Full text of Economic Indicators : November 1990
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101st Congress, 2d Session
Economic Indicators
NOVEMBER
1990
(Includes data available as of November 30, 1990)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
FEDERAL RESERVE
BANK OF CHiCAGr
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1990
JOINT ECONOMIC COMMITTEE
(Created pursuant ,10 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—81ST 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 1990, according to revised estimates, current-dollar gross national product (GNP) rose 5.8
percent (annual rate) or $77.3 billion. Real GNP (GNP adjusted for price changes) rose 1.7 percent and the
implicit price deflator rose 4.0 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
5,600
BILLIONS OF DOLLARS (RATIO SCALE)
5,600
SEASONAUY ADJUSTED ANNUAL RATES
5,200
5,200
GNP
IN CURRENT DOLLARS
4,800
4,800
4,400
4,400
4,000
4,000
3,600
3,600
GNP
IN 1982 DOLLARS
3,200
3,200
2,800
2,800
I
2,400
1982
I
I
1984
1983
1985
I
I
1987
1986
I
1988
I
I
1989
SOURCE: DEPARTMENT OF COMMERCE
I
I
2,400
1990
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
Gross
private
domestic
investment
Government purchases of
goods ana1 services
Exports and imports of goods
and services
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
Final
sales
Gross
domestic
purchases 1
1980
1981 ....
1982
1983
1984
1985
1986
1987
1988
1989 ...
2,732.0
3,052.6
3,166.0
3,405.7
3,772.2
4,014.9
4,231.6
4,515.6
4,873.7
5,200.8
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,009.4
3,238.2
3,450.1
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.5
747.1
771.2
32.1
33.9
26.3
-6.1
-58.9
-78.0
-97.4
-114.7
-74.1
-46.1
351.0
382.8
361.9
352.5
383.5
370.9
396.5
449.6
552.0
626.2
318.9
348.9
335.6
358.7
442.4
448.9
493.8
564.3
626.1
672.3
530.3
588.1
641.7
675.0
735.9
820.8
872.2
921.4
962.5
1,025.6
208.1
242.2
272.7
283.5
310.5
355.2
366.5
381.3
380.3
400.0
142.7
167.5
193.8
214.4
234.3
259.1
277.8
294.6
297.2
301.1
65.4
74.8
78.9
69.1
76.2
96.0
88.7
86.7
83.1
98.9
322 2
345.9
369.0
391.5
425.3
465.6
505.7
540.2
582.3
625.6
2,740.3
3,028.6
3,190.5
3,412.8
3,704.5
4,003.6
4,224.8
4,487.3
4,847.5
5,172.5
2,699.8
3,018.7
3,139.7
3,411.8
3,831.1
4,092.8
4,329.0
4,630.3
4,947.8
5,246.9
1982:
1983:
19841985:
1986:
19871988:
3,212.5
3,545.8
3,851.8
4,107.9
4,297.3
4,647.6
5,009.8
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,079.1
3,332.6
409.6
579.8
661.8
654.1
648.8
741.4
747.5
14.1
-25.8
-67.9
-103.2
-108.9
-115.0
-70.3
335.9
364.7
385.7
369.2
402.4
485.8
583.1
321.9
390.5
453.6
472.4
511.3
600.7
653.5
671.8
676.1
764.5
856.7
888.9
942.0
1,000.0
293.2
276.1
326.0
376.6
368.8
388.2
401.1
205.4
221.5
244.1
268.6
280.7
296.0
299.6
87.7
54.6
81.9
108.0
88.1
92.2
101.6
378.7
400.0
438.5
480.1
520.1
553.9
598.9
3,272.4
3,514.8
3,806.8
4,100.7
4,309.4
4,591.9
4,993.6
3,198.5
3,571.6
3,919.7
4,211.2
4,406.2
4,762.6
5,080.1
5,101.3
5,174.0
5,238.6
5,289.3
3,371.7
3,425.9
3,484.3
3,518.5
769.7
776.7
775.8
762.7
-48.5
-51.3
-49.3
-35.3
609.7
628.8
623.7
642.8
658.2
680.0
673.0
678.1
1,008.5
1,022.7
1,027.8
1,043.3
398.3
402.5
399.2
399.9
298.2
300.6
306.3
299.2
100.1
101.9
93.0
100.7
610.2
620.2
628.6
643.4
5,074.7
5,141.3
5,209.7
5,264.3
5,149.8
5,225.3
5,287.9
5,324.6
5,375.4
5,443.3
5,520.6
3,588.1
3,622.7
3,697.6
747.2
759.0
760.3
-30.0
-24.9
-39.3
661.3
659.7
667.7
691.3
684.6
706.9
1,070.1
1,086.4
1,101.9
410.6
421.9
424.5
307.2
309.6
311.1
103.4
112.3
113.4
659.6
664.6
677.3
5,387.2
5,429.9
5,510.9
5,405.3
5,468.2
5,559.9
IV
IV.. . .
IV
IV
IV
IV
IV
1989- I
II
Ill
IV
1990: I
II
III '
1
GNP less exports of goods and services plus imports of goods and services.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1982:
19831984:
19851986:
1987:
1988-
IV
IV
IV
IV
IV
IV
IV
1989: I
II
m
IV
1990: I
II
III '
1
Personal
consumption
expenditures
Total
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,618.7
3,717.9
3,845.3
4,016.9
4,117.7
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,354.8
2,446.4
2,515.8
2,606.5
2,656.8
509.3
545.5
447.3
504.0
658.4
637.0
639.6
669.0
705.7
716.9
379.2
395.2
366.7
361.2
425.2
453.5
438.4
449.8
487.2
506.1
3,159.3
3,365.1
3,535.2
3,662.4
3,733.6
3,920.7
4,059.3
2,078.7
2,191.9
2,281.1
2,386.9
2,477.8
2,534.2
2,638.8
408.8
577.2
655.7
648.0
615.2
706.6
696.2
4,095.7
4,112.2
4,129.7
4,133.2
2,636.7
2,645.3
2,675.3
2,669.9
4,150.6
4,155.1
4,173.1
2,677.3
2,678.8
2,699.7
Gross
national
product
Nonresidential
fixed
fiesidential
fixed
Government purchases of
goods and services
Exports and imports of
goods and services
Change
in
business
inventories
Federal
Net
exports
Exports
Imports
Total
137.0
126.5
105.1
149.3
170.9
174.4
195.7
196.4
194.9
187.0
57.0
-6.9
23.9
49.4
— 24.5
26.3
-6.4 — 19.9
62.3 ^84.0
9.1 - 104.3
5.6 -129.7
22.8 -118.5
23.6 -75.9
23.8 -54.1
388.9
392.7
361.9
348.1
371.8
367.2
397.1
451.8
534.7
593.3
332.0
343.4
335.6
368.1
455.8
471.4
526.9
570.3
610.6
647.4
620.5
629.7
641.7
649.0
677.7
731.2
761.6
779.1
780.5
798.1
352.3
390.4
444.4
460.9
435.7
462.3
486.6
115.8
159.9
169.6
179.4
200.3
195.8
195.6
-59.3
11.7
27.0 -46.2
41.7 -94.8
7.7 -125.3
-20.8 -135.4
48.4 — 111.3
14.0 -75.7
336.0
355.5
376.6
367.4
406.5
487.0
555.3
324.3
401.6
471.4
492.6
541.9
598.3
631.0
717.0
719.1
722.3
709.1
497.1
505.5
513.3
508.4
193.8
188.1
184.4
181.8
26.1
25.5
24.6
18.9
-51.1
-53.3
-64.1
-47.9
576.1
593.2
592.5
611.6
700.7
700.7
697.0
514.6
508.4
518.5
188.3
182.8
173.3
— 2.2
9.5
5.1
-35.4
-44.6
-45.1
628.1
620.1
626.7
GNP less exports of goods and services plus imports of goods and services.
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
328.1
334.9
171.2
180.3
193.8
206.9
218.5
237.2
252.1
265.1
260.7
256.3
75.7
79.3
78.9
68.2
72.3
88.8
82.0
74.5
67.5
78.7
373.6
370.1
369.0
373.9
387.0
405.2
427.5
439.5
452.4
463.2
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,609.6
3,712.4
3,822.5
3,993.2
4,094.0
3,130.1
3,199.4
3,139.7
3,299.1
3,585.4
3,723.0
3,847.6
3,963.8
4,092.8
4,171.8
660.1
642.2
693.2
752.7
776.0
791.3
799.9
289.5
266.0
300.5
340.6
342.4
347.7
342.3
201.4
211.6
225.3
241.4
255.8
266.0
261.1
88.2
54.4
75.2
99.2
86.6
81.7
81.2
370.6
376.2
392.7
412.1
433.6
443.6
457.5
3,218.6
3,338.1
3,493.5
3,654.7
3,754.4
3,872.3
4,045.2
3,147.6
3,411.3
3,630.0
3,787.6
3,869.0
4,032.0
4,134.9
627.3
646.5
656.6
659.4
793.2
801.0
796.2
802.2
334.2
339.9
333.0
332.7
253.7
255.7
260.2
255.5
80.4
84.2
72.8
77.2
459.0
461.1
463.2
469.5
4,069.6
4,086.6
4,105.1
4,114.4
4,146.8
4,165.4
4,193.9
4,181.1
663.5
664.7
671.8
807.9
820.2
821.5
333.0
345.9
344.6
254.4
256.5
256.5
78.6
89.4
88.0
475.0
474.3
476.9
4,152.8
4,145.6
4,168.0
4,185.9
4,199.7
4,218.2
Total
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982 — 100; quarterly data are seasonally adjusted]
Personal consumption
expenditures
Period
Gross
national
product
Total
Gross private
domestic investment
Durable
goods
Nondurable goods
Services
Exports and imports of
goods and services
Government purchases of goods and
services
Federal
Nonresidential
fixed
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
85.7
94.0
100.0
103.9
107.7
110.9
113.8
117.4
121.3
126.3
86.6
94.6
100.0
104.1
108.1
111.6
114.3
119.6
124.2
129.9
89.2
95.7
100.0
102.1
103.8
104.8
105.6
108.2
109.4
110.9
89.4
96.9
100.0
102.1
105.0
107.5
107.3
112.2
116.6
122.8
83.9
92.6
100.0
106.2
111.6
116.8
122.4
128.7
134.5
141.0
85.1
93.4
100.0
98.8
97.9
97.7
99.3
98.9
100.2
101.2
89.4
96.6
100.0
102.2
106.0
108.3
111.1
115.2
119.3
123.5
90.2
97.5
100.0
101.3
103.2
101.0
99.8
99.5
103.2
105.5
96.0
101.6
100.0
97.4
97.1
95.2
93.7
99.0
102.5
103.8
84.3
93.3
100.0
103.1
106.8
109.0
109.7
112.3
115.9
119.4
83.4
92.9
100.0
103.6
107.2
109.2
110.2
111.1
114.0
117.5
86.4
94.3
100.0
101.4
105.5
108.2
108.1
116.3
123.2
125.8
86.2
93.4
100.0
104.7
109.9
114.9
118.3
122.9
128.7
135.1
IV
IV
IV
IV
IV
IV
IV
101.7
105.4
109.0
112.2
115.1
118.5
123.4
101.8
105.7
109.3
113.1
115.8
121.5
126.3
100.7
103.1
104.1
104.7
106.2
108.9
110.3
101.0
103.1
105.8
108.7
107.8
113.9
118.6
102.7
108.3
113.5
119.0
124.9
130.9
137.0
100.7
98.3
97 9
97.9
100.0
99.0
101.8
99.1
103.1
107.2
109.0
112.4
116.5
120.6
100.0
102.6
102.4
100.5
99.0
99.7
105.0
99.3
97.2
96.2
95.9
94.4
100.4
103.6
101.3
103.8
108.5
110.6
107.7
111.7
117.2
102.0
104.7
108.3
111.3
109.7
111.3
114.7
99.5
100.3
108.9
108.8
101.7
112.8
125.1
102.2
106.3
111.7
116.5
120.0
124.9
130.9
1989: I
II
III
IV
124.6
125.8
126.8
128.0
127.9
129.5
130.2
131.8
110.4
110.6
111.2
111.4
120.5
123.2
123.2
124.5
138.8
140.1
141.6
143.4
101.9
101.2
100.9
100.7
122.1
123.7
124.2
124.3
105.8
106.0
105.3
105.1
104.9
105.2
102.5
102.8
119.2
118.4
119.9
120.2
117.5
117.6
117.7
117.1
124.4
121.0
127.8
130.4
132.9
134.5
135.7
137.1
1990: I
II
Ill '
129.5
131.0
132.3
134.0
135.2
137.0
112.5
112.1
112.3
128.3
129.4
131.5
145.1
146.6
148.5
101.6
101.6
102.7
125.3
125.3
125.9
105.3
106.4
106.5
104.2
103.0
105.2
123.3
122.0
123.2
120.8
120.7
121.3
131.5
125.6
128.8
138.9
140.1
142.0
1980.
1981
1982
1983
1984
1985
1986
1987
1988
1989
19821983:
1984:
19851986:
1987:
1988-
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from preceding period; quarterly data at seasonally adjusted annual rates]
Personal consumption expenditures
Gross national product
Period
8.9
11.7
3.7
7.6
10.8
6.4
5.4
6.7
7.9
6.7
9.1
7.5
7.4
8.7
7.8
8.3
7.4
7.7
7.5
5.8
5.1
3.9
6.7
5.1
5.8
"980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1987- I
II
III
IV
1988- I.
II
.
m ...
IV
1989- I
1990-
n
m
rv
I
nr
ia
Constant
(1982)
dollars
Current
dollars
....
..
-0.2
1.9
25
3.6
6.8
3.4
2.7
3.4
4.5
2.5
5.2
4.2
4.1
6.6
5.1
3.6
2.7
2.7
3.6
1.6
1.7
.3
1.7
.4
1.7
Implicit
price
deflator
Chain price
index
9.0
9.7
6.4
3.9
3.7
3.0
2.6
3.2
3,3
4.1
3.5
3.1
3.5
1.7
2.7
4.4
4.7
4.7
3.9
3.9
3.2
3.8
4.8
4.7
4.0
Fixedweighted
price index
(1982
weights)
9.3
9.3
6.2
4.1
4.0
3.4
2.7
3.5
4.2
4.5
4.4
3.5
3.5
3.7
3.9
4.7
5.5
4.4
4.9
4.6
3.1
3.8
6.6
3.9
4.2
9.0
9.4
6.3
4.1
3.9
3.3
2.5
3.3
3.7
4.3
4.3
3.1
3.3
3.1
3.3
4.2
4.8
4.4
4.7
4.4
3.1
3.7
6.1
4.1
3.7
NOTE.—Annual changes are from preceding year and quarterly changes are from preceding quarter.
Constant
(1982)
dollars
Current
dollars
10.6
10.5
7.1
9.0
8.8
8.2
6.4
7.6
7.6
6.5
7.3
9.6
8.9
3.7
9.2
7.4
8.2
8.1
4.8
6.6
7.0
4.0
8.2
3.9
8.5
-0.2
1.2
1.3
4.6
4.8
4.7
3.9
2.8
3.6
1.9
.7
4.5
4.3
— .4
6.9
2.7
3.5
3.5
.3
1.3
4.6
-.8
1.1
.2
3.2
Implicit
price
deflator
Chain price
index
10.7
9.2
5.7
4.1
3.8
3.2
2.4
4.6
3.8
4.6
6.4
4.8
4.4
4.1
2.3
4.3
4.6
4.6
5.2
5.1
2.2
5.0
6.8
3.6
5.4
10.9
9.2
5.7
4.2
3.9
3.5
2.7
4.6
4.0
4.7
6.2
4.9
4.3
4.0
2.5
4.7
4.8
4.8
5.0
5.3
2.6
4.9
6.8
3.4
5.2
Fixedweighted
price index
(1982
weights)
10.5
9.0
5.6
4.2
4.0
3.5
2.7
4.6
4.2
4.8
6.3
5.1
4.3
4.3
2.6
4.8
5.1
4.9
5.0
5.7
2.7
4.7
7.4
3.1
5.8
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
Current
dollars
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1982:
198319841985198619871988:
1989-
.
IV
IV
IV
IV
IV
IV
IV
I
n
m
IV
1990:
I
II
m* .
1
1,540.8
1,738.4
1,782.2
1,914.2
2,146.7
2,267.1
2,367.1
2,524.8
2,720.7
2,854.5
1,779.4
2,012.5
2,201.8
2,309.4
2,408.7
2,597.4
2,797.3
2,812.8
2,847.5
2,879.1
2,878.5
2,907.5
2,960.0
2,974.6
1982
dollars
1,807.9
1,837.2
1,782.2
1,866.0
2,036.5
2,117.4
2,173.9
2,290.2
2,403.7
2,431.2
1,760.2
1,940.5
2,069.5
2,137.7
2,198.5
2,339.4
2,428.6
2,427.8
2,431.3
2,443.9
2,421.8
2,423.1
2,440.1
2,435.0
Total
cost
and
profit z
0.852
.946
1.000
1.026
1.054
1.071
1.089
1.102
1.132
1.174
1.011
1.037
1.064
1.080
1.096
1.110
1.152
1.159
1.171
1.178
1.189
1.200
1.213
1.222
Indirect
business
taxes 3
0.095
.109
.125
.123
.118
.119
.123
.123
.124
.131
.131
.120
.118
.120
.124
.122
.126
.127
.129
.132
.135
.135
.135
.137
0.077
.090
.094
.098
.100
.103
.106
.105
.107
.112
.096
.098
.102
.104
.106
.105
.108
.110
.111
.113
.114
.117
.116
.121
Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol-
2
This is equal to the deflator for gross domestic product of nonfrnaticia] corporate business with
the3 decimal point shifted two places to the left.
Indirect business tax and nontax liability plus business transfer payments less subsidies.
Corporate profits with
inventory valuation and capital
consumption adjustments
Capital
consumption
allowances
with
capital
consumption
adjustment
4
Compensation of
employees
Net
interest
0.581
.632
.676
.679
.687
.704
.721
.726
.750
.782
.685
.680
.694
.713
.727
.734
.763
.774
.780
.782
.795
.803
.812
.823
0.031
.037
.043
.037
.039
.038
.041
.041
.041
.050
.042
.037
.042
.037
.042
.040
.042
.046
.049
.051
.052
.052
.053
.053
Total
0.068
.078
.063
.089
.109
.106
.098
.107
.111
.099
.057
.103
.107
.106
.096
.109
.112
.102
.102
.100
.092
.093
.097
.088
Profits
tax
liability
0.037
.035
.026
.032
.036
.033
.035
.041
.043
.042
.023
.036
.032
.033
.038
.042
.043
.044
.042
.041
.040
.039
.040
.041
Profits
after
tax 4
0.031
.044
.037
.057
.073
.073
.064
.067
.068
.057
.034
.066
.075
.072
.058
.067
.069
.058
.060
.059
.052
.053
.057
.047
Output
per hour
of all
employees
(1982
dollars)*
' 18.591
' 18.703
r
18.774
r
19.284
' 19.744
T
20.057
' 20.522
'21.014
'21.306
' 20.955
' 18.793
' 19.442
r
19.792
'20.129
' 20.662
'21.139
r
21.208
'21.016
'20.961
'20.989
'20.743
'20.663
r
20.760
Compensation
per hour
of all
employees
(dollars)*
' 10.809
'11.815
'12.682
'13.085
'13.571
'14.112
'14.793
'15.265
'15.874
'16.396
'12.881
'13.221
'13.741
"14.350
'15.017
'15.507
'16.088
'16.268
'16.339
'16.404
'16.483
' 16.597
' 16.863
With inventory valuation and capital consumption adjustments.
'Series revised. See note, p, 16.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau o! 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
1982
1983
1984
1985
1986
1987
1988
1989
1982:
1983:
1984'
1985:
19861987:
1988-
IV
IV
IV
IV
IV
IV
IV
1989- I
n
m
IV
1990- I.
n
m* ...
1
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
Profits
before tax
Inventory
valuation
adjustment
Capital
consumption
adjustment
Net
interest
16.3
8.2
150.0
213.7
266.9
282.3
282.1
308.3
337.6
311.6
159.2
196.7
234.2
222.6
228.3
255.9
289.8
286.1
169.6
207.6
240.0
224.3
221.6
275.3
316.7
307.7
-10.4
— 10.9
-5.8
— 1.7
6.7
-19.4
-27.0
-21.7
-9.2
17.0
32.7
59.7
53.8
52.4
47.8
25.5
212.3
281.0
304.8
319.0
325.5
328.6
371.8
445.1
159.8
188.6
209.7
235.0
252.0
293.0
321.5
15.8
12.4
5.6
7.8
13.5
14.6
16.8
146.1
248.5
266.9
291.4
275.2
323.1
349.6
150.7
223.4
224.6
228.4
226.1
268.6
308.7
164.1
231.5
226.1
235.0
234.1
289.7
331.1
-13.4
-8.1
-1.6
-6.6
-8.0
-21.1
-22.5
-4.5
25.1
42.3
63.0
49.1
54.5
40.9
266.9
290.2
313.1
322.7
324.0
338.2
394.1
328.2
329.1
329.5
336.0
13.3
9.7
5.8
4.1
327.3
321.4
306.7
290.9
292.1
291.5
285.3
275.3
335.1
314.6
291.4
289.8
-43.0
-23.1
-6.1
-14.5
35.2
29.9
21.4
15.6
419.2
443.4
456.2
461.7
5.5
4.3
8.2
296.8
306.6
294.9
285.5
298.8
293.0
296.9
299.3
315.4
— 11,4
-.5
-22.4
11.3
7.7
'1.9
2,518.4
2,719.5
3,028.6
3,234.0
3,412.6
3,660,3
3,984.9
4,223.3
1,907.0
2,020.7
2,213.9
2,367.5
2,511.4
2,686.4
2,905.1
3,079.0
24.6
12.4
30.5
30.2
34.7
42.8
43.7
48.6
150.9
178.4
204.0
225.6
247.2
280.6
310.5
330.7
13.6
13.2
8.5
9.2
11.6
2,548.2
2,851.5
3,096.1
3,312.8
3,473.1
3,791.5
4,104.1
1,931.1
2,092.7
2,272.7
2,426.7
2,571.2
2,770.3
2,986.7
28.5
19.3
28.1
29.2
37.2
52.3
35.5
4,177.3
4,216.8
4,232.1
4,267.1
3,029.7
3,062.6
3,095.2
3,128.6
59.6
50.5
38.7
45.7
4 350 3
4,411.3
4,447.5
3,180.4
3,232.5
3,276.1
57.4
51.0
'42.3
1O T
346.6
350.8
355.8
r
r
Includes employer contributions (or social insurance. (See also p. 5.)
r
r
463.6
466.2
470.2
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
1982
1983
1984
1985
1986 .
1987
1988 ....
1989
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,009.4
3,238.2
3,450.1
252.7
289.1
335.5
372.2
406.0
423.4
457.5
474.6
108.9
130.4
157.4
179.1
196.2
197.9
212.2
215.5
95.7
107.1
118.8
129.9
139.7
148.8
161.8
171.4
19821983:
19841985:
198619871988:
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,079.1
3,332.6
263.8
310.0
346.7
373.2
422.0
427.4
473.1
115.7
144.4
162.3
173.8
201.1
198.9
217.8
3,371.7
3,425.9
3,484.3
3,518.5
466.4
473.6
487.1
471.2
3,588.1
3,622.7
3,697.6
492.1
478.4
481.9
Period
IV
IV
IV
IV
IV.
IV
IV
...
1989- I
n
in
IV
1990- I
n
mr
Source: Department of Commerce, Bureau of Economic Analysis.
Motor
vehicles
and
parts
Furniture
and
household
equipment
Total
nondurable
goods
Food
48.1
51.6
59.3
63.2
70.0
76.7
83.5
87.8
771.0
816.7
867.3
911.2
942.0
1,001.3
1,060.0
1,130.0
99.1
112.4
122.7
134.7
143.8
151.1
166.8
49.0
53.2
61.8
64.7
77.1
77.4
88.5
211.3
216.2
226.9
207.5
170.2
170.7
171.5
173.0
221.1
212.4
214.5
178.9
176.8
176.3
Services
Retail sales oi
new passenger
ears (millions of
units)
Clothing and
shoes
Gasoline
and oil
398.8
421.9
448.5
471.6
500.0
530.7
562.6
595.3
124.4
135.1
146.7
156.4
166.8
178.4
191.1
204.6
89.1
90.2
90.0
90.6
73.5
75.3
77.3
83.8
158.7
169.5
182.1
192.6
201.7
216.9
229.1
246.3
1,027.0
1,128.7
1,227.6
1,345.6
1,449.5
1,584.7
1,720.7
1,845.5
5.8
6.8
8.0
8.2
8.2
7.1
7.5
7.1
2.2
2.4
2.4
2.8
3.2
3.2
3.1
2.8
786.6
837.9
879.6
932.7
952.1
1,019.9
1,088.0
407.0
430.8
456.1
482.5
511,9
539.0
577.1
126.5
141.1
149.8
160.6
168.7
182.2
198.6
89.8
91.9
89.0
91.0
66.0
77.3
78.5
163.4 1,066.5
174.0 1,167.9
184.7 1,267.1
198.5 1,394.5
205.5 1,494.4
221.5 1,631.8
233.9 1,771.5
6.0
7.4
7.7
7.0
7.7
6.6
7.5
2.5
2.6
2.6
3.1
3.4
3.3
3.0
84.9
86.7
88.7
90.7
1,106.7
1,127.1
1,137.3
1,148.8
588.8
592.5
597.6
602.2
199.3
203.4
206.9
208.7
79.0
88.2
84.5
83.5
239.7
243.0
248.3
254.4
1,798.6
1,825.1
1,859.8
1,898.5
7.0
7.3
7.8
6.2
2.8
3.0
2.9
2.6
92.0
89.3
91.2
1,174.7
1,179.0
1,207.1
616.4
623.3
630.3
212.9
212.6
216.0
87.1
84.5
95.1
258.2
258.6
265.6
1,921.3
1,965.3
2,008.6
7.0
6.8
7.2
2.8
2.7
2.5
Other
Other
Domestics
Imports
SOURCES OF PERSONAL INCOME
Personal income increased $5.7 billion (annual rate) in October, following an increase of $21.6 billion in
September. Wages and salaries fell $9.3 billion in October compared to a rise of $16.7 billion in September.
BIlllONS OF DOLLARS*(RAJIO SCALE)
BJilJONS OF DOUAJ?S*(J?AT)O SCALE)
5,000
(,
•
—
4,000
4,000
r-
-""
r—"T^~~~~~
\
1
3,000
——
—.
'
"-•"
3,000
TOT;M. PERSONAL 1 ^COME
--""
2,000
2,000
____---'
--•"•""
WAC E AND SALAR^ ' DISBURSEME sITS
1,400
1,400
.
„
\
OTHER INCOA AE
'
800
800
_
_.——
_-
..
.
TRANSFER
x--"
400
400
iiminm
Iliiiimii
1982
1983
mnlmii M i n i u m miihmi
1984
I l l l l l l l l i l II III 1 II II!
1987
1986
1985
miihim imilmii
1989
1988
SEASONALLY ADJUS TED ANNUAL RATES
SOURCE: DEPARTME ^T OF COMMERCE
1990
COUNCIL OF E CONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Total
personal
income
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989: Oct
Nov
Dec
1990- Jan
Feb
Mar
Mav
June
July rr
Aug
Sept T
Oct p
2,258.4
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3 526 2
..
3,766.4
4,070.8
4,384.3
4,441.0
4,470.0
4,496.7
4,532.2
4,561.6
4,594.7
4,604.5
4,621.4
4,640.7
4,663.8
4,677.8
4,699.4
4,705.1
Wage and
salary
disbursements J
Proprietors' income 3
Other labor
income l 2
1,372.0
1,510.3
1,586.1
1,676.6
1,838.6
1,975.4
2,094.8
2,249.7
2,431.1
2,573.2
138.4
150.3
163.6
173.6
182.9
187.6
199.3
209.4
225.5
241.9
2,611.4
2,603.8
2,623.0
246.1
247.5
248.9
2,633.3
2,652.2
2,669.2
2,682.4
2,695.5
2,711.1
2,727.1
2,728.3
2,745.0
2,735.7
251.6
252.8
254.0
255.2
256.4
257.6
258.8
260.0
261.2
262.4
Farm
20.5
30.7
24.6
12.4
30.5
30.2
34.7
42.8
43.7
48.6
45.6
45.2
46.4
51.1
55.6
65.5
55.0
51.8
46.1
45.7
42.9
38.4
40.9
1
The total of wage and sal disbursements and other labor income differs from compensation of
. ployees (see ]
of
wage accruals over wage disbursements.
2
Consists
primarily
of
employer
contributions
to
private
pension
and
private
welfare
funds.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
160.1
156.1
150.9
178.4
204.0
225.6
247.2
280.6
310.5
330.7
331.9
337.4
338.7
343 :
347.0
349.4
349.2
351.3
351.8
353.0
356.8
357.5
356.5
Eental
income of
persons 4
Personal
dividend
income
6.6
13.3
13.6
13.2
8.5
9.2
11.6
13.7
16.3
8.2
-7.4
9.6
10.1
7.7
4.5
4.3
3.8
4.2
4.9
5.8
8.8
10.1
12.1
52.9
61.3
63.9
68.7
75.5
78.7
85.8
91.8
102.2
114.4
117.4
118.4
118.9
119.7
120.6
121.3
122.3
123.0
123.4
124.3
125.0
125.3
126.1
Personal
interest
income
271.9
335.4
369.7
393.1
444.7
478.0
493.2
501.3
547.9
643.2
661.2
665.0
668.5
669.5
670.5
671.4
674.5
677.9
681.5
685.1
688.1
690.5
692.2
Transfer
payments 5
324.7
368.1
410.6
442.6
456.6
489.8
521.5
549.9
587.7
636.9
650.8
658.4
658.6
679.8
679.6
683.4
683.5
685.3
691.4
692.1
696.0
700.8
708.0
4
With capital consumption adjustment,
adjustment.
5
Consists mainly of social insurance benefits,
6
Less:
Personal
contributions
for social
insurance
Nonfarm
personal
income 6
88.6
104.5
112.3
120.1
132.7
149.3
161.9
172.9
194.1
212.8
2,215.8
2,465.6
2,618.7
2,799.0
3,052.1
3,271.3
3,469.4
3,702.2
4,006.0
4,314.6
215.9
215.3
216.3
4,374.4
4,403.6
4,429.2
223.9
221.2
223.8
221.4
223.9
227.1
228.1
228.1
229.4
228.8
4,459.9
4,484.9
4.508.1
4,528.2
4,548.3
4,573.2
4,596.6
4,613.5
4,639.6
4,642.7
direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
According to revised estimates, real per capita disposable personal income fell in the third quarter of 1990.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
2,500
2,000
DOLLARS * (RATIO SCALE)
DOLLARS * (RATIO SCALE)
PER CAPITA DISPOSABLE PERSONAL ll>jrOMF
18,000 _
18,000
16,000
.
n IRRENT DOLLARS
14,000
•
'
****
14,000
""""
\___^
12,000
...
,
-
^-<3
10,000
16,000
-.
12,000
\
10,000
1982 DOLLA SS
8,000
i
t
i
1
1982
1983
I
I
1984
t
t
i
1985
i
i
i
i
i
t
t i i
1987
1986
i
1988
" SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
Personal
income
Less:
Personal
tax and
nontax
payments
Disposable
personal
income
2,258.5
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,526.2
3,766.4
4,070.8
4,384.3
340.5
393.3
409.3
410.5
440.2
486.6
512.9
571.6
591.6
658.8
1,918.0
2,127.6
2,261.4
2,428.1
2,668.6
2,838.7
3,013.3
3,194.7
3,479.2
3,725.5
i
i
i
i
8,000
1990
COUNCIL OF ECONOMIC ADVISERS
Less:
Persona!
outlays 1
Equals:
Personal
saving
Disposable
personal
income in
Per capita
disposable personal
income
1982
Current
dollars
dollars
(billions)
Billions of dollars
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
i
1989
1982
dollars
Per capita personal
consumption
expenditures
Current
dollars
1982
dollars
136.9
159.4
153.9
130.6
164.1
125.4
124.9
92.5
145.6
171.8
8,421
9,243
9,724
10,340
11,257
11361
12,469
13,094
14,123
14,973
2,214.3
2,248.6
2,261.5
2,331.9
2,469.8
2J542.8
2,635.3
2,670.7
2,800.5
2,869.0
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands) 2
Percent
Dollars
1,781.1
1,968.1
2,107.5
2,297.4
2,504.5
2,713.3
2,888.5
3,102.2
3,333.6
3,553.7
Percent
change in
real per
capita
disposable
personal
income
9,722
7,607
8,783
— 1.1
7.1
9,769
9,724
9,930
10,419
10,625
10,905
10,946
11,368
11,531
8,320
8,818
9,515
10,253
10,985
11,576
12,335
13,144
13,866
8,794
8,818
9,139
9,489
9,839
10,123
10,311
10,580
10,678
.5
2.1
4.9
2.0
2.6
.4
3.9
1.4
7.5
6.8
5.4
6.1
4.4
4.1
2.9
4.2
4.6
227,754
230,182
232,549
234,829
237,051
239,322
241,660
243,982
246,358
248,810
1.2
9.1
1.7
3.3
.3
6.4
1.2
6.2
5.8
5.8
3.9
3.3
3.9
4.1
233,466
235,707
237,946
240,257
242,579
244,925
247,329
3.4
5.2
4.6
4.1
4.6
247,863
248,431
249,127
249,818
4.9
5.0
4.1
250,392
251,026
251,767
— .5
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
IV
IV
IV
IV
IV
IV
IV
1989: I
n
m....
IV
1990: I
nr
m ..
2,729.2
2,941.8
3,188.3
3,399.1
3,597.8
3,890.9
4,186.2
411.1
413.9
459.7
499.6
534.4
588.6
607.3
2,318.1
2,527.9
2,728.6
2,899.5
3,063.4
3,302.3
3,578.9
2,174.9
2,382.5
2,571.3
2,787.7
2,961.4
3,172.6
3,430.4
143.1
145.4
157.3
111.7
102.0
129.7
148.5
2,276.1
2,392.7
2,496.3
2,562.8
2,646.2
2,717.9
2,833.9
9,929
10,725
11,467
12,068
12,629
13,483
14,470
9,749
10,151
10,491
10,667
10,909
11,097
11,458
9,068
9,825
10,479
11,240
11,825
12,572
13,474
8,904
9,299
9,587
9,935
10,214
10,347
10,669
4,302.2
4,362.9
4,402.8
4,469.2
640.5
665.5
659.5
669.6
3,661.7
3,697.3
3,743.4
3,799.6
3,472.0
3,528.5
3,588.8
3,625.5
189.8
168.9
154.5
174.1
2,863.5
2,854.9
2,874.3
2,883.2
14,773
14,883
15,026
15,210
11,553
11,492
11,538
11,541
13,603
13,790
13,986
14,084
10,638
10,648
10,739
10,687
4,562.8
4,622.2
4,680.3
675.1
696.5
709.4
3,887.7
3,925.7
3,971.0
3,696.4
3,730.6
3,806.2
191.3
195.1
164.7
2,900.9
2,902.8
2,899.3
15,527
15,639
15,772
11,586
11,564
11,516
14,330
14,432
14,687
10,692
10,671
10,723
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
2
-2.1
1.6
.1
1.6
-.8
-1.7
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 1990, according to preliminary estimates, gross farm income rose $1.1 billion (annual rate)
and net farm income fell $1.0 billion.
:ALE>
BILLICDNS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SC
240
200
240
200
. — i~-
"••.
160
—"i —^^^——-
r
'
120
-""1
r
•
•--
160
120
\
GROSS FAFiM INCOME
80
80
An
An
40
40
20
20
10
10
' SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total
]
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
,
. ..
1988- I r
II r
III r
IV r
1989- I r
II r
III '
IV r
1990:
Ir
HP
149.3
166.4
163.5
152.9
175.0
162.9
156.5
169.0
173.8
r
189.2
170.3
175.7
167.6
181.5
190.9
189.2
186.1
190.6
191.5
192.6
Livestock and
products
Current
dollars
1982 dollars 3
139.7
141.7
142.6
136.5
142.5
144.1
135.2
141.7
150.2
159.2
68.0
69.2
70.3
69.4
73.0
69.8
71.5
76.0
78.8
83.7
71.7
72.5
72.3
67.1
69.5
74.3
63.7
65.6
71.4
75.4
-6.3
6.5
-1.4
10.9
6.3
-2.3
2.4
-2.8
4.1
4.4
133.1
139.4
140.0
140.4
142.7
r
!31.9
r
125.5
127.7
r
132.1
142.6
16.2
27.0
23.5
12.5
32.3
r
31.0
r
31.0
r
41.3
r
41.8
r
46.7
18.8
28.7
23.5
12.0
29.9
r
27.9
r
27.2
35.1
r
34.4
r
36.9
144.4
145.9
154.9
155.5
78.1
76.8
79.2
81.2
66.3
69.2
75.7
74.2
5.6
-4.9
-3.7
2.1
126.4
130.5
135.4
135.9
43.9
45.1
32.2
45.5
36.9
37.4
26.4
36.9
153.7
157.4
163.9
161.7
81.6
80.8
83.6
88.9
72.1
76.5
80.3
72.8
3.8
4.9
4.8
4.3
142.5
143.3
143.4
141.1
48.4
46.2
42.7
50.5
38.8
36.7
33.7
39.5
157.1
167.4
87.3
88.8
69.8
78.6
4.3
2.7
141.7
143.8
49,8
48.8
38.5
37.2
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
Crops
Value of
inventory2
changes
Production
expenses
3
Income in current dollars divided by the GNP implicit price deflator.
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
CORPORATE PROFITS
In the third quarter of 1990, according to preliminary estimates, corporate profits before tax rose $16.1 billion
(annual rate) and after-tax profits rose $11.1 billion.
BILLIONS OF DOLLARS
360
BILLIONS OF DOLLARS
360
SEASONALLY ADJUSTED ANNUAL RATES
A
/I
320
320
/"
V
280
/•—v
PROFITS BEFORE TAX
r^] ^y
240
200
J^
160
S~
s
120
/
^.
Vs
S
^ — — i****** t —
//'--
-
'x
* """"*"v
sw
I I
1 1 1
1983
X
,'
%.
- ^,'— --
"X
^"
1 1 1
^••—-
_..-"•
120
..X
'-"7"
\
-"''N
\^
1982
200
- N.
TAX LIABILITY
""*•%
\
40
1
240
160
r """""--.*\p ROFITS AFTER TAX
,— - s
^
s
/
80
/
^
S"*-*.
0
280
^
i i i
__„•
1
1
1
1986
1985
1984
\
/"V"
s^
40
UNDISTRIBU7 ED PROFITS
1
1 1
1987
1
|
1
1 1 1
1 1 1
1989
1990
1988
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment
I
l
Profits after tax
Domestic industries
Nonfinancial
Period
Total 2
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1982:
1983'
1984'
1985'
1986'
1987'
1988'
1989'
194.0
202.3
159.2
196.7
234.2
222.6
228.3
255.9
289.8
286.1
IV
IV
IV
IV
IV
IV
IV
I
150.7
223.4
224.6
228.4
226.1
268.6
308.7
II
III
IV
1990' I
II
III "
..
292.1
291.5
285.3
275.3
285.5
298.8
293.0
159.6
173.8
131.2
166.6
203.3
191.4
195.2
218.4
246.5
235.2
121.6
190.7
193.9
193.6
193.4
226.2
261.9
241.5
244.9
236.0
218.4
232.6
249.9
236.5
Financial
21.0
16.5
11.8
18.1
13.0
22.8
32.0
20.7
22.4
15.4
18.7
15.5
13.6
26.0
28.6
19.8
24.1
24.0
21.6
9.2
6.9
16.1
18.2
21.5
Total 3
138.6
157.3
119.4
148.5
190.3
168.6
163.2
197.8
224.1
219.8
102.9
175.2
180.3
167.6
164.8
206.4
237.8
217.4
223.4
226.9
211.5
216.5
231.7
215.0
adjustments.
Manufacturing
77.1
88.5
58.0
70.1
88.8
79.7
59.5
86.7
106.5
96.1
46.8
88.6
79.8
83.8
64.8
98.2
112.6
102.0
98.9
99.9
83.7
90.1
100.8
Profits
before tax
Tax
liability
237.1
226.5
169.6
207.6
240.0
224.3
221.6
275.3
316.7
307.7
164.1
231.5
226.1
235.0
234.1
289.7
331.1
335.1
314.6
291.4
289.8
296.9
299.3
315.4
84.8
81.1
63.1
77.2
93.9
96.4
106.3
126.9
136.2
135.1
59.8
88.1
87.0
99.8
113.1
132.1
142.1
148.3
140.8
127.8
123.5
129.9
133.1
138.1
Wholesale and
retail
trade
21.6
32.5
34.6
38.9
51.2
44.1
44.1
37.9
37.1
38.7
33.6
43.1
51.8
38.5
41.0
37.8
42.3
33.7
37.6
41.4
41.9
39.2
44.4
3
Total
152.3
145.4
106.5
130.4
146.1
127.8
115.3
148.4
180.5
172.6
104.3
143.4
139.2
135.2
121.0
157.6
189.1
186.7
173.8
163.6
166.3
167.1
166.1
177.2
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Econoi
Dividends
Undistributed
profits
54.7
63.6
66.9
71.5
79.0
83.3
91.3
98.2
110.0
123.5
68.5
73.9
80.8
84.0
93.6
102.2
115.3
119.1
122.1
125.0
127.7
130.3
133.0
135.1
97.6
81.8
39.6
58.9
67.0
44.6
24.0
50.2
70.5
49.1
35.8
69.5
58.4
51.2
27.4
55.4
73.8
67.6
51.7
38.6
38.6
36.8
33.2
42.1
Inventory
valuation
adjustment
-43.1
-24.2
-10.4
-10.9
-5.8
-1.7
6.7
-19.4
-27.0
-21.7
-13.4
-8.1
-1.6
-6.6
-8.0
-21.1
-22.5
-43.0
-23.1
-6.1
-14.5
— 11.4
— .5
' —22.4
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the third quarter of 1990, nonresidential fixed investment rose $15.9 billion
(annual rate) and residential investment fell $10.9 billion. There was a $9.7 billion increase in inventories, following
a rise of $13.4 billion in the second quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
900
900
SEASONALLY ADJUSTED ANNUAL RATES
800
800
GROSS PRIVATE DOMESTIC
INVESTMENT
700
t
600
y
500
^v
400
-
'
'-
r—ir^
^
/~~
r^
600
500
^ **
—A.,
„---"
700
^
s ONRESIDENTU\L
Fl>(ED INVESTME
/
,
^-
400
^s**
-
RESIDENTIAL
FIX ED INVESTMEh4T
300
-
300
-
\
200
200
-
-
100
CHAvNGE INBUSIhJFSS
»»^
/'
100
INVENTORIES
-
'**•.
'\\
./'"""
-100
1
1 !
1982 :
I l l
i ii
1983
1984
i
1 1
1985
1
1
0
1
1986
1
1 i
1987
\11
1988
1
1 1
1989
1
1 1
1990
-100
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
Total
Total
Structures
Producers'
durable
equipment
Residential
Total '
Nonfarm
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.9
747.1
771.2
445.3
491.5
471.8
509.4
597.1
631.8
652.5
671.2
720.8
742.9
322.8
369.2
366.7
356.9
416.0
442.9
435.2
444.9
488.4
511.9
113.9
138.5
143.3
124.0
141.1
153.2
139.0
133.7
139.9
146.2
208.9
230.7
223.4
232.8
274.9
289.7
296.2
311.2
348.4
365.7
122.5
122.3
105.1
152.5
181.1
188.8
217.3
226.3
232.5
231.0
-8.3
24.0
-24.5
-7.1
67.7
11.3
6.9
28.3
26.2
28.3
-2.4
18.3
-23.1
.4
60.5
14.6
8.6
32.3
29.8
23.3
409.6
579.8
661.8
654.1
648.8
741.4
747.5
469.5
548.8
616.8
646.8
660.9
685.7
731.3
354.9
383.9
435.0
451.3
435.8
457.5
495.3
137.6
127.4
146.6
155.9
133.7
137.2
141.2
217.3
256.5
288.4
295.5
302.2
320.4
354.0
114.7
164.9
181.8
195.5
225.1
228.1
236.0
59.9
31.0
45.0
7.2
12.2
55.7
16.2
51.1
21.3
41.3
23.7
8.0
59.6
35.0
m
769.7
776.7
775.8
762.7
743.1
744.0
746.9
737.7
506.5
511.4
518.1
511.8
146.5
144.2
147.0
147.1
360.0
367.2
371.0
364.7
236.6
232.7
228.9
225.9
26.6
32.7
28.9
25.0
16.7
26.1
26.2
24.1
n
in r
747.2
759.0
760.3
758.9
745.6
750.7
523.1
516.5
532.4
148.8
147.2
149.1
374.3
369.3
383.4
235.9
229.1
218.2
-11.8
13.4
9.7
17.0
13.0
7.3
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
19821983:
19841985:
19861987:
1988-
Nonresidential
IV
IV
IV
IV
IV
IV
IV
1989: I
n
IV
1990- I
Source: Department of Commerce, Bureau of Economic Analysis.
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 5.4 percent in 1990, following a rise of 11.4 percent in 1989.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
6UU
600
SEASONALLY ADJUSTED ANNUAL RATES
500
500
^—^
400
1
r—
^
-
400
^-""1
\
^—
300
^^-^
ALL INDLJSTRIES
.—•-•"""•**
300
~^"1
r "\T
NO MMANUFACUJRING-^
'
,—•"
***'
*>*'
200
200
.'-•""'
-»"""""" — -»
\
MANUFACRJRING
****„
100
TOO
1
1
1982
1
1
I !
1
1983
1
1 1
1984
1
1
1985
I
1
I
1
1
1 1 1
1
1988
1987
1986
If SURVEYED QUARTERLY
^/SEE FOOTNOTE A BELOW
SOURCE: DEPARTMENT OF COMMERCE
1
I !
\
\
li il
1
1990
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanufaeturing
Manufacturing
Period
All
industries
Total
Durable
goods
Nondurable
goods
Total '
Mining
Transportation
Public
utilities
Commercial
and
other
Total
nonfarm
business 2
Nonmanufaeturing
Manufacturing
Total
Surveyed
quarterly
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
19904
286.40
324.73
326.19
321.16
373.83
410.12
399.36
410.52
455.49
507.40
534.76
112.60
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.44
54.82
58.93
54.58
51.61
64.57
70.87
65.68
68.03
77.04
82.56
84.69
57.77
69.75
69.39
65.74
75.04
82.01
72.28
73.03
86.41
101.24
107.75
173.80
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
342.31
12.71
15.81
14.11
10.64
11.86
12.00
8.15
8.28
9.29
9.21
9.96
13.56
12.67
11.75
10.81
13.44
14.57
15.05
15.07
16.63
18.84
21.10
41.32
47.17
53.58
52.95
57.53
59.58
56.61
56.26
60.37
66.28
65.91
106.21
120.41
122.79
129.41
151.39
171.09
181.59
189.84
205.76
229.28
245.34
1988- I
II
III
IV
436.30
452.24
460.33
467.92
155.13
160.00
165.99
170.02
73.74
76.13
77.49
79.74
81.39
83.87
88.49
90.28
281.16
292.24
294.35
297.89
9.28
9.62
9.26
9.00
16.11
16.45
16.71
17.15
57.51
58.46
61.00
63.42
198.26
207.71
207.37
208.33
155.13
160 00
165.99
17002
281 16
292 24
294.35
297 89
1989: I
II . .
Ill
IV
487.43
502.05
514.95
519.58
172.73
180.91
185.99
191.88
80.20
82.44
83.60
83.41
92.53
98.47
102.40
108.47
314.70
321.14
328.96
327.70
8.94
9.24
9.24
9.38
17.84
18.42
21.03
18.25
66.09
68.09
65.19
65.82
221.82
225.39
233.50
234.25
172.73
18091
185.99
191.88
314.70
321.14
328.96
327.70
1990- I
II
Ill 4
IV 4
532.45
535.49
532.47
538.61
191.36
195.16
192.37
190.88
86.35
84.34
83.63
84.45
105.02
110.82
108.74
106.42
341.09
340.33
340.09
347.74
9.58
9.84
10.23
10.19
22.13
21.86
20.61
19.81
65.72
64.27
66.20
67.46
243.66
244.37
243.05
250.27
191.36
195.16
192 37
190.88
341.09
340.33
34009
347.74
1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
10
318.08
358.77
363.08
359.73
418.38
454.93
447.11
461.51
508.22
563.93
112.60
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
19244
205.48
230.09
239.11
242.38
278.77
302.05
309.16
320.45
344.77
380.13
173.80
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
342 31
Surveyed
annual-
ly 3
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
cial services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in July-August 1990, corrected for biases.
Source: Department of Corrini
iau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In October, civilian employment fell 187,000 and unemployment was unchanged.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
126
126
SEASONALLY ADJUSTED
122
122
CIVILIAN LABOR FORCE
118
118
114
114
110
110
CIVILIAN
EMPLOYMENT
106
106
102
102
98
98
^
^
12
8
UNEMPLOYMENT
4
0
mill
1983
1984
1985
1986
1987
1988
1989
• 16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
1990
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Resident
Armed
Forces
NSA
Labor force
including
resident
Armed
Forces
1981
1982
1983
1984
1985
1986*
1987
1988
1989
171,775
173,939
175,891
178,080
179,912
182,293
184,490
186,322
188,081
1,645
1,668
1,676
1,697
1,706
1,706
1,737
1,709
1,688
110,315
111,872
113,226
115,241
117,167
119,540
121,602
123,378
125,557
102,042
101,194
102,510
106,702
108,856
111,303
114,177
116,677
119,030
108,670
110,204
111,550
113,544
115,461
117,834
119,865
121,669
123,869
100,397
99,526
100,834
105,005
107,150
109,597
112,440
114,968
117,342
3,368
3,401
3,383
3,321
3,179
3,163
3,208
3,169
3,199
97,030
96,125
97,450
101,685
103,971
106,434
109,232
111,800
114,142
1989:
Oct
Nov
Dec
188,580
188,721
188,865
1,709
1,704
1,700
125,857
126,192
126,246
119,294
119,540
119,588
124,148
124,488
124,546
117,585
117,836
117,888
3,197
3,160
3,197
1990:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
188,990
189,090
189,198
189,326
189,467
189,607
189,763
189,901
190,002
190,095
1,697
1,678
1,669
1,657
1,639
1,630
1,627
1,640
1,601
1,570
126,094
126,308
126,498
126,543
126,643
126,466
126,394
126,300
126,568
126,354
119,560
119,713
120,003
119,773
119,989
120,019
119,580
119,298
119,499
119,281
124,397
124,630
124,829
124,886
125,004
124,836
124,767
124,660
124,967
124,784
117,863
118,035
118,334
118,116
118,350
118,389
117,953
117,658
117,898
117,711
3,134
3,079
3,200
3,133
3,305
3.348
3,085
3,137
3,181
3,167
Period
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
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 noninstitutiona! population.
Unemployment
Civilian employment
Noninstitutional
population
including
resident
Armed
Forces
NSA
Civilian
Labor
force
participation
rate
(percent) 2
Employment/
population
ratio
(percent) 2
Total
15
weeks
and
over
4,499
5,852
5,997
5,512
5,334
5,345
5,122
4,965
4,657
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
2,285
3,485
4,210
2,737
2,305
2,232
1,983
1,610
1,375
63.9
64.0
64.0
64.4
64.8
65.3
65.6
65.9
66.5
59.0
57.8
57.9
59.5
60.1
60.7
61.5
62.3
63.0
114,388
114,676
114,691
4,526
4,552
4,554
6,563
6,652
6,658
1,378
1,422
1,362
66.4
66.6
66.5
62.9
63.0
63.0
114,728
114,957
115,133
114,983
115,045
115,041
114,867
114,521
114,717
114,545
4,729
4,703
4,747
4,630
4,666
4,734
4,710
4,780
5,093
5,182
6,535
6,594
6,495
6,770
6,653
6,447
6,814
7,003
7,069
7,073
1,430
1,369
1,333
1,386
1,374
1,406
1,513
1,609
1,620
1,581
66.4
66.5
66.6
66.5
66.6
66.4
66.3
66.2
66.3
66.2
62.9
63.0
63.1
62.9
63.0
63.0
62.7
62.5
62.6
62.4
Total
Part time
for
economic
reasons 1
'Data beginning January 1986 not strictly comparable with earlier data because of change in
estimation procedures.
Sourc(,. Deplirtmont Of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In October, the overall unemployment rate and the civilian unemployment rate were unchanged from their
September levels, 5.6 percent and 5.7 percent, respectively.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
20
TEENAGERS
(16-19)
*/
15
10
VV
10
WOMEN 20 YEARS
AND OVER
\
MEN 20 YEARS
AND OVER
1986
1986
1987
1989
1988
1990
'UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate {percent of civilian labor force in group)
Period
Unemployment
rate,
all
workers 1
By sex and age
All
civilian
workers
7.5
9.5
9.5
7.4
7.1
6.9
6.1
5.4
5.2
7.6
9.7
9.6
7.5
7.2
7.0
6.2
5.5
5.3
Oct
Nov
Dec
5.2
5.3
5.3
1990: Jan
Feb
Mar
Apr
May
5.2
5.2
5.1
5.3
5.3
5.1
5.4
5.5
5.6
5.6
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989:
June ....
July
Aug
Sept
Oct
1
2
Men
20 years
and over
Women
20 years
Both
sexes
and
16-19
over
years
White
6.6
6.2
6.1
5.4
4.8
4.5
6.8
8.3
8.1
6.8
6.6
6.2
5.4
4.9
4.7
19.6
23.2
22.4
18.9
18.6
18.3
16.9
15.3
15.0
6.7
8.6
8.4
6.5
6.2
6.0
5.3
5.3
5.3
4.5
4.6
4.6
4.8
4.8
4.8
5.3
5.3
5.2
5.4
5.3
5.2
5.5
5.6
5.7
5.7
4.7
4.6
4.5
4.8
4.7
4.7
4.9
5.0
5.1
5.1
4.6
4.8
4.7
4.8
4.6
4.5
4.7
4.9
5.0
4.9
6.3
8.8
8.9
Black
Experienced
wage and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
Fulltime
workers
10.4
11.7
12.2
10.3
10.4
9.8
9.2
8.1
8.1
7.3
9.6
9.5
7.2
6.8
6.6
5.8
5.2
4.9
3.0
3.1
3.0
7.8
8.2
3.4
3.0
3.2
3.3
3.3
3.2
3.3
3.5
3.4
3.5
15.6
18.9
19.5
15.9
15.1
14.5
13.0
11.7
11.4
7.3
4.3
5.3
4.7
4.5
14.2
17.3
17.8
14.4
13.7
13.1
11.6
10.4
10.0
9.3
9.2
7.1
6.8
6.6
5.8
5.2
5.0
6.5
6.5
4.6
4.3
4.4
3.9
3.3
3.0
14.9
15.3
15.2
4.5
4.5
4.6
10.2
10.3
10.2
11.7
11.9
11.8
5.0
5.1
5.0
14.5
14.8
14.4
14.7
15.5
14.1
16.3
16.7
15.5
16.2
4.5
4.6
4.5
4.8
4.6
4.5
4.6
4.8
4.8
4.9
10.1
9.2
9.4
9.1
9.3
9.4
10.3
10.4
10.8
10.6
11.3
10.5
10.6
10.4
10.4
10.4
11.3
11.8
12.1
11.8
5.1
5.1
5.0
5.2
5.0
5.0
5.1
5.3
5.4
5.4
Unemployed as percent of total labor force including resident Armed Forces.
Aggregate hours lost by the unemployed and persons on part time for economic reasons as per-
12
Black
and
other
Labor
force
time lost
By selected groups
By race
Parttime
workers
(percent)
2
9.4
8.5
10.5
10.4
11.0
10.9
9.3
9.3
9.1
8.4
7.6
7.3
8.6
8.1
7.9
7.1
6.3
5.9
8.1
4.9
5.0
5.0
7.1
7.4
7.5
5.9
5.9
6.0
7.5
7.5
8.4
7.5
7.4
8.0
8.5
8.5
8.9
8.5
5.0
4.9
4.9
5.1
4.9
4.8
5.0
5.2
5.4
5.5
7.0
7.4
7.2
7.1
7.4
7.6
8.1
7.9
7.1
6.8
6.0
5.9
5.9
6.2
6.0
5.9
6.0
6.3
6.4
6.6
mt of potentially available labor force hours.
Source: Department of Labor, Bureau of Labor Statistic:
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 15-26
weeks rose and the percentages for 5-14 weeks and 27 weeks and over fell. Both the mean duration of
unemployment and the median fell.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
70
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
60
-
JOB LOSERS
50
40
REENTRANTS
—
30
20
20
10 -
10
,L
-JOB LEAVERS -
NEW ENTRANTS
1987
J986
1986
1988
1989
1990
• 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)
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
State
programs
Number of
weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers
Job
leavers
51.6
58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
45.5
46.3
46.3
48.5
47.1
46.3
46.8
47.4
48.7
45.7
48.7
49.5
49.8
11.2
7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
15.2
15.7
15.8
15.5
15.3
15.5
17.5
15.2
15.4
15.2
14.3
13.2
13.7
Keentrants
New
entrants
25.4
22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
28.9
27.6
27.7
26.3
27.4
28.4
26.5
27.2
27.7
29.0
27.2
28.0
26.8
11.9
11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
10.5
10.4
10.3
9.7
10.3
9.8
9.2
10.2
8.3
10.2
9.8
9.3
9.8
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 1
Weekly average, thousands
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989- Oct
Nov
Dec
1990- Jan
Feb
Mar
Anr
May
July
Sept
Oct
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,563
6,652
6,658
6,535
6,594
6,495
6,770
6,653
6,447
6,814
7,003
7,069
7,073
41.7
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
48.4
48.8
49.5
47.5
47.8
48.6
47.4
45.6
46.9
45.9
47.6
42.6
43.8
30.7
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
30.5
29.8
30.1
30.7
31.5
31.1
32.2
33.7
31.5
31.8
29.3
34.7
33.9
13.6
16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
11.4
11.5
10.9
11.8
11.1
10.7
10.3
11.5
11.7
11.9
12.1
12.2
12.6
14.0
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
9.7
9.8
9.5
9.9
9.7
9.6
10.2
9.2
9.9
10.4
10.9
10.5
9.7
1
Includes Stale (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.
13.7
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
11.7
11.6
11.5
12.1
11.7
12.0
12.1
11.6
12.0
12.0
12.3
12.5
11.9
6.9
8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
5.0
4.8
4.8
5.1
5.4
5.1
5.0
5.4
5.1
5.2
5.2
6.2
6.0
3,047
4,061
3,396
2,476
2,611
2,650
2,332
2,193
2,269
2,295
2,305
2,373
2,367
2,334
2,349
2,381
2,400
2,442
2,470
2,492
2,602
2,748
460
583
438
377
396
378
328
310
330
366
348
367
359
357
347
360
351
357
354
371
393
431
3,410
4,594
3,775
2,561
2,693
2,746
2,401
2,248
2,324
1,912
2,146
2,518
3,059
2,992
2,843
2,526
2,268
2,213
2,441
2,293
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey fell 68,000 in October.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
110
100
ALL NONAGRICULTURAL
ESTABLISHMENTS
90
80
SERVICE-PRODUCING
INDUSTRIES
70
60
16
50
MANUFACTURING
\ _ _
20
40
18
GOODS-PRODUCING
INDUSTRIES
\
30
1988
1989
__
—
p..
n
fi| 1 1 1 1 1 1 1 1 1 1 1 1 1 il 1 1 M i 1 1 1 1 1 1 1 1 1 1 1
r
1986
1987
1988
1990
•
111 II liiiiilimiliiiii Minium iiiiiliiin imihiiiik
=
ill
1987
1986
I
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
1 1 M 1 1 M 1 1 i iiiiiliinik
1989
1990
*
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; * seasonally adjusted]
1
Service-producing industries
Goods-producing industries
Period
Total
nonagricultural
employment
Manufacturing
Total
2
Construction
Total
Durable
goods
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
Retail
trade
Government
Finance,
insurance,
and real
estate
Services
Total
Federal
91,156
89,566
90,200
94,496
97,519
99,525
102,200
105J536
108,413
25,497
23,813
23,334
24,727
24,859
24,558
24,708
25,173
25,326
4,188
3,905
3*948
4,383
4*673
4,816
4,967
5*110
5,200
20,170
18,781
18*434
19,378
19*,260
18,965
19,024
19,350
19,426
12,085
11,016
10*708
11,479
11463
11,203
11,166
11,381
11,422
8,085
7,765
7*,726
7,899
7*796
7,762
7,858
7*969
8,004
65,659
65,753
66*,866
69,769
72*660
74,967
77,492
80363
83,087
5,165
5,082
4*.954
5,159
5*238
5,255
5,372
5*527
5,648
5,376
5,296
5*286
5,574
5,136
5,774
5,865
6,055
6,271
15,172
15,161
15,595
16,526
17,336
17,909
18,462
19*077
19,580
5,298
5,341
5*,468
5,689
5,955
6,283
6,547
6*649
6,724
18,619
19,036
19*694
20,797
21*,999
23,053
24,235
25*669
27,096
16,031
15,837
15,869
16,024
16,394
16,693
17,010
17,386
17,769
2,772
2,739
2,774
2,807
2,875
2,899
2,943
2,971
2,988
1989: Oct
108,980
Nov.... 109,245
Dec
109,383
25,283
25,280
25,218
5,239
5,258
5,216
19,334
19,306
19,284
11,337
11,314
11,296
7,997
7,992
7,988
83,697
83,965
84,165
5,671
5,693
5,776
6,313
6,335
6,344
19,665
19,714
19,710
6,756
6,774
6,785
27,408
27,548
27,623
17,884
17,901
17,927
2,986
2,982
2,977
1990: Jan
Feb
Mar
Apr
May....
June...
July....
Aug r..
Sept r..
Oct "...
25,188
25,339
25,259
25,180
25,191
25,162
25,105
25,013
24,936
24,794
5,294
5,368
5,313
5,256
5,286
5,270
5,229
5,194
5,183
5,103
19,171
19,244
19,217
19,190
19,167
19,148
19,131
19,084
19,017
18,956
11,192
11,278
11,261
11,229
11,217
11,201
11,179
11,129
11,067
11,027
7,979
7,966
7,956
7,961
7,950
7,947
7,952
7,955
7,950
7,929
84,466
84,619
84,863
84,997
85,426
85,667
85,635
85,600
85,625
85,699
5,790
5,804
5,808
5,809
5,833
5,846
5,841
5,846
5,868
5,877
6,356
6,357
6,361
6,363
6,369
6,383
6,374
6,376
6,367
6,356
19,807
19,758
19,764
19,778
19,795
19,822
19,851
19,846
19,832
19,784
6,794
6,817
6,821
6,823
6,838
6,844
6,842
6,852
6,852
6,853
27,721
27,842
27,950
27,969
28,094
28,225
28,287
28,387
28,407
28,500
17,998
18,041
18,159
18,255
18,497
18,547
18,440
18,293
18,299
18,329
3,000
3,005
3,089
3,151
3,346
3,338
3,164
3,045
3,007
2,992
1981
1982
1983
1984
1985
1986
1987
1988
1989
109,654
109,958
110,122
110,177
110,617
110,829
110,740
110,613
110,561
110,493
1
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces, Total derived
from this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes, bad
14
weather, etc., even if they are not paid for the time off; and which are 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.
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
Manufacturing
Total
private
nonagricultural 1
Period
Total
Current dollars
Total private
nonagricultural '
Overtime
Total
private
nonagricultural '
Manufacturing
Current
dollars
1982
dollars 2
Manufacturing
Construction
Retail
trade
Percent change from a
year ear er, total
private
nonagricultural 3
Current
dollars
1982
dollars
1983
1984
1985
1986
1987
1988
1989
35.2
34.8
35.0
35.2
34.9
34.8
34.8
34.7
34.6
39.8
38.9
40.1
40.7
40.5
40.7
41.0
41.1
41.0
2.8
2.3
3.0
3.4
3.3
3.4
3.7
3.9
3.8
$7.25
7.68
8.02
8.32
8.57
8.76
8.98
9.28
9.66
$7.99
8.49
8.83
9.19
9.54
9.73
9.91
10.19
10.49
$255.20
267.26
280.70
292.86
299.09
304.85
312.50
322.02
334.24
$270.63
267.26
272.52
274.73
271.16
271.94
269.16
266.79
264.22
$318.00
330.26
354.08
374.03
386.37
396.01
406.31
418.81
430.09
$399.26
426.82
442.97
458.51
464.46
466.75
480.44
495.73
512.41
$157.99
163.83
171.13
174.47
174.81
175.80
178.80
183.62
188.72
8.5
4.7
5.0
4.3
2.1
1.9
2.5
3.0
3.8
-1.5
-1.2
2.0
.8
-1.3
.3
— 1.0
-.9
-1.0
1989- Oct
Nov
Dec
34.6
34.5
34.4
40.8
40.7
40.6
3.7
3.7
3.7
9.78
9.78
9.83
10.57
10.58
10.62
338.39
337.41
338.15
264.57
262.99
262.54
431.26
430.61
431.17
519.90
524.54
516.00
190.74
190.37
191.23
3.6
3.5
3.5
-.8
— 1.0
-1.0
1990: Jan
Feb
Mar
34.4
34.6
34.6
34.5
34.5
34.7
34.5
34.5
34.7
34.2
40.7
40.8
40.8
40.7
40.9
41.0
40.9
41.0
41.1
40.8
3.6
3.6
3.7
3.5
3.8
3.8
3.7
3.8
3.7
3.7
9.82
9.88
9.93
9.96
9.98
10.03
10.07
10.09
10.13
10.13
10.57
10.67
10.73
10.75
10.81
10.86
10.89
10.90
10.93
10.98
337.81
341.85
343.58
343.62
344.31
348.04
347.42
348.11
351.51
346.45
259.45
261.35
261.48
261.31
261.63
262.87
261.61
259.98
260.38
254.93
430.20
435.34
437.78
437.53
442.13
445.26
445.40
446.90
449.22
447.98
523.03
527.48
523.18
508.03
520.98
531.35
516.00
526.40
532.07
510.60
192.38
193.34
195.17
195.46
196.04
196.62
196.23
195.73
197.68
194.54
2.7
3.9
3.7
2.8
4.0
4.5
3.4
3.8
4.4
2.5
-2.4
— 1.2
— 1.5
-1.6
-.1
-.0
-1.0
— 1.7
-1.5
-3.5
1981
1982
May
July
Sept r
Oct"
1
Also includes other private industry groups shown on p. 34.
Current dollar earnings divided by the consumer price index for urban wage earners and clerical
workers (on a 1982= 100 base).
2
3
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 1989 = 100)
12 months earlier
3 months earlier
Period
1981:
19821983:
1984:
19851986:
19871988:
19891988:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Mar
June
Dec
1989:
Mar
June
Dec
1990- Mar
June
Sept
Total
compensation
Wages and
salaries
Benefits '
71.2
75.8
80.1
84.0
87.3
90.1
93.1
97.6
102.3
94.5
95.7
96.6
97.6
73.0
77.6
81.4
84.8
88.3
91.1
94.1
98.0
102.0
95.0
96.1
97.0
98.0
98.8
100.0
101.2
102.3
103.9
105.2
106.2
Total
compensation
Wages and
salaries
2.1
1.4
1.3
1.4
.5
.6
1.0
1.0
1.2
3.2
1.4
1.1
1.0
9.9
6.5
5.7
4.9
3.9
3.2
3.3
4.8
4.8
3.8
4.5
4.4
4.8
8.8
6.3
4.9
4.2
4.1
3.2
3.3
4.1
4.1
3.3
3.8
3.7
4.1
12.1
7.2
7.4
6.5
3.5
3.4
3.4
6.9
6.1
5.9
6.4
6.8
6.9
1.0
1.0
1.2
.8
1.8
1.6
1.4
1.2
4.6
4.5
4.8
4.8
4.2
4.1
4.3
4.1
5.4
5.6
6.0
6.1
1.2
1.3
.9
2.8
1.3
1.3
5.2
5.2
4.9
4.2
4.5
4.2
7.2
6.9
6.8
Total
compensation
Wages and
salaries
66.6
71.4
76.7
81.7
84.6
87.5
90.5
96.7
102.6
93.4
94.7
95.7
96.7
2.0
1.3
1.3
1.3
.6
.7
.6
1.0
1.1
1.5
1.3
.9
1.0
1.8
1.2
1.1
1.2
.6
.6
.6
1.0
.8
1.0
1.2
.9
1.0
99.0
100.0
101.2
102.0
98.4
100.0
101.4
102.6
1.2
1.2
1.2
1.1
103.2
104.5
105.4
105.5
106.9
108.3
1.6
1.3
1.0
>st of labor, free from the
Benefits '
Benefits "
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
Output per hour of
all persons
Period
Business
sector
Output
Nonfarm
business
sector
Business
sector
99.9
100.9
100.0
102.9
105.1
101.1
103.2
100.0
104.2
113.0
117.7
121.3
126.4
133.0
135.8
J
Hours of all
persons 2
Nonfarm
business
sector
Business
sector
101.7
103.4
100.0
105.0
113.7
101.9
102.5
100.0
101.8
107.6
118.1
121.6
126.8
134.0
136.7
99.3
108.7
115.1
119.6
122.4
129.7
131.6
133.4
134.8
136.0
136.4
136.8
137.1
136.3
136.8
137.2
137.7
109.9
110.8
114.1
117.5
120.5
98.9
104.3
108.7
110.5
111.7
115.6
115.8
117.5
117.8
118.8
120.0
120.2
120.9
121.0
121.7
121.9
121.8
Nonfarm
business
sector
Compensation per
hour 3
Business
sector
Nonfarm
business
sector
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Unit labor costs
Business
sector
Nonfarm
business
sector
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
85.7
94.0
100.0
103.5
106.6
109.8
112.3
115.3
118.4
123.0
101.5
104.7
107.9
111.0
113.4
116.2
116.6
117.8
118.8
120.5
121.4
122.7
123.5
124.7
125.8
127.3
128.3
9.7
9.7
6.3
3.5
3.0
3.0
2.3
2.7
2.7
3.9
1.4
4.1
3.4
5.9
2.8
4.4
2.6
3.9
3.8
4.8
3.0
1982 = 100; quarterly data seasonally adjusted
1980 r.
1981r
1982 r
1983 r
1984 r
1985 r.
1986 r
1987 r.
1988 r
1989 r.
1982: IV r....
1983: IV '....
1984: IV r....
1985: IV r ....
1986: IV T....
1987: IV r....
1988: I r r
nr .
ffl ....
IV r....
1989: I T r
'n .
HI r ....
IV....
1990: I T r
n.
HI"*..
99.2
100.7
100.0
102.3
104.9
107.1
109.5
110.7
113.2
112.6
100.6
103.2
105.3
108.0
109.4
112.0
113.2
112.9
113.6
113.1
113.0
113.0
112.6
111.9
111.7
111.9
112.4
106.5
108.7
109.8
112.5
111.7
100.4
103.8
105.4
107.1
108.4
110.9
112.2
112.0
112.8
112.9
112.1
112.0
111.7
111.0
110.7
110.7
111.2
99.5
107.6
114.5
119.3
122.2
129.4
131.2
132.6
133.8
134.5
135.6
135.9
136.1
135.5
136.0
136.4
136.9
101.8
102.5
100.0
102.0
108.1
110.9
111.9
115.5
119.1
122.3
98.9
104.7
109.2
111.7
112.9
in.o
117.3
119.1
119.5
120.5
121.7
122.2
122.7
122.8
123.7
123.9
123.9
85.1
93.0
100.0
103.8
108.0
112.8
118.7
123.1
128.6
132.9
102.1
105.3
109.5
115.2
120.8
125.5
126.3
127.9
129.7
130.8
131.8
132.7
- 133.1
133.8
135.3
137.0
138.5
85.1
93.1
100.0
104.0
108.1
112.5
118.2
122.4
127.8
131.9
102.1
105.2
109.6
114.6
120.3
124.8
125.5
127.1
128.8
130.0
131.0
131.6
132.1
132.9
134.2
135.8
137.3
99.7
98.8
100.0
100.6
100.4
101.2
104.5
104.5
104.9
103.4
100.6
100.5
100.4
102.0
105.5
105.0
104.7
104.9
105.1
104.9
104.3
103.5
103.1
102.6
101.7
102.1
101.7
99.6
98.8
100.0
100.7
100.4
100.9
104.1
104.0
104.3
102.7
100.6
100.4
100.4
101.5
105.1
104.4
104.1
104.3
104.4
104.2
103.7
102.6
102.3
101.9
100.9
101.2
100.8
85.8
92.4
100.0
101.4
102.9
105.4
108.4
111.2
113.7
117.9
101.5
102.0
104.0
106.7
110.4
112.1
111.5
113.3
114.2
115.6
116.7
117.4
118.2
119.5
121.1
122.5
123.3
105.6
108.8
111.6
113.7
118.1
101.7
101.3
104.0
107.1
111.0
112.6
111.9
113.5
114.2
115.2
116.9
117.5
118.3
119.7
121.3
122.7
123.5
86.2
94.4
100.0
103.3
106.8
109.5
111.8
114.8
118.2
122.8
101.4
104.8
107.9
110.5
112.8
115.7
116.2
117.5
118.9
120.3
121.2
122.5
123.3
124.3
125.8
127.2
128.1
10.9
7.7
8.3
1.4
1.5
2.3
2.8
2.6
2.2
3.8
-2.0
6.5
3.1
5.0
3.8
2.5
2.8
4.6
5.4
4.7
2.5
11.0
8.3
8.4
1.0
1.8
2.8
3.0
2.5
1.9
3.9
-2.2
5.7
2.5
3.6
6.1
2.0
2.6
5.0
5.3
4.7
2.8
9.0
9.6
5.9
3.3
3.3
2.5
2.1
2.7
3.0
3.9
1.7
4.8
4.7
4.9
3.1
4.3
2.5
3.5
4.6
4.6
2.8
85.2
92.3
100.0
101.0
102.8
Percent change; quarterly data at seasonally adjusted annual rates
r
1980
1981 r
1982 r
1983 r
1984 r
1985 r
1986 r
1987 r
1988 r
1989 r
1988: I r r
n .r
m ....
IV....
1989: I r r
n .r
m ....
IV....
1990: I r
II ".
m"*
-0.2
1.5
-.7
2.3
2.5
2.0
2.3
1.1
2.2
-.5
4.6
— 1.1
2.5
-1.6
5
.1
-1.6
-2.3
-.9
.6
1.9
-0.3
1.0
-.9
2.9
2.1
1.3
2.0
1.0
2.5
7
4.7
-.5
2.8
.2
-2.7
-.3
-1.0
25
-1.3
.3
1.6
11
2.1
31
4.2
8.4
4.2
3.1
4.1
5.3
2.1
5.7
4.6
3.5
2.0
3.5
.9
.6
-1.8
1.4
1.2
1.5
12
1.7
-3.3
5.0
8.3
3.9
3.0
4.2
5.7
2.0
5.9
5.6
4.1
3.6
1.2
1.3
.6
-2.1
1.4
1.2
1.5
-0.9
.6
-2.5
1.8
5.7
2.1
.8
3.0
3.0
2.6
1.0
5.8
1.0
3.6
4.0
.8
2.2
.4
2.3
.5
— .4
-0.8
.7
-2.4
2.0
6.0
2.5
.9
3.2
3.1
2.7
1.1
6.1
1.3
3.4
4.0
1.6
1.6
.5
2.8
.9
— .1
1
Output refers to gross domestic product originating in the sector in 1982 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for sociai insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price index for al! urban consumers.
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
16
10.6
9.3
7.5
3.8
4.1
4.4
5.2
3.7
4.5
3.3
2.5
5.3
5.6
3.4
3.3
2.6
1.1
2.2
4.5
5.4
4.4
10.6
9.4
7.4
4.0
3.9
4.1
5.1
3.6
4.4
3.2
2.4
5.1
5.3
3.8
3.3
1.7
1.6
2.3
3.9
5.0
4.5
-2.5
-1.0
1.3
.6
-.2
.8
3.2
.1
.4
15
Cj
.8
.6
-.9
-2.0
-3.2
-1.7
-1.8
-3.3
1.6
-1.9
-2.5
-.8
1.2
.7
— .4
.5
3.2
— .1
.3
-1.5
-1.0
.7
.4
-.5
-2.0
— 4.1
-1.2
-1.6
-3.8
1.2
-1.8
NOTE.—Pata relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Series revised based on revised measures of labor input. See release Productivity and Costs
(Third Quarter 1900), November 6, 1990.
"Data do not reflect GNP revisions of November 28, 1990.
Source: Department of Labor, Bureau of Labor Statistics.
AND
Industrial production and capacity utilization fell in October.
INDE X, 1987=100* (RATIO SCALE)
IND! X, 1987=100* (RATIO SCALE)
115
130
TOTAL INDUSTRIAL PRODUCTION
110
/
,
105
FINAL PRODUCTS
"
^_
/ V
-"""
115
,
Illllllllll
Illllllllll
MANUFACTURING PRODUCTION
110
DURABLE
105
s—X
^^\
^
.- -•*-
95
£&\t—'"\\
100
'•3?
105
100
85
iiiiiiiiin
^
f^^ o^"-
""UTILITIES AND MINING PRODIJCTION ~ir
i
\
\
95
x ,-Vi
90
Illllllllll
f
,-V^
P^
1986
_,
r
MINING
1987
1988
\
s—\
-^
\
.—
DEFENSE
AND SPACE
EQUIPMENT
Illlllllill
80 \
Ll 1 1 1 1 1 1 1 1 1
x*^ ^~^~\
y~1i—"~
82
j
^-~^-^\
^-/
76 Illllllllll Illllllllll Illllllllll Illllllllll
1990
1989
'••
\
w^
iiiiiiiiin iiiiiiiiin miiliimtiiiiilntii
84
^
iiiiiluiti
s
,-.,
86 - (TOTAL 1 MDUSTRY)
_,'
78
Illllllllll Illllllllll
Y?
x-J^1
-~sV*
88 *~ CAPACI1Y UTILIZAT ON KAI'E
a
UTILITIES
'
PER CENT*
Illllllllllllllllllllll I l l l l l l l l l l Illllllllll
90
110
90
NONDlJRABLE
95
«*£•
100
105
115
y _.
110
95
^
BUSINESS
/I
EQUIPMENT y—' CONSUMER
GOODS
115
100
90 Illllllllll
^
r~"
•
1986
1987
1988
SEASONALLY ADJ STED
sOURCE: BOARD OF GOVERNORS OF T HE FEDERAL RESER VE SYSTEM
1989
Illllllllll
1990
COUNCIL OF ECC NOMIC ADVISERS
[Monthly data seasonally adjusted]
Total
industrial
production
Period
Index,
1987 = 100
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989: Oct
Nov
Dec
1990: Jan
Feb
Mar
Apr
May
June
Julv r
Aug r .
Sept r
Oct p
,
Capacity utilization
rate, percent l
Industry production indexes, 1987 = 100
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
84.1
85.7
81.9
84.9
92.8
94.4
95 3
100.0
105.4
108.1
-1.9
1.9
— 4.4
3.7
9.3
1.7
1.0
4.9
5.4
2.6
78.8
80.3
76.6
80.9
89.3
91.6
94.3
100.0
105.8
108.9
75.7
77.4
72.7
76.8
88.4
91.8
93.9
100.0
107.6
110.9
83.1
84.5
82.5
87.0
90.8
91.5
94.9
100.0
103.6
106.4
110.0
114.3
109.3
104.8
111.9
109.0
101.0
100.0
101.8
100.5
95.9
94.3
91.8
93.6
97.0
99.5
96.3
100.0
104.4
107.1
82.1
80.9
75.0
75.8
81.1
80.3
79.2
81.4
84.0
84.2
80.2
78.8
72.8
74.9
80.4
79.5
79.0
81.4
83.9
83.9
107.7
108.1
108.6
1.1
1.1
1.1
108.4
108.9
108.8
109.4
110.1
110.4
107.2
107.3
106.7
100.7
101.2
100.1
107.4
108.3
116.1
83.3
83.5
83.7
82.9
83.0
82.8
107.5
108.5
108.9
108.8
109.4
110.1
110.4
110.4
110.5
109.6
-.2
.8
1.1
.2
1.0
1.6
2.4
2.0
2.1
1.8
108.1
109.6
109.8
109.5
110.3
110.8
111.1
111.1
111.1
110.2
108.6
110.7
111.9
111.1
112.6
113.4
113.4
113.4
113.8
112.4
107.5
108.3
107.2
107.5
107.4
107.6
108.1
108.1
107.6
107.4
101.7
101.0
101.1
102.9
102.2
102.2
104.0
102.4
103.3
102.8
106.8
104.0
106.2
106.7
107.1
109.7
109.7
111.1
112.1
110.3
82.7
83.2
83.4
83.1
83.4
83.7
83.8
83.5
83.5
82.6
82.0
83.0
82.9
82.5
82.8
83.0
83.0
82.7
82.5
81.7
Source: Board of Governors of the Federal Reserve System.
1?
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987=100; monthly data seasonally adjusted]
Materials
Products
Final products
Intermediate products
Consumer goods
Equipment
Durable
goods
Nondurable
goods
Business
Period
Total
Total
Total '
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Energy
80.0
82.1
80.8
83.0
91.0
94.2
95.7
100.0
105.6
109.1
85.3
85.8
84.5
88.8
92.8
93.7
96.8
100.0
104.0
106.7
73.5
74.0
68.7
79.7
91.0
91.6
94.5
100.0
104.9
107.9
89.1
89.6
89.7
91.9
93.4
94.4
97.6
100.0
103.7
106.4
74.6
78.2
77.0
76.8
89.2
94.8
94.5
100.0
107.6
112.3
73.5
76.1
72.9
71.9
85.4
91.1
93.2
100.0
111.8
119.1
57.4
58.5
65.7
71.8
78.9
89.4
96.0
100.0
98.0
97.4
77.0
77.0
75.1
80.3
86.2
88.3
92.0
100.0
104.4
106.8
80.8
78.4
72.2
80.2
86.2
89.1
93.8
100.0
104.4
106.1
74.2
75.7
77.0
80.3
86.2
87.7
90.7
100.0
104.4
107.3
91.3
92.8
85.1
88.3
96.6
96.6
95.9
100.0
105.6
107.4
106.2
104.3
100.7
98.9
103.8
103.4
99.4
100.0
101.8
101.4
1989: Oct
Nov
Dec
108.5
109.4
110.3
107.3
107.4
108.3
106.8
105.7
106.8
107.4
107.8
108.7
110.1
112.0
112.9
116.0
118.7
119.9
96.6
96.7
96.6
106.9
107.3
107.9
106.3
107.0
107.4
107.3
107.5
108.2
107.1
107.0
106.9
101.3
101,9
102.7
1990- Jan
Feb
Mar
108.5
109.7
110.7
110.4
111.2
111.7
111.7
111.8
112.4
111.4
106.0
107.0
107.5
107.2
107.4
107.8
107.5
107.8
108.4
107.2
99.4
106.2
110.8
107.3
109.3
112.1
108.3
107.3
110.2
106.7
107.8
107.2
106.6
107.1
106.9
106.6
107.3
107.9
107.9
107.4
111.8
113.3
114.9
114.7
116.2
116.8
117.2
117.1
117.6
116.8
118.0
120.1
122.2
121.6
123.5
124.4
125.0
125.3
126.3
125.0
97.5
97.6
97.5
97.3
97.6
97.6
97.8
97.5
97.0
97.3
108.0
108.4
108.2
108.0
108.3
108.3
108.4
107.8
107.1
106.3
107.9
108.2
107.3
106.4
105.5
106.0
106.7
105.2
103.8
102.3
108.0
108.5
108.9
109.1
110.2
109.8
109.5
109.6
109.4
109.1
106.2
107.1
107.1
107.3
107.7
108.8
109.6
109.6
109.7
108.8
101.2
101.7
102.0
101.8
101.1
102.1
103.3
103.0
104.1
103.5
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989. .
.
.
...
.
May.. ..
Julv
r
....
Sept '
Ocf
1
Includes oil and gas well drilling a
manufactured homes, not shown separately.
[1987 — 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Transportation
equipment
Primary metals
Period
Total
Iron
and
steel
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber and
products
Apparel
products
Printing
and
publishing
Chemicals
and
products
Foods
1980
1981
1982
1983
1984... .
1985
1986
1987
1988
1989
110.8
117.5
83.2
91.0
102.4
101.8
93.8
100.0
110.3
109.2
126.0
135.1
86.2
96.1
105.9
104.5
90.8
100.0
113.8
109.3
92.5
91.1
83.2
85.5
93.3
94.5
93.8
100.0
106.2
107.2
60.6
65.9
63.9
64.3
80.8
86.8
90.4
100.0
113.8
121.8
73.3
75.4
75.9
80.3
94.1
93.1
94.3
100.0
106.5
109.5
72.3
68.7
64.8
72.7
83.1
91.8
96.9
100.0
105.0
107.2
67.0
64.4
58.8
74.5
90.6
99.0
98.5
100.0
105.5
104.9
76.9
74.7
67.3
79.9
86.0
88.0
95.1
100.0
104.6
103.0
89.2
91.0
90.1
93.8
95.7
92.6
96.3
100.0
102.2
104.3
70.3
72.1
75.2
79.0
84.5
87.6
90.7
100.0
103.6
108.5
87.8
89.2
81.8
87.5
91.4
91.4
94.6
100.0
105.4
108.5
84.6
86.5
87.7
90.1
92.1
94.9
97.4
100.0
102.8
105,5
1989: Oct
Nov
Dec
108.6
104.8
102.6
109.2
104.1
100.3
105.9
106.9
106.3
119.0
122.9
123.8
110.2
110.1
110.1
102.1
102.8
104.4
99.7
99.0
98.7
103.2
104.8
106.4
103.9
103.7
102.6
109.3
109.6
109.6
109.4
109.8
107.6
106.8
107.4
108.0
1990: Jan ..
Feb
Mar
105.0
107.9
105.4
106.4
106.2
109 5
110.3
113.5
114.0
110.6
104.6
110.6
106.1
106.7
105.5
110.3
110.6
116.3
117.9
114.2
105.1
105.6
105.5
105.0
107.1
106.7
107.7
107.8
106.1
105.6
123.7
124.2
125.2
125.7
126.9
127.5
128.3
128.8
127.7
126.3
110.1
111.0
112.3
111.3
112.4
112.8
112.2
112.6
112.5
111.6
94.7
103.5
107.9
105.1
109.0
111.0
109.3
107.9
111.7
109.2
76.8
94.1
103.5
95.8
104.0
108.0
102.7
101.0
108.7
103.8
106.0
104.3
105.0
103.3
101.7
102.0
103.6
100.5
99.0
97.6
102.4
102.1
99.8
98.7
99.2
99.3
99.2
99.3
98.9
97.7
110.7
112.1
111.4
112.0
112.8
112.0
111.4
111.3
111.1
111.1
109.9
110.5
109.5
110.3
109.2
110.3
110.4
111.1
110.6
111.1
106,8
107.4
107.1
107.0
106.8
106.1
107.1
107.6
107.0
107.0
Julv
r
Sept '
Ocf
Source: Board of Governors of the Federal Reserve System.
18
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Constructio i contracts 3
Private
Total new
construction
expenditures
Period
Residential
Total
New housing
units
Total '
Commercial
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(1982=100)
and industrial
floor space
(millions of
square feet)
Billions of dollars
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
256.5
267.7
255.7
290.9
340.7
368.7
398.2
410.2
422.1
432.1
192.8
208.0
192.6
227.5
270.5
290.9
313.6
319.6
327.1
333.5
100.4
99.2
84.7
125.5
153.8
158.5
187.1
194.7
198.1
196.6
46.7
55.0
58.7
53.8
68.6
82.7
78.0
76.5
79.8
85.5
69.6
69.4
57.0
94.6
113.8
114.7
133.2
139.9
138.9
139.2
45.7
48.7
49.2
48.1
48.0
49.7
48.5
48.5
49.2
51.5
97
100
100
124
136
150
159
165
166
171
63.6
64.7
63.1
63.5
70.2
77.8
84.6
90.6
95.0
98.6
Annual rates
Annual rates
1989:
Sept
433.4
429.3
433.4
432.0
Oct
Nov
Dec
1990:
Jan
Fcb
Mar
446.0
455.6
457.3
444.7
443.8
332.1
332.1
329.8
325.0
338.1
343.1
July
441.1
441.3
441.1
347.4
338.8
334.0
329.6
333.2
326.0
Sept "
428.7
319.4
Mav
. .
..
193.0
192.1
190.9
189.6
135.8
134.8
135.2
135.3
87.2
88.6
86.8
83.3
51.9
51.4
52.2
52.0
101.3
97.1
103.5
107.0
200.1
140.0
144.6
145.3
140.0
136.6
130.5
129.3
127.3
123.6
85.0
88.2
87.2
85.6
84.5
85.8
89.7
84.4
82.1
52.9
51.9
53.3
53.0
53.4
54.3
55.0
55.1
55.2
107.9
112.5
109.9
106.0
109.8
111.5
108.1
115.1
109.3
203.0
206.9
200.2
196.1
189.5
188.5
186.5
182.2
r
!87
!84
169
r
!67
r
!62
155
161
147
r
!64
159
r
!51
151
148
145
r
Oct"
1
2
3
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
904
919
690
756
955
1,097
1,016
1,019
973
926
Sources: Department of Commerce (Bureau of the Census) and
Company, F.W. Dodge Division.
1 ,008
892
812
805
883
798
828
745
802
fi93
618
638
740
628
[cGraw-Hill Information Systems
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Period
Units started, by type of structure
Total
1980
1981
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
1,376.1
1982
1983
1984
1985
1986
1987
1988
1989.
1 unit
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
2-4 units
109.5
91.1
80.0
113.5
121.4
93.4
84.0
65.3
58.8
55.2
5 or more units
330.5
287.7
319.6
522.0
544.0
576.1
542.0
408.7
348.0
317.6
Units
authorized
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,783.3
1,769.4
1,534.8
1,455.6
1,338.4
Units
completed
Homes sold
Homes for
sale at end of
period '
Vacancy rate
for rental
housing units
(percent) 2
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
545
486
412
623
639
688
750
671
676
650
387
275
253
301
353
346
357
366
367
362
5.4
5.0
5.3
5.7
5.9
6.5
7.8
7.7
7.7
7.1
7.6
Seasonally adjusted annual rates
1989:
Sept
Oct
Nov
Dec
1990-
Jan
Feb
Mar
Mav
Julv
Sept
r
Oct"
1,263
1,423
1,347
1,273
969
1,023
1,010
931
56
60
47
53
238
340
290
289
1,310
1,362
1,364
1,416
1,366
1,317
1,486
1,302
638
636
687
633
364
363
363
362
1,568
1,488
1,307
,216
,206
,189
,153
,131
,107
1,041
1,099
1,154
996
898
897
889
875
836
863
854
53
42
35
53
36
42
29
30
34
31
416
292
276
265
273
258
249
265
210
156
1,739
1,297
1,282
1,108
1,065
1,108
1,082
1,050
992
920
1,448
1,351
1,378
1,295
1,863
1,295
' 1,300
1,311
1,326
613
606
558
533
586
550
545
535
503
365
366
363
363
360
354
350
345
337
1
Seasonally adjusted.
Quarterly data entered
earlier data.
2
:
last month of quarter. Series beginning 1989 not
mparabie with
7.1
7.5
7.0
7.2
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
SALES AND INVENTORIES—Manufacturing and Trade
In September, manufacturing and trade sales fell 0.6 percent and inventories rose $4.4 billion. In October,
according to advance data, retail sales rose 0.1 percent, following a rise of 1.3 percent in September.
BILUONS OF DOLLARS' (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
260
800
240
700
T
V
^
200
MANUFACTURING AND
TRADE INVENTORIES
'
^_x
220
'
^r-r-H
i
\
i
RETAIL INVENTORIES
180
600
160
~~-t
500
140
/-'
MANUFACTURING
AND TRADE SALES
120 *«.«' "~
/*v* /""
.-*" °- •*
--._---
.'-\-'
RETAILS/*
LES
400
inn
iinilnin iiiiihini
nililillil Illillillll Illillillll
RATIO'
300
1.20
1986
1987
1989
1988
1990
1990
"SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufacturing
and
trade 1
COUNCIL OF ECONOMIC ADVISERS
Sales
Inventories 3
Inventories 3
Sales 2
Period
2
Inventory-sales ratio 4
Retail
Wholesale
Sales
2
Inventories 3
Total
Durable
goods
stores
Nondura-'
ble goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade '
Retail
Millions of dollars, seasonally adjusted
1982
1983
1984
1985
1986
1987
1988
1989
1989- Sept '
Get
Nov ....
Dec
1990' Jan
Feb
Mar
Apr
May
June
July...
Aue r
Sept"
r
348,754
369,136
408,578
419,283
425,371
451,933
490,309
521,934
574,516
591,265
646,072
657,753
657,482
704,515
754,267
795,415
96,290
100,324
113,393
114,626
116,151
124,254
135,176
145,683
128,196
130,906
143,557
148,484
154,713
165,271
180,313
188,819
527,785
525,156
527,948
526,391
789,416
794,757
798,104
795,415
147,066
147,921
148,782
149,584
185,003
188,103
189,057
188,819
528,549
535,996
538,984
533,603
538,946
542,441
540,368
551,473
548,388
797,202
794,016
793,669
796,050
800,399
796,469
802,151
807,491
811,912
151,968
151,620
152,383
151,458
152,302
153,549
152,333
155,586
152,767
189,375
188,847
189,361
190,903
193,201
191,259
192,466
193,002
193,781
Oct "
1
2
3
See page 21 for manufacturing.
Monthly average for year and total for month.
End of period.
20
28,013
32,631
37,938
41,567
45,121
48,051
52,281
53,794
61,101
64,939
69,377
73,075
75,738
80,457
85,220
90,678
134,493
147,712
167,748
181,773
186,587
208,112
219,791
235,514
61,469
69,025
79,250
88,464
90,197
105,738
112,254
117,169
73,024
78,687
88,498
93,309
96,390
102,374
107,537
118,345
1.67
1.56
1.53
1.56
1.55
1.51
1.49
1.50
1.49
1.44
1.49
1.52
1.56
1.55
1.55
1.60
55,445
53,631
53,768
52,683
91,712
' 91,609
92,572
93,121
233,523
234,942
236,234
235,514
118,359
118,450
118,667
117,169
115,164
116,492
117,567
118,345
1.50
1.51
1.51
1.51
1.59
1.62
1.61
1.62
56,217
55,037
54,663
53,620
53,525
53,841
54,200
53,062
r
53,784
54,178
93,660
94,867
94,639
94,266
94,256
95,591
96,001
97,179
r
98,342
98,140
233,701
232,000
232,562
232,847
234,814
234,517
236,400
240,191
241,184
114,194
113,552
113,951
113,730
114,870
115,128
116,207
119,771
120,680
119,507
118,448
118,611
119,117
119,944
119,389
120,193
120,420
120,504
1.51
1.48
1.47
1.49
1.49
1.47
1.48
1.46
1.48
1.56
1.55
1.56
1.57
1.59
1.57
1.57
1.60
1.59
89,114
97,570
107,316
114,642
120,860
128,509
137,500
144,471
r
147,157
145,240
146,340
145,804
149,877
149,904
149,302
147,886
147,781
149,432
150,201
150,241
r
152,126
152,318
r
4
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In September, manufacturers' shipments and new orders fell, while inventories and unfilled orders rose, in October,
according to advance data, durable goods shipments and new orders rose.
BILLK3NS OF DOLLARS* (RATIO SCALE)
280
240
BILLIC3NS OF DOLLARS* (RATIO SCALE)
SHIPMENTS
440
—^
200
—
360
TOTAL
160
INVENTORIES
->^
^<-^
1
280
\
TOTAL
200
\
•
1
DURABLE GOODS
f
120
.,^
. .•
—--•—- —
f.
\
r-
D JRABLE GOC)DS
160
\
NnNpnpARiF ^OODS
80
120
\ 1
[•4ONDURABL E GOODS
60
Illllllllll ULLLliiiJIl Illllllllll Illllllllll Illllllllll
BILLIC3NS OF DOLLARS* (RATIO SCALE]
280
240
80
60
NEW ORDERS
^_
ta^
200 ^
^ ^~
160
*"
l — "^
\ —'
\
HJLUlmil lllllllim Illllllllll
TOTAL
DURABLE GOODS
120
1 \-
nm
iimSinn
RATIO*
2.20
INVENTORY-SHIPMENTS RATIO
~.-.~.-
/^f**f*S
2.00
~-~.s
1.80
'
80
NONDURABLE GDODS
f\
1.60
—~^~-^
^
1.40 _
60
llllltlllll lllllllltll Illllllllll lllllilllll Hillltltll
1987
1986
1988
1989
1990
1.20 ; i n i i f 1 1 ! i!
1986
~
—^
1 t ! t 1 t 1 1 1 1S I 8 II \ 11 ! 1 1 I t 1 1 1 1 1 I 1 ! I I 1 I ! I \ t I 1 t 1
1987
1988
•SEASONAU.Y ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
1989
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments l
Manufacturers' new orders 1
Manufacturers' inventories 2
Durable goods
Period
Total
Durable
goods
1990
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable goods
21,661
22,098
26,243
27,067
26,551
29,707
35,028
38,821
35,341
35,975
38,901
44,389
38,347
36,094
40,889
36,573
35,928
36,192
39,840
35,871
38,262
41,447
83,935
86,522
91,209
91,075
88,497
94,197
101,993
109,057
109,127
109,805
109,535
109,033
109,663
110,977
112,199
112,417
112,365
111,886
112,144
117,376
119,080
Manufacturers'
unfilled
orders 2
Manufacturers'
inventory —
sbipments
ratio 3
Millions of dollars, seasonally adjusted
1982
1983
1984
1985.
1986
1987
1988
1989
1989:
Sept...
Oct....
Nov
Dec....
1990: Jan
Feb....
Mar
Apr....
May
June ....
July...
Aug
Sept r.
Oct p..
1
2
Monthly average for
End of period.
163,350
171,242
187,869
190,016
188,360
199,170
217,632
231,780
233,562
231,995
232,826
231,003
226,704
234,472
237,299
234,259
238,863
239,460
237,834
245,646
243,495
79,352
84,956
96,623
99,019
99,989
105,291
115,684
122,668
124,393
121,840
123,209
121,998
116,716
123,224
125,089
122,031
126,507
127,283
125,090
128,619
124,320
126 548
83,998
86,286
91,246
90,996
88,371
93,879
101,948
109,112
311,827
312,647
334,767
327,496
316,182
331,132
354,163
371,082
200,825
200,406
218,771
214,066
208,313
216,598
233,666
246,222
109,169
110,155
109,617
109,005
109,988
111,248
112,210
112,228
112,356
112,177
112,744
117,027
119,175
370,890
371,712
372,813
371,082
245,621
246,427
247,610
246,222
374,126
373,169
371,746
372,300
372,384
370,693
373,285
374,298
376,947
248,273
247,095
245,435
246,609
246,530
244,902
246,456
246,653
246,913
ind total for month. Shipments are the same as sales.
111,002
112,241
115,996
113,430
107,869
114,534
120,497
124,860
125,269
125,285
125,203
124,860
125,853
126,074
126,311
125,691
125,854
125,791
126,829
127,645
130,034
3
162,273
174,122
189,791
190,918
188,663
201,966
221,627
235,614
78,338
87,600
98,581
99,843
100,166
107,770
119,634
126,557
234,354
234,067
239,710
240,752
227,572
231,759
241,071
236,026
241,102
236,578
240,238
244,355
244,019
125,227
124,262
130,175
131,719
117,909
120,782
128,872
123,609
128,737
124,692
128,094
126,979
124,939
129,445
314,270
349,419
372,586
383,181
387,065
421,243
468,860
514,499
495,794
497,866
504,750
514,499
515,367
512,654
516,426
518,193
520,432
517,550
519,954
518,663
519,187
1.95
1.80
1.74
1.74
1.70
1.62
1.58
1.58
1.59
1.60
1.60
1.61
1.65
1.59
1.57
1.59
1.56
1.55
1.57
1.52
1.55
Annual data arc averages of monthly ratios.
Source: Department of Commerce, Bureau of the ('en:
21
PRICES
PRODUCER PRICES
In October, the producer price index for all finished goods rose 1.1 percent. Prices of finished consumer foods rose
0.9 percent while prices of other finished consumer goods rose 1.8 percent. Capital equipment prices fell 0.2
percent.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
130
100
100
CONSUMER GOODS
EXCLUDING FOODS
90
1982
1989
SOURCE: DEPARTMENT OF IA8OR
1990
COUNCIL OF ECONOMIC ADVISERS
[1982 = 100; monthly data seasonally adjusted]
Finished goods
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Total
1980
1981 ..
1982
1983
1984
1985
1986
1987
1988....
1989
1989: Oct . .
Nov
Dec
1990- Jan
Feb
Mar
Apr
July
Sept
Get
88.0
96.1
100.0
101.6
103.7
104.7
103.2
105.4
108.0
113.6
114.7
114.8
115.5
117.7
117.7
117.5
117.3
117.4
117.6
117.5
119.0
120.9
122.2
92.4
97.8
100.0
101.0
105.4
104.6
107.3
109.5
112.6
118.7
119.7
120.7
121.6
124.4
125.3
124.7
123.6
124.0
123.5
123.8
124.8
123.7
124.8
86.7
95.6
100.0
101.8
103.2
104.6
101.9
104.0
106.5
111.8
113.1
112.9
113.5
115.6
115.2
115.2
115.2
115.3
115.6
115.4
117.1
119.9
121.3
u-diatc materials for food manufacturing and feeds.
22
Nondurable
Capital
equipment
85.1
95.8
100.0
100.5
101.1
101.7
93.3
94.9
97.3
103.8
105.1
104.4
105.3
109.7
108.5
107.9
107.9
107.9
108.0
107.4
110.5
115.2
118.5
85.8
94.6
100.0
102.8
105.2
107.5
109.7
111.7
114.3
118.8
120.0
120.4
120.7
120.9
121.4
121.9
122.0
122.1
122.6
122.8
123.2
124.2
124.0
Consumer goods
Total
87.1
96.1
100.0
101.2
102.2
103.3
98.5
100.7
103.1
108.9
110.1
109.7
110.4
113.4
112.7
112.4
112.3
112.4
112.7
112.4
114.6
118.4
120.5
Durable
91.0
96.4
100.0
102.8
104.5
106.5
108.9
111.5
113.8
117.6
118.6
118.7
119.2
118.6
119.0
119.4
119.3
119.5
120.5
120.6
120.8
122.0
121.1
Intermediate materials
Crude materials
Other
Total
Foodstuffs
and
feedstuffs
Other
89.4
98.2
100.0
100.5
103.0
103.0
99.3
101.7
106.9
111.9
112.4
112.1
112.1
113.6
112.8
112.8
112.8
112.8
112.7
112.4
114.1
116.3
118.2
95.3
103.0
100.0
101.3
103.5
95.8
87.7
93.7
96.0
103.1
102.6
103.2
104.7
107.0
107.3
105.9
103.1
103.0
100.3
100.7
110.1
115.2
125.2
104.6
103.9
100.0
101.8
104.7
94.8
93.2
96.2
106.1
111.2
109.0
111.4
113.9
114.7
115.4
116.4
115.7
112.9
113.3
114.0
113.0
111.0
112.2
84.8
101.8
100.0
100.7
102.2
96.9
81.6
87.9
85.5
93.4
94.1
93.5
94.4
97.5
97.5
94.8
90.9
92.4
87.9
88.1
103.4
112.4
127.3
Total
finished
con-
Total
Foods
and
feeds >
88.6
96.6
100.0
101.3
103.3
103.8
101.4
103.6
106.2
112.1
113.3
113.3
114.1
117.0
116.8
116.4
116.1
116.2
116.3
116.1
118.0
120.1
121.9
90.3
98.6
100.0
100.6
103.1
102.7
99.1
101.5
107.1
112.0
112.4
112.2
112.2
113.6
112.7
112.8
112.9
113.0
112.7
112.6
114.1
116.2
117.9
105.5
104.6
100.0
103.6
105.7
97.3
96.2
99.2
109.5
113.8
112.5
113.4
113.1
113.3
112.3
112.8
114.0
115.4
114.1
114.7
114.6
112.9
113.3
sumer
goods
:K: Department of Labor, Bureau of Labor Statisties.
CONSUMER PRICES—ALL URBAN CONSUMERS
In October, the consumer price index for all urban consumers rose 0.6
percent, seasonally adjusted and not
seasonally adjusted. The index was 6.3 percent above its year-earlier level.
INDEX, 1982-84= 100 (RATIO SCALE)
INDEX, 1982-84=100 (RATIO SCALE)
140
140
SEASONALLY ADJUSTED
130
130
120
120
CONSUMER PRICES—ALL ITEMS
110
110
100
100
90
90
80
70
70 liil
1982
1983
1984
1985
1987
1986
1988
1990
1989
SEE NOTE ON TABLE BELOW
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1982-84—100, except as noted; monthly data seasonally adjusted, except as noted]
AH items l
Transportation
Housing
Medical
care
Ener-
gy 2
All
items
less
food,
shelter,
and
energy
3.3
97.4
108.5
102.8
99.4
97.9
98.7
77.1
80.2
80.9
88.5
6.2
74.9
82.9
92.5
100.6
106.8
113.5
122.0
130.1
138.6
149.3
7.4
86.0
97.7
99.2
99.9
100.9
101.6
88.2
88.6
89.3
94.3
48.4
80.6
88.3
95.1
100.0
105.0
109.0
112.7
117.0
121.9
127.3
Shelter
Period
Rel. imp. 3
1980
1981
1982.
1983
1984...
1985
1986
1987.
1988
1989..
1989:
Oct
Nov
Dec
1990:
Jan
Feb
Mar
Apr
May
June
July
Aue:
Sept
Oct
Not
seasonally
adjusted
(NSA)
Seasonally
adjusted
1000
82 4
909
965
99.6
1039
107.6
1096
113 6
118.3
124 0
Food
Total '
Total
Renters'
costs
(Dec.
1982 =
100)
Homeowners'
costs
(Dec.
1982 =
100)
16.3
86.8
93.6
97.4
99.4
103.2
105.6
109.0
113.5
118.2
125.1
43.0
81.1
90.4
96.9
99.5
103.6
107.7
110.9
114.2
118.5
123.0
27.9
81.0
90.5
96.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
7.9
19.8
103.0
108.6
115.4
121.9
128.1
133.6
138.9
102.5
107.3
113.1
119.4
124.8
131.1
137.3
0.2
82.4
90.7
96.4
99.9
103.7
106.5
107.9
111.8
114.7
118.0
Fuel
and
other
utilities
Apparel and
upkeep
7.5
75.4
86.4
94.9
100.2
104.8
106.5
104.1
103.0
104.4
107.8
Total '
New
cars
Motor
fuel
6.1
90.9
95.3
97.8
100.2
102.1
105.0
105.9
110.6
115.4
118.6
17.1
83.1
93.2
97.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
4.2
88.4
93.7
97.4
99.9
102.8
106.1
110.6
114.6
116.9
119.2
125.6
125.9
126.1
125.4
125.8
126.3
126.8
127.4
128.0
124.2
124.7
125.2
134.4
135.0
135.6
139.8
140.5
141.0
139.4
140.0
140.6
118.6
119.3
119.5
108.1
108.7
109.4
119.4
119.4
119.0
114.5
114.6
115.0
118.8
119.8
120.8
88.4
86.8
86.3
153.0
154.2
155.1
94.1
93.8
94.1
128.8
129.3
129.7
127.4
128.0
128.7
128.9
129.2
129.9
130.4
131.6
132.7
133.5
127.7
128.3
128.9
129.1
129.3
130.0
130.5
131.5
132.5
133.3
130.5
131.1
131.5
131.2
131.2
132.2
132.7
133.1
133.4
133.9
126.1
126.3
126.9
127.0
127.2
128.0
128.6
129.5
130.0
130.4
136.3
136.6
137.6
137.9
138.2
139.5
140.7
141.7
141.9
142.0
142.3
143.4
143.8
143.9
143.9
144.5
146.6
148.1
148.2
148.7
141.1
141.0
142.4
142.8
143.2
144.8
145.7
146.6
146.9
146.8
120.4
120.8
121.2
121.2
122.2
121.8
122.1
121.2
124.6
123.4
111.6
110.9
111.0
110.5
110.5
110.3
109.4
110.8
112.2
113.5
119.0
122.9
124.9
125.0
124.6
124.5
124.2
124.3
125.2
124.9
117.4
117.7
117.6
117.7
117.5
118.0
118.3
120.4
123.2
125.8
121.6
121.4
121.2
120.9
120.7
120.5
120.1
120.3
120.1
120.7
93.4
93.6
92.2
92.5
91.2
93.2
92.8
100.3
109.8
118.2
156.1
157.3
158.5
159.8
161.0
162.1
163.5
165.0
166.1
167.5
98.9
98.2
97.4
97.0
96.3
96.9
96.2
100.3
105.9
110.7
130.4
131.5
132.2
132.6
132.9
133.2
133.8
134.3
134.9
135.5
' 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 1989.
Maintenance
and
repairs
(NSA)
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]
Period
Change from preceding 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
4.9
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
14.1
8.6
4.2
-.9
.8
2.1
-6.6
4.1
3.1
5.3
7.5
1.5
2.0
2.3
3.5
.6
2.8
-.2
5.7
5.2
13.4
9.2
4.1
1.6
2.1
1.0
-1.4
2.1
2.5
5.2
11.4
9.2
3.9
2.0
1.8
2.7
2.1
1.3
3.6
3.8
Change, month to month
1989- Oct
Nov
Dec
0.5
.1
.6
1.4
.8
.7
0.4
4
.6
01
.3
.2
3.9
5.4
5.0
5.5
7.6
12.4
3.3
5.7
2.6
3.8
3.7
2.0
2.8
1.6
2.6
2.9
3.6
6.4
2.0
-.5
.4
4.5
3.9
3.2
5.0
4.6
4.9
1990- Jan
Feb
Mar
1.9
0
-.2
-.2
.1
.2
-.1
1.3
1.6
1.1
2.3
.7
-.5
-.9
.3
-.4
.2
.8
-.9
.9
2.7
-.6
-.3
-.1
.1
.3
-.3
2.0
3.3
1.8
.2
.4
.4
.1
.1
.4
2
.3
.8
2
10.9
10.5
7.1
14
-1.0
.3
.7
5.6
11.7
17.0
16.7
16.1
10.6
-2.5
-4.1
38
.6
2.6
.6
3.3
12.5
11.4
7.4
-3.8
-1.1
1.1
.4
8.1
21.8
32.1
3.0
3.4
4.0
3.7
2.3
2.3
2.6
3.7
5.3
4.0
7.3
7.9
6.0
4.6
4.6
3.7
-.3
2.2
5.9
8.5
11.0
11.8
11.5
6.6
5.5
3.1
-1.0
-.8
-1.6
2.0
7.8
8.5
5.0
4.0
5.0
4.2
-1.8
3.4
11.0
15.1
3.4
3.6
3.0
3.4
2.8
3.2
3.2
3.0
3.8
3.3
5.9
5.1
4.5
3.7
3.1
3.1
3.4
5.1
5.9
6.4
May
July '
Sept '
Oct
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 '
Food
Rent-
Total '
Homeowners'
costs
Total >
costs
Fuel
and
other
utilities
Apparel
and
upkeep
New
cars
Total 1
Motor
fuel
Addendum: All items, percent change
(annual rate)
All
Medical
care
Ener-
gy2
items
less
food,
shelter,
and
energy
From
previous
quarter 3
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
12.5
8.9
3.8
3.8
3.9
3.8
1.1
4.4
4.4
4.6
10.2
4.3
3.1
2.7
3.8
2.6
3.8
3.5
5.2
5.6
13.7
10.2
3.6
3.5
4.3
4.3
1.7
3.7
4.0
3.9
15.0
9.9
2.4
4.7
5.2
6.0
4.6
4.8
4.5
4.9
5.1
5.9
6.3
5.0
3.9
3.9
4.5
4.5
5.1
5.9
4.6
5.3
4.7
5.1
1989: Oct
Nov
Dec
0.5
.3
.4
0.4
.5
.5
0.4
.4
.4
0.5
.4
.4
0.8
.5
.4
0.5
.4
.4
0.1
.6
.6
0.7
0
-.3
0.5
.1
.3
0.6
.8
.8
1990: Jan
Peb
Mar
Apr
May
June
July
Aug
Sept
Oct
1.1
.5
.5
.2
.2
.5
.4
.8
.8
.6
2.0
.5
.3
.7
2
.5
.1
.2
.6
.5
.7
.4
.3
.5
.2
.7
.2
2
.9
.9
.9
.8
.3
.1
0
.4
1.5
1.0
.1
.3
.4
1
1.0
.3
.3
1.1
.6
.6
.2
-.1
2.0
-.6
.1
-.5
0
_ 2
-.8
1.3
1.3
1.2
0
3.3
1.6
.1
-.3
-.1
-.2
.1
.7
2.1
.3
-.1
.1
.7
-.2
-.2
-.2
-.2
— .2
-.3
_2
-.2
.5
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
13.8
14.4
9.7
1.8
4.2
1.8
-5.6
1.6
2.9
3.2
6.8
3.5
1.6
2.9
2.0
2.8
.9
4.8
4.7
1.0
14.6
10.9
1.8
3.9
3.1
2.6
-5.9
6.1
3.0
4.0
9.9
12.5
11.0
6.4
6.1
6.8
7.7
5.8
6.9
8.5
18.0
11.9
1.3
-.5
.2
1.8
-19.7
8.2
.5
5.1
9.8
9.4
6.1
5.0
4.3
3.7
3.3
3.8
4.7
4.1
1.5
-1.8
-.6
0.7
.8
.6
1.0
-.3
.3
0.4
.4
.3
8.2
.2
-1.5
.3
-1.4
2.2
-.4
8.1
9.5
7.7
.6
.8
.8
.8
.8
.7
.9
.9
.7
.8
5.1
-.7
-.8
-.4
— .7
.6
-.7
4.3
5.6
4.5
.5
.8
.5
.3
2
.2
.5
.4
.4
.4
7.4
18.8
6.8
9.4
1.5 -6.5
3.4 -1.7
2.5 -2.4
3.4
3.1
5.9 -30.7
1.8
18.7
2.1 -2.1
2.3
6.8
13.5
10.3
6.2
3.2
4.3
3.6
1.9
3.6
4.1
4.8
Change, month to month
0
.8
.4
.3
.2
.4
.1
.1
9
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,
24
9
.4
.3
1.8
2.3
2.1
3
3.9
8.2
3.8
6.3
Quarterly changes are shown in the last month of the quartei
Source: Department of Labor, Bureau of Labor Statistics,
2.9
4.2
4.9
3.4
3.3
3.6
4.5
4.7
4.6
7.5
8.2
8.5
4.5
3.2
3.5
4.4
7.0
7.9
8.9
5.2
6.2
6.7
6.0
5.6
5.9
4.4
5.1
5.7
6.6
5.2
5.3
5.2
4.7
4.4
4.7
4.8
5.6
6.2
6.3
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in November fell 0.7 percent from their October level. Prices paid by farmers in
October were 2.2 percent above their July level. (Data are not seasonally adjusted.)
INDEX, 1977=100 (RATIO SCALE)
INDEX, 1977=100 (RATIO SCALE)
f
180
180
160
160
PRICES PAID
140
140
120
120
PRICES RECEIVED
100
100
80
80
linn iiiiiliiin iniiliiiii iiiiiliiin
RATIOJ/
RATIO^
140
1982
J/bATIO Of INDEX OF PRICES RECEIVED TO INDEX Of PRICES PAID.
SOURCE; DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[1977 = 100; not seasonally adjusted]
Prices received by farmers
Period
1981
1982
1983
1984
All farm
products
Prices paid by farmers
Livestock and
products
Crops
All commodities,
services,
interest, taxes,l
and wage rates
Production
items, interest,
taxes, and wage
rates
Ratio z
Production
items
139
133
135
142
128
123
126
138
147
134
121
128
138
120
107
106
127
134
143
145
141
146
136
138
146
150
160
150
159
161
164
162
159
162
169
177
151
158
159
161
156
150
151
160
167
148
153
152
155
151
144
147
157
165
92
84
84
87
79
77
78
82
83
Nov
Dec
147
149
128
127
165
169
(3)
(3)
(3)
(3)
(3)
(3)
83
84
1990: Jan
Feb
Mar
Apr
J
May
T
154
152
150
151
154
151
152
151
148
r
!46
145
136
133
128
131
134
129
130
126
123
121
123
172
169
171
170
173
173
173
174
173
171
166
181
(3)
(3)
183
(3)
(3)
184
(3)
(3)
188
(3)
170
(3)
(3)
171
(3)
(3)
171
(3)
(3)
175
(3)
168
(3)
(3)
169
(3)
(3)
170
(3)
(3)
174
(3)
85
84
83
83
84
83
83
82
80
78
77
1985
1986
1987
1988
1989
1989:
July
. J
Aue
Sept
Oct
Nov
1
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
2
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
lave 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
Growth in M2 slowed in October and M3 fell.
BILLIOF•IS OF DOLLARS* (RATIO SCALE)
4,800
4,400
4,000
BILLIONS OF DOLLARS* (RATIO SCALE)
.__
M3
V,^- —'
3,600
"
4,800
4,400
4,000
3,600
_ _ _ „ .—•'"*"
3,200
3,200
_._- —
2,800
2,400
___.
.—•"""
._- ——""
.--1
—"
~v
„--•-""
2,800
M2
'
2,400
«. —•""" ™"
__„---"""
2,000
2,000
1,600
1,600
1,200
1,200
800
r—
"
'
•—:— 800
="
~\
Ml
600
600
--
—
^
'
^-~-—
400
Illllllllll llllllllll! Illllllllll
1982
1984
1983
miihim mnliim
1985
Illllllllll
Illllllllll
1987
1988
1986
• AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
Illllllllll Illllllllll
1990
1989
400
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Debt
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
408.9
436.5
474.5
521.2
552.1
620.1
724.7
750.4
787.5
794.8
1,629.9
1,793.5
1,953.1
2,186.5
2,371.6
2,570.6
2,814.2
2,913.2
3,072.4
3,221.6
1,987.5
2,234.2
2,441.9
2,693.4
2,982.8
3,202.1
3,494.5
3,678.7
3,918.3
4,044.3
2,324.2
2,596.8
2,851.6
3,154.7
3,524.1
3,829.5
4,135.5
4,338.7
4,676.1
4,881.2
3,904.1
4,292.1
4,685.9
5,212.6
5,961.9
6,773.5
7,636.2
8,345.1
9,107.6
9,788.9
6.8
6.7
8.7
9.8
5.9
12.3
16.9
3.5
4.9
.9
8.9
10.0
8.9
12.0
8.5
8.4
9.5
3.5
5.5
4.9
10.2
12.4
9.3
10.3
10.7
7.4
9.1
5.3
6.5
3.2
9.4
9.9
9.2
11.2
14.4
13.6
12.7
9.3
9.1
7.5
1989: Oct
Nov
Dec
788.1
789.4
794.8
3,181.9
3,201.2
3,221.6
4,018.1
4,031.0
4,044.3
4,841.7
4,858.1
4,881.2
9,687.4
9,750.2
9,788.9
1.5
3.4
5.5
6.0
7.5
7.7
2.7
3.3
3.0
7.4
7.4
7.0
1990: Jan...
Feb
Mar
Apr r
May '.
June '
July '
794.8
801.4
804.8
807.3
805.4
809.4
809.0
815.8
822.1
820.0
3,231.0
' 3,255.7
r
3,271.0
3,279.1
3,274.4
3,282.6
3,287.8
3,305.3
3,319.8
3,321.1
4,048.5
4,064.3
4,069.0
4,074.7
4,068.4
4,073.1
4,077.1
4,091.6
4,093.0
4,089.2
4,882.5
4,890.4
4,906.6
4,918.1
4,890.5
4,910.3
4,920.2
4,931.3
4,957.2
9,829.3
9,887.1
9,955.1
10,010.6
10,053.6
10,108.7
10,166.5
10,230.1
10,291.2
4.0
5.4
5.6
4.9
4.1
3.7
3.6
3.6
4.3
3.1
6.7
6.9
6.8
6.1
4.6
3.8
3.5
3.0
3.0
2.6
2.0
2.6
2.8
2.8
1.9
1.4
1.4
1.3
1.2
.7
6.8
6.6
6.8
6.7
6.2
6.5
6.9
6.9
6.8
Period
1980:
19811982:
1983:
19841985:
1986:
1987:
1988:
1989:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec...
Dec
Sept r
Oct p
L
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average) 1
Ml
er at a simple annual rate.
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
28
M2
M3
Debt
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Currency
Period
Demand
deposits
Other
cheekable
deposits
(OCDs)
Overnight
repurchase
agreements
(HPs),
net,
plus
overnight
Eurodollars
Money market
mutual fund
balances 1
General
purpose
and
broker/
dealer
Institution
only
Money
market
deposit
accounts
(MMDAs)
Savings
deposits
Small
denomination
time
deposits 2
Large
denomination
time
deposits2
NSA
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
Savings
bonds
Shortterm
Treasury
securities
Commercial
paper
Bankers'
acceptances
115.3
122.6
132.5
146.2
156.0
167.8
180.6
196.7
211.8
221.9
261.4
231.4
234.1
238.5
243.9
266.8
302.1
287.0
287.0
279.7
28.0
78.2
103.6
131.6
146.9
179.6
235.5
259.7
281.S
285.7
28.8
36.6
39.9
55.6
60.6
73.5
82.3
83.2
83.3
77.4
61.6
150.6
185.2
138.8
168.2
177.2
208.7
222.0
240.9
312.4
15.2
38.0
51.1
42.8
62.1
63.9
83.8
89.0
87.1
102.3
0.0
.0
43.2
379.2
416.8
513.0
571.0
523.8
500.3
483.7
400.1
343.8
356.7
305.4
285.1
301.2
370.1
414.9
421.8
409.0
728.5
823.2
851.0
784.1
886.8
884.0
856.2
917.8
1,031.0
1,142.3
260.4
303.0
327.2
327.6
417.4
437.0
439.8
488.8
541.1
558.3
33.5
35.3
33.4
49.9
57.6
62.4
80.5
106.1
121.1
96.9
50.3
67.5
81.7
91.5
82.9
76.5
83.8
91.0
106.0
81.1
72.3
67.8
68.0
71.1
74.2
79.5
91.8
100.6
109.3
117.5
133.5
149.4
183.6
211.9
260.9
298.3
280.8
254.2
272.0
330.3
32.1
40.0
44.5
45.0
45.5
42.1
37.2
44.8
40.B
41.2
98.8
105.3
113.7
133.2
160.8
207.5
231.1
260.4
335.fi
347.9
1989: Oct
Nov
Dec
220.0
220.4
221.9
280.0
278.8
279.7
280.8
282.8
285.7
75.7
75.4
77.4
302.7
309.0
312.4
101.1
101.1
102.3
475.3
480.8
483.7
406.1
407.9
409.0
1,135.9
1,138.5
1,142.3
562.7
561.0
558.3
109.6
108.9
96.9
80.1
79.3
81.1
116.2
116.8
117.5
317.4
318.6
330.3
40.0
40.5
41.2
350.0
351.3
347.9
1990: Jan
Feb
Mar
224.6
226.6
228.4
230.1
231.6
233.4
. 235.4
238.4
241.5
244.0
277.3
280.2
279.3
277.8
274.5
274.5
274.7
277.9
279.7
276.8
285.4
287.0
289.5
291.8
291.5
293.8
291.2
291.6
292.6
290.9
81.6
82.4
81.9
'79.3
r
83.2
r
82.3
84.1
82.7
81.5
84.1
318.6
325.3
325.9
r
326.8
r
322.3
r
323.9
327.1
335.9
341.9
344.7
103.2
103.7
105.4
106.8
107.3
107.3
108.9
114.0
116.1
119.8
485.0
489.4
494.9
498.8
500.0
501.2
502.5
505.6
507.2
506.4
410.2
413.6
414.6
415.8
415.0
415.8
416.4
416.3
415.9
414.7
1,143.0
1,142.6
1,146.4
r
1,1 48.3
r
l , 150.4
' 1,149.0
1,150.2
1,151.4
1,151.6
1,153.2
554.5
550.1
544.1
538.3
535.4
r
532.9
530.6
524.1
516.5
510.0
93.6
96.9
95.2
94.8
95.8
98.7
96.9
98.3
94.5
91 3
'73.9
r
68.4
r
66.6
r
65.5
r
67.2
r
64.4
64.7
66.6
66.5
66 1
117.7
118.2
119.1
119.9
120.7
121.5
122.4
123.2
123.8
332.3
324.9
338.9
330.3
316.5
r
.331.7
339.2
339.2
349.9
40.7
38.3
37.0
35.8
35.3
34.6
32.9
32.3
32.3
343.3
344.7
342.7
357.5
349.6
349.4
348.7
345.1
358.2
1980:
19811982:
1983:
19841985:
1986:
19871988:
1989:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
May
June
Julv '
...
Sept'
Oet p
r
r
r
1
2
Data prior to 1083 are not seasonally adjusted.
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
if nonbank issuers are a component of money stock but are not show
NOTE.—Travelers (
here.
Source: ftoard oi Governors of the Feiieia\ Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted]
Borrowings of depository
institutions from the Federal
Reserve (NSA)
Adjusted for changes in reserve requirements
Reserves of depository institutions
Period
Total
Nonborrowed
Nonborrowed plus
extended
credit
Required
Monetary
base
Total
Seasonal
Extended
credit
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dee
33,401
35 315
37,388
39,184
42,235
48,373
58,023
58,593
60,593
60,033
31,711
34,679
36,754
38,410
39,049
47,055
57,197
57,815
58,877
59,767
31,714
34,827
36,940
38,412
41,653
47,554
57,499
58,298
60,121
59,787
32,887
34,996
36,888
38,623
41,380
47,336
56,653
57,546
59,545
59,110
152,525
160,936
172,947
188,275
201,673
219,350
241,427
258,055
275,238
284,946
1,690
636
634
774
3,186
1,318
827
777
1,716
265
116
54
33
96
113
56
38
93
130
84
3
148
186
2
2,604
499
303
483
1,244
20
1989:
Oct
Nov
Dec
59,640
59,646
60,033
59,085
59,297
59,767
59,106
59,318
59,787
58,620
58,701
59,110
282,786
283,222
284,946
555
349
265
330
134
84
21
21
20
1990:
Jan
Feb
Mar
59,896
60,215
60,297
60,275
59,783
59,732
59,322
59,746
60,082
59,609
59,456
58,768
58,173
58,647
58,448
58,850
58,565
58,819
59,457
59,199
59,482
59,302
60,123
60,051
59,324
59,196
58,845
58,947
59,464
59,217
58,880
59,227
59,436
59,379
58,820
58,958
58,460
58,879
59,173
58,763
287,509
289,714
291,820
293,540
294,401
296,276
297,860
301,121
304,780
306,539
440
1,448
2,124
1,628
1,335
881
757
927
624
410
47
51
78
122
244
311
389
430
418
335
26
535
1,950
1,403
875
346
280
127
6
18
May
July
Ocf
1
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Source: Board of Governors of the Federal Reserve System.
27
LOANS AND SECURITIES
Total commercial bank loans and leases rose slightly in October. Commercial and industrial loans fell 0.3 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,800
ALL COMMERCIAL BANKS
2,400
2,000
BIUIONS OF DOLLARS* (RATIO SCALE)
2,800
2,400
2,000
TOTAL
1,600
1,600
1.200
1,200
LOANS AND LEASES
800
800
400
400
U.S. GOVERNMENT SECURITIES
VOTHER SECURITIES
200
:W-
200
160
160
nniiH
120
1982
imiimi
1983
1985
1984
llll
1987
1986
llll
1988
' SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
iniiuii
120
1989
1990
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted *]
All commercial banks
Loans and leases
Period
Total
securities 2
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1989:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Oct
Nov
Dec
1990: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct ".....
1,307.3
1,400.5
1,552.3
1,722.5
1,910.1
2,094.2
2,239.5
2,422.1
2,588.8
2,570.5
2,585.8
2,588.8
2,594.4
2,614.3
2,635.6
2,646.7
2,653.8
2,669.4
2,684.7
2,707.8
2,708.5
2,710.9
U.S.
Government
securities
179.3
201.7
259.2
260.2
270.6
309.3
334.4
361.5
396.1
390.9
396.0
396.1
404.7
414.5
422.3
427.3
430.6
438.5
440.6
441.3
447.1
451.6
Other
securities
160.5
164.8
169.2
141.1
179.3
194.2
193.8
192.2
180.8
181.4
179.9
180.8
180.4
180.5
180.1
180.0
178.3
177.9
177.8
179.2
179.4
176.9
Total
2
967.5
1,034.0
1,123.9
1,321.3
1,460.3
1,590.6
1,711.2
1,868.4
2,011.9
1,998.2
2,009.9
2,011.9
2,009.3
2,019.4
2,033.2
2,039.4
2,045.0
2,053.0
2,066.4
2,087.3
2,082.0
2,082.5
Commercial
and
industrial
355.4
392.5
414.2
473.3
500.5
537.5
567.9
607.0
641.6
642.0
645.0
641.6
637.9
638.8
644.4
649.0
648.6
651.6
651.7
653.1
651.6
649.5
Real
estate
Individual
Security
frnancial
institutions
Agricultural
political
subdivisions
284.1
299.9
330.9
376.4
182.5
188.2
212.9
253.8
294.7
21.4
25.3
28.0
34.3
43.0
40.6
35.1
40.4
38.8
29.9
31.2
30.4
31.3
32.4
35.0
31.9
30.1
33.0
33.2
33.9
33.0
32.5
32.9
33.8
33.9
33.9
34.4
34.8
35.7
r
36.1
36.1
33.1
36.2
39.2
40.1
36.1
31.5
29.4
29.8
30.7
30.5
30.5
30.7
30.9
30.8
30.6
30.4
30.0
29.5
29.3
29.2
29.1
29.2
0.0
.0
3.3
46.1
56.8
426.0
494.4
587.4
671.9
761.1
746.7
754.0
761.1
765.9
774.7
781.8
786.9
794.6
800.1
808.0
811.9
814.7
820.6
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
State
Non-
315.3
328.4
354.9
375.8
372.4
374.4
375.8
378.3
379.5
379.9
378.8
379.8
378.4
378.3
380.1
381.1
381.2
2
40.7
40.9
38.8
39.3
40.0
37.1
36.1
34.8
35.3
38.8
46.0
43.1
41.4
58.5
52.6
45.6
40.1
41.3
40.8
40.1
38.6
38.9
38.4
38.2
37.9
37.4
36.6
36.1
35.4
34.9
Foreign
banks
18.1
14.6
13.4
11.2
9.8
9.9
7.9
8.1
8.9
9.1
8.3
8.9
8.1
7.8
8.4
8.8
8.7
7.4
7.0
8.0
7.9
8.9
Excludes Joans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
Foreign
official
institutions
Lease
financing
receivables
7.2
12.7
5.9
9.4
7.9
6.0
5.9
5.3
5.0
3.6
3.8
3.7
3.6
3.2
3.1
3.0
3.2
3.2
3.2
3.2
3.2
3.2
3.1
13.3
13.7
16.0
19.0
22.4
24.6
29.2
31.8
31.9
31.9
31.8
32.1
r
32.1
r
32.4
r
32.4
r
32.7
r
32.4
r
32.8
r
32.9
r
32.9
33.3
Other
23.1
26.9
31.8
31.0
35.9
39.6
40.7
46.3
46.5
46.6
46.4
46.5
42.5
r
40.7
r
43.3
r
41.8
r
40.7
r
43.3
r
45.9
r
51.3
r
46.9
44.3
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Capital
Credit market funds
Period
Total
Internal *
Loans and
short-term
paper
Securities
and
mortgages
Total
Total
Total
Other 2
tures 3
Increase in
financial
assets
discrepancy
(sources less
uses)
300.8
416.9
491.4
455.7
524.1
493.7
548.2
515.2
241.9
285.2
335.9
351.8
344.3
372.4
391.4
380.0
58.9
131.7
155.5
103.9
179.8
121.3
156.8
135.2
48.5
76.5
91.9
49.8
124.7
48.2
55.1
35.3
62
41.0
13 6
62
60.5
18.5
-15.4
45 1
54.7
35.5
105.5
56.0
64.2
29.7
70.5
80.4
10.4
55.2
63.7
54.1
55.1
73.1
101.6
99.9
303.1
392.6
474.9
425.1
481.2
466.6
494.6
486.5
256.1
270.5
369.7
341.2
330.4
354.1
378.3
382.2
47.0
122.1
105.2
83.9
150.8
112.5
116.3
104.3
-2.3
24.3
16.5
30.6
43.0
27.1
53.5
28.6
IV
511.6
606.9
465.9
476.3
379.9
379.7
8S5.5
374.9
131.7
227.2
80.4
101.4
18.0
118.7
\to
3.6
-92.5
3.1
852
-5.8
110.5
115.6
86.2
9.4
113.6
108.4
•79.3
97.8
478.6
568.5
448.4
452.8
377.4
388.3
385.1
378.2
101.2
180.2
61.3
74.6
33.0
38.5
19.5
23.4
1990: I
H"
491.9
496.9
370.6
377.4
121.3
119.5
92.6
58.4
-3.1
25.5
95.7
32.9
28.5
61.1
467.8
464.0
343.4
372.7
124.4
91.3
24.1
33.0
1982
1983
1984
1985
1986...
1987
1988...
1989
1989: I
n
m
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumpti
:onsumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
2
Consists of tax liabilities, trade debt, and direct foreign in ;stment in the U.S.
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Keserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstanding *
Installment credit outstanding (end of period)
Period
1.989- Se$t2
Oct
Nov
Dec
TO5,TOS
710,133
713,903
716,624
2»6,839>
290,210
290,972
290,770
19iO,STO
191,734
194,679
197,110
llfr'ol
22,621
22,197
22,343
990: Jan
Feb
Mar
717,829
717,869
720,445
720,835
724,485
724,601
729,329
732,385
735,386
290,904
289,629
290,932
288,936
288,931
287,168
286,791
285,283
285,446
199,146
199,927
202,263
203,965
207,153
208,362
212,138
214,492
216,397
22,604
22,633
22,708
22,702
22,815
22,733
22,795
22,976
22,757
134
-1,275
1,303
-1,996
-5
-1,764
-377
1,508
163
2,036
781
2,336
1,702
3,188
1,208
3,776
2,354
1,905
261
29
74
-6
113
-83
63
180
219
-1,226
505
1,137
689
353
753
1,267
2,030
1,152
1,205
40
2,576
390
3,650
116
4,728
3,056
3,001
112,317
111,124
110,802
122,756
142,897
159,400
162,642
165,620
180,887
206,401
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
2
Data newly available in January 1989 result in breaks in many series between December 1988
and subsequent months.
-13
-40
-424
146
205,175
205,680
204,543
205,232
205,585
206,338
207,605
209,635
210,787
18,736
20,058
22,064
23,562
25,861
26,850
27,096
25,920
25,201
22,343
July
Aug r
Sept p
\,Y2.4
1,356
2,944
2,431
•z,\w<
1,371
761
202
2,\%5
4,430
3,769
2,722
\\11
205,568
206,055
206,401
55,111
61,070
66,454
79,088
100,280
121,816
135,851
153,078
174,057
197,110
,
127
-1,193
322
11,954
20,141
16,503
3,242
2,978
15,267
%a,«a5
111,991
119,008
125,945
143,560
173,564
210,187
247,428
265,851
284,556
290,770
T
529
1,322
2,546
958
2,299
989
246
-1,176
719
(3)
— 484
7,017
6,937
17,615
30,004
36,623
37,241
18,423
18,705
(3)
298,154
311,259
325,805
368,966
442,602
518,252
573,017
610,468
664,701
716,624
y
May
1,754
5,959
5,384
12,634
21,192
21,536
14,035
17,227
20,979
(3)
1,671
13,105
14,546
43,161
73,636
75,650
54,765
37,451
54,233
(3)
Mobile
home
Dec
Dec ..
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec 2
Other
Revolving
Revolving
19801981:
19821983:
1984:
1985:
1986:
1987:
1988:
1989:
Mobile
home
Automobile
Automobile
Total
Other
Total
(3)
1,743
487
346
G
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Interest rates fell in November.
PERCENT PER ANNUM
PERCENF PER ANNUM
16
SOURCE
SEE TABLE BELOW
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum}
U.S. Treasury security yields
Period
3-month bills
(new issues) I
Constant maturities
3-year
2
10-year
High-grade
municipal
bonds
(Standard3&
Poor's)
Corporate
Aaa bonds
(Moody's) 4
Prime
commercial
paper,
6 months 1
Discount rate
(N.Y. F.R.
5
Bank)
Prime rate
charged 5by
bants
New-home
mortgage
yields
07HFB)6
14.029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
8.12
14.44
12.92
10.45
11.89
9.64
7.06
7.68
8.26
8.55
13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
8.49
11.23
11.57
9.47
10.15
9.18
7.38
7.73
7.76
7.24
14.17
13.79
12.04
12.71
11.37
9.02
9.38
9.71
9.26
14.76
11.89
8.89
10.16
8.01
6.39
6.85
7.68
8.80
13.42
11.02
8.50
8.80
7.69
6.33
5.66
6.20
6.93
18.87
14.86
10.79
12.04
9.93
8.33
8.21
9.32
10.87
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
10.13
1989- Nov
Dec
7.65
7.64
7.80
7.77
7.87
7.84
7.13
7.01
8.89
8.86
8.00
7.93
7.00-7.00
7.00-7.00
10.50-10.50
10.50-10.50
10.09
10.07
1990- Jan
Feb
Mar
7.64
7.76
7.87
7.78
7.78
7.74
7.66
7.44
7.38
7.19
7.07
8.13
8.39
8.63
8.78
8.69
8.40
8.26
8.22
8.27
8.07
7.74
8.21
8.47
8.59
8.79
8.76
8.48
8.47
8.75
8.89
8.72
8.39
7.13
7.21
7.29
7.36
7.34
7.22
7.15
7.31
7.40
7.40
7.10
8.99
9.22
9.37
9.46
9.47
9.26
9.24
9.41
9.56
9.53
9.31
7.96
8.04
8.23
8.29
8.23
8.06
7.90
7.77
7.83
7.81
7.74
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
7.00-7.00
7.00-7.00
10.50-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
9.91
9.88
10.03
10.17
10.28
10.13
10.08
10.11
9.90
9.98
7.12
7.07
7.05
7.08
7.02
7.95
7.81
7.70
7.69
7.68
8.64
8.53
8.35
8.30
8.29
7.26
7.16
7.10
7.06
7.06
9.47
9.38
9.30
9.25
9.20
7.71
7.72
7.70
7.68
7.83
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-
10.00-10.00
10.00-10.00
10.00-10.00
10 00 10 00
10.00-
1981
1982
1983
1984
1985
1986
1987
1988
1989
....
May
T
July
Aue
Sept
Oct
Week ended:
1990- Nov 3
10 ...
17
24
Dec 1 f
1
Bank-discount basis.
Fields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Series excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack
of appropriate issues.
2
30
5
Average effective rate for year; opening and closing rate for month and week,
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.
6
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in November.
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
240
220
200
180
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
240
220
200
180
-COMPOSITE STOCK PRICE INDEX •
(NYSE)
160
160
140
140
120
120
100
100
80
80
60
60
40
40
1982
PER
1984
1983
1987
1986
1985
1988
1989
1990
:ENT
PERC ENT
20
20
15
ARNINGS-PRICE RATIO ON COMMON STOC
(S&P)
15
10
"V^
10
—'
5
1
0
1 1
1982
1
1 1
1983
1
1 1
1984
1
_——"
^r-/~-~^
~-
1 1
1985
1
1 1
^~\—_,
/H
1
1986
1 1
1987
1
1
1 1
1988
SOURCES; NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
1 1
1989
.
1
New York Stock Exchange indexes (Dec. 31, 1965 = 50)
Common stock yields
(percent) 5
2
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989- Nov
Dec
1990- Jan
Feb
Mar
May
July
Sept
Oct
Nov ' . .
Week ended:
1990: Nov 3
10
17
24
Dec 1 *
1
2
3
4
5
Industrial
Transportation
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
180.02
188.50
192.67
187.96
182.55
186.26
185.61
191.35
196.68
196.61
181.45
173.22
168.05
172.21
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
216.23
224.38
230.12
225.79
220.60
226.14
226.86
234.85
242.42
245.86
226.73
216.81
208.58
212.81
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
175.28
174.26
177.25
173.67
166.69
175.08
173.54
173.53
177.37
173.18
147.41
136.95
131.90
132.96
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
87.43
94.95
99.73
95.69
92.15
93.00
91.92
93.29
93.65
89.85
85.81
83.30
87.27
89.69
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
151.88
160.89
155.63
150.11
142.68
143.14
138.57
142.94
147.93
143.11
128.14
118.59
108.01
113.76
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,642.49
2,728.47
2,679.24
2,614.18
2,700.13
2,708.26
2,793.81
2,894.82
2,934.23
2,681.89
2,550.69
2,460.54
2,518.56
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
322.84
340.22
348.57
339.97
330.45
338.47
338.18
350.25
360.39
360.03
330.75
315.41
307.12
315.29
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
3.45
3.39
3.33
3.41
3.54
3.49
3.51
3.44
3.36
3.37
3.65
3.85
4.01
3.91
167.03
169.70
173.70
172.99
173.99
206.85
209.49
214.41
213.99
215.25
128.37
130.49
135.75
134.61
132.68
88.93
89.68
89.93
89.25
89.57
104.92
110.44
116.44
114.88
116.19
2,453.27
2,472.13
2,546.14
2,540.54
2,538.12
305.76
310.71
318.34
316.45
318.24
4.03
4.02
3.84
3.90
3.87
Average of daily closing prices.
Includes all the stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
Includes 500 stocks.
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-
0
COUNCIL OF ECONOMIC ADVISERS
Common stock prices l
Composite
5
1 1
1990
Earningsprice ratio
11.96
11.60
8.03
10.02
8.12
6.09
5.48
8.01
7.41
6.47
6.37
5.94
price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
OUTLAYS, AND DEBT
In the first month of fiscal 1991, there was a deficit of $31.5 billion, compared with a deficit of $26.1 billion a
year earlier.
BILLIONS OF DOLLARS
1,300
BILLIONS OF DOLLARS
— RECEIPTS AND OUTLAYS^
1,300
1,200
1,200
OUTLAYS^
V .-
1,100
1,100
1,000
1,000
900
900
800
800
700
700
600
600
\
0
0
-
-100
-100
-^
~\^
-200
A
__
I
V 1982
___
I
1983
^-^"
l
1984
~T
1985
"---~^^
"1
1986
I
1987
I
1988
I
1989
^^
""""""^l
1990
f\
-200
1991 N
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]
Fiscal year or period
Receipts
1976
1077
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 1
1991 (estimates) 2
First month: 1
Fisea) year 1,990 ....
Fiscal year 1991
1
2
Data from Monthly Treasury Stalei
Estimates from Mid-Session Kemeu
32
Outlays
Surplus
or deficit
(-)
Receipts
Outlays
Gross Federal debt
(end of period)
Off-budget
On-budget
Total
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
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
— 1.4
-3.9
-4.3
-2.0
-1.1
-5.0
-7.9
.2
.3
629.0
643.6
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
477.4
495.5
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
734.1
769.1
854.1
909.0
990.7
1,031.5
1,135.4
946.3
990.3
1,003.8
1,064.0
1,142.6
1,251.9
1,311.7
-212.3
— 221.2
- 149.7
-155.1
-152.0
-220.4
-176.3
547.9
568.9
640.7
667.5
727.0
749.8
823.2
769.5
806.8
810.0
861.4
931.7
1,026.8
1,076.3
-221.6
-237.9
-169.3
-193.9
-204.7
-277.0
-253.1
186.2
200.2
213.4
241.5
263.7
281.7
312.1
176.8
183.5
193.8
202.7
210.9
225.1
235.4
9.4
16.7
19.6
38.8
52.8
56.6
76.8
1,817.0
2,120.1
2,345.6
2,600.8
2,866.2
3,206.3
3,521.5
1 ,499.4
1,736.2
1,888.1
2,050.2
2,189.3
2,410.4
2,573.0
68.4
78.7
94.5
110.2
— 26.1
-31.5
50.1
58.8
74.7
91.3
-24.6
-32.5
18.3
20.0
19.8
18.9
-1.5
1.0
2,905.1
3,243.7
2,221.3
2,438.3
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first month of fiscal 1991, receipts were $10.3 billion higher than a year earlier and outlays were $15.7
billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
500
RECEIPT0 ' '
500
"
__.
400
INDIVIDUM INCOME TAXES
400
j_.™
~
300
"~
300
\"
CORPORATION
200
200
OTHER RECEIPTS
TAXES AND CONTRIBUTIONS
100
100
1
0
!
T~~
:
;
:
i
i
i
0
OUTLAYS-!/ .
1,000
1,000
900
900
800
800
700
700
600
600
500
500
400
400
"NATIONAL DEFENSE"
\
300
300
200
200
1 982
1 983
1 984
1 986
1 985
1 987
1 989
1 988
1 990
1 991
FISCAL YEARS
_!/ INCtUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIf OF ECONOMIC ADVISERS
[Billions of dollars]
On-budg et and off budget on tlays
Or -budget a rcd off-bud ret receipt
Nationa defense
Social
Individual
income
taxes
Oorporation
income
taxes
41 4
908
399 6
463 3
517 1
599.3
617.8
600 6
666.5
131 6
157.6
181 0
217 8
244 1
285.9
297 7
288 9
298 4
54.9
600
65 7
64 6
61.1
56 9
106.5
121 0
1389
157 8
182.7
201 5
209 0
2394
734 1
769.1
854 1
909.0
990 7
1,031.5
1 135 4
334 5
349 0
39' 6
401.2
445 7
466.9
5084
61 3
63 1
83 9
94.5
103 6
93.5
1151
265 2
283 9
303 3
334.3
359 4
380.0
418 1
35.5
40.7
.7
J 6
24.3
26.6
Fiscal year
Total
1976....
1977
1978...
1979
1980
1981
1982
1983
1984
1985
1986
1987..
1988
1989....
1990 '
1991 (estimates) 2
First month: l
Fiscal year 1990
Fiscal vear 1991
1
2
298 1
355.6
68.4
78.7
49 2
37 0
arice
taxes
and
contributions
Other
34 3
36.6
37 7
40 8
50 6
69.5
69 3
65 6
Total
Total
Department of
Defense,
Interaffairs
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
1340
157.5
185.3
209 9
227.4
87 9
95.1
102 3
113 6
1309
64
6.4
75
75
12 7
153.9
1807
2044
220.9
13.1
123
11 8
159
252 7
273.4
282 0
290.4
303 6
299.3
303.3
245 2
265.5
2740
281.9
2949
289.8
292.2
162
74 3
78.9
82 0
91.0
93 8
946 3
9903
1 003 8
1,064.0
1 142 6
1,251.9
1311 7
7.9
9.8
94.5
110 2
19.9
25.0
19.2
24.1
71 8
73 0
73 1
Data from Monthly Treasi
See footnote 1, page 32.
Health
15.7
17.3
18.5
20.5
23.2
2S.9
Medicare
15.8
19.3
99 8
26.5
32.1
39.1
Income
Social
ty
ty
60.8
61.0
61.5
73.9
66.4
86.5
99.7
107.7
122.6
112.7
118.5
139.6
156.0
170.7
178.2
52.5
68.7
85.0
89.8
111.1
188.6
198.8
207.4
129.4
136.0
138.6
151.7
169.1
183.8
193.7
158.4
202.2
203.3
14.1
14.7
16.9
23.0
65.8
70.2
75.1
78.9
85.0
97.7
99.6
128.2
119.8
13.8
182
33.5
35.9
40.0
44.5
48.4
58.1
66.2
148.3
160.5
219.3
232.5
248.6
266.9
2.2
.8
4.5
5.5
7.7
7.4
9.7
12.8
19.5
21.0
123.3
129.3
136.0
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
26.7
29.9
35.4
42.6
46.6
52.6
57.5
14.2
11 6
10.5
96
Other
85.1
93.9
104.1
28.6
30.4
27.4
Net
interest
131.8
142.1
125.9
139.4
1990, except as noted.
Sources: Department of the Treasury and Offiee of M;magemei and Budget.
NOTE.—Data are from Budget of the United Rtatex Government, Fiscal Year 19.91, January
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter of 1990, according to preliminary estimates, Federal receipts rose $19.2 billion (annual rate)
and Federal expenditures fell $3.8 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
1,200
1,200
EXPENDITURES
1,000
1,000
800
800
600
600
400
400
200
200
SURPLUS OR DEFICIT (-)
-200
i i
-200
1982
1
1983
1
1
1
1985
1984
1986
I
I
1988
1987
1989
1990
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Personal
Period
Total
Fiscal year:
1985
1986
1987
1988
1989
Calendar year:
1985
1986
1987
1988
1989
1982- IV
1983: IV .
1984: IV
1985: IV. .
1986- IV
1987: IV...
1988: IV
1989- I
II
III
IV...
1990- I
n r
ni
tax and
nontax
receipts
Corporate
profits
tax
accruals
tax and
nontax
accruals
Contributions for
social
insurance
Pur-
Total
chases
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
899.4
957.6
1,041.9
340.4
357.0
400.8
411.3
457.6
74.6
81.1
99.1
108.1
113.8
55.9
50.9
53.5
55.6
57.8
305.8
326.1
345.9
382.6
412.6
962.3
1,028.0
1,060.0
1,101.8
1,172.2
341.5
368.6
375.4
377.8
399.0
374.0
394.6
411.1
433.2
462.0
97.8
107.4
103.1
108.3
115.8
128.3
134.6
139.3
148.8
167.7
20.7
22.8
31.1
33.6
27.7
O1
.0
.1
-.1
.0
-185.5
788.7
827.9
913.8
972.4
1,052.9
633.1
675.5
742.7
805.3
853.8
940.0
997.5
1,045.4
1,062.2
1,048.1
1,055.7
1,080.6
1,105.8
1,125.0
346.4
361.4
405.8
415.1
464.0
303.0
291.9
326.0
355.3
376.2
419.2
424.8
453.1
470.9
462.2
469.6
473.6
492.1
500.8
76.3
83.8
103.2
110.5
110.4
46.4
70.2
69.7
78.8
88.9
107.4
115.4
120.7
115.0
104.7
101.3
106.5
109.2
113.5
55.1
50.5
54.0
57.0
58.4
47.6
53.6
56.2
53.5
50.8
55.1
57.8
57.6
58.0
59.3
58.7
60.6
60.5
61.0
310.9
332.1
350.8
389.8
420.1
236.1
259.8
290.7
317.7
337.9
358.4
399.6
413.9
418.4
421.9
426.1
439.9
444.0
450.5
985.6
1,034.8
1,071.9
1,114.2
1,187.2
835.7
844.7
930.2
1,017.5
1,042.8
1,101.7
1,153.8
1,178.0
1,184.9
1,179.8
1,205.8
1,248.8
1,271.7
1,267.9
355.2
366.5
381.3
380.3
400.0
293.2
276.1
326.0
376.6
368.8
388.2
401.1
398.3
402.5
399.2
399.9
410.6
421.9
424.5
380.1
399.9
414.0
438.9
471.9
347.4
352.5
362.1
385.8
405.8
421.4
447.2
460.6
464.7
474.4
487.9
503.4
510.4
510.0
99.7
106.8
102.6
111.1
118.2
84.5
86.0
96.3
103.5
103.0
102.7
112.2
116.7
117.0
117.6
121.5
128.5
131.5
129.8
130.1
135.6
142.3
151.3
172.0
87.2
101.0
125.3
132.7
136.0
147.6
157.9
167.4
173.4
172.1
175.2
178.1
184.3
190.6
20.3
26.0
31.8
32.7
25.0
23.4
29.1
21.0
19.0
29.2
41.5
35.3
35.0
27.3
16.5
21.3
28.3
23.8
13.0
2
.0
.0
.0
.0
.0
.0
.6
.0
.0
-.2
.0
.0
.0
.0
.0
.0
.0
.0
-196.9
-206.9
- 158.2
141 7
-134.3
Source: Department of Commerce, Bureau of Economic Analysis.
34
Indirect
business
Federal Government expenditures
-160.7
-130.3
- 169.2
-187.5
-212.2
-189.0
161 7
-156.3
-122.7
m7
-150.1
-168.3
Iftfi O
-142.9
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84=100)
Industrial production (1987 — 100; seasonally adjusted)
Period
United
States
Germany
84.1
85.7
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
83.1
84.8
76.5
81.5
91.4
96.5
95.7
100.0
105.0
105.1
81.7
82.6
82.9
85.5
93.4
96.8
96.6
100.0
109.3
115.7
98.9
98.3
97.3
96.5
97.1
97.2
98.0
100.0
104.7
108.9
95.0
93.2
90.3
90.9
93.5
97.7
99.6
100.0
103.9
108.7
96.2
94.8
91.8
88.8
91.8
92.9
96.2
100.0
105.9
109.2
87.5
84.8
86.4
89.6
89.7
94.6
96.8
100.0
103.7
r
104.3
82.4
90.9
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
76.1
85.6
94.9
100.4
104.8
108.9
113.4
118.4
123.2
129.3
90.9
95.4
98.0
99.9
102.1
104.2
104.9
105.0
105.7
108.1
72.2
81.8
91.7
100.3
108.0
114.3
117.2
121.1
124.4
128.9
86.8
92.2
97.0
100.3
102.7
104.9
104.7
104.9
106.3
109.2
63.2
75.4
87.7
100.8
111.5
121.1
128.5
134.4
141.1
150.4
78.5
87.9
95.4
99.8
104.8
111.1
114.9
119.7
125.6
135.4
107.8
108.2
108.2
107.7
108.1
108.6
105.2
105.3
105.2
104.0
104.4
104.7
114.2
117.6
115.8
115.8
116.8
116.9
109.4
109.4
108.1
108.4
108.9
107.6
109.9
109.8
110.1
110.0
110.3
111.4
110.7
108.7
110.5
110.8
111.4
114.6
' 103.9
105.0
' 104.9
' 104.6
' 104.1
' 104.5
124.4
124.6
125.0
125.6
125.9
126.1
130.4
130.5
130.7
131.2
131.6
131.5
108.4
108.3
109.2
110.0
108.9
109.0
129.0
129.2
129.5
130.1
130.3
130.5
109.3
109.2
109.4
109.7
109.9
110.2
150.7
150.9
151.6
153.1
153.7
154.4
135.7
136.1
137.0
138.1
139.2
139.6
107.5
108.5
108.9
108.8
109.4
110.1
' 110.4
110.4
' 110.5
109.6
102.4
102.3
102.6
102.2
' 102.7
r
103.1
103.7
102.7
111.9
111.3
112.8
110.2
113.4
113.7
115.2
115.4
107.3
111.4
110.4
109.5
107.2
108.4
109.7
r
127.4
128.0
128.7
128.9
129.2
129.9
130.4
131.6
132.7
133.5
132.7
133.4
133.9
133.9
134.6
135.1
135.8
T
135.8
136.3
137.4
109.2
109.5
109.9
110.8
111.6
111.0
110.9
111.4
112.4
130.8
131.1
131.6
132.1
132.3
132.6
132.9
133.7
134.4
110.9
111.3
111.4
111.6
111.8
111.9
111.9
112.2
112.6
113.4
155.3
156.5
157.1
157.7
158.0
158.7
159.3
160.3
161.2
162.6
140.4
141.2
142.6
147.0
148.3
148.9
149.0
150.5
151.9
153.1
1989- July.
... .
May
July
Sept
Oct ".
1
United
Kingdom
France
1981
1982
1983
1984
1985
1986
1987
1988
1989 "
1990: Jan
Feb
Mar
United
States 1
United
Kingdom
Japan
1980
Sept
Oct
Nov
Dec
Italy
Canada
117.2 109.0
106.8
116.5
107.5
118.8
117.9 '108.9
121."0 109.2
121.1 ' 109.6
123.2 111.9
123.7 111.9
1224
Data relate to all urban consumers.
104.1
!03.6
105.3
106.2
' 105.0
' 107.4
r
103.6
' 102.9
102.6
r
T
Canada
Japan
France
Germany
Italy
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
Merchandise exports (f.a.s. value) 1
General merchandise imports (customs value) s
Principal end-use commodity category
Period
Total 2
Foods,
feeds,
and
Industrial
supplies
beverals
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
31.3
309
31.5
24.0
22.3
24 3
323
37 2
61.7
72.7
15.7
205.6
224.0
5
218.8
5
227.2
254 1
322.4
363 8
567
61.7
58.5
57.3
66 7
85 1
99 3
67 2
72.0
73.9
75.8
86 2
109 2
138 8
168
1989: Sept
Oct
Nov
Dec
30.1
31 4
30.6
31.3
28
30
3.2
3.0
81
84
83
7.9
12 3
12 3
11 1
12.3
26
31
30
3.1
29
30
1990:
31.4
31 6
33.3
32.1
32.8
34 2
32.1
32.5
31.8
3.1
31
3.2
3.0
2.9
34
2.8
3.1
2.7
86
80
8.6
84
8.4
84
81
8.7
8.6
12 0
25
28
3.3
30
3.5
34
30
3.1
2.7
34
34
1982
1983
216.4
1984
1985
1986
1987
1988
1989
Jan
Feb
Mar
Apr
May
Julv r
Aug .
Sept
1
12 8
12.8
12 4
12.7
13 5
12 8
12.5
12.6
20.6
22.9
21.7
24 6
29 3
34 8
14.3
134
13.3
12.6
14.2
17 7
23 1
364
34
3.4
3.4
35
3.6
39
37
3.5
3.5
3
Total
Other 2
Foods
feeds,
and
Industrial
supplies
mater'
20.7
205
24.0
27.3
35.9
346
43 4
17 2
244.0
2580
330.7
4
336.5
365.4
406 2
441 0
473 2
4
17.1
18 2
112.0
107 0
Capital
goods
except
automotive
35.4
409
59.8
65.1
21.0
123.7
21.9
24.4
24 8
24 8
25 1
113.9
101.3
1110
118 3
132 3
105
119
11 1
10.4
94
99
100
9.4
129
11 1
11.5
105
11.3
10 5
11 0
12.3
12.8
98
91
9.8
98
9.5
96
10 1
9.8
9.3
14
16
17
1.6
38 9
41 6
405
38.1
19
21
18
16
1.8
17
1.8
16
18
1.7
1.7
41 6
38 7
41.6
394
40.5
39 6
23
41 2
21
42.3
41.3
2.1
2.1
Includes Department of Defense Military Assistance Program grant-aid shipments.
Includes undocumented exports to Canada through 1988.
Total arrivals of imported goods other than intransit shipments.
4
Total includes revisions not reflected in detail.
5
Total exports are on a revised statistical month basis; end-use categories are on a statistical
2
Trade haiance
Principal end-use commodity category
21
2.0
23
2.5
23
2.3
21
71.8
845
101 4
113 3
Automotive
vehicles,
parts.
and
engines
33.3
408
53.5
66.8
78.2
85 2
87 7
86 1
Con-
mer-
sumer
goods
chandise
imports
(c.i.f.
value)
(nonfood)
except
automotive
39.7
Other
6.5
63
7.8
9.4
254.9
Exports
(f.a.s) less
imports
(customs
Exports
(f.a.s)
less
imports
(c.i.f.)
-27.5
-52.4
-106.7
-117.7
-138.3
152 1
-1185
1094
-38.4
-64.2
— 122.4
-133.6
-99
-6.8
— 104
120
-11 7
-8.4
— 102
71
-8.4
—7 3
-7.8
53
91
-9.7
-9.4
-12.1
88
-10.2
-9 1
-9.6
71
11 0
-11.6
-11.2
60.0
68.3
79.4
88 7
959
102 9
10.4
2699
346.4
352.5
382.3
12 1
12 8
13 6
424 4
4595
493 2
12
14
13
1.2
405
88
434
423
102
70
6.5
88
91
90
8.4
64
67
7.9
69
7.5
73
75
7.7
7.0
89
83
8.7
87
8.7
85
91
9.1
8.6
13
12
1.3
13
1.3
14
13
1.3
1.5
434
404
43.5
41 1
42.4
70
72
449
39.7
41 3
43 1
44.2
43.0
-155.1
1703
-137 1
1294
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 1990, the merchandise trade deficit rose to $29.8 billion from $23.1 billion in the second
quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
10
10
5
-5
A
•A
v / /^
A "
-5
\\
-10
'\
\
-15
-10
\\
\
\
-15
\
/.---'
\1
-20
-20
BALANCE ON GOODS,
\ SERVICES, AND INCOME
\
-25
.^>1
\
V
-30
,/-x/
"N^
i
HNx
r.MERCHANDISE TRADE
-40
-45
^^
r*
* \
*N
\\/
-35
/
/'
'.C^/l
-25
f
'h<S
-30
/"""V
f
-35
BALANCE ON
CURRENT ACCOUNT
-40
BALANCE
i i i
1
1982
1
!
1
1 1
1
1984
1983
1
1
1
1985
1
1
1 1 1
!
1 1
1
1988
1987
1986
1 1
1989
\ \i
-45.
1990
* SEASONAUY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits ( + ), debits ( —)]
Merchandise l
2
Net
Period
Exports
1981
1982
1983
1984
1985
1986
1987
1988
1989
1988- I
II
Ill
IV
1989: I
II
Ill
IV
1990: I
II"
237,085
211,198
201 820
219 900
215 935
223 367
250,266
320 337
360,465
76 497
79,392
80,511
83,937
88,267
91,111
89,349
91,738
96,262
r
96,758
Ill ".... 96,159
1
2
3
Imports
Net balance
— 265063
— 247 642
268 900
332 422
338'o83
368 425
409 766
447 323
-475,329
109 988
-110,494
— 111,290
— 115,551
-116,360
-119,333
-119,152
— 120,484
-122,545
r
- 119,860
-125,911
— 27 978
— 36444
— 67 080
112 522
— 122 148
145 058
— 159 500
126 986
-114,864
33 491
-31,102
-30,779
-31,614
-28,093
-28,222
-29,803
-28,746
-26,283
r
— 23,102
-29,752
Excludes military.
Adjusted from Census data for differences in timing and t
Quarterly data are not seasonally adjusted.
36
Investment income 4
Services
military
transactions 3
Net
transportation
receipts
— 844
144
112
163
— 992
4 227
9 153
10788
8 939
— 8 298
4 060
659
1 776
-1,062
-624
-599
-57
39
— 192
870
1,075
816
2 147
4096
4 907
3 530
5 452
-6,320
1 075
-1,139
— 1,144
-2,094
-1,763
-1,667
-1,114
-1,776
-1,287
-1,342
Payments
on foreign
assets 3in
U.S.
RemitBalance on
goods,
services,
and income
pensions,
and other
unilateral
transfers,
net '
Balance
on current
account
Other
services,
net 4
Receipts
on U.S.
assets
abroad
12 552
12 981
13 859
14 042
14 008
18 551
18 262
21 032
26,123
4 736
5,079
5,391
5,829
5,899
6,164
7,031
7,030
6,217
6,607
6892
84 975 — 53 626 31,349
15 223 — 8 331
— 5 868
3 907 — 9 775
85 346
57 097 28 250
81 972
30 188 — 9 956 — 40 143
54 549 27 423
99 006
12 621
92 935
69 542 23 394
86 385
66 115 16 166
106859 — 15 473 — 122 332
82282
145 393
16 009
80 982
70 013 10 969
129 384
90 536
85 210
5 326 — 147 739 — 14 575 — 162 314
15 005
128 862
110 048
108 438
1 610
113 857
-913 -95,314 -14,720 -110,034
127,536 — 128,448
3 476
32 682
26 980
24 580
2 400
29 206
26,739
-26,330
409
-27,815 -3,060 -30,875
-3,461 — 30,758
27,942
-28,083
— 141 -27,297
28,386
-29,445 -1,059
-29,537
-5,008
-34,545
-27,104
— 3,555
30,872
-30,407
465
— 23,549
31,932
-33,889 -1,957
-25,643 -3,006 — 28,649
-27,591
32,102
-32,085
17
-24,061 -3,530
-26,692
32,629
-32,068
561
-22,061 -4,631
-21,668
- 18,283 -3,385
31,541 -29,546
1,995
-31,564
-637 -17,131 -4,713 — 21,844
30,927
See p. 37 for continuation of table.
Net
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $12.1 billion in the second quarter
of 1990, compared to a decrease of $52.4 billion in the first quarter. Liabilities to private foreigners reported by
U.S. banks, excluding Treasury securities, increased $2.9 billion in the second quarter, compared to a decrease of
$32.3 billion in the first quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
80
80
CHANGE IN
FOREIGN ASSETS
- IN THE U.S., NET
60
60
40
40
20
20
CHANGE IN
U.S. ASSETS
ABROAD, NET
-20
-20
-40
-40
-60
1990
1982
•SEASONALLY ADJUSTED
SOURCE; DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capital outflow ( — )]
Period
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989..
1988:
I
11
Ill
IV
1989: I
II
m
1990:
U.S.
official
reserve
assets 3 5
Other U.S.
Government
assets
Foreign assets in the U.S., net3
[increase /capital inflow ( + )]
U.S.
private
assets
Total
Other
foreign
assets
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net 5
(unadjusted,
end of
period)
-110,951
-124,490
— 56,100
-31,070
-27,721
-92,030
-62,946
-84,176
-127,061
-5,175
-4,965
-1,196
-3,131
-3,858
312
9,149
— 3,912
25 293
-5,097 -100,679
-6,131
113 394
5 006 -49,898
-5,489
— 22,451
-2,821
21 043
2 022 -90,321
997 -73,091
-83,232
2,969
1,185 -102,953
83,032
93,746
84,869
102,621
130,012
221,599
218,470
221,442
214,652
4,960
3,593
5,845
3,140
-1,083
35,588
45,210
39,515
8,823
78,072
90,154
79,023
99,481
131,096
186,011
173,260
181,927
205,829
4,569
-19,856
— 42,383
-26,508
1,502
39
-7,380
1,925
-1,594
-847
1,957
3,452
4,661
-19,048
36 960
-31,885
26,079
65,270
49,797
80,295
24,840
5,970
-2,015
10,720
1,239
59,300
51,812
69,575
2,034
-14,539
23,344
-19,242
2,970
-2,995
4 630
4,656
43,186
41,028
47,788
47,802
-32,859
-1,381
-44,076
-48,745
-4,000
-12,095
-5,996
-3,202
962
303
574
47
29 821
11,017
-38,654
-45,496
68,402
2,794
74,136
69,320
7,797
4 961
13,003
-7,016
60,605
7,755
61,133
76,336
-8,439
27,236
-2,469
6,117
3,093
-1,697
-4,953
3,560
49,854
60,502
68,418
74,609
-3,177
371
-659
— 624
36,713
-26,190
-32,988
21,957
-8,203
6,284
-24,786
15,673
21,780
26,330
2,804
-1,036
76,303
77,298
IV
I
32,877
IP .... — 26,443
5
Consists of gold, special drawir ; rights (SDKs), foreign currencies, and the U.S. reserve position in the IMF.
Foreign
official
assets
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
1,093
Sources: Department of Commerce (Bun
Treasury.
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
19,934
36,612
11,374
27,456
20,041
15,824
6,790
8 404
22,443
of Economic Analysis) and Department of the
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
,
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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