Full text of Economic Indicators : March 1991
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102d Congress, 1st Session
Economic Indicators
MARCH 1991
(Includes data available as of March 28, 1991)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1991
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL S. SARBANES, Maryland, Chairman
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
RICHARD L. SCHMALENSEE, 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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TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
In the fourth quarter of 1990, according to revised estimates, current-dollar gross national product (GNP) rose 0.9
percent (annual rate) or $12.7 billion. Real GNP (GNP adjusted for price changes) fell 1.6 percent and the implicit
price deflator rose 2.8 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
5,600
-
BILLIONS OF DOLLARS (RATIO SCALE)
5,600
r--^'
1
5,200
•X""~
4,800
^
-
SEASOI- ALLY ADJUSTED ANN UAL RATES
5,200
-
GNP
IN CURREr4T DOLLARS
4,800
4,400
4,400
-
-
f ^
^
4,000
3,600
S
S^
^f
.- — "•*"
-
.--•""''
"V""
\
—~
S**"
Ih
^
i,**
4,000
3,600
GNP
1982 DOLLARS
3,200
3,200
—
-
2,800
2,800
1 1 1
2,400
\
\
\
\
1983
1982
\
1 1 1
1
1984
1
1985
1 1
1986
1
1 1
1987
\
\
\
I
1988
SOURCE: DEPARTMENT OF COMMERCE
I I
1 989
I
I I
1 990
2,400
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Govern ment pure] ases of
goo Is and senices
Exports md imports of goods
ind service.
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
771.2
741.0
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
208.1
242.2
272.7
283.5
310.5
355:2
366.5
381.3
380.3
400.0
424.0
142.7
167.5
193.8
214.4
234.3
259.1
277.8
294.6
297.2
301.1
313.6
65.4
74.8
78.9
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
2,740.3
3,028.6
3,190.5
3,412.8
3,704.5
4,003.6
4,224.8
4,487.3
4,847.5
5,172.5
5,470.2
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
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
579.8
661.8
654.1
648.8
741.4
747.5
14.1
-25.8
67.9
-103.2
108.9
115.0
-70.3
335.9
364.7
385.7
369.2
402.4
485.8
583.1
321.9
390.5
453.6
472.4
511.3
600.7
653.5
671.8
676.1
764.5
856.7
888.9
942.0
1,000.0
293.2
276.1
326.0
376.6
368.8
388.2
401.1
205.4
221.5
244.1
268.6
280.7
296.0
299.6
87.7
54.6
81.9
108.0
88.1
92.2
101.6
378.7
400.0
438.5
480.1
520.1
553.9
598.9
3,272.4
3,514.8
3,806.8
4,100.7
4,309.4
4,591.9
4,993.6
3,198.5
3,571.6
3,919.7
4,211.2
4,406.2
4,762.6
5,080.1
1989: HI
IV
5,238.6
5,289.3
3,484.3
3,518.5
775.8
762.7
49.3
-35.3
623.7
642.8
673.0
678.1
1,027.8
1,043.3
399.2
399.9
306.3
299.2
93.0
100.7
628.6
643.4
5,209.7
5,264.3
5,287.9
5,324.6
1990: I
U
Ill
IV '.
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
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
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990r.
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1
Gross
national
product
GNP less exports of goods and services plus imports of goods and services.
Final
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
chases l
and
local
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Exports and imp orts of
goods and sen/ices
Gross p rivate
domestic investment
Personal
consumption
expenditures
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
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
352.3
390.4
444.4
460.9
435.7
462.3
486.6
115.8
159.9
169.6
179.4
200.3
195.8
195.6
1989: IH
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
1990: I
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
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 '
1982:
1983:
1984:
1985:
1986:
1987:
1988:
n
HI
IV r
1
al
product
Nonresidential
fixed
Residential
fixed
Change
in
business
inven-
Govern •nent pure aases of
good s and serTices
Federal
Exports
Imports
Total
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
471.4
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
-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
324.3
401.6
471.4
492.6
541.9
598.3
631.0
-64.1
-47.9
592.5
611.6
— 35.4
-44.6
-46.5
-8.8
628.1
620.1
630.5
647.2
Net
exports
State
and
local
Final
sales
Gross
domestic
purchases *
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
258.1
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
660.1
642.2
693.2
752.7
776.0
791.3
799.9
289.5
266.0
300.5
340.6
342.4
347.7
342.3
201.4
211.6
225.3
241.4
255.8
266.0
261.1
88.2
54.4
75.2
99.2
86.6
81.7
81.2
370.6
376.2
392.7
412.1
433.6
443.6
457.5
3,218.6
3,338.1
3,493.5
3,654.7
3,754.4
3,872.3
4,045.2
3,147.6
3,411.3
3,630.0
3,787.6
3,869.0
4,032.0
4,134.9
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
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
Total
Source: Department of Commerce, Bureau of Economic Analysis.
GNP less exports of goods and services plus imports of goods and services.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982 = 100; quarterly data are seasonally adjusted]
Personal c onsumption
expenditures
Period
national
product
Total
Gross mvate
domestic i]nvestment
Durable
goods
Nondurable goods
Services
Nonresidential
Exports an . imports of
goods am1 services
Gove rnment pure bases of goo ds and
sernces
Federal
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
85.7
94.0
100.0
103.9
107.7
110.9
113.8
117.4
121.3
126.3
131.5
86.6
94.6
100.0
104.1
108.1
111.6
114.3
119.6
124.2
129.9
136.4
89.2
95.7
100.0
102.1
103.8
104.8
105.6
108.2
109.4
110.9
112.4
89.4
96.9
100.0
102.1
105.0
107.5
107.3
112.2
116.6
122.8
131.0
83.9
92.6
100.0
106.2
111.6
116.8
122.4
128.7
134.5
141.0
147.7
85.1
93.4
100.0
98.8
97.9
97.7
99.3
98.9
100.2
101.2
101.7
89.4
96.6
100.0
102.2
106.0
108.3
111.1
115.2
119.3
123.5
125.5
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
114.0
117.5
121.2
86.4
94.3
100.0
101.4
105.5
108.2
108.1
116.3
123.2
125.8
129.8
86.2
93.4
100.0
104.7
109.9
114.9
118.3
122.9
128.7
135.1
141.3
IV
IV
IV
IV
IV
IV
IV
101.7
105.4
109.0
112.2
115.1
118.5
123.4
101.8
105.7
109.3
113.1
115.8
121.5
126.3
100.7
103.1
104.1
104.7
106.2
108.9
110.3
101.0
103.1
105.8
108.7
107.8
113.9
118.6
102.7
108.3
113.5
119.0
124.9
130.9
137.0
100.7
98.3
97.9
97.9
100.0
99.0
101.8
99.1
103.1
107.2
109.0
112.4
116.5
120.6
100.0
102.6
102.4
100.5
99.0
99.7
105.0
99.3
97.2
96.2
95.9
94.4
100.4
103.6
101.3
103.8
108.5
110.6
107.7
111.7
117.2
102.0
104.7
108.3
111.3
109.7
111.3
114.7
99.5
100.3
108.9
108.8
101.7
112.8
125.1
102.2
106.3
111.7
116.5
120.0
124.9
130.9
1989: 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
102.5
102.8
119.9
120.2
117.7
117.1
127.8
130.4
135.7
137.1
1990: I
129.5
131.0
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
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
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 '
1982:
1983:
1984:
1985:
1986:
1987:
1988:
n
Ill
IV '
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from preceding period; quarterly data at seasonally adjusted annual rates]
Or ss national pr duet
Period
Constant
(1982)
dollars
Current
dollars
1980
1981
-0.2
8.9
1.9
11.7
1982
1983
1984
1985
1986
1987
1988
1989
1990";
1987: I
U
Ill
IV
1988: I
II
Ill
IV
1989: I
II
3.7
7.6
-2.5
3.6
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
10.8
Ill
IV
1990: I
II
Ill
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
'.
IV.
-1.6
Implieit
price
deflator
Personal consumption e \penditures
Chain price
index
9.0
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
9.4
6.3
Fixedweighted
price index
(1982
weights)
9.3
9.3
6.2
4.1
4.0
3.4
2.7
3.5
4.2
4.5
4.6
4.1
3.9
3.3
2.5
3.3
3.7
4.3
4.3
4.3
3.1
3.3
3.1
3.3
4.2
4.8
4.4
4.7
4.4
3.1
3.7
6.1
4.1
3.7
3.6
NOTE.—Annual changes are from preceding year and quarterly changes are from preceding quarter.
Constant
(1982)
dollars
Current
dollars
10.6
10.5
7.1
9.0
8.8
8.2
6.4
7.6
7.6
6.5
6.0
7.3
9.6
8.9
3.7
9.2
7.4
8.2
8.1
4.8
6.6
7.0
4.0
8.2
3.9
8.0
3.5
4.4
3.5
3.5
3.7
3.9
4.7
5.5
4.4
4.9
4.6
3.1
3.8
6.6
3,9
4.2
4.7
-0.2
1.2
1.3
4.6
4.8
4.7
3.9
2.8
3.6
1.9
.9
.7
4.5
4.3
-.4
6.9
2.7
3.5
3.5
-.3
1.3
4.6
-.8
1.1
.2
2.7
-3.4
Implieit
price
deflator
Chain price
index
10.7
10.9
9.2
5.7
4.1
3.8
3.2
2.4
4.6
3.8
4.6
5.0
6.4
4.8
9.2
57
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
48
4.8
5.0
5.3
2.6
4.9
6.8
3.4
5.2
6.5
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
weighted
price index
(1082
weights)
105
90
56
42
40
35
27
46
41
48
5.2
63
5.1
43
4.3
26
48
51
4.9
50
5.7
2.7
4.7
74
31
57
7.1
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Gross ( omestic
prod net of
nonfir ancial
corporatt business
(billions }f dollars)
Period
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: HI
IV
1990: I
n
in
IV
1
Current
dollars
1982
dollars
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
2,954.6
1,779.4
2,012.5
2,201.8
2,309.4
2,408.7
2,597.4
2,797.3
2,879.1
2,878.5
2,907.5
2,960.0
2,979.1
2,971.9
1,807.9
1,837.2
1,782.2
1,866.0
2,036.5
2,117.4;
2,173.9'
2,290.2
2,403.7
2,431.2
2,428.6
1,760.2
1,940.5
2,069.5
2,137.7
2,198.5
2,339.4
2,428.6
2,443.9
2,421.8
2,423.1
2,440.1
2,435.1
2,416.2
Total
cost
and
profit 2
0.852
.946
1.000
1.026
1.054
1.071
1.089
1.102
1.132
1.174
1.217
1.011
1.037
1.064
1.080
1.096
1.110
1.152
1.178
1.189
1.200
1.213
1.223
1.230
Curren t-dollar cos t
~
Capital
consumption
allowIndirect
ances
business
with
taxes 3
capital
consumption
adjustment
0.095
.109
.125
.123
.118
.119
.123
.123
.124
.131
.137
.131
.120
.118
.120
.124
.122
.126
.132
.135
.135
.135
.137
.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.
0.077
.090
.094
.098
.100
.103
.106
.105
.107
.112
.119
.096
.098
.102
.104
.106
.105
.108
.113
.114
.117
.116
.121
.123
and profit per unit o f output (d >llars) '
Corp orate profit with
inventory valuation £ nd capital
consur option adju tments
Compensation of
employees
Net
interest
0.581
.632
.676
.679
.687
.704
.721
.726
.750
.782
.817
.685
.680
.694
.713
.727
.734
.763
.782
.795
.803
.812
.823
.828
0.031
.037
.043
.037
.039
.038
.041
.041
.041
.050
.053
.042
.037
.042
.037
.042
.040
.042
.051
.052
.052
.053
.053
.054
Total
0.068
.078
.063
.089
.109
.106
.098
.107
.111
.099
.091
.057
.103
.107
.106
.096
.109
.112
.100
.092
.093
.097
.090
.086
Profits
tax
liability
0.037
.035
.026
.032
.036
.033
.035
..041
.043
.042
.040
.023
.036
.032
.033
.038
.042
.043
.041
.040
.039
.040
.041
.039
Profits
after
tax 4
0.031
.044
.037
.057
.073
.073
.064
.067
.068
.057
.051
.034
.066
.075
.072
.058
.067
.069
.059
.052
.053
.057
.049
.046
Output
per hour
of all
employees
(1982
dollars)
Compensation
per hour
of all
employees
(dollars)
18.591
18.703
18.774
19.284
19.744
20.057
20.522
21.014
21.306
20.955
10809
11 815
12 682
13085
13 571
14 112
14793
15 265
15 874
16 396
18.793
19.442
19.792
20.129
20.662
21.139
21.208
20.989
20.743
20.663
20.760
20.707
12 881
13 221
13 741
14350
15017
15507
16.088
16404
16.483
16 597
16.863
17 048
Indirect business tax and nontax liability plus business transfer payments less subsidies.
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
4
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employ-
Proprietoi s' income
with in ventory
valuation uid capital
consmnption
adjust ments
Farm
1982
1983
1984
1985
1986
1987
1988
1989
1990 r
Rental
income of
persons
with
capital
tion
adjustment
Nonfarm
Corpora te profits wit h inventory valuation an 1 capital
consulnption adjust ments
Profits with inventory valuation
adjustme it and witho at capital
consu mption adjus tment
Total
Profits
before tax
Inventory
valuation
adjustment
-11.4
272.3
281.0
304.8
319.0
325.5
328.6
371.8
445.1
466.7
164.1
231.5
226.1
235.0
234.1
289.7
331.1
-13.4
-8.1
-1.6
-6.6
-8.0
-21.1
-22.5
-4.5
25.1
42.3
63.0
49.1
54.5
40.9
266.9
290.2
313.1
322.7
324.0
338.2
394.1
285.3
275.3
291.4
289.8
-6.1
-14.5
21.4
15.6
456.2
461.7
285.5
298.8
298.7
297.1
296.9
299.3
318.5
310.8
-11.4
-.5
-19.8
-13.8
11.3
7.7
2.0
— 1.4
463.6
466.2
468.3
468.4
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
299.9
159.2
196.7
234.2
222.6
228.3
255.9
289.8
286.1
295.0
169.6
207.6
240.0
224.3
221.6
275.3
316.7
307.7
306.4
-10.4
-10.9
-5.8
-1.7
6.7
-19.4
27.0
-21.7
IV
IV
IV
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
226.1
268.6
308.7
1989: in
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
1990: I
II
Ill
IV r
4,350.3
4,411.3
4,452.4
4,466.5
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
295.7
1
Includes employer contributions for social insurance. (See also p. 5.)
Net
interest
-9.2
17.0
32.7
59.7
53.8
52.4
47.8
25.5
4.9
2,518.4
2,719.5
3,028.6
3,234.0
3,412.6
3,660.3
3,984.9
4,223.3
4,420.1
1982:
1983:
1984:
1985:
1986:
1987:
1988:
Capital
consump..
a jus
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Durabl , goods
Nor durable g(>ods
m » 1
Period
personal
con-
Motor
vehicles
and
parts
Furniture
and
household
equipment
expendiures
Total
durable
goods
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
372.2
406.0
423.4
457.5
474.6
480.3
108.9
130.4
157.4
179.1
196.2
197.9
212.2
215.5
213.0
95.7
107.1
118.8
129.9
139.7
148.8
161.8
171.4
176.4
IV
IV
IV
IV
IV
IV
IV
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,079.1
3,332.6
263.8
310.0
346.7
373.2
422.0
427.4
473.1
115.7
144.4
162.3
173.8
201.1
198.9
217.8
1989: III
IV
3,484.3
3,518.5
487.1
471.2
1990: I
II
Ill
IV.
3,588.1
3,622.7
3,693.4
3,724.9
492.1
478.4
482.3
468.5
1982
1983
1984
1985
1986
1987
1988
1989
1990r
1982:
1983:
1984:
1985:
1986:
1987:
1988:
Source: Department of Commerce, Bureau of Economic Analysis.
Total
Serv-
Retail sales of
new pa ssenger
cars (mi lions of
un ts)
Clothing and
shoes
Gasoline
and oil
398.8
421.9
448.5
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
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
2.2
2.4
2.4
2.8
3.2
3.2
3.1
2.8
2.6
786.6
837.9
879.6
932.7
952.1
1,019.9
1,088.0
407.0
430.8
456.1
482.5
511.9
539.0
577.1
126.5
141.1
149.8
160.6
168.7
182.2
198.6
89.8
91.9
89.0
91.0
66.0
77.3
78.5
163.4
174.0
184.7
198.5
205.5
221.5
233.9
1,066.5
1,167.9
1,267.1
1,394.5
1,494.4
1,631.8
1,771.5
6.0
7.4
7.7
7.0
7.7
6.6
7.5
2.5
2.6
2.6
3.1
3.4
3.3
3.0
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
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
258.6
265.4
265.6
1,921.3
1,965.3
2,006.2
2,040.4
7.0
6.8
7.2
6.6
2.8
2.7
2.5
2.4
Other
durable
goo s
Food
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
99.1
112.4
122.7
134.7
143.8
151.1
166.8
49.0
53.2
61.8
64.7
77.1
77.4
88.5
226.9
207.5
171.5
173.0
221.1
212.4
214.7
203.9
178.9
176.8
176.4
173.4
Other
Domestics
Imports
SOURCES OF PERSONAL INCOME
Personal income rose $11.6 billion (annual rate) in February, after falling $19.0 billion in January. Private wages
and salaries rose $0.7 billion in February after falling $22.1 billion in January. The overall changes were also
affected by special factors: farm subsidies raised the February change and lowered the January change; the
January change was affected by an increase in personal contributions for social insurance, by cost-of-living
adjustments to several transfer programs, and by a Federal pay raise. Excluding these factors, personal income
increased $5.5 billion in February and decreased $18.9 billion in January.
BILLIONS OF DOLLARS*(RATIO SCALE)
5,000
BILLIONS OF DOLLARS"(RATIO SCALE)
5,000
4.000
4,000
3,000
3,000
TOTAL PERSONAL INCOME
2,000
2,000
WAGE AND SALARY DISBURSEMENTS
1,400
1,400
OTHER INCOME
800
800
TRANSFER
PAYMENTS
400
1983
1984
1985
400
Illllllllll
1988
1987
1986
1989
• SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1990
1991
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Proprietors ' income
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 r
1990: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct *
Nov r
Dec r
1991: Jan r.
Feb"
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
4,561.6
4,594.7
4,604.5
4,621.4
4,640.7
4,662.7
4,675.0
4,697.8
4,695.9
4,716.2
4,743.3
4,724.3
4,735.9
salary
disburse-
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
2,652.2
2,669.2
2,682.4
2,695.5
2,711.1
2,727.1
2,728.3
2,747.2
2,731.6
2,731.6
2,753.6
2,737.9
2,741.7
Other labor
income 1 2
150.3
163.6
173.6
182.9
187.6
199.3
209.4
225.5
241.9
258.1
252.8
254.0
255.2
256.4
257.6
258.8
260.0
261.2
262.2
263.2
264.2
265.2
266.2
Farm
30.7
24.6
12.4
30.5
30.2
34.7
42.8
43.7
48.6
49.9
55.6
65.5
55.0
51.8
46.1
45.7
42.9
38.5
39.1
54.5
52.9
39.6
45.7
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
With inventory valuation and capital consumption adjustments.
3
Nonfarm
156.1
150.9
178.4
204.0
225.6
247.2
280.6
310.5
330.7
352.6
347.0
349.4
349.2
351.3
351.8
353.0
356.6
357.0
357.1
357.6
357.5
353.4
353.8
4
Eental
income of
persons 4
13.3
13.6
13.2
8.5
9.2
11.6
13.7
16.3
8.2
6.9
4.5
4.3
3.8
4.2
4.9
6.2
9.1
10.0
10.8
8.8
8.3
8.3
5.7
Personal
dividend
income
61.3
63.9
68.7
75.5
78.7
85.8
91.8
102.2
114.4
123.8
120.6
121.3
122.3
123.0
123.4
124.3
125.0
125.3
126.1
126.8
127.2
127.2
127.6
Personal
interest
income
335.4
369.7
393.1
444.7
478.0
493.2
501.3
547.9
643.2
680.4
670.5
671.4
674.5
677.9
681.5
683.6
685.4
686.8
687.5
688.1
688.2
687.8
686.8
Transfer
payments 5
368.1
410.6
442.6
456.6
489.8
521.5
549.9
587.7
636.9
694.8
679.6
683.4
683.5
685.3
691.4
692.1
695.9
701.2
710.0
714.0
721.2
741.9
745.7
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
221.2
223.8
221.4
223.9
227.1
228.1
228.2
229.5
228.4
228.4
229.9
237.0
237.3
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
4,484.9
4,508.1
4,528.2
4,548.3
4,573.2
4,595.6
4,610.7
4,637.8
4,635.3
4,640.2
4,668.8
4,663.0
4,668.5
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 fourth quarter of 1990.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
PER CAPITA DISPOSABLE PERSONAL INCOME
8,000
8,000
1990
• SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
Personal
Less:
Persona!
Disposable
nontax
payments
income
BUI;ons
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 r
1990 .
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
IV
IV
IV
IV
IV
IV
IV
III....
IV
1990: I
II
Ill r....
IV ...
COUNCIL OF ECONOMIC ADVISERS
Less:
Personal
outlays '
Equals:
Personal
saving
Disposable
personal
income in
1982
dollars
(billions)
Current
dollars
Per capit i personal
consul nption
expen Iitures
1982
Current
dollars
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
8,794
8,818
9,139
9,489
9,840
10,123
10,311
10,580
10,678
10,666
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
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
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
1982
dollars
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
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
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
411.1
413.9
459.7
499.6
534.4
588.6
607.3
659.5
669.6
675.1
696.5
709.5
716.6
2,318.1
2,527.9
2,728.6
2,899.5
3,063.4
3,302.3
3,578.9
3,743.4
3,799.6
3,887.7
3,925.7
3,969.1
4,001.9
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
1,781.1
2,214.3
8,421
136.9
159.4
2,248.6
9,243
2,261.5
9,724
153.9
2,331.9
10,340
130.6
164.1
2,469.8
11,257
125.4
2,542.8
11,861
124.9
2,635.3 12,469
92.5
2,670.7
13,094
145.6
2,800.5
14,123
171.8
2,869.0
14,973
2,893.5 15,695
180.1
S easonally adjusted ann ual rates
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
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
1
Includes personal consumption expet iitures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
9,929
10,725
11,467
12,068
12,629
13,483
14,470
15,026
15,210
15,527
15,639
15,765
15,849
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands) 2
PerceiIt
Dolla 'S
of dollars
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
Perc ipita
disposable personal
mcc me
-1.1
.5
-.5
2.1
4.9
2.0
2.6
.4
3.9
1.4
-.2
1.2
9.1
1.7
3.3
.3
6.4
1.2
1.6
.1
1.6
Q
-1.8
-4.6
7.1
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
6.2
5.8
5.8
3.9
3.3
3.9
4.1
4.1
4.6
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
4.9
5.0
4.2
4.2
2
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the third quarter of 1990, according to revised estimates, gross farm income fell $0.3 billion (annual rate) and
net farm income rose $0.7 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
240
200
240
~"
160
*-
—ir-~—•—']
^—i
r—^
'
~^~]
^vfc-_-
160
1
120
\
GRO 5S FARM INCOME
80
80
60
/*>
'Nv
A
*
*
; '
i
/
t
i
\
N
/"~
/
I/
\l
*
\
/
*
N
*•*••.
\/
/
/
^— w -
^*
^^
40
\ /
\
NET FARM IN COME
20
1
\ '\ '
i / \/
I
1
1982
1
10
i i i
1
1984
1983
1
1
1
1
1
1
I
1986
1985
1
1
1987
1
1
1
1989
1988
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE; DEPARTMENT OF AGRICULTURE
1
i
1990
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
In come of farm ope rators from farmi
(iross
Period
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1988:
III
IV
1989: I
II
in
IV
1990: I r
IF
HP
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
195.1
194.3
194.0
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
159.5
168.1
177.4
Livestock and
products
Net farni income
V 1
Crops
68.0
69.2
70.3
69.6
71.7
72.5
72.3
67.2
72.9
69.8
71.5
76.0
78.8
83.7
79.2
81.2
69.9
74.3
63.7
65.6
71.4
75.4
75.7
74.2
72.1
76.5
80.3
72.8
72.2
80.2
86.9
81.6
80.8
83.6
88.9
87.3
87.9
90.5
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.
g
farm incom e
Cas h marketing rece ipts
Total '
n
3
inventory
changes 2
-6.3
6.5
-1.4
-10.9
6.0
-2.3
-2.4
Production
expenses
133.1
139.4
140.0
137.9
143.8
3.8
4.9
4.8
4.3
131.9
125.5
127.7
132.1
142.6
135.4
135.9
142.5
143.3
143.4
141.1
5.7
4.6
3.5
140.3
146.2
145.2
-2.8
-4.1
4.4
-3.7
-2.1
Current
dollars
1982 dollars 3
16.1
26.9
23.5
15.3
26.3
31.0
31.0
41.3
41.8
46.7
32.2
45.5
48.3
46.2
42.4
49.8
54.8
48.1
48.8
Income in current dollars divided by the GNP implicit price deflator.
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
18.8
28.6
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
42.3
36.7
36.9
CORPORATE PROFITS
In the fourth quarter of 1990, according to preliminary estimates, corporate profits before tax fell $7.7 billion
(annual rate) and profits after tax rose $1.7 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARb
360
360
SEASONA UY ADJUSTED ANNU* t RATES
r\
/I
320
^ _ / ^
,
280
PROFITS BEFORE TA>(
r~\
240
240
F~")
200
/
160
_ _ ^
•
/
-N^_
—
VV
___. ""v.
S*
S
,
120
— 200
VN
•^
"*X
PROFITS AFTER TAX
^"
••"-—.
X
'
"™*
S*
V
»^**"
**
**
*"""
. r.— -^
1
T/ X LIABILITY
r— — *
\
80
••_.
^
\
40
"•
••—
1 1 I
s
r^-UNDIST ^—
RIBUTED PRCJFITS-1—«=
40
\
\ 1 J_
1982
\
-•
1983
1
1
1984
1
I ! 1
1
1
1
1
1 1
1987
1986
1985
1
I ! 1
1988
I |
1
1989
SOURCE: DEPARTMENT OF COMMERCE
1
1
0
1990
COUNCIL OF CONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits after taX
Prc fits (before t »x) with inve ntory valuati an adjustment !
Do nestic indust ies
Nonfmancial
Total
2
Total
Financial
Total "
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 r
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
IV
IV
IV
IV
IV
IV
IV
III
IV
1990: I
II
Ill
IV
1
2
194.0
202.3
159.2
196.7
234.2
222.6
228.3
255.9
289.8
286.1
295.0
150.7
223.4
224.6
228.4
226.1
268.6
308.7
285.3
275.3
285.5
298.8
298.7
297.1
159.6
173.8
131.2
166.6
203.3
191.4
195.2
218.4
246.5
235.2
238.1
121.6
190.7
193.9
193.6
193.4
226.2
261.9
236.0
218.4
232.6
249.9
241.1
229.0
21.0
16.5
11.8
18.1
13.0
22.8
32.0
20.7
22.4
15.4
18.4
18.7
15.5
13.6
26.0
28.6
19.8
24.1
9.2
6.9
16.1
18.2
21.7
17.8
138.6
157.3
119.4
148.5
190.3
168.6
163.2
197.8
224.1
219.8
219.7
102.9
175.2
180.3
167.6
164.8
206.4
237.8
226.9
211.5
216.5
231.7
219.3
211.3
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Manufacturing
77.1
88.5
58.0
70.1
88.8
79.7
59.5
86.7
106.5
96.1
90.5
46.8
88.6
79.8
83.8
64.8
98.2
112.6
99.9
83.7
90.1
100.8
91.2
Profits
before tax
Tax
liability
237.1
226.5
169.6
207.6
240.0
224.3
221.6
275.3
316.7
307.7
306.4
164.1
231.5
226.1
235.0
234.1
289.7
331.1
291.4
289.8
296.9
299.3
318.5
310.8
84.8
81.1
63.1
77.2
93.9
96.4
106.3
126.9
136.2
135.1
133.0
59.8
88.1
87.0
99.8
113.1
132.1
142.1
127.8
123.5
129.9
133.1
139.1
129.8
Total
Dividends
Undistributed
profits
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
13?.0
135.1
137.2
97.6
81.8
39.6
58.9
67.0
44.6
24.0
50.2
70.5
49.1
39.5
35.8
69.5
58.4
51.2
27.4
55.4
73.8
38.6
38.6
36.8
- 33.2
44.3
43.9
sale and
retail
trade
21.6
32.5
34.6
38.9
51.2
44.1
44.1
37.9
37.1
38.7
41.9
33.6
43.1
51.8
38.5
41.0
37.8
42.3
41.4
41.9
39.2
44.4
39.5
3
152.3
145.4
106.5
130.4
146.1
127.8
115.3
148.4
180.5
172.6
173.4
104.3
143.4
139.2
135.2
121.0
157.6
189.1
163.6
166.3
167.1
166.1
179.4
181.1
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
-43.1
-24.2
— 10.4
-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
r
- 13.8
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the fourth quarter of 1990, nonresidential fixed investment fell $8.8 billion
(annual rate) and residential investment fell $12.7 billion. There was a $30.8 billion decrease in inventories,
following a rise of $9.0 billion in the third quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
900
900
SEASONA LLY ADJUSTED ANNU U RATES
800
GROSS PRIVATE DOMESTIC
-
y/~ir^^\
NVESTMENT
-
(
-
^
/
500
- \
y
-,"-
v _
\
-
|
~H1
600
f
r^
700
400
-
NC3NRESIDENT AL
FIX ED INVESTM :NT
y
.
_~~~- — .
\
___-----
,
"
—
r """"•*
500
'''
_
(ESIDENTIAL
INVESTME NT
FIX! ED
300
-
\
300
._._._-—
.
200
100
/ /X
—
-
CHA NGE IN BUS NESS
INVENTORY S
'— --.
0
,•>
100
—
•x. \
...
1 1 1
-100
1982
i i i
1983
1
1
1
1
1
1
1985
1984
1
\
\
1
1
1
1987
1986
i ii
1988
"
|
| |
1
1
1
100
1990
1989
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
1Ixed investmen t
Gross
private
investment
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 T.
1982: IV
1983: IV
1984: IV
1985: IV
1986: IV
1987: IV
1988: IV
1989: I
II
in
IV
1990: I
II
Ill
IV.
Source: Department of Commerce, Bureau of Economic Analysis.
Total
Total
447.3
502.3
664.8
643.1
659.4
699.9
747.1
771.2
741.0
445.3
491.5
471.8
509.4
597.1
631.8
652.5
671.2
720.8
742.9
746.1
366.7
356.9
416.0
442.9
435.2
444.9
488.4
511.9
524.1
409.6
579.8
661.8
654.1
648.8
741.4
747.5
469.5
548.8
616.8
646.8
660.9
685.7
731.3
354.9
383.9
435.0
451.3
435.8
457.5
495.3
769.7
776.7
775.8
762.7
743.1
744.0
746.9
737.7
758.9
745.6
750.7
729.2
506.5
511.4
518.1
511.8
523.1
516.5
532.8
524.0
437.0
515.5
747.2
759.0
759.7
698.3
Change iri business
mven -ones
Nonresidential
322.8
369.2
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
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
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
Total
Nonfarm
8.3
24.0
24.5
-7.1
2.4
18.3
23.1
.4
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
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
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department October-November 1990 survey, business spending for new plant and
equipment is expected to rise 2.4 percent in 1991, following a rise of 5.2 percent in 1990.
BILLIONS OF DOLLARS (RATIO SCALE)
6UO
SEASONAL Y ADJUSTED ANNUA
RATES
.
r~1 —
^
rlOO
__^^
<""""
-H i
BILLIONS OF DOLLARS (RATIO SCALE)
600
^
.-ir—
—1
500
400
^^
r^
/ML INDUSTRIE 5
.—
\
"
_—
'
300
.--*
---— "
"^
NO ^MANUFACRJRING-W
^'
200
200
-''
_
,,--"""
-,.
^,—
k
-~_
\
MANUFACTURI ^G
— --"
TOO
100
i i i
1983
1
1 1
1984
1
1
1 1
1985
1 1
1986
1
1 1
1987
1
1
1
1
1988
1 1
1989
.!/ SURVEYED QUARTERLY
.I/SEE FOOTNOTE A BELOW
SOURCE: OEPARTMENTOF COMMERCE
1
1 1
1990
i
i i
1991
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Norimanufactu ing
M anufacturi !g
industries
Total
Durable
Nondurable
Total '
Mining
Nonmanufactu ring
Total
Transportation
Public
utilities
Commercial
and
other
farm
busi-
Manufacturing
Total
Surveyed
quarterly
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 4
1991 4
286.40
324.73
326.19
321.16
373.83
410.12
399.36
410.52
455.49
507.40
533.91
546.67
112.60
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.29
193.58
54.82
58.93
54.58
51.61
64.57
70.87
65.68
68.03
77.04
82.56
83.70
83.01
57.77
69.75
69.39
65.74
75.04
82.01
72.28
73.03
86.41
101.24
108.60
110.57
173.80
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
341.62
353.09
12.71
15.81
14.11
10.64
11.86
12.00
8.15
8.28
9.29
9.21
9.81
9.38
13.56
12.67
11.75
10.81
13.44
14.57
15.05
15.07
16.63
18.84
21.46
23.79
41.32
47.17
53.58
52.95
57.53
59.58
56.61
56.26
60.37
66.28
66.97
67.88
106.21
120.41
122.79
129.41
151.39
171.09
181.59
189.84
205.76
229.28
243.39
252.04
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
314.70
321.14
328.96
327.70
8.94
9.24
9.24
9.38
17.84
18.42
21.03
18.25
66.09
68.09
65.19
65.82
221.82
225.39
233.50
234.25
172.73
180.91
185.99
191.88
314.70
321.14
328.96
327.70
1990: I
II
IV
532.45
535.49
534.86
532.84
191.36
195.16
194.48
188.16
86.35
84.34
82.67
81.42
105.02
110.82
111.81
106.74
341.09
340.33
340.39
344.67
9.58
9.84
9.98
9.84
22.13
21.86
21.41
20.42
65.72
64.27
67.48
70.40
243.66
244.37
241.51
244.02
191.36
195.16
194.48
188.16
341.09
340.33
340.39
344.67
1991: I 4
II 4
557.92
561.85
191.08
198.76
82.79
85.09
108.28
113.67
366.84
363.09
10.24
9.78
23.75
23.99
71.76
70.21
261.08
259.12
191.08
198.76
366.84
363.09
in
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" plus the part of nonmanufaeturing that is surveyed annually.
10
318.08
358.77
363.08
359.73
418.38
454.93
447.11
481.51
508.22
563.93
112.60
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.29
193.58
205.48
230.09
239.11
242.38
278.77
302.05
309.16
320.45
344.77
380.13
173.80
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
341.62
353.09
Surveyed
annual-
iy j
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in October-November 1990, corrected for
biases.
Source; Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In February, civilian employment was unchanged and unemployment rose 443,000.
MILLIONS OF PERSONS*
126
MILLIONS OF PERSONS*
126
SEASONALLY ADJUSTED
122
122
CIVILIAN LABOR FORCE
118
118
114
114
r\
110
110
CIVILIAN
EMPLOYMENT
106
106
102
102
98
98
12
1983
* 16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF IABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
Resident
Armed
Forces
NSA
Labor force
including
resident
Armed
Forces
171,775
173,939
175,891
178,080
179,912
182,293
184,490
186,322
188,081
189,686
1,645
1,668
1,676
1,697
1,706
1,706
1,737
1,709
1,688
1,637
110,315
111,872
113,226
115,241
117,167
119,540
121,602
123,378
125,557
126,424
102,042
101,194
102,510
106,702
189,090
189,198
189,326
189,467
189,607
189,763
189,901
190,002
190,095
190,312
190,483
1,678
1,669
1,657
1,639
1,630
1,627
1,640
1,601
1,570
1,615
1,617
190,592
190,717
1,615
1,602
1981
1982
1983
1984
1985
1986*
1987
1988
1989
1990
1990:
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1991:
Jan
Feb
Employment
including
resident
Nonagricultural
Civilian
labor force
Agricultural
Total
Forces
Total
Part time
for
economic
reasons 1
Labor
force
participation
rate
(percent) 2
Employment/
population
ratio
(percent) 2
8,237
7,425
6,701
6,528
6,874
63.9
64.0
64.0
64.4
64.8
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
4,669
4,708
4,680
4,689
4,745
4,780
4,830
5,051
5,135
5,163
5,262
6,579
6,563
6,691
6,662
6,560
6,827
7,015
7,087
7,142
7,337
7,600
1,374
1,370
1,417
1,404
1,436
1,508
1,568
1,605
1,591
1,727
1,739
66.5
66.5
66.5
66.5
66.4
66:3
66.2
66.3
66.2
66.1
66.3
63.0
63.0
62.9
63.0
62.9
62.7
62.5
62.6
62.4
62.2
62.3
5,178
5,803
7,715
8,158
1,829
1,975
66.0
66.1
61.9
61.8
108,856
111,303
114,177
116,677
119,030
119,550
100,397
99,526
100,834
105,005
107,150
109,597
112,440
114,968
117,342
117,914
3,368
3,401
3,383
3,321
3,179
3,163
3,208
3,169
3,199
3,186
101,685
103,971
106,434
109,232
111,800
114,142
114,728
5,852
5,997
5,512
5,334
5,345
5,122
4,965
4,657
4,860
126,331
126,467
126,438
126,578
126,427
126,336
126,345
126,571
126,445
126,338
126,791
119,752
119,904
119,747
119,916
119,867
119,509
119,330
119,484
119,303
119,001
119,191
124,653
124,798
124,781
124,939
124,797
124,709
124,705
124,970
124,875
124,723
125,174
118,074
118,235
118,090
118,277
118,237
117,882
117,690
117,883
117,733
117,386
117,574
3,119
3,197
3,140
3,286
3,279
3,108
3,152
3,194
3,175
3,185
3,253
114,955
115,038
114,950
114,991
114,958
114,774
114,538
114,689
114,558
114,201
114,321
126,253
126,678
118,537
118,520
124,638
125,076
116,922
116,918
3,163 113,759
3,222 113,696
97,030
96,125
97,450
Total
15
weeks
and
over
Civ ilian
2,285
3,485
4,210
2,737
2,305
2,232
1,983
1,610
1,375
1,504
108,670
110,204
111,550
113,544
115,461
117,834
119,865
121,669
123,869
124,787
1
Persons a work. Economi reasons inc ude slack work, material shortag es, inability to fir d fulltime work, etc
2
Civilian la »or force (or em loyment) as percent of civilia n noninstitutiona population.
Unempl >yment
Civilian e mployment
Noninstitutional
population
including
resident
Armed
Forces
NSA
4,499
8,273
10,678
10,717
8,539
8,312
59.0
Data beginn: ng January 986 not strictly comparable with earlier data because of change in
est!mation procet ures.
Source: Depar ment of Labc r, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In February, the overall unemployment rate rose to 6.4 percent and the civilian unemployment rate rose to 6.5
percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
25
20
20
TEENAGERS
(16-19)
15
15
BLACK
10
10
WOMEN 20 YEARS
AND OVER
ALL CIVILIAN WORKERS
/•
f
MEN 20 YEARS
AND OVER
1987
1988
1991
1989
1987
1988
1989
1990
1991
'UNEMPLOYMENT AS PERCENT Of CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT Of LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemp oyment ra te (percen t of civilia n labor force in group)
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
Feb
Mar
Apr
May
June ....
July
Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
Unemployment
rate,
all
workers '
civilian
workers
Men
20 years
and over
Women
20 years
and
over
7.5
9.5
9.5
7.4
7.1
6.9
6.1
5.4
5.2
5.4
7.6
9.7
9.6
7.5
7.2
7.0
6.2
5.5
5.3
5.5
6.3
8.8
8.9
6.6
6.2
6.1
5.4
4.8
4.5
4.9
5.2
5.2
5.3
5.3
5.2
5.4
5.6
5.6
5.6
5.8
6.0
5.3
5.3
5.4
5.3
5.3
5.5
5.6
5.7
5.7
5.9
6.1
4.6
4.6
4.7
4.7
4.7
4.9
5.0
5.1
5.2
5.4
5.6
6.1
6.4
6.2
6.5
5.6
6.3
6.8
8.3
8.1
6.8
6.6
6.2
5.4
4.9
4.7
4.8
4.7
4.7
4.8
4.6
4.6
4.7
4.9
4.9
4.9
5.1
5.3
5.3
5.4
A II
All
Both
sexes
16-19
years
White
Black
and
other
Black
Kxperienced
wage and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
Fulltime
workers
Parttime
workers
19.6
23.2
22.4
18.9
18.6
18.3
16.9
15.3
15.0
15.5
6.7
8.6
8.4
6.5
6.2
6.0
5.3
4.7
4.5
4.7
14.2
17.3
17.8
14.4
13.7
13.1
11.6
10.4
10.0
10.1
15.6
18.9
19.5
15.9
15.1
14.5
13.0
11.7
11.4
11.3
7.3
9.3
9.2
7.1
6.8
6.6
5.8
5.2
5.0
5.3
4.3
6.5
6.5
4.6
4.3
4.4
3.9
3.3
3.0
3.4
10.4
11.7
12.2
10.3
10.4
9.8
9.2
8.1
8.1
8.2
7.3
9.6
9.5
7.2
6.8
6.6
5.8
5.2
4.9
5.2
9.4
10.5
10.4
9.3
9.3
9.1
8.4
7.6
7.3
7.4
14.8
14.6
14.8
15.4
14.7
15.8
16.6
15.7
16.2
16.4
16.6
4.6
4.6
4.7
4.6
4.5
4.7
4.8
4.8
4.9
5.0
5.3
9.4
9.5
9.3
9.5
9.6
10.3
10.4
10.8
10.6
11.0
11.1
10.7
10.7
10.6
10.6
10.7
11.4
11.7
11.9
11.7
12.2
12.2
5.0
5.1
5.1
5.1
5.1
5.2
5.3
5.4
5.4
5.7
5.8
3.1
3.2
3.2
3.3
3.2
3.3
3.5
3.5
3.5
3.7
3.8
7.6
8.3
7.8
7.5
8.0
8.3
8.4
8.7
8.5
8.7
8.7
5.0
4.9
5.1
4.9
4.9
5.1
5.3
5.4
5.5
5.7
5.8
7.4
7.2
7.2
7.4
7.5
7.8
7.7
7.2
7.1
7.3
7.6
18.2
17.1
5.5
5.9
10.7
10.7
12.1
11.8
6.0
6.4
4.0
4.3
9.0
9.1
6.0
6.4
7.7
7.6
1
Unemployed as percent of total labor force including resident Armed Forces.
2
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
12
Bys elected grou ?s
By race
By sex and a«e
Source: Department of Labor, Bureau of Labor Statistics.
Labor
force
time lost
(percent) 2
8.5
11.0
10.9
8.6
8.1
7.9
7.1
6.3
5.9
6.2
5.9
5.9
6.2
6.0
5.9
6.1
6.3
6.4
6.6
6.7
6.9
7.0
7.5
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In February, the percentage of the unemployed who had been out of work for less than 5 weeks fell and the
percentages for 5-14 weeks, for 15-26 weeks, and for 27 weeks and over rose. Both the mean duration of
unemployment and the median rose.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION*
70
REASON FOR UNEMPLOYMENT
70
10 -
1987
1987
1988
1989
• SEASONALLY ADJUSTED
SOURCE. DEPARTMENT Of LABOR
1990
1991
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Re ason for jnemployment:
percent distributi jn
Dur ation of imemployinent
Period
Unemployment
(thousands)
I ercent d atributio i
Less
than
5
weeks
5-14
weeks
15-26
weeks
Stat e
prognims
Numb er of
ks
27
weeks
and
over
Average
(mean)
Median
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
1983
1986
1987
1988
1989
1990
1990: Feb
Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dec
1991: Jan
Feb
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
6,579
6,563
6,691
6,662
6,560
6,827
7,015
7,087
7,142
7,337
7,600
7,715
8,158
41.7
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
46.1
47.8
48.0
47.2
46.1
46.8
46.1
47.3
43.2
44.1
44.7
43.5
44.1
42.4
30.7
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
32.0
31.4
31.3
31.8
32.9
31.5
31.8
30.0
34.3
33.6
31.8
33.4
32.2
33.4
13.6
16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
11.8
11.2
11.0
11.0
11.6
11.7
11.8
11.9
12.1
12.5
12.8
12.5
12.7
12.9
14.0
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
10.1
9.7
9.6
10.0
9.4
10.0
10.3
10.8
10.4
9.8
10.8
10.6
11.0
11.3
1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RK) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
13.7
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.1
11.7
11.9
12.1
11.6
12.0
12.1
12.3
12.4
12.0
12.4
12.4
12.4
12.8
6.9
8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
5.4
5.2
5.0
5.0
5.3
5.2
5.2
5.3
6.1
5.9
5.9
5.9
5.9
6.1
51.6
58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
48.3
46.9
46.6
46.7
47.4
48.6
46.5
49.0
49.6
49.9
51.2
49.9
53.0
55.5
11.2
7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
14.8
15.3
15.5
17.2
15.2
15.2
15.1
14.3
13.5
13.7
13.6
13.5
11.7
12.2
25.4
22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
27.4
27.5
28.1
26.6
27.3
27.9
28.4
27.1
27.5
26.8
26.3
28.0
26.6
24.5
11.9
11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
9.5
10.2
9.9
9.5
10.1
8.3
10.0
9.7
9.4
9.6
8.9
8.7
8.7
7.8
3,047
4,061
3,396
2,476
2,611
2,650
2,332
2,081
2,158
2,522
2,323
2,357
2,398
2,425
2,452
2,479
2,495
2,620
2,765
2,912
2,970
3,070
3,218
460
583
438
377
396
378
328
310
330
388
357
350
361
353
355
361
377
399
431
454
461
445
489
3,410
4,594
3,775
2,561
2,693
2,746
2,401
2,248
2,324
2,715
2,998
2,846
2,531
2,270
2,212
2,442
2,295
2,193
2,294
2,722
r
3,222
4,011
4,147
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey fell 184,000 in February.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
110
AIL NONAGRICULTURAL
ESTABLISHMENTS
100
90
80
SERVICE-PRODUCING
INDUSTRIES
70
60
50
MANUFACT URING
\
20
40
18
GOODS-PRODUCING
INDUSTRIES
\
30
20 bimlinii
1987
1988
1989
1990
UJiulmu
1 1 1 11 1 u in Minium |i 114 )|i i i |Vi i 1 1 il 1 1 Hi.
—
'
~1_
\
— CONSTRlJCTION
minium iinilitni I 1 ^ 1 1 1 1 1 1 1 iiniliini 1 1 1 1 1 1 1 1 1 llf
1988
1989
1990
' 1987
1991
il
1991
•SEASONAUV ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; 1 seasonally adjusted]
Goods-] reducing in dustries
Period
Total
nonagri-
M anufacturin g
cultural
employment
Total 2
C on
onstruction
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 r
91,156
89,566
25,497
23,813
4,188
3,905
90,200
94,496
97,519
99,525
102,200
105,536
108,413
110,321
23,334
24,727
24,859
24,558
24,708
25,173
25,326
25,001
1990: Jan
Feb
Mar
Apr
May....
June ...
July....
Aug....
Sept....
Oct ....
Nov ...
Dec * ..
1991: Jan "...
Feb"..
109,654
109,958
110,122
110,177
110,617
110,829
1M),740
110,613
110,612
110,432
110,165
110,004
109,771
109,587
25,188
25,339
25,259
25,180
25,191
25,162
25,105
25,013
24,931
24,777
24,511
24,416
24,184
24,086
1
Service-produ ing industr es
Total
Durable
goods
Nondurable
goods
Wholesale
trade
Retail
trade
7,726
7,899
7,796
7,761
7,858
7,969
8,004
7,940
5,165
5,082
4,954
5,159
5,238
5,255
5,372
5,527
5,648
5,839
5,286
5,574
5,736
5,774
5,865
6,055
6,271
6,361
15,161
15,595
16,526
17,336
17,909
18,462
19,077
19,580
19,788
7,979
7,966
7,956
7,961
7,950
7,947
7,952
7,955
7,951
7,925
7,879
7,862
7,841
7,831
84,466
84,619
84,863
84,997
85,426
85,667
85,635
85,600
85,681
85,655
85,654
85,588
85,537
85,501
5,790.
5,804
5,808
5,809
5,833
5,846
5,841
5,846
5,870
5,870
5,866
5,882
5,884
5,848
6,356
6,357
6,361
6,363
6,369
6,383
6,374
6,376
6,370
6,355
6,343
6,331
6,297
6,274
19,807
19,758
19,764
19,778
19,795
19,822
19,851
19,846
19,844
19,792
19,739
19,670
19,687
19,618
8,089
7,767
3,948
4,383
4,673
4,816
4,967
5,110
5,200
5,204
12,082
11,014
10,707
11,479
11,464
11,203
11,167
11,381
11,422
11,122
5,294
5,368
5,313
5,256
5,286
5,270
5,229
5,194
5,176
5,093
5,029
4,983
4,833
4,860
19,171
19,244
19,217
19,190
19,167
19,148
19,131
19,084
19,019
18,951
18,744
18,693
18,614
18,487
11,192
11,278
11,261
11,229
11,217
11,201
11,179
11,129
11,068
11,026
10,865
10,831
10,773
10,656
Includes all hi] - and part-tintie wage and salary worke s in nonagricultural establ shments who
received pay for am part of the lay period w ich includes the 12th of tt e month. Ex eludes proprietors, self-employed persons, don estic servant , and personnel of the Ar med Forces. Potal derived
from this table not comparable Avith estimate of nonagric iltural emplo ment of the civilian labor
force, shown on p. 11, which i ictude propri tors, self-em >loyed person s, and dome Stic servants;
which count person s as employed when they are not at v.'ork because of industrial disputes, bad
14
Transportation
and
public
utilities
65,659
65,753
66,866
69,769
72,660
74,967
77,492
80,363
83,087
85,320
18,781
18,434
19,378
19,260
18,965
19,024
19,350
19,426
19,062
20,170
Total
5,376
5,296
15,172
Finance,
insurance,
and real
estate
Govei nment
Services
Total
Federal
16,031
15,837
15,869
16,024
16,394
16,693
17,010
17,386
17,769
18,291
2,772
2,739
2,774
5,689
5,955
6,283
6,547
6,649
6,724
6,832
18,619
19,036
19,694
20,797
21,999
23,053
24,235
25,669
27,096
28,209
6,794
6,817
6,821
6,823
6,838
6,844
6,842
6,852
6,851
6,843
6,833
6,829
6,820
6,810
27,721
27,842
27,950
27,969
28,094
28,225
28,287
28,387
28,440
28,475
28,548
28,573
28,619
28,647
17,998
18,041
18,159
18,255
18,497
18,547
18,440
18,293
18,306
18,320
18,325
18,303
18,280
18,304
3,000
3,005
3,089
3,151
3,346
3,338
3,164
3,045
2,999
2,983
2,961
2,943
2,928
2,933
5,298
5,341
5,468
2,807
2,875
2,899
2,943
2,971
2,988
3,085
weather etc., even if they are not paid for the time off; am which are based on a sa mple of the
working age populatio n, whereas 1 le estimates n this table are based on reports from employing
establish ments.
2
Incl udes mining, ot shown se] aratelv.
Sourc e: Departmen of Labor, Id reau of Labo Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY
EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Aver age weekly 1 ours
Average gross weekly earnings
Average g oss hourly
earr ngs
Total jrivate
nonagnc ultural '
Mamifa :turing
Period
nonagri-
Total
private
Manufac-
Total
cultural i
1982
dollars 2
Manufac-
$318.00
330.26
39.8
2.8
$7.25
$270.63
2.3
3.0
3.4
3.3
3.4
3.7
3.9
3.8
3.6
7.68
8.02
8.32
8.57
8.76
8.98
9.28
9.66
10.03
$7.99
8.49
8.83
9.19
9.54
9.73
9.91
10.19
10.49
10.84
$255.20
38.9
40.1
40.7
40.5
40,7
41.0
41.1
41.0
40,8
267.26
280.70
292.86
299.09
304.85
312.50
322.02
334.24
346.04
267.26
272.52
274.73
271.16
271.94
269.16
266.79
264.22
259.98
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec r
34.6
34.6
34.5
34.5
34.7
34.5
34.5
34.7
34.2
34.4
34.6
40.8
40.8
40.7
40.9
41.0
40.9
41.0
41.0
40.7
40.5
40.7
3.6
3.7
3.5
3.8
3.8
3.7
3.8
3.7
3.6
3.5
3.6
9.88
9.93
9.96
9.98
10.03
10.07
10.09
10.13
10.12
10.14
10.19
10.67
10.73
10.75
10.81
10.86
10.89
10.90
10.93
10.97
10.97
11.00
341.85
343.58
343.62
344.31
348.04
347.42
348.11
351.51
346.10
348.82
352.57
Jan '
Feb"
34.1
34.3
40.4
40.2
3.4
3.3
10.20
10.20
11.04
11.03
347.82
349.86
1983
1984
1985
1986
1987
1988
1989
1990
1991:
Current
dollars
35.2
34.8
35.0
35.2
34.9
34.8
34.8
34.7
34.6
34.5
1981
1982
1990:
C urrent dollar
1
Also includes other private industry groups shown on p. 14.
Current dollar earnings divided by the consumer price index for urban wage earners and clerical
workers (on a 1982=-100 base).
2
3
Percent cha nge from a
vear ear ler, total
ate
nonagricultural 3
Retail
Construc-
1982
dollars
Current
dollars
$399.26
$157.99
354.08
374.03
386.37
396.01
406.31
418.81
430.09
442.27
426.82
442.97
458.51
464.46
466.75
480.44
495.73
512.41
524.49
163.83
171.13
174.47
174.81
175.80
178.80
183.62
188.72
195.26
261.55
261.88
261.51
261.44
262.87
261.61
259.78
260.19
254.67
255.92
257.92
435.34
437.78
437.53
442.13
445.26
445.40
446.90
448.13
446.48
444.29
447.70
527.48
523.18
508.03
520.98
531.35
516.00
526.40
530.69
511.34
530.92
535.05
193.34
195.17
195.46
196.04
196.62
196.23
195.73
197.39
194.26
197.17
197.28
3.4
3.8
4.3
2.1
3.1
4.0
-1.2
-1.5
-1.6
-.1
-.0
-1.0
-1.7
-1.6
-3.8
-3.0
-2.0
253.51
254.81
446.02
443.41
515.04
533.76
195.39
197.46
2.8
2.4
-2.5
-2.5
8.5
4.7
-1.5
-1.2
2.0
5.0
4.3
2.1
1.9
2.5
3.0
3.8
3.5
.8
-1.3
.3
-1.0
-.9
-1.0
-1.6
3.9
3.7
2.8
4.0
4.5
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Percent cl ange from
Index (June 1989 = 100)
12 months earli r
3 months earlier
Period
Total
compensation
Wages and
salaries
Benefits '
Total
compensation
Wages and
Benefits '
Total
compensa-
Wages and
salaries
Benefits '
Not s easonally ad us ted
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
75.8
80.1
84.0
87.3
90.1
93.1
97.6
102.3
307.0
73.0
77.6
81.4
84.8
88.3
91.1
94.1
98.0
102.0
106.1
1988:
Mar
June
Sept
Dec
94.5
95.7
96.6
97.8
95.0
96.1
96.9
98.0
93.1
94.5
95.7
97.1
1989:
Mar
June
Sept
Dec
98.8
100.0
101.3
102.4
99.1
100.0
101.1
102.2
1990:
Mar
June
Sept
Dec
103.8
105.1
106.2
107.2
103.3
104.4
105.4
106.2
71.2
66.6
71.4
76.7
81.7
84.6
87.5
90.5
96.7
102.6
109.4
2.0
1.3
1.3
1.3
.6
.7
.6
1.0
1.1
.8
1.8
1.2
1.1
1.2
.6
.6
.6
1.0
.8
2.1
1.4
8.8
6.3
4.9
4.2
4.1
3.2
3.3
4.1
4.1
12.1
7.2
7.4
6.5
3.5
3.4
3.4
6.9
6.1
.7
1.3
1.3
.9
1.2
0.8
1.2
.8
1.1
2.4
1.5
1.3
1.5
3.8
4.5
4.4
4.8
3.3
3.8
3.7
4.1
5.9
6.4
6.8
6.9
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
1.7
1.7
1.6
4.6
4.5
4.8
4.8
4.2
4.1
4.3
4.1
5.4
5.6
6.0
6.1
105.1
106.7
108.4
109.9
1.4
1.3
1.0
.9
1.1
1.1
1.0
.8
1.9
1.5
1.6
1.4
5.2
5.2
4.9
4.6
4.2
4.5
4.2
4.0
7.2
6.9
6.8
6.6
4.0
6.6
Not se asonally adju sted
Seasonal! p adjusted
1
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the
influence of employment shifts among occupations and industries.
9.9
6.5
5.7
4.9
3.9
3.2
3.3
4.8
4.8
4.6
1.3
1.4
.5
.6
1.0
1.0
1.2
1.0
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output p< r hour of
all persons
Period
Compens ation per
Hours of 2all
persi ns
Outf ut *
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
99.2
100.7
100.0
102.3
104.9
107.1
109.5
110.7
113.2
112.6
111.9
100.6
103.2
105.3
108.0
109.4
112.0
113.2
112.9
113.6
113.1
113.0
113.0
112.6
111.9
111.7
111.9
112.1
112.1
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
111.0
101.1
103.2
100.0
104.2
113.0
117.7
121.3
126.4
133.0
135.8
136.1
99.5
107.6
114.5
119.3
122.2
129.4
131.2
132.6
133.8
134.5
135.6
135.9
136.1
135.5
136.0
136.4
136.5
135.7
101.7
103.4
100.0
105.0
113.7
118.1
121.6
126.8
134.0
136.7
137.0
99.3
108.7
115.1
119.6
122.4
129.7
131.6
133.4
134.8
136.0
136.4
136.8
137.1
136.3
136.8
137.2
137.4
136.5
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
hoi r 3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real com pensation
per hour *
Business
sector
Nonfarm
business
sector
Unit lab or costs
Implic t price
defla tor 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
85.8
92.4
100.0
101.4
102.9
105.4
108.4
111.2
113.7
117.9
123.0
101.5
102.0
104.0
106.7
110.4
112.1
111.5
113.3
114.2
115.6
116.7
117.4
118.2
119.5
121.1
122.5
123.6
124.8
85.2
92.3
100.0
101.0
102.8
105.6
108.8
111.6
113.7
118.1
123.2
101.7
101.3
104.0
107.1
111.0
112.6
111.9
113.5
114.2
115.2
116.9
117.5
118.3
119.7
121.3
122.7
123.9
125.0
86.2
94.4
100.0
103.3
106.8
109.5
111.8
114.8
118.2
122.8
127.5
101.4
104.8
107.9
110.5
112.8
115.7
116.2
117.5
118.9
120.3
121.2
122.5
123.3
124.3
125.8
127.2
128.2
128.8
85.7
94.0
100.0
103.5
106.6
109.8
112.3
115.3
118.4
123.0
127.7
101.5
104.7
107.9
111.0
113.4
116.2
116.6
117.8
118.8
120.5
121.4
122.7
123.5
124.7
125.8
127.3
128.4
129.2
10.9
7.7
8.3
1.4
1.5
2.3
2.8
2.6
2.2
3.8
4.3
-2.0
6.5
3.1
5.0
3.8
2.5
2.8
4.6
5.4
4.7
3.7
3.8
11.0
8.3
8.4
1.0
1.8
2.8
3.0
2.5
1.9
3.9
4.3
-2.2
5.7
2.5
3.6
6.1
2.0
2.6
5.0
5.3
4.7
4.1
3.7
9.0
9.6
5.9
3.3
3.3
2.5
2.1
2.7
3.0
3.9
3.8
1.7
4.8
4.7
4.9
3.1
4.3
2.5
3.5
4.6
4.6
3.2
1.9
9.7
9.7
6.3
3.5
3.0
3.0
2.3
2.7
2.7
3.9
3.8
1.4
4.1
3.4
5.9
2.8
4.4
2.6
3.9
3.8
4.8
3.6
2.4
19f (2=100; ( [uarterly < ata seasoilally adjus ted
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990"*
1982: IV
1983: IV
1984: IV
1985: IV
1986: IV
1987: IV
1988: I
n
in
IV
1989: I
II
Ill
IV
1990: I
n
m
IV*..
101.8
102.5
100.0
102.0
108.1
110.9
111.9
115.5
119.1
122.3
123.6
98.9
104.7
109.2
111.7
112.9
117.0
117.3
119.1
119.5
120.5
121.7
122.2
122.7
122.8
123.7
123.9
123.9
123.0
85.1
93.0
100.0
103.8
108.0
112.8
118.7
123.1
128.6
132.9
137.7
102.1
105.3
109.5
115.2
120.8
125.5
126.3
127.9
129.7
130.8
131.8
132.7
133.1
133.8
135.3
137.0
138.6
139.8
85.1
93.1
100.0
104.0
108.1
112.5
118.2
122.4
127.8
131.9
136.5
102.1
105.2
109.6
114.6
120.3
124.8
125.5
127.1
128.8
130.0
131.0
131.6
132.1
132.9
134.2
135.8
137.4
138.7
99.7
98.8
100.0
100.6
100.4
101.2
104.5
104.5
104.9
103.4
101.7
100.6
100.5
100.4
102.0
105.5
105.0
' 104.8
104.9
105.1
r
104.8
' 104.4
103.5
' 103.0
' 102.5
* 101.8
r
102.2
101.7
100.8
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
r
104.2
104.3
r
104.3
104.2
r
103.8
' 102.7
102.3
101.9
r
101.0
r
!01.3
100.8
100.1
Pe rcent chan ge; quarte rly data a seasonall y adjusted annual rates
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990"*
1988: I
n
1989:
ffl
IV
I
n
m
IV
1990:
I
n
mr
rv *..
-0.2
1.5
-.7
2.3
2.5
2.0
2.3
1.1
2.2
-.5
-.6
4.6
-1.1
2.5
-1.6
-.5
.1
-1.6
-2.3
-.9
.6
.9
-.3
-0.3
1.0
-.9
2.9
2.1
1.3
2.0
1.0
2.5
-.7
Q
4.7
-.5
2.8
.2
-2.7
-.3
-1.0
-2.5
— 1.3
.3
.6
.3
-1.1
2.1
-3.1
4.2
8.4
4.2
3.1
4.1
5.3
2.1
.3
5.7
4.6
3.5
2.0
3.5
.9
.6
-1.8
1.4
1.2
.5
-2.4
-1.2
1.7
-3.3
5.0
8.3
3.9
3.0
4.2
5.7
2.0
.2
5.9
5.6
4.1
3.6
1.2
1.3
.6
-2.1
1.4
1.2
.4
-2.6
-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
A
2.3
.5
-.4
-2.2
-0.8
.7
-2.4
2.0
6.0
2.5
.9
3.2
3.1
r 2.7
i.o
1.1
6.1
1.3
3.4
4.0
1.6
1.6
.5
2.8
.9
-.2
-2.8
1
Output refers to gross domestic product originating in the sector in 1982 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price index for all urban consumers.
16
10.6
9.3
7.5
3.8
4.1
4.4
5.2
3.7
4.5
3.3
3.6
2.5
5.3
5.6
3.4
3.3
2.6
1.1
2.2
4.5
5.4
4.6
3.6
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
4.0
-2.5
-1.0
1.3
.6
-.2
.8
3.2
.1
.4
-1.5
-1.7
r
-.6
r
.6
T
A
-.9
r
-1.6
r
-3.3
r
-2.0
-1.8
r
-2.7
r
1.4
r
-2.1
-3.2
-2.5
-.8
1.2
.7
-.4
.5
3.2
-.1
.3
-1.5
-1.8
r
-.7
r
.5
M
-.5
r
-1.6
r
-4.2
r
-1.5
-1.6
r
-3.2
r
r
i.o
-2.0
-2.8
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
* Data do not reflect GNP revisions of March 27, 1991.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization fell again in February.
INDEX, 1987=100* (RATIO SCALE)
IJU
FINAL PFtODUCTS
125
INDEX, 1987 = 100* (RATIO SCALE)
115
110
TOTAL IN DUSTRIAL PRODUCTIC 3N
105
>—-1
100
95
-"•^ S
r-S"-^-*^*
N
120
^_r\ '
115 _
/^
no
90 Illllllllll ll|||llllll
Illllllllll Illllllllll
Illllllllll
/ ^'
/]
BUSINE ss
EQUIPM ENT /~^ CONSUMER
\
GOODS
k/
\ -•,
»*"
105
-.••"•^"x
\,
/T. V
115
MANUFA CTURING
-PRODUCT ION—^-= *^<~V^"^
y^
•~~ — J*~"
105
T- — y" DURABLE
100
)NDURABLE'
no
95 P
X
PRODUC TION
110
r
^ j
~^
j*t
J!*. " *~
/
V
,*" }^*
^f
f — ~«./ .
MINING
90 ll|||llllll ll|||llllll
1988
1987
,/
-•S
•/
yv_/S/^**"*
/X^^^-^v
v
Illllllllll
1989
•^/^"^
Illllllllll
Illllllllll Illllllllll Illllllllll
88 -CAPACI1•Y UTILIZAT ON RATE (TOTAL 1 NDUSTRY)_
86
UTILITIES
R
i
*
v
DEFENS E
AND SPA CE
— EQUIPMENT
PERCENT*
ll||lllllll Illllllllll Illllllllll Illllllllll
90
""-._
VO
Rfi ||||llll|||
115 h-UTILITIES AND MIN NG
[
x
S^~\
7^~
95
^^
/y \..
r~~^\-~^v
Rit
\
j
R?
80
Illllllllll Illllllllll
1990
1991
j-S
[—"~
/ y~1
78
'
76
Illllllllll
x^
\s~~^~\
\
V
^
1987
Illllllllll Illllllllll Illllllllll ||llllllll|
1991
1989
1988
1990
-SEASONALLY ADJUSTED
SOURCE: 8OARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
To tal
Industry prot uction indexes , 1987 = 100
indu strial
prodiiction
Period
Index,
1987 = 100
Percent
change
from year
earlier
Mining
Total
Durable
72.7
76.8
88.4
91.8
93.9
100.0
107.6
110.9
111.6
109.6
109.8
109.5
110.3
110.8
111.1
111.1
111.2
110.7
108.9
107.4
110.7
111.9
111.1
112.6
113.4
113 A
113.5
113.8
112.5
109.9
107.6
106.9
106.0
107.0
105.7
95.3
100.0
105.4
108.1
109.2
78.8
80.3
76.6
80.9
89.3
91.6
94.3
100.0
105.8
108.9
109.9
Novr
Dec r
108.5
108.9
108.8
109.4
110.1
110.4
110.5
110.6
109.9
108.3
107.2
.8
1.1
.2
1.0
1.6
2.4
2.1
2.2
2.0
.2
-1.3
1991: Jan r
Feb"
106.6
105.7
-.8
-2.6
1984
1985
1986
1987
1988
1989
1990 r
1990: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
1
Output as percent of rapacity.
75.7
77.4
Utilities
Nondurable
83.1
84.5
82.5
87.0
90.8
91.5
94.9
100.0
103.6
106.4
107.8
-1.9
1.9
-4.4
3.7
9.3
1.7
1.0
4.9
5.4
2.6
1.0
84.1
85.7
81.9
84.9
92.8
94.4
1980
1981
1982
1983
Capacity utilization
rate, p 3rcent l
Manufacturing
Total
industry
Manufacturing
109.0
101.0
100.0
101.8
100.5
102.5
95.9
94.3
91.8
93.6
97.0
99.5
96.3
100.0
104.4
107.1
108.0
80.3
79.2
81.4
84.0
84.2
83.0
78.8
72.8
74.9
80.4
79.5
79.0
81.4
83.9
83.9
82.3
108.3
107.2
107.5
107.4
107.6
108.1
108.1
108.0
108.4
107.7
107.2
101.0
101.1
102.9
102.2
102.2
104.0
102.4
103.9
102.6
103.3
103.2
104.0
106.2
106.7
107.1
109.7
109.7
111.4
110.3
109.2
106.9
108.5
83.3
83.4
83.2
83.4
83.8
83.8
83.7
83.6
83.0
81.6
80.5
83.0
83.0
82.5
82.9
83.1
83.1
82.9
82.8
82.2
80.7
79.4
106.8
106.5
102.5
103.3
107.6
104.1
79.9
79.1
78.8
78.0
110.0
114.3
109.3
104.8
111.9
82.1
80.9
75.0
75.8
81.1
80.2
Source: Board of Governors of the Federal Reserve Svstent.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; monthly data seasonally adjusted]
Produ cts
Mate rials
I'inal produc ts
Internlediate pro lucts
Ijquipment
Ci nsumer gc ods
Period
DeTotal
Total
Durable
goods
Nondurable
goods
Total
Total
l
ness
space
equipment
Construction
supplies
Busi-
Total
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
107.3
74.0
68.7
79.7
91.0
91.6
94.5
100.0
104.9
107.9
106.2
89.6
89.7
91.9
93.4
94.4
97.6
100.0
103.7
106.4
107.6
78.2
77.0
76.8
89.2
94.8
94.5
100.0
107.6
112.3
115.5
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
107.8
104.3
100.7
98.9
103.8
103.4
99.4
100.0
101.8
101.4
102.1
1990: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Novr
Dec '.
109.7
110.7
110.4
111.2
111.7
111.7
111.9
112.6
112.3
110.2
109.2
107.0
107.5
107.2
107.4
107.8
107.5
107.8
108.7
108.6
106.5
105.5
106.2
110.8
107.3
109.3
112.1
108.3
107.4
110.4
106.9
99.4
96.0
107.2
106.6
107.1
106.9
106.6
107.3
107.9
108.2
109.1
108.5
108.1
113.3
114.9
114.7
116.2
116.8
117.2
117.2
117.8
117.0
115.1
113.9
120.1
122.2
121.6
123.5
124 .4
125.0
125.4
126.4
125.4
122.9
121.6
97.6
97.5
97.3
97.6
97.6
97.8
97.7
97.3
97.3
96.2
95.8
108.4
108.2
108.0
108.3
108.3
108.4
107.9
107.4
107.0
106.2
106.1
108.2
107.3
106.4
105.5
106.0
106.7
105.3
103.8
103.1
101.8
100.8
108.5
108.9
109.1
110.2
109.8
109.5
109.7
109.9
109.7
109.2
109.9
107.1
107.1
!07.,?
107.7
108.8
109.6
109.7
109.4
108.3
106.8
105.2
101.7
102.0
101.8
101.1
102.1
103.3
103.0
103.0
102.3
101.6
101.6
1991: Jan '
Feb"
108.8
108.2
105.4
104.6
96.9
94.8
107.7
107.3
113.3
112.7
121.2
120.4
94.5
94.4
104.9
104.1
98.6
97.5
109.3
108.7
104.5
103.4
100.8
100.2
1
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987 — 100; monthly data seasonally adjusted]
Durable m mufactures
Primary metals
Period
Total
Iron
and
steel
No adurable manufacti ires
Transp ortation
equip ment
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber and
products
Appare!
products
Printing
and
publishing
Chemicals
and
products
Foods
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 r
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
126.6
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
112.0
89.2
81.8
87.5
91.4
91.4
94.6
100.0
105.4
108.5
110.2
86.5
87.7
90.1
92.1
94.9
97.4
100.0
102.8
105.5
107.6
1990: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Novr
Dec1:
107.9
105.4
106.4
106.2
109.5
110.3
114.6
111.6
108.6
109.1
104.0
110.6
106.1
106.7
105.5
110.3
110.6
118.3
113.9
110.3
112.6
107.0
105.6
105.5
105.0
107.1
106.7
107.7
107.9
106.8
106.4
104.3
101.8
124.2
125.2
125.7
126.9
127.5
128.3
128.8
128.5
128.1
126.3
125.0
111.0
112.3
111.3
112.4
112.8
112.2
112.5
112.5
110.8
110.4
108.7
103.5
107.9
105.1
109.0
111.0
109.3
107.9
111.1
109.2
100.1
96.6
94.1
103.5
95.8
104.0
108.0
102.7
101.0
107.5
103.8
85.8
78.5
104.3
105.0
103.3
101.7
102.0
103.6
100.5
100.3
98.2
95.5
93.3
102.1
99.8
98.7
99.2
99.3
99.2
98.8
98.4
97.2
95.5
94.7
112.1
111.4
112.0
112.8
112.0
111.4
110.9
111.6
112.9
112.4
113.3
110.5
109.5
110.3
109.2
110.3
110.4
111.1
110.9
110.7
110.0
108.9
107.4
107.1
107.0
106.8
106.1
107.1
107.7
107.6
108.8
109.6
109.1
1991: Jan '
Feb*
98.9
94.4
98.7
91.5
101.6
100.3
124.2
123.7
107.7
106.7
98.0
95.9
83.0
79.9
94.7
91.4
93.1
93.6
112.9
112.4
108.8
108.6
108.5
108.6
Source: Board of Governors of the Federal Reserve System.
18
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Constructio n contracts 3
Private
Period
Total new
construction
expenditures
iential
Total
New housing
units
Total '
Commercial
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(1S82=100)
Commercial
and industrial
floor space
(millions of
square feet)
I illions of dollars
1981
267.7
255.7
290.9
340.7
368.7
398.2
1982
1983
1984
1985
1986
1987
1988
1989
1990"
410.2
422.1
432.1
434.3
203.0
99.2
192.6
84.7
125.5
153.8
158.5
187.1
194.7
198.1
196.6
187.1
227.5
270.5
290.9
313.6
319.6
327.1
333.5
324.6
69.4
57.0
94.6
113.8
114.7
133.2
139.9
138.9
139.2
129.8
64.7
63.1
63.5
100
100
124
70.2
77.8
84.6
90.6
95.0
98.6
109.7
136
150
159
165
167
172
154
107.9
112.5
109.9
106.0
109.8
111.5
105.7
112.8
106.4
111.9
113.8
111.3
104.7
r
!69
r
!59
r
48.7
55.0
58.7
53.8
49.2
48.1
48.0
49.7
48.5
48.5
49.2
51.5
53.9
68.6
82.7
78.0
76.5
79.8
85.5
83.6
Annual rates
Annual rates
1990: Jan
Feb
Mar
Apr
May
446.0
455.6
457.3
444.7
443.8
441.1
June
July
437.0
436.3
423.9
423.3
Aug
Sept
Oct
Nov
Dec
1991: Jan "
Feb"
1
z
3
415.5
407.1
396.6
338.1
343.1
347.4
338.8
334.0
329.6
331.3
323.5
317.5
311.4
301.6
295.8
291.9
200.1
'140.0
203.0
206.9
200.2
144.6
145.3
140.0
136.6
130.5
129.2
127.0
123.3
121.4
117.4
114.5
107.7
196.1
189.5
187.1
184.4
179.7
176.8
169.5
165.5
161.3
52.9
51.9
53.3
53.0
53.4
54.3
54.7
55.0
55.8
55.0
55.2
52.4
53.6
85.0
88.2
87.2
85.6
84.5
85.8
89.4
84.1
82.0
79.6
76.9
77.8
77.0
!64
150
165
164
155
150
r
!47
r
!53
r
!48
r
!34
!34
r
133
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
919
690
756
955
1,097
1,016
1,019
973
961
747
871
809
818
768
782
694
624
653
693
639
660
555
602
658
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New pri\ ate homes
New private housing units
Period
Units started, bj type of structure
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
s
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,193.1
1 unit
2-4 units
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
91.1
80.0
113.5
121.4
93.4
84.0
65.3
58.8
55.2
37.6
5 or more units
287.7
319.6
522.0
544.0
576.1
542.0
408.7
348.0
317.6
260.7
Units
authorized
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,104.4
Units
completed
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
' 1,307.5
Homes sold
436
412
623
639
688
750
671
676
650
Homes for
sale at end of
period1
275
253
301
353
346
357
366
'368
r
363
r
535
319
627
365
366
363
363
Vacancy rate
for rental
housing units
(percent) 2
5.0
5.3
5.7
5.9
6.5
7.3
7.7
7.7
r
7.4
7.2
Seasonal y adjusted annu al rates
1990:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec r
1991:
Jan '.
Feb"
1,543
1,459
1,298
1,217
,208
,187
,155
,131
,106
1,026
1,130
971
850
989
1
Seasonally adjusted.
2
Quarterly data entered in last month of quarter. Series
earlier data.
1,078
1,127
988
901
897
890
876
835
858
839
769
751
652
771
53
41
35
51
38
41
31
30
35
22
54
17
28
49
I not comparable with
412
291
275
265
273
256
248
266
213
165
307
203
170
169
1,739
1,297
1,232
1,108
1,065
1,108
1,082
1,050
992
920
906
844
797
863
*
'
'
'
'
,504
,332
,371
,310
,351
T
,294
' ,312
' ,307
' 1,314
r
1,275
r
1,246
1,151
1,096
r
r
606
559
r
534
r
535
r
549
r
541
525
'504
r
465
'486
465
408
7.5
r
359
354
7.0
r
350
345
338
334
327
319
316
7.2
7.2
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
are for 16,000 places.
Seasonally adjusted housing completions and housing sales revised beginning 1988.
Source: Department of Commerce, Bureau of the Census.
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In January, manufacturing and trade sales fell 1.2 percent and inventories rose $3.3 billion. In February, according
to advance data, retail sales rose 0.8 percent, following a decline of 1.4 percent in January. (Series revised for
retail sales and inventories.)
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
260
800
700
^»—•>
^
240
-
-
^^—^
t\
^^1
^"1.
MANU FACTURINC3 AND
TRAD E INVENTC)RIES
s'
-XRE1FAIL INVENTORIES
^
180
600
-
^"**'*"
.„--'
500
-
^
160
-._--—'.
140
M/ ^NUFACTU ?ING
AN D TRADE ! ALES
.'"
, . „-*•"•'
-
JETAIL SAL ES
i
400
inn Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll
-
-
RATIO*
1.80
300
MANUFACTURING
AND TRADE
1.20
200 Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll
1987
1988
1990
1989
1.00
1991
1987
1991
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
and
Manufact uring
trae e 1
COUNCIL OF ECONOMIC ADVISERS
Sales
Period
Inventories 3
Sales2
Inventory-s ales ratio *
Re tail
Whol esale
InvenTotal
2
Durable
goods
stores
Inventories
3
Total
Durable
goods
stores
Nondurable goods
stores
61,101
64,939
69,377
73,075
75,738
80,457
r
85,332
90,797
96,039
134,493
147,712
167,748
181,773
186,587
208,112
219,791
238,159
242,563
61,469
69,025
79,250
88,464
90,197
105,738
112,254
120,663
120,629
73,024
78,687
88,498
93,309
96,390
102,374
107,537
117,496
121,934
93,775
94,816
94,847
94,366
94,417
95,924
95,991
97,284
97,962
97,771
98,559
97,348
235,725
234,711
235,591
235,914
237,711
237,445
239,657
242,893
243,217
244,901
244,550
242,563
117,421
117,185
117,743
117,589
118,485
118,830
120,165
123,271
123,559
124,048
122,947
120,629
"96,832
96,811
244,191
121,349
Nondurable goods
stores
Manufacturing
Retail
trade *
Millions of dollars, seasonally Etdjusted
1982
1983
1984
1985
1986
1987
1988
1989 r
1990 '
1990: Jan r
Peb r
Mar r.
Apr '.
May '
June '
July r
Aug r
Sept r
Oct '
Nov '
Dec r.
348,754
369,136
408,578
419,283
425,371
451,933
r
490,422
522,608
540,838
574,516
591,265
646,072
657,753
657,482
704,515
754,267
797,769
813,484
96,290
100,324
113,393
114,626
116,151
124,254
135,176
145,683
151,963
529,296
536,671
539,818
534,540
539,924
543,152
540,912
552,367
548,168
552,010
544,146
530,645
798,838
796,727
796,698
799,117
803,296
799,397
805,408
810,193
813,512
816,857
818,633
813,484
151,678
151,620
152,383
151,458
152,302
153,549
152,333
155,586
152,365
152,824
150,519
149,435
1991: Jan"
Feb"
524,286
816,833
145,219
1
2
3
4
See page 21 for manufacturing.
Monthly average for year and total for month.
End of period.
Annual data are averages of monthly ratios.
20
89,114
128,196
97,570
130,906
143,557
107,316
148,484
114,642
154,713
120,860
165,271 128,509
180,313 ' 137,613
188,528 145,146
195,990 150,602
188,987
150,914
188,847
150,579
189,361 150,136
190,903 148,823
193,201 148,759
150,143
191,259
192,466 150,745
193,002
151,135
193,314
152,512
194,505 152,191
195,940
152,711
195,990 149,750
28,013
32,631
37,938
41,567
45,121
48,051
T
52,281
54,349
54,563
57,139
55,763
55,289
54,457
54,342
54,219
54,754
53,851
54,550
54,420
54,152
52,402
197,766 ' 147,633
148,869
r
50,801
52,058
118,304
117,526
117,848
118,325
119,226
118,615
119,492
119,622
119,658
120,853
121,603
121,934
1.67
1.56
1.53
1.56
1.55
1.51
1.49
1.50
1.49
1.51
1.48
1.48
1.49
1.49
1.47
1.49
.47
.48
.48
.50
.53
.49
.44
.49
.52
.56
.55
.55
.60
.59
.56
.56
1.57
1.59
1.60
1.58
1.59
1.61
1.59
1.61
1.60
1.62
122,842
1.56
1.65
Note.—Retail sales revised beginning 1988 and retail inventories revised beginning 1989. Manufacturing and trade aeries reflect those revisions. Wholesale and manufacturing series will be revised
in the April 1991 issue of Economic Indicators.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In January, manufacturers' shipments and inventories were about unchanged while new and unfilled orders fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
280
440 —INVENT*DRIES
240 I-SHIPMENTS
200
360
n^
_-—— -1
TOTAL
160
DURABLE GOODS
120
-
\
____. _-—-—""
DUR/ kBLE GOOC)S
NONDURABLE GOODS
80
-r~
120
NONE URABLE G 3ODS
60
imilmn
Illllllllll Illllllllll
BILLIONS OF DOLLARS* (RATIO SCALE)
280
240
NEW OR DERS
Illllllllll Illllllllll llll|||llll Illllllllll Illllllllll
200 7—=
TOTAL
160
DUR *BLE GOO
RATIO*
2.20
>s
^L*"~-3
.V-"' ,
170
.<
•""
'""
::-- -v-
'—
NOND URABLE &DODS
INVENTC3RY-SHIPM ENTS RATIC5
_
_
1.80
'"
^-—--.
«•"».
^—.
A.
_
IN.
.
~~*S
^
1.40
Illllllllll Illllllllll Illllllllll Illllllllll
1987
1988
1989
1990
1,,,,,
1.20
111 1 1 | I\ \ 1 I
1987
1991
1989
1988
1990
council or ECONOMIC ADVISEDS
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manilla•cturers' ship nents l
11 .anufacturers new orders i
2
Manufa 3turers' invefl tones
Durabl e goods
Period
Durable
goods
Total
1991
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable goods
Manufacturers'
unfilled
orders 2
Manufacturers'
inventory —
shipments
ratio "
Millions of do liars, seaso lally adjust ed
1982
1983
1984
1985
1986
1987
1988
1989
1990 r
163,350
171,242
187,869
190,016
188,360
199,170
217,632
231,780
238,273
79,352
84,956
96,623
99,019
99,989
105,291
115,684
122,668
123,726
83,998
86,286
91,246
90,996
88,371
93,879
101,948
109,112
114,547
311,827
312,647
334,767
327,496
316,182
331,132
354,163
371,082
374,931
200,825
200,406
218,771
214,066
208,313
216,598
233,666
246,222
244,516
111,002
112,241
115,996
113,430
107,869
114,534
120,497
124,860
130,415
162,273
174,122
189,791
190,918
188,663
201,966
221,627
235,614
238,801
78,338
87,600
98,581
99,843
100,166
107,770
119,634
126,557
124,340
21,661
22,098
26,243
27,067
26,551
29,707
35,028
38,821
38,155
83,935
86,522
91,209
91,075
88,497
94,197
101,993
109,057
114,461
314,270
349,419
372,586
383,181
387,065
421,243
468,860
514,499
520,345
1.95
1.80
1.74
1.74
1.70
1.62
1.58
1.58
1.57
1990: Jan
Feb
Mar
Apr
May
Oct
Nov
Dec r.
226,704
234,472
237,299
234,259
238,863
239,460
237,834
245,646
243,291
246,995
240,916
231,460
116,716
123,224
125,089
122,031
126,507
127,283
125,090
128,619
124,315
126,196
121,402
116,794
109,988
111,248
112,210.
112,228
112,356
112,177
112,744
117,027
118,976
120,799
119,514
114,666
374,126
373,169
371,746
372,300
372,384
370,693
373,285
374,298
376,981
377,451
378,143
374,931
248,273
247,095
245,435
246,609
246,530
244,902
246,456
246,653
246,926
246,818
247,800
244,516
125,853
126,074
126,311
125,691
125,854
125,791
126,829
127,645
130,055
130,633
130,343
130,415
227,572
231,759
241,071
236,026
241,102
236,578
240,238
244,355
243,903
250,117
235,724
234,601
117,909
120,782
128,872
123,609
128,737
124,692
128,094
126,979
124,972
129,458
116,322
119,877
38,347
36,094
40,889
36,573
35,928
36,192
39,840
35,871
38,293
41,633
35,763
42,111
109,663
110,977
112,199
112,417
112,365
111,886
112,144
117,376
118,931
120,659
119,402
114,724
515,367
512,654
516,426
518,193
520,432
517,550
519,954
518,663
519,275
522,397
517,205
520,345
1.65
1.59
1.57
1.59
1.56
1.55
1.57
1.52
1.55
1.53
1.57
1.62
1991: Jan"
231,434
118,295
113,139
374,876
244,499
130,377
230,601
38,197
112,829
519,512
1.62
June
July
Aug
Sept
1
r
Monthly average for year and total for month. Shipments are the same as sales.
2
End of'period.
3
Annual data are averages of monthly ratios.
r
117,772
r
NOTE.—Data here are as published through March 5, 1991. Benchmark revisions will be published in the April 1991 issue of Economic Indicators.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In February, the producer price index for all finished goods fell 0.6 percent. Prices of finished consumer foods rose
0.2 percent while prices of other finished consumer goods fell 1.3 percent. Capital equipment prices rose 0.2
percent.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982= 100 (RATIO SCALE)
130
130
120
)120
110
110
100
100
CONSUMER GOODS
EXCLUDING FOODS
90 U
1983
1984
1990
1991
COUNCIL OF ECONOMIC ADVISERS
SOURCE, DEPARTMENT OF LABOR
[1982=100; monthly data seasonally adjusted]
Fin shed goods
Internlediate ma terials
F nished go ads excluding consumer foo ds
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990"
1990: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct r
Nov
Dec
1991: Jan
Feb
1
Total
finished
goods
96.1
100.0
101.6
103.7
104.7
103.2
105.4
108.0
113.6
119.2
117.4
117.3
117.2
117.6
117.6
118.0
119.3
120.8
122.3
122.8
122.1
122.0
121.3
Consumer
foods
97.8
100.0
101.0
105.4
104.6
107.3
109.5
112.6
118.7
124.4
124.8
124.2
123.4
123.9
123.7
124.3
125.0
124.4
125.1
125.4
124.8
124.4
124.7
Total
Durable
Nondurable
Capital
equipment
96.1
100.0
96.4
100.0
102.8
104.5
95.8
100.0
100.5
101.1
101.7
93.3
94.9
97.3
103.8
111.5
108.0
107.4
107.6
108.3
107.8
108.1
111.1
115.0
118.6
119.3
117.3
116.7
114.5
94.6
100.0
102.8
105.2
107.5
109.7
111.7
114.3
118.8
122.9
121.4
121.9
122.1
122.2
122.7
123.0
123.4
123.8
124.1
124.4
124.8
125.2
125.5
Total
95.6
100.0
101.8
103.2
104.6
101.9
104.0
106.5
111.8
117.4
115.0
114.9
115.1
115.5
115.6
115.9
117.5
119.6
121.4
122.0
121.2
121.2
120.2
Intermediate materials for food manufacturing and feeds.
22
Total
consumer
goods
Total
Poods
and
feeds '
96.6
100.0
101.3
98.6
100.0
104.6
100.0
100.6
103.1
102.7
99.1
101.5
107.1
112.0
114.5
112.7
112.7
112.8
112.9
112.8
112.8
114.3
116.1
117.9
118.0
117.1
116.5
115.7
103.6
105.7
97.3
96.2
99.2
109.5
113.8
113.4
112.6
113.0
114.0
115.1
114.4
114.4
114.2
113.1
113.0
111.7
111.9
110.5
112.3
finished
Consumer g >ods
101.2
102.2
103.3
98.5
100.7
103.1
108.9
115.2
112.3
112.0
112.2
112.8
112.6
112.9
115.0
118.1
120.6
121.3
119.9
119.7
118.2
106.5
108.9
111.5
113.8
117.6
120.4
119.0
119.4
119.5
119.8
120.4
120.9
120.7
121.6
121.2
121.8
122.2
123.0
123.5
Cnade mater als
103.3
103.8
101.4
103.6
106.2
112.1
118.2
116.4
116.1
115.9
116.4
116.3
116.6
118.3
120.2
122.1
122.6
121.5
121.3
120.3
Other
Total
98.2
100.0
100.5
103.0
103.0
99.3
101.7
106.9
111.9
114.5
112.7
112.6
112.8
112.8
112.7
112.7
114.3
116.3
118.2
118.4
117.4
116.9
115.9
103.0
100.0
Source: Department of Labor, Bureau of Labor Statistics.
101.3
103.5
95.8
87.7
93.7
96.0
103.1
108.9
107.2
105.4
102.8
103.1
100.6
101.0
110.2
115.6
125.4
117.7
111.2
114.1
104.8
Foodstuffs
and
feedstuffs
103.9
100.0
101.8
104.7
94.8
93.2
96.2
106.1
111.2
113.2
114.9
115.0
115.0
113.1
113.9
114.3
112.9
111.6
111.9
110.9
110.1
108.5
108.5
Other
101.8
100.0
100.7
102.2
96.9
81.6
87.9
85.5
93.4
101.3
97.6
94.8
90.8
92.3
88.0
88.4
103.6
112.8
127.9
116.5
106.8
112.1
98.3
CONSUMER PRICES—ALL URBAN CONSUMERS
In February, the consumer price index for all urban consumers rose 0.2 percent, seasonally adjusted (0.1 percent
not seasonally adjusted). The index was 5.3 percent above its year-earlier level.
INDEX, 1982-84= 100 (RATIO SC ALE)
INDE X, 1982-84=1 30 (RATIO SCA LE)
150
150
SE/iSONMLY ADJUS TED
140
140
130
130
^
CONS UMER PRICES--ALL ITEMS
S^
120
120
\
^-^"*
110
-^~ -"'
110
^
_^-—1
^-^
100
100
•^^
^
90
90
80
iiMiJnm
Illllllllll
1983
1984
mi|
1985
I l l l l l l l l l l Illllllllll Illllllllll Illllllllll Illllllllll
1986
1987
1990
1989
1988
SEE NOT6 ON TABIE BELOW
SOURCE. DEPA.RTMEN OF LABOR
i
80
1991
CaUUCtt.Of COUOfMC MWIStRS
[1982-84—100, except as noted; monthly data seasonally adjusted, except as noted]
Hoi sing
All it ems *
T
ansportat
on
All
She Her
Not
Period
seasonally
adjust-
ed
(NSA)
Season-
HomeFood
ers'
Total '
ally
adjust-
Total
ed
Rel. imp.3...
100:0
16.2
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
Feb
Mar
Apr
90.9
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
93.6
97.4
99.4
103.2
105.6
109.0
113.5
118.2
125.1
132.4
41.4
90.4
96.9
99.5
103.6
107.7
110.9
114.2
118.5
123.0
128.5
90.5
96.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
140.0
May...
June
July
Aug
Sept
Oct
Nov
Dec
1991:
Jan
Feb
27.7
costs
(Dec
1982 =
100)
7.9
owners'
Maintenance
costs
and
(Dee.
1982 =
100)
repairs
19.5
Fuel
Appar-
and
el and
other
utilities
upkeep
7.3
86.4
94.9
100.2
104.8
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
4.1
108.5
102.8
99.4
97.9
98.7
77.1
80.2
80.9
88.5
101.2
6.4
82.9
92.5
100.6
106.8
113.5
122.0
130.1
138.6
149.3
162.8
8.2
48.0
97.7
99.2
99.9
100.9
101.6
88.2
88.6
89.3
94.3
102.1
88.3
95.1
100.0
105.0
109.0
112.7
117.0
121.9
127.3
133.5
MediTotal '
New
cars
Motor
fuel
cal
care
Ener-
gy 2
0.2
103.0
108.6
115.4
121.9
102.5
107.3
113.1
119.4
128.1
133.6
138.9
146.7
124.8
131.1
137.3
144.6
ter,
energy
(NSA)
90.7
96.4
99.9
103.7
106.5
107.9
111.8
114.7
118.0
122.2
items
less
food,
shel-
106.5
104.1
103.0
104.4
107.8
111.6
6.1
95.3
97.8
100.2
102.1
105.0
105.9
110.6
115.4
118.6
124.1
128.0
128.7
128.9
129.2
129.9
130.4
131.6
132.7
133.5
133.8
133.8
128.2
128.7
129.0
129.2
130.0
130.5
131.6
132.6
133.4
133.8
134.2
131.1
131.3
131.2
131.2
132.1
132.8
133.2
133.6
134.1
134.7
134.9
126.3
126.8
127.1
127.3
128.0
128.6
129.3
130.0
130.4
130.6
130.8
136.7
137.6
138.1
138.3
139.5
140.5
141.3
141.8
142.0
142.3
142.8
143.4
143.2
143.8
143.3
144.8
146.5
147.6
148.2
148.8
149.5
150.5
141.2
142.5
143.0
143.2
144.7
145.5
146.3
146.8
146.8
146.9
147.3
120.8
121.2
121.2
122.2
121.8
122.1
121.2
124.6
123.4
123.9
123.8
110.6
110.6
110.4
110.4
110.5
109.9
111.1
112.6
113.8
114.2
113.7
122.9
124.0
123.9
123.9
124.1
124.4
124.8
125.5
125.1
125.3
125.7
117.4
117.3
117.6
117. 6
118.1
118.4
120.7
123.4
125.8
126.5
126.9
121.9
120.6
120.6
120.6
120.6
120.5
120.9
121.1
121.2
121.5
122.0
92.8
91.7
92.2
91.8
93.3
93.2
101.2
110.2
118.0
118.5
117.7
157.4
158.5
159.8
161.0
162.1
163.5
165.0
166.1
167.5
168.7
170.1
97.5
96.8
96.8
96.5
97.1
96.8
101.0
106.4
110.9
111.4
110.9
131.4
132.0
132.4
132.8
133.2
133.8
134.4
135.0
135.5
136.0
136.5
134.6
134.8
134.8
135.1
135.7
135.4
131.9
132.5
143.9
144.6
153.0
154.2
147.9
148.4
124.1
125.1
115.5
115.1
126.9
128.9
125.4
124.0
123.6
124.2
110.0
102.0
171.2
172.4
108.2
103.9
137.6
138.8
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
also included through 1982.
3
Relative importance, December 1990.
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 and 1988 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Cht nge from pr eceding peri
d
Change from 3 mont] s earlier, ann ual rate
Change from 6 mont] s earlier, ann ual rate
Consum r goods
Consum r goods
Consum r goods
Period
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Total
finished
goods
Excluding
foods
Foods
Capital
equipment
Change
from
rear
earlier.
total
finished
goods
NSA
Cha nge, Dec. o Dec., N 5A
7.1
3.6
.6
1.7
1.8
-2.3
2.2
4.0
4.9
5.6
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
8.5
1.5
2.0
2.3
3.5
.6
2.8
o
5.7
5.2
2.5
9.2
3.9
2.0
1.8
2.7
2.1
1.3
3.6
3.8
3.4
9.2
4.1
1.6
2.1
1.0
-1.4
2.1
2.5
5.2
4.9
a ange, month to month
-0.1
-.1
1
.3
0
.3
1.1
1.3
1.2
.4
-.6
1990: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
g
O
— .2
— .1
-.6
1991: Jan....
Feb
0.3
.4
.2
.1
.5
.6
-.5
.6
.2
-.5
-0.8
-.3
.2
.5
-.2
.3
1.9
2.7
2.1
.6
-1.2
1.0
-.5
-.6
.4
-.6
2.9
-1.6
2.9
3.6
2.3
2.6
1.3
1.3
9.4
5.9
-3.5
1.8
2.2
2.5
8.0
21.0
30.2
23.8
6.2
4.4
3.7
2.7
2.7
3.0
4.0
3.6
3.6
3.3
3.3
.3
.2
-1.0
-4.8
— 2.2
-2.2
-3.0
-9.8
3.6
3.6
.4
-1.3
.2
.2
.3
.3
.2
.2
.3
9.4
6.4
-1.0
.7
1.0
2.8
5.9
11.3
15.4
12.3
4.4
15.4
8.8
3.4
1.8
11.2
15.5
15.6
13.4
3.5
3.5
3.0
3.5
3.3
3.3
3.1
3.3
3.6
3.5
5.1
4.5
3.7
3.1
3.1
3.6
5.2
6.0
6.4
7.0
5.6
.2
-.5
12.4
5.6
3.6
3.4
3.7
3.2
10.4
9.7
5.9
7.0
5.7
4.2
4.9
3.7
.9
3.3
6.1
8.9
9.0
7.8
7.1
4.6
3.7
5.5
4.0
5.9
3.5
1.1
.3
.3
2.8
-.5
4.9
2.4
6.9
3.4
3.6
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]
Ap-
Shelter
Period
All
items *
Food
Total '
Total '
Benters'
costs
Adden dum: All ite us, percent Change
(annul 1 rate)
Tr ansportati on
Housing
Homeowners'
costs
Fuel
and
other
utilities
parel
and
upkeep
MediTola] 1
New
Motor
cal
care
Ener2
gy
All
items
less
food,
shelter,
and
energy
From
previter 3
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
change, I ecember to Dec smber, > SA
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
8.9
3.8
3.8
3.9
3.8
1.1
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
5.1
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.5
5.1
5.9
4.6
5.3
4.7
5.1
4.7
14.4
9.7
1.8
4.2
1.8
5.6
1.6
2.9
3.2
4.0
3.5
1.6
2.9
2.0
2.8
.9
4.8
4.7
1.0
5.1
10.9
1.8
3.9
3.1
2.6
5.9
6.1
3.0
4.0
10.4
6.1
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
6.1
5.0
4.3
3.7
3.3
3.8
4.7
4.1
5.2
0.8
.7
.8
.8
.7
.9
.9
.7
.8
.7
.8
1.0
Y
0
.3
.6
.3
4.3
5.3
4.2
.5
— .4
0.8
.5
.3
.3
.3
.5
.4
.4
.4
.4
.4
.6
.7
-2.4
4.0
.8
.9
9.4
6.8
1.5 -6.5
3.4 -1.7
2.5 -2.4
3.4
3.1
5.9 -30.7
18.7
1.8
2.1 -2.1
6.8
2.3
36.5
1.4
12.5
11.0
0.1
-1.2
.5
6.4
10.3
9.4
6.2
3.2
4.3
3.6
1.9
3.6
4.1
4.8
5.4
Che nge, month to nlonth
1990: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
0.5
.4
.2
.2
.6
1991: Jan
Feb
.S
.3
0.7
.2
-.1
0
.7
.5
.3
.3
.4
.4
.1
0.2
.4
.2
.2
.5
.5
.5
.5
.3
.2
.2
0.4
.7
.4
.1
.9
.7
.6
.4
.1
.2
.4
1.1
— .1
.4
.3
.3
1.2
.8
.4
.4
.5
.7
0.1
.9
.4
.1
1.0
.6
.5
.3
0
.1
.3
0.7
0
__ 2
0
.1
.5
1.1
1.4
1.1
.4
-.4
2.8
.9
.1
0
.2
.2
.3
.6
-.3
.2
.3
.4
.2
.6
-.2
.8
.5
.8
.5
1.7
.8
.4
.3
1.6
.3
1.0
1.6
.4
.8
.8
.6
11 i j
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc,,
also included through 1982.
24
0.3
.4
.3
1.9
2.2
1.9
.6
.3
0.3
-.2
0
0
0
— .1
.3
.2
.1
.2
.4
-1.2
— 1.1
1.3
.5
— .1
.3
0
A
1.6
-.1
8.6
8.9
7.1
.4
-.7
-6.5
-7.3
7.5
3.8
7.0
6.9
• the last month of the quarter.
Quarterly changes are shown in
Source: Department of Labor, Bureau of Labor Statistics.
7.5
7.5
4.5
3.2
4.1
4.7
7.6
8.2
9.2
6.9
4.9
5.3
5.8
4.6
5.4
6.2
6.9
7.2
6.6
5.3
5.2
4.7
4.4
4.7
4.8
5.6
6.2
6.3
6.3
6.1
4.3
3.9
6.7
5.4
5.7
5.3
5.9
6.2
5.8
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in February fell 0.7 percent from their January level. Prices paid by farmers in January
were unchanged from their October level. (Data are not seasonally adjusted.)
INDEX, 1977= 100 (RATIO SCALE)
INDEX, 1977= 100 (RATIO SCALE)
180
180
160
160
TV
PRICES PAID
140
140
-X
120
120
PRICES RECEIVED
100
100
80
80
Illllllllll
RATIO-!/
Illllllllll
Illllllllll
Illllllllll
llllll Illllllllll
RATION
140
80
60
1983
1/BATIO Of INDEX Of PRICES RECEIVED TO INDEX Of PRICES PAID.
SOURCE: DEPARTMENT OF AGRICUITURE
COUNCIL Of ECONOMIC ADVISERS
[1977 = 100; not seasonally adjusted]
FVices paid by farmer•s
Pri ces received by farm ers
Period
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio 2
134
121
128
138
120
107
106
126
134
128
143
145
141
146
136
138
146
150
160
171
150
159
161
164
162
159
162
170
178
184
151
158
159
161
156
150
152
160
167
172
148
153
152
155
151
144
148
157
165
171
92
84
84
87
79
77
78
82
83
82
133
129
131
134
130
130
125
123
120
124
121
169
171
170
173
173
173
174
173
171
166
164
(3)
(3)
Get
Nov
Dec
151
150
151
154
152
152
150
148
146
145
143
(3)
(3)
171
(3)
(3)
171
(3)
(3)
174
(3)
(3)
170
(3)
(3)
170
(3)
(3)
174
(3>
(3)
83
83
83
84
83
83
82
80
78
TO
76
Jan
Feb
145
144
123
122
166
166
173
(3)
78
77
Feb
Mar
Apr
May
June
July
Aug
Sept
1991:
Livestock and
products
139
133
135
142
128
123
127
138
147
150
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
All farm
products
All commodities,
services,
interest, taxes,
and wage rates '
1
Includes items not shown separately.
2
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
183
(3)
(3)
184
(3)
(3)
187
(3)
(3)
187
(3)
(3)
(3)
174
(3)
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977 = 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
In February, 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
3,200
3,200
2,800
2,800
M2
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
800
800
600
mill i
1983
t984
1986
1985
1988
1987
1990
1989
• 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]
Ml
Period
M2
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
KPs and
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
MS
L
Debt
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average) *
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
3,330.5
2,234.1
2,441.7
2,693.3
2,986.2
3,201.6
3,492.6
3,677.4
3,919.1
4,055.2
r
4,113.1
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
4,964. 3
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
T
10,450.0
1990:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dee
795.4
801.1
804.7
807.7
807.5
811.5
810.7
816.5
821.8
821.2
823.3
825.4
3,233.6
3,255.0
3,269.6
3,279.9
3,282.8
3,290.6
3,295.4
3,309.4
3,321.3
3,325.2
3,325.8
3,330.5
4,061.4
4,073.1
4,077.2
4,082.7
4,082.7
4,085.8
4,089.2
4,103.1
4,108.3
4,111.1
r
4,110.7
r
4,113.1
4,895.3
4,902.9
4,914.6
4,920.5
4,903.2
4,922.8
r
4,926.9
r
4,934.1
' 4,955.6
r
4,956.2
r
4,960.7
r
4,964.3
r
9,833.5
r
9,895.4
9,965.8
' 10,023. 3
' 10,066.6
' 10,122.2
' 10,182.7
' 10,254.3
' 10,312.8
' 10,353.1
' 10,405.9
' 10, 450.0
1991: Jan
Feb"
826.7
836.4
4,973.6
' 10,490.4
r
3,333.4
3,357.3
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earli-
26
r
4,124.2
4,160.6
r
Pern nt change from yeai or 6
months earlier 2
Ml
6.8
8.7
9.9
5.9
12.3
16.8
3.5
4.9
.9
4.0
4.1
5.4
5.9
5.0
4.7
4.5
3.8
3.8
4.3
3.3
3.9
3.4
3.9
4.9
er at a simple annual rate.
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
M2
M3
10.0
12.4
8.9
9.3
12.0
10.3
10.9
8.6
8.2
9.4
3.5
5.5
5.0
3.3
6.7
6.8
6.8
6.1
5.0
4.2
3.8
3.3
3.2
2.8
2.6
2.4
2.3
2.9
7.2
9.1
5.3
6.6
3.5
1.4
2.8
3.0
r
r
9.9
9.2
11.2
14.4
13.6
12.7
9.3
9.1
7.5
r
6.7
r
6.9
r
1.5
1.4
1.4
1.3
6.8
'7.0
6.9
r
6.5
r
6.8
r
7.1
r
7.3
'7.0
r
6.6
r
6.7
r
6.5
1.7
6.0
2.9
2.7
r
2.1
1.5
1.4
'1.5
r
Debt
2.8
r
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Currency
Demand
deposits
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net,
plus
overnight
Eurodollars
Money market
mutua fund
balan ces l
General
purpose
and
broker/
dealer
Institution
only
Money
market
deposit
accounts
(MMDAs)
Small
denomination
time
deposits 2
Savings
deposits
Large
denomination
time
deposits 2
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
NSA
Dec
Dec
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Dec
122.6
132.5
146.2
156.0
167.8
180.7
196.9
212.0
222.2
246.4
231.3
234.0
238.5
243.9
266.6
301.9
286.5
286.3
278.7
276.9
78.2
103.5
131.6
147.1
179.5
235.3
259.3
280.7
285.2
293.7
36.6
39.9
55.6
60.6
73.5
82.3
83.2
83.4
77.4
73.9
150.6
185.2
138.8
167.9
176.7
208.3
221.7
241.1
313.6
347.7
1990: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
224.5
226.6
228.4
230.3
231.9
233.7
235.7
238.4
241.5
243.9
245.0
277.6
279.4
278.9
278.1
275.8
276.3
275.6
278.0
279.1
277.1
277.2
276.9
285.8
287.5
289.8
291.7
292.0
293.7
291.7
292.1
293.0
291.8
292.8
293.7
81.5
82.4
81.9
79.4
83.2
82.4
1991: Jan
Feb"
251.6 272.9
255.1 276.2
293.9
296.8
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
246.4
1
Data prior to 1983 are not seasonally adjusted.
2
Small denomination and large denomination depo
$100,000 and more than $100,000, respectively.
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
63.9
83.8
88.9
86.9
101.9
125.7
0.0 343.9
43.2 356.8
379.2 305.5
418.2 286.5
514.5 300.4
572.3 368.3
524.9 412.0
501.4 424.4
486.1 404.1
505.9 r410.7
823.2
850.9
784.1
887.7
883.4
855.5
917.7
1,031.8
1,145.9
1,164.9
303.0
327.3
327.7
417.7
437.3
439.9
489.2
542.3
563.5
r
507.1
35.3
33.4
49.9
57.6
62.4
80.5
106.1
121.8
98.8
90.2
67.5
81.7
91.5
82.9
76.5
83.8
91.0
106.0
81.0
r
69.8
67.8
68.0
71.1
74.2
79.5
91.8
100.6
109.3
117.5
126.0
149.4
183.6
212.0
260.8
298.2
280.2
253.5
270.6
327.4
r
331.9
40.0
44.5
45.0
45.4
42.0
37.1
44.5
40.1
40.7
r
34.7
105.3
113.7
133.2
160.8
207.6
231.4
261.0
336.8
349.2
r
358.8
82.6
81.5
83.5
77.7
73.9
318.4
.324.2
325.9
327.0
325.3
327.5
329.2
335.8
339.2
341.7
343.0
347.7
102.5
103.4
105.2
106.9
107.6
108.1
109.8
114.0
116.2
119.6
120.5
125.7
488.2 406.0
491.8 408.7
495.7 410.2
499.3 411.5
500.5 411.3
502.3 411.8
503.4 412.7
505.9 412.7
507.4 412.3
506.7 411.5
506.8 411.1
505.9 r410.7
1,146.5
1,146.8
1,149.9
1,152.2
1,153.5
1,154.6
1,156.8
1,158.3
1,159.9
1,162.2
1,162.9
1,164.9
560.0
554.9
549.3
543.7
540.5
538.0
535.0
529.2
521.9
515.1
512.5
r
507.1
97.5
100.5
98.4
98.2
99.3
102.2
100.5
102.0
98.3
95.6
95.7
90.2
74.2
68.4
66.7
65.3
67.1
64.4
65.1
68.2
69.4
71.1
r
69.6
r
69.8
117.9 330.7
118.4 327.3
119.2 336.9
119.9 329.9
120.7 315.4
121.4 331.7
122.2 r334.3
123.0 r329.8
123.8 r333.8
124.5 ' 330.4
125.2 r332.9
126.0 r331.9
40.3
38.5
37.2
36.0
35.4
34.7
33.0
32.3
31.8
32.6
34.0
r
34.7
345.0
345.6
344.1
351.9
349.1
349.1
348.2
345.9
357.9
357.6
357.9
' 358.8
71.5
71.0
356.3
360.5
130.1
139.3
505.1
511.4
l , 163.7
1,162.6
r
r
r
126.7
35.9
353.6
84.0
r
Savings
bonds
38.0
51.1
42.8
62.1
are those issued in amounts of le i than
412.0
415.5
r
511.5
515.1
88.5
87.0
69.3
709
333.1
NOTE.—Travelers checks of nonbank issuers are a component of money stock but art 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]
A djusted for ch anges in resei•ve requiremer ts
Borro wings of dep ository
instituti ons from the Federal
IDeserve (NSj!0
Re serves of depo sitory institut ons
Period
Total
Nonborrowed
Nonborrowed plus
extended
credit
Required
Monetary
base
Total
Seasonal
Extended
credit
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
33,401
35,315
37,388
39,184
42,235
48,373
58,023
58,593
60,593
60,033
60,526
31,711
34,679
36,754
38,410
39,049
47,055
57,197
57,815
58,877
59,767
60,200
31,714
34,827
36,940
38,412
41,653
47,554
57,499
58,298
60,121
59,787
60,223
32,887
34,996
36,888
38,623
41,380
47,336
56,653
57,546
59,545
59,110
58,861
152,525
160,936
172,947
188,275
201,673
219,350
241,427
258,055
275,238
284,946
309,729
1,690
636
634
774
3,186
1,318
827
777
1,716
265
326
116
54
33
96
113
56
38
93
130
84
76
3
148
186
2
2,604
499
303
483
1990: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
59,896
60,215
60,297
60,275
59,783
59,732
59,322
59,746
60,082
59,609
59,763
60,526
59,456
58,768
58,173
58,647
58,448
58,850
58,565
58,819
59,457
59,199
59,532
60,200
59,482
59,302
60,123
60,051
59,324
59,196
58,845
58,947
59,464
59,217
59,557
60,223
58,880
59,227
59,436
59,379
58,820
58,958
58,460
58,879
59,173
58,763
58,816
58,861
287,420
289,583
291,620
293,503
294,628
296,467
298,012
301,079
304,465
306,381
307,756
309,729
440
1,448
1,628
1,335
881
757
927
624
410
230
326
47
51
78
122
244
311
389
430
418
335
162
76
26
535
1,950
1,403
875
346
280
127
6
18
24
23
1991: Jan r.
Feb"
60,838
61,336
60,304
61,084
60,331
61,118
58,670
59,525
314,472
318,772
534
252
33
37
27
34
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
2,124
1,244
20
23
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases fell 0.2 percent in January. Commercial and industrial loans fell 0.6
percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,800
ALL COMMERCIAL BANKS
2,400
2,800
2,400
2,000
2,000
1,600
1,600
LOANS AND LEASES
1,200
1,200
800
800
400
400
U.S. GOVERNMENT SECURITIES
V-l
OTHER SECURITIES
l\
200
200
160
160
ii 111 him
120
1983
1984
120
1985
1987
1986
1989
1988
1990
1991
- SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Billions of dollars, seasonally adjusted *]
Adl comme cial ban ks
Loans an [ leases
Period
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dee
Dec
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dec
1991: Jan"....
Total
loans and
securities 2
U.S.
Government
securities
Other
securities
1,307.2
1,400.5
1,552.1
1,722.2
179.3
201.7
259.2
260.2
1,909.6
2,093.5
2,238.9
2,421.7
2,589.0
2,723.6
2,600.0
2,615.1
2,633.2
2,648.1
2,655.4
2,670.1
2,683.0
2,704.9
2,708.0
2,713.6
2,716.6
2,723.6
2,721.2
270.9
310.1
335.9
363.8
399.3
454.2
404.9
413.8
420.3
426.4
430.3
438.4
442.8
445.7
450.1
453.1
454.0
454.2
454.1
160.5
164.8
169.1
140.9
179.0
193.9
193.5
192.1
180.8
175.6
180.6
180.6
180.4
180.2
178.2
177.5
177.3
178.8
178.8
177.8
175.9
175.6
177.7
Total *
967.5
1,034.0
1,123.8
1,321.1
1,459.8
1,589.5
1,709.5
1,865.8
2,008.9
2,093.8
2,014.5
2,020.7
2,032.5
2,041.5
2,046.9
2,054.2
2,062.9
2,080.4
2,079.0
2,082.7
2,086.7
2,093.8
2,089.4
Commercial
and
industrial
355.4
392.5
414.2
473.2
500.3
537.2
567.6
606.6
641.3
648.1
639.4
640.3
643.5
645.9
644.3
645.3
644.4
645.1
644.7
643.7
646.5
648.1
644.3
N nn
onReal
estate
Individual
Security
284.1
299.9
331.0
376.5
426.0
494.2
587.2
671.5
760.6
836.5
766.1
774.9
782.7
790.8
798.9
805.9
814.5
818.0
822.5
827.7
832.0
836.5
837.3
182.5
188.2
212.9
253.8
294.6
315.2
328.2
354.7
375.5
378.9
377.6
379.2
379.4
377.8
378.4
377.6
376.4
378.2
378.6
379.7
378.7
378.9
375.9
21.4
25.3
28.0
34.5
43.1
40.4
34.8
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
39.9
38.3
40.6
39.4
38.3
37.0
36.8
35.5
35.0
38.7
44.6
41.3
40.5
39.6
40.6
43.2
barus
financial
institutions
29.9
31.2
30.4
31.3
32.4
34.9
31.8
29.9
32.7
34.9
32.7
32.9
33.7
34.0
34.1
34.4
34.7
35.0
35.3
35.2
35.0
34.9
34.2
Agricultural
QfnfA
oiate
and
political
subdivisions
33.1
36.2
0.0
.0
39.2
40.1
36.1
31.5
29.4
29.8
30.7
33.0
31.0
30.8
30.8
30.8
31.0
31.1
31.3
31.5
31.8
32.2
32.5
33.0
33.6
.0
46.1
56.8
58.5
52.6
45.5
40.0
34.2
38.7
39.1
38.6
38.2
37.9
37.3
36.4
35.8
35.2
35.1
34.8
34.2
33.5
Foreign
banks
18.1
14.6
13.4
11.6
9.9
10.3
7.9
7.9
8.6
7.4
8.2
7.9
8.3
8.6
8.7
7.4
7.0
7.9
8.1
9.0
8.2
7.4
6.6
2
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
Foreign
official
institutions
Lease
financing
receivables
7.2
12.7
5.9
9.4
8.4
6.3
6.3
5.8
5.1
3.7
3.2
3.4
3.3
3.2
3.3
3.3
3.2
3.2
3.2
3.3
3.2
3.2
3.2
3.0
13.3
13.7
16.0
19.0
22.3
24.5
29.2
31.8
32.7
32.1
32.1
32.4
32.4
32.6
32.4
32.6
32.7
32.8
33.3
32.9
32.7
32.4
Other
23.1
26.9
31.8
29.9
35.3
38.6
39.8
45.7
45.8
44.3
45.9
41.8
43.0
42.8
42.3
44.5
43.6
48.2
45.4
43.2
43.2
44.3
45.4
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Total
Internal
C edit market fu nds
1
Total
241.9
285.2
335.9
58.9
131.7
Loans and
short-term
paper
Securities
and
mortgages
Total
48.5
76.5
91.9
49.8
124.7
48.2
55.1
35.4
34.6
6.2
1984
1985
1986
1987
1988
1989
1990"
300.8
416.9
491.4
455.7
524.1
493.7
548.2
512.7
470.5
351.8
344.3
372.4
391.4
380.0
367.7
155.5
103.9
179.8
121.3
156.8
132.1
102.8
1989: I
II
Ill
IV
517.4
601.2
459.2
473.0
379.9
379.7
385.5
374.9
137.5
221.5
73.7
98.1
18.0
118.7
92.5
1.0
3.8
85.2
-5.6
370.6
374.7
366.4
358.9
112.1
127.6
108.8
62.5
77.8
47.8
24.1
-11.2
-14.3
28.3
-22.6
1982
1983
r
r
1990: l
II r
482.7
502.3
475.2
421.4
m.
IV.
10.4
55.2
63.7
54.1
55.1
73.1
101.6
91.3
68.2
303.1
392.6
474.9
425.1
481.2
466.6
494.6
488A
479.1
256.1
270.5
369.7
341.2
330.4
354.1
378.3
382.2
366.3
122.1
105.2
83.9
150.8
112.5
116.3
106.2
112.8
110.5
115.6
86.2
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
9.4
119.5
102.7
72.6
94.2
92.1
19.5
46.7
-15.9
34.5
79.8
84.9
73.7
496.9
489.7
500.5
429.3
346.9
381.2
384.0
353.1
150.0
108.5
116.5
76.2
-14.2
12.6
-25.2
-7.9
1.0
3.1
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
Discrepancy
(sources less
uses)
54.7
35.5
105.5
56.0
64.2
29.7
70.5
80.4
35.6
41.0
13.6
-6.2
60.5
18.5
15.4
-45.0
4.7
Other 2
Increase in
financial
assets
Capital
expenditures 3
Total
47.0
-2.3
24.3
16.5
30.6
43.0
27.1
53.5
24.2
-8.7
7.7
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 eredit outstanditig'
Ins ;allment credit outstanding (end of perio i)
Period
Total
Automobile
Revolving
Mobile
home
Other
Automobile
Total
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec 2
Decr
311,259
325,805
368,966
442,602
518,252
573,017
610,468
664,701
716,624
739,014
119,008
125,945
143,560
173,564
210,187
247,428
265,851
284,556
290,770
285,336
61,070
66,454
79,088
100,280
121,816
135,851
153,078
174,057
197,110
218,235
20,058
22,064
23,562
25,861
26,850
27,096
25,920
25,201
22,343
21,816
111,124
110,802
122,756
142,897
159,400
162,642
165,620
180,887
206,401
213,628
13,105
14,546
43,161
73,636
75,650
54,765
37,451
54,233
1990: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec r
717,829
717,869
720,445
720,835
724,485
724,601
729,329
732,385
735,222
736,595
739,357
739,014
290,904
289,629
290,932
288,936
288,931
287,168
286,791
285,283
285,261
284,402
284,483
285,336
199,146
199,927
202,263
203,965
207,153
208,362
212,138
214,492
216,804
218,381
219,757
218,235
22,604
22,633
22,708
22,702
22,815
22,733
22,795
22,976
22,672
22,491
22,518
21,816
205,175
205,680
204,543
205,232
205,585
206,338
207,605
209,635
210,484
211,320
212,599
213,628
4,728
3,056
2,837
1,372
2,762
-342
1991: Jan *
736,572
283,383
219,502
22,684
211,002
-2,443
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
2
Data newlv available in January 1989 result in breaks in many series between December 1988
and subsequent months.
3
7,017
6,937
17,615
30,004
36,623
37,241
18,423
18,705
3
Revolving
5,959
5,384
12,634
21,192
21,536
14,035
17,227
20,979
3
( )
( )
( )
22,390
-5,434
21,125
1,205
134
2,036
40
781
- 1,193
2,546
-322
11,954
20,141
16,503
3,242
2,978
15,267
958
2,299
989
246
-1,176
-719
(3)
527
81
853
-1,522
-1,953
1,267
868
390
3,650
5
116
-1,764
-377
-1,508
2,336
1,702
3,188
1,208
3,776
2,354
2,312
1,577
1,375
-21
-859
Other
1,322
261
29
74
6
113
-83
63
180
-303
-182
27
-702
-1,275
1,303
-1,996
2,576
Mobile
home
(3)
7,227
-1,226
-2,626
505
-1,137
689
353
753
1,267
2,030
849
836
1,279
1,029
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
In March, short-term interest rates fell and long-term rates rose.
PERCENT PER ANNUM
PERCENT PER ANNUM
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. 1reasury security yields
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
3-month bills
(new issues) 1
14.029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
8.12
7.51
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1991:
Jan
Feb
Mar"
Week ended:
1991: Mar 2
9
16
23
30"
1
Constant nlaturities
3-year
14.44
12.92
10.45
11.89
9.64
7.06
7.68
8.26
8.55
8.26
2
10-year
13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
8.49
8.55
6.30
5.95
5.91
8.63
8.78
8.69
8.40
8.26
8.22
8.27
8.07
7.74
7.47
7.38
7.08
7.35
8.59
8.79
8.76
8.48
8.47
8.75
8.89
8.72
8.39
8.08
8.09
7.85
8.11
6.01
6.09
5.85
5.83
5.86
7.27
7.36
7.26
7.42
7.36
8.00
8.10
8.06
8.18
8.10
7.87
7.78
7.78
7.74
7.66
7.44
7.38
7.19
7.07
6.81
High-grade
municipal
bonds
(Standard &
Poor's) 3
30
Prime
commercial
paper,
6 months
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
11.89
8.89
10.16
8.01
6.39
6.85
7.68
8.80
7.95
7.29
7.36
7.34
7.22
7.15
7.31
7.40
7.40
7.10
7.04
9.37
9.46
9.47
9.26
9.24
9.41
9.56
9.53
9.30
9.05
9.04
8.83
8.93
8.85
8.92
8.91
8.97
8.92
r
Bank-discount basii
Yields on the morf ; actively traded issues adjusted to constant maturities by the Treasury De~
partment.
3
Weekly data are Wednesday figures.
4
Average effective rate (or year; opening and closing rate for month and week.
2
Corporate
Aaa bonds
(Moody's)
7.05
6.90
7.07
7.06
6.97
7.04
7.13
7.13
r
14.76
Discount rate
(N.Y. F.R.
Bank) 4
Prime rate
charged by
banks 4
13.42
11.02
8.50
8.80
7.69
18.87
14.86
6.33
5.66
6.20
6.93
6.98
10.79
12.04
9.93
8.33
8.21
9.32
10.87
10.01
8.23
8.29
8.23
8.06
7.90
7.77
7.83
7.81
7.74
7.49
7.02
6.41
6.36
7.00-7.00
7.00 7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-6.50
6.50-6.50
6.00-6.00
6.00
10.00 10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00 10.00
10.00-9.50
9.50 9.00
9.00-
6.51
6.54
6.28
6.28
6.27
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-
New-home
mortgage
yields
(FHFB) 5
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
10.13
10.05
10.03
10.17
10.28
10.13
10.08
10.11
9.90
9.98
9.90
9.76
9.65
9.57
5
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in March.
INDEX, DEC. 31, 1965=50 (RATIO SCALE)
INDEX, DEC. 31, 1965=50 (RATIO SCALE)
24U
24U
200
180
^/
s*-S\
/-*J-~~S^
-4^
\
\
^
X-COMPOSITi. STOCK PRICE iwnpx
^^-v_ /
(NYSE)
160
140
170
ion
200
180
/
S—•""]|Sx-^\
^/
160
140
\20
100
/^^^
-"^H
^-W
80
80
(SO
ISO
40
| | 1 1 1 1 1 I t 1 1t
1983
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1p 1 1 1 1 1 1 1 1 1 11
1 1 11 1 1 1 1 1 I
1984
1985
1 I 1I 11t 1I 1 1
1990
1989
1988
1987
1986
1 1 1 1 1 1 1 1 1 1 1 40
1991
PER(:ENT
PERCE"NT
20
EARNIN OS-PRICE RAT O ON COMMC3N STOCKS
15
15
(S&P)
/
——•
/
^
0
i i i
i i i
1983
1984
^
1
1
—
xH
1
1
1987
1985
-
^~~l
1
1
1
1988
1 1
1989
1
1 1
1990
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
1
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar"
Week ended:
1991: Mar 2
9
16
23
30"
Transportation
Utility
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
index
(194143=10) 4
Dividendprice ratio
74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
180.02
183.46
186.26
185.61
191.35
196.68
196.61
181.45
173.22
168.05
172.21
179.57
177.95
197.75
203.57
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
216.23
225.78
226.14
226.86
234.85
242.42
245.86
226.73
216.81
208.58
212.81
221.88
220.69
246.74
255.36
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
175.28
158.62
175.08
173.55
173.53
177.37
173.18
147.41
136.95
131.90
132.96
141.31
145.89
166.06
166.26
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
87.43
90.60
93.00
91.92
93.29
93.65
89.85
85.81
83.30
87.27
89.69
91.56
88.59
92.08
92.29
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
151.88
133.26
143.13
138.57
142.94
147.93
143.11
128.14
118.59
108.01
113.76
122.18
121.39
141.03
145.42
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,700.13
2,708.26
2,793.81
2,894.82
2,934.23
2,681.89
2,550.69
2,460.54
2,518.56
2,610.92
2,587.60
2,863.04
2,920.11
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
322.84
334.59
338.47
338.18
350.25
360.39
360.03
SS0.15
315.41
307.12
315.29
328.75
325.49
362.26
372.28
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
3.45
3.61
3.49
3.51
3.44
3.36
3.37
3.65
3.85
4.01
3.91
3.74
3.82
3.35
3.26
200.51
204.73
203.90
201.44
204.64
250.98
257.11
256.22
252.55
256.13
168.27
171.48
167.18
161.97
162.82
92.21
91.91
91.75
92.29
93.43
142.25
146.40
145.20
142.95
147.67
2,886.73
2,955.69
2,943.52
2,876.83
2,903.03
367.07
374.62
372.93
368.14
374.18
3.32
3.24
3.25
3.31
3.25
1
Average
2
Includes
3
Includes
4
of daily closing prices.
all the stocks (more than 1,500) listed on the NYSE.
30 stocks.
Includes 500 stocks.
5
0
Common st ock yields
(perce nt) 5
New? ork Stock Exc lange indexes Dec. 31, 1965-50)2
Industrial
1
COUNCIL OF ECONOMIC ADVISERS
Conimon stock pric es 1
Composite
1
1991
Earningsprice ratio
11.96
11.60
8.03
10.02
8.12
6.09
5.48
8.01
7.41
6.37
5.94
7.11
price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 5 months of fiscal 1991, there was a deficit of $110.6 billion, compared with a deficit of $97.5 billion
a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
RECEIPTS AND OUTLAYS^
1,400
1,400
1,300
1,300
1,200
1,200
OUTLAYS*/
1,100
1,100
1,000
1,000
900
900
RECEIPTS^/
800
800
700
700
600
A
V
M
N
'600
SURPLUS OR DEFICIT (-W
-
-100
-100
-200
-300
:
/]
H983
=
i
*•
|
1984
i
1985
i
1986
—
=^^
I
1987
I
1988
I
1989
1
1990
""~~" I
1991
K
1992N
-200
-300
FISCAL YEARS
V INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Receipts
Outlays
Surplus
or deficit
Receipts
Outlays
(-)
1976
Transition quarter
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 (estimates)
1992 (estimates)
Cumulative total, first 5
months: 1
Fiscal year 1990
Fiscal year 1991
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
734.1
769.1
854.1
909.0
990.7
1,031.3
1,091.4
1,165.0
393.4
417.8
298.1
81.2
355.6
399.6
463.3
Receipts
Outlays
Surplus
or deficit
-3.9
-4.3
-2.0
1.1
-5.0
7.9
.2
.3
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
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
89.2
96.0
14.8
21.6
3,002.9
3,411.7
2,280.0
2,557.7
-3.2
38.2
-72.7
73.9
-120.0
-208.0
185.6
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
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
401.7
432.5
— 112.3
-132.2
103.9
117.5
-78.9
-127.9
-207.8
-185.3
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
490.9
528.5
-97.5
-110.6
289.4
300.3
477.4
495.5
629.0
643.6
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
69.6
19.4
-70.5
-13.3
49.7
-54.9
Held by
the puWfc
(-)
66.4
18.0
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
302.2
76.6
328.5
369.1
403.5
476.6
543.0
594.3
661.2
686.0
1
Data from Monthly Treasury Statement.
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1992, February
32
Surplus
or deficit
(-)
231.7
63.2
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
-73.7
-14.7
-53.6
-59.2
-40.2
-73.8
Gross Fe leral debt
(end of period)
Off-budget
On-budget
Total
Fiscal year or period
J 4.
1991, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
549.1
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 5 months of fiscal 1991, receipts were $24.4 billion higher than a year earlier and outlays were $37.6
billion higher.
BILLIONS OF DO LLARS
BILLIO NS OF DOLLARS
600
RECEIPTSl/
500
600
INDIVIDUAL INCOME TAXES
\
\
„.— -^"^
.— —
' "~
:
~
200
\
'
0
1,200
1
500
'•- """
.-—
400
— -• —
\
CORPORATION
INCOME TAXES
OTHER RECEIPTS
100
.
300
SOCIAL INSURANCE
CONTRIBUTIONS
TAXES AND
200
\
|
|
1
100
1
I
1
I
o
I
1,200
OUTLAYS-!/
rf***
1 000
1 000
^,''
NONDEFENSE
\
\
„
900
,-•'""'
~*"""""
800
""""
700
_.. — •*"""
:
400
\
300
200
400
NATIONAL DEFENSE
A
-i
' 1983
r—
1984
i
1985
300
i
1986
i
i
1987
1988
FISCAL YEARS
i
i
1989
1990
.V'INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
I
1991
N
200
1992^
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Or -budget a id off-bud ret receipt s
Fiscal vear
Total
Individual
Corporation
Social
insurance
On-budg et and of! budget ou tlays
Nations 1 defense
Other
Total
and
taxes
Depart-
1985
1986
1987
1988
1989
1990
1991 (estimates)
1992 (estimates)
Cumulative total, first 5 months: l
Fiscal vear 1990
Fiscal year 1991
1
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
734.1
769.1
854.1
909.0
990.7
1,031.3
1,091.4
1,165.0
393.4
417.8
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
36.6
37.7
40.8
50.fi
69.5
69.3
65.6
71.8
371.8
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
265.2
283.9
303.3
334.3
359.4
380.0
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
445.7
466.9
492.6
529.5
61.3
63.1
83.9
94.5
103.3
93.5
95.9
101.9
192.3
193.1
26.3
31.8
138.8
155.3
35.9
37.7
490.9
528.5
120.6
128.5
244.1
285.9
297.7
288.9
298.4
334.5
349.0
392.6
401.2
41.4
34.3
Data from Monthly Treasury Statement.
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1992, February
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
131.6
157.6
181.0
217.8
Health
Medi-
Income
securi-
Social
securi-
inter-
ty
ty
est
Net
Other
military
butions
1976
1977
1978
1979
1980
1981
1982
1983
1984
Inter-
Total
89.6
6.4
6.4
7.5
7.5
15.7
17.3
18.5
20.5
23.2
26.9
15.8
19.3
22.8
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
26.7
29.9
35.4
42.6
52.5
68.7
85.0
89.8
111.1
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
73.9
11.8
15.9
28.6
30.4
26.5
32.1
39.1
46.6
52.6
57.5
294.9
289.8
287.5
283.0
16.2
14.2
11.6
10.5
9.6
13.8
17.0
17.8
33.5
35.9
40,0
44.5
48,4
57.7
71.2
81.3
65.8
70.2
75.1
78.9
85.0
98.1
104.4
113.7
128.2
119.8
123.3
129.3
136.0
147.3
173.2
184.8
188.6
198.8
207.4
219.3
232.5
248.6
269.0
288.6
129.4
136.0
138.6
151.7
169.2
184.2
197.0
206.3
131.8
142.1
125.9
139.4
159.8
202.7
278.9
258.0
116.8
124.1
6.4
7.2
22.2
27.1
38.4
40.9
5.9.9
99.8
107.8
74.5
79.9
69 .1
66.9
281.9
12.1
13.1
12.3
27.4
70.3
1991, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 1990, according to current estimates, Federal receipts rose $3.2 billion (annual rate);
Federal expenditures rose $39.2 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,400
1,200
1,000
800
600
400
400
200
200
-200
-200
1982
1986
1983
1989
1990
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal (jovernment expenditures
Federal (}overnmeni receipts
Period
Total
Personal
tax and
receipts
Fiscal year:
1985
1986
1987
1988
1989
1990
Calendar year:
1985
1986
1987
1988
1989
1990 *
1982: IV
1983: IV
1984: IV
1985: IV
1986: IV
1987: IV
1988: IV
1989: TH
rv
n
m
1990: I
IV r
776.8
815.2
899.4
957.6
1,041.9
1,094.9
340.4
357.0
400.8
411.3
457.6
483.0
788.7
827.9
913.8
972.4
1,052.9
1,110.3
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
1,129.1
346.4
361.4
405.8
415.1
464.0
492.8
303.0
291.9
326.0
355.3
376.2
419.2
424.8
462.2
469.6
473.6
492.1
500.0
505.5
Corporate
profits
tax
accruals
Contributions for
Total
insurance
Purchases
of goods
and
services
Transfer
ments
Grantsin-aid to
State
and
local
governments
Subsidies
current
surplus of
Government
enter-
Wage
accruals
less
disbursements
128.3
134.6
20.7
22.8
-0.1
Net
inter-
paid
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
r
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
139.3
148.8
167.7
182.1
76.3
83.8
103.2
110.5
110.4
109.2
46.4
70.2
69.7
78.8
88.9
107.4
115.4
104.7
101.3
106.5
109.2
114.2
106.7
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
310.9
332.1
350.8
389.8
420.1
446.7
236.1
259.8
290.7
317.7
337.9
358.4
399.6
421.9
426.1
439.9
444.0
450.6
452.3
985.6
1,034.8
1,071.9
1,114.2
1,187.2
1,275.7
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
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
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
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
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
74.6
81.1
99.1
Source: Department of Commerce, Bureau of Economic Analysis.
34
Indirect
business
tax and
nontax
accruals
or deficit
( )
national
income
and
product
accounts
31.1
33.6
27.7
r
21.5
.0
.1
— .1
.0
.0
-185.5
-212.8
-160.7
-144.1
-130.3
T
- 157.7
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
-.2
.0
.0
.0
.0
.0
.0
.0
.6
.0
.0
2
.0
.0
.0
.0
.0
.0
.0
- 196.9
-206.9
-158.2
-141.7
-134.3
-165.4
-202.6
-169.2
-187.5
-212.2
-189.0
-161.7
-156.3
-131.7
-150.1
-168.3
-166.0
-145.7
-181.7
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial roduction (1387=1 Kl; seasonal] v adjusted
Period
('iiitwl
Canada
States
1982
1983
1984
1985
1986
1987
1988
1989
1990"
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
109.2
1989: Dec
108.6
104.7
1990: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
107.5
108.5
108.9
108.8
109.4
110.1
110.4
1 10.5
110.6
109.9
r
!08.3
r
107.2
' 102.6
' 102.7
102.6
' 102.3
' 102.8
r
!02.7
' 103.1
' 102.0
r
100.4
' 100.3
r
98.8
97.8
1991: Jan"
Feb"
r
1
76.5
81.5
91.4
96.5
95.7
100.0
105.0
105.1
101.6
106.6
105.7
Italy
,I« pun
France
Germany
82.9
85.5
93.4
96.8
96.6
100.0
109.3
115.7
121.3
97.3
96.5
97.1
97.2
98.0
100.0
104.7
108.9
110.2
90.3
90.9
93.5
97.7
99.6
100.0
103.9
108.7
114.6
88.8
91.8
92.9
96.2
100.0
105.9
109.2
116.9
107.8
111.4
117.2 108.5
116.5
107.1
118.8 108.0
117.9 109.8
121.0 109.3
121.1 109.4
123.2 111.6
123.7 111.6
122.4 ' 109.8
125.3 110.1
124.6 r 108.0
124.0 ' 106.2
125.1
109.3
Consumer arices (If) f2-S4=100
United
Kingdom
United
States l
Canada
United
Kingdom
•Japan
France
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
100.8
111.5
121.1
128.5
134.4
141.1
150.4
159.6
95.4
99.8
104.8
111.1
114.9
119.7
125.6
135.4
148.2
Italy
86.3
89.5
89.6
94.5
96.8
100.0
103.6
104.0
103.3
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
114.6
104.4
126.1
131.5
109.0
130.5
110.2
154.4
139.6
111.9 107.3
111.3 111.4
112.8 110.4
110.2 109.5
113.4 107.2
113.7 108.4
115.2 109.7
116.5 109.7
117.3 110.7
117.0 107.4
' 116.6 106.6
116.4 109.2
' 103.5
r
!03.2
r
104.8
r
105.9
' 104.7
r
!07.2
r
102.9
r
!02.1
' 102.1
' 102.1
100.5
r
99.8
127.4
128.0
128.7
128.9
129.2
129.9
130.4
131.6
132.7
133.5
133.8
133.8
132.7
133.4
133.9
133.9
134.6
135.1
135.8
135.8
136.3
137.4
138.2
138.1
109.2
109.5
109.9
110.8
111.6
111.0
110.9
111.4
112.4
113.9
113.5
113.2
130.8
131.1
131.6
132.1
132.3
132.6
132.9
133.7
134.4
135.2
135.0
134.9
110.9
111.3
111.4
111.6
111.8
111.9
111.9
112.2
112.6
113.4
113.2
113.3
155.3
156.5
157.1
157.7
158.0
158.7
159.3
160.3
161.2
162.6
163.6
164.2
140.4
141.2
142.6
147.0
148.3
148.9
149.0
150.5
151.9
153.1
152.7
152.6
99.5
134.6
134.8
141.7
141.7
114.1
135.4
114.1
165.4
153.0
153.8
91.8
118.8
Data relate to all urban consumers.
94.9
100.4
104.8
108.9
113.4
118.4
123.2
129.3
135.5
87.7
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]
MCI ehandise e xports (f. a.s. value
1
Creneral
m erchandisf imports customs value) 3
Principal end-use e ommodih categor\
Period
Total
2
Foods,
feeds,
and
bever-
Industrial
supplies
and
°
als
Capgoods
except
automotive
Automotive
Consumer
cles,
parts,
and
engines
(nonfood)
except
automotive
Other 2
15.7
16.8
14.3
13.4
13.3
12.6
17.1
18.2
330.7
4
336.5
365.4
406,2
441.0
473.2
494.9
21.0
1.8
1.6
1.8
1.7
1.8
1.6
1.8
1.7
1.8
1.8
2.4
2.6
2.0
224.0
218.8
227.2
254.1
322.4
363.8
393.9
72.7
67.2
72.0
73.9
75.8
86.2
109.2
138.8
152.6
20.6
22.9
21.7
24.6
29.3
34.8
36.0
14.2
17.7
23.1
36.4
43.4
20.7
20.5
24.0
27.3
35.9
34.6
43.4
17.2
22.6
1990: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Noy
Dec '
31.4
31.6
33.3
32.1
32.8
34.2
32.1
32.5
32.0
35.0
34.2
33.3
3.1
3.1
3.2
3.0
2.9
3.4
2.8
3.1
2.7
2.6
3.0
2.5
8.6
8.0
8.6
8.4
8.4
8.4
8.1
8.7
8.6
10.0
9.6
9.0
12.0
12.8
12.8
12.4
12.7
13.5
12.8
12.5
12.6
13.2
12.3
13.0
2.5
2.8
3.3
3.0
3.5
3.4
3.0
3.1
2.7
3.4
3.1
2.4
3.4
3.4
3.4
3.5
3.6
3.9
3.7
3.5
3.5
3.9
3.8
3.7
1991: Jan
34.5
2.7
9.6
13.1
3.2
4.0
5
5
Foods
feeds,
and
bever-
244.0
258.0
61.7
56.7
61.7
58.5
57.3
66.7
85.1
99.3
104.2
1984
1985
1986
1987
1988
1989
1990r.
Total
Industrial
supplies
and
als
31.3
30.9
31.5
24.0
22.3
24.3
32.3
37.2
35.1
216.4
205.6
1982
1983
Trade balance
Principal ;nd-use cc mmodity category
4
Capgoods
except
automotive
General
merchandise
Automotive
Consumer
cles.
parts,
and
engines
(nonfood)
except
automotive
39.7
44.9
60.0
68.3
79.4
88.7
95.9
102.9
105.7
6.5
6.3
7.8
9.4
10.4
12.1
12.8
13.6
16.3
Other
Exports
(f.a.s) less
imports
(customs
value)
Exports
(f.a.s)
less
imports
(c.i.f.)
254.9
269.9
346.4
352.5
382.3
424.4
459.5
493.2
516.6
-27.5
-52.4
-106.7
-117.7
-138.3
-152.1
-118.5
-109.4
-IOI.O
-64.2
-122.4
-133.6
-155.1
-170.3
— 137.1
-129.4
-122.7
-12.1
-8.8
-10.2
-9.1
-9.6
-7.1
-11.0
-11.6
— 11.1
-12.9
-10.7
-8.0
-8.8
(c.i.f.
value)
112.0
35.4
33.3
40.9
59.8
65.1
71.8
84.5
101.4
113.3
40.8
21.9
24.4
24.8
24.8
25.1
26.6
107.0
123.7
113.9
101.3
111.0
118.3
132.3
143.0
117.3
53.5
66.8
78.2
85.2
87.7
86.1
85.9
41.6
38.7
41.6
39.4
40.5
39.6
41.2
42.3
41.3
46.0
43.1
39.6
2.3
2.3
2.5
2.3
2.3
2.1
2.1
2.1
2.1
2.2
2.1
2.2
12.9
11.1
11.5
10.5
11.3
10.5
11.0
12.3
12.8
14.3
13.3
11.6
9.8
9.1
9.8
9.8
9.5
9.6
10.1
9.8
9.3
10.6
10.2
9.8
6.4
6.7
7.9
6.9
7.5
7.3
7.5
7.7
7.0
8.0
7.0
6.3
8.9
8.3
8.7
8.7
8.7
8.5
9.1
9.1
8.6
9.6
9.1
8.3
1.3
1.2
1.3
1.3
1.3
1.4
1.3
1.3
1.6
1.4
1.5
1.3
43.4
40.4
43.5
41.1
42.4
41.3
44.2
43.1
47.9
44.9
41.3
-10.2
-7.1
-8.4
-7.3
-7.8
-5.3
-9.1
-9.7
-9.3
-11.0
-8.9
-6.3
41.5
2.2
12.4
9.9
7.1
8.5
1.3
43.3
-7.0
43.1
38.4
1
Includes Department of Defense Military Assistance Program grant-aid shipments.
2
Includes undocumented exports to Canada through 1988.
3
Total arrivals of imported goods other than intransit shipments.
4
Total includes revisions not reflected in detail.
5
Total exports are on a revised statistical month basis; end-use categories are on a statistical
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the fourth quarter of 1990, the merchandise trade deficit fell to $28.9 billion from $29.8 billion in the third
quarter; the current account deficit rose to $27.8 billion from $26.5 billion in the third quarter.
BILL ONS OF DOLL ARS*
10
BILLIONS OF DOLL/kRS*
10
y\
o
V
A AX-
V y V
v
A
5
\\
10
'\\\
15
\
BALANCE ON 3OODS,
ERVICES, AND INCOME
-20
X^'f\/
-20
M^
V._--. 2y
-30
v TV
r-^
s^J f^<^"- -' b
l
/I f~^l
Vs •
<~
N ERCHANDISE 1FRADE
BALANCE
-40
1
-45
i t
1
*
t
1
|
j
\
1984
1983
1982
' '
1985
i
^^
i
i
1986
S
;*V
N
—\/y
i ii
f
BALANCE ON
CURRENT ACC:OUNT
i
i
-30
-40
1 1 1
i
1988
1987
25
i
i i
-45
1990
1989
SEASONAUYADJUS FED
COUNCIL OF ECONOMIC ADVISERS
>OURCE: DEPARTMEN1 OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)]
Merchandise 1
Exports
1983
1984
1985
1986
1987
1988
1989
1990"
1988:
1989:
1990:
237,085
211,198
201,820
219,900
215,935
223,367
250,266
320,337
360,465
389,286
76,497
I
79,392
80,511
83,937
TV
88,267
I
91,111
89,349
91,738
IV
r
96,093
I r
96,585
r
96,152
TV".... 100,456
n
m
n
m
n.
m ....
Net
travel and
transpor-
Other
services,
Receipts
on U.S.
assets
abroad
Imports
Net balance
-265,063
-247,642
-268,900
-332,422
-338,083
-368,425
-409,766
-447,323
-475,329
-497,966
- 109,988
-110,494
-111,290
-115,551
-116,360
-119,333
-119,152
-120,484
-122,902
-119,810
-125,937
-129,317
-27,978
-36,444
-67,080
-112,522
-122,148
- 145,058
-159,500
-126,986
-114,864
-108,680
-33,491
-31,102
-30,779
-31,614
-28,093
-28,222
-29,803
-28,746
-26,809
-23,225
-29,785
-28,861
-844
144
-992
112
4,227
-163
-2,147
-9,153
-4,096 -10,788
-4,907
-8,939
-3,530
-8,298
-5,452
4,060
659
-6,320
1,689
-6,413
-1,075
-1,776
-1,139
-1,062
-1,144
_-624
-599
-2,094
-1,763
-57
39
-1,667
192
-1,114
870
-1,776
-1,287
986
390
-1,382
-235
-1,705
-2,042
549
12,552
12,981
13,859
14,042
14,008
18,551
18,262
21,032
26,123
27,648
4,736
5,079
5,391
5,829
5,899
6,164
7,031
7,030
6,226
6,896
7,087
7,439
-53,626
84,975
-57,097
85,346
-54,549
81,972
-69,542
92,935
-66,115
82,282
-70,013
80,982
90,536
-85,210
110,048 -108,438
127,536 -128,448
128,829 -121,296
transactions 3 *
1
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.
3
4
36
Inv istment incom i
Services
Net
Period
1981
1982
2
26,980
26,739
27,942
28,386
30,872
31,932
32,102
32,629
31,550
30,691
31,889
34,700
5
Balance on
goods,
Unilateral
Balance
Net
services,
and income
nef
account
31,349
28,250
27,423
23,394
16,166
10,969
5,326
1,610
-913
7,533
2,400
409
-141
-1,059
465
-1,957
17
561
2,004
-990
2,256
4,265
15,223
3,907
-30,188
-86,385
-106,859
- 129,384
-147,739
-113,857
-95,314
-78,224
-29,206
-27,815
-27,297
-29,537
-23,549
-25,643
-24,061
-22,061
-18,880
-18,311
-22,382
-18,650
-8,331
-9,775
-9,956
-12,621
- 15,473
- 16,009
-14,575
- 15,005
-14,720
-21,073
-3,476
-3,060
-3,461
-5,008
-3,555
-3,006
-3,530
-4,631
-3,440
-4,422
-4,099
-9,112
6,892
-5,868
-40,143
-99,006
— 122,332
- 145,393
-162,314
- 128,862
-110,034
-99,297
-32,682
-30,875
-30,758
-34,545
-27,104
-28,649
-27,591
-26,692
-22,320
-22,733
-26,481
-27,762
Payments
assets in
IT.S. "
-24,580
-26,330
-28,083
-29,445
-30,407
-33,889
-32,085
-32,068
-29,546
-31,681
-29,633
-30,435
5
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
United States are excluded from investment income and included in other services, net.
See p. 37 for continuation of tabk.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $24.4 billion in the fourth quarter of
jp 990, compared to an increase of $13.5 billion in the third quarter. Liabilities to private foreigners reported by
U.S. banks, excluding Treasury securities, increased $19.6 billion in the fourth quarter, compared to an increase of
$27.6 billion in the third quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
CHANGE IN
U.S. ASSETS
ABROAD, NE1
-20
-40
-40
-60
-60
1982
1990
"SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the J.S., net
[inereas s/capital inflo\v (+)] 3
U.S. assets abroad, net
increase/capit al outflow (— 1 1
Period
Total
-110,951
- 124,490
56,100
-31,070
-27,721
92,030
-62,946
84,176
-127,061
-61,251
4,569
-19,856
n
m
-42,383
26,508
IV
32,859
1989: I
-1,381
n
ra
-44,076
-48,745
IV
32,905
1990: I rr
n ..... -31,694
nr... -31,894
IV" ... -30,568
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990"
1988: I
U.S.
official
Other U.S.
Govern-
assets 3 6
assets
-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
-5,097 - 100,679
-6,131 -113,394
-5,006 -49,898
-5,489 -22,451
2,821 -21,043
-2,022 -90,321
997 -73,091
2,969 -83,232
102,953
1,185
2,971 -62,063
4,661
1,594
19,048
-847
-36,960
1,957
3,452 -31,885
962 -29,821
11,017
-303
574 -38,654
-47 -45,496
-659
36,741
31,257
-808
360 -33,273
4,797 -34,273
U.S.
private
assets
Total
83,032
93,746
84,869
102,621
130,012
221,599
218,470
221,442
214,652
87,545
26,079
65,270
49,797
80,295
68,402
2,794
74,136
69,320
32,988
25,496
56,131
38,907
6
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve posi;ion in the IMF.
Foreign
official
assets
4,960
3,593
5,845
3,140
-1,083
35,588
45,210
39,515
8,823
30,778
24,840
5,970
-2,015
10,720
7,797
-4,961
13,003
7,016
8,203
5,541
13,588
19,851
Other
foreign
assets
78,072
90,154
79,023
99,481
131,096
186,011
173,260
181,927
205,829
56,767
1,239
59,300
51,812
69,575
60,605
7,755
61,133
76,336
-24,786
19,954
42,543
19,055
Allocations
of special
drawing
rights
(SDKs)
1,093
Statistical d iscrepancy
Total (sum
of the items
with sign
reversed)
19,934
36,612
11,374
27,456
20,041
15,824
6,790
—8,404
22,443
73,002
2,034
- 14,539
23,344
- 19,242
-8,439
27,236
-2,469
6,117
22,404
28,932
2,244
19,424
Of which:
Seasonal
adjustment
discrepancy
2,970
-2,995
-4,630
4,656
3,093
-1,697
-4,953
3,560
3,023
-767
-4,980
2,726
assets, net 6
(unadjusted,
end of
period)
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,340
43,186
41,028
47,788
47,802
49,854
60,502
68,418
74,609
76,303
77,298
80,024
83,340
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
page
Gross National Product
Gross National Product in 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagriculrural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagriculrural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates.
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
,
U.S. International Transactions
35
35
36
-
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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