Full text of Economic Indicators : July 1990
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101st Congress, 2d Session
AUG 16 1990'
Cl ,.:rML
KtSERVE
BANK OF CHICAGO
Economic Indicators
JULY
1990
(Includes data available as of July 31, 1990)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1990
* (Star print)
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
LEE H. HAMILTON, Indiana, Chairman
PAUL S. SARBANES, Maryland, Vice Chairman
HOUSE OF REPRESENTATIVES
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
FREDERICK S. UPTON (Michigan)
SENATE
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
ALBERT GORE, JR. (Tennessee)
RICHARD H. BRYAN (Nevada)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
PETE WILSON (California)
CONNIE MACK (Florida)
JOSEPH J. MINARIK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, Chairman
JOHN B. TAYLOR, Member
RICHARD L. SCHMALENSEE, Member
[PUBLIC LAW 120—SlST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
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distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.25 a single copy
($2.81 foreign), or by subscription at $24.00 per year ($30.00 for foreign
mailing) from:
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TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
In the second quarter of 1990, according to advance estimates, current-dollar gross national product (GNP) rose
5.8 percent (annual rate) or $76.2 billion. Real GNP (GNP adjusted for price changes) rose 1.2 percent and the
implicit price deflator rose 4.4 percent. (Series revised.)
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
5,600
5,600
SEASONAUY ADJUSTED ANNUAL RATES
5,200
5,200
GNP
IN CURRENT DOLLARS"
4,800
4,800
4,400
4,400
4,000
4,000
GNP
IN 1982 DOLLARS
3,600
3,600
3,200
3,200
2,800
2,800
i
2,400
1984
1983
1982
1985
1987
1986
I,
I
2,400
1989
1988
SOURCE: DEPARTMENT OF COMMERCE
1990
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
tures
1980
1981
1982
1983
1984
1985
1986
1987 r
1988 T
1989 '
19891983'
19841985'
1986:
1987'
1988:
1989-
IV
IV
IV
IV
IV
IV r
IV '.
IT
II *
m r'
IV
1990- I r
UP
1
Exports and imports of goods
and services
Gross
private
domestic
investment
Net
exports
Exports
Federal
Imports
National
defense
Nondefense
State
and
local
Final
sales
Gross
domestic
purchases 1
208.1
242.2
272.7
283.5
310.5
355.2
366.5
381.3
380.3
400.0
142.7
167.5
193.8
214.4
234.3
259.1
277.8
294.6
297.2
301.1
65.4
74.8
78.9
69.1
76.2
96.0
88.7
86.7
83.1
98.9
322.2
345.9
369.0
391.5
425.3
465.6
505.7
540.2
582.3
625.6
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
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
321.9
390.5
453.6
472.4
511.3
600.7
653.5
530.3
588.1
641.7
675.0
735.9
820.8
872.2
921.4
962.5
1,025.6
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
658.2
680.0
673.0
678.1
1,008.5
1,022.7
1,027.8
1,043.3
298.2
300.6
306.3
299.2
100.1
101.9
93.0
100.7
661.3
661.7
691.3
688.7
1,070.1
1,086.7
398.3
402.5
399.2
399.9
410.6
420.7
3,272.4
3,514.8
3,806.8
4,100.7
4,309.4
4,591.9
4,993.6
5,074.7
5,141.3
5,209.7
5,264.3
3,198.5
3,571.6
3,919.7
4,211.2
4,406.2
4,762.6
5,080.1
609.7
628.8
623.7
642.8
378.7
400.0
438.5
480.1
520.1
553.9
598.9
610.2
620.2
628.6
643.4
307.2
309.5
103.4
111.2
659.6
666.0
5,387.2
5,420.5
5,405.3
5,478.6
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
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.5
747.1
771.2
32.1
33.9
26.3
-6.1
-58.9
-78.0
-97.4
-114.7
-74.1
-46.1
351.0
382.8
361.9
352.5
383.5
370.9
396.5
449.6
552.0
626.2
318.9
348.9
335.6
358.7
442.4
448.9
493.8
564.3
626.1
672.3
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
5,101.3
5,174.0
5,238.6
5,289.3
5,375.4
5,451.6
3,371.7
3,425.9
3,484.3
3,518.5
769.7
776.7
775.8
762.7
-48.5
— 51.3
-49.3
-35.3
3,588.1
3,619.5
747.2
772.4
-30.0
-27.0
GNP less exports of goods and services plus imports of goods and services.
Total
Total
2,732.0
3,052.6
3,166.0
3,405.7
3,772.2
4,014.9
4,231.6
4515 6
4,873.7
5,200.8
NOTE.—Series revised beginning 1987. See Survey of Current Business, July 1990.
Government purchases of
goods and services
Source: Department of Commerce, Bureau of Economic Analysis.
5,149.8
5,225.3
5,287.9
5,324.6
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Period
Gross
national
product
Persona!
consumption
expenditures
Total
Nonresidential
fixed
Residential
fixed
Exports and imports of
goods and services
Change
in
business
inventories
Government purchases of
goods and services
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
Final
sales
Gross
domestic
purchases *
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
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
509.3
545.5
447.3
504.0
658.4
637.0
639.6
669.0
705.7
716.9
379.2
395.2
366.7
361.2
425.2
453.5
438.4
449.8
487.2
506.1
137.0
126.5
105.1
149.3
170.9
174.4
195.7
196.4
194.9
187.0
-6.9
57.0
23.9
49.4
-24.5
26.3
-8.4 -19.9
62.3 -84.0
9.1 -104.3
5.6 -129.7
22.8 -118.5
23.6
-75.9
23.8
-54.1
388.9
392.7
361.9
348.1
371.8
367.2
397.1
451.8
534.7
593.3
332.0
343.4
335.6
368.1
455.8
471.4
526.9
570.3
610.6
647.4
620.5
629.7
641.7
649.0
677.7
731.2
761.6
779.1
780.5
798.1
246.9
259.6
272.7
275.1
290.8
326.0
334.1
339.6
328.1
334.9
171.2
180.3
193.8
206.9
218.5
237.2
252.1
265.1
260.7
256.3
75.7
79.3
78.9
68.2
72.3
88.8
82.0
74.5
67.5
78.7
373.6
370.1
369.0
373.9
387.0
405.2
427.5
439.5
452.4
463.2
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
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
IV.
IV
IT
IV
IV
IV ',
IV '
3,159.3
3,365.1
3,535.2
3,662.4
3,733.6
3,920.7
4,059.3
2,078.7
2,191.9
2,281.1
2,386.9
2,477.8
2,534.2
2,638.8
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
-59.3
27.0
-46.2
41.7
-94.8
7.7 — 125.3
-20.8 -135.4
48.4 — 111.3
14.0 -75.7
336.0
355.5
376.6
367.4
406.5
487.0
555.3
324.3
401.6
471 .4
492.6
541.9
598.3
631.0
660.1
642.2
693.2
752.7
776.0
791.3
799.9
289.5
266.0
300.5
340.6
342.4
347.7
342.3
201.4
211.6
225.3
241.4
255.8
266.0
261.1
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
3,218.6
3,338.1
3,493.5
3,654.7
3,754.4
3,872.3
4,045.2
3,147.6
3,411.3
3,630.0
3,787.6
3,869.0
4,032.0
4,134.9
1989- I r
II r
HI *
IV
4,095.7
4,112.2
4,129.7
4,133.2
2,636.7
2,645.3
2,675.3
2,669.9
717.0
719.1
722.3
709.1
497.1
505.5
513.3
508.4
193.8
188.1
184.4
181.8
26.1
25.5
24.6
18.9
-51.1
-53.3
-64.1
-47.9
576.1
593.2
592.5
611.6
627.3
646.5
656.6
659.4
793.2
801.0
796.2
802.2
334.?
339.9
333.0
332.7
253.7
255.7
260.2
255.5
80.4
84.2
72.8
77.2
459.0
461.1
463.2
469.5
4,069.6
4,086.6
4,105.1
4,114.4
4,146.8
4,165.4
4,193.9
4,181.1
4,150.6
4,163.2
2,677.3
2,675.2
700.7
714.3
514.6
506.5
188.3
181.6
-2.2
26.2
-35.4
-46.5
628.1
622.2
663.5
668.7
807.9
820.2
333.0
345.0
254.4
256.5
78.6
88.5
475.0
475.2
4,152.8
4,137.0
4,185.9
4,209.7
1980
1981
1982
1983
1984
1985
1986
1987 '
1988 r
1989 T
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1990:
I *
np
1
GNP less exports of goods and services plus imports of goods and services.
Note. — Series revised beginning 1987. See Survey of Current Business, July 1990.
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982 = 100; quarterly data are seasonally adjusted]
Gross private
domestic investment
Personal consumption
expenditures
Period
Gross
national
product
1980
1981
1982
1983
1984
1985
1986
1987 r
1988 *
1989 '
19821983:
1984:
19851986:
19871988:
IV
IV
IV
IV
IV
IV r
IV r
1989: I '
II r
in '
IV
1990- I *
11"
Total
Durable
goods
Nondurable goods
Services
Government purchases of goods and
services
Federal
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
85.7
94.0
100.0
103.9
107.7
110.9
113.8
117.4
121.3
126.3
86.6
94.6
100.0
104.1
108.1
111.6
114.3
119.6
124.2
129.9
89.2
95.7
100.0
102.1
103.8
104.8
105.6
108.2
109.4
110.9
89.4
96.9
100.0
102.1
105.0
107.5
107.3
112.2
116.6
122.8
83.9
92.6
100.0
106.2
111.6
116.8
122.4
128.7
134.5
141.0
85.1
93.4
100.0
98.8
97.9
97.7
99.3
98.9
100.2
101.2
89.4
96.6
100.0
102.2
106.0
108.3
111.1
115.2
119.3
123.5
90.2
97.5
100.0
101.3
103.2
101.0
99.8
99.5
103.2
105.5
96.0
101.6
100.0
97.4
97.1
95.2
93.7
99.0
102.5
103.8
84.3
93.3
100.0
103.1
106.8
109.0
109.7
112.3
115.9
119.4
83.4
92.9
100.0
103.6
107.2
109.2
110.2
111.1
114.0
117.5
86.4
94.3
100.0
101.4
105.5
108.2
108.1
116.3
123.2
125.8
86.2
93.4
100.0
104.7
109.9
114.9
118.3
122.9
128.7
135.1
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
124.6
125.8
126.8
128.0
127.9
129.5
130.2
131.8
110.4
110.6
111.2
111.4
120.5
123.2
123.2
124.5
138.8
140.1
141.6
143.4
101.9
101.2
100.9
100.7
122.1
123.7
124.2
124.3
105.8
106.0
105.3
105.1
104.9
105.2
102.5
102.8
119.2
118.4
119.9
120.2
117.5
117.6
117.7
117.1
124.4
121.0
127.8
130.4
132.9
134.5
135.7
137.1
129.5
130.9
134.0
135.3
112.5
112.1
128.3
129.4
145.1
146.7
101.6
101.4
125.3
125.4
105.3
106.3
104.2
103.0
123.3
121.9
120.8
120.6
131.5
125.7
138.9
140.2
Note.—Series revised beginning 1987. See Survey of Current Bu.
Nonresidential
fixed
Exports and imports of
goods and services
, July 1990.
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
price
deflator
3.6
6.8
3.4
3.4
4.5
2.5
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
1.2
II r.
III '
IV
1988:
1989:
I r..
II r.
III '
IV '
I'..
II'.
Ill'
IV '
1990:
I'..
II *
9.0
9.7
6.4
3.9
3.7
3.0
2.6
3.2
3.3
4.1
3.5
3.1
3.5
1.7
—.7
4.4
4.7
4.7
3.9
3.9
3.2
3.8
4.8
4.4
4.1
3.8
3.2
2.4
4.6
3.8
4.6
6.4
4.8
4.4
4.1
2.3
4.3
4.6
4.6
5.2
5.5
4.4
4.9
4.6
3.1
3.8
6.6
3.9
4.2
3.9
3.5
2.7
4.6
4.0
4.7
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
3.7
NOTE.—Annual changes arc from preceding year and quarterly changes are from preceding qnar-
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars)
Gross domestic
produet of
noni'inaneial
corporate business
(billions of dollars)
Period
Current
dollars
1980..
1981..
1982..
1983..
1984..
1985..
1986..
1987 '
1988 '
1989 '
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
IV.
IV.
IV.
IV.
IV.
IV.
IV '
I'..
II'.
Ill'
IV '
I'..
2,201.8
2,309.4
2,408.7
2,597.4
2,797.3
2,812.8
2,847.5
2,879.1
2,878.5
2,907.5
1982
dollars
Total
eost
and
profit z
Capital
consumption
allowances
with
capital
consumption
adjustment
0.095
.109
.125
.123
.118
.119
.123
.123
.124
.131
.131
.120
.118
. 20
24
]
Corporate profits with
inventory valuation and capital
consumption adjustments
Indirect
business
taxes 3
0.077
.090
.094
.098
.100
.103
.106
.105
'.107
.112
.096
.098
.102
.104
.106
.105
.108
.110
.111
.113
.114
.117
Compensation of
employ-
Profits
tax
liability
Profits
after
tax 4
Output
per hour
of all
employees
(1982
dollars)'
Compensation
per hour
of all
employees
(dollars)"
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employees1
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
1982
1983
1984
1985
1986
1987 '
1988 r
1989 '
198219831984198519861987:
1988-
IV
IV
IV
IV
IV
IV '
IV "
1989- I '
Ill '
IV '
1990- I r
II"
1
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
Profits
before tax
Inventory
valuation
adjustment
Capital
consumption
adjustment
Net
interest
272.3
281.0
304.8
319.0
325.5
328.6
371.8
445.1
2,518.4
2,719.5
3,028.6
3,234.0
3,412.6
3,660.3
3 984 9
4,223.3
1,907.0
2,020.7
2,213.9
2,367.5
2,511.4
2,686.4
2,905.1
3,079.0
24.6
12.4
30.5
30.2
34.7
42.8
43.7
48.6
150.9
178.4
204.0
225.6
247.2
280.6
310.5
330.7
13.6
13.2
8.5
9.2
11.6
13.7
16.3
8.2
150.0
213.7
266.9
282.3
282.1
308.3
337.6
311.6
159.2
196.7
234.2
222.6
228.3
255.9
289.8
286.1
169.6
207.6
240.0
224.3
221.6
275.3
316.7
307.7
-10.4
-10.9
-5.8
6.7
-19.4
-27.0
-21.7
-9.2
17.0
32.7
59.7
53.8
52.4
47.8
25.5
2,548.2
2851 5
3,096.1
3,312.8
3,473.1
3,791.5
4,104.1
1,931.1
2,092.7
2,272.7
2,426.7
2,571.2
2,770.3
2,986.7
28.5
19.3
28.1
29.2
37.2
52.3
35.5
159.8
188.6
209.7
235.0
252.0
293.0
321.5
15.8
12.4
5.6
7.8
13.5
14.6
16.8
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
4,177.3
4,216.8
4,232.1
4,267.1
3,029.7
3,062.6
3,095.2
3,128.6
59.6
50.5
38.7
45.7
328.2
329.1
329.5
336.0
13.3
9.7
5.8
4.1
327.3
321.4
306.7
290.9
292.1
291.5
285.3
275.3
335.1
314.6
291.4
289.8
-43.0
-23.1
-6.1
-14.5
35.2
29.9
21.4
15.6
419.2
443.4
456.2
461.7
4 3503
3,180.4
3,229.1
57.4
50.7
346.6
352.1
5.5
4.4
296.8
285.5
296.9
-11.4
1.8
11.3
7.9
463.6
470.0
Includes employer contributions tor social insurance. (See also p. 5.)
Source: Department of Commerce, Bureau of Economic Analysis.
Note. — Series revised beginning 1987. See Survey of Current Business, July 1990.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Durable goods
Period
1982
1983
1984
1985
1986
1987 r
1988 '
1989 r
198219831984'
19851986'
19871988'
IV
IV
IV
IV
IV
IV '
IV r
1989' I r
II '
Ill '
IV '
1990- I '
II "
Total
personal
consumption
expenditures
Total
durable
goods
Motor
vehicles
and
parts
Other
Total
nondurable
goods
Food
Clothing and
shoes
Gasoline
and oil
Services
Other
Retail sales of
new passenger
cars (millions of
units)
Domestics
Imports
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,009.4
3,238.2
3,450.1
252.7
289.1
335.5
372.2
406.0
423.4
457.5
474.6
108.9
130.4
157.4
179.1
196.2
197.9
212.2
215.5
95.7
107.1
118.8
129.9
139.7
148.8
161.8
171.4
48.1
51.6
59.3
63.2
70.0
76.7
83.5
87.8
771.0
816.7
867.3
911.2
942.0
1,001.3
1,060.0
1,130.0
398.8
421.9
448.5
471.6
500.0
530.7
562.6
595.3
124.4
135.1
146.7
156.4
166.8
178.4
191.1
204.6
89.1
90.2
90.0
90.6
73.5
75.3
77.3
83.8
158.7
169.5
182.1
192.6
201.7
216.9
229.1
246.3
1,027.0
1,128.7
1,227.6
1,345.6
1,449.5
1,584.7
1,720.7
1,845.5
5.8
6.8
8.0
8.2
8.2
7.1
7.5
7.1
2.2
2.4
2.4
2.8
3.2
3.2
3.1
2.8
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,079.1
3,332.6
263.8
310.0
346.7
373.2
422.0
427.4
473.1
115.7
144.4
162.3
173.8
201.1
198.9
217.8
99.1
112.4
122.7
134.7
143.8
151.1
166.8
49.0
53.2
61.8
64.7
77.1
77.4
88.5
786.6
837.9
879.6
932.7
952.1
1,019.9
1,088.0
407.0
430.8
456.1
482.5
511.9
539.0
577.1
126.5
141.1
149.8
160.6
168.7
182.2
198.6
89.8
91.9
89.0
91.0
66.0
77.3
78.5
163.4
174.0
184.7
198.5
205.5
221.5
233.9
1,066.5
1,167.9
1,267.1
1,394.5
1,494.4
1,631.8
1,771.5
6.0
7.4
7.7
7.0
7.7
6.6
7.5
2.5
2.6
2.6
3.1
3.4
3.3
3.0
3,371.7
3,425.9
3,484.3
3,518.5
466.4
473.6
487.1
471.2
211.3
216.2
226.9
207.5
170.2
170.7
171.5
173.0
84.9
86.7
88.7
90.7
1,106.7
1,127.1
1,137.3
1,148.8
588.8
592.5
597.6
602.2
199.3
203.4
206.9
208.7
79.0
88.2
84.5
83.5
239.7
243.0
248.3
254.4
1,798.6
1,825.1
1,859.8
1,898.5
7.0
7.3
7.8
6.2
2.8
3.0
2.9
2.6
3,588.1
3,619.5
492.1
479.6
221.1
213.2
178.9
176.6
92.0
89.8
1,174.7
1,171.5
616.4
618.5
212.9
211.5
87.1
83.7
258.2
257.9
1,921.3
1,968.4
7.0
6.8
2.8
2.7
Note. — Series revised beginning 1987. See Survey of Current Business, July 1990.
Furniture
and
household
equipment
Nondurable goods
Source: Department of Commerce. Bureau of Economic Analysis.
SOURCES OF PERSONAL INCOME
Personal income increased $16.6 billion (annual rate) in June, following an increase of $15.2 billion in May.
Wages and salaries rose $13.0 billion in June compared to a rise of $10.1 billion in May. (Series revised.)
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIO MS OF DOLLARS*(RATIO SCALE)
5,000
__
5,000
•
^_____^
^
4,000
"I
^~
__
4,000
r^
\
'r-
3,000
—
3,000
r
rOTAL PERSOr- AL INCOME
•
\"~"
2,000
.—
~"~
f
2,000
\
WAGE/ VND SALARY D SBURSEMENT:
. — -—"
1,400
1,400
„'*•-"
--'
^"
\
1
:OME
OTHER INC
-'"'
800
800
_.
'
—x---- ,—
400
TRANSFER
PAYMENTS
-x
400
imilmu mnliim
1982
_—— -
Illllllllll
miilitm
llllll|llll
1984
1985
1986
1983
imiliim imilimi miilmn mnliim
1987
1988
SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTME •tf OF COMMERCE
1990
1989
COUNCIL OF E CONOMIC ADVISERS
[Billions of dollars; monthly data _at seasonally adjusted annual rates]
Period
1980
1981
1982
1983
1984
1985
1986 ....
1987 r
1988 '
1989 r
1989: June r
July Tr .
Aue
Sept r
r
r
Oct
Nov
Dec r
1990: Jan r
Feb r
Mar r
Apr '
May r
June "
1
personal
income
2,2584
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
4,372.5
4,398.2
43987
4,411.6
4 441 0
4,470.0
4,496.7
4,532.2
4,561 6
4,594.7
4,607.7
4,622.9
4,639.5
Wage and
salary
disbursements 1
1,372.0
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
2,566.3
2,587.7
2,578.1
2,593.9
2 611 4
2,603.8
2,623.0
2,633.3
2,652.2
2,669.2
2,682.2
2,692.3
2,705.3
Proprietor ' income 3
Other labor
income * 2
138.4
150.3
163.6
173.6
182.9
187.6
199.3
209.4
225.5
241.9
Farm
20.5
30.7
24.6
12.4
30.5
30.2
34.7
241.1
242.3
243.5
244.8
246 1
247.5
248.9
42.8
43.7
48.6
41.7
39.4
38.8
37.8
45 6
45.2
46.4
251.6
252.8
254.0
255.2
256.4
257.6
51.1
55.6
65.5
54.5
51.5
46.0
The total of wage and salary disbursements and other labor income differs from compensation of
ployees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
age accruals over wage disbursements.
^ Consists primarily of employer contributions to private pension and private welfare fund
3
With inventory valuation and capital consumption adjustments.
4
With capital consumption adjustment.
Nonfarm
160.1
156.1
150.9
178.4
204.0
225.6
247.2
280.6
310.5
330.7
328.6
329.0
329.8
329.6
331 9
337.4
338.7
343.3
347.0
349.4
351.4
352.6
352.2
income of
persons 4
6.6
13.3
13.6
13.2
8.5
9.2
11.6
13.7
16.3
8.2
9.0
8.7
8.7
.0
74
9.6
10.1
7.7
4.5
4.3
3.7
4.4
5.3
dividend
income
529
61.3
63.9
68.7
75.5
78.7
85.8
91.8
102.2
114.4
113.8
115.1
115.9
116.3
117 4
118.4
118.9
119.7
120.6
121.3
122.3
123.0
123.4
interest
income
Transfer
PM'ments 5
Less:
Personal
contributions
for social
insurance
271 9
335.4
369.7
393.1
444.7
478.0
493.2
501.3
547.9
643 2
324 7
368 1
410.6
442 6
4566
489 8
521 5
549 9
587 7
636 9
88 6
104 5
112 3
120 1
132 7
149 3
161 9
172 9
194 1
212 8
649.9
652.7
655.3
657.6
661 2
665.0
668.5
669.5
670.5
671.4
676.2
681.2
686.4
634.6
6374
642 1
646 1
650 8
6584
658.6
212.5
2140
213 4
214 5
215 9
215 3
216.3
679.8
679 6
683.4
683.5
6852
689.9
223.9
221 2
223 8
221.4
223 6
226.6
5
Nonfarm
personal
income 6
2 215 8
2 465 6
2 618 7
2 799 0
3 052 1
3 271 3
3 469 4
3 702 2
40060
4 314 6
4,309.8
4 337 8
4 3389
4 352 7
4 374 4
4403 6
4429 2
4,459.9
4 484 9
4508 1
4531 9
4 550 1
4 572 1
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other iabor income,
and agricultural net interest.
6
NOTE.—Series revised beginning 1987. See Survey of Current Business, July 1990.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income fell in the second quarter of 1990. (Series revised.)
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
2,500
2,500
2,000
2,000
DOLLARS * (RATIO SCALE)
DOLLARS * (RATIO SCALE)
PER CAPITA DISPOSABLE PERSONAL INCOME
18,000
18,000
16,000
16,000
_.
-,
r
14,000
CURRENT DOLLARS
12,000
14,000
^1
r
V—-—1
.—^
~~—
12,000
r _— -
\
10,000
\
10,000
'
1982 DOLLA RS
i
8,000
i
i
i
i
i
i
i
i
1984
1983
1982
i
i
I I
i
1986
1985
i
1
1
1
!
1987
I 1
1988
• SEASONALLY ADJUSTED ANNUAL RATES
i i i
1989
1
1
1
8,000
1990
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT Of COMMERCE
1
.
Period
Personal
income
1
Less:
Personal
Disposable
persona!
income
tax and
nontax
payments
Less:
Personal
outlays 1
Equals:
Personal
saving
Disposable
personal
income in
1982
dollars
(billions)
i
Per capita
disposable personal
income
Current
dollars
Billions of dollars
1980
1981
1982
1983
1984
1985
1986
1987 r
1988 r.
1989 r.
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
340.5
393.3
409.3
410.5
440.2
486.6
512.9
571.6
591.6
658.8
Per eapita personal
consumption
expenditures
1982
dollars
i
Current
dollars
1982
dollars
Dollars
1,918.0
1,781.1
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
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
136.9
159.4
153.9
130.6
164.1
125.4
124.9
92.5
145.6
171.8
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
8,421
9^243
9,724
10,340
11*257
nisei
12.469
13,094
14,123
14^973
Percent
change in
real per
capita
disposable
1
,
personal
income
Saving as
percent of
disposable
persona!
income
Population,
including
Armed
Forces
abroad
(thousands) 2
Percent
9,722
9,769
9,724
9,930
10,419
10,625
10,905
10,946
11^368
11,531
7,607
8,783
— 1.1
7.1
8,320
8,818
9,515
10^253
10,985
11,576
12,335
13^144
13,866
8,794
8,818
9,139
9^489
9^839
10,123
10,311
10^580
10,678
.5
-.5
2.1
4.9
2.0
2.6
.4
3.9
1.4
7.5
6.8
5.4
6.1
4.4
4.1
2.9
4.2
4.6
227,754
230,182
232,549
234,829
237,051
239,322
241,660
243,982
246,358
248,810
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
233,466
235,707
237,946
240,257
242,579
244,925
247,329
3.4
1.6
.1
5.2
4.6
4.1
4.6
247,863
248,431
249,127
249,818
1.6
-.5
4.9
5.1
250,392
251,009
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
IV
2,729.2
IV
2,941.8
IV
3,188.3
IV
3,399.1
IV
3,597.8
IV.. 3,890.9
IV.. 4,186.2
1989: I r
411.1
413.9
459.7
499.6
534.4
588.6
607.3
2,318.1
2,527.9
2,728.6
2,899.5
3,063.4
3,302.3
3,578.9
2,174.9
2,382.5
2,571.3
2,787.7
2,961.4
3,172.6
3,430.4
143.1
145.4
157.3
111.7
102.0
129.7
148.5
2,276.1
2,392.7
2,496.3
2,562.8
2,646.2
2,717.9
2,833.9
9,929
10,725
11,467
12,068
12,629
13,483
14,470
9,749
10,151
10,491
10,667
10,909
11,097
11,458
9,068
9,825
10,479
11,240
11,825
12,572
13,474
8,904
9,299
9,587
9,935
10,214
10,347
10,669
3,661.7
3,697.3
3,743.4
3,799.6
3,472.0
3,528.5
3,588.8
3,625.5
189.8
168.9
154.5
174.1
2,863.5
2,854.9
2,874.3
2,883.2
14.773
14,883
15,026
15,210
11,553
11,492
11,538
11,541
13,603
13,790
13,986
14,084
10,638
10,648
10,739
10,687
3,887.7
3,929.6
3,696.4
3,728.5
191.3
201.2
2,900.9
2,904.4
15,527
15,655
11,586
11,571
14,330
14,420
10,692
10,658
II T....
4,302.2
4,362.9
IV r...
4,469.2
640.5
665.5
659.5
669.6
1990: I r
4,562.8
II"... 4,623.4
675.1
693.7
Ill r.. 4,402.8
1
Includes personal consumption expenditures, interest paid by consumers to business, and per?
.1 transfer payments to foreigners (net).
2
Annual data are averages of quarterly data, which are averages for the period.
— 2.1
FARM INCOME
In the fourth quarter of 1989, according to current estimates, gross farm income rose $0.2 billion (annual rate) and
net farm income rose $5.1 billion.
BILLIONS OF DOLLARS * (RATIO S CALE)
240
200
,
_^-i
^
'
160
BILLIC)NS OF DOLLARS* (RATIO SCALE)
240
200
I—v^
160
S
--
'
'
1
-
^—"
\
~—
120
120
80
80
An
60
40
40
20
20
10
10
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gross farm income
Period
Total '
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 "
1987- TTT
IV
1988- I
n
TTT
IV
1989- I
n
TTT
jy p
149.3
166.4
163.5
152.9
175.0
166.3
160.3
171.7
177.6
190.6
167.8
175.9
174.7
182.0
175.0
178.6
195.0
194.7
186.1
186.3
139.7
141.7
142.6
136.5
142.5
144.1
135.5
139.5
151.5
157.9
144.8
138.1
144.4
148.8
160.4
152.2
153.1
160.5
163.5
154.6
Livestock and
products
Crops
68.0
69.2
70.3
69.4
73.0
69.8
71.5
75.7
78.9
83.8
77.8
75.8
81.8
75.3
78.3
80.3
84.2
81.5
81.5
88.0
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.
Net farm income
Cash marketing receipts
71.7
72.5
72.3
67.1
69.5
74.3
64.0
63.8
72.6
74.1
66.9
62.2
62.6
73.5
82.1
71.9
68.9
79.0
82.0
66.6
3
Production
expenses
Value of
inventory
changes 2
-6.3
6.5
14
-10.9
6.3
-2.4
27
4
-4.3
5.8
2
-1.7
-4.0
-4.4
47
— 4.1
7.0
5.8
4.8
5.5
Current
dollars
133.1
139.4
140.0
140.4
142.7
134.0
122.4
128.0
135.0
142.0
131.3
131.7
130.2
133.7
138.2
137.8
141.7
144.1
143.6
138.7
1982 dollars 3
16.2
27.0
23.5
12.5
32.3
32.3
37.9
43.5
42.6
48.6
36.3
44.1
44.5
48.3
36.8
40.8
53.3
50.6
42.5
47.6
Income in current dollars divided by the GNP implicit price deflator.
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
18.8
28.7
23.5
12.0
29.9
29.1
33.4
37.1
35.2
38.4
30.9
37.2
37.4
40.0
30.2
33.1
42.8
40.2
33.5
37.2
CORPORATE PROFITS
In the first quarter of 1990, according to current estimates, corporate profits before tax rose $7.1 billion (annual
rate) and after-tax profits rose $0.8 billion. (Series revised.)
BILLIONS OF DOLLARS
360
BIlLIOuS OF DOLLARS
36U
SEASONALLY ADJUSTED ANNUAL RATES
320
A
^1
/"
280
320
V
r280
^
/
'
240
v
\
PROFITS BEFORE TAX
\
r^\
y
f
200
160
/
240
v^
200
__.,-•••
X
S
.
-N
160
PRDFITS AFTER T AX
.' — """""
S
S
S
120
~x_
^
120
.—x
--y
80
TAX LIABIL TY
,. — '
/
„-"•"*
*"""
j'
40
0
'
!
1
\
1
1982
I 1
1983
i
1 1
1
1984
1
!
I
!
s'-\
UNDISTRIBLJTED PROFITS
: i i
1
1987
1986
1985
80
•\
!
1
1
1988
40
i i i
1989
1
i
1
1990
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment:
Profils after tax
Domestic industries
Nonfinancia
Period
Total
2
Total
Financial
Total
3
Manufacturing
Profits
before tax
Tax
liability
Wholesale and
retail
trade
Total
Dividends
Undistributed
profits
Inventory
valuation
adjustment
194.0
202.3
159.2
196.7
234.2
222.6
228.3
255.9
289.8
286.1
159.6
173.8
131.2
166.6
203.3
191.4
195.2
218.4
246.5
235.2
21.0
16.5
11.8
18.1
13.0
22.8
32.0
20.7
22.4
15.4
138.6
157.3
119.4
148.5
190.3
168.6
163.2
197.8
224.1
219.8
77.1
88.5
58.0
70.1
88.8
79.7
59.5
86.7
106.5
96.1
21.6
32.5
34.6
38.9
51.2
44.1
44.1
37.9
37.1
38.7
237.1
226.5
169.6
207.6
240.0
224.3
221.6
275.3
316.7
307.7
84.8
81.1
63.1
77.2
93.9
96.4
106.3
126.9
136.2
135.1
152.3
145.4
106.5
130.4
146.1
127.8
115.3
148.4
180.5
172.6
54.7
63.6
66.9
71.5
79.0
83.3
91.3
98.2
110.0
123.5
97.6
81.8
39.6
58.9
67.0
44.6
24.0
50.2
70.5
49.1
6.7
— 19.4
-27.0
-21.7
IV
IV
IV
IV
IV
IV
IV r
150.7
223.4
224.6
228.4
226.1
268.6
308.7
121.6
190.7
193.9
193.6
193.4
226.2
261.9
18.7
15.5
13.6
26.0
28.6
19.8
24.1
102.9
175.2
180.3
167.6
164.8
206.4
237.8
46.8
88.6
79.8
83.8
64.8
98.2
112.6
33.6
43.1
51.8
38.5
41.0
37.8
42.3
164.1
231.5
226.1
235.0
234.1
289.7
381.1
59.8
88.1
87.0
99.8
113.1
132.1
142.1
104.3
143.4
139.2
135.2
121.0
157.6
189.1
68.5
73.9
80.8
84.0
93.6
102.2
115.3
35.8
69.5
58.4
512
27^4
55.4
73.8
— 13.4
-8.1
-1.6
-6.6
-8.0
-21.1
-22.5
1989- I r r
II r
292.1
291.5
285.3
275.3
241.5
244.9
236.0
218.4
24.0
21.6
9.2
6.9
217.4
223.4
226.9
211.5
102.0
98.9
99.9
83.7
33.7
37.6
41.4
41.9
148.3
140.8
127.8
123.5
186.7
173.8
163.6
166.3
119.1
122.1
125.0
127.7
67.6
51.7
38.6
38.6
-43.0
— 23.1
— 6.1
— 14.5
285.5
232.6
16.1
216.5
90.1
39.2
335.1
314.6
291.4
289.8
296.9
129.9
167.1
130.3
133.0
36.8
-11.4
1.8
1980
1981
1982
1983
1984
1985
1986
1987
1988
r
r
1989 r
1982198319841985:
1986'
1987:
1988-
in
IV
1990- I '
HP
-43.1
-24.2
— 10.4
-10.9
-5.8
i n
GROSS PRIVATE DOMESTIC INVESTMENT
According to advance estimates for the second quarter of 1990, nonresidential fixed investment fell $9.6 billion
(annual rate) and residential investment fell $8.2 billion. There was a $31.2 billion increase in inventories, following
a decrease of $11.8 billion in the first quarter. (Series revised.)
BILLIONS OF DOL LARS
900
BILLIC )NS OF DOLLARS
900
SEASONALLY ADJUSTED ANNUAL RATES
800
800
_
GROSS PRIVATE DOMESTIC
INVESTMENT
700
i
600
400
—^P^h
/
-—x
_ ~~
.
"~
^|K
700
600
NONI ESIDENTIAL
mfo NVESTMENT
\
/
r^^l
^
1
/
500
/~~
--*--"
'"'
500
-.--•"
400
--'
RE 5IDENTIAL
300
300
\
_.~--
200
— ..
200
-
-
^-'"'
100
' "%
-
^
CHANGE IN EBUSINESS
INVENTO RIES
100
/'
,_
^""""**"'*^
0
**
/*
— — *'''
0
_•''
1 1 1
-100
1982
OURCE: DEPARTMEN
i
1 1
1983
1
1 1
1984
1
1 1
1985
!
1 !
1986
1
1 1
1987
1
1988
OF COMMERCE
1 1
1989
1
1
1
100
1990
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period
Gross
private
domestie
investment
Change in business
inventories
Nonresidential
Total
Total
Structures
Producers'
durable
eqiLipment
Residential
Total
Nonfarm
1980
1981
1982
1983
1984
1985
1986
1987 r
1988 r
1989 r
437.0
515.5
447.3
502 3
664.8
643.1
659.4
699.9
747.1
771.2
445.3
491.5
471.8
509.4
597.1
631.8
652.5
671.2
720.8
742.9
322.8
369.2
366.7
356.9
416.0
442.9
435.2
444.9
488.4
511.9
113.9
138.5
143.3
124.0
141.1
153.2
139.0
133. -7
139.9
146.2
208.9
230.7
223.4
232.8
274.9
289.7
296.2
311.2
348.4
365.7
122.5
122.3
105.1
152.5
181.1
188.8
217.3
226.3
232.5
231.0
-8.3
24.0
-24.5
-7.1
67.7
11.3
6.9
28.3
26.2
28.3
-2.4
18.3
-23.1
198')- IV
1983- IV
1984' IV
1985- IV
1986' IV
1987- IV T
1988- IV '
409.6
579.8
661.8
654. 1
648.8
741.4
747.5
469.5
548.8
616.8
646.8
660.9
685.7
731.3
354.9
383.9
435.0
451.3
435.8
457.5
495.3
137.6
127.4
146.6
155.9
133.7
137.2
141.2
217.3
256.5
288.4
295.5
302.2
320.4
354.0
114.7
164.9
181.8
195.5
225.1
228.1
236.0
— 59.9
31.0
45.0
7.2
-12.2
55.7
16.2
— 51.1
21.3
41.3
23.7
-8.0
59.6
35.0
1989- 1 r
II r
Ill r
IV T
769.7
776.7
775.8
762.7
743.1
744.0
746.9
737.7
506.5
511.4
518.1
511.8
146.5
144.2
147.0
147.1
360.0
367.2
371.0
364.7
236.6
232.7
228.9
225.9
26.6
32.7
28.9
25.0
16.7
26.1
26.2
24.1
747.2
772.4
758.9
741.2
523.1
513.5
148.8
146.9
374.3
366.6
235.9
227.7
-11.8
31.2
-17.0
30.1
1990-
Ir
11 p
<nd beginning I9H7. Spi> .Simvr/ of I'u,
60.5
14.6
8.6
32.3
29.8
23.3
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department April-May survey, business spending for new plant and equipment is
expected to rise 6.7 percent in 1990, following a rise of 10.4 percent in 1989.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
600
600
.—
500
^
400
r
300
-~~.
r—"
/-I
^
400
"
\^~^
ALL INDlJSTRIES
300
^—
^
,""
200
'
—•••"
-— '
T~-
-^
500
^
\
,**'
200
NONM/MMUFACTURIN GJV
**
«!
N
-''"
•--.._
\
MANUFACT JRING
100
100
1 1 1
\ \ i
1982
1983
1
1
1
1
1984
1
1
1
1
I
1
1
1987
1986
1985
1
1
1
1
1988
U SURVEYED QUARTERLY
^SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
1
1
1
1989
1
Si -il ll
1 1
1990
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Industries surveyed quarterly
Nonmanufacturing
Manufacturing
All
industries
Total
282.80
315.22
310.58
304.78
354.44
387.13
379.47
389.67
430.76
475.52
507.23
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
166.32
184.54
190.89
1988: I
413.34
427.54
435.61
442.11
1989- I
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 4
1990
n
m
rv
n
m
rv
1990- I 4
n
TTT4
rv
4
Total
nonfarm
business 2
Nonmanufacturing
Nondurable
goods
Total '
Mining
Transportation
Public
utilities
Commercial
and
other
55.36
59.81
55.35
53.08
66.24
73.27
69.14
71.01
78.30
83.68
85.71
56.96
66.73
65.33
63.12
72.58
80.21
73.56
74.88
88.01
100.86
105.18
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
264.44
290.97
316.34
15.99
21.39
20.05
15.19
16.86
15.88
11.22
11.39
12.66
12.52
13.40
16.60
15.84
14.79
13.97
16.52
18.02
18.80
18.85
21.34
24.59
28.21
37.74
41.21
45.43
44.96
47.48
48.81
46.38
44.88
46.67
50.72
52.51
100.14
110.24
109.63
114.45
134.75
150.94
160.38
168.65
183.76
203.14
222.22
157.97
162.62
168.76
173.32
75.28
77.38
79.15
80.56
82.69
85.24
89.62
92.76
255.37
264.92
266.85
268.79
12.61
13.15
12.53
12.38
20.35
20.95
22.02
22.04
45.05
45.60
46.69
48.73
177.37
185.21
185.61
185.65
157.97
162.62
168.76
173.32
255.37
26492
266.85
268.79
459.47
470.86
484.93
486.80
175.22
181.53
187.66
193.76
81.26
82.97
85.66
84.84
93.96
98.57
102.00
108.92
284.24
289.33
297.28
293.04
12.15
12.70
12.59
12.65
23.13
24.26
28.53
22.43
50.81
52.01
49.57
50.50
198.15
200.36
206.59
207.46
175.22
181.53
187.66
193.76
284.24
289.33
297.28
293.04
500.29
506.84
511.59
510.21
192.36
189.53
190.32
191.35
88.04
83.97
84.99
85.86
104.32
105.56
105.33
105.49
307.93
317.31
321.28
318.86
12.86
13.77
14.02
12.95
28.07
27.11
30.48
27.17
49.53
54.54
53.97
52.01
217.46
221.89
222.82
226.73
192.36
189.53
190.32
191.35
307.93
317.31
321 28
318.86
Durable
goods
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 ("nonmanufaeturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufaeturing that is surveyed annually.
Addenda
314.47
349.26
347.47
343.35
398.99
431.94
427.23
440.66
483.48
532.04
Manufacturing
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
166.32
184.54
190.89
Total
202.15
222.72
226.79
227.15
260.16
278.46
284.54
294.77
317.17
347.50
Surveyed
quarterly
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
264.44
290.97
316.34
Surveyed
annually 3
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in April-May 1990, corrected for biases.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
in June, civilian employment rose 39,000 and unemployment fell 206,000.
MILLIONS OF PERSONS'
MILLIONS OF PERSONS'
126
126
SEASONALLY ADJUSTED
122
122
CIVILIAN LABOR FORCE
118
118
\
114
114
110
110
CIVILIAN
EMPLOYMENT
106
106
102
102
98
98
>v
X
12
8
\
UNEMPLOYMENT
4
0
1982
1983
1984
1985
1986
1987
1989
1988
• ] 6 YEARS Of AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
1990
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
1981
1982
1983
1984
1985
1986*
1987
1988
1989
1989:
June
July
Aug
Sept
Get
Nov
Dec
1990:
Jan
Peb
Mar
Apr
May
June
Civilian employment
Noninstitutional
population
including
resident
Armed
Forces
NSA
Resident
Armed
Forces
NSA
171,775
173,939
175,891
178,080
179,912
182,293
184,490
186,322
188,081
1,645
1,668
1,676
1,697
1,706
1,706
1,737
1,709
1,688
110,315
111,872
113,226
115,241
117,167
119,540
121,602
123,378
125,557
108,856
111,303
114,177
116,677
119,030
187,995
188,149
188,286
188,428
188,580
188,721
188,865
1,666
1,666
1,688
1,702
1,709
1,704
1,700
125,777
125,679
125,758
125,725
125,857
126,192
126,246
188,990
189,090
189,198
189,326
189,467
189,607
1,697
1,678
1,669
1,657
1,639
1,630
126,094
126,308
126,498
126,543
126,643
126,466
Labor force
including
resident
Armed
Forces
Employment
including
resident
Armed
forces
102,042
101,194
102,510
106,702
Civilian
labor force
108,670
110,204
111,550
113,544
115,461
117,834
Agricultural
Total
100,397
99,526
100,834
Total
Part time
for
economic
reasons 1
3,368 97,030
3,401
96,125
3,383 97,450
3,321 101,685
4,499
5,852
5,997
5,512
Total
15
weeks
and
over
Civilian
Labor
force
participation
(percent) 2
Employment/
population
ratio
(percent) 2
4,210
2,737
2,305
2,232
1,983
1,610
1,375
63.9
64.0
64.0
64.4
64.8
65.3
65.6
65.9
66.5
59.0
57.8
57.9
8,273
10,678
2,285
3,485
119,865
121,669
123,869
105,005
107,150
109,597
112,440
114,968
117,342
3,179
3,163
3,208
3,169
3,199
103,971
106,434
109,232
111,800
114,142
5,334
5,345
5,122
4,965
4,657
10,717
8,539
8,312
8,237
7,425
6,701
6,528
119,208
119,102
119,238
119,121
119,294
119,540
119,588
124,111
124,013
124,070
124,023
124,148
124,488
124,546
117,542
117,436
117,550
117,419
117,585
117,836
117,888
3,138
3,217
3,275
3,219
3,197
3,160
3,197
114,404
114,219
114.275
114,200
114,388
114,676
114,691
4,738
4,583
4,567
4,605
4,526
4,552
4,554
6,569
6,577
6,520
6,604
6,563
6,652
6,658
1,295
1,461
1,338
1,359
1,378
1,422
1,362
66.6
66.5
66.5
66.4
66.4
66.6
66.5
63.1
63.0
63.0
62.9
62.9
63.0
63.0
119,560
119,713
120,003
119,773
119,989
120,019
124,397
124,630
124,829
124,886
125,004
124,836
117,863
118,035
118,334
118,116
118,350
118,389
3,134
3,079
3,200
3,133
3,305
3,348
114,728
114,957
115,133
114,983
115,045
115,041
4,729
4,703
4,747
4,630
4,666
4,734
6,535
6,594
6,495
6,770
6,653
6,447
1,430
1,369
1,333
1,386
1,374
1,406
66.4
66.5
66.6
66.5
66.6
66.4
62.9
63.0
63.1
62.9
63.0
63.0
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutional population.
Unemployment
Nonagricultural
59.5
60.1
60.7
61.5
62.3
63.0
'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 June, the overall unemployment rate and the civilian unemployment rate fell slightly, to 5.1 percent and 5.2
percent, respectively.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
20
'A/vHv •s\«
TEENAGERS
(16-19)
./
V X r%
5
v y
\
^
\ / •*
v"\,' \
V
0
WOME N 20 YEARS
At- DOVER
<fH>"*«a«^
*^c^*»^
5
f^-nfftf^f
\
M EN 20 YEARS
^ND OVER
0
1990
1986
Illllllllll
1986
MplllilM
1988
1987
•UNEMPLOYMENT As PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
1989
1990
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989: June....
July
Aug
Sept
Oct
Nov
Dec
1990: Jan
Feb
Mar
Apr
May
June ....
1
2
Unemployment
rate,
all
workers '
By race
By sex and age
All
civilian
workers
Men
20 years
and over
Women
20 years
and
over
7.5
9.5
9.5
7.4
7.1
6.9
6.1
5.4
5.2
7.5
7.2
7.0
6.2
5.5
5.3
8.8
8.9
6.6
6.2
6.1
5.4
4.8
4.5
5.2
5.2
5.2
5.3
5.2
5.3
5.3
5.3
5.3
5.3
5.3
5.3
5.3
5.3
4.4
4.4
4.5
4.8
4.5
4.6
4.6
4.8
4.9
4.7
4.5
4.8
4.8
4.8
5.2
5.2
5.1
5.3
5.3
5.1
5.3
5.3
5.2
5.4
5.3
5.2
4.7
4.6
4.5
4.8
4.7
4.7
4.6
4.8
4.7
4.8
4.6
4.5
7.6
9.7
9.6
6.3
6.8
8.3
8.1
6.8
6.6
6.2
5.4
4.9
4.7
Both
sexes
16-19
vears
19.6
23.2
22.4
18.9
18.6
18.3
16.9
15.3
15.0
15.4
15.1
14.8
15.0
14.9
15.3
15.2
14,5
14.8
14.4
14.7
15.5
14.1
White
6.7
8.6
8.4
6.5
6.2
6.0
5.3
4.7
4.5
4.5
4.5
4.5
4.5
4.5
4.5
4.6
4.5
4.6
4.5
4.8
4.6
4.5
Unemployed as percent of total labor force including resident Armed Forces.
Aggregate
hours
lost bv the unemployed and persons oil part time for economic reasons as per66
to
•
12
Black
and
other
14.2
17.3
17.8
14.4
13.7
13.1
11.6
10.4
10.0
10.2
9.6
9.7
10.2
10.2
10.3
10.2
10.1
9.2
9.4
9.1
9.3
9.4
By selected groups
Black
15.6
18.9
19.5
15.9
15.1
14.5
13.0
11.7
11.4
11.8
11.0
11.2
11.7
11.7
11.9
11.8
11.3
10.5
10.6
10.4
10.4
10.4
Experienced
wage and
salary
workers
7.3
9.3
9.2
Married
men,
spouse
present
4.3
Women
who
maintain
families
10.4
11.7
12.2
10.3
10.4
Fulltime
workers
Parttime
workers
Labor
iorce
time lost
(percent) 2
8.5
7.3
9.4
10.5
10.4
8.1
8.1
9.6
9.5
7.2
6.8
6.6
5.8
5.2
4.9
9.3
9.3
9.1
8.4
7.6
7.3
8.6
8.1
7.9
7.1
6.3
5.9
7.1
6.8
6.6
5.8
5.2
5.0
6.5
6.5
4.6
4.3
4.4
3.9
3.3
3.0
5.0
5.0
5.0
5.0
5.0
5.1
5.0
2.9
3.0
3.1
3.3
3.0
3.1
3.0
7.9
8.5
8.0
7.7
7.8
8.2
8.1
4.9
5.0
4.9
5.0
4.9
5.0
5.0
7.7
7.2
7.1
7.3
7.1
7.4
7.5
6.0
6.0
6.0
6.0
5.9
5.9
6.0
5.1
5.1
5.0
5.2
5.0
5.0
3.4
3.0
3.2
3.3
3.3
3.2
7.5
7.5
8.4
7.5
7.4
8.0
5.0
4.9
4.9
5.1
4.9
4.8
7.0
7.4
7.2
7.1
7.4
7.6
6.0
5.9
5.9
6.2
6.0
5.9
9.8
9.2
cent of potentially available labor force hours.
.
source: Department of Labor, Bureau of Labor statistics.
11.0
10.9
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In June, 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. The mean duration of unemployment rose
and the median fell.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION*
70
70
REASON FOR UNEMPLOYMENT
60
60
-
50 -
50
JOB LOSERS
40
—
30
20
-
10
NEW ENTRANTS
iiiii1i11ti
1990
1986
1986
1111111111
1988
1987
1989
1990
* SEASONALLY ADJUSTED
SOURCE; DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Duration of unemployment
Unemployment
(thousands)
Period
ercent d stributio
Less
than
5
weeks
5-14
weeks
15-26
weeks
Keason for .unemployment:
pereent distribution
State
programs
Number of
weeks
weeks
and
over
Average
(mean)
Median
Job
Sosers
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
"all
regular
programs
(unadjusted) l
Weekly average, thousands
1989
1989' June
July
Sept
Get
No
D e
1990- .Jai
Peb
Ma
AD
Ma
30.7
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
13.6
16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
14.0
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
13.7
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
6.9
8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
51.6
58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
"I
7.7
9.6
10.6
12.3
13.0
14.7
15.7
25.4
22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
11.9
11. 1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
3,047
4-.061
3,396
2,476
2,611
2,650
2,332
2,193
2,269
0,569
8,577
6,520
6,604
6,563
6,652
6,658
41.7
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
49.8
47.9
48.3
48.3
48.4
48.8
49.5
30.5
29.9
31.0
31.0
30.5
29.8
30.1
10.4
12.7
11.7
11.7
11.4
11.5
10.9
9.3
9.5
9.0
9.0
9.7
9.8
9.5
11.2
11.9
11.4
11.5
11.7
11.6
11.5
5.4
5.4
5.0
5.0
5.0
4.8
4.8
43.0
44.5
46.2
44.9
45.5
46.3
46.3
15.6
15.5
16.1
15.8
15.2
15.7
15.8
30.4
29.0
27.6
29.4
28.9
27.6
27.7
11.1
11.0
10.0
9.9
10.5
10.4
10.3
6,535
6,594
6,495
6,770
6,653
6,447
47.5
47.8
48.6
47.4
45.6
46.9
30.7
31.5
31.1
32.2
33.7
31.5
11.8
11.1
10.7
10.3
11.5
11.7
9.9
9.7
9.6
10.2
9.2
9.9
12.1
11.7
12.0
12.1
11.6
12.0
5.1
5.4
5.1
5.0
5.4
5.1
48.5
47.1
46.3
46.8
47.4
48.7
15.5
15.3
15.5
17,5
15.2
15.4
26.3
27.4
28.4
26.5
27.2
27.7
9.7
10.3
9.8
9.2
10.2
8.3
8,273
10,678
10,717
8,539
8,312
8,237
7,435
6,701
6,528
1981
1982
1983
1084
1 985
1986
1987
1988
.
. ..
.
...
.
.
.
!
Include State (50 States, District of Columbia, Puerto Rieo, am Virgin Is uncts), ex-servicemen (tlCX), Federal (UOFK), and railroad (RR) programs. Also ine ides Federal and State extended benefit programs. Does not include Federal siippkznenlal compensation program.
2,133
2,194
2,169
2,208
2,295
2,305
2,373
460
583
438
377
396
378
328
310
330
331
3.34
323
331
366
348
367
3,410
4,594
3,775
2,561
2,693
2,746
2,401
2,248
2,324
1,936
2,108
2,007
1,863
1,912
2,146
2,518
2,367
2,334
2.349
2,381
2,400
2,442
359
357
347
360
351
357
3,05,9
2,992
2^843
2,526
2,268
Source: Department of Labor (Bureau of Labor Statistics and Umplovment ami Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 40,000 in June.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
110
28
100
26
_
ALL NONAGRICULTURAL
ESTABLISHMENTS
SERVICES
—
_„.
__.,-
-
^,-*
-
24
90
-
——•''""'"
22
\
80
—
SERVICE-PRODUCING
INDUSTRIES
70
-
RET/ UL TRADE
20
r
18
60
16
•
•
"•
GOVERNME NT
X"
\
-
__
ijuTiTmn miilim) iiiulimi
Illllllllll
n i n 1 1 1 1 in
50
40
(Illlfllli! (illlllllll iilllllllli
GOODS-PRODUCING
INDUSTRIES
30
20 illi 1 1 1 1 1 1 1 1 1
1986
1987
1989
1988
1990
1986
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; l seasonally adjusted]
Service-producing industries
Goods-producing industries
Period
Total
nonagricultural
employment
Total 2
~
(Construction
Manufacturing
Total
Durable
goo s
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
Retail
trade
Finance,
insurance,
and real
estate
Services
Government
Total
Federal
1981
1982
1983
1984
1985
1986
1987
1988
1989
91,156
89,566
90,200
94,496
97,519
99,525
102,200
105,584
108,581
25,497
23,813
23,334
24,727
24,859
24,558
24,708
25,249
25,634
4,188
3,905
3,948
4,383
4,673
4,816
4,967
5,125
5,300
20,170
18,781
18,434
19,378
19,260
18,965
19,024
19,403
19,612
12,109
11,039
10,732
11,505
11,490
11,230
11,194
11,437
11,536
8,061
7,741
7,702
7,873
7,770
7,734
7,830
7,967
8,076
65,659
65,753
66,866
69,769
72,660
74,967
77,492
80,335
82,947
5,165
5,082
4,954
5,159
5,238
5,255
5,372
5,548
5,705
5,358
5,278
5,268
5,555
5,717
5,753
5,844
6,029
6,234
15,189
15,179
15,613
16,545
17,356
17,930
18,483
19,110
19,575
5,298
5,341
5,468
5,689
5,955
6,283
6,547
6,676
6,814
18,619
19,036
19,694
20,797
22,000
23,053
24,236
25,600
26,892
16,031
15,837
15,869
16,024
16,394
16,693
17,010
17,372
17,727
2,772
2,739
2,774
2,807
2,875
2,899
2,943
2,971
2,988
1989: June...
July....
Aug....
Sept....
Get
Nov....
Dec
108,607
108,767
108,887
109,096
109,171
109,452
109,570
25,648
25,669
25,694
25,614
25,603
25,609
25,532
5,283
5,314
5,321
5,325
5,335
5,355
5,304
19,650
19,649
19,644
19,559
19,537
19,517
19,489
11,567
11,549
11,551
11,480
11,457
11,439
11,409
8,083
8,100
8,093
8,079
8,080
8,078
8,080
82,959
83,098
83,193
83,482
83,568
83,843
84,038
5,716
5,736
5,618
5,709
5,729
5,753
5,834
6,230
6,237
6,256
6,264
6,278
6,300
6,311
19,551
19,586
19,621
19,632
19,679
19,744
19,718
6,808
6,815
6,836
6,852
6,851
6,871
6,885
26,931
26,973
27,058
27,159
27,188
27,345
27,419
17,723
17,751
17,804
17,866
17,843
17,830
17,871
2,995
3,000
2,999
2,996
2,984
2,982
2,974
109,931
110,304
110,427
Apr r... 110,401
May r.. 110,757
June " 110,797
25,518
25,686
25,606
25,481
25,440
25,397
5,418
5,485
5,432
5,323
5,306
5,292
19,355
19,452
19,423
19,403
19,376
19,345
11,287
11,398
11,385
11,350
11,340
11,322
8,068
8,054
8,038
8,053
8,036
8,023
84,413
84,618
84,821
84,920
85,317
85,400
5,850
5,865
5,875
5,875
5,894
5,909
6,332
6,332
6,342
6,335
6,346
6,353
19,822
19,794
19,785
19,812
19,825
19,818
6,896
6,916
6,922
6,921
6,929
6,933
27,557
27,709
27,783
27,763
27,847
27,963
17,956
18,002
18,114
18,214
18,476
18,424
2,998
3,006
3,088
3,155
3,345
3,264
1990: Jan
Feb
Mar
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived
from this table- not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes, bad
14
weather, etc., even if they are not paid for the time off; and which are b ised on a sample of the
working-age population, whereas the estimates in this table are based on reports from employing
establishments.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY
EARNINGS
PRIVATE NONAGRICULTURAli INDUSTRIES
[For production or noiisupervisory workers; monthly data seasonally adjusted, except as noted]
_
Average gross hourly
earnings
Average weekly hours
Average gross weeklv earnings
Total private
nonagricultura] l
Manufacturing
Total
private
iionagricultural:
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989' June
July
Oct
Nov
1990-
Jan
Feb
Mar
.
June *
Total
Total
private
nonagricultural l
Overtime
Manufacturing
Current
dollars
1877
dollars 2
h
Current dollars
Manufacturing
Construction
Retail
trade
1'ercent change from a
year earlier, total
private
nonagricultura! a
Current
dollars
1977
dollars
40.1
40.7
40.5
40.7
41.0
41.1
41.0
2.8
2.3
3.0
3.4
3.3
3.4
3.7
3.9
3.8
$7.25
7.68
8.02
8.32
8.57
8.76
8.98
9.29
9.66
$7.99
8.49
8.83
9.19
9.54
9.73
9.91
10.18
10.47
$255.20
267.26
280.70
282.86
299.09
304.85
312.50
322.36
335.20
$170.13
168.09
171.26
172.78
170.42
171.07
169.28
167.81
166.52
$318.00
330.26
354.08
374.03
386.37
396.01
406.31
418.40
429.27
$399.26
426.82
442.97
458.51
464.46
466.75
480.44
493.08
506.72
$158.03
163.85
171.05
174.33
174.64
176.08
178.70
183.62
189.01
8.5
4.7
5.0
4.3
2.1
1.9
2.5
3.2
4.0
-1.5
— 1.2
1.9
.9
-1.4
.4
-1.0
-.9
— .8
34.6
34.8
34.6
34.7
34.7
34.6
34 5
41.0
41.0
41.0
41.0
40.8
40.7
40.6
3.8
3.9
3.8
3.8
3.7
3.7
3.6
9.62
9.69
9.69
9.74
9.78
9.78
9.83
10.45
10.48
10.52
10.55
10.55
10.57
10.61
332.85
337.21
335.27
337.98
339.37
338.39
339.14
165.10
166.85
165.98
166.74
166.85
165.80
165.51
428.45
429.68
431.32
432.55
430.44
430.20
430.77
498.17
511.30
510.73
510.16
5)4.75
521.87
508.64
188.43
190.97
189.22
189.50
191.69
190.37
190.86
3.5
4.2
3.7
3.6
3.5
3.1
3.4
-1.6
— .,9
-.9
-.7
-.9
— 1.4
-1.1
345
34.6
34.6
34.6
34.6
34.7
40.7
40.7
40.8
40.6
41.0
41.0
3.7
3.6
3.6
3.5
3.8
3.8
9.83
9.88
9.92
9.95
9.98
10.01
10.55
10.65
10.71
10.73
10.81
10.83
339.14
341.85
343.23
344.27
345.31
347.35
163.68
164.11
164.22
164.57
164.90
164.86
429.39
433.46
436.97
435.64
443.21
444.03
518.93
521.08
514.55
499.82
512.79
523.22
192.67
193.92
195.08
196.04
196.91
197.20
2.7
3.8
3.8
2.3
4.0
4.0
-2.4
-1.3
-1.3
-2.1
35.2
34.8
35.0
35.2
34.!)
34.8
34.8
34.7
34.7
39.8
38.9
1
Also includes other private industry groups shown on p. 14.
Current dollar earnings divided by the consumer price index for urban wage earners and clerical
workers (on a 1977 = 100 base).
2
3
9
— .5
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of E-iabor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
[Not seasonally adjusted]
Percent change from
Index (June 1989 = 100}
3 months earlier
Period
1981' Dec
198219831984'
1985'
1986'
1987198819891987'
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Sept
Dec
1988- Mar
. ..
Dec
1989- Mar
Dec
1990- Mar
. ...
Total
compensation
Wages and
salaries
71.2
75.8
80.1
84.0
87.3
90.1
93.1
97.6
102.3
92.5
93.1
94.5
95.7
96.6
97.6
98.8
100.0
101.2
102.3
103.9
105.2
73.0
77.6
81.4
84.8
88.3
91.1
94.1
98.0
102.0
93.5
94.1
95.0
96.1
97.0
98.0
99.0
100.0
101.2
102.0
103.2
104.5
Benefits '
66.6
71.4
76.7
81.7
84.6
87.5
90.5
96.7
102.6
89.6
90.5
93.4
94.7
95.7
96.7
98.4
100.0
101.4
102.6
105.5
106.9
1
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the
influence oi employment shifts among occupations and industries.
12 months earlier
Total
compensation
Wages and
salaries
2.0
1.3
1.3
1.3
.6
.7
.6
1.0
1.1
1.0
.6
1.8
1.2
1.1
1.2
.6
.6
.6
1.0
.8
1.0
.6
2.1
1.4
1.3
1.4
.5
.6
1.0
3.0
1.2
.7
1.0
9.9
6.5
5.7
4.9
3.9
3.2
3.3
4.8
4.8
3.4
3.3
8.8
6.3
4.9
4.2
4.1
3.2
3.3
4.1
4.1
3.2
3.3
12.1
7.2
7.4
6.5
3.5
3.4
3.4
6.9
6.1
3.0
3.4
1.5
1.3
.9
1.0
1.2
1.2
1.2
1.1
1.0
1.2
.9
1.0
3.2
1.4
1.1
1.0
3.3
3.8
3.7
4.1
5.9
6.4
6.8
6.9
1.0
1.0
1.2
.8
1.8
1.6
1.4
1.2
1.6
1.3
1.2
1.3
2.8
1.3
3.8
4.5
4.4
4.8
4.6
4.5
4.8
4.8
5.2
5.2
4.2
4.1
4.3
4.1
4.2
4.5
5.4
5.6
6.0
6.1
7.2
6.9
Benefits l
Total
compensation
Wages and
salaries
Benefits
l
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Business
sector
Compensation per
hour 3
Hours of all
persons 2
Output *
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Unit labor costs
Implicit price 1
deflator 5 "
Business
sector
Nonfarm
business
sector
Business
sector
Nonfan
busiriesi
sector
1977 = 100; quarterly data seasonally adjusted
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1982:
1983:
1984:
1985:
1986:
1987:
IV
IV
IV
IV
IV
IV
1988- I
II
in
IV
1989- I
II
HI
IV
1990: I
99.4
101.0
100.2
102.6
105.2
107.3
109.8
111.1
113.0
114.2
100.9
103.5
105.7
108.3
109.8
112.5
113.2
112.6
113.4
113.5
113.8
114.2
114.7
114.8
114.1
99.0
100.0
99.1
102.0
104.2
106.7
108.9
105.5
109.9
119.2
106.7
108.5
104.9
110.1
119.2
107.3
107.9
105.3
107.2
113.3
107.8
108.5
105.9
108.0
114.4
131.8
144.1
154.9
160.8
167.4
105.6
107.7
108.9
111.1
112.1
124.2
128.0
133.4
140.0
144.8
*23.9
127.6
133.1
140.3
145.0
115.7
116.6
120.1
123.9
126.8
117.4
118.4
122.2
126.3
129.4
174.8
183.8
191.0
99.5
103.0
104.5
106.2
107.6
110.2
105.0
113.6
120.8
125.9
128.9
136.7
104.2
114.1
120.7
125.5
128.4
136.4
104.1
109.7
114.3
116.2
117.4
121.5
104.7
110.8
115.5
118.1
119.3
123.7
111.0
110.5
111.5
112.0
138.2
139.3
140.7
141.9
138.0
139.5
141.1
142.8
122.1
123.8
124.0
125.0
124.3
126.2
126.6
127.5
111.6
111.9
112.6
112.7
143.6
144.4
145.6
145.7
143.6
144.6
145.9
146.0
126.2
126.4
127.0
127.0
128.6
129.2
129.6
129.5
112.0
146.1
146.4
128.0
130.8
200.2
211.2
158.2
163.2
169.9
178.6
187.4
195.1
196.4
199.1
201.9
204.5
206.9
210.4
212.8
215.7
218.2
131.6
144.0
154.7
160.8
167.2
174.0
182.9
189.8
198.7
209.5
158.0
162.9
169.6
177.5
186.4
193.8
195.0
197.5
200.2
203.0
205.5
208.3
211.0
214.1
216.3
97.0
96.1
97.3
97.8
97.6
96.7
96.0
97.1
97.8
97.5
132.6
142.7
154.5
156.7
159.1
132.9
144.0
156.1
157.6
160.4
127.6
139.8
148.1
153.0
158.2
127.8
140.3
149.2
154.3
159.0
98.4
101.7
101.9
102.5
103.2
98.0
101.1
101.2
101.8
102.4
162.8
167,5
171.9
177.1
184.9
164.9
169.8
174.2
178.8
186.9
162.2
165.6
170.0
174.9
181.7
163.8
167.6
172.0
176.5
183.3
97.9
97.8
97.8
99.3
102.8
102.5
97.8
97.6
97.6
98.7
102.3
101.8
156.8
157.7
160.7
164.9
170.6
173.5
158.7
158.2
162.3
167.1
173.2
175.8
150.2
155.2
159.8
163.7
167.1
171.3
151.4
156.2
161.0
165.5
169.2
173.4
102.3
102.6
102.8
103.0
101.5
101.8
101.9
102.3
173.5
176.9
178.0
180.2
175.7
178.7
179.6
181.3
171.9
174.1
175.8
177.9
173.8
175.6
177.0
179.6
102.8
103.0
103.5
103.9
102.1
102.0
102.6
103.1
181.9
184.1
185.6
187.9
184.1
186.1
187 A
189.9
179.4
181.4
182.4
183.7
180.8
182.8
184.0
185.6
103.0
102.2
191.1
193.2
186.1
187.7
Percent change; quarterly data at seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
-1.1
2.1
31
4^2
8.4
-1.2
1.7
-3.3
5.0
8.3
08
.6
24
1.8
5.7
07
2.4
2.6
-0.4
1.1
9
3.0
2.1
2.0
2.3
1.2
1.7
1.1
1.3
2.0
1.1
2.0
.9
4.2
3.1
4.2
4.9
3.4
3.9
3.0
4.4
5.4
3.3
2.2
.8
3.0
3.2
2.3
2.6
.9
3.2
3.4
2.4
2.6
3.3
1.5
1.5
.8
2.8
2.0
1.6
.9
.8
.4
2.5
-.5
10.4
3.5
3.6
4.0
7.1
-1.2
9.8
3.1
3.5
3.7
7.0
-3.0
6.8
2.0
2.1
3.2
4.2
-3.1
8.1
2.2
2.7
3.3
4.3
2.5
2 j
3.1
.2
2.8
-1.6
3.3
1.9
4.4
3.3
4.0
3.4
4.8
4.4
4.6
4.8
1.9
5.5
.9
3.2
2.0
6.1
1.2
2.8
10.5
9.3
7.5
3.8
4.1
4.4
5.2
3.9
4.8
5.5
4.1
5.7
3.5
6.3
5.1
7.2
2.6
5.7
5.8
5.2
1.1
1.6
1.5
.4
-1.3
1.1
2.4
.5
4.8
2.3
3.5
.3
2.4
2.8
3.7
.3
3.7
.6
1.9
.0
3.7
1.7
1.3
-.2
4.8
6.8
4.7
5.6
-2.7
1.1
1.0
3.4
3.9
4.7
-0.3
1.5
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
Y
IV
IV
IV
IV
IV
IV
1988- I
n
m
IV
1989- I
n
m
IV
1990- I
-2.1
.6
24
2.0
6.0
1
Output refers to gross domestic- product originating in the sector in 1982 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price index for all urban consumers.
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
16
10.5
9.5
7.4
4.0
3.9
4.1
5.1
3.7
4.7
5.5
4.6
4.4
3.5
5.8
5.1
7.1
2.5
5.4
5.4
5.9
4.9
5.6
5.3
6.0
4.1
-2.6
g
1.2
.6
-.2
-2.6
— .7
1.1
.7
-.4
10.9
7.7
8.3
1.4
1.5
11.0
8.3
8.4
1.0
1.8
9.0
9.6
5.9
33
3.3
.8
3.3
,2
.6
.7
.5
3.2
.1
.5
.6
2.3
2.8
2.6
3.0
4.4
2.8
3.0
2.6
2.7
4.5
2.5
2.1
2.6
2.9
3.9
3.0
2.3
2,6
2.7
3.8
2.8
1.6
.0
2.1
2.2
3.3
3.3
.3
.0
1.6
2.2
3.2
1.5
2.3
2.0
4.8
4.2
4.3
2.6
2.8
2.6
5.0
4.7
4.5
2.4
4.8
2.7
2.6
1.0
1.4
3.0
3.1
3.3
2.1
1.0
1.7
-.8
1.2
.7
.8
-.9
.9
.5
1.5
.1
8.0
2.6
5.0
-.3
7.1
2.0
3.8
1.5
5.1
4.1
4.8
1.0
4.3
3.2
5.9
-.6
.8
1.9
1.5
-.5
-.4
2.4
1.9
3.7
5.1
3.2
5.2
6.2
4.5
2.3
5.5
3.3
4.6
2.2
2.9
2.8
4.4
2.7
3.4
7.0
7.0
5.4
4.6
-3.2
-3.7
9
-'l
9.7>
6.3
3.5
3.0
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Beginning with data released August 3, 1989, hours of labor input are defined as hours at the
work site rather than hours paid.
Data do not reflect revisions beginning 1987 of GNP and related items published July 27, 1990.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization rose in June.
INDE X, 1987=100' (RATIO SCALE]
INDE X, 1987=100' (RATIO SCALE)
115
130
TOTAL INDUSTRIAL PRODUCTION
110
-"^
105
^r^
100
90
115
MANUFACTURING PRODUCTIOJN^^
DURABLE
j^'\.~
iiiuiiini iiiuiiini
85
95
iifimmilmiilirm imilimi miilmu mrilimi
90
\
100
-V^
VX^^-
88
90
CAPACITY UTILIZA 'ION RATE
. (TOTAI INniJSTRY)
86
r-
84
/-*
k /^/^ ^/\
yH1—'
82
vy
•x ^yi^ MINING
iiliiluni iiiuiiini Illllllllll Illllllllll lilllllllLl
95
Illllllllll
PERCTNT*
^
115 -UTILITIES AND MINING PRODU CTION A
1
110
\
UTILITIES
,
,-.
_,' \
105
.'-''
-S ^-^t — — .DEFENSE AND SPACE
- EQUIPMENT
^/^
90
JRABLE
GOODS
x
95
-"~"'"\l
NOND
r'
.
fj
/
-£.
100
^-
/]
V
*—/ /
CONSUMER
y
105
/^-
110
100
BUSINESS
tUUIPMENI
110
iiniiiiiii Illllllllll Illllllllll
^
105
A_
120
115
95
-
FINAL PRODUCTS
125
1K^
^—-1 [—~^
1
—^
^^
\
/"^
^-~^~s^f
80
78
76
Illllllllll Illllllllll
Illllllllll IIIMllllll
muliim
'SEASONALLY ADJUSTED
(Monthlv data seasonally adjusted]
Industry production indexes, 1987=100
Total
industrial
production
Period
Index,
1987 = 100
1980
1981
1182
1983
1984
1985
1986
1987
1988
1989
1089- June
July
Sept
Oct
Isov
Dec
1990- Jan
Feb
Mar r
Apr r
May r
June p
Capacity utilization
rate, percent l
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
84.1
85.7
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
— 1.9
1.9
-4.4
3.7
9.3
1.7
1.0
4.9
5.4
2.6
78.8
80.3
76.6
80.9
89.3
91.6
94.3
100.0
105.8
108.9
75.7
77.4
72.7
76.8
88.4
91.8
93.9
100.0
107.6
110.9
83.1
84.5
82.5
87.0
90.8
91.5
94.9
100.0
103.6
106.4
110.0
1 14.3
109.3
104.8
111.9
109.0
101.0
100.0
101.8
100.5
95.9
94.3
91.8
93.6
97.0
99.5
96.3
100.0
104.4
107.1
82.1
80.9
75.0
75.8
81.1
80.3
79.2
81.4
84.0
84.2
80.2
78.8
72.8
74.. 9
80.4
79.5
79.0
81.4
83.9
83.9
108.4
107.8
108.2
108.2
107.7
108.1
108.6
3.2
1.6
1.7
1.9
1.1
1.1
1.1
109.3
108.6
109.1
109.1
108.4
108.9
108.8
111.8
110.6
111.3
111.5
109.4
1 1 0. 1
110.4
106.2
106.1
106.2
106.0
107.2
107.3
106.7
100.4
100.0
100.7
101.6
100.7
101.2
100.1
106.3
106.6
106.2
105.9
107.4
108.3
116.1
84.6
83.9
84.0
83.9
83.3
S3./5
83.7
84.4
83.6
83.8
83.6
82 9
83.0
82.8
107.5
108.5
108.9
108.7
109.3
109.8
<>
.8
1.1
108.1
109.6
109.8
109.3
110.2
110.7
108.6
110.7
111.9
110.9
112.4
113.0
107.5
108.3
107.2
107.3
107.4
107.8
101.7
101.0
101.1
103.3
102.6
101.0
106,8
104.0
106.2
106.2
106.9
109,2
82.7
83.2
83.4
83.0
83.3
83.5
82.0
83.0
82.9
82.3
82.7
82.9
o
1
ij
1?
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987=100; monthly data seasonally adjusted]
Products
Materials
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
....
...
...
.
July
Oct
Nov
Dec
1990' Jan
Feb
Mar
T
Mav '
June "
1
....
Durable
goods
Nondurable
goods
Total '
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Energy
80.0
82.1
80.8
83.0
91.0
942
95.7
100.0
105.6
109.1
85.3
85.8
84.5
88.8
92.8
93 7
96.8
100.0
104.0
106.7
73.5
74.0
68.7
79.7
91.0
91.6
94.5
100.0
104.9
107.9
89.1
89.6
89.7
91.9
93.4
94.4
97.6
100.0
103.7
106.4
74.6
78.2
77.0
76.8
89.2
94.8
94.5
100.0
107.6
112.3
73.5
76.1
72.9
71.9
85.4
91.1
93.2
100.0
111.8
119.1
57.4
58.5
65.7
71.8
78.9
89.4
96.0
100.0
98.0
97.4
77.0
77.0
75.1
80.3
86.2
88.3
92.0
100.0
104.4
106.8
80.8
78.4
72.2
80.2
86.2
89.1
93.8
100.0
104.4
106.1
74.2
75.7
77.0
80.3
86.2
87.7
90.7
100.0
104.4
107.3
91.3
92.8
85.1
88.3
96.6
96.6
95.9
100.0
105.6
107.4
106.2
104.3
100.7
98.9
103.8
103.4
99.4
100.0
101.8
101.4
1C9 8
108.7
109.1
109.6
1085
109.4
110.3
106.3
105.2
105.6
106.3
107.3
107.4
108.3
108.4
105.6
105.8
107.6
106.8
105.7
106.8
105.8
105.1
105.6
106.0
107.4
107.8
108.7
1 14.3
113.2
113.6
113.8
110.1
112.0
112.9
121.4
119.9
120.4
120.7
116.0
118.7
119.9
98.3
98.7
98.9
98.9
96.6
96.7
96.6
106.7
106.7
106.4
106.3
106.9
107.3
107.9
106.2
106.5
105.5
105.2
106.3
107.0
107.4
107.0
106.8
106.9
107.0
107.3
107.5
108.2
107.6
107.3
107.8
107.4
107.1
107.0
106.9
101.0
100.1
101.7
101.6
101.3
101.9
102.7
108.5
109.7
110.7
110.2
111.2
112.0
106.0
107.0
107.5
106.9
107.5
108.2
99.4
106.2
110.8
107.1
109.8
112.1
107.8
107.2
106.6
106.9
106.8
107.2
111.8
113.3
114.9
114.5
116.1
116.9
118.0
120.1
122.2
121.4
123.4
124.6
97.5
97.6
97.5
97.2
97.5
97.4
108.0
108.4
108.2
107.8
108.0
108.0
107.9
108.2
107.3
106.5
106.0
105.5
108.0
108.5
108.9
108.6
109.3
109.7
106.2
107.1
107.1
107.2
107.6
107.8
101.2
101.7
102.0
102.2
101.8
101.2
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987 — 100; monthly data seasonally adjusted]
Durable manufactures
Primary metals
Period
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
...
1989- June
July
Sept
Oct
Nov
Dec
.
.
- -
1990- Jan
Feb
Mar '
MP • *
June p
Source: Board of Governors of the Federal Reserve System.
18
Iron
and
steel
Fabricated
metal
products
Nondurable manufactures
Transportation
equipment
Nonelectrical
machinery
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber and
products
Apparel
products
Printing
and
publishing
Chemicals
and
products
Foods
110.8
117.5
83.2
91.0
102.4
101.8
93.8
100.0
110.3
109.2
126.0
135.1
86.2
96.1
105.9
104.5
90.8
100.0
113.8
109.3
92.5
91.1
83.2
85.5
93.3
94.5
93.8
100.0
106.2
107.2
60.6
65.9
63.9
64.3
80.8
86.8
90.4
100.0
113.8
121.8
73.3
75.4
75.9
80.3
94.1
93.1
94.3
100.0
106.5
109.5
72.3
68.7
64.8
72.7
83.1
91.8
96.9
100.0
105.0
107.2
67.0
64.4
58.8
74.5
90.6
99.0
98.5
100.0
105.5
104.9
76.9
74.7
67.3
79.9
86.0
88.0
95.1
100.0
104.6
103.0
89.2
91.0
90.1
93.8
95.7
92.6
96.3
100.0
102.2
104.3
70.3
72.1
75.2
79.0
84.5
87.6
90.7
100.0
103.6
108.5
87.8
89.2
81.8
87.5
91.4
91.4
94.6
100.0
105.4
108.5
84.6
86.5
87.7
90.1
92.1
94.9
97.4
100.0
102.8
105.5
108.7
108.8
111.7
109.9
108.6
104.8
102.6
107.1
107.5
109.8
109.7
109.2
104.1
100.3
108.3
107.6
106.5
106.0105.9
106.9
106.3
123.4
121.6
121.8
123.4
119.0
122.9
123.8
109.1
108.6
110.6
110.8
110.2
110.1
110.1
109.0
106.6
107.8
108.0
102.1
102.8
104.4
105.0
99.6
102.7
103.2
99.7
99.0
98.7
103.5
102.8
102.4
102.6
103.2
104.8
106.4
105.2
104.4
104.7
104.5
103.9
103.7
102.6
108.6
106.6
107.8
109.4
109.3
109.6
109.6
109.1
109.7
109.6
107.5
109.4
109.8
107.6
104.2
104.0
104.8
105.4
106.8
107.4
108.0
105.0
107.9
105.4
106.4
105.4
106.4
104.6
110.6
106.1
106.7
104.5
105.1
105.1
105.6
105.5
105.0
106.9
106.7
123.7
124.2
125.2
125.4
126.4
126.6
110.1
111.0
112.3
111.1
111.6
111.9
94.7
103.5
107.9
105.1
109.1
111.4
76.8
94.1
103.5
95.8
103.8
108.2
106.0
104.3
105.0
103.3
102.9
101.1
102.4
102.1
99.8
98.8
99.2
99.1
110.7
112.1
111.4
111.1
112.4
113.0
109.9
110.5
109.5
110.3
109.5
110.5
106.8
107.4
107.1
106.8
106.7
106.5
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
Total new
construction
expenditures
Period
Residential
Total
New housing
units
Total '
Commercial
and
industrial z
Other
Federal,
State, and
local
Total value
index
(1982=100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
256.5
267.7
255.7
290.9
340.7
368.7
398.2
1980 '
1981 r
1982
1983
1984
1985
1986
1987
1988
1989
*
'
r
.
'
'
'
' ....
410.2
422.1
432.1
r
192.8
203.0
192.6
227.5
270.5
290.9
313.6
319.6
327.1
333.5
100.4
99.2
84.7
125.5
153.8
158.5
187.1
194.7
198.1
196.6
69.6
69.4
57.0
94.6
113.8
114.7
133.2
139.9
138.9
139.2
46.7
55.0
58.7
53.8
68.6
82.7
78.0
76.5
79.8
85.5
45.7
48.7
49.2
48.1
48.0
49.7
48.5
48.5
49.2
51.5
63.6
64.7
63.1
63.5
70.2
77.8
84.6
90.6
95.0
98.6
97
100
100
124
136
150
159
165
166
170
83.2
85.8
85.2
87.3
87.2
88.6
86.8
83.3
85.0
88.2
87.2
85.3
83.4
51.2
51.0
51.3
52.1
51.9
51.4
52.2
52.0
52.9
51.9
53.3
53.4
53.4
100.9
97.8
95.7
99.0
101.3
97.1
103.5
107.0
107.9
112.5
109.9
104.5
109.1
167
172
171
169
186
180
167
166
160
156
160
148
156
153
Annual rates
Annual rates
1989- May r
434.7
431.8
July
r
Sept
r
429.0
433.9
433.4
429.3
433.4
432.0
Oct r
Nov '
Dec "
1990- Jan T
Feb '
Mar '
Apr r
May"
June
1
2
3
446.0
455.6
457.3
447.2
445.6
333.8
333.8
333.3
335.0
332.1
332.1
329.8
325.0
338.1
343.1
347.4
342.7
336.6
199.4
197.1
196.8
195.6
193.0
192.1
190.9
189.6
200.1
203.0
206.9
204.1
199.7
904
919
690
756
955
1,097
1,016
1,019
973
926
140.7
139.6
139.6
138.2
135.8
134.8
135.2
135.3
140.0
144.6
145.3
140.9
136.4
p
909
916
915
805
1,008
892
812
805
883
798
828
745
802
693
Includes residential improvements
Includes hotels and motets.
F.W. Dodge series.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Period
Units started, by type of structure
Total
1,292.2
1,084.2
1,062.2
1,703.0
1980
1981
1982.
1983
1984
1985
1986
1987 ...
1988
1989
1 749 5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1 unit
852.2
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
2-4 units
109.5
91.1
80.0
113.5
121.4
93.4
84.0
65.3
58.8
55.2
5 or more units
330.5
287.7
319.6
522.0
544.0
576.1
542.0
408.7
348.0
317.6
Units
authorized
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
Units
completed
Homes sold
Homes for
sale at end of
period 1
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
545
436
412
623
639
688
750
671
676
650
337
275
253
301
353
346
357
366
367
362
Vacancy rate
for rental
housing units
(percent) 2
5.4
5.0
5.3
5.7
5.9
6.5
7.3
7.7
7.7
7.1
Seasonal y adjusted annual rates
1989" May
July
Sept
Oet
Nov
Dec
1990' Jan
Feb
Mar
Anr r
May '
June
p
1,308
1,414
1,424
1,325
1,263
1,423
1,347
1,273
977
971
1,029
987
969
1,023
1,010
931
43
55
58
54
56
60
47
53
288
388
337
284
238
340
290
289
1,352
1,323
1,281
1,334
1,310
1,362
1.364
1,416
1,444
1,355
1,375
1,437
1,366
1,317
1,486
1,302
651
646
741
719
638
636
687
633
379
376
369
364
364
363
363
362
1,568
1,488
1,307
1,216
1,205
1,177
1,099
1,154
'996
898
893
892
53
42
35
53
39
41
416
292
276
265
273
244
1,739
1,297
1,232
1,108
1,065
1,108
1,443
1,351
r
1,378
1,293
1,353
613
606
365
366
363
363
358
852
' Seasonally adjusted.
2
Quarterly data entered in last month of quarter. Series beginning 1989 not comparable with
earlier data.
r
558
526
538
581
7.4
7.6
7.1
7.5
T.O
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In May, manufacturing and trade sales rose 0.9 percent and inventories rose $3.5 billion. In June, according to
advance data, retail sales rose 0.5 percent, following a decline of 0.6 percent in May.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE)
-^n
,^^\
j^
' ^
'
2W
800
220
-
^T
700
•^~~^\
f
MANUFACTURING AND
TRADE INVENTORIES
600
200
180
-
RETAIL INVENTORIES
160
>-
.- •**
-.,--'"*•
500
f'~
'f'\
/-""
*•„• — '""
400
-~v
RETAIL SA LES
A/ f
120
-
MANUFACTUF(ING
A ND TRADE S ALES
'~*-~f
»x""*' ~
140
100
nii'ilnm iiiulinn
-
-
mnlmn mn'mn
IMillliiil
RATIO*
1.80
-
INVENTORY-SALES RATIO
RETAIL:
300
1.60
1.40
•^y\
-
'\^^.
mulmn mnliim mnlmn Hiiiliini iimSnm
198A
1987
1989
1988
1.00
1990
ii U'l" 1 1 '
1986
'"-i
1
unI ' 1 1 H
I t 1 1 1 1 | | f!111
U11I1
1987
Sales *
Inventories 3
I !1
|
1 111111 1 i i
1990
COUNCIL OF ECONOMIC ADVISERS
Sales
2
Inventory-sales ratio 4
Retail
Who esale
Sales
Period
-
1989
1988
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufacturing and
trade '
*'
MANUFACTURING
AND TRADE
1.20
200
f
Inventories 3
Total
z
Durable
goods
stores
Inventories
3
Total
Durable
goods
stores
61,101
64,939
69,377
73,075
75,738
80,457
85,220
90,678
134,493
147,712
167,748
181,773
186,587
208,112
219,791
235,514
61,469
69,025
79,250
88,464
90,197
105,738
112,254
117,169
90,614
90,646
91,111
91,128
91,727
91,617
92,572
93,121
229,805
231,059
232,127
234,579
236,131
234,942
236,234
235,514
93,660
94,867
94,639
94,266
''93,601
94,454
233,701
232,000
232,562
232,847
233,701
Nondurable goods
stores
Nondurable goods
stores
Manufaeturing
and
trade '
Retail
Millions of dollars, seasonally adjusted
1982
..
1983
1984
1985
1986
1987
1988
1989
..
1989: May r
574,516
591,265
646,072
657,753
657,482
704,515
754,267
795,415
96,290
100,324
113,393
114,626
116,151
124.254
135,176
145,683
128,196
130,906
143,557
148,484
154,713
165,271
180,313
188,819
523,520
521,163
516,216
531,599
527,778
525,160
527,948
526,391
779,084
782,288
789,043
791,798
792,119
794,757
798,104
795,415
145,823
145,512
144,856
146,800
146,981
147,921
148,782
149,584
184,224
184,737
186,113
185,730
185,098
188,103
189,057
188,819
528,549
535,996
538,984
533,603
538,270
797,202
794,016
793,669
7,96,050
799,500
151,968
151,620
152,383
151,458
152,390
.
149,877
189,375
149,904
188,847
149,302
189,361
147,886
190,903
193,279 ''147,040
147,824
r
July
Sept
Oct
Nov
Dec
1990: Jan
Feb
Mar
Apr r.
Mav p
June p
20
28.013
32,631
37,938
41,567
45,121
48,051
52,281
53,794
89,114
97,570
107,316
114,642
120,860
128,509
137,500
144,471
.. 348,754
369,136
408,578
419,283
.. 425,371
451,933
490,309
521,934
r
144,626
144,415
145,438
146,649
147,235
145,244
146,340
145,804
r
54,012
53,769
54,327
55,521
55,508
53,627
53,768
52,683
56,217
55,037
54,663
53,620
r
53,439
53,370
r
1
73,024
78,687
88,498
93,309
96,390
102,374
107,537
118,345
1.67
1.56
1.53
1.56
1.55
1.51
1.49
1.50
1.49
1.44
1.49
1.52
1.56
1.55
1.55
1.60
117,228
117,826
118,248
119,925
121,048
118,450
118,667
117,169
112,577
113,233
113,879
114,654
115,083
116,492
117,567
118,345
1.49
1.50
1.53
1.49
1.50
1.51
1.51
1.51
1.59
1.60
1.60
1.60
1.60
1.62
1.61
1.62
114,194
113,552
113,951
113,730
114,024
119,507
118,448
118,611
119,117
119,677
1.51
1.48
1.47
1.49
1.49
1.56
1.55
1.56
1.57
1.59
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In May, manufacturers' shipments, inventories, and orders rose. In June, according to advance data, durable goods
shipments rose and new orders fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE)
280
240 — SHIPMEh IT^
200 ~^
—-
"
160
--r-^
TOTAL
DURABLE G DODS
•'
_~^* ~* ""
60
DURABLE GOODS
rr-
120
\
iimlmu ninliiiii
. KIFW ni?nFi?c.
200
^~
160
_~—i—'^\
\
60
r
.-—
j**.*^
t- *-
*'"
2.2Q
INVENTORY-SHIPMENTS RATIO
GOODS
V.,/
•"•»
•_^*~. ~.^"
/\.-s
L----\
2.00
1.80
NONDURAtiLE GOODS
80
Illllllllll
RA TIO'
TOTAL
DURA!iLE
120
~- ^—
•
\
|
NONDURABLE GOODS
niiiltnii uiiiliiin
Illllllilll
BILLIONS OF DOLLARS' (RATIO SCALE)
280
240
-V
200
160
DURABLE GC
80
440 —INVENTORIES360
280
_
„- -_,.— ."•— -
120
Xx-
s—•
°*s~~
1.40
60
iiniliiin limliini niniiiin iiinlnni iiinluin
1986
1987
1988
[\
1.60
1989
1.20
^
Ilillllllll
1990
uinhnii miiltnii
1986
1987
Illllllllll IIIIlIlHU
1989
1988
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments l
Manufacturers' inventories 2
Manufacturers' ne\v orders l
Durable goods
Period
Total
Durable
goods
1990
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Capital
goods
industries,
Nondurable goods
Manufacturers'
unfilled
orders 2
11011-
Manufacturers'
inventory —
shipments
ratio 3
deiense
Millions of dollars, seasonally adjusted
1982
1983
1984
1985
1986
1987
1988
1989
1989: May
June
July
Aug
Sept
Oct
Nov
Dec
1990- Jan
Feb
Mar
Apr r
May"
June p
J
2
163,350
171,242
187,869
190,016
188,360
199,170
217,632
231,780
233,071
231,236
225,922
238,150
233,562
231,995
232,826
231,003
226,704
234,472
237,299
234,259
238,840
79,352
84,956
96,623
99,019
99,989
103,291
115,684
122,668
122,962
121,720
117,114
128,347
124,393
121,840
123,209
121,998
116,716
123,224
125,089
122,031
r
!26,571
127,258
248,273
247,095
245,435
246,609
246,592
125,853
126,074
126,311
125,691
125,928
227,572
231,759
241,071
236,026
241,169
311,827
312,647
334,767
327,496
316,182
331,132
354,163
371,082
200,825
200,406
218,771
214,066
208,313
216,598
233,666
246,222
110,109
109,516
108,808
109,803
109,169
110,155
109,617
109,005
365,055
366,492
370,803
371,489
370,890
371,712
372,813
371,082
109,988
111,248
112,210
112,228
112,269
374,126
373,169
371,746
372,300
372,520
Monthly average for year and total for month. Shipments art' the
End of period.
162,273
174,122
189,791
190,918
188,663
201,966
221,627
235,614
241,689
242,295
245,813
246,378
245,621
246,427
247,610
246,222
111,002
112,241
115,996
1 13,430
107,869
114,534
120,497
124,860
123,366
124,197
124,990
125,111
125,269
125,285
125,203
124,860
83,998
86,286
91,246
90,996
88,371
93,879
101,948
109,112
3
233,753
235,157
230,447
236,793
234,354
234,067
239,710
240,752
78,338
87,600
98,581
99,843
100,166
107,770
119,634
126,557
123,524
125,137
122,031
126,766
125,227
124,262
130,175
131,719
117,909
120,782
128,872
123,609
r
128,827
124,690
Annual data aro averages of i
Source: Department of Commer
21,661
22,098
26,243
27,067
26,551
29,707
35,028
38,821
37,290
39,146
41,445
37,130
35,341
35,975
38,901
44,389
38,347
36,094
40,889
36,573
r
36,056
36,158
83,935
86,522
91,209
91,075
88,497
94,197
101,993
109,057
110,229
110,020
108,416
110,027
109,127
109,805
109,535
109,033
109,663
110,977
112,199
112,417
112,342
314,270
349,419
372,586
383,181
387,065
421,243
468,860
514,499
487,913
491,834
496,359
495,002
495,794
497,866
504,750
514,499
515,367
512,654
516,426
518,193
520,522
1.95
1.80
1.74
1.74
1.70
1.62
1.58
1.58
1.57
1.58
1.64
1.56
1.59
1.60
1.60
1.61
1.65
1.59
1.57
1.59
1.56
PRICES
PRODUCER PRICES
In June, the producer price index for all finished goods rose 0.2 percent. Prices of finished consumer foods fell 0.4
percent, while prices of other finished consumer goods rose 0.4 percent. Capital equipment prices rose 0.4 percent.
INDEX, 1982= 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
130
FINISHED GOODS PRICES
SEASONAL AD.USTED
CONSUMER FOODS
\%v ,
»
-
/
120
120
/,-'""
I -—
fs'
CAPITAL EQUIPMENT
i"
'""
110
/•*"" r — "
/
/
'
*
X
*
'
N
110
V
^/"
S,*-*!"*"-**
~*~~" '
100
S\f^
&$
-Sz^y-'
'^^/
—
-./""^
TOTAL
^/
\ ^
—*"
.'""•"
100
\
' \.Xa)NSUMER
GOC)DS
EX CLUDING FOO DS
—
90
i.i.iliiiii
Mlllllllll
1982
1983
iiinhiin iiinlnin iiiiiluni
1985
1984
—
I l l l l i n i i ! Illllllllll
1987
1986
iiinhiin
Illllllllll
1989
1990
1988
SOURCE: DEPARTMENT OF LABOR
90
COUNCIL OF ECONOMIC ADVISERS
[1982=100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
1989:
June
July
Sept
Oct
Nov
Dec
1990: Jan
Feb r.
Mar .
May
1
88.0
96.1
100.0
101.6
103.7
104.7
103.2
105.4
108.0
113.6
114.0
113.6
113.3
114.1
114.7
114.8
115.5
117.7
117.7
117.4
117.1
117.4
117.6
92.4
97.8
100.0
101.0
105.4
104.6
107.3
109.5
112.6
118.7
117.9
118.1
118.5
118.1
119.7
120.7
121.6
124.4
125.3
124.4
123.6
124.3
123.8
86.7
95.6
100.0
101.8
103.2
104.6
101.9
104.0
106.5
111.8
112.7
112.1
111.5
112.8
113.1
112.9
113.5
115.6
115.2
115.1
115.0
115.1
115.6
Intermediate materials for food manufacturing and feeds.
22
85.1
95.8
100.0
100.5
101.1
101.7
93.3
94.9
97.3
103.8
105.6
104.3
102.7
104.5
105.1
104.4
105.3
109.7
108.5
107.8
107.6
107.7
107.9
85.8
94.6
100.0
102.8
105.2
107.5
109.7
111.7
114.3
118.8
118.8
118.9
119.3
120.1
120.0
120.4
120.7
120.9
121.4
121.7
121.9
121.9
122.4
Total
Total
1980
1981 .
1982
1983.
1984
1985
1986
1987
1988
1989
Nondurable
Capital
equipment
Consumer goods
87.1
96.1
100.0
101.2
102.2
103.3
98.5
100.7
103.1
108.9
110.2
109.2
108.2
109.7
110.1
109.7
110.4
113.4
112.7
112.3
112.1
112.2
112.7
Durable
91.0
96.4
100.0
102.8
104.5
106.5
108.9
111.5
113.8
117.6
117.7
117.4
117.8
118.7
118.6
118.7
119.2
118.6
119.0
119.4
119.2
119.3
120.4
Total
finished
consumer
goods
88.6
96.6
100.0
101.3
103.3
103.8
101.4
103.6
106.2
112.1
112.8
112.1
111.6
112.5
113.3
113.3
114.1
117.0
116.8
116.3
115.9
116.2
116.3
Crude materials
Foodstuffs
Foods
Total
and
Other
Total
feeds l
90.3
98.6
100.0
100.6
103.1
102.7
99.1
101.5
107.1
112.0
112.3
112.1
111.8
112.2
112.4
112.2
112.2
113.6
112.7
112.8
112.9
112.8
112.6
105.5
104.6
100.0
103.6
105.7
97.3
96.2
99.2
109.5
113.8
111.6
113.2
112.8
112.7
112.5
113.4
113.1
113.3
112.3
112.8
114.2
115.6
114.1
and
Other
feedstuffs
89.4
98.2
100.0
100.5
103.0
103.0
99.3
101.7
106.9
111.9
112.4
112.0
111.8
112.2
112.4
112.1
112.1
113.6
112.8
112.8
112.8
112.7
112.5
Source: Department of Labor, Bureau of Labor Statistics.
95.3
103.0
100.0
101.3
103.5
95.8
87,7
93.7
96.0
103.1
103.3
103.5
101.1
102.3
102.6
103.2
104.7
107.0
107.3
106.0
102.7
102.6
100.1
104.6
103.9
100.0
101.8
104.7
94.8
93.2
96.2
106.1
111.2
109.6
108.9
109.7
109.0
109.0
111.4
113.9
114.7
115.4
116.3
115.4
112.5
112.9
84.6
101.8
100.0
100.7
102.2
96.9
81.6
87.9
85.5
93.4
94.7
95.5
91.3
93.6
94.1
93.5
94.4
97.5
97.5
94.9
90.3
91.9
87.9
CONSUMER PRICES—ALL URBAN CONSUMERS
In June, the consumer price index for all urban consumers rose 0.5 percent, seasonally adjusted and not seasonally
adjusted. The index was 4.7 percent above its year-earlier level.
INDEX, 1982-84= 100 (RATIO SCALE)
INDEX, 1982-84= 100 (RATIO SCALE)
140
140
SEASONALLY ADJUSTED
130
130
^
^-^
120
CONSUMER PRICES— ALL ITEMS
120
-^"
110
110
f^~ ^-^
100
100
^~
^^
90
90
80
80
70
Miiiliiiit
Illllllllll
1982
1983
nmlmi! miilnm
1984
I I I I l l l l l U Illllllllll
1985
1986
imilmii iimhim iimlnm
1987
1988
1989
iEE NOTE ON TABLE BELOW
SOURCE; DEPARTMEN OF LABOR
70
1990
COUNCIL OF ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
Housing
All items '
Transportation
All
Shelter
Not
Period
seasonally
adjust-
ed
(NSA)
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989:
July
Aue
Sept
Oct
Nov
Dec
1990:
Feb
Mar
May
1
Season-
Rent-
Food
ers'
Total '
ally
adjust-
Total
ed
100.0
82.4
909
96 5
996
103.9
107 6
109.6
113.6
1183
124.0
costs
(Dec.
1982 =
100)
owners'
Maintenance
costs
and
(Dec.
1982 =
100)
repairs
19.8
42.0
81.1
90.4
96.9
99.5
103.6
107.7
110.9
114.2
118.5
123.0
27.9
81.0
90.5
969
99.1
104.0
109.8
115.8
121.3
127.1
132.8
103.0
108.6
115.4
121.9
128.1
133.6
138.9
102.5
107.3
113.1
119.4
124.8
131.1
137.3
0.2
82.4
90.7
96.4
99.9
103.7
106.5
107.9
111.8
114.7
118.0
7.9
Appar-
Medi-
Ener-
and
el and
other
utilities
upkeep
7.5
75.4
86.4
94.9
100.2
104.8
106.5
104.1
103.0
104.4
107.8
6.1
90.9
95.3
97.8
100.2
102.1
105.0
105.9
110.6
115.4
118.6
17.1
83.1
93.2
97.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
4.2
88.4
93.7
97.4
99.9
102.8
106.1
110.6
114.6
116.9
119.2
3.2
97.4
108.5
102.8
99.4
97.9
98.7
77.1
80.2
80.9
88.5
6.2
74.9
82.9
92.5
100.6
106.8
113.5
122.0
130.1
138.6
149.S
7.4
86.0
97.7
99.2
99.9
100.9
101.6
88.2
88.6
89.3
94.3
48.4
80.6
88.3
95.1
100.0
105.0
109.0
112.7
117.0
121.9
127.3
Total '
New
cars
Motor
fuel
cal
care
gy 2
ter,
and
energy
(NSA)
16.3
86.8
93.6
97.4
99.4
103.2
105.6
109.0
113.5
118.2
125.1
124.1
124.4
124.6
125.0
125.6
125.9
126.1
124.1
124.5
124.5
124.8
125.4
125.8
126.3
125.2
125.6
125.9
126.3
126.8
127.4
128.0
122.6
123.3
123.5
123.7
124.2
124.7
125.2
132.3
133.2
133.5
133.7
134.4
135.0
135.6
138.0
139.6
139.1
138.7
139.8
140.5
141.0
136.9
137.6
138.2
138.7
139.4
140.0
140.6
118.3
118.4
118.5
118.6
118.6
119.3
119.5
107.3
107.8
107.8
108.0
108.1
108.7
109.4
118.9
118.3
116.9
118.6
119.4
119.4
119.0
115.7
115.3
114.2
113.9
114:5
114.6
115.0
119.3
118.8
118.5
118.1
118.8
119.8
120.8
94.6
92.9
88.4
87.1
88.4
86.8
86.3
148.7
149.6
150.8
151.9
153.0
154.2
155.1
96.4
95.9
93.8
93.2
94.1
93.8
94.1
127.4
127.7
127.8
128.3
128.8
129.3
129.7
127.4
128.0
128.7
128.9
129.2
129.9
127.7
128.3
128.9
129.1
129.3
130.0
130.5
131.1
131.5
131.2
131.2
132.2
126.1
126.3
126.9
127.0
127.2
128.0
136.3
136.6
137.6
137.9
138.2
139.5
142.3
143.4
143.8
143.9
143.9
144.5
141.1
141.0
142.4
142.8
143.2
144.8
120.4
120.8
121.2
121.2
122.2
121.8
111.6
110.9
111.0
110.5
110.5
110.3
119.0
122.9
124.9
125.0
124.6
124.5
117.4
117.7
117.6
117.7
117.5
118.0
121.6
121.4
121.2
120.9
120.7
120.5
93.4
93.6
92.2
92.5
91.2
93.2
156.1
157.3
158.5
159.8
161.0
162.1
98.9
98.2
97.4
97.0
96.3
96.9
130.4
131.5
132.2
132.6
132.9
133.2
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.-—and motor fuel. Motor oil, coolant, etc.
also included through 1982.
3
Relative importance, December 1989.
2
Fuel
Home-
items
less
iood,
shel-
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeov,
and therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 and 1988 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Change from preceding period
.
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Period
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Total
finished
goods
Excluding
foods
Foods
Capital
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
1981
1982
1983
1984
1985
1986
1988
1989
7.5
1.5
2.0
2.3
3.5
.6
2.8
11.8
7.1
3.6
.6
1.7
1,8
-2.3
2,2
4.0
4,9
,
_
11.4
9.2
3.9
2.0
1.8
2.7
2.1
1.3
3.6
3.8
14.1
8.6
4.2
Q
'.»
2.1
-6.6
4.1
3.1
5.3
O
5.7
5.2
13.4
9.2
4.1
1.6
2.1
1.0
-1.4
2.1
2.5
5.2
Change, month to month
0.2
.9
-.9
1.4
.4
4
.6
0.6
.1
.3
.7
— .1
.3
2
5.8
1.8
-2.1
.4
3.9
5.4
5.0
-2.3
11.3
4.5
.7
.5
.1
.6
-0.6
.2
.3
-.3
1.4
.8
.7
-.3
.7
5.5
7.6
12.4
.7
-6.4
-1.8
3.3
5.7
2.6
5.2
4.1
4.4
3.8
3.7
2.0
7.4
4.4
2.5
3.0
2.8
1.6
2.6
4.2
1.9
1.0
-.8
2.9
3.6
6.4
1.9
0
3
-.3
.3
2
2.3
.7
-.7
-.6
.6
-.4
2.7
-.6
-.4
2
.1
.4
.2
.4
2
.2
0
.4
10.9
10.5
6.7
-2.0
-1,0
.7
16.7
16.1
9.5
— 2.5
-3.2
-1.9
12.5
11.4
7.1
-4.5
-1.8
1.4
3.0
3.4
3.4
3.3
1.7
2.3
7.3
7.9
5.9
4.2
4.6
3.7
11.0
11.8
11.0
6.6
6.1
3.7
0.1
-A
1989' June
July
o
Oct
Nov
Dec
1990' Jan
Feb r
Mar r
.3
6.1
2.4
4.5
2.0
-.5
.4
4.5
3.6
3.4
4.5
4.5
3.9
3.2
6.1
5.1
4.3
4.6
5.0
4.6
4.9
7.8
8.5
4.8
3.7
4.6
4.2
3.4
3.6
2.7
3.2
2.5
2.8
5.9
5.1
4.4
3.5
3.1
3.1
10.6
lartment of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Transportat on
Housing
Period
All
items!
Food
Total '
h
Shelter
Total '
Homeowners'
costs
Renters'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
Newears
Total '
Motor
fuel
Medical
care
Ener-
gy2
All
items
less
food,
shelter,
and
energy
Addendum: All items, percent change
(annua rate)
From
previous
quarter 3
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
12.5
8.9
3.8
3.8
3.9
3.8
1.1
4.4
4.4
4.6
1981
1983
1984
1985
1987
1989
10.2
4.3
3.1
2.7
3.8
2.6
3.8
3.5
5.2
5.6
13.7
10.2
3.6
3.5
4.3
4.3
1.7
3.7
4.0
3.9
15.0
9.9
2.4
4.7
5.2
6.0
4.6
4.8
4.5
4.9
5.1
5.9
6.3
5.0
3.9
3.9
4.5
4.5
5.1
5.9
4.6
5.3
4.7
5.1
13.8
14.4
9.7
1.8
4.2
1.8
-5.6
1.6
2.9
3.2
6.8
3.5
1.6
2.9
2.0
2.8
.8
4.8
4.7
1.0
14.6
10.9
1.8
3.9
3.1
2.6
-5.9
6.1
3.0
4.0
7.4
18.8
6.8
9.4
1.0 -6.5
3.4 — 1.7
2.5 -2.4
3.4
3.1
5.9 -30.7
18.7
1.8
2.1 -2.1
2.3
6.8
9.9
12.5
11.0
6.4
6.1
6.8
7.7
5.8
6.9
8.5
18.0
11.9
1.3
9.8
9.4
6 1
— .5
2
1.8
-19.7
8.2
5
5.0
4.3
3.7
3.3
3.8
5.1
4.1
13.5
10.3
6.2
3.2
4.3
3.6
1.9
3.6
4.1
4.8
47
Change, month to month
1989:
1990:
June
July
Aug
Sept
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
June
0.2
.3
0
2
.5
.3
.4
1.1
.5
.5
.2
.2
.5
1
2
0.2
.3
_2
.3
.4
.5
.5
2.0
.5
.3
9
0
.8
0.3
.8
2
.2
.4
.4
.4
.2
.5
.1
.2
.6
0.5
.7
.1
.5
.4
.4
0.4
1.2
— .4
-.3
.8
.5
.4
.5
_2
.7
.9
.8
.3
.1
.2
.9
0
.4
0.4
.5
.4
.4
.5
A
.4
-0.2
.5
0
2
.1
.6
.6
-0.5
— .5
-1.2
1.5
.7
0
-.3
-0.1
-.3
— 1.0
-.3
.5
.1
.3
-0.2
-.4
-.3
-.3
.6
.8
.8
-0.7
-1.8
-4.8
-1.5
1.5
— 1.8
-.6
0.7
.6
.8
.7
.7
.8
.6
-0.6
— .5
— 2.2
-.6
1.0
— .3
.3
0.2
2
.1
.4
.4
.4
.3
4
— .1
1.0
.3
.3
1.1
2.0
-.6
.1
-.5
0
-.2
0
3.3
1.8
.1
-.3
-.1
2.1
.3
-.1
.1
__2
.4
.7
g
g
__2
-.2
-.2
8.2
2
-1.5
.3
-1.4
22
.6
.8
.8
.8
.8
.7
5.1
.5
.8
.5
.3
_2
2
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
also included through 1982.
9A
3
-.8
— .4
-.7
-.6
8.0
2.9
3'.9"
8.2
3.8
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
5.3
4.0
•> 3
2.3
2.9
4.2
4.9
5.7
5.2
4.3
3.8
3.4
3.3
3.6
5.2
5.0
4.7
4.3
4.5
4.7
4.6
7.5
8.2
8.5
4.5
3.2
3.5
5.2
6.2
6.7
6.0
5.6
5.9
5.2
5.3
5.2
4.7
4.4
4.7
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in July were unchanged from their June level. Prices paid by farmers in July were
percent above their April level. (Data are not seasonally adjusted.)
INDEX, 1977 =100 (RATIO SCALE)
INDEX, 1977= 100 (RATIO SCALE)
100
100
80
80
RATION
140
120
RATIO^
140
-
120
-
RATIO
100
80
60
^————^_^—-^-——1 f
L1 1 1 11 1 11 1 1 1
1982
.
__
100
\
^-^r^—^-r——
~ 80
-
[ 1 1 j j 1 1 1 1 1 1 1 1 1 1 j ! 1 1 1 1 1 1 1 1 1 1 1 1 ! II
1984
1985
1983
imilitm
1986
1 1! ! 1 1 1 M 1 1
1987
mimim
1988
1 1 ! 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 60
1989
1990
J/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE, DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISEES
[1977 = 100; not seasonally adjusted]
p
Pr
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989- July
Sept
Oct
Dec
1990- Jan
Feb
Mar
July
Al! farm
products
Livestock and
products
Crops
All commodities,
services,
interest, taxes,
and wage rates l
139
133
135
142
128
123
126
138
147
134
121
128
138
120
107
106
127
134
143
145
141
148
136
138
146
150
160
147
145
143
145
147
149
137
128
126
127
128
127
157
161
160
162
165
169
178
(3)
154
152
150
151
154
151
151
136
133
128
131
134
129
131
172
169
171
Production
items, interest,
taxes, and wage
rates
150
159
161
164
162
153
162
169
177
(31
Ratio 2
Production
items
151
158
159
161
156
150
151
160
167
148
ego
153
152
155
151
144
147
157
165
84
84
87
79
77
78
82
83
168
166
83
81
80
81
83
84
3
178
( )
166
( )
165
(3)
(3)
<3)
181
170
168
3
no
( )
183
173
173
171
(3)
184
3
( )
ni3
(3 )
()
171
3
3
( )
169
(3)
170
85
84
83
83
84
83
82
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
M2 rose slightly in June and M3 fell slightly. Both aggregates had declined in May.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILUONS OF DOIURS*{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
•M2\
2,400
2,400
2,000
2000
1,600
1,600
1,200
1,200
800
800
600
400 I n i i i l i n n iimlimi
imilmn
imihim imilimi
mnlmii
400
1988
1985
1983
COUNCIL OF ECONOMIC ADVISERS
• AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED
SOURCE- BOARD Of GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
1980'
1981'
1982'
1983'
Dec
Dec
Dec
Dec
1985'
1986'
1987"
1988'
1989-
Dec
Dec
Dec
Dec
Pec
1989' June
July
Oct
Dec
1990' Jan r
Feb '
Mar r
May r
Tune p
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
RPs and
Eurodollars,
MMMF balances
{general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-onlv
MMMF balances
408.9
436.5
474.5
521.2
552.1
620.1
724.7
750.4
787.5
794.8
1,629.9
1,793.5
1,953.1
2,186.5
2,371.6
2,570.6
2,814.2
2,913.2
3,072.4
3,221.0
1,987.5
2,234.2
2,441.9
2,693.4
2,982.8
3,202.1
3,494.5
3,678.7
3,918.4
r
4,042.0
2,324.2
a!.596.8
2,851.6
3,154.7
3,524.1
3,829.5
4,135.5
4,338.7
4,676.0
'4,879.2
3,873.2
4,260.3
4,651.3
5,176.7
5,924.0
6,732.8
7,588.3
8,307.5
9,062.0
9,777.6
6.8
6.7
8.7
9.8
5.9
12.3
16.9
3.5
4.9
.9
8.9
10.0
8.9
12.0
8.5
8.4
9.5
3.5
5.5
4.8
10.2
12.4
9.3
10.3
10.7
7.4
9.1
5.3
6.5
r
3.2
9.5
10.0
9.2
11.3
14.4
13.7
12.7
9.5
9.1
7.9
773.7
779.1
780.4
782.9
788.1
789.4
794.8
3,101.6
3,127.0
3,146.7
3,163.3
3,181.4
3,200.6
3,221.0
3,984.9
4,007.2
'4,012.2
r
4,012.3
r
4,016.5
'4,029.0
r
4,04:2.0
'4,784.4
'4,810.1
'4,824.5
'4,830.7
'4,840.2
'4,856.4
'4,879.2
9,414.9
9,465.6
9,529.1
9,585.2
9,654.8
9,732.4
9,777.6
-3.5
-1.7
-1.6
1.5
3.4
5.5
1.9
3.5
4.5
4.9
6.0
7.5
7.7
3.4
4.1
3.8
2.8
2.6
3.2
2.9
7.8
7.7
7.6
7.5
7.7
8.0
7.7
794.8
801.4
804.8
807.4
805.5
809.6
3,229.3
3,252.4
3,266.2
3,271.8
3,264.6
3,269.9
4,044.6
4,058.6
4,061.5
4,065.1
4,055.7
4,055.0
4,880.7
4,890.2
4,908.3
4,917.9
4,889,3
9,825.9
9,889.9
9,953.0
10,005.3
10,057.4
4.0
5.4
5.6
4.9
4.1
3.7
6.5
6.7
6.5
5.7
4.0
3.0
1.9
2.3
2.5
2.4
1.3
.6
7.6
7.6
7.7
7.3
6.7
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earli-
26
L
M3 plus
other liquid
assets
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) 1
Percent change from year or 6
months earlier 2
Ml
er at a simple annual rate.
NOTE.—See p, 27 for components.
Source: Board of Governors of the Federal Reserve Systerr
M2
M3
Debt
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Currency
Demand
deposits
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net,
plus
overnight
Eurodollars
Money market
mutual fund
balances l
General
purpose
and
broker/
dealer
Institution
only
Money
market
deposit
accounts
(MMDAs)
Savings
deposits
Small
denomination
time
deposits 2
Large
denomination
time
deposits 2
NSA
Term
repurchase
agreements
(EPs)
Term
Eurodollars
(net)
NSA
NSA
Savings
bonds
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
1980: Dec
1981- Dee
1982: Dec
1983- Dec
1984: Dec
1985: Dec
1986: Dec
1987: Dec.
1988: Dec
1989: Dec
115.3
122.6
132.5
146.2
156.0
167.8
180.6
196.7
211.8
221.9
261.4
231.4
234.1
238.5
243.9
266.8
302.1
287.0
287.0
279.7
28.0
78.2
103.6
131.6
146.9
179.6
235.5
259.7
281.3
285.7
28.8
36.6
39.9
55.6
60.6
73.5
82.3
83.2
83.3
76.8
61.6
150.6
185.2
138.8
168.2
177.2
208.7
222.0
240.9
312.4
15.2
38.0
51.1
42.8
62.1
63.9
83.8
89.0
87.1
102.3
0.0
.0
43.2
379.2
416.8
513.0
571.0
523.8
500.3
483.7
400.1
343.8
356.7
305.4
285.1
301.2
370.1
414.9
427.8
409.0
728.5
823.2
851.0
784.1
886.8
884.0
856.2
917.8
1,031.0
1,142.3
260.4
303.0
327.2
327.6
417.4
437.0
439.8
488.8
541.1
558.3
33.5
35.3
33.4
49.9
57.6
62.4
80.5
106.1
121.7
94.9
50.3
67.5
81.7
91.5
82.9
76.5
83.8
91.0
106.0
'81.4
72.3
67.8
68.0
71.1
74.2
79.5
91.8
100.6
109.3
117.5
133.5
149.4
183.6
211.9
260.9
298.3
280.8
254.2
272.0
r
330.6
32.1
40.0
44.5
45.0
45.5
42.1
37.2
44.8
40.6
41.2
98.8
105.3
113.7
133.2
160.8
207.5
231.1
260.4
335.6
347.9
1989: June
July
217.2
217.8
218.6
219.3
220.0
220.4
221.9
276.3
279.6
278.5
278.1
280.0
278.8
279.7
273.0
274.5
276.0
278.4
280.8
282.8
285.7
79.6
80.9
78.3
74.8
75.3
74.9
76.8
268.3
277.7
287.8
295.9
302.7
309.0
312.4
96.3
99.0
101.4
101.6
101.1
101.1
102.3
460.9
463.9
468.2
471.9
475.3
480.8
483.7
403.4
403.3
404.0
405.5
406.1
407.9
409.0
1,114.0
1,122.4
1,130.0
1,132.6
1,135.9
1,138.5
1,142.3
574.9
574.7
570.5
565.6
562.7
561.0
558.3
128.4
123.8
116.9
112.9
108.3
107.2
94.9
93.4
91.8
'89.8
r
85.6
r
80.2
'79.5
'81.4
113.6
114.3
115.0
115.7
116.2
116.8
117.5
'295.2
'297.2
r
300.3
'311.5
'317.6
r
318.8
r
330.6
41.2
41.9
42.6
41.0
40.0
40.5
41.2
349.4
349.5
354.3
350.3
350.0
351.3
347.9
224.6
226.6
228.4
230.1
231.6
233.4
277.3
280.2
279.3
277.8
274.6
274.5
285.4
287.0
289.5
291.8
291.6
294.0
80.7
81.3
80.7
'78.1
81.0
77.3
318.1
324.5
325.0
324.8
319.4
321.0
103.2
103.7
105.4
106.8
107.3
107.3
485.0
489.4
494.9
498.9
500.2
501.4
410.2
413.6
414.6
415.8
415.1
415.9
1,142.5
1,141.2
1,143.8
1,144.1
1,145.2
1,143.5
554.2
'549.6
543.6
537.6
534.6
531.7
91.5
94.9
93.1
92.7
93.0
94.6
'74.3
'68.5
'66.5
'65.9
68.1
64.5
117.7 '334.3
118.2 '330.3
119.1 '348.0
119.9
339.7
120.7 327.7
40.7
38.3
37.0
'35.7
35.2
343.3
344.7
342.7
'357.5
349.9
Sept
Oct
Nov
Dec
1990-
Jan
Feb
Mar
May '
June p
1
Data prior to 1983 are not seasonally adjusted.
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
2
thecks of nonbank issuers are a component of money stock but are not shown
NOTE.—Travi
here.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures 1 ; millions of dollars; seasonally adjusted, except as noted]
Borrowings of depository
institutions from the Federal
Reserve (NSA)
Adjusted for changes in reserve requirements
Reserves of depository institutions
Period
Total
1980:
1981:
1982:
1983:
1984:
19851986:
1987:
1988:
1989:
Nonborrowed
Nonborrowed plus
extended
credit
Required
Monetary
base
Total
Seasonal
Extended
credit
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
31,711
34,679
36,754
38,410
39,049
47,055
57,197
57,815
58,877
59,767
31,714
34,827
36,940
38,412
41,653
47,554
57,499
58,298
60,121
59,787
32,887
34,996
36,888
38,623
41,380
47,336
56,653
57,546
59,545
59,110
152,525
160,936
172,947
188,275
201,673
219,350
241,427
258,055
275,238
284,946
1,690
636
634
774
3,186
1,318
827
777
1,716
265
116
54
33
96
113
56
38
93
130
84
3
148
186
2
2,604
499
303
483
1,244
20
1989: June
July
58,597
58,867
58,906
59,289
59,640
59,646
60,033
57,107
58,173
58,231
58,596
59,085
59,297
59,767
58,024
58,279
58,272
58,618
59,106
59,318
59,787
57,692
57,901
58,021
58,351
58,620
58,701
59,110
279,020
279,957
280,756
281,806
282,786
283,222
284,946
1,490
694
675
693
555
349
265
431
497
490
452
330
134
84
917
106
41
22
21
21
20
59,896
60,215
60,297
60,275
59,783
59,732
59,456
58,768
58,173
58,647
58,448
58,851
59,482
59,302
60,123
60,051
59,324
59,196
58,880
59,227
59,436
59,379
58,820
58,958
287,509
289,714
291,820
293,540
294,401
296,270
440
1,448
2,124
1,628
1,335
881
47
51
78
122
244
311
26
535
1,950
1,403
875
346
Sept
Oct.. .
Nov
Dec
1990-
Jan
Feb
Mar
May '
June p
1
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Source: Board of Governors of the Federal Rest
e System
BANK LOANS AND SECURITIES
Total commercial bank loans and leases rose 0.4 percent in June. Commercial and industrial loans rose 0.5 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,800
ALL COMMERCIAL BANKS
2,400
2,800
2,400
2,000
2,000
1,600
1,600
' \
LOANS AND LEASES
1,700
1,200
800
'iOO
400
400
U.S. GOVERNMENT SECURITIES
\
.—-
200
200
T
160
160
"OTHER SECURITIES'
iimhmi
LLLL
12C
1982
1983
1984
1985
1986
1988
1987
1989
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
120
1990
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted M
All commercial banks
Loans and leases
Total
Period
securities 2
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1989:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
June
July
Aug
Sept
Oct
Nov
Dec
1990: Jan
Feb
Mar
Apr
Mav
June " ..
1,307.3
1,400.5
1,552.3
1,722.5
1,910.1
2,094.2
2,239.5
2,422.2
2,582.6
2,496.0
2,512.4
2,527.4
2,538.9
2,563.3
2,579.0
2,582.6
2,585.8
2,603.8
2,623.8
2,635.0
2,644.1
2,662.0
U.S.
Government
securities
179.3
201.7
259.2
260.2
270.6
309.3
334.4
361.4
394.5
373.7
374.0
375.5
378.1
389.9
394.8
394.5
402.4
412.2
418.9
422.7
427.9
438.8
Other
securities
160.5
164.8
169.2
141.1
179.3
194.2
193.8
192.2
180.3
187.3
186.3
183.8
183.1
180.9
179.3
180.3
180.2
180.1
180.2
180.8
179.2
178.5
Total
z
967.5
1,034.0
1,123.9
1,321.3
1,460.3
1,590.6
1,711.2
1,868.6
2,007.9
1,935.0
1,952.1
1,968.2
1,977.7
1,992.5
2,004.9
2,007.9
2,003.2
2,011.6
2,024.7
2,031.6
2,037.0
2,044.7
Commercial
and
industrial
355.4
392.5
414.2
473.3
500.5
537.5
567.9
607.0
642.9
627.1
631.8
636.1
637.7
641.9
645.9
642.9
639.0
637.9
642.8
648.2
647.9
651.2
included* in loans nither than in other securities.
28
Real
estate
Individual
Security
Nonbank
financial
Agricultural
subdivisions
institutions
284.1
299.9
330.9
376.4
426.0
494.4
587.4
671.9
756.4
713.0
720.1
727.7
735.8
742.6
749.2
756.4
759.6
768.1
774.4
779.4
787.5
793.7
182.5
188.2
212.9
253.8
294.7
315.3
328.4
355.0
375.9
363.8
365.8
367.5
370.3
372.6
374.6
375.9
377.9
378.9
379.2
377.8
379.2
377.9
21.4
25.3
28.0
34.3
43.0
40.6
35.1
40.4
39.6
40.6
40.1
39.0
39.7
41.2
41.5
39.6
40.1
41.1
38.3
37.0
35.7
36.1
29.9
31.2
30.4
31.3
32.4
35.0
31.9
30.1
32.7
30.5
31.3
31.5
31.8
33.2
33.7
32.7
32.3
33.0
r
34.2
r
34.3
' 33.8
33.6
State
and
political
33.1
36.2
39.2
40.1
36.1
31.5
29.4
29.8
30.3
30.0
30.0
29.9
29.6 |
29.6
29.9
30.3 |
30.9
31.0
r
31.2
r
,31.4
31.2
32.0
0.0
.0
3.3
46.1
56.8
58.5
52.6
45.6
40.1
42.8
42.5
42.2
41.7
41.3
40.8
40.1
38.6
38.9
38.4
38.2
37.9
37.4
Foreign
official
institutions
Lease
financing
receivables
18.1
7.2
14.6
13.4
11.2
9.8
9.9
7.9
8.1
8.6
7.9
7.9
8.1
7.5
8.5
8.0
8.6
7.9
7.8
8.4
9.0
8.8
7.5
5.9
12.7
13.3
13.7
16.0
19.0
22.4
24.6
29.2
31.4
30.2
30.7
31.0
31.3
31.7
31.6
31.4
31.6
31.6
31.8
31.6
31.8
31.5
Foreign
banks
9.4
7.9
6.0
5.9
5.3
5.0
3.6
4.4
4.3
4.1
4.2
3.9
3.6
3.6
3.2
3.1
3.0
3.2
3.2
3.1
Other
23.1
26.9
31.8
31.0
35.9
39.6
40.7
46.4
46.4
44.8
47.7
51.0
48.0
46.0
46.0
46.4
42.1
40.2
42.9
r
41.6
r
40.0
40.7
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
lixternal
Period
Securities
and
mortgages
Total
Total
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
Increase in
Capital
C edit market fu nds
Loans and
short-term
paper
Other
2
tures
3
(sources less
assets
323 7
323 3
377.4
303 0
419.2
495.0
457.3
510 7
486.3
498.4
516 2
197 6
200 1
2395
242 3
285 7
336.3
352.3
344 9
352 6
372 5
369 7
126 1
123 1
137.9
60 7
133 5
158.7
105.0
165 8
133 6
1259
146 5
60 3
70 7
91.8
50 3
78 3
95.1
50.9
123 0
690
67.0
65 3
90
30 5
25.4
— 17
44.6
— 9.1
-3.0
58 9
38 1
— 2.3
— 13 0
51 3
65 8
40 2
66.4
520
33.7
104.2
53.9
640
309
69.3
78 3
52 5
46.0
10 4
55.2
63.6
54.1
42 9
64.6
58.9
81 2
368 3
341 6
382.9
302 7
392.0
473.0
422.9
448 2
453.9
473.4
479.1
238 6
243 2
285.9
255.7
269.9
367.9
339.9
32« 8
348.3
380.4
384 7
129 8
98 4
97.0
47 0
122.1
105.1
83.0
119 3
105.6
92.9
94.4
— 44 6
18 3
-5.6
.3
27.2
22.0
34.4
62 6
32.4
25.0
37.2
III
IV
523 5
482.3
372 3
381 6
151 2
100 7
77 0
14.4
33 7
— 80.9
43 3
95.3
74 2
86.2
500.8
447.7
390 1
391.8
110.8
55.9
22.7
34.6
1989: I
II
III
IV
489.5
573 8
481.3
520.4
361.9
364 8
376 1
376 2
127.6
209 0
105 2
144.2
8.2
144 9
29 9
78.0
— 68.4
31 4
43 5
28.2
76.6
1135
734
49.8
119.3
640
75.2
66.2
457.8
535 6
4385
484.2
376.0
388 8
388.6
385.3
81.8
146 8
49.9
98.9
31.7
38 1
42.7
36.2
1990: I "
504.7
364 1
1406
78 8
66.4
61.8
478.1
351.8
126.3
26.6
1988-
12.4
jid minnral rights from (LS.
CONSUMER
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstanding l
Installment credit outstanding (end of period)
Period
Total
Automobile
Revolving
Mobile
home
Other
Total
Automobile
Revolving
Mobile
home
Other
Dec
Dec
Dec
Dec . .
Dec
Dec
Dec
Dec
Dec
Dec 2
298,154
311,259
325,805
368,966
442,602
518,252
573,017
610,468
664,701
716,624
111,991
119,008
125,945
143,560
173,564
210,187
247,428
265,851
284,556
290,770
55,111
61,070
66,454
79,088
100,280
121,816
135,851
153,078
174,057
197,110
18,736
20,058
22,064
23,562
25,861
26,850
27,096
25,920
25,201
22,343
112,317
111,124
110,802
122,756
142,897
159,400
162,642
165,620
180,887
206,401
1,671
13,105
14,546
43,161
73,636
75,650
54,765
37,451
54,233
(3)
-484
7,017
6,937
17,615
30,004
36,623
37,241
18,423
18,705
(3)
1,754
5,959
5,384
12,634
21,192
21,536
14,035
17,227
20,979
(3)
529
1,322
2,546
958
2,299
989
246
-1,176
-719
(3)
-127
-1,193
-322
11,954
20,141
16,503
3,242
2,978
15,267
(3)
1989: May2
June
July
Aug
Sept
Oct
Nov
Dec
695,627
697,262
700,000
703,518
705,703
710,133
713,903
716,624
290,954
290,583
289,882
289,961
288,839
290,210
290,972
290,770
182,847
184,239
186,284
189,185
190,378
191,734
194,679
197,110
23,505
23,309
23,240
22,734
22,661
22,621
22,197
22,343
198,320
199,130
200,594
201,638
203,825
205,568
206,055
206,401
4,195
1,635
2,739
3,518
2,185
4,430
3,769
2,722
941
-371
-701
79
-1,122
1,371
761
-202
1,749
1,392
2,045
2,900
1,194
1,356
2,944
2,431
98
-196
-69
-506
-73
-40
— 424
146
1,406
810
1 .463
1,044
2,187
1,743
487
346
1990:
717,829
717,869
720,445
720,835
724,745
290,904
289,629
290,932
288,936
288,849
199,146
199,927
202,263
203,965
207,104
22,604
22,633
22,708
22,702
23,027
205,175
205,680
204,543
205,232
205,765
1,205
40
2,576
390
3,910
134
— 1,275
1,303
-1,996
-87
2,036
781
2,336
1,702
3,138
261
29
74
-6
325
— 1,226
505
-1,137
689
533
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989-
Jan
Feb
Mar r
Apr T
May p
jiy series between December 1988
INTEREST RATES AND BOND YIELDS
Interest rates fell in July.
PERCENT PER ANNUM
PERCENT PER ANNUM
SOURCE
SEE TABLE BELOW
[Percent per annum]
U.S. Treasury security yields
Period
3-month bills
(new issues) 1
Constant maturities 2
•3-year
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
Corporate
Aaa bonds
(Moody's) "
Prime
commercial
paper,
6 months *
Discount rate
(N.Y. F.R.
Bank) 5
Prime rate
charged by
banks 5
New-home
mortgage
yields
(FIIFB) e
14.029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
8.12
14.44
12.92
10.45
11.89
9.64
7.06
7.68
8.26
8.55
13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
8.49
11.23
11.57
9.47
10.15
9.18
7.38
7.73
7.76
7.24
14.17
13.79
12.04
12.71
11.37
9.02
9.38
9.71
9.26
14.76
11.89
8.89
10.16
8.01
6.39
6.85
7.68
8.80
13.42
11.02
8.50
8.80
7.69
6.33
5.66
6.20
6.93
18.87
14,86
10.79
12.04
9.93
8.33
8.21
9.32
10.87
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
10.13
7.92
7.91
7.72
7.63
7.65
7.64
7.83
8.13
8.26
8.02
7.80
7.77
8.02
8.11
8.19
8.01
7.87
7.84
6.97
7.08
7.27
7.22
7.13
7.01
8.93
8.96
9.01
8.92
8.89
8.86
8.35
8.32
8.50
8.24
8.00
7.93
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
11.00-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.48
10.22
10.24
10.11
10.09
10.07
1990- Jan
Feb
Mar
Apr
May
June
July p
7.64
7.76
7.87
7.78
7.78
7.74
7.66
8.13
8.39
8.63
8.78
8.69
8.40
8.26
8.21
8.47
8.59
8.79
8.76
8.48
8.47
7.13
7.21
7.29
7.36
7.34
7.22
7.15
8.99
9.22
9.37
9.46
9.47
9.26
9.24
7.96
8.04
8.23
8.29
8.23
8.06
7.90
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
10.50-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.10
9.91
9.88
10.03
10.17
10.28
10.13
Week ended:
1990: July 7
14
21
28
Aug 4
7.73
7.81
7.62
7.49
7.50
8.33
8.39
8.23
8.21
8.44
8.53
8.47
8.48
7.18
7.16
7.13
7.14
9.23
9.26
9.24
9.26
8.03
8.03
7.85
7.78
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989- July
Autr
Sept
Oct
Dec
1
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Series "excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack
of appropriate issues.
2
30
5
Average effective rate for year; opening and cl ing rate for month and week,
Effective rate (in the primary market) on conve tional mortgages, reflecting fees and charges as
rell as contract rate and assumed, on the average
-ment at end of 10 years.
6
Sources: Department of the Treasury, Board of I overnors of the Federal Reserve System, Feder,! Housing Finance Board, Moody's Investors Ser e, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose sharply in the first 3 weeks of July and then declined.
INDEX DEC. 31, 1965 = 50 (RATIO SCALE)
CALE
INDEX, DEC. 31, 1965 = 50 (RATIOS
240
220
200
180
160
24C
22C
COMPOSITE STOCK PRICE INDEX /~-S \
(NYSE)
140
18(
., ^
\
16C
S~^~^~^
W
14C
12C
r-s^/
100
/
80
40
f
y"~ ~
120
60
20(
•/ —~~~l^r-/~
1
IOC
N-W—
80
^J
60
1 1 i 1 1 1 1 1 i 11
I I ! II t I I 1 I 1
1982
t 1 1 1 1 t ! 1 I 1 M I 1 1 1 I 1 I 1 1! [ f 1 1 1 ! 1 I t 1
! 1 1 I! 1 I I 1 I1 1
1983
1985
1984
1986
1987
1988
1 11 1 11 1 1 1 11
1989
T 1 1 1 1 11 1 | \ |
PERCENT
PERCENT
20
20
15
15
'
^^
EARNINGS-PRICE RATIO ON COMMON STOCKS
10
10
^
5
1
0
1 1
1982
1
1
1
1983
I
i
1
1984
SOURCES, NEW YORK STOCK EXCHANGE A
ND STANDARD & POC
_^
—^T-^^—^
i i i
i l l
1985
ri i ^
i
1986
1987
Period
Composite
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989- July
Aug
Oct
Nov
Dec
1990- Jan
Feb
Mar
July"
Week ended:
1990: June 30
July 7
14
21
28
1
3
4
5
1 1
1988
1
1 1
1989
1
1 1
1990
0
Transportation
Utility
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143 = 1 0) 4
Common stock5 vields
(percent)
Dividendprice ratio
74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
180.02
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
216.23
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
175.28
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
87.43
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
151.88
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
322.84
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
3.45
185.15
192.94
193.02
192.49
188.50
192.67
221.74
231.32
230.86
229.40
224.38
230.12
179.32
197.52
202.02
190.36
174.26
177.25
90.40
92.91
93.44
94.67
94.95
99.73
157.78
164.86
165.51
166.55
160.89
155.63
2,554.03
2,691.11
2,693.41
2,692.01
2,642.49
2,728.47
331.93
346.61
347.33
347.40
340.22
348.57
3.38
3.28
3.29
3.29
3.39
3.33
187.96
182.55
186.26
185.61
191.35
196.68
196.60
225.79
220.60
226.14
226.86
234.85
242.42
245.86
173.67
166.69
175.08
173.54
173.53
177.37
173.18
95.69
92.15
93.00
91.92
93.29
93.65
89.85
150.11
142.68
143.14
138.57
142.94
147.93
143.11
2,679.24
2,614.18
2,700.13
2,708.26
2,793.81
2,894.82
2,934.24
339.97
330.45
338.47
338.18
350.25
360.39
360.03
3.41
3.54
3.49
3.51
3.44
3.36
3 37
193.92
195.77
197.55
199.50
194.33
240.15
243.17
246.93
250.30
243.54
171.86
172.20
175.02
176.97
170.84
91.50
91.46
90.30
89.65
88.30
143.76
144.43
144.06
145.17
140.59
2,861.78
2,898.76
2,937.52
2,987.23
2,915.49
355.03
358.45
362.00
365.52
355.51
3.42
3.37
3.36
3.34
3.41
Average of daily closing prices.
Includes all the" stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
Includes 500 stocks.
Standard & Poor's series. Dividend-price ratios based on Wedne;
5
1
J
»2
New York Stock Exchange indexes (J
Industrial
•^__1
R'S CORPORATION
Common stock prices
2
40
1990
Earningsprice ratio
11.96
11.60
8.03
10.02
8.12
6.09
5.48
8.01
r
7.41
6.79
r
6.47
6.37
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 9 months of fiscal 1990, there was a deficit of $163.1 billion, compared with a deficit of $105.4 billion
a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,300
RECEIPTS AND OUTLAYS!'
1,300
1,200
1,200
OUTLAYS.!/
1,100
1,100
1,000
1,000
900
900
RECEIPTS!'
800
800
700
700
600
600
SURPLUS OR DEFICIT Ml/
-
-100
-100
-
\^
___
A
1/1982
i
i
1983
'
^•^
-200
i ~'
1984
1
1985
i
"" i
1986
1987
--^^
i
1988
.--
i "
1989
i
1990
IS
-200
199lN
FISCAL YEARS
V INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Total
Fiscal year or period
Receipts
Outlays
Receipts
Outlays
Gross Federal debt
(end of period)
Off-budget
On-budget
Surplus
or deficit
(-)
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Total
Held by
the public
1976
Transition quarter
1977
1978 ..
1979
1980
1981
1982
1983
1984.
298.1
81.2
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
371.8
96.0
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
73 7
-14.7
53 6
-59.2
402
-73.8
78 9
-127.9
207 8
- 185.3
231.7
63.2
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
76.6
328.5
369.1
403.5
476.6
543.0
594.3
661.2
686.0
-70.5
-13.3
-49.7
-54.9
-38.2
72 7
-73.9
120 0
-208.0
185 6
66.4
18.0
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
19.4
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
-1.4
-3.9
-4.3
20
— 1.1
-5.0
-7.9
.2
.3
629.0
643.6
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
477.4
495.5
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
1985... .
1986
1987.. .
1988
1989
1990 (estimates) 1
1991 (estimates) 1
734.1
769.1
854.1
909.0
990.7
1,044.2
1,135.4
946.3
990.3
1,003.8
1,064.0
1,142.6
1,264.3
1,311.7
-212.3
— 221.2
-149.7
-155.1
152 0
-220.1
176 3
547.9
568.9
640.7
667.5
727.0
762.8
823.2
769.5
806.8
810.0
861.4
931.7
1,038.8
1,076.3
221 6
-237.9
169 3
-193.9
204 7
-276.0
253 1
186.2
200.2
213.4
241.5
263.7
281.5
312.1
176.8
183.5
193.8
202.7
210.9
225.5
235.4
9.4
16.7
19.6
38.8
52.8
56.0
76.8
1,817.0
2,120.1
2,345.6
2,600.8
2,866.2
3,206.1
3,521.5
1,499.4
1,736.2
1,888.1
2,050.2
2,189.3
2,399.0
2,573.0
749.1
777.7
854.5
940.8
1054
-163.1
548.5
564.5
701.2
777.1
-152.7
212 6
200.6
213.2
153.3
163.7
47.3
49.5
2,809.1
3,121.1
2,150.8
2,346.0
32
Cumulative total, first 9
months: 2
Fiscal year 1989
Fiscal year 1990....
1
Estimates from Mid-Session Review of the Budget, Office of Management and Budget July 16,
1990.
2
Data from Monthly Treasury Statement.
32
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1991, January
1990, 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 9 months of fiscal 1990, receipts were $28.6 billion higher than a year earlier and outlays were $86.3
billion higher.
BILLIO NS OF DOLLARS
500
BILLIONS OF DOLLARS
RECEIPTS''
400
INDIVIDUAL INCOME TAXES
300
_^.._..
_ _ —— ""'
~- -
.«•— •——
500
...—**--
400
.. — •-"""*
x.
300
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
200
—•
CORPORATION
INCOME TAXES
\
OTHER RECEIPTS
200
100
100
i
0
r
i
i
i
i
i
i
i
0
1,000
1,000
^p** *"
900
NONDEFEMSE
800
\
-~ "" ~*
800
„———""
700
„----•"'"
600
600
— ••»""""""
500
500
400
400
NATIONAL DbhtNbb
300
300
•
___
200
A
T
V
1982
1
1983
'
1
1984
I
1985
1
1986
1
1987
1
1988
1
1989
1
1990
N
200
1991 ~^l
FISCAL YEARS
/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT Of THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIl OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
Individual
income
taxes
Corporation
income
taxes
Social
insurance
taxes
and
contributions
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
371.8
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
734.1
769.1
854.1
909.0
990.7
1,044.2
1,135.4
334.5
349.0
392.6
401.2
445.7
476.1
508.4
61.3
63.1
83.9
94.5
103.6
98.2
115.1
265.2
283.9
303.3
334.3
359.4
380.2
418.1
73.0
73.1
74.3
78'.9
82.0
89.7
93.8
946.3
990.3
1,003.8
1,064.0
1,142.6
1,264.3
1,311.7
749.1
777.7
334.4
350.3
79.9
72.5
273.7
287.4
61.2
67.6
854.5
940.8
Fiscal year
Total
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
Cumulative total, first 9 months: 2
Fiscal year 1989
*See footnote 1, page 32.
2
Data from Monthly Treasury Statement.
Nationa defense
Other
Income
security
Social
security
Net
interest
Other
15.8
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
26.7
29.9
35.4
42.6
52.5
68.7
85.0
89.8
111.1
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
33.5
35.9
40.0
44.5
48.4
58.2
66.2
65.8
70.2
75.1
78.9
85.0
96.9
99.6
128.2
119.8
123.3
129.3
136.0
148.5
160.5
188.6
198.8
207.4
219.3
232.5
248.7
266.9
129.4
136.0
138.6
151.7
169.1
181.4
193.7
131.8
142.1
125.9
139.4
158.4
215.3
203.3
36.6
42.6
62.2
71.6
103.2
112.8
174.2
186.0
125.6
135.4
117.6
155.2
International
affairs
Health
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
252.7
273.4
282.0
290.4
303.6
299.8
303.3
245.2
265.5
274.0
281.9
294.9
290.2
292.2
16.2
14.2
11.6
10.5
9.6
15.5
18.2
227.7
226.5
221.3
219.4
7.5
10.7
Total
Total
Department of
Defense,
military
Medicare
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1991, January
1990, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 1990, Federal receipts rose $24.9 billion (annual rate) and expenditures rose $43.0 billion. In
the second quarter, according to advance estimates, expenditures rose $8.3
billion; receipts data are incomplete.
(Series revised.)
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
1,200
1,000
1,000
800 -
600
-200
-200
1982
1990
CALENDAR YEARS
SOURCE; DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government expenditures
Federal Governmen receipts
Period
Total
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Total
Purchases
of goods
and
services
Transfer
payments
Grantsin-aid to
State
and
local
governments
Subsidies
less
Net
current
intersurplus of
est
Governpaid
ment
| enterprises
Less:
Wage
accruals
less
disbursements
Surplus
or deficit
(-),
national
income
and
product
accounts
Fiscal vear:
1985
1986
1987
1988
1989
r
r
r
Calendar year:
1985...".
1986
1987 T
1988 r
1989 r
1982: IV
1983- IV
1984- IV....
19851986:
1987:
1988:
1989:
1990:
IV
IV
IV r
IV r
IT
II r
Ill r
IV
Ir
II *
776.8
815.2
899.4
957.6
1,041.9
340.4
357.0
400.8
411.3
457.6
74.6
81.1
99.1
108.1
113.8
55.9
50.9
53.5
55.6
57.8
305.8
326.1
345.9
382.6
412.6
962.3
1,028.0
1,060.0
1,101.8
1,172.2
341.5
788.7
827.9
346.4
361.4
405.8
415.1
464.0
303.0
291.9
326.0
355.3
376.2
419.2
424.8
453.1
470.9
462.2
469.6
473.6
489.4
76.3
83.8
103.2
110.5
110.4
46.4
70.2
69.7
78.8
88.9
107.4
115.4
120.7
115.0
104.7
101.3
106.5
55.1
50.5
54.0
57.0
58.4
47.6
53.6
56.2
53.5
50.8
55.1
57.8
57.6
58.0
59.3
58.7
60.6
60.7
310.9
332.1
350.8
389.8
420.1
236.1
259.8
290.7
317.7
337.9
358.4
399.6
413.9
418.4
421.9
426.1
439.9
443.5
985.6
1,034.8
1,071.9
1,114.2
1,187.2
835.7
844.7
930.2
1,017.5
1,042.8
1,101.7
1,153.8
355.2
366.5
399.9
381.3
414.0
380.3
400.0
293.2
438.9
326.0
376.6
368.8
388.2
385.8
405.8
401.1
447.2
1,178.0
1,184.9
1,179.8
1,205.8
398.3
402.5
399.2
399.9
1,248.8
1,257.1
420.7
460.6
464.7
474.4
487.9
503.4
503.4
913.8
972.4
1,052.9
633.1
675.5
742.7
805.3
853.8
940.0
997.5
1,045.4
1,062.2
1,048.1
1,055.7
1,080.6
niruj 1WS7. See Surrey of Currriil liu.
34
368.6
375.4
377.8
399.0
276.1
410.6
374.0
394.6
411.1
433.2
462.0
380.1
471.9
347.4
352.5
362.1
421.4
97.8
107.4
103.1
108.3
115.8
128.3
134.6
139.3
148.8
167.7
20.7
22.8
31.1
33.6
27.7
99.7
106.8
102.6
111.1
118.2
84.5
86.0
96.3
103.5
103.0
102.7
112.2
116.7
117.0
117.6
121.5
128.5
126.5
130.1
135.6
142.3
151.3
172.0
87.2
101.0
125.3
132.7
136.0
147.6
157.9
167.4
173.4
172.1
175.2
178.1
182.7
20.3
26.0
31.8
32.7
25.0
23.4
29.1
21.0
19.0
29.2
41.5
35.3
35.0
27.3
16.5
21.3
28.3
23.7
•e, Bureau of Kconomi.
-0.1
.0
.1
— .1
.0
9
.0
.0
.0
.0
.0
.0
.6
.0
.0
_9
.0
.0
.0
.0
.0
.0
.0
— 185.5
— 212.8
— 160.7
— 144.1
— 130.3
— 196.9
— 206.9
-158.2
— 141.7
-134.3
-202.6
— 169.2
— 187.5
212.2
-189.0
-161.7
— 156.3
-132.6
-122.7
-131.7
-150.1
-168.3
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production 1987=100; seasonally adjusted)
Period
United
States
1980
1981
1982
1983
1984
1985
1986 .
1987
1988.. .
1989"
1989- Mar
Apr
Mav
Sept
Oct
Nov .
Dec
1
Japan
France
Germany
84.1
85.7
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
81.6
83.3
75.2
80.0
89.7
94.7
94.7
100.0
106.2
107.4
81.7
82.6
82.9
85.5
93.4
96.8
96.6
100.0
109.3
115.7
98.0
97.0
96.0
96.0
97.0
97.0
98.0
100.0
104.5
109.0
95.0
93.2
90.3
90.9
93.5
97.7
99.6
100.0
r
103.6
108.7
96.2
94.8
91.8
88.8
91.8
92.9
96.2
100.0
105.9
109.0
107 7
106 9
107.8
107 9
107.5
107.1
107.5
107.8
106.4
107.0
107.5
118.4
114.1
114.8
117.1
114.2
117.6
115.8
1 15.8
116.8
116.9
10(5.6
1 10.0
108.5
109.7
110.4
110.4
108.1
109.3
110.5
108.6
106.7
109.2
104.6
108.8
110.0
110.2
110.0
110.0
110.1
111.4
105.8
105.7
105.8
105.4
117.2
116.5
118.8
r
l!7.9
120 8
1 10.2
108.3
109.0
112.6
111.1
112.6
' 109.9
1120
108.6
108 3
108.4
107.8
108.2
108.2
107.7
108.1
108.6
Julv
1990-
Canada
Jan
Feb
Mar
Apr
May
June"
r
107.5
108.5
r
!08 9
r
!08.7
r
109 3
109.8
r
Italy
Data relate to all i
_^!1™
United
Kingdom
United
States '
Canada
prices (! 882-84=100)
France
Germany
Italy
United
Kingdom
87.5
84.8
86.4
89.6
89.8
94.6
96.8
100.0
103.8
104.3
90.9
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
76.1
85.6
94.9
100.4
104.8
108.9
113.4
118.4
123.2
129.3
90.9
95.4
98.0
99.9
102.1
104.2
104.9
105.0
105.7
108.1
72.2
81.8
91.7
100.3
108.0
114.3
117.2
121.1
124.4
128.9
86.8
92.2
97.0
100.3
102.7
104.9
104.7
104.9
106.3
109.2
63.2
75.4
87.7
100.8
111.5
121.1
128.5
134.4
141.1
150.4
78.5
87.9
95.4
99.8
104.8
111.1
114.9
1 19.7
125.6
135.4
106.9
107.7
105.8
108.6
109.7
108.2
108.1
109.7
110.5
115.5
' 104.2
r
!05.7
r
102.5
' 102.7
' 103.8
' 105.1
r
104.9
' 104.8
r
104.4
T
104.9
122.3
123.1
123.8
124.1
124.4
124.6
125.0
125.6
125.9
i26.1
127.2
127.6
128.9
129.6
130.4
1 30.5
130.7
131.2
131.6
131.5
106.2
108.1
108.7
108.6
108.4
108.3
109.2
110.0
108.9
109.0
127.2
128.0
28.5
28.7
29.0
29.2
29.5
130.1
130.3
130.5
108.5
109.1
109.3
109.4
109.3
109.2
109.4
109.7
109.9
110.2
148.0
149.0
149.6
150.3
150.7
150.9
151.6
153.1
153.7
154.4
131.9
134.3
135.1
135.6
135.7
136.1
137.0
138.1
139.2
139.6
108.8
110.1
110.8
110.1
r
127.4
128.0
128.7
128.9
129.2
129.9
132.7
133.4
133.9
133.9
134.6
135.1
109.2
109.5
109.9
110.8
111.6
130.8
131.1
131.6
132.1
132.3
110.9
155.3
111.3 T 156.5
r
!57.1
111.4
111.6 r !57.7
111.8
158.0
1 1 1 .9 158.7
140.4
141.2
142.6
147.0
148.3
148.9
r
r
82.4
104.4
!03.7
105.8
106.3
Source: National sources as reported by Depann •nt of Commerce (Bureau of Economic Analysis
and International Trade Administration).
U.S. MERCHANDISE EXPORTS AND
[Billions of dollars; monthly data seasonally adjusted]
Merchandise exports (f.a.s. value) l
General merchandise imports customs value) 3
Principal end-use c >mmoditv category
Period
Total
1982
1983
1984
1985
1986....
1987
1988
1989 '
5
5
1989: Apr r
May r.
June r.
July '
T
1990:
2
216.4
205.6
224.0
218.8
227 2
254. 1
322.4
363.8
30.4
30.7
31.6
29.9
30.2
Floods,
feeds,
and
beverages
Industrial
supplies
and
materials
31.3
30.9
31.5
24.0
61.7
56.7
22.3
24.3
32.3
37.2
57.3
3.2
3.2
3.4
3.0
3.0
2.8
61.7
58.5
66.7
85.1
99.3
8.3
8.7
8.7
8.4
8.5
8.1
8.4
Sept
Oct '
Nov '
Dec'
30. 1
31.4
30.6
31.3
3.2
3.0
8.3
7.9
Jan r
Feb r
Mar r
Apr r
May
31.4
31.6
33.3
32.1
32.8
3.1
8.6
3.1
3.2
3.0
8.0
8.6
1
3.0
2.9
8.4
8.4
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
gines
72.7
67.2
72.0
73.9
75.8
86.2
109.2
138.8
11.7
11.4
11.8
11.8
11.7
12.3
12.3
11.1
12.3
12.0
12.8
12.8
12.4
12.7
15.7
16.8
20.6
22.9
21.7
24.6
29.3
34.8
14.3
13.4
13.3
12.6
14.2
Other
Total
2
20.7
20.5
24.0
27.3
17.7
23.1
36.4
43.4
17.2
1.3
1.5
4
4
244.0
258.0
330.7
336.5
365.4
406.2
441.0
473.2
38.7
40.9
3.1
2.9
2.9
2.5
2.7
2.6
3.1
3.0
3.1
2.9
3.0
3.3
2.9
2.5
2.8
3.4
3.4
1.8
16
3.3
3.0
3.5
3.4
18
41.6
38.7
41.6
3.5
3.6
1.7
1.7
39.4
40.5
3.0
2.9
3.0
3.4
3.4
Foods
feeds,
beverages
35.9
34.6
Includes Department of Defense Military Assistance Program grant-aid shipments
Includes undocumented exports to Oanada through 1988.
Total arrivals of imported goods other than intransit shipments.
4
Total includes revisions not reflected in detail.
5
Total exports are on a revised statistical month basis; end-use categories are <
month basis.
2
Principal end-use commodity category
Congoods
(nonfood)
except
automotive
Trade balance
1.5
39.5
1.3
39.0
40.5
38.9
41.6
40.5
38.1
1.4
1.4
1.6
1.7
1.6
Industrial
supplies
materials
Capital
goods
except
automotive
35.4
40.9
59.8
17.1
18.2
21.0
21.9
24.4
24.8
24.8
25.1
112.0
107.0
123.7
113.9
101.3
2.0
2.2
2.1
2.3
2.1
1.9
2.1
2.1
2.0
11.0
11.8
2.3
12.9
11.1
9.8
11.5
9.8
9.8
9.5
2.3
2.5
2.3
2.3
65.1
71.8
1 1 1 .0 84.5
118.3 101.4
113.3
132.3
11.3
1 1.2
11.6
10.5
11.9
11.1
10.4
10.5
11.3
NOTE.—Data shir
9.0
9.8
9.7
9.3
9.6
9.4
9.9
10.0
9.4
9.1
Automotive
vehicies,
parts,
and
engines
33.3
40.8
53.5
66.8
78.2
85.2
87.7
86.1
Consumer
goods
(nonOther
food)
except !
auto- j
motive
39.7
44.9
60.0
68.3
79.4
88.7
95.9
102.9
7.3
7.3
8.3
8.7
6.9
6.8
7.2
8.5
8.6
8.8
8.8
6.5
8.3
7.8
9.4
13.6
493.2
1.1
1.1
1.1
1.0
40.3
42.6
41.1
40.7
42.3
40.5
43.4
42.3
6.4
6.7
7.9
6.9
8.9
8.3
8.7
1.3
1.2
1.3
8.7
1.3
7.5
8.7
1.3
6.5
9.1
269.9
346.4
352.5
382.3
424.4
9.0
8.4
7.0
254.9
10.4
12.1
12.8
1.2
1.2
1.4
1.3
1.2
7.2
7.0
General
merchandise
imports
(e.i.f.
value)
459.5
39.7
43.4
40.4
43.5
41.1
42.3
Exports
(f.a.s) less
imports
(customs
value)
— 27.5
-52.4
— 106.7
-117.7
-138.3
— 152.1
-118.5
- 109.4
-8.3
-10.3
-8.0
-9.1
-10.3
-8.8
-10.2
-9.9
-6.8
-10.2
— 7.1
— 8.4
-7.3
— 7.7
Bxports
(f.a.s)
less
imports
(e.i.l.)
-38.4
-64.2
-122.4
- 133.6
-155.1
— 170.3
-137.1
-129.4
-9.9
-11.9
-9.6
-10.8
-12.1
-10.4
-12.0
-11.7
-8.4
-12.1
-8.8
-10.2
-9.1
-9.6
ndudi; trade of the U.S. Virgin Islands.
3
35
U.S. INTERNATIONAL TRANSACTIONS
In the first quarter of 1990, the current account deficit fell to $22.9 billion from $26.7 billion in the fourth quarter
of 1989.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
10
10
5
0
-5
-5
H^
\\
-10
-10
-15
-15
t
\
v\
-20
BALANCE ON GOODS,
SERVICES, AND INCOME
-20
-25
-25
-30
-30
-35
-40
-45
1982
1983
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)]
Merchandise
l z
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1988: I
n
m
IV
1989- I
n
m
TV
1990: I"
1
2
3
Exports
Imports
Net balance
237 085
211,198
201 820
219,900
265 063
-247,642
— 27 978
-36,444
67 080
-112,522
122 148
— 145 058
159 500
— 126986
— 114,864
-33,491
-31,102
-30,779
-31,614
— 28,093
-28,222
-29,803
-28,746
-26,371
215 935
223 367
250 266
320 337
360,465
76,497
79,392
80,511
83,937
88267
91,111
89,349
91,738
96,044
268 900
— 332,422
338 083
— 368425
409 766
447 323
—475,329
-109,988
— 110,494
-111,290
-115,551
— 116,360
-119,333
-119,152
-120,484
-122,415
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Quarterly data are not seasonally adjusted.
36
Investment income 4
Services
Net
military
transae-
844
112
163
-2,147
—4096
4907
— 3 530
5452
-6,320
-1,075
-1,139
— 1,144
-2,094
-1,763
-1,667
-1,114
-1,776
-1,370
Net
travel and
transportation
receipts
144
-992
4227
-9,153
10 788
— 8939
8298
— 4060
659
-1,776
-1,062
-624
-599
-57
39
-192
870
1,213
Other
services,
net"
12552
12,981
13 859
14,042
14008
18,551
18262
21,032
26,123
4,736
5,079
5,391
5,829
5,899
6,164
7,031
7,030
6,468
Receipts
on U.S.
assets
Payments
on foreign
assets in
US 3
Net
84975 — 53 626 31 349
85,346
-57,097 28,250
81 972 — 54549 27 423
92,935 -69,542 23394
82282
66 115 16 166
80,982
— 70013 10 969
90536
85 210
5 326
110,048 — 108 438
1 610
127,536 -128,448
— 912
26,980 -24,580
2,400
26,739 -26,330
409
27,942 -28,083
-141
28,386 -29,445 -1,059
30,872 — 30,407
465
31,932
-33,889 -1,957
32,102
-32,085
17
32,629 -32,068
561
31,057 -30,449
608
Balance on
goods,
services,
and income
15 223
3,907
30 188
Remittances,
pensions,
and other
unilateral
transfers,
net 1
8 331
— 9 775
Balance
on current
account
6 892
— 5 868
40 143
9 956
— 86,385 — 12 621 — 99 006
106 859
15 473
122 332
16 009
129 384
145 393
147 739
14 575
162 314
113 857
128 862
15 005
— 95,314 — 14720 — 110034
— 29,206 — 3,476 — 32682
-27,815 -3,060 -30,875
-27,297 -3,461 -30,758
-29,537 -5,008 -34,545
— 23 549 — 3 555 — 27 104
-25,643 -3,006 -28,649
-24,061 -3,530 -27,591
-22,061 -4,631 -26,692
-19,452 -3,489 -22,941
4
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
United States are excluded from investment income and included in other services, net.
See p. 37 for continuation of table.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks decreased $45.7 billion in the first quarter of
1990, compared to an increase of $32.7 billion in the fourth quarter of 1989. Liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, decreased $28.1 billion in the first quarter, compared to an
increase of $36.7 billion in the fourth quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
80
CHANGE IN
. FOREIGN ASSETS
60
IN THE U.S., NET
40
20
CHANGE IN
U.S. ASSETS
ABROAD, NET
-20
-20
-40
-40
-60
-60
1990
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the U.S., net
[increase/capital inflow ( + )] 3
U.S. assets abroad, net
[increase /capital outflow ( — )]
Period
Total
1981..
1982
1983
1984
1985..
1986
1987.
1988
1989
U.S.
official
reserve
assets 3 5
-110,951
-124,490
-56,100
-31,070
-27,721
-92,030
-62,946
— 84,176
-127,061
— 5,175
-4,965
-1,196
-3,131
-3,858
312
9,149
-3,912
-25,293
Other U.S.
Government
assets
U.S.
private
assets
-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
-83,232
2,969
1,185 -102,953
Foreign
official
assets
Other
foreign
assets
83,032
93,746
84,869
102,621
130,012
221,599
218,470
221,442
214,652
4,960
3,593
5,845
3,140
-1,083
35,588
45,210
39,515
8,823
78,072
90,154
79,023
99,481
131,096
186,011
173,260
181,927
205,829
Total
Allocations
of special
drawing
rights
(SDKs)
1,093
Statistical d screpancy
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
19,934
36,612
11,374
27,456
20,041
15,824
6,790
-8,404
22,443
U.S. official
reserve
assets, net 5
(unadjusted,
end of
period)
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
1988:
I
II
Ill
IV
4,569
-19,856
-42,383
-26,508
1,502
39
-7,380
1,925
-1,594
-847
1,957
3,452
4,661
- 19,048
-36,960
-31,885
26,079
65,270
49,797
80,295
24,840
5,970
-2,015
10,720
1,239
59,300
51,812
69,575
2,034
- 14,539
23,344
— 19,242
2,970
-2,995
-4,630
4,656
43,186
41,028
47,788
47,802
1989:
I
II
Ill
IV
-32,859
-1,381
-44,076
-48,745
— 4,000
-12,095
-5,996
-3,202
962
-303
574
— 47
— 29,821
c
ll,017
-38,654
— 45,496
68,402
2,794
74,136
69,320
7,797
— 4,961
13,003
-7,016
60,605
7,755
61,133
76,336
-8,439
27,236
-2,469
6,117
1990: I"
29,509
-3,177
-486
33,172
-27,489
-8,825
-18,665
20,922
3,093
-1,697
— 4,953
3,560
3,116
49,854
60,502
68,418
74,609
76,303
of Current Business, June 1990.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
T
Revised.
e
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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1990
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