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Wist Congress 1st Session Economic Indicators JUNE 1989 Includes data available as of June Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON 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 Charts drawn by Art Production Branch Office of the Secretary Department of Commerce Economic Indicators published monthly is available at 2 25 a single copy 2 81 foreign or by subscription at 24 00 per year 30 00 for foreign mailing from SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON D C 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 SEASONALLY ADJUSTED ANNUAL RATES GNP INCU RRENT DOLLAR s GNP IN 1982DOLLA S SOURCE DEPARTMENT OF COMMERCE 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 IV IV IV IV IV III IV I II Ill IV I r Period Gross national product Net exports GNP less exports of goods and services plus imports of goods and services Final sales Gross domestic purchases l 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 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 Noraesidential fixed Residential fixed Exports and imports of goods and services Change in business inventories Government purchases of goods and services Federal Net exports Exports GTSP less exports o goods and services plus imports of goods and services Imports Total Total National defense Nondefense State and local S Final sales Gross domestic purchases SQ O Source Department o Commerce Bureau of Economic Analysis IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT quarterly data are seasonally adjusted Period IV IV IV IV IV HI IV 1988 I n m IV 1989 I r Gross national product Total Durable goods T Source Department of Commerce Bureau of Economic Analyai Gross private domestic investment Personal consumption expenditures Nondurable goods Services Nonresidential fixed Exports and imports of goods and services Government purchases of goods and services Federal Residential fixed Exports Imports Total National defense Nondefense State and local 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 IV IV IV IV IV III IV I Constant 1982 dollars Current dollars n m IV 1989 I Implicit price deflator Chain price index NOTE Annual changes are from previous year and quarterly changes are from previous quarter Fixedweighted price index 1982 weights Implicit price deflator Constant 1982 dollars Current dollars Chain price index Fixedweighted price index 1982 weights 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 dollars IV IV IV IV IV HI IV 1988 I II Ill IV I 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 djusted annual rates Compensation of employees Net interest Total Profits tax liability Profits after tax 4 Output per hour of all employees 1982 dollars Compensation per hour of all employees dollars 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 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 in I IV IV IV IV IV in rv 1988 I II IV 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 IV 1983 IV 1984 IV 1985 IV 1986 IV 1987 HI IV I n ni IV I 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 WAGE AND SALARY DISBURSEMENTS OTHER INCOME TRANSFER PAYMENTS nmlinii iMiilinii 1981 H llllllll imilnin inniuin I l l l l l l l l l l Hlllllllll jjiiilmn imiliiin 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 May 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 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 Current dollars 1982 dollars Dollars Billions of dollars dollars Per capita personal consumption expenditures Percent change in real per capita disposable personal income Saving as percent oS disposable personal income Population including Armed Forces abroad thousands 2 Percent Seasonally adjusted annual rates HI IV I IV I r 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 f BILLIONS OF DOLLARS RATIO SCALE r T r r x j GR 3SS FARM INC OMb l i x i V V V NN l1 it 20 Ht T FARM INCOMt l 1 t J l I I l J t t i i i T t l 1986 i i t 1987 SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF AGRICULTURE 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 Livestock and products Crops IV I 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 Production expenses Current dollars 1982 dollars s 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 u Af V 240 punf ITS BEFORE TA 1 S rv i f J F r r OFITS AFTER T AX N s x TAX LIABILITY S S s N 160 s S X J r UNDI TRIBUTED PRO ITS i i I SOURCE DEPARTMENT OF COMMERCE I 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 I n m 1989 I r 2 Total3 Total IV 1 Financial Tax liability 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 SEASONALLY ADJUSTED ANNUAL RATES GROSS PRIVATE DOMESTIC IWVF TMFKIT 700 J r f ONRESIDENT AL XED INVESTMi NT RESIDENT IAL FIXED INVES rMENT r H ikNGE IN BUSIr 4E INVENTORIES i i I wi h A J V f f y SOURCE DEPARTMEN OF COMMERCE I I I 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 IV 1983 IV 1984 IV 1985 IV 1986 IV 1987 III IV I r 788 9 rv I II III Source Department of Commerce Bureau of Economic Analysis Nonresidential Total Total Structures Producers durable equipment Residential Total Nonfarm 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 SEASONALLY ADJUSTED ANNUAL RATES V MANUFACTURING SURVEYED QUARTERLY i SEE FOOTNOTE 4 BELOW SOURCE DEPARTMENT OF COMMERCE 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 Total Surveyed quarterly in IV I r II 44 UI4 Iy I TJ III IV Surveyed annual 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 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 MILLKDNS OF PERSONS 124 MILLIONS OF PERS DNS 124 SEASONALLY ADJUSTED r CIVILIAN LABOR FORCE t k r X r n CIVILIAN EMPLOYMENT f S V U MEMPLOYMEN T in nl n in YEARS OF AGE A JD OVER SOURCE DEPARTMEN OF LABOR 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 Civilian labor force Agricultural Total Total Part time for economic reasons l May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May 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 weeks and over Civilian Labor force participation rate percent 2 Employment population ratio percent 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 A vv A BLACK 10 10 AND OTHER ALL CIVILIAN WORKERS Vv WHITE 11 n H iiiliini 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 Oct Nov Dec Jan Feb Mar Apr May May June July Aug Sept 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 Source Department of Labor Bureau of Labor Statistics 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 REASON FOR UNEMPLOYMENT JOB LOSERS 40 REENTRANTS 30 20 JOB LEAVERS 10 NEW ENTRANTS 11 II 1 l l 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 May July Sept Oct Nov Dec 1989 Jan Feb Mar May 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 r l 881 r T 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 r O ALL NONAGRICULTURAL ESTABLISHMENTS RETAIL TRADE J r SERV ICE PRODUC ING INDUSTRIES GOVERNMENT mlfiimi Illlllllllimillllllll Illllllllll MANlJFACTURtNC in Tr 1 1 1 ll 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 I mnlmii M I til I 1989 s OURCE Total nonagricultural employment r ONSTRUCTIC 4 M ml INI M mlii M i i n i m J ii n 1I 1 1 M h II III 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 May r June July r Aug Sept r Oct r Nov r Dec r Jan r Feb r Mar Apr r May 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 Current dollars 1977 dollars T July Aug T Sept Oct Novr Dec Jan r Feb r Mar r May May r r 1989 Total Total private nonagricultural Total private nonflgricultural l Current dollars Total private nonagricultural Manufacturing 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 base 3 Based on seasonally unadjusted data 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 Percent change from 12 months earlier 3 months earlier Period 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 Benefits 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 Benefits 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 quarterly data seasonally adjusted IV IV IV IV HE IV IV I I n m IV 1988 I n m 1989 Percent change quarterly data at seasonally adjusted annual rates I I IV IV IV IV m IV I n m IV 1988 I n m IV 1989 I 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 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 RATIO SCALE INDEX RATIO SCALE FINAL PRODUCTS TOTAL INDUSTRIAL PRODUCTION v Illllllllll 100 Hll l Illllllllll S Illllllllll Illllllllll Illllllllll 140 CONSUMER GOODS NONDURABLE 120 iimliim Illiil Illllllllll UTI LITIES Illllllllll hd Illllllllll 80 V Illllllllil M M M M S M M M X MINING Illllllllll Illllllllll Illllllllll Illllllllll CAPACITY UTILIZATION RATE TOTAL INDUSTRY Illllllllll Illllllim PERCENT UTILITIES AND MINING PRODUCTION f V 120 t zZ x f MANUFACTURING PRODUCTION 100 BUSINESS E 3UIPMENT Illllllllll V 1 r DURABLE DFFFNSF AMD SPACE EQUIPMEN1 220 Illllllllll Illllllllll Illllllllll Illllllllll SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted Period Index Manufacturing Percent change from year earlier Mining Total Durable Utilities Nondurable Total industry Manufacturing 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 Total industrial production Output as percent of capacity Source Board of Governors of the Federal Reserve System 17 INDUSTRIAL PRODUCTION MAJOR MARKET GROUPS AND SELECTED MANUFACTURES monthly data seasonally adjusted Materials Products Intermediate products Final products Consumer goods Equipment Period Total Total Durable goods Nondurable goods Total1 Business 1977 proportion May June July Aue Sept 1989 Oct Nov Dec Jan Feb r Mar r Apr T May 1 Defense and space equipment Total Construction supplies Business supplies Total Energy Includes oil and gas well drilling and manufactured homes not shown separately monthly data seasonally adjusted Nondurable manufactures Durable manufactures Transportation equipment Primary metals Total 1977 proportion May June July Auff Sept Oct Nov Dec 1989 Jan Feb r Mar r Apr r May p Source Board of Governors of the Federal Reserve System 18 Lumber and products Apparel products Printing and publishing Chemicals and products Foods Iron and steel Fabricated metal products Nonelectrical machinery Electrical machinery 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 Commercial and industrial floor space millions of square feet Billions of dollars Annual rates Annual rates 1988 Apr May July 1989 Jan Feb r Mar r Apr May Oct Nov Dec Sept 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 unit units 5 or more units Units authorized Units completed Homes sold Homes for sale at end of period Vacancy rate for rental housing units percent Seasonally adjusted annu al rates 1988 May July Sept Oet Nov Dec 1989 Jan Feb Mar r May r r Seasonally adjusted Quarterly data entered in last month of quarter Series beginning 1979 not strictly comparable with earlier data 3 New series beginning March r l 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 r r MAM JFACTURINC Rbl AIL INVENTC R1ES NG Ah 4D TRADE S dES M NUFACTUR r 200 AND TRA 3E INVENTORIES C A RETAIL SAl tb imiliiiii imiliiiii Illllllllll Illllllllll 300 Illllllllll RATKy INVENTORY SALES RATIO 1 60 Y X L T RETA L MANUFACTURING AND TRADE 1 20 Illllllllll Illllllllll Illllllllll llll ll iiiiiliiin 1 00 Illllllllll Ullll IIM hlM EA5ONALLY ADJU STED s DURCE DEPARTME sIT OF COMMERCE Manufacturing and trade Sales Inventories 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 r Nondurable goods stores Millions of dollars seasonally adjusted Apr r May r July Sept Oct Nov Dec 1989 Jan Feb Mar r Apr May See page 21 for manufacturing Monthly average for year and total for month End of period 20 r r r r 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 SHIPMENT I TOTAL DUR ABLE GOODs i r BILLIONS OF DOLLARS RATIO SCALE INVENTORIES400 360 TOTAL i 200 DURABLE GOODS NO NDURABLE C OODS 60 Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll BILLIO NS OF DOLLARS RATIO SCALE NONDURABLE GOODS Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll 200 RATIC INVENTORY SHIPMENTS RATIO 2 00 DURABLE GOODS 120 r NONDURABLE GOODS f miilimi I l l l l l l l l l l Illllllllll I l l l l l l l l l l niiiliiiii MTIlllMI MllH M 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 Manufacturers inventory shipments ratio Millions of dollars seasonally adjusted Apr May July Sept Oct Nov Dec 1989 Jan Feb Mar Apr r May Monthly average for year and total for month Shipments are the same as sales End of period 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 RATIO SCALE INDEX RATIO SCALE 120 SEASONALLY ADJUSTED 120 rONSI IMFR FINISHED GOODS PRICES Wv ruwuo CAPITAL EQUIPMENT V J Ssi fj s sl i V H V V ia i x f s P f f l S t S t TOTAL CONSUMER GOODS E KCLUDING FOC DS Y Illllllllll iiiiiliiiii Illllllllll I11I IIIIll ll 1984 Illllllllll IIIIlll l Illllllllll Illllllllll SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS monthly data seasonally adjusted Intermediate materials Finished goods Finished goods excluding consumer foods Period Total finished goods Consumer foods Total May June July Aue Sept Oct Nov Dee Jan r Peb Mar Apr May Durable Capital equipment Total Foods and feeds Other Crude materials Total Foodstuffs and Other stuffs 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 RATIO SCALE INDEX RATIO SCALE SEASONALLY ADJUSTED CONSUMER PRICES ALL ITEMS Illllllllll 1981 Illllllllll I l l l l l l l l l l 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 SEE NOTE ON TABLE BELOW SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS 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 May Season Rent Pood ally adjust ers Total Total ed costs owners and repairs Ener costs cal el and upkeep Dec Medi Appar and other utilities Maintenance Dec Fuel Home items less food shel Total New cars Motor fuel care gy 2 NSA ter and energy Get Nov Dec Jan Feb Mar Apr May 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 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 Change month to month July Sept Oct Nov Dec 1989 Jan Feb r Mar Apr May May 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 Change month to month 1988 May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May Includes items not shown separately Household fuels gas piped electricity fuel oil etc and motor fuel Motor oil coolant etc also included through Quarterly changes are shown in the last month of the quarter Source Department of Labor Bureau of Labor Statistics i 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 RATIO SCALE 180 INDEX RATIO SCALE PRICES PAID PRICES RECEIVED lllllllllll um lmii 60 RATICW ILU 60 RA lllll 100 KAIIU r lllllllllll lllllllllll lllllllllll lllllllllll lllllllllll lllllllllll lllllllllll lllllllllll lllllllllll I RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF AGRICULTURE not seasonally adjusted Prices paid by farmers Prices received by farmers Period June July Aug Sept Oct Nov Dec 1989 Jan Feb May T All farm products Livestock and products Crops r 26 138 r r 26 129 r 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 All commodities services interest taxes and wage rates 1 Production items interest taxes and wage rates r Production items r Ratio r NOTE The official indexes are published on a 1910 14 base as required by law The indexes have been converted to a 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 M Minium 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 Dec Dec Dec Dec Dec Dec Dec Dec Dec 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 r r r r Consists of outstanding credit market debt of the U S Government State and local governments and private nonfinancial sectors data from flow of funds accounts 2 Annual changes are from December to December and monthly changes are from 6 months earli 26 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 Dec 1985 Dec 1986 Dec 1987 Dec 1988 Dec r r May r 75 6 r r r r r T r r July Sent Oct Nov Dec 1989 Jan Feb r Mar r May Small denomination and large denomination deposits are those issued in amounts of less than and more than respectively NOTE Travelers checks of nonbank issuers are a component of money stock hut are not shown here Source Board of Governors of the Federal Reserve System AGGREGATE RESERVES AND MONETARY BASE Averages of daily figures millions of dollars seasonally adjusted except as noted Borrowings of depository institutions from the Federal Reserve NSA Adjusted for changes in reserve requirements Reserves of depository institutions Period Total Dec Dec Dec Dec Dec Dec Dec Dec Dec r 35 315 r r 42 321 r 48 493 r 58 140 r May July Sept Oct Nov Dec 1989 Jan Peb Mar May Nonborrowed r Nonborrowed plus extended credit r Required Monetary base Total Seasonal Extended credit r 38 412 r 41 739 r 47 674 r 57 616 r r 41 468 r 47 436 r 56 771 r r 173 011 r r r r 36 754 r 38 410 r 39 134 r 47 175 r 57 313 r 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 LOANS AND LEASES U S GOVERNMENT SECURITIES vr OTHER SECURITIES Illllllllll 1981 Illllllllll 1982 Illllllllll Illllllllll T SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted J All commercial banks Loans and leases Period 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 Other securities Total r Commercial and industrial Nonbank Real estate Individual T State and Foreign banks Security financial institutions Agricultural political subdivisions r 38 6 r 38 1 r 38 1 r 37 2 r 44 2 r 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 Other r 48 5 r 48 6 r 46 2 r 46 0 r 44 6 r 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 Capital expenditures 3 Credit market funds Loans and short term paper Total Other 2 Increase in financial assets Discrepancy sources less uses IV I p T T 1988 Ir n rT mr 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 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 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 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 V 1 i III I v M TREASURY A i II i i i 1 I 1 i I f M r T y j i i i i i i i i i I V i i nt1i iiM t 1 1 1 i 1 1 1 i 1 IK SOURCE SEE TABLE BEtOW COUNCIL OF ECONOMIC ADVISERS Percent per annum U S Treasury security yields Period 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 Sept Oct Nov Dee Jan Feb Mar Apr May June p r June July 1989 Week ended 1989 June 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 through October 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 RATIOS CALE INDEX DEC RATIO SCALE COMPOSITE STOCK PRICE INDEX KfSE HO s s UO S V W S A Y J i i I 1 1I t 1 I I PERC ENT PERC ENT EARNINGS PRICE RATIO ON COMMON STOCKS S P n OURCES NEW YORK STOCK EXCHANGE A JD STANDARD POC i i i L i i i Period June July Sept Oct Nov Dec 1989 Jan Feb Mar May June p Week ended 1989 June July 1 f 1 Industrial Utility Finance Dow Jones industrial average 3 Standard Poor s composite index Dividendprice ratio r Earningsprice ratio 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 Earnings Common stock yields percent 5 New York Stock Exchange indexes I ec Composite I ECONOMIC ADVISERS Common stock prices 1 Transportation COUNCIL OF R S CORPORATION 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 OUTLAYS V 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 C estimates estimates l Cumulative total first 8 months 2 Fiscal year 1988 Fiscal year 1989 1 Estimates of February Asset sales are included in 1989 data Data for 1990 exclude proposed loan asset sales 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 Gross Federal debt end of period Off budget On budget Surplus or deficit Receipts Outlays Surplus or deficit Total Held by the public j 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 INDIVIDUAL INCOME TAXES SOCIAL INSURANCE TAXES AND CONTRIBUTIONS 200 CORPORATION INCOME TAXES OTHER RECEIPTS OUTLAYS NONDEFENSE NATIONAL DEFENSE 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 estimates estimates Cumulative total first 8 months 2 Fiscal vear 1988 Fiscal year National defense Individual income taxes Corporation income taxes 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 Department of Defense military International affairs Health Total 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 SEASONALLY ADJUSTED ANNUAL RATES EXPENDITURES SURPLUS OR DEFICIT I I J 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 j Calendar year IV IV IV IV IV III III IV I r 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 Industrial production seasonally adjusted Period United States Canada r 37 9 T July 3 Sept Oct Noy Dec May p 1 Japan France Germany Germany r 118 0 r l Italy r Data relate to all urban consumers United Kingdom Canada France rl r Jan Feb Mar United States Japan 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 Total 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 S Poods feeds and beverages Industrial supplies and materials Capital goods except automotive Automotive vehicles parts and engines Consumer goods nonfood except automotive S 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 Vi v 0 fr A V N V BALANCE ON GOODS AND SERVICES X V Vx I I A S 7 BALANCE ON X CURRENT ACCOUNT MERCHANDISE TRADE O J BALANCE K A I I I I I I I I I I l l I I I 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 I r II r Ill r TV I r II T III r IV Ir II r III r IV T I p Imports Net balance Receipts Payments 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 Net Net military transactions Net travel and transportation receipts Other services net 3 Balance on goods and services Remittances pensions and other unilateral transfers Balance on current account 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 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 m IV I I r r II Ill r IV r I r II r Ill r IV I II r r Other U S Government assets Foreign assets in the U S net increase capital inflow U S private assets 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 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 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 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 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 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 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 FEDERAL FINANCE Federal Receipts Outlays and Debt Federal Receipts by Source and Outlays by Function Federal Sector National Income Accounts Basis INTERNATIONAL STATISTICS Industrial Production and Consumer Prices Major Industrial Countries U S Merchandise Exports and Imports U S International Transactions 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 For sale by the Superintendent of Documents U S Government Printing Office Washington D C 20402 Price 2 25 single copy 2 81 foreign Subscription price 24 00 per year 30 00 for foreign mailing 38 U S GOVERNMENT PRINTING OFFICE

Bank Loans and Securities

DATE: June 1989

PART OF:

Economic Indicators : June 1989

AUTHOR:

Council of Economic Advisers (U.S.)

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Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "Bank Loans and Securities," in Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "June 1989," Economic Indicators (June 1989) : 30-30. https://fraser.stlouisfed.org/title/1/item/691/toc/139026 , accessed on December 12, 2019.

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Economic Data