Full text of Economic Indicators : September 1991
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
102d Congress, 1st Session
Economic Indicators
SEPTEMBER 1991
(Includes data available as of September 30, 1991)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1991
For sale by the U.S. Government Printing Office
Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402-9328
ISBN 0-16-035679-2
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL S. SARBANES, Maryland, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
ALBERT GORE, JR. (Tennessee)
RICHARD H. BRYAN (Nevada)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
CONNIE MACK (Florida)
ROBERT C. SMITH (New Hampshire)
HOUSE OF REPRESENTATIVES
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
KWEISI MFUME (Maryland)
RICHARD K. ARMEY (Texas)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
STEVEN QUICK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, Chairman
DAVID F. BRADFORD, Member-Designate
PAUL WONNACOTT, Member-Designate
[PUBLIC LAW 120—SlST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts prepared by the Art Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.50 a single copy
($3.13 foreign), or by subscription at $28.00 per year ($35.00 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
In the second quarter of 1991, according to revised estimates, current-dollar gross national product (GNP) rose 4.0
percent (annual rate) or $54.7 billion. Real GNP (GNP adjusted for price changes) fell 0.5 percent and the implicit
price deflator rose 4.5 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
6,000
-
6,000
$EASONAUY ADJUS ID ANNUAL RATES
5400
3,600
—
-
.
9,200
-
r"
GNP
- IN CURREf11 DOLLARS-
4,800
5,200
^—
-
.XI
4,800
X"
VI
4/400
4,400
-
r^
4.000
4,000
-
h""\"
^
3,600
^
/f
3,200
1—
^.^iril,
d-
—
^
,*
—
ONp
IN 1982 DOLLARS
—
3,600
_
\^**
3,200
-
-
2,800
2,800
1 1 1
1982
1
1 1
1983
1
1
1
1984
1
1 1
1985
\ \ \
1986
1
1 1
1987
1
1 1
1988
111
1989
SOURCE: DEPARTMENT OF COMMERCE
1
1 1
1990
1
1 1
1991
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
IV
IV
IV
IV
IV
IV
IV
IV
I
II
Ill
IV
1991: I
II '.
1
Gross
national
product
2,732.0
3,052.6
3,166.0
3,405.7
3,772.2
4,014.9
4,231.6
4,515.6
4,873.7
5,200.8
5,465.1
3,212.5
3,545.8
3,851.8
4,107.9
4,297.3
4,647.6
5,009.8
5,289.3
5,375.4
5,443.3
5,514.6
5,527.3
5,557.7
5,612.4
Personal
consumption
expenditures
Gross
private
domestic
investment
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,009.4
3,238.2
3,450.1
3,657.3
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,079.1
3,332.6
3,518.5
3,588.1
3,622.7
3,693.4
3,724.9
3,742.8
3,789.0
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.5
747.1
771.2
741.0
409.6
579.8
661.8
654.1
648.8
741.4
747.5
762.7
747.2
759.0
759.7
698.3
660.0
654.0
Exports and imports of goods
md service
,r
Federal
Net
exports
32.1
33.9
26.3
-6.1
-58.9
78.0
-97.4
-114.7
-74.1
-46.1
-31.2
14.1
-25.8
-67.9
-103.2
— 108.9
-115.0
-70.3
35.3
-30.0
-24.9
-41.3
-28.8
13.5
18.1
GNP less exports of goods and services plus imports of goods and services.
Govern ment pure] ases of
goo is and senaces
Exports
Imports
351.0
382.8
361.9
352.5
383.5
370.9
396.5
449.6
552.0
626.2
672.8
335.9
364.7
385.7
369.2
402.4
485.8
583.1
642.8
661.3
659.7
672.7
697.4
694.5
700.8
318.9
348.9
335.6
358.7
442.4
448.9
493.8
564.3
626.1
672.3
704.0
321.9
390.5
453.6
472.4
511.3
600.7
653.5
678.1
691.3
684.6
714.1
726.2
681.0
682.6
Total
530.3
588.1
641.7
675.0
735.9
820.8
872.2
921.4
962.5
1,025.6
1,098.1
671.8
676.1
764.5
856.7
888.9
942.0
1,000.0
1,043.3
1,070.1
1,086.4
1,102.8
1,132.9
1,141.5
1,151.3
National
defense
208.1
242.2
272.7
283.5
310.5
355.2
366.5
381.3
380.3
400.0
424.0
293.2
276.1
326.0
376.6
368.8
388.2
401.1
399.9
410.6
421.9
425.8
437.6
443.8
449.7
142.7
167.5
193.8
214.4
234.3
259.1
277.8
294.6
297.2
301.1
313.6
205.4
221.5
244.1
268.6
280.7
296.0
299.6
299.2
307.2
309.6
312.6
325.0
331.2
325.7
Nondefense
65.4
74.8
78.9
69.1
76.2
96.0
88.7
86.7
83.1
98.9
110.4
87.7
54.6
81.9
108.0
88.1
92.2
101.6
100.7
103.4
112.3
113.2
112.6
112.6
124.0
chases l
and
322.2
345.9
369.0
391.5
425.3
465.6
505.7
540.2
582.3
625.6
674.1
378.7
400.0
438.5
480.1
520.1
553.9
598.9
643.4
659.6
664.6
677.0
695.3
697.7
701.6
Source: Department of Commerce, Bureau of Economic Analysis.
2,740.3
3,028.6
3,190.5
3,412.8
3,704.5
4,003.6
4,224.8
4,487.3
4,847.5
5,172.5
5,470.2
3,272.4
3,514.8
3,806.8
4,100.7
4,309.4
4,591.9
4,993.6
5,264.3
5,387.2
5,429.9
5,505.6
5,558.2
5,591.9
5,652.5
2,699.8
3,018.7
3,139.7
3,411.8
3,831.1
4,092.8
4,329.0
4,630.3
4,947.8
5,246.9
5,496.4
3,198.5
3,571.6
3,919.7
4,211.2
4,406.2
4,762.6
5,080.1
5,324.6
5,405.3
5,468.2
5,555.9
5,556.1
5,544.2
5,594.3
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Exports and imp orts of
goods and ser fices
Gross p rivate
domestic investment
Period
al
product
Personal
consumption
expenditures
Total
Nonresidential
fixed
Residential
fixed
Change
in
business
inventories
Govern merit pure mses of
good s and services
Federal
Net
exports
Exports
Imports
Total
Total
National
Nondefense
State
and
local
Final
sales
Gross
domestic
purchases *
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,618.7
3,717.9
3,845.3
4,016.9
4,117.7
4,157.3
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,354.8
2,446.4
2,515.8
2,606.5
2,656.8
2,681.6
509.3
545.5
447.3
504.0
658.4
637.0
639.6
669.0
705.7
716.9
688.7
379.2
395.2
366.7
361.2
425.2
453.5
438.4
449.8
487.2
506.1
515.4
137.0
126.5
105.1
149.3
170.9
174.4
195.7
196.4
194.9
187.0
176.8
-6.9
57.0
23.9
49.4
-24.5
26.3
-6.4 -19.9
62.3 -84.0
9.1 -104.3
5.6 -129.7
22.8 -118.5
23.6 -75.9
23.8 -54.1
3.6 -33.8
388.9
392.7
361.9
348.1
371.8
367.2
397.1
451.8
534.7
593.3
631.5
332.0
343.4
33S.6
368.1
455.8
471.4
526.9
570.3
610.6
647.4
665.3
620.5
629.7
641.7
649.0
677.7
731.2
761.6
779.1
780.5
798.1
820.8
246.9
259.6
272.7
275.1
290.8
326.0
334.1
339.6
328.1
334.9
343.7
171.2
180.3
193.8
206.9
218.5
237.2
252.1
265.1
260.7
256.3
258.7
75.7
79.3
78.9
68.2
72.3
88.8
82.0
74.5
67.5
78.7
85.0
373.6
370.1
369.0
373.9
387.0
405.2
427.5
439.5
452.4
463.2
477.1
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,609.6
3,712.4
3,822.5
3,993.2
4,094.0
4,160.9
3,130.1
3,199.4
3,139.7
3,299.1
3,585.4
3,723.0
3,847.6
3,963.8
4,092.8
4,171.8
4,191.1
IV
IV
IV
IV
IV
IV
IV
IV
3,159.3
3,365.1
3,535.2
3,662.4
3,733.6
3,920.7
4,059.3
4,133.2
2,078.7
2,191.9
2,281.1
2,386.9
2,477.8
2,534.2
2,638.8
2,669.9
408.8
577.2
655.7
648.0
615.2
706.6
696.2
709.1
352.3
390.4
444.4
460.9
435.7
462.3
486.6
508.4
115.8
159.9
169.6
179.4
200.3
195.8
195.6
181.8
-59.3
11.7
27.0
-46.2
41.7 -94.8
7.7 -125.3
-20.8 -135.4
48.4 -111.3
14.0 -75.7
18.9 -47.9
336.0
355.5
376.6
367.4
406.5
487.0
555.3
611.6
324.3
401.6
471.4
492.6
541.9
598.3
631.0
659.4
660.1
642.2
693.2
752.7
776.0
791.3
799.9
802.2
289.5
266.0
300.5
340.6
342.4
347.7
342.3
332.7
201.4
211.6
225.3
241.4
255.8
266.0
261.1
255.5
88.2
54.4
75.2
99.2
86.6
81.7
81.2
77.2
370.6
376.2
392.7
412.1
433.6
443.6
457.5
469.5
3,218.6
3,338.1
3,493.5
3,654.7
3,754.4
3,872.3
4,045.2
4,114.4
3,147.6
3,411.3
3,630.0
3,787.6
3,869.0
4,032.0
4,134.9
4,181.1
1990: I
II
Ill
IV
4,150.6
4,155.1
4,170.0
4,153.4
2,677.3
2,678.8
2,696.8
2,673.6
700.7
700.7
697.0
656.3
514.6
508.4
519.3
519.4
188.3
182.8
173.0
163.3
-2.2
9.5
4.7
-26.4
-35.4
-44.6
-46.5
-8.8
628.1
620.1
630.5
647.2
663.5
664.7
677.0
656.0
807.9
820.2
822.7
832.3
333.0
345.9
346.0
349.9
254.4
256.5
258.2
265.7
78.6
89.4
87.8
84.2
475.0
474.3
476.7
482.4
4,152.8
4,145.6
4,165.3
4,179.8
4,185.9
4,199.7
4,216.5
4,162.2
1991:
4,124.1
4,118.9
2,663.7
2,680.5
623.7
617.6
496.8
498.5
151.8
152.4
-25.0
-33.3
7.1
-12.6
648.0
655.1
641.0
667.6
829.6
833.4
349.5
B54.2
267.5
259.4
82.0
94.9
480.1
479.1
4,149.0
4,152.2
4,117.0
4,131.5
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1
I
II '
GNP less exports of goods and services plus imports of goods and services.
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982=100; quarterly data are seasonally adjusted]
Gross private
domestic i ivestment
Personal c onsumption
expenditures
Period
national
product
Exports an I imports of
goods an i services
Gove rnment pure mses of goo ds and
ser vices
Federal
Total
Durable
goods
Nondurable goods
Services
dential
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
85.7
94.0
100.0
103.9
107.7
110.9
113.8
117.4
121.3
126.3
131.5
86.6
94.6
100.0
104.1
108.1
111.6
114.3
119.6
124.2
129.9
136.4
89.2
95.7
100.0
102.1
103.8
104.8
105.6
108.2
109.4
110.9
112.4
89.4
96.9
100.0
102.1
105.0
107.5
107.3
112.2
116.6
122.8
131.0
83.9
92.6
100.0
106.2
111.6
116.8
122.4
128.7
134.5
141.0
147.7
85.1
93.4
100.0
98.8
97.9
97.7
99.3
98.9
100.2
101.2
101.7
89.4
96.6
100.0
102.2
106.0
108.3
111.1
115.2
119.3
123.5
125.5
90.2
97.5
100.0
101.3
103.2
101.0
99.8
99.5
103.2
105.5
106.5
96.0
101.6
100.0
97.4
97.1
95.2
93.7
99.0
102.5
103.8
105.8
84.3
93.3
100.0
103.1
106.8
109.0
109.7
112.3
115.9
119.4
123.3
83.4
92.9
100.0
103.6
107.2
108.2
110.2
111.1
114.0
117.5
121.2
86.4
94.3
100.0
101.4
105.5
108.2
108.1
116.3
123.2
125.8
129.8
86.2
93.4
100.0
104.7
109.9
114.9
118.3
122.9
128.7
135.1
141.3
IV
IV
IV
IV
IV
IV
IV
IV
101.7
105.4
109.0
112.2
115.1
118.5
123.4
128.0
101.8
105.7
109.3
113.1
115.8
121.5
126.3
131.8
100.7
103.1
104.1
104.7
106.2
108.9
110.3
111.4
101.0
103.1
105.8
108.7
107.8
113.9
118.6
124.5
102.7
108.3
113.5
119.0
124.9
130.9
137.0
143.4
100.7
98.3
97.9
97.9
100.0
99.0
101.8
100.7
99.1
103.1
107.2
109.0
112.4
116.5
120.6
124.3
100.0
102.6
102.4
100.5
99.0
99.7
105.0
105.1
99.3
97.2
96.2
95.9
94.4
100.4
103.6
102.8
101.3
103.8
108.5
110.6
107.7
111.7
117.2
120.2
102.0
104.7
108.3
111.3
109.7
111.3
114.7
117.1
99.5
100.3
108.9
108.8
101.7
112.8
125.1
130.4
102.2
106.3
111.7
116.5
120.0
124.9
130.9
137.1
1990: I
II
Ill
IV
129.5
131.0
132.2
133.1
134.0
135.2
137.0
139.3
112.5
112.1
112.3
112.7
128.3
129.4
131.5
134.9
145.1
146.6
148.5
150.4
101.6
101.6
102.6
100.9
125.3
125.3
126.0
125.7
105.3
106.4
106.7
107.8
104.2
103.0
105.5
110.7
123.3
122.0
123.0
125.1
120.8
120.7
121.1
122.3
131.5
125.6
128.9
133.8
138.9
140.1
142.0
144.1
1991:
134.8
136.3
140.5
141.4
113.0
113.0
135.2
135.4
152.1
153.5
101.4
100.5
125.5
126.6
107.2
107.0
106.3
102.2
127.0
126.9
123.8
125.6
137.3
130.7
145.3
146.4
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
I
II '
Source: Department of Commerce, Bureau of Economic Analysi
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from preceding period; quarterly data at seasonally adjusted annual rates]
Personal consumption e tpenditures
Ore ss national pr duct
Period
Current
dollars
Constant
(1982)
dollars
Implicit
price
deflator
Chain price
index
Fixedweighted
price index
(1982
Implicit
price
deflator
Constant
(1982)
dollars
Current
dollars
Chain price
index
8.9
11.7
3.7
7.6
10.8
6.4
5.4
6.7
7.9
6.7
5.1
9.1
7.5
7.4
8.7
7.8
8.3
1982
1983
1984
1985
1986
1987
1988
1989
1990
1987:
I
II
Ill
IV
1988: I
II
Ill
IV
1989: I
II
7.4
7.7
7.5
5.8
5.1
3.9
6.7
5.1
5.3
.9
2.2
4.0
m
IV
1990: I
II
Ill
IV
1991: I
II r .
-0.2
1.9
-2.5
3.6
6.8
3.4
2.7
3.4
4.5
2.5
1.0
5.2
4.2
4.1
6.6
5.1
3.6
2.7
2.7
3.6
1.6
1.7
.3
1.7
.4
1.4
-1.6
-2.8
-.5
9.0
9.7
6.4
9.3
9.3
6.2
4.1
4.0
3.4
2.7
3.5
4.2
4.5
4.6
9.0
9.4
6.3
4.1
3.9
3.3
2.5
3.3
3.7
4.3
4.3
4.3
3.1
3.3
3.1
3.3
4.2
4.8
4.4
4.7
4.4
31
3.7
6.1
4.1
3.7
3.6
5.2
3.3
3.9
3.7
3.0
2.6
3.2
3.3
4.1
4.1
3.5
3.1
3.5
1.7
2.7
4.4
4.7
4.7
3.9
3.9
3.2
3.8
4.8
4.7
3.7
2.8
5.2
4.5
NOTE.—Annual changes are from preceding year and quarterly changes are from preceding quarter.
(1982
weights)
weights)
1980
1981
Fixedweighted
price index
10.6
10.5
-0.2
1.2
1.3
4.6
4.8
4.7
7.1
9.0
8.8
8.2
6.4
7.6
7.6
6.5
6.0
7.3
9.6
8.9
3.7
9.2
7.4
8.2
8.1
4.4
3.5
3.5
3.7
3.9
4.7
5.5
4.4
4.9
4.6
3.1
3.8
6.6
3.9
4.2
4.7
5.2
3.1
3.9
2.8
3.6
1.9
.9
.7
4.5
4.3
-.4
6.9
2.7
3.5
3.5
-.3
1.3
4.6
-.8
1.1
.2
2.7
4.8
6.6
7.0
4.0
8.2
3.9
8.0
3.5
1.9
5.0
-3.4
— 1.5
2.5
10.7
10.9
10.5
9.2
9.2
5.7
4.2
3.9
3.5
2.7
4.6
4.0
4.7
4.9
6.2
4.9
4.3
4.0
2.5
4.7
4.8
4.8
5.0
5.3
2.6
4.9
6.8
3.4
5.2
6.5
3.4
2.8
9.0
5.6
4.2
4.0
3.5
2.7
4.6
4.1
4.8
5.2
6.3
5.1
4.3
4.3
2.6
4.8
5.1
4.9
5.0
5.7
2.7
4.7
7.4
3.1
5.7
7.1
3.3
2.6
5.7
4.1
3.8
3.2
2.4
4.6
3.8
4.6
5.0
6.4
4.8
4.4
4.1
2.3
4.3
4.6
4.6
5.2
5.1
2.2
5.0
6.8
3.6
5.4
6.9
3.5
2.6
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Cur rent-dollar cc st and profit per unit of output (dolla s) 1
Gross dome Stic product
of nonf nancial
corporate business
(billions o f dollars)
Period
Current
1982
Total
cost and
profit 2
Capital
consumption
allowances
with capital
consump-
Indirect
business
taxes 3
Compensation of
employees
Corporate profits with inventory
valuation ind capital et nsumption
adjustments
Net
interest
Profits
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
IV
IV
IV
IV
IV
IV
IV
IV
I
II
Ill
IV
I
11 r
1
1,540.8
1,738.4
1,782.2
1,914.2
2,146.7
2,267.1
2,367.1
2,524.8
2,720.7
2,854.5
2,952.7
1,779.4
2,012.5
2,201.8
2,309.4
2,408.7
2,597.4
2,797.3
2,878.5
2,907.5
2,960.0
2,979.1
2,964.1
2,956.9
9 984.8
1,803.6
1,836.8
1,782.2
1,871.8
2,049.2
2,132.3
2,214.3
2,310.9
2,443.4
2,503.0
2,506.5
1,761.6
1,951.7
2,084.1
2,165.4
2,240.8
2,364.8
2,482.5
2,502.2
2,503.8
2,519.6
2,514.4
2,488.3
2,446.9
2,446.4
0.854
0.096
0.077
0.583
0.031
0.068
0.037
.946
1.000
1.023
1.048
1.063
1.069
1.093
1.114
1.140
1.178
1.010
1.031
1.056
1.066
1.075
1.098
1.127
1.150
1.161
1.175
1.185
1.191
1.208
1.220
.109
.125
.123
.117
.118
.121
.122
.090
.094
.098
.100
.102
.104
.104
.105
.109
.116
.096
.097
.101
.102
.104
.104
.106
.111
.113
.113
.117
.119
.124
.125
.632
.676
.676
.683
.699
.708
.720
.737
.760
.791
.685
.676
.689
.704
.713
.726
.747
.769
.037
.043
.037
.039
.038
.040
.040
.040
.048
.051
.042
.037
.079
.035
.026
.032
.036
.033
.034
.040
.042
.041
.038
.023
.036
.032
.033
.038
.042
.042
.039
.038
.039
.040
.037
.032
.033
.122
.127
.132
.130
.119
.118
.119
.122
.121
.123
.130
.130
.131
.133
.136
.140
.141
Output is measured bv gross domestic produ t of nonfinar cial corporale business n 1982 dol-
lars.
2
This is equal to the deflator for gross domes ic product of nonfinancia! corporate b isiness with
the decimal point shifted two places to the left.
tax
liability
adjustment
3
.777
.787
.797
.804
.814
.822
.042
.037
.041
.040
.041
.051
.051
.051
.051
.052
.052
.051
.063
.088
.109
.106
.097
.106
.109
.096
.088
.057
.102
.107
.105
.094
.108
.110
.089
.090
.094
.087
.080
.079
.082
Profits
after
Output
per hour
Compensation per
hour of
of all
employees
(1982
dollars)
employees
(dollars)
18.547
18.699
18.774
19.344
19.867
20.198
20.902
21.202
21.658
21.602
21.509
18.807
19.554
19.932
20.389
21.055
21.367
21.680
21.491
21.409
21.547
21.508
21.518
21.461
21.513
10.809
11.815
12.682
13.085
13.571
14.112
14.792
15.264
15.874
16.417
17.020
12.881
13.221
13.741
14.350
15.014
15.506
16.089
16.529
16.641
16.950
17.148
17.301
17.462
17.656
all
tax 4
0.031
.044
.037
.057
.073
.073
.063
.066
.067
.056
.049
.034
.066
.075
.071
.057
.066
.067
.051
.052
.055
.047
.043
.047
.048
Indire t business ta x and nonta \ liability plu business tra isfer paymen s less subsidi
4
With i nventorv vali ation and c apital consum ption adjustm ents.
Sources Department of Comme rce (Bureau of Economic Analysis) an d Departmei t of Labor
(Bureau of Labor Statis ics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employ-
Proprietor s' income
with in fentory
valuation s nd capital
consuroption
adjust ments
Farm
1982
1983
1984
1985
1986
1987
1988
1989
1990
Rental
income of
persons
with
capital
Corpora te profits wit Si inventory valuation ant capital
consurnption adjust ments
Profits wi th inventory valuation
adjustme it and witho it capital
consu mption adjus tment
tion
adjustment
Nonfarm
Inventory
valuation
adjustment
Profits
before tax
ment
1,907.0
2,020.7
2,213.9
2,367.5
2,511.4
2,686.4
2,905.1
3,079.0
3,244.2
24.6
12.4
30.5
30.2
34.7
42.8
43.7
48.6
49.9
150.9
178.4
204.0
225.6
247.2
280.6
310.5
330.7
352.6
13.6
13.2
8.5
9.2
11.6
13.7
16.3
8.2
6.9
150.0
213.7
266.9
282.3
282.1
308.3
337.6
311.6
298.3
159.2
196.7
234.2
222.6
228.3
255.9
289.8
286.1
293.3
169.6
207.6
240.0
224.3
221.6
275.3
316.7
307.7
304.7
-10.4
-10.9
-5.8
-1.7
6.7
-19.4
-27.0
-21.7
-9.2
17.0
32.7
59.7
53.8
52.4
47.8
25.5
— 11.4
4.9
272.3
281.0
304.8
319.0
325.5
328.6
371.8
445.1
466.7
-4.5
25.1
42.3
63.0
49.1
54.5
40.9
15.6
266.9
290.2
313.1
322.7
324.0
338.2
394.1
461.7
11.3
463.6
466.2
468.3
468.4
IV
IV
IV
IV
IV
IV
IV
IV
2,548.2
2,851.5
3,096.1
3,312.8
3,473.1
3,791.5
4,104.1
4,267.1
1,931.1
2,092.7
2,272.7
2,426.7
2,571.2
2,770.3
2,986.7
3,128.6
28.5
19.3
28.1
29.2
37.2
52.3
35.5
45.7
159.8
188.6
209.7
235.0
252.0
293.0
321.5
336.0
15.8
12.4
5.6
7.8
13.5
14.6
16.8
4.1
146.1
248.5
266.9
291.4
275.2
323.1
349.6
290.9
150.7
223.4
224.6
228.4
226.1
268.6
308.7
275.3
164.1
231.5
226.1
235.0
234.1
289.7
331.1
289.8
-13.4
1990:
I
II
Ill
IV
4,350.3
4,411.3
4,452.4
4,459.7
3,180.4
3,232.5
3,276.9
3,286.9
57.4
51.0
42.4
48.8
346.6
350.8
355.6
357.4
5.5
4.3
8.4
9.3
296.8
306.6
300.7
288.9
285.5
298.8
298.7
290.3
296.9
299.3
318.5
304.1
— 11.4
— .5
-19.8
-13.8
4,456.4
4,493.2
3,299.3
3,335.7
48.5
51.8
355.8
365.2
5.6
5.4
286.2
284.4
289.7
284.1
281.5
279.2
8.1
4.9
1
Net
interest
2,518.4
2,719.5
3,028.6
3,234.0
3,412.6
3,660.3
3,984.9
4,223.3
4,418.4
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1991: I
II '
Capital
consump-
-8.1
-1.6
-6.6
-8.0
-21.1
-22.5
-14.5
7.7
2.0
-1.4
-3.5
.2
460.9
450.8
Source: Department of Commerce, Bureau of Economic Analysis.
Includes employer contributions for social insurance. (See also p. 5.)
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
personal
Period
1982
1983
1984
1985
1986
1987
1988
1989
1990
sumption
expenditures
Total
durable
goods
Motor
vehicles
and
parts
Furniture
and
household
equipment
Retail sales of
new pa ssenger
cars (m [lions of
un ts)
Non durable g wds
Durabl 3 goods
Other
durable
goods
Food
Clothing and
shoes
Gasoline
and oil
Other
Domestics
Imports
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,009.4
3,238.2
3,450.1
3,657.3
252.7
289.1
335.5
372.2
406.0
423.4
457.5
474.6
480.3
108.9
130.4
157.4
179.1
196.2
197.9
212.2
215.5
213.0
95.7
107.1
118.8
129.9
139.7
148.8
161.8
171.4
176.4
48.1
51.6
59.3
63.2
70.0
76.7
83.5
87.8
90.9
771.0
816.7
867.3
911.2
942.0
1,001.3
1,060.0
1,130.0
1,193.7
398.8
421.9
448.5
471.6
500.0
530.7
562.6
595.3
624.7
124.4
135.1
146.7
156.4
166.8
178.4
191.1
204.6
213.2
89.1
90.2
90.0
90.6
73.5
75.3
77.3
83.8
93.8
158.7
169.5
182.1
192.6
201.7
216.9
229.1
246.3
261.9
1,027.0
1,128.7
1,227.6
1,345.6
1,449.5
1,584.7
1,720.7
1,845.5
1,983.3
5.8
6.8
8.0
8.2
8.2
7.5
7.1
6.9
22
2.4
2.4
2.8
3.2
3.2
3.1
2.8
2.6
7.1
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
IV
IV
IV
IV
IV
IV
IV
IV
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,079.1
3,332.6
3,518.5
263.8
310.0
346.7
373.2
422.0
427.4
473.1
471.2
115.7
144.4
162.3
173.8
201.1
198.9
217.8
207.5
99.1
112.4
122.7
134.7
143.8
151.1
166.8
173.0
49.0
53.2
61.8
64.7
77.1
77.4
88.5
90.7
786.6
837.9
879.6
932.7
952.1
1,019.9
1,088.0
1,148.8
407.0
430.8
456.1
482.5
511.9
539.0
577.1
602.2
126.5
141.1
149.8
160.6
168.7
182.2
198.6
208.7
89.8
91.9
89.0
91.0
66.0
77.3
78.5
83.5
163.4
174.0
184.7
198.5
205.5
221.5
233.9
254.4
1,066.5
1,167.9
1,267.1
1,394.5
1,494.4
1,631.8
1,771.5
1,898.5
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
1990:
I
II
Ill
IV
3,588.1
3,622.7
3,693.4
3,724.9
492.1
478.4
482.3
468.5
221.1
212.4
214.7
203.9
178.9
176.8
176.4
173.4
92.0
89.3
91.2
91.3
1,174.7
1,179.0
1,205.0
1,216.0
616.4
623.3
629.8
629.4
212.9
212.6
215.8
211.5
87.1
84.5
94.0
109.4
258.2
258.6
265.4
265.6
1,921.3
1,965.3
2,006.2
2,040.4
7.0
6.8
7.2
6.6
2.8
2.7
2.5
2.4
1991:
I
II
3,742.8
3,789.0
455.3
453.7
190.9
187.8
174.2
176.5
90.2
89.4
1,212.7
1,221.7
636.7
642.8
213.3
218.4
93.9
90.8
268.7
269.7
2,074.8
2,113.6
6.0
6.1
22
2.4
r
Source: Department oT Commerce, Bureau of Economic Analysis.
SOURCES OF PERSONAL INCOME
Personal income rose $20.3 billion (annual rate) in August following a decline of $7.5 billion in July. Wages and
salaries rose $13.7 billion in August, compared with a decline of $8.8 billion in July.
BILLIONS OF DOLLARS*(RATIO SCALE)
5,000
BILLIONS OF DOLLARS*(RATIO SCALE)
5,000
4.000
4,000
3,000
3,000
2,000
2,000
WAGE AND SALARY DISBURSEMENTS
1,400
1,400
__*--•
-
„/"
'
\
OTHER INCOME
800
800
TRANSFER
PAYMENTS
400
IIIllllllll
1983
1984
1986
1985
400
1988
1987
1989
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1990
1991
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr r
May *
June r
July r.
Aug p
Total
personal
income
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,526.2
3,766.4
4,070.8
4,384.3
4,645.5
4,675.0
4,697.8
4,695.9
4,716.2
4,743.3
4,723.8
4,733.3
4,750.4
4,755.8
4,787.3
4,811.0
4,803.5
4,823.8
Proprietor s' income 3
Wage and
ments
l
1,510.3
1,586.1
1,676.6
1,838.6
1,975.4
2,094.8
2,249.7
2,431.1
2,573.2
2,705.3
2,728.3
2,747.2
2,731.6
2,731.6
2,753.6
2,741.0
2,741.9
2,745.6
2,750.2
2,772.6
2,799.4
2,790.6
2,804.3
income
150.3
163.6
173.6
182.9
187.6
190.3
209.4
225.5
241.9
258.1
260.0
261.2
262.2
263.2
264.2
265.2
266.2
267.2
268.2
269.2
270.2
271.2
272.2
Farm
30.7
24.6
12.4
30.5
30.2
34.7
42.8
43.7
48.6
49.9
42.9
38.5
39.1
54.5
52.9
39.6
47.2
58.7
53.5
54.2
47.7
43.5
40.4
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
* Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
156.1
150.9
178.4
204.0
225.6
247.2
280.6
310.5
330.7
352.6
356.6
357.0
351.1
357.6
357.5
353.8
356.3
357.4
360.9
365.8
368.9
371.6
375.8
4
Rental
income of
persons 4
Personal
dividend
income
Personal
interest
income
13.3
13.6
13.2
8.5
9.2
11.6
13.7
16.3
8.2
6.9
9.1
10.0
10.8
8.8
8.3
6.8
5.1
4.9
5.0
5.5
5.6
6.0
6.2
61.3
63.9
68.7
75.5
78.7
85.8
91.8
102.2
114.4
123.8
125.0
125.3
126.1
126.8
127.2
127.2
127.6
125.3
125.2
125.6
125.7
126.3
126.1
335.4
369.7
393.1
444.7
478.0
493.2
501.3
547.9
643.2
680.4
685.4
686.8
681.5
688.1
688.2
685.7
681.8
678.6
676.2
674.1
672.5
671.2
610.2
Transfer
payments s
368.1
410.6
442.6
456.6
489.8
521.5
549.9
587.7
636.9
694.8
695.9
701.2
110.0
714.0
721.2
741.6
744.5
750.1
754.5
759.7
762.1
764.4
110.1
Less:
Personal
contributions
for social
insurance
Nonfarm
personal
income 6
104.5
112.3
120.1
132.7
149.3
161.9
172.9
194.1
212.8
226.2
228.2
229.5
228.4
228.4
229.9
237.2
237.2
237.4
237.8
239.3
241.1
241.4
242.4
2,465.6
2,618.7
2,799.0
3,052.1
3,271.3
3,469.4
3,702.2
4,006.0
4,314.6
4,574.3
4,610.7
4,637.8
4,635.3
4,640.2
4,668.8
4,662.6
4,664.4
4,669.9
4,680.4
4,711.1
4,741.3
4,737.8
4,161.3
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
5
a
DISPOSITION OF PERSONAL INCOME
According to revised estimates, real per capita disposable personal income rose in the second quarter of 1991.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
4,500
4,500
4,000
4,000
DISPOSABLE PERSONAL INCOME.
3,500
3,500
\
3,000
3,000
2,500
2,500
2,000
2,000
DOLLARS * (RATIO SCALE)
DOLLARS * (RATIO SCALE)
18,000 — PER CAPITA DISPOSABLE PERSONAL INCOME -
18,000
16,000
16,000
- CURRENT DOLLARS -
14,000
14,000
12,000
12,000
-V
10,000
10,000
1982 DOLLARS
8,000
8,000
1982
1984
1983
1988
1987
1986
1985
1989
* SEASONALLY ADJUSTED ANNUAL IATES
SOURCE, DEPARTMENT Of COMMERCE
Period
rersonal
income
Less:
Personal
lax and
nontax
payments
tiiLquals:
i
Uisposathe
personal
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
COUNCIL OF ECONOMIC ADVISERS
Less:
Personal
outlays }
Equals:
Personal
saving
Disposable
personal
income in
1982
dollars
(billions)
Current
dollars
340.5
393.3
409.3
410.5
440.2
486.6
512.9
571.6
591.6
658.8
699.4
1,918.0
2,127.6
2,261.4
2,428.1
2,668.6
2,838.7
3,013.3
3,194.7
3,479.2
3.725.5
3,946.1
1,781.1
1,968.1
2,107.5
2,297.4
2,504.5
2,713.3
2,888.5
3,102.2
3,333.6
3.553.7
3,766.0
2,729.2
2,941.8
3,188.3
3,399.1
3,597.8
3,890.9
4,186.2
4,469.2
4,562.8
4,622.2
4,678.5
4,718.5
4,735.8
4,784.7
411.1
413.9
459.7
499.6
534.4
588.6
607.3
669.6
675.1
696.5
709.5
716.6
714.6
716.6
2,318.1
2,527.9
2,728.6
2,899.5
3,063.4
3,302.3
3,578.9
3,799.6
3,887.7
3,925.7
3,969.1
4,001.9
4,021.3
4,068.1
2,174.9
2,382.5
2,571.3
2,787.7
2,961.4
3,172.6
3,430.4
3,625.5
3,696.4
3,730.6
3,802.6
3,834.4
3,852.5
3,898.0
136.9
159.4
153.9
130.6
164.1
125.4
124.9
92.5
145.6
171.8
180.1
8,421
9,243
9,724
10,340
11,257
11,861
12,469
13,094
14,123
14,973
15,695
2,214.3
2,248.6
2,261.5
2,331.9
2,469.8
2,542.8
2,635.3
2,670.7
2,800.5
2,869.0
2,893.5
Current
dollars
1982
dollars
Dolla
2,258.5
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,526.2
3,766.4
4,070.8
4,384.3
4,645.5
Per capit i personal
consu nption
expen litures
Per c apita
disposable personal
inc me
Billi cms of dollars
1980
1981
1990
1982
dollars
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands) 2
Perce It
S
9,722
9,769
9,724
9,930
10,419
10,625
10,905
10,946
11,368
11,531
11,509
7,607
8,320
8,818
9,516
10,253
10,985
11,576
12,334
13,144
13,866
14,547
8,783
8,794
8,818
9,139
9,489
9,840
10,123
10,311
10,580
10,678
10,666
— 1.1
7.1
.5
-.5
2.1
4.9
2.0
2.6
.4
3.9
1.4
7.5
6.8
5.4
6.1
4.4
4.1
2.9
4.2
4.6
4.6
227,754
230,182
232,549
234,829
237,051
239,322
241,660
243,982
246,358
248,810
251,420
9,749
10,151
10,491
10,667
10,909
11,097
11,458
11,541
11,586
11,564
11,511
11,376
11,307
11,343
9,068
9,825
10,479
11,240
11,825
12,572
13,474
14,084
14,330
14,432
14,670
14,752
14,787
14,934
8,904
9,299
9,587
9,935
10,214
10,347
10,669
10,687
10,693
10,671
10,711
10,589
10,524
10,565
1.2
9.1
1.7
3.3
.3
6.4
1.2
.1
1.6
-.8
6.2
5.8
5.8
3.9
3.3
3.9
4.1
4.6
4.9
5.0
4.2
4.2
4.2
4.2
233,466
235,707
237,946
240,257
242,579
244,925
247,329
249,818
250,392
251,026
251,767
252,495
253,114
253;708
_ 2
Seasonally adjusted arm ual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
IV
IV
IV
IV
IV
IV
IV
IV
I
II
III....
IV
1991: I
II r....
1
143.1
145.4
157.3
111.7
102.0
129.7
148.5
174.1
191.3
195.1
166.5
167.5
168.7
170.2
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
9,929
10,725
11,467
12,068
12,629
13,483
14,470
15,210
15,527
15,639
15,765
15,849
15,887
16,035
2,276.1
2,392.7
2,496.3
2,562.8
2,646.2
2,717.9
2,833.9
2,883.2
2,900.9
2,902.8
2,898.0
2,872.4
2,861.9
2,877.9
2
-1.8
-4.6
24
1.3
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the second quarter of 1991, according to preliminary estimates, gross farm income rose $10.7
billion (annual
rate) and net farm income rose $9.7 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
240
200
240
200
160
160
120
120
GROSS FARM INCOME
80
80
60
60
"--•'
40
40
NET FARM INCOME
20
20
•V
I .I
10
10
I /
1I
u
U
1 1 1
1982
1
1 1
1983
1 1 1
1 1 1
I I 1
1984
1985
1986
1
1 1
1987
1 1
1988
1 1
1989
• SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
1990
1991
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farmi og
Net farni income
(jross farm incom e
Period
Cas h marketing receipts
Total '
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 r
1990r
1989:
I '.
IIr
III r
IV
149.3
166.3
163.5
153.2
170.2
162.9
156.5
169.0
173.8
188.4
194.3
189.8
188.5
184.9
190.4
198.8
190.5
187.3
139.7
141.6
142.6
136.8
142.8
144.1
135.2
141.7
150.2
159.2
169.1
153.7
157.4
163.9
161.7
1990:
IT
II r
Ill '
IV
200.7
165.1
165.9
172.8
172.5
1991:
Ir
II"
187.0
197.7
162.5
173.7
Livestock and
products
71.7
72.5
72.3
67.2
69.9
74.3
63.7
65.6
71.4
75.4
79.4
68.0
69.2
70.3
69.6
72.9
69.8
71.5
76.0
78.8
83.7
89.7
81.6
80.8
83.6
88.9
89.5
88.0
90.8
90.4
86.7
83.9
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
Crops
72.1
76.5
80.3
72.8
3
Value of
inventory
changes 2
6.3
6.5
1.4
-10.9
6.0
-2.3
-2.4
-2.8
-4.1
4.1
3.1
3.2
Production
expenses
Current
dollars
133.1
139.4
140.0
137.9
143.8
131.9
125.5
127.7
132.1
140.2
144.3
4.3
4.4
4.4
140.6
141.3
140.9
138.1
75.6
77.9
82.0
82.1
4.7
3.6
2.5
1.7
142.0
143.4
143.8
148.0
75.8
89.8
1.5
1.1
147.4
148.4
1982 dollars 3
16.1
26.9
23.5
15.3
26.3
31.0
31.0
41.3
41.8
48.2
50.0
49.2
47.3
44.0
52.3
56.8
47.1
43.4
52.8
39.6
49.3
Income in current dollars divided by the ONP 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
14.7
24.5
27.9
27.2
35.1
34.4
38.2
38.1
39.5
37.6
34.7
40.9
43.9
35.9
32.9
39.7
29.4
36.2
CORPORATE PROFITS
In the second quarter of 1991, according to revised estimates, corporate profits before tax fell $2.3 billion (annual
rate) and profits after tax fell $5.8 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
360
SEASONALLY ADJU TED ANNUAL RATEs
r\
/]
/"
v^X
320
fv
^
PROFITS B EFORE TAX
\
<
r\
^0^y
j
\
s
'
X
.L,
200
•x
_*-'*'
\
^
-**"
S
160
^---\
"\%
-—-— ^ -^*
120
'\
T ^X LIABILITYr
.-r"\
J—- "
\
T
\
PROF ITS AFTER 1FAX —^^
. —-*
•
240
S
f1
.._
/
^UNDIST ?IBUTED PRCDFITS1*—- --,'
V
1 1 1
1 I 1
1 1 1
i i i
1982
1983
1984
1985
80
1
1
1
1
1986
1 1
1987
1
i
1988
1
1
1
1
1 1 1
1 I 1
1990
1991
1989
SOURCE: DEPARTMENT OF COMMERCE
40
^..^
0
COUNCIL OF ECONOMIC AOViSERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Pr jfits (before t ax) with inve ntory valuati on adjustmen t 1
Profits after ta X
Doinestic indust ries
Total
z
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
TV
IV
IV
IV
IV
IV
IV
IV
I
II
Ill
TV
1991: I
11
1
2
'
Profits
before tax
Nonfinancial
Period
194.0
202.3
159.2
196.7
234.2
222.6
228.3
255.9
289.8
286.1
293.3
150.7
223.4
224.6
228.4
226.1
268.6
308.7
275.3
285.5
298.8
298.7
290.3
289.7
284.1
159.6
173.8
131.2
166.6
203.3
191.4
195.2
218.4
246.5
235.2
236.4
121.6
190.7
193.9
193.6
193.4
226.2
261.9
218.4
232.6
249.9
241.1
222.3
221.4
226.3
Financial
21.0
16.5
11.8
18.1
13.0
22.8
32.0
20.7
22.4
15.4
18.7
18.7
15.5
13.6
26.0
28.6
19.8
24.1
6.9
16.1
18.2
21.7
18.8
22.5
23.2
Total 3
138.6
157.3
119.4
148.5
190.3
168.6
163.2
197.8
224.1
219.8
217.7
102.9
175.2
180.3
167.6
164.8
206.4
237.8
211.5
216.5
231.7
219.3
203.4
198.9
203.0
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Manufacturing
77.1
88.5
58.0
70.1
88.8
79.7
59.5
86.7
106.5
96.1
88.8
46.8
88.6
79.8
83.8
64.8
98.2
112.6
83.7
90.1
100.8
91.2
73.1
67.1
72.0
Tax
liability
Invpntorv
Total
Dividends
sale and
retail
trade
21.6
32.5
34.6
38.9
51.2
44.1
44.1
37.9
37.1
38.7
41.5
33.6
43.1
51.8
38.5
41.0
37.8
42.3
41.9
39.2
44.4
39.5
42.8
46.2
47.6
3
237.1
226.5
169.6
207.6
240.0
224.3
221.6
275.3
316.7
307.7
304.7
164.1
231.5
226.1
235.0
234.1
289.7
331.1
289.8
296.9
299.3
318.5
304.1
281.5
279.2
84.8
81.1
63.1
77.2
93.9
96.4
106.3
126.9
136.2
135.1
132.1
59.8
88.1
87.0
99.8
113.1
132.1
142.1
123.5
129.9
133.1
139.1
126.5
115.1
118.6
152.3
145.4
106.5
130.4
146.1
127.8
115.3
148.4
180.5
172.6
172.5
104.3
143.4
139.2
135.2
121.0
157.6
189.1
166.3
167.1
166.1
179.4
177.6
166.4
160.6
54.7
63.6
66.9
71.5
79.0
83.3
91.3
98.2
110.0
123.5
133.9
68.5
73.9
80.8
84.0
93.6
102.2
115.3
127.7
130.3
133.0
135.1
137.2
137.5
136.4
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
uted
profits
97.6
81.8
39.6
58.9
67.0
44.6
24.0
50.2
70.5
49.1
38.7
35.8
69.5
58.4
51.2
27.4
55.4
73.8
38.6
36.8
33.2
44.3
40.4
29.0
24.2
adjustment
-43.1
-24.2
— 10.4
-10.9
-5.8
-1.7
6.7
-19.4
-27.0
-21.7
-11.4
-13.4
-8.1
-1.6
-6.6
-8.0
-21.1
-22.5
-14.5
-11.4
-.5
-19.8
-13.8
8.1
4.9
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the second quarter of 1991, nonresidential fixed investment fell $2.5 billion
(annual rate) and residential investment rose $2.4 billion. There was a $40.0 billion decrease in inventories,
following a decline of $34.2 billion in the first quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
900
se ASONAUY ADJUST
800
GROSS P RIVATE DO WESTIC
IS(VESTMENT
y
600
r~-\
p-~\/
/
—\
r~\
'
^
^
"^1
600
NC5NRESIDEN HAL
FIX :D INVESTS1ENT
/
500
/nr^~
r
700
400
900
D ANNUAL RATES
^ _ _
\
/
500
«•**
^-~
n
•-—.__..
400
RES DENTIAL
FIXED 1 NVESTMENT
»-. — -'"*
300
300
|
200
200
"""
~*
.-"""
CHASIGE IN BUS NESS
IIWENTORIE S
^~'~
100
s
0
\..+*
-100
-*
'
+—""
i i i
1 1 1
i ii
1982
1983
1984
~*—%
VI
4
s
.'' ' \_
~--'
100
X
———
1
1 1
1
1985
1
1986
1
1 1 1
1987
1
1 1
1988
1
1 I
1989
1 1 1
1990
1
1
— 100
1
1991
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
]7ixed investmen t
Gross
Period
domestic
investment
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
IV
IV
IV
IV
IV
IV
IV
IV
I
II
Ill
IV
1991: I
II r
.
.
Source: Department of Commerce, Bureau of Economic Analysis.
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.9
747.1
771.2
741.0
409.6
579.8
661.8
654.1
648.8
741.4
747.5
762.7
747.2
759.0
759.7
698.3
660.0
654.0
Change i i business
lories
Nonresidential
Total
Total
445.3
491.5
471.8
509.4
597.1
631.8
652.5
671.2
720.8
742.9
746.1
469.5
548.8
616.8
646.8
660.9
685.7
731.3
737.7
758.9
745.6
750.7
729.2
694.1
694.0
322.8
369.2
366.7
356.9
416.0
442.9
435.2
444.9
488.4
511.9
524.1
354.9
383.9
435.0
451.3
435.8
457.5
495.3
511.8
523.1
516.5
532.8
524.0
503.6
501.1
Structures
113.9
138.5
143.3
124.0
141.1
153.2
139.0
133.7
139.9
146.2
147.0
137.6
127.4
146.6
155.9
133.7
137.2
141.2
147.1
148.8
147.2
149.8
142.1
139.5
134.9
Producers'
durable
equipment
208.9
230.7
223.4
232.8
274.9
•289.7
296.2
311.2
348.4
365.7
377.1
217.3
256.5
288.4
295.5
302.2
320.4
354.0
364.7
374.3
369.3
383.0
381.9
364.1
366.2
Residential
122.5
122.3
105.1
152.5
181.1
188.8
217.3
226.3
232.5
231.0
222.0
114.7
164.9
181.8
195.5
225.1
228.1
236.0
225.9
235.9
229.1
217.9
205.2
190.5
192.9
Nonfarm
Total
-8.3
24.0
-24.5
-7.1
67.7
11.3
-2.4
18.3
-23.1
.4
60.5
14.6
6.9
8.6
28.3
26.2
28.3
-5.0
-59.9
31.0
45.0
32.3
29.8
23.3
-7.4
-51.1
21.3
41.3
23.7
-8.0
59.6
35.0
24.1
— 17.0
13.0
7.2
-12.2
55.7
16.2
25.0
-11.8
13.4
9.0
-30.8
-34.2
-40.0
6.8
-32.4
-37.1
-35.2
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department July-August 1991 survey, business spending for new plant and equipment
is expected to rise 0.5 percent in 1991, a downward revision from the planned increase of 2.7 percent reported in
the April-May survey. The rise in 1990 was 5.0 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
600
600
SEASONAL!Y ADJUSTED ANNUAL RATES
500
500
^-
400
^~-1^
•
^^s^
. —-^""'^
300
200
•-*
AL INDUSTRIES
.-~-~"^"
•
--—
^•-
400
\
^^
300
\
NONAAANUFACTURI NG-L/
ff
~
200
^_--
--
--
— ""
--„
\
WANUFACTUR NG
100
100
1
1 1
1983
\
1
I 1
1984
1 1
1985
1
I
I
1
1
1986
1
I
1
1
1988
1987
1
1 1
1989
-I/SURVEYED QUARTERLY
•2/SEE FOOTNOTE 4 8ELOW
SOURCE: DEPARTMENT OF COMMERCE
1
1 1
1990
1
1 1
1991
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Industries surveyed quarterly
M anufacturi ig
Period
All
industries
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990r.
1991 4
286.40
324.73
326.19
321.16
373.83
410.12
399.36
410.52
455.49
507.40
532.61
535.13
112.60
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
186.20
1989: I r
II '
III r
IV.
487.58
501.56
514.40
520.40
1990: I '
II '.
Ill'
IV '.
Ir
II r
Ill 4
IV4
1991:
Noiimanufactu •ing
Total
nonfarm
business 2
Nonmanufactu ring
Manufacturing
Total
Surveyed
quarterly
205.48
230.09
239.11
242.38
278.77
302.05
309.16
320.45
344.77
380.13
399.34
173.80
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
348.93
Nondurable
goods
Total '
Mining
Transportation
Public
utilities
Commercial
and
other
54.82
58.93
54.58
51.61
64.57
70.87
65.68
68.03
77.04
82.56
82.58
78.22
57.77
69.75
69.39
65.74
75.04
82.01
72.28
73.03
86.41
101.24
110.04
107.97
173.80
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
348.93
12.71
15.81
14.11
10.64
11.86
12.00
8.15
8.28
9.29
9.21
9.88
9.66
13.56
12.67
11.75
10.81
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.53
41.32
47.17
53.58
52.95
57.53
59.58
56.61
56.26
60.37
66.28
67.21
67.13
106.21
120.41
122.79
129.41
151.39
171.09
181.59
189.84
205.76
229.28
241.43
249.60
173.40
180.86
185.70
191.63
80.02
82.35
83.43
83.83
93.38
98.51
102.27
107.80
314.18
320.70
328.70
328.77
8.97
9.18
9.23
9.41
17.63
18.50
20.82
18.39
65.86
68.44
65.34
65.56
221.72
224.57
233.31
235.42
173.40
180.86
185.70
191.63
314.18
320.70
328.70
328.77
532.50
534.55
534.11
530.13
192.16
195.02
194.05
189.72
86.03
84.15
82.48
79.03
106.14
110.87
111.57
110.69
340.33
339.53
340.06
340.41
9.62
9.77
9.97
10.12
21.84
21.94
21.08
21.18
65.41
64.64
67.68
70.24
243.46
243.18
241.32
238.87
192.16
195.02
194.05
189.72
340.33
339.53
340.06
340.41
535.50
524.57
539.53
540.91
191.13
187.35
184.55
181.76
81.24
79.69
77.54
74.43
109.90
107.66
107.01
107.33
344.37
337.22
354.98
359.15
9.89
10.09
9.70
8.96
23.25
23.05
22.09
21.75
67.04
64.58
68.46
68.45
244.19
239.50
254.73
259.98
191.13
187.35
184.55
181.76
344.37
337.22
354.98
359.15
Durable
goods
1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social sen-ices and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annuallv") 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 services; "pi
professional services;
10
Addenda
318.08
358.77
363.08
359.73
418.38
454.93
447.11
461.51
508.22
563.93
591.96
112.60
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
186.20
Surveyed
annually"
31:88
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
59.35
social services and membership organizations; and real estate.
* Planned capital expenditures as reported by business in July-August 1991, corrected for bia
NOTE.—Seasonally adjusted data revised beginning 1988.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In August, civilian employment fell 296,000 and unemployment fell 13,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
126
126
SCASONAUr ADJUSTED
122
122
CIVILIAN LABOR FORCE
118
118
1U
114
110
110
CIVILIAN
EMPLOYMENT
106
106
102
102
98
98
X
-
12
- 12
UNEMPLOYME "JT
^v.
^ ^— -
8
/•
~^L_
~-
8
- 4
4 1 1 11 1 Mill
1 1 1 1 1i 1 11 11
1 1 1 1111M 11
1 II M 1 1 M 1 1
1984
1985
1986
1983
1 1 1 1 1 1 11 1 1 I 1 1 ' i 11 I 1 1 11
1987
1 1 1 M 1 1 1 11 1
1989
1988
I I Ii 1 1 I i i II I 1 1 I 1 1 1 1 I I I
1990
1991
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
1981
1982
1983
1984
1985
1986'
1987
1988
1989
1990
1990:
Aug
Sept
Oct
Nov
Dec
1991:
Jan
Feb
Mar
Apr
May
June
July
Aug
Resident
Armed
Forces
NSA
Labor force
including
resident
Armed
Forces
171,775
173,939
175,891
178,080
179,912
182,293
184,490
186,322
188,081
189,686
1,645
1,668
1,676
1,697
1,706
1,706
1,737
1,709
1,688
1,637
110,315
111,872
113,226
115,241
117,167
119,540
121,602
123,378
125,557
126,424
102,042
101,194
102,510
106,702
108,856
111,303
114,177
116,677
119,030
119,550
108,670
110,204
111,550
113,544
115,461
117,834
119,865
121,669
123,869
124,787
100,397
99,526
100,834
105,005
107,150
109,597
112,440
114,968
117,342
117,914
3,368
3,401
3,383
3,321
3,179
3,163
3,208
3,169
3,199
3,186
97,030
96,125
97,450
101,685
103,971
106,434
109,232
111,800
114,142
114,728
189,901
190,002
190,095
190,312
190,483
1,640
1,601
1,570
1,615
1,617
126,345
126,571
126,445
126,338
126,791
119,330
119,484
119,303
119,001
119,191
124,705
124,970
124,875
124,723
125,174
117,690
117,883
117,733
117,386
117,574
3,152
3,194
3,175
3,185
3,253
190,592
190,717
190,703
190,836
190,980
191,173
191,443
191,589
1,615
1,602
1,460
1,456
1,458
1,505
1,604
1,616
126,253
126,678
126,786
127,128
126,690
127,134
126,818
126,520
118,537
118,520
118,214
118,854
118,049
118,389
118,316
118,032
124,638
125,076
125,326
125,672
125,232
125,629
125,214
124,904
116,922
116,918
116,754
117,398
116,591
116,884
116,712
116,416
3,163
3,222
3,098
3,156
3,272
3,308
3,239
3,266
Employment
including
resident
Armed
Forces
NonagTicultural
Civilian
labor force
Agricultural
Total
1
Persons at work. Economic reasons inc ude slack work, material shortage s, inability to fin d fulltime work, etc
2
Civilian la lor force (or emp oyment} as percent of civilia 1 noninstitutiona] population.
Unempl oyment
Civilian « mployment
Noninstitutional
population
including
resident
Armed
Forces
NSA
Chilian
Labor
force
participation
rate
(percent) 2
Employment/
population
ratio
(percent) 2
Total
15
weeks
and
over
4,499
5,852
5,997
5,512
5,334
5,345
5,122
4,965
4,657
4,860
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
2,285
3,485
4,210
2,737
2,305
2,232
1,983
1,610
1,375
1,504
63.9
64.0
64.0
64.4
64.8
65.3
65.6
65.9
66.5
66.4
59.0
57.8
57.9
59.5
60.1
60.7
61.5
62.3
63.0
62.7
114,538
114,689
114,558
114,201
114,321
4,830
5,051
5,135
5,163
5,262
7,015
7,087
7,142
7,337
7,600
1,568
1,605
1,591
1,727
1,739
66.2
66.3
66.2
66.1
66.3
62.5
62.6
62.4
62.2
62.3
113,759
113,696
113,656
114,243
113,319
113,576
113,474
113,150
5,178
5,803
5,889
5,956
5,702
5,425
5,605
5,643
7,715
8,158
8,572
8,274
8,640
8,745
8,501
8,488
1,829
1,975
2,184
2,229
2,234
2,573
2,348
2,396
66.0
66.1
66.2
66.4
66.1
66.2
66.0
65.7
61.9
61.8
61.7
62.0
61.5
61.6
61.5
61.3
Total
Part time
for
economic
reasons 1
Data beginni rtg January ] 986 not strictly comparable vith earlier data because of change in
estitnation procee ures.
Source: Depar ment of Labo r, Bureau of Labior Statistics.
11
SELECTED UNEMPLOYMENT RATES
In August, the civilian unemployment rate was unchanged at 6.8 percent and the overall unemployment rate was
unchanged at 6.7 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
10
10
1987
1991
1987
*UNEMPIOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LA8OR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
June ....
July
Aug
Unemployment
rate,
all
workers '
7.5
9.5
9.5
7.4
7.1
6.9
6.1
5.4
5.2
5.4
5.6
5.6
5.6
5.8
6.0
6.1
6.4
6.8
6.5
6.8
6.9
6.7
6.7
Unemp oyment ra te (percen ; of civilian labor force in group)
By sex and age
All
civilian
workers
7.6
9.7
9.6
7.5
7.2
7.0
6.2
5.5
5.3
5.5
5.6
5.7
5.7
5.9
6.1
6.2
6.5
6.8
6.6
6.9
7.0
6.8
6.8
Men
20 years
and over
Women
20 years
and
over
6.3
8.8
8.9
6.6
6.2
6.1
5.4
4.8
4.5
4.9
5.0
5.1
5.2
5.4
5.6
6.8
8.3
8.1
6.8
6.6
6.2
5.4
4.9
4.7
4.8
4.9
4.9
4.9
5.1
5.3
5.3
5.4
5.7
5.5
5.8
5.9
5.4
5.7
5.6
6.3
6.5
6.2
6.5
6.6
6.5
6.5
Both
sexes
16-19
years
19.6
23.2
22.4
18.9
18.6
18.3
16.9
15.3
15.0
15.5
16.6
15.7
16.2
16.4
16.6
18.2
17.1
18.7
18.1
19.1
19.2
20.6
19.0
1
Unemployed as percent of total labor force including resident Armed Forces.
2
Aggregate hours lost by the unemployed and persons on part time for economic
cent of potentially available labor force hours.
12
White
Black
and
other
6.7
14.2
8.6
8.4
6.5
6.2
6.0
5.3
4.7
4.5
4.7
17.3
17,8
14,4
13.7
13.1
11.6
10.4
10.0
10.1
10.4
10.8
10.6
11.0
11.1
10.7
10.7
11.1
11.2
11.5
11.4
10.5
11.1
4.8
4.8
4.9
5.0
5.3
5.5
5.9
6.2
5.8
6.1
6.2
6.2
6.1
Labor
By .elected grou PS
By race
Black
15.6
18.9
19.5
15.9
15.1
14.5
13.0
11.7
11.4
11.3
11.7
11.9
11.7
12.2
12.2
12.1
11.8
12.3
12.6
13.0
13.1
11.8
12.3
Experienced
wage and
salary
workers
7.3
9.3
9.2
7.1
6.8
6.6
5.8
5.2
5.0
5.3
5.3
5.4
5.4
5.7
5.8
6.0
6.4
6.7
6.4
6.6
6.7
6.5
6.5
Married
men,
spouse
present
Women
who
maintain
families
4.3
6.5
6.5
4.6
4.3
4.4
3.9
3.3
3.0
3.4
10.4
11.7
12.2
10.3
10.4
9.8
9.2
3.5
3.5
3.5
3.7
3.8
8.4
8.7
8.5
8.7
8.7
9.0
9.1
9.0
9.9
9.1
9.2
8.3
9.6
4.0
4.3
4.5
4.4
4.4
4.7
4.3
4.3
8.1
8.1
8.2
Source: Department of Labor, Bureau of Labor Statistics.
Fulltime
workers
7.3
9.6
9.5
7.2
6.8
6.6
5.8
5.2
4.9
5.2
5.3
5.4
5.5
5.7
5.8
6.0
6.4
6.5
6.3
6.5
6.6
6.5
6.5
Parttime
workers
9.4
10.5
10.4
9.3
9.3
9.1
8.4
7.6
7.3
7.4
7.7
7.2
7.1
7.3
7.6
7.7
7.6
9.1
8.1
9.0
8.6
8.3
8.2
force
time lost
(percent) 2
8.5
11.0
10.9
8.6
8.1
7.9
7.1
6.3
5.9
6.2
6.3
6.4
6.6
6.7
6.9
7.0
7.5
7.7
7.6
7.7
7.6
1.5
7.6
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In August, the percentages of the unemployed who had been out of work for less than 5 weeks, for 15-26 weeks,
and for 27 weeks and over rose; the percentage for 5-14 weeks fell. Both the mean duration of unemployment
and the median rose.
PERCENT DISTRIBUTION *
PERCENT DISTRIBUTION *
70
70
REASON FOR UNEMPLOYMENT
DURATION OF UNEMPLOYMENT
60
60
50
50
JOB LOSERS
40
REENTRANTS
30
.A .
30
VV/N.".
20
JOB LEAVERS
y
20
15-26
WEEKS
V
10
10
NEW ENTRANTS
27 WEEKS
AND OVER
ilin
1987
1988
1 1111i l
1 t 1 I It 1
1989
1990
1987
1991
1988
1990
1989
1991
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Duration of memplay ment
Period
Unemployment
(thousands)
I ercent
Less
than
5
weeks
5-14
weeks
di stributio i
15-26
weeks
Re ason for unemploy•ment:
percent distributi on
Sta e
progr ims
Number of
27
weeks
and
over
Average
(mean)
Medi-
Job
losers
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 1
Weekly a verage, t lousands
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
June
July
Aug
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
7,015
7,087
7,142
7,337
7,600
7,715
8,158
8,572
8,274
8,640
8,745
8,501
8,488
41.7
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
46.1
47.3
43.2
30.7
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
32.0
30.0
34.3
33.6
31.8
33.4
32.2
33.4
33.8
33.2
31.6
32.3
32.3
31.0
44.1
44.7
43.5
44.1
42.4
40.9
39.8
42.5
38.7
39.9
40.4
13.6
16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
11.8
11.9
12.1
12.5
12.8
12.5
12.7
12.9
14.4
14.8
14.0
15.9
14.4
14.6
14.0
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
10.1
10.8
10.4
9.8
10.8
10.6
11.0
11.3
11.0
12.1
11.9
13.1
13.4
14.0
1
1
Includes State (50 States, District of C ilumbia, Puerto Rico, and Virgin Islands), ex- servicenen (UCX), Federal (UCFE), and railroad (RR) programs. Also inch des Fede al and St
ended benefit programs. Does not include Fe deral supplement al compen ation program.
13.7
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.1
12.3
12.4
12.0
12.4
12.4
12.4
12.8
13.0
13.7
12.9
14.2
13.9
14.0
6.9
8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
5.4
5.3
6.1
5.9
5.9
5.9
5.9
6.1
6.6
7.0
6.5
6.9
6.6
7.2
51.6
58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
48.3
49.0
49.6
49.9
51.2
49.9
53.0
55.5
54.9
54.5
53.6
55.1
54.4
55.4
11.2
7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
14.8
14.3
13.5
13.7
13.6
13.5
11.7
12.2
12.6
11.9
12.1
12.3
11.7
10.5
25.4
22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
27.4
27.1
27.5
26.8
26.3
28.0
26.6
24.5
24.4
24.7
25.3
24.2
24.2
25.1
11.9
11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
9.5
9.7
9.4
9.6
8.9
8.7
8.7
7.8
8.2
8.9
9.0
8.4
9.7
9.0
.3,047
4,061
3,396
2,476
2,611
2,650
2,332
2,081
2,158
2,522
2,495
2,620
2,765
2,912
2,970
3,070
3,218
3,415
3,518
3,550
3,453
3,332
3,257
460
583
438
377
396
378
328
310
330
388
377
399
431
454
461
445
489
509
475
438
423
406
421
3,410
4,594
3,775
2,561
2,693
2,746
2,401
2,248
2,324
2,715
2,295
2,193
2,294
2,722
3,222
4,011
4,147
4,127
3,781
3,409
3,182
3,294
Source Departm ent of Lab or (Bureau of Labor Statistics and Employment and Train ng Adminis-
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 34,000 in August.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
110
9ft
•—
rrnf
^-"1
^.-—
100
SERVICES
-
^-^1
-
ALLtvIONAGRICU LTURAL
ESTABLISHME MTS
~
90
-
^.-x ''
-
-
22
80
_
RE TAIL TRADE
SERV CE-PRODUC NG
NDUSTRIES
-
\
"T~~
-
-\
.
-
GO VERNMENT
.—•—
1ft
60
\
L
70
--'
-.*'"" —
16 uimlnm
50
40
20
-
-
GOOC S-PRODUCIrJG
\t JDUSTRIES
30
.
20
1987
1989
1988
p—
1
\
C ONSTRUCTIC)N
1 1 1 1 1 1 1 1 1 1iitiilfllll
1
i i i i i 1 i i i i ii
1989
1990
1991
-
\
1990
."
flllll
1987
1991
mill
1988
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL Of ECONOMIC ADVISERS
[Thousands of wage and salary workers; l seasonally adjusted]
Period
ii
Total
nonagricultural
employment
Se rvice-produ 2ing industr es
Goods-] roducing industries
M anufacturin g
Total
2
C dn
onstruction
Total
Transportation
and
public
utilities
Wholesale
trade
Bptnil
eiau
Gover nment
Finance,
insurance,
and real
estate
Services
Total
Durable
goods
Nondurable
goods
12,082
11,014
10,707
11,479
11,464
11,203
11,167
11,381
11,420
11,115
8,089
7,767
7,726
7,899
7,796
7,761
7,858
7,969
8,022
7,995
65,659
65,753
66,866
69,769
72,660
74,967
77,492
80,363
83,007
85,014
5,165
5,082
4,954
5,159
5,238
5,255
5,372
5,527
5,644
5,826
5,316
5,296
5,286
5,574
5,736
5,774
5,865
6,055
6,221
6,205
15,112
15,161
15,595
16,526
17,336
17,909
18,462
19,077
19,549
19,683
5,298
5,341
5,468
5,689
5,955
6,283
6,547
6,649
6,695
6,739
18,619
19,036
19,694
20,797
21,999
23,053
24,235
25,669
27,120
28,240
16,031
15,837
15,869
16,024
16,394
16,693
17,010
17,386
17,779
18,322
2,971
2,988
3,085
trade
Total
Federal
1984
1985
1986
1987
1988
1989
1990
91,156
89,566
90,200
94,496
97,519
99,525
102,200
105,536
108,329
109,971
25,491
23,813
23,334
24,727
24,859
24,558
24,708
25,173
25,322
24,958
4,188
3,905
3,948
4,383
4,673
4,816
4,967
5,110
5,187
5,136
20,110
18,781
18,434
19,378
19,260
18,965
19,024
19,350
19,442
19,111
1990: Aug....
Sept....
Oct
Nov....
Dec
110,160
110,113
109,982
109,761
109,621
24,937
24,842
24,705
24,481
24,375
5,111
5,088
5,022
4,962
4,911
19,113
19,043
18,973
18,807
18,749
11,111
11,049
11,000
10,867
10,828
8,002
7,994
7,973
7,940
7,921
85,223
85,271
85,277
85,280
85,246
5,839
5,854
5,855
5,852
5,867
6,211
6,204
6,190
6,180
6,166
19,714
19,698
19,663
19,628
19,579
6,750
6,750
6,746
6,740
6,733
28,388
28,437
28,479
28,525
28,548
18,321
18,328
18,344
18,355
18,353
3,038
2,994
2,980
2,964
2,948
1991:
109,418
109,160
108,902
108,736
108,887
108,885
108,812
108,846
24,181
24,039
23,877
23,794
23,847
23,792
23,792
23,816
4,797
4,792
4,720
4,688
4,715
4,710
4,689
4,677
18,671
18,532
18,443
18,396
18,426
18,378
18,403
18,445
10,770
10,652
10,584
10,560
10,575
10,534
10,545
10,558
7,901
7,880
7,859
7,836
7,851
7,844
7,858
7,887
85,237
85,121
85,025
84,942
85,040
85,093
85,020
85,030
5,866
5,834
5,824
5,814
5,819
5,809
5,805
5,817
6,138
6,119
6,105
6,086
6,085
6,068
6,065
6,047
19,542
19,464
19,378
19,324
19,339
19,345
19,343
19,328
6,736
6,732
6,735
6,718
6,712
6,703
6,691
6,696
28,590
28,583
28,576
28,576
28,645
28,712
28,729
28,786
18,365
18,389
18,407
18,424
18,440
18,456
18,387
18,356
2,952
2,951
2,951
2,953
2,952
2,971
2,963
2,972
1981
1982
1983
Jan
Feb
Mar
Apr
May....
June r.
July r..
Aug "..
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
received pay for any part of the pay period which includes the 12th of the month- Excludes proprietors, self-employed" persons, domestic servants, and personnel of the Armed Forces. Total derived
from this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes, bad
14
2,112
2,739
2,774
2,807
2,875
2,899
2,943
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 NONAGRICULTURAI. INDUSTRIES
[For production or nonsupervisorv workers; monthly data seasonally adjusted, except as noted]
Aver age weekly h ours
Total private l
Total private
nonagncultural '
Total
Overtime
Current
dollars
35.2
34.8
35.0
35.2
34.9
34.8
34.8
34.7
34.6
34.5
39.8
2.8
$7.25
1982
1983
1984
1985
1986
1987
1988
1989
1990
38.9
40.1
40.7
40.5
40.7
41.0
41.1
41.0
40.8
2.3
3.0
3.4
3.3
3.4
3.7
3.9
3.8
3.6
7.68
8.02
8.32
8.57
8.76
8.98
9.28
9.66
10.02
1990: Aug
Sept
Oct
Nov
Dec
34.5
34.6
34.2
34.4
34.6
40.9
40.9
40.7
40.6
40.7
3.8
3.7
3.6
3.5
3.5
1991: Jan
Feb
Mar
Apr
May
June T.
July '
Aug"
34.1
34.3
34.2
34.0
34.3
34.6
34.1
34.4
40.4
40.3
40.3
40.2
40.4
40.8
40.7
40.9
3.4
3.3
3.3
3.3
3.4
3.7
3v7
3.8
1981
Percent cha nge from a
vear ear ler, total
pn\ ate
nonagncultural 3
C urrent dollar s
nonagricultural
Period
nonagricultural '
Average gross weekly earnings
Average gross hourly earnings
Manufa cturing
1982
dollars
M f
turing
Current
dollars
2
1982
dollars 2
$7.69
7.68
7.79
7.80
7.77
7.81
7.73
7.69
7.64
7.53
$7.99
8.49
8.83
9.19
9.54
9.73
9.91
10.19
10.48
10.83
$255.20
267.26
280.70
292.86
299.09
304.85
312.50
322.02
334.24
345.69
$270.63
10.07
10.10
10.10
10.13
10.17
7.51
7.48
7.43
7.43
10.89
10.91
10.96
10.96
10.99
347.42
349.46
345.42
348.47
351.88
10.18
10.20
10.24
10.28
10.32
10.37
10.36
10.40
7.42
11.02
11.03
11.05
11.12
11.15
11.19
11.22
11.28
347.14
349.86
350.21
349.52
353.98
358.80
353.28
357.76
7.44
7.43
7.46
7.47
7.47
7.49
7.47
7.49
1
Also includes other private industry groups shown on p. 14.
2
Current dollar earnings divided by the consumer price index for urban wage earners and clerical
workers (on a 1982 = 100 base).
Manufacturing
Construction
Retail
trade
Current
dollars
$157.99
354.08
374.03
386.37
396.01
406.31
418.81
429.68
441.86
$399.26
426.82
442.97
458.51
464.46
466.75
480.44
495.73
513.17
526.40
259.27
258.67
254.17
255.66
257.41
445.40
446.22
446.07
444.98
447.29
528.31
532.22
515.59
530.46
536.77
253.02
254.81
255.07
253.83
256.32
259.25
254.89
257.75
445.21
523.13
533.65
526.67
532.50
533.40
532.64
532.00
532.87
267.26
272.52
274.73
271.16
271.94
269.16
266.79
264.22
259.72
$318.00
330.26
444.51
445.32
447.02
450.46
456.55
456.65
461.35
1982
dollars
-1.5
8.5
4.7
5.0
4.3
2.1
1.9
2.5
3.0
3.8
3.4
-1.2
2.0
.8
-1.3
.3
-1.0
-.9
-1.0
-1.7
195.16
196.81
193.69
196.02
196.31
3.6
4.5
2.2
3.3
4.0
-1.9
-1.5
-3.8
-2.8
-2.0
194.14
196.48
197.34
197.95
200.33
202.59
200.07
201.47
2.4
-2.9
-2.5
-2.2
-2.1
-1.9
-1.4
-2.3
-.6
163.83
171.13
174.47
174.81
175.80
178.80
183.62
188.72
194.69
2.4
2.3
2.5
2.9
3.1
1.9
2.9
3
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 = 100)
Percent eh ange from
12 months earli 3r
months earlier
Period
Total
compensation
Wages and
salaries
Benefits '
73.0
66.6
77.6
81.4
84.8
88.3
91.1
94.1
98.0
102.0
106.1
71.4
Total
compensation
Wages and
salaries
Benefits
l
Total
compensation
Wages and
salaries
Benefits *
8.8
6.3
4.9
4.2
4.1
3.2
3.3
4.1
4.1
4.0
12.1
Not s easonally ad usted
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
71.2
75.8
80.1
84.0
87.3
90.1
93.1
97.6
102.3
107.0
76.7
81.7
84.6
87.5
90.5
96.7
102.6
109.4
2.0
1.3
1.3
1.3
.6
.7
.6
1.0
1.1
.8
1.8
1.2
1.1
1.2
.6
.6
.6
1.0
.8
.7
2.1
1.4
1.3
1.4
.5
.6
1.0
1.0
1.2
1.0
Seasonal! r adjusted
9.9
6.5
5.7
4.9
3.9
3.2
3.3
4.8
4.8
4.6
7.2
7.4
6.5
3.5
3.4
3.4
6.9
6.1
6.6
Not se asonalty adju sted
1988: Mar
June
Sept
Dec
94.5
95.7
96.6
97.8
95.0
96.1
96.9
98.0
93.1
94.5
95.7
97.1
1.3
1.3
.9
1.2
0.8
1.2
.8
1.1
2.4
1.5
1.3
1.5
3.8
4.5
4.4
4.8
3.3
3.8
3.7
4.1
5.9
6.4
6.8
6.9
1989: Mar
June
Sept
Dec
98.8
100.0
101.3
102.4
99.1
100.0
101.1
102.2
98.1
99.8
101.5
103.1
1.0
1.2
1.3
1.1
1.1
.9
1.1
1.1
1.0
1.7
1.7
1.6
4.6
4.5
4.8
4.8
4.2
4.1
4.3
4.1
5.4
5.6
6.0
6.1
103.8
105.1
106.2
107.2
103.3
104.4
105.4
106.2
105.1
106.7
108.4
109.9
1.4
1.3
1.0
.9
1.1
1.1
1.0
.8
1.9
1.5
1.6
1.4
5.2
5.2
4.9
4.6
4.2
4.5
4.2
4.0
7.2
6.9
6.8
6.6
108.4
109.7
107.3
108.4
111.3
113.2
1.1
1.2
1.0
1.0
1.3
1.7
4.4
4.0
3.7
5.8
6.2
1990: Mar
June
Sept
Dec
:
1991: Mar
June
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.
4.4
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output p 3r hour of
all pe rsons
Period
Business
sector
Nonfarm
business
sector
Outf ut '
Business
sector
Compens ation per
hoii r 3
Hours of all
persim s 2
Nonfarm
business
Business
Nonfarm
business
sector
Business
Nonfarm
business
sector
Real com pensation
per h our 4
Business
sector
Nonfarm
business
sector
Unit lal or costs
Business
sector
Implic t price
defla tor 5
Nonfarm
business
sector
Business
sector
Nonfarm
business
19!?2 = 100; quarterly ( ata seasoilally adjus ted
1980
1981
1982
1983
1984
99.2
100.7
100.0
102.3
104.9
99.9
100.9
100.0
102.9
105.1
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
107.1
109.5
110.7
113.2
112.8
112.4
106.5
108.7
109.7
112.5
111.9
111.2
100.6
103.2
105.3
108.0
109.4
111.9
100.4
103.8
105.4
107.1
108.4
110.9
113.2
112.9
113.6
113.1
112.2
112.1
112.8
112.9
m
IV
113.0
113.1
112.8
112.2
112.1
112.1
111.9
111.3
1990:
I
II
Ill
IV
112.0
112.4
112.7
112.3
111.0
111.3
111.5
111.2
1991:
I
II r '...
112.3
112.4
111.2
111.4
IV
IV
IV
IV
IV
IV
I
II
Ill
IV
1989: I
II
101.1
103.2
100.0
104.2
113.0
117.7
121.3
126.4
133.0
135.8
136.1
99.5
107.6
114.5
119.3
122.2
129.4
131.2
132.6
133.8
134.5
135.6
135.9
136.1
135.5
136.0
136.4
136.5
135.4
133.7
133.8
101.7
103.4
100.0
105.0
113.7
101.9
102.5
100.0
101.8
107.6
101.8
102.5
100.0
102.0
108.1
85.1
93.0
100.0
103.8
108.0
85.1
93.1
100.0
104.0
108.1
99.7
98.8
100.0
100.6
100.4
99.6
98.8
100.0
100.7
100.4
85.8
92.4
100.0
101.4
102.9
85.2
92.3
100.0
101.0
102.8
86.2
94.4
100.0
103.3
106.8
85.7
94.0
100.0
103.5
106.6
118.1
121.6
126.8
134.0
136.7
136.9
109.9
110.8
114.2
117.5
120.4
121.1
110.9
111.9
115.5
. 119.1
122.2
123.1
112.8
118.6
123.1
128.6
133.0
138.4
112.5
118.2
122.4
127.8
132.1
137.2
101.2
104.5
104.5
104.9
103.5
102.2
100.9
104.1
104.0
104.3
102.8
101.3
105.4
108.4
111.2
113.7
118.0
123.1
105.6
108.8
111.6
113.7
118.1
123.4
109.5
111.8
114.8
118.2
122.8
127.5
109.8
112.3
115.3
118.4
123.0
127.7
99.3
108.7
115.1
119.6
122.4
129.7
98.9
104.3
108.7
110.5
111.7
115.6
98.9
104.7
109.2
111.7
112.9
117.0
102.1
105.3
109.5
115.2
120.8
125.5
102.1
105.2
109.6
114.6
120.3
124.8
100.6
100.5
100.4
102.0
105.5
105.0
100.6
100.4
100.4
101.5
105.1
104.4
101.5
102.0
104.0
106.7
110.4
112.1
101.7
101.3
104.0
107.1
110.9
112.6
101.4
104.8
107.9
110.5
112.8
115.7
101.5
104.7
107.9
111.0
113.4
116.2
131.6
133.4
134.8
136.0
115.8
117.5
117.8
118.8
117.3
119.1
119.5
120.5
126.3
127.9
129.7
130.8
125.5
127.1
128.8
130.0
104.8
104.9
105.1
104.8
104.2
104.3
104.4
104.2
111.5
113.3
114.2
115.6
111.9
113.4
114.2
115.2
116.2
117.5
118.9
120.3
116.6
117.8
118.8
120.5
136.4
136.8
137.1
136.3
120.0
120.1
120.7
120.7
121.7
122.1
122.5
122.5
131.8
132.8
133.4
134.2
131.0
131.7
132.4
133.3
104.4
103.6
103.2
102.9
103.7
102.7
102.5
102.2
116.6
117.3
118.3
119.6
116.9
117.5
118.3
119.8
121.2
122.5
123.3
124.3
121.4
122.7
123.5
124.7
136.8
137.2
137.4
136.1
121.3
121.3
121.2
120.5
123.3
123.3
123.2
122.4
135.7
137.7
139.4
140.6
134.6
136.6
138.2
139.5
102.2
102.7
102.3
101.4
101.3
101.8
101.4
100.6
121.1
122.5
123.7
125.2
121.3
122.7
124.0
125.4
125.8
127.2
128.2
128.8
125.8
127.3
128.4
129.2
134.5
134.6
119.1
119.1
120.9
120.8
142.0
143.5
140.9
142.5
101.5
102.1
100.8
101.4
126.4
127.7
126.7
128.0
130.3
131.7
130.7
132.0
Pe •cent change; quarte rly data a seasonal! y adjusted annual ra tes
1980
1981
1982
1983
1984
—0.2
1.5
-.7
2.3
2.5
-0.3
1.0
1985
1986
1987
1988
1989
1990
2.5
-1.0
1.3
.6
-.2
-2.5
-.8
1.2
.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
2.1
.8
3.0
3.0
2.4
.6
2.5
.9
3.2
3.1
2.6
.7
4.4
5.2
3.7
4.5
3.4
4.0
4.1
5.1
3.6
4.4
3.4
3.9
.8
3.2
.1
.4
-1.3
-1.3
2.3
2.8
2.6
2.2
3.8
4.4
2.8
3.0
2.5
1.9
3.9
4.4
2.5
2.1
2.7
3.0
3.9
3.8
3.0
2.3
2.7
2.7
3.9
3.8
5.9
5.6
4.1
3.6
.9
5.8
1.0
3.7
1.1
6.1
1.4
3.5
2.5
5.2
5.8
3.3
2.4
5.1
5.5
3.7
-.6
.5
.6
-1.0
.5
3.2
— .1
.3
-1.4
1.5
7
.4
.3
-.6
-2.1
6.4
3.3
5.0
-2.3
5.6
2.7
3.5
1.7
4.8
4.7
4.9
1.4
4.1
3.4
5.9
1.2
1.3
.6
-2.1
1.4
1.2
.4
-3.6
-4.8
.4
4.0
.5
1.9
.1
2.1
-.2
-.4
-2.1
-4.7
— .1
4.1
1.1
1.3
.1
2.6
-.0
-.1
-2.8
-4.9
— .1
3.2
2.9
1.8
2.5
4.6
6.1
5.0
3.3
4.0
4.5
3.1
2.2
2.3
2.6
4.0
5.9
5.0
3.7
4.2
4.6
-1.7
-3.0
-1.3
-1.4
-2.6
2.1
-1.7
-3.4
.5
2.4
-1.8
-3.8
-.8
-1.3
-3.2
2.0
-1.8
-3.0
.7
2.4
3.7
2.5
3.2
4.5
5.3
4.7
4.1
4.6
4.1
4.2
6.0
2.0
3.0
5.0
5.2
4.7
4.4
4.6
4.2
4.0
3.1
4.3
2.5
3.5
4.6
4.6
3.2
2.0
4.6
4.5
2.8
4.4
2.6
3.9
3.8
4.8
3.6
2.5
4.5
4.0
2.9
2.1
0.9
.6
-2.5
1.8
5.7
2.0
2.3
1.1
2.2
— .4
-.4
1.3
2.0
1.0
2.5
-.5
-.6
4.2
3.1
4.1
5.3
2.1
.2
3.9
3.0
4.2
5.7
2.0
.2
4.8
-.5
2.7
.1
5.7
4.6
3.5
2.0
3.5
.9
.6
-1.8
1.4
1.2
.5
-3.4
-4.7
.2
I
II
Ill
IV
4.7
— 1.1
2.5
-1.6
1989:
I
II
Ill
IV
I
II
Ill
IV
I
II r *...
-.5
.4
-1.3
-1.9
— .7
1.4
.9
-1.2
-.0
.3
1991:
10.6
9.4
7.4
4.0
3.9
-1.2
1.7
3.3
5.0
8.3
1988:
1990:
-2.4
2.0
6.0
10.6
9.3
7.5
3.8
4.1
2.1
-3.1
4.2
8.4
Q
-2.8
.1
— .7
-2.2
-1.1
1.2
.6
-.8
.0
.5
J J
-0.8
.7
1
Output refers to gross domestic product originating in the sector in 1982 dollars.
2
Hours of ail 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.
4
Hourly compensation divided by the consumer price index for all urban consumers.
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
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.
'Data reflect GNP revisions of August 28, 1991, but do not reflect GNP revisions of September
26, 1991.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization rose again in August.
INDE X, 1987=100* (RATIO S(:AIE)
INDE X, 1987=100* (RATIO SCALE)
115
TOTAL IN DUSTRIAL 'RODUCTIC>N
110
—r—^~~^\ *
>
-j
130
\
BUSINESS
EQl IIPMENT
\^
\^/~
_f*
jt^
100
FINAL P ?ODUCTS
125
)15
110
95
„
90
Illllllllll Illllllllll
...
Illllllllll
Illllllllll
115
MANUF/kCTURING
110 -PRODUCTION—^
/*
»_"—--"•
105
77][ , „ ' • • " '
100
if — /\~
""*
^rir^--
95
f^-
-NONDURA JLE
Illllllllll
115 -UTILITIES AND MINI
NG
110 -PRODUCTION
••x /*,%. /
• •S' \ -— •
— DEFENSt
90
AND SPA CE
— EQUIPMENT
Illllllllll Illllllllll
H
i
^ i
^"*-._
/ N^
^\0
X
84
»
'
f
82
MINING
/
95
'"—»,
=^
X
Illllllllll
88 -CAPACIT Y UTILIZAT ON RATE86 .(TOTAL \t <IDUSTRY)
UTILI TIES
/
S
PER CENT*
'^^yv^- s\^/^
yv XS
^^^-^-^^ y/v^x^.
^/
100
•: ^
85 Illllllllll Illllllllll Illllllllll Illllllllll
90 Illllllllll Illllllllll
105
niiV.
95 ^
\^
100
1p^--
\
'/
••yT-N
/
/
CONSUMER
GOODS
—4-
105
Illllllllll
.
„
/
/
"
v
'
J~\
*
^
\
\
\^
/
78
90 Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll
1988
1989
1987
1990
1991
76 Illllllllll Illllllllll t l l l l l t l M I Illllllllll
1987
1989
1990
1988
SEASONALLY ADJ JSTED
OURCE: BOARD O GOVERNORS OF HE FEDERAL RESER VE SYSTEM
Illllllllll
1991
COUNCIL OF ECC NOMIC ADVISERS
[Monthly data seasonally adjusted]
Industry pro luction indexe , 1987 = 100
To tal
indu trial
produ ction
Period
Index,
1987=100
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: Aug
Sept
Get
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
r
June '
July '
Aug"
1
Output as percent of capacity.
Percent
change
from year
earlier
Mining
Durable
Total
95.3
100.0
105.4
108.1
109.2
1.9
1.9
-4.4
3.7
9.3
1.7
1.0
4.9
5.4
2.6
1.0
78.8
80.3
76.6
80.9
89.3
91.6
94.3
100.0
105.8
108.9
109.9
75.7
77.4
72.7
76.8
88.4
91.8
93.9
100.0
107.6
110.9
111.6
110.5
110.6
109.9
108.3
107.2
2.1
2.2
2.0
.2
-1.3
111.1
111.2
110.7
108.9
107.5
106.6
105.7
105.0
105.5
106.4
107.3
108.0
108.2
-.8
-2.6
3.6
-3.0
2.7
-2.5
-2.2
-2.0
107.0
106.1
105.2
105.9
106.6
107.4
108.2
108.5
84.1
85.7
81.9
84.9
92.8
94.4
Capacity utilization
rate, p srcent l
Manufacturing
Utilities
Nondurable
95.9
Total
industry
Manufacturing
82.1
80.9
75.0
75.8
80.2
78.8
72.8
74.9
80.4
79.5
79.0
81.4
90.8
91.5
94.9
100.0
103.6
106.4
107.8
110.0
114.3
109.3
104.8
111.9
109.0
101.0
100.0
101.8
100.5
102.6
94.3
91.8
93.6
97.0
99.5
96.3
100.0
104.4
107.1
108.0
81.1
80.3
79.2
81.4
84.0
84.2
83.0
83.9
83.9
82.3
113.5
113.8
112.5
109.9
107.5
108.1
108.0
108.4
107.7
107.4
102.4
103.9
102.6
103.3
103.4
111.4
110.3
109.2
106.9
108.8
83.7
83.6
83.0
81.6
80.6
82.9
82.8
82.2
80.7
79.4
107.2
106.1
105.0
106.0
106.7
107.4
108.2
108.3
106.8
106.0
105.4
105.9
106.5
107.5
108.2
108.9
101.7
102.9
101.5
100.9
100.2
102.1
103.1
102.0
107.6
104.6
106.4
105.9
111.4
111.5
110.4
111.4
80.0
79.1
78.4
78.6
79.1
79.6
79.9
80.0
78.9
78.0
77.2
77.5
77.8
78.3
78.6
78.7
83.1
84.5
82.5
87.0
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; monthly data seasonally adjusted]
Mate rials
Produ cts
I inal products
Intern ediate prot ucts
¥ quipment
Consumer gc ods
Period
Total
Total
Durable
goods
Defense
Nondurable
goods
Total '
ness
Total
space
equipment
struction
supplies
Energy
Business
plies
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
82.1
80.8
83.0
91.0
94.2
95.7
100.0
105.6
109.1
110.9
85.8
84.5
88.8
92.8
93.7
96.8
100.0
104.0
106.7
107.3
74.0
68.7
79.7
91.0
91.6
94.5
100.0
104.9
107.9
106.2
89.6
89.7
91.9
93.4
94.4
97.6
100.0
103.7
106.4
107.6
78.2
77.0
76.8
89.2
94.8
94.5
100.0
107.6
112.3
115.5
76.1
72.9
71.9
85.4
91.1
93.2
100.0
111.8
119.1
123.1
58.5
65.7
71.8
78.9
89.4
96.0
100.0
98.0
97.4
97.3
77.0
75.1
80.3
86.2
88.3
92.0
100.0
104.4
106.8
107.7
78.4
72.2
80.2
86.2
89.1
93.8
100.0
104.4
106.1
105.2
75.7
77.0
80.3
86.2
87.7
90.7
100.0
104.4
107.3
109.4
92.8
85.1
88.3
96.6
96.6
95.9
100.0
105.6
107.4
107.8
104.3
100.7
98.9
103.8
103.4
99.4
100.0
101.8
101.4
102.1
1990: Aug
Sept
Oct
Nov
Dec
111.9
112.6
112.3
110.2
109.2
107.8
108.7
108.6
106.5
105.7
107.4
110.4
106.9
99.4
96.0
107.9
108.2
109.1
108.5
108.4
117.2
117.8
117.0
115.1
113.6
125.4
126.4
125.4
122.9
121.2
97.7
97.3
97.3
96.2
95.8
107.9
107.4
107.0
106.2
106.0
105.3
103.8
103.1
101.8
101.0
109.7
109.9
109.7
109.2
109.4
109.7
109.4
108.3
106.8
105.3
103.0
103.0
102.3
101.6
102.0
1991: Jan
Feb
Mar
Apr
May r
June r
July r
Aug"
109.1
108.3
108.1
108.7
109.3
110.1
110.1
110.1
105.6
104.7
104.7
105.5
106.6
107.9
107.9
108.4
97.6
95.2
95.9
99.3
101.1
104.2
106.2
105.2
107.8
107.3
107.1
107.2
108.1
109.0
108.4
109.3
113.6
112.9
112.5
112.8
112.7
112.9
112.9
112.3
121.6
120.6
120.3
121.3
121.7
122.1
122.7
122.3
94.4
94.5
93.9
92.5
91.5
91.0
89.9
89.8
103.8
102.6
101.3
101.2
102.7
103.9
104.6
105.1
97.7
96.4
94.0
94.9
95.8
97.4
97.9
98.4
108.1
106.8
106.4
105.6
107.5
108.3
109.3
109.7
104.8
103.9
102.6
103.4
104.5
105.4
106.7
107.2
101.1
101.1
101.3
101.1
102.4
103.5
104.5
104.5
1
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987=100; monthly data seasonally adjusted]
No idurable manufactu res
Durable m inufactares
Transp >rtation
equipment
Primary metals
Period
Total
Iron
and
steel
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber and
products
Apparel
products
Printing
and
publishing
Chemicals
and
products
Foods
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
117.5
83.2
91.0
102.4
101.8
93.8
100.0
110.3
109.2
108.4
135.1
86.2
96.1
105.9
104.5
90.8
100.0
113.8
109.3
109.9
91.1
83.2
85.5
93.3
94.5
93.8
100.0
106.2
107.2
105.9
65.9
63.9
64.3
80.8
86.8
90.4
100.0
113.8
121.8
126.5
75.4
75.9
80.3
94.1
93.1
94.3
100.0
106.5
109.5
111.4
68.7
64.8
72.7
83.1
91.8
96.9
100.0
105.0
107.2
105.5
64.4
58.8
74.5
90.6
99.0
98.5
100.0
105.5
104.9
96.8
74.7
67.3
79.9
86.0
88.0
95.1
100.0
104.6
103.0
101.6
91.0
90.1
93.8
95.7
92.6
96.3
100.0
102.2
104.3
98.8
72.1
75.2
79.0
84.5
87.6
90.7
100.0
103.6
108.5
111.9
89.2
81.8
87.5
91.4
91.4
94.6
100.0
105.4
108.5
110.3
86.5
87.7
90.1
92.1
94.9
97.4
100.0
102.8
105.5
107.6
1990: Aug
Sept
Oct
Nov
Dec
114.6
111.6
108.6
109.1
104.2
118.3
113.9
110.3
112.6
107.3
107.9
106.8
106.4
104.3
101.9
128.8
128.5
128.1
126.3
124.7
112.5
112.5
110.8
110.4
108.7
107.9
111.1
109.2
100.1
96.6
101.0
107.5
103.8
85.8
78.5
100.5
100.3
98.2
95.5
93.5
98.8
98.4
97.2
95.5
94.9
110.9
111.6
112.9
112.4
112.8
111.1
110.9
110.7
110.0
109.9
107.7
107.6
108.8
109.6
109.1
1991: Jan
Feb
Mar
Apr
May r
June r
July r
Aug"
99,7
99.5
94.7
94.5
96.9
96.6
100.3
101.4
99,0
98.0
92.0
91.6
94.0
93.0
99.7
100.3
101,7
99.1
97.8
98.0
99.1
99.8
100.6
101.8
125.5
124.5
123.1
123.5
123.6
123.5
123.9
124.8
107.6
108.2
108.6
109.7
110.6
111.5
111.3
111.9
97.6
95.5
95.0
97.2
98.2
99.7
101.2
99.0
83.0
79.4
79.8
86.2
89.8
92.5
96.6
91.8
94.2
91.5
91.2
92.7
92.5
96.6
96.6
95.9
92.9
93.1
92.5
93.2
95.2
96.2
97.9
99.0
112.1
110.9
110.4
110.7
110.6
110.7
112.0
112.1
110.1
109.1
108.2
109.0
109.2
109.7
109.8
110.7
108.3
107.6
107.4
107.6
107.8
108.5
107.8
108.3
Source: Board of Governors of the Federal Reserve System.
18
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts
Private
Period
Total new
construction
expenditures
Resi lential
Total
New housing
Total'
Commercial
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(1982=100)
3
Commercial
and industrial
floor space
(millions of
square feet)
B illions of dollars
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
272.0
260.6
294.9
348.8
377.4
407.7
207.3
419.3
328.6
337.4
345.4
337.8
432.2
443.7
446.4
197.5
231.5
278.6
299.5
323.1
99.2
84.7
125.5
153.8
158.5
187.1
194.7
198.1
196.6
182.9
69.4
57.0
94.6
113.8
114.7
133.2
139.9
138.9
139.2
128.0
58.2
62.6
57.7
74.0
89.8
84.4
84.0
88.0
94.3
96.4
49.8
50.2
48.2
50.8
51.3
51.6
50.0
51.4
54.6
58.5
64.7
63.1
100
100
124
63.5
70.2
77.8
84.6
90.6
94.8
98.3
108.7
136
150
159
165
167
173
r
!57
Annual rates
Annual rates
453.1
1990: July
Aug
449.7
437.2
434.6
Sept
1991:
Oct
Nov
Dec
Jan
Feb
Mar
Apr
431.4
421.3
406.5
410.1
401.9
405.9
399.0
398.7
404.9
May r
June r
July"
345.2
336.9
330.3
324.1
317.2
311.3
303.9
300.5
293.3
298.0
291.0
290.8
295.0
183.1
180.6
175.4
172.1
168.0
165.0
161.8
155.6
152.4
151.2
154.7
158.4
161.9
127.8
125.8
121.6
119.0
115.1
113.0
107.9
103.5
100.8
100.0
103.4
106.8
110.5
102.6
96.4
94.9
92.0
89.3
88.6
85.1
86.2
83.2
87.0
78.4
73.9
74.5
59.5
59.9
60.0
59.9
59.9
57.7
57.0
58.7
57.6
59.8
57.9
58.5
58.6
r
!59
r
107.9
112.8
106.8
110.5
114.2
110.0
102.6
109.6
108.6
107.9
108.0
107.8
109.9
!51
148
154
152
136
133
138
139
r
!52
145
136
'145
Aug".
150
1
Includes
2
Includes
3
residential improvements, not shown separately.
hotels and motels.
F.W. Dodge series.
919
690
756
955
1,097
1,016
1,019
973
961
747
624
653
693
639
660
555
602
658
538
624
565
438
469
514
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New prh ate homes
New private housing units
Period
Units started, bj type of structure
Total
1981
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1982
1983
1984
1985
1986
1987
1988
1989
1990
1 unit
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
2-4 units
91.1
80.0
113.5
121.4
93.4
84.0
65.3
58.8
55.2
37.5
5 or more units
287.7
319.6
522.0
544.0
576.1
542.0
408.7
348.0
317.6
260.4
Units
authorized
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
Units
completed
Homes sold
Homes for
sale at end of
period 1
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
688
750
671
676
650
534
275
253
301
353
346
357
366
368
363
318
1,312
1,307
1,314
1,275
1,246
1,155
1,125
1,096
1,190
1,089
T
1,070
1,098
" 1,049
541
525
504
465
480
464
414
488
495
506
496
516
472
350
345
338
334
327
318
315
313
308
303
300
296
296
436
412
623
639
Vacancy rate
for rental
housing units
(percent) 2
5.0
5.3
5.7
5.9
6.5
7.3
7.7
7.7
7.4
7.2
Seasonal y adjusted annu al rates
1990:
July
Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
June r
July '.
Aug".
1,155
1,131
1,106
1,026
1,130
971
847
992
907
977
983
1,034
1,059
1,065
876
835
858
839
769
751
648
788
742
801
831
869
887
892
31
30
35
22
54
17
29
37
28
32
36
24
44
47
1
Seasonally adjusted.
2
Quarterly data entered in l : month of quarter. Series beginning 1989 not comparable with
earlier data.
248
266
213
165
307
203
170
167
137
144
116
141
128
126
1,086
1,055
989
925
916
854
802
876
892
913
966
999
1,005
953
7.2
7.2
7.5
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 rose 0.7 percent and inventories fell $2.7 billion. In August, according to
advance data, retail sales fell 0.7 percent, following a rise of 0.5 percent in July.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
1,000
300
900
___— —7
800
700
—-—
'
^f~
-'-'
\
MANL JFACTURIN G AND
—'
250
200
s^*1^
TRA )E INVENT DRIES
600
r\
RET/ UL INVENT DRIES
"••*
--' "\'~~
500
—»•*
•»
r__^-x~l
,
150
M/^NUFACTU RING
AN D TRADE S ALES
_rf
x"" '~'\~
R ETAIL SALE S
t
400
,M M
100 Illllllllll Illllllllll M
RATIC *
1 80
300
MM
Illllllllll
INVENK3RY-SALES RATIO
RETAI L
X, \
1.70
v-<
1.60
200
1.50
l'^\
1.40
iimlimi Illllllllll Illllllllll Illllllllll Illllllllll
1987
1988
1989
1990
fC'v "V
FMANUFA CTURING
— ANDT RADE
1 1 1 1 1 1 1 1 1 1 Illllllllll
1
1.30
1991
1988
1987
1989
SEASONAUY AD USIED
OURCE: DEPARTS ENF OF COMMBtCE
Manufact uring and
trac e 1
Sales
Inventories 3
1991
COUNCIl OF ECCINOMIC ADVISERS
Sales
2
Inventory-. ales ratio 4
Betail
Who esale
Sales
2
1990
Invens
Total
2
Durable
goods
stores
Inventories 3
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
61,469
69,025
79,250
88,464
90,197
105,738
112,254
120,663
120,629
119,929
123,271
123,559
124,048
122,947
120,629
121,217
119,239
116,041
116,087
115,490
114,305
114,845
73,024
78,687
88,498
93,309
96,390
102,374
107,537
117,496
121,934
Manufacturing
Retail
Millions of dollars, seasonally tidjusted
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: July '.
Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
June *
July ".
Aug"
1
2
3
348,755
370,441
411,391
423,806
431,668
459,088
496,330
525,839
542,917
541,799
r
554,796
550,660
555,145
546,714
534,361
527,074
527,915
523,117
530,872
535,926
536,977
540,625
574,518
590,968
650,789
665,060
664,031
711,595
767,700
810,257
826,941
818,689
823,468
827,145
830,414
832,464
826,941
831,445
828,201
819,615
816,893
811,713
807,105
804,383
See page 21 for manufacturing.
Monthly average for year and total for month
End of period.
20
96,290
100,324
113,393
114,626
116,151
124,254
135,176
144,005
149,193
148,547
152,298
150,232
151,001
148,176
148,036
144,723
143,608
142,935
145,019
144,927
145,217
146,720
89,114
128,196
130,906
97,570
143,557
107,316
148,484
114,642
154,713
120,860
165,271 128,509
180,313 137,613
188,273 145,146
150,602
195,567
192,042 150,498
192,589 * 150,996
192,936 152,512
194,053 152,191
195,544 152,711
149,750
195,567
198,993 147,803
151,092
198,563
196,733 151,467
150,967
195,052
193,632 152,710
152,642
192,039
190,800 ' 153,399
152,260
28,013
32,631
37,938
41,567
45,121
48,051
52,281
54,349
54,563
54,592
r
53,836
54,550
54,420
54,152
52,402
50,897
53,235
53,725
53,490
54,074
54,212
r
54,225
53,013
4
61,101
64,939
69,377
73,075
75,738
80,457
85,332
90,797
96,039
134,493
147,712
167,748
181,773
186,587
208,112
219,791
238,159
242,563
95,906
97,160
97,962
97,771
98,559
97,348
96,906
97,857
97,742
97,477
98,636
98,430
r
99, 174
99,247
239,543
242,893
243,217
244,901
244,550
242,563
244,071
241,179
236,900
236,696
236,204
235,098
235,898
r
119,614
119,622
119,658
120,853
121,603
121,934
122,854
121,940
120,859
120,609
120,714
120,793
121,053
Annual data ore averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
1.67
1.55
1.53
1.55
1.55
1.50
1.49
1.51
1.51
1.51
1.48
1.50
1.50
1.52
1.55
1.58
1.57
1.57
1.54
1.51
1.50
1.49
1.49
1.44
1.49
1.52
1.56
1.55
1.55
1.60
1.59
1.59
1.61
1.59
1.61
1.60
1.62
1.65
1.60
1.56
1.57
1.55
1.54
1.54
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In July, manufacturers' shipments and new and unfilled orders rose, while inventories fell. In August, according to
advance data, durable goods shipments rose and new orders fell.
BIlllONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
280
- _—..
^
240 —SHIPMEr-ITS
200
80
,,.
k-V-
""
200
•-— v 5LE GOOD:' >
,—
•'-"
lllllllllll
lllllllllll lllllllllll
BILLIONS OF DOLLARS* (RATIO SCALE)
280
.
240 _ NEW OR DERS
200
J_-^-
1
— — — *""
"\
NOS DURABLE <5OODS
iiiiilinii mill
""'
N
•x?-«
— TOTAL
DU RABLE GO<3DS
\
s.,.^-,
120
80
60
--"
160
/N
-x-
«-— --s-"
•
—
——~'~'~" ' \
DU RABLE GO ODS
120
60
TOTAL
160
(•JONDURA
1
-—-• —-— -*•—
280
DUI ABLE GOC DS
J
INVENTC5RIES
360
TOTA L
160
120
440
X
""^
lllllllllll lllllllllll lllllllllll lllllllllll lllllllllll
RATIO*
2.20
INVENT ORY-SHIPW ENTS RATIO
2.00
1.80
NO NDURABLE GOODS
1.60 ^
80
«*=» -•
-,
fV^rf.
=z ,,„ s\*^=.
A
1.40
60
lllllllllll lllllllllll lllllllllll lllllllllll
1987
1988
1989
lllllllllll
1991
1990
1.20 lllllllllll lllllllllll lllllllllll
1987
1989
1988
• SEASONALLY ADJUSTED
SOURCE: DEPARTMENT Of CO/AMERCE
iiiiiliiin
1990
lllllllllll
1991
COUNCIL OF ECONOMIC ADVISERS
Hanul acturers' shipnrents 1
Manuf acturers' inven lories8
Manufacturers new orders l
Durabl e goods
Period
Durable
goods
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Total
Capital
goods
industries,
non-defense
Nondurable
goods
Manufacturers'
unfilled
orders 2
Manufacturers'
inventory—
shipments
ratio 3
Millions of A illars, season ally adjusted
84,139
311,829
1984
1985
1986
1987
1988
1989
1990
163,351
172,547
190,682
194,538
194,657
206,326
223,541
236,689
243,122
79,212
85,481
97,940
101,279
103,238
108,128
117,993
124,532
125,388
87,066
92,742
93,259
91,419
98,198
105,549
112,156
117,735
312,350
339,484
334,803
322,731
338,212
367,596
383,825
388,811
200,409
199,814
221,284
218,182
212,010
220,790
241,389
253,261
252,836
111,420
112,536
118,200
116,621
110,721
117,422
126,207
130,564
135,975
162,140
175,451
192,879
195,706
195,204
209,389
227,025
240,758
243,643
100,164
102,356
103,647
110,809
121,444
128,651
125,958
19,213
19,624
23,669
24,545
23,983
26,096
30,727
34,816
34,032
84,077
87,311
92,715
93,351
91,557
98,579
105,581
112,107
117,685
347,310
373,607
387,241
393,629
430,589
472,223
520,837
527,195
1.95
1.78
1.73
1.73
1.68
1.59
1.58
1.61
1.60
1990: July
Aug
Sept
Oct
Nov
Dec
242,754
251,502
247,916
251,953
245,827
236,575
126,531
130,441
125,783
127,692
122,693
118,578
116,223
121,061
122,133
124,261
123,134
117,997
387,104
387,986
390,992
391,460
392,370
388,811
254,521
254,721
255,278
255,113
256,387
252,836
132,583
133,265
135,714
136,347
135,983
135,975
245,039
250,592
248,987
254,976
239,237
238,196
129,387
129,020
126,893
130,875
116,193
120,221
35,274
31,607
34,419
37,223
30,884
38,560
115,652
121,572
122,094
124,101
123,044
117,975
528,980
528,070
529,141
532,164
525,574
527,195
1.59
1.54
1.58
1.55
1.60
1.64
1991: Jan
Feb
Mar
Apr
May
June r.
July p
Aug p
234,548
233,215
228,715
234,886
238,289
239,118
240,506
117,648
117,432
114,487
119,721
121,024
122,240
'123,029
124,473
116,900
115,783
114,228
115,165
117,265
116,878
117,477
388,381
388,459
385,982
385,145
381,877
379,968
377,685
252,170
252,256
250,405
249,546
246,964
245,642
244,207
136,211
136,203
135,577
135,599
134,913
134,326
133,478
234,462
233,132
226,431
231,229
236,540
233,725
248,355
117,789
117,547
112,116
116,139
118,434
117,128
' 130,824
125,850
33,957
33,756
31,940
28,748
28,038
29,282
' 36,735
30,858
116,673
115,585
114,315
115,090
118,106
116,597
117,531
527,109
527,026
524,742
521,085
519,336
513,943
521,792
1.66
1.67
1.69
1.64
1.60
1.59
1.57
1982
1983
1
2
Monthly average for year and total for month. Shipments are the same (
End of period.
3
78,064
88,140
Annual data are averages of seasonally adjusted monthly ratio;
Source: Department of Commerce, Bureau of the Census.
311,893
PRICES
PRODUCER PRICES
In August, the producer price index for all finished goods rose 0.2 percent. Prices of finished consumer foods fell
0.4 percent and prices of other finished consumer goods rose 0.7 percent. Capital equipment prices rose 0.1
percent.
INDEX, 1982= 100 (RATIO SCALE)
INDEX, 1982= 100 (RATIO SCALE)
130
130
FINISHED GOODS PRICES
SEASONALLY ADJUSTED
120
120
CAPITAL EQUIPMENT
110
110
/ v
100
100
•'" CONSUMER GOODS
EXCLUDING FOODS
90
90
1986
1983
1987
1988
1990
1989
SOURCE: DEPARTMENT Of LABOR
1991
COUNCIl OF ECONOMIC ADVISERS
[1982 = 100; monthly data seasonally adjusted]
Internlediate ma teriais
Fin shed goods
Period
Total
finished
goods
Consumer
foods
Fi mshed gwids excluding consumer f«MIs
Consumer g :>ods
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
1991:
1
Aug
Sept
Oct
Nov
Dec
Jan
Feb
Mar
Apr r.
May
June
July
Aug
96.1
100.0
101.6
103.7
104.7
103.2
105.4
108.0
113.6
119.2
119.3
120.8
122.3
122.8
122.3
122.4
121.5
121.2
121.3
121.8
121.4
121.1
121.4
97.8
100.0
101.0
105.4
104.6
107.3
109.5
112.6
118.7
124.4
125.0
124.4
125.1
125.2
124.8
124.6
124.9
125.1
125.5
125.8
125.0
124.0
123.5
95.6
100.0
101.8
103.2
104.6
101.9
104.0
106.5
111.8
117.4
117.5
119.6
121.4
122.0
121.4
121.6
120.4
119.9
120.0
120.5
120.2
120.1
120.7
Intermediate materials for food manufacturing and feeds.
22
Total
Nondurable
consumer
goods
95.8
100.0
100.5
101.1
101.7
93.3
94.9
97.3
103.8
111.5
111.1
115.0
118.6
119.3
117.6
117.2
114.7
113.4
113.7
114.8
113.9
113.7
114.8
94.6
100.0
102.8
105.2
107.5
109.7
111.7
114.3
118.8
122.9
123.4
123.8
124.1
124.4
124.8
125.7
125.9
126.2
126.1
126.2
126.6
126.7
126.8
96.6
100.0
101.3
103.3
103.8
101.4
103.6
106.2
112.1
118.2
118.3
120.2
122.1
122.6
121.7
121.6
120.5
119.9
120.2
120.8
120.0
119.6
120.1
98.6
100.0
100.6
103.1
102.7
99.1
101.5
107.1
112.0
114.5
114.3
116.1
117.9
118.1
117.2
116.6
115.7
114.5
114.0
113.9
114.0
113.7
114.1
Total
Total
96.1
100.0
101.2
102.2
103.3
98.5
100.7
103.1
108.9
115.3
115.0
118.1
120.6
121.3
120.2
120.1
118.4
117.5
117.7
118.4
117.7
117.6
118.4
Durable
96.4
100.0
102.8
104.5
106.5
108.9
111.5
113.8
117.6
120.4
120.7
121.6
121.2
121.8
122.3
123.1
123.5
124.2
123.9
123.5
123.3
123.3
123.7
Toul
finished
Capital
equipment
Onide maten als
Foodstuffs
Foods
and
feeds '
Other
104.6
100.0
103.6
105.7
97.3
96.2
99.2
109.5
113.8
113.3
114.2
113.1
113.0
111.7
111.9
110.4
112.3
113.2
113.0
110.3
109.8
108.6
110.9
98.2
100.0
100.5
103.0
103.0
99.3
101.7
106.9
111.9
114.5
114.3
116.3
118.2
118.5
117.5
116.9
115.9
114.5
114.0
114.2
114.2
113.9
114.3
Total
and
Other
feedstuffs
Source: Department of Labor, Bureau of Labor Statistics.
103.0
100.0
101.3
103.5
95.8
87.7
93.7
96.0
103.1
108.9
110.2
115.6
125.4
117.6
111.2
113.2
104.5
101.0
100.6
100.9
99.0
99.2
99.2
103.9
100.0
101.8
104.7
94.8
93.2
96.2
106.1
111.2
113.1
112.9
111.6
111.9
110.8
109.5
108.3
108.4
109.5
108.7
105.2
105.9
104.1
102.2
101.8
100.0
100.7
102.2
96.9
81.6
87.9
85.5
93.4
101.5
103.6
112.8
127.9
116.4
107.2
110.8
98.0
92.2
92.0
94.2
91.1
92.3
93.3
CONSUMER PRICES—ALL URBAN CONSUMERS
In August, the consumer price index for all urban consumers rose 0.2
percent, seasonally adjusted (it rose 0.3
percent not seasonally adjusted). The index was 3.8 percent above its year-earlier level.
INDEX, 1982-84= 100 (RATIO SCALE)
INDEX, 1982-84= 100 (RATIO SCALE)
150
150
SEASONALLY ADJUSTED
140
140
130
130
CONSUMER PRICES—ALL ITEMS
120
120
\
110
110
100
100
90
90
Illllllllll
1988
80
1985
1984
1983
1987
1986
1989
Illlll
1991
1990
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
80
COUNCIt OF ECONOMIC ADVISERS
[1982-84 = 100, except as noted; monthly data seasonally adjusted, except as noted]
All it ems
1
T ansportat on
Hou sing
She Iter
Period
Not
seasonally
adjust-
(NSA)
Seasonally
adjusted
Food
Total >
Total
Renters'
costs
100)
Rel. imp.3....
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
Aug
Sept
Oct
Nov
Dec
1991:
Jan
Feb
Mar
Apr
May
June
July
Aug
100.0
16.2
41.4
37.7
90.9
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
93.6
97.4
99.4
103.2
105.6
109.0
113.5
118.2
125.1
132.4
90.4
96.9
99.5
103.6
107.7
110.9
114.2
118.5
123.0
128.5
90.5
96.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
140.0
Homeowners'
costs
(Dec.
1982 =
100)
Maintenance
and
repairs
(NSA)
Fuel
and
other
utilities
Apparel and
upkeep
Total '
New
cars
Motor
fuel
Medical
care
Ener-
gy 2
All
items
less
food
and
energy
19.5
0.2
7.3
17.8
4.0
4.1
6.4
8.2
75.6
103.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
102.5
107.3
113.1
119.4
124.8
131.1
137.3
144.6
90.7
96.4
99.9
103.7
106.5
107.9
111.8
114.7
118.0
122.2
86.4
94.9
100.2
104.8
106.5
104.1
103.0
104.4
107.8
111.6
95.3
97.8
100.2
102.1
105.0
105.9
110.6
115.4
118.6
124.1
93.2
97.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
120.5
93.7
97.4
99.9
102.8
106.1
110.6
114.6
116.9
119.2
121.0
108.5
102.8
99.4
97.9
98.7
77.1
80.2
80.9
88.5
101.2
82.9
92.5
100.6
106.8
113.5
122.0
130.1
138.6
149.3
162.8
97.7
99.2
99.9
100.9
101.6
88.2
88.6
89.3
94.3
102.1
89.2
95.8
99.6
104.6
109.1
113.5
118.2
123.4
129.0
135.5
7.9
6.1
131.6
132.7
133.5
133.8
133.8
131.6
132.6
133.4
133.8
134.2
133.2
133.6
134.1
134.7
134.9
129.3
130.0
130.4
130.6
130.8
141.3
141.8
142.0
142.3
142.8
147.6
148.2
148.8
149.5
150.5
146.3
146.8
146.8
146.9
147.3
121.2
124.6
123.4
123.9
123.8
111.1
112.6
113.8
114.2
113.7
124.8
125.5
125.1
125.3
125.7
120.7
123.4
125.8
126.5
126.9
120.9
121.1
121.2
121.5
122.0
101.2
110.2
118.0
118.5
117.7
165.0
166.1
167.5
168.7
170.1
101.0
106.4
110.9
111.4
110.9
136.7
137.3
137.7
138.1
138.6
134.6
134.8
135.0
135.2
135.6
136.0
136.2
136.6
134.8
135.1
135.0
135.3
135.7
136.0
136.3
136.6
135.7
135.4
135.7
136.7
136.7
137.4
136.6
136.2
131.9
132.5
132.6
132.8
133.0
133.1
133.5
133.5
143.9
144.6
144.8
145.2
145.3
145.8
146.1
146.2
153.0
154.2
154.2
154.2
154.1
154.5
155.0
154.7
147.9
148.4
148.7
149.2
149.4
149.9
150.2
150.5
124.1
125.1
124.2
126.1
126.9
126.2
126.9
127.2
115.5
115.1
114.8
114.2
114.8
114.0
114.8
114.7
126.9
128.9
127.4
127.2
127.8
127.7
128.9
130.4
125.4
124.0
122.8
122.4
123.2
123.5
123.5
124.0
123.6
124.2
124.8
125.2
125.3
125.6
125.6
125.8
110.0
102.0
97.1
97.1
99.5
99.1
97.1
97.4
171.2
172.4
173.5
174.4
175.4
176.5
177.5
178.9
108.2
103.9
101.2
100.5
101.9
100.9
100.5
100.3
139.7
140.7
140.9
141.2
141.5
142.0
142.5
143.0
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 1990.
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 and 1988 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
Ch Inge from pr eceding peri id
Change from 3 monti s earlier, ann ual rate
Change from 6 month s earlier, ann ual rate
Consum er goods
Consum Er goods
Consum jr goods
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. o Dec., N 3A
7.1
3.6
.6
1.7
1.8
2.3
2.2
4.0
4.9
5.7
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
8.6
4.2
.9
.8
2.1
1.5
2.0
2.3
3.5
.6
2.8
-.2
5.7
5.2
2.6
9.2
4.1
1.6
2.1
1.0
9.2
3.9
2.0
1.8
2.7
2.1
1.3
3.6
3.8
3.4
-6.6
4.1
3.1
5.3
8.7
-1.4
2.1
2.5
5.2
4.9
Ct ange, month to mont h
1990:
1991:
1.1
1.3
1.2
.4
Aug
Sept
Oct
Nov
Dec
Jan
Feb
Mar
Apr r
May '
June
July '
Aug
0.6
— .5
.6
.1
-.3
4
.1
.7
-.2
.1
,
-.2
.2
.2
.3
.2
-.6
-.8
.4
-.3
2
.2
1.9
2.7
2.1
.6
-.9
0.3
.3
.2
.2
.3
1
.7
.2
.2
-.1
.1
.3
.1
.1
-1.4
.8
.2
.6
-.6
— .1
.7
A
8.0
21.0
3.6
2.3
2.6
.6
5.9
11.3
15.4
12.3
30.2
23.8
7.3
1.3
5.1
1.6
.3
1.6
-1.0
-4.2
-9.2
1.0
2.9
2.9
-.3
4.7
3.5
-3.5
1.0
.7
.7
8.7
-7.8
0
.7
-.3
0
-7.1
-1.3
4.0
3.6
3.6
3.3
3.3
3.3
6.1
8.9
9.0
8.2
5.3
4.9
4.6
1.3
1.0
1.3
1.9
1.9
7.6
3.7
.7
0.3
.3
4.9
11.2
15.5
2.8
2.1
1.8
15.6
14.0
.5
-.2
1.1
.6
1.0
.3
-1.6
-1.6
-1.5
-2.1
13.2
6.0
-1.0
-4.8
-4.7
-4.1
-4.1
-1.0
-2.2
-.2
0
3.3
3.6
3.5
5.2
6.0
6.4
7.0
5.7
4.4
4.1
3.9
3.2
2.9
2.9
1.6
1.4
4.0
3.4
3.2
3.3
3.4
3.5
2.9
2.0
3.3
3.1
Source: Department of Labor, Bureau of Labor Statistics,
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing
Period
All
items 1
Food
Total 1
Adden dum: All ite ms, percent change
(annu il rate)
Tr ansportat on
Shelter
Bent-
Home-
costs
costs
Total '
Fuel
and
other
utilities
Apparel
and
up-
New
cars
Total '
Motor
fuel
Medical
care
Energy2
less
food
and
energy
I rom
previous
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
C bange, I eeember to Dec( mber, ? SA
4.6
6.1
2.7
3.8
2.6
3.8
3.5
5.2
5.6
5.3
3.6
3.5
4.3
4.3
1.7
3.7
4.0
3.9
4.5
9.9
2.4
4.7
5.2
6.0
4.6
4.8
4.5
4.9
5.2
Aug
Sept
Oct
Nov
Dec
0.8
.8
.6
.3
.3
0.3
.3
.4
.4
.1
0.5
.5
.3
.2
.2
Jan
Feb
Mar
Apr
May
June
July
Aug
.4
.2
.6
— .1
.2
.2
.7
0
.5
-.6
.8
.5
.1
.2
.2
.1
.3
.2
— .3
1981
1982
1983
8.9
3.8
4.8
3.9
3.8
1.1
4.4
1984
1985
1986
1987
1988
1989
1990
4.4
4.3
3.1
10.2
14.4
9.7
1.8
4.2
1.8
5.0
3.9
3.9
4.5
6.7
4.5
5.1
5.9
4.6
5.3
4.7
5.1
4.7
0.6
.4
.1
.2
.4
0.8
.4
.4
.5
.7
0.5
.3
0
.1
.3
1.1
1.4
1.1
.4
.8
.5
.1
.3
.1
.3
.2
.1
1.7
.8
0
0
.4
.3
.2
.3
.1
.3
.2
.2
1.6
-.3
-.3
-.5
.5
-.7
.7
-.1
5.1
5.9
6.3
-5.6
1.6
2.9
3.2
4.0
3.5
1.6
2.9
2.0
2.8
.9
4.8
4.7
1.0
5.1
6.8
9.4
1.5 -6.5
1.7
3.4
2.5 -2.4
3.4
3.1
5.9 — 30.7
1.8
18.7
2.1 -2.1
2.3
6.8
1.4
36.5
10.9
1.8
3.9
3.1
2.6
-5.9
6.1
3.0
4.0
10.4
12.5
11.0
6.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
11.9
1.3
.5
.2
1.8
-19.7
8.2
.5
5.1
18.1
10.3
9.5
4.2
4.7
6.2
3.2
4.3
3.6
1.9
3.6
4.1
4.4
5.2
4.8
5.4
4.5
4.8
4.7
4.3
3.8
Cha nge, mo nth to IT onth
1990:
1991:
.2
.3
.2
1
2
0
1
.3
.3
2
A
0.3
.6
.3
.2
.3
1.9
2.2
1.9
.6
.3
0.3
2
.1
.2
.4
8.6
8.9
7.1
.4
-.7
0.9
.7
.8
.7
.8
1.0
1.6
— 1.2
-1.1
-1.0
3
1.3
.5
.5
.3
.1
.2
0
2
6.5
.6
.7
.6
.5
.6
.6
.6
.8
-1.2
-.2
.5
— .1
.9
1.2
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
.7
.2
0
.4
3
-7.3
-4.8
0
2.5
-.4
-2.0
.3
4.3
5.3
4.2
.5
— .4
0.5
.4
.3
.3
.4
7.6
7.0
6.9
-2.4
-4.0
-2.6
-.7
1.4
-1.0
— .4
.8
.7
.1
.2
.2
3.6
.4
2.1
-.2
.4
.4
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
8.2
9.2
6.9
4.9
4.3
3.9
2.4
1.5
1.8
3.0
3.0
2.7
6.9
7.2
6.6
5.6
6.2
6.3
6.3
6.1
6.7
5.4
3.7
2.9
2.9
2.7
2.2
2.2
5.7
5.3
4.9
4.9
5.0
4.7
4.4
3.8
5.4
6.2
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in September rose 0.7 percent from their August level. Prices paid by farmers in July
were 0.5 percent below their April level. (Data are not seasonally adjusted.)
INDEX, 1977= 100 (RATIO SCALE)
INDEX, 1977= 100 (RATIO SCALE)
200
200
180
180
160
160
T\
PRICES PAID
140
140
120
120
PRICES RECEIVED
100
100
80 111
iiiiilnm
lllllllllll
80
RATIO-!/
140
60
J/RATIO Of INDEX OF PRICES RECEIVED TO INDEX OF TRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL Of ECONOMIC ADVISERS
[1977=100; not seasonally adjusted]
Pri ces
Period
1981
1982
1983
1984
r rices
received by farm ers
All farm
products
Livestock and
products
123
127
138
147
150
134
121
128
138
120
107
106
126
134
128
143
145
141
146
136
138
146
150
160
170
1990: Sept
Oct
Nov
Dee
148
146
147
143
123
120
124
121
1991: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
145
145
149
149
152
155
r 150
147
148
123
122
128
131
138
146
137
135
140
1985
1986
1987
1988
1989
1990
1
139
133
135
142
128
Includes items not shown separately.
Percentage ratio of index of prices received by fanners to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by fanners are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
2
AH commodities,
services,
interest, taxes,
and wage rates l
paid by farmer s
Production
items, interest,
taxes, and wage
rates
Production
items
148
153
152
155
Ratio 2
92
84
84
178
184
151
158
159
161
156
150
152
160
167
172
151
144
148
157
165
171
87
79
77
78
81
83
82
172
170
169
164
(3)
187
(3)
(3)
(3)
174
(3)
(3)
(3)
174
(3)
(3)
80
78
79
76
166
166
169
166
165
163
r
188
(3)
(3)
190
(3)
(3)
189
(3)
(3)
175
(3)
(3)
176
(3)
(3)
174
(3)
(3)
173
(3)
(3)
175
(3)
(3)
173
(3)
(3)
77
77
79
78
80
82
r
79
78
78
!62
158
155
150
159
161
164
162
159
162
170
NOTE.—The official indexes are published on a 1910-14 bs e as required by law. The indexes
have been converted to a 1977 = 100 base to facilitate comparisi i with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
In August, M2 was virtually unchanged from its July level and M3 fell again.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
4,800
4,400
4,000
4,800
4,400
4,000
M3.
3,600
3,600
3,200
3,200
-V
2,800
2,800
M2
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
800
800
600
600
400
400
1984
1983
198S
1986
1989
1988
1987
1990
1991
COUNCIL OF ECONOMIC ADVISERS
* AVERAGES Of DAIIV FIGURES; SEASONA11Y AELJUSTED
SOURCE. BOARD OF GOVERNORS OF THE FEDERAl RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
Ml
M2
M3
I
Debt
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
RPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
MS plus
other liquid
assets
Debt of
domestic
nonfmancial
sectors
(monthly
average) '
Perce nt change from yea or6
months earlier 2
Ml
M2
M3
Debt
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
436.4
474.4
521.2
552.2
619.9
724.3
749.7
786.4
793.6
825.4
1,793.3
1,952.9
2,186.3
2,374.7
2,569.7
2,811.6
2,910.1
3,069.9
3,223.1
' 3,328.2
2,234.1
2,441.7
2,693.3
2,986.2
3,201.6
3,492.6
3,677.4
3,919.1
4,055.2
r
4,111.8
2,596.7
2,851.4
3,154.6
3,527.5
3,828.9
4,133.2
4,337.0
4,676.0
4,889.9
'4,965.8
4,292.1
4,685.9
5,212.6
5,961.9
6,773.5
7,636.2
8,345.1
9,107.6
9,790.4
' 10,434.0
6.8
8.7
9.9
5.9
12.3
16.8
3.5
4.9
.9
4.0
10.0
8.9
12.0
8.6
8.2
9.4
3.5
5.5
5.0
'3.3
12.4
9.3
10.3
10.9
7.2
9.1
5.3
6.6
3.5
1.4
9.9
9.2
11.2
14.4
13.6
12.7
9.3
9.1
7.5
6.6
1990: July
Aug
Sept
Oct
Nov
Dec
810.7
816.5
821.8
821.2
823.3
825.4
'3,295.5
r
3,309.7
r
3,321.8
r
3,324.7
' 3,324.0
r
3,328.2
' 4,089.0
4,103.3
4,109.0
' 4, 109.4
r
4,108.9
'4,111.8
'4,926.3
'4,934.1
4,955.5
'4,955.1
'4,960.0
'4,965.8
'10,182.2
'10,251.1
'10,306.4
' 10,344.8
' 10,396.6
'10,434.0
3.8
3.8
4.3
3.3
3.9
3.4
3.8
'3.4
3.2
2.7
2.5
'2.3
1.4
1.5
1.6
1.3
1.3
1.3
'7.1
'7.2
'6.8
6.4
'6.6
'6.3
1991: Jan
Feb
Mar
Apr
May
June
July
Aug
826.7
836.4
843.0
842.1
851.6
858.4
859.7
866.3
r
r
'4,982.2
'5,009.0
'5,008.1
'4,975.2
'4,953.9
'4,978.2
' 4,980.9
'10,462,8
'10,513.7
'10,546.8
'10,559.7
'10,603.1
'10,648.6
" 10,689.7
3.9
4.9
5.2
5.1
6.9
8.0
8.0
7.1
2.2
2.7
'3.3
'3.6
'4.4
'4.4
'3.6
2.2
1.7
2.8
2.9
3.0
'3.2
'2.7
1.1
-.8
5.5
'5.1
'4.7
'4.2
'4.0
'4.1
4.3
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
.
3,331.8
' 3,355.2
' 3,375.9
' 3,384.3
'3,397.2
' 3,402.1
r
3,391.1
3,391.4
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
Annuai changes are from December to December and monthly changes are from 6 months earli-
26
4,124.7
'4,160.5
r
4,169.0
r
4,171.3
'4,173.9
'4,166.9
'4,147.7
4,142.9
er at a simple annual rate.
NOTE.—See p. 27 /or components.
Source: Board of Governors of the Federal Reserve Svstem.
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Currency
Demand
deposits
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(KPs),
net,
plus
overnight
Eurodollars
Money narket
mutua fund
balan es 1
General
purpose
and
broker/
dealer
Institution
only
Money
market
deposit
accounts
(HMD As)
Savings
deposits
Small
denomination
time
deposits 2
Large
denomination
time
deposits 2
NSA
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
July
Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
June
July
Aug
122.6
132.5
146.2
156.0
167.8
180.7
196.9
212.0
222.2
246.4
235.7
238.4
241.5
243.9
245.0
246.4
251.6
255.1
256.7
256.6
256.8
257.6
258.9
260.8
231.3
234.0
238.5
24S.9
266.6
301.9
286.5
286.3
278.7
276.9
275.6
278.0
279.1
277.1
277.2
276.9
272.9
276.1
277.1
275.8
278.7
281.0
279.0
279.9
78.2
103.5
131.6
147.1
179.5
235.3
259.3
280.7
285.2
293.8
291.7
292.1
293.0
291.8
292.8
293.8
293.9
296.9
301.0
301.9
308.1
312.0
314.1
318.0
36.6
39.9
55.6
60.6
73.5
82.3
83.2
83.4
77.4
r
74.7
84.0
r
82.9
r
81.7
'83.9
'78.2
r
74.7
r
72.0
r
71.0
r
70.1
r
70.8
'69.7
r
69.3
'65.8
68.4
150.6
185.2
138.8
167.9
176.7
208.3
221.7
241.1
313.6
345.4
329.2
335.8
339.3
341.6
341.9
345.4
353.9
358.2
363.6
364.2
365.1
364.3
359.4
352.8
38.0
51.1
42.8
62.1
63.9
83.8
88.9
86.9
101.9
125.7
109.8
114.0
116.2
119.6
120.5
125.7
130.1
139.3
142.0
145.6
146.2
143.3
141.8
144.8
0.0
43.2
379.2
418.2
514.5
572.3
524.9
501.4
486.1
505.9
503.4
505.9
507.4
506.7
506.8
505.9
505.2
511.5
519.2
526.6
536.1
542.1
547.2
548.4
1
Data prior to 1983 are not seasonally adjusted.
2
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
823.2
343.9
356.8
850.9
784.1
305.5
887.7
286.5
883.4
300.4
855.5
368.3
917.7
412.0
1,031.8
424.4
1,145.9
404.1
1,164.2
410.8
1,156.8
412.7
1,158.3
412.7
1,160.1
412.3
1,161.4
411.5
1,161.8
411.1
1,164.2
410.8
412.0
1,163.9
1,162.7
415.4
1,158.3
420.5
1,150.2
427.2
1,140.5
433.1
438.9 ' 1,129.1
r
1,118.7
442.8
1,110.3
447.7
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
303.0
35.3
33.4
327.3
49.9
327.7
417.7
57.6
62.4
437.3
80.5
439.9
489.2 106.1
542.3 121.8
98.8
563.5
507.1 r89.6
535.0 100.2
529.2 ' 101.8
521.9 r98.0
515.1 r95.2
512.5 r95.2
507.1 r89.6
511.9 r87.5
516.0 r86.0
511.5 '82.3
507.3 r81.1
503.9 r79.8
r
498.8 r 77.3
r
491.1 r78.5
78.3
484.3
Shortterm
Treasury
securities
Savings
bonds
67.5
67.8
81.7
68.0
71.1
91.5
74.2
82.9
79.5
76.5
91.8
83.8
91.0 100.6
106.0 109.3
81.0 117.5
71.4 126.0
65.1 122.2
68.3 123.0
70.0 123.8
70.2 124.5
70.0 125.2
71.4 126.0
71.9 126.7
72.6 127.8
71.1 128.9
68.2 130.1
r
65.4 131.4
r
64.8 132.5
T
64.0 " 133.5
63.1
Bankers'
acceptances
149.4
183.6
212.0
260.8
298.2
280.2
253.5
270.6
327.4
333.9
333.9
328.6
331.9
329.9
332.8
333.9
331.7
329.6
325.7
' 305.5
' 297.2
' 324.9
"336.8
Commercial
paper
105.3
40.0
44.5
113.7
45.0
133.2
45.4
160.8
42.0
207.6
37.1
231.4
44.5
261.0
40.1
336.8
40.7
349.2
359.4
34.7
33.0
348.2
32.3
347.0
31.8
359.0
32.6
358.8
34.0
359.0
359.4
34.7
36.0
363.2
35.2
355.9
32.4
352.0
30.7
337.6
28.8
322.7
27.6 ' 326.4
"27.7 "335.1
JJOTE.—Travelers checks of nonbank issuers are a component of money stock but are not shown
iere.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures '; millions of dollars; seasonally adjusted, except as noted by NSA]
BOITOAvings of dep<jsitory
institutk ns from the Federal
R eserve (NSA )
Adjusted for changes in reserve requiremen ts
Res erves of depo sitory instituti ons
Period
Total
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
June
July
Aug
1
25,944
26,495
27,835
29,901
31,662
37,061
45,863
45,812
47,596
47,729
49,104
47,973
r
48,262
47,942
r
48,245
49,104
49,466
49,611
49,566
49,395
50,068
50,429
r
50,5 10
51,003
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Nonborrowed
24,304
25,859
27,201
29,127
28,476
35,473
45,037
45,035
45,880
47,464
'48,778
47,046
47,637
47,532
48,014
r
48,778
48,932
49,359
49,325
49,164
49,765
50,089
' 49,904
50,239
Nonborrowed plus
extended
credit
24,307
26,008
27,387
29,129
31,080
36,242
45,340
45,518
47,124
47,483
' 48,801
47,174
' 47 ,644
47,550
48,039
r
48,801
48,958
49,393
49,378
49,250
49,853
50,097
r
49,949
50,539
Required
25,480
26,176
27,335
29,340
30,807
36,024
44,494
44,766
46,549
46,807
47,440
47,106
47,353
47,096
47,297
47,440
' 47 ,297
'47,803
48,387
r
48,364
49,039
49,421
49,605
49,915
Monetary
base
145,931
153,001
164,276
179,921
191,374
208,619
230,039
246,281
263,459
274,168
299,785
290,458
'293,804
295,941
297,553
299,785
805,152
309,438
310,982
310,605
311,479
312,469
r
313,910
316,296
Total
1,690
636
634
774
3,186
1,318
827
777
1,716
265
326
927
624
410
230
326
584
252
241
231
303
340
607
764
Seasonal
116
54
33
96
113
56
38
93
130
84
76
430
418
335
162
76
S8
37
55
79
151
222
317
331
Extended
credit
3
148
186
2
2,604
499
303
483
1,244
20
23
127
6
18
24
23
21
34
53
86
88
8
46
300
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases fell 0.3 percent in August; commercial and industrial loans fell 1.0 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,800
2,800
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
OTHER SECURITIES
\
200
200
160
160
120 minium I l l l l l l l l l l I l l l l l l l l l l
1983
1984
1985
I l l l l l l l l l l Illllllllll
1986
1987
1988
Illllllllll I l l l l l l l l l l
1990
1989
120
1991
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted l]
Adl commei•cial ban ts
Loans anc leases
Period
jiotai
Tntal
securities 2
U.S.
Government
securities
179.3
1,307.2
201.7
1,400.5
259.2
1,552.1
260.2
1,722.2
270.9
1,909.6
310.1
2,093.5
335.9
2.238.9
363.8
2,421.7
1988: Dec
399.3
1989: Dec
2,589.0
454.2
2,723.6
1990: Dec
445.7
2,704.9
1990: Aug
450.1
2,708.0
Sept
453.1
Oct
2,713.6
454.0
2,716.6
Nov
454.2
2,723.6
Dec
454.1
2,721.2
1991: Jan
458.0
Feb
2,735.1
r
471.4
2,751.0
Mar
r
479.2
2,751.8
Apr
May
' 2,750.5 ' 485.1
495.2
June '... 2,763.2
505.3
July r.... 2,763.3
512.6
Aug
2,761.6
1981:
1982:
1983:
1984:
1985:
1986:
1987:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Other
securities
160.5
164.8
169.1
140.9
179.0
193.9
193.5
192.1
180.8
175.6
178.8
178.8
177.8
175.9
175.6
177.7
177.6
177.6
175.7
173.9
173.1
172.0
169.9
Total
2
967.5
1,034.0
1,123.8
1,321.1
1,459.8
1,589.5
1,709.5
1,865.8
2,008.9
2,093.8
2,080.4
2,079.0
2,082.7
2,086.7
2,093.8
2,089.4
2,099.5
2,102.0
' 2,096.9
r
2,091.5
2,094.8
2,086.0
2,079.1
Real
estate
355.4
392.5
414.2
473.2
500.3
537.2
567.6
606.6
641.3
648.1
645.1
644.7
643.7
646.5
648.1
644.3
643.9
646.0
640.0
633.2
630.4
626.7
620.5
284.1
299.9
331.0
376.5
426.0
494.2
587.2
671.5
760.6
836.5
818.0
822.5
827.7
832.0
836.5
837.3
842.6
846.3
r
850.9
r
855.1
859.5
857.0
853.9
1
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions. Data beginning January 1984 are not strictly
comparable with data for earlier periods, largely because beginning January 1984 certain obligations
of States and political subdivisions are included in loans rather than in other securities.
28
State
Non-
Commercial
and
industrial
Security
financial
institutions
Agricultural
political
subdivisions
21.4
182.5
188.2
25.3
212.9 28.0
253.8 34.5
294.6 43.1
315.2
40.4
328.2 34.8
354.7 39.9
375.5 38.3
378.9 40.6
378.2 44.6
378.6 41.3
379.7 40.5
378.7 39.6
378.9 40.6
375.9 43.1
377.7 43.2
375.5 r38.9
374.1 39.8
r
373.5 39.8
372.0 38.3
369.6 41.6
368.9 42.6
29.9
31.2
30.4
31.3
32.4
34.9
31.8
29.9
32.7
r
34.8
35.0
35.2
34.8
34.6
r
34.8
r
34.8
r
35.9
r
36.7
r
35.9
r
36.9
37.1
37.0
36.2
33.1
36.2
39.2
40.1
36.1
31.5
29.4
29.8
30.7
33.0
31.5
31.8
32.2
32.5
33.0
33.5
33.5
34.0
33.9
33.6
33.0
32.5
32.3
0.0
.0
.0
46.1
56.8
58.5
52.6
45.5
40.0
34.3
35.8
35.2
35.1
34.8
34.3
r
33.3
r
33.2
r
32.8
r
32.2
r
31.8
31.1
30.6
30.1
Individual
Foreign
banks
18.1
14.6
13.4
11.6
9.9
10.3
7.9
7.9
8.6
7.2
7.9
8.1
9.0
8.1
7.2
6.0
6.1
7.2
6.8
6.4
6.0
6.2
6.2
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
5.9
9.4
8.4
6.3
6.3
5.8
5.1
3.7
3.2
3.2
3.3
3.2
3.2
3.2
3.0
3.1
3.2
3.0
3.0
3.0
3.1
3.1
12.7
13.3
13.7
16.0
19.0
22.3
24.5
29.2
31.8
32.7
32.7
32.8
33.3
32.9
32.7
32.4
32.8
33.0
32.7
32.7
32.8
32.0
31.4
Other
23.1
26.9
31.8
29.9
35.3
38.6
39.8
45.7
45.8
r
44.6
48.2
45.5
43.6
43.7
r
44.6
r
45.8
r
47.5
r
48.5
r
47.6
r
45.6
51.7
49.7
53.9
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Total
Internal
C edit market fu nds
l
Capital
expenditures 3
Total
Total
Loans and
short-term
paper
Securities
and
mortgages
Total
Other *
48.5
76.5
91.9
49.8
124.7
48.2
55.1
•35.4
16.4
6.2
41.0
13.6
-6.2
60.5
18.5
-15.4
-45.0
-13.4
54.7
35.5
105.5
56.0
64.2
29.7
70.5
80.4
29.8
10.4
55.2
63.7
54.1
55.1
73.1
101.6
97.3
74.0
303.1
392.6
474.9
425.1
481.2
466.6
494.6
488.4
452.8
256.1
270.5
335.9
351.8
344.3
372.4
391.4
380.0
369.5
58.9
131.7
155.5
103.9
179.8
121.3
156.8
132.7
90.3
517.4
601.2
459.2
473.0
379.9
379.7
385.5
374.9
137.5
221.5
73.7
98.1
18.0
118.7
1.0
3.8
92.5
3.1
-85.2
5.6
110.5
115.6
86.2
9.4
119.5
102.7
72.6
94.2
484.2
560.0
444.4
465.3
1990: I rr
II
Ill r'.
IV
490.7
517.2
484.4
346.8
370.6
374.7
366.4
366.1
120.1
142.5
118.0
-19.3
42.2
53.3
10.8
40.8
-45.3
27.9
37.6
1.0
87.5
25.4
48.4
-41.8
77.9
89.3
107.3
21.4
1991: I r
II"
454.6
431.2
377.5
375.7
77.1
55.5
34.0
20.5
65.3
104.7
-31.3
84.2
43.1
34.9
1982
1983
1984
300.8
416.9
491.4
1985
1986
1987
1988
1989 r
1990
455.7
524.1
493.7
548.2
512.7
459.8
1989: I
II
Ill
IV
241.9
285.2
1
Undistributed profits {after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
,
„ .... .
, , .
, ,.
, . .
. , „„
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
Increase in
financial
assets
Discrepancy
(sources less
uses)
-2.3
24.3
47.0
122.1
105.2
83.9
150.8
112.5
116.3
106.2
81.6
16.5
30.6
43.0
27.1
53.5
24.2
7.0
377.4
388.3
385.1
378.2
106.8
171.7
59.3
87.1
33.2
41.2
14.9
7.7
468.6
498.8
504.7
338.8
362.7
384.4
391.1
346.5
105.9
114.4
113.6
-7.7
22.0
18.5
-20.2
7.9
451.3
425.3
317.0
333.0
134.3
92.3
3.2
5.8
369.7
341.2
330.4
354.1
378.3
382.2
371.2
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in in stallment ere dit outstandii> g '
Ins tallment credit outstanding (end of period)
Period
Total
Automobile
Revolving
325,805
368,966
442,602
518,252
573,017
610,468
664,049
718,863
735,102
119,008
125,945
143,560
173,564
210,187
247,428
265,851
284,214
290,676
284,585
61,070
66,454
79,088
1990: July
Aug
Sept
Oct
Nov
Dec
732,750
733,844
735,547
735,433
736,411
735,102
1991: Jan
Feb
Mar
Apr
May
June T
July"
732,962
732,762
732,442
733,621
732,289
730,591
729,753
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec 2
Dec
311,259
Other
Total
Automobile
Revolving
7,017
6,937
17,615
30,004
Mobile
home
Other
1,322
2,546
958
2,299
989
246
1,176
-572
<3)
-1,552
-1,193
322
11,954
20,141
100,280
121,816
135,851
153,078
174,104
199,082
220,110
20,058
22,064
23,562
25,861
26,850
27,096
25,920
25,348
22,471
20,919
111,124
110,802
122,756
142,897
159,400
162,642
165,620
180,383
206,633
209,487
13,105
14,546
43,161
73,636
75,650
54,765
37,451
53,581
(3)
16,239
36,623
37,241
18,423
18,363
(3)
-6,091
5,959
5,384
12,634
21,192
21,536
14,035
17,227
21,026
(3)
21,028
288,136
286,818
285,627
285,024
284,412
284,585
215,119
217,024
219,090
220,031
221,690
220,110
21,211
21,191
21,073
20,680
20,492
20,919
208,284
208,811
209,758
209,698
209,817
209,487
2,395
1,094
1,703
-114
979
1,310
-661
1,318
-1,191
-603
-612
173
3,076
1,905
2,066
942
1,658
-1,580
-550
-20
119
-393
187
427
530
527
947
60
119
330
283,746
282,626
280,689
279,746
276,494
274,496
273,616
219,588
221,556
224,817
225,994
227,301
227,737
228,211
20,459
20,200
20,123
20,098
19,796
19,907
19,647
209,170
208,379
206,813
207,782
208,697
208,451
208,278
-2,139
-201
-320
1,179
-1,331
1,698
-838
-839
1,120
-1,937
-943
-3,252
-1,998
-880
-522
1,968
3,261
1,177
1,307
435
474
-461
-258
78
-24
302
111
259
-317
-791
-1,566
969
915
-246
-173
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
2
Data newly available in January 1989 result in breaks in many series between December 1988
Mobile
home
3
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
16,503
3,242
2,978
14,763
(3)
2,854
INTEREST RATES AND BOND YIELDS
Interest rates fell in September.
PERCENT PER ANNUM
1982
PERCENT PER ANNUM
1983
1990
1991
COUNCIL OF ECONOMIC ApVISERS
SOURCE: SEE TAB4E BROW
[Percent per annum]
V.S.I reasury security rields
Period
3-month bills
(new issues) *
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
1991:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept"
Week ended:
1991: Aug 31
Sept 7
14
21
28
3-year
10-year
High-grade
municipal
bonds
(Standard3&
Poor's)
30
Prime
commercial
paper,
6 months *
Discount rate
(N.Y. F.R.
Bank)4
Prime rate
charged 4by
banks
New-home
mortgage
yields
(FHFB)5
13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
8.49
8.55
11.23
11.57
9.47
10.15
9.18
7.38
7.73
7.76
7.24
7.25
14.17
13.79
12.04
12.71
11.37
9.02
9.38
9.71
9.26
9.32
14.76
11.89
8.89
10.16
8.01
6.39
6.85
7.68
8.80
7.95
13.42
11.02
8.50
8.80
7.69
6.33
5.66
6.20
6.93
6.98
18.87
14.86
10.79
12.04
9.93
8.33
8.21
9.32
10.87
10.01
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
10.13
10.05
7.38
7.19
7.07
6.81
8.27
8.07
7.74
7.47
8.89
8.72
8.39
8.08
7.40
7.40
7.10
7.04
9.56
9.53
9.30
9.05
7.83
7.81
7.74
7.49
7.00-7.00
7.00-7.00
7.00-7.00
7.00-6.50
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
9.90
9.98
9.90
9.76
6.30
5.95
5.91
5.67
5.51
5.60
5.58
5.39
5.25
7.38
7.08
7.35
7.23
7.12
7.39
7.38
6.80
6.50
8.09
7.85
8.11
8.04
8.07
8.28
8.27
7.90
7.65
7.05
6.90
7.07
7.05
6.95
7.09
7.03
6.89
6.80
9.04
8.83
8.93
8.86
8.86
9.01
9.00
r
8.75
8.61
7.02
6.41
6.36
6.07
5.94
6.16
6.14
5.76
5.59
6.50-6.50
6.00-6.00
6.00-6.00
6.00-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.00
10.00-9.50
9.50-9.00
9.00-9.00
9.00-9.00
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.00
9.65
9.57
9.43
9.60
9.52
9.46
9.43
9.48
5.40
5.34
5.29
5.19
5.18
6.70
6.66
6.56
6.48
6.38
7.84
7.80
7.71
7.61
7.55
6.85
6.86
6.86
6.77
6.71
8.70
8.67
8.63
8.60
8.56
5.76
5.74
5.58
5.53
5.55
5.50-5.50
5.50-5.50
5.50-5.00
5.00-5.00
5.00-5.00
8.50-8.50
8.50-8.50
8.50-8.00
8.00-8.00
8.00-8.00
1
Bank-discount basis.
2
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and week.
Corporate
Aaa bonds
(Moody's)
14.44
12.92
10.45
11.89
9.64
7.06
7.68
8.26
8.55
8.26
14.029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
8.12
7.51
Sept
Oct
Nov
Dec
Constant nlaturities
2
r
6
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
welt as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Overall, stock prices were little changed in September.
INDEX, DEC. 31, 1965=50 (RATIO SCALE)
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
24U
220
200
180
24U
^
S—~~^N^^\
_,
160
- -
140
170
/
/
/
-Jt(
\.
^
\
\
J
^S
\
220
200
180
-^~
160
^^
s-^-*-'*-'
140
120
OMPOSITE STC•XX. PRICE IND EX
100
/'""•'
RO -/
100
(NlrsE)
1r\>
—^yr
RO
60
60
40
1 11111 111 1 1
1 1 1 11 111 11 1
1983
1 1 1 11 111 1 11
1984
1 I 111 1 11 11 1
1985
40
1 1 J | | 111 1 1 1
1987
1986
1989
1988
1990
1991
PER<:ENT
PERC :NT
20
EARNIh4GS-PRICE RAT O ON COMM 3N STOCKS
S8.P)
10
——-——
5
i
0
i i
1983
~"
1
1
1984
1
^1
1
1
1985
1
1
1
1
10
L ^
i ii
—
1
1987
1986
'
1
~
1
1
~~~
1
1
1
1989
1988
T*1
1
,
1
1990
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Common st ock yields
(perce nt) 5
2
New Y ork Stock Exci lange indexes 1 Dec. 31, 1965 = 50)
Period
Industrial
n
1
COUNCIL OF ECONOMIC ADVISERS
Con mon stock pric es '
Composite
1
1991
Transportation
Utility
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
index
(1941-
Dividendprice ratio
Earningsprice ratio
43 = 10) 4
74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
180.02
183.46
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
216.23
225.78
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
175.28
158.62
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
87.43
90.60
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
151.88
133.26
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
322.84
334.59
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
3.45
3.61
11.96
11.60
8.03
10.02
8.12
6.09
5.48
8.01
7.41
6.47
Sept
Oct
Nov
Dec
173.22
168.05
172.21
179.57
216.81
208.58
212.81
221.88
136.95
131.90
132.96
141.31
83.30
87.27
89.69
91.56
118.59
108.01
113.76
122.18
2,550.89
2,460.54
2,518.56
2,610.92
315.41
307.12
315.29
328.75
3.85
4.01
3.91
3.74
7.10
1991: Jan
Feb
Mar
177.95
197.75
203.57
207.71
206.93
207.32
208.29
213.33
212.55
220.69
246.74
255.36
260.15
260.13
261.16
262.48
268.22
266.21
145.89
166.06
166.26
166.90
170.77
177.05
177.15
178.52
177.99
88.59
92.08
92.29
92.92
90.76
89.01
90.05
92.38
93.72
121.39
141.03
145.42
152.64
151.32
152.31
151.60
157.70
157.69
2,587.60
2,863.04
2,920.11
2,925.54
2,928.42
2,968.14
2,978.19
3,006.09
3,010.35
325.49
362.26
372.28
379.68
377.99
378.29
380.23
389.40
387.20
3.82
3.35
3.26
3.19
3.23
3.23
3.20
3.10
3.14
216.37
214.02
211.67
212.23
212.42
272 22
268.79
265.27
265.77
265.56
180.45
178.54
176.83
177.47
178.86
93.69
93.38
93.29
93.74
94.04
159.37
158.00
156.58
157.29
158.57
3,042.80
3,011.58
2,994.05
3,017.98
3,016.77
395.09
390.09
385.83
386.74
386.58
3.05
3.12
3.16
3.14
3.15
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
Apr
May
June
July
r
Aug .
Sept"
Week ended:
1991: Aug 31
Sept 7
14
21
28
1
2
3
4
5
Average of daily closing prices.
Includes all the'stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
Includes 500 stocks.
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-
6.46
5.59
5.24
price ratios based on prices at end of quarter.
NOTE.-—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 11 months of fiscal 1991, there was a deficit of $260.9 billion, compared with a deficit of $241.2
billion a year earlier.
BILLIONS OF DOLLARS
1,500
BILLIONS OF DOLLARS
1,500
RECEIPTS AND OUTLAYS^
1,400
1 400
1,300
1,300
OUTLAYS!/
1,200
1,200
1,100
1,100
1,000
T.OOO
900
900
RECEIPTS^/
800
800
700
700
600
600
SURPLUS OR DEFICIT HI/
0
_
0
-100
-200
L
"
^-
-_
-
-200
' ^-~^_
A
1/1983
i
i
1984
l
1985
l
1986
1
1987
1
1988
l
1989
1
1990
1991
T—^ IN
1992 N
300
FISCAL YEARS
V
INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
COUNCIl OF ECONOMIC ADVISERS
SOURCES, DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars
Total
Fiscal year or period
Receipts
Outlays
1976
Transition quarter
1977
1978
1979
1980
1981
1982
1983
1984
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
1985
1986
1987
1988
1989
1990
1991 (estimates) 1
1992 (estimates) l
734.1
769.1
854.1
909.0
990.7
1,031.3
1,068.7
1,145.5
928.4
944.9
298.1
Cumulative total, first 11
months: 2
Fiscal year 1990
Fiscal year 1991
Surplus
or deficit
Receipts
Receipts
Outlays
Surplus
or deficit
Total
Held by
the public
53.6
-59.2
-40.2
-73.8
-78.9
-127.9
-207.8
-185.3
302.2
76.6
328.5
369.1
403.5
476.6
543.0
594.3
661.2
686.0
-70.5
13.3
-49.7
-54.9
-38.2
-72.7
-73.9
- 120.0
-208.0
-185.6
66.4
18.0
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
19.4
80.7
89.7
1 00.0
114.3
135.2
151.4
147.1
165.8
3.2
-1.4
3.9
-4.3
2.0
-1.1
5.0
-7.9
.2
.3
629.0
643.6
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
477.4
495.5
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
946.3
990.3
1,003.8
1,064.1
1,144.1
1,251.7
1,350.9
1,493.8
212.3
-221.2
149.7
-155.1
-153.4
-220.4
-282.2
-348.3
547.9
568.9
640.7
667.5
727.0
749.7
775.7
832.0
769.5
806.8
810.0
861.4
933.2
1,026.6
1,114.0
1,244.1
-221.6
-237.9
-169.3
-193.9
-206.1
-277.0
-338.3
— 412.1
186.2
200.2
213.4
241.5
263.7
281.7
293.0
313.5
176.8
183.5
193.8
202.7
210.9
225.1
236.9
249.7
9.4
16.7
19.6
38.8
52.8
56.6
56.1
63.8
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,577.5
4,047.9
1,499.4
1,736.2
1,888.1
2,050.3
2,190.3
2,410.4
2,681.7
3,026.9
1,169.6
1,205.8
-241.2
260.9
671.0
677.2
946.0
988.8
-274.9
-311.5
257.3
267.7
223.7
217.0
33.7
50.6
3,184.8
3,559.8
2,412.9
2,658.2
Estimates from Mid-Session Review of the Budget, Office of Management and Budget, July 15,
2
Data from Monthly Treasury Statement.
Surplus
or deficit
231.7
63.2
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
73.7
-14.7
1
32
Outlays
Gross Fe deral debt
(end ol period)
Off-budget
On-budget
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1992, February
1991, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 11 months of fiscal 1991, receipts were $16.5 billion higher than a year earlier and outlays were $36.2
billion higher.
BILLIONS OF DO LLARS
BILLIONS OF DOLLARS
600
RECEIPTS!/
600
500
.••*
INDIVIDUAL INCOME TAXES
-
._— -— - — -— "~— •~ """~""""~~
—••* "~
v
—
Ann
•» » *• ~
. S
200
=
CORPORATION
INCOME TAXES~
OTHER RECEIPTS
\
100
" -j
0
1,200
SOCIAL INSURANCE
TAvp: Awri rnwTpim mows
200
^
1
1
1
100
1
1
1
1
1
0
1,200
OUTLAYS V
i iflrt
^ *•""
^
*»"*
1 000
1 000
^*»"*
900
NONDEFENSE
\
A—-
^ •• "*
.."*
"" ""
800
-'*"
700
„- — -•"'
600
500
400
400
NATIONAL DEFENSE
\
300
—
300
200
200
*
1983
1984
1985
1986
1987
1988
FISCAL YEA RS
1989
1990
/'INCWDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
1991
1992
^
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budj et and of] -budget ou tlays
0 i-budget and off-bud *et receip s
Fiscal year
Total
Individual
Corporation
Social
insurance
Nation 1 defense
Other
Total
Depart-
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 (estimates) '
1992 (estimates) '
Cumulative total, first 1 1 months: z
Fiscal vear 1990
Fiscal vear 1991
34.3
36.6
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
334.5
349.0
392.6
401.2
445.7
466.9
481.9
518.2
61.3
63.1
83.9
94.5
103.3
93.5
98.5
98.7
420.2
419.8
76.2
79.5
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
181.0
217.8
244.1
285.9
297.7
288.9
298.4
734.1
769.1
854.1
909.0
990.7
1,031.3
1,068.7
1,145.5
928.4
944.9
131.6
157.6
41.4
54.9
60.0
Medi-
Income
securi-
Social
securi-
inter-
ty
ty
est
60.8
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
Net
Other
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
15.7
17.3
18.5
20.5
15.8
19.3
22.8
26.5
12.7
13.1
12.3
11.8
15.9
23.2
26.9
27.4
28.6
30.4
32.1
39.1
46.6
52.6
57.5
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
946.3
990.3
1,003.8
1,064.1
1,144.1
1,251.7
1,350.9
1,493.8
252.7
273.4
282.0
290.4
303.6
299.3
273.6
311.5
245.2
265.5
274.0
281.9
294.9
289.8
262.2
299.3
16,2
14.2
11.6
10.5
9.6
13.8
18.0
17.9
33.5
35.9
40.0
44.5
48.4
57.7
73.4
86.9
65.8
70.2
75.1
78.9
85.0
98.1
104.9
114.3
128.2
119.8
123.3
129.3
136.0
147.3
174.0
186.3
188.6
198.8
207.4
219.3
232.5
248.6
268.5
286.6
129.4
136.0
138.6
151.7
169.2
184.2
195.3
205.6
131.8
142.1
125.9
139.4
159.8
202.7
243.2
284.7
1,169.6
1,205.8
277.8
250.6
269.2
240.9
11.8
15.1
52.9
64.2
90.2
96.2
138.0
159.4
247.9
246.4
168.5
179.2
182.4
194.7
371.8
37.7
40.8
50.6
69.5
69.3
65.6
71.8
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
265.2
283.9
303.3
334.3
359.4
380.0
395.1
427.2
73.0
73.1
74.3
78.9
82.3
90.9
93.2
101.4
349.0
362.0
82.9
83.6
1
Estimates from Mid-Session Review of the Budget, Office of Management and Budget, July 15,
1991.
2
Data from Monthly Treasury Statement.
Health
military
butions
1976
Inter-
Total
89.6
97.2
104.5
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1992, February
1991, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 1991, according to revised estimates, Federal receipts rose $4.0 billion (annual rate) and
Federal expenditures rose $61.7 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,400
1,400
1,200
1,200
1,000
1,000
800
800
600
600
400
400
200
200
-200
-200
1986
1982
1987
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal (jovernment expenditu res
Federal (jovernmen' receipts
Period
Total
Personal
tax and
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
Total
insurance
Purchases
of goods
and
services
Transfer
ments
Grantsin-aid to
State
and
local
governments
Net
interest
paid
Subsidies
less
current
surplus of
Government
enter-
Less:
Wage
accruals
less
disbursements
or deficit
(-),
national
income
and
product
accounts
Fiscal year:
1985
1986
1987
1988
1989
1990
776.8
815.2
899.4
957.6
1,041.9
1,094.9
340.4
357.0
400.8
411.3
457.6
483.0
74.6
81.1
99.1
108.1
113.8
113.6
55.9
50.9
53.5
55.6
57.8
58.8
305.8
326.1
345.9
382.6
412.6
439.6
962.3
1,028.0
1,060.0
1,101.8
1,172.2
1,252.7
341.5
368.6
375.4
377.8
399.0
416.1
374.0
394.6
411.1
433.2
462.0
504.7
97.8
107.4
103.1
108.3
115.8
128.3
128.3
134.6
139.3
148.8
167.7
182.1
20.7
788.7
827.9
913.8
972.4
1,052.9
1,109.7
633.1
675.5
742.7
805.3
853.8
940.0
997.5
1,055.7
1,080.6
1,105.8
1,125.9
1,126.5
1,134.5
1,138.5
346.4
361.4
405.8
415.1
464.0
492.8
303.0
291.9
326.0
355.3
376.2
419.2
424.8
469.6
473.6
492.1
500.0
505.5
501.3
499.5
76.3
83.8
103.2
110.5
110.4
108.5
46.4
70.2
69.7
78.8
88.9
107.4
115.4
101.3
106.5
109.2
114.2
104.1
95.0
97.6
55.1
50.5
54.0
57.0
58.4
61.7
47.6
53.6
56.2
53.5
50.8
55.1
57.8
58.7
60.6
60.5
61.0
64.6
72.7
71.9
310.9
332.1
350.8
389.8
420.1
446.7
236.1
259.8
290.7
317.7
337.9
358.4
399.6
426.1
439.9
444.0
450.6
452.3
465.5
469.5
985.6
1,034.8
1,071.9
1,114.2
1,187.2
1,275.7
835.7
844.7
930.2
1,017.5
1,042.8
1,101.7
1,153.8
1,205.8
1,248.8
1,271.7
1,271.6
1,310.8
1,261.4
1,323.1
355.2
366.5
381.3
380.3
400.0
424.0
293.2
276.1
326.0
376.6
368.8
388.2
401.1
399.9
410.6
421.9
425.8
437.6
443.8
449.7
380.1
399.9
414.0
438.9
471.9
511.4
347.4
352.5
362.1
385.8
405.8
421.4
447.2
487.9
503.4
510.4
513.2
518.5
462.2
509.4
99.7
106.8
102.6
111.1
118.2
131.4
84.5
86.0
96.3
103.5
103.0
102.7
112.2
121.5
128.5
131.5
129.8
135.8
143.7
151.0
130.1
135.6
142.3
151.3
172.0
186.3
87.2
101.0
125.3
132.7
136.0
147.6
157.9
175.2
178.1
184.3
189.8
193.0
194.3
197.6
20.3
26.0
31.8
32.7
25.0
22.7
23.4
29.1
21.0
19.0
29.2
41.5
35.3
21.3
28.3
23.8
13.1
25.9
17.4
15.0
22.8
31.1
33.6
27.7
21.5
-0.1
.0
.1
— .1
.0
.0
-185.5
-212.8
-160.7
-144.1
-130.3
-157.7
2
.0
.0
.0
.0
.0
.0
.0
.6
.0
.0
-196.9
-206.9
-158.2
— 141.7
-134.3
-166.0
-202.6
-169.2
-187.5
-212.2
-189.0
-161.7
-156.3
-150.1
- 168.3
-166.0
— 145.7
-184.3
-126.9
-184.6
Calendar year:
1985
1986
1987
1988
1989
1990
1982: IV
1983: IV
1984: IV
1985: IV
1986: IV
1987: IV
1988: IV
1989: IV
1990: I
II
Ill
IV
1991: I
II T
Source: Department of Commerce, Bureau of Economic Analysis.
34
9
.0
.0
.0
.0
.0
.0
.0
— .4
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Con sumer prk es (1982-84=100; N SA)
Industrial Iroduction (1987=1 30; seasonal y adjusted
Period
United
States
1985
1986
1987
1988
1989
1990".
1990:
Oct
Nov
Dec
1991:
June
July
Aug".
1
87.7
100.8
111.5
121.1
128.5
134.4
141.1
150.4
159.6
95.4
99.8
104.8
111.1
114.9
119.7
125.6
135.4
148.2
135.1
135.8
135.8
136.3
137.4
138.2
138.1
111.0
110.9
111.4
112.4
113.9
113.5
113.2
132.6
132.9
133.7
134.4
135.2
135.0
134.9
111.9
111.9
112.2
112.6
113.4
113.2
113.3
158.7
159.3
160.3
161.2
162.6
163.6
164.2
148.9
149.0
150.5
151.9
153.1
152.7
152.6
141.7
141.7
142.3
142.3
143.0
143.7
143.8
143.9
114.1
113.8
114.3
114.8
115.4
114.9
114.8
135.5
135.7
135.8
136.3
136.6
136.9
137.5
114.0
114.3
114.2
114.7
115.2
115.8
116.8
116.8
165.4
167.0
167.4
168.2
168.8
169.7
153.0
153.8
154.4
156.4
156.9
157.6
157.2
157.6
97.3
96.5
90.3
90.9
97.1
97.2
98.0
100.0
104.7
108.9
110.2
93.5
97.7
99.6
100.0
103.9
108.7
114.6
88.8
91.8
92.9
96.2
100.0
105.9
109.2
109.2
86.3
89.5
89.6
94.5
96.8
100.0
103.6
104.0
103.3
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
94.9
100.4
104.8
108.9
113.4
118.4
123.2
129.3
135.5
101.9 121.1
* 102.5 123.2
' 101.2 123.7
r
99.5 122.4
r
99.4 125.3
r
97.4
124.6
r
96.4 123.7
109.4
111.6
111.6
109.8
110.1
108.0
106.0
113.7
115.2
116.5
117.3
117.0
116.6
116.2
107.9
109.7
109.7
110.8
107.5
106.8
109.6
107.2
103.6
102.3
102.1
102.2
100.5
99.9
129.9
130.4
131.6
132.7
133.5
133.8
133.8
125.4
110.1
125.1
109.1
123.0 ' 106.0
123.3 ' 109.7
126.0 r 109.5
' 122.8 109.5
126.4
119.1
118.3
118.4
117.7
116.9
108.6
108.4
108.2
103.3
104.6
109.5
99.4
101.1
101.1
98.7
98.3
101.2
134.6
134.8
135.0
135.2
135.6
136.0
136.2
136.6
r
95.4
100.0
105.5
r
105.3
' 100.8
r
r
106.6
105.7
105.0
105.5
106.4
r
107.3
r
108.0
108.2
Jan
Feb
Mar
Apr
May
97.0
100.3
102.7
104.9
104.7
104.9
106.3
109.2
112.1
82.9
85.5
93.4
96.8
96.6
100.0
109.3
115.7
121.3
110.4
110.5
110.6
109.9
108.3
107.2
Sept
91.7
100.3
108.0
114.3
117.2
121.1
124.4
128.9
133.2
76.5
81.5
l!0.1
Aug
99.9
102.1
104.2
104.9
105.0
105.7
108.1
111.4
Germany
91.4
96.5
r
96.4
95.3
94.9
r
96.2
r
96.9
r
r
97.3
r
91.8
!21.6
119.7
Data relate to all urban consumers.
United
Kingdom
Germany
France
Italy
Japan
France
Japan
r
June
July
United
States '
Canada
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
109.2
1982
1983
1984
United
Kingdom
Canada
98.0
Italy
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration, Trade Information and Analysis).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
Her chandise E xports (f. i.s. value
1
C enera! m erchandise imports customs value) 3
Period
Total 8
Foods,
feeds,
and
Industrial
supplies
and
als
1982
1983
1984
1985
1986
1987
1988
1989
1990
5
5
Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
June T.
July
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
15.7
16.8
20.6
22.9
21.7
24.6
29.3
34.8
37.4
14.3
13.4
13.3
12.6
14.2
17.7
23.1
36.4
43.3
20.7
20.5
24.0
27.3
35.9
34.6
43.4
17.2
20.7
322.4
363.8
393.6
61.7
58.5
57.3
66.7
85.1
99.3
104.4
72.7
67.2
72.0
73.9
75.8
86.2
109.2
138.8
152.7
32.2
32.5
32.2
34.6
33.6
33.6
2.8
2.9
2.7
2.6
2.9
2.6
8.1
8.7
8.8
9.9
9.5
9.2
12.7
12.6
12.6
13.1
12.4
13.2
3.1
3.1
2.9
3.4
3.2
2.8
3.7
3.5
3.5
3.9
3.7
3.8
34.1
33.6
34.0
35.6
35.3
35.0
35.3
2.7
3.1
3.0
2.9
3.0
2.9
3.1
9.5
9,7
8.9
9.2
9.4
8.7
9.1
13.0
12.4
13.5
14.4
13.7
14.4
13.8
3.1
2.6
2.9
3.4
3.5
3.5
3.6
3.9
3.9
3.8
3.8
3.8
3.7
3.7
218.8
227.2
254.1
1990: July
Capital
goods
except
automotive
30.9
31.5
24.0
22.3
24.3
32.3
37.2
35.1
216.4
205.6
224.0
31.3
61.7
56.7
1
Includes Department of Defense Military Assistance Program grant-aid
2
Includes undocumented exports to Canada through 1988.
3
Total
arrivals of imported goods other than intransit shipments.
4
Total includes revisions not reflected in detail.
shipments.
Trade b alance
Principal nd-use c mmodity category
Principal end-use commodity category
Other
Total
2
Foods
feeds,
and
Industrial
supplies
.
als
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
33.3
40.8
53.5
66.8
78.2
85.2
87.7
86.1
87.3
39.7
44.9
60.0
68.3
79.4
88.7
95.9
102.9
105.7
7.8
9.4
10.4
12.1
12.8
13.6
16.1
Other
General
merchandise
imports
(c.i.f.
value)
Exports
(f.a.s) less
imports
(customs
value)
Exports
(f.a.s)
less
imports
-27.5
52.4
-38.4
-64.2
17.1
18.2
21.0
112.0
107.0
123.7
473.2
495.3
21.9
24.4
24.8
24.8
25.1
26.6
113.9
101.3
111.0
118.3
132.3
143.2
35.4
40.9
59.8
65,1
71,8
84.5
101.4
113.3
116.4
1.8
1.6
1.7
1.8
1.9
1.9
41.4
41.9
41.3
44.5
43.1
39.9
2.2
2.1
2.2
2.2
2.1
2.2
11.1
12.2
12.4
13.5
13.4
11.6
10.0
9.7
9.4
10.3
10.0
9.8
7.6
7.7
7.2
7.7
7.1
6.6
9.1
8.9
8.6
9.4
9.0
8.3
1.3
1.3
1.6
1.4
1.5
1.3
43.3
43.7
43.1
46.4
45.0
41.6
-9.2
-9.4
-9.1
-9.9
9.5
-6.3
— 11.1
-11.2
-10.8
— 11.7
-11.4
-8.0
1.9
1.9
1.9
1.9
2.0
1.9
2.0
41.5
39.1
38.1
40.1
40.1
38.8
41.2
2.2
2.1
2.1
2.4
2.3
2.3
2.3
12.2
10.8
10.1
11.0
11.3
10.5
10.8
9.9
9.9
9.9
10.4
10.1
9.8
10.4
7.3
6.7
6.6
6.7
6.5
6.6
7.2
8.6
8.5
8.0
8.5
8.4
8.1
9.2
1.3
1.2
1.3
1.3
1.5
1.4
1.3
43.4
40.9
39.8
42.0
41.8
40.4
43.0
-7.4
-5.5
-4.1
-4.5
4.8
-3.8
-5.9
-9.2
244.0
258.0
330.7
4
336.5
365.4
406.2
4
441,0
6.5
6.3
254.9
269.9
346.4
352.5
382.3
424.4
459.5
493.2
517.0
- 106.7 -122.4
-133.6
138.3 -155.1
-152.1 -170.3
118.5 -137.1
- 109.4 -129.4
-101.7 -123.4
-117.7
-70
-5.8
-6.4
-6.6
-5.5
-7,7
5
Total exports are on a revised statistical month basis; end-use categories are on a statistical
month basis.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
The current account balance was a surplus of $3.0 billion in the second quarter of 1991, compared with a surplus
of $10.5 billion in the first quarter. The surplus continued to reflect the impact of cash contributions from coalition
partners in Operation Desert Storm.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS'
19
15
BALANCE ON
CURRENT ACCOUNT
BALANCE ON GOODS,
SERVICES, AND INCOME
MERCHANDISE TRADE
BALANCE
-40
-40
-45
-45
1982
• SEASONALLY ADJUSTED
SOURCE. DEPARTMENT Of COMMERCE
COUNCIL Of ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)]
Merchandise ' 2
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1988: I
n
in
IV
1989: I
n
m
IV
1990: I
n
m
IV
1991: I '
H*
Net
travel and
transportation
Other
services,
net 5
Receipts
on U.S.
assets
abroad
12,552
12,981
13,859
14,042
14,008
18,551
18,012
19,925
25,998
29,456
4,618
4,826
5,023
5,459
5,940
6,374
6,772
6,911
6,695
7,322
7,607
7,832
7,345
7,690
84,975 -53,626 31,349
85,346 -57,097 28,250
81,972 -54,549 27,423
92,935 -69,542 23,394
82,282 -66,115 16,166
80,982 -70,013 10,969
7,629
90,536 -82,908
5,353
110,669 -105,317
2,688
128,651 - 125,963
130,091 -118,146 11,945
3,040
27,016 -23,976
1,283
27,001 -25,718
907
28,168 -27,261
124
28,486 -28,362
900
30,974 -30,074
32,300 -33,484 -1,184
499
32,217 -31,718
2,472
33,159 -30,687
3,002
31,959 -28,957
7
31,314 -31,307
2,802
32,012 -29,210
6,133
34,805 -28,672
32,729 -27,846
4,883
2,464
28,599 -26,135
Exports
Imports
Net balance
Net
military
transactions 3 4
237,085
211,198
201,820
219,900
215,935
223,367
250,266
320,337
361,451
389,550
76,497
79,392
80,511
83,937
87,207
91,609
90,142
92,493
95,244
97,088
96,638
100,580
100,900
104,108
-265,063
-247,642
-268,900
-332,422
-338,083
-368,425
-409,766
-447,323
-477,368
-497,665
- 109,988
-110,494
-111,290
-115,551
-116,625
- 120,309
-119,330
-121,104
-122,781
-121,178
-125,398
-128,308
-119,294
-119,732
-27,978
-36,444
-67,080
-112,522
-122,148
-145,058
-159,500
-126,986
-115,917
-108,115
-33,491
-31,102
-30,779
-31,614
-29,418
-28,700
-29,188
-28,611
-27,537
-24,090
-28,760
-27,728
-18,394
- 15,624
-844
144
112
-992
-163
-4,227
-2,147 -9,153
-4,096 - 10,788
-4,907 -8,939
-3,662 -8,006
-5,743 -3,844
-6,204
2,621
7,220
4,140
-1,135 -1,726
-1,192
-984
-1,203
-587
-2,212
-548
-1,715
261
-1,634
443
652
-1,161
-1,693
1,265
-1,737
941
-1,558
834
-1,683
479
-2,243
1,885
-2,329
2,056
-1,675
1,951
1
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Quarterly data are not seasonally adjusted.
* Includes transfers of goods and services under U.S. military grant programs.
2
3
36
Inv sstment incom B 5
Services
Payments
on foreign
assets 3in
U.S.
Net
Balance on
goods,
services,
and income
transfers,
net 4
on current
account
15,223
3,907
-30,188
-86,385
- 106,859
-129,384
- 145,527
-111,294
-90,814
-69,794
-28,694
-27,169
-26,639
-28,791
-24,032
-24,701
-22,426
- 19,656
- 18,635
- 17,485
-19,555
-14,122
-6,438
-5,195
-8,331
-9,775
-9,956
-12,621
-15,473
- 16,009
- 14,674
-14,943
-15,491
22,329
-3,456
-3,032
-3,483
-4,972
-3,547
-3,107
-3,794
-5,044
-4,032
-4,693
-4,326
-9,280
16,939
8,160
-5,868
-40,143
-99,006
-122,332
-145,393
- 160,201
- 126,236
- 106,305
-92,133
-32,150
-30,201
-30,122
-33,763
-27,579
-27,808
-26,220
-24,700
-22,667
-22,178
-23,881
-23,402
10,501
2,965
Balance
6,892
3
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
United States are excluded from investment income and included in other services, net.
See p. 37 for continuation of table.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $11.2 billion in the second quarter
of 1991, in contrast to a decrease of $20.6 billion in the first quarter. Liabilities to private foreigners reported by
U.S. banks, excluding Treasury securities, decreased $26.7 billion in the second quarter, compared to a decrease
of $18.8 billion in the first quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
CHANGE IN
U.S. ASSETS
ABROAD, NET
-20
-40
-40
-60
-60
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capit al outflow ( — )]
Period
Total
U.S.
official
assets
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
36
Other U.S.
Governassets
Foreign assets in the U.S., net
[increas ^/capital inflowv (+)] 3
U.S.
private
assets
Foreign
official
assets
Other
foreign
assets
83,032
93,746
84,869
102,621
130,012
221,599
229,828
221,534
216,549
86,303
4,960
3,593
5,845
3,140
-1,083
35,588
45,343
39,657
8,624
32,425
78,072
90,154
79,023
99,481
131,096
186,011
184,485
181,877
207,925
53,879
Total
Statistical ( iscrepancy
Allocations
of special
drawing
rights
(SDKs)
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
— 110,951
— 124,490
-56,100
-31,070
— 27,721
-92,030
-62,937
-86,057
-128,610
— 57,706
-5,175
-4,965
-1,196
-3,131
-3,858
312
9,149
-3,912
— 25,293
-2,158
1988: I
II
Ill
IV
4,900
-20,571
-42,825
— 27,565
1,502
39
-7,380
1,925
— 1,597
-851
1,957
3,457
4,995
-19,759
-37,402
-32,947
24,996
66,091
52,529
77,917
24,874
5,961
- 1,985
10,806
122
60,130
54,514
67,111
2,254
-15,319
20,418
-16,589
2,799
-2,47.3
— 4,906
4,584
1989:
II!
IV
-37,576
-4,270
-45,743
— 41,021
-4,000
-12,095
-5,996
-3,202
928
-292
564
119
-34,504
8,117
— 40,311
-37,938
69,557
2,498
74,255
70,238
7,766
-5,038
13,053
-7,158
61,791
7,536
61,202
77,396
-4,402
29,580
— 2,292
— 4,517
1990:
I
II
Ill
IV
37,147
— 33,462
-26,689
— 34,703
-3,177
371
1,739
-1,091
-669
-800
-314
4,759
40,993
-33,033
-28,114
-38,370
-33,082
31,257
49,096
39,033
-7,022
5,805
13,341
20,301
-26,059
25,452
35,754
18,732
18,601
24,383
1,475
19,072
1991:
Ir
II"....
-923
— 26,671
-353
1,014
1,422
-560
-1,992
-27,125
-729
2,156
6,631
-3,650
-7,361
5,806
-8,849
21,550
4,066
-780
-6,379
3,096
4.367
105
-6,473
2,007
3,995
193
I
II
-5,097 - 100,679
-6,131 -113,394
-49,898
-5,006
-22,451
-5,489
-2,821
— 21,043
-90,321
-2,022
-73,091
1,006
2,966
-85,111
1,320 -104,637
-58,524
2,976
'onsists of gold, special drawing rights (SDKs), foreign currencies
. the IMF.
1,093
19,934
36,612
11,374
27,456
20,041
15,824
-6,690
-9,240
18,366
63,526
reserve
assets, net 6
(unadjusted,
end of
period)
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
43,186
41,028
47,788
47,802
49,854
60,502
68,418
74,609
76,303
77,298
80,024
83,316
78,002
74,940
Sources: Department of Commerce (Bureau of Kconomic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
p^
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
Nonfmancial 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 Nonfmancial 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.
e
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
For sale by the Superintendent of Documents, U.S. Government Printing Office,
Washington, D.C. 20402. Price $2.50 (single copy) ($3.13 foreign).
Subscription price: $28.00 per year; $35.00 for foreign mailing.
38
U.S. GOVERNMENT PRINTING OFFICE : 1991
0—47-292
@FedFRASER