Economic Indicators of the Farm Sector, National Financial Summary, 1991

Agriculture and Rural Economy Division, Economic Research Service

No 349203, Miscellaneous Publications from United States Department of Agriculture, Economic Research Service

Abstract: Net farm income fell 12.5 percent in 1991 to $44.6 billion, while net cash income declined 5.4 percent to $58 billion. This was the first decline for either since 1984. (Both income concepts reflect cash income minus expenses. But, unlike net cash income, net farm income takes into account noncash items, such as the value of change in inventories.) Farmers experienced a general decline in prices received for their production, and crop production declined. The decline in value of production was about evenly split between livestock, as evidenced by the drop in receipts, and crops, reflected in the absence of additions to inventory. Direct Government payments fell 11.7 percent to continue a downward trend since the 1987 peak of $16.7 billion, more than twice the 1991 level. Production expenses remained virtually unchanged. Equity in farm assets declined in 1991 for the first time since 1986, as farm debt increased for the first time since 1984 and the value of farm assets dropped slightly.

Keywords: Agricultural and Food Policy; Agricultural Finance; Crop Production/Industries; Farm Management; Financial Economics; Labor and Human Capital; Livestock Production/Industries; Production Economics; Productivity Analysis (search for similar items in EconPapers)
Pages: 106
Date: 1993-01
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Persistent link: https://EconPapers.repec.org/RePEc:ags:uersmp:349203

DOI: 10.22004/ag.econ.349203

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