[Economic Indicators May, 1997]
[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 profit   of  fixed     tax,    of employees ------------------------------ interest
                                                        Chained      \2\       capital     etc.\3\                          Profits    Profits          
                                              Current   (1992)                                                     Total      tax       after           
                                              dollars   dollars                                                            liability   tax \4\          
--------------------------------------------------------------------------------------------------------------------------------------------------------
1988.......................................   2,805.2   3,130.1      0.896        0.089      0.084       0.590      0.094      0.033     0.062     0.039
1989.......................................   2,950.9   3,179.8       .928         .094       .088        .613       .087       .031      .056      .046
1990.......................................   3,084.0   3,210.2       .961         .096       .092        .640       .086       .030      .056      .046
1991.......................................   3,132.1   3,168.8       .988         .101       .100        .660       .085       .027      .058      .042
1992.......................................   3,262.6   3,262.6      1.000         .101       .103        .673       .091       .028      .063      .032
1993.......................................   3,437.5   3,379.7      1.017         .101       .105        .679       .103       .031      .072      .029
1994.......................................   3,689.4   3,567.4      1.034         .102       .106        .683       .116       .036      .080      .027
1995.......................................   3,885.8   3,691.2      1.053         .102       .109        .698       .117       .038      .079      .027
1996 ......................................   4,107.8   3,858.7      1.065         .102       .106        .705       .125       .038      .086      .027
                                                                                                                                                        
1993:I.....................................   3,344.2   3,302.6      1.013         .102       .105        .682       .093       .028      .065      .031
      II...................................   3,407.3   3,356.3      1.015         .101       .105        .679       .100       .031      .069      .030
      III..................................   3,459.7   3,398.9      1.018         .102       .105        .679       .103       .029      .074      .029
      IV...................................   3,538.7   3,460.9      1.022         .100       .107        .675       .113       .034      .079      .028
                                                                                                                                                        
1994:I.....................................   3,601.7   3,503.7      1.028         .108       .106        .680       .107       .035      .072      .027
      II...................................   3,663.0   3,552.9      1.031         .100       .106        .681       .117       .036      .082      .027
      III..................................   3,709.5   3,577.5      1.037         .100       .107        .684       .118       .037      .082      .028
      IV...................................   3,783.2   3,635.3      1.041         .100       .107        .686       .121       .039      .083      .027
                                                                                                                                                        
1995:I.....................................   3,803.3   3,632.9      1.047         .101       .108        .696       .113       .039      .074      .028
      II...................................   3,841.9   3,654.7      1.051         .103       .110        .699       .112       .038      .074      .028
      III..................................   3,924.8   3,718.7      1.055         .102       .108        .697       .121       .038      .083      .027
      IV...................................   3,973.2   3,758.6      1.057         .103       .108        .699       .120       .037      .082      .027
                                                                                                                                                        
1996:I.....................................   4,011.6   3,779.2      1.062         .103       .107        .702       .123       .039      .084      .026
      II...................................   4,081.6   3,831.4      1.065         .103       .105        .706       .126       .039      .087      .026
      III..................................   4,143.1   3,888.4      1.066         .102       .105        .706       .126       .038      .088      .027
      IV...................................   4,194.8   3,935.8      1.066         .102       .105        .708       .123       .038      .085      .027
                                                                                                                                                        
1997:Ip....................................   4,295.3   4,019.6      1.069         .101       .106        .709       .126       .038      .089      .027
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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.

    Sources: Department of Commerce, 
Bureau of Economic Analysis.