Full text of Economic Indicators : November 1991
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102d Congress, 1st Session
Economic Indicators
NOVEMBER
1991
(Includes data available as of Not-ember 22, 1991)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
FEDERAL RESERVE
SANK OF CHICAGO
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1991
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL S. SARBANES, Maryland, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
ALBERT GORE, JR. (Tennessee)
RICHARD H. BRYAN (Nevada)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
CONNIE MACK (Florida)
ROBERT C. SMITH (New Hampshire)
HOUSE OF REPRESENTATIVES
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
KWEISI MFUME (Maryland)
RICHARD K. ARMEY (Texas)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
STEVEN QUICK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, Chairman
DAVID F. BRADFORD, Member
PAUL WONNACOTT, 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 prepared by the Art Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.50 a single copy
($3.13 foreign), or by subscription at $28.00 per year ($35.00 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 1991, according to advance estimates, current-dollar gross national product (GNP) rose 4.2
percent (annual rate) or $58.4 billion. Real GNP (GNP adjusted for price changes) rose 2.4 percent and the
implicit price deflator rose 1.8 percent.
BILL ONS OF DOL LARS (RATIO SCALE)
BILLIOSIS OF DOLLAFiS (RATIO SC \LE)
6,000
_
6,000
SE ASONALLV ADJUST D ANNUAL RATES
5,600
5,600
—-^~
^^
5,200
5,200
./^
c NP
~~
^-^
s
- IN CURREMT DOLLARS-
4,800
4,800
\ XI
y
4,400
4,400
—^
-----
.,-'
—~
4,000
4,000
-^
—^
3,200
GN 3
IN 1982 D 3LLARS
---••'
3,600
fc=
3,600
3,200
T^-
2,800
2,800
1
1
1982
1
1
1
1
1
1983
1
1
1984
I
1
1
1985
1
1
1986
1
1
1
1
1
1987
1
1
1988
\
\
\
1989
\
\
\
1990
1
1
1
1991
COUNCIL OF ECONOMIC ADVISERS
OURCE: DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Govern ment pure lases of
goo ds and ser ttces
Exports Eind imports of goods
and service i
„
A r°St'c
Personal
consumption
expenditures
Gross
private
domestic
investment
2,732.0
3,052.6
3,166.0
3,405.7
3,772.2
4,014.9
4,231.6
4,515.6
4,873.7
5,200.8
5,465.1
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,009.4
3,238.2
3,450.1
3,657.3
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.5
747.1
771.2
741.0
32.1
33.9
26.3
-6.1
-58.9
-78.0
-97.4
-114.7
-74.1
-46.1
-31.2
351.0
382.8
361.9
352.5
383.5
370.9
396.5
449.6
552.0
626.2
672.8
318.9
348.9
335.6
358.7
442.4
448.9
493.8
564.3
626.1
672.3
704.0
530.3
588.1
641.7
675.0
735.9
820.8
872.2
921.4
962.5
1,025.6
1,098.1
208.1
242.2
272.7
283.5
310.5
355.2
366.5
381.3
380.3
400.0
424.0
142.7
167.5
193.8
214.4
234.3
259.1
277.8
294.6
297.2
301.1
313.6
65.4
74.8
78.9
69.1
76.2
96.0
88.7
86.7
83.1
98.9
110.4
322.2
345.9
369.0
391.5
425.3
465.6
505.7
540.2
582.3
625.6
674.1
2,740.3
3,028.6
3,190.5
3,412.8
3,704.5
4,003.6
4,224.8
4,487.3
4,847.5
5,172.5
5,470.2
2,699.8
3,018.7
3,139.7
3,411.8
3,831.1
4,092.8
4,329.0
4,630.3
4,947.8
5,246.9
5,496.4
IV
IV
IV
IV
IV
IV
IV
IV
3,212.5
3,545.8
3,851.8
4,107.9
4,297.3
4,647.6
5,009.8
5,289.3
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,079.1
3,332.6
3,518.5
409.6
579.8
661.8
654.1
648.8
741.4
747.5
762.7
14.1
-25.8
-67.9
-103.2
-108.9
-115.0
-70.3
-35.3
335.9
364.7
385.7
369.2
402.4
485.8
583.1
642.8
321.9
390.5
453.6
472,4
511.3
600.7
653.5
678.1
671.8
676.1
764.5
856.7
888.9
942.0
1,000.0
1,043.3
293.2
276.1
326.0
376.6
368.8
388.2
401.1
399.9
205.4
221.5
244.1
268.6
280.7
296.0
299.6
299.2
87.7
54.6
81.9
108.0
88.1
92.2
101.6
100.7
378.7
400.0
438.5
480.1
520.1
553.9
598.9
643.4
3,272.4
3,514.8
3,806.8
4,100.7
4,309.4
4,591.9
4,993.6
5,264.3
3,198.5
3,571.6
3,919.7
4,211.2
4,406.2
4,762.6
5,080.1
5,324.6
1990: I
II
Ill
IV
5,375.4
5,443.3
5,514.6
5,527.3
3,588.1
3,622.7
3,693.4
3,724.9
747.2
759.0
759.7
698.3
-30.0
-24.9
-41.3
-28.8
661.3
659.7
672.7
697.4
691.3
684.6
714.1
726.2
1,070.1
1,086.4
1,102.8
1,132.9
410.6
421.9
425.8
437.6
307.2
309.6
312.6
325.0
103.4
112.3
113.2
112.6
659.6
664.6
677.0
695.3
5,387.2
5,429.9
5,505.6
5,558.2 1
5,405.3
5,468.2
5,555.9
5,556.1
1991: I
II
Ill P
5,557.7
5,612.4
5,670.8
3,742.8
3,789.0
3,841.8
660.0
654.0
684.8
13.5
18.1
— 1.4
694.5
700.8
693.5
681.0
682.6
694.9
1,141.5
1,151.3
1,145.5
443.8
449.7
436.8
331.2
325.7
318.7
112.6
124.0
118.1
697.7
701.6
708.7
5,591.9
5,652.5
5,688.3
5,544.2
5,594.3
5,672.2
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1
Gross
national
product
Net
exports
( J N P less exports of goods and services plus imports of goods and services.
Final
Federal
Exports
Imports
Total
Total
National
defense
Nondefense
chases 1
and
local
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Exports and imp orts of
goods and ser 7ices
Gross p rivate
domestic in vestment
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
Gross
national
product
Persona!
consumption
expenditures
Total
Nonresidential
fixed
Residential
fixed
Change
in
business
inventories
Govern nent pure bases of
gooc s and se vices
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
Final
sales
Gross
domestic
purchases:
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,618.7
3,717.9
3,845.3
4,016.9
4,117.7
4,157.3
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,354.8
2,446.4
2,515.8
2,606.5
2,656.8
2,681.6
509.3
545.5
447.3
504.0
658.4
637.0
639.6
669.0
705.7
716.9
688.7
379.2
395.2
366.7
361.2
425.2
453.5
438.4
449.8
487.2
506.1
515.4
137.0
126.5
105.1
149.3
170.9
174.4
195.7
196.4
194.9
187.0
176.8
-6.9
23.9
-24.5
-6.4
62.3
57.0
49.4
26.3
-19.9
-84.0
9.1 - 104.3
5.6 — 129.7
22.8 -118.5
23.6
- 75.9
23.8
-54.1
-3.6
-33.8
388.9
392.7
361.9
348.1
371.8
367.2
397.1
451.8
534.7
593.3
631.5
332.0
343.4
335.6
368.1
455.8
471.4
526.9
570.3
610.6
647.4
665.3
620.5
629.7
641.7
649.0
677.7
731.2
761.6
779.1
780.5
798.1
820.8
246.9
259.6
272.7
275.1
290.8
326.0
334.1
339.6
328.1
334.9
343.7
171.2
180.3
193.8
206.9
218.5
237.2
252. 1
265.1
260.7
256.3
258.7
75.7
79.3
78.9
68.2
72.3
88.8
82.0
74.5
67.5
78.7
85.0
373.6
370. 1
369.0
373.9
387.0
405.2
427.5
439.5
452.4
463.2
477.1
3,194.0
3,225.0
3,190.5
3,285.5
3,439. 1
3,609.6
3,712.4
3,822.5
3,993.2
4,094.0
4,160.9
3,130.1
3,199.4
3,139.7
3,299.1
3,585.4
3,723.0
3,847.6
3,963.8
4,092.8
4,171.8
4,191.1
3,159.3
3,365.1
3,535.2
3,662.4
3,733.6
3,920.7
4,059.3
4,133.2
2,078.7
2,191.9
2,281.1
2,386.9
2,477.8
2,534.2
2,638.8
2,669.9
408.8
577.2
655.7
648.0
615.2
706.6
696.2
709.1
352.3
390.4
444.4
460.9
435.7
462.3
486.6
508.4
115.8
159.9
169.6
179.4
200.3
195.8
195.6
181.8
11.7
-46.2
^94.8
7.7 -125.3
-20.8 -135.4
48.4 — 111.3
14.0
-75.7
18.9
-47.9
336.0
355.5
376.6
367.4
406.5
487.0
555.3
611.6
324.3
401.6
471.4
492.6
541.9
598.3
631.0
659.4
660.1
642.2
693.2
752.7
776.0
791.3
799.9
802.2
289.5
266.0
300.5
340.6
342.4
347.7
342.3
332.7
201.4
211.6
225.3
241.4
255.8
266.0
261.1
255.5
88.2
54.4
75.2
99.2
86.6
81.7
81.2
77.2
370.6
376.2
392.7
412.1
433.6
443.6
457.5
469.5
3,218.6
3,338.1
3,493.5
3,654.7
3,754.4
3,872.3
4,045.2
4,114.4
3,147.6
3,411.3
3,630.0
3,787.6
3,869.0
4,032.0
4,134.9
4,181.1
1990: I..
II
Ill
IV
4,150.6
4,155.1
4,170.0
4,153.4
2,677.3
2,678.8
2,696.8
2,673.6
700.7
700.7
697.0
656.3
514.6
508.4
519.3
519.4
188.3
182.8
173.0
163.3
-26.4
-35.4
— 44.6
-46.5
-8.8
628.1
620.1
630.5
647.2
663.5
664.7
677.0
656.0
807.9
820.2
822.7
832.3
333.0
345.9
346.0
349.9
254.4
256.5
258.2
265.7
78.6
89.4
87.8
84.2
475.0
474.3
476.7
482.4
4,152.8
4,145.6
4,165.3
4,179.8
4,185.9
4,199.7
4,216.5
4,162.2
1991: I
II
III"
4,124.1
4,118.9
4,143.1
2,663.7
2,680.5
2,705.3
623.7
617.6
651.2
496.8
498.5
506.5
151.8
152.4
159.7
-25.0
-33.3
-15.1
7.1
-12.6
-32.8
648.0
655.1
655.3
641.0
667.6
688.1
829.6
833.4
819.4
349.5
354.2
340.8
267.5
259.4
254.1
82.0
94.9
86.6
480.1
479.1
478.7
4,149.0
4,152.2
4,158.2
4,117.0
4,131.5
4,175.9
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1
IV.
IV
IV
IV
IV.
IV
IV
IV
-59.3
27.0
41.7
-2.2
9.5
4.7
GNP less exports of goods and services plus imports of goods and services.
Source: Department of Commerce, Bureau of Economic Analysis..
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982=100; quarterly data are seasonally adjusted]
Personal c onsumption
expen ditures
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
national
product
Total
Durable
goods
Nondurable goods
Gross private
domestic i nvestment
Services
Exports
Imports
National
defense
Nondefense
State
and local
90.2
97.5
100.0
101.3
103.2
101.0
99.8
99.5
103.2
105.5
106.5
96.0
101.6
100.0
97.4
97.1
95.2
93.7
99.0
102.5
103.8
105.8
84.3
93.3
100.0
103.1
106.8
109.0
109.7
112.3
115.9
119.4
123.3
83.4
92.9
100.0
103.6
107.2
109.2
110.2
111.1
114.0
117.5
121.2
86.4
94.3
100.0
101.4
105.5
108.2
108.1
116.3
123.2
125.8
129.8
86.2
93.4
100.0
104.7
109.9
114.9
118.3
122.9
128.7
135.1
141.3
108.3
113.5
119.0
124.9
130.9
137.0
143.4
100.7
98.3
97.9
97.9
100.0
99.0
101.8
100.7
99.1
103.1
107.2
109.0
112.4
116.5
120.6
124.3
100.0
102.6
102.4
100.5
•99.0
99.7
105.0
105.1
99.3
97.2
96.2
95.9
94.4
100.4
103.6
102.8
101.3
103.8
108.5
110.6
107.7
111.7
117.2
120.2
102.0
104.7
108.3
111.3
109.7
111.3
114.7
117.1
99.5
100.3
108.9
108.8
101.7
112.8
125.1
130.4
102.2
106.3
111.7
116.5
120.0
124.9
130.9
137.1
128.3
129.4
131.5
134.9
145.1
146.6
148.5
150.4
101.6
101.6
102.6
100.9
125.3
125.3
126.0
125.7
105.3
106.4
106.7
107.8
104.2
103.0
105.5
110.7
123.3
122.0
123.0
125.1
120.8
120.7
121.1
122.3
131.5
125.6
128.9
133.8
138.9
140.1
142.0
144.1
135.2
135.4
135.3
152.1
153.5
154.7
101.4
100.5
98.5
125.5
126.6
127.4
107.2
107.0
105.8
106.3
102.2
101.0
127.0
126.9
128.2
123.8
125.6
125.4
137.3
130.7
136.4
145.3
146.4
148.1
89.2
95.7
100.0
102.1
103.8
104.8
105.6
108.2
109.4
110.9
112.4
89.4
96.9
100.0
102.1
105.0
107.5
107.3
112.2
116.6
122.8
131.0
83.9
92.6
100.0
106.2
111.6
116.8
122.4
128.7
IV
IV
IV
IV
IV
IV
IV
IV
101.7
105.4
109.0
112.2
115.1
118.5
123.4
128.0
101.8
105.7
109.3
113.1
115.8
121.5
126.3
131.8
100.7
103.1
104.1
104.7
106.2
108.9
110.3
111.4
101.0
103.1
105.8
108.7
107.8
113.9
118.6
124.5
102.7
1990: I
II
Ill
IV
129.5
131.0
132.2
133.1
134.0
135.2
137.0
139.3
112.5
112.1
112.3
112.7
1991: I
II
Ill ".
134.8
136.3
136.9
140.5
141.4
142.0
113.0
113.0
113.9
Federal
Residential fixed
89.4
96.6
100.0
102.2
106.0
108.3
111.1
115.2
119.3
123.5
125.5
86.6
94.6
100.0
104.1
108.1
111.6
114.3
119.6
124.2
129.9
136.4
Source: Department of Commerce, Bureau of Economic Analysis.
Gove rnment pure lases of goo ds and
ser 'ices
85.1
93.4
100.0
98.8
97.9
97.7
99.3
98.9
100.2
101.2
101.7
85.7
94.0
100.0
103.9
107.7
110.9
113.8
117.4
121.3
126.3
131.5
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
Nonresidential
fixed
Exports an . imports of
goods am1 services
134.5
141.0
147.7
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from preceding period; quarterly data at seasonally adjusted annual rates]
Personal consumption e spenditures
Or ss national pr jducl
Period
Current
dollars
8.9
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1987:
1988:
1989:
1990:
1991:
11.7
3.7
7.6
10.8
6.4
5.4
6.7
7.9
6.7
5.1
9.1
7.5
7.4
8.7
7.8
8.3
7.4
7.7
7.5
5.8
5.1
3.9
6.7
5.1
5.3
.9
2.2
4.0
4.2
I
II
Ill
IV
I
II
Ill
IV
I
11
Ill
IV
I
II
Ill
IV
I
II
Ill'
Constant
(1982)
dollars
-0.2
1.9
-2.5
3.6
6.8
3.4
2.7
3.4
4.5
2.5
1.0
5.2
4.2
4.1
6.6
5.1
3.6
2.7
2.7
3.6
1.6
1.7
.3
1.7
.4
1.4
-1.6
-2.8
5
2.4
Implicit
price
deflator
Chain price
index
Fixedweighted
price index
(1982
weights)
9.0
9.4
6.3
4.1
3.9
3.3
2.5
3.3
3.7
4.3
4.3
4.3
3.1
3.3
3.1
3.3
4.2
4.8
4.4
4.7
4.4
3.1
3.7
6.1
4.1
3.7
3.6
5.2
3.3
2.1
9.0
9.7
6.4
3.9
3.7
3.0
2.6
3.2
3.3
4.1
4.1
3.5
3.1
3.5
1.7
2.7
4.4
4.7
4.7
3.9
3.9
3.2
3.8
4.8
4.7
3.7
2.8
5.2
4.5
1.8
NOTE .—Annual changes are from preceding year and quarterly changes are from preceding quarter.
Constant
(1982)
dollars
Current
dollars
9.3
9.3
6.2
4.1
4.0
10.7
9.2
10.9
9.2
5.7
6.4
4.8
4.7
3.9
7.6
7.6
6.5
6.0
7.3
9.6
8.9
3.7
9.2
7.4
8.2
8.1
4.8
6.6
7.0
4.0
8.2
3.9
8.0
3.5
1.9
5.0
5.7
2.8
3.6
1.9
.9
.7
4.5
4.3
-.4
6.9
2.7
3.5
3.5
-.3
1.3
4.6
-.8
1.1
.2
2.7
-3.4
-1.5
2.5
3.8
3.8
3.2
2.4
4.6
3.8
4.6
5.0
6.4
5.7
4.2
3.9
3.5
2.7
4.6
4.0
4.7
4.9
6.2
4.9
4.3
4.0
2.5
4.7
4.8
10.5
7.1
9.0
8.8
8.2
2.7
3.5
4.2
4.5
4.6
4.4
3.5
3.5
3.7
3.9
4.7
5.5
4.4
4.9
4.6
3,1
3.8
6.6
3.9
4.2
4.7
5,2
3.1
2.1
Chain price
index
-0.2
1.2
1.3
4.6
10.6
3.4
Implicit
price
deflator
4.1
4.8
4.4
4.1
2.3
4.3
4.6
4.6
4.8
5.0
5.3
2.6
4.9
6.8
3.4
5.2
6.5
3.4
2.8
2.1
5.2
5.1
2.2
5.0
6.8
3.6
5.4
6.9
3.5
2.6
1.7
Fixedweighted
price index
U982
weights)
10.5
9.0
5.6
4.2
4.0
3.5
2.7
4.6
4.1
4.8
5.2
6.3
5.1
4.3
4.3
2.6
4.8
5.1
4.9
5.0
5.7
2.7
4.7
7.4
3.1
5.7
7.1
3.3
2.6
1.9
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Cur rent-dollar cc st and profit
Gross dome stic product
of nonf nancial
corporate business
(billions c f dollars)
Period
Current
dollars
1982
dollars
Total
cost and
profit 2
Capita!
consumption
allowances
with capital
eonsump-
Indirect
business
taxes 3
Compensation of
emplovees
per unit of output (dolla s) '
Corporatt profits with inventory
valuation and capital c nsurnption
adjustments
Net
interest
Total
adjusttnent
1980
1981
1982
1983
1984
1,540.8
1,738.4
1985
1986
1987
1988
1989
1990
1982: IV
1983: IV
1984: IV
1985:
1986:
1987:
1988:
1989:
IV
IV
IV
IV
IV
1990: I
II
Ill
IV
1991:
1
I
II
.
..
1,782.2
1,914.2
2,146.7
2,267.1
2,367.1
2,524.8
2,720.7
2,854.5
2,952.7
1,779.4
2,012.5
2,201.8
2,309.4
2,408.7
2,597.4
2,797.3
2,878-.5
2,907.5
2,960.0
2,979.1
2,964.1
2,956.9
2,984.8
1,803.6
1,836.8
1,782.2
1,871.8
2,049.2
2,132.3
2,214.3
2,310.9
2,443.4
2,503.0
2,506.5
1,761.6
1,951.7
2,084.1
2,165.4
2,240.8
2,364.8
2,482.5
2,502.2
2,503.8
2,519.6
2,514.4
2,488.3
2,446.9
2,446.4
0.854
.946
1.000
1.023
1.048
1 .063
1.069
1.093
1.114
1.140
1.178
1.010
1.031
1.056
1.066
1.075
1.098
1.127
1.150
1.161
1.175
1.185
1.191
1.208
1.220
0.096
.109
.125
.123
.117
.118
.121
.122
.122
.127
.132
.130
.119
.118
.119
.122
.121
.123
.130
.130
.131
.133
.136
.140
.141
Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol-
lars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
he decimal point shifted two places to the left.
0.077
.090
.094
.098
.100
.102
.104
.104
.105
.109
.116
.096
.097
.101
.102
.104
.104
.106
.111
.113
.113
.117
.119
.124
.125
3
0.583
.632
.676
.676
.683
.699
.708
.720
.737
.760
.791
.685
.676
.689
.704
.713
.726
.747
.769
.777
.787
.797
.804
.814
.822
0.031
.037
.043
.037
.039
.038
.040
.040
.040
.048
.051
.042
.037
.042
.037
.041
.040
.041
.051
.051
.051
.051
.052
.052
.051
Profits
tax
liability
Profits
after
tax 4
0.068
.079
0.037
.035
0.031
.063
.088
.109
.106
.097
.106
.109
.096
.088
.057
.102
.107
.105
.094
.108
.110
.089
.090
.094
.026
.032
.036
.033
.034
.040
.042
.041
.038
.023
.036
.032
.033
.038
.042
.042
.039
.038
.039
.040
.037
.032
.033
.037
.057
.073
.073
.063
.066
.067
.056
.049
.034
.066
.075
.071
.057
.066
.067
.051
.052
.055
.047
.043
.047
.048
.087
080
.079
.082
.044
Output
per hour
of all
emplovees
(1982
dollars)
18.547
18.699
18.774
19.344
19.867
20.198
20.902
21.202
21.658
21.602
21.509
18.807
19.554
19.932
20.389
21.055
21.367
21.680
21.491
21.409
21.547
21.508
21.518
21.461
' 2 1.490
Compensation per
hour of
all
emplovees
(dollars)
10.809
11.815
12.682
13.085
13.571
14.112
14.792
15.264
15.874
16.417
17.020
12.881
13.221
13.741
14.350
15.014
15.506
16.089
16.529
16.641
16.950
17.148
17.301
17.462
' 17.658
Indirect business tax and nontax liability plus business transfer payments less subsidies.
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
4
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employees1
Proprieto s' income
with in ventorv
valuation ind capital
consulnptum
adjusl ments
Corpora te profits w h inventory valuation an capital
consulnption adjust ments
Profits \v th inventory valuation
adjustme nt and witho ut capital
consu mption adjus tment
Total
Farm
1982
1983
1984
1985
198(5
1987
1988
1989
1990
Rental
income of
persons
with
capital
Nonfarm
adjustment
Profits
hcfore tax
Capital
consumption
Net
interest
valuation
adjustment
2,518.4
2,719.5
3,028.6
3,234.0
3,412.6
3,660.3
3,984.9
4,223.3
4,418.4
1,907.0
2,020.7
2,213.9
2,367.5
2,511.4
2,686.4
2,905.1
3,079.0
3,244.2
24.6
12.4
30.5
30.2
34.7
42.8
43.7
48.6
49.9
150.9
178.4
204.0
225.6
247.2
280.6
310.5
330.7
352.6
13.6
13.2
8.5
9.2
11.6
13.7
16.3
8.2
6.9
150.0
213.7
266.9
282.3
282.1
308.3
337.6
311.6
238.3
159.2
196.7
234.2
222.6
228.3
255.9
289.8
286.1
293.3
169.6
207.6
240.0
224.3
221.6
275.3
316.7
307.7
304.1
-10.4
-10.9
-5.8
— 1.7
6.7
-19.4
-27.0
-21.7
-U.4
-9.2
17.0
32.7
59.7
53.8
52.4
47.8
25.5
4.9
272.3
281.0
304.8
319.0
325.5
328.6
371.8
445.1
466.1
IV
IV
IV
IV
IV
IV
IV
IV
2,548.2
2,851.5
3,096.1
3,312.8
3,473.1
3,791.5
4,104.1
4,267.1
1,931.1
2,092.7
2,272.7
2,426.7
2,571.2
2,770.3
2,986.7
3,128.6
28.5
19.3
28.1
29.2
37.2
52.3
35.5
45.7
159.8
188.6
209.7
235.0
252.0
293.0
321.5
336.0
15.8
12.4
5.6
7.8
13.5
14.6
16.8
4.1
146.1
248.5
266.9
291.4
275.2
323.1
349.6
290.9
150.7
223.4
224.6
228.4
226.1
268.6
308.7
275.3
164.1
231.5
226.1
235.0
234.1
289.7
331.1
289.8
-13.4
-8.1
— 1.6
-6.6
-8.0
-21.1
-4.5
25.1
42.3
63.0
49.1
54.5
40.9
15.6
266.9
290.2
313.1
322.7
324.0
338.2
394.1
461.7
1990: I
II
Ill
IV
4,350.3
4,411.3
4,452.4
4,459.7
3,180.4
3,232.5
3,276.9
3,286.9
57.4
51.0
42.4
48.8
346.6
350.8
355.6
357.4
5.5
4.3
8.4
9.3
296.8
306.6
300.7
288.9
285.5
298.8
208.7
290.3
296.9
299.3
318.5
304.1
-11.4
-.5
-19.8
— 13.8
11.3
7.7
463.6
466.2
468.3
468.4
1991: I
II
Ill"
4,456.4
4,493.2
3,299.3
3,335.7
3,371.7
48.5
51.8
43.2
355.8
365.2
375.2
5.6
5.4
7.6
286.2
284.4
289.7
284.1
281.5
279.2
8.1
4.9
-3.2
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1
Includes employer contributions for social insurance. (See also p. 5.)
— 22.5
-14.5
2.0
— 1.4
-3.5
9
6.4
460.9
450.8
445.5
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nor durable g aods
Durabl 3 goods
Period
con-
Motor
vehicles
and
parts
Furniture
and
household
equipment
Total
nondurable
Food
Clothing and
shoes
Gasoline
and oil
Serv-
Retail sales of
new pa ssenger
cars (m llions of
un ts)
expendiures
Total
durable
goods
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,009.4
3,238.2
3,450.1
3,657.3
252.7
289.1
335.5
372.2
406.0
423.4
457 .5
474.6
480.3
108.9
130.4
157.4
179.1
196.2
197.9
212.2
215.5
213.0
95.7
107.1
118.8
129.9
139.7
148.8
161.8
171.4
176.4
48.1
51.6
59.3
63.2
70.0
76.7
83.5
87.8
90.9
771.0
816.7
867.3
911.2
942.0
1,001.3
1,060.0
1,130.0
1,193.7
398.8
421.9
448.5
471.6
500.0
530.7
562.6
595.3
624.7
124.4
135.1
146.7
156.4
166.8
178.4
191.1
204.6
213.2
89.1
90.2
90.0
90.6
73.5
75.3
17.3
83.8
93.8
158.7
169.5
182.1
192.6
201.7
216.9
229.1
246.3
261.9
1,027.0
1,128.7
1,227.6
1,345.6
1,449.5
1,584.7
1,120.1
1,845.5
1,983.3
5.8
6.8
8.0
8.2
8.2
7.1
1.5
7.1
6.9
IV
IV
IV
IV
IV
IV
IV
IV
2,117.0
2,315.8
2.493.4
2,700.4
2,868.5
3,079.1
3,332.6
3,518.5
263.8
310.0
346.7
373.2
422.0
427.4
473.1
471.2
115.7
144.4
162.3
173.8
201.1
198.9
217.8
207.5
99.1
112.4
122.7
134.7
143.8
151.1
166.8
173.0
49.0
53.2
61.8
64.7
77.1
77.4
88.5
90.7
786.6
837.9
879.6
932.7
952.1
1,019.9
1,088.0
1,148.8
407.0
430.8
456.1
482.5
511.9
539.0
577.1
602.2
126.5
141.1
149.8
160.6
168.7
182.2
198.6
208.7
89.8
91.9
89.0
91.0
66.0
77.3
78.5
83.5
163.4
174.0
184.7
198.5
205.5
221.5
233.9
254.4
1,066.5
1,167.9
1,267.1
1,394.5
1,494.4
1,631.8
1,771.5
1,898.5
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
1990: 1
II
Ill
IV
3,588.1
3,622.7
3,693.4
3,724.9
492.1
478.4
482.3
468.5
221.1
212.4
214.7
203.9
178.9
176.8
176.4
173.4
92.0
89.3
91.2
91.3
1,174.7
1,179.0
1,205.0
1,216.0
616.4
623.3
629.8
629.4
212.9
212.6
215.8
211.5
87.1
84.5
94.0
109.4
258.2 1,921.3
258.6 1,965.3
265.4 2,006.2
265.6 2,040.4
7.0
6.8
7.2
6.6
2.8
2.7
2.5
2.4
1991: I
11
Ill"
3,742.8
3,789.0
3,841.8
455.3
453.7
467.4
190.9
187.8
196.8
174.2
176.5
178.9
90.2
89.4
91.8
1,212.7
1,221.7
1,229.5
636.7
642.8
644.6
213.3
218.4
221.8
93.9
90.8
90.2
268.7 2,074.8
269.7 2,113.6
272.9 2,144.9
6.0
6.1
6.4
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
Source: Department of Commerce, Bureau of Kc'onornic Analvi-
Other
Other
Domestics
Imports
2.2
2.4
2.4
2.8
3.2
3.2
3.1
2.8
2.6
2 2
2.4
2.3
SOURCES OF PERSONAL INCOME
''ersonal income rose $22.9 billion (annual rate) in September following a rise of $21.2 billion in August. Wages
Ind salaries rose $12.1 billion in September, compared with an increase of $12.9 billion in August.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
5,000
5,000
4,000
4,000
3,000
3,000
2,000
2,000
WAGE AND SALARY DISBURSEMENTS
1,400
1,400
\
OTHER INCOME
800
800
TRANSFER
PAYMENTS
400
1984
1987
1986
1985
inn
III
Mill
1983
400
1989
1988
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Illlllll111
mill
1990
1991
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept"
Total
personal
income
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,526.2
3,766.4
4,070.8
4,384.3
4,645.5
4,697.8
4,695.9
4,716.2
4,743.3
4,723.8
4,733.3
4,750.4
4,755.8
4,787.3
4,811.0
4,802.6
4,823.8
4,846.7
Proprietor ' income 3
Rental
income of
o
income
1,510.3
1,586.1
1,676.6
1,838.6
1,975.4
2,094.8
2,249.7
2,431.1
2,573.2
2,705.3
2,747.2
2,731.6
2,731.6
2,753.6
2,741.0
2,741.9
2,745.6
2,750.2
2,772.6
2,799.4
2,790.7
2,803.6
2,815.7
150.3
163.6
173.6
182.9
187.6
199.3
209.4
225.5
241.9
258.1
261.2
262.2
263.2
264.2
265.2
266.2
267.2
268.2
269.2
270.2
271.2
272.2
273.2
Farm
30.7
24.6
12.4
30.5
30.2
34.7
42.8
43.7
48.6
49.9
38.5
39.1
54.5
52.9
39.6
47.2
58.7
53.5
54.2
47.7
43.5
42.4
43.7
1
The total of wage and salary disbursements and other labor income differs from compensation of
mployees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
2
Consists primarily of employer contributions to private pension and private welfare funds.
With inventory valuation and capital consumption adjustments.
Nonfarm
156.1
150.9
178.4
204.0
225.6
247.2
280.6
310.5
330.7
352.6
357.0
357.1
357.6
357.5
353.8
356.3
357.4
360.9
365.8
368.9
371.1
374.7
379.7
4
persons
4
13.3
13.6
13.2
8.5
9.2
11.6
13.7
16.3
8.2
6.9
10.0
10.8
8.8
8.3
6.8
5.1
4.9
5.0
5.5
5.6
6.2
7.2
9.5
Personal
dividend
income
61.3
63.9
68.7
75.5
78.7
85.8
91.8
102.2
114.4
123.8
125.3
126.1
126.8
127.2
127.2
127.6
125.3
125.2
125.6
125.7
126.3
126.7
127.2
Personal
interest
income
335.4
369.7
393.1
444.7
478.0
493.2
501.3
547.9
643.2
680.4
686.8
687.5
688.1
688.2
685.7
681.8
678.6
676.2
674.1
672.5
670.8
669.4
668.1
Transfer
payments 5
368.1
410.6
442.6
456.6
489.8
521.5
549.9
587.7
636.9
694.8
701.2
710.0
714.0
721.2
741.6
744.5
750.1
754.5
759.7
762.1
764.3
770.0
772.8
Less:
Personal
contributions
for social
insurance
104.5
112.3
120.1
132.7
149.3
161.9
172.9
194.1
212.8
226.2
229.5
228.4
228,4
229.9
237.2
237.2
237.4
237.8
239.3
241.1
241.4
242.3
243.0
Nonfarm
personal
income 6
2,465.6
2,618.7
2,799.0
3,052.1
3,271.3
3,469.4
3,702.2
4,006.0
4,314.6
4,574.3
4,637.8
4,635.3
4,640.2
4,668.8
4,662.6
4,664.4
4,669.9
4,680.4
4,711.1
4,741.3
4,737.0
4,759.4
4,780.9
With capital consumption adjustment,
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
5
6
DISPOSITION OF PERSONAL INCOME
According to advance estimates, real per capita disposable personal income rose in the third quarter of 1991.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
4,500
4,500
4,000
4,000
DISPOSABLE PERSONAL INCOME
v
3,500
3,000
3,500
3,000
2,500
2,500
2,000
2,000
DOLLARS * (RATIO SCALE)
DOLLARS * (RATIO SCALE)
PER CAPITA DISPOSABLE PERSONAL INCOME
18,000
18,000
CURRENT DOLLARS
16,000
16,000
14,000
14,000
12,000
12,000
10,000
10,000
1982 DOLLARS
8,000
8,000
1982
1984
1983
1985
1987
1986
1988
1989
* SEASONALLY ADJUSTED ANNUAL KATES
SOURCE: DEPABTMENT Of COMMERCE
Period
Prersona!
income
Less:
Personal
tax and
nontax
payments
riquals:
ijisposaole
personal
income
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
IV
IV
IV
IV
IV
IV
IV
IV
I
II
Ill ....
IV
1991: I
II
Ill '..
Less:
Personal
outlays *
Equals:
Personal
saving
Disposable
personal
income in
1982
dollars
(billions)
Per c ipita
disposable personal
inc me
Current
dollars
1982
dollars
Per capit i personal
consu nption
expen litures
Current
dollars
1982
dollars
340.5
393.3
409.3
410.5
440.2
486.6
512.9
571.6
591.6
658.8
699.4
1,918.0
2,127.6
2,261.4
2,428.1
2,668.6
2,838.7
3,013.3
3,194.7
3,479.2
3,725.5
3,946.1
1,968.1
2,107.5
2,297.4
2,504.5
2,713.3
2,888.5
3,102.2
3,333.6
3,553.7
3,766.0
2,729.2
2,941.8
3,188.3
3,399.1
3,597.8
3,890.9
4,186.2
4,469.2
4,562.8
4,622.2
4,678.5
4,718.5
4,735.8
4,784.7
4,824.4
411.1
413.9
459.7
499.6
534.4
588.6
607.3
669.6
675.1
696.5
709.5
716.6
714.6
716.6
716.7
2,318.1
2,527.9
2,728.6
2,899.5
3,063.4
3,302.3
3,578.9
3,799.6
3,887.7
3,925.7
3,969.1
4,001.9
4,021.3
4,068.1
4,107.7
2,174.9
2,382.5
2,571.3
2,787.7
2,961.4
3,172.6
3,430.4
3,625.5
3,696.4
3,730.6
3,802.6
3,834.4
3,852.5
3,898.0
3,950.0
1,781.1
Percent
change in
real per
capita
disposable
personal
income
8,421
2,248.6
9,243
9,724
2,261.5
10,340
2,331.9
11,257
2,469.8
2,542.8 11,861
2,635.3
12,469
2,670.7 13,094
2,800.5
14,123
14,973
2,869.0
15,695
2,893.5
Seasonally adjusted ann ual rates
9,722
9,769
9,724
9,930
10,419
10,625
10,905
10,946
11,368
11,531
11,509
7,607
8,320
8,818
9,516
10,253
10,985
11,576
12,334
13,144
13,866
14,547
8,783
8,794
8,818
9,139
9,489
9,840
10,123
10,311
10,580
10,678
10,666
-1.1
9,929
10,725
11,467
12,068
12,629
13,483
14,470
15,210
15,527
15,639
15,765
15,849
15,887
16,035
16,145
9,749
10,151
10,491
10,667
10,909
11,097
11,458
11,541
11,586
11,564
11,511
11,376
11,307
11,343
11,369
9,068
9,825
10,479
11,240
11,825
12,572
13,474
14,084
14,330
14,432
14,670
14,752
14,787
14,934
15,100
8,904
9,299
9,587
9,935
10,214
10,347
10,669
10,687
10,693
10,671
10,711
10,589
10,524
10,565
10,633
1.2
9.1
1.7
3.3
.3
6.4
1.2
.1
1.6
136.9
159.4
153.9
130.6
164.1
125.4
124.9
92.5
145.6
171.8
180.1
2,214.3
143.1
145.4
157.3
111.7
102.0
129.7
148.5
174.1
191.3
195.1
166.5
167.5
168.7
170.2
157.7
2,276.1
2,392.7
2,496.3
2,562.8
2,646.2
2,717.9
2,833.9
2,883.2
2,900.9
2,902.8
2,898.0
2,872.4
2,861.9
2,877.9
2,892.5
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
Saving as
percent of
disposable
personal
income
Population!
including
Armed^
Forces
abroad
(thousands) "
PerceiIt
Dolla 'S
2,258.5
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,526.2
3,766.4
4,070.8
4,384.3
4,645.5
1991
COUNCIL OF ECONOMIC ADVISERS
Billions of dollars
1980
1981
1990
.5
-.5
2.1
4.9
2.0
2.6
.4
3.9
1.4
-.2
g
-1.8
-4.6
-2.4
1.3
.9
6.8
5.4
6.1
4.4
4.1
2.9
4.2
4.6
4.6
227,754
230,182
232,549
234,829
237,051
239,322
241,660
243,982
246,358
248,810
251,420
6.2
5.8
5.8
3.9
3.3
3.9
4.1
4.6
4.9
5.0
4.2
4.2
4.2
4.2
3.8
233,466
235,707
237,946
240,257
242,579
244,925
247,329
249,818
250,392
251,026
251,767
252,495
253,114
253,708
254,420
7.1
7.5
2
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the second quarter of 1991, according to preliminary estimates, gross farm income rose $10.7 billion (annual
rate) and net farm income rose $9.7 billion.
BILLIONS OF DOLLARS* (RATIOS*:ALE>
BULKDNS OF DOLLARS* (RATIO SCALE)
240
160
^
—i
^=C=
r
'f
1
^
\
\
\
GRC)SS FARM IN<:OME
I
H
200
r~
^
^
160
120
80
80
AH
60
40
20
10
COUNCIL OF ECONOMIC ADVISERS
• SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
In come of farm operators from farming
Net farni income
(jross farm incom e
Period
Cas h marketing rece ipts
Total '
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
Livestock and
products
Crops
inventory
changes 2
Production
expenses
Current
dollars
1982 dollars 3
149.3
166.3
163.5
153.2
170.2
162.9
156.5
169.0
173.8
188.4
194.3
139.7
141.6
142.6
136.8
142.8
144.1
135.2
141.7
150.2
159.2
169.1
68.0
69.2
70.3
69.6
72.9
69.8
71.5
76.0
78.8
83.7
89.7
71.7
72.5
72.3
67.2
69.9
74.3
63.7
65.6
71.4
75.4
79.4
-6.3
6.5
— 1.4
-10.9
6.0
-2.3
-2.4
-2.8
4.1
4.1
3.1
133.1
139.4
140.0
137.9
143.8
131.9
125.5
127.7
132.1
140.2
144.3
16.1
26.9
23.5
15.3
26.3
31.0
31.0
41.3
41.8
48.2
50.0
18.8
28.6
23.5
14.7
24.5
27.9
27.2
35.1
34.4
38.2
38.1
189.8
188.5
184.9
190.4
153.7
157.4
163.9
161.7
81.6
80.8
83.6
88.9
72.1
76.5
80.3
72.8
3.2
4.3
4.4
4.4
140.6
141.3
140.9
138.1
49.2
47.3
44.0
52.3
39.5
37.6
34.7
40.9
1989:
I
II
Ill
IV
1990:
I
II
Ill
IV
198.8
190.5
187.3
200.7
165.1
165.9
172.8
172.5
89.5
88.0
90.8
90.4
75.6
77.9
82.0
82.1
4.7
3.6
2.5
1.7
142.0
143.4
143.8
148.0
56.8
47.1
43.4
52.8
43.9
35.9
32.9
39.7
1991:
I
11"
187.0
197.7
162.5
173.7
86.7
83.9
75.8
89.8
1.5
1.1
147.4
148.4
39.6
49.3
29.4
36.2
:
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
icome, and nonmoney income furnished by farms.
2
Physical changes in end-of-vear inventory of crop and livestock commodities valued at average
rices during the year.
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 second quarter of 1991, according to current estimates, corporate profits before tax fell $2.3 billion (annua
rate) and profits after tax fell $5.8 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
360
360
s
SEASONALLY ADJU. TED ANNUAL RATE
r\
s VfS\
/~
320
280
320
280
^
PROFITS B EFORE TAX
\
.
r\
w
240
^y
f
200
/
240
200
__
^\
/
N
/
160
*
s
120
^
PROF ITS AFTER 1FAX —-^^
S
\
%
\v
s
v
^^\
*
-~.
.^-'—'
"V.^
/
_Jt_r „
,
N
x—'
80
,--
-—
1
*
1 1 1
1982
1983
120
"""
"\
T W LIABILITY1
\
1 1 1
• — Nx
80
/
40
r --^*
160
*
--s.
1
1
1
1
1984
1
1
^^y
i i i
1
1 1
1987
1986
1985
-T--
s
^-UNDIST ?IBUTED PR(
1
1
1988
1
• — -..'
"-
i i i
1 1 1
1989
1990
40
^.^
1
1
1
1991
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Pr afits (before t ax) with inventory valuation adjustmen t 1
Profits after ts X
Do nestic indust ries
Period
Nonfinaneial
Total 2
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1
2
IV
IV
IV
IV
IV
IV
IV
IV
I
II
Ill
IV
I
II
Ill"
194.0
202.3
159.2
196.7
234.2
222.6
228.3
255.9
289.8
286.1
293.3
150.7
223.4
224.6
228.4
226.1
268.6
308.7
275.3
285.5
298.8
298.7
290.3
289.7
284.1
159.6
173.8
131.2
166.6
203.3
191.4
195.2
218.4
246.5
235.2
236.4
121.6
190.7
193.9
193.6
193.4
226.2
261.9
218.4
232.6
249.9
241.1
222.3
221.4
226.3
Financial
21.0
16.5
11.8
18.1
13.0
22.8
32.0
20.7
22.4
15.4
18.7
18.7
15.5
13.6
26.0
28.6
19.8
24.1
6.9
16.1
18.2
21.7
18.8
22.5
23.2
Total 3
138.6
157.3
119.4
148.5
190.3
168.6
163.2
197.8
224.1
219.8
217.7
102.9
175.2
180.3
167.6
164.8
206.4
237.8
211.5
216.5
231.7
219.3
203.4
198.9
203.0
Sec p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rt'st of the world, not shown separately.
Manufacturing
sale and
retail
trade
77.1
88.5
58.0
70.1
88.8
79.7
59.5
86.7
106.5
96.1
88.8
46.8
88.6
79.8
83.8
64.8
98.2
112.6
83.7
90.1
100.8
91.2
73.1
67.1
72.0
21.6
32.5
34.6
38.9
51.2
44.1
44.1
37.9
37.1
38.7
41.5
33.6
43.1
51.8
38.5
41.0
37.8
42.3
41.9
39.2
44.4
39.5
42.8
46.2
47.6
3
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
304.7
164.1
231.5
226.1
235.0
234.1
289.7
331.1
289.8
296.9
299.3
318.5
304.1
281.5
279.2
84.8
81.1
63.1
77.2
93.9
96.4
106.3
126.9
136.2
135.1
132.1
59.8
88.1
87.0
99.8
113.1
132.1
142.1
123.5
129.9
133.1
139.1
126.5
115.1
118.6
Total
152.3
145.4
106.5
130.4
146.1
127.8
115.3
148.4
180.5
172.6
172.5
104.3
143.4
139.2
135.2
121.0
157.6
189.1
166.3
167.1
166.1
179.4
177.6
166.4
160.6
Dividends
54.7
63.6
66.9
71.5
79.0
83.3
91.3
98.2
110.0
123.5
133.9
68.5
73.9
80.8
84.0
93.6
102.2
115.3
127.7
130.3
133.0
135.1
137.2
137.5
136.4
137.9
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
97.6
81.8
39.6
58.9
67.0
44.6
24.0
50.2
70.5
49.1
38.7
35.8
69.5
58.4
51.2
27.4
55.4
73.8
38.6
36.8
33.2
44.3
40.4
29.0
24.2
j
,
valuation
adjustment
-43.1
-24.2
-10.4
-10.9
-5.8
-1.7
6.7
-19.4
-27.0
-21.7
-11.4
-13.4
-8.1
-1.6
-6.6
-8.0
-21.1
-22.5
-14.5
-11.4
-.5
-19.8
-13.8
8.1
4.9
-3.2
GROSS PRIVATE DOMESTIC INVESTMENT
According to advance estimates for the third quarter of 1991, nonresidential fixed investment fell $2.3 billion
[annual rate) and residential investment rose $10.6 billion. There was a $17.5 billion decrease in inventories,
following a decrease of $40.0 billion in the second quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
900
800
700
600
500
400
FIXED INVti
\
300
IMtNl
300
V
-
200
CHANGE IN BUSINESS
INVENT ORIES
•-
0
^''X.
^
--' \ /-•"
_inn
I
I I
1982
I
I I
1983
100
\
""*'
1
I I
1 984
I I
1 9ii5
1
1 1 1
1 98<!
o
'
1 1
1987
1
1 1
1988
1
1
1 1
1989
1
1 1
1990
1 1
1991
-inn
COUNCIL OF EC DNOM1C ADVISERS
SOURCE. DEPARTMENT OF COMMERCE
[Billions of do lars; quarterly ata at seasonal y adjusted annua rates]
i
1
Fixed investment
Nonresidentiai
domestic
investment
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.9
747.1
771.2
741.0
409.6
579.8
661.8
654.1
648.8
741.4
747.5
762.7
747.2
759.0
759.7
698.3
660.0
654.0
684.8
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
5985:
1986:
1987:
1988:
1989:
1990:
1991:
IV
IV
IV
IV
IV
IV
IV
IV
I
II
Ill
IV
I
II
Ill"
icrcc, Bureau of Ecc
Total
Total
445.3
491.5
471.8
509.4
597.1
631.8
652.5
671.2
720.8
742.9
746.1
469.5
548.8
616.8
646.8
660.9
685.7
731.3
737.7
758.9
745.6
750.7
729.2
694.1
694.0
702.3
322.8
369.2
366.7
356.9
416.0
442.9
435.2
444.9
488.4
511.9
524.1
354.9
383.9
435.0
451.3
435.8
457.5
495.3
511.8
523.1
516.5
532.8
524.0
503.6
501.1
498.8
Structures
113.9
138.5
143.3
124.0
141.1
153.2
139.0
133.7
139.9
146.2
147.0
137.6
127.4
146.6
155.9
133.7
137.2
141.2
147.1
148.8
147.2
149.8
142.1
139.5
134.9
125.4
Change in business
inventories
1
Producers'
durable
equipment
208.9
230.7
223.4
232.8
274.9
289.7
296.2
311.2
348.4
365.7
377.1
217.3
256.5
288.4
295.5
302.2
320.4
354.0
364.7
374.3
369.3
383.0
381.9
364.1
366.2
373.4
Residential
122.5
122.3
105.1
152.5
181.1
188.8
217.3
226.3
232.5
231.0
222.0
114.7
164.9
181.8
195.5
225.1
228.
236.0 |
225.9
235.9
229.1
217.9
205.2
190.5
192.9
203.5
Total
-8.3
24.0 ;
— 24.5 !
-7.1 j
67.7
11.3
6.9
28.3
26.2
28.3
-5.0
-59.9
31.0
45.0
7.2
-12.2
55.7
16.2
25.0
-11.8
13.4
9.0
-30.8
— 34.2
— 40.0
-17.5
Nonfarm
-2.4
18.3
-23.1
.4
60.5
14.6
8.6
32.3
29.8
23.3
-7.4
-51.1
21.3
41.3
23.7
-8.0
59.6
35.0
24.1
-17.0
13.0
6.8
—32.4
—37.1
—35.2
-14.4
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department July-August 1991 survey, business spending for new plant and equipment
is expected to rise 0.5 percent in 1991. The rise in 1990 was 5.0 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
600
SEASONAL Y ADJUSTED ANNUA
600
RATES
500
*^~
^--]^
400
^^
__^^^
300
-1
400
"
\
'
__
r——
_,
_.-^-~~ ~~*"
AL L INDUSTRIES
'
..^
,.-
\
NOWMNUFACTURINGJ-/
"
*s'
200
200
__„_--
~-
---''
-.'""""
--*^
'--..
\
— --'
WANUFACTUR NG
100
100
1
1
1983
1
1
1
!
1
I
1
1
1985
1984
I
I
1
1986
1
1
!
1
1
1
1
1989
1988
1987
1
-^SURVEYED QUARTERLY
-2/SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT 0"= COMMERCE
1
1
1
1990
\
\
31 21
\
1991
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
M anufacturi ig
Period
All
industries
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988..
1989
1990 .
1991 4
286.40
324.73
326.19
321.16
373.83
410.12
399.36
410.52
455.49
507.40
532.61
535.13
112.60
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
186.20
1989: I
II
Ill
IV
487.58
501.56
514.40
520.40
1990: I
11
Ill
IV
1991: I
II
Ill4
IV
No imanufactu ing
Noli manufacti ring
Manufacturing
Total
Surveyed
quarterly
Survevt'd
annually 3
205.48
230.09
239.11
242.38
278.77
302.05
309.16
320.45
344.77
380.13
399.34
173.80
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
348.93
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
59.35
Nondurable
goods
Total '
Mining
Transportation
Public
utilities
54.82
58.93
54.58
51.61
64.57
70.87
65.68
68.03
77.04
82.56
82.58
78.22
57.77
69.75
69.39
65.74
75.04
82.01
72.28
73.03
86.41
101.24
110.04
107.97
173.80
196.06
202 22
203.82
234 22
257.24
261.40
269.46
292.04
323.60
339.99
348.93
12.71
15.81
14.11
10.64
11.86
12.00
8.15
8.28
9.29
9.21
9.88
9.66
13.56
12.67
11.75
10.81
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.53
41.32
47.17
53.58
52.95
57.53
59.58
56.61
56.26
60.37
66.28
67.21
67.13
106.21
120.41
122.79
129.41
151.39
171.09
181.59
189.84
205.76
229.28
241.43
249.60
173.40
180.86
185.70
191.63
80.02
82.35
83.43
83.83
93.38
98.51
102.27
107.80
314.18
320.70
328.70
328.77
8.97
9.18
9.23
9.41
17.63
18.50
20.82
18.39
65.86
68.44
65.34
65.56
221.72
224.57
233.31
235.42
173.40
180.86
185.70
191.63
314.18
320.70
328.70
328.77
532.50
534,55
534.11
530.13
192.16
195.02
194.05
189.72
86.03
84.15
82.48
79.03
106.14
110.87
111.57
110.69
340.33
339.53
340.06
340.41
9.62
9.77
9.97
10.12
21.84
21.94
21.08
21.18
65.41
64.64
67.68
70.24
243.46
243.18
241.32
238.87
192.16
195.02
194.05
189.72
340.33
339.53
340.06
340.41
535.50
524.57
539.53
540.91
191.13
187.35
184.55
181.76
81.24
79.69
77.54
74.43
109.90
107.66
107.01
107.33
344.37
337.22
354.98
359.15
9.89
10.09
9.70
8.96
23.25
23.05
22.09
21.75
67.04
64.58
68.46
68.45
244.19
239.50
254.73
259.98
191.13
187.35
184.55
181.76
344.37
337.22
354.98
359.15
Durable
goods
1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
19H4 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
10
Total
nonfarm
business 2
Commercial
and
other
318.08
358.77
363.08
359.73
418.38
454.93
447.11
461.51
508.22
563.93
591.96
112.60
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
186.20
3
Consists of forestry, fisheries, and agricultural services; medicai services; professional services;
social services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in July-August 1991, corrected for biasts.l
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In October, civilian employment fell 198,000 and unemployment rose 140,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
126
126
SEASONALIY ADJUSTED
122
122
CIVILIAN LABOR FORCE
118
V
118
114
114
110
110
CIVILIAN
EMPLOYMENT
106
106
102
102
98
98
12
UNEMPLOYMENT
I I I I I I I I I II
1983
1984
1985
1986
1987
1988
I IIIIIIIIII
1990
1989
*16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
I I I I I I II I M
1991
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
Kesident
Armed
Forces
NSA
Labor force
171,775
173,939
175,891
178,080
179,912
182,293
184,490
186,322
188,081
189,686
1,645
1,668
1,676
1,697
1,706
1,706
1,737
1,709
1,688
1,637
110,315
111,872
113,226
115,241
117,167
119,540
121,602
123,378
125,557
126,424
190,095
190,312
190,483
1,570
1,615
1,617
126,445
190,592
190,717
190,703
190,836
190,980
191,173
191,443
191,589
191,746
191,903
1,615
1,602
1,460
1,456
1,458
1,505
1,604
1,616
1,624
1,614
1981
1982
1983
1984
1985
1986*
1987
1988
1989
1990
1990:
Oct
Nov
Dec
1991:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
including
resident
Armed
Forces
Employment
including
resident
Armed
Forces
Agricultural
Total
3,368
3,401
3,383
3,321
3,179
3,163
3,208
3,169
3,199
3,186
Total
Part time
for
economic
reasons 1
Total
15
weeks
and
over
participation
rate
(percent) 2
63.9
64^0
64.0
64.4
64.8
65.3
65.6
65.9
66.5
66.4
Employment/
population
ratio
(percent) 2
59.0
108,856
111,303
114,177
116,677
119,030
119,550
117,834
119,865
121,669
123,869
124,787
100,397
99,526
100,834
105,005
107,150
109,597
112,440
114,968
117,342
117,914
119,303
119,001
119,191
124,875
124,723
125,174
117,733
117,386
117,574
3,175 114,558
3,185 114,201
3,253 114,321
5,135
5,163
5,262
7,142
7,337
7,600
1,591
1,727
1,739
66.2
126,338
126,791
66.1
66.3
62.4
62.2
62.3
126,253
126,678
126,786
127,128
126,690
127,134
126,818
126,520
127,231
127,163
118,537
118,520
118,214
118,854
118,049
118,389
118,316
118,032
118,789
118,581
124,638
125,076
125,326
125,672
125,232
125,629
125,214
124,904
125,607
125,549
116,922
116,918
116,754
117,398
116,591
116,884
116,712
116,416
117,165
116,967
3,163
3,222
3,098
3,156
3,272
3,308
3,239
3,266
3,306
3,195
5,178
5,803
5,889
5,956
5,702
5,425
5,605
5,643
6,130
6,116
7,715
8,158
8,572
8,274
8,640
8,745
8,501
8,488
8,442
8,582
1,829
1,975
2,184
2,229
2,234
2,573
2,348
2,396
2,362
2,537
66.0
66.1
66.2
66.4
66.1
66.2
66.0
65.7
66.1
66.0
61.9
61.8
61.7
62.0
61.5
61.6
61.5
61.3
61.6
61.5
102,042
101,194
102,510
106,702
108,670
110,204
111,550
113,544
115,461
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutional population.
Labor
Nonagricultural
Civilian
labor force
Cn ilian
Unempl jyment
Civilian e mployment
Noninstitutional
population
including
resident
Armed
Forces
NSA
4,499
8,273
103,971
106,434
109,232
111,800
114,142
114,728
5,852
5,997
5,512
5,334
5,345
5,122
4,965
4,657
4,860
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
97,030
96,125
97,450
101,685
113,759
113,696
113,656
114,243
113,319
113,576
113,474
113,150
113,859
113,772
2,285
3,485
4,210
2,737
2,305
2,232
1,983
1,610
1,375
1,504
57.8
57.9
59.5
60.1
60.7
61.5
62.3
63.0
62.7
"Data beginning January 1986 not strictly comparable ' -ith earlier data because of change in
estimation procedures.
,
„ . .
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In October, the civilian unemployment rate rose slightly, to 6.8 percent. The overall unemployment rate also rose
slightly, to 6.7 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
20
TEENAGERS
(16-19)
15
10
V
10
MEN 20 YEARS
AND OVER
WOMEN 20 YEARS
AND OVER
11 n 1 1 1 1 1 1 1
1991
1987
1988
iI I 1 I I I! I I I
1989
UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
1990
1991
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemp oyment ra te (percent of civilia n labor force in group)
Unemployment
rate,
all
workers *
civilian
workers
Men
20 years
and over
Women
20 years
and
over
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
7.5
9.5
9.5
7.4
7.1
6.9
6.1
5.4
5.2
5.4
7.6
9.7
9.6
7.5
7.2
7.0
6.2
5.5
5.3
5.5
6.3
8.8
8.9
6.6
6.2
6.1
5.4
4.8
4.5
4.9
6.8
8.3
8.1
6.8
6.6
6.2
5.4
4.9
4.7
4.8
1990: Oct
Nov
Dec
5.6
5.8
6.0
5.1
5.9
6.1
5.2
5.4
5.6
1991:
6.1
6.4
6.8
6.5
6.8
6.9
6.7
6.7
6.6
6.7
6.2
6.5
6.8
6.6
6.9
7.0
6.8
6.8
6.7
6.8
5.6
6.3
6.5
6.2
6.5
6.6
6.5
6.5
6.5
6.4
Period
Jan
Feb
Mar
Apr
May
June ....
July
Aug
Sept
Oct
1
By sex and age
White
B\ack
and
other
Black
Experienced
wage and
salary
workers
19.6
23.2
22.4
18.9
18.6
18.3
16.9
15.3
15.0
15.5
6.7
8.6
8.4
6.5
6.2
6.0
5.3
4.7
4.5
4.7
14.2
17.3
17.8
14.4
13.7
13.1
11.6
10.4
10.0
10.1
15.6
18.9
19.5
15.9
15.1
14.5
13.0
11.7
11.4
11.3
7.3
9.3
9.2
7.1
6.8
6.6
5.8
5.2
5.0
5.3
4.3
4.4
3.9
3.3
3.0
3.4
4.9
5.1
5.3
16.2
16.4
16.6
4.9
5.0
5.3
10.6
11.0
11.1
ll.l
12.2
12.2
5.4
5.7
5.8
5.3
5.4
5.7
5.5
5.8
5.9
5.4
5.7
5.5
5.8
18.2
17.1
18.7
18.1
19.1
19.2
20.6
19.0
18.0
18.8
5.5
5.9
6.2
5.8
6.1
6.2
6.2
6.1
6.0
6.0
10.7
10.7
11.1
11.2
11.5
11.4
10.5
11.1
11.0
11.5
12.1
11.8
12.3
12.6
13.0
13.1
11.8
12.3
12.1
12.7
6.0
6.4
6.7
6.4
6.6
6.7
6.5
6.5
6.4
6.5
Both
sexes
16-19
years
Unemployed as percent of total labor force including resident Armed Forces.
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
2
12
B y s elected grou])S
By race
A 11
All
Married
men,
spouse
present
Women
who
maintain
families
Eu\\time
workers
Parttime
workers
9.4
Labor
force
time lost
tpercent) 2
8.5
9.8
9.2
8.1
8.1
8.2
7.3
9.6
9.5
7.2
6.8
6.6
5.8
5.2
4.9
5.2
3.5
3.7
3.8
8.5
8.7
8.7
5.5
5.7
5.8
1.1
7.3
7.6
6.6
6.7
6.9
4.0
4.3
4.5
4.4
4.4
4.7
4.3
4.3
4.5
4.2
9.0
9.1
9.0
9.9
9.1
9.2
8.3
9.6
8.9
9.5
6.0
6.4
6.5
6.3
6.5
6.6
6.5
6.5
6.4
6.6
7.7
7.6
9.1
8.1
9.0
8.6
8.3
8.2
8.3
8.2
".0
".5
".7
^.6
4.3
6.5
6.5
4.6
10.4
11.7
12.2
10.3
10.4
Source: Department of Labor, Bureau of Labor Statistics.
10.5
10.4
11.0
10.9
9.3
9.3
9.1
8.4
7.6
7.3
7.4
8.6
8.1
7.9
7.1
6.3
5.9
6.2
.t
".6
".5
".6
~.7
~.7
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
n October, the percentages of the unemployed who had been out of work for less than 5 weeks, for 5-14 weeks,
and for 27 weeks and over fell; the percentage for 15-26 weeks rose. The mean duration of unemployment rose
to 14.3 weeks and the median fell to 7.4 weeks.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION"
70
70
DURATION OF UNEMPLOYMENT
60
REASON FOR UNEMPLOYMENT
60
LESS THAN
5 WEEKS
\
50
50
40
5-14
WEEKS
REENTRANTS
\
30
30 ^N -v
20
JOB LEAVERS
20
15-26
WEEKS
V
10
10
-
27 WEEKS
AND OVER
1987
1988
1990
1989
1987
1991
1988
1990
1991
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Beason for unemploy ment:
percent distributi an
Dur ation of memploy ment
Period
Unemployment
(thousands)
F ercent di stributio i
Less
than
5
weeks
5-14
weeks
15-26
weeks
Sta e
progrsuns
Numb er of
ks
27
weeks
and
over
Average
(mean)
Medi-
Job
losers
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) '
Weekly a verage, t lousands
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
7,142
7,337
7,600
7,715
• 8,158
8,572
8,274
8,640
8,745
8,501
8,488
8,442
8,582
41.7
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
46.1
44.1
44.7
43.5
44.1
42.4
40.9
39.8
42.5
38.7
39.9
40.4
39.0
38.0
30.7
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
32.0
33.6
31.8
33.4
32.2
33.4
33.8
33.2
31.6
32.3
32.3
31.0
33.3
32.4
13.6
16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
11.8
12.5
12.8
12.5
12.7
12.9
14.4
14.8
14.0
15.9
14.4
14.6
14.4
16.4
14.0
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
10.1
9.8
10.8
10.6
11.0
11.3
11.0
12.1
11.9
13.1
13.4
14.0
13.4
13.1
1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
13.7
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.1
12.0
12.4
12.4
12.4
12.8
13.0
13.7
12.9
14.2
13.9
14.0
14.0
14.3
6.9
8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
5.4
5.9
5.9
5.9
5.9
6.1
6.6
7.0
6.5
6.9
6.6
7.2
7.5
7.4
51.6
58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
48.3
49.9
51.2
49.9
53.0
55.5
54.9
54.5
53.6
55.1
54.4
55.4
56.3
54.7
11.2
7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
14.8
13.7
13.6
13.5
11.7
12.2
12.6
11.9
12.1
12.3
11.7
10.5
10.9
11.5
25.4
22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
27.4
26.8
26.3
28.0
26.6
24.5
24.4
24.7
25.3
24.2
24.2
25.1
23.6
24.2
11.9
11.1
11.3
13.0
12.5
12.5
12.4
12 2
10.4
9.5
9.6
8.9
8.7
8.7
7.8
8.2
8.9
9.0
8.4
9.7
9.0
9.2
9.6
3,047
4,061
3,396
2,476
2,611
2,650
2,332
2,081
2,158
2,522
2,765
2,912
2,970
3,070
3,218
3,415
3,518
3,550
3,453
3,332
3,257
3,346
"3,365
460
583
438
377
396
378
328
310
330
388
431
454
461
445
489
509
475
438
423
406
421
427
431
3,410
4,594
3,775
2,561
2,693
2,746
2,401
2,248
2,324
2,715
2,294
2,722
3,222
4,012
4,145
4,127
3,782
3,412
3.182
3,291
3,017
2,815
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultyral employment as measured by the payroll survey was virtually unchanged in October, at 109.0
million.
MILLIONS OF PERSONS* (ENLARGED SCALE)
30
MILLIONS OF PERSONS
110
ALL NONAGRICULTURAL
ESTABLISHMENTS
100 p
90
SERVICE-PRODUCING
INDUSTRIES
70
50
40
GOODS-PRODUCING
INDUSTRIES
30
r
X
•
- CONSTRUC noN
ll I 1 1 1 1 1 1 1 1 1
20
1987
^ 1987
1990
1988
him i m i i i i m
1989
1988
IMM|
1 1 1 III II III,
1990
1991
^
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIl OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; 1 seasonally adjusted]
Period
t i
Total
nonagricultural
employment
Se rvice-produ cing industr es
Goods- reducing in dustries
» anufacturin g
Total
2
Construction
Total
Durable
goo s
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
iveian
trade
Retail
Gover nraent
Finance,
insurance,
and real
estate
Services
Total
Federal
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
91,156
89,566
90,200
94,496
97,519
99,525
102,200
105,536
108,329
109,971
25,497
23,813
23,334
24,727
24,859
24,558
24,708
25,173
25,322
24,958
4,188
3,905
3,948
4,383
4,673
4,816
4,967
5,110
5,187
5,136
20,170
18,781
18,434
19,378
19,260
18,965
19,024
19,350
19,442
19,111
12,082
11,014
10,707
11,479
11,464
11,203
11,167
11,381
11,420
11,115
8,089
7,767
7,726
7,899
7,796
7,761
7,858
7,969
8,022
7,995
65,659
65,753
66,866
69,769
72,660
74,967
77,492
80,363
83,007
85,014
5,165
5,082
4,954
5,159
5,238
5,255
5,372
5,527
5,644
5,826
5,376
5,296
5,286
5,574
5,736
5,774
5,865
6,055
6,221
6,205
15,172
15,161
15,595
16,526
17,336
17,909
18,462
19,077
19,549
19,683
5,298
5,341
5,468
5,689
5,955
6,283
6,547
6,649
6,695
6,739
18,619
19,036
19,694
20,797
21,999
23,053
24,235
25,669
27,120
28,240
16,031
15,837
15,869
16,024
16,394
16,693
17,010
17,386
17,779
18,322
2,772
2,739
2,774
2,807
2,875
2,899
2,943
2,971
2,988
3,085
1990:
109,982
Get
Nov .... 109,761
Dec
109,621
24,705
24,481
24,375
5,022
4,962
4,911
18,973
18,807
18,749
11,000
10,867
10,828
7,973
7,940
7,921
85,277
85,280
85,246
5,855
5,852
5,867
6,190
6,180
6,166
19,663
19,628
19,579
6,746
6,740
6,733
28,479
28,525
28,548
18,344
18,355
18,353
2,980
2,964
2,948
24,181
24,039
23,877
23,794
23,847
23,792
23,798
23,826
23,792
23,727
4,797
4,792
4,720
4,688
4,715
4,710
4,695
4,691
4,697
4,668
18,671
18,532
18,443
18,396
18,426
18,378
18,402
18,442
18,411
18,379
10,770
10,652
10,584
10,560
10,575
10,534
10,546
10,553
10,531
10,496
7,901
7,880
7,859
7,836
7,851
7,844
7,856
7,889
7,880
7,883
85,237
85,121
85,025
84,942
85,040
85,093
85,061
85,145
85,227
85,291
5,866
5,834
5,824
5,814
5,819
5,809
5,809
5,820
5,825
5,831
6,138
6,119
6,105
6,086
6,085
6,068
6,064
6,050
6,047
6,041
19,542
19,464
19,378
19,324
19,339
19,345
19,347
19,343
19,339
19,292
6,736
6,732
6,735
6,718
6,712
6,703
6,688
6,687
6,691
6,695
28,590
28,583
28,576
28,576
28,645
28,712
28,733
28,831
28,918
29,019
18,365
18,389
18,407
18,424
18,440
18,456
18,420
18,414
18,407
18,413
2,952
2,951
2,951
2,953
2,952
2,971
2,963
2,967
2,979
2,984
1991: Jan
Feb
Mar
Apr
May....
June...
July....
Aug r..
Sept r..
Oct "...
109,418
109,160
108,902
108,736
108,887
108,885
108,859
108,971
109,019
109,018
1
Includes al! 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
irom 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 a£ 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]
Aver age weekly ] ours
Average gross hourly earnings
Manufa eturing
Period
private
nonagricultural '
Total
Average gross weeklj earnings
Total private
nonagricultural l
Total arivate
nonagneultural '
Overtime
Current
dollars
1982
Percent ch nge from a
year ear ier, total
C urrent dollar s
pn ate
Manufacturing
Current
dollars
dollars 2
1982
dollars *
Manufacturing
Construction
nonagne ultural 3
Retail
trade
35.2
34.8
39.8
38.9
2.8
$7.25
$7.69
267.26
272.52
274.73
271.16
271.94
269.16
266.79
264.22
259.72
$318.00
330.26
354.08
374.03
386.37
396.01
406.31
418.81
429.68
441.86
$157.99
7.79
7.80
7.77
7.81
7.73
7.69
7.64
7.53
$255.20
267.26
280.70
292.86
299.09
304.85
312.50
322.02
334.24
345.69
$399.26
7.68
8.02
8.32
8.57
8.76
8.98
9.28
9.66
10.02
$7.99
8.49
8.83
9.19
9.54
9.73
9.91
10.19
10.48
10.83
$270.63
40.1
40.7
40.5
40.7
41.0
41.1
41.0
40.8
2.3
3.0
3.4
3.3
3.4
3.7
3.9
3.8
3.6
7.68
35.0
35.2
34.9
34.8
34.8
34.7
34.6
34.5
426.82
442.97
458.51
464.46
466.75
480.44
495.73
513.17
526.40
163.83
171.13
1990: Oct
Nov
Dec
34.2
34.4
34.6
40.7
40.6
40.7
3.6
3.5
3.5
10.10
10.13
10.17
7.43
7.43
7.44
10.96
10.96
10.99
345.42
348.47
351.88
254.17
255.66
257.41
446.07
444.98
447.29
1991: Jan
Feb
Mar
Apr
May
June
July
Aug '.
Sept '
Oct"
34.1
34.3
34.2
34.0
34.3
34.6
34.1
34.3
34.5
34.3
40.4
40.3
40.3
40.2
40.4
40.8
40.7
41.0
41.0
40.9
3.4
3.3
3.3
3.3
3.4
3.7
3.7
3.8
3.7
3.7
10.18
10.20
10.24
10.28
10.32
10.37
10.36
10.40
10.42
10.41
7.42
7.43
7.46
7.47
7.47
7.49
7.47
7.49
7.48
7.47
11.02
11.03
11.05
11.12
11.15
11.19
11.22
11.25
11.26
11.28
347.14
349.86
350.21
349.52
353.98
358.80
353.28
356.72
359.49
357.06
253.02
254.81
255.07
253.83
256.32
259.25
254.89
257.00
258.07
256.14
445.21
1981
1982
1983
1984
1985..
1986
1987
1988
1989
1990
1
Also includes other private industry groups shown on p. 14.
Current dollar earnings divided by the consumer price index for urban wage earners and clerical
workers (on a 1982 = 100 base).
2
444.51
445.32
447.02
450.46
456.55
456.65
461.25
461.66
461.35
1982
Current
dollars
dollars
1.5
8.5
4.7
5.0
-1.2
175.80
178.80
183.62
188.72
194.69
4.3
2.1
1.9
2.5
3.0
3.8
3.4
.8
-1.3
.3
1.0
-.9
1.0
-1.7
515.59
530.46
536.77
193.69
196.02
196.31
2.2
3.3
4.0
-3.8
-2.8
-2.0
523.13
533.65
526.67
532.50
533.40
532.64
532.38
533.25
537.35
538.75
194.14
196.48
197.34
197.95
200.33
202.59
199.65
201.34
203.04
200.50
2.4
2.4
2.3
2.5
2.9
3.1
1.9
3.0
2.8
3.4
-2.9
-2.5
-2.2
-2.1
-1.9
-1.4
-2.3
-.5
-.3
.7
174.47
174.81
2.0
3
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 =
100)
Percent ch ange from
12 months earli ?r
months earlie
Period
Total
compensation
Wages and
salaries
Benefits '
Total
compensation
Wages and
salaries
Benefits '
Total
compensation
Wages and
salaries
Benefits
L
Not seasonally ad usted
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
71.2
75.8
80.1
.
.
84.0
. .
.
87.3
90.1
93.1
97.6
102.3
107.0
73.0
77.6
81.4
84.8
88.3
91.1
94.1
98.0
102.0
106.1
2.0
1.3
1.3
1.3
.6
.7
.6
1.0
1.1
.8
66.6
71.4
76.7
81.7
84.6
87.5
90.5
96.7
102.6
109.4
1.8
1.2
1.1
1.2
.6
.6
.6
1.0
.8
.7
2.1
1.4
1.3
1.4
.5
.6
1.0
1.0
1.2
1.0
r
June
Sept
Dec
1991: Mar
June
Sept
94.5
95.7
96.6
97.8
98.8
100.0
101.3
102.4
103.8
105.1
106.2
107.2
108.4
109.7
110.9
95.0
96.1
96.9
98.0
99.1
100.0
101.1
102.2
103.3
104.4
105.4
106.2
107.3
108.4
109.2
1
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the
influence of employment shifts among occupations and industries.
93.1
94.5
95.7
97.1
98.1
99.8
101.5
103.1
105.1
106.7
108.4
109.9
111.3
113.2
115.3
1.3
1.3
.9
1.2
1.0
1.2
1.3
1.1
1.4
1.3
1.0
.9
1.1
1.2
1.1
4.8
4.8
4.6
8.8
12.1
6.3
4.9
7.2
7.4
4.2
4.1
6.5
3.5
3.4
3.4
6.9
6.1
6.6
3.2
3.3
4.1
4.1
4.0
Not se asonally adjti sted
Seasonall adjusted
1988: Mar
June
Sept
Dec
1989: Mar
June
Sept
Dec
1990: Mar
9.9
6.5
5.7
4.9
3.9
3.2
3.3
0.8
1.2
.8
1.1
1.1
.9
1.1
1.1
1.1
1.1
1.0
.8
1.0
1.0
.7
2.4
1.5
1.3
1.5
1.0
1.7
1.7
1.6
1.9
1.5
1.6
1.4
1.3
1.7
1.9
3.8
4.5
4.4
4.8
4.6
4.5
4.8
4.8
5.2
5.2
4.9
4.6
4.4
4.4
4.5
3.3
3.8
3.7
4.1
4.2
4.1
4.3
4.1
4.2
4.5
4.2
4.0
4.0
3.7
3.7
5.9
6.4
6.8
6.9
5.4
5.6
6.0
6.1
7.2
6.9
6.8
6.6
5.8
6.2
6.4
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output p ;r
hour of
allpe rsons
Period
Business
sector
Nonfarm
business
sector
Business
sector
per
Compensation
boi r 3
Hours of all
pers HIS 2
Outf ut '
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real com pensation
per hour 4
Business
sector
Nonfarm
business
sector
Unit lab or
costs
Business
sector
Nonfarm
business
sector
85.8
92.4
100.0
101.4
85.2
92.3
Implic t price
defla tor 5
Business
sector
Nonfarm
business
sector
86.2
94.4
100.0
103.3
106.8
109.5
111.8
114.8
118.2
122.8
127.5
101.4
104.8
107.9
110.5
112.8
115.7
116.2
117.5
118.9
120.3
121.2
122.5
123.3
124.3
125.8
127.2
128.2
128.8
130.3
131.8
132.1
85.7
94.0
100.0
103.5
106.6
109.8
112.3
115.3
118.4
123.0
127.7
101.5
104.7
107.9
111.0
113.4
116.2
116.6
117.8
118.8
120.5
121.4
122.7
123.5
124.7
125.8
127.3
128.4
129.2
130.7
132.0
132.4
9.0
9.6
5.9
3.3
3.3
2.5
2.1
2.7
3.0
3.9
3.8
1.7
4.8
4.7
4.9
3.1
4.3
2.5
3.5
4.6
4.6
3.2
2.0
4.6
4.7
1.1
9.7
9.7
6.3
3.5
3.0
3.0
2.3
2.7
2.7
3.9
3.8
1.4
4.1
3.4
5.9
2.8
4.4
2.6
3.9
3.8
4.8
3.6
2.5
4.5
4.2
1.3
19f 32 = 100; |uarterly i ata seasoilally adjusted
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
99.2
100.7
100.0
IV
IV
IV
IV
IV
IV
I
II
in
IV
1989: I
II
Ill
IV
1990: I
n
m
1991:
IV
I r
n.
HI"....
102.3
104.9
107.1
109.5
110.7
113.2
112.8
112.4
100.6
103.2
105.3
108.0
109.4
111.9
113.2
112.9
113.6
113.1
113.0
113.1
112.8
112.2
112.0
112.4
112.7
112.3
112.3
112.2
112.8
99.9
100.9
100.0
102.9
105.1
106.5
108.7
109.7
112.5
111.9
111.2
100.4
103.8
105.4
107.1
108.4
110.9
112.2
112.1
112.8
112.9
112.1
112.1
111.9
111.3
111.0
111.3
111.5
1°11.2
111.2
111.2
111.8
101.1
103.2
100.0
104.2
113.0
117.7
121.3
126.4
133.0
135.8
136.1
99.5
107.6
114.5
119.3
122.2
129.4
131.2
132.6
133.8
134.5
135.6
135.9
136.1
135.5
136.0
136.4
136.5
135.4
133.7
133.6
134.5
101.7
103.4
100.0
105.0
113.7
118.1
121.6
126.8
134.0
136.7
136.9
99.3
108.7
115.1
119.6
122.4
129.7
131.6
133.4
134.8
136.0
136.4
136.8
137.1
136.3
136.8
137.2
137.4
136.1
134.5
134.3
135.3
101.9
102.5
100.0
101.8
107.6
109.9
110.8
114.2
117.5
120.4
121.1
98.9
104.3
108.7
110.5
111.7
115.6
115.8
117.5
117.8
118.8
120.0
120.1
120.7
120.7
121.3
121.3
121.2
120.5
119.1
119.1
119.2
101.8
102.5
100.0
102.0
108.1
110.9
111.9
115.5
119.1
122.2
123.1
98.9
104.7
109.2
111.7
112.9
117.0
117.3
119.1
119.5
120.5
121.7
122.1
122.5
122.5
123.3
123.3
123.2
122.4
120.9
120.8
121.0
85.1
93.0
100.0
103.8
108.0
112.8
118.6
123.1
128.6
133.0
138.4
102.1
105.3
109.5
115.2
120.8
125.5
126.3
127.9
129.7
130.8
131.8
132.8
133.4
134.2
135.7
137.7
139.4
140.6
142.0
143.6
144.8
85.1
93.1
100.0
104.0
108.1
112.5
118.2
122.4
127.8
132.1
137.2
102.1
105.2
109.6
114.6
120.3
124.8
125.5
127.1
128.8
130.0
131.0
131.7
132.4
133.3
134.6
136.6
138.2
139.5
140.9
142.5
143.8
99.7
99.6
98.8
100.0
100.6
100.4
101.2
104.5
104.5
104.9
103.5
102.2
100.6
100.5
100.4
102.0
105.5
105.0
104.8
104.9
105.1
104.8
104.4
103.6
103.2
102.9
102.2
102.7
102.3
101.4
101.5
102.1
102.3
98.8
100.0
100.7
100.4
100.9
104.1
104.0
104.3
102.8
101.3
100.6
100.4
100.4
101.5
105.1
104.4
104.2
104.3
104.4
104.2
103.7
102.7
102.5
102.2
101.3
101.8
101.4
100.6
100.8
101.4
101.5
102.9
105.4
108.4
111.2
113.7
118.0
123.1
101.5
102.0
104.0
106.7
110.4
112.1
111.5
113.3
114.2
115.6
116.6
117.3
118.3
119.6
121.1
122.5
123.7
125.2
126.4
128.0
128.4
100.0
101.0
102.8
105.6
108.8
111.6
113.7
118.1
123.4
101.7
101.3
104.0
107.1
110.9
112.6
111.9
113.4
114.2
115.2
116.9
117.5
118.3
119.8
121.3
122.7
124.0
125.4
126.7
128.2
128.6
10.9
11.0
Pe •cent ehan *e; quarte rly data at seasonal] y adjusted annual rates
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1988:
-0.3
-0.2
I
n
m
IV
1989: I
II
Ill
IV
1990: I
II
Ill
IV
1991: I r
II .
Ill "....
1.5
-.7
2.3
2.5
2.0
2.3
1.1
2.2
-.4
-.4
4.7
-1.1
2.5
-1.6
— .5
.4
-1.3
-1.9
-.7
1.4
.9
-1.2
-.0
-.5
2.3
1
-1.1
1.0
-.9
2.9
2.1
1.3
2.0
1.0
2.5
-.5
-.6
4.8
-.5
2.7
.1
-2.8
.1
•y
-2.2
-1.1
1.2
.6
-.8
.0
-.3
2.4
2.1
3.1
4.2
8.4
4.2
3.1
4.1
5.3
2.1
.2
5.7
4.6
3.5
2.0
3.5
.9
.6
-1.8
1.4
1.2
.5
-3.4
-4.7
-.5
2.9
-1.2
1.7
3.3
5.0
8.3
3.9
3.0
4.2
5.7
2.0
.2
5.9
5.6
4.1
3.6
1.2
1.3
.6
-2.1
1.4
1.2
.4
-3.6
-4.8
-.4
3.0
-0.9
10.6
-0.8
.6
-2.5
1.8
5.7
2.1
.8
3.0
3.0
2.4
.6
.9
5.8
1.0
3.7
4.0
.5
1.9
.1
2.1
-.2
-.4
-2.1
-4.7
-.0
.6
.7
-2.4
2.0
6.0
2.5
.9
3.2
3.1
2.6
.7
1.1
6.1
1.4
3.5
4.1
1.1
1.3
.1
2.6
-.0
J
-2.8
-4.9
— .1
.6
Output refers to gross domes ic product or ginating in th e sector in IS 82 dollars.
2
Hours of all persons engaged in the seel or, including hours of pro jrietors and mpaid family
workers. Estimates ased primari y on establisl ment data.
3
Wages and salaries of emplo rees plus em 3loyera' contr butions for s cial insuranc e and private
benefit plans. Also i ncludes an e. timate of wa fes, salaries, and suppleme ntal payment for the selfemployed.
4
Hourly compens ation divided by the consu Tier price ind€ x for all urban consumers.
16
9.3
7.5
3.8
4.1
4.4
5.2
3.7
4.5
3.4
4.0
2.5
5.2
5.8
3.3
3.2
2.9
1.8
2.5
4.6
6.1
5.0
3.3
4.0
4.6
3.5
5
10.6
9.4
7.4
4.0
3.9
4.1
5.1
3.6
4.4
3.4
3.9
2.4
5.1
5.5
3.7
3.1
2.2
2.3
2.6
4.0
5.9
5.0
3.7
4.2
4.6
3.5
-2.5
-1.0
1.3
.6
-.2
.8
3.2
.1
.4
-1.3
-1.3
-.6
.5
.6
-1.0
1.7
-3.0
-1.3
-1.4
2.6
2.1
-1.7
-3.4
.5
2.4
.5
2.5
-.8
1.2
.7
-.4
.5
3.2
-.1
.3
-1.4
-1.5
n
A
.3
-.6
-1.8
-3.8
-.8
-1.3
-3.2
2.0
-1.8
-3.0
.7
2.5
.5
7.7
8.3
1.4
1.5
2.3
2.8
2.6
2.2
3.8
4.4
-2.1
6.4
3.3
5.0
3.7
2.5
3.2
4.5
5.3
4.7
4.1
4.6
4.1
5.1
1.2
8.3
8.4
1.0
1.8
2.8
3.0
2.5
1.9
3.9
4.4
-2.3
5.6
2.7
3.5
6.0
2.0
3.0
5.0
5.2
4.7
4.4
4.6
4.2
4.9
1.1
Cun ent dollar gro ss domestic product divide by constant dollar gross < omestic prodi ct.
NOTE — Data relat to all person s engaged in the sector,
Ferce t changes ar e from prece ing period a nd are based on original ( ata; they the refore mav
differ slif htly from per cent changes based on inde xes shown he re.
Sourc : Departmen of Labor, Bu reau of Labo Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production was unchanged in October, after rising slightly in September. Capacity utilization fell slightly
in October.
INDEX, 1987 = 100* (RATIO SCALE)
INDEX, 1987 = 100* (RATIO SCALE)
115
130
TOTAL lh> DUSTRIAL 'RODUCTIC N
v /—
r~/~— ^—»^-
/•—I
*"""
^
•
r^
/^
1 1 1 1 1 1 1 1 1 1 1 1 1 1 M M i l l M i l l MM!
ii n 1 1 M i M
M II 1 1 i M II
— CAPACI W UTILIZAT ON
(TOTAL NDUSTRY)
RATE -
^~\^-
r^
K^"~~\
-~f~^\
V
\X~"
/^
'
II M 1 i M M !
M 1M 111 1 M
1987
1988
1 1M M 1 11 11 M 1 1M M 1 M M 1 1M M M 1
1989
1991
1990
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
1991:
1
84.1
85.7
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
109.2
Oct
Nov
Dec
109.9
108.3
107.2
Jan
Feb
Mar
Apr
May
June
July r
Aug r.
Sept r
Oct"
106.6
105.7
105.0
105.5
106.4
107.3
108.1
108.0
108.2
108.2
Output as percent of rapacity.
Manufacturing
Percent
1987 = 100
Capacity utilization
rate, pt rcent l
Industry pro< uction indexes , 1987 = 100
To tal
indu trial
prodi ction
from year
earlier
1.9
1.9
-4.4
3.7
9.3
1.7
1.0
4.9
5.4
2.6
1.0
2.0
.2
-1.3
-.8
-2.6
-3.6
-3.0
-2.7
25
— 2.1
-2.3
-2.2
-1.6
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
82.1
80.9
75.0
80.2
87.0
90.8
91.5
94.9
100.0
103.6
106.4
107.8
110.0
114.3
109.3
104.8
111.9
109.0
101.0
100.0
101.8
100.5
102.6
95.9
94.3
91.8
93.6
97.0
99.5
96.3
100.0
104.4
107.1
108.0
75.8
81.1
80.3
79.2
81.4
84.0
84.2
83.0
78.8
72.8
74.9
80.4
79.5
79.0
81.4
83.9
83.9
82.3
112.5
109.9
107.5
108.4
107.7
107.4
102.6
103.3
103.4
109.2
106.9
108.8
83.0
81.6
80.6
82.2
80.7
79.4
107.2
106.1
105.0
106.0
106.7
107.3
108.1
107.9
108.6
108.3
106.8
106.0
105.4
105.9
106.5
107.6
108.6
109.0
109.3
109.5
101.7
102.9
101.5
100.9
100.2
102.1
102.7
101.5
100.7
100.5
107.6
104.6
106.4
105.9
111.4
111.5
110.9
110.2
108.5
108.6
80.0
79.1
78.4
78.6
79.1
79.6
80.0
79.8
79.8
79.6
78.9
78,0
77.2
77.5
77.8
78.3
78.7
78.6
78.8
78.6
78.8
80.3
76.6
80.9
89.3
91.6
94.3
100.0
105.8
108.9
109.9
75.7
77.4
72.7
76.8
88.4
91.8
93.9
100.0
107.6
110.9
111.6
110.7
108.9
107.5
107.0
106.1
105.2
105.9
106.6
107.5
108.3
108.4
108.9
108.9
83.1
84.5
82 5
: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; monthly data seasonally adjusted]
Produ cts
Mat< rials
I^nal produc ts
Internlediate pro iucts
f jquipment
Co nsumer gc ods
Period
Total
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
Durable
goods
Defense
Nondurable
goods
Total '
ness
ConTotal
supplies
space
equipment
Business
supplies
Total
Energy
82.1
80.8
83.0
91.0
94.2
95.7
100.0
105.6
109.1
110.9
85.8
84.5
88.8
92.8
93.7
96.8
100.0
104.0
106.7
107.3
74.0
68.7
79.7
91.0
91.6
94.5
100.0
104.9
107.9
106.2
89.6
89.7
91.9
93.4
94.4
97.6
100.0
103.7
106.4
107.6
78.2
77.0
76.8
89.2
94.8
94.5
100.0
107.6
112.3
115.5
76.1
72.9
71.9
85.4
91.1
93.2
100.0
111.8
119.1
123.1
58.5
65.7
71.8
78.9
89.4
96.0
100.0
98.0
97.4
97.3
77.0
75.1
80.3
86.2
88.3
92.0
100.0
104.4
106.8
107.7
78.4
72.2
80.2
86.2
89.1
93.8
100.0
104.4
106.1
105.2
75.7
77.0
80.3
86.2
87.7
90.7
100.0
104.4
107.3
109.4
92.8
85.1
88.3
96.6
96.6
95.9
100.0
105.6
107.4
107.8
104.3
100.7
98.9
103.8
103.4
99.4
100.0
101.8
101.4
102.1
1990: Oct
Nov
Dec
112.3
110.2
109.2
108.6
106.5
105.7
106.9
99.4
96.0
109.1
108.5
108.4
117.0
115.1
113.6
125.4
122.9
121.2
97.3
96.2
95.8
107.0
106.2
106.0
103.1
101.8
101.0
109.7
109.2
109.4
108.3
106.8
105.3
102.3
101.6
102.0
1991: Jan
Feb
Mar
Apr
May
June
July r
Aug T
Sept '
Oct"
109.1
108.3
108.1
108.7
109.3
110.1
110.2
109.8
110.5
110.6
105.6
104.7
104.7
105.5
106.6
108.0
108.3
108.4
109.2
109.5
97.6
95.2
95.9
99.3
101.1
104.2
105.5
104.0
107.6
107.7
107.8
107.3
107.1
107.2
108.1
109.0
109.0
109.6
109.7
110.0
113.6
112.9
112.5
112.8
112.7
112.8
112.8
111.7
112.1
111.9
121.6
120.6
120.3
121.3
121.7
121.9
122.5
121.3
122.6
122.6
94.4
94.5
93.9
92.5
91.5
91.0
90.0
90.0
89.0
88.6
103.8
102.6
101.3
101.2
102.7
104.0
104.0
104.2
103.9
103.6
97.7
96.4
94.0
94.9
95.8
97.4
96.9
96.5
96.7
96.5
108.1
106.8
106.4
105.6
107.5
108.5
109.0
109.6
108.9
108.6
104.8
103.9
102.6
103.4
104.5
105.4
107.0
107.2
107.2
107.1
101.1
101.1
101.3
101.1
102.4
103.4
104.1
103.2
102.6
102.6
1
.
.. .
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987^100; monthly data season;
[justed]
No ndurable manufacti res
Durable m anufactures
Transp Drtation
equi] ment
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
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
117.5
83.2
91.0
102.4
101.8
93.8
100.0
110.3
109.2
108.4
135.1
86.2
96.1
105.9
104.5
90.8
100.0
113.8
109.3
109.9
91.1
83.2
85.5
93.3
94.5
93.8
100.0
106.2
107.2
105.9
65.9
63.9
64.3
80.8
86.8
90.4
100.0
113.8
121.8
126.5
75.4
75.9
80.3
94.1
93.1
94.3
100.0
106.5
109.5
111.4
68.7
64.8
72.7
83.1
91.8
96.9
100.0
105.0
107.2
105.5
64.4
58.8
74.5
90.6
99.0
98.5
100.0
105.5
104.9
96.8
74.7
67.3
79.9
86.0
88.0
95.1
100.0
104.6
103.0
101.6
91.0
90.1
93.8
95.7
92.6
96.3
100.0
102.2
104.3
98.8
72.1
75.2
79.0
84.5
87.6
90.7
100.0
103.6
108.5
111.9
89.2
81.8
87.5
91.4
91.4
94.6
100.0
105.4
108.5
110.3
86.5
87.7
90.1
92.1
94.9
97.4
100.0
102.8
105.5
107.6
1990: Oct
Nov
Dec
108.6
109.1
104.2
110.3
112.6
107.3
106.4
104.3
101.9
128.1
126.3
124.7
110.8
110.4
108.7
109.2
100.1
96.6
103.8
85.8
78.5
98.2
95.5
93.5
97.2
95.5
94.9
112.9
112.4
112.8
110.7
110.0
109.9
108.8
109.6
109.1
1991: Jan
Feb
Mar
Apr
May
June
99.7
99.5
94.7
94.5
96.9
96.4
101.2
103.0
102.7
102.3
99.0
98.0
92.0
91.6
94.0
92.9
99.5
100.9
100.9
100.6
101.7
99.1
97.8
98.0
99.1
99.8
100.9
101.3
101.5
101.4
125.5
124.5
123.1
123.5
123.6
123.4
123.9
123.3
123.5
123.3
107.6
108.2
108.6
109.7
. 110.6
111.5
111.0
111.8
111.9
110.9
97.6
95.5
95.0
97.2
98.2
99.7
101.3
98.9
102.2
102.5
83.0
79.4
79.8
86.2
89.8
92.5
96.7
91.6
99.4
100.5
94.2
91.5
91.2
92.7
92.5
96.7
94.8
95.0
94.9
93.8
92.9
93.1
92.5
93.2
95.2
96.2
97.8
98.7
98.5
98.9
112.1
110.1
109.1
108.2
109.0
109.2
109.6
111.5
112.1
112.3
113.0
108.3
107.6
107.4
107.6
107.8
108.6
108.3
'108.7
109.2
109.4
Julvrr
Aug
Sept '
Oet"
Source: Board of Governors of the Federal Reserve Svstem.
18
110.9
110.4
110.7
110.6
111.2
111.9
112.3
112.5
112.7
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Oonstructio n contracts 3
Private
Period
Total new
construction
expenditures
Resi iential
Total
i\ew Housing
Total '
Commercial
and
Other
Federal,
State, and
local
Total value
index
(1982 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
I illions of dollars
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
272.0
260.6
294.9
348.8
377.4
407.7
419.3
432.2
443.7
446.4
207.3
197.5
231.5
278.6
299.5
323.1
328.6
337.4
345.4
337.8
99.2
84.7
125.5
153.8
158.5
187.1
194.7
198.1
196.6
182.9
69.4
57.0
94.6
113.8
114.7
133.2
139.9
138.9
139.2
128.0
58.2
62.6
57.7
74.0
89.8
84.4
84.0
88.0
94.3
96.4
49.8
50.2
48.2
50.8
51.3
51.6
50.0
51.4
54.6
58.5
64.7
63.1
63.5
70.2
77.8
84.6
90.6
100
100
124
136
150
159
165
167
173
157
94.8
98.3
108.7
Annual rates
1990:
Sept
437.2
434.6
431.4
Oct
Nov
Dec
421.3
1991: Jan
Feb
Mar
Apr
May
406.5
410.1
401.9
407.1
June
July r.
Augr
Sept "
1
2
3
,
399.0
398.2
400.6
402.1
406.5
330.3
324,1
317.2
311.3
303.9
300.5
293.3
299.0
291.0
290.9
289.6
293.2
295.9
690
756
955
1,097
1,016
1,019
973
961
747
Anniuil rales
175.4
172.1
168.0
165.0
121.6
119.0
115.1
113.0
94.9
92.0
89.3
88.6
60.0
59.9
59.9
57.7
106.8
110.5
114.2
110.0
r
161.8
155.6
152.4
151.8
154.6
158.3
157.8
162.9
167.7
107.9
103.5
100.8
100.6
103.2
106.7
109.7
114.6
119.0
85.1
86.2
83.2
87.0
78.2
73.8
73.2
72.0
69.7
57.0
58.7
57.6
60.2
58.3
58.8
58.6
58.3
58.5
102.6
109.6
108.6
108.0
108.0
107.3
111.0
108.9
110.6
133
138
r
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
919
!47
154
152
136
!40
r
152
!46
M37
146
150
143
693
639
660
555
602
658
538
624
565
438
469
514
416
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Compan}', F.W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New pri\ ate homes
New private housing units
Period
Units started, b\ type of structure
Total
1981
1982
1983
1 unit
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1984
1985
1986
1987
1988
1989
1990
705.4
662.6
1,067.6
1 ,084,2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
2-4 units
91.1
80.0
113.5
121.4
93.4
84.0
65.3
58.8
55.2
37.5
5 or more units
287.7
319.6
522.0
544.0
576.1
542.0
408.7
348.0
317.8
260.4
Units
authorized
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
Units
completed
Homes sold
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
436
412
1,314
1,275
1,246
1,155
1,125
1,096
1,190
,089
,070
,105
' ,069
,054
" ,144
504
465
480
464
623
639
688
750
671
676
650
534
Vacancv rate
Homes for
sale at end of
period 1
housing units
(percent) 2
275
253
301
5.0
5.3
5.7
5.9
6.5
7.3
7.7
t.t
7.4
7.2
353
346
357
366
368
363
318
Seasonal y adjusted annu al rates
1990:
1,106
1,026
1,130
971
847
992
907
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
Mav
977
June
July
Aug '
Sept
T
Oct"
983
1,034
1,049
1 ,056
1,021
1 ,096
858
839
769
751
648
788
742
801
831
869
879
883
864
898
35
22
54
17
29
37
28
32
36
144
24
46
42
29
141
124
131
128
48
150
1
Seasonally adjusted.
Quarterly data enter
earlier data.
2
213
165
307
203
170
167
137
i last month of quarter. Series beginning 1989 not coiimparahle with
116
989
925
916
854
802
876
892
913
966
999
1,005
953
982
1,035
414
488
495
506
507
518
503
512
446
338
334
327
318
315
313
308
303
299
7.2
7.2
7.5
295
296
295
7.3
295
7.6
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for IfiTK-iSH t
are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In September, manufacturing and trade sales rose 0.4 percent and inventories rose $5.0 billion. In October,
according to advance data, retail sales fell 0.1 percent, following a rise of 0.6 percent in September.
BILLIONS OF DOLLARS* (RATIO SCALE)
300
BILLIONS OF DOLLARS* (RATIO SCALE]
1,000'
900
250
800
700
200
MANUFACTURING AND
TRADE INVENTORIES
RETAIL INVENTORIES
600
500
150
MANUFACTURING
AND TRADE SALES
400
RETAIL SALES
100
300
RATIO*
INVENTO ?Y-SALES
R ATIO
RETAIL
I./O
^
V—']
200
*" 'V" Nxs.
^-^
l, lm
1990
1989
1991
- XV<~~K^ , /
|
1987
1988
V
1990
1991
Sales
2
Invenle
Inventorv-. ales ratio 4
Re tail
Who esale
Sales
Inventories 3
\
COUNCIL OF ECONOMIC ADVISERS
Period
Sales 2
A
Jnm i i m l i m i
1989
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufact uring and
trac e '
,./
MANUFACTURING
AND TRADE
1 40
1988
\
f—\
\r— '
1-
Total
2
Durable
goods
stores
Inventories
Nondurable goods
stores
3
Total
Durable
goods
stores
Nondurable goods
stores
134,493
147,712
167,748
181,773
186,587
208,112
219,791
238,159
242,563
241,895
244,901
244,550
242,563
244,071
241,179
236,900
236,696
236,204
235,098
235,994
236,757
240,335
61,469
69,025
79,250
88,464
90,197
105,738
112,254
120,663
120,629
122,303
124,048
122,947
120,629
121,217
119,239
116,041
116,087
115,490
114,305
114,754
115,279
117,515
73,024
78,687
88,498
93,309
96,390
102,374
107,537
117,496
121,934
119,592
120,853
121,603
121,934
122,854
121,940
120,859
120,609
120,714
120,793
121,240
121,478
122,820
Manufacturing
Retail
Millions of dollars, seasonally idjusted
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: Sept/
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
June
July
Aug r
Sept"
Oct"
1
2
3
348,755
370,441
411,391
423,806
431,668
459,088
496,330
525,839
542,917
r
549,804
554,938
546,714
534,361
527,074
527,915
523,117
530,872
535,926
536,977
541,023
539,578
541,977
574,518
590,968
650,789
665,060
664,031
711,595
767,700
810,257
826,941
825,964
830,414
832,464
826,941
831,445
828,201
819,615
816,893
811,713
807,105
806,802
806,648
811,665
See page 21 for manufacturing.
Monthly average for year and total for month.
End of period.
20
96,290
100,324
113,393
114,626
116,151
124,254
135,176
144,005
149,193
149,918
151,001
148,176
148,036
144,723
143,608
142,935
145,019
144,927
145,217
147,635
145,524
146,647
128,196
130,906
143,557
148,484
154,713
165,271
180,313
188,273
195,567
89,114
97,570
107,316
114,642
120,860
128,509
137,613
145,146
150,602
28,013
32,631
37,938
41,567
45,121
48,051
52,281
54,349
54,563
193,077
151,970
194,053 r 151,984
195,544 152,711
195,567
149,750
198,993 147,803
198,563 151,092
151,467
196,733
195,052
150,967
193,632
152,710
192,039
152,642
153,195
192,806
192,503 152,160
192,306 ' 153,025
152,888
54,276
54,296
54,152
52,402
50,897
53,235
53,725
53,490
54,074
54,212
54,117
53,390
r
54,526
54,549
r
4
61,101
64,939
69,377
73,075
75,738
80,457
85,332
90,797
96,039
97,694
r
97,688
98,559
97,348
96,906
97,857
97,742
97,477
98,636
98,430
99,078
98,770
r
98,499
98,339
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
1.67
1.55
1.53
1.55
1.55
1.50
1.49
1.51
1.51
1.50
1.50
1.52
1.55
1.58
1.57
1.57
1.54
1.51
1.50
1.49
1.49
1.50
1.49
1.44
1.49
1.52
1.56
1.55
1.55
1.60
1.59
1.59
1.61
1.60
1.62
1.65
1.60
1.56
1.57
1.55
1.54
1.54
1.56
1.57
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In September, manufacturers' shipments and inventories rose, while new and unfilled orders fell.
BILLIONS OF DOLLARS' (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE)
/»u
240 -SHIPMENTS
,.i^w~-v^--S^•—'"-X
440
r-^-—
r200 u— —•— |
\
TOTAL
360
280
DJRABLEGOC)DS
.^^
tf
'
200
••— — ^
DURABLE GOODS
^•~"— "
—
80
- INVENTORIES
160
NOND JRABLEGOCDOS
120
i m 1 1 1 m i 1 1 i 1 1 i 1 1 1 M mull mi
\
NONDURABLE GOODS
1 1 1 1 \ I 1 1 1 M 1 M 1 1 11 1 1 1 1
80
BllilONS OF DOHARS' (RATIO SCALE)
AW
240 —NEW ORDERS^y,r
200
r"^"""^
——^"""""l
-
v
-—
60
r-^-^
\
TOTAL
Minmi!
DUR/\BLE GOOD 5
160
V.y x-v--'.'' -/••'•-^
. •""• "*•*" *
/>.
l
2.20
~^*"—
INVENTORY-SHIPMENTS RATIO
2.00
--- '
\
NONI3URABLEGCKDDS
80
mi ilimi
RATIO'
1.80
1.60
n n i l n i n iimlimi n mini n
1987
1989
1988
1||M |
1.40
m|||
iiii
1.20
1987
1991
1990
1988
1989
1990
1991
COUNCIL OF ECONOMIC ADVISERS
Manul acturers' shipn ents
Period
Durable
goods
1
Manufacturers new orders 1
Manuf icturers' inven .ories 2
;
Nondurable
goods
Durable
goods
Durabl goods
Nondurable
goods
Total
Capital
goods
industries,
non-defense
Nondurable
goods
84,077
Manufacturers'
unfilled
orders 2
Manufacturers'
inventory—
shipments
ratio 3
tfiUions of d<)llars, season ally adjustet
1982
1983
,
87,066
92,742
93,259
91,419
98,198
105,549
112,156
117,735
311,829
312,350
339,484
334,803
322,731
338,212
367,596
383,825
388,811
200,409
199,814
221,284
218,182
212,010
220,790
241,389
253,261
252,836
111,420
112,536
118,200
116,621
110,721
117,422
126,207
130,564
135,975
162,140
175,451
192,879
195,706
195,204
209,389
227,025
240,758
243,643
88,140
100,164
102,356
103,647
110,809
121,444
128,651
125,958
19,213
19,624
23,669
24,545
23,983
26,096
30,727
34,816
34,032
87,311
92,715
93,351
91,557
98,579
105,581
112,107
117,685
311,893
347,310
373,607
387,241
393,629
430,589
472,223
520,837
527,195
1.95
1.78
1.73
1.73
1.68
1.59
1.58
1.61
1.60
125,783
127,692
122,693
118,578
122,133
124,261
123,134
117,997
390,992
391,460
392,370
388,811
255,278
255,113.
256,387
252,836
135,714
136,347
135,983
135,975
248,987
254,976
239,237
238,196
126,893
130,875
116,193
120,221
34,419
37,223
30,884
38,560
122,094
124,101
123,044
117,975
529,141
532,164
525,574
527,195
1.58
1.55
1.60
1.64
117,648
117,432
114,487
119,721
121,024
122,240
122,994
124,459
r
!25,113
116,900
115,783
114,228
115,165
117,265
116,878
117,199
117,435
117,192
388,381
388,459
385,982
385,145
381,877
379,968
378,002
377,388
379,024
252,170
252,256
250,405
249,546
246,964
245,642
244,467
243,616
244,488
136,211
136,203
135,577
135,599
134,913
134,326
133,535
133,772
134,536
234,462
233,132
226,431
231,229
236,540
233,725
248,090
243,160
238,933
117,789
117,547
112,116
116,139
118,434
117,128
130,827
125,482
T
121,470
33,957
33,756
31,940
28,748
28,038
29,282
36,689
30,993
r
30,790
116,673
115,585
114,315
115,090
118,106
116,597
117,263
117,678
117,463
527,109
527,026
524,742
521,085
519,336
513,943
521,840
523,106
519,734
1.66
1.67
1.69
1.64
1.60
1.59
1.57
1.56
1.56
79,212
84,139
1984
1985
1986
1987
1988
1989
1990
163,351
172,547
190,682
194,538
194,657
206,326
223,541
236,689
243,122
85,481
97,940
101,279
103,238
108,128
117,993
124,532
125,388
1990: Sept
Oct
Noy
Dee
247,916
251,953
245,827
236,575
1991: Jan
Feb
Mar
Apr
May
June
July
Aug '
Sepf
234,548
233,215
228,715
234,886
238,289
239,118
240,193
241,894
242,305
1
2
Monthly average for year and total for month. Shipments are the same B
End of period.
3
78,064
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In October, the producer price index for all finished goods rose 0.7 percent. Prices of finished consumer foods rose
0.4 percent and prices of other finished consumer goods rose 0.9 percent. Capital equipment prices rose 0.4
percent.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
100
100
90
90
1983
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1982 = 100; monthly data seasonally adjusted]
Internlediate ma te rials
Fin shed goods
Capital
equipment
Total
finished
consumer
goods
94.6
100.0
102.8
105.2
107.5
109.7
111.7
114.3
118.8
122.9
124.1
124.4
124.8
125.7
125.9
126.2
126.1
126.5
126.7
126.7
126.8
127.0
127.5
96.6
100.0
101.3
103.3
103.8
101.4
103.6
106.2
112.1
118.2
122.1
122.6
121.7
121.6
120.5
119.9
120.2
120.7
120.0
119.6
120.1
120.1
121.0
F nished go ids excluding consumer foo Js
Period
Total
finished
goods
Consumer
foods
Consumer gc ods
Total
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
1991:
1
Oct
Nov
Dec
Jan
Peb
Mar
Apr
May
June
July
Aug
Sept
Oct
r
96.1
100.0
101.6
103.7
104.7
103.2
105.4
108.0
113.6
119.2
122.3
122.8
122.3
122.4
121.5
121.2
121.3
121.9
121.4
121.1
121.4
121.5
122.3
97.8
100.0
101.0
105.4
104.6
107.3
109.5
112.6
118.7
124.4
125.1
125.2
124.8
124.6
124.9
125.1
125.5
125.5
124.9
124.0
123.5
122.9
123.4
95.6
100.0
101.8
103.2
104.6
101.9
104.0
106.5
111.8
117.4
121.4
122.0
121.4
121.6
120.4
119.9
120.0
120.7
120.2
120.1
120.7
121.0
121.9
Intermediate materials for food manufacturing and feeds.
22
96.1
100.0
101.2
102.2
103.3
98.5
100.7
103.1
108.9
115.3
120.6
121.3
120.2
120.1
118.4
117.5
117.7
118.5
117.7
117.6
118.4
118.7
119.8
Durable
Nondurable
96.4
100.0
102.8
104.5
106.5
108.9
111.5
113.8
117.6
120.4
121.2
121.8
122.3
123.1
123.5
124.2
123.9
123.6
123.2
123.3
123.7
123.5
124.5
95.8
100.0
100.5
101.1
101.7
93.3
94.9
97.3
103.8
111.5
118.6
119.3
117.6
117.2
114.7
113.4
113.7
114.9
114.0
113.7
114.8
115.2
116.2
Total
98.6
100.0
100.6
103.1
102.7
99.1
101.5
107.1
112.0
114.5
117.9
118.1
117.2
116.6
115.7
114.5
114.0
113.9
114.0
113.7
114.1
114.2
114.1
Foods
and
feeds '
104.6
100.0
103.6
105.7
97.3
96.2
99.2
109.5
113.8
113.3
113.0
111.7
111.9
110.4
112.3
113.2
113.0
110.1
109.7
108.6
110.9
110.5
111.7
Cniide mater als
Other
Total
98.2
100.0
100.5
103.0
103.0
99.3
101.7
106.9
111.9
114.5
118.2
118.5
117.5
116.9
115.9
114.5
114.0
114.1
114.3
113.9
114.3
114.4
114.3
103.0
100.0
101.3
103.5
95.8
87.7
93.7
96.0
103.1
108.9
125.4
117.6
111.2
113.2
104.5
101.0
100.6
100.7
99.2
99.2
99.2
98.3
100.1
:e: Department of Labor, Bureau of Labor Statistics.
Foodstuffs
and
feedstuffs
103.9
100.0
101.8
104.7
94.8
93.2
96.2
106.1
111.2
113.1
111.9
110.8
109.5
108.3
108.4
109.5
108.7
105.1
105.9
104.1
102.2
103.7
103.8
Other
101.8
100.0
100.7
102.2
96.9
81.6
87.9
85.5
93.4
101.5
127.9
116.4
107.2
110.8
98.0
92.2
92.0
94.1
91.5
92.3
93.3
91.2
93.8
CONSUMER PRICES—ALL URBAN CONSUMERS
In October, the consumer price index for all urban consumers rose 0.1 percent, seasonally adjusted and not
seasonally adjusted. The index was 2.9 percent above its year-earlier level.
INDEX, 1982-84= 100 (RATIO SCALE]
150
NDEX, 1982-84 = 100 (RATIO SCALE)
150
SEAS DNALLY ADJUSTED
140
140
r^
130
130
^
CONSUMER PRICES— ALL IT EMS
/^1
j^
120
120
110
110
r--'
100
100
^
90
90
1 1111111111
1 1111111111
1 11111I 1I I I
1 1 1 1 1 1 1 1 1 I1
1983
1984
1985
1986
1 1111
11111
1987
11111111111
1 1111111111
1 1111!111 1 1
1 111 1 11111
1988
1989
1990
1991
COUNCIL OF ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
All it ems
l
T ansportation
Hoi sing
Shf Her
Period
Not
seasonally
ed
(NSA)
Seasonally '
adjust-
Renters',
Pood
Total !
Total
ed
(Dec
100)
Rel. imp.3....
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
Oct
Nov
Dec
1991:
Jan
Feb
Mar
Apr
May
June
Julv
Aug
Sept
Oct
100.0
90.9
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
41.4
90.4
96.9
99.5
103.6
107.7
110.9
114.2
118.5
123.0
128.5
27.7
90.5
96.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
140.0
103.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
Maintenance
and
repairs
(NSA)
Fuel
and
other
utilities
Apparel and
upkeep
Total '
New
Motor
Medical
care
Energy2
items
less
food
energy
4.1
6.4
8.3
102.5
107.3
113.1
119.4
124.8
131.1
137.3
144.6
86.4
94.9
100.2
104.8
106.5
104.1
103.0
104.4
107.8
111.6
95.3
97.8
100.2
102.1
105.0
105.9
110.6
115.4
118.6
124.1
17.8
93.2
97.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
120.5
4.0
90.7
96.4
99.9
103.7
106.5
107.9
111.8
114.7
118.0
122.2
93.7
97.4
99.9
102.8
106.1
110.6
114.6
116.9
119.2
121.0
108.5
102.8
99.4
97.9
98.7
77.1
80.2
80.9
88.5
101.2
82.9
92.5
100.6
106.8
113.5
122.0
130.1
138.6
149.3
162.8
97.7
99.2
99.9
100.9
101.6
88.2
88.6
89.3
94.3
102.1
75.6
89.2
95.8
99.6
104.6
109.1
113.5
118.2
123.4
129.0
135.5
19.5
0.2
7.3
6.1
133.5
133.8
133.8
133.4
133.8
134.2
134.1
134.7
134.9
130.4
130.6
130.8
142.0
142.3
142.8
148.8
149.5
150.5
146.8
146.9
147.3
123.4
123.9
123.8
113.8
114.2
113.7
125.1
125.3
125.7
125.8
126.5
126.9
121.2
121.5
122.0
118.0
118.5
117.7
167.5
168.7
170.1
110.9
111.4
110.9
137.7
138.1
138.6
134.6
134.8
135.0
135.2
135.6
136.0
136.2
136.6
137.2
137.4
134.8
135.1
135.0
135.3
135.7
136.0
136.3
136.6
137.1
137.2
135.7
135.4
135.7
136.7
136.7
137.4
136.6
136.2
136.3
136.2
131.9
132.5
132.6
132.8
133.0
133.1
133.5
133.5
134.2
134.6
143.9
144.6
144.8
145.2
145.3
145.8
146.1
146.2
146.9
147.3
153.0
154.2
154.2
154.2
154.1
154.5
155.0
154.7
155.4
156.0
147.9
148.4
148.7
149.2
149.4
149.9
150.2
150.5
151.3
151.6
124.1
125.1
124.2
126.1
126.9
126.2
126.9
127.2
126.8
126.6
115.5
115.1
114.8
114.2
114.8
114.0
114.8
114.7
115.4
116.1
126.9
128.9
127.4
127.2
127.8
127.7
128.9
130.4
129.9
129.4
125.4
124.0
122.8
122.4
123.2
123.5
123.5
124.0
124.3
124.0
123.6
124.2
124.8
125.2
125.3
125.6
125.6
125.8
126.2
125.8
110.0
102.0
97.1
97.1
99.5
99.1
97.1
97.4
98.3
97.6
171.2
172.4
173.5
174.4
175.4
176.5
177.5
178.9
180.1
181.1
108.2
103.9
101.2
100.5
101.9
100.9
100.5
100.3
101.3
101.5
139.7
140.7
140.9
141.2
141.5
142.0
142.5
143.0
143.6
143.8
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel
also included through 1982.
3
Relative importance, December 1990.
7.9
16.2
93.6
97.4
99.4
103.2
105.6
109.0
113.5
118.2
125.1
132.4
All
Homeowners'
costs
(Dec.
1982 =
100)
etc.—and motor fuel. Motor oil, coolant, etc.
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for Iiomeownership c
and therefore are not strictly comparable, with figures for earlier periods.
Data beginning 1987 and" 1988 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Olit njrc from pr eceding peri d
Change from 3 montl s earher, ann jal rate
Change from 6 montl s earlier, ann lal rate
Change
Consum r goods
Consum r goods
year
earlier.
tolal
finished
goods
Coiisum ?r goods
Period
Total
finished
goods
Capital
equipment
Excluding foods
Food;
Total
finished
goods
Excluding
foods
Foods
Capital
equipment
Total
finished
goods
,
Capita!
equipment
Excluding
foods
Foods
NSA
Cha
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
ige, Dec. o Dec., N 3A
1.5
2.0
2.3
3.5
.6
2.8
-.2
5.7
5.2
2.6
7.1
3.6
.6
1.7
1.8
-2.3
2.2
4.0
4.0
5.7
Ch ange,
1990: Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
June T
July '
Aug
Sept r
Oct
8.6
9.2
4.2
3.9
20
1.8
-.9
.8
2.1
-6.6
4.1
3.1
5.3
8.7
0.6
.1
-.3
.1
2
-.7
-.2
.1
.5
-.4
2
.2
_2
3.6
3.8
3.4
2.1
.6
-.9
1
0.2
2
.3
.7
.2
.2
— .1
.3
-1.4
-.8
.3
.2
0
— .5
-.7
-.4
— .5
.4
.7
2.7
2.1
1.3
mon th to mont h
1.2
.4
-.4
.2
.1
9.2
4.1
1.6
2.1
1.0
-1.4
2.1
2.5
5.2
4.H
.7
Y
.2
-.1
0
.1
.7
.3
.9
_2
.4
15.4
12.3
5.1
2.6
.6
1.3
30.2
23.8
7.3
3.6
8.9
2.8
3.3
3.3
9.0
8.2
2.1
1.8
.3
-4.2
-3.5
-3.5
1.3
.7
— .7
-1.6
.3
4.0
-1.6
-1.0
1.0
2.9
1.9
-.6
-4.7
-1.6
-9.2
— 8.7
-7.8
.3
5.3
4.9
4.6
1.3
1.9
1.6
1.9
1.0
1.0
2.5
7.6
3.7
.7
-1.6
-1.5
-1.5
-2.1
-.2
.5
1.7
.5
.7
-.3
-.3
3.4
7.7
-6.2
-6.3
-1.9
2
1.1
.6
.5
_2
-1.0
-2.2
-3.5
-3.3
15.5
15.6
14.0
3.3
3.6
3.5
n. t
13.2
6.0
-1.0
-4.8
4.4
1.4
4.0
3.4
3.2
3.3
3.5
3.5
2.9
2.0
1.3
2.2
0
-4.6
-4.1
-4.1
0
2.1
3.6
4.1
3.9
3.2
3.4
3.1
1.6
6.4
7.0
7
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Ap-
Shelter
All
items '
Period
Food
Total '
Rent-
Home-
Total '
costs
costs
Fuel
and
other
utilities
c tiange, D ecember
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
:..
8.9
3.8
4.8
3.9
3.8
1.1
4.4
4.4
4.6
6.1
4.3
3.1
2.7
3.8
2.6
3.8
3.5
5.2
5.6
5.3
10.2
3.6
3.5
4.3
4.3
1.7
3.7
4.0
3.9
4.5
9.9
2.4
4.7
5.2
6.0
4.6
4.8
4.5
4.9
5.2
5.1
5.9
6.3
5.0
3.9
3.9
4.5
6.7
Adden dum: All ite ns, percent hangc
(anilua 1 rate)
Tr msportati on
Housing
4.5
5.1
5.9
4.6
5.3
4.7
5.1
4.7
14.4
9.7
1.8
4.2
1.8
-5.6
1.6
2.9
3.2
4.0
parel
and
up-
MediNew
cars
Total >
Motor
fuel
cal
care
Energy2
less
food
From
previ-
and
ous
ter3
From
From
3
()
months
earlier
months
earlier
From
year
earlier
NSA
to Dec mber, IS SA
3.5
1.6
2.9
2.0
2.8
.9
4.8
4.7
1.0
5.1
6.8
9.4
1.5 -6.5
3.4 -1.7
2.5 -2.4
3.4
3.1
5.9 -30.7
18.7
1.8
2.1 -2.1
6.8
2.3
36.5
1.4
10.9
1.8
3.9
3.1
2.6
-5.9
6.1
3.0
4.0
10.4
12.5
11.0
6.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
11.9
9.5
1.3
4.5
4.8
4.7
4.3
3.8
-.5
.2
1.8
-19.7
8.2
.5
5.1
18.1
10.3
6.2
3.2
4.3
3.6
1.9
3.6
4.1
4.8
5.4
4.2
4.7
4.4
5.2
Chs nge, mo nth to n onth
1990: Oct
Noy
Dec
0.6
.3
.3
0.4
.4
.1
0.3
.2
.2
0.1
.2
.4
0.4
.5
.7
0
.1
.3
1.1
.4
-.4
-0.3
.2
.3
1.9
.6
.3
0.1
1991: Jan
Feb
Mar
Apr
May
June
.4
.6
_2
.2
.8
.5
.1
.2
.2
.1
.3
0
.5
.3
.8
.5
.1
.3
.1
.3
1.7
.8
0
0
-.1
.3
.3
-.2
.5
.4
.4
1.6
3
-.3
— .5
.5
1.0
1.6
-1.2
-1.2
-1.1
-1.0
-.3
.7
.2
0
.4
<j
__2
1.3
.2
-.1
Aug
_2
.3
.2
_2
.2
Sept
Oct
.4
.1
July
.7
0
.5
-.6
0
.1
-.1
.2
.1
.5
.3
.3
.2
.3
.1
.3
2
.2
.5
9
— .7
.7
-.1
.6
.6
2
.5
-.1
.9
1.2
-.4
-.4
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fu€'l oil, etc.
also included through 1982.
24
2
.4
.5
.5
.3
.1
9
0
2
.3
-.3
3
-and motor fuel. Motor oil, coolant, etc.,
7.1
.4
— .7
0.8
.7
.8
-6.5
-7.3
-4.8
0
2.5
-.4
-2.0
.3
.9
-.7
.6
.7
.6
.5
.6
.6
.6
.8
.7
.6
4.2
.5
-.4
0.3
.3
.4
.8
.7
.1
-2.4
-4.0
-2.6
7
2
1.4
-1.0
-.4
o
9
1.0
_2
.4
.4
.4
.4
.1
6.9
4.3
3.9
3.6
2.1
3.0
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
9.2
6.9
4.9
6.9
7.2
6.6
2.4
1.5
1.8
3.0
6.7
5.4
3.7
2.9
2.9
<j 7
3.0
<> o
2.7
3.3
2.7
3.1
2.2
2.8
6.3
6.3
6.1
5.7
5.3
4.B
4.9
5.0
4.7
4.4
3.8
3.4
2.9
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in October fell 4.7 percent from their September level. Prices paid by farmers in
October were unchanged from their July level. (Data are not seasonally adjusted.)
INDE X, 1977-100 RATIO SCALE)
INDEX, 1977== 100 (RATIOS CALE)
200
180
180
._,-''"'"
160
160
\
S
140
X.
S^
w
"X^
W^-v
,s\.A
^x^
^-\ K
\
F RICES PAID
^\
r%x
/~^
^^
\
140
^
120
PRICES RECEJVED
inn
100
80 iiliililiii
iiliililiii lliilllllli iiliililiii
lllilllllll
Iiliililiii iiiiilinii
Iiliililiii
80
R/ TIO-!/
140
-
RATIQJ/
140
_
„
RATI 0
_
80
(^
—
—^^
"L ~~^
1 1 1 11 1 1 1 1 1 1 1 1 f f 1 11 i i i 1
1983
^--1
Illilllilil lllilllllll
1984
1985
~- — *• "•
.
80
--v.
,
Iiliililiii
1986
~
Iiliililiii i i 1 1 1 1 i 1 1 1 1 Ill i 1 1 1 1 1 1 1 Illilllilil
1987
1989
1988
1991
1990
J RATIO OF INDEX O PRICES RECEIVED TO INDEX OF PRICES PAI 3
.OURCE: DEPARTMEN OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISER
[1977 = 100; not seasonally adjusted]
Pri ces
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
All farm
products
F rices
received by farm ers
Livestock and
products
Crops
All commodities,
services,
interest, taxes,
arid wage tates l
paid by farme
Production
items, interest,
taxes, and wage
Tales
s
Production
items
Ratio 2
139
133
135
142
128
123
127
138
147
150
134
121
128
138
120
107
106
126
134
128
143
145
141
146
136
138
146
150
160
170
150
159
161
164
162
159
162
170
178
184
151
158
159
161
156
150
152
160
167
172
148
153
152
155
151
144
148
157
165
171
92
84
84
87
79
77
78
81
83
82
1990:
Oct
Nov
Dec
146
147
143
120
124
121
170
169
164
187
(3)
(3)
174
(3)
(3)
174
(3)
(3)
78
79
76
1991:
Jan
Feb
Mar
Apr
May
145
145
149
149
152
155
150
147
148
141
123
122
128
131
138
146
137
135
r
!38
125
166
166
169
166
165
163
162
158
r
!57
157
188
(3)
(3)
190
(3)
(3)
189
(3)
(3)
189
175
(3)
(3)
176
(3)
(3)
174
(3)
(3)
174
173
(3)
(3)
175
<3)
(3)
173
(3)
(3)
173
77
77
79
78
80
82
79
78
78
75
June
July
Aug
Sept
Oct
1
Includes items not shown separately.
2
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
NOTE.—-The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977= 100 base to facilitate comparison with other indexes.
Source; Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
M2 and M3 rose slightly in October.
BILLIONS OF DOLLARS* (RATIO SCALE)
4,800
BILLIONS OF DOLLARS* (RATIO SCALE)
4,800
4,400
4,400
4,000
4,000
3,600
3,600
3,200
3,200
-v
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
I II M I I I III
i iiiIi ii ii
AVERAGES Of DAuy FIGURES; SEASONAUX ADJUSTED
SOURCE: BOARD or GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
RPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
L
M3 plus
other liquid
assets
Debt
Debt of
domestic
nonfinancial
sectors
(monthlyaverage) 1
or 6
Perec nt change from year
2
months earlier
Ml
M2
M3
Debt
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
436.4
474.4
521.2
552.2
619.9
724.3
749.7
786.4
793.6
825.4
1,793.3
1,952.9
2,186.3
2,374.7
2,569.7
2,811.6
2,910.1
3,069.9
3,223.1
'3,327.8
2,234.1
2,441.7
2,693.3
2,986.2
3,201.6
3,492.6
3,677.4
3,919.1
4,055.2
'4,111.2
2,596.7
2,851.4
3,154.6
3,527.5
3,828.9
4,133.2
4,337.0
4,676.0
4,889.9
'4,966.6
4,292.1
4,685.9
5,212.6
5,961.9
6,773.5
7,636.2
8,345.1
9,107.6
9,790.4
10,434.0
6.8
8.7
9.9
5.9
12.3
16.8
3.5
4.9
.9
4.0
10.0
8.9
12.0
8.6
8.2
9.4
3.5
5.5
5.0
'3.2
12.4
9.3
10.3
10.9
7.2
9.1
5.3
6.6
3.5
1.4
9.9
9.2
11.2
14.4
13.6
12.7
9.3
9.1
7.5
6.6
1990: Sept
Oct
Nov
Dec
821.8
821.2
823.3
825.4
'3,321.6
'3,324.5
'3,323.7
'3,327.8
'4,108.8
'4,109.0
'4,108.4
'4,111.2
'4,955.6
'4,955.1
'4,960.4
'4,966.6
10,306.4
10,344.8
10,396.6
10,434.0
4.3
3.3
3.9
3.4
3.2
2.7
2.5
2.3
1.6
1.3
1.3
'1.2
6.8
6.4
6.6
6.2
19.91: Jan
Feb
Mar
Apr
May
826.7
836.4
843.0
842.1
851.6
858.4
859.6
'866.1
'870.0
879.4
'.3,331.3
'3,354.6
'3,375.3
'3,383.6
'3,396.4
'3,401.2
'3,390.5
'3,390.6
'3,390.3
3,398.8
'4,124.0
'4,159.7
'4,983.1
'5,010.0
'5,010.2
'4,977.3
'4,956.2
'4,980.1
'4,984.8
'4,978.3
"4,970.1
3.9
4.9
5.2
5.1
6.9
8.0
8.0
7.1
'6.4
8.9
2.2
2.7
'3.2
3.6
4.4
1.7
'4,168.1
'4,170.3
10,462.8
10,513.7
10,546.8
10,559.7
10,603.1
10,648.6
'10,688.6
'10,739.5
"10,796.8
5.5
5.1
4.7
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
June
July
Aug
Sept
Ocf
1
Consists of outstanding credit market debt of the U.S. Government, State and loca! governlents, and private nonfinaiiciai sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from (i months earli-
26
'4,172.8
'4,165.6
'4,148.5
'4,146.5
'4,139.9
4,146.4
er at a simple annual rate.
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Re;
4.4
3.6
'2.1
'.9
.9
2.8
2.9
3.0
'3.1
'2.6
1.2
'-.6
-1.4
— 1.1
4.2
4.0
4.1
4.3
r
4.3
4.7
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Currency
Demand
deposits
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net,
plus
overnight
Eurodollars
Money inarket
mutua fund
balanc e s 1
General
purpose
and
broker/
dealer
Institution
only
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Small
denomination
time
deposits2
Large
denomination
time
deposits 2
NSA
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1990:
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct"
122.6
132.5
146.2
156.0
167.8
180.7
196.9
212.0
222.2
246.4
241.5
243.9
245.0
246.4
251.6
255.1
256.7
256.6
256.8
257.6
258.9
260.8
262.4
264.5
231.3
234.0
238.5
243.9
266.6
301.9
286.5
286.3
278.7
276.9
279.1
277.1
277.2
276.9
272.9
276.1
277.1
275.8
278.7
281.0
278.9
r
279.8
279.4
282.6
78.2
103.5
131.6
147.1
179.5
235.3
259.3
280.7
285.2
293.8
293.0
291.8
292.8
293.8
293.9
296.9
301.0
301.9
308.1
311.9
'314.0
r
317.8
' 320.5
324.4
36.6
39.9
55.6
60.6
73.5
82.3
83.2
83.4
77.4
r
74.3
r
81.6
r
83.7
'77.8
r
74.3
'71.5
'70.5
r
69.5
r
70.1
'68.9
r
68.5
r
65.3
r
67.9
r
67.1
70.6
150.6
38.0
185.2
51.1
42.8
138.8
62.1
167.9
176.7
63.9
208.3
83.8
221.7
88.9
241.1
86.9
313.6 101.9
345.4 125.7
339.3 116.2
341.6 119.6
341.9 120.5
345.4 ' 125.7
353.9 130.1
358.2 139.3
363.6 142.0
364.2 145.6
146.2
365.1
364.3 143.3
359.4 141.8
352.8 144.8
349.2 149.3
348.0 155.4
1
Data prior to 1983 are not seasonally adjusted.
2
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
3
Savings deposits only; MMDA data begin December 1982.
3
343.9
400.0
684.7
704.7
814.9
940.6
936.9
925.8
890.2
916.7
919.6
918.2
917.8
916.7
917.1
926.9
939.7
953.8
969.2
981.0
990.0
996.2
1,002.7
1,013.6
823.2
850.9
784.1
887.7
883.4
855.5
917.7
1,031.8
1,145.9
1,164.2
1,160.1
1,161.4
1,161.8
1,164.2
1,163.9
1,162.7
1,158.3
1,150.2
1,140.5
1,129.1
1,118.6
1,110.3
r
l , 102.0
1,088.8
303.0
327.3
327.7
417.7
437.3
439.9
489.2
542.3
563.5
507.1
521.9
515.1
512.5
507.1
511.9
516.0
511.5
507.3
503.9
r
498.7
r
491.2
r
484.6
r
475.9
466.4
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
35.3
33.4
49.9
57.6
62.4
80.5
106.1
121.8
98.8
'89.4
'97.9
r
95.1
r
95.1
'89.4
'87.3
'85.8
r
82.0
r
80.8
r
79.5
r
77.0
r
78.2
r
78.2
r
77.1
75.7
67.5
81.7
91.5
82.9
76.5
83.8
91.0
106.0
81.0
71.4
70.0
70.2
70.0
71.4
71.9
72.6
71.1
68.2
65.4
64.8
'65.8
r
67.3
r
66.0
64.8
Savings
bonds
Shortterm
Treasury
securities
67.8
68.0
71.1
74.2
79.5
91.8
100.6
109.3
117.5
126.0
123.8
124.5
125.2
126.0
126.7
127.8
128.9
130.1
131.4
132.5
133.5
134.4
"135.3
149.4
183.6
212.0
260.8
298.2
280.2
253.5
270.6
327.4
335.4
332.2
330.3
333.8
335.4
333.2
331.4
327.8
307.6
' 299.5
327.0
'337.7
336.5
"332.8
Bankers'
acceptances
Commercial
paper
40.0
105.3
44.5
113.7
133.2
45.0
45.4
160.8
42.0
207.6
37.1
231.4
44.5
261.0
40.1
336.8
40.7
349.2
34.7
359.4
31.8
359.0
32.6
358.8
34.0
359.0
34.7
359.4
36.0
363.2
35.2
355.9
32.4 '353.0
30.7 ' 338.6
28.8 '323.7
27.7 '327.3
27.8 '337.2
27.0 '333.8
"25.0 "337.1
NOTE.—Travelers checks of noiibank issuers are a component of money stock but are not shown
here.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures *; millions of dollars; seasonally adjusted, except as noted by NSA]
Borro\yings of dep )sitory
instituti >ns from the Federal
B eserve (NS./ )
A djusted for ch anges in reser ve requiremen ts
Re erves of depo sitory institutions
Period
Total
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct"
1
25,944
26,495
27,835
29,901
31,662
37,061
45,863
45,812
47,596
47,729
49,104
47,942
48,245
49,104
49,466
49,611
49,566
49,395
50,068
50,429
50,510
51,002
51,281
51,968
Data arc prorated averages of biweekly (maintenance period) averages of daily figures.
Nonborrowed
24,304
25,859
27,201
29,127
28,476
35,473
45,037
45,035
45,880
47,464
48,778
47,532
48,014
48,778
48,932
49,359
49,325
49,164
49,765
50,089
49,904
50,238
50,635
51,708
Nonborrowed plus
extended
credit
24,307
26,008
27,387
29,129
31,080
36,242
45,340
45,518
47,124
47,483
48,801
47,550
48,039
48,801
48,958
49,393
49,378
49,250
49,853
50,097
49,949
50,538
50,937
51,719
Required
25,480
26,176
27,335
29,340
30,807
36,024
44,494
44,766
46,549
46,807
47,440
47,096
47,297
47,440
47,297
47,803
48,387
48,364
49,039
49,421
49,605
49,916
'50,352
50,883
Monetary
base
Total
145,931
153,001
164,276
179,921
191,374
208,619
230,039
246,281
263,459
274,168
299,785
295,941
297,553
299,785
305,152
309,438
310,982
310,605
311,479
312,469
313,910
'316,313
'318,020
320,672
1,690
636
634
774
3,186
1,318
827
777
1,716
265
326
410
230
326
534
252
241
231
303
340
607
764
645
261
Seasonal
116
54
33
96
113
56
38
93
130
84
76
335
162
76
33
37
55
79
151
222
317
331
287
211
Extended
credit
3
148
186
2
2,604
499
303
483
1,244
20
23
18
24
23
27
34
53
86
88
8
46
300
302
12
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases fell 0.1 percent in September; commercial and industrial loans rose 0.5
percent.
BILLIOr-JS OF DOLLARS * (RATIO SCAt E)
2,800
ALL COMMERCIAL BANKS
2,400
.
—
=
2,000
—"fc^i
—~~
_^-^
1
«=:
Bl LIONS OF DOL LARS* (RATIO SCALE)
_
_
— 2,800
1
2,400
2,000
---•" ~"
— — ~* "" "" ~* ""
1
1 600
_——
—
----"""
1,200
1,200
LOANS AND .EASEb
800
—
_^.-400
U.S. GON/ERNMENT SEC:URITIES
"
\
-1
._- --" ]
C>THER SECURIT ES
160
* X^"
.--**-""""""-
120
iiniiiMii
200
1983
\
200
,'
160
I l l l l l l l l l l Illllllllll I l l l l l l l l l l I l l l l l l l l l l Illllllllll Illllllllll I l l l l l l l l l l I l l l l l l l l l l 120
1990
1991
1989
1988
1984
1986
1987
1985
• SEASONALLY ADJUS ED
SOURCE: BOARD OF GOVERNORS
OF THE FE
COUNCIL OF
DERAL RESERVE SYSTE M
ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted l ]
1
A 11 comme eial ban IS
Loans an ' leases
Period
Total
securities 2
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
June ....
July
Aug......
Sept
1,307.2
1,400.5
1,552.1
1,722.2
1,909.6
2,093.5
2,238.9
2,421.7
2,589.0
2,723.6
2,708.0
2,713.6
2,716.6
2,723.6
2,721.2
2,735.1
2,751.0
2,751.8
2,750.5
2,763.2
2,763.3
2,761.6
2,768.9
U.S.
Government
securities
179.3
201.7
259.2
260.2
270.9
310.1
335.9
363.8
399.3
454.2
450.1
453.1
454.0
454.2
454.1
458.0
471.4
479.2
485.1
495.2
505.3
512.6
522,1
Other
securities
160.5
164.8
169.1
140.9
179.0
193.9
193.5
192.1
180.8
175.6
178.8
177.8
175.9
175.6
177.7
177.6
177.6
175.7
173.9
173.1
172.0
169.9
170.8
Total
2
967.5
1,034.0
1,123.8
1,321.1
1,459.8
1,589.5
1,709.5
1,865.8
2,008.9
2,093.8
2,079.0
2,082.7
2,086.7
2,093.8
2,089.4
2,099.5
2,102.0
2,096.9
2,091.5
2,094.8
2,086.0
2,079.1
2,076.0
Commercial
and
industrial
355.4
392.5
414.2
473.2
500.3
537.2
567.6
606.6
641.3
648.1
644.7
643.7
646.5
648.1
644.3
643.9
646.0
640.0
633.2
630.4
626.7
620.5
623.8
Individual
Security
Nonbank
financial
institutions
Agricultural
political
subdivisions
284.1
299.9
331.0
376.5
426.0
494.2
587.2
671.5
760.6
836.5
822.5
827.7
832.0
836.5
837.3
842.6
846.3
850.9
855.1
859.5
857.0
853.9
853.4
182.5
188.2
212.9
253.8
294.6
315.2
328.2
354.7
375.5
378.9
378.6
379.7
378.7
378.9
375.9
377.7
375.5
374.1
373.5
372.0
369.6
368.9
365.3
21.4
25.3
28.0
34.5
43.1
40.4
34.8
39.9
38.3
40.6
41.3
40.5
39.6
40.6
43.1
43.2
38.9
39.8
39.8
38.3
41.6
42.6
43.9
29.9
31.2
30.4
31.3
32.4
34.9
31.8
29.9
32.7
34.8
35.2
34.8
34.6
34.8
34.8
35.9
36.7
35.9
36.9
37.1
37.0
36.2
36.0
33.1
36.2
39.2
40.1
36.1
31.5
29.4
29.8
30.7
33.0
31.8
32.2
32.5
33.0
33.5
33.5
34.0
33.9
33.6
33.0
32.5
32.3
32.2
0.0
.0
.0
46.1
56.8
58.5
52.6
45.5
40.0
34.3
35.2
35.1
34.8
34.3
33.3
33.2
32.8
32.2
31.8
31.1
30.6
30.1
29.5
1
DjitJi lire prorated averages uf 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 Slates and poiitieal subdivisions are included in loans rather than in other securities.
28
State
Real
estate
Foreigi!
banks
18.1
14.6
13.4
11.6
9.9
10.3
7.9
7.9
8.6
7.2
8.1
9.0
8.1
7.2
6.0
6.1
7.2
6.8
6.4
6.0
6.2
6.2
6.5
2
Excludes loans to commercial hanks in the- United States.
Source: Board of Governors of the Federal Reserve System.
Foreign
official
institutions
Lease
financing
receivables
7.2
5.9
9.4
8.4
6.3
6.3
5.8
5.1
3.7
3.2
3.3
3.2
3.2
3.2
3.0
3.1
3.2
3.0
3.0
3.0
3.1
3.1
3.2
12.7
13.3
13.7
1 6.0
19,0
22.3
24.5
29.2
31.8
32.7
32.8
33.3
32.9
32.7
32.4
32.8
33.0
32.7
32.7
32.8
32.0
31.4
31.2
Other
23.1
26.9
3 ! .if
29.9
35.3
38.6
39.8
45.7
45.8
44.6
45.5
43.6
43.7
44.6
45.8
47.5
48.5
47.6
45.6
51.7
49.7
53.9
51.0
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Total
Total
Loans and
short-term
paper
Securities
Total
and
mortgages
1991: I
ii"
:....
377.4
388.3
385.1
378.2
106.8
171.7
59.3
87.1
33.2
41.2
14.9
7.7
77.9
89.3
107.3
21.4
468.6
498.8
504.7
338.8
362.7
384.4
391.1
346.5
105.9
114.4
113.6
-7.7
22.0
18.5
— 20.2
7.9
43.1
34.9
451.3
425.3
317.0
333.0
134.3
92.3
3.2
5.8
34.0
20.5
379.9
379.7
385.5
374.9
137.5
221.5
73.7
98.1
18.0
118.7
!•%
3.8
490.7
517.2
484.4
346.8
370.6
374.7
366.4
366.1
120.1
142.5
118.0
19.3
454.6
431.2
377.5
375.7
77.1
55.5
1990: I
II
Ill
IV
484.2
560.0
444.4
465.3
42.2
53.3
10.8
-40.8
517.4
601.2
459.2
473.0
1989: I
II
Ill
IV
371.2
-92.5
3.1
-85.2
-5.6
55.1
35.4
16.4
97.3
74.0
303.1
392.6
474.9
425.1
481.2
466.6
494.6
488.4
452.8
256.1
270.5
369.7
341.2
330.4
354.1
378.3
382.2
110.5
115.6
86.2
9.4
119.5
102.7
72.6
94.2
-45.3
27.9
-37.6
1.0
87.5
25.4
48.4
41.8
65.3
104.7
31.3
-84.2
-6.2
41.0
-13.6
-6.2
60.5
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
Discrepancy
(sources less
uses)
-2.3
24.3
16.5
30.6
43.0
27.1
53.5
24.2
7.0
18.5
-15.4
-45.0
-13.4
351.8
344.3
372.4
391.4
380.0
369.5
241.9
285.2
335.9
Total
Increase in
financial
assets
47.0
122.1
105.2
83.9
150.8
112.5
116.3
106.2
81.6
10.4
55.2
63.7
54.1
55.1
73.1
101.6
48.5
76.5
91.9
49.8
124.7
48.2
300.8
416.9
491.4
455.7
524.1
493.7
548.2
512.7
459.8
Other 2
54.7
35.5
105.5
56.0
64.2
29.7
70.5
80.4
29.8
58.9
131.7
155.5
103.9
179.8
121.3
156.8
132.7
90.3
1983
1984
1985
1986
1987
1988
1989
1990
1982
Capital
expenditures 3
C edit market fi nds
Internal l
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in in stallment ere dit outstandir-g 1
Ins tallment credit outstanding (end of perio d)
Period
Automobile
Revolving
Mobile
home
311,259
325,805
368,966
442,602
518,252
573,017
610,468
664,049
718,863
735,102
119,008
125,945
143,560
173,564
210,187
247,428
265,851
284,214
290,676
284,585
61,070
66,454
79,088
100,280
121,816
135,851
153,078
174,104
199,082
220,110
20,058
22,064
23,562
25,861
26,850
27,096
25,920
25,348
22,471
20,919
111,124
110,802
122,756
142,897
159,400
162,642
165,620
180,383
206,633
209,487
13,105
14,546
43,161
73,636
75,650
54,765
37,451
53,581
(3)
16,239
1990: Sept
Oct
Nov
Dec
735,547
735,433
736,411
735,102
285,627
285,024
284,412
284,585
219,090
220,031
221,690
220,110
21,073
20,680
20,492
20,919
209,758
209.698
209,817
209,487
1991: Jan
Feb
Mar
Apr
May
June
July
Aug *
Sept"
732,962
732,762
732,442
733,621
732,289
730,591
729,962
729,108
727,563
283,746
282,626
280,689
279,746
276,494
274,496
273,565
271,906
269,655
219,588
221,556
224,817
225,994
227,301
227,737
228,199
229,453
231,860
20,459
20,200
20,123
20,098
19,796
19,907
19,615
19,495
18,970
209,170
208,379
206,813
207,782
208,697
208,451
208,582
208,253
207,078
Total
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec 2
Dec
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.
Other
Total
Automo-
Revolving
Mobile
Other
1,322
2,546
-1,193
958
11,954
20,141
16,503
3,242
2,978
14,763
(3)
-6,091
5,959
5,384
12,634
21,192
21,536
14,035
17,227
21,026
(3)
21,028
2,299
989
246
-1,176
-572
(3)
-1,552
1,703
— 114
979
-1,310
-1,191
-603
-612
173
2,066
942
1,658
-1,580
119
-393
-187
427
60
119
-330
-2,139
-201
-S20
1,179
-1,331
-1,698
-629
-854
-1,545
-839
1,120
-1,937
943
-3,252
-1,998
931
-1,659
2,251
522
1,968
3,261
1,177
1,307
435
462
1,255
2,407
-461
-258
78
-24
302
111
-291
-120
-526
-317
791
-1,566
969
915
246
131
329
-1,175
7,017
6,937
17,615
30,004
36,623
37,241
18,423
18,363
322
(3)
2,854
947
3
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve Svstem.
29
INTEREST RATES AND BOND YIELDS
Interest rates fell in the first 3 weeks of November. (Chart is plotted through October.)
PERCENT PER ANNUM
PERCENT PER ANNUM
1L OF ECONOMIC ADVISERS
[Percent per annum]
U.S. T reasury security yields
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
Oct
Nov
Dec
1991:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Week ended:
1991: Nov 2
9
16
23 "
3-month bills
(new issues) '
Constant nlaturities 2
3-year
14.029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
8.12
7.51
14.44
12.92
10.45
11.89
9.64
7.19
7.07
6.81
10-year
High-grade
municipal
bonds
(Standard &
Poor's) a
13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
8.49
8.55
11.23
11.57
9.47
10.15
9.18
7.38
7.73
7.76
7.24
7.25
14.17
13.79
12.04
12.71
11.37
9.02
9.38
8.72
8.39
8.08
7.40
7.10
7.04
6.30
5.95
5.91
5.67
5.51
5.60
5.58
5.39
5.25
5.03
8.07
7.74
7.47
7.38
7.08
7.35
7.23
7.12
7.39
7.38
6.80
6.50
r
6.23
8.09
7.85
8.11
8.04
8.07
8.28
8.27
7.90
7.65
7.53
7.05
6.90
7.07
7.05
6.95
7.09
7.03
6.89
6.80
r
6.59
9.53
9.30
9.05
9.04
8.83
8.93
8.86
8.86
9.01
9.00
8.75
8.61
8.55
4.99
4.74
4.64
4.58
6.12
5.99
5.95
5.84
7.52
7.48
7.37
7.38
6.61
6.61
6.60
6.66
8.58
8.55
8.43
8.46
7.06
7.68
8.26
8.55
8.26
1
Bank-discount basis.
3
Yields on the more actively traded issues adjusted to constant maturities by the Treasury- Department.
3
Weekly data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and week.
30
Corporate
Aaa bonds
(Moody's)
9.71
9.26
9.32
Prime
commercial
paper,
6 months '
Discount rate
(N.Y. F.R.
Bank) 4
Prime rate
charged by
banks 4
New-home
mortgage
yields
(FHFB) 5
13.42
11.02
8.50
8.80
7.69
18.87
14.86
10.79
12.04
9.93
6.33
5.66
6.20
6.93
6.98
8.33
8.21
9.32
10.87
10.01
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
10.13
10.05
7.81
7.74
7.49
7.00-7.00
7.00-7.00
7.00-6.50
10.00-10.00
10.00-10.00
10.00-10.00
9.98
9.90
9.76
7.02
6.41
6.36
6.07
5.94
6.16
6.14
5.76
5.59
r
5.33
6.50-6.50
6.00-6.00
6.00-6.00
6.00-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.00
5.00-5.00
10.00-9.50
9.50-9.00
9.00-9.00
9.00-9.00
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.00
8.00-8.00
9.65
9.57
9.43
9.60
9.52
9.46
9.43
9.48
9.30
9.04
5.21
4.98
4.94
4.91
5.00-5.00
5.00-4.50
4.50-4.50
4.50 4.50
8.00-8.00
8.00-7.50
7.50-7.50
7.50-7.50
14.76
11.89
8.89
10.16
8.01
6.39
6.85
7.68
8.80
7.95
5
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Feet
al Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in the first 2 weeks of November and fell in the third week. (Chart is plotted through October.]
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
INDEX, DEC. 31, 1965=50 (RATIO SCALE)
700
isn
^_/
160
140
-
1?0
inn
^s~~*y
_
-
-/ —""1NX—^\
\/
/
220
200
180
^
160
x~^~'"•'
-4
140
170
J— coMPOsnFE STOCK PRIC : INDEX
(NYSE)
100
s —1
^W
80
80
60
40
60
,,,,,i
1 1 1 111 1 1i [ 1
1983
ii.iiliii.i
1985
1984
40
1 1 1 1 1 1 1 1 1 11
1986
1989
1988
1987
1991
1990
PER CENT
PERC ENT
20
EARNI vIGS-PRICE RA1IO ON COMM ON STOCKS
(S&P)
in
—
5
0
1
1
1983
1
r^
^
1
1
1984
1
1
1
1985
1
.
1
1
-_
1
1986
r 1 11
1
|
p——
1
1987
1
1
1|^
1—~~*
1
1988
1
1 1
1989
1
1
1
1990
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Common st ock yields
(percent) 5
New Y ork Stock Exc lange indexes I Dec. 31, 1965 = 50) 2
Period
Industrial
1
COUNCIL OF ECONOMIC ADVISERS
Con mon stock pric es 1
Composite
1
1991
Transportation
Utility
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
index
(194143 = 10)"
Dividendprice ratio
Earningsprice ratio
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
180.02
183.46
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
216.23
225.78
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
175.28
158.62
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
87.43
90.60
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
151.88
133.26
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
322.84
334.59
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
3.45
3.61
11.96
11.60
8.03
10.02
8.12
6.09
5.48
8.01
7.41
6.47
1990: Oct
Nov
Dec
168.05
172.21
179.57
208.58
212.81
221.88
131.90
132.96
141.31
87.27
89.69
91.56
108.01
113.76
122.18
2,460.54
2,518.56
2,610.92
307.12
315.29
328.75
4.01
3.91
3.74
6.46
1991: Jan
Feb
Mar
177.95
197.75
203.57
207.71
206.93
207.32
208.29
213.33
212.55
213.10
220.69
246.74
255.36
260.15
260.13
261.16
262.48
268.22
266.21
265.68
145.89
166.06
166.26
166.90
170.77
177.05
177.15
178.52
177.99
187.31
88.59
92.08
92.29
92.92
90.76
89.01
90.05
92.38
93.72
95.25
121.39
141.03
145.42
152.64
151.32
152.31
151.60
157.70
157.69
158.94
2,587.60
2,863.04
2,920.11
2,925.54
2,928.42
2,968.14
2,978.19
3,006.09
3,010.35
3,019.74
325.49
362.26
372.28
379.68
377.99
378.29
380.23
389.40
387.20
386.88
3.82
3.35
3.26
3.19
3.23
3.23
3.20
3.10
'3.15
3.14
215.81
215.87
217.32
210.15
268.79
268.29
269.82
261.05
193.11
194.86
194.06
183.57
96.48
97.26
98.11
95.74
161.48
162.02
163.95
157.02
3,060.96
3,043.02
3,033.68
2,933.94
391.55
391.11
393.41
379.88
3.09
3.11
3.05
3.20
Apr
May
June
July
Aug
Sept
Oct '.
Week ended:
1991: Nov 2
9
16
23"
1
Average of daily closing prices.
Includes all the stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
4
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings2
3
5.59
5.24
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
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first month of fiscal 1992, there was a deficit of $36.0 billion, compared with a deficit of $31.3 billion a
year earlier.
BILLIO MS OF DOLLARS
-
BILLIONS OF D OLLARS
RECEIPTS AND OUTLAYS^
f
„
x
1,500
1 400
X
1 300
OUTLAYSI/
1,200
\
-"'
1,200
--"'
i i no
-"""'"
900
^'f'
"^
1 000
900
RECEIPTS.!/
^,—^"^
800
^~—~~^^
700
600
^"-^""^^
---•""
800
^——
7|
^^**^
i
7 fin
i
i
i
i
i
i
i
N
SURPLUS OR DEFICIT HI/
0
600
— 0
inn
.,
-200
===__^=±^
^~~~- ^__^^
A
\
1/1983
\
1984
1
1985
1
1986
1
1987
1
1988
1
1989
-200
— ~^
~~"
1
1990
f
•—
1991
|\
300
1992^
FISCAL YEARS
V INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS,
COUNCIL OF ECONOMIC ADVISERS
SOURCES; DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Total
Fiscal year or period
Receipts
1976
Transition quarter
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 l
1992 (estimates)
2
First month: '
Fiscal year 1991
Fiscal year 1992
Outlays
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
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,145.5
946.3
990.3
1,003.8
1,064.1
1,144.1
1,251.7
1,323.0
1,493.8
77.0
78.1
108.3
114.0
Surplus
or deficit
(-)
Receipts
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Total
Held by
the public
477.4
495.5
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
-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
-3.9
-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
-212.3
-221.2
-149.7
-155.1
-153.4
-220.4
-268.7
-348.3
547.9
568.9
640.7
667.5
727.0
749.7
760.4
832.0
769.5
806.8
810.0
861.4
933.2
1,026.6
1,081.3
1,244.1
-221.6
-237.9
-169.3
-193.9
-206.1
-277.0
-320.9
-412.1
186.2
200.2
213.4
241.5
263.7
281.7
293.9
313.5
176.8
183.5
193.8
202.7
210.9
225.1
241.7
249.7
9.4
16.7
19.6
38.8
52.8
56.6
52.2
63.8
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,598.9
4,047.9
1,499.4
1,736.2
1,888.1
2,050.3
2,190.3
2,410.4
2,687.2
3,026.9
-31.3
-36.0
57.0
57.2
89.4
94.1
-32.3
-36.8
20.0
20.9
18.9
20.0
1.0
.9
3,243.7
3,651.1
2,438.3
2,727.8
-73.7
-14.7
-53.6
-59.2
1
Data from Monthly Treasury Statement.
2
Estimates from Mid-Session Review of the Budget, Office of Management and Budget, July 15,
1991.
32
Outlays
Gross Fe ieral debt
(end of period)
Off-budget
On-budget
-3.2
— 1.4
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1992, February
1991, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first month of fiscal 1992, receipts were $1.1 billion higher than a year earlier, and outlays were $5.7
billion higher.
BILLIONS OF DO LLARS
BILLIO MS OF DOLLARS
600
RECEIPTS!/
600
_^mmf
INDIVIDUAL INCOME TAXES
500
"
400
300
"
200
OTHER RECEIPTS
\
TOO
i
o
1,200
i
"
i
i
300
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
CORPORATION
INCOME TAXES
\
' 200
~
100
i
i
i
i
i
OUTLAYS V
0
1,200
**'
1 000
1 000
•"*"
900
NONDEFENSE
V
\
--
,_''"'
800
,-"""
700
__.*-'"''
600
600
500
500
400
400
NATIONAL DEFENSE
\
_
300
300
200
\
/I
V
1983
1
1984
1
1985
1
1986
I
1
1987
1988
FISCAL YEARS
1
1989
1
1990
1
200
1992 ^
1991
J INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS,
.
SOURCES. DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
_JS
^OIINril OF FCONOMIC ADVISERS
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
r
Or -budget a id off-bud et receipt
Fiscal year
Total
Individual
Corporation
On-budfe et and of! budget ou tlays
Other
Depart-
Total
and
contributions
1976
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
1977
1978
1979
1980
1981
1982
1988
1984
1985
1986
1987
1988
1989
1990
1991 '
1992 (estimates)
2
First month: l
Fiscal vear 1991
Fiscal vear 1992
1
2
1!li)1
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,145.5
77.0
78.1
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
334.5
349.0
392.6
401.2
445.7
466.9
467.8
518.2
40.7
39.3
41.4
54.9
60.0
65.7
64.C
61.1
49.2
37.0
56.9
61.3
63.1
83.9
94.5
103.3
93.5
98.1
98.7
1.6
1.2
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
265.2
283.9
303.3
334.3
359.4
380.0
396.0
427.2
26.6
28.4
InterHealth
Medi-
Defense,
military
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
73.0
73.1
74.3
78.9
82.3
90.9
92.3
101.4
8.1
9.1
Data from Monthly Treasury Statement.
Estimates from Mid-Session Hevieu- of the Budget, Office of Management and Budget, .Inly 15,
-
r
Nationa defense
Social
insurance
371.8
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
946.3
990.3
1,003.8
1,064.1
1,144.1
1,251.7
1,323.0
1,493.8
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
252.7
273.4
282.0
290.4
303.6
299.3
272.5
311.5
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
245.2
265.5
274.0
281.9
294.9
289.8
261.9
299.3
6.4
6.4
15.7
17.3
7.5
7.5
12.7
13.1
12.3
11.8
15.9
18.5
20.5
15.8
19.3
22.8
26.5
Income
security
Social
securi-
60.8
61.0
61.5
66.4
86.5
99.7
73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
23.2
26.9
27.4
28.6
30.4
32.1
39.1
46.6
16.2
14.2
11.6
10.5
9.6
13.8
16.2
17.9
33.5
35.9
40.0
44.5
48.4
57.7
65.8
70.2
75.1
78.9
85.0
98.1
104.5
1 14.3
128.2
119.8
123.3
129.3
136.0
147.3
171.6
7.4
10.0
12.8
13.7
71.2
86.9
108.3
23.4
22.5
.8
5.5
114.0
23.8
22.8
1.8
7.2
52.6
57.5
107.7
122.6
112.7
186.3
188.6
198.8
207.4
219.3
232.5
248.6
269.0
286.6
Net
interest
26.7
29.9
35.4
42.6
52.5
68.7
85.0
89.8
111.1
129.4
136.0
138.6
151.7
169.2
184.2
195.0
205.6
21.0
15.1
22 7
16.8
Other
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
131.8
142.1
125.9
139.4
159.8
202.7
223.0
284,7
22.4
18.0
NOTE.—Data are from Budget oj the United Hla/e,i Government, Fiscal Year JSSS, February
1991, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 1991, Federal receipts rose $4.0 billion (annual rate) and Federal expenditures rose $61.7
billion. In the third quarter, according to advance data, Federal expenditures rose $14.0 billion; receipts data are
incomplete.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,400
1,400
1,200
1,200
EXPENDITURES
\ ------T""
1,000
1,000
800
800
600
600
400
200
-200
1986
1982
1987
1991
CALENDAR YEARS
COUNCll OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Total
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Total
Purchases
of goods
and
Transfer
payments
Gnmtsin-aid to
State
and
local
Net
interest
paid
menu
Fiscal year:
1986
1987
1988
1989
1990
Calendar year:
1986...'
1987
1988
1989
1990
1982: IV
1983: IV
1984: IV
1985: IV
1986: IV
1987: IV
1988: IV
1989: IV
1990: I
II
in
1991:
IV
I
[I
HI".
55.6
57.8
58.8
368.6
375.4
377.8
399.0
416.1
394.6
411.1
433.2
462.0
504.7
107.4
103.1
108.3
1 15.8
128.3
134.6
139.3
148.8
167.7
182.1
22.8
31.1
33.6
27.7
21.5
50.5
54.0
57.0
58.4
61.7
47.6
53.6
56.2
53.5
50,8
55.1
57.8
58.7
60.6
60.5
61.0
64.6
72.7
71.9
72.8
332.1
350.8
389.8
420.1
446.7
236.1
259.8
290.7
317.7
337.9
358.4
399.6
426.1
439.9
444.0
450.6
452.3
465.5
469.5
475.0
1,034.8
1,071.9
1,114.2
1,187.2
1,275.7
835.7
844.7
930.2
1.017.5
1,042.8
1,101.7
1,153.8
1,205.8
1,248.8
1,271.7
1,271.6
1,310.8
1.261.4
1,323.1
1,337.1
366.5
381.3
380.3
400.0
424.0
293.2
276.1
326.0
376.6
368.8
388.2
401.1
399.9
410.6
421.9
425.8
437.6
443.8
449.7
436.8
399.9
414.0
438.9
471.9
511.4
347.4
352.5
362.1
385.8
405.8
421.4
447.2
487.9
503.4
510.4
513.2
518.5
462.2
509.4
543.3
106.8
10S.fi
111.1
118.2
131.4
84.5
86.0
96.3
103.5
103.0
102.7
112.2
121.5
128.5
131.5
129.8
135.8
143.7
151.0
152.0
135.6
142.3
151.3
172.0
186.3
87.2
101.0
125.3
132.7
1 36.0
147.6
157.9
175.2
178.1
184.3
189.8
193.0
194.3
197.6
199.8
26.0
31.8
32.7
25.0
22.7
23.4
29.1
21.0
19.0
29.2
41.5
35.3
21.3
28.3
23.8
13.1
25.9
17.4
15.0
81.1
99.1
108.1
113.8
113.6
50.9
53.5
827.9
913.8
972.4
1,052.9
1,109.7
633.1
675.5
742.7
805.3
853.8
940.0
997.5
1,055.7
1,080.6
1,105.8
1,125.9
1,126.5
1,134.5
1,138.5
361.4
405.8
415.1
464.0
492.8
303.0
291.9
326.0
355.3
376.2
419.2
424.8
469.6
473.6
492.1
500.0
505.5
501.3
499.5
497.1
83.8
103.2
110.5
110.4
108.5
46.4
70.2
69.7
78.8
88.9
107.4
115.4
101.3
106.5
109.2
114.2
104.1
95.0
97.6
Less:
Wage
accruals
less
disbursements
Surplus
or deficit
(-),
national
income
and
i product
accounts
prises
1,028.0
1,060.0
1,101.8
1,172.2
1,252.7
357.0
400.8
411.3
457.6
483.0
34
Subsidies
less
current
surplus of
Government
326.1
345.9
382.6
412.6
439.6
815.2
899.4
957.6
1,041.9
1,094.9
Sourer: Drpurtinrilt f ( 'onmu'rcc, 1 ureau of Econ am: Analysis
i
-———— — — I
Federal 1 lOvernment expenditu res
Federal (jovermnenl receipts
5.2
0.0
.1
— .1
.0
.0 i
i
.0
.0
.0 i
.0
.0
.0
.0
.6
.0
.0
— .2
.0 i
.0
.0
.0
.0
.0
.0
-.4
.0
-212.8
—160.7
-144.1
- 130.3
—157.7
- 206.9
—158.2
—141.7
-134.3
- 166.0
—202.6
—169.2
- 187.5
—212.2
-189.0
-161.7
-156.3
—150.1
-168.3
-166.0
-145.7
—184.3
—126.9
-184.6
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial
Con sumer
roduction (1387 = 1 JO: seasonal v adjusted
pri cs (1982- 84 = 100: N $A|
Period
Canada
States
1982
1983
1984
1985
198B
1987
1988
198!)
1990"
1990:
Sept
Of.
Italy
93.4
96.8
96.6
100.0
109.3
115.7
121.3
97.3
96.5
97.1
97.2
98.0
100.0
104.7
108.9
110.2
90.3
90.9
93.5
97.7
99.6
100.0
103.9
108.7
114.6
88.8
91.8
92.9
96.2
100.0
105.9
109.2
109.2
110.5
110.6
109.9
108.3
107.2
101.2
99.5
99.4
97.4
96.4
123.7
122.4
125.3
124.6
123.7
111.6
109.8
110.1
108.0
106.0
116.5
117.3
117.0
116.6
116.2
109.7
110.8
107.5
106.8
109.6
106.6
105.7
105.0
105.5
106.4
107.3
' 108.1
108.0
' 108.2
108.2
96.4
95.3
94.9
96.5
125.4
125.1
123.0
123.3
126.0
122.8
126.6
110.1
109.1
106.0
110.1
109.6
109.8
110.7
110.7
119.1
118.3
r
118.3
117.8
116.9
121.6
119.5
' 117.3
116.3
108.6
108.4
108.2
103.3
104.6
110.5
106.3
104.5
Oct
Nov
Dee
Aug
Germany
76.5
81.5
91.4
96.5
95.4
100.0
105.5
105.3
100.8
Aug
June
July
France
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
109.2
Sept
1991: Jan
Feb
Mar
Apr
Mav
Japan
r
82.9
85.5
96.8
r
97.3
'97.5
97.3
r
!22.8
123.4
' Data relate to all urban consumers.
Germany
108.9
113.4
118.4
123.2
129.3
135.5
98.0
99.9
102.1
104.2
104.9
105.0
105.7
108.1
111.4
91.7
100.3
108.0
114.3
117.2
121.1
124.4
128.9
133.2
97.0
100.3
102.7
104.9
104.7
104.9
106.3
109.2
112.1
100.8
111.5
121.1
128.5
134.4
141.1
150.4
159.6
104.8
111.1
114.9
119.7
125.6
135.4
148.2
131.6
132.7
133.5
133.8
133.8
135.8
136.3
137.4
138.2
138.1
111.4
112.4
113.9
113.5
113.2
133.7
134.4
135.2
135.0
134.9
112.2
112.6
113.4
113.2
113.3
160.3
161.2
162.6
163.6
164.2
150.5
151.9
153.1
152.7
152.6
134.6
134.8
135.0
135.2
135.6
136.0
136.2
136.6
137.2
137.4
141.7
141.7
142.3
142.3
143.0
143.7
143.8
143.9
143.7
143.4
114.1
113.8
114.3
114.8
115.4
114.9
114.8
115.0
115.3
135.5
135.7
135.8
136.3
136.6
136.9
137.4
137.7
138.0
114.0
114.3
114.2
114.7
115.2
115.8
116.8
116.8
117.0
165.4
167.0
167.4
168.2
168.8
169.7
169.9
170.4
171.1
172.6
153.0
153.8
154.4
156.4
156.9
157.6
157.2
157.6
158.1
158.7
86.3
89.5
89.6
94.5
96.8
100.0
103.6
104.0
103.3
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
94.9
100.4
104.8
!02.5
l()2.3
!02.3
r
r
r
r
100.8
r
100.2
r
99.6
101.2
!01.3
r
98.7
r
98.3
T
T
101.5
101.5
'99.7
100.6
United
Kingdom
France
States '
91.8
Italy
Japan
Canada
Kingdom
87.7
95.4
99.8
Source: National sources as reported bv Department of Commerce (Bureau of Economic Analysis
and International Trade Administration, Trade Information and Analysis).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
Her chandise e xports
Principal
Period
Total z
Foods,
feeds,
and
Industrial
supplies
materi
als
(f. i.s. value i
C eneral m erchandise
goods
except
automotive
Automotive
cles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
Other
216.4
31.3
15.7
322.4
363.8
393.6
30.9
31.5
24.0
22.3
24.3
32.3
37.2
35.1
61.7
56.7
61.7
58.5
57.3
66.7
85.1
99.3
104.4
72.7
205.6
224.0
67.2
72.0
73.9
75.8
86.2
109.2
138.8
152.7
16.8
20.6
22.9
21.7
24.6
29.3
34.8
37.4
23.1
36.4
43.3
24.0
27.3
35.9
34.6
43.4
17.2
20.7
32.2
34.6
33.6
33.6
2.7
2.6
2.9
2.6
8.8
9.9
9.5
9.2
12.6
13.1
12.4
13.2
2.9
3.4
3.2
2.8
3.5
3.9
3.7
3.8
34.1
33.6
34.0
35.6
35.3
35.0
35.2
34.4
35.4
2.7
3.1
3.0
2.9
3.0
2.9
3.1
2.9
3.0
9.5
9.7
8.9
9.2
9.4
8.7
9.1
9.1
8.6
13.0
12.4
13.5
14.4
13.7
14.4
13.7
13.4
14.4
3.1
2.6
2.9
3.4
3.5
3.5
3.6
3.2
3.6
3.9
3.9
3.8
3.8
3.8
3.7
3.7
3.7
3.8
1990:
5
Sept
1991: Jan
Feb
Mar
Apr
Mav
June
July
Aug '.
Sept
2
3
4
227.2
254.1
Oct
Nov
Dec
1
218.8
Includes Department of D fense Milita rv Assist ince Progi am grant
Includes undocumented ex TOrts to Carada throi gh 1988.
Total arrivals of imported goods other than intr nsit shiprr cuts.
Total includes revisions no reflected i i detail.
aid shiprr ents.
Foods
feeds,
and
Industrial
supplies
materi
1983
1984
1985
1986
1987
1988
1989
1990
5
Total
2
1982
14.3
13.4
13.3
12.6
14.2
17.7
customs value) 3
Trade balance
Principal nd-use c mmoditv category
end-use c ommoditj category
Cap-
imports
Capgoods
except
automotive
Automotive
Consumer
cles,
parts,
and
engines
(nonfood)
except
automotive
General
merchandise
Other
118.3
132.3
143.2
40.9
59.8
65.1
71.8
84.5
101.4
113.3
116.4
33.3
40.8
53.5
66.8
78.2
85.2
87.7
86.1
87.3
60.0
68.3
79.4
88.7
95.9
102.9
105.7
6.3
7.8
9.4
10.4
12.1
12.8
13.6
16.1
(e.i.f.
value)
254.9
269.9
346.4
352.5
382.3
424.4
459.5
493.2
Exports
(f.a.s) less
imports
(customs
Exports
(f.a.s)
less
imports
(c.i.f.)
473.2
495.3
18.2
21.0
21.9
24.4
24.8
24.8
25.1
26.6
517.0
-27.5
-52.4
- 106.7
-117.7
-138.3
-152.1
-118.5
-109.4
-101.7
1.7
1.8
1.9
1.9
41.3
44.5
43.1
39.9
2.2
2.2
2.1
2.2
12.4
13.5
13.4
11.6
9.4
10.3
10.0
9.8
7.2
7.7
7.1
6.6
8.6
9.4
9.0
8.3
1.6
1.4
1.5
1.3
43.1
46.4
45.0
41.6
-9.1
-9.9
-9.5
-6.3
-10.8
-11.7
-11.4
-8.0
1.9
1.9
1.9
1.9
2.0
1.9
2.1
2.0
2.0
41.5
39.1
38.1
40.1
40.1
38.8
41.2
40.9
42.2
2.2
2.1
2.1
2.4
2.3
2.3
2.3
2.1
2.2
12.2
10.8
10.1
11.0
11.3
10.5
10.8
10.9
11.1
9.9
9.9
9.9
10.4
10.1
9.8
10.4
9.9
10.3
7.3
6.7
6.6
6.7
6.5
6.6
7.2
8.0
7.7
8.6
8.5
8.0
8.5
8.4
8.1
9.3
8.7
9.6
1.3
1.2
1.3
1.3
1.5
1.4
1.3
1.3
1.3
43.4
40.9
39.8
42.0
41.8
40.4
43.0
42.7
-7.4
-5.5
-4.1
-4.5
-4.8
-3.8
-5.9
-6.5
-6.8
— 9.2
-7.3
-5.8
-6.4
-6.6
-5.5
-7.8
-8.3
-8.6
20.7
20.5
4
4
244.0
258.0
330.7
336.5
365.4
406.2
441.0
17.1
112.0
107.0
123.7
113.9
101.3
111.0
35.4
39.7
44.9
6.5
44.1
-38.4
-64.2
-122.4
-133.6
-155.1
-170.3
-137.1
-129.4
-123.4
5
Toal expor s are on » revised statistica month ! asis; em -use eatego ies are on a statistical
month asis.
NOT :. — Data shown inc ude trade of the U S. Virgin Islands.
Sour e: Depar tment of C ommerce Bureau if the Gen sus.
35
U.S. INTERNATIONAL TRANSACTIONS
The current account balance was a surplus of $3.0 billion in the second quarter of 1991, compared with a surplus
of $10.5 billion in the first quarter. The balance continued to reflect the impact of cash contributions from coalition
partners in Operation Desert Storm.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
15
15
10
10
BALANCE ON
"CURRENT ACCOUNT"
5
5
0
0
-5
\\
-10
-10
-15
-15
-20
. BALANCE ON GOODS,
SERVICES, AND INCOME
-20
-25
-25
-30
MERCHANDISE TRADE
BALANCE
-35
-35
-40
-40
-45
-45
1983
1982
1984
1985
1986
1987
1988
1990
1989
1991
« SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENTOF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (-J-), debits ( —)]
Merchandise l
Period
Exports
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1988: I
II
Ill
IV
1989: I
II
Ill
IV
1990: I
II
Ill
IV
1991: I
II"
1
*
2
3
4
237,085
211,198
201,820
219,900
215,935
223,367
250,266
320,337
361,451
389,550
76,497
79,392
80,511
83,937
87,207
91,609
90,142
92,493
95,244
97,088
96,638
100,580
100,900
104,108
Imports
-265,063
-247,642
-268,900
-332,422
-338,083
-368,425
-409,766
-447,323
-477,368
-497,665
— 109,988
-110,494
— 111,290
-115,551
-116,625
-120,309
-119,330
-121,104
-122,781
-121,178
-125,398
-128,308
-119,294
-119,732
Net balance
-27,978
-36,444
67,080
-112,522
-122,148
- 145,058
159,500
- 126,986
-115,917
-108,115
-33,491
-31,102
-30,779
-31,614
-29,418
-28,700
-29,188
-28,611
-27,537
-24,090
-28,760
-27,728
-18,394
-15,624
Net
military
transactions 3 4
-844
112
-163
-2,147
-4,096
-4,907
-3,662
-5,743
-6,204
-7,220
-1,135
-1,192
-1,203
-2,212
-1,715
-1,634
-1,161
-1,693
-1,737
-1,558
-1,683
-2,243
-2,329
-1,675
hxcluaes
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Quarterly data are not seasonally adjusted.
Includes transfers of goods and services under U.S. military grant
it programs.
36
Inv astment incom
Services
2
transpor-
144
2,621
4,140
-1,726
-984
-587
-548
261
443
652
1,265
941
834
479
1,885
2,056
1,951
Balance on
goods,
Other
services,
Receipts
12,552
12,981
13,859
14,042
14,008
18,551
18,012
19,925
25,998
29,456
4,618
4,826
5,023
5,459
5,940
6,374
6,772
6,911
6,695
7,322
7,607
7,832
7,345
7,690
84,975 -53,626 31,349
85,346 -57,097 28,250
54,549 27,423
81,972
92,935 -69,542 23,394
66,115 16,166
82,282
-70,013 10,969
80,982
7,629
90,536
82,908
5,353
110,669 -105,317
2,688
128,651 -125,963
130,091 -118,146 11,945
3,040
27,016 -23,976
1,283
27,001 -25,718
907
28,168 -27,261
124
28,486 -28,362
900
30,974 -30,074
32,300 -33,484 -1,184
499
32,217 -31,718
2,472
33,159 -30,687
3,002
31,959 -28,957
7
31,314 -31,307
2,802
32,012 -29,210
6,133
34,805 -28,672
4,883
32,729 -27,846
2,464
28,599 -26,135
receipts
-992
-4,227
-9,153
-10,788
-8,939
-8,006
-3,844
Payments
on foreign
assets 3in
U.S.
5
on U.S.
assets
abroad
Net
and income
Unilateral
transfers,
net 4
Balance
on current
account
15,223
3,907
-30,188
-86,385
- 106,859
-129,384
-145,527
— 111,294
-90,814
-69,794
-28,694
-27,169
-26,639
-28,791
-24,032
-24,701
-22,426
-19,656
-18,635
-17,485
-19,555
— 14,122
-6,438
-5,195
-8,331
-9,775
-9,956
-12,621
-15,473
- 16,009
— 14,674
-14,943
-15,491
-22,329
-3,456
-3,032
-3,483
-4,972
-3,547
-3,107
-3,794
-5,044
-4,032
-4,693
-4,326
-9,280
16,939
8,160
6,892
-5,868
-40,143
— 99,006
-122,332
- 145,393
-160,201
-126,236
- 106,305
-92,123
-32,150
-30,201
-30,122
-33,763
-27,579
-27,808
-26,220
-24,700
-22,667
-22,178
-23,881
-23,402
10,501
2,965
5
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
United States are excluded from investment income and included in other services, net.
See p. 37 for continuation of table.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $11.2 billion in the second quarter
of 1991, in contrast to a decrease of $20.6 billion in the first quarter. Liabilities to private foreigners reported by
U.S. banks, excluding Treasury securities, decreased $26.7 billion in the second quarter, compared to a decrease
of $18.8 billion in the first quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
CHANGE IN
FOREIGN ASSETS ,'
IN THE U.S., NET •*
20
CHANGE IN
U.S. ASSETS
ABROAD, NET
-20
-40
-40
-60
-60
1991
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capit al outflow ( — ) ]
Period
U.S.
Total
1981
1982
1983
1984
1985
1986
1987
-110,951
-124,490
-56,100
— 31,070
-27,721
— 92,030
-62,937
-86,057
-128,610
-57,706
1988
1989
1990
-1988: I
official
reserve
assets 3 6
-5,175
— 4,965
-1,196
-3,131
-3,858
312
9,149
-3,912
-25,293
-2,158
1,502
Other U.S.
Government
assets
Foreign assets in the J.S., net3
[increas 3 /capital inflo\v ( + )]
U.S.
private
assets
-5,097 -100,679
-6,131 — 113,394
-5,006 -49,898
-5,489 -22,451
-2,821 -21,043
-2,022
— 90,321
1,006 -73,091
2,966 -85,111
1,320 -104,637
2,976 -58,524
-1,597
4,995
-851
-19,759
1,957
-37,402
3,457
-32,947
Statistical ( iscrepancy
Allocations
drawing
rights
(SDKs)
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
reserve
assets, net 6
(unadjusted,
end of
period)
Foreign
official
assets
Other
foreign
assets
83,032
93,746
84,869
102,621
130,012
221,599
229,828
221,534
216,549
86,303
4,960
3,593
5,845
3,140
-1,083
35,588
45,343
39,657
8,624
32,425
78,072
90,154
79,023
99,481
131,096
186,011
184,485
181,877
207,925
53,879
24,996
66,091
52,529
77,917
24,874
5,961
-1,985
10,806
122
60,130
54,514
67,111
2,254
-15,319
20,418
-16,589
2,799
-2,473
-4,906
4,584
43,186
41,028
47,788
47,802
4,066
-780
6,379
3,096
4,367
49,854
60,502
68,418
74,609
Total
1,093
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
19,934
36,612
11,374
27,456
20,041
15,824
-6,690
-9,240
18,366
63,526
4,900
-20,571
-42,825
-27,565
39
— 7,380
-37,576
-4,270
-45,743
-41,021
-4,000
-12,095
-5,996
-3,202
928
292
564
119
-34,504
8,117
-40,311
-37,938
69,557
2,498
74,255
70,238
7,766
-5,038
13,053
-7,158
61,791
7,536
61,202
77,396
-4,402
29,580
-2,292
— 4,517
37,147
-33,462
-26,689
-34,703
-3,177
371
1,739
-1,091
40,993
-33,033
-28,114
-38,370
-33,082
31,257
49,096
39,033
-7,022
5,805
13,341
20,301
-26,059
25,452
35,754
18,732
18,601
24,383
1,475
19,072
105
-6,473
2,007
78,303
77,298
80,024
83,316
-923
II".... -26,671
-353
1,014
-669
-800
-314
4,759
1,422
-560
-1,992
-27,125
-729
2,156
6,631
-3,650
-7,361
5,806
-8,849
21,550
3,995
193
78,002
74,940
II
Ill
IV
1989: I
II
Ill
IV
1990: 1
II
Ill
IV
1991: I
1,925
6
Consists of gold, special drawing rights (SDKs), foreign currencies and the U S reserve posiimi in the IMF.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Trcasurv.
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. Internationa! 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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