Full text of Economic Indicators : September 1989
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101st Congress, 1st Session
Economic Indicators
SEPTEMBER
1989
(Includes data available as of September 29, 1989)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1989
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
LEE H. HAMILTON, Indiana, Chairman
PAUL S. SARBANES, Maryland, Vice Chairman
HOUSE OF REPRESENTATIVES
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
FREDERICK S. UPTON (Michigan)
SENATE
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
ALBERT GORE, JR. (Tennessee)
RICHARD H. BRYAN (Nevada)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
PETE WILSON (California)
CONNIE MACK (Florida)
JOSEPH J. MINARIK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, Chairman
JOHN B. TAYLOR, Member
RICHARD L. SCHMALENSEE, Member-Designate
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.25 a single copy
($2.81 foreign), or by subscription at $24.00 per year ($30.00 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
In the second quarter of 1989, according to revised estimates, current-dollar gross national product (GNP) rose 7.1
percent (annual rate) or $88.6 billion. Real GNP (GNP adjusted for price changes) rose 2.5 percent and the
implicit price deflator rose 4.6 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
5,600
5,600
SEASONALLY ADJUSTED ANNUAL RATES
5,200
5,200
^
4,800
_
4,800
^\
—'
—
—
GNP
4,400
IN CURRENT DC UARS
4,400
^
^
—
>1
4,000
—
\
S^
jT
^X'
^-'
—
\
\
GNP
IN 1982 DO LARS
x*"
c^~--^-cr- —
,_-~'~
___
3,600
—
4,000
^
3,<500
—
—1
3,200
3,200
—
-^~
2,800
2,400
2,800
1
1
1
\
1981
\
1 1 1
1
1 ! 1
1983
1982
1
1984
1
1
1985
1
1
1
1
1986
1
\
1
\
\
1988
1987
SOURCE- DEPARTMENT OF COMMERCE
1
1
1
2,400
1989
COUNCll OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
19821983:
1984:
19851986:
...
Government purchases of
goods and services
Exports and imports of goods
and services
Personal
consumption
expenditures
Gross
private
domestic
investment
2,732.0
3,052.6
3,166.0
3,405.7
3,772.2
4,014.9
4,231.6
4,524.3
4,880.6
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,010.8
3,235.1
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.9
750.3
32.1
33.9
26.3
61
-58.9
-78.0
-97.4
-112.6
-73.7
351.0
382.8
361.9
352.5
383.5
370.9
396.5
448.6
547.7
318.9
348.9
335.6
• 358.7
442.4
448.9
493.8
561.2
621.3
530.3
588.1
641.7
675.0
735.9
820.8
872.2
926.1
968.9
208.1
242.2
272.7
283.5
310.5
355.2
366.5
381.6
381.3
142.7
167.5
193.8
214.4
234.3
259.1
277.8
294.8
298.0
65.4
74.8
78.9
69.1
76.2
96.0
88.7
86.8
83.3
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
409.6
579.8
661.8
654.1
648.8
14.1
— 25.8
-67.9
-103.2
-108.9
335.9
364.7
385.7
369.2
402.4
321.9
390.5
453.6
472.4
511.3
671.8
676.1
764.5
856.7
888.9
293.2
276.1
326.0
376.6
368.8
205.4
221.5
244.1
268.6
280.7
Gross
national
product
Final
sales
Gross
domestic
purchases l
322.2
345.9
369.0
391.5
425.3
465.6
505.7
544.5
587.6
2,740.3
3,028.6
3,190.5
3,412.8
3,704.5
4,003.6
4,224.8
4,495.0
4,850.0
2,699.8
3,018.7
3,139.7
3,411.8
3,831.1
4,092.8
4,329.0
4,636.8
4,954.3
87.7
54.6
81.9
108.0
88.1
378.7
400.0
438.5
480.1
520.1
3,272.4
3,514.8
3,806.8
4,100.7
4,309.4
3,198.5
3,571.6
3,919.7
4,211.2
4,406.2
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
IV
IV
IV
IV
IV
...
...
3,212.5
3,545 8
3,851.8
4,107.9
4,297.3
1987: HI
IV
...
4,566.6
4,665.8
3,055.9
3,083.3
692.8
749.7
-115.3
-114.6
458.0
482.6
573.4
597.2
933.2
947.5
384.5
388.1
300.2
296.8
84.3
91.3
548.7
559.4
4,557.1
4,602.5
4,681.9
4,780.4
4,739.8
4,838.5
4,926.9
5,017.3
3,148.1
3,204.9
3,263.4
3,324.0
728.8
748.4
771.1
752.8
-82.8
-74.9
-66.2
-70.8
521.6
532.5
556.8
579.7
604.3
607.5
623.0
650.5
945.7
960.1
958.6
1,011.4
374.1
377.1
367.5
406.4
297.4
298.0
296.1
300.5
76.7
79.1
71.4
105.9
571.6
583.0
591.0
604.9
4,709.8
4,809.2
4,882.3
4,998.7
4,822.5
4,913.4
4,993.1
5,088.1
5,113.1
5,201.7
3,381.4
3,444.1
769.6
775.0
54 0
-50.6
605.6
626.1
659.6
676.6
1,016.0
1,033.2
399.0
406.0
298.7
301.3
100.4
104.7
617.0
627.2
5,085.4
5,174.3
5,167.1
5,252.3
1988: I
n
ni
rv
1989- I r
n ....
1
GNP less exports of goods and services plus imports of goods and services.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Exports and imports of
goods and services
Government purchases of
goods and services
Personal
consumption
expenditures
Nonresidential
fixed
Residential
fixed
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,618.7
3,717.9
3,853.7
4,024.4
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,354.8
2,446.4
2,513.7
2,598.4
379.2
395.2
366.7
361.2
425.2
453.5
438.4
455.5
493.8
137.0
126.5
105.1
149.3
170.9
174.4
195.7
194.8
194.1
69
57.0
23.9
49.4
245
26.3
-6.4
19 9
62.3 -84.0
9.1 — 104.3
5.6 -129.7
23.7 -115.7
27.9 -74.9
388.9
392.7
361.9
348.1
371.8
367.2
397.1
450.9
530.1
332.0
343.4
335.6
368.1
455.8
471.4
526.9
566.6
605.0
620.5
629.7
641.7
649.0
677.7
731.2
761.6
781.8
785.1
3,159.3
3,365.1
3,535.2
3,662.4
3,733.6
2,078.7
2,191.9
2,281.1
2,386.9
2,477.8
352.3
390.4
444.4
460.9
435.7
115.8
159.9
169.6
179.4
200.3
11.7
-59.3
27.0 -46.2
41.7 -94.8
7.7 -125.3
-20.8 -135.4
336.0
355.5
376.6
367.4
406.5
324.3
401.6
471.4
492.6
541.9
1987- HI....
3,872.8
3,935.6
2,536.5
2,532.3
472.8
472.7
192.1
191.9
6.8 -118.9
56.6 -109.8
461.3
484.1
1988- I
n
m
3,974.8
4,010.7
4,042.7
4,069.4
2,570.8
2,586.8
2,608.1
2,627.7
483.6
497.8
501.0
492.7
189.1
194.2
195.1
198.1
34.3
21.5
37.5
18.3
-78.2
-72.6
-74.9
-73.8
n . ..
4,106.8
4,132.5
2,641.0
2,653.7
501.0
511.4
195.6
189.3
24.5
19.1
55 0
-51.2
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
19821983:
19841985:
1986-
IV
IT
IV
IV
IV
rv
IV
1989- I r
1
Gross
national
product
Change
in
business
inventories
Federal
Net
exports
Exports
State
and
local
Final
sales
Gross
domestic
purchases 1
National
defense
Nondefense
246.9
259.6
272.7
275.1
290.8
326.0
334.1
339.6
328.9
171.2
180.3
193.8
206.9
218.5
237.2
252.1
265.2
261.5
75.7
79.3
78.9
68.2
72.3
88.8
82.0
74.4
67.4
373.6
370.1
369.0
373.9
387.0
405.2
427.5
442.1
456.2
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,609.6
3,712.4
3,830.0
3,996.5
3,130.1
3,199.4
3,139.7
3,299.1
3,585.4
3,723.0
3,847.6
3,969.4
4,099.3
660.1
642.2
693.2
752.7
776.0
289.5
266.0
300.5
340.6
342.4
201.4
211.6
225.3
241.4
255.8
88.2
54.4
75.2
99.2
86.6
370.6
376.2
392.7
412.1
433.6
3,218.6
3,338.1
3,493.5
3,654.7
3,754.4
3,147.6
3,411.3
3,630.0
3,787.6
3,869.0
580.2
593.9
783.5
792.1
340.7
344.9
270.6
266.7
70.1
78.2
442.8
447.2
3,866.0
3,879.0
3,991.7
4,045.5
517.4
519.7
531.9
551.4
595.6
592.3
606.9
625.2
775.1
783.0
775.9
806.4
323.8
327.9
319.8
343.9
263.0
262.5
258.8
261.6
60.8
65.4
61.0
82.3
451.3
455.1
456.1
462.5
3,940.5
3,989.2
4,005.2
4,051.0
4,052.9
4,083.3
4,117.6
4,143.2
569.7
587.5
624.6
638.7
799.7
810.3
335.5
343.6
254.4
255.8
81.1
87.8
464.2
466.7
4,082.3
4,113.5
4,161.8
4,183.7
GNP less exports of goods and services plus imports of goods and services.
Imports
Total
Total
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
tl982—100; quarterly data are seasonally adjusted]
Personal consumption
expenditures
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
Gross
national
product
Total
Gross private
domestic investment
Durable
goods
Nondurable goods
Services
Exports and imports of
goods and services
Government purchases of goods and
services
Federal
Nonresidential
fixed
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
85.7
94.0
100.0
103.9
107.7
110.9
113.8
117.4
121.3
86.6
94.6
100.0
104.1
108.1
111.6
114.3
119.8
124.5
89.2
95.7
100.0
102.1
103.8
104.8
105.6
108.1
110.1
89.4
96.9
100.0
102.1
105.0
107.5
107.3
112.1
116.3
83.9
92.6
100.0
106.2
111.6
116.8
122.4
129.0
134.9
85.1
93.4
100.0
98.8
97.9
97.7
99.3
97.5
98.7
89.4
96.6
100.0
102.2
106.0
108.3
111.1
116.2
119.7
90.2
97.5
100.0
101.3
103.2
101.0
99.8
99.5
103.3
96.0
101.6
100.0
97.4
97.1
95.2
93.7
99.0
102.7
84.3
93.3
100.0
103.1
106.8
109.0
109.7
112.4
115.9
83.4
92.9
100.0
103.6
107.2
109.2
110.2
111.1
114.0
86.4
94.3
100.0
101.4
105.5
108.2
108.1
116.7
123.6
86.2
93.4
100.0
104.7
109.9
114.9
118.3
123.2
128.8
101.7
105.4
109.0
112.2
115.1
101.8
105.7
109.3
113.1
115.8
100.7
103.1
104.1
104.7
106.2
101.0
103.1
105.8
108.7
107.8
102.7
108.3
113.5
119.0
124.9
100.7
98.3
97.9
97.9
100.0
99.1
103.1
107.2
109.0
112.4
100.0
102.6
102.4
100.5
99.0
99.3
97.2
96.2
95.9
94.4
101.3
103.8
108.5
110.6
107.7
102.0
104.7
108.3
111.3
109.7
99.5
100.3
108.9
108.8
101.7
102.2
106.3
111.7
116.5
120.0
117.9
118.6
120.5
121.8
108.8
109.0
112.8
113.7
129.8
131.5
96.7
97.0
117.8
118.7
99.3
99.7
98.8
100.6
112.8
112.5
110.9
111.3
120.3
116.8
123.9
125.1
1988- I
n
m
rv
119.2
120.6
121.9
123.3
122.5
123.9
125.1
126.5
109.3
109.6
110.2
111.2
114.0
115.9
117.1
118.2
132.7
134.2
135.6
137.3
97.7
97.8
98.4
100.6
119.5
119.5
119.6
120.4
100.8
102.5
104.7
105.1
101.5
102.6
102.7
104.0
115.5
115.0
114.9
118.2
113.1
113.5
114.4
114.9
126.2
121.0
117.1
128.7
126.7
128.1
129.6
130.8
1989- I
II r
124.5
125.9
128.0
129.8
111.2
110.8
120.0
123.3
139.0
140.4
100.4
100.2
122.1
124.2
106.3
106.6
105.6
105.9
118.9
118.2
117.4
117.8
123.8
119.2
132.9
134.4
19821983:
1984198519861S87-
..
..
IV
IV
IV..
IV
IV....
TTT
IV
Source: Department of Commerce, Bureau of Economic Analyi
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Personal consumption expenditures
Gross national product
Period
1988:
-0.2
1.9
-2.5
3.6
6.8
3.4
2.7
3.7
4.4
.6
7.3
1.7
3.0
2.3
5.3
6.6
4.0
3.7
3.2
2.7
3.7
2.5
8.9
11.7
3.7
7.6
10.8
6.4
5.4
6.9
7.9
4.2
12.4
4.7
6.2
4.2
8.4
9.0
6.5
8.6
7.5
7.5
7.9
7.1
1980
1981
1982
1983
1984
1985
1986
1987
1988
1982:
19831984:
19851986:
1987:
Constant
(1982)
dollars
Current
dollars
IV
IV
IT
IV
IV
in
rv
I
n
m
IV
1989- I r
u.
Implicit
price
deflator
Chain price
index
9.0
9.7
6.4
3.9
3.7
3.0
2.6
3.2
3.3
3.6
4.7
3.0
3.3
1.8
2.8
2.4
2.0
4.8
4.4
4.7
4.0
4.6
9.0
9.4
6.3
4.1
3.9
33
2.5
3.4
3.7
4.1
3.9
3.1
3.2
2.7
3.7
3.3
3.3
4.3
4.4
4.1
4.6
4.9
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
Fixedweighted
price index
(1982
weights)
Constant
(1982)
dollars
Current
dollars
10.6
10.5
7.1
9.0
8.8
8.2
6.4
7.6
7.4
10.3
9.7
7.2
6.0
6.2
9.2
3.6
8.7
7.4
7.5
7.6
7.1
7.6
9.3
9.3
6.2
4.1
4.0
3.4
2.7
3.6
4.2
4.0
4.0
3.2
3.3
3.1
3.8
3.8
3.8
4.8
5.2
4.3
4.8
5.0
Implicit
price
deflator
-0.2
1.2
1.3
4.6
4.8
4.7
3.9
2.8
3.4
5.3
5.5
4.3
1.9
22
4.7
-.7
6.2
2.5
3.3
3.0
2.0
1.9
Chain price
index
10.7
9.2
5.7
4.1
3.8
3.2
2.4
4.8
3.9
4.4
4.3
3.0
4.0
3.9
4.4
4.4
2.3
4.7
3.9
4.6
4.8
5.7
10.9
9.2
5.7
4.2
3.9
3.5
2.7
4.7
4.1
4.8
4.1
3.1
4.2
3.9
4.4
4.3
2.6
5.0
4.3
4.8
4.7
5.8
Fixedweighted
price index
(1982
weights)
10.5
9.0
5.6
4.2
4.0
3.5
2.7
4.7
4.3
4.8
4.1
3.2
4.3
3.9
4.4
4.5
2.6
5.1
4.6
4.9
4.8
6.3
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) '
Gross domestic
product of
nonfinancial
corporate business
(billions of dollars)
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1982:
19831984:
19851986:
19871988:
TV
IV
IT
IV
IV
m
IV
I
n
ni
IV
1989:
1
I r
n
Corporate profits with
inventory valuation and capital
consumption adjustments
Total
cost
and
profit 2
Capital
consumption
allowances
with
capital
consumption
adjustment
Indirect
business
taxes 3
Compensation of
employees
Net
interest
Profits
tax
liability
Profits
after
tax 4
Output
per hour
of all
employees
(1982
dollars)
Compensation
per hour
of all
employees
(dollars)
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
2,520.7
2,731.3
1,779.4
2,012.5
2,201.8
2,309.4
2,408.7
2,556.2
2,598.4
2,648.1
2,705.9
2,754.9
2,816.4
1,807.9
1,837.2
1,782.2
1,866.0
2,036.5
2,117.4
2,173.9
2,282.6
2,419.5
1,760.2
1,940.5
2,069.5
2,137.7
2,198.5
2,309.2
2,343.3
2,381.8
2,408.9
2,434.1
2,453.2
0.852
.946
1.000
1.026
1.054
1.071
1.089
1.104
1.129
1.011
1.037
1.064
1.080
1.096
1.107
1.109
1.112
1.123
1.132
1.148
0.095
.109
.125
.123
.118
.119
.123
.123
.123
.131
.120
.118
.120
.124
.123
.122
.122
.122
.122
.124
0.077
.090
.094
.098
.100
.103
.106
.106
.107
.096
.098
.102
.104
.106
.107
.106
.106
.107
.108
.108
0.581
.632
.676
.679
.687
.704
.721
.730
.744
.685
.680
.694
.713
.727
.726
.734
.732
.740
.746
.756
0.031
.037
.043
.037
.039
.038
.041
.047
.052
.042
.037
.042
.037
.042
.048
.050
.050
.051
.053
.055
0.068
.078
.063
.089
.109
.106
.098
.098
.103
.057
.103
.107
.106
.096
.103
.098
.102
.103
.102
.105
0.037
.035
.026
.032
.036
.033
.035
.041
.044
.023
.036
.032
.033
.038
.044
.041
.041
.044
.044
.045
0.031
.044
.037
.057
.073
.073
.064
.058
.059
.034
.066
.075
.072
.058
.060
.057
.060
.059
.058
.061
18.524
18.643
18.704
19.217
19.682
19.996
20.456
20.908
21.446
18.770
19.423
19.783
20.117
20.646
21.090
21.192
21.418
21.453
21.528
21.506
10.769
11.777
12.635
13.039
13.528
14.069
14.746
15.252
15.947
12.865
13.209
13.735
14.342
15.005
15.319
15.546
15.672
15.871
16.068
16.259
2,842.7
2,887.2
2,459.1
2,471.3
1.156
1.168
.125
.126
.110
.111
.768
.778
.057
.060
.096
.093
.045
.041
.051
.053
21.411
21.398
16.449
16.665
Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol-
4
Total
With inventory valuation and capital consumption adjustments.
lars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments less subsidies.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employees1
Proprietors' income
with inventoryvaluation and capital
consumption
adjustments
Farm
1982
1983..
1984
1985
1986
1987
1988
1982:
1983:
1984:
1985:
1986:
1987:
Corporate profits with inventory valuation and capital
consumption adjustments
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
Profits
before tax
Inventory
valuation
adjustment
Capital
consumption
adjustment
Net
interest
2,518.4
2,719.5
3,028.6
3,234.0
3,412.6
3,665.4
3,972.6
2,548.2
2,851.5
3,096.1
3 312 8
3,473.1
3,694.8
3,799.9
1,907.0
2,020.7
2,213.9
2,367.5
2,511.4
2,690.0
2,907.6
1,931.1
2,092.7
2,272.7
2,426.7
2,571.2
2,709.8
2,778.7
24.6
12.4
30.5
30.2
34.7
41.6
39.8
28.5
19.3
28.1
29.2
37.2
33.6
48.4
150.9
178.4
204.0
225.6
247.2
270.0
288.0
159.8
188.6
209.7
235.0
252.0
271.6
280.3
13.6
13.2
8.5
9.2
11.6
13.4
15.7
15.8
12.4
5.6
7.8
13.5
11.5
14.3
150.0
213.7
266.9
282.3
282.1
298.7
328.6
146.1
248.5
266.9
291.4
275.2
313.0
308.2
159.2
196.7
234.2
222.6
228.3
247.8
281.8
150.7
223.4
224.6
228.4
226.1
261.5
255.8
169.6
207.6
240.0
224.3
221.6
266.7
306.8
164.1
231.5
226.1
235.0
234.1
281.0
276.2
-10.4
-10.9
-5.8
— 1.7
6.7
-18.9
-25.0
-13.4
-8.1
-1.6
-6.6
-8.0
-19.4
-20.4
-9.2
17.0
32.7
59.7
53.8
50.9
46.8
-4.5
25.1
42.3
63.0
49.1
51.5
52.4
272.3
281.0
304.8
319.0
325.5
351.7
392.9
266.9
290.2
313.1
322.7
324.0
355.3
370.0
n
in
IV
3,853.6
3,933.6
4,005.7
4,097.4
2.819.4
2,878.9
2,935.1
2,997.2
44.0
45.4
37.7
32.0
279.9
286.5
289.3
296.3
15.6
14.6
16.3
16.1
318.1
325.3
330.9
340.2
268.1
276.4
284.1
298.7
288.8
305.3
314.4
318.8
-20.7
-28.8
-30.4
-20.1
49.9
48.9
46.9
41.5
376.6
383.0
396.4
415.7
1989: I r
Tl
4,185.2
4,249.6
3,061.7
3,118.2
59.0
51.3
300.3
304.2
11.8
9.8
316.3
307.8
279.7
275.5
318.0
296.0
-38.3
-20.5
36.6
32.3
436.1
458.4
IV
IV
IV
IT
IV
IH
IY...
1988: I
1
Includes employer contributions for social insurance. (See also p. 5.)
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION
EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nondurable goods
Durable goods
Total
personal
consumption
expenditures
Total
durable
goods
1982
1983..
1984
1985...
1986
1987
1988
1982: IY
1983: IV
1984: IV
1985: IV
1986: IV
1987: HI
IV .
2,050.7
2,234.5
2 430 5
2,629.0
2,797.4
3,010.8
3,235.1
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,055.9
3,083.3
252.7
289.1
335.5
372.2
406.0
421.0
455.2
263.8
310.0
346.7
373.2
422.0
439.3
424.5
108.9
130.4
157.4
179.1
196.2
195.5
211.6
115.7
144.4
162.3
173.8
201.1
211.3
196.3
95.7
107.1
118.8
129.9
139.7
149.1
162.0
99.1
112.4
122.7
134.7
143.8
151.0
151.4
1988: I
II
III
IV
3,148.1
3,204.9
3,263.4
3,324.0
446.4
454.6
452.5
467.4
210.3
212.5
208.4
215.3
1989: I....
r
3,381.4
3,444.1
466.4
471.0
211.7
212.9
Period
n
Source: Department of Commerce, Bureau of Economic Analysis.
Motor
vehicles
and
parts
Furniture
and
household
equipment
Totai
nondurable
goods
Food
48.1
51.6
59.3
63.2
70.0
76.5
81.6
49.0
53.2
61.8
64.7
77.1
77.0
76.7
771.0
816.7
867.3
911.2
942.0
998.1
1,052.3
786.6
837.9
879.6
932.7
952.1
1.006.0
1,015.4
156.9
162.2
162.7
166.1
79.2
79.9
81.4
86.0
172.1
173.5
82.6
84.6
Other
Services
Retail sales of
new passenger
cars (millions of
units)
Clothing and
shoes
Gasoline
and oil
398.8
421.9
448.5
471.6
500.0
529.2
559.7
407.0
430.8
456.1
482.5
511.9
531.7
536.8
124.4
135.1
146.7
156.4
166.8
177.2
186.8
126.5
141.1
149.8
160.6
168.7
178.9
180.6
89.1
90.2
90.0
90.6
73.5
75.2
76.8
89.8
91.9
89.0
91.0
66.0
76.8
76.7
158.7
169.5
182.1
192.6
201.7
216.6
229.0
163.4
174.0
184.7
198.5
205.5
218.6
221.3
1,027.0
1,128.7
1,227.6
1,345.6
1,449.5
1,591.7
1,727.6
1,066.5
1,167.9
1,267.1
1,394.5
1,494.4
1,610.6
1,643.3
5.8
6.8
8.0
8.2
8.2
7.1
7.5
6.0
7.4
7.7
7.0
7.7
7.8
6.6
22
2.4
2.4
2.8
3.2
3.2
3.1
2.5
2.6
2.6
3.1
3.4
3.5
3.3
1,022.2
1,042.4
1,066.2
1,078.4
542.5
554.5
567.8
574.1
180.8
183.6
188.9
193.9
74.3
76.9
78.3
77.6
224.5
227.5
231.2
232.8
1,679.5
1,707.9
1,744.7
1,778.2
7.7
7.5
7.4
7.5
3.2
3.2
3.0
3.0
1,098.3
1,121.5
587.3
592.2
195.0
198.9
77.9
89.5
238.1
241.0
1,816.7
1,851.7
7.0
7.3
2.8
3.0
Other
Domestics
Imports
SOURCES OF PERSONAL INCOME
Personal income rose $19.5 billion (annual rate) in August, following an increase of $29.2 billion in July. Wages
and salaries increased $9.2 billion in August, compared with an increase of $23.5 billion in July.
BILLIONS OF DOLIARS*(RATIO SCALE)
5,000
BILLIONS OF DOLLARS*(RATIO SCALE)
5,000 I
4,000
4,000
3,000
3,000
2,000
2,000
WAGE AND SALARY DISBURSEMENTS
1,400
1,400
'"•
OTHER INCOME
800
800
TRANSFER
PAYMENTS
400
400
miiliim I l l l l l l l l l l
1981
1982
1985
1984
1983
1986
Illllllllll
1987
• SEASONAUY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT Of COMMERCE
1988
1989
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Total
personal
income
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1988: Aug
Sept
Oct
Nov
Dec
1989: Jan
Feb.
Mar r
V
May r
July '.
Aug p
. ...
Wage and
salary
disbursements l
2,258.4
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,526.2
3,777.6
4,064.5
1,372.0
1,510.3
1,586.1
1,676.6
1,838.6
1,975.4
2,094.8
2,249.4
2,429.0
4,094.2
4,118.6
4,180.4
4,168.9
4,206.3
2,447.7
2,465.6
2,497.1
2,501.6
2,516.7
4,273.1
4,319.5
4,360.7
4,387.1
4,396.3
4,417.5
4,446.7
4,466.2
2,545.4
2,557.3
2,579.4
2,601.3
2,603.5
2,621.7
2,645.2
2,654.4
Proprietors' income 3
Other labor
income 1 2
138.4
150.3
163.6
173.6
182.9
187.6
199.3
212.8
228.9
231.1
232.9
234.7
236.5
238.2
239.7
241.3
242.9
244.4
246.0
247.5
249.1
250.7
Farm
Nonfarm
20.5
30.7
24.6
12.4
30.5
30.2
34.7
41.6
39.8
38.6
33.4
47.1
19.5
29.4
48.0
65.9
63.0
56.4
54.3
43.2
37.2
36.0
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
2 Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
4
With capital consumption adjustment.
160.1
156.1
150.9
178.4
204.0
225.6
247.2
270.0
288.0
288.5
290.9
295.8
295.7
297.4
299.6
300.6
300.8
304.6
303.5
304.6
307.1
308.6
Rental
income of
persons 4
6.6
13.3
13.6
13.2
8.5
9.2
11.6
13.4
15.7
16.5
16.7
16.4
16.1
16.0
13.8
11.8
9.9
9.8
9.8
9.7
9.7
9.7
Personal
dividend
income
52.9
61.3
63.9
68.7
75.5
78.7
85.8
92.0
102.2
103.9
104.7
105.8
106.5
106.9
108.4
109.4
110.3
111.0
111.4
111.8
112.8
113.3
Personal
interest
income
271.9
335.4
369.7
393.1
444.7
478.0
493.2
523.2
571.1
576.0
583.0
590.8
598.6
606.4
616.5
628.9
641.5
648.4
655.2
661.8
668.2
674.4
Transfer
payments 5
324.7
368.1
410.6
442.6
456.6
489.8
521.5
548.2
584.7
587.9
588.7
592.2
593.5
595.6
610.7
614.2
624.2
623.9
625.5
630.9
632.3
634.6
5
Less:
Personal
contributions
for social
insurance
88.6
104.5
112.3
120.1
132.7
149.3
161.9
172.9
194.9
195.9
197.2
199.5
199.1
200.1
209.0
209.8
211.3
212.6
212.7
213.8
214.9
215.4
Nonfarm
personal
income 6
2,215.8
2,465.6
2,618.7
2,799.0
3,052.1
3,271.3
3,469.4
3,714.7
4,003.7
4,034.6
4,064.1
4,112.3
4,128.4
4,155.9
4,204.0
4,232.4
4,276.5
4,309.4
4,320.5
4,352.6
4,387.7
4,408.4
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
6
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income was about unchanged in the second quarter of 1989.
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
,800
1,400
1,400
DOLLARS * (RATIO SCALE)
DOLLARS * (RATIO SCALE)
16,000
16,000
PER CAPITA DISPOSABLE PERSONAL INCOME
14,000
- CURRENT DOLLARS
14,000
12,000
12,000
10,000
10,000
1982 DOLLARS
8,000
8,000
I
6,000
1981
1982
1983
I
1984
I
I I
1985
6,000
1986
1987
1988
' SEASONALLY ADJUSTED ANNUAL RATES
1989
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
Personal
income
Less:
Personal
tax and
nontax
payments
Disposable
personal
ineome
Less:
Personal
outlays l
Equals:
Personal
saving
Disposable
personal
income in
1982
dollars
(billions)
Per capita
disposable personal
income
Current
dollars
Billions of dollars
1980
1981
1982
1983
1984.
1985
1986....
1987
1988
2,258.5
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,526.2
3,777.6
4,064.5
340.5
393.3
409.3
410.5
440.2
486.6
512.9
571.7
586.6
1,918.0
2,127.6
2,261.4
2,428.1
2,668.6
2,838.7
3,013.3
3,205.9
3,477.8
1982
dollars
Per capita personal
consumption
expenditures
Current
dollars
1982
dollars
Dollars
1,781.1
1,968.1
2,107.5
2,297.4
2,504.5
2,713.3
2,888.5
3,104.1
3,333.1
136.9
159.4
153.9
130.6
164.1
125.4
124.9
101.8
144.7
2,214.3
2,248.6
2^261.5
2,331.9
2,469.8
2,542.8
2,635.3
2,676.6
2,793.2
8,421
9,243
9,724
10,340
11,257
11,861
12,469
13,140
14,116
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
personal
ineome
Population,
including
Armed
Forces
abroad
(thousands) 2
Percent
7,607
8,320
8,818
9,515
10,253
10,985
11,576
12,340
13,131
8,783
8,794
8,818
9,139
9,489
9,839
10,123
10,303
10,546
— 1.1
7.1
9,769
9,724
9,930
10,419
10,625
10,905
10,970
11,337
.5
2.1
4.9
2.0
2.6
.6
3.3
7.5
6.8
5.4
6.1
4.4
4.1
3.2
4.2
227,754
230,182
232,549
234,829
237,051
239,322
241,660
243,985
246,378
9,722
— .5
Seasonally adjusted annual rates
2,729.2
2,941.8
3,188.3
3,399.1
3,597.8
411.1
413.9
459.7
499.6
534.4
2,318.1
2,527.9
2,728.6
2,899.5
3,063.4
2,174.9
2,382.5
2,571.3
2,787.7
2,961.4
143.1
145.4
157.3
111.7
102.0
2,276.1
2,392.7
2,496.3
2,562.8
2,646.2
9,929
10,725
11,467
12,068
12,629
9,749
10,151
10,491
10,667
10,909
9,068
9,825
10,479
11,240
11,825
8,904
9,299
9,587
9,935
10,214
1.2
9.1
1.7
3.3
.3
6.2
5.8
5.8
3.9
3.3
233,466
235,707
237,946
240,257
242,579
1987: m....
IV
3,795.5
3,908.7
572.0
589.2
3,223.5
3,319.4
3,149.9
3,177.6
73.6
141.8
2,675.6
2,726.2
13,196
13,552
10,953
11,130
12,510
12,588
10,384
10,339
5.6
6.6
2.3
4.3
244,274
244,936
1988: I
II
3,948.5
4,026.6
4,097.6
4,185.2
572.2
590.7
585.9
597.8
3,376.4
3,435.9
3,511.7
3,587.4
3,244.4
3,301.9
3,362.1
3,424.0
131.9
134.0
149.6
163.4
2,757.2
2,773.3
2,806.4
2,835.9
13,754
13,966
14,235
14,504
11,232
11,273
11,377
11,466
12,824
13,028
13,229
13,439
10,473
10,515
10,573
10,624
3.7
1.5
3.7
3.2
3.9
3.9
4.3
4.6
245,476
246,008
246,685
247,343
4,317.8
4,400.3
628.3
652.6
3,689.5
3,747.7
3,483.8
3,547.0
205.7
200.7
2,881.7
2,887.6
14,884
15,084
11,625
11,622
13,641
13,862
10,654
10,681
5.7
5.6
5.4
247,890
248,456
1982:
1983:
1984:
1985:
1986:
IV
IV
IV
IV
IV
m....
IV
1989: I r
n ....
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
2
Annual data are averages of quarterly data, which are averages for the period.
i
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the second quarter of 1989, according to preliminary estimates, gross farm income rose $5.8 billion (annual rate)
and net farm income rose $5.5 billion. (Series revised.)
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS Of DOLLARS* (RATIO SCALE)
240
200
240
200
r
,*~"
160
rrnr-
—
"—• '
'
120
_——-—'
-
160
120
GKl5SS FARM INC OMb
80
^^'
60
60
^
40
/\
*
/\
x
20
'
~\
\
i
\
\
i
^•*
»
/ \
'
'
/
t
«
.
I
t
I
\ /'
»
20
NET FARM INCOME
I
i \ /'
I \«
|
10
'
/**'*
J
'
—'
•• X
1
/
.'•
1
*
1
'
\*
10
*
\
\l
1 1 1
198)
1
1
1
1
1982
1 1
1983
I
1 1
1984
1
1
1 1
1983
1
1986
1
I I I
1987
* SEASONALLY ADJUSTED ANNUAl RATES
SOURCE: DEPARTMENT OF AGRICULTURE
1
1 1
1988
1
1 1
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total
1
Total
1980
1981 . .
1982
1983
.
1984
1985 r
1986 r
1987 r
1988 r
1986: UJ r
IV
1987- I r'
n ...
r
mr
IV ..
1988: I *r
n ...
r
mr
rv ..
1989: I '
n"...
149.3
166.4
163.5
153.0
174.9
166.4
160.4
171.6
177.6
156.2
164.2
170.5
172.4
167.6
175.6
174.7
182.0
175.0
178.6
197.7
203.5
139.7
141.7
142.6
136.6
142.4
144.1
135.5
139.5
151.5
135.7
139.3
131.3
143.8
144.8
138.1
144.4
148.8
160.4
152.2
152.7
168.9
Livestock and
products
68.0
69.2
70.3
69.4
73.0
69.8
71.5
75.7
78.9
76.2
74.2
72.8
76.4
77.8
75.8
81.8
75.3
78.3
80.3
83.0
80.5
1
Cash marketing receipts and inventory changes plus Government payments, other /arm cash
income, and nonmoney income furnished by farms.
z
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
Crops
71.7
72.5
72.3
67.1
69.5
74.3
64.0
63.8
72.6
59.5
65.1
58.6
67.4
66.9
62.2
62.6
73.5
82.1
71.9
69.7
88.4
3
Value of
inventory
changes 2
Production
expenses
Current
dollars
-6.3
6.5
-1.4
109
6.3
24
-2.7
— .4
43
133.1
139.4
140.0
140.4
142.7
134.0
122.4
124.5
132.0
16.1
26.9
23.5
12.7
32.2
32.3
38.0
47.0
45.6
22
-1.8
1
.3
2
-1.7
121.1
120.7
35.1
43.5
49.2
47.2
41.5
49.9
47.5
52.3
39.8
42.9
63.4
68.9
40
-4.4
47
-4.1
121.3
125.1
126.0
125.6
127.2
129.7
135.2
135.7
6.7
5.9
134.3
134.6
1982 dollars 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.
18.8
28.6
23.5
12.2
29.9
29.1
33.4
40.0
37.7
30.7
37.8
42.4
40.3
35.3
42.0
39.8
43.3
32.7
34.8
50.9
54.7
CORPORATE PROFITS
In the second quarter of 1989, according to revised estimates, corporate profits before tax fell $22.0 billion
(annual rate) and after-tax profits fell $12.5 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
360
J6U
SEASONALLY ADJUSTED ANNUAL RATES
320
320
\
/^
280
280
240
200
/~~\
v
^
120
80
240
200
^
^~ —"~ "...
160
s
^_ s"
~~\
\
/
^/
y
\
160
.
^0
f
\
"
PROFITS BEFORE TAX
•
-N
PR DFITS AFTER T, VX
.-"
,''' ^-~.,_
f
-X
120
s
\
s —'* '~^^
'^ r _
<~<r~
80
TAX LIABILITY
^
40
*"\
"'/'
\
"X
UNDISTI IBUTED PROFI'
i i i
1
1
1
1982
1981
\
\ \
1
1
1
1
1984
1983
1
s*
1
"'
I 1 1
1986
1985
1
1
1 1
1987
1
1
40
1 1 1
0
1989
1988
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment 1
Profits after tax
Domestic industries
Period
Nonfinancial
Total 2
Total
Financial
Total 3
Manufacturing
Wholesale and
retail
trade
Profits
before tax
Tax
liability
Total
Dividends
Undistributed
profits
Inventory
valuation
adjustment
1980
1981 .
1982
1983
1984
1985.. .
1986
1987.. ..
1988
194.0
202.3
159.2
196.7
234.2
222.6
228.3
247.8
281.8
159.6
173.8
131.2
166.6
203.3
191.4
195.2
208.7
238.2
21.0
16.5
11.8
18.1
13.0
22.8
32.0
30.5
29.8
138.6
157.3
119.4
148.5
190.3
168.6
163.2
178.2
208.4
77.1
88.5
58.0
70.1
88.8
79.7
59.5
76.6
98.4
21.6
32.5
34.6
38.9
51.2
44.1
44.1
41.1
40.1
237.1
226.5
169.6
207.6
240.0
224.3
221.6
266.7
306.8
84.8
81.1
63.1
77.2
93.9
96.4
106.3
124.7
137.9
152.3
145.4
106.5
130.4
146.1
127.8
115.3
142.0
168.9
54.7
63.6
66.9
71.5
79.0
83.3
91.3
98.7
110.4
97.6
81.8
39.6
58.9
67.0
44.6
24.0
43.3
58.5
-43.1
24 2
-10.4
109
-5.8
17
6.7
18 9
-25.0
1982:
1983:
1984:
1985:
1986:
IV
IV
IV
IV
IV
150.7
223.4
224.6
228.4
226.1
121.6
190.7
193.9
193.6
193.4
18.7
15.5
13.6
26.0
28.6
102.9
175.2
180.3
167.6
164.8
46.8
88.6
79.8
83.8
64.8
33.6
43.1
51.8
38.5
41.0
164.1
231.5
226.1
235.0
234.1
59.8
88.1
87.0
99.8
113.1
104.3
143.4
139.2
135.2
121.0
68.5
73.9
80.8
84.0
93.6
35.8
69.5
58.4
51.2
27.4
13 4
-8.1
16
-6.6
80
1987:
HI .
IV
261.5
255.8
222.6
211.8
30.2
29.9
192.4
181.9
87.3
84.5
43.2
41.2
281.0
276.2
132.7
127.3
148.3
148.9
100.0
102.8
48.3
46.1
-19.4
-20.4
1988:
I
II
268.1
276.4
284.1
298.7
225.7
235.8
239.0
252.2
27.7
29 7
31.6
30.1
198.0
206.1
207.3
222.1
94.6
98.2
95.1
105.5
42.2
37.3
39.2
41.8
288.8
305.3
314.4
318.8
129.0
138.4
141.2
143.2
159.9
166.9
173.2
175.6
105.7
108.6
112.2
115.2
54.2
58.3
61.1
60.4
20 7
-28.8
304
-20.1
279.7
275.5
233.1
231.8
29.3
28.6
203.9
203.2
96.5
90.3
34.1
36.9
318.0
296.0
144.4
134.9
173.6
161.1
118.5
120.9
55.1
40.2
-38.3
-20.5
m. .
IV
1989- I r
n
1
2
See p. 4 for profits with inventor}' valuation and capita! consumption adjustments.
Includes rest of the world, not shown separately.
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the second quarter of 1989, nonresidential fixed investment rose $9.4 billion
(annual rate) and residential investment fell $3.7 billion. There was a $27.4 billion increase in inventories, following
an increase of $27.7 billion in the first quarter of 1989.
BILLIC NS OF DOLLARS
900
BILLIONS OF DOLL ARS
900
SEASONALLY ADJUSTED ANNUAL RATES
800
800
-
^~"
"~
GROSS PRIVATE DOMESTIC
/"*
INVFSTAAPMT
700
r^~"
r~>V/i
/
700
~^1
—
^—1
600
/
~__-\
-
^N/
400
--..
— '"'
-
NONRESIDENTIA 1
Fl>CED INVESTME^•IT
500
600
---••
,---'
500
• •*
-
400
^,'~
^1
—
RESIDENTIAL
Fl> ED INVESTMEh
300
300
~
-
_,~--~
200
200
.'
-
~— '— —.
100
CHA NGE IN BUSIS ESS
INVENTORIES
/X
~\
,''
0
1
-100
|
1981
1
1
1
1982
1
1
1
1
1983
1
|
I
-X ..
1 1 1
1985
1984
100
/N
,V
—
"
'"•-*..
0
1
I 1
1986
1
1
1
1987
1
1
1
1988
1
1
1
-100
1989
COUNCIL OF CONOMIC ADVISERS
OURCE-. DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Period
Gross
private
domestic
investment
1980
1981
1982
1983
1984
1985
1986
1987
1988
1982:
1983:
1984:
1985:
1986:
1987:
IV
IV
IV
IV
IV
TJ3
IV
1988: I
n
in
IV
1989: I r
n
Source: Department of Commerce, Bureau of Economic Analysis.
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.9
750.3
409.6
579.8
661.8
654.1
648.8
692.8
749.7
728.8
748.4
771.1
752.8
769.6
775.0
Nonresidential
Total
Total
445.3
491.5
471.8
509.4
597.1
631.8
652.5
670.6
719.6
469.5
548.8
616.8
646.8
660.9
683.2
686.3
698.7
719.1
726.5
734.1
742.0
747.6
322.8
369.2
366.7
356.9
416.0
442.9
435.2
444.3
487.2
354.9
383.9
435.0
451.3
435.8
457.0
458.6
472.7
487.1
493.2
495.8
503.1
512.5
Structures
113.9
138.5
143.3
124.0
141.1
153.2
139.0
133.8
140.3
' 137.6
127.4
146.6
155.9
133.7
137.3
138.9
137.1
139.9
142.0
142.5
144.7
142.4
Producers'
durable
equipment
208.9
230.7
223.4
232.8
274.9
289.7
296.2
310.5
346.8
217.3
256.5
288.4
295.5
302.2
319.8
319.7
335.6
347.2
351.3
353.3
358.5
370.1
Residential
122.5
122.3
105.1
152.5
181.1
188.8
217.3
226.4
232.4
114.7
164.9
181.8
195.5
225.1
226.2
227.7
226.1
232.1
233.2
238.4
238.8
235.1
Total
-8.3
24.0
-24.5
71
67.7
11.3
6.9
29.3
30.6
-59.9
31.0
45.0
7.2
-12.2
9.5
63.3
30.0
29.3
44.6
18.7
27,7
27.4
Nonfarm
-2.4
18.3
— 23.1
.4
60.5
14.6
8.6
30.5
34.2
-51.1
21.3
41.3
23.7
-8.0
14.0
61.3
24.2
30.4
41.5
40.8
19.1
23.6
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department July-August survey, business spending for new plant and equipment is
expected to rise 10.0 percent in 1989, following a rise of 10.5 percent in 1988.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
500
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
300
300
NONMANUFACTURING -^
200
200
MANUFACTURING
100
100
80
80
60
60
40
40
1981
1983
1982
1985
1984
1987
1986
1988
J/ SURVEYED QUARTERLY
_!/ SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanufacturing
Manufacturing
Period
All
industries
Total
Durable
goods
Nondurable
goods
Total 1
Mining
Transportation
Public
utilities
Commereial
and
other
Total
nonfarm
business 2
.
Nonmanufacturing
Manufacturing
Total
Surveyed
quarterly
1980
1981
1982
1983
1984
1985..
1986
1987
1988 '
1989 "...
282.80
315.22
310.58
304.78
354.44
387.13
379.47
389.61
430.76
473.65
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
166.32
181.90
55.36
59.81
55.35
53.08
66.24
73.27
69.14
11.01
78.30
82.23
56.96
66.73
65.33
63.12
72.58
80.21
73.56
14.88
88.01
99.67
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.18
264.44
291.75
15.99
21.39
20.05
15.19
16.86
15.88
11.22
11.39
12.66
12.22
16.60
15.84
14.79
13.97
16.52
18.02
18.80
18.85
21.34
24.75
37.74
41.21
45.43
44.96
47.48
48.81
46.38
44.88
46.67
50.76
100.14
110.24
109.63
114.45
134.75
150.94
160.38
168.65
183.76
204.02
1987: TJI r
IV.
393.05
403.96
147.58
151.36
71.67
72.22
75.91
79.14
245.47
252.60
11.80
12.28
19.02
19.30
45.09
45.75
169.56
175.28
147.58
151.36
245.47
252.60
1988- I '
II '
413.34
427.54
435.61
442.11
157.97
162.62
168.76
173.32
75.28
77.38
79.15
80.56
82.69
85.24
89.62
92.76
255.37
264.92
266.85
268.79
12.61
13.15
12.53
12.38
20.35
20.95
22.02
22.04
45.05
45.60
46.69
48.73
177.37
185.21
185.61
185.65
157.97
162.62
168.76
173 32
255.37
264.92
266.85
268.79
1989: I r
II r 4
459.47
470.86
481.24
483.04
175.22
181.53
185.41
185.44
81.26
82.97
82.51
82.17
93.96
98.57
102.90
103.27
284.24
289.33
295.82
297.60
12.15
12.70
12.34
11.70
23.13
24.26
25.76
25.85
50.81
52.01
50.54
49.69
198.15
200.36
207.18
210.36
175.22
181.53
185.41
185.44
284.24
289.33
295.82
297.60
lllr
IV.
ni 4
IT
1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
3
Consists of forestry, fisheries, and agricultural services; medical sen-ices; professional services;
10
314.47
349.26
347.47
343.35
398.99
431.94
427.23
440.66
483.48
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
166.32
181.90
202.15
222.72
226.79
227.15
260.16
278.46
284.54
294.77
317.17
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
264.44
291.75
Surveyed
annualIy3
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
social services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in July-August 1989, corrected for biases.
Note,—Seasonally adjusted data revised beginning 1986.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In August, civilian employment rose 138,000 and unemployment fell 76,000.
MILLKDNS OF PERSONS*
126
MILLIONS OF PERSONS*
126
SEASONALLY ADJUSTED
r^~
122
122
r^^
LABOR FORCE
118
ru>i
""**
118
.— —
'
-^
114
110
r~/^~~
^>^-~s~- —"
— -••
.-~--.~x
98
•.
^
^"""**"
•^»*~ s
114
^s"'
106
?02
-s~-f
*
110
— **""
-'-\'~
106
CIVILIAN
EMPLOYMENT
102
\
98
•V
\.
^
** ^
^
— 12
12
8
^^
.
•""
^'
4
1 1 1 1 1 1 ii 1 11
0
1982
1981
—
8
s.
\
1
INEMPLOYMEh T
1983
- 4
II III 1 II 1 II
it 1 11 1 it 1 1 1
1984
1985
1987
1986
0
1989
1988
'16YEARS OF AGE AND OVER
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
1980
1981
1982
1983
1984
1985
1986*
1987
1988
1988:
Aug
Sept
Oct
Nov
Dec
1989:
Jan
Feb
Mar
Apr
May
June
July
Aug
Noninstitutional
population
including
resident
Armed
Forces
NSA
Resident
Armed
Forces
NSA
Labor force
including
resident
Armed
Forces
169,349
171,775
173,939
175,891
178,080
179,912
182,293
184,490
186,322
1,604
1,645
1,668
1,676
1,697
1,706
1,706
1,737
1,709
113,226
115,241
117,167
119,540
121,602
123,378
186,522
186,666
186,801
186,949
187,098
1,692
1,704
1,687
1,705
1,696
187,340
187,461
187,581
187,708
187,854
187,995
188,149
188,286
1,696
1,684
1,684
1,684
1,673
1,666
1,666
1,688
108,544
110,315
111,872
100,907
102,042
101,194
102,510
Nonagricultural
Civilian
labor force
Agricultural
Total
Total
Part time
for
economic
reasons *
Total
Civilian
15
weeks
and
over
Labor
force
participation
rate
(percent) 2
1,871
2,285
3,485
4,210
63.8
63.9
64.0
64.0
2,737
2,305
2,232
1,983
1,610
64.4
64.8
65.3
65.6
65.9
59.0
57.8
57.9
59.5
60.1
60.7
61.5
62.3
Employment/
population
ratio
(percent) 2
100,834
105,005
107,150
109,597
112,440
114,968
3,364
3,368
3,401
3,383
3,321
3,179
3,163
3,208
3,169
95,938
97,030
96,125
97,450
101,685
103,971
106,434
109,232
111,800
5,997
5,512
5,334
5,345
5,122
4,965
10,678
10,717
8,539
8,312
8,237
7,425
6,701
122,000
121,984
122,091
122,510
122,563
115,203
115,370
115,573
115,947
116,009
3,142
3,176
3,238
3,238
3,193
112,061
112,194
112,335
112,709
112,816
4,972
4,862
4,727
4,819
5,033
6,797
6,614
6,518
6,563
6,554
1,636
1,568
1,554
1,502
1,495
66.0
66.0
66.0
66.1
66.1
62.3
62.4
62.4
62.6
62.6
123,428
123,181
123,264
123,659
123,610
124,102
123,956
124,018
116,711
116,853
117,136
117,113
117,215
117,541
117,459
117,597
3,300
3,223
3,206
3,104
3,112
3,096
3,219
3,307
113,411
113,630
113,930
114,009
114,102
114,445
114,240
114,290
4,837
4,697
4,709
4,930
4,609
4,801
4,505
4,553
6,716
6,328
6,128
6,546
6,395
6,561
6,497
6,421
1,512
1,304
1,310
1,426
1,313
1,258
1,472
1,305
66.5
66.3
66.3
66.5
66.4
66.6
66.5
66.5
62.9
62.9
63.0
63.0
63.0
63.1
63.0
63.0
106,940
108,670
110,204
99,303
100,397
99,526
106,702
108,856
111,303
114,177
116,677
111,550
113,544
115,461
117,834
119,865
121,669
123,692
123,688
123,778
124,215
124,259
116,895
117,074
117,260
117,652
117,705
125,124
124,865
124,948.
125,343
125,283
125,768
125,622
125,706
118,407
118,537
118,820
118,797
118,888
119,207
119,125
119,285
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Civilian labor force (or employment) is percent of civilian noninstitutional population.
Unemployment
Civilian employment
Employment
including
resident
Armed
Forces
4,064
4,499
5,852
7,637
8,273
59.2
'Data beginning January 1986 not strictly comparable with earlier data because of change in
estimation procedures.
SollrCK Department of Lobor] Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In August, the overall unemployment rate fell slightly, to 5.1 percent, and the civilian unemployment rate was
unchanged, at 5.2 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
20
15
Vv¥
A-
15
^
TEENAGERS
(16-19)
10
10
WOMEN 20 YEARS
AND OVER
-T
MEN 20 YEARS
AND OVER
1985
1985
1987
1986
1989
1988
•UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE, DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
1980.
1981
1982
1983
1984
1985
1986 ..
1987
1988 ...
Unemployment
rate,
all
workers 1
7.0
7.5
9.5
9.5
7.4
7.1
6.9
6.1
5.4
By sex and age
All
civilian
workers
Men
20 years
and over
Women
20 years
and
over
5.9
6.3
17.8
19.6
23.2
22.4
5.5
8.8
8.9
6.6
6.2
6.1
5.4
4.8
6.4
6.8
8.3
8.1
6.8
6.6
6.2
5.4
4.9
7.1
7.6
9.7
9.6
7.5
7.2
7.0
6.2
By selected groups
By race
Both
sexes
16-19
years
Experienced
wage and
salary
workers
Black
and
other
Black
13.1
14.2
17.3
17.8
14.4
13.7
13.1
11.6
10.4
14.3
15.6
18.9
19.5
15.9
15.1
14.5
13.0
11.7
6.9
7.3
18.9
18.6
18.3
16.9
15.3
6.3
6.7
8.6
8.4
6.5
6.2
6.0
5.3
4.7
White
9.3
9.2
7.1
6.8
6.6
5.8
5.2
Married
men,
spouse
present
4.2
4.3
6.5
6.5
4.6
4.3
4.4
3.9
3.3
Women
who
maintain
families
Fulltime
workers
Parttime
workers
10.3
10.4
9.8
9.2
8.1
6.9
7.3
9.6
9.5
7.2
6.8
6.6
5.8
5.2
8.8
9.4
10.5
10.4
9.3
9.3
9.1
8.4
7.6
9.2
10.4
11.7
12.2
Labor
force
time lost
(percent) 2
7.9
8.5
11.0
10.9
8.6
8.1
7.9
7.1
6.3
1988: Aug
Sept
Oct
Nov
Dec
5.5
5.3
5.3
5.3
5.3
5.6
5.4
5.3
5.4
5.3
4.9
4.6
4.6
4.8
4.7
4.8
4.8
4.7
4.7
4.7
15.4
15.5
15.0
14.1
14.8
4.9
4.7
4.6
4.6
4.6
10.0
9.5
9.8
10.0
10.0
11.4
10.9
11.2
11.2
11.6
5.3
5.1
5.0
5.1
5.0
3.4
3.1
3.1
3.3
3.1
7.5
8.1
7.9
7.7
8.2
5.3
5.1
5.0
5.0
5.1
7.4
7.4
7.4
7.1
7.0
6.4
6.3
6.1
6.2
6.3
1989: Jan
Feb
Mar
Apr
May
June ....
July
Aug
5.4
5.1
4.9
5.2
5.1
5.2
5.2
5.1
5.4
5.1
5.0
5.3
5.2
5.3
5.2
5.2
4.6
4.5
4.2
4.6
4.3
4.3
4.3
4.4
4.7
4.5
4.6
4.7
4.8
4.9
5.0
4.7
16.4
14.8
13.7
14.4
15.2
15.6
14.7
14.5
4.6
4.3
4.2
4.6
4.4
4.5
4.6
4.5
10.6
10.6
9.8
9.6
9.5
10.3
9.6
9.5
12.0
11.9
10.9
10.8
11.0
11.9
10.9
11.1
5.2
4.8
4.7
5.1
4.9
5.0
5.1
5.0
3.1
3.1
2.9
3.2
2.9
2.8
2.9
3.1
8.0
8.0
7.9
7.6
8.3
7.9
8.7
8.0
5.0
4.8
4.8
5.0
4.8
4.8
4.9
4.9
7.9
7.3
6.2
7.2
6.9
7.7
7.2
6.9
6.2
5.9
5.8
6.0
5.9
6.1
6.0
5.9
1
2
Unemployed as percent of total labor force including resident Armed Forces.
Aggregate hours tost by the unemployed and persons on part time for economic reasons as per-
12
cent of potentially available lafcor force hours.
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In August, the percentage of the unemployed who had been out of work for less than 5 weeks was unchanged, the
percentage for 5-14 weeks rose, and the percentages for 15-26 weeks and for 27 weeks and over fell. Both the
mean and the median duration of unemployment fell.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION*
70
70
REASON FOR UNEMPLOYMENT
DURATION OF UNEMPLOYMENT
60
- 50
JOB LOSERS
40
REENTRANTS
- 30
*. ..-»A\.'
20
20
JOB LEAVERS
10
-
10
NEW ENTRANTS
linn
1989
1985
1985
1986
1987
1988
1989
'SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT Of LABOR
[Monthly data seasonally adjusted, except as noted]
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
Reason for unemployment:
percent distribution
State
programs
Number of
weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) '
Weekly average, thousands
1980
1981
1982
1983
1984
1985
1986
1987
1988
7,637
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
43.1
41.7
36.4
33.3
39.2
42.1
41.9
43.7
46.0
32.3
30.7
31.0
27.4
28.7
30.2
31.0
29.6
30.0
13.8
13.6
16.0
15.4
12.9
12.3
12.7
12.7
12.0
10.7
14.0
16.6
23.9
19.1
15.4
14.4
14.0
12.1
11.9
13.7
15.6
20.0
18.2
15.6
15.0
14.5
13.5
6.5
6.9
8.7
10.1
7.9
6.8
6.9
6.5
5.9
51.7
51.6
58.7
58.4
51.8
49.8
48.9
48.0
46.1
11.7
11.2
7.9
7.7
9.6
10.6
12.3
13.0
14.7
25.2
25.4
22.3
22.5
25.6
27.1
26.2
26.6
27.0
11.4
11.9
11.1
11.3
13.0
12.5
12.5
12.4
12.2
3,350
3,047
4,061
3,396
2,476
2,611
2,650
2,332
2,056
488
460
583
438
377
396
378
328
306
3,837
3,410
4,594
3,775
2,561
2,693
2,746
2,401
2,125
1988- Aug
Sept
Oct
Nov
Dec
6,797
6,614
6,518
6,563
6,554
46.8
47.4
47.4
47.6
46.2
29.0
28.8
28.5
29.5
31.1
12.3
11.8
12.2
12.0
11.5
11.9
12.1
11.9
10.9
11.2
13.5
13.5
13.4
12.6
12.8
5.9
5.7
5.7
5.6
5.8
46.2
46.7
45.9
46.2
46.5
14.6
14.9
15.3
14.7
15.1
27.3
26.8
27.2
26.9
26.2
11.9
11.5
11.6
12.2
12.1
2,069
2,025
1,972
1,989
2,032
305
293
296
301
309
1,914
1,734
1,677
1,857
2,205
1989: Jan
Peb ..
Mar
6,716
6,328
6,128
6,546
6,395
6,561
6,497
6,421
47.0
50.6
49.4
47.2
47.7
50.4
48.1
48.1
30.7
29.1
29.4
31.1
31.7
30.4
29.4
31.5
11.2
10.4
10.5
10.5
11.0
10.0
12.9
11.5
11.1
10.0
10.7
11.3
9.6
9.1
9.6
8.9
12.7
12.1
12.4
12.7
11.8
11.1
12.0
11.3
5.7
5.3
5.4
5.4
5.3
5.5
5.6
5.0
46.4
45.2
46.0
45.7
42.7
42.0
44.3
46.5
14.7
15.5
14.4
15.0
17.5
15.5
15.3
16.2
27.3
27.3
28.1
29.0
29.1
31.2
29.4
27.5
11.6
12.0
11.6
10.3
10.7
11.3
11.0
9.8
2,061
2,105
2,143
2,105
2,063
2,134
2,216
2,177
293
309
323
300
317
335
339
319
2,685
2,695
2,567
2,221
1,960
1,941
2,174
May
T 3
July
.. . .
1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
Source: Department of Labor (Bun lu of Ijabor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 110,000 in August. The size of the
increase was held down by a net loss of 108,000 workers from payrolls due to labor-management disputes.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
110
.—
100
_
•
'
26
,^
SERVICES
r^rTl
ALL NONAGRICULTURAL
ESTABLISHMENTS
—
VI
24
—
90
,-•-'''"
—
-"""
22
80 -
—
—
—
20
70
f ETAIL TRADE
—
SEI VICE-PRODL CING
INDUSTRIE 5
18
60
—
^—^
AAAKI
-
40 -
—
30
18
Illllllllll
-
iniiiiiiii iiiiiliini
mill
mill, Milk
Y
—
r~\—1
I*
1
NSTRUCTO
4
1987
•—
1r^
•—
\
1986
UFACTURINC
6
iniitliiin
minium iiiiiliiiii iiiiiliini iiiiiliini iimliinlj
1985
'
__
1
"
y
GOC5DS-PRODUC ING
INDUSTRIES
~~~~~-
,
mill fun miiliiiiilmnliiiii iimlimik1
If
20
50
20
_—•—"
__
\2c-—\
GOVERNMEh'n
1988
f
1989
1985
M.lllMII,
Illllllllll
1986
1
1987
SEASONALLY ADJ USTED
OURCE: DEPARTM ENT OF LABOR
1988
Illiil.MlIf
1989
COUNCIL OF ECGNOMIC ADVISERS
[Thousands of wage and salary workers; 1 seasonally adjusted]
Goods-producing industries
; 3
Penod
Total
nonagricultural
employment
Service-producing industries
Manufacturing
Total 2
ConTotal
D
hi
,
goo s
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
-p
Ketail..
trade
Finance,
insurance,
and real
estate
Government
Services
Total
Federal
1983
1984
1985
1986
1987
1988
90,200
94,496
97,519
99,525
102,200
105,584
25,658
25,497
23313
23*334
24,727
24)859
24,558
24)708
25,249
1988: Aug....
Sept....
Oct
Nov....
Dec
105,954
106,207
106,475
106,824
107,097
25,303
25,313
25,384
25,460
25,513
5,153
5,163
5,162
5,191
5,213
19,425
19,431
19,505
19,557
19,589
11,462
11,464
11,509
11,545
11,565
7,963
7,967
7,996
8,012
8,024
80,651
80,894
81,091
81,364
81,584
5,572
5,581
5,596
5,616
5,634
6,051
6,071
6,086
6,104
6,125
19,182
19,188
19,229
19,282
19,328
6,686
6,695
6,710
6,726
6,744
25,784
25,888
25,986
26,111
26,230
17,376
17,471
17,484
17,525
17,523
2,967
2,985
2,986
2,983
2,981
1989: Jan
Feb
Mar
Apr
May....
June rr.
July ..
Aug p..
107,442
107,711
107,888
108,101
108,310
108,607
108,791
108,901
25,626
25,629
25,646
25,671
25,672
25,648
25,683
25,724
5,267
5,270
5,252
5,279
5,283
5,283
5,317
5,325
19,648
19,648
19,680
19,672
19,667
19,650
19,659
19,670
11,605
11,594
11,604
11,600
11,594
11,567
11,554
11,567
8,043
8,054
8,076
8,072
8,073
8,083
8,105
8,103
81,816
82,082
82,242
82,430
82,638
82,959
83,108
83,177
5,654
5,667
5,666
5,682
5,700
5,716
5,741
5,619
6,146
6,171
6,197
6,206
6,222
6,230
6,240
6,246
19,407
19,460
19,488
19,489
19,528
19,551
19,582
19,601
6,746
6,763
6,774
6,776
6,790
6,808
6,812
6,836
26,318
26,434
26,520
26,651
26,711
26,931
26,972
27,057
17,545
17,587
17,597
17,626
17,687
17,723
17,761
17,818
2,978
2,982
2,982
2,982
2,999
2,995
2,999
3,004
1980. .
1981
1982 .
90,406
91,156
89)566
is',181
18)434
19,378
19)260
18,965
19^024
19,403
12,187
12,109
11,039
10)732
11,505
11,490
11,230
11,194
11,437
8,098
8,061
7,741
7)702
7,873
7)770
7,734
7)830
7,967
65,659
65,753
60)866
69,769
72,660
74,967
77,492
80,335
4,346
4,188
3)905
3,948
4,383
4)673
4,816
4*. 967
5,125
20,285
20,170
1
Includes ail full- and part-time wage and salary workers in nonagricultural establishments who
received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived
from this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-emploved persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes, bad
14
64,748
15,035
5,341
5,468
5,689
5,955
6,283
6,547
6 676
17,890
18,619
19,036
19)694
20,797
22)000
23,053
24)286
25,600
16,241
16,031
15,837
15)869
16,024
16)394
16,693
17,010
17,372
2,866
2,772
2)739
2)774
2,807
2)875
2,899
2)943
2,971
15 189
5,160
5 298
5,082
4)954
5,159
5)288
5,255
5)372
5,548
5,275
5 358
5,278
5,268
5,555
5,717
5,753
5,844
6,029
15,179
15,613
16,545
17,356
17,930
18,483
19 110
5,146
5,165
weather, etc., even if they are not paid for the time off; and which are based on a sample of the
working-age population, whereas the estimates in this table are based on reports from employing
establishments.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY
EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or noiisupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Average gross hourly
earnings
Average weekly hours
Total
private
nonagrieultural ]
Period
Total
35.3
35.2
34.8
35.0
35.2
34.9
34.8
34.8
34.7
34.6
34.7
34.8
34.7
34.7
34.8
34.6
34.7
34.9
34.6
34.6
34.8
34.6
1980
1981
1982
1983
1984
1985
1986
1987
1988
1988: Aug
Sept
Oct
Nov
Dec
1989- Jan
Feb
Mar
May
July ".....
Aug".
39.7
39.8
38.9
40.1
40.7
40.5
40.7
41.0
41.1
41.0
41.1
41.2
41.2
41.0
41.1
41.1
41.0
41.3
41.0
41.0
41.0
40.9
Total
private
nonagricultura! 1
Overtime
2.8
2.8
2.3
3.0
3.4
3.3
3.4
3.7
3.9
3.9
3.9
4.0
3.9
3.9
3.9
3.9
4.0
3.9
3.8
3.8
3.9
3.8
Manufacturing
$7.27
7.99
8.49
8.83
9.19
9.54
9.73
9.91
10.18
10.21
10.25
10.29
10.30
10.31
10.33
10.37
10.40
10.40
10.42
10.45
10.49
10.53
$6.66
7.25
7.68
8.02
8.32
8.57
8.76
8.98
9.29
9.32
9.37
9.43
9.42
9.45
9.49
9.52
9.54
9.61
9.60
9.62
9.70
9.69
3
1
Also includes other private industry groups shown on p. 14.
Current dollar earnings divided by the consumer price index for urban wage earners and clerical
workers (on a 1977 = 100 base).
2
Percent change from a
year earlier, total
private
nonagricultural 3
Current dollars
Total private
nonagricultural *
Manufacturing
Current
dollars
1977
dollars 2
$235.10
255.20
267.26
280.70
292.86
299.09
304.85
312.50
322.36
322.47
325.14
328.16
326.87
327.92
330.25
329.39
331.04
335.39
332.16
332.85
337.56
335.27
$172.74
170.13
168.09
171.26
172.78
170.42
171.07
169.28
167.81
166.82
167.68
168.55
167.28
167.39
167.55
166.44
166.44
167.53
165.01
165.10
167.03
165.89
Manufacturing
Construction
Retail
trade
$288.62
318.00
330.26
354.08
374.03
386.37
396.01
406.31
418.40
418.61
421.28
423.95
424.36
422.71
424.56
426.21
426.40
429.52
427.22
428.45
430.09
430.68
$367.78
$147.38
158.03
163.85
171.05
174.33
174.64
176.08
178.70
183.62
183.57
185.08
186.30
185.60
187.11
187.40
186.41
186.98
189.44
187.56
188.43
190.97
189.58
399.26
426.82
442.97
458.51
464.46
466.75
480.44
493.08
492.53
494.05
499.66
503.04
497.07
496.89
498.39
501.23
505.21
494.17
498.17
511.30
508.64
Current
dollars
6.9
8.5
4.7
5.0
4.3
2.1
1.9
2.5
3.2
2.8
4.2
4.1
3.3
3.9
4.2
3.5
4.1
4.5
3.3
3.5
4.2
3.9
1977
dollars
-5.8
-1.5
-1.2
1.9
.9
-1.4
.4
-1.0
-.9
-1.2
.0
-.1
-.9
-.5
3
-1.2
-.8
.7
-2.0
1.6
-.9
-.7
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
[Not seasonally adjusted]
Percent ch ange from
Index (June 1981 = 100)
1I months earlk r
3 months earlie r
Period
1980:
19811982:
19831984:
19851986:
19871988-
Total
compensation
Wages and
salaries
94.7
954
103 8
1103
115 8
120.6
Dec
Dec....
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1040
110.7
1170
122.7
1275
131.6
1360
142 6
1986- Mar....
June
Sept...
Dec
1289
129.0
130 8
131.6
1987- Mar
June
Sept
Dec
132 9
133 8
135 1
1360
1988:
1989:
Mar
June...
Sept
Dec
Mar
.
....
138.1
139 8
141.2
142.6
144.4
146 1
1256
129.5
133 8
139 3
126 8
1299
128 8
1295
130 8
131 7
133 0
133.8
135.1
1366
137.9
139 3
140.8
142 2
Benefits
Total
compensation
Wages and
salaries
93.0
1043
111.7
120.0
127.9
1324
136.9
141 7
151 3
2.1
2.0
1.3
1.2
1.3
.6
.6
7
10
2.0
1.8
1.2
1.1
1.2
.6
.5
1342
134.8
136 1
136.9
1l
8
7
.6
1.0
.9
.7
.5
138 1
139.3
1403
141.7
10
7
10
10
146.1
148.2
149.7
151.3
1.5
12
1.0
10
.7
1.0
.6
1.0
1.1
1.0
1.0
154.0
156.5
1.3
12
1.1
1.0
1
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the
influence of employment shifts among occupations and industries.
J
Benefits 1
.6
10
Total
compensation
2.2
2.3
1.5
1.3
1.4
.5
.6
1.0
1.1
1.4
.4
1.0
.6
.9
.9
.7
1.0
3.1
1.4
1.0
1.1
1.8
1.6
9.8
9.8
6.4
5.7
4.9
3.9
3.2
3.3
4.9
Wages and
salaries
9.0
8.8
6.3
5.0
4.1
Benefits '
3.1
3.3
4.1
11.8
12.2
7.1
7.4
6.6
3.5
3.4
3.5
6.8
3.8
3.8
3.2
3.2
3.1
3,0
3.3
3.3
3.9
4.5
4.5
4.9
3.9
3.7
3.1
3.1
3.2
3.5
3.3
3.4
3.2
3.0
3.3
3.3
2.9
3.3
3.1
3.5
3.3
3.7
3.7
4.1
5.8
6.4
6.7
6.8
4.6
4.5
4.2
4.1
5.4
5.6
4.1
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Output
Business
sector
1
Compensation per
hour 3
Hours of all
persons z
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
1977 = 100; quarterly data seasonally adjusted
1980
1981
1982
1983
1984
99.4
101.0
100.2
102.6
105.2
99.0
100.0
99.1
102.0
104.2
106.7
108.9
105.5
109.9
119.2
106.7
108.5
104.9
110.1
119.2
107.3
107.9
105.3
107.2
113.3
107.8
108.5
105.9
108.0
114.4
131.8
144.1
154.9
160.8
167.4
131.6
144.0
154.7
160.8
167.2
97.0
96.1
97.3
97.8
97.6
96.7
96.0
97.1
97.8
97.5
132.6
142.7
154.5
156.7
159.1
132.9
144.0
156.1
157.6
160.4
127.6
139.8
148.1
153.0
158.2
127.8
140.3
149.2
154.3
159.0
1985
1986. .
1987
1988
107.3
109.8
111.1
113.1
105.6
107.7
108.9
111.2
124.2
128.0
133.4
140.0
123.9
127.6
133.1
140.3
115.7
116.6
120.1
123.8
117.4
118.4
122.2
126.2
174.8
183.8
191.0
200.4
174.0
182.9
189.8
198.9
98.4
101.7
101.9
102.7
98.0
101.1
101.2
101.9
162.8
167.5
171.9
177.2
164.9
169.8
174.2
178.8
162.2
165.6
170.0
174.9
163.8
167.6
172.0
176.5
1982:
1983:
1984:
1985:
IV
IV
IV
IV
100.9
103.5
105.7
108.4
99.5
103.0
106.2
105.0
113.6
120.8
125.9
104.2
114.1
120.7
125.5
104.1
109.7
114.3
116.2
104.7
110.8
115.5
118.1
158.2
163.2
169.9
178.6
158.0
162.9
169.6
177.5
97.9
97.8
97.8
99.3
97.8
97.6
97.6
98.7
156.8
157.7
160.7
164.9
158.7
158.2
162.3
167.1
150.2
155.2
159.8
163.7
151.4
156.2
161.0
165.5
1986:
HI
IV
109.6
109.8
107.5
107.6
127.7
128.9
127.2
128.4
116.5
117.4
118.3
119.3
185.1
187.4
184.1
186.4
102.2
102.8
101.7
102.2
168.9
170.6
171.2
173.2
166.7
167.1
168.8
169.2
109.9
110.7
111.7
112.5
107.7
108.6
109.5
110.3
130.4
132.2
134.4
136.7
130.0
132.0
134.1
136.4
118.6
119.5
120.3
121.5
120.7
121.6
122.4
123.7
188.2
189.5
191.8
195.2
187.0
188.3
190.5
193.9
101.9
101.4
101.7
102.6
101.3
100.7
101.0
101.9
171.2
171.3
171.6
173.5
173.6
173.4
173.9
175.8
168.2
169.6
170.7
171.3
170.3
171.4
172.6
173.4
113.3
2.7
113.6
113.6
111.1
110.7
111.6
112.1
138.2
139.3
140.7
141.9
138.0
139.5
141.1
142.8
122.0
123.6
123.9
124.9
124.3
126.1
126.4
127.3
196.5
199.3
195.1
197.8
202.2
204.8
200.5
203.3
102.3
102.7
102.9
103.1
101.6
101.9
102.1
102.4
173.5
176.9
178.1
180.2
175.7
178.7
179.6
181.3
171.9
174.1
175.8
177.9
173.8
175.6
177.0
179.6
113.9
114.3
111.8
112.0
143.6
144.2
143.6
144.5
126.0
126.2
128.5
129.0
207.2
205.7
208.6
103.0
103.1
102.3
102.1
181.9
184.3
184.1
186.3
179.4
181.4
180.8
182.8
1987: I
n
m
IV
1988- I
n.
m
IV
1989: I r
n.
104.5.
210.6
Percent change; quarterly data at seasonally adjusted annual rates
1980
1981
1982
1983
1984
-0.3
1.5
7
2.4
2.6
-0.4
1.1
-.9
3.0
2.1
11
2.1
31
4.2
8.4
-1.2
1.7
-3.3
5.0
8.3
-0.8
.6
-2.4
1.8
5.7
07
.6
-2.4
2.0
6.0
10.5
9.3
7.5
3.8
4.1
10.5
9.5
7.4
4.0
3.9
-2.6
-.9
1.2
.6
o
-2.6
-.7
1.1
.7
-.4
10.9
7.7
8.3
1.4
1.5
11.0
8.3
8.4
1.0
1.8
9.0
9.6
5.9
3.3
3.3
9.7
9.7
6.3
3.5
3.0
1985
1986
1987
1988
2.0
2.3
1.2
1.8
1.3
2.0
1.1
2.1
4.2
3.1
4.2
4.9
3.9
3.0
4.4
5.4
2.2
.8
3.0
3.1
2.6
.9
3.2
3.2
4.4
5.2
3.9
4.9
4.1
5.1
3.7
4.8
.8
3.3
.2
.8
.5
3.2
.1
.7
2.3
2.8
2.6
3.1
2.8
3.0
2.6
2.7
2.5
2.1
2.6
2.9
3.0
2.3
2.6
2.7
IV
IV
IV
IV
2.6
3.3
1.5
1.5
2.0
1.6
.9
.8
-.5
10.4
3.5
3.6
-1.2
9.8
3.1
3.5
-3.0
6.8
2.0
2.1
-3.1
8.1
2.2
2.7
4.1
5.7
3.5
6.3
4.6
4.4
3.5
5.8
2.8
1.6
.0
2.1
3.3
.3
.0
1.6
1.5
2.3
2.0
4.8
2.6
2.8
2.6
5.0
2.4
4.8
2.7
2.6
3.0
3.1
3.3
2.1
1986: HI
IV
-1.6
.8
-1.7
.3
.8
4.0
.7
3.7
2.5
3.2
2.5
3.4
4.6
5.0
4.6
5.0
2.2
2.1
2.2
2.1
6.4
4.2
6.5
4.7
4.9
1.0
5.1
1.0
.5
2.6
3.9
2.9
.4
3.3
3.6
2.7
4.7
5.6
6.7
7.1
5.2
6.1
6.6
7.0
4.3
2.9
2.7
4.1
4.8
2.8
2.9
4.2
1.9
2.7
4.8
7.4
1.4
2.7
4.8
7.3
-3.3
-2.0
1.1
3.6
-3.8
-2.1
1.1
3.5
1.4
.1
.9
4.3
1.0
-.6
1.2
4.5
2.5
3.4
2.6
1.4
2.8
2.5
3.0
1.7
2.7
-2.0
3.1
.2
3.0
-1.5
3.4
1.9
4.4
3.3
4.0
3.4
4.8
4.4
4.6
4.8
1.7
5.4
.9
3.2
1.8
5.9
1.2
2.8
2.8
5.9
5.8
5.2
2.7
5.5
5.5
5.9
-.8
1.3
1.0
.7
-.9
.9
.8
1.4
.1
8.1
2.6
5.0
-.3
7.1
2.0
3.9
1.5
5.1
4.1
4.8
1.0
4.3
3.2
5.9
1.0
1.3
-1.3
.7
4.8
1.9
2.4
2.4
3.8
.6
3.8
1.7
4.8
6.8
4.8
5.6
-.6
.4
-.6
1
3.7
5.5
6.2
4.9
3.3
4.6
2.8
4.5
1982:
1983:
1984:
1985:
1987: I
n
m
IV
1988:
I
n
m
IV
1989: I
II '.
1
Output refers to gross domestic product originating in the sector in 1982 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
* 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.
16
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 th'
work site rather than hours paid.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose in August, and capacity utilization was unchanged.
INDEX, 1977=100* (RATIO SCALE)
160
INDEX, 1977=100* (RATIO SCALE)
240
TOTAL INDUSTRIAL PRODUCTION
FINAL PRODUCTS
DEFENSE AND
SPACE
EQUIPMENT
220
140
200
180
120
.X*
^-V
"
^'"
BUSINESS
EQUIPMENT
160
Illllllllll Illllllllll Illllllllll
100
Illllllllll
160
140
"*^~"
720
NONDURABLE
120
100
^—
r^
.»— ^"~*'
_--*^^
Illllllllll
lllttllllll
'
\"'
CONSUMER
GOODS
iiiniiiiii iiiniiiiii
Illllllllll
PERCENT*
100
CAPACITY UTILIZATION RATE
" (TOTAL INDUSTRY)
90
ill i l i u m i i i i i l i i i i i i i i n i i i i i i
100
-^
140
MANUFACTURING PRODUCTION
r
r
,__r
140
UTILITIES AND MINING PRODUCTION
~
120
,
80
X^
!• ' II
=.
*^~~
^-^-1
-
100
70
llllll|llll
1985
1985
1989
Illllllllll Illllllllll
1986
1987
•SEA5ONAUY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Illllllllll
1988
Illllllllll
1989
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Total
industrial
production
Period
Index,
1977 = 100
1977 proportion
1980
1981
1982
1983
1984
1985
1986
1987
1988
1988: Aug .
Sept
Oct.
Nov
Dec
1989: Jan
Feb
Mar
Apr
May r.
June r.
July r
Aug p
1
Output as percent of capacity.
Capacity utilization
rate, percent *
Industry production indexes, 1977—100
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
100.0
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
137.2
-1.9
2.2
-7.1
5.9
11.2
1.9
1.1
3.8
5.7
84.21
108.2
110.5
102.2
110.2
123.4
126.4
129.1
134.7
142.7
49.10
109.1
111.1
99.9
107.7
124.2
127.6
128.4
133.1
141.9
35.11
107.0
109.7
105.5
113.7
122.3
124.6
130.1
136.8
143.9
9.83
112.4
117.5
109.3
102.9
111.1
108.9
100.4
100.7
103.4
5.96
107.3
107.1
104.8
105.2
110.7
111.1
108.5
110.3
114.3
80.9
70.9
72.1
74.6
81.0
80.4
79.4
80.7
83.3
79.3
78.2
70.3
73.9
80.5
80.1
79.7
81.1
83.5
138.5
138.6
139.4
139.9
140.4
5.5
5.7
5.2
5.1
4.9
144.0
144.4
145.3
145.8
146.3
143.2
143.8
144.6
145.2
145.7
145.1
145.3
146.3
146.7
147.1
103.8
103.7
103.1
104.7
104.9
117.8
113.0
113.9
113.7
115.4
83.8
83.7
84.0
84.1
84.3
84.0
84.0
84.3
84.4
84.4
140.8
140.5
140.7
141.7
141.6
141.9
142.0
142.4
4.8
4.5
4.4
4.7
4.1
4.0
2.9
2.8
147.2
146.8
147.0
148.0
148.1
148.6
148.6
148.9
146.2
145.9
145.8
146.9
147.1
147.3
146.9
147.5
148.5
148.1
148.6
149.6
149.5
150.4
150.9
150.9
103.0
100.9
101.5
102.4
102.0
101.2
101.5
103.9
114.0
116.5
117.5
117.1
115.6
114.0
115.0
113.9
84.3
83.9
83.8
84.2
84.0
83.9
83.8
83.8
84.7
84.3
84.1
84.5
84.3
84.3
84.1
84.0
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977 = 100; monthly data seasonally adjusted]
Materials
Products
Intermediate products
Final products
Equipment
Consumer goods
Period
Total
Total
1
Total *
Business
Business
supplies
Energy
25.52
102.7
104.1
101.4
109.3
118.0
119.8
124.0
127.8
133.9
6.89
88.4
89.7
82.9
98.5
112.2
112.5
115.6
120.2
125.3
18.63
108.1
109.3
108.3
113.3
120.1
122.5
127.1
130.6
137.1
19.25
124.7
129.9
120.2
121.7
139.6
145.8
143.6
148.9
158.2
14.34
125.1
127.6
113.6
115.4
134.2
140.2
139.5
144.5
157.6
3.67
115.4
119.8
133.0
143.1
156.4
171.4
182.0
188.9
185.8
12.94
106.9
107.3
101.7
111.2
124.7
129.3
136.2
143.4
151.5
5.95
100.6
98.6
88.3
100.6
114.0
119.2
126.4
131.5
138.6
6.99
112.3
114.7
113.1
120.3
133.8
137.9
144.6
153.5
162.5
43.28
105.3
107.7
96.7
102.8
114.2
114.3
113.8
118.2
125.2
11.69
105.5
104.7
101.2
98.4
103.9
103.3
99.7
99.8
101.5
Dec
145.8
145.8
146.4
146.8
147.7
135.0
134.8
136.4
136.8
138.2
125.7
126.3
129.3
129.2
131.9
138.5
138.0
139.0
139.7
140.5
160.1
160.4
159.7
159.9
160.4
160.2
160.8
160.2
161.2
162.6
184.9
184.5
184.0
182.2
180.5
152.3
152.9
154.0
154.2
155.0
138.1
138.4
140.0
140.7
141.4
164.4
165.2
165.9
165.7
166.7
126.5
126.5
127.5
128.3
128.3
103.2
101.5
101.3
102.3
102.6
Jan
Feb
Mar
Apr
May r
June r
July T
Aug p
148.2
148.6
1489
150.2
150.4
150.9
150.4
150.8
138.5
138.7
138.4
139.5
139.2
139.6
138.9
139.0
131.5
131.6
130.1
132.2
131.2
130.8
128.0
129.6
141.1
141.4
141.4
142.2
142.1
142.9
142.9
142.5
161.1
161.6
162.8
164.3
165.4
165.9
165.7
166.4
163.8
165.0
166.3
167.8
169.1
169.4
168.9
169.9
180.0
179.3
178.7
179.9
180.7
181.1
181.7
181.2
156.6
155.1
156.1
156.5
156.3
157.0
157.3
157.6
142.3
139.5
139.3
140.2
140.2
141.0
141.0
141.5
168.8
168.4
170.4
170.4
170.0
170.7
171.2
128.1
127.4
127.3
128.2
127.9
127.7
128.4
128.9
100.5
100.5
101.0
101.7
101.1
99.0
99.1
100.9
.
1985
1986
1987
1988
1989:
Nondurable goods
Construction
supplies
Total
Total
44.77
112.2
115.2
109.5
114.7
127.3
131.0
132.5
136.8
144.3
1980.
1981
1982
1983
1984
1988:
Durable
goods
Defense
and
space
equipment
Aug
Sept
Oct
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1977—100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Transportation
equipment
Primary metals
1985
1986
1987
1988
1988:
.
Aug
Sept
Oct
Dec
1989:
Jan
Feb
Mar
May r
July r
Aug p
Apparel
products
Printing
and
publishing
cals
and
products
Foods
5.33
90.4
95.0
65.8
73.0
82.3
80.4
75.1
81.3
89.2
3.49
86.3
92.5
57.5
66.1
73.4
70.4
63.4
70.6
78.1
6.46
101.8
101.6
86.6
89.1
102.6
107.1
108.0
111.0
120.9
9.54
123.3
129.8
115.6
118.3
141.8
146.2
145.0
.152.7
170.8
7.15
130.3
134.1
128.4
143.8
170.5
168.3
165.7
172.3
180.1
9.13
96.9
95.1
87.6
99.2
112.2
122.8
127.5
129.2
132.1
5.25
71.1
71.6
66.8
85.8
104.4
111.9
111.5
111.8
117.2
2.30
92.9
90.1
82.8
100.2
109.1
114.3
124.1
130.3
137.3
2.79
97.3
96.1
87.3
95.3
102.7
100.4
103.1
107.4
109.1
4.54
115.1
118.6
120.2
129.8
146.5
151.4
160.9
172.1
184.2
8.05
106.4
112.6
103.8
114.0
121.6
126.4
132.0
140.2
151.9
7.96
111.4
113.7
114.9
120.4
126.9
130.5
134.4
137.8
142.7
90.8
93.1
94.2
92.7
90.0
78.9
81.4
83.1
80.8
77.6
122.1
122.5
122.6
124.6
125.1
174.1
174.8
173.8
175.4
177.8
182.2
181.8
183.0
182.2
180.9
131.8
132.7
134.8
135.2
136.8
117.5
118.5
121.7
122.9
125.5
133.8
133.5
137.5
139.4
143.0
108.9
109.9
109.5
110.1
108.8
186.7
188.0
188.1
188.5
188.0
154.8
155.3
156.7
157.5
158.1
143.3
143.2
144.0
145.7
145.8
93.2
91.1
88.4
90.1
87.2
87 3
89.1
89 5
82.2
79.1
75.9
77.0
73.2
72.9
74.7
124.5
124.5
123.8
123.1
124.8
125.4
126.1
126.4
178.7
180.8
183.0
184.7
186.5
187.0
186.1
186.0
180.9
181.7
181.6
182.2
181.6
182.0
180.9
181.6
136.7
136.4
134.8
136.4
135.5
134.2
131.9
133.7
124.9
123.4
120.4
122.0
119.7
116.5
110.2
114.3
139.9
132.8
133.4
135.1
135.5
137.1
136.0
110.2
110.2
109.9
111.3
111.5
112.2
193.0
194.6
198.5
200.1
199.0
200.9
200.3
202.0
159.0
158.5
159.2
159.3
158.2
159.4
160.2
146.6
146.3
145.4
146.6
147.2
147.7
147.6
Source: Board of Governors of the Federal Reserve System.
18
Lumber
and
products
Iron and
steel
Total
1980.
1981
1982
1983
1984
Nonelectrical
machinery
Fabricated
metal
products
Period
Electrical
machinery
Total
Motor
vehicles
and
parts
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Private
Period
Total new
construction
expenditures
Construction contracts
Federal,
State, and
local
Residential
Total
New housing
units
Tola! '
Commercial
and
industrial 2
Other
Total value
index
(1982=100)
3
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
253.0
252.8
261.3
248.0
282.4
329.6
356.6
387.0
397.7
409.7
201.3
194.3
204.7
194.3
228.7
271.9
292.6
315.3
320.1
328.7
89.3
69.6
69.4
57.0
94.6
113.8
114.7
133.2
139.9
138.9
116.4
100.4
99.2
84.7
125.5
153.8
158.5
187.1
194.7
198.1
42.0
46.7
55.0
58.7
53.8
68.6
82.7
78.0
76.5
79.8
42.8
47.2
50.5
50.9
49.3
49.4
51.4
50.2
48.9
50.8
109
97
100
100
124
136
150
158
164
161
51.7
58.5
56.5
53.7
53.8
57.7
64.1
71.7
77.6
80.9
Annual rates
Annual rates
1988: July
Oct
Nov
Dec
1989: Jan
Feb
Mar
May '
July"
410.7
408.1
411.5
411.1
415.4
425.0
328.1
329.2
329.8
331.4
332.8
336.3
196.8
197.6
198.3
200.8
202.0
202.5
137.0
137.0
138.0
139.8
141.9
143.3
81.4
80.6
79.7
79.1
78.8
80.6
49.9
51.0
51.9
51.5
51.9
53.2
82.5
78.9
81.7
79.7
82.6
88.8
160
162
157
164
158
163
954
905
880
841
839
942
424.8
418.5
419.2
415.8
419.3
415.6
415.7
339.5
335.0
340.4
335.4
334.1
333.7
334.7
204.7
202.3
204.5
204.0
201.0
198.6
198.2
145.6
145.3
143.2
142.0
138.3
136.4
135.9
82.5
81.1
84.2
79.4
80.1
81.7
82.4
52.2
51.6
51.8
52.0
53.1
53.5
54.2
85.3
83.4
78.7
80.4
85.1
81.9
80.9
155
148
150
163
159
157
163
160
943
850
856
836
905
938
933
803
Au£ " .
1
2
3
1,059
904
919
690
756
955
1,097
1,016
1,019
942
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Period
Units started, hy type of structure
Total
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1 unit
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1 620 5
1,488.1
1,194.1
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,459
1,463
1,332
1,567
1,577
1,076
1,039
1,136
1,138
1,141
2-4 units
5 or more units
122.0
429.0
330.5
287.7
319.6
522.0
544.0
576.1
542.0
408.7
348.0
109.5
91.1
80.0
113.5
121.4
93.4
84.0
65.3
58.8
Units
authorized
Units
completed
Homes sold
Homes for
sale at end of
period 1
3
397
337
275
253
301
353
346
357
365
366
1,870.8
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
709
545
436
412
623
639
688
750
671
676
1,466
1,432
1,526
1,508
1,518
1,539
1,536
1,516
1,429
1,539
712
691
718
650
669
363
361
353
364
366
1,486
1,403
1,230
1,334
1,347
1,308
1,281
1,328
1,537
1,610
1,459
1,552
r
1,442
1,354
1,369
700
621
555
607
646
646
739
369
375
377
377
381
379
371
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
Vacancy rate
for rental
housing units
(percent) z
5.4
5.4
5.0
5.3
5.7
5.9
6.5
7.3
7.7
7.7
Seasonally adjusted annu al rates
1988- Aug
Sept
Oct
Nov
Dec
1989- Jan
Feb
Mar
July
r
1,678
1,465
1,409
1,343
1,308
1,406
1,424
1,353
1,199
1,029
981
1,029
977
972
1,029
1,003
59
62
63
68
65
66
62
50
62
42
55
57
58
1
Seasonally adjusted.
2
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
with earlier data.
3
New series beginning March 1979.
324
362
333
361
371
413
374
378
252
289
379
338
292
7.8
7.3
7.3
7.3
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In July, manufacturing and trade sales fell 1.0 percent and inventories rose $5.1 billion. In August, according to
advance data, retail sales rose 0.7 percent, following a rise of 0.5 percent in July.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
800
240
.--- _
-^"~"'
700
1—
-
MANU FACTURING AND
TRAC E INVENTOf IES
-
^
-
* *
—
^^
__
-
X"*
—
140
-
^**
/v r'-C"
-
'"\"
M, VNUFACTUR NO
400
Ktl AIL INVENTC)RIES
160
_x~500
—
-~is\
f
180
—
^
_^^T
200
~~~^'
\
600
^^"" —
<^~s\
220
120
At^JD TRADE SA LES
*
•"RETAIL SA
**
—
LbS
f
—
-
—
100
mulmii iiiiilmn Illllllllll Illllllllll Illllllllll
300
RATIO*
1.80
-
—
INVENTORY-SALES RATIO
1.60
1.40
200
MANUFACTURING
AND TRADE
1.20
imiliiin
j 1 1 1 1 1 n 1 1Minium
1
1985
1986
1987
i.ooluiuii
Illllllllll Illllllllll
1989
1988
1986
1985
1987
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufacturing and
trade 1
1988
1989
COUNCIL OF ECONOMIC ADVISERS
Wholesale
Inventory-sales ratio 4
Retail
Sales 2
Period
2
Inventories 3
Sales 2
Inventories 3
348,747
368,813
407,869
418,151
423,700
449,536
485,756
574,491
590,358
644,306
655,066
653,853
700,761
753,718
96,290
100,244
113,195
114,315
115,677
123,581
132,361
128,196
130,334
142,380
146,745
152,447
162,648
178,313
486,289
492,173
492,478
498,846
501,400
506,186
729,786
737,562
744,054
743,544
746,756
753,718
133,850
134,726
135,332
138,087
137,239
136,170
174,466
176,368
176,972
177,408
177,060
178,313
511,881
507,328
507,555
517,745
518,088
515,695
510,341
759,803
763,051
765,504
771,340
778,093
780,802
785,874
140,356
139,547
139,991
142,290
142,474
141,959
140,881
179,761
179,810
179,681
181,226
182,615
182,548
182,573
Sales
Total
Durable
goods
stores
Inventories 3
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade *
61,093
64,754
68,985
72,434
74,802
79,077
83,384
134,468
147,377
167,159
180,825
185,224
206,981
221,242
61,469
68,984
79,257
88,608
90,477
106,271
114,994
72,999
78,393
87,902
92,217
94,747
100,710
106,248
1.67
1.56
1.53
1.55
1.55
1.51
1.50
83,306
84,103
84,324
85,117
85,599
85,035
211,532
215,396
219,297
216,724
218,093
221,242
107,487
110,146
114,303
111,689
112,904
114,994
104,045
105,250
104,994
105,035
105,189
106,248
1.50
1.50
1.51
1.49
1.49
1.49
86,225
86,357
86,630
87,512
88,404
88,484
r
88,832
88,521
222,584
224,185
224,693
226,656
230,423
231,762
232,503
115,704
116,169
115,993
117,093
118,835
119,542
119,708
106,880
108,016
108,700
109,563
111,588
112,220
112,795
1.48
1.50
1.51
1.49
1.50
1.51
1.54
Nondurable goods
stores
Retail
Millions of dollars, seasonally adjusted
1982
1983
1984
1985
1986
1987
1988
1988- July r
Aug
Oct
Nov
Dec
1989:
Jan
Feb
Mar
Slav
June r
July p .
Aug"
1
2
3
r
See page 21 for manufacturing.
Monthly average for year and total for month.
End of period.
20
28,013
32,574
37,819
41,387
44,861
47,707
52,379
89,107
97,328
106,805
113,821
119,663
126,785
135,763
r
135,741
135,732
135,751
137,842
139,529
139,189
140,040
139,428
139,516
141,413
142,543
142,500
r
143,271
144,285
r
52,435
5 1,629
51,427
52,725
53,930
54,154
53,815
53,071
52,886
53,901
54,139
54,016
r
54,439
55,764
4
r
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census.
1.49
1.44
1.49
1.53
1.56
1.56
1.57
1.56
1.59
1.62
1.57
1.56
1.59
r
1.59
1.61
1.61
1.60
1.62
1.63
1.62
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In July, manufacturers' shipments and new orders fell while inventories and unfilled orders rose. In August,
according to advance data, durable goods shipments and new orders rose.
BILLKDNS OF DOLLARS* (RATIO SCALE)
280
240
•—^—*»
r^—l
<
200
'
'
160
120
"
l
v
TOTAL
^
\
TOTAL
1
DURABLE GOO DS
280,
160
•._!_*••
NONDURABLE GOODS
120
"~\~"
60
Illllllllll
umiiim iiinlinii
Illllllllll Illllllllll
,
-— -"
r
1
N
DURABLE GOODS
200!
|"^~— -
\\..
80
BILLKDNS OF DOLLARS* (RATIO SCALE)
480
440 — INVENTORIES
400
360
'"
NC)NDURABLE GOODS
80
BILLIONS OF DOLLARS* (RATIO SCALE)
280
240
NFW i~>RPERS
^_e--~
1
^^
"--r \
|
160
120
1
A
DURABLE GOODS
1 fs~-!i-"t"X'-
_
-
80
RATIO *
2.20
TOTAL
-.."--f-v
' *—**v- ^
- _x-.
1"
INVENTORY-SHIPMENTS RATIO
2.00
1.80
1.60
~
r
"~^1
'
r-~
S~^
1.40
60
||IIlllll||
Illllllllll Illllllllll
1985
1986 1987
Illllllllll
1988
Illllllllll
1.20
iniiliiiii Hitilinii tl 1 lltll III
1987
1988
1989
1 t 1 1 1 1 1 1 I|
1|11 1 1 | | 1 | | f
1985
1989
1986
'SEASONALLY ADJUSTED
COUNCIl OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Manufacturers' shipments 1
Manufacturers' inventories 2
Manufacturers' new orders 1
Durable goods
Period
Total
Durable
goods
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Capital
goods
industries,
nondefense
78,338
87,600
98,581
99,843
100,166
107,770
119,634
116,112
122,806
119,321
122,791
123,035
132,149
128,479
124,107
125,377
129,372
123,524
125,137
r
122,070
126,735
21,661
22,098
26,243
27,067
26,551
29,707
35,028
36,213
38,808
34,858
34,623
35,825
39,432
40,352
37,189
38,137
40,389
37,290
39,146
T
4 1,458
37,383
Total
Nondurable goods
Manufacturers'
unfilled
orders 2
83,935
86,522
91,209
91,075
88,497
94,197
101,993
103,765
104,203
103,348
104,304
105,118
106,737
107,596
107,199
107,634
110,535
110,229
110,020
108,528
314,270
349,419
372,586
383,181
387,065
421,243
468,860
446,536
451,830
453,103
457,281
460,802
468,860
473,450
476,403
481,366
487,231
487,913
491,834
496,243
Manufacturers'
inventory —
shipments
ratio 3
Millions of dollars, seasonally adjusted
1982.. ..
1983
1984..
1985.
1986..
1987 .
1988
1988: July
Sept
Oct.
Nov
Dec
1989- Jan
Feb
Mar
Apr
June T
July p
Aug p
1
2
163,350
171,242
187,869
190,016
188,360
199,170
217,632
216,698
221,715
221,395
222,917
224,632
230,827
231,485
228,353
228,048
234,042
233,071
231,236
226,189
79,352
84,956
96,623
99,019
99,989
105,291
115,684
113,122
117,866
118,030
118,439
119,874
124,175
123,578
120,924
120,432
123,331
122,962
121,720
r
l!7,183
128,358
83,998
86,286
91,246
90,996
88,371
93,879
101,948
103,576
103,849
103,365
104,478
104,758
106,652
107,907
107,429
107,616
110,711
110,109
109,516
109,006
Monthly average for year and total for month. Shipments are the sam
End of period.
311,827
312,647
334,767
327,496
316,182
331,132
354,163
343,788
345,798
347,785
349,412
351,603
354,163
357,458
359,056
361,130
363,458
365,055
366,492
370,798
200,825
200,406
218,771
214,066
208,313
216,598
233,666
225,467
226,600
228,214
229,735
231,766
233,666
236,810
238,165
239,330
240,486
241,689
242,295
245,764
111,002
112,241
115,996
113,430
107,869
114,534
120,497
118,321
119,198
119,571
119,677
119,837
120,497
120,648
120,891
121,800
122,972
123,366
124,197
125,034
3
162,273
174,122
189,791
190,918
188,663
201,966
221,627
219,877
227,009
222,669
227,095
228,153
238,886
236,075
231,306
233,011
239,907
233,753
235,157
230,598
1.95
1.80
1.74
1.74
1.70
1.62
1.58
1.59
1.56
1.57
1.57
1.57
1.53
1.54
1.57
1.58
1.55
1.57
1.58
1.64
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In August, the producer price index for all finished goods fell 0.4 percent. Prices of finished consumer foods rose
0.3 percent and prices of other finished consumer goods fell 1.0 percent. Capital equipment prices rose 0.3
percent.
INDEX, 1982=100 (RATIO SCALE)
120
SEASONALLY ADJUSTED
£
FINISHED GOODS PRICES
~~
,'-T— "::'
.--->'N
/
=^5**
100
"~^f
90
^-~~.-
.y -*s
l\w/\
'-\.-'
«*£'
V
y ..
110
/\
*
*-/
f
S
,'>c*'~*3''"-">
-— £-5\A.- fc""
.^
/.->"
,--¥*
*•• *
,
CAPITAL EQUIPMENT
V
,.„.
110
INDEX, 1982 = 100 (RATIO SCALE)
120
ONSUMER
FOODS
TOTAL_y
_.-•—
' \
.-•S
100
CONSUMER C OODS
EXCLUDING F OODS
—
90
—
—
80
80
imilmii
1981
iiiiiliiin Illlllllltl
1984
1983
1982
1985
Illllilllll Illllilllll
1986
1988
1987
SOURCE: DEPARTMENT OF LABOR
imilmii
1989
COUNCIL OF ECONOMIC ADVISERS
[1982 = 100; monthly data seasonally adjusted]
Finished goods
Period
Finished goods excluding consumer foods
Total
finished
goods
Con-
sumer
foods
Consumer goods
Total
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1988:
Aug
Sept
Oct
Nov
Dee
1989- Jan
Feb
Mar
Apr T.
May
June
JuJy
Aug
1
88.0
96.1
100.0
101.6
103.7
104.7
103.2
105.4
108.0
108.5
109.1
109.2
109.5
109.9
111.1
112.1
112.6
113.1
114.1
114.0
113.5
113.1
92.4
97.8
100.0
101.0
105.4
104.6
107.3
109.5
112.6
113.6
114.6
114.7
115.1
115.2
116.7
117.8
118.8
118.1
119.2
118.2
118.3
118.7
86.7
95.6
100.0
101.8
103.2
104.6
101.9
104.0
106.5
106.9
107.3
107.4
107.7
108.2
109.3
110.1
110.5
111.4
112.4
112.6
111.9
111.3
Intermediate materials for food manufacturing and feeds.
22
Intermediate materials
Durable
Nondurable
87.1
96.1
100.0
101.2
102.2
103.3
98.5
100.7
103.1
91.0
96.4
100.0
102.8
104.5
106.5
108.9
111.5
113.8
85.1
95.8
100.0
100.5
101.1
101.7
93.3
94.9
97.3
103.5
103.7
103.8
104.1
104.7
114.5
115.1
115.0
115.0
115.4
97.6
97.6
97.8
98.3
98.9
106.0
107.1
107.5
109.0
110.2
110.1
109.1
108.0
116.3
116.9
117.0
116.3
117.2
117.4
117.1
117.5
100.4
101.6
102.2
104.4
105.8
105.6
104.3
102.6
Capital
equipment
85.8
94.6
100.0
102.8
105.2
107.5
109.7
111.7
114.3
114.7
115.7
115.6
115.8
116.2
116.9
117.4
117.5
117.4
117.9
118.7
118.7
119.0
Total
finished
consumer
goods
Total
Foods
and
feeds l
Other
Crude materials
Total
Foodstuffs
and
Other
stuffs
88.6
96.6
100.0
101.3
103.3
103.8
101.4
103.6
106.2
90.3
98.6
100.0
100.6
103.1
102.7
99.1
101.5
107.1
105.5
104.6
100.0
103.6
105.7
97.3
96.2
99.2
109.5
106.8
107.3
107.4
107.8
108.2
108.2
108.6
108.6
109.0
109.5
109.5
110.6
111.2
112.0
113.2
112.8
112.1
111.5
110.8
111.3
111.9
112.5
112.6
112.4
112.2
111.9
114.9
115.3
115.1
113.2
112.3
115.2
114.8
116.7
114.9
113.6
111.8
113.6
113.4
89.4
98.2
100.0
100.5
103.0
103.0
99.3
101.7
106.9
107.8
108.2
108.3
108.8
109.4
110.5
111.1
111.7
112.4
112.6
112.4
112.1
111.8
Source: Department of Labor, Bureau of Labor Statistics.
95.3
103.0
100.0
101.3
103.5
95.8
87.7
93.7
96.0
104.6
103.9
100.0
101.8
104.7
94.8
93.2
96.2
106.1
84.6
101.8
100.0
100.7
102.2
96.9
81.6
87.9
85.5
97.2
97.1
96.6
94.8
97.8
110.9
113.1
113.4
108.8
110.8
84.4
83.1
82.0
82.1
85.6
101.8
101.5
103.7
104.5
105.1
103.0
103.2
101.2
113.3
111.7
115.2
112.1
112.3
109.4
108.2
110.0
90.2
90.7
92.1
95.1
96.0
94.5
95.4
91.3
CONSUMER PRICES—ALL URBAN CONSUMERS
In August, the consumer price index for all urban consumers was unchanged, seasonally adjusted (it rose
0.2
percent not seasonally adjusted). The index was 4.7 percent above its year-earlier level.
INDEX, 1982-84=100 (RATIO SCALE)
INDEX, 1982-84= 100 (RATIO SCALE)
130
130
SEASONALLY ADJUSTED
120
120
- CONSUMER PRICES—ALL ITEMS -
110
110
\
100
100
90
90
80
80
70
70
111
60
1981
1983
1982
1985
1984
1987
1986
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
60
1989
1988
COUNCIL Of ECONOMIC ADVISERS
[1982-84—100, except as noted; monthly data seasonally adjusted, except as noted]
All items *
Transportation
Housing
Medical
care
Ener-
gy 2
All
items
less
food,
shelter,
and
energy
3.1
97.4
108.5
102.8
99.4
97.9
98.7
77.1
80.2
80.9
6.0
74.9
82.9
92.5
100.6
106.8
113.5
122.0
130.1
138.6
7.3
86.0
97.7
99.2
99.9
100.9
101.6
88.2
88.6
89.3
48.7
80.6
88.3
95.1
100.0
105.0
109.0
112.7
117.0
121.9
Shelter
Period
Not
seasonally
adjusted
(NSA)
Seasonally
adjusted
Rel. imp.3.... 100.0
824
1980
1981
1982
1983
1984
1985
1986.. ..
1987
1988
1988:
Sept
Oct
Nov
Dec
1989:
Jan
Feb.
Mar
Apr . .
June
July
Aue:
90.9
96.5
99.6
103 9
107.6
1096
113.6
118.3
(Dec.
1982 =
100)
Homeowners'
costs
(Dec.
1982 =
100)
Rent-
Food
ers'
Total '
Total
costs
Maintenance
and
repairs
(NSA)
16.2
86.8
93.6
97.4
99.4
103.2
105.6
109.0
113.5
118.2
42.3
81.1
90.4
96.9
99.5
103.6
107.7
110.9
114.2
118.5
27.8
81.0
90.5
96.9
99.1
104.0
109.8
115.8
121.3
127.1
7.9
19.7
103.0
108.6
115.4
121.9
128.1
133.6
102.5
107.3
113.1
119.4
124.8
131.1
0.2
82.4
90.7
96.4
99.9
103.7
106.5
107.9
111.8
114.7
Fuel
and
other
utilities
Apparel and
upkeep
Total '
New
cars
Motor
fuel
7.6
75.4
86.4
94.9
100.2
104.8
106.5
104.1
103.0
104.4
6.4
90.9
95.3
97.8
100.2
102.1
105.0
105.9
110.6
115.4
17.2
83.1
93.2
97.0
99.3
103.7
106.4
102.3
105.4
108.7
4.3
88.4
93.7
97.4
99.9
102.8
106.1
110.6
114.6
116.9
119.0
119.8
120.2
120.3
120.5
119.0
119.5
120.0
120.3
120.7
119.5
120.3
120.6
120.8
121.2
118.9
119.3
119.6
120.1
120.6
127.6
128.1
128.3
128.9
129.4
133.8
133.8
134.1
134.2
134.9
131.9
132.5
132.7
133.5
133.9
115.0
115.3
115.0
115.4
115.8
104.0
104.4
105.1
105.5
106.3
113.9
116.0
117.4
117.4
117.7
109.6
109.7
110.1
110.4
110.4
117.0
117.7
117.8
117.9
118.1
82.8
82.0
81.3
81.1
79.7
140.0
140.7
141.6
142.2
142.9
89.5
89.3
89.2
89.5
89.2
122.4
123.0
123.8
124.2
124.6
121.1
121.6
122.3
123.1
123.8
124.1
124.4
124.6
121.4
121.9
122.5
123.3
124.0
124.2
124.5
124.5
122.1
122.6
123.6
124.2
125.0
125.3
125.7
125.9
120.9
121.3
121.7
121.8
122.3
122.6
123.3
123.5
129.7
130.3
131.1
131.2
131.8
132.3
133.2
133.5
135.2
136.4
138.2
137.3
137.3
138.1
140.2
139.6
134.2
134.7
135.1
135.6
136.5
136.9
137.5
138.1
116.1
117.1
117.1
117.3
117.4
118.3
118.4
118.5
106.9
106.7
106.9
107.4
107.6
107.1
107.6
107.5
117.7
117.5
119.1
119.4
120.4
119.1
118.1
116.3
111.2
111.9
112.6
115.0
116.1
115.9
115.2
114.3
118.9
119.3
119.7
119.8
119.6
119.3
118.8
118.5
80.5
81.8
83.6
93.0
96.6
95.4
93.3
89.5
144.0
145.2
145.9
146.6
147.6
148.7
149.8
150.8
89.9
90.4
91.4
96.1
97.6
96.6
95.9
94.0
125.4
125.8
126.3
126.6
127.2
127.4
127.6
127.7
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—-and motor fuel. Motor oil, coolant, etc.
also included through 1982.
3
Relative importance, December 1988.
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for bom
and therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 and 1988 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
wnership costs
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Total
finished
Total
finished
goods
Capital
equipment
Excluding foods
Foods
goods
Excluding
foods
Foods
Capital
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
11.8
7.1
3.6
.6
1.7
1.8
-2.3
2.2
4.0
1980
1981
1982
1983
1984
1985
1986
1987
1988
,
14.1
8.6
4.2
-.9
.8
2.1
-6.6
4.1
3.1
7.5
1.5
2.0
2.3
3.5
.6
2.8
-.2
5.7
13.4
9.2
4.1
1.6
2.1
1.0
-1.4
2.1
2.5
11.4
9.2
3.9
2.0
1.8
2.7
2.1
1.3
3.6
Change, month to month
1988- Aug
Sept
Oct
Nov
Dec
. ...
1989- Jan
Feb
Mar
May r
July '
0.3
.6
.1
.3
.4
0.6
.9
.1
.3
.1
0.2
.2
.1
.3
.6
0.3
.9
-.1
.2
.3
4.2
5.7
3.7
3.7
3.0
8.9
9.2
6.5
5.4
2.1
2.4
4.0
2.0
2.3
3.9
3.6
6.1
4.6
3.9
1.7
4.0
4.4
4.0
3.9
4.3
6.7
7.4
7.6
7.1
5.6
3.2
3.0
2.2
2.3
3.9
2.8
4.5
3.9
3.7
3.9
2.6
2.7
3.0
3.3
4.0
1.1
.9
.4
.4
.9
-.1
4
1.3
.9
.8
-.6
.9
%
.1
.3
1.2
1.0
.4
1.4
1.1
i
9
-1.0
.6
.4
.1
7.1
9.8
10.2
7.4
7.3
5.1
1.4
-3.5
7.2
9.7
13.1
4.9
4.8
20
.7
-1.7
8.8
12.0
11.1
11.8
12.1
10.0
.4
-7.7
4.6
5.6
4.6
1.7
1.7
4.1
4.5
3.8
5.4
6.7
6.5
7.3
8.6
7.6
4.4
1.8
6.8
7.5
7.5
6.0
7.3
5.3
2.8
1.5
5.3
7.1
7.5
10.3
12.1
10.6
5.9
1.7
4.6
4.8
3.1
3.1
3.7
4.3
3.1
2.7
4.5
5.3
5.5
5.6
6.2
5.9
5.0
4.2
-.4
1
.4
.7
0
.3
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 '
Total '
Renters'
costs
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
New
cars
Total i
Motor
fuel
Medical
care
Energy2
All
items
less
food,
shelter,
and
energy
Addendum: All items, percent change
(annual rate)
From
previous
quarter 3
From
8
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
1980
1981
1982
1983
1984
1985
1986
1987
1988
12.5
8.9
3.8
3.8
3.9
3.8
1.1
4.4
4.4
10.2
4.3
31
2.7
3.8
2.6
3.8
3.5
5.2
13.7
10.2
36
3.5
4.3
4.3
1.7
3.7
4.0
15.0
9.9
24
4.7
5.2
6.0
4.6
4.8
4.5
5.1
5.9
6.3
5.0
3.9
3.9
4.5
5.1
5.9
4.6
5.3
4.7
0.3
.4
.4
.3
.3
0.5
.7
.2
.2
.3
0.3
.3
.3
.4
.4
0.5
.4
.2
.5
.4
0.3
0
.2
.1
.5
0.5
.5
.2
.6
.3
.2
.5
.6
.1
.5
.4
.7
.2
2
.9
1.3
-.7
0
.6
1.5
-.4
.2
.4
.3
.4
.7
.3
.4
.4
13.8
14.4
9.7
1.8
4.2
1.8
-5.6
1.6
2.9
6.8
3.5
1.6
2.9
2.0
2.8
.9
4.8
4.7
14.6
10.9
1.8
3.9
3.1
2.6
-5.9
6.1
3.0
7.4
18.8
6.8
9.4
1.5 -6.5
3.4 — 1.7
2.5 -2.4
3.4
3.1
5.9 -30.7
1.8
18.7
2.1 -2.1
9.9
12.5
11.0
6.4
6.1
6.8
7.7
5.8
6.9
18.0
11.9
1.3
-.5
.2
1.8
-19.7
8.2
.5
9.8
9.4
6.1
5.0
4.3
3.7
33
13.5
10.3
6.2
3.2
4.3
3.6
1.9
3.6
4.1
3.8
4.7
Change, month to month
1988:
1989:
Aug
Sept
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
June
July
Aug
.6
.4
.5
.7
.6
2
.2
0
.7
.4
.8
.5
.6
.2
.3
.2
.2
.3
.3
.1
.4
.2
.6
2
-1.6
1.8
1.2
0
.3
0.8
.1
.4
.3
0
0.3
.6
.1
.1
.2
1.8
-1.0
-.9
— .2
-1.7
0.4
.5
.6
.4
.5
0.7
-.2
-.1
.3
-.3
0.2
.5
.7
.3
.3
.6
0
__ 2
-.2
.2
1.4
.5
.3
.2
.8
-.5 — 1.1
.5
-.8
-.1 -1.5
.7
.6
.6
2.1
1.0
-.2
-.6
-.8
.7
.3
.3
.1
-.2
-.3
-.4
-.3
1.0
1.6
2.2
11.2
3.9
-1.2
-2.2
-4.1
.8
.8
.5
.5
.7
.7
.7
.7
.8
.6
J.I
5.1
1.6
-1.0
7
-2.0
.6
.3
.4
.2
.5
2
.2
.1
0
.4
.7
.4
.8
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel Motor oil, coolant, etc.,
also included through 1982.
24
3
4.5
4.4
5.4
6.4"
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
4.5
4.8
4.8
4.4
4.1
4.7
4.9
4.8
4.5
4.5
4.0
4.2
4.2
4.2
4.4
4.7
5.4
6.1
6.4
7.1
5.7
4.0
1.6
4.8
4.9
5.1
5.6
6.2
5.9
5.2
4.3
4.7
4.8
5.0
5.1
5.4
5.2
5.0
4.7
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in September were 0.7 percent below their August level. Prices paid by farmers in July
were 0.6 percent above their April level. (Data are not seasonally adjusted.)
INDEX, 1977= 100 (RATIO SCALE)
180
INDEX, 1977= 100 (RATIO SCALE)
180
160
160
T
PRICES PAID
140
140
120
120
PRICES RECEIVED
100 '
100
80
80
60,
RATIO^
140
m
Illll
mnliim
-
120
100
-
80
-
140
120
-
x^,-
HiHlHffl
1981
Illllllllll
1982
Illllllllll
1983
•_
KAIIO
.
1
->_
-
60
60
—__ ~
"~~'~~'~1--N
1
^
Illllllllll iiiiiiiini Illllllllll llllllllUI inniinii iiiiiiiini
1984
1985
1986
1987
1988
100
80
60
1989
I/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
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
1988- Sept
Oct
Nov
Dec
1989' Jan
Peb
Mar
Apr
May
July
Sept
1
All farm
products
Livestock and
products
Crops
139
133
135
142
128
123
126
138
144
143
144
145
134
121
128
138
120
107
106
126
135
133
136
136
143
145
141
146
136
138
146
150
153
152
151
154
149
148
149
147
149
147
146
144
143
140
138
136
140
141
138
134
126
127
158
158
161
154
156
157
r
!57
161
158
Includes items not shown separately.
z
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.
All commodities,
services,
interest, taxes,1
and wage rates
Production
items, interest,
taxes, and wage
rates
150
159
161
164
162
159
161
170
(3)
173
(3)
(3)
175
(3)
(3)
177
(3)
(3)
178
(3)
(3)
151
158
159
161
156
150
151
160
(3)
163
(3)
(3)
166
(3)
(3)
167
(3)
(3)
167
(3)
(3)
Production
items
148
153
152
155
151
144
147
157
(3)
162
(3)
(3)
163
(3)
(3)
165
(3)
(3)
165
(3)
(3)
Ratio 2
92
84
84
87
79
77
79
81
84
83
83
84
85
85
85
83
84
83
82
81
80
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexe;
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 Ml and the broader aggregates slowed in August.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
4,800
4,400
4,000
4,800
4,400
4,000
3,600
3,600
M3
3,200
3,200
2,800
2,800
2,400
2,400
M2
2,000
2,000
1,600
1,600
1,200
1,200
800
800
600
Illllllllll I l l l l l l l l l l
400
1982
1985
400
1989
1987
1986
COUNCIL OF ECONOMIC ADVISERS
• AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Ml
M2
MS
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
EPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
M3 plus
other liquid
assets
412.2
439.1
476.4
522.1
551.9
620.5
725.9
752.3
790.3
1,633.3
1,795.9
1,954.5
2,186.0
2,367.2
2,567.4
2,811.2
2,909.9
3,069.5
1,991.1
1,236.9
2,443.8
2,694.3
2,982.3
3,201.7
3,494.9
3,677.6
3,915.4
2,327.8
2,599.4
2353.5
3,155.5
3,523.4
3,830.6
4,137.1
4,340.2
4,676.1
1988: Aug '
Sepf
Oct
Nov
Dec
782.4
783.7
785.4
786.6
790.3
3,029.7
3,035.0
3,042.3
3,059.4
3,069.5
3,851.5
3,861.0
3,877.9
3,898.1
3,915.4
1989- Jan
Feb
Mar
786.3
787.4
786.3
783.1
773.3
770.3
777.2
777.7
3,065.8
3,069.4
3,078.4
3,080.6
3,072.1
3,088.0
3,117.5
3,136.3
3,920.2
3,929.5
3,950.8
3,958.6
3,954.6
3,973.5
4,003.2
4,009.4
Period
19801981:
1982:
1983:
1984:
1985:
1986:
19871988:
Dec
Dec
Dec ..
Dec
Dec
Dec
Dec
Dec
Dec '
May ....
July
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earli-
26
L
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) 1
r
Percent change from year or 6
months earlier 2
Ml
M2
M3
Debt
r
3,881.9
4,269.0
r
4,660.0
'5,185.4
r
5,932.7
r
6,741.5
r
7,597.0
r
8,316.1
9,081.1
6.8
6.5
8.5
9.6
5.7
12.4
17.0
3.6
5.1
8.9
10.0
8.8
11.8
8.3
8.5
9.5
3.5
5.5
10.2
12.3
9.2
10.3
10.7
7.4
9.2
5.2
6.5
'9.2
ll,3
14.4
r
!3.6
r
!2.7
r
9.5
9.2
4,583.9
4,592.2
4,613.3
4,639.4
4,676.1
8,819.5
8,882.2
8,942.9
9,017.7
9,081.1
6.0
5.3
3.7
4.1
3.6
5.4
4.5
3.5
4.0
3.8
6.5
5.6
5.2
5.5
5.2
9.8
9.6
9.4
9.4
9.2
4,679.8
4,692.0
4,726.2
4,744.1
4,743.0
4,746.7
4,777.1
9,137.8
9,206.1
9,267.8
9,323.7
9,380.8
9,431.6
9,479.3
1.0
1.3
.7
-.6
-3.4
-5.0
-2.3
-2.4
2.8
2.6
2.9
2.5
.8
1.2
3.4
4.4
4.3
4.1
4.7
4.2
2.9
3.0
4.3
4.1
8.9
9.0
8.9
8.7
8.2
7.9
7.6
r
er at an annual rate.
NOTE.—See p. 27 for components.
Source; Board of Governors of the Federal Reserve System.
r 9.5
io.o
r
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Currency
Demand
deposits
Other
checkable
deposits
(OCDs)
Money market
mutual fund
balances
Overnight
repurchase
agreements
(RPs),
net,
plus
overnight
Eurodollars
General
purpose
and
broker/
dealer
NSA
NSA
Institution
only
Money
market
deposit
accounts
(MMDAs)
NSA
Small
denomination
time
deposits '
Savings
deposits
Large
denomination
time
deposits *
Term
repurchase
agreements
(RFs)
Term
Eurodollars
(net)
NSA
NSA
NSA
Savings
bonds
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
1980: Dec
1981: Dec
1982: Dec
1983: Dec
1984: Dec
1985- Dec
1986: Dec
1987- Dec
1988: Dec
115.2 261.5
122.5 231.5
132.6 234.2
146.3 238.7
156.1 244.2
167.8 267.3
180.5 303.2
196.4 288.3
211.8 288.6
31.3
80.8
105.3
132.2
146.4
179.5
235.8
260.4
282.3
28.3
35.9
38.8
53.8
56.3
70.2
78.3
78.3
r
78.5
61.6
150.6
185.2
138.2
167.5
176.5
208.0
221.1
239.4
15.2
38.0
51.1
43.2
62.7
64.5
84.4
89.6
87.6
0.0
.0
43.2
379.2
416.9
513.5
572.5
526.3
502.7
400.2
344.0
356.9
305.6
285.4
301.6
371.0
416.4
431.3
728.6
823.2
851.0
784.0
886.3
882.6
853.9
914.1
1,025.2
260.1
302.5
326.8
327.4
417.2
436.6
439.0
487.4
537.8
34.0
36.0
34.5
51.8
61.9
65.6
84.0
109.1
T
124.1
50.3
67.5
81.7
91.5
82.9
76.1
84.9
90.8
105.8
72.3
67.8
68.0
71.1
74.2
79.4
91.7
100.4
109.1
133.5
149.4
183.6
211.9
260.7
300.1
282.3
257.5
275.2
32.1
40.0
44.5
45.0
45.4
42.0
37.2
44.7
40.6
98.8
105.3
113.6
133.2
160.7
207.4
231.0
260.3
335.8
1988: Aug
Sept
Oct
Nov
Dec
207.0
208.6
209.7
210.5
211.8
289.9
288.8
288.9
287.7
288.6
278.3
279.0
279.4
281.0
282.3
79.9
77.3
'76.1
'75.7
'78.5
230.8
231.0
231.3
237.4
239.4
84.0
83.7
84.6
87.4
87.6
517.7
511.4
507.5
506.7
502.7
430.9
430.5
429.2
431.8
431.3
988.3
998.7
1,009.7
1,017.8
1,025.2
519.4
526.7
532.0
534.4
537.8
' 124.1
'122.8
' 125.4
T
128.4
' 124.1
102.8
102.8
100.2
101.6
105.8
107.4
107.9
108.4
108.7
109.1
272.6
272.8
273.3
268.4
275.2
41.2
41.7
41.3
40.5
40.6
311.3
308.8
312.3
323.7
335.8
1989: Jan
Feb
Mar .
213.4
214.3
215.6
215.9
216.4
217.4
218.0
218.4
284.0
284.8
284.3
281.4
278.2
275.0
278.9
277.6
281.3
280.9
279.1
278.5
271.3
270.7
273.2
274.5
r
241.7
247.2
255.5
259.1
258.9
265.1
274.6
285.5
89.3
89.6
87.6
87.7
91.6
95.1
98.2
100.6
495.2
485.3
480.3
471.3
457.0
456.9
459.8
465.4
427.8
424.6
420.8
412.8
404.7
402.0
401.5
402.3
1,035.7
1,048.3
1,061.0
1,083.1
1,105.8
1,118.5
1,126.4
1,131.7
109.7 274.4
110.6 267.8
273.5
111.5
112.3 r 277.6
112.9 ' 280.8
113.8 r 267.7
114.6 265.9
40.6
39.9
41.2
'41.4
41.1
41.2
42.1
334.9
344.2
349.2
354.2
353.5
350.5
351.4
May. .
July '
Aug"
81.8
79.0
r
77.4
r
74.5
'73.5
r
76.0
77.4
74.7
r
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
NOTE. —Travelers checks of nonbank issuers are a component of money stock hut are not shown
r
544.4
'551.6
r
558.8
r
567.7
'572.1
r
573.0
573.0
568.7
r
125.3 r 100.7
'128.5 r 100.0
r
!31.0 ' 105.5
r
!28.8 r!01.3
'129.3 ' 100.5
' 129.3 r 99.3
125.1
99.8
97.2
119.6
here.
Source: Roard of
(>overilors 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
1980:
1981:
1982:
1983:
Dec
Dec
Dec
Dec
Nonborrowcd
Nonborrowed plus
extended
credit
Required
Monetary
base
Total
Seasonal
Extended
credit
31,711
34,679
36,754
38,410
39,134
47,175
57,313
57,916
58,990
31,714
34,827
36,940
38,412
41,739
47,674
57,616
58,399
60,234
32,887
34,996
36,888
38,623
41,468
47,436
56,771
57,665
59,666
152,525
161,043
173,011
188,303
201,889
219,510
241,448
257,991
275,501
1,690
636
634
774
3,186
1,318
827
777
1,716
116
54
33
96
113
56
38
93
130
3
148
186
2
2,604
499
303
483
1,244
1984:
Dec ..
1985:
1986:
1987:
1988:
Dee
Dec ....
Dec
Dec
33,401
35,315
37,388
39,184
42,321
48,493
58,140
58,693
60,706
1988: Aug
Sept...
Oct
Nov
Dec
60,903
60,824
60,862
60,853
60,706
57,663
57,985
58,562
57,991
58,990
60,316
60,043
60,343
60,314
60,234
59,950
59,852
59,800
59,733
59,666
270,979
272,420
273,659
274,380
275,501
3,241
2,839
2,299
2,861
1,716
423
421
332
186
130
2,653
2,059
1,781
2,322
1,244
1989: Jan.
Feb
Mar.
Apr
May....
June
July '
AugP
60,370
60,260
59,854
59,463
58,740
58 350
58,698
58,760
58,708
58,773
58,041
57,174
57,019
56,860
58,004
58,085
59,754
59,822
59,376
58,880
58,217
57,776
58,110
58,126
59,226
59,106
58,896
58,686
57,709
57,445
57,733
57,870
276,784
277,553
278,615
278,675
278,329
279,056
279,983
280,294
1,662
1,487
1,813
2,289
1,720
1,490
694
675
76
97
139
213
345
431
497
490
1,046
1,050
1,334
1,707
1,197
917
106
41
.. ..
. .
Source: Board of Governors of the Federal Reserve Svstem.
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases rose 0.8 percent in August; commercial and industrial loans also rose 0.8
percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,800
2,800
ALL COMMERCIAL BANKS
2,400
_
2,400
2,000
2,000
1,600
1,600
1,200
1,200
LOANS AND LEASES
800
800
400
400
U.S. GOVERNMENT SECURITIES
X.
200
200
T
160
160
OTHER SECURITIES •
him
120
1981
1983
1982
1984
1986
1985
I l l l l l l l l 1120
1987
1989
1988
• SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted M
All commercial banks
Loans and leases
Period
U.S.
Government
securities
Total
securities 2
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1988:
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Aug
Sept
Oct
Nov
Dec
1989: Jan
Feb
Mar
Apr
May
June
July
Aug"...
1,307.7
1,401.5
1,553.6
1,723.7
1,911.4
2,094.5
2,239.6
2,417.2
2,377.6
2,381.5
2,401.4
2,410.2
2,417.2
2,422.8
2,451.9
2,464.9
2,470.9
2,486.3
2,496.8
2,518.1
2,534.4
179.3
201.7
259.2
260.2
270.7
309.6
335.5
361.4
350.9
353.1
355.6
358.8
361.4
360.4
361.8
368.8
370.7
373.5
373.8
374.4
376.6
Other
securities
160.9
165.7
170.6
142.6
181.4
196.5
195.3
194.0
196.5
195.2
196.8
195.9
194.0
189.6
190.4
189.7
187.2
186.4
185.8
184.6
182.8
Total 2
967.5
1,034.1
1,123.9
1,321.0
1,459.3
1,588.4
1,708.8
1,861.9
1,830.1
1,833.2
1,848.9
1,855.6
1,861.9
1,872.9
1,899.7
1,906.5
1,913.1
1,926.5
1,937.3
1,959.1
1,974.9
Commercial
and
industri-
355.4
392.6
414.1
472.9
State
Non-
Heal
estate
284.1
299.8
330.8
376.3
499.7 425.8
536.2 494.0
562.7 589.0
601.9 672.0
597.4 643.0
598.1 650.3
601.6 659.8
601.8 665.3
601.9 672.0
606.6 678.9
619.0 685.6
617.8 691.8
620.6 699.5
626.3 705.5
624.9 712.0
r
632.1 r719.9
637.3 729.0
Individual
182.5
188.2
212.9
253.8
294.8
315.9
329.5
355.5
347.7
350.2
351.6
353.0
355.5
357.9
358.9
360.6
362.9
365.4
366.0
367.0
369.3
Agricultural
political
subdivisions
33.1
36.2
39.2
40.1
36.1
35.0
31.6
31.9
29.4
30.0
30.7
29.6
31.1
29.6
30.7
30.4
29.8
30.2
30.3
30.7
30.0
30.3
30.7
30.6
30.7
29.7
30.7
29.2
30.4
29.0
30.3
30.6 . 30.3
30.4
31.7
32.0
30.3
0.0
.0
3.3
46.0
56.7
Security
financial
institutions
21.5
25.4
28,1
34.3
42.7
40.1
34.4
29.9
31.3
30.5
31.4
32.5
38.5
39.6
36.5
38.5
38.2
38.5
37.7
44.7
43.6
40.0
38.0
41.1
40.3
39.6
58.4
52,5
46.8
48.2
48.0
48,5
47.7
46.8
44.4
44.5
44.6
44.6
44.6
r
44.4
r
44.2
43.9
Foreign
banks
18.1
14.8
13.4
11.1
9.7
9.6
7.5
7.6
8.0
7.2
7.6
8.1
7.6
7.8
8.5
8.2
8.3
9.4
9.3
8.9
9.3
1
1
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions. Data beginning January 1984 are not strictly
comparable with data for earlier periods, largely because beginning January 1984 certain obligations
of States and political subdivisions are included in loans rather than in other securities.
28
2
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
Foreign
official
institutions
Lease
financing
receivables
7.2
12.7
13.3
13.7
16.0
19.0
22.3
24.5
5.9
9.4
7.9
6.0
5.9
5.3
4.9
5.1
5.0
4.9
4.9
4.9
4.8
4.8
4.8
4.9
4.9
4.7
4.5
4.3
29.2
28.1
28.5
28.9
29.1
29.2
29.4
29.6
29.6
29.8
30.0
29.9
r
30.3
30.3
Other
23.1
26.6
31.8
31.2
36.3
39.4
42.1
44.8
52.2
49.1
47.5
47.0
44.8
44.4
42.7
45.2
42.9
43.1
r
43.9
49.7
49.6
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Internal
l
Total
1979 r
1980 r
1981 r
1982 r
1983 '
1984 r
1985 r
1986 T
1987 r
1988 r
1988: lrr
n r ...
m.
IV.
1989: I rp
n
Loans and
short-term
paper
Securities
and
mortgages
Total
Total
Other 2
Discrepancy
(sources less
uses)
Increase in
financial
assets
Capital
Credit market funds
tures 3
-3.0
59.0
38.1
7.7
51.3
40.2
66.4
52.0
33.7
104.2
53.9
64.0
30.9
69.3
65.8
52.5
46.0
10.4
55.2
63.7
54.1
42.8
64.6
58.9
368.4
341.6
382.9
302.7
392.0
473.0
422.9
448.1
453.9
473.3
238.6
243.2
285.9
255.7
269.9
367.9
339.9
328.8
348.3
380.4
129.8
98.4
97.0
47.0
122.1
105.1
83.0
119.3
105.6
92.9
-44.6
-18.3
-5.6
.3
27.2
22.0
34.4
62.6
32.4
35.0
95.5
109.4
82.0
21.0
38.2
28.1
38.7
-74.3
57.3
81.3
43.3
95.3
43.0
31.8
74.2
86.2
470.9
474.0
500.9
447.7
359.2
380.7
390.1
391.8
111.7
93.3
110.8
55.9
36.7
34.3
27.8
41.1
31.8
115.5
-52.2
20.5
84.0
95.0
91.4
28.0
445.6
473.2
376.0
388.8
69.6
84.4
39.5
39.3
323.7
323.2
377.4
303.0
419.2
495.0
457.3
510.7
486.2
508.4
197.6
200.1
239.5
242.3
285.7
336.3
352.3
344.9
352.6
372.6
126.1
123.1
137.9
60.7
133.5
158.7
105.0
165.8
133.6
135.8
60.3
70.7
91.8
50.3
78.3
95.1
50.9
123.0
69.0
77.0
507.7
508.3
528.6
488.8
369.1
367.2
372.4
381.6
138.6
141.1
156.2
107.2
485.0
512.5
361.9
369.0
123.1
143.5
9.0
30.5
25.4
17
44.6
91
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
broad.
3
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstanding 1
Installment credit outstanding (end of period)
Period
1980:
19811982:
19831984:
1985:
1986:
19871988:
1988-
Dec
Dec
Dec
Dec
Dec .
Dec
Dec
Dec
Dec
July
Aug
Sept
Oct
Nov
Dec
NEW SERIES:
1989: Jan
Feb
Mar
May
July"
Other
Automobile
Mobile
home
Other
Revolving
297,566
310,682
323,536
367,868
442,538
517,755
572,047
607,721
659,507
639,207
644,666
646,556
649,132
654,413
659,507
111,936
118,956
124,218
143,799
173,704
209,636
247,313
265,976
281,174
277,659
279,585
279,243
278,902
279,926
281,174
54,894
60,838
66,243
78,667
100,212
122,013
137,013
153,884
174,792
165,343
167,125
168,273
170,131
173,030
174,792
18,621
20,302
22,833
23,704
25,795
26,834
27,355
26,387
25,744
26,213
26,277
26,185
26,033
26,005
25,744
112,115
110,586
110,242
121,698
142,827
159,272
160,367
161,475
177,798
169,993
171,679
172,855
174,066
175,452
177,798
1,083
13,116
12,854
44,332
74,670
75,217
54,292
35,674
51,786
1,371
5,459
1,890
2,576
5,281
5,094
7,020
5,262
19,581
29,905
35,932
37,677
18,663
15,198
-399
1,926
-342
-341
1,024
1,248
1,537
5,944
5,405
12,424
21,545
21,801
15,000
16,871
20,908
935
1,782
1,148
1,858
2,899
1,762
414
1,681
2,531
871
2,091
1,039
521
-968
-643
39
64
-92
152
-28
261
-329
1 529
-344
11,456
21,129
16,445
1,095
1,108
16,323
797
1,686
1,176
1,211
1,386
2,346
682,020
687,397
691,162
693,911
698,132
700,849
700,569
286,382
288,767
288,850
289,654
290,741
290,192
288,730
176,716
178,570
182,831
184,500
186,502
189,622
190,890
26,036
25,992
24,168
23,993
23,952
23,685
23,626
192,886
194,068
195,314
195,763
196,936
197,349
197,324
(2)
5,377
3,765
2,749
4,221
2,717
-280
(2)
2,385
82
804
1,087
549
-1,463
<2)
1,854
4,261
1,670
2,002
3,120
1,268
(2)
(2)
1,182
1,246
449
1,173
413
-26
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
2
Because of break in series, net change not available.
Mobile
home
Automobile
Total
Total
539
Revolving
,^,£
-1,824
-174
41
-267
-60
Source: Board of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Interest rates rose in September.
PERCENT PER ANNUM
PERCENT PER ANNUM
:ONOMIC
ADVISERS
[Percent per annum]
U.S. Treasury security yields
Period
1981
1982
1983
1984
1985 ..
1986
1987...
1988
3-month bills
(new issues) l
14.029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
Constant maturities
3-year
2
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.R.
Bank) 5
Prime rate
charged by
banks 5
New-home
mortgage
yields
(FHLBB) 6
14.44
12.92
10.45
11.89
9.64
7.06
7.68
8.26
13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
11.23
11.57
9.47
10.15
9.18
7.38
7.73
7.76
14.17
13.79
12.04
12.71
11.37
9.02
9.38
9.71
14.76
11.89
8.89
10.16
8.01
6.39
6.85
7.68
13.41
11.02
8.50
8.80
7.69
6.33
5.66
6.20
18.87
14.86
10.79
12.04
9.93
8.33
8.22
9.32
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
1988:
Sept
Oct
Nov
Dec
7.23
7.34
7.68
8.09
8.57
8.43
8.72
9.11
8.98
8.80
8.96
9.11
7.71
7.54
7.58
7.66
9.82
9.51
9.45
9.57
8.23
8.24
8.55
8.97
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
10.00-10.00
10.00-10.00
10.00-10.50
10.50-10.50
9.26
9.10
9.43
9.39
1989:
Jan
Feb
Mar
Apr
May
8.29
8.48
8.83
8.70
8.40
8.22
7.92
7.91
7.72
9.20
9.32
9.61
9.40
8.98
8.37
7.83
8.13
8.26
9.09
9.17
9.36
9.18
8.86
8.28
8.02
8.11
8.19
7.41
7.47
7.61
7.49
7.25
6.97
6.97
7.08
7.27
9.62
9.64
9.80
9.79
9.57
9.10
8.93
8.96
9.00
9.02
9.35
9.97
9.78
9.29
8.80
8.35
8.32
8.50
6.50-6.50
6.50-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
10.50-10.50
10.50-11.50
11.50-11.50
11.50-11.50
11.50-11.50
11.50-11.00
11.00-10.50
10.50-10.50
10 50 10 50
9.52
9.82
9.99
10.17
10.18
10.42
10.48
10.23
7.94
7.88
7.64
7.64
7.72
8.37
8.29
8.11
8.19
8.42
8.25
8.17
8.13
8.15
8.31
7.20
7.17
7.19
7.33
7.38
9.05
9.02
8.98
8.98
9.03
8.51
8.52
8.45
8.45
8.58
7.00-7.00
7 00 7 00
7.00-7.00
7 00 7 00
7.00-7.00
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
July
Aug r
Sept "
Week ended:
1989: Sept 2
9
16
23
30 "
1
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weeklv data are Wednesday figures.
4
Series excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack
of appropriate issues.
2
30
5
Average effective rate for year; opening and closing rate for month and week.
6
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in September.
INDEX, DEC. 31, 1965 = 50 (RATIOS CALE)
INDE)(, DEC. 31, 1965 = 50 (RATIO SCALE)
240
220
200
(-OMPOSPTF STOCK PRICE NPE*
(NYSE)
180
160
N
r ~
140
120
160
H(
\ /""^
^^
'
140
120
100
^-^r~'
80
40
-/"
s^^S
100
60
f-
240
220
200
180
/
^^
1
80
60
^J
. M i l l . nil 1 1 I i i 1 1 1 I I i .. .,,!,,,,,
1 1 1 1 1 1 1 1 1 11
1983
1982
1981
! 1 1 II I 1 1 1 1 t1
1 g 1 1 1 1 1 i 11 1 1 | | | 1 1 1 1 11 1 1 i 1 1 1 1 1 1 11 1 1 . 1 . 1 , 1 . 1 ,
1985
1984
1986
1987
1988
40
1989
PERC:ENT
PERC ENT
20
20
15
15
NGS-PRICE RATIO ON COMMON STOCKS
-~"^~H
i i*
10
5
0
(S&P1
\
"^r
10
__
—-
\
f
5
J
1
1982
1981
1
1
1 I
1983
1
1
1
1984
1
1
1
I
1985
1 !
1986
1
1
1
1987
1
1
1
1988
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
New York Stock Exchange indexes (Elee. 31, 1965 — 5*O )
Composite
Industrial
Transportation
Finance
Utility
Dow-Jones
industrial
average 3
267.97
277.40
271.02
276.51
3.69
3.61
3.70
3.68
8.36
132.26
137.19
137.91
143.26
146.60
154.08
157.78
164.86
165.51
2,234.68
2,304.30
2,283.11
2,348.91
2,439.55
2,494.90
2,554.03
2,691.11
2,693.41
285.41
294.01
292.71
302.25
313.93
323.73
331.93
346.61
347.33
3.64
3.59
3.68
3.59
3.52
3.44
3.38
3.28
3.29
164.11
165.58
165.63
165.24
164.93
166.10
2,688.62
2,737.50
2,720.22
2,686.13
2,684.12
2,676.78
345.72
351.55
349.73
346.01
346.50
346.28
3.30
3.25
3.26
3.30
3.28
3.30
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
1988:
151.47
156.36
152.67
155.35
182.18
188.58
183.79
187.75
136.27
141.93
138.60
144.07
71.83
74.19
73.83
74.81
133.15
134.66
129.61
128.83
160.40
165.08
164.60
169.38
175.30
180.76
185.15
192.93
193.02
194.62
200.00
199.20
204.81
211.51
216.75
221.74
231.32
230.86
153.09
162.66
160.14
164.32
168.88
173.47
179.32
197.52
202.01
75.87
77.84
77.66
79.69
84.07
87.95
90.40
92.90
93.44
192.40
195.29
194.44
192.40
192.45
192.42
230.84
234.64
233.53
230.31
229.72
229.41
199.16
209.64
206.88
201.70
200.31
198.29
92.33
93.13
92.64
92.64
94.10
94.15
1
Average of daily closing prices.
Includes all the stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
4
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings3
Earningsprice ratio
2,080.06
2,144.31
2,099.04
2,148.58
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
2
Dividendprice ratio
11.96
11.60
8.03
10.02
8.12
6.09
5.48
8.01
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
Sept p
Week ended:
1989: Aug 26
Sept 2
9
16
23
30"
Standard &
Poor's
composite
index (194143 = 10) 4
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
Dec
0
1989
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
1989' Jan
Feb
Mar
Apr
1
Common stock yields
(percent) 5
2
1981
1982
1983
1984
1985
1986 . .
1987
1988 . .
Sept
Got
1
COUNCIL OF ECONOMIC ADVISERS
Common stock prices l
Period
1
1
8.56
8.46
price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 11 months of fiscal 1989, there was a deficit of $145.9 billion, compared with a deficit of $165.3
billion a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
1,200
RECEIPTS AND OUTLAYS!/
1,100
1,100
1,000
1,000
OUTLAYS.!/
900
900
800
800
RECEIPTS.!/
700
700
600
600
N
SURPLUS OR DEFICIT (->!/
0
-100
-100
^^^
\
-200
A
1^1981
\
_-
i
1982
i
1983
1984
—
'
i
1985
1986
^-^
i
I
1987
i
1988
I
1989
.
-200
IS
1990^
FISCAL YEARS
v INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS,
COUNCIL OF ECONOMIC ADVtSERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Total
Fiscal year or period
Receipts
Outlays
On-budget
Surplus
or deficit
(-)
Receipts
Outlays
1976
Transition quarter
1977
1978
1979
1980
1981
1982
1983
1984
298.1
81.2
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
371.8
96.0
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
-73.7
14 7
-53.6
59 2
-40.2
73 8
-78.9
127 9
-207.8
185 3
231.7
63.2
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
76.6
328.5
369.1
403.5
476.6
543.0
594.3
661.2
686.0
1985
1986
1987
1988
1989 (estimates) 1
1990 (estimates) 1
734.1
769.1
854.1
909.0
995.9
1,080.1
946.3
990.3
1,003.8
1,064.0
1,144.1
1,179.4
-212.3
221 2
-149.7
155 1
-148.3
99 2
547.9
568.9
640.7
667.5
731.1
793.3
811.2
892.4
976.5
1,038.3
165 3
-145.9
591.9
652.2
Cumulative total, first 11
months: 2
Fiscal year 1988
Fiscal year 1989
1
Estimates from Mid-Session Review of the Budget, Office of Management and Budget, July 18,
1989. Data for 1990 include asset sales.
2
Data from Monthly Treasury Statement for August 1989, issued September 1989.
32
Gross Federal debt
(end of period)
Off-budget
Surplus
or deficit
(-)
Receipts
Outlays
Total
Held by
the public
-3.9
43
-2.0
11
-5.0
79
.2
.3
629.0
643.6
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
477.4
495.5
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
176.8
183.5
193.8
202.7
211.0
222.3
9.4
16.7
19.6
38.8
53.8
64.5
1,817.0
2,120.1
2,345.6
2,600.8
2,853.5
3,084.8
1,499.4
1,736.2
1,888.1
2,050.2
2,177.8
2,279.2
185.2
192.5
34.1
47.7
2,573.4
2,844.7
2,036.5
2,181.8
-72.7
73 9
-120.0
-208.0
-185.6
66.4
18.0
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
19.4
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
769.5
806.8
810.0
861.4
933.2
957.1
-221.6
-237.9
-169.3
-193.9
-202.1
-163.8
186.2
200.2
213.4
241.5
264.7
286.8
791.3
845.8
- 199.4
-193.6
219.3
240.1
-70.5
13 3
49 7
-54.9
38 2
Surplus
or deficit
(-)
-3.2
14
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1990, January
1989, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 11 months of fiscal 1989,
billion higher.
receipts were $81.2
billion higher than a year earlier and outlays were
$61.8
BILLIONS OF DOLLARS
500
BILLIONS OF DOLLARS
500
RECEIPTS!/
400
. INDIVIDUAL INCOME TAXES,
400
300
300
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
200
CORPORATION_
INCOME TAXES
200
OTHER RECEIPTS
100
100
0
0
900
900
OUTLAYS-!/
800
-NONDEFENSE
800
700
700
600
600
500
500
400
400
. NATIONAL DEFENSE_
300
300
200
200
1981
1982
1985
1984
1983
1986
1987
1989
1988
1990
FISCAL YEARS
J/ INCLUDES ON-BUDGET AND OFF-BUDGET HEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
National defense
Social
Fiscal year
1976
1977
1978
1979
1980
1981
1982
1983
1984
.
1985
1986
1987
1988
1989 (estimates) '
1990 (estimates)1..
Cumulative total, first 1 1
months: 2
Fiscal year 1988
Fiscal year 1989
1
2
Individual
income
taxes
Corporation
income
taxes
298.1
355.6
399.6
463 3
517.1
599.3
617.8
600.6
666.5
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
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
209.0
239.4
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
371.8
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
734.1
769.1
854.1
909.0
995.9
1,080.1
334.5
349.0
392.6
401.2
445.3
484.6
61.3
63.1
83.9
94.5
105.8
117.0
265.2
283.9
303.3
334.3
361.5
387.5
73.0
73.1
74.3
78.9
83.3
91.0
811.2
892.4
359.4
400.7
73.5
83.2
305.6
330.2
72.6
78.4
Total
ancc
taxes
Income
securi-
Social
securi-
inter-
ty
ty
est
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
26.7
29.9
35.4
42.6
52.5
68.7
85.0
89.8
111.1
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
65.8
70.2
75.1
78.9
86.2
97.1
128.2
119.8
123.3
129.3
136.6
145.4
188.6
198.8
207.4
219.3
232.4
249.1
129.4
136.0
138.6
151.7
169.1
176.3
131.8
142.1
125.9
139.4
158.3
142.4
71.8
77.6
118.9
124.6
200.8
213.0
139.3
155.6
125.3
139.0
Department of
Defense,
military
International
affairs
Health
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
15.8
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
946.3
990.3
1,003.8
1,064.0
1,144.1
1,179.4
252.7
273.4
282.0
290.4
301.2
296.3
245.2
265.5
274.0
281.9
292.7
286.9
16.2
14.2
11.6
10.5
10.7
16.4
33.5
35.9
40.0
44.5
49.6
56.4
976.5
1,038.3
268.4
274.9
260.9
267.1
11.2
8.7
40.7
44.8
Total
contributions
See footnote 1, page 32.
Data from Monthly Treasury Stater :nt for August 1989, issued September 1989.
Other
and
Total
Medicare
Net
Other
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1990, January
1989, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 1989, according to revised estimates, Federal receipts rose $17.0 billion (annual rate) and
Federal expenditures rose $14.9 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
1,200
SEASONALLY ADJUSTED ANNUAL RATES
EXPENDITURES
s
1,000
1,000
-V.
800
800
RECEIPTS
600
600
400
400
200
200
SURPLUS OR DEFICIT (-)
-200
-200
1
1981
1982
1984
1983
1987
1986
1985
1988
1
1
1989
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Period
Total
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Federal Government expenditures
Contributions for
social
insurance
Total
Purchases
of goods
and
services
Transfer
payments
Grantsin-aid to
State
and
local
governments
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
Less:
Wage
accruals
less
disbursements
Surplus
or deficit
(-),
national
income
and
product
accounts
Fiscal year:
1985
1986
1987
1988
776.8
815.2
897.3
958.6
340.4
357.0
401.2
408.0
74.6
81.1
97.7
108.3
55.9
50.9
53.4
55.8
305.8
326.1
345.0
386.4
962.3
1,028.0
1,060.4
1,104.0
341.5
368.6
375.5
378.6
374.0
394.6
411.2
432.7
97.8
107.4
103.1
108.6
128.3
134.6
138.8
149.0
20.7
22.8
31.9
35.1
-0.1
.0
.1
I
-185.5
-212.8
-163.1
-145.4
Calendar year:
1985
1986
1987
1988
788.7
827.9
911.4
972.4
346.4
361.4
405.8
413.0
76.3
83.8
101.0
111.4
55.1
50.5
53.8
56.7
310.9
332.1
350.8
391.3
985.6
1,034.8
1,072.8
1,118.3
355.2
366.5
381.6
381.3
380.1
399.9
414.3
438.2
99.7
106.8
102.6
111.4
130.1
135.6
141.7
151.4
20.3
26.0
32.6
36.0
2
.0
.0
.0
-196.9
-206.9
-161.4
-145.8
633.1
675.5
742.7
805.3
853.8
303.0
291.9
326.0
355.3
376.2
46.4
70.2
69.7
78.8
88.9
47.6
53.6
56.2
53.5
50.8
236.1
259.8
290.7
317.7
337.9
835.7
844.7
930.2
1,017.5
1,042.8
293.2
276.1
326.0
376.6
368.8
347.4
352.5
362.1
385.8
405.8
84.5
86.0
96.3
103.5
103.0
87.2
101.0
125.3
132.7
136.0
23.4
29.1
21.0
19.0
29.2
.0
.0
.6
.0
.0
-202.6
-169.2
-187.5
-212.2
-189.0
921.5
937.4
408.1
420.0
107.4
103.1
53.8
54.5
352.2
359.7
1,065.5
1,101.7
384.5
388.1
414.3
421.9
101.7
102.2
142.5
147.3
22.7
41.9
.2
2
-143.9
— 164.4
944.7
973.2
977.3
994.6
402.7
417.5
411.4
420.3
104.2
111.6
114.0
115.8
55.9
55.9
57.4
57.8
382.0
388.2
394.5
400.6
1,096.5
1,114.7
1,099.8
1,162.1
374.1
377.1
367.5
406.4
433.0
434.4
438.0
447.6
110.1
112.2
111.0
112.2
144.9
149.9
153.9
157.0
34.4
41.2
29.4
38.9
.0
.0
.0
.0
-151.8
-141.5
-122.5
-167.6
1,036.2
1,053.2
446.8
465.1
117.0
109.7
58.0
58.2
414.3
420.2
1,183.7
1,198.6
399.0
406.0
460.4
466.9
118.7
118.4
167.0
172.0
38.5
35.3
.0
.0
-147.5
-145.4
19821983:
19841985:
1986-
IV..
IV
IV
IV
IV
1987: UJ..
IV
1988- I
rr....
TTT
IV..
1989: I r
n
.
Source: Department of Commerce, Bureau of Economic Analysis.
34
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84=100)
Industrial production (1977=100; seasonally adjusted)
Period
United
States
1980
1981
1982
1983
1984
1985 .
1986
1987
1988
1988- July
Sept
Oct
Nov
Dec
1989:
Jan
Feb .
Mar
July r .
Aug *.... .
1
United
Kingdom
76.1
85.6
94.9
100.4
r
104.8
108.9
113.4
118.4
123.2
90.9
95.4
98.0
99.9
102.1
104.2
104.9
105.0
105.7
119.0
119.0
119.6
119.0
119.6
118.8
118.5
119.0
119.8
120.2
129.3
120.5
123.7
124.1
124.2
124.8
125.1
125.1
105.3
105.6
106.4
106.9
106.5
106.2
124.7
125.0
125.3
125.6
125.8
126.0
106.3
106.3
106.3
106.4
106.7
106.9
140.9
141.5
142.2
143.3
144.5
145.0
125.4
126.8
127.4
128.7
129.2
129.6
118.1
117.6
117.8
117.8
116.4
116.5
121.1
121.6
122.3
123.1
123.8
124.1
124.4
124.6
125.7
126.6
127.2
127.6
128.9
129.6
130.4
130.5
106.0
105.7
106.2
108.1
108.7
108.6
108.4
126.5
126.8
127.2
128.0
128.5
128.7
129.0
108.1
108.4
108.6
109.2
109.5
109.6
109.5
146.1
147.3
148.0
149.0
149.6
150.3
150.7
150.9
130.4
131.4
131.9
134.3
135.1
135.6
135.7
136.1
Germany
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
137.2
104.8
106.9
96.5
102.7
115.2
r
!21.6
r
!21.5
r
128.3
' 136.3
119.0
120.3
120.7
124.5
136.1
141.0
140.8
145.7
159.1
107.2
106.1
105.0
105.0
106.1
106.1
107.2
109.4
114.3
108.0
105.9
102.7
103.3
106.2
111.0
113.0
113.7
118.1
114.8
113.0
109.5
105.9
109.5
110.7
114.7
119.3
126.4
99.8
96.7
98.5
102.2
102.4
107.9
110.2
114.1
118.2
138.0
138.5
138.6
139.4
139.9
140.4
137.4
138.7
138.8
137.8
137.1
137.9
156.4
160.8
161.6
160.2
165.0
166.1
116.0
116.0
117.2
113.2
118.0
117.3
116.1
121.3
120.0
119.4
119.1
121.2
128.5
126.0
124.1
127.6
129.1
132.2
136.7
137.4
' 137.0
'137.7
' 137.9
137.9
167.3
164.5
172.5
166.3
167.3
r
170.7
167.1
118.2
117.4
116.6
120.7
r
l!8.1
119.9
121.2
120.5
121.3
124.3
118.6
' 123.6
126.9
127.9
130.3
126.9
127.0
r
Italy
82.4
90.9
96.5
99.6
103.9
107.6
109.6
113.6
118.3
France
r
Germany
Japan
Japan
Italy
United
States '
Canada
Canada
140.8
140.5
140.7
141.7
141.6
' 141.9
142.0
1424
May
United
Kingdom
r
France
72.2
81.8
91.7
100.3
108.0
114.3
117.2
121.1
124.3
r
63.2
86.7
92.2
75.4
97.1
87.7
100.3
100.8
102.7
111.5
104.9 '121.1
'104.7 128.5
105.0
134.4
106.2
141.1
78.5
87.9
95.4
99.8
104.8
'111.1
114.9
119.7
125.6
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration).
Data relate to all urban consumers.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted}
General merchandise imports (customs value) 3
Merchandise exports (f.a.s. value) 1
Principal end-use commodity category
1982
1983
1988- July
Sept
Oct
Nov
Dec
1989- Jan
Feb
Mar
May
June'
July
1
2
79
89
87
82
91
9.1
66
72
76
77
37 9
382
39 5
39.0
405
39 3
38.3
22
20
21
20
22
20
1.9
10 7
100
11 0
11.3
11 7
11 4
11.1
90
93
93
91
99
95
9.0
35
34
36
44
40
3.6
94
93
99
10.1
98
106
10.9
24
24
25
24
23
23
2.2
24
47
42
42
4.4
4.6
40
3.6
Capital
goods
except
automotive
25
27
2.8
26
29
2.7
Other 2
20.7
20.5
Includes Department of Defense Military Assistance Program grant-aid shipments.
Includes undocumented exports to Canada.
arrivals of imported goods other than intransit shipments.
Total exports are on a revised statistical month basis; end-use categories are on a statistical
3
Total
4
97
102
93
99
98
10.2
20
20
21
20
20
2.3
29
29
32
31
32
32
2.9
71
75
76
80
79
83
8.4
19
22
20
21
21
2.2
21
28
25
25
25
2.7
29 0
28 8
30 1
308
305
31 3
30.7
27 5
35 1
37 6
368
37 1
38 1
39.7
92
93
94
94
94
10.1
28.9
26 6
27 5
27 6
27 9
21.9
24.4
24.8
24.8
325.7
345.3
365.4
406.2
441.0
71
71
72
68
70
7.4
227.2
254.1
322.4
33.3
40.8
53.5
66.8
78.2
85.2
87.7
24.0
27.3
35.9
34.6
43.4
28
29
29
27
26
2.8
224.0
4
218.8
4
35.4
40.9
59.8
65.1
71.8
84.5
101.4
14.3
13.4
13.3
12.6
14.2
17.7
23.1
72.7
67.2
72.0
73.9
75.8
86.2
109.2
61.7
107.0
123.7
113.9
101.3
111.0
118.3
16.8
20.6
22.9
21.7
24.6
29.3
56.7
61.7
58.5
57.3
66.7
85.1
116.4
205.6
1984
1985
1986
1987
1988
15.7
31.3
30.9
31.5
24.0
22.3
24.3
32.3
Total
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
Industrial
supplies
and
2
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Foods,
feeds,
and
bever-
Period
Trade balance
Principal end-use commodity category
Total
244.0
258.0
Foods
feeds,
and
hever-
17.1
18.2
21.0
Industrial
plies
and
112.0
Consumer
goods
(nonfood)
except
automotive
Other
39.7
6.5
6.3
44.9
60.0
68.3
79.4
88.7
95.9
7.8
9.4
10.4
12.1
12.8
merchandise
imports
(c.i.f.
value)
Exports
(t.a.s)
less
imports
(customs
value)
Exports
(f.a.s)
less
imports
(c.i.f.)
254.9
269.9
346.4
-38.4
-64.2
-122.4
352.5
382.3
424.4
459.5
-27.5
-52.4
-101.7
-126.5
-138.3
-152.1
-118.5
— 85
-10.1
— 92
— 9.2
-10.5
-10.8
-9.9
-11.7
— 10.6
-10.7
-12.1
-12.5
— 8.9
— 9.4
— 9.5
-8.3
— 10.1
-8.0
-7.6
-10.5
-10.9
-11.2
-9.9
-11.7
-9.6
-9.3
11
11
11
1.1
8.0
79
81
80
8.1
83
9.0
1.2
36 5
39.2
38 2
38.6
39.6
41.3
74
76
77
73
72
67
6.7
77
8.3
83
8.3
8.5
85
8.6
9
1.0
1.1
1.1
1.1
11
1.0
39.5
39.7
41.2
40.7
42.2
40.9
40.0
75
12
month basis.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
-133.6
-155.1
-170.3
-137.1
U.S. INTERNATIONAL TRANSACTIONS
In the second quarter of 1989, the current account deficit rose to $31.0 billion, from $30.4 billion in the first
quarter. The merchandise trade deficit fell to $27.7 billion, from $28.4 billion in the first quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS
10
10
-40
-45
1989
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits ( + ), debits ( —)]
Merchandise 1 2
Investment income 3
Payments
Net
Net
military
transactions
42 119
52 329
54 884
52 376
67 419
62 901
66 968
82 420
105 548
-17,357
-17,533
-15,729
-16,350
19 755
-20,554
-21,904
-20,207
-23,955
-25,613
-27,310
-28,670
-29,246
-31,947
30 387
34 083
28 664
24 875
18 489
25 931
21 647
22 283
2 227
6,613
4,545
6,015
4,472
5 362
2,190
1,674
13,058
2,795
-2,465
-2,590
4,489
-2,416
-5,015
2 577
1 523
474
040
2 099
3 557
4 576
2 857
4 606
-1,411
-1,298
-1,089
-777
176
— 210
-1,031
-1,440
-964
— 1,033
-1,006
-1,604
-1,498
-1,630
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1986:
I
II
Ill
IV
1987- I
II
Ill
IV
1988: I
n
in
IV
1989: I r
II "
1
2
3
Exports
Imports
224 269
237 085
211 198
201 820
219 900
215935
223 367
250 266
319 251
53,899
56,796
56,182
56,490
57 255
60,015
64,297
68,699
76,447
78,471
80,604
83,729
87,919
90,866
249 749
265 063
247 642
268 900
332 422
338 083
368 425
409 766
446 466
-89,549
-90,812
-92,983
-95,081
95 916
-99,834
- 104,903
-109,113
- 109,893
- 109,882
-110,943
-115,748
-116,297
-118,584
Net balance
Receipts
25 480 72 506
27 978 86 412
36 444 83 548
67 080 77 251
112 522 85 908
122 148 88 832
145 058 88 615
159 500 104 703
127 215 107 775
-35,650 23,970
-34,016 22,078
-36,801 21,744
-38,591 20,822
38661 25 117
-39,819 22J744
-40,606 23,578
-40,414 33,265
-33,446 26,750
-31,411 23,148
-30,339 24,720
-32,019 33,159
-28,378 26,830
-27,718 26,932
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
36
Net
travel and
transportation
receipts
997
144
992
4 227
7 885
9 832
8 031
7 324
2 633
-2,452
-1,465
-1,874
-2,241
1 965
-2,088
-1,279
-1,993
-1,854
-719
-155
94
-297
512
Other
services,
net3
Balance on
goods and
services
7 794
11 085
11 436
9 126
15 810
2 191
34 510
91 718
97 256
117 470
129 488
111 892
-28,280
-27,653
-29,210
-32,330
31 190
-35,555
-36,687
-26,055
-28,682
-30,586
-28,964
-23,659
-26,864
-27,894
12 299
12 351
18 547
17 909
20 335
4,620
4,581
4,539
4,807
4 250
4,372
4,555
4,734
4,787
5,042
5,126
5,381
5,725
5,957
Remittances,
pensions,
and other
unilateral
transfers '
7 593
7 647
9 188
12 468
15 778
14 656
-3,068
-4,199
-4,376
-4,136
3 137
-3,265
-3,225
-4,586
-3,364
-2,899
-3,376
-5,018
-3,526
-3,094
United States are excluded from investment income and included in other services, net.
Source: Department of Commerce, Bureau of Economic Analysis.
Balance
on current
account
1 533
8 163
6 997
44 286
104 186
112 682
133 249
143 700
126 548
-31,348
-31,852
-33,586
-36,466
34 327
-38^820
-39,912
-30,641
-32,046
-33,485
-32,340
-28,677
-30,390
-30,988
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks decreased $28.5 billion in the second quarter
of 1989, compared with an increase of $22.1 billion in the first quarter. Liabilities to private foreigners reported
by U.S. banks, excluding Treasury securities, decreased $22.8 billion in the second quarter, compared with an
increase of $13.3 billion in the first quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
20
-20
-20
-40
-40
1989
1981
-SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase /capit
Period
Total
1980
1981
1982
1983
1984
1985
1986
1987
U.S.
official
reserve
assets 1 2
Other U.S.
Government
assets
Foreign assets in the U.S., net
[increase/capital inflow ( + )] 2
]
U.S.
private
assets
Total
-86,118
-110,951
-121,153
-49,777
-22,304
-32,628
-99,665
-76,218
-82,110
8 155
-5,175
-4,965
-1,196
3,131
-3,858
312
9,149
-3,566
n
in
— 15,401
-24,763
-26,078
-33,422
-115
16
280
132
-232
238
-1,565
11
-15,054
24 541
-24,793
-33,565
39,048
50,291
69,927
62,339
m
8,759
-22,632
-25,976
-36,370
1,956
3,419
32
3,742
40
195
308
843
6,763
25 856
-26,316
40955
33,381
51,134
73,575
59,949
n
m
4,540
-16,119
-37,886
-32,648
1,503
39
-7,380
2,272
-1,490
885
1,961
3,413
4,528
15 273
-32,467
38 332
27,027
65,334
46,179
80,759
HP....
-31,318
7,476
-4,000
-12,095
1,049
-372
-28,367
19,943
60,007
-3,117
1988
1986: I
IV
1987: I
II
IV
1988: I
IV
1989: I r
1
Consists of gold, special drawing rights (SDRs),
position in the IMF.
2
Quarterly data are not seasonally adjusted.
72 802
5 162
-5,097 -100,679
-6,131 -110.058
-5,006
-43,576
5489
13 685
-2,821 -25,950
97 954
2024
997 -86,363
2,999
-81,543
58 112
83,032
93,746
84,869
102,621
130,012
221,605
218,039
219,299
ivertible currencies, and the U.S. reserve
Foreign
official
assets
Other
foreign
assets
15,497
4,960
3,593
5,845
3,140
-1,083
35,594
45,193
38,882
2,720
15,838
15,785
1,251
14,040
10,329
753
20,070
24,631
5,895
-2,234
10,589
7,478
-4,948
42,615
78,072
90,154
79,023
99,481
131,096
186,011
172,847
180,418
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
1,152
1,093
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
25,322
18,663
34,404
9,194
23,869
15,298
11,308
1,878
-10,641
U.S. official
reserve
assets, net *
(unadjusted,
end of
period)
26,756
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
36,328
34,453
54,142
61,088
7,701
6,324
- 10,263
7,549
3,515
-3,306
4 669
4,463
44,919
46,595
48,087
48,511
19,341
40,805
72,822
39,879
-7,813
10,318
-7,687
7,062
3,895
2 559
-4,501
3,166
48,824
45,140
45,070
45,798
2,396
59,438
48,413
70,170
479
-15,729
24,047
— 19,434
3,843
3 714
-4,556
4,431
43,186
41,028
47,788
47,802
52,529
1,831
1,702
26,629
4,127
-2,340
49,854
60,502
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
page
Gross National Product
Gross National Product in 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
' Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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