
111.5
112.1
111.3
99.3
SURVEY OF CURRENT BUSINESS
C-42 ® October 1994
Historical Data for Selected Series—Continued
YEAR
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
,
.
Jan.
Feb.
3.3
3.1
3.3
3.2
2.9
-5.5
0
-24.2
5.7
-5.1
13.4
-9.8
-12.2
10.4
16.7
-2.5
-16.6
-7.6
0
2.6
13.4
-2.4
22.6
2.2
-16.4
14.1
17.7
15.4
12.7
0
8.1
12.6
0
17.6
24.6
-17.7
-12.2
2.3
-15.0
13.9
6.2
-4.6
-1.1
3.3
-10.1
-18.4
Apr.
Mar.
0
-3.0
3.3
20.3
2.9
8.8
2.7
5.7
5.7
2.7
10.5
-5.1
19.9
0
-5.0
-2.5
8.1
-2.6
11.2
2.6
13.3
0
-4.4
4.5
14.4
6.8
12.8
13.2
-12.8
14.2
15.0
3.0
4.2
-9.5
-23.4
0
4.9
-10.9
2.4
-16.2
7.4
13.7
5.8
4.4
-2.1
-2.1
21.3
-17.1
0
9.6
-5.5
0
-5.2
-8.0
11.6
-5.2
5.1
0
13.6
0
5.3
-7.4
13.8
-2.6
-2.6
13.6
2.5
2.4
11.9
2.2
6.9
4.4
0
29.8
16.6
1.7
13.0
7.6
12.9
13.2
4.8
-8.9
-2.3
16.2
27.5
2.4
18.0
7.2
3.4
7.8
-2.1
0
June
May
July
Sept.
Aug.
62b. Change in index of labor cost per unit of output, manufacturing (AR, percent)
-12.0
-12.2
3.3
29.4
20.9
-3.1
6.5
13.3
-14.4
-6.1
-9.1
-9.1
-17.7
23.5
2.9
5.7
0
-8.1
-2.7
20.3
2.5
-7.5
2.6
-18.1
10.7
-14.5
-9.8
-7.7
8.2
-7.4
7.7
12.7
-2.2
-4.3
-10.5
9.0
10.5
-9.9
5.2
0
-14.2
19.0
22.1
17.3
7.2
-2.3
6.1
-19.8
-18.8
-10.2
-11.1
- -15.0
16.9
-1.1
0
0
10.3
6.1
12.0
-8.0
-7.8
0
8.5
0
-16.0
-2.6
7.9
-2.5
2.6
0
-2.6
-2.6
0
7.9
0
12.6
-2.2
4.5
11.8
2.2
8.2
12.9
-1.7
5.1
4.7
-4.2
28.2
1.2
4.7
-5.7
-3.5
-3.5
2.4
-9.2
8.6
3.6
-8.5
-4.2
2.2
4.4
-17.8
22.9
15.0
11.8
-5.3
5.8
11.4
-2.6
-14.0
8.1
7.8
-7.3
2.6
5.4
2.6
2.7
5.4
5.2
5.0
2.4
4.6
-2.2
2.2
-2.1
6.1
-9.8
5.2
10.3
-1.5
12.2
19.7
7.6
1.2
-1.2
0
12.4
2.4
-9.3
8.5
6.0
4.6
-4.2
7.8
0
0
6.0
-24.6
-8.0
-5.3
5.8
52.5
0
-2.5
22.9
-4.9
-4.9
-4.9
10.9
0
-10.2
-2.6
10.6
7.6
0
4.6
-2.2
-2.2
6.7
16.9
-3.4
0
10.2
9.6
16.9
2.6
-4.7
1.2
-4.6
2.4
3.5
-4.5
.1.2
1.2
18.8
3.4
0
-1.1
-1.1
-3.2
15.5
5.9
-8.1
5.6
0
-28.9
8.1
0
10.7
-2.5
-9.7
-9.7
-5.1
5.3
5.5
13.9
-2.5
0
9.8
0
16.6
0
2.2
8.0
7.2
10.6
0
0
8.8
1.3
14.2
2.3
-9.0
4.8
-5.6
0
8.9
-4.6
-3.4
-7.5
3.3
4.4
2.2
Nov.
Oct.
10.4
5.9
8.9
5.8
-10.4
0
0
-5.1
-2.5
13.4
5.2
-5.0
5.2
-2.6
0
0
-2.6
-4.9
7.6
7.2
-4.4
-23.3
2.2
2.2
3.9
-1.7
1.7
10.1
7.9
11.8
0
3.7
1.2
-6.9
3.6
-2.3
-3.4
15.5
8.5
3.5
4.6
-7.3
3.2
3.3
9.8
0
33.8
-5.6
2.9
11.8
8.6
2.8
14.2
13.9
Dec.
9.8
-3.0
-9.2
0
32.9
3.2
-2.8
12.1
-15.6
25.3
20.9
-7.8
18.0
8.5
24.8
2.7
32.5
-12.9
-2.6
-2.5
-14.3
2.5
2.6
5.1
5.3
-33.4
5.1
2.6
5.1
2.6
-9.8
-5.0
-5.1
-2.5
0
-9.9
2.6
5.5
-2.6
-9.6
10.1
2.4
4.6
8.3
16.7
2.6
-7.0
7.2
-2.2
0
0
-4.4
-4.3
8.9
21.0
5.3
-3.3
13.6
7.9
11.1
22.9
1.7
3.4
4.9
-1.5
8.7
-2.7
3.9
18.1
2.3
2.4
4.8
26.0
4.8
-11.3
-1.3
6.1
2.3
7.4
6.0
-15.9
-12.1
4.9
20.3
-12.9
21.2
-8.6
6.9
17.5
4.3
-5.2
4.5
-5.2
-12.9
-5.3
0
0
13.9
-5.1
-2.6
-5.0
0
4.9
14.8
2.2
11.8
4.5
33.7
46.8
5.3
0
6.5
23.3
17.9
13.4
9.8
9.6
7.4
12.3
5.6
-3.8
4.9
9.7
2.8
4.4
-1.4
-.7
6.5
4.8
—8
'A
4.0
-3.5
1.3
-.6
-1.2
-1.2
3.3
1.7
5.4
5.8
2.9
.5
.7
8.3
14.6
5.5
3.1
6.4
6.0
9.3
8.9
7.9
3.2
-3.3
2.2
.7
6.0
-7.9
0
-6.7
0
20.4
12.5
16.1
-8.3
-1.9
-.8
3.6
3.5
4.5
2.2
.8
-2.5
62. Change in index of labor cost per unit of output, manufacturing, smoothed (AR, percent) f
1948 .
1949 .
1950 .
1951 .
1952 .
1953 .
1954 .
1955 .
1956 .
1957 .
1958 .
1959 .
1960 .
1961 .
1962 .
1963 .
1964 .
1965 .
1966 .
1967 ,
1968-.
1969 .
1970 .
1971 .
1972 ,
1973 ,
1974 .
1975 .
1976 .
1977 .
1978 ,
1979 .
1980 .
1981 .
1982 .
1983 .
1984 .
1985 ,
1987
1989
1990
1991
1992
1993
,
,
.
.
.
11.4
6.4
-4.4
14.7
3.7
2.4
9.4
-3.5
4.8
2.5
10.5
-4.3
-1.6
3.9
-1.2
-2.4
.4
-3.6
2.5
3.1
.3
2.4
10.0
.2
-2.6
2.3
13.4
21.4
2.5
1.3
8.1
8.4
8.1
6.1
11.3
.6
-.4
5.9
.1
-2.1
2.9
-.1
3.5
6.5
1.8
0
10.7
4.3
-2.4
15.7
3.0
3.4
9.3
-4.0
4.9
1.0
1V.3
-4.2
-2.0
3.9
.1
-2.5
.7
-4.4
3.7
2.8
3.0
1.4
9.7
.9
-1.0
4.1
15.5
22.1
1.6
2.7
9.1
9.1
7.2
4.8
8.1
-.7
.3
4.0
-.9
-3.2
3.9
.5
2.9
7.1
.9
-1.6
11.6
.2
-.9
15.5
1.4
3.5
7.3
-4.8
5.8
-.6
11.0
-3.6
-.2
3.3
1.5
-3.3
2.6
-4.7
3.6
4.1
4.5
.9
9.8
1.5
1.0
5.1
14.6
23.6
3.1
3.3
10.1
9.3
7.4
5.2
5.8
-2.6
.4
4.5
2.3
-3.0
6.4
1.7
2.6
7.5
-.1
-2.3
9.1
-1.4
-2.3
16.4
.7
3.9
5.1
-5.8
5.2
1.2
9.6
-3.8
1.3
.1
3.6
-5.2
2.1
-5.2
4.7
-.3
-1.4
15.6
1.8
2.5
2.1
-5.5
5.3
2.1
5.4
-3.7
3.0
-2.1
4.7
-5.7
1.1
4.0
-2.9
-3.1
16.1
4.2
3.0
-.6
-3.9
6.2
2.0
.3
-3.7
15.0
1.8
1.7
4.7
5.0
11.2
-3.1
4.4
3.9
-1.7
-4.4
.5
-5.2
.9
-.3
-3.1
-5.4
-4.1
-3.9
14.4
-1.6
12.9
1.7
-4.3
8.1
-6.1
-2.9
2.2
-2.1
7.5
-4.6
-.1
2.4
-4.6
5.9
3.3
-6.7
1.4
-.5
.9
-3.1
3.7
-2.2
13.0
1.4
-.7
-4.1
.9
8.8
1.7
-5.2
9.1
2.9
-7.3
.5
-.1
1.1
-2.0
3.9
3.4
5.8
4.4
3.9
3.8
5.7
5.4
3.1
4.9
5.9
5.2
4.1
4.5
5.2
5.8
3.7
3.1
5.1
6.3
8.3
1.1
.6
6.3
5.9
1.3
1.9
6.4
4.4
1.0
2.7
5.3
3.5
.3
2.5
4.9
2.5
2.1
2.1
4.3
1.0
-.2
1.8
3.6
9.1
13.6
12.2
10.6
19.9
16.9
11.5
4.2
3.2
7.5
10.7
9.4
7.0
4.6
4.1
3.5
5.6
9.5
4.2
4.5
3.5
9.2
10.5
6.3
3.7
5.9
3.1
10.1
3.4
4.3
5.9
2.4
8.7
-6.2
4.1
3.3
5.8
2.2
1.0
4.3
6.5
2.8
10.0
10.4
10.8
16.2
14.2
11.1
9.6
2.0
.8
-3.1
1.7
8.0
3.0
-6.8
10.0
3.0
-6.3
-.8
-.5
1.0
-.3
2.7
.5
5.8
6.0
.6
-2.2
.8
4.0
10.0
9.2
7.8
-6.7
-6.0
11.1
14.3
13.1
5.2
6.9
7.7
4.9
4.9
9.1
-1.4
-6.5
9.9
3.3
-4.5
-1.8
-.4
-.5
1.8
4.0
-.7
4.4
6.1
0
-3.0
.2
5.1
12.3
-4.7
4.0
3.0
-4.2
-2.1
1.6
-2.0
2.5
3.5
-1.3
3.7
7.3
-.1
-1.5
.4
9.6
18.3
1.4
2.1
2.8
3.7
-.1
-.3
-.6
2.7
-.6
.7
5.6
6.8
2.1
2.3
-6.4
-6.2
-4,0
5.5
.2
5.4
-.3
5.8
.3
5.4
3.2
3.8
3.9
4.4
6.6
-.6
3.7
4.6
-.5
3.4
2.2
.6
-.8
3.2
.6
1.1
-.5
1.7
0
1.8
.1
-2.4
-1.6
-1.0
-.1
3.5
4.3
1.2
-1.4
2.4
.9
4.6
.1
.9
5.1
12.5
10.1
.2
.2
-5.2
3.6
2.6
4.6
4.5
5.4
8.2
1.6
.9
-3.9
.7
-2.7
8.3
7.5
1.5
.8
-5.8
1.2
-2.1
10.6
-.5
.9
-5.3
6.0
1.7
2.1
-2.5
.5
2.0
8.1
6.1
8.9
1.0
-4.7
6.2
2.0
7.1
2.8
1.4
1.6
-.1
2.7
8.1
3.5
8.2
-.9
1.0
-4.6
6.0
2.5
1.9
2.7
1.5
.2
3.3
7.8
3.7
9.2
1.5
1.4
-4.5
7.5
3.2
.4
4.7
2.1
8.1
-.5
1.2
-3.6
7.3
3.9
16.3
7.9
-2.1
6.0
-.1
4.0
-.9
4.8
8.8
2.7
-.3
5.3
13.2
t Data are smoothed by an autoregressive-moving-average filter developed by Statistics Canada.
AR Annual rate
1.9
-1.6
-5.1
1.6
.4
3.0
.5
-2.9
-1.9
-3.5
1.7
4.3
6.2
2.1
2.1
5.0
2.3
.7
1.2
-.5
5.1
2.4
2.2
-2.1
3.3
5.1
5.5
9.5
6.7
4.1
-3.3
1.6
1.8
-.2
-2.5
4.6
2.6
3.0
3.1
1.2
-.9
SURVEY OF CURRENT BUSINESS
October 1994
C-43
Historical Data for Selected Series—Continued
YEAR
Jan.
Mar.
Feb.
May
Apr.
June
July
Aug.
Sept.
Dec.
Nov.
Oct.
Annual
77. Ratio, manufacturing and trade inventories to sales in 1987 dollars (ratio)
1.48
1.42
1.48
1.42
1.49
1.42
1.49
1.44
1.51
1.44
1.48
1.45
1.52
1.44
1.49
1.45
1.47
1.45
1.51
1.45
1.48
1.45
1.37
1.60
1.51
1.60
1.42
1.41
1.58
1.49
1.58
1.41
1.45
1.59
1.48
1.58
1.40
1.50
1.57
1.33
1.55
1.56
1.53
1.55
1.22
1.59
1.59
1.52
1.55
1.23
1.57
1.56
1.55
1.55
1.33
1.58
1.53
1.57
1.54
1.37
1.58
1.49
1.57
1.53
1.44
1.59
1.51
1.50
1.56
1.38
1.51
1.55
1.51
1.58
1.44
1.42
1.43
1.45
1.45
1.57
1.43
1.41
1.44
1.39
1.45
1.49
1.59
1.42
1.39
1.47
1.50
1.58
1.41
1.41
1.47
1.49
1.54
1.42
1.41
1.54
1.50
1.53
1.43
1.42
1.50
1.50
1.50
1.48
1.40
1.49
1.52
1.50
1.48
1.49
1.48
1.44
1.44
1.41
1.50
1.46
1.45
1.44
1.42
1.51
1.48
1.45
1.42
1.39
1.52
1.45
1.45
1.44
1.41
1.40
1.42
1.51
1.50
1.51
1.40
1.42
1.51
1.49
1.51
1.39
1.44
1.51
1.48
1.51
1.57
1.57
1.50
1.45
1.50
1.57
1.55
1.49
1.46
1.52
1948
1949
1.41
1950
1951
1952
1953
1954
1955
1956
1957
1.46
1.55
1.45
1958
1959
1960
1.44
1.54
1.44
1961
1962
1963
1964
1.46
1.42
1.46
1.53
1.44
1.44
1.43
1.46
1.59
1.42
1.47
1.47
1.50
1.43
1.44
1.44
1.51
1.43
1.43
1.42
1.38
1.38
1.51
1.49
1.50
1.38
1.44
1 .47
1.44
1 ,49
1.60
1.49
1.37
1.61
1.49
1.62
1.46
1.36
1.53
1.55
1.54
1.55
1.41
1.48
1.52
1.48
1.48
1.40
1.48
1.53
1.46
1.47
1.40
1.46
1.57
1.51
1.45
1.41
1.47
1.50
1.53
1.45
1.51
1.45
1.46
1.44
1.40
1.51
1.44
1.45
1.43
1.42
1.53
1.43
1.43
1.45
1.42
1.51
1.43
1.46
1.42
1.38
1.49
1.48
1.44
1.44
1.41
1.41
1.45
1.51
1.51
1.52
1.41
1.45
1.52
1.51
1.51
1.40
1.39
1.46
1.53
1.49
1.51
1.48
1.50
1.49
1.53
1.39
1.49
1.48
1.50
1.54
1.40
1.43
1.51
1.50
1.51
1.58
1.56
1.49
1.45
1.51
1.59
1.58
1.47
1.47
1.53
1.59
1.56
1.47
1.48
1.56
1.62
1.56
1.45
1.45
1.59
1.64
1.53
1.44
1.44
1.58
1.56
1.48
1.45
1.54
1.40
1.38
1.50
1.49
1.50
1.40
1.55
1.58
1.52
1.41
1.47
1.55
1.57
1.57
1.57
1.59
1.57
1.53
1.41
1.50
1.43
1.48
1.50
1.44
1.49
1.62
1.59
1.53
1.42
1.48
1.69
1.67
1.56
1.71
1.55
1.52
1.54
1.69
1.55
1.52
1.51
1.57
1.68
1.56
1.65
1.55
1.63
1.55
1.62
1.56
1.61
1.57
1.61
1.59
1.62
1.57
1.60
1.53
1.65
1.56
1.53
1.52
1.53
1.52
1.52
1.56
1.52
1.53
1.57
1.53
1.51
1.56
1.54
1.52
1.56
1.53
1.51
1.57
.1.53
1979
1.68
1.56
1.54
1.56
1.53
1.52
1.52
1.57
1.53
1.52
1.55
1980
1981
1.55
1.57
1.57
1.61
1.59
1.66
1.61
1.54
1.66
1.58
1.67
1.68
1.61
1.65
1.61
1.64
1.62
1.60
1.64
1.70
1.64
1.51
1.58
1.66
1.65
1.53
1.68
1.60
1982
1.65
1.59
1.55
1.68
1.55
1.54
1.68
1.56
1.57
1.69
1.57
1.59
1.69
1.55
1.60
1.60
1.58
1.58
1.56
1.54
1.60
1.60
1.53
1.55
1.57
1.59
1.61
1.53
1.53
1.58
1.59
1.59
1.54
1.54
1.56
1.58
1.60
1.55
1.54
1.58
1.61
1.59
1.55
1.53
1.59
1.60
1.58
1.53
1.55
1.62
1.58
1.58
1.54
1.55
1.58
1.58
1.54
1.53
1.55
1.59
1.62
1.62
1.70
1.62
1.54
1.60
1.69
1.59
1.68
1.61
1.65
1.61
1.63
1.60
1.63
1.63
1.61
1.61
1.61
1.64
1.62
1.64
1.61
1.61
1.54
1.60
1.55
1.60
1.55
1.61
1.55
1.60
1.53
1.59
1.55
1.60
1.52
1.59
1.52
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1.40
1.51
1.50
1.51
1.48
1.53
1.54
1.55
1.51
1.40
1.51
1.50
1.50
1.61
1.55
1.57
1.51
1.57
1.57
1.69
1.57
1.70
1.61
1.62
1.68
1.53
1.60
1.69
1.51
1.60
1.68
1.58
1.57
1.60
1.56
1.59
1.56
1.60
1.52
1.59
1.58
1.55
1.54
1.56
1.54
1.61
1.55
1.53
1.61
1.55
1.54
1.59
1.67
1.62
1.67
1.65
1.62
1.64
1.58
1.51
1.57
1.50
1.54
1.48
1.59
1.53
89.7
87.4
1.66
1.70
1.54
1.60
83. Index of consumer expectations, NSA (1966:1=1 00) © '
1948
1949
1950
1951
91.6
86.1
90.3
86.7
89.1
87.8
86.5
85.2
87.3
87.9
88.5
89.1
92.4
83.9
89.7
93.4
84.4
91.4
1952
94.5
84.8
1953
1954
95.5
94.2
85.3
85.6
92.9
85.8
93.1
94.8
96.5
98.2
99.9
103.6
102.2
103.6
100.7
103.5
103.4
103.3
100.6
103.9
101.2
104.6
102.5
105.2
103.2
105.2
103.8
105.2
103.7
103.7
104.2
85.2
95.2
84.6
95.8
99.2
84.0
96.4
97.7
83.5
96.9
96.2
82.9
97.5
94.6
84.8
97.2
92.9
86.6
96.9
91.3
88.5
96.7
89.6
90.4
96.4
88.0
92.2
96.1
86.3
94.1
95.8
85.7
94.7
98.7
93.7
87.6
96.6
1960
1961
101.7
104.6
102.6
100.6
94.9
96.0
97.0
98.2
98.2
1963
1964
99.7
98.0
98.7
96.0
97.0
97.0
97.0
99.4
97.8
98.6
99.9
99.4
98.8
96.0
96.1
97.9
95.3
97.0
98.3
97.2
101.1
97.5
98.5
93.4
93.9
99.0
103.4
97.9
98.4
94.4
94.8
97.4
101.2
98.6
98.1
96.5
94.1
93.4
94.4
1962
97.9
97.2
97.8
98.5
99.1
99.8
100.4
101.1
101.7
98.0
97.0
99.2
1965
1966
1967
102.4
102.4
103.0
100.0
103.2
103.4
103.7
103.9
104.1
105.3
106.3
107.3
104.9
104.3
94.3
93.2
95.9
96.4
94.3
98.0
98.7
95.7
92.8
95.7
97.3
95.0
91.4
93.4
96.0
94.3
89.9
91.1
94.2
94.7
89.8
89.6
92.5
95.1
89.7
88.1
90.7
95.5
89.6
86.6
90.5
94.0
90.3
84.3
90.4
92.6
90.9
81.9
90.2
91.1
91.6
79.6
92.3
92.2
93.7
78.3
94.6
94.2
91.4
88.5
77.1
74.4
86.3
78.1
55.3
75.8
75.9
90.9
73.3
49.4
74.3
75.9
88.0
71.3
54.2
72.7
71.2
75.9
82.2
67.3
63.9
72.7
76.7
85.2
65.9
61.8
74.2
77.6
88.3
64.4
59.7
75.7
78.4
91.3
63.0
57.6
74.2
72.8
78.0
90.1
64.4
55.5
77.6
89.0
65.7
53.3
71.3
77.2
87.8
67.1
51.2
72.8
81.8
83.0
61.2
50.8
73.7
77.1
87.3
67.6
56.0
50.4
77.4
84.8
75.7
58.4
50.0
81.2
84.2
77.2
62.2
56.6
80.6
84.0
69.5
53.7
63.2
80.1
83.8
71.1
69.8
79.5
83.6
73.0
54.9
70.1
81.5
82.9
68.1
51.4
70.4
70.7
70.4
85.6
79.6
69.8
53.6
85.3
75.8
53.8
82.7
81.3
69.3
49.5
69.9
85.9
75.9
62.8
52.0
65.4
85.5
81.5
67.0
49.3
70.2
85.8
77.8
71.7
73.7
83.5
82.2
72.0
44.2
51.5
52.8
54.1
67.2
54.9
61.4
58.7
44.3
61.4
53.1
44.4
53.0
70.5
60.1
89.2
53.4
66.4
59.6
70.1
67.2
68.9
76.2
59.7
56.8
60.9
88.2
93.7
68.3
66.9
61.5
70.4
55.6
71.0
56.8
67.9
65.0
62.7
71.2
45.3
72.9
62.0
93.4
85.8
96.4
86.1
91.6
87.9
91.5
91.0
87.9
84.7
92.7
80.8
87.1
80.4
84.5
81.6
72.7
88.1
78.3
76.7
85.5
86.5
85.8
81.3
85.2
85.5
85.3
53.7
61.5
89.5
78.8
70.2
70.3
70.3
72.8
1955
1956
1957
1958
1959
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
....
1979
1980
1981
1982
1983
1984
62.9
65.2
.
68.1
96.8
99.2
97.0
93.2
90.6
89.8
57.6
91.1
91.9
90.3
87.3
86.9
83.3
85.2
87.6
87.0
84.2
91.1
87.4
86.3
84.2
88.5
84.7
82.4
87.5
80.6
87.3
80.1
90.3
80.8
85.7
88.5
83.3
82.3
85.9
85.8
88.8
81.3
84.2
89.5
82.0
85.5
80.3
88.6
87.0
87.2
86.3
84.3
81.3
84.5
70.3
75.8
83.9
74.7
79.3
71.5
71.2
68.5
76.6
75.9
70.7
70.4
77.3
74.4
67.6
64.7
62.9
75.3
69.5
65.8
58.8
76.4
67.4
66.8
50.9
70.5
67.5
72.5
52.8
61.9
78.2
70.3
1987
85.3
80.9
1988
1989
80.9
89.9
1990
83.4
55.2
59.1
83.4
81.3
62.0
61.8
80.6
1991
1992
1993
53.3
104.3
97.3
80.9
97.7
86.5
87.8
81.6
81.9
88.8
1985
1986
75.9
85.1
69.3
59.1
95.5
95.1
101.9
105.2
61.1
86.9
91.4
83.2
70.5
76.4
1. Copyrighted. This series may not be reproduced without written permission from the University of Michigan,
Survey Research Center, P.O. Box 1248, Ann Arbor, Ml 48106-1248. Monthly data prior to 1978 are estimated
by the Bureau of Economic Analysis by interpolating between actual quarterly values.
NSA Not seasonally adjusted
99.9
C-44
• October 1994
SURVEY OF CURRENT BUSINESS
Historical Data for Selected Series—Continued
YEAR
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987 ....'
1988
1989
1990
1991
1992
1993
Jan.
Feb.
8.9
8.2
11.3
10.6
9.3
9.3
8.7
13.4
11.7
10.4
10.5
16.3
13.5
13.7
15.3
13.8
13.5
12.2
11.9
9.3
9.4
8.1
7.9
10.5
12.1
11.0
9.5
10.7
16.6
15.2
12.9
11.1
10.4
14.3
13.4
19.4
20.4
15.9
14.8
14.9
14.2
12.6
11.9
12.4
16.2
18.5
8.4
8.3
11.8
10.8
8.8
8.4
9.5
14.2
12.5
10.7
11.0
15.5
13.1
13.6
16.0
14.1
13.2
12.6
11.2
9.2
8.7
7.9
8.0
10.4
12.4
10.5
9.6
11.7
16.3
14.7
12.5
11.2
10.6
14.1
14.1
19.2
19.0
15.9
15.2
14.7
14.4
12.4
11.7
12.8
16.8
18.2
Mar.
8.7
8.3
12.4
10.1
8.4
8.5
10.6
13.4
11.6
10.8
11.2
15.3
13.0
14.1
15.0
14.5
13.5
12.0
11.1
8.9
8.5
7.9
8.3
10.6
12.3
10.6
9.7
11.8
16.5
14.5
12.4
11.7
11.0
14.0
14.1
19.4
19.1
16.1
14.6
14.9
13.7
12.3
11.9
13.1
17.2
17.7
Apr.
8.5
8.8
12.6
10.6
9.0
7.8
10.9
14.3
11.0
10.6
12.1
14.9
12.6
15.5
14.9
14.5
12.4
11.4
10.8
8.8
8.7
7.9
8.2
10.9
12.4
10.0
9.8
12.9
15.9
14.4
12.3
11.0
11.4
13.9
14.5
19.5
18.9
16.4
14.7
14.8
13.3
12.5
12.0
13.7
17.5
17.7
May
June
91. Average duration
9.1
9.1
12.7
9.9
7.8
7.9
11.6
14.4
10.4
10.4
13.1
14.7
11.9
15.6
15.5
14.5
13.6
11.1
10.2
8.7
8.2
7.9
8.6
11.2
12.3
10.1
9.6
13.4
15.0
14.9
12.1
11.1
10.9
13.6
14.9
20.5
18.8
15.3
14.7
14.9
13.8
12.0
11.7
13.0
18.1
17.8
July
Aug.
Sept.
of unemployment in weeks (weeks)
8.8
8.6
8.8
10.0
10,8
11.0
13.1
12.5
12.2
8.7
9.2
9.1
7.3
7.5
7.6
8.2
7.9
8.0
12.3
12.5
12.8
13.4
13.8
12.3
10.1
10.5
12.0
10.2
10.1
10.5
14.4
14.6
15.7
14.9
14.3
13.7
11.9
12.6
12.2
16.2
17.3
17.0
15.1
14.6
14.5
14.0
14.0
13.9
13.6
14.7
13.0
11.6
11.6
11.9
9.7
9.7
9.8
8.3
8.3
8.9
7.9
8.4
8.3
7.7
7.8
7.9
8.6
8.9
8.8
11.6
11.5
11.5
12.4
11.8
11.8
9.6
9.6
9.8
9.7
9.9
9.8
15.3
15.0
15.6
16.9
15.7
15.6
14.4
14.3
13.9
12.1
12.0
11.4
10.4
10.3
10.6
11.3
11.8
12.4
13.7
13.8
14.4
15.7
15.4
16.2
20.8
21.2
20.0
18.1
18.0
17,3
15.5
15.5
15.3
15.2
15.2
15.5
14.9
14.2
14.4
13.1
13.4
13.6
11.1
11.8
11.4
11.8
12.0
12.3
13.8
13.9
14.1
18.4
18.3
18.2
17.8
17.9
18.3
Oct.
8.5
11.7
12.2
9.1
8.1
7.1
12.9
11.7
11.8
9.8
16.5
13.7
12.9
16.1
14.1
14.2
12.7
11.9
10.1
8.4
8.2
8.0
8.9
11.9
12.1
9.4
9.6
16.1
15.2
14.0
11.4
10.5
12.9
13.6
16.6
20.2
17.0
15.3
15.4
14.2
13.6
11.5
12.5
14.2
18.3
18.4
9.5
10.9
12.3
8.9
9.1
7.2
13.3
11.5
11.6
11.1
16.5
12.9
13.5
15.9
14.1
13.9
12.6
12.1
10.3
8.7
8.4
7.6
8.7
12.6
11.7
10.2
9.9
15.4
15.2
13.7
11.7
10.5
13.1
13.5
17.2
20.2
16.7
15.3
15.2
14.0
13.4
11.9
12.1
14.4
19.1
18.4
Nov.
7.8
11.6
10.7
9.7
9.5
7.9
13.2
11.3
10.9
10.4
16.4
13.1
13.9
17.0
13.3
13.3
14.0
11.7
9.7
8.9
8.1
8.0
9.3
12.0
11.4
9.9
9.6
16.6
15.3
13.6
11.1
10.6
13.6
13.1
17.1
19.7
17.0
15.7
15.0
14.0
12.6
11.7
12.5
14.9
18.1
18.9
Dec.
8.1
H.8
10.7
9.3
8.8
8.0
13.4
12.0
11.4
10.4
15.7
13.1
12.4
15.8
13.6
13.3
12.7
11.4
9.5
8.6
8.2
8.0
9.8
11.5
11.4
9.5
10.1
16.5
15.1
13.6
10.6
10.8
13.7
13.1
18.1
19.2
16.8
15.1
15.0
14.2
12.9
11.6
12.5
15.4
19.0
18.2
Annual
8.6
10.0
12.1
9.7
8.4
8.0
11.8
13.0
11.3
10.5
13.9
14.4
12.8
15.6
14.7
14.0
13.3
11.8
10.4
8.7
8.4
7.8
8.6
11.3
12.0
10.0
9.8
14.2
15.8
14.3
11.9
10.8
11.9
13.7
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.1
13.8
17.9
18.1
92a. Manufacturers' unfilled orders in 1987 dollars, durable goods industries (bil. $)
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
141,975
114,919
93,537
171,605
256,976
297,628
218,607
177,035
208,514
217,897
154,164
147,475
153,199
135,839
144,623
151,898
167,879
202,103
243,946
289,568
301,727
306,494
306,672
273,321
260,036
289,363
360,962
343,349
291,766
290,248
309,119
365,353
386,158
375,338
350,352
330,689
357,369
378,108
385,233
380,070
408,885
431,307
451,832
452,708
433,020
397,232
139,780
111,103
94,765
182,623
256,952
299,336
212,035
178,739
209,351
217,842
149,134
150,635
149,681
136,170
146,475
154,921
169,580
205,342
249,446
289,341
302,012
307,692
302,749
276,167
260,771
296,165
365;343
336,739
289,424
288,542
311,302
373,567
386,796
372,246
348,436
328,600
362,162
378,586
386,877
378,830
412,261
432,104,
450,642
453,375
428,639
396,886
137,683
106,807
96,641
196,223
264,871
294,924
202,323
183,295
210,061
214,143
148,221
154,444
145,857
135,367
145,210
159,796
171,821
208,129
256,289
288,180
305,250
308,365
299,763
275,008
261,300
305,561
366,886
328,261
291,079
288,815
317,064
379,849
380,946
372,054
348,522
329,346
371,612
376,833
391,514
380,002
410,864
434,731
455,484
450,454
425,409
390,926
137,069
100,987
98,294
208,766
273,622
291,718
195,222
183,958
212,935
210,473
145,849
156,485
143,156
136,567
143,508
162,382
174,645
210,839
262,006
288,502
305,270
313,216
296,031
271,885
260,865
312,261
371,115
320,977
291,406
290,562
320,705
382,951
376,931
372,005
348,014
328,795
372,387
374,700
388,970
384,036
411,741
437,661
456,976
447,175
424,121
387,356
134,735
96,040
99,795
217,659
273,364
290,209
188,241
185,282
213,363
207,597
145,522
156,010
141,578
137,416
142,321
165,155
177,915
213,884
265,956
291,858
302,437
313,954
291,321
266,715
263,046
315,506
374,811
315,385
289,600
290,860
325,894
383,070
372,309
372,113
342,944
329,784
374,790
373,973
386,367
388,001
412,674
435,943
456,969
444,768
421,077
381,879
136,329
90,901
102,855
227,180
284,256
286,984
181,031
185,966
212,788
203,356
146,712
156,690
140,942
137,777
141,679
164,451
180,753
216,653
271,552
295,935
301,245
314,152
288,693
262,000
265,305
320,354
375,490
309,937
289,420
293,854
330,194
385,479
370,475
369,123
338,318
333,295
373,629
377,879
383,734
392,713
413,837
438,540
454,783
439,876
418,565
378,466
137,409
87,317
112,432
236,168
291,464
277,278
176,426
188,328
217,250
196,841
146,371
154,935
139,329
138,343
141,593
164,240
185,682
218,715
275,724
297,373
297,446
314,579
284,626
258,545
267,359
323,072
374,214
310,621
291,094
294,855
333,176
384,715
374,269
369,015
334,499
334,875
377,047
377,797
383,200
398,243
415,264
441,285
456,240
446,594
413,569
377,172
136,469
85,864
128,897
240,032
294,072
266,366
171,911
190,808
223,175
191,098
145,893
154,889
140,410
139,748
140,118
163,970
187,331
221,189
279,160
297,397
299,843
315,032
280,290
259,316
269,457
330,313
378,638
308,920
288,181
297,411
337,353
383,574
372,849
366,115
329,532
335,997
376,950
379,213
380,935
400,733
418,236
437,772
454,386
446,574
409,101
374,775
133,934
84,904
137,420
243,244
296,279
250,838
173,046
193,071
224,352
185,700
144,023
157,231
140,782
140,052
141,351
164,775
190,273
224,454
285,050
297,006
301,988
316,774
278,295
259,386
274,780
336,761
375,536
306,496
287,976
299,028
344,076
385,486
374,486
364,857
327,158
339,145
376,914
382,327
382,646
400,754
418,284
439,306
454,676
442,283
404,459
370,372
127,664
86,835
144,223
250,540
292,869
241,984
178,104
197,074
222,238
179,266
143,633
159,280
138,221
139,850
143,433
165,330
194,766
229,543
287,604
299,719
306,127
315,521
273,708
257,920
277,058
343,736
366,524
303,182
289,646
302,006
351,758
386,643
375,754
360,564
327,096
346,367
373,991
382,559
381,622
402,341
420,129
438,653
456,600
440,025
403,070
368,404
124,344
89,217
147,177
253,810
291,462
235,716
174,954
199,147
220,792
174,384
145,598
158,954
137,623
140,735
143,430
165,634
196,100
233,399
288,642
299,905
305,973
313,198
271,709
258,904
278,671
349,854
359,769
299,829
288,997
303,315
359,349
384,500
375,073
356,871
324,124
351,361
375,351
379,679
382,435
403,564
419,662
441,505
450,437
437,218
397,769
366,140
119,905
90,843
150,787
254,594
290,720
228,160
174,710
204,513
219,519
169,535
145,056
1SJ.554
136,111
142,892
148,098
163,993
197,790
237,888
289,726
304,070
306,138
310,313
270,652
259,650
284,720
354,404
351,101
295,547
290,354
307,839
362,984
382,813
375,688
351,628
327,310
353,624
374,636
381,566
381,970
404,556
427,352
448,834
453,076
434,454
397,176
362,630
119,905
90,843
150,787
254,594
290,720
228,160
174,710
204,513
219,519
169,535
145,056
157,554
136,111
142,892
148,098
163,993
197,790
237,888
289,726
304,070
306,138
310,313
270,652
259,650
284,720
354,404
351,101
295,547
290,354
307,839
362,984
382,813
375,688
351,628
327,310
353,624
374,636
381,566
381,970
404,556
427,352 •
448,834
45.3,076
434,454
397,176
362,630
SURVEY OF CURRENT BUSINESS
October 1994
•
C-45
Historical Data for Selected Series—Continued
YEAR
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Annual
92b. Change in manufacturers' unfilled orders in 1987 dollars, durable goods industries (bii. $)
1948
1949
-2.36
-4.99
1950
2.69
1951
20.82
1952
2.38
1953
1954
1955
1956
1957
6.91
-9.55
-2.20
-3.82
1.23
11.02
-.02
1.71
-6.57
-2.10
-4.30
-0.61
-5.82
1.88
1.65
13.60
7.92
-4.41
-9.71
-3.21
-7.10
.66
1.70
-.06
1958
-1.62
-15.37
1959
2.42
1960
1961
1962
1963
-4.36
-3.52
-.27
1.73
3.80
.3.3
1.85
3.02
-.80
1.20
-1.26
-1.70
4.88
2.59
1964
3.89
1.70
2.24
2.82
1965
1966
1967
1968
1969
4.31
6.06
-.16
3.24
5.50
-.23
2.79
6.84
2.71
5.72
-1.16
-5.03
.71
-3.70
-91
3.16
3.81
-2.34
.36
1.20
1970
1971
-3.64
-3.92
2.67
2.85
1972
1973
1974
.39
4.64
6.56
1975
1976
-7.75
-3.78
1977
1978
1979
-.11
1.28
2.37
1980
1981
1982
3.34
-.35
-1.28
1983
1984
3.38
3.74
1985
1986
1987
3.47
3.67
-1.90
1988
1989
4.33
3.96
3.38
1990
1991
1992
1993
3.00
-.37
-1.19
.67
-4.38
-1.43
.06
4.56
.28
.74
6.80
4.38
-6.61
-2.34
-1.71
-3.82
3.24
.67
-2.99
-1.16
.53
9.40
1.54
-8.48
1.66
.27
2.87
-3.67
-2.37
2.04
-2.70
.32
.02
4.85
-3.73
-3.12
-.44
6.70
4.23
-7.28
.33
1.75
3.64
3.10
5.76
6.28
.64
-3.09
-1.92
-2.09
-5.85
-4.02
-.19
-.05
-.51
4.79
.48
1.64
-1.24
.80
-.35
9.45
-1.75
4.64
1.17
-1.40
-.55
.78
-2.13
-2.54
4.03
.88
2.63
2.93
4.84
1.49
-2.92
-3.23
-5.96
-3.28
-1.29
-3.57
1.59
-1.51
-6.98
1.32
.43
-2.88
-.33
-1.58
.85
-1.19
-3.58
16.46
9.58
9.52
10.89
-3.22
-7.21
.68
-.58
-4.24
1.19
.68
-.64
.36
-0.94
-1.45
1.08
-5.14
3.06
8.89
-.26
-.48
2.18
8.21
.09
.75
1.50
12.54
8.75
2.32
4.00
.84
-2.33
-4.95
2.36
4.46
2.48
5.92
-6.52
-.34
-1.76
-5.74
-.48
-.05
-1.61
.57
-5.40
-1.87
2.34
-.33
.30
2.77
-.09
-.21
-.27
3.27
2.84
4.93
1.65
2.94
4.49
1.33
3.04
3.95
3.36
2.77
5.60
4.08
2.06
4.17
1.44
2.47
3.44
3.26
5.89
-.39
2.14
1.74
5.09
2.55
2.71
4.14
3.86
1.04
-1.19
.20
-3.80
.43
-4.71
-5.17
-2.63
-4.72
-4.07
-3.46
2.18
3.24
3.70
-5.59
-1,81
.30
5.19
.12
-4.62
.11
-5.07
.99
2.40
-.73
-2.60
3.96
.93
-1.72
-.01
-2.41
-3.04
-5.48
2.26
4.85
2.05
2.72
-5.45
.68
-.18
2.99
4.30
2.41
-1.83
-2.99
-4.63
3.51
-1.16
3.91
1.67
1.00
2.98
-.76
3.79
-.11
-3.82
1.58
3.42
4.71
-.08
-.53
5.53
1.16
2.60
1.43
2.74
-2.63
-2.19
-4.89
-2.51
-3.41
2.40
.45
-3.10
-1.70
-2.91
2.56
4.18
-1.42
-2.90
-4.97
1.12
-.10
3.15
-.04
-2.26
2.49
2.97
-3.51
-2.00
.98
4.99
1.36
-2.92
-.43
1.46
4.60
1.65
-1.69
.62
-5.24
-3.69
-2.97
-.06
-4.63
1.36
4.52
3.64
-.68
-4.29
7.22
-4.28
-.65
-2.14
-3.31
-.92
2.09
5.81
-.28
-8.67
1.31
7.59
.17
.35
-1.06
,75
6.05
4.55
-3.35
1.27
-1.26
-2.37
1.20
.16
-2.88
-.15
-2.32
1.67
1.64
3.34
4.32
4.16
-6.76
2.98
7.68
1.16
1.33
2.82
4.49
1.08
-3.31
-.20
1.62
6.72
1.91
-1.14
-.59
-2.00
-2.03
3.19
2.26
-.72
2.19
1.75
3.11
1.71
.23
-1.02
-2.88
.81
.02
.05
1.59
1.22
.99
1.88
-.47
2.85
7.69
7.33
1.90
1.79
1.53
-1.85
1.84
-.65
.29
-4.29
-4.64
-4.40
-.02
-5.00
-1.29
-9.01
-1.79
,57
.43
-1.64
1.61
6.12
-2.42
-4.17
-2.04
1.04
-1.51
.19
-4.59
-1.47
2.28
6.98
1.25
2.16
4.67
1.69
-1.25
-2.00
.07
5.32
6.45
1.42
1.46
6.72
.56
-4.34
.77
2.10
7.24
4.42
-1.28
.68
.80
.02
-2.83
.74
1.23
2.48
-1.27
-4.85
-.54
-1.40
-.60
.88
0
.30
-.20
2.08
-.64
-.70
-5.21
-4,45
-.24
5.37
-1.45
-4.88
1.96
-2.56
.37
1.08
1.40
-1.48
-7.56
2.07
2.05
8.65
3.01
-6.27
-3.15
5.06
4.00
-2.11
-6.43
-.39
,78
-.74
-8.85
1.14
2.26
1.18
4.99
3.27
-1.41
-15.53
-2.04
-2.42
1.63
3.61
7.30
-3.41
-10.91
-4.52
-4.44
2.38
2.95
3.21
2.21
-9.71
-4.60
-3.32
1.93
6.80
3.86
2.61
-6.27
-.96
8.52
8.99
7.21
-2.54
-4.47
-2.40
-2.26
-1.39
-1.97
-6.16
-2.81
-5.30
-2.26
-1.33
-2.47
-2.08
-1.10
1.92
.58
.04
1.89
-.46
.35
-1.55
-3.11
-2.88
2.64
-2.76
-.59
-3.51
92. Change in manufacturers' unfilled orders in 1987 dollars, durable goods industries, smoothed (bil. $)f
1948
1949
-1.98
-3.57
1950
1951
1952
1953
1954
1.10
8.87
3.49
1.10
-2.04
-4.03
1.73
9-95
2.37
1.19
-9.81
-9.36
.30
1.02
3.26
-.69
-2.09
-4.34
2.11
11.08
2.46
.49
-9.14
1955
1956
1957
3.36
-.30
1958
1959
-7.05
.74
1960
1961
1962
1963
1964
-.47
-.72
1.07
1.71
1965
1966
1967
1968
1969
2.96
4.17
2.18
1.22
.96
1.01
.99
1970
1971
1972
1973
1974
-1.50
-2.01
-2.32
-2.89
1975
1976
1977
1978
1979
-6.14
-2.76
.32
2.53
5.56
2.53
5.67
1980
1981
1982
-.35
-.10
.47
-3.30
1983
1984
-.68
4.06
1985
1986
1987
-.11
1.04
-.65
1.32
-.76
1.93
-.57
1988
1989
2.17
2.60
2.33
2.79
1.92
2.88
1990
1991
1992
1993
2.19
-.54
2.56
-.73
-2.03
-2.82
.20
-.22
3.73
5.92
2.18
-.77
-7.53
1.28
1.93
2.86
-1.32
-6.92
1.94
-1.92
-4.72
2.28
11.93
3.36
-.41
-8.74
2.28
2.62
-2.01
-5.95
2.33
-1.36
-2.21
-.54
1.31
2.39
-.47
1.11
3.12
1.01
-.20
3.48
1.51
2.99
5.24
2.95
5.64
-.01
.57
3.00
4.66
1.33
.91
-.74
.20
4.42
5.74
-7.11
-2.80
.10
.03
-3.20
-.11
4.25
.15
-2.44
-2.08
.50
1.04
-.05
.49
5.49
5.07
-7.87
-2.22
-.01
2.96
5.81
-.73
-.26
-2.70
.33
5.05
.05
-2.79
-2.18
-2.77
.61
-1.87
-4.97
2.27
2.37
12.03
3.40
-1.78
-7.85
2.36
2.19
2.18
1.57
2.19
-2.94
.10
.08
4.95
-.31
1.68
2.66
5.06
1.32
-.95
1.15
-.75
.76
-3.89
-1.69
.79
6.33
4.15
-8.09
-1.18
.29
3.76
4.64
-2.43
-.41
-2.17
.63
4.55
-.57
.97
-4.08
-2.50
1.45
1.73
6.16
3.44
5.60
2.39
5.49
2.05
-7.65
-.83
4.10
3.82
-2.87
-.76
4.14
2.72
-.88
-2.53
1.11
3.55
-2.92
1.45
2.94
.15
-.12
.06
-.08
2.97
3.65
3.07
1.54
2.38
5.79
-.73
5.17
1.61
2.18
.47
-1.13
1.90
1.43
1.02
-1.10
2.07
.02
-.27
-1.93
-3.19
2.79
.41
.11
-2.47
-2.94
3.61
-.06
-1.06
3.73
3.54
3.16
1.24
2.35
1.05
2.03
1.22
1.16
1.20
1.27
1.08
1.95
2.62
2.31
1.52
1.05
.39
-1.18
-2.79
-2.42
1.10
-1.61
-2.83
-2.97
2.14
-2.31
-2.80
-3.35
.99
-1.50
-3.09
-3.30
.75
.32
-.02
-.83
-3.44
-3.15
-.90
-3.80
-3.23
.01
-1.12
-3.70
-3.10
-2.59
.24
,41
-.81
-1.48
-3.85
-2.92
-5.67
-1.01
2.46
5.98
-.54
1.01
4.09
3.03
-1.06
-1.04
-2.83
.40
-3.15
-1.96
3.91
-.42
.81
1.23
-3.34
-1.37
1.44
5.56
2.21
-4.58
5.87
.59
-1.01
-1.43
-3.57
-.73
3.27
-2.59
.01
-.07
1.97
.34
.97
-3.07
5.88
-2.65
-2.96
-.33
1.64
1.93
2.25
2.99
4.83
1.05
.94
2.80
5.97
.21
-.65
-3.56
-1.33
2.74
-3.69
.93
.76
.11
-3.82
-1.88
1.54
2.94
.16
-.55
3.20
3.28
4.54
-1.75
-1.23
-3.42
.84
3.31
3.86
1.18
.31
.73
-1.70
.21
-.79
3.44
-3.86
-2.17
-3.37
-3.16
1.21
.86
3.00
4.56
1.26
-.33
1.39
4.18
1.56
-2.23
-.79
.65
.07
.34
3.24
-4.85
-.29
1.01
.72
-5.76
.38
.34
2.67
4.95
1.15
-.55
1.08
5.56
1.16
-6.28
-.95
.61
2.02
2.13
.42
.67
-.22
.99
-3.98
-2.48
1.13
-1.16
.76
-3.79
-6.38
-.62
-5.77
.23
.65
-.21
.71
-.66
9.39
-9.84
2.96
-.79
2.68
t Data are smoothed by an autoregressive-moving-average filter developed by Statistics Canada.
-1.82
.68
4.39
3.60
-9.82
-1.52
-5.57
-.46
-1.60
-3.62
4.60
1.08
2.50
1.18
-5.08
.57
2.78
5.45
1.22
-.92
1.40
.54
-.40
-2.46
.46
7.51
-9.27
-2.76
2.39
1.92
-2.84
.06
5.98
2.38
-7.64
-4.95
-.87
.68
8.25
7.14
3.90
-4.55
2.91
5.65
-3.79
-2.11
.48
-3.84
-1.80
3.59
2.04
-.11
1.61
8.44
8.24
2.13
2.40
2.94
5.65
-3.34
3.30
5.53
-5.13
-6.41
2.11
2.18
1.24
-2.73
.31
7.51
-.79
1.56
3.19
.14
.43
-1.54
1.90
-3.69
5.26
-.54
2.34
3.04
1.70
-8.23
-1.54
.17
-3.24
-7.17
-.51
9.91
-.33
3.08
2.46
.98
6.27
4.56
5.76
5.60
2.10
1.59
-3.06
-3.07
-,42
-4.49
11.21
5.41
-1.09
-8.27
-2.53
-4.63
-.76
-5.03
3.40
11.74
4.43
1.50
-.06
-1.38
-5.14
1.42
2.74
.70
.29
.15
-.59
2.18
1.66
1.86
1.39
1.49
1.80
-.82
1.10
-1.86
-3.50
-2.89
-1.24
-3.09
-2.87
C-46
SURVEY OF CURRENT BUSINESS
• October 1994
Historical Data for Selected Series—Continued
YEAR
Jan.
May
Apr.
Mar.
Feb.
July
June
Oct.
Sept.
Aug.
95. Ratio, consumer installment credit to personal income (percent)
1948 ,
1949 ,
1950 ,
1951 ..
1952 ,
1953 .
1954 .
1955 ,
1956 ,
1957 .
1958 .
1959 .
1960 .
1961 .
1962 .
1963 .
1964 .
1965 .
1966 .
1967 .
1968 .
1969 .
1970 .
1971 .
1972 .
1973 .
1974 .
1975 .
1976 .
1977 .
1978 .
1979 .
1980 .
1981 .
1982 .
1983 .
1984 .
1985 .
1986 .
1987 .
1988 .
1989 .
1990 .
1991 .
1992 .
1993 .
3.56
4.52
3.65
4.61
3.78
4.65
3.89
4.77
3.96
4.91
3.97
5.07
4.06
5.21
4.11
5.28
4.22
5.31
4.22
5.57
4.29
5.65
4.40
5.74
4.01
5.11
5.65
6.27
5.71
6.25
6.35
5.90
6.56
7.97
6.46
5.94
6.11
6.03
6.47
7.77
8.15
6.35
5.95
6.96
8.19
8.10
5.98
7.09
8.21
8.16
6.43
5.91
6.80
8.07
8.14
6.21
6.03
6.25
7.66
8.17
6.20
5.98
6.45
7.73
8.18
6.32
6.01
7.31
8.16
5.91
6.08
6.12
7.56
8.20
6.04
6.06
7.22
8.19
5.69
6.19
6.04
7.45
8.16
8.15
8.16
8.21
9.20
9.42
9.72
9.25
8.28
9.24
9.41
9.70
9.29
8.40
9.32
9.42
9.61
9.32
8.48
8.74
9.34
9.45
9.43
9.48
8.74
9.40
9.48
9.27
9.61
8.90
9.35
9.50
9.26
9.84
9.01
9.33
9.58
9.24
9.96
9.06
9.30
9.63
9.21
9.09
9.38
9.66
9.13
9.14
9.30
9.44
9.58
9.35
8.59
9.35
9.47
9.52
9.41
10.08
10.08
10.02
8.72
9.32
9.51
9.40
9.64
10.10
10.76
10.35
10.87
11.68
10.21
10.72
10.37
11.06
11.67
10.35
10.65
10.33
11.10
11.84
10.38
10.59
10.37
11.19
11.87
10.43
10.50
10.45
11.24
11.94
10.51
10.40
10.51
11.26
12.00
10.56
10.35
10.56
11.38
12.05
10.60
10.36
10.63
11.44
12.07
10.64
10.38
10.66
11.48
12.14
10.64
10.33
10.72
11.53
12.23
10.70
10.28
10.79
11.60
12.21
10.79
10.30
10.85
11.60
12.20
10.49
10.47
10.55
11.31
11.99
12.25
12.67
12.48
12.12
12.26
12.42
12.69
12.53
12.01
12.38
12.44
12.68
12.45
12.08
12.33
12.53
12.69
12.43
12.08
12.36
12.56
12.69
12.39
12.06
12.39
12.58
12.65
12.35
12.07
12.40
12.63
12.66
12.28
12.07
12.39
12.70
12.61
12.24
12.06
12.36
12.48
12.55
12.26
12.06
12.38
12.61
12.52
12.25
12.10
12.39
12.60
12.48
12.22
12.12
12.41
12.60
12.53
12.20
12.18
12.37
12.53
12.62
12.34
12.08
12.37
12.43
12.38
12.48
12.91
13.22
12.43
12.41
12.34
13.00
13.32
12.38
12.39
12.50
13.05
13.34
12.10
12.38
12.57
13.15
13.35
12.19
12.36
12.63
13.18
13.30
12.25
12.15
12.88
13.21
13.29
12.26
12.38
12.75
13.33
.13.20
12.25
12.39
12.73
13.28
13.19
12.23
12.46
12.75
13.28
13.15
12.23
12.52
12.63
13.21
13.03
12.18
12.54
12.56
13.13
13.03
12.17
12.55
12.61
13.12
12.97
12.26
12.41
12.62
13.15
13.20
12.79
12.11
12.51
13.22
13.75
12.83
12.09
12.53
13.23
13.78
12.74
12.15
12.64
13.24
13.77
12.65
12.20
12.73
13.21
13.89
12.52
12.22
12.79
13.32
13.96
12.21
12.27
12.89
13.44
13.98
12.36
12.26
12.84
13.49
13.87
12.24
12.27
12.90
13.54
13.88
12.18
12.32
12.96
13.58
13.91
12.14
12.36
13.04
13.54
13.91
12.13
12.31
13.07
13.63
13.90
12.16
12.41
13.15
13.69
13.80
12.41
12.25
12.84
13.43
13.87
13.83
12.25
12.01
11.80
12.34
13.75
12.13
11.87
11.76
12.39
13.76
12.16
11.91
11.88
12.51
13.67
12.16
11.84
11.83
12.61
13.54
12.18
11.79
11.77
12.88
13.36
12.13
11.81
11.87
13.01
13.13
11.98
11.75
11.95
13.08
12.98
11.85
11.76
12.11
13.15
12.77
11.93
11.78
12.10
13.17
12.59
11.94
11.73
12.14
13.38
12.44
11.91
11.72
12.21
13.45
12.35
11.93
11.80
12.32
13.53
13.18
12.05
11.81
11.98
12.96
13.62
14.99
15.47
15.61
15.90
13.63
15.05
15.34
15.62
15.84
13.89
15.03
15.33
15.60
15.80
14.01
15.04
15.40
15.61
15.86
14.22
15.19
15.41
15.65
15.97
14.28
15.27
15.53
15.70
16.02
14.39
15.37
15.65
15.67
16.01
14.48
15.42
15.62
15.74
16.10
14.69
15.52
15.63
15.72
16.12
14.74
15.71
15.41
15.56
16.05
14.87
15.72
15.49
15.75
15.99
14.82
15.57
15.39
15.71
15.95
14.30
15.32
15.47
15.66
15.97
15.80
15.28
14.62
14.02
15.73
15.24
14.44
14.11
15.62
15.22
14.35
14.01
15.60
15.18
14.26
13.92
15.67
15.13
14.24
13.89
15.62
15.03
14.21
14.03
15.67
15.04
14.14
14.14
15.67
14.98
14.22
14.07
15.60
14.89
14.03
14.25
15.59
14.86
13.89
14.29
15.53
14.83
13.90
14.35
15.30
14.63
13.24
14.42
15.62
15.03
14.13
14.13
35.05
35.09
35.50
34.55
35.08
33.98
35.06
32.74
35.59
32.22
35.74
31.68
35.67
31.83
35.61
32.20
35.33
32.61
35.19
32,11
35.38
32.49
35.27
32.53
35.37
32.84
32.53
44.48
37.96
35.48
34.11
32.48
45.06
37.41
35.51
34.08
32.72
45.01
36.43
35.66
34.29
32.79
44.37
36.19
35.43
34.59
33.50
44.04
35.78
35.63
34.66
34.33
43.08
35.34
35.62
34.94
35.93
41.38
35.40
35.44
35.14
38.04
39.63
35.80
35.29
34.93
39.78
38.59
36.22
35.03
35.09
40.67
39.00
35.92
34.90
35.22
41.75
38.58
35.53
34.61
35.09
42.63
38.31
35.75
34.38
34.96
36.43
41.79
36.14
35.25
34.76
35.18
36.99
36.81
34.34
35.28
35.47
37.18
36.48
34.37
35.25
35.52
37.25
36.40
34.01
35.52
35.69
37.09
36.20
33.63
35.79
35.85
36.91
36.00
33.76
36.04
36.00
36.55
35.69
33.81
36.18
36.36
36.42
35.58
34.20
36.16
36.23
36.47
35.52
34.38
36.22
36.26
36.61
35.33
34.61
36.35
36.17
36.63
34.93
35.16
36.55
36.43
36.79
34.73
35.42
36.63
36.85
36.92
34.51
35,15
36.87
36.00
36.82
35.68
34.40
36.07
36.92
35.36
36.24
35.58
36.60
36.67
35.70
36.11
35.57
36.60
36.46
35.64
36.12
35.60
36.67
36.51
35.58
35.79
35.47
36.92
36.46
35.72
35.94
35.51
36.78
36.21
35.56
35.72
35.61
36.89
36.12
35.85
35.63
35.88
36.97
36.14
35.95
35.52
35.97
37.30
36.06
35.97
35.53
35.88
37.59
35.87
36.28
35.59
36.06
38.10
35.83
35.78
35.68
36.28
38.24
35.57
36.16
35.53
36.62
38.37
36.24
35.80
35.78
35.84
37.25
38.03
39.60
37.53
37.25
40.26
37.89
39.73
37.26
37.46
40.57
38.03
39.98
36.87
37.77
40.60
38.31
40.08
36.50
37.92
40.70
38.72
39.91
36.43
37.64
40.73
38.68
39.83
36.69
37.92
40.81
38.75
39.79
36.66
38.21
40.95
39.06
38.85
36.64
38.48
41.22
39.13
38.55
36.77
38.69
41.67
39.37
38.28
36.86
39.12
41.72
39.44
38.01
37.04
39.58
42.01
39.41
37.84
37.45
39.87
42.17
38.74
39.20
36.89
38.33
41.12
42.04
39.92
42.33
49.42
64.49
41.77
39.94
42.66
50.73
66.08
41.55
40.20
43.69
51.65
67.33
41.51
40.68
44.22
52.53
67.40
41.37
40.31
45.60
53.07
66.09
40.97
40.53
45.97
54.24
66.01
40.60
40.78
46.25
55.09
66.89
40.53
41.04
46.35
56.45
66.11
40.22
41.30
46.40
57.99
65.74
40.35
41.46
46.90
59.17
63.14
40.49
41.62
48.04
60.53
61.30
40.08
42.13
48.70
63.41
58.51
40.96
40.83
45.59
55.36
64.92
57.83
60.97
67.18
71.66
78.57
57.74
61.54
67.84
72.13
79.95
57.44
61.78
69.21
71.85
81.50
57.76
63.08
68.83
71.32
83.07
58.11
64.07
68.72
71.58
84.32
56.49
64.80
68.12
72.88
85.24
56.27
67.04
68.30
73.20
85.84
57.37
67.21
68.86
74.41
85.80
59.14
67.35
68.83
75.29
85.82
59.66
66.88
69.36
76.90
88.65
60.05
66.61
69.94
78.15
90.30
60.63
67.01
70.96
77.85
91.26
58.21
64.86
68.85
73.94
85.03
92.58
92.51
88.39
83.73
97.11
93.99
91.38
88.10
85.04
98.03
95.18
92.51
87.19
84.95
98.82
93.29
93.27
85.31
84.92
99.24
90.44
93.22
85.10
85.68
99.01
89.08
93.03
83.68
86.54
98.69
89.40
93.18
84.13
88.76
98.20
91.12
93.51
83.69
91.23
97.04
92.19
92.67
84.12
92.75
96.81
93.16
91.64
84.04
94.93
95.30
93.76
90.18
83.50
96.43
95.33
93.40
89.00
83.31
97.04
94.77
92.30
92.18
85.05
89.33
97.36
93.95
88.82
95.11
104.21
112.07
93.27
88.40
94.65
104.27
113.17
92.92
87.42
95.17
105.18
113.52
92.17
87.18
97.13
106.06
112.89
91.46
87.86
99.26
106.53
111.94
90.58
89.03
100.18
107.82
111.07
90.23
90.43
101.56
107.81
110.22
89.79
88.24
102.79
108.15
109.81
88.49
89.77
103.41
107.82
110.10
88.58
92.58
103.88
107.70
110.32
88.55
94.46
103.18
109.99
108.75
88.61
94.35
103.67
110.89
106.50
90.72
89.88
100.00
107.20
110.86
105.58
103.66
97.95
101.37
104.38
102.97
98.18
101.30
105.51
102.20
99.83
100.81
106.88
102.01
101.21
99.87
106.91
101.86
101.93
99.31
106.80
101.11
101.96
99.15
107.02
100.88
101.81
98.88
107.36
99.62
101.63
98.03
107.16
98.46
102.97
97.67
106.48
98.12
101.67
98.55
104.75
98.40
100.36
99.48
104.28
98.36
100.89
100.50
106.09
100.64
100.87
99.58
5.93
6.63
7.86
8.19
6.63
8.04
9.38
9.71
9.17
99a. Index of sensitive materials prices (1987=100)
1949 .
1950 .
1951 .
1952 .
1953 .
1954 .
1955 .
1956 .
1957 .
1958 .
1959 .
1960 .
1961 .
1962 .
1963 .
1964 .
1965 .
1966 .
1967 .
1968 .
1969 .
1970 .
1971 .
1972 .
1973 .
1974 .
1975 .
1976 .
1977 .
1978 .
1979 .
1980 .
1981 .
1982 .
1983 .
1984 .
1985 .
1986 .
1987 .
1988 .
1989 .
1990 .
1991 .
1992 .
1993 .
October 1994 • C-47
SURVEY OF CURRENT BUSINESS
Historical Data for Selected Series—Continued
YEAR
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
. .
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
. ..
1962
1963
1964
....
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984 .
1985
1986
1987
1988
1989
....
1990
1991
1992
1993
Jan.
Feb.
-0.51
0
4.34
-.91
-.76
-.79
.63
.38
-.30
-.49
.37
.14
-.59
.22
.14
-.05
-.89
.48
-.82
-.53
.98
-.31
-.40
.47
1.48
1.70
-1.16
.56
.25
.99
.92
1.45
-.95
-.69
.50
.07
-.87
.24
.81
.52
1.06
-.86
-.59
-.42
.48
-.22
.31
3.60
-1.62
-.01
-.65
.10
.42
.10
-.65
.62
.35
-.41
.20
-.04
.44
.47
.32
-.87
.42
.90
.39
-.34
.66
1.22
2.71
-2.69
1.24
.20
.76
1.16
1.38
.33
-.97
-.05
1.60
-.79
-.22
1.25
.40
.73
-.92
-.54
-.35
-.17
1.28
-1.54
-.15
1.30
-1.45
.08
-.09
.82
.51
-.90
.09
-.09
-.68
.96
-.36
-.03
0
-.37
.33
-.72
.56
.77
-.64
.05
.78
2.65
2.47
-.16
.93
.98
.66
1.76
1.52
1 22
-.33
1.56
.95
-.72
-.47
-.48
.06
.98
-1.14
-.67
.23
-.07
-.43
.31
3.27
-1.37
-.05
-.62
.19
.47
-.02
-.55
.46
.21
-.26
.14
-.02
.39
.24
.31
-.84
.43
.92
.20
-.29
.70
1.48
2.74
-2.52
1.18
.21
.86
1.18
1.44
.03
-.97
.23
1.32
-.79
-.15
1.00
.28
.85
-1.05
-.65-.22
-.15
Mar.
-1.18
-1.65
.74
-.11
-2.62
.42
.62
.14
.19
-.22
-1.05
.77
-.57
-.17
.03
.08
.19
.37
.63
-1.05
.83
.07
-.53
.65
2.41
1.81
1.89
-.52
.39
2.02
-.39
1.94
1.27
1.24
-1.03
-.11
.81
-.38
-1.11
.55
.87
.31
1.08
-.75
1.68
-.48
-.72
.36
2.62
-1.40
0
-.44
.23
.47
-.11
-.55
.41
.02
-.16
.08
.01
.33
.12
.34
-.86
.49
.82
-.01
-.13
.95
1.68
2.64
-2.15
1.04
.46
.75
1.29
1.46
.02
-.98
.35
1.09
-.73
-.23
.80
.28
.85
-.84
-.73
.11
-.18
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
-0.06
-3.65
.21
-1.42
-.66
-.64
.87
.48
-.43
-.55
-1.12
.76
.14
-.17
-.91
-.37
.68
.74
.25
-1.00
.40
.25
-.10
1.19
1.21
1.70
.10
.56
2.10
-.55
-.74
1.93
-1.99
.82
-2.16
-.04
.43
-.81
-.27
2.06
.84
-.55
1.30
-.19
1.38
-.93
-0.79
1.27
4.57
-2.62
1.17
-.74
.46
.08
.38
-.53
.67
.36
-.22
.06
.03
-.25
.78
.18
-.77
.35
.55
1.09
-.76
.63
.11
2.73
-.56
3.09
.21
-.04
1.18
.02
1.17
-.90
.51
1.67
-.24
-1.45
1.73
.60
-.31
.26
-.19
-1.16
1.32
-.37
-0.40
-1.53
2.24
1.06
-.83
-.37
.37
-.25
.05
-1.13
1.59
.55
-.53
.86
.17
.50
1.36
.61
-.70
.24
1.11
.12
.32
.39
1.08
2.03
-3.95
.88
-.70
.77
2.14
3.30
1.05
-1.11
-.10
2.35
-1.56
.10
3.13
.45
-.11
.20
-.63
-.35
-1.26
.90
0.54
1.18
2.66
-1.08
-1.09
-.83
-.37
.72
.44
-.57
.74
.22
-.11
-1.38
.25
.61
.37
.18
-.71
.49
1.18
.70
.35
.39
2.43
2.30
-2.91
.65
-.40
.84
1.63
1.86
.64
-1.59
-.64
1.58
.03
-.03
2.03
-.67
2.13
-1.42
-1.62
.29
-1.29
.94
-0.31 .
.12
2.11
-.70
.62
-.66
-.37
1.15
.35
-.63
-.76
.66
-.73
1.06
-.42
.94
.34
-.08
-.45
1.11
.73
.38
-1.01
1.23
1.37
4.76
-4.55
.97
.60
1.46
-.38
1.06
-.38
-1.31
-.23
.63
-.59
.07
-.12
.47
.82
-2.07
-.45
-.04
.53
1.03
-1.28
.38
1.70
-1.31
-.07
-.16
.29
.34
-.23
-.63
.42
-.07
-.11
-.08
-.02
.34
.13
.35
-.88
.51
.69
-.15
.14
1.13
1.80
2.24
-1.57
1.10
.47
.49
1.45
1.00
.12
-1.15
.37
.87
-.71
-.29
.85
.36
.66
-.43
-.70
.47
-.30
99'. Change in ssensitive materials prices, smoothed (percent) t
.31
.23
.18
-1.65
-1.87
-1.69
-1.20
.62
1.02
1.74
2.72
.83
-.08
-1.14
-2.17
-1.24
-1.19
-.98
-.58
-.02
.01
-.05
-.13
.05
.28
.45
.41
.35
.39
.50
.44
.16
-.10
-.29
-.34
-.34
-.47
-.53
-.52
-.54
-.40
-.10
.15
.47
.49
.42
.35
-.14
-.25
-.31
-.30
-.01
-.01
.10
.19
-.11
-.19
-.25
-.29
.01
.14
.22
-.03
.25
.21
.18
.26
.27
.30
.30
.37
.25
.13
.03
-.35
-.80
-.55
-.35
-.18
.35
.32
.35
.42
.52
.38
.30
.30
-.26
-.41
-.57
-.61
.16
.22
.31
.41
1.51
1.63
1.57
1.35
1.76
1.80
1.79
1.88
1.45
.77
.45
.04
— 94
-.82
-.69
-.26
l!20
1.25
1.58
1.59
.39
.18
.06
.10
.31
.42
.48
.67
1.54
1.54
1.42
1.16
.19
-.51
-.80
-.61
.15
.13
.12
.14
-1.12
-1.18
-.99
-81
.45
.57
.91
1.36
.59
.30
.03
-.30
-.71
-.74
-.71
-.66
-.18
.09
.44
.27
1.06
1.16
1.25
1.30
.42
.56
.56
.53
.35
.02
-.29
-.47
-.13
.06
.18
.27
-.61
-.58
-.51
-.57
.72
.77
.68
.51
-.40
-.43
-.43
-.48
.02
-.58
3.54
-2.84
-.10
-.26
.39
.36
-.28
-.51
.37
.31
-.28
.23
-.27
.21
.38
.38
-.63
-.02
.48
.40
-.65
.49
1.05
2.04
-.27
.44
1.41
.10
.86
.85
-.26
.02
-.53
1.67
-.48
-.74
.36
1.23
.40
-.49
.27
-.68
.52
-.50
-.13
-.34
3.84
-2.70
.08
-.35
.38
.24
-.19
59
.67
.32
-.31
.33
-.20
.24
.58
.42
-.80
.12
.60
.42
-.55
.53
.89
2.14
-.96
.91
1.02
.19
1.13
1.00
.12
-.21
-.30
1.94
-.73
-.67
.79
1.09
.26
-.40
.14
-.71
.28
-.32
-.13
0
3.87
-2.41
.02
-.47
.27
.22
-.06
-.63
.85
.31
-.29
.16
-.10
.31
.67
.41
-.89
.24
.75
.48
-.36
.53
.99
2.22
-1.62
1.15
.60
.33
1.36
1.20
.42
-.53
-.22
2.05
-.78
-.55
1.20
.77
.42
-.49
-.17
-.59
-.06
-.05
-15
.22
3.64
-2.00
.07
-.56
.12
.34
.07
-.66
.74
.35
-.34
.18
-.08
.44
.68
.34
-.88
.43
.83
.49
-.34
.63
1.11
2.60
-2.40
1.27
.36
.56
1.26
1.30
.48
-.82
-.17
1.92
-.78
-.39
1.27
.54
.57
-.75
-.39
-.44
-.19
.26
t Data are smoothed by an autoregressive-moving-average filter developed by Statistics Canada.
June
99b. Charige in sensitive materials prices (percent)
1.51
0.42
-0.20
-0.17
-1.68
,47
1.16
-1.59
2.17
2.48
4.66
5.87
-.74
-2.18
-3.95
-4.23
-1.23
.17
1.13
-1.13
-.03
-.51
-.42
.56
.20
.81
.57
-.60
.45
.42
1.00
-.36
-.49
-.98
-.36
.14
-.55
-.86
-.31
-.17
.39
.15
1.15
.53
.70
.39
-.06
.17
-.14
-.69
-.25
.06
.39
-.45
.82
.28
.42
-.61
-.25
-.31
.11
.28
.76
.25
-.38
.30
.22
.89
1.07
-.10
.18
.80
-.42
-.20
-.10
-2.36
.71
-.08
-.05
-.19
-.74
.74
.76
.71
.07
.20
.34
.66
-.34
-.97
-.90
-.17
.55
.62
.64
-.91
3.12
.81
.61
.22
2.20
1.57
2.47
1.03
-1.94
-.12
1.33
-1.17
.61
-2.79
-.39
1.95
1.57
1.14
3.46
.25
-.16
-.87
.26
.82
.36
1.82
.44
1.65
1.09
.70
-.05
1.50
-3.05
-1.50
.36
1.92
-.20
.16
.35
-.05
-1.67
.54
-.52
-.25
1.00
2.57
2.78
.89
-.23
-.32
-.50
-1.18
-.77
-.96
-.39
-.49
.78
1.33
1.57
-2.42
2.19
.93
1.38
1.21
.44
1.21
-.01
.32
-.84
-.78
-.77
-.37
.03
-.10
.21
.32
-.15
-.74
-.23
-1.25
.71
.03
-.15
-.18
•-.56
-.16
-.27
-.86
Annual
-0.66
2.30
-.86
-.57
-.33
.14
.44
.02
-.56
,16
.40
-.30
.14
-.15
.25
.39
.22
-.34
-.08
.53
.47
-.42
.42
1.22
2.23
-.64
.31
.84
.48
.78
1.34
.21
-.40
-.55
1.28
-.19
-.56
.54
.79
.57
-.33
-.17
-.49
.22
-.03
-.81
1.86
-.11
-.80
-.16
.04
.30
.06
-.38
-.05
.41
-.14
.02
-.10
.12
.39
.31
-.15
-.38
.50
.55
-.28
.22
1.13
1.87
.65
-.66
1.13
.27
.78
1.26
.36
-.04
-.78
.98
.23
-.68
.28
1.03
.42
.05
-.25
-.61
.27
-.26
C-48 ® October 1994
SURVEY OF CURRENT BUSINESS
Historical Data for Selected Series—Continued
YEAR
Jan.
Feb.
Mar.
46,877 .
49,339 '
46,683
54,258
63,306
70,104
68,574
68,422
81,136
89,772
86,655
86,931
96,491
99,552
102,276
110,061
118,630
136,548
157,635
180,934
189,536
214,850
237,448
232,018
226,234
237,261
239,305
249,823
211,455
202,535
209,269
217,551
235,495
224,233
269,688
275,793
284,243
333,669
356,443
369,357
370,408
388,340
418,266
412,826
377,974
363.441
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971 „
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
46,338
49,089
46,736
51,623
62,462
69,685
68,217
67,156
78,808
88,275
88,566
86,169
95,123
99,215
101,295
109,061
117,050
130,974
154,439
176,879
189,914
211,778
231,662
232,757
224,080
232,788
238,925
252,065
215,007
203,682
207,935
217,235
232,893
230,039
262,570
275,439
274,494
327,702
349,702
374,734
363,268
381,975
404,326
406,610
379,180
369.584
46,831
49,759
46,686
52,829
62,922
69,849
68,665
67,452
79,084
88,351
87,546
86,217
96,445
99,116
101,688
109,682
118,612
133,716
155,524
178,387
189,219
212,704
234,272
231,944
223,780
237,947
239,346
251,088
215,708
203,599
206,481
217,203
233,477
228,226
267,697
274,624
278,251
330,758
353,278
371,625
368,729
388,092
409,836
407,562
379,020
369.653
1948 .
1949 .
1950 .
1951 .
1952 .
1953 .
1954 .
1955 .
1956 .
1957 .
1958 .
1959 .
1960 .
1961 .
1962 .
1963 .
1964 .
1965 .
1966 .
1967 .
1968 .
1969 .
1970 .
1971 .
1972 .
1973 .
1974 .
1975 ,
1976 ,
1977 ,
1978 ,
1979 ,
1980 ,
1981 ,
1982 ,
1983 .
1984 .
1985 .
1986 .
1987 ,
1988 ,
1989 ,
1990 ,
1991 ,
1992 ,
1993 ,
984.1
959.7
984.1
964.3
982.6
945.7
953.2
991.5
1,008.4
983.2
930.8
962.1
993.2
1,011.4
1,062.1
1,080.1
1,072.4
1,053.6
1,124.3
1,064.0
1,075.5
1,070.1
1,066.3
1,128.6
1,062.7
1,078.1
1,069.8
1,156.2
1,199.2
1,278.8
1,368.5
1,454.0
1,152.5
1,208.4
1,283.8
1,378.3
1,462.1
1,155.2
1,561.3
1,651.4
1,667.5
1,757.7
1,818.8
1,570.8
1,653.0
1,672.1
1,755.3
1,808.9
1,574.5
1,655.7
1,687.2
1,775.4
1,806.6
1,987.8
2,169.3
2,105.8
1,757.0
1,825.6
2,000.3
2,163.5
2,092.1
1,983.3
2,105.7
2,281.2
2,352.5
2,321.5
Apr.
May
June
July
Aug.
101. Commercial and industrial loans outstanding in 1987 dollars (mil. i)$
48,137
48,576
49,133
49,188
46,880
48,662
48,336
47,124
46,489
48,991
46,997
46,763
47,499
47,566
48,190
57,337
58,326
59,071
59,817
55,987
63,901
64,641
64,972
64,681
63,685
71,618
71,645
70,744
71,500
71,408
67,603
67,552
67,318
64,557
68,109
70,305
71,050
72,511
73,622
68,615
83,292
84,398
85,779
86,055
82,225
91,213
92,086
92,430
92,249
90,461
84,966
84,973
84,851
84,555
86,410
88,915
90,618
90,570
92,166
87,468
97,092
98,307
99,574
99,519
99,381
100,251
100,713
100,227
100,588
100,103
104,044
104,773
105,131
106,032
103,257
111,052
111,200
111,182
111,219
112,111
121,085
121,860
122,343
123,587
119,698
138,021
140,574
140,737
141,781
144,928
161,472
164,097
165,925
168,648
159,281
183,509
184,332
185,475
185,414
183,494
192,740
192,691
194,173
195,527
199,086
219,752
221,562
223,565
224,009
227,953
238,395
239,232
237,879
240,857
237,017
229,536
226,531
224,043
227,608
228,839
228,922
228,674
227,324
227,692
228,644
238,046
237,395
243,892
234,859
240,019
248,236
250,073
248,964
245,044
247,696
237,567
232,973
228,919
225,747
244,301
204,854
205,072
202,551
202,819
205,075
201,483
204,098
203,570
206,035
201,149
211,581
213,725
214,507
215,755
209,568
223,115
226,117
227,688
231,288
221,648
231,381
234,593
228,827
226,665
234,875
231,463
235,402
238,488
243,836
226,213
279,116
280,472
279,591
280,266
275,220
271,857
266,801
266,903
265,688
265,530
296,668
306,360
310,035
314,251
290,731
335,758
335,200
338,026
341,081
333,491
354,627
355,944
359,322
364,318
353,604
363,445
363,040
360,147
356,425
366,515
372,939
373,760
374,905
377,703
374,105
395,101
398,480
402,652
411,717
388,817
417,141
419,656
420,878
416,332
418,945
403,441
401,525
401,809
393,275
408,147
371,881
367,294
368,119
369,486
376,314
368.471
370.002
375.158
376.605
365.115
Sept.
Oct.
Nov.
Dec.
49,212
46,237
49,468
60,143
65,746
70,877
64,618
74,120
86,601
92,824
85,103
92,440
99,732
100,840
105,845
113,001
124,932
147,883
170,324
186,252
200,557
230,669
240,458
232,726
226,581
238,894
252,627
221,706
200,849
206,060
215,295
233,532
228,046
248,540
282,513
264,866
319,520
341,993
362,987
360,018
376,936
409,979
414,049
389,607
366,978
376.574
49,397
46,526
50,218
60,597
66,846
70,790
64,731
75,553
86,850
91,890
85,663
93,555
99,528
100,844
107,488
114,453
125,556
149,387
173,168
187,650
202,872
232,548
235,941
230,305
232,056
243,698
250,184
218,211
202,276
207,169
215,617
230,787
226,719
250,912
281,904
263,409
323,706
343,513
363,679
361,306
380,374
409,431
405,374
385,259
370,904
373.963
48,847
46,283
50,939
60,861
68,557
70,421
65,278
76,949
87,619
90,377
85,768
94,350
99,896
101,041
108,405
116,368
126,892
151,373
175,035
189,127
205,645
233,108
234,402
229,897
233,184
245,303
250,419
217,843
204,506
208,238
217,526
228,386
230,709
254,760
276,880
265,042
325,684
344,958
363,805
359,781
382,199
412,464
403,382
385,190
376,223
374.072
48,833
46,353
51,390
61,548
69,376
68,887
66,924
78,046
87,934
89,910
86,235
94,993
99,594
101,163
108,901
118,158
128,910
152,317
175,864
189,967
207,174
234,390
234,369
227,400
230,278
242,438
251,118
217,289
204,317
208,652
216,223
229,893
231,375
257,912
270,653
268,712
327,169
346,090
369,877
362,348
384,668
412,959
408,541
382,780
374,863
373.476
48,187
47,766
48,261
57,700
65,091
70,627
66,846
71,983
84,148
90,820
85,941
90,366
98,390
100,304
104,928
112,296
122,430
142,353
165,118
184,285
196,595
223,907
236,828
229,467
228,121
239,378
246,828
233,128
206,207
204,689
212,790
225,370
231,255
239,169
275,548
268,722
304,259
337,687
358,966
364,062
375,000
400,001
413,061
398,169
373,186
371.343
106. Money supply M2 in 1987 dollars (bil. $)
985.0
964.3
985.6
973.7
965.7
963.0
967.6
958.5
967.1
946.5
976.0
947.9
974.5
947.0
968.9
950.9
973.6
958.5
974.5
956.6
976.0
963.0
969.4
990.9
931.6
963.1
997.0
1,013.5
990.9
930.6
970.7
1000.0
1,022.4
993.3
937.7
970.8
997.0
1,025.3
982.1
942.5
965.5
1,003.4
1,034.7
979.3
951.1
973.5
1,001.7
1,039.8
975.2
949.3
979.5
1,002.5
1,041.9
973.5
949.6
982.5
1,001.3
1,051.1
970.8
952.4
987.2
1,007.2
1,050.4
955.5
949.4
986.0
1,005.5
1,056.6
980.2
941.7
971.5
999.5
1,030.8
1,065.7
1,081.0
1,071.4
1,074.4
1,137.6
1,074.5
1,080.2
1,070.3
1,081.5
1,146.3
1,074.5
1,074.1
1,067.2
1,091.3
1,148.0
1,077.0
1,070.8
1,066.1
1,095.7
1,153.5
1,077.0
1,070.8
1,064.7
1,102.8
1,153.3
1,070.9
1,071.0
1,065.1
1,105.9
1,149.2
1,077.1
1,067.8
1,066.3
1,109.8
1,145.2
1,072.2
1,070.7
1,063.2
1,111.4
1,147.5
1,079.2
1,068.3
1,063.2
1,117.7
1,149.8
1,071.4
1,074.0
1,067.5
1,090.1
1,143.5
1,158.7
1,221.0
1,299.2
1,392.9
1,477.2
1,162.2
1,230.2
1,306.4
1,403.4
1,486.4
1,162.3
1,237.0
1,312.4
1,405.9
1,490.1
1,174.5
1,238.4
1,319.2
1,417.1
1,502.6
1,180.0
1,245.6
1,326.3
1,420.7
1,514.3
1,185.4
1,247.3
1,328.1
1,428.5
1,526.0
1,181.7
1,254.5
1,338.2
1,433.2
1,535.5
1,187.0
1,263.3
1,347.9
1,445.0
1,540.9
1,192.0
1,270.8
1,358.4
1,445.6
1,550.4
1,170.6
1,235.8
1,316.1
1,410.1
1,500.7
1,810.4
1,577.9
1,652.8
1,691.4
1,768.3
1,805.6
1,583.7
1,654.9
1,702.4
1,778.5
1,801.9
1,582.0
1,652.3
1,713.0
1,778.7
1,796.3
1,598.9
1,652.3
1,728.7
1,778.2
1,789.5
1,603.2
1,641.0
1,732.2
1,785.1
1,786.2
1,615.8
1,650.3
1,744.7
1,791.9
1,786.2
1,622.9
1,647.1
1,751.7
1,800.0
1,779.9
1,634.4
1,652.2
1,754.5
1,807.7
1,778.5
1,640.4
1,660.9
1,759.4
1,815.1
1,775.6
1,597.2
1,652.0
1,717.1
1,781.7
1,794.8
1,753.9
1,850.3
2,021.4
2,149.1
2,086.9
1,741.6
1,871.1
2,031.0
2,149.6
2,083.4
1,751.0
1,889.3
2,038.3
2,151.0
2,063.7
1,756.2
1,895.5
2,051.0
2,152.2
2,057.4
1,755.6
1,903.1
2,071.5
2,162.2
2,046.3
1,767.1
1,915.0
2,091.9
2,130.6
2,029.8
1,775.1
1,934.3
2,110.8
2,127.5
2,016.2
1,785.0
1,945.6
2,122.6
2,116.0
2,004.9
1,788.2
1,963.6
2,135.9
2,115.1
1,998.9
1,794.6
1,974.2
2,152.9
2,120.7
1,988.0
1,766.7
1,897.9
2,068.0
2,142.2
2,047.8
1,987.3
2,129.7
2,280.8
2,348.9
2,301.8
2,007.3
2,148.4
2,288.9
2,345.2
2,296.3
2,024.7
2,167.1
2,293.9
2,343.6
2,297.1
2,038.9
2,181.0
2,309.1
2,342.8
2,279.8
2,062.3
2,176.8
2,312.2
2,330.9
2,280.9
2,060.9
2,186.0
2,315.1
2,329.5
2,275.5
2,074.8
2,200.4
2,328.3
2,327.6
2,270.1
2,080.2
2,210.8
2,338.2
2,334.4
2,263.8
2,080.1
2,231.8
2,343.0
2,326.4
2,251.7
2,088.1
2,247.9
2,345.3
2,322.4
2,231.3
2,092.4
2,263.8
2,347.6
2,326.0
2,217.8
2,048.4
2,187.5
2,315.3
2,335.9
2,274.0
2,198.0
2,138.2
2,183.9
2,333.3
2,452.6
2,191.2
2,134.4
2,180.0
2,374.5
2,462.5
2,166.4
2,144.8
2,195.1
2,394.1
2,471.6
2,140.6
2,157.8
2,206.7
2,399.1
2,481.1
2,134.7
2,150.8
2,202.4
2,407.8
2,492.0
2,138.4
2,142.6
2,186.8
2,415.6
2,499.8
2,167.5
2,135.0
2,190.3
2,418.7
2,503.1
2,172.5
2,139.2
2,209.6
2,422.8
2,505.3
2,174.1
2,134.2
2,224.3
2,428.3
2,515.0
2,167.3
2,147.0
2,231.7
2,443.8
2,520.2
2,163.2
2,153.7
2,249.7
2,448.9
2,541.1
2,143.8
2,168.4
2,273.8
2,455.2
2,562.3
2,163.1
2,145.5
2,211.2
2,411.8
2,500.6
2,584.4
2,670.8
2,891.7
2,886.9
2,891.8
2,595.9
2,683.9
2,883.1
2,883.6
2,597.1
2,722.8
2,875.9
2,908.4
2,877.2
2,595.3
2,759.0
2,878.8
2,913.4
2,859.7
2,603.6
2,777.6
2,875.1
2,925.0
2,845.7
2,626.0
2,790.5
2,865.5
2,922.8
2,856.4
2,637.6
2,815.9
2,863.1
2,915.8
2,868.1
2,650.5
2,836.1
2,865.5
2,907.9
2,884.5
2,663.8
2,847.5
2,869.3
2,894.2
2,895.2
2,663.7
2,865.8
2,879.2
2,894.8
2,897.6
2,666.5
2,876.4
2,869.9
2,902.4
2,907.8
2,673.9
2,893.4
2,871.3
2,901.5
2,913.5
2,629.9
2,795.0
2,874.0
2,906.1
2,881.8
2,901.8
2,838.4
2,846.4
2,791.1
2,901.7
2,849.9
2,857.8
2,775.4
2,897.1
2,862.8
2,848.3
2,769.3
2,902.2
2,864.7
2,837.7
2,763.0
2,899.6
2,865.8
2,833.3
2,775.3
2,892.0
2,865.1
2,818.3
2,778.5
2,887.9
2,857.7
2,816.1
2,778.1
2,876.4
2,851.4
2,814.0
2,773.4
2,868.8
2,842.0
2,815.3
2,777.7
2,853.6
2,843.7
2,815.0
2,772.0
2,842.1
2,840.4
2,808.4
2,772.9
2,839.1
2,841.5
2,802.7
2,772.3
2,880.2
2,852.0
2,826.1
2,774.9
929.8
964.2
994.0
1,014.3
1,070.8
1,138.2
1,214.1
1,294.0
1,382.5
1,469.1
1,763.9
SURVEY OF CURRENT BUSINESS
October 1994
C-49
Historical Data for Selected Series—Continued
YEAR
Jan.
Mar.
Feb.
May
Apr.
June
July
Sept.
Aug.
Oct.
Dec.
Nov.
Annual
109. Average prime rate charged by banks, NSA (percent)
1948
1949
1.75
2.00
1.75
2.00
1.75
2.00
1.75
2.00
1.75
2.00
1.75
2.00
1.75
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
1.85
2.00
1950
1951
2.00
2.44
3.00
3.00
3.25
2.00
2.50
3.00
3.00
3.25
2.00
2.50
3.00
3.00
3.13
2.00
2.50
3.00
3.03
3.00
2.00
2.50
3.00
3.25
3.00
2.00
2.50
3.00
3.25
3.00
2.00
2.50
3.00
3.25
3.00
2.00
2.50
3.00
3.25
3.00
2.08
2.50
3.00
3.25
3.00
2.25
2.62
3.00
3.25
3.00
2.25
2.75
3.00
3.25
3.00
2.25
2.85
3.00
3.25
3.00
2.07
2.56
3.00
3.17
3.05
3.00
3.50
4.00
4.34
4.00
3.00
3.50
4.00
4.00
4.00
3.00
3.50
4.00
4.00
4.00
3.00
3.65
4.00
3.83
4.00
3.00
3.75
4.00
3.00
3.75
4.00
3.00
3.75
4.00
3.23
3.84
4.42
3.50
4.23
3.50
4.50
3.50
4.50
3.50
4.50
3.25
4.00
4.50
3.83
5.00
3.40
4.00
4.50
4.00
5.00
3.50
4.00
4.50
4.00
5.00
3.50
4.00
4.50
4.00
5.00
3.16
3.77
4.20
3.83
4.48
5.00
4.50
4.50
4.50
4.50
5.00
4.50
4.50
4.50
4.50
5.00
4.50
4.50
4.50
4.50
5.00
4.50
4.50
4.50
4.50
5.00
4.50
4.50
4.50
4.50
5.00
4.50
4.50
4.50
4.50
5.00
4.50
4.50
4.50
4.50
4.85
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.82
4.50
4.50
4.50
4.50
4.50
5.00
5.96
6.00
6.95
4.50
5.00
5.75
6.00
7.00
4.50
5.35
5.71
6.00
7.24
4.50
5.50
5.50
6.20
7.50
4.50
5.50
5.50
6.50
7.50
4.50
5.52
5.50
6.50
8.23
4.50
5.75
5.50
6.50
8.50
4.50
5.88
5.50
6.50
8.50
4.50
6.00
5.50
6.40
8.50
4.50
6.00
5.50
6.00
8.50
4.50
6.00
5.68
6.20
8.50
4.92
6.00
6.00
6.60
8.50
4.54
5.63
5.63
6.28
7.95
8.50
6.29
5.18
6.00
9.73
8.50
5.88
4.75
6.02
9.21
8.39
5.48
4.75
6.30
8.83
8.00
5.25
4.98
6.60
8.00
5.42
5.00
7.01
8.00
5.50
5.04
7.49
8.00
5.90
5.25
8.30
8.00
6.00
5.27
9.23
7.83
6.00
5.50
9.86
7.50
5.91
5.73
9.94
7.28
5.47
5.75
9.75
6.92
5.25
5.79
9.75
7.91
5.70
5.25
8.02
10.02
11.25
12.00
11.68
10.83
10.50
10.80
10.05
8.96
6.75
6.25
8.00
7.93
6.75
6.25
8.00
7.50
6.75
6.25
7.40
6.75
6.41
8.27
7.88
7.00
7.13
9.41
7.96
6.78
7.52
9.94
7.53
6.50
7.75
7.26
6.35
7.75
7.86
6.84
6.82
9.06
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
7.00
6.25
7.93
11.54
7.07
7.20
6.75
8.63
11.98
7.15
7.25
6.75
9.00
12.00
7.66
7.01
6.83
9.01
11.75
11.75
11.75
11.75
11.75
11.65
11.54
11.91
12.90
14,39
10.94
15.55
11.55
15.30
12.67
15.25
20.16
15.75
11.16
11.00
15.63
19.43
16.56
10.98
11.00
18.31
18.05
16.50
10.50
11.21
19.77
17.15
16.50
10.50
11.93
16.57
19.61
16.50
10.50
12.39
12.63
20.03
16.50
10.50
12.60
11.48
20.39
16.26
10.50
13.00
11.12
20.50
14.39
10.89
13.00
12.23
20.08
13.50
11.00
12.97
13.79
18.45
12.52
11.00
12.58
16.06
16.84
11.85
11.00
11.77
20.35
15.75
11.50
11.00
11.06
15.27
18.87
14.86
10.79
12.04
10.61
10.50
10.50
10.50
10.31
9.50
7.50
8.51
9.10
7.50
8.50
8.83
7.75
8.50
8.50
8.14
8.84
9.78
8.50
8.25
9.00
9.50
8.16
8.25
9.29
9.50
7.50
8.70
9.50
7.50
9.07
9.50
7.50
8.78
9.50
7.50
8.75
1988
1989
9.50
7.50
8.75
10.50
10.93
11.50
11.50
11.50
11.07
10.98
10.50
10.00
10.50
10.00
10.50
10.05
10.50
10.50
10.50
9.93
8.33
8.20
9.32
1990
10.11
10.00
10.00
10.00
10.00
10.00
10.00
10.00
10.00
10.00
10.00
10.00
1991
1992
9.52
6.50
6.00
9.05
6.50
6.00
9.00
6.50
6.00
9.00
6.50
6.00
8.50
6.50
6.00
8.20
6.00
6.00
8.00
6.00
6.00
7.58
6.00
7.21
6.00
6.00
8.46
6.25
6.00
1978
1979
1980
1981
„
1982
1983
1984
1985
1986
1987
1993
8.00
8.50
6.50
6.00
8.50
6.02
6.00
9.50
7.90
8.25
9.34
8.50
6.00
6.00
6.00.
10.87
10.01
120a. Consumer Price Index for services (1982-84=100)
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
. .
1958
1959
1960
20.7
21.4
22.3
22.9
20.7
21.4
22.4
20.7
21.6
22.4
20.8
21.6
22.5
23.0
23.0
23.7
24.4
23.8
24.4
23.9
24.4
24.8
24.9
25.3
25.8
20.9
21.8
22.6
23.2
20.9
21.8
22.7
23.3
21.0
21.9
22.7
23.4
21.1
22.0
22.8
23.5
21.1
22.1
22.8
23.6
21.2
22.2
22.8
23.6
21.3
22.2
22.8
23.7
20.9
23.1
20.8
21.7
22.6
23.2
23.9
24.5
24.9
25.4
24.0
24.5
25.0
25.4
24.0
24.5
25.0
25.5
24.1
24.5
25.1
25.5
24.1
24.2
24.6
25.1
25.6
26.0
24.6
25.1
25.6
24.2
24.7
25.1
25.6
26.0
26.1
24.3
24.7
25.2
25.7
26.2
24.3
24.8
25.2
25.8
26.2
24.1
24.5
25.0
25.5
26.0
26.6
27.7
28.9
30.6
32.7
26.7
27.9
29.0
30.7
33.0
26.8
28.0
29.2
30.9
33.1
26.9
28.2
29.2
31.0
33.3
26.9
28.2
29.4
31.2
33.5
26.6
27.6
28.8
30.3
32.4
35.8
37.5
38.8
41.0
45.4
36.0
37.6
38.9
41.3
45.8
36.2
37.7
39.0
41.5
46.2
35.0
37.0
38.4
40.1
43.8
21 .8
22.6
23.3
1961
1962
1963
'25.3
1964
25.8
24.8
25.3
25.8
25.9
25.9
26.0
26.0
1965
1966
1967
26.3
27.0
28.3
29.5
31.4
26.4
27.0
28.4
29.6
31.5
26.4
27.1
28.5
29.8
31.8
26.5
27.3
28.6
29.9
32.0
26.5
27.4
28.6
30.0
32.2
26.5
27.5
28.8
30.2
26.6
27.7
28.8
30.4
32.3
32.5
33.8
36.4
34.4
36.5
38.1
39.4
42.4
34.6
36.6
38.2
39.5
42.6
34.8
36.7
37.9
39.1
41.8
34.0
36.5
38.0
39.2
42.0
35.0
37.0
38.4
39.8
43.5
35.2
37.1
38.5
39.9
44.0
35.4
37.3
38.6
40.2
44.5
35.6
37.4
38.7
40.5
45.0
46.5
50.5
54.1
58.3
63.8
46.9
50.8
54.4
58.7
64.4
47.0
51.1
54.8
59.1
47.3
51.3
55.2
59.6
65.5
47.5
51.4
55.4
47.8
51.7
55.8
60.5
66.8
48.0
52.1
56.3
61.0
67.6
48.3
52.4
56.6
61.5
68.5
48.7
52.8
56.9
62.1
69.2
49.0
53.1
57.2
62.6
70.1
49.6
53.4
57.6
63.1
71.1
49.9
53.7
57.9
63.3
72.0
48.0
52.0
56.0
60.8
67.5
74.1
83.7
75.4
84.4
94.0
77.6
86.4
95.7
78.5
88.9
97.0
99.6
78.5
89.9
97.6
99.8
82.2
93.0
96.9
98.9
79.0
87.5
96.5
99.2
80.0
91.7
98.1
76.6
85.3
94.9
98.7
79.0
91.2
1982
1983
73.1
83.0
93.5
97.5
77.9
88.1
96.0
99.4
1984
102.1
102.6
103.0
103.5
103.9
104.2
104.9
1985
1986
1987
107.4
113.1
117.9
123.1
128.9
107.9
113.5
118.3
123.5
129.4
108.4
114.1
118.6
123.9
130.0
108.7
114.6
119.2
124.5
130.5
109.4
114.8
119.6
124.9
131.1
109.8
115.5
120.0
125.5
131.6
135.5
143.8
149.6
155.2
135.9
144.3
149.9
155.6
136.9
144.8
150.6
156.2
137.5
145.0
151.0
156.8
137.9
145.5
151.4
157.3
138.8
145.9
151.8
157.8
1968
1969
*
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1988
1989
1990
1991
1992
1993
;.
NSA Not seasonally adjusted
93.9
97.9
64.9
38.3
39.6
43.1
60.0
66.2
97.6
97.9
81.1
92.5
97.7
105.4
100.2
105.9
100.7
106.3
101.3
106.7
101.6
107.1
104.6
11.0.3
115.7
120.3
125.8
132.3
110.7
116.1
120.9
126.4
132.8
111.0
116.5
121.4
127.0
1.33.1
111.5
116.9
121.8
127.5
133.8
112.1
117.2
122.2
128.0
134.3
112.5
117.5
122.6
128.5
134.9
109.9
115.4
120.2
125.7
131.9
139.6
146.6
152.3
158.2
140.7
147.1
152.7
158.7
•141.2
147.7
153.0
159.1
141.7
148.1
153.7
159.5
142.3
148.6
154.4
160.0
142.8
149.2
154.7
160.5
139.2
146.3
152.0
157.9
C-50
• October 1994
SURVEY OF CURRENT BUSINESS
Historical Data for Selected Series—Continued
Jan.
YEAR
Mar.
Feb.
Apr.
June
May
July
Aug.
Oct.
Sept.
Nov.
Dec.
Annual
120b. Change in Consumer Price index for services (AR, percent)
1948
1949 ...
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979 ...
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981 .
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
.
5.8
5.5
5.4
0
5.1
0
4.9
0
4.7
4.6
4.3
4.2
8.0
11.3
6.8
6.6
3.1
9.0
8.1
15.4
9.3
8.6
9.9
20.0
12.3
6.6
7.7
6.1
3.4
6.6
4.2
5.0
3.8
5.5
8.7
3.3
3.9
0
0
5.5
5.4
5.2
0
0
0
0
4.7
0
4.3
4.1
3.9
7.3
3.3
3.2
3.1
5.9
10.8
7.4
6.9
8.6
11.9
17.7
10.6
5.3
5.0
6.0
5.7
4.3
4.1
4.0
4.8
3.6
4.3
2.4
3.1
0
11.8
0
0
5.2
0
4.9
0
0
0
4.5
4.3
8.4
12.0
15.1
0
3.2
6.3
12.0
2.6
7.3
9.2
8.5
9.7
23.2
10.5
1.3
2.5
4.8
5.7
6.5
3.1
4.0
5.7
9.2
4.2
5.7
4.7
6.0
0
5.5
5.3
0
5.0
0
4.8
4.8
4.6
9.2
4.3
4.1
7.8
7.2
3.3
3.2
3.1
5.8
7.9
4.8
9.1
10.6
11.7
20.9
13.6
12.1
7.6
6.0
3.4
5.4
6.2
6.0
4.7
5.4
1.7
3.2
4.7
120. Change
4.7
4.2
1.6
3.5
2.6
2.3
1.9
2.5
2.5
3.1
5.1
4.8
6.8
7.8
6.8
4.2
3.1
9.6
12.0
10.4
7.6
7.5
9.4
17.2
11.9
11.1
.6
5.5
4.9
5.3
3.6
4.5
4.9
5.1
5.9
4.2
3.9
4.3
4.3
2.2
3.4
2.4
1.9
1.9
2.1
3.0
2.8
4.7
4.9
6.5
8.0
6.2
4.1
3.1
9.2
11.3
10.7
7.7
7.7
9.4
17.8
12.3
9.2
.7
5.7
4.8
5.3
3.6
4.4
4.8
5.0
5.7
3.9
3.8
5.1
3.8
2.3
3.5
1.9
2.1
1.6
1.6
2.9
2.8
4.4
5.4
7.1
9.1
5.1
4.0
3.5
9.3
9.7
10.5
7.9
7.9
9.5
18.9
12.4
7.0
1.0
5.7
4.8
5.5
3.6
4.3
4.8
5.4
5.4
4.0
3.9
4.8
3.7
2.7.
3.2
2.1
2.0
1.9
1.7
3.1
3.7
4.2
5.5
7.5
9.5
4.2
3.8
3.7
8.9
8.6
9.5
8.2
8.4
9.8
19.8
12.5
6.4
2.1
5.7
4.7
5.5
3.9
4.5
4.8
5.7
4.8
3.9
4.0
0
0
5.9
5.9
5.7
5.7
5.6
0
0
5.4
5.5
0
0
5.3
5.3
5.3
5.1
0
0
5.1
0
0
5.0
0
0
4.9
0
4.9
0
4.8
4.8
0
4.7
0
0
0
0
0
0
4.6
0
4.5
4.5
9.1
8.7
4.2
0
0
4.1
8.3
8.2
8.2
3.8
7.6
7.7
7.8
7.1
7.1
7.2
7.0
10.3
6.7
3.3
3.3
3.2
3.2
3.2
3.2
6.2
9.4
3.1
3.1
11.7
14.5
14.7
15.0
5.2
7.8
7.8
5.1
2.4
7.2
7.1
9.7
4.4
9.0
6.6
11.3
8.4
10.5
10.3
10.4
11.4
17.2
15.4
13.6
23.9
0
16.8
-7.3
16.4
14.4
16.6
21.0
7.7
6.4
10.6
10.5
3.7
2.4
2.5
4.9
8.4
4.7
3.5
5.9
4.4
4.5
8.0
5.6
2.1
2.1
4.2
7.6
4.1
6.2
4.1
3.0
5.9
3.9
2.9
5.9
4.7
5.7
6.6
4.6
8.1
7.1
3.5
9.9
4.2
4.2
3.3
5.9
3.2
3.2
3.2
4.0
3.9
3.9
3.9
3.1
in Consumer Price Indeix for services, smoothed (AR, percent) t
4.8
3.9
3.3
3.2
1.9
2.3
1.8
1.6
2.8
4.3
3.5
5.4
7.8
9.4
3.5
3.6
3.7
9.5
7.5
8.0
7.9
8.6
10.5
19.9
13.2
6.6
2.8
5.6
5.0
5.1
4.1
4.5
5.0
5.6
4.3
3.8
4.1
t Data are smoothed by an autoregressive-moving-average filter developed by Statistics Canada.
AR Annual rate
23
4.9
3.5
3.2
2.8
1.5
2.1
2.1
1.9
2.2
4.7
3.8
5.7
7.4
9.0
4.1
3.4
4.1
10.1
6.8
7.1
7.8
9.1
11.0
20.5
14.0
7.3
3.3
5.2
5.2
5.2
4.2
4.7
5.0
5.8
3.9
3.6
4.1
30
4.3
3.5
3.4
2.9
1.1
2.4
2.1
1.9
2.2
5.5
3.5
6.2
7.3
8.6
4.3
3.3
4.2
11.1
6.2
6.8
8.3
9.5
11.9
17.1
15.4
7.5
3.8
5.5
5.3
4.9
4.1
4.6
5.2
6.2
3.9
3.6
4.0
34
4.2
3.1
3.8
2.5
1.4
2.3
2.4
1.6
1.9
5.3
3.4
6.8
7.2
8.1
4.7
3.2
4.9
12.2
6.1
6.7
8.3
9.9
13.2
12.8
16.1
7.7
3.9
5.6
5.3
4.5
4.4
4.7
5.3
6.9
4.0
3.5
3.9
5.9
5.6
5.4
5.3
5.1
0
0
0
0
4.6
9.0
4.2
4.0
11.6
7.0
3.3
3.2
9.3
14.3
10.4
9.6
6.5
12.4
13.0
7.9
18.8
0
4.9
5.8
3.3
4.2
5.1
5.8
2.7
4.3
5.0
2.4
3.1
Q
5.6
0
5.2
0
5.0
0
0
4.7
4.6
4.4
8.6
8.1
3.7
7.0
3.3
3.1
15.9
11.2
7.6
7.0
6.5
10.1
16.8
16.3
6.8
3.8
6.2
4.6
5.5
4.2
4.0
4.8
6.5
4.3
3.3
5.6
3.1
58
5.6
0
0
5.1
0
4.9
4.8
4.7
4.6
8.9
0
4.0
7.5
6.9
3.2
3.1
9.1
11.1
15.7
7.0
8.7
10.0
18.5
17.8
11.0
-2.4
7.4
4.6
6.7
3.1
4.0
4.8
4.6
5.2
4.1
5.6
3.8
5.8
0
0
5.2
Q
5.0
0
4.8
0
0
0
8.5
8.0
7.5
6.9
3.2
3.1
6.0
11.0
7.5
7.0
6.4
3.9
16.3
17.5
6.7
-9.4
3.6
4.6
4.4
3.1
4.0
4.8
5.5
4.3
5.0
2.4
3.8
4.3
2.7
4.0
2.6
2.1
1.6
2.4
1.6
2.7
4.9
4.3
6.1
7.4
8.1
4.2
3.5
6.5
11.4
8.0
7.7
7.8
9.4
13.8
14.6
13.2
4.4
4.9
5.4
5.1
4.5
4.3
4.8
5.0
5.9
4.5
3.7
3.8
39
4.2
3.1
4.2
2.7
1.4
1 .9
2.2
1.2
2.1
5.6
3.4
6.8
7.8
7.6
4.8
3.2
5.9
13.0
6.6
7.1
8.1
10.4
13.9
9.7
16.9
6.8
4.1
5.8
5.0
4.3
4.6
4.9
5.0
6.9
4.1
3.3
3.7
37
4.5
2.7
4.6
2.4
1.8
1 .4
1.9
1.4
2.5
5.7
4.2
6.9
7.5
7.3
4.6
3.1
7.9
13.3
7.0
7.2
7.7
10.7
14.7
8.7
16.0
5.8
4.5
5.7
4.9
4.2
4.6
5.0
5.0
6.6
4.1
3.5
3.6
39
4.8
2.1
4.2
2.6
1.9
1.6
2.0
2.0
3.1
6.1
4.0
6.6
7.4
7.1
4.3
3.1
9.2
13.2
8.4
7.3
7.7
10.8
15.7
9.4
14.8
4.2
5.1
5.5
5.1
3.9
4.6
5.0
5.0
6.2
4.1
3.9
3.5
43
4.3
1.5
4.1
2.4
2.3
1.5
2.5
2.1
3.0
5.6
4.5
6.6
7.3
6.9
4.0
3.1
9.5
12.8
9.1
7.3
7.5
9.9
16.3
10.8
13.0
1.4
5.3
5.3
5.1
3.7
4.5
5.0
5.0
5.7
4.2
3.9
3.5
4.6
3.3
3.3
2.9
1.9
2.0
2.0
1.8
2.6
4.6
4.1
6.0
7.3
8.2
4.7
3.5
5.2
11.0
8.3
8.2
7.9
9.2
12.1
15.2
14.0
6.8
3.1
5.6
5.0
4.8
4.2
4.7
5.0
5.9
4.5
3.8
3.8
SURVEY OF CURRENT BUSINESS
October 1994
C-51
Business Cycle Expansions and Contractions
Duration in months
Business cycle reference dates
Contraction
(trough from
previous peak)
Peak
Trough
Cycle
Expansion
(trough to peak)
Trough from
previous trough
Peak from
previous peak
June 1857
October 1860
April 1865
June 1869
October 1873
18
8
32
18
30
22
46
18
34
48
30
78
36
40
54
50
52
March 1879
May 1885
April 1888
May 1891
June 1894
March 1882
March 1887
July 1890
January 1893
December 1895
65
38
13
10
17
36
22
27
20
18
99
74
35
37
37
101
60
40
30
35
June 1897
.
December 1900
August 1904
June 1908
January 1912
June 1899
September 1902
May 1907
January 1910
January 1913
18
18
23
13
24
24
21
33
19
12
36
42
44
46
43
42
39
56
32
36
December 1914
March 1919
July 1921
July 1924
November 1927
August 1918
January 1920
May 1923
October 1926
August 1929
23
7
18
14
13
44
10
22
27
21
35
51
28
36
40
87
17
40
41
34
March 1933
June 1938
October 1945
October 1949
May 1954
May 1937
February 1945
November 1948
July 1953
August 1957
43
13
50
80
37
45
39
64
63
88
48
55
93
93
45
58
49
April 1958
February 1961
November 1970
March 1975
July 1980
April 1960
December 1969
November 1973
January 1980
July 1981
8
10
11
16
6
24
106
47
34
117
52
64
32
116
47
74
18
November 1982
March 1991
July 1990
16
8
92
28
100
108
18
22
18
11
35
27
35
50
53
48
53
61
19
22
20
11
29
24
26
43
48
46
46
53
December 1854
December 1858
June 1861
December 1867
December 1870
......
Average, all cycles:
1854-1991 (31 cycles)
1854-1919 (16 cycles)
1919-1945 (6 cycles)
1945-1991 (9 cycles)
Average, peacetime cycles:
1854-1991 (26 cycles)
1854-1919 (14 cycles)
1919-1945 (5 cycles)
1945-1991 (7cvcles)
1.30 cycles.
2. 15 cycles.
3. 25 cycles.
4. 13 cycles.
..
a
11
10
36
58
12
•
!
53
49
53
61
2
3
4
48
47
45
53
NOTE.—Figures printed in bold italic are the wartime expansions (Civil War, World Wars I and II, Korean war,
and Vietnam war), the postwar contractions, and the full cycles that include the wartime expansions.
Source: National Bureau of Economic Research, Inc., 1050 Massachusetts Avenue, Cambridge, MA 02138.
SURVEY OF CURRENT BUSINESS
C-52 ® October 1994
Cyclical Leads (-) and Lags (+) for Selected Indicators
[Length in months]
At reference peaks
Series no.
Series title
July
1990
Jan.
1980
July
1981
Dec.
1969
Nov.
1973
July
1953
Aug.
1957
Apr.
1960
Nov.
1948
Mean
LEADING INDICATORS
1
5
8
32
20
29
92
99
19
106
83
910
940
Average weekly hours, manufacturing
Average weekly initial claims for unemployment insurance (inverted) 1
Manufacturers' new orders in 1987 dollars consumer goods and materials
Vendor performance, slower deliveries diffusion index
Contracts and orders for plant and equipment in 1987 dollars
Building permits, new private housing units
Change in manufacturers' unfilled orders in 1987 dollars, durable goods (smoothed)2
Change in sensitive materials prices (smoothed) 2
-15
-22
-2
+1
-7
-21
-3
+2
i
Money supply M2 in 1987 dollars
Index of consumer expectations
Composite index of 1 1 leading indicators
Ratio coincident index to lagging index
41
51
47
57
920
Employees on nonagricultural payrolls
Personal income less transfer payments in 1987 dollars
Index of industrial production
Manufacturing and trade sales in 1987 dollars
Composite index of 4 coincident indicators
91
77
62
109
101
95
120
930
Average duration of unemployment (inverted) 1
Ratio manufacturing and trade inventories to sales in 1987 dollars
Change in index of labor cost per unit of output, manufacturing (smoothed)2
Average prime rate charged by banks
Commercial and industrial loans outstanding in 1987 dollars
Ratio consumer installment credit to personal income .
Change in Consumer Price Index for services (smoothed) 2
Composite index of 7 lagging indicators
Index of stock prices, 500 common stocks
-7
-18
-18
-4
-7
0
-2
-3
-3
-10
-6
7
-8
NST
-2
-8
-4
-10
-16
13
-9
-10
-19
-13
-7
NST
24
-38
-15
-15
-7
-9
-8
0
-1
-11
-6
+3
-10
10
-1
-3
+2
-4
-1
0
+1
0
-6
+1
-13
+6
+8
-14
0
-10
+2
-8
+5
+15
+6
+1
+14
NST
+2
+3
-11
-12
-13
14
-13
-17
-12
17
-9
NST
2
-21
-23
-25
-28
-9
-30
-19
17
-13
16
-9
-11
-14
-11
-13
-4
-11
-10
-7
10
-12
-11
10
-11
-9
-11
-12
+2
0
+2
-10
0
+11
0
0
0
0
+3
NST
2
-2
-2
-6
+5
+5
+3
+2
-7
+5
+3
-2
+16
+16
+10
+10
+5
+11
+13
-2
+11
+1
+2
+8
NST
+4
+3
15
-11
-13
-5
-7
-7
-13
-3
-20
-27
-3
-10
-3
-12
-5
-8
-26
-9
-6
NST
-5
-5
9
0
+1
-3
-3
-3
-5
0
-5
-6
-5
-1
-1
0
-3
0
-2
_-j
+2
+9
+10
+3
NST
+8
-6
+3
+1
+8
+6
+4
+1
+5
-5
+4
+2
+5
+6
+7
1
+5
0
+8
0
NST
+3
9
-11.0
-12.9
-9.3
-8.4
-7.3
-15.4
-10.6
n.a.
-7.8
-30
-17
-11.1
142
-12.4
-11.6
11 2
n.a.
-7
10
COINCIDENT INDICATORS
-4
+1
—1
+0.8
-.4
11
-3.7
-1.2
LAGGING INDICATORS
n.a.
'NST
n.a.
+5
NST
-1.4
+9.2
+6.4
+2.0
+4.6
+1.0
+1.9
+3.1
At reference troughs
Mar.
1991
July
Nov.
1982
Mar.
1975
1980
Nov.
1970
May
Apr.
1958
Feb.
1961
Oct.
1949
1954
Mean
LEADING INDICATORS
1
5
8
32
20
29
92
99
19
106
83
910
940
Average weekly hours manufacturing
Averaoe weekly initial claims for unemployment insurance (inverted) 1
Manufacturers' new orders in 1987 dollars, consumer goods and materials
Vendor performance slower deliveries diffusion index
Contracts and orders for plant and equipment in 1987 dollars
Building permits new private housing units
Change in manufacturers' unfilled orders in 1987 dollars, durable goods (smoothed)2
Change in sensitive materials prices (smoothed) 2
.. .
Index of stock prices, 500 common stocks
Money supply M2 in 1987 dollars
Index of consumer expectations
:...
Composite index of 11 leading indicators
Ratio, coincident index to lagging index
1
2
+1
0
0
0
+3
-2
+20
0
-5
-2
-5
-2
-2
-1
-8
+4
13
-2
-5
-4
NST
-8
-10
-10
+11
+8
0
-2
0
0
0
+1
+1
+1
+19
+36
+6
+35
+24
+21
+18
+36
+8
+14
+10
+8
+11
0
+2
+7
0
2
-2
-2
-2
-3
-1
0
NST
2
-4
2
-2
0
0
0
-1
+9
0
+1
-2
-3
2
-1
1
0
0
0
0
2
-j
_•)
-6
0
-4
7
-6
-9
-4
-4
4
0
+1
-1
-10
-3
-2
-5
7
-6
1
-8
-2
0
0
-11
+1
-2
-9
-1
-4
NST
-3
-2
-1
0
0
-2
-4
-1
-2
-2
-4
-4
-3
+1
_2
0
+4
-7
-6
2
-8
-5
-4
-8
NST
-6
-4
-5
-1
0
+1
-1
0
0
0
0
NST
0
0
0
0
-2
0
-1
0
+1
0
0
0
0
+3
-1
1
-5
+2
0
-3
0
+6
+6
+7
+1
+8
NST
+3
+3
+10
+44
+8
+25
+18
+11
+5
+21
+19
+27
+12
+16
+15
NST
+27
+15
+5
+14
+7
+57
NST
+9
+5
+6
+6
+13
+6
+4
+4
+7
+8
+4
+12
+12
+11
+14
+3
+6
+8
+9
+1
NST
-1
NST
12
_ -j
-V.8
-4.2
+.6
-5.4
-.6
-4
0
-2.4
-4.6
-5.2
-4.0
-3.1
-2.9
0
+1.8
15
n.a.
COINCIDENT INDICATORS
41
51
47
57
920
Employees on nonagricultural payrolls ...
Personal income less transfer payments in 1987 dollars
Index of industrial production
Manufacturing and trade sales in 1987 dollars
Composite index of 4 coincident indicators
+.1
0
-1.2
+.3
LAGGING INDICATORS
91
77
62
109
101
95
120
930
Average duration of unemployment (inverted) *
Ratio, manufacturing and trade inventories to sales in 1987 dollars
Change in index of labor cost per unit of output, manufacturing (smoothed)2
Average prime rate charged by banks
Commercial and industrial loans outstanding in 1987 dollars
Ratio consumer installment credit to personal income
Change in Consumer Price Index for services (smoothed) 2
Composite index of 7 lagging indicators
n.a. Not available. Data needed to determine a specific turning point are not available.
1. This series is inverted; i.e., low values are peaks and high values are troughs.
2. This series is smoothed by an autoregressive-moving-average filter developed by Statistics Canada.
NOTE.—Reference peaks and troughs are the cyclical turnjng points in overall business activity (see page C51); specific peaks and troughs are the cyclical turning points in individual series. This table lists, for the composite
n.a.
n.a.
+9
NST
+10.3
+17.4
+9.7
+17.9
+10.2
+9.0
+9.7
+9.3
indexes and their components, the leads (-) and lags (+) of the specific peaks and troughs in relation to the corresponding reference peaks and troughs. See Measuring Business Cycles by Arthur F. Burns and Wesley C. Mitchell
(National Bureau of Economic Research, Inc., 1946) for information on the selection of cyclical peaks and troughs.
NST No specific turn. No specific turning point is discernible in the data.
SURVEY OF CURRENT BUSINESS
October 1994
C-53
TITLES AND SOURCES OF SERIES
Series are listed below in numerical order within each of the two major groups. Series numbers are for identification only
and do not reflect relationships or order among the series. "M" following a series title indicates monthly data; "Q" indicates
quarterly data. Data apply to the whole period except when indicated by "EOM" (end of month) or "EOQ" (end of quarter).
To save space, the following commonly used sources are referred to by number:
Source 1—U.S. Department of Commerce, Bureau of Economic Analysis; Source 2—U.S. Department of Commerce,
Bureau of the Census; Source 3—U.S. Department of Labor, Bureau of Labor Statistics; Source 4—Board of Governors of
the Federal Reserve System.
The numbers in parentheses following the sources indicate the C-pages on which the series appear: Numbers in plain
type indicate data tables; numbers in bold type indicate charts.
1. Cyclical Indicators
1. Average weekly hours of production or nonsupervisory workers,
manufacturing (M).—Source 3 (1,2,9)
5. Average weekly initial claims for unemployment insurance, State programs (M).—Source 1 and U.S. Department of Labor, Employment and Training
Administration (1,2,0)
7. Manufacturers' new orders in 1987 dollars, durable goods industries (M).—
Sources 1,2, and 3 (2,15)
8. Manufacturers' new orders in 1987 dollars, consumer goods and materials
industries (M).—Sources 1, 2, and 3 (1,2,9)
9. Construction contracts awarded for commercial and industrial buildings,
floor space (M).—McGraw-Hill Information Systems Company; seasonal adjustment by Bureau of Economic Analysis (This is a copyrighted series used by
permission; it may not be reproduced without written permission from the source.)
(2,16)
10. Contracts and orders for plant and equipment in current dollars (M).—
Sources 1,2, and McGraw-Hill Information Systems Company (2)
12. Index of net business formation (M).—Source 1 and Dun & Bradstreet, Inc.
(2,16)
13. Number of new business incorporations (M).—Dun & Bradstreet, Inc. (2,16)
14. Current liabilities of business failures (M).—Dun & Bradstreet, Inc. (4)
16. Corporate profits after tax in current dollars (Q).—Source 1 (4,19)
18. Corporate prof its after tax in 1987 dollars (Q).—Source 1 (4,19)
19. Index of stock prices, 500 common stocks
Corporation (1,5,10,26)
(M).—Standard & Poor's
20. Contracts and orders for plant and equipment in 1987 dollars (M).—Sources
1, 2, 3, and McGraw-Hill Information Systems Company (1,2,9)
21. Average weekly overtime hours of production or nonsupervisory workers,
manufacturing (M).—Source 3 (2,13)
22. Ratio, corporate domestic profits after tax to total corporate domestic
income (Q).—Source 1 (4,19)
23. Index of spot market prices, raw industrial materials (M).—Sources 1, 3,
and Knight-Ridder Financial Publishing, Commodity Research Bureau, Inc. (From
June 1981 forward, this is a copyrighted series used by permission; it may not be
reproduced without written permission from Commodity Research Bureau, Inc.)
(3,19)
26. Ratio, implicit price deflator to unit labor cost, all persons, nonfarm
business sector (Q).—Sources 1 and 3 (4,19)
27. Manufacturers' new orders in 1987 dollars, nondefense capital goods
industries (M).—Sources 1,2, and 3 (2,16)
Chicago; seasonal adjustment by U.S. Department of Commerce, Office of the
Chief Economist (1,2,9)
35. Corporate net cash flow in 1987 dollars (Q).—Source 1 (4)
37. Number of persons unemployed (M).—Source 3 (2)
39. Percent of consumer installment loans delinquent 30 days and over
(EOM).—American Bankers Association (This is a copyrighted series used by
permission; it may not be reproduced without written permission from the source.)
(4)
40. Employees on nonagricuiturai payrolls, goods-producing industries (MiSource 3 (2,13)
41. Employees on nonagricuiturai payrolls (M).—Sources (1,2,11)
42. Number of persons engaged in nonagricuiturai activities (M).—Source 3 (2)
43. Civilian unemployment rate (M).—Source 3 (2,13)
44. Unemployment rate, persons unemployed 15 weeks and over (M).—Source
3(2)
45. Average weekly insured unemployment rate, State programs (M).—Source
1 and U.S. Department of Labor, Employment and Training Administration (2)
46. Index of help-wanted advertising in newspapers (M).—The Conference Board
(2,13]
47. Index of industrial production (M).—Source 4(1,2,5,11,24)
48. Employee hours in nonagricuiturai establishments (M).—Source 3 (2,13)
49. Value of domestic goods output in 1987 dollars (Q).—Source 1 (2)
50. Gross national product in 1987 dollars (Q).—Source 1 (2)
51. Personal income less transfer payments in 1987 dollars (M).—Source 1
(1,4,11)
52. Personal income in 1987 dollars (M).—Source 1 (4)
53. Wages and salaries in 1987 dollars, mining, manufacturing, and
construction (M).—Sources 1 and 3 (4,15)
55. Gross domestic product in 1987 dollars (Q).—Source 1 (2,14)
57. Manufacturing and trade sales in 1987 dollars (M).—Sources 1 and 2 (1,2,11)
58. Index of consumer sentiment (Q,M).—University of Michigan, Survey Research
Center (This is a copyrighted series used by permission; it may not be reproduced
without written permission from the source.) (4)
59. Sales of retail stores in 1987 dollars (M).-Sources 1 and 2 (2,15)
60. Ratio, help-wanted advertising in newspapers to number of persons
unemployed (M).—Sources 1, 3, and The Conference Board (2)
61. New plant and equipment expenditures by business in current dollars (Q)—
Source 2 (2)
28. New private housing units started (M).—Source 2 (3, fa)
62. Change in index of labor cost per unit of output, manufacturing, smoothed
(M).-Sources 1 and 4(1,4,12)
29. Index of new private housing units authorized by local building permits
(M).-Sources 1 and 2(1,3,10)
63. Index of unit labor cost, all persons, business sector (Q).—Source 3 (4)
30. Change in business inventories in 1987 dollars (Q)—Source 1 (3,18)
31. Change in manufacturing and trade inventories (M)—Sources 1 and 2 (3,18)
69. Manufacturers9 machinery and equipment sales and business construction
expenditures (M).—Sources 1 and 2 (2,17)
32. Vendor performance, slower deliveries diffusion index (M).—National Association of Purchasing Management and Purchasing Management Association of
70. Manufacturing and trade inventories in 1987 dollars (EOM).—Sources 1 and
2(3)
66. Consumer installment credit outstanding (EOM).—Source 4 (5)
C-54 • October 1994
SURVEY OF CURRENT BUSINESS
72. Commercial and industrial loans outstanding in current dollars (M).—
Sources 1, 4, and The Federal Reserve Bank of New York (5)
116. Yield on new issues of high-grade corporate bonds (M).—Citibank and U.S.
Department of the Treasury (5,21)
73. Index of Industrial production, durable manufactures (M)—Source 4 (2,14)
117. Yield on municipal bonds, 20-bond average (M).—The Bond Buyer (5)
74. Index of industrial production, nondurable manufactures (M).—Source 4
(2,14)
118. Secondary market yields on FHA mortgages (M).—U.S. Department of
Housing and Urban Development, Federal Housing Administration (5)
75. Index of industrial production, consumer goods (M).—Source 4 (2,14)
119. Federal funds rate (M).-Source4 (5,2f)
76. Index of industrial production, business equipment (M).—Source 4 (3,17)
120. Change in Consumer Price Index for services, smoothed (M).—Sources 1
and 3(1,3,12)
77. Ratio, manufacturing and trade inventories to sales in 1987 dollars (M).—
Sources land 2(1,3,12)
122. Index of consumer confidence (M).—The Conference Board (4)
81. Ratio, corporate domestic profits after tax with inventory valuation and
capital consumption adjustments to total corporate domestic income
(Q).-Source 1 (4,19)
123. Index of consumer expectations (M).—The Conference Board (4,15)
82. Capacity utilization rate, manufacturing (M).—Source 4 (2,14)
910. Composite index of 11 leading indicators (includes series 1, 5, 8,19, 20, 29,
83. Index of consumer expectations (Q,M).—University of Michigan, Survey Research Center (This is a copyrighted series used by permission; it may not be
reproduced without written permission from the source.) (1,4,10)
85. Change in money supply M1 (M).—Sources 1 and 4 (4,20)
86. Gross private nonresidential fixed investment in 1987 dollars (Q).—Source
1 (3, f 7)
87. Gross private nonresidential fixed investment in 1987 dollars, structures
(Q).-Source 1 (3,17)
88. Gross private nonresidential fixed investment in 1987 dollars, producers'
durable equipment (Q).—Source 1 (3,17)
89. Gross private residential fixed investment in 1987 dollars (Q).—Source 1
(3, fa)
90. Ratio, civilian employment to population of working age (M).—Source 3
(2,tt)
91. Average duration of unemployment in weeks (M).—Sources (1,2,12)
92. Change in manufacturers' unfilled orders in 1987 dollars, durable goods
industries, smoothed (M).—Sources 1,2, and 3 (1,2,10)
93. Free reserves (M).—Sources 1 and 4 (4)
94. Member bank borrowings from the Federal Reserve (M).—Source 4 (4)
95. Ratio, consumer installment credit outstanding to personal income (M).—
Sources 1 and 4(1,5,12)
124. Capacity utilization rate, total industry (M).—Source 4 (2)
32, 83, 92, 99,106) (M).-Source 1 (1, 7,8)
920. Composite index of 4 coincident indicators (includes series 41, 47, 51, 57)
(M).-Sourcel (1,7,5)
930. Composite index of 7 lagging indicators (includes series 62, 77, 91, 95,101,
109,120) (M).-Source 1 (1,7,8)
940. Ratio, coincident composite index (series 920) to lagging composite index
(series 930) (M).-Source 1 (1,7)
950. Diffusion index of 11 leading indicator components (M).—Source 1 (1,8)
951. Diffusion index of 4 coincident indicator components (M).—Source 1 (1,8)
952. Diffusion index of 7 lagging indicator components (M).—Source 1 (1,8)
963. Diffusion index of employees on private nonagricultural payrolls, 356
industries (M).—Source 3 (2)
990. CIBCR long-leading composite index (M).—Columbia University, Center for
International Business Cycle Research (5,21)
991. CIBCR short-leading composite index (M).—Columbia University, Center for
International Business Cycle Research (5,21)
2. Other Important Economic Measures
290. Gross saving (Q).—Source 1 (4)
292. Personal saving (Q).—Source 1 (4)
98. Index of producer prices for sensitive crude and intermediate materials
(M).—Sources 1 and 3 (3)
293. Personal saving rate (Q).—Source 1 (4,23)
99. Change in sensitive materials prices, smoothed (M).—Sources 1, 3, and
Commodity Research Bureau, Inc. (1,3,10)
298. Government surplus or deficit (Q).—Source 1 (4,23)
295. Business saving (Q).—Source 1 (4)
100. New plant and equipment expenditures by business in 1987 dollars (Q).—
Source 2 (2, f 7)
311. Fixed-weighted price index, gross domestic business product (Q).—Source
1 (3,22)
101. Commercial and industrial loans outstanding in 1987dollars (M)—Sources
1, 3, 4, and The Federal Reserve Bank of New York (1,5,12)
320. Consumer Price Index for all urban consumers, ail items (M).—Source 3
(3,5,22,25)
102. Change in money supply M2 (M).—Sources 1 and 4 (4,20)
323. Consumer Price Index for all urban consumers, all items less food and
energy (M)—Sources (3,22)
105. Money supply M1 in 1987 dollars (M).—Sources 1, 3, and 4 (4)
106. Money supply M2 in 1987 dollars (M) -Sources 1, 3, and 4 (1,4,10)
107. Ratio, gross domestic product to money supply M1 (Q).—Sources 1 and 4
(4)
108. Ratio, personal income to money supply M2 (M)-Sources 1 and 4 (4)
109. Average prime rate charged by banks (M).—Source 4 (1,5,12)
110. Funds raised by private nonfinanclal borrowers in credit markets (Q).—
Source 4 (4,20)
112. Net change in business loans (M).—Sources 1, 4, and The Federal Reserve
Bank of New York (4,20)
113. Net change in consumer installment credit (M).—Sources 1 and 4 (4,20)
331. Producer Price Index, crude materials for further processing (M).—Sources
1 and 3 (3,22)
332. Producer Price Index, intermediate materials, supplies, and components
(M)-Sources 1 and 3 (3,22)
333. Producer Price Index, capital equipment (M).—Sources 1 and 3 (3,22)
334. Producer Price Index, finished consumer goods (M).—Sources 1 and 3
(3,22)
336. Producer Price Index, finished goods (M).—Sources 1 and 3 (3,22)
337. Producer Price Index, finished goods less foods and energy (M).—Sources
1 and 3 (3,22)
114. Discount rate on new issues of 91-day Treasury bills (M).—Source 4 (5,21)
345. Index of average hourly compensation, all employees, nonfarm business
sector (Q).—Source 3 (4)
115. Yield on long-term Treasury bonds (M).—U.S. Department of the Treasury
(5,21)
346. Index of real average hourly compensation, all employees, nonfarm
business sector (Q).—Source 3 (4)
SURVEY OF CURRENT BUSINESS
358. Index of output per hour, all persons, nonfarm business sector (Q).—Source
3(4)
370. Index of output per hour, all persons, business sector (Q).—Source 3 (4,23)
441. Civilian labor force (M).-Source 3 (2)
442. Civilian employment (M).—Source 3 (2)
451. Civilian labor force participation rate, males 20 years and over (M).—Source
3(2)
452. Civilian labor force participation rate, females 20 years and over (M).—
Source 3 (2)
453. Civilian labor force participation rate, both sexes 16-19 years of age (M)—
Source 3 (2)
525. Defense Department prime contract awards for work performed in the United
States (M).—U.S. Department of Defense, Office of the Assistant Secretary of
Defense (Comptroller), Washington Headquarters Services, Directorate for Information Operations and Reports; seasonal adjustment by Bureau of Economic
Analysis (5)
548, Manufacturers' new orders, defense products (M).—Source 2 (5)
557. Index of industrial production, defense and space equipment (M).—Source
4(5)
564. Federal Government purchases, national defense (Q).—Source 1 (5,23)
October 1994
C-55
726. France, index of industrial production (M) —Institut National de la Statistique
et des Etudes Economiques (Paris) (5,24)
727. Italy, index of industrial production (M).—Istituto Centrale di Statistica (Rome)
(5,24)
728. Japan, index of industrial production (M).—Ministry of International Trade and
Industry (Tokyo) (5,24)
732. United Kingdom, consumer price index (M).—Department of Employment
(London); percent changes seasonally adjusted by Bureau of Economic Analysis
(5,25)
733. Canada, consumer price index (M).—Statistics Canada (Ottawa); percent
changes seasonally adjusted by Bureau of Economic Analysis (5,25)
735. Federal Republic of Germany, consumer price index (M).—Statistisches
Bundesarnt (Wiesbaden); percent changes seasonally adjusted by Bureau of
Economic Analysis (5,25)
736. France, consumer price index (M).—Institut National de la Statistique et des
Etudes Economiques (Paris); percent changes seasonally adjusted by Bureau of
Economic Analysis (5,25)
737. Italy, consumer price index (M).—Istituto Centraie di Statistica (Rome); percent
changes seasonally adjusted by Bureau of Economic Analysis (5,25)
570. Employment, defense products industries (M).—Sources 1 and 3 (5)
738. Japan, consumer price index (M).—Bureau of Statistics, Office of the Prime
Minister (Tokyo); percent changes seasonally adjusted by Bureau of Economic
Analysis (5,25)
602. Exports, excluding military aid shipments (M).—Sources 1 and 2 (5)
742. United Kingdom, index of stock prices (M).—Central Statistical Office (London)
(5,26)
604. Exports of domestic agricultural products (M).—Sources 1 and 2 (5)
743. Canada, index of stock prices (M).-Toronto Stock Exchange (Toronto) (5,28)
606. Exports of nonelectrical machinery (M).—Sources 1 and 2 (5)
745. Federal Republic of Germany, index of stock prices (M).—Statistisches
Bundesarnt (Wiesbaden) (5,26)
612. General imports (M).—Sources 1 and 2 (5)
614. Imports of petroleum and petroleum products (M).—Sources 1 and 2 (5)
616. Imports of automobiles and parts (M).—Sources 1 and 2 (5)
618. Merchandise exports, adjusted, excluding military (Q).—Source 1 (5,23)
746. France, index of stock prices (M).—Institut National de la Statistique et des
Etudes Economiques (Paris) (5,26)
747. Italy, index of stock prices (M) —Banca d'ltalia (Rome) (5,26)
620. Merchandise imports, adjusted, excluding military (Q).—Source 1 (5, £3)
748. Japan, index of stock prices (M).—Bank of Japan (Tokyo) (5,26)
622. Balance on merchandise trade (Q).—Source 1 (5)
750. Index of weighted-average exchange value of U.S. dollar against currencies
of 10 industrial countries (M).—Source 4 (5,27)
721. Organisation for Economic Co-operation and Development, European
countries, index of industrial production (M).—Organisation for Economic
Co-operation and Development (Paris) (5,24)
752. United Kingdom, exchange rate per U.S. dollar (M)-Sources 1 and 4 (5,27)
722. United Kingdom, index of industrial production (M).—Central Statistical Office
(London) (5,24)
755. Federal Republic of Germany, exchange rate per U.S. dollar (M).—Source 4
(5,27)
723. Canada, index of industrial production (M).—Statistics Canada (Ottawa)
(5,24)
725. Federal Republic of Germany, index of industrial production (M).—
Statistisches Bundesarnt (Wiesbaden) (5,24)
756. France, exchange rate per U.S. dollar (M).—Source 4 (5,27)
753. Canada, exchange rate per U.S. dollar (M).—Source 4 (5,27)
757. Italy, exchange rate per U.S. dollar (M).—Source 4 (5,27)
758. Japan, exchange rate per U.S. dollar (M).—Source 4 (5,27)
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Release
Date
U.S. International Trade in Goods and Services, September 1994
Gross Domestic Product, 3d quarter 1994 (preliminary)
Corporate Profits, 3d quarter 1994 (preliminary)
* Nov. 18
Nov. 30
Nov. 30
Personal Income and Outlays, October 1994
Composite Indexes of Leading, Coincident, and Lagging Indicators, October 1994
Summary of International Transactions, 3d quarter 1994
U.S. International Trade in Goods and Services, October 1994
Gross Domestic Product, 3d quarter 1994 (final)
,
Corporate Profits, 3d quarter 1994 (revised)
Personal Income and Outlays, November 1994
Composite Indexes of Leading, Coincident, and Lagging Indicators, November 1994
Dec. i
Dec. 2
Dec. 14
* Dec. 20
Dec. 22
Dec. 22
Dec. 23
Dec. 29
* Joint release by the Bureau of the Census and BEA.
For information, call (202) 606-9900, Bureau of Economic Analysis, U.S. Department of Commerce.
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