[Economic Indicators July, 1996]
[Page Number 3]
[From the U.S. Government Publishing Office, www.gpo.gov]


NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS

                                                  [Quarterly data at seasonally adjusted annual rates]                                                  
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                                               Gross domestic              Current-dollar cost and profit per unit of real output (dollars)\1\          
                                                 product of     ----------------------------------------------------------------------------------------
                                                nonfinancial                                                         Corporate profits with             
                                             corporate business                                                      inventory valuation and            
                                                (billions of                              Indirect                     capital consumption              
                   Period                         dollars)       Total cost  Consumption  business  Compensation           adjustments             Net  
                                            --------------------     and      of  fixed     tax,    of employees ------------------------------ interest
                                                        Chained   profit\2\    capital     etc.\3\                          Profits    Profits          
                                              Current   (1992)                                                     Total      tax       after           
                                              dollars   dollars                                                            liability   tax\4\           
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1987.......................................   2,589.6   2,967.0      0.873        0.100      0.083       0.578      0.076      0.031     0.044     0.035
1988.......................................   2,805.2   3,122.1       .898         .101       .084        .591       .082       .033      .050      .039
1989.......................................   2,950.9   3,175.4       .929         .106       .088        .614       .075       .031      .044      .046
1990.......................................   3,084.0   3,212.5       .960         .110       .092        .640       .072       .030      .042      .046
1991.......................................   3,132.1   3,168.8       .988         .116       .100        .660       .070       .027      .043      .042
1992.......................................   3,262.6   3,262.6      1.000         .115       .103        .673       .077       .028      .049      .032
1993.......................................   3,437.5   3,380.0      1.017         .115       .105        .679       .088       .031      .057      .029
1994.......................................  r3,689.4  r3,567.7      1.034         .116       .106        .682       .102       .036      .066      .027
1995r......................................   3,885.8   3,692.3      1.052         .115       .109        .697       .104       .038      .066      .027
                                                                                                                                                        
1993:Ir....................................   3,344.2   3,302.9      1.012         .116       .105        .682       .079       .028      .050      .031
      IIr..................................   3,407.3   3,356.7      1.015         .115       .105        .679       .085       .031      .055      .030
      IIIr.................................   3,459.7   3,399.2      1.018         .116       .105        .679       .089       .029      .059      .029
      IVr..................................   3,538.7   3,461.1      1.022         .114       .107        .675       .098       .034      .065      .028
                                                                                                                                                        
1994:Ir....................................   3,601.7   3,503.9      1.028         .122       .106        .680       .092       .035      .058      .027
      IIr..................................   3,663.0   3,553.0      1.031         .114       .106        .681       .103       .036      .067      .027
      IIIr.................................   3,709.5   3,577.7      1.037         .114       .107        .684       .105       .037      .068      .028
      IVr..................................   3,783.2   3,636.3      1.040         .113       .106        .686       .108       .039      .070      .027
                                                                                                                                                        
1995:Ir....................................   3,803.3   3,634.1      1.047         .114       .108        .696       .100       .039      .061      .028
      IIr..................................   3,841.9   3,656.1      1.051         .115       .110        .698       .100       .038      .062      .028
      IIIr.................................   3,924.8   3,719.9      1.055         .115       .108        .696       .109       .038      .071      .027
      IVr..................................   3,973.2   3,759.1      1.057         .115       .108        .699       .108       .037      .070      .027
                                                                                                                                                        
1996:Ir....................................   4,011.6   3,779.2      1.062         .115       .107        .702       .111       .039      .072      .026
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    \1\Output is measured by GDP of 
nonfinancial corporate business in 
chained (1992) 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.

    Note.--Series revised beginning 
1993. See Note, p. 1.
    Sources: Department of Commerce, 
Bureau of Economic Analysis.