Selected Unemployment Rates

Name: Selected Unemployment Rates
Creator: FRASER
Keywords: Economic Data, Economic indicators, Economic conditions, United States

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The following is plain-text output generated by Optical Character Recognition. 101st Congress 1st Session Economic Indicators DECEMBER 1989 Includes data available as of December 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 RICHARD L SCHMALENSEE Member PUBLIC LAW 120 SlST CONGRESS CHAPTER 237 IST SESSION JOINT RESOLUTION S J Res 55 To print the monthly publication entitled Economic Indicators Resolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Economic Committee be authorized to issue a monthly publication entitled Economic Indicators and that a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and House and the Congressional Library seven hundred copies to the Joint Economic Committee and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries and that the Superintendent of Documents be authorized to have copies printed for sale to the public Approved June Charts drawn by Art Production Branch Office of the Secretary Department of Commerce Economic Indicators published monthly is available at 2 25 a single copy 2 81 foreign or by subscription at 24 00 per year 30 00 for foreign mailing from SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON D C 20402 TOTAL OUTPUT INCOME AND SPENDING GROSS NATIONAL PRODUCT In the third quarter of 1989 according to revised estimates current dollar gross national product GNP rose 6 2 percent annual rate or 79 3 billion Real GNP GNP adjusted for price changes rose 3 0 percent and the implicit price deflator rose 3 2 percent BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE SEASONALLY ADJUSTED ANNUAL RATES i r GNP 1 vl CURRENT DOLLA R S GNP lr 1 1982 DOLLARS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of current dollars quarterly data at seasonally adjusted annual rates 1 Period Gross national product Personal consumption tures Exports and imports of goods and services Government purchases of goods and services Federal Net exports Exports Imports Total Total National defense Nondefense State and local Final sales Gross domestic purchases IV IV IV IV IV IV 1988 I n UI IV 1989 I n r m 1 Gross private domestic investment GNP less exports of goods and services plus imports of goods and services Source Department of Commerce Bureau of Economic Analysis GROSS NATIONAL PRODUCT IN 1982 DOLLARS Billions of 1982 dollars quarterly data at seasonally adjusted annual rates Exports and imports of goods and services Gross private domestic investment Period Gross national product Personal consumption expenditures Nonresidential fixed Residential fixed Change in business inventories Government purchases of goods and services Federal Net exports Exports Imports Total Total National defense Nondefense State and local Final sales Gioss domestic purchases n in n mr IV FV IV IV IV IV 1988 I IV I GNP less exports of goods and services plus imports of goods and services Source Department of Commerce Bureau of Economic Analysis IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT quarterly data are seasonally adjusted Personal consumption expenditures Period Gross national product Total Gross private domestic investment Durable goods Nondurable goods Services Exports and imports of goods and services Government purchases of goods and services Federal Nonresidential fixed Residential fixed Exports Imports Total National defense Nondefense State and local n m n r ni IV IV IV IV IV IV 1988 I IV 1989 I Source Department of Commerce Bureau of Economic Analysis CHANGES IN GNP PERSONAL CONSUMPTION EXPENDITURES AND RELATED PRICE MEASURES Percent change from previous period quarterly data at seasonally adjusted annual rates Persona consumption expenditures Gross national product Period Constant 1982 dollars Current dollars IV IV IV IV IV IV I II m rv 1989 I II m Implicit price deflator Chain price index Fixedweighted price index 1982 weights NOTE Annual changes are from previous year and quarterly changes are from previous quarter 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 seasonally adjusted annual rates Current dollar cost and profit per unit of output dollars 1 Gross domestic product of nonfinancial corporate business billions of dollars Period Corporate profits with inventory valuation and capita consumption adjustments Total cost and profit 2 Capital consumption allowances with capital consumption adjustment Indirect business taxes 3 Compensation of employees Net interest Profits tax liability Profits after tax 4 Output per hour of all employees 1982 dollars Compensation per hour of all employees dollars Current dollars IV 1983 IV 1984 IV 1985 IV 1986 IV 1987 IV 1988 I II m IV 1989 I 11 III dollars Output is measured by gross domestic product of nonfinancia corporate business in 1982 del lara 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 a 4 Total Indirect business tax and nontax liability plus business transfer payments less subsidies With inventory valuation and capita 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 Period National income Compensation of employees1 Proprietors income with inventory valuation and capital consumption adjustments Farm Rental 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 I I IV 1983 IV 1984 IT 1985 IV 1986 IV 1987 IV n m rv n r m 1 Source Department of Commerce Bureau of Economic Analysis Includes employer contributions for social insurance See also p 5 PERSONAL CONSUMPTION EXPENDITURES Billions of dollars except as noted quarterly data at seasonally adjusted annual rates 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 IV IT IV IV IV I 11 Ill IV I n ni Source Department of Commerce Bureau of Economic Analysis SOURCES OF PERSONAL INCOME Personal income rose 37 8 billion annual rate in November following an increase of 36 1 billion in October The increases were affected by several special factors The Loma Prieta earthquake in October Hurricane Hugo in September as well as a large increase in subsidy payments to farm proprietors and bonus payments to employees in the motor vehicle industry in October Excluding the impact of the special factors personal income rose about 24 billion in November and about 28 billion in October BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOILARS RATIO SCALE o uuu p r r r TOTA L PERSONAL lt 4COME WAGE AS D SALARY DISf1URSEMENTS DTHER INCOME TRANSFER PAYMENTS IIIIlllllll IIIIlllllll IIIIlllllll imilimi IIIIlllllll IIIIlllllll IIIIlllllll SEASONALLY ADJUS TED ANNUAL RATES SOURCE DEPARTME JT OF COMMERCE iiiiiiiini IIIIlllllll COUNCIL OF t CONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates Period Proprietors income 3 Other labor income June July r Aug r r Oct r NovP Nov Dec 1989 Jan Feb Mar Apr May Sept personal income Wage and salary disbursements Farm The total of wage and salary disbursements and other labor income differs from compensation of employees see p 4 in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements Consists primarily of employer contrihutions to private pension and private welfare funds 3 With inventory valuation and capital consumption adjustments 4 With capital consumption adjustment Nonfarm Less income of persons dividend income interest income payments contributions for social insurance personal income Consists mainly of social insurance benefits direct relief and veterans payments 6 Persona 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 in the third quarter of 1989 BILLIONS OF DOLLARS RATIO SCALE 4 000 BILLIONS OF DOLLARS RATIO SCALE COUNCIL OF ECONOMIC ADVISERS SEASONALLY ADJUSTED ANNUAL RATES SOURCE DtPARTMENT OH COMMERCE Period Personal income Less Personal nontax payments p t Disposable personal income Less Personal outlays Equals Personal saving Disposable personal income in 1982 dollars billions Per capita disposable personal income Current dollars Billions of dollars Current dollars 1982 dollars Dollars J o J dollars Per capita personal consumption expenditures J Percent change in real per capita disposable personal income Saving as percent of disposable personal income Population including Armed Forces abroad thousands 2 Percent Seasonally adjusted annual rates IV IV IV IV IV IV I II III IV I 11 ILT s to business and person Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census FARM INCOME In the second quarter of 1989 according to revised estimates gross farm income fell 4 9 net farm income fell 6 4 BILLIONS OF DOLLARS RATIO SCALE billion annual rate and billion BILLIONS OF DOLLARS RATIO SCALE s 1i X I OR 5SS FARM INC OMt 80 SO l f Y A s x Nb T FARM INCOAAt I 1 I H 1 i I 10 M t I i i i I SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF AGRICULTURE T988 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 I n m IV 1988 I n m IV 1989 I r r n r 175 0 r 166 3 r 160 3 r r r 136 5 r Livestock and products r 167 8 r Cash marketing receipts and inventory changes plus Government payments other farm cash income and nonmoney income furnished by farms 2 Physical changes in end of year inventory of crop and livestock commodities valued at average prices during the year Crops 3 Production expenses Value of inventory changes J Current dollars r 128 0 r 135 0 r r r dollars 3 r r r r r 42 6 r r 50 0 r 43 7 r 36 3 r r T r r r 48 3 r 36 8 r 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 r r r 37 1 r r 35 2 r 43 1 r r 37 2 r r r r r CORPORATE PROFITS In the third quarter of 1989 according to revised estimates corporate profits before tax fell 21 0 billion annual rate and after tax profits fell 8 7 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS 360 SEASONALLY ADJUSTED ANNUAL RATES A PROFITS BEFORE TAX y s s s S x N N N X s s V X s v I 200 PR OFITS AFTER If X s Vr 240 h s J X TAX LIABILITY X UNDISTI IBUTED PROFHk i i i SOURCE DEPARTMEN OF COMMERCE COUNCIL OF CONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Profits before tax with inventory valuation adjustment 1 Profits after tax Domestic industries Period IV IV IV IV IV IV 1988 I II ni IV 1989 I n r rn 1 2 Total Financial Total 3 Manufacturing Tax liability Wholesale and retail trade Total Dividends uted profits Inventory valuation adjustment Profits before tax Nonfinancial Total See p 4 for profits with inventory valuation and capital consumption 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 third quarter of 1989 nonresidential fixed investment rose 7 1 billion annual rate and residential investment fell 3 0 billion There was a 27 4 billion increase in inventories the same as the increase in the second quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES GROSS PRIVATE DOMESTIC INVESTMENT y NONR ESIDENTIAL RESIDENTIAL FIX ED INVESTMEN T MGE IN BUSINE NVENTORIES V v SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Change i i business 1 ixed investmen t Gross private domestic investment TV IV IV IV IV IV I II ni IT 1989 I n r rn Source Department of Commerce Bureau of Economic Analysis Total Total t Structures Producers durable equipment Residential Nonfarm Total EXPENDITURES FOR NEW PLANT AND EQUIPMENT According to the Commerce Department October November survey business spending for new plant and equipment is expected to rise 6 4 percent in 1990 following a rise of 10 3 percent in 1989 BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE SEASONALLY ADJUSTED ANNUAL RATES r i r LL INDUSTRIE r A lANUFACTURII IG i I I i NMANUFACT r i i SURVEYED QUARTERLY 2J SEE FOOTNOTE 4 BELOW SOURCE DEPARTMENT OF COMMERCE 1990 COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Industries surveyed quarterly Manufacturing Period All industries Total Durable goods Addenda Nonmanufacturing Nondurable goods Total Mining Transportation Public utilities Commercial and other Total nonfarm business 2 Nonmanufacturing Manufacturing Total Surveyed quarterly n r m I I n TTT IV 1989 I IV n 1 Excludes forestry fisheries and agricultural services medical services professional services social services and membership organizations and real estate which effective with the April May 1984 survey are no longer surveyed quarterly See last column nomnanufacturing surveyed annually for data for these industries 2 All industries plus the part of nonmanufacturing that is surveyed annually 10 Source Department of Commerce Bureau of the Census Surveyed annual1V EMPLOYMENT UNEMPLOYMENT AND WAGES In November civilian employment rose 241 000 and unemployment rose MILL ONS OF PERSONS MILLIONS Of PERSONS 126 SEASONALLY ADJUSTED r CIVILIAN LABOR FORC E x r r i i JNEMPLOYMEr IT niiiliiii Minium M l I I CIVILIAN EMPLOYMENT f f YEARS OF AGE AND OVER SOURCE DEPARTMENT OF LABOR COUNOi 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 Nov Dec 1989 Jan Feb Mar Apr May June July Aug Sept Oct Nov Noninstitutionai population including resident Armed Forces NSA Kesident Armed Forces NSA Labor force including resident Armed Forces including resident Armed Forces Nonagricultural Civilian labor force Agricultural Total Persons at work Economic reasons include slack work material shortages inability to find ftiJltime work etc 2 Civilian labor force or employment as percent of civilian noninstitutional population Unemployment Civilian employment Employment Total Part time for economic reasons Total weeks and over Civilian Labor force participation rate percent 2 Employment population ratio percent Data beginning January 1986 not strictly comparable witb earlier data because of change in istimation procedures Source Department of Labor Bureau of Labor Statistics 11 SELECTED UNEMPLOYMENT RATES In November both the overall unemployment rate and the civilian unemployment rate rose slightly to 5 3 percent and 5 4 percent respectively PERCENT SEASONALLY ADJUSTED PERCENT SEASONALLY ADJUSTED UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted Unemployment rate percent of civilian labor force in group Period Unemployment rate all workers By sex and age All civilian workers Men 20 years and over Women 20 years and over Both sexes 16 19 years By selected groups By race White Black and other Black Experienced wage and salary workers Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Unemployed as percent of total labor force including resident Armed Forces ate hours lost by the unemployed and persons on part time for economic reasons as per 12 Married men spouse present Women who maintain families Fulltime workers Parttime workers cent of potentially available labor force hours Source Department of Labor Bureau of Labor Statistics Labor force time lost percent 2 SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In November the percentages of the unemployed who had been out of work for less than 5 weeks for 15 26 weeks and for 27 weeks and over rose while the percentage for 5 14 weeks fell Both the mean duration of unemployment and the median fell PERCENT DISTRIBUTION PERCENT DISTRIBUTION DURATION OF UNEMPLOYMENT REASON FOR UNEMPLOYMENT JOB LOSERS REENTRANTS JOB LEAVERS NEW ENTRANTS 0 iniili SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT Of LABOR Monthly data seasonally adjusted except as noted Duration of unemployment Unemployment thousands Period Number of weeks Percent distribution 15 26 weeks 27 weeks and over Average mean Median Less than 5 weeks 5 14 weeks Nov Deo Jan Feb Mar Apr fi B eason for unemployment percent distribution Job losers Job leavers Reentrants New entrants C State programs Insured unemployment Initial claims Insured unemployment all regular programs unadjusted 1 Weekly average thousands May July Sept Oct Nov Includes Siata 0 States District oi Columbia Puerto Rico ami Virgin Islands ex servicemeu UC X Federal UO FE and railroad RR programs Also Incudes I ederal ami State ex supplemental compensation program IS S i S Source Department of Labor Bureau of Labor Statistics and Employment and Training AdniinisJration 13 NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey rose 210 000 in November MILL IONS OF PERSONS MIL LIONS OF PERSONS ENLARGED SCALE no SERVICES ALL NONAGRICULTURAL ESTABLISHMENTS T SERV ICE PRODUC ING INDUSTRIES 70 FiETAIL TRADE r GOVERNMEN HfH ririTfi iTrnlimi 1 Jz Illilllllll Illilllllll Illllllllll X GOC3DS PRODUC ING INDUSTRIES JFACTURING illinium luiihiiiiliiiiiliiiii 1 iniilmiik i Illilllllll V Illinium H n iniiliiui iiiiiliinl r i m i 1 1 c DNSTRUCTIC 1986 iiiiiliinl 1987 SEASONALLY AOJ USTED SOURCE DEPARTMENT OF LABOR i n I ill Mif M COUNCIL OF EC DNOMIC ADVISERS Thousands of wage and salary workers seasonally adjusted Service producing industries Groods producing industries Period Total nonagricultural employment Manufacturing Total 2 Construction Total Durable goods Il o J J J Nov Dec Jan Feb Mar Apr May June July Aug Sept T Oct r Nov Nondurable goods Transportation and public utilities Wholesale trade J J J Includes all full and part time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period which includes the 12th of the month Excludes proprietors aeif employed persons domestic servants and personnel of the Armed Forces Total derived from this table not comparable with estimates of nonagrieultural employment of the civilian labor force shown on p 11 which include proprietors self employed persons and domestic servants which count persons as employed when they are not at work because of industrial disputes bad 14 Total Retail trade Finance insurance and real estate Government Services Total Federal 20J J236 f J J J weather etc even if they are not paid for the time off and which are based on a sample of the working age population whereas the estimates in this table are based on reports from employing establishments 2 Includes mining not shown separately Source Department of Labor Bureau of Labor Statistics AVERAGE WEEKLY HOURS HOURLY EARNINGS AND WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted except as noted Average gross weekly earnings Average gross hourly earnings Average weekly hours Total private nonagricultural l Period Total Nov Dec 1989 Jan Peb Mar May July Sept Oct T N 0 y r Current dollars Total private nonagrieultural Manufacturing Overtime Total private nonagricultural Manufacturing Also includes other private industry groups shown on p 14 Current dollar earnings divided by the consumer price index for urban wage earners and clerical workers on a base 2 Current dollars 1977 dollars Manufacturing Construction Retail trade r Percent change from a year earlier total private nonagricultural 3 Current dollars r dollars Based on seasonally unadjusted data Source Department of Labor Bureau of Labor Statistics EMPLOYMENT COST INDEX PRIVATE INDUSTRY Not seasonally adjusted Percent change from Index June Period Dec Dec Dec Dec Dec Dec Dec Dec Dec Sept Dec 1987 Mar Sept Dec 1988 Mar Sept Dec 1989 Mar June Sept 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 o labor free from the influence of employment shuts among occupations and industries 12 months earlier 3 months earlier Total compensation Wages and salaries Benefits Total compensation as Wages and salaries Benefits Data exclude farm and household workers gource 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 I I IV IV IV IV IV 1987 I H in IV n m rv n nir Percent change quarterly data at seasonally adjusted annual rates A IV IV IV IV IV 1987 I n m rv 1988 I n m IV 1989 I nr ni Output refers to gross domestic product originating in the sector in 1982 dollars 2 Hours of all persons engaged in the sector including hours of proprietors and unpaid family workers Estimates based primarily on establishment data 3 Wages and salaries of employees plus employers contributions for social insurance and private benefit plans Also includes an estimate of wages salaries and supplemental payments for the selfemployed 4 Hourly compensation divided by the consumer price index for all urban consumers 5 Current dollar gross domestic product divided by constant dollar gross domestic product 16 K NOTE Data relate to all persons engaged in the sector Percent changes are from preceding period and are based on original data they therefore may differ slightly from percent changes based on indexes shown here Beginning with data released August hours of labor input are defined as hours at the work site rather than hours paid Source Department of Labor Bureau of Labor Statistics PEODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATIOM Industrial production rose slightly in November and capacity utilization fell slightly INDEX RATIO SCALE 60 INK X RATIO SCALE 240 FINAL PRODUCTS 220 TOTAL INDUSTRIAL PRODUCTION 140 ENSE AND SPACE EQU PMENT r BUSINESS 100 mni Min liiiilinii umlnm 40 MANUFACTURING PRODUCTION J w 140 s T CONSUMER GOODS UiiiLiuii Hllihllll iniiliiiil imilmn PER CENT CAPACITY UTILIZATION RATE TOTAL INDUSTRY UTILITIES AND MINING PRODUCTION UTILITIES iillliLjim iiJiLiiim IlllllUlil 1987 miilmii 1988 IlllllUlil SEASONALLY ADJUSTtD SOURCE SOARD OF GOVERNORS OF TH FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted Total industrial production Period Index Capacity utilization rate p rcent Percent change from year earlier Mining Total Durable Utilities Nondurable Total industry Manufacturing Nov Dec 1989 Jan Feb Mar Apr Aue r Sept r Oct r NOV p 1 Industry production indexes Manufacturing J i o ir i 7 Output a i percent of capacity 17 INDUSTRIAL PRODUCTION MAJOR MARKET GROUPS AND SELECTED MANUFACTURES monthly data seasonally adjusted Products Materials Final products Intermediate products Consumer goods Equipment Period Total Total Durable goods Nondurable goods Total l Business Defense and space equipment Total Construction supplies Business supplies Total EnerKJ 1977 proportion T Nov Dec Jan Feb Mar Apr May June July Aug r Sept r Oct T Novp Includes oil and gas well drilling and manufactured homes not shown separately monthly data seasonally i Ijusted Nondurable manufactures Durable manufactures Transportation equipment Primary metals Iron and steel Fabricated metal products Nonelectrical machinery Electrical machinery Period Total Total Motor vehicles and parts Lumber and products Apparel products Printing and publishing cals and products Foods 1977 proportion Nov Dec Jan Feb Mar Apr May June July Augr Sept T Oct r Nov S iource Board of Governors of the Federal Reserve Svstem 18 NEW CONSTRUCTION Monthly data seasonally adjusted Construction contracts 3 Private Period Total new construction expenditures Residential Total New housing units Total Commercial and industrial 2 Other Federal State and local Total value index Commercial and industrial floor space millions of square feet Billions 01 dollars Jan Feb Mar May July Sepf Oct Nov fi r r 60 r 58 173 r 66 r r 66 r 80 r Annual rates Annual rates 1988 Get Nov Dec Sources Department of Commerce Bureau of the Census s 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 Units started by type of structure Period Total unit units or more units Units aiithori ed Onits completed Homes sold Homes for sale at end of period Vacancy rate for mital housing units percent Seasonally adjusted annual rates 1988 Nov Dec Jan Feb Mar r r May July Sept r Oct r Nov p Seasonally adjusted Quarterly data entered in last month of quarter Series beginning 1979 not strictly comparable with earlier data 3 New series beginning March NOTE Beginning 1984 units authorized are for 17 000 permit issuing places for 1971 are for 16 000 places Source Department of Commerce Bureau of the Census 19 AMD INVENTORIES Manufacturing and Trade In October manufacturing and trade sales fell 0 7 percent and inventories rose 3 3 biflion In November according to advance date ratai sales rose 0 8 percent following a decline of 1 3 percent in October BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE r Kt S JRItS AIL INVENTC T 140 X r iV RETAIL SA LES 120 X UliUI imiiiiHiimnhmi MillJmil iillllllli ili I SEASONALLY ADJUSTED SOURCE DEPARlV tNT OF COMMERCE MarraS ficturing and trudft COUNCIL OF ECONOMIC ADVISERS I Sales Inventories 3 in yen U ly saie ratio Inventory sales Retail Wholesale Who Total 2 Durable I goods 1 stores Inventories j Nonduraj bie goods stores 3 Durable goods stores Tola Nondurable goods stores Manufacturing and trade 3 Retail Millions of dollars seasonally adjusted I i j j j r j l L53 MANUFACTURERS SHIPMENTS INVENTORIES AND ORDERS In October manufacturers shipments and new orders fell while inventories and unfilled orders rose In November according to advance data durable goods shipments and new orders rose BILLIONS OF DOLLARS RATIO SCALE 280 BILLIONS OF DOLLARS RATIO SCALE WVFNT xmc c i 280 IOIAL B S i r S 200 D JRABLE GOC DS X NONDURABLE C5OODS 80 BILLIONS OF DOLLARS RATIO SCALE 2VU NEW ORDERS f 1 TOTAL A imilimi r miRAH E GOODS i 200 RATIO INVENTORY SHIPMENTS RATIO t k 1 NC NDURABLE CjOODS 80 Illllllllll Illllllllll Illllllllll Illllllllll 1 60 r f v U f c A v SX Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll iMiiiiiui f f t iiiiiliiin UMlllllM SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Manufacturers shipments l Manufacturers inventories Manufacturers new orders 1 2 Nondurable goods Manufacturers unfilled orders z Manufacturers inventory shipments ratio Durable goods Period Total Durable goods Nondurable goods Total Durable goods Nondurable goods Total Capital goods industries nondefense r r Total Millions of dollars seasonally adjusted Oct Nov Dec 1989 Jan Feb Mar May July Auff Sept r Oct Nov p 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 November the producer price index for all finished goods fell 0 1 percent Prices of finished consumer foods rose 0 8 percent while prices of other finished consumer goods fell 0 6 percent Capital equipment prices rose 0 3 percent INDEX RATIO SCALE INDEX RATIO SCALE SOURCE DEPARTMENT OF LABOR 1989 COUNCIL OF ECONOMIC ADVISERS monthly data seasonally adjusted Intermediate materials Finished goods Total finished goods Consumer foods Consumer goods Total Total Nov Dec 1989 Jan Peb Mar Apr May July r Aue Sept Oct Intermediate materials for food manufacturing and feeds 22 Durable Nondurable Foods and feeds l Foodstuffs and feedstuffs Other Capital equipment Total finished consumer goods Total Finished goods excluding consumer foods Period Crude materials Other Total Source Department of Labor Bureau of Labor Statistics CONSUMER PRICES ALL URBAN CONSUMERS In November the consumer price index for all urban consumers rose 0 4 percent seasonally adjusted 0 2 percent not seasonally adjusted The index was 4 7 percent above its year earlier level INDEX RATIO SCALE INDEX RATIO SCALE SEASONALLY ADJUSTED CONSUMER PRICES ALL ITEMS Illllllllll 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 Transportation Housing Fuel and other utilities Apparel and upkeep Total New cars Motor fuel Medical care Energy2 All items less food shelter and energy Shelter Period Not seasonally adjusted NSA Ret imp Nov Dec Seasonally adjusted Food Total i Total Renters costs Dec Homeowners costs Dec Maintenance and repairs NSA Feb Mar Apr May June July Sept Get Nov 1 Includes items not shown separately 2 Household fuels gas piped electricity fuel oil etc and motor fuel Motor oil coolant etc also included through 1982 3 Relative importance December 1988 NOTE Data beginning 1983 incorporate a rental equivalence measure for homeownership costs and therefore are not strictly comparable with figures for earlier periods Data beginning 1987 and 1988 calculated on a revised basis e Department of Labor Bureau of Labor Statistics 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS Percent change from preceding period monthly datsi seasonally adjusted except as noted by NSA Change from preceding per od Change from 3 months earfier annual rate Consumer goods Period Total finished goods Total finished goods Capital equipment Excluding foods Foods Capital equipment Excluding foods Foods Change from 5 months ear ier ammiil rats h Consumer goods Tula finished goods Consumer goods Capital equipment Excluding foods Foods Kmage tan year earlier total finished goods NSA Change Dec to Dec NSA t r Change month to month 1988 Nov Dec Jan Feb Mar May July r Sept Oct Nov Source Department of Labor Bureau of Labor Statistics CHANGES IN CONSUMER PRICES ALL URBAN CONSUMERS Percent change from preceding period monthly data seasonally adjusted except as noted by NSA Transportation Hosting Shelter Period All items 1 Total 12P Food Rosters costs Homeowners costs Fuel and other utilities Apparel and upkeep New cars Total Motor fuel Medical care Energy 2 All items less food shelter and energy Addendum All items percent change annual rate From previous quarter 3 From months earlier From 6 months earlier From year earlier NSA Change December to December NSA g i Change month to month Nov Dec Jan Feb Mar Apr May June July Au2 Sept Get Noy i i L Includes items not shown separately 2 Household fuels gas piped electricity fuel oil tc ami motor fuel Motor oil coolant etc also included through 0 3 0 ii A Quarterly changes are shown in the last month of the quarter Source Department of Labor Bureau of Labor Statistics PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers in November were 1 4 percent above their October level Prices paid by farmers in October were unchanged from their July level Data are not seasonally adjusted ALE INDE X RATIO SCALE INDEX RATIO SC r V r X Vi x r PRICES PAID V j s PRICES REC IVED niiitniii iiinliim imilmii imilmii 60 MMlllllll iiiiihnii 60 RA TIQJ 140 RATK p 1 1 n M II v X IIIIIIIIIM II RATIO OF INDEX OF PRICES RECEIVED TO NDEX OF PRICES PA IIIIIIIIIM Illllllllll j COUNCIL OF ECONOMIC ADVISERS OURCE DEPARTMENT OF AGRICULTURE not seasonally adjusted Prices paid by farmers Prices received by farmers Period Nov Dee Jan Feb Mar Apr May June July Aug Sept Oct Nov All farm products Livestock and products Crops 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 3 3 Beginning March 1986 prices paid by farmers are available only for first month in quarter and for each month the received paid ratio is based on latest data available All commodities services interest taxes and wage rates Production items interest taxes and wage rates f Production items Ratio 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 In November growth slowed in Ml and accelerated in M2 and M3 BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE Ml M M TtTTTlTiTiT 1981 Ml ll lllllll Illllllllll Illllllllll Illllllllll 1989 COUNCIl OF ECONOMIC ADVJSEHS AVERAGES OF DAIIY FIGURES SEASONALL f ADJUSTED SOURCE 8OARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Averages of daily figures except as noted billions of dollars seasonally adjusted Percent change from year or 6 months earlier 2 Ml M2 M3 Sum of currency demand deposits travelers checks and other checkable deposits OCDs Ml plus overnight EPs and Eurodollars MMMF balances general purpose and broker dealer MMDAs and savings and small time deposits M2 plus large time deposits term RPs term Eurodollars and institution only MMMP balances Dec Dec Dec Dec Dec Dec Dec Dec Dec Nov Dec g r Period Jan Feb Mar May July Sept Oct Nov 1 Consists of outstanding credit market debt of the U S Government State and local governments and private nonfinanciaf 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 nonnnaneial sectors monthly average 1 Ml er at a simple annual rate NOTE See p 27 for components Source Board of Governors of the Federal Reserve System M2 M3 Debt COMPONENTS OF MONEY STOCK AND LIQUID ASSETS Averages of daily figures billions of dollars seasonally adjusted except as noted by NSA Period Currency Demand deposits Other checks able deposits OCDs Overnight repurchase agreements RPs net plus overnight Eurodollars NSA Money market mutual fund balances General purpose and broker dealer NSA Institution only NSA Small denomination time deposits l Savings deposits Large denomination tune deposits 1 NSA Term repurchase agreements RPs Term Eurodollars net NSA Money market deposit accounts MMDAs NSA Savings bonds Shortterm Treasury securities Bankers acceptances Commercial paper 1980 Dec 1981 Dec 1982 Dec 1983 Dec Dec 1985 Dec 1986 Dec 1987 Dec 1988 Dec Nov Dec Jan Feb Mar r r r 265 3 r T r L r r r r r May July Sept Oct r Nov F 1 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 but are not shown 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 Nonborrowed Nonborrowed plus extended credit Required Monetary base Total Seasonal Extended credit Nov Dec r Jan Feb Mar r r r r r July Sept Oct Nov T r r Source Board of Governors of the Federal Reserve System 27 BANK LOANS AND SECURITIES Total commercial bank loans and leases rose 0 9 percent in October Commercial and industrial loans rose 0 7 percent following a decline of 0 1 percent in September BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE ALL COMMERCIAL BANKS LOANS AND LEASES U S GOVERNMENT SECURITIES OTHER SECURITIES miilimi mnlimi liiiihiin mil 1985 III SEASONALLY ADJUSTED SOURCE BOARD OF GOVCR COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted 1 AH commercial banks Loans and leases Total loans and securities 2 Period Dec Dec Dec Dec Dec Dec Dec Dec Oct Nov Dec 1989 Jan Peb Mar Apr May June July Aug Sept Get i 2 486 3 i 2 498 8 I U S Government securities Other securities Total Commercial and industrial Heal estate vidual Security Nonbank financial institutions Agricultural State and political subdivisions Foreign banks i Dais are prorated average of Wednesday figures for domestically chartered banks and averages of inantlvend de i a for foreTjp re aied institutions Data beginning January 1984 are not strictly comparable with data for caH ier periods largely because beginning January 1984 certain obligations of Statrs and political sub iivisions are included in loans rather than in other securities Indi J Excludes loans to commercial banks in the United States Source Board of Governors of the Federal Reserve System Foreign official institutions Lease financing receivables Other SOURCES AND USES OF FUNDS NONFARM NONFINANCIAL CORPORATE BUSINESS Billions of dollars quarterly data at seasonally adjusted annual rates Uses Sources External Period Total Internal l Securities and mortgages Total Total r 486 3 r r r r I n m IV r 1989 I r n Trf r r r Loans and short term paper r r Undistributed proSts 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 Total Other r Increase in financial assets Capital Credit market funds r r r 58 8 r r r r r r r r r r tures 3 Discrepancy sources less uses r T r r 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 l Installment credit outstanding end of period Period Total 1980 Dec Dec Dec Dec Dec Dec Dec Dec Dec Oct Nov Dec NEW SERIES 1989 Jan Feb Mar Mav July Sept T Oct p Other Total Automobile Revolving Mobile home Other Revolving For year end data change from preceding year end for monthly data change from preceding month 2 Because of break in series net change not available Mobile home Automobile Source Board of Governors of the Federal Reserve System INTEREST RATES AND BOND YIELDS Interest rates fell slightly in December PERCENT PER ANNUM PERCENT PER ANNUM SOURCE SEE IABIE BELOW Percent per annum U S Treasury security yields Period month bills new issues 1 Constant maturities 2 3 year 10 year High grade municipal bonds Standard Poor s 3 Corporate Aaa bonds Moody s Dec 1989 Jan Feb Mar Mav June July Sept Oct Nov Dec p Week ended 1989 Dec Prime rate charged 5 by banks New home mortgage yields FHLBB r 7 63 r 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 Discount rate N Y F R Bank Prime commercial paper l 6 months r 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 December CAIE INDEX DEC RATIOS INDEX DEC RATIO SCALE rnMpnsiTF STOCK PRICE NDEY f 180 v r y NYSE j W y i 40 M PERCENT PERC ENT NGS PRICE RATIO ON COMM S P1 r i SOURCES NEW YORK STOCK EXCHANGE A NO STANDARD POC r i ti i Industrial 1 Transportation 0 5 New York Stock Exchange indexes Composite R S CORPORATION Common stock prices l Period 1 O Common stock yields percent 5 2 Finance Utility Dow Jones industrial average 3 Standard Poor s composite index Dividendprice ratio Earningsprice ratio Dec Jan Feb Mar Apr May June Julv Aug Sept Oct Nov Dec Week ended 1989 Dec Average 2 Includes 3 Includes 4 Includes 5 of daily closing prices all the stocks more than 1 500 listed on the NYSE 30 stocks 500 stocks Standard Poor s series Dividend price ratios based on Wednesda1 closing prices Earnings price ratios based on prices at end of quarter NOTE All data relate to stocks listed on the New York Stock Exchange NYSE Sources New York Stock Exchange Dow Jones Company Inc and Standard Poor s Corporation 31 FEDERAL FINANCE FEDERAL RECEIPTS OUTLAYS AND DEBT In the first 2 months of fiscal 1990 there was a deficit of 55 0 billion compared with a deficit of 56 1 billion a year earlier BILLIONS OF DOLLARS BILLIONS OF DOLLARS 1 200 RECEIPTS AND OUTLAYS OUTLAYS RECEIPTS SURPLUS OR DEFICIT t A 1981 i i i N FISCAL YEARS I INCLUDES ON BUDGET AND OFF BUDGET ITEMS COUNCIL OF ECONOMIC ADVISERS SOURCES DEPARTMENT Of THE TREASURY AND OFfiCE OF MANAGEMENT AND BUDGET Billions of dollars Total Fiscal year or period Receipts estimates 2 Cumulative total first 2 Fiscal year 1989 Fiscal year Outlays Receipts Surplus or deficit Receipts Outlays Surplus or deficit Total Held by the public Data from Monthly Treasury Statement Estimates from Mid Session Review of the Budget Office of Management and Budget July Data include asset sales 32 Outlays Gross Federal debt end of period Off budget On budget Surplus or deficit 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 2 months of fiscal 1990 receipts were 11 7 billion higher than a ear earlier and outlays were 10 7 billion higher BILLIONS OF DOLLARS 500 BILLIONS OF DOLLARS 500 RECEIPTS INDIVIDUAL INCOME TAXES SOCIAL INSURANCE TAXES AND CONTRIBUTIONS 200 CORPORATION INCOME TAXES 200 OTHER RECEIPTS Tf OUTLAYS NONDEFENSE NATIONAL DEFENSE FISCAL YEARS V INCLUDES ON 8UDGET AMD OFF BUDGET ITEMS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars On budget and off budget outlays On budget and off budget receipts Individual income taxes Corporation income taxes Fiscal year Total estimates 2 Cumulative total first 2 months Fiscal year 1989 Fiscal year 1990 1 National defense Social insurance taxes and contributions Other Social securi Net interest Other ty Health Total Department of Defense military Medicare x Data from Monthly Treasury Statement See footnote 2 page 32 NOTE Data are from Budget of the United States Government Fiscal Year 1990 January 2 Income security International affairs Total 1989 except as noted Sources Department of the Treasury and Office of Management and Budget 33 FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS In the third quarter of 1989 according to revised estimates Federal receipts fell 10 0 billion annual rate and Federal expenditures fell 10 7 billion BILLIONS OF DOLLARS 1 200 BILLIONS OF DOLLARS SURPLUS OR DEFICIT K 200 I I I I J I I I I 1986 I I 1987 J I 1988 J I 1989 CALENDAR YEARS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Federal Government expenditures Federal Government receipts Period Total Fiscal year Calendar year IV 1983 IV 1984 IV 1985 IV 1986 IV 1987 HI IV 1988 I II III IV 1989 I II III r Personal tax and nontax receipts Corporate profits tax accruals Indirect business tax and nontax accruals Transfer payments Net interest paid Less Wage accruals less disbursements Surplus or deficit national income and product accounts Source Department of Commerce Bureau of ilronomie Analysis Total Purchases of goods and services Subsidies less current surplus of Government enterprises Contributions for social insurance Grantsin aid to State and local governments INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES MAJOR INDUSTRIAL COUNTRIES Consumer prices Industrial production seasonally adjusted Period United States Canada Japan France Germany Italy United Kingdom United States 1 Canada Japan France Germany Italy United Kingdom Oct Nov Dec 1989 Jan Feb r r 142 5 r r Mar May T 3 July J Sept Oct Noy 1 r l r 21 0 r r Data relate to all urban consumers Source National sources as reported by Department of Commerce Bureau of Economic Analysi and International Trade Administration id In U S MERCHANDISE EXPORTS AND IMPORTS Billions of dollars monthly data seasonally adjusted Merchandise exports f a s value General merchandise imports customs value 3 Principal end use commodity category Period Total Trade balance Principal end use commodity category Foods feeds and beverages Industrial supplies and materials Capital goods except automotive Automotive vehicles parts and engines Consumer goods nonfood except automotive Other Total Foods feeds and beverages Industrial supplies and materials Capital goods except automotive Automotive vehicles parts and engines Consumer goods nonfood except automotive Other General merchandise imports c i f value Exports l a s less imports customs value Exports f a s less imports c i f Oct Nov Dec Jan Feb Mar May T J July Sept r Oct Includes Department of Defense Military Assistance Program grant aid shipments Includes undocumented exports to Canada Total arrivals of imported goods other than intransit shipments Total exports are on a revised statistical month basis end use categories are on a statistical month basis NOTE Data shown include trade of the U S Virgin Islands Source Department of Commerce Bureau of the Census U S INTERNATIONAL TRANSACTIONS In the third quarter of 1989 the current account deficit fell to 22 7 billion from 32 1 billion in the second quarter BILLIONS OF DOLL RS BILL ONS OF DOLLARS V A A v i A x V N X B UANCE ON G OODS AND SERVIC ES V A A s J Hr X 0sj A ERCHANDISE t hX J i1 r k 1 f CA TRADE jw CURRENT A CCOUNT 40 BALANCE i i i SEASONALLY ADJUSTED SOURCE DEPARTMEN I OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted Credits debits Merchandise 2 Investment income 3 Period Exports HI IV 1987 I n m IV 1988 I n m IV 1989 I r n m Imports Net balance OCK ncq O7 070 Receipts Payments co QO Excludes military Adjusted from Census data for differences in timing and coverage Fees and royalties from U S direct investments abroad or from foreign direct investments in the 36 Net Net military transactions fi Net travel and transportation receipts Other services net 3 Balance on goods and services Remittances pensions and other unilateral transfers 1 Balance on current account Hli United States are excluded from investment income and included in other services net 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 20 7 billion in the third quarter of 1989 in contrast to a decrease of 27 2 billion in the second quarter Liabilities to private foreigners reported by U S banks excluding Treasury securities increased 25 7 billion in the third quarter in contrast to a decrease of 21 4 billion in the second 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 Foreign assets in the U S net increase capital inflow U S assets abroad net increase capital outflow Period Total U S official reserve2 assets l n m n m Other U S Government assets U S private assets Total Foreign official assets Other foreign assets HI III IV 1987 I IV 1988 I IV 1989 I r n 1 Consists of gold special drawing rights SDKs convertible currencies and the U S reserve position in the IMF 2 Quarterly data are not seasonally adjusted Statistical discrepancy Allocations of special drawing rights SDKs Total sum of the items with sign reversed Of which Seasonal adjustment discrepancy U S official reserve assets net 1 unadjusted end of period Sources Department of Commerce Bureau of Economic Analysis and Departm Treasurv 37 Contents TOTAL OUTPUT INCOME AND SPENDING Page Gross National Product Gross National Product in 1982 Dollars Implicit Price Deflators for Gross National Product Changes in GNP Personal Consumption Expenditures and Related Price Measures Nonfinancial Corporate Business Output Costs and Profits National Income Personal Consumption Expenditures Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment 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 rounding Unless otherwise noted all dollar figures are in current dollars Symbols used p Preliminary r Revised c Corrected Not available also not applicable NSA not seasonally adjusted 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

Selected Unemployment Rates

DATE: December 1989

PART OF:

Economic Indicators : December 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-. "Selected Unemployment Rates," 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-. "December 1989," Economic Indicators (December 1989) : 14-14. https://fraser.stlouisfed.org/title/1/item/697/toc/244517 , accessed on December 8, 2019.

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Economic Data