Full text of Economic Indicators : June 1989
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Wist Congress, 1st Session
Economic Indicators
JUNE 1989
(Includes data available as of June 29, 1989)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1989
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
LEE H. HAMILTON, Indiana, Chairman
PAUL S. SARBANES, Maryland, Vice Chairman
HOUSE OF REPRESENTATIVES
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
FREDERICK S. UPTON (Michigan)
SENATE
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
ALBERT GORE, JR. (Tennessee)
RICHARD H. BRYAN (Nevada)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
PETE WILSON (California)
CONNIE MACK (Florida)
JOSEPH J. MINARIK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, Chairman
JOHN B. TAYLOR, Member
[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 drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.25 a single copy
($2.81 foreign), or by subscription at $24.00 per year ($30.00 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
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11
TOTAL OUTPUT, INCOME, AND SPENDING
t3ROSS NATIONAL PRODUCT
In the first quarter of 1989, according to revised estimates, current-dollar gross national product (GNP) rose 8.2
percent (annual rate) or $99.3 billion. Real GNP (GNP adjusted for price changes) rose 4.4 percent and the
implicit price deflator rose 3.6 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
5,200
5,200
SEASONALLY ADJUSTED ANNUAL RATES
"
4,800
—
4,800
-^
-
—
4,400
GNP
INCU RRENT DOLLAR s
_
^—"
^\
4,400
—
4,000
4 000
,,---'""
—
—
< "
" 1
^ "
"
3,600
-
3,600
—
GNP
IN 1982DOLLA *S
3,200
^-
3,200
—
^
2,800
2,800
-
—
2,400
2,400
2,000
1 1 1
1981
1
1
1
\
\
\
1
1983
1982
1 1
1984
1
1
1
1
1985
1
1
1986
1
1 1
1987
1
SOURCE; DEPARTMENT OF COMMERCE
1 1
1988
1
1
1
2,000
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Government purchases of
goods and services
Exports and imports of goods
and services
Personal
consumption
expenditures
Gross
private
domestic
investment
2,732.0
3,052.6
3,166.0
3,405.7
3,772.2
4,014.9
4,240.3
4,526.7
4,864.3
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.0
2,807.5
3,012.1
3,227.5
437.0
515.5
447.3
502.3
664.8
643.1
665.9
712.9
766.5
32.1
33.9
26.3
-6.1
589
-78.0
104 4
-123.0
-94.6
351.0
382.8
361.9
352.5
383.5
370.9
378.4
428.0
519.7
318.9
348.9
335.6
358.7
442.4
448.9
482.8
551.1
614.4
530.3
588.1
641.7
675.0
735.9
820.8
871.2
924.7
964.9
208.1
242.2
272.7
283.5
310.5
355.2
366.2
382.0
381.0
142.7
167.5
193.8
214.4
234.3
259.1
277.5
295.3
298.4
65.4
74.8
78.9
69.1
76.2
96.0
88.7
86.7
82.6
IV
IV
IV
IV
IV
3,212.5
3,545.8
3,851.8
4,107.9
4,304.6
2,117.0
2,315.8
2,493.4
2,700.4
2,876.0
409.6
579.8
661.8
654.1
656.4
14.1
258
-67.9
- 103.2
-114.3
335.9
364.7
385.7
369.2
385.2
321.9
390.5
453.6
472.4
499.4
671.8
676.1
764.5
856.7
886.5
293.2
276.1
326.0
376.6
366.7
205.4
221.5
244.1
268.6
278.1
1987- III
IV
4,568.0
4,662.8
3,058.2
3,076.3
702.8
764.9
1252
-125.7
440.4
459.7 /
565.6
585.4
932.2
947.3
386.3
391.4
1988- I
II
Ill
IV
4,724.5
4,823.8
4,909.0
4,999.7
3,128.1
3,194.6
3,261.2
3,326.4
763.4
758.1
772.5
772.0
112 1
-90.4
800
-96.1
487.8
507.1
536.1
548.0
599.9
597.5
616.0
644.0
945.2
961.6
955.3
997.5
1989: I r
5,099.0
3,378.1
788.9
79.3
573.8
653.2
1,011.3
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1982:
19831984:
19851986:
1
Gross
national
product
Net
exports
GNP less exports of goods and services plus imports of goods and services.
Final
sales
Gross
domestic
purchases l
322.2
345.9
369.0
391.5
425.3
465.6
505.0
542.8
583.9
2,740.3
3,028.6
3,190.5
3,412.8
3,704.5
4,003.6
4,224.7
4,487.5
4,815.9
2,699.8
3,018.7
3,139.7
3,411.8
3,831.1
4,092.8
4,344.7
4,649.7
4,958.9
87.7
54.6
81.9
108.0
88.7
378.7
400.0
438.5
480.1
519.7
3,272.4
3,514.8
3,806.8
4,100.7
4,306.6
3,198.5
3,571.6
3,919.7
4,211.2
4,418.9
299.8
299.2
86.4
92.2
546.0
555.9
4,553.5
4,590.7
4,693.2
4,788.4
377.7
382.2
367.7
396.3
298.4
298.8
294.3
301.9
79.3
83.4
73.4
94.3
567.5
579.4
587.6
601.2
4,659.2
4,780.1
4,859.3
4,965.0
4,836.6
4,914.2
4,989.0
5,095.8
397.6
299.5
98.1
613.7
5,058.6
5,178.4
Federal
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
19821983:
19841985:
1986-
1987- in .. .
rv
1988- I
n
in
IV
1989: I r
1
Personal
consumption
expenditures
Gross
national
product
IV
IV
IV
IV
IV
Gross private
domestic investment
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,618.7
3,721.7
3,847.0
3,996.1
3,159.3
3,365.1
3,535.2
3,662.4
3,734.7
3,865.3
3,923.0
3,956.1
3,985.2
4,009.4
4,033.4
4,077.5
Noraesidential
fixed
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,354.8
2,455.2
2,521.0
2,592.2
2,078.7
2,191.9
2,281.1
2,386.9
2,486.2
2,545.2
2,531.7
2,559.8
2,579.0
2,603.8
2,626.2
2,634.9
379.2
395.2
366.7
361.2
425.2
453.5
433.1
445.1
487.5
352.3
390.4
444.4
460.9
427.3
462.8
464.8
473.4
490.2
495.0
491.4
500.5
Residential
fixed
137.0
126.5
105.1
149.3
170.9
174.4
195.0
195.2
191.8
115.8
159.9
169.6
179.4
199.7
192.1
192.7
189.5
189.6
191.6
196.6
194.3
Exports and imports of
goods and services
Change
in
business
inventories
-6.9
23.9
-24.5
-6.4
62.3
9.1
15.4
34.4
42.5
593
27.0
41.7
7.7
105
13.0
67.1
66.0
35.3
39.5
29.1
35.5
Government purchases of
goods and services
Federal
Net
exports
Exports
57.0
49.4
26.3
199
-84.0
1043
-137.5
1289
-100.2
11.7
-46.2
-94.8
-125.3
-142.4
-130.7
- 126.0
- 109.0
-92.6
-93.9
-105.4
-85.9
388.9
392.7
361.9
348.1
371.8
367.2
378.4
427.8
504.8
336.0
355.5
376.6
367.4
387.8
440.9
459.2
486.2
496.9
514.0
522.1
540.7
GTSP less exports o! goods and services plus imports of goods and services.
Imports
Total
Total
332.0
343.4
335.6
368.1
455.8
471.4
515.9
556.7
605.0
324.3
401.6
471.4
492.6
530.2
571.6
585.2
595.1
589.5
607.9
627.4
626.6
620.5
629.7
641.7
649.0
677.7
731.2
760.5
780.2
782.3
660.1
642.2
693.2
752.7
774.5
782.9
792.6
776.4
783.8
773.5
795.5
798.2
246.9
259.6
272.7
275.1
290.8
326.0
333.4
339.0
328.7
289.5
266.0
300.5
340.6
340.5
342.1
347.7
327.8
331.6
320.1
335.5
335.8
National
defense
171.2
180.3
193.8
206.9
218.5
237.2
251.4
264.9
261.8
201.4
211.6
225.3
241.4
253.1
269.5
268.2
264.6
263.6
256.4
262.5
256.6
Nondefense
75.7
79.3
78.9
68.2
72.3
88.8
82.0
74.1
66.9
88.2
54.4
75.2
99.2
81.4
72.6
79.5
63.2
67.9
63.7
72.9
79.1
State
and
local
373.6
370.1
369.0
373.9
387.0
405.2
427.1
441.2
453.6
370.6
376.2
S92.7
412.1
434.0
440.8
444.9
448.7
452.2
453.4
460.0
462.4
Final
sales
Gross
domestic
purchases *
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,609.6
3,706.3
3,812.6
3,953.6
3,218.6
3,338.1
8,498.5
3,654.7
3,145.2
3,852.2
3,855.9
3,890.1
3,949.9
3,969.9
4,004.4
4,042.0
3,130.1
3,199.4
3,139.7
3,299.1
3,585.4
3,723.0
3,859.3
3,975.9
4,096.3
3,147.6
3,411.3
3,6SQ.O
3,787.6
3,871.2
3,996.0
4,049.0
4,065.1
4,077.9
4,103.4
4,138.8
4,163.4
Source: Department o! Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982 = 100; quarterly data are seasonally adjusted]
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1982:
19831984:
19851986:
1987:
IV
IV
IV
IV
IV
HI
IV
1988: I
n
m
IV
1989: I r
Gross
national
product
85.7
94.0
100.0
103.9
107.7
110.9
113.9
117.7
121.7
101.7
105.4
109.0
112.2
115.3
118.2
118.9
119.4
121.0
122.4
124.0
125.1
Total
86.6
94.6
100.0
104.1
108.1
111.6
114.3
119.5
124.5
101.8
105.7
109.3
113.1
115.7
120.2
121.5
122.2
123.9
125.2
126.7
128.2
Durable
goods
89.2
95.7
100.0
102.1
103.8
104.8
105.6
107.9
110.1
100.7
103.1
104.1
104.T
106.2
108.6
108.9
109.1
109.6
110.4
111.4
111.5
Source: Department of Commerce, Bureau of Economic Analyai
Gross private
domestic investment
Personal consumption
expenditures
Nondurable goods
89.4
96.9
100.0
102.1
105.0
107.5
107.3
112.1
116.4
101.0
103.1
105.8
108.7
107.8
112.9
113.7
113.8
116.0
117.3
118.3
119.9
Services
83.9
92.6
100.0
106.2
111.6
116.8
122.4
128.5
134.8
102.7
108.3
113.5
119.0
124.6
129.1
131.0
132.2
134.0
135.6
137.3
139.2
Nonresidential
fixed
85.1
93.4
100.0
98.8
97.9
97.7
100.2
100.4
100.2
100.7
98.3
97.9
97 .9
101.6
99.9
99.8
99.6
99.5
99.7
101.9
102.2
Exports and imports of
goods and services
Government purchases of goods and
services
Federal
Residential fixed
89.4
96.6
100.0
102.2
106.0
108.3
111.1
116.2
119.7
99.1
103.1
107.2
109.0
112.4
117.7
118.7
119.5
119.5
119.6
120.4
122.1
Exports
90.2
97.5
100.0
101.3
103.2
101.0
100.0
100.0
102.9
100.0
102.6
102.4
100.5
99.3
99.9
100.1
100.3
102.1
104.3
105.0
106.1
Imports
96.0
101.6
100.0
97.4
97.1
95.2
93.6
99.0
101.5
99.3
97.2
96.2
95.9
94.2
98.9
100.0
100.8
101.4
101.3
102.6
104.2
Total
84.3
93.3
100.0
103.1
106.8
109.0
109.8
112.7
115.9
101.3
103.8
108.5
110.6
107.7
112.9
112.6
115.2
115.3
114.9
118.1
118.4
National
defense
83.4
92.9
100.0
103.6
107.2
109.2
110.4
111.5
114.0
102.0
104.7
108.3
111.3
109.9
111.3
111.6
112.8
113.4
114.8
115.0
116.7
Nondefense
86.4
94.3
100.0
101.4
105.5
108.2
108.2
117.0
123.4
99.5
100.3
108.9
108.8
101.5
119.0
116.0
125.5
122.7
115.2
129.3
123.9
State
and local
86.2
93.4
100.0
104.7
109.9
114.9
118.2
123.0
128.7
102.2
106.3
111.7
116.5
119.7
123.9
124.9
126.5
128.1
129.6
130.7
132.7
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Personal consumption expenditures
Gross national product
Period
8.9
11.7
3.7
7.6
10.8
6,4
5.6
6.8
7.5
4,2
12.4
4.7
6.2
3.4
7.7
8.6
5,4
8.7
7.3
7.6
8.2
1980
1981
1982
1983
1984
1985
1986
1987
1988
1982:
19831984:
19851986:
1987:
1988:
IV
IV.
IV
IV
IV.
III
IV
I...
Constant
(1982)
dollars
Current
dollars
. ..
n
m
IV
1989- I '
-0.2
1.9
-2.5
3.6
6.8
3.4
2.8
3.4
3.9
.6
7.3
1.1
3.0
1.4
4.5
6.1
3.4
3.0
2.5
2.4
4.4
Implicit
price
deflator
Chain price
index
9.0
9.4
6.3
4.1
3.9
3.3
2.5
3.4
3.8
4.1
3.9
3.1
3.2
2.4
3.6
3.4
3.0
4.8
4.7
4.2
4.3
9.0
9.7
6.4
3.9
3.7
3.0
2.7
3.3
3.4
3.6
4.7
3.0
3.3
2.1
3.1
2.4
1.7
5.5
4.7
5.3
3.6
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
Fixedweighted
price index
(1982
weights)
9.3
9.3
6.2
4.1
4.0
3.4
2.8
3.6
4.2
4.0
4.0
3.2
3.3
2.8
3.7
3.8
3.5
5.0
5.3
4.2
4.6
Implicit
price
deflator
Constant
(1982)
dollars
Current
dollars
Chain price
index
02
1.2
1.3
4.6
4.8
4.7
4.3
2.7
2.8
10.7
9.2
5.7
4.1
3.8
3.2
2.4
4.5
4.2
5.3
5.5
4.3
1.9
1.2
4.4
4.3
3.0
4.0
3.5
4.6
-2.1
4.4
4.4
4.5
3.0
3.9
3.5
2.3
5.7
4.3
4.9
1.3
10.6
10.5
7.1
9.0
8.8
8.2
6.8
7.3
7.2
10.3
9.7
7.2
6.0
4.8
9.1
2.4
6.9
8.8
8.6
8.2
6.4
4,8
10.9
9.2
5.7
4.2
3.9
3.5
2.7
4.5
4.2
4.8
4.1
3.1
4.2
3.5
4.3
4.4
2.5
5.6
4.6
4.7
4.7
Fixedweighted
price index
(1982
weights)
10.5
9.0
5.6
4.2
4.0
3.5
2.7
4.5
4.3
4.8
4.1
3.2
4.3
3.5
4.2
4.6
2.4
5.7
4.9
4.8
4.8
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at season
Current-dollar cost and profit per unit of output (dollars) 1
Gross domestic
product of
nonfinancial
corporate business
(billions of dollars)
Period
Total
cost
and
profit 2
Indirect
business
taxes 3
0.852
.946
1.000
1.026
1.054
1.071
1.089
1.107
1.134
0.095
.109
.125
.123
.118
.119
.121
.122
.122
0.077
.090
.094
.098
.100
.103
.105
.106
.107
.131
.120
.118
.120
.122
.121
.121
.121
.122
.122
.123
.125
1982
dollars
IV
IV
IV
IV
IV
HI
IV
1988- I .
II
Ill
IV
1,540.8
1,738.4
1,782.2
1,914.2
2,146.7
2,267.1
2,371.6
2,513.5
2,711.3
1,779.4
2,012.5
2,201.8
2,309.2
2,409.3
2,546.9
2,585.6
2,633.2
2,684.0
2,732.1
2,796.1
1,807.9
1,837.2
1,782.2
1,866.0
2,036.5
2,117.4
2,177.2
2,270.4
2,390.4
1,760.2
1,940.5
2,069.5
2,137.7
2,199.0
2,296.1
2,322.5
2,363.5
2,380.9
2,395.5
2,421.7
1.011
1.037
1.064
1.080
1.096
1.109
1.113
1.114
1.127
1.140
1.155
1989- I '
2,824.9
2,432.7
1.161
1
Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol-
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments less subsidies.
Corporate profits with
inventory valuation and capital
consumption adjustments
Capital
consumption
allowances
with
capital
consumption
adjustment
Current
dollars
1980
1981
1982
1983
1984
1985
1986
1987
1988
1982:
1983:
19841985:
19861987:
djusted annual rates]
Compensation of
employees
Net
interest
.096
.098
.102
.104
.105
.106
.105
.105
.106
.108
.108
0.581
.632
.676
.679
.687
.704
.719
.732
.752
.685
.680
.694
.713
.725
.729
.738
.736
.747
.758
.766
0.031
.037
.043
.037
.039
.038
.039
.043
.048
.042
.037
.042
.037
.040
.044
.046
.045
.047
.048
.050
0.068
.078
.063
.089
.109
.106
.106
.105
.106
.057
.103
.107
.106
.104
.109
.103
.109
.778
.052
4
Total
Profits
tax
liability
Profits
after
tax 4
Output
per hour
of all
employees
(1982
dollars)
Compensation
per hour
of all
employees
(dollars)
9.939
10.861
11.699
12.122
12.569
13.075
13.605
14.062
14.640
11.914
12.261
12.746
13.288
13.815
14.110
14.291
0.031
.044
.037
.057
.073
.073
.071
.061
.060
.034
.066
.075
.072
.065
.063
.059
.062
.060
.058
.061
17.096
17.194
17.318
17.865
18.287
18.584
18.927
19.216
19.471
.106
.106
.104
.107
0.037
.035
.026
.032
.036
.033
.035
.044
.045
.023
.036
.032
.033
.039
.046
.044
.044
.046
.046
.046
.098
.046
.051
19.392
17.383
18.029
18.359
18.639
19.043
19.362
19.357
19.560
19.481
19.443
19.454
14.397
14.546
14.743
14.908
15.097
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce {Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Compensation of
employees1
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
1982
1983
1984
1985
1986
1987
1988
198219831984:
19851986:
1987-
Kental
income of
persons
with
capital
consumption
adjustment
Nonfarm
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
Profits
before tax
Inventory
valuation
adjustment
Capital
consumption
adjustment
Net
interest
2,518.4
2,719.5
3,028.6
3,234.0
3,437.1
3,678.7
3,968.4
2,548.2
2,851.5
3,096.1
3,312.8
3,496.6
3,708.0
3,802.0
1,907.0
2,020.7
2,213.9
2,367.5
2,507.1
2,683.4
2,904.7
1,931.1
2,092.7
2,272.7
2,426.7
2,565.8
2,702.8
2,769.9
24.6
12.4
30.5
30.2
36.4
43.0
36.3
28.5
19.3
28.1
29.2
38.4
35.2
47.0
150.9
178.4
204.0
225.6
250.3
270.0
288.2
159.8
188.6
209.7
235.0
255.8
271.5
279.0
13.6
13.2
8.5
9.2
12.4
18.4
19.3
15.8
12.4
5.6
7.8
13.4
18.1
20.5
150.0
213.7
266.9
282.3
298.9
310.4
328.4
146.1
248.5
266.9
291.4
293.9
322.0
316.1
159.2
196.7
234.2
222.6
244.7
258.7
282.8
150.7
223.4
224.6
228.4
244.1
269.9
263.7
169.6
207.6
240.0
224.3
236.4
276.7
306.6
164.1
231.5
226.1
235.0
252.1
289.4
281.9
-10.4
-10.9
-5.8
17
8.3
-18.0
-23.8
-13.4
81
-1.6
66
-8.1
-19.5
-18.2
-9.2
17.0
32.7
59.7
54.2
51.7
45.6
-4.5
25.1
42.3
63.0
49.8
52.1
52.4
272.3
281.0
304.8
319.0
331.9
353.6
391.5
266.9
290.2
313.1
322.7
329.3
358.3
369.5
in
3,850.8
3,928.8
4,000.7
4,093.4
2,816.4
2,874.0
2,933.2
2,995.3
44.7
43.4
30.9
26.0
279.2
285.3
290.7
297.7
20.5
19.1
19.7
18.1
316.2
326.5
330.0
340.9
266.8
278.5
284.6
301.3
286.2
305.9
313.9
320.6
-19.4
-27.4
-29.3
-19.2
49.4
48.0
45.4
39.6
373.9
380.6
396.2
415.4
1989- I '
4,188.9
3,060.9
57.1
300.9
14.4
319.4
286.1
320.2
-34.1
33.3
436.2
.
IV
IV
IV
IV
IV
in
rv
1988: I
II
IV
1
....
Includes employer contributions for social insurance. (See also p. 5.)
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nondurable goods
Durable goods
Period
Total
personal
consumption
expenditures
Total
durable
goods
Motor
vehicles
and
parts
Furniture
and
household
equipment
Other
Total
nondurable
goods
Food
Clothing and
shoes
Gasoline
and oil
Other
Services
Retail sales of
new passenger
cars (millions of
units)
Domestics
Imports
1982
1983
1984
1985 .. .
1986
1987
1988
1982- IV
1983: IV
1984: IV
1985: IV
1986- IV.
1987: HI
IV
2,050.7
2,234.5
2,430.5
2,629.0
2,807.5
3,012.1
3,227.5
2,117.0
2,315.8
2,493.4
2,700.4
2,876.0
3,058.2
3,076.3
252.7
289.1
335.5
372.2
406.5
421.9
451.1
263.8
310.0
346.7
373.2
421.8
441.4
422.0
108.9
130.4
157.4
179.1
196.4
195.8
208.6
115.7
144.4
162.3
173.8
201.0
212.9
194.0
95.7
107.1
118.8
129.9
140.0
148.3
159.0
99.1
112.4
122.7
134.7
143.3
150.2
149.4
48.1
51.6
59.3
63.2
70.1
77.8
83.6
49.0
53.2
61.8
64.7
77.5
78.3
78.6
771.0
816.7
867.3
911.2
943.6
997.9
1,046.9
786.6
837.9
879.6
932.7
954.1
1,006.6
1,012.4
398.8
421.9
448.5
471.6
501.0
526.4
551.5
407.0
430.8
456.1
482.5
512.6
528.4
530.9
124.4
135.1
146.7
156.4
167.0
178.2
186.4
126.5
141.1
149.8
160.6
169.4
180.4
181.2
89.1
90.2
90.0
90.6
73.3
77.0
78.8
89.8
91.9
89.0
91.0
66.3
79.3
79.3
158.7
169.5
182.1
192.6
202.2
216.3
230.2
163.4
174.0
184.7
198.5
205.8
218.5
220.9
1,027.0
1,128.7
1,227.6
1,345.6
1,457.3
1,592.3
1,729.6
1,066.5
1,167.9
1,267.1
1,394.5
1,500.1
1,610.2
1,641.9
5.8
6.8
8.0
8.2
8.2
7.1
7.5
6.0
7.4
7.7
7.0
7.7
8.0
6.6
2.2
2.4
2.4
2.8
3.2
3.2
3.1
2.5
2.6
2.6
3.1
3.4
3.5
3.3
1988: I
n
ni
IV
3,128.1
3,194.6
3,261.2
3,326.4
437.8
449.8
452.9
464.0
202.2
208.7
210.2
213.2
154.7
159.5
159.5
162.3
81.0
81.5
83.2
88.5
1,016.2
1,036.6
1,060.8
1,073.9
535.9
546.3
558.9
564.9
180.5
183.2
188.4
193.6
76.3
78.8
80.5
79.5
223.5
228.2
233.0
235,9
1,674.1
1,708.2
1,747.5
1,788.5
7.6
7.5
7.6
7.5
3.2
3.1
3.1
3.0
1989- I *
3,378.1
459.9
206.8
167.7
85.4
1,092.7
577.9
194.0
79.2
241.6
1,825.5
6.9
2.9
Source: Department of Commerce, Bureau of Economic Analysis.
SOURCES OF PERSONAL INCOME
Personal income rose $13.0 billion (annual rate) in May, following an increase of $21.0 billion in April. The
kicreases were affected by three special factors: Profit-sharing payments to employees in the motor vehicle industry
"nd retroactive social security benefit payments—both occurring in March—lowered the April increase, while
changes in subsidy payments to farm proprietors lowered the April increase and raised the May increase. Excluding
these special factors, personal income increased $10.4 billion in May and $37.6 billion in April.
BILLIONS OF DOLLARS*(RATIO SCALE)
5,000
BILLIONS OF DOLLARS*(RATIO SCALE)
5,0001
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
/•
nmlinii iMiilinii
1981
H/llllllll
1982
400
imilnin inniuin I l l l l l l l l l l Hlllllllll jjiiilmn imiliiin
1984
1983
1985
1986
1987
1988
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
Total
personal
income
Wage and
salary
disbursements l
Proprietors' income 3
Other labor
income * 2
Farm
Nonfarm
Rental
income of
persons 4
Personal
dividend
income
Personal
interest
income
Transfer
payments 5
Less:
Personal
contributions
for social
insurance
Nonfarm
personal
income 6
1980
1981
1982....
1983
1984....
1985
1986....
1987
1988....
2,258.4
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,531.1
3,780.0
4,062.1
1,372.0
1,510.3
1,586.1
1,676.6
1,838.6
1,975.4
2,094.0
2,248.4
2,436.9
138.4
150.3
163.6
173.6
182.9
187.6
196.1
207.9
218.3
20.5
30.7
24.6
12.4
30.5
30.2
36.4
43.0
36.3
160.1
156.1
150.9
178.4
204.0
225.6
250.3
270.0
288.2
6.6
13.3
13.6
13.2
8.5
9.2
12.4
18.4
19.3
52.9
61.3
63.9
68.7
75.5
78.7
82.8
88.6
96.3
271.9
335.4
369.7
393.1
444.7
478.0
499.1
527.0
575.9
324.7
368.1
410.6
442.6
456.6
489.8
521.1
548.8
586.0
88.6
104.5
112.3
120.1
132.7
149.3
161.1
172.0
195.1
2,215.8
2,465.6
2,618.7
2,799.0
3,052.1
3,271.3
3,472.5
3,716.0
4,004.8
1988: May
4,021.4
4,044.9
4,075.3
4,091.8
4,114.7
4,175.5
4,165.2
4,200.8
2,408.4
2,427.5
2,451.9
2,459.1
2,475.0
2,506.9
2,514.1
2,529.5
216.4
217.4
218.5
219.5
220.5
221.5
222.5
223.5
45.2
40.3
34.1
31.4
27.2
41.5
13.5
23.1
285.2
287.5
289.4
290.2
292.6
296.1
297.5
299.5
18.9
19.0
19.3
19.7
20.0
19.0
18.0
17.2
95.0
95.4
96.3
97.5
98.0
98.9
99.4
99.8
563.7
568.7
574.9
581.8
589.1
596.4
603.7
611.1
582.0
583.6
587.0
589.2
589.7
594.7
596.5
597.9
193.4
194.6
196.2
196.5
197.4
199.5
200.0
200.9
3,955.1
3,983.3
4,020.2
4,039.3
4,066.3
4,112.8
4,130.4
4,156.4
4,273.1
4,318.2
4,355.7
4,376.7
4,389.7
2,559.2
2,571.2
2,593.6
2,611.2
2,616.1
224.5
225.4
226.4
227.4
228.4
47.3
64.7
59.4
52.0
50.7
300.8
301.1
300.9
302.8
303.1
15.7
14.3
13.1
12.8
12.5
101.2
102.1
103.0
103.6
104.0
621.5
634.1
646.9
654.9
662.9
612.4
615.2
623.7
624.4
624.8
209.4
210.0
211.2
212.5
212.8
4,204.5
4,232.1
4,274.9
4,303.2
4,317.4
July
Sept
Oct
Dec
1989- Jan r
Feb r
Mar r
Apr r
May p
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
'M;e accruals over wage disbursements.
I* Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
4
With capital consumption adjustment.
5
Consists mainly of social insurance benefits, direct relief, and veterans payments.
6
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income rose again in the first quarter of 1989.
BHJ.IONS OF DOLLARS * (RATIO SCALE)
4,000
BILLIONS OF DOLLARS * (RATIO SCALE)
6,000
6,000
COUNCIL OF ECONOMIC ADVISERS
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
Personal
Less:
Personal
tax and
nontax
payments
T,
1
Disposable
income
Less:
Personal
outlays *
Equals:
Personal
saving
Per capita
disposable personal
income
Disposable
personal
income in
1982
dollars
(billions)
Current
dollars
22584
2,520 9
2 6708
2 838 6
3,1087
3 325 3
3,531 1
3,780.0
4,062.1
1981
1982
1983
1984
1985
1986....
1987
1988
3405
393 3
409 3
4105
440 2
4866
511 4
5703
590.3
Current
dollars
1982
dollars
Dollars
Billions of dollars
1980.
1982
dollars
Per capita personal
consumption
expenditures
1 917 9
1 781 1
2 1276
2 261 4
2 428 1
2 6686
2 838 7
3 019 6
3 209 7
3,471.8
1 968 1
2 107 5
2 297 4
25045
2 713 3
2 8980
3,105 5
3,327.5
136 8
1594
153 9
130 6
164 1
125 4
121 7
1042
144.3
8421
9243
9 724
10 340
11 257
11 861
12 496
13 157
14,103
2 214 3
2 248 6
2 261 5
2 331 9
24698
2 542 8
2 6409
2,686 3
2,788.3
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent oS
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands) 2
Percent
2.1
4.9
20
2.9
.8
2.9
7.1
7.5
6.8
5.4
6.1
4.4
4.0
3.2
4.2
227,754
230,182
232,549
234,829
237,051
239,322
241,650
243,944
246,179
9 722
9,769
9 724
9930
10,419
10 625
10929
11,012
11,326
7 607
8,320
8 818
9515
10,253
10985
11 618
12,348
13,110
8,783
8,794
8818
9,139
9,489
9,839
10,160
10,334
10,530
— 1.1
.5
Seasonally adjusted annual rates
2,729.2
2,941.8
3,188.3
3,399.1
3,599.6
411.1
413.9
459.7
499.6
534.9
2,318.1
2,527.9
2,728.6
2,899.5
3,064.7
2,174.9
2,382.5
2,571.3
2,787.7
2,967.9
143.1
145.4
157.3
111.7
96.8
2,276.1
2,392.7
2,496.3
2,562.8
2,649.4
9,929
10,725
11,467
12,068
12,635
9,749
10,151
10.491
10,667
10,923
9,068
9,825
10,479
11,240
11,857
8,904
9,299
9,587
9,935
10,250
1.2
9.1
1.7
3.3
-.2
6.2
5.8
5.8
3.9
3.2
233,466
235,707
237,946
240,257
242,557
1987: HI....
IV
3,801.0
3,906.8
576.2
591.0
3,224.9
3,315.8
3,152.3
3,171.8
72.6
144.0
2,683.9
2,728.9
13,204
13,543
10,989
11,145
12,521
12,564
10,421
10,340
3.7
5.8
2.3
4.3
244,236
244,845
1988: I
IV
3,951.4
4,022.4
4,094.0
4,180.5
575.8
601.0
586.5
598.0
3,375.6
3,421.5
3,507.5
3,582.5
3,225.7
3,293.6
3,361.8
3,428.7
149.9
127.8
145.7
153.8
2,762.3
2,762.2
2,800.4
2,828.4
13,760
13,919
14,231
14,497
11,260
11,237
11,362
11,445
12,751
12,996
13,232
13,461
10,435
10,492
10,564
10,627
4.2
-.8
4.5
3.0
4.4
3.7
4.2
4.3
245,318
245,806
246,469
247,123
1989: I r
4,315.7
635.1
3,680.6
3,482.7
197.9
2,870.8
14,861
11,592
13,640
10,639
5.2
5.4
247,667
1982:
1983:
1984:
1985:
1986:
IV
IV
IV
IV
IV
n
m....
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
2
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
•ta the first quarter of 1989, according Jo preliminary estimates, gross farm income rose $36.5 billion (annual rate)
Ind net farm income rose $42.8 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
240
200
1f~^-
160
—— ,
BILLIONS OF DOLLARS * (RATIO SCALE)
,
•*•
r ____
T^
—-^
120
r—" '
^"
240
200
/
r_^x~--^^ ^j
1
160
120
GR 3SS FARM INC OMb
80
60
*
/
'\
40
^...
/
%
20
"l
i
•
x
»
''
/
i
/
»
>
1
1
\
1
— —1
10
'V
^
60
1
1
1
\
\
V'
V
NN
/
/
/
,
/ ^\
1 '
l1
it
20
Ht T FARM INCOMt
l
.
1
t\
J
l \ I
I \l
1 \>
10
\J
\!
t
t 1 1
1
1
i i i
1
1
1983
T982
198?
1
1
1
1
t
1
1985
?984
! l
1986
i i t
1987
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
1
1
1
1986
1
1
1
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total '
Total
1980
1981
1982 ..
1983
Livestock and
products
Crops
149.3
166.4
163.5
153.0
174.9
166.2
159.8
169.8
174.0
139.7
141.7
142.6
136.6
142.4
144.0
135.1
138.1
150.2
68.0
69.2
70.3
69.4
73.0
69.8
71.5
76.2
77.9
71.7
72.5
72.3
67.1
69.5
74.2
63.6
61.9
72.4
158.1
162.6
137.8
137.7
77.3
73.0
60.5
64.7
IV
173.6
162.5
168.9
173.7
169.2
188.2
179.6
158.9
134.9
134.4
146.5
136.6
141.1
157.5
167.5
134.8
73.3
77.0
79.6
75.1
76.3
74.7
82.9
77.5
61.6
57.4
66.9
61.5
64.8
82.8
84.6
57.3
1989: I"
195.4
158.8
80.5
78.3
1984..
1985
1986 ..
•
1987
1988 ..
1986: III
IV
1987: I
.
n
m
IV
1988- I
n
in
.
Cash marketing receipts and inventory changes plus Government payments, other farm cash
e, and
?'hysicalnonmoneyinincome furnished by farms, crop and livestock commodities valued at
changes
end-of-year inventory of
during the year.
average
3
Value of
inventory
changes 2
-6.3
6.5
-1.4
-10.9
6.3
24
-2.8
6
-6.0
-2.3
19
-.3
.1
-.4
-1.9
58
-6.3
64
-5.5
3.3
Production
expenses
Current
dollars
1982 dollars s
133.1
139.4
140.0
140.4
142.7
134.0
122.3
123.5
132.8
16.1
26.9
23.5
12.7
32.2
32.3
37.5
46.3
41.2
18.8
28.6
23.5
12.2
29.9
29.1
32.9
39.3
33.9
121.1
120.7
37.0
41.9
32.3
36.3
120.3
124.1
125.0
124.6
126.9
130.0
136.4
138.0
53.4
38.4
43.9
49.0
42.3
58.2
43.2
20.9
45.9
32.8
37.2
41.2
35.4
48.1
35.3
16.9
131.7
63.7
51.0
Income in current dollars divided by the GNP implicit price deflator.
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
CORPORATE PROFITS
In the first quarter of 1989, according to revised estimates, corporate profits before tax fell $0.4 billion (annuj
rate) and after-tax profits fell $1.9 billion.
'
BULKDNS OF DOLLARS
360
BILLIONS OF DOL LARS
360
SEASONALLY ADJUSTED ANNUAL RATES
320
/ \ ,
280
^
200
u
Af
V
240
\ punf ITS BEFORE
TA 1
S
rv i
f
240
200
*••**"" .
'"~%>--J>F
~~""~\
.^^.r.r
OFITS AFTER T AX
N
s-x
-
^
"
TAX LIABILITY
S^S'"'
*^
s
120
..--*"""
\.-,
"N
160
^s
S
\
80
280
/
160
120
X
J
\
320
80
, .,-4
\
40
_
r
*•
40
UNDI! TRIBUTED PRO =ITS
i i '
0
1
I
1
1982
1981
1 1 1
1983
1
|
1
1
1984
1985
1
1
1
1986
SOURCE: DEPARTMENT OF COMMERCE
I
\
0
1989
1988
1987
COUNCIL OF ECONOMIC ADVISERS
[Billions at dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment J
Profits after tax
Domestic industries
Total 2
Total
IV
IV
IV
IV
IV
1987:
HI
IV
1988:
Manufacturing
Wholesale and
retail
trade
Inventory
valuation
adjustment
Dividends
Undistributed
profits
54.7
63.6
66.9
71.5
79.0
83.3
88.2
95.5
104.5
97.6
81.8
39.6
58.9
67.0
44.6
41.6
47.4
59.4
-43.1
-24.2
-10.4
-10.9
-5.8
-1.7
8.3
-18.0
-23.8
21.0
16.5
11.8
18.1
13.0
22.8
31.8
30.1
30.5
138.6
157.3
119.4
148.5
190.3
168.6
180.9
192.1
215.1
77.1
88.5
58.0
70.1
88.8
79.7
79.4
96.8
114.1
21.6
32.5
34.6
38.9
51.2
44.1
46.1
42.8
39.7
237.1
226.5
169.6
207.6
240.0
224.3
236.4
276.7
306.6
84.8
81.1
63.1
77.2
93.9
96.4
106.6
133.8
142.7
152.3
145.4
106.5
130.4
146.1
127.8
129.8
142.9
163.9
..
150.7
223.4
224.6
228.4
244.1
121.6
190.7
193.9
193.6
211.9
18.7
15.5
13.6
26.0
28.9
102.9
175.2
180.3
167.6
183.0
46.8
88.6
79.8
83.8
87.7
33.6
43.1
51.8
38.5
42.5
164.1
231.5
226.1
235.0
252.1
59.8
88.1
87.0
99.8
114.3
104.3
143.4
139.2
135.2
137.9
68.5
73.9
80.8
84.0
89.8
35.8
69.5
58.4
51.2
48.1
-13.4
-8.1
-1.6
-6.6
-8.1
.
269.9
263.7
234.6
222.2
29.5
28.8
205.1
193.4
107.0
101.7
44.1
43.0
289.4
281.9
140.0
136.2
149.5
145.7
97.0
99.3
52.4
46.4
-19.5
-18.2
266.8
278.5
284.6
301.3
236.6
243.1
243.8
259.2
27.6
30.0
32.7
31.8
209.0
213.1
211.1
227.4
110.6
114.5
111.4
120.1
43.9
37.0
36.6
41.3
286.2
305.9
313.9
320.6
136.9
143.2
144.8
146.1
149.4
162.7
169.1
174.5
101.3
103.1
105.7
108.0
48.1
59.6
63.4
66.4
-19.4
-27.4
-29.3
-19.2
286.1
243.8
31.7
212.2
112.9
34.3
320.2
147.6
172.6
111.1
61.5
-34.1
..
..
I
n
m
1989- I r
2
Total3
Total
159.6
173.8
131.2
166.6
203.3
191.4
212.8
222.3
245.7
IV
1
Financial
Tax
liability
194.0
202.3
159.2
196.7
234.2
222.6
244.7
258.7
282.8
1980 ..
1981
1982 ..
1983
1984 ....
1985
1986 ...
1987
1988 .
1982:
1983:
1984:
1985:
1986:
Profits
before tax
Nonfinancial
Period
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the first quarter of 1989, nonresidential fixed investment rose $10.7 billion
(annual rate) and residential investment rose $0.6 billion. There was a $40.4 billion increase in inventories,
following an increase of $34.7 billion in the fourth quarter of 1988.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
900
900
SEASONALLY ADJUSTED ANNUAL RATES
800
800
GROSS PRIVATE DOMESTIC
IWVF«;TMFKIT
700
/
J
1
~
'
-
700
-
/(
600
\^/
/
-_^
r>.
~- —
f
--"'
•4ONRESIDENT AL
XED INVESTMi:NT
—
^-.--•"""
400
^*'
—
300
300
RESIDENT IAL
FIXED INVES rMENT
-
—
_.-— •
200
100
500
-*"
/
400
600
_
\
500
^—
200
."
~
-
.-•--
r
H/ikNGE IN BUSIr-4E«
INVENTORIES
^ *
>
•«,^^^***^
^
[ i i
-100
1981
^-\
111
1982
/
^
, ' "
-"
I
1
'
1983
'
1
1
^wi^*-*
h-A J>*V»*•»«._
f ' '
f
1985
1984
/
' '
1986
—y
'''
1987
SOURCE: DEPARTMEN OF COMMERCE
100
"
-
.
.
-
0
I
I I
1988
1
1
I
-ID
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Period
Gross
private
domestic
investment
1980
1981 ..
1982
1983..
1984
1985
1986
1987
1988...
1982: IV
1983- IV
1984: IV
1985- IV
1986: IV
1987: III
437.0
515.5
447.3
502.3
664.8
643.1
665.9
712.9
766.5
1988:
IV
763.4
758.1
772.5
772.0
1989- I r
788.9
rv
I
II
III
Source: Department of Commerce, Bureau of Economic Analysis.
409.6
579.8
661.8
654.1
656.4
702.8
764.9
Nonresidential
Total
445.3
491.5
471.8
509.4
597.1
631.8
650.4
673.7
718.1
469.5
548.8
616.8
646.8
658.4
688.3
692.9
698.1
714.4
722.8
737.2
748.5
Total
322.8
369.2
366.7
356.9
416.0
442.9
433.9
446.8
488.4
354.9
383.9
435.0
451.3
434.1
462.1
464.1
471.5
487.8
493.7
500.6
511.3
Structures
113.9
138.5
143.3
124.0
141.1
153.2
138.5
139.5
142.8
137.6
127.4
146.6
155.9
134.6
143.0
147.7
140.1
142.3
143.8
145.0
148.0
Producers'
durable
equipment
208.9
230.7
223.4
232.8
274.9
289.7
295.4
307.3
345.6
217.3
256.5
288.4
295.5
299.4
319.1
316.3
331.3
345.5
349.9
355.6
363.3
Residential
122.5
122.3
105.1
152.5
181.1
188.8
216.6
226.9
229.7
114.7
164.9
181.8
195.5
224.4
226.2
228.8
226.6
226.5
229.1
236.6
237.2
Total
Nonfarm
67.7
11.3
15.5
39.2
48.4
2.4
18.3
23.1
.4
60.5
14.6
17.4
40.7
42.2
-59.9
31.0
45.0
7.2
-2.0
-51.1
21.3
41.3
23.7
3.0
14.5
72.0
17.8
72.8
65.3
43.7
49.7
34.7
49.4
33. 1
41.9
44.6
40.4
25.7
-8.3
24.0
-24.5
7.1
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department April-May survey, business spending for new plant and equipment is
expected to rise 9.9 percent in 1989, following a rise of 10.3 percent in 1988.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
500
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
300
300
200
200
"
V __
MANUFACTURING
100
,100
80
80
60
60
40
40
1981
1982
1983
1984
1985
1987
1986
_!/ SURVEYED QUARTERLY
_i/'SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
1989
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanufacturing
Manufacturing
Period
All
industries
Total
Durable
goods
Nondurable
goods
Total i
Transportation
Mining
Public
utilities
Commercial
and
other
Total
nonfarm
business 2
Nonmanufacturing
Manufacturing
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
165.70
179.35
Total
202.15
222.72
226.79
227.15
260.16
278.46
284.54
294.77
316.70
Surveyed
quarterly
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
263.97
292.72
1980
1981
1982 .
1983
1984
1985
1986 .
1987
1988.
1989 4
282.80
315.22
310.58
304.78
354.44
387.13
379.47
389.67
429.67
472.08
-112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
165.70
179.35
55.36
59.81
55.35
53.08
66.24
73.27
69.14
71.01
78.12
82.13
56.96
66.73
65.33
63.12
72.58
80.21
73.56
74.88
87.58
97.22
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
263.97
292.72
15.99
21.39
20.05
15.19
16.86
15.88
11.22
11.39
12.67
12.00
16.60
15.84
14.79
13.97
16.52
18.02
18.80
18.85
21.35
24.86
37.74
41.21
45.43
44.96
47.48
48.81
46.38
44.88
46.51
50.77
100.14
110.24
109.63
114.45
134.75
150.94
160.38
168.65
183.44
205.09
1987: in
IV
394.54
406.82
148.20
152.21
71.96
72.28
76.24
79.92
246.34
254.61
11.81
12.32
19.19
19.34
45.29
46.38
170.05
176.56
148.20
152 21
412.02
426.94
436.01
443.71
158.60
161.69
168.91
173.61
75.70
76.87
79.48
80.42
82.90
84.82
89.43
93.18
253.43
265.25
267.10
270.11
12.59
13.26
12.47
12.35
20.43
20.72
22.17
22.10
44.61
45.43
46.70
49.27
175.79
185.83
185.76
186.38
158.60
161.69
16891
173.61
457.64
467.50
478.79
484.38
175.83
177.10
182.70
181.79
81.71
80.21
84.08
82.54
94.12
96.89
98.61
99.25
281.81
290.40
296.09
302.59
12.12
13.08
12.21
10.60
23.24
23.11
25.85
27.24
50.26
51.42
50.18
51.24
196.20
202.79
207.86
213.51
175.83
177 10
182.70
181 79
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
253.43
265.25
267 10
270.11
1989: I r
II 44
UI4
Iy3
246.34
254 61
1988: I..
TJ
III
IV
Surveyed
annual-
281.81
290.40
296.09
302.59
rv
1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and rea! estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nnnmanufacturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
10
314.47
349.26
347.47
343.35
398.99
431.94
427.23
440.66
482.40
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate.
4
Planned capita! expenditures as reported by business in April-May 1989, corrected for biases.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In May, civilian employment rose 102,000 and unemployment fell 151,000.
MILLKDNS OF PERSONS*
124
MILLIONS OF PERS(DNS*
124
SEASONALLY ADJUSTED
r^^"
120
116
CIVILIAN LABOR FORCE
- - t
k'
'
112
/~"
r
120
--•—
^-—
116
.--'— "
112
^^-"
108
^•-X
r"~~n
—'
^—|
•+*-*'*~~
108
""\"
104
100
104
CIVILIAN
EMPLOYMENT
f1*
,~.~^-
100
96
96
-
-
12
S-
8
^-^
12
1
•
.
——
8
V.^-
U MEMPLOYMEN T
4
0
1983
1 111111 1 11 1
in nl n in
1,11,1
1982
1981
4
1984
1985
1986
1987
16 YEARS OF AGE A "JD OVER
SOURCE: DEPARTMEN OF LABOR
0
1989
1988
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
Noninstitutional
population
including
resident
Armed
Forces
NSA
Unemployment
Civilian employment
Employment
including
resident
Armed
Forces
Nonagricultural
Resident
Armed
Forces
NSA
Labor force
including
resident
Armed
Forces
1,604
1,645
100,907
102,042
101,194
102,510
106,702
108,856
111,303
114,177
116,677
106,940
108,670
110,204
111,550
113,544
115,461
117,834
119,865
121,669
99,303
100,397
99,526
100,834
105,005
107,150
109,597
112,440
114,968
3,364
3,368
3,401
3,383
3,321
3,179
3,163
3,208
3,169
95,938
97,030
96,125
97,450
101,685
103,971
106,434
109,232
111,800
4,064
4,499
5,852
5,997
5,512
5,334
5,345
5,122
4,965
7,637
8,273
10,678
10,717
8,539
6,800
6,523
6,624
6,797
Civilian
labor force
Agricultural
Total
Total
Part time
for
economic
reasons l
1980
1981
1982
1983
1984
1985
1986'
1987
1988
169,349
171,775
173,939
175,891
178,080
179,912
182,293
184,490
186,322
1,668
,676
,697
,706
,706
,737
,709
108,544
110,315
111,872
113,226
115,241
117,167
119,540
121,602
123,378
1988:
May
June
July
Aug
Sept
Oct
Nov
Dec
186,088
186,247
186,402
186,522
186,666
186,801
186,949
187,098
1,714
1,685
1,673
1,692
1,704
1,687
1,705
1,696
122,917
123,209
123,331
123,692
123,688
123,778
124,215
124,259
116,117
116,686
116,707
116,895
117,074
117,260
117,652
117,705
121,203
121,524
121,658
122,000
121,984
122,091
122,510
122,563
114,403
115,001
115,034
115,203
115,370
115,573
115,947
116,009
3,110
3,121
3,060
3,142
3,176
3,238
3,238
3,193
111,293
111,880
111,974
112,061
112,194
112,335
112,709
112,816
4,676
5,073
5,102
4,972
4,862
4,727
4,819
5,033
1989:
Jan
Feb
Mar
Apr
May
187,340
187,461
187,581
187,708
187,854
1,696
1,684
1,684
1,684
1,673
125,124
124,865
124,948
125,343
125,283
118,407
118,537
118,820
118,797
118,888
123,428
123,181
123,264
123,659
123,610
116,711
116,853
117,136
117,113
117,215
3,300
3,223
3,206
3,104
3,112
113,411
113,630
113,930
114,009
114,102
4,837
4,697
4,709
4,930
4,609
1
Persons at work. Economic reasons include alack work, material shortages, inability to find full*
time work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutional population.
Total
8,312
8,237
7,425
6,701
6,614
6,518
6,563
6,554
6,716
6,328
6,128
6,546
6,395
15
weeks
and
over
Civilian
Labor
force
participation
rate
(percent) 2
Employment/
population
ratio
(percent) 2
1,871
2,285
3,485
4,210
2,737
2,305
2,232
1,983
1,610
63.8
63.9
64.0
64.0
64.4
64.8
65.3
65.6
65.9
59.2
59.0
1,614
1,543
1,619
1,636
1,568
1,554
1,502
1,495
65.7
65.8
65.9
66.0
66.0
66.0
66.1
66.1
62.0
62.3
62.3
62.3
62.4
62.4
62.6
62.6
1,512
1,304
1,310
1,426
1,313
66.5
66.3
66.3
66.5
66.4
62.9
62.9
63.0
63.0
63.0
57.8
57.9
59.5
60.1
60.7
61.5
62.3
"Data beginning January 1986 not strictly comparable with earlier data because <
estimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In May, the overall unemployment rate and the civilian unemployment fell slightly, to 5.1 and 5.2 percent,
respectively.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
20
15 A
vv
A
BLACK
10
10
AND OTHER
ALL CIVILIAN WORKERS
Vv-*
WHITE
11 n H11111
1986
1985
iiiliini
1987
1988
1989
1985
•UNEMPLOYMENT AS PERCENT OF CIVILIAN IABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
Unemployment
rate,
all
workers 1
By sex and age
All
civilian
workers
Men
20 years
and over
Women
20 years
and
over
By selected groups
By race
Both
sexes
16-19
years
Black
White
and
Black
other
Experienced
wage and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
Labor
force
time lost
(percent) 2
Fulltime
workers
Parttime
workers
6.9
8.8
9.4
10.5
10.4
11.0
10.9
9.3
9.3
9.1
8.4
7.6
8.6
8.1
7.9
7.1
6.3
7.9
19.6
23.2
22.4
18.9
18.6
18.3
16.9
15.3
6.3
6.7
8.6
8.4
6.5
6.2
6.0
5.3
4.7
13.1
14.2
17.3
17.8
14.4
13.7
13.1
11.6
10.4
14.3
15.6
18.9
19.5
15.9
15.1
14.5
13.0
11.7
6.9
7.3
9.3
9.2
7.1
6.8
6.6
5.8
5.2
4.2
4.3
6.5
6.5
4.6
6.9
6.1
5.4
7.5
7.2
7.0
6.2
5.5
8.8
8.9
6.6
6.2
6.1
5.4
4.8
6.4
6.8
8.3
8.1
6.8
6.6
6.2
5.4
4.9
5.6
5.4
5.4
5.6
5.4
5.3
5.4
5.3
4.9
4.6
4.5
4.9
4.6
4.6
4.8
4.7
4.9
4.9
5.0
4.8
4.8
4.7
4.7
4.7
15.6
14.1
15.1
15.4
15.5
15.0
14.1
14.8
4.7
4.6
4.7
4.9
4.7
4.6
4.6
4.6
10.9
10.3
10.1
10.0
9.5
9.8
10.0
10.0
12.1
11.7
11.5
11.4
10.9
11.2
11.2
11.6
5.3
5.1
5.1
5.3
5.1
5.0
5.1
5.0
3.3
3.2
3.1
3.4
3.1
3.1
3.3
3.1
8.4
Oct
Nov
Dec
5.5
5.3
5.4
5.5
5.3
5.3
5.3
5.3
7.9
8.5
7.5
8.1
7.9
7.7
8.2
5.2
5.0
5.0
5.3
5.1
5.0
5.0
5.1
7.7
7.7
8.0
7.4
7.4
7.4
7.1
7.0
6.4
6.3
6.4
6.4
6.3
6.1
6.2
6.3
Jan
Feb
Mar
Apr
May
5.4
5.1
4.9
5.2
5.1
5.4
5.1
5.0
5.3
5.2
4.6
4.5
4.2
4.6
4.3
4.7
4.5
4.6
4.1
4.8
16.4
14.8
13.7
14.4
15.2
4.6
4.3
4.2
4.6
4.4
10.6
10.6
9.8
9.6
9.5
12.0
11.9
10.9
10.8
11.0
5.2
4.8
4.7
5.1
4.9
3.1
3.1
2.9
3.2
2.9
8.0
8.0
7.9
7.6
8.3
5.0
4.8
4.8
5.0
4.8
7.9
7.3
6.2
7.2
6.9
6.2
5.9
5.8
6.0
5.9
1980
1981
1982
1983
7.0
7.5
9.5
9.5
7.4
7.1
1984
1985
1986
1987
1988
1988: May
June....
July
Aug
Sept
1989:
7.1
7.6
9.7
9.6
5.9
6.3
17.8
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 reasons as percent of potentially available labor force hours.
12
4.3
4.4
3.9
3.3
9.2
10.4
11.7
12.2
10.3
10.4
9.8
9.2
8.1
Source: Department of Labor, Bureau of Labor Statistics.
7.3
9.6
9.5
7.2
6.8
6.6
5.8
5.2
8.5
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In May, the percentages of the unemployed who had been out of work for less than 5 weeks, for 5-14 weeks,
and for 15-26 weeks rose, while the percentage for 27 weeks and over fell. Both the mean and the median
duration of unemployment fell.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION*
70
70
REASON FOR UNEMPLOYMENT
60
60
-
50
JOB LOSERS
40
REENTRANTS
30
20
JOB LEAVERS
-
10
NEW ENTRANTS
11 II 1 l l
1989
1985
1985
1986
1987
1988
1989
•SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
State
programs
Number of
weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted)1
Weekly average, thousands
1980
1981
1982
1983
1984
1985
1986
1987
1988
7,637
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
1988- May
July
. •>
Sept
Oct
Nov
Dec
1989- Jan
Feb
Mar
May
1
43.1
41.7
36.4
33.3
39.2
42.1
41.9
43.7
46.0
32.3
30.7
31.0
27.4
28.7
30.2
31.0
29.6
30.0
13.8
13.6
16.0
15.4
12.9
12.3
12.7
12.7
12.0
10.7
14.0
16.6
23.9
19.1
15.4
14.4
14.0
12.1
11.9
13.7
15.6
20.0
18.2
15.6
15.0
14.5
13.5
6.5
6.9
8.7
10.1
7.9
6.8
6.9
6.5
5.9
51.7
51.6
58.7
58.4
51.8
49.8
48.9
48.0
46.1
11.7
11.2
7.9
7.7
9.6
10.6
12.3
13.0
14.7
25.2
25.4
22.3
22.5
25.6
27.1
26.2
26.6
27.0
11.4
11.9
11.1
11.3
13.0
12.5
12.5
12.4
12.2
3,350
3,047
4,061
3,396
2,476
2,611
2,650
2,332
2,056
488
460
583
438
377
396
378
328
306
6,800
6,523
6,624
6,797
6,614
6,518
6,563
6,554
45.5
47.3
44.9
46.8
47.4
47.4
47.6
46.2
30.6
29.2
30.7
29.0
28.8
28.5
29.5
31.1
11.7
11.4
12.4
12.3
11.8
12.2
12.0
11.5
12.2
12.1
11.9
11.9
12.1
11.9
10.9
11.2
13.8
13.2
13.5
13.5
13.5
13.4
12.6
12.8
5.9
5.9
6.2
5.9
5.7
5.7
5.6
5.8
47.4
46.7
46.1
46.2
46.7
45.9
46.2
46.5
13.9
14.5
13.8
14.6
14.9
15.3
14.7
15.1
26.7
26.6
28.1
27.3
26.8
27.2
26.9
26.2
12.0
12.2
11.9
11.9
11.5
11.6
12.2
12.1
2,051
2,050
2,082
2,069
2,025
1,972
1,989
2,032
311
304
327
305
293
296
301
309
6,716
6,328
6,128
6,546
6,395
47.0
50.6
49.4
47.2
47.7
30.7
29.1
29.4
31.1
31.7
11.2
10.4
10.5
10.5
11.0
11.1
10.0
10.7
11.3
9.6
12.7
12.1
12.4
12.7
11.8
5.7
5.3
5.4
5.4
5.3
46.4
45,2
46.0
45.7
42.7
14.7
15.5
14.4
15.0
17.5
27.3
27.3
28.1
29.0
29.1
11.6
12.0
11.6
10.3
10.7
2,061
2,105
2,143
2,105
2,063
293
309
323
300
317
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
3,837
3,410
4,594
3,775
2,561
2,693
2,746
2,401
2,125
1,949
r
l,881
r
2,052
' 1,914
' 1,734
' 1,677
' 1,857
T
2,205
2,685
' 2,695
2,567
2,221
Source: Department of Labor {Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 101,000 in May.
MILLIONS OF PERSONS*
(Series revised.)
MILLIONS OF PERSONS* (ENLARGED SCALE)
no
^.f'~
26
SERVICES
100
_
—
r-^O
.--'"
-
ALL NONAGRICULTURAL
ESTABLISHMENTS
—
24
90
~
—
^.,---""'
22
80
—
—
—
—
20
RETAIL TRADE
70
18
.
\J^r^
—
SERV 'ICE-PRODUC:ING
INDUSTRIES
-
-GOVERNMENT
— — *•"
^-—'
60
mlfiimi
-
—
Illlllllllimillllllll
Illllllllll
'
*
MANlJFACTURtNC
20
50
•— |
\ ^ 1
^
40 -
-
18
30
in
Tr 1 1 1 ll
1
11
1988
1987
\
'
1985
1
1987
1988
1989
COUNCIL OF EC 3NOMIC ADVISERS
[Thousands oi wage and salary workers;
l
seasonally adjustf
Service-producing industries
Goods-producing industries
Manufacturing
Total 2
n
V
1986
SEASONALLY ADJ JSTEO
DEPARTM NT OF LABOR
Period
1 11
Ul 1 1 1 1 , , I , mnlmii 11 \\ 1 1 1 1 1 1 1 1 1 M 1 1 1 1 1 1 1 I 1 1 1 1 1 1 1 1 til
I
1989
s OURCE:
Total
nonagricultural
employment
r
ONSTRUCTIC
4
M
1,
20 41, ml, INI M mlii M] , , , , 1 1 1 , , , 1 , , , 1 1 , , , i i n i m , |J
1986
•
, , , , ii n , 1I 1 1 M ) 1 1 1 1 11 1 1 1 1 h 1 1 1 1 1 1 1 II III
1
6
\
1985
1 11 1
~
GOC>DS-PRODUC ING
INDUSTRIES
Construction
Total
Durable
goods
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
Retail
trade
Government
Finance,
insurance,
and real
estate
Services
Total
Federal
90,406
91,156
89,566
90,200
94,496
97,519
99,525
102,200
105,584
25,658
25,497
23,813
23,334
24,727
24,859
24,558
24,708
25,249
4,346
4,188
3,905
3,948
4,383
4,673
4,816
4,967
5,125
20,285
20,170
18,781
18,434
19,378
19,260
18,965
19,024
19,403
12,187
12,109
11,039
10,732
11,505
11,490
11,230
11,194
11,437
8,098
8,061
7,741
7,702
7,873
7,770
7,734
7,830
7,967
64,748
65,659
65,753
66,866
69,769
72,660
74,967
77,492
80,335
5,146
5,165
5,082
4,954
5,159
5,238
5,255
5,372
5,548
5,275
5,358
5,278
5,268
5,555
5,717
5,753
5,844
6,029
15,035
15,189
15,179
15,613
16,545
17,356
17,930
18,483
19,110
5,160
5,298
5,341
5,468
5,689
5,955
6,283
6,547
6,676
17,890
18,619
19,036
19,694
20,797
22,000
23,053
24,236
25,600
16,241
16,031
15,837
15,869
16,024
16,394
16,693
17,010
17,372
2,866
2,772
2,739
2,774
2,807
2,875
2,899
2,943
2,971
1988: May r.. 105,091
June ''. 105,561
July r.. 105,768
Aug ".. 105,954
Sept r.. 106,207
Oct r... 106,475
Nov r.. 106,824
Dec r .. 107,097
25,179
25,265
25,323
25,303
25,313
25,384
25,460
25,513
5,100
5,139
5,150
5,153
5,163
5,162
5,191
5,213
19,354
19,400
19,448
19,425
19,431
19,505
19,557
19,589
11,399
11,431
11,475
11,462
11,464
11,509
11,545
11,565
7,955
7,969
7,973
7,963
7,967
7,996
8,012
8,024
79,912
80,296
80,445
80,651
80,894
81,091
81,364
81,584
5,522
5,542
5,557
5,572
5,581
5,596
5,616
5,634
6,001
6,027
6,038
6,051
6,071
6,086
6,104
6,125
19,036
19,096
19,139
19,182
19,188
19,229
19,282
19,328
6,654
6,672
6,678
6,686
6,695
6,710
6,726
6,744
25,364
25,597
25,683
25,784
25,888
25,986
26,111
26,230
17,335
17,362
17,350
17,376
17,471
17,484
17,525
17,523
2,962
2,956
2,958
2,967
2,985
2,986
2,983
2,981
Jan r... 107,442
Feb r... 107,711
Mar ' .. 107,888
Apr r... 108,094
May '.. 108,195
25,626
25,629
26,646
25,664
25,631
5,267
5,270
5,252
5,275
5,261
19,648
19,648
19,680
19,669
19,651
11,605
11,594
11,604
11,599
11,586
8,043
8,054
8,076
8,070
8,065
81,816
82,082
82,242
82,430
82,564
5,654
5,667
5,666
5,682
5,694
6,146
6,171
6,197
6,207
6,209
19,407
19,460
19,488
19,491
19,508
6,746
6,763
6,774
6,781
6,788
26,318
26,434
26,520
26,647
26,711
17,545
17,587
17,597
17,622
17,654
2,978
2,982
2,982
2,975
2,964
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989:
1
Includes all full- and part-time wage and salary workers in nonagricultura! 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
weather, etc., even if they are not paid for the time off; and which are based on a sample of the
14
working-age population, whereas the estimates in this table are based on reports from employing
establishments.
2
Includes mining, not shown separately.
Note.—Seasonally adjusted data revised beginning January 1984; unadjusted revised beginning
April 1987.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY
EARNINGS
PRIVATE NONAGRICULTURAIi INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average weekly hours
Average gross weekly earnings
Average gross hourly
earnings
Period
Overtime
Manufacturing
Retail
trade
Percent change from a
year ear ier, total
private
nonagricultural 3
Current
dollars
1977
dollars s
Manufacturing
Construction
$367.78 $147.38
158.03
399.26
163.85
426.82
171.05
442.97
174.33
458.51
174.64
464.46
176.08
466.75
' 480.44 ' 178.70
183.62
493.08
6.9
8.5
4.7
5.0
4.3
2.1
1.9
2.5
3.2
-5.8
15
-1.2
1.9
.9
-1.4
.4
-1.0
9
Current
dollars
1977
dollars
T
July .
Aug T
Sept '
Oct '
Novr
Dec '
Jan r
Feb r
Mar r
May "
2.8
2.8
2.3
3.0
3.4
3.3
3.4
3.7
3.9
$6.66
7.25
7.68
8.02
8.32
8.57
8.76
8.98
9.29
$7.27
7.99
8.49
8.83
9.19
9.54
9.73
9.91
10.18
$235.10
255.20
267.26
280.70
292.86
299.09
304.85
312.50
322.36
$172.74
170.13
168.09
171.26
172.78
170.42
171.07
169.28
167.81
$288.62
318.00
330.26
354.08
374.03
386.37
396.01
406.31
418.40
41.1
41.1
41.1
41.0
41.1
41.2
41.2
41.0
3.9
3.9
3.9
3.9
3.9
4.0
3.9
3.9
9.26
9.27
9.31
9.32
9.37
9.43
9.42
9.45
10.14
10.18
10.18
10.21
10.25
10.29
10.30
10.31
321.32
321.67
323.99
322.47
325.14
328.16
326.87
327.92
168.23
167.89
168.39
166.82
167.68
168.55
167.28
167.39
416.75
418.40
418.40
418.61
421.28
423.95
424.36
422.71
487.84
494.16
493.29
492.53
494.05
499.66
503.04
497.07
182.12
183.33
185.18
183.57
185.08
186.30
185.60
187.11
3.1
3.3
4.1
2.8
4.2
4.1
3.3
3.9
7
-.5
.1
-1.2
-.0
34.8
34.6
34.7
34.9
34.6
May r.
39.7
39.8
38.9
40.1
40.7
40.5
40.7
41.0
41.1
34.7
34.7
34.8
34.6
34.7
34.8
34.7
34.7
1982
1983
1984
1985
1986
1987 .
1988 r
1989:
Total
Total
private
nonagricultural *
35.3
35.2
34.8
35.0
35.2
34.9
34.8
34.8
34.7
1980
1981
1988:
Total
private
nonflgricultural l
Current dollars
Total private
nonagricultural '
Manufacturing
41.1
41.1
41.0
41.2
41.0
3.9
3.9
4.0
4.0
3.8
9.49
9.52
9.54
9.60
9.61
10.33
10.37
10.40
10.40
10.41
330.25
329.39
331.04
335.04
332.51
167.55
166.44
166.44
167.35
165.18
424.56
426.21
426.40
428.48
426.81
496.89
498.39
501.23
505.21
496.03
187.40
186.41
186.98
189.15
188.14
4.2
3.5
4.1
4.4
3.4
-.3
-1.2
8
-.8
19
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 1977=100 base).
3
Based on seasonally unadjusted data.
1
-.9
5
NOTE.—Seasonally adjusted data revised beginning January 1984; unadjust
April 1987.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
[Not seasonally adjusted]
Index (June 1981 = 100)
Percent change from
12 months earlier
3 months earlier
Period
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1986:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Mar
June
Sept
Dec
1987:
Mar....
June
Sent . .
Dec
1988- Mar
June
Sept
Dec
1989: Mar
1
Total
compensation
Wages and
salaries
94.7
104.0
110.7
117.0
122.7
127.5
131.6
136.0
142.6
128.9
129.0
130.8
131.6
132.9
133.8
135.1
136.0
138.1
139.8
141.2
142.6
144.4
95.4
103.8
110.3
115.8
120.6
125.6
129.5
133.8
139.3
126.8
129.9
128.8
129.5
130.8
131.7
133.0
133.8
135.1
136.6
137.9
139.3
140.8
Benefits '
93.0
104.3
111.7
120.0
127.9
132.4
136.9
141.7
151.3
134.2
134.8
136.1
136.9
138.1
139.3
140.3
141.7
146.1
148.2
149.7
151.3
154.0
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the
influence of employment shifts among occupations and industries.
Total
compensation
Wages and
salaries
Benefits l
Total
compensation
Wages and
salaries
2.2
2.3
1.5
1.3
1.4
.5
.6
1.0
1.1
9.8
9.8
6.4
5.7
4.9
3.9
3.2
3.3
4.9
9.0
8.8
6.3
5.0
4.1
4.1
3.1
3.3
4.1
1.4
.4
1.0
.6
.9
.9
.7
1.0
3.8
3.8
3.2
3.2
3.1
3.0
3.3
3.3
3.9
3.7
3.1
3.1
3.2
3.0
3.3
3.3
1.5
1.2
1.0
1.0
2.0
1.8
1.2
1.1
1.2
.6
.5
.6
1.0
1.0
.9
.7
.5
1.0
.7
1.0
.6
1.0
1.1
1.0
1.0
3.1
1.4
1.0
1.1
3.9
4.5
4.5
4.9
3.3
3.7
3.7
4.1
1.3
1.1
1.8
4.6
4.2
2.1
2.0
1.3
1.2
1.3
.6
.6
.7
1.0
1.1
.8
.7
.6
1.0
.7
1.0
.7
Benefits '
11.8
12.2
7.1
7.4
6.6
3.5
3.4
3.5
6.8
3.2
3.5
3.3
3.4
2.9
3.3
3.1
3.5
5.8
6.4
6.7
6.8
5.4
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Output '
Business
sector
Compensation per
hour 3
Hours of all
persons 2
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Unit labor costs
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1977 = 100; quarterly data seasonally adjusted
1980
1981
1982
1983
1984
99.3
100.7
100.3
103.0
105.5
98.8
99.8
99.2
102.5
104.6
106.7
108.9
105.5
109.9
119.2
106.7
108.5
104.9
110.1
119.2
107.5
108.2
105.2
106.8
112.9
108.0
108.7
105.7
107.5
114.0
131.5
143.7
154.9
161.4
167.9
131.3
143.6
154.8
161.5
167.8
96.7
95.8
97.3
98.2
97.9
96.6
95.8
97.2
98.3
97.9
132.5
142.7
154.5
156.7
159.1
132.9
144.0
156.0
157.6
160.4
127.6
139.8
148.1
153.0
158.2
127.8
140.3
149.2
154.3
159.0
1985
1986
1987
1988
107.7
110.1
111.0
112.2
106.1
108.2
109.0
110.6
124.2
128.6
133.3
139.4
123.9
128.2
133.0
139.9
115.3
116.8
120.1
124.3
116.8
118.5
122.1
126.6
175.5
183.1
190.4
199.4
174.9
182.3
189.4
198.0
98.8
101.2
101.5
102.1
98.5
100.8
101.0
101.4
162.9
166.3
171.5
177.8
164.9
168.6
173.8
179.1
162.2
165.8
170.5
175.7
163.8
167.8
172.5
177.3
1982:
1983:
1984:
1985:
IV
IV
IV
IV
101.0
103.8
105.9
108.5
99.7
103.3
104.9
106.5
105.0
113.6
120.8
125.9
104.2
114.1
120.7
125.5
103.9
109.4
114.0
116.1
104.5
110.4
115.1
117.9
158.3
163.6
170.3
178.8
158.2
163.4
170.2
177.9
98.0
98.1
98.0
99.4
97.9
97.9
98.0
98.9
156.8
157.6
160.7
164.8
158.7
158.2
162.3
167.1
150.2
155.2
159.8
163.7
151.4
156.2
161.0
165.5
1986:
HE
IV
110.0
109.8
108.0
107.8
128.5
129.3
128.1
128.8
116.8
117.8
118.6
119.5
184.0
186.2
183.1
185.4
101.6
102.1
101.2
101.7
167.3
169.6
169.5
172.1
167.0
167.5
169.0
169.5
109.9
110.6
111.7
111.8
107.8
108.6
109.6
109.9
130.5
132.2
134.3
136.2
130.1
131.9
134.1
136.0
118.8
119.5
120.3
121.8
120.7
121.5
122.3
123.8
187.3
189.0
191.1
194.0
186.4
187.9
190.0
192.9
101.4
101.1
101.3
101.9
100.9
100.5
100.7
101.4
170.5
170.8
171.1
173.5
172.9
173.0
173.3
175.6
168.7
170.1
171.2
171.9
170.9
171.9
173.2
174.0
110.8
110.1
110.7
110.9
138.0
138.8
139.8
140.9
137.9
139.2
140.5
142.1
122.3
124.1
124.5
125.8
124.4
126.4
126.9
128.1
195.8
198.1
201.1
IV
112.8
111.8
112.3
112.0
203.2
194.6
196.6
199.4
201.9
101.9
102.0
102.4
102.3
101.3
101.3
101.5
101.7
173.5
177.1
179.0
181.4
175.7
178.6
180.2
182.0
172.3
174.7
176.8
179.0
174.2
176.2
178.0
180.6
I"
112.5
110.6
142.7
142.9
126.8
129.2
205.9
204.6
102.3
101.7
183.0
185.0
180.5
182.0
1987: I
n
m
IV
1988: I
n
m
1989:
Percent change; quarterly data at seasonally adjusted annual rates
1980
1981
1982
1983
1984
I I
03
1.4
-.4
2.7
2.5
-0.4
1.0
-.6
3.3
2.1
2.1
31
4.2
8.4
-1.2
1.7
-3.3
5.0
8.3
-0.8
.7
28
1.5
5.7
07
.7
-2.7
1.6
6.0
10.5
9.2
7.8
4.2
4.1
10.5
9.4
7.8
4.3
3.9
-2.7
-1.0
1.6
.9
2
-2.7
-.8
1.5
1.1
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
2.2
.8
1.1
1.4
2.0
.8
1.5
4.2
3.5
3.6
4.6
3.9
3.5
3.8
5.2
2.1
1.3
2.8
3.5
2.5
1.5
3.0
3.7
4.5
4.3
4.0
4.8
4.2
4.2
3.8
4.6
.9
2.4
.3
.6
.6
2.3
.2
.4
2.4
2.1
3.1
3.7
2.8
2.2
3.1
3.1
2.5
2.3
2.8
3.1
3.0
2.4
2.8
2.8
1985....
1986
1987
1988
1982:
1983:
1984:
1985:
IV
IV
IV
IV
3.0
3.1
1.7
.7
2.4
1.4
1.2
.2
-.5
10.4
3.5
3.6
-1.2
9.8
3.1
3.5
-3.4
7.1
1.8
2.9
-3.5
8.2
1.9
3.4
4.5
5.5
3.8
5.4
5.0
4.3
3.9
5.1
3.2
1.4
.3
1.2
3.8
.2
.4
.9
1.5
2.3
2.1
4.7
2.6
2.8
2.7
4.9
2.4
4.8
2.7
2.6
3.0
3.1
3.3
2.1
1986:
m
IV
-1.4
-.8
-1.5
-.9
.9
2.5
.8
2.4
2.3
3.4
2.4
3.3
4.4
4.8
4.3
5.1
2.0
2.0
1.9
2.2
5.8
5.7
5.9
6.1
5.0
1.1
5.1
1.2
.3
2.7
3.9
.6
.0
3.2
3.7
.9
3.7
5.3
6.6
5.7
4.0
5.7
6.8
5.9
3.4
2.5
2.6
5.1
4.0
2.5
2.9
4.9
2.5
3.6
4.6
6.2
2.1
3.4
4.5
6.4
-2.8
-1.2
.9
2.4
-3.2
-1.4
.7
2.6
2.2
.8
.7
5.6
2.1
.2
.7
5.4
3.0
3.2
2.8
1.4
3.3
2.3
3.1
1.8
3.5
-3.4
1.7
-1.0
3.4
-2.4
2.0
1.0
5.5
2.4
2.8
3.3
5.6
4.0
3.5
4.8
1.9
6.0
1.1
4.3
2.1
6.6
1.5
3.7
3.7
4.8
6.2
4.3
3.5
4.2
5.7
5.2
.0
.3
1.4
-.2
— .1
-.3
.9
.7
.2
8.5
4.4
5.4
.1
6.8
3.7
4.1
1.0
5.8
4.7
5.1
.6
4.7
4.1
6.0
1.7
-1.1
5.1
2.2
3.4
3.4
5.4
5.4
.0
.0
3.6
6.6
3.6
3.2
1987: I
n
m
IV
1988: I
n
m
IV
1989:
I"....
1
Output refers to grogs domestic product originating in the sector in 1982 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
* Hourly compensation divided by the consumer price index for all urban consumers.
16
8
Current dollar gross domestic product divided by constant dollar gross domestic product.
* Data do not reflect GNP revisions of June 22, 1989.
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.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production was unchanged in May and capacity utilization fell slightly.
INDEX, 1977=100* (RATIO SCALE)
INDEX, 1977=100* (RATIO SCALE)
160
240
FINAL PRODUCTS
TOTAL INDUSTRIAL PRODUCTION
_—-
,--v
200
^^
180
120
Illllllllll
100 |Hll|l||||
Illllllllll
|=S=
^
100
Illllllllll Illllllllll Illllllllll
140
CONSUMER
GOODS
NONDURABLE
120
iimliim Illiil""!
Illllllllll
100
/*"•
UTI LITIES
Illllllllll
hd
1985
1986
Illllllllll
80
"V
-~
__
^-^-|
-
70
Illllllllil
1985
1989
1988
M M M M !
S M M M
-
^X^—^ \^
MINING
Illllllllll Illllllllll Illllllllll
1987
~
90
*.,''""
100
Illllllllll
CAPACITY UTILIZATION RATE
(TOTAL INDUSTRY)
120
<*
Illllllllll
Illllllim
PERCENT*
UTILITIES AND MINING PRODUCTION
f
_„—••••""
-'V"
120
t^^zZ?^*^'
^
^
140 _»*x.— «f ""•^.. - \^^
MANUFACTURING PRODUCTION
100
BUSINESS
E<3UIPMENT
Illllllllll
160
^"^
"^--V
1
..—r
^..--''
160
140 '— DURABLE
DFFFNSF AMD
SPACE
EQUIPMEN1
220
Illllllllll Illllllllll Illllllllll Illllllllll
1986
1987
1988
1989
•SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
Index,
1977 = 100
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
100.0
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
137.2
1980
1981
1982
1983
1984
1985
1986
1987
1988
1988: May
June
July
. J
Aug
Sept
Oct
No-v
Dec
1989- Jan
Feb r
Mar r
Apr T
May"
1
Capacity utilization
rate, percent *
Industry production indexes, 1977 = 100
Total
industrial
production
Output as percent of capacity.
-1.9
2.2
-7.1
5.9
11.2
1.9
1.1
3.8
5.7
84.21
108.2
110.5
102.2
110.2
123.4
126.4
129.1
134.7
142.7
49.10
109.1
111.1
99.9
107.7
124.2
127.6
128.4
133.1
141.9
35.11
107.0
109.7
105.5
113.7
122.3
124.6
130.1
136.8
143.9
9.83
112.4
117.5
109.3
102.9
111.1
108.9
100.4
100.7
103.4
5.96
107.3
107.1
104.8
105.2
110.7
111.1
108.5
110.3
114.3
80.9
79.9
72.1
74.6
81.0
80.4
79.4
80.7
83.3
79.3
78.2
70.3
73.9
80.5
80.1
79.7
81.1
83.5
136.1
136.5
138.0
138.5
138.6
139.4
139.9
140.4
6.2
5.7
5.7
5.5
5.7
5.2
5.1
4.9
141.8
142.1
143.6
144.0
144.4
145.3
145.8
146.3
141.5
141.7
142.9
143.2
143.8
144.6
145.2
145.7
142.1
142.6
144.6
145.1
145.3
146.3
146.7
147.1
102.6
103.0
104.3
103.8
103.7
103.1
104.7
104.9
111.6
113.2
114.4
117.8
113.0
113.9
113.7
115.4
82.9
83.0
83.7
83.8
83.7
84.0
84.1
84.3
83.3
83.3
84.0
84.0
84.0
84.3
84.4
84.4
140.8
140.5
140.6
141.4
141.4
4.8
4.5
4.4
4.5
3.9
147.2
146.8
146.7
147.7
147.6
146.2
145.9
145.6
146.6
146.4
148.5
148.1
148.4
149.3
149.3
103.0
100.9
101.9
102.9
104.1
114.0
116.5
116.9
116.9
116.4
84.3
83.9
83.8
84.1
83.8
84.7
84.3
84.0
84.3
84.0
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977=100; monthly data seasonally adjusted]
Materials
Products
Intermediate products
Final products
Consumer goods
Equipment
Period
Total
Total
Durable
goods
Nondurable goods
Total1
Business
1977 proportion
1980
1981
1982
1983
1984
1985
1986
1987
1988
44.77
112.2
115.2
109.5
114.7
127.3
131.0
132.5
136.8
144.3
25.52
102.7
104.1
101.4
109.3
118.0
119.8
124.0
127.8
133.9
6.89
88.4
89.7
82.9
98.5
112.2
112.5
115.6
120.2
125.3
18.63
108.1
109.3
108.3
113.3
120.1
122.5
127.1
130.6
137.1
19.25
124.7
129.9
120.2
121.7
139.6
145.8
143.6
148.9
158.2
14.34
125.1
127.6
113.6
115.4
134.2
140.2
139.5
144.5
157.6
1988:
143.5
144.0
145.0
145.8
145.8
146.4
146.8
147.7
132.7
133.0
134.2
135.0
134.8
136.4
136.8
138.2
125.6
125.3
125.3
125.7
126.3
129.3
129.2
131.9
135.4
135.8
137.5
138.5
138.0
139.0
139.7
140.5
157.7
158.5
159.4
160.1
160.4
159.7
159.9
160.4
148.2
148.6
148.8
149.7
149.4
138.5
138.7
138.3
139.1
138.5
131.5
131.6
130.1
131.8
130.8
141.1
141.4
141.3
141.8
141.3
161.1
161.6
162.6
163.8
163.9
156.9
158.1
159.3
160.2
160.8
160.2
161.2
162.6
163.8
165.0
166.2
167.4
167.8
May
June
July
Aue
Sept
1989:
Oct.
Nov
Dec
Jan
Feb r
Mar r
Apr T
May >>.
1
Defense
and
space
equipment
3.67
115.4
119.8
133.0
143.1
156.4
171.4
182.0
188.9
185.8
185.5
184.6
184.9
184.9
184.5
184.0
182.2
180.5
180.0
179.3
178.2
178:6
178.0
Total
Construction
supplies
Business
supplies
Total
Energy
12.94
106.9
107.3
101.7
111.2
124.7
129.3
136.2
143.4
151.5
5.95
100.6
98.6
88.3
100.6
114.0
119.2
126.4
131.5
138.6
6.99
112.3
114.7
113.1
120.3
133.8
137.9
144.6
153.5
162.5
42.28
105.3
107.7
96.7
102.8
114.2
114.3
113.8
118.2
125.2
11.69
105.5
104.7
101.2
98.4
103.9
103.3
99.7
99.8
101.5
150.4
150.0
151.6
152.3
152.9
154.0
154.2
155.0
156.6
155.1
155.9
155.9
155.7
138.8
137.6
138.4
138.1
138.4
140.0
140.7
141.4
160.3
160.6
162.8
164.4
165.2
165.9
165.7
166.7
123.9
124.5
126.4
126.5
126.5
127.5
128.3
128.3
99.5
101.3
102.7
103.2
101.5
101.3
102.3
102.6
142.3
139.5
138.9
138.5
137.4
168.8
168.4
170.3
170.8
128.1
127.4
127.3
128.3
128.5
100.5
100.5
101.3
102.5
103.1
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1977 = 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Transportation
equipment
Primary metals
Total
1977 proportion
1980
1981
1982
1983
1984
1985
1986
1987
1988
1988: May
June
July
Auff
Sept
Oct.
Nov
Dec
1989: Jan.
Feb r.
Mar r
Apr r
May p
5.33
90.4
95.0
65.8
73.0
82.3
80.4
75.1
81.3
89.2
89.2
87.5
91.5
90.8
93.1
94.2
92.7
90.0
93.2
91.1
88.4
89.4
894
Source: Board of Governors of the Federal Reserve System.
18
Lumber
and
products
Apparel
products
Printing
and
publishing
Chemicals
and
products
Foods
5.25
71.1
71.6
66.8
85.8
104.4
111.9
111.5
111.8
117.2
3.30
92.9
90.1
82.8
100.2
109.1
114.3
124.1
130.3
137.3
2. 79
97.3
96.1
87.3
95.3
102.7
100.4
103.1
107.4
109.1
4.54
115.1
118.6
120.2
129.8
146.5
151.4
160.9
172.1
184.2
8.05
106.4
112.6
103.8
114.0
121.6
126.4
132.0
140.2
151.9
7.96
111.4
113.7
114.9
120.4
126.9
130.5
134.4
137.8
142.7
133.1
132.8
131.9
131.8
132.7
134.8
135.2
136.8
119.6
119.1
116.6
117.5
118.5
121.7
122.9
125.5
139.8
136.4
136.6
133.8
133.5
137.5
139.4
143.0
108.6
109.3
109.4
108.9
109.9
109.5
110.1
108.8
180.7
182.3
184.9
186.7
188.0
188.1
188.5
188.0
149.1
150.5
153.4
154.8
155.3
156.7
157.5
158.1
141.0
141.3
143.3
143.3
143.2
144.0
145.7
145.8
136.7
136.4
134.7
136.7
135.3
124.9
123.4
120.4
122.7
120.1
139.9
132.8
133.1
132.5
110.2
110.2
109.6
193.0
194.6
197.4
199.3
200.0
159.0
158.5
159.1
159.2
146.6
146.3
145.5
146.3
Iron and
steel
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
3.49
86.3
92.5
57.5
66.1
73.4
70.4
63.4
70.6
78.1
6.46
101.8
101.6
86.6
89.1
102.6
107.1
108.0
111.0
120.9
9.54
123.3
129.8
115.6
118.3
141.8
146.2
145.0
152.7
170.8
7.15
130.3
134.1
128.4
143.8
170.5
168.3
165.7
172.3
180.1
9.13
96.9
95.1
87.6
99.2
112.2
122.8
127.5
129.2
132.1
78.6
74.2
80.2
78.9
81.4
83.1
80.8
77.6
119.8
120.4
121.7
122.1
122.5
122.6
124.6
125.1
170.3
171.2
173.1
174.1
174.8
173.8
175.4
177.8
179.1
179.5
181.5
182.2
181.8
183.0
182.2
180.9
82.2
79.1
75.9
77.4
124.5
124.5
124.0
123.6
124.0
178.7
180.8
182.3
183.6
184.4
180.9
181.7
181.4
182.9
182.3
Period
Total
Motor
vehicles
and
parts
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
Period
Total new
construction
expenditures
Federal,
State, and
local
Residential
Total
New: housing
units
Total '
Commercial
and
industrial 2
Other
Total value
index
(1982=100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1979
252.4
1980
1981
1982 ..
1983
1984
1985
1986
1987
1988
251.7
260.2
246.6
281.3
328.6
355:7
386.1
398.9
403.1
200.7
193.3
203.6
192.9
227.5
271.0
291.7
314.7
323.8
325.1
89.3
69.6
69.4
57.0
94.6
113.8
114.7
133.2
139.9
139.2
116.4
100.4
99.2
84.7
125.5
153.8
158.5
187.1
194.8
195.3
42.0
46.7
55.0
58.7
53.8
68.6
82.7
78.0
76.5
76.4
42.3
46.2
49.4
49.5
48.1
48.5
50.5
49.5
52.5
53.4
51.7
58.5
56.5
53.7
53.8
57.7
64.1
71.4
75.0
78.0
109
97
100
100
124
136
150
158
164
161
Annual rates
Annual rates
1988- Apr
May
396.2
398.5
395.7
404.2
403.2
406.9
407.7
July
1989: Jan
Feb r.
Mar r
Apr "
May"
1
324.7
326.8
327.2
330.7
332.3
335.6
418.0
415.7
414.6
414.9
Oct
Nov
Dec
3
320.2
411.5
421.0
Sept
2
318.5
317.7
336.5
333.8
339.6
335.6
192.0
190.4
188.1
194.2
195.4
196.9
300.0
200.6
201.7
201.4
199.7
201.1
200.7
1,059
904
919
690
756
955
1,097
1,016
1,019
942
138.5
137.7
136.8
136.4
137.1
138.7
140.5
142.7
144.2
76.8
78.1
77.5
77.1
76.7
75.1
76.0
76.3
77.5
49.7
51.8
52.2
53.3
54.7
55.1
54.8
55.3
56.4
77.7
78.3
78.0
79.5
76.4
79.7
77.0
79.2
85.4
158
166
169
160
162
157
164
158
163
852
860
904
954
905
880
841
839
942
145.4
145.4
143.7
141.8
80.4
80.2
84.5
80.3
54.6
53.8
53.9
54.6
81.4
82.0
75.0
79.3
155
148
150
163
159
943
850
856
836
905
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W, Dodge Division.
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Period
Units started, by type of structure
Total
1979
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1980
1981
1982 ...
1983
1984
1985
1986
1987
1988
1 unit
1,194.1
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
2-4 units
5 or more units
122.0
429.0
330.5
287.7
109.5
91.1
80.0
113.5
121.4
93.4
84.0
65.3
58.8
319.6
522.0
544.0
576.1
542.0
408.7
348.0
Units
authorized
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
Units
completed
Homes sold
1,870.8
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
709
545
436
412
623
639
688
750
671
676
Homes for
sale at end of
period 1
3
397
337
275
253
301
353
346
357
365
366
Vacancy rate
for rental
housing units
(percent) 2
5.4
5.4
5.0
5.3
5.7
5.9
6.5
7.3
7.7
7.7
Seasonally adjusted annu al rates
1988- May
1,392
1,463
1,478
1,459
1,463
1,532
1,567
1,577
July
Sept
Oet
Nov
Dec
1989- Jan
Feb
Mar
r
May"
1
1,001
1,088
1,067
1,076
1,039
1,136
1,138
1,141
53
62
50
59
62
63
68
65
338
313
361
324
362
333
361
371
1,448
1,485
1,425
1,466
1,432
1,526
1,508
1,518
1,461
1,517
1,528
1,539
1,536
1,516
1,429
1,539
679
716
701712
691
718
650
669
370
367
365
363
361
353
364
366
1,678
1,465
1,409
1 ,339
1,311
1,199
1,029
981
1,027
980
66
62
50
64
46
413
374
378
248
285
1,486
1,403
1,230
1,334
1,347
1,537
700
r
621
547
597
613
369
r
375
377
377
382
Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
with earlier data.
3
New series beginning March 1979.
2
r
l,610
1,453
1,555
7.7
7.8
7.3
7.3
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In April, manufacturing and trade sales rose 1.8 percent and inventories rose $4.4 billion. In May, according to
advance data, retail sales rose 0.1 percent, following a rise of 1.0 percent in April.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
800
r-
700
240
-
^—
_-r-^'
r \
MAM JFACTURINC,
600
180
—
160
500
^>
Rbl AIL INVENTC >R1ES
~~^
-
—
—
^— •*""""
-
NG
Ah•4D TRADE S> dES
M \NUFACTUR
400
,
140
-
-
—
^r^
200
AND
TRA 3E INVENTORIES
-
^,
220 —
120
-C"
A / •RETAIL SAl tb
,-''*-'
—
-
-
—
100
imiliiiii imiliiiii Illllllllll Illllllllll
300
Illllllllll
RATKy
1.80
-
-
_ INVENTORY-SALES RATIO
1.60
Y»
X.
L~~\,'~~ "».---*" "-''
^T-
1.40
200
RETA|L
/^
MANUFACTURING
AND TRADE
1.20
Illllllllll Illllllllll Illllllllll llll|||||ll
1985
1986
1987
iiiiiliiin
1.00
Illllllllll
1989
1988
1
Ullll ! \\\
1986
1985
IIM.hlM,
EA5ONALLY ADJU STED
s DURCE: DEPARTME sIT OF COMMERCE
Manufacturing and
trade '
Sales
Inventories 3
1988
million
1989
COUNCIL OF ECC NOMIC ADVISERS
Wholesale
Inventory-sales ratio 4
Retail
Inventories 3
Sales 2
Period
2
MM lllllll
1987
Sales
2
Inventories 3
Total
Durable
goods
stores
Manufacturing
and
trade J
Retail
Total
Durable
goods
stores
Nondurable goods
stores
61,093
64,754
68,985
72,434
74,802
79,077
83,384
134,468
147,377
167,159
180,825
185,224
206,981
221,242
61,469
68,984
79,257
88,608
90,477
106,271
114,994
72,999
78,393
87,902
92,217
94,747
100,710
106,248
1.67
1.56
1.53
1.55
1.55
1.51
1.50
1.49
1.44
1.49
1.53
1.56
1.56
1.57
81,188
82,143
82,690
83,378
84,119
84,324
85,117
85,599
85,035
206,622
208,575
210,824
211,534
215,396
219,297
216,724
218,093
221,242
104,019
105,860
107,064
107,443
110,146
114,303
111,689
112,904
114,994
102,603
102,715
103,760
104,091
105,250
104,994
105,035
105,189
106,248
1.50
1.50
1.49
1.50
1.50
1.51
1.49
1.49
1.49
1.55
1.56
1.56
1.56
1.58
1.62
1.57
1.56
1.59
86,225
86,357
86,630
r
87,124
87,132
222,584
224,185
224,693
226,548
115,704
116,169
115,993
117,148
106,880
108,016
108,700
109,400
1.48
1.50
1.51
1.49
1.59
1.61
1.61
1.61
Nondurable goods
stores
Millions of dollars, seasonally adjusted
1982
1983
1984
1985
1986
1987
1988
348,747
368,813
407,869
418,151
423,700
449,536
485,756
1988: Apr r....
May..
.
r
July..
Sept..
Oct
Nov..
Dec
1989-
Jan
Feb...
Mar r
Apr"
May"
1
2
3
574,491
590,358
644,306
655,066
653,853
700,761
753,718
96,290
100,244
113,195
114,315
115,677
123,581
132,361
128,196
130,334
142,380
146,745
152,447
162,648
178,313
475,218
478,615
486,208
486,193
492,491
492,478
498,846
501,400
506,186
714,590
718,995
724,966
729,903
737,562
744,054
743,544
746,756
753,718
129,105
128,790
132,317
133,833
134,726
135,332
138,087
137,239
136,170
170,032
170,346
172,179
174,581
176,368
176,972
177,408
177,060
178,313
511,881
507,328
507,555
516,820
759,803
763,051
765,504
769,912
140,356
139,547
139,991
141,876
179,761
179,810
179,681
179,916
See page 21 for manufacturing.
Monthly average for year and total for month.
End of period.
20
89,107
97,328
106,805
113,821
119,663
126,785
135,763
r
133,077
134,048
135,010
135,662
136,050
135,751
137,842
139,529
139,189
140,040
139,428
139,516
r
140,942
141,085
28,013
32,574
37,819
41,387
44,861
47,707
52,379
r
51,889
5 1,905
52,320
52,284
51,931
51,427
52,725
53,930
54,154
53,815
53,071
52,886
r
53,818
53,953
4
r
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In April, manufacturers' shipments, inventories, and orders rose. In May, according to advance data, shipments by
durable goods manufacturers were about unchanged and new orders fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
280
240
SHIPMENT";
—"I
200
'
•— ^
\
TOTAL
280
160
DUR ABLE GOODs
120
.—i— '
-•_
*•*"
"~~ "*~
- _.-
- — r"""
"*
\
80
BILLIONS OF DOLLARS* (RATIO SCALE)
480
440 — INVENTORIES400
360
TOTAL
===^i!
200
DURABLE GOODS
160
120
NO NDURABLE C OODS
60
Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll
BILLIO NS OF DOLLARS* (RATIO SCALE)
NONDURABLE GOODS
80
60
280
240
Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll
200
RATIC *
2.20
160
INVENTORY-SHIPMENTS RATIO
2.00
DURABLE GOODS
120
r~^
1.80
1.60
- NONDURABLE GOODS-
80
-
" ^
~ 1
f\
1.40
60
miilimi I l l l l l l l l l l
Illllllllll
1986
1985
1987
I l l l l l l l l l l
niiiliiiii
MTIlllMI,
1985
1.20
1986
1989
1988
''MllH'M
1987
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
IT III III til
mill
1988
Manufacturers' shipments l
Manufacturers' inventories 2
Manufacturers' new orders *
Durable goods
Period
Total
Durable
goods
1989
COUNCIL CF ECONOMIC ADVISERS
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable goods
Manufacturers'
unfilled
orders 2
21,661
22,098
26,243
27,067
26,551
29,707
35,028
33,746
31,522
35,458
36,213
38,808
34,858
34,623
35,825
39,432
40,352
37,189
38,137
40,364
37,020
83,935
86,522
91,209
91,075
88,497
94,197
101,993
100,193
101,029
102,648
103,765
104,203
103,348
104,304
105,118
106,737
107,596
107,199
107,634
110,447
314,270
349,419
372,586
383,181
387,065
421,243
468,860
433,527
434,148
443,357
446,536
451,830
453,103
457,281
460,802
468,860
473,450
476,403
481,366
487,173
Manufacturers'
inventory —
shipments
ratio 3
1.95
1.80
1.74
1.74
1.70
1.62
1.58
1.59
1.58
1.56
1.59
1.56
1.57
1.57
1.57
1.53
1.54
1.57
1.58
1.55
Millions of dollars, seasonally adjusted
1982
1983
1984
1985
1986
1987
1988.
1988: Apr
May
July
Sept
Oct
Nov
Dec
1989: Jan
Feb
Mar
Apr r
May"
1
2
163,350
171,242
187,869
190,016
188,360
199,170
217,632
213,036
215,777
218,881
216,698
221,715
221,395
222,917
224,632
230,827
231,485
228,353
228,048
234,002
79,352
84,956
96,623
99,019
99,989
105,291
115,684
112,521
114,751
116,522
113,122
117,866
118,030
118,439
119,874
124,175
123,578
120,924
120,432
123,349
123,284
83,998
86,286
91,246
90,996
88,371
93,879
101,948
100,515
101,026
102,359
103,576
103,849
103,365
104,478
104,758
106,652
107,907
107,429
107,616
110,653
311,827
312,647
334,767
327,496
316,182
331,132
354,163
337,936
340,074
341,963
343,788
345,798
347,785
349,412
351,603
354,163
357,458
359,056
361,130
363,448
Monthly average for year and total for month. Shipments are the same as sales.
End of period.
200,825
200,406
218,771
214,066
208,313
216,598
233,666
221,405
222,948
224,000
225,467
226,600
228,214
229,735
231,766
233,666
236,810
238,165
239,330
240,548
111,002
112,241
115,996
113,430
107,869
114,534
120,497
116,531
117,126
117,963
118,321
119,198
119,571
119,677
119,837
120,497
120,648
120,891
121,800
122,900
3
162,273
174,122
189,791
190,918
188,663
201,966
221,627
217,029
216,398
228,090
219,877
227,009
222,669
227,095
228,153
238,886
236,075
231,306
233,011
239,809
78,338
87,600
98,581
99,843
100,166
107,770
119,634
116,836
115,369
125,442
116,112
122,806
119,321
122,791
123,035
132,149
128,479
124,107
125,377
129,362
123,973
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In May, the producer price index for all finished goods rose 0.9 percent. Prices of finished consumer foods rose 0.8
percent while prices of other finished consumer goods rose 1.1 percent. Capital equipment prices rose 0.4 percent.
INDEX, 1982 =100 (RATIO SCALE)
INDEX, 1982 =100 (RATIO SCALE)
120
SEASONALLY ADJUSTED
120
rONSI IMFR
FINISHED GOODS PRICES
Wv«
ruwuo
\
CAPITAL EQUIPMENT
\
,-.- <
'"'.
._
'""
.
_V'J"'
/
^
.-•> '—
^
-•"^-Ssi! ^-
/
."
'
fj.s'sl
-
.-"'">'"> .'''
-
i
~-~."
-—*—5V^H
*
-./
V'
•{V^^
. ia***^ i^x***.'
'
^
100
f
^••»
^ ^s
\
&$'
1
"-'
' P**f
f
*l"
"
%
.S^
t
/'
~-S~—**t —^**^
'
TOTAL /
,.'~''~
"\
100
CONSUMER GOODS
E KCLUDING FOC)DS
Y
90
-
—
80
Illllllllll iiiiiliiiii Illllllllll
1981
1983
1982
I11I(
IIIIll|||ll
1984
Illllllllll IIIIlll|||l Illllllllll Illllllllll
1986
1985
1987
SOURCE: DEPARTMENT OF LABOR
1989
1988
COUNCIL OF ECONOMIC ADVISERS
[1982 = 100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Total
1980...
1981
1982 ..
1983
1984....
1985
1986.
1987
1988
1988: May
June
July
Aue:
Sept
1989:
1
Oct
Nov
Dee
Jan r.
Peb
Mar
Apr
May
Durable
Capital
equipment
Total
Foods
and
feeds '
Other
Crude materials
Total
Foodstuffs
and
Other
stuffs
88.0
96.1
100.0
101.6
103.7
104.7
103.2
105.4
108.0
92.4
97.8
100.0
101.0
105.4
104.6
107.3
109.5
112.6
86.7
95.6
100.0
101.8
103.2
104.6
101.9
104.0
106.5
87.1
96.1
100.0
101.2
102.2
103.3
98.5
100.7
103.1
91.0
96.4
100.0
102.8
104.5
106.5
108.9
111.5
113.8
85.1
95.8
100.0
100.5
101.1
101.7
93.3
94.9
97.3
85.8
94.8
100.0
102.8
105.2
107.5
109.7
111.7
114.3
88.6
96.6
100.0
101.3
103.3
103.8
101.4
103.6
106.2
90.3
98.6
100.0
100.6
103.1
102.7
99.1
101.5
107.1
105.5
104.6
100.0
103.6
105.7
97.3
96.2
99.2
109.5
89.4
98.2
100.0
100.5
103.0
103.0
99.3
101.7
106.9
95.3
103.0
100.0
101.3
103.5
95.8
87.7
93.7
96.0
104.6
103.9
100.0
101.8
104.7
94.8
93.2
96.2
106.1
84.6
101.8
100.0
100.7
102.2
96.9
81.6
87.9
85.5
107.4
107.6
108.2
108.5
109.1
109.2
109.5
109.9
111.2
112.1
112.9
113.6
114.6
114.7
115.1
115.2
106.1
106.1
106.6
106.9
107.3
107.4
107.7
108.2
102.9
102.7
103.3
103.5
103.7
103.8
104.1
104.7
113.2
113.4
113.9
114.5
115.1
115.0
115.0
115.4
97.2
96.8
97.6
97.6
97.6
97.8
98.3
98.9
113.7
114.0
114.3
114.7
115.7
115.6
115.8
116.2
105.6
105.8
106.5
106.8
107.3
107.4
107.8
108.2
106.3
107.1
107.9
108.2
108.6
108.6
109.0
109.5
104.2
110.7
115.9
114.9
115.3
115.1
113.2
112.3
106.4
107.0
107.4
107.8
108.2
108.3
108.8
109.4
96.0
96.9
96.6
97.2
97.1
96.6
94.8
97.8
102.0
106.1
108.3
110.9
113.1
113.4
108.8
110.8
88.0
86.9
85.2
84.4
83.1
82.0
82.1
85.6
111.1
112.1
112.6
113.1
114.1
116.7
117.9
118.9
118.2
119.2
109.3
110.1
110.6
111.4
112.4
106.0
107.1
107.6
109.0
110.2
116.3
116.6
117.2
116.3
100.4
101.7
102.2
104.5
105.8
116.9
117.3
117.5
117.4
117. 9
109.5
110.7
111.3
112.0
113.2
110.8
111.2
112.0
112.5
112.6
115.2
114.6
116.7
115.2
113.6
110.5
111.1
111.8
112.3
112.6
101.8
101.3
103.6
104.2
105.1
113.3
111.7
115.1
111.9
112.3
90.2
90.3
91.8
94.8
96.0
Intermediate materials for food manufacturing and feeds.
22
Nondurable
Consumer goods
Total
Total
finished
consumer
goods
in. 2
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In May,
the consumer price index for all urban consumers rose 0.6
adjusted. The index was 5.4 percent above its year-earlier
percent, seasonally adjusted and not seasonally
level.
INDEX, 1982-84= 100 (RATIO SCALE)
INDEX, 1982-84= 100 (RATIO SCALE)
130
130
SEASONALLY ADJUSTED
120
120
. CONSUMER PRICES—ALL ITEMS .
110
110
100
100
90
90
80
80
70
70
60
Illllllllll
1981
Illllllllll
I l l l l l l l l l l
1983
1982
III I l l l l l l l
1984
Illllllllll
1985
Illllllllll
1986
I l l l l l l l l l l l 60
1987
1989
1988
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1982-84—100, except as noted; monthly data seasonally adjusted, except as noted]
All items l
Transportation
Housing
All
Shelter
Not
Period
seasonally
adjust-
ed
(NSA)
Ret. imp.3....
1980
1981
1982
1983
1984
1985
1986
1987
1988
1988:
May
Season-
Rent-
Pood
ally
adjust-
ers'
Total !
Total
ed
costs
owners'
90.9
96.5
99.6
103.9
107 6
109.6
113 6
118.3
114.7-
6.4
90.9
95.3
97.8
100.2
102.1
105.0
105.9
110.6
115.4
17.2
83.1
93.2
97.0
99.3
103.7
106.4
102.3
105.4
108.7
4.3
88.4
93.7
97.4
99.9
102.8
106.1
110.6
114.6
116.9
3.1
97.4
108.5
102.8
99.4
97.9
98.7
77.1
80.2
80.9
6.0
74.9
82.9
92.5
100.6
106.8
113.5
122.0
130.1
138.6
7.3
86.0
97.7
99.2
99.9
100.9
101.6
88.2
88.6
89.3
48.7
80.6
88.3
95.1
100.0
105.0
109.0
112.7
117.0
121.9
and
repairs
7.9
19.7
103.0
108.6
115.4
121.9
128.1
133.6
102.5
107.3
113.1
119.4
124.8
131.1
Ener-
7.6
75.4
86.4
94.9
100.2
104.8
106.5
104.1
103.0
104.4
costs
27.8
81.0
90.5
969
99.1
104.0
109.8
115.8
121.3
127.1
cal
el and
upkeep
(Dec.
1982 =
100)
42.3
81.1
90.4
96.9
99.5
103.6
107.7
110.9
114.2
118.5
Medi-
Appar-
and
other
utilities
Maintenance
(Dec.
1982 =
100)
16.2
86.8
93.6
97.4
99.4
103.2
105.6
109.0
113.5
118.2
100.0
82 4
Fuel
Home-
items
less
food,
shel-
Total !
New
cars
Motor
fuel
care
gy 2
(NSA)
0.2
82.4
90.7
96.4
99.9
103.7
106.5
107.9
111.8
ter,
and
energy
Get
Nov
Dec
117.5
118.0
118.5
119.0
119.8
120.2
120.3
120.5
117.7
118.1
118.6
119.0
119.5
120.0
120.3
120.7
117.1
117.8
118.9
119.5
120.3
120.6
120.8
121.2
117.9
118.2
118.5
118.9
119.3
119.6
120.1
120.6
126.2
126.7
127.0
127.6
128.1
128.3
128.9
129.4
132.6
133.0
133.4
133.8
133.8
134.1
134.2
134.9
130.3
130.8
131.2
131.9
132.5
132.7
133.5
133.9
114.3
114.7
114.5
115.0
115.3
115.0
115.4
115.8
104.0
103.9
104.0
104.0
104.4
105.1
105.5
106.3
116.3
115.9
115.7
113.9
116.0
117.4
117.4
117.7
108.2
108.4
108.7
109.6
109.7
110.1
110.4
110.4
116.5
116.6
116.7
117.0
117.7
117.8
117.9
118.1
81.4
80.9
81.3
82.8
82.0
81.3
81.1
79.7
137.6
138.4
139.4
140.0
140.7
141.6
142.2
142.9
88.9
88.7
88.9
89.5
89.3
89.2
89.5
89.2
121.5
121.8
122.2
122.4
123.0
123.8
124.2
124.6
1989:
Jan
Feb
Mar
Apr
May
121.1
121.6
122.3
123.1
123.8
121.4
121.9
122.5
123.3
124.0
122.1
122.6
123.6
124.2
125.0
120.9
121.3
121.7
121.8
122.3
129.7
130.3
131.1
131.2
131.8
135.2
136.4
138.2
137.3
137.3
134.2
134.7
135.1
135.6
136.5
116.1
117.1
117.1
117.3
117.4
106.9
106.7
106.9
107.4
107.6
117.7
117.5
119.1
119.4
120.4
111.2
111.9
112.6
115.0
116.1
118.9
119.3
119.7
119.8
119.6
80.5
81.8
83.6
93.0
96.6
144.0
145.2
145.9
146.6
147.6
89.9
90.4
91.4
96.1
97.6
125.4
125.8
126.3
126.6
127.2
July
Aug
Sept
1
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
a included through 1982.
Relative importance, December 1988.
2
3
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.
iource: 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]
Change from preceding period
Period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Total
finished
goods
Excluding
foods
Foods
Capital
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
11.8
7.1
3.6
.6
1.7
1.8
-2.3
2.2
4.0
1980
1981
1982
1983
1984
1985
1986
1987
1988
14.1
8.6
4.2
-.9
.8
2.1
-6.6
4.1
3.1
7.5
1.5
2.0
2.3
3.5
.6
2.8
2
5.7
13.4
9.2
4.1
1.6
2.1
1.0
-1.4
2.1
2.5
11.4
9.2
3.9
2.0
1.8
2.7
2.1
1.3
3.6
Change, month to month
0.3
.2
.6
.3
.6
.1
.3
.4
July
Sept
Oct
Nov
Dec
1989- Jan '
Feb r
Mar
Apr '
May
0.5
.8
.7
.6
.9
.1
.3
.1
0.2
-.2
.6
.2
.2
.1
.3
.6
0.3
.3
.3
.3
.9
-.1
.2
.3
3.8
3.0
4.2
4.2
5.7
3.7
3.7
3.0
4.4
5.5
8.6
8.9
9.2
6.5
5.4
2.1
4.0
2.0
2.4
2.4
4.0
2.0
2.3
3.9
2.1
2.9
3.2
3.6
6.1
4.6
3.9
1.7
2.7
3.6
3.4
4.0
4.4
4.0
3.9
4.3
2.2
6.2
4.6
6.7
7.4
7.6
7.1
5.6
3.0
2.4
3.2
3.2
3.0
2.2
2.3
3.9
2.9
3.2
2.7
2.8
4.5
3.9
3.7
3.9
2.0
2.1
2.5
2.6
2.7
3.0
3.3
4.0
1.1
.9
.4
.4
.9
1988- May
1.3
1.0
.8
-.6
.8
1.2
1.0
.5
1.3
1.1
.6
.3
.2
7.1
9.8
10.2
7.4
7.3
7.2
10.1
13.5
5.2
4.5
8.8
12.0
11.5
11.8
12.1
4.6
5.3
4.6
1.7
2.1
5.4
6.7
6.5
7.3
8.6
6.8
7.7
7.6
6.2
7.3
5.3
7.1
7.7
10.3
12.1
4.6
4.6
3.1
3.1
3.7
4.5
5.3
5.6
5.6
6.2
1
.4
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing
Transportation
Shelter
Period
All
items 1
Food
Total '
Total i
Renters'
costs
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
New
cars
Total'
Motor
fuel
Medical
care
Energy2
All
items
less
food,
shelter,
and
energy
Addendum: AH items, percent change
(annual rate)
From
previous
quarter 3
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
1980
1981
1982
1983
1984
1985
1986
1987
1988
12.5
8.9
3.8
3.8
3.9
3.8
1.1
4.4
4.4
10.2
4.3
3.1
2.7
3.8
2.6
3.8
3.5
5.2
13.7
10.2
3.6
3.5
4.3
4.3
1.7
3.7
4.0
15.0
9.9
2.4
4.7
5.2
6.0
4.6
4.8
4.5
5.1
5.9
6.3
5.0
3.9
3.9
4.5
5.1
5.9
4.6
5.3
4.7
13.8
14.4
9.7
1.8
4.2
1.8
56
1.6
2.9
6.8
3.5
1.6
2.9
2.0
2.8
.9
4.8
4.7
7.4
18.8
9.4
6.8
65
1.5
3.4 -1.7
2.5
24
3.4
3.1
5.9 -30.7
18.7
1.8
2.1 -2.1
14.6
10.9
1.8
3.9
3.1
2.6
-5.9
6.1
3.0
9.9
12.5
11.0
6.4
6.1
6.8
7.7
5.8
6.9
18.0
11.9
1.3
-.5
.2
1.8
197
8.2
.5
13.5
10.3
6.2
3.2
4.3
3.6
1.9
3.6
4.1
9.8
9.4
6.1
5.0
4.3
3.7
3.3
3.8
4.7
Change, month to month
1988- May
June
July
Aug
Sept
Oct
Nov
Dec
0.4
.3
.4
.3
.4
.4
.3
.3
0.4
.6
.9
.5
.7
.2
.2
.3
0.3
.3
.3
.3
.3
.3
.4
.4
0.3
.4
.2
.5
.4
.2
.5
.4
0.2
.3
.3
.3
0
.2
.1
.5
0.4
.4
.3
.5
.5
.2
.6
.3
0
-.1
.1
0
.4
.7
.4
.8
0.7
-.3
-.2
-1.6
1.8
1.2
0
.3
0.7
.2
.3
.8
.1
.4
.3
0
0.3
.1
.1
.3
.6
.1
.1
.2
1.6
-.6
.5
1.8
-1.0
9
-.2
-1.7
0.6
.6
.7
.4
.5
.6
.4
.5
0.6
-.2
.2
.7
.-.2
-.1
.3
-.3
0.4
.2
.3
.2
.5
.7
.3
.3
1989: Jan
Feb
Mar
Apr
May
.6
.4
.5
.7
.6
.7
.4
.8
.5
.6
.2
.3
.3
.1
.4
.2
.5
.6
.1
.5
.2
.9
1.3
-.7
0
.2
.4
.3
.4
.7
.6
2
.2
.5
.2
0
-.2
1.4
.3
.8
.7
.6
.6
2.1
1.0
.7
.3
.3
.1
-.2
1.0
1.6
2.2
11.2
3.9
.8
.8
.5
.5
.7
.8
.6
1.1
5.1
1.6
.6
.3
.4
.2
.5
1
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
also included through 1982.
2
24
3
4.5
4.5
4.4
5.4
Quarterly changes are shown in the last month of the quarter,
Source: Department of Labor, Bureau of Labor Statistics.
4.9
4.9
4.9
4.5
4.8
4.8
4.4
4.1
4.0
4.4
4.4
i-7
4.9
4.8
4.5
4.5
3.9
4.0
4.1
4.0
4.2
4.2
4.2
4.4
4.7
5.4
6.1
6.4
7.1
4.8
4.9
5.1
5.6
6.2
4.7
4.8
5.0
5.1
5.4
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in June were 2.0 percent below their May level. Prices paid by farmers in April were
1.1 percent above their January level. (Data are not seasonally adjusted.)
INDEX, 1977=100 (RATIO SCALE)
180
INDEX, 1977= 100 (RATIO SCALE)
180
160
160
PRICES PAID
140
140
120
120
PRICES RECEIVED
100
80
80
lllllllllll
um
lmii
60
RATICW
140
120
ILU 60
RA
120
100 -
^~~
lllll
100
KAIIU
^
_
-
80
r-—^—'1
^
""
"1
60
lllllllllll lllllllllll lllllllllll lllllllllll lllllllllll lllllllllll lllllllllll lllllllllll lllllllllll
1981
1983
1985
1982
1984
! 1986
1987
1988
1989
80
60
I/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF AGRICULTURE
[1977 = 100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
1981
1982
1983
1984
1985
1986
1987
1988
1988:
June
July
Aug;
Sept
Oct
Nov
Dec
1989- Jan
Feb
May
T
All farm
products
Livestock and
products
Crops
139
133
135
142
128
123
r
!26
138
r
!39
142
144
144
143
144
145
134
121
128
138
120
107
106
r
!26
129
r
!37
136
135
133
136
136
149
148
149
147
149
146
140
138
136
140
141
137
1
Includes items not shown separately.
2
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 'A.
3
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
143
145
141
146
136
138
146
150
147
147
152
153
152
151
154
158
158
161
154
156
155
All commodities,
services,
interest, taxes,
and wage rates 1
Production
items, interest,
taxes, and wage
rates
150
159
161
164
162
159
161
170
(3)
172
(3)
(3)
173
(3)
(3)
175
(3)
(3)
177
(3)
(3)
151
!58
159
161
156
150
151
160
r
(3)
162
(3)
(3)
163
(3)
(3)
166
(3)
(3)
167
(3)
(3)
Production
items
148
153
152
155
151
r
!44
147
157
(3)
159
(3)
(3)
162
(3)
(3)
163
(3)
(3)
165
(3)
(3)
Ratio 2
92
84
84
87
79
77
79
81
r
83
83
84
84
83
83
84
85
85
85
83
84
82
NOTE. — The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977 — 100 base to facilitate comparison with other indexes,
source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Ml fell again in May and the broader aggregates declined as well.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
4,000
3,600
4,000
3,600
3,200
3.200
2,800
2,800
2,400
2,400
M2
2,000
2,000
1,600
1,600
1,200
1,200
800
800
600
400
Minium
1982
1986
1983
1988
1989
COUNCIL OF ECONOMIC ADVISERS
• AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Ml
Period
1980:
1981:
1982:
1983:
19841985:
19861987:
1988:
Dec
Dec.
Dec
Dec
Dec
Dec
Dec
Dec
Dec
.
1988: May
July
Sept
Oct
Nov
Dec
1989: Jan T
Feb '
Mar r
May"
1
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
KPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term KPs, term
Eurodollars, and
institution-only
MMMF balances
412.2
439.1
476.4
522.1
551.9
620.5
725.9
752.3
790.3
1,633.3
1,795.9
1,954.5
2,186.0
2,367.2
2,567.4
2,811.2
2,909.9
r
3,069.4
1,991.1
1,236.9
2,443.8
2,694.3
2,982.3
3,201.7
3,494.9
3,677.6
r
3,913.0
2,327.8
2,599.4
2,853.5
3,155.5
3,523.4
3,830.6
4,137.1
4,340.5
'4,673.5
'3,882.5
'4,258.0
'4,642.0
'5,176.0
'5,923.5
'6,733.3
'7,596.9
'8,310.7
'9,052.1
6.8
6.5
8.5
9.6
5.7
12.4
17.0
3.6
5.1
8.9
10.0
8.8
11.8
8.3
8.5
9.5
3.5
5.5
10.2
12.3
9.2
10.3
10.7
7.4
9.2
5.2
'6.4
'9.6
9.7
9.0
11.5
'14.4
13.7
12.8
'9.4
'8.9
771.1
776.5
782.5
782.4
783.7
785.4
786.6
790.3
2,999.8
3,013.1
3,023.9
3,029.7
3,035.0
3,042.2
3,059.3
r
3,069.4
'3,794.3
'3,815.3
'3,837.8
r
3,849.8
'3,858.9
'3,875.6
'3,896.0
'3,913.0
'4,502.9
'4,520.1
'4,563.8
'4,582.3
'4,590.1
'4,610.9
'4,637.3
'4,673.5
'8,599.5
'8,659.1
'8,718.8
'8,784.3
'8,850.0
'8,912.4
'8,988.6
'9,052.1
4.4
6.5
6.5
6.0
5.3
3.7
4.1
3.6
6.7
7.2
6.5
5.4
4.5
3.5
4.0
3.8
6.9
7.6
7.5
6.5
5.6
5.2
'5.4
'5.2
'8.5
'8.6
'8.9
'9.0
'9.0
'8.9
'9.3
'9.3
786.3
787.4
786.3
783.2
773.4
3,065.7
3,069.2
3,078.7
3,081.3
3,072.8
3,918.1
3,927.7
3,949.5
3,957.6
3,954.3
4,677.2
4,689.7
4,723.0
4,739.2
9,107.2
9,172.3
9,229.4
9,286.0
1.0
1.3
.7
-.6
-3.3
2.8
2.6
2.9
2.6
.9
4.2
4.1
4.8
4.3
3.0
9.1
9.0
8.8
8.6
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earli-
26
L
M3 plus
other liquid
assets
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) l
Percent change from year or 6
months earlier 2
Ml
er at an annual rate.
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
M2
M3
Debt
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Currency
Demand
deposits
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net,
plus
overnight
Eurodollars
Money market
mutual fund
balances
General
purpose
and
broker/
dealer
NSA
NSA
Institution
only
NSA
Small
denomination
time
deposits l
Large
denomination
time
deposits '
Savings
deposits
NSA
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
Money
market
deposit
accounts
(MMDAs)
Savings
bonds
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
NSA
1980- Dec
1981: Dec
1982: Dec
1983: Dec....
1984- Dec
1985: Dec
1986- Dec
1987: Dec
1988: Dec
115.2
122.5
132.6
146.3
156.1
167.8
180.5
196.4
211.8
261.5
231.5
234.2
238.7
244.2
267.3
303.2
288.3
288.6
31.3
80.8
105.3
132.2
146.4
179.5
235.8
260.4
282.3
28.3
35.9
38.8
53.8
56.3
70.2
78.3
78.3
r
78.3
61.6
150.6
185.2
138.2
167.5
176.5
208.0
221.1
239.4
15.2
38.0
51.1
43.2
62.7
64.5
84.4
89.6
87.6
0.0
.0
43.2
379.2
416.9
513.5
572.5
526.3
502.7
400.2
344.0
356.9
305.6
285.4
301.6
371.0
416.4
431.3
728.6
823.2
851.0
784.0
886.3
882.6
853.9
914.1
1,025.2
260.1
34.0
302.5
36.0
326.8
34.5
327.4
51.8
417.2
61.9
436.6
65.6
439.0
84.0
487.4 109.1
537.7 ' 123.1
50.3
67.5
81.7
91.5
82.9
76.1
84.9
90.8
104.6
72.3
67.8
68.0
71.1
74.2
79.4
91.7
100.4
109.1
133.5
149.4
183.6
211.9
260.7
300.1
282.3
257.5
r
275.0
32.1
40.0
44.5
45.0
45.4
42.0
37.2
44.7
40.6
98.8
105.3
113.6
133.2
160.7
207.4
231.0
260.3
335.8
1988: May
203.4 288.1
204.7 289.8
206.4 290.4
207.0 289.9
208.6 288.8
209.7 288.9
210.5 287.7
211.8 288.6
272.2
274.7
278.5
278.3
279.0
279.4
281.0
282.3
80.4
'80.9
77.6
79.9
77.3
76.0
r
75.6
r
78.3
231.8
228.9
229.6
230.8
231.0
231.3
237.4
239.4
90.0
86.3
84.8
84.0
83.7
84.6
87.4
87.6
520.5
523.2
522.0
517.7
511.4
507.5
506.7
502.7
425.2
427.6
429.7
430.9
430.5
429.2
431.8
431.3
971.0
975.7
981.0
988.3
998.7
1,009.7
1,017.8
1,025.2
502.4 121.0 r91.5
507.8 124.3 r 92.9
514.0 125.6 r95.8
519.4 123.8 ' 101.5
526.7 ' 122.3 r!01.2
532.0 ' 124.7
98.6
534.4 T 127.5 100.5
104.6
537.7 r!23.1
105.3
106.0
106.8
107.4
107.9
108.4
108.7
109.1
* 264.6
r
257.7
' 268.7
' 272.6
' 272.8
' 273.3
' 268.4
' 275.0
41.1
40.7
40.7
41.2
41.7
41.3
40.5
40.6
297.8
300.4
309.8
311.3
308.8
312.3
323.7
335.8
213.4
214.3
215.6
215.9
216.4
281.3
280.9
279.1
278.5
271.5
81.6
78.8
77.2
73.9
72.6
241.7
247.2
256.0
260.2
259.9
89.3
89.6
87.6
87.7
91.6
495.2
485.3
480.3
471.3
456.9
427.8
424.6
420.8
412.9
404.9
1,035.7
1,048.3
1,061.0
1,083.2
1,106.1
544.4
551.6
558.8
567.7
572.0
109.7
110.6
111.5
112.3
274.0
267.3
271.6
273.7
40.6
39.9
41.2
41.4
334.9
344.2
349.2
354.2
July
Sent
Oct
Nov
Dec
1989- Jan '
Feb r
Mar r
May"
284.0
284.8
284.3
281.5
278.2
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
NOTE.—Travelers checks of nonbank issuers are a component of money stock hut are not shown
99.9
99.8
105.5
101.4
.101.4
124.1
127.1
129.4
127.0
127.6
here.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures; millions of dollars; seasonally adjusted, except as noted]
Borrowings of depository
institutions from the Federal
Reserve (NSA)
Adjusted for changes in reserve requirements
Reserves of depository institutions
Period
Total
198019811982:
19831984:
19851986:
19871988:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
' 33,401
r
35,315
r
37,388
' 39, 184
r
42,321
r
48,493
r
58,140
r
58,693
60,706
1988- May
60,422
60,576
61,058
60,903
60,824
60,862
60,853
60,706
60,370
60,260
59,854
59,463
58,740
July
Sept
Oct
Nov
Dec
1989: Jan
Peb
Mar
May "
Nonborrowed
r
Nonborrowed plus
extended
credit
r
Required
Monetary
base
Total
Seasonal
Extended
credit
31,714
34,827
'36,940
r
38,412
r
41,739
r
47,674
r
57,616
r
58,399
60,234
' 32,887
' 34,996
' 36,888
' 38,623
r
41,468
r
47,436
r
56,771
r
57,665
59,666
' 152,525
' 161,043
r
173,011
r
188,303
"•201,889
r
219,510
'241,448
r
257,991
275,501
1,690
636
634
774
3,186
1,318
827
777
1,716
116
54
33
96
113
56
38
93
130
3
148
186
2
2,604
499
303
483
1,244
57,845
57,493
57,618
57,663
57,985
58,562
57,991
58,990
59,951
60,047
60,157
60,316
60,043
60,343
60,314
60,234
59,382
59,688
60,051
59,950
59,852
59,800
59,733
59,666
266,761
268,205
270,308
270,979
272,420
273,659
274,380
275,501
2,578
3,083
3,440
3,241
2,839
2,299
2,861
1,716
246
311
376
423
421
332
186
130
2,107
2,554
2,538
2,653
2,059
1,781
2,322
1,244
58,708
58,773
58,041
57,174
57,019
59,754
59,822
59,376
58,880
58,217
59,226
59,106
58,896
58,686
57,709
276,784
277,553
278,615
278,674
278,329
1,662
1,487
1,813
2,289
1,720
76
97
139
213
345
1,046
1,050
1,334
1,707
1,197
31,711
' 34,679
r
36,754
r
38,410
r
39,134
r
47,175
r
57,313
r
57,916
58,990
r
Source: Board of Governors of the Federal Reserve System
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases rose 0.7 percent in May and commercial and industrial loans rose 0.9
percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,800
ALL COMMERCIAL BANKS
2,400
2,800
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
~vr~
200
160
120
200
160
OTHER SECURITIES '
Illllllllll
1981
Illllllllll
1982
Illllllllll
Illllllllll
1984
1983
T986
1985
1987
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1988
120
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted
J
All commercial banks
Loans and leases
Period
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1988:
1989:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
May
June
July
Aug
Sept
Oct
Nov
Dec
Jan
Feb
Mar
Apr r ....
May"...
Total
loans and
securities 2
U.S.
Government
securities
1,307.7
1,401.5
1,553.6
179.3
201.7
259.2
260.2
270.7
1,723.6
1,910.1
2,092.8
2,237.4
2,408.0
2,325.5
2,343.5
2,358.5
2,371.4
2,373.5
2,392.6
2,400.6
2,408.0
2,412.8
2,441.8
2,454.9
2,460.9
2,476.9
309.5
335.5
362.4
346.4
348.8
349.3
350.9
353.2
356.0
358.5
362.4
361.8
363.4
370.3
372.2
375.3
Other
securities
Total
2
160.9
967.5
165.7 1,034.1
170.6 1,123.9
142.6 1,320.9
181.3 1,458.1
196.4 1,586.8
195.2 1,706.8
192.9 1,852.7
196.4 1,782.7
196.7 1,797.9
196.9 1,812.3
196.7 1,823.9
195.4 1,825.0
196.6 1,839.9
195.3 1,846.8
192.9 1,852.7
188.0 1,863.0
188.5 1,889.9
r
187.7 1,896.8
185.3 1,903.4
184.7 1,917.0
Commercial
and
industrial
355.4
392.6
414.1
472.9
499.7
536.1
562.6
599.7
584.5
589.3
594.9
595.3
594.3
597.8
598.9
599.7
604.5
616.5
614.5
616.2
621.9
Nonbank
Real
estate
Individual
284.1
299.8
330.8
376.3
425.5
493.5
588.2
664.8
620.5
626.9
633.3
640.3
646.9
654.7
659.3
664.8
671.2
678.3
T
685.5
694.8
700.9
182.5
188.2
212.9
253.8
294.0
314.9
328.4
355.1
341.9
343.4
344.6
346.5
348.9
350.8
352.3
355.1
357.0
357.9
359.9
362.1
364.7
2
State
and
Foreign
banks
Security
financial
institutions
Agricultural
political
subdivisions
21.5
29.9
31.3
30.5
31.4
32.5
35.0
31.9
29.9
30.6
30.6
31.0
31.0
30.5
30.2
30.0
29.9
30.1
30.5
29.6
29.1
28.9
33.1
36.2
39.2
40.1
36.1
31.6
29.4
30.7
29.5
29.6
29.6
29.6
29.6
29.8
30.3
30.7
30.7
30.7
30.7
30.4
30.3
0.0
.0
3.3
46.0
56.7
18.1
14.8
13.4
11.1
9.7
58.4
52.5
47.1
49.4
49.2
48.8
48.2
48.0
48.7
47:9
47.1
44.8
45.0
45.1
45.2
45.3
9.6
7.5
7.5
8.0
8.1
8.2
8.2
7.5
7.8
8.2
7.5
7.6
8.2
7.9
8.0
9.1
25.4
28.1
34.3
42.7
40.1
34.4
37.9
39.7
39.5
38.9
39.7
36.7
r
38.6
r
38.1
r
38.1
r
37.2
r
44.2
r
43.0
39.3
37.4
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
28
Foreign
official
institutions
Lease
financing
receivables
7.2
5.9
9.4
12.7
13.3
13.7
16.0
18.9
22.3
24.4
28.1
26.2
26.8
27.5
27.6
27.8
27.9
28.0
28.1
28.3
28.4
28.6
28.6
29.6
7.9
6.0
5.9
5.3
5.6
5.1
5.0
5.0
5.2
5.2
5.1
5.4
5.6
5.6
5.5
5.5
5.6
5.6
Other
23.1
26.6
31.8
31.2
36.2
39.4
42.1
46.4
47.2
49.6
50.4
52.4
49.4
r
48.5
r
48.6
r
46.2
r
46.0
r
44.6
r
46.5
44.0
43.2
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billons of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
1
1
Period
Total
External
Internal '
Securities
and
mortgages
Total
Total
1979
1980
1981
1982.
1983
1984
1985..
Capital
expenditures 3
Credit market funds
Loans and
short-term
paper
Total
Other 2
Increase in
financial
assets
Discrepancy
(sources less
uses)
326.0
324.8
375.8
298.5
420.3
492.6
459.2
519.8
482.9
467.5
197.6
200.1
239.5
242.3
285.7
336.3
352.3
357.5
352.8
366.8
128.4
124.7
136.4
56.2
134.6
156.3
106.9
162.3
130.1
100.7
60.1
70.7
90.7
49.8
77.9
95.8
50.9
121.3
68.5
63.8
9.0
34.5
29.4
10.3
52.6
-5.1
5.0
59.0
38.2
18 2
51.1
36.2
61.2
39.5
25.3
100.9
46.0
62.3
30.3
82.0
68.2
54.0
45.7
6.4
56.8
60.5
55.9
41.0
61.6
37.0
368.1
342.1
383.6
303.5
385.8
502.7
435.3
456.7
437.3
448.3
238.3
243.7
286.5
256.5
270.7
370.6
342.3
333.9
361.7
395.7
129.8
98.4
97.0
47.0
115.1
132.1
93.0
122.8
75.6
52.6
-42.1
-17.3
-7.7
-4.9
34.5
-10.1
23.9
63.0
45.5
19.1
IV
464.4
465.8
475.8
463.5
359.9
363.6
365.3
378.3
104.5
102.2
110.5
85.2
100.5
54.0
67.5
32.8
20.5
-20.0
12.4
86 1
80.0
74.0
55.1
118.9
4.0
48.2
43.1
52.4
433.9
447.3
459.6
452.2
387.8
386.7
398.6
409.3
46.1
60.6
61.0
42.9
30.5
18.5
16.1
11.3
1989- I p
431.4
355.8
75.6
75.6
80.9
425.3
406.6
18.7
6.0
1986 T
1987
1988 T
1988:
Ir
n rT
mr
81 0
-5.4
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstanding 1
Installment credit outstanding (end of period)
Period
19801981:
19821983:
1984:
1985:
1986:
1987:
19881988-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Apr
May
June
July
Sept
Oct
Nov
Dec
NEW SERIES:
1989: Jan
Feb
Mar r
Apr p
Mobile
home
Revolving
Mobile
home
297,566
310,682
323,536
367,868
442,538
517,755
572,047
607,721
659,507
628,585
632,431
637,836
639,207
644,666
646,556
649,132
654,413
659,507
111,936
118,956
124,218
143,799
173,704
209,636
247,313
265,976
281,174
275,289
276,458
278,058
277,659
279,585
279,243
278,902
279,926
281,174
54,894
60,838
66,243
78,667
100,212
122,013
137,013
153,884
174,792
160,631
162,105
164,408
165,343
167,125
168,273
170,131
173,030
174,792
18,621
20,302
22,833
23,704
25,795
26,834
27,355
26,387
25,744
26,280
26,249
26,174
26,213
26,277
26,185
26,033
26,005
25,744
112,115
110,586
110,242
121,698
142,827
159,272
160,367
161,475
177,798
166,385
167,619
169,196
169,993
171,679
172,855
174,066
175,452
177,798
1,083
13,116
12,854
44,332
74,670
75,217
54,292
35,674
51,786
3,413
3,846
5,405
1,371
5,459
1,890
2,576
5,281
5,094
539
7,020
5,262
19,581
29,905
35,932
37,677
18,663
15,198
1,224
1,169
1,600
-399
1,926
-342
341
1,024
1,248
1,537
5,944
5,405
12,424
21,545
21,801
15,000
16,871
20,908
1,276
1,474
2,303
935
1,782
1,148
1,858
2,899
1,762
414
1,681
2,531
871
2,091
1,039
521
-968
643
-138
31
-75
39
64
92
-152
-28
-261
329
-1,529
344
11,456
21,129
16,445
1,095
1,108
16,323
1,051
1,234
1,577
797
1,686
1,176
1,211
1,386
2,346
682,022
687,397
691,084
693,815
286,382
288,768
288,755
289,507
176,716
178,570
182,615
184,382
26,036
25,992
24,143
23,964
192,887
194,068
195,571
195,963
(2)
5,375
3,687
2,731
(2)
2,386
-13
752
(2)
1,854
4,046
1,766
(2)
— 44
1 849
-179
<2>
1,180
1,503
392
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
2
Because of break in series, net change not available.
Automobile
Automobile
Total
Other
Total
Revolving
Other
Source: Bo&td o< Governors o( the Federal Reserje Systfim.
29
INTEREST RATES AND BOND YIELDS
Interest rates fell in June.
PERCENT PER ANNUM
PERCENT PER ANNUM
, l\
\ \/
.A
»
-N
\ ' N!
' \
\ '-'
r \ \ /v\
•
A
\
'••
\
''••:
r
\\
X
\
\ /
1
1 I 1 1 1 ] M
i
\
u--\
\\
r\
^rr\
L
'
'''•
RATE
FEDERAL
RESERVE
BANK OF
NEW YORK
M
| | 1 M
C ORPORATE Asa BONDS
(MOODY'S
N(
A
\
\
\
A.
1982
1981
;\
\
V
1 i 1 1 1
1
"•„
'
.,-..../
III!
\
I
v '
1 1 1 M
1
1984
/\
TREASURY
A
\ i/
\/
\]
•4-1
\|
II i i i 1 I 1 i I [
1983
f
/-''
/
1 1 1 ( 1 1 1 M
1986
-
/r~_T~
,...,y| ' - \j
;
i i i i , i i i i i !•
I 1
1985
V
i i nt1i iiM
t 1 1 1 i 1 1 1 i 1 IK
1989
1988
1987
SOURCE; SEE TABLE BEtOW
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. Treasury security yields
Period
1981
1982
1983
1984
1985
1986
1987
1988
3-month bills
(new issues) l
Constant maturities z
3-year
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
Corporate
Aaa bonds
(Moody's) 4
Prime
commercial
paper,
6 months *
Discount rate
(N.Y. F.R.
Bank) 5
Prime rate
charged by
banks 5
New-home
mortgage
yields
(FHLBB)6
14.029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
14.44
12.92
10.45
11.89
9.64
7.06
7.68
8.26
13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
11.23
11.57
9.47
10.15
9.18
7.38
7.73
7.76
14.17
13.79
12.04
12.71
11.37
9.02
9.38
9.71
14.76
11.89
8.89
10.16
8.01
6.39
6.85
7.68
13.41
11.02
8.50
8.80
7.69
6.33
5.66
6.20
18.87
14.86
10.79
12.04
9.93
8.33
8.22
9.32
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
Sept
Oct
Nov
Dee
6.50
6.73
7.02
7.23
7.34
7.68
8.09
8.22
8.44
8.77
8.57
8.43
8.72
9.11
8.92
9.06
9.26
8.98
8.80
8.96
9.11
7.86
7.87
7.86
7.71
7.54
7.58
7.66
9.86
9.96
10.11
9.82
9.51
9.45
9.57
7.53
7.90
8.36
8.23
8.24
8.55
8.97
6.00-6.00
6.00-6.00
6.00-6.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
9.00-9.00
9.00-9.50
9.50-10.00
10.00-10.00
10.00-10.00
10.00-10.50
10.50-10.50
9.26
9.17
9.06
9.26
9.10
9.43
9.39
Jan
Feb
Mar
Apr
May . .
June p.
8.29
8.48
8.83
8.70
8.40
8.22
9.20
9.32
9.61
9.40
8.98
8.38
9.09
9.17
9.36
9.18
8.86
8.29
7.41
7.47
7.61
7.49
7.25
6.97
9.62
9.64
9.80
9.79
9.57
9.11
9.02
9.35
9.97
9.78
9.29
8.81
6.50-6.50
6.50-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
10 50 10 50
10.50-11.50
11.50-11.50
11.50-11.50
11.50-11.50
11.50-11.00
9.52
9.82
9.99
r
10.17
10.18
8.50
8.17
8.13
8.22
8.07
8.71
8.33
8.38
8.45
8.24
8.57
8:28
8.26
8.34
8.14
7.16
6.97
6.87
7.08
6.95
9.37
9.16
9.02
9.09
9.05
8.71
8.74
8.92
8.75
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-
11.50-11.50
11.50-11.00
11.00-11.00
11.00-11.00
11.00-
.
1988- June
July
1989:
Week ended:
1989: June 3.
10
17
24
July 1 "
1
Bank-discount basis.
2
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Series excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack
of appropriate issues.
30
5
Average effective rate for year; opening and closing rate for month and week.
8
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in June.
INDEX, DEC. 31, 1965 = 50 (RATIOS CALE)
INDEX DEC. 31, 1965 = 50 (RATIO SCALE)
240
220
200
180
/
160
COMPOSITE STOCK PRICE INDEX
(KfSE)
/-
HO
\
120
^
-^
~s\\
/-~s-~^~'
240
220
200
180
^
160
UO
/
120
^~~S
100
100
V-W
S
80
^
1
80
"A
Y^
60
60
^J
\\\\\{\\\\\
\\\\\\\\\\\
1981
40
1982
1984
1983
40
i \\\ \ \ \ 11 » i
I 1 1I t ( 1 I 1 1 1
1985
1986
1987
11 1 I 1 \ 1 1 1 1 1
1988
1989
PERC:ENT
PERC ENT
20
20
15
15
^
10
EARNINGS-PRICE RATIO ON COMMON STOCKS
\
" ~
^
1
(S&P)
^___
--—_
10
-
/n__-
^
^
1
0
1
1
1
1
1
1982
1981
1
1
1
1983
OURCES: NEW YORK STOCK EXCHANGE A
•JD STANDARD & POC
i i i
1984
1
1 L_
1985
1
1
1
1986
i i i
1987
1
5
1
Period
1981
1982
1983
1984
1985
1986
1987
1988
1988: June
July
Sept
Oct
Nov
Dec
1989- Jan
Feb
Mar
May
June p
Week ended:
1989: June 3
10
17
24
July 1 f
1
Industrial
Utility
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143=10)"
Dividendprice ratio
74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
152.72
152.12
149.25
151.47
156.36
152.67
155.35
160.40
165.08
164.60
169.38
175.30
180.90
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
184.92
184.09
179.72
182.18
188.58
183.79
187.75
194.62
200.00
199.20
204.81
211.51
216.93
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
136.02
136.49
132.53
136.27
141.93
138.60
144.07
153.09
162.66
160.14
164.32
168.88
173.58
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
72.25
71.50
70.67
71.83
74.19
73.83
74.81
75.87
77.84
77.66
79.69
84.07
87.98
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
129.04
129.99
130.77
133.15
134.66
129.61
128.83
132.26
137.19
137.91
143.26
146.60
154.21
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
2,104.94
2,104.22
2,051.29
2,080.06
2,144.31
2,099.04
2,148.58
270.68
269.05
263.73
267.97
277.40
271.02
276.51
3.58
3.65
3.75
3.69
3.61
3.70
3.68
2,234.68
2,304.30
2,283.11
2,348.91
2,439.55
2,497.51
285.41
294.01
292.71
302.25
r
313.93
324.00
179.52
181.58
180.49
180.27
181.50
216.01
217.75
216.44
216.01
217.56
171.80
172.03
173.31
174.96
174.76
86.59
88.50
87.51
87.74
88.62
151.62
155.00
154.40
153.83
154.12
2,491.04
2,503.93
2,497.42
2,486.34
2,500.19
321.77
325.33
323.08
322.79
325.13
Earningsprice ratio
11.96
11.60
8.03
10.02
8.12
6.09
5.48
8.00
7.92
3.64
3.59
3.68
3.59
3.52
3.44
3.47
3.40
3.43
3.48
3.43
Average of daily closing prices.
Includes all the stocks (more than 1
n 1,500) listed on the NYSE.
Includes 30 stocks.
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings2
3
4
0
Common stock yields
(percent) 5
New York Stock Exchange indexes (I ec. 31, 1965 = 5 3)2
Composite
I
ECONOMIC ADVISERS
Common stock prices 1
Transportation
1
1989
1988
COUNCIL OF
R'S CORPORATION
1
1
8.36
8.55
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.
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 8 months of fiscal 1989, there was a deficit of $113.3 billion, compared with a deficit of $128.4 billion
a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200,
RECEIPTS AND OUTLAYS^
1,200
1,100
1,100
OUTLAYS-^
1,000
1,000
.V
900
900
800
800
700
700
600
600
-100
-200
-200
1981
1982
1983
1984
1985
1986
1987
1989
1988
1990
FISCAL YEARS
V INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIt OF ECONOMIC ADVISERS
[Billions of dollars]
Total
Fiscal year or period
Receipts
Outlays
Surplus
or deficit
(-)
Receipts
Outlays
1976
Transition quarter
1977
1978....
1979
1980....
1981
1982 ..
1983....
1984
298.1
81.2
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
371.8
96.0
409.2
458.7
503.5
59C.9
678.2
745.7
808.3
851.8
73 7
-14.7
53 6
-59.2
40 2
-73.8
-78.9
-127.9
-207.8
185 3
231.7
63.2
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
76.6
328.5
369.1
403.5
476.6
543.0
594.3
661.2
686.0
1985
1986...,
1987
1988...,
1989 (estimates) *
1990 (estimates) l
734.1
769.1
854.1
909.0
979.3
1,065.6
946.3
990.3
1,003.8
1,064.0
1,143.0
1,160.4
-212.3
-221.2
149 7
-155.1
163 7
-94.8
547.9
568.9
640.7
667.5
711.8
776.4
581.8
641.5
710.2
754.9
-128.4
113 3
422.2
465.1
Cumulative total, first 8
months: 2
Fiscal year 1988
Fiscal year 1989
1
Estimates of February 9, 1989. Asset sales are included in 1989 data. Data for 1990 exclude
proposed loan asset sales ( — $3.6 billion) and the impact of credit reform, which is proposed to start
that year. The Administration endorses credit reform and loan asset sales.
2
Data from Monthly Treasury Statement for May 1989, issued June 1989.
32
Gross Federal debt
(end of period)
Off-budget
On-budget
Surplus
or deficit
(-)
70 5
-13.3
Receipts
Outlays
-54.9
38 2
-72.7
73 9
-120.0
-208.0
185 6
66.4
18.0
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
19.4
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
769.5
806.8
810.0
861.4
932.1
939.5
-221.6
-237.9
169 3
-193.9
220 4
-163.1
186.2
200.2
213.4
241.5
267.5
289.2
576.8
615.8
-154.6
150 7
159.5
176.4
4.0 7
Surplus
or deficit
(-)
Total
Held by
the public
-3.9
43
-2.0
\ j
-5.0
79
.2
.3
629.0
643.6
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
477.4
495.5
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
176.8
183.5
193.8
202.7
210.9
220.9
9.4
16.7
19.6
38.8
56.7
68.3
1,817.0
2,120.1
2,345.6
2,600.8
2,868.8
3,107.2
1,499.4
1,736.2
1,888.1
2,050.2
2,193.8
2,285.0
133.4
139.0
26.2
37.4
2,514.5
2,785.1
1,998.7
2,149.6
-3.2
14
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1990, January
1989, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 8 months of fiscal 1989,
billion higher.
receipts were $59.7 billion higher than a year earlier and outlays were $44.7
BILLIONS OF DOLLARS
500
BILLIONS OF DOLLARS
500
RECEIPTS!/
400
. INDIVIDUAL INCOME TAXES^
400
300
300
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
200
CORPORATION.
INCOME TAXES
OTHER RECEIPTS
100
200
100
0
0
900
900
OUTLAYS-!/
800
-NONDEFENSE
800
700
700
600
600
500
500
400
400
NATIONAL DEFENSE
300
200
300
-
200
1981
1982
1984
1983
1985
1986
1987
1989
1988
1990
FISCAL YEARS
_!/'INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
Fiscal year
Total
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 (estimates) 1
1990 (estimates) '
Cumulative total, first 8
months: 2
Fiscal vear 1988
Fiscal year 1989
1
2
298.1
355.6
399.8
463.3
517.1
599.3
617.8
600.6
666 5
734.1
769.1
854.1
909.0
979.3
1,065.6
581.8
641.5
National defense
Individual
income
taxes
Corporation
income
taxes
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
371.8
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
61.3
334.5
349.0
63.1
83.9
392.6
94.5
401.2
534 .5
58! .9
265.2
283.9
303.3
334.3
364.7
391.9
73.0
73.1
74.3
78.9
80.1
83.8
946.3
990.3
1,003.8
1,064.0
1,143.0
1,160.4
52.2
58.6
222.4
242.5
51.6
56.0
710.2
754.9
255.6
284.5
See footnote 1, page 32.
Data from Monthly Treasury Statement for May 1989, issued June 1989.
Social
insurance
taxes
Other
Total
and
contributions
Social
security
inter-
ty
15.8
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
26.7
29.9
35.4
42.6
52.5
68.7
85.0
89.8
111.1
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
33.5
35.9
40.0
44.5
49.8
53.7
65.8
70.2
75.1
78.9
86.8
94.8
128.2
119.8
123.3
129.3
137.0
138.3
188.6
198.8
207.4
219.3
232.3
246.6
129.4
136.0
138.6
151.7
168.8
173.3
131.8
142.1
125.9
139.4
160.8
136.1
29.1
31.9
51.8
54.6
89.3
93.4
143.4
151.8
101.9
112.2
93.4
105.7
Department of
Defense,
military
International
affairs
Health
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
252.7
273.4
282.0
290.4
298.3
300.4
245.2
265.5
274.0
281.9
289.8
291.2
16.2
14.2
11.6
10.5
16.3
17.2
194.1
198.6
188.7
193.0
Total
7.1
6.7
Medi-
Income
securi-
Net
Other
est
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1990, January
1989, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 1989, according to revised estimates. Federal receipts rose $49.6 billion (annual rate) and
Federal expenditures rose $31.6 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
1,200
SEASONALLY ADJUSTED ANNUAL RATES
1,000
1,000
• EXPENDITURES •
800
800
600
600
400
400
200
200
SURPLUS OR DEFICIT (-)
-200
-200
I
1981
1982
1984
1983
1
I
J
1986
1985
I
1987
I
I I
1988
I
I 1
1989
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Period
Total
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Federal Government expenditures
Contributions for
social
insurance
Total
Purchases
of goods
and
services
Transfer
payments
Grantsin-aid to
State
and
local
governments
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
Less:
Wage
accruals
less
disbursements
Surplus
or deficit
(-),
national
income
and
product
accounts
Fiscal year:
1985
1986
1987
1988
776.8
815.0
901.7
964.8
340.4
357.0
401.6
413.1
74.6
80.7
101.7
109.9
55.9
51.2
53.2
57.0
305.8
326.0
345.2
384.8
962.3
1,027.8
1,058.9
1,106.3
341.5
368.4
375.4
378.3
374.0
394.6
411.1
434.2
97.8
107.4
103.1
108.5
128.3
134.4
139.7
150.4
20.7
22.9
29.6
34.8
-0.1
.0
.1
j
185 5
212 8
-157.2
141 5
Calendar year:
1985 . .. .
1986
1987
1988
788.7
828.3
916.5
975.2
346.4
361.5
405.6
413.4
76.3
83.9
105.8
111.4
55.1
50.8
54.0
56.7
310.9
332.2
351.0
393.7
985.6
1,033.9
1,074.2
1,117.6
355.2
366.2
382.0
381.0
380.1
399.8
414.2
440.1
99.7
106.8
102.7
111.5
130.1
135.4
143.0
153.9
20.3
25.7
32.4
31.1
-.2
.0
.0
.0
-196.9
205 6
-157.8
-142.3
1982:
1983:
1984:
1985:
1986:
IV
IV
IV
IV
IV
633.1
675.5
742.7
805.3
856.8
303.0
291.9
326.0
355.3
378.3
46.4
70.2
69.7
78.8
89.7
47.6
53.6
56.2
53.5
51.0
236.1
259.8
290.7
317.7
337.8
835.7
844.7
930.2
1,017.5
1,040.1
293.2
276.1
326.0
376.6
366.7
347.4
352.5
362.1
385.8
405.4
84.5
86.0
96.3
103.5
102.3
87.2
101.0
125.3
132.7
136.5
23.4
29.1
21.0
19.0
29.1
.0
.0
.6
.0
.0
-202.6
169 2
-187.5
212 2
-183.3
1987: III
930.1
944.4
413.3
422.3
110.5
107.7
53.9
55.0
352.4
359.4
1,068.4
1,104.9
386.3
391.4
414.2
422.5
101.9
101.4
143.8
149.5
22.6
39.7
.2
2
-138.3
160 4
III
IV
951.0
983.0
975.5
991.5
404.6
425.0
408.3
415.8
107.2
111.7
113.1
113.8
55.9
55.9
,57.1
57.9
383.4
390.3
397.0
404.0
1,106.1
1,116.3
1,099.0
1,149.0
377.7
382.2
367.7
396.3
434.4
437.6
440.7
447.5
111.1
110.4
111.5
113.0
149.9
152.1
154.9
158.9
33.0
34.0
24.1
33.3
.0
.0
.0
.0
-155.1
133 3
-123.5
157 5
1989: I r
1,041.1
449.1
115.5
58.3
418.1
1,180.6
397.6
458.7
118.9
169.0
36.3
.0
139 5
IV
1988: I
II
Source: Department of Commerce, Bureau of Economic Analysi
34
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84=100)
Industrial production (1977 = 100; seasonally adjusted)
Period
United
States
Canada
108.6
111.0
1982
1983
1984
1985
1986
1987
1988
103.1
109.2
121.4
123.7
125.1
129.8
137.2
104.8
106.9
96.5
102.7
115.2
121.4
123.2
129.6
137.2
135.4
136.1
136.5
138.0
138.5
138.6
139.4
139.9
140.4
136.1
137.3
137.9
137.4
138.7
138.8
137.8
137.1
r
!37.9
T '
July
, 3
Sept
Oct
Noy
Dec
May p
1
Japan
France
Germany
82.4
90.9
96.5
99.6
103.9
107.6
109.6
113.6
118.3
76.1
85.6
94.8
100.4
104.7
108.9
113.4
118.4
123.1
90.9
95.4
98.0
99.8
102.1
104.2
104.8
104.9
105.7
72.2
81.9
91.7
100.3
108.0
114.3
117.2
121.1
124.8
86.7
92.2
97.1
100.3
102.7
104.9
104.6
105.0
106.2
63.2
75.4
87.7
100.8
111.5
121.0
128.5
134.4
141.0
78.5
87.9
95.4
99.8
104.8
111.2
114.9
119.7
125.6
117.2
117.9
118.6
119.2
119.1
119.7
119.2
119.7
119.2
117.1
117.5
118.0
118.5
119.0
119.8
120.2
120.3
120.5
122.0
122.8
122.9
123.7
124.1
124.1
124.7
125.1
125.1
105.5
105.6
105.4
105.2
105.5
106.4
106.9
106.5
106.1
123.6
123.9
124.3
124.7
125.1
125.3
125.6
125.8
126.0
106.0
106.2
106.3
106.2
106.3
106.3
106.4
106.7
106.9
139.6
140.0
140.4
140.8
141.4
142.1
143.2
144.4
144.9
124.3
124.8
125.3
125.4
126.8
127.4
128.7
129.3
129.6
117.9
117.5
118.2
121.1
121.6
122.3
123.1
123.8
125.7
126.5
127.1
127.6
128.9
105.9
105.6
106.1
108.0
126.5
126.9
127.2
108.1
108.4
108.6
146.0
147.2
147.9
148.9
1495
129.3
131.4
132.0
134.3
Germany
119.0
120.3
120.7
124.5
136.1
141.0
140.8
145.7
159.1
107.2
106.1
105.0
105.0
106.1
106.1
107.2
109.4
108.0
105.9
102.7
103.3
106.2
111.0
113.0
113.7
118.1
114.8
113.0
109.5
105.9
109.5
110.7
113.7
118.3
124.3
99.8
96.7
98.5
102.2
102.4
107.9
110.2
114.1
118.2
157.0
153.3
158.4
156.4
160.8
161.6
160.2
165.0
166.1
112.2
112.9
114.9
116.0
116.0
117.2
113.2
r
118.0
r
l!7.3
115.8
116.1
118.5
116.1
121.3
120.0
119.4
119.1
121.2
124.1
120.8
122.7
126.2
118.9
122.9
126.7
128.5
129.2
Italy
121.2
120.5
!21.3
124 1
r
Data relate to all urban consumers.
United
Kingdom
Canada
France
140.8
137.2 167.3 rl!8.2
' 140.5 ' 137.5 164.5 117.3
' 140.6
137.2 r!72.5 116.2
'1414
168 1
141 4
1989- Jan
Feb
Mar
United
States '
Japan
1980
1981
1988- Apr
May
United
Kingdom
Italy
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
Merchandise exports (t.a.s. value) l
deneiaV merchandise imports (customs vahie) 3
Principal end-use commodity category
1988- Apr
May
, 3
July
Sept
Oct
Nov
Dec
1989- Jan
Feb r
Mar
4
4
Other 2
61.7
56.7
61.7
58.5
57.3
66.7
84.9
72.7
67.2
72.0
73.9
75.8
86.2
109.1
15.7
16.8
20.6
22.9
21.7
24.6
29.4
14.3
13.4
13.3
12.6
14.2
17.7
23.1
20.7
20.5
24.0
27.3
35.9
34.6
43.1
2.6
2.9
2.7
2.9
3.1
3.0
2.8
2.5
2.6
7.3
7.1
7.0
7.1
6.9
7.3
6.6
6.9
7.3
8.8
9.3
8.5
9.1
9.4
9.4
9.4
9.4
10.2
2.3
2.4
2.2
2.0
2.8
2.6
2.5
2.6
2.8
1.8
1.9
1.9
2.0
2.0
2.1
1.9
2.0
2.2
3.0
2.8
3.3
3.0
7.0
7.5
7.6
8.0
9.3
9.3
10.0
10.2
2.3
2.4
2.5
2.4
2.5
2.5
2.7
2.8
116.4
205.6
224.0
218.8
227.2
254.1
321.8
31.3
30.9
31.5
24.0
22.3
24.3
32.2
26.0
27.5
26.3
26.5
27.5
28.0
27.8
27.5
29.1
28.7
28.7
30.3
30.6
Total
1982...
1983
1984....
1985
1986
1987
1988
Capital
goods
except
automotive
Consumer
goods
(nonfood)
except
automotive
Foods,
feeds,
and
beverages
Period
2
Principal end-use commodity category
Automotive
vehicles,
parts,
and
engines
Industrial
supplies
and
materials
1
Includes Department of Defense Military Assistance Program grant-aid shipments.
2
Includes undocumented exports to Canada.
3
Total arrivals of imported goods other than intransit shipments.
4
General
merchandise
imports
(c.i.f.
value)
Exports
(f.a.s)
less
imports
(customs
value)
Exports
(f.a.s)
less
imports
(c.i.f.)
-27.5
-52.4
101 7
-126.5
1383
-152.1
119 8
-38.4
-64.2
-122.4
-133.6
-155.1
-170.3
-138.4
36.S
37.2
39.5
36.0
39.8
38.7
38.1
39.8
41.7
88
-8.3
-11.7
-8.0
-10.6
-9.2
-8.8
10 7
-11.0
-10 .8
-9.8
-13.2
-9.5
-12.3
-10.7
-10.3
-12.2
-12.7
39.0
40.0
41.6
40.4
-8.7
-9.8
-9.5
-8.3
-10.2
-11.3
-11.2
-9.9
Poods
feeds,
and
beverages
Industrial
supplies
and
materials
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
244.0
258.0
325.7
345.3
365.4
406.2
441.6
17.1
18.2
21.0
21.9
24.4
24.8
24.9
112.0
107.0
123.7
113.9
101.3
111.0
118.5
35.4
40.9
59.8
65.1
71.8
84.5
101.3
33.3
40.8
53.5
66.8
78.2
85.2
87.9
39.7
44.9
60.0
68.3
79.4
88.7
96.1
6.3
7.8
9.4
10.4
12.1
12.8
254.9
269.9
346.4
352.5
382.3
424.4
460.2
3.2
3.8
4.0
3.4
3.4
3.6
4.5
4.1
3.9
34.8
35.7
37.9
34.5
38.1
37.2
36.6
38.2
40.1
2.0
2.0
1.9
1.9
2.2
2.0
2.1
2.1
2.1
9,5
10.5
10.2
9.7
10.2
9.4
9.8
9.8
10.1
7.9
8.1
9.0
7.8
8.9
8.7
8.1
9.1
9.2
7.2
6.5
7.4
6.6
7.3
7.9
7.7
7.5
8.2
7.S
7.6
8.3
7.5
8.5
8.1
7.7
8.4
9.1
1.0
1.0
1.1
1.1
1.1
1.1
1.1
1.2
1.2
4.7
4.2
4.2
4.1
37.4
38.5
39.9
38.8
2.2
2.0
2.1
2.0
10.7
10.0
11.0
11.3
8.8
9.5
9.4
9.0
7.0
7.7
8.0
7.1
7.8
8.4
8.3
8.3
.9
1.0
1.1
1.1
Total exports are on a revised statistical month basis; end-use categories are on a statistical
Trade Wante
Total
Other
6.5
month basis.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census/
35
U.S. INTERNATIONAL TRANSACTIONS
In the first quarter of 1989, the current account deficit rose to $30.7 billion, from $28.7 billion in the fourth
quarter of 1988. (Series revised.)
PH,
\^-^~l
0
-5
x
--\
-10
Vi
v
0
fr
-A
\
'---/
-15
—5
V
\\\
\N
\
-10
-15
\
\
-20
V\
\\
^
-20
BALANCE ON GOODS
AND SERVICES
^
-25
-25
\X#V\Vx
-30
\
-35
-40
1 1 1
1
I
I
1982
1981
1 1 1
1983
A *
'/
-30
^*
/
-35
\ ^ \ S ^"7
' BALANCE ON
/
X
\ / •' CURRENT ACCOUNT
MERCHANDISE TRADE
"O-J /
BALANCE
>•-"
-45
^*\ ^\
,/K A>
I I I
1984
1
1
1
I I I
1985
1986
I I I
I ' l l
1987
1988
-40
I I I
-45
1989
• SEASONALLY ADJUS TED
SOURCE: DEPARTMEN OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits ( + ), debits ( —)]
Merchandise l z
Investment income 3
Period
Exports
1980
1981
1982
1983
1984
1985
1986
1987
1988
1986: I r
II r.
Ill r....
TV....
1987: I r
II
T
III r....
IV '....
1988:
Ir
II
r
III r....
IV T ....
1989: I p
Imports
224 269
237 085
122 198
201 820
219 900
215 935
223 367
250 266
319 251
53,899
56,796
56,182
56,490
57,255
60,015
64,297
68,699
76,447
78,471
80,604
83,729
88,496
— 249 749
265 063
— 247 642
268 900
— 332422
338 083
— 368425
409 766
—446 466
-89,549
-90,812
-92,983
-95,081
-95,916
-99,834
- 104,903
-109,113
-109,893
-109,882
-110,943
-115,748
-116,130
1
Net balance
Receipts
— 25480 72 506
27 978 86 412
— 36 444 83 548
67 080 77 251
112 522 85908
122 148 88 832
145 058 88 615
159 500 104 703
127 215 107 775
-35,650 23,970
-34,016 22,078
-36,801 21,744
-38,591 20,822
-38,661 25,117
-39,819 22,744
-40,606 23,578
-40,414 33,265
-33,446 26,750
-31,411 23,148
-30,339 24,720
-32,019 33,159
-27,634 26,862
Payments
42 119 30387
52 329 34 083
54 884 28 664
52 376 24 875
67 419 18489
62 901 25 931
66 968 21*647
82 420 22 283
2 227
105 548
-17,357
6,613
-17,533
4,545
-15,729
6,015
4,472
-16,350
5,362
-19,755
-20,554
2,190
-21,904
1,674
-20,207 13,058
2,795
-23,955
-25,613 -2,465
-27,310 -2,590
4,489
-28,670
-30,370 -3,508
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
United States are excluded from investment income and included in other services, net.
2
3
36
Net
Net
military
transactions
Net
travel and
transportation
receipts
2 577
1 523
474
343
2 099
3 557
4 576
2 857
4 606
-1,411
-1,298
-1,089
-777
-176
-210
-1,031
-1,440
-964
-1,033
-1,006
-1,604
-1,482
—997
144
992
4 227
7 885
9 832
8 031
7 324
2 633
-2,452
-1,465
-1,874
-2,241
-1,965
-2,088
-1,279
-1,993
-1,854
-719
-155
94
—464
Other
services,
net 3
Balance on
goods and
services
Remittances,
pensions,
and other
unilateral
transfers '
Balance
on current
account
1 533
9 126 — 7 593
7 794
8 163
7 647
15 810
11 085
— 6997
2 191 — 9 188
11 436
44 286
9 776
12 264
34 510
104 186
12 299
91 718 — 12 468
112 682
15 426
12 351
97 256
18*547 — 117 470 — 15 778 — 133 249
14 212
143 700
17 909
129 488
126 548
20335 — 111 892 — 14 656
4,620 -28,280 -3,068 -31,348
-27,653 -4,199 -31,852
4,581
-29,210 -4,376 -33,586
4,539
-4,136 -36,466
-32,330
4,807
-34,327
4,250 -31,190 -3,137
4,372 -35,555 -3,265 -38,820
4,555 -36,687 -3,225 -39,912
4,734 -26,055 -4,586 -30,641
-32,046
4,787 -28,682 -3,364
5,042 -30,586 -2,899 -33,485
-28,964 -3,376 -32,340
5,126
-23,659 -5,018 -28,677
5,381
5,823 -27,265 -3,420 -30,685
Note.—Series revised beginning 1980.
Source: Department of Commerce, Bureau of Economic Analysis.
U.S.
INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $22.6 billion in the first quarter of
1989, compared with an increase of $30.9 billion in the fourth quarter of 1988. Liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, increased $10.4 billion in the first quarter, compared with an
increase of $32.2 billion in the fourth quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
20
20
-20
-20
-40
-40
1989
•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/capita
Period
Total
U.S.
official
reservez
assets l
-86,118
-110,951
-121,153
-49,777
-22,304
-32,628
-99,665
-76,218
-82,110
-8,155
-5,175
-4,965
1 196
-3,131
3 858
312
9,149
-3,566
-15,401
-24,763
-26,078
-33,422
-115
16
280
132
8,759
-22,632
-25,976
-36,370
1,956
3,419
32
3,742
4,540
-16,119
m ... -37,886
IV ".... -32,648
1989: I"
-31,816
1,503
39
-7,380
2,272
1980
1981 .
1982
1983
1984
1985 .
1986
1987
1988
1986: I r r
II
Ill r...
IV r....
1987: I r
II r
Ill r...
IV '....
1988: I '
II r r
-4,000
Other U.S.
Government
assets
Foreign assets in the U.S., net
[increase /capital inflow ( + )] 2
U.S.
private
assets
-5,162
— 72,802
-5,097 - 100,679
-6,131
110058
5 006 -43,576
-5,489 -13,685
2 821 -25,950
-2,024 -97,954
997 -86,363
2,999 -81,543
-232 - 15,054
238 -24,541
-1,565 -24,793
11 -33,565
40
6,763
195 -25,856
308 -26,316
843
40,955
-1,490
4,528
-885
-15,273
1,961
-32,467
3,413
-38,332
1,012
-28,828
-
Total
Other
foreign
assets
Total (sum
of the items
with sign
reversed)
0! which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net 1
(unadjusted,
end of
period)
26,756
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
25,322
18,663
34,404
9,194
23,869
15,298
11,308
1,878
-10,641
58,112
83,032
93,746
84,869
102,621
130,012
221,605
218,039
219,299
15,497
4,960
3,593
5,845
3,140
1 083
35,594
45,193
38,882
42,615
78,072
90,154
79,023
99,481
131,096
186,011
172,847
180,418
39,048
50,291
69,927
62,339
2,720
15,838
15,785
1,251
36,328
34,453
54,142
61,088
7,701
6,324
-10,263
7,549
3,515
-3,306
4,669
4,463
44,919
46,595
48,087
48,511
33,381
51,134
73,575
59,949
14,040
10,329
753
20,070
19,341
40,805
72,822
39,879
-7,813
10,318
-7,687
7,062
3,895
-2,559
4501
3,166
48,824
45,140
45,070
45,798
27,027
65,334
46,179
80,759
24,631
5,895
-2,234
10,589
2,396
59,438
48,413
70,170
479
-15,729
24,047
— 19,434
3,843
-3,714
-4,556
4,431
43,186
41,028
47,788
47,802
49,077
6,914
42,163
13,424
4,264
49,854
1
Consists of gold, special drawing rights (SDKs), convertible currencies, and the U.S. reserve
osition in the IMF.
2
Quarterly data are not seasonally adjusted.
Foreign
official
assets
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
1,152
1,093
NOTE.—Series revised beginning 1980.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
p*ge
Gross National Product
Gross National Product in 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of founding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
'Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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