Full text of Economic Indicators : August 1991
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102d Congress, 1st Session
Economic Indicators
AUGUST 1991
(Includes data available as of August 29, 1991)
, <^ <
0 -
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
[PUBLIC LAW 120—81sT 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 $2.50 a single copy
($3.13 foreign), or by subscription at $28.00 per year ($35.00 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
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ISBN 0-16-035448-X
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
In the second quarter of 1991, according to revised estimates, current-dollar gross national product (GNP) rose 4.2
percent (annual rate) or $58.1 billion. Real GNP (GNP adjusted for price changes) fell 0.1 percent and the implicit
price deflator rose 4.2 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
6,000
6,000
sEASONAUY ADJUS
—
ED ANNUAL RATES
—
-
-
^~
^
-
.XI^
G NP
4,800
-
—
4,800
IN CURREt
vlT DOLLARS-
X
-
-
'
4,400
-
—
r-^1
.
^'-'
"""
•
^^J
/^
3,600
-""
_--"*
—
./
jT
GNP
IN 1982DOLLARS
3,600
S
3 200
—
-
I
1 1
1982
1
1
I
1
1 I
1984
1983
1
1 1
1985
I 1 1
1986
1
1 I
I
1 1
1988
1987
1
1 1
1989
1
1 1
1990
SOURCE: DEPARTMENT OF COMMERCE
1
1 1
1991
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Gross
national
product
Period
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
IV
1990: I
n
m
IV
1991:
I
11
1
Personal
eonsumption
expenditures
Gross
private
domestic
investment
Govern ment pure lases of
goo is and senflees
omes ic
Federal
Net
exports
32.1
33.9
26.3
-6.1
-58.9
-78.0
-97.4
-114.7
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
3,212.5
3,545.8
3,851.8
4,107.9
4,297.3
4,647.6
5,009.8
5,289.3
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,079.1
3,332.6
3,518.5
409.6
579.8
661.8
654.1
648.8
741.4
747.5
762.7
-25.8
-67.9
-103.2
-108.9
-115.0
-70.3
-35.3
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
5,557.7
5,615.8
3,742.8
3,791.2
660.0
656.8
GNP less exports of goods and services plus imports of goods and sen
Exports and import. of goods
and service
Exports
Imports
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
Total
National
defense
Nondefense
65.4
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
205.4
221.5
244.1
268.6
280.7
296.0
299.6
299.2
87.7
54.6
81.9
108.0
88.1
92.2
101.6
100.7
378.7
400.0
438.5
480.1
520.1
553.9
598.9
643.4
3,272.4
3,514.8
3,806.8
4,100.7
4,309.4
4,591.9
4,993.6
5,264.3
3,198.5
3,571.6
3,919.7
4,211.2
4,406.2
4,762.6
5,080.1
5,324.6
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
443.8
451.1
331.2
327.1
112.6
124.0
697.7
701.8
5,591.9
5,649.3
5,544.2
5,600.9
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
335.9
364.7
385.7
369.2
402.4
485.8
583.1
642.8
321.9
390.5
453.6
472.4
511.3
600.7
653,5
678.1
671.8
676.1
764.5
856.7
888.9
942.0
1,000.0
1,043.3
293.2
276.1
326.0
376.6
368.8
388.2
401.1
399.9
-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
13.5
14.9
694.5
700.4
681.0
685.5
1,141.5
1,152.9
-74.1
-46.1
-31.2
14.1
442.4
chases l
and
74.8
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]
„
Period
al
product
Personal
consumption
expenditures
Exports and imp orts of
goods and sennces
Gross p rivate
domestic in vestment
1
Total
Nonresidential
fixed
Residential
fixed
Change
in
business
Govern]nent pure tiases of
goo( s and ser•vices
Federal
Net
exports
Exports
Imports
Total
Total
National
State
and
local
Non-
Final
sales
Gross
domestic
purchases 1
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
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
174.4
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
84.0
62.3
9.1 - 104.3
5.6
129.7
22.8 -118.5
23.6 -75.9
23.8 -54.1
-3.6
33.8
388.9
392.7
361.9
348.1
371.8
367.2
397.1
451.8
584.7
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
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
3,159.3
3,365.1
3,535.2
3,662.4
3,733.6
3,920.7
4,059.3
4,133.2
2,078.7
2,191.9
2,281.1
2,386.9
2,477.8
2,534.2
2,638.8
2,669.9
408.8
577.2
655.7
648.0
615.2
706.6
696.2
709.1
352.3
390.4
444.4
460.9
435.7
462.3
486.6
508.4
115.8
159.9
169.6
179.4
200.3
195.8
195.6
181.8
-59.3
11.7
27.0 -46.2
41.7 -94.8
7.7 -125.3
-20.8 -135.4
48.4 -111.3
14.0 -75.7
18.9 -47.9
336.0
355.5
376.6
367.4
406.5
487.0
555.3
611.6
324.3
401.6
471.4
492.6
541.9
598.3
631.0
659.4
660.1
642.2
693.2
752.7
776.0
791.3
799.9
802.2
289.5
266.0
300.5
340.6
342.4
347.7
342.3
332.7
201.4
211.6
225.3
241.4
255.8
266.0
261.1
255.5
88.2
54.4
75.2
99.2
86.6
81.7
81.2
77.2
370.6
376.2
392.7
412.1
433.6
443.6
457.5
469.5
3,218.6
3,338.1
3,493.5
3,654.7
3,754.4
3,872.3
4,045.2
4,114.4
3,147.6
3,411.3
3,630.0
3,787.6
3,869.0
4,032.0
4,134.9
4,181.1
n
m
4,150.6
4,155.1
4,170.0
4,153.4
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
-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 r
4,124.1
4,123.0
2,663.7
2,682.1
623.7
619.6
496.8
494.5
151.8
152.8
25.0
-27.7
7.1
-14.5
648.0
654.9
641.0
669.5
829.6
835.8
349.5
356.4
267.5
261.5
82.0
94.9
480.1
479.4
4,149.0
4,150.7
4,117.0
4,137.5
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
IV
IV
IV
IV
IV
W
IV
FV
1990: I
IV
n
1
GNP less exports of goods and services plus imports of goods and services.
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982 = 100; quarterly data are seasonally adjusted]
Gross mvate
domestic i ivestment
Personal c onsumption
expen ditures
Period
national
product
Total
Durable
goods
Nondurable goods
Services
Nonresidential
Exports am imports of
goods anc services
Gove rnment pure lases of goc ds and
sernces
Federal
Residential fixed
Exports
Imports
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
101.7
105,4
109.0
112.2
115.1
118.5
123.4
128.0
101.8
105.7
109.3
113.1
115.8
121.5
126.3
131.8
100.7
103.1
104.1
104.7
106.2
108.9
110.3
111.4
101.0
103.1
105.8
108.7
107.8
113.9
118.6
124.5
102.7
108,3
113.5
119.0
124.9
130.9
137.0
143.4
100.7
98.3
97.9
97.9
100.0
99.0
101.8
100.7
99.1
103.1
107.2
109.0
112.4
116.5
120.6
124.3
100.0
102.6102.4
100.5
99.0
99.7
105.0
105.1
99.3
97.2
96.2
95.9
94.4
100.4
103.6
102.8
101.3
103.8
108.5
110.6
107.7
111.7
117.2
120.2
102.0
104.7
108.3
111.3
109.7
111.3
114.7
117.1
99.5
100.3
108,9
108.8
101.7
112.8
125.1
130.4
102.2
106.3
111.7
116.5
120.0
124.9
130.9
137.1
1990: I
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:
134.8
136.2
140.5
141.3
113.0
113.1
135.2
135.4
152.1
153.5
101.4
100.5
125.5
126.5
107.2
106.9
106.3
102.4
127.0
126.6
123.8
125.1
137.3
130.7
145.3
146.4
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
IV
n
m
rv
I
n
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]
Persona] consumption e> penditures
Ore ss national pr( duct
Period
Current
dollars
1980
1981
n
m
rv
1988: I
n
m
rv
1989: I
n
m
rv
1990: I
n
m
rv
I
nr
-
Implicit
price
deflator
Chain price
index
-0.2
9.0
9.0
11.7
3.7
7.6
10.8
6.4
5.4
6.7
7.9
6.7
5.1
9.1
7.5
1.9
-2.5
3.6
6.8
3.4
2.7
3.4
4.5
2.5
1.0
5.2
4.2
9.7
7.4
4.1
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
2.2
4.2
6.6
5.1
3.6
2.7
2.7
3.6
1.6
1.7
.3
1.7
.4
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
8.9
1982
1983
1984
1985
1986
1987
1988
1989
1990
1987: I
1991:
Constant
(1982)
dollars
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
4.4
3.9
3.9
3.2
3.8
4.8
4.7
4.4
3.1
3.7
6.1
1.4
4.7
3.7
-1.6
-2.8
-.1
2.8
5.2
4.2
4.1
3.7
3.6
5.2
3.2
NOTE. — Annual changes are from preceding year and quarterly changes re from preceding quarter.
Fixedweighted
price index
(1982
weights)
Constant
(1982)
dollars
Current
dollars
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
1.9
5.3
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
4.4
4.9
4.6
3.1
3.8
6.6
3.9
4.2
4.7
5.2
3.0
Implicit
price
deflator
-0.2
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
-.8
1.1
2
2.7
^3.4
-1.5
2.8
Chain price
index
10.7
9.2
Fixedweighted
price index
(1982
weights)
10.5
9.0
5.6
10.9
9.2
5.7
4.2
3.9
3.5
2.7
5.7
4.1
3.8
3.2
2.4
4.6
3.8
4.6
5.0
6.4
4.8
4.4
4.1
4.6
4.0
4.7
4.9
6.2
4.9
4.3
4.0
2.3
4.3
4.6
4.6
5.2
5.1
2.2
5.0
6.8
3.6
5.4
6.9
3.5
2.3
2.5
4.7
4.8
4.8
5.0
5.3
2.6
4.9
6.8
3.4
5.2
6.5
3.4
2.8
4.2
4.0
3.5
2.7
4.6
4.1
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
7.1
3.3
2.6
Source: Depar :ment of Comir erce, Bureau ( f Economic Ai alysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Gross dome stie product
of nonf nancial
corporate business
(hillions 0 f dollars)
Period
Current
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
IV
IV
IV
IV
IV
1987: IV
1988: IV
1989: IV
1990: I
n
m
IV
1991: I
II"
1
1982
dollars
1,540.8
1,803.6
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
2,878.5
2,907.5
2,960.0
2,979.1
2,964.1
2,956.9
2,986.0
1,836.8
1,782.2
1,871.8
2,049.2
2,132.3
2,214.3
2,310.9
2,443.4
2,503.0
2,506.5
1,761.6
1,951.7
2,084.1
2,165.4
2,240.8
2,364.8
2,482.5
2,502.2
2,503.8
2,519.6
2,514.4
2,488.3
2,446.9
2,448.9
Total
cost and
profit 2
0.854
.946
1.000
1.023
1.048
1.063
1.069
1.093
1.114
1.140
1.178
1.010
1.031
1.056
1.066
1.075
1.098
1.127
1.150
1.161
1.175
1.185
1.191
1.208
1.219
Current-dollar cc st and profit per unit of output (dollar s ) >
1
Corporate profits with inventory
valuation nd capital co nsumption
adjustments
CompenIndirect
sation of
business
3
Profits
Profits
taxes
employees
consump
tax
after
Total
liability
tax*
adjustment
Capital
consumption
allowances
0.096
.109
.125
.123
.117
.118
.121
.122
.122
.127
.132
.130
.119
.118
.119
.122
0.077
.090
.094
.098
.100
.102
.104
.104
.105
.109
.116
.096
.097
.101
.102
.104
.104
.106
.111
.113
.113
.117
.119
.124
.125
.121
.123
.130
.130
.131
.133
.136
.140
.141
Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol-
4
0.583
.632
.676
.676
.683
.699
.708
.720
.737
.760
.791
.685
.676
.689
.704
.713
.726
.747
.769
.777
.787
.797
.804
.814
.821
0.031
.037
.043
.037
.039
.038
.040
.040
.040
.048
.051
.042
.037
.042
.037
.041
.040
.041
.051
.051
.051
.051
.052
.052
.051
0.068
.079
0.037
.035
.063
.088
.109
.106
.097
.106
.109
.096
.088
.057
.102
.107
.105
.094
.108
.110
.089
.090
.094
.087
.080
.079
.082
.026
.032
.036
.033
.034
.040
.042
.041
.038
.023
.036
.032
.033
.038
.042
.042
.039
.038
.039
.040
.037
.032
.034
0.031
.044
.037
.057
.073
.073
.063
.066
.067
.056
.049
.034
.066
.075
.071
.057
.066
.067
.051
.052
.055
.047
.043
.047
.048
Output
Compen-
of all
employees
(1982
dollars)
*
'"hour of F
all
employees
(dollars)
18.547
18.699
18.774
19.344
19.867
20.198
r
20.902
r
2 1.202
21.658
r
21.602
r
21.509
18.807
19.554
19.932
20.389
'21.055
r
21.367
' 2 1.680
r
21.491
T
2 1.409
' 2 1.547
r
21.508
r
21.518
r
21.461
10.809
11.815
12.682
13.085
13.571
14.112
' 14.792
' 15. 264
15.874
'16.417
' 17.020
12.881
13.221
13.741
14.350
' 15.014
' 15.506
' 16.089
r
16.529
r
16.641
' 16.950
r
!7.148
' 17.301
r
!7.462
*
With inventory valuation and capital consumption adjustments.
lars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments less subsidies.
'Series revised beginning- 1986. See Note, p. 16.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employ-
Proprieto s' income
with in ventory
valuation ind capital
consulnption
adjust ments
Farm
Profits "wi ;h inventory valuation
adjustme it and witho at capital
consu [nption adjus tment
Total
Profits
before tax
Inventory
valuation
adjustment
Capital
consump-
Net
interest
adjustment
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
13.6
13.2
8.5
9.2
11.6
13.7
16.3
8.2
6.9
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
-10.4
-10.9
-5.8
-1.7
6.7
-19.4
-27.0
-21.7
— 11.4
-9.2
17.0
32.7
59.7
53.8
52.4
47.8
25.5
4.9
272.3
281.0
304.8
319.0
S25.5
328.6
371.8
445.1
466.7
2,548.2
2,851.5
3,096.1
3,312.8
3,473.1
3,791.5
4,104.1
4,267.1
1,931.1
2,092.7
2,272.7
2,426.7
2,571.2
2,770.3
2,986.7
3,128.6
28.5
19.3
28.1
29.2
37.2
52.3
35.5
45.7
159.8
188.6
209.7
235.0
252.0
293.0
321.5
336.0
15.8
12.4
5.6
7.8
13.5
14.6
16.8
4.1
146.1
248.5
266.9
291.4
275.2
323.1
349.6
290.9
150.7
223.4
224.6
228.4
226.1
268.6
308.7
275.3
164.1
231.5
226.1
235.0
234.1
289.7
331.1
289.8
-13.4
-8.1
-1.6
-6.6
-8.0
-21.1
-22.5
-14.5
-4.5
25.1
42.3
63.0
49.1
54.5
40.9
15.6
266.9
290.2
313.1
322.7
324.0
338.2
394.1
461.7
n
ra
4,350.3
4,411.3
4,452.4
4,459.7
3,180.4
3,232.5
3,276.9
3,286.9
57.4
51.0
42.4
48.8
346.6
350.8
355.6
357.4
5.5
4.3
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
7.7
2.0
-1.4
463.6
466.2
468.3
468.4
n
4,456.4
4,498.2
3,299.3
3,335.3
48.5
51.8
355.8
365.2
5.6
6.2
286.2
287.9
289.7
287.6
281.5
283.6
8.1
4.1
-3.5
.3
460.9
451.7
Serv-
Retail sales of
new pa ssenger
cars (m Ilions of
un ts)
IV
IV
IV
W
IV
IV
IY
IV
1990: I
IV
1991: I r
1
tion
adjustment
Noafarm
Corpora ,e profits wi h inventory valuation am1 capital
consurnption adjust ments
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
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
Rental
income of
persons
with
capital
Includes employer contributions for social insurance. (See also p. 5.)
8.4
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Non durable g )ods
Durabl goods
Period
eonexpendiu
1982
1983
1984
1985
1986
1987
1988
1989
1990
Total
durable
goods
Motor
vehicles
and
parts
Furniture
and
household
equipment
Total
Other
durable
goo s
Food
Clothing and
shoes
Gasoline
and oil
Other
Domestics
Imports
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
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
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,079.1
3,332.6
3,518.5
263.8
310.0
346.7
373.2
422.0
427.4
473.1
471.2
115.7
144.4
162.3
173.8
201.1
198.9
217.8
207.5
99.1
112.4
122.7
134.7
143.8
151.1
166.8
173.0
49.0
53.2
61.8
64.7
77.1
77.4
88.5
90.7
786.6
837.9
879.6
932.7
952.1
1,019.9
1,088.0
1,148.8
407.0
430.8
456.1
482.5
511.9
539.0
577.1
602.2
126.5
141.1
149.8
160.6
168.7
182.2
198.6
208.7
89.8
91.9
89.0
91.0
66.0
77.3
78.5
83.5
163.4
174.0
184.7
198.5
205.5
221.5
233.9
254.4
1,066.5
1,167.9
1,267.1
1,394.5
1,494.4
1,631.8
1,771.5
1,898.5
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
1990: I
3,588.1
3,622.7
3,693.4
3,724.9
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
94.0
109.4
258.2
258.6
265.4
265.6
1,921.3
1,965.3
2,006.2
2,040.4
7.0
6.8
7.2
6.6
2.8
2.7
2.5
2.4
1991: I
3,742.8
3,791.2
455.3
454.0
190.9
188.2
174.2
176.5
90.2
89.3
1,212.7
1,222.9
636.7
643.3
213.3
218.6
93.9
91.3
268.7 2,074.8
269.7 2,114.2
6.0
6.1
2.2
2.4
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
IV
FV
IT
IV
IV
W
IV
IT
n
m
rv
11
Source: Department of Commerce, Bureau of Economic Analysis.
SOURCES OF PERSONAL INCOME
Personal income fell $5.6 billion (annual rate) in July following a rise of $24.3 billion in June. Wages and salaries
fell $7.6 billion in July, compared with a rise of $26.5 billion in June.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
5,000
5,000
4,000
4,000
3,000
- TOTAL PERSONAL INCOME -
3,000
2,000
2,000
WAGE AND SALARY DISBURSEMENTS
1,400
1,400
\
OTHER INCOME
800
800
TRANSFER
PAYMENTS
400
1983
1985
1984
1986
1987
400
1988
1989
• SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: July
Aug
Sept
Oct
Nov
Dec
1991: Jan
Peb
Mar
Apr r
May r
June r
July"
Total
personal
income
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
—'
Proprietor? ' income 3
Wage and
Personal
Bental
dividend
income of
disburseincome * 2
income
Farm
Noniarm
persons 4
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
1,510.3
1,586.1
1,676.6
1,838.6
1,975.4
150.3
163.6
173.6
182.9
187.6
3,526.2
3,766.4
4,070.8
4,384.3
4,645.5
4,662.7
4,675.0
4,697.8
4,695.9
4,716.2
4,743.3
4,723.8
4,733.3
4,750.4
4,756.6
4,789.0
4,813.3
4,807.7
2,094.8
2,249.7
2,431.1
2,573.2
2,705.3
2,727.1
2,728.3
2,747.2
2,731.6
2,731.6
2,753.6
2,741.0
2,741.9
2,745.6
2,750.2
2,772.6
2,799.1
2,791.5
199.3
209.4
225.5
241.9
258.1
258.8
260.0
261.2
262.2
263.2
264.2
265.2
266.2
267.2
268.2
269.2
270.2
271.2
30.7
24.6
12.4
30.5
30.2
34.7
42.8
43.7
48.6
49.9
45.7
42.9
38.5
39.1
54.5
52.9
39.6
47.2
58.7
53.5
54.2
47.7
43.5
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4} in that it excJudes 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.
1991
1990
156.1
13.3
150.9
178.4
204.0
225.6
247.2
280.6
310.5
330.7
352.6
353.0
356.6
357.0
357.1
357.6
357.5
353.8
356.3
357.4
361.0
365.9
368.9
371.5
13.6
13.2
8.5
9.2
11.6
13.7
16.3
8.2
6.9
6.2
9.1
10.0
10.8
8.8
8.3
6.8
5.1
4.9
5.5
6.3
6.6
7.2
4
61.3
63.9
68.7
75.5
78.7
85.8
91.8
102.2
114.4
123.8
124.3
125.0
125.3
126.1
126.8
127.2
127.2
127.6
125.3
125.2
125.6
125.7
126.3
Personal
interest
income
335.4
369.7
393.1
444.7
478.0
493.2
501.3
547.9
643.2
680.4
683.6
685.4
686.8
687.5
688.1
688.2
685.7
681.8
678.6
676.4
674.5
673.2
672.2
Transfer
payments 5
368.1
410.6
442.6
456.6
489.8
521.5
549.9
587.7
636.9
694.8
692.1
695.9
701.2
710.0
714.0
721.2
741.6
744.5
750.1
754.4
759.8
762.7
764.5
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
228.1
228.2
229.5
228.4
228.4
229.9
237.2
237.2
237.4
237.8
239.0
240.7
240.1
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
4,595.6
4,610.7
4,637.8
4,635.3
4,640.2
4,668.8
4,662.6
4,664.4
4,669.9
4,681.2
4,712.9
4,743.6
4,742.1
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,
and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
5
6
DISPOSITION OF PERSONAL INCOME
According to revised estimates, real per capita disposable personal income rose in the second quarter of 1991.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILUONS OF DOLLARS * (RATIO SCALE)
4,500
4,500
4,000
4,000
DISPOSABLE PERSONAL INCOME
3,500
3,500
\
10,000
10,000
8,000
8,000
1982
* SEASONALLY ADJUSTED ANNUAL KATES
SOURCE: DEPARTMENT OF COMMERCE
•p
Period
i
income
Less:
Personal
tax and
nontax
payments
Fqua1s.
'
1
income
COUNCIL OF ECONOMIC ADVISERS
Less:
Personal
outlays *
Equals:
Personal
saving
Disposable
personal
income in
1982
dollars
(billions)
Per c apita
disposabl personal
inc me
Current
dollars
Billions of dollars
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
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
340.5
393.3
409.3
410.5
440.2
486.6
512.9
571.6
591.6
658.8
699.4
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 personal
consul iption
expen itures
Current
dollars
1982
dollars
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
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
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands) 2
Perceiit
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
8,783
8,794
8,818
9,139
9,489
9,840
10,123
10,311
10,580
10,678
10,666
-1.1
.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
11,541
11,586
11,564
11,511
11,376
11,307
11,349
9,068
9,825
10,479
11,240
11,825
12,572
13,474
14,084
14,330
14,432
14,670
14,752
14,787
14,943
8,904
9,299
9,587
9,935
10,214
10,347
10,669
10,687
10,693
10,671
10,711
10,589
10,524
10,572
1.2
9.1
1.7
3.3
.3
6.4
1.2
.1
1.6
-.8
-1.8
-4.6
-2.4
1.5
6.2
5.8
5.8
3.9
3.3
3.9
4.1
4.6
4.9
5.0
4.2
4.2
4.2
4.2
233,466
235,707
237,946
240,257
242,519
244,925
247,329
249,818
250,392
251,026
251,767
252,495
253,114
253,704
7.1
Seasonally adjusted ann ual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
IV
IV
IV
IV
IV
IV
IV
IV
I
n
m....
IV
1991: I r
n ....
2,729.2
2,941.8
3,188.3
3,399.1
3,597.8
3,890.9
4,186.2
4,469.2
4,562.8
4,622.2
4,678.5
4,718.5
4,735.8
4,786.3
1
411.1
413.9
459.7
499.6
534.4
588.6
607.3
669.6
675.1
696.5
709.5
716.6
714.6
716.4
2,318.1
2,527.9
2,728.6
2,899.5
3,063.4
3,302.3
3,578.9
3,799.6
3,887.7
3,925.7
3,969.1
4,001.9
4,021.3
4,069.9
2,174.9
2,382.5
2,571.3
2,787.7
2,961.4
3,172.6
3,430.4
3,625.5
3,696.4
3,730.6
3,802.6
3,834.4
3,852.5
3,899.7
143.1
145.4
157.3
111.7
102.0
129.7
148.5
174.1
191.3
195.1
166.5
167.5
168.7
170.2
2,276.1
2,392.7
2,496.3
2,562.8
2,646.2
2,717.9
2,833.9
2,883.2
2,900.9
2,902.8
2,898.0
2,872.4
2,861.9
2,879.3
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
15,210
15,527
15,639
15,765
15,849
15,887
16,042
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
In the first quarter of 1991, according to preliminary estimates, gross farm income fell $13.8 billion (annual rate)
and net farm income fell $7.3 billion.
:ALE)
BILLIONS OF DOLLARS* (RATIO S<
BULK5NS OF DOLL ARS* (RATIO SCALE)
240
200
240
^ _
160
^
-^^-^-
- -^-
^
-1
-^2s
~
r-^-
X"^^^
\
~~-^*JI "^ "^
1
160
120
\
GRO SS FARM INC OME
80
80
An
An
40
40
20
20
10
10
* SEASONALtY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income
(jross
Period
Cas b
Total '
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 p
1989:
Net farnn income
marketing rece
pts
Livestock and
products
Vlu
Crops
inventory
changes 2
Production
expenses
Current
dollars
1982 dollars 3
149.3
166.3
163.5
153.2
170.2
162.9
156.5
169.0
173.8
189.2
193.2
139.7
141.6
142.6
136.8
142.8
144.1
135.2
141.7
150.2
159.2
167.1
68.0
69.2
70.3
69.6
72.9
69.8
71.5
76.0
78.8
83.7
89.2
71.7
72.5
72.3
67.2
69.9
74.3
63.7
65.6
71.4
75.4
77.9
-6.3
6.5
-1.4
-10.9
6.0
2.3
-2.4
2.8
-4.1
4.4
2.9
133.1
139.4
140.0
137.9
143.8
131.9
125.5
127.7
132.1
142.6
145.7
16.1
26.9
23.5
15.3
26.3
31.0
31.0
41.3
41.8
46.7
47.5
18.8
28.6
23.5
14.7
24.5
27.9
27.2
35.1
34.4
37.0
36.2
n
m
190.8
189.5
185.7
190.9
153.7
157.4
163.9
161.7
81.6
80.8
83.6
88.9
72.1
76.5
80.3
72.8
3.8
4.9
4.8
4.3
142.5
143.3
143.4
141.1
48.3
46.2
42.4
49.8
38.8
36.7
33.4
38.9
n
m
IV
196.2
190.2
185.2
201.2
161.9
164.9
169.9
171.7
87.0
87.4
89.8
92.5
74.8
77.5
80.1
79.2
4.4
3.3
2.2
1.7
140.3
144.5
146.2
151.7
55.9
45.6
39.0
49.5
43.1
34.8
29.5
37.2
I"
187.4
161.2
86.7
74.5
2.5
145.3
42.2
31.3
I
IV
1990: I
1991:
of farm ope rators from farming
farm incom 3
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
3
Income in current dollars divided by the GNP implicit price deflator.
NOTE.—-Data include net Commodity Credit Corporation loans and operator nouseho/ds.
Sources: Department of Agriculture and Department of Commerce.
CORPORATE PROFITS
In the second quarter of 1991, according to preliminary estimates, corporate profits before tax rose $2.1
(annual rate) and profits after tax fell $2.7 billion.
billion
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
36U
360
A
/I
320
^y\
V
,
/
280
280
/
PROFITS B EFORE TAX
/
240
\
S
./
240
t^S
^
1
f"
200
\
700
^^-'^
I
V.
s — -\
N
^±
160
PRO FITS AFTER
^
s
120
s
V""""
s
~* **N
\
r-— --'*
~" -
TAX__^
N
"^— •
160
X
120
/
\
\
**
T ^X LIABILITY(
"
-\
80
..,...,
**
40
'
RO
—-»-
',
1 1 1
\ \ \
1982
1983
1
1 1
1984
1
1
'\
i
=^UNDISTR IBUTED PRC)FITS1
1
1985
1 1
1986
1
1 1
1987
1
1
1988
1
1
1 1
1989
J
'
"•
I I I
40
'^— .
1
1
0
1
1991
1990
COUNCIL OF EC ONOMIC ADVISERS
SOURCE: DEPARTME NT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Pr afits (before t ax) with iisve ntory valuation adjustmen t 1
I rofits after tjIX
Do nestic indust ries
Nonfinancial
Period
Total
2
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
TV
TV
TV
TV
TV
TV
TV
TV
I
n
m
TV
1991: I
II "
1
2
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
268.6
308.7
275.3
285.5
298.8
298.7
290.3
289.7
287.6
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
218.4
232.6
249.9
241.1
222.3
221.4
228.0
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
6.9
16.1
18.2
21.7
18.8
22.5
24.8
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
211.5
216.5
231.7
219.3
203.4
198.9
203.2
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Manufacturing
Tax
liability
237.1
226.5
169.6
207.6
240.0
224.3
221.6
275.3
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
123.5
129.9
133.1
139.1
126.5
115.1
119.9
Total
Dividends
sale and
retail
trade
21.6
32.5
34.6
38.9
51.2
44.1
44.1
37.9
37.1
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
83.7
90.1
100.8
91.2
73.1
67.1
Profits
before tax
38.7
41.5
33.6
43.1
51.8
38.5
41.0
37.8
42.3
41.9
39.2
44.4
39.5
42.8
46.2
3
316.7
307.7
304.7
164.1
231.5
226.1
235.0
234.1
289.7
331.1
289.8
296.9
299.3
318.5
304.1
281.5
283.6
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
166.3
167.1
166.1
179.4
177.6
166.4
163.7
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
127.7
130.3
133.0
135.1
137.2
137.5
136.4
Includes industries not shown separately.
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
36.8
33.2
44.3
40.4
29.0
27.3
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
-14.5
-11.4
-.5
-19.8
-13.8
8.1
r
4.1
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the second quarter of 1991, nonresidential fixed investment fell $6.5 billion
(annual rate) and residential investment rose $2.7 billion. There was a $33.5 billion decrease in inventories,
following a decline of $34.2 billion in the first quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
900
900
SEASONALLY ADJUS TED ANNUAL RATE
-
-
800
GROSS PR IV ATE DOW ESTIC
p^~1
IN>/ESTMENT
/I
700
-
1•~--\/
/
600
_
/
y
500
-—~-x
400
r^
F\Xt
\
^,,-
...— — ""^
>
r~\
J
-
—
.
--
200
_
300
""""~*"-*-*
—*
__
s
0
/
" —'»»
_
1 1 1
1983
1
1 1
1984
I
1 1
1
1985
100
V-
,
—
.*"••• —s
\f
1982
-
CHAIMGE IN BUS INESS
1NVENTORIE S
„'•
—
500
_—^
\
-100
-
RE 5IDENTIAL
FIXED INVESTMEf JT
300
100
-
^-
IMC 'NRESIDENl IAL
:D INVESTS FNT
,/
r
1 1
1986
1 1 1
1987
1
1 1
1988
i ii
1989
SOURCE: DEPARTMENT OF COMMERCE
1 1 1
1990
1
1
1
TOO
1991
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Change i i business
inven tones
i'ixed investmen t
Nonresidential
investment
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
IV
IV
IV
IV
IV
IV
IV
IV
I
n
m
IV
I r
n.
Source: Department of Commerce, Bureau of Economic Analysis.
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
762.7
747.2
759.0
759.7
698.3
660.0
656.8
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
737.7
758.9
745.6
750.7
729.2
694.1
690.3
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
511.8
523.1
516.5
532.8
524.0
503.6
497.1
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
147.1
148.8
147.2
149.8
142.1
139.5
134.9
Producers'
durable
equipment
208.9
230.7
223.4
232.8
274.9
289.7
296.2
311.2
348.4
365.7
377.1
217.3
256.5
288.4
295.5
302.2
320.4
354.0
364.7
374.3
369.3
383.0
381.9
364.1
362.2
Residential
122.5
122.3
105.1
152.5
181.1
188.8
217.3
226.3
232.5
231.0
222.0
114.7
164.9
181.8
195.5
225.1
228.1
236.0
225.9
235.9
229.1
217.9
205.2
190.5
193.2
Nonfarm
Total
8.3
2.4
24.0
24.5
-7.1
67.7
11.3
18.3
23.1
6.9
28.3
26.2
28.3
-5.0
-59.9
31.0
45.0
7.2
-12.2
55.7
16.2
25.0
-11.8
13.4
9.0
-30.8
-34.2
-33.5
.4
60.5
14.6
8.6
32.3
29.8
23.3
7.4
-51.1
21.3
41.3
23.7
-8.0
59.6
35.0
24.1
-17.0
13.0
6.8
-32.4
-37.1
-28.7
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department April-May 1991 survey, business spending for new plant and equipment is
expected to rise 2.7 percent in 1991, following a rise of 5.0 percent in 1990.
BIL LIONS OF DOL ARS (RATIO SC:ALE)
BULKDNS OF DOLLA RS (RATIO SCA IE)
600
600
SEASON ALLY ADJUSTED ANNLAL RATES
i— — ~
500
500
^--—
^-—-""I
.—
1
^_
400
^—""
'
A LL INDUSTRIES
^^-^
.._.- ...
.-"-
-"
__
-•
•
'
i
300
200
400
__--•
\
" "
300
-
1
NOr> MANUFACTUF ING- /
'
^'
200
^ , _ - - ..-''"'
L.-''
„-''
MANUFACTURIh G
100
100
ll il ll
1
1
1983
1
I I
1984
1
1
1
1
1
1
1
1
1
1987
1986
1985
1
1
1
1
1
1988
1
1
1989
-1/5URVEYEO QUARTERLY
-2/SEE FOOTNOTE 4 BELOW
SOURCE-. DEPARTMENT OF COMMERCE
1
1
1
1990
1
1
I
1991
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual ratesl
Industries surveyed quarterly
M anufacturi ig
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991"
1989: I
n
HI
IV
1990: I
n
rv
HI
1991: I 4
n ....
ni 44
IV
1
All
industries
Total
286.40
324.73
326.19
321.16
373.83
410.12
399.36
410.52
455.49
507.40
532.96
547.23
112.60
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.78
190.17
487.43
502.05
514.95
519.58
Noiimanufactuj ring
Total
nonfarm
busi-
Nonmanufactu ring
Manufacturing
Total
Surveyed
quarterly
205.48
230.09
239.11
242.38
278.77
302.05
309.16
320.45
344.77
380.13
399.52
173.80
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
340.17
357.07
Nondurable
Total '
Mining
Transportation
Public
utilities
Commercial
and
other
54.82
58.93
54.58
51.61
64.57
70.87
65.68
68.03
77.04
82.56
82.99
80.06
57.77
69.75
69.39
65.74
75.04
82.01
72.28
73.03
86.41
101.24
109.79
110.11
173.80
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
340.17
357.07
12.71
15.81
14.11
10.64
11.86
12.00
8.15
8.28
9.29
9.21
9.87
9.88
13.56
12.67
11.75
10.81
13.44
14.57
15.05
15.07
16.63
18.84
21.59
24.34
41.32
47.17
53.58
52.95
57.53
59.58
56.61
56.26
60.37
66.28
67.00
69.37
106.21
120.41
122.79
129.41
151.39
171.09
181.59
189.84
205.76
229.28
241.72
253.48
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
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
535.32
544.16
553.52
555.93
190.11
191.11
191.45
188.00
81.53
81.53
79.71
77.47
108.58
109.58
111.74
110.53
345.21
353.05
362.07
367.93
9.85
10.05
9.96
9.64
23.58
25.25
25.39
23.13
67.38
69.75
69.50
70.85
244.39
248.00
257.22
264.31
190.11
191.11
191.45
188.00
345.21
353.05
362.07
367.93
Durable
Excludes forestry, fisheries, and agricultural services; medical services; professional
^^,
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for these industries.
2
"AH industries" plus the part of nonmanufacturing that is surveyed annually.
10
Addenda
318.08
358.77
363.08
359.73
418.38
454.93
447.11
461.51
508.22
563.93
592.31
112.60
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.78
190.17
Surveyed
annually»
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
59.35
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in April-May 1991, corrected for biases-
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In July, civilian employment fell 172,000 and unemployment fell 244,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
126
SEASONAltY ADJUSTED
^* r
122
^f ~s
v,
'
126
'
122
—
---_
^
s^"
118
114
^—
^
'
„ **"
\
110
CIVILIAN
EMPLOYMENT
,--•*'•'
106
•^
' . *~
f
^~^\
^—
-fA^~~l
110
/
^~~—^
Cl\LILIAN LABOR =ORCE
118
-
106
/ ""**
.r "*
102 -
^"'
—
98 — -'
XI
12
102
98
X
X
X,
N. X
_
_
^-\^
"
8
4
-
0
1 1 f 1 1 1 1 1 I 11
12
UNEMPLOYA\ENT
/
^>
x
1
^^
|
jr*-f
r
.
8
'
-*
-
1 1 1 1 1 11 1 I 1 I
1984
1983
M I 1 1 1 1 1 1 11
1985
1 1 1 t 11 1 1 1 I I
JJLilllllll
1986
1987
1 1 1 1 1 1 1 1 1 11 1 1 i ^ i 1 i \ 1 11 i ^ f 1 1 1 1 1 1 f f
1 1 t 11| 1 | 1 11
1989
1991
1988
*16 YEARS OF AGE AhJD OVER
SOURCE: OEPARTMEN OF LABOR
1990
4
0
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
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
189,763
189,901
190,002
190,095
190,312
190,483
190,592
190,717
190,703
190,836
190,980
191,173
191,443
1981
1982
1983
1984
1985
1986*
1987
1988
1989
1990
1990:
July
Aug
Sept
Oct
Nov
Dec
1991:
Jan
Feb
Mar
Apr
May
June
July
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
Agricultural
Total
62.7
62.5
62.6
62.4
62.2
62.3
7,715
8,158
8,572
8,274
8,640
8,745
8,501
1,829
1,975
2,184
2,229
2,234
2,573
2,348
66.0
66.1
66.2
66.4
66.1
66.2
66.0
61.9
61.8
61.7
62.0
61.5
61.6
61.5
113,759
113,696
113,656
114,243
113,319
113,576
113,474
5,178
5,803
5,889
5,956
5,702
5,425
5,605
124,638
125,076
125,326
125,672
125,232
125,629
125,214
116,922
116,918
116,754
117,398
116,591
116,884
116,712
126,253
126,678
126,786
127,128
126,690
127,134
126,818
66.3
66.2
66.3
66.2
66.1
66.3
3,163
3,222
3,098
3,156
3,272
3,308
3,239
118,537
118,520
118,214
118,854
118,049
118,389
118,316
1,615
1,602
1,460
1,456
1,458
1,505
1,604
1,508
1,568
1,605
1,591
1,727
1,739
4,780
4,830
5,051
5,135
5,163
5,262
117,882
117,690
117,883
117,733
117,386
117,574
126,336
126,345
126,571
126,445
126,338
126,791
6,827
7,015
7,087
7,142
7,337
7,600
114,774
114,538
114,689
114,558
114,201
114,321
124,709
124,705
124,970
124,875
124,723
125,174
1,627
1,640
1,601
1,570
1,615
1,617
Employment/
population
ratio
(percent) 2
2,305
2,232
1,983
1,610
1,375
1,504
3,108
3,152
3,194
3,175
3,185
3,253
119,509
119,330
119,484
119,303
119,001
119,191
123,378
125,557
126,424
4,499
Labor
force
participation
rate
(percent) *
59.0
57.8
57.9
59.5
60.1
103,971
106,434
109,232
111,800
114,142
114,728
3,321
3,179
3,163
3,208
3,169
3,199
3,186
97,030
96,125
97,450
101,685
Civilian
63.9
64.0
64.0
64.4
64.8
65.3
65.6
65.9
66.5
66.4
2,285
3,485
4,210
2,737
115,461
117,834
119,865
121,669
123,869
124,787
108,856
111,303
114,177
116,677
119,030
119,550
Total
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
3,368
3,401
3,383
108,670
1 10,204
111,550
113,544
Total
Part time
for
economic
reasons 1
15
weeks
and
over
5,852
5,997
5,512
5,334
5,345
5,122
4,965
4,657
4,860
100,397
99,526
100,834
105,005
107,150
109,597
112,440
114,968
117,342
117,914
102,042
101,194
102,510
106,702
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitntion&l population.
TJnempl ayment
Civilian employment
Noninstitutional
population
including
resident
Armed
Forces
NSA
60.7
61.5
62.3
63.0
62.7
'Data beginning January 1986 not strictly comparable with earlier data because of change in
estimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In July, the civilian unemployment rate fell to 6.8 percent and the overall unemployment rate fell to 6.7 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
20
TEENAGERS
(16-19)
15
t--
./
V \S
10
MEN 20 YEARS
AND OVER
WOMEN 20 YEARS
AND OVER
1991
1987
1989
1988
1990
•UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
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
workers l
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: July
Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
June ....
July
1
By sex and a ge
All
civilian
workers
Men
20 years
and over
Women
20 years
and
over
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
5.4
5.6
5.6
5.6
5.8
6.0
5.5
5.6
5.7
5.7
5.9
6.1
4.9
5.0
5.1
5.2
5.4
5.6
4.7
4.9
4.9
4.9
5.1
5.3
6.1
6.4
6.8
6.5
6.8
6.9
6.7
6.2
6.5
6.8
6.6
6.9
7.0
6.8
5.6
6.3
6.5
6.2
6.5
6.6
6.5
5.3
5.4
5.7
5.5
5.8
5.9
5.4
Both
sexes
16-19
years
19.6
23.2
22.4
18.9
18.6
18.3
16.9
15.3
15.0
15.5
15.8
16.6
15.7
16.2
16.4
16.6
18.2
17.1
18.7
18.1
19.1
19.2
20.6
White
6.7
8.6
8.4
6.5
6.2
6.0
5.3
4.7
4.5
4.7
4.7
4.8
4.8
4.9
5.0
5.3
5.5
5.9
6.2
5.8
6.1
6.2
6.2
Unemployed as percent of total labor force including resident Armed Forces.
2
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
12
By s elected grou PS
By race
Black
and
other
14.2
17.3
17.8
14.4
13.7
13.1
11.6
10.4
10.0
10.1
10.3
10.4
10.8
10.6
11.0
11.1
10.7
10.7
11.1
11.2
11.5
11.4
10.5
Black
Experienced
wage and
salary
workers
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
11.4
11.7
11.9
11.7
12.2
12.2
5.2
5.3
5.4
5.4
5.7
5.8
12.1
11.8
12.3
12.6
13.0
13.1
11.8
6.0
6.4
6.7
6.4
6.6
6.7
6.5
Married
men,
spouse
present
Women
who
main tarn
families
Pulltime
workers
Parttime
workers
Labor
force
time lost
(percent) 2
9.4
10.5
10.4
9.3
9.3
9.1
8.4
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
7.6
7.3
7.4
8.6
8.1
7.9
7.1
6.3
5.9
6.2
3.3
3.5
3.5
3.5
3.7
3.8
8.3
8.4
8.7
8.5
8.7
8.7
5.1
5.3
5.4
5.5
5.7
5.8
7.8
7.7
7.2
7.1
7.3
7.6
6.1
6.3
6.4
6.6
6.7
6.9
4.0
4.3
4.5
4.4
4.4
4.7
4.3
9.0
9.1
9.0
9.9
9.1
9.2
8.3
6.0
6.4
6.5
6.3
6.5
6.6
6.5
7.7
7.6
9.1
8.1
9.0
8.6
8.3
7.0
7.5
7.7
7.6
7.7
7.6
7.5
Source: Department of Labor, Bureau of Labor Statistics.
8.5
11.0
10.9
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In July, the percentages of the unemployed who had been out of work for less than 5 weeks and for 27 weeks
and over rose; the percentage for 5-14 weeks was unchanged; and the percentage for 15-26 weeks fell. Both the
mean duration of unemployment and the median fell.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION*
70
70
REASON FOR UNEMPLOYMENT
60
JOB LOSERS
50
AJ
40
REENTRANTS
30
-JOB LEAVERS
20
10
10
-
NEW ENTRANTS
1987
1991
1988
1989
1990
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF IABOR
1991
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Ee ason for unemploy•ment:
percent distributi ?n
Dur ation of inemplo}Tnent
Period
Unemployment
(thousands)
I ercent di stributio i
Less
than
5
weeks
5-14
weeks
41.7
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
46.1
46.1
47.3
43.2
44.1
44.7
43.5
44.1
42.4
40.9
39.8
42.5
38.7
39.9
30.7
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
32.0
31.8
30.0
34.3
33.6
31.8
33.4
32.2
33.4
33.8
33.2
31.6
32.3
32.3
Sta e
progr ims
Numb er of
ks
15-26
weeks
27
weeks
and
over
Average
(mean)
13.6
16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
11.8
11.8
11.9
12.1
12.5
12.8
12.5
12.7
12.9
14.4
14.8
14.0
15.9
14.4
14.0
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
10.1
10.3
10.8
10.4
9.8
10.8
10.6
11.0
11.3
11.0
12.1
11.9
13.1
13.4
13.7
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.1
12.1
12.3
12.4
12.0
12.4
12.4
12.4
12.8
13.0
13.7
12.9
14.2
13.9
Medi-
Job
losers
Job
leavers
Reentrants
New
entrants
6.9
8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
5.4
5.2
5.3
6.1
5.9
5.9
5.9
5.9
6.1
6.6
7.0
6.5
6.9
6.6
51.6
58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
48.3
46.5
49.0
49.6
49.9
51.2
49.9
53.0
55.5
54.9
54.5
53.6
55.1
54.4
11.2
7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
14.8
15.1
14.3
13.5
13.7
13.6
13.5
11.7
12.2
12.6
11.9
12.1
12.3
11.7
25.4
22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
27.4
28.4
27.1
27.5
26.8
26.3
28.0
26.6
24.5
24.4
24.7
25.3
24.2
24.2
11.9
11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
9.5
10.0
9.7
9.4
9.6
8.9
8.7
8.7
7.8
8.2
8.9
9.0
8.4
9.7
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: July
Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
June
July
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
6,827
7,015
7,087
7,142
7,337
7,600
7,715
8,158
8,572
8,274
8,640
8,745
8,501
1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RE) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
3,047
4,061
3,396
2,476
2,611
2,650
2,332
2,081
2,158
2,522
2,479
2,495
2,620
2,765
2,912
2,970
3,070
3,218
3,415
3,518
3,550
3,453
3,332
460
583
438
377
396
378
328
310
330
388
361
377
399
431
454
461
445
489
509
475
438
423
406
3,410
4,594
3,775
2,561
2,693
2,746
2,401
2,248
2,324
2,715
2,442
2,295
2,193
2,294
2,722
3,222
4,011
4,147
4,127
3,781
3,409
'3,182
3,294
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 51,000 in July.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
110
100
1'
~-—^^
28
•~~-
SERVICES
PC"""
^---1
ALLN DNAGRICUL FURAL
ES 'ABLISHMENTS
26
24
90
22
_
RETAIL TRADE
SERV CE-PRODUC NG
NDUSTRIES
-W
20
70
GOVERNMENT
18
60
-
A-—-
-
50
20
40
-
-
GOOC S-PRODUCIN G
IK DUSTRIES
30
'
\
20
1 ' 1 1 1 1 f ' \\ I
( 1 1 t l 1 II ' ' '
1987
1988
tfllllllllll
I I 1 1 1 1 1 1 I I I \ I 1 t 1 ( 1 \ \ 1 11 1 1 1 \ 1 \ 1 I 1 L
1989
1990
1991
1987
—
--|
\
C<DNSTRUCTIC)N
him f M M ( 1 U 1 ' 1 1 1 1 1 |i 4 1 1 1
1989
1990
1 1 1n111 111 1
1988
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
1991
COUNCIl OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; 1 seasonally adjusted]
Se rvice-prodw ing industr es
Goods-] reducing in dus tries
Period
1981
1982
1983
1984
Total
nonagricultural
employment
Total
2
„
Construction
M anufacturin g
Durable
goo s
Nondurable
goods
Total
Total
Transportation
and
public
utilities
Wholesale
trade
91,156
89,566
90,200
94,496
97,519
99,525
102,200
105,536
108,329
109,971
25,497
23,813
23,334
24,727
24,859
24,558
24,708
25,173
25,322
24,958
4,188
3,905
3,948
4,383
4,673
4,816
4,967
5,110
5,187
5,136
20,170
18,781
18,434
19,378
19,260
18,965
19,024
19,350
19,442
19,111
12,082
11,014
10,707
11,479
11,464
11,203
11,167
11,381
11,420
11,115
. 8,089
7,767
7,726
7,899
7,796
7,761
7,858
7,969
8,022
7,995
65,659
65,753
66,866
69,769
72,660
74,967
77,492
80,363
83,007
85,014
5,165
5,082
4,954
5,159
5,238
5,255
5,372
5,527
5,644
5,826
5,376
5,296
5,286
5,574
5,736
5,774
5,865
6,055
1990: July.... 110,269
Aug.... 110,160
Sept.... 110,113
Oct
109,982
Nov.... 109,761
Dec
109,621
25,027
24,937
24,842
24,705
24,481
24,375
5,145
5,111
5,088
5,022
4,962
4,911
19,165
19,113
19,043
18,973
18,807
18,749
11,160
11,111
11,049
11,000
10,867
10,828
8,005
8,002
7,994
7,973
7,940
7,921
85,242
85,223
85,271
85,277
85,280
85,246
5,832
5,839
5,854
5,855
5,852
5,867
6,215
6,211
1991: Jan
Feb
Mar
Apr
May r..
24,181
24,039
23,877
23,794
23,847
23,789
23,779
4,797
4,792
4,720
4,688
4,715
4,709
4,687
18,671
18,532
18,443
18,396
18,426
18,376
18,389
10,770
10,652
10,584
10,560
10,575
10,532
10,532
7,901
7,880
7,859
7,836
7,851
7,844
7,857
85,237
85,121
85,025
84,942
85,040
85,077
85,036
5,866
5,834
5,824
5,814
5,819
5,811
5,808
1985
1986
1987
1988
1989
1990
109,418
109,160
108,902
108,736
108,887
r
June . 108,866
p
June 108,815
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived
from this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes, bad
14
6,221
6,205
6,204
6,190
6,180
6,166
6,138
6,119
6,105
6,086
6,085
6,071
6,052
Retail
trade
Finance,
insurance,
and real
estate
Government
Services
Total
Federal
5,468
5,689
5,955
6,283
6,547
6,649
6,695
6,739
18,619
19,036
19,694
20,797
21,999
23,053
24,235
25,669
27,120
28,240
16,031
15,837
15,869
16,024
16,394
16,693
17,010
17,386
17,779
18,322
2,772
2,739
2,774
2,807
2,875
2,899
2,943
19,710
19,714
19,698
19,663
19,628
19,579
6,745
6,750
6,750
6,746
6,740
6,733
28,310
28,388
28,437
28,479
28,525
28,548
18,430
18,321
18,328
18,344
18,355
18,353
3,162
19,542
19,464
19,378
19,324
19,339
19,340
19,358
6,736
6,732
6,735
28,590
28,583
28,576
28,576
28,645
28,727
28,705
18,365
18,389
18,407
18,424
18,440
18,426
18,416
15,172
15,161
15,595
16,526
17,336
17,909
18,462
19,077
19,549
19,683
5,298
5,341
6,718
6,712
6,702
6,697
2,971
2,988
3,085
3,038
2,994
2,980
2,964
2,948
2,952
2,951
2,951
2,953
2,952
2,951
2,950
weather, etc., even if they are not paid for the time off; and which are based on a sample of the
working-age population, whereas the estimates in this table are based on reports from employing
establishments.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
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 h ours
Average gross hourly earnings
Manufa cturing
Period
private
nonagri-
Overtime
Current
dollars
Total private
nonagnculturai 1
1982
dollars 2
Percent chs nge from a
vear ear ler, total
C urrent dollar
prn ate
Manufacturing
Current
dollars
1982
dollars *
Manufac-
Constme-
Retail
1982
dollars
Current
dollars
41.1
41.0
40.8
3.3
3.4
3.7
3.9
3.8
3.6
$7.25
7.68
8.02
8.32
8.57
8.76
8.98
9.28
9.66
10.02
$7.69
7.68
7.79
7.80
7.77
7.81
7.73
7.69
7.64
7.53
$7.99
8.49
8.83
9.19
9.54
9.73
9.91
10.19
10.48
10.83
$255.20
267.26
280.70
292.86
299.09
304.85
312.50
322.02
334.24
345.69
$270.63
267.26
272.52
274.73
271.16
271.94
269.16
266.79
264.22
259.72
$318.00
330.26
354.08
374.03
386.37
396.01
406.31
418.81
429.68
441.86
$399.26
426.82
442.97
458.51
464.46
466.75
480.44
495.73
513.17
526.40
$157.99
163.83
171.13
174.47
174.81
175.80
178.80
183.62
188.72
194.69
8.5
4.7
5.0
4.3
2.1
1.9
2.5
3.0
3.8
3.4
34.5
34.5
34,6
34.2
34.4
34.6
40.9
40.9
40.9
40.7
40.6
40.7
3.7
3.8
3.7
3.6
3.5
3.5
10.05
10.07
10.10
10.10
10.13
10.17
7.57
7.51
7.48
7.43
7.43
7.44
10.87
10.89
10.91
10.96
10.96
10.99
346.73
347.42
349.46
345.42
348.47
351.88
261.09
259.27
258.67
254.17
255.66
257 .41
444.58
445.40
446.22
446.07
444.98
447.29
522.02
528.31
532.22
515.59
530.46
536.77
195.94
195.16
196.81
193.69
196.02
196.31
3.4
3.6
4.5
2.2
3.3
4.0
-1.0
-1.9
-1.5
-3.8
-2.8
-2.0
34.1
34.3
34.2
34.0
34.3
34.5
34.1
40.4
3.4
3.3
3.3
3.3
3.4
3.7
3.7
10.18
10.20
10.24
10.28
10.32
10.37
10.36
7.42
7.43
7.46
7.47
7.47
7.49
7.47
11.02
11.03
11.05
11.12
11.15
11.19
11.23
347.14
349.86
350.21
349.52
353.98
357.77
353.28
253.02
254.81
255.07
253.83
256.32
258.50
254.89
445.21
444.51
445.32
447.02
450.46
456.55
457.06
523.13
533.65
526.67
532.50
533.40
532.26
532.38
194.14
196.48
197.34
197.95
' 200.33
202.30
199.08
2.4
2.4
2.3
2.5
2.9
3.1
1.9
-2.9
-2.5
-2.2
-2.1
-1.9
-1.4
-2.3
1982
1983
1984
1985
1986
1987
1988
1989
1990
35.2
34.8
35.0
35.2
34.9
34.8
34.8
34.7
34.6
34.5
1990: July
Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
June r.
July''
1981
Total
Average gross weekb earnings
Total private
nonagncultural l
39.8
38.9
2.8
2.3
40.1
40.7
40.5
40.7
3.0
41.0
40.3
40.3
40.2
40.4
40.8
40.7
3.4
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
-1.5
-1.2
2.0
.8
-1.3
.3
-1.0
-.9
1.0
-1.7
3
Eased on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 = 100)
Percent eh ange from
«•
Period
Total
compensation
salaries
Benefits '
Total
compensation
months earlier
Wages and
salaries
12 months earn' r
Benefits '
Total
compensation
Wages and
salaries
Benefits 1
Not s easonally ad USted
1981:
Dec
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
73.0
66.6
80.1
84.0
87.3
90.1
93.1
97.6
102.3
107.0
77.6
81.4
84.8
88.3
91.1
94.1
98.0
102.0
106.1
71.4
76.7
94.5
95.7
96.6
97.8
95.0
96.1
96.9
98.0
93.1
94.5
95.7
97.1
71.2
75.8
81.7
84.6
87.5
90.5
96.7
102.6
109.4
2.1
1.3
1.3
.9
1.2
0.8
1.2
.8
1.1
2.4
1.5
1.3
1.5
3.8
4.5
4.4
4.8
3.3
3.8
3.7
4.1
5.9
6.4
6.8
6.9
1.3
1.3
.6
.7
.6
1.0
1.1
.8
1.4
1.3
1.4
.5
.6
1.0
1.0
1.2
1.0
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 adji sted
Seasonall Y 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
8.8
6.3
4.9
4.2
1.8
1.2
1.1
1.2
.6
.6
.6
1.0
.8
.7
2.0
1.3
1989:
Mar
June
Sept
Dec
98.8
100.0
101.3
102.4
99.1
100.0
101.1
102.2
98.1
99.8
101.5
103.1
1.0
1.2
1.3
1.1
1.1
.9
1.1
1.1
1.0
1.7
1.7
1.6
4.6
4.5
4.8
4.8
4.2
4.1
4.3
4.1
5.4
5.6
6.0
6.1
1990:
Mar
June
Sept
Dec
103.8
105.1
106.2
107.2
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
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
Mar
June
108.4
109.7
107.3
108.4
111.3
113.2
1.1
1.2
1.0
1.0
1.3
1.7
4.4
4.0
3.7
5.8
6.2
1991:
1
Employer costs for employee benefits.
NOTE,—The employment cost index is a measure of the change in the cost of labor, free from the
influence of employment shifts among occupations and industries.
4.4
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output pt r hour of
all pe rsons
Period
Business
sector
Outp u t
1
Hours of all
perse ns 2
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
99.9
100.9
100.0
102.9
105.1
101.1
103.2
100.0
104.2
113.0
101.7
103.4
100.0
105.0
113.7
101.9
102.5
100.0
101.8
107.6
106.5
108.7
109.7
112.5
111.9
111.2
100.4
103.8
105.4
107.1
108.4
110.9
112.2
117.7
121.3
118.1
121.6
Nonfarm
business
sector
Oompens ation per
hou r 3
Business
sector
Nonfarm
business
sector
Unit lab or costs
Real com )ensation
per h our *
Business
sector
Nonfarm
business
sector
B
Implicit price
defla or 5
Business
sector
Nonfarm
business
sector
Business
sector
85.8
92.4
100.0
101.4
102.9
85.2
92.3
100.0
101.0
102.8
86.2
94.4
100.0
103.3
106.8
105.4
108.4
111.2
113.1
118.0
123.1
105.6
108.8
111.6
113.1
118.1
123.4
109.5
101.5
102.0
104.0
106.7
110.4
112.1
111.5
113.3
114.2
115.6
116.6
117.3
118.3
119.6
121.1
122.5
123.7
125.2
126.4
127.3
101.7
101.3
104.0
107.1
110.9
112.6
Nonfarm
business
sector
19E 2 = 100; c uarterly < ata seasor ally adjus ted
99.2
100.7
100.0
102.3
104.9
107.1
109.5
110.7
113.2
112.8
112.4
100.6
103.2
105.3
108.0
109.4
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 r.
1990 r.
1982: IV
1983: IV
1984: IV
1985: IV
1986: IV
1987: IV
1988: I
n
m
IV
1989: I *r
n r.
m r....
IV ....
1990: I r
n r'.
m ....
IV r ....
1991: I r
n** ..
r
r
l!1.9
113.2
112.9
113.6
113.1
113.0
113.1
112.8
112.2
112.0
112.4
112.7
112.3
112.3
112.8
r
l!2.1
112.8
112.9
112.1
112.1
111.9
111.3
111.0
111.3
111.5
111.2
111.2
111.8
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
135.4
133.7
134.1
126.8
134.0
136.7
136.9
99.3
108.7
115.1
119.6
122.4
129.7
131.6
133.4
134.8
136.0
136.4
13K8
137.1
136.3
136.8
137.2
137.4
136.1
134.5
134.9
r
109.9
110.8
l!4.2
in .5
120.4
121.1
98.9
104.3
108.7
110.5
111.7
115.6
115.8
117.5
117.8
118.8
120.0
120.1
120.7
120.7
121.3
121.3
121.2
120.5
119.1
118.9
101.8
102.5
100.0
102.0
108.1
110.9
111.9
115.5
119.1
122.2
123.1
98.9
104.7
109.2
111.7
112.9
117.0
117.3
119.1
119.5
120.5
121.7
122.1
122.5
122.5
123.3
123.3
123.2
122.4
120.9
120.7
85.1
93.0
100.0
103.8
108.0
112.8
r
l!8.6
123.1
128.6
133.0
138.4
102.1
105.3
109.5
115.2
120.8
125.5
126.3
127.9
129.7
130.8
131.8
132.8
133.4
134.2
135.7
137.7
139.4
140.6
142.0
143.5
85.1
93.1
100.0
104.0
108.1
112.5
118.2
122.4
121.8
132.1
137.2
102.1
105.2
109.6
114.6
120.3
124.8
125.5
127.1
128.8
130.0
131.0
131.7
132.4
133.3
134.6
136.6
138.2
139.5
140.9
142.5
99.7
98.8
100.0
100.6
100.4
101.2
104.5
104.5
104.9
103.5
102.2
100.6
100.5
100.4
102.0
105.5
105.0
104.8
104.9
105.1
104.8
104.4
103.6
103.2
102.9
102.2
102.7
102.3
101.4
101.5
102.1
99.6
98.8
100.0
100.7
100.4
100.9
104.1
104.0
104.3
102.8
101.3
100.6
100.4
100.4
101.5
105.1
104.4
104.2
104.3
r
104.4
104.2
103.7
102.7
102.5
102.2
101.3
101.8
101.4
100.6
100.8
101.4
r
r
111.9
113.4
114.2
115.2
116.9
117.5
118.3
119.8
121.3
122.7
124.0
125.4
126.7
127.5
85.7
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
130.3
131.7
94.0
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
130.7
131.9
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
2.0
4.6
4.3
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
2.5
4.5
3.8
Pe rcent chan j;e; quarte rly data a seasonall y adjusted annual rates
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 r.
1990 r.
1988: I *r
n.
HI r ....
IV....
1989: I 'r
n r.
m ....
IV
1990: I 'r
n .r
m ....
rv r ....
1991: I rp
n '..
-0.2
1.5
ff
2.3
2.5
2.0
2.3
1.1
2.2
-.4
-.4
4.7
-1.1
2.5
-1.6
5
.4
-1.3
-1.9
7
1.4
.9
-1.2
-.0
1.6
1
-0.3
1.0
-.9
2.9
2.1
1.3
2.0
1.0
2.5
-.5
.6
4.8
-.5
2.7
.1
-2.8
.1
7
-2.2
-1.1
1.2
.6
Q
.0
1.9
-1.1
2.1
-3.1
4.2
8.4
4.2
3.1
4.1
5.3
2.1
.2
5.7
4.6
3.5
2.0
3.5
.9
.6
-1.8
1.4
1.2
.5
-3.4
-4.7
1.2
-1.2
1.7
-3.3
5.0
8.3
3.9
3.0
4.2
5.7
2.0
_2
-0.9
.6
-2.5
1.8
5.7
5.9
5.6
4.1
3.6
1.2
1.3
.6
-2.1
1.4
1.2
.4
-3.6
-4.8
1.3
.9
5.8
1.0
3.7
2.1
.8
3.0
3.0
2.4
.6
4.0
.5
1.9
.1
2.1
-.2
-.4
-2.1
-4.7
-.5
-0.8
.7
-2.4
2.0
6.0
2.5
.9
3.2
3.1
2.6
.7
1.1
6.1
1.4
3.5
4.1
1.1
1.3
.1
2.6
-.0
— .1
-2.8
-4.9
-.5
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 social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
* Hourly compensation divided by the consumer price index for all urban consumers.
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data relate to all persons engaged in the sector.
16
10.6
9.3
7.5
3.8
4.1
4.4
5.2
3.7
4.5
3.4
4.0
2.5
5.2
5.8
3.3
3.2
2.9
1.8
2.5
4.6
6.1
5.0
3.3
4.0
4.4
10.6
9.4
7.4
4.0
3.9
4.1
5.1
3.6
4.4
3.4
3.9
2.4
5.1
5.5
3.7
3.1
2.2
2.3
2.6
4.0
5.9
5.0
3.7
4.2
4.5
-2.5
1.0
1.3
.6
-.2
.8
3.2
.1
.4
-1.3
-1.3
-.6
.5
.6
-1.0
-1.7
-3.0
-1.3
-1.4
-2.6
2.1
-1.7
-3.4
.5
2.3
-2.5
.8
1.2
.7
.4
.5
3.2
— .1
.3
— 1.4
-1.5
-.7
.4
.3
-.6
-1.8
-3.8
-.8
-1.3
-3.2
2.0
-1.8
-3.0
.7
2.3
10.9
7.7
8.3
1.4
1.5
2.3
2.8
2.6
2.2
3.8
4.4
-2.1
6.4
3.3
5.0
3.7
2.5
3.2
4.5
5.3
4.7
4.1
4.6
4.1
2.7
11.0
8.3
8.4
1.0
1.8
2.8
3.0
2.5
1.9
3.9
4.4
-2.3
5.6
2.7
3.5
6.0
2.0
3.0
5.0
5.2
4.7
4.4
4.6
4.2
2.6
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes hased on indexes shown here.
Series revised beginning 1986 to reflect regular benchmark revisions to employment measures and
new seasonal adjustment factors.
"Data do not reflect GNP revisions of August 28, 1991.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization rose in July.
INDEX, 1987=100* (RATIO SCALE)
INDEX, 1987=100* (RATIO SCALE)
115
IJU
r
^--i
100
105
r^\
f*
y^~\
/
95
TON—
s*^
~.^ — — —**^ ^
V^
DURABLE"
^~-''f~
•NONDURA 1LE
Illllllllll Illllllllll Illllllllll
115 -UTILITIES ANDMINIf <JG
110 .PRODUCT ION
105
100
100
^£
CONSUMER
GOODS
""
X •**
**•*
• .^ — *• —*"\ *"•
•N^-^
,
•s
S
N
N
-,
-^-•"\V-
—--._
V
DEFENS
AND SPA CE
|— EQUIPME •4T
90
"N
S
85 Illllllllll IIMlllllll Illllllllll Illllllllll Illllllllll
iiiiiiniii
90
„,-
ins
Illllllllll
V
/
r
110
r^ \
'/
^
\/^""'
115
MANUFA CTURING
110 -PRODUCI
95
\
115
iiiiiiniii
^
BUStNESS
ECR 'IPMENT
K^^-
/^
90 Illllllllll Illllllllll miiliMii
100
^
.—'—~-^<
x—•*"
105
95
FINAL PF ODUCTS
TOTAL If*JDUSTRIAL PRODUCTI ON
110
*
_->e:
95
**/
90
Illllllllll
^>K^
88 ~ CAPACITY UTILIZAT ION RATE
(TOTAL NDUSTRY)
86
UTILITIES
,
• /
i
1
^"^ *- — -»/
' -.
PERCENT*
imifiim
•
\ /rf
82
is-p^ "V/"
80
MINING
1987
y~1
Illllllllll
'
iiiiiiniii
1991
1987
78
Illllllllll Illllllllll Illllllllll
1990
1989
1988
/
v
>^v
"—^~\
\
Illllllllll Illllllllll Illllllllll
1990
1988
1989
•SEASONALLY ADJUSTED
SOURCE; BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
v/*
Illllllllll
1991
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Total
Industry pro uction indexe , 1987 = 100
indu trial
prodi ction
Period
Index,
1987 = 100
1980
1981
1982
1983
84.1
85.7
81.9
84.9
92.8
1984
1985
1986
1987
1988
1989
1990
1990:
94.4
95.3
100.0
105.4
108.1
109.2
July
Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr '
May r
June r.
July"
1
Output as percent of capacity.
110.4
110.5
110.6
109.9
108.3
107.2
106.6
105.7
105.0
105.5
106.4
107.1
107.6
Capacity utilization
rate, p ?rcent *
Manufacturing
Percent
change
from year
earlier
1.9
1.9
-4.4
3.7
9.3
1.7
1.0
4.9
5.4
2.6
1.0
2.4
2.1
2.2
2.0
.2
-1.3
-.8
-2.6
3.6
-3.0
-2.7
27
-2.5
Mining
Total
Durable
78.8
80.3
76.6
80.9
89.3
91.6
94.3
100.0
105.8
108.9
109.9
75.7
77.4
72.7
Utilities
Nondurable
Total
industry
Manufacturing
101.0
100.0
101.8
100.5
102.6
95.9
94.3
91.8
93.6
97,0
99,5
96.3
100,0
104.4
107.1
108.0
80.3
79.2
81.4
84.0
84.2
83.0
78.8
72.8
74.9
80.4
79.5
79.0
81.4
83.9
83.9
82.3
108.1
108.1
108.0
108.4
107.7
107.4
104.0
102.4
103.9
102.6
103.3
103.4
109.7
111.4
110.3
109.2
106.9
108.8
83.8
83.7
83.6
83.0
81.6
80.6
83.1
82.9
82.8
82.2
80.7
79.4
106.8
106.0
105.4
105.9
106.4
107.4
107.8
101.7
102.9
101.5
100.9
100.5
102.4
101.5
107.6
104.6
106.4
105.9
111.0
109.5
110.3
80.0
79.1
78.4
78.6
79.1
79.5
79.7
78.9
78.0
77.2
77.5
77.8
78.2
78.4
83.1
76.8
88.4
91.8
93.9
100.0
107.6
110.9
111.6
84.5
82.5
87.0
90.8
91.5
94.9
100.0
103.6
106.4
107.8
111.1
111.1
111.2
110.7
108.9
107.5
113.4
113.5
113.8
112.5
109.9
107.5
107.0
106.1
105.2
105.9
106.5
107.3
107.9
107.2
106.1
105.0
106.0
106.6
107.2
108.0
110.0
114.3
109.3
104.8
111.9
109.0
82.1
80.9
75.0
75.8
81.1
80.2
Source: Board o! 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
IInal produc ts
Internlediate prof ucts
I quipment
Consumer gc ods
Period
Total
Total
Durable
goo
Nondurable
s°
Total *
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Energy
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: July
Aug
Sept
Oct
Nov
Dec
111.7
111.9
112.6
112.3
110.2
109.2
107.5
107.8
108.7
108.6
106.5
105.7
108.3
107.4
110.4
106.9
99.4
96.0
107.3
107.9
108.2
109.1
108.5
108.4
117.2
117.2
117.8
117.0
115.1
113.6
125.0
125.4
126.4
125.4
122.9
121.2
97.8
97.7
97.3
97.3
96.2
95.8
108.4
107.9
107.4
107.0
106.2
106.0
106.7
105.3
103.8
103.1
101.8
101.0
109.5
109.7
109.9
109.7
109.2
109.4
109.6
109.7
109.4
108.3
106.8
105.3
103.3
103.0
103.0
102.3
101.6
102.0
1991: Jan
Feb
Mar
Apr r
May '
June T
July".
109.1
108.3
108.1
108.7
109.1
109.4
109.8
105.6
104.7
104.7
105.5
106.5
107.2
107.6
97.6
95.2
95.9
99.3
100.9
103.4
104.6
107.8
107.3
107.1
107.2
108.0
108.2
108.4
113.6
112.9
112.5
112.8
112.6
112.4
112.7
121.6
120.6
120.3
121.3
121.5
121.5
122.4
94.4
94.5
93.9
92.5
91.5
90.6
90.0
103.8
102.6
101.3
101.2
102.6
103.5
103.8
97.7
96.4
94.0
94.9
96.0
97.1
97.7
108.1
106.8
106.4
105.6
107.2
107.9
108.1
104.8
103.9
102.6
103.4
104.6
105.7
106.4
101.1
101.1
101.3
101.1
102.6
103.6
103.8
1
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987 = 100; monthly data seasonally adjusted]
No idurable manufacti ires
Durable m inufactures
Transp<station
equipment
Primary metals
Period
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
July
Aug
Sept
Oct
Nov
Dec
,
1991: Jan
Feb
Mar
Apr r
May r
June r
July?
Source: Board of Governors of the Federal Reserve System.
18
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
1S5.1
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
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
110.3
86.5
87.7
90.1
92.1
94.9
97.4
100.0
102.8
105.5
107.6
110.3
114.6
111.6
108.6
109.1
104.2
110.6
118.3
113.9
110.3
112.6
107.3
107.7
107.9
106.8
106.4
104.3
101.9
128.3
128.8
128.5
128.1
126.3
124.7
112.2
112.5
112.5
110.8
110.4
108.7
109.3
107.9
111.1
109.2
100.1
96.6
102.7
101.0
107.5
103.8
85.8
78.5
103.6
100.5
100.3
98.2
95.5
93.5
99.2
98.8
98.4
97.2
95.5
94.9
111.4
110.9
111.6
112.9
112.4
112.8
110.4
111.1
110.9
110.7
110.0
109.9
107.1
107.7
107.6
108.8
109.6
109.1
99.7
99.5
94.7
94.5
96.9
98.0
101.7
99.0
98.0
92.0
91.6
94.0
95.9
102.1
101.7
99.1
97.8
98.0
99.3
100.8
101.5
125.5
124.5
123.1
123.5
123.2
122.2
122.7
107.6
108.2
108.6
109.7
110.7
111.6
111.0
97.6
95.5
95.0
97.2
98.1
99.4
101.2
83.0
79.4
79.8
86.2
89.8
92.6
96.8
94.2
91.5
91.2
92.7
92.4
95.4
96.0
92.9
93.1
92.5
93.2
95.2
95.9
98.0
112.1
110.9
110.4
110.7
110.5
111.2
111.3
110.1
109.1
108.2
109.0
109.2
109.6
109.4
108.3
107.6
107.4
107.6
107.9
108.1
108.0
NEW CONSTRUCTION
[Monthiv data seasonally adjusted]
Constructio i contracts 3
Private
Period
Total new
construction
expenditures
Resi ential
Total
New housing
Total i
I illions
1981
1982
272.0
260.6
294.9
348.8
377.4
407.7
419.3
1983
1984
1985
1986
1987
1988
1989
1990
432.2
443.7
446.4
207.3
197.5
231.5
278.6
299.5
323.1
328.6
337.4
345.4
337.8
99.2
84.7
125.5
153.8
158.5
187.1
194.7
198.1
196.6
182.9
Commercial
and
Other
Federal,
State, and
local
Total value
index
(1982 = 100)
of dollars
69.4
57.0
94.6
113.8
114.7
133.2
139.9
138.9
139.2
128.0
58.2
62.6
57.7
74.0
89.8
84.4
84.0
88.0
94.3
96.4
49.8
50.2
48.2
50.8
51.3
51.6
50.0
51.4
54.6
58.5
64.7
100
63.1
63.5
70.2
77.8
84.6
90.6
94.8
98.3
108.7
100
124
136
150
159
165
167
173
156
450.4
453.1
449.7
437.2
434.6
431.4
421.3
406.5
410.1
401.9
405.9
399.2
400.3
342.0
345.2
336.9
330.3
324.1
317.2
311.3
303.9
300.5
293.3
298.0
290.9
291.4
185.2
183.1
180.6
175.4
112.1
168.0
165.0
161.8
155.6
152.4
151.2
155.0
158.5
98.3
102.6
96.4
94.9
92.0
89.3
88.6
85.1
86.2
83.2
87.0
77.9
74.3
129.7
127.8
125.8
121.6
119.0
115.1
113.0
107.9
103.5
100.8
100.0
103.7
107.0
58.5
59.5
59.9
60.0
59.9
59.9
57.7
57.0
58.7
57.6
59.8
58.0
58.5
108.4
107.9
112.8
106.8
110.5
114.2
110.0
102.6
109.6
108.6
107.9
108.3
109.0
165
158
r
!52
r
r
!48
154
r
!52
r
!36
!33
r
r
138
!39
151
141
r
!34
144
1
Includes residential improvements, not shown separately.
2
Includes hotels and motels.
3
F.W. Dodge series.
919
690
756
955
1,097
1,016
1,019
973
961
747
Annual rates
Annual rates
1990: June
July
Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr r
May r
June".
July"
Commercial
and industrial
floor space
(millions of
square feet)
694
624
653
693
6S9
660
555
602
658
538
624
565
438
469
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 OT homes, except as noted}
New priv ate homes
New private housing units
Period
Units started, by type of structure
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1 unit
1,084.2
1,062.2
1,103.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
662.6
1,061.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
1,187
1,155
1,131
1,106
1,026
1,130
971
847
992
907
977
983
1,032
1,070
890
876
835
858
839
789
751
648
788
142
801
831
862
894
705.4
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
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
1,110.8
Units
completed
Homes sold
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
412
1,294
1,312
1,307
1,314
1,275
1,246
1,155
1,125
1,096
1,190
' 1,089
1,069
"1,084
549
541
525
504
465
480
623
639
688
750
671
676
650
534
Homes for
sale at end of
period 1
Vacancy rate
for rental
housing units
(percent) z
275
5.0
253
SOI
353
346
357
366
368
363
318
5.3
5.1
5.9
6.5
7.3
7.7
7.7
7.4
7.2
354
350
345
338
334
327
318
315
313
808
r
303
300
296
296
7.0
Seasonal y adjusted annu al rates
1990:
June
July
Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
Mavr
June r
July"
1
41
31
30
35
22
54
17
29
37
28
32
36
26
48
Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning 1989 not comparable with
earlier data.
2
256
248
266
213
165
307
203
170
167
131
144
116
144
128
1,123
1,086
1,055
989
925
916
854
802
876
892
913
966
999
1,005
464
414
488
r
495
506
496
516
472
7.2
7.2
1.5
7.3
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 June, manufacturing and trade sales rose 0.3 percent and inventories fell $3.1 billion. In July, according to
advance data, retail sales rose 0.5 percent, following a rise of 0.1 percent in June.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
1,000
300
900
—
800
250
r—
"\
-
700
-_
1
MAN UFACTURIf •4G AND
TRA DE INVEN DRIES
600
200
INVENTORIES
v-
150
MA NUFACTUI?ING
AN D TRADE SALES
•
RETA1 .
s**^
— •* "
^. S
-•*"*""
"**>-
1
-\"""" '"'
500
'
f\
_-^-" —-^1
^
1
•
'
~*' — —
400
i
300
RATIC)*
---
-- -'X
RE TAIL SALE
-'""
—
100 Jllll|llfi| lll||lll||| I||I|1|"H Illllllllll
nniliiiM
1.80
INVENTC)RY-SALES ?ATIO
RFTAI
1.70
X.
1.60
\W""
200
1.50
•^
{=
J
i
*»»«—*
»'
*—^S*
" "V
t
—'
Nx-v
p-^^vl
1987
1988
1990
1989
) I 1 1 1 1 1| 1 1 1
1.30
1991
lllllhflll
Illlllllltl
1988
1989
1987
SEASONALLY AD USTEO
OURCE: DEPARTM ENT OF CQMMERC E
Manufact iring and
trac e 1
1 1 111111 11 1
1990
1 1 ^ 11 1 | 1 I1
1991
COUNCIL OF ECC NOMIC ADVISERS
2
Inventories 3
Sales
348,755
370,441
411,391
423,806
431,668
459,088
496,330
525,839
542,917
574,518
590,968
650,789
665,060
664,031
711,595
767,700
810,257
826,941
544,643
542,440
554,935
550,660
555,145
546,714
534,361
527,074
527,915
523,117
530,872
535,926
537,357
813,118
818,951
823,468
827,145
830,414
832,464
826,941
831,445
828,201
819,615
816,893
811,713
808,578
96,290
100,324
113,393
114,626
116,151
124,254
135,176
144,005
149,193
149,885
149,017
152,298
150,232
151,001
148,176
148,036
144,723
143,608
142,935
145,019
144,927
144,934
Inventory-s ales ratio 4
Re ail
Wholesale
Sales
Sales 2
r^t.
*^\s
MANUFA CTURING
AND' KADb
1.40
Illllllllll Illllllllll Illllllllll |l|lllll|ll IIMlilllM
t
.<••— ^ ,.-'~~' •
InvenTotal
[memories 3
2
Durable
goods
stores
Nondurable goods
stores
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
61,469
69,025
79,250
88,464
90,197
105,738
112,254
120,663
120,629
73,024
78,687
88,498
93,309
96,390
102,374
107,537
117,496
121,934
237,703
239,657
242,893
243,217
244,901
244,550
242,563
244,071
241,179
236,900
236,696
236,204
235,793
119,089
120,165
123,271
123,559
124,048
122,947
120,629
121,217
119,239
116,041
116,087
115,490
114,301
118,614
119,492
119,622
119,658
120,853
121,603
121,934
122,854
121,940
120,859
120,609
120,714
121,492
Manufacturing
trade
Retail
1
Millions of dollars, seasonally iidjusted
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
1991:
1
2
3
June r
July
Aug
Sept
Oct
Nov
Dec
Jan
Feb
Mar
Apr
Msv r
June "
July"
r
See page 21 for manufacturing.
Monthly average for year and total for month.
End of period.
20
89,114
97,570
107,316
114,642
120,860
128,509
137,613
145,146
150,602
128,196
130,906
143,557
148,484
154,713
165,271
180,313
188,273
195,567
191,042
192,190
192,589
192,936
194,053
105,544
195,567
198,993
198,563
196,733
195,052
193,632
192,805
150,156
150,669
151,135
152,512
152,191
152,711
149,750
147,803
151,092
151,467
150,967
152,710
r
152,929
153,669
r
28,013
32,631
37,938
41,567
45,121
48,051
52,281
54,349
54,563
54,280
54,648
53,851
54,550
54,420
54,152
52,402
50,897
53,235
53,725
53,490
54,074
r
54,213
54,589
r
4
61,101
64,939
69,377
73,075
75,738
80,457
85,332
90,797
96,039
95,876
T
96,021
97,284
97,962
97,771
98,559
97,348
96,906
97,857
97,742
97,477
98,636
'98,716
99,080
Annual data are averages of seasonally adjusted monthly ratios,
Source: Department of Commerce, Bureau of the Census.
1.67
1.55
1.53
1.55
1.55
1.50
1.49
1.51
1.51
1.49
1.51
1.48
1.50
1.50
1.52
1.55
1.58
1.57
1.57
1.54
1.51
1.50
1.49
1.44
1.49
1.52
1.56
1.55
1.55
1.60
1.59
1.58
1.59
1.61
1.59
1.61
1.60
1.62
1.65
1.60
1.56
1.57
1.55
1.54
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In June, manufacturers' shipments rose while inventories and new and unfilled orders fell. In July, according to
advance data, durable goods shipments and new orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
280
240
SHIPMElN TS
200
- — ' —1
~>.
—i==
360
TOT A L
160
INVENTCDRIES
440
-=
:= :::=
Y
TOTAL
DUF(ABLE GOC)DS
_V-
.
.
120
K-H
'"— _"-~
DUR ABLE GOC DS
200
NON!DURABLE G OODS
_____
80
120
'" \
NOh•JDURABLE GOODS
60
Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll
BILLIONS OF DOLLARS* (RATIO SCALE)
280
240
200
-NEW OR DERS
——-~
~—^~^~~~\
n•>-.«». • .—~^ ~_^-\
\
-TOTAL"
miihmi Illllllllll Illllllllll Minium iiuiliiiu
2.20
DU ?ABLE GOC3DS
160
_^_../
120
, —"" — "
INVENTC3RY-SHIPM ENTS RATICD
-
N-A
2.00
f
•N.^-
~—"~"~~' -\-NONC)URABLE GOODS
1.80
80
1.60
60
1.40
Mllll|llll Illllllllll Illllllllll Illllllllll
1987
1988
1989
1990
Illllllllll
*—^^n
iiuiliiiu
—•
1.20
Illllllllll Illllllllll Illllllllll Illllllllll
1987
1991
^
1989
1988
1990
1991
' SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manul acturers' shipm ents 1
Manufa cturers* inven ones 2
Manufacturers new orders '
Durabl goods
Durable
goods
Nondurable
goods
lota!
Durable
goods
Nondurable
goods
Capital
goods
industries,
non-defense
Nondurable
goods
19,213
19,624
Manufacturers'
unfilled
orders 2
Manufacturers'
inventory —
shipments
ratio 3
Millions of d jllars, season ally adjuste(
1982
1983
1984
1985
1986
1987
1988
1989
1990
,
1990: June
July
Aug
Sept
Oct
Nov
Dec
,
1991: Jan
Feb
Mar
Apr
May r.
June"
July"
1
2
163,351
172,547
190,682
194,538
194,657
206,326
223,541
236,689
243,122
79,212
85,481
97,940
101,279
103,238
108,128
117,993
124,532
125,388
311,829
312,350
339,484
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
87,066
92,742
93,259
91,419
98,198
105,549
112,156
117,735
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
23,669
24,545
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
311,893
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
244,602
242,754
251,502
247,916
251,953
245,827
236,575
129,167
126,531
130,441
125,783
127,692
122,693
118,578
115,435
116,223
121,061
122,133
124,261
123,134
117,997
384,373
387,104
387,986
390,992
391,460
392,370
388,811
252,877
254,521
254,721
255,278
255,113
256,387
252,836
131,496
132,583
133,265
135,714
136,347
135,983
135,975
242,396
245,039
250,592
248,987
254,976
239,237
238,196
127,057
129,387
129,020
126,893
130,875
116,193
120,221
32,501
35,274
31,607
34,419
37,223
30,884
38,560
115,339
115,652
121,572
122,094
124,101
123,044
117,975
526,695
528,980
528,070
529,141
532,164
525,574
527,195
1.57
1.59
1.54
1.58
1.55
1.60
1.64
234,548
233,215
228,715
234,886
238,289
239,494
117,648
117,432
114,487
119,721
121,024
r
122,372
122,828
116,900
115,783
114,228
115,165
117,265
117,122
388,381
388,459
385,982
385,145
381,877
379,980
252,170
252,256
250,405
249,546
246,964
245,664
136,211
136,203
135,577
135,599
134,913
134,316
234,462
233,132
226,431
231,229
236,540
234,141
117,789
117,547
112,116
116,139
118,434
r
117,267
129,859
33,957
33,756
31,940
28,748
28,038
' 29,269
35,571
116,673
115,585
114,315
115,090
118,106
116,874
527,109
527,026
524,742
521,085
519,336
513,983
1.66
1.67
1.69
1.64
1.60
1.59
84,139
Monthly average for year and total for month. Shipments are the same &
End of period.
3
Annual data are averages of seasonally adjusted monthly ratio
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In July, the producer price index for all finished goods fell 0.2 percent. Prices of finished consumer foods fell 0.8
percent and prices of other finished consumer goods fell 0.1 percent. Capital equipment prices rose 0.1 percent.
INDEX, 1982= 100 (RATIO SCALE)
INDEX, 1982 =100 (RATIO SCALE)
130
130
SEASONALLY ADJUSTED
FINISHED GOODS PRICES
120
120
CAPITAL EQUIPMENT
_^:.^f-/
110
110
!V
CONSUMER GOODS
EXCLUDING FOODS
1 1 r 1 1 1 1 1 \ E I M M 1 1 ' ' M1 *1 1 1 1 1 p 1 1
90
1983
1984
1985
90
| ! | 1 I 1M1 t
1986
1987
1988
1990
1989
1991
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT Of LABOR
[1982 = 100; monthly data seasonally adjusted]
Internlediate ma terials
Pim shed goods
F rushed go ads excluding consumer foo is
Period
Total
finished
goods
Consumer
foods
Consumer g )ods
Total
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: July
Aug
Sept
Oct
Nov
Dec
1991: Jan
Peb
Mar r
Apr
May
June
July
1
96.1
100.0
101.6
103.7
104.7
103.2
105.4
108.0
113.6
119.2
118.0
119.3
120.8
122.3
122.8
122.3
122.4
121.5
121.2
121.1
121.8
121.4
121.1
97.8
100.0
101.0
105.4
104.6
107.3
109.5
112.6
118.7
124.4
124.3
125.0
124.4
125.1
125.2
124.8
124.6
124.9
125.1
125.5
125.8
125.0
124.0
95.6
100.0
101.8
103.2
104.6
101.9
104.0
106.5
111.8
117.4
115.9
117.5
119.6
121.4
122.0
121.4
121.6
120.4
119.9
119.6
120.5
120.2
120.1
Intermediate materials for food manufacturing and feeds.
22
96.1
100.0
101.2
102.2
103.3
98.5
100.7
103.1
108.9
115.3
112.9
115.0
118.1
120.6
121.3
120.2
120.1
118.4
117.5
117.4
118.4
117.7
117.6
Durable
96.4
100.0
102.8
104.5
106.5
108.9
111.5
113.8
117.6
120.4
120.9
120.7
121.6
121.2
121.8
122.3
123.1
123.5
124.2
123.9
123.5
123.3
123.3
Nondurable
95.8
100.0
100.5
101.1
101.7
93.3
94.9
97.3
103.8
111.5
108.1
111.1
115.0
118.6
119.3
117.6
117.2
114.7
113.4
113.3
114.8
113.9
113.7
Capital
equipment
94.6
100.0
102.8
105.2
107.5
109.7
111.7
114.3
118.8
122.9
123.0
123.4
123.8
124.1
124.4
124.8
125.7
125.9
126.2
125.5
126.2
126.6
126.7
Source:
Total
finished
consumer
goods
96.6
100.0
101.3
103.3
103.8
101.4
103.6
106.2
112.1
118.2
116.6
118.3
120.2
122.1
122.6
121.7
121.6
120.5
119.9
120.0
120.8
120.0
119.6
Total
98.6
100.0
100.6
103.1
102.7
99.1
101.5
107.1
112.0
114.5
112.8
114.3
116.1
117.9
118.1
117.2
116.6
115.7
114.5
114.0
113.9
114.0
113.7
Foods
and
feeds 1
104.6
100.0
103.6
105.7
97.3
96.2
99.2
109.5
11-3.8
113.3
114.4
114.2
113.1
113.0
111.7
111.9
110.4
112.3
113.2
113.1
110.3
109.8
108.6
Cnide materi als
Other
Total
98.2
100.0
100.5
103.0
103.0
100.0
101.3
103.0
99.3
101.7
106.9
111.9
114.5
112.7
114.3
116.3
118.2
118.5
117.5
116.9
115.9
114.5
114.1
114.2
114.2
113.9
;ment of Labor, Bureau of Labor Statistics.
103.5
95.8
87.7
93.7
96.0
103.1
108.9
101.0
110.2
115.6
125.4
117.6
111.2
113.2
104.5
101.0
100.9
100.9
99.0
99.2
Foodstuffs
and
feedstuffs
103.9
100.0
101.8
104.7
94.8
93.2
96.2
106.1
111.2
113.1
114.3
112.9
111.6
111.9
110.8
109.5
108.3
108.4
109.5
108.7
105.2
105.9
104.1
Other
101.8
100.0
100.7
102.2
96.9
81.6
87.9
85.5
93.4
101.5
88.4
103.6
112.8
127.9
116.4
107.2
110.8
98.0
92.2
92.5
94.2
91.1
92.3
CONSUMER PRICES—ALL URBAN CONSUMERS
In July, the consumer price index for all urban consumers rose 0.2
not seasonally adjusted). The index was 4.4
percent, seasonally adjusted (it rose 0.1 percent
percent above its year-earlier level.
IN DEX, 1982-84 = 100 (RATIO SC ALE)
INDEX, 1 982-84= 1()0 (RATIO SCA LE)
150
150
SEAS DNALLY ADJUSTS •>
140
140
130
130
^^
CONSULAER PRICES— A LL ITEMS
120
120
^
\
110
110
/-^
^^
p^
r-^
100
100
^—"
90
90
80
nrnhm, mn
1983
,
(
1985
1984
m|
f
,,,,,I,,HI
1986
|m||
mill
Illllllllll
1989
1988
1987
||m|
1990
SEE NOTE ON TABLE E ELOW
SOURCE: DEPARTMEN T OF LABOR
80
1991
COUNCIL OF ECONOAMC AOVISERJ
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
All it 3ms !
Tr ansportati on
Hoi sing
She Her
Not
Period
seasonally
ed
Season-
Rent-
Pood
ally
adjust-
ers'
Total '
Total
(NSA)
Rel. imp.3....
100.0
16.2
41.4
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
90.9
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
93.6
97.4
99.4
103.2
105.6
109.0
113.5
118.2
125.1
132.4
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
Maintenance
costs
and
(Dec.
1982 =
100)
repairs
and
el and
other
utilities
upkeep
Total '
New
Motor
fuel
cal
care
Ener-
gy 2
items
less
food
energy
(NSA)
19.5
0.2
7.3
6.1
17.8
4.0
4.1
6.4
8.3
75.6
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
95.3
97.8
100.2
102.1
105.0
105.9
110.6
115.4
118.6
124.1
93.2
97.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
120.5
93.7
97.4
99.9
102.8
106.1
110.6
114.6
116.9
119.2
121.0
108.5
102.8
99.4
97.9
98.7
77.1
80.2
80.9
88.5
101.2
82.9
92.5
100.6
106.8
113.5
122.0
130.1
138.6
149.3
162.8
97.7
99.2
99.9
100.9
101.6
88.2
88.6
89.3
94.3
102.1
89.2
95.8
99.6
104.6
109.1
113.5
118.2
123.4
129.0
135.5
7.9
130.5
131.6
132.6
133.4
133.8
134.2
132.8
133.2
133.6
134.1
134.7
134.9
128.6
129.3
130.0
130.4
130.6
130.8
140.5
141.3
141.8
142.0
142.3
142.8
146.5
147.6
148.2
148.8
149.5
150.5
145.5
146.3
146.8
146.8
146.9
147.3
122.1
121.2
124.6
123.4
123.9
123.8
109.9
111.1
112.6
113.8
114.2
113.7
124.4
124.8
125.5
125.1
125.3
125.7
118.4
120.7
123.4
125.8
126.5
126.9
120.5
120.9
121.1
121.2
121.5
122.0
93.2
101.2
110.2
118.0
118.5
117.7
163.5
165.0
166.1
167.5
168.7
170.1
96.8
101.0
106.4
110.9
111.4
110.9
136.0
136.7
137.3
137.7
138.1
138.6
134.6
134.8
135.0
135.2
135.6
136.0
136.2
134.8
135.1
135.0
135.3
135.7
136.0
136.3
135.7
135.4
135.7
136.7
136.7
137.4
136.6
131.9
132.5
132.6
132.8
133.0
133.1
133.5
143.9
144.6
144.8
145.2
145.3
145.8
146.1
153.0
154.2
154.2
154.2
154.1
154.5
155.0
147.9
148.4
148.7
149.2
149.4
149.9
150.2
124.1
125.1
124.2
126.1
126.9
126.2
126.9
115.5
115.1
114.8
114.2
114.8
114.0
114.8
126.9
128.9
127.4
127.2
127.8
127.7
128.9
125.4
124.0
122.8
122.4
123.2
123.5
123.5
123.6
124.2
124.8
125.2
125.3
125.6
125.6
110.0
102.0
97.1
97.1
99.5
99.1
97.1
171.2
172.4
173.5
174.4
175.4
176.5
177.5
108.2
103.9
101.2
100.5
101.9
100.9
100.5
139.7
140.7
140.9
141.2
141.5
142.0
142.5
Aug
Sept
June
July
owners'
Medi-
Appar-
130.4
131.6
132.7
133.5
133.8
133.8
July
Oct
Nov
Dec
1991:
Jan
Feb
Mar
Apr
May
(Dec.
1982 =
100)
All
Fuel
Home-
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]
Cht nge from pr eceding peri
d
Change from 3 mont] s earlier, ann ml rate
Change from 6 month s earlier, ann lal rate
Consum r goods
Consum r goods
Consum sr goods
Period
Total
finished
goods
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Capita]
equipment
Excluding
foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Cha nge, Dec. o Dec., N BA
7.1
3.6
.6
1.7
1.8
-2.3
2.2
4.0
4.9
5.7
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
8.6
4.2
-.9
.8
2.1
-6.6
4.1
3.1
5.3
8.7
1.5
2.0
2.3
3.5
.6
2.8
-.2
5.7
5.2
2.6
9.2
4.1
1.6
2.1
1.0
-1.4
2.1
2.5
5.2
4.9
9.2
3.9
2.0
1.8
2.7
2.1
1.3
3.6
3.8
3.4
Or ange, month to mont h
1990: July
Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar r .
Apr r
May
June r
July
0.3
1.1
1.3
1.2
.4
0.3
1.9
2.7
2.1
.6
-.9
0.2
2.8
.3
.3
-.4
0.5
.6
— .5
.6
.1
-.3
.2
.2
.3
5.9
11.3
15.4
12.3
5.1
.1
-.2
-.7
-.2
-.1
.6
-.3
— .2
2
.2
.3
.2
-.6
-.1
— 1.4
-.8
-.1
.9
-.6
-.1
.7
.2
.2
-.6
.6
.3
.1
.3
-4.2
-3.5
-4.2
1.0
.7
0
-.8
2.3
2.6
.6
1.3
2.5
8.0
21.0
30.2
23.8
7.3
3.0
4.0
3.6
3.6
3.3
3.3
0.9
3.3
6.1
8.9
9.0
8.2
.3
.3
2.8
2.1
1.8
-1.6
-1.0
1.0
2.9
2.9
-.3
-4.7
-1.6
-9.2
-8.7
-8.7
0
.7
.7
5.3
4.9
4.6
-.6
1.0
1.3
3.9
7.6
3.7
.7
-2.0
-1.6
-1.5
-2.1
.5
-.2
1.1
.6
1.0
.3
-1.0
2.9
3.6
11.2
15.5
15.6
14.0
3.3
3.3
3.1
3.3
3.6
3.5
3.6
5.2
6.0
6.4
7.0
5.7
13.2
6.0
-1.0
-5.2
-4.7
-4.1
-4.1
4.4
4.1
3.9
2.3
2.9
2.9
1.6
4.0
3.4
3.2
3.2
3.4
3.5
2.9
-0.5
1.1
4.9
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
Period
All
items 1
Ap-
Fuel
and
other
utili-
Food
Eent-
Total '
Home-
Total '
C hange,
1981
9.9
2.4
4.7
5.2
6.0
4.6
4.8
4.5
4.9
5.2
10.2
3.9
3.8
1.1
4.4
4.4
4.6
6.1
4.3
3.1
2.7
3.8
2.6
3.8
3.5
5.2
5.6
5.3
July
Aug
Sept
Oct
Nov
Dec
0.4
.8
.8
.6
.3
.3
0.5
.3
.3
.4
.4
.1
0.5
.5
.5
.3
.2
.2
0.7
.6
.4
.1
1.2
.8
.4
.2
.4
1991: Jan
Feb
Mar
Apr
May
June
July
.4
.2
-.1
2
.3
.2
.2
.6
-.2
.2
.7
0
.5
-.6
.8
.5
.1
.8
.5
.1
.3
.1
.3
.2
8.9
3.8
4.8
1982
1983
1984
1985
1986
1987
1988
1989
1990
3.6
3.5
4.3
4.3
1.7
3.7
4.0
3.9
4.5
5.0
3.9
3.9
4.5
6.7
parel
and
up-
Total '
New
cars
Motor
fuel
Medical
care
Ener2
gy
less
food
and
From
previous
From
3
months
earlier
From
6
months
earlier
From
year
earlier
SSA
D ecember to Dec .mber, Is SA
14.4
9.7
5.1
5.9
6.3
Adden dum: All ite us, percent hange
(annua 1 rate)
Tr •tnsportation
Shelter
4.5
5.1
5.9
4.6
5.3
4.7
5.1
4.7
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
4.7
1.0
5.1
10.9
1.8
3.9
3.1
2.6
-5.9
6.1
3.0
4.0
10.4
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
6.8
2.3
36.5
1.4
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
9.5
4.5
4.8
4.7
4.3
3.8
4.2
4.7
10.3
6.2
3.2
4.3
3.6
1.9
3.6
4.4
5.2
4.8
5.4
0.9
.9
.7
.8
.7
.8
-0.3
4.3
5.3
4.2
.5
-.4
0.5
.5
.4
.3
.3
.4
.6
-2.4
.7
-4.0
-2.6
.8
.7
.1
_2
4.1
Chs nge, mo nth to nlonth
1990:
1
2
2
.2
.1
.3
-0.5
1.1
1.4
1.1
.4
-.4
0.2
.3
.6
-.3
.2
.3
0.3
1.9
2.2
1.9
.6
.3
-0.1
.5
.7
0.6
.5
.3
0
.1
.3
.2
.4
.4
— .7
1.7
.8
0
0
-.1
.3
.3
.4
.3
.2
.3
.1
.3
2
1.6
-.3
-.3
-.5
.5
— .7
.7
1.0
1.6
-1.2
— 1.2
-1.1
-1.0
-.3
.7
.2
0
1.3
.5
.5
.3
.1
2
0
-6.5
-7.3
-4.8
0
2.5
-.4
-2.0
.4
O
.5
— .1
.9
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
also included through 1982.
24
.3
.2
.1
-0.1
8.6
8.9
7.1
.6
.5
.6
.6
.6
— .7
1.4
-1.0
-.4
6.9
3.6
.2
.4
.4
4.6
4.8
8.2
9.2
6.9
4.9
5.4
6.2
6.9
7.2
6.6
5.6
6.2
6.3
6.3
8.1
4.3
3.9
2.4
1.5
1.8
3.0
3.0
6.7
5.4
3.7
2.9
2.9
2.7
2.2
5.7
5.3
4.9
4.9
5.0
4.7
4.4
4.7
7.6
7.0
2.1
Quarterly changes are shown in the last month of the quarter
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
'rices received by farmers in July fell 2.6 percent from their June level. Prices paid by farmers in July were 0.5
percent below their April level. (Data are not seasonally adjusted.)
INDEX, 1977= 100 (RATIO SCALE)
INDEX, 1977= 100 (RATIO SCALE)
200
200
180
180
r\
160
160
PRICES PAID
140
140
120
120
PRICES RECEIVED
100
100
Illllllllll Illllllllll
8 0 1 1 1 I I I i I I I I I I I I 1 1 1 1 I I I 11 I I I I I I I 111 11
80
RATION
HO
RATIO-l/
140
120
120
RATIO
100
100
80
80
60
NIIII
1983
m i n iiiiiiniii
Illl
1984
1985
1986
1987
1989
1988
1990
60
1991
.I/RATIO OF INDEX OF PRICES RECEIVED TO INDEX Of PRICES PAIC
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[1977 = 100; not seasonally adjusted]
P rices
Pri ces received by farm ers
Period
1981
1982
1983
1984
1985
All farm
products
Livestock and
products
Crops
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
138
146
150
160
170
1990: July
Aug
Sept
Oct
Nov
Dec
151
151
148
146
147
143
129
125
123
120
124
121
172
176
172
170
169
164
1991:
145
145
149
149
152
155
151
123
122
128
131
138
r
!46
137
166
166
169
166
165
163
163
Jan
Feb
Mar
Apr
May
June
July
1
Includes items not shown separately.
2
Percentage vatic of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
143
145
141
146
136
All commodities,
services,
interest, taxes,
and wage rates l
paid by farmer s
Production
items, interest,
taxes, and wage
rates
150
159
161
164
162
159
162
170
178
184
151
158
159
161
156
150
152
160
167
172
Ratio 2
Production
items
148
153
152
155
151
144
148
157
165
171
171
(3)
(3)
174
170
(3)
(3)
(3)
(3)
175
(3)
173
(3)
(3)
(3)
190
176
175
(3)
(3)
3
3
184
(3)
(3)
187
(3)
(3)
188
(3)
3
( )
(3)
(3)
174
( )
( )
(3)
(3)
189
174
173
92
84
84
87
79
77
78
81
83
82
82
82
80
78
79
16
77
77
79
78
80
82
80
NOTE.—The official indexes are published on a 1910-14 base as required by law,
have been converted to a 1977 — 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
In July, both M2 and M3 declined.
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
-V
M2
2,800
2,400
2,800
2,400
2,000
2,000
1,600
1,600
1,200
1,200
800
800
Ml
600
600
II III I 1 1 1 1 1 1 400
400
1983
1985
1986
1989
1988
1990
' AVERAGES OF DAIIY 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
L
Debt
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
KPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
M2 plus large
time deposits,
term KPs, term
Eurodollars, and
institution-only
MMMF balances
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average) 1
Perce nt change from yeai or 6
months earlier 2
Ml
M2
M3
Debt
time deposits
521.2
552.2
619.9
724.3
749.7
786.4
793.6
825.4
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
3,327.6
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
4,111.7
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
'4,965.7
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
10,436.1
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
3.2
12.4
9.3
10.3
10.9
7.2
9.1
5.3
6.6
3.5
1.4
9.9
9.2
11.2
14.4
13.6
12.7
9.3
9.1
7.5
6.6
1990: June
July
Aug
Sept
Oct
Nov
Dec
811.5
810.7
816.5
821.8
821.2
823.3
825.4
3,290.6
3,295.4
3,309.5
3,321.5
3,324.3
3,323.5
3,327.6
4,085.8
4,089.2
4,103.3
4,109.0
4,109.3
4,108.8
4,111.7
4,922.8
4,926.4
4,934.2
4,955.5
4,955.0
4,959.9
'4,965.7
10,128.4
10,188.7
10,257.3
10,312.4
10,349.5
10,399.5
10,436.1
4.5
3.8
3.8
4.3
3.3
3.9
3.4
4.2
3.8
3.3
3.2
2.7
2.5
2.2
1.5
1.4
1.5
1.6
1.3
1.3
1.3
6.9
7.2
7.3
6.9
6.4
6.5
6.1
1991: Jan
Feb
Mar
Apr'
May'.
June '
July
826.7
836.4
843.0
842.1
851.6
858.4
859.7
3,331.0
3,354.3
3,374.9
3,382.7
3,394.6
3,398.6
3,387.2
4,124.6
4,160.3
'4,168.9
4,170.8
4,172.7
4,165.7
4,148.1
'4,982.1
'5,008.8
'5,008.0
4,971.8
4,947.6
P
4,977.6
10,467.8
10,525.9
10,563.9
10,576.2
10,621.6
"10,671.6
3.9
4.9
5.2
5.1
6.9
8.0
8.0
2.2
2.7
3.2
3.5
4.3
4.3
3.4
1.7
2.8
2.9
3.0
3.1
2.6
1.1
5.5
5.2
4.9
4.4
4.3
4.5
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
436.4
474.4
.•
1
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
r at a simple annual rate.
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
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 narket
mutua fund
l
balani es
General
purpose
and
broker/
dealer
Institution
only
Money
market
deposit
accounts
(MMDAs)
Savings
deposits
Small
denomination
time
deposits 2
Large
denomination
time
deposits 2
NSA
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1990:
1991:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
June
July
Aug
Sept
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
June '
July
122.6
132.5
146.2
156.0
167.8
180.7
196.9
212.0
222.2
246.4
233.7
235.7
238.4
241.5
243.9
245.0
246.4
251.6
255.1
256.7
256.6
256.8
257.6
258.9
231.3
234.0
238.5
243.9
266.6
301.9
286.5
286.3
278.7
276.9
276.3
275.6
278.0
279.1
277.1
277.2
276.9
272.9
276.1
277.1
'275.8
'278.7
281.0
279.0
78.2
103.5
131.6
147.1
179.5
235.3
259.3
280.7
285.2
293.8
293.7
291.7
292.1
293.0
291.8
292.8
293.8
293.9
296.9
301.0
'301.9
'308.1
312.0
314.1
36.6
39.9
55.6
60.6
73.5
82.3
83.2
83.4
77.4
74.0
82.4
84.0
82.7
81.4
83.5
77.6
74.0
71.2
70.1
69.1
69.1
67.2
65.8
61.7
150.6
185.2
138.8
167.9
176.7
208.3
221.7
241.1
313.6
345.4
327.5
329.2
335.8
339.3
341.6
341.9
345.4
353.9
358.2
363.6
364.2
365.1
364.3
359.4
38.0
51.1
42.8
62.1
63.9
83.8
88.9
86.9
101.9
125.7
108.1
109.8
114.0
116.2
119.6
120.5
125.7
130.1
139.3
142.0
145.6
146.2
143.3
141.8
0.0
43.2
379.2
343.9
356.8
305.5
286.5
300.4
368.3
412.0
424.4
823.2
303.0
850.9
327.3
784.1
327.7
418.2
887.7
417.7
514.5
883.4
437.3
572.3
855.5
439.9
489.2
524.9
917.7
501.4
1,081.8
542.3
563.5
486.1 404.1
1,145.9
1,164.2
507.1
505.9 410.8
502.3 411.8
1,154.6
538.0
535.0
503.4 412.7
1,156.8
529.2
505.9 412.7
1,158.3
507.4 412.3
1,160.1
521.9
515.1
506.7 411.5
1,161.4
506.8 411.1
1,161.8
512.5
507.1
505.9 410.8
1,164.2
511.9
505.2 412.0
1,163.9
511.5 415.4
1,162.7
516.0
519.2 420.5 ' 1,158.3 511.5
1,150.2 '507.3
526.6 427.2
536.1 '433.1 '1,140.5 '503.9
542.1 438.9
1,129.2
499.1
547.2 442.9
1,118.7
491.7
1
2
Data prior to 1983 arenot seaso nally adju sted.
Small denomination a d large d jnominat on deposits are those ssued in an ounts of ess than
$100,000 and more than $ 100,000, r espective y.
Term
repurchase
agreements
(RPs)
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
102.2
100.5
102.0
98.3
95.6
95.7
90.2
88.2
86.8
83.2
82.1
81.0
78.7
80.2
67.5
81.7
91.5
82.9
76.5
83.8
91.0
106.0
81.0
71.4
64.4
65.1
68.3
10.0
70.2
70.0
71.4
71.9
72.6
11.1
68.2
'65.7
65.6
65.4
Savings
bonds
Shortterm
Treasury
securities
67.8
68.0
71.1
74.2
79.5
91.8
100.6
109.3
117.5
126.0
121.4
122.2
123.0
123.8
124.5
125.2
126.0
126.7
127.8
128.9
130.1
131.4
' 132.5
149.4
183.6
212.0
260.8
298.2
280.2
253.5
210.6
327.4
'333.9
331.7
333.9
328.6
331.9
329.9
332.8
'333.9
'331.7
'329.6
'325.1
'302.6
'292.0
P
321.2
Bankers'
acceptances
40.0
44.0
45.0
45.4
42.0
37.1
44.5
40.1
40.7
34.7
34.7
33.0
32.3
31.8
32.6
34.0
34.7
36.0
35.2
32.4
30.7
28.8
"27.6
Commercial
paper
105.3
113.7
133.2
160.8
207.6
231.4
261.0
336.8
349.2
359.4
349.1
348.2
347.0
359.0
358.8
359.0
359.4
363.2
355.9
352.0
337.6
'322.7
" 330.6
NOTE.--Travelers c! ecks of nor bank issu rs are a comporient o{ money stock, but are ml sho-ro
iere.
Source: Board of Go ernors of t le Federal Reserve (: ystem.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures 1 ; millions of dollars; seasonally adjusted, except as noted by NSA]
Borro\vings of depc sitory
institutk ns from the Federal
R eserve {NSA )
A djusted for changes in reserve requiremen ts
Res erves of depo sitory instituti ons
Period
Total
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1990:
1991:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
July
Aug
Sept
Oct
Nov
Dec
Jan
Feb
Mar
25,944
26,495
27,835
29,901
31,662
37,061
45,863
45,812
47,596
47,729
49,104
47,636
41,973
48,261
47,942
48,244
49,104
49,466
49,611
49,566
49,395
50,068
'50,429
50,511
Apr
May
June
July "
—
1
Nonborrowed
24,304
25,859
27,201
29,127
28,476
35,473
45,031
45,035
45,880
47,464
48,779
46,879
41,046
47,637
47,532
48,014
48,779
48,932
49,359
49,325
49,164
49,765
'50,089
49,905
Nonborrowed plus
extended
credit
24,307
26,008
27,387
29,129
31,080
36,242
45,340
45,518
47,124
47,483
48,802
47,159
47,174
47,643
47,550
48,039
48,802
48,958
49,393
49,378
49,250
49,853
'50,097
49,950
Required
25,480
26,176
27,335
29,340
30,807
36,024
44,494
44,766
46,549
46,807
47,440
46,774
41,106
47,353
47,096
47,297
47,440
47,298
41,802
48,387
48,365
49,039
49,421
49,605
Monetary
base
Total
145,931
153,001
164,276
179,921
191,374
208,619
230,039
246,281
263,459
274,168
299,785
287,418
290,458
293,803
295,941
297,553
299,785
305,152
309,438
310,982
310,605
311,479
'312,469
313,911
1,690
636
634
774
3,186
1,318
821
777
1,716
265
326
757
921
624
410
230
326
534
252
241
231
303
340
607
Seasonal
116
54
33
96
113
56
38
93
130
84
76
389
430
418
335
162
76
33
31
55
79
151
222
317
Extended
credit
3
148
186
2
2,604
499
303
483
1,244
20
23
280
121
6
18
24
23
27
34
53
86
88
8
46
•
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases fell 0.4 percent in July; commercial and industrial loans fell 0.5 percent.
Bit LIONS OF 001LARS* (RATIO SCALE)
BILLION S OF DOLLARS * (RATIO SCAl E)
2,800 1
ALL COMMERCIAL BANKS
2,400
TOTAL
_.
—
~~
=
1
1
•
\
2 000
-—"I '
____
_
2000
———— |
—
_--
r—-^-~~~^
1 600
_ — — — ~*
-^-—^
2,800
2,400
—
-""\
1 200
LOANS AND LEASES
"~"""'
800
800
—
—
400
^.-""~"
U.S. GOVERNMENT SECURITIES -
400
\
.-"'
..
C3THER SECURIT ES
\
_--'
/'
160
120
.— •*--
200
/
*
160
^
llillllllll llillllllll Illllilllll llillllllll llillllllll llillllllll llillllllll llillllllll
1984
1983
1986
1985
1989
1988
1987
1990
llillllllll
120
1991
' SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Billions of dollars, seasonally adjusted l]
AJl comme cial ban iS
Loans an 1 leases
Period
Total
securities 2
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
July
Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
June
July
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
2,683.0
2,704.9
2,708.0
2,713.6
2,716.6
2,723.6
2,721.2
2,735.1
2,750.9
2,751.6
2,750.0
2,758.1
2,758.7
U.S.
Government
securities
Other
securities
179.3
201.7
259.2
260.2
270.9
160.5
164.8
169.1
140.9
179.0
310.1
335.9
363.8
399.3
454.2
442.8
445.7
450.1
453.1
454.0
454.2
454.1
458.0
471.4
479.2
484.9
492.9
502.9
193.9
193.5
192.1
180.8
175.6
177.3
178.8
178.8
177.8
175.9
175.6
177.7
177.6
177.6
175.7
173.9
173.1
172.2
Total
z
Commercial
and
industrial
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
2,062.9
2,080.4
2,079.0
2,082.7
2,086.7
2,093.8
355.4
392.5
414.2
473.2
500.3
537.2
567.6
606.6
641.3
648.1
644.4
645.1
644.7
643.7
646.5
648.1
2,089.4
2,099.5
2,102.0
2,096.7
2,091.1
2,092.1
2,083.6
644.3
643.9
646.0
640.0
633.2
629.7
626.3
284.1
299.9
331.0
376.5
426.0
494.2
587.2
671.5
760.6
836.5
814.5
818.0
822.5
827.7
832.0
836.5
837.3
842.6
846.3
850.7
854.7
857.7
854.9
1
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions. Data beginning January 1984 are not strictiy
comparable with data for earlier periods, largely because beginning January 1984 certain obligations
of States and political subdivisions are included in loans rather than in other securities.
28
State
Non-
Real
estate
Individual
182.5
188.2
212.9
253.8
294.6
315.2
328.2
354.7
375.5
378.9
376.4
378.2
378.6
379.7
378.7
378.9
375.9
377.7
375.5
374.1
373.4
371.7
369.4
Security
21.4
25.3
28.0
34.5
43.1
40.4
34.8
39.9
38.3
40.6
38.7
44.6
41.3
40.5
39.6
40.6
43.1
43.2
38.8
39.8
39.8
38.3
41.7
barut
financial
institutions
29.9
31.2
30.4
31.3
32.4
34.9
31.8
29.9
32.7
34.7
34.7
35.0
35.2
34.8
34.6
34.7
34.2
35.3
36.1
35.2
36.1
36.2
35.9
and
Agricultural
political
subdivisions
33.1
36.2
39.2
40.1
36.1
31.5
29.4
29.8
30.7
33.0
31.3
31.5
31.8
32.2
32.5
33.0
33.5
33.5
34.0
33.9
33.6
33.0
32.5
0.0
.0
.0
46.1
56.8
58.5
52.6
45.5
40.0
34.3
36.4
35.8
35.2
35.1
34.8
34.3
33.2
33.1
r
32.7
r
r
32.l
31.7
31.0
30.6
Foreign
banks
18.1
14.6
13.4
11.6
9.9
10.3
7.9
7.9
8.6
7.2
7.0
7.9
8.1
9.0
8.1
7.2
6.0
6.1
7.2
r
6.8
6.4
6.0
6.2
2
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve Svstem.
Foreign
official
institutions
7.2
5.9
9.4
8.4
6.3
6.3
5.8
5.1
3.7
3.2
3.2
3.2
3.3
3.2
3.2
3.2
3.0
3.1
3.2
3.0
3.0
3.0
3.1
Lease
financ-
ing
receivables
12.7
13.3
13.7
16.0
19.0
22.3
24.5
29.2
31.8
32.7
32.6
32.7
32.8
33.3
32.9
32.7
32.4
32.8
33.0
32.7
32.7
32.8
32.0
Other
23.1
26.9
31.8
29.9
35.3
38.6
39.8
45.7
45.8
44.7
43.6
48.2
45.5
43.6
43.7
44.7
46.4
48.2
49.1
r
48.3
r
46.5
52.7
50.9
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Internal
Loans and
short-term
paper
Securities
and
mortgages
Total
Total
484.2
560.0
444.4
465.3
377.4
388.3
385.1
378.2
106.8
171.7
59.3
87.1
33.2
41.2
14.9
9.4
119.5
102.7
72.6
94.2
26.6
41.3
-23.2
17.5
93.8
18.2
38.6
-66.9
77.8
89.4
107.3
27.7
467.6
509.1
515.7
322.8
361.7
384.7
382.1
346.5
105.9
124.4
133.6
-23.7
47.9
14.6
-26.6
21.5
55.0
10.2
41.4
453.4
317.9
135.5
33.0
517.4
601.2
459.2
473.0
379.9
379.7
385.5
374.9
137.5
221.5
73.7
98.1
18.0
118.7
-92.5
1.0
3.8
-85.2
-5.6
n
rn
IV
515.5
523.6
489.0
344.4
370.6
374.7
366.4
366.1
144.9
148.9
122.6
-21.7
67.2
59.5
15.4
—49.4
1991: I"
486.4
379.7
106.7
65.2
1989: I
n
m
IV
1990: I
-2.3
24.3
16.5
30.6
43.0
27.1
53.5
24.2
14.4
47.0
122.1
105.2
83.9
150.8
112.5
512.7
468.2
55.1
35.4
23.2
Discrepancy
(sources less
uses)
256.1
270.5
369.7
341.2
330.4
354.1
378.3
382.2
368.7
48.5
76.5
91.9
49.8
124.7
48.2
1986
1987
1988
1989
1990
Other 2
Increase in
financial
assets
303.1
392.6
474.9
425.1
481.2
466.6
494.6
488.4
453.8
58.9
131.7
155.5
103.9
179.8
121.3
156.8
132.7
98.7
300.8
416.9
491.4
455.7
524.1
493.7
548.2
Total
10.4
55.2
63.7
54.1
55.1
73.1
101.6
97.3
75.6
241.9
285.2
335.9
351.8
344.3
372.4
391.4
380.0
369.5
1982
1983
1984
1985
Capital
expenditures 3
C edit market fu nds
1
54.7
35.5
105.5
56.0
64.2
29.7
-6.2
41.0
-13.6
-6.2
60.5
18.5
-15.4
-45.0
70.5
80.4
20.9
2.3
110.5
115.6
86.2
3.1
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capita!
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
ab
™5?'
.
,
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
116.3
106.2
85.1
7.7
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in in stallment ere dit outstandirig 1
Installment credit outstanding (end of perio i)
Period
Automobile
Revolving
Mobile
home
311,259
325,805
368,966
442,602
518,252
573,017
610,468
664,049
718,863
735,102
119,008
125,945
143,560
173,564
210,187
247,428
265,851
284,214
290,676
284,585
61,070
66,454
79,088
100,280
121,816
135,851
153,078
174,104
199,082
220,110
20,058
22,064
23,562
25,861
26,850
27,096
25,920
25,348
22,471
20,919
111,124
110,802
122,756
142,897
159,400
162,642
165,620
180,383
206,633
209,487
1990: June
July
Aug
Sept
Oct
Nov
Dec
730,355
732,750
733,844
735,547
735,433
736,411
735,102
288,797
288,136
286,818
285,627
285,024
284,412
284,585
212,043
215,119
217,024
219,090
220,031
221,690
220,110
21,761
21,211
21,191
21,073
20,680
20,492
20,919
207,754
208,284
208,811
209,758
209,698
209,817
209,487
1991:
732,962
732,762
732,442
733,621
732,289
730,460
283,746
282,626
280,689
279,746
276,494
274,141
219,588
221,556
224,817
225,994
227,301
227,726
20,459
20,200
20,123
20,098
19,796
19,939
209,170
208,379
206,813
207,782
208,697
208,654
-2,139
-201
-320
1,179
1,331
-1,830
Total
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec 2
Dec
Jan
Feb
Mar
Apr
May r .
June"
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.
Other
Total
Automobile
Mobile
home
Other
5,959
5,384
12,634
21,192
21,536
14,035
17,227
21,026
(3)
21,028
1,322
2,546
958
2,299
989
246
1,176
-572
(3)
-1,552
-1,193
322
11,954
20,141
16,503
3,242
2,978
14,763
312
-550
-20
-119
-393
-187
427
333
530
527
947
-60
119
-461
258
78
-24
-302
143
Revolving
13,105
14,546
43,161
73,636
75,650
54,765
37,451
53,581
7,017
6,937
17,615
30,004
36,623
37,241
18,423
18,363
(3)
(3)
16,239
-6,091
828
979
-619
-661
-1,318
-1,191
-603
-612
-1,310
173
1,425
3,076
1,905
2,066
942
1,658
1,580
-839
-1,120
1,937
-943
-3,252
-2,353
-522
1,968
3,261
1,177
1,307
424
2,395
1,094
1,703
-114
(3)
2,854
-330
-317
-791
1,566
969
915
-43
3
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System
29
INTEREST RATES AND BOND YIELDS
Interest rates fell in August.
PERCENT PER ANNUM
PERCENT PER ANNUM
[Percent per annum]
—
U.S. T reasury security yields
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
Aug
Sept
Oct
Nov
Dec
1991:
Jan
Feb
Mar
Apr
May
June
July
Aug"
Week ended:
1991: Aug 3
10
17
24
31 '
1
3-month bills
(new issues) 1
Constant nmturities 2
3-year
10-year
High-grade
municipal
bonds
(Standard3 &
Poor's)
30
Prime
commercial
paper,
6 months 1
Discount rate
(N.Y. F.R.
Bank) *
Prime rate
charged 4by
banks
New-home
mortgage
yields
(FHFB) s
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
8.50
8.80
7.69
6.33
5.66
6.20
6.93
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
7.44
7.38
7.19
7.07
6.81
8.22
8.27
8.07
7.74
7.47
8.75
8.89
8.72
8.39
8.08
7.31
7.40
7.40
7.10
7.04
9.41
9.56
9.53
9.30
9.05
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
7.00-6.50
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.11
9.90
9.98
9.90
9.76
6.30
5.95
5.91
5.67
5.51
5.60
5.58
5.39
7.38
7.08
7.35
7.23
7.12
7.39
7.38
6.80
8.09
7.85
8.11
8.04
8.07
8.28
r
8.27
7.90
7.05
6.90
7.07
7.05
6.95
7.09
r
7.03
6.89
9.04
8.83
8.93
8.86
8.86
9.01
r
9.00
8.76
7.02
6.41
6.36
6.07
5.94
6.16
6.14
5.76
6.50-6.50
6.00-6.00
6.00-6.00
6.00-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-
10.00-9.50
9.50-9.00
9.00-9.00
9.00-9.00
8.50-8.50
8.50-8.50
8.50-8.50
8.50-
9.65
9.57
9.43
9.60
9.52
9.46
9.43
5.58
5.51
5.30
5.17
5.40
7.21
6.92
6.77
6.66
6.70
8.17
7.98
7.87
7.82
7.84
6.96
6.96
6.90
6.86
6.85
8.93
8.82
8.73
8.69
6.04
5.81
5.71
5.66
5.77
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8,50
8.50-
.
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Average effective rate for ;year; opening and closing rate for month and week.
2
Corporate
Aaa bonds
(Moody' s)
11.55
10.17
9.31
9.19
10.13
10.05
5
Effective rate (in the primary market) on conventional mortgages, reflecting fees 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 August.
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
??n
^
700
1RO
^/ —— i
V^\
160
r \\ C^\"
140
~s
/
OMPOSITE STC5CK PRICE IND
(N fSE)
100
s~* —P!
./
80
/
1
V
160
S^~~^
-f.
170
•>•>(
20(
18f
"
14f
i?r
:
.x
inr
1
~-
80
isn
i«l
40
IMllllllK
IIHlllIHl
1983
1984
1
1985
MMll
1 1 1 1 1 1 1 1 1 11
MM.IMMI
IMI.IlMI,
1 1 i 1 1 11 1 i 11
1988
1989
1990
1991
1987
1986
:ENT
PERC
40
PERC ENT
20
EARN NGS-PRICE RA TIO ON COMAAON STOCKS
(S&P)
10
—^
•
•>
1
~"~
5
i
0
i i
1983
1
1
1984
1
1
1
1
^
1
1985
1
1
/
10
r"
iii
/n
i i i
1987
1986
'
1
"-— 11
""""'
1
1
1
1989
1988
1
1
1
0
1991
COUNCIL OF ECONOMIC ADVISERS
Conimon stock pric es 1
New Y ork Stock Exc lange indexes ( Dec. 31, 1965 = 50)
Transportation
Utility
Common st ock yields
(percent) 5
1
2
Period
Industrial
1
1990
SOURCES. NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Composite
|
"^1
f~*%
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
index
(194143=10) 4
Dividendprice ratio
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: Aug
Sept
Oct
Nov
Dec
181.45
173.22
168.05
172.21
179.57
226.73
216.81
208.58
212.81
221.88
147.41
136.95
131.90
132.96
141.31
85.81
83.30
87.27
89.69
91.56
128.14
118.59
108.01
113.76
122.18
2,681.89
2,550.69
2,460.54
2,518.56
2,610.92
330.75
315.41
307.12
315.29
328.75
3.65
3.85
4.01
3.91
3.74
1991: Jan
Feb
Mar
Apr
May
June
July r
Aug"
177.95
197.75
203.57
207.71
206.93
207.32
208.29
213.17
220.69
246.74
255.36
260.15
260.13
261.16
262.48
268.01
145.89
166,06
166.26
166.90
170.77
177.05
177.15
178.38
88.59
92.08
92.29
92.92
90.76
89.01
90.05
92.31
121.39
141.03
145.42
152.64
151.32
152.31
151.60
157.62
2,587.60
2,863.04
2,920.11
2,925.54
2,928.42
2,968.14
2,978.19
3,004.30
325.49
362.26
372.28
379.68
377.99
378.29
380.23
389.12
3.82
3.35
3.26
3.19
3.23
3.23
3.20
3.10
211.57
212.77
212.90
211.82
216.30
266.62
267.96
267.16
265.90
272.12
179.74
180.26
177.54
175.29
180.20
91.41
91.97
92.29
92.03
93.65
154.05
155.61
159.20
157.78
159.36
3,010.06
3,010.60
2,996.38
2,972.23
3,042.60
386.39
388.54
388.49
386.40
395.01
3.13
3.12
3.12
3.12
3.05
Week ended:
1991: Aug 3
10
17
24
31 "
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.
6
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings2
3
Earningsprice ratio
11.96
11.60
8.03
10.02
8.12
6.09
5.48
8.01
7.41
6.47
7.10
6.46
5.59
price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Foot's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 10 months of fiscal 1991, there was a deficit of $218.3 billion, compared with a deficit of $188.5
billion a year earlier.
BILLIO ^15 OF DOLLARS
1,500
BILLIONS OF D DLLARS
^'
RECEIPTS AND OUTLAYS^
1,500
,'
~
s
1 400
s
-
1,200
.
OUTlAYSi-'
,
..---""""'
900
^,'f'
^
. ff." ".
..
-
1,200
_-^-~—"~^
900
— RECEIPTS^
^-—^^
^f-ffl*>~*r
600
\,
/I. ^-^^
i
i
i
i
i
i
i
.N
SURPLUS OR DEFICIT ( yv
0
600
0
-100
-200
:
/)
1/1983
—
i
—
^ ^^
i
i
i
i
i
i
i
1984
1985
1986
1987
1988
1989
1990
:
T---. |\
-200
300
1991 1992 N
FISCAL YEARS
y INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Fiscal year or period
Receipts
Outlays
1976
Transition quarter
1977
1978
1979
1980
1981
1982
1983
1984
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
1985
1986
1987
1988
1989
1990
1991 (estimates) '
1992 (estimates) J
Cumulative total, first 10
months: 2
Fiscal year 1990
Fiscal year 1991
Surplus
or deficit
Receipts
Surplus
or deficit
614.8
622.6
856.3
892.5
1,038.4
1,086.7
176.8
183.5
193.8
202.7
210.9
225.1
236.9
249.7
9.4
16.7
19.6
38.8
52.8
56.6
56.1
63.8
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,577.5
4,047.9
1,499.4
1,736.2
1,888.1
2,050.3
2,190.3
2,410.4
2,681.7
3,026.9
182.2
194.2
53.0
51.7
3,141.6
3,521.6
2,365.8
2,626.4
235.1
245.9
-188.5
-218.3
849.9
868.5
Held by
the public
-3.9
4.3
-2.0
1.1
-5.0
7.9
.2
.3
-241.5
-269.9
769.5
806.8
810.0
861.4
933.2
1,026.6
1,114.0
1,244.1
946.3
990.3
1,003.8
1,064.1
1,144.1
1,251.7
1,350.9
1,493.8
Total
477.4
495.5
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
186.2
200.2
213.4
241.5
263.7
281.7
293.0
313.5
547.9
568.9
640.7
667.5
727.0
749.7
775.7
832.0
734.1
769.1
854.1
909.0
990.7
1,031.3
1,068.7
1,145.5
66.4
18.0
76.8
Surplus
or deficit
629.0
643.6
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
-221.6
-237.9
-169.3
-193.9
-206.1
-277.0
-338.3
— 412.1
-212.3
-221.2
-149.7
-155.1
-153.4
-220.4
-282.2
-348.3
851.8
Outlays
85.4
98.0
113.2
130.2
143.5
147.3
166.1
314.2
365.3
403.9
469.1
474.3
453.2
500.4
-70.5
-13.3
-49.7
-54.9
-38.2
-72.7
-73.9
-120.0
-208.0
-185.6
231.7
63.2
278.7
Receipts
69.6
19.4
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
302.2
76.6
328.5
369.1
403.5
476.6
543.0
594.3
661.2
686.0
-73.7
-14.7
-53.6
-59.2
-40.2
-73.8
-78.9
-127.9
-207.8
-185.3
1
Estimates from Mid-Session Review of the Budget, Office of Management and Budget, July 15,
1991.
2
Data from Monthly Treasury Statement.
32
Outlays
Gross Fe leral debt
(end of period)
Off-budget
On-budget
Total
-3.2
— 1.4
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1992, Februaryj
991, 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 10 months of fiscal 1991, receipts were $18.6 billion higher than a year earlier and outlays were $48.3
billion higher.
BILLIONS OF DO LLARS
BILUONS OF DOLLARS
600
RECEIPTS!/
_-»—*
INDIVIDUAL INCOME TAXES
.
S
200
__
\
100
1
0
_—
CORPORATION
|NCOME TAXES
OTHER RECEIPTS
500
-K-
SOCIAL INSURANCE
TAXES AND
CONTRIBUTIONS
200
^
1
1
1
100
1
I
1
1
o
I
OUTLAYS V
1,200
_„-'
1 100
^^"*
1 000
1
QQQ
_--'"
900
900
NONDEFENSE
_^-''
..A — --"
700
„----""
600
500
400
—
NATIONAL DEFENSE
\
300
400
1
_
300
200
200
*
1983
1984
1985
1986
1987
1988
FISCAL YEARS
1989
1990
/'INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
1992 N
1991
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budg et and off budget ou tlays
On -budget a id off-bud^ret receipt
Fiscal year
Total
Individual
Corporation
Social
insurance
Nations defense
Other
Total
Total
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 (estimates) '
1992 (estimates) '
Cumulative total, first 10 months: 2
Fiscal year 1990
Fiscal year 1991
2
Data from Monthly Treasury Statement.
65.8
70.2
75.1
78.9
85.0
98.1
104.9
114.3
128.2
119.8
123.3
129.3
136.0
147.3
174.0
186.3
188.6
198.8
207.4
219.3
232.5
248.6
268.5
286.6
195.3
205.6
131.8
142.1
125.9
139.4
159.8
202.7
243.2
284.7
10.8
14.3
47.3
57.8
81.5
86.4
124.5
144.1
206.7
223.7
151.0
161.6
167.4
176.3
20.5
61.3
63.1
83.9
94.5
103.3
93.5
98.5
98.7
265.2
283.9
303.3
334.3
359.4
380.0
395.1
427.2
73.0
73.1
74.3
78.9
82.3
90.9
93.2
101.4
946.3
990.3
1,003.8
1,064.1
1,144.1
1,251.7
1,350.9
1,493.8
252.7
273.4
282.0
290.4
303.6
299.3
273.6
311.5
245.2
265.5
274.0
281.9
294.9
289.8
262.2
299.3
74.6
78.2
317.0
330.5
74.6
74.7
1,038.4
1,086.7
249.2
222.6
241.4
213.9
849.9
868.5
383.8
385.1
87.9
73.9
85.1
93.9
104.1
118.5
139.6
156.0
33.5
35.9
40.0
44.5
48.4
57.7
73.4
86.9
7.5
12.7
13.1
12.3
11.8
15.9
334.5
349.0
392.6
401.2
445.7
466.9
481.9
518.2
Other
16.2
14.2
11.6
10.5
9.6
13.8
18.0
17.9
15.7
17.3
18.5
734.1
769.1
854.1
909.0
990.7
1,031.3
1,068.7
1,145.5
Net
30.4
121.0
138.9
157.8
182.7
201.5
209.0
239.4
6.4
6.4
7.5
65.7
64.6
61.1
49.2
37.0
56.9
Social
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
181.0
217.8
244.1
285.9
297.7
288.9
298.4
Income
15.8
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.B
227.4
90.8
106.5
Medi-
est
371.8
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
41.4
54.9
60.0
Estimates from Mid-Session Review of the Budget, Office of Management and Budget, July 15,
'91.
Health
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
131.6
157.6
Inter-
military
butions
1976
Department of
23.2
26.9
27.4
28.6
no.i
178.2
26.7
82.8
29.9
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
35.4
42.6
52.5
68.7
85.0
89.8
111.1
129.4
136.0
138.6
151.7
169.2
184.2
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1992, February
1991, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 1991, according to revised estimates, Federal receipts rose $4.5 billion (annual rate) and
Federal expenditures rose $62.6 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,400
1,400
SEASONALLY ADJUSTED ANNUAL RATES
1,200
1,200
EXPENDITURES
\___
1,000
1,000
800
800
RECEIPTS
600
600
400
400
200
200
SURPLUS OR DEFICIT
(-)
-200
-
1982
1983
1986
1984
1989
1987
1990
-200
1991
CALENDAR YEARS
SOURCE; DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal CJovernment expenditu res
Federal Government receipts
Period
Total
Personal
tax and
receipts
Fiscal year:
1985
1986
1987
1988
1989
1990
Calendar year:
1985
1986
1987
1988
1989
1990
1982: TV
1983: TV
1984: TV
1985: IV
1986: IV
1987: IV
1988: IV
1989: TV
1990: I
U
Ill
IV
1991: I
Hr
Corporate
profits
tax
accruals
Contributions for
899.4
957.6
1,041.9
1,094.9
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
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
1,055.7
1,080.6
1,105.8
1,125.9
1,126.5
1,134.5
1,139.0
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
469.6
473.6
492.1
500.0
505.5
501.3
499.5
76.3
83.8
103.2
110.5
110.4
108.5
46.4
70.2
69.7
78.8
88.9
107.4
115.4
101.3
106.5
109.2
114.2
104.1
95.0
98.6
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
58.7
60.6
60.5
61.0
64.6
72.7
71.9
340.4
Total
insurance
357,0
400,8
411.3
457.6
483.0
776.8
815.2
Source: Department of Commerce, Bureau of Economic Analysis.
34
Indirect
business
tax and
nontax
accruals
Purchases
of goods
and
services
341.5
412.6
439.6
962.3
1,028.0
1,060.0
1,101.8
1,172.2
1,252.7
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
426.1
439.9
444.0
450.6
452.3
465.5
469.0
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
1,205.8
1,248.8
1,271.7
1,271.6
1,310.8
1,261.4
1,324.0
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
399.9
410.6
421.9
425.8
437.6
443.8
451.1
368.6
375.4
377.8
399.0
416.1
Transfer
ments
374.0
394.6
411.1
433.2
462.0
504.7
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
487.9
503.4
510.4
513.2
518.5
462.2
510.0
Grantsin-aid to
State
and
local
governments
Net
interest
paid
Subsidies
less
current
surplus of
Government
enter-
Less:
Wage
accruals
less
disbursements
20.7
-0.1
.0
97.8
107.4
103.1
108.3
115.8
128.3
128.3
134.6
139.3
148.8
167.7
182.1
22.8
31.1
33.6
27.7
21.5
99.7
130.1
135.6
142.3
151.3
172.0
186.3
87.2
101.0
125.3
132.7
136.0
147.6
157.9
175.2
178.1
184.3
189.8
193.0
194.3
196.5
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
21.3
28.3
23.8
13.1
25.9
17.4
15.0
106.8
102.6
111.1
118.2
131.4
84.5
86.0
96.3
103.5
103.0
102.7
112.2
121.5
128.5
131.5
129.8
135.8
143.7
151.0
_
.1
— .1
.0
.0
-.2
.0
.0
.0
.0
.0
.0
.0
.6
.0
.0
— .2
.0
.0
.0
.0
.0
.0
.0
— .4
or deficit
(-),
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
-166.0
-202.6
-169.2
-187.5
-212.2
-189.0
-161.7
-156.3
-150.1
-168.3
-166.0
-145.7
-184.3
-126.9
-185.0
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Con sumer prices (1982- 34=100; N 3A)
Industrial • reduction (1987 = 1 '0; seasonal] y adjusted
Period
United
States
81.9
84.9
92.8
1983
1984
1985
1986
1987
1988
1989
1990"
Germany
90.3
90.9
93.5
97.7
99.6
100.0
103.9
108.7
114.6
82.9
97.3
95.3
100.0
105.4
108.1
109.2
96.5
97.1
97.2
98.0
100.0
104.7
108.9
110.2
109.4
110.1
110.4
110.5
110.6
109.9
108.3
107.2
102.8
102.7
103.1
102.0
100.4
100.2
98.6
97.2
121.0
121.1
123.2
123.7
122.4
125.3
124.6
123.7
109.3
109.4
111.6
111.6
109.8
110.1
108.0
106.0
1990: May
June
July
Aug
Sept
Oct
Nov
Dec
97.5
106.6
105.7
105.0
105.5
r
106.4
r
107.1
107 6
June
July"
Prance
85.5
93.4
96.8
96.6
100.0
109.3
115.7
121.3
94.4
1991: Jan
Feb
Mar
Apr
May
Japan
76.5
81.5
91.4
96.5
95.7
100.0
105.0
105.1
101.6
1982
1
Canada
r
96.7
96.2
r
97.5
r
98.5
r
125.4 l!0.1
125.1 109.1
123.0 106.1
123.3 r 109.9
' 126.0 109.3
123.0
United
Kingdom
Italy
91.8
88.8
91.8
92.9
96.2
100.0
105.9
109.2
109.2
107.7
107.9
109.7
109.7
110.8
107.5
106.8
109.6
113.4
113.7
115.2
116.5
117.3
in.o
116.6
116.2
r
r
Data relate to all urban consumers.
Canada
Japan
France
86.3
89.5
89.6
94.5
96.8
100.0
103.6
104.0
103.3
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
91.7
100.3
108.0
114.3
104.6
107.2
129.2
129.9
130.4
131.6
132.7
133.5
133.8
133.8
134.6
135.1
135.8
135.8
136.3
137.4
138.2
138.1
134.6
134.8
135.0
135.2
135.6
136.0
136 2
141.7
141.7
142.3
142.3
143.0
143.7
143 8
!03.6
' 102.3
' 102.1
' 102.2
T
100.5
r
108.6
108.4
108.2
r
103.3
'116.9
104.6
119.9
119.1
118.3
118.4
117.7
United
States l
99.9
r
99.4
r
!01.1
101.1
r
98.7
98.3
101.2
Germany
Italy
United
Kingdom
95.4
99.8
97.0
87.7
124.4
128.9
133.2
100.3
102.1
104.9
104.7
104.9
106.3
109.2
112.1
100.8
111.5
121.1
128.5
134.4
141.1
150.4
159.6
104.8
111.1
114.9
119.7
125.6
135.4
148.2
111.6
111.0
110.9
111.4
112.4
113.9
113.5
113.2
132.3
132.6
132.9
133.7
134.4
135.2
135.0
134.9
111.8
111.9
111.9
112.2
112.6
113.4
113.2
113.3
158.0
158.7
159.3
160.3
161.2
162.6
163.6
164.2
148.3
148.9
149.0
150.5
151.9
153.1
152.7
152.6
114.1
113.8
114.3
114.8
135.5
135.7
135.8
136.3
136.6
136.9
114.0
114.3
165.4
167.0
167.4
168.2
168.8
169.7
153.0
153.8
154.4
156.4
156.9
157.6
157.2
115.4
114.9
117.2
121.1
114.2
114.7
115.2
115.8
1168
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration, Trade Information and Analysis).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
Mer chandise e xports (f. i.s. vaiue
i
C eneral m erchandise imports customs rahie) 3
Principal end-use c ommoditv category
Trade h alanee
Principal £ nd-use cc mmoditv category
Genera!
1
Period
Total
2
Foods,
feeds,
and
1982
1983
1984
1985
1986
1987
1988
1989
1990
5
5
Aug
Sept
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May r.
June
1
2
3
4
materi
als
ital
goods
except
automotive
supplies
Automotive
vehicles,
parts,
and
engines
3.3
3.1
3.1
2.9
3.4
3.2
2.8
3.9
3.7
3.5
3.5
3.9
3.7
3.8
1.6
1.8
1.6
1.7
1.8
1.9
1.9
16.8
20.6
22.9
21.7
322.4
363.8
393.6
33.8
32.2
32.5
32.2
34.6
33.6
33.6
3.3
2.8
2.9
2.7
2.6
2.9
2.6
8.4
8.1
8.7
8.8
9.9
9.5
9.2
13.4
12.7
12.6
12.6
13.1
34.1
33.6
34.0
35.6
35.3
34.8
2.7
3.1
3.0
2.9
3.0
2.8
9.5
9.7
8.9
9.2
9.4
8.6
13.0
12.4
13.5
14.4
13.7
14.4
24.6
3.1
2.6
2.9
3.4
3.5
3.5
14.3
13.4
13.3
3.9
3.9
3.8
3.8
3.8
3.7
Includes Department of Defense Military Assistance Program grant-aid shipments.
Includes undocumented exports to Canada through 1988.
Total arrivals of imported goods other than intransit shipments.
Total includes revisions not reflected in detail.
Total
Other z
29.3
34.8
37.4
15.7
67.2
72.0
73.9
75.8
86.2
109.2
138.8
152.7
12.4
13.2
(nonfood)
except
automotive
12.6
14.2
17.7
23.1
36.4
43.3
72.7
56.7
61.7
58.5
57.3
66.7
85.1
99.3
104.4
227.2
Consumer
goods
20.7
20.5
24.0
27.3
35.9
34.6
43.4
17.2
20.7
61.7
218.8
31.3
30.9
Cap-
31.5
24.0
22.3
24.3
32.3
37.2
35.1
254.1
1990: June
July
1991:
216.4
205.6
224.0
Industrial
1.9
1.9
1.9
1.9
2.0
1.9
4
4
244.0
258.0
330.7
336.5
365.4
406.2
441.0
473.2
495.3
40.2
41.4
41.9
41.3
44.5
43.1
39.9
41.5
39.1
38.1
40.1
40.1
38.9
Foods
feeds,
Industrial
sup-
and
plies
°
materi
als
17.1
18.2
21.0
21.9
24.4
24.8
24.8
25.1
26.6
2.2
2.2
2.1
2.2
2.2
2.1
2.2
2.2
2.1
2.1
2.4
2.3
2.3
112.0
107.0
123.7
113.9
101.3
111.0
118.3
132.3
143.2
10.9
11.1
12.2
12.4
13.5
13.4
11.6
12.2
10.8
10.1
11.0
11.3
10.5
Capital
goods
except
automotive
35.4
40.9
59.8
65.1
71.8
84.5
101.4
113.3
116.4
9.6
10.0
9.7
9.4
10.3
10.0
9.8
9.9
9.9
9.9
10.4
10.1
9.8
Automotive
vehicles,
parts,
and
engines
33.3
40.8
53.5
66.8
78.2
85.2
87.7
86.1
87.3
7.4
7.6
7.7
7.2
7.7
7.1
6.6
7.3
6.7
6.6
6.7
6.5
6.6
Con-
mer-
sumer
goods
chandise
imports
(c.i.f.
value)
(nonfood)
except
automotive
Other
Exports
(f.a.s) less
imports
(customs
value)
Exports
(f.a.s)
less
imports
(c i.f.)
60.0
68.3
79.4
88.7
95.9
102.9
105.7
6.5
6.3
7.8
9.4
10.4
12.1
12.8
13.6
16.1
254.9
269.9
346.4
352.5
382.3
424.4
459.5
493.2
517.0
-101.7
8.6
9.1
8.9
8.6
9.4
9.0
8.3
1.4
1.3
1.3
1.6
1.4
1.5
1.3
41.9
43.3
43.7
43.1
-6.3
-9.2
-9.4
-9.1
-9.9
-9.5
-6.3
-8.1
— 11.1
-11.2
-10.8
-11.7
-7.4
-5.5
-4.1
-4.5
-4.8
-4.0
-9.2
-7.3
-5.8
-6.4
-6.6
-5.7
39.7
44.9
8.6
8.5
8.0
8.5
8.4
8.1
1.3
1.2
1.3
1.3
1.5
1.5
46.4
45.0
41.6
43.4
40.9
39.8
42.0
41.8
40.5
-27.5
-38.4
-52.4
-64.2
-106.7
-117.7
-138.3
-152.1
-118.5
-122.4
-133.6
-155.1
-170.3
-137.1
-129.4
-123.4
- 109.4
-11.4
-8.0
6
Total exports are on a revised statistical month basis; end-use categories are on a statistical
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 second quarter of 1991, the merchandise trade deficit fell to $15.6 billion, from $18.4 billion in the first
quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS*
15
1982
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits {+), debits ( —)]
Merchandise l
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1988: I
n
m
IV
1989: I
n
m
rv
1990: I
n
m
IV
1991: I"
II"
1
2
3
4
Exports
Imports
Net balance
237,085
211,198
201,820
219,900
215,935
223,367
250,266
320,337
361,451
389,550
76,497
79,392
80,511
83,937
87,207
91,609
90,142
92,493
95,244
97,088
96,638
100,580
* 100,900
104,108
-265,063
— 247,642
-268,900
— 332,422
-338,083
— 368,425
-409,766
—447,323
-477,368
— 497,665
— 109,988
— 1 10,494
-111,290
-115,551
-116,625
— 120,309
-119,330
-121,104
-122,781
-121,178
-125,398
— 128,308
r
- 119,294
— 119,732
-27,978
-36,444
-67,080
-112,522
— 122,148
- 145,058
-159,500
-126,986
-115,917
-108,115
33,491
-31,102
-30,779
-31,614
-29,418
-28,700
— 29,188
-28,611
-27,537
-24,090
— 28,760
-27,728
r
- 18,394
-15,624
Payments
on foreign
assets 3in
U.S.
5
travel and
transpor-
Other
services,
Receipts
on U.S.
assets
abroad
-844
144
112
-992
-4,227
-9,153
-10,788
-8,939
-8,006
-3,844
2,621
4,140
-1,726
-984
-587
-548
12,552
12,981
13,859
14,042
14,008
18,551
18,012
19,925
25,998
29,456
4,618
4,826
5,023
5,459
5,940
6,374
6,772
6,911
6,695
7,322
7,607
7,832
7,826
84,975 -53,626 31,349
57,097 28,250
85,346
81,972 -54,549 27,423
69,542 23,394
92,935
82,282 -66,115 16,166
80,982
70,013 10,969
7,629
90,536 -82,908
5,353
110,669
105,317
2,688
128,651 -125,963
118,146 11,945
130,091
3,040
27,016 -23,976
1,283
27,001 -25,718
907
28,168 -27,261
124
28,486 -28,362
30,974 -30,074
900
32,300 -33,484 -1,184
499
32,217 -31,718
2,472
-30,687
33,159
3,002
-28,957
31,959
7
31,314
-31,307
2,802
32,012 -29,210
34,805 -28,672
6,133
4,652
32,987 -28,335
Net
military
transactions 3 4
-163
-2,147
4,096
-4,907
3,662
-5,743
6,204
-7,220
1,135
-1,192
-1,203
-2,212
1,715
-1,634
-1,161
-1,693
-1,737
-1,558
-1,683
-2,243
— 2,182
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
Inv stment incomt
Services
2
261
443
652
1,265
941
834
479
1,885
1,347
Net
Balance on
goods,
services,
and income
Unilateral
transfers,
net 4
Balance
on current
account
15,223
3,907
-30,188
-86,385
- 106,859
-129,384
-145,527
-111,294
-90,814
-69,794
— 28,694
-27,169
-26,639
-28,791
-24,032
-24,701
-22,426
-19,656
-18,635
-17,485
-19,555
-14,122
-6,724
-8,331
-9,775
-9,956
— 12,621
-15,473
-16,009
-14,674
— 14,943
-15,491
-22,329
-3,456
-3,032
-3,483
-4,972
-3,547
-3,107
-3,794
-5,044
-4,032
-4,693
-4,326
-9,280
16,939
6,892
-5,868
-40,143
-99,006
-122,332
-145,393
-160,201
-126,236
- 106,305
-92,123
-32,150
-30,201
-30,122
-33,763
-27,579
-27,808
-26,220
-24,700
-22,667
-22,178
-23,881
-23,402
10,215
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 decreased $23.9 billion in the first quarter of
'1991, compared to an increase of $24.5 billion in the fourth quarter of 1990. Liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, decreased $19.4 billion in the first quarter, compared to an
increase of $17.3 billion in the fourth quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
CHANGE IN
U.S. ASSETS
ABROAD, NE1
-40
J -60
-60
•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
U.S.
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1988: I
-110,951
- 124,490
-56,100
-31,070
-27,721
-92,030
-62,937
-86,057
-128,610
-57,706
n
m
4,900
-20,571
-42,825
-27,565
n
m
-37,576
-4,270
-45,743
-41,021
n
m
37,147
-33,462
-26,689
-34,703
IV
1989: I
IV
1990: I
IV
1991: I"
t
7,181
official
reserve
assets 3 G
-5,175
4,965
-1,196
-3,131
-3,858
312
9,149
-3,912
-25,293
-2,158
1,502
39
-7,380
1,925
-4,000
-12,095
-5,996
-3,202
-3,177
371
1,739
-1,091
-353
Other U.S.
Government
assets
Total
Foreign
official
assets
Other
foreign
assets
83,032
93,746
84,869
102,621
130,012
221,599
229,828
221,534
216,549
86,303
4,960
3,593
5,845
3,140
-1,083
35,588
45,343
39,657
8,624
32,425
78,072
90,154
79,023
99,481
131,096
186,011
184,485
181,877
207,925
53,879
U.S.
private
assets
Allocations
of special
drawing
rights
(SDKs)
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U S official
assets, net 6
{unadjusted,
end of
period)
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
-1,597
-851
1,957
3,457
4,995
-19,759
-37,402
— 32,947
24,996
66,091
52,529
77,917
24,874
5,961
-1,985
10,806
60,130
54,514
67,111
19,934
36,612
11,374
27,456
20,041
15,824
-6,690
-9,240
18,366
63,526
2,254
-15,319
20,418
-16,589
928
-292
564
119
-669
-800
-314
4,759
1,581
-34,504
8,117
-40,311
-37,938
69,557
2,498
74,255
70,238
7,766
-5,038
13,053
-7,158
61,791
7,536
61,202
77,396
— 4,402
29,580
-2,292
-4,517
4,066
-780
-6,379
3,096
49,854
60,502
68,418
74,609
40,993
-33,033
-28,114
-38,370
-33,082
31,257
49,096
39,033
7,022
5,805
13,341
20,301
-26,059
25,452
35,754
18,732
18,601
24,383
1,475
19,072
4,367
6,473
2,007
76,303
77,298
80,024
83,316
5,953
-1,924
6,534
-8,458
-15,472
4,135
78,002
5,097 -100,679
-6,131 -113,394
5,006 -49,898
-5,489 -22,451
-2,821 -21,043
-2,022 — 90,321
1,006 -73,091
2,966 -85,111
1,320 - 104,637
2,976 — 58,524
f Consists of gold, ipecial drawing rights (SDKs), foreign currencies, and the U.S. reserve posin in the IMF
Statistical discrepancy
Foreign assets in the 1 J.S., net
[increas ? /capital inflov' ( + ) ] 3
1,093
122
Sources: Department of Commerce (Bureau
Treasury.
2,799
-2,473
-4,906
4,584
43,186
41,028
47,788
47,802
105
Economic Analysis) and Department of the
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
Nonfmancial 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
W
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
22j
2^
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 otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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