Full text of Economic Indicators : November 1989
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101st Congress, 1st Session
OEC \ 8 W9
FEDERAL RESERVE
BANK OF CHICAGO
Economic Indicators
NOVEMBER 1989
(Includes data available as of December 1, 1989)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1989
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
LEE H. HAMILTON, Indiana, Chairman
PAUL S. SARBANES, Maryland, Vice Chairman
HOUSE OF REPRESENTATIVES
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
FREDERICK S. UPTON (Michigan)
SENATE
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
ALBERT GORE, JR. (Tennessee)
RICHARD H. BRYAN (Nevada)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
PETE WILSON (California)
CONNIE MACK (Florida)
JOSEPH J. MINARIK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, Chairman
JOHN B. TAYLOR, Member
RICHARD L. SCHMALENSEE, Member
[PUBLIC LAW 120—SlsT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [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 drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.25 a single copy
($2.81 foreign), or by subscription at $24.00 per year ($30.00 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
In the third quarter of 1989, according to revised estimates, current-dollar gross national product (GNP) rose 6.1
percent (annual rate) or $77.2 billion. Real GNP (GNP adjusted for price changes) rose 2.7 percent and the
implicit price deflator rose 3.2 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
3,000
BILLIONS OF DOLLARS (RATIO SCALE)
5,600
SEASONALLY ADJUSTED ANNUAL RATES
5,200
5,200
^
4,800
-
4,800
^\
^
—
—
GNP
4,400
iN CURRENT DC)tLARS^^-^"
4,400
^
__. —
4,000
4,000
^\
—
—
,''""
3,600
3,600
\
1
GNP
^S
It-J 1982 DOLLAF
S
^
"
y"
—
X^
3,200
—
3,200
*•— ,^»—C"IT.- -
^~
—
2,800
2,800
2,400
\
\
\
1
1981
1
1
1
1
1 1 1
1
1
1984
1983
1982
1
1
1985
1
1
1
1
\
1986
1
\
\
\
1
1988
1987
1
1
2,400
1989
COUNCIL OF ECONOMIC ADVISER s
SOURCE: DEPARTMEN OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Government purchases of
goods and services
Exports and imports of goods
and services
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
4,524.3
4,880.6
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,010.8
3,235.1
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.9
750.3
32.1
33.9
26.3
-6.1
589
-78.0
-97.4
1126
-73.7
351.0
382.8
361.9
352.5
383.5
370.9
396.5
448.6
547.7
318.9
348.9
335.6
358.7
442.4
448.9
493.8
561.2
621.3
530.3
588.1
641.7
675.0
735.9
820.8
872.2
926.1
968.9
208.1
242.2
272.7
283.5
310.5
355.2
366.5
381.6
381.3
142.7
167.5
193.8
214.4
234.3
259.1
277.8
294.8
298.0
65.4
74.8
78.9
69.1
76.2
96.0
88.7
86.8
83.3
3,212.5
3,545.8
3,851.8
4,107.9
4,297.3
4,665.8
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,083.3
409.6
579.8
661.8
654.1
648.8
749.7
14.1
-25.8
67 9
-103.2
1089
114 6
335.9
364.7
385.7
369.2
402.4
482.6
321.9
390.5
453.6
472.4
511.3
597.2
671.8
676.1
764.5
856.7
888.9
947.5
293.2
276.1
326.0
376.6
368.8
388.1
205.4
221.5
244.1
268.6
280.7
296.8
n
m
4,739.8
4,838.5
4,926.9
5,017.3
3,148.1
3,204.9
3,263.4
3,324.0
728.8
748.4
771.1
752.8
-82.8
749
-66.2
70 8
521.6
532.5
556.8
579.7
604.3
607.5
623.0
650.5
945.7
960.1
958.6
1,011.4
374.1
377.1
367.5
406.4
I
5,113.1
5,201.7
5,278.9
3,381.4
3,444.1
3,513.2
769.6
775.0
779.0
-54.0
506
-53.5
605.6
626.1
623.3
659.6
676.6
676.8
1,016.0
1,033.2
1,040.2
399.0
406.0
403.3
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
19821983:
19841985:
19861987-
IV
IV
IV
IV
IV
IV
1988: I
IV
1989:
1
n r
m
Gross
national
product
Net
exports
Exports
Imports
Total
Total
Gross
domestic
purchases 1
322.2
345.9
369.0
391.5
425.3
465.6
505.7
544.5
587.6
2,740.3
3,028.6
3,190.5
3,412.8
3,704.5
4,003.6
4,224.8
4,495.0
4,850.0
2,699.8
3,018.7
3,139.7
3,411.8
3,831.1
4,092.8
4,329.0
4,636.8
4,954.3
87.7
54.6
81.9
108.0
88.1
91.3
378.7
400.0
438.5
480.1
520.1
559.4
3,272.4
3,514.8
3,806.8
4,100.7
4,309.4
4,602.5
3,198.5
3,571.6
3,919.7
4,211.2
4,406.2
4,780.4
297.4
298.0
296.1
300.5
76.7
79.1
71.4
105.9
571.6
583.0
591.0
604.9
4,709.8
4,809.2
4,882.3
4,998.7
4,822.5
4,913.4
4,993.1
5,088.1
298.7
301.3
308.2
100.4
104.7
95.1
617.0
627.2
636.8
5,085.4
5,174.3
5,252.0
5,167.1
5,252.3
5,332.3
National
defense
Nondefense
State
and
local
Source: Department of Commerce, Bureau of Economic Analysis.
GNP less exports of goods and services plus imports of goods and services.
Final
sales
Federal
V —i.
---JK. OF
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Exports and imports of
goods and services
Government purchases of
goods and services
Personal
consumption
expenditures
Nonresidential
fixed
Residential
fixed
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,618.7
3,717.9
3,853.7
4,024.4
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,354.8
2,446.4
2,513.7
2,598.4
379.2
395.2
366.7
361.2
425.2
453.5
438.4
455.5
493.8
137.0
126.5
105.1
149.3
170.9
174.4
195.7
194.8
194.1
-6.9
57.0
23.9
49.4
245
26.3
-6.4
-19.9
62.3
840
9.1 -104.3
5.6 -129.7
23.7 -115.7
27.9 -74.9
388.9
392.7
361.9
348.1
371.8
367.2
397.1
450.9
530.1
332.0
343.4
335.6
368.1
455.8
471.4
526.9
566.6
605.0
620.5
629.7
641.7
649.0
677.7
731.2
761.6
781.8
785.1
3,159.3
3,365.1
3,535.2
3,662.4
3,733.6
3,935.6
2,078.7
2,191.9
2,281.1
2,386.9
2,477.8
2,532.3
352.3
390.4
444.4
460.9
435.7
472.7
115.8
159.9
169.6
179.4
200.3
191.9
-59.3
11.7
27.0 -46.2
41.7 -94.8
7.7 -125.3
-20.8 -135.4
56.6
109 8
336.0
355.5
376.6
367.4
406.5
484.1
324.3
401.6
471.4
492.6
541.9
593.9
n
m
3,974.8
4,010.7
4,042.7
4,069.4
2,570.8
2,586.8
2,608.1
2,627.7
483.6
497.8
501.0
492.7
189.1
194.2
195.1
198.1
34.3
21.5
37.5
18.3
-78.2
-72.6
-74.9
-73.8
517.4
519.7
531.9
551.4
n. r.
m
4,106.8
4,132.5
4,160.2
2,641.0
2,653.7
2,694.1
501.0
511.4
517.2
195.6
189.3
185.2
24.5
19.1
21.2
-55.0
-51.2
-63.6
569.7
587.5
589.8
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1982:
1983:
1984:
1985:
1986:
1987-
IV
IV
IV.. . .
IV
IV
IV
1988- I
IV
1989: I
1
Gross
national
product
Change
in
business
inventories
Federal
Net
exports
Exports
GNP less exports of goods and services plus imports of goods and services.
Imports
Total
State
and
local
Final
sales
Gross
domestic
purchases 1
National
defense
Nondefense
246.9
259.6
272.7
275.1
290.8
326.0
334.1
339.6
328.9
171.2
180.3
193.8
206.9
218.5
237.2
252.1
265.2
261.5
75.7
79.3
78.9
68.2
72.3
88.8
82.0
74.4
67.4
373.6
370.1
369.0
373.9
387.0
405.2
427.5
442.1
456.2
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,609.6
3,712.4
3,830.0
3,996.5
3,130.1
3,199.4
3,139.7
3,299.1
3,585.4
3,723.0
3,847.6
3,969.4
4,099.3
660.1
642.2
693.2
752.7
776.0
792.1
289.5
266.0
300.5
340.6
342.4
344.9
201.4
211.6
225.3
241.4
255.8
266.7
88.2
54.4
75.2
99.2
86.6
78.2
370.6
376.2
392.7
412.1
433.6
447.2
3,218.6
3,338.1
3,493.5
3,654.7
3,754.4
3,879.0
3,147.6
3,411.3
3,630.0
3,787.6
3,869.0
4,045.5
595.6
592.3
606.9
625.2
775.1
783.0
775.9
806.4
323.8
327.9
319.8
343.9
263.0
262.5
258.8
261.6
60.8
65.4
61.0
82,3
451.3
455.1
456.1
462.5
3,940.5
3,989.2
4,005.2
4,051.0
4,052.9
4,083.3
4,117.6
4,143.2
624.6
638.7
653.4
799.7
810.3
806.0
335.5
343.6
336.6
254.4
255.8
260.4
81.1
87.8
76.1
464.2
466.7
469.4
4,082.3
4,113.5
4,139.0
4,161.8
4,183.7
4,223.8
Total
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982 = 100; quarterly data are seasonally adjusted]
Gross private
domestic investment
Personal consumption
expenditures
Period
Gross
national
product
Total
Durable
goods
Nondurable goods
Services
Nonresidential
fixed
Exports and imports of
goods and services
Government purchases of goods and
services
Federal
tial fixed
Exports
Imports
Total
National
defense
j
Nondefense
State
and local
85.7
94.0
100.0
103.9
107.7
110.9
113.8
117.4
121.3
86.6
94.6
100.0
104.1
108.1
111.6
114.3
119.8
124.5
89.2
95.7
100.0
102.1
103.8
104.8
105.6
108.1
110.1
89.4
96.9
100.0
102.1
105.0
107.5
107.3
112.1
116.3
83.9
92.6
100.0
106.2
111.6
116.8
122.4
129.0
134.9
85.1
93.4
100.0
98.8
97.9
97.7
99.3
97.5
98.7
89.4
96.6
100.0
102.2
106.0
108.3
111.1
116.2
119.7
90.2
97.5
100.0
101.3
103.2
101.0
99.8
99.5
103.3
96.0
101.6
100.0
97.4
97.1
95.2
93.7
99.0
102.7
84.3
93.3
100.0
103.1
106.8
109.0
109.7
112.4
115.9
83.4
92.9
100.0
103.6
107.2
109.2
110.2
111.1
114.0
86.4
94.3
100.0
101.4
105.5
108.2
108.1
116.7
123.6
86.2
93.4
100.0
104.7
109.9
114.9
118.3
123.2
128.8
101.7
105.4
109.0
112.2
115.1
118.6
101.8
105.7
109.3
113.1
115.8
121.8
100.7
103.1
104.1
104.7
106.2
109.0
101.0
103.1
105.8
108.7
107.8
113.7
102.7
108.3
113.5
119.0
124.9
131.5
100.7
98.3
97.9
97.9
100.0
97.0
99.1
103.1
107.2
109.0
112.4
118.7
100.0
102.6
102.4
100.5
99.0
99.7
99.3
97.2
96.2
95.9
94.4
100.6
101.3
103.8
108.5
110.6
107.7
112.5
102.0
104.7
108.3
111.3
109.7
111.3
99.5
100.3
108.9
108.8
101.7
116.8
102.2
106.3
111.7
116.5
120.0
125.1
n
m
119.2
120.6
121.9
123.3
122.5
123.9
125.1
126.5
109.3
109.6
110.2
111.2
114.0
115.9
117.1
118.2
132.7
134.2
135.6
137.3
97.7
97.8
98.4
100.6
119.5
119.5
119.6
120.4
100.8
102.5
104.7
105.1
101.5
102.6
102.7
104.0
115.5
115.0
114.9
118.2
113.1
113.5
114.4
114.9
126.2
121.0
117.1
128.7
126.7
128.1
129.6
130.8
n. ..
mr
124.5
125.9
126.9
128.0
129.8
130.4
111.2
110.8
111.4
120.0
123.3
122.9
139.0
140.4
141.8
100.4
100.2
100.4
122.1
124.2
125.7
106.3
106.6
105.7
105.6
105.9
103.6
118.9
118.2
119.8
117.4
117.8
118.4
123.8
119.2
124.9
132.9
134.4
135.7
1980
1981
1982
1983.
1984
1985
1986
1987
1988
1982:
19831984:
19851986:
1987:
IV...
IV
IV
IV
IV
IV
1988: I
IV
1989: I
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross national product
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
19821983:
19841985:
19861987:
1988-
Constant
(1982)
dollars
Current
dollars
8.9
11.7
3.7
7.6
10.8
6.4
5.4
6.9
7.9
4.2
12.4
4.7
6.2
4.2
9.0
6.5
8.6
7.5
7.5
7.9
7.1
6.1
. .
IV
IV
IV
IV
IV
IV
I
n
m
IV
1989- I
n
mr
0.2
1.9
25
3.6
6.8
3.4
2.7
3.7
4.4
.6
7.3
1.7
3.0
2.3
6.6
4.0
3.7
3.2
2.7
3.7
2.5
2.7
Implicit
price
deflator
Personal consumption expenditures
Chain price
index
Fixedweighted
price index
(1982
weights)
9.0
9.4
6.3
4.1
3.9
3.3
2.5
3.4
3.7
4.1
3.9
3.1
3.2
2.7
3.3
3.3
4.3
4.4
4.1
4.6
4.9
2.9
9.0
9.7
6.4
3.9
3.7
3.0
2.6
3.2
3.3
3.6
4.7
3.0
3.3
1.8
2.4
2.0
4.8
4.4
4.7
4.0
4.6
3.2
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
Constant
(1982)
dollars
Current
dollars
10.6
10.5
7.1
9.0
8.8
8.2
6.4
7.6
7.4
10.3
9.7
7.2
6.0
6.2
3.6
8.7
7.4
7.5
7.6
7.1
7.6
8.3
9.3
9.3
6.2
4.1
4.0
3.4
2.7
3.6
4.2
4.0
4.0
3.2
3.3
3.1
3.8
3.8
4.8
5.2
4.3
4.8
5.0
2.9
Implicit
price
deflator
02
1.2
1.3
4.6
4.8
4.7
3.9
2.8
3.4
5.3
5.5
4.3
1.9
2.2
-.7
6.2
2.5
3.3
3.0
2.0
1.9
6.2
Chain price
index
10.7
9.2
5.7
4.1
3.8
3.2
2.4
4.8
3.9
4.4
4.3
3.0
4.0
3.9
4.4
2.3
4.7
3.9
4.6
4.8
5.7
1.9
Fixedweighted
price index
(1982
weights)
10.5
9.0
5.6
4.2
4.0
3.5
2.7
4.7
4.3
4.8
4.1
3.2
4.3
3.9
4.5
2.6
5.1
4.6
4.9
4.8
6.3
2.2
10.9
9.2
5.7
4.2
3.9
3.5
2.7
4.7
4.1
4.8
4.1
3.1
4.2
3.9
4.3
2.6
5.0
4.3
4.8
4.7
5.8
2.1
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) *
Gross domestic
product of
nonfinancial
corporate business
(billions of dollars)
Period
Corporate profits with
inventory valuation and capital
consumption adjustments
Total
cost
and
profit 2
Capital
consumption
allowances
with
capital
consumption
adjustment
Indirect
business
taxes 3
Compensation of
employees
Net
interest
Profits
tax
liability
Profits
after
tax 4
Current
dollars
1980
1981
1982
1983
1984.. .
1985
1986
1987 .
1988
1982- IV
1983: IV
1984: IV
1985- IV
1986: IV
1987: IV
1988: I
n..
ni
IV
1989:
1
I
n
m''
.. .
1982
dollars
1,540.8
1,738.4
1,782.2
1,914.2
2,146.7
2,267.1
2,367.1
2,520.7
2,731.3
1,779.4
2,012.5
2,201.8
2,309.4
2,408.7
2,598.4
0.852
.946
1.000
1.026
1.054
1.071
1.089
1.104
1.129
1.011
1.037
1.064
1.080
1.096
1.109
1.112
1.123
1.132
1.148
0.095
.109
.125
.123
.118
.119
.123
.123
.123
.131
.120
.118
.120
.124
.122
.122
.122
.122
.124
0.077
.090
.094
.098
.100
.103
.106
.106
.107
.096
.098
.102
.104
.106
.106
.106
.107
.108
.108
0.581
.632
.676
.679
.687
.704
.721
.730
.744
.685
.680
.694
.713
.727
.734
.732
.740
.746
.756
0.031
.037
.043
.037
.039
.038
.041
.047
.052
.042
.037
.042
.037
.042
.050
.050
.051
.053
.055
0.068
.078
.063
.089
.109
.106
.098
.098
.103
.057
.103
.107
.106
.096
.098
.102
.103
.102
.105
0.037
.035
.026
.032
.036
.033
.035
.041
.044
2,648.1
2,705.9
2,754.9
2,816.4
1,807.9
1,837.2
1,782.2
1,866.0
2,036.5
2,117.4
2,173.9
2,282.6
2,419.5
1,760.2
1,940.5
2,069.5
2,137.7
2,198.5
2,343.3
2,381.8
2,408.9
2,434.1
2,453.2
.023
.036
.032
.033
.038
.041
.041
.044
.044
.045
0.031
.044
.037
.057
.073
.073
.064
.058
.059
.034
.066
.075
.072
.058
.057
.060
.059
.058
.061
2,842.7
2,887.2
2,935.5
2,459.1
2,471.3
2,496.6
1.156
1.168
1.176
.125
.126
.129
.110
.111
.112
.768
.778
.783
.057
.060
.061
.096
.093
.090
.045
.041
.038
.051
.053
.053
Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol-
lars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
3
4
Total
Output
per hour
of all
employees
(1982
dollars)
Compensation
per hour
of all
employees
(dollars)
18.770
19.423
' 19.784
' 20. 116
r
20.650
r
21.176
r
21.382
r
21.401
r
21.469
'21.446
10.769
11.777
12.635
13.039
13.528
14.069
14.746
15.252
' 15.907
12.865
13.209
13.735
r
14.341
' 15.008
' 15.535
* 15.645
r
15.833
' 16.024
' 16.213
r
21.356
' 2 1.364
' 16.407
' 16.625
18.524
18.643
18.704
19.217
19.682
19.996
20.456
20.908
r
21.393
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).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employees1
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
Kental
income of
persons
with
capital
consumption
adjustment
Nonfarm
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
Profits
before tax
Inventory
valuation
adjustment
Capital
consumption
adjustment
Net
interest
1982...
1983
1984
1985
1986
1987
1988.. .
1982: IV
1983- IV
1984: IV
1985- IV
1986: IV
1987- IV
2,518.4
2,719.5
3,028.6
3,234.0
3,412.6
3,665.4
3,972.6
2,548.2
2,851.5
3,096.1
3,312.8
3,473.1
3,799.9
1,907.0
2,020.7
2,213.9
2,367.5
2,511.4
2,690.0
2,907.6
1,931.1
2,092.7
2,272.7
2,426.7
2,571.2
2,778.7
24.6
12.4
30.5
30.2
34.7
41.6
39.8
28.5
19.3
28.1
29.2
37.2
48.4
150.9
178.4
204.0
225.6
247.2
270.0
288.0
159.8
188.6
209.7
235.0
252.0
280.3
13.6
13.2
8.5
9.2
11.6
13.4
15.7
15.8
12.4
5.6
7.8
13.5
14.3
150.0
213.7
266.9
282.3
282.1
298.7
328.6
146.1
248.5
266.9
291.4
275.2
308.2
159.2
196.7
234.2
222.6
228.3
247.8
281.8
150.7
223.4
224.6
228.4
226.1
255.8
169.6
207.6
240.0
224.3
221.6
266.7
306.8
164.1
231.5
226.1
235.0
234.1
276.2
10.4
-10.9
-5.8
-1.7
6.7
-18.9
-25.0
-13.4
8.1
-1.6
6.6
-8.0
-20.4
-9.2
17.0
32.7
59.7
53.8
50.9
46.8
-4.5
25.1
42.3
63.0
49.1
52.4
272.3
281.0
304.8
319.0
325.5
351.7
392.9
266.9
290.2
313.1
322.7
324.0
370.0
1988: I.
II
III....
IV
3,853.6
3,933.6
4,005.7
4,097.4
2.819.4
2,878.9
2,935.1
2,997.2
44.0
45.4
37.7
32.0
279.9
286.5
289.3
296.3
15.6
14.6
16.3
16.1
318.1
325.3
330.9
340.2
268.1
276.4
284.1
298.7
288.8
305.3
314.4
318.8
-20.7
-28.8
-30.4
20 1
49.9
48.9
46.9
41.5
376.6
383.0
396.4
415.7
1989- I
4,185.2
4,249.6
4,284.0
3,061.7
3,118.2
3,171.9
59.0
51.3
36.3
300.3
304.2
307.3
11.8
9.8
5.2
316.3
307.8
292.3
279.7
275.5
266.0
318.0
296.0
272.0
38.3
-20.5
6.0
36.6
32.3
26.3
436.1
458.4
471.0
nr
m
1
Includes employer contributions for social insurance- (See also p. 5.)
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nondurable goods
Durable goods
Total
personal
consumption
expenditures
Total
durable
goods
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,010.8
3,235.1
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,083.3
252.7
289.1
335.5
372.2
406.0
421.0
455.2
263.8
310.0
346.7
373.2
422.0
424.5
108.9
130.4
157.4
179.1
196.2
195.5
211.6
115.7
144.4
162.3
173.8
201.1
196.3
95.7
107.1
118.8
129.9
139.7
149.1
162.0
99.1
112.4
122.7
134.7
143.8
151.4
1988: I
3,148.1
3,204.9
3,263.4
3,324.0
446.4
454.6
452.5
467.4
210.3
212.5
208.4
215.3
1989: I
3,381.4
3,444.1
3,513.2
466.4
471.0
488.5
211.7
212.9
277.8
Period
1982
1983
1984
1985
1986
1987..
1988
'982:
1983:
1984:
19851986:
1987-
IV
IV
IV....
IV
IV
IV
n
m
rv
n p
m
Source: Department of Commerce, Bureau of Economic Analysts.
Motor
vehicles
and
parts
Furniture
and
household
equipment
Total
nondurable
goods
Food
48.1
51.6
59.3
63.2
70.0
76.5
81.6
49.0
53.2
61.8
64.7
77.1
76.7
771.0
816.7
867.3
911.2
942.0
998.1
1,052.3
786.6
837.9
879.6
932.7
952.1
1,015.4
156.9
162.2
162.7
166.1
79.2
79.9
81.4
86.0
172.1
173.5
173.9
82.6
84.6
86.7
Other
Services
Retail sales of
new passenger
cars (millions of
units)
Clothing and
shoes
Gasoline
and oil
398.8
421.9
448.5
471.6
500.0
529.2
559.7
407.0
430.8
456.1
482.5
511.9
536.8
124.4
135.1
146.7
156.4
166.8
177.2
186.8
126.5
141.1
149.8
160.6
168.7
180.6
89.1
90.2
90.0
90.6
73.5
75.2
76.8
89.8
91.9
89.0
91.0
66.0
76.7
158.7
169.5
182.1
192.6
201.7
216.6
229.0
163.4
174.0
184.7
198.5
205.5
221.3
1,027.0
1,128.7
1,227.6
1,345.6
1,449.5
1,591.7
1,727.6
1,066.5
1,167.9
1,267.1
1,394.5
1,494.4
1,643.3
5.8
6.8
8.0
8.2
8.2
7.1
7.5
6.0
7.4
7.7
7.0
7.7
6.6
2.2
2.4
2.4
2.8
3.2
3.2
3.1
2.5
2.6
2.6
3.1
3.4
3.3
1,022.2
1,042.4
1,066.2
1,078.4
542.5
554.5
567.8
574.1
180.8
183.6
188.9
193.9
74.3
76.9
78.3
77.6
224.5
227.5
231.2
232.8
1,679.5
1,707.9
1,744.7
1,778.2
7.7
7.5
7.4
7.5
3.2
3.2
3.0
3.0
1,098.3
1,121.5
1,133.7
587.3
592.2
599.8
195.0
198.9
202.6
77.9
89.5
85.0
238.1
241.0
246.3
1,816.7
1,851.7
1,891.0
7.0
7.3
7.9
2.8
3.0
2.9
Other
Domestics
Imports
SOURCES OF PERSONAL INCOME
Personal income rose $40.6 billion (annual rate) in October following an increase of $11.2 billion in September.
The increases were affected by several special factors: The Loma Prieta earthquake in October and Hurricane
Hugo in September reduced personal income by about $21.0 billion (annual rate) and $15.0 billion (annual rate),
respectively. Other special factors in October were a large increase in subsidy payments to farm proprietors and
bonus payments to employees in the motor vehicle industry. Excluding the impact of the special factors, personal
income rose about $33.0 billion in October, and about $26.0 billion in September.
BILLIONS OF DOLLARS*(RATIO SCALE)
5,000
BILLIONS Of DOLLARS*(RATIO SCALE)
5,0001
—
4,000
4,000
3,000
3,000
2,000
2,000
WAGE AND SALARY DISBURSEMENTS
1,400
1,400
OTHER INCOME
800
800
400
TRANSFER
PAYMENTS
400
1981
1982
1985
1984
1983
1986
1988
1987
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1988: Oct
Nov
Dec
1989: Jan
Feb
Mar
May
July r.
Aug r
Sept '
Oet p
personal
income
Wage and
salary
disbursements 1
Proprietor, ' income 3
Other labor
income 1 2
2 2584
2,520.9
2 6708
2 838 6
3 108 7
3 325 3
3 526 2
3 777 6
4064 5
1 372 0
1,510.3
1 586 1
1 676 6
1 838 6
1 975 4
2 094 8
2 249 4
2429 0
4 1804
4 168 9
4 206 3
2497 1
2 501 6
2 516 7
173 6
182 9
187 6
199 3
212 8
228 9
234 7
236 5
238 2
4 273 1
4 319 5
4360 7
4 387 1
4 396 3
4417 5
4444 3
4458 5
4469 7
45103
2 545 4
2 557 3
2 579 4
2 601 3
2 603 5
2 621 7
2 644 7
2 651 0
2 6684
2 701 3
239 7
241 3
242 9
244 4
246 0
247 5
249 1
250 7
252 2
253 8
1384
150.3
163 6
Farm
205
30.7
24 6
12 4
30 5
30 2
34 7
41 6
39 8
160 1
156.1
150 9
47 1
19 5
294
178 4
204 0
225 6
247 2
270 0
288 0
295 8
295 7
297 4
480
65 9
63 0
564
54 3
43 2
390
36 8
33 1
400
299 6
300 6
300 8
304 6
303 5
304 6
306 0
3080
307 7
307 8
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
^Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
4
With capital consumption adjustment.
Nonfarm
Less:
income of
persons 4
66
13.3
13 6
13 2
85
92
11 6
13 4
15 7
164
16 1
160
13 8
11 8
99
98
98
97
93
83
— 18
76
dividend
income
interest
income
payments 5
contributions
for social
insurance
personal
income 6
52 9
61.3
63 9
68 7
75 5
78 7
85 8
920
102 2
271 9
335.4
369 7
393 1
444 7
4780
493 2
523 2
571 1
324 7
368.1
4106
442 6
456 6
489 8
521 5
548 2
584 7
88 6
104.5
112 3
120 1
132 7
149 3
161 9
172 9
194 9
2,215.8
2,465.6
2 618 7
2 7990
3052 1
3 271 3
3 469 4
3 714 7
4003 7
105 8
1065
1069
5908
598 6
6064
592 2
593 5
595 6
1995
199 1
200 1
4 112.3
4 1284
4 1559
1084
109 4
1103
111 0
111 4
111 8
112 8
113 3
113 6
114 8
6165
628 9
641 5
6484
6552
661 8
6657
669 3
672.6
6754
6107
614 2
624 2
623 9
6255
6309
632 6
6364
640 2
643 5
2090
209 8
211 3
212 6
212 7
213 8
214 8
215 2
2163
218 7
4,204.0
4 2324
4,276.5
43094
4,320.5
4 352 6
4 383.6
44000
4,414.8
4448 2
5
Consists mainly of social insurance benefits, direct relief, and veterans payments.
6
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.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income rose in the third quarter of 1989.
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
6,000
6,000
1989
• SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
Personal
Less:
Personal
tax and
nontax
payments
TH"
1
Disposable
income
COUNCIL OF ECONOMIC ADVISERS
Equals:
Personal
saving
Less:
Personal
outlays 1
Disposable
personal
income in
1982
dollars
(billions)
Per capita
disposable personal
income
Current
dollars
Billions of dollars
1980
1981..
1982
1983..
1984
1985..
1986
1987..
1988
2,258.5
2,520.9
2,670.8
2338.6
3,108.7
3,325.3
3,526.2
3J77.6
4,064.5
340.5
393.3
409.3
410.5
440.2
486.6
512.9
571.7
586.6
1,918.0
2|l27.6
2,261.4
2^428.1
2^668.6
2,838.7
3,013.3
3^205.9
3^477.8
1982
dollars
Per capita personal
consumption
expenditures
Current
dollars
1982
dollars
Dollars
1 781.1
1,968.1
2 107.5
2,297.4
2^504.5
2,713.3
2 888.5
3,104.1
3,333.1
136.9
159.4
153.9
130.6
164.1
125.4
124.9
101.8
144.7
2,214.3
2,248.6
2 261.5
2,331.9
2,469.8
2,542.8
2 635.3
2,676.6
2/793.2
8,421
9,243
9 724
10,340
ll'257
11,861
12 469
13,140
14416
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands) 2
Percent
— .5
7.1
7.5
6.8
2.1
4.9
2.0
2.6
.6
3.3
5.4
6.1
4.4
4.1
3.2
4.2
227,754
230,182
232,549
234,829
237^051
239,322
241,660
243,985
246^378
9 722
9,769
9 724
9,930
10,419
10,625
10 905
10,970
n',331
7,607
8,320
8 818
9,515
10,253
10,985
11 576
12,340
13431
8,783
— 1.1
8,794
8 818
9,139
9^489
9,839
10 123
10,303
10^546
.5
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
IV
IV
IV
IV
IV
IV
1988: I
II
m....
IV
1989: I
II r
m ...
2,729.2
2,941.8
3,188.3
3,399.1
3,597.8
3,908.7
411.1
413.9
459.7
499.6
534.4
589.2
2,318.1
2,527.9
2,728.6
2,899.5
3,063.4
3,319.4
2,174.9
2,382.5
2,571.3
2,787.7
2,961.4
3,177.6
143.1
145.4
157.3
111.7
102.0
141.8
2,276.1
2,392.7
2,496.3
2,562.8
2,646.2
2,726.2
9,929
10,725
11,467
12,068
12,629
13,552
9,749
10,151
10,491
10,667
10,909
11,130
9,068
9,825
10,479
11,240
11,825
12,588
8,904
9,299
9,587
9,935
10,214
10,339
1.2
9.1
1.7
3.3
.3
6.6
6.2
5.8
5.8
3.9
3.3
4.3
233,466
235,707
237,946
240,257
242,579
244,936
3,948.5
4,026.6
4,097.6
4,185.2
572.2
590.7
585.9
597.8
3,376.4
3,435.9
3,511.7
3,587.4
3,244.4
3,301.9
3,362.1
3,424.0
131.9
134.0
149.6
163.4
2,757.2
2,773.3
2,806.4
2,835.9
13,754
13,966
14,235
14,504
11,232
11,273
11,377
11,466
12,824
13,028
13,229
13,439
10,473
10,515
10,573
10,624
3.7
1.5
3.7
3.2
3.9
3.9
4.3
4.6
245,476
246,008
246,685
247,343
4,317.8
4,400.3
4,457.5
628.3
652.6
649.1
3,689.5
3,747.7
3,808.4
3,483.8
3,547.0
3,617.3
205.7
200.7
191.1
2,881.7
2,887.6
2,920.6
14,884
15,084
15,286
11,625
11,622
11,723
13,641
13,862
14,101
10,654
10,681
10,814
5.7
-.1
3.5
5.6
5.4
5.0
247,890
248,456
249,140
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
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 second quarter of 1989, according to current estimates, gross farm income rose $5.8 billion (annual rate)
and net farm income rose $5.5 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
*40
onn
240
rr r^
^*~-
160
*
^-^—
120
*"^
I—-
"
~^\
160
120
GR DSS FARM INC UMb
80
80
«*"*
40
1
/'
20
<•
*•-*
"\
\
*N
•
I
\
\
\
|
1
|
/N
/
*
1
S
;
\
*
1
/\
'"
'--v
~"
^V
An
i
-**
NX
N
•**"
^— — X
'
^ /
^/
'
T
Jf*^
20
NET FARM INCOMfc
1
i
1
1
l\ 1
i\ I
' \*
I \;
I
10
ii
2
I I I
1981
\
1
i i i
I
1982
1
1983
1
1984
1
1
I
1
1
1985
1 1
1986
\
\ I
1987
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
1
1 1
1
1
1
1989
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rat*
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total 1
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1986: m
IV
1987: I
n
m
IV
1988: I
n.
m
IV
1989: I
n"
1
149.3
166.4
163.5
153.0
174.9
166.4
160.4
171.6
177.6
156.2
164.2
170.5
172.4
167.6
175.6
174.7
182.0
175.0
178.6
197.7
203.5
139.7
141.7
142.6
136.6
142.4
144.1
135.5
139.5
151.5
135.7
139.3
131.3
143.8
144.8
138.1
144.4
148.8
160.4
152.2
152.7
168.9
Livestock and
products
68.0
69.2
70.3
69.4
73.0
69.8
71.5
75.7
78.9
76.2
74.2
72.8
76.4
77.8
75.8
81.8
75.3
78.3
80.3
83.0
80.5
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.
Crops
71.7
72.5
72.3
67.1
69.5
74.3
64.0
63.8
72.6
59.5
65.1
58.6
67.4
66.9
62.2
62.6
73.5
82.1
71.9
69.7
88.4
3
Value of
inventory
changes 2
63
6.5
14
-10.9
6.3
-2.4
27
-.4
43
-2.2
18
— .1
.3
-.2
17
-4.0
-4.4
-4.7
41
6.7
5.9
Production
expenses
Current
dollars
133.1
139.4
140.0
140.4
142.7
134.0
122.4
124.5
132.0
121.1
120.7
121.3
125.1
126.0
125.6
127.2
129.7
135.2
135.7
134.3
134.6
1982 dollars 3
16.1
26.9
23.5
12.7
32.2
32.3
38.0
47.0
45.6
35.1
43.5
49.2
47.2
41.5
49.9
47.5
52.3
39.8
42.9
63.4
68.9
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
12.2
29.9
29.1
33.4
40.0
37.7
30.7
37.8
42.4
40.3
35.3
42.0
39.8
43.3
32.7
34.8
50.9
54.7
CORPORATE PROFITS
In the third quarter of 1989, according to preliminary estimates, corporate profits before tax fell $24.0 billion
(annual rate) and after-tax profits fell $11.6 billion.
BILLIONS OF DOLLARS
360
BILLIONS OF DOLLARS
360
SEASONALLY ADJUSTED ANNUAL RATES
320
320
/^
\
280
240
280
\
f
*
\
A
^\
y
200
\
160
X
y
\
^
\~^
y
•"""*«.v PR 5FITS AFTER L
X
"X
*«•
«*"* —
" .
N
"X
/
; ,
»
X.
120
-<"'
80
' -.
* .
80
TAX LIABILITY
\
**\
" S**
40
I
1
1
1
1982
1
1 1
1983
1
1
1
1
1984
1
1
1985
----i i i
i i i
1986
\
1981
"X
^**""*'
\
UNDISTI IBUTED PROFI' s
1
200
160
y""
'
i
240
*•*" "* "~ "
N_^.«- ^
120
/
r^l
f*
\
/
PROFITS BEFORE TAX
1987
1
1
1
1
1
40
1
0
1989
1988
SOURCE: DEPARTMEN OF COMMERCE
\
COUNCIL OF CONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment 1
Profits after tax
Domestic industries
Period
Total
1980
1981
1982
1983
1984..
1985
1986
1987
1988.
1982:
19831984:
19851986:
1987:
1988:
...
IV
IV
IV
IV
IV
IV
I
n
m
IV
1989: I
np
m
1
2
Financial
Total 3
Manufacturing
Tax
liability
Wholesale and
retail
trade
194.0
202.3
159.2
196.7
234.2
222.6
228.3
247.8
281.8
159.6
173.8
131.2
166.6
203.3
191.4
195.2
208.7
238.2
21.0
16.5
11.8
18.1
13.0
22.8
32.0
30.5
29.8
138.6
157.3
119.4
148.5
190.3
168.6
163.2
178.2
208.4
77.1
88.5
58.0
70.1
88.8
79.7
59.5
76.6
98.4
21.6
32.5
34.6
38.9
51.2
44.1
44.1
41.1
40.1
237.1
150.7
223.4
224.6
228.4
226.1
255.8
121.6
190.7
193.9
193.6
193.4
211.8
18.7
15.5
13.6
26.0
28.6
29.9
102.9
175.2
180.3
167.6
164.8
181.9
46.8
88.6
79.8
83.8
64.8
84.5
33.6
43.1
51.8
38.5
41.0
41.2
164.1
231.5
226.1
268.1
276.4
284.1
298.7
225.7
235.8
239.0
252.2
27.7
29.7
31.6
30.1
198.0
206.1
207.3
222.1
94.6
98.2
95.1
105.5
42.2
37.3
39.2
41.8
288.8
305.3
279.7
275.5
266.0
233.1
231.8
222.9
29.3
28.6
18.4
203.9
203.2
204.5
96.5
90.3
34.1
36.9
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Profits
before tax
Nonfinancial
Total 2
3
226.5
169.6
207.6
240.0
224.3
221.6
266.7
306.8
235.0
234.1
276.2
314.4
318.8
318.0
296.0
272.0
Total
Dividends
Undistributed
profits
Inventory
valuation
adjustment
84.8
81.1
63.1
77.2
93.9
96.4
106.3
124.7
137.9
59.8
88.1
87.0
99.8
113.1
127.3
129.0
138.4
141.2
143.2
152.3
145.4
106.5
130.4
146.1
127.8
115.3
142.0
168.9
104.3
143.4
139.2
135.2
121.0
148.9
159.9
166.9
173.2
175.6
54.7
63.6
66.9
71.5
79.0
83.3
91.3
98.7
110.4
68.5
73.9
80.8
84.0
93.6
102.8
105.7
108.6
112.2
115.2
97.6
81.8
39.6
58.9
67.0
44.6
24.0
43.3
58.5
35.8
69.5
58.4
51.2
27.4
46.1
54.2
58.3
61.1
60.4
-43.1
-24.2
-10.4
-10.9
-5.8
-1.7
6.7
-18.9
-25.0
-13.4
-8.1
-1.6
-6.6
-8.0
-20.4
-20.7
-28.8
-30.4
-20.1
144.4
134.9
122.4
173.6
161.1
149.5
118.5
120.9
123.3
55.1
40.2
26.3
-38.3
-20.5
* 6.0
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Anal
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the third quarter of 1989, nonresidentiaS fixed investment rose $6.8 billion
(annual rate) and residential investment fell $2.3 billion. There was a $26.9 billion increase in inventories, following
an increase of $27.4 billion in the second quarter.
BILLIONS OF DOLLARS
900
BILLIONS OF DOLLARS
900
SEASONALLY ADJUSTED ANNUAL RATES
800
800
—
700
600
^"•~~~
/^,
/ ^
^
1
GROSS PRIVATE DOMESTIC
INVESTMENT
\
^^
"
^
^
1
y
-^
400
-"'
700
—600
/
—
NONR ESIDENTIAL
^v
500
_
500
^~N/
--.--""
^
""--
^jr — — "*
-Y — «
•*"
—
400
^*~
—
RESIDENTIAL
FIX ED INVESTMEN T ,
300
300
\
J
^X--— •
200
200
—
^--
„•*-'
100
0
-100
—*
—
_.-**-
/
i i i '"""X
1 1 1
1981
1982
"••"--,^
,,<'"
\
\ \
1
1
1
1984
1983
•4GE IN BUSINE
NVENTORIES
— -^ * -\N
i t i
I
100
s*
.— s
I !
1986
1985
1
1 I
1987
SOURCE: DEPARTMENT OF COMMERCE
0
1
1
1
1988
1
1
1
-100
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Period
Gross
private
domestic
investment
Nonresidential
Total
Total
1980
1981
1982
1983
1984
1985 ..
1986
1987
1988
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.9
750.3
445.3
491.5
471.8
509.4
597.1
631.8
652.5
670.6
719.6
322.8
369.2
366.7
356.9
416.0
442.9
435.2
444.3
487.2
19821983:
1984:
1985:
1986:
1987-
409.6
579.8
661.8
654.1
648.8
749.7
469.5
548.8
616.8
646.8
660.9
686.3
354.9
383.9
435.0
451.3
435.8
458.6
728.8
748.4
771.1
752.8
698.7
719.1
726.5
734.1
472.7
487.1
493.2
495.8
769.6
775.0
779.0
742.0
747.6
752.1
503.1
512.5
519.3
IV
IV
IV
IV
IV
IV
1988: I
n
m
IV
1989: I
n
m
r
Source: Department of Commerce, Bureau of Economic Analysis.
Structures
113.9
138.5
143.3
124.0
141.1
153.2
139.0
133.8
140.3
137.6
127.4
146.6
155.9
133.7
138.9
137.1
139.9
142.0
142.5
144.7
142.4
145.5
Producers'
durable
equipment
208.9
230.7
223.4
232.8
274.9
289.7
296.2
310.5
346.8
217.3
256.5
288.4
295.5
302.2
319.7
335.6
347.2
351.3
353.3
358.5
370.1
373.8
Residential
122.5
122.3
105.1
152.5
181.1
188.8
217.3
226.4
232.4
114.7
164.9
181.8
195.5
225.1
227.7
226.1
232.1
233.2
238.4
238.8
235.1
232.8
Total
Nonfarm
7.1
67.7
11.3
6.9
29.3
30.6
2.4
18.3
23.1
.4
60.5
14.6
8.6
30.5
34.2
-59.9
31.0
45.0
7.2
-12.2
63.3
51.1
21.3
41.3
23.7
8.0
61.3
30.0
29.3
44.6
18.7
24.2
30.4
41.5
40.8
27.7
27.4
26.9
19.1
23.6
19.0
-8.3
24.0
-24.5
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department July-August survey, business spending for new plant and equipment is
expected to rise 10.0 percent in 1989, folSowing a rise of 10.5 percent in 1988.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
500
400
300
200
40
40
1989
1981
J/ SURVEYED QUARTERLY
2/SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF CO,
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanufacturing
Manufacturing
Period
All
industries
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 4
282.80
315.22
310.58
304.78
354.44
387.13
379.47
389.67
430.76
473.65
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
166.32
181.90
1987- TTT
IV
393.05
403.96
1988- I .
n
m
IV
1989- I
n 4
m4 .
IV
1
Nonmanufacturing
Manufacturing
Total
Surveyed
quarterly
202.15
222.72
226.79
227.15
260.16
278.46
284.54
294.77
317.17
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
264.44
291.75
Nondurable
goods
Total 1
Muling
Transportation
Public
utilities
55.36
59.81
55.35
53.08
66.24
73.27
69.14
71.01
78.30
82.23
56.96
66.73
65.33
63.12
72.58
80.21
73.56
74.88
88.01
99.67
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
264.44
291.75
15.99
21.39
20.05
15.19
16.86
15.88
11.22
11.39
12.66
12.22
16.60
15.84
14.79
13.97
16.52
18.02
18.80
18.85
21.34
24.75
37.74
41.21
45.43
44.96
47.48
48.81
46.38
44.88
46.67
50.76
100.14
110.24
109.63
114.45
134.75
150.94
160.38
168.65
183.76
204.02
147.58
151.36
71.67
72.22
75.91
79.14
245.47
252.60
11.80
12.28
19.02
19.30
45.09
45.75
169.56
175.28
147.58
151.36
413.34
427.54
435.61
442.11
157.97
162.62
168.76
173.32
75.28
77.38
79.15
80.56
82.69
85.24
89.62
92.76
255.37
264.92
266.85
268.79
12.61
13.15
12.53
12.38
20.35
20.95
22.02
22.04
45.05
45.60
46.69
48.73
177.37
185.21
185.61
185.65
157 97
162.62
168.76
173.32
255.37
264.92
266.85
268.79
459.47
470.86
481.24
483.04
175.22
181.53
185.41
185.44
81.26
82.97
82.51
82.17
93.96
98.57
102.90
103.27
284.24
289.33
295.82
297.60
12.15
12.70
12.34
11.70
23.13
24.26
25.76
25.85
50.81
52.01
50.54
49.69
198.15
200.36
207.18
210.36
175.22
181.53
185.41
185.44
Surveyed
annually»
245.47
252.60
284.24
289.33
295.82
297.60
Durable
goods
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 nonmanufacturing that is surveyed annually.
10
Total
nonfarm
business z
Commercial
and
other
314.47
349.26
347.47
343.35
398.99
431.94
427.23
440.66
483.48
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145,90
166.32
181.90
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
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 July-August 1989, corrected for biases.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In October, civilian employment rose 89,000 and unemployment fell 23,000.
MILLIONS OF PERSONS*
126
MILLIONS OF PERSONS*
126
SEASONALLY ADJUSTED
122
122
118
CIVILIAN LABOR FORCE
118
V
114
114
110
110
106
106
CIVILIAN
EMPLOYMENT
102
102
98
98
.•
**
X*
^
^
12
12
8
8
UNEMPLOYMENT
4
4
ilniii
1981
1982
1983
1984
1985
1986
1987
0
lil
1989
1988
'16 YEARS OF AGE AND OVER
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
Resident
Armed
Forces
NSA
Labor force
including
resident
Armed
Forces
169,349
171,775
173,939
175,891
178,080
179,912
182,293
184,490
186,322
1,604
1,645
1,668
1,676
1,697
1,706
1,706
1,737
1,709
108,544
110,315
111,872
113,226
115,241
117,167
119,540
121,602
123,378
100,907
102,042
101,194
102,510
106,702
108,856
111,303
114,177
116,677
106,940
108,670
110,204
111,550
113,544
115,461
117,834
119,865
121,669
99,303
100,397
99,526
100,834
105,005
107,150
109,597
112,440
114,968
3,364
3,368
3,401
3,383
3,321
3,179
3,163
3,208
3,169
95,938
97,030
96,125
97,450
101,685
103,971
106,434
109,232
111,800
186,801
186,949
187,098
1,687
1,705
1,696
123,778
124,215
124,259
117,260
117,652
117,705
122,091
122,510
122,563
115,573
115,947
116,009
187,340
187,461
187,581
187,708
187,854
187,995
188,149
188,286
188,428
188,580
1,696
1,684
1,684
1,684
1,673
1,666
1,666
1,688
1,702
1,709
125,124
124,865
124,948
125,343
125,283
125,768
125,622
125,706
125,742
125,814
118,407
118,537
118,820
118,797
118,888
119,207
119,125
119,285
119,158
119,254
123,428
123,181
123,264
123,659
123,610
124,102
123,956
124,018
124,040
124,105
116,711
116,853
117,136
117,113
117,215
117,541
117,459
117,597
117,456
117,545
3,300
3,223
3,206
3,104
3,112
3,096
3,219
3,307
3,257
3,217
1980
1981
1982
1983
1984
1985
1986*
1987
1988
1988:
Oct
Nov
Dec
1989:
Jan
Peb
Mar
Apr
May
June
July
Aug
Sept
Oct
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
Civilian
Labor
force
participation
rate
(per-2
cent)
Employment/
population
ratio
(percent) 2
Total
15
weeks
and
over
4,064
4,499
5,852
5,997
5,512
5,334
5,345
5,122
4,965
7,637
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
1,871
2,285
3,485
4,210
2,737
2,305
2,232
1,983
1,610
63.8
63.9
64.0
64.0
64.4
64.8
65.3
65.6
65.9
59.2
59.0
57.8
57.9
59.5
60.1
60.7
61.5
62.3
3,238 112,335
3,238 112,709
3,193 112,816
4,727
4,819
5,033
6,518
6,563
6,554
1,554
1,502
1,495
66.0
66.1
66.1
62.4
62.6
62.6
113,411
113,630
113,930
114,009
114,102
114,445
114,240
114,290
114,199
114,327
4,837
4,697
4,709
4,930
4,609
4,801
4,505
4,553
4,612
4,466
6,716
6,328
6,128
6,546
6,395
6,561
6,497
6,421
6,584
6,561
1,512
1,304
1,310
1,426
1,313
1,258
1,472
1,305
1,370
1,374
66.5
66.3
66.3
66.5
66.4
66.6
66.5
66.5
66.4
66.4
62.9
62.9
63.0
63.0
63.0
63.1
63.0
63.0
62.9
62.9
Agricultural
Total
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutional population.
Unemployment
Civilian employment
Noninstitutional
population
including
resident
Armed
Forces
NSA
Total
Part time
for
economic
reasons *
'Data beginning January 1986 not strictly comparable with earlier data because of change in
estimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In October, both the overall unemployment rate and the civilian unemployment rate were unchanged at 5.2
percent and 5.3 percent, respectively.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT' (SEASONALLY ADJUSTED)
15
10
1989
1985
"UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE, DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
1980
1981 . ..
1982
1983
1984
1985
1986
1987
1988
Unemployment rate (percent of civilian labor force in group)
Unemployment
rate,
all
workers 1
All
civilian
workers
Men
20 years
and over
Women
20 years
and
over
7.0
7.5
9.5
9.5
7.4
7.1
6.9
6.1
5.4
7.1
7.6
9.7
9.6
7.5
7.2
7.0
6.2
5.5
5.9
6.3
8.8
8.9
6.6
6.2
6.1
5.4
4.8
6.4
6.8
8.3
8.1
6.8
6.6
6.2
5.4
4.9
By sex and age
By selected groups
By race
White
Black
and
other
Black
Experienced
wage and
salary
workers
17.8
19.6
23.2
22.4
18.9
18.6
18.3
16.9
15.3
6.3
6.7
8.6
8.4
6.5
6.2
6.0
5.3
4.7
13.1
14.2
17.3
17.8
14.4
13.7
13.1
11.6
10.4
14.3
15.6
18.9
19.5
15.9
15.1
14.5
13.0
11.7
6.9
7.3
9.3
9.2
7.1
6.8
6.6
5.8
5.2
4.2
4.3
6.5
6.5
4.6
4.3
4.4
3.9
3.3
Both
sexes
16-19
years
Married
men,
spouse
present
Women
who
maintain
families
Labor
force
time lost
(percent) 2
Fulltime
workers
Parttime
workers
9.2
10.4
11.7
12.2
10.3
10.4
9.8
9.2
8.1
6.9
7.3
9.6
9.5
7.2
6.8
6.6
5.8
5.2
8.8
9.4
10.5
10.4
9.3
9.3
9.1
8.4
7.6
7.9
8.5
11.0
10.9
8.6
8.1
7.9
7.1
6.3
1988:
Oct
Nov
Dec
5.3
5.3
5.3
5.3
5.4
5.3
4.6
4.8
4.7
4.7
4.7
4.7
15.0
14.1
14.8
4.6
4.6
4.6
9.8
10.0
10.0
11.2
11.2
11.6
5.0
5.1
5.0
3.1
3.3
3.1
7.9
7.7
8.2
5.0
5.0
5.1
7.4
7.1
7.0
6.1
6.2
6.3
1989:
Jan
Feb
Mar
Apr
May
June ....
July
Aug
Sept
Oct
5.4
5.1
4.9
5.2
5.1
5.2
5.2
5.1
5.2
5.2
5.4
5.1
5.0
5.3
5.2
5.3
5.2
5.2
5.3
5.3
4.6
4.5
4.2
4.6
4.3
4.3
4.3
4.4
4.8
4.5
4.7
4.5
4.6
4.7
4.8
4.9
5.0
4.7
4.5
4.7
16.4
14.8
13.7
14.4
15.2
15.6
14.7
14.5
15.1
14.9
4.6
4.3
4.2
4.6
4.4
4.5
4.6
4.5
4.5
4.4
10.6
10.6
9.8
9.6
9.5
10.3
9.6
9.5
10.1
10.3
12.0
11.9
10.9
10.8
11.0
11.9
10.9
11.1
11.6
11.8
5.2
4.8
4.7
5.1
4.9
5.0
5.1
5.0
5.0
5.0
3.1
3.1
2.9
3.2
2.9
2.8
2.9
3.1
3.4
3.0
8.0
8.0
7.9
7.6
8.3
7.9
8.7
8.0
7.6
7.6
5.0
4.8
4.8
5.0
4.8
4.8
4.9
4.9
5.0
4.9
7.9
7.3
6.2
7.2
6.9
7.7
7.2
6.9
7.3
7.1
6.2
5.9
5.8
6.0
5.9
6.1
6.0
5.9
5.9
5.8
1
2
Unemployed as percent of total labor force including resident Armed Forces.
Aggregate hours lost by the unemployed and persons on part time for economic reasons t
12
cent of potentially available labor force hours.
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In October, the percentages of the unemployed who had been out of work for less than 5 weeks and for 27 weeks
and over rose, while the percentages for 5-14 weeks and for 15-26 weeks fell. The mean duration of
unemployment rose and the median fell.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION*
70
70
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
60
—
50
\
JOB LOSERS
40
40
30
- 30
20
20
REENTRANTS
Xr
JOB LEAVERS
10
10 —
NEW ENTRANTS
1985
1989
1986
1985
1987
1988
1989
"SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution
Duration of unemployment
Period
Unemployment
(thousands)
Number of
weeks
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers
Job
leavers
Reentrants
New
entrants
State
programs
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) '
Weekly average, thousands
1980
1981
1982
1983
1984
1985 . .
1986
1987
1988
1988- Oct
Nov
Dec
1989:
Jan
Feb
Mar
May
July
Sept
Oct
1
7,637
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
43.1
41.7
36.4
33.3
39.2
42.1
41.9
43.7
46.0
32.3
30.7
31.0
27.4
28.7
30.2
31.0
29.6
30.0
13.8
13.6
16.0
15.4
12.9
12.3
12.7
12.7
12.0
10.7
14.0
16.6
23.9
19.1
15.4
14.4
14.0
12.1
11.9
13.7
15.6
20.0
18.2
15.6
15.0
14.5
13.5
6.5
6.9
8.7
10.1
7.9
6.8
6.9
6.5
5.9
51.7
51.6
58.7
58.4
51.8
49.8
48.9
48.0
46.1
11.7
11.2
7.9
7.7
9.6
10.6
12.3
13.0
14.7
25.2
25.4
22.3
22.5
25.6
27.1
26.2
26.6
27.0
11.4
11.9
11.1
11.3
13.0
12.5
12.5
12.4
12.2
3,350
3,047
4,061
3,396
2,476
2,611
2,650
2,332
2,056
488
460
583
438
377
396
378
328
306
3,837
3,410
4,594
3,775
2,561
2,693
2,746
2,401
2,125
6,518
6,563
6,554
47.4
47.6
46.2
28.5
29.5
31.1
12.2
12.0
11.5
11.9
10.9
11.2
13.4
12.6
12.8
5.7
5.6
5.8
45.9
46.2
46.5
15.3
14.7
15.1
27.2
26.9
26.2
11.6
12 2
12.1
1,972
1,989
2,032
296
301
309
1,677
1,857
2,205
6,716
6,328
6,128
6,546
6,395
6,561
6,497
6,421
6,584
6,561
47.0
50.6
49.4
47.2
47.7
50.4
48.1
48.1
48.1
48.4
30.7
29.1
29.4
31.1
31.7
30.4
29.4
31.5
31.0
30.4
11.2
10.4
10.5
10.5
11.0
10.0
12.9
11.5
12.0
11.2
11.1
10.0
10.7
11.3
9.6
9.1
9.6
8.9
8.8
10.0
12.7
12.1
12.4
12.7
11.8
11.1
12.0
11.3
11.4
11.8
5.7
5.3
5.4
5.4
5.3
5.5
5.6
5.0
5.0
4.9
46.4
45.2
46.0
45.7
42.7
42.0
44.3
46.5
44.6
45.1
14.7
15.5
14.4
15.0
17.5
15.5
15.3
16.2
15.9
15.1
27.3
27.3
28.1
29.0
29.1
31.2
29.4
27.5
29.8
29.2
11.6
12.0
11.6
10.3
10.7
11.3
11.0
9.8
9.6
10.6
2,061
2,105
2,143
2,105
2,063
2,134
2,216
2,177
2,187
2,257
293
309
323
300
317
335
339
319
323
360
2,685
2,695
2,567
2,221
r
l,957
r
l,936
r
2,168
2,006
1,860
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Train ng Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 233,000 in October.
MILL ONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
no
.
'
28
^r^\
100
'
_f."'"'
SERVICES
ALL NONAGRICULTURAL
ESTABLISHMENTS
—
>
1
24
90
. ""
- '
^.^
_..—••"""'"
80
-r"
,---'""""
„ —"
-
20
SERV ICE-PRODUC:ING
INDUSTRIES
70
—
-"
' I
22
R ETAIL TRADE
^
— "
-
18
16
60
" ^ T ,OVERNMEN1'
^. •*
__-—'
^--~'
T
-
._x~
Tnfifiiiii
fiHtrtnnT
Illllllllll Illllllllll
Illllllllll
i
50
20
40 -
GOC3DS-PRODUC:ING
INDUSTRIES
30
18
MAN1 JFACTUR1NG
\
r—-_. r-*--"
iimiiiiiiiiiiiiiiim Illllllllll IIIIlllllll
V
6
Z-
V
—I
4
1
T""
1 1 11
7985
'
1986
'
1988
1987
1985
1989
V~~~
r—i
. ._. —
~
CO NSTRUCTO
••
ipiiliun
20
Illllllllll
1986
Illllllllll
1987
'SEASONALLY ADJ USTED
SOURCE: DEPARTMENT OF LABOR
1988
1989
*
COUNCIL OF EC ONOMIC ADVISERS
[Thousands of wage and salary workers; * seasonally adjusted]
Service-producing industries
Goods-producing industries
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
Total
nonagricultural
employment
Manufacturing
Total
2
Construction
Total
Durable
goods
90,406
91,156
89,566
90,200
94,496
97,519
99,525
102,200
105,584
25,658
25^497
23,813
23,334
24J27
24,859
24J558
24,708
25^249
4,346
4J188
3^905
3,948
4^383
4,673
4J816
4,967
5^125
20,285
20,170
18J781
18,434
19^378
19,260
18'965
19,024
19^403
12,187
12,109
11^039
10,732
1988: Oct
106,475
Nov.... 106,824
Dec
107,097
25,384
25,460
25,513
5,162
5,191
5,213
1989:
25,626
25,629
25,646
25,671
25,672
25,648
25,669
25,694
25,607
25,604
5,267
5,270
5,252
5,279
5,283
5,283
5,314
5,321
5,321
5,329
Jan
107,442
Feb
107,711
Mar
107,888
Apr
108,101
May.... 108,310
June . . .108,607
July.... 108,767
Aug '.. 108,887
Sept r.. 109,088
Oct "... 109,321
Nondurable
goods
Total
11,490
11^230
11,194
11J437
8 098
8,061
7^741
7,702
7373
7,770
7J734
7,830
7,967
64 748
65,659
65,753
66,866
69^769
72,660
74J967
77,492
80335
19,505
19,557
19,589
11,509
11,545
11,565
7,996
8,012
8,024
19,648
19,648
19,680
19,672
19,667
19,650
19,649
19,644
19,556
19,543
11,605
11,594
11,604
11,600
11,594
11,567
11,549
11,551
11,477
11,449
8,043
8,054
8,076
8,072
8,073
8,083
8,100
8,093
8,079
8,094
1 1,505
Transportation
and
public
utilities
5,146
5,165
5J082
4,954
5,159
Wholesale
trade
5,275
5,358
5^278
5,268
5^555
5,238
5^255
5,372
5^548
5,717
81,091
81,364
81,584
5,596
6,086
5,616
6,104
6,125
81,816
82,082
82,242
82,430
82,638
82,959
83,098
83,193
83,481
83,717
5,654
5,667
5,666
5,682
5,700
5,634
5,716
5,736
5,618
5,711
5,738
5^753
5,844
e'o29
6,146
6,171
6,197
6,206
6,222
6,230
6,237
6,256
6,264
6,270
Ketail
trade
15,035
15|l89
15^179
15,613
16^545
17,356
17^930
18,483
19|llO
Finance,
insurance,
and real
estate
5,160
5^298
5341
5,468
5,'689
5,955
6^283
6,547
6^676
19,229
19,282
19,328
6,710
19,407
19,460
19,488
19,489
19,528
19,551
19,586
19,621
19,629
19,653
6,746
6,763
6,774
6,776
6,790
6,808
6,726
6,744
6,815
6,836
6,851
6,852
Government
Services
Total
Federal
17,890
18^619
19^036
19,694
20J97
22,000
23^053
24,236
25^600
16,241
16,031
15337
15,869
16^024
16J394
16^693
17,010
17^372
2,866
2J772
2,739
2,774
2307
2,875
2399
2,943
2^971
25,986
26,111
26,230
17,484
17,525
17,523
2,986
2,983
2,981
26,318
26,434
26,520
26,651
26,711
26,931
26,973
27,058
27,123
27,207
17,545
17,587
17,597
17,626
17,687
17,723
17,751
17,804
17,903
17,997
2,978
2,982
2,982
2,982
2,999
2,995
3,000
2,999
3,016
3,004
weather, etc., even if they are not paid for the time off; and which are based on a sample of the
working-age population, whereas the estimates in this table are based on reports from employing
establishments.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
14
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY
EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Average gross hourly
earnings
Average weekly hours
Total
private
nonagricultural 1
Period
35.3
35.2
34.8
35.0
35.2
34.9
34.8
34.8
34.7
34.8
34.7
34.7
34.8
34.6
34.7
34.9
34,6
34.6
34.8
34.6
34.7
34.8
1980
1981
1982
1983
1984
1985
1986
1987
1988
1988- Oct
Nov
Dec
1989- Jan
Feb
Mar
May
July
Sept '
Ocf
Total
39.7
39.8
38.9
40.1
40.7
40.5
40.7
41.0
41.1
41.2
41.2
41.0
41.1
41.1
41.0
41.3
41.0
41.0
41.0
41.0
41.1
40.8
Total
private
nonagricultural '
2.8
2.8
2.3
3.0
3.4
3.3
3.4
3.7
3.9
4.0
3.9
3.9
3.9
3.9
4.0
3.9
3.8
3.8
3.9
3.8
3.8
3.8
Manufacturing
$6.66
7.25
7.68
8.02
8.32
8.57
8.76
8.98
9.29
9.43
9.42
9.45
9.49
9.52
9.54
9.61
9.60
9.62
9.69
9.69
9.74
9.81
Overtime
$7.27
7.99
8.49
8.83
9.19
9.54
9.73
9.91
10.18
10.29
10.30
10.31
10.33
10.37
10.40
10.40
10.42
10.45
10.48
10.52
10.5S
10.57
1
3
Also includes other private industry groups shown on p. 14.
Current dollar earnings divided by the consumer price index for whan wage earners and clerical
workers (on a 1977 = 100 base).
2
Percent change from a
year earlier, total
private
nonagricultural 3
Current dollars
Total private
nonagricultural x
Manufacturing
Current
dollars
1977
dollars 2
Manufacturing
Construction
Retail
trade
$235.10
255.20
267.26
280.70
292.86
299.09
304.85
312.50
322.36
328.16
326.87
327.92
330.25
329.39
331.04
335.39
332.16
332.85
337.21
335.27
337.98
341.39
$172.74
170.13
168.09
171.26
172.78
170.42
171.07
169.28
167.81
168.55
167.28
167.39
167.55
166.44
166.44
167.53
165.01
165.10
166.85
165.89
166.90
167.84
$288.62
318.00
330.26
354.08
374.03
386.37
396.01
406.31
418.40
423.95
424.36
422.71
424.56
426.21
426.40
429.52
427.22
428.45
429.68
431.32
433.61
431.26
$367.78
399.26
426.82
442.97
458.51
464.46
466.75
480.44
493.08
499.66
503.04
497.07
496.89
498.39
501.23
505.21
494.17
498.17
511.30
510.73
509.78
514.37
$147.38
158.03
163.85
171.05
174.33
174.64
176.08
178.70
183.62
186.30
185.60
187.11
187.40
186.41
186.98
189.44
187.56
188.43
190.97
189.22
189.50
191.98
Current
dollars
6.9
8.5
4.7
5.0
4.3
2.1
1.9
2.5
3.2
4.1
3.3
3.9
4.2
3.5
4.1
4.5
3.3
3.5
4.2
3.7
3.9
4.0
:977
dollars
-5.8
-1.5
-1.2
1.9
.9
-1.4
.4
-1.0
9
1
-.9
5
g
-1.2
8
-2.0
-1.6
.9
-.9
4
4
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
[Not seasonally adjusted]
Percent change from
Index (June 1981 = 100)
12 months earlier
3 months earlier
Period
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1986:
Sept
Dec
1987: Mar
June
Sept
Dee
1988:
Mar
June
Sept
Dec
1989: Mar
June
Sept
Total
compensation
. .
Wages and
salaries
94.7
104.0
110.7
117.0
122.7
127.5
131.6
136.0
142.6
95.4
103.8
110.3
115.8
120.6
125.6
129.5
133.8
139.3
130.8
131.6
128.8
129.5
132.9
133.8
135.1
136.0
130.8
131.7
133.0
133.8
138.1
139.8
141.2
142.6
135.1
136.6
137.9
139.3
144.4
146.1
147.9
140.8
142.2
143.9
Benefits
Total
compensation
Wages and
salaries
93.0
104.3
111.7
120.0
127.9
132.4
136.9
141.7
151.3
2.1
2.0
1.3
1.2
1.3
.6
.6
.7
1.0
2.0
1.8
1.2
1.1
1.2
.6
.5
.6
1.0
136.1
136.9
138.1
139.3
140.3
141.7
146.1
148.2
149.7
151.3
154.0
156.5
158.7
.7
.6
.7
.5
1.0
.7
1.0
.7
1.0
.7
1.0
.6
1.0
1.1
1.0
1.0
1
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the
influence of employment shifts among occupations and industries.
1
1.5
1.2
1.0
1.0
1.3
1.2
1.2
Total
compensation
Wages and
salaries
2.2
2.3
1.5
1.3
1.4
.5
.6
1.0
1.1
9.8
9.8
6.4
5.7
4.9
3.9
3.2
3.3
4.9
9.0
8.8
6.3
5.0
4.1
4.1
3.1
3.3
4.1
11.8
12.2
7.1
7.4
6.6
3.5
3.4
3.5
6.8
1.0
.6
.9
.9
.7
1.0
3.1
1.4
1.0
1.1
1.8
1.6
1.4
3.2
3.2
3.1
3.0
3.3
3.3
3.9
4.5
4.5
4.9
4.6
4.5
4.7
3.1
3.1
3.3
3.4
3.2
3.0
3.3
3.3
2.9
3.3
3.1
3.5
3.3
3.7
3.7
4.1
5.8
6.4
6.7
6.8
4.2
4.1
4.4
5.4
5.6
6.0
Benefits *
1.1
1.0
1.2
.
Benefits *
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Output 1
Hours of all
persons 2
Compensation per
hour 3
Real compensation
per hour 4
Nonfarm
business
sector
Business
sector
96.7
96.0
97.1
97.8
97.5
132.6
142.7
154.5
156.7
159.1
132.9
144.0
156.1
157.6
160.4
127.6
139.8
148.1
153.0
158.2
127.8
140.3
149.2
154.3
159.0
98.4
101.7
101.9
102.5
98.0
101.1
101.2
101.8
162.8
167.5
171.9
177.1
164.9
169.8
174.2
178.8
162.2
165.6
170.0
174.9
163.8
167.6
172.0
176.5
158.0
162.9
169.6
177.5
186.4
97.9
97.8
97.8
99.3
102.8
97.8
97.6
97.6
98.7
102.3
156.8
157.7
160.7
164.9
170.6
158.7
158.2
162.3
167.1
173.2
150.2
155.2
159.8
163.7
167.1
151.4
156.2
161.0
165.5
169.2
187.1
188.3
190.5
r
193.8
101.9
101.4
101.7
r
102.5
101.3
100.7
101.0
r
101.8
171.2
171.3
171.6
173.5
173.6
173.4
173.9
175.8
168.2
169.6
170.7
171.3
170.3
171.4
172.6
173.4
195.0
197.5
200.2
203.0
102.3
102.5
102.8
103.0
101.5
101.7
101.9
102.3
173.5
176.9
178.0
180.2
175.7
178.7
179.6
181.3
171.9
174.1
175.8
177.9
173.8
175.6
177.0
179.6
205.5
208.3
211.0
102.8
102.9
103.5
102.1
101.9
102.7
181.9
184.1
185.7
184.1
186.1
187.6
179.4
181.4
182.3
180.8
182.8
184.0
Nonfarm
business
sector
99.0
100.0
99.1
102.0
104.2
106.7
108.9
105.5
109.9
119.2
106.7
108.5
104.9
110.1
119.2
107.3
107.9
105.3
107.2
113.3
107.8
108.5
105.9
108.0
114.4
131.8
144.1
154.9
160.8
167.4
131.6
144.0
154.7
160.8
167.2
97.0
96.1
97.3
97.8
97.6
107.3
109.8
111.1
113.0
105.6
107.7
108.9
111.1
124.2
128.0
133.4
140.0
123.9
127.6
133.1
140.3
115.7
116.6
120.1
123.9
117.4
118.4
122.2
126.3
174.8
183.8
191.0
200.2
174.0
182.9
189.8
198.7
100.9
103.5
105.7
r
108.3
109.8
99.5
103.0
104.5
106.2
107.6
105.0
113.6
120.8
125.9
128.9
104.2
114.1
120.7
125.5
128.4
104.1
109.7
114.3
116.2
117.4
104.7
110.8
115.5
118.1
119.3
158.2
163.2
169.9
178.6
187.4
110.0
110.7
111.7
112.5
107.7
108.6
109.5
r
l!0.2
130.4
132.2
134.4
136.7
130.0
132.0
134.1
136.4
118.6
119.5
120.3
121.5
1988: I
II r.
Ill r....
IV r....
113.2
112.6
113.4
113.5
111.0
110.5
111.5
112.0
138.2
139.3
140.7
141.9
138.0
139.5
141.1
142.8
122.1
123.8
124.0
125.0
124.3
126.2
126.6
127.5
196.4
199.1
201.9
204.5
1989: I r
II r.
Ill "....
113.8
114.2
114.6
111.6
111.9
112.5
143.6
144.4
145.4
143.6
144.6
145.7
126.2
126.4
126.9
128.6
129.2
129.5
206.9
210.4
212.8
08
.6
-2.4
1.8
5.7
07
.6
-2.4
2.0
6.0
10.5
9.3
7.5
3.8
4.1
10.5
9.5
7.4
4.0
3.9
-2.6
-.9
1.2
.6
2
Nonfarm
business
sector
1984
99.4
101.0
100.2
102.6
105.2
1985
1986
1987
1988
Business
sector
Nonfarm
business
sector
Business
sector
Implicit price
deflator 5
Business
sector
Business
sector
Business
sector
Unit labor costs
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Nonfarm
business
sector
1977 = 100; quarterly data seasonally adjusted
1980
1981
1982
1983
r
1982:
1983:
1984:
1985:
1986:
IV
IV
IV
IV
IV
1987: I
II
Ill
IV
T
r
120.7
!21.5
122.4
123.7
r
r
r
188.3
189.5
191.8
195.1
r
r
Percent change; quarterly data at seasonally adjusted annual rates
-0.3
1.5
-.7
2.4
2.6
-0.4
1.1
-.9
3.0
2.1
-1.1
2.1
g ^
4.2
8.4
j2
L7
-3.3
5.0
8.3
2.0
2.3
1.2
1.7
1.3
2.0
1.1
2.0
4.2
3.1
4.2
4.9
3.9
3.0
4.4
5.4
2.2
.8
3.0
3.2
2.6
.9
3.2
3.4
4.4
5.2
3.9
4.8
4.1
5.1
3.7
4.7
.8
3.3
.2
.6
^
.5
3.2
.1
.5
IV
IV
IV
IV
IV r....
2.6
3.3
1.5
1.5
.8
2.0
1.6
.9
.8
.4
5
10.4
3.5
3.6
4.0
-1.2
9.8
3.1
3.5
3.7
-3.0
6.8
2.0
2.1
3.2
-3.1
8.1
2.2
2.7
3.3
4.1
5.7
3.5
6.3
5.1
4.6
4.4
3.5
5.8
5.1
2.8
1.6
.0
2.1
2.2
1987: I '
II '.
Ill r....
IV....
.5
2.6
3.8
2.8
.4
3.2
3.5
2.5
4.7
5.6
6.7
7.1
5.2
6.1
6.6
7.0
4.2
2.9
2.8
4.2
4.8
2.8
3.0
4.3
1.9
2.7
4.8
7.2
1.5
2.6
4.7
7.1
1988: I rT
II .
Ill r....
IV r ....
2.5
-2.1
3.1
.2
2.8
-1.6
3.3
1.9
4.4
3.3
4.0
3.4
4.8
4.4
4.6
4.8
1.9
5.5
.9
3.2
2.0
6.1
1.2
2.8
2.6
5.7
5.8
5.2
1989: I *
II '.
Ill "....
1.1
1.6
1.2
-1.3
1.1
2.1
4.8
2.3
3.0
2.4
2.8
3.1
3.7
.6
1.7
3.7
1.7
1.0
4.8
6.8
4.8
1980
1981
1982
1983
1984
1985
1986
1987
1988 r
1982:
1983:
1984:
1985:
1986:
1
Output refers to gross domestic product originating in the sector in 1982 dollars.
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 selfemplovcd.
4
ifourly compensation divided by the consumer price index for all urban consumers.
s
Current dollar gross domestic product divided by constant dollar gross domestic product.
2
ifi
-2.6
-.7
1.1
.7
10.9
7.7
8.3
1.4
1.5
11.0
8.3
8.4
1.0
1.8
9.0
9.6
5.9
3.3
3.3
9.7
9.7
6.3
3.5
3.0
2.3
2.8
2.6
3.0
2.8
3.0
2.6
2.7
2.5
2.1
2.6
2.9
3.0
2.3
2.6
2.7
3.3
.3
.0
1.6
2.2
1.5
2.3
2.0
4.8
4.2
2.6
2.8
2.6
5.0
4.7
2.4
4.8
2.7
2.6
1.0
3.0
3.1
3.3
2.1
1.0
-3.3
-2.0
1.0
3.4
gg
-2.1
1.0
3.4
1.4
.1
.9
4.3
1.1
-.6
1.2
4.5
2.5
3.4
2.6
1.4
2.8
2.5
3.0
1.7
2.5
5.4
5.4
5.9
-1.0
1.1
1.0
.7
-1.1
.8
.7
1.4
.1
8.0
2.6
5.0
-.3
7.1
2.0
3.8
1.5
5.1
4.1
4.8
1.0
4.3
3.2
5.9
4.9
5.6
5.3
-.6
.4
2.3
5
— .7
2.9
3.7
5.1
3.5
6.2
4.5
3.2
3.3
4.6
2.1
2.8
4.4
2.6
NOTE.—Data relate to al! persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent, changes based on indexes shown here.
Beginning with data released August 3, 1989, hours of labor input are defined as hours at the
work site rather than hours paid.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization fell in October.
INDEX, 1977=100* (RATIO SCALE)
160
TOTAL INDUSTRIAL PRODUCTION
INDEX, 1977=100* (RATIO SCALE)
240
FINAL PRODUCTS
DEFENSE
220
AND SPACE
PnillPMFNT
140
---.\ _.
200
180
120
\
^-"
BUSINESS
160;
^
100
160
140
MANUFACTURING PRODUCTION
"**•
LI
1
1
'—S'^
_-—--'
140
--->p"
120
CONSUMER
GOODS
120
100 Illllllllll
Miiiliimlimilmiilitmliiiii
MIMllllll
PERCENT*
100
100
140
UTILITIES AND MINING PRODUCTION
CAPACITY UTILIZATION RATE
~ (TOTAL INDUSTRY)
90
120
UTILITIES'
80
m-
— —
"
1
,
^~"~1
•—'
-
100
MINING
Illllllllll
1985
1986
1987
70
iiiiilinii
1985
1989
1988
Illllllllll Illllllllll Illllllllll Illllllllll
1989
1987
1988
1986
-SEASONALLY ADJUSTED
SOURCE; BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
Index,
1977 = 100
Capacity utilization
rate, percent l
Industry production indexes, 1977=100
Total
industrial
production
Manufacturing
Percent
change
from year
earlier
Mining
Durable
Total
Utilities
Nondurable
Total
industry
Manufacturing
1980
1981
1982
1983
1984
1985
1986
1987
1988
100.0
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
137.2
-1.9
2.2
-7.1
5.9
11.2
1.9
1.1
3.8
5.7
84.31
108.2
110.5
102.2
110.2
123.4
126.4
129.1
134.7
142.7
49.10
109.1
111.1
99.9
107.7
124.2
127.6
128.4
133.1
141.9
35.11
107.0
109.7
105.5
113.7
122.3
124.6
130.1
136.8
143.9
5.83
112.4
117.5
109.3
102.9
111.1
108.9
100.4
100.7
103.4
5.96
107.3
107.1
104.8
105.2
110.7
111.1
108.5
110.3
114.3
80.9
79.9
72.1
74.6
81.0
80.4
79.4
80.7
83.3
79.3
78.2
70.3
73.9
80.5
80.1
79.7
81.1
83.5
1988: Oct
Nov
Dec
139.4
139.9
140.4
5.2
5.1
4.9
145.3
145.8
146.3
144.6
145.2
145.7
146.3
146.7
147.1
103.1
104.7
104.9
113.9
113.7
115.4
84.0
84.1
84.3
84.3
84.4
84.4
1989: Jan
Feb
Mar
Apr
May
140.8
140.5
140.7
141.7
141.6
142.0
141.9
142.4
142.4
141.4
4.8
4.5
4.4
4.7
4.1
4.0
2.8
2.8
2.8
1.4
147.2
146.8
147.0
148.0
148.1
148.7
148.5
149.1
148.8
147.6
146.2
145.9
145.8
146.9
147.1
147.4
146.8
147.7
147.3
145.1
148.5
148.1
148.6
149.6
149.5
150.5
150.8
150.9
150.8
151.0
103.0
100.9
101.5
102.4
102.0
101.5
102.1
102.7
104.8
104.9
114.0
116.5
117.5
117.1
115.6
114.3
114.0
113.2
114.6
115.2
84.3
83.9
83.8
84.2
84.0
84.0
83.7
83.8
83.682.8
84.7
84.3
84.1
84.5
84.3
84.4
84.0
84.1
83.7
82.8
1977 proportion ...
June
July r
Aue rr.
Sept
....
Oct"
1
Output as percent of capacity.
Source: Board of Governors of the Federal Reserve £
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977 = 100; monthly data seasonally adjusted]
Products
Materials
Intermediate products
Final products
Consumer goods
Equipment
Period
Total
Total
1977 proportion
44.77
25.52
1980
1981
1982
1983
1984
1985
.
1986
1987
1988
1988- Oct
Nov
Dec
1989- Jan
Feb
Mar
Apr
May
112.2
115.2
109.5
114.7
127.3
131.0
132.5
136.8
144.3
146.4
146.8
147.7
148.2
148.6
148.9
150.2
150.4
151.2
150.2
150.9
150.8
148.9
102.7
104.1
101.4
109.3
118.0
119.8
124.0
127.8
133.9
136.4
136.8
138.2
138.5
138.7
138.4
139.5
139.2
139.9
138.7
139.1
138.9
138.5
July r
Aug r
Sept r.
Oct p
1
Durable
goods
Nondurable goods
6.89
88.4
89.7
82.9
98.5
112.2
112.5
115.6
120.2
125.3
129.3
129.2
131.9
131.5
131.6
130.1
132.2
131.2
130.8
127.3
128.9
128.0
124.9
18.63
108.1
109.3
108.3
113.3
120.1
122.5
127.1
130.6
137.1
19.25
124.7
129.9
120.2
121.7
139.6
145.8
143.6
148.9
158.2
139.0
139.7
140.5
141.1
141.4
141.4
142.2
142.1
143.3
142.8
142.9
143.0
143.6
159.7
159.9
160.4
161.1
161.6
162.8
164.3
165.4
166.1
165.5
166.5
166.5
162.7
Total '
Business
14.34
125.1
127.6
113.6
115.4
134.2
140.2
139.5
144.5
157.6
160.2
161.2
162.6
163.8
165.0
166.3
167.8
169.1
169.6
168.5
169.7
169.4
165.9
Defense
and
space
equipment
3.67
115.4
119.8
133.0
143.1
156.4
171.4
182.0
188.9
185.8
184.0
182.2
180.5
180.0
179.3
178.7
179.9
180.7
181.1
182.0
182.3
182.0
176.2
Total
12.94
106.9
107.3
101.7
111.2
124.7
129.3
136.2
143.4
151.5
154.0
154.2
155.0
156.6
155.1
156.1
156.5
156.3
157.0
157.5
157.2
157.7
158.2
Construction
supplies
5.95
100.6
98.6
88.3
100.6
114.0
119.2
126.4
131.5
138.6
140.0
140.7
141.4
142.3
139.5
139.3
140.2
140.2
141.2
142.2
141.0
141.6
142.4
Business
supplies
Total
Energy
6.99
112.3
114.7
113.1
120.3
133.8
137.9
144.6
153.5
162.5
165.9
165.7
166.7
168.8
168.4
170.4
170.4
170.0
170.4
170.6
171.0
171.5
42.28
11.69
105.5
104.7
101.2
98.4
103.9
103.3
99.7
99.8
101.5
105.3
107.7
96.7
102.8
114.2
114.3
113.8
118.2
125.2
127.5
128.3
128.3
128.1
127.4
127.3
128.2
127.9
127.7
128.3
128.9
128.9
128.2
101.3
102.3
102.6
100.5
100.5
101.0
101.7
101.1
99.1
99.1
99.9
102.1
102.2
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1977 =±100; monthly data seasonally adjusted!
Nondurable manufactures
Durable manufactures
Transportation
equipment
Primary metals
Period
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1988- Oct
Nov
Dec
1989: Jan
Feb
Mar
May
T *
July r.
Aug
r
Sept '
Oct "
5.33
90.4
95.0
65.8
73.0
82.3
80.4
75.1
81.3
89.2
94.2
92.7
90.0
93.2
91.1
88.4
90.1
87.2
87.3
89.2
90.2
89.4
88 9
Source: Board of Governors of the Federal Reserve System.
18
Iron and
steel
3.49
86.3
92.5
57.5
66.1
73.4
70.4
63.4
70.6
78.1
83.1
80.8
77.6
82.2
79.1
75.9
77.0
73.2
72.9
75.4
75.9
75.4
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
6.46
101.8
101.6
86.6
89.1
102.6
107.1
108.0
111.0
120.9
122.6
124.6
125.1
124.5
124.5
123.8
123.1
124.8
125.2
125.4
125.4
125.0
124.5
9.54
123.3
129.8
115.6
118.3
141.8
146.2
145.0
152.7
170.8
173.8
175.4
177.8
178.7
180.8
183.0
184.7
186.5
187.5
186.7
187.3
188.0
186.8
7.15
130.3
134.1
128.4
143.8
170.5
168.3
165.7
172.3
180.1
183.0
182.2
180.9
180.9
181.7
181.6
182.2
181.6
181.9
181.4
183.8
183.3
181.2
products
Apparel
products
2.30
92.9
90.1
82.8
100.2
109.1
114.3
124.1
130.3
137.3
137.5
139.4
143.0
139.9
132.8
133.4
135.1
135.5
137.2
136.9
135.9
136.4
2.79
97.3
96.1
87.3
95.3
102.7
100.4
103.1
107.4
109.1
109.5
110.1
108.8
110.2
110.2
109.9
111.3
111.5
111.9
111.4
111.1
110.7
Lumber
Total
9.13
96.9
95.1
87.6
99.2
112.2
122.8
127.5
129.2
132.1
134.8
135.2
136.8
136.7
136.4
134.8
136.4
135.5
134.2
131.3
133.2
131.6
122.9
Motor
vehicles
and
parts
5.25
71.1
71.6
66.8
85.8
104.4
111.9
111.5
111.8
117.2
121.7
122.9
125.5
124.9
123.4
120.4
122.0
119.7
116.4
110.4
114.2
112.7
109.0
and
Printing
and
publishing
Chemicals
and
products
Foods
4.54
115.1
118.6
120.2
129.8
146.5
151.4
160.9
172.1
184.2
188.1
188.5
188.0
193.0
194.6
198.5
200.1
199.0
8.05
106.4
112.6
103.8
114.0
121.6
126.4
132.0
140.2
151.9
156.7
157.5
158.1
159.0
158.5
159.2
159.3
158.2
159.9
162.2
161.8
160.2
7.96
111.4
113.7
114.9
120.4
126.9
130.5
134.4
137.8
142.7
144.0
145.7
145.8
146.6
146.3
145.4
146.6
147.2
147.9
147.3
147.6
148.5
200.5
199.9
200.9
202.1
201 9
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
Period
Total new
construction
expenditures
Residential
Total
New housing
units
Total '
Commercial
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(1982 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1981
1982
1983
1984
1985 . . .
1986
1987
1988
253.0
252.8
261.3
248.0
282.4
329.6
356.6
387.0
397.7
409.7
201.3
194.3
204.7
194.3
228.7
271.9
292.6
315.3
320.1
328.7
116.4
100.4
99.2
84.7
125.5
153.8
158.5
187.1
194.7
198.1
1988: Sept
Oct
Nov
Dec
411.5
411.1
415.4
425.0
329.8
331.4
332.8
336.3
198.3
200.8
202.0
202.5
' 202.9
200.5
* 202.1
r
200.7
r
197.0
T
194.2
194.3
193.6
191.8
193.6
1979
1980
89.3
69.6
69.4
57.0
94.6
113.8
114.7
133.2
139.9
138.9
42.0
46.7
55.0
58.7
53.8
68.6
82.7
78.0
76.5
79.8
42.8
47.2
50.5
50.9
49.3
49.4
51.4
50.2
48.9
50.8
51.7
58.5
56.5
53.7
53.8
57.7
64.1
71.7
77.6
80.9
109
97
100
100
124
136
150
159
165
166
138.0
139.8
141.9
143.3
79.7
79.1
78.8
80.6
51.9
51.5
51.9
53.2
81.7
79.7
82.6
88.8
164
170
163
175
880
841
839
942
145.6
145.3
143.2
141.8
138.2
136.5
136.6
135.8
134.0
135.2
82.5
81.1
84.2
79.3
80.1
81.6
80.7
83.4
83.4
84.5
52.2
51.6
51.8
52.5
53.5
53.2
53.1
54.6
54.2
53.9
85.3
83.4
78.7
79.4
85.9
83.5
81.6
84.2
86.5
88.0
171
159
157
173
165
166
167
162
175
165
943
850
856
836
905
938
933
803
1,026
897
Annual rates
Annual rates
r
July T
. 3
Sept"
Oct"
1
3
r
423.0
416.6
r
416.8
r
411.9
r
416.5
r
412.5
409.6
415.8
415.9
420.1
May
2
r
r
1989- Jan
Peb
Mar
337.7
333.2
r
338.1
r
r
r
332.5
330.6
329.0
328.0
331.5
329.4
332.0
r
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
1,059
904
919
690
756
955
1,097
1,016
1,019
942
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 private homes
New private housing units
Period
Units started, hy type of structure
Total
1 unit
2-4 units
122.0
109.5
91.1
80.0
113.5
121.4
93.4
84.0
65.3
58.8
5 or more units
429.0
330.5
287.7
319.6
522.0
544.0
576.1
542.0
408.7
348.0
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,194.1
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1988: Oct
Nov
Dec
1,532
1,567
1,577
1,136
1,138
1,141
63
68
65
333
361
371
1989:
1,678
1,465
1,409
1,343
1,308
1,406
1,420
1,329
1,268
1,420
1,199
1,029
981
1,029
977
972
1,026
990
961
1,027
66
62
50
62
42
55
57
56
59
73
413
374
378
252
289
379
337
283
248
320
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
Units
authorized
Units
completed
Homes sold
3
Vacancy rate
for rental
housing units
(percent) 2
397
337
275
253
301
353
346
357
365
366
5.4
5.4
5.0
5.3
5.7
5.9
6.5
7.3
7.7
7.7
718
650
669
353
364
366
7.3
700
621
555
607
653
647
742
719
618
369
375
377
377
380
377
370
367
367
1,870.8
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
709
545
436
412
623
639
688
750
671
676
1,526
1,508
1,518
1,516
1,429
1,539
1,486
1,403
1,230
1,334
1,347
1,308
1,281
1,328
1,319
1 356
1,537
1,610
1,459
1,552
1,442
1,355
r
1,372
1,429
1,296
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
Homes for
sale at end of
period 1
Seasonally adjusted annual rates
Jan
Feb
Mar
Mav
July
Sept '
Oct"
1
Seasonally adjusted.
2
Quarterly data entered in last month of quarter. Series begini ng 1979 not strictly comparable
with earlier data.
3
New series beginning March 1979.
7.3
7.3
7.3
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In September, manufacturing and trade sales fell 0.4 percent and inventories rose $1.2 billion. In October,
according to advance data, retail sales declined 1.0 percent, following a rise of 0.7 percent in September.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
240
800
^
~
-
<-^l
700
200 —
—
180
<~~~\
MANU •ACTURING &ND
TRAD : INVENTOR ES
600
r^'~
220
^•"^
'
r-\
_^^
^
—
^-1
RE 'AIL INVENT OKIES
—
^^
160
_„--./"
500
^*"
r'\"
1
A ANUFACTUF IN ^
A ^D TRADE S ^ES
400
_ x~"
140
*-*" •"
-
-
l\r , < "
"
rRETAU SALts
120
^-'-
—
-
100
Ulllllllll Ulllllllll
300
niiiliiiii niiiliiiii imilMiii
RATIC3*
1.80
_ INVENTORY-SALES RATIO
-
RETAIL
.
1.60
rr^^y"* F^--V\A- — ^''~Jk — '
_
A—
^~^/\- -
1.40
200
MANUFACTURING
AND TRADE
1.20
\\\\\\\\\\\
iinilinu
1985
iniiiinn nnilnui
1986
1987
1988
! 00
nillllllll
1989
1986
1985
1987
SEASONALLY ADJU STED
s DURCE, DEPARTME NT OF COMMERCE
1989
Sales
Sales
2
Inventory-sales ratio 4
Retail
Wholesale
Period
Inventories 3
1988
COUNCIL OF ECC NOMIC ADVISERS
Manufacturing and
trade '
Sales 2
-
Inventories 3
Total
2
Durable
goods
stores
Inventories
3
Manufacturing
and
trade *
Retail
Total
Durable
goods
stores
Nondurable goods
stores
61,093
64,754
68,985
72,434
74,802
79,077
83,384
134,468
147,377
167,159
180,825
185,224
206,981
221,242
61,469
68,984
79,257
88,608
90,477
106,271
114,994
72 999
78393
87,902
92,217
94,747
100,710
106,248
1.67
1.56
1.53
1.55
1.55
1.51
1.50
1.49
1.44
1.49
1.53
1.56
1.56
1.57
84,233
84,918
85,599
85,035
219,153
216,724
218,093
221,242
114,172
111,689
112,904
114,994
104,981
105,035
105,189
106,248
1.51
1.49
1.49
1.49
1.62
1.57
1.56
1.59
86,225
86,357
86,630
87,512
88,404
88,484
88,902
88,984
r
90,001
90,067
222,584
224,185
224,693
226,656
230,423
231,762
232,831
235,350
237,673
115,704
116,169
115,993
117,093
118,835
119,542
119,864
121,782
123,670
106,880
108,016
108,700
109,563
111,588
112,220
112,967
113,568
114,003
1.48
1.50
1.51
1.49
1.50
1.51
1.54
1.50
1.51
1.59
1.61
1.61
1.60
1.62
1.63
1.62
1.62
1.63
Nondurable goods
stores
Millions of dollars, seasonally adjusted
348,747
368,813
407,869
418,151
423,700
449,536
485,756
1982
1983
1984
1985
1986
1987
1988
1988: Sept r.
Oct
Nov
Dec .
1989:
Jan
Feb
Mar
May
June
July
Aug r
Sept"
Ocf
1
2
3
r
574,491
590,358
644,306
655,066
653,853
700,761
753,718
96,290
100,244
113,195
114,315
115,677
123,581
132,361
128,1,96
130,334
142,380
146,745
152,447
162,648
178,313
491,565
499, 180
501,400
506,186
743,967
743,544
746,756
753,718
134,749
138,087
137,239
136,170
177,029 - 135,421
177,408 * 138,176
177,060
139,529
178,313
139,189
511,881
507,328
507,555
517,745
518,088
515,695
511,144
526,290
524,108
759,803
763,051
765,504
771,340
778,093
780,802
787,584
790,368
791,613
140,356
139,547
139,991
142,290
142,474
141,959
141,667
143,280
144,273
179,761
179,810
179,681
181,226
182,615
182,548
183,950
183,529
182,982
See page 21 for manufacturing.
Monthly average for year and total for month.
End of period.
20
28,013
32,574
37,819
41,387
44,861
47,707
52,379
89,107
97,328
106,805
113,821
119,663
126,785
135,763
T
140,040
139,428
139,516
141,413
142,543
142,500
143,555
144,860
145,904
144,466
r
51,188
53,258
53,930
54,154
53,815
53,071
52,886
53,901
54,139
54,016
54,653
55,876
r
55,903
54,399
4
r
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In September, manufacturers' shipments, inventories, and orders fell. In October, according to advance data,
durable goods shipments and new orders fell.
BILLIC)NS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
280
240 — SHIPME NTS
440 — INVENT ORIES
400
360
,-
200
K
280
TOTAL
160
TOTAL
— "~
--— -— .^^
RABLE GOO DS
200
ux.-hv"r
120
80
iiiniiiiii
llllll|ll|| Ilillllllll Ilillllllll Ilillllllll
BILLIC)NS OF DOLLARS1* (RATIO SCALE)
~~ -~
Ilillllllll Ilillllllll
f\."
""~*
^ ^.__
_^ —
""*
*
r •'X"""*'
INVENTORY-SHIPMENTS RATIO
1986
1985
iiiniiiiii
Illllllllil Illllllllll
1987
1988
-
r—\
1.80
1.40
60
imilmii iiiiiliini
Ilillllllll
2.00
1.60
ENDURABLE
80
Ilillllllll
2.20
DURAE LE GOODS
"^
Ilillllllll
RATIO *
TOTAL
—-
-v
80
^ '
160
~~*
"V"
NONDURABLE GOODS
60
280
240 _ NEW OFJDFRS
120
DURABLE GOODS
120
60
s
—
160
NOI JDURABLE G DODS
200 •^^^
'
=_——=r
^
1.20
1 1 1 1 1 1 1 1 1 1!
1 1 1 1 1 1 1 1 1 1 1 Ilillllllll \\ 1 1 1 li 1 1 1 1
1985
1989
1987
1986
1988
1 IIH \ ' ' " '
1989
SEASONALLY ADJL STED
s OURCE: DEPARTME NT OF COMMERC
COUNCIL OF ECC NOMIC ADVISERS
Manufacturers' shipments
1
Manufacturers' new orders l
Manufacturers' inventories 2
Durable goods
Period
Total
Durable
goods
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Capital
goods
industries,
nondefense
78,338
87,600
98,581
99,843
100,166
107,770
119,634
119,321
122,791
123,035
132,149
128,479
124,107
125,377
129,372
123,524
125,137
122,031
126,766
r
125,333
124,587
21,661
22,098
26,243
27,067
26,551
29,707
35,028
34,858
34,623
35,825
39,432
40,352
37,189
38,137
40,389
37,290
39,146
41,445
37,130
" 35,367
36,499
Total
Nondurable goods
Manufacturers'
unfilled
orders 2
83,935
86,522
91,209
91,075
88,497
94,197
101,993
103,348
104,304
105,118
106,737
107,596
107,199
107,634
110,535
110,229
110,020
108,416
110,027
109,450
314,270
349,419
372,586
383,181
387,065
421,243
468,860
453,103
457,281
460,802
468,860
473,450
476,403
481,366
487,231
487,913
491,834
496,359
495,002
495,854
Manufacturers'
inventory —
sbipments
ratio 3
Millions of dollars, seasonally adjusted
1982
1983
1984
1985
1986
1987
1988
1988: Sept
Oct
Nov
Dec
1989- Jan
Feb
Mar
Apr
May
June
July
Aug '
Sept"
Oct p
1
2
163,350
171,242
187,869
190,016
188,360
199,170
217,632
221,395
222,917
224,632
230,827
231,485
228,353
228,048
234,042
233,071
231,236
225,922
238,150
233,931
79,352
84,956
96,623
99,019
99,989
105,291
115,684
118,030
118,439
119,874
124,175
123,578
120,924
120,432
123,331
122,962
121,720
117,114
128,347
r
124,471
122 386
83,998
86,286
91,246
90,996
88,371
93,879
101,948
103,365
104,478
104,758
106,652
107,907
107,429
107,616
110,711
110,109
109,516
108,808
109,803
109,460
311,827
312,647
334,767
327,496
316,182
331,132
354,163
347,785
349,412
351,603
354,163
357,458
359,056
361,130
363,458
365,055
366,492
370,803
371,489
370,958
Monthly average for year and total for month. Shipments are the same as sales.
End of period.
200,825
200,406
218,771
214,066
208,313
216,598
233,666
228,214
229,735
231,766
233,666
236,810
238,165
239,330
240,486
241,689
242,295
245,813
246,378
245,645
111,002
112,241
115,996
113,430
107,869
114,534
120,497
119,571
119,677
119,837
120,497
120,648
120,891
121,800
122,972
123,366
124,197
124,990
125,111
125,313
3
162,273
174,122
189,791
190,918
188,663
201,966
221,627
222,669
227,095
228,153
238,886
236,075
231,306
233,011
239,907
233,753
235,157
230,447
236,793
234,783
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census.
1.95
1.80
1.74
1.74
1.70
1.62
1.58
1.57
1.57
1.57
1.53
1.54
1.57
1.58
1.55
1.57
1.58
1.64
1.56
1.59
PRICES
PRODUCER PRICES
In October, the producer price index for all finished goods rose 0.4 percent. Prices of finished consumer foods rose
1.4 percent and prices of other finished consumer goods rose 0.3 percent. Capital equipment prices fell 0.3
percent.
INDEX, 1982= 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
100
100
90
90
1981
1988
1982
SOURCE: DEPARTMENT OF LABOR
1989
COUNCIL OF ECONOMIC ADVISERS
[1982 = 100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Nondurable
Capital
equipment
Total
finished
consumer
goods
Consumer goods
Total
Total
Durable
Total
Foods
and
feeds l
Other
Crude materials
Total
Foodstuffs
and
Other
stuffs
88.0
96.1
100.0
101.6
103.7
104.7
103.2
105.4
108.0
92.4
97.8
100.0
101.0
105.4
104.6
107.3
109.5
112.6
86.7
95.6
100.0
101.8
103.2
104.6
101.9
104.0
106.5
87.1
96.1
100.0
101.2
102.2
103.3
98.5
100.7
103.1
91.0
96.4
100.0
102.8
104.5
106.5
108.9
111.5
113.8
85.1
95.8
100.0
100.5
101.1
101.7
93.3
94.9
97.3
85.8
94.6
100.0
102.8
105.2
107.5
109.7
111.7
114.3
88.6
96.6
100.0
101.3
103.3
103.8
101.4
103.6
106.2
90.3
98.6
100.0
100.6
103.1
102.7
99.1
101.5
107.1
105.5
104.6
100.0
103.6
105.7
97.3
96.2
99.2
109.5
89.4
98.2
100.0
100.5
103.0
103.0
99.3
101.7
106.9
95.3
103.0
100.0
101.3
103.5
95.8
87.7
93.7
96.0
104.6
103.9
100.0
101.8
104.7
94.8
93.2
96.2
106.1
84.6
101.8
100.0
100.7
102.2
96.9
81.6
87.9
85.5
Get
Nov
Dec
109.2
109.5
109.9
114.7
115.1
115.2
107.4
107.7
108.2
103.8
104.1
104.7
115.0
115.0
115.4
97.8
98.3
98.9
115.6
115.8
116.2
107.4
107.8
108.2
108.6
109.0
109.5
115.1
113.2
112.3
108.3
108.8
109.4
96.6
94.8
97.8
113.4
108.8
110.8
82.0
82.1
85.6
1989: Jan
Feb
Mar
111.1
112.1
112.6
113.1
114.1
114.2
113.5
113.1
114.1
114.6
116.7
117.8
118.8
118.1
119.1
118.4
118.3
118.7
118.0
119.6
109.3
110.1
110.5
111.4
112.5
112.7
111.9
111.3
112.9
112.9
106.0
107.1
107.5
109.0
110.1
110.2
109.1
108.0
109.7
110.0
116.3
116.9
117.0
116.3
117.2
117.7
117.1
117.5
119.1
118.7
100.4
101.6
102.2
104.4
105.7
105.6
104.3
102.6
104.4
105.0
116.9
117.4
117.5
117.4
118.2
118.8
118.7
119.0
120.2
119.8
109.5
110.6
111.2
112.0
113.1
112.9
112.1
111.5
112.5
113.2
110.8
111.3
111.9
112.5
112.7
112.4
112.2
111.9
112.3
112.3
115.2
114.8
116.7
114.9
113.6
112.0
113.6
113.4
113.6
112.7
110.5
111.1
111.7
112.4
112.6
112.5
112.1
111.8
112.2
112.3
101.8
101.5
103.7
104.5
104.9
103.2
103.2
101.2
102.3
102.3
113.3
111.7
115.2
112.1
112.1
109.7
108.2
110.0
109.1
108.4
90.2
90.7
92.1
95.1
95.8
94.7
95.4
91.3
93.5
94.0
1980
1981
1982
1983
1984
1985
1986
1987
1988
1988:
May
July
Sept
Oct
1
Intermediate materials for food manufacturing and feeds.
22
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In October, the consumer price index for all urban consumers rose 0.5 percent, seasonally adjusted and not
seasonally adjusted. The index was 4.5 percent above its year-earlier level.
INDEX, 1982-84= 100 (RATIO SCALE)
INDEX, 1982-84= 100 (RATIO SCALE)
130
130
SEASONALLY ADJUSTED
120
120
110
- CONSUMER PRICES—ALL ITEMS -
110
100
100
90
90
80
80
70
70
Minium
60
1981
1983
1982
1985
1984
Illllllllll
1986
60
1987
1989
1988
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
AH items
T
Transportation
Housing
All
Shelter
Not
Period
seasonally
adjust-
ed
(NSA)
Rel. imp.3....
1980
1981
1982
1983
1984
1985
1986
1987
1988
1988:
Oct
Dec
1989:
Jan
Feb
Mar
May
Aue
Sept
Oct
Season-
Rent-
Food
ers'
Total '
ally
adjust-
Total
ed
100.0
82 4
90.9
96 5
99 6
103 9
107.6
1096
113.6
1183
costs
Medi-
Fuel
Home-
owners'
items
less
food,
shel-
Maintenance
(Dec.
1982 =
100)
costs
and
(Dec.
1982 =
100)
repairs
7.9
19.7
Appar-
and
el and
other
utilities
upkeep
7.6
75.4
86.4
94.9
100.2
104.8
106.5
104.1
103.0
104.4
6.4
90.9
95.3
97.8
100.2
102.1
105.0
105.9
110.6
115.4
17.2
83.1
93.2
97.0
99.3
103.7
106.4
102.3
105.4
108.7
4.3
88.4
93.7
97.4
99.9
102.8
106.1
110.6
114.6
116.9
97.4
108.5
102.8
99.4
97.9
98.7
77.1
80.2
80.9
6.0
74.9
82.9
92.5
100.6
106.8
113.5
122.0
130.1
138.6
7.3
86.0
97.7
99.2
99.9
100.9
101.6
88.2
88.6
89.3
48.7
80.6
88.3
95.1
100.0
105.0
109.0
112.7
117.0
121.9
Total
1
New
cars
Motor
fuel
cal
care
Bner-
gy 2
energy
(NSA)
16.2
86.8
93.6
97.4
99.4
103.2
105.6
109.0
113.5
118.2
42.3
81.1
90.4
96.9
99.5
103.6
107.7
110.9
114.2
118.5
27.8
81.0
90.5
96.9
99.1
104.0
109.8
115.8
121.3
127.1
103.0
108.6
115.4
121.9
128.1
133.6
102.5
107.3
113.1
119.4
124.8
131.1
0.2
82.4
90.7
96.4
99.9
103.7
106.5
107.9
111.8
114.7
ter,
and
3.1
120.2
120.3
120.5
120.0
120.3
120.7
120.6
120.8
121.2
119.6
120.1
120.6
128.3
128.9
129.4
134.1
134.2
134.9
132.7
133.5
133.9
115.0
115.4
115.8
105.1
105.5
106.3
117.4
117.4
117.7
110.1
110.4
110.4
117.8
117.9
118.1
81.3
81.1
79.7
141.6
142.2
142.9
89.2
89.5
89.2
123.8
124.2
124.6
121.1
121.6
122.3
123.1
123.8
124.1
124.4
124.6
125.0
125.6
121.4
121.9
122.5
123.3
124.0
124.2
124.5
124.5
124.7
125.3
122.1
122.6
123.6
124.2
125.0
125.3
125.7
125.9
126.2
126.7
120.9
121.3
121.7
121.8
122.3
122.6
123.3
123.5
123.6
124.1
129.7
130.3
131.1
131.2
131.8
132.3
133.2
133.5
133.7
134.4
135.2
136.4
138.2
137.3
137.3
138.1
140.2
139.6
138.5
139.3
134.2
134.7
135.1
135.6
136.5
136.9
137.5
138.1
138.8
139.4
116.1
117.1
117.1
117.3
117.4
118.3
118.4
118.5
118.6
118.6
106.9
106.7
106.9
107.4
107.6
107.1
107.6
107.5
107.6
107.7
117.7
117.5
119.1
119.4
120.4
119.1
118.1
116.3
118.3
119.5
111.2
111.9
112.6
115.0
116.1
115.9
115.2
114.3
113.7
114.5
118.9
119.3
119.7
119.8
119.6
119.3
118.8
118.5
118.0
118.7
80.5
81.8
83.6
93.0
96.6
95.4
93.3
89.5
87.6
88.6
144.0
145.2
145.9
146.6
147.6
148.7
149.8
150.8
152.0
153.0
89.9
90.4
91.4
96.1
97.6
96.6
95.9
94.0
93.2
93.8
125.4
125.8
126.3
126.6
127.2
127.4
127.6
127.7
128.2
128.8
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 1988.
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]
Change from preceding period
Period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Total
finished
goods
Excluding
foods
Foods
Capital
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
11.8
7.1
3.6
.6
1.7
1.8
-2.3
2.2
4.0
1980
1981
1982
1983
1984
1985
1986.
1987
1988
8.6
4.2
g
'.s
3.5
.6
2.8
-.2
5.7
13.4
9.2
4.1
1.6
2.1
1.0
-1.4
2.1
2.5
11.4
9.2
3.9
2.0
1.8
2.7
2.1
1.3
3.6
14.1
7.5
1.5
2.0
2.3
2.1
-6.6
4.1
3.1
Change, month to month
Oct
Nov
Dec
0.1
.3
.4
0.1
.3
.1
0.1
.3
.6
1989- Jan
Feb
Mar
1.1
.9
.4
.4
.9
.1
-.6
4
.9
1.3
.9
.8
-.6
.8
-.6
-.1
.3
-.6
1.4
1.2
1.0
.4
1.4
1.0
.1
-1.0
10
1.6
.3
1988:
July r
Sept *
Oct
.4
3.7
3.7
3.0
.2
.3
.6
.4
.1
j
.7
.5
1
.3
1.0
-.3
6.5
5.4
2.1
2.0
2.3
3.9
4.6
3.9
1.7
4.0
3.9
4.3
7.6
7.1
5.6
2.2
2.3
3.9
3.9
3.7
3.9
3.0
3.3
4.0
7.1
9.8
10.2
7.4
7.3
5.8
1.4
-3.5
-.3
3.9
-0.1
7.2
9.7
13.1
4.9
4.5
-1.3
.7
-1.3
-1.3
4.5
8.8
12.0
11.1
11.8
11.7
10.4
.4
-7.4
-1.8
3.3
4.6
5.6
4.6
1.7
2.8
4.5
4.5
2.7
4.8
3.8
5.4
6.7
6.5
7.3
8.6
8.0
4.4
1.8
2.7
2.7
6.8
7.5
7.5
6.0
7.1
5.6
2.8
1.5
-1.3
2.6
5.3
7.1
7.5
10.3
11.9
10.8
5.9
1.7
4.1
1.8
4.6
4.8
3.1
3.1
4.2
4.5
3.1
2.7
4.6
4.1
4.5
5.3
5.5
5.6
6.2
6.1
5.0
4.2
4.5
4.9
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing
Transportation
Shelter
Period
All
items 1
Food
Total '
Total '
Renters'
costs
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
New
cars
Total '
Motor
fuel
Medical
care
Energy2
All
items
less
food,
shelter,
and
energy
Addendum: All items, percent change
(annual rate)
From
previquarter "
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
1980
1981
1982
1983
1984
1985
1986
1987
1988
12.5
89
3.8
3.8
3.9
3.8
1.1
4.4
4.4
10.2
43
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Get
3.1
2.7
3.8
2.6
3.8
3.5
5.2
13.7
102
3.6
3.5
4.3
4.3
1.7
3.7
4.0
15.0
99
2.4
4.7
5.2
6.0
4.6
4.8
4.5
5.1
5.9
6.3
5.0
3.9
3.9
4.5
5.1
5.9
4.6
5.3
4.7
0.4
.3
.3
0.2
.2
.3
0.3
.4
.4
0.2
.5
.4
0.2
.1
.5
0.2
.6
.3
0.7
.4
.8
1.2
0
.3
0.4
.3
0
.6
.4
.5
.7
.6
_2
.2
0
.2
.5
.7
.4
.8
.5
.6
2
.3
2
.2
.4
_2
.3
.3
.1
.4
_2
.6
.2
.1
.4
2
.5
.6
.1
.5
.4
.2
.9
1.3
.2
.4
.3
.4
.7
.3
.4
.4
.5
.4
.6
2
.2
.5
.2
— .5
.5
-.1
.1
.1
0
-.2
1.4
.3
.8
-1.1
-.8
-1.5
1.7
1.0
.7
.6
.6
2.1
1.0
-.2
13.8
14.4
9.7
1.8
4.2
1.8
-5.6
1.6
2.9
6.8
3.5
1.6
2.9
2.0
2.8
.9
4.8
4.7
18.8
9.4
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
9.9
12.5
11.0
6.4
6.1
6.8
7.7
5.8
6.9
18.0
11.9
1.3
-.5
.2
1.8
-19.7
8.2
.5
-0.9
_ 2
-1.7
0.6
.4
.5
-0.1
.3
-.3
0.7
.3
.3
.7
.3
.3
.1
__2
1.0
1.6
2.2
11.2
3.9
-1.2
-2.2
-4.1
-2.1
1.1
.8
.8
.5
.5
.7
.7
.7
.7
.8
.7
.8
.6
1.1
5.1
1.6
-1.0
-.7
-2.0
-.9
.6
.6
.3
.4
.2
.5
.2
.2
.1
.4
.5
13.5
10.3
6.2
3.2
4.3
3.6
1.9
3.6
4.1
9.8
9.4
6.1
5.0
4.3
3.7
3.3
3.8
4.7
0.1
.1
.2
14.6
10.9
1.8
3.9
3.1
2.6
-5.9
6.1
3.0
7.4
6.8
Change, month to month
1988:
1989:
1
2
.1
.5
0
.6
1.5
-.4
-.8
.6
Includes hems not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
also included through 1982.
2
24
9
a
-.4
-.3
-.4
.6
-.8
— .5
.7
3
4.4
5.4
6.4
2.6
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
4.8
4.4
4.1
4.8
4.5
4.5
4.2
4.2
4.4
4.7
5.4
6.1
6.4
7.1
5.7
4.0
1.6
1.6
2.6
4.8
4.9
5.1
5.6
6.2
5.9
5.2
4.3
3.6
3.3
4.7
4.8
5.0
5.1
5.4
5.2
5.0
4.7
4.3
4.5
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in November were
1.4
percent
above
their
October
level.
Prices paid by farmers in
October were unchanged from their July level.
:ALE>
INDE K, 1977= 100 (RATIO SCALE)
INDEX, 1977=100 (RATIO SC
.•»^"to—
180
_^
—
160
~~*~
.^—J
140
>
_
Vr
120
"^
.^~—~— — [—-—•«„--
/^r-
160
PRICES PAID
—^
-
_/ ^
\
^Y
—
180
"
1
Tl
—v
/•
• ^ ^
^ - .
/"^
*
120
PRICES REC EIVED
—
100 <
100
—
—
80
80
iiniiiiiii
Illllllllll
60.,
Illllllllll
Illllllllll Illllllllll
nniliim
Illllllllll
120
100
80
60
60
RA TIOJ/
3J/
-
RATK
140
140
—
140
120
-
x_1
100
-S_ ^
v_
Illllllllll Illllllllll
1981
r—""--ir— \
H
mill
nun
1983
1982
/RATIO OF INDEX OF PRICES RECEIVED TO NDEX OF PRICES PAI
1984
—-
nun nun
1985
—~
nnniini
Illllllllll
llll|| || HI
1987
1988
80
60
1989
1 1986
).
COUNCIL OF ECONOMIC ADVISERS
OURCE: DEPARTMENT OF AGRICULTURE
[1977=100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
1981
1982
1983
1984
1985
1986
1987
1988
1988:
Nov...
Dec .
1989:
Jan....
Peb
Mar....
May...
3
T
July... .
Sept...
Get ....
Noy
All farm
products
Livestock and
products
Crops
139
133
135
142
128
123
126
138
144
145
149
148
149
147
149
147
146
144
143
r
!45
147
134
121
128
138
120
107
106
126
136
136
140
138
136
140
141
138
134
126
126
r
!28
129
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 rece'ved/paid ratio is based on latest data available.
143
145
141
146
136
138
146
150
151
154
158
158
161
154
156
157
157
161
160
r
!62
163
All commodities,
services,
interest, taxes,
and wage rates *
Production
items, interest,
taxes, and wage
rates
150
159
161
164
162
159
161
170
(3)
(3)
175
(3)
(3)
177
(3)
(3)
178
(3)
(3)
178
(3)
151
158
159
161
156
150
151
160
(3)
(3)
166
(3)
(3)
167
(3)
(3)
167
(3)
(3)
167
(3)
Production
items
148
153
152
155
151
144
147
157
(3)
(3)
163
(3)
(3)
165
(3)
(3)
165
(3)
(3)
164
(3)
Eatio
2
92
84
84
87
79
77
79
81
83
84
85
85
85
83
84
83
82
81
80
81
83
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 October, growth accelerated in Ml and M3, while growth in M2 slowed.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLIARS*'(RATIO SCALE)
4,800
4,800
800
600
600
400
1988
1989
COUNCIL OF ECONOMIC ADVISERS
* AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Debt
Percent change from year or 6
months earlier 2
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
EPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
Dec
Dec
Dec .
Dec
Dec .
Dec
Dec .
Dec
Dec .
412.2
439.1
476.4
522.1
551.9
620.5
725.9
752.3
790.3
1,633.3
1,795.9
1,954.5
2,186.0
2,367.2
2,567.4
2,811.2
2,909.9
'3,069.6
1,991.1
1,236.9
2,443.8
2,694.3
2,982.3
3,201.7
3,494.9
3,677.6
3,915.4
2,327.8
2,599.4
2,853.5
3,155.5
3,523.4
3,830.6
4,137.1
4,336.7
4,672.2
3,881.9
4,269.0
4,660.0
5,185.4
5,932.7
6,741.5
7,597.0
8,316.1
9,081.1
6.8
6.5
8.5
9.6
5.7
12.4
17.0
3.6
5.1
8.9
10.0
8.8
11.8
8.3
8.5
9.5
3.5
5.5
10.2
12.3
9.2
10.3
10.7
7.4
9.2
5.2
6.5
9.5
10.0
9.2
11.3
14.4
13.6
12.7
9.5
9.2
1988- Oct
Nov.
Dec
785.4
786.6
790.3
3,042.3
'3,059.5
'3,069.6
3,877.9
3,898.1
3,915.4
4,609.2
4,635.5
4,672.2
8,942.9
9,017.7
9,081.1
3.7
4.1
3.6
3.5
4.0
3.8
5.2
5.5
5.2
9.4
9.4
9.2
786.3
787.4
786.3
783.1
773.3
770.3
'777.1
'777.4
'781.1
787.7
3,065.8
3,069.4
'3,078.5
3,080.8
3,072.2
3,088.0
'3,117.4
'3,136.5
'3,156.0
3,176.6
3,920.2
'3,929.4
3,950.8
'3,958.7
3,954.8
3,973.5
'4,002.4
'4,009.0
'4,012.3
4,027.5
'4,676.2
4,689.4
4,724.4
4,750.1
4,746.1
'4,759.0
'4,793.3
'4,812.8
4,824.3
9,137.8
9,206.1
9,267.8
9,323.7
9,380.8
9,431.6
'9,482.3
'9,557.1
9,623.6
1.0
1.3
.7
-.6
-3.4
-5.0
-2.3
' 2.5
'-1.3
1.2
2.8
2.6
2.9
2.5
.8
1.2
3.4
4.4
5.1
6.3
4.3
4.1
4.7
4.2
2.9
3.0
'4.2
'4.1
'3.1
3.5
8.9
9.0
8.9
8.7
8.2
7.9
'7.7
'7.8
7.8
Period
19801981:
1982:
19831984:
1985:
1986:
19871988:
1989: Jan..
Feb
Mar ....
May
July
Sept.
Oct *
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinaneial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earli-
26
L
M3 plus
other liquid
assets
Debt of
domestic
nonfinaneial
sectors
(monthly
average) l
Ml
r at an annual rate.
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
M2
M3
Debt
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Currency
Demand
deposits
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net,
plus
overnight
Eurodollars
NSA
Money market
mutual fund
balances
General
purpose
and
broker/
dealer
NSA
Institution
only
Money
market
deposit
accounts
(MMDAs)
NSA
Large
denomination
time
deposits J
NSA
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
Small
denomination
time
deposits '
Savings
deposits
NSA
Savings
bonds
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
1980- Dec
1981: Dec
1982- Dec
1983: Dec
1984- Dec
1985: Dec
1986- Dec
1987: Dec. .
1988: Dec
115.2
122.5
132.6
146.3
156.1
167.8
180.5
196.4
211.8
261.5
231.5
234.2
238.7
244.2
267.3
303.2
288.3
288.6
31.3
80.8
105.3
132.2
146.4
179.5
235.8
260.4
282.3
28.3
35.9
38.8
53.8
56.3
70.2
78.3
78.3
78.5
61.6
150.6
185.2
138.2
167.5
176.5
208.0
221.1
239.4
15.2
38.0
51.1
43.2
62.7
64.5
84.4
89.6
87.6
0.0
.0
43.2
379.2
416.9
513.5
572.5
526.3
502.7
400.2
344.0
356.9
305.6
285.4
301.6
371.0
416.4
431.3
728.6
823.2
851.0
784.0
886.3
882.6
853.9
914.1
1,025.2
260.1
302.5
326.8
327.4
417.2
436.6
439.0
487.4
537.8
34.0
36.0
34.5
51.8
61.9
65.6
84.0
109.1
124.1
50.3
67.5
81.7
91.5
82.9
76.1
84.9
90.8
105.8
72.3
67.8
68.0
71.1
74.2
79.4
91.7
100.4
109.1
133.5
149.4
183.6
211.9
260.7
300.1
282.3
257.5
271.3
32.1
40.0
44.5
45.0
45.4
42.0
37.2
44.7
40.6
98.8
105.3
113.6
133.2
160.7
207.4
231.0
260.3
335.8
1988: Oct
Nov
Dec
209.7
210.5
211.8
288.9
287.7
288.6
279.4
281.0
282.3
76.1
75.7
78.5
231.3
237.4
239.4
84.6
87.4
87.6
507.5
506.7
502.7
429.2
431.8
431.3
1,009.7
1,017.8
1,025.2
532.0 125.4
534.4 ' 128.3
537.8 124.1
100.2
101.6
105.8
108.4
108.7
109.1
269.3
264.5
271.3
41.3
40.5
40.6
312.3
323.7
335.8
1989: Jan
Feb
Mar
213.4
214.3
215.6
215.9
216.4
217.4
218.0
218.4
219.3
219.7
284.0
284.8
284.3
281.4
278.2
275.0
T
278.8
277.5
277.3
280.4
281.3
280.9
279.1
278.5
271.4
270.7
r
273.2
274.4
277.3
280.3
81.8
79.0
77.4
74.5
73.5
76.0
r
77.6
74.9
72.2
73.3
241.7
247.2
255.5
259.3
259.0
265.1
274.6
285.5
294.8
301.5
89.3
89.6
87.6
87.7
91.6
95.1
98.2
100.6
99.1
98.7
495.2
485.3
480.3
471.3
457.0
456.9
459.8
465.4
469.1
473.0
427.8
424.6
420.8
412.8
404.7
402.0
401.5
402.3
404.2
405.8
1,035.7
1,048.3
1,061.0
1,083.1
r
l , 105.7
r
l , 118.5
r
l , 126.3
1,132.1
1,132.6
1,132.0
544.4 ' 125.2
551.6 r 128.4
558.8 ' 130.9
567.7 128.8
572.1 ' 129.2
573.0 129.3
r
573.1 T 124.5
569.1 118.0
563.7 113.7
560.9 110.4
100.7
100.0
105.5
101.3
100.5
99.3
99.7
97.6
94.0
90.7
109.7
270.9
110.6 265.2
111.5 271.7
112.3
278.1
112.9
285.0
r
113.8 279.2
114.6 ' 283.0
115.2 290.5
115.7 306.9
40.6
39.9
41.2
41.4
41.1
41.1
42.0
42.7
41.3
334.9
344.2
349.2
359.5
352.3
351.4
351.3
355.3
348.0
May
July
Sept r
Oct"
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
NOTE.—Travelers checks of nonbank issuers arc a component of money stock but are not shown
here,
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures; millions of dollars; seasonally adjusted, except as noted]
Borrowings of depository
institutions from the Federal
Reserve (NSA)
Adjusted for changes in reserve requirements
Reserves of depository institutions
Period
Total
19801981:
19821983:
1984:
1985:
1986:
1987:
1988:
Nonborrowed
Nonborrowed plus
extended
credit
Required
Monetary
base
Total
Seasonal
Extended
credit
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
33,401
35,315
37,388
39,184
42,321
48,493
58,140
58,693
60,706
31,711
34,679
36,754
38,410
39,134
47,175
57,313
57,916
58,990
31,714
34,827
36,940
38,412
41,739
47,674
57,616
58,399
60,234
32,887
34,996
36,888
38,623
41,468
47,436
56,771
57,665
59,666
152,525
161,043
173,011
188,303
201,889
219,510
241,448
257,991
275,501
1,690
636
634
774
3,186
1,318
827
777
1,716
116
54
33
96
113
56
38
93
130
3
148
186
2
2,604
499
303
483
1,244
1988: Oct
Nov
Dec
60,862
60,853
60,706
58,562
57,991
58,990
60,343
60,314
60,234
59,800
59,733
59,666
273,659
274,380
275,501
2,299
2,861
1,716
332
186
130
1,781
2,322
1,244
1989- Jan
Feb.. .
Mar
60,370
60,260
59,854
59,463
58,740
58,350
58,698
58,753
59,223
59,621
58,708
58,773
58,041
57,174
57,019
56,860
58,004
58,078
58,530
59,066
59,754
59,822
59,376
58,880
58,217
57,776
58,110
58,120
58,552
59,087
59,226
59,106
58,896
58,686
57,709
57,445
57,733
57,869
58,285
58,602
276,784
277,553
278,615
278,675
278,329
279,056
279,983
280,288
282,025
282,681
1,662
1,487
1,813
2,289
1,720
1,490
694
675
693
555
76
97
139
213
345
4.31
497
490
452
330
1,046
1,050
1,334
1,707
1,197
917
106
41
22
21
May
July
. •>
Sept '.. .
Oct '
.. .
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases rose 0.9 percent in October. Commercial and industrial loans rose 0.7
percent, following a decline of 0.1 percent in September.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,800
2,800
2,400
2,400
-ALL COMMERCIAL BANKS
2,000
2,000
1,600
1,600
1,200
1,200
LOANS AND LEASES
800
800
400
400
U.S. GOVERNMENT SECURITIES
200
200
160
160
OTHER SECURITIES -
120
120
lllllllllll
1981
1984
1983
1982
1985
)987
1986
' SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1989
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted i]
All commercial banks
Loans and leases
Period
Total
securities 2
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1988:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Oct
Nov
Dec
1989: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct ".....
1,307.7
1,401.5
1,553.6
1,723.7
1,911.4
2,094.5
2,239.6
2,417.2
2,401.4
2,410.2
2,417.2
2,422.8
2,451.9
2,464.9
2,470.9
2,486.3
2,496.8
2,518.1
2,534.4
2,544.1
2,575.5
U.S.
Government
securities
Other
securities
179.3
201.7
259.2
260.2
270.7
309.6
335.5
361.4
355.6
358.8
361.4
360.4
361.8
368.8
370.7
373.5
373.8
374.4
376.6
378.8
391.7
160.9
165.7
170.6
142.6
181.4
196.5
195.3
194.0
196.8
195.9
194.0
189.6
190.4
189.7
187.2
186.4
185.8
184.6
182.8
182.9
182.7
Total
2
967.5
1,034.1
1,123.9
1,321.0
1,459.3
1,588.4
1,708.8
1,861.9
1,848.9
1,855.6
1,861.9
1,872.9
1,899.7
1,906.5
1,913.1
1,926.5
1,937.3
1,959.1
1,974.9
1,982.4
2,001.1
Commercial
and
industrial
355.4
392.6
414.1
472.9
499.7
536.2
562.7
601.9
601.6
601.8
601.9
606.6
619.0
617.8
620.6
626.3
624.9
632.1
637.3
636.9
641.1
Real
estate
Individual
Security
Nonbank
financial
institutions
284.1
299.8
330.8
376.3
425.8
494.0
589.0
672.0
659.8
665.3
672.0
678.9
685.6
691.8
699.5
705.5
712.0
719.9
729.0
734.4
741.1
182.5
188.2
212.9
253.8
294.8
315.9
329.5
355.5
351.6
353.0
355.5
357.9
358.9
360.6
362.9
365.4
366.0
367.0
369.3
372.1
374.4
21.5
25.4
28.1
34.3
42.7
40.1
34.4
38.5
38.5
38.2
38.5
37.7
44.7
43.6
40.0
38.1
41.3
40.5
39.9
40.6
42.3
29.9
31.3
30.5
31.4
32.5
35.0
31.9
30.0
30.4
30.2
30.0
30.3
30.6
29.7
29.2
r
28.7
r
30.3
r
31.4
r
31.8
32.1
33.3
1
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions. Data beginning "January 1984 are not strictly
comparable with data for earlier periods, largely because beginning January 1984 certain obligations
of States and political subdivisions are included in loans rather than in other securities.
28
2
Agricultural
State
and
political
subdivisions
Foreign
banks
Foreign
official
institutions
Lease
financing
receivables
Other
33.1
36.2
39.2
40.1
36.1
31.6
29.4
30.7
29.8
30.3
30.7
30.7
30.7
30.7
30.4
30.3
30.3
30.4
30.3
30.2
30.1
0.0
.0
3.3
46.0
56.7
58.4
52.5
46.8
48.5
47.7
46.8
44.4
44.5
44.6
44.6
44.7
44.5
44.2
43.9
43.5
42.9
18.1
14.8
13.4
11.1
9.7
9.6
7.5
7.6
7.6
8.1
7.6
7.8
8.5
8.2
8.3
9.4
9.3
8.9
9.3
8.5
9.8
7.2
5.9
9.4
7.9
6.0
5.9
5.3
4.9
4.9
4.9
4.9
4.8
4.8
4.8
4.9
4.9
4.7
4.5
4.3
4.3
4.0
12.7
13.3
13.7
16.0
19.0
22.3
24.5
29.2
28.9
29.1
29.2
29.4
29.6
29.6
29.8
30.0
29.9
30.3
30.3
31.0
31.6
23.1
26.6
31.8
31.2
36.3
39.4
42.1
44.8
47.5
47.0
44.8
44.4
42.7
45.2
42.9
r
43.3
r
44.1
r
49.9
r
49.5
r
48.6
50.5
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Capital
expenditures a
Credit market funds
Period
Total
Internal *
Total
323.7
323.2
377.4
303.0
419.2
495.0
457.3
510.7
486.2
508.4
1988: I
n
m
TV
1989: I
n*
126.1
123.1
137.9
60.7
133.5
158.7
105.0
165.8
133.6
135.8
60.3
70.7
91.8
50.3
78.3
95.1
50.9
123.0
69.0
77.0
369.1
367.2
372.4
381.6
138.6
141.1
156.2
107.2
485.0
512.5
1987
1988
197.6
200.1
239.5
242.3
285.7
336.3
352.3
344.9
352.6
372.6
507.7
508.3
528.6
488.8
1979
1980
1981
1982
1983
1984
1985
1986
Loans and
short-term
paper
Securities
and
mortgages
Total
361.9
369.0
123.1
143.5
Total
Other 2
Increase in
financial
assets
Discrepancy
(sources less
uses)
44.6
-9.1
-3.0
59.0
38.1
7.7
51.3
40.2
66.4
52.0
33.7
104.2
53.9
64.0
30.9
69.3
65.8
52.5
46.0
10.4
55.2
63.7
54.1
42.8
64.6
58.9
368.4
341.6
382.9
302.7
392.0
473.0
422.9
448.1
453.9
473.3
238.6
243.2
285.9
255.7
269.9
367.9
339.9
328.8
348.3
380.4
129.8
98.4
97.0
47.0
122.1
105.1
83.0
119.3
105.6
92.9
-44.6
-18.3
-5.6
.3
27.2
22.0
34.4
62.6
32.4
35.0
95.5
109.4
82.0
21.0
38.2
28.1
38.7
743
57.3
81.3
43.3
95.3
43.0
31.8
74.2
86.2
470.9
474.0
500.9
447.7
359.2
380.7
390.1
391.8
111.7
93.3
110.8
55.9
36.7
34.3
27.8
41.1
31.8
115.5
522
20.5
84.0
95.0
91.4
28.0
445.6
473.2
376.0
388.8
69.6
84.4
39.5
39.3
9.0
30.5
25.4
1n
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
3
FLant 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 installment credit outstanding l
Installment credit outstanding (end of period)
Period
19801981:
1982:
1983:
1984:
1985:
19861987:
19881988:
Dec
Dec.
Dec
Dec
Dec
Dec. .. .
Dec
Dec
Dec
Sept .. ..
Oct
Nov
Dec
NEW SERIES:
1989- Jan
Feb.
Mar
Apr
Mav
June
July
Augr
Sept "
1
,
,
,
,
,
Other
Total
Automobile
Revolving
Mobile
home
Other
Revolving
297 566
310682
323536
367868
442538
517 755
572 047
607721
659 507
646556
649 132
654413
659 507
111,936
118,956
124,218
143,799
173,704
209,636
247,313
265,976
281,174
279,243
278,902
279,926
281,174
54,894
60,838
66,243
78,667
100,212
122,013
137,013
153,884
174,792
168,273
170,131
173,030
174,792
18,621
20,302
22,833
23,704
25,795
26,834
27,355
26,387
25,744
26,185
26,033
26,005
25,744
112,115
110,586
110,242
121,698
142,827
159,272
160,367
161,475
177,798
172,855
174,066
175,452
177,798
1,083
13,116
12,854
44,332
74,670
75,217
54,292
35,674
51,786
1,890
2,576
5,281
5,094
-539
7,020
5,262
19,581
29,905
35,932
37,677
18,663
15,198
342
-341
1,024
1,248
1,537
5,944
5,405
12,424
21,545
21,801
15,000
16,871
20,908
1,148
1,858
2,899
1,762
414
1,681
2,531
871
2,091
1,039
521
-968
643
-92
152
-28
261
329
-1,529
344
11,456
21,129
16,445
1 ,095
1,108
16,323
1,176
1,211
1,386
2,346
682 020
687 397
691 162
693911
698 132
700849
700 344
703001
703 607
286,382
288,767
288,850
289,654
290,74 1
290,192
288,526
288,533
287,691
176,716
178,570
182,831
184,500
186,502
189,622
191,028
194,398
195,153
26,036
25,992
24,168
23,993
23,952
23,685
23,630
22,938
22,846
192,886
194,068
195,314
195,763
196,936
197,349
197,161
197,132
197,916
(2)
5,377
3,765
2,749
4,221
2,717
505
2,657
606
(2)
2,385
82
804
1,087
-549
1 667
7
842
(2)
1,854
4,261
1,670
2,002
3,120
1,406
3,370
756
(2)
-44
1 824
-174
41
-267
-56
692
(2)
1,182
1,246
449
1,173
413
-189
29
-91
785
For year-end data, change from preceding year-end; for monthly data, change from preceding
mouth.
2
Because of break in series, net change not available.
MabQe
home
Automobile
Total
Source: Board of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Interest rates fell in November.
PERCENT PER ANNU
PERCENT PER ANNUM
-S-
iQURCE. SEE TABLE B
COUNCIL OF ECONOMIC
ADVISERS
[Percent per annum]
U.S. Treasury security yields
Period
1981
1982
1983
1984
1985
1986
1987
1988
1988: Nov
Dee
1989: Jan
Feb
Mar
Apr
May.
June
July
Aug
Sept .
Oct
Nov
Week ended:
1989: Nov 4
11
18
25
Dec 2 p
1
3-month bills
(new issues) 1
Constant maturities
3-year
2
10-year
High-grade
municipal
bonds
(Standard3 &
Poor's)
30
Prime
commercial
paper,
6 months *
Discount rate
(N.Y. F.K.
5
Bank)
Prime rate
charged 5
by
banks
New-home
mortgage
yields
(FHLBB) 6
14.029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
14.44
12.92
10.45
11.89
9.64
7.06
7.68
8.26
13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
11.23
11.57
9.47
10.15
9.18
7.38
7.73
7.76
14.17
13.79
12.04
12.71
11.37
9.02
9.38
9.71
14.76
11.89
8.89
10.16
8.01
6.39
6.85
7.68
13.41
11.02
8.50
8.80
7.69
6.33
5.66
6.20
18.87
14.86
10.79
12.04
9.93
8.33
8.22
9.32
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
7.68
8.09
8.29
8.48
8.83
8.70
8.40
8.22
7.92
7.91
7.72
7.59
7.67
8.72
9.11
8.96
9.11
7.58
7.66
10.00-10.50
10.50-10.50
9.09
9.17
9.36
9.18
8.86
8.28
8.02
8.11
8.19
8.01
7.87
7.41
7.47
7.61
7.49
7.25
6.97
6.97
7.08
7.27
7.22
7.13
8.55
8.97
9.02
9.35
9.97
9.78
9.29
8.80
8.35
8.32
8.50
8.24
8.00
6.50-6.50
6.50-6.50
9.20
9.32
9.61
9.40
8.98
8.37
7.83
8.13
8.26
8.02
7.80
9.45
9.57
9.62
9.64
9.80
9.79
9.57
9.10
8.93
8.96
9.01
8.92
8.89
6.50-6.50
6 50 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
10.50-10.50
10.50-11.50
11.50-11.50
11.50-11.50
11.50-11.50
11.50-11.00
11.00-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
9.43
9.39
9.52
9.82
9.99
10.17
10.18
10.42
10.48
10.22
r
10.24
10.11
7.78
7.67
7.68
7.61
7.63
7.92
7.89
7.74
7.69
7.76
7.92
7.92
7.86
7.83
7.85
7.25
7.21
7.10
7.08
7.00
8.91
8.90
8.86
8.89
8.90
8.12
8.07
7.98
7.94
7.90
7.00-7.00
7.00-7.00
7.00-7.00
7 00 7 00
7.00-
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Series excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack
of appropriate issues.
2
Corporate
Aaa bonds
(Moody's) 4
5
Average effective rate for year; opening and closing rate for month and week.
6
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 Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices fell in November.
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
240
220
200
^41.
rOMPOSITF STOCK PRICE NinFY ~
(NYSE)
,—'
180
160
S
\
140
\
120
^
-
^/
16C
140
^"^
^
120
/
100
80
22C
20C
18C
100
N x
/
1
^^/—
80
^n
60
^J
60
1 1 1 1 1 1 11 1 1 1
40
1981
1983
1982
1984
1985
1986
40
1987
1988
1989
PERCENT
PERC ENT
20
15
10
NGS-PRICE RATIO ON COMW
r^\^-
(S&P1
\
^~~~
.
'
,-!_r
^
1
0
1
I
i ii
1
1982
1981
1
1983
1
1
1
1
1984
j
^
5
1
1
1
1
1985
1
!
1986
^
1 1 1
1987
•
1
1
1
1988
Common stock prices 1
1981
1982
1983
1984
1985
1986
1987
1988
1988: Nov
Dec
1989: Jan
Feb
Mar
Apr
May
July
Aug
Sept
Oct
Nov
Week ended:
1989: Nov
4
11
18
25
Dec
2"....
Industrial
Transportation
n
1
Common stock5 yields
(percent)
O) 2
New York Stock Exchange indexes 0
Composite
1
1989
COUNCIL OF ECONOMIC ADVISERS
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD 6. POOR'S CORPORATION
Period
1
Utility
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143 = 10)4
Dividendprice ratio
74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
152.67
155.35
183.79
187.75
138.60
144.07
73.83
74.81
129.61
128.83
2,099.04
2,148.58
271.02
276.51
160.40
165.08
164.60
169.38
175.30
180.76
185.15
192.93
193.02
192.49
188.50
194.62
200.00
199.20
204.81
211.51
216.75
221.74
231.32
230.86
229.40
224.38
153.09
162.66
160.14
164.32
168.88
173.47
179.32
197.52
202.02
190.36
174.26
75.87
77.84
77.66
79.69
84.07
87.95
90.40
92.90
93.44
94.67
94.95
132.26
137.19
137.91
143.26
146.60
154.08
157.78
164.86
165.51
166.55
160.89
2,234.68
2,304.30
2,283.11
2,348.91
2,439.55
2,494.90
2,554.03
2,691.11
2,693.41
2,692.01
2,642.49
285.41
294.01
292.71
302.25
313.93
323.73
331.93
346.61
347.33
347.40
340.22
3.70
3.68
3.64
3.59
3.68
3.59
3.52
3.44
3.38
3.28
3.29
3.29
3.39
187.52
186.53
188.50
188.90
191.54
223.07
221.59
224.23
225.07
228.64
175.11
173.44
174.84
172.98
175.81
94.18
94.28
95.09
94.98
96.37
160.93
160.07
161.14
160.95
161.31
2,631.11
2,606.39
2,631.52
2,650.92
2,707.94
338.55
336.25
340.05
341.21
346.32
Earningsprice ratio
3.38
3.41
3.39
3.39
3.37
11.96
11.60
8.03
10.02
8.12
6.09
5.48
8.01
8.56
8.46
7.93
price ratios based on prices at end of quarter.
* Includes all the stocks (more than 1,500) listed on the NYSE
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, I
nd Standard & Poor's Cor-
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first month of fiscal 1990, there was a deficit of $26.1 billion, compared with a deficit of $27.0 billion a
year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
RECEIPTS AND OUTLAYS^
1,200
1,100
1,100
1,000
1,000
900
900
800
800
RECEIPTS^/
700
700
600
600
SURPLUS OR DEFICIT Mi/
0
-100
""---\
-200
^^^
"\^
A/
* 1981
i
^-^
i
1982
i
. 1983
i
1984
i
1985
i
1986
i
i
1987
1988
i
1989
\IN
1990
-200
N
FISCAL YEARS
V INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT Or THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Total
Fiscal year or period
Receipts
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 i
1990 (estimates)2
First month: 1
Fiscal year 1989
Fiscal year 1990
1
2
Outlays
Receipts
Outlays
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Gross Federal debt
(end of period)
Total
Held by
the public
298.1
81.2
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
371.8
96.0
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
-73.7
14 7
-53.6
59 2
-40.2
73 8
-78.9
127 9
-207.8
185 3
231.7
63.2
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
76.6
328.5
369.1
403.5
476.6
543.0
594.3
661.2
686.0
-70.5
-13.3
-49.7
-54.9
-38.2
-72.7
-73.9
120 0
-208.0
-185.6
66.4
18.0
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
19.4
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
-3.2
14
-3.9
43
-2.0
1i
-5.0
79
.2
.3
629.0
643.6
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
477.4
495.5
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
734.1
769.1
854.1
909.0
990.8
1,080.1
946.3
990.3
1,003.8
1,064.0
1,142.9
1,179.4
212 3
-221.2
149 7
-155.1
-152.1
-99.2
547.9
568.9
640.7
667.5
727.1
793.3
769.5
806.8
810.0
861.4
931.6
957.1
-221.6
-237.9
-169.3
193 9
-204.5
163 8
186.2
200.2
213.4
241.5
263.7
286.8
176.8
183.5
193.8
202.7
211.2
222.3
9.4
16.7
19.6
38.8
52.4
64.5
1,817.0
2,120.1
2,345.6
2,600.8
2,865.7
3,084.8
1,499.4
1,736.2
1,888.1
2,050.2
2,188.8
2,279.2
63.6
68.4
90.6
94.5
-27.0
26 1
45.8
50.1
73.4
75.1
-27.7
-25.0
17.8
18.3
17.1
19.4
.7
11
2,623.2
2,905.1
2,060.8
2,221.3
Data from Monthly Treasury Statement.
Estimates from Mid-Session Review of the Budget, Office of Management and Budget, July 18,
>/ •
1989. Data include asset sales.
32
Off-budget
On-budget
Surplus
or deficit
(-)
NOTE.—Data are from Budget of the United Slates Government, Fiscal Year 1990, January
1989, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first month of fiscal 1990, receipts were $4.8 billion higher than a year earlier and outlays were $3.9 billion
higher.
BILLIONS OF DOLLARS
500
BILLIONS OF DOLLARS
500
RECEIPTS!'
400
INDIVIDUAMNfOMF TAXES
,
'
.-•
300
400
300
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
200
CORPORATION
INCOME TAXES
_
V
OTHER RECEIPTS
100
'
.
I
0
i
•
i
i
i
i
i
i
200
.
100
i
0
900
900
OUTLAYS-!/
800
-NONDEFENSE
800
700
700
600
600
500
500
400
400
. NATIONAL DEFENSE
300
300
- 200
200
1981
1984
1983
1982
1985
1986
1987
1988
1989
1990
FISCAL YEARS
_!/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
National defense
Social
Fiscal year
Total
1976
1977
1978 .
1979
1980
1981
1982
1983
1984
298.1
355.6
399.6
463.3
517.1
Individual
income
taxes
Corporation
income
taxes
ance
taxes
and
contributions
131.6
157.6
181.0
217.8
244.1
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
90.8
106.5
121.0
138.9
157.8
182.7
201.5
600.6
666.5
285.9
297.7
288.9
298.4
734.1
769.1
854.1
334.5
349.0
392.6
909.0
990.8
1,080.1
401.2
445.7
484.6
61.3
63.1
83.9
94.5
103.3
117.0
63.6
68.4
31.3
35.5
1.8
.7
599.3
617.8
1985
1986
1987
1988
1989 '
1990 (estimates) 2
Other
Total
Total
Department of
Defense,
military
Net
interest
15.8
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
26.7
29.9
35.4
42.6
52.5
68.7
85.0
89.8
111.1
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
65.8
70.2
75.1
78.9
85.0
97.1
128.2
119.8
123.3
129.3
136.8
145.4
188.6
198.8
249.1
129.4
136.0
138.6
151.7
169.3
176.3
131.8
142.1
125.9
139.4
157.7
142.4
5.6
7.7
8.9
9.7
18.4
19.5
13.0
14.1
12.7
17.0
Health
Medicare
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
33.5
35.9
40.0
44.5
48.4
56.4
371.8
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
89.6
97.2
104.5
116.3
134.0
157.5
185.3
87.9
95.1
102.3
113.6
130.9
153.9
180.7
209.0
239.4
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
209.9
227.4
204.4
220.9
265.2
283.9
303.3
334.3
359.4
387.5
73.0
73.1
74.3
78.9
82.4
91.0
946.3
990.3
1,003.8
1,064.0
1,142.9
1,179.4
252.7
273.4
282.0
290.4
303.6
296.3
245.2
265.5
274.0
294.9
286.9
16.2
14.2
11.6
10.5
9.6
16.4
23.8
24.3
6.7
7.9
25.9
19.9
25.2
19.2
2.2
2.1
281.9
Social
security
Other
ty
International
affairs
Income
securi-
207.4
219.3
232.5
l
First month:
Fiscal year 1989
Fiscal year 1990
1
2
Data from Monthly Treasury Statement,
See footnote 2, page 32.
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1990, January
90.6
94.5
4.0
4.5
1989, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
in the third quarter of 1989, according to preliminary estimates. Federal receipts fell $10.1 billion (annual rate)
and Federal expenditures fell $8.1 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
1,200
SEASONALLY ADJUSTED ANNUAL RATES
1,000
- EXPENDITURES -
1,000
800
800
600
600
400
400
200
200
-200
-200
1981
1982
1983
1985
1984
1987
1986
1988
1989
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government expenditures
Federal Government receipts
Period
Total
Fiscal year:
1985
1986
1987
1988
Calendar year:
1985
1986
1987
1988
1982: IV
1983: IV
1984- IV
1985- IV
1986: IV
1987: ffl
IV
1988- I
n
m
IV
1989: I
n
m'
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Total
Purchases
of goods
and
services
Transfer
payments
Grantsin-aid to
State
and
local
governments
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
Less:
Wage
accruals
less
disbursements
Surplus
or deficit
(-),
national
income
and
product
accounts
776.8
815.2
897.3
958.6
340.4
357.0
401.2
408.0
74.6
81.1
97.7
108.3
55.9
50.9
53.4
55.8
962.3
305.8
326.1 1,028.0
345.0 1,060.4
386.4 1,104.0
341.5
368.6
375.5
378.6
374.0
394.6
411.2
432.7
97.8
107.4
103.1
108.6
128.3
134.6
138.8
149.0
20.7
22.8
31.9
35.1
-0.1
.0
-185.5
-212.8
-163.1
-145.4
788.7
827.9
911.4
972.4
633.1
675.5
742.7
805.3
853.8
921.5
937.4
346.4
361.4
405.8
413.0
55.1
50.5
53.8
56.7
47.6
53.6
56.2
53.5
50.8
53.8
54.5
310.9
332.1
350.8
391.3
236.1
259.8
290.7
317.7
337.9
352.2
359.7
985.6
1,034.8
1,072.8
1,118.3
835.7
844.7
930.2
1,017.5
1,042.8
1,065.5
1,101.7
355.2
366.5
381.6
381.3
293.2
276.1
326.0
376.6
368.8
384.5
388.1
380.1
399.9
414.3
438.2
347.4
352.5
362.1
385.8
405.8
414.3
421.9
99.7
106.8
102.6
111.4
-.2
.0
.0
.0
84.5
86.0
96.3
103.5
103.0
101.7
102.2
130.1
135.6
141.7
151.4
87.2
101.0
125.3
132.7
136.0
142.5
147.3
20.3
26.0
32.6
36.0
303.0
291.9
326.0
355.3
376.2
408.1
420.0
76.3
83.8
101.0
111.4
46.4
70.2
69.7
78.8
88.9
107.4
103.1
23.4
29.1
21.0
19.0
29.2
.0
.0
.6
.0
.0
22.7
41.9
.2
-.2
-196.9
-206.9
161 4
-145.8
-202.6
-169.2
-187.5
-212.2
-189.0
- 143.9
-164.4
944.7
973.2
977.3
994.6
1,036.2
1,053.2
1,043.1
402.7
417.5
411.4
420.3
446.8
465.1
459.1
104.2
111.6
114.0
115.8
117.0
109.7
99.7
55.9
55.9
57.4
57.8
58.0
58.2
59.4
382.0
388.2
394.5
400.6
414.3
420.2
424.8
1,096.5
1,114.7
1,099.8
1,162.1
1,183.7
1,198.6
1,190.5
374.1
377.1
367.5
406.4
399.0
406.0
403.3
433.0
434.4
438.0
447.6
460.4
466.9
473.6
110.1
112.2
111.0
112.2
118.7
118.4
118.3
144.9
149.9
153.9
157.0
167.0
172.0
173.3
34.4
41.2
29.4
38.9
.0
.0
.0
.0
38.5
35.3
22.0
.0
.0
.0
Source: Department of Commerce, Bureau of Economic Analysis.
34
.1
-.1
-151.8
-141.5
-122.5
-167.6
-147.5
- 145.4
-147.4
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84=100)
Industrial production (1977 = 100; seasonally adjusted)
Period
Canada
Japan
France
Germany
Italy
United
Kingdom
United
States '
Canada
Japan
France
Germany
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
137.2
1980
1981
1982
1983
1984
1985
1986
1987
1988
104.8
106.9
96.5
102.7
115.2
121.6
121.5
128.3
136.3
119.0
120.3
120.7
124.5
136.1
141.0
140.8
145.7
159.1
107.2
106.1
105.0
105.0
106.1
106.1
107.2
109.4
114.3
108.0
105.9
102.7
103.3
106.2
111.0
113.0
113.7
118.1
114.8
113.0
109.5
105.9
109.5
110.7
114.7
119.3
126.4
99.8
96.7
98.5
102.2
102.4
107.9
110.2
114.1
118.2
82.4
90.9
96.5
99.6
103.9
107.6
109.6
113.6
118.3
76.1
85.6
94.9
100.4
104.8
108.9
113.4
118.4
123.2
90.9
95.4
98.0
99.9
102.1
104.2
104.9
105.0
105.7
72.2
81.8
91.7
100.3
108.0
114.3
117.2
121.1
124.3
86.7
92.2
97.1
100.3
102.7
104.9
104.7
105.0
106.2
63.2
75.4
87.7
100.8
111.5
121.1
128.5
134.4
141.1
78.5
87.9
95.4
99.8
104.8
111.1
114.9
119.7
125.6
138.0
136.9
136.2
137.1
161.6
160.2
165.0
166.1
117.2
113.2
118.0
117.3
120.0
119.4
119.1
121.2
124.1
127.6
129.1
132.2
119.6
118.7
119.3
118.3
119.8
120.2
129.3
120.5
124.2
124.8
125.1
125.1
106.4
106.9
106.5
106.2
125.3
125.6
125.8
126.0
106.3
106.4
106.7
106.9
142.2
143.3
144.5
145.0
127.4
128.7
129.2
129.6
121.2
120.5
121.3
124.3
118.6
123.6
' 125.0
r
125.1
1243
127.9
130.3
126.9
127.0
125.3
r
128.9
130.7
128.9
118.4
117.9
118.1
117.8
116.3
116.4
118.1
119.8
121.1
121.6
122.3
123.1
123.8
124.1
124.4
124.6
125.0
125.6
125.7
126.6
127.2
127.6
128.9
129.6
130.4
130.5
130.7
131.2
106.0
105.7
106.2
108.1
108.7
108.6
108.4
108.3
109.2
126.5
126.8
127.2
128.0
128.5
128.7
129.0
129.2
129.5
108.1
108.4
108.6
109.2
109.5
109.6
109.5
109.4
109.6
146.1
147.3
148.0
149.0
149.6
150.3
150.7
150.9
151.6
153.1
130.4
131.4
131.9
134.3
135.1
135.6
135.7
136.1
137.0
138.1
1988:
Sept
Oct
Nov
Dec
138.6
139.4
139.9
140.4
1989:
Jan...
Feb
Mar
1
140.8
140.5
140.7
141.7
141.6
142.0
r
141.9
142.4
r
!424
141 4
Z.
•
T
July
, '
Sept. .. .
Ocf
1
United
Kingdom
United
States
118.2
136.7
167.3
137.4
117.4
164.5
137.0
172.5
116.6
138.0
166.3 ' 120.3
r
118.1
138.3 167.3
' 137.7 170.7 r!20.1
138.0
167.6
121.3
137.9 ' 171.4 121.3
1685
Italy
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration).
Data relate to all urban consumers.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
General merchandise imports (customs value) 3
Merchandise exports (f.a.s. value) l
1982
1983
1984
1985
1986
1987
1988
Foods,
feeds,
and
beverages
116.4
205.6
224.0
4
218.8
4
227.2
254.1
322.4
Period
Industrial
supplies
and
materials
31.3
30.9
31.5
24.0
22.3
24,3
32.3
61.7
56.7
61.7
58.5
57.3
66.7
85.1
Total8
Trade balance
Principal end-use commodity category
Principal end-use commodity category
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
Other 2
72.7
67.2
72.0
73.9
75.8
86.2
109.2
15.7
16.8
20.6
22.9
21.7
24.6
29.3
14.3
13.4
13.3
12.6
14.2
17.7
23.1
20.7
20.5
24.0
27.3
35.9
34.6
43.4
244.0
258.0
325.7
345.3
365.4
406.2
441.0
Total
Foods
feeds,
and
beverages
Industrial
supplies
and
materials
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
Other
General
merchandise
imports
(c.i.f.
value)
17.1
18.2
21.0
21.9
24.4
24.8
24.8
112.0
107.0
123.7
113.9
101.3
111.0
118.3
35.4
40.9
59.8
65.1
71.8
84.5
101.4
33.3
40.8
53.5
66.8
78.2
85.2
87.7
39.7
44.9
60.0
68.3
79.4
88.7
95.9
6.5
6.3
7.8
9.4
10.4
12.1
12.8
254.9
269.9
346.4
352.5
382.3
424.4
459.5
Exports
(f.a.s)
less
imports
(customs
value)
Exports
(f.a.s)
less
imports
(c.i.f.)
275
-38.4
-64.2
-122.4
-126.5 -133.6
138.3 -155.1
-152.1 -170.3
118.5 -137.1
-52.4
101 7
1988:
Sept
Oct
Nov
Dec
27.6
27.9
27.5
28.9
2.9
2.7
2.6
2.8
7.2
6.8
7.0
7.4
9.4
9.4
9.4
10.1
2.5
2.5
2.5
2.7
2.1
2.0
2.0
2.3
3.6
4.4
4.0
3.6
36.8
37.1
38.1
39.7
2.0
2.1
2.1
2.2
9.3
9.9
9.8
10.2
8.7
8.2
9.1
9.1
7.6
7.7
7.5
8.0
8.0
8.1
8.3
9.0
1.1
1.1
1.2
1.2
38.2
38.6
39.6
41.3
-9.2
-9.2
-10.5
-10.8
-10.6
-10.7
-12.1
-12.5
1989:
Jan....
Feb
Mar
29.0
28.8
30.1
30.8
30.5
31.3
30.5
30.6
31.1
2.9
2.9
3.2
3.1
3.2
3.2
2.9
2.8
2.7
7.1
7.5
7.6
8.0
7.9
8.3
8.2
7.8
7.8
9.4
9.3
9.9
10.1
9.8
10.6
10.9
10.6
11.9
2.4
2.4
2.5
2.4
2.3
2.3
2.2
2.7
2.3
2.4
2.5
2.7
2.8
2.6
2.9
2.6
2.7
2.8
4.7
4.2
4.2
4.4
4.6
4.0
3.6
4.0
3.7
37.9
38.2
39.5
39.0
40.5
39.3
38.7
40.7
39.1
2.2
2.0
2.1
2.0
2.2
2.0
2.0
2.1
1.9
10.7
10.0
11.0
11.3
11.7
11.4
11.4
11.4
10.4
9.0
9.3
9.3
9.1
9.9
9.5
9.1
10.2
9.4
7.4
7.6
7.7
7.3
7.2
6.7
6.6
7.1
7.2
7.7
8.3
8.3
8.3
8.5
8.5
8.6
8.7
9.0
.9
1.0
1.1
1.1
1.1
1.1
1.0
1.2
1.2
39.5
39.7
41.2
40.7
42.2
40.9
40.4
42.4
40.7
-8.9
-9.4
-9.5
-8.3
-10.1
-8.0
-8.2
-10.1
-7.9
-10.5
-10.9
-11.2
-9.9
-11.7
-9.6
-9.9
-11.9
-9.6
May
July '
. 3
Sept
1
Includes Department of Defense Military Assistance
2
Includes undocumented exports to Canada.
3
Total arrivals of imported goods other than intransit
4
Program grant-aid shipments.
shipments.
Total exports are on a revised statistical month basis; end-use categories are on a statistical
month basis.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the third quarter of 1989, the merchandise trade deficit rose slightly to $27.8 billion, from $27.6 billion (revised)
in the second quarter.
BILLIONS OF DOLL>«s*
BILLIONS OF DOLLARS*
10
10
5
5
N
^""
*.
0
^/\
\
.
Vi
v
A\
-A\
1
0
—x
-5
\\
-10
\\\
-15
-15
\\ N
BALANCE ON GOODS
AND SFRVirFS
.. \
-20
20
N
i. V--^ *'**•'*
\
^^i^\>-^V
V~^X D\ Ir^^^
-35
30
35
\.,.*'\
N/'X1"-.1/ •' BALANCE ON »
V
/I
>x
\ Y _< CURRENT ACCOUNT
MERCHANDISE TRADE
V.V-J /
BALANCE
-40
-45
/K A>^"
1
1
1 1 1
1
1981
1982
1
1 1
1983
I I I
I I I
I I I
I I I
I I I
1984
1985
1986
1987
1988
I I I
40
-45
1989
* SEASONALLY ADJUS TED
SOURCE: DEPARTMEN T OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (—)]
Investment income 3
Merchandise * 2
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1986: HI
IV
1987' I
n
m
IV
1988- I
n
m
IV
1989: I
1
2
3
Exports
Imports
224,269
237,085
211,198
201,820
219,900
215,935
223,367
250,266
319,251
56,182
56,490
57,255
60,015
64,297
68,699
76,447
78,471
80,604
83,729
87,919
r
91,423
91,569
-249,749
-265,063
-247,642
-268,900
-332,422
-338,083
-368,425
-409,766
-446,466
-92,983
-95,081
-95,916
-99,834
- 104,903
-109,113
-109,893
- 109,882
-110,943
-115,748
-116,297
r
- 118,977
-119,320
Net balance
Receipts
-25,480 72,506
27978 86,412
-36,444 83,548
-67,080 77,251
-112,522 85,908
-122,148 88,832
-145,058 88,615
-159,500 104,703
-127,215 107,775
-36,801 21,744
-38,591 20,822
-38,661 25,117
-39,819 22,744
-40,606 23,578
—40,414 33,265
-33,446 26,750
-31,411 23,148
-30,339 24,720
-32,019 33,159
-28,378 26,830
T
- 27,554 26,932
-27,751
Payments
Net
-42,119
52 329
-54,884
52376
-67,419
62901
-66,968
-82,420
105 548
-15,729
-16,350
-19,755
-20,554
-21,904
-20,207
-23,955
-25,613
-27,310
-28,670
-29,246
-31,947
30,387
34,083
28,664
24,875
18,489
25,931
21,647
22,283
2,227
6,015
4,472
5,362
2,190
1,674
13,058
2,795
-2,465
-2,590
4,489
-2,416
-5,015
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
36
Net
military
transactions
-2,577
-1,523
-474
-343
-2,099
-3,557
-4,576
-2,857
-4,606
-1,089
-777
-176
-210
- ,031
- ,440
-964
- ,033
- ,006
- ,604
-1,498
-1,630
Net
travel and
transportation
receipts
-997
144
-992
-4,227
-7,885
-9,832
-8,031
-7,324
-2,633
-1,874
-2,241
-1,965
-2,088
-1,279
-1,993
-1,854
-719
-155
94
-297
512
Other
services,
net 3
Balance on
goods and
services
Remittances,
pensions,
and other
unilateral
transfers 1
Balance
on current
account
7,794
9,126
-7,593
1,533
15,810
11,085
-7,647
8,163
2,191 -9,188
11,436
-6,997
12,264
-34,510 -9,776
44 286
12,299
-91,718 - 12,468 -104,186
12,351 -97,256 -15,426
112 682
18,547 -117,470 -15,778 - 133,249
17,909 -129,488 -14,212
143 700
20,335 — 111,892 - 14,656 -126,548
4,539 -29,210 -4,376
-33,586
4,807
-32,330 -4,136 -36,466
4,250
-31,190 -3,137
34 327
4,372
-35,555 -3,265
-38,820
4,555 -36,687 -3,225
-39,912
4,734
-26,055
-4,586
-30,641
-28,682
4,787
-3,364 -32,046
5,042
-30,586
-2,899
-33,485
5,126 -28,964 -3,376
-32,340
-23,659
5,381
-5,018 -28,677
5,725 -26,864 -3,526
-30,390
-27,894 -3,094
5,957
-30,988
United States are excluded from investment income and included in other services, net.
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks decreased $28.5 billion in the second quarter
of 1989, compared with an increase of $22.1 billion in the first quarter. Liabilities to private foreigners reported
by U.S. banks, excluding Treasury securities, decreased $22.8 billion in the second quarter, compared with an
increase of $13.3 billion in the first quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
20
-20
-20
-40
-40
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the U.S., net
[increase/capital inflow (+)]2
U.S. assets abroad, net
[increase/capital outflow (— )]
Period
Total
1980
1981
1982...
1983
1984
1985
1986
1987
1988
1986: HI
IV
1987: I
n
m
IV
1988: I
n
m
IV
1989: I p
n ....
-86,118
-110,951
-121,153
-49,777
-22,304
-32,628
-99,665
-76,218
-82,110
-26,078
-33,422
8,759
-22,632
-25,976
-36,370
4,540
— 16,119
-37,886
-32,648
-31,318
7,476
U.S.
official
reserve2
assets l
-8,155
5 175
-4,965
1 196
-3,131
-3,858
312
9,149
-3,566
280
132
1,956
3,419
32
3,742
1,503
39
7 380
2,272
-4,000
-12,095
Other U.S.
Government
assets
U.S.
private
assets
-5,162 -72,802
5 097
100 679
-6,131 -110,058
5 006 -43,576
-5,489 -13,685
2 821
25 950
-2,024 -97,954
997
86 363
2,999 -81,543
1 565 -24,793
11 -33,565
40
6,763
195
25 856
308 -26,316
843 -40,955
- 1,490
4,528
15 273
-885
1,961 -32,467
3,413 -38,332
1,049 -28,367
19,943
-372
Total
58,112
83,032
93,746
84,869
102,621
130,012
221,605
218,039
219,299
69,927
62,339
33,381
51,134
73,575
59,949
27,027
65,334
46,179
80,759
60,007
-3,117
1
Consists of gold, special drawing rights (SDKs), convertible currencies, and the U.S. reserve
position in the IMF.
2
Quarterly data are not seasonally adjusted.
Foreign
official
assets
Other
foreign
assets
15,497
4,960
3,593
5,845
3,140
1 083
35,594
45,193
38,882
15,785
1,251
14,040
10,329
753
20,070
24,631
5,895
-2,234
10,589
7,478
-4,948
42,615
78,072
90,154
79,023
99,481
131,096
186,011
172,847
180,418
54,142
61,088
19,341
40,805
72,822
39,879
2,396
59,438
48,413
70,170
52,529
1,831
Statistical discrepancy
Allocations
of special
drawing
rights
(SDEs)
1,152
1,093
Total (sum
of the items
with sign
reversed)
25,322
18,663
34,404
9,194
23,869
15,298
11,308
1,878
-10,641
-10,263
7,549
-7,813
10,318
-7,687
7,062
479
-15,729
24,047
19434
1,702
26,629
Of which:
Seasonal
adjustment
discrepancy
-4,669
4,463
3,895
-2,559
-4,501
3,166
3,843
-3,714
-4,556
4,431
4,127
-2,340
U.S. official
reserve
assets, net 1
(unadjusted,
end of
period)
26,756
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
48,087
48,511
48,824
45,140
45,070
45,798
43,186
41,028
47,788
47,802
49,854
60,502
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
page
Gross National Product
Gross National Product in 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
.•
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
;
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
* Preliminary.
' Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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