Full text of Economic Indicators : December 1991
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102d Congress, 2d Session
Economic Indicators
DECEMBER 1991
(Includes data available as of January 7, 1992)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
FEDERAL RESERVE
SANK OF CHICAGO
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1992
For sale by the U.S. Government Printing Office
Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402-9328
ISBN 0-16-037210-0
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL S. SARBANES, Maryland, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
ALBERT GORE, JR. (Tennessee)
RICHARD H. BRYAN (Nevada)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
CONNIE MACK (Florida)
ROBERT C. SMITH (New Hampshire)
HOUSE OF REPRESENTATIVES
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
KWEISI MFUME (Maryland)
RICHARD K. ARMEY (Texas)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
STEVEN QUICK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, Chairman
DAVID F. BRADFORD, Member
PAUL WONNACOTT, Member
[PUBLIC LAW 120—SlST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. 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.
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Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.50 a single copy
($3.13 foreign), or by subscription at $28.00 per year ($35.00 for foreign
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11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the third quarter of 1991, according to revised estimates, current-dollar gross domestic product (GDP) rose 4.1
percent (annual rate) or $56.6 billion. Real GDP (GDP in 1987 dollars) rose 1.8 percent and the implicit price
deflator rose 2.1 percent. (Series reflect benchmark revision.)
BILUONSOFDC>UARS (RATIO SCALE)
6,000
BILUONS OF DOLIARS RATIO SCALE)
6,000
SEASONAUY ADJUSTED ANNUAL RATES
5,600
5,600
"^
^~
5,200
5,200
/^
-
4,800
/
GDP
IN 19 37 DOUARS
4,400
0/s
'— .
4,800
*•"
sZ. ""
4,400
A—
^^
*'~
4,000
-j
\H
-S'
4,000
GDP
IN CURRENT DOL ARS
X"
X
S
/^
3,600
/
3,600
3,200
^-
3,200
^
2,800
I
1
1
1982
i
i i
\
i
I
1984
1983
i
i
i
1985
I
I
I
1986
1
1
1
i
1987
i
i
I
i
i
I
1
1989
1988
i
i
1990
i
i
i
2,800
1991
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMEKT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
rsonal
consumption
expenditures
private
domestic
investment
2,708.0
3,030.6
3,149.6
3,405.0
3,777.2
4,038.7
4,268.6
4,539.9
4,900.4
5,244.0
5,513.8
1,748.1
1,926.2
2,059.2
2,257.5
2,460.3
2,667.4
2,850.6
3,052.2
3,296.1
3,517.9
3,742.6
467.6
558.0
503.4
546.7
718.9
714.5
717.6
749.3
793.6
837.6
802.6
IV '
IV '
IV '
IV '
IV r
IV '
IV '
IV '
3,195.1
3,547.3
3,869.1
4,140.5
4,336.6
4,683.0
5,044.6
5,340.4
2,128.7
2,346.8
2,526.4
2,739.8
2,923.1
3,124.6
3,398.2
3,592.8
1990: I '
II '.
Ill r'
IV
5,422.4
5,504.7
5,570.5
5,557.5
1991: I '.
II'.
Ill '
I
5,589.0
5,652.6
5,709.2
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1
2
3
Gross
domestic
product
OSS
Exports and imports of goods
a nd services i
Federal
Net
exports
Gross
domestic
purchases 2
Addendum:
Gross
national
product 3
Total
Nondefense
State
and
local
Exports
Imports
-14.7
-14.7
-20.6
-51.4
— 102.7
-115.6
-132.5
-143.1
-108.0
-82.9
-74.4
279.2
303.0
282.6
276.7
302.4
302.1
319.2
364.0
444.2
504.9
550.4
293.9
317.7
303.2
328.1
405.1
417.6
451.7
507.1
552.2
587.8
624.8
507.1
561.1
607.6
652.3
700.8
772.3
833.0
881.5
918.7
971.4
1,042.9
209.1
240.8
266.6
292.0
310.9
344.3
367.8
384.9
387.0
401.4
424.9
142.7
167.5
193.8
214.4
233.1
258.6
276.7
292.1
295.6
300.0
313.4
66.4
73.3
72.7
77.5
77.8
85.7
91.1
92.9
91.4
101.5
111.5
298.0
320.3
341.1
360.3
389.9
428.1
465.3
496.6
531.7
570.0
618.0
2,717.5
3,005.2
3,165.5
3,410.6
3,706.1
4,014.1
4,260.0
4,513.7
4,884.2
5,208.1
5,513.8
2,722.8
3,045.3
3,170.2
3,456.5
3,879.9
4,154.3
4,401.2
4,683.0
5,008.4
5,326.9
5,588.1
2,742.1
3,063.8
3,179.8
3,434.4
3,801.5
4,053.6
4,277.7
4,544.5
4,908.2
5,248.2
5,524.5
464.2
614.8
722.8
737.0
697.1
800.2
814.8
834.4
— 29.5
-71.8
-107.1
-135.5
-133.2
-143.2
- 106.0
-77.5
265.6
286.2
308.7
304.7
333.9
392.4
467.0
521.3
295.1
358.0
415.7
440.2
467.1
535.6
573.1
598.8
631.6
657.6
727.0
799.2
849.7
901.4
937.6
990.7
281.4
289.7
324.7
356.9
373.1
392.5
392.0
403.7
205.5
222.8
242.9
268.6
278.6
295.8
296.8
301.6
75.9
66.9
81.9
88.3
94.5
96.7
95.2
102.1
350.3
367.9
402.2
442.4
476.6
509.0
545.7
587.0
3,241.4
3,527.1
3,818.1
4,107.9
4,355.4
4,623.7
5,027.3
5,305.3
3,224.6
3,619.1
3,976.2
4,276.0
4,469.8
4,826.2
5,150.7
5,417.9
3,222.6
3,578.4
3,890.2
4,156.2
4,340.5
4,690.5
5,054.3
5,350.9
3,667.3
3,706.0
3,785.2
3,812.0
812.0
825.9
821.8
750.9
-78.0
-60.4
-82.5
-76.6
534.6
545.9
548.7
572.6
612.6
606.3
631.2
649.2
1,021.2
1,033.2
1,046.0
1,071.2
417.2
423.3
424.7
434.5
309.3
312.7
311.1
320.6
107.9
110.7
113.6
113.9
604.0
609.9
621.4
636.7
5,425.7
5,479.1
5,556.5
5,594.0
5,500.5
5,565.1
5,653.0
5,634.0
5,432.7
5,505.5
5,576.8
5,583.2
3,827.7
3,868.5
3,916.4
709.3
708.8
740.9
-36.8
-17.2
-37.3
565.9
589.8
597.0
602.7
607.0
634.3
1,088.8
1,092.5
1,089.1
451.5
452.1
444.9
332.3
328.4
322.3
119.2
123.7
122.6
637.3
640.4
644.2
5,628.2
5,689.6
5,712.8
5,625.8
5,669.8
5,746.5
5,611.7
5,660.6
5,720.1
New definition: Excludes receipts «md payments of factor income from or to rest of the world.
GDP less exports of goods and services plus imports of goods and services.
GDP plus net receipts of factor income from rest of the world.
Final
sales of
domestic
product
Gove nment pun bases
Total
National
defense
NOTE.—Data reflect the recent comprehensive (benchmark) revision of the national income and
product accounts. For details, see Swreey of Current Business, November 1991.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS DOMESTIC PRODUCT IN 1987 DOLLARS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
G oss priva e
dome tic invest ment
Gross
Period
1980 r
1981 T
1982 '
1983 '.
1984 '
1985 '
1986 '
1987 T
1988'
1989 T
1990 T
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
domestic
product
Personal
consumption
expendi-
Exports and impc rts of
goods and servi 2es l
Federal
Resi-
Change
fixed
business
fixed
investment
in
mem
tones
164.8
151.6
124.1
174.2
199.3
-8.3
24.6
-17.5
Net
Ex-
Im-
484.7
507.1
525.7
544.9
557.0
280.4
291.5
312.8
312.0
342.9
386.1
438.2
485.8
299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.7
735.9
748.1
784.3
830.5
864.8
893.0
894.5
908.9
316.0
322.2
341.7
363.7
377.5
391.6
378.4
373.9
229.4
242.9
254.3
272.1
282.2
295.0
285.7
279.9
-56.0
52.5
-65.7
-31.2
496.2
502.1
501.6
522.5
552.2
554.5
567.4
553.7
923.0
928.1
927.5
937.9
379.3
383.3
378.4
382.6
-18.6
-12.3
-31.1
512.5
535.7
545.2
531.1
548.0
576.3
944.5
944.3
936.1
391.7
392.7
384.5
202.0
226.2
225.2
222.7
214.2
195.5
3,759.6
4,012.1
4,194.2
4,333.5
4,427.1
4,625.5
4,779.7
4,859.7
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,241.6
417.2
449.6
509.6
525.5
495.5
510.6
538.8
541.3
131.2 -44.9 -19.0
-83.7
190.6
29.3
198.8
47.9 -131.4
207.4
30.2 - 155.4
230.5 -20.1 -156.0
223.3
59.9 — 136.0
225.3
20.9 -102.7
207.9
30.0 — 70.0
m
4,880.8
4,900.3
4,903.3
4,855.1
3,258.8
3,258.6
3,281.2
3,251.8
550.7
544.3
555.5
544.5
208.2 -4.0
199.5
22.1
190.9
13.9
183.3 -31.2
n
mr
4,824.0
4,840.7
4,862.7
3,241.1
3,252.4
3,271.2
519.1
514.8
510.0
170.7 -32.8
172.0 -30.4
.1
176.5
1990: I r
II *r
IV '
1991: I rr
67.9
22.1
8.5
26.3
19.9
32.6
.2
urt"
194.2
206.4
221.4
234.2
245.8
326.1
296.7
285.9
305.7
309.2
329.6
364.0
421.6
469.2
505.7
289.9
304.1
304.1
342.1
427.7
454.6
320.5
1
New
2
GDP
3
dum:
and
Non-
National
284.8
295.8
306.0
320.8
331.0
355.2
373.0
384.9
377.3
375.0
380.9
30.7
22.0
-7.4
-56.1
-122.0
-145.3
-155.1
— 143.0
-104.0
-75.7
-51.3
4.4
Total
704.2
713.2
723.6
743.8
766.9
813.4
855.4
881.5
886.8
900.4
929.1
455.0
433.9
420.8
490.2
521.8
500.3
497.8
530.8
542.4
548.8
437.8
Gross
Final
State
ports
3,776.3 2,447.1
3,843.1 2,476.9
3,760.3 2,503.7
3,906.6 2,619.4
4,148.5 2,746.1
4,279.8 2,865.8
4,404.5 2,969.1
4,540.0 3,052.2
4,718.6 3,162.4
4,836.9 3,223.1
4,884.9 3,262.6
IV T.
IV T.
IV '.
IV '.
IV '.
IV '.
IV '.....
IV r.
Gover nrnent pure mses
419.4
417.4
417.6
423.0
436.0
458.2
482.4
496.6
509.6
525.3
548.2
3,818.6
3,777.8
3,902.2
4,080.6
4,257.6
4,395.9
4,513.7
4,698.6
4,804.3
4,884.7
3,745.7
3,821.2
3,767.7
3,962.8
4,270.5
4,425.1
4,559.6
4,683.0
4,822.6
4,912.6
4,936.2
3,796.1
3,939.6
4,174.5
4,295.0
4,413.5
4,544.6
4,726.3
4,840.7
4,894.6
91.6
95.3
96.6
92.7
94.0
419.9
425.9
442.6
466.7
487.3
501.4
516.1
534.9
3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565.6
4,758.7
4,829.7
3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,929.7
3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,869.3
281.5
283.8
278.0
282.0
97.7
99.5
100.4
100.6
543.7
544.8
549.1
555.3
4,884.8
4,878.1
4,889.4
4,886.3
4,936.8
4,952.7
4,969.1
4,886.3
4,890.2
4,901.2
4,909.2
4,877.7
289.4
287.0
280.4
102.3
105.7
104.1
552.7
551.7
551.6
4,856.8
4,871.2
4,862.6
4,842.6
4,853.1
4,893.8
4,843.7
4,847.8
4,872.0
90.6
89.4
84.7
86.6
85.1
89.5
92.4
92.9
90.2
94.4
99.6
265.6
280.6
292.1
287.0
280.7
281.3
86.6
79.3
87.4
3,784.6
3,823.4
3,884.4
Note.—Data reflect the recent comprehensive (benchmark) revision of the national income and
product, accounts. For details, see Survey of Current Business, November 1991.
Source: Department of Commerce, Bureau of Economic Analysis.
definition: Excludes receipts and payments of factor income from or to rest of the world.
less exports of goods and services plus imports of goods and services.
GDP plus net receipts of factor income from rest of the world.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[1987 = 100: quarterly data are seasonally adjusted]
Personal c onsumption
expen ditures
~
Period
domestic
product
1980 '
1981 r
1982 r
1983 '
1984 '
1985 '
1986 '
1987 '
1988 '
1989 '
1990 '
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
IV r
IV '
IV
IV '
IV r
IV '
IV r
IV r
1990: I r
II 'r
in
TV
1991: I' r
n
Ill '
Total
Durable
goods
Gross ]>rivate
domestic i ivestment
Nondurable goods
Services
dential
fixed
Governme it purchases
Exports an imports of
goods and services 1
1
Exports
Imports
Federal
Total
National
defense
Nondefense
and local
71.7
78.9
83.8
87.2
91.0
94.4
96.9
100.0
103.9
108.4
112.9
71.4
77.8
82.2
86.2
89.6
93.1
96.0
100.0
104.2
109.1
114.7
80.9
86.4
90.1
92.4
93.9
95.4
96.9
100.0
102.0
104.3
106.1
79.4
85.7
88.6
90.8
93.4
95.9
96.1
100.0
103.7
109.3
115.9
64.4
70.9
76.7
81.9
86.2
90.8
95.7
100.0
105.1
110.3
116.1
80.8
90.1
95.3
95.1
95.6
96.6
98.4
100.0
102.8
105.2
107.0
74.8
80.9
85.2
87.3
89.7
92.0
95.8
100.0
104.2
107.8
110.4
87.1
92.9
95.2
96.8
98.9
97.7
96.9
100.0
105.3
107.6
108.9
101.4
104.5
99.7
95.9
94.7
91.9
93.2
100.0
105.1
107.9
112.2
73.4
81.4
87.1
91.0
93.9
96.9
98.6
100.0
102.6
107.0
111.6
73.5
81.1
87.6
91.6
94.8
97.3
98.6
100.0
103.0
106.9
111.4
73.3
82.1
85.9
89.5
91.3
95.7
98.6
100.0
101.4
107.5
112.0
71.1
76.7
81.7
85.2
89.4
93.4
96.4
100.0
104.3
108.5
112.7
85.0
88.4
92.2
95.5
98.0
101.2
105.5
109.9
83.8
87.6
90.7
94.6
97.0
101.6
106.1
110.8
90.6
93.3
94.4
95.9
97.8
101.0
103.1
105.2
89.4
91.8
94.1
97.0
96.3
101.5
105.6
110.8
79.0
83.7
87.7
92.9
97.3
101.9
107.1
112.2
95.3
95.0
96.4
97.3
99.2
100.7
104.0
105.9
86.0
88.0
90.7
93.1
97.3
101.5
105.3
108.7
94.7
98.2
98.7
97.7
97.4
101.6
106.6
107.3
98.5
95.4
93.6
94.2
93.6
102.6
106.0
107.7
89.0
89.9
95.0
98.1
98.8
100.2
103.6
108.0
89.6
91.7
95.5
98.7
98.7
100.3
103.9
107.8
87.7
84.3
93.7
96.4
99.2
100.1
102.6
108.6
83.4
86.4
90.9
94.8
97.8
101.5
105.7
109.7
111.1
112.3
113.6
114.5
112.5
113.7
115.4
117.2
106.0
105.9
106.1
106.6
113.3
114.3
116.6
119.3
113.7
115.3
116.9
118.5
106.5
106.5
107.4
107.5
110.0
110.4
110.7
110.3
107.7
108.7
109.4
109.6
110.9
109.3
111.2
117.2
110.0
110.4
112.2
113.6
109.9
110.2
111.9
113.7
110.4
111.2
113.1
113.2
111.1
111.9
113.2
114.7
115.9
116.8
117.4
118.1
118.9
119.7
107.3
107.6
108.3
119.4
119.8
120.2
119.8
121.1
122.1
107.9
107.7
107.2
110.4
111.2
112.0
110.4
110.1
109.5
113.5
110.8
110.1
115.3
115.1
115.7
114.8
114.4
114.9
116.5
117.1
117.9
115.3
116.1
116.8
1
New definition: Excludes receipts and payments of factor income from or to rest of the world.
Note.—Data reflect the recent comprehensive (benchmark) revision of the national income and
Residential fixed
1
product accounts. For details, see Survey of Current Business, November 1991.
Source: Department of Commerce, Bureau of Economic Analysis,
CHANGES IN GDP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED IMPLICIT PRICE DEFLATORS AND PRICE INDEXES
[Percent change from preceding period; quarterly data at seasonally adjusted annual rates]
Pe rsonal eonsum Jtion expenditvj res
Gross dom stie product
Period
Constant
(1987)
dollars
Current
dollars
1980
8.8
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1987: lr.r
11.9
3.9
8.1
10.9
6.9
5.7
6.4
7.9
7.0
5.1
6.8
8.1
7.2
9.9
6.1
9.1
7.6
8.1
7.8
nr
m.
IV '
1988: I '.r
n
HI r .
IV
1989: I r.
II 'r
III .
6.3
4.6
4.9
6.3
6.2
4.9
-.9
2.3
4.6
4.1
IV *
1990: I r .r
II
m '.
IV
1991: I '.r
nr
m.
NOTE.-—Annual changes are from preceding year and quarterly changes are from preceding quarter
'
Data reflect the recent comprehensive (benchmark) revision of the national income and product
-0.5
1.8
-2.2
3.9
6.2
3.2
2.9
3.1
3.9
2.5
1.0
3.0
5.1
4.0
5.9
2.6
4.3
2.5
3.9
2.5
1.9
1.1
1.2
1.7
1.6
.2
-3.9
-2.5
1.4
1.8
Implicit
price
deflator
Fixed 1987
weights
price index
Constant
(1987)
dollars
Current
dollars
9.5
10.0
6.2
4.1
10.4
10.2
6.9
9.6
4.4
9.0
8.4
6.9
7.1
8.0
6.7
6.4
5.5
9.4
8.3
4.4
9.9
7.9
8.4
8.9
4.6
6.4
7.2
4.7
8.6
4.3
8.8
2.9
1.7
4.3
5.0
3.7
2.6
3.2
3.9
4.3
4.2
3.3
2.9
3.3
3.6
3.6
4.4
5.1
3.9
5.4
4.2
3.4
3.7
4.4
4.4
4.7
3.2
5.0
3.1
2.1
Implicit
price
deflator
-0.1
1.2
1.1
4.6
4.8
4.4
3.6
2.8
3.6
1.9
1.2
-.1
4.8
3.9
i
7.1
2.5
2.9
4.1
2
1.0
4.1
.1
2.1
-.0
2.8
-3.5
-1.3
1.4
2.3
Fixed 1987
weights
price index
10.4
9.0
5.7
4.9
3.9
3.9
3.1
4.2
4.2
4.7
5.1
5.9
4.5
4.1
4.5
2.8
5.2
5.1
4.7
5.0
5.3
3.0
4.5
6.3
4.3
6.1
6.4
3.1
2.7
2.7
accounts. For details, see Survey of Current Business, November 1991.
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Gross dome stic product
of lionf
corporate business
(billions o f dollars)
Period
Cur rent-dollar co st and profit per unit of output (dollar s ) >
mTotal
Current
dollars
1987
profit >>
Consumption of
fixed
a
Indirect
Compen-
taxes 3
employees
Net
interest
— r-- -
dollars
Corporate profits with inventory
valuation nd capita! cc nsumption
adjustments
Profits
Total
tax
liability
1980 r
1981 '
1982 '
1983 r
1984 rT
1985
1986 '
1987 *
1988 '
1989 r'
1990
1982: IV r
1983: IV '
1984: IV '
1985: IV '
1986: IV '
1987: IV '
1988: IV '
1989: IV '
1990: I 'r
II
Ill r'.
IV
1991: I '
II '
Ill"
1
1,546.8
1,749.1
1,803.5
1,937.1
2,167.3
2,295.5
2,391.3
2,544.6
2,762.1
2,910.8
3,008.9
1,807.1
2,038.1
2,230.0
2,341.3
2,428.4
2,625.9
2,840.1
2,943.3
2,974.7
3,025.6
3,021.2
3,014.2
3,011.8
3,043.9
3,070.1
1,981.4
2,035.8
2,002.1
2,113.3
2,285.0
2,366.3
2,444.3
2,544.6
2,682.2
2,715.3
2,717.4
2,000.5
2,205.2
2,330.3
2,399.5
2,469.0
2,602.4
2,717.1
2,715.3
2,720.0
2,741.6
2,710.4
2,697.6
2,668.1
2,682.1
2,699.0
0.781
.859
.901
.917
.949
.970
.978
1.000
1.030
1.072
1.107
.903
.924
.957
.976
.984
1.009
1.045
1.084
1.094
1.104
1.115
1.117
1.129
1.135
1.138
0.088
.102
.115
.115
.109
.109
.111
.111
.111
.116
.120
.119
.119
.111
.110
.112
.110
.112
.119
.119
.119
.121
.123
.127
.128
.127
Output is measured by gross domestic product of nonfinancial corporate business in 1987 doi-
•s.
0.070
.081
.083
.086
.089
.091
.094
.093
.095
.099
.105
.085
.086
.090
.092
.094
.093
.096
.100
.103
.103
.106
.109
.113
.113
.116
0.533
.573
.606
.604
.619
.638
.650
.659
.676
.708
.745
.609
.604
.624
.644
.655
.665
.687
.720
.729
.737
.755
.758
.760
.763
.765
0029
.035
.041
.036
.038
.038
.040
.042
.045
.052
.055
.040
.036
.041
.038
.042
.042
.047
.054
.054
.054
.055
.056
.056
.054
.054
0.061
.067
.056
.076
.094
.094
.083
.096
.102
.096
.083
.051
.079
.091
.092
.080
.099
.102
.090
.090
.091
.077
.072
.073
.077
.076
0.034
.031
.023
.028
.032
.030
.031
.037
.038
.037
.035
.020
.029
.027
.030
.035
.038
.040
.034
.036
.036
.037
.033
.030
.031
.032
Profits
after
Output
per hour
of all
Compensation per
hour of
employees
all
(1987
emplovees
(dollars)*
tax 4
0.027
20.276
.036
20.560
20.827
21.597
21.905
22.144
22.737
23.047
23.472
23.059
23.062
21.103
21.905
22.050
22.340
22.891
23.268
23.423
22.967
22.973
23.181
22.952
23.110
23.188
23.355
23.456
.033
.048
.062
.064
.052
.059
.064
.060
.047
.030
.050
.064
.063
.045
.060
.063
.056
.054
.055
.041
.039
.043
.046
.044
10.800
11.790
12.620
13.037
13.559
14.121
14.770
15.181
15.782
16.330
17.171
12.842
13.233
13.770
14.395
15.001
15.483
16.005
16.542
16.740
17.092
17.325
17.509
17.625
17.818
17.933
NOTE.—Data reflect the recent comprehensive (benchmark) revision of the national income and
product accounts. For details, see Survey of Current Business, November 1991.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
,he decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments less subsidies.
4
With inventory valuation and capital consumption adjustments.
'See Note, p. 16.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Compensation of
employ-
Proprietor s' income
with in rentory
valuation iind capital
consulnption
adjust ments
Farm
1982
1983
1984
1985
1986
1987
1988
1989
r
'
'
'
'
'
r
'
1990r
r
1,916.0
2,029.4
2,226.9
2,382.8
2,523.8
2,698.7
2,921.3
3,101.3
3,290.3
21.3
21.5
22.3
31.3
30.9
41.4
42.5
Profits wi ;h inventory valuation
adjustmei it and withoiit capital
consu mption adjus tment
Profits
before tax
21.9
22.1
23.3
18.7
157.3
184.3
214.7
238.4
261.5
279.0
293.4
305.5
330.7
2.4
Corpora te profits wit i inventory valuation an capital
consurnption adjust ments
Total
tion
adjustment
Nonfarm
13.5
2,522.5
2,720.8
3,058.3
3,268.4
3,437.9
3,692.3
4,002.6
4,244.7
4,459.6
Rental
income of
persons
with
capital
8.7
3.2
4.3
-7.9
-12.9
Capital
consump-
Inventory
valuation
adjustment
-9.9
-8.5
-4.1
151.5
212.7
264.2
280.8
271.6
319.8
365.0
351.7
319.0
166.4
202.2
236.4
225.3
227.6
273.4
320.3
327.0
318.2
176.3
210.7
240.5
225.0
217.8
287.9
347.5
344.5
332.3
160.0
216.2
223.6
228.0
225.0
293.4
340.5
319.2
168.6
223.8
220.1
231.8
235.7
311.2
372.2
332.8
-3.8
-10.7
-17.8
-31.7
-13.5
.2
9.7
-14.5
-27.3
-17.5
-14.2
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
IV
IV '
IV
IV '
IV '
IV T
IV r
IV '
2,551.5
2,834.3
3,134.4
3,341.9
3,486.0
3,828.8
4,127.6
4,300.5
1,940.4
2,101.2
2,288.1
2,442.5
2,582.5
2,785.1
3,004.9
3,157.4
21.9
17.8
23.6
42.4
30.9
41.0
169.6
193.8
217.7
250.9
260.9
282.6
302.5
310.2
-12.5
150.3
229.1
261.3
284.9
264.6
343.3
378.3
334.7
1990:
I '.
IIr
Ill r.
IV
4,395.5
4,461.0
4,475.2
4,506.8
3,216.1
3,279.9
3,325.3
3,340.0
50.9
45.3
32.4
41.2
324.9
328.8
336.5
332.7
-14.2
-17.3
— 10.4
-9.5
340.2
339.8
299.8
296.1
330.0
335.4
302.4
304.9
336.6
331.6
335.1
326.1
-32.6
-21.2
Ir.
4,489.8
4,530.8
4,559.8
3,342.9
3,377.4
3,405.3
32.8
39.6
32.0
331.4
340.4
350.5
-11.9
-11.7
-14.2
302.1
303.5
306.1
315.7
316.1
313.4
309.1
306.2
318.2
-4.8
1991:
nrr
m.
10.2
6.3
1
Includes employer contributions for social insurance. (See also p. 5.)
Note.—Data reflect the recent comprehensive (benchmark) revision of the national income and
product accounts. For details, see Survey of Current Business, November 1991.
24.1
22.2
24.3
14.0
4.7
6.8
2.8
men
.8
262.4
270.0
307.9
326.2
350.2
360.4
387.7
452.6
490.1
-9.6
12.9
37.7
56.9
39.6
49.9
37.9
15.4
256.8
281.8
321.1
331.9
349.7
368.6
408.1
469.6
10.2
-2.7
-8.8
477.5
484.5
491.8
506.4
-13.6
-12.6
-7.3
492.6
481.6
480.1
-14.9
10.4
27.8
55.5
44.1
46.4
44.7
24.7
-8.6
-7.6
3.5
-6.6
3.8
6.7
9.9
Net
interest
4.4
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS
[Billions of 1987 dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Durable goods
Period
1982 r.
1983 '.
1984 '.
1985
1986
1987
1988
1989
1990
'.
'.
'.
'.
'.
'.
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
IV....
IV
IV
IV r
IV ....
IV '....
IV
IV ' ....
Ir
II '.
Ill '....
IV '.....
1991: I *
II '.
Ill '....
Total
personal
consumption
expenditures
Total
durable
goods
Motor
vehicles
and
parts
2,503.7
2,619.4
2,746.1
2,865.8
2,969.1
3,052.2
3,162.4
3,223.1
3,262.6
262.5
297.7
338.5
370.1
402.0
403.7
428.7
440.8
438.9
115.6
138.1
160.3
180.2
193.3
183.5
194.8
196.2
191.4
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,241.6
272.3
319.1
347.7
369.6
415.7
404.7
439.2
435.6
123.7
151.6
164.3
3,258.8
3,258.6
3,281.2
3,251.8
3,241.1
3,252.4
3,271.2
Furniture and
household
equipment
94.2
104.3
115.3
123.8
136.3
144.0
155.4
166.1
170.6
Other
52.7
55.3
62.9
66.1
72.4
76.2
78.5
78.5
76.9
Total
nondurable goods
Food
Clothing
and
shoes
Gasoline
and oil
Fuel
oil and
coal
10.9
11.1
11.2
11.5
12.1
12.0
12.0
11.5
10.0
202.3
207.8
220.0
226.2
231.7
239.1
244.7
250.0
252.6
1,368.9
1,421.4
1,473.0
1,537.0
1,576.1
1,637.4
1,698.5
1,732.9
1,773.0
409.6
415.5
426.8
435.9
442.1
452.5
461.8
469.0
474.5
323.7
332.6
341.9
353.0
366.2
384.7
399.4
408.5
424.3
5.8
6.8
8.0
8.2
8.2
7.1
7.5
7.1
6.9
10.5
11.4
11.1
11.4
202.8
212.2
222.9
228.0
235.2
240.4
246.4
251.0
1,386.2
1,443.9
1,494.2
1,557.1
1,595.8
1,655.5
1,716.9
1,750.7
411.0
419.7
431.3
438.1
444.8
457.0
465.6
472.8
327.8
334.8
344.9
359.1
372.0
390.7
403.0
411.5
6.0
7.4
7.7
6.6
7.5
6.2
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
253.8
251.9
252.9
251.7
1,751.8
1,769.6
1,787.3
1,783.1
472.8
473.0
475.4
476.9
417.7
422.4
427.7
429.6
7.1
6.8
7.1
6.6
2.8
2.7
2.5
2.4
252.5
250.3
250.3
1,786.3
1,797.2
1,806.8
477.3
478.3
479.4
432.9
436.9
441.7
6.1
6.1
6.3
6.1
2.2
2.3
872.7
900.3
934.6
958.7
991.0
1,011.1
1,035.1
1,049.3
1,050.8
451.4
463.4
472.3
483.0
494.1
500.7
513.4
513.3
515.8
153.1
158.8
170.3
174.5
178.9
187.9
187.4
73.9
75.7
77.9
79.2
82.9
84.7
86.1
86.7
85.0
458.3
467.1
475.1
488.2
496.9
502.4
518.0
511.7
135.7
147.7
154.7
161.7
171.9
174.5
182.8
190.1
73.4
76.9
79.0
79.5
84.6
85.4
87.5
90.2
133.7
142.4
52.3
58.1
64.8
67.1
80.7
75.2
187.8
96.4
109.3
118.7
128.6
141.4
145.9
160.3
167.7
80.0
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,055.3
452.7
438.7
440.3
424.0
200.7
192.0
192.9
179.8
173.1
170.9
170.5
168.0
78.8
75.8
76.9
76.2
1,054.4
1,050.3
1,053.7
1,044.7
513.9
516.3
517.1
515.9
190.1
187.2
188.2
184.1
87.2
84.5
84.4
84.0
410.8
408.9
166.7
164.2
170.9
168.9
171.1
172.5
75.1
73.6
74.9
1,043.9
1,046.2
1,046.1
518.7
517.0
517.4
181.7
186.1
184.7
81.8
83.0
83.6
418.3
173.9
193.6
183.6
197.7
81.2
Retail sa es of newpassen. er cars
(millions of units)
Services
Nondurabl e goods
12.4
11.9
12.0
12.3
9.5
10.5
11.0
8.9
9.3
9.8
10.1
Other
Total
services 1
Housing
Medical
care
IV.
1
Includes other items, not shown separately.
Note.—Data reflect the recent comprehensive (benchmark) revision of the national income and
product accounts. For details, see Survey of Current Business, November 1991.
Source: Department of Commerce, Bureau of Economic Analysis.
Domestics
7.0
7.7
Imports
2.2
2.4
2.4
2.8
3.2
3.2
3.1
2.8
2.6
2.S
21
\
SOURCES OF PERSONAL INCOME
Personal income fell $7.3 billion (annual rate) in November after rising $13.2 billion in October. The November
decline reflected several special factors: a large decrease in November in farm subsidy payments following a large
increase in October; bonus payments to employees in the automobile industry and restitution payments to
Japanese-Americans, both of which boosted October income; and uninsured losses resulting from the fire in
Oakland, California, which reduced October income. Excluding these special factors, personal income increased
$11.9 billion in November and decreased $5.3 billion in October. (Series reflect benchmark revision.)
BILLIONS OF DOLLARS* (RATIO SCALE)
5,000
BILLIONS OF DOLLARS* (RATIO SCALE]
5,000
4,000
TOTAL PERSONAL INCOME
3,000
3,000
2,000
2,000
WAGE AND SALARY DISBURSEMENTS
1,400
1,400
\
OTHER INCOME
800
800
\
TRANSFER PAYMENTS
400
400
1983
1984
1985
1989
1986
1990
1991
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Less:
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: Nov r'.
Dec
1991: Jan '
Feb '
Mar r
Apr '
May rr
June .
July '
Aug r .
Sepf
Ocf.
Nov"
Total
personal
income
2,534.7
2,690.9
2,862.5
3,154.6
3,379.8
3,590.4
3,802.0
4,075.9
4,380.2
4,679.8
4,764.5
4,789.6
4,761.5
4,761.2
4,781.4
4,792.0
4,825.5
4,845.8
4,833.1
4,854.2
4,872.8
4,886.0
4,878.7
Farm
1,515.6
1,593.3
1,684.7
1,849.8
1,986.5
2,105.4
2,261.2
2,443.0
2,585.8
2,738.9
2,771.9
2,796.8
2,771.7
2,767.6
2,773.4
2,779.4
2,799.5
2,822.8
2,808.1
2,823.6
2,835.9
2,830.8
2,830.3
153.0
165.4
174.6
184.7
191.8
200.7
210.4
230.5
253.7
274.0
279.9
281.0
282.6
284.2
285.8
287.2
288.6
289.9
291.3
292.7
294.2
295.6
297.0
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees {see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
* Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
4
With capital consumption adjustment.
5
Consists mainly of social insurance benefits, direct relief, and veterans payments.
21.2
13.5
2.4
21.3
21.5
22.3
31.3
30.9
41 .4
42.5
47.4
45.4
27.4
29.2
41.8
39.4
43.4
36.0
32.0
31.0
33.0
43.2
30.2
Nonfarm
159.6
157.3
184.3
214.7
238.4
261.5
279.0
293.4
305.5
330.7
333.6
327.2
329.7
332.2
332.2
336.2
340.8
344.3
347.9
350.3
353.3
354.4
355.0
Rental
income of
persons 4
20.8
21.9
22.1
23.3
18.7
8.7
3.2
4.3
-7.9
-12.9
-9.5
10.1
-12.1
12.3
-11.3
-11.7
11.6
-11.6
12.9
— 14.2
-15.5
21.2
-15.6
dividend
income
66.9
67.1
77.8
78.8
87.9
104.7
100.4
108.4
119.8
124.8
126.9
128.0
128.6
129.5
127.8
127.2
127.5
127.6
128.3
128.6
129.1
129.3
129.5
Personal
interest
income
336.1
376.8
397.5
461.9
498.1
531.7
548.1
583.2
669.0
721.3
737.4
738.1
734.6
729.8
726.0
723.8
721.7
719.8
718.1
716.6
715.5
714.5
713.7
Transfer
pay-
ments 5
365.9
408.1
438.9
452.9
485.9
517.8
542.2
576.7
624.4
684.9
704.0
712.0
733.9
736.2
741.5
746.5
752.6
755.5
758.7
765.0
767.4
779.3
778.5
Personal
contributions
for social
insurance
104.5
112.3
119.7
132.8
149.1
162.1
173.6
194.5
211.7
224.3
227.1
228.9
234.9
235.3
235.8
235.9
237.0
238.3
238.3
239.4
240.2
239.9
239.8
Nonfarm
personal
income e
3,749.4
4,023.9
4,316.6
4,614.5
4,694.0
4,721.1
4,710.9
4,708.7
4,716.2
4,729.1
4,758.5
4,786.2
4,777.3
4,799.3
4,815.7
4,818.8
4,824.3
6
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
NOTE,—Data reflect the recent comprehensive (benchmark) revision of the national income and
product accounts. For details, see Survey of Current Business, November 1991.
Monthly data prior to 1987 not yet available.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in 1987 dollars fell in the third quarter of
1991. (Series reflect benchmark revision.)
BILLIONS OF DOLLARS' (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE)
2,500
2,000
DOLLARS' (RATIOSCALE)
DOLLARS' (RATIO SCALE)
18,000
PER CAPI1FA DISPOSA BLEF ERSC NAL INCOM E
18,000
1987 DOLLARS —
16,000
_.i_r~
16,000
— —
*~~
\
^
*~ ™"
^
^—
1
1982
P
.
Period
1
income
^~
_J
P*—"*"'
\
12 000
01WENT DOL ARS
^^
1
8000
'
^•
-— «^. _
—•
1
1
1
Less:
Personal
tax and
nontax
payments
F
1
I
19 84
1983
1
TV
uisposa le
personal
income
Less:
Personal
outlays 1
1 1
1985
Equals:
Personal
saving
1
1
1
1986
1 1
1987
inc me
1987
Current
dollars
dollars
(billions)
2,265.4
2,534.7
2,690.9
2,862.5
3,154.6
3,379.8
3,590.4
3,802.0
4,075.9
4,380.2
4,679.8
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
312.4
360.2
371.4
368.8
395.1
436.8
459.0
512.5
527.7
591.7
621.0
1,952.9
2,174.5
2,319.6
2,493.7
2,759.5
2,943.0
3,131.5
3,289.5
3,548.2
3,788.6
4,058.8
\
\
1989
Per c apita
disposabl personal
Disposable
personal
income in
Billions of dollars
1980
\
1
1988
1987
dollars
1990
Per capit i personal
consu nption
expen itures
Current
dollars
1987
dollars
154.3
192.4
200.0
169.1
222.3
189.8
187.8
142.6
156.2
166.9
206.6
2,733.6
2,795.8
2,820.4
2,893.6
3,080.1
3,162.1
3,261.9
3,289.6
3,404.3
3,471.2
3,538.3
8,576
9,455
9,989
10,642
11,673
12,339
13,010
13,545
14,476
15,313
16,236
Percent
change in
real per
capita
disposable
personal
income
8000
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands) 2
Perce at
Dolla rs
1,798.6
1,982.1
2,119.6
2,324.7
2,537.2
2,753.2
2,943.6
3,146.9
3,392.0
3,621.6
3,852.2
1
1991
12,005
12,156
12,146
12,349
13,029
13,258
13,552
13,545
13,889
14,030
14,154
7,677
8,375
8,868
9,634
10,408
11,184
11,843
12,568
13,448
14,219
14,971
10,746
10,770
10,782
11,179
11,617
12,015
12,336
12,568
12,902
13,027
13,051
-0.3
1.3
— .1
1.7
5.5
1.8
2.2
— .1
2.5
1.0
.9
7.9
8.8
8.6
6.8
8.1
6.4
6.0
4.3
4.4
4.4
5.1
227,715
229,989
232,201
234,326
236,393
238,510
240,691
242,860
245,093
247,405
249,992
12,154
12,591
13,145
13,278
13,522
13,685
13,996
14,063
14,185
14,204
14,168
14,058
13,965
14,022
13,992
9,134
9,980
10,649
11,445
12,101
12,819
13,814
14,464
14,731
14,848
15,120
15,183
15,208
15,334
15,481
10,895
11,390
11,739
12,095
12,472
12,615
13,020
13,051
13,090
13,056
13,107
12,952
12,877
12,892
12,930
-0.5
7.2
1.0
1.8
-1.7
5.2
3.2
1.9
3.5
.5
-1.0
-3.1
-2.6
1.6
-.9
7.8
6.8
7.9
6.0
4.8
5.0
4.3
4.4
5.0
5.4
4.8
5.2
5.1
5.5
5.0
233,060
235,146
237,231
239,387
241,550
243,745
246,004
248,387
248,950
249,594
250,349
251,074
251,689
252,281
252,990
Seasonally adjusted ann ual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
r
..
r
IV
IV ..
IV..
IV r ..
IVrr ..
IV ..
IV..
IV..
Ir
II rr....
2,746.8
2,965.8
3,242.5
3,456.7
3,647.8
3,918.5
4,195.2
4,474.4
4,580.6
4,654.7
m r .. 4,719.3
IV ... 4,764.7
1991: I rr
4,768.0
4,821.1
n ....
r
IH .. 4,853.3
372.1
371.6
413.4
448.8
478.5
528.6
542.0
602.9
606.6
622.7
627.5
627.2
617.1
613.6
615.1
2,374.7
2,594.3
2,829.1
3,007.9
3,169.3
3,389.9
3,653.2
3,871.4
3,974.0
4,032.0
4,091.8
4,137.5
4,151.0
4,207.5
4,238.2
2,190.4
2,417.6
2,606.1
2,828.2
3,017.8
3,219.4
3,496.2
3,700.4
3,776.6
3,815.3
3,895.3
3,921.7
3,937.5
3,977.9
4,024.9
184.2
176.7
223.0
179.7
151.5
170.5
157.0
171.0
197.5
216.7
196.5
215.8
213.4
229.6
213.3
1
Includes personal consumption expenditures, interest paid by persons, and personal transfer
ments to rest of the world.
2
Annual data are averages of quarterly data, which are averages for the period.
2,832.6
2,960.6
3,118.5
3,178.7
3,266.2
3,335.8
3,443.1
3,493.0
3,531.4
3,545.3
3,547.0
3,529.5
3,514.8
3,537.4
3,539.9
10,189
11,033
11,925
12,565
13,121
13,907
14,850
15,586
15,963
16,154
16,344
16,479
16,492
16,678
16,752
Note.—Data reflect the recent comprehensive (benchmark) revision of the national income and
product accounts. For details, see Survey of Current Business, November 1991.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
jln the third quarter of 1991, according to preliminary estimates, gross farm income fell $10.9 billion (annual rate)
"and net farm income fell $7.3 billion.
BULKDNS OF DOLLARS* (RATIO SCALE)
240
.
*»^
-^
^*~,
^^^^
^
""***""
"X.^—•"""
f
BILLIONS Of DOLLAR S* (RATIO SC ALE)
240
200
.-•'•
.*
""''I
\
\
120
GROS S FARM INC(DME
80
An
40
20
10
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farni income
(>ross farm incom
Period
Cas h marketing rece pts
Total '
Total
1980
1981
1982
1983
1984
1985
1986
1987 r
1988 "
1989 r
1990 r
1990: I r
II r
III r
IV r
1991: I r
II r
III"
149.3
166.3
r
164.1
r
153.9
r
168.0
r
!61.2
r
156.1
168.4
174.5
190.3
195.1
199.7
191.4
188.0
201.4
186.9
197.6
186.7
139.7
141.6
142.6
136.8
142.8
144.1
r
135.3
141.8
151.1
160.9
170.0
166.0
166.8
173.7
173.4
162.4
173.7
172.2
Livestock and
products
68.0
69.2
70.3
69.6
72.9
69.8
r
71.6
76.0
79.4
84.1
89.6
89.4
87.9
90.7
90.3
86.5
83.9
85.9
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income,
and nomnonev income furnished by farms.
2
Physical changes' in end-of-year inventory of crop and livestock commodities valued at average
prices
during the year.
3
Income in current dollars divided by the GDP implicit price deflator. (In previous issues, net
Crops
71.7
72.5
72.3
67.2
69.9
74.3
63.7
65.8
71.6
76.8
80.4
76.6
78.9
83.0
83.1
75.9
89.8
86.3
Value of
inventory
changes 2
6.3
6.5
-1.4
-10.9
6.0
r
-2.3
2.2
-2.3
3.5
4.3
2.9
4.6
3.5
2.3
1.4
1.1
.6
.2
Production
expenses
133.1
139.4
r
140.3
r
139.6
!41.9
r
132.4
r
!25.1
128.7
133.9
140.2
144.3
142.0
143.4
143.8
148.0
147.4
148.4
144.8
r
Current
dollars
1987 dollars 3
16.1
26.9
23.8
r
!4.2
r
26.1
r
28.8
31.0
39.7
40.6
50.1
50.8
57.7
48.0
44.2
53.4
39.4
49.2
41.9
r
income was shown in 1982 dollars, using the GNP deflator on a 1982 base.)
,
_,
,
,
,
, ,,
NOTE.—Data include net Commodity Credit Corporation loans and operator households,
Sources: Department of Agriculture and Department of Commerce.
22.5
34.1
28.4
16.3
28.7
30.5
32.0
39.7
39.1
46.2
45.0
51.9
42.7
38.9
46.6
34.1
42.1
35.8
CORPORATE PROFITS
in the third quarter of 1991, according to revised estimates, corporate profits before tax rose $12.0 billion (annuai
rate) and profits after tax rose $6.9 billion. (Series reflect benchmark revision.)
BILLIONS OF DOLLARS
1982
BILLIONS OF DOLLARS
1990
1983
SOURCE: DEPARTMENT OF COMMERCE
1991
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Prc fits (before t ax) with inventory valuati on adjustmen t 1
Profits
after ta X
Do nestic indust ries
Nonfinancial
Period
Total
2
Total
Financial
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
IV r
IV r
IV r
IV r
IV
IV
IV
IV r
I'
II " r
ni
IV '
1991: I r
II r r
m
1
197.8
203.2
166.4
202.2
236.4
225.3
227.6
273.4
320.3
327.0
318.2
160.0
216.2
223.6
228.0
225.0
293.4
340.5
319.2
330.0
335.4
302.4
304.9
315.7
316.1
313.4
162.9
174.0
138.6
171.9
205.2
194.5
194.6
233.9
271.2
273.1
258.0
130.8
182.6
192.9
193.5
192.5
246.3
285.9
258.3
271.9
282.1
245.8
232.1
241.2
254.4
250.4
24.3
18.7
15.6
24.5
20.3
28.7
35.8
36.4
41.8
39.2
39.6
23.0
22.1
20.3
29.0
34.7
39.4
46.1
32.4
41.4
41.5
39.3
36.4
40.1
42.1
43.5
3
138.5
155.3
123.0
147.4
185.0
165.8
158.9
197.5
229.4
233.9
218.3
107.8
160.5
172.6
164.5
157.8
207.0
239.7
225.9
230.5
240.7
206.5
195.7
201.0
212.3
206.9
See p. 4 for profits w th inventory va luation and ca] ital consumptic n adjustments.
Manufacturing
75.8
87.4
63.1
71.4
86.7
80.1
59.0
87.0
117.5
113.6
95.7
50.1
90.5
79.2
83.3
63.9
98.7
129.3
101.0
102.1
107.1
94.8
78.9
75.0
82.9
84.1
Profits
before tax
Tax
liability
240.9
228.9
176.3
210.7
240.5
225.0
217.8
287.9
347.5
344.5
332.3
168.6
223.8
220.1
231.8
235.7
311.2
372.2
332.8
336.6
331.6
335.1
326.1
309.1
306.2
318.2
84.8
81.1
63.1
77.2
94.0
Wholesale and
retail
trade
22.8
31.6
31.9
38.7
49.7
43.1
46.3
39.9
37.1
42.8
39.8
33.8
40.7
50.8
39.0
43.1
39.3
39.3
45.1
41.6
45.1
34.4
38.2
45.3
46.9
44.6
NOTE. —Data
reflect th
96.5
106.5
127.1
137.0
138.0
135.3
58.7
82.2
83.8
97.6
116.6
135.2
146.2
129.8
137.6
137.9
138.8
127.1
119.4
123.5
128.6
Total
156.1
147.8
113.2
133.5
146.4
128.5
111.3
160.8
210.5
206.6
197.0
109.9
141.6
136.3
134.2
119.2
176.0
226.0
203.0
199.1
193.7
196.3
199.0
189.7
182.7
189.6
Dividends
59.0
69.2
70.0
81.2
82.7
92.4
109.8
106.2
115.3
127.9
133.7
72.5
84.2
83.4
97.4
111.0
106.3
121.0
130.7
132.3
132.5
133.8
136.2
137.8
136.7
138.1
Undistributed
profits
97.1
78.6
43.2
52.3
63.8
36.1
1.6
54.6
95.2
78.7
63.3
37.5
57.4
52.9
36.9
8.2
69.7
105.0
72.3
66.7
61.2
62.5
62.8
51.9
46.1
51.5
Inventory
valuation
adjustment
-43.0
-25.7
-9.9
-8.5
— 4.1
.2
9.7
-14.5
-27.3
-17.5
-14.2
-8.6
-7.6
3.5
-3.8
-10.7
-17.8
-31.7
-13.5
-6.6
3.8
-32.6
— 21.2
6.7
9.9
-4..8
recent com rehensive (ben chmark) revisio n of the natior al income and
, nf n,rrenl ft
Source: Department of Commerce, Bureau of Economic Analysis.
her 1991.
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
According to revised estimates for the third quarter of 1991, nonresidential fixed investment in 1987 dollars fell
J$4.8 billion (annual rate) and residential investment rose $4.5 billion. There was a $0.1 billion rise in inventories,
following a decrease of $30.4 billion in the second quarter. (Series reflect benchmark revision.)
BILLIONS OF 1987 DOLLARS
BILLIONS OF 1987 DOLLARS
900
SEASONAUV ADJUSTED ANNUAL RATES
700
700
500
400
400
RESIDENTIAL
FIXED INVESTMENT
300
\
CHANGE IN BUSINESS
INVENTORIES
100
1982
1988
1985
1989
SOURCE DEPARTMENT OF COMMERCE
COUNCIt OF ECONOMIC ADVISERS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
]?ixed investmen t
p
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
IV
IVr
IV
IV r
IV rr
IV
IV r
IV
I 'r
II
Ill rr
IV .
.1991: I r
II "r
Ill
• ]
domestic
investment
Total
Total
594.4
631.1
540.5
599.5
757.5
745.9
735.1
749.3
773.4
789.2
744.5
503.5
669.5
756.4
763.1
705.9
793.8
785.0
779.2
754.9
766.0
760.3
696.6
602.7
606.5
558.0
595.1
689.6
723.8
726.5
723.0
753.4
756.6
744.2
548.4
640.2
708.4
732.9
725.9
733.9
764.1
749.2
758.9
743.8
746.4
727.8
437.8
455.0
433.9
420.8
490.2
521.8
500.3
497.8
530.8
542.4
548.8
417.2
449.6
509.6
525.5
495.5
510.6
538.8
541.3
550.7
544.3
555.5
544.5
657.0
656.3
686.5
689.8
686.8
686.5
519.1
514.8
510.0
Note.—Data reflect the recent comprehensive (benchmark) revision of the nationaa
product accounts. For details, see Survey of Current Business, November 1991.
Change iii business
niven tones
Nonresidential
Structures
170.2
182.9
181.3
160.3
182.8
197.4
176.6
171.3
174.0
177.4
177.9
173.2
162.6
189.5
198.3
170.4
177.9
175.7
178.6
182.3
178.9
180.0
170.4
163.3
158.9
148.4
Producers'
durable
equipment
Residential
164.8
151.6
124.1
174.2
199.3
202.0
226.2
225.2
222.7
214.2
195.5
131.2
190.6
267.6
272.0
252.6
260.5
307.4
324.4
323.7
326.5
356.8
365.0
370.8
244.0
287.0
320.1
327.2
325.0
332.7
363.1
362.7
368.4
365.4
375.5
374.0
198.8
207.4
230.5
223.3
225.3
207.9
208.2
199.5
190.9
183.3
355.8
355.8
361.6
170.7
172.0
176.5
Source: Department of Commerce, Bureau of Economic Analysis.
Nonfarm
Total
-8.3
24.6
-17.5
4.4
67.9
22.1
8.5
26.3
19.9
32.6
.2
— 44.9
29.3
47.9
30.2
— 20.1
59.9
20.9
30.0
-4.0
22.1
13.9
-31.2
-32.8
-30.4
.1
-4.9
18.6
-20.7
12.8
66.2
19.8
10.6
32.7
26.9
33.3
15
-46.2
32.3
50.8
28.0
-18.6
62.1
30.5
38.1
-5.5
15.5
9.9
-25.7
-31.1
-30.8
-2.8
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department October-November 1991 survey, business spending for new plant and,
equipment is expected to rise 5.4 percent in 1992, following an expected decline of 0.5 percent in 1991.'
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
600
600
SEASONALLY ADJUSTED ANNUAL RATES
500
500
400
400
ALl INDUSTRIES
300
300
'
NONMANUFACTURING -'
200
200
MANUFACTURING
100
100
J
1983
I
I
I
I
I
I I
1986
1985
1984
I
J
I I
1
1
1
1988
1987
1
1989
1
1
I
1990
^SURVEYED QUARTERLY
-2/SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
I
I
ll Jl
I I
1991
I
1992
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industrie SLirvevec quarterly
M anufacturi ng
All
industries
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 4
1992"
286.40
324.73
326.19
321.16
373.83
410.12
399.36
410.52
455.49
507.40
532.61
529.97
558.60
112.60
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
184.31
184.06
1990: I
II
Ill
IV
532.50
534.55
534.11
530.13
1991: I
II
Ill '
IV
1992: I 4
IT*
No nmanufactu ring
Non manuiacU ring
Total
Nondurable
goo s
Total '
Mining
Transportation
Public
utilities
Commercial
and
other
54.82
58.93
54.58
51.61
64.57
70.87
65.68
68.03
77.04
82.56
82.58
77.04
79.38
57.77
69.75
69.39
65.74
75.04
82.01
72.28
73.03
86.41
101.24
110.04
107.27
104.68
173.80
196.06
202 22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.66
374.54
12.71
15.81
14.11
10.64
11.86
12.00
8.15
8.28
9.29
9.21
9.88
10.06
9.50
13.56
12.67
11.7S
10.81
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.18
26.24
41.32
47.17
53.58
52.95
57.53
59.58
56.61
56.26
60.37
66.28
67.21
65.98
71.44
106.21
120.41
122.79
129.41
151.39
171.09
181.59
189.84
205.76
229.28
241.43
247.44
267.35
192.16
195.0i
194.05
189.72
86.03
84.15
82.48
79.03
106.14
110.87
111.57
110.69
340.33
339.53
840.06
340.41
9.62
9.77
9.97
10.12
21.84
21.94
21.08
21.18
65.41
64.64
67.68
70.24
243.46
243.18
241.32
238.87
192.16
195.02
194.05
189.72
340.33
339.53
340.06
340.41
535.50
524.57
527.86
531.96
191.13
187.35
177.05
181.72
81.24
79.69
74.51
72.74
109.90
107.66
102.54
108.98
344.37
337.22
350.81
350.24
9.89
10.09
10.09
10.15
23.25
23.05
22.83
19.61
67.04
64.58
66.47
65.82
244.19
239.50
251.42
254.66
191.13
187.35
177.05
,81.72
344.37
337.22
350.81
350.24
563.31
580.52
188.11
197.49
80.58
84.87
107.52
112.61
375.20
383.03
10.58
10.01
24.82
27.68
71.52
74.47
268 28
270.88
188.11
197.49
375.20
383.03
Durable
goo s
farm
business
318.08
358.77
363.08
359.73
418.38
454.93
447.11
461.51
508.22
563.93
591.96
Manufacturing
112.60
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
184.31
184.06
Total
205.48
230.09
239.11
242.38
278.77
302.05
309.16
320.45
344.77
380.13
399.34
Surveyed
quarterly
173.80
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.66
374.54
Surveyed
annually3
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
59.35
Tvices; professional services;
;s and membership organizations: and real estate, which, effective
1984 survey, are no longer surveyed quarterly, bee last column ( 'nonmanufacturmg surveyed annu
4
Planned capital expenditi
Source: Department of Commerce, Bun
10
October-Novf-mbi'r 1991, corrected for
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In November, civilian employment fell 209,000 and unemployment fell 83,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
126
126
SEASONALLY ADJUSTED
122
122
CIVILIAN LABOR FORCE
118
118
114
114
110
110
'\
CIVILIAN
EMPLOYMENT
106
106
102
102
98
98
v
-~^l
-
- 12
UNEMPLOYME NT
•——
*
»>
•—* ^L_
S~~*~
- —
••
.
•—
8
—-"
-
- 4
1 1 1 1 1 1 1 M
1 1
1 M 1 M M M 1
1983
M
1984
1 1 1 1 M 1 M
1985
Mill
Mill
1986
1 M
1 1
1 1 1 1 1
1987
1 1 1 It
1 1 M
M
1 1 1 1 1
HIM
1 1 1 M 1 1 M 1I
1989
1988
MM)
1990
II
1 1 1
1991
COUNCJi OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
1981
1982
1983
1984
1985
1986*
1987
1988
1989
1990
1990:
Nov
Dec
1991:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Noninstitutional
population
including
resident
Armed
Forces
NSA
Civilian e mployment
Employment
including
resident
Armed
Forces
Resi-
Labor force
Armed
Forces
NSA
resident
Armed
Forces
173,939
175,891
178,080
179,912
182,293
184,490
186,322
188,081
189,686
1,645
1,668
1,676
1,697
1,706
1,706
1,737
1,709
1,688
1,637
110,315
111,872
113,226
115,241
117,167
119,540
121,602
123,378
125,557
126,424
102,042
101,194
102,510
106,702
108,856
111,303
108,670
110,204
111,550
113,544
115,461
117,834
114,177
116,677
119,030
119,550
190,312
190,483
1,615
1,617
126,338
126,791
190,592
190,717
190,703
190,836
190,980
191,173
191,443
191,589
191,746
191,903
192,057
1,615
1,602
1,460
1,456
1,458
1,505
1,604
1,616
1,624
1,614
1,605
126,253
126,678
126,786
127,128
126,690
127,134
126,818
126,520
127,231
127,163
126,862
171,775
Civilian
labor force
Agricultural
Total
Total
Part time
for
economic
reasons l
Total
Employment/
population
ratio
(percent) 2
60.1
60.7
61.5
62.3
63.0
62.7
7,337
7,600
1,727
1,739
66.1
66.3
62.2
62.3
7,715
8,158
8,572
8,274
8,640
8,745
8,501
8,488
8,442
8,582
8,499
1,829
1,975
2,184
2,229
2,234
2,573
2,348
2,396
2,362
2,537
2,581
66.0
66.1
66.2
66.4
66.1
66.2
66.0
65.7
66.1
66.0
65.8
61.9
61.8
61.7
62.0
61.5
61.6
61.5
61.3
61.6
61.5
61.3
119,865
121,669
123,869
124,787
5,122
4,965
4,657
4,860
119,001
119,191
124,723
125,174
117,386
117,574
3,185 114,201
3,253 114,321
5,163
5,262
118,537
118,520
118,214
118,854
118,049
118,389
118,316
118,032
118,789
118,581
118,363
124,638
125,076
125,326
125,672
125,232
125,629
125,214
124,904
125,607
125,549
125,257
116,922
116,918
116,754
117,398
116,591
116,884
116,712
116,416
117,165
116,967
116,758
3,163
3,222
3,098
3,156
3,272
3,308
3,239
3,266
3,306
3,195
3,302
5,178
5,803
5,889
5,956
5,702
5,425
5,605
5,643
6,130
6,116
6,185
113,759
113,696
113,656
114,243
113,319
113,576
113,474
113,150
113,859
113,772
113,457
participation
rate
(percent) 2
2,305
2,232
1,983
1,610
1,375
1,504
3,163
3,208
3,169
3,199
3,186
8,539
8,312
8,237
7,425
6,701
6,528
6,874
4,499
5,852
5,997
5,512
5,334
5,345
15
weeks
and
over
63.9
64.0
64.0
64.4
64.8
65.3
65.6
65.9
66.5
66.4
106,434
109,232
111,800
114,142
114,728
3,368 97,030
3,401 96,125
3,383 97,450
3,321 101,685
3,179 103,971
Cnilian
Labor
100,397
99,526
100,834
105,005
107,150
109,597
112,440
114,968
117,342
117,914
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulllime work, etc.
z
Civilian labor force (or employment) as percent of civilian noninstitutional population.
50-730 0 - 9 2 - 2
Unempl ayment
Nonag•ricultural
8,273
10,678
10,717
2,285
3,485
4,210
2,737
59.0
57.8
57.9
59.5
" Data beginning January 1986 not strictly comparable with earlier data because of change in
slimafi'ofi procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In November, the civilian unemployment rate was unchanged, at 6.8 percent. The overall unemployment rate was
also unchanged, at 6.7 percent.
PERCENT* (SEASONALLY ADJUSTED]
PERCENT* (SEASONALLY ADJUSTED]
10
10
1987
1988
1989
UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
1990
1991
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemp oyment ra te (percen t of civilia n labor force in group)
By s elected grou )S
By race
Men
20 years
Women
20 years
and
7.5
9.5
9.5
7.4
7.1
6.9
6.1
5.4
5.2
5.4
7.6
9.7
9.6
7.5
7.2
7.0
6.2
5.5
5.3
5.5
6.3
8.8
8.9
6.6
6.2
6.1
5.4
4.8
4.5
4.9
6.8
8.3
8.1
6.8
6.6
6.2
5.4
4.9
4.7
4.8
19.6
23.2
22.4
18.9
18.6
18.3
16.9
15.3
15.0
15.5
6.7
8.6
8.4
6.5
6.2
6.0
5.3
4.7
4.5
4.7
14.2
17.3
17.8
14.4
13.7
13.1
11.6
10.4
10.0
10.1
15.6
18.9
19.5
15.9
15.1
14.5
13.0
11.7
11.4
11.3
7.3
9.3
9.2
7.1
6.8
6.6
5.8
5.2
5.0
5.3
4.3
6.5
6.5
4.6
4.3
4.4
3.9
3.3
3.0
3.4
10.4
11.7
12.2
10.3
10.4
9.8
9.2
8.1
8.1
8.2
7.3
9.6
9.5
7.2
6.8
6.6
5.8
5.2
4.9
5.2
Nov
Dec
5.8
6.0
5.9
6.1
5.4
5.6
5.1
5.3
16.4
16.6
5.0
5.3
11.0
11.1
12.2
12.2
5.7
5.8
3.7
3.8
8.7
8.7
Jan
Feb
Mar
Apr
May
June ....
July
Aug
Sept
Oct
Nov
6.1
6.4
6.8
6.5
6.8
6.9
6.7
6.7
6.6
6.7
6.7
6.2
6.5
6.8
6.6
6.9
7.0
6.8
6.8
6.7
6.8
6.8
5.6
6.3
6.5
6.2
6.5
6.6
6.5
6.5
6.5
6.4
6.3
5.3
5.4
5.7
5.5
5.8
5.9
5.4
5.7
5.5
5.8
5.9
18.2
17.1
18.7
18.1
19.1
19.2
20.6
19.0
18.0
18.8
18.5
5.5
5.9
6.2
5.8
6.1
6.2
6.2
6.1
6.0
6.0
6.1
10.7
10.7
11.1
11.2
11.5
11.4
10.5
11.1
11.0
11.5
10.9
12.1
11.8
12.3
12.6
13.0
13.1
11.8
L2.3
12.1
12.7
12.1
6.0
6.4
6.7
6.4
6.6
6.7
6.5
6.5
6.4
6.5
6.6
4.0
4.3
4.5
4.4
4.4
4.7
4.3
4.3
4.5
4.2
4.5
9.0
9.1
9.0
9.9
9.1
9.2
8.3
9.6
8.9
9.5
9.1
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991:
Bv sex and a ee
All
civilian
workers
Period
1990:
Unemployment
rate,
all
workers 1
1
Both
sexes
16-19
White
I'nemployed as percent of total labor force including resident Armed Forces.
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
2
12
Black
and
other
Black
Experienced
wage and
salarv
workers
Married
men,
spouse
present
Wromen
who
maintain
families
Source: Department of Labor, Bureau of Labor Statistics.
Fulltime
workers
Parttime
workers
Labor
force
time lost
(percent) 2
9.3
9.3
9.1
8.4
7.6
7.3
7.4
8.5
11.0
10.9
8.6
8.1
7.9
7.1
6.3
5.9
6.2
5.7
5.8
7.3
7.6
6.7
6.9
6.0
6.4
7.7
7.6
9.1
8.1
9.0
8.6
8.3
8.2
8.3
8.2
8.6
1.0
7.5
7.7
7.6
7.7
7.6
7.5
7.6
7.7
7.7
7.9
6.5
6.3
6.5
6.6
6.5
6.5
6.4
6.6
6.5
9.4
10.5
10.4
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 and for 27
weeks and over rose; the percentages for 5-14 weeks and for 15-26 weeks fell. The mean duration of
unemployment rose to 14.9 weeks and the median rose to 7.7 weeks.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION'
70
70
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
60
—
40
50
40
REENTRANTS
30
-
20
10
30
JOB LEAVERS .
20
-
—
10
1991
1988
1987
1989
1990
1991
COUNCIL OF ECONOMIC ADVISERS
[Monthl_ • data seasonallv adjusted. axcept as noted]
Re ason for jnemplo\ ment:
percent distributi m
Dur ition of imemplo\ ment
Period
Unemployment
(thousands)
F ercent di stributio i
Less
than
5
weeks
5-14
weeks
15-26
weeks
Stat e
progrs ms
Insured
Numb er of
27
weeks
and
over
Average
(mean)
Medi-
Job
losers
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
unemployment,
"all
regular
programs
(unadjusted) '
Weekly a •erage, t rousands
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: Nov
Dec
1991: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Noy
1
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
7,337
7,600
7,715
8,158
8,572
8,274
8,640
8,745
8,501
8,488
8,442
8,582
8,499
41.7
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
46.1
44.7
43.5
44.1
42.4
40.9
39.8
42.5
38.7
39.9
40.4
39.0
38.0
38.3
30.7
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
32.0
31.8
33.4
32.2
33.4
33.8
33.2
31.6
32.3
32.3
31.0
33.3
32.4
31.4
13.6
16.0
ISA
12.9
12.3
12.7
12.7
12.0
11.2
11.8
12.8
12.5
12.7
12.9
14.4
14.8
14.0
15.9
14.4
14.6
14.4
16.4
14.9
14.0
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
10.1
10.8
10.6
11.0
11.3
11.0
12.1
11.9
13.1
13.4
14.0
13.4
13.1
15.3
Includes Stale (50 States, District of C olumbia. Puerto Rico, and Virgin Is ands), ex servicemen (UCX), Federal (UCFE). and railroad (RR) programs. Also inel udes Fede al and S ate exbenefit programs. Does not include Federal supplemental compensation program.
13.7
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.1
12.4
12.4
12.4
12.8
13.0
13.7
12.9
14.2
13.9
14.0
14.0
14.3
14.9
6.9
8.7
51.6
58.7
10.1
58.4
7.9
6.8
6.9
6.5
5.9
4.8
5.4
5.9
5.9
5.9
6.1
6.6
51.8
49.8
48.9
48.0
46.1
45.7
48.3
51.2
49.9
53.0
55.5
54.9
11.2
10.6
12.3
13.0
27.1
26.2
26.6
11.9
11.1
11.3
13.0
12.5
12.5
12.4
14.7
27.0
28.2
27.4
12 2
10.4
9.5
26.3
8.9
8.7
8.7
7.8
8.2
8.9
9.0
8.4
9.7
9.0
9.2
9.6
9.0
7.9
7.7
9.6
15.7
14.8
13.6
13.5
11.7
12.2
12.6
7.0
54.5
11.9
6.5
6.9
6.6
7.2
7.5
53.6
55.1
54.4
12.1
12.3
11.7
10.5
10.9
7.4
i. i
55.4
56.3
54.7
54.6
11.5
11.7
25.4
22.3
22.5
25.6
28.0
26.6
24.5
24.4
24.7
25.3
94 9
94 9
25.1
23.6
24.2
24.7
3,047
4,061
3,396
2,476
2,611
2,650
2,332
2,081
396
378
328
2,522
310
330
388
2,912
2,970
454
461
3,070
445
489
509
2,158
3,218
3,415
3,518
3,550
3,453
3,332
3,257
3,346
3,365
3,351
3,410
4,594
3,775
2,561
2,693
2,746
2,401
2,248
2,324
2,715
2,722
460
583
438
377
3 999
4,012
4,145
4,127
3,782
3,412
3,182
475
438
423
406
421
427
431
449
3,291
' 3,010
r
2,803
2,793
3,108
Source • Departir em of Lab or (Bureai of Labor Statistics and Employment and Train ng Adminis(ration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey fell 241,000 in November.
MILLIONS Of PERSONS* (ENLARGED SCALE)
30
MILLIONS OF PERSONS*
ALL NONAGRICULTURAL
ESTABLISHMENTS
80
SERVICE-PRODUCING
INDUSTRIES,
20
18
—
MANUF ACTURING
X
18
40
III 1 1 III
1111
Minium
i ii 1 1! in ii i mil n inTmi rl niTii
GOODS-PRODUCING
INDUSTRIES
30
X
.
. CONSTRUC nr>K|
1988
,|
il 1 1 1 ! 1 1 1 1 1 1 m|
I7 1987
1988
1989
1,1,1
1989
|||M|
1 1 II ll 1 III l>
1991
N
1990
COUNCIL Of ECONOMIC ADVISERS
[Thousands of wage and salary workers; 1 seasonally adjusted]
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
tal
T notai
nonagricultural
employment
Goods-] reducing in dustries
Se rvice-produ cing indust.r les
J anufacturin g
Total
2
Con-
Total
D bl
goods
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
R ptoil
etau
trade
Gover nment
Finance,
insurance,
and real
estate
Services
Total
Federal
91,156
89,566
90,200
94,496
97,519
99,525
102,200
105,536
108,329
109,971
25,497
23,813
23,334
24,727
24,859
24,558
24,708
25,173
25,322
24,958
4,188
3,905
3,948
4,383
4,673
4,816
4,967
5,110
5,187
5,136
20,170
18,781
18,434
19,378
19,260
18,965
19,024
19,350
19,442
19,111
12,082
11,014
10,707
11,479
11,464
11,203
11,167
11,381
11,420
11,115
8,089
7,767
7,726
7,899
7,796
7,761
7,858
7,969
8,022
7,995
65,659
65,753
66,866
69,769
72,660
74,967
77,492
80,363
83,007
85,014
5,165
5,082
4,954
5,159
5,238
5,255
5,372
5,527
5,644
5,826
5,296
5,286
5,574
5,736
5,774
5,865
6,055
6,221
6,205
15,172
15,161
15,595
16,526
17,336
17,909
18,462
19,077
19,549
19,683
5,298
5,341
5,468
5,689
5,955
6,283
6,547
6,649
6,695
6,739
18,619
19,036
19,694
20,797
21,999
23,053
24,235
25,669
27,120
28,240
16,031
15,837
15,869
16,024
16,394
16,693
17,010
17,386
17,779
18,322
2,772
2,739
2,774
2,807
2,875
2,899
2,943
2,971
2,988
3,085
1990: Nov.... 109,761
Dec
109,621
24,481
24,375
4,962
4,911
18,807
18,749
10,867
10,828
7,940
7,921
85,280
85,246
5,852
5,867
6,180
6,166
19,628
19,579
6,740
6,733
28,525
28,548
18,355
18,353
2,964
2,948
1991:
24,181
24,039
23,877
23,794
23,847
23,792
23,798
23,826
23,797
23,723
23,593
4,797
4,792
4,720
4,688
4,715
4,710
4,695
4,691
4,699
4,671
4,576
18,671
18,532
18,443
18,396
18,426
18,378
18,402
18,442
18,414
18,374
18,341
10,770
10,652
10,584
10,560
10,575
10,534
10,546
10,553
10,531
10,494
10,462
7,901
7,880
7,859
7,836
7,851
7,844
7,856
7,889
7,883
7,880
7,879
85,237
85,121
85,025
84,942
85,040
85,093
85,061
85,145
85,269
85,347
85,236
5,866
5,834
5,824
5,814
5,819
5,809
5,809
5,820
5,829
5,829
5,826
6,138
6,119
6,105
6,086
6,085
6,068
6,064
6,050
6,049
6,043
6,032
19,542
19,464
19,378
19,324
19,339
19,345
19,347
19,343
19,338
19,294
19,183
6,736
6,732
6,735
6,718
6,712
6,703
6,688
6,687
6,692
6,698
6,702
28,590
28,583
28,576
28,576
28,645
28,712
28,733
28,831
28,937
29,023
29,042
18,365
18,389
18,407
18,424
18,440
18,456
18,420
18,414
18,424
18,460
18,451
2,952
2,951
2,951
2,953
2,952
2,971
2,963
2,967
2,979
2,986
2,988
Jan
Feb
Mar
Apr
May...,
June...
July....
Aug....
Sept r..
Oct r...
Nov "..
109,418
109,160
108,902
108,736
108,887
108,885
108,859
108,971
109,066
109,070
108,829
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived
th is table
fromi this
(aoie not comparable
comparaoie with
witn estimates of
01 nonagricultural employment of
ot the
tne civilian laoor
labor
force, sh
:hown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which c?ount persons as employed when they are not at work because of industrial disputes, bad
14
5,376
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, I
•au of Labor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY
EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Aver age weekly 1 ours
Average gross hourly earnings
Manufa during
Period
private
nonagricultural *
1982
dollars 2
Percent cha nge from a
year ear er, total
pnv ate
nonagric ultural 3
C urrent dollar
Current
dollars
1982
dollars a
Manufacturing
Construction
Retail
$255.20
267.26
280.70
292.86
299.09
304.85
312.50
322.02
334.24
345.69
$270.63
$318.00
8.5
330.26
354.08
374.03
386.37
396.01
406.31
418.81
429.68
441.86
$399.26
426.82
442.97
458.51
464.46
466.75
480.44
495.73
513.17
526.40
$157.99
267.26
272.52
274.73
271.16
271.94
269.16
266.79
264.22
259.72
163.83
171.13
174.47
174.81
175.80
178.80
183.62
188.72
194.69
4.7
5.0
4.3
2.1
1.9
2.5
3.0
3.8
3.4
1982
dollars
Current
dollars
$7.25
$7.69
7.68
7.79
7.80
41.0
41.1
41.0
40.8
7.68
8.02
8.32
8.57
8.76
8.98
9.28
9.66
10.02
7.81
7.73
7.69
7.64
7.53
$7.99
8.49
8.83
9.19
9.54
9.73
9.91
10.19
10.48
10.83
34.4
34.6
40.6
40.7
3.5
3.5
10.13
10.17
7.43
7.44
10.96
10.99
348.47
351.88
255.66
257.41
444.98
447.29
530.46
536.77
196.02
196.31
3.3
4.0
-2.8
-2.0
34.1
34.3
34.2
34.0
34.3
34.6
34.1
34.3
34.5
34.3
40.4
40.3
40.3
40.2
40.4
40.8
40.7
41.0
3.4
3.3
3.3
3.3
3.4
3.7
3.7
3.8
3.7
3.7
3.8
10.18
10.20
10.24
10.28
10.32
10.37
10.36
10.40
10.41
10.40
10.44
7.42
7.43
7.46
7.47
7.47
7.49
7.47
7.49
7.47
7.46
7.45
11.02
11.03
11.05
11.12
11.15
11.19
11.22
11.25
11.25
11.26
11.30
347.14
349.86
350.21
349.52
353.98
358.80
353.28
356.72
359.15
356.72
359.14
253.02
254.81
255.07
253.83
256.32
259.25
254.89
257.00
257.82
255.90
256.35
445.21
444.51
445.32
447.02
450.46
456.55
456.65
461.25
461.25
460.53
462.17
523.13
533.65
526.67
532.50
533.40
532.64
532.38
533.25
537.73
537.35
524.14
194.14
196.48
197.34
197.95
200.33
202.59
199.65
201.34
203.04
201.21
204.48
2.4
2.4
2.3
2.5
2.9
3.1
1.9
3.0
2.8
3.3
3.0
-2.9
-2.5
34.8
35.0
35.2
34.9
34.8
34.8
34.7
34.6
34.5
1991: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept r
Oct r.
Nov"
dollars
Manufacturing
2.3
3.0
3.4
3.3
3.4
3.7
3.9
3.8
3.6
35.2
1982
1983
1984
1985
1986
1987
1988
1989
1990
Nov
Dec
Total
Total rivate
nonagnc ultural 1
2.8
1981
1990:
Average gross weekly earnings
Total jrivate
nonagric ultural 1
34.4
39.8
38.9
40.1
40.7
40.5
40.7
41.0
40.9
40.9
7.77
1
Also includes other private indi stry groups s lown on p. 14.
Current dollar earnings divided by the consu mer price in< ex for urban wage earners and clerical
workers (on a 1982 = 100 base).
2
-1.5
-1.2
2.0
.8
-1.3
.3
-1.0
-.9
-1.0
-1.7
— 2.2
-2.1
-1.9
-1.4
-2.3
-.5
-.3
.6
.2
3
Based on seasona y unadjustef data.
Source : Departmen of Labor, Biireau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 == 100)
Percent ci ange from
<•
Period
Total
compensation
Wages and
salaries
Benefits '
66.6
71.4
76.7
81.7
84.6
87.5
90.5
96.7
102.6
109.4
Total
compensation
12 months earli jr
months earlie r
Wages and
Benefits
1
Total
compensa-
Wages and
Benefits
l
N o t s easonally ad usted
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
71.2
75.8
80.1
84.0
87.3
90.1
93.1
97.6
102.3
107.0
73.0
77.6
81.4
84.8
88.3
91.1
94.1
98.0
102.0
106.1
Mar
June
Sept
Dec
1989: Mar
June
Sept
Dec
1990: Mar
June
Sept
Dec
1991: Mar
June
Sept
94.5
95.7
96.6
97.8
98.8
100.0
101.3
102.4
103.8
105.1
106.2
107.2
108.4
109.7
110.9
95.0
96.1
96.9
98.0
99.1
100.0
101.1
102.2
103.3
104.4
105.4
106.2
107.3
108.4
109.2
2.0
1.3
1.3
1.3
.6
.7
.6
1.0
1.1
.8
1.8
1.2
1.1
1.2
.6
.6
.6
1.0
.8
.7
2.1
1.4
1.3
1.4
.5
.6
1.0
1.0
1.2
1.0
1
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the
influence of employment shifts among occupations and industries.
93.1
94.5
95.7
97.1
98.1
99.8
101.5
103.1
105.1
106.7
108.4
109.9
111.3
113.2
115.3
1.3
1.3
.9
1.2
1.0
1.2
1.3
1.1
1.4
1.3
1.0
.9
1.1
1.2
1.1
4.8
4.6
8.8
12.1
6.3
4.9
4.2
4.1
3.2
3.3
4.1
4.1
4.0
7.2
7.4
6.5
3.5
3.4
3.4
6.9
6.1
6.6
Not se asonally adji sted
Seasonall ' adjusted
1988:
9.9
6.5
5.7
4.9
3.9
3.2
3.3
4.8
0.8
1.2
.8
1.1
1.1
.9
1.1
1.1
1.1
1.1
1.0
.8
1.0
1.0
.7
2.4
1.5
1.3
1.5
1.0
1.7
1.7
1.6
1.9
1.5
1.6
1.4
1.3
1.7
1.9
3.8
4.5
4.4
4.8
4.6
4.5
4.8
4.8
5.2
5.2
4.9
4.6
4.4
4.4
4.5
3.3
3.8
3.7
4.1
4.2
4.1
4.3
4.1
4.2
4.5
4.2
4.0
4.0
3.7
3.7
5.9
6.4
6.8
6.9
5.4
5.6
6.0
6.1
7.2
6.9
6.8
6.6
5.8
6.2
6.4
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output p ir hour of
all pe rsons
Period
Business
sector
Nonfarm
business
sector
Hours of all
pers >ns 2
Outj ut '
Business
sector
Nonfarm
business
sector
Business
sector
per
Compens ation
hoii r 3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real com pensation
per hour 4
Business
sector
Nonfarm
business
sector
Unit lab or costs
Implic t price
5
defla tor
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
86.2
93.1
100.0
101.5
103.3
106.5
109.5
112.2
116.0
121.0
121.2
85.7
93.1
100.0
101.5
103.4
106.8
109.9
112.8
116.4
121.5
127.9
85.9
94.5
100.0
103.4
107.7
111.2
113.6
116.6
120.8
126.0
130.8
85.6
94.2
100.0
104.0
107.6
111.6
114.2
117.2
121.4
126.4
131.3
19f J2 = 100; (uarterly c ata seasoimlly adjus ted
1980
1981
1982
1983
1984
'.
'.
.
r
.
r
.
r
1985 r.
1986 r.
1987 ".
1988 r.
1989 r.
1990 '
1982:
1983:
1984:
1985:
1986:
1987:
1988:
IV r....
IV r....
IV r....
IV r....
IV r ....
IV r....
IV r....
1989: I r r
n .r
m ....
IV r ....
1990: I r r
n .r
m r ....
IV ....
1991: I rr
n .r
Ill ....
98.6
99.9
100.0
102.2
104.6
106.1
108.3
109.4
110.4
109.5
109.7
99.0
99.9
100.0
102.4
104.5
105.4
107.5
108.3
109.2
108.2
108.1
100.5
102.4
100.0
104.1
112.6
116.7
119.9
124.8
130.1
132.4
132.9
100.8
102.4
100.0
104.4
113.0
116.8
120.1
125.0
130.6
132.8
133.2
101.9
102.5
100.0
101.8
107.6
109.9
110.7
114.1
117.9
120.9
121.2
101.8
102.5
100.0
102.0
108.1
110.8
111.8
115.4
119.5
122.7
123.1
85.0
93.0
100.0
103.7
108.1
113.0
118.6
122.7
128.0
132.5
139.6
84.9
93.0
100.0
103.9
108.1
112.6
118.1
122.1
127.2
131.5
138.3
99.5
98.7
100.0
100.5
100.4
101.3
104.4
104.3
104.4
103.1
103.1
99.4
98.8
100.0
100.7
100.4
101.0
104.0
103.7
103.8
102.3
102.1
101.1
103.0
105.2
106.9
108.0
110.3
110.4
101.0
103.2
105.1
105.8
107.1
109.1
109.6
100.0
107.5
114.4
118.0
120.6
127.4
131.7
100.0
108.1
114.8
118.2
120.8
127.6
132.5
98.9
104.3
108.7
110.4
111.6
115.5
119.3
98.9
104.7
109.2
111.7
112.8
117.0
121.0
102.1
105.2
109.7
115.4
120.6
125.3
130.1
102.1
105.1
109.7
114.8
120.1
124.6
129.3
100.6
100.4
100.6
102.2
105.3
104.8
104.3
100.6
100.3
100.5
101.6
104.9
104.2
103.6
101.0
102.1
104.3
108.0
111.6
113.7
117.8
101.1
101.8
104.4
108.4
112.1
114.3
118.0
101.1
104.8
109.0
112.4
114.6
117.9
122.8
101.4
105.2
109.0
112.9
115.2
118.5
123.4
110.0
109.7
109.2
109.1
108.8
108.2
107.9
107.8
132.6
132.5
132.4
132.2
133.0
132.8
132.8
132.6
120.5
120.7
121.3
121.2
122.2
122.7
123.1
123.0
131.3
131.9
132.6
134.1
130.4
130.7
131.5
133.0
103.9
102.9
102.7
102.8
103.2
102.0
101.8
101.9
119.3
120.2
121.5
122.8
119.8
120.8
121.9
123.4
124.2
125.6
126.4
127.6
124.5
126.0
126.9
128.0
109.6
110.3
109.6
109.4
108.1
108.6
107.9
107.9
133.2
133.9
132.9
131.8
133.5
134.1
133.1
132.0
121.6
121.4
121.2
120.5
123.5
123.4
123.3
122.4
136.2
139.0
140.9
142.3
134.9
137.6
139.5
141.0
102.6
103.6
103.3
102.6
101.6
102.6
102.3
101.7
124.3
126.1
128.5
130.1
124.9
126.7
129.2
130.7
128.8
130.2
131.6
132.5
129.2
130.6
132.2
133.3
109.4
109.9
110.2
107.9
108.4
108.6
130.2
130.7
131.3
130.4
130.9
131.4
119.1
119.0
119.2
120.9
120.8
121.0
143.2
144.8
145.8
142.0
143.6
144.5
102.4
103.0
103.0
101.5
102.1
102.1
131.0
131.8
132.4
131.6
132.5
133.1
134.0
135.0
135.6
134.9
135.7
136.4
11.5
Pei cent chan je; quarte rly data at seasonal] y adjusted annual ra tes
1980 '.
1981 r.
1982 r.
1983 '.
1984 r.
1985 r.
1986 r.
1987 r.
1988 '.
1989 r
1990 r.
1989: I r
II r.r
m r ....
IV ....
1990: I r r
II .
Ill r....
IV '....
1991: Ir r
II .r
m ....
0.7
1.3
.1
2.2
2.3
1.4
2.0
1.0
.9
-.7
2
-0.9
-1.5
-1.0
-2.0
2
-2.8
-2.0
-1.3
1.7
2.4
-1.6
.9
.1
2.4
2.1
.8
1.9
.8
.9
.9
— .1
1.9
-2.3
4.1
8.2
3.6
2.8
4.1
4.3
1.8
.4
10.7
9.6
7.5
3.9
4.0
4.2
4.9
3.4
4.1
3.4
5.2
-2.4
-2.4
2.0
6.0
2.5
.9
3.3
3.5
2.7
.3
10.7
9.4
7.6
3.7
4.2
4.5
4.9
3.5
4.3
3.5
5.4
4.2
.7
2.0
-.4
4.3
1.4
1.4
4
3.5
2.0
2.1
4.4
3.4
1.1
2.5
4.5
-1.3
-3.9
-1.0
-0.8
-0.9
.6
.7
-2.5
1.8
5.7
2.1
.7
3.1
3.3
2.6
.2
-.3
-.6
1.4
-.6
.1
-.7
1.0
2.1
2.7
1.8
-3.0
-3.1
1.2
-.5
-.8
-2.2
1.8
-.3
-.5
-2.8
6.6
8.4
5.7
4.1
6.0
8.1
5.6
4.4
-4.9
1.6
1.6
-4.7
-.3
.7
-4.9
-.3
.7
2.6
4.6
2.8
2.7
4.6
2.7
2.6
Q
^
-.9
g
3.0
2.0
-3.0
-3.0
1.9^
1.1
.1
1.9
.9
-4.9
1.7
1.8
-2.2
1.7
1.6
2.4
4.4
8.2
3.4
2.8
4.1
4.4
1.7
.3
-2.5
1
Output refers to gross domestic product originating in the sector in 1987 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.
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
16
-.8
1.3
.5
-.1
.9
3.0
-.1
.1
-1.2
-.0
11.7
9.7
8.0
7.4
1.5
1.9
3.0
2.8
2.5
3.3
4.3
5.2
8.6
7.4
1.5
1.9
3.3
2.9
2.6
3.2
4.3
5.3
10.1
10.4
10.1
5.8
3.4
4.1
3.3
2.2
2.6
3.6
4.3
3.8
6.1
4.0
3.5
3.7
2.4
2.6
3.6
4.1
3.9
5.1
3.1
4.2
4.6
6.4
3.2
3.8
4.8
4.7
4.4
2.7
3.7
3.9
4.7
3.0
3.5
12
-2.4
4.8
5.8
8.1
5.0
5.0
5.9
8.4
4.7
4.0
4.3
4.4
2.8
3.8
4.5
4.8
3.4
-.8
2.5
-.2
2.7
2.6
1.7
2.7
2.6
1.9
4.5
2.9
1.8
4.8
2.5
2.1
-2.4
-.7
1.2
.7
g
.6
3.0
2
0
-1.4
-.2
-1.5
-4.7
-.7
4.3
-1.1
-2.7
-.9
2.4
-.2
Y
'.5
.4
-1.3
4.1
differ slightly from percent changes based on indexes shown here.
Data reflect the recent comprehensive (benchmark) revision of the national income and product
accounts by the Department of Commerce, Bureau of Economic Analysis (BE A). BE A data for
output and compensation for the first three quarters of 1991 incorporate benchmarking to unemployment insurance (UI) records. However, the detailed UI information needed by the Bureau of Labor
Statistics to measure employment and hours for 1990 and 1991 is not yet available. Therefore,
movements in measures based on hours of labor input should be interpreted with caution for 1990
and 1991.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization fell in November.
INDE X, 1987= 10 0* (RA TIO S :ALE)
INDE X, 1987=. 1C 0* (RATIO S :ALE)
115
130
TOTAL IS
mis iilAI
110
_/,
105
RODUCTIO \!
1
-'
\
\/
115
95 ^
90 \ M 1 1 1 1 n i i
115
95
— >*""'^ -
•r
t—
«•*•"
/
/
DUR^ BLE
*£?
\/^
:
/
105
JJ L. -'-''
95
4
\^—^
/^\(\
— CONSUMER
GOODS
/
110
100
/A
/
i_/
•?7*^~~-
/ ^/
*.. •** .
f
-.^ ' \V
— .— - ^ .x
^
\
\
1
i
I
mil inn
^^
-
DEFENSI
AND SPAC:E
— EQUIPMEhw
i
85
\
\"~~^'
90
I
'""
UTILITIES AND
no _ PRODUC1 ION
"V-.J
r/~^
/f
\
PER CENT*
88
- U T LITIES
MiNirvIG
^
,^-~~f
A
105
1
1 1 1 If M t 1 1 1 1 M 1 1 1 1 1 1 1 I N N 1 1 1 1 1
115
95
^ •x. s~ "•" ~^'~""
1 1 1111 1 111
^ ONDL RABLE
1 1 1 1 1 1! i 111
100
/•y
MANUFA :;IUR NG
PRODUC1 ION
no
100
Illl 1 1 1 1 1 1 ! 1 1 1 1 1 1 ! i 1 1 1 1 1 1 1 M i l l
/-
BUSINESS
EQL IPMENT
\
120
/-^"
100
FINAL PR ODUCTS
125
«-/•—*•—***%s—
Y
V
86
v"1 \f\
\tj
— CAPACI FY UTILIZAT
(TOTAL NDUSTRY]
i-*-s" 1—^>
84
^_/°Vvo Ax/s\v_
82
\
ON RATE -
y
f~>
^"^
\
V
x//^^N.
90
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Industry prot uction indexes , 1987 = 100
To tal
indu trial
produ ction
Period
Manufacturing
Percent
Mining
1987 = 100
from year
earlier
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
84.1
85.7
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
109.2
-1.9
1990: Nov
Dec
108.3
107.2
1991: Jan
Feb
Mar
Apr
May
June
July
Aug r
Sept r
Oct r
Nov"
106.6
105.7
105.0
105.5
106.4
107.3
108.1
108.0
108.2
108.2
107.8
1
Output as percent of capacity.
Capacity utilization
rate, pe reent l
1.9
— 4.4
3.7
9.3
1.7
1.0
4.9
5.4
2.6
1.0
.2
-1.3
-.8
-2.6
-3.6
-3.0
-2.7
-2.5
-2.1
-2.3
-2.2
-1.6
-.5
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
80.2
78.8
72.8
74.9
80.4
79.5
79.0
81.4
83.9
95.9
94.3
91.8
93.6
97.0
99.5
96.3
100.0
104.4
107.1
108.0
82.1
80.9
75.0
75.8
91.5
94.9
100.0
103.6
106.4
107.8
110.0
114.3
109.3
104.8
111.9
109.0
101.0
100.0
101.8
100.5
102.6
109.9
107.5
107.7
107.4
103.3
103.4
106.9
108.8
81.6
80.6
80.7
79.4
107.2
106.1
105.0
106.0
106.7
107.3
108.1
107.8
108.4
108.2
107.3
106.8
106.0
105.4
105.9
106.5
107.6
108.6
109.0
109.5
109.7
109.6
101.7
102.9
101.5
100.9
100.2
102.1
102.7
101.3
100.8
100.3
100.3
107.6
104.6
106.4
105.9
111.4
111.5
110.9
110.7
108.9
109.0
109.9
80.0
79.1
78.4
78.6
79.1
79.6
80.0
79.8
79.8
79.6
79.1
78.9
78.0
77.2
77.5
77.8
78.3
78.7
78.6
78.8
78.6
78.0
78.8
80.3
76.6
80.9
89.3
91.6
94.3
100.0
105.8
108.9
109.9
75.7
77.4
72.7
76.8
88.4
91.8
93.9
100.0
107.6
110.9
111.6
108.9
107.5
107.0
106.1
105.2
105.9
106.6
107.5
108.3
108.4
108.9
108.9
108.3
83.1
84.5
82.5
87.0
90.8
81.1
80.3
79.2
81.4
84.0
84.2
83.0
83.9
82.3
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 — 100; monthly data seasonally adjusted]
Mate rials
Produ cts
I inal produc ts
Intern lediate pro( ucts
I quipment
Co nsumer gc ods
Period
Total
Total
Durable
goods
Nondurable
goods
Total
1
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
82.1
80.8
83.0
91.0
94.2
95.7
100.0
105.6
109.1
110.9
85.8
84.5
88.8
92.8
93.7
96.8
100.0
104.0
106.7
107.3
74.0
68.7
79.7
91.0
91.6
94.5
100.0
104.9
107.9
106.2
89.6
89.7
91.9
93.4
94.4
97.6
100.0
103.7
106.4
107.6
78.2
77.0
76.8
89.2
94.8
94.5
100.0
107.6
112.3
115.5
1990: Nov
Dec
110.2
109.2
106.5
105.7
99.4
96.0
108.5
108.4
1991: Jan
Feb
Mai
109.1
108.3
108.1
108.7
109.3
110.1
110.2
109.8
110.3
110.4
109.8
105.6
104.7
104.7
105.5
106.6
108.0
108.3
108.4
109.2
109.3
108.8
97.6
95.2
95.9
99.3
101.1
104.2
105.5
104.0
107.7
107.8
106.2
107.8
107.3
107.1
107.2
108.1
109.0
109.0
109.6
109.6
109.7
109.4
Apr
May
June
July
Augr
Sept '
Oct r
,
Nov"
1
ness
Defense
and
space
equipment
Total
struction
supplies
Energy
Business
plies
71.9
85.4
91.1
93.2
100.0
111.8
119.1
123.1
58.5
65.7
71.8
78.9
89.4
96.0
100.0
98.0
97.4
97.3
77.0
75.1
80.3
86.2
88.3
92.0
100.0
104.4
106.8
107.7
72.2
80.2
86.2
89.1
93.8
100.0
104.4
106.1
105.2
75.7
77.0
80.3
86.2
87.7
90.7
100.0
104.4
107.3
109.4
92.8
85.1
88.3
96.6
96.6
95.9
100.0
105.6
107.4
107.8
104.3
100.7
98.9
103.8
103.4
99.4
100.0
101.8
101.4
102.1
115.1
113.6
122.9
121.2
96.2
95.8
106.2
106.0
101.8
101.0
109.2
109.4
106.8
105.3
101.6
102.0
113.6
112.9
112.5
112.8
112.7
112.8
112.8
111.6
111.8
111.9
111.1
121.6
120.6
120.3
121.3
121.7
121.9
122.5
121.3
122.3
122.5
121.7
94.4
94.5
9S.9
92.5
91.5
91.0
90.0
89.8
89.0
88.7
87.9
103.8
102.6
101.3
101.2
102.7
104.0
104.0
104.4
104.2
103.9
104.3
97.7
96.4
94.0
94.9
95.8
97.4
96.9
96.7
96.4
95.4
95.5
108.1
106.8
106.4
105.6
107.5
108.5
109.0
109.7
109.6
109.9
110.4
104.8
103.9
102.6'
103.4
104.5
105.4
107.0
107.2
107.3
107.2
106.8
101.1
101.1
76.1
72.9
78.4
101. a
101.1
102.4
103.4
104.1
103.3
103.1
103.1
103.3
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987 = 100; monthly data seasonally adjusted]
No ^durable manufacti ires
Durable m anufactures
Primary metals
Period
Total
Iron
and
steel
Fabricated
metal
products
Transp artation
equip ment
Nonelectrical
machinery
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber and
products
Apparel
products
Printing
and
publishing
Chemicals
and
products
Foods
72.1
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
117.5
83.2
91.0
102.4
101.8
93.8
100.0
110.3
109.2
108.4
135.1
86.2
96.1
105.9
104.5
90.8
100.0
113.8
109.3
109.9
91.1
83.2
85.5
93.3
94.5
93.8
100.0
106.2
107.2
105.9
65.9
63.9
64.3
80.8
86.8
90.4
100.0
113.8
121.8
126.5
75.4
75.9
80.3
94.1
93.1
94.3
100.0
106.5
109.5
111.4
68.7
64.8
72.7
83.1
91.8
96.9
100.0
105.0
107.2
105.5
58.8
74.5
90.6
99.0
98.5
100.0
105.5
104.9
96.8
74.7
67.3
79.9
86.0
88.0
95.1
100.0
104.6
103.0
101.6
91.0
90.1
93.8
95.7
92.6
96.3
100.0
102.2
104.3
98.8
79.0
84.5
87.6
90.7
100.0
103.6
108.5
111.9
89.2
81.8
87.5
91.4
91.4
94.6
100.0
105.4
108.5
HO .3
86.5
87.7
90.1
92.1
94.9
97.4
100.0
102.8
105.5
107.6
1990: Nov
Dec
109.1
104.2
112.6
107.3
104.3
101.9
126.3
124.7
110.4
108.7
100.1
96.6
85.8
78.5
95.5
93.5
95.5
94.9
112.4
112.8
110.0
109.9
109.6
109.1
1991: Jan
Feb
Mar
Apr
Mav
June
Julv
Aug r
Sept T
Octr
Nov"
99.7
99.5
94.7
94.5
96.9
96.4
101.2
102.6
102.2
102.3
102.2
99.0
98.0
92.0
91.6
94.0
92.9
99.5
100.6
100.8
102.4
102.8
101.7
99.1
97.8
98.0
99.1
99.8
100.9
101.4
101.8
101.7
100.9
125.5
124.5
123.1
123.5
123.6
123.4
123.9
123.3
123.2
107.6
108.2
108.6
109.7
110.6
111.5
111.0
111.5
111.0
109.7
110.2
97.6
95.5
95.0
97.2
98.2
99.7
101.3
99.0
102.2
102.4
99.6
83.0
79.4
79.8
86.2
89.8
92.5
96.7
91.6
99.4
100.4
95.7
94.2
91.5
91.2
92.7
92.5
96.7
94.8
95.3
94.9
93.7
95.7
92.9
93.1
92.5
93.2
95.2
96.2
97.8
98.3
98.3
98.9
98.6
112.1
110.9
110.4
110.7
110.6
111.2
111.9
112.3
113.1
113.9
114.2
110.1
109.1
108.2
109.0
109.2
109.6
111.5
112.3
112.6
113.1
113.5
108.3
107.6
107.4
107.6
107.8
108.6
108.3
108.7
108.8
109.3
109.2
Source: Board of Governors of the Federal Reserve System.
18
124.0
122.4
64.4
75.2
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Constmctio i contracts 3
Private
Federal,
State, and
local
Besic ential
Total new
Commercial
Period
expenditures
Total
New housing
Total >
and
industrial
2
Other
Iota} value
index
(1982=100)
Commercial
and industrial
floor space
(millions of
square feet)
I illions of dollars
1981
1982
272.0
260.6
294.9
348.8
377.4
407.7
1983
1984
1985
1986
1987
1988
1989
1990
419.3
432.2
443.7
446.4
207.3
197.5
231.5
278.6
299.5
323.1
328.6
337.4
345.4
337.8
99.2
84.7
125.5
153.8
158.5
187.1
194.7
198.1
196.6
182.9
58.2
62.6
57.7
74.0
89.8
84.4
84.0
88.0
94.3
96.4
69.4
57.0
94.6
113.8
114.7
133.2
139.9
138.9
139.2
128.0
49.8
50.2
48.2
50.8
51.3
51.6
50.0
51.4
54.6
58.5
64.7
100
100
124
136
63.1
63.5
70.2
77.8
84.6
90.6
94.8
98.3
108.7
150
159
165
167
173
157
Nov
Dec
431.4
421.3
317.2
311.3
168.0
165.0
115.1
113.0
89.3
88.6
59.9
57.7
114.2
110.0
r
1991: Jan
Feb
Mar
Apr
May
406.5
303.9
300.5
293.3
299.0
161.8
155.6
152.4
151.8
154.6
158.3
158.0
162.8
166.6
167.5
167.3
107.9
103.5
100.8
100.6
103.2
106.7
109.9
114.4
118.0
118.6
119.0
85.1
86.2
83.2
87.0
78.2
73.8
73.4
72.0
71.2
70.4
67.3
57.0
58.7
57.6
60.2
58.3
58.8
58.9
58.6
58.8
58.8
58.9
102.6
109.6
108.6
108.0
108.0
107.3
108.1
109.7
110.4
112.8
112.8
r
!32
r
!41
r
!41
r
!53
r
!44
r
410.1
401.9
407.1
399.0
398.2
398.4
403.2
407.0
409.4
406.3
June
July'.
Augr
Sept '
Ocf
Nov"
1
2
3
291.0
290.9
290.3
293.4
296.6
296.7
293.6
690
756
955
1,097
1,016
1,019
973
961
747
Annual rates
Annual rates
1990:
919
!53
136
!36
146
152
145
156
134
660
555
602
658
538
624
565
438
469
514
416
633
461
Sources: Department of Commerce (Bureau of the Census) and 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 priv ate homes
New private housing units
Period
Units started, by type of structure
Total
1981
1982
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1983
1984
1985
1986
1987
1988
1989
1990
1 unit
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
2^ units
91.1
80.0
113.5
121.4
93.4
84.0
65.3
58.8
55.2
37.5
5 or more units
287.7
319.6
522.0
544.0
576.1
542.0
408.7
348.0
317.6
260.4
Units
authorized
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
Units
completed
Homes sold
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
436
412
623
1,275
1,246
1,155
1,125
1,096
1,190
1,089
1,070
1,105
1,069
1,054
1,192
p
1,036
465
480
464
414
488
495
506
507
518
639
688
750
671
676
650
534
Homes for
sale at end of
period 1
Vacancy rate
for rental
housing units
(percent) 2
275
5.0
253
301
353
346
357
366
368
363
318
5.3
5.7
5.9
6.5
7.3
7.7
7.7
7.4
7.2
Seasonal y adjusted annu al rates
1990:
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept '
Oct '
Nov?
1
2
1,026
1,130
971
847
992
907
977
983
1,034
1,049
1,056
1,017
1,089
1,066
839
769
751
648
788
742
801
831
869
879
883
861
891
892
22
54
17
29
37
28
32
36
24
46
42
28
49
42
Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning 1989 not comparable with
165
307
203
170
167
137
144
116
141
124
131
128
149
132
925
916
854
802
876
892
913
966
999
1,005
953
982
1,028
993
r
r
507
522
501
520
520
334
327
318
315
313
308
303
299
295
296
r
291
291
288
285
7.2
7.5
7.3
7.6
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In October, manufacturing and trade sales rose 0.4 percent and inventories rose $2.2 billion. In November,
according to advance data, retail sales rose 0.3 percent, following no change in October.
BILLIONS OF DOLLARS* (RATIO SCALE)
300
BILLIONS OF DOLLARS* (RATIO SCALE)
1,000 I
900
250
800
700
200
MANUFACTURING AND
TRADE INVENTORIES
RETAIL INVENTORIES
600
500
150
MANUFACTURING
AND TRADE SALES
400
RETAIL SALES
100
300
RATIO '
INVENTO RY-SALES R ATIO
RFTAII
1 70
\
j_
\
^. \.— /".\s f~~
\-—' _
* x^ \—./"*
200
\_/-'N"' ~
\
\/^ ^*
^V
/
MANUFAC URING
AND TR ^DE
1.40
m u l i n i i 1 1 1 1 1 1 1 1 1 II 1 1 1 1 1 1 M 1 1 1 II 1 1 1 1 1 1 1 1 1
1988
1987
1989
V^
1988
1987
1990
1989
1990
niiliiii
1991
COUNCIL OF ECONOMIC ADVISERS
and
Manufact aring
1
trac e
Sales
2
Inventories 3
Whol esale
Inventory-? ales ratio 4
Re tail
Inventories 3
Sales 2
Sales
2
Invenones
Total
Durable
goods
stores
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
61,469
69,025
79,250
88,464
90,197
105,738
112,254
120,663
120,629
73,024
78,687
88,498
93,309
96,390
102,374
107,537
117,496
121,934
122,923
122,947
120,629
121,217
119,239
116,041
116,087
115,490
114,305
114,754
115,279
117,437
118,867
120,677
121,603
121,934
122,854
121,940
120,859
120,609
120,714
120,793
121,240
121,478
122,308
123,678
Manufacturing
Retail
trade l
Millions of dollars, seasonally <idjusted
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
1991:
1
2
3
348,755
370,441
411,391
423,806
431,668
459,088
496,330
525,839
542,917
Oct '
Nov
Dec
Jan
Feb
Mar
Apr
Mav
June
July
Aug
Sept r
Oct"
Nov "
r
554,628
546,541
534,361
527,074
527,915
523,117
530,872
535,926
536,977
541,023
539,578
540,898
542,921
Sec page 21 for manufacturing.
Monthly average for year and total f
End of period.
20
574,518
590,968
650,789
665,060
664,031
711,595
767,700
810,257
826,941
829,140
832,464
826,941
831,445
828,201
819,615
816,893
811,713
807,105
806,802
806,648
809,793
811,986
96,290
100,324
113,393
114,626
116,151
124,254
135,176
144,005
149,193
150,588
148,176
148,036
144,723
143,608
142,935
145,019
144,927
145,217
147,635
145,524
146,000
145,100
128,196
130,906
143,557
148,484
154,713
165,271
180,313
188,273
195,567
194,080
195,544
195,567
198,993
198,563
196,733
195,052
193,632
192,039
192,806
192,503
191,211
191,377
89,114
97,570
107,316
114,642
120,860
128,509
137,613
145,146
150,602
152,087
152,538
149,750
147,803
151,092
151,467
150,967
152,710
152,642
153,195
152,160
152,658
r
152, 687
153,109
r
28,013
32,631
37,938
41,567
45,121
48,051
52,281
54,349
54,563
54,294
54,200
52,402
50,897
53,235
53,725
53,490
54,074
54,212
54,117
53,390
54,619
r
54,966
54,986
r
4
61,101
64,939
69,377
73,075
75,738
80,457
85,332
90,797
96,039
97,793
r
98,338
97,348
96,906
97,857
97,742
97,477
98,636
98,430
99,078
98,770
98,039
r
97,721
98,123
134,493
147,712
167,748
181,773
186,587
208,112
219,791
238,159
242,563
243,600
244,550
242,563
244,071
241,179
236,900
236,696
236,204
235,098
235,994
236,757
239,745
242,545
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
1.67
1.55
1.53
1.55
1.55
1.50
1.49
1.51
1.51
1.49
1.52
1.55
1.58
1.57
1.57
1.54
1.51
1.50
1.49
1.49
1.50
1.50
1.49
1.44
1.49
1.52
1.56
1.55
1.55
1.60
1.59
1.60
1.60
1.62
1.65
1.60
1.56
1.57
1.55
1.54
1,54
1.56
1.57
1.59
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In November, manufacturers' shipments and new orders rose, while inventories and unfilled orders fell.
BILLIONS OF DOLLARS* (RATIO SCALE]
BILLIONS OF DOLLARS* (RATIO SCALE]
280
240 -
440 — INVENTOR IES
SHIPMENTS
360
200
„_—,
—
-*
\
i
780
DURABLE GOODS
_^ . _ - • — •'
120
tew V.
.
•\'~' .._.-
• —
D JRABLE GOOD s
NONDURABLE GOODS
80
.-- ""
\
N3NDURABIE C OODS
BILLIONS OF DOLLARS * (RATIO SCALE)
280
,
NEW OR 5EBS
240
200
^-*~~
\ TOTA L
P^-
160
DUR/
--^-v
1 1 i 1 1 1 1 1 1 1 1 1 1 I! 1 1 1 1 1 ! 1 H I M 1 1 1 1 1 I 1 1 1 1 1 1 i 1 1 1 1 1 1 1 1 i 1 1 1 M
«LE GOODS
RATIO*
f
.-,
120
,-"'-'" '11--^
~\
INVENTOR Y-SHIPMENTS RATIO
2 00
"' 1
1.60
*
1.40 -
1 1 1 1 ll 1 1 1 1 1 1 1 II 1 1 1 1 1 1 1 1 1 1 1 1 1 M 1 1 1 1 1 i i i 1 1 1 1 ! 1 M 1 1 1 M 1 1 1
1988
1987
1989
_
1.80 _
NONCXJRABIE GOO DS
1990
1991
^^
"••
.
IS. /I•-\
s=S~*—1 - -~^s*s
-
1 20 1 1 1 1 1 1 1 1 i 1 1 1 1 1 1 1 1 1 1 1 II III
1987
1988
1 ll 1 1 1 1 1
1 1 1 II 1 1 1 1 1
1 1 1 II 1 1 1 1 1 1
1990
1991
1989
COUNCIL OF ECONOMIC ADVISERS
Manu! acturers' shipir ents 1
Mamif cturers' inven ories 2
Manufacturers new orders '
Durabl 3 goods
Period
Durable
goods
Nondurable
goods
Durable
goods
Nondurable
goods
Total
Capital
goods
industries,
non-defense
Nondurable
goods
Manufacturers'
unfilled
orders 2
Manufacturers'
inventory —
shipments
ratio 3
Millions of d 3llars, season ally adjustec
79,212
85,481
97,940
101,279
103,238
108,128
117,993
124,532
125,388
84,139
311,829
162,140
175,451
192,879
195,706
195,204
209,389
227,025
240,758
243,643
84,077
312,350
339,484
334,803
322,731
338,212
367,596
383.825
388,811
111,420
112,536
118,200
116,621
110,721
117,422
126,207
130,564
135,975
19,213
87,066
92,742
93,259
91,419
98,198
105,549
112,156
117,735
200,409
199,814
221,284
218,182
212,010
220,790
241,389
253,261
252,836
78,064
1985
1986
1987
1988
1989
1990
163,351
172,547
190,682
194,538
194,657
206,326
223,541
236,689
243,122
88,140
100,164
102,356
103,647
110,809
121,444
128,651
125,958
19,624
23,669
24,545
23,983
26,096
30,727
34,816
34,032
87,311
92,715
93,351
91,557
98,579
105,581
112,107
in, 685
373,607
387,241
393,629
430,589
472,223
520,837
521,195
1.95
1.78
1.73
1.73
1.68
1.59
1.58
1.61
1.60
1990: Nov
Dec
245,827
236,575
122,693
118,578
123,134
117,997
392,370
388,811
256,387
252,836
135,983
135,975
239,237
238,196
116,193
120,221
30,884
38,560
123,044
117,975
525,574
527,195
1.60
1.64
234,548
233,215
228,715
234,886
238,289
239,118
240,193
241,894
117,648
117,432
114,487
119,721
121,024
122,240
122,994
124,459
124,965
126,404
127,188
1 16,900
115,783
114,228
115,165
117,265
116,878
117,199
117,435
117,275
118,730
119,191
388,381
388,459
385,982
385,145
381,877
379,968
378,002
377,388
378,837
378,064
377,979
252,170
252,256
250,405
249,546
246,964
245,642
244,467
243,616
244,310
242,816
136,211
136,203
135,577
135,599
134,913
134,326
133,535
133,772
134,527
135,248
135,535
234,462
233,132
226,431
231,229
236,540
233,725
248,090
243,160
237,624
242,230
243,743
117,789
117,547
112,116
116,139
118,434
117,128
130,827
125,482
120,092
123,325
124,526
33,957
33,756
31,940
28,748
28,038
29,282
36,689
30,993
30,078
31,098
35,150
116,673
115,585
114,315
115,090
118,106
116,597
117,263
117,678
117,532
118,905
119,217
527,109
527,026
524,742
521,085
519,336
513,943
521,840
523,106
518,490
515,586
512,950
1.66
1.67
1.69
1.64
1.60
1.59
1.57
1.56
1.56
1.54
1.53
1982
1983
1984
1991: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept '
Oct"
Nov ".
1
2
,
242,240
245,134
246,379
Monthly average for year and total for month. Shipments are the
End of period.
242,444
3
311,893
347,310
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In November, the producer price index for all finished goods rose 0.2 percent. Prices of finished consumer foods
fell 0.1 percent and prices of other finished consumer goods rose 0.3 percent. Capital equipment prices rose 0.2
percent.
INDEX, 1982 = 100 (RATIO SCALE)
130
INDEX, 1 982 = 100 (RATIO SCALE)
130
SEASONALLY ADJUSTED
FINISHED GOODS PRICES
120
120
CAPITAL EQUIPMENT
x
1)0
TOTAL
100
100
'_•
90
1983
CONSUMER GOODS
EXCLUDING FOODS
I i IiII I IIIIIIIIII i iI IiIi iIIi i I IiiI
1989
1988
1986
1987
i i i i i I I I I II i i I I I I
1985
1984
i i I I I I I I I I I i i i i i I i i i i i 90
1991
1990
COUNCIL OF ECONOMIC ADVISERS
SOURCE. DEPARTMENT Of LABOR
[1982=100; monthly data seasonally adjusted]
Fin shed goods
F nished go >ds excluding consumer foo Is
Period
Total
finished
goods
Consumer
foods
Consumer g >ods
Total
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: Nov
Dec
1991: Jan
Feb
Mar
Apr
May
June
July r.
Aug
Sept
Oct
Nov
1
96.1
100.0
101.6
103.7
104.7
103.2
105.4
108.0
113.6
119.2
122.8
122.3
122.4
121.5
121.2
121.3
121.9
121.4
121.1
121.4
121.5
122.3
122.5
97.8
100.0
101.0
105.4
104.6
107.3
109.5
112.6
118.7
124.4
125.2
124.8
124.6
124.9
125.1
125.5
125.5
124.9
124.0
123.5
122.9
123.4
123.3
95.6
100.0
101.8
103.2
104.6
101.9
104.0
106.5
111.8
117.4
122.0
121.4
121.6
120.4
119.9
120.0
120.7
120.2
120.2
120.7
121.0
121.9
122.2
Intermediate materials for nod manufac uring and ft eds.
22
96.1
100.0
101.2
102.2
103.3
98.5
100.7
103.1
108.9
115.3
121.3
120.2
120.1
118.4
117.5
117.7
118.5
117.7
117.6
118.4
118.7
119.8
120.1
Durable
Nondurable
96.4
100.0
102.8
104.5
106.5
108.9
111.5
113.8
117.6
120.4
121.8
122.3
123.1
123.5
124.2
123.9
123.6
123.2
123.6
123.7
123.5
124.5
125.0
95.8
100.0
100.5
101.1
101.7
93.3
94.9
97.3
103.8
111.5
119.3
117.6
117.2
114.7
113.4
113.7
114.9
114.0
113.8
114.8
115.2
116.2
116.6
Capital
equipment
94.6
100.0
102.8
105.2
107.5
109.7
111.7
114.3
118.8
122.9
124.4
124.8
125.7
125.9
126.2
126.1
126.5
126.7
126.8
126.8
127.0
127.5
127.7
Sou rce:
Total
finished
consumer
goods
96.6
100.0
101.3
103.3
103.8
101.4
103.6
106.2
112.1
118.2
122.6
121.7
121.6
120.5
119.9
120.2
120.7
120.0
119.7
120.1
120.1
121.0
121.2
Intern lediate ma terials
Cr tide mater ais
Foods
and
feeds *
Total
98.6
100.0
100.6
103.1
102.7
99.1
101.5
107.1
112.0
114.5
118.1
117.2
116.6
115.7
114.5
114.0
113.9
114.0
113.6
114.1
114.2
114.1
114.3
104.6
100.0
103.6
105.7
97.3
96.2
99.2
109.5
113.8
113.3
111.7
111.9
110.4
112.3
113.2
113.0
110.1
109.7
108.5
110.9
110.5
111.7
111.8
Other
Total
Foodstuffs
and
feedstuffs
98.2
100.0
100.5
103.0
103.0
99.3
101.7
106.9
103.0
100.0
101.3
103.9
100.0
101.8
103.5
104.7
95.8
87.7
93.7
96.0
103.1
108.9
117.6
111.2
113.2
104.5
101.0
100.6
100.7
99.2
99.3
99.2
98.3
100.1
100.4
94.8
93.2
96.2
106.1
111.9
114.5
118.5
117.5
116.9
115.9
114.5
114.0
114.1
114.3
113.9
114.3
114.4
114.3
114.4
Departnnent of Labor Bureau of jabor Static tics.
111.2
113.1
110.8
109.5
108.3
108.4
109.5
108.7
105.1
105.9
104.3
102.2
103.7
103.8
103.6
Other
101.8
100.0
100.7
302.2
96.9
81.6
87.9
85.5
93.4
101.5
116.4
107.2
110.8
98.0
92.2
92.0
94.1
91.5
92.5
93.3
91.2
93.8
94.3
CONSUMER PRICES—ALL URBAN CONSUMERS
In November, the consumer price index for all urban consumers rose 0.4 percent seasonally adjusted (0.3 percent
not seasonally adjusted). The index was 3.0 percent above its year-earlier level.
INDEX, 1982-84 - 100 (RATIO SCALE)
1 150
INDEX, 1982-84 - 100 (RATIO SCALE1
150
SEASONALLY ADJUSTEC
CONSUMER PRICES—ALL ITEMS
1990
1991
COUNCIL OF ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
All items !
Hoi sing
T ansportat on
She Iter
Period
Rel. imp.3
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
Nov
Dec
1991:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Not
seasonally
adjusted
(NSA)
Seasonally
adjusted
100.0
90.9
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
Food
Total >
Total
Renters'
costs
(Dec.
1982 =
100)
Homeowners'
costs
(Dec.
1982 =
100)
7.9
19.5
16.2
93.6
97.4
99.4
103.2
105.6
109.0
113.5
118.2
125.1
132.4
41.4
90.4
96.9
99.5
103.6
107.7
110.9
114.2
118.5
123.0
128.5
90.5
96.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
140.0
103.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
27.7
Maintenance
and
repairs
(NSA)
Fuel
and
other
utilities
102.5
107.3
113.1
119.4
124.8
131.1
137.3
144.6
0.2
90.7
96.4
99.9
103.7
106.5
107.9
111.8
114.7
118.0
122.2
7.3
86.4
94.9
100.2
104.8
106.5
104.1
103.0
104.4
107.8
111.6
Apparel and
upkeep
Total '
New
cars
Motor
fuel
Medical
care
Energy 2
All
items
less
food
and
energy
6.1
17.8
95.3
97.8
100.2
102.1
105.0
105.9
110.6
115.4
118.6
124.1
93.2
97.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
120.5
4.0
93.7
97.4
99.9
102.8
106.1
110.6
114.6
116.9
119.2
121.0
4.1
108.5
102.8
99.4
97.9
98.7
77.1
80.2
80.9
88.5
101.2
6.4
82.9
92.5
100.6
106.8
113.5
122.0
130.1
138.6
149.3
162.8
8.3
97.7
99.2
99.9
100.9
101.6
88.2
88.6
89.3
94.3
102.1
75.6
89.2
95.8
99.6
104.6
109.1
113.5
118.2
123.4
129.0
135.5
133.8
133.8
133.8
134.2
134.7
134.9
130.6
130.8
142.3
142.8
149.5
150.5
146.9
147.3
123.9
123.8
113.7
125.3
125.7
126.5
126.9
121.5
122.0
118.5
117.7
168.7
170.1
111.4
110.9
138.1
138.6
134.6
134.8
135.0
135.2
135.6
136.0
136.2
136.6
137.2
137.4
137.8
1348
135.1
135.0
135.7
135.4
135.7
136.7
136.7
137.4
136.6
136.2
136.3
136.2
137.0
131.9
132.5
132.6
132.8
133.0
133.1
133.5
133.5
134.2
134.6
134.9
143.9
144.6
144.8
145.2
145.3
145.8
146.1
146.2
146.9
147.3
147.7
153.0
154.2
154.2
154.2
154.1
154.5
155.0
154.7
155.4
156.0
156.1
147.9
148.4
148.7
149.2
149.4
149.9
150.2
150.5
151.3
151.6
152.2
124.1
125.1
124.2
126.1
126.9
126.2
126.9
127.2
126.8
126.6
127.6
115.5
115.1
114.8
114.2
114.8
114.0
114.8
114.7
115.4
116.1
116.6
126.9
128.9
127.4
127.2
127.8
127.7
128.9
130.4
129.9
129.4
130.7
125.4
124.0
122.8
122.4
123.2
123.5
123.5
124.0
124.3
124.0
124.6
123.6
124.2
124.8
125.2
125.3
125.6
125.6
125.8
126.2
125.8
126.0
110.0
102.0
97.1
97.1
99.5
99.1
97.1
97.4
98.3
97.6
98.9
171.2
172.4
173.5
174.4
175.4
176.5
177.5
178.9
180.1
181.1
182.0
108.2
103.9
101.2
100.5
101.9
100.9
100.5
100.3
101.3
101.5
102.3
139.7
140.7
140.9
141.2
141.5
142.0
142.5
143.0
143.6
143.8
144.3
1
135.3
135.7
136.0
136.3
136.6
137.1
137.2
137.8
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel, lotor oil, cooiant, etc.
also included through 1982.
3
Relative importance, December 1990.
2
114.2
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 and 1988 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
Ch nge from pr eceding perk d
Change from 3 month s earlier, anm al rate
Change from 6 month s earlier, ann lal rate
Consum r goods
Consume r goods
Consumf r goods
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Total
finished
Capital
equipment
Excluding
foods
Foods
goods
Change
from
year
earlier,
total
finished
goods
NSA
Cha nge, Dec. o Dec., N 3A
7.1
3.6
.6
1.7
1.8
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1.5
2.0
2.3
3.5
.6
2.8
-2.3
8.6
4.2
-.9
.8
2.1
4.1
3.1
5.3
8.7
5.7
5.2
2.6
4.9
5.7
3.9
2.0
1.8
2.7
2.1
1.3
3.6
3.8
3.4
-6.6
2
2.2
4.0
9.2
4.1
1.6
9.2
2.1
1.0
— 1.4
2.1
2.5
5.2
4.9
01 ange, mon th to mont h
1990:
1991:
Nov
Dec
0.4
-.4
0.1
.3
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
.1
-.7
-.2
.1
.5
-.2
.2
2
.3
0
-.5
0.6
-.9
0.2
.3
1
.7
.2
.2
-.1
.3
.2
M
r
-1.4
-.8
2
.7
— .2
— .7
„7
-.1
2
.1
-.4
-.5
.4
-.1
.7
.3
.9
.3
4_
.7
.2
o
12.3
.3
1.3
.7
7
-8.7
-7.8
.3
.7
-.3
-.3
3.4
7.7
5.9
-4.7
-6.2
-6.3
-1.9
-1.6
.3
4.0
3.7
.2
-1.6
-9.2
1.0
2.9
1.9
-.6
-3.5
.4
7.3
-1.6
-1.0
-4.2
-3.5
_2
23.8
0.6
1.3
5.1
-.6
3.3
3.3
9.0
8.2
2.1
1.8
5.3
4.9
4.6
1.3
1.9
1.6
7.6
3.7
.7
-.2
1.1
'2.2
.5
'2.2
2.9
7.0
5.7
13.2
4.4
4.1
3.9
3.2
3.4
3.1
4.0
3.4
3.2
3.3
3.5
3.5
2.9
2.0
6.0
.2
-1.0
-2.2
-3.5
-3.3
-3.5
-.2
.5
1.7
1.0
1.0
1.0
3.6
3.5
-1.0
-4.8
-4.6
-4.1
-4.1
.6
.5
-1.6
-1.5
-1.5
-2.1
15.6
14.0
r
1.8
1.4
1.3
0
2.1
3.6
2.7
2.2
1.9
.7
0
-.5
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing
Period
All
items J
Ap-
Food
Rent-
Total '
Home-
Total '
costs
Fuel
and
other
utilities
pare!
and
up-
8.9
3.8
4.8
3.9
3.8
1.1
1983
1984
1985
1986
1987
1,988
1989
1990
4.3
3.1
9.9
14.4
3.6
3.5
4.3
4.3
2.4
4.7
5.2
9.7
1.8
4.2
1.8
1.7
4.6
4.8
10.2
3.5
1.6
2.9
2.0
2.8
.9
4.8
4.7
1.0
5.1
1.8
3.9
3.1
2.6
9.4
6.8
1.5 -6.5
3.4 — 1.7
2.5 -2.4
3.1
3.4
5.9 -30.7
18.7
1.8
2.1 -2.1
6.8
2.3
36.5
1.4
12.5
11.0
0.4
0.7
.8
5.2
0.2
_2
0.2
.4
0.5
.7
0.1
.3
0.4
-.4
0.2
.3
0.6
.3
0.2
.4
.8
.5
.1
.8
.5
.1
.3
.1
.3
.2
.1
.'o
.S
.'1
1.7
.8
0
0
-.1
.3
.3
.4
.3
1.6
-.3
1.0
1.6
-1.2
— 1.1
.2
o
.3
.1
.3
— .5
.5
2
.2
.2
.3
.5
.4
.1
.2
.4
.7
— .1
.6
.6
1.3
.5
.5
.3
.1
.2
0
.2
6.1
3.7
4.0
3.9
4.5
0.3
.3
0.4
.1
.4
2
-.1
.6
_2
4.5
4.9
-5.6
1.6
2.9
3.2
4.0
Medical
care
Energy2
From
previous
quar-
less
food
and
From
3
months
earlier
From
6
months
earlier
From
year
earlier
SA
10.9
4.5
5.1
5.9
4.6
5.3
4.7
5.1
4.7
6.0
Motor
fuel
NSA
5.1
5.9
6.3
5.0
3.9
3.9
4.5
6.7
2.7
3.8
2.6
3.8
3.5
5.2
5.6
5.3
4.4
4.4
4.6
New
ears
Total '
C iiange, D ecember to Decf mber, 1^
1981
1982
Adder dum: All ite us, percent hange
(annua rate)
Tr insportati on
Shelter
-5.9
6.1
3.0
4.0
10.4
6.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
11.9
1.3
-.5
2
1.8
-19.7
8.2
.5
5.1
18.1
10.3
9.5
4.5
4.8
6.2
3.2
4.3
4.7
4.3
3.6
1.9
3.6
4.1
3.8
4.2
4.7
4.4
5.2
4.8
5.4
Cha nge, mo nth to rr onth
1990: Nov
Dec
1991:
Jan
Feb
Mar
Apr
2
May
June
July
Aug
Sept
Oct
Nov
.3
.2
2
.2
.4
.1
.4
1
2
2
2
.7
0
.5
-.6
-.3
.1
-.1
.6
2
.1
.3
0
.5
.3
.2
-.7
.4
-1.2
-.2
.5
-.1
.9
-.3
.7
.2
0
-6.5
-7.3
-4.8
0
2.5
-.4
-2.0
.3
.9
.6
.7
.6
.5
.6
.6
.6
.8
0.5
-.4
-2.4
-4.0
-2.6
-7
1.4
-1.0
4
1.2
-.4
-.4
__ 2
-.3
7
.6
-.2
1.0
9
1.0
.5
.2
1.3
.5
.8
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and i otor fuel. Motor oil, coolant, etc.,
also included through 1982.
24
-1.0
-.7
.4
.2
.3
3
_7
0.3
.4
.8
.7
.1
2
.2
.4
.4
.4
.4
.1
.3
6.9
3.6
6.9
4.9
4.3
3.9
2.4
1.5
1.8
2.1
3.0
Quarterly changes are shown in the last month of flic quarter.
Source: Department of Labor, Bureau of Labor Statistics.
3.0
3.0
2.7
3.3
2.7
3.6
7.2
6.6
6.7
5.4
3.7
2.9
2.9
2.7
2.2
2.2
3.1
2.8
3.1
6.3
6.1
5.7
5.3
4.9
4.9
5.0
4.7
4.4
3.8
3.4
29
3.0
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in December fell 0.7 percent from their November level. Prices paid by farmers in
October were unchanged from their July level. (Data are not seasonally adjusted.)
INDEX, 1977 =100 (RATIO SCALE)
INDEX, 1977 = 100 (RATIO SCALE)
200
200
_,
r
....
N
r-^
"\
F'RICES PAID
——\^x
140
- ....',— - '
f
X.
X^
^-^_/
/~~\^/*^
r^
\
'^^-^v
^-\ r-S
S^\
140
^
^^—
PR ICES RECEIVED
100
i 1 1 i i t i i i ii
Rn
i i i i i 1 i! i i i
im;l;mi
iii iiliiiii
iiiiiliiiii
ULLilUiLL miiliiiii
.LLLLili.LLil
80
RA TIOJ/
-. 140
RATI D!C
140
_
_
RATI 0
100
-
-
80
-.
—
-"-^ -—"-^-: 80
•
'•••=:
imilimi ill ii him iimlimi ii i ii him imtlimi ii inlimi iniihiiii Illllllllll
1983
120
1984
1985
1986
1987
1989
1988
1990
iiiiiliiiii
60
1991
I/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[1977=; 100; not seasonally adjusted]
P rices
Pri ces received by farm ers
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991"
All farm
products
All commodities,
services,
interest, taxes,
and wage rates 1
products
139
133
135
142
128
123
127
138
147
150
147
134
121
128
138
120
107
106
126
134
128
131
143
145
141
146
136
138
146
150
160
170
162
paid by farmer s
Production
items, interest,
taxes, and wage
rates
Ratio 2
Production
items
148
153
152
155
151
144
189
151
158
159
161
156
150
152
160
167
172
175
148
157
165
171
174
92
84
84
87
79
77
78
81
83
82
78
150
159
161
164
162
159
162
170
178
184
1990:
Dec
143
121
164
(3)
(3)
(3)
76
1991:
Jan
Feb
Mar
Apr
May
145
145
149
149
152
155
150
147
148
143
139
138
123
122
128
131
138
146
137
135
138
127
124
121
166
166
169
166
165
163
162
158
157
158
154
154
188
(3)
(3)
190
(3)
(3)
189
(3)
<3)
189
(3)
(3)
175
(3)
(3)
176
(3)
(3)
174
(3)
(3)
174
(3)
(3)
173
(3)
(3)
175
(3)
(3)
173
(3)
(3)
173
(3)
(3)
77
77
79
78
80
82
79
78
78
76
74
73
June
July
Aug
Sept
Oct r
Nov
Dec
1
Includes items not shown separately.
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.
2
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
Growth in M2 and M3 accelerated a little in November.
BILLIONS OF DOLLARS* (RATIO SCALE]
, 4,800
BILLIONS OF DOLLARS* (RATIO SCALE)
4,800
4,400
4,400
4,000
4,000
3,600
3,600
3,200
3,200
-v
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Debt
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
KPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMT balances
M3 plus
other liquid
assets
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
436.4
474.4
521.2
552.2
619.9
724.3
749.7
786.4
793.6
825.4
1,793.3
1,952.9
2,186.3
2,374.7
2,569.7
2,811.6
2,910.1
3,069.9
3,223.1
3,327.8
2,234.1
2,441.7
2,693.3
2,986.2
3,201.6
3,492.6
3,677.4
3,919.1
4,055.2
4,111.2
2,596.7
2,851.4
3,154.6
3,527.5
3,828.9
4,133.2
4,337.0
4,676.0
4,889.9
4,966.6
4,292.1
4,685.9
5,212.6
5,961.9
6,773.5
7,636.2
8,345.1
9,107.6
9,790.4
* 10,432.1
1990: Oct
Nov
Dec
821.2
823.3
825.4
3,324.5
3,323.7
3,327.8
4,109.0
4,108.4
4,111.2
4,955.1
4,960.4
4,966.6
r
1991: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
826.7
836.4
843.0
842.1
851.6
858.4
' 859.5
866.1
870.0
'879.0
890.3
' 3,33 1.4
' 3,354. 7
••3,375.4
r
3,383.7
r
3,396.3
T
3,400.6
r
3,389.2
r
3,389.0
r
3,388.9
r
3,395.7
3,408.5
4,124.1
4,159.7
r
4,168.2
r
4,170.4
r
4,172.7
r
4,165.1
r
4,147.4
r
4,144.7
r
4,138.1
r
4,142.2
4,152.3
4,983.1
5,010.0
r
5,010.3
r
4,977.4
r
4,956.1
r
4,979.4
r
4,983.4
r
4,975.0
r
4,965.1
4,972.9
Period
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
,
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earli-
26
r
L
Debt of
domestic
nonfinancial
sectors
(monthly
average) '
Perce nt change from yeai or 6
months earlier 2
Ml
M3
M2
Debt
6.8
8.7
9.9
5.9
12.3
16.8
3.5
4.9
.9
4.0
10.0
8.9
12.0
8.6
8.2
9.4
3.5
5.5
5.0
3.2
12.4
9.3
10.3
10.9
7.2
9.1
5.3
6.6
3.5
1.4
9.9
9.2
11.2
14.4
13.6
32.7
9.3
9.1
7.5
6.6
10,343.1
' 10,394.2
' 10,432.1
3.3
3.9
3.4
2.7
2.5
2.3
1.3
1.3
1.2
r
6.5
r
' 10,464.2
' 10,521. 3
r
10,560.9
r
10,576.1
' 10,617.0
' 10,662.6
' 1 0,704.0
r
10,755.8
' 10,809.6
10,863.6
3.9
4.9
5.2
5.1
6.9
8.0
'7.9
7.1
6.4
r
8.8
9.1
2.2
2.7
3.2
3.6
4.4
4.4
'3.5
'2.0
r
.8
r
.7
.7
1.7
2.8
2.9
3.0
3.1
2.6
'1.1
' .7
5.5
'5.3
'5.0
'4.5
— 1.4
4.7
5.4
r at a simple annual rate.
NOTE.—See p, 27 for components.
Source: Board of Governors of the Federal Reserve System.
r
-1.4
-1.0
6.4
6.1
r
4.3
r
4.4
'4.6
4.5
r
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
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net,
plus
overnight
Eurodollars
Money narket
mutua fund
balam es 1
General
purpose
and
broker/
dealer
Institution
only
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Small
denomination
time
deposits2
Large
denomination
time
deposits 2
NSA
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
122.6 231.3
132.5 234.0
146.2 238.5
156.0 243.9
167.8 266.6
180.7 301.9
196.9 286.5
212.0 286.3
222.2 278.7
246.4 276.9
243.9 277.1
245.0 277.2
246.4 276.9
251.6 272.9
255.1 276.1
256.7 277.1
256.6 275.8
256.8 278.7
257.6 281.0
258.9 278.9
260.8 279.8
262 A '279.3
' 264.4 282.6
265.3 287.4
78.2
103.5
131.6
147.1
179.5
235.3
259.3
280.7
285.2
293.8
291.8
292.8
293.8
293.9
296.9
301.0
301.9
308.1
311.9
'314.1
317.8
320.5
r
324.1
329.5
36.6
39.9
55.6
60.6
73.5
82.3
83.2
83.4
77.4
74.3
83.7
77.8
74.3
71.5
70.5
69.5
70.1
68.9
68.5
65.3
67.9
67.1
r
69.4
71.6
150.6
185.2
138.8
167.9
176.7
208.3
221.7
241.1
313.6
345.4
341.6
341.9
345.4
r
354.0
'358.4
' 364.0
'365.1
r
366.5
' 366.3
•"361.4
T
355.0
r
351.6
' 350.3
348.8
38.0
51.1
42.8
62.1
63.9
83.8
88.9
86.9
101.9
125.7
119.6
120.5
125.7
130.1
139.3
142.0
145.6
146.2
143.3
141.8
144.8
149.3
155.4
161.0
1
Data prior to 1983 are not seasonally adjusted.
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
3
Savings deposits only; MMDA data begin December 1982.
3
343.9
400.0
684.7
704.7
814.9
940.6
936.9
925.8
890.2
916.7
918.2
917.8
916.7
917.1
926.9
939.7
953.8
969.2
981.0
990.0
996.2
1,002.7
'1,013.2
1,025.2
823.2
850.9
784.1
887.7
883.4
855.5
917.7
1,031.8
1,145.9
1,164.2
1,161.4
1,161.8
1,164.2
r
1,163.8
'1, 162.5
'1, 158.0
* 1,149.4
r
1,1 38.9
r
l , 126.6
r
l,115.3
r
1,106.5
r
1,098.3
r
1,085.2
r
1,071.0
303.0
327.3
327.7
417.7
437.3
439.9
48S.2
542.3
563.5
507.1
515.1
512.5
507.1
511.9
516.0
511.5
'507.2
'503.8
498.7
r
491.1
'484.7
'476.6
r
467.1
460.0
Term
repurchase
agreements
(KPs)
Term
Eurodollars
(net)
NSA
NSA
35.3
33.4
49.9
57.6
62.4
80.5
106.1
121.8
98.8
89.4
95.1
95.1
89.4
87.3
85.8
82.0
80.8
79.5
77.0
78.2
78.2
77.1
r
75.9
75.5
67.5
81.7
91.5
82.9
76.5
83.8
91.0
106.0
81.0
71.4
70.2
70.0
71.4
71.9
72.6
71.1
68.2
'65.5
64.8
'65.9
r
66.9
r
64.8
r
64.1
62.8
Savings
bonds
Shortterm
Treasury
securities
67.8
68.0
71.1
74.2
79.5
91.8
100.6
109.3
117.5
126.0
124.5
125.2
126.0
126.7
127.8
128.9
130.1
131.4
132.5
133.5
134.4
135.3
"136.2
149.4
183.6
212.0
260.8
298.2
280.2
253.5
270.6
327.4
335.4
330.3
333.8
335.4
333.2
331.4
327.8
307.6
' 299.6
' 326.8
'337.5
' 335.1
' 329.7
"334.0
Bankers'
acceptances
Commercial
paper
40.0
105.3
44.5
113.7
45.0
133.2
45.4
160.8
42.0
207.6
37.1
231.4
44.5
261.0
40.1
336.8
349.2
40.7
359.4
34.7
358.8
32.6
359.0
34.0
359.4
34.7
363.2
36.0
35.2
355.9
32.4
353.0
338.6
30.7
323.7
28.8
27.7
327.3
337.2
27.8
333.8
27.0
25.0 '337.0
"24.8 "335.7
NOTE.—Travelers checks of nonbank issuers are a component of money stock hut are not shohere.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA]
Borro yings of dep ssitorv
instituti 3ns from the Federal
F eserve (NS^L)
A djusted for ch anges in reser ve requircments
Re erves of depo sitory instituti ons
Period
Total
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1990:
Dec
Dec
Dec
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Nov
Dec
1991: Jan
Feb
Mar
Apr
Mav
June
July
Aug
Sept
Oct
Nov "
25,944
26,495
27,835
29.901
31,662
37.061
45,863
45.812
47,596
47,729
49,104
48,245
49,104
'49,459
r
49,590
' 49,530
r
49,344
' 50,000
* 50, 345
'50,410
'51,886
r
51,147
r
51,816
52,694
Nonborrowed
24,304
25,859
27,201
29,127
28,476
35,473
45,037
45,035
45,880
47,464
48,778
48,014
48,778
r
48,925
' 49,338
' 49,289
'49,112
'49,697
' 50,005
' 49,804
•"50,121
' 50,502
'51,556
52,586
Nonborrowed plus
extended
credit
24,307
26,008
27,387
29,129
31,080
36,242
45,340
45,518
47,124
47,483
48,801
48,039
48,801
•"48,952
•"49,372
'49,342
•"49,198
•"49.785
'50,013
•"49,849
'50,422
'50,804
•"51,567
52,587
Required
25,480
26,176
27,335
29,340
30,807
36,024
44,494
44,766
46,549
46,807
47,440
47,297
47,440
'47,290
'47,782
'48,351
'48,313
'48,970
' 49,337
'49,505
'49,800
'50,219
'50,734
51,802 1
1
Monetary
base
145,931
153,001
164,276
179,921
191,374
208,619
230,039
246,281
263,459
274,168
299,785
297,553
299,785
'305,147
'309,422
'310,956
'310,568
r
31 1,430
'312,409
•"313,838
'316.229
'317,926
'320,551
322,291
Total
1,690
636
634
774
3,186
1,318
827
777
1,716
265
326
230
326
534
252
241
231
303
340
607
764
645
261
108
Seasonal
116
54
33
96
113
56
38
93
130
84
76
162
76
33
37
55
79
151
22;)
317
331
287
211
8B
Extended
credit
3
148
186
2
2,604
499
303
483
1,244
20
23
24
23
27
34
53
86
88
8
46
300
302
12
1
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases rose 0.2 percent in November; commercial and industrial loans fell 0.6
percent.
BILLIOh« OF DOLLARS* (RATIO SCA LE)
2,800
ALL COMWiERCIAL BANK,
2,400
Bl LLIONS OF DDL LARS*
i"
_
TOTAL
'
1—"
--—"
2,000
_-1
1 600
2,800
2,400
1
1
__
,
2,000
-"
1 600
"'"""
1,200
'
\
1,200
— LOANS ANC(LEASES
„
SCALE)
»-•-•""
^\
_ _ - — •'
--""^
(RATIO
-
—
—
.^•~
U.S. GOV :RNMENT SEC JRITIFS
400
x*
400
,.y~
OTHER SECURITI ES
X*
\
200
200
160
t
160
120
__
Illllllllll
1983
Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll 120
1988
1985
1986
1987
1989
1990
1991
1984
• SEASONALLY ADJUS FED
SOURCE: BOARD OF GOVERNORS OF THE F DERAL RESERVE SYST M
COUNCIL OF
CONOMIC ADVISERS
[Billions of dollars, seasonally adjusted *]
A 11 comme cial ban
Loans ant leases
Period
Total
securities 2
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1990:
1991:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Nov
Dec
Jan
Feb
Mar
Apr
May
June ....
July
Aug
Sept
Oct
Nov
1,307.2
1,400.5
1,552.1
1,722.2
1,909.6
2,093.5
2,238.9
2,421.7
2,589.0
2,723.6
2,716.6
2,723.6
2,721.2
2,735.1
2,751.0
2,751.8
2,750.5
2,763.2
2,763.3
2,761.6
2,768.9
2,784.5
2,799.3
U.S.
Government
securities
Other
securities
179.3
201.7
259.2
260.2
270.9
310.1
335.9
363.8
399.3
454.2
454.0
454.2
454.1
458.0
471.4
479.2
485.1
495.2
505.3
512.6
522.1
538.2
549.3
<day figure:
28
160.5
164.8
169.1
140.9
179.0
193.9
193.5
192.1
180.8
175.6
175.9
175.6
177.7
177.6
177.6
175.7
173.9
173.1
172.0
169.9
170.8
172.2
172.3
Total
2
967.5
1,034.0
1,123.8
1,321.1
1,459.8
1,589.5
1,709.5
1,865.8
2,008.9
2,093.8
2,086.7
2,093.8
2,089.4
2,099.5
2,102.0
2,096.9
2,091.5
2,094.8
2,086.0
2,079.1
2,076.0
2,074.1
2,077.6
Commercial
and
industrial
355.4
392.5
414.2
473.2
500.3
537.2
567.6
606.6
641.3
648.1
646.5
648.1
644.3
643.9
646.0
640.0
633.2
630.4
626.7
620.5
623.8
623.8
620.2
State
NonReal
estate
Individual
Security
financial
institutions
Agricultural
political
subdivisions
284.1
299.9
331.0
376.5
426.0
494.2
182.5
188.2
212.9
253.8
294.6
315.2
328.2
354.7
375.5
378.9
378.7
378.9
375.9
377.7
375.5
374.1
373.5
372.0
369.6
368.9
365.3
362.7
361.7
21.4
25.3
28.0
34.5
43.1
40.4
34.8
29.9
31.2
30.4
31.3
32.4
34.9
33.1
36.2
39.2
40.1
36.1
31.5
29.4
29.8
30.7
33.0
32.5
33.0
33.5
33.5
34.0
33.9
33.6
33.0
32.5
32.3
32.2
32.1
32.2
0.0
587.2
671.5
760.6
836.5
832.0
836.5
837.3
842.6
846.3
850.9
855.1
859.5
857.0
853.9
853.4
854.2
856.3
39.9
38.3
40.6
39.6
40.6
43.1
43.2
38.9
39.8
39.8
38.3
41.6
42.6
43.9
43.8
46.4
31.8
29.9
32.7
34.8
34.6
34.8
34.8
35.9
36.7
35.9
36.9
37.1
r
37.1
r
36.3
r
36.1
36.6
38.9
.0
.0
46.1
56.8
58.5
52.6
45.5
40.0
34.3
34.8
34.3
r
33.2
r
.33.1
r
32.7
r
32.1
r
31.7
r
31.0
'30.5
r
.30.0
29.5
29.3
28.8
Foreign
banks
18.1
14.6
13.4
11.6
9.9
10.3
7.9
7.9
r
8.6
7.2
8.1
7.2
6.0
6.1
7.2
6.8
6.4
6.0
6.2
6.3
6.5
6.1
6.7
Foreign
official
institutions
Lease
financing
receivables
7.2
12.7
13.3
13.7
16.0
19.0
22.3
24.5
29.2
31.8
32.7
5.9
9.4
8.4
6.3
6.3
5.8
5.1
3.7
3.2
3.2
3.2
3.0
3.1
3.2
3.0
3.0
3.0
3.1
3.1
3.2
3.3
3.5
32.9
32.7
32.4
32.8
33.0
32.7
32.7
32.8
32.0
31.4
31.2
31.1
30.9
Other
23.1
26.9
31.8
29.9
35.3
38.6
39.8
45.7
45.8
44.7
43.7
r
44.7
r
45.9
r
47.6
r
48.6
47.6
r
45.7
r
51.8
r
49.6
r
53.8
r
50.9
51.0
52.0
r
SOURCES AND
OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Internal
Capital
expenditures 3
C edit market fu nds
1
Total
Securities
and
mortgages
Total
Loans and
short-term
paper
Other 2
Total
-13.6
-6.2
60.5
18.5
-15.4
-45.0
-13.4
54.7
35.5
105.5
56.0
64.2
29.7
70.5
80.4
29.8
10.4
55.2
63.7
54.1
55.1
73.1
101.6
97.3
74.0
392.6
474.9
425.1
481.2
466.6
494.6
488.4
452.8
Increase in
financial
assets
Discrepancy
(sources less
uses)
1987
1988
1989
1990
455.7
524.1
493.7
548.2
512.7
459.8
335.9
351.8
344.3
372.4
391.4
380.0
369.5
58.9
131.7
155.5
103.9
179.8
121.3
156.8
132.7
90.3
1989: I
II
Ill
IV
517.4
601.2
459.2
473.0
379.9
379.7
385.5
374.9
137.5
221.5
73.7
98.1
18.0
118.7
1.0
3.8
-92.0
3.1
-85.2
-5.6
110.5
115.6
86.2
9.4
119.5
102.7
72.6
94.2
484.2
560.0
444.4
465.3
377.4
388.3
385.1
378.2
106.8
171.7
59.3
87.1
1990: I
490.7
517.2
484.4
346.8
370.6
374.7
366.4
366.1
120.1
142.5
118.0
-19.3
42.2
53.3
10.8
-40.8
-45.3
27.9
-37.6
1.0
87.5
25.4
48.4
-41.8
77.9
89.3
107.3
21.4
468.6
498.8
504.7
338.8
362.7
384.4
391.1
346.5
105.9
114.4
113.6
-7.7
22.0
18.5
-20.2
7.9
454.6
431.2
377.5
375.7
77.1
55.5
34.0
20.5
65.3
104.7
43.1
34.9
451.3
425.3
317.0
333.0
134.3
92.3
3.2
5.8
1982
1983
1984
1985
1986
300.8
416.9
491.4
n
m
IV
1991: I
U"
241.9
285.2
48.5
76.5
91.9
49.8
124.7
48.2
55.1
35.4
16.4
-6.2
41.0
1
Undistributed profits (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.
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
-31.3
-84.2
303.1
256.1
270.5
369.7
341.2
330.4
354.1
378.3
382.2
371.2
-2.3
24.3
16.5
30.6
43.0
27.1
53.5
24.2
7.0
47.0
122.1
105.2
83.9
150.8
112.5
116.3
106.2
81.6
33.2
41.2
14.9
7.7
Government.
Note.—Data do not reflect the recent comprehensive (benchmark) revision of the national income
and product accounts by the Department of Commerce (Bureau of Economic Analysis).
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in in stallment ere dit outstandi « '
Ins tallment credit outstanding (end of perio d)
Period
Total
Mobile
Automobile
Revolving
311,259
325,805
368,966
442,602
518,252
573,017
610,468
664,049
718,863
735,102
119,008
125,945
143,560
173,564
210,187
247,428
265,851
284,214
290,676
284,585
61,070
66,454
79,088
100,280
121,816
135,851
153,078
174,104
199,082
220,110
20,058
22,064
23,562
25,861
26,850
27,096
25,920
25,348
22,471
20,919
1990: Oct
Nov
Dec
735,433
736,411
735,102
285,024
284,412
284,585
220,031
221,690
220,110
1991: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept r
Oct"
732,962
732,762
732,442
733,621
732,289
730,591
729,962
729,108
729,151
729,953
283,746
282,626
280,689
279,746
276,494
274,496
273,565
271,906
270,223
270,051
219,588
221,556
224,817
225,994
227,301
227,737
228,199
229,453
232,070
233,412
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec 2
Dec
1
For year-end data, change from preceding year-end; for monthly data, change from precedin^,
month.
2
Data newly available in January 1989 result in breaks in many series between December 1988
and subsequent months.
Other
Total
Automo-
Revolving
Mobile
Other
165,620
180,383
206,633
209,487
13,105
14,546
43,161
73,636
75,650
54,765
37,451
53,581
(3)
16,239
7,017
6,937
17,615
30,004
36,623
37,241
18,423
18,363
(3)
6,091
5,959
5,384
12,634
21,192
21,536
14,035
17,227
21,026
(3)
21,028
2,299
989
246
-1,176
-572
(3)
-1,552
20,680
20,492
20,919
209,698
209,817
209,487
-114
979
-1,310
-603
-612
173
942
1,658
-1,580
-393
-187
427
-60
119
330
20,459
20,200
20,123
20,098
19,796
19,907
19,615
19,495
18,892
18,764
209,170
208,379
206,813
207,782
208,697
208,451
208,582
208,253
207,966
207,725
-2,139
-201
-320
1,179
-1,331
-1,698
-629
-854
43
802
-839
-1,120
-1,937
943
-3,252
-1,998
-931
-1,659
-1,683
-173
-522
1,968
3,261
1,177
-461
-258
78
-24
-302
111
-291
-120
-603
-128
-317
791
-1,566
969
915
246
131
-329
-288
-240
111,124
110,802
122,756
142,897
159,400
162,642
1,307
435
462
1,255
2,617
1,342
1,322
2,546
958
-1,193
-322
11,954
20,141
16,503
3,242
2,978
14,763
(3)
2,854
3
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Interest rates fell in December.
PERCENT PER ANNUM
PERCENT PER ANNUM
CORPORATE Aoa BONDS
(MOODY'S)
\A
BILLS
\x
DISCOUNT
RATE
FEDERAL
RESERVE
BANK OF
NEW YORK
i
J I I I I 1 I I I (
[Percent per annum]
U.S. 1 reasury security yields
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 "
1990: Dec
1991: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Week ended:
1991: Dec 7
14
21
28
1992: Jan 4
1
3-month bills
(new issues) 1
14.029
10.686
8.63
9.58
Constant nlaturities
3-year
14.44
12.92
10.45
11.89
9.64
7.06
7.68
8.26
2
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
30
Prime
commercial
paper,
6 months 1
14.76
11.89
8.89
Discount rate
(N.Y. F.R.
Bank) 4
13.42
11.02
8.50
8.80
7.69
6.33
Prime rate
charged by
banks 4
18.87
14.86
10.79
12.04
9.93
8.33
8.21
9.32
10.87
10.01
8.46
New-home
mortgage
yields
(FHFB) 5
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
10.13
10.05
13.91
13.00
11.10
12.44
10.62
7.68
11.23
11.57
9.47
10.15
9.18
7.38
14.17
13.79
12.04
12.71
11.37
9.02
8.55
8.26
6.82
8.39
8.85
8.49
8.55
7.86
7.73
7.76
7.24
7.25
6.89
9.38
9.71
9.26
9.32
8.77
10.16
8.01
6.39
6.85
7.68
8.80
7.95
5.85
6.81
6.30
5.95
5.91
5.67
5.51
5.60
5.58
5.39
5.25
5.03
4.60
4.12
7.47
7.38
7.08
7.35
7.23
7.12
7.39
7.38
6.80
6.50
6.23
5.90
5.39
8.08
8.09
7.85
8.11
8.04
8.07
8.28
8.27
7.90
7.65
7.53
7.42
7.09
7.04
7.05
6.90
7.07
7.05
6.95
7.09
7.03
6.89
6.80
6.59
6.64
6.63
9.05
9.04
8.83
8.93
8.86
8.86
9.01
9.00
8.75
8.61
8.55
8.48
8.31
7.49
7.02
6.41
6.36
6.07
5.94
6.16
6.14
5.76
5.59
5.33
4.93
4.49
7.00-6.50
6.50-6.50
6.00-6.00
6.00-6.00
6.00-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50 5.50
5.50-5.00
5.00-5.00
5.00-4.50
4.50-3.50
10.00-10.00
9.76
10.00-9.50
9.50-9.00
9.00-9.00
9.00-9.00
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.00
8.00-8.00
8.00-7.50
7.50-6.50
9.65
9.57
9.43
9.60
9.52
9.46
9.43
9.48
9.30
9.04
8.64
4.39
4.21
4.14
3.75
3.91
5.63
5.46
5.38
5.17
5.14
7.25
7.21
7.13
6.86
6.78
6.74
6.70
6.63
6.58
6.50
8.39
8.35
8.31
8.22
8.17
4.77
4.48
4.41
4.34
4.17
4.50-4.50
4.50-4.50
4.50-3.50
3.50-3.50
3.50-3.50
7.50-7.50
7.50-7.50
7.50-7.50
7.50-6.50
6.50-6.50
7.48
5.98
5.82
6.69
8.12
7.51
5.42
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and week,
2
Corporate
Aaa bonds
(Moody's)
5.66
6.20
6.93
6.98
5.45
5
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices overall were little changed in December.
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
^
?no
•/ —^1N^^~\
1RO
^*s
^S
^
140
170
/—
100
80
^*~~-f
V
770
200
180
f
f
160
/-^~'""'
140
\
~~l
/COMPOSI1
^ E STOCK PRICE INDEX
(NYSE)
170
100
^--y—
-^H
80
60
(SO
i,,,.,
40
1 1t M 1111!1
1983
1985
1984
l il l 1 |||t u
1986
1 1 1 1 t i I M 11 M t 1 t 1M t 1 I
1987
I 1 I 1 1 11 1 t M 1 I 1 1 1 1 I 1 1 M
1989
1988
40
1991
1990
PER CENT
PERC ENT
20
EARNIh-IGS-PRICE RAT O ON COMM DN STOCKS
10
^•~
S&P)
"• ^—_
10
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
COUNCIL OF ECONOMIC ADVISERS
Conimon stock pric es
x
New Y ork Stock Exc lange indexes ( Dec. 31, 1965 = 50)
Common st ock yields
(perct,nt) 5
2
Period
Composite
Industrial
Transportation
Utility
Finance
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
180.02
183.46
206.33
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
216.23
225.78
258.14
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
175.28
158.62
173.99
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
87.43
90.60
92.66
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
151.88
133.26
150.82
1990: Dec
179.57
221.88
141.31
91.56
1991: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
177.95
197.75
203.57
207.71
206.93
207.32
208.29
213.33
212.55
213.10
213.25
214.26
220.69
246.74
255.36
260.15
260.13
261.16
262.48
268.22
266.21
265.68
264.89
266.01
145.89
166.06
166.26
166.90
170.77
177.05
177.15
178.52
177.99
187.31
188.52
185.47
88.59
92.08
92.29
92.92
90.76
89.01
90.05
92.38
93.72
95.25
96.78
98.08
Week ended:
1991: Dec 7
14
21
28
1992: Jan 4
210.01
209.79
211.75
221.04
229.30
260.58
259.96
263.13
274.45
285.79
184.35
179.51
180.93
192.31
200.02
96.67
97.29
97.15
100.18
101.91
1
Average of daily closing prices.
Includes all the"stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
4
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings2
3
Dow-Jones
industrial
average 3
Standard &
Poor's
index
(194143 = 10) 4
Dividendprice ratio
Earningsprice ratio
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
322.84
334.59
376.18
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
3.45
3.61
3.25
11.96
11.60
8.03
10.02
8.12
6.09
5.48
8.01
7.41
6.47
122.18
2,610.92
328.75
3.74
6.46
121.39
141.03
145.42
152.64
151.32
152.31
151.60
157.70
157.69
158.94
159.78
159.96
2,587.60
2,863.04
2,920.11
2,925.54
2,928.42
2,968.14
2,978.19
3,006.09
3,010.35
3,019.74
2,986.12
2,958.64
325.49
362.26
372.28
379.68
377.99
378.29
380.23
389.40
387.20
386.88
385.92
388.51
3.82
3.35
3.26
3.19
3.23
3.23
3.20
3.10
3.15
3.14
3.15
3.16
155.96
156.35
157.16
166.61
172.59
2,910.42
2,882.07
2,915.65
3,064.51
3,176.66
379.78
379.98
384.05
401.86
417.21
3.19
3.22
3.17
3.06
2.91
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 & Compa , Inc., and Standard & Poor's
poration.
5.59
5.24
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 2 months of fiscal 1992, there was a deficit of $81.4 billion, compared with a deficit of $78.9 billion a
year earlier.
BILLIONS OF DOLLARS
1,500 {
RECEIPTS AND OUTLAYS^
BILLIONS OF DOLLARS
1,500
1 400
1,400
^X
1,300
1,300
OUTLAYSi/
1,200
1,200
1,100
1,100
1,000
1,000
900
900
RECEIPTS.!/
800
800
700
700
600
[\ 600
/I
SURPLUS OR DEFICIT HI/
0
0
-100
-100
-200
-300
:
A
—
1
1/1983
—1
1984
-200
i
1
1985
1986
1987
^ ^^
i
1988
i
1989
i
1990
r~——^
1991
j\
-300
1992^
FISCAL YEARS
!/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY ANP OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Total
Fiscal year or period
Receipts
Outlays
Surplus
or deficit
Receipts
Outlays
Gross Fe ieral debt
(end of period)
Off-budget
On-budget
Surplus
or deficit
Receipts
Outlays
Surplus
or deficit
Total
Held by
the public
1976
Transition quarter
1977
1978
1979
1980
1981
1982
1983
1984
298.1
81.2
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
371.8
96.0
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
73.7
-14.7
-53.6
-59.2
-40.2
-73.8
-78.9
-127.9
-207.8
-185.3
231.7
63.2
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
76.6
328.5
369.1
403.5
476.6
543.0
594.3
661.2
686.0
70.5
-13.3
-49.7
-54.9
-38.2
-72.7
-73.9
- 120.0
-208.0
-185.6
66.4
18.0
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
19.4
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
-3.2
-1.4
-3.9
4.3
-2.0
-1.1
-5.0
7.9
.2
.3
629.0
643.6
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
477.4
495.5
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
1985
1986
1987
1988
1989
1990
1991 J
1992 (estimates) 2
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,145.5
946.3
990.3
1,003.8
1,064.1
1,144.1
1,251.7
1,323.0
1,493.8
-212.3
-221.2
-149.7
-155.1
-153.4
-220.4
-268.7
-348.3
547.9
568.9
640.7
667.5
727.0
749.7
760.4
832.0
769.5
806.8
810.0
861.4
933.2
1,026.6
1,081.3
1,244.1
-221.6
-237.9
- 169.3
193.9
-206.1
-277.0
-320.9
-412.1
186.2
200.2
213.4
241.5
263.7
281.7
293.9
313.5
176.8
183.5
193.8
202.7
210.9
225.1
241.7
249.7
9.4
16.7
19.6
38.8
52.8
56.6
52.2
63.8
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,598.9
4,047.9
1,499.4
1,736.2
1,888.1
2,050.3
2,190.3
2,410.4
2,687.2
3,026.9
147.5
151.3
226.4
232.7
-78.9
-81.4
102.6
108.1
186.1
190.4
83.5
-82.3
44.9
43.1
40.4
42.3
4.6
.9
3,298.4
3,681.2
2,484.4
2,753.5
Cumulative total, first 2
months: l
Fiscal year 1991
Fiscal year 1992
1
Data from Monthly Treasury Statement.
2
Kstimates from Mid-Session Review of the Budget, Office of Management and Budget, July 15,
1991.
32
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1992, February
1991, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 2 months of fiscal 1992, receipts were $3.8 billion higher than a year earlier, and outlays were $6.3
billion higher.
BILLIONS OF DO LLARS
BILLIO NS OF DOLLARS
600
RECEIPTS!/
600
500
_««•
INDIVIDUAL INCOME TAXES
\
. —•
300
__
._-——*
\
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
"
200
CORPORATION
INCOME TAXES
OTHER RECEIPTS
\
100
T
0
"
'
300
200
^
I
I
I
100
I
I
I
I
I
OUTLAYS-!/
o
1,200
__„-••'
1 100
1 000
1 000
900
900
NONDEFENSE
\
800
,'"'
800
~~~
700
700
,---'""
600
600
500
500
400
\
300
200
400
NATIONAL DEFENSE
A
J
V
1983
T
1984
1
~~i
1985
—
1986
1
I
1987
1988
FISCAL YEARS
1
1
1989
1990
J INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS,
.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
1
300
_[S
200
1992 ^
1991
rnilNrn OF FroNOMIC ADVISERS
COUNCIL OF ECONOMIC AUVIbtHb
[Billions of dollars]
On-budg et and off budget ou Hays
0 -budget a id off-bud ret receipt
Fiscal year
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 '
1992 (estimates) 2
Cumulative total, first 2 months:
Fiscal vear 199]
Fiscal vear 1992
Individual
income
taxes
Corporation
income
taxes
298.1
355.6
399.6
483.3
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
734.1
334.5
349.0
392.6
Total
Nationa ! defense
Other
Total
DepartTotal
contributions
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
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
265.2
283.9
303.3
334.3
359.4
380.0
396.0
427.2
73.0
73.1
74.3
78.9
82.3
90.9
92.3
101.4
946.3
990.3
1,003.8
1,064.1
1,144.1
1,251.7
1,323.0
1,493.8
252.7
273.4
282.0
290.4
303.6
299.3
272.5
311.5
60.3
59.9
16.4
17.3
226.4
232.7
51.0
49.6
909.0
990.7
1,031.3
1,054.3
1,145.5
401.2
445.7
466.9
467.8
518.2
61.3
63.1
83.9
94.5
103.3
93.5
98.1
98.7
147.5
151.3
67.9
71.3
2.9
2.7
76S.1
854.1
Social
insurance
89.6
Inter-
Health
Medi(are
Defense,
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
245.2
265.5
274.0
281.9
294.9
289.8
261.9
299.3
Income
securi-
Social
securi-
inter-
tv
ty
est
73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
29.9
35.4
42.6
52.5
68.7
85.0
89.8
111.1
Net
Other
82.8
93.0
114.7
119.6
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
18.5
20.5
23.2
26.9
27.4
28.6
30.4
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
16.2
14.2
11.6
10.5
9.6
13.8
16.2
17.9
33.5
35.9
40.0
44.5
48.4
57.7
71.2
86.9
65.8
70.2
75.1
78.9
85.0
98.1
104.5
114.3
128.2
119.8
123.3
129.3
136.0
147.3
171.6
186.3
188.6
198.8
207.4
232.5
248.6
269.0
286.6
195.0
205.6
131.8
142.1
125.9
139.4
159.8
202.7
223.0
284.7
5.8
3.7
10.7
14.5
16.3
19.3
26.6
29.5
42.0
45.6
30.2
33.4
43.9
37.2
15.7
17.3
15.8
19.3
22.8
26.5
32.1
219.3
26.7
129.4
136.0
138.6
151.7
169.2
184.2
131.4
133.5
125.4
122.3
118.6
1
49.2
47.5
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter of 1991, according to revised estimates, Federal receipts rose $10.3 billion (annual rate) and
Federal expenditures rose $13.8 billion. (Series reflect benchmark revision.)
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
1,400
1,400
1,200
1,200
EXPENDITURES
\
1,000
RECEIPTS
- SURPLUS OR DEFICIT | - ) -
1986
1987
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE. DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal (jovernment expenditu res
Federal (government receipts
Period
Total
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
389.9
408.8
448.2
477.8
474.5
98.6
108.8
116.6
112.6
103.2
57.3
60.4
61.7
64.2
75.6
400.6
410.1
460.2
482.2
301.6
290.5
323.5
351.8
371.7
414.8
420.0
467.9
471.2
485.4
486.6
485.5
473.9
468.8
469.9
103.2
111.0
113.9
112.1
45.5
65.4
67.0
77.0
91.4
109.7
118.5
107.4
113.7
114.1
115.1
105.7
99.0
102.0
106.2
Personal
tax and
nontax
receipts
Contributions for
social
insurance
Purchases
Total
Transfer
payments
Grantsm-aid to
State
and
local
governments
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
Surplus
or deficit
Less:
Wage
accruals
less
disbursements
national
income
and
product
accounts
Fiscal year:
1987
1988
1989
1990
1991
r
r
r
r
r
892.1
958.1
1,039.7
1,092.8
1,116.2
346.3
380.1
413.3
438.2
462.9
1,050.1
1,099.2
1,161.8
1,245.5
1,305.5
380.1
387.2
398.5
417.2
445.8
408.3
1,065.6
1,109.0
1,179.4
1,270.1
384.9
387.0
401.4
424.9
281.4
289.7
324.7
356.9
373.1
392.5
392.0
403.7
417.2
423.3
424.7
434.5
451.5
452.1
444.9
412.2
430.1
459.1
501.5
505.3
25.2
29.1
28.0
23.2
22.8
0.1
— .1
116.0
128.4
146.3
133.5
144.0
160.3
175.2
185.3
102.8
111.3
118.2
132.2
84.3
86.9
97.7
104.5
103.8
102.9
113.0
121.9
128.1
132.2
131.2
137.3
143.7
151.0
153.3
136.6
146.0
164.7
177.5
86.8
99.2
122.3
129.2
131.1
143.1
151.2
168.8
170.9
177.5
183.7
177.7
185.7
189.7
187.9
29.1
28.4
25.5
24.7
17.3
28.8
22.2
16.4
22.1
37.8
34.9
25.1
29.8
23.0
14.8
31.2
23.4
22.7
13.9
.0
.0
.0
103.1
108.8
.0
.0
.0
-158.0
-141.1
-122.1
-152.7
-189.2
Calendar year:
1987 *
1988 r
1989 r
1990 r
1982: IV r
1983: IV r
1984: IV r
1985: IV r
1986: IV r
1987: IV r
1988: IV
1989: IV r
1990: I r T
II
Ill r
1991:
IV
lr
II r
III r
913.8
972.3
1,055.2
1,104.8
632.3
671.1
739.8
803.6
856.8
943.5
1,000.6
1,062.7
1,086.8
1,106.3
1,115.4
1,110.7
1,115.2
1,114.3
1,124.6
58.4
351.5
60.9
61.9
65.8
49.2
55.4
58.2
56.8
54.8
59.5
61.4
62.1
64.6
64.8
65.2
68.5
78.2
77.1
78.7
390.4
419.4
444.7
235.9
259.8
291.1
318.0
338.8
359.4
400.7
425.2
437.2
442.0
448.5
451.1
464.1
466.3
469.9
815.7
855.7
926.6
990.8
1,034.3
1,096.3
1,135.5
1,206.0
1,247.6
1,263.2
1,265.1
1,304.4
1,261.6
1,321.0
1,334.8
NOTE:—Data reflect t!ie recent comprehensive (benchmark) revision of the national income and
product accounts. For details, see Survey of Current Business, November 1991.
34
436.3
469.5
510.8
346.0
351.1
360.1
383.8
404.2
419.7
444.5
486.4
501.6
507.2
510.7
523.8
457.5
505.1
534.9
Source: Department of Ooi
.1
.0
.0
.6
.0
.0
— .2
.0
.0
.0
.0
.0
.2
2
— .4
.0
-151.8
-136.6
-124.2
— 165.3
-183.4
-184.6
-186.8
-187.2
-177.5
-152.7
-134.9
-143.3
— 160.8
-156.9
-149.7
-193.6
— 146.4
-206.7
-210.2
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial jroduction (1987=1 )0; seasonal!y adjusted
Period
United
States
1982
1983
1984
1985
1986
1987
1988
1989
1990"
1990:
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
Aug
Sept
Oct
Nov".
1
Japan
France
Germany
r
114.6
117.3
117.0
116.6
116.2
110.8
107.5
106.8
109.6
76.5
82.9
81.5
91.4
96.5
95.4
100.0
105.5
105.3
100.8
85.5
93.4
96.8
96.6
100.0
109.3
115.7
121.3
97.3
96.5
97.1
97.2
98.0
100.0
104.7
108.9
110.2
90.3
90.9
93.5
97.7
99.6
100.0
103.9
108.7
110.6
109.9
108.3
107.2
99.5
99.4
97.4
96.4
122.4
125.3
124.6
123.7
109.8
110.1
108.0
106.0
r
96.3
95.3
r
r
95.0
96.2
96.8
r
r
r
97.4
97.9
97.7
98.3
125.4
110.1
125.1 109.1
123.0 ' 106.8
123.3 ' 109.8
126.0 109.6
122.8 ' 109.7
126.6 ' 110.5
122.8 ' 110.5
r
109.2
!23.7
123.5
Italy
91.8
88.8
91.8
92.9
96.2
100.0
105.9
109.2
109.2
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
109.2
106.6
105.7
105.0
105.5
106.4
107.3
108.1
108.0
108.2
108.2
107.8
June
July
Canada
Con sumer pric es (1982- 84=100; N =A)
United
Kingdom
United
States '
Japan
128.9
133.2
109.2
112.1
150.4
159.6
112.4
113.9
113.5
113.2
134.4
135.2
135.0
134.9
112.6
113.4
113.2
113.3
161.2
162.6
163.6
164.2
151.9
153.1
152.7
152.6
114.1
135.5
135.7
135.8
136.3
136.6
136.9
137.4
137.7
138.0
138.6
114.0
114.3
114.2
114.7
115.2
115.8
116.8
116.8
117.0
117.4
165.4
167.0
167.4
168.2
168.8
169.7
169.9
170.4
171.1
172.6
102.3
102.3
100.8
100.2
132.7
133.5
133.8
133.8
136.3
137.4
138.2
138.1
99.6
101.2
' 101.4
134.6
134.8
135.0
135.2
135.6
136.0
136.2
136.6
137.2
137.4
137.8
141.7
141.7
142.3
r
94.6
96.9
r
98.8
95.6
!01.6
r
!01.6
r
99.8
r
r
T
100.1
101.0
142.3
143.0
143.7
143.8
143.9
143.7
143.4
United
Kingdom
124.4
100.0
103.6
104.0
103.3
r
Italy
104.8
111.1
114.9
119.7
125.6
135.4
148.2
98.0
99.9
102.1
104.2
104.9
105.0
105.7
108.1
111.4
'89.7
Germany
87.7
100.8
111.5
121.1
128.5
134.4
94.9
100.4
104.8
108.9
113.4
118.4
123.2
129.3
135.5
86.4
89.6
France
97.0
100.3
102.7
104.9
104.7
104.9
106.3
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
r
119.1
108.6
118.3
108.4
118.3
108.2
117.8
103.3
116.9
104.6
121.6
110.5
106.3
119.5
117.3 ' 104.1
r
107.4
l!7.5
116.2
Canada
113.8
114.3
114.8
115.4
114.9
114.8
115.0
115.3
116.6
91.7
100.3
108.0
114.3
117.2
121.1
141.1
H5.4
99.8
153.0
153.8
-154.4
156.4
156.9
157.6
157.2
157.6
158.1
158.7
159.3
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration, Trade Information and Analysis).
Data relate to all urban consumers.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
Mei chandise e xports (f. a.s. value
1
C eneral ni erchandise imports customs value) 3
Principal end-use c ommoditv category
Principal
Trade b alance
nd-use cc mmoditv category
General
Period
Total 2
Foods,
feeds,
and
Industrial
supplies
als
322.4
363.8
393.6
31.3
30.9
31.5
24.0
22.3
24.3
32.3
37.2
35.1
Oct
Nov
Dec
34.6
33.6
33.6
1991: Jan
Feb
Mar
Apr
May
34.1
33.6
34.0
35.6
35.3
35.0
35.2
34.4
35.3
36.7
1982
216.4
1983
1984
1985
1986
1987
1988
1989
1990
205.6
224.0
1990:
Aug
Sept
T
Oct
2
3
4
218.8
5
227.2
254.1
June
July
1
5
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
sumer
goods
(nonfood)
except
automotive
Other
58.5
57.3
66.7
85.1
99.3
104.4
13.3
12.6
14.2
17.7
23.1
36.4
43.3
20.7
20.5
24.0
27.3
35.9
34.6
43.4
17.2
20.7
2.6
2.9
2.6
9.9
9.5
9.2
13.1
12.4
13.2
3.4
3.2
2.8
3.9
3.7
3.8
2.7
3.1
3.0
2.9
3.0
2.9
3.1
2.9
3.0
3.0
9.5
9.7
8.9
9.2
9.4
8.7
9.1
9.1
8.5
9.3
13.0
12.4
13.5
14.4
13.7
14.4
13.7
13.4
14.3
14.4
3.1
2.6
2.9
3.4
3.5
3.5
3.6
3.2
3.6
3.8
3.9
3.9
3.8
3.8
3.8
3.7
3.7
3.7
3.8
4.1
61.7
14.3
13.4
Foods
feeds,
and
17.1
244.0
258.0
330.7
336.5
365.4
406.2
18.2
21.0
21.9
24.4
24.8
441.0
24.8
473.2
495.3
25.1
26.6
1.8
1.9
1.9
44.5
43.1
39.9
2.2
2.1
1.9
1.9
1.9
1.9
2.0
1.9
2.1
2.0
2.1
2.2
41.5
39.1
38.1
40.1
40.1
38.8
41.2
40.9
42.3
43.5
2.2
2.1
2.1
4
4
2.2
2.4
2.3
2.3
2.3
2.1
2.2
2.2
Con-
mer-
sumer
goods
chandise
imports
(c.i.f.
value)
Automotive
vehicles,
parts.
and
engines
food)
except
automotive
123.7
113.9
101.3
111.0
118.3
132.3
143.2
35.4
40.9
59.8
65.1
71.8
84.5
101.4
113.3
116.4
33.3
40.8
53.5
66.8
78.2
85.2
87.7
86.1
87.3
39.7
44.9
60.0
68.3
79.4
88.7
95.9
102.9
105.7
7.8
9.4
10.4
12.1
13.5
13.4
11.6
10.3
10.0
9.8
7.7
9.4
9.0
8.3
1.4
1.5
1.3
12.2
10.8
10.1
11.0
11.3
10.5
10.8
10.9
11.2
11.2
9.9
9.9
9.9
10.4
10.1
9.8
10.4
9.9
10.3
10.5
7.3
6.7
6.6
6.7
6.5
6.6
8.6
8.5
8.0
8.5
8.4
8.1
9.3
8.7
9.6
10.3
1.3
1.2
1.3
1.3
1.5
1.4
1.3
1.3
1.3
1.4
Industrial
supplies
als
16.8
20.6
22.9
21.7
24.6
29.3
34.8
37.4
15.7
Total
2
72.7
67.2
72.0
73.9
75.8
86.2
109.2
138.8
152.7
61.7
56.7
Includes Department of Defense Military Assistance Program grant-aid
Includes undocumented exports to Canada through 1988.
Total arrivals of imported goods other than intransit shipments.
Total includes revisions not reflected in detail.
Con-
112.0
107.0
Capital
goods
except
motive
7.1
6.6
7.2
8.0
7.6
7.9
(non-
Other
6.5
6.3
12.8
13.6
16.1
5
254.9
269.9
346.4
352.5
382.3
424.4
459.5
493.2
Exports
(f.a.s) less
imports
(customs
value)
Exports
(f.a.s)
less
imports
(c.i.f.)
-27.5
-38.4
-64.2
-52.4
- 106.7 -122.4
517.0
-118.5
-109.4
-101.7
-133.6
-155.1
-170.3
-137.1
-129.4
-123.4
46.4
45.0
41.6
-9.9
-9.5
-6.3
-11.7
-11.4
-8.0
43.4
-7.4
-5.5
-4.1
-4.5
—4.8
-9.2
-7.3
-5.8
-6.4
-6.6
55
-7.8
-8.3
-8.8
-8.5
40.9
39.8
42.0
41.8
40.4
43.0
42.7
44.1
45.2
-117.7
-138.3
— 152.1
-3.8
-5.9
-6.5
-6.9
-6.7
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
There was a current account deficit of $10.5 billion in the third quarter of 1991, compared with a surplus of $3.0
billion in the second quarter. The merchandise trade deficit increased and net unilateral transfers shifted from
inflows to outflows, as cash contributions from coalition partners in Operation Desert Storm decreased and grants
forgiving outstanding debt were provided to several countries, including Poland.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS*
15
15
-40
-40
-45
-45
1982
1990
1991
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits {+), debits ( —)]
Merchandise ' 2
Net
Period
Exports
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1989:
1990:
1991:
1
2
3
4
237,085
211,198
201,820
219,900
215,935
223,367
250,266
320,337
361,451
389,550
I
87,207
II
91,609
Ill
90,142
IV
92,493
I
95,244
II
97,088
Ill
96,638
IV
100,580
I
100,900
II r.
104,245
Ill ".... 104,532
Imports
-265,063
-247,642
-268,900
-332,422
-338,083
-368,425
-409,766
-447,323
-477,368
-497,665
-116,625
-120,309
-119,330
-121,104
-122,781
-121,178
-125,398
- 128,308
— 119,294
-119,636
-125,018
Net balance
-27,978
— 36,444
-67,080
-112,522
-122,148
-145,058
- 159,500
-126,986
-115,917
-108,115
-29,418
-28,700
-29,188
-28,611
-27,537
-24,090
-28,760
-27,728
-18,394
-15,391
-20,486
military
transactions 3 4
-844
112
transpor-
Other
services,
receipts
144
-992
-4,227
-163
-2,147 -9,153
-4,096 -10,788
-4,907 -8,939
-3,662 -8,006
-5,743 -3,844
-6,204
2,621
-7,220
4,140
-1,715
261
-1,634
443
652
-1,161
-1,693
1,265
-1,737
941
834
-1,558
-1,683
479
1,885
-2,243
2,056
— 2,329
— 1,484
2,521
-1,168
2,607
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Quarterly data are not seasonally adjusted.
Includes transfers of goods and services under U.S. military grant programs.
36
Inv estment incom 3 5
Services
12,552
12,981
13,859
14,042
14,008
18,551
18,012
19,925
25,998
29,456
5,940
6,374
6,772
6,911
6,695
7,322
7,607
7,832
7,345
7,909
8,023
Receipts
on U.S.
assets
abroad
Payments
on foreign
assets 3in
Net
Balance on
goods,
services,
and income
U '1
net 4
account
15,223
3,907
-30,188
86,385
-106,859
-129,384
- 145,527
-111,294
-90,814
-69,794
-24,032
-24,701
-22,426
-19,656
-18,635
-17,485
-19,555
— 14,122
-6,438
— 4,101
-8,522
-8,331
-9,775
-9,956
— 12,621
-15,473
-16,009
-14,674
- 14,943
-15,491
-22,329
3,547
-3,107
-3,794
— 5,044
-4,032
-4,693
-4,326
-9,280
16,939
7,129
— 1,937
6,892
-5,868
— 40,143
-99,006
-122,332
-145,393
— 160,201
-126,236
106,305
-92,123
27,579
-27,808
— 26,220
-24,700
-22,667
-22,178
-23,881
-23,402
10,501
3,028
— 10,459
U.S.
84,975 -53,626 31,349
85,346 -57,097 28,250
81,972 — 54,549 27,423
92,935 -69,542 23,394
82,282 -66,115 16,166
80,982 -70,013 10,969
7,629
90,536 -82,908
5,353
110,669 -105,317
2,688
128,651 -125,963
130,091 -118,146 11,945
900
30,974 -30,074
32,300 -33,484 — 1,184
499
32,217 -31,718
2,472
33,159 -30,687
3,002
31,959 -28,957
7
31,314 -31,307
2,802
32,012 -29,210
6,133
34,805 — 28,672
4,883
32,729 -27,846
2,345
28,287 -25,942
2,502
28,805 -26,303
5
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
United States are excluded from investment income and included in other services, net.
See p. 37 /or continuation of table.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $0.2 billion in the third quarter of
1991, in contrast to a decrease of $1.2 billion in the second quarter. Liabilities to private foreigners reported by
U.S. banks, excluding Treasury securities, increased $8.8 billion in the third quarter, compared to a decrease of
$28.7 billion in the second quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
80
CHANGE IN
FOREIGN ASSETS
i\
- IN THE U.S., NET -
60
40
20
CHANGE IN
U.S. ASSETS
ABROAD, NET
-20
-40
-60
1989
1982
1991
1990
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
Foreign assets in the ' J.S., net
[increase /capital inflowM + )] 3
[increase /capit al outflow ( — } ]
Period
Total
U.S.
official
assets
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1989: I
n
m
IV
1990: I
II
m
IV
1991: I r
II
m "...
36
-110,951
— 124,490
-56,100
-31,070
-27,721
-92,030
-62,937
-86,057
-128,610
-57,706
-5,175
-4,965
-1,196
-3,131
-3,858
312
9,149
-3,912
-25,293
-2,158
-37,576
-4,270
-45,743
-41,021
-4,000
- 12,095
-5,996
-3,202
37,147
-33,462
-26,689
-34,703
-923
-14,982
— 11,971
Other U.S.
assets
U.S.
private
assets
Total
Other
foreign
assets
(SDKs)
1,093
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U S official
reserve
assets, net 6
(unadjusted,
end of
period)
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
19,934
36,612
11,374
27,456
20,041
15,824
6,690
-9,240
18,366
63,526
-5,097 -100,679
-6,131 -113,394
-49,898
-5,006
22,451
-5,489
-2,821
-21,043
-2,022 -90,321
-73,091
1,006
2,966 -85,111
1,320 -104,637
2,976 -58,524
83,032
93,746
84,869
102,621
130,012
221,599
229,828
221,534
216,549
86,303
4,960
3,593
5,845
3,140
-1,083
35,588
45,343
39,657
8,624
32,425
78,072
90,154
79,023
99,481
131,096
186,011
184,485
181,877
207,925
53,879
928
-292
564
119
-34,504
8,117
— 40,311
-37,938
69,557
2,498
74,255
70,238
7,766
-5,038
13,053
-7,158
61,791
7,536
61,202
77,396
— 4,402
29,580
-2,292
-4,517
4,066
-780
-6,379
3,096
49,854
60,502
68,418
74,609
-3,177
371
1,739
-1,091
-669
-800
-314
4,759
40,993
-33,033
— 28,114
-38,370
33,082
31,257
49,096
39,033
7,022
5,805
13,341
20,301
-26,059
25,452
35,754
18,732
18,601
24,383
1,475
19,072
4,367
105
-6,473
2,007
76,303
77,298
80,024
83,316
-353
1,014
3,877
1,422
-493
2,715
-1,992
-15,503
- 18,564
-729
3,503
22,816
6,631
-3,105
4,309
-7,361
6,608
18,507
-8,849
8,451
-386
3,995
166
-6,059
78,002
74,940
74,731
6
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve position in the IMF.
Foreign
official
assets
Statistical discrepancy
Allocations
of special
drawing
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross Domestic Product
Gross Domestic Product in 1987 Dollars
Implicit Price Deflators for Gross Domestic Product
Changes in GDP, Personal Consumption Expenditures, and Related Implicit Price Deflators and Price Indexes
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures in 1987 Dollars
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment in 1987 Dollars
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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