Full text of Economic Indicators : October 1990
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101st Congress, 2d Session
Economic Indicators
OCTOBER
1990
(Includes data available as of October 31, 1990)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1990
COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
LEE H. HAMILTON, Indiana, Chairman
PAUL S. SARBANES, Maryland, Vice Chairman
HOUSE OF REPRESENTATIVES
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
FREDERICK S. UPTON (Michigan)
SENATE
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
ALBERT GORE, JR. (Tennessee)
RICHARD H. BRYAN (Nevada)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
PETE WILSON (California)
CONNIE MACK (Florida)
JOSEPH J. MINARIK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, Chairman
JOHN B. TAYLOR, Member
RICHARD L. SCHMALENSEE, Member
[PUBLIC LAW 120—81sr CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.25 a single copy
($2.81 foreign), or by subscription at $24.00 per year ($30.00 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
In the third quarter of 1990, according to advance estimates, current-dollar gross national product (GNP) rose 5.3
percent (annual rate) or $71.1 billion. Real GNP (GNP adjusted for price changes) rose 1.8 percent and the
implicit price deflator rose 3.4 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
5,600
SEASONALLY ADJUSTED ANNUAL RATES
^ - 5,200
-
^
^^
r;NP
4,800
IN CURRENT DOLLARS ^
4,800
^
-
4,400
4,400
-
4,000
^^"
^
„„..--'''
-
\
3,600
^r
x
3,600
GNP
11--1 1982 DOLLAR S
^v"~~
^
-
3,200
3,200
-
—
2,800
2,800
\
2,400
\
I
1
\
1983
1982
\
1
1984
1
1
1985
1
1
1986
I
1
I
I
I
1988
1987
I
1
1
SOURCE: DEPARTMENT OF COMMERCE
1
I
2,400
1990
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Exports and imports of goods
and services
Government purchases of
goods and services
Personal
consumption
expenditures
GroSS
private
domestic
investment
2,732.0
3,052.6
3,166.0
3,405.7
3,772.2
4,014.9
4,231.6
4,515.6
4,873.7
5,200.8
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,009.4
3,238.2
3,450.1
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.5
747.1
771.2
32.1
33.S
26.3
— 6.1
-58.9
-78.0
-97.4
— 114.7
-74.1
-46.1
351.0
382.8
361.9
352.5
383.5
370.9
396.5
449.6
552.0
626.2
318.9
.348.9
335.6
358.7
442.4
448.9
493.8
564.3
626.1
672.3
530.3
588.1
641.7
675.0
735.9
820.8
872.2
921.4
962.5
1,025.6
208.1
242.2
272.7
283.5
310.5
355.2
366.5
381.3
380.3
400.0
142.7
167.5
193.8
214.4
234.3
259.1
277.8
294.6
297.2
301.1
65.4
74.8
78.9
69.1
76.2
96.0
88.7
86.7
83.1
98.9
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,079.1
3,332.6
409.6
579.8
661.8
654.1
648.8
741.4
747.5
14.1
— 25.8
-67.9
-103.2
-108.9
-115.0
-70.3
335.9
364.7
385.7
369.2
402.4
485.8
583.1
321.9
390.5
453.6
472.4
511.3
600.7
653.5
671.8
676.1
764.5
856.7
888.9
942.0
1,000.0
293.2
276.1
326.0
376.6
368.8
388.2
401.1
205.4
221.5
244.1
268.6
280.7
296.0
299.6
1990-
Gross
national
product
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
. ..
Final
sales
Gross
domestic
purchases 1
322.2
345.9
369.0
391.5
425.3
465.6
505.7
540.2
582.3
625.6
2,740.3
3,028.8
3,190.5
3,412.8
3,704.5
4,003.6
4,224.8
4,487.3
4,847.5
5,172.5
2,699.8
3,018.7
3,139.7
3,411.8
3,831.1
4,092.8
4,329.0
4,630.3
4,947.8
5,246.9
87.7
54.6
81.9
108.0
88.1
92.2
101.6
378.7
400.0
438.5
480.1
520.1
553.9
598.9
3,272.4
3,514.8
3,806.8
4,100.7
4,309.4
4,591.9
4,993.6
3,198.5
3,571.6
3,919.7
4,211.2
4,406.2
4,762.6
5,080.1
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
19821983:
1984:
19851986:
1987-
IV
IV
IV
IV
IV
IV
1988:
IV
3,212.5
3,545.8
3,851.8
4,107.9
4,297.3
4,647.6
5,009.8
1989: I
II
III
IV
5,101.3
5,174.0
5,238.6
5,289.3
3,371.7
3,425.9
3,484.3
3,518.5
769.7
776.7
775.8
762.7
-48.5
-51.3
-49.3
-35.3
609.7
628.8
623.7
642.8
658.2
680.0
673.0
678.1
1,008.5
1,022.7
1,027.8
1,043.3
398.3
402.5
399.2
399.9
298.2
300.6
306.3
299.2
100.1
101.9
93.0
100.7
610.2
620.2
628.6
643.4
5,074.7
5,141.3
5,209.7
5,264.3
5,149.8
5,225.3
5,287.9
5,324.6
5 375 4
5,443.3
5,514.4
3,588.1
3,622.7
3,700.6
747.2
759.0
759.6
-30.0
-24.9
-49.2
661.3
659.7
662.6
691.3
684.6
711.8
1,070.1
1,086.4
1,103.4
410.6
421.9
425.4
307.2
309.6
311.1
103.4
112.3
114.3
659.6
664.6
678.0
5,387.2
5,429.9
5,505.6
5,405.3
5,468.2
5,563.7
1
I
11
Ill "
GNP less exports of goods and services plus imports of goods and services.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Personal
consumption
expenditures
Total
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,618.7
3,717.9
3,845.3
4,016.9
4,117.7
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,354.8
2,446.4
2,515.8
2,606.5
2,656.8
509.3
545.5
447.3
504.0
658.4
637.0
639.6
669.0
705.7
716.9
379.2
395.2
366.7
361.2
425.2
453.5
438.4
449.8
487.2
506.1
3,159.3
3,365.1
3,535.2
3,662.4
3,733.6
3,920.7
4,059.3
2,078.7
2,191.9
2,281.1
2,386.9
2,477.8
2,534.2
2,638.8
408.8
577.2
655.7
648.0
615.2
706.6
696.2
1989- I
4,095.7
4,112.2
4,129.7
4,133.2
2,636.7
2,645.3
2,675.3
2,669.9
1990- I
4,150.6
4,155.1
4,173.6
2,677.3
2,678.8
2,702.7
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1982:
19831984:
1985:
1986:
1987:
1988:
IV
IV
IV
IV
IV
IV
IV
n
m
rv
n
m"
1
Gross
national
product
Besidential
fixed
Nonresidential
fixed
Exports and imports of
goods and services
Change
in
business
inventories
Government purchases of
goods and services
Federal
Net
exports
Exports
Imports
Total
137.0
126.5
105.1
149.3
170.9
174.4
195.7
196.4
194.9
187.0
-6.9
57.0
23.9
49.4
-24.5
26.3
64
19 9
62.3 -84.0
9.1 -104.3
5.6 -129.7
22.8 -118.5
23.6 -75.9
23.8 -54.1
388.9
392.7
361.9
348.1
371.8
367.2
397.1
451.8
534.7
593.3
332.0
343.4
335.6
368.1
455.8
471.4
526.9
570.3
610.6
647.4
620.5
629.7
641.7
649.0
677.7
731.2
761.6
779.1
780.5
798.1
352.3
390.4
444.4
460.9
435.7
462.3
486.6
115.8
159.9
169.6
179.4
200.3
195.8
195.6
-59.3
11.7
27.0 -46.2
41.7 -94.8
7.7 -125.3
-20.8 -135.4
48.4 -111.3
14.0 -75.7
336.0
355.5
376.6
367.4
406.5
487.0
555.3
324.3
401.6
471.4
492.6
541.9
598.3
631.0
717.0
719.1
722.3
709.1
497.1
505.5
513.3
508.4
193.8
188.1
184.4
181.8
26.1
25.5
24.6
18.9
— 51.1
-53.3
-64.1
-47.9
576.1
593.2
592.5
611.6
700.7
700.7
700.6
514.6
508.4
517.6
188.3
182.8
175.3
-2.2
9.5
7.8
-35.4
—44.6
— 52.5
628.1
620.1
622.0
GNP less exports of goods and services plus imports of goods and services.
State
and
local
Final
sales
Gross
domestic
purchases 1
National
defense
Nondefense
246.9
259.6
272.7
275.1
290.8
326.0
334.1
339.6
328.1
334.9
171.2
180.3
193.8
206.9
218.5
237.2
252.1
265.1
260.7
256.3
75.7
79.3
78.9
68.2
72.3
88.8
82.0
74.5
67.5
78.7
373.6
370.1
369.0
373.9
387.0
405.2
427.5
439.5
452.4
463.2
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,609.6
3,712.4
3,822.5
3,993.2
4,094.0
3,130.1
3,199.4
3,139.7
3,299.1
3,585.4
3,723.0
3,847.6
3,963.8
4,092.8
4,171.8
660.1
642.2
693.2
752.7
776.0
791.3
799.9
289.5
266.0
300.5
340.6
342.4
347.7
342.3
201.4
211.6
225.3
241.4
255.8
266.0
261.1
88.2
54.4
75.2
99.2
86.6
81.7
81.2
370.6
376.2
392.7
412.1
433.6
443.6
457.5
3,218.6
3,338.1
3,493.5
3,654.7
3,754.4
3,872.3
4,045.2
3,147.6
3,411.3
3,630.0
3,787.6
3,869.0
4,032.0
4,134.9
627.3
646.5
656.6
659.4
793.2
801.0
796.2
802.2
334.2
339.9
333.0
332.7
253.7
255.7
260.2
255.5
80.4
84.2
72.8
77.2
459.0
461.1
463.2
469.5
4,069.6
4,086.6
4,105.1
4,114.4
4,146.8
4,165.4
4,193.9
4,181.1
663.5
664.7
674.5
807.9
820.2
822.8
333.0
345.9
345.6
254.4
256.5
256.8
78.6
89.4
88.8
475.0
474.3
477.2
4,152.8
4,145.6
4,165.8
4,185.9
4,199.7
4,226.1
Total
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982=100; quarterly data are seasonally adjusted]
Personal consumption
expenditures
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1982:
1983:
1984:
1985:
1986:
19871988:
IV
IV
IV
IV
IV
IV
IV
1989: I
n
in
IV
1990: I..
n
HI".
Gross
national
product
Total
Durable
goods
ble goods
Services
Nonresidential
fixed
Exports and imports of
goods and services
Government purchases of goods and
services
Federal
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
85.7
94.0
100.0
103.9
107.7
110.9
113.8
117.4
121.3
126.3
86.6
94.6
100.0
104.1
108.1
111.6
114.3
119.6
124.2
129.9
89.2
95.7
100.0
102.1
103.8
104.8
105.6
108.2
109.4
110.9
89.4
96.9
100.0
102.1
105.0
107.5
107.3
112.2
116.6
122.8
83.9
92.6
100.0
106.2
111.6
116.8
122.4
128.7
134.5
141.0
85.1
93.4
100.0
98.8
97.9
97.7
99.3
98.9
100.2
101.2
89.4
96.6
100.0
102.2
106.0
108.3
111.1
115.2
119.3
123.5
90.2
97.5
100.0
101.3
103.2
101.0
99.8
99.5
103.2
105.5
96.0
101.6
100.0
97.4
97.1
95.2
93.7
99.0
102.5
103.8
84.3
93.3
100.0
103.1
106.8
109.0
109.7
112.3
115.9
119.4
83.4
92.9
100.0
103.6
107.2
109.2
110.2
111.1
114.0
117.5
86.4
94.3
100.0
101.4
105.5
108.2
108.1
116.3
123.2
125.8
86.2
93.4
100.0
104.7
109.9
114.9
118.3
122.9
128.7
135.1
101.7
105.4
109.0
112.2
115.1
118.5
123.4
101.8
105.7
109.3
113.1
115.8
121.5
126.3
100.7
103.1
104.1
104.7
106.2
108.9
110.3
101.0
103.1
105.8
108.7
107.8
113.9
118.6
102.7
108.3
113.5
119.0
124.9
130.9
137.0
100.7
98.3
97.9
97.9
100.0
99.0
101.8
99.1
103.1
107.2
109.0
112.4
116.5
120.6
100.0
102.6
102.4
100.5
99.0
99.7
105.0
99.3
97.2
96.2
95.9
94.4
100.4
103.6
101.3
103.8
108.5
110.6
107.7
111.7
117.2
102.0
104.7
108.3
111.3
109.7
111.3
114.7
99.5
100.3
108.9
108.8
101.7
112.8
125.1
102.2
106.3
111.7
116.5
120.0
124.9
130.9
124.6
125.8
126.8
128.0
127.9
129.5
130.2
131.8
110.4
110.6
111.2
111.4
120.5
123.2
123.2
124.5
138.8
140.1
141.6
143.4
101.9
101.2
100.9
100.7
122.1
123.7
124.2
124.3
105.8
106.0
105.3
105.1
104.9
105.2
102.5
102.8
119.2
118.4
119.9
120.2
117.5
117.6
117.7
117.1
124.4
121.0
127.8
130.4
132.9
134.5
135.7
137.1
129.5
131.0
132.1
134.0
135.2
136.9
112.5
112.1
112.4
128.3
129.4
131.5
145.1
146.6
148.4
101.6
101.6
102.4
125.3
125.3
126.0
105.3
106.4
106.5
104.2
103.0
105.5
123.3
122.0
123.1
120.8
120.7
121.2
131.5
125.6
128.7
138.9
140.1
142.1
Source: Department of Commerce, Bureau of Economic Analysis.
Gross private
domestic investment
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from preceding period; quarterly data at seasonally adjusted annual rates]
Personal consumption e? penditures
Ore ss national prr duct
Period
1980
1081
1982
1983
1984
1985
1986
1987
1988
1989
1987- I
II
III
IV
1988- I
II.
Ill
IV.
1989:
Constant
(1.983)
dollars
Current
dollars
89
02
11.7
37
1.9
9.3
9.3
6.2
4.1
3.9
5.4
2.5
4.0
34
2.7
67
34
32
33
35
7.9
67
9.1
4.5
3.3
41
5.2
3.5
3.7
43
4.3
4.2
25
42
31
31
4.4
35
4.1
3.5
3.3
17
31
2.7
2.7
44
4.7
27
47
3.3
42
4.8
44
3.6
3.9
4.7
16
39
44
1.7
3
1.7
4
3.2
38
4.8
3.1
7.4
87
7.8
83
7.4
66
5.1
36
7.5
58
5.1
39
6.7
51
53
1 8
47
34
10.5
71
9.0
8.8
82
Chain price
index
107
9.2
57
4.1
10.9
92
3.9
35
2.7
46
fi.4
3.9
28
46
3.6
45
3.8
46
6.4
48
3.5
76
7.6
65
7.3
96
8.9
4.3
4.4
37
47
19
37
— 4
41
39
9.2
6.9
47
74
27
5.5
8.2
3.5
44
4.9
46
41
36
41
6.1
-02
1.2
1.3
4.6
4.8
3.8
32
2.4
3.1
38
6.6
39
NOTE.—Annual changes are from preceding vear and quarterly changes arc from preceding ouar-
106
45
37
Implicit
price
deflator
Fixedweighted
price index
(lima
weights)
90
9.4
6.3
4.1
33
Constant
(1982)
dollars
Current
dollars
6.4
3.9
3.7
30
2.6
10.8
64
1990: I
11
Ill"
90
9.7
Chain price
index
3.6
6.8
34
2.7
-2.5
7.6
I
II.
Ill
IV.
Implicit
price
deflator
Kxedwt'ighted
price index
(1982
weights)
13
2.3
43
4.6
46
5.2
5.1
4.6
22
-8
1.1
5.0
6.8
9
3.6
36
51
81
35
4.8
66
7.0
40
-.3
82
39
89
5.7
4.2
4.0
47
6.2
49
4.3
40
2.5
47
4.8
4.8
5.0
5.3
26
4.9
6.8
3.4
52
10.5
9.0
5.6
4.2
4.0
35
2.7
4.6
4.1
4.8
6.3
5.1
4.3
4.3
26
4.8
5.1
4.9
5.0
5.7
2.7
4.7
7.4
3.1
5.7
Soura:: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) l
Gross domestic
product of
nonfinancial
corporate business
(billions of dollars)
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
19821983:
198419851986:
19871988:
1989'
IV
IV
IV
IV
IV
IV
IV
I.
II
Ill
IV
1990- I
II
.
.
Current
dollars
1982
dollars
1,540.8
1,738.4
1,782.2
1,914.2
2,146.7
2,267.1
2,367.1
2,524.8
2,720.7
2,854.5
1,779.4
2,012.5
2,201.8
2,309.4
2,408.7
2,597.4
2,797.3
2,812.8
2,847.5
2,879.1
2,878.5
2 907 5
2,960.0
1,807.9
1,837.2
1,782.2
1,866.0
2,036.5
2,117.4
2,173.9
2,290.2
2,403.7
2,431.2
1,760.2
1,940.5
2,069.5
2,137.7
2,198.5
2,339.4
2,428.6
2,427.8
2,431.3
2,443.9
2,421.8
2,423.1
2,440.1
Total
cost
and
profit '*
Capital
consumption
allowances
witb
capital
consumption
adjustment
Corporate profits with
inventory valuation and capital
consumption adjustments
Indirect
business
taxes 3
0.852
.946
1.000
1.026
1 .054
1.071
1.089
1.102
1.132
1.174
1.011
1 .037
1.064
1.080
1.096
1.110
1.152
1.159
1.171
1.178
1.189
1.200
1. 213
0.095
.109
.125
.123
.118
.119
.123
.123
.124
.131
.131
.120
.118
.120
.124
.122
.126
.127
.129
.132
.135
.135
.135
0.077
.090
.094
.098
.100
.10.3
.106
.105
.107
.112
.096
.098
.102
.104
.106
.105
.108
.110
.111
.113
.114
.117
.116
Compensation of
employees
Net
interest
0.581
.632
.676
.679
.687
.704
.721
.726
.750
.782
.685
.680
.694
.713
.727
.734
.763
.774
.780
.782
.795
.803
.812
0.031
.0.37
.043
.037
.039
.038
.041
.041
.041
.050
.042
.037
.042
.037
.042
.040
.042
.046
.049
.051
.052
.052
.053
Total
0.068
.078
.063
.089
.109
.106
.098
.107
.111
.099
.057
.103
.107
.106
.096
.109
.112
.102
.102
.100
.092
.093
.097
Profits
tax
liability
0.037
.035
.026
.032
.036
.033
.035
.041
.043
.042
.023
.036
.032
.033
.038
.042
.043
.044
.042
.041
.040
.039
.040
Profits
after
tax 4
0.031
.044
.037
.057
.073
.073
.064
.067
.068
.057
.034
.066
.075
.072
.058
.067
.069
.058
.060
.059
.052
.053
.057
Output
per hour
of all
employees
(1982
dollars)
Compensation
per hour
of all
employees
(dollars)
18.524
18.643
18.704
19.217
19.682
19.996
20.456
20.968
21.203
20.929
18.771
19.422
19.784
20.117
20.650
21.118
21.173
21.042
20.970
21.011
20.786
20.670
20.755
10.769
11.777
12.635
13.039
13.528
14.069
14.746
15.231
15.892
16.376
12.866
13.208
13.735
14.341
15.008
15.492
16.158
16.288
16.347
16.421
16.517
16.602
16.841
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employees1
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
Rental
income of
persons
with
capita!
consumption
adjustment
Nonfarm
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
Profits
hefore tax
Inventory
valuation
adjustment
Capital
consumption
adjustment
Net
interest
2,518.4
2,719.5
3,028.6
3,234.0
3,412.6
3,660.3
3,984.9
4,223.3
1,907.0
2,020.7
2,213.9
2,367.5
2,511.4
2,686.4
2,905.1
3,079.0
24.6
12.4
30.5
30.2
34.7
42.8
43.7
48.6
150.9
178.4
204.0
225.6
247.2
280.6
310.5
330.7
13.6
13.2
8.5
9.2
11.6
13.7
16.3
8.2
150.0
213.7
266.9
282.3
282.1
308.3
337.6
311.6
159.2
196.7
234.2
222.6
228.3
255.9
289.8
286.1
169.6
207.6
240.0
224.3
221.6
275.3
316.7
307.7
-10.4
-10.9
-5.8
-1.7
6.7
-19.4
-27.0
— 21.7
-9.2
17.0
32.7
59.7
53.8
52.4
47.8
25.5
272.3
281.0
304.8
319.0
325.5
328.6
371.8
445.1
2,548.2
2,851.5
3,096.1
3,312.8
3,473.1
3,791.5
4,104.1
1,931.1
2,092.7
2,272.7
2,426.7
2,571.2
2,770.3
2,986.7
28.5
19.3
28.1
29.2
37.2
52.3
35.5
159.8
188.6
209.7
235.0
252.0
293.0
321.5
15.8
12.4
5.6
7.8
13.5
14.6
16.8
146.1
248.5
266.9
291.4
275.2
323.1
349.6
150.7
223.4
224.6
228.4
226.1
268.6
308.7
164.1
231.5
226.1
235.0
234.1
289.7
331.1
-13.4
-8.1
-1.6
-6.6
-8.0
-21.1
-22.5
-4.5
25.1
42.3
63.0
49.1
54.5
40.9
266.9
290.2
313.1
322.7
324.0
338.2
394.1
n
m ..
4,177.3
4,216.8
4,232.1
4,267.1
3,029.7
3,062.6
3,095.2
3,128.6
59.6
50.5
38.7
45.7
328.2
329.1
329.5
336.0
13.3
9.7
5.8
4.1
327.3
321.4
306.7
290.9
292.1
291.5
285.3
275.3
335.1
314.6
291.4
289.8
-43.0
-23.1
-6.1
- 14.5
35.2
29.9
21.4
15.6
419.2
443.4
456.2
461.7
1990- I
II p
43503
4,411.3
3,180.4
3,232.5
3,276.1
57.4
51.0
42.8
346.6
350.8
355.2
5.5
4.3
7.6
296.8
306.6
285.5
298.8
296.9
299.3
-11.4
-.5
-30.6
11.3
7.7
2.3
463.6
466.2
468.9
1982
1983
1984
1985
1986
1987
1988
1989
19821983:
19841985:
19861987:
1988-
IV
IV
IV
IV ..
IV
IV
IV
1989: I
IT
m
1
Source: Department of Commerce, Bureau of Economic Analysis.
Includes employer contributions (or social insurance. (See also p. 5.)
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nondurable goods
Durable goods
Period
Total
personal
consumption
expenditures
Total
durable
goods
Motor
vehicles
and
parts
Furniture
and
household
equipment
Other
Total
nondurable
goods
Food
Clothing and
shoes
Gasoline
and oil
Other
Services
Retail sales of
ivew passenger
cars (millions of
units)
Domestics
Imports
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,009.4
3,238.2
3,450.1
252.7
289.1
335.5
372.2
406.0
423.4
457.5
474.6
108.9
130.4
157.4
179.1
196.2
197.9
212.2
215.5
95.7
107.1
118.8
129.9
139.7
148.8
161.8
171.4
48.1
51.6
59.3
63.2
70.0
76.7
83.5
87.8
771.0
816.7
867.3
911.2
942.0
1,001.3
1,060.0
1,130.0
398.8
421.9
448.5
471.6
500.0
530.7
562.6
595.3
124.4
135.1
146.7
156.4
166.8
178.4
191.1
204.6
89.1
90.2
90.0
90.6
73.5
75.3
77.3
83.8
158.7
169.5
182.1
192.6
201.7
216.9
229.1
246.3
1,027.0
1,128.7
1,227.6
1,345.6
1,449.5
1,584.7
1,720.7
1,845.5
5.8
6.8
8.0
8.2
8.2
7.1
7.5
7.1
2.2
2.4
2.4
2.8
3.2
3.2
3.1
2.8
2,117.0
2 315.8
2,493.4
2,700.4
2,868.5
3,079.1
3 332.6
263.8
310.0
346.7
373.2
422.0
427.4
473.1
115.7
144.4
162.3
173.8
201.1
198.9
217.8
99.1
112.4
122.7
134.7
143.8
151.1
166.8
49.0
53.2
61.8
64.7
77.1
77.4
88.5
786.6
837.9
879.6
932.7
952.1
1,019.9
1,088.0
407.0
430.8
456.1
482.5
511.9
539.0
577.1
126.5
141.1
149.8
160.6
168.7
182.2
198.6
89.8
91.9
89.0
91.0
66.0
77.3
78.5
163.4 1,066.5
174.0 1,167.9
184.7 1,267.1
198.5 1,394.5
205.5 1,494.4
221.5 1,631.8
233.9 1,771.5
6.0
7.4
7.7
7.0
7.7
6.6
7.5
2.5
2.6
2.6
3.1
3.4
3.3
3.0
1989: I
II
Ill
IV
3,371.7
3,425.9
3,484.3
3,518.5
466.4
473.6
487.1
471.2
211.3
216.2
226.9
207.5
170.2
170.7
171.5
173.0
84.9
86.7
88.7
90.7
1,106.7
1,127.1
1,137.3
1,148.8
588.8
592.5
597.6
602.2
199.3
203.4
206.9
208.7
79.0
88.2
84.5
83.5
239.7
243.0
248.3
254.4
1,798.6
1,825.1
1,859.8
1,898.5
7.0
7.3
7.8
6.2
2.8
3.0
2.9
2.6
1990- I
II
III".
3,588.1
3,622.7
3,700.6
492.1
478.4
483.1
221.1
212.4
216.8
178.9
176.8
175.9
92.0
89.3
90.3
1,174.7
1,179.0
1,202.8
616.4
623.3
627.9
212.9
212.6
215.8
87.1
84.5
95.4
258.2
258.6
263.6
1,921.3
1,965.3
2,014.7
7.0
6.8
7.2
2.8
2.7
2.5
1982
1983.
1984
1985
1986
1987
1988
1989
19821983:
19841985:
1986:
19871988:
IV
IV ...
IV
IV
IV .
IV
IV
Source: Department of Commerce, Bureau of Economic Analysis.
SOURCES OF
Personal income increased $23.8 billion (annual rate) in September, following an increase of $9.8 billion in August.
Wages and salaries rose $17.4 billion in September compared to a rise of $0.6 billion in August.
BILLIONS OF DOUARS*(RATiO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
,
—'
^
4000
•
4,000
_———1
-—T\~~~l
3,000
_-
"
\
-"
TOTA L PERSONAL IhCOME
3,000
_
_.
•
•
~
-•
2,000
.
-'
2,000
' *° """
\
WAGE AN D SALARY DIS3URSEMENTS
" "~ "~
1,400
1 400
r-~ .-
""
\
C)THER
„_—..'''"'
800
INCOM
^- — '
_-
""
,
TRANSFER
400
Illllillili
Hlillllll!
iiinitmi
LI! 11 ill 111
imiliini
Jllllllllll
1982
1983
1984
1985
1986
1987
tuiihnu n t n h i i t i iiiniinii
1989
1988
- SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1990
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
personal
income
1980
1981
1982
2 2584
1983
1984
1985
1986
1987
1988
1989
2 838 6
3 108 7
3 325 3
3 526 2
1989:
2 520 9
' 6708
3 7664
4070 8
4 384 3
Sept
Oct
Nov
Dec
1990: Jan
Feb
Mar
Apr
May
July r.
Aug T
Sept"
4411 6
4 441 0
44700
4496 7
4 532 2
4 561 6
4594 7
4 6045
4
4
4
4
4
621 4
640 7
663 2
673 0
696 8
Wage and
salary
disbursements l
1 372 0
1 510 3
1 586 1
1 676 6
1 838 6
1 975 4
Proprietor ' income 3
Other labor
income 1 2
Farm
income of
persons 4
160 1
156 1
150 9
178 4
204 0
225 6
247 2
280 6
3105
330 7
13 6
13 2
85
92
11 6
13 7
16 3
82
52 9
61 3
63 9
68 7
75 5
78 7
85 8
91 8
102 2
114 4
2 249 1
2 431 1
2 573 2
2094
225 5
241 9
2
2
2
2
593 9
611 4
603 8
623 0
244 8
246 1
247 5
248 9
37 8
45 6
45 2
46 4
329 6
331 9
337 4
338 7
7^
9b
10 1
116 3
11-74
118 4
118 9
2
2
2
2
2
2
2
2
2
633 3
652 2
669 2
682 4
695 5
711 1
727 1
727 7
745 1
251 6
252 8
51 1
55 6
65 5
55 0
51 8
46 1
45 7
42 9
39 9
343 3
347 0
349 4
349 2
351 3
351 8
353 3
355 3
356 9
77
45
43
38
42
49
57
82
88
119 7
120 6
121 3
122 3
123 0
125 4
124 3
125 0
125 3
2094 8
2540
255 2
2564
257 6
258 8
2600
261 2
66
13 3
dividend
income
20 5
30 7
94 6
12 4
30 5
30 2
34 7
42 8
43 7
48 6
1384
150 3
163 6
173 8
182 9
187 6
199 3
!
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
2
Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
Less:
o
interest
income
payments
5
271 9
324 7
3354
368 1
4106
442 6
456 6
489 8
521 5
549 9
587 7
636 9
646 1
389 7
393 1
444 7
4-78 0
493 2
501 3
547 9
643 2
657 6
661 2
6650
668 5
669 5
670 5
671 4
6745
677 9
681 5
684 3
686 6
688 3
6508
6584
658 6
679 8
679 6
683 4
683 5
685 3
691 4
692 1
695 4
700 6
4
contributions
for social
insurance
88 6
104 5
112 3
120 1
132 7
149 3
161 9
172 9
194 1
212 8
personal
income 6
2 215 8
24656
2 618 7
2 7990
3 052 1
3 271 3
3 4694
3 702 2
40060
4 314 6
214 5
215 9
215 3
216 3
4 352 7
4 374 4
223 9
221 2
223 8
221 4
223 9
227 1
228 1
228 2
229 4
44599
44849
44036
4429 2
4 508 1
45282
4 548 3
4 573 2
4 5960
4 608 7
46354
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 inc
and agricultural net interest.
5
6
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
According to advance estimates, real per capita disposable personal income fell in the third quarter of 1990.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS Of DOLLARS * (RATIO SCALE)
2,000
2,000
DOLLARS * (RATIO SCALE)
DOLLARS * (RATIO SCALE)
PFR ("API1A DISPOSABLE PERSONAL It-jrOMF
18,000
18,000
16,000
r-ijpPFWT DOLLARS
14,000
,
1
—
—
16,000
"•"
14,000
-V-,
r_^^'
12,000
12,000
r~~"".
r—
^
10,000
i ' >
8,000
i
1982
i
i
1983
1
\
10,000
1982 DOLLA !S
i i i
1984
i
i
i
i
r
1986
1985
i
i
i
i
i
1987
i
i
1988
i
i
i
1989
' SEASONALLY ADJUSTED ANNUAL RATES
i
i
i
8,000
1990
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF COMMERCE
Period
Personal
income
Less:
Personal
tax and
Disposable
nontax
payments
income
Less:
Personal
outlays 1
Equals:
Personal
saving
Disposable
persona!
income in
1982
dollars
(billions)
Per capita
disposable personal
income
Current
dollars
Billions of dollars
2,258.5
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,526.2
3,766.4
4,070.8
4,384.3
1980
1981 .
1982
1983. .
1984
1985
1986
1987
1988
1989
340.5
393.3
409.3
410.5
440.2
486.6
512.9
571.6
591.6
658.8
1,918.0
2,127.6
2^261.4
2,428.1
2|668.6
2,838.7
3,013.3
3,194.7
3,479.2
3,725.5
1982
dollars
Per capita personal
consumption
expenditures
Current
dollars
1982
dollars
1,968.1
2,107.5
2,297.4
2,504.5
2,713.3
2,888.5
s',102.2
3,333.6
3^553.7
136.9
159.4
153.9
130.6
164.1
125.4
124.9
92.5
145.6
171.8
2,214.3
2,248.6
2^261.5
2,331.9
2^469.8
2,542.8
2,635.3
2^670.7
2,800.5
2^869.0
8,421
9,243
9J724
10,340
11^257
11,861
12,469
13^094
14,123
14^973
Saving as
percent of
disposable
personal
»t»™
Population,
including
Armed
Forces
abroad
(thousands) 2
Percent
Dollars
1,781.1
Percent
change in
real per
capita
disposable
personal
income
9,722
9,769
9J724
9,930
10,419
10,625
10,905
10^946
11,368
11,531
8,320
8^818
9,515
10^253
10,985
11,576
12J335
13,144
9,749
10,151
10,491
10,667
10,909
11,097
11,458
11,553
11,492
11,538
11,541
11,586
11,564
11,511
9,068
9,825
10,479
11,240
11,825
12,572
13,474
13,603
13,790
13,986
14,084
14,330
14,432
14,697
7,607
8,783
8,794
8,818
9,139
9,489
9,839
10,123
10^580
10^678
— 1.1
.5
— .5
2.1
4.9
2.0
2.6
.4
3.9
1.4
7.1
7.5
6.8
5.4
6.1
4.4
4.1
2.9
4.2
4.6
227,754
230,182
232,549
234,829
237,051
239,322
241,660
243,982
246,358
248,810
1.2
9.1
1.7
3.3
.3
6.4
1.2
6.2
5.8
5.8
3.9
3.3
3.9
4.1
3.4
-2.1
1.6
.1
5.2
4.6
4.1
4.6
1.6
-.8
-1.8
4.9
5.0
4.0
233,466
235,707
237,946
240,257
242,579
244,925
247,329
247,863
248,431
249,127
249,818
250,392
251,026
251,785
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
IV
IV
IV
IV
IV
IT
IV
I
2,729.2
2,941.8
3,188.3
3,399.1
3,597.8
3,890.9
4,186.2
4,302.2
n
4,362.9
HI.... 4,402.8
IV
4,469.2
1990: I
4,562.8
n
4,622.2
m ".. 4,677.7
411.1
413.9
459.7
499.6
534.4
588.6
607.3
640.5
665.5
659.5
669.6
675.1
696.5
709.0
2,318.1
2,527.9
2,728.6
2,899.5
3,063.4
3,302.3
3,578.9
3,661.7
3,697.3
3,743.4
3,799.6
3,887.7
3,925.7
3,968.6
2,174.9
2,382.5
2,571.3
2,787.7
2,961.4
3,172.6
3,430.4
3,472.0
3,528.5
3,588.8
3,625.5
3,696.4
3,730.6
3,809.2
143.1
145.4
157.3
111.7
102.0
129.7
148.5
189.8
168.9
154.5
174.1
191.3
195.1
159.4
2,276.1
2,392.7
2,496.3
2,562.8
2,646.2
2,717.9
2,833.9
2,863.5
2,854.9
2,874.3
2,883.2
2,900.9
2,902.8
2,898.4
1
Includes personal consumption expenditures, interest paid by consumers to business, and person1 transfer payments to foreigners (net).
9,929
10,725
11,467
12,068
12,629
13,483
14,470
14,773
14,883
15,026
15,210
15,527
15,639
15,762
8,904
9,299
9,587
9,935
10,214
10,347
10,669
10,638
10,648
10,739
10,687
10,692
10,671
10,734
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 first quarter of 1990, according to preliminary estimates, gross farm income rose $0.9 billion (annual rate)
and net farm income fell $4.0 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
^4U
240
200
*.
160
_/
^-^
!r
•
_^
^^-,
r^v^
'
120
•>nn
-"I
(60
GROSS FARM INCOME
80
80
6n
60
A
40
\
*
\
20
/ \
\
/
\
/
\_ _/
10
\
f
*
jf
' \
t
/*'
•"^ x
\
/v
!\/\
\ ,'
i
\i if\ % ii
>i i' \\i'
i1 1i
\i
40
/
V
\
NET FARM INCOME
70
*
10
u
1
1
1982
I
1 1 1
1 1 1
1983
1984
1
1
1
1985
1
1 1
1986
\
1
1987
1
I 1 1
1988
SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
1
1 1
1989
I
! 1
2
1990
COUNCIL OF ECONOMIC ADVISERS
[Biilions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total '
Total
Livestock and
products
Crops
Value of
inventory
changes 2
Production
expenses
Current
dollars
1982 dollars 3
1980
1981
1982
1983
1984
1985
1986
1987 .
1988
1989 ..
149.3
166.4
163.5
152.9
175.0
162.9
156.5
169.0
173.8
189.1
139.7
141.7
142.6
136.5
142.5
144.1
135.2
141.7
150.2
159.2
68.0
69.2
70.3
69.4
73.0
69.8
71.5
76.0
78.8
83.7
71.7
72.5
72.3
67.1
69.5
74.3
63.7
65.6
71.4
75.4
-6.3
6.5
— 1.4
-10.9
6.3
-2.3
-2.4
-2.8
— 4.1
4.4
133.1
139.4
140.0
140.4
142.7
131.7
125.1
127.7
131.8
142.6
16.2
27.0
23.5
12.5
32.3
31.2
31.4
41.2
42.0
46.5
18.8
28.7
23.5
12.0
29.9
28.1
27.6
35.1
34.6
36.8
1988:
I
II
III
IV .
169.9
175.2
167.7
182.2
144.4
145.9
154.9
155.5
78.1
76.8
79.2
81.2
66.3
69.2
75.7
74.2
-6.1
-5.3
-3.6
-1.3
125.8
129.2
134.8
137.4
44.1
46.0
33.0
44.7
37.0
38.2
27.0
36.3
1989:
I
II
192.8
189.3
184.3
189.8
153.7
157.4
163.9
161.7
81.6
80.8
83.6
88.9
72.1
76.5
80.3
72.8
5.8
4.8
3.8
3.3
141.3
144.0
144.3
140.7
51.5
45.3
40.0
49.2
41.4
36.0
31.5
38.4
190.7
159.1
87.3
71.8
2.8
145.5
45.2
34.8
.
Ill
IV ...
1990: I"
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
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
In the second quarter of 1990, corporate profits before tax rose $2.4 billion (annual rate) and after-tax profits fell
$1.0 billion.
BILLIONS OF DOLLARS
360
BILLIONS OF DOLLARS
360
SEASONALLY ADJUSTED ANNUAL RATES
A
S~\
320
V^
/"
^-
/"I
280
>
y
320
280
PROFITS BEFORE TAX
/
240
240
fA/
f*
^O
200
200
^,--'"
^
> N PRC)FITS AFTER It
/
160
^
•
•V
160
«
•i***
•*"*».
*'""""
S
120
120
s
<-"X._.. ^J-
80
_
./ s—
"~~^~\
80
TAX LIABILIT Y
~\
f'""\'
40
\.
i
! !
1982
!
1 1
1983
I
1 1
1984
1
1 1
1985
i
-''
I I
1986
40
UNDISTRIBL TED PROFITS
1
! !
1987
i
I t
1988
!
1 t
I
1989
i 1
1990
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits after tax
Profits (before tax) with inventory valuation adjustment *
Domestic industries
Period
Norifmancial
Total 2
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
19821983:
1984:
1985:
19861987:
1988:
1989-
194.0
202.3
159.2
196.7
234.2
222.6
228.3
255.9
289.8
IV
IV ....
IV
TV
TV
IV
TV
I
II
m
IV
1990: I
II '
III "
1
2
286.1
150.7
223.4
224.6
228.4
226.1
268.6
308.7
292.1
291.5
285.3
275.3
285.5
298.8
159.6
173.8
131.2
166.6
203.3
191.4
195.2
218.4
246.5
235.2
121.6
190.7
193.9
193.6
193.4
226.2
261.9
241.5
244.9
236.0
218.4
232.6
249.9
Financial
21.0
16.5
11.8
18.1
13.0
22.8
32.0
20.7
22.4
15.4
18.7
15.5
13.6
26.0
28.6
19.8
24.1
24.0
21.6
9.2
6.9
16.1
18.2
Total 3
138.6
157.3
119.4
148.5
190.3
168.6
163.2
197.8
224.1
219.8
102.9
175.2
180.3
167.6
164.8
206.4
237.8
217.4
223.4
226.9
211.5
216.5
231.7
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately-
•
Manufacturing
77.1
88.5
58.0
70.1
88.8
79.7
59.5
86.7
106.5
96.1
46.8
88.6
79.8
83.8
64.8
98.2
112.6
102.0
98.9
99.9
83.7
90.1
100.8
Profits
I. -tore tax
Tax
liability
237.1
84.8
81.1
63.1
77.2
93.9
96.4
106.3
126.9
136.2
135.1
59.8
88.1
87.0
99.8
113.1
132.1
142.1
148.3
140.8
127.8
123.5
129.9
133.1
Wholesale and
retail
trade
21.6
32.5
34.6
38.9
51.2
44.1
44.1
37.9
37.1
38.7
33.6
43.1
51.8
38.5
41.0
37.8
42.3
33.7
37.6
41.4
41.9
39.2
44.4
226.5
169.6
207.6
240.0
224.3
221.6
275.3
316.7
307.7
164.1
231.5
226.1
235.0
234.1
289.7
331.1
335.1
314.6
291.4
289.8
296.9
299.3
Total
152.3
145.4
106.5
130.4
146.1
127.8
115.3
148.4
180.5
172.6
104.3
143.4
139.2
135.2
121.0
157.6
189.1
186.7
173.8
163.6
166.3
167.1
166.1
Dividends
54.7
63.6
66.9
71.5
79.0
83.3
91.3
98.2
110.0
123.5
68.5
73.9
80.8
84.0
93.6
102.2
115.3
119.1
122.1
125.0
127.7
130.3
133.0
135.1
3
Includes industries not shown separately.
c
r>
*
B
w
• Analysis.
A i •
source:
Department
of/ n
Commerce, Bureau
oft Economic
Undistributed
profits
97.6
81.8
39.6
58.9
67.0
44.6
24.0
50.2
70.5
49.1
35.8
69.5
58.4
51.2
27.4
55.4
73.8
67.6
51.7
38.6
38.6
36.8
33.2
Inventory
valuation
adjustment
-43.1
-24.2
— 10.4
-10.9
-5.8
-1.7
6.7
-19.4
-27.0
-21.7
134
-8.1
-1.6
-6.6
-8.0
-21.1
-22.5
43 0
-23.1
-6.1
-14.5
-11.4
-.5
-30.6
GROSS PRIVATE DOMESTIC INVESTMENT
According to advance estimates for the third quarter of 1990, nonresidential fixed investment rose $13.6 billion
(annual rate) and residential investment fell $8.3 billion. There was an $8.8 billion increase in inventories, following
a rise of $13.4 billion in the second quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
900
900
SEASONALLY ADJUSTED ANNUAL RATES
800
800
GROSS PRIVATE DOMESTIC
INVESTMENT
700
z
600
500
400
-—\
J
r~
r^l
"
700
^O^
r- ONRESIDENTI AL
PI XED INVESTME MT
-
1
/
>f
-
—^\
(
S~
"
.
600
500
*.**'
\
-
„--""
400
"*•-..
--'
-
RESIDENTIAL
300
300
Fl>(ED INVESTMEf vlT
-
_
\
"—
^--
200
200
•—"
-
CHANGE IN BUSINESS
*^
100
-
-
100
/
\) ''X
—„
-
,'-•
0
^" — "
*
1 1 1
-100
1982
\
\
I
1983
!
i 1
1984
1
1
1
1985
1 1 1
1986
I
1 !
1987
i i i
1988
1
i
1
1989
SOURCE: DEPARTMENT OF COMMERCE
1
1
1
-100
1990
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Period
Gross
private
domestic
investment
Nonresidential
Total
Total
Structures
Producers'
durable
equipment
Residential
Total
Nonfarm
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.9
747.1
771.2
445.3
491.5
471.8
509.4
597.1
631.8
652.5
671.2
720.8
742.9
322.8
369.2
366.7
356.9
416.0
442.9
435.2
444.9
488.4
511.9
113.9
138.5
143.3
124.0
141.1
153.2
139.0
133.7
139.9
146.2
208.9
230.7
223.4
232.8
274.9
289.7
296.2
311.2
348.4
365.7
122.5
122.3
105.1
152.5
181.1
188.8
217.3
226.3
232.5
231.0
-8.3
24.0
-24.5
71
67.7
11.3
6.9
28.3
26.2
28.3
2.4
18.3
-23.1
.4
60.5
14.6
8.6
32.3
29.8
23.3
IV
IV
IV
IV
IV
IV
IV
409.6
579.8
661.8
654.1
648.8
741.4
747.5
469.5
548.8
616.8
646.8
660.9
685.7
731.3
354.9
383.9
435.0
451.3
435.8
457.5
495.3
137.6
127.4
146.6
155.9
133.7
137.2
141.2
217.3
256.5
288.4
295.5
302.2
320.4
354.0
114.7
164.9
181.8
195.5
225.1
228.1
236.0
-59.9
31.0
45.0
7.2
-12.2
55.7
16.2
-51.1
21.3
41.3
23.7
8.0
59.6
35.0
1989- I
II
Ill
IV
769.7
776.7
775.8
762.7
743.1
744.0
746.9
737.7
506.5
511.4
518.1
511.8
146.5
144.2
147.0
147.1
360.0
367.2
371.0
364.7
236.6
232.7
228.9
225.9
26.6
32.7
28.9
25.0
16.7
26.1
26.2
24.1
1990: I
II
III"
747.2
759.0
759.6
758.9
745.6
750.9
523.1
516.5
530.1
148.8
147.2
150.2
374.3
369.3
379.9
235.9
229.1
220.8
-11.8
13.4
8.8
-17.0
13.0
7.8
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1982:
1983:
19841985:
198619871988:
Source: Department of Commerce, Bureau of Economic Analysis.
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department July-August survey, business spending for new plant and equipment is
expected to rise 5.4 percent in 1990, following a rise of 11.4 percent in 1989.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
60U
600
SEASONALLY ADJUSTED ANNUAL RATES
500
r—
^
'
400
^^
300
^—^
\
1
—
500
-1
^^
400
-
ALL INDLJSTRIES
..
•
300
-^-^
.**~~~~~~
^,--—
~^
f
**
200
^ '~
NO ^IMANUFACTlJRINGJV
---"~~~
200
*r **
,''"~~-*
^
****
\
_„-'
MANUFACRJRING
**** —
100
TOO
3/
1
1
1982
1
1
1
1
1
1983
1
1
1
1
1
1985
1984
1
1
1
1
1
\
1
1
1988
1987
1986
1
J/SURVEYED QUARTERLY
J/SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
!
1 1
1
1
iJ
1
1990
1989
COUNCILOR ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Manufacturing
Period
All
industries
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990"
286.40
324.73
326.19
321.16
373.83
410.12
399.36
410.52
455.49
507.40
534.76
112.60
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.44
1988- I
II
Ill
IV
436.30
452.24
460.33
467.92
1989- I .
II
III
IV
1990- I
II
1114
IV4
Nonmanufacturing
Total
nonfarm
business 2
Nonmanufacturing
Manufacturing
205.48
230.09
239.11
242.38
278.77
302.05
309.16
320.45
344.77
380.13
173.80
196.06
202 22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
342.31
Mining
Transportation
Public
utilities
Commercial
and
other
54.82
58.93
54.58
51.61
64.57
70.87
65.68
68.03
77.04
82.56
84.69
57.77
69.75
69.39
65.74
75.04
82.01
72.28
73.03
86.41
101.24
107.75
173.80
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
342.31
12.71
15.81
14.11
10.64
11.86
12.00
8.15
8.28
9.29
9.21
9.96
13.56
12.67
11.75
10.81
13.44
14.57
15.05
15.07
16.63
18.84
21.10
41.32
47.17
53.58
52.95
57.53
59.58
56.61
56.26
60.37
66.28
65.91
106.21
120.41
122.79
129.41
151.39
171.09
181.59
189.84
205.76
229.28
245.34
155.13
160.00
165.99
170.02
73.74
76.13
77.49
79.74
81.39
83.87
88.49
90.28
281.16
292.24
294.35
297.89
9.28
9.62
9.26
9.00
16.11
16.45
16.71
17.15
57.51
58.46
61.00
63.42
198.26
207.71
207.37
208.33
155 13
160.00
165 99
17002
281 16
292.24
29435
297 89
487.43
502.05
514.95
519.58
172.73
180.91
185.99
191.88
80.20
82.44
83.60
83.41
92.53
98.47
102.40
108.47
314.70
321.14
328.96
327.70
8.94
9.24
9.24
9.38
17.84
18.42
21.03
18.25
66.09
68.09
65.19
65.82
221.82
225.39
233.50
234.25
172 73
180.91
185.99
191 88
314 70
321.14
328.96
327 70
532.45
535.49
532.47
538.61
191.36
195.16
192.37
190.88
86.35
84.34
83.63
84.45
105.02
110.82
108.74
106.42
341.09
340.33
340.09
347.74
9.58
9.84
10.23
10.19
22.13
21.86
20.61
19.81
65.72
64.27
66.20
67.46
243.66
244.37
243.05
250.27
191.36
195.16
192 37
190 88
341.09
340.33
340.09
347 74
"All industries" plus the part of nonmanuffieturmg that is surveyed annually.
10
Surveyed
quarterly
Total >
318.08
358.77
363.08
359.73
418.38
454.93
447.11
461.51
508.22
563.93
112.60
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.44
tate, which, effective with the April-May
2
Total
Nondurable
goods
Durable
goods
Source: Department of Commerce, Bureau of the Census.
Surveyed
annually s
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In September, civilian employment rose 240,000 and unemployment rose 66,000.
MILLIONS OF PERSONS'
MILLIONS OF PERSONS'
126
126
SEASONALLY ADJUSTED
122
122
CIVILIAN LABOR FORCE
118
V
114
114
110
110
\
106
106
— CIVILIAN —
EMPLOYMENT
102
102
98
x
x-
12
UNEMPLOYMENT
1982
1983
1984
1985
1986
1987
1989
1988
1990
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
1981
1982
1983
1984
1985
1986'
1987
1988
1989
1989:
Sept
Oct
Nov
Dec
1990:
Jan
Feb.
Mar
Apr
May
June
July
Aug
Sept
Resident
Armed
Forces
NSA
Labor force
including
resident
Armed
Forces
171,775
173,939
175,891
178,080
179,912
182,293
184,490
186,322
188,081
1,645
1,668
1,676
1,697
1,706
1,706
1,737
1,709
1,688
110,315
111,872
113,226
115,241
117,167
119,540
121,602
123,378
125,557
102,042
188,428
188,580
188,721
188,865
1,702
1,709
1,704
1,700
125,725
125,857
126,192
126,246
188,990
189,090
189,198
189,326
189,467
189,607
189,763
189,901
190,002
1,697
1,678
1,669
1,657
1,639
1,630
1,627
1,640
1,601
126,094
126,308
126,498
126,543
126,643
126,466
126,394
126,300
126,568
Unemployment
Civilian employment
Noninstitutional
population
including
resident
Armed
Forces
NSA
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
Total
Agricultural
Total
Part time
for
economic
reasons 1
Total
15
weeks
and
over
Civilian
Labor
force
participation
rate
(percent) 2
Employment/
population
ratio
(percent) 2
3,368
3,401
3,383
3,321
3,179
3,163
3,208
3,169
3,199
97,030
96,125
97,450
101,685
103,971
106,434
109,232
111,800
114,142
4,499
5,852
5,997
5,512
5,334
5,345
5,122
4,965
4,657
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
2,285
3,485
4,210
2,737
2,305
2,232
63.9
64.0
64.0
64.4
64.8
65.3
121,669
123,869
99,526
100,834
105,005
107,150
109,597
112,440
114,968
117,342
1,983
1,610
1,375
65.6
65.9
66.5
59.0
57.8
57.9
59.5
60.1
60.7
61.5
62.3
63.0
119,121
119,294
119,540
119,588
124,023
124,148
124,488
124,546
117,419
117,585
117,836
117,888
3,219
3,197
3,160
3,197
114,200
114,388
114,676
114,691
4,605
4,526
4,552
4,554
6,604
6,563
6,652
6,658
1,359
1,378
1,422
1,362
66.4
66.4
66.6
66.5
62.9
62.9
63.0
63.0
119,560
119,713
120,003
119,773
119,989
120,019
119,580
119,298
119,499
124,397
124,630
124,829
124,886
125,004
124,836
124,767
124,660
124,967
117,863
118,035
118,334
118,116
118,350
118,389
117,953
117,658
117,898
3,134
3,079
3,200
3,133
3,305
3,348
3,085
3,137
3,181
114,728
114,957
115,133
114,983
115,045
115,041
114,867
114,521
114,717
4,729
4,703
4,747
4,630
6,535
6,594
6,495
6,770
6,653
6,447
6,814
7,003
7,069
1,430
1,369
1,333
1,386
1,374
1,406
1,513
1,609
1,620
66.4
66.5
66.6
66.5
66.6
66.4
66.3
66.2
66.3
62.9
63.0
63.1
62.9
63.0
63.0
62.7
62.5
62.6
101,194
102,510
106,702
108,856
111,303
114,177
116,677
119,030
108,670
110,204
111,550
113,544
115,461
117,834
119,865
100,397
4,666
4,734
4,710
4,780
5,093
11
SELECTED UNEMPLOYMENT RATES
In September, the overall unemployment rate rose to 5.6 percent and the civilian unemployment rate rose to 5.7
percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
20
TEENAGERS
(16-19)
V
15
N^AV
10
10
WOMEN 20 YEARS
AND OVER
MEN 20 YEARS
AND OVER
1986
1986
1987
1989
1988
"UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
1990
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
Unemployment
rate,
all
workers 1
All
civilian
workers
7.6
Men
20 years
and over
Women
20 years
and
over
6.3
8.8
8.9
6.6
6.2
6.1
5.4
4.8
4.5
6.8
8.3
8.1
6.8
6.6
6.2
5.4
4.9
4.7
Labor
By selected groups
By race
By sex and age
White
Black
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
6.7
8.6
8.4
6.5
6.2
6.0
5.3
4.7
4.5
14.2
17.3
17.8
14.4
13.7
13.1
11.6
10.4
10.0
15.6
18.9
19.5
15.9
15.1
14.5
13.0
11.7
11.4
7.3
9.3
9.2
7.1
6.8
6.6
5.8
5.2
5.0
4.3
6.5
6.5
4.6
4.3
4.4
3.9
3.3
3.0
10.4
11.7
12.2
10.3
10.4
9.8
9.2
8.1
8.1
7.3
9.6
9.5
7.2
6.8
6.6
5.8
5.2
4.9
9.4
10.5
10.4
9.3
9.3
9.1
8.4
7.6
7.3
Both
sexes
16-19
years
Married
men,
spouse
present
Women
who
maintain
families
Fulltime
workers
Parttime
workers
force
time lost
(percent) 2
8.5
....
7.5
9.5
....
9.5
7.4
7.1
6.9
6.1
5.4
5.2
9.7
9.6
7.5
7.2
7.0
6.2
5.5
5.3
1989: Sept
Oct
Nov
Dec
5.3
5.2
5.3
5.3
5.3
5.3
5.3
5.3
4.8
4.5
4.6
4.6
4.5
4.8
4.8
4.8
15.0
14.9
15.3
15.2
4.5
4.5
4.5
4.6
10.2
10.2
10.3
10.2
11.7
11.7
11.9
11.8
5.0
5.0
5.1
5.0
3.3
3.0
3.1
3.0
7.7
7.8
8.2
8.1
5.0
4.9
5.0
5.0
7.3
7.1
7.4
7.5
6.0
5.9
5.9
6.0
1990: Jan
Feb
Mar
Apr
May
June ....
July
Aug
Sept
5.2
5.2
5.1
5.3
5.3
5.1
5.4
5.5
5.6
5.3
5.3
5.2
5.4
5.3
5.2
5.5
5.6
5.7
4.7
4.6
4.5
4.8
4.7
4.7
4.9
5.0
5.1
4.6
4.8
4.7
4.8
4.6
4.5
4.7
4.9
5.0
14.5
14.8
14.4
14.7
15.5
14.1
16.3
16.7
15.5
4.5
4.6
4.5
4.8
4.6
4.5
4.6
4.8
4.8
10.1
9.2
9.4
9.1
9.3
9.4
10.3
10.4
10.8
11.3
10.5
10.6
10.4
10.4
10.4
11.3
11.8
12.1
5.1
5.1
5.0
5.2
5.0
5.0
5.1
5.3
5.4
3.4
3.0
3.2
3.3
3.3
3.2
3.3
3.5
3.4
7.5
7.5
8.4
7.5
7.4
8.0
8.5
8.5
8.9
5.0
4.9
4.9
5.1
4.9
4.8
5.0
5.2
5.4
7.0
7.4
7.2
7.1
7.4
7.6
8.1
7.9
7.1
6.0
5.9
5.9
6.2
6.0
5.9
6.0
6.3
6.4
.
cent of potentially available labor force hours.
Source: Department of Labor, Bureau of Labo
12
11.0
10.9
8.6
8.1
7.9
7.1
6.3
5.9
SELECTED MEASURES OF
INSURANCE PROGRAMS
UNEMPLOYMENT
In September, the percentages of the unemployed who had been out of work for less than 5 weeks and for 27
weeks and over fell and the percentages for 5-14 weeks and 15-26 weeks rose. Both the mean duration of
unemployment and the median rose.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
70
REASON FOR UNEMPLOYMENT
60
50
40
40
30 ~
30
20
20
REENTRANTS
-JOB LEAVERS-
\
10 -
-
10
1990
1986
1986
1987
1990
1988
• SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
State
programs
Number of
weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemplovment,
"all
regular
programs
(unadjusted) »
Weekly average, thousands
1981 .
1982
1983 .
1984
1985
1986.
1987
1988
1989
1989: Sept...
Oct
Dec ....
1990: Jan
Feb
Mar
May
June
July
Sept...
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,604
6,563
6,652
6,658
6,535
6,594
6,495
6,770
6,653
6,447
6,814
7,003
7,069
41.7
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
48.3
48.4
48.8
49.5
47.5
47.8
48.6
47.4
45.6
46.9
45.9
47.6
42.6
30.7
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
31.0
30.5
29.8
30.1
30.7
31.5
31.1
32.2
33.7
31.5
31.8
29.3
34.7
13.6
16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
11.7
11.4
11.5
10.9
11.8
11.1
10.7
10.3
11.5
11.7
11.9
12.1
12.2
14.0
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
9.0
.9.7
9.8
9.5
9.9
9.7
9.6
10.2
9.2
9.9
10.4
10.9
10.5
13.7
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
11.5
11.7
11.6
11.5
12.1
11.7
12.0
12.1
11.6
12.0
12.0
12.3
12.5
6.9
8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
5.0
5.0
4.8
4.8
5.1
5.4
5.1
5.0
5.4
5.1
5.2
5.2
6.2
51.6
58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
44.9
45.5
46.3
46.3
48.5
47.1
46.3
46.8
47.4
48.7
45.7
48.7
49.5
11.2
7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
15.8
15.2
15.7
15.8
15.5
15.3
15.5
17.5
15.2
15.4
15.2
14.3
13.2
25.4
22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
29.4
28.!)
27.6
27.7
26.3
27.4
28.4
26.5
27.2
27.7
29.0
27.2
28.0
11.9
11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
9.9
10.5
10.4
10.3
9.7
10.3
9.8
9.2
10.2
8.3
10.2
9.8
9.3
3,047
4,061
3,396
2,476
2,611
2,650
2,332
2,193
2,269
2,208
2,295
2,305
2,373
2,367
2,334
2,349
2,381
2,400
2,442
2,470
2,492
2,602
460
583
438
377
396
378
328
310
330
331
366
348
367
359
357
347
360
351
357
354
371
393
3,410
4,594
3,775
2,561
2,693
2,746
2,401
2,248
2,324
1,863
1,912
2,146
2,518
3,059
2,992
2,843
2,526
2,268
2,213
2,441
2,293
Source: Department of Lubor (Bureau of Labor Statistics und Employment and Training Adminis-
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey fell 101,000 in September.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS Of PERSONS*
110
100
ALL NONAGRICULTURAL
ESTABLISHMENTS
90
80
SERVICE-PRODUCING
INDUSTRIES
70
18
60
16
50
-MANUFACTURING.
20
\
40
iimlin
18
6
GOODS-PRODUCING
INDUSTRIES
30
\
20
1986
1987
-CONSTRUCTION
u.
1 11
1988
1989
1986
1990
1987
1988
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;
I enod
. i
Total
nonagricultural
employment
struction
Total
Total
Durable
goo s
Nondurable
goods
12,085
8,085
7,765
7,726
7,899
7,796
7,'762
7,858
7,969
8,004
65 659
65,753
66,866
69,769
72,660
74^967
77,492
91,156
89',566
90,200
94,496
97,519
99,525
102,200
105,536
108J413
25,497
23',813
23,334
24J727
24,859
24^558
24,708
25,173
25',326
4,188
3' 905
3,948
4',383
4,673
4^816
4,967
5,110
5',200
20,170
18,781
18,434
19',378
19,260
19,024
19,350
19,426
10,708
11 ',479
11,463
11, '203
11,166
11,381
11 '42 2
1989:
Sept....
Oct
Nov....
Dec
108,868
108,980
109,245
109,383
25,304
25,283
25,280
25,218
5,225
5,239
5,258
5,216
19,370
19,334
19,306
19,284
11,369
11,337
11,314
11,296
1990: Jan
Feb
Mar
Apr
May....
June...
July r..
Aug '..
Sept".
109,654
109,958
110,122
110,177
110,617
110,829
110,740
110,657
110,556
25,188
25,339
25,259
25,180
25,191
25,162
25,105
25,013
24,929
5,294
5,368
5,313
5,256
5,286
5,270
5,229
5,194
5,174
19,171
19,244
19,217
19,190
19,167
19,148
19,131
19,083
19,017
11,192
11,278
11,261
11,229
11,217
11,201
11,179
11,130
11,072
Transportation
and
public
utilities
Wholesale
trade
trade
5,376
5,296
5,286
5,514
5,736
5,714
5,865
6,055
6,271
15,172
80 363
83,087
5,165
5,082
4,954
5,159
5,238
5,255
5,372
5,527
5,648
8,001
7,997
7,992
7,988
83,564
83,697
83,965
84,165
5,656
5,671
5,693
5,776
7,979
7,966
7,956
7,961
7,950
7,947
7,952
7,953
7,945
84,466
84,619
84,863
84,997
85,426
85,667
85,635
85,644
85,627
5,790
5,804
5,808
5,809
5,833
5,846
5,841
5,845
5,859
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived
from this table not comparable with estimates of nonagriculturai employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes, bad
seasonally adjusted]
Service-producing industries
Manufacturing
1981
1982
1983 .
1984
1985 .
1986
1987..
1988
1989....
14
1
Goods-producing industries
Total 2
1990
1989
Finance,
insurance,
and real
estate
Government
Services
Total
Federal
16,031
15',837
15,869
16',024
16,394
16^693
17,010
17,386
17',769
2,772
2 ',7 39
2,774
2',807
2,875
2^899
2,943
2,971
2',988
15,595
ie',526
17,336
5,298
5', 341
5,468
5', 689
5,955
18,462
19,077
19*580
6,547
6,649
6,724
18,619
19,036
19,694
20,797
21,999
23,053
24,235
25^669
27,096
6,303
6,313
6,335
6,344
19,634
19,665
19,714
19,710
6,753
6,756
6,774
6,785
27,335
27,408
27,548
27,623
17,883
17,884
17,901
17,927
2,992
2,986
2,982
2,977
6,356
6,357
6,361
6,363
6,369
6,383
6,374
6,375
6,374
19,807
19,758
19,764
19,778
19,795
19,822
19,851
19,838
19,828
6,794
6,817
6,821
6,823
6,838
6,844
6,842
6,850
6,843
27,721
27,842
27,950
27,969
28,094
28,225
28,287
28,386
28,407
17,998
18,041
18,159
18,255
18,497
18,547
18,440
18,350
18,316
3,000
3,005
3,089
3,151
3,346
3,338
3,164
3,049
3,010
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 irom 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 n on supervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Average gross hourly
earnings
Average weekly hours
Total
private
nonagricultural 1
Period
Total
Current dollars
Total private
nonagricultural 1
Manufacturing
Total
private
nonagrieultural 1
Overtime
Manufacturing
Current
dollars
1985
dollars z
Manufacturing
Retail
trade
Construc-
Percent change from a
vear earlier, total
private
nonagricultural 3
Current
dollars
1982
dollars
35.2
34.8
35.0
35.2
34.9
34.8
34.8
34.7
34.6
39.8
38.9
40.1
40.7
40.5
40.7
41.0
41.1
41.0
2.8
2.3
3.0
3.4
3.3
3.4
3.7
3.9
3.8
$7.25
7.68
8.02
8.32
8.57
8.76
8.98
9.28
9.66
$7.99
8.49
8.83
8.19
9.54
9.73
9.91
10.19
10.49
$255.20
267.26
280.70
292.86
299.09
304.85
312.50
322.02
334.24
$270.63
267.26
272.52
274.73
271.16
271.94
269.16
266.79
264.22
$318.00
330.26
354.08
374.03
386.37
396.01
406.31
418.81
430.09
$399.26
426.82
442.97
458.51
464.46
466.75
480.44
495.73
512.41
$157.99
163.83
171.13
174.47
174.81
175.80
178.80
183.62
188.72
8.5
4.7
5.0
4.3
2.1
1.9
2.5
3.0
3.8
-1.5
-1.2
2.0
.8
-1.3
.3
-1.0
-.9
-1.0
1989- Sept
Oct
Nov
Dec
34.6
34.6
34 5
34.4
40.9
40.8
40.7
40.6
3.8
3.7
3.7
3.7
9.73
9.78
9.78
9.83
10.55
10.57
10.58
10.62
336.66
338.39
337.41
338.15
264.25
264.57
262.99
262.54
431.50
431.26
430.61
431.17
515.28
519.90
524.54
516.00
189.87
190.74
190.37
191.23
4.0
3.6
3.5
3.5
— .3
-.8
-1.0
-1.0
1990- Jan
Feb
Mar
34.4
34.6
34.6
34.5
34.5
34.7
34.5
34.5
34.7
40.7
40.8
40.8
40.7
40.9
41.0
40.8
41.0
41.0
3.6
3.6
3.7
3.5
3.8
3.8
r
3.7
3.8
3.7
9.82
9.88
9.93
9.96
9.98
10.03
10.07
10.08
10.14
10.57
10.67
10.73
10.75
10.81
10.86
10.89
10.90
10.93
337.81
341.85
343.58
343.62
344.31
348.04
347.42
347.76
351.86
259.45
261.35
261.48
261.31
261.63
262.87
261.61
259.72
260.64
430.20
435.34
437.78
437.53
442.13
445.26
445.40
446.90
448.13
523.03
527.48
523.18
508.03
520.98
531.35
516.00
526.40
541.80
192.38
193.34
195.17
195.46
196.04
196.62
196.23
195.73
197.97
2.7
3.9
3.7
2.8
4.0
4.5
3.4
3.8
4.4
-2.4
-1.2
-1.5
-1.6
-.1
-.0
-1.0
-1.7
-1.5
1981
1982
....
1983
1984
1985
1986
1987
1988
1980
..
May
July
Sept "
1
Also includes other private industry groups shown on p. 14.
2
Current dollar earnings divided by the consumer price index for urban wage earners and clerical
workers (on a 1982=100 base).
3
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
[Not seasonally adjusted]
Percent change from
Index (June 1989 = 100)
12 months earlier
3 months earlier
Period
1981- Dec
1982: Dec
19831984:
1985198619871988:
1989:
1988-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Mar
Sept
Dec
1989- Mar
Sept
Dec
1990- Mar
Sept
Total
compensation
Wages and
salaries
Benefits '
71.2
75.8
80.1
84.0
87.3
90 1
93.1
97.6
102.3
94.5
95.7
96.6
97.6
98.8
100.0
101.2
102.3
103.9
105.2
106.2
73.0
77.6
81.4
84.8
88.3
91.1
94.1
98.0
102.0
95.0
96.1
97.0
98.0
99.0
100.0
101.2
102.0
103.2
104.5
105.4
66.6
71.4
76.7
81.7
84.6
87.5
90.5
96.7
102.6
93.4
94.7
95.7
96.7
98.4
100.0
101.4
102.6
105.5
106.9
108.3
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.
Total
compensation
Wages and
salaries
2.1
1.4
1.3
1.4
.5
.6
1.0
1.0
1.2
3.2
1.4
1.1
1.0
9.9
6.5
5.7
4.9
3.9
3.2
3.3
4.8
4.8
3.8
4.5
4.4
4.8
8.8
6.3
4.9
4.2
4.1
3.2
3.3
4.1
4.1
3.3
3.8
3.7
4.1
1.0
1.0
1.2
.8
1.8
1.6
1.4
1.2
4.6
4.5
4.8
4.8
4.2
4.1
4.3
4.1
1.2
1.3
.9
2.8
1.3
1.3
5.2
5.2
4.9
4.2
4.5
4.2
Total
compensation
Wages and
salaries
2.0
1.3
1.3
1.3
.6
.7
.6
1.0
1.1
1.5
1.3
.9
1.0
1.8
1.2
1.1
1.2
.6
.6
.6
1.0
.8
1.0
1.2
.9
1.0
1.2
1.2
1.2
1.1
1.6
1.3
1.0
Benefits *
Benefits '
12.1
7.2
7.4
6.5
3.5
3.4
3.4
6.9
6.1
5.9
6.4
6.8
6.9
5.4
5.6
6.0
6.1
7.2
6.9
6.8
Data exehide farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
35-538 - 90 - 2
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Output '
Business
sector
Compensation per
hour 3
Hours of all
persons 2
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Unit labor costs
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1982 = 100; quarterly data seasonally adjusted
1980
1981
1982
1983
1984
99.2
100.7
100.0
102.4
105.0
99.9
100.9
100.0
103.0
105.1
101.1
103.2
100.0
104.2
113.0
101.7
103.4
100.0
105.0
113.7
101.9
102.5
100.0
101.8
107.6
101.8
102.5
100.0
102.0
108.1
85.1
93.0
100.0
103.8
108.1
85.1
93.1
100.0
104.0
108.1
99.7
98.8
100.0
100.6
100.4
99.6
98.9
100.0
100.7
100.4
85.8
92.4
100.0
101.4
103.0
85.2
92.3
100.0
101.0
102.8
86.2
94.4
100.0
103.3
106.8
85.7
94.0
100.0
103.5
106.6
1985
107.1
109.5
110.7
113.0
112.8
106.5
108.6
109.8
112.3
111.9
117.7
121.3
126.4
133.0
135.8
118.1
121.6
126.8
134.0
136.7
109.9
110.8
114.1
117.7
120.4
110.9
111.9
115.4
119.3
122.2
112.8
118.6
123.1
129.1
133.1
112.5
118.2
122.5
128.3
132.1
101.2
104.4
104.6
105.3
103.5
100.9
104.1
104.1
104.7
102.8
105.4
108.4
111.2
114.3
118.0
105.6
108.8
111.6
114.3
118.1
109.5
111.8
114.8
118.2
122.8
109.8
112.3
115.3
118.4
123.0
IV
I
II'
100.6
103.3
105.4
108.1
109.5
112.0
113.1
112.8
113.5
113.1
113.3
113.3
112.8
112.3
111.9
112.3
100.5
103.9
105.5
107.2
108.5
110.9
112.1
111.9
112.7
112.8
112.4
112.2
112.0
111.4
110.8
111.2
99.5
107.6
114.5
119.3
122.2
129.4
131.2
132.6
133.8
134.5
135.6
135.9
136.1
135.5
136.0
136.4
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
137.3
98.9
104.2
108.6
110.4
111.6
115.5
115.9
117.6
117.9
118.8
119.7
120.0
120.6
120.7
121.5
121.4
98.9
104.7
109.1
111.6
112.8
116.9
117.4
119.2
119.6
120.5
121.4
121.9
122.4
122.4
123.5
123.5
102.1
105.4
109.7
115.3
120.9
125.6
126.9
128.6
130.3
131.5
132.2
133.0
133.4
134.3
135.5
137.5
102.2
105.3
109.7
114.7
120.4
124.9
126.2
127.7
129.4
130.8
131.4
131.9
132.5
133.4
134.4
136.3
100.6
100.6
100.5
102.1
105.6
105.0
105.3
105.5
105.6
105.5
104.6
103.7
103.3
103.0
101.9
102.5
100.7
100.5
100.5
101.6
105.2
104.4
104.7
104.8
104.9
104.9
104.0
102.9
102.6
102.3
101.1
101.6
101.5
102.0
104.0
106.7
110.4
112.1
112.2
114.0
114.8
116.3
116.7
117.4
118.2
119.6
121.1
122.4
101.7
101.3
104.0
107.1
111.0
112.6
112.6
114.1
114.8
115.9
116.9
117.5
118.3
119.8
121.3
122.6
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
127.1
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
-0.4
1.1
-.9
3.0
2.1
1.3
2.0
1.1
2.2
3
IV
IV
IV
IV
IV
IV
I ...
II
Ill
IV
I
II
Ill
IV
I
II*
-0.3
1.5
— .1
2.4
2.6
2.0
2.2
1.2
2.0
-.2
2.6
3.3
1.5
1.4
.8
2.7
4.1
-1.2
2.5
-1.2
.5
-.0
-1.5
-2.0
-1.5
1.7
11
2.1
3 I
4.2
8.4
4.2
3.1
4.1
5.3
2.1
-.5
10.4
3.5
3.6
4.0
7.2
5.7
4.6
3.5
2.0
3.5
.9
.6
-1.8
1.4
1.4
-1.2
1.7
-3.3
5.0
8.3
3.9
3.0
4.2
5.7
2.0
-1.2
9.8
3.1
3.5
3.7
6.9
5.9
5.6
4.1
3.6
1.2
1.3
.6
-2.1
1.4
1.5
1986
1987
1988
1989
1982:
1983:
1984:
1985:
1986:
1987:
1988-
IV
IV
IV
IV
IV
IV
I
n
m
IV
1989: I
n ..
m
1990:
Percent change; quarterly data at seasonally adjusted annual rates
1980.
1981
1982
1983
1984
1985
1986
1987
1988.
1989
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1
2.0
1.6
.9
.7
.3
2.2
4.2
-.6
2.8
.5
-1.7
-.5
-.8
2.2
-1.9
1.5
-0.7
-0.8
.6
.6
-2.4
1.8
5.7
2.2
.8
2.9
3.2
2.3
-3.0
6.8
2.0
2.2
3.2
4.4
1.5
5.9
1.0
3.3
3.0
.9
2.1
.1
2.9
-.3
-2.4
2.0
6.0
2.6
1.0
3.1
3.4
2.4
-3.1
8.1
2.2
2.9
3.4
4.5
1.7
6.2
1.3
3.1
3.0
1.7
1.5
.1
3.4
0
Output refers to gross domestic product originating in the sector in 1982 dollars.
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for sociai insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price index for all urban consumers.
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
2
16
10.5
9.3
1.5
3.8
4.1
4.4
5.1
3.8
4.9
3.0
4.1
5.7
3.6
6.2
5.2
7.0
4.4
5.2
5.6
3.8
2.0
2.4
1.3
2.6
3.8
6.1
10.5
9.5
7.4
4.0
3.9
4.1
5.0
3.6
4.8
3.0
4.6
4.4
3.6
5.7
5.1
6.8
4.3
5.0
5.3
4.2
2.0
1.5
1.8
2.7
3.2
5.8
-2.6
9
1.2
.6
-.2
.8
3.2
.1
.7
17
2.8
1.6
.1
2.0
2.3
3.1
1.0
.7
.6
-.5
-3.3
-3.4
-1.5
— 1.4
-4.0
2.4
-2.6
-.7
1.1
.7
— .4
.5
3.1
0
.6
-1.8
3.3
.3
.1
1.5
2.2
2.9
.8
.6
.4
— .1
-3.3
— 4.2
-1.0
-1.3
-4.5
2.0
10.9
7.7
8.3
1.4
1.5
2.3
2.8
2.6
2.8
3.2
1.5
2.3
2.0
4.8
4.4
4.2
.3
6.5
3.1
5.1
1.5
2.5
2.8
4.6
5.3
4.4
11.0
8.3
8.4
1.0
1.8
2.8
3.0
2.5
2.5
3.3
2.6
2.8
2.6
5.0
4.8
4.4
.1
5.6
2.5
3.6
3.8
2.0
2.7
5.1
5.2
4.3
9.0
9.6
5.9
3.3
3.3
2.5
2.1
2.7
3.0
3.9
2.4
4.8
2.7
2.6
.9
1.2
1.7
4.8
4.7
4.9
3.1
4.3
2.5
3.5
4.6
4.5
9.7
9.7
6.3
3.5
3.0
3.0
2.3
2.7
2.7
3.9
3.0
3.1
3.3
2.1
1.0
1.4
1.4
4.1
3.4
5.9
2.8
4.4
2.6
3.9
3.8
4.6
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Beginning with data released August 3, 1989, hours of labor input are defined as hours at the
work site rather than hours paid.
'Data do not reflect GNP revisions of September 25, 1990.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose in September and capacity utilization was unchanged.
INDE X, 1987=1 00' (RATIO SCALE)
115
TOTAL INDUSTRIAL PRODUCTION
110
_^
y
105
INDE X, 1987=1 00' (RATIO SCALE)
130
FINAL PRODUCTS
•"
xv
P
^s-*
100
95 ^
1 10
90
Illllllllll
Illllllllll
115
MANUFACTURING PRODUCTIOhJ^_^_^
110
DURABLE
105
\£l\
100
105
^—
100
'- ,-*,---
s^ \
-"
JllllllUIi
95
\' \
95
IIM1I
85
'^
IIIIlllllllllllllllllll Illllllllll
Illllllllll
|m||
AND MINING PRODI
115
110
UTILITIES
105 \
\
100
,
,'
,V^^^^-~^- \y
*
/^S^
\ r"
84
^^\-
82
Illllllllll
1986
Illllllllll Illllllllll
1987
SEASONALLY ADJt STED
OURCE: BOARD O GOVERNORS OF
s
1988
1.
s'\
\
\
-
'•s
DEFENSE
AND SPACE
EQUIPMENT
Illllllllll IIIIlllllllllllllllllll
~<'—"""
\
80
P^
90
.'—*''
Illllllllll
88 - CAPACII"Y UTILIZAT ON RATE
MDIJSTRY)
86 - (TOTAL 1
MINING
95
y „
PERC ENT*
.
1
•^.-•~^'
—^.
'•'^J
"W^
90
— NONDUR ABLt
90
BUSINESS
/Y
*
EQUIPMENT^^-' CONSUMER
GOODS
115
^^^
r^~
'
Illllllllll
1989
1990
v~*
^-/
V
78
iniiliifii
>—
^-/ '
76 Illllllllll Illllllllll Illllllllll Illllllllll
1986
1987
1989
1988
HE FEDERAL RESER VE SYSTEM
Illllllllll
1990
COUNCIL OF ECC NOMIC
ADVISERS
[Monthly data seasonally adjusted]
Total
industrial
production
Period
Index,
1987 = 100
1980
1981
1982
1983
1984
1985
84.1
85.7
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
1986
1987
1988
1989
1989:
Sept
Oct
Nov
Dec
1990- Jan . ...
Feb
Mar
Apr
May
July r ....
Aue r .
Sept"
1
Output us percent of capacity.
Capacity utilization
rate, percent *
Industry production indexes, 1987 = 100
Manufacturing
Percent
change
from year
earlier
-1.9
1.9
— 4.4
3.7
9.3
1.7
1.0
4.9
5.4
2.6
Mining
Durable
Total
Utilities
Nondurable
Total
industry
Manufacturing
78.8
80.3
76.6
80.9
89.3
91.6
94.3
100.0
105.8
108.9
75.7
77.4
72.7
76.8
88.4
91.8
93.9
100.0
107.6
110.9
83.1
84.5
82.5
87.0
90.8
91.5
94.9
100.0
103.6
106.4
110.0
114.3
109.3
104.8
111.9
109.0
101.0
100.0
101.8
100.5
95.9
94.3
91.8
93.6
97.0
99.5
96.3
100.0
104.4
107.1
82.1
80.9
75.0
75.8
81.1
80.3
79.2
81.4
84.0
84.2
80.2
78.8
72.8
74.9
80.4
79.5
79.0
81.4
83.9
83.9
108,2
107.7
108.1
108.6
1.9
1.1
1.1
1.1
109.1
108.4
108.9
108.8
111.5
109.4
110.1
110.4
106.0
107.2
107.3
106.7
101.6
100.7
101.2
100.1
105.9
107.4
108.3
116.1
83.9
83.3
83.5
83.7
83.6
82.9
83.0
82.8
107.5
108.5
108.9
108.8
109.4
110.1
110.3
110.4
110.7
-.2
.8
1.1
2
1.0
1.6
2.3
2.0
2.2
108.1
109.6
109.8
109.5
110.3
110.8
111.0
111.2
111.4
108.6
110.7
111.9
111.1
112.6
113.4
113.2
113.6
113.8
107.5
108.3
107.2
107.5
107.4
107.6
108.1
108.1
108.3
101.7
101.0
101.1
102.9
102.2
102.2
103.5
101.8
102.1
106.8
104.0
106.2
106.7
107.1
109.7
109.4
110.8
111.8
82.7
83.2
83.4
83.1
83.4
83.7
83.7
83.6
83.6
82.0
83.0
82.9
82.5
82.8
83.0
82.9
82.8
82.8
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987=100; monthly data seasonally adjusted]
Materials
Products
Intermediate products
Final products
Consumer goods
Equipment
Period
Total
Total
Durable
goods
Nondurable
goods
Total
l
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Energy
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
80.0
82.1
80.8
83.0
91.0
94.2
95.7
100.0
105.6
109.1
85.3
85.8
84.5
88.8
92.8
93.7
96.8
100.0
104.0
106.7
73.5
74.0
68.7
79.7
91.0
91.6
94.5
100.0
104.9
107.9
89.1
89.6
89.7
91.9
93.4
94.4
97.6
100.0
103.7
106.4
74.6
78.2
77.0
76.8
89.2
94.8
94.5
100.0
107.6
112.3
73.5
76.1
72.9
71.9
85.4
91.1
93.2
100.0
111.8
119.1
57.4
58.5
65.7
71.8
78.9
89.4
96.0
100.0
98.0
97.4
77.0
77.0
75.1
80.3
86.2
88.3
92.0
100.0
104.4
106.8
80.8
78.4
72.2
80.2
86.2
89.1
93.8
100.0
104.4
106.1
74.2
75.7
77.0
80.3
86.2
87.7
90.7
100.0
104.4
107.3
91.3
92.8
85.1
88.3
96.6
96.6
95.9
100.0
105.6
107.4
106.2
104.3
100.7
98.9
103.8
103.4
99.4
100.0
101.8
101.4
1989- Sept
Oct
Nov
Dec
109.6
108.5
109.4
110.3
106.3
107.3
107.4
108.3
107.6
106.8
105.7
106.8
106.0
107.4
107.8
108.7
113.8
110.1
112.0
112.9
120.7
116.0
118.7
119.9
98.9
96.6
96.7
96.6
106.3
106.9
107.3
107.9
105.2
106.3
107.0
107.4
107.0
107.3
107.5
108.2
107.4
107.1
107.0
106.9
101.6
101.3
101.9
102.7
1990- Jan
Feb
Mar
108.5
109.7
110.7
110.4
111.2
111.7
111 5
111.7
112.6
106.0
107.0
107.5
107.2
107.4
107.8
107.3
107.8
109.1
99.4
106.2
-110.8
107.3
109.3
112.1
108.5
108.0
111.5
107.8
107.2
106.6
107.1
106.9
106.6
107.0
107.7
108.5
111.8
113.3
114.9
114.7
116.2
116.8
116.9
116.7
117.1
118.0
120.1
122.2
121.6
123.5
124.4
124.6
124.8
125.6
97.5
97.6
97.5
97.3
97.6
97.6
97.9
97.4
97.0
108.0
108.4
108.2
108.0
108.3
108.3
108.5
108.4
107.9
107.9
108.2
107.3
106.4
105.5
106.0
106.4
105.9
104.9
108.0
108.5
108.9
109.1
110.2
109.8
110.0
110.1
110.0
106.2
107.1
107.1
107.3
107.7
108.8
109.5
109.7
109.4
101.2
101.7
102.0
101.8
101.1
102.1
102.9
102.5
103.2
Mav
July '
Sept ".. .
1
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987 — 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Transportation
equipment
Primary metals
Period
Total
Iron
and
steel
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber and
products
Apparel
products
Printing
and
publishing
Chemicals
arid
products
Foods
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
110.8
117.5
83.2
91.0
102.4
101.8
93.8
100.0
110.3
109.2
126.0
135.1
86.2
96.1
105.9
104.5
90.8
100.0
113.8
109.3
92.5
91.1
83.2
85.5
93.3
94.5
93.8
100.0
106.2
107.2
60.6
65.9
63.9
64.3
80.8
86.8
90.4
100.0
113.8
121.8
73.3
75.4
75.9
80.3
94.1
93.1
94.3
100.0
106.5
109.5
72.3
68.7
64.8
72.7
83.1
91.8
96.9
100.0
105.0
107.2
67.0
64.4
58.8
74.5
90.6
99.0
98.5
100.0
105.5
104.9
76.9
74.7
67.3
79.9
86.0
88.0
95.1
100.0
104.6
103.0
89.2
91.0
90.1
93.8
95.7
92.6
96.3
100.0
102.2
104.3
70.3
72.1
75.2
79.0
84.5
87.6
90.7
100.0
103.6
108.5
87.8
89.2
81.8
87.5
91.4
91.4
94.6
100.0
105.4
108.5
84.6
86.5
87.7
90.1
92.1
94.9
97.4
100.0
102.8
105.5
1989: Sept
Oct
109.9
108.6
104.8
102.6
109.7
109.2
104.1
100.3
106.0
105.9
106.9
106.3
123.4
119.0
122.9
123.8
110.8
110.2
110.1
110.1
108.0
102.1
102.8
104.4
103.2
99.7
99.0
98.7
102.6
103.2
104.8
106.4
104.5
103.9
103.7
102.6
109.4
109.3
109.6
109.6
107.5
109.4
109.8
107.6
105.4
106.8
107.4
108.0
105.0
107.9
105.4
106.4
106.2
109.5
110.2
114.3
112.5
104.6
110.6
106.1
106.7
105.5
110.3
110.6
117.6
115.3
105.1
105.6
105.5
105.0
107.1
106.7
107.9
108.2
107.3
123.7
124.2
125.2
125.7
126.9
127.5
128.3
129.2
128.6
110.1
111.0
112.3
111.3
112.4
112.8
112.1
112.4
112.5
94.7
103.5
107.9
105.1
109.0
111.0
108.3
107.6
110.7
76.8
94.1
103.5
95.8
104.0
108.0
102.7
100.9
108.5
106.0
104.3
105.0
103.3
101.7
102.0
102.1
101.5
99.4
102.4
102.1
99.8
98.7
99.2
99.3
99.3
99.3
99.0
110.7
112.1
111.4
112.0
112.8
112.0
111.8
111.6
111.5
109.9
110.5
109.5
110.3
109.2
1 10.3
110.5
111.2
112.0
106.8
107.4
107.1
107.0
106.8
106.1
106.4
107.0
107.8
Nov
Dec
1990- Jan
Feb
Apr
Mav
July '
Sept ''
Source: Board of Governors of the Federal Reserve System.
18
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
Period
Total new
construction
expenditures
Federal,
State, and
local
Residential
Commercial
Total
New housing
units
Total '
and
Other
Total value
index
(1982 = 100)
industrial 2
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
256.5
267.7
255.7
290.9
340.7
368.7
398.2
410.2
422.1
432.1
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
192.8
203.0
192.6
227.5
270.5
290.9
313.6
319.6
327.1
333.5
46.7
55.0
58.7
53.8
68.6
82.7
78.0
76.5
79.8
85.5
69.6
69.4
57.0
94.6
113.8
114.7
133.2
139.9
138.9
139.2
100.4
99.2
84.7
125.5
153.8
158.5
187.1
194.7
198.1
196.6
45.7
48.7
49.2
48.1
48.0
49.7
48.5
48.5
49.2
51.5
97
100
100
124
136
150
159
165
166
171
63.6
64.7
63.1
63.5
70.2
77.8
84.6
90.6
95.0
98.6
433.9
433.4
429.3
433.4
432.0
446.0
455.6
457.3
444.7
443.8
441.1
442.4
442.5
Dec
1990' Jan
Feb
Mar
Apr '
May '
July r
Aue p
1
2
s
335.0
332.1
332.1
329.8
325.0
338.1
343.1
347.4
338.8
334.0
329.6
333.9
327.4
195.6
193.0
192.1
190.9
189.6
200.1
203.0
206.9
200.2
196.1
189.5
189.1
186.9
690
756
955
1,097
1,016
1,019
973
926
Annual rates
Annual rates
1989- Aug
Sept
Oct
904
919
87.3
87.2
88.6
86.8
83.3
85.0
88.2
87.2
85.6
84.5
85.8
89.7
84.9
138.2
135.8
134.8
135.2
135.3
140.0
144.6
145.3
140.0
136.6
130.5
129.3
127.6
52.1
51.9
51.4
52.2
52.0
52.9
51.9
53.3
53.0
53.4
54.3
55.1
55.6
174
186
183
169
166
161
155
161
147
160
159
152
146
147
99.0
101.3
97.1
103.5
107.0
107.9
112.5
109.9
106.0
109.8
111.5
108.5
115.1
805
1,008
892
812
805
883
798
828
745
802
693
618
638
740
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge sen.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Period
Units started, by type of structure
Total
1980....
1981
1982
1983
1984
1985...
1986
1987
1988
1989
...
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1 unit
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
2-4 units
109.5
91.1
80.0
113.5
121.4
93.4
84.0
65.3
58.8
55.2
5 or more units
330.5
287.7
319.6
522.0
544.0
576.1
542.0
408.7
348.0
317.6
Units
authorized
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
Units
completed
Homes sold
Homes for
sale at end of
period 1
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
545
436
412
623
639
688
750
671
676
650
337
275
253
301
353
346
357
366
367
362
Vacancy rate
for rental
housing units
(percent) 2
5.4
5.0
5.3
5.7
5.9
6.5
7.3
7.7
7.7
7.1
Seasonally adjusted annual rates
Sept
Nov
Dec
Mar
Apr
May
July r .
Aug T
Sept *
.
1,325
1,263
1,423
1,347
1,273
987
969
1,023
1,010
931
54
56
60
47
53
284
238
340
290
289
1,334
1,310
1,362
1,364
1,416
1,437
1,366
1,317
1,486
1,302
719
638
636
687
633
364
364
363
363
362
1,568
1,488
1,307
1,216
1,206
1,189
1,153
1,142
1,135
1,099
1,154
996
898
897
889
875
841
887
53
42
35
53
36
42
29
31
36
416
292
276
265
273
258
249
270
222
1,739
1,297
1,232
1,108
1,065
1,108
1,082
1,050
992
1,443
1,351
1,378
1,295
1,363
' 1,295
1,280
1,262
613
606
558
533
536
r
550
545
535
503
365
366
363
363
r
360
r
354
350
345
337
1
Seasonally adjusted.
2
Quarterly data entered in last month of quarter. Series beginning 1989 not comparable with
earlier data.
7.6
7.1
7.5
7.0
7.2
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In August, manufacturing and trade sales rose 2.1 percent and inventories rose $4.7 billion. In September,
according to advance data, retail sales rose 1.1 percent, following a decline of 0.4 percent in August.
BILLIONS OF DOLLARS' (RATIO SCALE)
240
220
BILLIONS OF DOLLARS" (RATIO SCALE)
800
' * •
200
r^^~
\ 1
700
RETAIL INVENTORIES
MANUFACTURING AND
TRADE INVENTORIES
180
-
600
160
-
>,--'--•
500
400
140
.*• ** - *""
\
RETAIL SALES
-^f — '*-'
/-"
'"\
M/kNUFACTUR NG
Ah•fl) TRADE SAiLES
120
-
100
Illllllllll Illllllllll
-
-
RATIO*
300
1.40
1.20
200
Minium iimlmii umlimi
1987
1986
1988
Illllllllll
1989
miilnm
1,00
1990
1986
1990
•SEASONAU.Y ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
Manufacturing and
trade 1
COUNCIL OF ECONOMIC ADVISERS
Wholesale
Sales
Inventories a
Inventories 3
Sales 2
Period
2
Inventory-sales ratio 4
Retail
Sales
2
Inventories 3
Total
Durable
goods
stores
Manufacturing
and
trade:
Total
Durable
goods
stores
Nondurable goods
stores
61,101
64,939
69,377
73,075
75,738
80,457
85,220
90,678
134,493
147,712
167,748
181,773
186,587
208,112
219,791
235,514
61,469
69,025
79,250
88,464
90,197
105,738
112,254
117,169
73,024
78,687
88,498
93,309
96,390
102,374
107,537
118,345
1.67
1.56
1.53
1.56
1.55
1.51
1.49
1.50
Nondurable goods
stores
Retail
Millions of dollars, seasonally adjusted
1982
1983
1984
1985
1986
1987
1988
1989
1989: Aug '
Sept
Oct
Nov
Dec
1990- Jan
Feb
Mar
July r
Aug pp ..
Sept
1
z
3
r
348,754
369,136
408,578
419,283
425,371
451,933
490,309
521,934
574,516
591,265
646,072
657,753
657,482
704,515
754,267
795,415
96,290
100,324
113,393
114,626
116,151
124,254
135,176
145,683
128,196
130,906
143,557
148,484
154,713
165,271
180,313
188,819
531,579
527,595
525,160
527,948
526,391
791,363
792,119
794,757
798,104
795,415
146,698
146,981
147,921
148,782
149,584
185,944
185,098
188,103
189,057
188,819
528,549
535,996
538,984
533,603
538,946
542,441
540,368
551,645
797,202
794,016
793,669
796,050
800,399
796,469
802,151
806,850
151,968
151,620
152,383
151,458
152,302
153,549
152,333
156,356
189,375
188,847
189,361
190,903
193,201
191,259
192,466
193,005
See page 21 for manufacturing.
Monthly average for year and total for month.
End of period.
20
89,114
97,570
107,316
114,642
120,860
128,509
137,500
144,471
r
146,731
147,052
145,244
146,340
145,804
149,877
149,904
149,302
147,886
147,781
149,432
150,201
r
149,643
151,242
28,013
32,631
37,938
41,567
45,121
48,051
52,281
53,794
r
r
91,125
91,742
91,617
92,572
93,121
233,930
236,131
234,942
236,234
235,514
119,251
121,048
118,450
118,667
117,169
114,679
115,083
116,492
117,567
118,345
1.49
1.50
1.51
1.51
1.51
56,217
55,037
54,663
53,620
53,525
53,841
54,200
r
52,839
53,574
93,660
94,867
94,639
94,266
94,256
95,591
96,001
T
96,804
97,668
233,701
232,000
232,562
232,847
234,814
234,517
236,400
239,547
114,194
113,552
113,951
113,730
114,870
115,128
116,207
119,355
119,507
118,448
118,611
119,117
119,944
119,389
120,193
120,192
1.51
1.48
1.47
1.49
1.49
1.47
1.48
1.46
55,606
55,310
53,627
53,768
52,683
4
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census.
1.49
1.44
1.49
1.52
1.56
1.55
1.55
1.60
r
1.59
l,61
1.62
1.61
1.62
1.56
1.55
1.56
1.57
1.59
1.57
1.57
1.60
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In September, manufacturers' shipments fell, while inventories and new and unfilled orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
280
SHIPMENTS
240
BILLIONS OF DOLLARS* (RATIO SCALE)
440 —INVENTORIES.
360
200
160
280
DURABLE GOODS
-V
200
120
DURABLE GOODS
160
. NONDURABLE GOODS .
80
120
\
60
NONDURABLE GOODS
Illllllllll
80
BILLIONS OF DOLLARS* (RATIO SCALE)
280
NEW ORDERS
240
200 --
~-^ s^
60
_
\
TOTAL
160
DURAB E GOODS
V - -'•_^*— '—.•'""<
120
"—-... **..**"•
/Ww-^.
^_— ».-*" -—1~/v
'
_ -- —
RATIO*
2.20
INVENTORY-SHIPMENTS RATIO
2.00
1.80
~"\'
Kint'^DURABLE Gnnns
80
Illllllllll
ill
^-^—r-^C^
f\^
1.60
X/^.
V
S****^ ^f^
1.40 ^
60
Illilllllll
Illllllllll
1986
1987
Illllllllll
1988
Illllllllll
Illlllillll
1989
1990
1.20
iiiiilinii iiiiiliim n i i i h " !| IB
1986
1987
•SEASONAIIY ADJUSTED
u " ni M " '
II 1 1 I 1 i i 1
1989
1988
1990
COUNCIL OF cCCNC.WC ADViSERE
SOURCE: DEPARTMENT OF COMMERCE
Manufacturers' shipments
1
Manufacturers' inventories
Manufacturers' new orders 1
2
Durable goods
Period
Total
Durable
goods
Nondurable goods
Total
79,352
84,956
96,623
99,019
99,989
105,291
115,684
122,668
128,347
124,393
121,840
123,209
121,998
116,716
123,224
125,089
122,031
126,507
127,283
125,090
r
128, 619
124,528
83,998
86,286
91,246
90,996
88,371
93,879
101,948
109,112
311,827
312,647
334,767
327,496
316,182
331,132
354,163
371,082
200,825
200,406
218,771
214,066
208,313
216,598
233,666
246,222
109,803
109,169
110,155
109,617
109,005
371,489
370,890
371,712
372,813
371,082
374,126
373,169
371,746
372,300
372,384
370,693
373,285
374,298
376,530
246,378
245,621
246,427
247,610
246,222
111,002
112,241
115,996
113,430
107,869
114,534
120,497
124,860
125,111
125,269
125,285
125,203
124,860
248,273
247,095
245,435
246,609
246,530
244,902
246,456
246,653
246,937
125,853
126,074
126,311
125,691
125,854
125,791
126,829
127,645
129,593
Durable
goods
Nondurable goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable goods
21,661
22,098
26,243
27,067
26,551
29,707
35,028
38,821
37,130
35,341
35,975
38,901
44,389
38,347
36,094
40,889
36,573
35,928
36,192
39,840
r
35,871
38,367
83,935
86,522
91,209
91,075
88,497
94,197
101,993
109,057
Manufacturers'
unfilled
orders 2
Manufacturers'
inventory —
shipments
ratio 3
Millions of dollars, seasonally adjusted
1982
1983
1984
1985
1986
1987
1988
1989....
1989: Aug
Sept
Oct...
Nov
Dec
1990: Jan
Feb
Mar...
May
June
Julv r
Aug"
Sept"
1
2
163,350
171,242
187,869
190,016
188,360
199,170
217,632
231,780
238,150
233,562
231,995
232,826
231,003
226,704
234,472
237,299
234,259
238,863
239,460
237,834
245,646
243,844
109,988
111,248
112,210
112,228
112,356
112,177
112,744
117,027
119,316
Monthly average for year and total for month. Shipments arc the same as sales.
End of period.
3
162,273
174,122
189,791
190,918
188,663
201,966
221,627
235,614
236,793
234,354
234,067
239,710
240,752
227,572
231,759
241,071
236,026
241,102
236,578
240,238
244,355
244,514
78,338
87,600
98,581
99,843
100,166
107,770
119,634
126,557
126,766
125,227
124,262
130,175
131,719
117,909
120,782
128,872
123,609
128,737
124,692
128,094
r
126,979
125,210
110,027
109,127
109,805
109,535
109,033
109,663
110,977
112,199
112,417
112,365
111,886
112,144
117,376
119,304
314,270
349,419
372,586
383,181
387,065
421,243
468,860
514,499
495,002
495,794
497,866
504,750
514,499
515,367
512,654
516,426
518,193
520,432
517,550
519,954
518,663
519,333
1.95
1.80
1.74
1.74
1.70
1.62
1.58
1.58
1.56
1.59
1.60
1.60
1.61
1.65
1.59
1.57
1.59
1.56
1.55
1.57
1.52
1.54
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In September, the producer price index for all finished goods rose 1.6 percent. Prices of finished consumer foods
fell 0.9 percent while prices of other finished consumer goods rose 3.3 percent. Capital equipment prices rose 0.8
percent.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982= 100 (RATIO SCALE)
no
100
100
CONSUMER GOODS
EXCLUDING FOODS
90
90
1982
1983
1989
1990
COUNCIL OF ECONOMIC ADVISERS
SOUDCE: DEPARTMENT OF LABOR
[1382=100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
1981
1982
1983.
1984
1985.
1986
1987 .
1988
1989.
1989:
1990:
Sept
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May r
June
July
Aug
Sept
1
88.0
96.1
100.0
101.6
103.7
104.7
103.2
105.4
108.0
113.6
114.1
114.7
114.8
115.5
117.7
117.7
117.5
117.3
117.4
117.6
117.5
119.0
120.9
92.4
97.8
100.0
101.0
105.4
104.6
107.3
109.5
112.6
118.7
118.1
119.7
120.7
121.6
124.4
125.3
124.7
123.6
124.0
123.8
123.8
124.8
123.7
intermediate materials for food mamifiicUiring and feed
22
Total
finished
consumer
goods
85.1
95.8
100.0
100.5
101.1
101.7
93.3
94.9
97.3
103.8
104.5
105.1
104.4
105.3
109.7
108.5
107.9
107.9
107.9
107.9
107.4
110.5
115.2
85.8
94.6
100.0
102.8
105.2
107.5
109.7
111.7
114.3
118.8
120.1
120.0
120.4
120.7
120.9
121.4
121.9
122.0
122.1
122.4
122.8
123.2
124.2
88.6
96.6
100.0
101.3
103.3
103.8
101.4
103.6
106.2
112.1
112.5
113.3
113.3
114.1
117.0
116.8
116.4
116.1
116.2
116.3
116.1
118.0
120.1
Total
Total
1980
Nondurable
Capital
equipment
Consumer goods
86.7
95.6
100.0
101.8
103.2
104.6
101.9
104.0
106.5
111.8
112.8
113.1
112.9
113.5
115.6
115.2
115.2
115.2
115.3
115.6
115.4
117.1
119.9
87.1
96.1
100.0
101.2
102.2
103.3
98.5
100.7
103.1
108.9
109.7
110.1
109.7
110.4
113.4
112.7
112.4
112.3
112.4
112.7
112.4
114.6
118.4
Durable
91.0
96.4
100.0
102.8
104.5
106.5
108.9
111.5
113.8
117.6
118.7
118.6
118.7
119.2
118.6
119.0
119.4
119.3
119.5
120.4
120.6
120.8
122.0
Crude materials
Total
Foods
and
feeds '
Other
Total
Foodstuffs
and
feedstuffs
Other
90.3
98.6
100.0
100.6
103.1
102.7
99.1
101.5
107.1
112.0
112.2
112.4
112.2
112.2
113.6
112.7
112.8
112.9
113.0
112.6
112.6
114.1
116.2
105.5
104.6
100.0
103.6
105.7
97.3
96.2
99.2
109.5
113.8
112.7
112.5
113.4
113.1
113.3
112.3
112.8
114.0
115.4
114.1
114.7
114.6
112.9
89.4
98.2
100.0
100.5
103.0
103.0
99.3
101.7
106.9
111.9
112.2
112.4
112.1
112.1
113.6
112.8
112.8
112.8
112.8
112.5
112.4
114.1
116.3
95.3
103.0
100.0
101.3
103.5
95.8
87.7
93.7
96.0
103.1
102.3
102.6
103.2
104.7
107.0
107.3
105.9
103.1
103.0
100.1
100.7
110.1
115.2
104.6
103.9
100.0
101.8
104.7
94.8
93.2
96.2
106.1
111.2
109.0
109.0
111.4
113.9
114.7
115.4
116.4
115.7
112.9
112.9
114.0
113.0
111.0
84.6
101.8
100.0
100.7
102.2
96.9
81.6
87.9
85.5
93.4
93.6
94.1
93.5
94.4
97.5
97.5
94.8
90.9
92.4
87.9
88.1
103.4
112.4
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In September, the consumer price index for all urban consumers rose 0.8
percent,
seasonally adjusted and not
seasonally adjusted. The index was 6.2 percent above its year-earlier level.
INDEX, 1982-84= 100 (RATIO SC ALE)
140
INDEX, 1982-84=100 (RATIO SCALE)
140
SEASONALLY ADJUSTED
S
130
^-^
120
CONSUMER PRICES— ALL ITEMS
130
120
•^
110
110
^~\-^
100
100
r^-"
^~~
90
90
80
80
70
11! Illll 1 II
1982
1983
1984
1985
Minium
IIMlllllll IIMlllllll
1987
1988
1986
I I M l l l l l l l 70
1989
££ NOTE ON TABLE 8 ELOW
sOURCE: DEPARTMEN OF LABOR
1990
COUNCIL OF ECONOMIC ADVISERS
[1982-84 = 100, except as noted; monthly data seasonally adjusted, except as noted]
All items '
Transportation
Housing
All
Shelter
Not
seasonally
adjusted
(NSA)
Period
Hel. imp. 3
1980
1981
1982
1983
1984
1985
1986
1987..
..
1988
1989
1989:
Sept
Oct
Nov
Dec
1990:
Jan
Feb
Mar
Apr . .
May
June
July
Aug
Sept
Seasonally
adjusted
Food
Total '
Total
Fuel
Apparel and
upkeep
Medi-
items
less
food,
shelter,
and
energy
Renters'
costs
(Dec.
1982 =
100)
Homeowners'
costs
(Dec.
1982 =
100)
7.9
19.8
0.2
7.5
6.1
17.1
4.2
3.2
6.2
7.4
48.4
75.4
86.4
94.9
100.2
104.8
106.5
104.1
103.0
104.4
107.8
90.9
95.3
97.8
100.2
102.1
105.0
105.9
110.6
115.4
118.6
83.1
93.2
97.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
88.4
93.7
97.4
99.9
102.8
106.1
110.6
114.6
116.9
119.2
97.4
108.5
102.8
99.4
97.9
98.7
77.1
80.2
80.9
88.5
74.9
82.9
92.5
100.6
106.8
113.5
122.0
130.1
138.6
149.3
86.0
97.7
99.2
99.9
100.9
101.6
88.2
88.6
89.3
94.3
80.6
88.3
95.1
100.0
105.0
109.0
112.7
117.0
121.9
127.3
113.9
114.5
114.6
115.0
118.1
118.8
119.8
120.8
87.1
88.4
86.8
86.3
151.9
153.0
154.2
155.1
93.2
94.1
93.8
94.1
128.3
128.8
129.3
129.7
117.4
121.6
121.4
121.2
120.9
120.7
120.5
120.1
120.3
120.1
93.4
93.6
92.2
92.5
91.2
93.2
92.8
100.3
109.8
156.1
1ST .3
158.5
159.8
161.0
162.1
163.5
165.0
166.1
98.9
98.2
97.4
97.0
96.3
96.9
96.2
100.3
105.9
130.4
131.5
132.2
132.6
132.9
133.2
133.8
134.3
134.9
Maintenance
and
repairs
(NSA)
100.0
16.3
42.0
27. 9
82.4
90.9
96.5
99.6
103.9
107.6
109.6
113 6
118.3
124.0
86.8
93.6
97.4
99.4
103.2
105.6
109.0
113.5
118.2
125.1
81.1
90.4
96.9
99.5
103.6
107.7
110.9
114.2
118.5
123.0
81.0
90.5
96.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
103.0
108.6
115.4
121.9
128.1
133 6
138.9
102.5
107.3
113.1
119.4
124.8
131 1
137.3
82.4
90.7
96.4
99.9
103.7
106.5
107.9
111.8
114 7
118.0
and
other
utilities
125.0
125.6
125.9
126.1
124.8
125.4
125.8
126.3
126.3
126.8
127.4
128.0
123.7
124.2
124.7
125.2
133.7
134.4
135.0
135.6
138.7
139.8
140.5
141.0
138.7
139.4
140.0
140.6
118.6
118.6
119.3
119.5
108.0
108.1
108.7
109.4
118.6
119.4
119.4
119.0
127.4
128.0
128.7
128.9
129.2
129.9
130.4
131.6
132.7
127.7
128.3
128.9
129.1
129.3
130.0
130.5
131.5
132.5
130.5
131.1
131.5
131.2
131.2
132.2
132.7
133.1
133.4
126.1
126.3
126.9
127.0
127.2
128.0
128.6
129.5
130.0
136.3
136.6
137.6
137.9
138.2
139.5
140.7
141.7
141.9
142.3
143.4
143.8
143.9
141.1
141.0
142.4
142.8
143.2
144.8
145.7
146.6
146.9
120.4
120.8
121.2
121.2
122.2
121.8
122.1
121.2
124.6
111.6
110.9
111.0
110.5
110.5
110.3
109.4
110.8
112.2
119.0
122.9
124.9
125.0
124.6
124.5
124.2
124.3
125.2
143^9
144.5
146.6
148.1
148.2
Total '
in.7
117.6
117.7
117.5
118.0
118.3
120.4
123.2
New
cars
Motor
fuel
cal
care
Energy2
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeo\
and therefore art not strictly comparable with figures for earlier periods.
Data beginning 1987 and 1988 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES III PRODUCER
FOR
GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rale
Consumer goods
Consumer goods
Consumer goods
Period
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Chang*?
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
7.5
1.5
2.0
2.3
3.5
.6
2.8
-.2
5.7
5.2
11.8
7.1
3.6
.6
1.7
1.8
-2.3
2.2
4.0
4.9
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
13.4
0.2
4.1
1.6
2.1
1.0
-1.4
2.1
2.5
5.2
11.4
9.2
3.9
2.0
1.8
2.7
2.1
1.3
3.6
3.8
14.1
8.6
4.2
-.9
.8
2.1
-6.6
4.1
3.1
5.3
Change, month to month
1989:
Sept
Oct
Nov
Dec
1990:
Jan
Feb
Mar
May '
July
Sept
0.7
.5
.1
.6
-0.3
1.4
.8
.7
1.4
.4
-.4
.6
0.7
— .1
.3
.2
0.4
3.9
5.4
5.0
0.7
5.5
7.6
12.4
-1.8
3.3
5.7
2.6
4.4
3.8
3.7
2.0
3.0
2.8
1.6
2.6
-0.8
2.9
3.6
6.4
4.5
2.0
-.5
.4
4.5
4.5
3.9
3.2
4.6
5.0
4.6
4.9
1.9
0
2
2
.1
.2
— .1
1.3
1.6
2.3
.7
-.5
-.9
.3
-.2
0
.8
-.9
2.7
-.6
-.3
-.1
.1
.3
-.3
2.0
3.3
2
.4
.4
.1
.1
.2
.3
.3
.8
10.9
10.5
7.1
-1.4
— 1.0
.3
.7
5.6
11.7
16.7
16.1
10.6
-2.5
-4.1
-2.9
.6
2.6
-.3
12.5
11.4
7.4
-3.8
— 1.1
1.1
.4
8.1
21.8
3.0
3.4
4.0
3.7
2.3
1.7
2.6
3.7
6.0
7.3
7.9
6.0
4.6
4.6
3.7
-.3
2.2
5.9
11.0
11.8
11.5
6.6
5.5
3.7
-1.0
-.8
-1.6
7.8
8.5
5.0
4.0
5.0
4.2
-1.8
3.4
11.0
3.4
3.6
3.0
3.4
2.8
2.8
3.2
3.0
3.8
5.9
5.1
4.5
3.7
3.1
3.1
3.4
5.1
5.9
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Transportation
Housing
Shelter
Period
All
items 1
Food
Total
l
Total «
Eenters1
costs
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
New
cars
Total '
Motor
fuel
Medical
care
Energy2
All
items
less
food,
shelter,
and
energy
Addendum: All items, percent change
(annual rate)
From
previous
quarter 3
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
12.5
8.9
3.8
3.8
3.9
3.8
1.1
4.4
4.4
4.6
10.2
4.3
3.1
2.7
3.8
2.6
3.8
3.5
5.2
5.6
13.7
10.2
3.6
3.5
4.3
4.3
1.7
3.7
4.0
3.9
15.0
9.9
Sept
Oct
Nov
Dee
0.2
.5
.3
.4
0.3
.4
.5
.5
0.2
.4
.4
.4
0.1
.5
.4
Jan
Peb
Mar
Apr
May
June
July
Aug
Sept
1.1
.5
.5
.2
.2
.5
.4
.8
.8
2.0
.5
.3
-.2
0
.8
.4
.3
.2
.2
.5
.1
.2
.6
.5
.7
.4
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
2.4
4.7
5.2
6.0
4.6
4.8
4.5
4.9
5.1
5.9
6.3
5.0
3.9
3.9
4.5
4.5
5.1
5.9
4.6
5.3
4.7
5.1
13.8
14.4
9.7
1.8
4.2
1.8
-5.6
1.6
2.9
3.2
6.8
3.5
1.6
2.9
2.0
2.8
.9
4.8
4.7
1.0
14.6
10.9
1.8
3.9
3.1
2.6
— 5.9
6.1
3.0
4.0
18.8
7.4
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
21
6.8
2.3
9.9
12.5
11.0
6.4
6.1
6.8
7.7
5.8
6.9
8.5
18.0
11.9
1.3
-.5
.2
1.8
-19.7
8.2
.5
5.1
9.8
9.4
6.1
5.0
4.3
3.7
3.3
3.8
4.7
4.1
0.7
.7
.8
.6
-0.6
1.0
-.3
.3
0.4
.4
.4
.3
.6
.8
.8
.8
.8
.7
.9
.9
.7
5.1
-.7
-.8
-.4
— .7
.6
-.7
4.3
5.6
.5
.8
.5
.3
2
.2
.5
.4
.4
13 5
10.3
6.2
3.2
4.3
3.6
1.9
3.6
4.1
4.8
Chs nge, month to month
1989:
1990:
-0.3
.4
.8
.5
.4
0.4
.5
.4
.4
0.2
.1
.6
.6
1.5
.7
0
-.3
-0.3
.5
.1
.3
-0.3
.6
.8
.8
.5
.2
.7
.2
2
.9
.9
.7
.1
.9
.8
.3
.1
0
.4
1.5
1.0
.1
.4
— .1
1.0
.3
.3
1.1
.6
.6
.2
2.0
-.6
.1
— .5
0
-.2
0
3.3
1.6
.1
-.3
-.1
— .2
.1
.7
2.1
.3
.7
2
__2
-.2
-.2
-.2
-.3
.2
2
1.3
1.3
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc,—and motor fuel. Motor oil. coolant, etc.,
also included through 1982,
24
.1
9
.4
.3
1.8
2.3
2
1.5
-1.8
-.6
8.2
.2
-1.5
.3
— 1.4
2.2
8.1
9.5
2.9
3.9
8.2
3.8
6.3
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
2.3
2.9
4.2
4.9
3.8
3.4
3.3
3.6
4.3
4.5
4.7
4.6
7.5
8.2
8.5
4.5
3.2
3.5
4.4
7.0
7.9
5.2
6.2
6.7
6.0
5.6
5.9
4.4
5.1
5.7
5.2
5.3
5.2
4.7
4.4
4.7
4.8
5.6
6.2
PRICES RECEIVED AND PAID BY FARMERS
Prices
received
by
October were 2.2
farmers in
October
fell
0.7
percent
from
their
September
level.
Prices
paid
by
farmers in
percent above their July level. (Data are not seasonally adjusted.)
INDE K, 1977=100(RATIOSCALE)
INDEX, 1977=100 (RATIO SCALE)
''
180
180
— «*
_.'--'
«....
160
'""
160
-V~r
t
^ v.
140
—x.
PRICES PAID
—\ N_
r^
X^
120
140
^—^
^
120
^^
\
\
PRICES RECE IVED
100
100
80
80
mnlmii
11 in hiiii
imilnm
m|||
imilnm
itiiihiiii
mnlmii
ninlnn, niiiiiiin
RATK^
140
RATIO-"
140
-
120
RATIO
100
80
—
_
.^ ^-—^^—4
'
~^—r—
'"•*^_^-
60
iimlimi
1982
BBHt
•
•*—*-=g
mit
iimliim i t m h i m
1983
1985
1984
y RATIO OF INDEX OF PRICES RECEIVED TO NDEX OF PRICES PAIC
f
"
*-»-
80
^
i
minim; imilnm
1987
1986
1988
iimlimi
1989
1 ! M M U II 1 60
1990
.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[1977 = 100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
All farm
products
Livestock and
products
Crops
All commodities,
services,
interest, taxes,
and wage rates l
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio 2
139
133
135
142
128
123
126
138
147
134
121
128
138
120
107
106
127
134
143
145
141
146
136
138
146
150
160
150
159
161
164
162
159
162
169
177
151
158
159
161
156
150
151
160
167
148
153
152
155
151
144
147
157
165
92
84
84
87
79
77
78
82
83
1989:
Oct
Nov
Dec
145
147
149
127
128
127
162
165
169
178
(3)
(3)
166
(3)
(3)
165
(3)
(3)
81
83
84
1990:
Jan
Feb
Mar
Apr
May
154
152
150
151
154
151
152
151
148
147
136
133
128
131
134
129
130
126
123
121
172
169
171
170
173
173
173
174
173
171
181
170
(3)
(3)
171
(3)
(3)
171
(3)
(3)
175
168
(3)
(3)
169
(3)
(3)
170
(3)
(3)
174
85
84
83
83
84
83
83
82
80
78
July
Aug
Sept
Get
1
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is "based on latest data available.
3
(3)
3
()
183
(3)
(3)
184
(3)
(3)
188
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
Growth in M2 and M3 slowed in September.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
4,800
4,400
4,000
4,800
4,400
4,000
M3 .
3,600
3,600
3,200
3,200
i
2,800
V
2,800
M2
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
800
600
600
400
1982
1987
1983
1989
' AVERAGES OF OAJLV FIGURES; SEASONALLY ADJUSTED
1990
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD Of GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Percent change from year or 6
months earlier 2
Ml
M2
M3
L
Debt
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
KPs 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
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average) 1
408.9
436.5
474.5
521.2
552.1
620.1
724.7
750.4
787.5
794.8
1,629.9
1,793.5
1,953.1
2,186.5
2,371.6
2,570.6
2,814.2
2,913.2
3,072.4
3,221.6
1,987.5
2,234.2
2,441.9
2,693.4
2,982.8
3,202.1
3,494.5
3,678.7
3,918.3
4,044.3
2,324.2
2,596.8
2,851.6
3,154.7
3,524.1
3,829.5
4,135.5
4,338.7
'4,676.1
r
4,881.2
3,904.1
4,292.1
4,685.9
5,212.6
5,961.9
6,773.5
7,636.2
8,345.1
9,107.6
9,788.9
6.8
6.7
8.7
9.8
5.9
12.3
16.9
3.5
4.9
.9
8.9
10.0
8.9
12.0
8.5
8.4
9.5
3.5
5.5
4.9
10.2
12.4
9.3
10.3
10.7
7.4
9.1
5.3
6.5
3.2
9.4
9.9
9.2
11.2
14.4
13.6
12.7
9.3
9.1
7.5
1989: Sept
Oct
Nov
Dec
782.9
788.1
789.4
794.8
3,163.6
3,181.9
3,201.2
3,221.6
4,013.5
4,018.1
4,031.0
4,044.3
'4,831.8
4,841.7
r
4,858.1
r
4,881.2
9,627.8
9,687.4
9,750.2
9,788.9
-.7
1.5
3.4
5.5
5.0
6.0
7.5
7.7
2.9
2.7
3.3
3.0
7.5
7.4
7.4
7.0
1990: Jan .
Feb
Mar....
794.8
801.4
804.8
807.3
805.4
809.4
809.2
816.2
822.8
3,231.0
'3,255.6
r
3,270.9
'3,277.3
'3,270.9
'3, 278.6
3,284.0
3,302.0
3,317.7
'4,048.5
T
4,064.3
'4,069.0
r
4,072.9
'4,065.0
4,069.1
4,073.3
4,088.6
4,091.7
' 4,882.5
' 4,890.4
r
4,906.6
'4,916.4
'4,887.1
'4,906.8
4,918.4
4,931.3
9,829.3
9,887.1
9,955.1
10,010.6
10,053.6
10,108.7
10,170.1
10,244.0
4.0
5.4
5.6
4.9
4.1
3.7
3.6
3.7
4.5
6.7
6.9
6.8
6.0
4.4
'3.5
3.3
2.9
2.9
'2.0
2.6
2.8
'2.7
1.7
1.2
1.2
1.2
1.1
6.8
6.6
6.8
6.7
6.2
6.5
6.9
7.2
Period
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
Dec....
Dec
Dec
Dec....
Dec
Dec
Dec....
Dec
Dec....
Dec ....
May
July '
Sept".
1
r
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earli-
26
r
Ml
er at a simple annual rate.
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
M2
M3
Debt
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Currency
Period
Demand
deposits
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net,
plus
overnight
Eurodollars
Money market
mutual fund
balances 1
General
purpose
and
broker/
dealer
Institution
only
Money
market
deposit
accounts
(HMD As)
Savings
deposits
Small
denomination
time
deposits 2
Large
denomination
time
deposits2
NSA
1990:
Term
Eurodollars
(net)
NSA
NSA
Savings
bonds
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
115.3
122.6
132.5
146.2
156.0
167.8
180.6
196.7
211.8
221.9
261.4
231.4
234.1
238.5
243.9
266.8
302.1
287.0
287.0
279.7
28.0
78.2
103.6
131.6
146.9
179.6
235.5
259.7
281.3
285.7
28.8
36.6
39.9
55.6
60.6
73.5
82.3
83.2
83.3
77.4
61.6
150.6
185.2
138.8
168.2
177.2
208.7
222.0
240.9
312.4
15.2
38.0
51.1
42.8
62.1
63.9
83.8
89.0
87.1
102.3
0.0
.0
43.2
379.2
416.8
513.0
571.0
523.8
500.3
483.7
400.1
343.8
356.7
305.4
285.1
301.2
370.1
414.9
427.8
409.0
728.5
823.2
851.0
784.1
886.8
884.0
856.2
917.8
1,031.0
1,142.3
260.4
303.0
327.2
327.6
417.4
437.0
439.8
488.8
541.1
558.3
33.5
35.3
33.4
49.9
57.6
62.4
80.5
106.1
121.7
96.9
50.3
67.5
81.7
91.5
82.9
76.5
83.8
91.0
106.0
81.1
72.3
67.8
68.0
71.1
74.2
79.5
91.8
100.6
109.3
117.5
133.5
149.4
183.6
211.9
260.9
298.3
280.8
254.2
272.0
' 330.3
32.1
40.0
44.5
45.0
45.5
42.1
37.2
44.8
40.6
41.2
98.8
105.3
113.7
133.2
160.8
207.5
231.1
260.4
335.6
347.9
Sept
Oct
Nov
Dec
219.3
220.0
220.4
221.9
278.1
280.0
278.8
279.7
278.4
280.8
282.8
285.7
75.1
75.7
75.4
77.4
295.9
302.7
309.0
312.4
101.6
101.1
101.1
102.3
471.9
475.3
480.8
483.7
405.5
406.1
407.9
409.0
1,132.6
1,135.9
1,138.5
1,142.3
565.6
562.7
561.0
558.3
113.9
109.6
108.9
96.9
85.5
80.1
79.3
81.1
115.7
116.2
116.8
117.5
r
311.3
317.4
318.6
' 330.3
41.0
40.0
40.5
41.2
350.3
350.0
351.3
347.9
Jan
Feb
Mar
224.6
226.6
228.4
230.1
231.6
233.4
235.4
238.3
241.5
277.3
280.2
279.3
277.8
274.5
274.5
274.8
278.0
279.9
285.4
287.0
289.5
291.8
291.5
293.8
291.3
291.9
293.1
81.5
82.3
r
81.8
r
79.2
r
83.1
'82.2
84.2
83.1
82.1
318.6
325.3
325.9
325.8
320.4
321.9
325.1
333.8
340.1
103.2
103.7
105.4
106.8
107.3
107.3
108.9
114.0
116.1
485.0
489.4
494.9
498.8
500.0
501.2
502.4
505.5
507.1
410.2
413.6
414.6
415.8
415.0
415.8
416.3
416.3
415.8
1,143.0
1,142.6
1,146.4
1,147.7
1,149.0
1,147.1
1,148.2
1,149.5
1,150.4
554.5
550.1
544.1
538.3
' 535.4
r
532.8
530.5
524.1
516.7
93.6
96.9
95.2
94.8
95.8
98.7
97.1
99.0
95.6
117.7 r332.3
118.2 ' 324.9
119.1 r 338.9
119.9 r330.3
120.7 r316.5
r
121.5 332.2
122.4 341.3
342.2
123.2
40.7
38.3
37.0
35.8
35.3
34.6
32.8
32.2
343.3
344.7
342.7
357.5
349.6
349.4
348.7
345.1
1980- Dec
1981: Dec
1982- Dec
1983- Dec
1984: Dec
1985- Dec
1986: Dec
1987- Dec
1988- Dec
1989: Dec
1989:
Term
repurchase
agreements
(KPs)
.. .
June
July '
Aug T.
Sepf
r
r
1
Data prior to 1983 are not seasonally adjusted.
Small denomination and iarge denomination deposits are thost issued in amounts of less than
$100,000 and more than $100,000, respectively.
2
r
74.0
68.5
'66.8
r
65.6
r
67.4
r
64.6
64.6
66.3
66.2
r
r
r
NOTE.— Travelers checks of nonbank 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]
Borrowings of depository
institutions from the Federal
Reserve (NSA)
Adjusted for changes in reserve requirements
Reserves of depository institutions
Period
Total
Nonborrowed
Nonborrowed plus
extended
credit
Required
Monetary
base
Total
Seasonal
Extended
credit
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
33,401
35,315
37,388
39,184
42,235
48,373
58,023
58,593
60,593
60,033
31,711
34,679
36,754
38,410
39,049
47,055
57,197
57,815
58,877
59,767
31,714
34,827
36,940
38,412
41,653
47,554
57,499
58,298
60,121
59,787
32,887
34,996
36,888
38,623
41,380
47,336
56,653
57,546
59,545
59,110
152,525
160,936
172,947
188,275
201,673
219,350
241,427
258,055
275,238
284,946
1,690
636
634
774
3,186
1,318
827
777
1,716
265
116
54
33
96
113
56
38
93
130
84
3
148
186
2
2,604
499
303
483
1,244
20
1989:
Sept
Oct
Nov
Dec
59,289
59,640
59,646
60,033
58,596
59,085
59,297
59,767
58,618
59,106
59,318
59,787
58,351
58,620
58,701
59,110
281,806
282,786
283,222
284,946
693
555
349
265
452
330
134
84
22
21
21
20
1990:
Jan
Feb
Mar
Apr....
May
59,896
60,215
60,297
60,275
59,783
59,732
59,322
59,746
60,078
59,456
58,768
58,173
58,647
58,448
58,850
58,565
58,819
59,453
59,482
59,302
60,123
60,051
59,324
59,196
58,845
58,947
59,460
58,880
59,227
59,436
59,379
58,820
58,958
58,460
58,879
59,170
287,509
289,714
291,820
293,540
294,401
296,276
297,860
301,121
304,782
440
1,448
2,124
1,628
1,335
881
757
927
624
47
51
78
122
244
311
389
430
418
26
535
1,950
1,403
875
346
280
127
6
July
...
Sept"
1
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases fell 0.3 percent in September. Commercial and industrial loans fell 0.2
percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,800
120
1990
' SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCil OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted i]
All commercial banks
Loans and leases
Period
Total
securities 2
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1989:
Dec
1,307.3
Dec
1,400.5
Dec
1,552.3
Dec
1,722.5
Dec
1,910.1
Dec
2,094.2
Dec
2,239.5
r
2,422.1
Dec
r
Dec .... 2,588.8
Aug r.... 2,531.7
Sept r ... 2,546.2
Oct *
2,570.5
Nov r.... 2,585.8
r
Dec .... 2,588.8
1990: Jan r .... 2,594.4
Feb r.... 2,614.3
Mar r.... 2,635.6
Apr r .... 2,646.7
May r.... 2,653.8
June r... 2.669.4
July T.... 2,684.7
Aug»... 2,707.8
Sept "... 2,708.5
U.S.
Government
securities
179.3
201.7
259.2
260.2
270.6
309.3
334.4
r
361.5
396.1
376.2
379.3
390.9
396.0
396.1
404.7
414.5
422.3
427.3
430.6
438.5
440.6
441.3
447.1
Other
securities
160.5
164.8
169.2
141.1
179.3
194.2
193.8
192.2
180.8
184.2
183.6
181.4
179.9
180.8
180.4
180.5
180.1
180.0
178.3
177.9
177.8
179.2
179.4
Total
2
967.5
1,034.0
1,123.9
1,321.3
1,460.3
1,590.6
1,711.2
r
1,868.4
2,011.9
1,971.4
1,983.2
1,998.2
2,009.9
2,011.9
2,009.3
2,019.4
2,033.2
2,039.4
2,045.0
2,053.0
2,066.4
2,087.3
2,082.0
Commercial
and
industrial
355.4
392.5
414.2
473.3
500.5
537.5
567.9
607.0
641.6
636.1
638.2
642.0
645.0
641.6
637.9
638.8
644.4
649.0
648.6
651.6
651.7
653.1
651.6
Nonbank
financial
institutions
Agricultural
political
subdivisions
284.1
182.5
21.4
299.9 188.2
25.3
330.9 212.9
28.0
376.4 253.8 34.3
426.0 294.7 43.0
494.4 315.3 40.6
587.4 328.4 35.1
671.9 ' 354.9 40.4
761.1
375.8 38.8
730.0 367.9 38.9
739.1
370.8 39.5
746.7 372.4 40.7
754.0 374.4 40.9
761.1 375.8 38.8
765.9 378.3 39.3
774.7 379.5 40.0
781.8
379.9 37.1
786.9 378.8 36.1
794.6 379.8 34.8
800.1 378.4 35.3
808.0 378.3 38.8
811.9 380.1 46.0
814.7
381.1 43.1
29.9
31.2
30.4
31.3
32.4
35.0
31.9
30.1
33.0
31.4
31.7
33.2
33.9
33.0
32.5
32.9
33.8
33.9
33.9
34.4
34.8
35.7
36.2
33.1
36.2
39.2
40.1
36.1
31.5
29.4
29.8
30.7
30.4
30.4
30.5
30.5
30.7
30.9
30.8
30.6
30.4
30.0
29.5
29.3
29.2
29.1
0.0
.0
3.3
1
Data are prorated averages of Wednesday figures for domestically chartered banks aiid 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
28
State
Security
Real
estate
Individual
46.1
56.8
58.5
52.6
45.6
40.1
42.2
41.7
41.3
40.8
40.1
38.6
38.9
38.4
38.2
37.9
37.4
36.6
36.1
35.4
Foreign
banks
18.1
14.6
13.4
11.2
9.8
9.9
7.9
8.1
8.9
8.4
8.1
9.1
8.3
8.9
8.1
7.8
8.4
8.8
8.7
7.4
7.0
8.0
7.9
of States and political subdivision are included in loans rather thar
2
Excludes loans to eomme.reia banks in the United States.
Source: Board of Governors of the Federal Reserve System.
Forcign
official
institutions
Lease
financing
receivables
7.2
12.7
13.3
13.7
16.0
19.0
22.4
24.6
29.2
31.8
5.9
9.4
7.9
6.0
5.9
5.3
5.0
3.6
4.2
4.2
3.8
3.7
3.6
3.2
3.1
3.0
3.2
3.2
3.2
3.2
3.2
3.2
31.1
31.4
31.9
31.9
31.8
32.1
32.2
32.6
32.3
32.5
32.3
32.6
32.7
32.8
Other
23.1
26.9
31.8
31.0
35.9
,99.6
40.7
r
46.3
46.5
50.6
48.0
46.6
46.4
46.5
42.5
40.6
43.2
41.8
40.9
43.4
46.1
51.5
47.0
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Loans and
short-term
paper
Securities
and
mortgages
Total
Total
Total
Other 2
Increase in
financial
assets
Capital
expenditures 3
Credit market funds
Internal l
Discrepancy
(sources less
uses)
1982
1983
1984.
1985
1986
1987
1988
1989
300.8
416.9
491.4
455.7
524.1
493.7
548.2
515.2
241.9
285.2
335.9
351.8
344.3
372.4
391.4
380.0
58.9
131.7
155.5
103.9
179.8
121.3
156.8
135.2
48.5
76.5
91.9
49.8
124.7
48.2
55.1
35.3
-6.2
41.0
-13.6
-6.2
60.5
18.5
-15.4
-45.1
54.7
35.5
105.5
56.0
64.2
29.7
70.5
80.4
10.4
55.2
63.7
54.1
55.1
73.1
101.6
99.9
303.1
392.6
474.9
425.1
481.2
466,6
494.6
486.5
256.1
270.5
369.7
341.2
330.4
354.1
378.3
382.2
47.0
122.1
105.2
83.9
150.8
112.5
116.3
104.3
-2.3
24.3
16.5
30.6
43.0
27.1
53.5
28.6
1989: I
II .
Ill
IV
511.6
606.9
465.9
476.3
379.9
379.7
385.5
374.9
131.7
227,2
80.4
101.4
18.0
118.7
1.0
3.6
-92.5
3.1
-85.2
-5.8
110.5
115.6
86.2
9.4
113.6
108.4
79.3
97.8
478.6
568.5
446.4
452.8
377.4
388.3
385.1
378.2
101.2
180.2
61.3
74.6
33.0
38.5
19.5
23.4
I
IP
491.9
496.9
370.6
377.4
121.3
119.5
92.6
58.4
-3.1
25.5
95.7
32.9
28.5
61.1
467.8
464.0
343.4
372.7
124.4
91.3
24.1
33.0
1990:
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
ah
2°p d " •
t
r u-r j o v
Consists ol tax liabilities, trade debt, and direct foreign investment in the U.S.
3
Plant and equipment, residential structures, inventory invt stment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstanding l
Installment credit outstanding (end of period)
Period
Total
Automobile
Revolving
Mobile
home
Other
Total
Automobile
Revolving
Mobile
home
Other
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec 2
298,154
311,259
325,805
368,966
442,602
518,252
573,017
610,468
664,701
716,624
111,991
119,008
125,945
143,560
173,564
210,187
247,428
265,851
284,556
290,770
55,111
61,070
66,454
79,088
100,280
121,816
135,851
153,078
174,057
197,110
18,736
20,058
22,064
23,562
25,861
26,850
27,096
25,920
25,201
22,343
112,317
111,124
110,802
122,756
142,897
159,400
162,642
165,620
180,887
206,401
1,671
13,105
14,546
43,161
73,636
75,650
54,765
37,451
54,233
(3)
— 484
7,017
6,937
17,615
30,004
36,623
37,241
18,423
18,705
(3)
1,754
5,959
5,384
12,634
21,192
21,536
14,035
17,227
20,979
(3)
529
1,322
2,546
958
2,299
989
246
-1,176
-719
(3)
-127
-1,193
-322
11,954
20,141
16,503
3,242
2,978
15,267
(3)
1989: Aug 2
Sept
Oct
Nov
Dec
703,518
705,703
710,133
713,903
716,624
289,961
288,839
290,210
290,972
290,770
189,185
190,378
191,734
194,679
197,110
22,734
22,661
22,621
22,197
22,343
201,638
203,825
205,568
206,055
206,401
3,518
2,185
4,430
3,769
2,722
79
-1,122
1,371
761
-202
2,900
1,194
1,356
2,944
2,431
— 506
-73
-40
— 424
146
1,044
2,187
1,743
487
346
1990: Jan
Feb
Mar
Apr
May
June
July '
Augp
717,829
717,869
720,445
720,835
724,485
724,601
729,329
731,416
290,904
289,629
290,932
288,936
288,931
287,168
286,791
285,050
199,146
199,927
202,263
203,965
207,153
208,362
212,138
213,916
22,604
22,633
22,708
22,702
22,815
22,733
22,795
23,003
205,175
205,680
204,543
205,232
205,585
206,338
207,605
209,446
1,205
40
2,576
390
3,650
116
4,728
2,087
134
-1,275
1,303
-1,996
-5
-1,764
-377
— 1,741
2,036
781
2,336
1,702
3,188
1,208
3,776
1,778
261
29
74
-6
113
-83
63
208
-1,226
505
— 1,137
689
353
753
1,267
1,841
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
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.
3
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Interest rates fell in October.
PERCENT PER ANNUM
PERCENT PER ANNUM
SOURCE. S E E T A B I E B !
COUNCIL OF ECOI
[Percent per annum]
U.S. Treasury security yields
Period
3-month bills
(new issues) 1
Constant maturities 2
3-year
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
Corporate
Aaa bonds
(Moody' s) *
Prime
commercial
paper,
6 months l
Discount rate
(N.Y. P.K.
Bank) 5
Prime rate
charged by
banks 5
New-home
mortgage
yields
(FHFB) 6
14.029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
8.12
14.44
12.92
10.45
11.89
9.64
7.06
7.68
8.26
8.55
13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
8.49
11.23
11.57
9.47
10.15
9.18
7.38
7.73
7.76
7.24
14.17
13.79
12.04
12.71
11.37
9.02
0.38
9.71
9.26
14.76
11.89
8.89
10.16
8.01
6.39
6.85
7.68
8.80
13.42
11.02
8.50
8.80
7.69
6.33
5.66
6.20
6.93
18.87
14.86
10.79
12.04
9.93
8.33
8.21
9.32
10.87
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
10.13
1989: Oct
Nov .
Dec
7.63
7.65
7.64
8.02
7.80
7.77
8.01
7.87
7.84
7.22
7.13
7.01
8.92
8.89
8.86
8.24
8.00
7.93
7.00-7.00
7.00-7.00
7.00-7.00
10.50-10.50
10.50-10.50
10.50-10.50
10.11
10.09
10.07
1990: Jan
Feb
Mar
7.64
7.76
7.87
7.78
7.78
7.74
7.66
7.44
7.38
7.19
8.13
8.39
8.63
8.78
8.69
8.40
8.26
8.22
8.27
8.07
8.21
8.47
8.59
8.79
8.76
8.48
8.47
8.75
r
8.89
8.72
7.13
7.21
7.29
7.36
7.34
7.22
7.15
7.31
7.40
8.99
9.22
9.37
0.46
9.47
9.26
9.24
9.41
9.56
9.53
7.96
8.04
8.23
8.29
8.23
8.06
7.90
7.77
7.00-7.00
7.00-7.00
7 00 7 00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
10 50 10 00
9.91
9.88
10.03
10.17
10.28
10.13
10.08
10.11
9.90
7.18
7.19
7.18
7.20
7.12
8.07
8.18
8.10
7.99
8.69
8.87
8.74
8.64
7.46
7.50
7.41
7.35
1981
1982
1983
1984
1985
1986
1987.
1988
1989
..
.
May
July
Aug
Oct".
r
7.83
7.81
10.00-10.00
10 00 10 00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
Week ended:
1990: Oct 6
13.
20
27
Nov 3
...
1
Bank-discount basis.
2
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Series excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack
of appropriate issues.
30
9.54
9.59
0.57
9.45
7.80
7.85
7.86
7.81
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-
10.00-10.00
10 00 10 00
10.00-10.00
10.00-10.00
10.00
5
Average effective rate for year; opening and closing rate for month and week.
6
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices fell in October.
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
240
220
200
180
160
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
240
220
200
180
160
COMPOSITE STOCK PRICE INDEX
(NYSE)
140
140
120
120
100
100
80
80
60
60
i i i i i I i i i i i I 40
1983
1982
1984
1985
1987
1986
1990
1989
1988
PERCENT
20
PERCENT
20
15
15
X.
10
EARNINGS-PRICE RATIO ON COMMON STOCKS
•^~-r
,
10
.
—--—-~
5
^
!
0
I 1
1982
1
1
1983
1
1
1 1
1984
1
r*i —
i i ri i "1
i
^~—I
^
1 1
1985
1986
1987
1
1 1
1988
,,,
1989
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD 8. POOR'S CORPORATION
F
l
COUNCIL OF ECONOMIC ADVISERS
Common stock prices 1
Common stock yields
(percent) 5
New York Stock Exchange indexes (Dec. 31, 1965
Period
Composite
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989- Oct
Nov
Dec
1990' Jan
Feb
Mar
May
July
Sept '
Oct p
Week ended:
1990- Oct 6
13
20
27
1
Industrial
Transportation
Utility
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index
(194143 = 10)4
Dividendprice ratio
74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
180.02
192.49
188.50
192.67
187.96
182.55
186.26
185.61
191.35
196.68
196.61
181.45
173.22
168.05
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
216.23
229.40
224.38
230.12
225.79
220.60
226.14
226.86
234.85
242.42
245.86
226.73
216.81
208.58
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
175.28
190.36
174.26
177.25
173.67
166.69
175.08
173.54
173.53
177.37
173.18
147.41
136.95
131.90
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
87.43
94.67
94.95
99.73
95.69
92.15
93.00
91.92
93.29
93.65
89.85
85.81
83.30
87.27
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
151.88
166.55
160.89
155.63
150.11
142.68
143.14
138.57
142.94
147.93
143.11
128.14
118.59
108.01
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
2,692.01
2,642.49
2,728.47
2,679.24
2,614.18
2,700.13
2,708.26
2,793.81
2,894.82
2,934.23
2,681.89
2,550.69
2,460.54
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
322.84
347.40
340.22
348.57
339.97
330.45
338.47
338.18
350.25
360.39
360.03
330.75
315.41
307.12
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
3.45
3.29
3.39
3.33
3.41
3.54
3.49
3.51
3.44
3.36
3.37
3.65
3.85
171.53
166.13
166.10
169.77
213.72
206.06
205.57
210.71
134.81
130.61
130.99
133.83
86.53
86.17
87.47
88.42
112.60
107.55
106.35
108.23
2,507.57
2,428.07
2,431.78
2,486.93
313.15
302.89
303.83
310.92
3.94
4.09
4.10
3.91
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
1 1
1990
Earningsprice ratio
11.96
11.60
8.03
10.02
8.12
6.09
5.48
8.01
7.41
6.47
6.37
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 fiscal year 1990, there was a deficit of $220.4 billion, compared with a deficit of $152.0 billion a year earlier.
BIUIONS OF DOLLARS
BILLIONS OF DOLLARS
1,300 — RECEIPTS AND OUTLAYS!^
1,300
1,200
1,200
OUTLAYS^
X ,1,100
1,100
1,000
1,000
900
900
800
800
700
700
600
600
0
-
•\^
/
J
V\9K1
i
l
1983
l
1984
~""
1985
^^^
1
1986
1987
1
~~~~^~^
—-~-~
1 ^~"~~^l
I
1988
1989
1990
j\
-200
?99) N
FISCAL YEARS
I/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
j•
Total
Receipts
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986 ...
1987
1988
1989
1990 '
1991 (estimates) 2
1
2
298 1
81 2
355 6
3996
463 3
517 1
599 3
617 8
600 6
666 5
734 1
769 1
854 1
909 0
990 7
1 031 5
1 135 4
Outlays
371 8
96 0
409 2
458 7
503 5
5909
678 2
745 7
808 3
851 8
946 3
990 3
1 003 8
1 064 0
1 142 6
1 251 9
1 311 7
On-budget
or deficit
(-)
73 7
14 7
53 6
59 2
40 2
73 8
789
127 9
207 8
185 3
212 3
221 2
149 7
155 1
152 0
2204
176 3
Receipts
231 7
63 2
'78 7
314 2
365 3
403 9
469 1
474 3
453 2
5004
547 9
568 9
640 7
667 5
727 0
749 8
823 2
Data from Munlhly Treaxuni Slate'
Estimates from Mid-Session Revie of lie Budget, Office of Management and Budget, .Iijlv 16,
1!>!)<).
32
Outlays
302 2
76 6
328 5
369 1
403 5
476 6
543 0
594 3
661 2
6860
769 5
806 8
810 0
861 4
931 7
1 026 8
1 076 3
Gross Fe .era! debt
Off-budget
Surplus
or deficit
(-)
705
13 3
49 7
54 9
38 2
72 7
73 9
1200
208 0
185 6
221 6
237 9
— 169 3
193 9
204 7
277 0
253 1
Receipts
664
18 0
76 8
85 4
980
113 2
130 2
143 5
147 3
166 1
186 2
200 2
213 4
241 5
263 7
281 7
312 1
Outlays
69 6
194
80 7
89 7
1000
114 3
135 2
151 4
147 1
165 8
176 8
183 5
193 8
202 7
210 9
225 1
2354
or deficit
(-)
32
14
—3 9
43
—2 0
11
— 50
79
2
3
94
16 7
19 6
38 8
52 8
56 6
76 8
TotaJ
629 0
643 6
706 4
7766
8289
908 5
9943
1 136 8
1 371 2
1*564 1
1 817 0
2 120 1
2 3456
2 600 8
2 866 2
3 206 3
3 521 5
Held by
the public
477 4
495 5
549.1
607 1
639.8
709 3
784.8
919 2
1 131 0
i 'soo o
1 499.4
1 736 2
1 888.1
2 050 2
2 189 3
2 4104
2 573 0
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In fiscal year 1990, receipts were $40.8 billion higher than a year earlier and outlays were $109.3 billion higher.
BILLIO MS OF DOLLARS
BILLIONS OF DOLLARS
500
500
400
400
300
300
~\
CORPORATION
200
200
OTHER RECEIPTS
TAXES AND CONTRIBUTIONS
\__
100
100
T~
0
"1
i
I
i
I
i
i
I
0
1,000
1,000
900
900
800
700
__
600
«»
\-----""
--•""'
700
600
„ — — •""""""
500
500
400
400
NAIIONAL DEFENSE
300
__________
200
A
V
I
1982
1
1
1983
300
•—
1984
1
1985
1
1986
1
1987
1
1988
1
1989
I
N
200
1991 M
1990
FISCAL YEARS
/ INCUJDES ON-6UDGET AND OFF-BUDGET ITEMS.
SOURCtV. DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
rooNOl Vr KXlKKMiK- MWfSEK,
[Billions of dollars]
Oil-budget and off-budget receipts
Fiscal year
Total
Individual
income
taxes
Corporation
income
taxes
131.6
157.6
181.0
217.8
244.1
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
90.8
106.5
121.0
138.9
157.8
182.7
201.5
61.3
63.1
83.9
94.5
103.6
93.5
115.1
265.2
283.9
303.3
334.3
359.4
380.0
1976
298.1
1977
1978
1979
1980
1981
1982
1983
1984
355.6
399.6
463.3
600.6
666.5
285.9
297.7
288.9
298.4
1985
1986
1987
1988
1989
1990 '...
734.1
769.1
854.1
334.5
349.0
392.6
1991 (estimates) 2
1
2
517.1
599.3
617.8
909.0
990.7
1,031.5
1,135.4
Social
insurance
taxes
and
contributions
401.2
445.7
466.9
508.4
209.0
239.4
418.1
On-budget and off-budget outlays
National defense
Other
Total
Total
89.6
97.2
104.5
116.3
184.Q
157.5
185.3
87.9
95.1
102.3
113.6
130 .9
153.9
180.7
851.8
209.9
227.4
204.4
220.9
946.3
990.3
1,003.8
1,064.0
1,142.6
1,251.9
1,311.7
252.7
273.4
282.0
290.4
303.6
299.3
303.3
245.2
265.5
274.0
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
409.2
458.7
503.5
590,9
678.2
745.7
808.3
73.0
73.1
74.3
78.9
82.0
91.0
93.8
Data from Monthly Treasury Statement.
See footnote I, page 3-.
Department of
Defense,
military
371.8
281.9
294.9
289.8
292.2
Income
security
Social
security
Net
interest
Other
60.8
73.9
85.1
93.9
104.1
U8.5
139.6
156.0
170.7
178.2
26.7
29.9
35.4
42.6
52.5
68.7
85.0
89.8
111.1
82.8
93.0
114.7
119.6
13 U4
133.5
125.4
122.3
118.6
188.6
198.8
129.4
136.0
138.6
151.7
169.1
183.8
193.7
131.8
142.1
125.9
139.4
158.4
Internationa!
affairs
Health
Medicare
6.4
6.4
7.5
7.5
12.1
13.1
12.3
11.8
15.9
15.7
17.3
18.5
20.5
23.2.
26.9
27.4
28.6
30.4
15.8
19.3
22.8
26.5
82 A
39.1
46.6
52.6
57.5
61.0
61.5
66.4
86,5
99.7
107.7
122.6
112.7
16.2
14.2
11.6
10.5
9.6
13.8
18.2
33.5
35.9
40.0
44.5
48.4
58.1
66.2
65.8
70.2
75.1
78.9
85.0
97.7
99.6
128.2
119.8
123.3
129.3
136.0
148.3
160.5
207.4
219.3
232.5
248.6
266.9
202.2
203.3
1990, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
NOTE.—Data are from Budget of the United States Government, fiscal Year 1991, January
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 1990, Federal receipts rose $25.2 billion (annual rate) and Federal expenditures rose
$22.9 billion. In the third quarter, according to advance estimates, Federal expenditures fell $0.5 billion; receipts
data are incomplete.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL SATES
1,200
1,200
EXPENDITURES
1,000
1,000
800
800
600
600
400
400
200
200
SURPLUS OR DEFICIT (-)
V
-200
1
I
I
1982
J
I
1983
1
I
I
I
1984
1985
1986
I
I
I
1987
I I
1988
1
I
I
I
1989
-200
I I
1990
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government expenditures
Federal Government receipts
Period
Total
Fiscal year:
1985
1986
1987 ..
1988
1989 ....
Calendar year:
1985 ....
1986
1987
1988
1989
1982: IV
1983: IV
1984: IV ....
1985- IV
1986: IV
1987: IV
1988: IV
1989: I...
n.
ni
IV
1990- I
II
Ill"
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
tax and
nontax
accruals
Contributions for
social
insurance
Total
776.8
815.2
899.4
957.6
1,041.9
340.4
357.0
400.8
411.3
457.6
74.6
81.1
99.1
108.1
113.8
55.9
50.9
53.5
55.6
57.8
305.8
412.6
962.3
1,028.0
1,060.0
1,101.8
1,172.2
788.7
827.9
913.8
972.4
1,052.9
633.1
675.5
742.7
805.3
853.8
940.0
997.5
1,045.4
1,062.2
1,048.1
1,055.7
1,080.6
1,105.8
346.4
361.4
405.8
415.1
464.0
303.0
291.9
326.0
355.3
376.2
419.2
424.8
453.1
470.9
462.2
469.6
473.6
492.1
499.7
76.3
83.8
103.2
110.5
110.4
46.4
70.2
69.7
78.8
88.9
107.4
115.4
120.7
115.0
104.7
101.3
106.5
109.2
55.1
50.5
54.0
57.0
58.4
47.6
53.6
56.2
53.5
50.8
55.1
57.8
57.6
58.0
59.3
58.7
60.6
60.5
61.1
310.9
332.1
350.8
389.8
420.1
236.1
259.8
290.7
317.7
337.9
358.4
399.6
413.9
418.4
421.9
426.1
439.9
444.0
450.6
985.6
1,034.8
1,071.9
1,114.2
1,187.2
835.7
844.7
930.2
1,017.5
1,042.8
1,101.7
1,153.8
1,178.0
1,184.9
1,179.8
1,205.8
1,248.8
1,271.7
1,271.2
Source: Department of Commerce, Bureau of Economic Analysis.
34
Indirect
business
326.1
345.9
382.6
Subsidies
less
current
surplus of
Government
enterprises
Surplus
or deficit
Purchases
of goods
and
services
Transfer
payments
Grantsin-aid to
State
and
local
governments
341.5
368.6
375.4
377.8
399.0
374.0
394.6
411.1
433.2
462.0
97.8
107.4
103.1
108.3
115.8
128.3
134.6
139.3
148.8
167.7
20.7
22.8
31.1
33.6
27.7
-0.1
.0
.1
-.1
.0
-185.5
— 212.8
-160.7
-144.1
-130.3
355.2
366.5
381.3
380.3
400.0
293.2
276.1
326.0
376.6
368.8
388.2
401.1
398.3
402.5
399.2
399.9
410.6
421.9
425.4
380.1
399.9
414.0
438.9
471.9
347.4
352.5
362.1
385.8
405.8
421.4
447.2
460.6
464.7
474.4
487.9
503.4
510.4
510.0
99.7
106.8
102.6
111.1
118.2
84.5
86.0
96.3
103.5
103.0
102.7
112.2
116.7
117.0
117.6
121.5
128.5
131.5
131.7
130.1
135.6
142.3
151.3
172.0
87.2
101.0
125.3
132.7
136.0
147.6
157.9
167.4
173.4
172.1
175.2
178.1
184.3
191.1
20.3
26.0
31.8
32.7
25.0
23.4
29.1
21.0
19.0
29.2
41.5
35.3
35.0
27.3
16.5
21.3
28.3
23.8
12.9
-.2
.0
.0
.0
.0
.0
.0
.6
.0
.0
-.2
.0
.0
.0
.0
.0
.0
.0
.0
-196.9
-206.9
-158.2
-141.7
-134.3
-202.6
-169.2
-187.5
-212.2
-189.0
-161.7
-156.3
-132.6
-122.7
-131.7
-150.1
-168.3
-166.0
Net
interest
paid
Less:
Wage
accruals
less
disbursements
(-),
national
income
and
product
accounts
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84 = 100)
Industrial production (1987 = 100; seasonally adjusted)
Period
United
States
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989"
1989- June
July
Sept
Oct
Nov
Dec
1990: Jan
Feb
Mar
May
Japan
France
Germany
Italy
United
States '
Canada
Japan
France
Germany
Italy
United
Kingdom
84.1
85.7
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
83.1
84.8
76.5
81.5
91.4
96.5
95.7
100.0
105.0
105.1
81.7
82.6
82.9
85.5
93.4
96.8
96.6
100.0
109.3
115.7
98.9
98.3
97.3
96.5
97.1
97.2
98.0
100.0
104.7
108.9
95.0
93.2
90.3
90.9
93.5
97.7
99.6
100.0
103.9
108.7
96.2
94.8
91.8
88.8
91.8
92.9
96.2
100.0
105.9
109.2
87.5
84.8
86.4
r
89.6
r
89.7
94.6
96.8
100.0
' 103.7
r
104.2
82.4
90.9
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
76.1
85.6
94.9
100.4
104.8
108.9
113.4
118.4
123.2
129.3
90.9
95.4
98.0
99.9
102.1
104.2
104.9
105.0
105.7
108.1
72.2
81.8
91.7
100.3
108.0
114.3
117.2
121.1
124.4
128.9
86.8
92.2
97.0
100.3
102.7
' 104.9
104.7
104.9
106.3
109.2
63.2
75.4
87.7
100.8
111.5
121.1
128.5
134.4
141.1
150.4
78.5
87.9
95.4
99.8
104.8
111.1
114.9
119.7
125.6
135.4
108.4
107.8
108.2
108.2
107.7
108.1
108.6
105.5
105.2
105.3
105.2
104.0
104.4
104.7
117.1
114.2
117.6
115.8
115.8
116.8
116.9
108.3
109.4
109.4
108.1
108.4
108.9
107.6
108.8
' 109.9
' 109.8
r
l!0.1
r
110.0
' 110.3
111.4
108.3
110.7
108.7
110.5
110.8
111.4
114.6
102.6
103.8
105.0
104.8
104.7
' 104.2
' 104.7
124.1
124.4
124.6
125.0
125.6
125.9
126.1
129.6
130.4
130.5
130.7
131.2
131.6
131.5
108.6
108.4
108.3
109.2
110.0
108.9
109.0
128.7
129.0
129.2
129.5
130.1
130.3
130.5
109.4
109.3
109.2
109.4
109.7
109.9
110.2
150.3
150.7
150.9
151.6
153.1
153.7
154.4
135.6
135.7
136.1
137.0
138.1
139.2
139.6
104.0
' 103.4
105.5
' 106.2
' 105.3
'107.3
r
103.7
103.1
127.4
128.0
128.7
128.9
129.2
129.9
130.4
131.6
132.7
132.7
133.4
133.9
133.9
134.6
135.1
135.8
T
135.9
136.3
109.2
109.5
109.9
110.8
111.6
111.0
110.9
111.4
130.8
131.1
131.6
132.1
132.3
132.6
132.9
133.7
110.9
111.3
111.4
111.6
111.8
111.9
111.9
112.2
112.6
155.3
156.5
157.1
157.7
158.0
158.7
159.3
140.4
141.2
142.6
147.0
148.3
148.9
149.0
150.5
151.9
107.5
108.5
108.9
108.8
109.4
r
l!0.1
' 110.3
' 110.4
1107
July
Aug
Sepf
1
Canada
United
Kingdom
102.4 117.2 109.0
102.3 116.5 106.8
107.5
102.6 118.8
' 102.2 117.9 109.0
' 102.8 121.0 ' 109.2
103.2 121.1 109.7
r
103.8 !23.2
123.7
r
l!1.9 107.3
l!1.3 111.4
l!2.8 110.4
r
l!0.2 109.5
r
l!3.4 ' 107.2
113.7 108.4
r
l!52
115.4
r
r
Data relate to all urban consumers.
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
General merchandise imports (customs value) 3
Merchandise exports (f.a.s. value) l
Period
1982
1983
1984
1985
1986
1987.
1988
1989
1989: Aug
Sept ..
Oct
Nov
Dec
1990- Jan
Feb
Mar
May
r
July
. 3
1
Foods
feeds,
and
beverages
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
Other
244.0
258.0
330.7
336.5
365.4
406.2
441.0
473.2
17.1
18.2
21.0
21.9
24.4
24.8
24.8
25.1
112.0
107.0
123.7
113.9
101.3
111.0
118.3
132.3
35.4
40.9
59.8
65.1
71.8
84.5
101.4
113.3
33.3
40.8
53.5
66.8
78.2
85.2
87.7
86.1
39.7
44.9
60.0
68.3
79.4
88.7
95.9
102.9
6.5
6.3
7.8
9.4
10.4
12.1
12.8
13.6
1.4
1.4
1.6
1.7
1.6
40.5
38.9
41.6
40.5
38.1
2.1
1.9
2.1
2.1
2.0
11.6
10.5
11.9
11.1
10.4
9.6
9.4
9.9
10.0
9.4
7.2
7.0
7.2
7.0
6.5
8.8
8.8
9.1
9.0
8.4
1.8
1.6
1.8
1.7
1.8
1.6
1.8
1.7
41.6
38.7
41.6
39.4
40.5
39.6
41.2
42.0
2.3
2.3
2.5
2.3
2.3
2.1
2.1
2.1
12.9
11.1
11.5
10.5
11.3
10.5
11.0
12.0
9.8
9.1
9.8
9.8
9.5
9.6
10.1
9.8
6.4
6.7
7.9
6.9
7.5
7.3
7.5
7.8
8.9
8.3
8.7
8.7
8.7
8.5
9.1
9.1
Consumer
goods
(nonfood)
except
automotive
15.7
16.8
20.6
22.9
21.7
24.6
29.3
34.8
14.3
13.4
13.3
12.6
14.2
17.7
23.1
36.4
20.7
20.5
24.0
27.3
35.9
34.6
43.4
17.2
11.7
12.3
12.3
11.1
12.3
2.7
2.6
3.1
3.0
3.1
3.0
2.9
3.0
3.4
3.4
12.0
12.8
12.8
12.4
12.7
13.5
12.8
12.5
2.5
2.8
3.3
3.0
3.5
3.4
3.0
3.1
3.4
3.4
3.4
3.5
3.6
3.9
3.7
3.5
Foods,
feeds,
and
beverages
Capital
goods
except
automotive
216.4
205.6
224.0
5
218.8
5
227.2
254.1
322.4
363.8
31.3
30.9
31.5
24.0
22.3
24.3
32.3
37.2
61.7
56.7
61.7
58.5
57.3
66.7
85.1
99.3
72.7
67.2
72.0
73.9
75.8
86.2
109.2
138.8
30.2
30.1
31.4
30.6
31.3
3.0
2.8
3.0
3.2
3.0
8.5
8.1
8.4
8.3
7.9
31.4
31.6
33.3
32.1
32.8
34.2
32.1
32.6
3.1
3.1
3.2
3.0
2.9
3.4
2.8
3.1
8.6
8.0
8.6
8.4
8.4
8.4
8.1
8.7
Total 2
Industrial
supplies
and
materials
Automotive
vehicles,
parts,
and
engines
Industrial
supplies
and
materials
Other
3
Total
2
Includes Department of Defense Military Assistance Program grrant-aid shipments.
Includes undocumented exports to Canada through 1988.
Total arrivals of imported goods other than intransit shipments.
4
Total includes revisions not reflected in detail.
5
Total exports are on a revised statistical month basis; end-use categories are on a statistical
2
Trade balance
Principal end-use commodity category
Principal end-use commodity category
4
4
General
merchandise
imports
(e.i.f.
value)
Exports
(f.a.s) less
imports
(customs
value)
Exports
(f.a.s)
less
imports
(c.i.f.)
269.9
346.4
352.5
382.3
424.4
459.5
493.2
-27.5
-52.4
106 7
-117.7
-138.3
-152.1
-118.5
1094
-38.4
-64.2
1224
-133.6
-155.1
-170.3
-137.1
-129.4
1.2
1.2
1.4
1.3
1.2
42.3
40.5
43.4
42.3
39.7
-10.3
-8.8
10 2
-9.9
68
-12.1
-10.4
120
-11.7
-8.4
1.3
1.2
1.3
1.3
1.3
1.4
1.3
1.3
43.4
40.4
43.5
41.1
42.4
41.3
43.1
43.8
10 2
— 7.1
-8.4
73
-7.8
-5.3
91
-9.3
-12.1
-8.8
-10.2
-9.1
-9.6
— 7.1
-11.0
11 2
254.9
month basis.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the second quarter of 1990, the merchandise trade deficit fell to $22.6 billion from $26.3 billion in the first
quarter. The current account deficit rose slightly, to $21.8 billion from $21.7 billion in the first quarter.
BILLIONS OF DOLL/kRS*
BILLI DNS OF DOLLARS*
10
5
0
10
-*,
5
A
0
V
V^ \
/\ "
-10
-5
\\
\
,\---
\
-10
\
'x-
-15
*\
\ \
\
%
-15
\
\
\
N
\
.,'\\
-20
DAIAMr
"\
A
SERVICES
-25
-20
E ON GOODS
, AND INCOME
f
/^-v
'\\./
-30
ITv
^\
^
-35
AMERCHANDISE TRADE
-40
-45
/I
F
^ v
A**^x>^*^
1
i i i
1
1982
1983
1
1
1
1984
1
1
1
1
1985
\
-35
BALANCE ON
CURRENT ACCOUNT
^^
1
-40
1
1
1
1
i i i
i ii
1989
1990
1988
1987
1986
-25
-30
BALANCE
I
f
n
•''
-45
^
SEASONALLY ADJUS ED
OURCE; DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits ( + ), debits ( —)]
Merchandise 1 2
Exports
1981
1982
1983
1984
1985
1986
1987
1988
1989
1988:
237 085
211 198
201 820
219 900
215 935
223 367
I
II
Ill
IV
1989: I
II
Ill
IV
1990- I
II"
1
2
3
250 266
320 337
360 465
76,497
79,392
80,511
83,937
88,267
91,111
89,349
91,738
96 262
96,741
Imports
— 265 063
247 642
268 900
332 422
— 338 083
368 425
409 766
447 323
—475 329
- 109,988
-110,494
— 111,290
-115,551
-116,360
-119,333
-119,152
- 120,484
122 545
-119,316
Net balance
Net
military
transactions 3
844
112
163
67 080
~2
147
112 522
—
4*096
122 148
145 058 — 4 907
— 27 978
36 444
159 500
126 986
114 864
-33,491
-31,102
-30,779
-31,614
-28,093
-28,222
-29,803
-28,746
26 283
-22,575
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Quarterly data are not seasonally adjusted.
36
Investment income 4
Services
3 530
— 5 452
— 6320
-1,075
-1,139
-1,144
-2,094
-1,763
-1,667
-1,114
-1,776
— 1 287
-1,342
Net
transportation
receipts
144
992
4 227
9 153
10 788
8 939
8 298
4060
659
-1,776
-1,062
-624
-599
-57
39
-192
870
1 075
816
Other
services,
net 4
12 552
12 981
13 859
14 042
14 008
18 551
18 262
21 032
26 123
4,736
5,079
5,391
5,829
5,899
6,164
7,031
7,030
6 217
6,607
Receipts
on U.S.
assets
abroad
84 975
85 346
81 972
929S5
82 282
80 982
90 536
110 048
127 536
26,980
26,739
27,942
28,386
30,872
31,932
32,102
32,629
31 541
30,927
Payments
on foreign
assets 3in
U.S.
Remit-
Net
— 53,626 31,349
57097 28250
54 549 27423
69542 23 394
— 66,115 16,166
70013 10969
5 326
85 210
1 610
— 108438
— 913
— 128,448
2,400
— 24,580
409
-26,330
— 141
-28,083
-29,445 -1,059
465
-30,407
-33,889 - 1,957
17
-32,085
-32,068
561
1 995
29546
-637
-31,564
See p. 37 for continuation of table.
Balance on
goods,
services,
and income
pensions,
and other
unilateral
transfers,
Balance
on current
account
net '
15,223
3,907
— 30 188
— 86,385
— 106,859
— 129,384
— 147,739
— 113,857
-95,314
-29,206
-27,815
-27,297
-29,537
-23,549
-25,643
-24,061
-22,061
— 18,283
— 17,131
-8,331
-9,775
— 9,956
— 12,621
-15,473
-16,009
— 14,575
— 15,005
-14,720
-3,476
-3,060
— 3,461
-5,008
-3,555
-3,006
-3,530
-4,631
-3,385
-4,713
6,892
-5,868
-40,143
-99,006
-122,332
-145,393
-162,314
- 128,862
-110,034
-32,682
-30,875
-30,758
— 34,545
— 27,104
-28,649
-27,591
-26,692
-21,668
-21,844
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $12.1 billion in the second quarter
of 1990, compared to a decrease of $52.4 billion in the first quarter. Liabilities to private foreigners reported by
U.S. banks, excluding Treasury securities, increased $2.9 billion in the second quarter, compared to a decrease of
$32.3 billion in the first quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
80
CHANGE IN
FOREIGN ASSETS
60
- IN THE U.S., NET
40
20
CHANGE IN
U.S. ASSETS
ABROAD, NET
-20
-20
-40
-40
-60
-60
1990
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL Of ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, exeept as noted]
Foreign assets in the U.S., net
[increase /capital inflow ( + )] 3
U.S. assets abroad, net
[increase /capital outflow ( — )]
Period
Total
1981
1982
1983
1984
1985
1986
1987..
1988
1989
1988: I
II
Ill
IV
1989: I
II
Ill
IV
1990: I
IP ....
5
U.S.
official
reserve
assets 3 5
Other U.S.
Government
assets
U.S.
private
assets
Total
Other
foreign
assets
1,093
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net 5
(unadjusted,
end of
period)
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
19,934
36,612
11,374
27,456
20,041
15,824
6,790
-8,404
22,443
-110,951
-124,490
-56,100
31 070
-27,721
-92,030
-62,946
-84,176
-127,061
-5,175
-4,965
-1,196
3 131
-3,858
312
9,149
— 3,912
-25,293
100 679
5 097
-6,131 — 113)394
49 898
5 006
5 489 -22,451
-2,821
21 043
2 02' -90,321
997
73 091
83 232
2,969
1,185 - 102,953
83,032
93,746
84,869
102,621
130,012
221,599
218,470
221,442
214,652
4,960
3,593
5,845
3,140
1 083
35,588
45,210
39,515
8,823
78,072
90,154
79,023
99,481
131,096
186,011
173,260
181,927
205,829
4,569
-19,856
-42,383
-26,508
1,502
39
-7,380
1,925
1 594
4,661
-847
- 19,048
— 36,960
1,957
3,452
-31,885
26,079
65,270
49,797
80,295
24,840
5,970
-2,015
10,720
1,239
59,300
51,812
69,575
2,034
- 14,539
23,344
-19,242
2,970
-2,995
-4,630
4,656
43,186
41,028
47,788
47,802
-32,859
-1,381
-44,076
— 48,745
-4,000
-12,095
-5,996
-3,202
962
-303
574
-47
— 29,821
11,017
— 38,654
-45,496
68,402
2,794
74,136
69,320
7,797
-4,961
13,003
-7,016
60,605
7,755
61,133
76,336
-8,439
27,236
-2,469
6,117
3,093
-1,697
-4,953
3,560
49,854
60,502
68,418
74,609
32,877
— 26,443
-3,177
371
-659
-624
36,713
-26,190
-32,988
21,957
-8,203
6,284
-24,786
15,673
21,780
26,330
2,804
-1,036
76,303
77,298
Consists of gold, special drawing rights (SDKs), foreign cur nicies, and the U.S. reserve posi11 in thf IMF.
Foreign
official
assets
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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