Full text of Economic Indicators : April 1991
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02d Congress, 1st Session
Economic Indicators
APRIL 1991
(Includes data available as of April 30, 1991)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1991
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL S. SARBANES, Maryland, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
ALBERT GORE, JR. (Tennessee)
RICHARD H. BRYAN (Nevada)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
CONNIE MACK (Florida)
ROBERT C. SMITH (New Hampshire)
HOUSE OF REPRESENTATIVES
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
KWEISI MFUME (Maryland)
RICHARD K. ARMEY (Texas)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
STEVEN QUICK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, Chairman
JOHN B. TAYLOR, Member
RICHARD L. SCHMALENSEE, Member
[PUBLIC LAW 120—SlST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts prepared by the Art Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.25 a single copy
($2.81 foreign), or by subscription at $24.00 per year ($30.00 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
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TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
In the first quarter of 1991, according to advance estimates, current-dollar gross national product (GNP) rose 2.6
percent (annual rate) or $35.0 billion. Real GNP (GNP adjusted for price changes) fell 2.8 percent and the implicit
price deflator rose 5.5 percent.
BILLI ONS OF DDL ARS (RATIO 5CALE)
BILLION S OF DOLLAR S (RATIO SOME)
6,000
6,000
5,600
5,600
^
1
5,200
5,200
^^
GS p
4,800
.^
\
\
4,800
/
IN CURREN F DOLLARS
4,400
~
/\
4,400
\^
—^
_, — -
4,000
,•
mz:
4,000
^^
,,-'
3,600
1^
jS
^f
—v
3,600
GNP
IN 1982 DC LLARS
^-*
S
•^ S
3,200
3,200
^-
2,800
2,800
\
\
1982
\
\ \ \
1
1983
1
1
\
\
\
1
1
1
1986
1985
1984
1
1
I
1
1987
1
1
1 ! !
1988
1989
1
1
1
1990
jOURCE, DEPARTME NT OF COMMERCE
1
1
1
1991
COUNCIL OF EC ONOMIC ADVISER
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Personal
consumption
expenditures
Gross
private
domestic
investment
2,732.0
3,052.6
3,166.0
3,405.7
3,772.2
4,014.9
4,231.6
4,515.6
4,873.7
5,200.8
5,465.1
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,009.4
3,238.2
3,450.1
3,657.3
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.5
747.1
771.2
741.0
IV
IV
IT
IT
IV
IT
IV
3,212.5
3,545.8
3,851.8
4,107.9
4,297.3
4,647.6
5,009.8
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,079.1
3,332.6
1989: HI
IV
5,238.6
5,289.3
1990: I
II
Period
Gross
national
product
Government purcl ases of
goo Is and senices
Exports Mid imports of goods
ind services
,-,
Final
Federal
Net
exports
chases 1
and
Exports
Imports
32.1
33.9
26.3
-6.1
-58.9
-78.0
-97.4
-114.7
-74.1
-46.1
-31.2
351.0
382.8
361.9
352.5
383.5
370.9
396.5
449.6
552.0
626.2
672.8
318.9
348.9
335.6
358.7
442.4
448.9
493.8
564.3
626.1
672.3
704.0
530.3
588.1
641.7
675.0
735.9
820.8
872.2
921.4
962.5
1,025.6
1,098.1
208.1
242.2
272.7
283.5
310.5
355.2
366.5
381.3
380.3
400.0
424.0
142.7
167.5
193.8
214.4
234.3
259.1
277.8
294.6
297.2
301.1
313.6
65.4
74.8
78.9
69.1
76.2
96.0
88.7
86.7
83.1
98.9
110.4
322.2
345.9
369.0
391.5
425.3
465.6
505.7
540.2
582.3
625.6
674.1
2,740.3
3,028.6
3,190.5
3,412.8
3,704.5
4,003.6
4,224.8
4,487.3
4,847.5
5,172.5
5,470.2
2,699.8
3,018.7
3,139.7
3,411.8
3,831.1
4,092.8
4,329.0
4,630.3
4,947.8
5,246.9
5,496.4
409.6
579.8
661.8
654.1
648.8
741.4
747.5
14.1
-25.8
-67.9
-103.2
-108.9
-115.0
-70.3
335.9
364.7
385.7
369.2
402.4
485.8
583.1
321.9
390.5
453.6
472.4
511.3
600.7
653.5
671.8
676.1
764.5
856.7
888.9
942.0
1,000.0
293.2
276.1
326.0
376.6
368.8
388.2
401.1
205.4
221.5
244.1
268.6
280.7
296.0
299.6
87.7
54.6
81.9
108.0
88.1
92.2
101.6
378.7
400.0
438.5
480.1
520.1
553.9
598.9
3,272.4
3,514.8
3,806.8
4,100.7
4,309.4
4,591.9
4,993.6
3,198.5
3,571.6
3,919.7
4,211.2
4,406.2
4,762.6
5,080.1
3,484.3
3,518.5
775.8
762.7
-49.3
-35.3
623.7
642.8
673.0
678.1
1,027.8
1,043.3
399.2
399.9
306.3
299.2
93.0
100.7
628.6
643.4
5,209.7
5,264.3
5,287.9
5,324.6
ni
IT
5,375.4
5,443.3
5,514.6
5,527.3
3,588.1
3,622.7
3,693.4
3,724.9
747.2
759.0
759.7
698.3
— 30.0
-24.9
-41.3
-28.8
661.3
659.7
672.7
697.4
691.3
684.6
714.1
726.2
1,070.1
1,086.4
1,102.8
1,132.9
410.6
421.9
425.8
437.6
307.2
309.6
312.6
325.0
103.4
112.3
113.2
112.6
659.6
664.6
677.0
695.3
5,387.2
5,429.9
5,505.6
5,558.2
5,405.3
5,468.2
5,555.9
5,556.1
1991: I "
5,562.3
3,741.1
673.4
7.5
692.2
684.7
1,140.2
442.3
330.0
112.3
697.9
5,585.1
5,554.8
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1
GNP less exports of goods and services plus imports of goods and sen
Total
National
defense
Nondefense
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Exports and imp orts of
goods and ser vices
Gross private
domestic in vestment
Gross
Period
al
product
Personal
consumption
expenditures
Total
Nonresidential
fixed
Residential
fixed
Change
m
business
Govern ment pure bases of
goot s and sei•vices
Federal
Net
exports
Exports
Imports
Total
388.9
392.7
361.9
348.1
371.8
367.2
397.1
451.8
534.7
593.3
631.5
332.0
343.4
335.6
368.1
455.8
471.4
526.9
570.3
610.6
647.4
665.3
620.5
629.7
641.7
649.0
677.7
731.2
761.6
779.1
780.5
798.1
820.8
246.9
259.6
272.7
275.1
290.8
326.0
334.1
339.6
328.1
334.9
343.7
171.2
180.3
193.8
206.9
218.5
237.2
252.1
265.1
260.7
256.3
258.7
National
defense
Total
tones
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,618.7
3,717.9
3,845.3
4,016.9
4,117.7
4,157.3
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,354.8
IV
IV
IT
IT
IT
IT
IT
3,159.3
3,365.1
3,535.2
3,662.4
3,733.6
3,920.7
4,059.3
2,078.7
2,191.9
2,281.1
2,386.9
2,477.8
1989: in
IV
1990: I
1982:
1983:
1984:
1985:
1986:
1987:
1988:
2,446.4
2,515.8
2,606.5
2,656.8
2,681.6
509.3
545.5
447.3
504.0
658.4
637.0
639.6
669.0
705.7
716.9
688.7
379.2
395.2
366.7
361.2
425.2
453.5
438.4
449.8
487.2
506.1
515.4
137.0
126.5
105.1
149.3
170.9
195.7
196.4
194.9
187.0
176.8
-6.9
57.0
49.4
23.9
-24.5
26.3
-6.4
-19.9
62.3 -84.0
9.1 -104.3
5.6 — 129.7
22.8 -118.5
23.6 -75.9
23.8 -54.1
-3.6
-33.8
352.3
390.4
11.7
-59.3
27.0 -46.2
41.7 -94.8
7.7 -125.3
-20.8 -135.4
48.4 -111.3
14.0 -75.7
336.0
355.5
376.6
367.4
406.5
487.0
555.3
324.3
401.6
471.4
492.6
541.9
598.3
631.0
660.1
642.2
693.2
752.7
776.0
791.3
799.9
289.5
266.0
.300.5
340.6
342.4
347.7
342.3
201.4
211.6
225.3
241.4
255.8
266.0
261.1
174.4
State
and
local
Non-
Final
sales
Gross
domestic
purchases *
75.7
79.3
78.9
68.2
72.3
88.8
82.0
74.5
67.5
78.7
85.0
373.6
370.1
369.0
373.9
387.0
405.2
427.5
439.5
452.4
463.2
477.1
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,609.6
3,712.4
3,822.5
3,993.2
4,094.0
4,160.9
3,130.1
3,199.4
3,139.7
3,299.1
3,585.4
3,723.0
3,847.6
3,963.8
4,092.8
4,171.8
4,191.1
88.2
86.6
81.7
81.2
370.6
376.2
392.7
412.1
433.6
443.6
457.5
3,218.6
3,338.1
3,493.5
3,654.7
3,754.4
3,872.3
4,045.2
3,147.6
3,411.3
3,630.0
3,787.6
3,869.0
4,032.0
4,134.9
2,638.8
408.8
577.2
655.7
648.0
615.2
706.6
696.2
460.9
435.7
462.3
486.6
115.8
159.9
169.6
179.4
200.3
195.8
195.6
4,129.7
4,133.2
2,675.3
2,669.9
722.3
709.1
513.3
508.4
184.4
181.8
24.6
18.9
-64.1
-47.9
592.5
611.6
656.6
659.4
796.2
802.2
333.0
332.7
260.2
255.5
72.8
77.2
463.2
469.5
4,105.1
4,114.4
4,193.9
4,181.1
n
m
2,677.3
2,678.8
2,696.8
2,673.6
700.7
700.7
697.0
656.3
514.6
508.4
519.3
519.4
188.3
182.8
173.0
163.3
— 2.2
9.5
4.7
IT
4,150.6
4,155.1
4,170.0
4,153.4
-26.4
-35.4
-44.6
—46.5
-8.8
628.1
620.1
630.5
647.2
663.5
664.7
677.0
656.0
807.9
820.2
822.7
832.3
333.0
345.9
346.0
349.9
254.4
256.5
258.2
265.7
78.6
89.4
87.8
84.2
475.0
474.3
476.7
482.4
4,152.8
4,145.6
4,165.3
4,179.8
4,185.9
4,199.7
4,216.5
4,162.2
1991: I"
4,123.9
2,664.1
630.2
499.6
151.2
-20.7
2.2
646.5
644.3
827.5
346.8
265.2
81.6
480.7
4,144.6
4,121.7
1
2,534.2
444.4
GNP less exports of goods and services plus imports of goods and services.
54.4
75.2
99.2
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982 = 100; quarterly data are seasonally adjusted]
Gross arivate
domestic i nvestment
Personal c onsumption
expen ditures
Period
national
product
Total
Durable
goods
Nondurable goods
Services
Exports an 1 imports of
goods an . services
Gove nunent
lases of goc ds and
sepnces
pure
Federal
Nonresidential
ixe
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
85.7
94.0
100.0
103.9
107.7
110.9
113.8
117.4
121.3
126.3
131.5
86.6
94.6
100.0
104.1
108.1
111.6
114.3
119.6
124.2
129.9
136.4
89.2
95.7
100.0
102.1
103.8
104.8
105.6
108.2
109.4
110.9
112.4
89.4
96.9
100.0
102.1
105.0
107.5
107.3
112.2
116.6
122.8
131.0
83.9
92.6
100.0
106.2
111.6
116.8
122.4
128.7
134.5
141.0
147.7
85.1
93.4
100.0
98.8
97.9
97.7
99.3
98.9
100.2
101.2
101.7
89.4
96.6
100.0
102.2
106.0
108.3
111.1
115.2
119.3
123.5
125.5
90.2
97.5
100.0
101.3
103.2
101.0
99.8
99.5
103.2
105.5
106.5
96.0
101.6
100.0
97.4
97.1
95.2
93.7
99.0
102.5
103.8
105.8
84.3
93.3
100.0
103.1
106.8
109.0
109.7
112.3
115.9
119.4
123.3
83.4
92.9
100.0
103.6
107.2
109.2
110.2
111.1
114.0
117.5
121.2
86.4
94.3
100.0
101.4
105.5
108.2
108.1
116.3
123.2
125.8
129.8
86.2
93.4
100.0
104.7
109.9
114.9
118.3
122.9
128.7
135.1
141.3
IV
IV
IT
IT
IT
IT
IT
101.7
105.4
109.0
112.2
115.1
118.5
123.4
101.8
105.7
109.3
113.1
115.8
121.5
126.3
100.7
103.1
104.1
104.7
106.2
108.9
110.3
101.0
103.1
105.8
108.7
107.8
113.9
118.6
102.7
108.3
113.5
119.0
124.9
130.9
137.0
100.7
98.3
97.9
97.9
100.0
99.0
101.8
99.1
103.1
107.2
109.0
112.4
116.5
120.6
100.0
102.6
102.4
100.5
99.0
99.7
105.0
99.3
97.2
96.2
95.9
94.4
100.4
103.6
101.3
103.8
108.5
110.6
107.7
111.7
117.2
102.0
104.7
108.3
111.3
109.7
111.3
114.7
99.5
100.3
108.9
108.8
101.7
112.8
125.1
102.2
106.3
111.7
116.5
120.0
124.9
130.9
1989: m
IT
126.8
128.0
130.2
131.8
111.2
111.4
123.2
124.5
141.6
143.4
100.9
100.7
124.2
124.3
105.3
105.1
102.5
102.8
119.9
120.2
117.7
117.1
127.8
130.4
135.7
137.1
1990: I
n
m
IT
129.5
131.0
132.2
133.1
134.0
135.2
137.0
139.3
112.5
112.1
112.3
112.7
128.3
129.4
131.5
134.9
145.1
146.6
148.5
150.4
101.6
101.6
102.6
100.9
125.3
125.3
126.0
125.7
105.3
106.4
106.7
107.8
104.2
103.0
105.5
110.7
123.3
122.0
123.0
125.1
120.8
120.7
121.1
122.3
131.5
125.6
128.9
133.8
138.9
140.1
142.0
144.1
1991: I"
134.9
140.4
113.1
135.2
151.9
101.3
125.6
107.1
106.3
127.6
124.4
137.7
145.2
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from preceding period; quarterly data at seasonally adjusted annual rates]
Or ss national pr duct
Period
8.9
11.7
3.7
7.6
10.8
1980
1981
1990:
1991:
-0.2
9.0
1.9
-2.5
3.6
6.8
3.4
2.7
3.4
4.5
2.5
1.0
5.2
IV
6.7
7.9
6.7
5.1
9.1
7.5
7.4
8.7
7.8
8.3
7.4
7.7
7.5
5.8
5.1
3.9
6.7
5.1
5.3
.9
1.4
-1.6
I"
2.6
-2.8
5.5
6.4
5.4
n
m
1989:
Implicit
price
deflator
9.7
6.4
3.9
3.7
3.0
2.6
3.2
3.3
4.1
4.1
3.5
3.1
3.5
1.7
2.7
4.4
4.7
4.7
3.9
3.9
3.2
3.8
4.8
4.7
3.7
2.8
1982
1983
1984
1985
1986
1987
1988
1989
1990
1987: I
1988:
Constant
(1982)
dollars
Current
dollars
IV
I
n
ra
rv
I
n
m
rv
I
n
m
4.2
4.1
6.6
5.1
3.6
2.7
2.7
3.6
1.6
1.7
.3
1.7
.4
Personal consumption e? penditures
Chain price
index
Fixedweighted
price index
(1982
weights)
Constant
(1982)
dollars
Current
dollars
Implicit
price
deflator
-0.2
4.1
3.7
3.6
4.9
4,6
3.1
3.8
6.6
3.9
4.2
4.7
10.6
10.5
7.1
9.0
8.8
8.2
6.4
7.6
7.6
6.5
6.0
7.3
9.6
8.9
3.7
9.2
7.4
8.2
8.1
4.8
6.6
7.0
4.0
8.2
3.9
8.0
3.5
1.1
.2
2.7
-3.4
4.1
3.8
3.2
2.4
4.6
3.8
4.6
5.0
6.4
4.8
4.4
4.1
2.3
4.3
4.6
4.6
5.2
5.1
2.2
5.0
6.8
3.6
5.4
6.9
5.1
5.1
1.8
-1.4
3.2
9.3
9.3
6.2
4.1
4.0
3.4
2.7
3.5
4.2
4.5
4.6
4.4
3.5
3.5
3.7
3.9
4.7
5.5
9.0
9.4
6.3
4.1
3.9
3.3
2.5
3.3
3.7
4.3
4.3
4.3
3.1
3.3
3.1
3.3
4.2
4.8
4.4
4,4
4.7
4.4
3.1
3.7
6.1
NOTE.—Annual changes are from preceding year and quarterly changes are from preceding quarter.
1.2
1.3
4.6
4.8
4.7
3.9
2.8
3.6
1.9
.9
.7
4.5
4.3
-.4
6.9
2.7
3.5
3.5
-.3
1.3
4.6
O
Chain price
index
10.9
10.7
9.2
5.7
9.2
5.7
4.2
3.9
3.5
2.7
4.6
4.0
4.7
4.9
6.2
4.9
4.3
4.0
2.5
4.7
4.8
4.8
5.0
5.3
2.6
4.9
6.8
3.4
Fixedweighted
price index
(1982
weights)
10.5
9.0
5.6
4.2
4.0
3.5
2.7
4.6
4.1
5.2
4.8
5.2
6.3
5.1
4.3
4.3
2.6
4.8
5.1
4.9
5.0
5.7
2.7
4.7
7.4
3.1
5.7
6.5
7.1
3.1
3.2
Source: Department of Commerce, Bureau of Economic Analysis,
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Gross (3 omestic
produ ct of
nonfin ancial
corporate business
(billions o f dollars)
Total
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990r.
1982: IV
1983: IV
1984: TV
1985: TV
1986: IV
1987: IV
1988: IV
1989: III
IV
1990: I
n
m
rv
1
Curren t-dollar cos t and profit per unit o ' output (do liars) *
Current
1982
1,540.8
1,738.4
1,782.2
1,914.2
2,146.7
2,267.1
2,367.1
2,524.8
2,720.7
2,854.5
2,952.7
1,779.4
2,012.5
2,201.8
2,309.4
2,408.7
2,597.4
2,797.3
2,879.1
2,878.5
2,907.5
2,960.0
2,979.1
2,964.1
1,807.9
1,837.2
1,782.2
1,866.0
2,036.5
2,117.4
2,173.9
2,290.2
2,403.7
2,431.2
2,427.0
1,760.2
1,940.5
2,069.5
2,137.7
2,198.5
2,339.4
2,428.6
2,443.9
2,421.8
2,423.1
2,440.1
2,435.1
2,409.8
and
profit 2
0.852
.946
1.000
1.026
1.054
1.071
1.089
1.102
1.132
1.174
1.217
1.011
1.037
1.064
1.080
1.096
1.110
1.152
1.178
1.189
1.200
1.213
1.223
1.230
Indirect
business
taxes 3
0.095
.109
.125
.123
.118
.119
.123
.123
.124
.131
.137
.131
.120
.118
.120
.124
.122
.126
.132
.135
.135
.135
.137
.140
0.077
.090
.094
.098
.100
.103
.106
.105
.107
.112
.119
.096
.098
.102
.104
.106
.105
.108
.113
.114
.117
.116
.121
.123
Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol-
lars.
2
This is equal to the deflator (or gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
Corp )rate profits with
inventory valuation and capital
consuniption adjus tments
Capital
consumption
allowances
with
capital
consumption
adjustment
3
Compenemployees
interest
0.581
.632
.676
.679
.687
.704
.721
.726
.750
.782
.817
.685
.680
.694
.713
.727
.734
.763
.782
.795
.803
.812
.823
.830
0.031
.037
.043
.037
.039
.038
.041
.041
.041
.050
.053
.042
.037
.042
.037
.042
.040
.042
.051
.052
.052
.053
.053
.054
Total
0.068
.078
.063
.089
.109
.106
.098
.107
.111
.099
.090
.057
.103
.107
.106
.096
.109
.112
.100
.092
.093
.097
.090
.083
Profits
tax
liability
0.037
.035
.026
.032
.036
.033
.035
.041
.043
.042
.040
.023
.036
.032
.033
.038
.042
.043
.041
.040
.039
.040
.041
.038
Profits
after
tax 4
0.031
.044
.037
.057
.073
.073
.064
.067
.068
.057
.051
.034
.066
.075
.072
.058
.067
.069
.059
.052
.053
.057
.049
.045
Output
per hour
of all
employees
(1982
dollars)
Compensation
per hour
of all
employees
(dollars)
18.591
18.703
18.774
19.284
19.744
20.057
20.522
21.014
21.306
20.955
10.809
11.815
12.682
13.085
13.571
14.112
14.793
15.265
15.874
16.396
18.793
19.442
19.792
20.129
20.662
21.139
21.208
20.989
20.743
20.663
20.760
20.707
12.881
13.221
13.741
14.350
15.017
15.507
16.088
16.404
16.483
16.597
16.863
17.048
Indirect business tax and nontax liability plus business transfer payments less subsidies.
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
4
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employees
Proprietor s' income
with in rentory
valuation i nd capital
consurnption
adjust ments
Farm
1982
1983
1984
1985
1986
1987
1988
1989
1990'
Rental
income of
persons
with
capital
1,907.0
2,020.7
2,213.9
2,367.5
2,511.4
2,686.4
2,905.1
3,079.0
3,244.2
24.6
12.4
30.5
30.2
34.7
42.8
43.7
48.6
49.9
150.9
178.4
204.0
225.6
247.2
280.6
310.5
330.7
352.6
IV
IV
IV
IV
IV
IV
IV
2,548.2
2,851.5
3,096.1
3,312.8
3,473.1
3,791.5
4,104.1
1,931.1
2,092.7
2,272.7
2,426.7
2,571.2
2,770.3
2,986.7
28.5
19.3
28.1
29.2
37.2
52.3
35.5
159.8
188.6
209.7
235.0
252.0
293.0
321.5
15.8
12.4
1989: m
IV
4,232.1
4,267.1
3,095.2
3,128.6
38.7
45.7
1990: I
4,350.3
4,411.3
4,452.4
4,459.7
3,180.4
3,232.5
3,276.9
3,286.9
3,297.8
n
m
IV
1991: I'
1
Profits with inventory valuation
adjustmei it and witho it capital
consu Tiption adjus tment
tion
adjustment
Nonfarm
2,518.4
2,719.5
3,028.6
3,234.0
3,412.6
3,660.3
3,984.9
4,223.3
4,418.4
1982:
1983:
1984:
1985:
1986:
1987:
1988:
Corpora te profits wit ti inventory valuation anc capital
consulnption adjust ments
Total
Capital
consump-
Inventory
valuation
adjustment
Profits
before tax
— 10.4
-10.9
Net
interest
d'
ment
-9.2
17.0
32.7
59.7
53.8
52.4
47.8
25.5
272.3
281.0
304.8
319.0
325.5
328.6
371.8
445.1
466.7
150.0
213.7
266.9
282.3
282.1
308.3
337.6
311.6
298.3
159.2
196.7
234.2
222.6
228.3
255.9
289.8
286.1
293.3
169.6
207.6
240.0
224.3
221.6
275.3
316.7
307.7
304.7
-19.4
27.0
-21.7
11.4
150.7
223.4
224.6
228.4
226.1
268.6
308.7
164.1
231.5
226.1
235.0
234.1
289.7
331.1
13.4
-8.1
-1.6
-6.6
-8.0
— 21.1
22.5
-4.5
25.1
13.5
14.6
16.8
146.1
248.5
266.9
291.4
275.2
323.1
349.6
42.3
63.0
49.1
54.5
40.9
266.9
290.2
313.1
322.7
324.0
338.2
394.1
329.5
336.0
5.8
4.1
306.7
290.9
285.3
275.3
291.4
289.8
-6.1
-14.5
21.4
15.6
456.2
461.7
57.4
51.0
42.4
48.8
346.6
350.8
355.6
357.4
5.5
4.3
8.4
9.3
296.8
306.6
300.7
288.9
285.5
298.8
298.7
290.3
296.9
299.3
318.5
304.1
— 11.4
— .5
-19.8
-13.8
11.3
— 1.4
463.6
466.2
468.3
468.4
47.0
356.0
6.9
-2.9
462.9
Includes employer contributions for social insurance. (See also p. 5.)
13.6
13.2
8.5
9.2
11.6
13.7
16.3
8.2
6.9
5.6
7.8
5.8
-1.7
6.7
9.1
4.9
7.7
2.0
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Retail ales of
new pa ssenger
cars (mi lions of
urn ts)
Non durable gc ods
Durable goods
FurniPeriod
1982
1983
1984
1985
1986
1987
1988
1989
1990
eon-
vehicles
and
parts
and
household
equipment
Total
nondurable
goo s
Food
expendi-
Total
durable
goods
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,009.4
3,238.2
3,450.1
3,657.3
252.7
289.1
335.5
372.2
406.0
423.4
457.5
474.6
480.3
108.9
130.4
157.4
179.1
196.2
197.9
212.2
215.5
213.0
95.7
107.1
118.8
129.9
139.7
148.8
161.8
171.4
176.4
48.1
51.6
59.3
63.2
70.0
76.7
83.5
87.8
90.9
771.0
816.7
867.3
911.2
942.0
1,001.3
1,060.0
1,130.0
1,193.7
Other
Clothing and
shoes
Gasoline
and oil
398.8
421.9
448.5
471.6
500.0
530.7
562.6
595.3
624.7
124.4
135.1
146.7
156.4
166.8
178.4
191.1
204.6
213.2
89.1
90.2
90.0
90.6
73.5
75.3
77.3
83.8
93.8
158.7
169.5
182.1
192.6
201.7
216.9
229.1
246.3
261.9
1,027.0
1,128.7
1,227.6
1,345.6
1,449.5
1,584.7
1,720.7
1,845.5
1,983.3
5.8
6.8
8.0
8.2
8.2
7.1
7.5
7.1
6.9
2.2
2.4
2.4
2.8
3.2
3.2
3.1
2.8
2.6
Other
Domestics
Imports
1982:
1983:
1984:
1985:
1986:
1987:
1988:
IV
IV
IV
IV
IV
IV
IV
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,079.1
3,332.6
263.8
310.0
346.7
373.2
422.0
427.4
473.1
115.7
144.4
162.3
173.8
201.1
198.9
217.8
99.1
112.4
122.7
134.7
143.8
151.1
166.8
49.0
53.2
61.8
64.7
77.1
77.4
88.5
786.6
837.9
879.6
932.7
952.1
1,019.9
1,088.0
407.0
430.8
456.1
482.5
511.9
539.0
577.1
126.5
141.1
149.8
160.6
168.7
182.2
198.6
89.8
91.9
89.0
91.0
66.0
77.3
78.5
163.4
174.0
184.7
198.5
205.5
221.5
233.9
1,066.5
1,167.9
1,267.1
1,394.5
1,494.4
1,631.8
1,771.5
6.0
7.4
7.7
7.0
7.7
6.6
7.5
2.5
2.6
2.6
3.1
3.4
3.3
3.0
1989:
HI
IV
3,484.3
3,518.5
487.1
471.2
226.9
207.5
171.5
173.0
88.7
90.7
1,137.3
1,148.8
597.6
602.2
206.9
208.7
84.5
83.5
248.3
254.4
1,859.8
1,898.5
7.8
2.9
2.6
I
492.1
478.4
482.3
468.5
221.1
212.4
214.7
203.9
178.9
176.8
176.4
173.4
92.0
89.3
91.2
91.3
1,174.7
1,179.0
1,205.0
1,216.0
616.4
623.3
629.8
629.4
212.9
212.6
215.8
211.5
87.1
84.5
IV
3,588.1
3,622.7
3,693.4
3,724.9
94.0
109.4
258.2
258.6
265.4
265.6
1,921.3
1,965.3
2,006.2
2,040.4
6.6
2.8
2.7
2.5
2.4
I»
3,741.1
456.8
192.3
174.4
90.2
1,209.8
636.5
212.2
93.4
267.7
2,074.5
6.0
2.2,-
1990:
1991:
n
m
Source: Department of Commerce, Bureau of Economic Analysi
6.2
7.0
6.8
7.2
SOURCES OF PERSONAL INCOME
ersonal income rose $11.7 billion (annual rate) in March, following a rise of $8.8 billion in February. Wages and
salaries rose $4.2 billion in March after falling $0.2 billion in February.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
5,000
5,000
4,000 -
4,000
3,000
3,000
2,000
2,000
WAGE AND SALARY DISBURSEMENTS
1,400
1,400
\
OTHER INCOME
800
800
TRANSFER
PAYMENTS
400
1983
1984
1985
1987
1986
400
1988
1989
" SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1991
1990
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Proprietor. ' income 3
Total
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1991: Jan r.
Feb r.
Mar"
personal
income
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,526.2
3,766.4
4,070.8
4,384.3
4,645.5
4,594.7
4,604.5
4,621.4
4,640.7
4,662.7
4,675.0
4,697.8
4,695.9
4,716.2
4,743.3
4,725.4
4,734.2
4,745.9
salary
Other labor
Farm
1,510.3
1,586.1
1,676.6
1,838.6
1,975.4
2,094.8
2,249.7
2,431.1
2,573.2
2,705.3
2,669.2
2,682.4
2,695.5
2,711.1
2,727.1
2,728.3
2,747.2
2,731.6
2,731.6
2,753.6
2,740.0
2,739.8
2,744.0
150.3
163.6
173.6
182.9
187.6
199.3
209.4
225.5
241.9
258.1
254.0
255.2
256.4
257.6
258.8
260.0
261.2
262.2
263.2
264.2
265.2
266.2
267.2
30.7
24.6
12.4
30.5
30.2
34.7
42.8
43.7
48.6
49.9
65.5
55.0
51.8
46.1
45.7
42.9
38.5
39.1
54.5
52.9
39.6
47.2
54.0
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4| in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
^Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
156.1
150.9
178.4
204.0
225.6
247.2
280.6
310.5
330.7
352.6
349.4
349.2
351.3
351.8
353.0
356.6
357.0
357.1
357.6
357.5
354.4
355.9
357.6
4
Rental
income of
persons 4
13.3
13.6
13.2
8.5
9.2
11.6
13.7
16.3
8.2
6.9
4.3
3.8
4.2
4.9
6.2
9.1
10.0
10.8
8.8
8.3
7.5
6.7
6.6
Personal
dividend
income
61.3
63.9
68.7
75.5
78.7
85.8
91.8
102.2
114.4
123.8
121.3
122.3
123.0
123.4
124.3
125.0
125.3
126.1
126.8
127.2
127.2
127.6
125.3
Personal
interest
income
335.4
369.7
393.1
444.7
478.0
493.2
501.3
547.9
643.2
680.4
671.4
674.5
677.9
681.5
683.6
685.4
686.8
687.5
688.1
688.2
686.4
683.2
680.6
Transfer
payments 5
368.1
410.6
442.6
456.6
489.8
521.5
549.9
587.7
636.9
694.8
683.4
683.5
685.3
691.4
692.1
695.9
701.2
710.0
714.0
721.2
742.1
744.6
747.8
Less:
Personal
contributions
for social
insurance
104.5
112.3
120.1
132.7
149.3
161.9
172.9
194.1
212.8
226.2
223.8
221.4
223.9
227.1
228.1
228.2
229.5
228.4
228.4
229.9
237.0
237.0
237.3
Nonfarm
personal
income 6
2,465.6
2,618.7
2,799.0
3,052.1
3,271.3
3,469.4
3,702.2
4,006.0
4,314.6
4,574.3
4,508.1
4,528.2
4,548.3
4,573.2
4,595.6
4,610.7
4,637.8
4,635.3
4,640.2
4,668.8
4,664.2
4,665.4
4,670.1
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
,nd agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis5
6
DISPOSITION OF PERSONAL INCOME
According to advance estimates, real per capita disposable personal income fell again in the first quarter of 1991
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
2,000
2,000
DOLLARS* (RATIO SCALE)
18,000
—
DOLLARS * (RATIO SCALE)
PER CA>ITA DISPOSE BLE PERSON AL INCOME -
18,000
16,000
r ——
CURRENT DOLLARS
14,000
\
-~~~~
8000
i
i i
1
1983
1982
!
|
1984
1
1
'
1985
14,000
p^
\
1982 DOLLA
| i
16,000
-
^<1
i
1
_.
1
:s
i i
i
i i
\
1987
1986
i
i
t
1988
i |
1989
' SEASONALLY ADJUSTED ANNUAL RATES
I
1
'
1990
t t i
8 000
1991
COUNCIL OF ECONOMIC ADVISERS
SOURCE-. DEPARTMENT OF COMMERCE
Period
rersonai1
income
P
Less:
Personal
tax and
nontax
payments
T?
P°
2,258.5
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,526.2
3,766.4
4,070.8
4,384.3
4,645.5
340.5
393.3
409.3
410.5
440.2
486.6
512.9
571.6
591.6
658.8
699.4
hi
personal
income
Bin;ons
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1
TV S
Less:
Personal
outlays 1
Equals:
Personal
saving
Disposable
personal
income in
1982
dollars
(billions)
Perc apita
disposabl personal
inc )me
Current
dollars
of dollars
1,918.0
2,127.6
2,261.4
2,428.1
2,668.6
2,838.7
3,013.3
3,194.7
3,479.2
3,725.5
3,946.1
1982
dollars
Per capit i persona!
consu nption
expen jtures
Current
dollars
1982
dollars
136.9
159.4
153.9
130.6
164.1
125.4
124.9
92.5
145.6
171.8
180.1
2,214.3
2,248.6
2,261.5
2,331.9
2,469.8
2,542.8
2,635.3
2,670.7
2,800.5
2,869.0
2,893.5
8,421
9,243
9,724
10,340
11,257
11,861
12,469
13,094
14,123
14,973
15,695
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands) z
it
Dolla rs
1,781.1
1,968.1
2,107.5
2,297.4
2,504.5
2,713.3
2,888.5
3,102.2
3,333.6
3,553.7
3,766.0
Percent
change in
real per
capita
disposable
personal
income
Percei
9,722
9,769
9,724
9,930
10,419
10,625
10,905
10,946
11,368
11,531
11,509
7,607
8,320
8,818
9,516
10,253
10,985
11,576
12,334
13,144
13,866
14,547
8,794
8,818
9,139
9,489
9,840
10,123
10,311
10,580
10,678
10,666
.5
-.5
2.1
4.9
2.0
2.6
.4
3.9
1.4
_,2
7.5
6.8
5.4
6.1
4.4
4.1
2.9
4.2
4.6
4.6
227,754
230,182
232,549
234,829
237,051
239,322
241,660
243,982
246,358
248,810
251,420
9,749
10,151
10,491
10,667
10,909
11,097
11,458
11,538
11,541
11,586
11,564
11,511
11,376
11,301
9,068
9,825
10,479
11,240
11,825
12,572
13,474
13,986
14,084
14,330
14,432
14,670
14,752
14,780
8,904
9,299
9,587
9,935
10,214
10,347
10,669
10,739
10,687
10,693
10,671
10,711
10,589
10,525
1.2
9.1
1.7
3.3
.3
6.4
1.2
1.6
.1
1.6
6.2
5.8
5.8
3.9
3.3
3.9
4.1
4.1
4.6
4.9
5.0
4.2
4.2
4.1
233,466
235,707
237,946
240,257
242,579
244,925
247,329
249,127
249,818
250,392
251,026
251,767
252,495
253,115
8,783
— 1.1 ^ 7.1
Seasonally adjusted ann ual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
IV
IV
IV
IV
IV
IV
IV
m....
IV
1990: I
II
m....
IV
1991: I"
2,729.2
2,941.8
3,188.3
3,399.1
3,597.8
3,890.9
4,186.2
4,402.8
4,469.2
4,562.8
4,622.2
4,678.5
4,718.5
4,735.2
411.1
413.9
459.7
499.6
534.4
588.6
607.3
659.5
669.6
675.1
696.5
709.5
716.6
718.3
2,318.1
2,527.9
2,728.6
2,899.5
3,063.4
3,302.3
3,578.9
3,743.4
3,799.6
3,887.7
3,925.7
3,969.1
4,001.9
4,016.9
2,174.9
2,382.5
2,571.3
2,787.7
2,961.4
3,172.6
3,430.4
3,588.8
3,625.5
3,696.4
3,730.6
3,802.6
3,834.4
3,851.0
143.1
145.4
157.3
111.7
102.0
129.7
148.5
154.5
174.1
191.3
195.1
166.5
167.5
165.9
2,276.1
2,392.7
2,496.3
2,562.8
2,646.2
2,717.9
2,833.9
2,874.3
2,883.2
2,900.9
2,902.8
2,898.0
2,872.4
2,860.5
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
9,929
10,725
11,467
12,068
12,629
13,483
14,470
15,026
15,210
15,527
15,639
15,765
15,849
15,870
Q
.O
-1.8
-4.6
-2.6
2
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
h the third quarter of 1990, according to current estimates, gross farm income fell $0.3
let farm income rose $0.7
billion (annual rate) and
billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
240
160
200
>>
. *--]
... . ^
-^^^^-^S
•
-"I
^C^" r —^
160
\
120
\
GRO 55 FARM INCOME
80
60
--,.
/ *•
j
X
*
.
/*
\
v
\
/
/
1
1982
— —\ i
*
_/ \
v
; '
1
\
•• —
1
»
'
,
I
\*
1
*
I
(
i\i /A\t/
\
/
40
\/
NET FARM INCOME
j
20
i
/*» I
' '»
\I '
(
10
"
I
i i i
i i i
1984
1985
1983
I
1986
I
1987
1
1
1
I
1988
1
1
'
1
1989
1
1
1990
COUNCIL OF ECONOMIC ADVISERS
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm ope rators from farming
(jross farm incom 3
Period
Total
l
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1988: HI
IV
1989: I
II
in
IV
1990: I
II
HI
149.3
166.3
163.5
153.2
170.2
162.9
156.5
169.0
173.8
189.2
167.6
181.5
190.8
189.5
185.7
190.9
195.1
194.3
194.0
139.7
141.6
142.6
136.8
142.8
144.1
135.2
141.7
150.2
159.2
154.9
155.4
153.7
157.4
163.9
161.7
159.5
168.1
177.4
Livestock and
products
Crops
71.7
72.5
72.3
67.2
68.0
69.2
70.3
69.6
72.9
69.8
69.9
74.3
63.7
65.6
71.4
75.4
75.7
74.2
72.1
76.5
80.3
72.8
72.2
80.2
86.9
71.5
76.0
78.8
83.7
79.2
81.2
81.6
80.8
83.6
88.9
87.3
87.9
90.5
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
icome, and nonmoney income furnished by farms,
I 2 Physical changes in end-of-year inventory of crop and livestock commodities valued at average
•ices during the year.
Net farni income
Cas tl marketing rece pts
3
inventory
changes 2
-6.3
6.5
— 1.4
-10.9
6.0
-2.3
-2.4
-2.8
-4.1
4.4
-3.7
-2.1
3.8
4.9
4.8
4.3
5.7
4.6
3.5
Production
expenses
Current
dollars
133.1
139.4
140.0
137.9
143.8
131.9
125.5
127.7
132.1
142.6
135.4
135.9
142.5
143.3
143.4
141.1
140.3
146.2
145.2
1982 dollars 3
16.1
26.9
23.5
15.3
26.3
31.0
31.0
41.3
41.8
46.7
32.2
45.5
48.3
46.2
42.4
49.8
54.8
48.1
48.8
Income in current dollars divided by the GNP implicit price deflator.
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
18.8
28.6
23.5
14.7
24.5
27.9
27.2
35.1
34.4
37.0
26.4
36.9
38.8
36.7
33.4
38.9
42.3
36.7
36.9
CORPORATE PROFITS
In the fourth quarter of 1990, according to revised estimates, corporate profits before tax fell $14.4 billion (annu«
rate) and profits after tax fell $1.8 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
360
360
RATES
LY ADJUSTED ANNUA
SEASONAL
pv
320
^
V.-
,
280
^
N^
PFiOFITS AFTEF
s
120
/
•"— ,
"""•"""••^^^
\
i
\
^^—
,' —^"^— -
_.-"-•""
,'"'
1
.^-"'X
i i i
1 1 1
1984
1985
°\
\
\
,'
'
pp-^UNDlST RIBUTED PRC FiTS s"
1
1
I
1
1986
I
I
1987
120
80
*
'"\
i—•--'' S
\
1983
X,
160
\
T/U LIABILITY
N
1
S
x _—
_,.••
TAX
J —-
~* S
t
1982
\
«%
S
. —x
80
200
•- s
/
~^-
160
240
—- o
f"
200
280
^
PROFITS BEFORE TAX
r~\
240
40
320
1
1 1
1988
1
^7a^.... 40
I 1
1989
i i i
1990
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Pr jfits (before 1 ax) with inve ntory valuati on adjustmen t 1
Profits after ta X
Do mestic indust ries
Period
Nonfinancial
Total 2
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 '
1982: IV
1983: IV
1984: IV
1985: IV
1986: IV
1987: IV
1988: IV
1989: HI
IV
1990: I
II
IH r
IV
1991: I".
1
2
3
194.0
202.3
159.2
196.7
234.2
222.6
228.3
255.9
289.8
286.1
293.3
150.7
223.4
224.6
228.4
226.1
268.8
308.7
285.3
275.3
285.5
298.8
298.7
290.3
159.6
173.8
131.2
166.6
203.3
191.4
195.2
218.4
246.5
235.2
236.4
121.6
190.7
193.9
193.6
193.4
226.2
261.9
236.0
218.4
232.6
249.9
241.1
222.3
Financial
21.0
16.5
11.8
18.1
13.0
22.8
32.0
20.7
22.4
15.4
18.7
18.7
15.5
13.6
26.0
28.6
19.8
24.1
9.2
6.9
16.1
18.2
21.7
18.8
Total 3
138.6
157.3
119.4
148.5
190.3
168.6
163.2
197.8
224.1
219.8
217.7
102.9
175.2
180.3
167.6
164.8
206.4
237.8
226.9
211.5
216.5
231.7
219.3
203.4
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Includes industries not shown separately.
8
Manufacturing
77.1
88.5
58.0
70.1
88.8
79.7
59.5
86.7
106.5
96.1
88.8
46.8
88.6
79.8
83.8
64.8
98.2
112.6
99.9
83.7
90.1
100.8
91.2
73.1
Profits
before tax
Tax
liability
237.1
226.5
169.6
207.6
240.0
224.3
221.6
275.3
316.7
307.7
304.7
164.1
231.5
226.1
235.0
234.1
289.7
331.1
291.4
289.8
296.9
299.3
318.5
304.1
84.8
81.1
63.1
77.2
93.9
96.4
106.3
126.9
136.2
135.1
132.1
59.8
88.1
87.0
99.8
113.1
132.1
142.1
127.8
123.5
129.9
133.1
139.1
126.5
Total
Dividends
sale and
retail
trade
21.6
32.5
34.6
38.9
51.2
44.1
44.1
37.9
37.1
38.7
41.5
33.6
43.1
51.8
38.5
41.0
37.8
42.3
41.4
41.9
39.2
44.4
39.5
42.8
152.3
145.4
106.5
130.4
146.1
127.8
115.3
148.4
180.5
172.6
172.5
104.3
143.4
139.2
135.2
121.0
157.6
189.1
163.6
166.3
167.1
166.1
179.4
177.6
54.7
63.6
66.9
71.5
79.0
83.3
91.3
98.2
110.0
123.5
133.9
68.5
73.9
80.8
84.0
93.6
102.2
115.3
125.0
127.7
130.3
133.0
135.1
137.2
137.5
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
97.6
81.8
39.6
58.9
67.0
44.6
24.0
50.2
70.5
49.1
38.7
35.8
69.5
58.4
51.2
27.4
55.4
73.8
38.6
38.6
36.8
33.2
44.3
40.4
Inventory
valuation
adjustment
-43.1
-24.2
— 10.4
-10.9
-5.8
-1.7
6.7
-19.4
-27.0
-21.7
-11.4
-13.4
-8.1
-1.6
-6.6
-8.0
-21.1
-22.5
-6.1
— 14.5
-11.4
-.5
-19.8
-13.8
9.1
GROSS PRIVATE DOMESTIC INVESTMENT
According to advance estimates for the first quarter of 1991, nonresidential fixed investment fell $17.7 billion
(annual rate) and residential investment fell $15.3 billion. There was a $22.9 billion decrease in inventories,
following a decline of $30.8 billion in the fourth quarter of 1990.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
900
900
SEASONALLY ADJU TED ANNUAL RATE
800
800
GROSS PRI VATE DOM ESTIC
INV ESTMENT
-
~o^f~ r^l
700
r—\
600
_
/I
/
500
-r^^^^'v
400
X-1
_"•- —
/
s""
r^l
,~
-H
,-'
.
.
.-- -.**
""*-^
.
500
300
\
-" — -^
200
CHAN GE IN BUSI NESS
Ih-JVENTORIE
_»*•
100
\
^**
600
RESID ENTIAL
FIXED IN VESTMENT .
_
NONRES DENTIAL
FIXED INV'ESTMENT
700
N
400
, — -''""
300
200
^\
^
'
-
"*
^v
100
\A
K%
' v
0
S~""~
-100
\
1982
1
1
1983
1 1 1
1 ! 1
I I 1
1984
1985
1986
1
1987
1 1
1988
1
1 1
1989
1
1
I
1990
1
I
1
-100
1991
COUNCIL OF EC GNOMIC ADVISERS
SOURCE: DEPARTME NT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
domestic
investment
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
IV
IV
IV
IV
IV
IV
IV
I
II
in
IV
1990: I
II
in
IV
1991: I"
Source: Department of Commerce, Bureau of Economic Analysis.
Change ir business
inven .ones
I~"ixed investmen
Gross
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.9
747.1
771.2
741.0
409.6
579.8
661.8
654.1
648.8
741.4
747.5
769.7
776.7
775.8
762.7
747.2
759.0
759.7
698.3
673.4
Nonresidential
Total
Total
445.3
491.5
471.8
509.4
597.1
631.8
652.5
671.2
720.8
742.9
746.1
469.5
548.8
616.8
646.8
660.9
685.7
731.3
743.1
744.0
746.9
737.7
758.9
745.6
750.7
729.2
696.2
322.8
369.2
366.7
356.9
416.0
442.9
435.2
444.9
488.4
511.9
524.1
354.9
383.9
435.0
451.3
435.8
457.5
495.3
506.5
511.4
518.1
511.8
523.1
516.5
532.8
524.0
506.3
Structures
113.9
138.5
143.3
124.0
141.1
153.2
139.0
133.7
139.9
146.2
147.0
137.6
127.4
146.6
155.9
133.7
137.2
141.2
146.5
144.2
147.0
147.1
148.8
147.2
149.8
142.1
139.2
Producers'
durable
equipment
Residential
208.9
230.7
223.4
232.8
274.9
289.7
296.2
122.5
122.3
105.1
152.5
181.1
188.8
311.2
226.3
232.5
348.4
365.7
377.1
217.3
256.5
288.4
295.5
302.2
320.4
354.0
360.0
367.2
371.0
364.7
374.3
369.3
383.0
381.9
367.1
217.3
231.0
222.0
114.7
164.9
181.8
195.5
225.1
228.1
236.0
236.6
232.7
228.9
225.9
235.9
229.1
217.9
205.2
189.9
Nonfarm
Total
7.2
-2.4
18.3
-23.1
.4
60.5
14.6
8.6
32.3
29.8
23.3
-7.4
-51.1
21.3
41.3
23.7
-12.2
55.7
16.2
26.6
32.7
28.9
25.0
11.8
13.4
-8.0
59.6
35.0
16.7
26.1
26.2
24.1
-17.0
13.0
-8.3
24.0
-24.5
-7.1
67.7
11.3
6.9
28.3
26.2
28.3
-5.0
-59.9
31.0
45.0
9.0
6.8
-30.8
-22.9
-32.4
-27.9
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department January-March 1991 survey, business spending for new plant and
equipment is expected to rise 2.5 percent in 1991, following a rise of 5.0 percent in 1990.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
600
600
SEASONAL LY ADJUSTED ANNUA
RATES
i
1
500
J
~
*"
400
---1^— ]
1
^^ —'
\
*—••—
„—- * "
*
*"^*
300
,
\
NON WANUFACTUR NG-L/
.*•"*
200
400
\LL INDUSTRIE:
—^^^
300
"
200
^
""
,-"""
J
MANUFACTURIr. G
100
100
3l
\
\ 1
1983
i i i
1
1984
1
1
1
1
1
1986
1985
1
1
1
1987
1
1
1
1988
1
1
1
1989
1
1
1
li
1
ll
1
1
1991
1990
• SECOND HALF
-^SURVEYED QUARTERLY
^/SEE FOOTNOTE 4 BELOW
5OUSCE= DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
M inufacturii ig
Period
All
industries
Total
Durable
goods
Notimanufactu •ing
Nondurable
goods
Total '
Mining
Transportation
Public
utilities
Commercial
and
other
Total
nonfarm
business 2
318.08
358.77
363.08
359.73
418.38
454.93
447.11
461.51
508.22
563.93
592.31
608.40
Nonmanufactu ring
Manufacturing
Total
Surveyed
quarterly
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 '.
1991 *
286.40
324.73
326.19
321.16
373.83
410.12
399.36
410.52
455.49
507.40
532.96
546.41
112.60
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.78
193.39
54.82
58.93
54.58
51.61
64.57
70.87
65.68
68.03
77.04
82.56
82.99
80.88
57.77
69.75
69.39
65.74
75.04
82.01
72.28
73.03
86.41
101.24
109.79
112.51
173.80
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
340.17
353.02
12.71
15.81
14.11
10.64
11.86
12.00
8.15
8.28
9.29
9.21
9.87
9.85
13.56
12.67
11.75
10.81
13.44
14.57
15.05
15.07
16.63
18.84
21.59
23.06
41.32
47.17
53.58
52.95
57.53
59.58
56.61
56.26
60.37
66.28
67.00
69.07
106.21
120.41
122.79
129.41
151.39
171.09
181.59
189.84
205.76
229.28
241.72
251.04
1989: I
II
487.43
502.05
514.95
519.58
172.73
180.91
185.99
191.88
80.20
82.44
83.60
83.41
92.53
98.47
102.40
108.47
314.70
321.14
328.96
327.70
8.94
9.24
9.24
9.38
17.84
18.42
21.03
18.25
66.09
68.09
65.19
65.82
221.82
225.39
233.50
234.25
172.73
180.91
185.99
191.88
314.70
321.14
328.96
327.70
1990: I
532.45
535.49
534.86
529.02
191.36
195.16
194.48
190.14
86.35
84.34
82.67
78.62
105.02
110.82
111.81
111.52
341.09
340.33
340.39
338.89
9.58
9.84
9.98
10.09
22.13
21.86
21.41
20.95
65.72
64.27
67.48
70.53
243.66
244.37
241.51
237.32
191.36
195.16
194.48
190.14
341.09
340.33
340.39
338.89
1991: I 44
540.82
547.91
548.46
188.73
194.13
195.35
81.36
80.86
80.66
107.37
113.28
114.69
352.09
353.78
353.11
10.02
10.12
9.63
22.25
21.60
24.20
68.71
68.57
69.50
251.11
253.48
249.78
188.73
194.13
195.35
352.09
353.78
353.11
m
IV
n
mr
rv .
n
2nd half*
)K*
social !
ally") for data for these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
10
112.60
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.78
193.39
205.48
230.09
239.11
242.38
278.77
302.05
309.16
320.45
344.77
380.13
399.52
415.01
173.80
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
340.17
353.02
Surveyed
annual-
ly 3
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
59.35
61.99
3
Consists
onsists of forestry, fisheries,
s e e s , an
and aagricultural
g c u t u r a servces;
services; medical services; professional service
social
ocial services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in January-March 19
rrected fo
biases.
iases.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In March, civilian employment fell 164,000 and unemployment rose 414,000.
MILLIONS OF PERSONS*
126
MILLIONS OF PERSONS*
SEASONALLY ADJUSTED
122
122
CIVILIAN LABOR FORCE
118
118
114
110
110
CIVILIAN
EMPLOYMENT
106
102
102
98
98
1983
1991
' 16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
1981
1982
1983
1984
1985
1986*
1987
1988
1989
1990
1990:
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1991:
Jan
Feb
Mar
Unempl ayment
Civilian e mployment
Noflinstitutional
population
including
resident
Armed
Forces
NSA
Resident
Armed
Forces
NSA
Labor force
including
resident
Armed
Forces
171,775
173,939
175,891
178,080
179,912
182,293
184,490
186,322
188,081
189,686
1,645
1,668
1,676
1,697
1,706
1,706
1,737
1,709
1,688
1,637
110,315
111,872
113,226
115,241
117,167
119,540
121,602
123,378
125,557
126,424
102,042
101,194
102,510
106,702
108,856
111,303
114,177
116,677
119,030
119,550
108,670
110,204
111,550
113,544
115,461
117,834
119,865
121,669
123,869
124,787
100,397
99,526
100,834
105,005
107,150
109,597
112,440
114,968
117,342
117,914
3,368
97,030
3,401 96,125
3,383 97,450
3,321 101,685
3,179 103,971
3,163 106,434
3,208 109,232
3,169 111,800
3,199 114,142
3,186 114,728
189,198
189,326
189,467
189,607
189,763
189,901
190,002
190,095
190,312
190,483
1,669
1,657
1,639
1,630
1,627
1,640
1,601
1,570
1,615
1,617
126,467
126,438
126,578
126,427
126,336
126,345
126,571
126,445
126,338
126,791
119,904
119,747
119,916
119,867
119,509
119,330
119,484
119,303
119,001
119,191
124,798
124,781
124,939
124,797
124,709
124,705
124,970
124,875
124,723
125,174
118,235
118,090
118,277
118,237
117,882
117,690
117,883
117,733
117,386
117,574
3,197 115,038
3,140 114,950
190,592
190,717
190,703
1,615
1,602
1,460
126,253
126,678
126,786
118,537
118,520
118,214
124,638
125,076
125,326
116,922
116,918
116,754
3,163 113,759
5,178
3,222 113,696
3,098 113,656
5,803
5,889
Employment
including
resident
Armed
Forces
Nonag ricultural
Civilian
labor force
Total
1
Persons a work. Economi reasons inc Hide slack work, material shortag s, inability to fir d fulltime work, etc
2
Civilian labor force (or emj loyraent) as percent of civilia n noninstitutiona population.
Agricultural
Total
3,286 114,991
3,279 114,958
3,108 114,774
3,152 114,538
3,194 114,689
3,175 114,558
3,185 114,201
3,253 114,321
Civilian
Labor
force
participation
rate
(percent) 2
Employment/
population
ratio
(percent) 2
Total
15
weeks
and
over
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
2,285
3,485
4,210
2,737
2,305
2,232
1,983
1,610
1,375
1,504
63.9
64.0
64.0
64.4
64.8
65.3
65.6
65.9
66.5
66.4
57.8
57.9
59.5
60.1
60.7
61.5
62.3
63.0
4,708
4,680
4,689
4,745
4,780
4,830
6,563
5,051
5,135
5,163
7,087
1,370
1,417
1,404
1,436
1,508
1,568
1,605
1,591
1,727
-1,739
66.5
66.5
66.5
66.4
66.3
66.2
66.3
66.2
66.1
66.3
63.0
62.9
63.0
62.9
62.7
62.5
62.6
62.4
• 62.2
62.3
1,829
1,975
2,184
66.0
66.1
66.2
61.9
61.8
61.7
Part time
for
economic
reasons 1
4,499
5,852
5,997
5,512
5,334
5,345
5,122
4,965
4,657
4,860
5,262
6,691
6,662
6,560
6,827
7,015
7,142
7,337
7,600
7,715
8,158
8,572
59.0
6:17
Data beginn ng January 986 not strictly comparable with earlier data because of change in
esti nation procec ures.
Source: Pepar ment of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In March, both the overall unemployment rate and the civilian unemployment rate rose to 6.8 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
25
20
20
T! ENAGERS
'"Y.v
•
V
(16-19)
4
V i
J-S
'/ A
15
15
•' \!
BLACK
\S w -^
y
10
10
W-1
BLACK
WOMEN 20 YEARS
ALL CIVILIAN WORKERS
AND OTHER
AND OVER
**«Ve-,.
~-f'ztf *^
_«*1~«M
WHITE
N\EN 20 YEAR
AND OVER
1 1 11 f 11 11 ! f
1989
1988
1987
1990
1987
1991
1 1 f 1 1 1 1 11 1 1
MlllhlMI
1 1 I I 1 1 I 11 1 1
1
1989
1988
1990
"UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
1 I ! 1 1 1 11 1 1
1991
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemp oyment ra te (percen t of civilia n labor force in group)
Period
Unemployment
rate,
all
work-
ers
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
Mar
Apr
May
June ....
July
Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
1
By sex and a ge
B y s elected
By race
All
civilian
work-
ers
Men
20 years
and over
Women
20 years
Both
sexes
and
16-19
over
years
Black
White
and
Black
other
Experienced
wage and
salary
workers
Married
Labor
force
time lost
grou )S
Women
men,
who
spouse
present
maintain
families
Fulltime
workers
Parttime
workers
(percent) 2
7.5
9.5
9.5
7.4
7.1
6.9
6.1
5.4
5.2
5.4
7.6
9.7
9.6
7.5
7.2
7.0
6.2
5.5
5.3
5.5
6.3
8.8
8.9
6.6
6.2
6.1
5.4
4.8
4.5
4.9
6.8
8.3
8.1
6.8
6.6
6.2
5.4
4.9
4.7
4.8
19.6
23.2
22.4
18.9
18.6
18.3
16.9
15.3
15.0
15.5
6.7
8.6
8.4
6.5
6.2
6.0
5.3
4.7
4.5
4.7
14.2
17.3
17.8
14.4
13.7
13.1
11.6
10.4
10.0
10.1
15.6
18.9
19.5
15.9
15.1
14.5
13.0
11.7
11.4
11.3
7.3
9.3
9.2
7.1
6.8
6.6
5.8
5.2
5.0
5.3
4.3
6.5
6.5
4.6
4.3
4.4
3.9
3.3
3.0
3.4
10.4
11.7
12.2
10.3
10.4
9.8
9.2
8.1
8.1
8.2
7.3
9.6
9.5
7.2
6.8
6.6
5.8
5.2
4.9
5.2
9.4
10.5
10.4
9.3
9.3
9.1
8.4
7.6
7.3
7.4
8.5
11.0
10.9
8.6
8.1
7.9
7.1
6.3
5.9
6.2
5.2
5.3
5.3
5.2
5.4
5.6
5.6
5.6
5.8
6.0
5.3
5.4
5.3
5.3
5.5
5.6
5.7
5.7
5.9
6.1
4.6
4.7
4.7
4.7
4.9
5.0
5.1
5.2
5.4
5.6
4.7
4.8
4.6
4.6
4.7
4.9
4.9
4.9
5.1
5.3
14.6
14.8
15.4
14.7
15.8
16.6
15.7
16.2
16.4
16.6
4.6
4.7
4.6
4.5
4.7
4.8
4.8
4.9
5.0
5.3
9.5
9.3
9.5
9.6
10.3
10.4
10.8
10.6
11.0
11.1
10.7
10.6
10.6
10.7
11.4
11.7
11.9
11.7
12.2
12.2
5.1
5.1
5.1
5.1
5.2
5.3
5.4
5.4
5.7
5.8
3.2
3.2
3.3
3.2
3.3
3.5
3.5
3.5
3.7
3.8
8.3
7.8
7.5
8.0
8.3
8.4
8.7
8.5
8.7
8.7
4.9
5.1
4.9
4.9
5.1
5.3
5.4
5.5
5.7
5.8
7.2
7.2
7.4
7.5
7.8
7.7
7.2
7.1
7.3
7.6
5.9
6.2
6.0
5.9
6.1
6.3
6.4
6.6
6.7
6.9
6.1
6.4
6.8
6.2
6.5
6.8
5.6
6.3
6.5
5.3
5.4
5.7
18.2
17.1
18.7
5.5
5.9
6.2
10.7
10.7
11.1
12.1
11.8
12.3
6.0
6.4
6.7
4.0
4.3
4.5
9.0
9.1
9.0
6.0
6.4
6.5
7.7
7.6
9.1
7.0
7.5
7.7
1
Unemployed as percent of total labor force including resident Armed Forces.
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
2
12
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In March, the percentages of the unemployed who had been out of work for less than 5 weeks and for 27 weeks
and over fell and the percentages for 5-14 weeks and for 15-26 weeks rose. Both the mean duration of
unemployment and the median rose.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION
70
70
DURATIO N OF UNE/ v\PLOYMEN T
REASO M FOR UNEMPLOYME^JT
60
60
LESS Tl-IAN
.
5 WEE KS
\
50 ~
A.A/
50
\
"^'X-x
Vq
W>/^
|\
40
/^ '
JOB LOS ERS
r/^ir\/
AV f"
*
S
40
5-14
WEEKS
-v^.""'^
30
20
^->~_
1988
REENTRA MTS
^'**
30
-
-
JOB LEAVE !S
20
15-26
WEEKS
\.
V**^' "'—
1989
-A^
T=*C^
'-^^s-
27 WEEKS
AND OVER
him p II limn
Illllllllll
1987
A r\ .-
\
v/,._.>-^
L^-
10
NEW ENTRANTS
1 1 M 1 1 1 I 1 1E
1990
^v--^.
ninliiiii
"V-
1 1 11 I 11 1 1 11
1991
1987
1989
1988
1990
1991
•SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Dur ition of imemplov ment
F ercent di stributio i
Unemplov(thousands)
Less
than
5
weeks
5-14
weeks
15-26
weeks
41.7
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
46.1
48.0
47.2
46.1
46.8
46.1
47.3
43.2
44.1
44.7
43.5
44.1
42.4
40.9
30.7
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
32.0
31.3
31.8
32.9
31.5
31.8
30.0
34.3
33.6
31.8
33.4
32.2
33.4
33.8
13.6
16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
11.8
11.0
11.0
11.6
11.7
11.8
11.9
12.1
12.5
12.8
12.5
12.7
12.9
14.4
Ee ason for jnemplovment:
percent distribute an
Sta e
progr ims
Numb er of
wee ks
27
weeks
and
over
Average
(mean)
Medi-
Job
losers
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 1
Weekly a verage, t lousands
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dec
1991: Jan
Feb
Mar
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
6,563
6,691
6,662
6,560
6,827
7,015
7,087
7,142
7,337
7,600
7,715
8,158
8,572
14.0
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
10.1
9.6
10.0
9.4
10.0
10.3
10.8
10.4
9.8
10.8
10.6
11.0
11.3
11.0
1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad <RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
13.7
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.1
11.9
12.1
11.6
12.0
12.1
12.3
12.4
12.0
12.4
12.4
12.4
12.8
13.0
6.9
8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
5.4
5.0
5.0
5.3
5.2
5.2
5.3
6.1
5.9
5.9
5.9
5.9
6.1
6.6
51.6
58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
48.3
46.6
46.7
47.4
48.6
46.5
49.0
49.6
49.9
51.2
49.9
53.0
55.5
54.9
11.2
7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
14.8
15.5
17.2
15.2
15.2
15.1
14.3
13.5
13.7
13.6
13.5
11.7
12.2
12.6
25.4
22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
27.4
28.1
26.6
27.3
27.9
28.4
27.1
27.5
26.8
26.3
28.0
26.6
24.5
24.4
11.9
11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
9.5
9.9
9.5
10.1
8.3
10.0
9.7
9.4
9.6
8.9
8.7
8.7
7.8
8.2
3,047
4,061
3,396
2,476
2,611
2,650
2,332
2,081
2,158
2,522
2,357
2,398
2,425
2,452
2,479
2,495
2,620
2,765
2,912
2,970
3,070
3,218
3,415
460
583
438
377
396
378
328
310
330
388
350
361
353
355
361
377
399
431
454
461
445
489
509
3,410
4,594
3,775
2,561
2,693
2,746
2,401
2,248
2,324
2,715
2,846
2,531
2,270
2,212
2,442
2,295
2,193
2,294
2,722
3,222
4,011
4,147
4,127
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey fell 206,000 in March.
Ml LLIONS OF P ERSONS* (EhJLARGED SC ALE)
MILL ONS OF PER SONS*
""
_^- —
1 10
100
r""'
28
*~i
—
\
^-^
ALLNC>NAGRICUL1 URAL
ESI ABLISHMEN 'S
——•—""
—
_-'"'
24
—
s*~'~
V
26
90
^f-
SERVICES
—
^
_
_
22
80
~
IL TRADE
RET/
—
SERV CE-PRODUC NG
NDUSTRIES
—
20
\\
70
1
' GOVERNME NT
,—18 —-—--"
60
16
\
„
-•!. .Ip^xuJ
^*" """ — — —
.
--
1
1
I'"" " "
1
n.iiliiiii i.,,iliini 1
'""¥
MANUFACTLJRING
50
—v-
20
40 -
—
GOC)DS-PRODUC ING
18
ynnl
M.
M \\
7^1
6
INDUSTRIES
30
r
\
20 Illinium
IIMlllllll
1987
SEASONALLY ADJU
s OURCE: DEPARTME
1988
IIMlllllll
•~"*"-^
\
.—
niuliiMl
1989
1 1 1 1 1 ( 1 1 1 1]>
1t 11 111
— CONSTRlJCTION
4
—
Ill 1 II 1 1 1 1 1 1 1 1 1 1 1 i 1 1 1 1 1
IIMlllllli>
1990
1991
*
1987
1 1 I \ 11 M M 1
\\ \ \ \ \ \ \ \ \ \
1989
1988
niirllllilk
1991
1990
*
STED
COUNCILOR ECC3NOWIC ADVISERS
NT OF LABOR
[Thousands of wage and salary workers; 1 seasonally adjusted]
Se rvice-produ sing industr es
Goods-] reducing in dustries
Period
1981
1982
1983
1984
1985
1986
1987
Total
nonagricultural
employment
IV anufacturin g
Total 2
C nn
onstruction
4,188
3,905
3,948
4,383
4,673
102,200
105,536
108,413
110,321
25,497
23,813
23,334
24,727
24,859
24,558
24,708
25,173
25,326
25,001
109,958
110,122
110,177
110,617
110,829
110,740
110,613
110,612
110,432
110,165
110,004
25,339
25,259
25,180
25,191
25,162
25,105
25,013
24,931
24,777
24,511
24,416
5,368
5,313
5,256
5,286
5,270
5,229
5,194
5,176
5,093
5,029
4,983
109,813
Feb r... 109,522
Mar ".. 109,316
24,193
24,063
23,897
4,841
4,860
4,788
91,156
89,566
90,200
94,496
97,519
99,525
1988
1989
1990
1990: Eeb
Mar
Apr
May....
June...
July....
Aug....
Sept....
Oct ....
Nov ...
Dec
1991: Jan r...
iium mis MUSIC IIUL uuiujmiauic
4,816
4,967
5,110
5,200
5,204
Total
-Uuraule
goo s
Nondurable
goof's
Transportation
and
public
utilities
Wholesale
trade
Ivetau
trade
65,659
65,753
66,866
69,769
72,660
74,967
77,492
80,363
83,087
85,320
5,165
5,082
4,954
5,159
5,238
5,255
5,372
5,527
5,648
5,839
5,376
5,296
11,167
11,381
11,422
11,122
8,089
7,767
7,726
7,899
7,796
7,761
7,858
7,969
8,004
7,940
19,167
19,148
19,131
19,084
19,019
18,951
18,744
18,693
11,278
11,261
11,229
11,217
11,201
11,179
11,129
11,068
11,026
10,865
10,831
7,966
7,956
7,961
7,950
7,947
7,952
7,955
7,951
7,925
7,879
7,862
84,619
84,863
84,997
85,426
85,667
85,635
85,600
85,681
85,655
85,654
85,588
5,804
5,808
5,809
5,833
5,846
5,841
5,846
5,870
5,870
5,866
5,882
6,357
6,361
6,363
6,369
6,383
6,374
6,376
6,370
6,355
6,343
6,331
19,758
19,764
19,778
19,795
19,822
19,851
19,846
19,844
19,792
19,739
19,670
18,615
18,466
18,374
10,775
10,645
10,581
7,840
7,821
7,793
85,620
85,459
85,419
5,883
5,849
5,844
6,292
6,272
6,253
19,682
19,571
19,521
20,170
18,781
18,434
19,378
19,260
18,965
19.024
19,350
19,426
19,062
12,082
11,014
10,707
11,479
11,464
11,203
19,244
19,217
19,190
5,286
5,574
5,736
5,774
5,865
6,055
6,271
6,361
15,172
15,161
15,595
16,526
17,336
17,909
18,462
19,077
19,580
19,788
Covernnlent
Finance,
insurance,
and real
estate
Services
5,298
5,341
5,468
5,689
5,955
6,283
6,547
6,649
6,724
6,832
18,619
19,036
19,694
20,797
21,999
23,053
24,235
25,669
27,096
28,209
16,031
15,837
15,869
16,024
16,394
16,693
17,010
17,386
17,769
18,291
2,772
2,739
2,774
2,807
2,875
2,899
2,943
2,971
2,988
3,085
6,817
6,821
6,823
6,838
6,844
6,842
6,852
6,851
6,843
6,833
6,829
6,829
6,819
6,821
27,842
27,950
27,969
28,094
28.225
28,287
28,387
28,440
28,475
28,548
28,573
18,041
18,159
18,255
18,497
18,547
18,440
18,293
18,306
18,320
18,325
18,303
3,005
3,089
3,151
3,346
3,338
3,164
3,045
2,999
2,983
2,961
2,943
28,622
28,601
28,624
18,312
18,347
18,356
2,951
2,947
2,949
VVILII esuiuai.es ui iiunagiiciULUiai etujjiu_yiiiKiii ut uue civilian muui
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants:
employed when the_y are not at work t
se of industrial disputes, bad
14
Total
Source: Department of Labor, Bureau of Labor Statistics
Total
Federal
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY
EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Aver age weekly ] ours
Average gi oss hourlj
Average gross weekly earnings
ean ngs
Total private
nonagncultura! J
Manufa during
Period
nonagricultura! 1
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
Mar
Apr
May
June
July
Aug
Sept
Get
...
NOT
Dec
1991: Jan *
Feb r
Mar' 1
Total
Overtime
Total
private
nonagricutairal >
35.2
34.8
35.0
35.2
34.9
34.8
34.8
34.7
34.6
34.5
39.8
2.8
$7.25
38.9
40.1
40.7
40.5
40.7
41.0
41.1
2.3
3.0
3.4
3.3
3.4
3.7
3.9
3.8
3.6
7.68
8.02
34.6
34.5
34.5
34.7
34.5
34.5
34.7
34.2
34.4
34.6
40.8
40.7
40.9
41.0
40.9
34.1
34.3
34.2
11
C urrent dollar s1
Percent cha nge from a
year ear ler, total
pm Me
Manufacturing
Current
dollars
1982
dollars
2
Manufacturing
Construction
nonagnc ultural a
Retail
trade
Current
dollars
1983
dollars
$255.20
$270.63
267.26
280.70
292.86
299.09
304,85
312.50
322.02
334.24
346.04
267.26
272.52
274.73
271.16
271.94
269.16
266.79
264.22
259.98
$818.00
330.26
354.08
374.03
386.37
396.01
406.31
418.81
430.09
442.27
$899.28
426.82
442.97
458.51
464.46
466.75
480.44
495.73
512.41
524.49
$157.99
163.83
171.13
174.47
174.81
175.80
178.80
183.62
188.72
195.28
8.S
4.7
5.0
4.3
2.1
1.9
2.5
3.0
3.8
3.5
-1.5
-1.2
8.32
8.57
8.76
8.98
9.28
9.66
10.03
$7.99
8.49
8.83
9.19
9.54
9.73
9.9!
10.19
10.49
10.84
41.0
40.7
40.5
40.7
3.7
3.5
3.8
3.8
3.7
3.8
3.7
3.6
3.5
3.6
9.93
9.96
9.98
10.03
10.07
10.09
10.13
10.12
10.14
10.19
10.73
10.75
10.81
10.86
10.89
10.90
10.93
10.97
10.97
11.00
343.58
343.62
344.31
348.04
347.42
348.11
351.51
346.10
348.82
352.57
261.88
261.51
261.44
262.87
261.61
258.78
260.19
254.67
255.92
257.92
437.78
437.53
442.13
445.26
445.40
446.90
448.13
446.48
444.29
447.70
523.18
508,03
520.88
531.35
516.00
526.40
530.69
511.34
530.92
535.05
195.17
195.46
196.04
196.62
196.23
195.73
197.39
194.26
197.17
197.28
3.7
2.8
4.0
4.5
3.4
3.8
4.3
2.1
3.1
4.0
-1.5
-1.6
— .1
-.0
-1,0
-1.7
-1.6
-3.8
-3.0
-2.0
40.4
40.3
40.1
3.4
3.3
3.2
10.19
10.20
10,25
11.04
11.02
11.06
347.48
349.86
350.55
253.27
254.81
255.32
446.02
444.11
443.51
516.80
533.76
517.72
195.11
196.77
198.20
2.8
2.4
2.4
— 2,5
-2.5
-2.1
41.0
40.8
41.0
1
Also includes other private industry groups shown on p, 14.
Current dollar earnings divided by the consumer price index for urban wage earners and clerical
workers (on a 1982=100 base).
2
3
2.0
.8
-1.3
.3
-1.0
o
-1.0
-1.6
Based on seasonally unadjusted data,
Soyrce: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index {June 1989 = 100}
Percent eh ange from
12 months earli 3r
months earlier
Period
Total
compensation
Wages and
salaries
Benefits
l
Total
compensa-
Wages and
Benefits
l
Total
compensa-
Wages and
Benefits l
..
Not seasonally ad listed
1981:
19821983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
Dec
Dec. .
Dec
Dec
Dec
Dec
Dec
Dec
Dec...
Dec
,
....
1
1
!
71.2
75.8
80.1
84.0
87.3
90.1
93.1
97.6
102.3
107.0
73.0
77.6
81.4
84.8
88.3
91.1
94.1
98,0
102.0
106.1
94.5
95.7
96.6
97.8
95.0
96.1
96.9
98.0
93.1
94.5
95.7
97.1
98.8
100.0
101.3
102.4
99.1
100.0
101.1
102.2
103.8
105.1
106.2
107.2
108.4
66.6
71.4
76.7
81.7
84.6
87.5
90.S
96.7
102.6
109.4
1.8
1.2
1.1
1.2
.6
.6
.6
1.0
.8
.7
2.1
1.4
1.3
1.4
.5
.6
1.0
1.0
1.2
1.0
1.3
1.3
.9
1.2
0.8
1.2
.8
1.1
2.4
1.5
98.1
99.8
101.5
103.1
1.0
1.2
1.3
1.1
1.1
.9
1.1
1.1
1.3
1.5
1.0
1.7
1.7
1.6
103.3
104.4
105.4
106.2
105.1
106.7
108.4
109.9
1.4
1.3
1.0
.9
1.1
1.1
1.0
.8
107.3
111.3
1.1
1.0
2,0
1.3
1.3
1.3
.6
.7
.6
1.0
1.1
.8
1989: Mar
Sept
Dec
1990:
Mar
June
Sept
Dec..
,
1991: Mar
1
.Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the ehsiigc
influence of employment shifts among occupations and industries.
st of labor, fre * from the
8.8
6.3
4.9
4.2
4.1
3.2
3.3
4.1
4.1
4.0
12.1
7.2
7.4
6.5
3.5
3.4
3,4
6.9
6.1
6.6
Not se asonally adju sted
Seasonal! * adjusted
1988- Mar....
June
Sept
Dec
9.9
6.5
5.7
4.9
3.9
3.2
3.3
4.8
4,8
4.6
3.8
4.5
4.4
4.8
3.3
3.8
3.7
4.1
5.9
6.4
6.8
6.9
4.6
4.5
4.8
4.8
4.2
4.1
4.3
4.1
5.4
5.6
6.0
6.1
1.9
1.5
1.6
1.4
5.2
5.2
4.9
4.6
4.2
4.5
4.2
4.0
7.2
6.9
6.8
6.6
1.3
4.4
4.0
5.8
Data excfuc e farm and hoi Behold worfcer .
Source: Def artment of La JOr, Bureau of Labor Statistic
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
'
Output pe r hour of
all pe rsons
Period
Business
sector
Nonfarm
business
sector
Hours of all
perse a s 2
Outi ut *
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Compens ation per
hour »
Business
sector
Nonfarm
business
sector
Unit labor costs
Real com pensation
per h 3ur *
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Implici t price
defla Or 5
Business
sector
Nonfarm
business
sector
19f J2 = 100; ( [uarterly < ata seasortally adjus ted
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
IV
IV
IV
IT
IV
IV
I
II
in
IV
1989: I
II
HI
IV
1990: I
n
m
IV
99,2
100.7
100.0
102.3
104.9
107.1
109.5
110.7
113.2
112.6
111.9
100.6
103.2
105.3
108.0
109.4
112.0
113.2
112.9
113.6
113.1
113.0
113.0
112.6
111.9
111.7
111.9
112.1
112.1
99.9
100.9
100.0
102.9
105.1
106.5
108.7
109.8
112.5
111.7
110.8
100.4
103.8
105.4
107.1
108.4
110.9
112.2
112.0
112.8
112.9
112.1
112.0
111.7
111.0
110.7
110.7
110.9
111.0
101.1
103.2
100.0
104.2
113.0
101.7
103.4
100.0
105.0
113. 7
117.7
121.3
126.4
133.0
135.8
136.1
99.5
107.6
114.5
119.3
122.2
129.4
131.2
132.6
133.8
134.5
135,6
135.9
136.1
135.5
136.0
136.4
136.5
135.7
118.1
121.6
126.8
134.0
136.7
137.0
99.3
108.7
115.1
119.6
122.4
129.7
131.6
133.4
134,8
136.0
136.4
136.8
137.1
136.3
136.8
137.2
137.4
136.5
101.9
102.5
100.0
101.8
107.6
109.9
110.8
114.1
117.5
120.5
121.6
98.9
104.3
108.7
110.5
111.7
115.6
115.8
117.5
117.8
118.8
120.0
120.2
120.9
121.0
121.7
121.9
121.8
121.1
101.8
102.5
100.0
102.0
108.1
110.9
111.9
115.5
119.1
122.3
123.6
98.9
104.7
109.2
111.7
112.9
117.0
117.3
119.1
119.5
120.5
121.7
122.2
122.7
122.8
123.7
123.9
123.9
123.0
85.1
93.0
100.0
103.8
108.0
112.8
118.7
123.1
128.6
132.9
137.7
102.1
105.3
109.5
115.2
120.8
125.5
126.3
127.9
129.7
130.8
131.8
132.7
133.1
133.8
135.3
137.0
138.6
139.8
85.1
93.1
100.0
104.0
108.1
112.5
118.2
122.4
127.8
131.9
136.5
102.1
105.2
109.6
114.6
120.3
124.8
125.5
127,1
128.8
130.0
131.0
131.6
132.1
132.9
134.2
135.8
137.4
138.7
99.7
98.8
100.0
100.6
100.4
101.2
104.5
104.5
104.9
103.4
101.7
100.6
100.5
100.4
102.0
105.5
105.0
104.8
104.9
105.1
104.8
104.4
103.5
103.0
102.5
101.8
102.2
101.7
100.8
99.6
98.8
100.0
100.7
100.4
100.9
104.1
104.0
104.3
102.7
100.8
100.6
100.4
100.4
101.5
105.1
104.4
104.2
104.3
104.3
104.2
103.8
102.7
102.3
101.9
101.0
101.3
100.8
100.1
113.3
114.2
115.6
116.7
117.4
118.2
119.5
121.1
122.5
123.6
124.8
92.3
100.0
101.0
102.8
105.6
108.8
111.6
113.7
118.1
123.2
101.7
101.3
104.0
107.1
111.0
112.6
111.9
113.5
114.2
115.2
116.9
117.5
118.3
119.7
121.3
122.7
123.9
125.0
86.2
94.4
100.0
103.3
106.8
109.5
111.8
114.8
118.2
122.8
127.5
101.4
104.8
107.9
110.5
112.8
115.7
116.2
117.5
118.9
120.3
121.2
122.5
123.3
124.3
125.8
127.2
128.2
128.8
100.0
103.5
106.6
109.8
112.3
115.3
118.4
123.0
127.7
101.5
104.7
107.9
111.0
113.4
116.2
116.6
117.8
118.8
120.5
121.4
122.7
123.5
124.7
125.8
127.3
128.4
129.2
10.9
7.7
8.3
1.4
1.5
2.3
2.8
2.6
2.2
3.8
4.3
-2.0
6.5
3.1
5.0
3.8
2.5
2.8
4.6
5.4
4.7
3.7
3.8
11.0
8.3
8.4
1.0
1.8
2.8
3.0
2.5
1.9
3.9
4.3
-2.2
5.7
2.5
3.6
6.1
2.0
2.6
5.0
5.3
4.7
4.1
3.7
9.0
9.6
5.9
3.3
3.3
2.5
2.1
2.7
3.0
3.9
3.8
1.7
4.8
4.7
4.9
3.1
4.3
2.5
3.5
4.6
4.6
3.2
1.9
9.7
9.7
6.3
3.5
3.0
3.0
2.3
2.7
2.7
3.9
3.8
1.4
4.1
3.4
5.9
2.8
4.4
2.6
3.9
3.8
4.8
3.6
2.4
85.8
92.4
100.0
101.4
102.9
105.4
108.4
111.2
113.7
117.9
123.0
101.5
102.0
104.0
106.7
110.4
112.1
111.5
85.2
85.7
94.0
Pe rcent change; quarte rly data a seasonal] y adjusted annual ra tes
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1988: I
n
in
IV
1989: I
II
in
IV
1990: I
n
ni
IV
-0.2
1.5
-.7
2.3
2.5
2.0
2.3
1.1
2.2
-.5
-.6
4.6
-1.1
2.5
-i.e
— .5
.1
-1.6
-2.3
-.9
.6
.9
— .3
1
-0.3
1.0
-.9
2.9
2.1
1.3
2.0
1.0
2.5
*j
.8
4.7
-.5
2.8
.2
-2.7
-.3
-1.0
-2.5
-1.3
.3
.6
.3
-1.1
2.1
-3.1
4.2
8.4
4.2
3.1
4.1
5.3
2.1
.3
5.7
4.6
3.5
2.0
3.5
.9
.6
-1.8
1.4
1.2
.5
-2.4
— 1.2
1.7
q o
5.0
8.3
3.9
3.0
4.2
5.7
2.0
.2
5.9
5.6
4.1
3.6
1.2
1.3
.6
-2.1
1.4
1.2
.4
-2.6
-0.9
.6
-2.5
1.8
5.7
2.1
.8
3.0
3.0
2.6
.9
1.0
5.8
1.0
3.6
4.0
.8
2.2
.4
2.3
.5
— .4
-2.2
0.8
.7
-2.4
2.0
6.0
2.5
.9
3.2
3.1
2.7
1.0
1.1
6.1
1.3
3.4
4.0
1.6
1.6
.5
2.8
.9
-.2
-2.8
Output refers to gross domestic product originating in the sector in 1982 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 soesal insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed,
4
Hourly compensation divided by the consumer price index for all urban consumers.
16
10.6
9.3
7.5
3.8
4.1
4.4
5.2
3.7
4.5
3.3
3.6
2.5
5.3
5.6
3.4
3.3
2.6
1.1
2.2
4.5
5.4
4.6
3.6
10.6
9.4
7.4
4.0
3.9
4.1
5.1
3.6
4.4
3.2
3.5
2.4
5.1
5.3
3.8
3.3
1.7
1.6
2.3
3.9
5.0
4.7
4.0
-2.5
-1.0
1.3
.6
2
.8
3.2
.1
.4
— 1.5
-1.7
— .6
,6
.4
-.9
-1.6
-3.3
-2.0
-1.8
-2.7
1.4
-2.1
-3.2
-2.5
-.8
1.2
.7
-.4
.5
3.2
— .1
.3
-1.5
-1.8
— .7
.5
.1
g
-1.6
-4.2
-1.5
-1.6
-3.2
1.0
-2.0
-2.8
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data relate to ail 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.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization fell again in March.
INDEX, 1987=100* (RATIO SCALE)
INDEX, 1987=100* (RATIO SCALE)
1 15
130
TOTAL IN DUSTRIAL PRODUCTIC)N
;—*—^^|""~"
,—"
—^
110
/^
95
90
Illllllllll
/
Illllllllll
105
>£
r-£ £--'*?'
j r ~
!—<£••
100
V
A
95
V
DURABLE
fy^J
/
Illllllllll
jjll||lll|l
AND MINI NO
LpRODUC riON
Illllllllll
,
— "y^,
t /X^-s,
/
MINING ^*
Illllllllll
|,,m
|llll|lll|| Illllllllll
/-- —''
°f\
/
^~ ^V_"
'•-
88 -CAPACIT Y UTILIZATION RATE86 -(TOTAL Ih4DUSTRY)
UTILIT ES
JT
1
'•v
*--
DEFENSE
AND SPAC E
f~EQU/PMEN T
PERCENT*
iiiniiiiii
'\
_^__
,^"\
•y \c
—"—
85
Illlllfllll Illllllllll
1
N
90
NONDURAf LE
---SV- ,-
N
'/
115 '-UTILITIES
110
y ,.
110
115
MANUFA CTURING
110 -PRODUC riON—^
100
f^
BUSIN ESS
/IS V *
EQUIPA,\ENTy~^' CONSUMER
\
GOODS
1 15
Illllllllll Illllllllll
^^
120
^
limlimi
105
FINAL P ?ODUCTS
125
\
s
BO
~*
v
~^^
V"^
^
~\
\
^-S
V
78 '
90 Illllllllll Illllllllll Mlllllllll Illllllllll Illllllllll
1987
1989
1991
1988
1990
Illllllllll Illllllllll
1988
1987
Illllllllll
1989
'SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Illllllllll
1990
Illllllllll
1991
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
To tal
Capacity utilization
rate, pe rcent 1
Industry pro uction indexes , 1987 = 100
indu trial
prodL ction
Manufacturing
Period
Index,
1987 = 100
1980
1981
1982
1983
1984
1985
84.1
85.7
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
109.2
1986
1987
1988
1989
1990
1990:
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1991:
T
Jan *
Feb r
Mar"
1
Output as percent of capacity.
change
from year
earlier
Mining
Total
-1.9
1.9
-4.4
3.7
9.3
1.7
1.0
4.9
5.4
2.6
1.0
78.8
80.3
76.6
80.9
89.3
91.6
94.3
100.0
105.8
108.9
109.9
1.1
.2
1.0
1.6
2.4
2.1
22
2.0
.2
Durable
-1.3
109.8
109.5
110.3
110.8
111.1
111.1
111.2
110.7
108.9
107.5
106.6
105.7
105.3
-.8
^2.6
-3.3
107.0
106.0
105.5
Total
industry
Manufactaring
82.1
80.9
75.0
76.8
88.4
91.8
93.9
100.0
107.6
110.9
111.6
83.1
84.5
82.5
87.0
90.8
91.5
94.9
100.0
103.6
106.4
107.8
110.0
114.3
109.3
104.8
111.9
109.0
101.0
100.0
101.8
100.5
T
102.6
95.9
94.3
91.8
93.6
97.0
99.5
96.3
100.0
104.4
107.1
108.0
75.8
81.1
80.3
79.2
81.4
84.0
84.2
83.0
80.2
78.8
72.8
74.9
80.4
79.5
79.0
81.4
83.9
83.9
82.3
111.9
111.1
112.6
113.4
113.4
113.5
113.8
112.5
109.9
107.5
107.2
107.5
107.4
107.6
108.1
108.1
108.0
108.4
107.7
107.4
101.1
102.9
102.2
102.2
104.0
102.4
103.9
102.6
103.3
103.4
106.2
106.7
107.1
109.7
109.7
111.4
110.3
109.2
106.9
108.8
83.4
83.2
83.4
83.8
83.8
83.7
83.6
83.0
81.6
80.6
83.0
82.5
82.9
83.1
83.1
82.9
82.8
82.2
80.7
79.4
107.0
106.2
105.5
106.9
105.7
105.5
101.9
103.8
102.9
107.8
104.2
105.7
80.0
79.1
78.7
78.9
77.9
77.4
75.7
77.4
72.7
108.9
108.8
109.4
110.1
110.4
110.5
110.6
109.9
108.3
107.2
Utilities
Nondurable
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987=100; monthly data seasonally adjusted]
Mate rials
Produ cts
Internlediate pro(iucts
1Inal produc ts
E quipment
Co nsumer gc ods
Period
Total
Total
We
goods
Defense
Nondurable
goods
Total '
ness
Total
space
equipment
Construction
supplies
Busi-
Total
Energy
plies
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
82.1
80.8
83.0
91.0
94.2
95.7
100.0
105.6
109.1
110.9
85.8
84.5
88.8
92.8
93.7
96.8
100.0
104.0
106.7
107.3
74.0
68.7
79.7
91.0
91.6
94.5
100.0
104.9
107.9
106.2
89.6
89.7
91.9
93.4
94.4
97.6
100.0
103.7
106.4
107.6
78.2
77.0
76.8
89.2
94.8
94.5
100.0
107.6
112.3
115.5
76.1
72.9
71.9
85.4
91.1
93.2
100.0
111.8
119.1
123.1
58.5
65.7
71.8
78.9
89.4
96.0
100.0
98.0
97.4
97.3
77.0
75.1
80.3
86.2
88.3
92.0
100.0
104.4
106.8
107.7
78.4
72.2
80.2
86.2
89.1
93.8
100.0
104.4
106.1
105.2
75.7
77.0
80.3
86.2
87.7
90.7
100.0
104.4
107.3
109.4
92.8
85.1
88.3
96.6
96.6
95.9
100.0
105.6
107.4
107.8
104.3
100.7
98.9
103.8
103.4
99.4
100.0
101.8
101.4
102.1
1990: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec '.
110.7
110.4
111.2
111.7
111.7
111.9
112.6
112.3
110.2
109.2
107.5
107.2
107.4
107.8
107.5
107.8
108.7
108.6
106.5
105.7
110.8
107.3
109.3
112.1
108.3
107.4
110.4
106.9
99.4
96.0
106.6
107.1
106.9
106.6
107.3
107.9
108.2
109.1
108.5
108.4
114.9
114.7
116.2
116.8
117.2
117.2
117.8
117.0
115.1
113.6
122.2
121.6
123.5
124.4
125.0
125.4
126.4
125.4
122.9
121.2
97.5
97.3
97.6
97.6
97.8
97.7
97.3
97.3
96.2
95.8
108.2
108.0
108.3
108.3
108.4
107.9
107.4
107.0
106.2
106.0
107.3
106.4
105.5
106.0
106.7
105.3
103.8
103.1
101.8
101.0
108.9
109.1
110.2
109.8
109.5
109.7
109.9
109.7
109.2
109.4
107.1
107.3
107.7
108.8
109.6
109.7
109.4
108.3
106.8
105.3
102.0
101.8
101.1
102.1
103.3
103.0
103.0
102.3
101.6
102.0
Jan '
Feb r
Mar* 1
109.1
108.3
108.3
105.5
104.5
104.9
97.4
94.8
94.8
107.7
107.2
107.7
113.7
113.2
112.7
121.8
121.1
120.5
94.4
94.3
93.8
104.0
102.2
101.3
97.6
96.3
94.8
108.5
106.3
105.8
104.7
103.9
103.4
101.2
101.0
100.6
1991:
1
Includes oil and gas weli drilling and manufactured homes, not shown separately.
[1987=100; monthly data seasonally adjusted]
No idurable rnanufacti res
Durable m inufactures
Transp 3rtation
equip ment
Primarv metals
Period
Total
Iron
and
steel
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber and
products
Apparel
products
Printing
and
publishing
Chemicals
and
products
Foods
117.5
83.2
91.0
102.4
101.8
93.8
100.0
110.3
109.2
108.4
135.1
86.2
96.1
105.9
104.5
90.8
100.0
113.8
109.3
109.9
91.1
83.2
85.5
93.3
94.5
93.8
100.0
106.2
107.2
105.9
65.9
63.9
64.3
80.8
86.8
90.4
100.0
113.8
121.8
r
126.5
75.4
75.9
80.3
94.1
93.1
94.3
100.0
106.5
109.5
111.4
68.7
64.8
72.7
83.1
91.8
96.9
100.0
105.0
107.2
105.5
64.4
58.8
74.5
90.6
99.0
98.5
100.0
105.5
104.9
96.8
74.7
67.3
79.9
86.0
88.0
95.1
100.0
104.6
103.0
101.6
91.0
90.1
93.8
95.7
92.6
96.3
100.0
102.2
104.3
98.8
72.1
75.2
79.0
84.5
87.6
90.7
100.0
103.6
108.5
'111.9
89.2
81.8
87.5
91.4
91.4
94.6
100.0
105.4
108.5
r
110.3
86.5
87.7
90.1
92.1
94.9
97.4
100.0
102.8
105.5
107.6
Feb
Mar
Apr
May...
June
July
Aug
Sept
Oct
Nov
Dec '.
107.9
105.4
106.4
106.2
109.5
110.3
114.6
111.6
108.6
109.1
104.2
110.6
106.1
106.7
105.5
110.3
110.6
118.3
113.9
110.3
112.6
107.3
105.6
105.5
105.0
107.1
106.7
107.7
107.9
106.8
106.4
104.3
101.9
124.2
125.2
125.7
126.9
127.5
128.3
128.8
128.5
128.1
126.3
124.7
111.0
112.3
111.3
112.4
112.8
112.2
112.5
112.5
110.8
110.4
108.7
103.5
107.9
105.1
109.0
111.0
109.3
107.9
111.1
109.2
100.1
96.6
94.1
103.5
95.8
104.0
108.0
102.7
101.0
107.5
103.8
85.8
78.5
104.3
105.0
103.3
101.7
102.0
103.6
100.5
100.3
98.2
95.5
93.5
102.1
99.8
98.7
99.2
99.3
99.2
98.8
98.4
97.2
95.5
94.9
112.1
111.4
112.0
112.8
112.0
111.4
110.9
111.6
112.9
112.4
112.8
110.5
109.5
110.3
109.2
110.3
110.4
111.1
110.9
110.7
110.0
109.9
107.4
107.1
107.0
106.8
106.1
107.1
101.1
107.6
108.8
109.6
109.1
1991: Jan '
Feb r
Mar"
97.8
98.5
99.2
96.0
97.9
100.3
101.6
98.9
97.5
125.5
124.7
124.0
107.7
108.5
108.1
98.1
96.0
95.4
83.0
79.8
80.1
93.4
90.8
90.6
92.9
93.1
92.3
112.4
110.5
109.5
109.7
109.0
108.9
108.4
108.1
108.4
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
Source: Board of Governors of the Federal Reserve System.
18
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
3
Constructio n contracts
Private
Period
Total new
construction
expenditures
Besid ential
Total
nousmg
Total '
Commercial
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(1982=100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1981
1982
267.7
255.7
290.9
340.7
368.7
398.2
1983
1984
1985
1986
1987
1988
1989
410.2
422.1
432.1
1990r
434.0
203.0
192.6
227.5
270.5
290.9
313.6
319.6
327.1
333.5
324.4
99.2
84.7
125.5
153.8
158.5
187.1
194.7
198.1
196.6
186.9
55.0
58.7
53.8
68.6
82.7
78.0
76.5
79.8
85.5
83.6
48.7
49.2
48.1
48.0
49.7
48.5
48.5
49.2
51.5
54.0
64.7
63.1
100
100
919
690
63.5
70.2
77.8
84.6
90.6
95.0
98.6
109.6
124
136
150
159
165
167
172
155
756
955
1,097
1,016
1,019
973
961
87.2
85.6
84.5
85.8
89.4
84.1
82.0
79.5
77.1
77.9
53.3
53.0
53.4
54.3
54.7
55.0
55.8
55.3
55.5
52.8
109.9
106.0
109.8
111.5
105.7
112.8
106.4
110.8
113.9
111.2
r
!67
r
196.1
189.5
187.1
184.4
179.7
174.6
169.3
164.8
145.3
140.0
136.6
130.5
129.2
127.0
123.3
121.5
117.3
114.5
150
147
152
148
134
768
782
694
624
653
693
639
660
555
161.0
155.1
107.8
104.2
77.3
76.8
53.6
53.6
103.5
109.7
135
133
128
602
658
538
69.4 1
57.0
94.6
113.8
114.7
133.2
139.9
138.9
139.2
129.9
Annual rates
1990:
Mar
Apr
May
457.3
444.7
443.8
June
July
441.1
Aug
Sept
r
Oct
Nov r
Dec'
r
1991: Jan .
Feb"
Mar"
1
2
3
347.4
338.8
334.0
329.6
331.3
437.0
436.3
423.9
420.2
309.4
415.7
301.9
406.6
295.5
323.5
317.5
395.4
291.9
395.1
285.4
206.9
200.2
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
747
Annual rates
!52
165
r
!65
r
!56
818
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New pri\ ate homes
New private housing units
Period
Units started, 0} type of structure
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 '
1 unit
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
1,459
1,298
1,217
1,208
1,187
1,155
1,131
1,106
1,026
1,130
971
847
993
901
1,127
988
901
897
890
876
835
858
839
769
751
648
778
732
2-4 units
91.1
80.0
113.5
121.4
93.4
84.0
65.3
58.8
55.2
37.5
5 or more units
287.7
319.6
522.0
544.0
576.1
542.0
408.7
348.0
317.6
260.4
Vacancy rate
for rental
housing units
(percent) 2
Homes sold
Homes for
sale at end of
period *
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
436
275
5.0
412
623
253
301
353
346
357
366
368
363
318
5.3
5.7
5.9
6.5
7.3
7.7
1.1
1,297
1,232
1,108
1,065
1,108
1,082
1,050
992
920
906
1,332
1,371
1,310
1,351
1,294
1,312
1,307
1,314
1,275
1,246
606
559
534
535
549
541
525
504
465
'480
844
'1,155
797
863
892
1,111
1,073
Units
authorized
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,104.4
Units
completed
639
688
750
671
676
650
534
7.4
7.2
Seasonal y adjusted annu al rates
1990:
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1991: Jan '.
r
Feb .
Mar"
41
35
51
38
41
31
30
35
22
54
17
29
42
28
1
Seasonally adjusted.
2
Quarterly data entered in last month of quarter. Series 1
earlier data.
ling 1989 not comparable with
291
275
265
273
256
248
266
213
165
307
203
170
173
141
r
464
409
485
490
366
363
363
359
354
350
345
338
334
327
r
318
316
313
308
7.5
7.0
7.2
7.2
7.5
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In February, manufacturing and trade sales rose 0.4 percent and inventories fell $1.6 billion. In March, according
to advance data, retail sales fell 0.8 percent, following a rise of 2.0 percent in February. (Series revised for
wholesale trade, for manufacturing, and for manufacturing and trade.)
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
1,000
300
900
1
800
700
—' '
-\\
-^1
200
MAN UFACTURIh•1G AND
TRA DE INVEN1"CRIES
600
'"-"""• -
-'
500
250
,---
150
^—
\
MA ^UFACTUR ING
AN 3 TRADE S/UES
RETAIL SALES
400
100
RATIO*
300
1.80
INVENTC RY-SALES 1?ATIO
1.70
ir-^i i i ini
1.60
RE TAIL
\
K,.../V-
200
1.50
1.40
Illllllllll
Illllllllll Illllllllll Illllllllll Illllllllll
1987
1988
1990
1989
1.30
~"*^}
s •*
\
C'/
mill
1988
liiin iiiiiiinii iiiiilniii
1989
1990
' 5EA5ONAUY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
1991
COUNCIL OF ECONOMIC ADVISERS
Manufact uring and
trac e '
Sales
2
Inventorv-s ales ratio 4
Re ail
Whol esale
Sales
Inventories 3
\
"
MANUFA CTURING
AND TRADE
1987
1991
t
1
InvenTotal
2
Durable
goods
stores
Inventories
Nondurable goods
stores
3
Total
Durable
goods
stores
Nondurable goods
stores
134,493
147,712
167,748
181,773
186,587
208,112
219,791
238,159
242,563
r
235,098
235,591
235,914
237,711
237,445
239,657
242,893
243,217
244,901
244,550
242,563
244,071
241,831
61,469
69,025
79,250
88,464
90,197
105,738
112,254
120,663
120,629
T
117,444
117,743
117,589
118,485
118,830
120,165
123,271
123,559
124,048
122,947
120,629
121,217
119,386
73,024
78,687
88,498
93,309
96,390
102,374
107,537
117,496
121,934
r
117,654
117,848
118,325
119,226
118,615
119,492
119,622
119,658
120,853
121,603
121,934
122,854
122,445
Manufacturing
Retail
Millions of dollars, seasonally iidjusted
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
1991:
r
r
348,755 574,518
128,196
96,290
370, 441 * 590,968 100,324 130,906
r
411,391 650,789 113,393
143,557
r
148,484
423,806 r 665,060 114,626
r
r
431,668 664,031 116,151 154,713
r
r
459,088 711,595 124,254
165,271
r
496, 330 r 767,700 135,176 180,313
r
525,839 r810,257 ' 144,005 r 188,273
r
542,917 r826,941 r 149,193 r 195,567
r
537,551 ' 810,024 r 148,351 r 188,653
r
541,484 r 809,629 r 149,567 r 189,091
r
535,131 r812,075 r 147,645 ' 190,509
r
540,991 r816,425 T 149,018 r 192,479
r
544,850 r 812,457 r 150,105 T 190,639
r
542,516 r818,951 r 149,017 r 192, 190
r
554,935 r 823,468 r 152, 298 r 192,589
r
550,660 r827,145 r 150,232 * 192,936
r
555, 145 r 830,414 r 151,001 r 194,053
r
546,714 r 832,464 r!48,176 * 195,544
r
534,361 r 826,941 r 148,036 r 195,567
527,074 831,445
144,723 198,993
529,417 829,815
199,525
145,380
r
r
Peb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Jan r
Feb"
Mar"
1
See page 21 for manufacturing,
Monthly average for year and total for month.
3
End of period.
* Annual data are averages of seasonally adjusted monthly ratios.
2
20
89,114
97,570
107,316
114,642
120,860
128,509
137,613
145,146
150,602
r
150,388
r
149,942
148,823
148,759
150,143
150,745
151,135
152,512
152,191
152,711
149,750
147,803
r
150,822
149,602
28,013
32,631
37,938
41,567
45,121
48,051
52,281
54,349
54,563
r
55,563
r
55,175
54,457
54,342
54,219
54,754
53,851
54,550
54,420
54,152
52,402
50,897
r
53,024
52,546
61,101
64,939
69,377
73,075
75,738
80,457
85,332
90,797
96,039
' 94,825
r
94,767
94,366
94,417
95,924
95,991
97,284
97,962
97,771
98,559
97,348
96,906
r
97,798
97,056
1.67
1.55
1.53
r
1.55
1.55
r
1.50
1.49
r
1.51
r
l,51
r
1.51
r
1.50
r
1.52
r
1.51
r
1.49
r
1.51
r
r
l,48
r
r
r
r
1.50
l,50
l,52
1.55
1.58
1.57
1.49
1.44
1.49
1.52
1.56
1.55
1.55
1.60
1.59
1.56
1.57
1.59
1.60
1.58
1.59
1.61
1.59
1.61
1.60
1.62
1.65
1.60
4
Note.—Wholesale sales revised beginning 1988 and wholesale inventories beginning 1989; man!
faeturing series (see p. 21} revised beginning 1958. Manufacturing and trade series incorporate tho;
revisions. (Retail trade series were revised in March 1991 Economic Indicators.)
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In March, manufacturers' shipments, inventories, and new and unfilled orders fell. (Series revised.)
BILL! DNS OF DO1LARS* (RATI 0 SCALE)
BILLI ONS OF DOL LARS* {RATI D SCALE)
280
—,
240 — SHIPME MTS
-_——
.
—
,
—
'
—
1
200
—...--''
440 — INVENTC3RIES
Si
\
360
"TOTAL
_
UUKA BLE GOOC •S
160
= —\
p=—
TOTAL
280
,~»' — *^c*
120
-
200
=S
DUF ABLE GOC IDS
—
f-~~
""
NON DURABLE C OODS
160
^
120
80
60
HlHJiJIU
iiiiiluiii Illllllllll tllllillli! IlHlllIKI
BILUC)NS OF DOL LARS* (RATIC5 SCALE)
280
,,
iX —'
. >.,,o — -^-i ^r_NEW OR DERS
240 _ NEW OR
p-.
=|
. —.— —
\
^—"~~
onn .'
["TOTAL
160
60
Ai
V
—
lillliillll
~ J"
<.--""
imilmu
Ililililili Illllllllll
umltmi
RATIC)*
2.20
DU !ABLE GO( DOS
120
— -
80
r ^~"" '
• S...X,"
_„_
,_....•"-• —•— *"
\
NOND URABLE GCXJDS
INVENT<3RY-SH1PM ENTS RATI D
f>, — ^
.
\-^ — \
1.80
-
-
NON DURABLE (3OODS
80
-
*.
__
1.40
60
Illllllllll Illllllllll
1987
Illllllllll limlnm ninlimi
1988
1990
1989
1.20
lll|lll|l!t Illllllllll HlllHllli iilllilllll Illllllllll
1988
1987
1991
1989
1990
* SEASONALLY ADJUSTED
SOURCE; DEPARTMENT OF COMMERCE
COUMCR OF ECONOMiC ADVISERS
Mann: aeturers' shipir ents
J
•
Manufacturers new orders 1
Manufsusurers' inven ones 2
'j
1
Durabl e goods
Period
Durable
goods
1991
Durable
goods
Nondurable
goods
H
Nondurable
goods
Manufacturers'
unfilled
orders 2
Manufacturers'
inventory —
shipments
ratio 3
Capital
goods
industries,
non-defense
Nondurable
goods
19,213
347,310
373,607
387,241
393,629
430,589
472,223
520,837
527,195
1.95
1.78
1.73
1.73
1.68
1.59
1.58
1.61
1.60
tOlions of ck liars, season ally adjustec
87,066
92,742
93,259
91,419
98,198
105,540
112,156
117,735
311,829
312,350
839,484
334,803
322,731
338,212
367,596
383,825
388,811
200,409
199,814
221,284
218,182
212,010
220,790
241,389
253,261
252,836
111,420
112,536
118,200
116,621
110,721
117,422
126,207
130,564
135,975
162,140
175,451
192,879
195,706
195,204
209,389
227,025
240,758
243,643
78,064
88,140
100,164
102,356
103,647
110,809
121,444
128,651
125,958
23,983
26,096
30,727
34,816
34,032
84,077
87,311
92,715
93,351
91,557
98,579
105,581
112,107
117,685
118,699
125,092
126,769
123,885
127,891
129,167
126,531
130,441
125,783
127,692
122,693
118,578
113,481
113,720
115,206
114,778
115,323
115,435
116,223
121,061
122,133
124,261
123,134
117,997
386,547
386,273
384,947
385,652
386,235
384,373
387,104
387,986
390,992
391,460
392,370
388,811
255,068
254,499
252,994
254,328
254,564
252,877
254,521
254,721
255,278
255,113
256,387
252,836
131,479
131,774
131,953
131,324
131,671
131,496
132,583
133,265
135,714
136,347
135,983
135,975
234,819
236,016
246,422
240,333
245,318
242,396
245,039
250,592
248,987
254,976
239,237
238,196
121,419
122,468
131,030
125,603
129,936
127,057
129,387
129,020
126,893
130,875
116,193
120,221
34,784
31,949
36,385
32,556
31,890
32,501
35,274
31,607
34,419
37,223
30,884
38,560
113,400
113,548
1 15,392
114,730
115,382
115,339
115,652
121,572
122,094
124,101
123,044
117,975
523,476
520,680
525,127
526,797
528,901
526,695
528,980
528,070
529,141
532,164
525,574
527,195
1.66
1.62
1.59
1.62
1.59
1.57
1.59
1.54
1.58
1.55
1.60
1.64
117,648
117,432
114,039
116,800
115,783
114,734
388,381
388,459
386,276
252,170
252,256
250,474
138,211
136,203
135,802
234,462
233,132
226,604
117,789
117,547
111,750
33,957
33,756
32,073
116,673
115,585
114,854
527,109
527,026
524,857
1.66
1.67
1.69
79,212
84,139
1983
1984
198S
1986
1987
1988
1989
1990
163,351
172,547
190,682
194,538
194,657
206,326
223,541
286,689
243,122
85,481
97,940
101,279
103,238
108,128
117,993
124,532
125,388
1990: Jan '
Peb '
Mar r
Apr '
May '.
June T.
July *"„...
Aug r.
Sept '
Oct '
Nov r
Dec r
232,180
238,812
241,975
238,663
243,214
244,602
242,754
251,502
247,918
251,953
245,827
236,575
1991: Jan r
Feb''
Mar "
234,548
233,215
228,773
1982
1
2
3
Monthly average for year and total for month. Shipments are the sam« t
End of period.
Annual data are averages of seasonally adjusted monthly ratios-
19,624
23,669
24,545
311,893
NOTE.—Series revised beginning 1958.
Source: Department of Commerce. Bureau of the Census,
21
PRICES
PRODUCER PRICES
In March, the producer price index for all finished goods fell 0,3 percent. Prices of finished consumer foods rose
0.2 percent while prices of other finished consumer goods fell 0.8 percent. Capital equipment prices rose 0.2
percent.
INDEX, 1982= 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
130
130
120
110
100
100
90
1990
1991
COUNCiL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1982 = 100; monthly data seasonally adjusted]
i
Internlediate ma terials
Fin shed goods
Period
Total
finished
goods
Consumer
foods
P nished go ids excluding consumer foo Is
1
Total
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990"
1990: Mar
Apr
May
June
July
Aug
Sept
Oct
Novr
Dec
1991: Jan
Feb
Mar
1
96,1
100.0
101.6
103.7
104.7
103.2
105.4
108,0
113,6
119.2
117,3
117.2
117,6
117.6
118.0
119.3
120.8
122,3
122.8
122.1
122.0
121.3
120.9
97.8
100.0
101.0
105.4
104.8
107.3
109,5
112,6
118.7
124.4
124.2
123.4
123.9
123.7
124.3
125.0
124.4
125.1
125.2
124,8
124,4
124.7
125.0
95.6
100.0
101.8
103.2
104,6
101.9
104.0
108.5
111.8
117.4
114.9
115.1
115,5
115,6
115.9
117.5
119.6
121.4
122.0
121.2
121.2
120.2
119.6
Intermediate materials for food tnaiujfaeturing and feeds-
22
Nondurable
Capital
equipment
95.8
100.0
100.5
101.1
101.7
93.3
94.9
97.3
103.8
111.5
107.4
107.6
108.3
107.8
108.1
111.1
115.0
118.6
119.3
117.3
116.7
114.5
113.0
94.6
100.0
102.8
105.2
107.5
109.7
111.7
114.3
118.8
122.9
121.9
122.1
122.2
122.7
123.0
123.4
123.8
124.1
124,4
124.8
125.2
125.5
125.8
Consumer
_ g< ods
96.1
100.0
101.2
102.2
103.3
98.5
100.7
103.1
108.9
115.2
112.0
112,2
112.8
112.6
112.9
115.0
118.1
120.6
121.3
119.9
119.7
118.2
117.2
Durable
96.4
100.0
102.8
104.5
108.5
108.9
111.5
113.8
117.6
120.4
119.4
119.5
119.8
120.4
120.9
120.7
121.6
121.2
121.8
122.2
123.0
123.5
124.1
Total
finished
consumer
goods
96,6
100.0
101.3
103.3
103.8
101.4
103.6
106.2
112.1
118.2
116.1
115.9
116.4
116.3
116,6
118.3
120.2
122.1
122.6
121.5
121.3
120.3
119.7
Onide mater als
Total
Foods
and
feeds l
Other
Total
Foodstulfs
and
feedstuffe
98.6
100.0
100.6
103.1
102.7
99.1
101.5
107.1
112.0
114.5
112.7
112.8
112.9
112.8
112.8
114.3
116.1
117.9
118.1
117,1
116.5
115.7
114.5
104.6
100.0
103.6
105.7
97.3
96.2
99.2
109.5
113.8
113.4
113.0
114.0
115.1
114.4
114,4
114.2
113.1
113.0
111.7
111.9
110.5
112.3
113.3
98.2
100.0
100.5
103.0
103.0
99.3
101.7
106.9
111.9
114.5
112.6
112.8
112.8
112.7
112.7
114.3
116.3
118.2
118.5
117.4
116.9
115.9
114.6
103.0
100.0
101.3
103.5
95.8
87,7
93.7
96.0
103.1
108.9
105.4
102.8
103.1
100.6
101.0
110.2
115.6
125.4
117.6
111.2
114.1
104.8
101.4
103.9
100.0
101.8
104.7
94.8
93.2
96.2
106.1
111.2
113.2
115.0
115.0
113.1
113,9
114.3
112.9
111.6
111.9
110.8
110.1
108.5
108.5
109,8
ce: Department of Labor, Bureau of Labor Statistics.
Other
101.8
100.0
100.7
102.2
96.9
81.6
87.9
85.5
93.4
101.3
94.8
90.8
92.3
88.0
88.4
103.6
112.8
127.9
118,4
106.8
112.1
98.3
92.5
CONSUMER PRICES—ALL URBAN CONSUMERS
In March the consumer price index for all urban consumers fell 0.1 percent, seasonally adjusted (it rose 0.1 percent
not seasonally adjusted). The index was 4.9 percent above its year-earlier level.
INDEX, 1982-84= 100 (RATIO SCALE)
INDEX, 1982-84=100 (RATIO SCALE)
150
150
SEASONALLY ADJUSTED
140
140
130
130
CONSUMER PRICES—ALL ITEMS
120
120
110
110
100
100
90
90
I I I I I I 80
1991
80
1984
1983
1985
1986
1987
1989
1988
1990
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1982-84—100, except as noted; monthly data seasonally adjusted, except as noted]
All it 3ms J
Hou sing
Tr ansportati on
All
She Her
Not
Period
ally
ed
(NSA)
Rel. imp.3....
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1991:
Jan
Feb
Mar
Season-
HomeFood
ally
adjust-
ers'
Total '
Total
ed
100.0
90.9
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
16.2
93.6
97.4
99.4
103.2
105.6
109.0
113.5
118.2
125.1
132.4
41.4
90.4
96.9
99.5
103.6
107.7
110.9
114.2
118.5
123.0
128.5
27.7
90.5
96.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
140.0
(Dec
1982 =
100)
owners'
Maintenance
costs
and
(Dec.
1982 =
100)
repairs
Fuel
Appar-
and
el and
other
utilities
upkeep
MediTotal
J
New
Motor
cal
care
items
less
Ener-
gy 2
shel-
energy
(NSA)
19.5
0.2
7.3
103.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
102.5
107.3
113.1
119.4
124.8
131.1
137.3
144.6
90.7
96.4
99.9
103.7
106.5
107.9
111.8
114.7
118.0
122.2
86.4
94.9
100.2
104.8
106.5
104.1
103.0
104.4
107.8
111.6
6.1
95.3
97.8
100.2
102.1
105.0
105.9
110.6
115.4
118.6
124.1
17.8
93.2
97.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
120.5
4.0
93.7
97.4
99.9
102.8
106.1
110.6
114.6
116.9
119.2
121.0
4.1
108.5
102.8
99.4
97.9
98.7
77.1
80.2
80.9
88.5
101.2
6A
82.9
92.5
100.6
106.8
113.5
122.0
130.1
138.6
149.3
162.8
8.3
97.7
99.2
99.9
100.9
101.6
88.2
88.6
89.3
94.3
102.1
48.0
88.3
95.1
100.0
105.0
109.0
112.7
117.0
121.9
127.3
133.5
7.9
128.7
128.9
129.2
129.9
130.4
131.6
132.7
133.5
133.8
133.8
129.0
129.2
130.0
130.5
131.6
132.6
133.4
133.8
134.2
131.3
131.2
131.2
132.1
132.8
133.2
133.6
134.1
134.7
134.9
126.8
127.1
127.3
128.0
128.6
129.3
130.0
130.4
130.6
130.8
137.6
138.1
138.3
139.5
140.5
141.3
141.8
142.0
142.3
142.8
143.2
143.8
143.3
144.8
146.5
147.6
148.2
148.8
149.5
150.5
142.5
143.0
143.2
144.7
145.5
146.3
146.8
146.8
146.9
147.3
121.2
121.2
122.2
121.8
122.1
121.2
124.6
123.4
123.9
123.8
110.6
110.4
110.4
110.5
109.9
111.1
112.6
113.8
114.2
113.7
124.0
123.9
123.9
124.1
124.4
124.8
125.5
125.1
125.3
125.7
117.3
117.6
117.6
118.1
118.4
120.7
123.4
125.8
126.5
126.9
120.6
120.6
120.6
120.6
120.5
120.9
121.1
121.2
121.5
122.0
91.7
92.2
91.8
93.3
93.2
101.2
110.2
118.0
118.5
117.7
158.5
159.8
161.0
162.1
163.5
165.0
166.1
167.5
168.7
170.1
96.8
96.8
96.5
97.1
96.8
101.0
106.4
110.9
111.4
110.9
132.0
132.4
132.8
133.2
133.8
134.4
135.0
135.5
136.0
136.5
134.6
134.8
135.0
134.8
135.1
135.0
135.7
135.4
135.7
131.9
132.5
132.6
143.9
144.6
144.8
153.0
154.2
154.2
147.9
148.4
148.7
124.1
125.1
124.2
115.5
115.1
114.8
126.9
128.9
127.4
125.4
124.0
122.8
123.6
124.2
124.8
110.0
102.0
97.1
171.2
172.4
173.5
108.2
103.9
101.2
137.6
138.8
139.0
128.7
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
also included through 1982.
3
Relative importance, December 1990.
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with figures for earlier periods.
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]
Ch nge from pr seeding peri
d
Change from 3 month s earlier, ann al rate
Change from 6 montl s earlier, ami jal rate
Consum r goods
Consum r goods
Consum r goods
Period
Total
finished
goods
Capita!
equipment
Excluding foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Total
finished
goods
Capita/
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Cha nge, Dec, o Dec., N 3A
1.5
2.0
2.3
3.5
.6
2.8
7.1
3.6
.6
1.7
1.8
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990"
-2.3
2.2
2
4.0
4.9
5.7
5.2
2.5
5.6
8.6
4.2
-.9
.8
2.1
9.2
9.2
3.9
2.0
1.8
2.7
2.1
1.3
3.6
3.8
3.4
-6.6
4.1
3.1
5.3
8.5
4.1
1.6
2.1
1.0
-1.4
2.1
2.5
5.2
4.9
Cl ange, mon th to mont h
1990: Mar
Apr
Mav
June
July
Aug
Sept
Oct
Nov
Dec
-0.5
-0.1
-.1
.3
0
.3
1.1
1.3
1.2
.4
r
-.6
-.1
-.6
-.3
1991: Jan
Feb
Mar
-0.3
-.6
.4
.2
.5
— .2
9
.5
.6
-.5
.6
r
.3
1.9
2.7
2.1
.6
.l
-.3
-.3
.2
.2
-1.2
0.4
.2
.1
.4
.2
.3
.3
.2
.2
.3
O
6.4
-1.3
— .8
-3.5
-2.2
r
-1.6
.6
-3.0
-9.8
-8.7
.7
1.0
2.8
5.9
11.3
15.4
12.3
4.4
.3
.2
2
5.9
8.8
-.6
-2.9
-1.6
2.9
3.6
2.3
2.6
r
.6
1.3
-1.0
-1.0
-4.8
-3.9
4.4
3.7
1.8
2.2
2.5
8.0
2.7
2.7
3.0
21.0
30.2
23.8
3.6
3.6
3.3
3.3
5.7
4.2
4.9
3.7
3.7
5.5
4.0
-.5
4.9
1.1
.3
.3
2.8
11.2
15.5
15.6
13.4
'2.1
1.8
6.9
3.4
3.6
3.6
3.2
4.6
3.5
.9
3.3
6.1
8.9
9.0
7.8
4.0
6.2
9.7
5.9
5.9
.2
— .5
1.0
.2
12.4
5.6
-1.5
3.5
3.5
3.0
3.5
3.3
3.3
3.1
3.3
3.6
3.5
4.5
3.6
3.4
3.3
3.7
3.7
3.1
3.1
3.6
5.2
6.0
6.4
7.0
5.6
3.2
2.9
Source: 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]
Housing
Adden dum: AH ite us, percent hange
(annua rate)
I
Tr msportati on
AJ1
Shelter
Period
All
items l
Ap-
Fuel
and
Food
Total '
Total '
Renters'
costs
parel
and
New
Total '
owners'
utilities
Motor
Medical
cars
keep
Energy 2
items
less
food,
shelter,
and
From
previquar
From
3
months
earlier
From
6
months
earlier
From
earlier
NSA
c hange, Deeember to Dec mber, ^ SA
1
8.9
3.8
3.8
3.9
3.8
1.1
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
4.4
4.4
4.6
6.1
4.3
3.1
10.2
2.7
3.8
2.6
3.8
3.5
5.2
5.6
5.3
3.5
3.6
4.3
4.3
1.7
3.7
4.0
3.9
4.5
9.9
2.4
4.7
5.2
6.0
4.6
4.8
4.5
4.9
5.2
14.4
5.1
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.5
5.1
5.9
4.6
5.3
4.7
5.1
4.7
9.7
1.8
4.2
1.8
-5.6
1.6
2.9
3.2
4.0
3.5
1.6
2.9
2.0
2.8
.9
4.8
9.4
6.8
1.5 -6.5
3.4 — 1.7
2.5 -2.4
3.4
3.1
5.9 -30.7
18.7
1.8
2.1 — 2.1
2.3
6.8
36.5
1.4
10.9
1.8
3.9
3.1
2.6
-5.9
6.1
3.0
4.0
4.7
1.0
5.1
10.4
12.5
11.0
6.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
11.9
1.3
-.5
.2
1.8
-19.7
8.2
.5
5.1
18.1
10.3
9.4
6.1
5.0
4.3
3.7
3.3
3.8
4.7
4.1
5.2
6.2
3.2
4.3
3.6
1.9
3.6
4.1
4.8
5.4
Cha nge, mo nth to nlonth
1990: Mar
Apr
1991:
0.4
2
0.2
1
May
June ....
July
Aug
Sept
Oct
Nov
Dec
.2
.6
.4
.8
.8
.6
.3
.3
Jan
Feb
Mar
.4
.6
.2
-.1
_ 2
—1
0
.7
.5
.3
.3
.4
.4
.1
.2
0.4
2
.2
.5
.5
.5
.5
.3
2
2
.8
.5
.1
0.7
.4
.1
.9
.7
.6
.4
.1
.2
.4
.4
.4
.5
.7
0.9
.4
.1
1.0
.6
.5
.3
0
.1
.3
.8
1.7
.8
0
.4
.3
.2
.5
.1
-0.1
.4
.3
.3
1.2
.8
0
-.2
0
.1
0.9
-.1
0
.2
.4
— .5
— .4
,2
.3
.6
-.3
.2
.3
.3
1.9
2.2
1.9
.6
.3
1.6
-.3
1.0
1.6
-1.2
-1.1
— 1.0
1.1
1.4
1.1
.4
Q
-1.2
-0.1
Includes items not shown separately.
a
Household fuels—gas (piped), electricity, fuel oil, etc.--and motor fuel. Motor oil, coolant, etc.,
also included through 1982.
24
-0.7
.4
8.6
8.9
7.1
.4
-.7
0.7
.8
.8
.7
.9
.9
.7
.8
.7
.8
1.3
.5
.5
-6.5
-7.3
-4.8
.6
.7
.6
-2.4
-0.2
.3
0
0
0
0
-.1
.3
.2
.1
.2
3
-1.2
.5
-.4
1.6
— .1
0
-.3
.6
-.3
4.3
5.3
4.2
.5
^_
-4.0
-2.6
0.5
.3
.3
.3
.5
.4
.4
.4
.4
.4
.8
.9
.1
7.5
3.8
7.0
6.9
7.6
8.2
9.2
6.9
4.9
4.3
3.9
3.6
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
7.5
4.5
3.2
4.1
4.7
2.4
5.2
6.2
5.8
5.3
5.8
4.6
5.4
6.2
6.9
7.2
6.6
5.6
6.2
6.3
6.3
6.1
6.7
5.4
3.7
5.7
5.3
4.9
4.7
4.4
4.7
4.8
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in April were unchanged from their March level. Prices paid by farmers in April were
1.1 percent above their January level. (Data are not seasonally adjusted.)
INDEX, 1977= 100 (RATIO SCALE)
INDEX, 1977= 100 (RATIO SCALE)
200
200
180
180
160
160
T\
PRICES PAID
140
140
120
120
PRICES RECEIVED
100
100
i n n in
imil
80L111
Ill
lll
ilU 80
RATIOJ/
140
120
-
-
RATIO
100
100
80 ^—-——H"
60
140
120
Illllllllll
1983
•
-^
Illllllllll I l l l l l l l l l l
1984
1 1 1 1 1 1 1~~T~
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 inn
1985
1986
1 1987
inn
1 1 1 11 1 11 111
1989
1988
^
. ^T
inn
-
mm
1990
1
inn
80
60
1991
1/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[1977=100; not seasonally adjusted]
P rices paid by farmer s
Pri ces received by farm ers
Period
All farm
products
Livestock and
products
All commodities,
services,
interest, taxes,
and wage rates l
Production
items, interest,
taxes, and wage
Ratio 2
Production
items
rates
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
139
133
135
142
128
123
127
138
147
150
134
121
128
138
120
107
106
126
134
128
143
145
141
146
136
138
146
150
160
171
150
159
161
164
162
159
162
170
178
184
151
158
159
161
156
150
152
160
167
172
148
153
152
155
151
144
148
157
1990: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
151
154
152
152
150
148
146
145
143
131
134
130
130
125
123
120
124
121
170
173
173
173
174
173
171
183
(3)
171
170
(3)
145
123
122
128
131
166
166
169
166
1991: Jan
Feb
Mar
Apr
"145
149
149
1
Includes items not shown separately.
2
Percentage ratio of index of prices recei •ed bv farmers to index of prices paid, interes , taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by fa rmers are available on]' for first month in quar ter and
(3)
(3)
(3)
184
(3)
(3)
187
(3)
(3)
166
164
r
(3)
(3)
(3)
(3)
r
!75
173
(3)
(3)
(3)
(3)
(3)
(3)
190
176
175
!88
83
84
83
83
82
80
78
78
76
(3)
174
(3)
(3)
84
84
87
79
77
78
82
83
82
165
171
170
(3)
(3)
174
171
92
r
11
77
79
78
NOTE.--The official indexes a e published on a 191C -14 base as required bv law. The indexes
have been converted to a 1977 = 00 base to facilitate co mparison with other inc exes.
Source: Department of Agricult ure.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
In March, growth slowed in both M2 and M3.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
4,800
4,400
4,000
4,800
4,400
4,000
3,600
M3
\
3,600
_.-,-
3,200
3,200
2,800
2,800
M2
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
800
1989
1990
• AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
1991
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
EPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
M2 plus large
time deposits,
term EPs, term
Eurodollars, and
institution-onlv
MMMF balances
L
M3 plus
other liquid
assets
or 6
Perce nt change from veai
months earlier 2
Debt
Debt of
domestic
nonfimncia]
sectors
(monthly
average) 1
Ml
M2
M3
Debt
time deposits
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
436.4
474.4
521.2
552.2
619.9
724.3
749.7
786.4
793.6
825.4
1990: Mar
Apr
May
June
Julv
Aug
Sept
Oct
Nov
Dec
804.7
807.7
807.5
811.5
810.7
816.5
821.8
821.2
823.3
825.4
1991: Jan
Feb
Mar"
826.7
836.4
842.9
1
1,793.3
1,952.9
2,186.3
2,374.7
2,569.7
2,811.6
2,910.1
3,069.9
3,223.1
r
3,330.0
3,269.6
3,279.9
3,282.8
3,290.6
3,295.4
r
3,309.5
r
3,321.5
' 3, 324.5
r
3, 324.7
' 3,330.0
r
3,333.1
r
3,357.2
3,378.7
Consists of outstanding credit market debt of the U.S. Government, State and local governments, 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-
26
2,234.1
2,441.7
2,693.3
2,986.2
3,201.6
3,492.6
3,677.4
3,919.1
4,055.2
r
4, 114.1
4,077.2
4,082.7
4,082.7
4,085.8
4,089.2
r
4,103.3
'4,109.0
r
4,109.5
r
4,110.0
r
4,114.1
r
4,126.9
r
4,164.1
4,174.5
2,596.7
2,851.4
3,154.6
3,527.5
3,828.9
4,133.2
4,337.0
4,676.0
4,889.9
'4,960.0
4,914.6
4,920.5
4,903.2
4,922.8
4,926.9
r
4,935.4
'4,957.4
r
4,955.8
r
4,958.0
r
4,960.0
'4,980.3
5,018.2
4,292.1
4,685.9
5,212.6
5,961.9
6,773.5
7,636.2
8,345.1
9,107.6
9,790.4
10,450.0
9,965.8
10,023.3
10,066.6
10,122.2
10,182.7
10,254.3
10,312.8
10,353.1
10,405.9
10,450.0
' 10,490.2
10,544.9
r at a simple annual rate.
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Kes<
6.8
8.7
9.9
5.9
12.3
16.8
3.5
4.9
.9
4.0
10.0
8.9
12.0
8.6
8.2
9.4
3.5
5.5
5.0
3.3
12.4
9.3
10.3
10.9
7.2
9.1
5.3
6.6
3.5
r
1.5
9.9
9.2
11.2
14.4
13.6
12.7
9.3
9.1
7.5
6.7
5.9
5.0
6.8
6.1
5.0
4.2
3.8
3.3
3.2
r
2.7
2.6
2.4
2.9
2.7
2.1
1.5
7.0
6.9
6.5
6.8
7.1
7.3
7.0
6.6
6.7
6.5
4.7
4.5
3.8
3.8
4.3
3.3
3.9
3.4
3.9
4.9
5.1
e System,
2.3
2.9
3.4
1.4
1.5
1.6
'1.3
r
r
1.3
1.4
r
1.8
r
3.0
r
3.2
6.0
5.7
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Currency
Period
Demand
deposits
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net,
plus
overnight
Eurodollars
Money rnarket
mutual fund
balanc es l
General
purpose
and
broker/
dealer
Institution
only
Money
market
deposit
accounts
(MMDAs)
Savings
deposits
Small
denomination
time
deposits2
Large
denomination
time
deposits 2
NSA
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1990:
1991:
122.6 231.3
132.5
234.0
146.2
238.5
156.0
243.9
167.8
266.6
180.7
301.9
196.9
286.5
212.0 286.3
222.2 278.7
246.4 276.9
228.4 278.9
230.3 278.1
231.9
275.8
233.7 276.3
235.7 275.6
238.4 278.0
241.5
279.1
243.9 277.1
245.0 277.2
246.4 276.9
251.6 272.9
255.1
276.2
256.7 277.2
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Jan
Feb
Mar".
78.2
103.5
131.6
147.1
179.5
235.3
259.3
280.7
285.2
293.7
289.8
291.7
292.0
293.7
291.7
292.1
293.0
291.8
292.8
293.7
293.9
296.8
300.9
36.6
39.9
55.6
60.6
73.5
82.3
83.2
83.4
77.4
'74.1
81.9
79.4
83.2
82.4
84.0
'82.7
r
81.4
83.5
77.7
r
74.1
'71.7
'71.1
70.8
150.6
185.2
138.8
167.9
176.7
208.3
221.7
241.1
313.6
347.7
325.9
327.0
325.3
327.5
329.2
335.8
339.2
341.7
343.0
347.7
356.3
360.5
365.9
0.0 343.9
43.2
356.8
379.2 305.5
286.5
418.2
300.4
514.5
572.3 368.3
524.9 412.0
424.4
501.4
486.1
404.1
505.9 r410.8
495.7 410.2
499.3 411.5
500.5 411.3
502.3 411.8
503.4 412.7
412.7
505.9
507.4 412.3
506.7 411.5
506.8 411.1
505.9 '410.8
505.1 412.0
511.4
415.5
518.9
420.8
38.0
51.1
42.8
62.1
63.9
83.8
88.9
86.9
101.9
125.7
105.2
106.9
107.6
108.1
109.8
114.0
116.2
119.6
120.5
125.7
130.1
139.3
142.0
1
2
Data prior to 1983 are not seasonally adjusted.
Small denomination and large denomination deposits are those issued in amounts of lei than
$100,000 and more than $100,000, respectively.
823.2
303.0
327.3
850.9
327.7
784.1
887.7
417.7
883.4
437.3
855.5
439.9
917.7
489.2
1,031.8
542.3
1,145.9
563.5
' 1,164.2
507.1
1,149.9
549.3
1,152.2
543.7
1,153.5
540.5
1,154.6
538.0
1,156.8
535.0
1,158.3
529.2
' 1,160.1 521.9
'1,161.4
515.1
'1,161.8
512.5
'1,164.2
507.1
'1,163.2 '511.7
'1,162.3 '515.7
1,158.0
511.0
Term
repurchase
agreements
(KPs)
Term
Eurodollars
(net)
NSA
NSA
35.3
33.4
49.9
57.6
62.4
80.5
106.1
121.8
98.8
90.2
98.4
98.2
99.3
102.2
100.5
102.0
98.3
95.6
95.7
90.2
'88.5
'87.6
84.5
67.5
81.7
91.5
82.9
76.5
83.8
91.0
106.0
81.0
'71.4
66.7
65.3
67.1
64.4
65.1
'68.3
'70.0
'70.2
'70.0
'71.4
'72.0
'73.0
72.0
Shortterm
Treasury
securities
Savings
bonds
67.8
68.0
71.1
74.2
79.5
91.8
100.6
109.3
117.5
126.0
119.2
119.9
120.7
121.4
122.2
123.0
123.8
124.5
125.2
126.0
126.7
127.8
149.4
183.6
212.0
260.8
298.2
280.2
253.5
270.6
327.4
'325.8
336.9
329.9
315.4
331.7
334.3
329.8
333.8
330.4
'329.8
'325.8
'327.4
334.9
Bankers'
acceptances
Commercial
paper
40.0
44.5
45.0
105.3
113.7
45.4
42.0
37.1
160.8
207.6
231.4
261.0
336.8
349.2
'359.4
344.1
351.9
349.1
349.1
348.2
'347.0
'359.0
'358.8
'359.0
'359.4
'363.4
356.2
44.5
40.1
40.7
34.7
37.2
36.0
35.4
34.7
33.0
32,3
31.8
32.6
34.0
34.7
35.9
35.2
isa.2
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not shown
here.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures *; millions of dollars; seasonally adjusted, except as noted by NSA]
Borrowvings of dept>sitory
institutMms from the Federal
B eserve (NSA )
A djusted for ch anges in reserve requirements
Res erves of depo sitory instituti ons
Period
Total
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Mar
Monetary
base
Total
774
3,186
1,318
827
777
1,716
'49,104
'48,112
'48,202
'47,962
'47,896
'47,636
'47,973
'48,261
'47,942
'48,244
'49,104
'49,466
'49,611
49,566
'48,779
'45,988
'46,574
'46,627
'47,014
'46,879
'47,046
'47,637
'47,532
'48,014
'48,779
'48,932
'49,359
49,325
'48,802
'47,938
'47,978
'47,503
'47,360
'47,159
'47,174
'47,643
'47,550
'48,039
'48,802
'48,958
'49,393
49,378
'47,440
'47,251
'47,306
'46,999
'47,122
'46,774
'47,106
'47,353
'47,096
'47,297
'47,440
'47,298
'47,802
48,390
'299,785
'280,613
'282,627
'283,970
'285,758
'287,418
'290,458
'293,803
'295,941
'297,553
'299,785
'305,152
'309,438
310,982
265
326
2,124
1,628
1,335
881
757
927
624
410
230
326
534
252
241
Seasonal
116
54
33
96
113
56
38
93
130
84
76
78
122
244
311
389
430
418
335
162
76
33
37
55
Extended
credit
3
148
186
2
2,604
499
303
483
1,244
20
23
1,950
1,403
875
346
280
127
6
18
24
23
27
34
53
__.
Data are prorated averages of biweekly (maintenance period) averages of daiJy figures.
NOTE.-—Series for reserves and monetary base have been revised to incorporate new "break ad-
Required
636
634
May
June
July
Aug
Sept
Oct
Nov
Dec
Jan
Feb
Mar"
_
1
Nonborrowed plus
extended
credit
1,690
Apr
1991:
Nonborrowed
justments" for changes in reserve requirements and the annual revision of seasonal factors. Data
prior to March 1990 are not yet available.
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases rose 0.1 percent in March. Commercial and industrial loans rose 0.3
percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,800
BILLIONS OF DOLLARS* (RATIO SCALE)
2,800
2,400
2,400
2,000
2,000
1,600
1,600
LOANS AND LEASES
1,200
1,200
800
800
400
400
• U.S. GOVERNMENT SECURITIES
\
OTHER SECURITIES
\
200
200
160
160
111
120 Uii
111 I I I
1983
1984
1985
null
111
1986
mill
1989
1988
1987
120
1990
1991
' SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Billions of dollars, seasonally adjusted *]
A 11 commei cial ban ts
Loans am leases
Period
Total
loans and
securities 2
U.S.
Government
securities
Other
securities
Total
2
Commercial
and
industrial
Real
estate
Individual
Security
Nonbank
financial
institutions
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1,307.2
1,400.5
1,552.1
1,722.2
1,909.6
2,093.5
2,238.9
2,421.7
2,589.0
2,723.6
179.3
201.7
259.2
260.2
270.9
310.1
335.9
363.8
399.3
454.2
160.5
164.8
169.1
140.9
179.0
193.9
193.5
192.1
180.8
175.6
967.5
1,034.0
1,123.8
1,321.1
1,459.8
1,589.5
1,709.5
1,865.8
2,008.9
2,093.8
355.4
392.5
414.2
473.2
500.3
537.2
567.6
606.6
641.3
648.1
284.1
299.9
331.0
376.5
426.0
494.2
587.2
671.5
760.6
836.5
182.5
188.2
212.9
253.8
294.6
315.2
328.2
354.7
375.5
378.9
21.4
25.3
28.0
34.5
43.1
40.4
34.8
39.9
38.3
40.6
29.9
31.2
30.4
31.3
32.4
34.9
31.8
29.9
32.7
r
34.7
1990: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
2,633.2
2,648.1
2,655.4
2,670.1
2,683.0
2,704.9
2,708.0
2,713.6
2,716.6
2,723.6
420.3
426.4
430.3
438.4
442.8
445.7
450.1
453.1
454.0
454.2
180,4
180.2
178.2
177.5
177.3
178.8
178.8
177.8
175.9
175.6
2,032.5
2,041.5
2,046.9
2,054.2
2,062.9
2,080.4
2,079.0
2,082.7
2,086.7
2,093.8
643.5
645.9
644.3
645.3
644.4
645.1
644.7
643.7
646.5
648.1
782.7
790.8
798.9
805.9
814.5
818.0
822.5
827.7
832.0
836.5
379.4
377.8
378.4
377.6
376.4
378.2
378.6
379.7
378.7
378.9
37.0
36.8
35.5
35.0
38.7
44.6
41.3
40.5
39.6
40.6
33.7
34.0
34.1
34.4
34.7
35.0
1991: Jan
Feb
Mar "....
2,721.2
2,735.1
2,750.9
454.1
458.0
471.4
177.7
177.6
177.6
2,089.4
2,099.5
2,102.0
644.3
643.9
646.0
837.3
842.6
846.3
375.9
377.7
375.5
43.2
43.2
38.9
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
2
r
S5.2
r
34.8
r
34.6
r
34.7
34.2
35.3
36.1
State
and
Agricultural
politi-
cal
subdivisions
33.1
36.2
39.2
40.1
36.1
31.5
29.4
29.8
30.7
33.0
30.8
30.8
31.0
31.1
31.3
31.5
31.8
32.2
32.5
33.0
33.6
33.7
34.1
0.0
.0
.0
46.1
56.8
58.5
52.6
45.5
40.0
34.2
38.6
38.2
37.9
37.3
36.4
35.8
35.2
35.1
34.8
34.2
33.5
33.4
33.0
ForForeign
banks
18.1
14.6
13.4
11.6
9.9
10.3
7.9
7.9
8.6
7.4
8.3
8.6
8.7
7.4
7.0
7.9
8.1
9.0
8.2
7.4
6.6
6.9
7.6
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
eign
official
institutions
7.2
5.9
9.4
8.4
6.3
6.3
5.8
5.1
3.7
3.2
3.2
3.3
3.3
3.2
3.2
3.2
3.3
3.2
3.2
3.2
3.0
3.1
3.2
Lease
financ-
ing
Other
receivables
12.7
13.3
13.7
16.0
19.0
22.3
24.5
29.2
31.8
32.7
32.4
32.4
32.6
32.4
32.6
32.7
32.8
33.3
32.9
32.7
32.4
32.8
33.0
23.1
26.9
31.8
29.9
35.3
38.6
39.8
45.7
45.8
r
44.6
43.0
42.8
42.3
44.5
43.6
48.2
r
45.5
43.6
43.6
r
44.6
r
r
45.4
46.9
48.3
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
C edit market fu nds
Total
Internal '
Total
Total
1982
1983
1984
1985
1986
455.7
524.1
493.7
548.2
512.7
470.5
335.9
351.8
344.3
372.4
391.4
380.0
367.7
58.9
131.7
155.5
103.9
179.8
121.3
156.8
132.7
102.8
1989: I
517.4
601.2
459.2
473.0
379.9
379.7
385.5
374.9
137.5
221.5
73.7
98.1
1990: I
482.7
502.3
475.2
421.4
370.6
374.7
366.4
358.9
112.1
127.6
108.8
62.5
300.8
416.9
491.4
1987
1988
1989
1990 "
n
m
IT
n
ni
IV"
241.9
285.2
48.5
76.5
91.9
49.8
124.7
48.2
55.1
35.4
34.6
Securities
and
mortgages
Loans and
short-term
paper
-6.2
41.0
-13.6
-6.2
60.5
54.7
35.5
105.5
18.5
-15 A
-45.0
-1.0
56.0
64.2
29.7
70.5
80.4
35.6
18.0
118.7
1.0
3.8
-92.5
3.1
85.2
-5.6
77.8
47.8
24.1
11.2
-14.3
28.3
-22.6
4.7
1
Undistributed profits (after inventory vail ation and cap tai consumption adjustments] capital
consumption allowances, and fc reign branch j rofits, dividend s, and subsidif ries' earnings retained
abroad.
2
Consists of tax liabilities, tr ade debt, and d rect foreign in /estment in the U.S.
Other 2
10.4
55.2
63.7
54.1
55.1
73.1
101.6
Increase in
financial
assets
Capital
expenditures 3
Total
303.1
392.6
474.9
425.1
481.2
256.1
270.5
369.7
341.2
330.4
354.1
378.3
382.2
366.3
484.2
560.0
444.4
465.3
377.4
388.3
385.1
378.2
106.8
171.7
59.3
87. 1
496.9
489.7
500.5
429.3
346.9
381.2
384.0
353.1
150.0
108.5
116.5
76.2
97.3
68.2
110.5
115.6
86.2
9.4
119.5
102.7
72.6
94.2
92.1
19.5
46.7
-15.9
34.5
79.8
84.9
73.7
-2.3
24.3
16.5
30.6
43.0
27.1
53.5
24.2
-8.7
47.0
122.1
105.2
83.9
150.8
112.5
116.3
106.2
112.8
466.6
494.6
488.4
479.1
Discrepancy
(sources less
uses)
33.2
41.2
14.9
1.1
-14.2
12.6
-25.2
-7.9
a
Plant and equip ment, residtmti al structures, iiiventorv investm ent, and mineral rights from U.S.
Go remment.
ource: Board of Governors of t le Federal Res erve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in in stallment ere dit outstandir g '
Ins tallment credit outstanding !end of perio 1)
Period
Total
Automobile
Revolving
61,070
66,454
368,966
442,602
518,252
573,017
610,468
664,701
716,624
739,014
119,008
125,945
143,560
173,564
210,187
247,428
265,851
284,556
290,770
285,336
1990: Feb
Mar
Apr
Mav
June
July
Aug
Sept
Oct
Nov
Dec
717,869
720,445
720,835
724,485
724,601
729,329
732,385
735,222
736,595
739,357
739,014
1991: Jan r
Feb"
736,756
734,461
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Deo
Dec
Dec 2
Dec
311,259
325,805
Other
79,088
100,280
121,816
135,851
153,078
174,057
197,110
218,235
20,058
22,064
23,562
25,861
26,850
27,096
25,920
25,201
22,343
21,816
111,124
110,802
122,756
142,897
159,400
162,642
289,629
290,932
288,936
288,931
287,168
286,791
285,283
285,261
284,402
284,483
285,336
199,927
202,263
203,965
207,153
208,362
212,138
214,492
216,804
218,381
219,757
218,235
283,593
280,501
219,463
220,838
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
2
Data newly available in January 1989 result in breaks in many series between December 1988
and subsequent months.
Mobile
home
Total
Automobile
Revolving
7,017
6,937
17,615
30,004
Mobile
home
1,322
2,546
958
2,299
989
Other
-1,193
-322
11,954
20,141
36,623
37,241
18,423
18,705
(3)
-5,434
5,959
5,384
12,634
21,192
21,536
14,035
17,227
20,979
(3)
21,125
246
-1,116
-719
(3)
-527
16,503
3,242
2,978
15,267
(3)
7,227
40
2,576
390
3,650
116
4,728
3,056
2,837
1,372
2,762
-342
-1,275
1,303
-1,996
_5
— 1,764
-377
1,508
-21
-859
81
853
781
2,336
1,702
3,188
1,208
3,776
2,354
2,312
1,577
1,375
-1,522
29
74
-6
113
-83
63
180
-303
— 182
27
-702
505
-1,137
689
353
753
1,267
2,030
849
836
1,279
1,029
-2,259
-2,295
-1,743
-3,093
868
-238
— 2,613
-339
13,105
165,620
180,887
206,401
213,628
14,546
43,161
73,636
75,650
54,765
37,451
54,233
(3)
22,390
22,633
22,708
22,702
22,815
22,733
22,795
22,976
22,672
22,491
22,518
21,816
205,680
204,543
205,232
205,585
206,338
207,605
209,635
210,484
211,320
212,599
213,628
22,684
22,446
211,015
210,676
1,228
1,375
3
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve Systei
29
INTEREST RATES AND BOND YIELDS
Interest rates fell in April.
PERCENT PER ANNUM
PERCENT PER ANNUM
16
COUNCIL OF ECONOMIC ADVISERS
SQUKCE: SEE !AB1E
[Percent per annum]
D.S, 1Veasury security yields
Period
3-month bills
(new issues) *
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1991:
Jan
Feb
Mar
Apr"
Week ended:
1991: Mar 30
Apr 6
13
20
27
May 4
1
Constant nlaturities
3-year
2
10-year
High-grade
municipal
bonds
(Standard3 &
Poor's)
Prime
commercial
paper,
6 months l
Discount rate
(N.Y. F.E.
Bank) 4
14.029
10.686
8.63
9.58
7.48
5,98
5.82
6.69
8.12
7.51
14.44
12.92
10.45
11.89
9.64
7.06
7.68
8.26
8.55
8.26
13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
8.49
8.55
11.23
11.57
9.47
10.15
9.18
7.38
7,73
7.76
7.24
7.25
14,17
13.79
12.04
12.71
11.37
9.02
9.38
9.71
9.26
9.32
14.76
11.89
8,89
10.16
8.01
6.39
6.85
7.68
8.80
7.95
13.42
11.02
7.78
7.78
7.74
7.66
7.44
7.38
7.19
7.07
6.81
6.30
5.95
5.91
5.67
8.78
8.69
8.40
8.26
8.22
8.27
8.07
7.74
7.47
8.79
8.76
8.48
8.47
8.75
8.89
8.72
8.39
8.08
7.36
7.34
7.22
7.15
7.31
7.40
7.40
7.10
7.04
9.46
9.47
9.26
9.24
9.41
9.56
9.53
9.30
9.05
7.38
7.08
7.35
7.23
8.09
7.85
8.11
8.04
7.05
6,90
7.07
7.04
5.86
5.80
5.60
5.57
5.69
5.60
7.36
7.25
7.24
7.21
7.25
8.10
8.03
8.04
8.00
8.09
7.13
7.09
7.01
6.95
7.11
Bank-discount basis.
the more actively traded issue adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Average effective rate foe year; opening
openi and closing rate for month and week.
30
Corporate
Aaa bonds
(Moody's)
Prime rate
charged 4by
banks
New-home
mortgage
yields
(FHFB)5
8.50
8.80
7.69
6.33
5.66
6.20
6.98
6.98
18.87
14.86
10.79
12.04
9.93
8.33
8.21
9.32
10.87
10.01
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
10.13
10.05
8.29
8.23
8.06
7.90
7.77
7.83
7,81
7.74
7.49
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00 7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00 6.50
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00 10.00
10.17
10.28
10.13
10.08
10.11
9.90
9.98
9.90
9.76
9.04
8.83
8.93
8.86
7.02
6.41
6.36
6.07
6.50 6.50
6.00-6.00
6.00 6.00
6.00-5.50
10.00 9.50
9.50-9.00
9.00-9.00
9.00-9.00
9.65
9.57
9.43
8.92
8.86
8.87
8.81
8.89
6.27
6,17
5.99
6.04
6.12
6.00-6.00
6.00 6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00 5.50
9.00-9.00
9.00 9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-
5 Effective rate (in th e primary market) on conventional mort ^ages, reflecting fee s and charges as
well 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, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation,
COMMON STOCK PRICES AND YIELDS
Stock prices rose in April.
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
220
200
180
•S—^\^-^~\
~s\
160
140
_
1VO
/
X~^ ^W
80
^
^_/
220
200
180
^
^/
160
/-^~'~'
140
120
COMPOSIT E STOCK PRICE INDEX
(NYSE)
s—S^f
ion
\\ \v-
.
/
100
'
80
60
60
40
,.,,,1
\
1983
1984
1985
40
1988
1987
1986
1989
1991
1990
PERCE NT
PERC ENT
15
15
EARN NGS-PRICE RA TIO ON COMA;\ON STOCKS (S&P)
,*•»•""
—_
~"
^
5
0
1
1
1983
1
1
1 I
1984
1
,
>
1
1985
1
\
\
—>
\
1986
^
1
1
1
1987
1
1
1 1
1988
1
1
1
1989
5
•
-—
1
1
1
1990
1
Common st jck yields
(perce n t ) s
Com mon stock pric es i
New Y ork Stock Exd ange indexes ( )ec. 31, 1965-= 50)
2
Period
Industrial
0
COUNCIL OF ECONOMIC ADVISERS
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Composite
1
1991
Transportation
Utility
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
index
(1941-
Dividendprice ratio
43=10) 4
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
180.02
183.46
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
216.23
225.78
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
175.28
158.62
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
87.43
90.60
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
151.88
133.26
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
322.84
334.59
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
3.45
3.61
1990: Apr
May
June
Julv
Aug
Sept
Oct
Nov
Dec
185.61
191.35
196.68
196.61
181.45
173.22
168.05
172.21
179.57
226.86
234.85
242.42
245.86
226.73
216.81
208.58
212.81
221.88
173.55
173.53
177.37
173.18
147.4]
136.95
131.90
132.96
141.31
91.92
93 29
93.65
89.85
85.81
83.30
87.27
89.69
91.56
138.57
142.94
147.93
143.11
128.14
118.59
108.01
113.76
122.18
2,708.26
2,793.81
2,894.82
2,934.23
2,681.89
2,550.69
2,460.54
2,518.56
2,610.92
338.18
350.25
360.39
360.03
330.75
315.41
307.12
315.29
328.75
3.51
3.44
3.36
3.37
3.65
3.85
4.01
3.91
3.74
1991:
177.95
197.75
203.57
207.71
220.69
246.74
255.36
260.15
145.89
166.06
166.26
166.90
88.59
92.08
92.29
92.92
121.39
141.03
145.42
152.64
2,587.60
2,863.04
2,920.11
2,925.54
325.49
362.26
372.28
379.47
3.82
3.35
3.26
3.19
204.64
206.32
206.21
211.20
208.20
256.13
258.11
257.97
264.84
261.06
162.82
164.01
164.45
168.33
170.44
93.43
93.43
93.00
93.56
92.17
147.67
150.83
151.40
155.88
153.29
2,903.03
2,914.85
2,898.46
2,977.87
2,928.22
374.18
376.97
376.68
386.38
380.75
3.25
3.22
3.27
3.11
3.17
Jan
Feb
Mar
Apr"
Week ended:
1991: Mar 30
Apr 6
13
20
27
1
Average of daily closing prices.
Includes all the stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
4
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-
2
3
Earningsprice ratio
11.96
11.60
8.03
10.02
8.J2
6.09
5.48
8.01
7.41
6.49
5.94
7.11
6.54
price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NVSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 6 months of fiscal 1991, there was a deficit of $151.6 billion, compared with a deficit of $150,8 billion
a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
RECEIPTS AND OUTLAYS^
1,400
1,400
1,300
1,300
1,200
1,200
OUTLAYS-!'
1,100
1,100
1,000
1,000
900
900
\
RECEIPTS!/
800
800
700
700
'600
600
\lN
SURPLUS OR DEFICIT (-VJ
0
o
100
-200
300
-
„
A
1/1983
__
l
,^
_
1
1984
1
1985
T"—~~>,^^^
l
1
1986
1987
i
1988
l
1989
-200
t
"*—
1990
i
1991
f\
1992N
FISCAL YEARS
!/ "INCLUDES ON-8yDGET AND OFF-BUDGET ITEMS.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Total
Fiscal year or period
Receipts
1976
Transition quarter
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 (estimates)
1992 (estimates)
Cumulative total, first 6
months: l
Fiscal year 1990
Fiscal vear 1991
Outlays
Surplus
ot deficit
Receipts
Surplus
OT deficit
Keeeipte
Outlays
Surplus
or deficit
Total
Held by
the public
298.1
81.2
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
371.8
96.0
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
-73.7
-14.7
53.6
-59.2
-40.2
-73.8
-78.9
-127.9
-207.8
-185.3
231.7
63.2
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
76.6
328.5
369.1
403.5
476.6
543.0
594.3
661.2
686.0
70.5
-13.3
-49.7
-54.9
-38.2
-72.7
-73.9
-120.0
-208.0
185.6
66.4
18.0
76.8
85.4
98.0
113.2
130,2
143.5
147.3
166.1
69.6
19.4
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
-3.2
-1.4
-3.9
-4.3
-2.0
-1.1
5.0
-7.9
.2
.3
629.0
643.6
706.4
776.6
828.9
908.5
994.3
1,136.8'
1,371.2
1,564.1
477.4
495.5
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
734.1
769.1
854.1
909.0
990.7
1,031.3
1,091.4
1,165.0
946.3
990.3
1,003.8
1,064.1
1,144.1
1,251.7
1,409.6
1,445.9
-212.3
-221.2
— 149.7
— 155.1
-153.4
-220.4
-318.1
-280.9
547.9
568.9
640.7
667.5
727.0
749.7
793.2
849.8
769.5
806.8
810.0
861.4
933.2
1,026.6
1,171.7
1,194.2
-221.6
-237.9
-169.3
-193.9
-206.1
-277.0
-378.5
-344.4
186.2
200.2
213.4
241.5
263.7
281.7
298.3
315.3
176.8
183.5
193.8
202.7
210.9
225.1
237.9
251.7
9.4
16.7
19.6
38.8
52.8
56.6
60,4
63.6
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,617.8
4,021.1
1,499.4
1,736.2
1,888.1
2,050.3
2,190.3
2,410.4
2,717.6
2,995.4
458.2
482.6
609.0
634.3
-150.8
151.6
328.4
339.3
499.3
515.8
-170.9
-176.4
129.8
143.3
109.7
118.5
20.1
24.8
3,031.4
3,415.7
2,308.5
2,548.7
1
Data from M&nthly Treasury Statemeni.
NOTE.—Data are from Budget of the United States Govermn nt, Fiscal Year 1992, February
32
Qdq.
Gross Fe leral debt
(end of period)
Off-budget
Oil-budget
1991, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 6 months of fiscal 1991, receipts were $24.4 billion higher than a year earlier and outlays were $25.3
billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
600
RECEIPTS!/
500
600
INDIVIDUAL INCOME TAXES
\
400
. — — "-*""
200
\
T
—~
ft
1
500
"•""
__ — — -
400
300
\
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
CORPORATION
INCOME TAXES"-
OTHER RECtlPTS
100
— "-
-~--~""""~""~~"~'
-.— — —'
300
•
___.
200
100
\
1
1
1
1
1
1
1
0
1,200
1,200
OUTLAYS^/
1,100
1,100
1,000
1,000
900
900
NONDEFENSE
\
,
800
800
700
700
600
600
500
500
400
400
NATIONAL DEFENSE
300
1983
1984
1985
1987
1986
1988
1989
1990
200
1992
1991
FISCAL YEARS
J/'lNCtUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIt OF ECONOMIC ADVISERS
[Billions of dollars]
On-budg et and off budget ou tlays
Or -budget a nd off-bud i-et receipt
Fiscal year
Total
Individual
income
taxes
Corporation
income
Social
insurance
Nationa 1 defense
Other
Total
and
Total
butions
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 (estimates)
1992 (estimates)
Cumulative total, first 6 months: 1
Fiscal year 1990
Fiscal year 1991
1
298.1
est
73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
26.7
29.9
35.4
42.6
52.5
68.7
85.0
89.8
111.1
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
Other
134.0
157.5
185.3
209.9
227.4
18.5
20.5
23.2
26.9
27.4
28.6
30.4
22.8
26.5
32.1
39.1
46.6
52.6
57.5
946.3
990.3
1,003.8
1,064.1
1,144.1
1,251.7
1,409.6
1,445.9
252.7
273.4
282.0
290.4
303.6
299.3
298.9
295.2
245.2
265.5
274.0
281.9
294.9
289.8
287.5
283.0
16.2
14.2
11.6
10.5
9.6
13.8
17.0
17.8
33.5
35.9
40.0
44.5
48.4
57.7
71.2
81.3
65.8
70.2
75.1
78.9
85.0
98.1
104.4
113.7
128.2
119.8
123.3
129.3
136.0
147.3
173.2
184.8
188.6
198.8
207.4
219.3
232.5
248.6
269.0
288.6
129.4
136.0
138.6
151.7
169.2
184.2
197.0
206.3
131.8
142.1
125.9
139.4
159.8
202.7
278.9
258.0
609.0
634.3
150.1
130.1
145.5
124.8
7.9
9.3
26.9
32.7
47.0
49.2
76.0
87.1
120.3
130.2
90.4
97.0
90.4
98.8
61.3
63.1
83.9
94.5
103.3
93.5
95.9
101.9
265.2
283.9
303.3
334.3
359.4
380.0
402.0
429.4
73.0
73.1
74.3
78.9
82.3
90.9
101.0
104.2
204.9
204.4
39.0
44.6
171.8
188.3
42.5
45.3
Data from Monthly Treasury Statement.
Net
'y
7.5
7.5
12.7
13.1
12.3
11.8
15.9
334.5
349.0
392.6
401.2
445.7
466.9
492.6
529.5
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1992, February
Social
tv
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
65.7
64.6
61.1
49.2
37.0
56.9
458.2
482.6
Income
15.8
19.3
371.8
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
734.1
769.1
854.1
909.0
990.7
1,031.3
1,091.4
1,165.0
Medi-
15.7
17.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
181.0
217.8
244.1
285.9
297.7
288.9
298.4
Health
6.4
6.4
34.3
41.4
54.9
60.0
Interaffairs
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
131.6
157.6
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
Department of
Defense,
military
89.6
97.2
104.5
116.3
82.8
1991, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 1990, according to revised estimates, Federal receipts rose $0.6 billion (annual rate);
Federal expenditures rose $39.2 billion. In the first quarter of 1991, according to advance data, Federal
expenditures fell $65.0 billion; receipts data are incomplete.
BILLIONS OF DOLLARS
1,400
BILLIONS OF DOLLARS
1,400
SEASONALLY ADJU STED ANNUAL RATE S
_
,-s
1 200
%
,.-•'"
— — — — »EXPEN DITURES
Vs"\
800
__
-
y—
_— -^-
_-"'"''
^^
—
,
^"~
--"
/
^
'
"
800
—
RECEIPT 5
"
600
-
-
200
-
—
SURPLUS (DR DEFICIT
_
200
!
\^ r— '
1
!
1982
'
1
1
1
1983
1
1
1
1984
n^
IT
1985
~f%^|— |
J/
1
-)
-— —
1
1
1988
1987
1986
-~,
X-
I 1 1
1
1 1
1989
1
"X.
1 1
1990
CALENDXiR YEARS
SOURCE: C EPARTMENT OF COMMERCE
1 1 1
200
1991
COUh CIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal (jovernment expenditu res
Federal jovernment receipts
Period
Total
Fiscal year:
1985
1986
1987
1988
1989
1990
Calendar year:
1985
1986
1987
1988
1989
1990
1982: TV
1983: IV
1984: IV
1985: IV
1986: IV
1987: IV
1988: IV
1989: III
IV
1990: I
II
III
IV r
1991: I"
Personal
tax and
nontax
receipts
776.8
815.2
899.4
957.6
1,041.9
1,094.9
340.4
788.7
827.9
913.8
972.4
1,052.9
* 1,109.7
633.1
675.5
742.7
805.3
853.8
940.0
997.5
1,048.1
1,055.7
1,080.6
1,105.8
1,125.9
1,126.5
346.4
361.4
405.8
415.1
464.0
492.8
303.0
291.9
326.0
355.3
376.2
419.2
424.8
462.2
469.6
473.6
492.1
500.0
505.5
505.1
357.0
400.8
411.3
457.6
483.0
Corporate
profits
tax
accruals
Contributions for
social
insurance
Total
Purchases
of goods
and
services
Transfer
payments
74.6
81.1
99.1
108.1
113.8
113.6
55.9
50.9
53.5
55.6
57.8
58.8
305.8
326.1
345.9
382.6
412.6
439.6
962.3
1,028.0
1,060.0
1,101.8
1,172.2
1,252.7
341.5
374.0
368.6
375.4
377.8
399.0
416.1
394.6
411.1
433.2
462.0
504.7
76.3
55.1
50.5
54.0
57.0
58.4
61.7
47.6
53.6
56.2
53.5
50.8
55.1
57.8
59.3
58.7
60.6
60.5
61.0
64.6
73.2
310.9
332.1
350.8
389.8
420.1
446.7
236.1
259.8
290.7
317.7
337.9
358.4
399.6
421.9
426.1
439.9
444.0
450.6
452.3
465.3
985.6
1,034.8
1,071.9
1,114.2
1,187.2
1,275.7
835.7
844.7
930.2
1,017.5
1,042.8
1,101.7
1,153.8
1,179.8
1,205.8
1,248.8
1,271.7
1,271.6
1,310.8
1,245.8
355.2
366.5
381.3
380.3
400.0
424.0
293.2
276.1
326.0
376.6
368.8
388.2
401.1
399.2
399.9
410.6
421.9
425.8
437.6
442.3
380.1
399.9
414.0
438.9
471.9
511.4
347.4
352.5
362.1
385.8
405.8
421.4
447.2
474.4
487.9
503.4
510.4
513.2
518.5
457.3
83.8
103.2
110.5
110.4
r
108.5
46.4
70.2
69.7
78.8
88.9
107.4
115.4
104.7
101.3
106.5
109.2
114.2
104.1
Source: Department of Commerce, Bureau of Economic Analysis.
34
Indirect
business
tax and
nontax
accruals
Grantsin-aid to
State
and
local
governments
97.8
107.4
103.1
108.3
115.8
128.3
99.7
106.8
102.6
111.1
118.2
131.4
84.5
86.0
96.3
103.5
103.0
102.7
112.2
117.6
121.5
128.5
131.5
129.8
135.8
136.8
Surplus
or deficit
Subsidies
Net
interest
paid
current
surplus of
Government
enterprises
Wage
accruals
less
disbursements
128.3
134.6
139.3
148.8
167.7
182.1
20.7
22.8
-0.1
31.1
33.6
27.7
21.5
.0
.1
— .1
.0
.0
130.1
20.3
26.0
31.8
32.7
25.0
22.7
23.4
29.1
21.0
19.0
29.2
41.5
35.3
16.5
21.3
28.3
23.8
13.1
25.9
15.7
-.2
.0
.0
.0
.0
.0
.0
.0
.6
.0
.0
-.2
.0
.0
.0
.0
.0
.0
.0
.0
135.6
142.3
151.3
172.0
186.3
87.2
101.0
125.3
132.7
136.0
147.6
157.9
172.1
175.2
178.1
184.3
189.8
193.0
193.7
national
income
and
product
accounts
-185.5
-212.8
-160.7
— 144.1
-130.3
-157.7
-196.9
-206.9
-158.2
-141.7
-134.3
r
- 166.0
-202.6
-169.2
-187.5
-212.2
-189.0
-161.7
-156.3
-131.7
-150.1
-168.3
-166.0
-145.7
-184.3
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
(Consumer prices (19 2-84=100)
Industrial reduction (1987=1 X); seasonal] y adjusted
Period
United
States
1982
1983
1984
96.5
95.7
100.0
105.0
105.1
101.6
82.9
85.5
93.4
96.8
96.6
100.0
109.3
115.7
121.3
108.8
104.7
116.9
107.5
108.5
108.9
108.8
109.4
110.1
110.4
110.5
110.6
109.9
108.3
107.2
102.6
102.7
102.6
102.3
102.8
102.7
103.1
102.0
100.4
' 100.2
117.2
1990*
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
109.2
1989: Dec
1990: Jan
Feb
Mar
Apr
May
1985
1986
1987
1988
1989
June
July
Aug
Sept
Oct
Nov
Dec
1991:
106.6
105.7
105.3
Jan
Feb"
Mar?
1
Japan
Canada
76.5
81.5
91.4
r
r
98.5
97.5
97.6
r
116.5
118.8
117.9
121.0
121.1
123.2
123.7
122.4
125.3
124.6
!23.7
125.4
125.7
France
Germany
97.3
96.5
97.1
97.2
90.3
90.9
Italy
91.8
110.2
93.5
97.7
99.6
100.0
103.9
108.7
114.6
88.8
91.8
92.9
96.2
100.0
105.9
109.2
109.1
107.8
111.4
114.6
108.5
107.1
108.0
109.8
109.3
109.4
111.6
111.6
109.8
110.1
108.0
r
106.2
111,9
111.3
112,8
110.2
113,4
113.7
115.2
116.5
117.3
117.0
116.6
r
l!6.2
107.3
111.4
110.4
109.5
107.2
108.4
109.7
109.7
110.7
107.4
106.6
109.2
98.0
100.0
104.7
108.9
109.3
r
Japan
United
Kingdom
France
Germany
91.7
124.4
128.9
133.2
97.0
100.3
102.7
104.9
104.7
104.9
106.3
109.2
112.1
87.7
100.8
111.5
121.1
128.5
134.4
141.1
150.4
159.6
99.8
104.8
111.1
114.9
119.7
125.6
135.4
148.2
Italy
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
94.9
100.4
104.8
108.9
113.4
118.4
123.2
129.3
135.5
98.0
99.9
102.1
104.2
104.9
105.0
105.7
108.1
111.4
104.4
126.1
131.5
109.0
130.5
110.2
154.4
139.6
103.6
103.4
105.0
105.6
127.4
128.0
128.7
128.9
129.2
129.9
130.4
131.6
132.7
133.5
133.8
133.8
132.7
133.4
133.9
133.9
134.6
135.1
135.8
135.8
136.3
137.4
138.2
138.1
109.2
109.5
109.9
110.8
111.6
111.0
110.9
111.4
112.4
113.9
113.5
113.2
130.8
131.1
131.6
132.1
132.3
132.6
132.9
133.7
134.4
135.2
135.0
134.9
110.9
111.3
111.4
111.6
111.8
111.9
111.9
112.2
112.6
113.4
113.2
113.3
155.3
156.5
157.1
157.7
158.0
158.7
159.3
160.3
161.2
162.6
163.6
164.2
140.4
141.2
134.6
134.8
135.0
141.7
141.7
142.3
114.1 ' 135.5
113.8 135.7
135.8
114.0
114.3
165.4
167.0
'
'
'
'
T
Canada
86.3
89.5
89.6
94.5
96.8
100.0
103.6
104.0
103.3
104.7
107.0
' 103.0
102.1
' 101.9
102.1
' 100.6
r
99.9
r
l!9.1
118.0
United
States *
United
Kingdom
99.2
100.9
100.3
108.0
114.3
117.2
121.1
r
95.4
142.6
147.0
148.3
148.9
149.0
150.5
151.9
153.1
152.7
152.6
153.0
153.8
154.4
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration, Trade Information and Analysis).
Data relate to ail urban consumers.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
Met chandise e xports (f. l.s. value
1
I eneral in erchandise imports customs •aluc) 3
Principal end-use c ommoditv category
Period
Total
1982
1983
1984
1985
1986
1987
1988
1989
1990
June
July
Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
r
Foods,
feeds,
and
bever*
als
Capital
goods
except
automotive
* 227.2
254.1
322.4
363.8
393.9
31.3
30.9
31.5
24.0
22.3
24.3
32.3
37.2
35.1
61.7
56.7
61.7
58.5
57.3
66.7
85.1
99.3
104.2
73.9
75.8
86.2
109.2
138.8
152.6
31.6
33.3
32.1
32.8
34.2
32.1
32.5
32.0
35.0
34.2
38.3
3.1
3.2
3.0
2.9
3.4
2.8
3.1
2.7
2.6
3.0
2.5
8.0
8.6
8.4
8.4
8.4
8.1
8.7
8.6
10.0
9.6
9.0
12.8
12.8
12.4
12.7
13.5
12.8
12.5
12.6
13.2
12.3
13.0
34.3
33.5
27
3.2
9.5
9.8
13.0
12.2
5
1990: Feb .
Mar
Apr
May
2
Industrial
supplies
and
216.4
205.6
224.0
218.8
72.7
67.2
72.0
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
15.7
14.3
13.4
16.8
20.6
22.9
21.7
24.6
29.3
34.8
36.0
1
Includes Department of Defense Military Assistance Program grant-aid
2
Includes undocumented exports to Canada through 1988.
3
Total arrivals of imported goods other than intransit shipments.
4
Total includes revisions not reflected in detail.
2.8
3.3
3.0
3.5
3.4
3.0
3.1
2.7
3.4
3.1
13.3
12.6
14.2
17.7
23.1
36.4
43.4
Total
Other "
20.7
20.5
24.0
27.3
35.9
34.6
43.4
17.2
22.6
4
4
244.0
258.0
330.7
336.5
365.4
406.2
441.0
473.2
494.9
17.1
18.2
21.0
21.9
24.4
24.8
24.8
25.1
26.6
Industrial
supplies
and
40.9
59.8
65.1
71.8
84.5
101.4
113.3
117.3
33.3
40.8
53.5
66.8
78.2
85.2
87.7
86.1
85.9
68.3
79.4
88.7
95.9
102.9
105.7
9.1
9.8
9.8
9.5
9.6
10.1
9.8
9.3
10.6
10.2
9.8
6.7
7.9
6.9
7.5
7.3
7.5
7.7
7.0
8.0
7.0
6.3
8.3
8.7
8.7
8.7
8.5
9.1
9.1
8.6
9.6
9.1
8.3
1.2
1.3
1.3
1.3
1.4
1.3
1.3
1.6
1.4
1.5
1.3
40.4
43.5
41.1
9.9
10.0
72
8.6
8.5
1.3
6.6
43.3
40.6
39.6
2.2
11.6
41.5
2.2
12.3
38.8
2.1
10.4
3.2
2.5
4.0
3.9
2.0
1.9
General
merchandise
imports
(c.i.f.
value)
112.0
107.0
123.7
113.9
101.3
111.0
118.3
132.3
143.0
46.0
43.1
2.4
sumer
goods
(nonfood)
except
automotive
als
11.1
11.5
10.5
11.3
10.5
11.0
12.3
12.8
3.6
3.9
3.7
3.5
3.5
3.9
3.8
3.7
Automotive
vehicles,
parts,
and
engines
Capital
goods
except
automotive
2.3
2.5
2.3
2.3
2.1
2.1
2.1
2.1
2.2
2.1
38.7
41.6
39.4
40.5
39.6
41.2
42.3
41.3
shipments.
Foods
feeds,
bever-
1.6
1.8
1.7
1.8
1.6
1.8
1.7
1.8
1.8
2.4
2.6
3.4
3.4
3.5
Trade b alance
Principal ( nd-nse ec mmodity category
14.3
13.3
35.4
39.7
44.9
60.0
Other
6.5
6.3
7.8
9.4
10.4
12.1
12.8
13.6
16.3
1.2
254.9
269.9
346.4
352.5
382.3
424.4
459.5
493.2
516.6
42.4
41.3
43.1
44.2
43.1
47.9
44.9
41.3
Exports
(f.a.s) less
imports
(customs
vaiue)
-27.5
-52.4
-106.7
-117.7
- 138.3
-152.1
— 118.5
-109.4
-101.0
-7.1
— 8.4
-7.3
-7.8
-5.3
-9.1
-9.7
-9.3
-11.0
-8.9
-6.3
-7.2
-5.3
Exports
(f.a.s)
less
imports
tc.i.l.)
-38.4
-64.2
-122.4
-133.6
-155.1
-170.3
-137.1
-129.4
-122.7
-8.8
-10.2
-9.1
-9.6
-7.1
-11.0
-11.6
-11.1
-12.9
-10.7
-8.0
-9.0
-7.1
5
Total exports are on a revised statistical month basis; end-use categories are on i
month basis.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the fourth quarter of 1990, the merchandise trade deficit fell to $28.9 billion from $29.8 billion in the third
quarter; the current account deficit rose to $27.8 billion from $26.5 billion in the third quarter.
BILLIONS OF DOLLARS*
10
BILLIONS OF DOLLARS*
10
5
0
—5
-5
-10
-10
-15
-15
BALANCE ON GOODS,
SERVICES, AND INCOME
-20
--- \
-20
-25
-25
-30
-30
-35
-35
-40
-40
-45
-45
1990
1982
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)]
Merchandise 1
2
Period
Exports
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 "
1988: I
II
237,085
211,198
201,820
219,900
215,935
223,367
250,266
320,337
360,465
389,286
76,497
79,392
in
80,511
IV
83,937
1989: I
88,267
II
91,111
in
89,349
TV
91,738
1990: I
96,093
II
96,585
Ill
96,152
IV.... 100,456
1
2
3
4
Imports
-265,063
-247,642
-268,900
-332,422
-338,083
-368,425
-409,766
-447,323
-475,329
-497,966
-109,988
-110,494
-111,290
-115,551
-116,360
-119,333
-119,152
-120,484
-122,902
-119,810
-125,937
-129,317
Net balance
-27,978
36,444
-67,080
-112,522
-122,148
-145,058
-159,500
-126,986
-114,864
- 108,680
-33,491
-31,102
-30,779
— 31,614
-28,093
-28,222
-29,803
-28,746
-26,809
-23,225
-29,785
-28,861
Net
military
transactions 3 4
transpor-
-844
112
-163
-2,147
-4,096
-4,907
-3,530
5,452
-6,320
-6,413
-1,075
-1,139
-1,144
-2,094
-1,763
-1,667
-1,114
-1,776
-1,287
-1,382
-1,705
-2,042
144
-992
-4,227
-9,153
10,788
-8,939
8,298
-4,060
659
1,689
-1,776
-1,062
-624
-599
-57
39
-192
870
986
390
-235
549
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Quarterly data are not seasonally adjusted.
Includes transfers of goods and services under U.S. military grant programs.
36
Invt stment inconu
Services
Payments
on foreign
assets 3in
U.S.
5
Balance on
goods,
services,
and income
Other
services,
Receipts
on U.S.
assets
abroad
12,552
12,981
13,859
14,042
14,008
18,551
18,262
21,032
26,123
27,648
4,736
5,079
5,391
5,829
5,899
6,164
7,031
7,030
6,226
6,896
7,087
7,439
6,892
15,223 -8,331
-53,626 31,349
84,975
-5,868
3,907 -9,775
85,346 -57,097 28,250
-40,143
81,972 -54,549 27,423 -30,188 -9,956
92,935 -69,542 23,394 -86,385 -12,621 -99,006
15,473 -122,332
82,282 -66,115 16,166 -106,859
129,384 -16,009 - 145,393
80,982
-70,013 10,969
5,326 -147,739 -14,575 -162,314
90,536 -85,210
113,857 -15,005 -128,862
1,610
110,048 -108,438
-95,314 -14,720 -110,034
-913
127,536 — 128,448
-78,224 -21,073 -99,297
7,533
128,829 -121,296
2,400 -29,206 -3,476 -32,682
26,980 -24,580
409 -27,815 -3,060 -30,875
26,739 -26,330
-30,758
— 141 -27,297 -3,461
27,942 -28,083
28,386 -29,445 -1,059 -29,537 -5,008 -34,545
465 -23,549 -3,555 -27,104
30,872 -30,407
31,932 -33,889 -1,957 -25,643 -3,006 -28,649
17 -24,061 -3,530 -27,591
32,102 -32,085
-26,692
32,629 -32,068
561 -22,061 -4,631
-3,440 -22,320
2,004 -18,880
31,550 -29,546
-18,311 -4,422 -22,733
-990
-31,681
30,691
-26,481
2,256 -22,382 -4,099
31,889 -29,633
-9,112 -27,762
4,265 -18,650
-30,435
34,700
receipts
Net
transfers,
net"
on current
account
5
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
United States are excluded from investment income and included in other services, net.
See p. 37 for continuation of table.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $24.4 billion in the fourth quarter of
1990, compared to an increase of $13.5 billion in the third quarter. Liabilities to private foreigners reported by
U.S. banks, excluding Treasury securities, increased $19.6 billion in the fourth quarter, compared to an increase of
$27.6 billion in the third quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
20
CHANGE IN
U.S. ASSETS
ABROAD, NE1
-20
-40
-60
-60
1990
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
increase /capit il outflow ( — ) ]
Period
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990"
1988: I
II
U.S.
official
reserve
assets 3 6
-110,951
— 124,490
-56,100
-31,070
-27,721
-92,030
-62,946
— 84,176
-127,061
— 61,251
-5,175
-4,965
-1,196
-3,131
-3,858
312
9,149
-3,912
-25,293
-2,158
4,569
-19,856
-42,383
-26,508
1,502
39
-7,380
1,925
-32,85,9
-1,381
-44,076
-48,745
-4,000
-12,095
-5,996
-3,202
32,905
-31,694
-31,894
-30,568
-3,177
371
1,739
-1,091
m
IV
1989: I
II
Ill
IV
1990: I
n
Ill
IV"...
6
Consists of gold, special draw
tion in the IMF.
Other U.S.
Government
assets
-5,097
Foreign assets in the ^ J.S., net
[increas /capital inflovi ( + )]3
U.S.
private
assets
-100,679
6,131 -113,394
-5,006 -49,898
-5,489 — 22,451
-2,821 -21,043
2,022 -90,321
997 -73,091
2,969 -83,232
1,185 -102,953
2,971
-62,063
4,661
-1,594
19,048
847
-36,960
1,957
31,885
3,452
962 -29,821
11,017
-303
574 -38,654
-47 -45,496
36,741
-659
-808 -31,257
-33,273
-360
4,797 -34,273
Statistical c iscrepancy
Allocations
of special
drawing
rights
(SDKs)
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U S official
reserve
assets, net 6
(unadjusted,
end of
period)
Foreign
official
assets
Other
foreign
assets
83,032
93,746
84,869
102,621
130,012
221,599
218,470
221,442
214,652
87,545
4,960
3,593
5,845
3,140
-1,083
35,588
45,210
39,515
8,823
30,778
78,072
90,154
79,023
99,481
131,096
186,011
173,260
181,927
205,829
56,767
26,079
65,270
49,797
80,295
24,840
5,970
-2,015
10,720
1,239
59,300
51,812
69,575
2,034
-14,539
23,344
-19,242
2,970
2,995
-4,630
4,656
43,186
41,028
47,788
47,802
68,402
2,794
74,136
69,320
7,797
-4,961
13,003
-7,016
60,605
7,755
61,133
76,336
-8,439
27,236
-2,469
6,117
3,093
-1,697
-4,953
3,560
49,854
60,502
68,418
74,609
-32,988
25,496
56,131
38,907
-8,203
5,541
13,588
19,851
-24,786
19,954
42,543
19,055
22,404
28,932
2,244
19,424
3,023
-767
-4,980
2,726
76,303
77,298
80,024
83,340
Total
[ rights (SDKs), foreign currencies, and the U.S. reserve posi-
1,093
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,340
19,934
36,612
11,374
27,456
20,041
15,824
6,790
— 8,404
22,443
73,002
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
.•
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless other-wise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
*" Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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