Full text of Economic Indicators : February 1991
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102d Congress, 1st Session
Economic Indicators
FEBRUARY 1991
(Includes data available as of March 1, 1991)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1991
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL S. SARBANES, Maryland, Chairman—Designate
LEE H. HAMILTON, Indiana, Vice Chairman—Designate
COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, Chairman
JOHN B. TAYLOR, Member
RICHARD L. SCHMALENSEE, Member
[PUBLIC LAW 120—81sr 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
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Approved June 23, 1949.
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Economic Indicators, published monthly, is available at $2.25 a single copy
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u
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
In the fourth quarter of 1990, according to revised estimates, current-dollar gross national product (GNP) rose 0.5
percent (annual rate) or $6.7 billion. Real GNP (GNP adjusted for price changes) fell 2.0 percent and the implicit
price deflator rose 2.8 percent.
BILLION S OF DOLLARS (RATIO SCALE)
B LLIONS OF DO LLARS (RATIO SCALE)
5,600
5,600
~~^^
SEASON ULY ADJUSTED ANNUAL RATES
—
5,200
—i
5,200
^"-"^
GNP
4,800
4,800
IN CURREh•IT DOLLARS
^-
4,400
4,400
— ^j
^—
4,000
4,000
^^ \~* "
X^^
3,600
/
3,200
^=^
,---C'
^---*
3,600
GNP
IN 1982 DOL LARS
** •"• "**""*
jT
—
^^
,'
—
3,200
^
2,800
2,800
2,400
1
1
1982
1
1
1
1 1 1
1
1
1984
1983
1
1
1
1985
1
1
I
1
1
1
1987
1986
i
1
1
1
i
1989
1988
1
1
1
2,400
1990
COUNCIL OF ECONOMIC ADVISER
jOURCE: DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990r.
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
IV
IV
IV
IV
IV
IV
IV
in
IV
I
H
m
IV '.
1
Gross
private
domestic
investment
2,732.0
3,052.6
3,166.0
3,405.7
3,772.2
4,014.9
4,231.6
4,515.6
4,873.7
5,200.8
5,463.6
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,009.4
3,238.2
3,450.1
3,658.6
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.5
747.1
771.2
741.9
32.1
33.9
26.3
-6.1
-58.9
-78.0
-97.4
-114.7
-74.1
-46.1
-34.6
351.0
382.8
361.9
352.5
383.5
370.9
396.5
449.6
552.0
626.2
670.8
318.9
348.9
335.6
358.7
442.4
448.9
493.8
564.3
626.1
672.3
705.4
530.3
588.1
641.7
675.0
735.9
820.8
872.2
921.4
962.5
1,025.6
1,097.8
208.1
242.2
272.7
283.5
310.5
355.2
366.5
381.3
380.3
400.0
423.5
142.7
167.5
193.8
214.4
234.3
259.1
277.8
294.6
297.2
301.1
312.9
65.4
74.8
78.9
69.1
76.2
96.0
88.7
86.7
83.1
98.9
110.6
322.2
345.9
369.0
391.5
425.3
465.6
505.7
540.2
582.3
625.6
674.3
2,740.3
3,028.6
3,190.5
3,412.8
3,704.5
4,003.6
4,224.8
4,487.3
4,847.5
5,172.5
5,467.8
2,699.8
3,018.7
3,139.7
3,411.8
3,831.1
4,092.8
4,329.0
4,630.3
4,947.8
5,246.9
5,498.2
3,212.5
3,545.8
3,851.8
4,107.9
4,297.3
4,647.6
5,009.8
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,079.1
3,332.6
409.6
579.8
661.8
654.1
648.8
741.4
747.5
14.1
-25.8
-67.9
-103.2
-108.9
-115.0
-70.3
335.9
364.7
385.7
369.2
402.4
485.8
583.1
321.9
390.5
453.6
472.4
511.3
600.7
653.5
671.8
676.1
764.5
856.7
888.9
942.0
1,000.0
293.2
276.1
326.0
376.6
368.8
388.2
401.1
205.4
221.5
244.1
268.6
280.7
296.0
299.6
87.7
54.6
81.9
108.0
88.1
92.2
101.6
378.7
400.0
438.5
480.1
520.1
553.9
598.9
3,272.4
3,514.8
3,806.8
4,100.7
4,309.4
4,591.9
4,993.6
3,198.5
3,571.6
3,919.7
4,211.2
4,406.2
4,762.6
5,080.1
5,238.6
5,289.3
3,484.3
3,518.5
775.8
762.7
-49.3
-35.3
623.7
642.8
673.0
678.1
1,027.8
1,043.3
399.2
399.9
306.3
299.2
93.0
100.7
628.6
643.4
5,209.7
5,264.3
5,287.9
5,324.6
5,375.4
5,443.3
5,514.6
5,521.3
3,588.1
3,622.7
3,693.4
3,730.0
747.2
759.0
759.7
701.8
-30.0
-24.9
-41.3
-42.3
661.3
659.7
672.7
689.4
691.3
684.6
714.1
731.7
1,070.1
1,086.4
1,102.8
1,131.8
410.6
421.9
425.8
435.8
307.2
309.6
312.6
322.3
103.4
112.3
113.2
113.6
659.6
664.6
677.0
695.9
5,387.2
5,429.9
5,505.6
5,548.8
5,405.3
5,468.2
5,555.9
5,563.5
Gross
national
product
Final
Federal
Net
exports
GNP less exports of goods and services plus imports of goods and services.
Government pure! ases of
goo is and senices
Exports md imports of goods
md service
Personal
consumption
expenditures
Exports
Imports
Total
Total
National
defense
Nondefense
chases1
and
local
Source: Department of Commerce, Bureau of Economic Analysis,
domestic
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Exports and imp orts of
goods and serraces
Gross private
domestic investment
Period
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,618.7
3,717.9
3,845.3
4,016.9
4,117.7
4,156.3
3,159.3
3,365.1
3,535.2
3,662.4
3,733.6
3,920.7
4,059.3
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 r
1982:
1983:
1984:
1985:
1986:
1987:
1988:
IV
IV
IV
IV
IV
IV
IV
1989: HI
IV
1990: I
n
m
IV '.
1
al
product
4,129.7
4,133.2
4,150.6
4,155.1
4,170.0
4,149.5
Personal
consumption
expenditures
Total
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,354.8
2,446.4
2,515.8
2,606.5
2,656.8
2,682.4
509.3
545.5
447.3
504.0
658.4
637.0
639.6
669.0
705.7
716.9
689.6
379.2
395.2
366.7
361.2
425.2
453.5
438.4
449.8
487.2
506.1
515.0
137.0
126.5
105.1
149.3
170.9
174.4
195.7
196.4
194.9
187.0
177.1
-6.9
23.9
-24.5
-6.4
62.3
2,078.7
2,191.9
2,281.1
2,386.9
2,477.8
2,534.2
2,638.8
2,675.3
2,669.9
2,677.3
2,678.8
2,696.8
2,676.9
408.8
577.2
655.7
648.0
615.2
706.6
696.2
352.3
390.4
444.4
460.9
435.7
462.3
486.6
115.8
159.9
169.6
179.4
200.3
195.8
195.6
11.7
-46.2
-94.8
7.7 - 12S.3
-20.8 - 135.4
48.4 -111.3
14.0 -75.7
722.3
709.1
513.3
508.4
184.4
181.8
24.6
18.9
-64.1
-47.9
700.7
700.7
697.0
659.8
514.6
508.4
519.3
517.6
188.3
182.8
173.0
164.4
-2.2
-35.4
-44.6
-46.5
-18.5
Change
m
Resibusidential
ness
fixed inventories
Nonresidential
fixed
9.1
5.6
22.8
23.6
23.8
-2.5
Federal
-22.2
State
and
local
Final
sales
Gross
domestic
purchases '
3,130.1
3,199.4
3,139.7
3,299.1
3,585.4
3,723.0
3,847.6
3,963.8
4,092.8
4,171.8
4,192.5
3,147.6
3,411.3
3,630.0
3,787.6
3,869.0
4,032.0
4,134.9
4,193.9
4,181.1
4,185.9
4,199.7
4,216.5
4,168.0
Net
exports
Exports
Imports
Total
57.0
49.4
26.3
-19.9
-84.0
-104.3
-129.7
-118.5
-75.9
-54.1
-36.2
388.9
392.7
361.9
348.1
371.8
367.2
397.1
451.8
534.7
593.3
630.0
336.0
355.5
376.6
367.4
406.5
487.0
555.3
332.0
343.4
335.6
368.1
455.8
471.4
526.9
570.3
610.6
647.4
666.3
324.3
401.6
471.4
492.6
541.9
598.3
631.0
620.5
629.7
641.7
649.0
677.7
731.2
761.6
779.1
780.5
798.1
820.5
660.1
642.2
693.2
752.7
776.0
791.3
799.9
246.9
259.6
272.7
275.1
290.8
326.0
334.1
339.6
328.1
334.9
343.3
171.2
180.3
193.8
206.9
218.5
237.2
252.1
265.1
260.7
256.3
258.1
75.7
79.3
78.9
68.2
72.3
88.8
82.0
74.5
67.5
78.7
85.2
373.6
370.1
369.0
373.9
387.0
405.2
427.5
439.5
452.4
463.2
477.2
289.5
266.0
300.5
340.6
342.4
347.7
342.3
201.4
211.6
225.3
241.4
255.8
266.0
261.1
88.2
54.4
75.2
99.2
86.6
81.7
81.2
370.6
376.2
392.7
412.1
433.6
443.6
457.5
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,609.6
3,712.4
3,822.5
3,993.2
4,094.0
4,158.8
3,218.6
3,338.1
3,493.5
3,654.7
3,754.4
3,872.3
4,045.2
592.5
611.6
628.1
620.1
630.5
641.4
656.6
659.4
796.2
802.2
807.9
820.2
822.7
831.3
333.0
332.7
260.2
255.5
254.4
256.5
258.2
263.4
72.8
77.2
463.2
469.5
475.0
474.3
476.7
482.9
4,105.1
4,114.4
4,152.8
4,145.6
4,165.3
4,171.7
-59.3
27.0
41.7
9.5
4.7
Govern:tnent pure bases of
goot s and sei•vices
GNP less exports of goods and services plus imports of goods and services.
663.5
664.7
677.0
659.9
National
defense
Total
333.0
345.9
346.0
348.4
Nondefense
78.6
89.4
87.8
84.9
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982=100; quarterly data are seasonally adjusted]
Personal consumption
expenditures
Period
national
product
Total
Durable
goods
Gross ]wivate
domestic i]ivestment
Exports an 1 imports of
goods an 1 services
Gove rnment pure lases of goc ds and
serpices
Federal
Nondurable goods
Services
Nonresidential
Residential fixed
Exports
Imports
National
defense
Nondefense
State
and local
85.7
94.0
100.0
103.9
107.7
110.9
113.8
117.4
121.3
126.3
131.5
86.6
94.6
100.0
104.1
108.1
111.6
114.3
119.6
124.2
129.9
136.4
89.2
95.7
100.0
102.1
103.8
104.8
105.6
108.2
109.4
110.9
112.4
89.4
96.9
100.0
102.1
105.0
107.5
107.3
112.2
116.6
122.8
131.0
83.9
92.6
100.0
106.2
111.6
116.8
122.4
128.7
134,5
141.0
147.7
85.1
93.4
100.0
98.8
97.9
97.7
99.3
98.9
100.2
101.2
101.7
89.4
96.6
100.0
102.2
106.0
108.3
111.1
115.2
119.3
123.5
125.6
90.2
97.5
100.0
101.3
103.2
101.0
99.8
99.5
103.2
105.5
106.5
96.0
101.6
100.0
97.4
97.1
95.2
93.7
99.0
102.5
103.8
105.9
84.3
93.3
100.0
103.1
106.8
109.0
109.7
112.3
115.9
119.4
123.4
83.4
92.9
100.0
103.6
107.2
109.2
110.2
111.1
114.0
117.5
121.2
86.4
94.3
100.0
101.4
105.5
108.2
108.1
116.3
123.2
125.8
129.8
86.2
93.4
100.0
104.7
109.9
114.9
118.3
122.9
128.7
135.1
141.3
IV
IV
IV
IV
IV
IV
IV
101.7
105.4
109.0
112.2
115.1
118.5
123.4
101.8
105.7
109.3
113.1
115.8
121.5
126.3
100.7
103.1
104.1
104.7
106.2
108.9
110.3
101.0
103.1
105.8
108.7
107.8
113.9
118.6
102.7
108.3
113,5
119.0
124.9
130,9
137.0
100.7
98.3
97.9
97.9
100.0
99.0
101.8
99.1
103.1
107.2
109.0
112.4
116.5
120.6
100.0
102.6
102.4
100.5
99.0
99.7
105.0
99.3
97.2
96.2
95.9
94.4
100.4
103.6
101.3
103.8
108.5
110.6
107.7
111.7
117.2
102.0
104.7
108.3
111.3
109.7
111.3
114.7
99.5
100.3
108.9
108.8
101.7
112.8
125.1
102.2
106.3
111.7
116.5
120.0
124.9
130.9
1989: m
IV
126.8
128.0
130.2
131.8
111.2
111.4
123.2
124.5
141.6
143.4
100.9
100.7
124.2
124.3
105.3
105.1
102.5
102.8
119.9
120.2
117.7
117.1
127.8
130.4
135.7
137.1
1990: I
129.5
131.0
182.2
133.1
134.0
135.2
137.0
139.3
112.5
112.1
112.3
112.8
128.3
129.4
131.5
134.9
145,1
146.6
148.5
150.5
101.6
101.6
102.6
101.0
125.3
125.3
126.0
125.8
105.3
106.4
106.7
107.5
104.2
103.0
105.5
110.9
123.3
122.0
123.0
125.1
120.8
120.7
121.1
122.3
131.5
125.6
128.9
133.7
138.9
140.1
142.0
144.1
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 r
1982:
1983:
1984:
1985:
1986:
1987:
1988:
n
m
IV r
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
{Percent change from preceding period; quarterly data at seasonally adjusted annual rates]
Gn ss national prtiduct
Period
Constant
(1982)
dollars
Current
dollars
8,9
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 T.
1987: I
-0.2
1.9
-2.5
11.7
S.7
7,6
3.6
6.8
3.4
2.7
3.4
4.5
2.5
.9
5.2
4.2
4.1
6.6
5.1
3.6
2.7
2.7
3.6
1.6
1.7
.3
1.7
.4
1.4
10.8
n
m
IV
1988: I
n
in
IV
1989: I
n
m
. .
IV
1990: I
n
m
IV '.
6.4
5,4
6.7
7.9
6.7
5.1
9.1
7.5
7.4
8.7
7.8
8.S
7.4
7.7
7.5
5.8
5.1
3.9
6.7
5.1
5.3
.5
-2.0
Implicit
price
deflator
9.0
9.7
6.4
3.9
3.7
3.0
2.6
3.2
3.3
4.1
4.1
3.5
3.1
3.5
1.7
2.7
4.4
4.7
4.7
3.9
3.9
3.2
3.8
4.8
4.7
3.7
2.8
Personal consumption e qjenditures
Chain pries
index
Kiedweighted
price index
(1982
weight!)
9.0
9.4
6.3
4.1
3.9
3.3
2.5
3.3
3.7
4.3
4.3
4.3
3.1
3.3
3.1
3.3
4.2
4.8
4.4
4.7
4.4
3.1
3.7
6.1
4.1
3.7
3.6
NOTE.—Annual changes w« from preceding year and quarterly changes are from preceding quarter.
Constant
(1982)
dollars
Current
dollars
9.3
9.3
6.2
4.1
4.0
3.4
2.7
3.5
4.2
4.5
4.8
4.4
3.5
3.5
3.7
3.9
4.7
5.5
4.4
4.9
4.6
3.1
3.8
6.6
3.9
4.2
4.7
10.8
10.5
7.1
9.0
8.8
8.2
6.4
7.6
7.6
6.5
6.0
7.3
9.6
8.9
3.7
9.2
7.4
8.2
8.1
4.8
6.6
7.0
4.0
8.2
3.9
8.0
4.0
-0.2
1.2
1.3
4.6
4.8
4.7
8.9
2.8
3.6
1.9
1.0
.7
4,5
4.3
— i
6.9
2.7
3.5
3.5
-.3
1.3
4.6
-.8
1.1
.2
2.7
-2.9
Implicit
price
deflator
Chain price
index
Fixedweighted
price index
(1982
weights)
10.9
9.2
5.7
4.2
3.9
3.5
2.7
4.6
4.0
4.7
4.9
6.2
4.9
4.3
4.0
2.5
4.7
4.8
4.8
5.0
5.3
2.6
4.9
6.8
3.4
5.2
6.5
10.7
9.2
5.7
4.1
3.8
3.2
2.4
4.6
3.8
4.6
5.0
6.4
4.8
4.4
4.1
2,8
4.3
4.6
4.6
5.2
5.1
2.2
5.0
6.8
3.6
5.4
6.9
10.5
9.0
5.6
4.2
4.0
3.5
2.7
4.6
4.1
4.8
5.2
6.3
5.1
4.3
4.3
2.6
4.8
5.1
4.9
5.0
5.7
2.7
4.7
7.4
3.1
5.7
7.!
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Curren t-dollar cos ' and profit per unit o : output (dc liars)1
Gross ( omestie
prodilet of
nonfra ancial
corporate business
(billions < f dollars)
Total
Period
Current
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 T.
1982: IV
1983: IV
1984: IV
1985: IV
1988: IV
1987: IV
1988: IV
1989: m
IV
1990: I
H
,
m
1
1,540.8
1,738.4
1,782.2
1,914.2
2,146.7
2,267.1
2,367.1
2,524.8
2,720.7
2,854.5
2,855.5
1,779.4
2,012.5
2,201.8
2,309.4
2,408.7
2,597.4
2,797.3
2,879.1
2,878.5
2,907.5
2,960.0
2,979.1
1982
1,807.9
1,837.2
1,782.2
1,866.0
2,036.5
2,117.4
2,173.9
2,290.2
2,403.7
2,431.2
2,429.3
1,760.2
1,940.5
2,069.5
2,137.7
2,198.5
2,339.4
2,428.6
2,443.9
2,421.8
2,423.1
2,440.1
2,435.1
and
profit 2
0.852
.946
1.000
1.026
1.054
1.071
1.089
1.102
1.132
1.174
1.217
1.011
1.037
1.064
1.080
1.096
1.110
1.152
1.178
1.189
1.200
1.213
1.223
Indirect
business
taxes 3
0.095
.109
.125
.123
.118
.119
.123
.123
.124
.131
.137
.131
.120
.118
.120
.124
.122
.126
.132
.135
.135
.135
.137
0.077
.090
.094
.098
.100
.103
.106
.105
.107
.112
.119
.096
.098
.102
.104
.106
.105
.108
.113
.114
.117
.116
.121
Output ia measured by gross domestic product of aonfinaneial corporate business in 1982 dol-
lars.
2
'This is equal to the deflator for gross domestic product of aonfinaneisl corporate business with
the decimal point shifted two places to the left.
Corp irate profits with
inventory valuation aad capital
consul]iption adjustments
Capital
consumption
allowances
with
capital
consumption
adjustment
Compenemployees
0.581
,632
.676
.679
.687
.704
.721
.726
.750
.782
.816
.685
.680
.694
.713
.727
.734
.763
.782
.795
.803
.812
.823
interest
Total
0.031
.087
.043
.037
.039
.038
.041
.041
.041
.050
.053
.042
.037
.042
.037
.042
.040
.042
.051
.052
.052
.053
.053
0.068
.078
.063
.089
.109
.106
.098
.107
.111
.099
.092
.057
.103
.107
.106
.096
.109
.112
.100
.092
.093
.097
.090
Profits
tax
liability
0.037
.035
.026
.032
.036
.033
.035
.041
.043
.042
.040
.023
.036
.032
.033
.038
.042
.043
.041
.040
.039
.040
.041
Profits
after
tax 4
0.031
.044
.037
.057
.073
.073
.064
.067
.068
.057
.051
.034
.066
.075
.072
.058
.067
.069
.059
.052
.053
.057
.049
Output
per hour
of all
employees
0982
dollars)
Compensation
per hour
of all
employees
(dollars)
18.591
18.703
18.774
19.284
19.744
20.057
20.522
21.014
21.306
20.955
10.809
11.815
12.682
13.085
13.571
14.112
14.793
15.265
15.874
16.396
18.793
19.442
19.792
20.129
20.662
21.139
21.208
20.989
20.743
20.663
20.760
20.707
12.881
13.221
13.741
14.350
15.017
15.507
16.088
16.404
16.483
16.597
16.863
17.048
3
Indirect business tan and nontax liability plus business transfer payments less subsidies.
4
With inventory valuation and capita! consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employees1
Proprietoi•a* income
with in rentory
valuation imd capital
conmnnption
adjust meats
Farm
1982
1983
1984
1985
1986
1987
1988
1989
1990'
Rental
income of
persons
with
capital
tion
adjustment
Nonfarm
2,518.4
2,719.5
3,028.6
3,234.0
3,412.6
3,660.3
3,984.9
4,223.3
4,418.2
1,907.0
2,020.7
2,213.9
2,367.5
2,511.4
2,686.4
2,905.1
3,079.0
3,244.2
24.6
12.4
30.5
30.2
34.7
42.8
43.7
48.6
49.7
150.9
178.4
204.0
225.6
247.2
280.6
310.5
330.7
352.4
13.6
13.2
IV
IV
IV
IV
IV
IV
IV
2,548.2
2,851.5
3,096.1
3,312.8
3,478.1
3,791.5
4,104.1
1,931.1
2,092.7
2,272.7
2,426.7
2,571.2
2,770.8
2,986.7
28.5
19.3
28.1
29.2
37.2
52.3
35.5
159.8
188.6
209.7
235.0
252.0
293.0
321.5
15.8
12.4
1989: HI
IV
4,232.1
4,267.1
3,095.2
3,128.6
38.7
45.7
329.5
336.0
1990: I
4,350.3
4,411.3
4,452.4
3,180.4
3,232.5
3,276.9
3,287.1
57.4
51.0
42.4
48.3
346.6
350.8
355.6
356.8
1982:
1983:
1984:
1985:
1986:
1987:
1988:
n
m
IV.
1
Includes employer contributions for social insurance. (See also p. 5.)
8.5
9.2
11.6
13.7
16.3
8.2
6.5
5.6
7.8
13.5
14.6
16.8
5.8
4.1
5.5
4.3
8.4
7.8
Corporate profits wit b inventory valuation am . capital
consulnption adjustments
Profits with inventory valuation
adjustmei it and witho it capital
consulmption adjus tment
Total
Tntel
Inventory
valuation
adjustment
Profits
before tax
Capital
consumption
Net
interest
150.0
213.7
266.9
282.3
282.1
308.3
337.6
311.6
298.7
159.2
196.7
234.2
222.6
228.3
255.9
289.8
286.1
293.8
169.6
207.6
240.0
224.3
221.6
275.3
316.7
307.7
307.4
-10.4
-10.9
-5.8
-1.7
4.9
272.3
281.0
304.8
319.0
325.5
328.6
371.8
445.1
466.6
146.1
248.5
266.9
291.4
275.2
323.1
349.6
150.7
223.4
224.6
228.4
226.1
268.6
308.7
164.1
231.5
226.1
235.0
234.1
289.7
331.1
-13.4
-8.1
-1.6
-6.6
-8.0
-21.1
-22.5
-4.5
25.1
42.3
63.0
49.1
54.5
40.9
266.9
290.2
313.1
322.7
324.0
338.2
394.1
306.7
290.9
285.3
275.3
291.4
289.8
-6.1
-14.5
21.4
15.6
456.2
461.7
296.8
806.6
300.7
285.5
298.8
298.7
296.9
299.3
318.5
-11.4
11.3
463.6
466.2
468.3
468.2
6.7
-19.4
-27.0
-21.7
-13.6
.5
-19.8
-22.8
-9.2
17.0
32.7
59.7
53.8
52.4
47.8
25.5
7.7
2.0
-1.5
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nor durable g }ods
Durabl 3 goods
Betail sales of
new pg ssenger
cars (mi Ih'ons of
FurniPeriod
conexpenditures
Total
durable
goods
vehicles
and
parts
' Total
and
household
equipment
Other
durable
goods
Food
Clothing and
shoes
Gasoline
and oil
up ts)
ServOther
Do-
Im-
mestics
ports
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,009.4
3,238.2
3,450.1
3,658.6
252.7
289.1
335.5
372.2
406.0
423.4
457.5
474.6
480.9
108.9
130.4
157.4
179.1
196.2
197.9
212.2
215.5
213.5
95.7
107.1
118.8
129.9
139.7
148.8
161.8
171.4
176.5
48.1
51.6
59.3
63.2
70.0
76.7
83.5
87.8
90.9
771.0
816.7
867.3
911.2
942.0
1,001.3
1,060.0
1,130.0
1,194.1
398.8
421.9
448.5
471.6
500.0
530.7
562.6
595.3
625.1
124.4
135.1
146.7
156.4
186.8
178.4
191.1
204.6
213.3
89.1
90.2
90.0
90.6
73.5
75.3
77.3
83.8
93.7
158.7
169.5
182.1
192.6
201,7
216.9
229.1
246.3
262.0
1,027.0
1,128.7
1,227.6
1,345.6
1,449.5
1,584.7
1,720.7
1,845.5
1,983.5
5.8
6.8
8.0
8.2
8.2
7.1
7.5
7.1
6.9
2.2
2.4
2.4
2.8
3.2
3.2
3.1
2.8
2.6
IV
IV
IV
IV
IV
IV
IV
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,079.1
3,332.6
263.8
310.0
346.7
373.2
422.0
427.4
473.1
115.7
144.4
162.3
173.8
201.1
198.9
217.8
99.1
112.4
122.7
134.7
143.8
151.1
166.8
49.0
53.2
61.8
64.7
77.1
77.4
88.5
786.6
837.9
879.6
932.7
952.1
1,019.9
1,088.0
407.0
430.8
456.1
482.5
511.9
539.0
577.1
126.5
141.1
149.8
180.6
168.7
182.2
198.6
89.8
91.9
89.0
91.0
66.0
77.3
78.5
163.4 1,066.5
174.0 1,167.9
184.7 1,267.1
198.5 1,394.5
205.5 1,494.4
221.5 1,631.8
233.9 1,771.5
6.0
7.4
7.7
7.0
7.7
6.6
7.5
2.5
2.6
2.6
3.1
3.4
3.3
3.0
1989: HI
IV
3,484.3
3,518.5
487.1
471.2
226.9
207.5
171.5
173.0
88.7
90.7
1,137.3
1,148.8
597.6
602.2
206.9
208.7
84.5
83.5
248.3
254.4
1,859.8
1,898.5
1990: I
3,588.1
3,622.7
3,693.4
3,730.0
492.1
478.4
482.3
470.8
221.1
212.4
214.7
205.8
178.9
176.8
176.4
173.7
92.0
89.3
91.2
91.3
1,174.7
1,179.0
1,205.0
1,217.9
616.4
623.3
629.8
630.9
212.9
212.6
215.8
211.9
87.1
84.5
94.0
109.2
258.2
258.6
265.4
265.9
1,921.3
1,965.3
2,006.2
2,041.3
7.8
6.2
7.0
6.8
7.2
6.6
2.9
2.6
2.8
2.7
2.5
2.4
1982
1983
1984
1985
1986
1987
1988
1989
1990 '.
1982:
1983:
1984:
1985:
1986:
1987:
1988:
n
m
IV.
Source: Department of Commerce, Bureau of Economic Analysis.
SOURCES OF PERSONAL INCOME
Personal income decreased $21.8 bitlion (annual rate) in January, following a rise of $26.8 billion in December.
Private wages and salaries fell $20.7 billion in January after rising $20.4 billion in December. Other components
were affected by offsetting special factors—a decrease in farm subsidies, cost-of-living adjustments to social
security and other Federal transfer programs, a Federal pay raise, and increases in personal contributions for social
insurance (reflecting increases in the taxable wage base for social security and Medicare, etc.).
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
5,000
5,000
4.000
4,000
3,000
3,000
TOTAL PERSONAL INCOME
-V
2,000
2,000
WAGE AND SALARY DISBURSEMENTS
1,400
1,400
OTHER INCOME
800
800
TRANSFER
PAYMENTS
400
Minium Minium
1983
Illllllllll
1985
1984
400
1986
1988
1987
1989
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT Of COMMERCE
1990
1991
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; montbly data at seasonally adjusted annual rates]
Period
1981...
1982
1983
1984
1985
1986
1987
1988
1989
1990r
1990: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct r
Nov r
Dec '
1991: Jan"
Total
personal
income
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,526.2
3,766.4
4,070.8
4,384.3
4,645.1
4,532.2
4,561.6
4,594.7
4,604.5
4,621.4
4,640.7
4,662.7
4,675.0
4,697.8
4,695.1
4,714.1
4,740.9
4,719.1
Proprietors ' income 3
salary
Other labor
Farm
1,510.3
1,586.1
1,676.6
1,838.6
1,975.4
2,094.8
2,249.7
2,431.1
2,573.2
2,705.3
2,633.3
2,652.2
2,669.2
2,682.4
2,695.5
2,711.1
2,727.1
2,728.3
2,747.2
2,731.6
2,731.6
2,754.4
2,740.2
150.3
163.6
173.6
182.9
187.6
199.3
209.4
225.5
241.9
258.1
251.6
252.8
254.0
255.2
256.4
257.6
258.8
260.0
261.2
262.2
263.2
264.2
265.2
30.7
24.6
12.4
30.5
30.2
34.7
42.8
43.7
48.6
49.7
51.1
55.6
65.5
55.0
51.8
46.1
45.7
42.9
38.5
39.1
53.5
52.2
35.9
1
The total of wage and salary disbursements and other tabor 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.
8
With inventory valuation and capital consumption adjustments.
Nonfarm
156.1
150.9
178.4
204.0
225.6
247.2
280.6
310.5
330.7
352.4
343.3
347.0
349.4
349.2
351.3
351.8
353.0
356.6
357.0
356.5
356.9
356.9
353.8
4
Bental
income of
persons 4
13.3
13.6
13.2
8.5
9.2
11.6
13.7
16.3
8.2
6.5
7.7
4.5
4.3
3.8
4.2
4.9
6.2
9.1
10.0
10.1
7.5
5.8
7.0
Personal
dividend
income
61.3
63.9
68.7
75.5
78.7
85.8
91.8
102.2
114.4
123.8
119.7
120.6
121.3
122.3
123.0
123.4
124.3
125.0
125.3
126.1
126.8
127.2
127.2
Personal
interest
income
335.4
369.7
393.1
444.7
478.0
493.2
501.3
547.9
643.2
680.7
669.5
670.5
671.4
674.5
677.9
681.5
683.6
685.4
686.8
688.1
689.2
689.9
690.1
Transfer
payments 5
368.1
410.6
442.6
456.6
489.8
521.5
549.9
587.7
636.9
694.7
679.8
679.6
683.4
683.5
685.3
691.4
692.1
695.9
701.2
709.9
713.9
720.2
736.9
Less:
Personal
contributions
for social
insurance
104.5
112.3
120.1
132.7
149.3
161.9
172.9
194.1
212.8
226.2
223.9
221.2
223.8
221.4
223.9
227.1
228.1
228.2
229.5
228.4
228.4
229.9
237.2
Nonfann
personal
income 6
2,465.6
2,618.7
2,799.0
3,052.1
3,271.3
3,469.4
3,702.2
4,006.0
4,314.6
4,573.9
4,459.9
4,484.9
4,508.1
4,528.2
4,548.3
4,573.2
4,595.6
4,610.7
4,637.8
4,634.6
4,639.1
4,667.0
4,661.6
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
5
0
DISPOSITION OF PERSONAL INCOME
According to revised estimates, real per capita disposable personal income fell again in the fourth quarter of 1990.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
8,000
8,000
1989
• SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
p. i
income
Less:
Personal
tax and
nontax
payments
^duals'
isposa e
income
COUNCIL OF ECONOMIC ADVISERS
Less:
Personal
outlays 1
Equals:
Personal
saving
Disposable
personal
income in
1982
dollars
(billions)
Per c apita
disposabl personal
inc )me
2,258.5
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,526.2
3,766.4
4,070.8
4,384.3
4,645.1
340.5
393.3
409.3
410.5
440.2
486.6
512.9
571.6
591.6
658.8
699.4
1,918.0
2,127.6
2,261.4
2,428.1
2,668.6
2,838.7
3,013.3
3,194.7
3,479.2
3,725.5
3,945.6
Per eapit i personal
consu uption
expen iitures
Current
dollars
1982
dollars
8,421
9,243
9,724
10,340
11,257
11,861
12,469
13,094
14,123
14,973
15,693
9,722
9,769
9,724
9,930
10,419
10,625
10,905
10,946
11,368
11,531
11,507
7,607
8,320
8,818
9,516
10,253
10,985
11,576
12,334
13,144
13,866
14,552
8,794
8,818
9,139
9,489
9,840
10,123
10,311
10,580
10,678
10,669
9,749
10,151
10,491
10,667
10,909
11,097
11,458
11,538
11,541
11,586
11,564
11,511
11,370
9,068
9,825
10,479
11,240
11,825
12,572
13,474
13,986
14,084
14,330
14,432
14,670
14,773
8,904
9,299
9,587
9,935
10,214
10,347
10,669
10,739
10,687
10,693
10,671
10,711
10,602
Billi ons of dollars
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 r.
1990
Current
dollars
1982
dollars
136.9
159.4
153.9
130.6
164.1
125.4
124.9
92.5
145.6
171.8
178.4
2,214.3
2,248.6
2,261.5
2,331.9
2,469.8
2,542.8
2,635.3
2,670.7
2,800.5
2,869.0
2,893.1
Population,
including
Armed
Forces
abroad
(thousands) 2
1.1
.5
-.5
2.1
4.9
2.0
2.6
.4
3.9
1.4
-.2
7.1
7.5
6.8
5.4
6.1
4.4
4.1
2.9
4.2
4.6
4.5
227,754
230,182
232,549
234,829
237,051
239,322
241,660
243,982
246,358
248,810
251,419
1.2
9.1
1.7
3.3
.3
6.4
1.2
6.2
5.8
5.8
3.9
3.3
3.9
4.1
4.1
4.6
4.9
5.0
4.2
4.0
233,466
235,707
237,946
240,257
242,579
244,925
247,329
249,127
249,818
250,392
251,026
251,767
252,491
PerceiIt
Dolla rs
1,781.1
1,968.1
2,107.5
2,297.4
2,504.5
2,713.3
2,888.5
3,102.2
3,333.6
3,553.7
3,767.3
Saving as
percent of
disposable
personal
income
Percent
change in
real per
capita
disposable
personal
income
8,783
S easonally adjusted a,nn ual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
IV
IV
IV
IV
IV
IV
IV
HI....
IV
1990: I
n
in....
rvr...
2,729.2
2,941.8
3,188.3
3,399.1
3,597.8
3,890.9
4,186.2
4,402.8
4,469.2
4,562.8
4,622.2
4,678.5
4,716.7
411.1
413.9
459.7
499.6
534.4
588.6
607.3
659.5
669.6
675.1
696.5
709.5
716.6
2,318.1
2,527.9
2,728.6
2,899.5
3,063.4
3,302.3
3,578.9
3,743.4
3,799.6
3,887.7
3,925.7
3,969.1
4,000.1
2,174.9
2,382.5
2,571.3
2,787.7
2,961.4
3,172.6
3,430.4
3,588.8
3,625.5
3,696.4
3,730.6
3,802.6
3,839.5
143.1
145.4
157.3
111.7
102.0
129.7
148.5
154.5
174.1
191.3
195.1
166.5
160.6
2,276.1
2,392.7
2,496.3
2,562.8
2,646.2
2,717.9
2,833.9
2,874.3
2,883.2
2,900.9
2,902.8
2,898.0
2,870.7
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
9,929
10,725
11,467
12,068
12,629
13,483
14,470
15,026
15,210
15,527
15,639
15,765
15,842
1.6
.1
1.6
-.8
-1.8
-4.8
2
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the third quarter of 1990, according to preliminary estimates, gross farm income fell $0.7 billion (annual rate)
and net farm income fell $1.6 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
240
200
BILLIONS OF DOLLARS* (RATIO SCALE)
240
200
160
160
120
120
GROSS FARM INCOME
80
80
60
60
40
40
\
/\
NET FARM INCOME
20
20
10
10
1
1 I
1982
1
1983
1 1
1984
1
1 1
1985
1
1
1986
1
1987
I
1988
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
1989
1990
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farni income
(iross farm incom 3
Period
Cas ti marketing rece ipts
Total1
Total
Livestock and
products
Crops
Value of
inventory
changes 2
Production
expenses
Current
dollars
1982 doBare a
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
149.3
166.3
163.5
153.2
170.2
162.9
156.5
169.0
173.8
189.2
139.7
141.6
142.6
136.8
142.8
144.1
135.2
141.7
150.2
159.2
68.0
69.2
70.3
69.6
72.9
69.8
71.5
76.0
78.8
83.7
71.7
72.5
72.3
67.2
69.9
74.3
63.7
65.6
71.4
75.4
6.3
6.5
1.4
-10.9
6.0
-2.3
2.4
-2.8
-4.1
4.4
133.1
139.4
140.0
137.9
143.8
131.9
125.5
127.7
132.1
142.6
16.1
26.9
23.5
15.3
26.3
31.0
31.0
41.3
41.8
46.7
18.8
28.6
23.5
14.7
24.5
27.9
27.2
35.1
34.4
37.0
1988: m
IV
167.6
181.5
154.9
155.4
79.2
81.2
75.7
74.2
-3.7
-2.1
135.4
135.9
32.2
45.5
26.4
36.9
1989: I
190.8
189.5
185.7
190.9
153.7
157.4
163.9
161.7
81.6
80.8
83.6
88.9
72.1
76.5
80.3
72.8
3.8
4.9
4.8
4.3
142.5
143.3
143.4
141.1
48.3
46.2
42.4
49.8
38.8
36.7
33.4
38.9
190.8
192.5
191.8
157.0
167.4
176.4
87.3
87.5
90.2
69.7
79.9
86.2
4.8
3.3
2.4
141.7
143.8
144.7
49.1
48.7
47.1
37.9
37.2
35.6
n
m
IV
1990: I
n
TTTP
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and Livestock commodities valued at average
prices during the year.
3
Income in current dollars divided by the GNP implicit price deflator.
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
CORPORATE PROFITS
In the third quarter of 1990, corporate profits before tax rose $19.2 billion (annual rate) and profits after tax rose
$13.3 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
360
360
SEASONA IY ADJUSTED ANNUA I RATES
r\
/I
320
\_.
/"
320
^/
,
280
280
PROFITS BEFORE TAX
240
/"""
240
,— "OvA^
^
S
PRO FITS AFTER T AX
200
200
"X
J
•V
s"
S
160
160
^"" *~N
%
120
s
—_./
\
•
._.•*•*'*
s"
— -" —
"
^^^
s-—""
X
.--
120
~'\
T, U LIABILITY
80
80
ys
40
*
\
.--
\
' '\
N
-,
7*— UNDIS FRIBUTED PR DFITS^——
•—
40
'—•**/•'
\.
1 1 1
1 1 1
1982
1983
1
1
1
1 1 1
1
1985
1984
1
1 1
1986
1 1
1987
1
1
1 1
1988
1
1
1
1989
SOURCE: DEPARTMENT OF COMMERCE
1
1
1990
COUNCIl OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
FT )fits (before tax) with inventory valuati on adjustment
Profits after taIX
J
Do [nestle industiries
Nonfinancial
Period
Total
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 r
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
IV
IV
IV
IV
IV
IV
IV
HI
IV
I
n
m
Profits
before tax
2
194.0
202.3
159.2
196.7
234.2
222.6
228.3
255.9
289.8
286.1
293.8
150.7
223.4
224.6
228.4
226.1
268.6
308.7
285.3
275.3
285.5
298.8
298.7
159.6
173.8
131.2
166.6
203.3
191.4
195.2
218.4
246.5
235.2
239.6
121.6
190.7
193.9
193.6
193.4
226.2
261.9
236.0
218.4
232.6
249.9
241.1
Financial
21.0
16.5
11.8
18.1
13.0
22.8
32.0
20.7
22.4
15.4
19.1
18.7
15.5
13.6
26.0
28.6
19.8
24.1
9.2
6.9
16.1
18.2
21.7
Total3
Manufacturing
sale and
retail
trade
138.6
157.3
119.4
77.1
88.5
58.0
70.1
21.6
32.5
34.6
38.9
51.2
44.1
44.1
37.9
37.1
38.7
40.6
33.6
43.1
51.8
38.5
41.0
37.8
42.3
41.4
41.9
39.2
44.4
39.5
148.5
190.3
168.6
163.2
197.8
224.1
219.8
220.5
102.9
175.2
180.3
167.6
164.8
206.4
237.8
226.9
211.5
216.5
231.7
219.3
88.8
79.7
59.5
86.7
106.5
96.1
92.3
46.8
88.6
79.8
83.8
64.8
98.2
112.6
99.9
83.7
90.1
100.8
91.2
237.1
226.5
169.6
207.6
240.0
224.3
221.6
275.3
316.7
307.7
307.4
164.1
231.5
226.1
235.0
234.1
289.7
331.1
291.4
289.8
296.9
299.3
318.5
Tax
Total
84.8
81.1
63.1
77.2
93.9
96.4
106.3
126.9
136.2
135.1
135.0
59.8
88.1
87.0
99.8
113.1
132.1
142.1
127.8
123.5
129.9
133.1
139.1
IV"
1
2
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
3
152.3
145.4
106.5
130.4
146.1
127.8
115.3
148.4
180.5
172.6
172.4
104.3
143.4
139.2
135.2
121.0
157.6
189.1
163.6
166.3
167.1
166.1
179.4
Dividends
54.7
63.6
66.9
71.5
79.0
83.3
91.3
98.2
110.0
123.5
133.9
68.5
73.9
80.8
84.0
93.6
102.2
115.3
125.0
127.7
130.3
133.0
135.1
137.2
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
97.6
81.8
39.6
58.9
67.0
44.6
24.0
50.2
70.5
49.1
38.6
35.8
69.5
58.4
51.2
27.4
55.4
73.8
38.6
38.6
36.8
33.2
44.3
Inventory
valuation
adjustment
-43.1
-24.2
— 10.4
-10.9
-5.8
-1.7
6.7
-19.4
-27.0
-21.7
-13.6
-13.4
-8.1
-1.6
-6.6
-8.0
-21.1
-22.5
-6.1
-14.5
-11.4
— .5
r
-19.8
-22.8
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the fourth quarter of 1990, nonresidential fixed investment fell $10.2 billion
(annual rate) and residential investment fell $11.2 billion. There was a $27.6 billion decrease in inventories,
following a rise of $9.0 billion in the third quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
900
900
_
SEA5ONAU ADJUSTED ANNUAL RATES
_
GROSS P RIVATE DOW ESTIC
INWESTMENT
800
700
r~-\
A
<500
500
400
-^x /
_"""--
-v^Lj
-
^
_
_
500
«•——••* *"*
\
.---•
^,f'~
-
RESIDENTIAL
FIX •D INVESTME NT
-
300
\
*.•**'
200
-
^-'
,-*^
100
CHA NGE IN BUS!NESS
1
1 I
1982
\
"•s
/
.''"-\\ .S
—
I I
1983
-' "X
*
!
100
NVENTORIE:
—
-TOO
^
1
N<PRESIDENT Al
FIX ED INVESTM ENT
300
0
v
^^-
S^~~
— ^/
/
/
—
-
1 1
1984
1
1 1
1985
\ |."--./*• ""——»"""-•.,.
i I i
1986
'
! !
1
1987
1
1
-'
1
1
1
1989
1988
1
I
1
— 1C
1990
CGUNOl OF ECONOMIC ADVISERS
SOURCE; OEPARTMgNT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Change ii1 business
inven ones
]~"ixed iavestmen t
n_
Nonresidential
domestic
investment
1980
1981
1982
1983
1984
1085
1986
1987
1988
1989
1990 r.
1982: IV
1983: IV
1984: IV
1985: IV
1986: IV
1987: IV
1988: IV
1989: I
n
m
IV
1990: I
n
in r
iv .
Source: Department of Commerce, Bureau of Economic Analysis.
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.9
747.1
771.2
741.9
409.6
579.8
661.8
654.1
648.8
741.4
747.5
769.7
776.7
775.8
762.7
747.2
759.0
759.7
701.8
Total
445.3
491.5
471.8
509.4
597.1
631.8
652.5
671.2
720.8
742.9
746.1
469.5
548.8
616.8
646.8
660.9
685.7
731.3
743.1
744.0
746.9
737.7
758.9
745.6
750.7
729.3
Total
322.8
369.2
366.7
356.9
416.0
442.9
435.2
444.9
488.4
511.9
523.7
354.9
383.9
435.0
451.3
435.8
457.5
495.3
506.5
511.4
518.1
511.8
523.1
516.5
532.8
522.6
Structures
113.9
138.5
143.3
124.0
141.1
153.2
139.0
133.7
139.9
146,2
147.1
137.6
127.4
146.6
155.9
133.7
137.2
141.2
146.5
144.2
147.0
147.1
148.8
147.2
149.8
142.5
Producers'
durable
equipment
208.9
230.7
223.4
232.8
274.9
289.7
296.2
311.2
348.4
365.7
376.6
217.3
256.5
288.4
295.5
302.2
320.4
354.0
360.0
367.2
371.0
364.7
374.3
369.3
383.0
380.1
Residential
Total
122.5
122.3
105.1
152.5
181.1
-8.3
24.0
-24.5
-7.1
67.7
188.8
217.3
226.3
232.5
231.0
222.4
114.7
164.9
181.8
195.5
225.1
228.1
236.0
236.6
232.7
228.9
225.9
11.3
6.9
28.3
26.2
28.3
4.2
-59.9
31.0
45.0
7.2
-12.2
55.7
16.2
26.6
32.7
28.9
25.0
235.9
229.1
217.9
206.7
-11.8
13.4
9.0
-27.6
Nonfarm
2.4
18.3
-23.1
.4
60.5
14.6
8.6
32.3
29.8
23.3
-6.2
—51.1
21.3
41.3
23.7
-8.0
59.6
35.0
16.7
26.1
26.2
24.1
-17.0
13.0
6.8
-27.6
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department October-November 1990 survey, business spending for new plant and
equipment is expected to rise 2.4 percent in 1991, following a rise of 5.2 percent in 1990.
BILLIONS OF DOLLARS (RATIO SCALE)
BHUONS OF DOLLARS (RATIO SCALE)
6UO
SEASONAL Y ADJUSTED ANNUA RATES
600
<——
-4
-— -
^-
400
^^
^—^
-I
400
"""
.
\
"
/Ml
^^
INDUSTRIE 5
<>«.
__
— ,—w«"
""""
«-—^**^*^
300
..*••""""
,. — —'
~\
m
„ ff ~'
NO NMANUFACTlJRING-l/
*-*"
200
200
^ _ - - - - -'"
„-•"••--•>
'~-s
*
\
MANUFACTURI MG
* — — """""
inn
1 1 i
1983
i >i
3l
I
I 1
I
1985
1984
1 1
I
1 1
1987
1986
1
!
1
1
1
1
1989
1988
J/SURVEYED QUARTERLY
J/SEE FOOTNOTE 4 BELOW
SOURCE: OePARTWEMT OF COMMERCE
\
1
I/ 31
1
\
1
1
1991
1990
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted animal rates]
Industries surveyed quarterly
M asufacturu V
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990"
1991 4
1989: I
n
m
IV
1990: I
H
m
IV*
1991: I 4
n*
All
industries
Total
Durable
Nondurable
goo
Total1
Mining
Transportation
Public
utilities
Commercial
and
other
Total
nonfarra
business
Sonmaaufactu [ring
Manufacturing
Total
205.48
230.09
239.11
242.38
278.77
302.05
309.16
320.45
344.77
380.13
Surveyed
quarterly
173.80
196.06
202,22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
341.62
353.09
286.40
824.73
326.19
321.16
373.83
410.12
399.36
410.52
455.49
507.40
533.91
546.67
112.60
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.29
193.58
54.82
58.93
54.58
51.61
64.57
70.87
65.68
68.03
77.04
82.56
83.70
83.01
57.77
69.75
69.39
65.74
75.04
82.01
72.28
73.03
86.41
101.24
108.60
110.57
173.80
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.80
341.62
353.09
12.71
15.81
14.11
10.64
11.86
12.00
8.15
8.28
9.29
9.21
9.81
9.38
13.56
12.67
11.75
10.81
13.44
14.57
15.05
15.07
16.63
18.84
21.48
23.79
41.82
47.17
53.58
52.95
57.53
59.58
56.61
56.26
60.37
66.28
66.97
67.88
106.21
120.41
122.79
129.41
151.39
171.09
181.59
189.84
205.76
229.28
243.39
252.04
487.43
502.05
514.95
519.58
172.73
180.91
185.99
191.88
80.20
82.44
83.60
83.41
92.53
98.47
102.40
108.47
314.70
321.14
328.96
327.70
8.94
9.24
9.24
9.38
17.84
18.42
21.03
18.25
66.09
68.09
65.19
65.82
221.82
225.89
233.50
234.25
172.73
180.91
185.99
191.88
314.70
321.14
328.96
327.70
532.45
535.49
534.86
532.84
191.36
195.16
194.48
188.16
86.35
84.34
82.67
81.42
105.02
110.82
111.81
106.74
341.09
340.33
340.39
344.67
9.58
9.84
9.98
9.84
22.13
21.86
21.41
20.42
65.72
64.27
67.48
70.40
243.66
244.37
241.51
244.02
191.36
195.16
194.48
188.16
341.09
340.33
340.39
344.67
557.92
561.85
191.08
198.76
82.79
85.09
108.28
113.67
366.84
363.09
10.24
9.78
23.75
23.99
71.76
70.21
261.08
259.12
191.08
198.76
366.84
363.09
1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nonmanufacturitig surveyed annually")
for data for these industries.
8
"All industries" plus the part of aonffianufaetiuiug that is surveyed annually..
10
Addenda
NOTunanufactUJ Tag
318.08
358.77
363.08
359.73
418.38
454.93
447.11
461.51
508.22
563.93
112.60
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.29
193.58
Surveyed
annualIy3
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
s
Consists of forestry, fisheries, am! agricultural services; medical services; professional services;
social services and membership organizations; and real estate.
*
Planned
capital expenditures as reported by business in October-November 1990, corrected tot
t:
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In January, civilian employment fell 652,000 and unemployment rose 115,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS'
126
1126
SEASONALLY ADJUSTED
122
122
CIVILIAN LABOR FORCE
118
118
114
N4
-A
CIVILIAN
110
110
EMPLOYMENT
106
106
102
102
98
98
UNEMPLOYMENT
/
1983
1984
1985
1986
1987
1989
1988
1990
199?
' 16 YEARS OF AGE AND OVER
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Civilian employment
NoninstituPeriod
tional
population
including
resident
Armed
JT orces
NSA
UnempU>yment
Labor force
including
resident
Armed
Forces
171,775
173,939
175,891
178,080
179,912
182,293
184,490
186,322
188,081
189,686
1,645
1,668
1,676
1,697
1,706
1,706
1,737
1,709
1,688
1,637
110,315
111,872
113,226
115,241
117,167
119,540
121,602
123,378
125,557
126,424
102,042
101,194
102,510
106,702
108,856
111,303
114,177
116,677
119,030
119,550
108,670
110,204
111,550
113,544
115,461
117,834
119,865
121,669
123,869
124,787
100,397
99,526
100,834
105,005
107,150
109,597
112,440
114,968
117,342
117,914
3,368
3,401
3,383
3,321
3,179
3,163
3,208
3,169
3,199
3,186
97,030
96,125
97,450
101,685
103,971
106,434
109,232
111,800
114,142
114,728
4,499
5,852
5,997
5,512
5,334
5,345
5,122
4,965
4,657
4,860
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
188,990
189,090
189,198
189,326
189,467
189,607
189,763
189,901
190,002
190,095
190,312
190,483
1,697
1,678
1,669
1,657
1,639
1,630
1,627
1,640
1,601
1,570
1,615
1,617
126,186
126,331
126,467
126,438
126,578
126,427
126,336
126,345
126,571
126,445
126,338
126,791
119,642
119,752
119,904
119,747
119,916
119,867
119,509
119,330
119,484
119,303
119,001
119,191
124,489
124,653
124,798
124,781
124,939
124,797
124,709
124,705
124,970
124,875
124,723
125,174
117,945
118,074
118,235
118,090
118,277
118,237
117,882
117,690
117,883
117,733
117,386
117,574
3,145
3,119
3,197
3,140
3,286
3,279
3,108
3,152
3,194
3,175
3,185
3,253
114,800
114,955
115,038
114,950
114,991
114,958
114,774
114,538
114,689
114,558
114,201
114,321
4,661
4,669
4,708
4,680
4,689
4,745
4,780
4,830
5,051
190,592
1,615
126,253
118,537
124,638
116,922
3,163 113,759
1981
1982
1983
1984
1985
1986*
1987
1988
1989
1990
1990:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dec
1991:
Jan
Employment
including
resident
Armed
Forces
Resident
Armed
Forces
NSA
1
Nonagricultural
Civilian
labor force
Persona at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutional population.
Agricultural
Total
Total
Part time
for
economic
reasons a
Total
15
weeks
and
over
Civilian
Labor
force
participation
rate
(per-2
cent)
Employment/
population
ratio
(percent) *
1,983
1,610
1,375
1,504
63.9
64.0
64.0
64.4
64.8
65.3
65.6
65.9
66.5
66.4
59.0
57.8
57.9
59.5
60.1
60.7
61.5
62.3
63.0
62.7
5,135
5,163
5,262
6,544
6,579
6,563
6,691
6,662
6,560
6,827
7,015
7,087
7,142
7,337
7,600
1,396
1,374
1,370
1,417
1,404
1,436
1,508
1,568
1,605
1,591
1,727
1,739
66.5
66.5
66.5
66.5
66.5
66.4
66.3
66.2
66.3
66.2
66.1
66.3
63.0
63.0
63.0
62.9
63.0
62.9
62.7
62.5
62.6
62.4
62.2
62.3
5,178
7,715
1,829
66.0
61.9
2,285
3,485
4,210
2,737
2,305
2,232
'Data beginning January 1986 not strictly comparable with earlier data because of change in
estimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In January, the overall unemployment rate rose to 6.1 percent and the civilian unemployment rate rose to 6.2
percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
20
TEENAG ERS
(16-19)
/>
" s\J\
*.
15
10
V
<t v
/
A
j
.A
^ X/ w-~i
~
10
WOMEN 20 YEARS
AN DOVER
L^ -w
MEN 20 YE ARS
AND OVE R
i 1 1 u 1 n t i i ! 1 1 1 1 ' H 1 II 1MM |
1987
1987
1988
,,,,,!,,,,,
1 1 1 I 1 11 || | |
1989
1990
1991
'UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
TJnemp! oyment ra te (percen of civilia n labor force in group)
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: Jan
Feb
Mar
Apr
May
June ....
July
Aug
Sept
Oct
Nov
Dec
1991: Jan
Unemployment
rate,
all
workers 1
By sex and ago
All
civilian
workers
Men
20 years
and over
Women
20 years
and
over
6.8
8.3
8.1
6.8
6.6
6.2
5.4
4.9
4.7
4.8
4.6
4.7
4.7
4.8
4.6
4.6
4.7
4.9
4.9
4.9
5.1
5.3
5.3
1.5
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
5.2
5.2
5.2
5.3
5.3
5.2
5.4
5.6
5.6
5.6
5.8
6.0
6.1
5.3
5.3
5.3
5.4
5.3
5.3
5.5
5.6
5.7
5.7
5.9
6.1
6.2
4.6
4.6
4.6
4.7
4.7
4.7
4.9
5.0
5.1
5.2
5.4
5.6
5.6
1
Both
sexes
16-19
years
19.6
23.2
22.4
18.9
18.6
18.3
16.9
15.3
15.0
15.5
14.6
14.8
14.6
14.8
15.4
14.7
15.8
16.6
15.7
16.2
16.4
16.6
18.2
Black
White
and
Black
other
6.7
8.6
8.4
6.5
6.2
6.0
5.3
4.7
4.5
4.7
4.5
4.6
4.6
4.7
4.6
4.5
4.7
4.8
4.8
4.9
5.0
5.3
5.5
Unemployed as percent of total labor force including resident Armed Forces.
2
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
12
By s elected grou] s
By race
14.2
17.3
17.8
14.4
13.7
13.1
11.6
10.4
10.0
10.1
10.0
9.4
9.5
9.3
9.5
9.6
10.3
10.4
10.8
10.6
11.0
11.1
10.7
15.6
18.9
19.5
15.9
15.1
14.5
13.0
11.7
11.4
11.8
11.4
10.7
10.7
10.6
10.6
10.7
11.4
11.7
11.9
11.7
12.2
12.2
12.1
Experienced
wage and
salary
workers
7.3
9.3
9.2
7.1
6.8
6.6
5.8
5.2
5.0
5.3
5.0
5.0
5.1
5.1
5.1
5.1
5.2
5.3
5.4
5.4
5.7
5.8
6.0
Married
men,
spouse
present
4.3
6.5
6.5
4.6
4.3
4.4
3.9
3.3
3.0
3.4
3.4
3.1
3.2
3.2
3.3
3.2
3.3
3.5
3.5
3.5
3.7
3.8
4.0
Womett
who
maintain
families
10.4
11.7
12.2
10.3
10.4
9.8
9.2
Fulltime
workers
7.3
8.1
8.1
8.2
9.6
9.5
7.2
6.8
6.6
5.8
5.2
4.9
5.2
7.6
7.6
8.3
7.8
7.5
8.0
8.3
8.4
8.7
8.5
8.7
8.7
9.0
5.0
5.0
4.9
5.1
4.9
4.9
5.1
5.3
5.4
5.5
5.7
5.8
6.0
Source: Department of Labor, Bureau of Labor Statistics.
Parttime
workers
9.4
10.5
10.4
9.3
9.3
9.1
8.4
7.6
7.3
7.4
7.2
7.4
7.2
7.2
7.4
7.5
7.8
7.7
7.2
7.1
7.3
7.6
7.7
Labor
force
time lost
(percent) 2
8.5
11.0
10.9
8.6
8.1
7.9
7.1
6.3
5.9
6.2
6.0
5.9
5.9
6.2
6.0
5.9
6.1
6.3
6.4
6.6
6.7
6.9
7.0
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In January, the percentages of the unemployed who had been out of work for less than 5 weeks, for 15-26
weeks, and for 27 weeks and over rose and the percentage for 5-14 weeks fell. Both the mean duration of
unemployment and the median were unchanged.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION*
70
70
10
-
1987
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Dur ition of imemploy•ment
Re ason for unemployment:
percent distrihuti 311
Period
Unemployment
(thousands)
I'ercent di stributio a
Less
than
5
weeks
5-14
weeks
15-26
weeks
Number of
ks
27
weeks
and
over
Average
(mean)
Medi-
Job
losers
Job
leavers
Reentrants
New
entrants
State
progrf uns
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted)»
Weekly a rerage, t lousands
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: Jan
Feb
MflT
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1991: Jan
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
6,544
6,579
6,563
6,691
6,662
6,560
6,827
7,015
7,087
7,142
7,337
7,600
7,715
41.7
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
46.1
47.9
47.8
48.0
47.2
46.1
46.8
46.1
47.3
43.2
44.1
44.7
43.5
44.1
30.7
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
32.0
30.7
31.4
31.3
31.8
32.9
31.5
31.8
30.0
34.3
33.6
31.8
33.4
32.2
13.6
16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
11.8
11.5
11.2
11.0
11.0
11.6
11.7
11.8
11.9
12.1
12.5
12.8
12.5
12.7
14.0
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
10.1
9.8
9.7
9.6
10.0
9.4
10.0
10.3
10.8
10.4
9.8
10.8
10.6
11.0
1
Includes State (50 States, District of Columbia, Puerto Bico, and Virgin Islands), ex-servicemen (UCX). Federal <UCFE), and railroad (ER) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
13.7
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.1
11.9
11.7
11.9
12.1
11.6
12.0
12.1
12.3
12.4
12.0
12.4
12.4
12.4
6.9
8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
5.4
5.0
5.2
5.0
5.0
5.3
5.2
5.2
5.3
6.1
5.9
5.9
5.9
5.9
51.6
58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
48.3
47.6
46.9
46.6
46.7
47.4
48.6
46.5
49.0
49.6
49.9
51.2
49.9
53.0
11.2
7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
14.8
15.5
15.3
15.5
17.2
15.2
15.2
15.1
14.3
13.5
13.7
13.6
13.5
11.7
25.4
22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
27.4
27.1
27.5
28.1
26.6
27.3
27.9
28.4
27.1
27.5
26.8
26.3
28.0
26.6
11.9
11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
9.5
9.9
10.2
9.9
9.5
10.1
8.3
10.0
9.7
9.4
9.6
8.9
8.7
8.7
3,047
4,061
3,396
2,476
2,611
2,650
2,332
2,081
2,158
r
2,522
' 2,343
' 2,323
' 2,357
'2,398
'2,425
'2,452
'2,479
'2,495
'2,620
'2,765
'2,912
'2,970
3,070
460
583
438
377
396
378
328
310
330
'388
'360
357
'350
'361
'353
'355
'361
'377
'399
431
'454
'461
3,410
4,594
3,775
2,561
2,693
2,746
2,401
2,248
2,324
2,715
3,064
2,998
2,846
2,531
2,270
2,212
2,442
2,295
2,193
2,294
2,722
3,216
445
"Seasonally adjusted data revised historically.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey fell 232,000 in January.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS
110
___
.„
100
r—I
ALL NO NAGRICULTlJRAL
EST7kBLISHMENT
90
_
80 —
SERVIC E-PRODUCIN G
Ih DUSTRIES
70
18
-
60
-
iimlimijl
16
50
MANUFAC TURING
-
40
-
18
illinium
t
Ml|lllllll
mulimi
imlllllliTlmilllll.i
T
GOODS-PI ODUCING
INDU 5TRIES
30
--,
\
-CONSTRLKrrioN
11 l
l
l
l
l 1 1 IIll
1 ill. Mil}
20 Illinium 1 1 tn If j 1 1 1 11 1 1 1 1 1 1J.IJ
' 1987
1989
1991
1988
1990
Ifllltllltn
' 1987
1
\ \ \\ 1 \I1 1 I I
1988
Mn 1 1 1 1 1 1
1989
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
> , , ,,!,,,, it
1991 '
1990
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; l seasonally adjusted]
Goods-producing
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 "
1990: Jan
Feb
Mar
Apr
May....
June ...
July....
Aug....
Sept....
Oct ....
Nov ...
Dec »..
1991: Jan"..
Total
nonagricultural
employment
Se rvice-promu ing industnes
in Jus tries
Wjmufacturin g
Total
2
Construction
Total
Durable
goods
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
Ketail
trade
Govennment
Finance,
insurance,
and real
estate
Services
Total
Federal
91,156
89,566
90,200
94,496
97,519
99,525
102,200
105,536
108,413
110,323
25,497
23,813
23,334
24,727
24,859
24,558
24,708
25,173
25,326
25,002
4,188
3,905
3,948
4,383
4,673
4,816
4,967
5,110
5,200
5,204
20,170
18,781
18,434
19,378
19,260
18,965
19,024
19,350
19,426
19,063
12,082
11,014
10,707
11,479
11,464
11,203
11,167
11,381
11,422
11,122
8,089
7,767
7,726
7,899
7,796
7,761
7,858
7,969
8,004
7,941
65,659
65,753
66,866
69,769
72,660
74,967
77,492
80,363
83,087
85,320
5,165
5,082
4,954
5,159
5,238
5,255
5,372
5,527
5,648
5,839
5,376
5,296
5,286
5,574
5,736
5,774
5,865
6,055
6,271
6,361
15,172
15,161
15,595
16,526
17,336
17,909
18,462
19,077
19,580
19,789
5,298
5,341
5,468
5,689
5,955
6,283
6,547
6,649
6,724
6,832
18,619
19,036
19,694
20,797
21,999
23,053
24,235
25,669
27,096
28,208
16,031
15,837
15,869
16,024
16,394
16,693
17,010
17,386
17,769
18,291
2,772
2,739
2,774
2,807
2,875
2,899
2,943
2,971
2,988
3,086
109,654
109,958
110,122
110,177
110,617
110,829
110,740
110,613
110,612
110,432
110,165
110,017
25,188
25,339
25,259
25,180
25,191
25,162
25,105
25,013
24,931
24,777
24,511
24,426
5,294
5,368
5,313
5,256
5,286
5,270
5,229
5,194
5,176
5,093
5,029
4,987
19,171
19,244
19,217
19,190
19,167
19,148
19,131
19,084
19,019
18,951
18,744
18,699
11,192
11,278
11,261
11,229
11,217
11,201
11,179
11,129
11,068
11,026
10,865
10,832
7,979
7,966
7,956
7,961
7,950
7,947
7,952
7,955
7,951
7,925
7,879
7,867
84,466
84,619
84,863
84,997
85,426
85,667
85,635
85,600
85,681
85,655
85,654
85,591
5,790
5,804
5,808
5,809
5,833
5,846
5,841
5,846
5,870
5,870
5,866
5,881
6,356
6,357
6,361
6,363
6,369
6,383
6,374
6,376
6,370
6,355
6,343
6,328
19,807
19,758
19,764
19,778
19,795
19,822
19,851
19,846
19,844
19,792
19,739
19,683
6,794
6,817
6,821
6,823
6,838
6,844
6,842
6,852
6,851
6,843
6,833
6,831
27,721
27,842
27,950
27,969
28,094
28,225
28,287
28,387
28,440
28,475
28,548
28,556
17,998
18,041
18,159
18,255
18,497
18,547
18,440
18,293
18,306
18,320
18,325
18,312
3,000
3,005
3,089
3,151
3,346
3,338
3,164
3,045
2,999
2,983
2,961
2,948
109,785
24,197
4,832
18,630
10,772
7,858
85,588
5,886
6,314
19,768
6,823
28,539
18,258
2,942
1
Includes all hill- and part-time wage and salary workers in nonagricultural establishments who
received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived
from this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes, bad
14
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 baaed on reports from employing
establishments.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY
EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gi•oss hourly
Aver age weekly ] ours
Period
nonagricultural 1
Total
Average grosa weekly earnings
earnings
Manilla ituring
Overtime
Total
private
nonagriculturai'
Total private
nonagncultural1
Manufacturing
Current
dollars
1982
dollars2
C urrent dollarB
Manufacturing
Betail
trade
Construction
$255.20
$270.63
267.26
280.70
292.86
299.09
304.85
312.50
322.02
334.24
346.04
267.26
272.52
274.73
271.16
271.94
269.16
266.79
264.22
259.98
$318.00
330.26
354.08
374.03
386.37
396.01
406.31
418.81
430.09
442.27
$399.26
426.82
442.97
458.51
464.46
466.75
480.44
495.73
512.41
524.49
$157.99
8.83
9.19
9.54
9.73
9.91
10.19
10.49
10.84
9.82
9.88
9.93
9.96
9.98
10.03
10.07
10.09
10.13
10.12
10.14
10.19
10.57
10.67
10.73
10.75
10.81
10.86
10.89
10.90
10.93
10.97
10.97
11.01
337.81
341.85
343.58
343.62
344.31
348.04
347.42
348.11
351.51
346.10
348.82
352.57
'259.65
'261.55
'261.88
'261.51
'261.44
262.87
261.61
'259.78
'260.19
254.67
'255.92
'257.92
430.20
435.34
437.78
437.53
442.13
445.26
445.40
446.90
448.13
446.48
444.29
448.11
523.03
527.48
523.18
508.03
520.98
531.35
516.00
526.40
530.69
511.34
530.92
536.43
10.18
11.04
347.14
253.02
443.81
514.02
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990".
35.2
34.8
39.8
2.8
$7.25
35.0
35.2
34.9
34.8
34.8
34.7
34.6
34.5
38.9
40.1
40.7
40.5
40.7
41.0
41.1
41.0
40.8
2.3
3.0
3.4
3.3
3.4
3.7
3.9
3.8
3.6
7.68
8.02
8.32
8.57
8.76
8.98
9.28
9.66
10.03
1990: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec"
34.4
34.6
34.6
34.5
34.5
34.7
34.5
34.5
34.7
34.2
34.4
34.6
40.7
40.8
40.8
40.7
40.9
41.0
40.9
41.0
41.0
40.7
40.5
40.7
3.6
3.6
3.7
3.5
3.8
3.8
3.7
3.8
3.7
3.6
3.5
3.6
1991: Jan »
34.1
40.2
3.4
1
2
Also includes other private industry groups shown on p. 14.
Current dollar earnings divided by the consumer price index for urban wage earners and clerical
workers (on a 1982=100 base). Seasonally adjusted data revised beginning 1986.
$7.99
8.49
3
Percent chamge from a
year ear ier, total
ate
nonagricultural 3
iaes
Current
dollars
dollars
8.5
4.7
5.0
-1.5
-1.2
4.3
2.1
1.9
2.5
3.0
3.8
3.5
.8
-1.3
.3
-1.0
-.9
-1.0
-1.6
192.38
193.34
195.17
195.46
196.04
196.62
196.23
195.73
197.39
194.26
197.17
196.60
2.7
3.9
3.7
2.8
4.0
4.5
3.4
3.8
4.3
2.1
3.1
4.0
-2.4
-1.2
-1.5
-1.6
— .1
-.0
-1.0
-1.7
-1.6
-3.8
-3.0
-2.0
195.51
2.5
-2.8
163.83
171.13
174.47
174.81
175.80
178.80
183.62
188.72
195.26
2.0
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1969 =
Period
Total
compensation
100)
Percent cl kaage from
a
Wages and
salaries
Benefits '
Total
compensation
Wages and
salaries
Not seasonally
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
71.2
73.0
75.8
80.1
84.0
87.3
90.1
93.1
97.6
102.3
107.0
77.6
81.4
84.8
88.3
91.1
94.1
98.0
102.0
106.1
1988: Mar
June
Sept
Dec
1989: Mar
June
Sept
Dec
1990: Mar
June
Sept
Dec
94.5
95.7
96.6
97.8
98.8
100.0
101.3
102.4
103.8
105.1
106.2
107.2
95.0
96.1
96.9
98.0
99.1
100.0
101.1
102.2
103.3
104.4
105.4
106.2
66.6
71.4
76.7
81.7
84.6
87.5
90.5
96.7
102.6
109.4
2.0
1.3
1.3
1.3
.6
.7
.6
1.0
1.1
.8
12 months earli 3r
months earlie r
Benefits '
1
Employer costs for employee benefits.
NOTE.—The employment coat index is a measure of the change in the cost of labor, free from the
influence of employment shifts among occupations and industries.
1.3
1.3
.9
1.2
1.0
1.2
1.3
1.1
1.4
1.3
1.0
.9
Wages and
salaries
Benefits '
ad listed
1.8
1.2
1.1
1.2
.6
.6
.6
1.0
.8
.7
2.1
1.4
0.8
1.2
.8
1.1
1.1
.9
1.1
1.1
1.1
1.1
1.0
.8
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
1.4
.5
.6
1.0
1.0
1.2
1.0
9.9
6.5
5.7
4.9
3.9
3.2
3.3
4.8
4.8
4.6
8.8
6.3
4.9
4.2
4.1
3.2
3.3
4.1
4.1
4.0
12.1
7.2
7.4
6.5
3.5
3.4
3.4
6.9
6.1
6.6
Not se aaonally adju sted
Seasonal] Y adjusted
93.1
94.5
95.7
97.1
98.1
99.8
101.5
103.1
105.1
106.7
108.4
109.9
Total
compensation
3.8
4.5
4.4
4.8
4.6
4.5
4.8
4.8
5.2
5.2
4.9
4.6
3.3
3.8
3.7
4.1
4.2
4.1
4.3
4.1
4.2
4.5
4.2
4.0
5.9
6.4
6.8
6.9
5.4
5.6
6.0
6.1
7.2
6.9
6.8
8.6
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output pe r hour of
allpersons
Outj ut 1
Hours of all
persems"
Business
sector
Nonfarm
business
Business
sector
Nonfarm
business
sector
Business
sector
99.2
100.7
100.0
102.3
104.9
107.1
109.5
110.7
113.2
112.6
111.9
100.6
103.2
105.3
108.0
109.4
112.0
113.2
112.9
113.6
113.1
113.0
113.0
112.6
111.9
111.7
111.9
112.1
112.0
99.9
100.9
100.0
102.9
105.1
106.5
108.7
109.8
112.5
111.7
110.8
100.4
103.8
105.4
107.1
108.4
110.9
112.2
112.0
112.8
112.9
112.1
112.0
111.7
111.0
110.7
110.7
110.9
110.9
101.1
103.2
100.0
104.2
113.0
117.7
121.3
126.4
133.0
135.8
136.1
99.5
107.6
114.5
119.3
122.2
129.4
131.2
132.6
133.8
134.5
135.6
135.9
136.1
135.5
136.0
136.4
136.5
135.7
101.7
103.4
100.0
105.0
113.7
118.1
121.6
126.8
134.0
136.7
137.0
99.3
108.7
115.1
119.6
122.4
129.7
131.6
133.4
134.8
136.0
136.4
136.8
137.1
136.3
136.8
137.2
137.4
136.4
101.9
102.5
100.0
101.8
107.6
109.9
110.8
114.1
117.5
120.5
121.6
98.9
104.3
108.7
110.5
111.7
115.6
115.8
117.5
117.8
118.8
120.0
120.2
120.9
121.0
121.7
121.9
121.8
121.1
Period
Nonfarm
business
Compens ation per
houI3
Business
sector
Nonfarm
business
Real compensation
per hour 4
Business
sector
Nonfarm
business
Unit labor costs
Implic t price
defla tor 6
Business
sector
Nonfarm
business
sector
Business
sector
85.8
92.4
100.0
101.4
102.9
105.4
108.4
111.2
113.7
117.9
123.0
101.5
102.0
104.0
106.7
110.4
112.1
111.5
113.3
114.2
115.6
116.7
117.4
118.2
119.5
121.1
122.5
123.6
124.8
85.2
92.3
100.0
101.0
102.8
105.6
108.8
111.6
113.7
118.1
123.2
101.7
101.3
104.0
107.1
111.0
112.6
111.9
113.5
114.2
115.2
116.9
117.5
118.3
119.7
121.3
122.7
123.9
125.0
86.2
94.4
100.0
103.3
106.8
109.5
111.8
114.8
118.2
122.8
127.5
101.4
104.8
107.9
110.5
112.8
115.7
116.2
117.5
118.9
120.3
121.2
122.5
123.3
124.3
125.8
127.2
128.2
128.8
85.7
94.0
100.0
103.5
106.6
109.8
112.3
115.3
118.4
123.0
127.7
101.5
104.7
107.9
111.0
113.4
116.2
116.6
117.8
118.8
120.5
121.4
122.7
123.5
124.7
125.8
127.3
128.4
129.2
10.9
7.7
8.3
1.4
1.5
2.3
2.8
2.6
2.2
3.8
4.3
-2.0
6.5
3.1
5.0
3.8
2.5
2.8
4.6
5.4
4.7
3.7
3.9
11.0
8.3
8.4
1.0
1.8
2.8
3.0
2.5
1.9
3.9
4.3
-2.2
5.7
2.5
3.6
6.1
2.0
2.6
5.0
5.3
4.7
4.1
3.7
9.0
9.6
5.9
3.3
3.3
2.5
2.1
2.7
3.0
3.9
3.8
1.7
4.8
4.7
4.9
3.1
4.3
2.5
3.5
4.6
4.6
3.2
2.0
9.7
9.7
6.3
3.5
3.0
3.0
2.3
2.7
2.7
3.9
3.8
1.4
4.1
3.4
5.9
2.8
4.4
2.6
3.9
3.8
4.8
3.6
2.4
Nonfarm
business
19f J2 = 100;( [uarterly ( ata seasoimlly adjus ted
1980
1981
1982
1983
_.
1984
1985
1986
1987
1988
1989
1990 "'
1982: IV
1983: IV
1984: IV
1985: IV
1986: IV
1987: IV
1988: I
n
m
IV
1989: I
n
m
IV
1990: I
n
m
IV..
101.8
102.5
100.0
102.0
108.1
110.9
111.9
115.5
119.1
122.3
123.6
98.9
104.7
109.2
111.7
112.9
117.0
117.3
119.1
119.5
120.5
121.7
122.2
122.7
122.8
123.7
123.9
123.9
123.0
85.1
93.0
100.0
103.8
108.0
112.8
118.7
123.1
128.6
132.9
137.7
102.1
105.3
109.5
115.2
120.8
125.5
126.3
127.9
129.7
130.8
131.8
132.7
133.1
133.8
135.3
137.0
138.6
139.8
85.1
93.1
100.0
104.0
108.1
112.5
118.2
122.4
127.8
131.9
136.5
102.1
105.2
109.6
114.6
120.3
124.8
125.5
127.1
128.8
130.0
131.0
131.6
132.1
132.9
134.2
135.8
137.4
138.7
99.7
98.8
100.0
100.6
100.4
101.2
104.5
104.5
104.9
103.4
101.7
100.6
100.5
100.4
102.0
105.5
105.0
104.7
104.9
105.1
104.9
104.3
103.5
103.1
102.6
101.7
102.1
101.7
100.9
99.6
98.8
100.0
100.7
100.4
100.9
104.1
104.0
104.3
102.7
100.8
100.6
100.4
100.4
101.5
105.1
104.4
104.1
104.3
104.4
104.2
103.7
102.6
102.3
101.9
100.9
101.2
100.8
100.1
Pe rcent chan »e; quarte rly data at seasonal! y adjusted annual rates
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990"*
1988: I
n
m
IV
1989: I
n
m
IV
1990: I
n
m
IV"*..
-0.2
1.5
-.7
2.3
2.5
2.0
2.3
1.1
2.2
.5
-.6
4.6
— 1.1
2.5
-1.6
K
.1
-1.6
-2.3
-.9
.6
.9
-.5
1
-0.3
1.0
-.9
2.9
2.1
1.3
2.0
1.0
2.5
-.7
-.8
4.7
-.5
2.8
.2
-2.7
-.3
-1.0
-2.5
-1.3
.3
.6
.1
-1.1
2.1
-3.1
4.2
8.4
4.2
3.1
4.1
5.3
2.1
.3
5.7
4.6
3.5
2.0
3.5
.9
.6
-1.8
1.4
1.2
.5
-2.5
-1.2
1.7
-3.3
5.0
8.3
3.9
3.0
4.2
5.7
2.0
.2
5.9
5.6
4.1
3.6
1.2
1.3
.6
-2.1
1.4
1.2
.4
-2.7
0.9
.6
2.5
1.8
5.7
2.1
.8
3.0
3.0
2.6
.9
1.0
5.8
1.0
3.6
4.0
.8
2.2
.4
2.3
.5
-.4
-2.1
0.8
.7
-2.4
2.0
6.0
2.5
.9
3.2
3.1
2.7
1.1
1.1
6.1
1.3
3.4
4.0
1.6
1.6
.5
2.8
.9
-.2
-2.7
Output refers to gross domestic product originating in the sector in 1982 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price index for all urban consumers.
16
10.6
9.3
7.5
3.8
4.1
4.4
5.2
3.7
4.5
3.3
3.6
2.5
5.3
5.6
3.4
3.3
2.6
1.1
2.2
4.5
5.4
4.6
3.4
10.6
9.4
7.4
4.0
3.9
4.1
5.1
3.6
4.4
3.2
3.5
2.4
5.1
5.3
3.8
3.3
1.7
1.6
2.3
3.9
5.0
4.7
3.8
-2.5
-1.0
1.3
.6
2
-2.5
.8
3.2
.1
.4
1.5
-1.7
-.9
.8
.6
-.9
-2.0
-3.2
-1.7
-1.8
-3.3
1.6
-1.9
-3.1
.5
3.2
-.1
.3
1.5
-1.8
-1.0
.7
.4
-.5
-2.0
-4,1
-1.2
-1.6
-3.8
1.2
-1.8
-2.7
.8
1.2
.7
4
6
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
differ slightly from percent changes based on indexes shown here.
* Data do not reflect GNP revisions of February 27, 1991.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization fell again in January.
INDEX, 1987=100* (RATIO SCALE)
115
TOTAL IN DUSTRIAL F'RODUCTIC>N
110
—r—^—~*
105
^""1
INDEX, 1987= 100* (RATIO SCALE)
730
115
105_
^^
iT-r'
F
Mtllllllll Illllllllll
t.~<£
95 y^
d^-A
m
j **^ * ~f
DURABLE
ft
I
iniiiiiiii
-
inn
iiiiiliini
90
1987
Illllllllll
1988
Illllllllll
1989
^
-—.. -x-\"VEQUIPME MT
iniiiiiiii
Illllllllll
Illllllllll Illllllllll Illllllllll
PERCENT*
Illllllllll
88 -CAPACI7•Y UTILIZAT ON RATE86 -(TOTAL 1 MDUSTRY)
UIILII IES
*s-^\
yH
R?
~JC^S^' t /N^~v
V
/.
MINING
t
95
N
DEFENS
84
r"^-»
,— —'V
AND SPA CE
85
115 '-UTILITIES AND MINING
110 — PRODUCTION
\
f.
90
^DURABLE
^ NO
90 Illllllllll Illllllllll Illllllllll
V
105
-/-~\
MANUFA CTURING
110 'PRODUCT-)0)g_^:
100
BUSINESS
/]
EQUIP*1ENT /~-J CONSUMER
\
GOODS
110
iimlmii miiliim Illllllllll
^
r^ >
'
sv
120
115
95 ^
90
FINAL P KODUCTS
125
r*~^ ^
^_r-| -"^
100
^^^
RO /
78
Illllllllll Illllllllll
1990
1991
/
76 Illllllllll Illllllllll Illllllllll
1987
1989
1988
'SEASONALLY ADJUSTED
SOURCE; BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
r" \\
iniiiiiiii
1990
Illllllllll
1991
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
To tal
Period
Index,
1987 = 100
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 r
84.1
1
80.9
89.3
91.6
94.3
100.0
105.8
108.9
109.9
95.9
94.3
91.8
93.6
97.0
99.5
96.3
100.0
104.4
107.1
107.9
-.2
.8
1.1
.2
1.0
1.6
2.4
2.1
2.2
2.0
.1
1.5
108.1
109.6
109.8
109.5
110.3
110.8
111.1
111.1
111.2
110.7
108.9
107.3
108.6
110.7
111.9
111.1
112.6
113.4
113.4
113.5
113.8
112.5
109.8
107.3
107.5
108.3
107.2
107.5
107.4
107.6
108.1
108.1
108.0
108.4
107.7
107.4
101.7
101.0
101.1
102.9
102.2
102.2
104.0
102.4
103.9
102.6
102.2
102.3
106.8
104.0
106.2
106.7
107.1
109.7
109.7
111.4
110.3
109.2
106.8
107.9
-.9
106.9
106.9
106.9
102.2
107.1
Jan "
106.5
Ocf.
Output as percent of capacity.
Utilities
Nondurable
110.0
114.3
109.3
104.8
111.9
109.0
101.0
100.0
101.8
100.5
102.4
Nov r .
Dec r
Sept
Durable
83.1
84.5
82.5
87.0
90.8
91.5
94.9
100.0
103.6
106.4
107.8
107.5
108.5
108.9
108.8
109.4
110.1
110.4
110.5
110.6
109.9
108.2
107.0
Aug
Mining
Total
75.7
77.4
72.7
76.8
88.4
91.8
93.9
100.0
107.6
110.9
111.6
1.9
1.9
-4.4
3.7
9.3
1.7
1.0
4.9
5.4
2.6
1.0
June
July
1991:
kfanufacturing
Percent
change
from year
earlier
85.7
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
109.2
1990: Jan
Feb
Mar
Apr
May
Capacity utilization
rate, pe rcent '
Industry pnx action indexes , 1987=100
induE trial
produ ction
78.8
80.3
76.6
Total
industry
Manufacturing
80.2
82.1
80.9
75.0
75.8
81.1
80.3
79.2
81.4
84.0
84.2
83.0
78.8
72.8
74.9
80.4
79.5
79.0
81.4
83.9
83.9
82.3
82.0
83.0
82.7
r
83.3
83.4
r
83.0
r
82.5
83.2
83.4
r
83.8
r
82.9
r
83.1
83.1
83.8
r
83.7
83.6
r
r
r
82.9
82.8
r
83.0
81.5
80.4
82.2
80.7
79.3
79.9
78.8
Source: Board of Governors of the Federal Keserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; monthly data seasonally adjusted]
Produ cts
Mate rials
I^inal produc ts
Internlediate proc ucts
Ijquipment
Co nsumer gc ods
Period
De-
Total
Total
Durable
goods
Nondurable
goods
Total »
Business
and
space
equipment
Total
Construction
supplies
Busi-
Total
Energy
supplies
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 r
82.1
80.8
83.0
91.0
94.2
95.7
100.0
105.6
109.1
110.8
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
115.4
76.1
72.9
71.9
85.4
91.1
93.2
100.0
111.8
119.1
123.0
58.5
65.7
71.8
78.9
89.4
96.0
100.0
98.0
97.4
97.2
77.0
75.1
80.3
86.2
88.3
92.0
100.0
104.4
106.8
107.7
78.4
72.2
80.2
86.2
89.1
93.8
100.0
104.4
106.1
105.2
75.7
77.0
80.3
86.2
87.7
90.7
100.0
104.4
107.3
109.4
92.8
85.1
88.3
96.6
96.6
95.9
100.0
105.6
107.4
107.7
104.3
100.7
98.9
103.8
103.4
99.4
100.0
101.8
101.4
101.9
1990: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct '
Nov r
Dec '.
108.5
109.7
110.7
110.4
111.2
111.7
111.7
111.9
112.6
112.3
110.1
109.1
106.0
107.0
107.5
107.2
107.4
107.8
107.5
107.8
108.7
108.6
106.5
105.8
99.4
106.2
110.8
107.3
109.3
112.1
108.3
107.4
110.4
106.9
99.4
96.1
107.8
107.2
106.6
107.1
106.9
106.6
107.3
107.9
108.2
109.1
108.4
108.5
111.8
113.3
114.9
114.7
116.2
116.8
117.2
117.2
117.8
117.0
114.9
113.3
118.0
120.1
122.2
121.6
123.5
124.4
125.0
125.4
126.4
125.4
122.7
120.7
97.5
97.6
97.5
97.3
97.6
97.6
97.8
97.7
97.3
97.3
96.1
95.6
108.0
108.4
108.2
108.0
108.3
108.3
108.4
107.9
107.4
107.0
106.3
105.9
107.9
108.2
107.3
106.4
105.5
106.0
106.7
105.3
103.8
103.1
101.5
100.6
108.0
108.5
108.9
109.1
110.2
109.8
109.5
109.7
109.9
109.7
109.5
109.5
106.2
107.1
107.1
107.3
107.7
108.8
109.6
109.7
109.4
108.3
106.6
104.9
101.2
101.7
102.0
101.8
101.1
102.1
103.3
103.0
103.0
102.3
101.1
100.8
1991: Jan '
108.9
105.7
97.1
108.1
113.0
120.5
95.1
105.0
98.8
109.3
104.4
100.9
1
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987 = 100; monthly data seasonally adjusted]
No idurable manufactu res
Durable m anufactures
Transp artation
equip ment
Primary metals
Period
Total
Iron
and
steel
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber and
products
Apparel
products
Printing
and
publishing
Chemicals
and
products
Foods
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
108.2
135.1
86.2
96.1
105.9
104.5
90.8
100.0
113.8
109.3
109.6
91.1
83.2
85.5
93.3
94.5
93.8
100.0
106.2
107.2
105.8
65.9
63.9
64.3
80.8
86.8
90.4
100.0
113.8
121.8
126.4
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
105.4
64.4
58.8
74.5
90.6
99.0
98.5
100.0
105.5
104.9
96.8
74.7
67.3
79.9
86.0
88.0
95.1
100.0
104.6
103.0
101.7
91.0
90.1
93.8
95.7
92.6
96.3
100.0
102.2
104.3
98.9
72.1
75.2
79.0
84.5
87.6
90.7
100.0
103.6
108.5
112.0
89.2
81.8
87.5
91.4
91.4
94.6
100.0
105.4
108.5
110.3
86.5
87.7
90.1
92.1
94.9
97.4
100.0
102.8
105.5
107.7
1990: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct '
Nov r
Dec '.
105.0
107.9
105.4
106.4
106.2
109.5
110.3
114.6
111.6
108.6
109.0
102.9
104.6
110.6
106.1
106.7
105.5
110.3
110.6
118.3
113.9
110.3
112.5
103.5
105.1
105.6
105.5
105.0
107.1
106.7
107.7
107.9
106.8
106.4
104.3
101.6
123.7
124.2
125.2
125.7
126.9
127.5
128.3
128.8
128.5
128.1
126.2
123.9
110.1
111.0
112.3
111.3
112.4
112.8
112.2
112.5
112.5
110.8
110.4
108.8
94.7
103.5
107.9
105.1
109.0
111.0
109.3
107.9
111.1
109.2
99.8
95.7
76.8
94.1
103.5
95.8
104.0
108.0
102.7
101.0
107.5
103.8
85.8
77.7
106.0
104.3
105.0
103.3
101.7
102.0
103.6
100.5
100.3
98.2
94.9
95.4
102.4
102.1
99.8
98.7
99.2
99.3
99.2
98.8
98.4
97.2
95.5
95.3
110.7
112.1
111.4
112.0
112.8
112.0
111.4
110.9
111.6
112.9
112.8
113.3
109.9
110.5
109.5
110.3
109.2
110.3
110.4
111.1
110.9
110.7
110.5
109.7
106.8
107.4
107.1
107.0
106.8
106.1
107.1
107.7
107.6
108.8
109.7
109.3
1991: Jan p
98.1
97.4
100.8
123.0
109.1
97.0
81.6
94.1
93.8
113.3
108.9
109.1
Source: Board of Governors of the Federal Reserve System.
18
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Constructio ti contracts 3
Private
Resi lential
Total new
Period
expenditures
Total
New housing
Total1
Commercial
and
Other
Federal,
State, and
local
Total value
index
(1982=1001
Commercial
and industrial
floor space
(millions of
square feet)
B illions of dollars
203.0
267.7
255.7
290.9
340.7
368.7
398.2
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 '
192.6
227.5
270.5
290.9
313.6
319.6
327.1
410.2
422.1
432.1
333.5
324.6
434.3
99.2
84.7
125.5
153.8
158.5
187.1
194.7
198.1
196.6
187.1
69.4
57.0
94.6
113.8
114.7
133.2
139.9
138.9
139.2
129.8
55.0
48.7
58.7
53.8
68.6
82.7
78.0
76.5
79.8
85.5
83.6
49.2
48.1
48.0
49.7
48.5
48.5
49.2
51.5
53.9
63.5
70.2
77.8
84.6
90.6
95.0
98.6
109.7
85.0
88.2
87.2
85.6
84.5
85.8
89.4
84.1
82.0
79.6
76.9
77.8
77.0
52.9
51.9
53.3
53.0
53.4
54.3
54.7
55.0
55.8
55.0
55.2
52.4
53.6
107.9
112.5
109.9
106.0
109.8
111.5
105.7
112.8
106.4
111.9
113.8
111.3
104.7
64.7
63.1
100
100
124
136
150
159
165
'167
172
154
Annual rates
Annual rates
1990: Jan
Feb
Mar
Apr
May
347.4
338.8
334.0
329.6
441.1
June
July
331.3
437.0
436.3
423.9
423.3
Aug
Sept
Get
Nov'
1991:
338.1
343.1
446.0
455.6
457.3
444.7
443.8
Dec r
415.5
407.1
Jan '
396.6
323.5
317.5
311.4
301.6
295.8
291.9
200.1
203.0
206.9
200.2
196.1
189.5
187.1
184.4
179.7
176.8
169.5
165.5
161.3
1
Includes
2
Includes
3
919
690
756
955
1,097
1,016
1,019
973
961
747
140.0
144.6
145.3
140.0
136.6
130.5
129.2
127.0
123.3
121.4
117.4
114.5
107.7
'168
158
163
'150
'871
r
809
r
818
r
!51
768
782
694
r
624
r
653
r
693
r
639
147
113
132
660
555
602
165
164
'155
r
!50
r
146
r
r
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
residential improvements, not shown separately.
hotels and motels.
F.W. Dodge series.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New prh 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
1,193.1
1983
1984
1985
1986
1987
1988
1989
1990r
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
37.6
5 or more units
287.7
319.6
522.0
544.0
576.1
542.0
408.7
348.0
317.6
260.7
Units
authorized
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,104.4
Units
completed
Homes sold
Homes for
sale at end of
period *
Vacancy rate
for rental
housing units
(percent) '
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
1,306.5
436
412
623
639
688
750
671
676
650
536
275
5.0
253
301
353
346
357
366
367
362
319
5.3
5.7
5.9
6.5
7.3
7.7
7.7
7.1
1,302
1,443
1,351
1,378
1,295
1,363
1,295
1,300
1,314
1,333
633
613
606
558
533
536
550
541
527
505
475
496
463
362
365
366
363
363
360
354
351
345
338
334
327
319
7.1
Seasonal y adjusted annu al rates
1989: Dec
1990: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov'
Dec'
1991: Jan »
1
' 1,267
' 1,543
'1,459
' 1,298
' 1,217
' 1,208
r
l,187
' 1,155
1,131
1,106
1,026
1,130
975
850
r
928
' 1,078
r
l,127
r
988
r
901
897
r
890
876
835
r
858
r
r
839
769
749
632
r
52
53
'41
35
'51
r
38
'41
'31
30
'35
22
54
17
29
Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning 1989 not comparable with
earlier data.
2
'287
'412
'291
'275
265
273
'256
'248
'266
213
165
307
209
189
1,416
1,739
1,297
1,232
1,108
1,065
1,108
1,082
1,050
992
920
906
844
797
'1,269
1,242
1,150
7.5
7.0
7.2
7.2
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
are for 16,000 places.
Seasonally adjusted housing starts revised beginning 1988.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In December, manufacturing and trade sales fell 2.5 percent and inventories fell $5.5 billion. In January, according
to advance data, retail sales fell 0.9 percent, following a decline of 1.5 percent in December.
BILLIONS OF DOLLARS* (RATIO SCALE)
-
BILLIONS OF DOLLARS* (RATIO SCALE)
260
.
r\\
\^*~~~\
-
^^|
^-—*""""""
r^T
-^RE "AIL fNVEN TORIES
_^\•
MANLIFAaURIN G AND
TRA )E INVENT DRIES
^
iX""
180
r — /" ~ ~
-
,~'-"\
--_
}40
M/^NUFACTU RING
Ar-ID TRADE J>ALES
„""
7~~*'
160
~
-
-
-"t"*
\
.*•" *
Ri:TAIL SALE,
120
/
inn
iniiiiiiii
RATIO'
1.80
Illllllllll Illllllllll Illllllllll Illllllllll
INVENTORY-SALES RATIO
RETAIL
.. V
1.60
1.40
MANUFACTURING
AND TRADE
1.20
700
iniiiiiiii
niuliiiii
1987
1988
Illllllllll Illllllllll Illllllllll
1990
1989
1987
1991
1988
1989
• SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufacti tiring and
Inventories 3
1991
COUNCIL OF ECONOMIC ADVISERS
Inventory-a ales ratio "
Re tail
Wholesale
tru e >
Period
1990
Inventories a
Sales2
Sales2
InvenTotal
Durable
goods
stores
Nondurable goods
stores
Total
Durable
goods
stores
Nondura-
61,469
69,025
79,250
88,464
90,197
105,738
112,254
r
117,209
117,061
117,209
114,194
113,552
113,951
113,730
114,870
115,128
116,207
119,771
120,224
120,726
119,585
117,061
73,024
78,687
88,498
93,309
96,390
102,374
107,537
r
118,248
123,077
ble goods
stores
Manufacturing
Retail
trade '
Millions of dollars, seasonally iidjusted
1982
1983
1984
1985
1986
1987
1988
1989
1990 »
1989: Dec r
1990: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov r
Dec"
1991: Jan"
1
r
End of period.
20
28,013
32,631
37,938
41,567
45,121
48,051
52,281
53,794
53,864
61,101
64,939
69,377
73,075
75,738
80,457
85,220
90,678
95,961
146,230
53,005
'56,643
55,037
54,663
53,620
53,525
53,841
54,200
53,062
53,774
54,061
53,455
P
51,662
' 93,638
94,867
94,639
94,266
94,256
95,591
96,001
97,179
97,785
97,690
98,294
T
97,885
50,240
97,946
574,516
591,265
646,072
657,753
657,482
704,515
754,267
r
795,067
810,516
96,290
100,324
113,393
114,626
116,151
124,254
135,176
145,683
151,903
527,438
795,067
797,202
794,016
793,669
796,050
800,399
796,469
802,151
807,491
810,848
814,322
816,054
810,516
150,205
128,196
130,906
143,557
148,484
154,713
165,271
180,313
188,528
195,437
188,528
151,968
151,620
152,383
151,458
152,302
153,549
152,333
155,586
152,365
152,824
150,519
148,716
189,375 r 150,281
188,847 149,904
189,361 149,302
190,903 147,886
193,201
147,781
149,432
191,259
192,466 150,201
193,002 150,241
193,314
151,559
194,505 151,751
195,940 151,749
195,437 ' 149,547
528,953
535,996
538,984
533,603
538,946
542,441
540,368
551,473
547,215
551,570
543,184
529,689
See page 21 for manufacturing.
3
Monthly &venge for year and total for month.
a
89,114
97,570
107,316
114,642
120,860
128,509
137,500
144,471
149,825
348,754
369,136
408,578
419,283
425,371
451,933
490,309
521,934
540,011
148,186
4
93,225
134,493
147,712
167,748
181,773
186,587
208,112
219,791
r
235,457
240,138
235,457
233,701
232,000
232,562
232,847
234,814
234,517
236,400
240,191
240,553
242,366
241,971
240,138
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census.
118,248
119,507
118,448
118,611
119,117
119,944
119,389
120,193
120,420
120,329
121,640
122,386
123,077
1.67
1.56
1.53
1.56
1.55
1.51
1.49
1.50
1.49
1.51
1.51
1.48
1.47
1.49
1.49
1.47
1.48
1.46
1.48
1.48
1.50
1.53
1.49
1.44
1.49
.52
.56
.55
.55
.59
.58
1.61
1.56
1.55
1.56
1.57
1.59
1.57
1.57
1.60
1.59
1.60
1.59
1.61
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In December, manufacturers' shipments, inventories, and new orders fell; unfilled orders rose. In January, according
to advance data, durable goods shipments rose and new orders fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
280
BILLIONS OF DOLLARS* (RATIO SCALE)
SHIPMENTS
240
440 —INVENT DRIES
200
360
—-—— 1
^—
TOTAL
160
DURABLE GOODS
••"
__,,
120
\
DURA BLE GOOC S
rf^-—r\
NONDURABLE <GOODS
80
._---60
BILLIONS OF DOLLARS* (RATIO SCALE)
280
NEW OF DERS
240
200
r^~~
•r^^
80
Illllllllll
Illllllllll Illllllllll Illllllllll
RATIC)*
—
2.20
GOC)DS
«\
120
™^--\
-TOTAL-
DUR ABLE
160
\
NONC URABLE G DODS
iimliim imilmii Illllllllll
INVENT(DRY-SHIPMENTS RATK3
s-
Ay'-"*
._----.
*
"*l_
—
1.80
S'~C- ^-— NON DURABLE CJOODS
'
—
N_^_^
A
^^^* ^~
/
Hi \ ^
*"'—1
_
—~^y
1.40
60
iiiiiliini
Illllllllll Illllllllll Illllllllll Illllllllll
1988
1987
1989
1 70
uniliiip iiiiilniii iiiiihiiu
1987
1991
1990
ninliiiii
ninliiiii
1990
1991
1989
1988
• SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufa cturers' shiprnents 1
K amifacturers new orders i
Manufat •turers' inven tones 2
Durabl ; goods
Period
Total
Durable
goods
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Capital
goods
industries,
Nondurable goods
Manufacturers'
unfilled2
orders
83,935
86,522
91,209
91,075
88,497
94,197
101,993
109,057
114,477
109,663
110,977
112,199
112,417
112,365
111,886
112,144
117,376
118,931
120,659
119,402
114,862
314,270
349,419
372,586
383,181
387,065
421,243
468,860
514,499
520,045
515,367
512,654
516,426
518,193
520,432
517,550
519,954
518,663
519,275
522,397
517,205
520,045
non-
Manufacturers'
inventory —
shipments
ratio 3
defense
M illions of do lars, seasoilally adjust 3d
1982
1983
1984
1985
1986
1987
1988
1989
1990 r
1990: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec r.
1991: Jan"
1
2
163,350
171,242
187,869
190,016
188,360
199,170
217,632
231,780
238,284
226,704
234,472
237,299
234,259
238,863
239,460
237,834
245,646
243,291
246,995
240,916
231,426
79,352
84,956
96,623
99,019
99,989
105,291
115,684
122,668
123,727
116,716
123,224
125,089
122,031
126,507
127,283
125,090
128,619
124,315
126,196
121,402
116,717
118,887
83,998
86,286
91,246
90,996
88,371
93,879
101,948
109,112
114,557
109,988
111,248
112,210
112,228
112,356
112,177
112,744
117,027
118,976
120,799
119,514
114,709
311,827
312,647
334,767
327,496
316,182
331,132
354,163
371,082
374,941
374,126
373,169
371,746
372,300
372,384
370,693
373,285
374,298
376,981
377,451
378,143
374,941
Monthly average for year and total for month. Shipments are the same as sales.
End of period.
200,825
200,406
218,771
214,066
208,313
216,598
233,666
246,222
244,376
248,273
247,095
245,435
246,609
246,530
244,902
246,456
246,653
246,926
246,818
247,800
244,376
111,002
112,241
115,996
113,430
107,869
114,534
120,497
124,860
130,565
125,853
126,074
126,311
125,691
125,854
125,791
126,829
127,645
130,055
130,633
130,343
130,565
3
162,273
174,122
189,791
190,918
188,663
201,966
221,627
235,614
238,792
227,572
231,759
241,071
236,026
241,102
236,578
240,238
244,355
243,903
250,117
235,724
234,267
78,338
87,600
98,581
99,843
100,166
107,770
119,634
126,557
124,315
117,909
120,782
128,872
123,609
128,737
124,692
128,094
126,979
124,972
129,458
116,322
119,405
118,541
21,661
22,098
26,243
27,067
26,551
29,707
35,028
38,821
38,131
38,347
36,094
40,889
36,573
35,928
36,192
39,840
35,871
38,293
41,633
35,763
41,691
38,178
1.95
1.80
.74
.74
.70
.62
.58
.58
1.57
1.65
1.59
1.57
1.59
1.56
1.55
1.57
1.52
1.55
1.53
1.57
1.62
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In January, the producer price index for all finished goods fell 0.1 percent. Prices of finished consumer foods fell
0.3 percent while prices of other finished consumer goods fell 0.2 percent. Capital equipment prices rose 0.3
percent.
:ALE)
INDEX, 1982= 100 ( RATIO SCALE)
INDEX, 1982= 100(RATIOSC
130
130
sEASONALLY AOJUSTE 3
FINISHED GOODS PRI CES
CONSUMER
FOODS
__
\
120
jZP*'"
f
*•""'*
110
/•"
/
"*"
•P*?**"
/
~"*
U
-^J s
*-s—f?*/^^
^^f' *
-
1/1A
r^*"""""""
'
/
^.^""f^*" *•
'
s
*
'W "*
\v^\
*
1
V" .
\ y'""
/
/
/
^<^
120
r^S
t
\
1
*
i
•***
i
1 10
/ \V/ '
-^^
.
/^
/
t—-^
J
CAP ITAL EQUIPME MT
,^''
»''' '
..-'"' /
'--'-""'^
//
+*"/
''
-
,~
TOTAL
- — --
"^
_,_y*
100
r\
-^ cc3NSUMER GOC)DS
—
E> CLUD1NG FOC)DS
"*
90
1 1 1 1 1 1 1 1 1 ii
1983
§
IMII|
1984
1986
1985
n
1987
—
iiiiiliiin 1 1 1 1 1 1 1 1 1 1 1
1989
1988
SOURCE: DEPARTMEN OF LABOR
IIM.I.IIM
1990
iniiliiiii
1991
90
CONOMtC ADVISERS
COUNCIL OF I
[1982 = 100; monthly data seasonally adjusted]
Intern lediate ma terials
Fim shed goods
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990"
1990: Jan rr.
Feb .
Mar r
Apr '.
May r
June r
July ".
Aug r
Sept '.
Oct "
Nov r
Dec r
1991: Jan
1
Total
finished
goods
96.1
100.0
101.6
103.7
104.7
103.2
105.4
108.0
113.6
119.2
117.5
117.4
117.3
117.2
117.6
117.6
118.0
119.3
120.8
122.3
122.8
122.1
122.0
Consumer
foods
97.8
100.0
101.0
105.4
104.6
107.3
109.5
112.6
118.7
124.4
123.6
124.8
124.2
123.4
123.9
123.7
124.3
125.0
124.4
125.1
125.4
124.8
124.4
Fiunshed go }ds excluding consumer too is
Consumer g<>ods
Total
95.6
100.0
101.8
103.2
104.6
101.9
104.0
106.5
111.8
117.4
115.4
115.0
114.9
115.1
115.5
115.6
115.9
117.5
119.6
121.4
122.0
121.2
121.2
Intermediate materials for food manufacturing and feeds.
NOTE.—Seasonally adjusted data revised beginning 1986.
22
Total
Durable
Nondurable
96.1
100.0
101.2
102.2
103.3
98.5
100.7
103.1
108.9
115.2
113.2
112.3
112.0
112.2
112.8
112.6
112.9
115.0
118.1
120.6
121.3
119.9
119.7
96.4
100.0
102.8
104.5
106.5
108.9
111.5
113.8
117.6
120.4
118.7
119.0
119.4
119.5
119.8
120.4
120.9
120.7
121.6
121.1
121.8
122.2
123.0
95.8
100.0
100.5
101.1
101.7
93.3
94.9
97.3
103.8
111.5
109.3
108.0
107.4
107.6
108.3
107.8
108.1
111.1
115.0
118.6
119.3
117.3
116.7
Capital
equipment
94.6
100.0
102.8
105.2
107.5
109.7
111.7
114.3
118.8
122.9
121.0
121.4
121.9
122.1
122.2
122.7
123.0
123.4
123.8
124.1
124.4
124.8
125.2
Total
finished
consumer
goods
96.6
100.0
101.3
103.3
103.8
101.4
103.6
106.2
112.1
118.2
116.6
116.4
116.1
115.9
116.4
116.3
116.6
118.3
120.2
122.1
122.6
121.5
121.3
Total
Foods
and
feeds1
98.6
100.0
100.6
103.1
102.7
99.1
101.5
107.1
112.0
114.5
113.5
112.7
112.7
112.8
112.9
112.8
112.8
114.3
116.1
117.9
118.0
117.1
116.5
104.6
100.0
103.6
105.7
97.3
96.2
99.2
109.5
113.8
113.4
113.2
112.6
113.0
114.0
115.1
114.4
114.4
114.2
113.1
113.0
111.7
111.9
110.5
Onjde roaten als
Other
Total
98.2
100.0
100.5
103.0
103.0
99.3
101.7
106.9
111.9
114.5
113.5
112.7
112.6
112.8
112.8
112.7
112.7
114.3
116.3
118.1
118.4
117.4
103.0
100.0
101.3
103.5
95.8
116.9
Source: Department of Labor, Bureau of Labor Statistics.
87.7
93.7
96.0
103.1
108.9
106.9
107.2
105.4
102.8
103.1
100.6
101.0
110.2
115.6
125.1
117.7
111.2
114.1
Foodstuffs
and
feedstuffs
103.9
100.0
101.8
104.7
94.8
93.2
96.2
106.1
111.2
113.2
114.2
114.9
115.0
115.0
113.1
113.9
114.3
112.9
111.6
112.2
110.9
110.1
108.5
Other
101.8
100.0
100.7
102.2
96.9
81.6
87.9
85.5
93.4
101.3
97.5
97.6
94.8
90.8
92.3
88.0
88.4
103.6
112.8
127.3
116.5
106.8
112.1
CONSUMER PRICES—ALL URBAN CONSUMERS
In January, the consumer price index for all urban consumers rose 0.4 percent, seasonally adjusted (0.6 percent not
seasonally adjusted). The index was 5.7 percent above its year-earlier level.
IN 3EX, 1982-84= 100(RATIOSC ALE)
INDEX, 1982-84= 1(X) (RATIO SCA LE)
150
SE ASONALLY ADJUS
150
TED
140
140
130
130
^^
CONSU/AER PRICES— A r.L ITEMS
\
120
110
^^
^
,-^
^^^
120
110
^
f^
100
100
Z^ ^^
90
90
80
Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll 80
1987
1989
1990
1991
1986
1988
1985
1984
1983
SEE NOTE ON TABLE BCLOW
SOURCE: DEPARTMEKT OF LABOR
COUNCIL OF CONOMJC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
All items
l
Tr ansportati on
Hou sing
All
She Iter
Not
Period
seasonadjust-
ed
(NSA)
Season-
Food
ally
adjust-
Hunt
.neni-
Total
ers'
1
Total
ed
costs
(Dec.
1982=
100)
Rel imp.3....
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
Jan *
Feb r
Mar '
Apr '
May r
June r.
July r
Aug r.
Sept T
Ocf
Nov r.
Dec r
1991:
Jan
100.0
90.9
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
135.7
(Dec.
1982 =
100)
repairs
other
utilities
upkeep
MediTotal
1
New
cars
Motor
fuel
cal
care
Ener-
gy 2
ter,
and
energy
(NSA)
102.5
107.3
113.1
119.4
124.8
131.1
137.3
144.6
6.4
82.9
92.5
100.6
106.8
113.5
122.0
130.1
138.6
149.3
162.8
48.0
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
8.2
103.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
17.8
93.2
97.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
120.5
97.7
99.2
99.9
100.9
101.6
88.2
88.6
89.3
94.3
102.1
88.3
95.1
100.0
105.0
109.0
112.7
117.0
121.9
127.3
133.5
136.2
136.7
137.6
138.1
138.3
139.5
140.5
141.3
141.8
142.0
142.3
142.8
141.8
143.4
143.2
143.8
143.3
144.8
146.5
147.6
148.2
148.8
149.5
150.5
141.0
141.2
142.5
143.0
143.2
144.7
145.5
146.3
146.8
146.8
146.9
147.3
120.4
120.8
121.2
121.2
122.2
121.8
122.1
121.2
124.6
123.4
123.9
123.8
111.4
110.6
110.6
110.4
110.4
110.5
109.9
111.1
112.6
113.8
114.2
113.7
119.5
122.9
124.0
123.9
123.9
124.1
124.4
124.8
125.5
125.1
125.3
125.7
117.0
117.4
117.3
117.6
117.6
118.1
118.4
120.7
123.4
125.8
126.5
126.9
121.3
121.9
120.6
120.6
120.6
120.6
120.5
120.9
121.1
121.2
121.5
122.0
92.9
92.8
91.7
92.2
91.8
93.3
93.2
101.2
110.2
118.0
118.5
117.7
156.2
157.4
158.5
159.8
161.0
162.1
163.5
165.0
166.1
167.5
168.7
170.1
98.5
97.5
96.8
96.8
96.5
97.1
96.8
101.0
106.4
110.9
111.4
110.9
130.4
131.4
132.0
132.4
132.8
133.2
133.8
134.4
135.0
135.5
136.0
136.5
143.9
153.0
147.9
124.1
115.5
126.9
125.4
123.6
110.0
171.2
108.2
137.6
7.9
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
also included through 1982.
8
Belative importance, December 1990.
el and
6.1
95.3
97.8
100.2
102.1
105.0
105.9
110.6
115.4
118.6
124.1
131.9
134.8
and
Appar-
and
7.3
86.4
94.9
100.2
104.8
106.5
104.1
103.0
104.4
107.8
111.6
126.0
126.3
126.8
127.1
127.3
128.0
128.6
129.3
130.0
130.4
130.6
130.8
134.6
1
costs
Fuel
0.3
90.5
96.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
140.0
128.7
129.0
129.2
130.0
130.5
131.6
132.6
133.4
133.8
134.2
Maintenance
90.7
96.4
99.9
103.7
106.5
107.9
111.8
114.7
118.0
122.2
41.4
90.4
96.9
99.5
103.6
107.7
110.9
114.2
118.5
123.0
128.5
130.2
131.1
131.3
131.2
131.2
132.1
132.8
133.2
133.6
134.1
134.7
134.9
127.6
128.2
owners'
19.5
27.7
16.2
93.6
97.4
99.4
103.2
105.6
109.0
113.5
118.2
125.1
132.4
127.4
128.0
128.7
128.9
129.2
129.9
130.4
131.6
132.7
133.5
133.8
133.8
Home-
items
less
food,
shel-
4.0
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for bomeownership costs
and therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 and 1988 calculated on a revised basis.
Seasonally adjusted data revised beginning 1986.
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]
Chimge from preceding perk>d
Consum Br goods
Period
goods
Capital
equipment
Excluding foods
Foods
Consunusr goods
Consum Br goods
Total
finished
Change from 6 monti is earlier, ann tial rate
Change from 3 mont] IB earlier, ann ual rate
Total
finished
goods
Excluding
foods
Foods
Total
Capital
equipment
finished
Excluding
foods
Foods
goods
Capital
equipment
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., N 3A
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990"
7.1
3.6
.6
1.7
1.8
-2.3
2.2
4.0
4.9
5.6
1.5
2.0
2.3
3.5
.6
2.8
-.2
5.7
5.2
2.5
9.2
4.1
1.6
2.1
1.0
-1.4
2.1
2.5
5.2
4.9
9.2
3.9
2.0
1.8
2.7
2.1
1.3
3.6
3.8
3.4
8.6
4.2
-.9
.8
2.1
-6.6
4.1
3.1
5.3
8.5
Cl ange, month to mont h
1990:
T
Jan .
Feb '
Mar '.
Apr '.
May'
Oct '
Nov r
Dec '.
1.7
-.1
-.1
-.1
.3
0
.3
1.1
1.3
1.2
.4
-.6
Jan
— .1
June '
July '
Aug '
Sept r.
1991:
1.6
1.0
-.5
-.6
.4
-.2
.5
.6
.5
.6
.2
-.5
3
2.5
-.8
-.3
.2
.5
-.2
.3
1.9
2.7
2.1
.6
-1.2
0.3
.3
.4
.2
.1
.4
.2
.3
.3
.2
.2
.3
-.2
.3
9.7
9.4
6.4
-1.0
.7
1.0
2.8
5.9
11.3
15.4
12.3
4.4
12.9
15.4
8.8
-.6
-2.9
-1.6
2.9
3.6
2.3
2.6
1.3
1.3
9.4
5.9
-3.5
1.8
2.2
2.5
8.0
21.0
30.2
23.8
6.2
7.0
5.7
4.2
4.9
3.7
.9
3.3
6.1
8.9
9.0
7.8
9.0
10.4
9.7
5.9
5.9
3.5
1.1
.3
.3
2.8
2.4
1.8
6.9
7.1
3.6
3.6
4.4
3.7
2.7
2.7
3.0
4.0
3.6
3.6
3.3
3.3
4.6
3.7
5.5
4.0
-.5
4.9
11.2
15.5
15.6
13.4
3.5
3.5
3.0
3.5
3.3
3.3
3.1
3.3
3.6
3.5
5.9
5.1
4.5
3.7
3.1
3.1
3.6
5.2
6.0
6.4
7.0
5.6
-1.0
-2.2
-3.0
3.6
6.9
.2
12.4
3.6
3.7
11.3
3.4
3.4
6.6
Source: Department of Labor, Bureau of Labor Statistics.
NOTE.—Seasonally adjusted data revised beginning 1986.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Tr ansportation
Housing
Shelter
Period
All
items'
Food
Total
1
Total
1
Kentera'
costs
Homeowners'
costs
Fuel
and
other
utiKtiea
Apparel
and
upkeep
MediNew
Total1
Motor
Energy2
cal
care
AH
items
less
food,
shelter,
and
energy
Addei dam: All ite me, percent change
(annultlrate)
From
previter 3
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
to Dec imber, J SA
t
c range,ecember
1981
8.9
3.8
3.8
1982
1983
1984
1985
1986
1987
1988
1989
1990
3.9
3.8
1.1
4.4
4.4
4.6
6.1
4.3
3.1
2.7
3.8
2.6
S.8
3.5
5.2
5.6
5.3
10.2
3.6
3.5
4.3
4.3
1.7
3.7
4.0
3.9
4.5
9.9
2.4
4.7
5.2
6.0
4.6
4.8
4.5
4.9
5.2
5.1
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.5
5.1
5.9
4.6
5.3
4.7
5.1
4.7
14.4
9.7
1.8
4.2
1.8
-5.6
1.6
2.9
3.2
4.0
3.5
1.6
2.9
2.0
2.8
.9
4.8
4.7
1.0
5.1
10.9
1.8
3.9
3.1
2.6
-5.9
6.1
3.0
4.0
10.4
6.8
9.4
1.5 -6.5
3.4 -1.7
2.5 -2.4
3.4
3.1
5.9 -30.7
1.8
18.7
2.1 -2.1
2.3
6.8
1.4
36.5
12.5
11.0
6.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
11.9
1.3
-.5
.2
1.8
-19.7
8.2
.5
5.1
18.1
9.4
6.1
5.0
4.3
3.7
3.3
3.8
4.7
4.1
5.2
0.6
.8
.7
.8
.8
.7
.9
.9
.7
.8
.7
.8
4.7
-1.0
-.7
0
.3
.6
-.3
4.3
5.3
4.2
.5
-.4
0.5
.8
.5
.3
.3
.3
.5
.4
.4
.4
.4
.4
10.3
6.2
3.2
4.3
3.6
1.9
3.6
4.1
4.8
5.4
Chauige, mo nth to nlonth
1990: Jan '
Feb r
Mar '
Apr '
May r.....
June '....
July r....
Aug '..:..
Sept '....
Oct '.
Nov '.....
Dec T
0.9
.5
.4
.2
.2
.6
.4
.8
.8
.6
.3
.3
1991: Jan
1
Includes
2
.4
items not shown
Household fuels—gas (pi]
also included through 1982.
24
.1
.5
.5
.3
.2
.2
0.4
.4
.7
.4
.1
.9
.7
.6
.4
.1
.2
.4
0.6
1.1
-.1
.4
.3
.3
1.2
.8
.4
.4
.5
.7
0.2
.1
.9
.4
.1
1.0
.6
.5
.3
0
.1
.3
1.7
-.7
0
-.2
0
.1
g
1.1
1.4
1.1
.4
-.4
0
.2
.2
.3
.6
-.3
.2
.3
.6
.8
.8
1.7
.4
1.6
1.0
1.6
.7
.2
1
0
.7
.5
.B
.5
A
A
0.6
.2
.4
.2
.2
.5
.5
0.1
2.8
.9
1
1.8
.3
-.1
.3
0
.4
.3
1.9
2.2
1.9
.6
.3
0.7
g
-.2
0
0
0
1
.3
.2
.1
.2
.4
-1.2
1.3
7.8
— .1
-1.2
.5
-.4
1.6
-.1
8.6
8.9
7.1
.4
-.7
-6.5
-2.4
.6
7.5
3.8
7.0
6.9
.8
ely.
electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
3
Quarterly changes are shown in the last month of the quarter.
NOTE.—Seasonally adjusted data revised beginning 1986.
Source: Department of Labor, Bureau of Labor Statistics.
7.2
7.5
7.5
4.5
3.2
4.1
4.7
7.6
8.2
9.2
6.9
4.9
5.0
5.9
6.2
5.8
5.3
5.8
4.6
5.4
6.2
6.9
7.2
6.6
5.2
5.3
5.2
4.7
4.4
4.7
4.8
5.6
6.2
6.3
6.3
6.1
4.3
6.7
5.7
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in February fell 0.7 percent from their January level. Prices paid by farmers in January
were unchanged from their October level. (Data are not seasonally adjusted.)
INDEX, 1977=100 (RATIO SCALE)
INDEX, 1977 = 100 (RATIO SCALE)
180
180
160
160
PRICES PAID'
140
140
\
120
120
PRICES RECEIVED
100
100
80
80
ilium mill
linn
Minium inn
Mill
Illllllllll
RATIOJ/
RATION
140
140
120
120
RATIO
100
100
80
80
60
1983
1984
1985
1988
1987
1986
1989
1990
Mill
1991
60
.I/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAIDSOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[1977 = 100; not seasonally adjusted]
Pri ces received by farm ers
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
Livestock and
products
139
133
135
All commodities,
services,
interest, taxes,
and wage rates 1
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio2
142
128
123
127
138
147
150
134
121
128
138
120
107
106
126
134
128
145
141
146
136
138
146
150
160
171
150
159
161
164
162
159
162
170
178
184
151
158
159
161
156
150
152
160
167
172
148
153
152
155
151
144
148
157
165
171
84
84
87
79
77
78
82
83
82
Oct
Nov
Dec
151
150
151
154
152
152
150
148
146
145
143
133
129
131
134
130
130
125
123
120
124
121
169
171
170
173
173
173
174
173
171
166
164
(3)
(3)
183
(3)
(3)
184
(3)
(3)
187
(3)
(3)
(3)
(3)
171
(3)
(3)
171
(3)
(3)
174
(3)
(3)
(3)
(3)
170
(3)
(3)
170
(3)
(3)
174
(3)
(3)
83
83
83
84
83
83
82
80
78
78
76
Jan r
Feb
145
144
123
122
166
166
187
(3)
174
(3)
173
(3)
78
77
1990: Feb
Mar
Apr
May
June
July
Aug
Sept
1991:
All farm
products
Prices paid by farmer s
1
Includes
2
items not shown separately.
Percentage ratio of index of prices recei ved by farmers to inde of prices paid, interes , taxes,
and3 wage rates. See also footnote 3.
Beginning March 1986, prices paid by farmers are available on! f for first month in quai to, and
for each month the received/paid ratio is bast d on latest data availal le.
143
92
NOTE.--The official indexes a e published on a 1910-14 base as required by law. The indexes
have been converted to a 1977= 00 base to facilitate comparison with other in( exes.
Source: Department of Agricul ure.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
In January, growth in M2 slowed and growth in M3 accelerated.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILUONS OF DOLLARS* (RATIO SCALE)
4,800
4/400
4,000
3,600
4,800
4,400
4,000
3,600
M3
3,200
3,200
2,800
2,800
2,400
2,400
M2
2,000
2,000
1,600
1,600
1,200
1,200
800
800
Ml
600
600
400
400
1983
1985
1984
1987
1989
* AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
1990
|
1991
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Debt
Perc< nt change from yeajr or 6
months earlier 2
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
tune deposits,
term BPs, term
Eurodollars, and
institution-only
MMMF balances
M3plus
other liquid
assets
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
r
3,330.5
2,234.1
2,441.7
2,693.3
2,986.2
3,201.6
3,492.6
3,677.4
3,919.1
r
4,055.2
'4,112.6
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
'4,984.8
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
10,472.1
6.8
8.7
9.9
5.9
12.3
16.8
3.5
4.9
.9
4.0
10.0
8.9
12.0
8.6
8.2
9.4
3.5
5.5
5.0
3.3
12.4
9.3
10.3
10.9
7.2
9.1
5.3
6.6
3.5
'1.4
9.9
9.2
11.2
14.4
13.6
12.7
9.3
9.1
7.5
7.0
1990: Jan
Fob
Mar
Apr
May
June
July
Aug....
Sept
Oct
Nov
Dec
795.4
801.1
804.7
807.7
807.5
811.5
810.7
816.5
821.8
821.2
823.3
825.4
3,233.6
3,255.0
3,289.6
3,279.9
3,282.8
3,290.6
r
3,295.4
'3,309.4
r
3,321.3
r
3,325.2
' 3,325.8
' 3,330.5
r
4,061.4
4,073.1
4,077.2
4,082.7
4,082.7
4,085.8
'4,089.2
'4,103.1
'4,108.3
'4,111.1
'4,110.4
'4,112.6
'4,895.3
'4,902.9
4,914.6
4,920.5
'4,903.2
'4,922.8
'4,928.5
'4,939.0
'4,963.6
4,966.7
'4,974.8
4,984.8
9,831.3
9,889.9
9,959.1
10,015.9
10,059.9
10,117.8
10,183.5
10,256.6
10,313.6
' 10,356.2
'10,416.1
10,472.1
4.1
5.4
5.9
5.0
4.7
4.5
3.8
3.8
4.3
3.3
3.9
3.4
6.7
6.8
6.8
6.1
5.0
4.2
3.8
3.3
3.2
'2.8
2.6
2.4
2.8
3.0
3.0
2.8
2.1
1.5
1.3
1.4
1.5
'1.4
'1.4
'1.3
6.8
6.7
6.9
6.7
6.3
6.7
7.2
7.4
7.1
6.8
'7.1
7.0
1991: Jan '
826.7
3,332.5
4,125.4
3.9
2.3
1.8
Period
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
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 earlier at a simple annual rate.
NOTB.—See p. 27 for components.
26
L
Debt of
domestic
nonfinancial
sectors
(monthly
average) *
Ml
M2
M3
Debt
Data for 1981-88 are the revised series that were not available when historical money stock
revisions were published February 7, 1991. Revisions for 1989-90 appeared in the January 1991
issue of Economic Indicators.
Source: Board of Governors of the Federal Reserve System.
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Currency
Demand
deposits
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
CRPs),
net,
plus
overnight
Eurodollars
Money narket
mutua fund
balam es 1
General
purpose
and
broker/
dealer
Institution
only
Money
market
deposit
accounts
(HMD As)
Savings
deposits
Small
denomination
time
deposits 2
Large
denomination
time
deposits 2
NSA
NSA
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
Dec '.
Dec '.
Dec '.
Dec '.
Dec '.
Dec r.
Dec r.
Dec '.
Dee
Dec
122.6
132.5
146.2
156.0
167.8
180.7
196.9
212.0
222.2
246.4
231.3
234.0
238.5
243.9
266.6
301.9
286.5
286.3
278.7
276.9
78.2
103.5
131.6
147.1
179.5
235.3
259.3
280.7
285.2
293.7
36.6
39.9
55.6
60.6
73.5
82.3
83.2
83.4
77.4
r
73.9
Term
repur- Term
chase Euroagree- dollars
ments
(net)
(RPs)
150.6
185.2
138.8
167.9
176.7
208.3
221.7
241.1
313.6
347.7
1990: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec '
224.5
226.6
228.4
230.3
231.9
233.7
235.7
238.4
241.5
243.9
245.0
246.4
277.6
279.4
278.9
278.1
275.8
276.3
275.6
278.0
279.1
277.1
277.2
276.9
285.8
287.5
289.8
291.7
292.0
293.7
291.7
292.1
293.0
291.8
292.8
293.7
81.5
82.4
81.9
79.4
83.2
82.4
84.0
r
82.6
r
81.5
83.5
r
77.7
73.9
318.4
324.2
325.9
327.0
325.3
327.5
329.2
335.8
339.2
341.7
343.0
347.7
102.5
103.4
105.2
106.9
107.6
108.1
109.8
114.0
116.2
119.6
120.5
125.7
488.2
491.8
495.7
499.3
500.5
502.3
503.4
505.9
507.4
506.7
506.8
505.9
406.0
408.7
410.2
411.5
411.3
411.8
412.7
412.7
412.3
411.5
411.1
410.8
1991: Jan"
251.6 272.9
293.9
70.9
356.3
130.1
505.1
412.0
1
Data prior to 1983 are cot seasonally adjusted.
2
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
r
1,146.5
560.0
97.5
1,146.8
554.9 ' 100.5
1,149.9
549.3
98.4
1,152.2
543.7
98.2
1,153.5
540.5
99.3
1,154.6
538.0 102.2
' 1,156.8 535.0 '100.5
r
529.2 r 102.0
1,158.3
' 1,159.9 r521.9 r98.3
' 1,162.2 r515.1 r95.6
1,162.9 r512.5 r95.7
1,164.9
507.0
90.2
1,163.5
512.2
89.3
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
NSA
823.2
303.0
0.0 343.9
35.3
321.3
S3.4
43.2 356.8
850.9
327.7
379.2 305.5
784.1
49.9
417.7
418.2 286.5
887.7
57.6
883.4
437.3
62.4
514.5 300.4
439.9
572.3 368.3
855.5
80.5
917.7
489.2 106.1
524.9 412.0
1,031.8
542.3 121.8
501.4 424.4
56S.5 '98.8
486.1 404.1
1,145.9
505.9 '410.8 ' 1,164.9 ' 507.0 r90.2
38.0
51.1
42.8
62.1
63.9
83.8
88.9
86.9
101.9
125.7
Savings
bonds
67.5
81.7
91.5
82.9
76.5
83.8
91.0
106.0
81.0
r
69.3
67.8
68.0
71.1
74.2
79.5
91.8
100.6
109.3
149.4
183.6
212.0
260.8
298.2
280.2
253.5
270.6
321.4
354.9
40.0
44.5
45.0
45.4
42.0
37.1
44.5
40.1
40.7
33.4
105.3
113.7
133.2
160.8
207.6
231.4
261.0
336.8
349.2
358.1
74.2
68.4
66.7
65.3
67.1
64.4
65.1
68.2
69.4
71.1
r
69.3
69.3
117.9 330.7
118.4 327.3
119.2 336.9
119.9 r329.9
120.7 r315.4
121.4 r331.7
122.2 ' 336.0
123.0 ' 334.7
123.8 r341.8
124.5 r340.9
125.2 r347.3
126.0 354.9
40.3
38.5
37.2
36.0
35.4
34.7
33.0
32.3
31.8
r
32.6
r
34.0
33.4
345.0
345.6
344.1
351.9
349.1
349.1
348.2
345.9
357.9
357.6
357.9
358.1
in. 5
126.0
69.0
NOTE.—Travelers checks of nonbaok issuers are a component of money stock but are not shown
here.
See Note, p. 26.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures *; millions of dollars; seasonally adjusted, except as noted by NSA]
Borro wings of dep jsitory
instituti ons from the Federal
I «serve (NS^L)
A djusted for changes in reset•ve requirements
Be serves of depo sitory institut ons
Period
Total
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
Nonborrowed
Nonborrowed plus
extended
credit
Required
Monetary
base
Total
Seasonal
Extended
credit
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
33,401
35,315
37,388
39,184
42,235
48,373
58,023
58,593
60,593
60,033
60,526
31,711
34,679
36,754
38,410
39,049
47,055
57,197
57,815
58,877
59,767
60,200
31,714
34,827
36,940
38,412
41,653
47,554
57,499
58,298
60,121
59,787
60,223
32,887
34,996
36,888
38,623
41,380
47,336
56,653
57,546
59,545
59,110
58,861
152,525
160,936
172,947
188,275
201,673
219,350
241,427
258,055
275,238
284,946
309,729
1,690
636
634
774
3,186
1,318
827
777
1,716
265
326
116
54
33
96
113
56
38
93
130
84
76
3
148
186
2
2,604
499
303
483
1,244
20
23
1990: Jan
Peb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
59,896
60,215
60,297
60,275
59,783
59,732
59,322
59,746
60,082
59,609
59,763
60,526
59,456
58,768
58,173
58,647
58,448
58,850
58,565
58,819
59,457
59,199
59,532
60,200
59,482
59,302
60,123
60,051
59,324
59,196
58,845
58,947
59,464
59,217
59,557
60,223
58,880
59,227
59,436
59,379
58,820
58,958
58,460
58,879
59,173
58,763
58,816
58,861
287,420
289,583
291,620
293,503
294,628
296,467
298,012
301,079
304,465
306,381
307,756
309,729
440
1,448
2,124
1,628
1,335
881
757
927
624
410
230
326
47
51
78
122
244
311
389
430
418
335
162
76
26
535
1,950
1,403
875
346
280
127
6
18
24
23
1991: Jan r .
60,623
60,089
60,115
58,453
314,253
534
33
27
1
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Source: Board of Governors of the Federal Reserve System.
BANK LOANS AND SECURITIES
Total commercial bank loans and leases fell 0.2 percent in January- Commercial and industrial loans fell 0.6
percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,800
2,800
ALL COMMERCIAL BANKS
2,400
2,400
2,000
2,000
1,600
1,600
LOANS AND LEASES
1,200
1,200
800
800
400
400
U.S. GOVERNMENT SECURITIES
OTHER SECURITIES
200
200
160
160
120
III
lilllllllll
1983
l i l l l l l l l l l lilllllllll
1984
1985
1986
II III III III I l l l l l l l l l i
1989
1988
1987
imilimi
iiiililiUIJ 120
1991
1990
* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD Of GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Billions of dollars, seasonally adjusted *]
AJl comme rcial ban IS
Loans an I leases
Period
Total
securities 2
1981: Dec '....
1982: Decr....
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1990:
1991:
Dec '....
Dec'....
Dec r....
Dec '....
Decr....
Decr....
Dec '....
Dec r....
Jan'....
Feb '....
Mar r....
Apr '....
May r....
June r...
July '....
A.ng '....
Sepf...
Oct r
Nov r....
Dec '....
Jan"....
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
2,600.0
2,615.1
2,633.2
2,648.1
2,655.4
2,670.1
2,683.0
2,704.9
2,708.0
2,713.6
2,716.6
2,723.6
2,721.2
r.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
404.9
413.8
420.3
426.4
430.3
438.4
442.8
445.7
450.1
453.1
454.0
454.2
454.1
160.5
164.8
169.1
140.9
179.0
193.9
193.5
192.1
180.8
175.6
180.6
180.6
180.4
180.2
178.2
177.5
177.3
178.8
178.8
177.8
175.9
175.6
177.7
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
2,014.5
2,020.7
2,032.5
2,041.5
2,046.9
2,054.2
2,062.9
2,080.4
2,079.0
2,082.7
2,086.7
2,093.8
2,089.4
Commercial
and
industrial
355.4
392.5
414.2
473.2
500.3
537.2
567.6
606.6
641.3
648.1
639.4
640.3
643.5
645.9
644.3
645.3
644.4
645.1
644.7
643.7
646.5
648.1
644.3
Real
estate
Individual
Security
284.1
299.9
331.0
376.5
426.0
494.2
587.2
671.5
760.6
836.5
182.5
188.2
212.9
253.8
294.6
315.2
328.2
354.7
375.5
378.9
377.6
379.2
379.4
377.8
378.4
377.6
376.4
378.2
378.6
379.7
378.7
378.9
375.9
21.4
25.3
28.0
34.5
43.1
40.4
34.8
39.9
38.3
40.6
39.4
766.1
774.9
782.7
790.8
798.9
805.9
814.5
818.0
822.5
827.7
832.0
836.5
837.3
1
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions. Data beginning January 1984 are not strictly
comparable with data for earlier periods, largely because beginning January 1984 certain obligations
of States and political subdivisions are included in loans rather than in other securities.
38.3
37.0
36.8
35.5
35.0
38.7
44.6
41.3
40.5
39.6
40.6
43.2
Nonbank
financial
institutions
29.9
31.2
30.4
31.3
32.4
34.9
31.8
29.9
32.7
34.9
32.7
32.9
33.7
34.0
34.1
34.4
34.7
35.0
35.3
35.2
35.0
34.9
34.2
State
Agricultural
political
subdivisions
Foreign
banks
33.1
0.0
36.2
39.2
40.1
36.1
31.5
29.4
29.8
30.7
33.0
31.0
30.8
30.8
30.8
31.0
31.1
31.3
31.5
31.8
32.2
32.5
33.0
33.6
.0
.0
46.1
56.8
58.5
52.6
45.5
40.0
34.2
38.7
39.1
38.6
38.2
37.9
37.3
36.4
35.8
35.2
35.1
34.8
34.2
33.5
18.1
14.6
13.4
11.6
9.9
10.3
7.9
7.9
8.6
7.4
8.2
7.9
8.3
8.6
8.7
7.4
7.0
7.9
8.1
9.0
8.2
7.4
6.6
2
Excludes loans to commercial banks in the United States.
NOTE.—Series revised.
Source: Board of Governors of the Federal Reserve System.
Foreign
official
institutions
7.2
5.9
9.4
8.4
6.3
6.3
5.8
5.1
3.7
3.2
3.4
3.3
3.2
3.3
3.3
3.2
3.2
3.2
3.3
3.2
3.2
3.2
3.0
Lease
financing
receivables
12.7
13.3
13.7
16.0
19.0
22.3
24.5
29.2
31.8
32.7
32.1
32.1
32.4
32.4
32.6
32.4
32.6
32.7
32.8
33.3
32.9
32.7
32.4
Other
23.1
26.9
31.8
29.9
35.3
38.6
39.8
45.7
45.8
44.3
45.9
41.8
43.0
42.8
42.3
44.5
43.6
48.2
45.4
43.2
43.2
44.3
45.4
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Ci edit market hinds
Period
Total
Internal *
Total
Total
1982
1983
1984
1985
1986
1987
1988
1989
1989: I
n
nr
IV
1990: I
n
TTTP
Securities
and
mortgages
Loans and
short-term
paper
Other 2
Total
Capital
expenditures 3
Increase in
financial
assets
Discrepancy
(sources less
uses)
300.8
416.9
491.4
455.7
524.1
493.7
548.2
512.7
241.9
285.2
335.9
351.8
344.3
372.4
391.4
380.0
58.9
131.7
155.5
103.9
179.8
121.3
156.8
132.7
48.5
76.5
91.9
49.8
124.7
48.2
55.1
35.4
-6.2
41.0
-13.6
-6.2
60.5
18.5
-15.4
-45.0
54.7
35.5
105.5
56.0
64.2
29.7
70.5
80.4
10.4
55.2
63.7
54.1
55.1
73.1
101.6
97.3
303.1
392.6
474.9
425.1
481.2
466.6
494.6
488.4
256.1
270.5
369.7
341.2
330.4
354.1
378.3
382.2
47.0
122.1
105.2
83.9
150.8
112.5
116.3
106.2
-2.3
24.3
16.5
30.6
43.0
27.1
53.5
24.2
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
-92.5
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
33.2
41.2
14.9
7.7
498.5
479.6
447.6
370.6
374.7
361.0
127.9
104.9
86.6
93.8
43.3
15.9
1.5
23.4
-26.6
92.3
19.9
42.5
34.1
61.7
70.7
470.0
496.7
465.6
343.1
377.4
389.0
126.9
119.3
76.6
28.6
-17.0
-18.0
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
?*?' , , , , . , .
, , , , , .
. .
T«
* 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.
Government.
Source: Board of Governors of the Federal Heeerve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment eredit outstandu«'
InstaUment credit outstanding (end of perio d)
Period
Automobile
Revolving
Mobile
home
311,259
325,805
368,966
442,602
518,252
573,017
610,468
664,701
716,624
737,910
119,008
125,945
143,560
173,564
210,187
247,428
265,851
284,556
290,770
285,269
61,070
66,454
79,088
100,280
121,816
135,851
153,078
174,057
197,110
218,531
20,058
22,064
23,562
25,861
26,850
27,096
25,920
25,201
22,343
21,730
717,829
717,869
720,445
720,835
724,485
724,601
729,329
732,385
735,222
736,595
739,357
737,910
290,904
289,629
290,932
288,936
288,931
287,168
286,791
285,283
285,261
284,402
284,483
285,269
199,146
199,927
202,263
203,965
207,153
208,362
212,138
214,492
216,804
218,381
219,757
218,531
22,604
22,633
22,708
22,702
22,815
22,733
22,795
22,976
22,672
22,491
22,518
21,730
Total
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec 2
Dec ".
1990: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec"
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
2
Data newly available in January 1989 result hi breaks in many series between December 1988
and subsequent months.
Mobile
home
Total
Automobile
111,124
110,802
122,756
142,897
159,400
162,642
165,620
180,887
206,401
212,380
13,105
14,546
43,161
73,636
75,650
54,765
37,451
54,233
(3)
21,286
7,017
6,937
17,615
30,004
36,623
37,241
18,423
18,705
(3)
-5,501
5,959
5,384
12,634
21,192
21,536
14,035
17,227
20,979
(3>
21,421
-613
-1,193
-322
11,954
20,141
16,503
3,242
2,978
15,267
(3)
5,979
205,175
205,680
204,543
205,232
205,585
206,338
207,605
209,635
210,484
211,320
212,599
212,380
1,205
40
2,576
390
3,650
116
4,728
3,056
2,837
1,372
2,762
-1,447
134
-1,275
1,303
-1,996
-5
-1,764
-377
-1,508
-21
-859
81
786
2,036
781
2,336
1,702
3,188
1,208
3,776
2,354
2,312
1,577
1,375
-1,226
261
29
74
-6
113
-83
63
180
-303
-182
27
-788
-1,226
505
-1,137
689
353
753
1,267
2,030
849
836
1,279
219
Other
Revolving
9
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
1,322
2,546
958
2,299
989
246
1,176
-719
(3)
Other
INTEREST RATES AND BOND YIELDS
Interest rates fell in February.
PERCENT PER ANNUM
PERCENT PER ANNUM
council OF ECONOMIC ADVISERS
SOURCE: SEE TABLE BELOW
[Percent per annum]
U.S.IVeasury security yields
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: Peb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1991:
Jan
Feb
Week ended:
1991: Feb 2
9
16
23
Mar 2".
1
3-month bills
(new issues) *
Constant nlaturities
3-year
2
10-year
High-grade
municipal
bonds
(Standard3&
Poor's)
Prime
commercial
paper,
6 months *
Prime rate
charged 4by
banks
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
9.88
10.03
10.17
10.28
10.13
10.08
10.11
9.90
9.98
9.90
9.76
7.02
6.41
7.00-7.00 10.00-10.00
7.00-7.00 10.00-10.00
7.00-7.00 10.00-10.00
7.00-7.00 10.00-10.00
7.00-7.00 10.00-10.00
7.00-7.00 10.00-10.00
7.00-7.00 10.00-10.00
7.00-7.00 10.00-10.00
7.00-7.00 10.00-10.00
7.00-7.00 10.00-10.00
7.00-6.50 10.00-10.00
10.00-9.50
6.50-6.50
9.50-9.00
6.00-6.00
6.82
6.36
6.36
6.42
6.51
6.50-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
14.44
12.92
10.45
11.89
9.64
7.06
7.68
8.26
8.55
8.26
13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
8.49
8.55
11.23
11.57
9.47
10.15
9.18
7.38
7.73
7.76
7.24
7.25
14.17
13.79
12.04
12.71
11.37
9.02
9.38
9.71
9.26
9.32
14.76
11.89
8.89
10.16
8.01
6.39
6.85
7.68
8.80
7.95
7.76
7.87
7.78
7.78
7.74
7.66
7.44
7.38
7.19
7.07
6.81
8.39
8.63
8.78
8.69
8.40
8.26
8.22
8.27
8.07
7.74
7.47
8.47
8.59
8.79
8.76
8.48
8.47
8.75
8.89
8.72
8.39
8.08
7.21
7.29
7.36
7.34
7.22
7.15
7.31
7.40
7.40
7.10
7.04
9.22
9.37
9.46
9.47
9.26
9.24
9.41
9.56
9.53
9.30
9.05
8.04
8.23
8.29
8.23
8.06
7.90
7.77
7.83
7.81
7.74
7.49
6.30
5.95
7.38
7.08
8.09
7.85
7.07
6.90
9.04
8.83
6.22
5.97
5.86
5.94
6.01
7.29
7.01
6.98
7.12
7.27
8.02
7.82
7.78
7.86
8.00
6.99
6.82
6.79
6.93
7.06
9.00
8.87
8.77
8.81
8.84
r
Discount rate
(N.T. F.R.
Bank)4
18.87
14.86
10.79
12.04
9.93
8.33
8.21
9.32
10.87
10.01
14.029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
8.12
7.51
Bank-discount basis.
Yields OB 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)
13.42
11.02
8.50
8.80
7.69
6.33
5.66
6.20
6.93
6.98
9.65
9.50-9.50
9.50-9.00
9.00-9.00
9.00-9.00
9.00-9.00
8
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in February.
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
2W
220
200
180
fc
160
y
X
\
A
\ s~J~~^*~'
\
^
XcOMPOSIT E STOCK PRICE INDEX
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
«u
220
200
/
180
•S—^1|Sx-^~\
^S
^^
160
_y
140
170
(NYSE)
--S^-/
100
140
100
^y—
RO X
RO
(SO
60
40
\\ \ \\ ( \ 1 1 M \\ 1 1 1 1 1 1 1 1 1 i ( | ( 1 1 1 1 1 \\
1 1 1 1 1 1 \\ \ \ \
1983
1984
1985
1987
1986
PERC:ENT
EARNIN GS-PRICE RAT O ON COMMC)N STOCKS
(S&P)
_
15
-^,——'
^—^
5
I I i
0
1983
i i t t t l i t i t i 1 1 1 1 1 1 [ 1 1 1 1\ 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 40
1989
1991
1988
1990
PERCE NT
20
1
1 1
1984
1
1 1
1985
_/
1
1 1
1986
15
_ ^n
1
1 1
1987
^_^—-^^
1
1 1
1988
1
1 1
1989
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
1
1
1990
1
1
i
COUNCIL OF ECONOMIC ADVISERS
Conanon stock prices 1
New Y ork Stock Excllange indexes 1 Dec. 31, 1965 =50)
Common st ock yields
(percent) 5
2
Period
Composite
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: Peb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1991: Jan
Peb
Week ended:
1991: Peb 2
9
16
23
Mar 2 "
1
1
:
Transportation
Utility
Finance
Dow-Jones
industrial
average a
Standard &
Poor's
index
(194143 = 10)4
Dividendprice ratio
74.02
68.93
92.63
92.46
108.09
138.00
161.70
149.91
180.02
183.46
182.55
186.26
185.61
191.35
196.68
196.61
181.45
173.22
168.05
172.21
179.57
177.95
197.75
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
216.23
225.78
220.60
226.14
226.86
234.85
242.42
245.86
226.73
216.81
208.58
212.81
221.88
220.69
246.74
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
175.28
158.62
166.58
175.08
173.55
173.53
177.37
173.18
147.41
136.95
131.90
132.96
141.31
145.89
166.06
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
87.43
90.60
92.15
93.00
91.92
93.29
93.65
89.85
85.81
83.30
87.27
89.69
91.56
88.59
92.08
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
151.88
133.26
142.68
143.13
138.57
142.94
147.93
143.11
128.14
118.59
108.01
113.76
122.18
121.39
141.03
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.81
2,678.94
2,614.18
2,700.13
2,708.26
2,793.81
2,894.82
2,934.23
2,681.89
2,550.69
2,460.54
2,518.56
2,610.92
2,587.60
2,863.04
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
322.84
334.59
330.45
338.47
338.18
350.25
360.39
360.03
330.75
315.41
307.12
315.29
328.75
325.49
362.26
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
3.45
3.61
3.54
3.49
3.51
3.44
3.36
3.37
3.65
3.85
4.01
3.91
3.74
3.82
3.35
185.57
193.68
200.33
199.90
200.51
231.46
241.27
249.56
249.67
250.98
157.19
164.29
167.15
167.00
168.27
88.64
90.60
93.56
92.85
92.21
128.21
138.64
143.99
142.17
142.25
2,699.46
2,806.58
2,899.60
2,903.10
2,886.73
339.95
354.71
367.28
366.29
367.07
3.64
3.4S
3.32
3.34
3.32
Average of daily closing prices.
Includes all the stocks (more than 1,500) listed on the NYSE.
' Includes 30 stocks.
* Includes 500 Blocks.
Industrial
0
1
1991
Earningsprice ratio
11.96
11.60
8.03
10.02
8.12
6.09
5.48
8.01
7.41
6.37
5.94
r
7.11
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earningsprice ratios hased on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New Tork Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 4 months of fiscal 1991, there was a deficit of $84.5 billion, compared with a deficit of $62.3 billion a
year earlier.
BILLIONS Of DOLLARS
BILLIONS OF DOLLARS
RECEIPTS AND OUTLAYS^/
1,400
1,400
1,300
1,300
1,200
1,200
OUTLAYS!'
1,100
1,100
1,000
1,000
900
900
RECEIPTS.!/
800
800
700
700
600
'600
\l
SURPLUS OR DEFICIT HI/
0
0
100
-100
-200
300
r
/I
H983
-==
i
i
•
1984
—
^"
-^^
i
1985
i
1986
i
1987
i
1988
^"-*-^
i
i
1989
-200
^^^
1990
i
—.
1991
i\
-300
1992N
FISCAL YEARS
V INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Total
Fiscal year or period
Receipts
1976
Transition quarter
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 (estimates)
1992 (estimates)
Cumulative total, first 4
months: *
Fiscal year 1990
Fiscal year 1991
Outlays
On-budget
Surplus
or deficit
Receipts
Receipts
Outlays
Surplus
or deficit
Total
Held by
the public
477.4
495.5
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
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
-3.9
-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
-221.6
-237.9
-169.3
-193.9
-206.1
-277.0
-378.5
-344.4
186.2
200.2
213.4
241.5
263.7
281.7
298.3
315.3
176.8
183.5
193.8
202.7
210.9
225.1
237.9
251.7
9.4
16.7
19.6
38.8
52.8
56.6
60.4
63.6
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,617.8
4,021.1
1,499.4
1,736.2
1,888.1
2,050.3
2,190.3
2,410.4
2,717.6
2,995.4
-75.6
-105.2
82.9
95.5
69.6
74.8
13.3
20.7
2,981.8
3,366.0
2,261.7
2,522.9
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
734.1
769.1
854.1
909.0
990.7
1,031.3
1,091.4
1,165.0
946.3
990.3
1,003.8
1,064.1
1,144.1
1,251.7
1,409.6
1,445.9
-212.3
-221.2
-149.7
155.1
- 153.4
-220.4
-318.1
-280.9
547.9
568.9
640.7
667.5
727.0
749.7
793.2
849.8
769.5
806.8
810.0
861.4
933.2
1,026.6
1,171.7
1,194.2
328.3
355.6
390.6
440.1
-62.3
-84.5
245.4
260.1
321.0
365.3
298.1
1
Data from Monthly Treasury Statement.
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1992, February
Outlays
Gross Fe Leral debt
(end of period)
Off-budget
Surplus
or deficit
66.4
18.0
76.8
-3.2
-1.4
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 4 months of fiscal 1991, receipts were $27.3 billion higher than a year earlier and outlays were $49.5
billion higher.
BILLIONS OF DO LARS
BILLIO NS OF DOLLARS
600
600
RECEIPTS!/
500
INDIVIDUAL INCOME TAXES
._
\
\
._—--—
OTHER RECEIPTS
!
p
SOCIAL INSURANCE
^
|
|
400
TAXES AND
INCOME TAXES
\
100
500
"
"
CORPORATION
r
200
'••"•*
_.-— •
1
-
|
200
CONTRIBUTIONS
„„,,
1
100
1
1
1
Q
1,200
1,200
OUTLAYS-!/
,*'
1 000
i ooo
f,~''
NONDEFENSE
„-"•"
\
._•
\
onn
__
*•
*"*
800
**
"'
700
^P «•"*""*
600
400
1
400
NATIONAL DEFENSE
300
300
200
A
-<—
1983
'
1984
|
~T
1985
\
1986
|
I
I
!
1989
1987
1988
FISCAL YEARS
I
1991
1990
_!/ 'INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES: DEPARTMENT Of THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
is] 200
1992
COUNCIL OF ECONOMIC ADVPSES5S
[Billions of dollars]
—
Or -budget a id off-bud et receipt5
Fiscal year
Total
Individual
Corporation
Oa-budg«t and off budget ou tky»
Social
insurance
Other
Total
F
Nations 1 defense
1
DepartTotal
contributions
1978
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 (estimates)
1992 (estimates)
Cumulative total, first 4 months: *
Fiscal year 1990
Fiscal year 1991
298.1
355.6
399.6
463.3
517.1
599,3
617.8
600.6
666.5
International
affairs
Health
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
Social
securi-
inter-
ty
ty
est
15.8
60.8
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
78.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
28.7
29.9
35.4
42.6
52.5
68.7
85.0
89.8
111.1
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
82.8
285.9
297.7
288.9
298.4
60.0
65.7
64.6
61.1
49.2
37.0
56,9
90,8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
371,8
409,2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227,4
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
734.1
769.1
854.1
909.0
990.7
1,031.3
1,091.4
1,165.0
334.5
349.0
392.8
401.2
445.7
466.9
492.6
529.5
61.3
63.1
83,9
94.5
103.3
93.5
95.9
101.9
265.2
283.9
303.3
334.3
359.4
380.0
402.0
429.4
73.0
73.1
74.3
78.9
82.3
90.9
101.0
104.2
946.3
990.3
1,003.8
1,064.1
1,144.1
1,251.7
1,409.6
1,445.9
252.7
273,4
282.0
290.4
303.6
299.3
298.9
295.2
245.2
265.5
274.0
281.9
294.9
289.8
287.5
283.0
16,2
14.2
11.6
10.5
9.6
13.8
17.0
17.8
33,5
35.9
40.0
44.5
48.4
57.7
71.2
81.3
65.8
70.2
75.1
78.9
85.0
98.1
104.4
113.7
128.2
119.8
123.3
129.3
136.0
147.3
173.2
184.8
188.6
198.8
207.4
219.3
232.5
248.6
269.0
288.6
129.4
136.0
138.6
151.7
169.2
184.2
197.0
206.3
131.8
142.1
125.9
139.4
159.8
202.7
278.9
258.0
328.3
355.6
163.4
165.2
25.1
29,3
109.8
125.4
30.0
35.7
S90.6
440.1
95.7
102.8
92.6
99.2
5.2
6.2
17,8
21.6
30.7
32.7
46.4
54.8
79.2
85.6
58.5
62.3
57.2
74.2
131.6
157.6
181.0
217.8
244.1
41,4
54.9
Data from Monthly Treasury Statem
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1992, February
Other
mititary
87.9
95.1
102.3
1
Net
Income
securi-
Medi-
1991, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 1990, according to revised estimates, Federal expenditures rose $39.7 billion (annual rate);
receipts data are incomplete.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,400
- 1,200
1,000
200
-200
-200
1982
1983
SOURCE; DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal (3-ovemmen1 expenditi ires
Federal jtoveramen receipts
Period
Total
Fiscal year:
1985
1986
1987
1988
1989
1990
Calendar year:
1985
1986
1987
1988
1989
1990 T
1982: IV
1983: IV
1984: IV
1985: IV
1986: IV
1987: IV
1988: TV
1989: ffl
IV
1990: I
n
ra
IV r
Personal
tax and
nontax
receipts
776.8
815.2
899.4
957.6
1,041.9
1,094.9
340.4
357.0
400.8
411.3
457.6
483.0
788.7
827.9
913.8
972.4
1,052.9
1,112.0
633.1
675.5
742.7
805.3
853.8
940.0
997.5
1,048.1
1,055.7
1,080.6
1,105.8
1,125.9
346.4
361.4
405.8
415.1
464.0
492.8
303.0
291.9
326.0
355.3
376.2
419.2
424.8
462.2
469.6
473.6
492.1
500.0
505.5
Corporate
profits
tax
accruals
74.6
81.1
99.1
108.1
113.8
113.6
76.3
83.8
103.2
110.5
110.4
110.8
46.4
70.2
69.7
78.8
88.9
107.4
115.4
104.7
55.9
50.9
53.5
55.6
57.8
58.8
101.3
55.1
50.5
54.0
57.0
58.4
61.7
47.6
53.6
56.2
53.5
50.8
55.1
57.8
59.3
58.7
106.5
109.2
114.2
60.6
60.5
61.0
Source: Bejwtffient o! Commerce, Bura&u s! Eeesmaie Analysis*
Indirect
business
tax and
nontax
accruals
64.6
Contributions for
social
insurance
Total
Parchases
of goods
and
services
Trans-
374.0
394.6
fer
pay-
ments
or deficit
Subsidies
Grantsin-aid to
State
and
local
govern-
Net
interest
paid
current
surplus of
Government
enter-
Wage
accruals
less
disbursements
128.3
134.6
139.3
148.8
167.7
182.1
20.7
22.8
-0.1
33.6
27.7
22.0
130.1
135.6
142.3
151.3
172.0
186.5
87.2
101.0
125.3
132.7
136.0
147.6
157.9
172.1
175.2
178.1
184.3
189.8
194.0
20.3
26.0
31.8
32.7
25.0
22.8
23.4
29.1
21.0
19.0
29.2
41.5
35.3
16.5
21.3
28.3
23.8
13.1
26.1
305.8
326.1
845.9
382.6
412.6
439.6
962.3
1,028.0
1,060.0
1,101.8
1,172.2
1,253.2
341.5
368.6
375.4
377.8
399.0
416.1
411.1
433.2
462.0
504.7
97.8
107.4
103.1
108.3
115.8
128.3
310.9
332.1
350.8
389.8
420.1
446.7
236.1
259.8
290.7
317.7
337.9
358.4
399.6
421.9
426.1
439.9
444.0
450.6
452.3
985.6
1,034.8
1,071.9
1,114.2
1,187.2
1,275.9
835.7
844.7
930.2
1,017.5
1,042.8
1,101.7
1,153.8
1,179.8
1,205.8
1,248.8
1,271.7
1,271.6
1,311.3
355.2
366.5
381.3
380.3
400.0
423,5
293.2
276.1
326.0
376.6
368.8
388.2
401,1
399.2
399.9
410.6
421.9
425.8
435.8
380.1
399.9
414.0
488.9
471.9
511.3
347.4
352.5
362.1
385.8
405.8
421.4
447.2
474.4
487.9
503.4
510.4
513.2
518.1
99.7
106.8
102.6
111.1
118.2
131.7
84.5
86.0
96.3
103.5
103.0
102.7
112.2
117.6
121.5
128.5
131.5
129.8
137.2
31.1
.0
.1
-.1
.0
.0
*J
.0
.0
.0
.0
.0
.0
.0
.6
.0
.0
-.2
.0
.0
.0
.0
.0
.0
.0
national
income
and
product
accounts
-185.5
-212.8
-160.7
-144.1
-130.3
-158.2
-196.9
-206.9
-158.2
-141.7
-134.3
-163.9
-202.6
-169.2
-187.5
-212.2
-189.0
-161.7
-156.3
-131.7
-150.1
-168.3
-166.0|
-145.7
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
(^onsumer prices (19 32-84=100
Industrial induction (1987=1DO; seasonal y adjusted
Period
United
States
1982
1983
1984
1985
1986
1987
1988
1989
1990".
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
' 109.2
76.5
81.5
91.4
96.5
95.7
100.0
105.0
105.1
108.1
108.6
104.4
104.7
1989: NOT
Dec
1990:
107.5
102.4
108.5
102.3
108.9
102.6
108.8
102.2
109.4
102.7
110.1
102.9
110.4
103.3
110.5 r 102.1
110.6 ' 100.6
' 109.9 r 100.7
* 108.2
99.2
* 107.0
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1991: Jan '
1
Canada
United
Kingdom
United
States'
Canada
Japan
France
93.5
97.7
99.6
100.0
103.9
108.7
88.8
91.8
92.9
96.2
100.0
105.9
109.2
86.3
89.5
89.6
94.5
96.8
100.0
103.6
104.0
103.3
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
94.9
100.4
104.8
91.7
100.3
108.0
108.9
113.4
118.4
123.2
129.3
135.5
98.0
99.9
102.1
104.2
104.9
105.0
105.7
108.1
111.4
110.3
111.4
111.4
114.6
r
104.0
'104.4
125.9
126.1
131.6
131.5
' 103.6
103.3
' 104.9
' 105.7
* 104.6
' 107.1
127.4
128.0
128.7
128.9
129.2
129.9
130.4
131.6
132.7
133.5
133,8
133.8
132.7
133.4
133.9
133.9
134.6
135.1
135.8
135.8
136.3
137.4
138.2
138.1
134.6
141.7
Japan
France
Germany
82.9
97.3
85.5
93.4
96.8
96.6
100.0
109.3
115.7
121.3
96.5
97.1
97.2
98.0
100.0
104.7
108.9
110.2
90.3
90.9
116.8
116.9
108.8
107.8
117.2
108.5
116.5 107.1
118.8
108.0
117.9 109.8
121.0 109.3
121.1 109.4
123.2 r!11.6
123.7 rl!1.6
122.4 ' 110.0
125.3 ' 110.1
124.6
107.9
124.0
106.3
Italy
91.8
107.3
111.9
111.3 111.4
112.8 110.4
110.2 109.5
107.2
113.4
108.4
113.7
115.2 109.7
116.5 109.7
117.3 ' 110.7
* 117.0 107.4
116.5 106.6
r
r
r
103.0
102.2
102.2
r
102.0
100.5
100.1
r
106.5
Data relate to all urban consumers.
Germany
Italy
United
Kingdom
114.3
117.2
121.1
124.4
128.9
133.2
100.3
102.7
104.9
104.7
104.9
106.3
109.2
112.1
87.7
100.8
111.5
121.1
128.5
134.4
141.1
150.4
159.6
95.4
99.8
104.8
111.1
114.9
119.7
125.6
135.4
148.2
108.9
109.0
130.3
130.5
109.9
110.2
153.7
154.4
139.2
139.6
109.2
109.5
109.9
110.8
111.6
111.0
110.9
111.4
112.4
113.9
113.5
113.2
130.8
131.1
131.6
132.1
132.3
132.6
132.9
133.7
134.4
135.2
135.0
134.9
110.9
111.3
111.4
111.6
111.8
111.9
111.9
112.2
112.6
113.4
113.2
113.3
155.3
156.5
157.1
157.7
158.0
158.7
159.3
160.3
161.2
162.6
163.6
164.2
140.4
141.2
142.6
147.0
148.3
148.9
149.0
150.5
151.9
153.1
152.7
152.6
165.4
153.0
97.0
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
ud International Trade Administration, Trade Information and Analysis).
U.S. MERCHANDISE EXPORTS AND IMPORTS
ollars; monthly data seasonally adjusted]
Me Thandise € xports (f. a.a. value
1
( General m erchandific imports Icustoms value) »
Principal end-use c ommodit} category
Period
Total2
Foods,
feeds,
and
Industrial
supplies
and
als
216.4
205.6
224.0
6
218.8
5
227.2
254.1
322.4
363.8
394.0
31.3
30.9
31.5
1989: Dec
1990:
1982
1983
1984
1985
1986
1987
1988
1989
1990
Jan
Feb
Mar
.
Apr
May
June
July
Aug
Sept
Oct
NOT '.
Dec
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
Other2
14.3
13.4
13.3
12.6
14.2
17.7
23.1
36.4
43.4
20.7
20.5
24.0
27.3
35.9
34.6
43.4
17.2
22.6
244.0
258.0
330.7
4
336.5
365.4
406.2
441.0
473.2
495.0
1.6
38.1
61.7
72.7
24.0
22.3
24.3
32.3
37.2
35.1
56.7
61.7
58.5
57.3
66.7
85.1
99.3
104.3
67.2
72.0
73.9
75.8
86.2
109.2
138.8
152.7
15.7
16.8
20.6
22.9
21.7
24.6
29.3
34.8
36.1
31.3
3.0
7.9
12.3
3.1
3.4
31.4
31.6
33.3
32.1
32.8
34.2
32.1
32.5
32.0
35.0
34.2
33.5
3.1
3.1
3.2
3.0
2.9
3.4
2.8
3.1
2.7
2.6
3.0
2.5
8.6
8.0
8.6
8.4
8.4
8.4
8.1
8.7
8.6
12.0
12.8
12.8
12.4
12.7
13.5
12.8
12.5
12.6
13.2
12.3
13.1
2.5
2.8
3.3
3.0
3.5
3.4
3.0
3.1
2.7
3.4
3.1
2.4
3.4
3.4
3.4
3.5
3.6
3.9
3.7
3.5
3.5
3.9
3.8
3.8
10.0
9.6
9.1
1
Includes Department of Defense Military Assistance Program grant-aid
2
Includes undocumented exports to Canada through 1988.
3
Total arrivals of imported goods other than intransit shipments.
4
Total includes revisions not reflected in detail.
6
1.8
1.6
1.8
1.7
1.8
1.6
1.8
1.7
1.8
1.8
2.4
2.6
shipments.
Total exports are on a revised statistical month basis; end-use categories are on a statistical
Trade balance
Principal end-use c tnunodity category
Total
4
41.6
38.7
41.6
39.4
40.5
39.6
41.2
42.3
41.3
46.0
43.1
39.7
Industrial
supplies
Capital
goods
except
automotive
Automotive
vehicles,
parte,
and
engines
Consumer
goods
(nonfood)
except
automotive
35.4
40.9
59.8
65.1
71.8
84.5
101.4
113.3
117.4
33.3
40.8
53.5
66.8
78.2
85.2
87.7
86.1
86.0
39.7
21.9
24.4
24.8
24.8
25.1
26.6
112.0
107.0
123.7
113.9
101.3
111.0
118.3
132.3
143.0
2.0
10.4
9.4
12.9
11.1
11.5
10.5
11.3
10.5
11.0
12.3
12.8
14.3
13.3
11.6
9.8
9.1
9.8
9.8
9.5
9.6
Foods
feeds,
and
17.1
18.2
21.0
2.3
2.3
2.5
2.3
2.3
2.1
2.1
2.1
2.1
2.2
2.1
2.2
10.1
9.8
9.3
10.6
10.2
9.8
General
merchandise
imports
Other
6.5
6.3
7.8
9.4
value)
254.9
269.9
346.4
352.5
382.3
424.4
459.5
493.2
516.7
Exports
(t.a.s) less
imports
(customs
Exports
-27.5
-52.4
-106.7
-117.7
-138.3
-152.1
118.5
-109.4
-101.0
-38.4
-64.2
-122.4
-133.6
-155.1
-170.3
-137.1
-129.4
-122.7
ff.a.8)
less
imports
44.9
60.0
68.3
79.4
88.7
95.9
102.9
105.7
10.4
12.1
12.8
13.6
16.3
6.5
8.4
1.2
39.7
-6.8
-8.4
6.4
6.7
7.9
6.9
7.5
7.3
7.5
7.7
7.0
8.0
7.0
6.4
8.9
8.3
8.7
8.7
8.7
8.5
9.1
9.1
8.6
9.6
9.1
8.3
1.3
1.2
1.3
1.3
1.3
1.4
1.3
1.3
1.6
1.4
1.5
1.3
43.4
40.4
43.5
41.1
42.4
41.3
43.1
44.2
43.1
47.9
44.9
41.4
-10.2
-7.1
-8.4
-7.3
-7.8
-5.3
-9.1
-9.7
-9.3
-11.0
-8.9
-6.3
-12.1
-8.8
-10.2
-9.1
-9.6
-7.1
-11.0
-11.6
-11.1
-12.9
-10.7
-8.0
month basis.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
U.S. INTERNATIONAL TRANSACTIONS
In the fourth quarter of 1990, the merchandise trade deficit fell to $28.9 billion from $29.8 billion in the third
quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
10
10
'A
-5
-5
\\
-10
-10
-15
-15
BALANCE ON GOODS,
SERVICES, AND INCOME
-20
-20
-25
-25
-30
-30
-35
-35
-40
-40
-45
-45
1982
1990
1983
* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE, DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)]
Merchandise *
2
Period
Exports
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990"
1988: I
237,085
211,198
201,820
219,900
215,935
223,367
250,266
320,337
360,465
389,286
76,497
79,392
80,511
IV
83,937
1989: I
88,267
91,111
89,349
IV
91,738
1990: I
' 96,093
T
II
96,585
r
96,152
IV".... 100,456
n
m
n
m
m
1
2
3
4
Imports
Net balance
Net
military
transactions 3 4
transpor-
Other
services,
Keeeipts
on U.S.
assets
abroad
12,552
12,981
13,859
14,042
14,008
18,551
18,262
21,032
26,123
84,975 -53,626
85,346
-57,097
81,972
-54,549
92,935 -69,542
82,282
-66,115
80,982 -70,013
90,536 -85,210
110,048 - 108,438
127,536 - 128,448
receipts
-265,063
-27,978
-844
144
-247,642
-36,444
112
-992
-268,900
-67,080
-4,227
-163
-332,422
-112,522 -2,147
-9,153
-338,083 •-122,148 -4,096 -10,788
-368,425
145,058 -4,907
-8,939
-409,766 - 159,500
3,530
8,298
-447,323 -126,986 -5,452
-4,060
-114,864 -6,320
-475,329
659
-497,966 - 108,680
-109,988
-33,491 -1,075
1,776
-110,494
-31,102 -1,139
-1,062
-111,290
-30,779 -1,144
-624
-31,614 -2,094
-115,551
-599
-28,093 -1,763
-116,360
-57
-28,222 -1,667
-119,333
39
-29,803 -1,114
-119,152
-192
- 120,484
-28,746 -1,776
870
r
- 122,902 r - 26,809 -1,287
1,075
r
— 119,810 r -23,225 -1,382
479
r
-125,937 r- 29,785 -1,648
350
-129,317
-28,861
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.
Inv* stment incom 3 5
Services
4,736
5,079
5,391
5,829
5,899
6,164
7,031
7,030
6,217
6,885
7,115
26,980
26,739
27,942
28,386
30,872
31,932
32,102
32,629
31,541
30,682
33,082
Payments
on foreign
assets in
U.S. 3
Balance on
goods,
transfers,
net 4
Balance
on current
account
15,223
3,907
-30,188
-86,385
-106,859
-129,384
-147,739
-113,857
-95,314
-8,331
-9,775
-9,956
-12,621
-15,473
-16,009
-14,575
- 15,005
-14,720
6,892
-5,868
-40,143
-99,006
-122,332
-145,393
-162,314
-128,862
-110,034
-29,206
-27,815
-27,297
-29,537
-23,549
-25,643
-24,061
-22,061
-18,283
-18,119
-21,480
-3,476
-3,060
-3,461
-5,008
-3,555
-3,006
-3,530
-4,631
-3,385
-4,366
-4,105
-32,682
-30,875
-30,758
-34,545
-27,104
-28,649
-27,591
-26,692
-21,668
-22,485
-25,585
Net
and income
31,349
28,250
27,423
23,394
16,166
10,969
5,326
1,610
-913
2,400
-24,580
409
-26,330
-141
-28,083
-29,445 -1,059
465
-30,407
-33,889 -1,957
17
-32,085
-32,068
561
-29,546
1,995
-999
-31,681
-30,627
2,455
5
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
United States are excluded from investment income and included in other services, net.
(See p. 37 for continuation of table.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $7.6 billion in the third quarter of
1990, compared to an increase of $13.6 billion in the second quarter. Liabilities to private foreigners reported by
U.S. banks, excluding Treasury securities, increased $32.3 billion in the third quarter, compared to a increase of
$4.9 billion in the second quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
80
CHANGE IN
FOREIGN ASSETS
- IN THE U.S., NET
60
40
CHANGE IN
U.S. ASSETS
ABROAD, NET
-20
-20
-40
-40
-60
1982
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the J.S., net
[increas /capital inflovv (+)] 3
U.S. assets abroad, net
increase/capit al outflow (— ! ]
Period
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1988: I
II
-110,951
- 124,490
-56,100
31,070
-27,721
-92,030
-62,946
-84,176
- 127,061
4,569
-19,856
in
-42,383
IV
-26,508
1989: I
-32,859
n
-1,381
m
-44,076
IV
-48,745
1990: I
32,877
n
-31,721
HP ... -26,451
U.S.
official
reserve
assets 3 6
-5,175
-4,965
1,196
-3,131
-3,858
312
9,149
-3,912
-25,293
1,502
39
-7,380
1,925
-4,000
-12,095
-5,996
-3,202
-3,177
371
1,739
Other U.S.
Government
assets
U.S.
private
-5,097 - 100,679
-6,131 -113,394
-5,006 -49,898
-5,489 -22,451
-2,821
21,043
-2,022 -90,321
997 -73,091
2,969 -83,232
1,185 - 102,953
4,661
-1,594
19,048
-847
1,957 -36,960
31,885
3,452
962 -29,821
11,017
-303
574 -38,654
47 -45,496
36,713
-659
-808 -31,284
27,811
-379
6
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S.
tion in the IMF.
NOTE.—Merchandise trade data revised for 1990; other data to be revised later.
Total
assets
83,032
93,746
84,869
102,621
130,012
221,599
218,470
221,442
214,652
26,079
65,270
49,797
80,295
68,402
2,794
74,136
69,320
-32,988
25,496
52,471
Foreign
official
assets
4,960
3,593
5,845
3,140
-1,083
35,588
45,210
39,515
8,823
24,840
5,970
-2,015
10,720
7,797
-4,961
13,003
-7,016
— 8,203
5,541
13,642
Other
foreign
assets
78,072
90,154
79,023
99,481
131,096
186,011
173,260
181,927
205,829
1,239
59,300
51,812
69,575
60,605
7,755
61,133
76,336
-24,786
19,954
38,829
Statistical t iscrepancy
Allocations
of special
drawing
rights
(SDKs)
1,093
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
TJ g
O ffi c i a j
assets, net 6
(unadjusted,
end oi
period)
19,934
36,612
11,374
30,074
33,958
33,747
27,456
20,041
15,824
6,790
-8,404
22,443
2,034
-14,539
23,344
-19,242
-8,439
27,236
-2,469
6,117
21,780
28,711
-435
34,934
43,186
48,511
45,798
47,802
74,609
43,186
41,028
47,788
47,802
49,854
60,502
68,418
74,609
76,303
77,298
80,024
2,970
2,995
-4,630
4,656
3,093
1,697
-4,953
3,560
2,804
-988
-5,303
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
p^
Gross National Product
Gross National Product in 1982 Dollars
;
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultura! 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, Oudays, and Debt
Federal Receipts by Source and Oudays 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
v.
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.
e
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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