Economic Indicators: April 1994 - FRASER€¦ · 103d Congress, 2d Session Economic Indicators...

103d Congress, 2d Session

Economic Indicators

APRIL 1994(Includes data available as of May 3, 1994)

Prepared for the Joint Economic Committee by the

Council of Economic Advisers

UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON : 1994

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JOINT ECONOMIC COMMITTEE(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)

DAVID R. OBEY, Wisconsin, ChairmanPAUL S. SARBANES, Maryland, Vice Chairman

HOUSE OF REPRESENTATIVESLEE H. HAMILTON (Indiana)FORTNEY H. (PETE) STARK (California)KWEISI MFUME (Maryland)RON WYDEN (Oregon)MICHAEL A. ANDREWS (Texas)RICHARD K. ARMEY (Texas)JIM SAXTON (New Jersey)CHRISTOPHER C. COX (California)JIM RAMSTAD (Minnesota)

SENATEEDWARD M. KENNEDY (Massachusetts)JEFF BINGAMAN (New Mexico)CHARLES S. ROBB (Virginia)BYRON L. DORGAN (North Dakota)BARBARA BOXER (California)WILLIAM V. ROTH, JR. (Delaware)CONNIE MACK (Florida)LARRY E. CRAIG (Idaho)ROBERT F. BENNETT (Utah)

RICK McGAHEY, Executive Director

COUNCIL OF ECONOMIC ADVISERS

LAURA D. TYSON, ChairALAN S. BLINDER, Member

JOSEPH E. STIGLITZ, Member

[PUBLIC LAW 120—SlsT CONGRESS; CHAPTER 237—IST SESSION]

JOINT RESOLUTION [SJ. Res. 55]

To print the monthly publication entitled "Economic Indicators"

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TOTAL OUTPUT, INCOME, AND SPENDINGGROSS DOMESTIC PRODUCTIn the first quarter of 1994, according to advance estimates, current-dollar gross domestic product (GDP) rose 5.2percent (annual rate), real GDP (GDP in 1987 dollars) rose 2.6 percent, and the implicit price deflator rose 2.6percent.

BILUONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)

6,800

6,400

6,000

5,600

5,200

4,800

4,400

4,000

3,600

3,200

2,800

5EA5GNAUY MJUSTH) ANNUAL MJB

/

^

GDPIN CURRENT DOLLARS ^

\,

i i i1982

X/

/

i i i1983

^

S

i i i

1984

''/

^

i i i1985

^

i i i1986

fxIS

i i i1987

r<GDP

1987DOL

> i i

1988

>^

LARS

I i i1989

f

~.

i i i1990

^^1

i i i1991

f

.--'

i i i1992

r""

___ X

1 1 11993

r-

1 1 1

1994

6,800

6/400

6,000

5,600

5,200

4,800

4,400

4,000

3,600

3,200

2,800

SOURCE: DEPARTMENT Of CQMMBCE COUNCa OF ECONOMIC ADVBSS

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

Period

198619871988198919901991199219931982: IV1983: IV1984: IV1985: IV1986: IV1987: IV1988: IV1989: IV1990: IV1991: TH

rv1992- I

nrarv

1993' IninIV

1994' I p

Grossdomesticproduct

4,268.64,539.94,900.45,250.85,546.15,722.96,038.56,377.93,195.13,547.33,869.14,140.54,336.64,683.05,044.65,344.85,597.95,758.65,803.75,908.75,991.46,059.56,194.46,261.66,327.66,395.96,526.56,609.4

Personalcon-

sumptionexpendi-

tures

2,850.63,052.23,296.13,523.13,761.23,906.44,139.94,391.82,128.72,346.82,526.42,739.82,923.13,124.63,398.23,599.13,836.63,929.83,964.14,046.54,099.94,157.14,256.24,296.24,359.94,419.14,492.04,549.4

Grossprivate

domesticinvest-ment

717.6749.3793.6832.3808.9736.9796.5891.7464.2614.8722.8737.0697.1800.2814.8825.2756.4744.5752.4750.8799.7802.2833.3874.1874.1884.0934.5978.0

Exports and imports of goodsand services

Netexports

1325-143.1- 108.0-79.7-71.4

19.6-29.6

63.6-29.5-71.8

-107.1-135.5-133.2-143.2-106.0-73.9-71.6-19.8-13.0

70-33.9-38.8-38.8

483-65.1-71.9-69.1

824

Exports

319.2364.0444.2508.0557.1601.5640.5661.7265.6286.2308.7304.7333.9392.4467.0523.8577.6603.0625.7633.7632.4641.1654.7651.3660.0653.2682.4668.8

Imports

451.7507.1552.2587.7628.5621.1670.1725.3295.1358.0415.7440.2467.1535.6573.1597.7649.2622.8638.8640.7666.3679.9693.5699.6725.0725.1751.5751.2

Government purchases

Total

833.0881.5918.7975.2

1,047.41,099.31,131.81,158.1

631.6657.6727.0799.2849.7901.4937.6994.5

1,076.51,104.01,100.21,118.51,125.81,139.11,143.81,139.71,158.61,164.81,169.11,164.4

Federal

Total

367.8384.9387.0401.6426.5445.9448.8443.4281.4289.7324.7356.9373.1392.5392.0405.1436.5446.8437.4445.5444.6452.8452.4442.7447.5443.6440.0434.0

Nationaldefense

276.7292.1295.6299.9314.0322.5313.8303.4205.5222.8242.9268.6278.6295.8296.8302.5322.5321.2311.2312.3310.4316.7315.7304.8307.6301.9299.2292.8

Non-defense

91.192.991.4

101.7112.5123.4135.0140.175.966.981.988.394.596.795.2

102.6114.0125.6126.2133.1134.2136.1136.7137.9140.0141.7140.7141.2

Stateandlocal

465.3496.6531.7573.6620.9653.4683.0714.6350.3367.9402.2442.4476.6509.0545.7589.3640.0657.3662.8673.0681.2686.2691.4697.0711.1721.2729.2730.3

Finalsales of

domesticproduct

4,260.04,513.74,884.25,217.55,539.35,731.66,031.26,362.33,241.43,527.13,818.14,107.94,355.44,623.75,027.35,314.65,621.85,759.15,794.85,913.95,978.66,049.96,182.56,227.16,314.56,388.26,519.66,575.2

Grossdomestic

pur-chases *

4,401.24,683.05,008.45,330.55,617.55,742.56,068.26,441.53,224.63,619.13,976.24,276.04,469.84,826.25,150.75,418.75,669.55,778.45,816.75,915.86,025.36,098.36,233.26,309.96,392.76,467.86,595.66,691.8

Adden-dum:Gross

nationalproduct

4,277.74,544.54,908.25,266.85,567.85,737.16,045.86,378.13,222.63,578.43,890.24,156.24,340.54,690.55,054.35,365.05,630.05,766.25,815.55,927.65,996.36,067.36,191.96,262.16,327.16,402.36,520.9

1 GDF less exports of goods and services plus imports of goods and services. Source: Department of Commerce, Bureau of Economic Analysis.


GROSS DOMESTIC PRODUCT IN 1987 DOLLARS[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]

Period

19861987198819891990199119921993

1982- IV1983- IV1984- IV1985- IV1986- IV1987- IV1988- IV1989- IV1990- IV

1991: IIIIV

1992- IHmrv

1993- IIImIV

1994- I '.


4,404.54,539.94,718.64,838.04,897.34,861.44,986.35,136.0

3,759.64,012.14,194.24,333.54,427.14,625.54,779.74,856.74,867.2

4,872.64,879.6

4,922.04,956.54,998.25,068.3

5,078.25,102.15,138.35,225.6

5,259.0

Personalcon-

sumptionexpendi-

tures

2,969.13,052.23,162.43,223.33,272.63,258.63,341.83,453.2

2,539.32,678.22,784.82,895.33,012.53,074.73,202.93,242.03,265.9

3,267.13,267.5

3,302.33,316.83,350.93,397.2

3,403.83,432.73,469.63,506.9

3,539.8

Gross privatedomestic investment

Nonre-sidential

fixedinvest-ment

500.3497.8530.8540.0546.5514.5529.2591.8

417.2449.6509.6525.5495.5510.6538.8536.7540.2

512.8506.1

510.5528.8533.8543.7

562.3584.3594.8625.7

634.1

Resi-dentialfixed

invest-ment

226.2225.2222.7214.2194.5169.5197.1214.2

131.2190.6198.8207.4230.5223.3225.3208.0176.3

171.0179.1

186.2195.6196.2210.6

211.4206.2212.1227.2

232.2

Changein

busi-ness

inven-tories

8.526.319.929.85.78 46.5

14.3

-44.929.347.930.2

-20.159.920.924.9

-20.9g

7.1

-5.012.69.68.7

29.313.06.58.5

30.5

Exports and imports ofgoods and services

Netexports

-155.1

- 104.073 7

-54.719 1

-33.6^76.5

19 0-83.7131 4

-155.4-156.0-136.0-102.7-67.4-36.8

-25.0164

-15.2380

-42.538 8

-59.975 2

-86.3845

- 104.2

Ex-ports

329.6364.0421.6471.8510.5543.4578.0598.3

280.4291.5312.8312.0342.9386.1438.2487.7520.4

546.9564.2

571.0570.2579.3591.6

588.0593.2591.9620.0

605.0

Im-ports

484.7507.1525.7545,4565.1562.5611.6674.8

299.4375.1444.2467.4498.9522.1540.9555.0557.2

571.9580.7

586.2608.2621.8630.3

647.9668.4678.2704.5

709.3


Total

855.4881.5886.8904.4932.6946.3945.2938.9

735.9748.1784.3830.5864.8893.0894.5912.6942.4

947.6936.2

943.1940.7950.2946.9

931.3941.1941.7941.7

926.8

Federal

Total

373.0384.9377.3376.1384.1386.5373.0354.9

316.0322.2341.7363.7377.5391.6378.4376.1386.5

386.6372.1

372.1369.2377.0373.7

357.6359.4353.7349.0

338.0

Nationaldefense

280.6292.1287.0281.4283.6281.3261.2242.4

229.4242.9254.3272.1282.2295.0285.7281.5285.7

279.4264.9

261.2257.9264.4261.3

246.0246.4240.1237.1

228.4

Non-defense

92.492.990.294.8

100.4105.3111.8112.5

86.679.387.491.695.396.692.794.7

100.8

107.2107.2

110.9111.3112.5112.4

111.5113.0113.7111.8

109.6

Stateandlocal

482.4496.6509.6528.3548.5559.7572.2584.0

419.9425.9442.6466.7487.3501.4516.1536.5555.8

561.0564.1

571.0571.5573.2573.2

573.7581.6588.0592.8

588.9

Finalsales of

domesticproduct

4,395.94,513.74,698.64,808.34,891.64,869.84,979.85,121.7

3,804.53,982.84,146.24,303.34,447.24,565.64,758.74,831.84,888.0

4,873.54,872.5

4,926.94,943.84,988.65,059.6

5,048.95,089.15,131.85,217.1

5,228.6

Grossdomestic

pur-chases l

4,559.64,683.04,822.64,911.74,951.94,880.55,019.95,212.5

3,778.64,095.84,325.54,488.94,583.14,761.54,882.44,924.14,904.0

4,897.64,896.0

4,937.14,994.55,040.75,107.1

5,138.15,177.45,224.65,310.0

5,363.3

dum:Gross

nationalproduct

4,413.54,544.54,726.34,852.74,916.54,874.54,994.05,138.6

3,791.74,046.64,216.44,349.54,430.84,633.04,789.04,875.14,895.4

4,880.34,890.9

4,939.04,962.25,006.45,068.4

5,080.75,104.15,145.85,223.7

1 GDP less exports of goods and services plus imports of goods and services. Source: Department of Commerce, Bureau of Economic Analysis.

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

Period

19861987198819891990199119921993

1982- IV1983: IV1984- IV .1985- IV1986- IV1987- IV1988- IV1989- IV1990- IV

1991- HIrv

1992- InmIV

1993- Inmrv

1994- I *


96.9100.0103.9108.5113.3117.7121.1124.2

85.088.492.395.598.0

101.2105.5110.1115.0

118.2118.9

120.0120.9121.2122.2

123.3124.0124.5124.9

125.7

Personal consumptionexpenditures

Total

96.0100.0104.2109.3114.9119.9123.9127.2

83.887.690.794.697.0

101.6106.1111.0117.5

120.3121.3

122.5123.6124.1125.3

126.2127.0127.4128.1

128.5

Durablegoods

96.9100.0102.0104.2105.7107.3108.9109.8

90.693.394.495.997.8

101.0103.1104.9106.1

107.5107.8

108.4109.0109.1109.1

109.2109.8109.9110.1

110.4

Nondura-ble goods

96.1100.0103.7109.3115.9120.0122.4124.1

89.491.894.297.096.3

101.5105.6110.8119.2

120.1120.7

121.5122.1122.8123.1

124.1124.2123.7124.3

124.3

Services

95.7100.0105.1110.6116.7122.8128.5133.5

79.083.787.792.997.3

101.9107.1112.7119.2

123.5124.9

126.6128.1128.5130.7

131.8133.1134.0135.1

135.9

Gross privatedomestic investment

Nonresi-dentialfixed

98.4100.0102.8105.2107.3108.0106.9105.4

95.395.096.497.399.2

100.7104.0106.0108.2

107.8107.3

107.1107.1106.6106.6

105.7106.0105.1104.8

104.8

Residen-tial fixed

95.8100.0104.2107.8110.7111.8113.4117.8

86.088.090.793.197.3

101.5105.3108.8111.1

112.5111.8

112.2112.8113.8114.9

115.8117.3118.5119.5

120.2

Exports and imports ofgoods and services

Exports

96.9100.0105.3107.7109.1110.7110.8110.6

94.798.298.797.797.4

101.6106.6107.4111.0

110.2110.9

111.0110.9110.7110.7

110.8111.3110.4110.1

110.5

Imports

93.2100.0105.1107.8111.2110.4109.6107.5

98.595.493.694.293.6

102.6106.0107.7116.5

108.9110.0

109.3109.6109.3110.0

108.0108.5106.9106.7

105.9


Federal

Total

98.6100.0102.6106.8111.0115.4120.3124.9

89.089.995.098.198.8

100.2103.6107.7112.9

115.6117.5

119.7120.4120.1121.1

123.8124.5125.4126.1

128.4

Nationaldefense

98.6100.0103.0106.6110.7114.7120.1125.1

89.691.795.598.798.7

100.3103.9107.5112.9

114.9117.5

119.6120.3119.8120.8

123.9124.8125.7126.2

128.2

Non-defense

98.6100.0101.4107.3112.0117.2120.8124.5

87.784.393.796.499.2

100.1102.6108.4113.1

117.2117.8

120.0120.6121.0121.6

123.6123.9124.6125.9

128.8

Stateand local

96.4100.0104.3108.6113.2116.7119.4122.4

83.486.490.994.897.8

101.5105.7109.9115.2

117.2117.5

117.9119.2119.7120.6

121.5122.3122.7123.0

124.0

Source: Department of Commerce, Bureau of Economic Analysis.


CHANGES IN GDP, PERSONAL CONSUMPTION EXPENDITURES, ANDRELATED IMPLICIT PRICE DEFLATORS AND PRICE INDEXES

[Percent change from preceding year or quarter; quarterly data at seasonally adjusted annual rates]

Period

19811982198319841985198619871988198919901991 .19921993

1990: IIIHI . ...IV

1991- I . . .nmrv

1992- Inmrv

1993- IninIV

1994- I *

Gross domestic product

Currentdollars

11.93.98.1

10.96.95.76.47.97.25.63.25.55.6

9.15.93.11.0

2.44.84.33.2

7.45.74.69.2

4.44.34.48.4

5.2

Constant(1987) dollars

1.82 23.96.23.22.93.13.92.51.2

-.72.63.0

3.51.5

9-3.2

2 41.51.4.6

3.52.83.45.7

.81.92.97.0

2.6

Implicit pricedeflator

10.06.24.14.43.72.63.23.94.44.43.92.92.6

5.24.44.04.3

5.03.13.12.4

3.83.01.03.3

3.62.31.61.3

2.6

Fixed-weightedprice index

(1987 weights)

3.93.43.52.83.14.04.54.64.13.33.1

5.84.44.73.8

5.13.43.42.7

4.23.42.53.1

4.32.82.12.3

2.9

Personal consumption expenditures

Currentdollars

10.26.99.69.08.46.97.18.06.96.83.96.06.1

9.25.38.33.7

.74.74.43.5

8.65.45.79.9

3.86.15.56.8

5.2

Constant(1987) dollars

1.21.14.64.84.43.62.83.61.91.5

42.63.3

2.8.9

2.12 7

-2.81.81.3.0

4.31.84.25.6

.83.44.44.4

3.8

Implicit pricedeflator

9.05.74.93.93.93.14.24.24.95.14.43.32.7

6.34.36.16.7

3.43.13.03.4

4.03.61.63.9

2.92.61.32.2

1.3

Fixed-weightedprice index

(1987 weights)

8.65.44.33.73.83.04.14.35.05.34.53.73.0

6.64.26.37.0

3.93.23.43.5

4.53.63.43.1

3.42.91.42.8

2.1


NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS[Quarterly data at seasonally adjusted annual rates]

Period

19861987198819891990 ..199119921993 r

1982- IV1983- IV1984- IV1985- IV1986- IV1987- IV1988: IV1989- IV .1990- IV1991- IV .

1992- InIIIIV

1993- Ininrv r

Gross domestic productof nonfinancial

corporate business(billions of dollars)

Currentdollars

2,386.32,547.32,764.82,913.53,045.53,082.13,243.43,417.3

1,806.32,037.22,228.22,338.82,422.82,627.62,843.22,951.53,052.53,129.5

3,159.83,218.13,264.23,331.6

3,331.73,395.93,432.23,509.4

1987dollars

2,439.32,547.32,684.82,718.92,747.42,710.02,822.32,936.3

1,999.62,204.22,328.42,396.92,463.32,604.02,719.02,722.72,725.02,745.0

2,759.52,802.62,839.82,887.4

2,867.52,916.62,948.93,012.1

Current-dollar cost and profit per unit of output (dollars) 1

Totalcost andprofit 2

0.9781.0001.0301.0721.1091.1371.1491.164.903.924.957.976.984

1.0091.0461.0841.1201.140

1.1451.1481.1491.154

1.1621.1641.1641.165

Consump-tion offixed

capital

0.111.110.111.117.120.126.125.123.119.119.111.110.112.110.112.120.123.125

.125

.124

.129

.122

.124

.123

.124

.122

Indirectbusinesstaxes 3

0.095.095.096.101.106.115.116.118.086.088.091.093.095.094.097.102.109.116

.117

.116

.116

.116

.116

.118

.118

.118

Compen-sation of

employees

0.648.658.676.706.736.758.762.768.607.602.623.643.654.664.687.718.748.760

.762

.762

.762

.761

.772

.770

.769

.762

Netinterest

0.040.042.045.054.054.052.048.046.040.036.041.038.042.042.047.055.054.051

.050

.049

.047

.046

.047

.046

.045

.044

Corporate profits with inventoryvaluation and capital consumption

adjustments

Total

0.084.096.102.094.093.086.099.109.051.079.091.092.081.099.102.088.085.088

.091

.098

.096

.109

.102

.108

.108

.118

Profitstax

liability

0.031.037.038.037.034.031.035.040.020.029.027.030.035.038.040.033.034.031

.033

.036

.034

.037

.037

.040

.038

.044

Profitsaftertax 4

0.053.059.064.057.059.056.064.069.030.050.064.063.045.060.063.055.052.056

.059

.062

.062

.072

.065

.068

.070

.075

Outputper hour

of allemployees

(1987dollars)

22.73523.12923.57223.18923.44623.86524.836

21.07021.89322.05422.34722.89223.35823.52423.14723.54924.246

24.39424.67825.03125.310

25.05325.29625.528

Compen-sation per

hour ofall

employees(dollars)

14.74115.20815.83316.37717.24618.08718.915

12.79113.18713.73214.35914.97515.51816.07116.61817.62318.419

18.59718.80319.06219.249

19.35319.46819.626

1 Output is measured by GDP of nonfinancial corporate business in 1987 dollars.2 This is equal to the deflator for gross domestic product of nonfinancial corporate business with

the decimal point shifted two places to the left.3 Indirect business tax and nontax liability plus business transfer payments less subsidies.

4 With inventory valuation and capital consumption adjustments.Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor

(Bureau of Labor Statistics).


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

Period

1987198819891990199119921993 r ....1982: IV1983- IV1984: IV1985- IV1986: IV1987- IV1988: IV1989- IV.1990: IV1991- IV1992: I

IIinIV

1993: In....mrv r....

1994- I p

Nationalincome

3,692.34,002.64,249.54,491.04,598.34,836.65,140.32,551.52,834.33,134.43,341.93,486.03,828.84,127.64,305.24,539.24,662.64,755.44,814.64,800.84,975.85,038.95,104.05,143.25,275.0

Compen-sation ofemploy-

ees1

2,698.72,921.33,100.23,297.63,402.43,582.03,772.21,940.42,101.22,288.12,442.52,582.52,785.13,004.93,162.83,344.23,455.43,507.83,558.13,603.63,658.63,705.13,750.63,793.93,839.23,907.2

Proprietors' incomewith inventory

valuation and capitalconsumptionadjustments

Farm

31.330.940.241.936.843.746.010.26.3

21.917.823.642.430.938.443.837.645.644.936.847.655.747.024.856.460.0

Nonfarm

279.0293.4307.0321.4339.5370.6397.3169.6193.8217.7250.9260.9282.6302.5311.4325.1350.1361.2366.2371.3383.6388.4392.4397.6410.6415.6

Rentalincome ofpersons

withcapital

consump-tion

adjust-ment

3.24.3

-13.5— 14.2— 12.8-8.912.624.122.224.314.04.76.82.8

21 6-11.1-11.2-8.7

7 218 5

-1.27.5

12.713.716.43.5

Corporate profits with inventory valuation and capitalconsumption adjustments

Total

319.8365.0362.8380.6369.5407.2466.6150.3229.1261.3284.9264.6343.3378.3354.5362.8378.8409.9411.7367.5439.5432.1458.1468.5507.9

Profits with inventory valuationadjustment and without capital

consumption adjustment

Total

273.4320,3325.4354.7367.3390.1442.3160.0216.2223.6228.0225.0293.4340.5320.6349.3375.4399.7395.7350.1414.8407.0433.4444.8484.0

Profitsbefore tax

287.9347.5342.9365.7362.3395.4449.4168.6223.8220.1231.8235.7311.2372.2334.1368.9373.5404.3409.5357.9409.9419.8445.6443.8488.4

Inventoryvaluation

adjust-ment

-14.527 3

-17.511 04.95 3

-7.186

-7.63.5

-3.810.7

-17.831.7

-13.5-19.5

1.9-4.613 7

-7.84.9

-12.71221.0

-4.317 7

Capitalconsump-

tionadjust-ment

46.444.737.425.92.2

17.124.3

-9.612.937.756.939.649.937.933.913.53.5

10.216.017.424.725.124.723.823.920.6

Netinterest

360.4387.7452.7463.7462.8442.0445.6256.8281.8321.1331.9349.7368.6408.1459.8474.4451.9439.5440.8440.1447.7450.1443.2444.6444.5

1 Includes employer contributions for social insurance. (See also p. 5.) Source: Department of Commerce, Bureau of Economic Analysis.

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

Period

19871988198919901991199219931982: IV1983: IV1984: IV1985: IV1986: IV1987: IV1988: IV1989: IV1990: IV1991: HI

IV1992: I

IIinIV

1993: IIIinIV

1994: I p

Totalpersonalconsump-

tionexpendi-

tures

3,052.23,162.43,223.33,272.63,258.63,341.83,453.22,539.32,678.22,784.82,895.33,012.53,074.73,202.93,242.03,265.93,267.13,267.53,302.33,316.83,350.93,397.23,403.83,432.73,469.63,506.93,539.8

Durable goods

Totaldurablegoods

403.7428.7440.7443.1426.6456.6490.0272.3319.1347.7369.6415.7404.7439.2436.8433.2432.6431.5446.6447.5459.0473.4471.9484.2493.1510.9522.9

Motorvehicles

andparts

183.5194.8196.4192.7170.5182.3191.7123.7151.6164.3173.9193.6183.6197.7188.3182.1173.7173.0180.6179.5180.6188.6185.7191.3189.9199.7211.7

Furni-ture andhouse-hold

equip-ment

144.0155.4165.8171.6180.0194.8216.396.4

109.3118.7128.6141.4145.9160.3167.9172.3182.7182.9188.2189.8197.1204.2206.5212.4219.4227.1227.2

Other

76.278.578.578.776.179.582.052.358.164.867.180.775.281.280.578.876.275.677.878.281.380.679.780.683.784.184.0

Nondurable goods

Totalnondura-ble goods

1,011.11,035.11,051.61,060.71,048.21,062.91,088.1

880.7915.2942.9968.7

1,000.91,014.61,046.81,058.91,057.51,049.31,044.01,052.01,055.01,062.91,081.81,076.01,083.11,093.01,100.21,106.7

Food

500.7513.4515.0523.9518.7520.5531.0458.3467.1475.1488.2496.9502.4518.0515.6525.8518.8518.2518.8515.7518.2529.3526.7528.6532.6536.0536.4

Clothingand

shoes

174.5178.9187.8186.2184.7193.7199.5135.7147.7154.7161.7171.9174.5182.8190.9184.5185.9183.1188.3191.1195.4200.0194.8197.8200.6204.6205.5

Gasolineand oil

84.786.187.386.483.183.984.973.476.979.079.584.685.487.588.684.683.482.582.783.784.784.483.984.186.285.484.6

Fueloil and

coal

12.012.011.410.510.711.913.010.511.411.111.412.411.912.012.09.5

11.410.611.112.811.711.912.912.613.213.114.5

Other

239.1244.7250.2253.8250.9252.9259.8202.8212.2222.9228.0235.2240.4246.4251.8253.1249.8249.6251.1251.7252.7256.2257.7259.9260.4261.1265.6

Services

Totalservices 1

1,637.41,698.51,731.01,768.81,783.81,822.31,875.21,386.21,443.91,494.21,557.11,595.81,655.51,716.91,746.31,775.21,785.21,792.01,803.71,814.31,829.01,842.01,855.91,865.41,883.51,895.81,910.2

Housing

452.5461.8469.2474.6478.6484.2492.0411.0419.7431.3438.1444.8457.0465.6471.3475.9479.4480.6481.7483.2485.1486.7488.8490.7493.3495.3497.8

Medicalcare

384.7399.4408.6424.6437.6449.2463.4327.8334.8344.9359.1372.0390.7403,0411.8429.4438.8443.6445.3447.9450.4453.2458.0461.1465.1469.3472.7

Retail sales of newpassenger cars

(millions of units)

Domes-tics

7.17.57.16.96.16.36.76.07.47.77.07.76.67.56.26.66.26.16.16.36.26.46.46.96.67.17.5

Imports

3.23.12.82.62.32.12.02.52.62.63.13.43.33.02.62.42.32.22.32.22.02.02.02.12.01.92.0

1 Includes other items, not shown separately. Source: Department of Commerce, Bureau of Economic Analysi


SOURCES OF PERSONAL INCOMEPersonal income rose $33.1 billion (annual rate) in March, following a rise of $98.9 billion in February. The large

February increase primarily reflected a rebound from uninsured losses to residential and business property from the

California earthquake in January, but also higher farm subsidies and bonuses to auto workers (the latter two

factors had a slight offsetting effect on the March increase).

BILUONS OF DOLLARS* (RATIO SCALE)

6,000

5,000

4,000

3,000

2,000

1,400

800

4001986 1987

* SEASONALLY ADJUSTEP ANNUAL RATESSOURCE: DEPARTMENT OF COMMERCE

1988

WAGE AND SALARY DISBURSEMENTS

\

OTHER INCOME

. TRANSFER PAYMENTS

I I I I I I I I I I I1989 1990 1991 1992

BILLIONS OF DOLLARS* (RATIO SCALE)

6,000

5,000

4,000

3,000

2,000

1,400

800

1993

4001994


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

Period

1986.19871988198919901991199219931993: Mar

May, 3

July, *

SeptOctNovDec

1994: Jan 'Feb r

Mar*

personalincome

359043 802040759438034,673.84 85095 144.95 388 35,289.25 36565,380.45 373 65,365.1543235,440.6547875,511.25548 15,501.1560005,633.1

Wage andsalary

disburse-ments 1

2 105.42 261 22,443.02 58642,745.02 81502,973.1308052,975.8306833,093.8308603,101.63 124.33,120.43,137.73,147.13 164.03,191.53 197 83,212.9

Other laborincome * a

200.72104230.5251 9274.3296.9322.7350.7341.23439346.6349.3352.0354.7357.4360.1362.9365.8368.8371.9375.1

Proprietor

Farm

22 331 330940241 936843 746082.059 745.236010.631 132.743960.065354.162 263.6

' income 3

Nonfarm

261 527902934307 0321 43395370.6397 3388.2389 7392.73948393.13994400.44060410.44154410.64158420.5

income ofpersons 4

873243

13514.2

— 12 8-8.912 68.1

14312.011 97.1

16 117.916.816.415.9

— 43.724629.5

dividendincome

10471004108.41265144.41279140.41583157.21575157.81582158.61590159.3159.4159.4159.5159.71604162.0

interestincome

531.7548 1583.26682698.27156694.3695.2695.2694 1693.1692.0693.6695.7697.8697.3696.7696.2697.9700.1702.5

pay-ments 5

517.8542 2576.76250687.67699858.4912.1898.3901.7904.5910.2914.3919.4921.8925.9927.5936.2940.7946.2947.0

Less:

contributionsfor socialinsurance

162 1173 61945211 42249237 8249.32643256.9263 5265.32649265.92674267.02683269.12702278.42789280.0

personalincome 6

354563 749440239431804,608.64 792 05,080.1532005,185.15283 75,312.85 315 05,332.2537875,385.45412 15,428.4545995,423.95 514 65,546.1

1 The total of wage and salary disbursements and other labor income differs from compensation ofemployees (see p. 4) in that it excludes employer contributions for social insurance and the excess ofwage accruals over wage disbursements.

* Consists primarily of employer contributions to private pension and private welfare funds.3 With inventory valuation and capital consumption adjustments.

4 With capital consumption adjustment.5 Consists mainly of social insurance benefits, direct relief, and veterans payments.6 Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,

and agricultural net interest.Source: Department of Commerce, Bureau of Economic Analysis.


DISPOSITION OF PERSONAL INCOMEAccording to advance estimates, per capita disposable personal income in 1987 dollars rose in the first quarter of1994.

BILLIONS OF DOLLARS' (RATIO SCALEI5,000

4,500

BILLIONS OF DOLLARS* (RATIO SCALEI

2,500

2,000

DOLLARS* (RATIO SCALE)

2,500

2,000

DOLLARS* (RATIO SCALE)

18,000

16,000

14,000

12,000

10,000

8,000

PER CAPITA DISPOSABLE PERSONAL INCOME

CURRENT DOLLARS\ I

^^—^ -

i i i

1982

,.

^

1983

^"

1 1 1

1984

-^

i i i1985

Z^-——'

1 1 11986

=- f

1987

r\987 DOLL4

1 ! 1

1988

R5

i \ :1989

i i i1990

,

1991

'

i i t1992

__ _.

1993

.

1994

18,000

16,000

14,000

12,000

10,000

8,000

* SEASONA11V ADJUSTED ANNUAL HATESSOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS

['cried

1987198819891990199119921993

1982: IV1983: IV1984: IV1985: IV1986: IV1987: IV1988: IV1989: IV1990: IV ....1991: III ...

IV ....1992: I

IIIll ...IV ....

1993: IIIIll ...IV ....

1994: I"

Personalincome

Less:Personaltax andnontax

payments

Disposablepersonalincome

Less:Personaloutlays 1

Equals:Persona!

saving

Billions of dollars

3,802.04,075.94,380.34,673.84,850.95,144.95,388.3

512.5527.7593.3623.3620.4644.8681.6

3,289.53,548.23,787.04,050.54,230.54,500.24,706.7

3,147.53,392.53,634.93,880.64,029.04,261.54,516.8

142.0155.7152.1170.0201.5238.7189.9

Dispos-able

personalincome in

1987dollars

(billions)

3,289.53,404.33,464.93,524.53,529.03,632.53,700.9

Per capitadisposable personal

income

Currentdollars

1987dollars

Per capita personalconsumptionexpenditures

Currentdollars

1987dollars

Dollars

13,54514,47715,30716,20516,74117,61518,225

13,54513,89014,00514,10113,96514,21914,330

12,56813,44814,24115,04815,45916,20517,006

12,56812,90313,02913,09312,89513,08113,372

Percentchange inreal percapita

disposablepersonalincome

Saving aspercent ofdisposablepersonalincome

Percent

-0.12.5.8.7

-1.01.8.8

Seasonally adjusted annual rates

2,746.82,965.83,242.53,456.73,647.83,918.54,195.24,469.44,759.14,858.84,927.55,017.85,093.85,139.85,328.35,254.75,373.25,412.75,512.75,578.1

372.1371.6413.4448.8478.5528.6542.0605.1625.2619.7628.8630.9634.6642.8670.7657.1681.0689.0699.2715.7

2,374.72,594.32,829.13,007.93,169.33,389.93,653.23,864.34,133.94,239.14,298.84,386.94,459.24,497.04,657.64,597.54,692.24,723.74,813.54,862.4

2,190.92,417.92,606.52,828.73,018.23,220.13,496.73,715.53,957.74,052.34,087.04,169.44,221.34,277.34,377.94,419.74,483.64,544.04,620.14,680.4

183.8176.3222.6179.2151.1169.8156.4148.8176.2186.8211.7217.5237.9219.6279.7177.9208.7179.7193.4182.0

2,832.62,960.63,118.53,178.73,266.23,335.83,443.13,480.93,519.03,524.23,543.43,580.13,607.53,624.83,717.63,642.63,694.43,708.73,757.93,783.3

10,18911,03311,92512,56513,12113,90714,85015,55816,46716,75216,93917,24517,48117,57718,153

17,87618,19618,26518,56118,705

12,15412,59113,14513,27813,52213,68513,99614,01514,01813,92713,96314,07314,14214,16914,49014,16314,32614,34114,49114,554

9,1349,980

10,64911,44512,10112,81913,81414,49115,28315,53015,62115,90616,07216,24916,58916,70416,90717,08817,32117,501

10,89511,39011,73912,09512,47212,61513,02013,05313,01012,91112,87612,98113,00213,09813,24113,23413,31213,41613,52313,617

-0.57.21.01.8

-1.75.23.21.8

-1.7-2.1

1.0

3.22.0.8

9.4

-8.74.7

.44.2

1.8

4.34.44.04.24.85.34.0

7.76.87.96.04.85.04.33.94.3

4.44.9

5.05.34.96.0

3.94.43.84.0

3.7

Population,including

ArmedForces

overseas(thou-

sands) 2

242,860245,093247,397249,951252,699255,472258,254

233,060235.146237,231239,387241,550243,745246,004248,372251,035253,048253,776254,392255,090255,836256,569257,197257,872258,612259,334259,949

1 Includes persona) consimiptic>ems to rest, of the world (net).

expenditures, interest paid hv persons, and personal transfer pay- 2 Annua l data are averages of quarterly data, which arc averages for the period.Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).


FARM INCOMEIn the fourth quarter of 1993, according to preliminary estimates, gross farm income rose $17.9 billion (annualrate) and net farm income rose $17.3 billion.

BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS' (RATIO SCALE)

240200

160

4000

20

2

V — -^

\\ *\\ 1

\ i

i i i1982

-^^ ••

i1 \ ii ,\ ,i . \\ *

»/

i i i1983

/ >

__

/ V' X

i i i

1984

^

GRO

A^/ '^ s"

1 1 1

1985

^-— S*\

\^\

SS FARM INC

A /

t

i i i

1986

OM£

A /

N /

"\

l l l1987

1 "

s

X /\'

i i i

1988

•~^-,'

i i i

1989

\s /^

1 1 11990

' '

^ t^s'

i i i

1991

NN/

1 1 I

1992

^^

\

i i i

1993

120

80

60

40

20

10

' SEASONALLY ADJUSTH) ANNUAL RATESSOURCE: DEPARTMENT Of AGRICULTURE COUNCIL OF ECONOMIC ADVISERS

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

Period

19841985 ....19861987 ..19881989 .1990199119921993 p

1991- III ..TV

1992- In ..IllIV

1993: Inmrvp

Income of farm operators from farming

Gross farm income

Total *

168.0161.2156.1168.5175.8190.9196.4190.3197.7197.0

186.8192.7

199.6202.8197.3191.3

196.8203.7184.7202.6

Cash marketing receipts

Total

142.8144.1135.4141.8151.2161.2170.0168.7171.2174.6

172.2169.4

167.1174.2178.9164.5

170.7180.8176.0170.7

Livestock andproducts

72.969.871.676.079.484.189.886.886.489.6

84.985.0

84.286.085.389.9

86.292.390.789.4

Crops

69.974.363.865.971.777.080.181.984.884.9

87.384.4

82.988.193.674.6

84.588.685.381.2

Value ofinventorychanges 2

6.0-2.3-2.2-2.3-3.4

4.83.4

3

3.8— 4.1

.1-3.1

4.74.33.52.5

-7.3-5.8-6.7

3.4

Productionexpenses

141.9132.4125.1128.8137.0144.0149.9150.3149.1149.6

151.7152.2

146.3148.6150.4151.0

146.8149.1150.9151.5

Net farm income

Currentdollars

26.128.831.139.738.846.946.540.048.647.4

35.240.5

53.354.246.840.3

50.054.633.851.1

1987 dollars 3

28.730.532.039.737.343.241.034.040.238.1

29.834.1

44.444.838.633.0

40.544.027.140.9

1 Cash marketing receipts and inventory changes plus Government payments, other farm cashincome, and nonrnoney income furnished by farms.

2 Physical changes in end-of-vear inventory of crop and livestock commodities valued at averageprices during the year.

3 Income in current dollars divided by th« GDP implicit price deflator.

NOTE.—Data include net Commodity Credit Corporation loans and operator households.

Sources: Department of Agriculture and Department of Commerce.


CORPORATE PROFITS!n the fourth quarter of 1993, according to revised estimates, corporate profits before tax rose $44.6 billion{annual rate) and profits after tax rose $21.6 billion.

BILLIONS OF DOLLARS

550

500

450

400

350

300

250

200

150

100

50

SEASONALLY ADJUSTED ANNUAL RATES

BILLIONS OF DOLLARS

550

500

PROFITS BEFORE TAX

1983 1984

SOURCE: DEPARTMENT OF COMMERCE

TAX LIABILITY

1985 1986

PROFITS AFTER TAX .

\

/ V' UNDISTRIBUTED PROFITS

1987 1988 1989 1990 1991

450

400

350

300

250

200

150

100

50



Period

1986198719881989 .19901991 . . .19921993 r

1982: IV1983- IV1984- IV1985: IV1986- IV1987: IV1988- IV1989: IV1990- IV

1991: IIIIV

1992- I . .IIIllIV

1993- IIIIllIV

1994- I »

Profits (before tax) with inventory valuation adjustment 1

Total 2

227.6273.4320.3325.4354.7367.3390.1442.3

160.0216.2223.6228.0225.0293.4340.5320.6349.3

359.0375.4

399.7395.7350.1414.8

407.0433.4444.8484.0

Domestic industries

Total

194.6233.9271.2266.0286.7300.4327.8383.6

130.8182.6192.9193.5192.5246.3285.9254.8273.8

299.3306.8

328.5334.2288.6360.1

348.0375.3382.1428.9

Finan-cial

35.836.441.850.665.780.778.199.0

23.022.120.329.034.739.446.152.566.6

84.281.6

97.987.744.682.0

92.396.499.3

108.1

Nonfinancial

Total 3

158.9197.5229.4215.3221.1219.7249.8284.6

107.8160.5172.6164.5157.8207.0239.7202.3207.2

215.1225.2

230.5246.5244.0278.1

255.7278.9282.8320.8

Manu-facturing

59.087.0

117.5108.0109.189.8

115.5131.7

50.190.579.283.363.998.7

129.394.598.5

89.388.9

98.9115.7119.3128.0

118.9132.5126.7148.9

Whole-sale and

retailtrade

46.339.937.139.737.247.446.354.4

33.840.750.839.043.139.339.339.236.2

45.647.8

40.046.041.357.7

46.055.455.161.4

Profitsbefore

tax

217.8287.9347.5342.9365.7362.3395.4449.4

168.6223.8220.1231.8235.7311.2372.2334.1368.9

362.0373.5

404.3409.5357.9409.9

419.8445.6443.8488.4

Taxliability

106.5127.1137.0141.3138.7129.8146.3174.0

58.782.283.897.6

116.6135.2146.2134.2137.0

132.5133.4

147.0153.0130.1155.0

160.9173.3169.5192.5

Profits after tax

Total

111.3160.8210.5201.6227.1232.5249.1275.4

109.9141.6136.3134.2119.2176.0226.0200.0231.8

229.5240.1

257.3256.5227,8254.9

258.9272.3274.3295.9

Divi-dends

109.8106.2115.3134.6153.5137.4150.5169.0

72.584.283.497.4

111.0106.3121.0141.3153.7

133.4133.9

138.0146.1155.2162.9

167.5168.5169.7170.3

171.7

Undis-tributedprofits

1.654.695.267.173.695.298.6

106.4

37.557.452.936.9

8.269.7

105.058.778.1

96.1106.1

119.3110.472.792.0

91.4103.9104.6125.6

Inventoryvaluationadjust-ment

9.7-14.5-27.3-17.5-11.0

4.9-5.3— 7.1

-8.6-7.6

3.538

-10.7-17.8-31.7-13.5— 19.5

301.94 6

-13.77.84.9

— 12.7-12.2

1.0—4.3

-17.7

1 Sec p. 4 for profits with inventory valuation and capital consumption adjustments.2 Includes rest of the world, not shown separately.

3 Includes industries not shown separately.Source: Department of Commerce, Bureau of Economic Analyst


GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARSIn the first quarter of 1994, according to advance estimates, nonresidential fixed investment in 1987 dollars rose$8.4 billion (annual rate) and residential investment rose $5.0 billion. There was a $30.5 billion increase ininventories, following an increase of $8.5 billion in the fourth quarter.

BIlilONS OF 1987 DOLLARS

900

800

700

600

500

400

300

200

100

-100


GROSS PRIVATE DOMESTICINVESTMENT

-V

BILLIONS OF 1987 DOLLARS

900

800

NONRESIDENTIALFIXED INVESTMENT

RESIDENTIALFIXED INVESTMENT -\

700

600

500

400

300

200

100

-100

CHANGE IN BUSINESINVENTORIES

1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994

SOURCE: DEPARTMENT Of COMMERCE COUNCIL Of ECONOMIC ADVISERS

[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]

Period

19861987198819891990199119921993

1982: IV1983- IV1984: IV1985- IV1986: IV1987: IV....1988- IV1989: IV1990- IV

1991- IIIIV

1992- IIIIllIV

1993- IIIIllIV

1994- I "

Grossprivate

domesticinvestment

735.1749.3773.4784.0746.8675.7732.9820.3

503.5669.5756.4763.1705.9793.8785.0769.5695.7

682.8692.3

691.7737.0739.6763.0

803.0803.6813.4861.4

896.7

Fixed investment

Total

726.5723.0753.4754.2741.1684.1726.4806.0

548.4640.2708.4732.9725.9733.9764.1744.6716.6

683.8685.2

696.7724.4730.0754.3

773.7790.6806.9852.9

866.2

Nonresidential

Total

500.3497.8530.8540.0546.5514.5529.2591.8

417.2449.6509.6525.5495.5510.6538.8536.7540.2

512.8506.1

510.5528.8533.8543.7

562.3584.3594.86^5.7

634.1

Structures

176.6171.3174.0177.6179.5160.2150.6151.5

173.2162.6189.5198.3170.4177.9175.7179.8172.8

155.6151.0

152.8152.9148.8148.0

148.2151.1151.2155.6

148.9

Producers'durable

equipment

323.7326.5356.8362.5367.0354.3378.6440.2

244.0287.0320.1327.2325.0332.7363.1356.9367.4

357.2355.2

357.7375.9385.1395.7

414.1433.2443.6470.0

485.1

Residential

226.2225.2222.7214.2194.5169.5197.1214.2

131.2190.6198.8207.4230.5223.3225.3208.0176.3

171.0179.1

186.2195.6196.2210.6

211.4206.2212.1227.2

232.2

Change in businessinventories

Total

8.526.319.929.85.7

— 8.46.5

14.3

-44.929.347.930.2

— 20.159.920.924.9

-20.9

-.97.1

-5.012.69.68.7

29.313.06.58.5

30.5

Nonfarm

10.632.726.929.9

3.2-8.6

2.719.7

-46.232.350.828.0

— 18.662.130.531.2

-18.7

.010.3

-9.67.05.87.5

29.317.119.412.9

30.7



EXPENDITURES FOR NEW PLANT AND EQUIPMENTAccording to the Commerce Department January-March 1994 survey, business spending for new plant andequipment is expected to rise 8.0 percent in 1994, following a rise of 7.1 percent in 1993.

BILLIONS OF DOUARS (RAID SCALE)700

300

BILLIONS OF DOLLARS (RATIO SCALE)700

SEASONAliY ADJUSTED ANNUAL RATES

1986

•SECOND HALF• SURVEYED QUARTERLY*>SEE FOOTNOTE 4 BELOWSOURCE: DEPARTMENT Of COMMERCE

All INDUSTRIES

-VNONMANUFACTURING-1'

-'- \MANUFACTURING

600

500

400

300

200

100

1993



Period

1984198519861987198819891990199119921993 '1994 4

1992- IIIm.rv

1993- InTTTIV '

1994- I 4

II4

2nd half 4

Industries surveyed quarterly

Allindus-tries

373.83410.12399.36410.52455.49507.40532.61528.39546.60585.64632.76

534.85541.41547.40559.24

564.13579.79594.11604.51

621.28624.99642.39

Manufacturing

Total

139.61152.88137.95141.06163.45183.80192.61182.81174.02179.18192.69

173.82171.98172.86176.86

175.05177.09182.17182.40

191.23189.09195.22

Dura-ble

goods

64.5770.8765.6868.0377.0482.5682.5877.6473.3281.3389.09

73.9874.0772.0973.30

79.1180.8881.9983.35

91.8187.6888.45

Non-durablegoods .

75.0482.0172.2873.0386.41

101.24110.04105.17100.6997.84

103.60

99.8597.91

100.77103.56

95.9496.21

100.1899.04

99.42101.41106.77

Nonmanufacturing

Total 1

234.22257.24261.40269.46292.04323.60339.99345.58372.58406.46440.07

361.03369.44374.54382.38

389.08402.70411.94422.11

430.06435.89447.17

Mining

11.8612.008.158.289.299.219.88

10.028.88

10.0310.63

8.929.208.988.47

8.899.10

11.1410.98

10.8411.5110.09

Trans-portation

13.4414.5715.0515.0716.6318.8421.4722.6622.6421.8721.27

21.8323.1523.9121.60

22.4721.5821.7021.73

20.0620.5622.23

Publicutilities

57.5359.5856.6156.2660.3766.2867.2166.5772.2175.7278.28

69.0072.6372.1874.07

73.5174.5575.6279.21

73.6977.5980.92

Com-mercial

andother

151.39171.09181.59189.84205.76229.28241.43246.32268.84298.83329.90

261.27264.46269.46278.24

284.21297.46303.47310.20

325.47326.23333.94

Addenda

Totalnon-farmbusi-ness 2

418.38454.93447.11461.51508.22563.93591.96587.93607.71649.32698.39

Manu-facturing

139.61152.88137.95141.06163.45183.80192.61182.81174.02179.18192.69

173.82171.98172.86176.86

175.0517709182.1718240

191.2318909195.22

Nonmanufacturing

Total

278.77302.05309.16320.45344.77380.13399.34405.12433.69470.14505.70

Sur-veyedquar-terly

234.22257.24261.40269.46292.04323.60339.99345.58372.58406.46440.07

361.03369.44374.54382.38

389.08402.70411.94422 11

430.0643589447.17

Sur-veyed

annual-ly 3

44.5544.8147.7550.9952.7356.5359.3559.5461.1163.6865.63

1 Excludes forestry, fisheries, and agricultural services; professional services; social services andmembership organizations; and real estate, which, effective with the April-May 1984 survey, are nolonger surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data forthese industries.

2 "All industries" plus the part of nonmanufacturing that is surveyed annually.

3 Consists of forestry, fisheries, and agricultural services; professional services; social services andmembership organizations; and real estate.

4 Planned capital expenditures as reported by business in January-March 1994, corrected forbiases.

Source: Department of Commerce, Bureau of the Census.

10


EMPLOYMENT, UNEMPLOYMENT, AND WAGESIn March, civilian employment fell 221,000 and unemployment rose 25,000.

MILLIONS OF PERSONS *

134

MILLIONS OF PERSONS *

134SEASONALLY ADJUSTED

130

126

122

118

114

110

106

12

8

4

130

126

122

118

114

110

106

CIVILIAN LABOR FORCE

\

—.X*•" \

CIVILIANEMPLOYMENT

UNEMPLOYMENT

I I I I I I I I I I M I I 1 1 i I I 1 I1986 1987 1988 1989 1990 1991 1992 1993 1994


[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]

Period

198419851986 3

1987198819891990 . .199119921993

1993:Mar

May

July

SeptOctNovDec

1994:Jan4

FebMar

Noninstitu-tionai

populationincludingresidentArmedForcesNSA

178,080179,912182,293184,490186,322188,081189,686191,329193,142195,034

194,456194,618194,767194,933195,104195,275195,453195,626195,791195,993

ResidentArmedForcesNSA

1,6971,7061,7061,7371,7091,6881,6371,5641,5661,485

1,4971,4921,4841,4771,4711,4821,4821,4751,4701,461

Labor forceincludingresidentArmedForces

115,241117,167119,540121,602123,378125,557126,424126,867128,548129,525

128,937129,031129,559129,533129,573129,816129,590130,055130,132130,359

Employ-ment

includingresidentArmedForces

106,702108,856111,303114,177116,677119,030119,550118,440119,164120,791

120,059120,077120,664120,664120,841121,174121,050121,416121,802122,122

Civilianlabor force

113,544115,461117,834119,865121,669123,869124,787125,303126,982128,040

127,440127,539128,075128,056128,102128,334128,108128,580128,662128,898

130,667130,776130,580

Civilian employment

Total

105,005107,150109,597112,440114,968117,342117,914116,877117,598119,306

118,562118,585119,180119,187119,370119,692119,568119,941120,332120,661

121,971122,258122,037

Agricul-tural

3,3213,1793,1633,2083,1693,1993,1863,2333,2073,074

3,0993,0713,0743,0313,0433,0053,0933,0213,1143,096

3,3313,3913,426

Nonagricultural

Total

101,685103,971106,434109,232111,800114,142114,728113,644114,391116,232

115,463115,514116,106116,156116,327116,687116,475116,920117,218117,565

118,639118,866118,611

Part timefor

economicreasons 1

5,5125,3345,3455,1224,9654,6574,8605,7676,1166,106

6,0296,1896,2196,1926,2136,2166,1735,9575,9045,934

4,8424,3844,762

Unemployment

Total

8,5398,3128,2377,4256,7016,5286,8748,4269,3848,734

8,8788,9548,8958,8698,7328,6428,5408,6398,3308,237

8,6968,5188,543

15weeks

and over

2,7372,3052,2321,9831,6101,3751,5042,3233,3543,052

3,1102,9863,0463,0253,0073,0003,0473,0302,9712,864

3,0273,1033,110

Civilian

Laborforce

partici-pationrate(per-

cent) 2

64.464.865.365.665.966.566.466.066.366.2

66.066.066.366.266.266.266.066.266.266.3

66.766.766.6

Employ-ment/

populationratio(per-

cent) 2

59.560.160.761.562.363.062.761.661.461.6

61.461.461.761.661.661.861.661.861.962.0

62.262.362.2

1 Persons at work. Economic reasons include slack work, material shortages, inability to find full- 4 Data beginning January 1994 are based on the revised Current Population Survey and are nottime work, etc. directly comparable with data for earlier periods. For details, see Employment and Earnings, Feb-

2 Civilian labor force (or employment) as percent of civilian noninstitutionai population. ruary 1994.3 Not strictly comparable with earlier data. Source: Department of Labor, Bureau of Labor Statistics.

11


SELECTED UNEMPLOYMENT RATESIn March, the civilian unemployment rate was unchanged at 6.5 percent.

PERCENT * (SEASONALLY ADJUSTED) PERCENT * (SEASONALLY ADJUSTED)

1990

10

1990

UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIEDSOURCE: DEPARTMENT OF LABOR

1994


[Monthly data seasonally adjusted]

Period

1984198519861987198819891990199119921993

1993: MarAprMay ....June ...July ....Aug ....Sept ....OctNov ....Dee

1994- Jan 4

Feb

Unem-ploy-mentrate,all

work-ers1

7.47.16.96.15.45.25.46.67.36.7

6.96.96.96.86.76.76.66.66.46.3

Unemployment rate (percent of civilian labor force in group)

Allcivilianwork-

ers

7.57.27.06.25.55.35.56.77.46.8

7.07.06.96.96.86.76.76.76.56.4

6.76.56.5

By sex and age

Men20 yearsand over

6.66.26.15.44.84.54.96.37.06.4

6.76.56.56.56.56.46.36.25.95.8

5.96.05.8

Women20 years

andover

6.86.66.25.44.94.74.85.76.35.9

5.76.05.95.95.85.75.85.85.75.7

6.05.76.0

Bothsexes16-19years

18.918.618.316.915.315.015.518.620.019.0

19.520.319.819.518.418.417.918.918.317.8

18.417.917.8

By race

White

6.56.26.05.34.74.54.76.06.56.0

6.16.16.16.16.05.95.86.15.65.6

5.85.65.7

Blackand

other

14.413.713.111.610.410.010.111.112.711.7

12.012.411.812.011.611.511.410.911.310.7

11.611.311.3

Black

15.915.114.513.011.711.411.312.414.112.9

13.513.712.913.312.812.512.511.912.511.5

13.112.912.5

By selected groups

Experi-enced

wage andsalary

workers

7.16.86.65.85.25.05.36.57.16.5

6.76.76.66.66.56.46.36.46.26.2

6.66.46.4

Marriedmen,

spousepresent

4.64.34.43.93.33.03.44.45.04.4

4.74.54.54.44.54.44.24.44.03.9

4.14.34.1

Womenwho

maintainfamilies

10.310.49.89.28.18.18.29.19.99.5

9.09.69.89.79.69.09.09.39.0

10.2

9.49.79.6

Full-time

work-ers 2

7.57.16.96.05.35.15.46.77.46.8

6.96.96.96.96.86.76.66.66.36.4

6.86.66.6

Part-time

work-ers2

7.47.57.46.96.46.26.36.97.47.1

7.27.66.97.16.76.86.97.26.96.6

6.25.96.3

Laborforce

time lost(per-

cent) 3

8.68.17.97.16.35.96.27.68.37.7

7.97.87.97.87.87.77.57.67.27.2

1 Unemployed as percent of total labor force including resident Armed Forces.2 Revised definition; for details, see Employment and Earningn, February 1994.3 Aggregate hours lost by the unemployed and persons on part time for economi

cent of potentially available labor force hours.asons as per-

4 Data beginning January 1994 are based on the revised Current Population Survey and are notdirectly comparable with data for earlier periods. For details, see Employment and Earnings, Feb-ruary- 1994.

Source: Department of Labor, Bureau of Labor Statistics.

12


SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENTINSURANCE PROGRAMSIn March, the percentages of the unemployed who had been out of work for less than 5 weeks and for 27 weeksand over rose; the percentages for 5-14 weeks and for 15-26 weeks fell. The mean duration of unemploymentrose to 19.2 weeks and the median duration rose to 9.1 weeks.

PERCENT DISTRIBUTION '

70

60

30

DURATION OF UNEMPLOYMENT

LESS THAN5 WEEKS

I 1 1 1 1 1 1 M 1

1990

*F/

t ! 1 1 1 H 1 1 1 1

1991

1 1 1 1 1 M t 1 1 1 1 1 1 1 1 1 1 1 i 1 1 1 1 1 1 1 1 1 1

PERCENT DISTRIBUTION '

70

60

30

10

REASON FOR UNEMPLOYMENT

ill

JOB LOSERS-17 v

REENTRANTS

^<.S*

*~"J ^Nr

NEW ENTRANTS

JOB LEAVERS

r

* SEASONALLY ADJUSTEDU BEGINNING JANUARY 1994, JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS.SOURCE: DEPARTMENT OF LABOR

1993


[Monthly data seasonally adjusted, except as noted]

Period

19841985198619871988 . . ...198919901991199219931993- Mar

AprMay

July

SeptOctNovDec

1994: Jan3

FebMar

Unemploy-ment

(thousands)

8,5398,3128,2377,4256,7016,5286,8748,4269,3848,734

8,8788,9548,8958,8698,7328,6428,5408,6398,3308,237

8,6968,5188,543

Duration of unemployment

Percent distribution

Lessthan

5weeks

39.242.141.943.746.048.646.140.134.936.2

35.637.536.835.936.735.235.736.435.437.5

38.430.632.8

5-14weeks

28.730.231.029.630.030.332.032.329.428.9

29.228.728.730.629.030.128.728.728.927.5

26.832.530.3

15-26weeks

12.912.312.712.712.011.211.814.515.214.614.414.814.413.914.314.515.214.814.614.1

15.116.215.0

27weeks

andover

19.115.414.414.012.19.9

10.113.020.620.4

20.819.020.119.619.920.120.520.121.121.0

19.720.821.9

Number ofweeks

Aver-age

(mean)

18.215.615.014.513.511.912.113.817.918.1

17.717.717.817.817.918.318.418.418.918.2

18.318.719.2

Medi-an

7.96.86.96.55.94.85.46.98.88.4

8.48.5

. 8.38.38.38.48.98.38.58.2

8.59.09.1

Reason for unemployment:percent distribution

Joblos-

ers 1

51.849.848.948.046.145.748.354.756.454.6

54.654.353.854.6

• 55.556.255.055.253.454.2

51.148.646.9

Jobleav-ers

9.610.612.313.014.715.714.811.610.410.8

11.911.110.910.610.410.210.811.111.511.4

8.810.310.1

Reen-trants

25.627.126.226.627.028.227.424.823.724.6

23.124.425.324.824.124.024.324.125.024.6

32.633.735.5

Newentrants

13.012.512.512.412.210.49.58.99.5

10.0

10.410.310.110.19.99.69.99.7

10.09.7

7.57.47.5

Stateprograms

Insuredunem-

ployment

Initialclaims

Insuredunem-

ployment,all

regularprograms(unadjust-

ed)2

Weekly average, thousands

2,4762,6112,6502,3322,0812,1582,5223,3423,2452,751

2,6792,7592,7892,8402,8512,8192,8232,8152,7762,694

2,7202,7912,744

377396378328310330388447408

r341

358350348348352329328341335325

369351

r340

2,5612,6932,7462,4012,1352,2052,5753,4063,339

' 2,838

3,3942,9292,5972,8062,6552,7212,4212,3242,5632,794

3,510r 3,5053,392

1 Beginning January 1994, job losers and persons who completed temporary jobs.2 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-service-

men (UCX), and Federal (UCFB). Railroad (RR> programs included through 1991. Also includesFederal and State extended benefit programs. Does not include Federal supplemental compensationor Emergency Unemployment Compensation programs.

3 Data beginning January 1994 are based on the revised Current Population Survey and arc notdirectly comparable with data for earlier periods. For details, see Hmployment and Kanunf/N, Feb-ruary 1994.

Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Adminis-tration).

13


NONAGRICULTURAL EMPLOYMENTTotal nonagricultural employment as measured by the payroll survey rose by 456,000 in March.

MILLIONS OF PERSONS*

110

100

80

60

50

40

30

20

- — -.

1 1 1 1 1 1 1 1 1 1 1

1990

\

ALL NONAGRIClESTABLISHME

SER\

GOC

1 1 1 1 1 1 1 II 1 1

1991

_

/ICE-PRODUCINDUSTRIES

3DS-PRODUCINDUSTRIES

mill inn

1992

riLTURALNTS

_-- '

ING

JNG

in mi n 1 11993

_^

-

— '

-

-

i i i i i 1 i i I I 1,

1994

MILLIONS OF PERSONS* (ENLARGED SCALE)

CONSTR

ii ll ill ll ll

1990

UCTION

i mil mil1991

|

1992

i imlimi1993

—

i imlimi1994 ^

COUNCtt OF ECONOMIC ADVISERS

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

Period

19841985198619871988198919901991199219931993: Mar....

AprMay....June ...July....Aug ...Sept ...Oct ....Nov ...Dec ....

1994: Jan ....Febp..Mar "..

Totalnonagri-culturalemploy-

ment

9440897,38799344

101,958105 210107,895109 419108,256108519110,178109,565109,820110,058110,101110,338110,305110,502110,664110,880111,110111,079111,277111,733

Goods-producing industries

Total 2

24 718248422453324,67425 12525,2542490523,74523 14222,97523,01622,98023,00622,94122,94822,90322,88622,93422,99423,00823,02423,01823,101

Con-struction

4 38046684 81049585 0985 1715 1204,65044714,5744,4814,5174,5774,5744,5934,5934,5924,6294,6644,6654,6534,6434,717

Manufacturing

Total

19 37219248189471899919 3141939119 0761840618 04017 80217,93517,86317,82717,77117,76017,71817,69817,70917,73517,73817,76917,77417,786

Durablegoods

11 47611,45811 19511,15411 36311,39411 10910,5691023710,04710,14410,09010,04710,0119,9969,9749,9749,988

10,01310,02810,06110,06710,074

Nondur-able

goods

7 8967 7907 7527,8457 9517,9977 9687,8377 8047,7557,7917,7737,7807,7607,7647,7447,7247,7217,7227,7107,7087,7077,712

Service-producing industries

Total

69 690725447481177 2848008682,64284 51484,5118537787,20386,54986,84087,05287,16087,39087,40287,61687,73087,88688,10288,05588,25988,632

Trans-portation

andpublic

utilities

5 15652335 2475,3625 5145,6255 7935,7625 7095,7085,7245,7205,7195,7115,7095,6905,6925,6935,7005,6975,7085,7165,737

Whole-sale

trade

5 5685 7275 7615,84860306 1876 1736,08160456,1136,1036,1106,1256,1106,1266,1076,1176,1226,1296,1336,1566,1746,184

Retailtrade

16 51217 31517 88018422190231947519 6011928419 3461974319,60419,64819,70219,75119,79019,79519,83619,84619,85319,94919,92319,98620,060

Finance,insur-ance,

and realestate

5 68459486 27365336 63066686 70966466 57166046,5746,5856,5886,5906,6046,6026,6166,6326,6516,6606,6566,6646,675

Services

20 74621 92722 95724 11025 5042690727 9342833629 05330 19229,75629,97730,09930,17530,32030,38130,43330,53430,64930,70930,68330,79231,015

Government

Total

160241639416 6931701017 38617 77918 3041840218 65318 84218,78818,80018,81918,82318,84118,82718,92218,90318,90418,95418,92918,92718,961

Federal

2 8072 8752 8992 9432 97129883 08529662 96929152,9382,9232,9122,9012,8962,9062,9012,9012,8962,9182,8972,8862,880

1 Includes all full- and part-time wage and salary workers in nonagricultural establishments whoreceived pay for any part of the pay period which includes the 12th of the month. Excludes propri-etors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derivedfrom this table not comparable with estimates of nonagricultural employment of the civilian laborforce, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;which count persons as employed when they are not at work because of industrial disputes, bad

weather, etc., even if they are not paid for the time off; and which are based on a sample of theworking-age population, whereas the estimates in this table are based on reports from employingestablishments.

2 Includes mining, not shown separately.


14


AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLYEARNINGS

PRIVATE NONAGRICULTURAL INDUSTRIES[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]

Period

1984198519861987198819891990199119921993

1993: FebMar.. . .

May. . .

July. }

SeptOctNovDec

1994- JanFeb "Mar?

Average weekly hours

Totalprivate

nonagri-eultural '

35.234.934.834.834.734.634.534.334.434.5

34.434.234.434.734.434.534.734334.534.534.5

34.834.334.7

Manufacturing

Total

40.740.540.741.041.141.040.840.741.041.4

41.441.241.541.441.241.441.441.541.641.741.7

41.841.242.2

Overtime

3.43.33.43.73.93.83.63.63.84.1

4.24.04.24.14.04.04.14.14.34.34.4

4.44.64.8

Average gross hourly earnings

Total privatenonagricultural l

Currentdollars

$8.328.578.768.989.289.66

10.0110.3210.5810.83

10.7410.7810.7710.8210.8110.8110.8610.8610.9210.9310.95

11.0211.0311.04

1962dollars 2

$7.807.777.817.737.697.647.527.457.427.39

7.397.407.387.397.387.377.397.387.397.397.39

7.437.427.40

Manufac-turing

$9.199.549.739.91

10.1910.4810.8311.1811.4611.76

11.6411.6611.7111.7111.7211.7211.7711.8411.8311.8811.95

11.9612.0412.02

Average gross weekly earnings

Total privatenonagricultural 1

Currentdollars

$292.86299.09304.85312.50322.02334.24345.35353.98363.95373.64

369.46368.68370.49375.45371.86372.95376.84372.50376.74377.09377.78

383.50378.33383.09

1982dollars 2

$274.73271.16271.94269.16266.79264.22259.47255.40255.22254.87

254.27253.21253.76256.45253.83254.23256.35253.23255.07254.79254.91

258.60254.60256.93

Current dollars

Manufac-turing

$374.03386.37396.01406.31418.81429.68441.86455.03469.86486.86

481.90480.39485.97484.79482.86485.21487.28491.36492.13495.40498.32

499.93496.05507.24

Construc-tion

$458.51464.46466.75480.44495.73513.17526.01533.40537.70551.04

538.94544.07541.21556.39551.32559.77558.33551.14551.90563.16557.94

556.51542.72563.55

Retailtrade

$174.33174.64176.08178.70183.62188.72194.40198.48205.34209.95

208.08205.01208.80211.41209.66209.66210.97209.95212.42211.39212.99

214.89212.78215.47

Percent change from ayear earlier, total

privatenonagricultural 3

Currentdollars

4.32.11.92.53.03.83.32.52.82.7

2.22.02.83.42.62.92.83.03.02.23.1

3.62.43.6

1982dollars

0.8-1.3

.3-1.0

9-1.0-1.8-1.6-.1— .1

-.9-1.0-.3

.2-.2

.2

.1

.5

.4-.3

.6

1.2.1

1.3

1 Also includes other private industry groups shown on p. 14.2 Current dollar earnings divided by the consumer price index for urban i

workers (CPI-W) (on a 1982=100 base).rage earners and clerical

3 Based on seasonally unadjusted data.Source: Department of Labor, Bureau of Labor Statistics.

EMPLOYMENT COST INDEX—PRIVATE INDUSTRY

Period

1984' Dec1985- Dec1986- Dec1987- Dec1988- Dec1989- Dec1990- Dec1991- Dec1992- Dec1993: Dec

1991- Mar

SeptDec

1992- Mar

SeptDec . .

1993- Mar

SeptDec

1994- Mar

Index (June 1989 = 100)

Totalcompensa-

tion

Wages andsalaries Benefits l

Percent change from

3 months earlier

Totalcompensa-

tion

Wages andsalaries Benefits '

12 months earlier

Totalcompensa-

tion

Wages andsalaries Benefits 1

Not seasonally adjusted

84.087.390.193.197.6

102.3107.0111.7115.6119.8

84.888.391.194.198.0

102.0106.1110.0112.9116.4

81.784.687590.596.7

102.6109.4116.2122.2128.3

Seasonally adjusted

108.4109.7110.8111.9112.9113.8114.7115.7116.8117.9118.9119.9120.7

107.3108.4109.2110.1110.9111.6112.1113.0113.9114.6115.6116.5117.1

111.2113.3115.2116.8118.2119.5121.3122.9124.7126.4127.7129.1130.2

1.11.21.01.0.9.8.8.9

1.0.9.8.8.7

1.01.0

.7

.8

.7

.6

.4

.8

.8

.6

.9

.8

.5

1.21.91.71.41.21.11.51.31.51.41.01.1.9

4.93.93.23.34.84.84.64.43.53.6

4.24.13.23.34.14.14.03.72.63.1

6.53.53.43.46.96.16.66.25.25.0

Not seasonally adjusted

4.44.44.54.44.23.73.43.53.53.63.73.63.3

4.03.73.73.73.43.02.72.62.72.73.13.12.9

5.86.26.46.26.35.55.25.25.65.85.45.04.4

1 Employer costs for employee benefits.NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the

influence1 of employment shifts among occupations and industries.

Data exclude farm and household workers.Source: Department of Labor, Bureau of Labor Statistics.

15


PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR

Period

1983198419851986198719881989199019911992. ..1993*

1982: IV1983: IV1984: IV1985: IV1986: IV1987: IV1988: IV1989: IV1990: IV

1991- IIIm ....IV

1992: IIIIll ....IV

1993: IIIIll ....IV...

19831984198519861987198819891990199119921993*

1991: IIIm ....IV

1992: IIIm ....IV

1993: IIIIll ....IV*....

Output per hour ofall persons

Businesssector

Nonfarmbusiness

sector

Output l

Businesssector

Nonfarmbusiness

sector

Hours of allpersons 2

Businesssector

Nonfarmbusinesssector

Compensation perhour 3

Businesssector


Real compensationper hour 4

Businesssector


Unit labor costs

Businesssector


Implicit pricedeflator 5

Businesssector


1982 = 100; quarterly data seasonally adjusted

102.3104.8106.3108.5109.6110.7109.9110.7111.8115.5117.6

101.1103.1105.4107.0108.3110.6110.9109.7110.5

110.9111.6111.8112.8

114.1114.8116.0117.1

116.6116.6117.6119.6

102.5104.7105.6107.7108.6109.6108.6109.1110.3113.7115.7

101.1103.3105.3106.0107.4109.5110.0108.5108.9

109.4110.2110.4111.3

112.4113.1114.1115.3

114.8114.7115.8117.5

104.1112.6116.7119.9124.8130.1132.3133.3131.6135.4140.3

100.0107.5114.4118.0120.6127.4131.7132.3132.1

131.0131.5131.5132.4

133.3134.5136.0137.9

138.0139.3140.4143.5

104.4113.0116.8120.1125.0130.6132.7133.5131.8135.4140.6

100.0108.1114.8118.2120.8127.6132.5132.7132.2

131.2131.7131.8132.6

133.3134.4135.9137.9

138.1139.5140.9143.8

101.8107.4109.8110.5113.8117.5120.4120.5117.7117.3119.4

98.9104.3108.5110.2111.3115.1118.8120.6119.6

118.1117.8117.6117.3

116.8117.1117.2117.7

118.3119.5119.4120.1

101.9107.9110.7111.5115.1119.1122.2122.4119.5119.1121.5

99.0104.7109.0111.4112.5116.5120.5122.3121.4

119.9119.5119.4119.2

118.7118.8119.0119.6

120.3121.6121.7122.3

103.8108.3113.2118.9123.1128.5133.0140.6147.4154.9160.8

102.1105.3109.9115.6120.9125.8130.6134.9143.5

144.9146.6148.2150.1

152.2153.7156.1157.8

159.1160.1161.6162.7

104.0108.3112.8118.4122.5127.7131.9139.2146.2153.7159.2

102.1105.2109.9115.0120.4125.1129.8133.9142.1

143.7145.4147.1148.8

150.9152.6154.8156.6

157.7158.4159.8161.0

100.6100.6101.5104.7104.6104.8103.5103.8104.5106.5107.4

100.6100.5100.7102.4105.6105.1104.7103.4103.4

103.7104.3104.6105.1

105.9106.1106.9107.2

107.3107.1107.6107.6

100.8100.6101.2104.3104.1104.2102.7102.8103.6105.7106.3

100.6100.4100.7101.8105.2104.6104.1102.6102.5

102.8103.4103.8104.2

104.9105.3106.0106.3

106.3106.0106.4106.4

101.5103.4106.5109.5112.3116.0121.0127.1131.9134.1136.8

101.0102.1104.3108.0111.6113.7117.9123.0129.8

130.6131.4132.6133.1

133.4133.9134.5134.8

136.4137.3137.4136.1

101.5103.4106.8110.0112.8116.5121.5127.6132.6135.1137.6

101.0101.9104.4108.5112.2114.3118.0123.4130.5

131.3132.0133.2133.7

134.3134.9135.6135.8

137.4138.2138.0136.9

103.4107.7111.2113.6116.6120.8126.1131.2136.1139.2142.5

101.1104.8109.0112.4114.6117.9122.8127.8133.2

134.8135.8136.6137.2

138.3139.1138.7140.6

141.6142.5142.8143.2

104.0107.6111.6114.2117.2121.4126.5131.8137.0140.3143.6

101.4105.2109.0112.9115.2118.5123.4128.2134.0

135.7136.6137.5138.2

139.3140.2139.8141.8

142.7143.5143.9144.1

Percent change; quarterly data at seasonally adjusted annual rates

2.32.41.42.11.01.0

-.7.7

1.03.31.8

1.52.5

.63.7

4.72.54.23.8

-1.6-.03.36.9

2.52.2.8

2.0.8.9g.4

1.13.11.7

1.92.7

.83.4

3.82.83.64.2

-1.8

^4.06.1

4.18.23.62.84.14.31.7

.7-1.3

2.93.6

-3.31.4.1

2.7

2.93.44.65.6

.53.83.29.3

4.48.23.42.84.14.41.7.6

-1.32.73.8

-3.11.5.3

2.7

2.13.34.46.0

.64.04.18.6

1.85.62.1.6

3.03.32.5.1

-2.3

^1.8

-4.7-1.1-.5

-1.0

-1.81.0.4

1.8

2.13.8-.12.2

1.95.92.5.8

3.23.52.6

.2-2.4-.42.1

-4.9— 1.1-.6

Y

-1.6.5.8

1.8

2.54.4

.12.3

3.84.34.55.03.64.43.55.74.95.03.8

4.14.84.55.2

5.74.16.24.6

3.32.53.92.9

4.04.14.15.03.54.23.35.55.05.13.6

4.44.94.64.9

5.64.75.94.6

2.91.93.72.8

0.6.0.9

3.1-.1

.2-1.3

.3

.62.0.8

1.02.41.31.9

2.9.7

3.01.3

.2-.62.0

— .1

0.8-.2

.63.1

-.2.1

-1.4.1.8

2.0.6

1.22.61.41.6

2.91.32.71.3

2-1.2

1.8j

1.51.93.02.82.53.44.35.03.81.72.0

2.52.23.81.4

.91.61.9

.7

5.02.5.5

-3.8

1.51.93.32.92.63.24.35.13.92.01.8

2.52.23.71.5

1.71.82.2

.4

4.82.3

— .4-3.1

3.44.13.32.22.63.64.44.13.72.32.4

4.83.12.41.7

3.32.4

-1.25.6

2.72.61.11.0

4.03.53.72.42.63.64.24.23.92.42.3

4.92.72.62.2

3.22.7

-1.15.6

2.52.41.1.5

1 Output refers to gross domestic product originating in the sector in 1987 dollars.2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family

workers. Estimates based primarily on establishment data.3 Wages and salaries of employees plus employers' contributions for social insurance and private

benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for trie self-employed.

4 Hourly compensation divided by the consumer price index for all urban consumers (CPI-U).

5 Current dollar gross domestic product divided by constant dollar gross domestic product.

NOTE.—Data relate to all persons engaged in the sector.Percent changes are from preceding period and are based on original data; they therefore may

differ slightly from percent changes based on indexes shown here.'Based on GDP release of March I, 1994.


16


PRODUCTION AND BUSINESS ACTIVITYINDUSTRIAL PRODUCTION AND CAPACITY UTILIZATIONIndustrial production and capacity utilization rose in March.

INDEX, 1987 > 100' (RATIO SCALE) INDEX, 1987 « 100' (RATIO SCALE)130

120

110

100

130

120

110

100

90

130

120

110

100

90

TOTAL INDUSTRIAL PRODUCTION

— v-—r~"IN I inn

MANUFACTURING

/~~~~\,^^°~

H M

DUPABLE

**-

U ! 1 1 1 1 1 1 1

S

NONDURABLE

UTIlfTIES AND MINING

\ /

^>x —

„ f f

~^~^.

1990

---',/

x. imLniES*v_

M i l l

1991

MINING1 1 1 1 1 1 1 1 1 1 1

1992

/ \ /f\

S_^— -

inn

\^^—

1 1 1 1 1

1993

\

/"

I l l , ,

1994

150

140

130

120

110

100

90

80

70

PER86

84

82

80

78

76

FINAL PRODUCTS ^

BUSINESS 'EQUIPMENT '

^^

%--.-

| |n||

N -^~~

^ /

"v.\

DEFENSEAND SPACEQUIPMEN

M 1 1 I I 1 1 1 1 1

S

\

"

CONSUMERGOODS

" x _

r

1

"x'v,._

II 1 II 1 1 1 1 1 1 M M )

INT'

CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)

s^s~-^ /r^V

mil l

1990

\y~/^y/r^~/

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11991 1 1992

f~-^

11993

I M l i i l l l

1994


[Monthly data seasonally adjusted]

Period

1984198519861987198819891990199119921993

1993- MarApr

JuneJulyAutrSept . .OctNovDee r

1994- Jan r

Feb T

Mar"

Totalindustrial

production

Index,1987 = 100

92.894.495.3

100.0104.4106.0106.0104.1106.5110.9

110.0110.5110.0110.4110.9111.1111.3111.9112.8114.0

114.4115.0115.6

Percentchange

from yearearlier

9.31.7.9

4.94.41.5.0

-1.82.34.1

4.23.93.04.03.84.34.44.14.24.6

4.84.65.1

Industry production indexes, 1987 = 100

Manufacturing

Total

89.391.694.3

100.0104.7106.4106.1103.7106.8111.7

110.5111.3111.1111.2111.6111.8112.1112.9114.0115.4

115.5116.3117.0

Durable

88.491.893.9

100.0106.6108.6107.4103.9107.0

r 114.3

112.5113.5113.2113.0113.7113.9115.0116.2118.0120.1

120.4121.3121.9

Nondurable

90.891.594.9

100.0102.3103.7104.4103.5106.5108.7

108.2108.7108.5108.9109.1109.2108.5108.8109.1109.7

109.6110.1111.0

Mining

111.9109.0101.0100.0101.3100.0102.0100.198.297.3

96.997.497.197.996.496.697.498.096.996.9

96.998.799.7

Utilities

97.099.596.3

100.0105.0108.7109.9112.3112.0

r 116.2

117.3114.5112.4115.4118.0118.4116.2114.9116.1115.8

119.9118.5116.3

Capacity utilizationrate, percent l

Totalindustry

81.180.379.281.583.783.682.079.179.781.5

81.281.481.081.181.381.481.481.782.282.9

83.183.483.6

Manufac-turing

80.479.579.181.683.683.181.177.878.680.6

80.180.680.280.180.380.380.480.881.582.3

82.282.582.8

1 Output as percent of capacity. Source: Board of Governors of the Federal Reserve System

17


INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS ANDSELECTED MANUFACTURES

[1987 — 100; monthly data seasonally adjusted]

Period

19841985.198619871988198919901991..19921993 '

1993: Mar

July

SeptGotNovDec '

1994: Jan r

Feb T ..Mar"

Products

Final products

Total

91.094.295.7

100.0104 8106.8107.0105.3108.0112.7

112.0112.3111.8112.1112.8112.7113.1113.8114.6115.4

116.1117.2117.3

Consumer goods

Total

92.893.796.8

100.0102 9104.0103.4102.8105.7108.7

108.9108.6107.8108.1108.9108.6108.5109.2109.7110.1

110.6111.8111.5

Dura-ble

goods

91.091.694.5

100.0104.6106.6102.395.2

102.0110.5

110.3110.9109.0107.2108.2107.3108.7112.7115.8118.2

119.0122.3119.5

Nondur-able

goods

83.494.497.6

100.0102.4103.2103.8104.9106.8108.2

108.6108.0107.4108.3109.1109.0108.4108.2107.9107.9

108.3108.8109.3

Equipment

Total '

89.294.894.5

100.0107.6110.9112.1108.9111.2118.5

116.4117.7117.7118.0118.5118.6119.8120.4121.8123.1

124.0125.0125.6

Busi-ness

85.491.193.1

100.0110.7115.5116.9115.7122.2134.6

131.5133.1133.5133.9134.6134.8136.3137.7139.7141.8

143.1144.7145.7

De-fenseand

spaceequip-ment

78.989.496.0

100.099.7

100.198.891.683.174.8

76.876.975.674.974.674.073.772.772.571.5

70.969.869.1

Intermediate products

Total

86.288.391.9

100.0101.8102.0101.296.899.0

102.6

101.4102.2101.7101.8102.9103.3103.0103.5104.3105.4

105.2105.0105.8

Con-structionsupplies

86.289.193.8

100.0101.5100.598.291.093.396.8

95.194.895.995.396.497.397.898.699.5

101.3

100.199.1

100.3

Busi-nesssup-plies

86.287.790.7

100.0102.0103.0103.2100.7102.8106.5

105.7107.2105.5106.1107.3107.2106.4106.7107.5108.1

108.6108.9109.5

Materials

Total

96.696.695.9

100.0105.0106.7106.8105.4107.7111.9

110.8111.4111.1111.7111.7112.1112.2112.8113.9115.5

115.8116.3117.2

Energy

103.8103.499.5

100.0102.2103.1104.2104.5103.9103.7

104.6104.1102.9104.4103.6103.7103.1103.0103.1103.2

104.3104.9105.1

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

[1987=100; monthly data seasonally adjusted]

Period

19841985....1986198719881989199019911992 .1993 r

1993- Mar

July

SeptOctNovDec T

1994: Jan *Feb 'Mar<>

Durable manufactures

Primary metals

Total

102.4101.893.7

100.0108.7107.2106.598.3

101.1106 5

104.3105.0105.0105.6105.6107.2107.3106.1109.8113.0

110.4110.4111.0

Ironandsteel

105.9104.590.8

100.0112.7111.2111.5100.5104.7111.6

108.2108.9109.1111.1111.9112.8112.4113.3114.4119.1

115.6116.1116.5

Fabri-catedmetalprod-ucts

93.394.593.8

100.0104.2102.899.594.995.699.5

98.899.298.598.399.699.699.6

100.7102.1102.6

103.6103.1104.2

Industri-al

machin-ery andequip-ment

80.886.890.3

100.0113.0117.3117.6113.8123.4144.1

136.9140.1141.6143.3146.1147.1148.4150.3152.0155.7

157.0158.2161.3

Electri-cal

machin-ery

94.193.194.3

100.0108.5111.0111.4112.7115.7127.5

124.3125.6125.7126.4128.6129.5130.9131.4132.1134.3

134.7136.0137.8

Transportationequipment

Total

83.191.896.9

100.0105.2109.6107.0101.9102.8104.2

105.8105.9104.2101.298.998.5

100.4104.2108.3110.7

111.8114.9111.6

Motorvehi-clesand

parts

90.699.098.5

100.0105.7106.9101.094.5

106.4120.7

120.6120.9118.5114.7110.2110.6115.1124.1132.4138.5

141.7149.4143.1

Lum-ber and

prod-ucts

86.088.095.1

100.0100.199.497.190.696.5

100.6

98.498.398.297.699.6

100.9101.8104.6104.9105.2

104.9104.1104.4

Nondurable manufactures

Appar-el

prod-ucts

95.792.696.3

100.098.195.092.291.893.693.1

93.493.393.593.693.693.292.192.192.693.1

92.392.194.0

Print-ing and

pub-lishing

84.587.690.6

100.0100.9101.1100.896.999.0

101.3

101.1102.6101.1101.3101.6100.9101.1101.6101.7101.9

101.9102.3102.9

Chemi-calsand

prod-ucts

91.491.494.6

100.0106.0109.2111.8111.4114.3117.8

117.1117.3117.6118.3118.6118.8118.3117.8118.8119.3

120.0120.5121.0

Foods

92.194.997.4

100.0101.5102.5103.7105.3107.7108.6

108.4108.2107.9108.8108.8109.6109.0109.0108.4109.0

108.5109.5110.2

Source: Board of Governors of the Federal Reserve System.

18


NEW CONSTRUCTION[Monthly data seasonally adjusted]

Period

1984198519861987198819891990199119921993

1993- Mar

May

July

SeptOct

Dec

1994: Jan '.Feb r

Mar"

Total newconstructionexpenditures

Private

Total

Residential

Total ' New housing

Commercialand

industrial 2Other

Federal,State, and

local

Billions of dollars

348.8377.4407.7419.4432.3443.6442.1403.4436.0470.1

454.5449.1453.3460.7466.6468.5477.1488.7497.9508.7

496.9491.7495.4

278.6299.5323.1328.7337.5345.5334.7293.5317.3343.0

153.8158.5187.1194.7198.1196.6182.9157.8187.8208.1

337.0328.1332.2335.0337.9341.4345.6354.5364.5371.4

366.1361.3368.5

205.5197.3198.4200.5204.6206.6209.5215.9222.8229.2

230.2231.0234.4

113.8114.7133.2139.9138.9139.2128.0110.6129.6144.5

Annual rates

141.8137.7138.3139.3141.1143.0145.7150.0155.7162.1

162.3162.9166.3

74.089.884.484.088.094.396.477.065.868.1

67.465.667.467.165.667.068.370.272.573.4

71.266.769.0

50.851.351.650.151.554.655.458.763.766.8

64.065.266.467.467.767.867.868.469.268.8

64.863.665.1

70.277.884.690.694.898.1

107.5109.9118.8127.2

117.5120.9121.0125.7128.7127.2131.6134.2133.4137.3

130.8130.4126.9

Construction contracts 3

Total valueindex

(1987 = 100)

839196

100101105958997

103

r9910195

106105

r!05r!06

110108

r!06

106108110

Commercialand industrial

floor space(millions ofsquare feet)

9551,0971,0161,019

973961783577556575

Annual rates

519526514521571533544561566628

633592742

1 Includes residential improvements, not shown separately.3 Includes hotels and motels.1 F.W. Dodge series.

Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information SystemsCompany, F.W. Dodge Division.

NEW PRIVATE HOUSING AND VACANCY RATES[Thousands of units or homes, except as noted]

Period

1984198519861987 ,198819891990199119921993

1993- Mar

May

July

SeptOctNovDec

1994- Jan r

Feb 'Mar *

New private housing units

Units started, by type of structure

Total

1,749.51,741.81,805.41,620.51,488.11 376 11,192.71,013.91,199.71,287.6

1 unit

1,084.21,072.41,179.41,146.41,081.31,003.3

894.8840.4

1,029.91,125.7

2-4 units

121.493.484.065.358.855.237.535.630.729.4

5 or more units

544.0576.1542.0408.7348.0317.6260.4137.9139.0132.6

Unitsauthorized

1,681.81,733.31,769.41,534.81,455.61,338.41,110.8

948.81,094.91,214.2

Unitscompleted

1,652.21,703.31,756.41,668.81,529.81,422.81,308.01,090.81,157.51,192.7

New private homes

Homes sold

639688750671676650534509610

r666

Seasonally adjusted annual rates

1,0921,2321,2411,2381,2451,3191,3591,4091,4061,612

1,2711,3141,473

9571,0821,1001,0671,0761,1781,1601,2311,2481,383

1,1251,1201,247

30272630531732313021

233332

105123115141116124167147128208

123161194

1,0341,1011,121i.iis1,1621,2421,2711,3041,3741,476

1,3581,2501,318

1,1051,2121,1371,1681,0971,2481,1721,2481,2481,289

1,2211,342

600685635641647645738723766

r817

640665739

Homes forsale at end of

period !

353346357366368365321284266

r294

270271273274277286288291294

r294

297302304

Vacancv rate,for rental

housing units(percent) 2

5.96.57.37.77.7

2 7.47.27.47.4

2 7.4

r7.8

7.6

7.1

6.9

7.5

1 Seasonally adjusted.2 Revised series beginning 1989 and 1993; not comparable

cred in last month of quarter.

NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 datai earlier data. Quarterly data en- are for 16,000 places.


19


BUSINESS SALES AND INVENTORIES—Manufacturing and TradeIn February, manufacturing and trade sales rose 1.2 percent and inventories rose $4.7 billion. According toadvance data, retail sales rose 0.4 percent in March, following a rise of 1.6 percent in February.

BILLIONS OF DOLLARS* (RATIO SCALE)1,000

900

800

700

600

500

400

300

200

!

^~~^

1990

MANTRA

— ' '

MAh

III 1 Ml Illl

1991

\UFACTURINGDE INVENTO

T^\^NUFACTURI-ID TRADE SA

III l ill III i1992

-"" 1

ANDRIES

•4GLES

1993

1 III Illl I II

1994

BILLIONS OF DOLLARS* (RATIO SCALE]300

250

200

150

100

RETAIL INVENTORIES

RETAIL SALES

RATIO "

COUNCIL Of ECONOMIC ADVISERS

Period

1984198519861987198819891990199119921993

1993- Feb r

MarAprMayJuneJuly

SeptOctNovDec

1994- Jan r

Feb 'Mar p

' See page 21 for mam2 Annual data are aver

fi l fy adjusted totals for mo

Manufacturing andtrade 1

Sales 2 Inven-tories 3

Wholesale

Sales 2 Inven-tories 3

Retail

Sales 2

TotalDurablegoodsstores

Nondura-ble goods

stores

Inventories 3

TotalDurable

goodsstores

Nondura-ble goods

stores

Millions of dollars, seasonally adjusted, except as noted

411,427423,940431,786459,107496,819523,260542,349537,598559,799592,201

584,412r583,605585,097587,202589,551585,266591,937595,536599,649606,711612,462

610,256617,632

651,551665,835664,624711,725767,538813,637837,120832,852841,831865,584

846,950851,282854,209856,288856,853857,008858,979860,885862,110866,720865,584

867,065871,804

113,502114,816116,326124,340135,170143,754148,859146,834152,031160,213

158,782157,181159,555161,594158,978160,450161,054161,020161,316162,135161,797

163,283164,592

144,223149,155155,445165,814180,535188,566196,935201,462208,757216,586

209,208210,081211,612211,859212,060213,118214,813215,071214,687216,011216,586

216,651218,415

107,243114,586120,803128,442138,108146,782154,031155,246163,258173,468

168,830r 167,445

170,428171,601172,274173,136174,327174,428177,862179,002180,943

178,643181,510182,265

37,87341,51045,05747,98952,48254,89455,94454,45658,94265,383

61,469r61,057

62,95264,03964,67565,32266,46565,89968,45969,61471,048

69,61570,71171,511

69,36973,07575,74680,45385,62691,88898,088

100,790104,316108,085

107,361r 106,388

107,476107,562107,599107,814107,862108,529109,403109,388109,895

109,028110,799110,754

167,812181,881186,510207,836219,581238,160241,117245,042253,836271,573

258,510261,662262,290262,838263,467262,329262,774265,125267,122270,528271,573

271,506273,039

79,07488,31589,983

105,481112,690121,716121,666119,739123,520135,757

126,562128,335128,879128,831129,318128,025128,243129,416131,360134,023135,757

137,492138,027

88,73893,56696,527

102,355106,891116,444119,451125,303130,316135,816

131,948133,327133,411134,007134,149134,304134,531135,709135,762136,505135,816

134,014135,012

Inventory-sales ratio 4

Manufac-turing

andtrade '

1.531.551.551.501.491.531.531.541.501.45

1.451.461.461.461.451.461.451.451.441.431.41

1.421.41

Retail

1.491.521.561.561.541.581.561.551.521.52

1.531.561.541.531.531.521.511.521.501.511.50

1.521.50

factnring. 3 Seasonally adjusted, end of period,ages of monthly not seasonally adjusted figures; monthly data are season- 4 Annual data are averages of seasonally adjusted monthly ratios.n ' Source: Department of Commerce, Bureau of the Census.

20


MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERSIn February, manufacturers' shipments and inventories rose, while new and unfilled orders fell. In March, accordingto advance data, durable goods manufacturers' shipments and new orders rose.

BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS' (RATO SCALE)

320

280

240

200

160

120

80

X

M M ! MM!

TOTAL

TDL

V ^NONDURAB

1 1 1 1 1 1 1 1 ! 1 1

JRABLEGOOC

E GOODS

1 1 1 1 1 1 1 1 II 1

1 ""H

>s

M M 1 MM!

f

—

1 M M M M 1


320

280

240

200

160

120

80

NEW ORDERS

TOTAL

. ^ / . . ^

,

/ \v

1 1 1 1 1 1 1 1 1 1 !

1990

~*^/ ^— s

;\-ir-V--"-*-

1 1 1 1 1 1 1 1 1 1 11991

PI

*

NOND

1992

r~"~~^1

JRABLEGOO

.-,)--?

URABLEGOO

1 1 1 1 1 1 1 M 1 1

1993

"

is*-

3S

1994

480440400360

320

280

240

200

160

120

80

INVENTORIES

.

. *

1 t 1 1 II I! 1 II

'

\

L DURABLE C

NO

Minium

i — r — |

OODS

\sIDURABLEGC

M 1 M I 1 1 1 M

.11 i— — i i ,

5ODS

M M 1 1 M M t M M 1 1 M M 1

RATIO*

2.20

2.00

1.80

1.60

1.40

1.20

INVENTORY-SHIPMENTS RATIO

1990 1991 1992 1993 1994

* SEASONMiY ADJUSTEDSOUJCE: DEPARTMENT OF COMMEBO2 COUNOl Of ECONOMC AMSBiS

Period

1984198519861987198819891990199119921993

1993- FebMar

May

July

SeptOct . . ..NovDec

1994: JanFeb 'Mar'

Manufacturers' shipments 1

Total Durablegoods

Nondurablegoods

Manufacturers' inventories z

Total Durablegoods

Nondurablegoods

Manufacturers' new orders *

Total

Durable goods

Total

Millions of dollars, seasonally adjusted, except as noted

190,682194,538194,657206,326223,541232,724239,459235,518244,511258,520

256,800258,979255,114254,007258,299251,680256,556260,088260,471265,574269,722

268,330271,530

97,940101,279103,238108,128117,993121,703122,387119,151125,553135,981

134,133135,537132,763132,307135,042129,257134,521137,521138,153142,665146,182

144,709146,233147 049

92,74293,25991,41998,198

105,549111,022117,072116,367118,958122,539

122,667123,442122,351121,700123,257122,423122,035122,567122,318122,909123,540

123,621125,297

339,516334,799322,669338,075367,422386,911399,068386,348379,238377,425

379,232379,539380,307381,591381,326381,561381,392380,689380,301380,181377,425

378,908380,350

221,330218,212212,006220,776241,402256,065259,988249,117237,717236,303

237,034236,849237,043237,734237,514237,937237,688237,571237,632237,886236,303

238,172238,974

118,186116,587110,663117,299126,020130,846139,080137,231141,521141,122

142,198142,690143,264143,857143,812143,624143,704143,118142,669142,295141,122

140,736141,376

192,879195,706195,204209,389227,026235,932240,646234,354241,545255,701

257,250253,007252,369248,335255,462250,566253,461255,309258,270262,773266,351

272,616271,275

100,164102,356103,647110,809121,445124,933123,556117,878122,614133,273

134,533129,903129,838126,783132,252128,520131,752133,176136,613139,675142,481

148,549145,798146,373

Capitalgoods

industries,non-defense

23,66924,54523,98326,09530,72932,72532,25429,46829,65331,889

32,74829,12230,45329,93133,85030,09331,99230,99232,82534,87835,059

36,63036,38536,409

Nondurablegoods

Manufac-turers'unfilledorders 2

92,71593,35191,55798,579

105,581110,999117,090116,476118,932122,428

122,717123,104122,531121,552123,210122,046121,709122,133121,657123,098123,870

124,067125,477

373,529387,095393,412430,288471,951510,459524,846511,122475,304441,947

476,535470,563467,818462,146459,309458,195455,100450,321448,120445,319441,947

446,233'445,978

Manufac-turers'inven-tory —

shipmentsratio 3

1.731.731.681.591.581.641.651.671.571.47

1.481.471.491.501.481.521.491.461.461.431.40

1.411.40

1 Annual data are averages of monthly not seasonally adjusted figures; monthly data are season-ally adjusted totals for month. Shipments are the same as sales.

2 Seasonally adjusted, end of period.

3 Annual data are averages of seasonally adjusted monthly ratios.


21


PRICESPRODUCER PRICESIn March, the producer price index for all finished goods rose 0.2 percent. Prices of finished consumer foods rose0.5 percent and prices of other finished consumer goods rose 0.1 percent. Capital equipment prices rose 0.3percent.

INDEX, 1982 = 100 (RATIO SCALE)

130

120

INDEX, 1982= TOO (RATIO SCALE)

130

120

CONSUMER GOODSEXCLUDING FOODS

100 100

90 901986 1994

SOURCE: DEPARTMENT Of (ABC* COUNCIL Of ECONOMIC ADVISERS

[1982= 100; monthly data seasonally adjusted]

Period

1984198519861987198819891990 ....19911992 . ...1993 "

1993- Mar

May

July

SeptOctNov r.Dec

1994- JanPeb .Mar

Finished goods

Totalfinishedgoods

103.7104.7103.2105.4108.0113.6119.2121.7123.2124.7

125.1125.7125.7125.1125.1124.1124.3124.2124.3124.2

124.5125.1125.4

Con-sumerfoods

105.4104.6107.3109.5112.6118.7124.4124.1123.3125.7

124.7126.3125.8125.1125.0125.4126.1125.9126.9127.7

127.3126.8127.4

Finished goods excluding consumer foods

Total

103.2104.6101.9104.0106.5111.8117.4120.9123.1124.4

125.2125.5125.5125.0125.0123.7123.7123.6123.5123.1

123.7124.5124.7

Consumer goods

Total

102.2103.398.5

100.7103.1108.9115.3118.7120.8121.7

122.9123.3123.3122.6122.5120.6120.5120.6120.3119.6

120.1121.2121.3

Durable

104.5106.5108.9111.5113.8117.6120.4123.9125.7128.1

127.3128.0128.0128.2128.5128.9128.6127.5128.6129.0

129.7129.9130.3

Nondurable

101.1101.793.394.997.3

103.8111.5115.0117.3117.6

119.7119.9119.9118.9118.5115.6115.7116.2115.3114.1

114.6116.0116.0

Capitalequip-ment

105.2107.5109.7111.7114.3118.8122.9126.7129.1131.4

131.0131.3131.3131.2131.6131.8131.9131.4131.8132.2

133.0133.1133.5

Totalfinished

con-sumergoods

103.3103.8101.4103.6106.2112.1118.2120.5121.7123.0

123.6124.3124.2123.5123.4122.1122.3122.3122.4122.1

122.3123.0123.2

Intermediate materials

Total

103.1102.799.1

101.5107.1112.0114.5114.4114.7116.2

116.3116.6116.3116.3116.3116.3116.3116.4116.6116.2

116.4116.9117.1

Foodsand

feeds 1

105.797.396.299.2

109.5113.8113.3111.1110.7112.7

110.2111.4111.5110.4113.1113.8113.3114.0115.3117.2

117.4118.3117.9

Other

103.0103.099.3

101.7106.9111.9114.5114.6114.9116.4

116.6116.9116.5116.7116.5116.4116.4116.5116.7116.2

116.4116.9117.1

Crude materials

Total

103.595.887.793.796.0

103.1108.9101.2100.4102.4

101.8103.0105.2103.6101.5100.8101.5103.7103.4101.2

102.5101.2104.0

Food-stuffsand

feed-stuffs

104.794.893.296.2

106.1111.2113.1105.5105.1108.3

106.6108.4109.3105.8107.4108.6109.1107.6112.7113.1

112.1113.5112.4

Other

102.296.981.687.985.593.4

101.594.693.594.7

94.995.598.698.293.892.092.897.193.589.8

92.589.594.7

1 Intermediate materials for food manufacturing and feeds. Source: Department of Labor, Bureau of Labor Statistics.

22


CONSUMER PRICES—ALL URBAN CONSUMERSIn March, the consumer price index for all urban consumers rose 0.3 percent seasonally adjusted and notseasonally adjusted. The index was 2.5 percent above its year-earlier level.

INDE

150

140

130

120

110

100

90

80

,

K, 1982-84 = 100 (RATIO SCALE) INDEX, 1982-84 - 100 (RATIO SC

SEASONAL? ADJUSTED

_, 1

CONSUMER PRICES— ALL ITE

\^

I I f M 1 M M I

1986

EE NOTE ON TABLE BE.OURCE: DEPARTMENT

^q

! 1 1 1 1 1 I 1 1 ! 1

1987

LOWOf LABOR

^

\ 1 1 1 ! 1 I 1 1 1 f

1988

/ 1

| 1 1 M 1 M 1 ! 1

1989

M 1 1 1 1 1 M 1 1

1990

MS ^__^_^-

1 1 1 II M 1 1 M

1991

__

1 I 1 1 M 1 1 1 M

1992

^ -

1 1 | M 1 1 1 M 1

1993

COUNCIL OF

—

1 1 1 M 1 1 I I 1 !

1994

ECONOMIC ADVISERS

>LE)

150

140

130

120

110

100

90

80

[1982-84=100, except as noted; month!}' data seasonally adjusted, except as noted]

Period

1984198519861987198819891990199119921993

1993:MarAprMay

July

SeptOctNovDec

1994:JanFebMar

All items '

Notseason-

allyadjust-

ed(NSA)

1000103.9107 6109.61136118.31240130.71362140.31445

143.6144.0144.2144.4144.4144.8145.1145.7145.8145.8

146.2146.7147.2

Sea-son-ally

adjust-ed

143.5144.0144.3144.4144.6145.0145.1145.6146.0146.3

146.3146.7147.2

Food

15.8103.2105.6109.0113.5118.2125.1132.4136.3137.9140.9

139.9140.2141.1140.7140.7141.2141.6142.3142.6143.3

143.1142.7142.9

Housing

Total '

41.4103.6107.7110.9114.2118.5123.0128.5133.6137.5141.2

140.0140.5140.8141.1141.2141.6141.9142.2142.5142.8

142.9143.5144.0

Shelter

Total

27.9104.0109.8115.8121.3127.1132.8140.0146.3151.2155.7

154.2154.7155.1155.4155.6156.0156.3156.6157.1157.5

157.8158.6159.2

Rent-ers'costs(Dec.

1982 =100)

8.0108.6115.4121.9128.1133.6138.9146.7155.6160.9165.0

162.9163.6164.0164.2164.3164.5164.8165.6165.8166.3

166.3167.0167.7

Home-own-ers'

costs(Dec.

1982 =100)

19.8107.3113.1119.4124.8131.1137.3144.6150.2155.3160.2

158.9159.4159.7160.1160.4160.8161.1161.3161.9162.4

162.8163.6164.3

Mainte-nance

andrepairs(NSA)

0.2103.7106.5107.9111.8114.7118.0122.2126.3128.6130.6

131.5131.8131.6131.2131.3131.6131.3130.8127.9127.6

128.9129.4129.3

Fueland

otherutili-ties

7.3104.8106.5104.1103.0104.4107.8111.6115.3117.8121.3

120.4120.8121.0121.4121.8122.2122.4122.5122.4122.3

121.8122.9123.3

Appar-el andupkeep

5.9102.1105.0105.9110.6115.4118.6124.1128.7131.9133.7

134.2134.0133.6133.1133.0133.9133.4133.2134.1133.9

133.8133.4134.0

Transportation

Total '

17.0103.7106.4102.3105.4108.7114.1120.5123.8126.5130.4

129.7130.0130.1130.0130.5130.6130.6131.9131.9131.7

131.4132.0132.8

Newcars

4.0102.8106.1110.6114.6116.9119.2121.0125.3128.4131.5

130.1130.7131.0131.2131.6132.2132.5132.9133.1133.2

133.3133.9134.5

Motorfuel

3.097.998.777.180.280.988.5

101.299.499.098.0

101.1100.598.997.296.995.394.198.396.695.3

94.896.897.0

Medi-cal

care

7.1106.8113.5122.0130.1138.6149.3162.8177.0190.1201.4

198.1199.3200.7201.5202.4203.0203.8204.8205.4206.1

206.7207.3207.8

Ener-gy2

7.0100.9101.688.288.689.394.3

102.1102.5103.0104.2

104.7104.8104.2103.7103.7103.0102.6104.5103.6102.9

102.1103.7104.1

Allitemslessfoodand

energy

77.2104.6109.1113.5118.2123.4129.0135.5142.1147.3152.2

151.1151.6152.0152.3152.6153.0153.1153.5154.1154.4

154.6155.0155.5

1 Includes items not shown separately.2 Household fuels—-gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.

excluded beginning 1983.3 Relative importance, December 1993.

NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership tand therefore are not strictly comparable with figures for earlier period.s.

Data beginning 1987 and 1988 calculated on a revised basis.Source: Department of Labor, Bureau of Labor Statistics.

23


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

Period

1984198519861987198819891990199119921993"

1993: MarAprMayJuneJuly

SeptOctNov 'Dec

1994: Jan.FebMar.

Change from preceding period

Totalfinishedgoods

Consumer goods

Foods Kxclud-ing foods

Capitalequip-ment

Change, Dec. to Dec., NSA

1.71.82 32.24.04.95.7

.11.6

2

3.5.6

2.8-.25.75.22.6

-1.51.62.4

0.82.1

-6.64.13.15.38.7

— .71.6

— 1.4

1.82.72.11 33.63.83.42 51.71.9

Change, month to month

0.2.5

0-.50-.8

.2

.1

.1-.1

2.5.2

0.21.3

-.4-.6-.1

.3

.6-.2

.8

.6

-.3-.4

.5

0.3.3

0-.6-.1

-1.6-.1

.1_ 2

r-.6

.4

.9

.1

0.2.2

01

.3

.2

.1— .4

.3

.3

.6

.1

.3

Change from 3 months earlier, annual rate

Totalfinishedgoods

3.94.62.90

-1.9-5.0-2.5— 2.8

.6-.3

1.02.63.9

Consumer goods

Foods

05.94.21.3

-4.1-1.3

3.22.94.95.2

4.5r-.3

9

Excludingfoods

5.75.02.6

-1.0-2.6-8.5-6.7-6.1-1.0-3.0

-1.6r3.05.8

Capitalequipment

4.12.81.5.6.9

1.52.2

-.60

.9

5.04.04.0

Change from (> months earlier, annual rate

Totalfinishedgoods

2.32.82.91.91.3

-1.1-1.3-2.4-2.2-1.4

-1.01.61.8

Consumer goods

Foods

1.53.13.6

.6

.81.52.3

Q

1.84.2

3.72.22.1

Excludingfoods

2.52.82.82.31.2

-3.1-3.9-4.3-4.8-4.8

-3.91.01.3

Capitalequipment

2.33.02.62.31.81.51.4.2.8

1.5

2.12.02.4

Changefrojnyear

earlier,total

finishedgoods

NKA

2.11.0

— 1.42.12 55.24.92.11.21.2

2.02.52.11.31.3.5.4.2.4.2

.222

Souree: Department of Labor, Bureau of Labor Statistics.

CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]

Period

1984198519861987198819891990199119921993

1993: MarAprMayJuneJuly ....AugSeptOctNovDec

1994: JanFebMar

Allitems 1 Food

Housing

Total >

Shelter

Total 'Rent-ers'

costs

Home-owners'

costs

Fueland

otherutili-ties

Ap-parelandup-

keep

Transportation

Total 'Neivcars

Motorfuel

Medi-cal

care

Ener-gy2

Allitemslessfoodand

energy

Change, December to December, NSA

393.81.14.44.44.66.13 12.92.7

3.82.63.83.55.25.65.31 91.52.9

4.34.31.73.74.03.94.53.42.62.7

5.26.04.64.84.54.95.23.92.93.0

5.96.35.03.93.94.56.74.22.82.6

5.15.94.65.34.75.14.73.72.93.2

4.21.8

-5.61.62.93.24.02.92.32.5

2.02.8

.94.84.71.05.13.41.4.9

3.12.6

-5.96.13.04.0

10.4-1.5

3.02.4

2.53.45.91.82.12.31.43.32.32.8

-2.43.1

-30.718.7

-2.16.8

36.5-16.0

1.8-5.4

6.16.87.75.86.98.59.67.96.65.4

0.21.8

-19.78.2

.55.1

18.1-7.4

2.0-1.4

4.74.33.84.24.74.45.24.43 33.2

Change, month to month

0.2.3.2.1.1.3.1.3.32

0.3.3

0.2.2.6

-.30

.4

.3

.5

.2

.5

— .1g

.1

0.4.4.22

.1

.32

.2

.2

.2

.1

.4

.3

0.2.3.3.2.1.3.2.2.3.32

.5

.4

0.2.4.2.1.1.1.2.5.1.3

0.4.4

0.2.3_2.3.22

.2

.1

.4

.3

.2

.5

.4

1.2.3.2.3.3.3.2.1

-.1— .1

— .4.9.3

-0.1-.1-.3-.4-.1

.7— .4-.1

.7-.1

-.13

.4

0.2.2.1

-.1.4.1

01.00-.2

__ 2.5.6

0.2.5.2.2.3.5.2.3.2.1

.1

.5A

-0.2-.6

-1.6-1.7-.3

-1.7-1.3

4.5-1.7-1.3

-.52.1

2

0.3.6.7.4.4.3.4.5.3.3

.3

.32

0.8.1

-.6— .50

Y-.41.9

-.9n

-.81.6.4

0.2\3.3.2.2.3.1.3.42

.1

.3

.3

Addendum: All items, percent change(annual rate)

Promprevi-

ous

r?

2.8

3.1

2.0

3.1

1.9

From3

monthsearlier

3.13.73.12.51.72.02.02.82.83.3

1.91.92.5

From6

monthsearlier

3.33.33.12.82.72.52 22.22.42.6

2.42.42.9

Fromyear

earlier

NSA

4 33.61.93.64.14.85.44.23.03.0

3.13.23.23.02.82.82.72.82.72.7

2.52.52.5

1 Includes items not shown separately.2 Household fuels-—gas (piped), electricity, fuel (

excluded beginning 1983.il, etc.—-and motor fuel. Motor oil, coolant, etc.,

3 Quarterly changes are shown in the last month of the quarter.Source: Department of Labor, Bureau of Labor Statistics.

24


PRICES RECEIVED AND PAID BY FARMERSIn April, prices received by farmers fell 1.4 percent from their March level. Prices paid by farmers in April were 1.0percent above their January level. (Data are not seasonally adjusted).

INDE

240

220

200

180

160

140

120

100RATK140

120

100

80

60

X, 1 977=1 00 (RATIO SCALE) INDEX, 1 977=1 00 (RATIO SC

j_

^s—\

1 1 1 1 1 1 1 1 ) 1 I

_/

S^

1 1 1 1 1 J 1 1 1 I (

,_ ^~~~

~S'~'

^J

t I I ! I 1 I i I I i

,_ ««•

—

i i i i i 1 i i i i i

PKIC-tb PAID//__/ '

^H'RICES RECEIVEE

i i i i i 1

^

^3

i i i i i 1 i i i i i

_ *

1 i i i i i

-'

J\s—

i 1 1 < < i

^

t i i i i i i i t i i

D-^ RAT

-

RATID

- "~~1 " " "1 1 1 1 1 1 1 1 1 1 1 I 1 1 I 1 1 j [ 1 ! 1 1

1986 ' 1987

I 1 1 t 1 1 1 1 I 1 1

1988

f~~—^^-

i t i i f i

1989

/__

—•p ^ .

1 i i i i i 1 i i i i i 1 i i i i i |i i i i i 1 i i i i i

1990 1 1991 ' 1992

f "1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

1993 ' 1994

ALE]

240

220

200

180

160

140

120

100

0-"140

120

100

80

60

i/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.SOURCE: DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS

[1977 — 100; not seasonally adjusted]

Period

1984198519861987198819891990199119921993

1993- AprMayJuneJuly

SeptOctNovDec

1994- JanFebMarApr

Prices received by fanners

All farmproducts

142128123127138147149146139143

146144140141144145145144145

147148148146

Crops

138120107106126134127129121123

125120113121125128130128133

135135132129

Livestock andproducts

146136138146150160170161157162

167168166161162160159158156

159161163162

Prices paid by farmers

All commodities,services,

interest, taxes,and wage rates l

164162159162169177183187189195

196(3)(3)

195(3)(3)

196(3)<3)

r!98(3)(3)

200

Productionitems, interest,

taxes, and wagerates

161156150152159167171172173178

179(3)(3>

178(3)(3>

178(3)(3)

180(3)<3)

183

Productionitems

155151144148157165171173174179

180(3)(3)

179(3)(3)

181(3)(3)

r!81(')(3)

184

Ratio 2

87797778828381787473

747371727474747374

r74757573

1 Includes items not shown separately.2 Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,

and wage rates. See also footnote 3.3 Beginning March 1986, prices paid by farmers are available only for first month in quarter, and

for each month the received/paid ratio is based on latest data available.

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

Source; Department of Agriculture.

25


MONEY, CREDIT, AND SECURITY MARKETSMONEY STOCK, LIQUID ASSETS, AND DEBT MEASURESM2 and M3 rose in March.

BILLIONS OF DOLLARS* (RATIO SCALE)4,8004,400

4,000

3,600

3,200

2,800

2,400

2,000

1,600

1,200

800

600

400

1986 1987

M3

1988 1989 1990

-v

BILLIONS OF DOLLARS* |RATIO SCALE)4,8004,400

4,000

3,600

3,200

1993

2,800

2,400

2,000

1,600

1,200

800

600

400

* AVERAGES Of DAILY FIGURES; SEASONAliY ADJUSTEDSOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL Of ECONOMIC ADVISERS

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

Period

1984- Dec1985: Dec1986: Dec1987: Dec1988- Dec1989: Dec1990: Dec1991: Dec1992: Dec1993- Dec T

1993: Mar

May

July . .

Sept .OctNovDec r

1994- Jan *Feb r

Mar

Ml

Sum of currency,demand deposits,travelers' checks,

and othercheckable

deposits (OCDs)

552.1619.9724.5750.1787.4794.7826.4897.7

1,024.81,128.4

1,040.21,047.11,067.71,076.61,086.81,095.31,105.11,113.41,122.41,128.4

1,133.51,138.61,142.4

M2

Ml plus overnightRPs and

Eurodollars,MMMF balances(general purpose

and broker/dealer),MMDAs, and

savings and smalltime deposits

2,377.82,575.02,818.22,920.13,081.43,239.83,353.03,455.33,509.03,563.1

3,494.83,498.03,521.93,528.7

r3,533.63,535.7

r3,543.63,545.13,556.23,563.1

3,569.43,565.93,581.2

M3

M2 plus largetime deposits,

term EPs, termEurodollars, andinstitution-only

MMMF balances

2,994.63,211.63,497.33,681.33,920.44,067.34,125.74,180.44,183.04,224.9

4,154.64,162.0

r4,187.6r4,187.8r4,186.8r4,186.5r4,195.2r4,200.6r4,212.94,224.9

4,228.54,200.44,208.7

L

M3 plusother liquid

assets

3,536.03,838.94,137.54,340.24,674.64,897.34,974.84,992.95,057.15,123.7

' 5,036.4r5,053.8r5,086.8r5,087.3'5,083.7' 5,092.5r5,085.5r5,093.2r5,104.85,123.7

5,140.8" 5, 130.9

Debt

Debt ofdomestic

nonfmancialsectors

(monthlyaverage) 1

6,006.16,901.17,778.68,543.39,306.1

10,030.710,670.111,147.311,721.512,321.5

11,822.211,869.011,914.911,979.712,037.712,092.812,145.7

r!2,181.7' 12,244.6

12,321.5

12,373.7'12,422.9

Percent change from year or 6months earlier 2

Ml

6.012.316.93.55.0.9

4.08.6

14.210.1

10.38.5

10.110.110.411.612.512.710.29.6

8.67.96.8

M2

8.78.39.43.65.55.13.53.11.61.5

j5.6

1.11.82.42.82.71.91.9

2.01.72.1

M3

11.17.28.95.36.53.71.41.3.1

1.0

-2.21 7

-.3.2

1.21.52.01.91.21.8

2.0.7.6

Debt

14.214.912.79.88.97.86.44.55.25.1

3.94.24.34.44.75.35.55.35.55.7

5.65.5

1 Consists of outstanding credit market debt of the U.S. Government, State and local govern-leiits, and private nonfinancial sectors; data from flow of funds accounts.

2 Annual changes are from December to December and monthly changes are from 6 months earli-r at a simple annual rate.

NOTE.—See p. 27 for components.

Source: Board of Governors of the Federal Reserve Svstem.

26


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

Period

1984: Dec1985- Dec1986: Dec1987- Dec1988: Dec1989- Dec1990: Dec1991- Dec1992: Dec1993- Dec '1993: Mar

AprMayT '

July

SeptOctNovDec

1994: Jan '.Feb ' .Mar

Cur-rency

156.1167.9180.7196.9212.2222.6246.7267.1292.2321.4299.3301.8304.4307.2309.7312.4315.4317.6319.5321.4325.3329.2332.4

De-mandde-

posits

243.7266.6302.1287.1287.2279.8277.9290.0339.6384.8344.3349.0358.8362.2366.4370.9375.4378.4383.2

'384.8388.4390.4390.1

Othercheck-

abledepos-

its(OCDs)

147.4179.8235.6259.5280.9285.4294.0332.8384.9414.3388.5388.2396.4399.2402.8404.2406.6409.5411.8414.3412.0411.1411.8

Over-nightrepur-chaseagree-ments(RPs),

net,plusover-nightEuro-

dollars l

NSA

63.075.683.385.784.180.277.380.680.690.478.877.275.278.581.282.185.388.089.1

r90.493.691.797.4

Money marketmutual fundbalances 2

Gener-al

pur-poseand

broker/dealer

167.9177.4209.8223.5244.4320.4355.5370.4352.0348.8345.9345.9348.5347.5346.6345.5345.0344.4347.0348.8347.8343.7348.6

Insti-tutiononly

62.564.785.392.091.5

108.5135.0181.0201.5197.0197.7196.3198.0194.7192.6190.1190.8194.3194.8197.0192.7176.9177.4

Savingsdeposits,including

moneymarketdeposit

accounts(MMDAs)

704.8815.4941.0937.7926.7891.0920.4

1,041.11,183.61,215.51,182.41,185.51,195.11,200.41,202.11,205.91,208.41,208.81,211.91,215.51,220.41,221.01,222.1

Smalldenom-inationtime

depos-its 3

888.8885.7859.0922.7

1,038.61,153.71,174.51,067.4

870.5782.8846.8839.4832.4823.9

' 814.4806.2799.4

' 793.5788.0782.8777.2772.5769.6

Largedenom-ination

timedepos-its3

416.6434.3431.5475.5525.5549.1489.5425.8360.3338.9344.8

'348.8r348.2r345.3r341.8'341.6r340.4'341.6' 339.4'338.9341.1335.2332.4

Termrepur-chaseagree-ments(EPs)

NSA

57.662.480.6

106.0121.899.089.672.581.195.486.088.989.892.896.496.095.694.394.095.490.787.789.1

TermEuro-dollars(net)

NSA

82.976.583.891.0

105.779.568.757.645.645.749.848.748.745.541.944.145.2

'44.9r48.5r45.744.146.243.8

Sav-ings

bonds

74.279.591.8

100.6109.4117.5126.0137.9156.6171.7162.4163.6164.7165.9167.1168.2169.2170.1170.8171.7172.7

"173.4

Short-term

Treas-ury

securi-ties

261.0298.3280.0253.1269.3325.5332.0316.2332.5324.0

'338.4r341.8r343.4' 344.3'341.9'341.7'326.3'321.5'320.9'324.0331.5

"332.0

Bankers'accept-ances

45.442.137.144.540.240.635.923.620.616.319.419.319.218.517.416.516.416.416.116.316.6

"17.0

Com-mercialpaper

160.7207.5231.3260.6335.4346.5355.2334.8364.3386.8361.5367.1371.8370.9370.4379.5378.4384.7384.1386.8391.6

"408.0

1 Includes continuing contract RPs.z Data prior to 1983 are not seasonally adjusted.3 Small denomination and large denomination deposits are those issued in amounts of less than

$100,000 and more than $100,000, respectively.

NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not showhere.


AGGREGATE RESERVES AND MONETARY BASE[Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA]

Period

1984- Dec1985: Dec1986- Dee1987- Dec1988- Dee1989- Dec1990- Dec1991- Dec1992: Dec1993- Dec ' .1993: Mar '

Apr 'May 'T 3 ,

July '.AUK ' .Sept 'Oct 'Nov 'Dec '

1994- Jan r

Feb' ..Mar"

Adjusted for changes in reserve requirements

Reserves of depository institutions

Total

26,84531,44838,94338,86240,39840,49241,76745,53354,35160,47655,22855,30656,74057,04857,54658,01158,81359,74960,32060,47660,60360,76360,589

Nonbor-rowed

23,65930,12938,11638,08538,68340,22741,44145,34154,22860,39455,13755,23356,61856,86757,30257,65958,38659,46460,23160,39460,52960,69360,534

Nonbor-rowed plusextended

credit

26,26330,62838,41938,56839,92740,24741,46445,34254,22860,39455,13755,23356,61856,86757,30257,65958,38659,46460,23160,39460,52960,69360,534

Required

25,99030,41137,57337,81639,35139,57040,10244,55553,19659,41354,01554,21055,74356,13856,45757,05957,72358,66059,21959,41359,15559,62359,621

Monetarybase

187,237203,585223,667239,872256,932267,734293,185317,169350,798385,855358,590361,166365,294368,194371,286374,340378,076381,400384,029385,855389,613393,960397,004

Borrowings of depositoryinstitutions from the Federal

Reserve (NSA)

Total

3,1861,318

827777

1,716265326192124829173

1211812443524282858982737055

Seasonal

113563893

1308476381831264184

1422102342361927531151524

Extendedcredit

2,604499303483

1,24420231100000000000000

1 Data are prorated averages of biweekly (maintenance period) averages of daily figures.Note.—Aggregate reserves and the monetary base have been revised. Revised data prior to 1993

are not yet available.


27


BANK CREDIT AT ALL COMMERCIAL BANKSTotal commercial bank loans and leases rose 0.4 percent in March; commercial and industrial loans rose 0.8percent.

- ALL COMMERCIAL BANKS


3,6003,2002,800

2,400

2,000

1,600

1,200

800

400

200

160

- TOTAL

120 I I I I I I I I I I I I1988

I I I I I J I I I I I1989"

. LOANS AND LEASES-

U.S. GOVERNMENT SECURITIES

I I I I I I I I I I I

1990

OTHER SECURITIES

-VI I I I I I I I I I I

1991

I I I I I I I I I I I

1992

BILLIONS OF DOLLARS* (RATIO SCALE)3,6003,2002,800

2,400

2,000

1993

I I I I I I I I I I I I 120

1,600

1,200

800

400

200

160

•SEASONALLY ADJUSTEDSOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

1994


[Billions of dollars, seasonally adjusted l]

Period

New series:1988: Dec1989: Dec1990: Dec1991: Dec... .1992- Dec1993: Dec r

1993: Mar r

AprMayJuneJulyAugSept r.Oct T

Nov r

Dec r.

1994: Jan r

Feb r.Mar

Bank credit at all commercial banks

Totali iDankcredit

2,435.92,608.92,749.92,852.62,949.73,102.6

2,986.32,991.33,014.83,036.83,059.53,065.73,073.73,075.33,090.13,102.6

3,122.93,136.73,164.1

Securities in bank credit

Totalsecurities

562.6584.8634.0743.6839.6914.9

870.8878.6883.5891.7895.9902.4904.8901.2905.7914.9

929.0934.2953.9

U.S.Govern-

mentsecurities

367.3400.3455.9563.9663.2729.9

690.6697.1701.2710.1713.9717.9720.1718.0722.4729.9

735.3735.0750.4

Othersecurities

195.3184.5178.2179.6176.4185.0

180.2181.4182.3181.6182.0184.5184.7183.2183.3185.0

193.8199.1203.5

Loans and leases in bank credit

Totalloans andleases 2

1,873.32,024.12,115.92,109.02,110.12,187.7

2,115.52,112.82,131.32,145.22,163.52,163.32,168.82,174.02,184.32,187.7

2,193.92,202.52,210.3

Commer-cial and

industrial

607.9639.0640.2618.6594.2584.8

593.1587.8591.3592.4590.5589.2586.9586.5585.3584.8

589.9592.0596.6

Real estate

Total

674.5769.6854.2878.9900.4934.1

903.3902.5907.2912.6916.1919.9923.3925.6929.6934.1

936.1935.0935.0

Revolvingborneequity

40.150.362.369.773.673.1

74.775.175.275.175.074.774.473.873.473.1

72.872.972.9

Other

634.5719.3792.0809.2826.8861.1

828.7827.4831.9837.5841.1845.2848.9851.8856.2861.1

863.4862.1862.1

Consumer

357.7378.2383.5366.3358.7389.9

365.2367.0369.2371.1375.3378.4380.5384.6387.7389.9

392.6395.9399.8

Security

41.041.945.254.764.686.1

64.863.669.373.082.980.282.181.387.186.1

79.380.781.9

Other

192.1195.4192.8190.6192.2192.7

189.1191.9194.3196.1198.7195.5196.1196.1194.7192.7

196.0199.0196.9

1 Data are Wednesday values or prorated averages of Wednesday values for domestically char-tered commercial banks, branches and agencies of foreign banks, New York State investment com-panies, and foreign-related institutions. Data are adjusted for breaks caused by reclassifications ofassets and liabilities.

2 Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to com-mercial banks in the United States.

Note.—Data for new series not yet available prior to 1988.Source: Board of Governors of the Federal Reserve System.

28


SOURCES AND USES OF FUNDS, NONFARM NONFINANCIALCORPORATE BUSINESS


Period

19841985 .19861987198819891990 .. .199119921993 "

1992: IIIIIIIV

1993- IIIIIIIV

Sources

Total

501.0486.3531.9540.5610.9562.3522.8473.2587.2580.6

560.5600.9589.5597.8

475.8596.7595.7653.8

Internal *

336.3351.9336.7375.9404.3399.6409.4437.8462.7476.1

454.6452.2468.5475.4

458.8469.6489.8486.0

External

Total

164.7134.4195.2164.6206.6162.6113.4

35.4124.5104.5

105.9148.7121.0122.4

17.0127.1105.9167.8

Credit market funds

Total

108.676.1

140.365.271.862.437.7

6.969.174.9

81.869.870.254.7

14.499.377.1

108.6

Securitiesand

mortgages

-5.513.065.527.814 6

-32.918 995.968.885.9

95.896.939.143.277.883.487.994.2

Loans andshort-term

paper

114.163.174.737.486.495.256.6

-89.0.3

-11.0

-14.027 131.111.5

63 415.910814.4

Other 2

56.158.354.999.4

134.9100.2

75.728.455.329.6

24.178.950.967.8

2.627.828.859.3

Uses

Total

515.3465.8503.3489.9558.2523.6502.0451.2537.8546.3

520.8567.3520.0543.0

456.6559.7554.2614.7

Capital

tures 3

398.5374.9351.9365.0394.4403.8407.3381.6397.2454.6

369.9401.2402.7415.2

442.9445.5456.4473.7

Increase infinancial

assets

116.891.0

151.5124.9163.8119.894.769.6

140.691.7

150.9166.1117.3127.8

13.7114.297.8

141.0

Discrepancy(sources less

uses)

-14.320.428.550.752.738.720.822.049.434.2

39.733.569.554.8

19.236.941.539.2

1 Undistributed profits (after inventory valuation and capital consumption adjustments), capital the U.S.consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained 3 Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.ahroad. Government.

2 Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment in Source: Board of Governors of the Federal Reserve System.

CONSUMER INSTALLMENT CREDIT[Millions of dollars; seasonally adjusted]

Period

1984: Dec1985- Dee1986: Dec1987- Dec1988: Dec 3

1989- Dec1990: Dec .1991- Dec1992: Dec1993- Dec

1993- FebMar

Mav .

July

SeptOct

Dec

1994- Jan r

Feb"

Installment credit outstanding (end of period)

Total

442,602517,659572,006608,675662,553724,353738,765733,510741,093790,082

747,228750,131752,193750,293752,428757,465762,503768,573775,620782,561790,082

796,458800,000

Automobile

173,564210,238247,772266,295285,364292,536284,739260,898259,627278,321

261,434262,313262,463264,007265,388267,468268,784270,650273,822276,853278,321

279,046280,206

Revolving

100,280121,758135,825153,064174,269198,544222,552243,564254,299281,474

258,384259,661261,450262,690263,338266,938270,753273,703277,125279,273281,474

284,898287,318

Other 2

168,758185,664188,408189,316202,921233,273231,474229,048227,167230,288

227,410228,157228,280223,596223,701223,058222,967224,220224,673226,435230,288

232,514232,476

Net change in installment credit outstanding 1

Total

73,63675,05754,34736,66953,878

(")14,4125 2557,583

48,989

3,6452,9032,062

-1,9002,1355,0375,0396,0707,0476,9407,521

6,3763,543

Automobile

30,00436,67437,53418,52319,069

(")-7,797

-23,841-1,27118,694

2,697879150

1,5441,3812,0801,3161,8663,1723,0311,467

7261,160

Revolving

21,19221,47814,06717,23921,205

(*)24,00821,01210,73527,175

2,4001,2771,7891,240

6483,6003,8152,9503,4222,1482,201

3,4242,420

Other 2

22,44016,9062,744

90813,605

( 4 )1,799

-2,4261,8813,121

1,452747123

-4,684105

-64392

1,254453

1,7613,853

2,226-38

1 For year-end data, change from preceding year-end; for monthly data, change from preceding

2 Outstanding loans for mobile homes, education, boats, trailers, vacations, etc.3 Data newlv available in January 1989 result in breaks in many series between December 1988

and subsequent months.4 Because of breaks in series, net change not available.

Source: Board of Governors of the Federal Reserve Svstem.

29


INTEREST RATES AND BOND YIELDSInterest rates rose in April.

PERCENT PER ANNUM

14

PERCENT PER ANNUM

14

1986 1967

SOURCE: SEE TABLE BELOW

1993 1994


[Percent per annum]

Period

1984 ..19851986 .19871988.19891990.199119921993 .

1993: AprMayJuneJuly

SeptOctNovDec

1994: Jan . ...FebMar ...

Week ended:1994- Apr 2

9162330

U.S. Treasury security yields

3-month bills(new issues) *

9.587.485.985.826.698.127.515.423.453.02

2.892.963.103.053.052.963.043.123.08

3.023.213.523.74

3.503.713.633.763.85

Constant maturities z

3-year

11.899.647.067.688.268.558.266.825.304.44

4.304.404.534.434.364.174.184.504.54

4.484.835.405.99

5.625.925.916.096.08

10-year

12.4410.627.688.398.858.498.557.867.015.87

5.976.045.965.815.685.365.335.725.77

5.755.976.486.97

6.726.976.937.036.95

High-grademunicipal

honds(Standard &

Poor's) 3

10.159.187.387.737.767.247.256.896.415.63

5.785.815.735.605.505.315.295.475.35

5.305.445.936.38

6.216.406.276.666.19

CorporateAaa bonds(Moody's)

12.7111.379.029.389.719.269.328.778.147.22

7.467.437.337.176.856.666.676.936.93

6.927.087.487.88

7.657.907.877.937.81

Primecommercial

paper,6 months *

10.168.016.396.857.688.807.955.853.803.30

3.193.203.383.353.333.253.273.433.40

3.303.624.084.40

4.134.284.274.494.56

Discount rate(N.Y. F.R.

Bank)4

8.807.696.335.666.206.936.985.453.253.00

3.00-3.003.00-3.003.00-3.003.00-3.003.00-3.003.00-3.003.00-3.003.00-3.003.00-3.00

3.00-3.003.00-3.003.00-3.003.00-3.00

3.00-3.003.00-3.003.00-3.003.00-3.003.00-3.00

Prime ratecharged by

banks *

12.049.938.338.219.32

10.8710.018.466.256.00

6.00-6.006.00-6.006.00-6.006.00-6.006.00-6.006.00-6.006.00-6.006.00-6.006.00-6.00

6.00-6.006.00-6.006.00-6.256.25-6.75

6.25-6.256.25-6.256.25-6.256.25-6.756.75-6.75

New-homemortgage

yields(FHFB)5

12.3811.5510.179.319.19

10.1310.059.328.247.20

7.467.377.237.207.056.956.806.806.92

6.956.856.99

5 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges iwell as contract rate and assumed, on the average, repayment at end of 10 years.

Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Feder-al Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.

1 Bank-discount basis.2 Yields on the more actively traded issues adjusted to constant maturities by the Treasury De-

partment.3 Weekly data are Wednesday figures.4 Average effective rate tor year; opening and closing rate for month and week.

30


COMMON STOCK PRICES AND YIELDSStock prices fell in April.

INDEX, DEC. 31,1965=50 (RATIO SCALE) INDEX, DEC. 31,1965=50 (RATIO SCALE)300280260240

220

200

180

160

140

120

100

80

PER

^r~—^^

r~~-^^ — 's—' — *

rA

~/\

-4

J 1 1 I 1

1986CENT

*/

/ \ /^r^^V,

1 1 i ! 1 I 1 1 ! 1 1

1987

I 1 ! 1 1 E M I !

1988

/~^^\ 1\ \ \/r

COMPOSITE STOCK PRICE INDEX(NYSE)

M E M _L1J_LL

1989

1 1 1 1 1 1 M 1 1

19901 1 M 1 1 M 1 [

1991

1 1 M 1 1 E 1 1 1

1992

1 1 1 1 1 i M 1 1 1

1993

N

i i i i i ! 1 M 1

1994

PERC

300280260240

220

200

180

160

140

120

100

80

ENT

EARNINGS-PRICE RATIO ON COMMON STOCKSISAP1

' ~~~1

1986

SOURCES: NEW YORK

p ^

1 1 1

1987

STOCK EXCHANGE AN

• -— '

1 1 1

1988

D STANDARD & POOR',

^

I 1 1

1989

CORPORATION

-~^^—

i l l i l l i l l i i E i l l

1990 1991 1992 1993 1994

COUNCll OF ECONOMIC ADVISERS

Period

198419851986198719881989199019911992.1993

1993- AprMay

July

SeptOctNovDec

1994 JanFebMar

Week ended:1994- Apr 2

9162330

Common stock prices 1

New York Stock Exchange indexes (Decnoted) 2

Composite

92.46108.09136.00161.70149.91180.02183.46206.33229.01249.58

244.72246.02247.16247.85251 93254.86257.53255.93257.73

262.11'61 97257.32247.97

250.30247.74248.10246.37250.09

Industrial

108.01123.79155.85195.31180.95216.23225.78258.14284.62299.99

292.19297.83298.78295.34298.83300.92306.61310.84313.22

320.92322.41318.08304.48

308.63305.64304.70301.09306.99

Transporta-tion

85.63104.11119.87140.39134.12175.28158.62173.99201.09242.49

237.97237.80234.30238.30250.82248.15254.04262.96268.11

278.29276.67265.68250.43

256.02253.21252.19244.79251.80

Utility 3

92.89113.49142.72148.59143.53174.87181.20185.32198.91228.90

227.56222.41226.53232.55237.44244.21240.97230.12229.95

225.15220.85215.45210.08

210.93206.91207.48212.47214.30

, except as

Finance

89.28114.21147.20146.48127.26151.88133.26150.82179.26216.42

216.02209.40209.75218.94224.96229.35228.18214.08216.00

218.71217.12211.02208.12

206.75205.64209.94208.54208.40

Dow-Jonesindustrialaverage 4

1,178.481,328.231,792.762,275.992,060.822,508.912,678.942,929.333,284.293,522.06

3,423.633,478.173,513.813,529.433,597.013,592.293,625.813,674.703,744.10

3,868.363,905.623,816.983,661.48

3,681.023,663.203,671.343,628.033,688.83

Standard &Poor's

compositeindex

(1941-43=10)5

160.46186.84236.34286.83265.79322.84334.5S376.18415.74451.41

443.08445.25448.06447.29454.13459.24463.90462.89465.95

472.99471.58463.81447.23

450.95446.65447.25444.66451.15

Common stock yields(percent) 6

Dividend-price ratio

4.644.253.493.083.643.453.613.242.992.78

2.822.802.812.812.762.732.722.722.72

2.69r2.70

2.782.90

2.902.882.902.932.88

Earnings-price ratio

10.028.126.095.488.017.416.47

r4.794.224.46

4.29

4.45

r4.69

1 Average of datlv closing prices.2 Includes all the stocks (more than 2,000 in 11)92) listed on the NYSE.3 Doc. 31, 1965=100. Effective April 27, 1998 the NYSE doubled the value of the utility index

to facilitate trading of options and futures on the index. AM indexes shown here reflect the doubling.4 Includes 80 stocks.5 Includes 500 stocks.

G Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Kpricc ratios based on prices at end of quarter.

NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).

Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & l*wporation,

31


FEDERAL FINANCEFEDERAL RECEIPTS, OUTLAYS, AND DEBTIn the first 6 months of fiscal 1994, there was a deficit of $150.7 billion, compared with a deficit of $182.8 billiona year earlier.

BILUON

1,600

1,500

1,400

1,300

1,200

1,100

1,000

900

800

700

600

0

100

200

-300

-400

S OF DOLLARS BILLIONS OF DOLLARS

RECEIPTS AND OUTLAYS-!'

__„-"*" '

__- - " "UUILAYS-!> .- —

\ ^"~~ ^

----'"*' — ""

"'" ^^^\

^^~~~^ RECEIPTS1'

— • ""

A i i i i i i i i i j\V V

SURPLUS OR DEFICIT ( ) -^

-~ • — """"---

'. ^^-— • — ___A i i i i i i i i i j\

Vl9B5 1986 1987 1988 1989 1990 1991 1992 1993 1994 V

FISCAL YEARS

INCUJDES ON-BUDGET AND OFF-BUDGET ITEMS.jOURCES: DEPARTMENT Of THE TREASURY AND OFFCE OF MANAGEMENT AND BUDGET COUNdl OF ECONOMY ADVISER

1,600

1,500

1,400

1,300

1,200

1,100

1,000

900

800

700

600

0

-200

300

-400

[Billions of dollars'

Fiscal year or period

19761977....1978197919801981198219831984

1985198619871988198919901991199219931994 (estimates)

Cumulative total, first 6

Fiscal year 1993Fiscal year 1994

Total

Receipts

298.1355.6399.6463.3517.1599.3617.8600.6666.5

734.1769.1854.1909.0990.7

1,031.31,054.31,090.51,153.51,249.1

527.1576.1

Outlays

371.8409.2458.7503.5590.9678.2745.8808.4851.8

946.4990.3

1,003.91,064.11,143.21,252.71,323.81,380.91,408.21,483.8

709.9726.8

Surplusor deficit

(-)

-73.753 7

-59.240 2

-73.8790

-128.0207 8

- 185.4

-212.3221 2

-149.8-155.2

152.5-221.4

269.5-290.4

254.7-234.8

-182.8150.7

On-budget

Receipts

231.7278.7314.2365.3403.9469.1474.3453.2500.4

547.9568.9640.7667.5727.0749.7760.4788.0841.6912.9

384.0420.2

Outlays

302.2328.5369.1403.5476.6543.1594.4661.3686.0

769.6806.8810.1861.4932.3

1,027.61,082.11,128.51,141.61,203.0

581.5591.6

Surplusor deficit

(-)

705-49.8

54 9-38.2

72 7-74.0

-120.1-208.0-185.7

-221.7-238.0-169.3

194 0-205.2

278 0-321.7

340.5-300.0

290.1

-197.5-171.4

Off-budget

Receipts

66.476.885.498.0

113.2130.2143.5147.3166.1

186.2200.2213.4241.5263.7281.7293.9302.4311.9336.2

143.2156.0

Outlays

69.680.789.7

100.0114.3135.2151.4147.1165.8

176.8183.5193.8202.7210.9225.1241.7252.3266.6280.9

128.5135.2

Surplusor deficit

(-)

-3.2-3.9-4.3-2.0-1.1-5.0-7.9

.2

.3

9.416.719.638.852.856.652.250.145.355.3

14.720.7

Gross Federal debt(end of period)

Total

629.0706.4776.6828.9908.5994.3

1,136.81,371.21,564.1

1,817.02,120.12,345.62,600.82,867.53,206.33,598.34,001.94,351.24,676.0

4,170.74,528.6

Held bythe public

477.4549.1607.1639.8709.3784.8919.2

1,131.01,300.0

1,499.41,736.21,888.12,050.32,189.32,410.42,687.92,998.63,247.23,472.4

3,140.13,387.6

1 Data from Monthly Treasury Statement.NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year

1995, February 1994.

Sources: Department of the Treasury and Office of Management and Budget.

32


FEDERAL RECEIPTS BY SOURCE ANDOUTLAYS BY FUNCTIONIn the first 6 months of fiscal 1994, receipts were $49.0 billion higher than a year earlier and outlays were $16.9billion higher.

B1LUC

600

500

400

300

200

100

0

1,300

1,200

,100

1,000

900

800

700

600

500

400

300

200

s

>NS OF DOLLARS BIL1IONSOFDO

RECEIPTS1' INDIVIDUAL INCOME TAXES _\* _.

\

CORPORATION SOCIAL INSURANCE

OTHER RECEIPTS \

1 1 1 1 1 1 1 1 1

OUTLAYS -"

. '

NONDEFENSE „ •— "\ .--^^'

- — """"

NATIONAL DFFFNSF

/] 1 1 1 1 1 1 1 1 1 NV N

1985 1986 1987 1988 1989 1990 1991 1992 1993 1994

FISCAL YEARS

• INCLUDES ON-BUDGEI AND OFF-BUDGET FfEMS.QURCES: DEPARTMENT OF THE TREASURY AND OFFCE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMY ADVISER

LLARS

600

500

400

300

200

100

0

1,300

1,200

1,100

1,000

900

800

700

600

500

400

300

200

5

[Billions of dollars]

Fiscal year

197619771978197919801981198219831984

19851986198719881989199019911992 ..19931994 (estimates)

Cumulative total, first 6 months: 1

Fiscal year 1993Fiscal year 1994

On-budger, and off-budget receipts

Total

298.1355.6399.6463.3517.1599.3617.8600.6666.5

734.1769.1854.1909.0990.7

1,031.31 054 31,090.51,153.51,249.1

527.1576.1

Indi-vidualincometaxes

131.6157.6181.0217.8244.1285.9297.7288.9298.4

334.5349.0392.6401.2445.7466.9467.8476.0509.7549.9

246.8261.7

Corpo-ration

incometaxes

41.454.960.065.764.661.149.237.056.9

61.363.183.994.5

103.393.598.1

100.3117.5130.7

43.353.7

Socialinsur-ancetaxesand

contri-butions

90.8106.5121.0138.9157.8182.7201.5209.0239.4

265.2283.9303.3334.3359.4380.0396.0413.7428.3461.9

191.7209.4

Other

34.336.637.740.850.669.569.365.671.8

73.073.174.378.9 ,'82.390.992.3

100.598.0

106.5

45.351.4

On-budget and off-budget outlays

Total

371.8409.2458.7503.5590.9678.2745.8808.4851.8

946.4990.3

1,003.91,064.11,143.21,252.71,323.81,380.91,408.21,483.8

709.9726.8

Nationa

Total

89.697.2

104.5116.3134.0157.5185.3209.9227.4

252.7273.4282.0290.4303.6299.3273.3298.4291.1279.8

146.1139.7

defense

Depart-ment ofDefense,military

87.995.1

102.3113.6130.9153.9180.7204.4220.9

245.2265.5274.0281.9294.9289.8262.4286.9278.6267.4

140.2133.1

Inter-nationalaffairs

6.46.47.57.5

12.713.112.311.815.9

16.214.211.610.59.6

13.815.916.116.819.0

10.910.0

Health

15.717.318.520.523.226.927.428.630.4

33.535.940.044.548.457.771.289.599.4

112.3

47.952.8

Medi-care

15.8

19.322.826.532.139.146.652.657.5

65.870.275.178.985.098.1

104.5119.0130.6143.7

62.670.6

Incomesecuri-

ty

60.861.061.566.486.599.7

107.7122.6112.7

128.2119.8123.3129.3136.0147.0170.3197.0207.3214.6

108.9113.1

Socialsecuri-

ty

73.985.193.9

104.1118.5139.6156.0170.7178.2

188.6198.8207.4219.3232.5248.6269.0287.6304.6320.5

148.5156.0

Netinter-est

26.729.935.542.652.568.885.089.8

111.1

129.5136.0138.7151.8169.3184.2194.5199.4198.8203.4

99.399.1

Other

82.893.0

114.7119.6131.4133.5125.4122.3118.6

131.8142.1125.9139.4158.8203.9225.1173.9159.7190.6

85.785.5

1 Data from Monthly Treasury Statement.

NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Yea

1995, February 1994.Sources: Department of the Treasury and Office of Management and Budget.

33


FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASISIn the fourth quarter of 1993, according to revised estimates. Federal receipts rose $39.8 billion (annual rate) andFederal expenditures rose $34.1 billion. In the first quarter of 1994, according to advance estimates. Federalexpenditures fell $25.5 billion; receipts data are incomplete.

BILLIOS

1,600

1,400

!,200

1,000

800

600

400

200

0

-200

-400

S OF DOLLARS BILLIONS OF DOLLARS


Ev

^ _

•

-

-

-

^1 1 11982

SOURCE: DEPAR

^ '

1 1 1

,-'"

-— '

1983 1984

TMENT Of COMMERCE

•> "*"

'XX^

1985

__

i i i1986

'ENDlTURE

\

RECEIPTS

SURPLUS

^

i i i

« .<

^ "

OR DEFICIT

1

1 1 1

^~-

{ - ]

-^

1987 1988 1989

CALENDAR YEARS

,-

— -\

1990

— -—*

1991

^ __ •* '

„ '

-—— —

\~~"~

^

S~

1 ! 1

-

-

-

-

-

-

-

-

-

1 992 1 993 1 994

COUNCIL OF ECONOMIC ADVISER

1,600

1,400

1,200

1,000

800

600

400

200

0

-400


Period

Fiscal year:199119921993

Calendar year:19911992 .. ..1993

1982: IV1983- IV1984: IV1985- IV1986: IV1987- IV1988: IV1989- IV1990: IV1991- IV

1992: IIIIIIIV

1993: InmIV

1994- I "

Federal Government receipts

Total

1,121.41,165.61,249.3

1,127.81,183.0' 1,269.5

632.3671.1739.8803.6856.8943.5

1,000.61,068.31,115.81,142.51,165.91,176.11,169.11,221.1

1,218.41,268.01,275.9

rl,315.7

Personaltax andnontaxreceipts

475.7484.0511.7

474.9490.8521.3301.6290.5323.5351.8371.7414.8420.0470.1483.9478.5

479.7482.0489.5511.8

502.1520.7527.1535.1

5490

Corpo-rate

profitstax

accru-als

108.4116.3135.6

107.1120.2

r 143.145.565.467.077.091.4

109.7118.5111.3115.1109.8

121.1125.8107.0127.1

132.4142.4139.3

' 158.1

Indirectbusinesstax andnontax

accruals

76.780.886.0

79.181.387.349.255.458.256.854.859.561.462.267.181.3

80.480.281.183.5

81.586.286.795.0

92.9

Contri-butions

forsocialinsur-ance

460.6484.5516.0

466.7490.7517.8235.9259.8291.1318.0338.8359.4400.7424.7449.7472.8

484.7488.1491.4498.7

502.3518.7522.8527.5

544.6

Federal Government expenditures

Total

1,309.21,436.01,484.5

1,331.21,459.31,495.9

815.7855.7926.6990.8

1,034.31,096.31,135.51,209.81,306.91,387.2

1,436.11,456.01,459.81,485.3

1,481.91,490.61,488.51,522.6

1,497.1

Pur-chases

446.0444.9445.0

445.9448.8443.4281.4289.7324.7356.9373.1392.5392.0405.1436.5437.4

445.5444.6452.8452.4

442.7447.5443.6440.0

434.0

Trans-fer

pay-ments

509.8607.3646.4

522.0624.5651.9346.0351.1360.1383.8404.2419.7444.5488.8526.6567.7

611.0620.8624.4641.7

642.0645.6652.8667.2665.2

Grants-in-aid

toStateandlocal

govern-ments

147.0167.4182.1

153.0171.4186.284.386.997.7

104.5103.8102.9113.0121.9137.6162.3

163.4171.8173.7176.7

176.1182.8188.6197.4

187.9

Netinter-

estpaid

183.2189.7181.3

187.6187.1180.886.899.2

122.3129.2131.1143.1151.2168.9174.4191.9

189.3190.4187.4181.3

178.3182.5182.2180.4

174.8

Subsi-dies lesscurrentsurplus

ofGovern-

mententer-prises

23.326.729.7

22.627.533.617.328.822.216.422.137.834.925.032.027.9

27.028.521.433.2

42.932.321.437.7

35.1

Less:Wage

accrualsless

disburse-ments

0.0.0.0

— .1.0.0.0.0.6.0.02.0.0.2.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

Surplusor deficit

(-),nationalincome

andproductaccounts

-187.8— 270.4-235.2

-203.4276.3

T -226.4-183.4— 184.6-186.8-187.2-177.5— 152.7-134.9-141.5-191.0

244.7

-270.2— 279.9-290.7

264.2

-263.5— 222.6-212.7— 207.0


34


INTERNATIONAL STATISTICSINDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR

INDUSTRIAL COUNTRIES

Period

1984..198519861987198819891990199119921993p....

1992: Dec....

1993: JanFebMar

May

July

SeptOctNovDec

1994: Jan ..FebMar P....

Industrial production (1987=100; seasonally adjusted)

UnitedStates

92.894.495 3

100.0104.4106.0106.0104.1106.5110.9

109.0

109.2109.9110.0110.5110.0110.4110.9111.1111 3111 9112.8114.0

' 114.4T 115.01156

Canada

91.096.195.4

100.0105.3105.2101.898.198.5

r 103.2

100.5

100.7r!01.8

103.1r!02.3' 102.0' 103.7* 102.7' 103.5r 104.4

104.5105.2' 104.9

105.7

Japan

93.496.896.6

100.0109.3115.9121.4123.7116.5111.7

112.7

112.3113.5116.5113.4110.7112.5111.9111.0113.3107.4109.9108.0

109.1109.3

France

97.197.298.0

100.0104.6108.9111.0111.0109.7106.8

105.8

105.4107.4106.7105.7106.0105.8106.7107.1

r 106.8105.9

' 106.9r 105.8

105.6

Germany

93.597.799.6

100.0103.9108.81 14.5117.9115.6107.2

107.9

107.4106.1107.8106.6107.0107.2106.4108.1107.9107.4

r 106.7' 107.3r 105.4

107 4

Italy

91.892.996.2

100.0105.9109.2109.4107.1106.5

99.9

105.3105.9104.499.9

104.3101.9104.3102.4102.2104.5105.7

UnitedKingdom

89.093.996.2

100.0104.8107.0106.7102.5102.0

r 104.7

102.2

102.7103.8103.0

T 103.2104.9103.9' 105.2

105.1' 105.2r 106.3

106.6106.0

r 106.6107.5

Consumer prices (1982-84=100; NBA)

UnitedStates '

103.91076109.6113.6118.3124.0130.7136.2140.3144.5

141.9

142.6143.1143.6144.0144.2144.4144.4144.8145.1145.7145.8145.8

146.2146.7147 2

Canada

104.8108.9113.4118.4123\2129.3135.5143.1145.2147.9

146.4

147.0147.4147.3147.3147.6147.6148.0148.1148.2148.4149.1148.8

148.8147.7147 6

• f apan

102.1104.1104.8104.9105.7108.0111.4N5.0116.9118.5

117.4

117.3117.4117.7118.5118.6118.5118.8119.2119.3119.2118.5118.6

118.7118.7

France

107.9114.2117.2120.9124.2128.6133.0137.2140.6143.5

141.4

141.9142.4143.1143.2143.5143.4143.5143.5144.0144.3144.4144.3

1445144.9145.2

Germany

102.7104.8104.7104.9106.3109.2112.1116.0120.6125.6

122.4

123.8124.3124.7125.1125.5125.7126.0126.0126.1126.4126.7126.9

128.0128.5128.7

Italy

111.5121.1128.5134.4141.1150.4159.6169.8178.9186.4

182.3

182.9183.6184.0184.7185.4186.4187.1187.2187.5188.6189.5189.5

190.6191.4191.8

UnitedKingdom

104.8111.1114.9119.7125.6135.4148.2156.9162.7165.3

163.6

162.0163.1163.7165.2165.8165.7165.3166.0166.7166.6166.4166.7

166.0167.0167.4

1 Data relate to all urban c Source: National sources as reported by Department of Commerce (Bureau of Economic Analysisand International Trade Administration, Office of Trade and Economic Analysis).

U.S. MERCHANDISE EXPORTS AND IMPORTS[Billions of dollars; monthly data seasonally adjusted]

Period

1984198519861987198819891990199119921993 r. . ...

1993: FebMarAprMayJuneJuly

SeptOctNovDec

1994- Jan 'Feb

Merchandise exports (f.a.s. value) l

Total z

224.05 218.85 227.2

254.1322.4363.8393.6421.7448.2464.8

36.938.938.538.937.637.138.138.940.140.242.2

39.337.9

Principal end-use commodity category

Foods,feeds,and

bever-ages

31.524.022.324.332.337.235.135.740.240.4

3.43.53.43.33.23.23.13.43.53.53.7

3.33.2

Indus-trialsup-pliesand

materi-als

61.758.557.366.785.199.3

104.4109.7109.3112.0

8.79.29.19.78.89.39.09.69.99.79.8

9.08.6

Cap-ital

goodsexceptauto-

motive

72.073.975.886.2

109.2138.8152.7166.7176.7183.0

14.315.615.215.315.314.315.315.015.615.617.2

16.115.2

Auto-motivevehi-cles,parts,anden-

gines

20.622.921.724.629.334.837.440.047.151.7

4.44.34.44.34.13.84.24.14.54.74.6

4.44.5

Con-sumergoods(non-food)

exceptauto-

motive

13.312.614.217.723.136.443.345.950.453.4

4.24.44.24.54.34.44.54.64.64.84.7

4.54.4

Other 2

24.027.335.934.643.417.220.723.724.524.3

1.92.02.11.92.02.02.12.22.02.02.3

2.02.0

Genera! merchandise imports customs value) 3

Total

4 330.74 336.5

365.4406.2441.0473.2495.3488.5532.7580.5

44.849.348.747.349.747.548.149.551.049.949.6

49.550.3

Principal end-use commodity category

Foodsfeeds,and

bever-ages

21.021.924.424.824.825.126.626.527.928.1

2.22.42.22.32.32.32.32.42.62.32.3

2.52.4

Indus-trialsup-pliesand

materi-als

123.7113.9101.3111.0118.3132.3143.2131.6138.3145.0

11.112.612.612.312.812.111.712.212.512.311.6

11.612.1

Cap-ital

goodsexceptauto-

motive

59.865.171.884.5

101.4113.3116.4120.7134.2152.8

11.712.412.412.313.112.812.513.013.713.314.0

14.214.0

Auto-motivevehi-cles,parts,anden-

gines

53.566.878.285.287.786.187.385.791.8

102.4

8.3r8.98.88.28.67.88.58.79.08.88.9

8.58.8

Con-sumergoods(non-food)

exceptauto-

motive

60.068.379.488.795.9

102.9105.7108.0123.0133.9

10.311.511.110.711.311.011.711.611.711.511.1

11.311.4

Other

7.89.4

10.412.112.813.616.115.917.618.4

1.31.61.51.61.61.51.41.51.51.71.7

1.51.6

Generalmer-

chandiseimports

(c.i.f.value)

346.4352.5382.3424.4459.5493.2517.0508.4554.0603.4

46.651.350.649.151.649.450.051.553.051.951.6

51.452.2

Trade balance

Exports(f.a.s) less

imports(customs

value)

-106.7-117.7-138.3-152.1— 118.5- 109.4-101.7-66.7-84.5

-115.7

— 7.9- 10.5— 10.2-8.4

— 12.1— 10.4-10.0-10.6-10.9

— 9.7-7.4

-10.2-12.4

Kxports(f.a.s)loss

imports(c.i.f.)

-122.4- 133.6-155.1-170.3-137.1-129.4— 123.4-86.6

-105.9-138.7

— 9.6-12.4— 12.1-10.2-14.0-12.3-11.9-12.6— 12.9-11.7-9.3

-12.1- 14.3

1 Includes Department of Defense Military Assistance Program grant-aid shipments. 5 Total exports arc on a revised statistical month basis; end-use categories are on a statistical2 Includes undocumented exports to Canada through 1988. month basis.3 Total arrivals of imported goods other than intransit shipments. NOTE.— Data shown include trade of the U.S. Virgin Islands.4 Total includes revisions not reflected in detail. 0 ^ , „ „ r , „

source: Department ot Commerce, Bureau ot the Census.

35


U.S. INTERNATIONAL TRANSACTIONSIn the fourth quarter of 1993, the merchandise trade deficit fell to $32.8 billion, from $36.0 billion in the thirdquarter. The current account deficit rose to $31.5 billion, from $28.1 billion.

BILLIONS OF DOLLARS

15

BILLIONS OF DOLLARS*

15

BALANCE ON GOODS,SERVICES, AND INCOME


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

Period

1981198219831984198519861987198819891990199119921993 p

1991: IEIV

1992- IIIIllIV

1993: IIIHIIV....

Merchandise * 2

Exports

237,044211,157201,799219,926215,915223,344250,208320,230362,116389,303416,937440,138456,766103,764107,634108,347108,306109,493113,992111,480113,067111,935120,284

Imports

-265,067-247,642-268,901-332,418-338,088-368,425

409 765-447,189-477,365-498,336-490,739-536,276-589,244— 123,404- 126,687-126,110-133,107-137,105- 139,954-140,805-147,465-147,907- 153,067

Net balance

-28,023- 36 485

-67,102-112,492-122,173- 145,081-159,557- 126,959-115,249

109 033-73,802

96 138-132,478- 19,640- 19,053-17,763-24,801-27,612-25,962-29,325-34,398-35,972-32,783

Services

Netmilitarytransac-tions 3 4

— 844112

-563-2,547-4,390-5,181-3,844

6315-6,726

7 833-5,851

2751-1,027-1,164

-755-571-727-617-836— 145-226-128-528

Nettravel andtranspor-

tationreceipts

144-992

-4,227-8,438-9,798-7,382-6,481-1,511

5,0718,979

17,93319,71819,7625,2285,4815,0115,2014,8824,6245,0635,4204,9924,287

Otherservices,

net

12,55213,20914,09514,27714,26618,85517,90019,96126,55829,50533,79939,44436,9448,6608,8099,6089,177

11,0169,6419,7369,2968,9918,922

Investment income

Receiptson U.S.assetsabroad

86,52986,20084,77899,05689,48987,49795,129

122,275144,904151,201127,292110,612110,33930,07429,14429,02828,64127,19525,74926,00327,80228,40928,127

Paymentson foreignassets in

U.S.

-53,62656412

-53,700-69,572-68,314-74,736-87,403

-109,653- 130,091-130,853-114,272-104,391-110,273

— 28,447-26,431-24,609-27,734-25,492-26,555-26,115-27,829-26,792-29,538

Net

32,90329,78831,07829,48321,17512,761.

7,72612,62114,81320,34813,0216,222

661,6272,7134,419

9071,703-806-112-27

1,617-1,411

Balance ongoods,

services,and income

16,7325,632

-26,719-79,716- 100,920— 126,028- 144,256- 102,203-75,532-58,034- 14,899-33,505-76,733-5,289-2,805

704-10,243- 10,628-13,339-14,783-19,935-20,500-21,513

Unilateraltransfers,

net4

-11,702-17,075-17,741-20,612-22,950-24,176-23,052-24,965-26,092-33,827

6,575-32,895-32,509-6,564-4,839-7,389-8,010-7,147

-10,348-7,592-7,300-7,591- 10,026

Balanceon current

account

5,030-11,443-44,460

-100,328-123,870- 150,203-167,308-127,168-101,624-91,861-8,324

-66,400-109,242-11,853-7,644-6,685

-18,253-17,775-23,687-22,375-27,235-28,091-31,539

1 Excludes military.2 Adjusted from Census data for differences in timing and coverage.3 Quarterly data are not seasonallv adjusted.

4 Includes transfers of goods and services under U.S. military grant programs.

See p. 37 for continuation of table.

36


U.S. INTERNATIONAL TRANSACTIONS—ContinuedIn the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $7.3 billion in the fourthquarter of 1993, in contrast to a decrease of $8.5 billion in the third quarter. U.S. liabilities to private foreignersreported by U.S. banks, excluding Treasury securities, increased $7.5 billion in the fourth quarter, following anincrease of $24.9 billion in the third quarter.

BILLIONS OF DOLLARS* BILLIONS OF DOLLARS*

-60


[Millions of dollars; quarterly data seasonally adjusted, except as noted]

Period

19811982198319841985198619871988. . .19891990199119921993P

1991: IIIIllIV

1992: IIIIllIV

1993: IIIIll ....IV "...

U.S. assets[increase /capit

Total

-114,147-122,335-58,735-29,654-34,687-91,260-61,254-91,423

-129,331— 44,132-59,974-50,961

-143,872-5,555

-87515 672

-37,870-1,029-8,695

-10,798-30,438-12,715-29,697-43,398-58,062

U.S.officialreserve

assets 3 5

-5,175-4,965-1,196-3,131

3 858312

9,149-3,912

-25,293-2,158

5,7633,901

-1,379-3531,0143,8771,225

-1,0571,4641,9521,542

983822

-545-673

abroad, net

Other U.S.Govern-

mentassets

5097-6,131

5006-5,489

2 821-2,022

1,0062,9671,2592,3072,905

-1,609106559

-4193,224-459

275-293

305-737

535275

-180186

]

U.S.privateassets

103 875-111,239

52 533-21,035

28009-89,551

71 408-90,477105 297

-44,28068643

-53,253142 388-5,761-1,47022 774

-38,637303

-9,86612 445

-31,243-12,267

30 244-42,674

57 203

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

Total

83,03292,41883,380

102,010130,966223,191229,972219,489213,571105,17383,439

129,579226,380

207,120

23,51452,82619,83444,45026,45038,84525,87542,53771,63786,330

Foreignofficialassets 3

4,9603,5935,8453,140

-1,11935,64845,38739,7588,503

34,19817,56440,68471,2255,604

-4,9243,855

13,02921,12421,008

7 3785,931

10,92917,69919,23723,360

Otherforeignassets

78,07288,82677,53498,870

132,084187,543184,585179,731205,068

70,97565,87588,895

155,154-5,62412,04419,65939,798

-1,29023,44233,82832,91414,94624,83852,40062,970

Allocationsof specialdrawing

rights(SDKs)

1,093

Statistical discrepancy

Total (sumof the items

with signreversed)

24,99241,35919,81527,9722759218,272

-1,410-899

17,38430,820

-15,140-12,218

26,735-3,831-8,014

4,011— 7,312

-12,120-17,502

2,12315,2809,215

14,395-1483,271

Of which:Seasonal

adjustmentdiscrepancy

4,710-120

-6,5061,9114,878

653-6,754

1,2226,082

943-7,319

292

U.S. officialreserve

assets, net 5(unadjusted,

end ofperiod)

30,07433,95833,74734,93443,18648,51145,79847,80274,60983,31677,72171,32373,44278,00274,94074,73177,72174,65777,09278,52771,32374,37873.96875,83573,442

5 Consists of gold, special drawing rights (SDRs), fonon in the IMF.

ign currencies, and the U.S. reserve posi- Sources: Department of Commerce (Bureau of Economic Analysis) and Department of theTreasury.

37


ContentsTOTAL OUTPUT, INCOME, AND SPENDING Page

Gross Domestic Product 1Gross Domestic Product in 1987 Dollars 2Implicit Price Deflators for Gross Domestic Product 2Changes in GDP, Personal Consumption Expenditures, and Related Implicit Price Deflators and Price Indexes 3Nonfinancial Corporate Business—Output, Costs, and Profits 3National Income 4Personal Consumption Expenditures in 1987 Dollars 4Sources of Personal Income 5Disposition of Personal Income 6Farm Income 7Corporate Profits 8Gross Private Domestic Investment in 1987 Dollars 9Expenditures for New Plant and Equipment 10

EMPLOYMENT, UNEMPLOYMENT, AND WAGESStatus of the Labor Force 11Selected Unemployment Rates , 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricultural Employment 14Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagriculrural Industries 15Employment Cost Index—Private Industry 15Productivity and Related Data, Business Sector 16

PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial Production—Major Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and Inventories—Manufacturing and Trade , 20Manufacturers' Shipments, Inventories, and Orders 21

PRICESProducer Prices 22Consumer Prices—All Urban Consumers 23Changes in Producer Prices for Finished Goods 24Changes in Consumer Prices—All Urban Consumers 24Prices Received and Paid by Farmers 25

MONEY, CREDIT, AND SECURITY MARKETSMoney Stock, Liquid Assets, and Debt Measures 26Components of Money Stock and Liquid Assets 27Aggregate Reserves and Monetary Base 27Bank Loans and Securities 28Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business 29Consumer Installment Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31

FEDERAL FINANCEFederal Receipts, Outlays, and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector, National Income Accounts Basis 34

INTERNATIONAL STATISTICSIndustrial Production and Consumer Prices—Major Industrial Countries 35U.S. Merchandise Exports and Imports 35U.S. International Transactions 36

General Notes

Detail in these tables may not add to totals because of rounding.Unless otherwise noted, all dollar figures are in current dollars.Symbols used:

p Preliminary.r Revised.c Corrected.... Not available (also, not applicable).NSA not seasonally adjusted.

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Washington, D.C. 20402. Price $3.00 (single copy) ($3.75 foreign).Subscription price: $33.00 per year; $41.25 for foreign mailing.

38 U.S. GOVERNMENT PRINTING OFFICE : 1994 0—77-981


Economic Indicators: April 1994 - FRASER€¦ · 103d Congress, 2d Session Economic Indicators...

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