Full text of Economic Indicators : June 1991
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102d Congress, 1st Session
Economic Indicators
JUNE 1991
(Includes data available as of July 2, 1991)
JOL 2 3 1991
FEDERAL RESERVE
SANK OF, CHICAGO
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1991
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL S. SARBANES, Maryland, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
ALBERT GORE, JR. (Tennessee)
RICHARD H. BRYAN (Nevada)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
CONNIE MACK (Florida)
ROBERT C. SMITH (New Hampshire)
HOUSE OF REPRESENTATIVES
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
KWEISI MFUME (Maryland)
RICHARD K. ARMEY (Texas)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
STEVEN QUICK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, Chairman
JOHN B. TAYLOR, Member
[PUBLIC LAW 120—SlsT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts prepared by the Art Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.25 a single copy
($2.81 foreign), or by subscription at $24.00 per year ($30.00 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
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WASHINGTON, D.C. 20402
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
In the first quarter of 1991, according to revised estimates, current-dollar gross national product (GNP) rose 2.2
percent (annual rate) or $30.4 billion. Real GNP (GNP adjusted for price changes) fell 2.8 percent and the implicit
price deflator rose 5.2 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
6,000
6,000
EAS DNA IY ADJUS TED ANN AL
—
ATE
,^
^-~^^
GhJP
-1C URREN TDOLLAR
4,800
II-
>
V
/
—
~
^
X^
^^
4,800
-
^-X
__
^—
•'•
_
^"^
'-''
•-
irJ
^
,- **
-
\"
__
/ ^ -• *"
_
/
-
-
/-I
\
GNP
1 P82DC LLARS
—
-
1
1
1
\
1983
19 82
1
1
19 84
1985
1
19 86
1
\ \ 1
1
1988
1989
19 87
,
SOURCE: DEPARTMENT OF COMMERCE
19 90
1
I
1991
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Personal
consumption
expenditures
Gross
private
domestic
investment
2,732.0
3,052.6
3,166.0
3,405.7
3,772.2
4,014.9
4,231.6
4,515.6
4,873.7
5,200.8
5,465.1
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,009.4
3,238.2
3,450.1
3,657,3
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.5
747.1
IV
IV
IV
IV
IV
IV
IV
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
1989: III
IV
5,238.6
5,289.3
1990: I
II
Ill
IV
1991: I '
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1
Gross
national
product
Exports
Imports
32.1
33.9
26.3
-6.1
-58.9
-78.0
-97.4
— 114.7
-74.1
-46.1
-31.2
351.0
382.8
361.9
352.5
383.5
370.9
396.5
449.6
552.0
626.2
672.8
318.9
348.9
335.6
358.7
442.4
448.9
493.8
564.3
626.1
672.3
704.0
530.3
588.1
641.7
675.0
735.9
820.8
872.2
921.4
962.5
1,025.6
1,098.1
283.5
310.5
355.2
366.5
381.3
380.3
400.0
424.0
579.8
661.8
654.1
648.8
741.4
747.5
14.1
-25.8
-67.9
-103.2
-108.9
-115.0
-70.3
335.9
364.7
385.7
369.2
402.4
485.8
583.1
321.9
390.5
453.6
472.4
511.3
600.7
653.5
671.8
676.1
764.5
856.7
888.9
942.0
1,000.0
293.2
276.1
326.0
376.6
368.8
388.2
401.1
3,484.3
3,518.5
775.8
762.7
-49.3
-35.3
623.7
642.8
673.0
678.1
1,027.8
1,043.3
5,375.4
5,443.3
5,514.6
5,527.3
3,588.1
3,622.7
3,693.4
3,724.9
747.2
759.0
759.7
698.3
-30.0
-24.9
-41.3
-28.8
661.3
659.7
672.7
697.4
691.3
684.6
714.1
726.2
5,557.7
3,742.8
660.0
694.5
681.0
771.2
741.0
Final
Federal
Net
exports
GNP less exports of goods and services plus imports of goods and services.
Govern ment purcb ases of
goo is and services
Exports ind imports of goods
ind services
13.5
Total
National
defense
Nondefense
omes ic
chases 1
and
2,740.3
3,028.6
3,190.5
3,412.8
3,704.5
4,003.6
4,224.8
313.6
69.1
76.2
96.0
88.7
86.7
83.1
98.9
110.4
322.2
345.9
369.0
391.5
425.3
465.6
505.7
540.2
582.3
625.6
674.1
5,470.2
2,699.8
3,018.7
3,139.7
3,411.8
3,831.1
4,092.8
4,329.0
4,630.3
4,947.8
5,246.9
5,496.4
205.4
221.5
244.1
268.6
280.7
296.0
299.6
87.7
54.6
81.9
108.0
88.1
92.2
101.6
378.7
400.0
438.5
480.1
520.1
553.9
598.9
3,272.4
3,514.8
3,806.8
4,100.7
4,309.4
4,591.9
4,993.6
3,198.5
3,571.6
3,919.7
4,211.2
4,406.2
4,762.6
5,080.1
399.2
399.9
306.3
299.2
93.0
100.7
628.6
643.4
5,209.7
5,264.3
5,287.9
5,324.6
1,070.1
1,086.4
1,102.8
1,132.9
410.6
421.9
425.8
437.6
307.2
309.6
312.6
325.0
103.4
112.3
113.2
112.6
659.6
664.6
677.0
695.3
5,387.2
5,429.9
5,505.6
5,558.2
5,405.3
5,468.2
5,555.9
5,556.1
1,141.5
443.8
331.2
112.6
697.7
5,591.9
5,544.2
208.1
242.2
272.7
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
Source: Department of Commerce, Bureau of Economic Analysis.
4,487.3
4,847.5
5,172.5
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Exports and imp orts of
goods and ser laces
Gross p rivate
domestic in vestment
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
Gross
national
product
Personal
consumption
expenditures
Govern Tient pure lases of
goo< s and ser vices
Gross
Total
Nonresidentia!
fixed
Residential
fixed
Change
in
business
inventories
Federal
Net
exports
Exports
Imports
Total
State
and
local
domestic
purchases l
National
defense
Nondefense
246.9
259.6
272.7
275.1
290.8
326.0
334.1
339.6
328.1
334.9
343.7
171.2
180.3
193.8
206.9
218.5
237.2
252.1
265.1
260.7
256.3
258.7
75.7
79.3
78.9
68.2
72.3
88.8
82.0
74.5
67.5
78.7
85.0
373.6
370.1
369.0
373.9
387.0
405.2
427.5
439.5
452.4
463.2
477.1
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,609.6
3,712.4
3,822.5
3,993.2
4,094.0
4,160.9
3,130.1
3,199.4
3,139.7
3,299.1
3,585.4
3,723.0
3,847.6
3,963.8
4,092.8
4,171.8
4,191.1
88.2
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
Total
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,618.7
3,717.9
3,845.3
4,016.9
4,117.7
4,157.3
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,354.8
2,446.4
2,515.8
2,606.5
2,656.8
2,681.6
509.3
545.5
447.3
504.0
658.4
637.0
639.6
669.0
705.7
716.9
688.7
379.2
395.2
366.7
361.2
425.2
453.5
438.4
449.8
487.2
506.1
515.4
137.0
126.5
105.1
149.3
170.9
174.4
195.7
196.4
194.9
187.0
176.8
-6.9
57.0
23.9
49.4
-24.5
26.3
-6.4 -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
-3.6 -33.8
388.9
392.7
361.9
348.1
371.8
367.2
397.1
451.8
534.7
593.3
631.5
332.0
343.4
335.6
368.1
455.8
526.9
570.3
610.6
647.4
665.3
620.5
629.7
641.7
649.0
677.7
731.2
761.6
779.1
780.5
798.1
820.8
352.3
390.4
-59.3
11.7
27.0 -46.2
41.7
-94.8
7.7 -125.3
-20.8 -135.4
48.4 — 111.3
14.0
-75.7
336.0
355.5
376.6
367.4
406.5
487.0
555.3
324.S
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
75.2
99.2
86.6
81.7
81.2
370.6
376.2
392.7
412.1
433.6
443.6
457.5
471.4
Final
sa\es
1982:
1983:
1984:
1985:
1986:
1987:
1988:
IV
IV
IV
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
460.9
435.7
462.3
486.6
115.8
159.9
169.6
179.4
200.3
195.8
195.6
1989:
III
IV
4,129.7
4,133.2
2,675.3
2,669.9
722.3
709.1
513.3
508.4
184.4
181.8
24.6
18.9
-64.1
-47.9
592.5
611.6
656.6
659.4
796.2
802.2
333.0
332.7
260.2
255.5
72.8
77.2
463.2
469.5
4,105.1
4,114.4
4,193.9
4,181.1
1990: 1
II
Ill
IV
4,150.6
4,155.1
4,170.0
4,153.4
2,677.3
2,678.8
2,696.8
2,673.6
700.7
700.7
697.0
656.3
514.6
508.4
519.3
519.4
188.3
182.8
173.0
163.3
-2.2
9.5
4.7
-26.4
-35.4
-44.6
— 46.5
-8.8
628.1
620.1
630.5
647.2
663.5
664.7
677.0
656.0
807.9
820.2
822.7
832.3
333.0
345.9
346.0
349.9
254.4
256.5
258.2
265.7
78.6
89.4
87.8
84.2
475.0
474.3
476.7
482.4
4,152.8
4,145.6
4,165.3
4,179.8
4,185.9
4,199.7
4,216.5
4,162.2
1991: I r
4,124.1
2,663.7
623.7
496.8
151.8
-25.0
7.1
648.0
641.0
829.6
349.5
267.5
82.0
480.1
4,149.0
4,117.0
1
444.4
GNP less exports of goods and services plus imports of goods and services.
54.4
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982=100; quarterly data are seasonally adjusted]
Personal r onsumption
expen ditures
Period
Gross
national
product
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
Gross private
domestic i ivestment
Exports an 1 imports of
goods an . services
Gove mment pure lases of goo ds and
ser ;ices
Federal
Total
Durable
goods
Nondurable goods
Services
dential
Residential fixed
Exports
Imports
National
defense
117.5
121.2
86.2
93.4
100.0
104.7
109.9
114.9
118.3
122.9
128.7
135.1
141.3
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
102.5
102.8
119.9
120.2
117.7
117.1
127.8
130.4
135.7
137.1
105.3
106.4
106.7
107.8
104.2
103.0
105.5
110.7
123.3
122.0
123.0
125.1
120.8
120.7
121.1
122.3
131.5
125.6
128.9
133.8
138.9
140.1
142.0
144.1
107.2
106.3
127.0
123.8
137.3
145.3
86.6
94.6
100.0
104.1
108.1
111.6
114.3
119.6
124.2
129.9
136.4
89.2
95.7
100.0
102.1
103.8
104.8
105.6
108.2
109.4
110.9
112.4
89.4
96.9
100.0
102.1
105.0
107.5
107.3
112.2
116.6
122.8
131.0
83.9
92.6
100.0
106.2
111.6
116.8
122.4
128.7
134.5
141.0
147.7
85.1
93.4
100.0
98.8
97.9
97.7
99.3
98.9
100.2
101.2
101.7
89.4
96.6
100.0
102.2
106.0
108.3
111.1
115.2
119.3
123.5
125.5
90.2
97.5
100.0
101.3
103.2
101.0
99.8
99.5
103.2
105.5
106.5
96.0
101.6
100.0
97.4
97.1
95.2
93.7
99.0
102.5
103.8
105.8
84.3
93.3
100.0
103.1
106.8
109.0
109.7
112.3
115.9
119.4
123.3
83.4
92.9
100.0
103.6
107.2
109.2
110.2
111.1
IV
IV
IV
IV
IV
IV
IV
101.7
105.4
109.0
112.2
115.1
118.5
123.4
101.8
105.7
109.3
113.1
115.8
121.5
126.3
100.7
103.1
104.1
104.7
106.2
108.9
110.3
101.0
103.1
105.8
108.7
107.8
113.9
118.6
102.7
108.3
113.5
119.0
124.9
130.9
137.0
100.7
98.3
97.9
97.9
100.0
99.0
101.8
99.1
103.1
107.2
109.0
112.4
116.5
120.6
100.0
102.6
102.4
100.5
99.0
99.7
105.0
99.3
97.2
96.2
95.9
94.4
100.4
103.6
1989: III
IV
126.8
128.0
130.2
131.8
111.2
111.4
123.2
124.5
141.6
143.4
100.9
100.7
124.2
124.3
105.3
105.1
1990:
I
II
Ill
IV
129.5
131.0
132.2
133.1
134.0
135.2
137.0
139.3
112.5
112.1
112.3
112.7
128.3
129.4
131.5
134.9
145.1
146.6
148.5
150.4
101.6
101.6
102.6
100.9
125.3
125.3
126.0
125.7
1991:
Ir
134.8
140.5
113.0
135.2
152.1
101.4
125.5
Source: Department of Commerce, Bureau of Economic Analysis.
State
and local
86.4
94.3
100.0
101.4
105.5
108.2
108.1
116.3
123.2
125.8
129.8
85.7
94.0
100.0
103.9
107.7
110.9
113.8
117.4
121.3
126.3
131.5
1982:
1983:
1984:
1985:
1986:
1987:
1988:
Nondefense
114.0
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from preceding period; quarterly data at seasonally adjusted annual rates]
Personal consumption e. penditures
Grt ss national prc duet
Period
Current
dollars
Constant
(1982)
dollars
Implicit
price
deflator
Chain price
index
Fixedweigbted
price index
(1982
Implicit
price
deflator
Constant
(1982)
dollars
Current
dollars
Chain price
index
8.9
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1987: 1
11
Ill
IV
1988: I
II
Ill
IV
1989: I
II
Ill
IV
1990: I
II
Ill
IV
1991: I r
-0.2
11.7
1.9
3.7
— 2.5
7.6
10.8
6.4
5.4
6.7
7.9
6.7
5.1
9.1
7.5
7.4
8.7
7.8
8.3
7.4
7.7
7.5
5.8
5.1
3.9
6.7
5.1
5.3
.9
3.6
2.2
6.8
3.4
2.7
3.4
4.5
2.5
1.0
5.2
4.2
4.1
6,6
5.1
3.6
2.7
2.7
3.6
1.6
1.7
.3
1.7
.4
1.4
-l.fi
-2.8
9.0
9.7
6.4
3.9
3.7
3.0
2.6
3.2
3.3
4.1
4.1
3.5
3.1
3.5
1.7
2.7
4.4
4.7
4.7
3.9
3.9
3.2
3.8
4.8
4.7
3.7
2.8
5.2
9.0
9.4
6.3
4.1
3.9
3.3
2.5
3.3
3.7
4.3
4.3
4.3
3.1
3.3
3.1
3.3
4.2
4.8
4.4
9.3
9.3
6.2
4.1
4.0
3.4
10.6
10.5
2.7
3.5
4.2
4.5
4.6
4.4
3.5
6.4
7.6
7.6
3.7
6.1
4.1
3.7
3.6
5.2
-0.2
8.8
8.2
9.2
4.1
3.8
1.9
.9
6.0
7.3
.7
4.5
4.3
9.6
8.9
3.7
9.2
7.4
8.2
8.1
4.8
6.6
-.4
6.9
2.7
3.5
3.5
3
1.3
4.6
-.8
1.1
.2
2.7
-3.4
-1.5
7.0
4.0
8.2
3.9
8.0
3.5
1.9
9.2
5.7
4.2
3.9
3.5
2.7
4.6
4.0
4.7
4.9
6.2
4.9
4.3
4.0
2.5
4.7
4.8
4.8
5.0
5.7
4.7
3.9
2.8
3.6
6.5
10.9
10.7
1,2
1.3
4.6
4.8
7.1
9.0
3.5
3.7
3.9
4.7
5.5
4.4
4.9
4.6
3.1
3.8
6.6
3.9
4.2
4.7
5.2
4.7
4.4
3.1
(1982
weights)
weights)
1980
Fixed,
weighted
price index
3.2
2.4
4.6
3.8
4.6
5.0
6.4
4.8
4.4
4.1
2.3
4.3
4.6
4.6
5.2
5.1
2.2
5.0
6.8
3.6
5.4
6.9
3.5
5.3
2.6
4.9
6.8
3.4
5.2
6.5
3.4
10.5
9.0
5.6
4.2
4.0
3.5
2.7
4.6
4.1
4.8
5.2
6.3
5.1
4.3
4.3
2.6
4.8
5.1
4.9
5.0
5.7
2.7
4.7
7.4
3.1
5.7
7.1
3.3
Source: Department of Commerce, Bureau of Economic Analysis.
NOTK.—Annual changes arc from preceding year and quarterly changes are from preceding quarter.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Cur rent-dollar c( st and profit per unit of output (dolla s) '
Gross dome stic product
of nonf nancial
corporate business
(billions c f dollars)
Period
Current
dollars
1982
Total
cost and
profit 2
dollars
Capital
consumption
with capital
consump
Indirect
business
taxes 3
Compensation of
employees
Corporate profits with inventory
valuation ind capital cc n-sumption
adjustments
interest
Total
adjustment
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982: IV
1983: IV
1984: IV
1985: IV
1986: IV
1987: IV
1988: IV
1989: IV
1990: I
II
Ill
IV
1991: I '
1
1 ,540.8
1,738.4
1,782.2
1,914.2
2,146.7
2,267.1
2,367.1
2,524.8
2,720.7
2,854.5
2,952.7
1,779.4
2,012.5
2,201.8
2,309.4
2,408.7
2,597.4
2,797.3
2,878.5
2,907.5
2,960.0
2,979.1
2,964.1
2,956.9
1,803.6
1,836.8
1,782.2
1,871.8
2,049.2
2,132.3
2,214.3
2,310.9
2,443.4
2,503.0
2,506.5
1,761.6
1,951.7
2,084.1
2,165.4
2,240.8
2,364.8
2,482.5
2,502.2
2,503.8
2,519.6
2,514.4
2,488.3
2,446.9
0.854
0.096
.946
.109
.125
1.000
1.023
1.048
1.063
1.069
1.093
1.114
1.140
1.178
1.010
1.031
1.056
1.066
1.075
1.098
1.127
1.150
1.161
1.175
1.185
1.191
1.208
.123
.117
.118
.121
.122
.122
.127
.132
.130
.119
.118
.119
.122
.121
.123
.130
.130
.131
.133
.136
.140
Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol-
lars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments less subsidies.
0,077
0.583
.090
.094
.098
.100
.102
.104
.104
.105
.109
.116
.096
.0,97
.101
.632
.676
.678
.683
.699
.708
.720
.737
.760
.791
.685
.676
.689
.704
.713
.102
.104
.104
.106
.111
.113
.113
.117
.119
.124
.726
.747
.769
.777
.787
.797
.804
.814
0.031
.037
043
.037
.039
.038
.040
.040
.040
.048
.051
.042
.037
.042
.037
.041
.040
.041
.051
.051
.051
.051
.052
.052
0.068
Profits
tax
liability
0.037
.079
.035
.063
.088
.109
.106
.097
.106
.109
.096
.088
.057
.102
.107
.105
.094
.108
.110
.089
.026
.032
.036
.033
.034
.040
.042
.090
.094
.038
.039
.040
.037
.032
.087
.080
.079
.041
.038
.023
.0.36
.032
.033
.038
.042
.042
.039
Profits
after
tax
4
0.031
.044
.037
.057
.073
.073
.063
.066
.067
.056
.049
.034
.066
.075
.071
.057
.066
.067
.051
.052
.055
.047
.043
.047
Output
of all
employees
(1982
dol-
Compensation per
hour of
employees
lars)"
18.547
18.699
18.774
19.344
19.867
20.198
20.903
21.204
21.658
21.574
21.412
18.807
19.554
19.932
20.389
21.059
21.368
21.679
21,431
21.352
21.437
21.382
21.406
21.385
10.809
11.815
12.682
13.085
13.571
14.112
14.793
15.265
15.874
16.396
16.944
12.881
13.22!
13.741
14.350
15.017
15.507
16.088
16.483
16.597
16.863
17.048
17.211
17.376
4
With inventory valuation and capital consumption adjustments.
' * Series revised beginning 1977 to incorporate new constant-dollar measures of output published
by the Bureau of Economic Analysis in the Survey of Current Business, May 1991.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
-3
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employees1
Proprietor s' income
with in yentory
valuation md capital
consulnption
adjust ments
Farm
1982
1983
1984
1985
1986
1987
1988
1989
1990
Rental
income of
persons
with
capital
tion
adjustment
Nonfarm
Corpora e profits wit i inventory valuation an . capital
consuniption adjust ments
Profits with inventory valuation
adjustmei it and witho jt capital
consu •nption adjus tment
Total
Profits
before tax
Inventory
valuation
adjustment
Capital
consump-
Net
interest
2,518.4
2,719.5
3,028.6
3,234.0
3,412.6
3,660.3
3,984.9
4,223.3
4,418.4
1,907.0
2,020.7
2,213.9
2,367.5
2,511.4
2,686.4
2,905.1
3,079.0
3,244.2
24.6
12.4
30.5
30.2
34.7
42.8
43.7
48.6
49.9
150.9
178.4
204.0
225.6
247.2
280.6
310.5
330.7
352.6
13.6
13.2
8.5
9.2
11.6
13.7
16.3
8.2
6.9
150.0
213.7
266.9
282.3
282.1
308.3
337.6
311.6
298.3
159.2
196.7
234.2
222.6
228.3
255.9
289.8
286.1
293.3
169.6
207.6
240.0
224.3
221.6
275.3
316.7
307.7
304.7
-10.4
-10.9
-5.8
-1.7
6.7
-19.4
-27.0
-21.7
-11.4
-9.2
17.0
32.7
59.7
53.8
52.4
47.8
25.5
4.9
272.3
281.0
304.8
319.0
325.5
328.6
371.8
445.1
466.7
IV
IV
TV
IV
IV
IV
IV
2,548.2
2,851.5
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
-13.4
-8.1
-1.6
-6.6
-8.0
308.7
164.1
231.5
226.1
235.0
234.1
289.7
331.1
-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
1989: HI
IV
4,232.1
4,267.1
3,095.2
3,128.6
38.7
45.7
329.5
336.0
5.8
4.1
306.7
290.9
285.3
275.3
291.4
289.8
21.4
15.6
456.2
461.7
1990: I
II
in
4,350.3
4,411.3
4,452.4
4,459.7
3,180.4
3,232.5
3,276.9
3,286.9
57.4
51.0
42.4
48.8
346.6
350.8
355.6
357.4
5.5
4.3
8.4
9.3
296.8
306.6
300.7
288.9
285.5
298.8
298.7
290.3
296.9
299.3
318.5
304.1
-11.4
-.5
-19.8
-13.8
11.3
7.7
2.0
-1.4
463.6
466.2
468.3
468.4
1991: lr.
4,456.4
3,299.3
48.5
355.8
5.6
286.2
289.7
281.5
8.1
-3.5
460.9
1982:
1983:
1984:
1985:
1986:
1987:
1988:
IV
1
Includes employer contributions for social il surance. (See also p. 5.)
226.1
268.6
-21.1
-22.5
-6.1
- 14.5
Source: Dep rtment of Coir raerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Non durable g<>ods
Durabl goods
Tt i 1
Period
personal
contures
1982
1983
1984
1985
1986
1987
1988
1989
1990
FurniTotal
durable
goods
vehicles
and
parts
and
household
equipment
Total
Other
Food
goods
Serv-
Retail ales of
new pa ssenger
cars (mi .lions oi
un ts)
Clothing and
shoes
Gasoline
and oil
89.1
90.2
90.0
90.6
73.5
75.3
77.3
83.8
93.8
158.7
169.5
182.1
192.6
201.7
216.9
229.1
246.3
261.9
1,027.0
1,128.7
1,227.6
1,345.6
1,449.5
1,584.7
1,720.7
1,845.5
1,983.3
5.8
6.8
8.0
8.2
8.2
7.1
7.5
7.1
6.9
Other
Domestics
Imports
2.2
95.7
107.1
118.8
129.9
139.7
148.8
161.8
171.4
176.4
48.1
51.6
59.3
63.2
70.0
76.7
83.5
87.8
90.9
771.0
816.7
867.3
911.2
942.0
1,001.3
1,060.0
1,130.0
1,193.7
398.8
421.9
457.5
474.6
480.3
108.9
130.4
157.4
179.1
196.2
197.9
212.2
215.5
213.0
471.6
500.0
530.7
562.6
595.3
624.7
124.4
135.1
146.7
156.4
166.8
178.4
191.1
204.6
213.2
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
786.6
53.2
837.9
61.8
879.6
64.7
932.7
77.1
952.1
77.4 1,019.9
88.5 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 1,066.5
174.0 1,167.9
184.7 1,267.1
198.5 1,394.5
205.5 1,494.4
221.5 1,631.8
233.9 1,771.5
6.0
7.4
7.7
7.0
7.7
6.6
7.5
2.5
2.6
2.6
3.1
3.4
3.3
3.0
1989: HI
3,484.3
3,518.5
487.1
471.2
226.9
207.5
171.5
173.0
88.7
90.7
1,137.3
1,148.8
597.6
602.2
206.9
208.7
84.5
83.5
248.3
254.4
1,859.8
1,898.5
7.8
6.2
2.9
2.6
1990: I
n
m
IV
3,588.1
3,622.7
3,693.4
3,724.9
492.1
478.4
482.3
468.5
221.1
212.4
214.7
203.9
178.9
176.8
176.4
173.4
92.0
89.3
91.2
91.3
1,174.7
1,179.0
1,205.0
1,216.0
616.4
623.3
629.8
629.4
212.9
212.6
215.8
211.5
87.1
84.5
94.0
109.4
258.2 1,921.3
258.6 1,965.3
265.4 2,006.2
265.6 2,040,4
7.0
6.8
7.2
6.6
2.8
2.7
2.5
2.4
1991: I r
3,742.8
455.3
190.9
174.2
90.2
1,212.7
636.7
213.3
93.9
268.7
6.0
2.2
1982:
1983:
1984:
1985:
1986:
1987:
1988:
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,009.4
3,238.2
3,450.1
3,657.3
252.7
289.1
335.5
IV
IV
IV
IV
IV
IV
IV
rv
Source: Department of Commerce, Bureau of Economic Analysis.
372.2
406.0
423.4
448.5
2,074.8
2.4
2.4
2.8
3.2
3.2
3.1
2.8
2.6
SOURCES OF PERSONAL INCOME
Personal income rose $23.8 billion (annual rate) in May following a rise of $4.7 billion in April. Wages and salaries
no-eased $15.7 billion in May, compared with a rise of $4.6 billion in April.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
5,000
5,000
4,000
4,000
3,000
3,000
2,000
2,000
WAGE AND SALARY DISBURSEMENTS
1,400
1,400
,*-•
.
.
.
.
.
.
OTHER INCOME
800
800
TRANSFER
PAYMENTS
400
1983
1985
1984
1987
1986
400
1988
1989
1990
• SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1991
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: May
June
July
Aug
Sept
Oct
Nov
Dec
1991: Jan r .
Feb r.
Mar r
Apr r
May"
Total
personal
income
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,526.2
3,766.4
4,070.8
4,384.3
4,645.5
4,621.4
4,640.7
4,662.7
4,675.0
4,697.8
4,695.9
4,716.2
4,743.3
4,723.8
4,733.3
4,750.4
4,755.1
4,778.9
Proprietors ' income 3
wage ana
Farm
1,510.3
1,586.1
1,676.6
1,838.6
1,975.4
2,094.8
2,249.7
2,431.1
2,573.2
2,705.3
2,695.5
2,711.1
2,727.1
2,728.3
2,747.2
2,731.6
2,731.6
2,753.6
2,741.0
2,741.9
2,745.6
2,750.2
2,765.9
150.3
163.6
173.6
182.9
187.6
199.3
209.4
225.5
241.9
258.1
256.4
257.6
258.8
260.0
261.2
262.2
263.2
264.2
265.2
266.2
267.2
268.2
269.2
30.7
24.6
12.4
30.5
30.2
34.7
42.8
43.7
48.6
49.9
51.8
46.1
45.7
42.9
38.5
39.1
54.5
52.9
39.6
47.2
58.7
53.5
52.2
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
2
Consists primarily of employer contributions to private pension and private welfare funds.
3
Witb inventory valuation and capital consumption adjustments.
Nonfarm
156.1
150.9
178.4
204.0
225.6
247.2
280.6
310.5
330.7
352.6
351.3
351.8
353.0
356.6
357.0
357.1
357.6
357.5
353.8
356.3
357.4
359.3
362.6
4
Rental
income of
persons 4
Personal
dividend
income
13.3
13.6
13.2
8.5
9.2
11.6
13.7
16.3
8.2
6.9
4.2
4.9
6.2
9.1
10.0
10.8
8.8
8.3
6.8
5.1
4.9
5.2
5.9
61.3
63.9
68.7
75.5
78.7
85.8
91.8
102.2
114.4
123.8
123.0
123.4
124.3
125.0
125.3
126.1
126.8
127.2
127.2
127.6
125.3
125.2
125.6
Personal
interest
income
335.4
369.7
393.1
444.7
478.0
493.2
501.3
547.9
643.2
680.4
677.9
681.5
683.6
685.4
686.8
687.5
688.1
688.2
685.7
681.8
678.6
676.6
675.6
Transfer
payments 5
368.1
410.6
442.6
456.6
489.8
521.5
549.9
587.7
636.9
694.8
685.3
691.4
692.1
695.9
701.2
710.0
714.0
721.2
741.6
744.5
750.1
754.6
760.7
Less:
Personal
contributions
for social
insurance
104.5
112.3
120.1
132.7
149.3
161.9
172.9
194.1
212.8
226.2
223.9
227.1
228.1
228.2
229.5
228.4
228.4
229.9
237.2
237.2
237.4
237.7
238.8
Nonfarm
personal
income 6
2,465.6
2,618.7
2,799.0
3,052.1
3,271.3
3,469.4
3,702.2
4,006.0
4,314.6
4,574.3
4,548.3
4,573.2
4,595.6
4,610.7
4,637.8
4,635.3
4,640.2
4,668.8
4,662.6
4,664.4
4,669.9
4,679.7
4,704.7
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
5
6
DISPOSITION OF PERSONAL INCOME
According to revised estimates, real per capita disposable personal income fell again in the first quarter of 1991.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
2,000
2,000
DOLLARS * (RATIO SCALE)
DOLLARS * (RATIO SCALE)
PER CAF ITA DISPOSE BLE PERSON AL INCOME -
18,000
18,000
16,000
16,000
'
CURRENT DOLLARS
14,000
\
,— '
,
•
'
14,000
---
1
^
-
-—-3
\
\
1982 DOLLAR S
i
8000
i i
i i i
1982
1
1
'
1984
1983
1
'
1
1985
i
t i
i
1986
i i
1
t
|
1
1988
1987
' I
1989
" SEASONALLY ADJUSTED ANNUAL RATES
i
i i
1990
i
i
i
8 000
1991
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
Personal
income
Less:
Personal
tax and
nontax
payments
Equals'
Disposable
personal
income
Less:
Personal
outlays l
Equals:
Personal
saving
Disposable
personal
income in
1982
dollars
(billions)
P e r c ipita
disposable personal
inc< me
Current
dollars
1982
dollars
8,421
9,243
9,724
10,340
11,257
11,861
12,469
13,094
14,123
14,973
15,695
Billi ons of dolla TS
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
2,258.5
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,526.2
3,766.4
4,070.8
4,384.3
4,645.5
340.5
393.3
409.3
410.5
440.2
486.6
512.9
571.6
591.6
658.8
699.4
1,918.0
2,127.6
2,261.4
2,428.1
2,668.6
2,838.7
3,013.3
3,194.7
3,479.2
3,725.5
3,946.1
Per capit personal
consulnption
expen .itures
Current
dollars
1982
dollars
9,722
9,769
9,724
9,930
10,419
10,625
10,905
10,946
11,368
11,531
11,509
7,607
8,320
8,818
9,516
10,253
10,985
11,576
12,334
13,144
13,866
14,547
8,783
136.9
159.4
153.9
130.6
164.1
125.4
124.9
92.5
145.6
171.8
180.1
2,214.3
2,248,6
2,261.5
2,331.9
2,469.8
2,542.8
2,635.3
2,670.7
2,800.5
2,869.0
2,893.5
9,749
10,151
10,491
10,667
10,909
11,097
11,458
11,538
11,541
11,586
11,564
11,511
11,376
11,307
9,068
9,825
10,479
11,240
11,825
12,572
13,474
13,986
14,084
14,330
14,432
14,670
14,752
14,787
Saving as
percent oi
disposable
personal
income
Population,
including
Aimed
Forces
abroad
(thousands) 2
PerceiIt
Dolla "S
1,781.1
1,968.1
2,107.5
2,297.4
2,504.5
2,713.3
2,888.5
3,102.2
3,333.6
3,553.7
3,766.0
Percent
change in
rea\ per
capita
disposable
personal
income
7.1
8,794
8,818
9,139
9,489
9,840
10,123
10,311
10,580
10,678
10,666
-1.1
.5
.5
2.1
4.9
2.0
2.6
.4
3.9
1.4
-.2
7.5
6.8
5.4
6.1
4.4
4.1
2.9
4.2
4.6
4.6
227,754
230,182
232,549
234,829
237,051
239,322
241,660
243,982
246,358
248,810
251,420
8,904
9,299
9,587
9,935
10,214
10,347
10,669
10,739
10,687
10,693
10,671
10,711
10,589
10,524
1.2
9.1
1.7
3.3
.3
6.4
1.2
1.6
.1
1.6
-.8
-1.8
-4.6
— 2.4
6.2
5.8
5.8
3.9
3.3
3.9
4.1
4.1
4.6
4.9
5.0
4.2
4.2
4.2
233,466
235,707
237,946
240,257
242,579
244,925
247,329
249,127
249,818
250,392
251,026
251,767
252,495
253,114
S easonally adjusted aim ual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
IV
IV
IV
IV
IV
IV
IV
III....
IV
1990: I
II
III....
IV
1991: I r
2,729.2
2,941.8
3,188.3
3,399.1
3,597.8
3,890.9
4,186.2
4,402.8
4,469.2
4,562.8
4,622.2
4,678.5
4,718.5
4,735.8
411.1
413.9
459.7
499.6
534.4
588.6
607.3
659.5
669.6
675.1
696.5
709.5
716.6
714.6
2,318.1
2,527.9
2,728.6
2,899.5
3,063.4
3,302.3
3,578.9
3,743.4
3,799.6
3,887.7
3,925.7
3,969.1
4,001.9
4,021.3
2,174.9
2,382.5
2,571.3
2,787.7
2,961.4
3,172.6
3,430.4
3,588.8
3,625.5
3,696.4
3,730.6
3,802.6
3,834.4
3,852.5
143.1
145.4
157.3
111.7
102.0
129.7
148.5
154.5
174.1
191.3
195.1
166.5
167.5
168.7
2,276.1
2,392.7
2,496.3
2,562.8
2,646.2
2,717.9
2,833.9
2,874.3
2,883.2
2,900.9
2,902.8
2,898.0
2,872.4
2,861.9
1
Includes personal eonsumptio n expenditures, interest paid b v consumers to business, and personal transfer pavmen ts to foreigners net).
9,929
10,725
11,467
12,068
12,629
13,483
14,470
15,026
15,210
15,527
15,639
15,765
15,849
15,887
Annual data are averages of quarterly c ata, which ar ', averages for tl e period.
•Source: Depar ment of Com meree (Burea u of Economi Analysis and B ureau of the Census).
FARM INCOME
'n the fourth quarter of 1990, according to preliminary estimates, gross farm income rose $16.0 billion (annual
•ate) and net farm income rose $10.5 billion.
BILLI DNS OF DOLLA RS* (RATIO SC ALE)
BILLI DNS OF DOLLA RS* (RATIOS CALE)
240
200
240
160
—|--~-
•~*
p_
—-'
^
V
X
\
120
i
^—|
—"
---"
160
120
\
GRC SS FARM INCC >ME
80
80
An
An
40
20
10
' SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
In come
(jross
T>
'
1
Total
149.3
166.3
163.5
153.2
170.2
162.9
156.5
169.0
173.8
189.2
167.6
181.5
190.8
189.5
185.7
190.9
196.2
190.2
185.2
201.2
139.7
141.6
142.6
136.8
142.8
144.1
135.2
141.7
150.2
159.2
154.9
155.4
153.7
157.4
163.9
161.7
161.9
164.9
169.9
171.7
Livestock and
products
V
Crops
14
-10.9
6.0
-2.3
-2.4
-2.8
-4.1
4.4
75.7
74.2
-3.7
-2.1
135.4
135.9
32.2
45.5
72.1
76.5
3.8
4.9
4.8
4.3
142.5
143.3
143.4
141.1
48.3
46.2
42.4
49.8
4.4
3.3
2.2
1.7
140.3
144.5
146.2
151.7
55.9
45.6
39.0
49.5
79.2
81.2
81.6
80.3
72.8
74.8
77.5
80.1
79.2
3
-6.3
6.5
Current
dollars
16.1
26.9
23.5
15.3
26.3
31.0
31.0
41.3
41.8
46.7
71.7
72.5
72.3
67.2
69.9
74.3
63.7
65.6
71.4
75.4
80.8
83.6
88.9
87.0
87.4
89.8
92.5
f
inventory
changes 2
Production
expenses
133.1
139.4
140.0
137.9
143.8
131.9
125.5
127.7
132.1
142.6
68.0
69.2
70.3
69.6
72.9
69.8
71.5
76.0
78.8
83.7
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 farn income
Gas h marketing rece pts
Total '
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1988: m
IV
1989: I
II
Ill
IV
1990: I
II
Ill
IV "
of farm ope rators from farm! ng
farm ineom
1982 dollars
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.
3
18.8
28.6
23.5
14.7
24.5
27.9
27.2
35.1
34.4
37.0
26.4
36.9
38.8
36.7
33.4
38.9
43.1
34.8
29.5
37.2
CORPORATE PROFITS
In the first quarter of 1991, according to revised estimates, corporate profits before tax fell $22.6 billion (annual
rate) and profits after tax fell $11.2 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
360
360
s EASONALLY
ADJUST ED ANNUAL RATES
A
S
320
V^\
/
,
280
r-\
240
200
s
PROFITS B EFORE TAX
\
740
v^/
?no
__„-
"X
s
/'"•>
*"""
^^J
PRO FITS
%
,--'
N_^
AFTER
160
TAX —=•=•*•'"N.
s
\
.
X
X
S
s
s
'
.._
40
•"'.— -'
N
80
/"---N
.-•
~~
\
an
TAX l l / .RIIITY
~--
/
1 I 1
1982
1983
1 1 1
1
1
1
__,J
1
1985
1984
'
--'
--\
\_
1 1 1
170
*•
N
~~'
280
/
1
120
\
^
1
f
160
170
1
"\
^UNDISTR IBUTED PRC
1
1
1986
1
1987
1
I
1
1
\
1
1988
40
"-"'
-.
I 1 1
1 1
1989
1
1990
1
0
1
1991
COUNOl OF ECONOMIC ADVISER
SOURCE: DEPARTME ^T OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits after ta X
Pr jfits (before t ax) with inve ntory valuati on adjustment '
Do •nestic indust ies
Period
Total
1980
1981
1982
1983
194.0
202.3
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
234.2
222.6
228.3
255.9
289.8
1990:
1991:
1
2
159.2
196.7
286.1
293.3
IV
IV
IV
IV
IV
IV
IV
III
IV
I
II
Ill
IV
Ir
150.7
223.4
224.6
228.4
226.1
268.6
308.7
285.3
275.3
285.5
298.8
298.7
290.3
289.7
159.6
173.8
131.2
166.6
203.3
191.4
195.2
218.4
246.5
235.2
236.4
121.6
190.7
193.9
193.6
193.4
226.2
261.9
236.0
218.4
232.6
249.9
241.1
222.3
221.4
Financial
21.0
16.5
11.8
18.1
13.0
22.8
32.0
20.7
22.4
15.4
18.7
18.7
15.5
13.6
26.0
28.6
19.8
24.1
9.2
6.9
16.1
18.2
21.7
18.8
22.5
Total 3
138.6
157.3
119.4
148.5
190.3
168.6
163.2
197.8
224.1
219.8
217.7
102.9
175.2
180.3
167.6
164.8
206.4
237.8
226.9
211.5
216.5
231.7
219.3
203.4
198.9
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Profits
before tax
Nonfinaneial
Total 2
Manufacturing
77.1
88.5
58.0
70.1
88.8
79.7
59.5
86.7
106.5
96.1
88.8
46.8
88.6
79.8
83.8
64.8
98.2
112.6
99.9
83.7
90.1
100.8
91.2
73.1
67.1
Tax
liability
Total
Dividends
sale and
retail
trade
21.6
32.5
34.6
38.9
51.2
44.1
44.1
37.9
37.1
38.7
41.5
33.6
43.1
51.8
38.5
41.0
37.8
42.3
41.4
41.9
39.2
44.4
39.5
42.8
46.2
3
237.1
226.5
169.6
207.6
240.0
224.3
221.6
275.3
316.7
307.7
304.7
164.1
231.5
226.1
235.0
234.1
289.7
331.1
291.4
289.8
296.9
299.3
318.5
304.1
281.5
84.8
81.1
63.1
77.2
93.9
96.4
106.3
126.9
136.2
135.1
132.1
59.8
88.1
87.0
99.8
113.1
132.1
142.1
127.8
123.5
129.9
133.1
139.1
126.5
115.1
152.3
145.4
106.5
130.4
146.1
127.8
115.3
148.4
180.5
172.6
172.5
104.3
143.4
139.2
135.2
121.0
157.6
189.1
163.6
166.3
167.1
166.1
179.4
177.6
166.4
54.7
63.6
66.9
71.5
79.0
83.3
91.3
98.2
110.0
123.5
133.9
68.5
73.9
80.8
84.0
93.6
102.2
115.3
125.0
127.7
130.3
133.0
135.1
137.2
137.5
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
uted
profits
Inventory
valuation
adjustment
97.6
81.8
39.6
-43.1
— 24.2
-10.4
58.9
67.0
44.6
24.0
50.2
70.5
49.1
38.7
35.8
69.5
58.4
51.2
27.4
55.4
73.8
38.6
38.6
36.8
33.2
44,3
40.4
29.0
-10.9
-5.8
-1.7
6.7
— 19.4
^27.0
-21.7
-11.4
-13.4
-8.1
-1.6
-6.6
-8.0
-21.1
-22.5
-6.1
-14.5
-11.4
5
-19.8
-13.8
8.|
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the first quarter of 1991, nonresidential fixed investment fell $20.4 billion
(annual rate) and residential investment fell $14.7 billion. There was a $34.2 billion decrease in inventories,
following a decline of $30.8 billion in the fourth quarter of 1990.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
900
900
sEASONALLY ADJLJS FED ANNUAL RATES
-
-
800
GROSS F RIVATE DO MESTIC
II--IVESTMENT
700
-
/
1
s/
r
~-A^
600
_
/
700
S
600
_
FIXE D INVESTMFMT
N.
800
-
-"J
NC NRESIDENl IAL
500
-
r~A
r^
"
/
r-
^—«
500
--"*""
-
N
400
400
-"'""•-- .... _--•''
-
R 5SIDENTIAL
FIXE D INVESTME
;NT
300
-
" *"'"*'•~-.
\
200
^--"'
INVENTO RIES
,-v
\
i
I I
1982
y"
i i i
1983
1
1
1
100
%
"""--.
S
.-'
-
a1ANGE IN E USINESS
100
-100
200
•-••
-
0
300
-
1
1984
1 i
1985
1
1 1
1986
1 1 1
1 1 1
1987
1988
1
1 1
1989
SOURCE: DEPARTMENT OF COMMERCE
^ 1 1 \_1
1990
-1
1 1
1991
-100
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
^ixed investmen t
r.
Period
investment
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
IV
IV
IV
IV
IV
IV
IV
I
n
m
IV
1990: I
n
m
IV
991: I r
*
::
Source: Department of Commerce, Bureau of Economic Analysis.
Change i i business
inven tones
Nonresidential
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.9
747.1
771.2
741.0
409.6
579.8
661.8
654.1
648.8
7'41 .4
747.5
769.7
776.7
775.8
762.7
747.2
759.0
759.7
698.3
660.0
Total
445.3
491.5
471.8
509.4
597.1
631.8
652.5
671.2
720.8
742.9
746.1
469.5
548.8
616.8
646.8
660.9
685.7
731.3
743.1
744.0
746.9
737.7
758.9
745.6
750.7
729.2
694.1
Total
322.8
369.2
366.7
356.9
416.0
442.9
435.2
444.9
488.4
511.9
524.1
354.9
383.9
435.0
451.3
435.8
457.5
495.3
506.5
511.4
518.1
511.8
523.1
516.5
532.8
524.0
503.6
Structures
113.9
138.5
143.3
124.0
141.1
153.2
139.0
133.7
139.9
146.2
147.0
137.6
127.4
146.6
155.9
133.7
137.2
141.2
146.5
144.2
147.0
147.1
148.8
147.2
149.8
142.1
139.5
Producers'
durable
equipment
208.9
230.7
223.4
232.8
274.9
289.7
296.2
311.2
348.4
365.7
377.1
217.3
256.5
288.4
295.5
302.2
320.4
354.0
360.0
367.2
371.0
364.7
374.3
369.3
383.0
381.9
364.1
Residential
122.5
122.3
105.1
152.5
181.1
188.8
217.3
226.3
232.5
231.0
222.0
114.7
164.9
181.8
195.5
225.1
228.1
236.0
236.6
232.7
228.9
225.9
235.9
229.1
217.9
205.2
190.5
Total
-8.3
24.0
-24.5
-7.1
67.7
11.3
6.9
28.3
26.2
28.3
-5.0
-59.9
31.0
45.0
7.2
-12.2
55.7
16.2
26.6
32.7
28.9
25.0
11.8
13.4
9.0
-30.8
-34.2
Nonfarm
-2.4
18.3
-23.1
.4
60.5
14.6
8.6
32.3
29.8
23.3
-7.4
51.1
21.3
41.3
23.7
8.0
59.6
35.0
16.7
26.1
26.2
24.1
-17.0
13.0
6.8
-32.4
-37.1
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department April-May 1991 survey, business spending for new plant and equipment is
expected to rise 2.7 percent in 1991, following a rise of 5.0 percent in 1990.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
600
600
SEASONALLY ADJUSTED ANNUAL RATES
500
500
400
400
ALL INDUSTRIES
300
300
\
NONMANUFACTURING ^
200
200
MANUFACTURING
100
100
J
1983
L
I
I I
1984
I
I
1985
I
I I
1986
I
I
1
I
1989
1988
1987
•i/SURVEYED QUARTERLY
-2/SEE FOOTNOTE 4 8ELOW
SOURCE: DEPARTMENT OF COMMERCE
I
I
1990
1991
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Industrie surveyec
M anufacturi ig
Period
All
industries
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 4
1991
286.40
324.73
326.19
321.16
373.83
410.12
399.36
410.52
455.49
507.40
532.96
Total
Durable
goods
No nmanufactu
Nondurable
goods
Total l
57.77
69.75
69.39
65.74
75.04
82.01
173.80
196.06
202.22
203.82
234.22
257.24
72.28
261.40
269.46
292.04
547.23
112.60
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.78
190.17
54.82
58.93
54.58
51.61
64.57
70.87
65.68
68.03
77.04
82.56
82.99
80.06
73.03
86.41
101.24
109.79
110.11
1989: I
II
Ill
IV
487.43
502.05
514.95
519.58
172.73
180.91
185.99
191.88
80.20
82.44
83.60
83.41
92.53
98.47
102.40
108.47
1990: I
II
Ill
IV
532.45
535.49
534.86
529.02
191.36
195.16
190.14
86.35
84.34
82.67
78.62
535.32
544.16
553.52
555.93
190.11
191.11
191.45
188.00
81.53
81.53
79.71
77.47
r
1991: l 4
II
Ill*
IV
194.48
323.60
340.17
357.07
Mining
12.71
15.81
14.11
10.64
11.86
12.00
8.15
8.28
9.29
9.21
Transportation
13.56
12.67
11.75
10.81
13.44
14.57
15.05
15.07
16.63
18.84
21.59
ing
Public
utilities
Commercial
and
other
41.32
47.17
53.58
52.95
57.53
59.58
56.61
56.26
60.37
66.28
67.00
69.37
106.21
120.41
122.79
129.41
151.39
171.09
181.59
189.84
205.76
229 28
9.87
9.88
24.34
314.70
321.14
328.96
327.70
8.94
9.24
9.24
9.38
18.42
21.03
18.25
66.09
68.09
65.19
65.82
221.82
225.39
105.02
110.82
111.81
111.52
341.09
340.33
340.39
338.89
9.58
9.84
9.98
10.09
22.13
21.86
21.41
20.95
65.72
64.27
67.48
70.53
243.66
108.58
109.58
111.74
110.53
345.21
353.05
362.07
367.93
9.85
10.05
9.96
9.64
23.58
25.25
25.39
23.13
67.38
69.75
69.50
70.85
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 ("nonmanufacturing surveyed annually") for data for these industries'.
2
"All industries" pius the part of nonmanufacturing that is surveyed annually.
10
Addenda
quarterly
17.84
241.72
253.48
233.50
234.25
244.37
241.51
237.32
244.39
248.00
257 22
264.31
Total
nonfarm
business 2
318.08
358.77
363.08
359.73
418.38
454.93
447.11
461.51
508.22
563.93
592.31
Non manufactu ring
ManuSactur'mg
112.60
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.78
190.17
Total
205.48
230.09
239.11
242.38
278.77
302.05
309.16
320.45
344.77
380.13
399.52
Surveyed
quarterly
173.80
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
340.17
357.07
172.73
180.91
185.99
191.88
314.70
321.14
328.96
327.70
191.36
195.16
194.48
190.14
341.09
340.33
340.39
338.89
190.11
191.11
191.45
188.00
345.21
353.05
362.07
367.93
Sur-
annualIy3
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
59.35
services; professional services;
ay 1991, corrected for biases.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In May, civilian employment fell 807,000 and unemployment rose 366,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
126
126
~r^
SEASONALLY ADJUSTED
^-4r~^
122
c VILIAN LABOR
118 —
-s\r^
114
FORCE
^^^^
--~~,
.--
^
-^~"
-
/•--"""
118
114
. "^
110
^
106
110
\\
,--
CIVILIAN
106
EMPLOYMENT
s~-~
102
122
^—--
v,
'
"~|
„'-'
102
-
--''
98
98
/
\
X*
12
12
U NEMPLOYMEN T
^—^^
8 -
^__ —^
'
.
•
8
-^
—
4
1 1 1 1 1 1 1 1 1 11
0
4 1 1 i111
0
_LI i i i 1 i i i i i
IIMlllllM
1984
1983
|1M||
1985
1986
IMIlllllll
1987
IMIlllllll
1 IIII1 IIII I
IMIlllllll
1989
1988
1990
16 YEARS OF AGE AN DOVER
lOURCE: DEPARTMENT OF LABOR
COUNCIL OF
1991
CONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
Noninstitutional
population
including
resident
Armed
Forces
NSA
1981
1982
1983
1984
1985
1986*
1987
1988
1989
1990
1990:
May
June
July
Aug
Sept
Oct
Nov
Dec
1991:
Jan
Feb
Mar
Apr
May
Labor force
110,315
111,872
113,226
115,241
117,167
119,540
121,602
188,081
189,686
1,645
1,668
1,676
1,697
1,706
1,706
1,737
1,709
1,688
1,637
189,467
189,607
189,763
189,901
190,002
190,095
190,312
190,483
1,639
1,630
1,627
1,640
1,601
1,570
1,615
1,617
190,592
190,717
190,703
190,836
190,980
1,615
1,602
1,460
1,456
1,458
171,775
173,939
175,891
178,080
179,912
182,293
184,490
186,322
resident
Armed
Forces
Employment
including
resident
Armed
Forces
Total
119,550
117,834
119,865
121,669
123,869
124,787
3,368
3,401
3,383
3,321
3,179
3,163
3,208
3,169
3,199
3,186
101,685
103,971
106,434
109,232
111,800
114,142
114,728
126,578
126,427
126,336
126,345
126,571
126,445
126,338
126,791
119,916
119,867
119,509
119,330
119,484
119,303
119,001
119,191
124,939
124,797
124,709
124,705
124,970
124,875
124,723
125,174
118,277
118,237
117,882
117,690
117,883
117,733
117,386
117,574
3,286
3,279
3,108
3,152
3,194
3,175
3,185
3,253
126,253
126,678
126,786
127,128
126,690
118,537
118,520
118,214
118,854
118,049
124,638
125,076
125,326
125,672
125,232
116,922
116,918
116,754
117,398
116,591
3,163
3,222
3,098
3,156
3,272
123,378
125,557
126,424
108,670
110,204
111,550
113,544
115,461
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Chilian labor force (or employment) as percent of civilian noninstitutional population.
Agricultural
Total
100,397
99,526
100,834
105,005
107,150
109,597
112,440
114,968
117,342
117,914
102,042
101,194
102,510
106,702
108,856
111,303
114,177
116,677
119,030
Labor
Nonagricultural
Civilian
labor force
Part time
for
economic
reasons 1
Total
15
weeks
and
over
5,334
5,345
5,122
4,965
4,657
4,860
8,273
10,678
10,717
8,539
8,312
8.237
7,425
6,701
6,528
6,874
2,285
3,485
4,210
2,737
2,305
2,232
1,983
1,610
114,991
114,958
114,774
114,538
114,689
114,558
114,201
114,321
4,689
4,745
4,780
4,830
5,051
5,135
5,163
5,262
113,759
113,696
113,656
114,243
113,319
5,178
5,803
5,889
5,956
5,702
97,030
96,125
97,450
Civilian
Unempl yyment
Civilian e mployment
Kesident
Armed
Forces
NSA
4,499
5,852
5,997
5,512
participation
rate
(percent) 2
63.9
64.0
64.0
64.4
64.8
Employment/
population
ratio
(percent) 2
59.0
1,375
1,504
65.3
65.6
65.9
66.5
66.4
57.8
57.9
59.5
60.1
60.7
61.5
62.3
63.0
62.7
6,662
6,560
6,827
7,015
7,087
7,142
7,337
7,600
1,404
1,436
1,508
1,568
1,605
1,591
1,727
1,739
66.5
66.4
66.3
66.2
66.3
66.2
66.1
66.3
63.0
62.9
62.7
62.5
62.6
62.4
62.2
62.3
7,715
8,158
8,572
8,274
8,640
1,829
1,975
2,184
2,229
2,234
66.0
66.1
66.2
66.4
66.1
61.9
61.8
61.7
62.0
61.5
'Data beginning January 1986 not strictly comparable vith earlier data because of change in
estimation procedures.
,
. .
aource: Department oi Labor, Bureau ol Labor statistics.
11
SELECTED UNEMPLOYMENT RATES
In May, the overall unemployment rate rose to 6.8 percent and the civilian unemployment rate rose to 6.9 percent.
PERCENT' (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
20
V A
15
15
10
10
,
fEENAGERS
(16-19)
/-»,
,
/v
A
„
v'X
A
•/ \/V
V
/^
v
V
.» /'"
V
.j
A'
'"
/AEN 20 YEAI S
AND OVER
\
WOME «! 20 YEARS
ANDOVER
1987
1991
1 1 1 1 1 11 1 1 11
1 1 M 1 1 11 1 11
1987
1988
,,
M
1989
1 1 1 1 1 1 1 1 1 11
1990
'UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
1 1 11 f 1 1 M | |
1991
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjustedl
Unemp oyment ra te (percen t of civilian labor force in group)
Period
1981
1982
1983
1984
7.5
9.5
9.5
7.4
7.1
6.9
All
civilian
workers
7.6
9.7
9.6
7.5
7.2
7.0
6.2
5.5
5.3
Men
20 years
and over
Women
20 years
and
over
6.3
6.8
8.3
8.1
6.8
6.6
6.2
5.4
4.9
4.7
4.8
5.5
Oct
Nov
Dec
5.3
5.2
5.4
5.6
5.6
5.6
5.8
6.0
5.3
5.3
5.5
5.6
5.7
5.7
5.9
6.1
4.7
4.7
4.9
5.0
5.1
5.2
5.4
5.6
4.6
4.6
4.7
4.9
4.9
4.9
Jan
Feb
Mar
Apr
May
6.1
6.4
6.8
6.5
6.8
6.2
6.5
6.8
6.6
6.9
5.6
6.3
6.5
6.2
6.5
5.3
5.4
5.7
5.5
5.8
6.1
5.4
5.2
5.4
May
June ....
July
Aug
Sept
1991:
By sex and a go
8.8
8.9
6.6
6.2
6.1
5.4
4.8
4.5
4.9
1985
1986
1987
1988
1989
1990
1990:
Unemployment
rate,
all
workers 1
1
5.1
5.3
Both
sexes
16-19
years
19.6
23.2
22.4
18.9
18.6
18.3
16.9
15.3
15.0
15.5
15.4
14.7
15.8
16.6
15.7
16.2
16.4
16.6
18.2
17.1
18.7
18.1
19.1
White
6.7
8.6
8.4
6.5
6.2
6.0
5.3
4.7
4.5
4.7
4.6
4.5
4.7
4.8
4.8
4.9
5.0
5.3
5.5
5.9
6.2
5.8
6.1
Unemployed as percent of total labor force including resident Armed Forces.
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
2
12
By s elected grou )S
By race
Black
and
other
Black
14.2
17.3
17.8
14.4
13.7
13.1
11.6
10.4
10.0
10.1
9.5
9.6
10.3
10.4
10.8
10.6
11.0
11.1
10.7
10.7
11.1
11.2
11.5
Experienced
wage and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
Fulltime
workers
Parttime
workers
Labor
force
time lost
(percent) 2
9.6
9.5
7.2
6.8
6.6
5.8
5.2
4.9
5.2
9.4
10.5
10.4
9.3
9.3
9.1
8.4
7.6
7.3
7.4
8.5
11.0
10.9
8.6
8.1
7.9
3.0
3.4
10.4
11.7
12.2
10.3
10,4
9.8
9.2
8.1
8.1
8.2
5.1
5.1
5.2
5.3
5.4
5.4
5.7
5.8
3.3
3.2
3.3
3.5
3.5
3.5
3.7
3.8
7.5
8.0
8.3
8.4
8.7
8.5
8.7
8.7
4.9
4.9
5.1
5.3
5.4
5.5
5.7
5.8
7.4
7.5
7.8
7.7
7.2
7.1
7.3
7.6
6.0
5.9
6.1
6.3
6.4
6.6
6.7
6.9
6.0
6.4
6.7
6.4
6.6
4.0
4.3
4.5
4.4
4.4
9.0
9.1
9.0
9.9
9.1
6.0
6.4
6.5
6.3
6.5
7.7
7.6
9.1
8.1
9.0
7.0
7.5
7.7
7.6
7.7
15.6
18.9
19.5
15.9
15.1
14.5
13.0
11.7
11.4
11.3
7.3
9.3
9.2
7.1
6.8
6.6
5.8
5.2
5.0
5.3
4.3
6.5
6.5
4.6
4.3
4.4
3.9
3.3
10.6
10.7
11.4
11.7
11.9
11.7
12.2
12.2
12.1
11.8
12.3
12.6
13.0
Source: Department of Labor, Bureau of Labor Statistics.
7.3
7.1
6.3
5.9
6.2
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In May, the percentage of the unemployed who had been out of work for less than 5 weeks rose and the
percentages for 5-14 weeks, for 15-26 weeks, and for 27 weeks and over fell. Both the mean duration of
unemployment and the median fell.
PER CENT DISTRIE UTION*
70
REASO -4 FOR UNEMPLOYMEhJT
PER CENT DISTRIE UTION*
70
DURATIC)N OF UNEMPLOYMEI-JT
60
60
LESS Tl-HAN
.'X
5 WEE KS
\
—
i
50
*.
-rj*r
50
~\~\
•/\
^/•-V"^
••-~s .v ^
"-'
\/
40
JOB LOSERS
V.-V'"' \ .-. /""-•--•.-K..< /V-"
40
5-14
WEEKS
r
30
-V-VN, "W\.y
20
10
0
•^.s
REENTRA MTS
~ /\/ '-"\
- '•" "v
\
'"
30
,"•.-•• '-i ''" '\'*.'~^'-.
WEEKS
r-^yx^
Illllllllll
1987
\.
..'"'
1
~F=*C^
^a">^L~*s~-- —-C^^~
iiiiiiiiiu
1988
—
27 WEEKS
AND OVER
iiiiiliiiii iniiliiiii iniiliiiii
1990
1989
10
y
:
' ^^Z]
iiiiiiiiiu
1987
1991
_/\_^
"
\
^""/— •^•v--^-
NEW ENTRAN'
0
~
-'V'''-,/
JOB LEAVE IS
20
15-26
-'--'Vv
iiiiiiiuii
1988
him
1989
SEASONALLY ADJ USTED
SOURCE: DEPARTM NT OF LABOR
^r
s
iiiiiiiuii
1990
Illllll Illl
1991
COUNCIL OF EC ONOM1C ADVISER S
[Monthly data seasonally adjusted, except as noted]
Ee ason for unemplo\ ment:
percent distributi }n
Dur ition of imemploj ment
Period
Unemployment
(thousands)
I ercent
Less
than
5
weeks
5-14
weeks
di stributio i
15-26
weeks
Sta e
progr ims
Numb er of
27
weeks
and
over
Average
(mean)
Medi-
Job
losers
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
'all
regular
programs
(unadjusted) 1
Weekly a verage, t lousands
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: May
June
July
Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
6,662
6,560
6,827
7,015
7,087
7,142
7,337
7,600
7,715
8,158
8,572
8,274
8,640
41.7
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
46.1
46.1
46.8
46.1
47.3
43.2
44.1
44.7
43.5
44.1
42.4
40.9
39.8
42.5
30.7
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
32.0
32.9
31.5
31.8
30.0
34.3
33.6
31.8
33.4
32.2
33.4
33.8
33.2
31.6
13.6
16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
11.8
11.6
11.7
11.8
11.9
12.1
12.5
12.8
12.5
12.7
12.9
14.4
14.8
14.0
14.0
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
10.1
9.4
10.0
10.3
10.8
10.4
9.8
10.8
10.6
11.0
11.3
11.0
12.1
11.9
1
Includes State (50 States, District of C olumbia, Puerto Rico, and Virgin Is ands), ex- servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also incl udes Fede al and S ate extended benefit programs. Does not include P deral supplemen al compen sation prog ram.
13.7
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.1
11.6
12.0
12.1
12.3
12.4
12.0
12.4
12.4
12.4
12.8
13.0
13.7
12.9
6.9
8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
5.4
5.3
5.2
5.2
5.3
6.1
5.9
5.9
5.9
5.9
6.1
6.6
7.0
6.5
51.6
58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
48.3
47.4
48.6
46.5
49.0
49.6
49.9
51.2
49.9
53.0
55.5
54.9
54.5
53.6
11.2
7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
14.8
15.2
15.2
15.1
14.3
13.5
13.7
13.6
13.5
11.7
12.2
12.6
11.9
12.1
25.4
22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
27.4
27.3
27.9
28.4
27.1
27.5
26.8
26.3
28.0
26.6
24.5
24.4
24.7
25.3
11.9
11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
9.5
10.1
8.3
10.0
9.7
9.4
9.6
8.9
8.7
8.7
7.8
8.2
8.9
9.0
3,047
4,061
3,396
2,476
2,611
2,650
2,332
2,081
2,158
2,522
2,425
2,452
2,479
2,495
2,620
2,765
2,912
2,970
3,070
3,218
3,415
3,518
3,550
460
583
438
377
396
378
328
310
330
388
353
355
361
377
399
431
454
461
445
489
509
475
438
3,410
4,594
3,775
2,561
2,693
2,746
2,401
2,248
2,324
2,715
2,270
2,212
2,442
2,295
2,193
2,294
2,722
3,222
4,011
4,147
4,127
3,781
3,409
Source Departm ent of Labor (Bureau of Labor Statistics and Employment and Train ng Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 59,000 in May. (Series revised.^
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
~-
'
100 ^-^
SERVICE S
v
~
,^--1
A L L N C5NAGRICULT URAL
ES7 ABLISHMEN S
-
26
S-'
"
r-"
^-"1
^
_>""
-
^-~
90
-
80
_.
'
-
SER\ CICE-PRODUC ING
""
-
22
-""<"'
RET>ML TRADE
INDUSTRIES
1ft
——"
16
II 1 1 1 ! 1 1 1 1 1 1
'—
\
_JP
ERNMENT
GOV
\
—
——
_,
•-"
60 -
1 I 1 I 1 1 1 1 1 I 11 1 1 1 1 1 1 1 1 1 1
1 1 1 1 1 1 1 1 1 1 ii
MANUFACTURING
V;
20
40
_
.
III nilii nif
18
GOOC S-PRODUCIN G
Ir*JDUSTRIES
30
.
\
-CONSTRUCTION
70
1 I 1I 1 1I I 1I11
1987
1988
1989
1990
4| 1 1 1 1 1 1 1 1 1 1
MlllllTMl
1987
1988
1991
pinl
1989
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
r—^
1 M111111! 1
1 1 1 1 1 1 1 1 1 1 1.
1991
1990
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; * seasonally adjusted]
Se rviee-produ ing industr es
Goods-] reducing in dustries
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989 r
1990 '
1990:
1991:
Total
nonagricultural
employment
11 anufacturin g
Total 2
struetion
Total
91,156
89,566
90,200
94,496
97,519
99,525
102,200
105,536
108,329
109,971
25,497
23,813
23,334
24,727
24,859
24,558
24,708
25,173
25,322
24,958
4,188
3,905
3,948
4,383
4,673
4,816
4,967
5,110
5,187
5,136
20,170
18,781
18,434
May r..
June r .
July r..
Aug r..
Sept r..
Oct r...
Nov r..
Dec r ..
110,304
110,435
110,269
110,160
110,113
109,982
109,761
109,621
25,141
25,093
25,027
24,937
24,842
24,705
24,481
24,375
5,203
5,182
5,145
5,111
5,088
5,022
4,962
4,911
19,225
19,193
19,165
19,113
19,043
18,973
18,807
18,749
Jan r...
Feb r...
Mar r ..
Apr r...
May "..
109,418
109,160
108,902
108,722
108,781
24,181
24,039
23,877
23,793
23,812
4,797
4,792
4,720
4,683
4,696
18,671
18,532
18,443
18,399
18,411
19,378
19,260
18,965
19,024
19,350
19,442
19,111
Durable
goods
Nondurable
goods
Transportation
and
public
utilities
Wholesale
trade
Retail
trade
Finance,
insurance,
and real
estate
Federal
6,695
6,739
2,772
2,739
2,774
2,807
2,875
2,899
2,943
2,971
2,988
3,085
19,701
19,714
19,710
19,714
19,698
19,663
19,628
19,579
6,739
6,746
6,745
6,750
6,750
6,746
6,740
6,733
28,151
28,254
28,310
28,388
28,437
28,479
28,525
28,548
18,540
18,577
18,430
18,321
18,328
18,344
18,355
18,353
3,347
3,337
3,162
3,038
2,994
2,980
2,964
2,948
19,542
19,464
19,378
19,325
19,312
6,736
6,732
6,735
6,718
6,714
28,590
28,583
28,576
28,569
28,612
18,365
18,389
18,407
18,420
18,430
2,952
2,951
2,951
2,953
2,947
15,172
15,161
15,595
16,526
17,336
17,909
18,462
19,077
19,549
19,683
5,298
5,341
5,468
5,689
5,955
6,283
6,547
6,649
7,995
5,376
5,296
5,286
5,574
5,736
5,774
5,865
6,055
6,221
6,205
11,212
11,189
11,160
11,111
11,049
1 1 ,000
10,867
10,828
8,013
8,004
8,005
8,002
7,994
7,973
7,940
7,921
85,163
85,342
85,242
85,223
85,271
85,277
85,280
85,246
5,820
5,831
5,832
5,839
5,854
5,855
5,852
5,867
6,212
6,220
6,215
6,211
6,204
6,190
6,180
6,166
10,770
10,652
10,584
10,562
10,566
7,901
7,880
7,859
7,837
7,845
85,237
85,121
85,025
84,929
84,969
5,866
5,834
5,824
5,815
5,822
6,138
6,119
6,105
6,082
6,079
11,381
11,420
11,115
Total
16,031
15,837
15,869
16,024
16,394
16,693
17,010
17,386
17,779
18,322
5,165
5,082
4,954
5,159
5,238
5,255
5,372
5,527
5,644
5,826
8,089
7,767
7,726
7,899
7,796
7,761
7,858
7,969
8,022
Gover nment
Services
18,619
19,036
19,694
20,797
21,999
23,053
24,235
25,669
27,120
28,240
65,659
65,753
66,866
69,769
72,660
74,967
77,492
80,363
83,007
85,014
12,082
11,014
10,707
11,479
1 1 ,464
11,203
11,167
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, had
weather, etc., even if they are not paid for the time off; and which are based on a sample of the
working-age population, whereas the estimates in this table are based on reports from employing
14
Total
establishments.
2
Includes mining, not shown separately.
NOTE.—Data revised to reflect annual benchmark revisions (seasonally adjusted beginning 1986
and not seasonally adjusted beginning April 1989).
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY
EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Aver age weekly r> ours
Average gi oss hourlv
ean ings
Average gross week!} earnings
Manufa during
Total private
nonagnc ultural 1
Period
nonagricultural 1
1981
1982
1983
1984
1985
1986
1987
1988
1989 '
1990 '
1990:
May '.
June r
July '.
Aug r
Sept
r
Oct '
Novr
Dec '
1991:
Jan '
Feb r
Marr
Apr r
May"
Total
35.2
34.8
35.0
35.2
34.9
34.8
34.8
34.7
34.6
34.5
39.8
38.9
40.1
40.7
40.5
Overtime
Total
private
nonagricultural 1
Current
dollars
1982
dollars z
Manufacturing
Construction
Retail
trade
Percent ctu nge from a
year ear ler, total
pm ate
nonagric ultural 3
$7.25
7.68
40.7
41.0
41.1
41.0
40.8
8.02
8.32
8.57
8.76
8.98
9.28
9.66
10.02
8.49
8.83
9.19
9.54
9.73
9.91
10.19
10.48
10.83
$255.20
267.26
280.70
292.86
299.09
304.85
312.50
322.02
334.24
345.69
$270.63
267.26
272.52
274.73
271.16
271.94
269.16
266.79
264.22
259.72
$318.00
330.26
354.08
374.03
386.37
396.01
406.31
418.81
429.68
441.86
$399.26
426.82
442.97
458.51
464.46
466.75
480.44
495.73
513.17
526.40
$157.99
163.83
171.13
174.47
174.81
175.80
178.80
183.62
188.72
194.69
34.5
34.6
34.5
34.5
34.6
34.2
34.4
34.6
40.9
40.9
40.9
40.9
40.9
40.7
40.6
40.7
3.8
3.8
3.7
3.8
3.7
3.6
3.5
3.5
9.98
10.02
10.05
10.07
10.10
10.10
10.13
10.17
10.80
10.84
10.87
10.89
10.91
10.96
10.96
10.99
344.31
346.69
346.73
347.42
349.46
345.42
348.47
351.88
261.44
261.85
261.09
259.27
258.67
254.17
255.66
257.41
441.72
443.36
444.58
445.40
446.22
446.07
444.98
447.29
526.01
530.53
522.02
528.31
532.22
515.59
530.46
536.77
34.1
34.3
34.2
34.0
34.3
40.4
40.3
40.3
40.3
40.4
3.4
3.3
3.3
3.3
3.4
10.18
10.20
10.24
10.28
10.32
11.02
11.03
11.05
11.11
11.15
347.14
349.86
350.21
349.52
353.98
253.02
254.81
255.07
253.83
256.32
445.21
444.51
445.32
447.73
450.46
523.13
533.65
526.67
532.50
535.18
Also includes other private industry groups shown on p. 14.
Current dollar earnings divided by the consumer price index for
workers (on a 1982=100 base).
earners and clerical
$7.99
1982
dollars
Current
dollars
2.8
2.3
3.0
3.4
3.3
3.4
3.7
3.9
3.8
3.6
1
2
Manufacturing
C urrent dollar s
8.5
-1.5
-1.2
2.0
.8
4.7
5.0
4.3
2.1
1.9
3.0
3.8
3.4
-1.3
.3
-1.0
-.9
-1.0
— 1.7
194.11
195.65
195.94
195.16
196.81
193.69
196.02
196.31
4.0
4.4
3.4
3.6
4.5
2.2
3.3
4.0
-.1
-.1
-1.0
-1.9
-1.5
-3.8
-2.8
-2.0
194.14
196.48
197.34
197.95
200.61
2.4
-2.9
-2.5
-2.2
-1.9
-2.0
2.5
2.4
2.3
2.7
2.8
3
Based on seasonally unadjusted data,
NOTE.—Series revised; see Note, p. 14.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 - 100)
Percent cb ange from
12 months earli er
months earlie r
compensation
Wages and
salaries
Benefits 1
Total
compensation
Wages and
salaries
Benefits '
Total
compensation
Wages and
salaries
Benefits
l
Not s easonally ad usted
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
71 2
73.0
75.8
80.1
84.0
87.3
90.1
93.1
97.6
102.3
107.0
77.6
81.4
84.8
88.3
91.1
94.1
98.0
102.0
106.1
66.6
71.4
76.7
81.7
84.6
87.5
90.5
96.7
102.6
109.4
2.0
1.3
1.3
1.3
.6
.7
.6
1.0
1.1
.8
1.8
1.2
1.1
1.2
.6
.6
.6
1.0
.8
.7
2.1
1.4
1.3
1.4
.5
.6
1.0
1.0
1.2
1.0
Mar
94.5
95.7
96.6
97.8
95.0
96.1
96.9
98.0
93.1
94.5
95.7
97.1
1.3
1.3
98.8
100.0
101.3
102.4
99.1
100.0
101.1
102.2
Dec
103.8
105.1
106.2
107.2
1991: Mar
108.4
June
Sept
Dec
1989: Mar
June
Sept
Dec
1990: Mar
June
Sept
1
4.0
12.1
7.2
7.4
6.5
3.5
3.4
3.4
6.9
6.1
6.6
3.3
3.8
3.7
4.1
5.96.4
6.8
6.9
4.6
4.5
4.8
4.8
4.2
4.1
4.3
4.1
5.4
5.6
6.0
6.1
5.2
5.2
4.9
4.6
4.2
4.5
4.2
4.0
6.9
6.8
6.6
4.4
4.0
5.8
2.4
1.5
3.8
4.5
.9
1.2
0.8
1.2
.8
1.1
1.3
4.4
4.8
98.1
99.8
101.5
103.1
1.0
1.2
1.3
1.1
1.1
.9
1.1
1.1
1.0
103.3
104.4
105.4
106.2
105.1
106.7
108.4
109.9
1.4
1.3
1.0
.9
1.1
1.1
1.0
1.9
1.5
1.6
.8
1.4
107.3
111.3
1.1
1.0
1.3
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the
influence of employment shifts among occupations and industries.
8.8
6.3
4.9
4.2
4.1
3.2
3.3
4.1
4.1
Not se asonally adJL sted
Seasonall y adjusted
1988:
9.9
6.5
5.7
4.9
3.9
3.2
3.3
4.8
4.8
4.6
1.5
1.7
1.7
1.6
7.2
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
44-602 0 - 9 1 - 2
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output p( r hour of
all pe rsons
Period
Business
sector
Nonfarm
business
sector
Outf
Business
sector
Hours of all
2
perse ns
ut '
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
196 2 = 100;
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
IV
IV
IV
IV
IV
IV
I
II
m
IV
1989: I
rr
in
IV
1990: I
n
m
IV
1991: I r '....
99.2
100.7
100.0
102.3
104.9
107.1
109.5
110.7
113.2
112.6
111.9
100.6
103.2
105.3
108.0
109.4
112.0
113.2
112.9
113.6
113.1
113.0
113.0
112.6
111.9
111.7
111.9
112.1
111.8
111.8
99.9
100.9
100.0
102.9
105.1
106.5
108.7
109.8
112.5
111.7
110.8
100.4
103.8
105.4
107.1
108.4
110.9
112.2
112.0
112.8
112.9
112.1
112.0
111.7
111.0
110.7
110.7
110.9
110.7
110.8
101.1
103.2
100.0
104.2
113.0
117.7
121.3
126.4
133.0
135.8
136.1
99.5
107.6
114.5
119.3
122.2
129.4
131.2
132.6
133.8
134.5
135.6
135.9
136.1
135.5
136.0
136.4
136.5
135.4
133.8
101.7
103.4
100.0
105.0
113.7
118.1
121.6
126.8
134.0
136.7
136.9
99.3
108.7
115.1
119.6
122.4
129.7
131.6
133.4
134.8
136.0
136.4
136.8
137.1
136.3
136.8
137.2
137.4
136.1
134.5
-0.2
1.5
Y
2.3
2.5
2.0
2.3
1.1
2.2
-.5
-.7
4.6
— 1.1
2.5
-1.6
0.3
1.0
-.9
2.9
2.1
1.3
2.0
1.0
2.5
Y
-.9
4.7
-.5
2.8
2
Fj
-2.7
-1.1
2.1
-3.1
4.2
8.4
4.2
3.1
4.1
5.3
2.1
.2
5.7
4.6
3.5
2.0
3.5
.9
.6
-1.8
1.4
1.2
.5
-3.4
-4.5
-1.2
1.7
3.3
5.0
8.3
3.9
3.0
4.2
5.7
2.0
.2
5.9
5.6
4.1
3.6
1.2
1.3
.6
-2.1
1.4
1.2
.4
-3.6
-4.6
101.9
102.5
100.0
101.8
107.6
109.9
110.8
114.1
117.5
120.5
121.6
98.9
104.3
108.7
110.5
111.7
115.6
115.8
117.5
117.8
118.8
120.0
120.2
120.9
121.0
121.7
121.9
121.8
121.1
119.7
Pe rcent
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1988: I
n
m
IV
1989:
I
n
Ill
rv
1990:
I
II
Ill
IV
1991:
Ir'....
.1
-1.6
-2.3
-.9
.6
.9
-1.2
.1
1
q
-1.0
-2.5
-1.3
.3
.6
Y
.3
101.8
102.5
100.0
102.0
108.1
110.9
111.9
115.5
119.1
122.3
123.6
98.9
104.7
109.2
111.7
112.9
117.0
117.3
119.1
119.5
120.5
121.7
122.2
122.7
122.8
123.7
123.9
123.9
123.0
121.5
hou r 3
Business
sector
-0.9
.6
-2.5
1.8
5.7
2.1
.8
3.0
3.0
2.6
.9
1.0
5.8
1.0
3.6
4.0
.8
2.2
.4
2.3
.5
-.4
-2.2
-4.6
-0.8
.7
-2.4
2.0
6.0
2.5
.9
3.2
3.1
2.7
1.0
1.1
6.1
1.3
3.4
4.0
1.6
1.6
.5
2.8
.9
_2
-2.8
-4.9
Nonfarm
business
sector
Unit labor costs
Real com pensation
per h o u r 4
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Implic t price
defla t o r 5
Business
sector
Nonfarm
business
sector
85.7
94.0
100.0
103.5
106.6
109.8
112.3
115.3
118.4
123.0
127.7
101.5
104.7
107.9
111.0
113.4
116.2
116.6
117.8
118.8
120.5
121.4
122.7
123.5
124.7
125.8
127.3
128.4
129.2
130.7
9.7
9.7
6.3
3.5
3.0
3.0
2.3
2.7
2.7
3.9
3.8
1.4
4.1
3.4
5.9
2.8
4.4
2.6
3.9
3.8
4.8
3.6
2.5
4.6
[uarterly ( ata seasorlally adjus ted
85.1
93.0
100.0
103.8
108.0
112.8
118.7
123.1
128.6
132.9
137.7
102.1
105.3
109.5
115.2
120.8
125.5
126.3
127.9
129.7
130.8
131.8
132.7
133.1
133.8
135.3
137.0
138.6
139.8
141.1
chan ge; quarte rly data a
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.
s
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
Compens ation per
10.6
9.3
7.5
3.8
4.1
4.4
5,2
3.7
4.5
3.3
3.6
2.5
5.3
5.6
3.4
3.3
2.6
1.1
2.2
4.5
5.4
4,6
3.5
3.7
85.1
93.1
100.0
104.0
108.1
112.5
118.2
122.4
127.8
131.9
136.6
102.1
105.2
109.6
114.6
120.3
124.8
125.5
127.1
128.8
130.0
131.0
131.6
132.1
132.9
134.2
135.8
137.4
138.7
140.1
99.7
98.8
100.0
100.6
100.4
101.2
104.5
104.5
104.9
103.4
101.7
100.6
100.5
100.4
102.0
105.5
105.0
104.8
104.9
105.1
104.8
104.4
103.5
103.0
102.5
101.8
102.2
101.7
100.8
100.9
99.6
98.8
100.0
100.7
100.4
100.9
104.1
104.0
104.3
102.7
100.8
100.6
100.4
100.4
101.5
105.1
104.4
104.2
104.3
104.3
104.2
103.8
102.7
102.3
101.9
101.0
101.3
100.8
100.0
100.2
85.8
92.4
100.0
101.4
102.9
105.4
108.4
111.2
113.7
117.9
123.1
101.5
102.0
104.0
106.7
110.4
112.1
111.5
113.3
114.2
115.6
116.7
117.4
118.2
119.5
121.1
122.5
123.6
125.0
126.2
101.0
102.8
105.6
108.8
111.6
113.7
118.1
123.3
101.7
101.3
104.0
107.1
111.0
112.6
111.9
113.5
114.2
115.2
116.9
117.5
118.3
119.7
121.3
122.7
123.9
125.3
126.5
86.2
94.4
100.0
103.3
106.8
109.5
111.8
114.8
118.2
122.8
127.5
101.4
104.8
107.9
110.5
112.8
115.7
116.2
117.5
118.9
120.3
121.2
122.5
123.3
124.3
125.8
127.2
128.2
128.8
130.3
10.9
7.7
8.3
1.4
1.5
2.3
2.8
2.6
2.2
3.8
4.3
-2.0
6.5
3.1
5.0
3.8
2.5
2.8
4.6
5.4
4.7
3.7
4.8
3.7
11.0
8.3
8.4
1.0
1.8
2.8
3.0
2.5
1.9
3.9
4.4
2.2
5.7
2.5
3.6
6.1
2.0
2.6
5.0
5.3
4.7
4.1
4.7
3.7
9.0
9.6
5.9
3.3
3.3
2.5
2.1
2.7
3.0
3.9
3.8
1.7
4.8
4.7
4.9
3.1
4.3
2.5
3.5
4.6
4.6
3.2
2.0
4.7
85.2
92.3
100.0
seasonal] y adjusted annual ra tes
10.6
9.4
7.4
4.0
3.9
4.1
5.1
3.6
4.4
3.2
3.5
2.4
5.1
5.3
3.8
3.3
1.7
1.6
2.3
3.9
5.0
4.7
3.9
4.0
2.5
-1.0
1.3
.6
2
.8
3.2
.1
.4
1.5
-1.7
.6
.6
,4
-.9
1.6
-3.3
-2.0
-1.8
-2.7
1.4
-2.1
-3.2
.2
-2.5
-.8
1.2
.7
— .4
.5
3.2
|
.3
-1.5
-1.8
-.7
.5
.1
-.5
-1.6
-4.2
-1.5
-1.6
-3.2
1.0
-2.0
-2.9
.5
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
'Data do not reflect GNP revisions of June 26, 1991.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization rose in May.
IND EX, 1987= 1C0* (RATIO S :ALE>
INDE X, 1987=10 0* (RATIO SC ALE)
115
TOTAL INIDUSTRIAL PRODUCT! 2N
110
—s—~^—-^ ^-~s~~*^~
130
105
120
100
-S
r-^
j~~'^
f
^
N-
—"
FINAL PRODUCTS
125
BU SINESS
EQL IPMENT
/
115
\
—f—
/
110
95
90
Illllllllll
Illllllllll illllllllll 1 1 1 1 ! 1 1 1 1 1 1
115
^_^
/ \
MANUFA CTURING
110 -PRODUC TON—^
/^^
105
r+S
100 \J^'
'
"-
,_.
— DURABLE -
—" ~^ F
115
-UTILITIES ANDMINIt•4G
PRODUC1FION
110
1987
Illllllllll
1988
'v
"^
^
Illllllllll Illllllllll
^~—^ '
Illllllllll
^
\^-^
'/~^~\
/
80
niiilmii ( f i f i i i n i l Illllllllll
1989
1990
^ _^f
•-^"'X^'— — - — ~-,
\
V,
78 '
imiliim
90
— -_
/H"~~~^~
82
MINING
95 ,'
^.
\
84
X'"
/-^ \y
'' — ""' \
v"
CAPACI1Y UTILIZAT ION RATE(TOTAL 1 NDUSTRY)-
86
/
1^-^~
DEFENS
AND SPA :E
— EQUIPME gT
Illllllllll
88
1
f-
\/
/
V] '
PER CENT*
UTILI
ir
'~ N _/'.N.
J^/^~'
85
—•
*• "*
90
iiiiiiiiin
^
CONSUMER
GOODS
•*-
95
-NONDURAI IE
^
,-£<
• /~J
r^*
90 Illllllllll Illllllllll Illllllllll llJIliilll!
100
105
100
95 ''
105
iiiiiliiiii
r-7
76
1991
mnlnm
1987
Illllllllll IIMllllMI
1988
1989
SEASONAUY ADJC STED
OURCE= BOARD OF GOVERNORS OF T HE FEDERAL RESER VE SYSTEM
iniilniii uniliHi/
1990
1991
COUNCIL OF ECC NOMIC ADVISERS
[Monthly data seasonally adjusted]
Industry pro( uction indexes , 1987 = 100
To tal
indu trial
produ ction
Period
Index,
1987=100
1982
1983
1984
1985
1986
1987
1988
1989
1990
June
July
Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb r
Mar r
Aprr
May"
1
Output as percent of capacity.
Utilities
Total
Durable
Total
industry
Manufacturing
90.8
91.5
94.9
100.0
103.6
106.4
107.8
97.0
99.5
96.3
100.0
104.4
107.1
108.0
75.8
81.1
80.3
79.2
81.4
84.0
84.2
83.0
80.2
78.8
72.8
74.9
80.4
79.5
79.0
81.4
83.9
83.9
82.3
112.6
113.4
113.4
113.5
113.8
112.5
109.9
107.5
107.4
107.6
108.1
108.1
108.0
108.4
107.7
107.4
102.2
102.2
104.0
102.4
103.9
102.6
103.3
103.4
107.1
109.7
109.7
111.4
110.3
109.2
106.9
108.8
83.4
83.8
83.8
83.7
83.6
83.0
81.6
80.6
82.9
83.1
83.1
82.9
82.8
82.2
80.7
79.4
107.2
106.1
105.0
105.9
106.1
106.8
106.0
105.4
105.5
105.7
101.7
102.9
101.6
100.1
100.0
107.6
104.6
106.3
106.4
110.6
80.0
79.1
78.4
78.5
78.7
78.9
78.0
77.2
77.4
77.3
1.7
1.0
4.9
5.4
2.6
1.0
109.4
110.1
110.4
110.5
110.6
109.9
108.3
107.2
1.0
1.6
2.4
2.1
2.2
2.0
.2
-1.3
110.3
110.8
111.1
111.1
111.2
110.7
108.9
107.5
106.6
105.7
105.0
105.3
105.8
-.8
2.6
-3.6
3.2
-3.3
107.0
106.1
105.2
105.7
105.9
-1.9
1.9
-4.4
3.7
9.3
Nondurable
110.0
114.3
109.3
104.8
111.9
109.0
101.0
100.0
101.8
100.5
102.6
76.8
88.4
91.8
93.9
100.0
107.6
110.9
111.6
84.9
92.8
94.4
95.3
100.0
105.4
108.1
109.2
1990: May
Manufacturing
Percent
change
from year
earlier
78.8
80.3
76.6
80.9
89.3
91.6
94.3
100.0
105.8
108.9
109.9
84.1
85.7
81.9
1980
1981
Capacity utilization
rate, pe rcent J
75.7
77.4
72.7
83.1
84.5
82.5
87.0
95.9
94.3
91.8
93.6
82.1
80.9
75.0
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987=100; monthly data seasonally adjusted]
Produ cts
Mate rials
^inal produc ts
Internlediate pnx ucts
1
I quipment
Co nsumer gc ods
Period
Total
Total
Durable
Nondurable
Defense
Total '
ness
Total
space
equipment
struction
supplies
Business
Energy
plies
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
82.1
80.8
83.0
91.0
94.2
95.7
100.0
105.6
109.1
110.9
85.8
84.5
88.8
92.8
93.7
96.8
100.0
104.0
106.7
107. S
74.0
68.7
79.7
91.0
91.6
94.5
100.0
104.9
107.9
106.2
89.6
89.7
91.9
93.4
94.4
97.6
100.0
103.7
106.4
107.6
78.2
77.0
76.8
89.2
94.8
94.5
100.0
107.6
112.3
115.5
76.1
72.9
71.9
85.4
91.1
93.2
100.0
111.8
119.1
123.1
58.5
65.7
71.8
78.9
89.4
96.0
100.0
98.0
97.4
97.3
77.0
75.1
80.3
86.2
88.3
92.0
100.0
104.4
106.8
107.7
78.4
72.2
80.2
86.2
89.1
93.8
100.0
104.4
106.1
105.2
75.7
77.0
80.3
86.2
87.7
90.7
100.0
104.4
107.3
109.4
92.8
85.1
88.3
96.6
96.6
95.9
100.0
105.6
107.4
101.8
104.3
100.7
98.9
103.8
103.4
99.4
100.0
101.8
101.4
102.1
1990: May
June
July
Aug
Sept
Oct
Nov
Dec
111.2
111.7
111.7
111.9
112.6
112.3
110.2
109.2
107.4
107.8
107.5
107.8
108.7
108.6
106.5
105.7
109.3
112.1
108.3
107.4
110.4
106.9
99.4
96.0
106.9
106.6
107.3
107.9
108.2
109.1
108.5
108.4
116.2
116.8
117.2
117.2
117.8
117.0
115.1
113.6
123.5
124.4
125.0
125.4
126.4
125.4
122.9
121.2
97.6
97.6
97.8
97.7
97.3
97.3
96.2
95.8
108.3
108.3
108.4
107.9
107.4
107.0
106.2
106.0
105.5
106.0
106.7
105.3
103.8
103.1
101.8
101.0
110.2
109.8
109.5
109.7
109.9
109.7
109.2
109.4
107.7
108.8
109.6
109.7
109.4
108.3
106.8
105.3
101.1
102.1
103.3
103.0
103.0
102.3
101.6
102.0
1991:
109.1
108.3
108.2
108.6
108.8
105.6
104.7
104.9
105.5
106.3
97.6
95.2
95.9
99.1
100.8
107.8
107.3
107.3
107.2
107.8
113.6
112.9
112.5
112.6
112.0
121.6
120.6
120.3
121.0
120.6
94.4
94.5
93.8
92.5
91.8
103.8
102.6
101.5
101.5
102.4
97.7
96.4
94.2
95.3
95.8
108.1
106.8
106.6
105.8
107.0
104.8
103.9
102.6
103.0
103.6
101.1
101.1
101.0
100.5
101.8
Jan
Feb r
Mar'.
Apr r
May"
.veil drilling and manufactured homes, not shown separately.
[1987 = 100; monthly data seasonally adjusted]
No idurable manufactu res
Durable m mufactures
Transp station
equip ment
Primarj metals
Period
Total
Iron
and
steel
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber and
products
Apparel
products
Printing
and
publishing
Chemicals
and
products
Foods
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
117.5
83.2
91.0
102.4
101.8
93.8
100.0
110.3
109.2
108.4
135.1
86.2
96.1
105.9
104.5
90.8
100.0
113.8
109.3
109.9
91.1
83.2
85.5
93.3
94.5
93.8
100.0
106.2
107.2
105.9
65.9
63.9
64.3
80.8
86.8
90.4
100.0
113.8
121.8
126.5
75.4
75.9
80.3
94.1
93.1
94.3
100.0
106.5
109.5
111.4
68.7
64.8
72.7
83.1
91.8
96.9
100.0
105.0
107.2
105.5
64.4
58.8
74.5
90.6
99.0
98.5
100.0
105.5
104.9
96.8
74.7
67.3
79.9
86.0
88.0
95.1
100.0
104.6
103.0
101.6
91.0
90.1
93.8
95.7
92.6
96.3
100.0
102.2
104.3
98.8
72.1
75.2
79.0
84.5
87.6
90.7
100.0
103.6
108.5
111.9
89.2
81.8
87.5
91.4
91.4
94.6
100.0
105.4
108.5
110.3
86.5
87.7
90.1
92.1
94.9
97.4
100.0
102.8
105.5
107.6
1990: May
June
July
Aug
Sept
Oct
Nov
Dee
106.2
109.5
110.3
114.6
111.6
108.6
109.1
104.2
105.5
110.3
110.6
118.3
113.9
110.3
112.6
107.3
107.1
106.7
107.7
107.9
106.8
106.4
104.3
101.9
126.9
127.5
128.3
128.8
128.5
128.1
126.3
124.7
112.4
112.8
112.2
112.5
112.5
110.8
110.4
108.7
109.0
111.0
109.3
107.9
111.1
109.2
100.1
96.6
104.0
108.0
102.7
101.0
107.5
103.8
85.8
78.5
101.7
102.0
103.6
100.5
100.3
98.2
95.5
93.5
99.2
99.3
99.2
98.8
98.4
97.2
95.5
94.9
112.8
112.0
111.4
110.9
111.6
112.9
112.4
112.8
109.2
110.3
110.4
111.1
110.9
110.7
110.0
109.9
106.8
106.1
107.1
107.7
107.6
108.8
109.6
109.1
99.7
99.5
94.5
94.5
94.7
99.0
98.0
92.0
91.7
91.5
101.7
99.1
97.8
98.0
98.4
125.5
124.5
123.0
122.8
122.1
107.6
108.2
108.6
109.7
109.8
97.6
95.5
95.0
91.2
98.5
83.0
79.4
79.8
86.2
89.7
94.2
91.5
91.0
92.9
92.9
92.9
93.1
92.4
92.9
93.7
112.1
110.9
110.5
110.1
110.0
110.1
109.1
108.2
108.6
108.6
108.3
107.6
107.5
107.5
107.8
1991: Jan
Feb r
Mar'.
Apr r
May"
Source: Board of Governors of the Federal Reserve System.
18
. ..
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Constructio T contracts 3
Private
Period
• Total newconstruction
expenditures
Resit ential
Commercial
Total
and
industrial 2
Total '
Other
Federal,
State, and
local
Total value
iudex
(1982=100)
Commercial
and industrial
UQCK s^ace
(millions of
square feet)
B illions of dollars
1981 '
1982
1983
1984
1985
1986
1987
1988
1989
1990
272.0
260.6
294.9
348.8
377.4
407.7
419.3
432.2
443.7
446.4
'
'
'
'
'
'
'
'
'
207.3
197.5
231.5
278.6
299.5
323.1
328.6
337.4
345.4
337.8
99.2
84.7
125.5
153.8
158.5
187.1
194.7
198.1
196.6
182.9
69.4
57.0
94.6
113.8
114.7
133.2
139.9
138.9
139.2
128.0
58.2
62.6
57.7
74.0
89.8
84.4
84.0
88.0
94.3
96.4
49.8
50.2
48.2
50.8
51.3
51.6
50.0
51.4
54.6
58.5
100
100
124
64.7
63.1
63.5
70.2
77.8
84.6
90.6
94.8
98.3
108.7
136
150
159
165
167
173
156
Annual rates
1990:
May r
June r
Julvr
1991:
410.1
401.9
Apr '
May"
406.6
403.1
57.0
58.7
57.6
59.8
58.8
102.6
109.6
108.6
108.2
109.3
134
136
130
146
138
161.8
155.6
152.4
151.5
155.0
107.9
103.5
100.8
100.2
103.7
406.5
Feb r ...'
Marr
85.1
86.2
83.2
87.0
80.0
303.9
300.5
293.3
298.4
293.8
431.4
421.3
Jan
89.3
88.6
166
164
158
151
148
153
150
135
317.2
311.3
Nov '
Dec '
r
106.7
108.4
107.9
112.8
106.8
110.5
114.2
110.0
98.2
98.3
102.6
96.4
94.9
Sept T
Octr
Aug r
57.5
58.5
59.5
59.9
60.0
59.9
59.9
57.7
133.1
129.7
127.8
125.8
121.6
119.0
115.1
113.0
344.4
342.0
345.2
336.9
330.3
324.1
1
Includes
2
Includes
3
residential improve lents, not shown separately.
hotels and motels.
F.W. Dodge series.
690
756
955
1,097
1,016
1,019
973
961
747
Annual rates
188.8
185.2
183.1
180.6
175.4
172.1
168.0
165.0
451.1
450.4
453.1
449.7
437.2
434.6
919
92.0
782
694
624
653
693
639
660
555
602
658
538
624
565
NOTE.—New construction expenditures series revised beginning 1968.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill InSormation Systems
Company, F.W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New prh ate homes
New private housing units
Period
Units started, h> type of structure
Total
1981
1982
! unit
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1983
1984
1985
1986
1987
1988
1989
1990
705.4
662.6
1.0B7.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
2-4 units
91.1
80.0
113.5
121.4
93.4
84.0
65.3
58.8
55.2
37.5
5 or more units
287.7
319.6
522.0
544.0
576.1
542.0
408.7
348.0
317.6
260.4
Units
authorized
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
Units
completed
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
Homes sold
436
412
623
639
688
750
671
676
650
534
Homes for
sale lit end1 of
period
275
253
301
353
346
357
366
368
363
318
Vacancy rate
for rental
housing units
(percent) 2
5.0
5.3
5.7
5.9
6.5
7.3
7.7
7.7
7.4
7.2
Seasonal y adjusted annu al rates
1990:
Apr
May
June
July
Aug
Sept
1991:
Oet
Nov
Dec
Jan
Feb
Mar'
Apr r
Mav"
1,217
1,208
1,187
1,155
1,131
1,106
1,026
1,130
971
847
992
907
981
982
901
897
890
876
835
858
839
769
751
848
788
742
807
832
51
38
41
31
30
35
22
54
17
29
37
28
33
32
265
273
256
248
266
213
165
307
203
170
167
137
141
118
1,123
1,088
1,123
1,086
1,055
989
925
916
854
802
876
892
913
966
1,310
1,351
1,294
1,312
1,307
534
535
549
541
525
1,314
504
1,275
1,246
1,155
1,125
' 1,096
1,192
1,083
465
480
464
414
489
494
500
363
359
354
350
345
338
334
327
318
315
312
307
302
7.0
72
7.2
7.5
1
Seasonally adjusted.
2
Quarterly data entered in
earlier data.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In April, manufacturing and trade sales rose 1.3 percent and inventories fell $4.6 billion. In May, according to
advance data, retail sales rose 1.0 percent, following a decline of 0.4 percent in April.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
,uou
1,1
300
250
1
1
800
'—~~\—~-
-\
-~^"
--^1
MAN JFACTUR^JG AND
TRA DE INVENT ORIES
.^~-
200
^~'-~-^ ^^.
150
MAf •4UFACTUR ING
ANC) TRADE StVLES
--'•"
'
"\
RETAIL SALES
Illllllllll Illllllllll lllllllllM Illllllllll
100
RATIO*
l.BU
INVENTC3RY-SALES RATIO
R ETAIl
\
-. t—'. \
-^--'
1.40
Illllllllll Illllllllll Illllllllll IIMlll||ll Illllllllll
1989
1987
1988
1990
1991
1 ^0
\r^~^~ ,
iiiiiiiiin
/
-X-/
- \^ >-^ L-v^^T" N-.V
MANUFA CTURING
AND 1FRADE
Illllllllll Illllllllll llll|lllll| Illllllllll
1987
1988
Sales
Inventories 3
1991
COUNCIL OF ECONOMIC ADVISERS
Who esale
Sales 2
Invenones
Inventory-s ales ratio *
He tail
Sales
2
1990
1989
' SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufact uring and
trac e '
"^
Total
Inventories 3
2
Durable
goods
stores
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
134,493
147,712
167,748
181,773
186,587
208,112
219,791
238,159
242,563
236,356
237,711
237,445
239,657
242,893
243,217
244,901
244,550
242,563
244,071
241,179
236,900
236,308
61,469
69,025
79,250
88,464
90,197
105,738
112,254
120,663
120,629
117,842
118,485
118,830
120,165
123,271
123,559
124,048
122,947
120,629
121,217
119,239
116,041
116,124
73,024
78,687
88,498
93,309
96,390
102,374
107,537
117,496
121,934
118,514
119,226
118,615
119,492
119,622
119,658
120,853
121,603
121,934
122,854
121,940
120,859
120,184
Manufacturing
Retail
Millions of dollars, seasonally iAdjusted
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
1991:
1
2
3
Apr r.
May
June
July
Aug
Sept
Oct
Nov
Dec
Jan
Feb
Mar r.
Apr"
May"
348,755
370,441
411,391
423,806
431,668
459,088
496,330
525,839
542,917
535,418
r
541, 054
544,850
542,516
554,935
550,660
555,145
546,714
534,361
527,074
527,915
523,117
529,799
574,518
590,968
650,789
665,060
664,031
711,595
767,700
810,257
826,941
812,976
816,425
812,457
818,951
823,468
827,145
830,414
832,464
826,941
831,445
828,201
819,615
814,992
See page 21 for manufacturing.
Monthly average for year and total for month.
End of period.
20
96,290
100,324
113,393
114,626
116,151
124,254
135,176
144,005
149,193
147,568
149,018
150,105
149,017
152,298
150,232
151,001
148,176
148,036
144,723
143,608
142,935
144,004
89,114
128,196
130,906
97,570
143,557
107,316
148,484 114,642
154,713
120,860
165,271 128,509
180,313 137,613
188,273
145,146
195,567
150,602
190,968
149,187
192,479 r 148,822
150,143
190,639
192,190
150,745
192,589
151,135
192,936 152,512
194,053
152,191
195,544
152,711
149,750
195,567
198,993
147,803
198,563 151,092
196,733 151,467
193,539 ' 150,909
152,476
28,013
32,631
37,938
41,567
45,121
48,051
52,281
54,349
54,563
54,552
r
54,315
54,219
54,754
53,851
54,550
54,420
54,152
52,402
50,897
53,235
53,725
r
53, 694
54,4 r4
4
61,101
64,939
69,377
73,075
75,738
80,457
85,332
90,797
96,039
94,635
r
94,507
95,924
95,991
97,284
97,962
97,771
98,559
97,348
96,906
97,857
97,742
r
97,215
98,022
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
1.67
1.55
1.53
1.55
1.55
1.50
1.49
1.51
1.51
1.52
1.51
1.49
1.51
1.48
1.50
1.50
1.52
1.55
1.58
1.57
1.57
1.54
1.49
1.44
1.49
3.52
1.56
1.55
1.55
1.60
1.59
1.58
1.60
1.58
1.59
1.61
1.59
1.61
1.60
1.62
1.65
1.60
1.56
1.57
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In May, manufacturers' shipments and new orders rose, inventories fell, and unfilled orders were unchanged.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
280
740 r-SHIPMEN TS
_—
200
•—<-
^
INVENTC3RIES
440
\
1
160
_-_—""
.
TOTAL
TOTAL
DUR ABLE GOO DS
\
—•-'
"
"\
200
DUR ABLE GOC DS
120
-vNO
•\""1
NONE URABLE G DODS
x --*--—-"^
\
[
---
NDURABLE GOODS
niniiiiii
Illllllllll Illllllllll
Illllllllll Illlll
BILLIONS OF DOLLARS* (RATIO SCALE)
280
_,.
NEW OR DERS
240
\
_ ^>*~
1
-—
200
-TOTAL-
•==?
MI|I
r—^
RATIO*
2.20
DUF ABLE GOC)DS
160
imiliim
(
I|M
Illllllllll Illllllllll
INVENTC RY-SHIPME NTS RATIC)
2.00
-j N-x.Vv-1 ^,_—,
-— '^—' — _ _ — •"
:
\
"""*
1.80 -
-
NOND URABLE G OODS
1.60
"•
~
'<•
1.40
Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll
1991
1990
1989
1987
1988
1.20
Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll
1989
1991
1987
1988
1990
" SEASONALLY ADJUSTED
SOURCE^ DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manuf acturers' shipii ents 1
Manuf cturers' inven .ories 3
Manufacturers new orders t
Durabl a, goods
Durable
goods
Nondurable
goods
Durable
goods
Nondurable
goods
T o a1
Manufac-
Capital
goods
industries,
non-defense
Nondurable
goods
unlilled
orders 2
Manufacturers'
tory —
shipments
ratio 3
Millions of d jllars, season ally adjuste(
1982
1983
1984
1985
1986
1987
1988
1989
1990
163,351
172,547
190,682
194,538
194,657
206,326
223,541
236,689
243,122
79,212
85,481
97,940
101,279
103,238
108,128
117,993
124,532
125,388
84,139
87,066
92,742
93,259
91,419
98,198
105,549
112,156
117,735
311,829
312,350
339,484
334,803
322,731
338,212
367,596
383,825
388,811
200,409
199,814
221,284
218,182
212,010
220,790
241,389
253,261
252,836
111,420
112,536
118,200
116,621
110,721
117,422
126,207
130,564
135,975
162,140
175,451
192,879
195,706
195,204
209,389
227,025
240,758
243,643
78,064
88,140
100,164
102,356
103,647
110,809
121,444
128,651
125,958
19,213
19,624
23,669
24,545
23,983
26,096
30,727
34,816
34,032
84,077
87,311
92,715
93,351
91,557
98,579
105,581
112,107
117,685
311,893
347,310
373,607
387,241
393,629
430,589
472,223
520,837
527,195
1.95
1.78
1.73
1.73
1.68
1.59
1.58
1.61
1.60
1990: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
238,663
243,214
244,602
242,754
251,502
247,916
251,953
245,827
236,575
123,885
127,891
129,167
126,531
130,441
125,783
127,692
122,693
118,578
114,778
115,323
115,435
116,223
121,061
122,133
124,261
123,134
117,997
385,652
386,235
384,373
387,104
387,986
390,992
391,460
392,370
388,811
254,328
254,564
252,877
254,521
254,721
255,278
255,113
256,387
252,836
131,324
131,671
131,496
132,583
133,265
135,714
136,347
135,983
135,975
240,333
245,318
242,396
245,039
250,592
248,987
254,976
239,237
238,196
125,603
129,936
127,057
129,387
129,020
126,893
130,875
116,193
120,221
32,556
31,890
32,501
35,274
31,607
34,419
37,223
30,884
38,560
114,730
115,382
115,339
115,652
121,572
122,094
124,101
123,044
117,975
526,797
528,901
526,695
528,980
528,010
529,141
532,164
525,574
527,195
1.62
1.59
1.57
1.59
1.54
1.58
1.55
1.60
1.64
1991: Jan
Feb
Mar
Apr r
May''
234,548
233,215
228,715
234,886
238,028
117,648
117,432
114,487
119,721
120,923
116,900
115,783
114,228
115,165
117,105
388,381
388,459
385,982
385,145
381,994
252,170
252,256
250,405
249,546
247,011
136,211
136,203
135,577
135,599
134,983
234,462
233,132
226,431
231,229
238,013
117,789
117,547
112,116
116,139
120,074
33,957
33,756
31,940
28,748
29,895
116,673
1 15,585
114,315
115,090
117,939
527,109
527,026
524,742
521,085
521,070
1.66
1.67
1.69
1.64
1.60
' Monthly average for year nd total for m nth. Shipment s are the same as sales.
End of period.
2
3
Annual d ita are averag s of seasonalK adjusted mon hlv ratios.
21
PRICES
PRODUCER PRICES
In May, the producer price index for all finished goods rose 0.6 percent. Prices of finished consumer foods rose 0.2
percent, while prices of other finished consumer goods rose 0.9 percent. Capital equipment prices rose 0.6 percent.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
130
100
100
CONSUMER GOODS
EXCLUDING FOODS
90
90
1983
1984
1990
SOURCE: DEPARTMENT OF LABOR
1991
COUNCIL OF ECONOMiC ADVISERS
[1982=100; monthly data seasonally adjusted]
Fin shed goods
V nished go >ds excluding consumer foo Is
Period
Total
finished
goods
Consumer
foods
Consumer gc ods
Total
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: Mav
June
July
Aug
Sept
Oct
Nov
Dec
1991: Jan r.
Feb
Mar
Apr
Mav
96.1
100.0
101.6
103.7
104.7
103.2
105.4
108.0
113.6
119.2
117.6
117.6
118.0
119.3
120.8
122.3
122.8
122.3
122.4
121.3
120.9
121.1
121.8
97.8
100.0
101.0
105.4
104.6
107.3
109.5
112.6
118.7
124.4
123.9
123.7
124.3
125.0
124.4
125.1
125.2
124.8
124.6
124.7
125.0
125.5
125.8
95.6
100.0
101.8
103.2
104.6
101.9
104.0
106.5
111.8
117.4
115.5
115.6
115.9
117.5
119.8
121.4
122.0
121.4
121.6
120.2
119.6
119.6
120.5
96.1
100.0
101.2
102.2
103.3
98.5
100.7
103.1
108.9
115.3
112.8
112.6
112.9
115.0
118.1
120.6
121.3
120.2
120.1
118.2
117.2
117.4
118.4
Durable
96.4
100.0
102.8
104.5
106.5
108.9
111.5
113.8
117.6
120.4
119.8
120.4
120.9
120.7
121.6
121.2
121.8
122.3
123.1
123.5
124.1
123.9
123.5
Nondurable
95.8
100.0
100.5
101.1
101.7
93.3
94.9
97.3
103.8
111.5
108.3
107.8
108.1
111.1
115.0
118.6
119.3
117.6
117.2
114.5
113.0
113.3
114.8
Capital
equipment
Total
finished
consumer
goods
94.6
100.0
102.8
105.2
107.5
109.7
111.7
114.3
118.8
122.9
122.2
122.7
123.0
123.4
123.8
124.1
124.4
124.8
125.7
125.5
125.8
125.5
126.2
96.6
100.0
101.3
103.3
103.8
101.4
103.6
106.2
112.1
118.2
116.4
116.3
116.6
118.3
120.2
122.1
122.6
121.7
121.6
120.3
119.7
120.0
120.8
Intern ediate ma te rials
Or ide maten als
Total
Foods
and
feeds 1
Other
Tola/
Foodstuffs
and
feedstuffs
Other
98.6
100.0
100.6
103.1
102.7
99.1
101.5
107.1
112.0
114.5
112.9
112.8
112.8
114.3
116.1
117.9
118.1
117.2
116.6
115.7
114.5
114.0
113.9
104.6
100.0
103.6
105.7
97.3
96.2
99.2
109.5
113.8
113.3
115.1
114.4
114.4
114.2
113.1
113.0
111.7
111,9
110.4
112.3
113.3
113.1
110.3
98.2
100.0
100.5
103.0
103.0
99.3
101.7
106.9
111.9
114.5
112.8
112.7
112.7
114.3
116.3
118.2
118.5
117.5
116.9
115.9
114.6
114.1
114.2
103.0
100.0
101.3
103.5
95.8
87.7
93.7
96.0
103.1
108.9
103.1
100.6
101.0
110.2
115.6
125.4
117.6
111.2
113.2
104.8
101.4
100.9
100.9
103.9
100.0
101.8
104.7
94.8
93.2
96.2
106.1
111.2
113.1
113.1
113.9
114.3
112.9
111.6
111.9
110.8
109.5
108.3
108.5
109.8
108.7
105.2
101.8
100.0
100.7
102.2
96.9
81.6
87.9
85.5
93.4
101.5
92.3
88.0
88.4
103.6
112.8
127.9
116.4
107.2
110.8
98.3
92.5
92.5
94.2
—
1
Intermediate materials for food manufacturing and feeds.
22
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In May, the consumer price index for all urban consumers rose 0.3 percent, seasonally adjusted and not seasonally
adjusted. The'index was 5.0 percent above its year-earlier level.
IN DEX, 1982-84 = 100 (RATIO SC ALE)
INDE X, 1982-84=1 00 (RATIO SCA LE)
150
SE ASONALLY
150
ADJU 5TED
140
140
130
130
-— ^
^
CONSU MER PRICES— ALL ITEMS
\
120
110
f^
r^l^—
"""
120
^^
110
^^
r^
100
100
90
80
90
lllltltMII
mnln.M
1983
1984
him
1985
Illllllllll
Illllllllll
Illllllllll
1986
1987
1988
, „
n||
nmlim,
1989
1990
SEE NOTE ON TABLE ELOW
SOURCE: DEPARTMENT OF LABOR
80
1991
COUNCIL OF ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
All it ems *
Tr ansportati on
Hou sing
All
She Iter
Period
Not
seasonally
adjusted
(NSA)
Seasonally
adjusted
Bel. imp.3.... 100.0
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
May
June
July
Aug
Sept
Oct
Nov
Dec
1991:
Jan
Feb
Mar
Apr
May
90.9
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
Food
Total '
Total
Kenters'
costs
1982 =
100)
16.2
93.6
97.4
99.4
103.2
105.6
109.0
113.5
118.2
125.1
132.4
41.4
90.4
96.9
99.5
103.6
107.7
110.9
114.2
118.5
123.0
128.5
27 7
90.5
96.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
140.0
103.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
7.9
Homeowners'
costs
(Dec.
1982 =
100)
19.5
Fuel
Maintenance
and
repairs
(NSA)
and
other
utili-
Apparel and
upkeep
Total '
New
ears
Motor
fuel
Medical
care
Energy2
ties
items
less
food,
shelter,
energy
111.6
95.3
97.8
100.2
102.1
105.0
105.9
110.6
115.4
118.6
124.1
17.8
93.2
97.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
120.5
4.0
93.7
97.4
99.9
102.8
106.1
110.6
114.6
116.9
119.2
121.0
108.5
102.8
99.4
97.9
98.7
77.1
80.2
80.9
88.5
101.2
6.4
82.9
92.5
100.6
106.8
113.5
122.0
130.1
138.6
149.3
162.8
8.2
97.7
99.2
99.9
100.9
101.6
88.2
88.6
89.3
94.3
102.1
48.0
88.3
95.1
100.0
105.0
109.0
112.7
117.0
121.9
127.3
133.5
102.5
107.3
113.1
119.4
124.8
131.1
137.3
144.6
0.2
90.7
96.4
99.9
103.7
106.5
107.9
111.8
114.7
118.0
122.2
7.3
86.4
94.9
100.2
104.8
106.5
104.1
103.0
104.4
107.8
6.1
4.1
129.2
129.9
130.4
131.6
132.7
133.5
133.8
133.8
129.2
130.0
130.5
131.6
132.6
133.4
133.8
134.2
131.2
132.1
132.8
133.2
133.6
134.1
134.7
134.9
127.3
128.0
128.6
129.3
130.0
130.4
130.6
130.8
138.3
139.5
140.5
141.3
141.8
142.0
142.3
142.8
143.3
144.8
146.5
147.6
148.2
148.8
149.5
150.5
143.2
144.7
145.5
146.3
146.8
146.8
146.9
147.3
122.2
121.8
122.1
121.2
124.6
123.4
123.9
123.8
110.4
110.5
109.9
111.1
112.6
113.8
114.2
113.7
123.9
124.1
124.4
124.8
125.5
125.1
125.3
125.7
117.6
118.1
118.4
120.7
123 .4
125.8
126.5
126.9
120.6
120.6
120.5
120.9
121.1
121.2
121.5
122.0
91.8
93.3
93.2
101.2
110.2
118.0
118.5
117.7
161.0
162.1
163.5
165.0
166.1
167.5
168.7
170.1
96.5
97.1
96.8
101.0
106.4
110.9
111.4
110.9
132.8
133.2
133.8
134.4
135.0
135.5
136.0
136.5
134.6
134.8
135.0
135.2
135.6
134.8
135.1
135.0
135.3
135.7
135.7
135.4
135.7
136.7
136.7
131.9
132.5
132.6
132.8
133.0
143.9
144.6
144.8
145.2
145.3
153.0
154.2
154.2
154.2
154.1
147.9
148.4
148.7
149.2
149.4
124.1
125.1
124.2
126.1
126.9
115.5
115.1
114.8
114.2
114.8
126.9
128.9
127.4
127.2
127.8
125.4
124.0
122.8
122.4
123.2
123.6
124.2
124.8
125.2
125.3
110.0
102.0
97.1
97.1
99.5
171.2
172.4
173.5
174.4
175.4
108.2
103.9
101.2
100.5
101.9
137.6
138.8
139.0
139.2
139.7
1
2
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and i otor fuel. Motor oil, coolant, etc.
also included through 1982.
3
Relative importance, December 1990.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
Chi nge from pr seeding perk d
Change from 3 month s earlier, ann lal rate
Change from 6 month s earlier, ann lal rate
Consum r goods
Consume r goods
Consum r goods
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
Cha nge, Dec. o Dec., N 3A
7.1
3.6
.6
1.7
1.8
-2.3
2.2
4.0
4.9
5.7
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
8.6
4.2
-.9
.8
2.1
-6.6
4.1
3.1
5.3
8.7
1.5
2.0
2.3
3.5
.6
2.8
2
5.7
5.2
2.6
9.2
9.2
4.1
1.6
3.9
2.0
1.8
2.7
2.1
1.3
3.6
3.8
3.4
2.1
1.0
-1.4
2.1
2.5
5.2
4.9
Or ange, mon th to mont h
1990:
1991:
May
June
July
Aug
Sept
Oct
Nov
Dec
0.3
0
.3
1.1
1.3
1.2
.4
-.4
0.4
-.2
.5
.6
T
.1
-.9
-.3
.2
.6
— 2
-.1
.1
.2
.4
.2
-1.6
-.8
.2
.9
Jan
Feb '
Mar
Apr '
May
0.5
-.2
.3
1.9
— .5
2.7
2.1
.6
-.9
.6
.1
-.3
0.1
.4
.2
.3
.3
.2
-2.9
-1.6
0.7
1.0
2.8
5.9
11.3
15.4
12.3
5.1
2
.3
.7
2
.6
2.5
8.0
21.0
30.2
23.8
7.3
2.9
3.6
2.3
2.6
.6
1.3
-1.6
-9.8
-9.6
-8.7
-1.6
-1.6
.3
-4.8
-4.5
-4.2
1.7
2
.2
1.8
2.2
.6
2.9
3.6
.7
2.7
2.7
3.0
4.0
3.6
3.6
3.3
3.3
4.9
5.3
3.6
3.2
-.6
2.2
7.6
3.4
.2
-2.0
-1.6
3.7
.9
3.3
6.1
8.9
9.0
8.2
11.2
15.5
15.6
14.0
3.5
3.3
3.3
3.1
3.3
3.6
3.5
3.1
3.1
3.6
5.2
6.0
6.4
7.0
5.7
13.2
5.6
-1.5
-5.2
-4.7
4.4
3.4
3.3
2.3
2.9
4.0
3.2
2.9
3.2
3.4
5.5
4.0
5.9
3.5
1.1
— .5
.3
.3
2.8
2.1
1.8
.5
-.5
1.0
.6
1.0
3.0
4.9
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Adden dum: All ite us, percent ( hange
(annua 1 rate)
Tr insportati on
Housing
All
Shelter
Period
All
items '
Ap-
Food
Total '
Total
1
Renters'
costs
owners'
costs
Fuel
and
other
utilities
parel
and
upkeep
8.9
3.8
3.8
3.9
3.8
1.1
1983
1984
1985
1986
1987
1988
1989
1990
4.4
4.4
4.6
6.1
4.3
3.1
2.7
3.8
2.6
3.8
3.5
5.2
5.6
5.3
10.2
3.6
3.5
4.3
4.3
1.7
3.7
4.0
3.9
4.5
9.9
2.4
4.7
5.2
6.0
4.6
4.8
4.5
4.9
5.2
14.4
5.1
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.5
5.1
5.9
4.6
5.3
4.7
5.1
4.7
9.7
1.8
4.2
1.8
-5.6
1.6
2.9
3.2
4.0
Motor
Medical
cars
Energy2
3.5
1.6
2.9
2.0
2.8
.9
4.8
4.7
1.0
5.1
From
previ-
and
energy
c tiange, December to Dece mber,
1981
1982
New
Total '
items
less
food,
shelter,
ter 3
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
> SA
9.4
6.8
1.5 -6.5
3.4 -1.7
2.5 -2.4
3.4
3.1
5.9 -30.7
1.8
18.7
2.1 -2.1
2.3
6.8
1.4
36.5
10.9
1.8
3.9
3.1
2.6
-5.9
6.1
3.0
4.0
10.4
12.5
11.0
6.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
11.9
1.3
-.5
.2
1.8
-19.7
8.2
.5
5.1
18.1
10.3
6.2
3.2
4.3
3.6
1.9
3.6
4.1
4.8
5.4
9.4
6.1
5.0
4.3
3.7
3.3
3.8
4.7
4.1
5.2
Chs nge, mo nth to n onth
1990:
1991:
May
June
0
July
0.2
.6
.4
Aug
Sept
Get
Nov
Dee
.8
.8
.6
.3
.3
.7
.5
.3
.3
.4
.4
.1
Jan
Feb
Mar
.4
.2
-.1
.2
.3
.6
-.2
.2
.7
0
Apr
May
1
2
0.2
.5
.5
.5
.5
.3
.2
0
2
.4
.1
.2
.4
0.3
.3
1.2
.8
.4
.4
.5
.7
0.1
1.0
.6
.5
.3
0
.1
.3
.8
.5
.1
.2
2
.8
.5
.1
.3
.1
1.7
.8
0
0
-.1
.4
1.6
.3
.2
.3
.1
— .3
0.1
.9
.7
.6
0
.1
2
— .0
.2
1.1
.3
.6
-.3
.2
.3
1.4
1.1
.4
-.4
-.3
— .5
.5
1.0
1.6
-1.2
-.2
.5
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
also included through 1982.
24
0
0
-.1
.3
0
.4
.3
1.9
.2
.1
2.2
1.9
.6
.3
.2
— 1.2
-1.1
-1.0
-.3
.7
3
-0.4
1.6
_ i
8.6
8.9
7.1
.4
.4
-.7
1.3
.5
.5
.3
.1
-6.5
-7.3
-4.8
0
2.5
0.8
.7
.9
.9
.7
.8
.7
.8
-0.3
.6
-.3
4.3
5.3
4.2
.5
-.4
0.3
.3
.5
.4
.4
.4
.4
.4
.6
-2.4
.7
-4.0
.6
.5
.6
-2.6
__7
.8
.9
.1
.1
1.4
.4
3.8
7.0
6.9
3.6
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
3.2
5.3
4.1
8.2
9.2
6.9
4.9
5.8
4.6
5.4
6.2
6.9
7.2
6.6
4.3
3.9
2.4
1.5
1.8
6.7
5.4
3.7
2.9
2.9
4.7
7.6
4.4
4.7
4.8
5.6
6.2
6.3
6.3
6.1
5.7
5.3
4.9
4.9
5.0
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in June rose 2.0 percent from their May level. Prices paid by farmers in April were 1.1
percent above their January level. (Data are not seasonally adjusted.)
INDEX, 1977 == 100 (RATIO S(:ALE)
INDE X, 1977=100( RATIO SCALE)
200
„„•• — ._---•
180
180
1
„.'-'
160
160
140
F RICES PAID
X-—-xxs.
r^
x_
X-
V
~""V^•x -/
rxx
\
^/
- ^ J
140
J
-^
^•^\
120
\
PRICES RECE \\/ED
100
ii ml IIMI Illllilllll
80
RATI 3J/
Illllilllll
tmiliiiii
Illllilllll Illllilllll
80
RA TIOJ/
140
-
120
RATIO
-
_
>_
80 *=
60
/
Illllilllll
1983
1
—~
—
iiiiiliiiii
1984
Illllilllll Illllilllll
1985
1986
iiiiiliiiii
1987
_
'
•- ^-
Mill
1989
HIM H I M
1988
~
-^;=*•"•""
HIM
1990
80
lljii 11 [[ i
1991
/RATIO OF INDEX OF PRICES RECEIVED TO NDEX OF PRICES PA 3.
OURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISER
[1977=100; not seasonally adjusted]
Prices received by farm ers
Period
All farm
products
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
June
152
!51
r
!51
148
146
r
!47
143
r
145
145
149
149
152
155
134
121
128
138
120
107
106
126
134
128
r
130
!29
125
123
120
124
121
123
122
128
131
r
!38
147
1
Includes items not shown separately.
araey.
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes
w
and wage
rates.. See
ee also
aso footnote
o o n o e 3.
3
Beginning
e g n n n g March
arc 1986,, prces
prices pa
paid by
y farmers
armers are aavailable
v a a e only
ony for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
All commodities,
services,
interest, taxes.
and wage rates 1
Production
items, interest,
taxes, and wage
rates
143
145
141
146
136
138
146
150
160
r
!70
150
159
161
164
162
159
162
170
178
184
151
158
159
161
156
150
152
160
167
172
148
153
152
155
151
144
148
157
165
171
92
84
84
87
79
77
78
r
81
83
82
173
!72
r
!76
r
!72
r
!70
r
!69
164
(3)
184
(3)
(3)
187
(3)
(3)
(3)
171
(3)
(3)
174
(3)
(3)
(3)
170
(3)
(3)
174
(3)
(3)
83
82
82
80
78
r
79
76
166
166
169
166
165
163
188
(3)
(3)
190
(3)
(3)
175
(3)
(3)
176
(3)
(3)
173
(3)
(3)
175
(3)
(3)
77
77
79
78
80
82
Livestock and
products
Crops
139
133
135
142
128
123
127
138
147
150
1990: June
July
F rices paid by farmer s
r
Production
items
Ratio 2
r
t of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
In May, growth accelerated in both M2 and M3.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
4,800
4,400
4,000
3,600
4,800
4,400
4,000
3,600
M3
V
3,200
3,200
-v
2,800
2,800
M2
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
800
600
1983
1984
1985
1987
1986
1989
1988
1990
- AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
1991
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
Ml
M2
MS
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
RPs and
Eurodollars,
MMMP balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-onry
MMMF balances
L
M3 plus
other liquid
assets
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) 1
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
436.4
474.4
521.2
552.2
619.9
724.3
749.7
786.4
793.6
825.4
1,793.3
1,952.9
2,186.3
2,374.7
2,569.7
2,811.6
2,910.1
3,069.9
3,223.1
r
3,327.6
2,234.1
2,441.7
2,693.3
2,986.2
3,201.6
3,492.6
3,677.4
3,919.1
4,055.2
r
4,111.7
2,596.7
2,851.4
3,154.6
3,527.5
3,828.9
4,133.2
4,337.0
4,676.0
4,889.9
r
4,958.8
4,292.1
4,685.9
5,212.6
5,961.9
6,773.5
7,636.2
8,345.1
9,107.6
9,790.4
r
10,436.1
1990:
Mav
June
July
Aug
Sept
Get
Nov
Dec
807.5
811.5
810.7
816.5
821.8
821.2
823.3
825.4
3,282.8
3,290.6
3,295.4
3,309.5
3,321.5
r
3, 324.3
r
3, 323.5
r
,3,327.6
4,082.7
4,085.8
4,089.2
4,103.3
4,109.0
r
4, 109.3
r
4, 108.8
r
4,111.7
4,903.2
4,922.8
4,926.8
4,935.4
r
4,957.4
'4,955.6
r
4,956.8
r
4,958.8
T
10,070.4
' 10,128.4
' 10,188.7
' 10,257.3
1991: Jan
Feb
Mar
Apr
Mav
826.7
836.4
843.0
842.2
851.8
r
r
r
r
r
r
r
' 10,467.8
' 10,525.9
r
10,563.9
"10,578.2
3,331.0
3, 354.3
3, 375.0
r
3,382.9
3,395.8
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
4,124.6
4,160.4
4, 169.0
r
4,170.8
4,173.6
4,977.1
o,010.0
5,013.5
"4,976.7
r
r
r
!0,312.4
r
10,349. 5
' 10,399. 5
' 10,436.1
er at a simple annual rate.
NOTE.—See p. 21 for components.
Source: Board of Governors of the Federal Reserve !•
Perce nt change from yeai or 6
months earlier 2
Ml
M2
M3
Debt
6.8
8.7
9.9
5.9
12.3
16.8
3.5
4.9
.9
4.0
10.0
8.9
12.0
8.6
8.2
9.4
3.5
5.5
5.0
r
3.2
12.4
9.3
10.3
10.9
7.2
9.1
5.3
6.6
3.5
1.4
4.7
4.5
3.8
3.8
4.3
3.3
3.9
3.4
5.0
4.2
3.8
3.3
3.2
2.7
2.5
r
2.2
2.1
1.5
1.5
1.6
1.3
1.3
r
1.3
7.2
7.3
r
6.9
r
6.4
r
6.5
r
6.1
3.9
4.9
5.2
5.1
6.9
r
r
r
r
r
22
r
2.7
r
.3.2
3.5
r
4.4
1.4
1.7
2.8
'2.9
3.0
3.2
9.9
9.2
11.2
14.4
13.6
12.7
9.3
9.1
7.5
r
6.6
6.5
r
6.9
r
o.5
5.£
'4.9
4.4
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Curreney
Demand
deposits
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net,
plus
overnight
Money narket
mutua fund
balanc es '
General
purpose
and
broker/
dealer
Institution
only
Money
market
deposit
accounts
(MMDAs)
Sayings
deposits
Small
denomination
time
deposits 2
Large
denomination
time
deposits 2
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
35.3
33.4
49.9
57.6
62.4
80.5
106.1
121.8
98.8
90.2
99.3
102.2
100.5
102.0
98.3
95.6
95.7
90.2
88.2
86.8
83.2
82.1
81.1
67.5
81.7
91.5
82.9
76.5
83.8
91.0
106.0
81.0
71.4
67.1
67.8
68.0
71.1
74.2
79.5
91.8
100.6
109.3
117.5
126.0
120.7
64.4
121.4
122.2
123.0
123.8
124.5
Shortterm
Treasury
securities
Savings
bonds
Bankers'
acceptances
Commercial
paper
Eurodollars
NSA
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
May
June
July
Aug..
Sept
Oct
Nov
Dee
1991: Jan
Feb
Mar
Apr r
May
122.6
132.5
146.2
156.0
167.8
180.7
196.9
212.0
222.2
246.4
231.9
233.7
235.7
238.4
241.5
243.9
245.0
246.4
251.6
255.1
256.7
256.6
256.8
231.3
234.0
238.5
243.9
266.6
301.9
286.5
286.3
278.7
276.9
275.8
276.3
275.6
278.0
279.1
277.1
277.2
276.9
272.9
276.2
277.1
275.8
278.7
78.2
103.5
131.6
147.1
179.5
235.3
259.3
280.7
285.2
293.8
292.0
293.7
291.7
292.1
293.0
291.8
292.8
293.8
293.9
296.9
301.0
302.0
308.3
36.6
39.9
55.6
60.6
73.5
82.3
83.2
83.4
77.4
74.0
83.2
82.4
84.0
82.7
81.4
83.5
77.6
74.0
71.2
70.1
69.1
69.1
67.6
150.6
185.2
138.8
167.9
176.7
208.3
221.7
241.1
313.6
r
345.4
325.3
327.5
329.2
335.8
339.3
r
341.6
r
341.9
r
345.4
r
353.9
r
358.2
r
363.6
364.2
365.1
38.0
51.1
42.8
62.1
63.9
83.8
88.9
86.9
101.9
125.7
107.6
108.1
109.8
114.0
116.2
119.6
120.5
125.7
130.1
139.3
343.9
356.8
305.5
286.5
300.4
368.3
412.0
424.4
404.1
410.8
411.3
411.8
412.7
412.7
412.3
411.5
411.1
410.8
412.0
415.4
420.5
427.3
433.2
0.0
43.2
379.2
418.2
514.5
572.3
524.9
501.4
486.1
505.9
500.5
502.3
503.4
505.9
507.4
506.7
506.8
505.9
505.2
511.5
519.2
526.6
536.1
142.0
145.6
146.2
1
Data prior to 1983 arc 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
823.2
850.9
784.1
887.7
883.4
855.5
917.7
1,031.8
1,145.9
1,164.2
1,153.5
1,154.6
1,156.8
1,158.3
1,160.1
1,161.4
1,161.8
1,164.2
r
l,163.9
•"1,162.7
r
l,158.3
1,150.3
1,141.0
303.0
327.3
327.7
417.7
437.3
439.9
489.2
542.3
563.5
507.1
540.5
538.0
535.0
529.2
521.9
515.1
512.5
507.1
511.9
516.0
511.5
506.7
502.7
r
r
r
65.1
68.3
70.0
70.2
70.0
125.2
71.4
126.0
149.4
183.6
212.0
260.8
298.2
280.2
253.5
270.6
40.0
44.5
45.0
45.4
42.0
37.1
44.5
327.4
327.1
40.7
34.7
35.4
34.7
33.0
32.3
31.8
32.6
34.0
34.7
36.0
35.2
•"32.4
"30.7
40.1
315.4
331.7
334.3
329.8
333.8
330.4
329.8
327.1
326.4
330.5
•"330.8
"307.5
126.7
72.6 127.8
71.2 128.9
68.6 "130.1
66.4
71.9
105.3
113.7
133.2
160.8
207.6
231.4
261.0
336.8
349.2
359.4
349.1
349.1
348.2
347.0
359.0
358.8
359.0
359.4
363.4
356.1
352.4
"337.6
NOTE.—Travelers checks of nonbank issuers are a eompori ;nt of money stock hut are not shown
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 by NSA]
Borrowvings of dept sitorv
instituti ns from the
B eservc (NSA )
for ch anges in rescrve roquirements
I
Re erves of depo sitory instituti ons
Adjusted
Period
Total
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1990:
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
May
June
July
Aug
Sept
Oct
Nov
Dec
1991: Jan
Fcb
Mar
Apr
May '
1
25,944
26,495
27,835
29,901
31,662
37,061
45,863
45,812
47,596
47,729
49,104
47,962
47,896
47,636
47,973
48,261
47,942
48,244
49,104
49,466
49,611
49,566
49,395
50,069
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Nonborrowed
24,304
25,859
27,201
29,127
28,476
35,473
45,037
45,035
45,880
47,464
48,779
46,627
47,014
46,879
47,046
47,637
47,532
48,014
48,779
48,932
49,359
49,325
49,164
49,766
Nonborrowed plus
extended
credit
24,307
26,008
27,387
29,129
31,080
36,242
45,340
45,518
47,124
47,483
48,802
47,503
47,360
47,159
47,174
47,643
47,550
48,039
48,802
48,958
49,393
49,378
49,250
49,854
Required
25,480
26,176
27,335
29,340
30,807
36,024
44,494
44,766
46,549
46,807
47,440
46,999
47,122
46,774
47,108
47,353
47,096
47,297
47,440
47,298
47,802
48,387
48,365
49,039
Monetary
base
Total
145,931
153,001
164,276
179,921
191,374
208,619
230,039
246,281
263,459
274,168
299,785
283,970
285,758
287,418
290,458
293,803
295,941
297,553
299,785
305,152
309,438
310,982
r
310,605
311,479
1,690
636
634
774
3,186
1,318
827
777
1,716
265
326
1,335
881
757
927
624
410
230
326
534
252
241
231
303
Seasonal
116
54
33
96
113
56
38
93
130
84
76
244
311
389
430
418
335
162
76
33
37
55
79
151
Extended
credit
3
148
186
9
2,604
499
303
483
1,244
20
23
875
346
280
127
6
18
24
23
27
34
53
86
88
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases fell 0.3 percent in May. Commercial and industrial loans fell 1.1 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,800
BILLIONS OF DOLLARS* (RATIO SCALE)
_
ALL COMMERCIAL BANKS
2,400
'
_—
T
2,000
_
1 600
—
___-
h^~"—
-__---
__.,
-
=—^
"
«- ""
__
•
1
"
2,800
2,400
'
1
— =a=n=^
-r""~~
2,000
" *"
1 600
\
L DANS AND LE ASES
1 200
-
—
.-• —
u.s. c5OVERNMENT
400
--
400
SECURITIES
\
„.""
_
160
120
L---'
_^
.«.-•-*"*
c)THER
SECURIT ES
\
/
J
*
iiiiiiiini
Illllllllll
Illllllllll
1983
1984
1985
'
'
—
160
Illllllllll IM'i|||ii| Illllllllll Illllllllll Illllllllll Illllllllll 120
1986
1987
1988
1989
1991
1990
' SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted 3
A 11 comme cial ban ts
Loans anc leases
Period
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
May
June
July
Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
Total
loans and
securities 2
U.S.
Government
securities
1,307.2
1,400.5
1,552.1
1,722.2
1,909.6
2,093.5
2,238.9
2,421.7
2,589.0
2,723.6
2,655.4
2,670.1
2,683.0
2,704.9
2,708.0
2,713.6
2,716.6
2,723.6
2,721.2
2,735.1
2,750.9
2,751.6
2,750.0
179.3
201.7
259.2
260.2
270.9
310.1
335.9
363.8
399.3
454.2
430.3
438.4
442.8
445.7
450.1
453.1
454.0
454.2
454.1
458.0
471.4
479.2
484.9
Other
securities
160.5
164.8
169.1
140.9
179.0
193.9
193.5
192.1
180.8
175.6
178.2
177.5
177.3
178.8
178.8
177.8
175.9
175.6
177.7
177.6
177.6
175.7
174.0
Total
2
Commercial
and
industrial
967.5
1,034.0
1,123.8
1,321.1
1,459.8
1,589.5
1,709.5
1,865.8
2,008.9
2,093.8
355.4
392.5
414.2
473.2
500.3
537.2
567.6
606.6
641.3
648.1
2,046.9
2,054.2
2,062.9
2,080.4
2,079.0
2,082.7
2,086.7
2,093.8
644.3
645.3
644.4
645.1
644.7
643.7
646.5
648.1
2,089.4
2,099.5
2,102.0
2,096.7
2,091.1
644.3
643.9
646.0
640.0
633.2
Real
estate
Individual
Security
284.1
299.9
331.0
376.5
426.0
494.2
587.2
182.5
188.2
212.9
253.8
294.6
315.2
328.2
354.7
375.5
378.9
378.4
377.6
376.4
378.2
378.6
379.7
378.7
378.9
375.9
377.7
375.5
374.1
373.5
21.4
25.3
28.0
34.5
43.1
40.4
671.5
760.6
836.5
798.9
805.9
814.5
818.0
822.5
827.7
832.0
836.5
837.3
842.6
846.3
850.7
854.7
1
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions. Data beginning January 1984 are not strictly
comparable with data for earlier periods, largely because beginning January 1984 certain obligations
of States and political subdivisions are included in loans rather than in other securities.
28
2
34.8
39.9
38.3
40.6
35.5
35.0
38.7
44.6
41.3
40.5
39.6
40.6
43.1
43.2
38.8
r
39.8
39.8
Nonbank
financial
institutions
29.9
31.2
30.4
31.3
32.4
34.9
31.8
29.9
32.7
34.7
34.1
34.4
34.7
35.0
35.2
34.8
34.6
34.7
34.2
35.3
36.1
r
35.2
36.1
Agricultural
33.1
36.2
39.2
40.1
36.1
31.5
29.4
29.8
30.7
33.0
31.0
31.1
31.3
31.5
31.8
32.2
32.5
33.0
33.5
33.5
34.0
33.9
33.6
State
and
political
subdivisions
0.0
.0
.0
46.1
56.8
58.5
52.6
45.5
40.0
34.3
37.9
37.3
36.4
35.8
35.2
35.1
34.8
34.3
r
33.2
r
33.1
'32.7
r
32.2
31.8
Foreign
banks
18.1
14.6
13.4
11.6
9.9
10.3'
7.9
7.9
8.6
7.4
8.7
7.4
7.0
7.9
8.1
9.0
8.2
7.4
6.5
6.8
r
7.4
r
6.9
6.4
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
Foreign
official
institutions
Lease
financing
receivables
Other
7.2
5.9
12.7
13.3
13.7
16.0
19.0
22.3
24.5
29.2
31.8
32.7
23.1
26.9
31.8
29.9
35.3
38.6
39.8
45.7
45.8
44.6
32.6
32.4
32.6
32.7
42.3
44.5
43.6
48.2
3.3
32.8
3.2
3.2
3.2
3.0
3.1
3.2
3.0
3.0
33.3
32.9
32.7
32.4
32.8
33.0
32.7
32.7
45.5
43.6
43.6
44.6
r
46.0
r
47.5
r
48.9
48.2
46.4
9.4
8.4
6.3
6.3
5.8
5.1
3.7
3.2
3.3
3.2
3.2
3.2
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Internal
Or edit market fu nds
l
Total
1982
1983
1984
1985
1986
1987
1988
1989
1990 r
1989: I
II
m
IV
1990:
524.1
493.7
548.2
512.7
468.2
351.8
344.3
372.4
391.4
380.0
369.5
58.9
131.7
155.5
103.9
179.8
121.3
156.8
132.7
98.7
517.4
601.2
459.2
473.0
379.9
379.7
385.5
374.9
137.5
221.5
73.7
98.1
300.8
416.9
491.4
455.7
I rr
II r
Ill .
IV
1991: 1"
241.9
285.2
335.9
Loans and
short-term
paper
Securities
and
mortgages
Total
-6.2
41.0
-13.6
-6.2
48.5
76.5
91.9
49.8
124.7
48.2
18.0
118.7
-92.5
1.0
3.8
-85.2
-5.6
55.1
35.4
23.2
54.7
35.5
105.5
56.0
64.2
29.7
60.5
18.5
-15.4
-45.0
70.5
80.4
20.9
2.3
110.5
115.6
86.2
3.1
515.5
523.6
489.0.
344.4
370.6
374.7
366.4
366.1
144.9
148.9
122.6
-21.7
67.2
59.5
15.4
-49.4
-26.6
41.3
-23.2
17.5
486.4
379.7
106.7
65.2
55.0
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abr
,°*?. , , . , . , .
, , ,
.
TT „
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
Total
Other 2
9.4
Capital
expenditures 3
Increase in
financial
assets
Discrepancy
(sources less
uses)
-2.3
24.3
16.5
10.4
55.2
63.7
54.1
55.1
73.1
101.6
97.3
75.6
303.1
392.6
474.9
425.1
481.2
466.6
494.6
488.4
453.8
256.1
270.5
369.7
341.2
330.4
354.1
378.3
382.2
368.7
47.0
122.1
105.2
83.9
150.8
119.5
102.7
72.6
94.2
484.2
560.0
444.4
465.3
377.4
388.3
385.1
378.2
106.8
171.7
59.3
87.1
33.2
41.2
14.9
30.6
43.0
27.1
53.5
24.2
14.4
112.5
116.3
106.2
85.1
7.7
93.8
18.2
38.6
-66.9
77.8
89.4
107.3
27.7
467.6
509.1
515.7
322.8
361.7
384.7
382.1
346.5
105.9
124.4
133.6
-23.7
47.9
14.6
-26.6
21.5
10.2
41.4
453.4
317.9
135.5
33.0
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in in stallment ere dit outstandirV1
Ins tallment credit outstanding (end of perio d)
Period
Total
Automobile
Revolving
Mobile
home
Other
Total
Automobile
Revolving
Mobile
home
Other
-1,193
-322
11,954
20,141
16,503
3,242
2,978
14,763
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec 2
Dec
311,259
325,805
368,966
442,602
518,252
573,017
610,468
664,049
718,863
735,102
119,008
125,945
143,560
173,564
210,187
247,428
265,851
284,214
290,676
284,585
61,070
66,454
79,088
100,280
121,816
135,851
153,078
174,104
199,082
220,110
20,058
22,064
23,562
25,861
26,850
27,096
25,920
25,348
22,471
20,919
111,124
110,802
122,756
142,897
159,400
162,642
165,620
180,383
206,633
209,487
13,105
14,546
43,161
73,636
75,650
54,765
37,451
53,581
(3)
16,239
7,017
6,937
17,615
30,004
36,623
37,241
18,423
18,363
(3)
-6,091
5,959
5,384
12,634
21,192
21,536
14,035
17,227
21,026
(3)
21,028
1,322
2,546
958
2,299
989
246
-1,176
-572
(3)
-1,552
1990:
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
727,798
729,528
730,355
732,750
733,844
735,547
735,433
736,411
735,102
290,000
289,416
288,797
288,136
286,818
285,627
285,024
284,412
284,585
207,673
210,618
212,043
215,119
217,024
219,090
220,031
221,690
220,110
22,359
22,073
21,761
21,211
21,191
21,073
20,680
20,492
20,919
207,766
207,421
207,754
208,284
208,811
209,758
209,698
209,817
209,487
1,122
1,729
828
2,395
1,094
1,703
— 114
979
-1,310
-755
-584
-619
— 661
-1,318
— 1,191
-603
-612
173
1,890
2,945
1,425
3,076
1,905
2,066
942
1,658
-1,580
-313
-287
— 312
-550
-20
-119
-393
-187
427
Jan
Feb
Mar r
Apr"
732,962
732,762
732,442
734,140
283,746
282,626
280,689
280,518
219,588
221,556
224,817
226,082
20,459
20,200
20,123
20,171
209,170
208,379
206,813
207,369
-2,139
-201
-320
1,698
-839
-1,120
-1,937
— 171
— 522
1,968
3,261
1,264
— 461
-258
-78
49
1991:
1
For year-end data, change from preceding yearyear-end; for monthly data, change from preced
month.
2
2
Data newly available in January 1989 result in breaks in many series between December 1
and subsequent months.
(3)
2,854
300
— 345
333
530
527
947
-60
119
-330
-317
-791
-1,566
556
3
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System
29
INTEREST RATES AND BOND YIELDS
Interest rates rose in June.
PERCENT PER ANNUM
PERCENT PER ANNUM
16
COUNCIL OF ECON<
SOURCE; S E E T A E
[Percent per annum]
U.S. T reasury security yields
Period
1981
1982
June
July
Aug
Sept
Oct
Nov
Dec
1991:
Jan
Feb
Mar
Apr
May
June
Week ended:
1991: June 1
8
15
22
29
July 6
3-year
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
Prime
commercial
paper,
6 months 1
Discount rate
(N.Y. F.R.
Bank) 4
Prime rate
charged by
banks 4 "
New-home
mortgage
yields
(FHFB) 5
13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
8.49
8.55
11.23
11.57
9.47
10.15
9.18
7.38
7.73
7.76
7.24
7.25
14.17
13.79
12.04
12.71
11.37
9.02
9.38
9.71
9.26
9.32
14.76
11.89
8.89
10.16
8.01
6.39
6.85
7.68
8.80
7.95
13.42
11.02
8.50
8.80
7.69
6.33
5.66
6.20
6.93
6.98
18.87
14.86
10.79
12.04
9.93
8.33
8.21
9.32
10.87
10.01
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
10.13
10.05
7.74
7.66
7.44
7.38
7.19
7.07
6.81
8.40
8.26
8.22
8.27
8.07
7.74
7.47
8.48
8.47
8.75
8.89
8.72
8.39
8.08
7.22
7.15
7.31
7.40
7.40
7.10
7.04
9.26
9.24
9.41
9.56
9.53
9.30
9.05
8.06
7.90
7.77
7.83
7.81
7.74
7.49
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-6.50
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.13
10.08
10.11
9.90
6.30
5.95
5.91
5.67
5.51
5.60
7.38
7.08
7.35
7.23
7.12
7.39
8.09
7.85
8.11
8.04
8.07
8.28
7.05
6.90
7.07
r
7.05
6.95
7.09
9.04
8.83
8.93
8.86
8.86
9.01
7.02
6.41
6.36
6.07
5.94
6.16
6.50-6.50
6.00-6.00
6.00-6.00
6.00-5.50
5.50-5.50
5.50-5.50
10.00-9.50
9.50-9.00
9.00-9.00
9.00-9.00
8.50-8.50
8.50-8.50
9.65
9.57
9.43
9.60
9.52
5.46
5.59
5.60
5.61
5.58
559
7.07
7.29
7.44
7.41
7.42
8.06
8.20
8.31
8.31
8.31
6.93
7.07
7.15
7.07
7.08
8.87
8.93
9.01
9.05
9.04
5.95
6.09
6.20
6.15
6.18
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-
1
Bank-discount basis.
2
Yields on the more actively traded issues adjusted to cons
iturities hv the Treasury Department.
3
Weekly data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and week.
30
Corporate
Aaa bonds
(Moody's)
14.44
12.92
10.45
11.89
9.64
7.06
7.68
8.26
8.55
8.26
14.029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
8.12
7.51
1983
1984
1985
1986
1987
1988
1989
1990
1990:
3-month bills
(new issues) 1
Constant ir aturities 2
9.98
9.90
9.76
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in June.
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
220
200
180
r \\(
V^
_>
140
120
80
s
s \
160
100
220
200
180
^—
/—
^^-/
x~—p—y—
S—"•'I N-~^\
/
\X
160
/-^•--^^
140
120
*- OMPOSITE STC CK PRICE INDE f.
100
(W SE)
_/
SO
60
40
60
Illllllllll
! 1 1 1 1 1 1 1 1 I I1
1 i 1 1 1 1 1 1 1 t 1 1 i , i1 ,,i i ,
1984
1983
1985
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i t i i t ( | I t i i ,.,,. 1 , , , , ,
Mlllllltl,
1987
1986
1989
1988
40
1991
1990
PERC•ENT
PERC NT
EARN NGS-PRICE RA TIO ON COMA\ON STOCKS
10
5
0
.Mm^,^
," , ,
»l
(S&P)
—
—-_—-—
•
^
^
1
!
1983
1
1
1
1984
I
1
1
1985
1
10
—^
-_^
/
1
1
1
^
1
1
1
1
I
!
1
1
1
1
1
1989
1988
1987
1986
~---— _j
—'
!
1
1
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
New Y ork Stock Exc lange indexes Dec. 31, 1965 = 50)
i
Industrial
1
0
COUNCIL OF ECONOMIC ADVISERS
Conimon stock prices i
Composite
!
1991
1990
Transportation
Utility
Common s ock yields
(perce nt) 6
2
Standard &
Poor's
Finance
industrial
average 3
index
(194143 = 10) 4
Dividendprice ratio
Earningsprice ratio
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
180.02
183.46
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
216.23
225.78
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
175.28
158.62
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
87.43
90.60
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
151.88
133.26
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
322.84
334.59
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
3.45
3.61
11.96
11.60
8.03
10.02
8.12
6.09
5.48
8.01
7.41
6.47
1990: June
July
Aug
Sept
Oct
Nov
Dec
196.68
196.61
181.45
173.22
168.05
172.21
179.57
242.42
245.86
226.73
216.81
208.58
212.81
221.88
177.37
173.18
147.41
136.95
131.90
132.96
141.31
93.65
89.85
85.81
83.30
87.27
89.69
91.56
147.93
143.11
128.14
118.59
108.01
113.76
122.18
2,894.82
2,934.23
2,681.89
2,550.69
2,460.54
2,518.56
2,610.92
360.39
360.03
330.75
315.41
307.12
315.29
328.75
3.36
3.37
3.65
3.85
4.01
3.91
3.74
5.94
1991: Jan
Feb
Mar
Apr
Mav
June
177.95
197.75
203.57
207.71
206.93
207.32
220.69
246.74
255.36
260.15
260.13
261.16
145.89
166.06
166.26
166.90
170.77
177.05
88.59
92.08
92.29
92 92
90.76
89.01
121.39
141.03
145.42
152.64
151.32
152.31
2,587.60
2,863.04
2,920.11
2 925.54
2 928.42
2,968.14
325.49
362.26
372.28
379.68
377.99
378.29
3.82
3.35
3.26
3.19
3.23
3.23
Week ended:
1991: June 1
8
15
22
29
210.69
210.71
207.91
206.91
203.73
265.54
265.37
261.77
260.82
256.69
175.31
182.02
179.16
177.18
169.83
90.49
89.51
89.15
88.74
88.63
154.94
156.56
153.29
151.49
147.92
2,989.10
3,008.05
2,977.77
2,971.15
2,915.56
385.38
384.79
379.24
377.40
371.75
3.19
3.17
3.23
3.25
3.28
1
Average of daiiy closing prices.
Includes ail the" stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings2
3
4
7.10
6.47
5.59
price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard t
poration.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 8 months of fiscal 1991, there was a deficit of $175.0 billion, compared with a deficit of $151.5 billion
a year earlier.
BILLIONS OF DOLLARS
1,400
BILLIONS OF DOLLARS
RECEIPTS AND OUTLAYS!/
1,400
1,300
1,300
1,200
1,200
OUTLAYS^
1,100
1,100
1,000
1,000
900
900
RECEIPTS.!/
800
800
700
700
600
'600
0
SURPLUS OR DEFICIT H-^
-
0
100
100
^
300 3
r\9S*
j
j
1984
j
1985
1
1986
I
1987
-200
^"^\
1
1988
1
1989
1
j
1990
1991
N
-300
1992N
FISCAL YEARS
!/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
COUHCIi OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Total
Fiscal year or period
Receipts
1976
Transition quarter
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 (estimates)
1992 (estimates)
Cumulative total, first 8
months:1
Fiscal year 1990
Fiscal vear 1991
Outlays
Receipts
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Held bv
the public
298.1
81.2
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
371.8
96.0
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
-73.7
— 14.7
-53.6
— 59.2
-40.2
-73.8
-78.9
-127.9
-207.8
-185.3
231.7
63.2
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
76.6
328.5
369.1
403.5
476.6
543.0
594.3
661.2
686.0
-70.5
-13.3
-49.7
-54.9
-38.2
-72.7
-73.9
-120.0
-208.0
-185.6
66.4
18.0
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
19.4
80.7
80.7
100.0
114.3
135.2
151.4
147.1
165.8
-3,2
-1.4
-3.9
-4.3
-2.0
-1.1
-5.0
-7.9
.2
.3
629.0
643.6
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
477.4
495.5
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
734.1
769.1
854.1
909.0
990.7
1,031.3
1,091.4
1,165.0
946.3
990.3
1,003.8
1,064.1
1,144.1
1,251.7
1,409.6
1,445.9
-212.3
— 221.2
-149.7
-155.1
-153.4
-220.4
-318.1
-280.9
547.9
568.9
640.7
667.5
727.0
749.7
793.2
849.8
769.5
806.8
810.0
861.4
933.2
1,026.6
1,171.7
1,194.2
-221.6
-237.9
-169,3
-193.9
-206.1
-277.0
-378.5
-344.4
186.2
200.2
213.4
241.5
263.7
281.7
298.3
315.3
176.8
183.5
193.8
202.7
210.9
225.1
237.9
251.7
9.4
16.7
19.6
38.8
52.8
56.6
60.4
63.6
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,617.8
4,021.1
1,499.4
1,736.2
1,888.1
2,050.3
2,190.3
2,410.4
2,717.6
2,995.4
667.0
686.5
818.5
861.5_
-151.5
-175.0
480.7
489.9
670.7
702.1
- 190.0
212.2
186.3
196.6
147.8
159.4
38.6
37.2
3,073.1
3,446.2
2,322.6
2,580.9
1
Data from Monthly Treasury Statement.
NOTE.—Data are from Budget of the, United States Government, Fiscal Year 1992, February
32
Outlays
Gross Fee eral debt
(end of period)
Off-budget
On-budget
Surplus
or deficit
(-)
1991, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 8 months of fiscal 1991, receipts were $19.5 billion higher than a year earlier and outlays were $43.0
billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
600
RECEIPTS!/
500
600
^
INDIVIDUAL INCOME TAXES
.— - — *
\
400
300
200
CORPORATION
INCOME TAXES-
OTHER RECEIPTS-
500
._- ••—"=
_ — -— -
"~~~
\
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
300
200
\
100
|
0
400
100
|
1
1
1
1
1
1
0
1,200
1,200
OUTLAYS-V
1,100
1,100
1,000
1,000
900
900
NONDEFENSE
800
800
700
700
600
600
500
500
400
400
300
300
200
200
1983
1984
1985
1986
1989
1987
1988
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]
Ot -budget a fid off-bud 'et receipt s
Fiscal year
Total
Individual
income
Corporation
income
Social
insurance
On-budg et and off budget ou lays
Nations 1 defense
Other
Department of
Total
1985
1986
1987
1988
1989
1990
1991 (estimates)
1992 (estimates)
Cumulative total, first 8 months: J
Fiscal year 1990
Fiscal year 1991
1
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
734.1
769.1
854.1
909.0
990.7
1,031.3
1,091.4
1,165.0
667.0
686.5
131.6
41.4
54.9
60.0
Social
securi-
18.5
20.5
23.2
26.9
27.4
28.6
30.4
19 .S
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
52.5
68.7
85.0
89.8
111.1
98.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
65.8
70.2
75.1
78.9
85.0
98.1
104.4
113.7
128.2
119.8
123.3
129.3
136.0
147.3
173.2
184.8
188.6
198.8
207.4
219.3
232.5
248.6
269.0
288.6
129.4
136.0
138.6
151.7
169.2
184.2
197.0
206.3
131.8
142.1
125.9
139.4
159.8
202.7
278.9
258.0
63.5
68.1
101.7
119.4
162.0
115.2
121.1
129.8
124.4
134.2
Medi-
6.4
6.4
7.5
7.5
15.7
15.8
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
102.3
113.6
130.9
153.9
180.7
204.4
220.9
265.2
283.9
303.3
334.3
359.4
380.0
402.0
429.4
73.0
73.1
74.3
78.9
82.3
90.9
101.0
104.2
946.3
990.3
1,003.8
1,064.1
1,144.1
1,251.7
1,409.6
1,445.9
252.7
273.4
282.0
290.4
303.6
299.3
298.9
295.2
245.2
265.5
274.0
281.9
294.9
289.8
287.5
283.0
16.2
14.2
11.6
10.5
13.8
17.0
17.8
33.5
35.9
40.0
44.5
48.4
57.7
71.2
81.3
253.1
265.3
59.2
59.1
818.5
861.5
198.6
116.8
192.4
169.1
10.2
12.1
37.0
44.6
90.8
65.7
64.6
61.1
49.2
37.0
56.9
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
334.5
349.0
392.6
401.2
445.7
466.9
492.6
529.5
61.3
63.1
83.9
94.5
103.3
93.5
95.9
101.9
300.8
302.2
53.9
59.9
34.3
36.6
Data from Monthly Treasury Statement.
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1992, February
Income
Health
Net
inter-
Other
military
butions
1976
1977
1978
1979
1980
1981
1982
1983
1984
Inter-
87.9
95.1
12.7
13.1
12.3
11.8
15.9
9.6
n.3
26.7
29.9
35.4
42.6
82.8
1991, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 1991, according to revised estimates, Federal receipts rose $8.0 billion (annual rate); Federal
expenditures fell $49.4 billion.
BIL LIONS OF DCHLARS
BILLO•4S OF DOLLA RS
1,400
sEASONALLY ADJUS
1,400
ED ANNUAL RATES
^^
'""
1,200
1,200
X
EXPEN DITURES
s-
\ ......... „
1,000
—
'
s^——' ^
_ „--•"'"
^
-'""""
_"j
800
-^
y
/
_—^^~
1,000
"
—
800
/^S —
—
_^
-x -
-
RECEIPT S
600
600
400
400
200
200
0
0
SURPLUS OR DEFICIT
^"\
200
1
1
1
1982
.
'
\
\
\
1983
1
1
1
1
1984
1 ~T 1
1985
"T^-r^i
1986
_/1 1 —
,1 .
(-)
-~-^~^,
'
1
1987
1
1
1988
~
1
1
1
1989
'
-200
1
1
1
1991
1990
COUNCIL OF E ONOM1C ADVISER
CALEND 4R YEARS
OURCE: DEPARTME NT OF COMMERCE
^~\x
1 ! 1
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Cjiovernment expenditu res
Federal jovernment receipts
Period
Total
Fiscal year:
1985
1986
1987
1988
1989
1990
Calendar year:
1985
1986
1987
1988
1989
1990
1982: IV
1983: IT
1984: IV
1985: IT
1986: IV
1987: IT
1988: IV
1989: in
IT
1990: I
II
Ill
iv.:
1991: F
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Contributions for
social
insurance
Total
Purchases
of goods
services
Transfer
in-aid to
State
and
ments
govern-
Net
interest
paid
Surplus
or deficit
Less:
Wage
accruals
less
disbursements
national
income
and
product
accounts
776.8
815.2
899.4
957.6
1,041.9
1,094.9
340.4
357.0
400.8
411.3
457.6
483.0
74.6
81.1
99.1
108.1
113.8
113.6
55.9
50.9
53.5
55.6
57.8
58.8
305.8
326.1
345.9
382.6
412.6
439.6
962.3
1,028.0
1,060.0
1,101.8
1,172.2
1,252.7
341.5
368.6
375.4
377.8
399.0
416.1
374.0
394.6
411.1
433.2
462.0
504.7
97.8
107.4
103.1
108.3
115.8
128.3
128.3
134.6
139.3
148.8
167.7
182.1
20.7
22.8
31.1
33.6
27.7
21.5
-0.1
.0
.1
— .1
.0
.0
-185.5
788.7
827.9
913.8
972.4
1,052.9
1,109.7
633.1
675.5
742.7
805.3
853.8
940.0
997.5
1,048.1
1,055.7
1,080.6
1,105.8
1,125.9
1,126.5
1,134.5
346.4
361.4
405.8
415.1
464.0
492.8
303.0
291.9
326.0
355.3
376.2
419.2
424.8
462.2
469.6
473.6
492.1
500.0
505.5
501.3
76.3
83.8
103.2
110.5
110.4
108.5
46.4
70.2
69.7
78.8
88.9
107.4
115.4
104.7
101.3
106.5
109.2
114.2
104.1
95.0
55.1
50.5
54.0
57.0
58.4
61.7
47.6
53.6
56.2
53.5
50.8
55.1
57.8
59.3
58.7
60.6
60.5
61.0
64.6
72.7
310.9
332.1
350.8
389.8
420.1
446.7
236.1
259.8
290.7
317.7
337.9
358.4
399.6
421.9
426.1
439.9
444.0
450.6
452.3
465.5
985.6
1,034.8
1,071.9
1,114.2
1,187.2
1,275.7
835.7
844.7
930.2
1,017.5
1,042.8
1,101.7
1,153.8
1,179.8
1,205.8
1,248.8
1,271.7
1,271.6
1,310.8
1,261.4
355.2
366.5
381.3
380.3
400.0
424.0
293.2
276.1
326.0
376.6
368.8
388.2
401.1
399.2
399.9
410.6
421.9
425.8
437.6
443.8
380.1
399.9
414.0
438.9
471.9
511.4
347.4
352.5
362.1
385.8
405.8
421.4
447.2
474.4
487.9
503.4
510.4
513.2
518.5
462.2
99.7
106.8
102.6
111.1
118.2
131.4
84.5
86.0
96.3
103.5
103.0
102.7
112.2
117.6
121.5
128.5
131.5
129.8
135.8
143.7
130.1
135.6
142.3
151.3
172.0
186.3
87.2
101.0
125.3
132.7
136.0
147.6
157.9
172.1
175.2
178.1
184.3
189.8
193.0
194.3
20.3
26.0
31.8
32.7
25.0
22.7
23.4
29.1
21.0
19.0
29.2
41.5
35.3
16.5
21.3
28.3
23.8
13.1
25.9
17.4
2
.0
.0
.0
.0
.0
.0
.0
.6
.0
.0
-196.9
-206.9
-158.2'
-141.7
-134.3
-166.0
-202.6
-169.2
-187.5
-212.2
-189.0
-161.7
- 156.3
-131.7
-150.1
- 168.3
-166.0
-145.7
-184.3
-126.9
Source: Department of Commerce, Bureau of Economic Analysis.
34
Indirect
business
tax and
nontax
accruals
Subsidies
less
current
surplus of
Government
enterprises
-.2
.0
.0
.0
.0
.0
.0
.0
.0
-212.8
-160.7
— 144.1
-130.3
-157.7
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial
Period
United
States
1982
1983
1984
1985
1986
1987
1988
1989
1990"
1990: Mar
76.5
81.5
91.4
96.5
95.7
100.0
105.0
105.1
101.6
108.9
108.8
109.4
110.1
110.4
110.5
110.6
109.9
108.3
107.2
Apr
Mav
June
July
Aug.
Sept
Oct
NOT
Dec
1991: Jan
Feb
Mar
Apr
Mav"
1
Canada
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
109.2
106.6
105.7
105.0
r
105.3
105.8
Japan
France
Germany
82.9
85.5
93.4
96.8
36.6
100.0
109.3
115.7
121.3
97.3
96.5
97.1
97.2
98.0
100.0
104.7
108.9
110.2
90.3
90.9
93.5
97.7
99.6
100.0
103.9
108.7
114.6
102.6
102.3
102.8
102.7
103.1
102.0
100.4
100.2
08.6
118.8
117.9
121.0
121.1
123.2
123.7
r
123.7
r
108.0
109.8
109.3
109.4
111.6
111.6
109.8
110.1
108.0
106.0
122.4
125.3
124.6
97.2
37.3
96.1
95.0
Cm sumer
reduction (1987 = 1 }0; seasonal] v adjusted
r
125.4
125.1
123.0
123.1
r
T
109.9
108.8
105.9
Italy
86.3
89.5
89.6
94.5
96.8
100.0
103.6
104.0
103.3
96.5
99.6
108.9
107.6
109.6
113.6
118.3
124.0
130.7
94.9
100.4
104.8
108.9
113.4
118.4
104.7
' 105.6
104.6
128.7
128.9
129.2
129.9
130.4
131.6
132.7
133.5
133.8
133.8
133.9
133.9
134.6
135.1
135.8
135.8
136.3
137.4
138.2
138.1
109.9
110.8
111.6
111.0
110.9
111.4
134.6
134.8
135.0
135.2
135.6
141.7
141.7
142.3
88.8
91.8
92.9
96.2
100.0
105.9
108.2
109.2
111.6
110.0
107.7
107.9
109.7
109.7
110.8
107.5
106.8
109.6
115.2
116.5
117.3
117.0
116.6
116.2
108.4
108.3
108.1
119.1
118.3
r
United
States '
91.8
112.8
110.2
113.4
113.7
l!9.0
r
'106.9
103.1
r
!02.2
!01.9
r
101.9
' 100.3
' 100.0
r
99.3
101.0
r
!01.1
98.4
116.8
Data relate to all urban consumers.
pri es (1982- 84=100; N SA)
United
Kingdom
Canada
123.2
129.3
135.5
142.3
Japan
Franee
Germany
98.0
99.9
102.1
104.2
104.9
105.0
105.7
108.1
111.4
91.7
100.3
108.0
114.3
117.2
121.1
124.4
128.9
133.2
97.0
100.3
102.7
104.9
104.7
104.9
106.3
109.2
112.1
Italy
United
Kingdom
87.7
95.4
100.8
111.5
121.1
128.5
134.4
141.1
150.4
99.8
104.8
111.1
114.9
119.7
125.6
135.4
159.6
148.2
111.6
111.8
111.9
111.9
112.2
112.6
113.4
113.2
113.3
157.1
157.7
158.0
158.7
159.3
160.3
161.2
162.6
163.6
164.2
142,6
147.0
148.3
148.9
149.0
113.9
113.5
113.2
131.6
132.1
132.3
132.6
132.9
133.7
134.4
135.2
135.0
134.9
114.1
113.8
114.3
114.8
135.5
135.7
135.8
136.3
114.0
114.3
114.2
165.4
167.0
153.0
153.8
154.4
156.4
156.9
112.4
111.4
114.7
143.0
167.4
168.2
168.8
150.5
151.8
153.1
152.7
152.6
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration, Trade Information and Analysis).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
Mer chandise e xports (f. i.s. value
1
ticneral m erchandise imports (customs value) 3
Principal end-use c )mmodit> categorv
Period
Total 2
Poods,
feeds,
and
bever-
Industrial
supplies
mat i
als
1982
5
5
June
Juh
Aug
Sept
Oct
Nov
Dec
1991:
Jan
Feb
Marr
Apr
1
2
3
4
5
61.7
72.7
15.7
322.4
363.8
393.6
56.7
61.7
58.5
57.3
66.7
85.1
99.3
104.4
67.2
72.0
73.9
75.8
86.2
109.2
138.8
152.7
16.8
20.6
22.9
21.7
24.6
29.3
34.8
37.4
32.1
32.6
33.8
32.2
32.5
32.2
34.6
33.6
33.6
3.0
3.0
3.3
2.8
2.9
2.7
2.6
2.9
2.6
8.4
8.3
8.4
8.1
8.7
8.8
9.9
9.5
9.2
12.5
12.7
13.4
12.7
12.6
12.6
13.1
12.4
13.2
34.1
33.6
34.0
35.6
2.7
3.1
3.0
2.9
9.5
9.7
8.9
9.2
13.0
12.4
13.5
14.4
218. 8
227.2
254.1
1990: Apr
Mav
Automotive
vehicles,
parts,
and
engines
31.3
30.9
31.5
24.0
22.3
24.3
32.3
37.2
35.1
216.4
205.6
224.0
1983
1984
1985
1986
1987
1988
1989
1990
Capital
goods
except
automotive
i
Consumer
goods
(nonfood)
except
automotive
14.3
13.4
13.3
12.6
14.2
17.7
23.1
36.4
Total
Other
2
°
20.7
20.5
24.0
4
244.0
258.0
330.7
336.5
365.4
406.2
17.1
18.2
21.0
21.9
24.4
24.8
24.8
25.1
26.6
Industrial
supplies
materi
als
7.2
7.3
7.4
7.6
7.7
7.2
7.7
9.9
9.9
9.9
10.4
7.3
3.5
3.6
3.9
3.7
3.5
3.5
3.9
3.7
3.8
1.6
1.7
1.6
1.8
1.6
1.7
1.8
1.9
1.9
39.7
40.8
40.2
43.1
39.9
2.2
10.6
11.5
10.9
11.1
12 2
12.4
13.5
13.4
11.6
3.1
2.6
2.9
3.4
3.9
3.9
3.8
3.8
1.9
1.9
1.9
1.9
41.5
39.1
38.1
40.3
2.2
2.1
2.1
2.4
12.2
10.8
10.1
11.1
473.2
495.3
41.4
41.9
41.3
44.5
2.3
2.3
2.2
2.2
2.1
2.2
2.2
2.1
Automotive
vehicles,
parts,
and
engines
9.7
9.6
9.6
10.0
9.7
9.4
10.3
10.0
9.8
3.1
3.4
3.3
3.1
3.1
2.9
3.4
3.2
2.8
441.0
General
Capital
goods
except
automotive
113.9
101.3
111.0
118.3
132.3
143.2
43.3
4
'
Trade b alance
nd-use c mmoditv category
35.4
40.9
59.8
65.1
71.8
84.5
101.4
113.3
116.4
112.0
107.0
123.7
27.3
35.9
34.6
43.4
17.2
20.7
Includes Department of D feiise Miiita ry Assist ince Progi am grant aid shipn ents.
Includes undocumented ex sorts to Can ada throu gh 1988.
Total arrivals of imported ^oods other than intr Insit shiprr ents.
Total includes revisions no reflected i detail.
Total exports are on a re vised statis ical mon h basis; e nd-use CH tegories ire on a statistical
Foods
feeds,
and
Principal
33.3
40.8
53.5
66.8
78.2
85.2
87.7
86.1
87.3
7.1
6.6
6.7
6.6
6.7
Con-
mer-
sumer
goods
chandise
imports
(c.i.f.
value)
(nonfood)
except
automotive
39.7
44.9
60.0
Other
Exports
(f.n.s) less
imports
(customs
Exports
(S.a.s)
less
imports
(cif)
-27.5
-38.4
68.3
79.4
88.7
95.9
102.9
105.7
10.4
12.1
12.8
13.6
254.9
269.9
346.4
352.5
382.3
424.4
459.5
493.2
16.1
517.0
8.7
8.8
8.6
9.1
8.9
8.6
9.4
9.0
8.3
1.2
1.3
1.4
1.3
1.3
1.6
1.4
1.5
1.3
41.5
42.6
45.0
41.6
-9.1
-9.9
-9.5
-6.3
8.6
8.5
8.0
8.5
1.3
1.2
1.3
1.3
43.4
40.9
39.8
42.2
— 7.4
-5.5
-4.1
-4.8
6.5
6.3
7.8
9.4
41.9
43.3
43.7
43.1
46.4
-52.4
-106.7
-117.7
-138.3
-152.1
-118.5
-109.4
-101.7
-7.6
-8.1
-6.3
-9.2
-9.4
-64.2
-122.4
- 133.6
-155.1
-170.3
-137.1
-129.4
— 123.4
-9.4
-10.0
-8.1
-11.1
-11.2
-10.8
-11.7
-11.4
-8.0
-9.2
-7.3
-5.8
-6.6
month asis.
NOT :. — Data shown inc ude trade of the U S. Virgin Islands.
Sour e: Depar tment of C ommerce Bureau
f the Cen sus.
35
U.S. INTERNATIONAL TRANSACTIONS
In the first quarter of 1991, there was a current account surplus of $10.2 billion, the first surplus since early 1982
The surplus was largely due to cash contributions from coalition partners in Operation Desert Storm. (Seriel
revised.)
BILL ONS
BILLIC NS OF DOLL/VRS*
OF DOL LARS*
15
15
10
1
*
/ \
•/\
\4
„ V
-5
»
10
t~ — — **
BA1A vJCE ON
CURRENT ACCOUNT
V
\\
\\
'~\\ \ \\
\
-5
10
1
J
•' v-
;l
\ N ];\
-20
1
BALANCE ON GOODS
SERVICES, AND INCOM \
.-\
\
\^Xx \
N
\H
/-./ ; r
\
\
\ .
NXX,
•>> — •-*
\^
5
-G *"^
-35
'
'
->
"^
s*~ —\* 'J
1/*
-20
^ ^v-—^
/'
\
r~- — '
s
y
1
/
1
\"
\
v\ERCHANDIS E TRADE
BALAN CE
\/
-35
::
"X//
>W^
45
1
1
1
1
1982
f i
1984
1983
I
1985
1986
1987
!
>
i ii
1988
1
1989
1
!
i
1990
i i
1991
-45
* SEASONALLY ADJ JSTED
COUNCIL OF E CONOMIC ADVISER s
SOURCE: DEPARTME NT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (4-), debits { —)]
Merchandise l
Period
Exports
1981
1982
1983
1984
1985
1986
1987 ',
1988 ".
1989 r.
1990 r.
1988: I r
II '
Ill r....
IV....
1989: I '
II
T
III7r....
IV ....
1990: I T
II '.
Ill r....
IV....
1991: I "
1
2
3
4
237,085
211,198
201,820
219,900
215,935
223,367
250,266
320,337
361,451
389,550
76,497
79,392
80,511
83,937
87,207
91,609
90,142
92,493
95,244
97,088
96,638
100,580
100,861
Imports
-265,063
— 247,642
-268,900
-332,422
-338,083
-368,425
-409,766
-447,323
-477,368
-497,665
-109,988
— 110,494
-111,290
-115,551
-116,625
-120,309
-119,330
-121,104
-122,781
-121,178
-125,398
-128,308
-119,228
Net balance
-27,978
-36,444
-67,080
-112,522
— 122,148
- 145,058
-159,500
-126,986
-115,917
-108,115
-33,491
-31,102
-30,779
— 31,614
-29,418
-28,700
-29,188
-28,611
-27,537
-24,090
-28,760
-27,728
-18,367
Net
military
transactions 3 4
-844
112
-163
Net
travel and
transportation
receipts
Other
services,
5
144
-992
12,552
12,981
13,859
14,042
14,008
18,551
18,012
19,925
25,998
29,456
4,618
4,826
5,023
5,459
5,940
6,374
6,772
6,911
6,695
7,322
7,607
7,832
7,826
-4,227
-2,147 -9,153
-4,096 -10,788
-4,907 -8,939
-3,662 -8,006
-5,743 -3,844
-6,204
2,621
— 7,220
4,140
-1,135 -1,726
-984
— 1,192
-1,203
-587
— 2,212
-548
-1,715
261
-1,634
443
652
-1,161
-1,693
1,265
941
-1,737
834
-1,558
479
-1,683
1,885
-2,243
-2,182
1,347
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Quarterly data are not seasonally adjusted.
Includes transfers of goods and services under U.S. military grant programs.
36
Invf stment income
Services
2
net
Receipts
on U.S.
assets
abroad
Payments
on foreign
assets 3in
5
Net
Balance on
goods,
services,
and income
Unilateral
transfers,
net 4
Balance
on current
account
15,223
3,907
-30,188
-86,385
-106,859
— 129,384
-145,527
— 111,294
-90,814
-69,794
-28,694
-27,169
-26,639
-28,791
-24,032
-24,701
-22,426
-19,656
-18,635
-17,485
-19,555
-14,122
-6,724
-8,331
-9,775
-9,956
-12,621
-15,473
-16,009
-14,674
-14,943
-15,491
-22,329
-3,456
-3,032
-3,483
— 4,972
-3,547
-3,107
-3,794
-5,044
-4,032
-4,693
-4,326
-9,280
16,939
6,892
-5,868
-40,143
-99,006
-122,332
- 145,393
-160,201
-126,236
- 106,305
-92,123
-32,150
-30,201
— 30,122
-33,763
-27,579
-27,808
-26,220
-24,700
-22,667
-22,178
— 23,881
-23,402
10,215
U.S.
84,975 -53,626 31,349
85,346 -57,097 28,250
81,972 -54,549 27,423
92,935 -69,542 23,394
82,282 -66,115 16,166
80,982 -70,013 10,969
7,629
90,536 -82,908
5,353
110,669 -105,317
2,688
128,651 -125,963
130,091 -118,146 11,945
3,040
27,016 — 23,976
1,283
27,001 -25,718
907
28,168 -27,261
124
28,486 -28,362
900
30,974 -30,074
32,300 -33,484 -1,184
499
32,217 -31,718
2,472
33,159 -30,687
3,002
31,959 -28,957
7
31,314 -31,307
2,802
32,012 -29,210
6,133
34,805 -28,672
4,652
32,987 -28,335
.
1
1
1
1
L_
.
_Ji
.
-.
5
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in tlw
United States are excluded from investment income and included in other services, net.
See p. 37 for continuation of table.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks decreased $23.9 billion in the first quarter of
• 991, compared to an increase of $24.5 billion in the fourth quarter of 1990. Liabilities to private foreigners
Teported by U.S. banks, excluding Treasury securities, decreased $19.4 billion in the first quarter, compared to an
increase of $17.3 billion in the fourth quarter. (Series revised.)
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
80
80
CHANGE IN
FOREIGN ASSETS
- IN THE U.S., NET -
•\ / \\ // ' - ''
v
60
AY
40
40
20
20
CHANGE IN
U.S. ASSETS
ABROAD, NE1
-20
-20
-40
-40
-60
-60
1991
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the 1 J.S., net
[increase /capital inflov • ( + )]"
U.S. assets abroad, net
[increase/eapit il outflow ( — )
Period
Total
1981
1982
1983
1984
1985
1986
1987 r.
1988 r
1989 r.
1990 r.
1988:
-110,951
- 124,490
-56,100
-31,070
-27,721
-92,030
-62,937
-86,057
-128,610
-57,706
Ir
II T
m r'...
1989:
IV ....
I'
-37,576
II r r
-4,270
Ill ... -45,743
IV '.... -41,021
1990: I T
U r.....
r
m r ...
1991:
4,900
-20,571
-42,825
-27,565
IV ....
1"
37,147
— 33,462
-26,689
-34,703
7,181
U.S.
official
reserve
assets 3 G
-5,175
-4,965
-1,196
3,131
-3,858
312
9,149
— 3,912
-25,293
-2,158
1,502
39
-7,380
1,925
-4,000
-12,095
-5,996
-3,202
-3,177
371
1,739
-1,091
6
-353
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
1,006
-73,091
2,966 -85,111
1,320 -104,637
2,976 -58,524
Total
Foreign
official
assets
Other
foreign
assets
84,869
102,621
130,012
221,599
229,828
221,534
216,549
86,303
4,960
3,593
5,845
3,140
1,083
35,588
45,343
39,657
8,624
32,425
79,023
99,481
131,096
186,011
184,485
181,877
207,925
53,879
83,032
93,746
78,072
90,154
Statistical discrepancy
Allocations
of special
drawing
rights
(SDEs)
1,093
Total (sum
of the items
with sign
reversed)
34,934
43,186
48,511
45,798
47,802
74,609
83,316
18,366
63,526
4,995
-19,759
-37,402
32,947
24,996
66,091
52,529
77,917
24,874
5,961
-1,985
10,806
122
60,130
54,514
67,111
2,254
-15,319
20,418
-16,589
928
-292
564
119
-669
-800
-314
4,759
1,581
-34,504
8,117
-40,311
-37,938
69,557
2,498
74,255
70,238
7,766
5,038
13,053
7,158
61,791
7,536
61,202
77,396
-4,402
29,580
— 2,292
-4,517
40,993
-33,033
-28,114
-38,370
-33,082
31,257
49,096
39,033
-7,022
5,805
13,341
20,301
-26,059
25,452
35,754
18,732
18,601
24,383
1,475
19,072
5,953
-1,924
6,534
-8,458
-15,472
U S official
assets, net 6
(unadjusted,
end of
period)
30,074
33,958
33,747
19,934
36,612
11,374
27,456
20,041
15,824
-6,690
— 9,240
-1,597
-851
1,957
3,457
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve posin in the IMF.
Of which:
Seasonal
adjustment
discrepancy
2,799
-2,473
-4,906
4,584
43,186
41,028
47,788
47,802
4,066
49,854
60,502
68,418
74,609
-780
-6,379
3,096
4,367
105
-6,473
2,007
4,135
76,303
77,298
80,024
83,316
78,002
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
NOTE.—Series revised beginning 1987.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
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, «Josts, 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
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
2:
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
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
For sale by the Superintendent of Documents, U.S. Government Printing Office,
Washington, D.C. 20402. Priee $2.25 (single copy) ($2.81 foreign).
Subscription price: $24.00 per year; $30.00 for foreign mailing.
38
U.S. GOVERNMENT PRINTING OFFICE
:
1991
0
@FedFRASER