Full text of Economic Indicators : December 1989
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101st Congress, 1st Session
Economic Indicators
DECEMBER 1989
(Includes data available as of December 28, 1989)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1989
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
LEE H. HAMILTON, Indiana, Chairman
PAUL S. SARBANES, Maryland, Vice Chairman
HOUSE OF REPRESENTATIVES
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
FREDERICK S. UPTON (Michigan)
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)
PETE WILSON (California)
CONNIE MACK (Florida)
JOSEPH J. MINARIK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, Chairman
JOHN B. TAYLOR, Member
RICHARD L. SCHMALENSEE, Member
[PUBLIC LAW 120—SlST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res, 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.25 a single copy
($2.81 foreign), or by subscription at $24.00 per year ($30.00 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
In the third quarter of 1989, according to revised estimates, current-dollar gross national product (GNP) rose 6.2
percent (annual rate) or $79.3 billion. Real GNP (GNP adjusted for price changes) rose 3.0 percent and the
implicit price deflator rose 3.2 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
5,600
5,600
SEASONALLY ADJUSTED ANNUAL RATES
—
5,200
4,800
4,400
5,200
^i
r
-
^^
_
4,800
—
GNP
1 vl CURRENT DOLLA R S ^ - ^
4,400
^
~~
_--
4,000
4,000
"
3,600
- ^/~-^
.^-~
111
,''*'
—
3,600
GNP
lr>1 1982 DOLLARS
3,200
2,800
2,400
1
1981
1
1
1
1
1
1983
1982
1
1
1984
—
3,200
—
2,800
1
1
1985
1
1
\
1986
\ \
1987
1
1
1988
SOURCE: DEPARTMENT OF COMMERCE
1
2,400
1
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
1
Period
Gross
national
product
Personal
consumption
tures
1980
1981
1982
1983
1984
1985
1986
1987
1988
198219831984198519861987:
Exports and imports of goods
and services
Government purchases of
goods and services
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
Final
sales
Gross
domestic
purchases -1
2,732.0
3,052.6
3,166.0
3,405.7
3,772.2
4,014.9
4,231.6
4,524.3
4,880.6
IV
IV
IV
IV
IV
IV
1988- I
n
UI
IV
1989- I
n r
m
1
Gross
private
domestic
investment
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,010.8
3,235.1
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.9
750.3
32.1
33.9
26.3
-6.1
-58.9
78 0
-97.4
-112.6
-73.7
351.0
382.8
361.9
352.5
383.5
370.9
396.5
448.6
547.7
318.9
348.9
335.6
358.7
442.4
448.9
493.8
561.2
621.3
530.3
588.1
641.7
675.0
735.9
820.8
872.2
926.1
968.9
208.1
242.2
272.7
283.5
310.5
355.2
366.5
381.6
381.3
142.7
167.5
193.8
214.4
234.3
259.1
277.8
294.8
298.0
65.4
74.8
78.9
69.1
76.2
96.0
88.7
86.8
83.3
322.2
345.9
369.0
391.5
425.3
465.6
505.7
544.5
587.6
2,740.3
3,028.6
3,190.5
3,412.8
3,704.5
4,003.6
4,224.8
4,495.0
4,850.0
2,699.8
3,018.7
3,139.7
3,411.8
3,831.1
4,092.8
4,329.0
4,636.8
4,954.3
3,212.5
3,545.8
3,851.8
4,107.9
4,297.3
4,665.8
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,083.3
409.6
579.8
661.8
654.1
648.8
749.7
14.1
— 25.8
-67.9
-103.2
- 108.9
— 114.6
335.9
364.7
385.7
369.2
402.4
482.6
321.9
390.5
453.6
472.4
511.3
597.2
671.8
676.1
764.5
856.7
888.9
947.5
293.2
276.1
326.0
376.6
368.8
388.1
205.4
221.5
244.1
268.6
280.7
296.8
87.7
54.6
81.9
108.0
88.1
91.3
378.7
400.0
438.5
480.1
520.1
559.4
3,272.4
3,514.8
3,806.8
4,100.7
4,309.4
4,602.5
3,198.5
3,571.6
3,919.7
4,211.2
4,406.2
4,780.4
4,739.8
4,838.5
4,926.9
5,017.3
3,148.1
3,204.9
3,263.4
3,324.0
728.8
748.4
771.1
752.8
-82.8
74 9
-66.2
70 8
521.6
532.5
556.8
579.7
604.3
607.5
623.0
650.5
945.7
960.1
958.6
1,011.4
374.1
377.1
367.5
406.4
297.4
298.0
296.1
300.5
76.7
79.1
71.4
105.9
571.6
583.0
591.0
604.9
4,709.8
4,809.2
4,882.3
4,998.7
4,822.5
4,913.4
4,993.1
5,088.1
5,113.1
5,201.7
5,281.0
3,381.4
3,444.1
3,508.1
769.6
775.0
779.1
-54.0
-50.6
-45.1
605.6
626.1
628.5
659.6
676.6
673.6
1,016.0
1,033.2
1,038.9
399.0
406.0
402.7
298.7
301.3
307.8
100.4
104.7
94.9
617.0
627.2
636.2
5,085.4
5,174.3
5,253.6
5,167.1
5,252.3
5,326.1
GNP less exports of goods and services plus imports of goods and services.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Exports and imports of
goods and services
Gross private
domestic investment
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
Gross
national
product
Personal
consumption
expenditures
Nonresidential
fixed
Residential
fixed
Change
in
business
inventories
Government purchases of
goods and services
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
Final
sales
Gioss
domestic
purchases 1
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,354.8
2,446.4
2,513.7
2,598.4
379.2
395.2
366.7
361.2
425.2
453.5
438.4
455.5
493.8
137.0
126.5
105.1
149.3
170.9
174.4
195.7
194.8
194.1
-6.9
57.0
49.4
23.9
26.3
-24.5
-6.4
-19.9
840
62.3
9.1 -104.3
5.6 -129.7
23.7 -115.7
27.9
-74.9
388.9
392.7
361.9
348.1
371.8
367.2
397.1
450.9
530.1
332.0
343.4
335.6
368.1
455.8
471.4
526.9
566.6
605.0
620.5
629.7
641.7
649.0
677.7
731.2
761.6
781.8
785.1
246.9
259.6
272.7
275.1
290.-8
326.0
334.1
339.6
328.9
171.2
180.3
193.8
206.9
218.5
237.2
252.1
265.2
261.5
75.7
79.3
78.9
68.2
72.3
88.8
82.0
74.4
67.4
373.6
370.1
369.0
373.9
387.0
405.2
427.5
442.1
456.2
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,609.6
3,712.4
3,830.0
3,996.5
3,130.1
3,199.4
3,139.7
3,299.1
3,585.4
3,723.0
3,847.6
3,969.4
4,099.3
3,159.3
3,365.1
3,535.2
3,662.4
3,733.6
3,935.6
2,078.7
2,191.9
2,281.1
2,386.9
2,477.8
2,532.3
352.3
390.4
444.4
460.9
435.7
472.7
115.8
159.9
169.6
179.4
200.3
191.9
-59.3
11.7
27.0 -46.2
41.7
-94.8
7.7 -125.3
-20.8 -135.4
56.6 -109.8
336.0
355.5
376.6
367.4
406.5
484.1
324.3
401.6
471.4
492.6
541.9
593.9
660.1
642.2
693.2
752.7
776.0
792.1
289.5
266.0
300.5
340.6
342.4
344.9
201.4
211.6
225.3
241 .4
255.8
266.7
88.2
54.4
75.2
99.2
86.6
78.2
370.6
376.2
392.7
412.1
433.6
447.2
3,218.6
3,338.1
3,493.5
3,654.7
3,754.4
3,879.0
3,147.6
3,411.3
3,630.0
3,787.6
3,869.0
4,045.5
n
in
19821983:
19841985:
19861987:
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,618.7
3,717.9
3,853.7
4,024.4
3,974.8
4,010.7
4,162.9
4,069.4
2,570.8
2,586.8
2,690.1
2,627.7
483.6
497.8
417.9
492.7
189.1
194.2
184.8
198.1
34.3
21.5
21.9
18.3
-78.2
-72.6
57 1
-73.8
517.4
519.7
593.1
551 .4
595.6
592.3
650.2
625.2
775.1
783.0
805.3
806.4
323.8
327.9
336.1
343.9
263.0
262.5
260.1
261.6
60.8
65.4
76.0
82.3
451.3
455.1
469.2
462.5
3,940.5
3,989.2
4,141.0
4,051.0
4,052.9
4,083.3
4,220.0
4,143.2
n....
mr
4,106.8
4,132.5
4,162.9
2,641.0
2,653.7
2,690.1
501.0
511.4
517.9
195.8
189.3
184.8
24.5
19.1
21.9
-55.0
-51.2
-57.1
569.7
587.5
593.1
624.6
638.7
650.2
799.7
810.3
805.3
335.5
343.6
336.1
254.4
255.8
260.1
81.1
87.8
76.0
464.2
466.7
469.2
4,082.3
4,113.5
4,141.0
4,161.8
4,183.7
4,220.0
IV
FV
IV
IV
IV.
IV
1988- I
1989:
1
IV
I
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]
Personal consumption
expenditures
Period
Gross
national
product
Total
Gross private
domestic investment
Durable
goods
Nondurable goods
Services
Exports and imports of
goods and services
Government purchases of goods and
services
Federal
Nonresidential
fixed
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
1980
1981
1982
1983
1984 .
1985
1986 ....
1987
1988
85.7
94.0
100.0
103.9
107.7
110.9
113.8
117.4
121.3
86.6
94.6
100.0
104.1
108.1
111.6
114.3
119.8
124.5
89.2
95.7
100.0
102.1
103.8
104.8
105.6
108.1
110.1
89.4
96.9
100.0
102.1
105.0
107.5
107.3
112.1
116.3
83.9
92.6
100.0
106.2
111.6
116.8
122.4
129.0
134.9
85.1
93.4
100.0
98.8
97.9
97.7
99.3
97.5
98.7
89.4
96.6
100.0
102.2
106.0
108.3
111.1
116.2
119.7
90.2
97.5
100.0
101.3
103.2
101.0
99.8
99.5
103.3
96.0
101.6
100.0
97.4
97.1
95.2
93.7
99.0
102.7
84.3
93.3
100.0
103.1
106.8
109.0
109.7
112.4
115.9
83.4
92.9
100.0
103.6
107.2
109.2
110.2
111.1
114.0
86.4
94.3
100.0
101.4
105.5
108.2
108.1
116.7
123.6
86.2
93.4
100.0
104.7
109.9
114.9
118.3
123.2
128.8
1982:
19831984:
19851986:
1987-
101.7
105.4
109.0
112.2
115.1
118.6
101.8
105.7
109.3
113.1
115.8
121.8
100.7
103.1
104.1
104.7
106.2
109.0
101.0
103.1
105.8
108.7
107.8
113.7
102.7
108.3
113.5
119.0
124.9
131.5
100.7
98.3
97.9
97.9
100.0
97.0
99.1
103.1
107.2
109.0
112.4
118.7
100.0
102.6
102.4
100.5
99.0
99.7
99.3
97.2
96.2
95.9
94.4
100.6
101.3
103.8
108.5
110.6
107.7
112.5
102.0
104.7
108.3
111.3
109.7
111.3
99.5
100.3
108.9
108.8
101.7
116.8
102.2
106.3
111.7
116.5
120.0
125.1
n....
m
119.2
120.6
121.9
123.3
122.5
123.9
125.1
126.5
109.3
109.6
110.2
111.2
114.0
115.9
117.1
118.2
132.7
134.2
135.6
137.3
97.7
97.8
98.4
100.6
119.5
119.5
119.6
120.4
100.8
102.5
104.7
105.1
101.5
102.6
102.7
104.0
115.5
115.0
114.9
118.2
113.1
113.5
114.4
114.9
126.2
121.0
117.1
128.7
126.7
128.1
129.6
130.8
n r
ni
124.5
125.9
126.9
128.0
129.8
130.4
111.2
110.8
111.4
120.0
123.3
122.9
139.0
140.4
141.8
100.4
100.2
100.3
122.1
124.2
125.6
106.3
106.6
106.0
105.6
105.9
103.6
118.9
118.2
119.8
117.4
117.8
118.3
123.8
119.2
125.0
132.9
134.4
135.6
IV
IV
IV
IV
IV
IV.
1988: I
IV
1989- I
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Persona! consumption expenditures
Gross national product
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
19821983:
1984:
1985:
19861987:
1988:
Constant
(1982)
dollars
Current
dollars
8.9
11.7
3.7
7.6
10.8
6.4
5.4
6.9
7.9
4.2
12.4
4.7
6.2
4.2
9.0
6.5
8.6
7.5
7.5
7.9
7.1
6.2
...
IV
IV
IV
IV
IV
IV
I
II
m
rv
1989: I
II
m *
-0.2
1.9
— 2.5
3.6
6.8
3.4
2.7
3.7
4.4
.6
7.3
1.7
3.0
2.3
6.6
4.0
3.7
3.2
2.7
3.7
2.5
3.0
Implicit
price
deflator
Chain price
index
Fixedweighted
price index
(1982
weights)
9.0
9.4
6.3
4.1
3.9
3.3
2.5
3.4
3.7
4.1
3.9
3.1
3.2
2.7
3.3
3.3
4.3
4.4
4.1
4.6
4.9
9.0
9.7
6.4
3.9
3.7
3.0
2.6
3.2
3.3
3.6
4.7
3.0
3.3
1.8
2.4
2.0
4.8
4.4
4.7
4.0
4.6
3.2
6.2
4.1
4.0
3.4
2.7
3.6
4.2
4.0
4.0
3.2
3.3
3.1
3.8
3.8
4.8
5.2
4.3
4.8
5.0
2.9
NOTE. — Annual changes are from previous year and quarterly changes are from previous quarter.
Implicit
price
deflator
-0.2
1.2
1.3
4.6
4.8
4.7
3.9
2.8
3.4
5.3
5.5
4.3
1.9
2.2
7
6.2
2.5
3.3
3.0
2.0
1.9
5.6
10.6
10.5
7.1
9.0
8.8
8.2
6.4
7.6
7.4
10.3
9.7
7.2
6.0
6.2
3.6
8.7
7.4
7.5
7.6
7.1
7.6
7.6
9.3
9.3
2.8
Constant
(1982)
dollars
Current
dollars
Chain price
index
Fixedweighted
price index
(1982
weights)
10.9
9.2
5.7
4.2
3.9
3.5
2.7
4.7
4.1
4.8
4.1
3.1
4.2
3.9
4.3
2.6
5.0
4.3
4.8
4.7
5.8
2.1
10.7
9.2
5.7
4.1
3.8
3.2
2.4
4.8
3.9
4.4
4.3
3.0
4.0
3.9
4.4
2.3
4.7
3.9
4.6
4.8
5.7
1.9
10.5
9.0
5.6
4.2
4.0
3.5
2.7
4.7
4.3
4.8
4.1
3.2
4.3
3.9
4.5
2.6
5.1
4.6
4.9
4.8
6.3
2.2
Source: Department of Commerce, Bureau of Economic Analysis
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) 1
Gross domestic
product of
nonfinancial
corporate business
(billions of dollars)
Period
Corporate profits with
inventory valuation and capita!
consumption adjustments
Total
cost
and
profit 2
Capital
consumption
allowances
with
capital
consumption
adjustment
Indirect
business
taxes 3
Compensation of
employees
Net
interest
Profits
tax
liability
Profits
after
tax 4
Output
per hour
of all
employees
(1982
dollars)
Compensation
per hour
of all
employees
(dollars)
Current
dollars
1980
1981
1982
1983
1984
1985 ..
1986
1987 ....
1988
1982- IV
1983: IV
1984: IV
1985: IV
1986: IV
1987: IV
1988: I
II
m
IV
1989: I
11
III '
1
1982
dollars
1,540.8
1,738.4
1,782.2
1,914.2
2,146.7
2,267.1
2,367.1
2,520.7
2,731.3
1,779.4
2,012.5
2,201.8
2,309.4
2.408.7
2^598.4
2,648.1
2,705.9
2,754.9
2,816.4
1,807.9
1,837.2
1,782.2
1,866.0
2,036.5
2,117.4
2,173.9
2,282.6
2,419.5
1,760.2
1,940.5
2,069.5
2,137.7
2,198.5
2,343.3
2,381.8
2,408.9
2,434.1
2,453.2
0.852
.946
1.000
1.026
1.054
1.071
1.089
1.104
1.129
1.011
1.037
1.064
1.080
1.096
1.109
1.112
1.123
1.132
1.148
0.095
.109
.125
.123
.118
.119
.123
.123
.123
.131
.120
.118
.120
.124
.122
.122
.122
.122
.124
0.077
.090
.094
.098
.100
.103
.106
.106
.107
.096
.098
.102
.104
.106
.106
.106
.107
.108
.108
0.581
.632
.676
.679
.687
.704
.721
.730
.744
.685
.680
.694
.713
.727
.734
.732
.740
.746
.756
0.031
.037
.043
.037
.039
.038
.041
.047
.052
.042
.037
.042
.037
.042
.050
.050
.051
.053
.055
0.068
.078
.063
.089
.109
.106
.098
.098
.103
.057
.103
.107
.106
.096
.098
.102
.103
.102
.105
0.037
.035
.026
.032
.036
.033
.035
.041
.044
.023
.036
.032
.033
.038
.041
.041
.044
.044
.045
0.031
.044
.037
.057
.073
.073
.064
.058
.059
.034
.066
.075
.072
.058
.057
.060
.059
.058
.061
18.524
18.643
18.704
19.217
19.682
19.996
20.456
20.908
21.393
18.770
19.423
19.784
20.116
20.650
21.176
21.382
21.401
21.469
21.446
10.769
11.777
12.635
13.039
13.528
14.069
14.746
15.252
15.907
12.865
13.209
13.735
14.341
15.008
15.535
15.645
15.833
16.024
16.213
2,842.7
2,887.2
2,936.2
2,459.1
2,471.3
2,497.2
1.156
1.168
1.176
.125
.126
.129
.110
.111
.112
.768
.778
.783
.057
.060
.061
.096
.093
.091
.045
.041
.038
.051
.053
.053
21.356
21.364
21.516
16.407
16.625
16.842
Output is measured by gross domestic product of nonfinancia) corporate business in 1982 del-
lara.
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.
a
4
Total
Indirect business tax and nontax liability plus business transfer payments less subsidies,
With inventory valuation and capita! consumption adjustments.
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
employees1
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
Profits
before tax
Inventory
valuation
adjustment
Capital
consumption
adjustment
Net
interest
2,518.4
2,719.5
3,028.6
3,234.0
3,412.6
3,665.4
3,972.6
2,548.2
2,851.5
3,096.1
3,312.8
3,473.1
3,799.9
1,907.0
2,020.7
2,213.9
2,367.5
2,511.4
2,690.0
2,907.6
1,931.1
2,092.7
2,272.7
2,426.7
2,571.2
2,778.7
24.6
12.4
30.5
30.2
34.7
41.6
39.8
28.5
19.3
28.1
29.2
37.2
48.4
150.9
178.4
204.0
225.6
247.2
270.0
288.0
159.8
188.6
209.7
235.0
252.0
280.3
13.6
13.2
8.5
9.2
11.6
13.4
15.7
15.8
12.4
5.6
7.8
13.5
14.3
150.0
213.7
266.9
282.3
282.1
298.7
328.6
146.1
248.5
266.9
291.4
275.2
308.2
159.2
196.7
234.2
222.6
228.3
247.8
281.8
150.7
223.4
224.6
228.4
226.1
255.8
169.6
207.6
240.0
224.3
221.6
266.7
306.8
164.1
231.5
226.1
235.0
234.1
276.2
— 10.4
— 10.9
-5.8
— 1.7
6.7
-18.9
-25.0
-13.4
-8.1
-1.6
-6.6
-8.0
-20.4
-9.2
17.0
32.7
59.7
53.8
50.9
46.8
-4.5
25.1
42.3
63.0
49.1
52.4
272.3
281.0
304.8
319.0
325.5
351.7
392.9
266.9
290.2
313.1
322.7
324.0
370.0
1988: I
3,853.6
3,933.6
4,005.7
4,097.4
2.819.4
2,878.9
2,935.1
2,997.2
44.0
45.4
37.7
32.0
279.9
286.5
289.3
296.3
15.6
14.6
16.3
16.1
318.1
325.3
330.9
340.2
268.1
276.4
284.1
298.7
288.8
305.3
314.4
318.8
-20.7
-28.8
-30.4
-20.1
49.9
48.9
46.9
41.5
376.6
383.0
396.4
415.7
1989- I
4.185.2
4,249.6
4,287.3
3,061.7
3,118.2
3,171.9
59.0
51.3
36.1
300.3
304.2
307.2
11.8
9.8
5.4
316.3
307.8
295.2
279.7
275.5
268.7
318.0
296.0
275.0
-38.3
-20.5
-6.3
36.6
32.3
26.5
436.1
458.4
471.5
1982
1983
1984...
1985
1986..
1987
1988..
1982: IV
1983: IV
1984: IT
1985: IV
1986: IV
1987: IV
. . . .
n
m
rv
n r
m
1
Source: Department of Commerce, Bureau of Economic Analysis.
Includes employer contributions for social insurance. (See also p. 5.)
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nondurable goods
Durable goods
Period
Total
personal
consumption
expenditures
Total
durable
goods
Motor
vehicles
and
parts
Furniture
and
household
equipment
Other
Total
nondurable
goods
Food
Clothing and
shoes
Gasoline
and oil
Other
Services
Retail sales of
new passenger
cars (millions of
units)
Domestics
Imports
IV
IV
IT
IV
IV
IV
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,010.8
3,235.1
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,083.3
252.7
289.1
335.5
372.2
406.0
421.0
455.2
263.8
310.0
346.7
373.2
422.0
424.5
108.9
130.4
157.4
179.1
196.2
195.5
211.6
115.7
144.4
162.3
173.8
201.1
196.3
95.7
107.1
118.8
129.9
139.7
149.1
162.0
99.1
112.4
122.7
134.7
143.8
151.4
48.1
51.6
59.3
63.2
70.0
76.5
81.6
49.0
53.2
61.8
64.7
77.1
76.7
771.0
816.7
867.3
911.2
942.0
998.1
1,052.3
786.6
837.9
879.6
932.7
952.1
1,015.4
398.8
421.9
448.5
471.6
500.0
529.2
559.7
407.0
430.8
456.1
482.5
511.9
536.8
124,4
135.1
146.7
156.4
166.8
177.2
186.8
126.5
141.1
149.8
160.6
!68.7
180.6
89.1
90.2
90.0
90.6
73.5
75.2
76.8
89.8
91.9
89.0
91.0
66.0
76.7
158.7
169.5
182.1
192.6
201.7
216.6
229.0
163.4
174.0
184.7
198.5
205.5
221.3
1,027.0
1,128.7
1,227.6
1,345.6
1,449.5
1,591.7
1,727.6
1,066.5
1,167.9
1,267.1
1,394.5
1,494.4
1,643.3
5.8
6.8
8.0
8.2
8.2
7.1
7.5
6.0
7.4
7.7
7.0
7.7
6.6
2.2
2.4
2.4
2.8
3.2
3.2
3.1
2.5
2.6
2.6
3.1
3.4
3.3
1988- I
11
Ill
IV
3,148.1
3,204.9
3,263.4
3,324.0
446.4
454.6
452.5
467.4
210.3
212.5
208.4
215.3
156.9
162.2
162.7
166.1
79.2
79.9
81.4
86.0
1,022.2
1,042.4
1,066.2
1,078.4
542.5
554.5
567.8
574.1
180.8
183.6
188.9
193.9
74.3
76.9
78.3
77.6
224.5
227.5
231.2
232.8
1,679.5
1,707.9
1,744.7
1,778.2
7.7
7.5
7.4
7.5
3.2
3.2
3.0
3.0
1989- I
3,381.4
3,444.1
3,508.1
466.4
471.0
486.1
211.7
212.9
225.6
172.1
173.5
173.9
82.6
84.6
86.7
1,098.3
1,121.5
1,131.4
587.3
592.2
598.1
195.0
198.9
202.2
77.9
89.5
85.2
238.1
241.0
245.9
1,816.7
1,851.7
1,890.6
7.0
7.3
7.9
2.8
3.0
2.9
1982.
1983
1984
1985
1986
1987
1988
19821983:
19841985:
1986:
1987-
n
ni '
Source: Department of Commerce, Bureau of Economic Analysis
SOURCES OF PERSONAL INCOME
Personal income rose $37.8 billion (annual rate) in November following an increase of $36.1
billion in October.
The increases were affected by several special factors: The Loma Prieta earthquake in October, Hurricane Hugo in
September, as well as a large increase in subsidy payments to farm proprietors and bonus payments to employees
in the motor vehicle industry in October. Excluding the impact of the special factors, personal income rose about
$24 billion in November, and about $28 billion in October.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOILARS*(RATIO SCALE)
o.uuu
^
4,000
p——
'
4,000
—
r—"^
r-r~"
1
3,000
_
3,000
TOTA L PERSONAL lt>4COME
_-
___-----
—
.------•
2,000
2,000
WAGE AS D SALARY DISf1URSEMENTS
._----'"
1,400
1,400
.---"
.-_
(DTHER INCOME
800
800
.
•
^
400
/
,_
.
_
-
TRANSFER
^
PAYMENTS
""
""
IIIIlllllll
IIIIlllllll
IIIIlllllll
1981
1982
1983
400
imilimi IIIIlllllll IIIIlllllll IIIIlllllll
1985
1987
1984
1986
SEASONALLY ADJUS TED ANNUAL RATES
SOURCE; DEPARTME •JT OF COMMERCE
iiiiiiiini
IIIIlllllll
1988
1989
COUNCIL OF t CONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1980
1981
Proprietors ' income 3
Other labor
income 1 2
2 2584
2 5209
26708
2 838 6
3 108 7
3 325 3
35262
3 777 6
4 064.5
June
July r
Aug r
r
Oct r
NovP
1
20948
2 2494
24290
1384
150 3
163 6
173 6
1829
187 6
199 3
212 8
228.9
4 1689
42063
1982
1983
1984
1985
1986
1987
1988
1988- Nov
Dec
1989- Jan
Feb
Mar
Apr
May
Sept
personal
income
Wage and
salary
disbursements '
2 501 6
2 5167
236 5
238.2
4 273 1
4 3195
4 360 7
4387 1
4 396 3
4417.5
4443 7
4,456.9
4467 1
4 503 2
4541 0
2 5454
2'557 3
239 7
241 3
242 9
244.4
246 0
247.5
249 1
250.7
2522
253 8
255.3
1 372 0
1 510 3
1 586 1
1 676 6
1 838 6
1 975 4
2 579 4
2 601 3
2 603 5
2 621 7
2 644 7
2 651.0
26684
2 697 8
2 6995
Farm
205
30 7
24 6
12 4
305
30 2
347
160 1
156 1
1509
1784
2040
225 6
247 2
41 6
39.8
2700
2880
19 5
29 4
480
659
63 0
564
54 3
43.2
38 8
36.5
329
400
403
295 7
297 4
299 6
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
* Consists primarily of employer contrihutions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
4
With capital consumption adjustment.
Nonfarm
3006
300 8
3046
303 5
3046
306 3
Less:
income of
persons *
66
13 3
13 6
13 2
85
92
11 6
13 4
15 7
16 1
160
13 8
11 8
99
98
98
97
93
84
308.0
3074
—16
306 5
313 6
15
10 2
dividend
income
52.9
61 3
63.9
68 7
75.5
78 7
85.8
920
102.2
1065
106.9
1084
109.4
1103
111.0
111 4
111.8
112 8
113.3
1136
114 8
115.8
interest
income
271.9
335 4
369.7
393 1
444.7
4780
493.2
5232
payments 5
324.7
368.1
410.6
442.6
456.6
489.8
contributions
for social
insurance
88.6
104.5
112.3
120.1
132.7
149.3
571.1
548.2
584.7
5986
606.4
593.5
595.6
161.9
172.9
194.9
199.1
200.1
6165
610.7
614.2
209.0
209.8
624.2
623.9
625.5
630.9
632.6
636.4
640.2
643.5
650.4
211.3
212.6
212.7
213.8
214.8
215.2
216.3
218.1
218.2
628.9
641 5
648.4
655 2
661.8
6650
667.9
670.4
672 4
674.0
521.5
5
personal
income 6
2,215.8
2,465.6
2,618.7
2,799.0
3,052.1
3,271.3
3,469.4
3,714.7
4,003.7
4,128.4
4,155.9
4,204.0
4,232.4
4,276.5
4,309.4
4,320.5
4,352.6
4,383.1
4,398.6
4,432.4
4,441 3
4,478.8
Consists mainly of social insurance benefits, direct relief, and veterans payments.
6
Persona! income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income rose in the third quarter of 1989.
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
6,000
6,000
1989
COUNCIL OF ECONOMIC ADVISERS
• SEASONALLY ADJUSTED ANNUAL RATES
SOURCE. DtPARTMENT OH COMMERCE
Period
Personal
income
Less:
Personal
nontax
payments
p
t
Disposable
personal
income
Less:
Personal
outlays '
Equals:
Personal
saving
Disposable
personal
income in
1982
dollars
(billions)
Per capita
disposable personal
income
Current
dollars
Billions of dollars
1980
1981
1982
1983..
1984
1985... .
1986
1987.
1988
2,258.5
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,526.2
3,777.6
4,064.5
340.5
393.3
409.3
410.5
440.2
486.6
512.9
571.7
586.6
Current
dollars
1982
dollars
Dollars
1,918.0
1,781.1
2J27.6
2,261.4
2428.1
2 ',668. 6
2,838.7
1,968.1
2,107.5
2,297.4
o',504.5
2,713.3
2J888.5
3,104.1
3^333.1
3,205.9
3^77.8
1982
dollars
Per capita personal
consumption
expenditures
136.9
159.4
153.9
130.6
164.1
125.4
124.9
101.8
144.7
2 214.3
2,248.6
2,261.5
2 331.9
2,469.8
2,542.8
2,635.3
2 676.6
2J793.2
8,421
9,243
9 724
10,340
11,257
11 861
12,469
13 140
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands) 2
Percent
9 722
9 769
9 724
9 930
10 419
10 625
10,905
10 970
11^337
7,607
8,320
8 818
9,515
10,253
10,985
11,576
12 340
13,131
8 818
9 139
9,489
9 839
10 123
10 303
10^546
.5
5
21
4.9
20
2.6
.6
3.3
7.5
6.8
5.4
6.1
4.4
4.1
3.2
4.2
227,754
230,182
232,549
234,829
237 ',051
239,322
241^660
243,985
246^378
8 783
§'794
7.1
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
IV
IV
IV
IV
IV... .
IV
2,729.2
2,941.8
3,188.3
3,399.1
3,597.8
3,908.7
411.1
413.9
459.7
499.6
534.4
589.2
2,318.1
2,527.9
2,728.6
2,899.5
3,063.4
3,319.4
2,174.9
2,382.5
2,571.3
2,787.7
2,961.4
3,177.6
143.1
145.4
157.3
111.7
102.0
141.8
2,276.1
2,392.7
2,496.3
2,562.8
2,646.2
2,726.2
9,929
10,725
11,467
12,068
12,629
13,552
9,749
10,151
10,491
10,667
10,909
11,130
9,068
9,825
10,479
1 1 ,240
11,825
12,588
8,904
9,299
9,587
9,935
10,214
10,339
12
9.1
1.7
3.3
.3
6.6
6.2
5.8
5.8
3.9
3.3
4.3
233,466
235,707
237,946
240,257
242,579
244,936
1988:
I
II
III....
IV
3,948.5
4,026.6
4,097.6
4,185.2
572.2
590.7
585.9
597.8
3,376.4
3,435.9
3,511.7
3,587.4
3.244.4
3,301.9
3,362.1
3,424.0
131.9
134.0
149.6
163.4
2,757.2
2,773.3
2,806.4
2,835.9
13,754
13,966
14,235
14,504
11,232
11,273
11,377
1 1 ,466
12.824
13,028
13,229
13,439
10,473
10,515
10,573
10,624
3.7
1.5
3.7
3.2
3.9
3.9
4.3
4.6
245,476
246,008
246,685
247,343
1989:
I
11
ILT...
4,317.8
4,400.3
4,455.9
628.3
652.6
649.1
3,689.5
3,747.7
3,806.8
3,483.8
3,547.0
3,611.7
205.7
200.7
195.1
2,881.7
2,887.6
2,919.2
14,884
15,084
15,280
11,625
11,622
11,717
13,641
13,862
14,081
10,654
10,681
10,797
5.7
— .1
33
5.6
5.4
5.1
247,890
248,456
249,143
•s to business, and person-
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the second quarter of
1989, according to revised estimates, gross farm income fell $4.9
net farm income fell $6.4
BILLIONS OF DOLLARS* (RATIO SCALE)
240
200
^—•
160
billion (annual rate) and
billion.
BILLIONS OF DOLLARS * (RATIO SCALE)
s
1i—-^
X
•
1
!
24
20
~~
1
I6(
—
120
12
OR 5SS FARM INC OMt
80
SO
60
1
1\
4
40
1
<. 1
\l
f
1 "••»- "\
\
*"Y
A
\ 1
20
-
\
/
s
'""•x
/
-"\
^"'
^^
*^
**
20
Nb T FARM INCOAAt
\
I
.
1
I
H
1
'. i\;
I
10
'
M
1
1
10
\t
I/
1
1 1
1981
i
i i
1
1
1983
1982
I
1
1
1
1 1
1985
1984
1
1986
1
1
1
1
1
1
1987
1
1
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
1
1
?989
T988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total >
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1987: I
n
m
IV
1988: I
n.
m
IV
1989: I r .
r
n
149.3
166,4
163.5
' 152.9
r
175.0
r
166.3
r
160.3
r
!71.7
177.6
r
139.7
141.7
142.6
r
136.5
r
142.5
144.1
135.5
139.5
151.5
Livestock and
products
71.7
72.5
72.3
67.1
69.5
74.3
64.0
63.8
72.6
58.6
67.4
66.9
62.2
62.6
73.5
82.1
71.9
71.4
79.7
68.0
69.2
70.3
69.4
73.0
69.8
71.5
75.7
78.9
170.4
172.4
r
167.8
r
175.9
174.7
182.0
175.0
178.6
131.3
143.8
144.8
138.1
144.4
148.8
160.4
152.2
72.8
76.4
77.8
75.8
81.8
75.3
78.3
80.3
199.0
194.1
155.7
161.1
84.3
81.4
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.
Crops
3
Production
expenses
Value of
inventory
changes 2
-6.3
6.5
-1.4
10 9
6.3
-2.4
-2.7
-.4
-4.3
J
.3
-.2
17
— 4.0
-4.4
-4.7
41
6.7
5.5
Current
dollars
133.1
139.4
140.0
140.4
142.7
134.0
122.4
r
128.0
r
135.0
r
r
120.4
128.7
r
!31.3
!31.7
1982 dollars 3
r
27.0
23.5
!2.5
r
r
32.3
32.3
r
37.9
43.5
r
42.6
r
r
50.0
r
43.7
r
36.3
r
r
T
r
130.2
* 133.7
' 138.2
r
137.8
138.9
140.4
44.1
44.5
r
48.3
r
36.8
r
40.8
60.1
53.7
Income in current dollars divided by the GNP implicit price deflator.
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
18.8
!6.2
r
r
28.7
23.5
!2.0
29.9
29.1
33.4
r
37.1
r
r
35.2
r
43.1
r
37.3
30.9
r
37.2
r
r
r
r
37.4
40.0
30.2
r
33.1
48.2
42.6
CORPORATE PROFITS
In the third quarter of 1989, according to revised estimates, corporate profits before tax fell $21.0 billion (annual
rate) and after-tax profits fell $8.7 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
360
SEASONALLY ADJUSTED ANNUAL RATES
320
/^
\
280
\
A/
\
^
PROFITS BEFORE TAX
^y^
/"
\
s
s
s~
^ S
'
x^
*N.
*.-'"'
N.
N
160
•X^
s
-"•s.
_/
-'" ,^~^~..
V_>^
"X s
^-
v
••/"'"""
\
I
200
PR
OFITS AFTER If X.
s—' '"~\
'""~\__
-Vr_.
240
h-"/
s
\
/
^
J
\
X__-_\
\
120
"•'.'-
. ^ "
-
80
TAX LIABILITY
**\
\ ,
\
X
"~'\
40
\.
UNDISTI IBUTED PROFHk---"
i
i i
1
1
1
1982
1981
1 1 1
1983
1
1 1
1984
1
1
1
1
1
1
1986
1985
1
1
1 1 1
SOURCE: DEPARTMEN OF COMMERCE
1 1 1
1988
1
1987
1989
COUNCIL OF CONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits {before tax) with inventory valuation adjustment 1
Profits after tax
Domestic industries
Period
IV
IV
IV
IV
IV
IV
1988- I
II
ni
IV
1989- I
n r
rn
1
2
Total
Financial
Total 3
Manufacturing
Tax
liability
Wholesale and
retail
trade
Total
Dividends
uted
profits
Inventory
valuation
adjustment
194.0
202.3
159.2
196.7
234.2
222.6
228.3
247.8
281.8
1980
1981
1982
1983
1984
1985
1986
1987
1988
198219831984198519861987-
Profits
before tax
Nonfinancial
Total 2
159.6
173.8
131.2
166.6
203.3
191.4
195.2
208.7
238.2
21.0
16.5
11.8
18.1
13.0
22.8
32.0
30.5
29.8
138.6
157.3
119.4
148.5
190.3
168.6
163.2
178.2
208.4
77.1
88.5
58.0
70.1
88.8
79.7
59.5
76.6
98.4
21.6
32.5
34.6
38.9
51.2
44.1
44.1
41.1
40.1
237.1
226.5
169.6
207.6
240.0
224.3
221.6
266.7
306.8
84.8
81.1
63.1
77.2
93.9
96.4
106.3
124.7
137.9
152.3
145.4
106.5
130.4
146.1
127.8
115.3
142.0
168.9
54.7
63.6
66.9
71.5
79.0
83.3
91.3
98.7
110.4
97.6
81.8
39.6
58.9
67.0
44.6
24.0
43.3
58.5
-43.1
-24.2
-10.4
-10.9
-5.8
17
6.7
-18.9
-25.0
150.7
223.4
224.6
228.4
226.1
255.8
121.6
190.7
193.9
193.6
193.4
211.8
18.7
15.5
13.6
26.0
28.6
29.9
102.9
175.2
180.3
167.6
164.8
181.9
46.8
88.6
79.8
83.8
64.8
84.5
33.6
43.1
51.8
38.5
41.0
41.2
164.1
231.5
226.1
235.0
234.1
276.2
59.8
88.1
87.0
99.8
113.1
127.3
104.3
143.4
139.2
135.2
121.0
148.9
68.5
73.9
80.8
84.0
93.6
102.8
35.8
69.5
58.4
51.2
27.4
46.1
-13.4
-8.1
16
-6.6
-8.0
-20.4
268.1
276.4
284.1
298.7
225.7
235.8
239.0
252.2
27.7
29.7
31.6
30.1
198.0
206.1
207.3
222.1
94.6
98.2
95.1
105.5
42.2
37.3
39.2
41.8
288.8
305.3
314.4
318.8
129.0
138.4
141.2
143.2
159.9
166.9
173.2
175.6
105.7
108.6
112.2
115.2
54.2
58.3
61.1
60.4
-20.7
-28.8
-30.4
-20.1
279.7
275.5
268.7
233.1
231.8
223.0
29.3
28.6
17.8
203.9
203.2
205.2
96.5
90.3
86.6
34.1
36.9
41.9
318.0
296.0
275.0
144.4
134.9
122.6
173.6
161.1
152.4
118.5
120.9
123.3
55.1
40.2
29.1
-38.3
-20.5
-6.3
See p. 4 for profits with inventory valuation and capital consumption £
Includes rest of the world, not shown separately.
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the third quarter of 1989, nonresidential fixed investment rose $7.1 billion
(annual rate) and residential investment fell $3.0 billion. There was a $27.4 billion increase in inventories, the same
as the increase in the second quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
900
900
SEASONALLY ADJUSTED ANNUAL RATES
800
800
—
700
500
400
300
200
100
-100
700
" " '
" "
—
600
-
--~
/**.
/ ^^\
GROSS PRIVATE DOMESTIC
INVESTMENT
•^\
—
--'
—
"-"-—._
—
111
1981
7
y
—
" ~ 1
" ~
600
^^
(
—
NONR ESIDENTIAL
500
^
/
-~~
—
^--""
400
*• — * . _ _ _
—
RESIDENTIAL
^
300
FIX ED INVESTMEN T
_
'
200
•-"
—
MGE IN BUSINE
NVENTORIES
V
"
--v
100
.
^^
—
/
/
1
1
1
1
1
1
1 1 1
1984
1983
1982
1
1
1
1985
1
1
1
1986
1
1
1
1987
SOURCE: DEPARTMENT OF COMMERCE
1
1
1
1988
1
1
1
-100
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Change i i business
1
^ixed investmen t
Gross
private
domestic
investment
1980
1981
1982
1983
1984
1985
1986
1987 . .
1988
19821983:
1984:
1985:
19861987:
TV
IV
IV
IV
IV
IV
437 0
515 5
447 3
.
. .
1988- I
II
ni
IT
1989- I
n r
rn
Source: Department of Commerce, Bureau of Economic Analysis.
502 3
664 8
643 1
659 4
699 9
750 3
•409 6
579 8
661 8
654 1
648 8
749 7
728 8
748 4
771 1
752 8
769 6
775 0
779 1
Total
Total
445 3
491 5
471 8
509 4
597 t
631 8
652 5
6706
719 6
469 5
548 8
616 8
6468
6609
6863
322 8
369 2
366 7
356 9
4160
442 9
435 2
444 3
487 2
354 9
383 9
435 0
451 3
435 8
458 6
698 7
719 1
726 5
734 1
742 0
747 6
751 7
472 7
487 1
493 2
495 8
503 1
512 5
519 6
Structures
113 9
138 5
143 3
1240
141 1
153 2
1390
133 8
140 3
137 6
127 4
146 6
1559
133 7
1389
137 1
1399
142 0
142 5
144 7
142 4
146 2
Producers'
durable
equipment
2089
230 7
223 4
232 8
2749
289 7
296 2
310 5
346 8
217 3
2565
2884
295 5
302 2
319 7
335 6
347 2
351 3
353 3
358 5
370 1
373 4
Residential
122 5
122 3
105 1
152 5
181 1
188 8
217.3
2264
232.4
114 7
164 9
181 8
1955
225 1
227 7
226 1
232 1
233 2
2384
238 8
235 1
232 1
Nonfarm
Total
306
— 2.4
18 3
— 23.1
4
60.5
14 6
8.6
305
34.2
59 9
31 0
45 0
72
12 2
63 3
51 1
21.3
41 3
23.7
80
61.3
300
293
187
24 2
30.4
41 5
40.8
27 7
27 4
27 4
19 1
23.6
19 8
83
24 0
-24 5
71
67 7
11 3
69
29 3
44 6
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department October-November survey, business spending for new plant and equipment is expected to rise 6.4 percent in 1990, following a rise of 10.3 percent in 1989.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
600
600
SEASONALLY ADJUSTED ANNUAL RATES
500
500
—
400
r^
^
300
^
^•^.
i
-^
r^^\
~~*—
1
,LL INDUSTRIE!
r----'
^
__
200
,_-'
A lANUFACTURII IG
^
100
i
I I
1982
\
1
\ \
1983
1
1
i
1
1
1985
1984
\
1
1 1
1986
400
—
300
.— *
—
"
NMANUFACT
—
r""^
—
200
—
100
, i i-*
1 1
1987
1988
1989
_!/ SURVEYED QUARTERLY
2J SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
1990
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Industries surveyed quarterly
Manufacturing
Period
All
industries
Total
Durable
goods
Addenda
Nonmanufacturing
Nondurable
goods
Total '
Mining
Transportation
Public
utilities
Commercial
and
other
Total
nonfarm
business 2
Nonmanufacturing
Manufacturing
Total
Surveyed
quarterly
282.80
315.22
310.58
304.78
354.44
387.13
379.47
389.67
430.76
475.18
505.49
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
166.32
183.16
190.16
55.36
59.81
55.35
53.08
66.24
73.27
69.14
71.01
78.30
83.05
83.22
56.96
66.73
65.33
63.12
72.58
80.21
73.56
74.88
88.01
100.11
106.94
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
264.44
292.02
315.33
15.99
21.39
20.05
15.19
16.86
15.88
11.22
11.39
12.66
12.50
12.01
16.60
15.84
14.79
13.97
16.52
18.02
18.80
18.85
21.34
25.24
26.41
37.74
41.21
45.43
44.96
47.48
48.81
46.38
44.88
46.67
50.06
50.14
100.14
110.24
109.63
114.45
134.75
150.94
160.38
168.65
183.76
204.22
226.78
413.34
427.54
435.61
442.11
157.97
162.62
168.76
173.32
75.28
77.38
79.15
80.56
82.69
85.24
89.62
92.76
255.37
264.92
266.85
268.79
12.61
13.15
12.53
12.38
20.35
20.95
22.02
22.04
45.05
45.60
46.69
48.73
177.37
185.21
185.61
185.65
157.97
162.62
168.76
173.32
255.37
264.92
266.85
268.79
n r
m
459.47
470.86
484.93
485.45
175.22
181.53
187.66
188.21
81.26
82.97
85.66
82.30
93.96
98.57
102.00
105.90
284.24
289.33
297.28
297.25
12.15
12.70
12.59
12.58
23.13
24.26
28.53
25.04
50.81
52.01
49.57
47.86
198.15
200.36
206.59
211.76
175.22
181.53
187.66
188.21
284.24
289.33
297.28
29" -
1990- I 44
503.46
518.27
193.76
198.70
86.84
88.43
106.92
110.27
309.70
319.57
12.23
12.83
26.61
27.56
51.89
53.11
218.97
226.07
193.76
198.70
309.70
319.57
1980
1981
1982
1983
1984
1985
1986
1987
1988 4
1989
1990 4
1988- I
n
TTT
IV
1989- I
IV <
n
1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly- See last column ("nomnanufacturing surveyed annually"} for data for these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
10
314.47
349.26
347.47
343.35
398.99
431.94
427.23
440.66
483.48
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
166.32
183.16
190.16
Source: Department of Commerce, Bureau of the Census.
202.15
222.72
226.79
227.15
260.16
278.46
284.54
294.77
317.17
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
264.44
292.02
315.33
Surveyed
annual1V3
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In November, civilian employment rose 241,000 and unemployment rose 168,000.
MILL: ONS OF PERSONS*
MILLIONS Of PERSONS*
126
SEASONALLY ADJUSTED
122
118
r
CIVILIAN LABOR FORC E ^ x—'
—
126
^ —'
'
122
..... _------"
158
114
110
106
114
;>^/~r^^r^~^
^
_
— -•—.
98
12
^
8
\\\\\\\\\\\
~
102
.._.*"
98
^^ ^
1 1 1 1 1 1 1 1 1 1 1 .,i,,i..,,.
1982
1981
110
106
^
1
1983
..
1
-^
JNEMPLOYMEr-IT
niiiliiii. 1 1 1 1 1 1 1 1 1 1 1
Minium
1 \ \ \ \ 11 \ \ \ \
M l . .1.1,1.
1988
1987
1986
1985
8
4
\ \ \ \ \ \ I 11 1 1
1984
12
>»^—.—•
I
4
0
—
^ — '"
CIVILIAN
EMPLOYMENT
f
f^
102
„-•'"'
^'
0
1989
*16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
COUNOi 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
1980
1981
1982
1983
1984
1985
1986*
1987
1988
1988:
Nov
Dec
1989:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Noninstitutionai
population
including
resident
Armed
Forces
NSA
Kesident
Armed
Forces
NSA
Labor force
including
resident
Armed
Forces
169,349
171,775
173,939
175,891
178,080
179,912
182,293
184,490
186,322
1,604
1,645
1,668
1,676
1,697
1,706
1,706
1,737
1,709
108,544
110,315
111,872
113,226
115,241
186,949
187,098
187,340
187,461
187,581
187,708
187,854
187,995
188,149
188,286
188,428
188,580
188,721
including
resident
Armed
Forces
117,167
119,540
121,602
123,378
100,907
102,042
101,194
102,510
106,702
108,856
111,303
114,177
116,677
1,705
1,696
124,215
124,259
1,696
1,684
1,684
1,684
1,673
1,666
1,666
1,688
1,702
1,709
1,704
125,124
124,865
124,948
125,343
125,283
125,768
125,622
125,706
125,742
125,814
126,219
Nonagricultural
Civilian
labor force
106,940
108,670
110,204
111,550
Agricultural
Total
99,303
100,397
3,364
3,368
113,544
115,461
117,834
119,865
121,669
99,526
100,834
105,005
107,150
109,597
112,440
114,968
3,401
3,383
3,321
3,179
3,163
3,208
3,169
117,652
117,705
122,510
122,563
115,947
116,009
118,407
118,537
118,820
118,797
118,888
119,207
119,125
119,285
119,158
119,254
119,490
123,428
123,181
123,264
123,659
123,610
124,102
123,956
124,018
124,040
124,105
124,515
116,711
116,853
117,136
117,113
117,215
117,541
117,459
117,597
117,456
117,545
117,786
3,300
3,223
3,206
3,104
3,112
3,096
3,219
3,307
3,257
3,217
3,141
1
Persons at work. Economic reasons include slack work, material shortages, inability to find ftiJltime work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutional population.
Unemployment
Civilian employment
Employment
Total
95,938
97,030
96,125
Part time
for
economic
reasons 1
4,064
4,499
5,852
5,997
Total
7,637
8,273
5,512
5,334
5,345
5,122
4,965
10,678
10,717
8,539
8,312
8,237
7,425
6,701
3,238 112,709
3,193 112,816
4,819
5,033
6,563
6,554
113,411
113,630
113,930
114,009
114,102
114,445
114,240
114,290
114,199
114,327
114,644
4,837
4,697
4,709
4,930
4,609
4,801
4,505
4,553
4,612
4,466
4,556
6,716
6,328
6,128
6,546
6,395
6,561
6,497
6,421
6,584
6,561
6,729
97,450
101,685
103,971
106,434
109,232
111,800
15
weeks
and
over
Civilian
Labor
force
participation
rate
(percent) 2
Employment/
population
ratio
(percent) 2
65.3
65.6
65.9
59.2
59.0
57.8
57.9
59.5
60.1
60.7
61.5
62.3
1,502
1,495
66.1
66.1
62.6
62.6
1,512
1,304
1,310
1,426
1,313
1,258
1,472
1,305
1,370
1,374
1,445
66.5
66.3
66.3
66.5
66.4
66.6
66.5
66.5
66.4
66.4
66.6
62.9
62.9
63.0
63.0
63.0
63.1
63.0
63.0
62.9
62.9
63.0
1,871
2,285
3,485
4,210
2,737
2,305
2,232
1,983
1,610
63.8
63.9
64.0
64.0
64.4
64.8
"Data beginning January 1986 not strictly comparable witb earlier data because of change in
istimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In November, both the overall unemployment rate and the civilian unemployment rate rose slightly, to 5.3 percent
and 5.4 percent, respectively.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
10
1985
'UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
1980
1981
1982
1983
1984
Unemployment
rate,
all
workers 1
7.0
7.5
9.5
9.5
7.4
7.1
6.9
By sex and age
All
civilian
workers
7.1
7.6
9.7
9.6
7.5
7.2
Men
20 years
and over
Women
20 years
and
over
Both
sexes
16-19
years
8.8
8.9
6.6
6.2
6.1
5.4
4.8
6.8
6.6
6.2
5.4
4.9
17.8
19.6
23.2
22.4
18.9
18.6
18.3
16.9
15.3
5.9
6.3
6.4
6.8
8.3
8.1
By selected groups
By race
White
Black
and
other
Black
Experienced
wage and
salary
workers
14.3
15.6
18.9
19.5
15.9
15.1
14.5
13.0
11.7
6.9
7.3
9.3
9.2
7.1
6.8
6.6
5.8
5.2
4.2
4.3
6.5
6.5
4.6
4.3
4.4
8.4
6.5
6.2
6.0
5.3
4.7
13.1
14.2
17.3
17.8
14.4
13.7
13.1
11.6
10.4
6.3
6.7
8.6
1985
1986
1987
1988
6.1
5.4
7.0
6.2
5.5
1988: Nov
Dec
5.3
5.3
5.4
5.3
4.8
4.7
4.7
4.7
14.1
14.8
4.6
4.6
10.0
10.0
11.2
11.6
1989: Jan
Feb
Mar
Apr
May
June ....
July
Aug
Sept
Oct
Nov
5.4
5.1
4.9
5.2
5.1
5.2
5.2
5.1
5.2
5.2
5.3
5.4
5.1
5.0
5.3
5.2
5.3
5.2
5.2
5.3
5.3
5.4
4.6
4.5
4.2
4.6
4.3
4.3
4.3
4.4
4.8
4.5
4.7
4.7
4.5
4.6
4.7
4.8
4.9
5.0
4.7
4.5
4.7
4.7
16.4
14.8
13.7
14.4
15.2
15.6
14.7
14.5
15.1
14.9
15.5
4.6
4.3
4.2
4.6
4.4
4.5
4.6
4.5
4.5
4.4
4.6
10.6
10.6
9.8
9.6
9.5
10.3
9.6
9.5
10.1
10.3
10.5
12.0
11.9
10.9
10.8
11.0
11.9
10.9
11.1
11.6
11.8
12.1
1
Unemployed as percent of total labor force including resident Armed Forces.
;ate hours lost by the unemployed and persons on part time for economic reasons as per-
12
Married
men,
spouse
present
Women
who
maintain
families
9.2
10.4
11.7
12.2
10.3
10.4
Fulltime
workers
Parttime
workers
6.9
7.3
8.8
9.4
10.5
10.4
9.3
7.9
9.3
9.1
8.4
7.6
8.5
11.0
10.9
8.6
8.1
7.9
7.1
6.3
5.0
5.1
7.1
7.0
6.2
6.3
5.0
4.8
4.8
5.0
4.8
4.8
4.9
4.9
5.0
4.9
5.0
7.9
7.3
6.2
7.2
6.9
7.7
7.2
6.9
7.3
7.1
7.5
6.2
5.9
5.8
6.0
5.9
6.1
6.0
5.9
5.9
5.8
5.9
3.9
3.3
9.8
9.2
8.1
9.6
9.5
7.2
6.8
6.6
5.8
5.2
5.1
5.0
3.3
3.1
7.7
8.2
5.2
4.8
4.7
5.1
4.9
5.0
5.1
5.0
5.0
5.0
5.1
3.1
3.1
2.9
3.2
2.9
2.8
2.9
3.1
3.4
3.0
3.1
8.0
8.0
7.9
7.6
8.3
7.9
8.7
8.0
7.6
7.6
8.3
cent of potentially available labor force hours.
Source: Department of Labor, Bureau of Labor Statistics.
Labor
force
time lost
(percent) 2
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In November, the percentages of the unemployed who had been out of work for less than 5 weeks, for 15-26
weeks, and for 27 weeks and over rose, while the percentage for 5-14 weeks fell. Both the mean duration of
unemployment and the median fell.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION*
70
70
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
60
—
50
JOB LOSERS
REENTRANTS
30 —
20
20
JOB LEAVERS
•
10
—
10
NEW ENTRANTS
0
iniili
1985
1985
1986
1987
1988
1989
•SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT Of LABOR
[Monthly data seasonally adjusted, except as noted]
Duration of unemployment
Unemployment
(thousands)
Period
Number of
weeks
Percent distribution
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
32.3
30.7
31.0
27.4
28.7
30.2
31.0
29.6
30.0
13.8
13.6
16.0
15.4
12.9
12.3
12.7
12.7
12.0
10.7
14.0
16.6
23.9
19.1
15.4
14.4
14.0
12.1
11.9
13.7
15.6
20.0
18.2
15.6
15.0
14.5
13.5
47.6
46.2
29.5
31.1
12.0
11.5
10.9
11.2
47.0
50.6
49.4
47.2
47.7
50.4
48.1
48.1
48.)
48.4
48.8
30.7
29.1
29.4
31. £
31.7
30.4
29.4
31.5
31.0
30.4
29.6
11.2
10.4
10.5
10.5
11.0
10.0
12.9
11.5
12.0
11.2
11.5
11.1
10.0
10.7
11.3
9.6
9.1
9.6
8.8
8.8
10.0
10.1
Less
than
5
weeks
5-14
weeks
7,637
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
43.1
41.7
36.4
33.3
39.2
42.1
41.9
43.7
46.0
1988- Nov
Deo
6,563
6.554
1989' Jan
Feb
Mar
Apr
6,716
6,328
6,128
fi,546
6.395
6,561
6,497
6.421
6,584
6,561
6,729
B,eason for unemployment:
percent distribution
-
Job
losers
Job
leavers
Reentrants
New
entrants
6.5
6.9
8.7
10.1
7.9
6.8
6.9
6.5
5.9
51.7
51.6
58.7
58.4
51.8
49.8
48.9
48.0
46.1
11.7
11.2
7.9
7.7
9.6
10.6
12.3
13.0
14.7
25.2
25.4
22.3
22.5
25.6
27.1
26.2
26.6
27.0
11.4
12.6
12.8
5.6
5.8
46.2
46.5
14.7
15.1
26.9
12.7
12.1
12.4
12.7
11.8
11.1
12.0
11.3
11.4
11.8
11.7
5.7
5.3
5.4
5.4
5.3
5.5
5.6
5.0
5.0
4.9
4.8
46.4
45.2
46.0
45.7
42.7
42.0
44.3
46.5
44.6
45.1
46.8
14.7
15.5
14.4
15.C
17.5
15.5
15.3
16.2
15.9
15.1
15.6
State
programs
Insured
unemployment
Initial
claims
Insured
unemployment,
"all
regular
programs
(unadjusted) 1
Weekly average, thousands
1980
1981
1982
1983
1984
1985
1986
1987
]988
May
July
Sept
Oct
Nov
.
' Includes Siata {-?0 States, District oi Columbia, Puerto Rico, ami Virgin Islands), ex-servicemeu (UC'X), Federal (UO.FE), and railroad (RR) programs. Also Incudes I'ederal ami State ex•supplemental compensation program.
"
27.3
27.3
28.1
29.0
29.1
31.2
29.4
27.5
IS:S
27,
11.9
11.1
11.3
13.0
12.5
12.5
12.4
12.2
3,350
3,047
4,061
3,396
2,476
2,611
2^650
2,332
2,056
488
460
583
438
377
396
378
328
306
3,837
3,410
4,594
3,775
2,561
2,693
2,746
2,401
2,125
12.2
12.1
1,989
2,032
301
309
1,857
2,205
11.8
12.0
11.6
10.3
10.7 i
11.3
11.0
9.8 1
9.6
10.6
10.5
2,061
2,105
2,143
2,105
2,063
2,134
2^216
2,177
2,187
2,257
2,287
293
309
323
300
317
335
339
319
323
360
344
2,685
2,695
2,567
S,221
1,957
1,936
2,168
2,006
1,860
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training AdniinisJration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 210,000 in November.
MILL IONS OF PERSONS*
MIL LIONS OF PERSONS* (ENLARGED SCALE)
no
28
—
-
100
—
""
^'"'—
26
SERVICES
ALL NONAGRICULTURAL
ESTABLISHMENTS 1
^
^
^
--'
24
90
—
-"""*'
22
80 -
-
""T"
—
20
SERV ICE-PRODUC ING
INDUSTRIES
70
FiETAIL TRADE
—
18
60 -
-
_- •—" ——
•
\^r--^
GOVERNMEN
^—"
16
HfH-ririTfi iTrnlimi
1
Jz=—
Illilllllll
Illilllllll Illllllllll
X
50
20
40 -
GOC3DS-PRODUC ING
INDUSTRIES
30
18
JFACTURING
\
illinium luiihiiiiliiiiiliiiii
1
iniilmiik
i
Illilllllll
V
'
6
4
—
Illinium
' 1985
20 11' ' H 1 1) ' ' ' 1 1 1 1 1 1 1 1 1 n iniiliiui 1 1 1 1 1 1 1 1 1 1 1 iiiiiliinl)
1989
1986
1987
1988
1985
r
i— m
i
1
1
c DNSTRUCTIC
1986
iiiiiliinl
1987
SEASONALLY AOJ USTED
SOURCE, DEPARTMENT OF LABOR
_
i n I ill! Mif
1988
1989
M
COUNCIL OF EC DNOMIC ADVISERS
[Thousands of wage and salary workers; * seasonally adjusted]
Service-producing industries
Groods-producing industries
Period
Total
nonagricultural
employment
Manufacturing
Total 2
Construction
Total
Durable
goods
12,187
12,109
Il|o39
10,732
11 '505
11,490
11,230
11,194
11,437
8,098
8,061
7J41
4,346
4,188
90.200
94,496
97,519
99,525
102,200
105,584
25,658
25,497
23,813
23,334
24^727
24,859
24,558
24,708
25,249
3J905
3,948
4383
4,673
4,816
4,967
5,125
20,285
20,170
18^781
18,434
19^378
19^260
18,965
19J024
19,403
1988: Nov.... 106,824
Dec
107,097
25,460
25,513
5,191
5,213
19,557
19,589
1989: Jan
Feb
Mar
Apr
May....
June...
July....
Aug....
Sept T..
Oct r...
Nov "..
25,626
25,629
25,646
25,671
25,672
25,648
25,669
25,694
25,614
25,607
25,604
5,267
5,270
5,252
5,279
5,283
5,283
5,314
5,321
5,325
5,333
5,350
19,648
19,648
19,680
19,672
19,667
19,650
19,649
19,644
19,559
19,543
19,516
1980
1981
1982
1983
1984 .. .
1985
1986 ...
1987
1988 ....
90,406
91,156
89,566
107,442
107,711
107,888
108,101
108,310
108,607
108,767
108,887
109,096
109,189
109,399
Nondurable
goods
Transportation
and
public
utilities
Wholesale
trade
5,146
5,165
5,082
4,954
5459
5^238
5,255
5^372
5,548
5,275
5,358
7,702
7^873
7J770
7,734
7J830
7,967
65,659
65^753
66,866
69^769
72^660
74,967
77J492
80,335
5^278
5,268
5^555
5^717
5,753
5344
6,029
11,545
11,565
8,012
8,024
81,364
81,584
5,616
5,634
11,605
11,594
11,604
11,600
11,594
11,567
11,549
11,551
11,480
11,454
11,430
8,043
8,054
8,076
8,072
8,073
8,083
8,100
8,093
8,079
8,089
8,086
81,816
82,082
82,242
82,430
82,638
82,959
83,098
83,193
83,482
83,582
83,795
5,654
5,667
5,666
5,682
5,700
5,716
5,736
5,618
5,709
5,733
5,744
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, aeif-employed persons, domestic servants, and personnel of the Armed Forces. Total-derived
from this table not comparable with estimates of nonagrieultural 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
Total
64,748
Retail
trade
15,035
15,189
15^179
Finance,
insurance,
and real
estate
Government
Services
Total
Federal
20J797
22*000
23,053
24J236
f!5,600
16,241
16,031
15J837
15,869
16^024
16,394
16,693
17,010
17,372
2,866
2,772
2J739
2,774
2J807
2,875
2,899
2,943
2,971
6,726
6,744
26,111
26,230
17,525
17,523
2,983
2,981
6,746
. 6,763
6,774
6,776
6,790
6,808
6,815
6,836
6,852
6,849
6,864
26,318
26,434
26,520
26,651
26,711
26,931
26,973
27,058
27,159
27,195
27,320
17,545
17,587
17,597
17,626
17,687
17,723
17,751
17,804
17,866
17,853
17,864
2,978
2,982
2,982
2,982
2,999
2,995
3,000
2,999
2,996
2,985
2,990
5,160
15,613
16^545
17,356
17,930
18,483
19,110
5,298
5^341
5,468
5^689
5^955
6,283
6^547
6,676
6,104
6,125
19,282
19,328
6,146
6,171
6,197
6,206
6,222
6,230
6,237
6,256
6,264
6,275
6,293
19,407
19,460
19,488
19,489
19,528
19,551
19,586
19,621
19,632
19,677
19,710
17,890
18'619
19^036
19,694
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]
Average gross weekly earnings
Average gross hourly
earnings
Average weekly hours
Total
private
nonagricultural l
Period
Total
35.3
35.2
34.8
35.0
35.2
34.9
34.8
34.8
34.7
34.7
34.7
34.8
34.6
34.7
34.9
34.6
34.6
34.8
34.6
34.7
34.7
34.6
1980.
1981
1982.
1983
1984,
1985
1986
1987
1988.
1988: Nov
Dec
1989: Jan
Peb
Mar
May
July
Sept
Oct T
N 0 y"
39.7
39.8
38.9
40.1
40.7
40.5
40.7
41.0
41.1
41.2
41.0
41.1
41.1
41.0
41.3
41.0
41.0
41.0
41.0
r
41.0
40.8
40.7
Current dollars
Total private
nonagrieultural *
Manufacturing
Overtime
2.8
2.8
2.3
3.0
3.4
3.3
3.4
3.7
3.9
3.9
3.9
3.9
3.9
4.0
3.9
3.8
3.8
3.9
3.8
3.8
3.7
3.7
Total
private
nonagricultural '
Manufacturing
$7.27
7.99
8.49
8.83
9.19
9.54
9.73
9.91
10.18
10.30
10.31
10.33
10.37
10.40
10.40
10.42
10.45
10.48
10.52
10.55
10.55
10.57
$6.66
7.25
7.68
8.02
8.32
8.57
8.76
8.98
9.29
9.42
9.45
9.49
9.52
9.54
9.61
9.60
9.62
9.69
9.69
9.74
9.78
9.77
1
3
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 1977 = 100 base).
2
Current
dollars
1977
dollars 2
$235.10
255.20
267.26
280.70
292.86
299.09
304.85
312.50
322.36
326.87
327.92
330.25
329.39
331.04
335.39
332.16
332.85
337.21
335.27
337.98
339.37
338.04
$172.74
170.13
168.09
171.26
172.78
170.42
171.07
169.28
167.81
167.28
167.39
167.55
166.44
166.44
167.53
165.01
165.10
166.85
165.89
166.90
166.85
165.62
Manufacturing
Construction
Retail
trade
$288.62
318.00
330.26
354.08
374.03
386.37
396.01
406.31
418.40
424.36
422.71
424.56
426.21
426.40
429.52
427.22
428.45
429.68
431.32
'432.55
430.44
430.20
$367.78
399.26
426.82
442.97
458.51
464.46
466.75
480.44
493.08
503.04
497.07
496.89
498.39
501.23
505.21
494.17
498.17
511.30
510.73
r
510.16
514.37
521.49
$147.38
158.03
163.85
171.05
174.33
174.64
176.08
178.70
183.62
185.60
187.11
187.40
186.41
186.98
189.44
187.56
188.43
190.97
189.22
189.50
191.69
190.37
Percent change from a
year earlier, total
private
nonagricultural 3
Current
dollars
6.9
8.5
4.7
5.0
4.3
2.1
1.9
2.5
3.2
3.3
3.9
4.2
3.5
4.1
4.5
3.3
3.5
4.2
3.7
r
3.6
3.5
3.0
1977
dollars
-5.8
-1.5
-1.2
1.9
.9
-1.4
.4
10
-.9
9
3
-1.2
8
-.7
20
-1.6
9
-.9
' 1
-.9
15
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
[Not seasonally adjusted]
Percent change from
Index (June 1981 = 100)
Period
19801981:
19821983:
19841985:
1986198719881986-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Sept
Dec
1987: Mar
Sept
Dec
1988- Mar
Sept
Dec
1989- Mar
June
Sept
Total
compensation
94.7
104.0
110.7
117.0
122.7
127.5
131.6
136.0
142.6
130.8
131.6
132.9
133.8
135.1
136.0
138.1
139.8
141.2
142.6
144.4
146.1
147.9
Wages and
salaries
95.4
103.8
110.3
115.8
120.6
125.6
129.5
133.8
139.3
128.8
129.5
130.8
131.7
133.0
133.8
135.1
136.6
137.9
139.3
140.8
142.2
143.9
Benefits
1
93.0
104.3
111.7
120.0
127.9
132.4
136.9
141.7
151.3
136.1
136.9
138.1
139.3
140.3
141.7
146.1
148.2
149.7
151.3
154.0
156.5
158.7
1
Employer costs for employee benefits.
NOTE.--The employment cost index is a measure of the change in the cost o! labor, free from the
influence of employment shuts among occupations and industries.
12 months earlier
3 months earlier
Total
compensation
Wages and
salaries
Benefits'-1
2.1
2.0
1.3
1.2
1.3
.6
.6
.7
1.0
.7
.6
1.0
.7
1.0
.7
2.0
1.8
1.2
1.1
1.2
.6
.5
.6
1.0
2.2
2.3
1.5
1.3
1.4
.5
.6
1.0
1.1
.7
.5
1.0
.7
1.0
.6
1.0
.6
1.5
1.2
1.0
1.0
1.0
1.1
1.0
1.0
1.1
1.0
1.2
Total
compensation
1.3
1.2
1.2
.9
.9
.7
1.0
3.1
1.4
1.0
1.1
1.8
1.6
1.4
9.8
as
6.4
5.7
4.9
3.9
3.2
3.3
4.9
3.2
3.2
3.1
3.0
3.3
3.3
3.9
4.5
4.5
4.9
4.6
4.5
4.7
Wages and
salaries
9.0
8.8
6.3
5.0
4.1
4.1
3.1
3.3
4.1
3.1
3.1
3.2
3.0
3.3
3.3
3.3
3.7
3.7
4.1
4.2
4.1
4.4
Benefits 1
11.8
12.2
7.1
7.4
6.6
3.5
3.4
3.5
6.8
3.3
3.4
2.9
3.3
3.1
3.5
5.8
6.4
6.7
6.8
5.4
5.6
6.0
Data exclude farm and household workers.
gource. Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Output '
Business
sector
Compensation per
hour 3
Hours of all
persons 2
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Unit labor costs
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1977 = 100; quarterly data seasonally adjusted
1980..
1981
1982
1983
1984
99.4
101.0
100.2
102.6
105.2
99.0
100.0
99.1
102.0
104.2
106.7
108.9
105.5
109.9
119.2
106.7
108.5
104.9
110.1
119.2
107.3
107.9
105.3
107.2
113.3
107.8
108.5
105.9
108.0
114.4
131.8
144.1
154.9
160.8
167.4
131.6
144.0
154.7
160.8
167.2
97.0
96.1
97.3
97.8
97.6
96.7
96.0
97.1
97.8
97.5
132.6
142.7
154.5
156.7
159.1
132.9
144.0
156.1
157.6
160.4
127.6
139.8
148.1
153.0
158.2
127.8
140.3
149.2
154.3
159.0
1985
1986...
1987
1988.
107.3
109.8
111.1
113.0
105.6
107.7
108.9
111.1
124.2
128.0
133.4
140.0
123.9
127.6
133.1
140.3
115.7
116.6
120.1
123.9
117.4
118.4
122.2
126.3
174.8
183.8
191.0
200.2
174.0
182.9
189.8
198.7
98.4
101.7
101.9
102.5
98.0
101.1
101.2
101.8
162.8
167.5
171.9
177.1
164.9
169.8
174.2
178.8
162.2
165.6
170.0
174.9
163.8
167.6
172.0
176.5
100.9
103.5
105.7
108.3
109.8
99.5
103.0
104.5
106.2
107.6
105.0
113.6
120.8
125.9
128.9
104.2
114.1
120.7
125.5
128.4
104.1
109.7
114.3
116.2
117.4
104.7
110.8
115.5
118.1
119.3
158.2
163.2
169.9
178.6
187.4
158.0
162.9
169.6
177.5
186.4
97.9
97.8
97.8
99.3
102.8
97.8
97.6
97.6
98.7
102.3
156.8
157.7
160.7
164.9
170.6
158.7
158.2
162.3
167.1
173.2
150.2
155.2
159.8
163.7
167.1
151.4
156.2
161.0
165.5
169.2
110.0
110.7
111.7
112.5
107.7
108.6
109.5
110.2
130.4
132.2
134.4
136.7
130.0
132.0
134.1
136.4
118.6
119.5
120.3
121.5
120.7
121.5
122.4
123.7
188.3
189.5
191.8
195.1
187.1
188.3
190.5
193.8
101.9
101.4
101.7
102.5
101.3
100.7
101.0
101.8
171.2
171.3
171.6
173.5
173.6
173.4
173.9
175.8
168.2
169.6
170.7
171.3
170.3
171.4
172.6
173.4
1988: I
113.2
112.6
113.4
113.5
111.0
110.5
111.5
112.0
138.2
139.3
140.7
141.9
138.0
139.5
141.1
142.8
122.1
123.8
124.0
125.0
124.3
126.2
126.6
127.5
196.4
199.1
201.9
204.5
195.0
197.5
200.2
203.0
102.3
102.5
102.8
103.0
101.5
101.7
101.9
102.3
173.5
176.9
178.0
180.2
175.7
178.7
179.6
181.3
171.9
174.1
175.8
177.9
173.8
175.6
177.0
179.6
1989: I..
113.8
114.2
114.7
111.6
111.9
112.6
143.6
144.4
145.6
143.6
144.6
145.9
126.2
126.4
127.0
128.6
129.2
129.6
206.9
210.4
212.8
205.5
208.3
211.0
102.8
102.9
103.5
102.1
101.9
102.7
181.9
184.1
185.5
184.1
186.1
187.4
179.4
181.4
182.4
180.8
182.8
184.1
1982:
1983:
1984:
1985:
1986:
IV
IV
IV
IV
IV
1987: I
H
in
IV
n
m
rv
n
nir....
Percent change; quarterly data at seasonally adjusted annual rates
9
1.2
.6
-.2
-2.6
-.7
1.1
.7
-.4
10.9
7.7
8.3
1.4
1.5
11.0
8.3
8.4
1.0
1.8
9.0
9.6
5.9
3.3
3.3
9.1
9.7
6.3
3.5
3.0
4.1
5.1
3.7
4.7
.8
3.3
.2
.6
.5
3.2
.1
.5
2.3
2.8
2.6
3.0
2.8
3.0
2.6
2.7
2.5
2.1
2.6
2.9
3.0
2.3
2.6
2.7
4.1
5.7
3.5
6.3
5.1
4.6
4.4
3.5
5.8
5.1
2.8
1.6
.0
2.1
2.2
3.3
.3
.0
1.6
2.2
1.5
2.3
2.0
4.8
4.2
2.6
2.8
2.6
5.0
4.7
2.4
4.8
2.7
2.6
1.0
3.0
3.1
3.3
2.1
1.0
4.8
2.8
3.0
4.3
1.9
2.7
4.8
7.2
1.5
2.6
4.7
7.1
-3.3
-2.0
1.0
3.4
-3.8
-2.1
1.0
3.4
1.4
.1
.9
4.3
1.1
-.6
1.2
4.5
2.5
3A
2.6
1.4
2.8
2.5
3.0
1.7
1.9
5.5
.9
3.2
2.0
6.1
1.2
2.8
2.6
5.7
5.8
5.2
2.5
5.4
5.4
5.9
-1.0
1.1
1.0
.7
-1.1
.1
8.0
2.6
5.0
-.3
7.1
2.0
3.8
1.5
5.1
4.1
4.8
1.0
4.3
3.2
5.9
3.7
.6
1.9
3.7
1.7
1.3
4.8
6.8
4.7
4.9
5.6
5.3
-.6
.4
2.3
3.7
5.1
3.0
6.2
4.5
2.8
3.3
4.6
2.4
2.8
4.4
2.9
1980
1981
1982
1983
1984.. .
-0.3
1.5
7
2.4
2.6
-0.4
1.1
9
3.0
2.1
— 1.1
2.1
-3.1
4.2
8.4
-1.2
1.7
-3.3
5.0
8.3
-0.8
.6
24
1.8
5.7
07
.6
-2.4
2.0
6.0
10.5
9.3
7.5
3.8
4.1
10.5
9.5
7.4
4.0
3.9
1985...
1986
1987.
1988
2.0
2.3
1.2
1.7
1.3
2.0
1.1
2.0
4.2
3.1
4.2
4.9
3.9
3.0
4.4
5.4
2.2
.8
3.0
3.2
2.6
.9
3.2
3.4
4.4
5.2
3.9
4.8
2.6
3.3
1.5
1.5
.8
2.0
1.6
.9
.8
.4
-.5
10.4
3.5
3.6
4.0
-1.2
9.8
3.1
3.5
3.7
-3.0
6.8
2.0
2.1
3.2
-3.1
8.1
2.2
2.7
3.3
.5
2.6
3.8
2.8
.4
3.2
3.5
2.5
4.7
5.6
6.7
7.1
5.2
6.1
6.6
7.0
4.2
2.9
2.8
4.2
2.5
-2.1
3.1
.2
2.8
-1.6
3.3
1.9
4.4
3.3
4.0
3.4
4.8
4.4
4.6
4.8
1.1
1.6
1.7
13
1.1
2.5
4.8
2.3
3.6
2.4
2.8
3.7
1982:
1983:
1984:
1985:
1986:
IV
IV
IV
IV
IV
1987: I
n
m
rv
1988:
I
n
m
IV
1989- I
nr
ni ....
1
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.
4
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.
16
-2.6
.8
.7
1.4
K
.
7
2.8
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Beginning with data released August 3, 1989, hours of labor input are defined as hours at the
work site rather than hours paid.
Source: Department of Labor, Bureau of Labor Statistics.
PEODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATIOM
Industrial production rose slightly in November and capacity utilization fell slightly.
INDEX, 1977=100* (RATIO SCALE)
?60
INK X, 1977=100* (RATIO SCALE)
240
FINAL PRODUCTS
220
TOTAL INDUSTRIAL PRODUCTION
140
ENSE
AND SPACE
EQU PMENT
200
120
--—1 "
180
"
r^—-
\
,--,
BUSINESS
100
mni.Min
160
160
liiiilinii
umlnm
'40
MANUFACTURING PRODUCTION
J^~-
"*w
140
-*s— -**-•
!20
""T"""
__---'
CONSUMER
GOODS
120
100
-UiiiLiuii Hllihllll! iniiliiiil imilmn
PER CENT*
100
140
CAPACITY UTILIZATION RATE
(TOTAL INDUSTRY)
UTILITIES AND MINING PRODUCTION
90
120
UTILITIES
^
80
-.—•—1
-
100
70
-
iillliLjim iiJiLiiim
1985
1989
1986
IlllllUlil
1987
miilmii
1988
IlllllUlil
1989
•SEASONALLY ADJUSTtD
SOURCE: SOARD OF GOVERNORS OF TH£ FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Total
industrial
production
Period
Index,
1977=100
Capacity utilization
rate, p< rcent *
Percent
change
from year
earlier
..
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
100.0
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
137 2
1980
1981
1982
1983
1984
1985
1986
1987
1988
•
1988- Nov
Dec
1989- Jan
Feb
Mar
Apr
Aue r
Sept r
Oct r
NOV p
1
Industry production indexes, 1977 = 100
Manufacturing
-1.9
2.2
-7.1
5.9
11.2
1.9
1.1
3.8
5.7
84.21
108.2
110.5
102.2
110.2
123.4
126.4
129.1
134.7
142.7
49.10
109.1
111.1
98.9
107.7
124.2
127.6
128.4
133.1
141.9
35.11
107.0
109.7
105.5
113.7
122.3
124.8
130.1
136.8
143.9
9.83
112.4
117.5
109.3
102.9
111.1
108.9
100.4
100.7
103.4
5.96
107.3
107.1
104.8
105.2
110.7
111.1
108.5
110.3
114.3
80.9
79.9
72.1
74.6
81.0
80.4
79.4
80.7
83.3
79.3
78.2
70.3
73.9
80.5
80.1
79.7
81.1
83.5
139.9
140.4
5.1
4.9
145.8
146.3
145.2
145.7
146.7
147.1
104.7
104.9
113.7
115.4
84.1
84.3
84.4
84.4
140.8
140.5
140.7
141.7
141.6
142.0
141.9
142.5
142.1
141.3
141.5
4.8
4.5
4.4
4.7
4.1
4.0
2.8
2.9
2.6
1.4
1.2
147.2
146.8
147.0
148.0
148.1
148.7
148.5
149.2
148.7
147.5
147.8
146.2
145.9
145.8
146.9
147.1
147.4
146.8
147.8
146.9
144.3
14:11
148.5
148.1
148.6
149.6
149.5
150.5
150.8
151.1
151.2
103.0
100.9
101.5
102.4
102.0
101.5
102.1
J02.4
'03.1
103.6
103.7
114.0
116.5
117.5
117.1
115.6
114.3
114.0
113.3
114.3
115.1
i 14.8
84.3
83.9
83.8
84.2
84.0
84.0
8o.7
83.9
83.4
82.8
82.7
84.7
84.3
84.1
84.5
84.3
84.4
84.0
84.2
83.7
82.8
82.7
ir/2.'!
.!5i.7
Output a-i percent of capacity.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977 — 100; monthly data seasonally adjusted]
Products
Materials
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
Durable
goods
Nondurable goods
Total
l
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
EnerKJ
1977 proportion
1980
1981 .
1982
1983
1984
1985
1986
1987
1988
44.77
112.2
115.2
109.5
114.7
127.3
131.0
132.5
136.8
144.3
25.52
102.7
104.1
101.4
109.3
118.0
119.8
124.0
127.8
133.9
6.89
88.4
89.7
82.9
98.5
112.2
112.5
115.6
120.2
125.3
18.63
108.1
109.3
108.3
113.3
120.1
122.5
127.1
130.6
137.1
19.25
124.7
129.9
120.2
121.7
139.6
145.8
143.6
148.9
158.2
14.34
125.1
127.6
113.6
115.4
134.2
140.2
139.5
144.5
157.6
3.67
115.4
119.8
133.0
143.1
156.4
171.4
182.0
188.9
185.8
12.94
106.9
107.3
101.7
111.2
124.7
129.3
136.2
143.4
151.5
5.95
100.6
98.6
88.3
100.6
114.0
119.2
126.4
131.5
138.6
6.99
112.3
114.7
113.1
120.3
133.8
137.9
144.6
153.5
162.5
42.28
105.3
107.7
96.7
102.8
114.2
114.3
113.8
118.2
125.2
11.69
105.5
104.7
101.2
98.4
103.&
103.3
99.T
99.8
101.5
1988:
Nov
Dec
146.8
147.7
136.8
138.2
129.2
131.9
139.7
140.5
159.9
160.4
161.2
162.6
182.2
180.5
154.2
155.0
140.7
141.4
165.7
166.7
128.3
128.3
102.3
102.6
1989:
Jan
Feb
Mar
Apr
May
June
July
Aug r
Sept r
Oct T.
Novp
148.2
148.6
148.9
150.2
150.4
151.2
150.2
151.1
150.5
148.8
149.4
138.5
138.7
138.4
139.5
139.2
139.9
138.7
139.3
138.9
139.5
139.2
131.5
131.6
130.1
132.2
131.2
130.8
127.3
128.7
127.7
126.4
125.7
141.1
141.4
141.4
142.2
142.1
143.3
142.8
143.2
143.1
144.3
144.2
161.1
161.6
162.8
164.3
165.4
166.1
165.5
166.8
165.9
161.1
163.1
163.8
165.0
166.3
167.8
169.1
169.6
168.5
169.9
168.7
164.1
166.2
180.0
179.3
178.7
179.9
180.7
181.1
182.0
182.7
182.1
175.7
177.1
156.6
155.1
156.1
156.5
156.3
157.0
157.5
157.5
157.7
158.4
158.5
142.3
139.5
139.3
140.2
140.2
141.2
142.2
141.5
140.7
141.4
142.0
168.8
168.4
170.4
170.4
170.0
170.4
170.6
171.2
172.2
172.9
128.1
127.4
127.3
128.2
127.9
127.7
128.3
128.8
128.5
128.2
128.0
100.5
100.5
101.0
101.7
101.1
99.1
99.1
99.5
100.5
100.9
100.7
1
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1977=100; monthly data seasonally i Ijusted]
Nondurable manufactures
Durable manufactures
Transportation
equipment
Primary metals
Iron and
steel
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
Period
Total
Total
Motor
vehicles
and
parts
Lumber
and
products
Apparel
products
Printing
and
publishing
cals
and
products
Foods
1977 proportion
1980.
1981
1982
1983
1984
1985
1986 ...
1987
1988.. .
5.33
90.4
95.0
65.8
73.0
82.3
80.4
75.1
81.3
89.2
3.49
86.3
92.5
57.5
66.1
73.4
70.4
63.4
70.6
78.1
6.46
101.8
101.6
86.6
89.1
102.6
107.1
108.0
111.0
120.9
9.54
123.3
129.8
115.6
118.3
141.8
146.2
145.0
152.7
170.8
7.15
130.3
134.1
128.4
143.8
170.5
168.3
165.7
172.3
180.1
9.13
96.9
95.1
87.6
99.2
112.2
122.8
127.5
129.2
132.1
5.25
71.1
71.6
66.8
85.8
104.4
111.9
111.5
111.8
117.2
2.30
92.9
90.1
82.8
100.2
109.1
114.3
124.1
130.3
137.3
2.79
97.3
96.1
87.3
95.3
102.7
100.4
103.1
107.4
109.1
4.54
115.1
118.6
120.2
129.8
146.5
151.4
160.9
172.1
184.2
8.05
106.4
112.6
103.8
114.0
121.6
126.4
132.0
140.2
151.9
7.96
111.4
113.7
114.9
120.4
126.9
130.5
134.4
137.8
142.7
1988:
Nov
Dec
92.7
90.0
80.8
77.6
124.6
125.1
175.4
177.8
182.2
180.9
135.2
136.8
122.9
125.5
139.4
143.0
110.1
108.8
188.5
188.0
157.5
158.1
145.7
145.8
1989:
Jan
Feb
Mar
Apr
May
June
July
Augr
Sept T
Oct r
Nov"..
93.2
91.1
88.4
90.1
87.2
87.3
89.2
90.3
89.2
88.5
86 2
82.2
79.1
75.9
77.0
73.2
72.9
75.4
75.9
75.4
75.7
124.5
124.5
123.8
123.1
124.8
125.2
125.4
125.5
124.7
123.9
124.1
178.7
180.8
183.0
184.7
186.5
187.5
186.7
187.8
186.8
183.2
187.3
180.9
181.7
181.6
182.2
181.6
181.9
181.4
183.7
182.8
181.5
181.0
136.7
136.4
134.8
136.4
135.5
134.2
131.3
133.2
131.8
123.3
124.3
124.9
123.4
120.4
122.0
119.7
116.4
110.4
114.2
112.7
110.1
109.6
1S9.8
132.8
133.4
135.1
135.5
137.2
136.9
136.5
135.3
136.2
110.2
110.2
109.9
111.3
111.5
111.9
111.4
111.1
111.0
110.0
193.0
194.6
198.5
200.1
199.0
200.5
199.9
200.6
202.7
202.8
203.0
159.0
158.5
159.2
159.3
158.2
159.9
162.2
161.5
159.6
161.8
146.6
146.3
145.4
146.6
147.2
147.9
147.3
148.3
148.8
150.0
iource: Board of Governors of the Federal Reserve Svstem.
18
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
Period
Total new
construction
expenditures
Residential
Total
New housing
units
Total '-
Commercial
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(1982 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions 01 dollars
1979..
1980
1981
1982
1983
1984
1985
1986
1987
1988
253.0
252.8
261 3
248.0
282.4
329.6
356.6
387.0
397.7
409.7
.
201.3
194.3
204.7
194.3
228.7
271.9
292.6
315.3
320.1
328.7
116.4
100.4
99.2
84.7
125.5
153.8
158.5
187.1
194.7
198.1
42.0
46.7
55.0
58.7
53.8
68.6
82.7
78.0
76.5
79.8
89.3
69.6
69.4
57.0
94.6
113.8
114.7
133.2
139.9
138.9
42.8
47.2
50.5
50.9
49.3
49.4
51.4
50.2
48.9
50.8
109
97
100
100
124
136
150
159
165
166
51.7
58.5
56.5
53.7
53.8
57.7
64.1
71.7
77.6
80.9
411.1
415.4
425.0
1989- Jan
Feb
Mar
May
July
Sepf
Oct » ..
Nov "
1
2
3
331.4
332.8
336.3
200.8
202.0
202.5
139.8
141.9
143.3
79.1
78.8
80.6
51.5
51.9
53.2
337.7
333.2
338.1
332.5
330.6
329.0
328.0
331.5
329.4
332.0
202.9
200.5
202.1
200.7
197.0
194.2
194.3
193.6
191.8
193.6
145.6
145.3
143.2
141.8
138.2
136.5
136.fi
135.8
134.0
135.2
82.5
81.1
84.2
79.3
80.1
81.6
80.7
83.4
83.4
84.5
52.2
51.6
51.8
52.5
53.5
53.2
53.1
54.6
54.2
53.9
r
!72
163
175
171
r
!60
r
!58
173
r
!66
r
!65
'169
r
!66
r
!80
r
!71
160
79.7
82.6
88.8
423.0
416.6
416.8
411.9
416.5
412.5
409.6
415.8
415.9
420.1
..
919
690
756
955
1,097
1,016
1,019
942
Annual rates
Annual rates
1988: Get
Nov
Dec
1,059
904
85.3
83.4
78.7
79.4
85.9
83.5
81.6
84.2
86.5
88.0
841
839
942
943
850
858
836
905
938
933
803
1,026
897
769
Sources: Department of Commerce (Bureau of the Census) s <] McGraw-Hill Information Systems
Company, F.W. Dodge Division.
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Units started, by type of structure
Period
Total
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1 unit
1,194.1
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1.146.4
1,081.3
2-4 units
122.0
109.5
91.1
80.0
1 1 3.5
121.4
93.4
84.0
65.3
58.8
5 or more units
429.0
330.5
287.7
319.6
522.0
544.0
576.1
542.0
408.7
348.0
Units
aiithori/.ed
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
Onits
completed
Homes sold
1,870.8
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
Homes for
sale at end of
period 1
3
709
545
436
412
623
639
688
750
671
676
Vacancy rate
for mital
housing units
(percent) 2
397
337
275
253
301
353
346
357
365
366
5.4
5.4
5.0
5.3
5.7
5.9
6.5
7.3
7.7
7.7
7.3
Seasonally adjusted annual rates
1988- Nov
Dec
1,567
1,577
1,138
1,141
68
65
361
371
1,508
1,518
1,429
1,539
650
669
364
366
1989- Jan
Feb
Mar
1,678
1,465
1,409
1,343
1,308
1,406
1,420
1,329
1,264
1,428
1,361
1,199
1,029
981
1,029
977
972
1,026
990
971
1,024
1,015
66
62
50
62
42
55
57
56
57
61
51
413
374
378
252
289
379
337
283
236
343
295
1,486
1 ,403
1,230
1,334
1,347
1,308
1,281
1,328
1,319
1,356
1 342
1,537
1,610
1,459
1,552
1,442
1,355
1,372
1,439
1,360
1,312
700
621
555
607
653
647
r
738
726
652
649
369
375
377
377
380
377
r
369
365
366
364
May
July
Sept r
Oct r
Nov p
7.3
7.3
7.3
....
1
Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
with earlier data.
3
New series beginning March 1979.
2
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1971
are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
AMD INVENTORIES—Manufacturing and Trade
In October, manufacturing and trade sales fell 0.7 percent and inventories rose $3.3 biflion. In November,,
according to advance date, ratai! sales rose 0.8 percent, following a decline of 1.3 percent in October.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE)
800
240
^r~^~-\
220
200
180
—
^~-^
^^^
Kt
S\ JRItS
AIL INVENTC
—
—
160
,-^T
140
X-»_"
—
r'\
iV ""RETAIL SA LES
120
X *""*"
—
100
UliUI imiiiiHiimnhmi MillJmil [iillllllli
ili I
200
1939
1985
•SEASONALLY ADJUSTED
SOURCE: DEPARlV-tNT OF COMMERCE
MarraS'ficturing and
trudft ]
COUNCIL OF ECONOMIC ADVISERS
I
Sales
Inventories 3
in yen U'ly-saie ratio '
Inventory-sales
Retail
Wholesale
Who!
Total
2
Durable
I goods
1 stores
Inventories
j Nonduraj bie goods :
stores [
3
Durable
goods
stores
Tola
Nondurable goods
stores
Manufacturing
and
trade 3
Retail
Millions of dollars, seasonally adjusted
:
348,747 I 574,491
.96,290
100.244
113,195
114,315
115,677
123,581
132,361
1
i
!
j
140.356
139.547
139.991
142,290
142,474
141.959 |
141,667
143,280
143.905
143.691
20
128,196
8.9,107
130,334
97,328
142,380 106,805
146,745 113,821
] 52,447 119,663
162,648 j 126,785 !
178,313 135,763 j
140,040
139,428
139,516
141,413
142,543
142,500
143,555
144,860
145,293
r
143,358
144,557
28,03 3
32,574
37,819
41,387
44,861
47,707
52.379
1.49
1.44
1.49
1.53
1.56
1.56
1.57
25
24
81
42
88,608
90,477
106,271
1 14,994
100.710
106,248
j.67
1.56
1.53
1.55
1.55
1.51
1.50
34
93
42
1381'
111,504
112,904
114,994
104,930
105,189
106,248
1.49
1.49
1.49
1.57
1.56
1.59
84
85
93
56
23
62
31
50
91
47
115,704
116,169
115,993
117,093
118,835
119.542
11.9,864
121,782
123.030
12l',274
106.880
108.016
108,700 ||
109,563
111,588
112,220
132,967
113,568
113,761
114,773
1.48
1.50
1.51
1.49
1.50
1.51
1.54
1.50
1.51
1.59
1.61
1.61
1.60
1.62
1.63
1.62
1.62
1.63
1.65
68
63,469
77 ! 68,984 !
59 ! 79,257
72,909
78,393
87,902
92,217
94.747
L53
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In October, manufacturers' shipments and new orders fell, while inventories and unfilled orders rose. In November,
according to advance data, durable goods shipments and new orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
280
BILLIONS OF DOLLARS* (RATIO SCALE)
480
440
!WVFNT'"xmc:c
400
360
"
~~—i~~\
280
IOIAL
• ^ •
^ ^ B ^ S
^ ^
:
i
r—"—"
—S.
200
D JRABLE GOC)DS
160
_ „_ -
120
•
—X
\
NONDURABLE C5OODS
80
BILLIONS OF DOLLARS* (RATIO SCALE)
2VU
NEW ORDERS
240
60
•~-
.
~^f ^
1 TOTAL
A .
imilimi
r-^"
miRAH E GOODS _i
200
RATIO "
2.20
160
120
/
INVENTORY-SHIPMENTS RATIO
2.00
*—•*%—
t— *
1.80
— — —"
k-^~- 1
NC NDURABLE CjOODS
80
Illllllllll Illllllllll Illllllllll Illllllllll
1.60
r~^
f-v
^
1
" ^ U
• >
f
c
A
v^SX*^ \^
1.40
60
Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll
1986
1985
1987
1988
1989
1.20
iMiiiiiui
,,,,,!
1985
\\
1 1 \ \ f f t \\
iiiiiliiin
1987
1986
1988
UMlllllM
1989
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments l
Manufacturers' inventories
Manufacturers' new orders 1
2
Nondurable goods
Manufacturers'
unfilled
orders z
Manufacturers'
inventory—
shipments
ratio 3
83,935
86,522
91,209
91,075
88,497
94,197
101,993
104,304
105,118
106,737
107,596
107,199
107,634
110,535
110,229
110,020
108,416
110,027
109,127
109,874
314,270
349,419
372,586
383,181
387,065
421,243
468,860
457,281
460,802
468,860
473,450
476,403
481,386
487,231
487,913
491.834
496,359
495,002
495,794
498,046
1.95
1.80
1.74
1.74
1.70
1.62
1.58
1.57
1.57
1.53
1.54
1.57
1.58
1.55
1.57
1.58
1.64
1.56
1.59
1.60
Durable goods
Period
Total
Durable
goods
Nondurable goods
Total
79,352
84,956
96,623
99,019
99,989
105,291
115,684
118,439
119,874
124,175
123,578
120,924
120,432
123,331
122,962
121,720
117,114
128,347
124,393
121,906
123,701
83,998
86,286
91,246
90,996
88,371
93,879
101,948
104,478
104,758
106,652
107,907
107,429
107,616
110,711
110,109
109,516
108,808
109,803
109,169
110,064
311,827
312,647
334,767
327,496
316,182
331,132
354,163
349,412
351,603
354,163
357,458
359,056
361,130
363,458
365,055
366,492
370,803
371,489
370,890
371,813
Durable
goods
Nondurable goods
Total
Capital
goods
industries,
nondefense
78,338
87,600
98,581
99,843
100,166
107,770
119,634
122,791
123,035
132,149
128,479
124,107
125,377
129,372
123,524
125,137
122,031
126,766
125,227
r
124,348
130,683
21,661
22,098
26,243
27,067
26,551
29,707
35,028
34,623
35,825
39,432
40,352
37,189
38,137
40,389
37,290
39,146
41,445
37,130
35,341
r
35,986
38,987
Total
Millions of dollars, seasonally adjusted
1982
1983
1984
1985
1986 ..
1987
1988
1988: Oct
Nov
Dec
1989- Jan
Feb
Mar...
May
July
Auff .
Sept r
Oct ".. .
Nov p
1
2
163,350
171,242
187,869
190,016
188,360
199,170
217,632
222,917
224,632
230,827
231,485
228,353
228,048
234,042
233,071
231,236
225,922
238,150
233,562
231,970
Monthly average for year and total for month. Shipments are the same as sales.
End of period.
200,825
200,406
218,771
214,066
208,313
216,598
233,666
229,735
231,766
233,666
236,810
238,165
239,330
240,486
241,689
242,295
245,813
246,378
245,621
246,431
111,002
112,241
115,996
113,430
107,869
114,534
120,497
119,677
119,837
120,497
120,648
120,891
121,800
122,972
123,366
124,197
124,990
125,111
125,269
125,382
3
162,273
174,122
189,791
190,918
188,663
201,966
221,627
227,095
228,153
238,886
236,075
231,306
233,011
239,907
233,753
235,157
230,447
236,793
234,354
234,222
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In November, the producer price index for all finished goods fell 0.1 percent. Prices of finished consumer foods
rose 0.8 percent, while prices of other finished consumer goods fell 0.6 percent. Capital equipment prices rose 0.3
percent.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
130
130
100
100
90
90
1981
1982
1988
SOURCE; DEPARTMENT OF LABOR
1989
COUNCIL OF ECONOMIC ADVISERS
[1982 = 100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Total
finished
goods
Consumer
foods
Consumer goods
Total
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1988:
Nov
Dec
1989: Jan
Peb
Mar
Apr
May
July r.
Aue
Sept
Oct
1
88.0
96.1
100.0
101.6
103.7
104.7
103.2
105.4
108.0
109.5
109.9
111.1
112.1
112.6
113.1
114.1
114.2
113.6
113.1
114.1
114.6
114.5
92.4
97.8
100.0
101.0
105.4
104.6
107.3
109.5
112.6
115.1
115.2
116.7
117.8
118.8
118.1
119.1
118.4
118.3
118.7
118.0
119.6
120.5
86.7
95.6
100.0
101.8
103.2
104.6
101.9
104.0
106.5
107.7
108.2
109.3
110.1
110.5
111.4
112.5
112.7
112.1
111.3
112.9
112.9
112.6
Intermediate materials for food manufacturing and feeds.
22
Durable
Nondurable
87.1
96.1
100.0
101.2
102.2
103.3
98.5
100.7
103.1
91.0
96.4
100.0
102.8
104.5
106.5
108.9
111.5
113.8
85.1
95.8
100.0
100.5
101.1
101.7
93.3
94.9
97.3
104.1
104.7
115.0
115.4
98.3
98.9
106.0
107.1
107.5
109.0
110.1
110.2
109.2
108.0
109.7
110.0
109.3
116.3
116.9
117.0
116.3
117.2
117.7
117.3
117.5
119.1
118.7
118.5
100.4
101.6
102.2
104.4
105.7
105.6
104.4
102.6
104.4
105.0
104.0
Foods
and
feeds l
Foodstuffs
and
feedstuffs
Other
104.6
103.9
100.0
101.8
104.7
94.8
93.2
96.2
106.1
84.6
101.8
100.0
100.7
102.2
96.9
81.6
87.9
85.5
108.8
110.8
82.1
85.6
113.3
111.7
115.2
112.1
112.1
109.7
108.7
110.0
109.1
108.4
110.2
90.2
90.7
92.1
95.1
95.8
94.7
95.5
91.3
93.5
94.0
93.4
Capital
equipment
Total
finished
consumer
goods
Total
85.8
94.6
100.0
102.8
105.2
107.5
109.7
111.7
114.3
115.8
116.2
116.9
117.4
117.5
117.4
118.2
118.8
118.8
119.0
120.2
119.8
120.2
88.6
96.6
100.0
101.3
103.3
103.8
101.4
103.6
106.2
107.8
108.2
109.5
110.6
111.2
112.0
113.1
112.9
112.2
111.5
112.5
113.2
113.0
90.3
98.6
100.0
100.6
103.1
102.7
99.1
101.5
107.1
109.0
109.5
110.8
111.3
111.9
112.5
112.7
112.4
112.2
111.9
112.3
112.3
112.2
Finished goods excluding consumer foods
Period
Crude materials
105.5
104.6
100.0
103.6
105.7
97.3
96.2
99.2
109.5
113.2
112.3
115.2
114.8
116.7
114.9
113.6
112.0
113.8
113.4
113.6
112.7
113.2
Other
Total
89.4
98.2
100.0
100.5
103.0
103.0
99.3
101.7
106.9
108.8
109.4
110.5
111.1
111.7
112.4
112.6
112.5
112.1
111.8
112.2
112.3
112.2
95.3
103.0
100.0
101.3
103.5
95.8
87.7
93.7
96.0
94.8
97.8
101.8
101.5
103.7
104.5
104.9
103.2
103.4
101.2
102.3
102.3
102.7
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In November, the consumer price index for all urban consumers rose 0.4 percent, seasonally adjusted (0.2 percent
not seasonally adjusted). The index was 4.7 percent above its year-earlier level.
INDEX 1982-84= 100 (RATIO SCALE)
INDEX, 1982-84= 100 (RATIO SCALE)
130
130
SEASONALLY ADJUSTED
120
120
- CONSUMER PRICES—ALL ITEMS -
110
110
100
100
90
90
80
80
70
70
Illllllllll
1985
60
1981
1983
1982
1984
60
1986
1987
1989
1988
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
All items '
Transportation
Housing
Fuel
and
other
utilities
Apparel and
upkeep
Total '
New
cars
Motor
fuel
Medical
care
Energy2
All
items
less
food,
shelter,
and
energy
7.6
75.4
86.4
94.9
100.2
104.8
106.5
104.1
103.0
104.4
6.4
90.9
95.3
97.8
100.2
102.1
105.0
105.9
110.6
115.4
17.2
83.1
93.2
97.0
99.3
103.7
106.4
102.3
105.4
108.7
4.3
88.4
93.7
97.4
99.9
102.8
106.1
110.6
114.6
116.9
3.1
97.4
108.5
102.8
99.4
97.9
98.7
77.1
80.2
80.9
6.0
74.9
82.9
92.5
100.6
106.8
113.5
122.0
130.1
138.6
7.3
86.0
97.7
99.2
99.9
100.9
101.6
88.2
88.6
89.3
48.7
80.6
88.3
95.1
100.0
105.0
109.0
112.7
117.0
121.9
Shelter
Period
Not
seasonally
adjusted
(NSA)
Ret. imp.3 ....
1980
1981
1982
1983
1984
1985
1986
1987
1988
1988:
Nov
Dec
Seasonally
adjusted
Food
Total i
Total
Renters'
costs
(Dec.
1982 =
100)
Homeowners'
costs
(Dec.
1982 =
100)
Maintenance
and
repairs
(NSA)
16.2
86.8
93.6
97.4
99.4
103.2
105.6
109.0
113.5
118.2
1000
82.4
909
96.5
996
103 9
107 6
1096
113 6
118.3
42.3
81.1
90.4
96.9
99.5
103.6
107.7
110.9
114.2
118.5
27.8
81.0
90.5
96.9
99.1
104.0
109.8
115.8
121.3
127.1
7.9
19.7
103.0
108.6
115.4
121.9
128.1
133.6
102.5
107.3
113.1
119.4
124.8
131.1
0.2
82.4
90.7
96.4
99.9
103.7
106.5
107.9
111.8
114.7
120.3
120.5
120.3
120.7
120.8
121.2
120.1
120.6
128.9
129.4
134.2
134.9
133.5
133.9
115.4
115.8
105.5
106.3
117.4
117.7
110.4
110.4
117.9
118.1
81.1
79.7
142.2
142.9
89.5
89.2
124.2
124.6
121.1
121.6
122.3
123.1
123.8
124.1
124.4
124.6
125.0
125.6
125.9
121.4
121.9
122.5
123.3
124.0
124.2
124.5
124.5
124.7
125.3
125.8
122.1
122.6
123.6
124.2
125.0
125.3
125.7
125.9
126.2
126.7
127.4
120.9
121.3
121.7
121.8
122.3
122.6
123.3
123.5
123.6
124.1
124.7
129.7
130.3
131.1
131.2
131.8
132.3
133.2
133.5
133.7
134.4
135.0
135.2
136.4
138.2
137.3
137.3
138.1
140.2
139.6
138.5
139.3
140.1
134.2
134.7
135.1
135.6
136.5
136.9
137.5
138.1
138.8
139.4
140.1
116.1
117.1
117.1
117.3
117.4
118.3
118.4
118.5
118.6
118.6
119.3
106.9
106.7
106.9
107.4
107.6
107.1
107.6
107.5
107.6
107.7
108,7
117.7
117.5
119.1
119.4
120.4
119.1
118.1
116.3
118.3
119.5
119.6
111.2
111.9
112.6
115.0
116.1
115.9
115.2
114.3
113.7
114.5
114.7
118.9
119.3
119.7
119.8
119.6
119.3
118.8
118.5
118.0
118.7
119.6
80.5
81.8
83.6
93.0
96.6
95.4
93.3
89.5
87.6
88.6
86.7
144.0
145.2
145.9
146.6
147.6
148.7
149.8
150.8
152.0
153.0
154.2
89.9
90.4
91.4
96.1
97.6
96.6
95.9
94.0
93.2
93.8
93.7
125.4
125.8
126.3
126.6
127.2
127.4
127.6
127.7
128.2
128.8
129.3
1989:
Feb
Mar
Apr
May
June
July Sept
Get
Nov
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 1988.
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.
;e: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly datsi seasonally adjusted, except as noted by NSA]
Change from preceding per od
Change from 3 months earfier, annual" rate
Consumer goods
Period
Total
finished
goods
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Capital
equipment
Excluding
foods
Foods
(
Change from 5 months ear.'ier, ammiil rats
h
Consumer goods
Tula]
finished
goods
Consumer goods
Capital
equipment
Excluding
foods
Foods
Kmage
tan,
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
1980..
1981
1982.
1983
1984.
1985
1986.
1987
1988
14.1
8.6
4.2
-.9
.8
2.1
-6.6
4.1
3.1
7.5
1.5
2.0
2.3
3.5
.6
2.8
-.2
5.7
11.8
7.1
3.6
.6
1.7
1.8
23
2.2
4.0
11.4
9.2
39
::t:r""
2.0
1.8
2.7
2.1
1.3
3.6
:::::::::::::::.:::::::::::::::.'.
13.4
9.2
4.1
1.6
2.1
1.0
-1.4
2.1
2.5
Change, month to month
1988- Nov
Dec
1989:
0.3
.4
1.1
.9
.4
.4
.9
.1
-.5
4
.9
.4
-.1
Jan
Feb
Mar
May
July r
Sept
Oct '
Nov
0.3
'5
.8
-.6
.8
-.6
— .1
.3
-.6
1.4
.8
0.2
.3
3.7
3.0
5.4
2.1
2.3
3.9
3.9
1.7
3.9
4.3
7.1
5.6
2.3
3.9
3.7
3.9
3.3
4.0
1.2
1.0
.4
1.4
1.0
.1
-.9
— 1.1
1.6
.3
-.6
0.3
.1
.6
.4
.1
7.1
9.8
10.2
7.4
7.3
5.8
1.8
-3.5
-.3
3.6
5.0
7.2
9.7
13.1
4.9
4.5
-1.3
.7
-1.3
-1.3
4.5
6.2
8.8
12.0
11.1
11.8
11.7
10.4
.7
-7.4
-1.8
3.0
4.9
4.6
5.6
4.6
1.7
2.8
4.5
4.9
2.7
4.8
3.4
4.1
5.4
6.7
6.5
7.3
8.6
8.0
4.6
1.8
2.7
2.7
6.8
7.5
7.5
6.0
7.1
5.6
2.8
1.5
-1.3
2.6
2.4
5.3
7.1
7.5
10.3
11.9
10.8
6.1
1.7
4.1
1.8
-1.4
4.6
4.8
3.1
3.1
4.2
4.5
3.3
2.7
4.6
4.1
3.4
4.5
5.3
5.5
5.6
6.2
6.1
5.1
4.2
4.5
4.9
4.6
.7
0
.2
1.0
-.3
.3
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]
Transportation
Hosting
Shelter
Period
All
items
1
Total '
12P
8.9
3.8
3.8
3.9
3.8
1.1
4.4
4.4
_,
1980
1981
1982
1983
1984
1985
1986
1987
1988
Food
10.2
4.3
3.1
2.7
3.8
2.6
3.8
3.5
5.2
::::
Rosters'
costs
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
New
cars
Total '
Motor
fuel
Medical
care
Energy 2
All
items
less
food,
shelter,
and
energy
Addendum: All items, percent change
(annual rate)
From
previous
quarter 3
From
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
13.8
14.4
9.7
1.8
4.2
1.8
-5.6
1.6
2.9
13.7
10.2
3.6
3.5
4.3
4.3
1.7
3.7
4.0
35.0
9.9
2.4
4.7
5.2
6.0
4.6
4.8
4.5
5.1
5.9
6.3
5.0
3.9
3.9
" '4.5
„
0,5
0.1
0.6
.3
0.4
.8
0
2
.4
.3
.4
.7
.3
.4
.4
.5
.4
.5
.6
-.2
2
0
-.2
1.4
.3
_g
— 1.1
-.8
— 1.5
1.7
5.1
5.9
4,6
5.3
4.7
6.8
3.5
1.6
2.9
2.0
2.8
.9
4.8
4.7
7.4
18.8
6.8
9.4
1.5 -6.5
3.4 — 1.7
2.5 -2.4
3.4
3.1
5.9 -30.7
1.8
18.7
2.1 — 2.1
9.9
12.5
11.0
6.4
6.1
6.8
7.7
5.8
6.9
0.1
.2
-0.2
-1.7
.7
14.6
10.9
1.8
3.9
3.1
2.6
-5.9
6.1
3.0
1.0
1.6
18.0
11.9
1.3
— .5
2
1.8
-19.7
8.2
.5
--i 3
3.7
33
3.8
4.7
0.4
.5
0.3
0.3
.3
.8
.8
.5
.5
.8
.6
1.1
5.1
1.6
-1.0
13.5
10.3
6.2
3.2
4.3
3.6
19
3.6
4.1
9.8
9.4
6.1
5.0
;•;•'"
Change, month to month
1988:
1989:
Nov
Dec
0.3
.3
0.2
.3
Jan
Feb
Mar
Apr
May
June
July
.6
.4
.5
.7
.6
.3
.2
.3
.2
2
.4
.6
Au2
Sept
Get
Noy
.2
0
.5
.4
1
.2
.3
.8
2
.6
2
.1
.4
.5
.2
.5
.6
.1
.5
.4
,7
.2
.1
.5
.4
.2
.9
1.3
-.7
0
.6
-!1
— .8
.6
.6
i
.i
,'•'
.3
L
?
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, tc.—ami motor fuel. Motor oil, coolant, etc.,
also included through 1982.
24
0.3
0
ii.'
.8
21
1.0
-.2
— .6
-.8
-.5
-.2
3
.6
.8
2
3
11.2
3.9
-1.2
-4.1
-2.1
1.1
-2.1
.7
.7
.8
.7
.8
^
-2.0
— .9
.6
— .1
.6
.3
A
.2
.5
.2
.2
.1
.4
.5
.4
5.4
6.4
2.6"
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
4.4
4.1
4.5
4.5
4.2
4.4
47
4.4
48
4.9
5.1
5.6
6.2
5.9
5.2
4.3
3.6
3.3
2.9
4.7
4.8
5.0
5.1
5.4
5.2
5.0
4.7
4.3
4.5
4.7
5.4
6.1
6.4
7.1
5.7
4.0
1.6
1.6
2.6
4.2
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in November were 1.4 percent above their October level. Prices paid by farmers in
October were unchanged from their July level. (Data are not seasonally adjusted.)
:ALE)
INDE X, 1977= 100 (RATIO SCALE)
INDEX, 1977=100 (RATIO SC
180
180
r
160
1
-
V
r-
160
^ X/™~
\
"Vi ^-x
120
~~^r
PRICES PAID
> —V
—
.. j —
\
140
_
^™ '"""""""
*—«—*_.,„„
•
s^ ^^
120
PRICES REC :IVED
—
140
—
—
100
100
—
—
80
80
—
niiitniii iiinliim imilmii
imilmii
60.
MMlllllll
iiiiihnii
60
RA TIQJ>
140
RATK3^
140
120 _
120
100
100
80
60
-
\__
-^
-— ^=p =
^
1 1 n 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 M 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 II
^ v _ _ ^ - —-X^__—'
IIIIIIIIIM
1 1 1 1 1 1 1 1 II 1
1981
1982
1983
_ /'RATIO OF INDEX OF PRICES RECEIVED TO
NDEX OF PRICES PA!
^———•
"
1985
1984
.,..-
IIIIIIIIIM
1 | \ \ \ \ \ \ \ \\
Illllllllll
1987
1988
80
60
1989
1 1986
j.
COUNCIL OF ECONOMIC ADVISERS
!
OURCE: DEPARTMENT OF AGRICULTURE
[1977 = 100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
1981
1982
1983
1984
1985
1986
1987
1988
1988:
1989:
Nov ....
Dee
Jan
Feb
Mar....
Apr
May
June ....
July....
Aug
Sept....
Oct
Nov ....
All farm
products
Livestock and
products
Crops
139
133
135
142
128
123
126
138
144
145
149
148
149
147
149
147
146
144
143
145
147
134
121
128
138
120
107
106
126
136
136
140
138
136
140
141
138
134
126
126
128
129
1
Includes items not shown separately.
2
Percentage ratio 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.
All commodities,
services,
interest, taxes,
and wage rates 1
143
145
141
146
136
138
146
150
151
154
150
159
161
164
162
159
161
170
158
158
161
154
156
157
157
161
160
162
163
Production
items, interest,
taxes, and wage
rates
175
(3)
(3)
177
(3)
f3)
178
(3)
(3)
178
(3)
(3)
(3)
151
158
159
161
156
150
151
160
(3)
(3)
166
(3)
(3)
167
(3)
(3)
167
(3)
(3)
167
(3)
Production
items
148
153
152
155
151
144
147
157
(3)
(3)
163
(3)
(3)
165
(3)
(3)
165
(3)
(3)
164
(3)
Ratio 2
92
84
84
87
79
77
79
81
83
84
85
85
85
83
84
83
82
81
80
81
83
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
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 November, growth slowed in Ml and accelerated in M2 and M3.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
4,800
4,400
4,000
3,600
4,800
4.400
4,000
3,600
Ml —
_
M3
\
3,200
•
~~
'
•
3,200
'
.—
2,800
2,800
---—
2,000
--'""'
'
---1
2,400
_.
•"
\"~
.- — •""""" *"
'""
2,400
M2
2,000
^ _,»• ** ""
1,600
1,600
1,200
1,200
_.
800
•
_
800
•
'
600
^
^
,„«!.,«,
400 -TtTTTlTiTiT
1981
Ml
^
^—
1983
1982
1984
600
^ll||lllllll
Illllllllll
1986
1985
1987
Illllllllll
1988
400
Illllllllll
1989
COUNCIl OF ECONOMIC ADVJSEHS
AVERAGES OF DAIIY FIGURES; SEASONALL f ADJUSTED
SOURCE, 8OARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Percent change from year or 6
months earlier 2
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
EPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMP balances
Dec
Dec
Dec ...
Dec
Dec
Dec
Dec
Dec...
Dec
412.2
439.1
476.4
522.1
551.9
620.5
725.9
752.3
790.3
1,633.3
1,795.9
1,954.5
2,186.0
2,367.2
2,567.4
2,811.2
2,909.9
3,069.6
1,991.1
1,236.9
2,443.8
2,694.3
2,982.3
3,201.7
3,494.9
3,677.6
3,915.4
2,327.8
2,599.4
2,853.5
3,155.5
3,523.4
3,830.6
4,137.1
4,336.7
4,672.2
3,881.9
4,269.0
4,660.0
5,185.4
5,932.7
6,741.5
7,597.0
8,316.1
'9,082.2
6.8
6.5
8.5
9.6
5.7
12.4
17.0
3.6
5.1
8.9
10.0
8.8
11.8
8.3
8.5
9.5
3.5
5.5
10.2
12.3
9.2
10.3
10.7
7.4
9.2
5.2
6.5
9.5
10.0
9.2
11.3
14.4
13.8
12.7
9.5
9.2
1988- Nov...
Dec
786.6
790.3
3,059.5
3,069.6
3,898.1
3,915.4
4,635.5
4,672.2
'9,018.7
'9,082.2
'4.0
3.6
4.0
3.8
'5.4
5.2
'9.2
'9.0
786.3
'787.5
786.3
'783.2
'773.4
770.3
'777.2
777.4
781.1
787.7
789.6
'3,065.9
3,069.4
3,078.5
'3,080.9
'3,072.6
'3,088.2
'3,116.8
'3,135.7
'3,153.4
3,173.4
3,195.1
3,920.2
'3,929.6
'3,951.0
'3,957.8
'3,951.2
'3,966.8
'3,993.4
'3,999.5
'4,000.7
4,010.0
4,026.4
'4,676.3
'4,689.5
'4,724.7
'4,749.1
'4,742.5
'4,752.4
'4,784.2
'4,803.4
'4,813.5
4,827.1
'9,138.9
'9,207.0
'9,269.2
'9,327.6
'9,389.3
'9,444.1
'9,494.4
'9,558.9
'9,615.3
9,681.7
1.0
1.3
.7
g
-3.4
' 51
-2.3
'-2.6
13
1.1
4.2
2.8
2.6
2.9
2.5
'.9
1.2
'3.3
'4.3
'4.9
6.0
8.0
'4.2
4.1
4.7
'4.1
'2.7
'2.6
'3.7
'3.6
'2.5
'2.6
3.8
'8.8
'8.8
'8.7
r
8.6
8.2
'8.0
'7.8
'7.6
'7.5
7.6
Period
1980:
1981:
19821983:
1984:
1985:
1986:
19871988:
1989' Jan
Feb
Mar
May
July
Sept
Oct'
Nov ".
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinanciaf sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earli-
26
L
M3 plus
other liquid
assets
Debt
Debt of
domestic
nonnnaneial
sectors
(monthly
average) 1
Ml
er at a simple annual rate.
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
M2
M3
Debt
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Currency
Demand
deposits
Other
checks
able
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net,
plus
overnight
Eurodollars
NSA
Money market
mutual fund
balances
General
purpose
and
broker/
dealer
NSA
Institution
only
NSA
Small
denomination
time
deposits l
Savings
deposits
Large
denomination
tune
deposits 1
NSA
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
Money
market
deposit
accounts
(MMDAs)
NSA
Savings
bonds
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
1980: Dec
1981: Dec.
1982: Dec
1983: Dec . .
1984- Dec
1985: Dec
1986- Dec
1987: Dec
1988- Dec
115.2
122.5
132.6
146.3
156.1
167.8
180.5
196.4
211.8
261.5
231.5
234.2
238.7
244.2
267.3
303.2
288.3
288.6
31.3
80.8
105.3
132.2
146.4
179.5
235.8
260.4
282.3
28.3
35.9
38.8
53.8
56.3
70.2
78.3
78.3
78.5
61.6
150.6
185.2
138.2
167.5
176.5
208.0
221.1
239.4
15.2
38.0
51.1
43.2
62.7
64.5
84.4
89.6
87.6
0.0
.0
43.2
379.2
416.9
513.5
572.5
526.3
502.7
400.2
344.0
356.9
305.6
285.4
301.6
371.0
416.4
431.3
728.6
823.2
851.0
784.0
886.3
882.6
853.9
914.1
1,025.2
260.1
302.5
326.8
327.4
417.2
436.6
439.0
487.4
537.8
34.0
36.0
34.5
51.8
61.9
65.6
84.0
109.1
124.1
50.3
67.5
81.7
91.5
82.9
76.1
84.9
90.8
105.8
72.3
67.8
68.0
71.1
74.2
79.4
91.7
100.4
109.1
133.5
149.4
183.6
211.9
260.7
300.1
282.3
257.5
271.3
32.1
40.0
44.5
45.0
45.4
42.0
37.2
44.7
40.6
98.8
105.3
113.6
133.2
160.7
207.4
231.0
260.3
335.8
1988: Nov
Dec
210.5
211.8
287.7
288.6
281.0
282.3
75.7
78.5
237.4
239.4
87.4
87.6
506.7
502.7
431.8
431.3
1,017.8
1,025.2
534.4
537.8
128.3
124.1
101.6
105.8
108.7
109.1
264.5
271.3
40.5
40.6
323.7
335.8
1989: Jan
Feb
Mar
213.4
214.3
215.6
r
216.0
'216.5
r
217.3
218.0
218.4
219.4
219.7
220.2
284.0
284.8
284.3
281.4
278.2
275.0
278.8
277.5
277.3
280.4
278.9
281.3
280.9
279.1
278.5
271.4
270.7
273.2
274.4
277.3
280.3
283.0
81.8
79.0
77.4
74.5
73.5
76.0
77.6
74.9
72.3
72.8
71.2
241.7
247.2
255.5
259.3
259.3
r
265.3
r
273.9
* 284.7
T
292.4
298.4
306.5
89.3
89.6
87.6
87.7
91.6
95.1
98.2
100.6
99.1
98.7
102.0
495.2
485.3
480.3
471.3
457.0
456.9
459.8
465.4
469.1
473.0
481.7
427.8
424.6
420.8
412.8
404.7
402.0
401.5
402.3
404.2
405.8
409.3
1,035.7
1,048.3
1,061.0
1,083.1
1,105.7
1,118.5
1,126.3
1,132.1
1,132.2
1,132.5
1,132.7
544.4
551.6
558.8
567.7
572.1
573.0
573.1
569.1
563.7
560.5
559.4
270.9
125.2
100.7 109.7
128.4 r 100.1 110.6 L'65.2
130.9 ' 105.6 111.5 271.7
278.1
128.8 r 100.2 112.3
r
129.2
285.0
96.6 112.9
r
'279.3
129.3
92.6 113.8
124.5 r91.3 114.6 283.0
118.0 r89.0 115.2 '290.7
113.7
84.9 115.7 307.4
110.0
80.5 116.1 316.1
110.4
81.2
40.6
39.9
41.2
41.4
41.1
41.1
42.0
42.7
41.3
40.2
334.9
344.2
349.2
359.5
352.3
351.4
351.3
355.3
348.3
344.7
May
July
Sept '
Oct r
Nov?
F
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
NOTE,—Travelers checks of nonbank issuers are a component of money stock but are not shown
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures; millions of dollars; seasonally adjusted, except as noted]
Borrowings of depository
institutions from the Federal
Reserve (NSA)
Adjusted for changes in reserve requirements
Reserves of depository institutions
Period
Total
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec ... .
1988:
Nonborrowed
Nonborrowed plus
extended
credit
Required
Monetary
base
Total
Seasonal
Extended
credit
33,401
35,315
37,388
39,184
42,321
48,493
58 140
58,693
60,706
31,711
34,679
36,754
38,410
39,134
47,175
57 313
57,916
58,990
31,714
34,827
36,940
38,412
41,739
47,674
57,616
58,399
60,234
32,887
34,996
36,888
38,623
41,468
47,4.36
56,771
57,665
59,666
152,525
161,048
173,011
188,303
201,889
219,510
241,448
257.991
'275,503
1,690
636
634
774
3,186
1,318
827
777
1,716
116
54
33
96
113
56
38
93
130
3
148
186
2
2,604
499
303
483
1,244
Nov
Dec
60,853
60,706
57,991
58,990
60,314
60,234
59,733
59,666
r
274,381
* 275,503
2,861
1,716
186
130
2,322
1,244
1989: Jan
Feb
Mar
60,370
60,260
59,854
59,463
58,740
58,350
58,698
58,753
59,223
59,621
59,567
58,708
58,773
58,041
57,174
r
57,020
56,880
58,004
r
58,079
58,530
59,066
59,217
59,754
''59,823
59,376
r
. 58,881
58,217
57,776
58,110
58,120
58,552
59,087
59,238
59,226
59,106
58,896
r
58,687
57,709
57.445
57,733
57,869
58,285
58,602
58,821
r
1,662
1,487
1,813
2,289
1,720
1,490
694
675
693
555
349
76
97
139
213
345
431
497
490
452
330
134
1,046
1,050
3,334
1,707
1.197
917
106
41
22
21
21
. ..
July
Sept ..
Oct
Nov"
276,815
277,598
278,676
' 278,753
' 278,427
' 279,060
'280,014
T
280,288
'282,045
'282,703
283,003
r
r
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases rose 0.9 percent in October. Commercial and industrial loans rose 0.7
percent, following a decline of 0.1 percent in September.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,800
2..400
2,800
2,400
.ALL COMMERCIAL BANKS
2,000
2,000
1,600
1,600
1,200
1,200
LOANS AND LEASES
300
800
400
400
U.S. GOVERNMENT SECURITIES
3.-.
200
200
160
160
OTHER SECURITIES •
miilimi mnlimi liiiihiin
120
1981
1983
1982
1984
mil
1985
III
1987
1986
- SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVCR
120
1989
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted 1]
AH commercial banks
Loans and leases
Total
loans and
securities 2
Period
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1988:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Oct
Nov
Dec
1989: Jan
Peb
Mar
Apr
May
June
July
Aug
Sept
Get"
1,307.7
1,401.5
1,553.6
!
|
!
!
1
1,723.7
1,911.4
2,094.5
2,239.6
2,417.2
2,401.4
2,410.2
2,417.2
2.422.8
2'.451.9
2,464.9
2,470.9 i
2,486.3 i
2.498.8 I
2,518.1
2,534.4
2,544.1
2,575.5
1
U.S.
Government
securities
179.3
201.7
259.2
260.2
270.7
309.6
335.5
361.4
355.6
358.8
361.4
360.4
361.8
368.8
370.7
373.5
373.8
374.4
376.6
378.8
391.7
Other
securities
Total 2
160.9
165.7
170.6
142.6
181.4
196.5
195.3
194.0
196.8
195.9
194.0
189.6
190.4
189.7
187.2
186.4
185.8
184.6
182.8
182.9
182.7
967.5
1,034.1
1,123.9
1,321.0
1,459.3
1,588.4
1,708.8
1,861.9
1,848.9
1,855.6
1,861.9
1,872.9
1,899.7
1.906.5
1,913.1
1,926.5
1,937.3
1,959.1
1,974.9
1,982.4
2,001.1 .
1
Commercial
and
industrial
Heal
estate
355.4
392.6
414.1
472.9
499.7
536.2
562.7
601.9
601.6
601.8
601.9
606.6
619.0
617.8
620.6
626.3
624.9
632.1
637.3
636.9
641.1
284.1
299.8
330.8
376.3
425.8
494.0
589.0
672.0
659.8
665.3
672.0
678.9
685.6
691.8
699.5
705.5
712.0
719.9
729.0
734.4
741.1
vidual
182.5
188.2
212.9
253.8
294.8
315.9
329.5
355.5
351.6
353.0
355.5
357.9
358.9
360.6
362.9
365.4
366.0
367.0
369.3
372.1
374.4
Security
21.5
25.4
28.1
34.3
42.7
40.1
34.4
38.5
38.5
38.2
38.5
37.7
44.7
43.6
40.0
38.1
41.3
40.5
39.9
40.6
42.3
Nonbank
financial
institutions
29.9
31.3
30.5
31.4
32.5
35.0
31.9
30.0
30.4
30.2
30.0
30.3
30.6
29.7
29.2
28.7
30.3
31.4
31.8
32.1
33.3
Agricultural
33.1
36.2
39.2
40.1
36.1
31.6
29.4
30.7
29.8
30.3
30.7
30.7
30.7
30.7
30.4
30.3
30.3
30.4
30.3
30.2
30.1
State
and
political
subdivisions
Foreign
banks
18.1
0.0
14.8
.0
13.4
3.3
11.1
46.0
9.7
56.7
9.6
58.4
7.5
52.5
7.6
46.8
7.6
48.5
8.1
47.7
7.6
46.8
7.8
44.4
8.5
44.5
8.2
44.6
8.3
44.6
9.4
44.7
44.5 | 9.3
8.9 !
44.2
9.3
43.9
8.5
43.5
9.8
42.9
i
Dais are prorated average? of Wednesday figures for domestically chartered banks and averages
of inantlvend de,i.a for foreTjp-re'aied institutions. Data beginning January 1984 are not strictly
comparable with data for caH.ier periods, largely.because beginning January 1984 certain obligations
of Statrs and political sub-iivisions are included in loans rather than in other securities.
Indi-
'J Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
Foreign
official
institutions
Lease
financing
receivables
Other
7.2
5.9
9.4
7.9
12.7
13.3
13.7
16.0
19.0
22.3
24.5
29.2
28.9
29.1
29.2
29.4
29.6
29.6
29.8
30.0
29.9
30.3
30.3
31.0
31.6
23.1
26.6
31.8
31.2
36.3
39.4
42.1
44.8
47.5
47.0
44.8
44.4
42.7
45.2
42.9
43.3
44.1
49.9
49.5
48.6
50.5
6.0
5.9
5.3
4.9
4.9
4.9
4.9
4.8
4.8
4.8
4.9
4.9
4.7
4.5
4.3
4.3
4.0
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
l
Securities
and
mortgages
Total
Total
1979
323.7
323.3
377.4
303.0
419.2
495.0
457.3
510.7
r
486.3
r
508.3
197.6
200.1
239.5
242.3
285.7
336.3
352.3
344.9
352.6
r
372.5
126.1
123.1
137.9
60.7
133.5
158.7
105.0
165.8
133.6
135.8
60.3
70.7
91.8
50.3
78.3
95.1
50.9
123.0
69.0
77.0
r
r
138.6
141.1
156.2
107.2
1988: I
507.6
508.3
" 528.5
488.8
n
m
IV
r
1989- I r
483.8
536.6
440.3
n
Trf
369.0
367.2
r
372.3
381.6
361.9
364.8
373.1
r
!21.9
171.8
67.3
r
30.6
158.0
25.4
Loans and
short-term
paper
9.0
30.5
25.4
-1.7
44.6
-9.1
30
95.5
109.4
82.0
21.0
r
1980
1981
1982
1983
1984
1985
1986
1987
1988 . .
38.1
7.7
57.3
81.3
43.3
95.3
58.9
r
52 2
30.5
-22.8
1
Undistributed proSts (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
Total
Other 2
51.3
40.2
66.4
52.0
33.7
104.2
53.9
64.0
30.9
69.3
38.2
28.1
38.7
74 3
r
Increase in
financial
assets
Capital
Credit market funds
82.8
127.5
48.2
65.8
52.5
46.0
10.4
55.2
r
63.6
54.1
r
42.9
64.6
r
58.8
r
368.3
341.6
382.9
302.7
392.0
473.0
422.9
r
448.2
453.9
r
473.4
238.6
243.2
285.9
255.7
269.9
367.9
339.9
328.8
348.3
380.4
470.9
474.1
500.8
447.7
359.2
380.7
390.1
391.8
111.7
93.3
110.8
55.9
4.45.5
505.1
415.1
376.0
388.8
386.6
69.6
116.4
28.5
r
r
r
r
r
91.3
13.8
41.9
-44.6
-18.3
-5.6
.3
27.2
22.0
34.4
62.6
32.4
r
34.9
129.8
98.4
97.0
47.0
122.1
105.1
83.0
119.3
105.6
92.9
r
43.1
31.7
74.3
86.2
tures 3
Discrepancy
{sources less
uses)
r
T
r
r
36.7
34.3
27.7
41.1
38.3
31.4
25.2
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 installment credit outstanding l
Installment credit outstanding (end of period)
Period
Total
1980- Dec
1981:
19821983:
1984:
1985:
19861987:
19881988:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Oct
Nov
Dec
NEW SERIES:
1989- Jan
Feb
Mar
Mav
July
Sept
T
Oct p
Other
Total
Automobile
Revolving
Mobile
home
Other
Revolving
297,566
310,682
323,536
367,868
442,538
517,755
572,047
607,721
659,507
649,132
654,413
659,507
111,936
118,956
124,218
143,799
173,704
209,636
247,313
265,976
281,174
278,902
279,926
281,174
54,894
60,838
66,243
78,667
100,212
122,013
137,013
153,884
174,792
170,131
173,030
174,792
18,621
20,302
22,833
23,704
25,795
26,834
27,355
26,387
25,744
26,033
26,005
25,744
112,115
110,586
110,242
121,698
142,827
159,272
160,367
161,475
177,798
174,066
175,452
177,798
1,083
13,116
12,854
44,332
74,670
75,217
54,292
35,674
51,786
2,576
5,281
5,094
-539
7,020
5,262
19,581
29,905
35,932
37,677
18,663
15,198
341
1,024
1,248
1,537
5,944
5,405
12,424
21,545
21,801
15,000
16,871
20,908
1,858
2,899
1,762
414
1,681
2,531
871
2,091
1,039
521
-968
643
-152
28
-261
-329
-1,529
— 344
11,456
21,129
16,445
1,095
1,108
16,323
1,211
1,386
2,346
682,020
687,397
691,162
693,911
698,132
700,849
700,344
703,001
704,371
707,706
286,382
288,767
288,850
289,654
290,741
290,192
288,526
288,533
287,754
288,845
176,716
178,570
182,831
184,500
186,502
189,622
191,028
194,398
195,302
196,339
26,036
25,992
24,168
23,993
23,952
23,685
23,630
22,938
22,991
22,965
192,886
194,068
195,314
195,763
196,936
197,349
197,161
197,132
198,324
199,557
(2)
5,377
3,765
2,749
4,221
2,717
505
2,657
1,371
3,335
(2)
2,385
82
804
1,087
-549
1,667
7
-779
1,091
(2)
1,854
4,261
1,670
2,002
3,120
1,406
3,370
904
1,036
(2)
-44
-1,824
174
— 41
267
-56
692
53
26
(2)
1,182
1,246
449
1,173
413
-189
29
1,192
1,233
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
2
Because of break in series, net change not available.
Mobile
home
Automobile
Source: Board of Governors of the Federal Reserve System.
INTEREST RATES AND BOND YIELDS
Interest rates fell slightly in December.
PERCENT PER ANNUM
PERCENT PER ANNUM
1931
1982
SOURCE; SEE IABIE BELOW
[Percent per annum]
U.S. Treasury security yields
Period
1981
3-month bills
(new issues)1
Constant maturities 2
3-year
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
Corporate
Aaa bonds
(Moody's) 4
1988- Dec
1989: Jan..
Feb
Mar. .
Mav,
June
July
Sept
Oct.
Nov
Dec p
Week ended:
1989: Dec 2
9
16
23
30
30
Prime rate
charged 5
by
banks
New-home
mortgage
yields
(FHLBB)"
13.41
11.02
8.50
8.80
7.69
6.33
5.66
6.20
18.87
14.86
10.79
12.04
9.93
8.33
8.22
9.32
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
9.57
8.97
6.50-6.50
10.50-10.50
9.62
9.64
9.80
9.79
9.57
9.10
8.93
8.96
9.01
8.92
8.89
8.85
9.02
9.35
9.97
9.78
9.29
8.80
8.35
8.32
8.50
8.24
8.00
7.92
6.50-6.50
6.50-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-
10.50-10.50
10.50-11.50
11.50-11.50
11.50-11.50
11.50-11.50
11.50-11.00
11.00-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-
9.39
9.52
9.82
9.99
10.17
10.18
10.42
10.48
10.22
10.24
10.11
10.09
8.88
8.86
8.85
8.85
7.90
7.86
7.94
7.94
7.00-7.00
7 00 7 00
7.00-7.00
7.00-7.00
7.00-
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-
14.44
12.92
10.45
11.89
9.64
7.06
7.68
8.26
13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
11.23
11.57
9.47
10.15
9.18
7.38
7.73
7.76
14.17
13.79
12.04
12.71
11.37
9.02
9.38
9.71
8.09
8.29
8.48
8.83
8.70
8.40
8.22
7.92
7.91
7.72
r
7.63
r
7.65
7.64
9.11
9.11
7.66
9.20
9.32
9.61
9.40
8.98
8.37
7.83
8.13
8.26
8.02
7.80
7.76
9.09
9.17
9.36
9.18
8.86
8.28
8.02
8.11
8.19
8.01
7.87
7.83
7.41
7.47
7.61
7.49
7.25
6.97
6.97
7.08
7.27
7.22
7.13
7.01
7.63
7.55
7.60
7.62
7.77
7.76
7.77
7.74
7.72
7.85
7.84
7.82
7.78
7.00
7.01
7.01
6.99
7.04
1
Bank-discount basis.
2
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Series excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack
of appropriate issues.
Discount rate
(N.Y. F.R.
Bank) 5
14.76
11.89
8.89
10.16
8.01
6.39
6.85
7.68
14.029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
1982
1983
1984
1985
1986
1987
1988
Prime
commercial
paper, l
6 months
r
5
Average effective rate for year; opening and closing rate for month and week.
8
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 Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in December.
CAIE)
INDEX, DEC. 31, 1965 = 50 (RATIOS
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
220
200
rnMpnsiTF STOCK PRICE NDEY f-
180
v
^
r
140
120
^
^y\
(NYSE)
160
-/
240
220
200
180
"
160
140
120
100
100
^j
80
60
40
'
^-W
y
1
80
^—^1
60
i
40
M.,,1,,,,1
1981
1982
1984
1983
1985
1987
1986
1989
1988
PERCENT
PERC ENT
20
15
10
^
~
~
NGS-PRICE RATIO ON COMM
(S&P1
\
r^"""
^
5
0
1
i
1
1
1
!
1982
1981
SOURCES; NEW YORK
1
1 1
1983
1
1
1
1
\
1
1985
1984
STOCK EXCHANGE A NO STANDARD & POC
1
10
. —•
r ^
i ti
.
, i
1
1
1986
1987
1
1
1
1988
1981
1982
1983
1984
1985
1986
1987
1988 .
Industrial
1
Transportation
0
5
New York Stock Exchange indexes (]
Composite
1
1989
3R'S CORPORATION
Common stock prices l
Period
1
O)
Common stock yields
(percent) 5
2
Finance
Utility
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143 = 10)4
Dividendprice ratio
Earningsprice ratio
74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
38.91
39.75
47.00
46.44
56.75
71.36
74,30
71.77
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
11.96
11.60
8.03
10.02
8.12
6.09
5.48
8.01
1988: Dec
155.35
187.75
144.07
74.81
128.83
2,148.58
276.51
3.68
8.56
1989: Jan
Feb
Mar
Apr
May
June
Julv
Aug
Sept
Oct
Nov
Dec *>
160.40
165.08
164.60
169.38
175.30
180.76
185.15
192.93
193.02
192.49
188.50
192.54
194.62
200.00
199.20
204.81
211.51
216.75
221.74
231.32
230.86
229.40
224.38
229.98
153.09
162.66
160.14
164.32
168.88
173.47
179.32
197.52
202.02
190.36
174.26
177.19
75.87
77.84
77.66
79.69
84.07
87.95
90.40
92.90
93.44
94.67
94.95
99.61
132.26
137.19
137.91
143.26
146.60
154.08
157.78
164.86
165.51
166.55
160.89
155.60
2,234.68
2,304.30
2,283.11
2,348.91
2,439.55
2,494.90
2.554.03
2,691.11
2,693.41
2,692.01
2,642.49
2,727.17
285.41
294.01
292.71
302.25
313.93
323.73
331.93
346.61
347.33
347.40
340.22
348.31
3.64
3.59
3.68
3.59
3.52
3.44
3.38
3.28
3.29
3.29
3.39
3.32
191.54
193.08
193.94
190.31
228.64
230.66
231.70
227.39
175.81
179.56
178.95
172.98
96.37
98.15
100.26
99.91
161.31
159.39
156.62
150.63
2,707.94
2,736.86
2,746.93
2,696.72
346.32
349.16
350.81
344.24
3.37
3.33
3.29
3.33
..
Week ended:
1989: Dec
2
9
16
23
1
Average
2
Includes
3
Includes
4
Includes
5
of daily closing prices.
all the*stocks (more than 1,500) listed on the NYSE.
30 stocks.
500 stocks.
Standard & Poor's series. Dividend-price ratios based on Wednesda1 closing prices. Earnings-
8.46
7.93
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 & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 2 months of fiscal 1990, there was a deficit of $55.0 billion, compared with a deficit of $56.1 billion a
year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
RECEIPTS AND OUTLAYS!'
1,200
1,100
1,100
1,000
1,000
OUTLAYS^
900
900
800
800
RECEIPTS.!/
700
700
600
600
SURPLUS OR DEFICIT t-)!-/
-100
-100
^
^^^
^\^
-200
-200
^^
A
^1981
i
i
1982
,
1983
1984
i
1985
"
1986
N
1987
1988
1989
1990^
FISCAL YEARS
I INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
/
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT Of THE TREASURY AND OFfiCE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Total
Fiscal year or period
Receipts
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 !
1990 (estimates) 2
Cumulative total, first 2
Fiscal year 1989
Fiscal year 1990
1
2
Outlays
Receipts
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Total
Held by
the public
49 7
-54.9
-38.2
-72.7
-73.9
-120.0
-208.0
-185.6
66.4
28.0
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
19.4
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
3.2
-1.4
3.9
-4.3
-2.0
-1.1
-5.0
-7.9
.2
.3
629.0
643.6
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
477.4
495.5
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
769.5
806.8
810.0
861.4
931.6
957.1
-221.6
-237.9
-169.3
- 193.9
-204.5
-163.8
186.2
200.2
213.4
241.5
263.7
286.8
176.8
183.5
193.8
202.7
211.2
222.3
9.4
16.7
19.6
38.8
52.4
64.5
1,817.0
2,120.1
2,345.6
2,600.8
2,865.7
3,084.8
1,499.4
1,736.2
1,888.1
2,050.2
2,188.8
2,279.2
148.9
155.9
-56.2
-53.8
35.2
37.5
35.1
38.8
.0
-1.3
2,658.0
2,926.9
2,091.6
2,241.5
298.1
81.2
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
371.8
96.0
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
-73.7
14 7
-53.6
-59.2
-40.2
-73.8
-78.9
-127.9
-207.8
-185.3
231.7
63.2
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
76.6
328.5
369.1
403.5
476.6
543.0
594.3
661.2
686.0
734.1
769.1
854.1
909.0
990.8
1,080.1
946.3
990.3
1,003.8
1,064.0
1,142.9
1,179.4
-212.3
-221.2
-149.7
-155.1
-152.1
-99.2
547.9
568.9
640.7
667.5
727.1
793.3
127.9
139.6
184.0
194.7
-56.1
-55.0
92.7
102.1
Data from Monthly Treasury Statement.
Estimates from Mid-Session Review of the Budget, Office of Management and Budget, July 18,
1989. Data include asset sales.
32
Outlays
Gross Federal debt
(end of period)
Off-budget
On-budget
Surplus
or deficit
(-)
705
-13.3
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1990, January
1989, 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 2 months of fiscal 1990, receipts were $11.7 billion higher than a /ear earlier and outlays were $10.7
billion higher.
BILLIONS OF DOLLARS
500
BILLIONS OF DOLLARS
500
RECEIPTS!/
400
. INDIVIDUAL INCOME TAXES_
400
300
300
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
200
. CORPORATION.
INCOME TAXES
200
OTHER RECEIPTS
Tf.
100
100
0
0
900
900
OUTLAYS^/
800
- NONDEFENSE
800
1 , -
700
700
600
600
500
500
400
400
. NATIONAL DEFENSE^
300
300
200
200
1981
1982
1984
1983
1985
1986
1987
1988
1989
1990
FISCAL YEARS
V INCLUDES ON-8UDGET AMD OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
Individual
income
taxes
Corporation
income
taxes
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
371.8
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
734.1
769.1
854.1
909.0
990.8
1,080.1
334.5
349.0
392.6
401.2
445.7
484.6
61.3
63.1
83.9
94.5
103.3
117.0
265.2
283.9
303.3
334.3
359.4
387.5
73.0
73.1
74.3
78.9
82.4
91.0
946.3
990.3
1,003.8
1,064.0
1,142.9
1,179.4
127.9
139.6
61.1
69.9
3.2
3.1
48.9
51.1
14.6
15.5
184.0
194.7
Fiscal year
Total
1976
1977
1978
1979
1980...
1981
1982
1983
1984
1985
1986
1987
1988
1989 *
1990 (estimates) 2
Cumulative total, first 2 months:
Fiscal year 1989
Fiscal year 1990
1
National defense
Social
insurance
taxes
and
contributions
Other
Social
securi-
Net
interest
Other
ty
15.8
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
26.7
29.9
35.4
42.6
52.5
68.7
85.0
89.8
111.1
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
33.5
35.9
40.0
44.5
48.4
56.4
65.8
70.2
75.1
78.9
85.0
97.1
128.2
119.8
123.3
129.3
136.8
145.4
188.8
198.8
207.4
219.3
232.5
249.1
129.4
136.0
138.6
151.7
169.3
176.3
131.8
142.1
125.9
139.4
157.7
142.4
8.0
8.6
12.5
15.2
19.9
21.2
36.8
39.3
26.6
29.7
29.1
33.0
Health
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
252.7
273.4
282.0
290.4
303.6
296.3
245.2
265.5
274.0
281.9
294.9
286.9
16.2
14.2
11.6
10.5
9.6
16.4
50.6
45.2
49.1
43.7
.6
2.6
Total
Department of
Defense,
military
Medicare
x
Data from Monthly Treasury Statement.
See footnote 2, page 32.
NOTE.—Data, are from Budget of the United States Government, Fiscal Year 1990, January
2
Income
security
International
affairs
Total
1989, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter of 1989, according to revised estimates, Federal receipts fell $10.0 billion (annual rate) and
Federal expenditures fell $10.7 billion.
BILLIONS OF DOLLARS
1,200
BILLIONS OF DOLLARS
1,200
1,000
1,000
800
800
600
600
400
400
200
200
SURPLUS OR DEFICIT (-)
--K\
-200
I
1981
1
I
1
1982
I
I
J
I I
1985
1984
1983
-200
I
I
1986
I I
1987
J I
1988
J I
1989
CALENDAR YEARS
SOURCE- DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government expenditures
Federal Government receipts
Period
Total
Fiscal year:
1985
1986
1987
1988
Calendar year:
1985
1986
1987
1988
1982- IV
1983- IV.
1984- IV
1985- IV
1986: IV
1987: HI
IV
1988- I
II
III
IV
1989- I
II
III r
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Transfer
payments
Net
interest
paid
Less:
Wage
accruals
less
disbursements
Surplus
or deficit
<-),
national
income
and
product
accounts
55.8
962.3
1,028.0
1,060.4
1,104.0
341.5
368.6
375.5
378.6
374.0
394.6
411.2
432.7
97.8
107.4
103.1
108.6
128.3
134.6
138.8
149.0
20.7
22.8
31.9
35.1
-0.1
.0
.1
1
-185.5
-212.8
-163.1
— 145.4
76.3
83.8
101.0
111.4
46.4
70.2
69.7
78.8
88.9
107.4
103.1
55.1
50.5
53.8
56.7
47.6
53.6
56.2
53.5
50.8
53.8
54.5
310.9
332.1
350.8
391.3
236.1
259.8
290.7
317.7
337.9
352.2
359.7
985.6
1,034.8
1,072.8
1,118.3
835.7
844.7
930.2
1,017.5
1,042.8
1,065.5
1,101.7
355.2
366.5
381.6
381.3
293.2
276.1
326.0
376.6
368.8
384.5
388.1
380.1
399.9
414.3
438.2
347.4
352.5
362.1
385.8
405.8
414.3
421.9
99.7
106.8
102.6
111.4
84.5
86.0
96.3
103.5
103.0
101.7
102.2
130.1
135.6
141.7
151.4
87.2
101.0
125.3
132.7
136.0
142.5
147.3
20.3
26.0
32.6
38.0
23.4
29.1
21.0
19.0
29.2
22.7
41.9
2
.0
.0
.0
.0
.0
.6
.0
.0
.2
-.2
-196.9
-206.9
-161.4
-145.8
-202.6
-169.2
-187.5
-212.2
-189.0
-143.9
- 164.4
104.2
111.6
114.0
115.8
117.0
109.7
99.9
55.9
55.9
57.4
57.8
58.0
58.2
59.4
382.0
388.2
394.5
400.6
414.3
420.2
424.8
1,096.5
1,114.7
1,099.8
1,162.1
1,183.7
1,198-6
1,181.1)
374.1
377.1
367.5
406.4
399.0
406.0
402.7
433.0
434.4
438.0
447.6
460.4
466.9
475.6
110.1
112.2
111.0
112.2
118.7
118.4
118.3
144.9
149.9
153.9
157.0
167.0
172.0
171.2
34.4
41.2
29.4
38.9
38.5
35.3
20.1
.0
.0
.0
.0
.0
.0
.0
-151.8
-141.5
-122.5
-167.6
-147.5
-145.4
— 144.7
340.4
357.0
401.2
408.0
74.6
81.1
97.7
108.3
55.9
50.9
53.4
788.7
827.9
911.4
972.4
633.1
675.5
742.7
805.3
853.8
921.5
937.4
346.4
361.4
405.8
413.0
303.0
291.9
326.0
355.3
376.2
408.1
420.0
944.7
973.2
977.3
994.6
1.036.2
1,053.2
1,043.2
402.7
417.5
411.4
420.3
446.8
465.1
459.1
Source: Department of Commerce, Bureau of ilronomie Analysis
Total
Purchases
of goods
and
services
Subsidies
less
current
surplus of
Government
enterprises
305.8
326.1
345.0
386.4
776.8
815.2
897.3
958.6
34
Contributions for
social
insurance
Grantsin-aid to
State
and
local
governments
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84=100)
Industrial production (1977 = 100; seasonally adjusted)
Period
United
States
Canada
Japan
France
Germany
Italy
United
Kingdom
United
States 1
Canada
Japan
France
Germany
Italy
United
Kingdom
1980
1981
1982
1983
1984
1985
1986
1987....
1988
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
137.2
104.8
106.9
96.5
102.7
115.2
121.6
121.5
128.3
136.3
119.0
120.3
120.7
124.5
136.1
141.0
140.8
145.7
159.1
107.2
106.1
105.0
105.0
106.1
106.1
107.2
109.4
114.3
108.0
105.9
102.7
103.3
106.2
111.0
113.0
113.7
118.1
114.8
113.0
109.5
105.9
109.5
110.7
114.7
119.3
126.4
99.8
96.7
98.5
102.2
102.4
107.9
110.2
114.1
118.2
82.4
90.9
96.5
99.6
103.9
107.6
109.6
113.6
118.3
76.1
85.6
94.9
100.4
104.8
108.9
113.4
118.4
123.2
90.9
95.4
98.0
99.9
102.1
104.2
104.9
105.0
105.7
72.2
81.8
91.7
100.3
108.0
114.3
117.2
121.1
124.3
86.7
92.2
97.1
100.3
102.7
104.9
104.7
105.0
106.2
63.2
75.4
87.7
100.8
111.5
121.1
128.5
134.4
141.1
78.5
87.9
95.4
99.8
104.8
111.1
114.9
119.7
125.6
1988- Oct
Nov
139.4
139.9
140.4
136.9
136.2
137.1
160,2
165.0
166.1
113.2
118.0
117.3
119.4
119.1
121.2
127.6
129.1
132.2
118.7
119.3
118.3
120.2
129.3
120.5
124.8
125.1
125.1
106.9
106.5
106.2
125.6
125.8
126.0
106.4
106.7
106.9
143.3
144.5
145.0
128.7
129.2
129.6
167.3
164.5
172.5
166.3
167.3
170.7
167.6
171.4
168.5
118.2
117.4
116.6
120.3
118.4
117.9
118.1
117.8
116.3
116.4
118.1
119.8
121.1
121.6
122.3
123.1
123.8
124.1
124.4
124.6
125.0
125.6
125.9
125.7
126.6
127.2
127.6
128.9
129.6
130.4
130.5
130.7
131.2
131.6
106.0
105.7
106.2
108.1
108.7
108.6
108.4
108.3
109.2
110.0
126.5
126.8
127.2
128.0
128.5
128.7
129.0
129.2
129.5
130.1
108.1
108.4
108.6
109.2
109.5
109.6
109.5
109.4
109.6
146.1
147.3
148.0
149.0
149.6
150.3
150.7
150.9
151.6
153.1
153.7
130.4
131.4
131.9
134.3
135.1
135.6
135.7
136.1
137.0
138.1
139.2
Dec
1989- Jan
Feb
140.8
136.7
140.5
137.4
r
140.7
!37.1
141.7
138.0
141.6
138.3
142.0
' 137.8
141.9
* 137.5
r
142.5 r!37.8
' 142.1
138.4
r
141 3
141 5
Mar
May
T
3
July
J
,
Sept
Oct"
Noy"
1
r
l!8.6
'119.8
r
!21.0
r
!21.0
118.4
127.9
121.2
130.3
120.5
121.3
126.9
127.0
124.3
118.6
125.3
128.9
123.6
130.7
125.0
125.1 ' 129.1
r
125.0 128.7
123 3
Data relate to all urban consumers.
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysi
and International Trade Administration).
id In
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
Merchandise exports (f.a.s. value):
General merchandise imports (customs value) 3
Principal end-use commodity category
Period
1982
1983
1984
1985
1986
1987 .
1988
. .
Total 2
116.4
205.6
224.0
4
218.8
"227.2
254.1
322.4
Trade balance
Principal end-use commodity category
Foods,
feeds,
and
beverages
Industrial
supplies
and
materials
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
Other 2
31.3
30.9
31.5
24.0
22.3
24.3
32.3
61.7
56.7
61.7
58.5
57.3
66.7
85.1
72.7
67.2
72.0
73.9
75.8
86.2
109.2
15.7
16.8
20.6
22.9
21.7
24.6
29.3
14.3
13.4
13.3
12.6
14.2
17.7
23.1
20.7
20.5
24.0
27.3
35.9
34.6
43.4
Total
244.0
258.0
325.7
345.3
365.4
406.2
441.0
Foods
feeds,
and
beverages
Industrial
supplies
and
materials
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
Other
17.1
18.2
21.0
21.9
24.4
24.8
24.8
112.0
107.0
123.7
113.9
101.3
111.0
118.3
35.4
40.9
59.8
65.1
71.8
84.5
101.4
33.3
40.8
53.5
66.8
78.2
85.2
87.7
39.7
44.9
60.0
68.3
79.4
88.7
95.9
6.5
6.3
7.8
9.4
10.4
12.1
12.8
General
merchandise
imports
(c.i.f.
value)
Exports
(l.a.s)
less
imports
(customs
value)
Exports
(f.a.s)
less
imports
(c.i.f.)
254.9
269.9
346.4
352.5
382.3
424.4
459.5
-27.5
-52.4
-101.7
-126.5
-138.3
152 1
-118.5
-38.4
-64.2
-122.4
-133.6
-155.1
-170.3
-137.1
1988- Oct
Nov
Dec
27.9
27.5
28.9
2.7
2.6
2.8
6.8
7.0
7.4
9.4
9.4
10.1
2.5
2.5
2.7
2.0
2.0
2.3
4.4
4.0
3.6
37.1
38.1
39.7
2.1
2.1
2.2
9.9
9.8
10.2
8.2
9.1
9.1
7.7
7.5
8.0
8.1
8.3
9.0
1.1
1.2
1.2
38.6
39.6
41.3
-9.2
-10.5
-10.8
-10.7
— 12.1
-12.5
1989:
29.0
28.8
30.1
30.8
30.5
31.3
30.5
30.6
30.7
31.0
2.9
2.9
3.2
3.1
3.2
3.2
2.9
2.8
2.6
2.7
7.1
7.5
7.6
8.0
7.9
8.3
8.2
7.8
7.6
7.8
9.4
9.3
9.9
10.1
9.8
10.6
10.9
10.6
11.7
10.8
2.4
2.4
2.5
2.4
2.3
2.3
2.2
2.7
2.3
2.6
2.4
2.5
2.7
2.8
2.6
2.9
2.6
2.7
2.8
2.7
4.7
4.2
4.2
4.4
4.6
4.0
3.6
4.0
3.7
4.4
37.9
38.2
39.5
39.0
40.5
39.3
38.7
40.7
39.2
41.2
2.2
2.0
2.1
2.0
2.2
2.0
2.0
2.1
1.9
2.2
10.7
10.0
11.0
11.3
11.7
11.4
11.4
11.4
10.3
11.7
9.0
9.3
9.3
9.1
9.9
9.5
9.1
10.2
9.6
9.8
7.4
7.6
7.7
7.3
7.2
6.7
6.6
7.1
7.2
7.1
7.7
8.3
8.3
8.3
8.5
8.5
8.6
8.7
9.0
8.9
.9
1.0
1.1
1.1
1.1
1.1
1.0
1.2
1.2
1.4
39.5
39.7
41.2
40.7
42.2
40.9
40.4
42.4
40.8
43.0
-8.9
-9.4
-9.5
-8.3
-10.1
-8.0
-8.2
-10.1
-8.5
-10.2
-10.5
-10.9
-11.2
-9.9
-11.7
-9.6
-9.9
-11.9
-10.1
-12.0
Jan
Feb
Mar
May
T J
July
Sept r
Oct
1
2
3
4
Includes Department of Defense Military Assistance Program grant-aid shipments.
Includes undocumented exports to Canada.
Total arrivals of imported goods other than intransit shipments.
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.
U.S. INTERNATIONAL TRANSACTIONS
In the third quarter of 1989, the current account deficit fell to $22.7 billion, from $32.1 billion in the second
quarter.
BILLIONS OF DOLL \RS*
BILL ONS OF DOLLARS*
10
10
5
5
^
.
'
V
3\
0
0
A
' \
A\
v
- . i.A\
,.
\\
'— x
\>,
V
-10
-15
-5
-10
-15
\N
\
-20
"X
B,UANCE ON G OODS
AND SERVIC ES
V, ,-A
A
^
/
\
-*%\
s
^'J•*, *
\_
\
/Hr X :"*0sj
A,\ERCHANDISE
-40
*
^1
'\^^\
""\
t
...
hX .J *
i1 r* k^"^-'
1
f >CA,
TRADE
/
//
>jw
-20
-25
-30
35
CURRENT A CCOUNT
-40
BALANCE
1
-45
1
1 1 1
1 1 1
1 1 1
1982
1
1981
1983
1984
1
1
1
1
1
1
1986
1985
i i i
1
1987
1
1
1
1988
1 1
1989
-45
* SEASONALLY ADJUSTED
SOURCE: DEPARTMEN I OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits ( —)]
Merchandise
[ 2
Investment income 3
Period
Exports
1980
1981
1982
1983.
1984
1985.
1986
1987
1988
1986: HI
IV
1987: I
n
m
IV
1988: I
n
m
IV
1989: I r
n.
m*....
1
2
3
224,269
237,085
211,198
201,820
219,900
215,935
223,367
250,266
319,251
56,182
56,490
57,255
60,015
64,297
68,699
76,447
78,471
80,604
83,729
87,919
91,423
91,569
Imports
Net balance
-249,749
OCK ncq
-25,480
-247,642
-268,900
-332,422
-338,083
-368,425
-409,766
-446,466
—36,444
67 080
-112,522
122 148
-145,058
159 500
-127^215
-36,801
-38,591
38 661
-39,819
-40,606
-40,414
33 446
-31,411
-30,339
-32,019
-28,378
-27,554
-27,751
-92,983
-95,081
-95,916
-99,834
- 104,903
-109,113
- 109,893
-109,882
-110,943
-115,748
-116,297
-118,977
-119,320
O7 070
Receipts
Payments
72,506
-42,119
co 090
86,412
83,548 -54,884
77,251
52 376
85,908 -67,419
88,832
-62,901
88,615 -66,968
QO 4,90
104,703
107,775 - 105,548
21,744
-15,729
20,822 -16,350
25,117
-19,755
22,744 -20,554
23,578 -21,904
33,265 -20,207
26,750
-23,955
23,148
-25,613
24,720 -27,310
33,159 -28,670
26,830 -29,246
26,644 -32,765
33,808 -31,197
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
36
Net
30,387
34,083
28,664
24,875
18,489
25,931
21,647
22,283
2,227
6,015
4,472
5,362
2,190
1,674
13,058
2,795
-2,465
-2,590
4,489
-2,416
-6,121
2,611
Net
military
transactions
-2,577
1 fi93
-474
-343
-2,099
-3,557
-4,576
2 857
-4,606
-1,089
-777
-176
-210
-1,031
-1,440
-964
-1,033
-1,006
-1,604
- 1,498
-1,518
-968
Net
travel and
transportation
receipts
-997
144
992
-4,227
7 885
-9,832
-8,031
-7,324
-2,633
-1,874
-2,241
-1,965
-2,088
-1,279
-1,993
-1,854
-719
-155
94
-297
91
193
Other
services,
net 3
Balance on
goods and
services
Remittances,
pensions,
and other
unilateral
transfers 1
Balance
on current
account
1,533
9,126
7 593
7,794
8,163
15,810 -7,647
11,085
-6,997
2,191
11,436
-9,188
-44,286
12,264 -34,510 -9,776
104 186
12 468
12,299 -91,718
12,351 -97,256 - 15,426 -112,682
15 778 - 133,249
18,547 -117,470
17,909
129 488 -14,212 -143,700
14 656
126 548
20,335 -Hli892
-33,586
-29,210 -4,376
4,539
4,807 -32,330 -4,136 -36,466
4,250 -31,190 -3,137 -34,327
-38,820
4,372 -35,555 -3,265
4,555 -36,687 -3,225 -39,912
4,734 -26,055 -4,586 -30,641
4,787 -28,682 -3,364 -32,046
-2,899 -33,485
5,042 -30,586
-28,964 -3,376 -32,340
5,126
5,381 -23,659 -5,018 -28,677
5,725 -26,864 -3,526 -30,390
-2,868 -32,084
5,886 -29,216
6,884 -19,031 -3,656 -22,687
United States are excluded from investment income and included in other services, net.
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $20.7 billion in the third quarter of
1989, in contrast to a decrease of $27.2 billion in the second quarter. Liabilities to private foreigners reported by
U.S. banks, excluding Treasury securities, increased $25.7 billion in the third quarter, in contrast to a decrease of
$21.4 billion in the second quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
-20
-40
1989
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the U.S., net
[increase/capital inflow ( + )] 2
U.S. assets abroad, net
[increase/capital outflow ( — }]
Period
Total
U.S.
official
reserve2
assets l
-86,118
-110,951
-121,153
-49,777
-22,304
— 32,628
-99,665
-76,218
-82,110
-8,155
-5.175
-4,965
-1,196
-3,131
-3,858
312
9,149
— 3,566
-26,078
-33,422
280
132
n
m
8,759
-22,632
-25,976
-36,370
n
m
1980
1981
1982
1983
1984
1985
Other U.S.
Government
assets
U.S.
private
assets
Total
Foreign
official
assets
Other
foreign
assets
-72,802
-5,162
-5,097 -100,679
-6,131 -110,058
-5,006 -43,576
-13,685
-5,489
-2,821 -25,950
97 954
2 024
-86,363
997
2,999 -81,543
58,112
83,032
93,746
84,869
102,621
130,012
221,605
218,039
219,299
15,497
4,960
3,593
5,845
3,140
-1,083
35,594
45,193
38,882
-1,565
11
-24,793
-33,565
69,927
62,339
15,785
1,251
42,615
78,072
90,154
79,023
99,481
131,096
186,011
172,847
180,418
54,142
61,088
1,956
3,419
32
3,742
40
-195
308
843
6,763
-25,856
-26,316
-40,955
33,381
51,134
73,575
59,949
14,040
10,329
753
20,070
4,540
-16,119
-37,886
-32,648
1.503
39
-7,380
2,272
-1,490
-885
1,961
3,413
4,528
-15,273
-32,467
-38,332
27,027
65,334
46,179
80,759
-31,318
377
HI".... -47,156
-4,000
-12,095
-5,996
1,049
-309
644
-28,367
12,781
-41,804
60,007
-1,789
72,482
1986
1987
1988
1986: III
IV
1987: I
IV
1988: I
IV
1989: I r
n
1
Consists of gold, special drawing rights (SDKs), convertible currencies, and the U.S. reserve
position in the IMF.
2
Quarterly data are not seasonally adjusted.
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
1,152
1,093
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net 1
(unadjusted,
end of
period)
26,756
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
25,322
18,663
34,404
9,194
23,869
15.298
11,308
1,878
— 10,641
-10,263
7,549
-4,669
4,463
48,087
48,511
19,341
40,805
72,822
39,879
-7,813
10,318
-7,687
7,062
3,895
-2,559
-4,501
3,166
48,824
45,140
45,070
45,798
24,631
5,895
2 234
10^589
2,396
59,438
48,413
70,170
479
-15,729
24,047
- 19,434
3,843
-3,714
-4,556
4,431
43,186
41,028
47.788
47,802
7,478
-5,201
11,246
52,529
3,412
61,236
1,702
33,496
-2,639
4,127
— 2,311
-5,115
49,854
60,502
68,418
Sources: Department of Commerce (Bureau of Economic Analysis) and Departm
Treasurv.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless 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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