Full text of Economic Indicators : March 1990
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101st Congress, 2d Session
Economic Indicators
MARCH 1990
(Includes data available as of March 30, 1990)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1990
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—81ST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and Home of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.25 a single copy
($2.81 foreign), or by subscription at $24.00 per year ($30.00 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
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u
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
In the fourth quarter of 1989, according to revised estimates, current-dollar gross national product (GNP) rose 4.6
percent (annual rate) or $59.2 billion. Real GNP (GNP adjusted for price changes) rose 1.1 percent and the
implicit price deflator rose 3.2 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
5,600
5,600
SEASONALLY ADJUSTED ANNUAL RATES
5,200
5,200
"^
4,800
^\
4,800
4,400
4,400
r-^
GNP
IN CU RRENT DOLLAR S
4,000
^
-
—^^
4,000
\ ^
-
---'"'
3,600
3,600
3,200
"\
v""
-
L^-~
-
GNP
IN 19 82 DOLLARS
—-1^''"
3,200
-
2,800
2,800
111
2,400
198!
1
1
1
1
1982
I I I
1
1984
1983
1
1
\ \ \
1
1985
1986
1
1
1
1987
SOURCE: DEPARTMENT OF COMMERCE
1
1
1988
1989
2,400
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
Gross
private
domestic
investment
Government purchases of
goods and services
Exports and imports of goods
and services
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
Final
sales
Gross
domestic
purchases *
1980
1981
1982
1983
1984
1985
1986
1987 . ..
1988
1989 '
2,732.0
3,052.6
3,166.0
3,405.7
3,772.2
4,014.9
4,231.6
4,524.3
4,880.6
5,234.0
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,010.8
3,235.1
3,471.1
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.9
750.3
773.4
32.1
33.9
26.3
-6.1
-58.9
-78.0
-97.4
-112.6
-73.7
-47.1
351.0
382.8
361.9
352.5
383.5
370.9
396.5
448.6
547.7
625.9
318.9
348.9
335.6
358.7
442.4
448.9
493.8
561.2
621.3
673.0
530.3
588.1
641.7
675.0
735.9
820.8
872.2
926.1
968.9
1,036.6
208.1
242.2
272.7
283.5
310.5
355.2
366.5
381.6
381.3
403.2
142.7
167.5
193.8
214.4
234.3
259.1
277.8
294.8
298.0
302.2
65.4
74.8
78.9
69.1
76.2
96.0
88.7
86.8
83.3
101.1
322.2
345.9
369.0
391.5
425.3
465.6
505.7
544.5
587.6
633.4
2,740.3
3,028.6
3,290.5
3,412.8
3,704.5
4,003.6
4,224.8
4,495.0
4,850.0
5,206.9
2,699.8
3,018.7
3,139.7
3,411.8
3,831.1
4,092.8
4,329.0
4,636.8
4,954.3
5,281.1
1982:
19831984:
1985:
19861987:
IV
IV
IV
IV
IV
IV
3,212.5
3,545.8
3,851.8
4,107.9
4,297.3
4,665.8
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,083.3
409.6
579.8
661.8
654.1
648.8
749.7
14.1
-25.8
-67.9
-103.2
-108.9
-114.6
335.9
364.7
385.7
369.2
402.4
482.6
321.9
390.5
453.6
472.4
511.3
597.2
671.8
676.1
764.5
856.7
888.9
947.5
293.2
276.1
326.0
376.6
368.8
388.1
205.4
221.5
244.1
268.6
280.7
296.8
87.7
54.6
81.9
108.0
88.1
91.3
378.7
400.0
438.5
480.1
520.1
559.4
3,272.4
3,514.8
3,806.8
4,100.7
4,309.4
4,602.5
3,198.5
3,571.6
3,919.7
4,211.2
4,406.2
4,780.4
1988: I
II
Ill
IV
4,739.8
4,838.5
4,926.9
5,017.3
3,148.1
3,204.9
3,263.4
3,324.0
728.8
748.4
771.1
752.8
-82.8
-74.9
-66.2
-70.8
521.6
532.5
556.8
579.7
604.3
607.5
623.0
650.5
945.7
960.1
958.6
1,011.4
374.1
377.1
367.5
406.4
297.4
298.0
296.1
300.5
76.7
79.1
71.4
105.9
571.6
583.0
591.0
604.9
4,709.8
4,809.2
4,882.3
4,998.7
4,822.5
4,913.4
4,993.1
5,088.1
1989- I
II
Ill
IV r
5,113.1
5,201.7
5,281.0
5 340 2
3,381.4
3,444.1
3,508.1
3,550.6
769.6
775.0
779.1
770.1
-54.0
-50.6
-45.1
-38.8
605.6
626.1
628.5
643.5
659.6
676.6
673.6
682.3
1,016.0
1,033.2
1,038.9
1,058.3
399.0
406.0
402.7
405.1
298.7
301.3
307.8
300.9
100.4
104.7
94.9
104.2
617.0
627.2
636.2
653.2
5,085.4
5,174.3
5,253.6
5,314.2
5,167.1
5,252.3
5,326.1
5,379.0
1
GNP less exports of goods and services plus imports of goods and services.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Exports and imports of
goods and services
Gross private
domestic investment
Period
Gross
national
product
Personal
consumption
expenditures
Total
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
Gross
domestic
purchases 1
1980
1981
1982
1983
1984
1985
1986
1987... .
1988
1989 ' .
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,618.7
3,717.9
3,853.7
4,024.4
4,144.1
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,354.8
2,446.4
2,513.7
2,598.4
2,669.6
509.3
545.5
447.3
504.0
658.4
637.0
639.6
674.0
715.8
720.7
379.2
395.2
366.7
361.2
425.2
453.5
438.4
455.5
493.8
510.3
137.0
126.5
105.1
149.3
170.9
174.4
195.7
194.8
194.1
188.5
-6.9
57.0
23.9
49.4
-24.5
26.3
6 4 -19.9
62.3 -84.0
9.1 -104.3
5.6
129 7
23.7 -115.7
27.9
749
21.9 -52.6
388.9
392.7
361.9
348.1
371.8
367.2
397.1
450.9
530.1
589.2
332.0
343.4
335.6
368.1
455.8
471.4
526.9
566.6
605.0
641.8
620.5
629.7
641.7
649.0
677.7
731.2
761.6
781.8
785.1
806.4
246.9
259.6
272.7
275.1
290.8
326.0
334.1
339.6
328.9
337.1
171.2
180.3
193.8
206.9
218.5
237.2
252.1
265.2
261.5
256.5
75.7
79.3
78.9
68.2
72.3
88.8
82.0
74.4
67.4
80.6
373.6
370.1
369.0
373.9
387.0
405.2
427.5
442.1
456.2
469.3
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,609.6
3,712.4
3,830.0
3,996.5
4,122.2
3,130.1
3,199.4
3,139.7
3,299.1
3,585.4
3,723.0
3,847.6
3,969.4
4,099.3
4,196.7
1982:
1983:
1984:
1985:
1986:
1987:
3,159.3
3,365.1
3,535.2
3,662.4
3,733.6
3,935.6
2,078.7
2,191.9
2,281.1
2,386.9
2,477.8
2,532.3
408.8
577.2
655.7
648.0
615.2
721.1
352.3
390.4
444.4
460.9
435.7
472.7
115.8
159.9
169.6
179.4
200.3
191.9
-59.3
11.7
27.0 -46.2
41.7 -94.8
7.7 -125.3
-20.8 -135.4
56.6 -109.8
336.0
355.5
376.6
367.4
406.5
484.1
324.3
401.6
471.4
492.6
541.9
593.9
660.1
642.2
693.2
752.7
776.0
792.1
289.5
266.0
300.5
340.6
342.4
344.9
201.4
211.6
225.3
241.4
255.8
266.7
88.2
54.4
75.2
99.2
86.6
78.2
370.6
376.2
392.7
412.1
433.6
447.2
3,218.6
3,338.1
3,493.5
3,654.7
3,754.4
3,879.0
3,147.6
3,411.3
3,630.0
3,787.6
3,869.0
4,045.5
3,974.8
4,010.7
4,042.7
4,069.4
2,570.8
2,586.8
2,608.1
2,627.7
707.0
713.5
733.6
709.1
483.6
497.8
501.0
492.7
189.1
194.2
195.1
198.1
34.3
21.5
37.5
18.3
-78.2
-72.6
-74.9
-73.8
517.4
519.7
531.9
551.4
595.6
592.3
606.9
625.2
775.1
783.0
775.9
806.4
323.8
327.9
319.8
343.9
263.0
262.5
258.8
261.6
60.8
65.4
61.0
82.3
451.3
455.1
456.1
462.5
3,940.5
3,989.2
4,005.2
4,051.0
4,052.9
4,083.3
4,117.6
4,143.2
4,106.8
4,132.5
4,162.9
4,174.1
2,641.0
2,653.7
2,690.1
2,693.7
721.1
719.8
724.6
717.3
501.0
511.4
517.9
510.8
195.6
189.3
184.8
184.3
24.5
19.1
21.9
22.2
-55.0
-51.2
-57.1
-47.2
569.7
587.5
593.1
606.6
624.6
638.7
650.2
653.8
799.7
810.3
805.3
810.4
335.5
343.6
336.1
333.3
254.4
255.8
260.1
255.7
81.1
87.8
76.0
77.7
464.2
466.7
469.2
477.0
4,082.3
4,113.5
4,141.0
4,151.9
4,161.8
4,183.7
4,220.0
4,221.4
IV
IV
IV..
IV
IV
IV
1988- I
II
m
IV
1989: I
II
m...
IV '
1
Source: Department of Commerce, Bureau of Economic Analysis.
GNP less exports of goods and services plus imports of goods and services.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982 = 100; quarterly data are seasonally adjusted]
Gross private
domestic investment
Personal consumption
expenditures
Period
Gross
national
product
1980 ...
1981
1982
1983
1984
1985
1986
1987
1988
1989 '
Total
Durable
goods
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
85.7
94.0
100.0
103.9
107.7
110.9
113.8
117.4
121.3
126.3
86.6
94.6
100.0
104.1
108.1
111.6
114.3
119.8
124.5
130.0
89.2
95.7
100.0
102.1
103.8
104.8
105.6
108.1
110.1
111.3
89.4
96.9
100.0
102.1
105.0
107.5
107.3
112.1
116.3
122.6
83.9
92.6
100.0
106.2
111.6
116.8
122.4
129.0
134,9
141.2
85.1
93.4
100.0
98.8
97.9
97.7
99.3
97.5
98.7
100.3
89.4
96.6
100.0
102.2
106.0
108.3
111.1
116.2
119.7
124.5
90.2
97.5
100.0
101.3
103.2
101.0
99.8
99.5
103.3
106.2
96.0
101.6
100.0
97.4
97.1
95.2
93.7
99.0
102.7
104.9
84.3
93.3
100.0
103.1
106.8
109.0
109.7
112.4
115.9
119.6
83.4
92.9
100.0
103.6
107.2
109.2
110.2
111.1
114.0
117.8
86.4
94.3
100.0
101.4
105.5
108.2
108.1
116.7
123.6
125.3
86.2
93.4
100.0
104.7
109.9
114.9
118.3
123.2
128.8
135.0
101.7
105.4
109.0
112.2
115.1
118.6
101.8
105.7
109.3
113.1
115.8
121.8
100.7
103.1
104.1
104.7
106.2
109.0
101.0
103.1
105.8
108.7
107.8
113.7
102.7
108.3
113.5
119.0
124.9
131.5
100.7
98.3
97.9
97.9
100.0
97.0
99.1
103.1
107.2
109.0
112.4
118.7
100.0
102.6
102.4
100.5
99.0
99.7
99.3
97.2
96.2
95.9
94.4
100.6
101.3
103.8
108.5
110.6
107.7
112.5
102.0
104.7
108.3
111.3
109.7
111.3
99.5
100.3
108.9
108.8
101.7
116.8
102.2
106.3
111.7
116.5
120.0
125.1
1988: I...
II
III.
IV
119.2
120.6
121.9
123.3
122.5
123.9
125.1
126.5
109.3
109.6
110.2
111.2
114.0
115.9
117.1
118.2
132.7
134.2
135.6
137.3
97.7
91.8
98.4
100.6
119.5
119.5
119.6
120.4
100.8
102.5
104.7
105.1
101.5
102.6
102.7
104.0
115.5
115.0
114.9
118.2
113.1
113.5
114.4
114.9
126.2
121.0
117.1
128.7
126.7
128.1
129.6
130.8
1989: I.
II
III..
IV '
124.5
125.9
126.9
127.9
128.0
129.8
130.4
131.8
111.2
110.8
111.4
111.7
120.0
123.3
122.9
124.0
139.0
140.4
141.8
USA
100.4
100.2
100.3
100.1
122.1
124.2
125.6
126.2
106.3
106.6
106.0
106.1
105.6
105.9
103.6
104.4
118.9
118.2
119.8
121.5
117.4
117.8
118.3
117.7
123.8
119.2
125.0
134.2
132.9
134.4
135.6
136.9
1982:
1983:
1984:
1985:
1986:
1987-
IV
IV
IV
IV
IV....
IV
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Pe rcent change from previous period; quarterly data at seasonally adjusted annual rates]
Personal consumption expenditures
Gross national product
Period
Constant
(1982)
dollars
Current
dollars
1980
1981
8.9
11.7
1982
1983
1984
1985
1986
1987
1988
1989
1982:
19831984:
19851986:
19871988:
3.7
7.6
10.8
6.4
5.4
6.9
7.9
7.2
4.2
12.4
4.7
6.2
4.2
9.0
6.5
8.6
7.5
7.5
7.9
7.1
6.2
4.6
.
.
IV.
IV
IV.
IV
IV.
IV
I...
II
III
IV
1989- I .
II
Ill
IV
-0.2
1.9
25
3.6
6.8
3.4
2.7
3.7
4.4
3.0
.6
7.3
1.7
3.0
2.3
6.6
4.0
3.7
3.2
2.7
3.7
2.5
3.0
1.1
Implicit
price
deflator
Chain price
index
9.0
9.7
6.4
3.9
3.7
3.0
2.6
3.2
3.3
4.1
3.6
4.7
3.0
3.3
1.8
2.4
2.0
4.8
4.4
4.7
4.0
4.6
3.2
3.2
Fixedweighted
price index
(1982
weights)
9.0
9.4
6.3
4.1
3.9
3.3
2.5
3.4
3.7
4.2
4.1
3.9
3.1
3.2
2.7
3.3
3.3
4.3
4.4
4.1
4.6
4.9
2.8
3.5
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
Constant
(1982)
dollars
Current
dollars
10.6
10.5
7.1
9.0
8.8
8.2
6.4
7.6
7.4
7.3
10.3
9.7
7.2
6.0
6.2
3.6
8.7
7.4
7.5
7.6
7.1
7.6
7.6
4.9
9.3
9.3
6.2
4.1
4.0
3.4
2.7
3.6
4.2
4.5
4.0
4.0
3.2
3.3
3.1
3.8
3.8
4.8
5.2
4.3
4.8
5.0
2.9
3.6
-0.2
1.2
1.3
4.6
4.8
4.7
3.9
2.8
3.4
2.7
5.3
5.5
4.3
1.9
2.2
— .7
6.2
2.5
3.3
3.0
2.0
1.9
5.6
.5
Implicit
price
deflator
Chain price
index
10.9
9.2
5.7
4.2
3.9
3.5
2.7
4.7
4.1
4.5
4.8
4.1
3.1
4.2
3.9
4.3
2.6
5.0
4.3
4.8
4.7
5.8
2.1
4.4
10.7
9.2
5.7
4.1
3.8
3.2
2.4
4.8
3.9
4.4
4.4
4.3
3.0
4.0
3.9
4.4
2.3
4.7
3.9
4.6
4.8
5.7
1.9
4.4
Fixedweighted
price index
(1982
weights)
10.5
9.0
5.6
4.2
4.0
3.5
2.7
4.7
4.3
4.7
4.8
4.1
3.2
4.3
3.9
4.5
2.6
5.1
4.6
4.9
4.8
6.3
2.2
4.4
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Gross domestic
product of
nonfinancial
corporate business
(billions of dollars)
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1982:
1983:
1984:
1985:
1986:
1987:
1988-
1989:
1
IV
IV
IV
IV
IV
IV
I
II.
Ill
IV
I.
II
III
IV
..
Current
dollars
1982
dollars
1,540.8
1,738.4
1,782.2
1,914.2
2,146.7
2,267.1
2,367.1
2,520.7
2,731.3
2,907.1
1,779.4
2,012.5
2,201.8
2 3094
2,408.7
2,598.4
2,648.1
2,705.9
2,754.9
2,816.4
2,842.7
2,887.2
2,936.2
2,962.1
1,807.9
1,837.2
1,782.2
1,866.0
2,036.5
2,117.4
2,173.9
2,282.6
2,419.5
2,481.6
1,760.2
1,940.5
2,069.5
2,137.7
2,198.5
2,343.3
2,381.8
2,408.9
2,434.1
2,453.2
2,459.1
2,471.3
2,497.2
2,499.1
Current-dollar cost and profit per unit of output (dollars) '
Total
cost
and
profit 2
Indirect
business
taxes 3
0.852
.946
1.000
1.026
1.054
1.071
1.089
1.104
1.129
1.171
1.011
1.037
1.064
1.080
1.096
1.109
1.112
1.123
1.132
1.148
1.156
1.168
1.176
1.185
0.095
.109
.125
.123
.118
.119
.123
.123
.123
.128
.131
.120
.118
.120
.124
.122
.122
.122
.122
.124
.125
.126
.129
.131
0.077
.090
.094
.098
.100
.103
.106
.106
.107
.111
.096
.098
.102
.104
.106
.106
.106
.107
.108
.108
.110
.111
.112
.113
Output is measured by gross domestic product of nonfinancial corporate business in 1982 dot-
lars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
Corporate profits with
inventory valuation and capital
consumption adjustments
Capital
consumption
allowances
with
capital
consumption
adjustment
3
4
Compensation of
employees
Net
interest
0.581
.632
.676
.679
.687
.704
.721
.730
.744
.781
.685
.680
.694
.713
.727
.734
.732
.740
.746
.756
.768
.778
.783
.795
0.031
.037
.043
.037
.039
.038
.041
.047
.052
.060
.042
.037
.042
.037
.042
.050
.050
.051
.053
.055
.057
.060
.061
.062
Total
0.068
.078
.063
.089
.109
.106
.098
.098
.103
.091
.057
.103
.107
.106
.096
.098
.102
.103
.102
.105
.096
.093
.091
.085
Profits
tax
liability
0.037
.035
.026
.032
.036
.033
.035
.041
.044
.040
.023
.036
.032
.033
.038
.041
.041
.044
.044
.045
.045
.041
.038
.037
Profits
after
tax 4
0.031
.044
.037
.057
.073
.073
.064
.058
.059
.051
.034
.066
.075
.072
.058
.057
.060
.059
.058
.061
.051
.053
.053
.048
Output
per hour
of all
employees
(1982
dollars)
Compensation
per hour
of all
employees
(dollars)
18.524
18.643
18.704
19.217
19.682
19.996
20.456
20.908
21.393
21.385
18.770
19.422
19.784
20.116
20.650
21.176
21.382
21.401
21.469
21.446
21.356
21.364
21.522
10.769
11.777
12.635
13.039
13.528
14.069
14.746
15.252
15.907
16.721
12.866
13.208
13.735
14.341
15.008
15.535
15.645
15.833
16.024
16.213
16.407
16.625
16.843
Indirect business tax and nontax liability plus business transfer payments less subsidies,
• With inventory
nvenory valuation
v a u a o n and
an capital
capta consumption
consumpon adjustments.
ausmens.
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
1982
1983 . . . .
1984
1985 . .
1986
1987
1988
1989 r
2,518.4
2 719 5
3,028.6
3,234.0
S.412.6
3,665.4
3,972.6
4,266.5
1,907.0
2,020.7
2,213.9
2,367.5
2,511.4
2,690.0
2,907.6
3,144.4
24.6
12.4
30.5
30.2
S4.7
41.6
39.8
46.2
150.9
178.4
204.0
225.6
247.2
270.0
288.0
305.9
13.6
13.2
8.5
9.2
11.6
13.4
15.7
7.9
150.0
213.7
266.9
282.3
282.1
298.7
328.6
301.3
159.2
196.7
234.2
222.6
228.8
247.8
281.8
271.9
169.6
207.6
240.0
224.3
221.6
266.7
306.8
290.6
— 10.4
-10.9
-5.8
-1.7
6.1
-18.9
-25.0
-18.7
-9.2
17.0
32.7
59.7
58.8
50.9
46.8
29.3
272.3
281.0
304.8
319.0
825.5
351.7
392.9
460.8
1982198319841985:
19861987:
2,548.2
2,851.5
3,096.1
3,312.8
3,473.1
3,799.9
1,931.1
2,092.7
2,272.7
2,426.7
2,571.2
2,778.7
28.5
19.3
28.1
29.2
37.2
48.4
159.8
188.6
209.7
235.0
252.0
280.3
15.8
12.4
5.6
7.8
13.5
14.3
146.1
248.5
266.9
291.4
275.2
308.2
150.7
223.4
224.6
228.4
226.1
255.8
164.1
231.5
226.1
235.0
234.1
276.2
-13.4
81
-1.6
-6.6
-8.0
-20.4
-4.5
25.1
42.3
63.0
49.1
52.4
266.9
290.2
313.1
322.7
324.0
370.0
1988- I
II
Ill
IV...
3,853.6
3,933.6
4,005.7
4,097.4
2.819.4
2,878.9
2,935.1
2,997.2
44.0
45.4
37.7
32.0
279.9
286.5
289.3
296.3
15.6
14.6
16.3
16.1
318.1
325.3
330.9
340.2
268.1
276.4
284.1
298.7
288.8
305.3
314.4
318.8
-20.7
-28.8
-30.4
— 20.1
49.9
48.9
46.9
41.5
376.6
383.0
396.4
415.7
1989: I
II
4,185.2
4,249.6
4,287.3
4,343.9
3,061.7
3,118.2
3,171.9
3,225.9
59.0
51.3
36.1
38.5
300.3
304.2
307.2
311.8
11.8
9.8
5.4
4.8
316.3
307.8
295.2
285.7
279.7
275.5
268.7
263.8
318.0
296.0
275.0
273.5
-38.3
-20.5
-6.3
-9.7
36.6
32.3
26.5
21.9
436.1
458.4
471.5
477.2
IV
IV
IV
IV
IV
IV
m
IV '
1
Includes employer contributions for social insurance. (See also p. 5.)
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nondurable goods
Durable goods
Total
personal
consumption
expenditures
Total
durable
goods
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,010.8
3,235.1
3,471.1
252.7
289.1
335.5
372.2
406.0
421.0
455.2
473.2
108.9
130.4
157.4
179.1
196.2
195.5
211.6
213.9
95.7
107.1
118.8
129.9
139.7
149.1
162.0
173.6
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,083.3
263.8
310.0
346.7
373.2
422.0
424.5
115.7
144.4
162.3
173.8
201.1
196.3
1988: I
II
Ill
IV
3,148.1
3,204.9
3,263.4
3,324.0
446.4
454.6
452.5
467.4
1989: I
II
Ill
IV '.
3,381.4
3,444.1
3,508.1
3,550.6
466.4
471.0
486.1
469.5
Period
1982
1983
1984
1985
1986
1987
1988
1989 r.
1982:
1983:
19841985:
19861987:
IV
IV....
IV
IV
IV
IV
Source: Department of Commerce, Bureau of Economic Analysis.
Motor
vehicles
and
parts
Furniture
and
household
equipment
Total
nondurable
goods
Food
48.1
51.6
59.3
63.2
70.0
76.5
81.6
85.8
771.0
816.7
867.3
911.2
942.0
998.1
1,052.3
1,123.4
99.1
112.4
122.7
134.7
143.8
151.4
49.0
53.2
61.8
64.7
77.1
76.7
210.3
212.5
208.4
215.3
156.9
162.2
162.7
166.1
211.7
212.9
225.6
205.3
172.1
173.5
173.9
174.8
Services
Retail sales of
new passenger
cars (millions of
units)
Clothing and
shoes
Gasoline
and oil
398.8
421.9
448.5
471.6
500.0
529.2
559.7
594.9
124.4
135.1
146.7
156.4
166.8
177.2
186.8
200.1
89.1
90.2
90.0
90.6
73.5
75.2
76.8
84.0
158.7
169.5
182.1
192.6
201.7
216.6
229.0
244.5
1,027.0
1,128.7
1,227.6
1,345.6
1,449.5
1,591.7
1,727.6
1,874.4
5.8
6.8
8.0
8.2
8.2
7.1
7.5
7.1
22
2.4
2.4
2.8
3.2
3.2
3.1
2.8
786.6
837.9
879.6
932.7
952.1
1,015.4
407.0
430.8
456.1
482.5
511.9
536.8
126.5
141.1
149.8
160.6
168.7
180.6
89.8
91.9
89.0
91.0
66.0
76.7
163.4
174.0
184.7
198.5
205.5
221.3
1,066.5
1,167.9
1,267.1
1,394.5
1,494.4
1,643.3
6.0
7.4
7.7
7.0
7.7
6.6
2.5
2.6
2.6
3.1
3.4
3.3
79.2
79.9
81.4
86.0
1,022.2
1,042.4
1,066.2
1,078.4
542.5
554.5
567.8
574.1
180.8
183.6
188.9
193.9
74.3
76.9
78.3
77.6
224.5
227.5
231.2
232.8
1,679.5
1,707.9
1,744.7
1.778.2
7.7
7.5
7.4
7.5
3.2
3.2
3.0
3.0
82.6
84.6
86.7
89.4
1,098.3
1,121.5
1,131.4
1,142.4
587.3
592.2
598.1
601.8
195.0
198.9
202.2
204.3
77.9
89.5
85.2
83.2
238.1
241.0
245.9
253.1
1,816.7
1,851.7
1,890.6
1,938.7
7.0
7.3
7.9
6.2
2.8
3.0
2.9
2.6
Other
Other
Domestics
leaports
SOURCES OF PERSONAL INCOME
Personal income rose $40.6 billion (annual rate) in February following an increase of $31.2 billion in January. The
increases were affected by several special factors. Subsidy payments to farm proprietors raised the February
change and lowered the January change. A pay raise for Federal Government employees raised the changes in
both months. The January change was also boosted by cost-of-living adjustments to several transfer payment
programs and was lowered by an increase in personal contributions for social insurance. Excluding these special
factors, personal income increased $33.8 billion in February and $18.8 billion in January.
BILLIONS OF DOLLARS*(RATIO SCALE)
BIILIONS OF DOLLARS*(RATIO SCALE)
5,000
^
4,000
4,000
3,000
_—
_
•
^
•
1
^—
'
\
3,000
TOTAL PERSO slAL INCOME
-- .-.
'"'
2,000
2,000
^ ^ •- "" ""
„__-—••"
WAG E AND SALAR' DISBURSEMENJTS
1,400
1,400
^™
-— "• ~ '
*—
.
—-
--~~~*"
OTHER INCC3ME
800
800
- — •"
—
•
s— "^
400
TRANSFER
PAYMENTS.
"~
400
iimlnm miilimi Illlltlllll mulmii iimlmii miilimi Minium imilmn imilimi
1982
1983
1984
1985
1987
1986
1988
" SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1989
1990
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 r
1989- I.*
Ifi'dT
Mav
July
Sept
Oct r
Nov '
Dec '
1990: Jan r.
Feb p
personal
income
2 258 4
25209
2 6708
2 8386
3 108 7
3,325.3
3 526 2
3 777 6
4064 5
4427 3
4 319 5
4 360 7
4 387 1
43963
4 417 5
4 443 7
4456 9
4467 1
4 500 3
4541 5
4 564 1
4595 3
4 635 9
Wage and
salary
disbursements 1
1 372 0
1 5103
1 586 1
1 6766
1 838 6
1,975.4
2094 8
2 249 4
2 429 0
2631 1
2 557 3
2 579 4
2 601 3
2 603 5
2 621 7
2 644 7
2 651 0
2 668 4
2 693 4
2 694 7
2 712 2
2 725 2
2 748 7
Proprietors ' income
Other labor
income * 2
1384
1503
163 6
173 6
182 9
187.6
199 3
212 8
228 9
248 3
241 3
242 9
2444
246 0
247 5
249 1
250 7
252 2
253 8
255 3
256 9
258 5
2600
Farm
20 5
30 7
24 6
12 4
30 5
30.2
34 7
41 6
39 8
46 2
65 9
63 0
564
54 3
43 2
38 8
36 5
32 9
39 3
389
37 2
38 0
43 8
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
2
Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capita! consumption adjustments.
Less:
3
Nonfarm
income of
persons 4
dividend
income
160 1
156 1
1509
178 4
66
13 3
13 6
13 2
52 9
61.3
63 9
68.7
204 0
225.6
247 2
2700
288 0
3059
300 6
300 8
304 6
303 5
304 6
3063
308 0
307 4
306 3
313 7
315 6
319 6
324 2
85
9.2
11 6
134
15 7
79
11 8
99
98
98
97
93
84
—16
80
102
12 2
10 1
78
75 5
78.7
85 8
92.0
102 2
112.4
1094
110 3
111 0
111 4
111 8
112.8
1133
113.6
114 8
115.8
116 4
117.2
118 1
interest
income
271 9
335.4
369.7
393.1
444.7
478.0
493.2
523.2
571 1
657.4
6289
641 5
6484
655.2
661 8
665.0
6679
670.4
674.0
677.7
681.3
684.7
687.9
PVments
324 7
368.1
4106
442.6
456 6
489.8
521 5
548.2
5847
632.3
6142
624 2
623 9
625.5
6309
632.6
6364
640.2
6446
653.1
651.4
669.5
671 2
4
contributions
for social
insurance
88.6
104.5
112.3
120.1
132.7
149.3
161.9
172.9
194.9
214.2
209.8
211 3
212.6
212.7
213.8
214.8
215.2
216.3
217.8
217.9
219.0
227.5
225.6
personal
income 6
2,215.8
2,465.6
2,618.7
2,799.0
3,052.1
3,271.3
3,469.4
3,714.7
4,003.7
4,359.6
4,232.4
4 2765
4,309.4
4,320.5
4,352.6
4,383.1
4,398.6
4,412.4
4,439.3
4,480.9
4,505.1
4,535.6
4 570.4
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Persona) income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
5
6
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income rose in the fourth quarter of 1989.
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
1,800
1,800
1,4001—I
DOLLARS * (RATIO SCALE)
DOLLARS * (RATIO SCALE)
16,000
16,000
PER CAPITA DISPOSABLE PERSONAL INCOME
14,000
U,000
- CURRENT DOUARS-
\
12,000
12,000
10,000
10,000
1982 DOLLARS
8,000
8,000
1
6,000
1
1
1
1
1
1
1982
1981
1
1
1983
1
1
1
1
1984
1985
1
1
1
1986
1
1988
Period
Less:
Personal
tax and
nontax
payments
p
i
Disposable
personal
income
Less:
Personal
outlays *
Equals:
Personal
saving
Disposable
persona]
income in
1982
dollars
(billions)
Per capita
disposable personal
income
Current
dollars
Billions of dollars
2,258.5
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3)526.2
3,777.6
4)064.5
4,427.3
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 r.
340.5
393.3
409.3
410.5
440.2
486.6
512.9
571.7
586.6
648.5
1,918.0
2,127.6
2)261.4
2,428.1
2',668.6
2,838.7
3)013.3
3,205.9
3)477.8
3)778.8
6,000
1989
COUNCIL OF ECONOMIC ADVISERS
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Personal
1 1 1
1
1987
1982
dollars
Per capita personal
consumption
expenditures
Current
dollars
1982
dollars
Dollars
1,781.1
1,968.1
2)l07.5
2,297.4
2',504.5
2,713.3
2)888.5
3,104.1
3)333.1
3)574.4
136.9
159.4
153.9
130.6
164.1
125.4
124.9
101.8
144.7
204.4
2,214.3
2,248.6
2)261.5
2,331.9
2,469.8
2,542.8
2)635.3
2,676.6
2)793.2
2)906.3
8,421
9,243
9)724
10 340
ll)257
11 ggi
12,469
13 140
14,116
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands)2
Percent
8,783
— 1.1
7.1
8,794
8318
9,139
9',489
9,839
10,123
10,303
10)546
10)729
.5
10,970
ll)337
ll)680
7,607
8,320
9)318
9,515
10,253
10,985
11,576
12,340
13,131
13)950
2.1
4.9
2.0
2.6
.6
3.3
3.0
7.5
6.8
5.4
6.1
4.4
4.1
3.2
4.2
5.4
227,754
230,182
232)549
234,829
237',051
239,322
24l)660
243)985
246)378
248)831
9,722
9,769
9)724
9,930
10,419
10,625
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
IV
IV
IV
IV
IV
IV
2,729.2
2,941.8
3,188.3
3,399.1
3,597.8
3,908.7
411.1
413.9
459.7
499.6
534.4
589.2
2,318.1
2,527.9
2,728.6
2,899.5
3,063.4
3,319.4
2,174.9
2,382.5
2,571.3
2,787.7
2,961.4
3,177.6
143.1
145.4
157.3
111.7
102.0
141.8
2,276.1
2,392.7
2,496.3
2,562.8
2,646.2
2,726.2
9,929
10,725
11,467
12,068
12,629
13,552
9,749
10,151
10,491
10,667
10,909
11,130
9,068
9,825
10,479
11,240
11,825
12,588
8,904
9,299
9,587
9,935
10,214
10,338
1.2
9.1
1.7
3.3
.3
6.6
6.2
5.8
5.8
3.9
S.S
4.3
233,466
235,707
237,946
240,257
242,579
244,936
1988: I
II
III....
IV
3,948.5
4,026.6
4,097.6
4,185.2
572.2
590.7
585.9
597.8
3,376.4
3,435.9
3,511.7
3,587.4
3,244.4
3,301.9
3,362.1
3,424.0
131.9
134.0
149.6
163.4
2,757.2
2,773.3
2,806.4
2,835.9
13,754
13,966
14,235
14,504
11,232
11,273
11,377
11,466
12,824
13,028
13,229
13,439
10,473
10,515
10,572
10,624
3.7
1.5
3.7
3.2
3.9
3.9
4.3
4.6
245,476
246,008
246,685
247,343
1989: I
II
III....
IV r...
4,317.8
4,400.3
4,455.9
4,535.3
628.3
652.6
649.1
664.1
3,689.5
3,747.7
3,806.8
3,871.3
3,483.8
3,547.0
3,611.7
3,655.3
205.7
200.7
195.1
216.0
2,881.7
2,887.6
2,919.2
2,936.9
14,884
15,084
15,280
15,495
11,625
11,622
11,717
11,755
13,641
13,862
14,081
14,212
10,654
10,681
10,798
10,782
5.7
-.1
3.3
1.3
5.6
5.4
5.1
5.6
247,890
248,456
249,143
249,836
1
Includes personal consumption expenditures, interest paid by consumers to business, and person1 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
In the third quarter of 1989, according to revised estimates, gross farm income fell $8.3 billion (annual rate) and
net farm income fell $7.0 billion.
BILLIONS OF DOLLARS * (RATIO S CALE)
240
200
BULK3NS OF DOLLARS* (RATIO SCALE)
240
200
~^,
160
-^|
--—
-\V"-
s
120
-
^•1
n
160
120
80
80
An
60
40
40
20
20
10
10
COUNCIL OF ECONOMIC ADVISERS
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total 1
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
Livestock and
products
Crops
149.3
166.4
163.5
152.9
175.0
166.3
160.3
171.7
177.6
139.7
141.7
142.6
136.5
142.5
144.1
135.5
139.5
151.5
68.0
69.2
70.3
69.4
73.0
69.8
71.5
75.7
78.9
71.7
72.5
72.3
67.1
69.5
74.3
64.0
63.8
72.6
1987- I
II
Ill
IV
1988- I
II
Ill
IV
170.4
172.4
167.8
175.9
174.7
182.0
175.0
178.6
131.3
143.8
144.8
138.1
144.4
148.8
160.4
152.2
72.8
76.4
77.8
75.8
81.8
75.3
78.3
80.3
58.6
67.4
66.9
62.2
62.6
73.5
82.1
71.9
1989: I r
II r
III r
198.5
196.5
188.2
155.5
160.2
164.4
84.1
81.3
81.8
71.4
78.9
82.6
..
..
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
3
Production
expenses
Value of
inventoryz
changes
Current
dollars
1982 dollars 3
133.1
139.4
140.0
140.4
142.7
134.0
122.4
128.0
135.0
16.2
27.0
23.5
12.5
32.3
32.3
37.9
43.5
42.6
18.8
28.7
23.5
12.0
29.9
29.1
33.4
37.1
35.2
-1.7
40
— 4.4
47
-4.1
120.4
128.7
131.3
131.7
130.2
133.7
138.2
137.8
50.0
43.7
36.3
44.1
44.5
48.3
36.8
40.8
43.1
37.3
30.9
37.2
37.4
40.0
30.2
33.1
8.5
7.6
6.2
143.1
145.4
144.1
55.4
51.1
44.1
44.5
40.6
34.8
63
6.5
14
-10.9
6.3
-2.4
27
— .4
43
j
.3
2
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 fourth quarter of 1989, according to preliminary estimates, corporate profits before tax fell $1.5 billion
(annual rate) and after-tax profits rose $4.3 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
360
360
SEASONALLY ADJUSTED ANNUAL RATES
320
X"
280
/
240
200
V
\
PROFITS BEFORE TAX
320
\
280
/
j
^
240
r]
/^
^/
^
\
200
/
,, — """"" ~X
160
N
160
. — ^ v PRDFITS AFTER TAX
S
~"\
— — **
V
120
s
\
S
X,
x—
''" .^--^.
120
s
\
..I—--'''"
,- —N
\,
~\~"
80
80
TAX LIABILITY
-/'.' —
*'
-
40
0
1 1 1
1
!
1
1982
1981
1 1 1
•*»N
-J
40
UNDIST tlBUTED PROF TS "
1
1
1
1
1984
1983
1
1
1
1985
1 I
1986
\
1 1
1987
1 1 1
1 1 1
1988
1989
0
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMEN T OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment l
Profits after tax
Domestic industries
Nonfinancial
Period
Total
2
Total
Financial
Total
1980
1981
1982
1983.
1984
1985...
1986
1987
1988
1989 r.
1982: IV
1983- TV
1984: IV
1985- TV
1986: IV
1987- TV
1988: I
II
III
IV
1989: I
II
III....
TV "
1
2
3
Tax
liability
Wholesale and
retail
trade
Total
Dividends
Undistributed
profits
Inventory
valuation
adjustment
268.1
276.4
284.1
298.7
159.6
173.8
131.2
166.6
203.3
191.4
195.2
208.7
238.2
224.1
121.6
190.7
193.9
193.6
193.4
211.8
225.7
235.8
239.0
252.2
21.0
16.5
11.8
18.1
13.0
22.8
32.0
30.5
29.8
21.9
18.7
15.5
13.6
26.0
28.6
29.9
27.7
29.7
31.6
30.1
138.6
157.3
119.4
148.5
190.3
168.6
163.2
178.2
208.4
202.2
102.9
175.2
180.3
167.6
164.8
181.9
198.0
206.1
207.3
222.1
77.1
88.5
58.0
70.1
88.8
79.7
59.5
76.6
98.4
87.7
46.8
88.6
79.8
83.8
64.8
84.5
94.6
98.2
95.1
105.5
21.6
32.5
34.6
38.9
51.2
44.1
44.1
41.1
40.1
38.9
33.6
43.1
51.8
38.5
41.0
41.2
42.2
37.3
39.2
41.8
237.1
226.5
169.6
207.6
240.0
224.3
221.6
266.7
306.8
290.6
164.1
231.5
226.1
235.0
234.1
276.2
288.8
305.3
314.4
318.8
84.8
81.1
63.1
77.2
93.9
96.4
106.3
124.7
137.9
129.7
59.8
88.1
87.0
99.8
113.1
127.3
129.0
138.4
141.2
143.2
152.3
145.4
106.5
130.4
146.1
127.8
115.3
142.0
168.9
160.9
104.3
143.4
139.2
135.2
121.0
148.9
159.9
166.9
173.2
175.6
54.7
63.6
66.9
71.5
79.0
83.3
91.3
98.7
110.4
122.1
68.5
73.9
80.8
84.0
93.6
102.8
105.7
108.6
112.2
115.2
97.6
81.8
39.6
58.9
67.0
44.6
24.0
43.3
58.5
38.9
35.8
69.5
58.4
51.2
27.4
46.1
54.2
58.3
61.1
60.4
-43.1
-24.2
— 10.4
-10.9
-5.8
-1.7
6.7
-18.9
-25.0
-18.7
-13.4
-8.1
-1.6
-6.6
-8.0
-20.4
-20.7
-28.8
-30.4
-20.1
279.7
275.5
268.7
263.8
233.1
231.8
223.0
208.5
29.3
28.6
17.8
12.1
203.9
203.2
205.2
196.4
96.5
90.3
86.6
34.1
36.9
41.9
318.0
296.0
275.0
273.5
144.4
134.9
122.6
116.9
173.6
161.1
152.4
156.7
118.5
120.9
123.3
125.6
55.1
40.2
29.1
31.1
-38.3
-20.5
-6.3
r
-9.7
194.0
202.3
159.2
196.7
234.2
222.6
228.3
247.8
281.8
271.9
150.7
223.4
224.6
228.4
226.1
255.8
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Manufacturing
Profits
before tax
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS PRIVATE DOMESTIC INVESTMENT
.According to revised estimates for the fourth quarter of 1989, nonresidentiai fixed investment fell $8.2 billion
'(annual rate) and residential investment rose $0.5 billion. There was a $26.1 billion increase in inventories,
following an increase of $27.4 billion in the third quarter.
BILLIONS OF DOLLARS
900
BILLIONS OF DOLLARS
900
SEASONALLY ADJUSTED ANNUAL RATES
800
800
-
GROSS PRIVATE DOMESTIC
L.
/** ~"^1
700
700
^~~
/
600
500
-_-/\
/
~>^^ ^~~1
r
\.
""N/
400
--
-'""'
600
—
NON RESIDENTIAI
FIXED INVESTMENT
/
X
—
500
f
.-
„
*"
-
„--•"
400
4,*"
..
RESIP =KITIil
FIXED INVESTMENT
300
IV
200
300
__.
200
-
..*•-•—-,^-
CHANGE IN BUSINESS
/-^__ INVE NTORIES
^"
100
100
"*N%
/
/
""•"ff"**^^
N
\
I
-100
1
1
1981
.'
'\_
%
0
1
1 1
1982
"
-—
/
0
.-'''"~'
\
\
\
1
1
1
1984
1983
1
1 1
1985
1
1 1
1986
1
1 1
1987
SOURCE: DEPARTMENT OF COMMERCE
1
1 1
1988
i
I i
-100
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Period
Gross
private
domestic
investment
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 '.
19821983:
19841985:
1986:
1987:
IV
IV
IV
IV
IV ... .
IV
1988- I
II
Ill
IV
1989:
. .
I
II
III
IV r
Source: Department of Cc
, Bureau of Economic Analysis.
Nonresidentiai
Total
Total
Structures
Producers'
durable
equipment
Residential
Total
Nonfarm
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.9
750.3
773.4
445.3
491.5
471.8
509.4
597.1
631.8
652.5
670.6
719.6
746.3
322.8
369.2
366.7
356.9
416.0
442.9
435.2
444.3
487.2
511.7
113.9
138.5
143.3
124.0
141.1
153.2
139.0
133.8
140.3
144.9
208.9
230.7
223.4
232.8
274.9
289.7
296.2
310.5
346.8
366.7
122.5
122.3
105.1
152.5
181.1
188.8
217.3
226.4
232.4
234.6
-8.3
24.0
-24.5
-7.1
67.7
11.3
6.9
29.3
30.6
27.1
-2.4
18.3
-23.1
.4
60.5
14.6
8.6
30.5
34.2
22.2
409.6
579.8
661.8
654.1
648.8
749.7
469.5
548.8
616.8
646.8
660.9
686.3
354.9
383.9
435.0
451.3
435.8
458.6
137.6
127.4
146.6
155.9
133.7
138.9
217.3
256.5
288.4
295.5
302.2
319.7
114.7
164.9
181.8
195.5
225.1
227.7
-59.9
31.0
45.0
7.2
-12.2
63.3
-51.1
21.3
41.3
23.7
-8.0
61.3
728.8
748.4
771.1
752.8
698.7
719.1
726.5
734.1
472.7
487.1
493.2
495.8
137.1
139.9
142.0
142.5
335.6
347.2
351.3
353.3
226.1
232.1
233.2
238.4
30.0
29.3
44.6
18.7
24.2
30.4
41.5
40.8
769.6
775.0
779.1
770.1
742.0
747.6
751.7
744.0
503.1
512.5
519.6
511.4
144.7
142.4
146.2
146.4
358.5
370.1
373.4
365.0
238.8
235.1
232.1
232.6
27.7
27.4
27.4
26.1
19.1
23.6
19.8
26.4
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)
600
600
SEASONALLY ADJUSTED ANNUAL RATES
500
500
400
400
ALL INDUSTRIES
300
300
200
200
NONMANUFACTURING
7"
MANUFACTURING
100
100
I
I I
1982
1
I
I
I
1983
1984
I
I I
1985
1986
I I
1987
I
I I
1988
1989
_!/ 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]
Addenda
Industries surveyed quarterly
Manufacturing
Period
All
industries
Total
Durable
goods
Nonmanufacturing
Nondurable
goods
Total '
Mining
Transportation
Public
utilities
Commercial
and
other
Total
nonfarm
business 2
Nonmanufacturing
Manufacturing
Total
Surveyed
quarterly
1980
1981.
1982
1983.
1984
1985
1986
1987
1988
1989 4
1990 *.. .
282.80
315.22
310.58
304.78
354.44
387.13
379.47
389.67
430.76
475.18
505.49
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
166.32
183.16
190.16
55.36
59.81
55.35
53.08
66.24
73.27
69.14
71.01
78.30
83.05
83.22
56.96
66.73
65.33
63.12
72.58
80.21
73.56
74.88
88.01
100.11
106.94
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
264.44
292.02
315.33
15.99
21.39
20.05
15.19
16.86
15.88
11.22
11.39
12.66
12.50
12.01
16.60
15.84
14.79
13.97
16.52
18.02
18.80
18.85
21.34
25.24
26.41
37.74
41.21
45.43
44.96
47.48
48.81
46.38
44.88
46.67
50.06
50.14
100.14
110.24
109.63
114.45
134.75
150.94
160.38
168.65
183.76
204.22
226.78
1988: I
413.34
427.54
435.61
442.11
157.97
162.62
168.76
173.32
75.28
77.38
79.15
80.56
82.69
85.24
89.62
92.76
255.37
264.92
266.85
268.79
12.61
13.15
12.53
12.38
20.35
20.95
22.02
22.04
45.05
45.60
46.69
48.73
177.37
185.21
185.61
185.65
157 97
162.62
168.76
173.32
255 37
264.92
266.85
268.79
459.47
470.86
484.93
485.45
175.22
181.53
187.66
188.21
81.26
82.97
85.66
82.30
93.96
98.57
102.00
105.90
284.24
289.33
297.28
297.25
12.15
12.70
12.59
12.58
23.13
24.26
28.53
25.04
50.81
52.01
49.57
47.86
198.15
200.36
206.59
211.76
175 22
181.53
187.66
188.21
284 24
289.33
297.28
297.25
503.46
518.27
193.76
198.70
86.84
88.43
106.92
110.27
309.70
319.57
12.23
12.83
26.61
27.56
51.89
53.11
218.97
226.07
19376
198.70
30970
319.57
II
III
IV
1989: I . .
II
III
IV 4
1990: I 44
II
1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
10
314.47
349.26
347.47
343.35
398.99
431.94
427.23
440.66
483.48
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
166.32
183 16
190.16
202.15
222.72
226.79
227.15
260.16
278.46
284.54
294.77
317.17
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
264.44
292 02
315.33
Surveyed
annualIy3
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in October-November 1989, corrected for
biases.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In February, civilian employment rose 172,000 and unemployment rose 59,000.
MILLIONS OF PERSONS'
MILLIONS OF PERSONS'
126
126
SEASONALLY ADJUSTED
122
122
CIVILIAN LABOR FORCE
118
118
114
114
no
110
\
106
CIVILIAN —
EMPLOYMENT
106
102
102
98
98
x
x
v
s,
12
12
8
8
UNEMPLOYMENT
4
0
4
ku
mill
1982
1983
1984
1985
1986
1987
1988
1989
1990
•16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT 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
1981
1982
1983
1984
1985
1986'
1987
1988
1989
1989:
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1990:
Jan
Feb
Resident
Armed
Forces
171,775
173,939
175,891
178,080
179,912
182,293
184,490
186,322
188,081
1,645
1,668
1,676
1,697
1,706
1,706
1,737
1,709
1,688
110,315
111,872
113,226
115,241
117,167
119,540
121,602
123,378
125,557
102,042
101,194
102,510
106,702
108,856
111,303
114,177
116,677
119,030
108,670
110,204
111,550
113,544
115,461
117,834
119,865
121,669
123,869
100,397
99,526
100,834
105,005
107,150
109,597
112,440
114,968
117,342
3,368
3,401
3,383
3,321
3,179
3,163
3,208
3,169
3,199
97,030
96,125
97,450
101,685
103,971
106,434
109,232
111,800
114,142
187,461
187,581
187,708
187,854
187,995
188,149
188,286
188,428
188,580
188,721
188,865
1,684
1,684
1,684
1,673
1,666
1,666
1,688
1,702
1,709
1,704
1,700
124,801
124,929
125,299
125,224
125,777
125,679
125,758
125,725
125,857
126,192
126,246
118,441
118,731
118,768
118,805
119,208
119,102
119,238
119,121
119,294
119,540
119,588
123,117
123,245
123,615
123,551
124,111
124,013
124,070
124,023
124,148
124,488
124,546
116,757
117,047
117,084
117,132
117,542
117,436
117,550
117,419
117,585
117,836
117,888
3,196
3,185
3,144
3,137
3,138
3,217
3,275
3,219
3,197
3,160
3,197
188,990
189,090
1,697
1,678
126,094
126,308
119,560
119,713
124,397
124,630
117,863
118,035
NSA
Labor force
including
resident
Armed
Forces
Employment
including
resident
Armed
Forces
Total
Labor
force
participation
rate
tnur
ipercent) *
Employment/
population
ratio
(percent) 2
4,499
5,852
5,997
5,512
5,334
5,345
5,122
4,965
4,657
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
2,285
3,485
4,210
2,737
2,305
2,232
1,983
1,610
1,375
63.9
64.0
64.0
64.4
64.8
65.3
65.6
65.9
66.5
59.0
57.8
57.9
59.5
60.1
60.7
61.5
62.3
63.0
113,561
113,862
113,940
113,995
114,404
114,219
114,275
114,200
114,388
114,676
114,691
4,722
4,720
4,855
4,643
4,738
4,583
4,567
4,605
4,526
4,552
4,554
6,360
6,198
6,531
6,419
6,569
6,577
6,520
6,604
6,563
6,652
6,658
1,300
1,335
1,391
1,331
1,295
1,461
1,338
1,359
1,378
1,422
1,362
66.3
66.3
66.5
66.4
66.6
66.5
66.5
66.4
66.4
66.6
66.5
62.8
63.0
62.9
62.9
63.1
63.0
63.0
62.9
62.9
63.0
63.0
3,134 114,728
3,079 114,957
4,729
4,703
6,535
6,594
1,430
1,369
66.4
66.5
62.9
63.0
Agricultural
Total
Civilian
15
weeks
and
over
Nonagricultural
Civilian
labor force
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutional population.
Unemployment
Civilian employment
Noninstitutional
population
including
resident
Armed
Forces
NSA
Total
Part time
for
economic
reasons 1
* Data beginning January 1986 not strictly comparable with earlier data because of change in
estimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In February, both the overall unemployment rate and the civilian unemployment rate were unchanged at, 5.2
percent and 5.3 percent, respectively.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
25
20
20
^AX,
^SS\.
A/
"Nrv i
V V V "
1
15
15
TEENAGERS
(16-' 9)
.
\
Xv
>•%
•
10
10
BLACK
AND OTHER
ALL CIVILIAN WORKERS
5
WOMEN1 20 YEARS
ANC>OVER
H
^-" ™ *-=^V!
-~. .-^,i-0,. \
»^^>>e=
\
MEN 20 YEARS
ANDO VER
/
WHITE
|iim
1 1 1 1 1 1 1 1 \\ 1 1 1 M 1 11 II If
1986
1987
1988
1986
1990
1989
1987
1988
f 1 1 1 1 ] i M 1 1 II "ill 1 1 1 1
1990
1989
•UNEMPLOYMENT AS PERCENT Of C1VHJAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF IABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
Unemployment
rate,
all
workers l
1981 ..
1982
1983 ..
1984
1985 ..
1986
1987 ..
1988
1989 ..
1989: Feb
Mar
Apr
May
June ....
July
Aug
Sept
Get
Nov
Dec
1990: Jan
Feb
1
2
Unemployment rate (percent of civilian labor force in group)
By sex and age
AH
civilian
workers
Men
20 years
and over
Women
20 years
and
over
Both
sexes
16-19
years
White
Black
and
other
Black
Experienced
wage and
salary
workers
7.5
9.5
9.5
7.4
7.1
6.9
6.1
5.4
5.2
7.6
9.7
9.6
7.5
7.2
7.0
6.2
5.5
5.3
6.3
8.8
8.9
6.6
6.2
6.1
5.4
4.8
4.5
6.8
8.3
8.1
6.8
6.6
6.2
5.4
4.9
4.7
19.6
23.2
22.4
18.9
18.6
18.3
16.9
15.3
15.0
6.7
8.6
8.4
6.5
6.2
6.0
5.3
4.7
4.5
14.2
17.3
17.8
14.4
13.7
13.1
11.6
10.4
10.0
15.6
18.9
19.5
15.9
15.1
14.5
13.0
11.7
11.4
7.3
9.3
9.2
7.1
6.8
6.6
5.8
5.2
5.0
5.1
5.2
5.0
5.3
5.2
5.3
5.3
5.3
5.3
5.3
5.3
5.3
4.5
4.2
4.6
4.3
4.4
4.4
4.5
4.8
4.5
4.6
4.6
4.6
4.6
4.7
4.7
4.8
4.9
4.7
4.5
4.8
4.8
4.8
14.8
14.0
14.6
15.0
15.4
15.1
14.8
15.0
14.9
15.3
15.2
4.3
4.3
4.5
4.4
4.5
4.5
4.5
4.5
4.5
4.5
4.6
10.3
9.8
9.7
9.6
10.2
9.6
9.7
10.2
10.2
10.3
10.2
11.6
11.0
11.0
11.1
11.8
11.0
11.2
11.7
11.7
11.9
11.8
4.9
4.8
5.0
4.9
5.0
5.0
5.0
5.0
5.0
5.1
5.0
5.3
5.3
4.7
4.6
4.6
4.8
14.5
14.8
4.5
4.6
10.1
9.2
11.3
10.5
5.1
5.1
5.0
5.2
5.1
5.2
5.2
5.2
5.3
5.2
5.3
5.3
5.2
5.2
Unemployed as percent of total labor force including resident Armed Forces.
Aggregate hours lost hy the unemployed and persons on part time for economic
12
By selected groups
By race
Married
men,
spouse
present
4.3
6.5
6.5
4.6
4.3
4.4
3.9
3.3
3.0
3.0
2.9
3.2
2.9
2.9
3.0
3.1
3.3
3.0
3.1
3.0
3.4
3.0
Women
who
maintain
SamiYies
10.4
11.7
12.2
10.3
10.4
9.8
9.2
8.1
8.1
8.0
7.9
7.8
8.2
7.9
8.5
8.0
7.7
7.8
8.2
8.1
7.5
7.5
cent of potentially available labor force hours.
Source: Department of Labor, Bureau of Labor Statistics.
Fulltime
workers
7.3
9.6
9.5
7.2
6.8
6.6
5.8
5.2
4.9
4.8
4.8
5.0
4.9
4.9
5.0
4.9
5.0
4.9
5.0
5.0
5.0
4.9
Parttime
workers
9.4
10.5
10.4
9.3
9.3
9.1
8.4
7.6
7.3
7.2
6.4
7.2
6.9
7.7
7.2
7.1
7.3
7.1
7.4
7.5
7.0
7.4
Labor
force
time lost
(percent) z
8.5
11.0
10.9
8.6
8.1
7.9
7.1
6.3
5.9
6.0
5.9
6.0
6.0
6.0
6.0
6.0
6.0
5.9
5.9
6.0
6.0
5.9
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In February, the percentages of the unemployed who had been out of work for less than 5 weeks and for 5-14
weeks rose and the percentages for 15-26 weeks and for 27 weeks and over fell. The mean duration of
unemployment fell and the median rose.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION*
70
70
REASON FOR UNEMPLOYMENT
60
—
50
JOB LOSERS
40
REENTRANTS
—
30
. \
20
-
10 -
JOB LEAVERS
10
NEW ENTRANTS
1986
1990
1988
1987
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT Of LABOR
1989
1990
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
41.7
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
50.1
49.1
47.8
48.0
49.8
47.9
48.3
48.3
48.4
48.8
49.5
47.5
47.8
30.7
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
29.6
29.6
30.8
31.2
30.5
29.9
31.0
31.0
30.5
29.8
30.1
30.7
31.5
Reason for unemployment:
percent distribution
State
programs
Number of
weeks
15-26
weeks
21
weeks
and
over
Average
(mean)
Median
13.6
16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
10.3
10.7
10.2
11.1
10.4
12.7
11.7
11.7
11.4
11.5
10.9
11.8
11.1
14.0
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
10.0
10.6
11.1
9.7
9.3
9.5
9.0
9.0
9.7
9.8
9.5
9.9
9.7
13.7
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.3
12.4
12.6
11.9
11.2
11.9
11.4
11.5
11.7
11.6
11.5
12.1
11.7
6.9
8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
5.4
5.5
5.4
5.3
5.4
5.4
5.0
5.0
5.0
4.8
4.8
5.1
5.4
Job
losers
Job
leavers
51.6
58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
45.1
45.7
45.2
43.4
43.0
44.5
46.2
44.9
45.5
46.3
46.3
48.5
47.1
11.2
7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
15.4
14.5
15.2
17.1
15.6
15.5
16.1
15.8
15.2
15.7
15.8
15.5
15.3
Reentrants
New
entrants
25.4
22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
27.7
28.4
29.0
28.7
30.4
29.0
27.6
29.4
28.9
27.6
27.7
26.3
27.4
11.9
11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
11.9
11.4
10.7
10.8
11.1
11.0
10.0
9.9
10.5
10.4
10.3
9.7
10.3
Ins-Hied
unemployment
Initial
claims
Insured
unemployment,
all
iegU\aT
programs
(unadiusted)'
Weekly average, thousands
1981
1982
1983
1984
1985
1986
1987 .
1988
1989
1989: Feb
Mar
May
July
Sept
Oct
Nov
Dec
1990- Jan
Feb
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,360
6,198
6,531
6,419
6,569
6,577
6,520
6,604
6,563
6,652
6,658
6,535
6,594
1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicenen (UCX), Federal (UCFB), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
3,047
4,061
3,396
2,476
2,611
2,650
2,332
'2,193
2,269
' 2,091
'2,120
'2,106
r
2,068
'2,133
'2,194
'2,169
'2,208
'2,295
'2,305
'2,373
2,367
2,334
460
583'
438
377
396
378
328
'310
330
'305
'318
'308
'316
'331
'334
'323
'331
'366
'348
'367
359
357
3,410
4,594
3,775
2,561
2,693
2,746
2,401
'2,248
2,324
2,695
2,567
2,221
1,957
1,936
2,168
2,007
1,863
1,912
2,144
'2,518
3,059
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 372,000 in February.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
28
110
100
ALL NONAGRICULTURAL
ESTABLISHMENTS
90
80
\
SERVICE-PRODUCING
INDUSTRIES
70
60
50
40
GOODS-PRODUCING
INDUSTRIES
30
20
iinlii
1986
1987
1989
1988
1990
1986
1990
•SEASONALLY ADJUSTED
SOURCE; DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;
l
seasonally adjusted]
Service-producing industries
Goods-producing industries
Period
Total
nonagricultural
employment
Manufacturing
Total 2
C nn
onstruction
Total
Durable
goods
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
Aeian
trade
Retail
Finance,
insurance,
and real
estate
Government
Services
Total
Federal
91,156
89,566
90,200
94,496
97,519
99,525
102,200
105,584
108,581
25,497
23,813
23,334
24,727
24,859
24,558
24,708
25,249
25,634
4,188
3,905
3J948
4,383
4^673
4,816
4^967
5,125
5,300
20,170
18,781
18^434
19,378
19J260
18,965
19^024
19,403
19^612
12,109
11,039
10^732
11,505
11^490
11,230
11J194
11,437
11,536
8,061
7,741
7 J02
7,873
7^770
7,734
7330
7,967
8,076
65,659
65,753
66,866
69,769
72,660
74,967
77,492
80,335
82,947
5,165
5,082
4,954
5,159
5,238
5,255
5,372
5,548
5,705
5,358
5,278
5^268
5,555
5,111
5,753
5,844
6,029
6,234
15,189
15,179
15,613
16,545
17,356
17,930
18,483
19,110
19,575
18,619
5,298
19,036
5,341
5,468 19,694
5,689 20,797
5,955 22,000
6,283 23,053
6,547 .24,236
6,676 25,600
6,814 26,892
16,031
15,837
15,869
16,024
16,394
16,693
17,010
17,372
17,727
2,772
2,739
2,774
2,807
2,875
2,899
2,943
2,971
2,988
1989: Feb
107,711
Mar
107,888
Apr
108,101
May.... 108,310
June... 108,607
July.... 108,767
Aug.... 108,887
Sept.... 109,096
Get
109,171
Nov.... 109,452
Dec ' .. 109,570
25,629
25,646
25,671
25,672
25,648
25,669
25,694
25,614
25,603
25,609
25,532
5,270
5,252
5,279
5,283
5,283
5,314
5,321
5,325
5,335
5,355
5,304
19,648
19,680
19,672
19,667
19,650
19,649
19,644
19,559
19,537
19,517
19,489
11,594
11,604
11,600
11,594
11,567
11,549
11,551
11,480
11,457
11,439
11,409
8,054
8,076
8,072
8,073
8,083
8,100
8,093
8,079
8,080
8,078
8,080
82,082
82,242
82,430
82,638
82,959
83,098
83,193
83,482
83,568
83,843
84,038
5,667
5,666
5,682
5,700
5,716
5,736
5,618
5,709
5,729
.5,753
5,834
6,171
6,197
6,206
6,222
6,230
6,237
6,256
6,264
6,278
6,300
6,311
19,460
19,488
19,489
19,528
19,551
19,586
19,621
19,632
19,679
19,744
19,718
6,763
6,774
6,776
6,790
6,808
6,815
6,836
6,852
6,851
6,871
6,885
26,434
26,520
26,651
26,711
26,931
26,973
27,058
27,159
27,188
27,345
27,419
17,587
17,597
17,626
17,687
17,723
17,751
17,804
17,866
17,843
17,830
17,871
2,982
2,982
2,982
2,999
2,995
3,000
2,999
2,996
2,984
2,982
2,974
1990: Jan r... 109,902
Feb".. 110,274
25,513
25,664
5,408
5,468
19,359
19,449
11,288
11,394
8,071
8,055
84,389
84,610
5,855
5,876
6,331
6,325
19,831
19,848
6,897
6,912
27,564
27,710
17,911
17,939
2,992
2,990
1981
1982
1983
1984
1985
1986
1987
1988
1989 '
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived
from this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count per s as employed when they are not at work because of industrial disputes, bad
14
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
Overtime
Total
private
nonagricultural '
$7.25
7.68
8.02
8.32
8.57
8.76
8.98
9.29
9.66
9.52
9.54
9.61
9.60
9.62
9.69
9.69
9.74
9.78
9.78
9.83
9.82
9.87
Sept
Oct
Nov
Dec '
35.2
34.8
35.0
35.2
34.9
34.8
34.8
34.7
34.7
34.6
34.7
34.9
34.6
34.6
34.8
34.6
34.7
34.7
34.6
34.5
41.1
41.0
41.3
41.0
41.0
41.0
41.0
41.0
40.8
40.7
40.6
2.8
2.3
3.0
3.4
3.3
3.4
3.7
3.9
3.8
3.9
4.0
3.9
3.8
3.8
3.9
3.8
3.8
3.7
3.7
3.6
1990- Jan '
Feb1"
34.5
34.6
40.7
40.7
3.7
3.6
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989- Feb
Mar
May
July
39.8
38.9
40.1
40.7
40.5
40.7
41.0
41.1
41.0
Current dollars
Total private
nonagricultural l
Manufacturing
Manufacturing
1
Also includes other private industry groups shown on p. 14.
2
Current dollar earnings divided by the consumer price index for urban wage earners and clerical
workers (on a 1977= 100 base).
Manufacturing
Construction
Retail
trade
$170.13
168.09
171.26
172.78
170.42
171.07
169.28
167.81
166.52
166.44
166.44
167.44
165.17
165.10
166.85
165.98
166.74
166.85
165.80
165.51
$318.00
330.26
354.08
374.03
386.37
396.01
406.31
418.40
429.27
426.21
426.40
429.52
427.22
428.45
429.68
431.32
432.55
430.44
430.20
430.77
$399.26
426.82
442.97
458.51
464.46
466.75
480.44
493.08
506.72
498.39
501.23
505.21
494.17
498.17
511.30
510.73
510.16
514.75
521.87
508.64
$158.03
163.85
171.05
174.33
174.64
176.08
178.70
183.62
189.01
186.41
186.98
189.44
187.56
188.43
190.97
189.22
189.50
191.69
190.37
190.86
8.5
4.7
5.0
4.3
2.1
1.9
2.5
3.2
4.0
3.5
4.1
4.5
3.3
3.5
4.2
3.7
3.6
3.5
3.1
3.4
-1.2
1.9
.9
-1.4
.4
-1.0
-.9
— .8
-1.2
-.8
-.7
-2.0
16
-.9
9
-.7
-.9
— 1.4
-1.1
163.51
163.95
429.39
434.68
518.54
520.70
192.67
194.21
2.6
3.7
-2.5
— 1.4
Current
dollars
1977
dollars 2
$7.99
8.49
8.83
9.19
9.54
9.73
9.91
10.18
10.47
10.37
10.40
10.40
10.42
10.45
10.48
10.52
10.55
10.55
10.57
10.61
$255.20
267.26
280.70
292.86
299.09
304.85
312.50
322.36
335.20
329.39
331.04
335.39
332.16
332.85
337.21
335.27
337.98
339.37
338.39
339.14
10.55
10.68
338.79
341.50
3
Percent change from a
year earlier, total
private
nonagricultural 3
Current
dollars
1977
dollars
-1.5
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 1981 = 100)
12 months earlier
3 months earlier
Period
1981- Dec
198219831984198519861987:
198819891986-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Sept
Dec
1987- Mar
Sept
Dec
1988: Mar
Sept
Dec
1989- Mar
Sept
Dec
Total
compensation
104.0
110.7
117.0
122.7
127.5
131.6
136.0
142.6
149.4
130.8
131.6
132.9
133.8
135.1
136.0
138.1
139.8
141.2
142.6
144.4
146.1
147.9
149.4
Wages and
salaries
103.8
110.3
115.8
120.6
125.6
129.5
133.8
139.3
145.1
128.8
129.5
130.8
131.7
133.0
133.8
135.1
136.6
137.9
139.3
140.8
142.2
143.9
145.1
Benefits >
104.3
111.7
120.0
127.9
132.4
136.9
141.7
151.3
160.6
136.1
136.9
138.1
139.3
140.3
141.7
146.1
148.2
149.7
151.3
154.0
156.5
158.7
160.6
1
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the
influence of employment shifts among occupations and industries.
Total
compensation
2.0
1.3
1.2
1.3
.6
.6
.7
1.0
1.0
.7
.6
1.0
.7
1.0
.7
1.5
1.2
1.0
1.0
1.3
1.2
1.2
1.0
Wages and
salaries
Benefits '
1.8
1.2
1.1
1.2
.6
.5
.6
1.0
.8
.7
.5
1.0
.7
1.0
.6
1.0
1.1
1.0
1.0
1.1
1.0
1.2
.8
Total
compensation
2.3
1.5
1.3
1.4
.5
.6
1.0
1.1
1.2
1.0
.6
.9
.9
.7
1.0
3.1
1.4
1.0
1.1
1.8
1.6
1.4
1.2
9.8
6.4
5.7
4.9
3.9
3.2
3.3
4.9
4.8
3.2
3.2
3.1
3.0
3.3
3.3
3.9
4.5
4.5
4.9
4.6
4.5
4.7
4.8
Wages and
salaries
8.8
6.3
5.0
4.1
4.1
3.1
3.3
4.1
4.2
3.1
3.1
3.2
3.0
3.3
3.3
3.3
3.7
3.7
4.1
4.2
4.1
4.4
4.2
Benefits '
12.2
7.1
7.4
6.6
3.5
3.4
3.5
6.8
6.1
3.3
3.4
2.9
3.3
3.1
3.5
5.8
6.4
6.7
6.8
5.4
5.6
6.0
6.1
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Output *
Business
sector
Compensation
per
hour 3
Hours of 2all
persons
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 s
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1977 = 100; quarterly data seasonally adjusted
1980
1981
1982
1983
1984
99.4
101.0
100.2
102.6
105.2
99.0
100.0
99.1
102.0
104.2
106.7
108.9
105.5
109.9
119.2
106.7
108.5
104.9
110.1
119.2
107.3
107.9
105.3
107.2
113.3
107.8
108.5
105.9
108.0
114.4
131.8
144.1
154.9
160.8
167.4
131.6
144.0
154.7
160.8
167.2
97.0
96.1
97.3
97.8
97.6
96.7
96.0
97.1
97.8
97.5
132.6
142.7
154.5
156.7
159.1
132.9
144.0
156.1
157.6
160.4
127.6
139.8
148.1
153.0
158.2
127.8
140.3
149.2
154.3
159.0
1985
1986
1987
1988
1989 r*
107.3
109.8
111.1
113.0
114.2
105.6
107.7
108.9
111.1
112.1
124.2
128.0
133.4
140.0
144.8
123.9
127.6
133.1
140.3
145.0
115.7
116.6
120.1
123.9
126.8
117.4
118.4
122.2
126.3
129.4
174.8
183.8
191.0
200.2
211.2
174.0
182.9
189.8
198.7
209.5
98.4
101.7
101.9
102.5
103.2
98.0
101.1
101.2
101.8
102.4
162.8
167.5
171.9
177.1
184.9
164.9
169.8
174.2
178.8
186.9
162.2
165.6
170.0
174.9
181.7
163.8
167.6
172.0
176.5
183.3
100.9
103.5
105.7
108.3
109.8
112.5
99.5
103.0
104.5
106.2
107.6
110.2
105.0
113.6
120.8
125.9
128.9
136.7
104.2
114.1
120.7
125.5
128.4
136.4
104.1
109.7
114.3
116.2
117.4
121.5
104.7
110.8
115.5
118.1
119.3
123.7
158.2
163.2
169.9
178.6
187.4
195.1
158.0
162.9
169.6
177.5
186.4
193.8
97.9
97.8
97.8
99.3
102.8
102.5
97.8
97.6
97.6
98.7
102.3
101.8
156.8
157.7
160.7
164.9
170.6
173.5
158.7
158.2
162.3
167.1
173.2
175.8
150.2
155.2
159.8
163.7
167.1
171.3
151.4
156.2
161.0
165.5
169.2
173.4
113.2
112.6
113.4
113.5
111.0
110.5
111.5
112.0
138.2
139.3
140.7
141.9
138.0
139.5
141.1
142.8
122.1
123.8
124.0
125.0
124.3
126.2
126.6
127.5
196.4
199.1
201.9
204.5
195.0
197.5
200.2
203.0
101.5
101.8
101.9
102.3
173.5
176.9
178.0
180.2
175.7
178.7
179.6
181.3
171.9
174.1
175.8
177.9
173.8
175.6
177.0
179.6
113.8
114.2
114.7
114.7
111.6
111.9
112.6
112.7
143.6
144.4
145.6
145.6
143.6
144.6
145.9
145.9
126.2
126.4
127.0
127.0
128.6
129.2
129.6
129.5
206.9
210.4
212.8
215.7
205.5
208.3
211.0
214.1
102.1
102.0
r
102.6
103.1
181.9
184.1
185.6
188.0
184.1
186.1
187.4
190.1
179.4
181.4
182.4
183.7
180.8
182.8
184.0
185.6
-0.3
1.5
-.7
2.4
2.6
-0.4
1.1
-.9
3.0
2.1
11
2.1
-3.1
4.2
8.4
12
1.7
33
1985.. .
1986
1987
1988
1989 "
2.0
2.3
1.2
1.7
1.1
1.3
2.0
1.1
2.0
.9
1982:
1983:
1984:
1985:
1986:
1987:
IV
IV
IV
IV
IV
IV
2.6
3.3
1.5
1.5
.8
2.8
1988: I
II
Ill
IV
1982:
1983:
1984:
1985:
1986:
1987:
IV
IV
IV
IV
IV
IV
1988- I
n
m
IV
1989: I
n
m
IV "...
T
T
102.3
102.6
102.8
103.0
102.8
103.0
103.5
103.9
r
r
Percent change; quarterly data at seasonally adjusted annual rates
1980
1981
1982
1983
1984 . .
5.0
8.3
-0.8
.6
24
1.8
5.7
07
.6
-2.4
2.0
6.0
10.5
9.3
7.5
3.8
4.1
10.5
9.5
7.4
4.0
3.9
-2.6
-.9
1.2
.6
-.2
-2.6
-.7
1.1
.7
-.4
10.9
7.7
8.3
1.4
1.5
11.0
8.3
8.4
1.0
1.8
9.0
9.6
5.9
3.3
3.3
9.7
9.7
6.3
3.5
3.0
4.2
3.1
4.2
4.9
3.4
3.9
3.0
4.4
5.4
3.3
2.2
.8
3.0
3.2
2.3
2.6
.9
3.2
3.4
2.4
4.4
5.2
3.9
4.8
5.5
4.1
5.1
3.7
4.7
5.4
.8
3.3
.2
.6
.6
.5
3.2
.1
.5
.6
2.3
2.8
2.6
3.0
4.4
2.8
3.0
2.6
2.7
4.5
2.5
2.1
2.6
2.9
3.9
3.0
2.3
2.6
2.7
3.8
2.0
1.6
.9
.8
.4
2.5
-.5
10.4
3.5
3.6
4.0
7.1
-1.2
9.8
3.1
3.5
3.7
7.0
-3.0
6.8
2.0
2.1
3.2
4.2
-3.1
8.1
2.2
2.7
3.3
4.3
4.1
5.7
3.5
6.3
5.1
7.2
4.6
4.4
3.5
5.8
5.1
7.1
2.8
1.6
.0
2.1
2.2
r
3.3
3.3
.3
.0
1.6
2.2
r
3.2
1.5
2.3
2.0
4.8
4.2
4.3
2.6
2.8
2.6
5.0
4.7
4.5
2.4
4.8
2.7
2.6
1.0
1.4
3.0
3.1
3.3
2.1
1.0
1.7
2.5
-2.1
3.1
.2
2.8
-1.6
3.3
1.9
4.4
3.3
4.0
3.4
4.8
4.4
4.6
4.8
1.9
5.5
.9
3.2
2.0
6.1
1.2
2.8
2.6
5.7
5.8
5.2
2.5
5.4
5.4
5.9
g
.9
r
.5
r
1.5
.1
8.0
2.6
5.0
-.3
7.1
2.0
3.8
1.5
5.1
4.1
4.8
1.0
4.3
3.2
5.9
1.1
1.6
1.5
.2
-1.3
1.1
2.4
.2
4.8
2.3
3.5
.1
2.4
2.8
3.7
.0
3.7
.6
1.9
.0
3.7
1.7
1.3
-.2
4.8
6.8
4.7
5.5
4.9
5.6
5.3
6.0
-.5
-A
r
2.4
1.9
3.7
5.1
3.2
5.4
6.2
4.5
2.8
5.8
3.3
4.6
2.2
2.8
2.8
4.4
2.7
3.4
1989: I
II
Ill
IV "...
1
Output refers to gross domestic product originating in the sector in 1982 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
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
r
r
-.8
r
1.2
' .1
r
.S
-.6
r
.8
r
1.9
1.5
r
T
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Beginning with data released August 3, 1989, hours of labor input are defined as hours at the
work site rather than hours paid.
" Data do not reflect GNP revisions of March 28, 1990.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY
UTILIZATION
Industrial production and capacity utilization rose in February.
INDEX, 1977=100* (RATIO SCALE)
160
TOTAL INDUSTRIAL PRODUCTION
INDEX, 1977=100* (RATIO SCALE)
240
FINAL PRODUCTS
nFFFKKK
220
140
r-^-"
AND SPACE
FOHIPMFNT
200
1
p^-
•>
,
^
..p^
\_
120
BUSINESS
EQUIPMENT
160
- -^ ^
^-
Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll
100
MANUFACTURING PRODUCTIC3N
NONDURABLE
.»»***
l?ZZ^-/~~
^
140.
-^
«•
-"^
CONSUM -o
GOODS
120
DURABLE
120
100 Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll
PERC ENT*
100 Illllllllll Illllllllll llllll|l||| Illllllllll Illllllllll
140
CAPACITY UTILIZATION RATE
~ (TOTAL INDUSTRY)
UTILITIES AND MINING PRODUCTION
90
120
UTILITIE5
—'
80
nW-"
\q
100
1987
*=^
r.
^~
-
^
70
MINING
Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll
1986
=
N
1988
Illllllllll Illllllllll
1987
1986
1990
1989
Illllllllll
1988
•SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Illllllllll
1989
IMlllllHI
1990
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
Index,
1977=100
1977 proportion
1980
1981
1982
1983....
1984
1985
1986
1987
1988
1989
1989: Feb
Mar
Mav
July
Sept
Oct
Nov r
Dec r
1990: Jan r
Febp
1
Output as percent of capacity.
Capacity utilization
rate, percent '
Industry production indexes, 1977 = 100
Total
industrial
production
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
2.2
71
5.9
11.2
1.9
1.1
3.8
5.7
3.4
84.21
108.2
110.5
102.2
110.2
123.4
126.4
129.1
134.7
142.7
148.2
49.10
109.1
111.1
99.9
107.7
124.2
127.6
128.4
133.1
141.9
146.5
35.11
107.0
109.7
105.5
113.7
122.3
124.6
130.1
136.8
143.9
150.5
9.83
112.4
117.5
109.3
102.9
111.1
108.9
100.4
100.7
103.4
r
102.5
5.96
107.3
107.1
104.8
105.2
110.7
111.1
108.5
110.3
114.3
T
116.0
80.9
79.9
72.1
74.6
81.0
80.4
79.4
80.7
83.3
83.7
79.3
78.2
70.3
73.9
80.5
80.1
79.7
81.1
83.5
83.9
140.5
140.7
141.7
141.6
142.0
141.9
142.5
142.3
141.8
142.3
142.4
4.5
4.4
4.7
4.1
4.0
2.8
2.9
2.7
1.8
1.7
1.4
146.8
147.0
148.0
148.1
148.7
148.5
149.2
148.8
148.0
148.6
148.4
145.9
145.8
146.9
147.1
147.4
146.8
147.8
147.2
144.9
145.6
145.9
148.1
148.6
149.6
149.5
150.5
150.8
151.1
151.1
152.4
152.6
151.9
100.9
101.5
102.4
102.0
101.5
102.1
102.4
103.5
104.4
104.7
102.2
116.5
117.5
117.1
115.6
114.3
114.0
113.3
114.5
115.6
115.5
124.1
83.9
83.8
84.2
84.0
84.0
83.7
83.9
83.6
83.1
83.2
83.0
84.3
84.1
84.5
84.3
84.4
84.0
84.2
83.7
83.1
83.1
82.8
141.0
141.8
.2
.9
147.4
148.5
143.7
145.8
152.5
152.2
104.7
104.2
111.0
110.1
82.0
82.3
82.0
82.4
100.0
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
137.2
141.8
19
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977 = 100; monthly data seasonally adjusted]
Products
Materials
Intermediate products
Final products
Consumer goods
Equipment
Durable
goods
Total '
Business
Defense
and
space
equipment
Period
Total
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988.
1989
1989- Feb
Mar
May
July
Sept
Oct.
Novr
Dec ' .
1990: Jan r
Feb"
1
Nondurable
goods
Total
Construction
supplies
Business
supplies
Total
Energy
44.77
112.2
115.2
109.5
114.7
127.3
131.0
132.5
136.8
144.3
150.2
25.52
102.7
104.1
101.4
109.3
118.0
119.8
124.0
127.8
133.9
139.5
6.89
88.4
89.7
82.9
98.5
112.2
112.5
115.6
120.2
125.3
129.6
18.63
108.1
109.3
108.3
113.3
120.1
122.5
127.1
130.6
137.1
T
143.1
19.25
124.7
129.9
120.2
121.7
139.6
145.8
143.6
148.9
. 158.2
164.3
14.34
125.1
127.6
113.6
115.4
134.2
140.2
139.5
144.5
157.6
167.6
3.67
115.4
119.8
133.0
143.1
156.4
171.4
182.0
188.9
185.8
T
179.7
12.94
106.9
107.3
101.7
111.2
124.7
129.3
136.2
143.4
151.5
' 157.5
5.95
100.6
98.6
88.3
100.6
114.0
119.2
126.4
131.5
138.6
' 141.7
6.99
112.3
114.7
113.1
120.3
133.8
137.9
144.6
153.5
162.5
171.0
42.28 11.69
105.5
105.3
107.7 104.7
96.7 101.2
98.4
102.8
114.2
103.9
103.3
114.3
99.7
113.8
118.2
99.8
125.2
101.5
128.1 ' 100.5
148.6
148.9
150.2
150.4
151.2
150.2
151.1
150.8
149.4
150.1
151.3
138.7
138.4
139.5
139.2
139.9
138.7
139.3
139.0
140.2
140.3
141.0
131.6
130.1
132.2
131.2
130.8
127.3
128.7
127.9
127.9
127.5
128.3
141.4
141.4
142.2
142.1
143.3
142.8
143.2
143.1
144.7
145.0
145.7
161.6
162.8
164.3
165.4
166.1
165.5
166.8
166.5
161.7
163.2
164.8
165.0
166.3
167.8
169.1
169.6
168.5
169.9
169.6
164.8
166.7
168.8
179.3
178.7
179.9
180.7
181.1
182.0
182.7
182.1
176.0
176.3
177.2
155.1
156.1
156.5
156.3
157.0
157.5
157.5
157.8
158.6
160.1
160.9
139.5
139.3
140.2
140.2
141.2
142.2
141.5
140.9
142.6
144.5
145.8
168.4
170.4
170.4
170.0
170.4
170.6
171.2
172.3
172.3
173.3
173.8
127.4
127.3
128.2
127.9
127.7
128.3
128.8
128.6
128.7
128.6
127.3
100.5
101.0
101.7
101.1
99.1
99.1
99.5
100.9
101.7
101.9
101.3
148.9
150.5
138.0
139.7
119.6
127.2
144.8
144.4
163.5
164.9
166.6
168.3
177.9
178.2
160.5
160.6
145.8
145.3
172.9
126.7
126.8
100.2
99.4
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1977 — 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Transportation
equipment
Primary metals
Period
Total
Iron
and
steel
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber and
products
Apparel
products
Printing
and
publishing
Chemicals
and
products
Foods
5.33
90.4
95.0
65.8
73.0
82.3
80.4
75.1
81.3
89.2
88.5
3.49
86.3
92.5
57.5
66.1
73.4
70.4
63.4
70.6
78.1
75.5
6.46
101.8
101.6
86.6
89.1
102.6
107.1
108.0
111.0
120.9
124.6
9.54
123.3
129.8
115.6
118.3
141.8
146.2
145.0
152.7
170.8
185.4
7.15
130.3
134.1
128.4
143.8
170.5
168.3
165.7
172.3
180.1
r
!81.7
9.13
96.9
95.1
87.6
99.2
112.2
122.8
127.5
129.2
132.1
132.5
5.25
71.1
71.6
66.8
85.8
104.4
111.9
111.5
111.8
117.2
116.5
2.30
92.9
90.1
82.8
100.2
109.1
114.3
124.1
130.3
137.3
' 137.2
2.79
97.3
96.1
87.3
95.3
102.7
100.4
103.1
107.4
109.1
110.7
4.54
115.1
118.6
120.2
129.8
146.5
151.4
160.9
172.1
184.2
r
201.0
8.05
106.4
112.6
103.8
114.0
121.6
126.4
132.0
140.2
151.9
r
160.1
7.96
111.4
113.7
114.9
120.4
126.9
130.5
134.4
137.8
142.7
148.2
Sept
Oct
Novr
Dec T
91.1
88.4
90.1
87.2
87.3
89.2
90.3
89.2
89.0
85.0
82.7
79.1
75.9
77.0
73.2
72.9
75.4
75.9
75.4
76.4
72.0
70.2
124.5
123.8
123.1
124.8
125.2
125.4.
125.5
124.4
124.1
125.3
124.5
180.8
183.0
184.7
186.5
187.5
186.7
187.8
188.2
184.1
187.5
188.1
181.7
181.6
182.2
181.6
181.9
181.4
183.7
182.7
182.2
181.6
180.0
136.4
134.8
136.4
135.5
134.2
131.3
133.2
131.9
123.9
125.3
129.0
123.4
120.4
122.0
119.7
116.4
110.4
114.2
112.7
110.1
110.4
110.7
132.8
133.4
135.1
135.5
137.2
136.9
136.5
135.7
137.4
140.4
142.6
110.2
109.9
111.3
111.5
111.9
111.4
111.1
111.2
110.0
109.3
108.5
194.6
198.5
200.1
199.0
200.5
199.9
200.6
203.1
204.8
206.9
205.6
158.5
159.2
159.3
158.2
159.9
162.2
161.5
159.3
161.3
162.1
161.0
146.3
145.4
146.6
147.2
147.9
147.3
148.3
148.8
150.3
151.6
151.3
1990: Jan T
Feb p
86.5
85 3
74.3
122.9
124.1
187.4
187.3
181.0
181.2
115.4
126.5
86.3
104.8
142.6
109.1
207.8
209 3
163.2
150.7
1980
1981
1982 .
1983
1984
1985
1986
1987
1988
1989
1989: Feb
Mar
Mav
July
Source: Board of Governors of the Federal Reserve Svstem.
18
NEW CONSTRUCTION
[Monthly data seasonally adjust
Construction contracts 3
Private
Total new
construction
expenditures
Period
Residential
Total
New housing
units
Total1
Commercial
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(1982=100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1980
252.8
1981
1982
1983
1984
1985
1986
1987
1988
1989
261.3
248.0
282.4
329.6
356.6
387.0
397.7
409.7
414.7
194.3
204.7
194.3
228.7
271.9
292.6
315.3
320.1
328.7
330.4
100.4
99.2
84.7
125.5
153.8
158.5
187.1
194.7
198.1
195.7
46.7
55.0
58.7
53.8
68.6
82.7
78.0
76.5
79.8
81,9
69.6
69.4
57.0
94.6
113.8
114.7
133.2
139.9
138.9
137.8
47.2
50.5
50.9
49.3
49.4
51.4
50.2
48.9
50.8
52.9
58.5
56.5
53.7
53.8
57.7
64.1
71.7
77.6
80.9
84.3
97
100
100
124
136
150
159
165
166
166
Annual rates
Annual rates
1989- Jan
Feb
Mar
423.0
416.6
416.8
411.9
416.5
412.5
410.3
416.3
416.2
414.6
416.9
416.6
May
July
Sept
1990:
Oct
Nov
Dec
Jan p
Feb
424.0
337.7
333.2
202.9
200.5
338.1
202.1
332.5
330.6
329.0
328.8
200.7
331.9
329.6
329.8
328.0
321.7
333.1
197.0
194.2
195.2
194.4
192.8
193.1
191.1
190.2
195.8
1
Includes
2
Includes
3
904
919
690
756
955
1,097
1,016
1,019
973
926
52.2
51.6
51.8
52.5
53.5
53.2
52.7
54.2
53.6
52.7
53.3
52.5
53.9
82.5
81.1
84.2
79.3
80.1
81.6
80.9
83.3
83.2
84.0
83.5
78.9
83.4
145.6
145.3
143.2
141.8
138.2
136.5
136.6
135.8
134.0
133.9
135.1
135.0
138.3
85.3
83.4
78.7
79.4
85.9
83.5
81.5
84.4
86.6
84.8
88.9
94.9
90.9
172
160
158
175
165
166
168
168
181
173
158
160
r
!55
147
914
872
870
864
909
916
915
805
1,008
892
812
805
883
798
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
residential improvements, not shown separately.
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
1980
1981
.
1982
1983
1984
1985
1986
1987
1988
1989 *
.
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1 unit
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
2-4 units
5 or more units
109.5
91.1
80.0
113.5
121.4
93.4
84.0
65.3
58.8
55.2
330.5
287.7
319.6
522.0
544.0
576.1
542.0
408.7
348.0
317.6
Units
authorized
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,340.6
Units
completed
Homes sold
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.9
Homes for
sale at end of
period l
545
436
412
623
639
688
750
671
676
649
337
275
253
301
353
346
357
366
367
361
623
556
610
651
646
741
719
638
636
632
375
377
376
379
376
369
364
364
363
363
361
589
607
364
365
Vacancy rate
for rental
housing units
(percent) 2
5.4
5.0
5.3
5.7
5.9
6.5
7.3
7.7
7.7
Seasonally adjusted annual rates
1989- Feb
Mar
May
July
Sept
Oct
Nov
Dec '
T
1990- Jan
Feb"
1
2
1,454
1,405
1,341
1,308
1,414
1,424
1,325
1,263
1,423
1,347
1,273
1,026
979
1,028
977
971
1,029
987
969
1,023
1,010
931
60
51
62
43
55
58
54
56
60
47
53
368
375
251
288
388
337
284
238
340
290
289
1,403
1,230
1,334
1,347
1,308
1,281
1,328
1,319
1,356
1,342
1,376
1,588
1,477
1,109
1,166
56
45
423
266
1,745
1,305
Seasonally adjusted.
Quarterly data entered in last month of quarter. Series be finning 1989 not comparable with
earlier data.
NOTE.—Beginning 1984, units authorized are for 17,000 penlit-issuing places; for 1978-83 data
r
l,617
' 1,455
r
1,546
' 1,444
1,355
' 1,375
' 1,437
' 1,366
1,317
' 1,486
1,304
1,424
r
687
7.2
7.1
7.2
6.8
are for 16,000 places.
Seasonally adjusted housing completions revised beginning 1987.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In January, manufacturing and trade sales rose 0.4 percent and inventories rose $2.5 billion. In February,
according to advance data, retail sales fell 0.8 percent, following an increase of 2.9 percent in January. (Series
revised for retail trade.)
BILUONS OF DOLLARS' (RATIO SCALE)
BILUC)NS OF DOUARS* (RATIO SCALE)
240
800
J
-
-^n
\i
220
^1
200
700
^^
\ 1
MANUFACTURING AND
TRADE INVENTORIES
600
—
RETAIL INVENTORIES
1f
180 "
160
._,..,._
^_, .-x — -
-
140
/v
500
120
*_* ,<-""""
^^~1
,-'""
RETAIL SALES
-
MANUFA CTURING
ANDTRA DE SALES
400
100
-
Illllllllll
RATIC)•
1.80
300
Illllllllll Illllllllll Illllllllll
_ INVENTORY-SALES RATIO
1.60
~ ^ V \
RETAIL
^^Y^jp^--
1.40
tllllllllll
•
MANUFACTURING
AND TRADE
-
-
1.20
200
nmhmi
1986
Illllllllll Illllllllll Illllllllll
1988
1989
1987
Illllllllll
1990
1.00 11 11 t l 1 !
1986
iiiiiliiiii
I 1 I
1987
iiiiiliiiii [iniliiiti
1989
1988
•5EASONAU.Y ADA STED
SOURCE: DEPARTMI NTOfCOMMBCE
Sales
Sales
z
Inventories 3
Inventory-sales ratio 4
Retail
Wholesale
Period
Sales 2
1990
COUNCIL OF EC<3NOMIC ADVISERS
Manufacturing and
trade '
Inventories 3
Illllllllll
Total
2
Durable
goods
stores
Inventories
Nondurable goods
stores
3
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade 1
Retail
Millions of dollars, seasonally adjusted
1982
1983
1984
1985
1986
1987
1988
1989
348,754
369,055
408,380
418,973
424,897
451,260
487,494
518,491
574,516
590,693
644,895
656,014
655,216
701,892
752,580
793,439
96,290
100,244
113,195
114,315
115,677
123,581
132,361
142,241
128,196
130,334
142,380
146,745
152,447
162,648
178,626
186,843
89,114
97,570
107,316
114,642
120,860
128,509
137,500
144,471
28,013
32,631
37,938
41,567
45,121
48,051
52,281
53,794
61,101
64,939
69,377
73,075
75,738
80,457
85,220
90,678
134,493
147,712
167,748
181,773
186,587
208,112
219,791
235,514
61,469
69,025
79,250
88,464
90,197
105,738
112,254
117,169
73,024
78,687
88,498
93,309
96,390
102,374
107,537
118,345
1.67
1.56
1.53
1.55
1.55
1.50
1.50
1.51
1.49
1.44
1.49
1.52
1.56
1.55
1.55
1.60
1989: Jan '
Peb '
Mar r
Apr r
May r
June r
July *
Aug r
Sept r
Oct r
Nov r
Dec '.
513,490
509,184
509,343
519,916
519,829
517,579
513,027
528,079
524,702
521,793
524,242
523,151
759,505
762,479
765,186
771,050
777,445
780,099
786,880
789,597
789,912
792,773
796,034
793,439
139,912
139,547
139,991
142,290
142,474
141,959
141,667
143,280
143,905
144,554
145,076
146,344
180,054
179,810
179,681
181,226
182,615
182,548
183,950
183,529
182,891
186,119
186,987
186,843
142,093
141,284
141,304
143,584
144,284
144,384
145,438
146,649
147,235
145,244
146,340
145,804
53,633
52,802
52,624
53,825
53,856
53,704
54,327
55,521
55,508
53,627
53,768
52,683
88,460
88,482
88,680
89,759
90,428
90,680
91,111
91,128
91,727
91,617
92,572
93,121
221,993
223,613
224,375
226,366
229,775
231,059
232,127
234,579
236,131
234,942
236,234
235,514
113,815
114,386
114,441
115,669
117,142
117,826
118,248
119,925
121,048
118,450
118,667
117,169
108,178
109,227
109,934
110,697
112,633
113,233
113,879
114,654
115,083
116,492
117,567
118,345
1.48
1.50
1.50
1.48
1.50
1.51
1.53
1.50
1.51
1.52
1.52
1.52
1.56
1.58
1.59
1.58
1.59
1.60
1.60
1.60
1.60
1.62
1.61
1.62
525,184
795,956
148,420
187,216
150,012
148,737
56,353
54,554
93,659
94,183
234,301
114,735
119,566
1.52
1.56
1990:
1
2
3
4
Jan r
Feb "
...
Sec page 21 for manufacturing.
Monthly average for year and total for month.
End of'period.
Annual data are averages of monthly ratios.
20
NOTE.—Retail sales and inventories (therefore total sales and inventories) revised beginning
1982.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In February, manufacturers' shipments and new orders rose, while inventories and unfilled orders fell.
BILLJONS OF DOLLARS' (RATIO SCALE)
280
240
SHIPMENTS
200 ~~^
f —~~r 1
— ^
160
^
^f— '"
1
280
•--— »y —— V
200 -•
DL RABLEGOO 5S
..
120
iiiiiliiiii Illllllllll
Illllllllll
r^C—r
~-^
—
i'
Minium miilmu mnlimi
—
80
-
1.80
f^nnn**
ONDURABU
Illllllllll Illllllllll
RATIO'
2.20
INVENTORY-SHIPMENTS RATIO
2.00
DURABL E GOODS
,^.__ ~..f[\ *.~/1
_„
--"
' ~*
120
NONDURABLE CXDODS
80
60
TOTAL
160
-
160
60
BILLIONS OF DOLLARS' (RATIO SCALE)
280
NFWORRFRS
240
i—
'
•-
••
XJRABLEGC
Illllllllll
^
TOTAL
200
.
80
.
360
\
TOTAL
DURAB E GOODS
\
-„-_—-"-
120
BILLIONS OF DOLLARS* (RATIO SCALE)
480
INVFNT<~>P|FS
440
1.60
1.40 ^
-
60
Illllllllll
1986
limlni.i
1987
Illllllllll
NlllllllM
1988
1989
iiiiiliiiii
1990
1.20
1986
ii i H lit in
1987
1989
1988
•SEASONAilY ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
iiiiiliiiii
1990
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments *
Manufacturers' new orders 1
Manufacturers' inventories 2
Durable goods
Period
Durable
goods
Total
Nondurable goods
Durable
goods
Total
Nondurable goods
Capital
goods
industries,
nondefense
Nondurable goods
Manufacturers'
unfilled
orders z
78,338
87,600
98,581
99,843
100,166
107,770
119,634
126,557
21,661
22,098
26,243
27,067
26,551
29,707
35,028
38,821
83,935
86,522
91,209
91,075
88,497
94,197
101,993
109,057
314,270
349,419
372,586
383,181
387,065
421,243
468,860
514,499
231,306
124,107
125,377
233,011
129,372
239,907
123,524
233,753
125,137
235,157
230,447
122,031
236,793 126,766
234,354 125,227
124,262
234,067
239,710 130,175
240,752
131,719
227,594 * 117,884
231,641
120,926
37,189
38,137
40,389
37,290
39,146
41,445
37,130
35,341
35,975
38,901
44,389
107,199
107,634
110,535
110,229
110,020
108,416
110,027
109,127
109,805
109,535
109,033
109,710
110,715
476,403
481,366
487,231
487,913
491,834
496,359
495,002
495,794
497,866
504,750
514,499
515,341
5.12,812
Total
Total
Manufacturers'
inventory —
shipments
ratio 3
Millions of dollars, seasonally adjusted
1982
1983. ..
1984
1985
1986
1987
1988
1989 *
1989: Feb
Mar
Apr
May
«JF
July
Sept
Oct .. . .
Nov
Dec r.
1990- Jan "
Feb"
1
2
163,350
171,242
187,869
190,016
188,360
199,170
217,632
231,780
79,352
84,956
96,623
99,019
99,989
105,291
115,684
122,668
83,998
86,286
91,246
90,996
88,371
93,879
101,948
109,112
311,827
312,647
334,767
327,496
316,182
331,132
354,163
371,082
200,825
200,406
218,771
214,066
208,313
216,598
233,666
246,222
228,353
228,048
234,042
233,071
231,236
225,922
238,150
: 233,562
231,995
232,826
231,003
226,752
234,170
120,924
120,432
123,331
122,962
121,720
117,114
128,347
124,393
121,840
123,209
121,998
107,429
107,616
110,711
110,109
109,516
108,808
109,803
109,169
110,155
109,617
109,005
359,056
361,130
363,458
365,055
366,492
370,803
371,489
370,890
371,712
372,813
371,082
238,165
239,330
240,486
241,689
242,295
245,813
246,378
245,621
246,427
247,610
246,222
111,002
112,241
115,996
113,430
107,869
114,534
120,497
124,860
120,891
121,800
122,972
123,366
124,197
124,990
125,111
125,269
125,285
125,203
124,860
116,715
123,176
110,037
110,994
374,439
373,907
248,300
247,571
126,139
126,336
r
Monthly average for year and total for month. Shipments are the same as
End of period.
3
162,273
174,122
189,791
190,918
188,663
201,966
221,627
235,614
r
38,332
36,034
1.95
1.80
1.74
1.74
1.70
1.62
1.58
1.58
1.57
1.58
1.55
1.57
1.58
1.64
1.56
1.59
1.60
1.60
1.61
1.65
1.60
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In February, the producer price index for ail finished goods was unchanged from its January level. Prices of
finished consumer foods rose 0.9 percent, while prices of other finished consumer goods fell 0.6 percent. Capital
equipment prices rose 0.2 percent.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
130
100
100
1982
1983
1989
1990
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1982=100; monthly data seasonally adjusted]
Finished goods
Durable
Nondurable
Capital
equipment
Total
finished
consumer
goods
91.0
96.4
100.0
102.8
104.5
106.5
108.9
111.5
113.8
117.6
116.7
116.8
116.4
117.2
117.7
117.4
117.8
118.7
118.6
118.7
119.3
118.9
118.9
85.1
95.8
100.0
100.5
101.1
101.7
93.3
94.9
97.3
103.8
101.4
102.0
104.4
105.5
105.6
104.3
102.7
104.5
105.1
104.3
105.4
109.5
108.5
85.8
94.6
100.0
102.8
105.2
107.5
109.7
111.7
114.3
118.7
117.3
117.5
117.4
118.1
118.8
118.9
119.3
120.1
120.0
120.3
120.6
120.9
121.2
88.6
96.6
100.0
101.3
103.3
103.8
101.4
103.6
106.2
112.1
110.5
111.0
111.9
112.9
112.8
112.1
111.6
112.5
113.3
113.3
114.1
116.9
116.7
Finished goods excluding consumer foods
Period
Total
finished
goods
Con-
sumer
foods
Consumer goods
Total
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 "
1989: Feb
Mar
Apr
May
June
July
Aue
Sept
Oct '
Nov
Dec
1990: Jan
Feb
1
88.0
96.1
100.0
101.6
103.7
104.7
103.2
105.4
108.0
113.5
111.9
112.4
113.1
113.9
114.0
113.6
113.3
114.1
114.7
114.8
115.5
117.6
117.6
92.4
97.8
100.0
101.0
105.4
104.6
107.3
109.5
112.6
118.7
117.9
118.6
118.0
118.6
117.9
118.1
118.5
118.1
119.7
120.8
121.5
124.0
125.1
86.7
95.6
100.0
101.8
103.2
104.6
101.9
104.0
106.5
111.8
110.0
110.4
111.4
112.4
112.7
112.1
111.5
112.8
113.1
112.8
113.5
115.5
115.2
Intermediate materials for food manufacturing and feeds.
22
87.1
96.1
100.0
101.2
102.2
103.3
98.5
100.7
103.1
108.9
106.9
107.3
109.0
110.0
110.2
109.2
108.2
109.7
110.1
109.6
110.5
113.4
112.7
Intermediate materials
Crude materials
Total
Foods
and
feeds '
Other
Total
Foodstuffs
and
feedstuffs
Other
90.3
98.6
100.0
100.6
103.1
102.7
99.1
101.5
107.1
112.0
111.2
111.9
112.5
112.6
112.3
112.1
111.8
112.2
112.4
112.4
112.3
113.6
112.8
105.5
104.6
100.0
103.6
105.7
97.3
96.2
99.2
109.5
113.8
115.4
116.7
115.4
113.8
111.6
113.2
112.8
112.7
112.5
113.5
113.0
113.3
112.3
89.4
98.2
100.0
100.5
103.0
103.0
99.3
101.7
106.9
111.9
111.0
111.6
112.3
112.5
112.4
112.0
111.8
112.2
112.4
112.3
112.3
113.6
112.8
95.3
103.0
100.0
101.3
103.5
95.8
87.7
93.7
96.0
103.0
101.8
103.5
104.5
104.5
103.3
103.5
101.1
102.3
102.6
103.0
104.6
107.1
107.5
104.6
103.9
100.0
101.8
104.7
94.8
93.2
96.2
106.1
111.1
112.6
114.8
112.1
110.8
109.6
108.9
109.7
109.0
109.0
110.9
113.7
114.8
115.9
84.6
101.8
100.0
100.7
102.2
96.9
81.6
87.9
85.5
93.4
90.7
92.0
95.1
95.9
94.7
95.5
91.3
93.6
94.1
93.5
94.3
97.6
97.5
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In February, the consumer price index for all urban consumers rose 0.5 percent, seasonally adjusted and not
seasonally adjusted. The index was 5.3 percent above its year-earlier level.
INDE>C, 1982-84= 100 (RATIO SCALE)
INDEX, 1982-84= 100 (RATIO S CALE)
130
130
SEASONALLY ADJUSTED
^*
.^^
120
-120
r-^
CONSUMER PRICES— ALL ITEMS
\
110
r—^1
\____--'-
110
r-^-
100
100
_^-^
^~
90
90
80
80
70
70
60
miilimi iiiiilmu
1982
|I||||||||| IIIIlllllll Illllllllll 1 1 HI |ll |ll
1984
1983
1985
1986
imilimi
||l|llllll|
imilimi
1988
1989
1990
1987
SEE NOTE ON TABLE &ELOW
SOURCE: DEPARTMEN OF LABOR
60
COUNCIL OF CONOMIC ADVISERS
[1982-84 = 100, except as noted; monthly data seasonally adjusted, except as noted]
All items 1
Transportation
Housing
All
Shelter
Not
Period
seasonally
adjust-
ed
(NSA)
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989:
Feb
Mar
Apr
May
July
Sept
Oct
Nov
Dee
1990:
Jan
Feb
Season-
Rent-
(Dec.
1982 =
100)
costs
and
(Dec.
1982 =
100)
repairs
7.9
19.8
127.1
132.8
103.0
108.6
115.4
121.9
128.1
133.6
138.9
Total
16.3
86.8
93.6
97.4
99.4
103.2
105.6
109.0
113.5
Ener-
102.5
107.3
113.1
119.4
124.8
131.1
137.3
0.2
82.4
90.7
96.4
99.9
103.7
106.5
107.9
111.8
114.7
118.0
7.5
75.4
86.4
94.9
100.2
104.8
106.5
104.1
103.0
104.4
107.8
6.1
90.9
95.3
97.8
100.2
102.1
105.0
105.9
110.6
115.4
118.6
17.1
83.1
93.2
97.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
4.2
88.4
93.7
97.4
99.9
102.8
106.1
110.6
114.6
116.9
119.2
3.2
97.4
108.5
102.8
99.4
97.9
98.7
77.1
80.2
80.9
88.5
6.2
74.9
82.9
92.5
100.6
106.8
113.5
122.0
130.1
138.6
149.3
7.4
86.0
97.7
99.2
99.9
100.9
101.6
88.2
88.6
89.3
94.3
48.4
80.6
88.3
95.1
100.0
105.0
109.0
112.7
117.0
121.9
127.3
Total '
New
cars
Motor
fuel
care
gy 2
ter,
and
energy
(NSA)
121.2
121.6
121.8
122.2
122.6
123.3
123.5
123.7
124.2
124.7
125.2
130.3
131.0
131.1
131.7
132.3
133.2
133.5
133.7
134.4
135.0
135.6
136.2
137.6
137.1
137.4
138.0
139.6
139.1
138.7
139.8
140.5
141.0
134.7
135.2
135.6
136.3
136.9
137.6
138.2
138.7
139.4
140.0
140.6
117.1
117.1
117.3
117.4
118.3
118.4
118.5
118.6
118.6
119.3
119.5
106.7
106.9
107.3
107.5
107.3
107.8
107.8
108.0
108.1
108.7
109.4
117.7
118.8
119.3
119.5
118.9
118.3
116.9
118.6
119.4
119.4
119.0
112.1
112.6
115.1
115.8
115.7
115.3
114.2
113.9
114.5
114.6
115.0
119.1
119.5
119.5
119.5
119.3
118.8
118.5
118.1
118.8
119.8
120.8
83.0
84.1
93.4
95.3
94.6
92.9
88.4
87.1
88.4
86.8
86.3
145.0
145.9
146.7
147.6
148.7
149.6
150.8
151.9
153.0
154.2
155.1
90.9
91.6
96.2
97.0
96.4
95.9
93.8
93.2
94.1
93.8
94.1
125.8
126.2
126.6
127.1
127.4
127.7
127.8
128.3
128.8
129.3
129.7
126.1
126.3
136.3
136.6
142.3
143.4
141.1
141.0
120.4
120.8
111.6
110.9
119.0
122.9
117.4
117.7
121.6
121.4
93.4
93.6
156.1
157.3
98.9
98.2
130.4
131.5
126.3
122.7
123.5
124.2
124.9
125.2
125.6
125.9
126.3
126.8
127.4
128.0
127.4
128.0
127.7
128.3
130.5
131.1
27.9
81.0
90.5
96.9
99.1
104.0
109.8
115.8
.121.3
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 1989.
cal
el and
upkeep
125.1
121.6
122.3
123.1
123.8
124.1
124.4
124.6
125.0
125.6
125.9
126.1
1.25.8
costs
Medi-
Appar-
and
other
utilities
42.0
81.1
90.4
96.9
99.5
103.6
107.7
110.9
114.2
118.5
123.0
,118.2
121.9
122.5
123.3
123.8
124.1
124.5
124.5
124.8
125.4
Fuel
Maintenance
ers'
Total '
ed
1000
82.4
909
96.5
996
103.9
107 6
109.6
1136
118.3
1240
Home-
owners'
Food
ally
adjust-
items
less
food,
shel-
NOTE:—Data beginning 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 and 1988 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Period
Total
finished
goods
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Excluding
foods
Poods
Capital
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
11.8
7.1
3.6
.6
1.7
1.8
-2.3
2.2
4.0
4.8
1980
1981
1982
1983 .
1984
1985
1986
1987
1988
1989"
14.1
8.6
4.2
g
.8
2.1
-6.6
4.1
3.1
5.3
7.5
1.5
2.0
2.3
3.5
.6
2.8
-.2
5.7
5.0
13.4
9.2
4.1
1.6
2.1
1.0
-1.4
2.1
2.5
5.1
11.4
9.2
3.9
2.0
1.8
2.7
2.1
1.3
3.6
3.7
Change, month to month
1989- Feb
Mar
Dec
0.6
.4
.6
.7
.1
-.4
-.3
.7
.5
.1
.6
0.8
.6
-.5
.5
-.6
.2
.3
-.3
1.4
.9
.6
0.8
.4
1.6
.9
.2
-.9
-.9
1.4
.4
-.5
.8
Jan
Feb
1.8
0
2.1
.9
2.6
-.6
Mav
July
Sept
Oct
Nov
1990-
.3
.2
8.3
9.0
7.0
7.3
5.8
1.8
— 2.1
.4
3.9
5.4
5.0
9.3
11.2
3.5
2.4
-2.3
.3
-.3
.7
5.5
8.0
12.0
9.9
9.9
11.8
12.1
11.3
.7
-6.4
-1.8
3.3
5.3
2.9
.2
.2
10.5
10.1
15.2
15.0
12.5
11.8
0.4
.2
-.1
.6
.6
.1
.3
.7
T
J
r
7.1
7.8
7.4
4.4
2.5
3.0
2.8
1.6
2.6
7.9
6.9
5.7
5.8
4.2
1.9
1.0
-.8
2.9
3.7
6.2
6.7
7.3
10.1
11.0
10.6
6.1
2.4
4.5
2.0
-.7
.5
4.6
3.5
3.1
4.0
4.5
3.6
3.4
4.5
'4.5
3.8
3.1
5.3
5.5
5.6
6.2
6.1
5.1
4.3
4.6
r
5.0
4.6
4.8
7.2
7.7
10.2
11.4
7.8
8.5
3.4
3.2
5.8
5.1
5.3
4.6
2.1
2.8
4.5
5.2
4.1
4.4
r
3.8
3.4
1.7
6.2
6.1
r
3.0
3.0
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Transportation
Housing
Shelter
Period
All
items 1
Food
Total i
Total '
Renters'
costs
Homeowners'
costs
Fuel
and
other
utilities
Appare!
and
upkeep
New
ears
Total '
Motor
fuel
Medical
care
Ener-
gy2
All
items
less
food,
shelter,
and
energy
Addendum: All 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
12.5
8.9
3.8
3.8
3.9
3.8
1.1
4.4
4.4
4.6
10.2
4.3
3.1
2.7
3.8
2.6
3.8
3.5
5.2
5.6
13.7
10.2
3.6
3.5
4.3
4.3
1.7
3.7
4.0
3.9
15.0
9.9
2.4
4.7
5.2
6.0
4.6
4.8
4.5
4.9
5.1
5.9
6.3
5.0
3.9
3.9
4.5
4.5
5.1
5.9
4.6
5.3
4.7
5.1
1989: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
0.4
.5
.7
.4
.2
.3
0
2
.5
.3
.4
0.4
.7
.6
.6
.2
.3
.2
.3
.4
.5
.5
0.2
.3
.2
.3
.3
.6
.2
.2
.4
.4
.4
0.4
.5
.1
.5
.5
.7
.2
.1
.5
.4
.4
0.7
1.0
4
.2
.4
1.2
-.4
-.3
.8
.5
.4
0.2
.4
.3
.5
.4
.5
.4
.4
.5
.4
.4
-0.1
.2
.4
.2
1990: Jan
Feb
1.1
.5
2.0
.5
.7
.2
.5
2
.9
.8
.4
1
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
13.8
14.4
9.7
1.8
4.2
1.8
-5.6
1.6
2.9
3.2
6.8
3.5
1.6
2.9
2.0
2.8
.9
4.8
4.7
1.0
7.4
18.8
9.4
6.8
1.5 -6.5
3.4 -1.7
2.5 -2.4
3.4
3.1
5.9 -30.7
18.7
1.8
2.1 -2.1
6.8
2.3
14.6
10.9
1.8
3.9
3.1
2.6
-5.9
6.1
3.0
4.0
9.9
12.5
11.0
6.4
6.1
6.8
7.7
5.8
6.9
8.5
18.0
11.9
1.3
-.5
.2
1.8
-19.7
8.2
.5
5.1
•
13.5
10.3
6.2
3.2
4.3
3.6
1.9
3.6
4.1
4.8
9.8
9.4
6.1
5.0
4.3
3.7
3.3
3.8
4.7
4.1
Change, month to month
.5
0
.2
.1
.6
.6
0.1
.9
.4
.2
-.5
-.5
-1.2
1.5
.7
0
-.3
0.7
.4
2.2
.6
-.1
-.3
-1.0
-.3
.5
.1
.3
0.3
.3
0
0
2
4
-.3
-.3
.6
.8
.8
2.1
1.3
11.1
2.0
-.7
-1.8
48
-1.5
1.5
-1.8
-.6
0.7
.6
.5
.6
.7
.6
.8
.7
.7
.8
.6
0.8
.8
5.0
.8
-.6
-.5
-2.2
-.6
1.0
-.3
.3
0.4
.3
.3
.4
.2
.2
.1
.4
.4
.4
.3
2.0
-.6
0
3.3
2.1
.3
.7
-.2
8.2
.2
.6
.8
5.1
-.7
.5
.8
O
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
also included through 1982.
24
3
5.4
6.0
2.9
3.9
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
5.4
6.1
6.4
6.4
5.3
4.0
2.3
2.3
2.9
4.2
4.9
4.9
4.9
5.6
5.9
5.7
5.2
4.3
3.8
3.4
3.3
3.6
4.8
5.0
5.1
5.4
5.2
5.0
4.7
4.3
4.5
4.7
4.6
7.5
8.2
5.2
6.2
5.2
5.3
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in March were 1.3 percent above their February level. Prices paid by farmers in January
were 1.1 percent above their October level. (Data are not seasonally adjusted.)
INDEX, 1977= 100 (RATIO SCALE)
INDEX, 1977= 100 (RATIO SCALE)
1990
I/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977 — 100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
1981
1982 .
1983
1984 .
1985
1986
1987
1988
1989
1989- Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1990- Jan
Feb r
Mar
All farm
products
Livestock and
products
Crops
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio 2
139
133
135
142
128
123
127
138
148
134
121
128
138
120
107
106
126
135
143
145
141
146
136
138
146
150
160
150
159
161
164
162
159
162
169
177
151
158
159
161
156
150
151
160
167
148
153
152
155
151
144
147
157
165
92
84
84
87
79
77
78
82
84
150
148
149
148
147
145
144
145
147
149
138
142
142
138
137
128
126
128
128
127
161
154
156
157
157
161
160
162
165
170
(3)
177
(3)
(3)
178
(3)
(3)
178
(3)
(3)
(3)
167
(3)
(3)
168
(3)
(3)
166
(3)
(3)
(3)
166
(3)
(3)
166
(3)
(3)
165
(3)
(3)
86
84
84
84
83
81
81
81
83
84
154
152
154
136
133
134
172
169
173
180
(3)
(3)
169
(3)
(3)
168
(3)
(3)
86
84
86
1
Includes items not shown separately.
2
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 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 '
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977= 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Ml rose in February after falling slightly in January. Growth accelerated in the broader aggregates in February.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
4,800
4,400
4,000
3,600
4,800
4,400
4,000
3,600
M3
3,200
3,200
2,800
2,800
—"\
M2
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
800
600
400
1982
1985
1984
1983
1986
1987
1989
1990
COUNCIL OF ECONOMIC ADVISERS
• AVERAGES OF DAIIV FIGURES; SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS Of THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
1980:
1981:
19821983:
19841985:
1986:
1987:
1988:
1989-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec . ..
Dec
1989: Feb ..
Mar
May
July..
Sept
Oct
Nov
Dec
1990: Jan
Feb"
Percent change from year or 6
months earlier 2
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
RPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
408.9
436.5
474.5
521.2
552.1
620.1
724.7
750.4
787.5
794.8
1,629.9
1,793.5
1,953.1
2,186.5
2,371.6
2,570.6
2,814.2
2,913.2
3,072.4
3,221.7
1,987.5
2,234.2
2,441.9
2,693.4
2,982.8
3,202.1
3,494.5
3,678.7
3,918.4
'4,041.8
2,324.2
2,596.8
2,851.6
3,154.7
3,524.1
3,829.5
4,135.5
4,338.7
'4,676.0
'4,865.5
3,881.9
4,269.0
4,660.0
5,185.4
5,932.7
6,741.5
7,597.0
8,316.2
'9,070.7
'9,771.6
6.8
6.7
8.7
9.8
5.9
12.3
16.9
3.5
4.9
.9
8.9
10.0
8.9
12.0
8.5
8.4
9.5
3.5
5.5
4.9
10.2
12.4
9.3
10.3
10.7
7.4
9.1
5.3
6.5
'3.1
9.5
10.0
9.2
11.3
14.4
13.6
12.7
9.5
'9.1
'7.7
786.7
785.5
782.1
776.2
773.7
779.1
780.4
782.9
788.1
789.4
794.8
' 3,078.2
3,086.9
3,089.4
3,085.3
3,101.6
3,127.0
3,146.7
3,163.3
'3,181.4
3,200.8
3,221.7
'3,936.9
3,956.6
3,965.1
3,965.6
3,984.9
4,007.2
4,012.0
4,012.0
'4,016.2
'4,028.8
'4,041.8
'4,699.8
'4,732.0
'4,757.0
'4,756.6
'4,778.8
'4,803.8
'4,817.3
'4,822.7
'4,831.2
'4,846.7
'4,865.5
'9,191.6
'9,252.1
'9,308.8
'9,368.7
'9,422.3
'9,472.2
'9,537.3
'9,594.4
'9,661.3
'9,732.5
'9,771.6
.6
.2
-.8
-2.5
-3.5
1.7
-1.6
-.7
1.5
3.4
5.5
2.7
3.0
2.7
1.4
1.9
3.5
4.5
4.9
6.0
7.5
7.7
4.1
4.6
4.2
3.2
3.4
4.1
3.8
2.8
2.6
3.2
2.9
'8.6
'8.5
'8.3
'8.0
'7.8
'7.6
'7.5
'7.4
7.6
7.8
'7.4
794.7
801.2
'3,231.9
3,257.2
'4,047.8
4,066.5
4,866.6
9,815.5
4.0
5.3
6.7
7.0
'2.0
2.7
7.2
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate.
NOTK.—See p. 27 for components.
26
Debt
Ml
L
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average) l
Ml
M2
M3
Debt
Money stock series have been revised to incorporate the annual benchmark and seasonal factor
review, as well as a minor adjustment to the composition of M'2. For further details see Federal
Reserve Statistical Release 11.6, Money Stock Revisions, February 15, 1990.
Source: Board of Governors of the Federal Reserve Svstem.
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Currency
Period
Demand
deposits
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net,
plus
overnight
Eurodollars
Money market
mutual fund
balances I
General
purpose
and
broker/
dealer
Institution
only
Money
market
deposit
accounts
(MMDAs)
Savings
deposits
Small
denomination
time
deposits 2
Large
denomination
time
deposits 2
NSA
1980- Dec '
1981: Dec r. . .
1982: Dec '
1983: Dec r. .
1984: Dec '
1985: Dec r
1986: Decr
1987: Dec '
1988: Dec
1989: Dec....
115.3
122.6
132.5
146.2
156.0
167.8
180.6
196.7
211.8
221.9
261.4
231.4
234.1
238.5
243.9
266.8
302.1
287.0
287.0
279.7
28.0
78.2
103.6
131.6
146.9
179.6
235.5
259.7
281.3
285.7
28.8
36.6
39.9
55.6
60.6
73.5
82.3
83.2
83.3
r
76.8
61.6
150.6
185.2
138.8
168.2
177.2
208.7
222.0
240.9
313.1
15.2
38.0
51.1
42.8
62.1
63.9
83.8
89.0
87.1
102.3
0.0
.0
43.2
379.2
416.8
513.0
571.0
523.8
500.3
483.8
400.1
343.8
356.7
305.4
285.1
301.2
370.1
414.9
r
427.9
409.0
1989: Feb....
Mar
Apr
May
" 3
214.1
215.3
215.7
216.6
217.2
217.8
218.6
219.3
220.0
220.4
221.9
284.9
283.9
281.3
279.6
276.3
279.6
278.5
278.1
280.0
278.8
279.7
280.2
279.1
277.9
272.8
273.0
274.5
276.0
278.4
280.8
282.8
285.7
83.3
82.0
78.5
77.8
79.6
80.9
78.3
74.8
75.3
74.9
r
76.8
247.2
253.4
257.8
261.2
268.3
277.7
287.8
295.9
302.7
309.1
313.1
86.9
86.3
88.3
92.1
96.3
99.0
101.4
101.6
101.1
101.1
102.3
485.6
479.9
473.2
463.1
460.9
463.9
468.2
471.9
475.3
480.8
483.8
421.0
417.9
412.0
405.4
403.4
403.3
404.0
405.5
406.1
407.9
409.0
1,054.2
553.3
1,066.4
560.1
1,084.1
568.3
1,103.0
573.1
574.9
1,114.0
1,122.4
574.7
570.5
1,130.0
1,132.6
565.6
562.7
1,135.9
r
1,138.5 561.0
' 1,142.2 ' 558.3
224.6 277.3
226.6 280.2
285.3
286.8
r
320.8
329.1
!03.2
103.7
484.9
489.3
410.3
413.7
r
July
. *
Aug
Sept
Oct
Noy
Dec
1990: Jan
Feb "
80.8
81.6
r
1
Data prior to 1983 are not seasonally adjusted.
2
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
NOTE.—Travelers checks of nonhank issuers are a component of money stock but are not shown
728.5
823.2
851.0
784.1
886.8
884.0
856.2
917.8
1,031.0
'1,142.2
1,142.5
1,141.2
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
Savings
bonds
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
50.3
67.5
81.7
91.5
82.9
76.5
83.8
91.0
106.0
r
80.6
72.3
67.8
68.0
71.1
74.2
79.5
91.8
100.6
109.3
117.5
133.5
149.4
183.6
211.9
260.9
298.3
280.8
254.2
r
272.0
r
317.1
32.1
40.0
44.5
45.0
45.5
42.1
37.2
44.8
.40.6
41.2
98.8
105.3
113.7
133.2
160.8
207.5
231.1
260.4
335.6
347.9
126.7
128.9
126.3
127.5
128.4
123.8
116.9
112.9
108.3
107.2
94.8
100.1
105.7
100.3
97.2
93.4
91.8
89.6
85.3
r
80.0
r
79.2
r
80.6
110.7
111.5
112.2
112.8
113.6
114.3
115.0
115.7
116.2
116.8
117.5
' 268.1
' 274.2
280.0
r
288.1
* 289.6
' 290.9
' 293.3
r
303.7
' 308.9
r
309.3
r
317.1
40.6
41.4
41.5
41.2
41.2
41.9
42.6
41.0
40.0
40.5
41.2
343.6
348.3
358.2
348.8
349.4
349.5
354.3
350.3
350.0
351.3
347.9
r
r
117.7
317.0
40.7
343.3
260.4
33.5
303.0
35.3
327.2
33.4
327.6
49.9
417.4
57.6
62.4
437.0
439.8
80.5
488.8 106.1
541.1 r!21.8
' 558.3
94.8
r
554.1
549.6
91.4
94.9
75.0
71.4
r
See Note, p. 26
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
1980:
1981:
1982:
1983:
1984:
19851986:
19871988:
Dec
Dec
Dec .
Dec
Dec
Dec
Dec
Dec
Dec
Nonborrowed
33,401
35,315
37,388
39,184
42,321
48,493
58,140
58,693
60,706
31,711
34,679
36,754
38,410
39,134
47,175
57,313
57,916
58,990
1989- Dec
60,033
1989: Feb
Mar
60 383
59,980
59,351
58,826
58,597
58,867
58,906
59,289
59,640
59,646
60,033
59,896
60,221
May
, '
July .
Sept
Oct
Nov
Dec....
1990: Jan T.
Feb p .
...
1
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Note.—Aggregate reserves and the monetary base have been revised. Data prior to 1989 are not
yet available. For further details see Federal Reserve Statistical Release H.3, Aggregate Reserves,
Nonborrowed plus
extended
credit
Required
Monetary
base
Total
1,690
636
634
774
3,186
1,318
827
777
1,716
Seasonal
116
54
33
96
113
56
38
93
130
Extended
credit
3
148
186
2
2,604
499
303
483
1,244
31,714
34,827
36,940
38,412
41,739
47,674
57,616
58,399
60,234
32,887
34,996
36,888
38,623
41,468
47,436
56,771
57,665
59,666
59,767
59,787
59,110
285,105
265
84
20
58,896
58,168
57,062
57,106
57,107
58,173
58,231
58,596
59,085
59,297
59,767
59,946
59,502
58,769
58,304
58,024
58,279
58,272
58,618
59,106
59,318
59,787
59,229
59,023
58,575
57,796
57,692
57,901
58,021
58,351
58,620
58,701
59,110
277,561
278,472
278,398
278,712
279,210
280,137
280,923
281,970
282,944
283,381
285,105
1,487
1,813
2,289
1,720
1,490
694
675
693
555
349
265
97
139
213
345
431
497
490
452
330
134
84
1,050
1,334
1,707
1,197
917
106
41
22
21
21
20
59,456
58,773
59,482
59,308
58,880
59,229
287,705
289,958
440
1,448
47
51
26
535
152,525
161,043
173,011
188,303
201,889
219,510
241,448
257,991
275,503
Special Notice, March 1, 1990.
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases rose 0.4 percent in February. Commercial and industrial loans fell 0.1
percent. (Series revised.)
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,800
2,800
ALL COMMERCIAL BANKS
2,400
2,400
2,000
2,000
1,600
1,600
\
LOANS AND LEASES
1,200
1,200
800
800
400
400
U.S. GOVERNMENT SECURITIES
200
200
160
OTHER SECURITIES-
160
120
120
1982
1984
1983
1986
1985
1988
1987
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1989
1990
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted *]
All commercial banks
Loans and leases
Period
Total
securities 2
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1989:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec r....
Mar r....
Apr r....
May r....
June r...
July r....
Aug r....
Sept r...
Oct r
Nov * ....
Dec r....
1990: Jan r ....
Feb "....
1,307.7
1,401.5
1,553.6
1,723.7
1,911.4
2,094.5
2,239.6
2,417.2
2,581.2
2,460.3
2,469.2
2,482.9
2,496.0
2,512.4
2,527.4
2,538.9
2,562.6
2,577.7
2,581.2
2,585.0
2,603.5
U.S.
Government
securities
179.3
201.7
259.2
260.2
270.7
309.6
335.5
361.4
394.2
368.0
370.5
372.5
373.7
374.0
375.5
378.1
389.8
394.6
394.2
402.3
411.5
Other
securities
160.9
165.7
170.6
142.6
181.4
196.5
195.3
194.0
180.4
189.3
188.3
187.8
187.3
186.3
183.8
183.1
181.0
179.4
180.4
180.2
180.8
Total
2
967.5
1,034.1
1,123.9
1,321.0
1,459.3
1,588.4
1,708.8
1,861.9
2,006.5
1,903.0
1,910.5
1,922.6
1,935.0
1,952.1
1,968.2
1,977.7
1,991.9
2,003.7
2,006.5
2,002.4
2,011.2
Commercial
and
industrial
355.4
392.6
414.1
472.9
499.7
536.2
562.7
601.9
641.6
619.1
621.7
626.6
627.1
631.8
636.1
637.7
641.3
645.0
641.6
638.1
637.2
NonReal
estate
Individual
Security
284.1
299.8
330.8
376.3
425.8
494.0
589.0
672.0
755.8
689.9
698.9
705.6
713.0
720.1
727.7
735.8
742.1
748.4
755.8
759.1
767.2
182.5
188.2
212.9
253.8
294.8
315.9
329.5
355.5
375.7
358.9
361.6
363.5
363.8
365.8
367.5
370.3
372.6
374.5
375.7
377.8
378.9
21.5
25.4
28.1
34.3
42.7
40.1
34.4
38.5
39.6
43.8
40.0
38.5
40.6
40.1
39.1
39.8
41.3
41.6
39.6
39.2
39.7
2
hanlr
uan&
financial
institutions
29.9
31.3
30.5
31.4
32.5
35.0
31.9
30.0
32.7
30.1
29.6
29.3
30.5
31.3
31.5
31.8
32.7
33.3
32.7
32.3
33.0
State
Agricultural
political
subdivisions
33.1
36.2
39.2
40.1
36.1
31.6
29.4
30.7
30.3
29.7
29.7
29.9
30.0
30.0
29.9
29.6
29.6
29.9
30.3
30.9
31.0
0.0
.0
3.3
46.0
56.7
58.4
52.5
46.7
40.1
43.4
43.3
43.1
42.8
42.5
42.2
41.7
41.3
40.8
40.1
38.6
38.9
Foreign
banks
18.1
14.8
13.4
11.1
9.7
9.6
7.5
7.6
8.6
7.4
7.3
8.0
7.9
7.9
8.1
7.5
8.5
8.0
8.6
7.9
7.8
Foreign
official
institutions
Lease
financing
receivables
7.2
5.9
9.4
7.9
6.0
5.9
5.3
4.9
3.3
4.7
4.7
4.5
4.2
4.0
3.8
3.8
3.6
3.3
3.3
2.9
2.8
12.7
13.3
13.7
16.0
19.0
22.3
24.5
29.2
31.4
30.0
30.0
30.2
30.2
30.7
31.0
31.3
31.7
31.6
31.4
31.7
32.0
Excludes loans to commercial banks in the United States.
NOTE.—Series revised. Data prior to March 1989 are not yet available.
Source: Board of Governors of the Federal Reserve System.
Other
23.1
26.6
31.8
31.2
36.3
39.4
42.1
44.9
47.4
46.1
43.7
43.3
44.9
47.9
51.2
48.3
47.2
47.2
47.4
43.9
42.7
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Loans and
short-term
paper
Securities
and
mortgages
Total
Total
Total
Other 2
Increase in
financial
assets
Capital
expenditures 3
Credit market funds
Internal 1
Discrepancy
(sources less
uses)
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988 r
1988 p
323.7
323.3
377.4
303.0
419.2
495.0
457.3
510.7
486.3
498.4
488.0
197.6
200.1
239.5
242.3
285.7
336.3
352.3
344.9
352.6
372.5
367.1
126.1
123.1
137.9
60.7
133.5
158.7
105.0
165.8
133.6
125.9
120.9
60.3
70.7
91.8
50.3
78.3
95.1
50.9
123.0
69.0
67.0
65.3
9.0
30.5
25.4
17
44.6
91
-3.0
58.9
38.1
23
-11.6
51.3
40.2
66.4
52.0
33.7
104.2
53.9
64.0
30.9
69.3
76.9
65.8
52.5
46.0
10.4
55.2
63.6
54.1
42.9
64.6
58.9
55.7
368.3
341.6
382.9
302.7
392.0
473.0
422.9
448.2
453.9
473.4
463.0
238.6
243.2
285.9
255.7
269.9
367.9
339.9
328.8
348.3
380.4
385.6
129.8
98.4
97.0
47.0
122.1
105.1
83.0
119.3
105.6
92.9
77.4
-44.6
-18.3
-5.6
.3
27.2
22.0
34.4
62.6
32.4
25.0
25.0
1988- III r
IV r
523.5
482.3
372.3
381.6
151.2
100.7
77.0
14.4
33.7
809
43.3
95.3
74.2
86.2
500.8
447.7
390.1
391.8
110.8
55.9
22.7
34.6
1989- I T
II r
Ill r
466.1
533.5
460.4
492.1
361.9
364.8
376.1
365.7
104.2
168.7
84.3
126.4
12.8
132.7
39.9
75.7
63 3
19.5
-38.9
36.4
76.1
113.2
78.8
39.3
91.4
36.0
44.5
50.8
442.8
510.6
429.2
469.3
376.0
388.8
388.7
388.8
66.8
121.8
40.5
80.5
23.3
22.9
31.1
22.8
IV
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstanding l
Installment credit outstanding (end of period)
Period
1980:
19811982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec2 r
1989- Jan 2
Feb
Mar
Apr
May
June
July..
Aug
Sept
Oct
Nov
Dec r
1990: Janp . .
Mobile
home
Revolving
Mobile
home
297,566
310,682
323,536
367,868
442,538
517,755
572,047
607,721
659,507
716,508
111,936
118,956
124,218
143,799
173,704
209,636
247,313
265,976
281,174
289,111
54,894
60,838
66,243
78,667
100,212
122,013
137,013
153,884
174,792
203,175
18,621
20,302
22,833
23,704
25,795
26,834
27,355
26,387
25,744
22,558
112,115
110,586
110,242
121,698
142,827
159,272
160,367
161,475
177,798
201,664
1,083
13,116
12,854
44,332
74,670
75,217
54,292
35,674
51,786
(2)
539
7,020
5,262
19,581
29,905
35,932
37,677
18,663
15,198
(2)
1,537
5,944
5,405
12,424
21,545
21,801
15,000
16,871
20,908
(2)
414
1,681
2,531
871
2,091
1,039
521
-968
-643
(2)
-329
-1,529
-344
11,456
21,129
16,445
1,095
1,108
16,323
(2)
682,020
687,397
691,162
693,911
698,132
700,849
700,344
703,001
704,371
707,562
712,160
716,508
286,382
288,767
288,850
289,654
290,741
290,192
288,526
288,533
287,754
288,747
289,200
289,111
176,716
178,570
182,831
184,500
186,502
189,622
191,028
194,398
195,302
196,379
199,240
203,175
26,036
25,992
24,168
23,993
23,952
23,685
23,630
22,938
22,991
22,947
22,567
22,558
192,886
194,068
195,314
195,763
196,936
197,349
197,161
197,132
198,324
199,490
201,154
201,664
(2)
5,377
3,765
2,749
4,221
2,717
505
2,657
1,371
3,191
4,598
4,347
(2)
2,385
82
804
1,087
-549
-1,667
7
779
993
453
-89
(2)
1,854
4,261
1,670
2,002
3,120
1,406
3,370
904
1,076
2,861
3,935
(2)
44
-1,824
174
-41
-267
-56
-692
53
—44
-380
-9
(2)
1,182
1,246
449
1,173
413
-189
29
1,192
1,166
1,664
510
720,051
290,975
203,418
22,541
203,117
3,543
1,864
243
-18
1,453
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
2
Data newly available in January 1989 result in breaks in many series between December 1988
Automobile
Automobile
Total
Other
Total
Revolving
Other
and January 1989. Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Interest rates rose in March.
PERCENT PER ANNUM
PERCENT PER ANNUM
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SEE TABLE BELOW
[Percent per annum]
U.S. Treasury security yields
Period
3-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) 4
Prime
commercial
paper,
6 months l
Discount rate
(N.Y. F.E.
Bank) *
Prime rate
charged by
banks 5 '
New-home
mortgage
yields
(FHFB) 6
14.029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
8.12
14.44
12.92
10.45
11.89
9.64
7.06
7.68
8.26
8.55
13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
8.49
11.23
11.57
9.47
10.15
9.18
7.38
7.73
7.76
7.24
14.17
13.79
12.04
12.71
11.37
9.02
9.38
9.71
9.26
14.76
11.89
8.89
10.16
8.01
6.39
6.85
7.68
8.80
13.42
11.02
8.50
8.80
7.69
6.33
5.66
6.20
6.93
18.87
14.86
10.79
12.04
9.93
8.33
8.21
9.32
10.87
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
10.13
1989- Mar
Apr
May
June
July
Aue
Sept
Oct
Nov
Dec
8.83
8.70
8.40
8.22
7.92
7.91
7.72
7.63
7.65
7.64
9.61
9.40
8.98
8.37
7.83
8.13
8.26
8.02
7.80
7.77
9.36
9.18
8.86
8.28
8.02
8.11
8.19
8.01
7.87
7.84
7.61
7.49
7.25
6.97
6.97
7.08
7.27
7.22
7.13
7.01
9.80
9.79
9.57
9.10
8.93
8.96
9.01
8.92
8.89
8.86
9.97
9.78
9.29
8.80
8.35
8.32
8.50
8.24
8.00
7.93
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
11.50-11.50
11.50-11.50
11.50-11.50
11.50-11.00
11.00-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
9.99
10.17
10.18
10.42
10.48
10.22
10.24
10.11
10.09
10.07
1990: Jan
Feb
Mar p
Week ended:
1990: Mar 3
10
17
24
31"
7.64
7.76
7.87
8.13
8.39
8.63
8.21
8.47
8.59
7.13
7.21
7.29
8.99
9.22
9.37
7.96
8.04
8.23
7.00-7.00
7.00-7.00
7.00-7.00
10.50-10.00
10.00-10.00
10 00 10 00
9.91
9.88
7.72
7.85
7.96
7.97
7.85
8.44
8.60
8.70
8.63
8.63
8.50
8.61
8.65
8.55
8.56
7.24
7.26
7.31
7.28
7.31
9.26
9.35
9.40
9.39
9.37
8.07
8.12
8.29
8.29
8.27
7 00 7 00 10 00 10 00
7.00-7.00 10.00-10.00
7.00-7.00 10 00 10 00
7.00-7.00 10.00-10.00
7 00 7 00 10.00-10.00
1981
1982
1983
1984
1985
1986
1987
1988
1989
1
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities bv the Treasury Department.
3
Weekly data are Wednesday figures.
4
Series excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack
of appropriate issues.
2
30
5
Average effective rate for year; opening and closing rate for month and week.
6
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in March.
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
241
22C
20C
18C
24U
220
200
S——1X--
180
^
~/\
160
COMPOSITE STOCK PRICE INDEX
^(
(NYbb)
-J—-.-.-'
140
\
16C
s~*/~~^~'
140
3-/
120
100
S
^j
80
60
100
1^W
80
60
M 1 I I i 1 I 1t1
1 1 1 1 ! 1 1 1 1 1 1 M 1 1 ! i 1 t 1 1 11
40
120
1982
1 1 1 111 1 1 11 1 1 1 1 1 1 1 1 1 11 1 1 111 11 1 1 1 11 1 111 1 11 1 1 1
1984
1983
1985
1987
1986
1 1 ! I 1 1 1 1 1 1 11
1 111 1 11 11 1
1989
1988
40
1990
PERCENT
PERCENT
20
20
15
NGS-PRICE RATIO ON COM*
15
(SAP)
10
^~1
t
I
t
.
I
1
1
1
1983
1982
10
""—"1 \ .,
'
1
1984
1
i
i
i
i
i
.
r
^1
i
-1
1986
1985
•
1987
t
i
1988
SOURCES; NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
J
1
I
1989
New York Stock Exchange indexes (I ec. 31, 1965 = 50)
Composite
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989:
Transportation
i
Utility
Common stock yields
(percent) 5
z
Finance
Dow-Jones
industrial
average 3
Standard &
Poor'*
composite
index (194143 = 10)"
Dividendprice ratio
Earningsprice ratio
74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
180.02
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
216.23
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
175.28
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
87.43
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
151.88
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
322.84
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
3.45
11.96
11.60
8.03
10.02
8.12
6.09
5.48
8.01
199.20
204.81
211.51
216.75
221.74
231.32
230.86
229.40
224.38
230.12
160.14
164.32
168.89
173.47
179.32
197.52
202.02
190.36
174.26
177.25
77.66
79.69
84.07
87.90
90.40
92.91
93.44
94.67
94.95
99.73
137.91
143.26
146.59
154.08
157.78
164.86
165.51
166.55
160.89
155.63
2,283.11
2,348.91
2,439.55
2,494.90
2,554.03
2,691.11
2,693.41
2,692.01
2,642.49
2,728.47
292.71
302.25
313.93
323.73
331.93
346.61
347.33
347.40
340.22
348.57
3.68
3.59
3.52
3.44
3.38
3.28
3.29
3.29
3.39
3.33
8.46
Sept
Oct
Nov
Dec
164.60
169.38
175.30
180.76
185.15
192.94
193.02
192.49
188.50
192.67
Jan
Feb
Mar"
187.96
182.55
186.26
225.79
220.60
226.14
173.67
166.69
175.08
95.69
92.15
93.00
150.11
142.68
143.14
2,679.24
2,614.18
2,700.13
339.97
330.45
338.47
3.41
3.54
3.49
183.00
185.92
186.31
186.67
186.96
220.92
225.00
226.05
227.38
227.67
170.56
172.69
174.47
176.11
177.91
91.99
93.25
92.89
92.70
93.23
144.27
145.04
144.13
141.55
141.02
2,628.56
2,675.09
2,697.21
2,724.46
2,724.64
331.82
337.36
338.30
339.55
340.37
3.54
3.50
3.51
3.48
3.47
Mar
Apr
May
July
1990:
Industrial
i
1990
COUNCIL OF ECONOMIC ADVISERS
Common stock prices l
Period
i
Week ended:
1990: Mar 3
10
17
24
31 "
1
Average of daily closing prices.
Includes all the stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
* Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings2
3
7.93
6.80
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 5 months of fiscal 1990, there was a deficit of $97.5 billion, compared with a deficit of $92.7 billion a
year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
1,200 _ RECEIPTS AND OUTLAYS^
1,100
1,100
OUTLAYS.!/
1,000
1,000
900
900
RECEIPTS^
800
800
700
700
600
600
0
^ -
-100
^______
^-"
A
\
1^1982
1
1983
"
1
1984
1985
1986
1
I
1987
.
1988
1
1989
100
-^"
I
f\
-200
1991 N
1990
FISCAL YEARS
!/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Biliions of dollars]
Total
Fiscal year or period
Receipts
1976
Transition quarter
1977
1978....
1979
1980....
1981
1982....
1983
1984....
1985....
1986
1987....
1988
1989....
1990 (estimates)
1991 (estimates)
Outlays
Surplus
or deficit
(-)
Receipts
Outlays
Gross Federal debt
(end of period)
Off-budget
On-budget
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Total
Held by
the public
298.1
81.2
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
371.8
96.0
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
73 7
-14.7
53 6
-59.2
40 2
-73.8
78 9
-127.9
-207.8
-185.3
231.7
63.2
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
76.6
328.5
369.1
403.5
476.6
543.0
594.3
661.2
686.0
-70.5
13 3
-49.7
54 9
-38.2
72 7
-73.9
120 0
-208.0
-185.6
66.4
18.0
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
19.4
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
32
-1.4
39
-4.3
20
— 1.1
50
-7.9
.2
.3
629.0
643.6
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
477.4
495.5
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
734.1
769.1
854.1
909.0
990.7
1,073.5
1,170.2
946.3
990.3
1,003.8
1,064.0
1,142.6
1,197.2
1,233.3
-212.3
-221.2
-149.7
-155.1
152 0
-123.8
-63.1
547.9
568.9
640.7
667.5
727.0
788.0
855.7
769.5
806.8
810.0
861.4
931.7
971.5
997.4
-221.6
237 9
-169.3
-193.9
-204.7
-183.4
-141.7
186.2
200.2
213.4
241.5
263.7
285.4
314.5
176.8
183.5
193.8
202.7
210.9
225.8
236.0
9.4
16.7
19.6
38.8
52.8
59.7
78.6
1,817.0
2,120.1
2,345.6
2,600.8
2,866.2
3,113.3
3,319.2
1,499.4
1,736.2
1,888.1
2,050.2
2,189.3
2,298.7
2,357.3
372.8
393.5
465.4
491.0
-92.7
-97.5
270.8
289.5
381.6
401.8
-110.8
-112.3
101.9
103.9
83.8
89.2
18.1
14.8
2,730.8
3,002.9
2,127.5
2,280.0
Cumulative total, first 5
months: 1
Fiscal year 1989
Fiscal year 1990
1
Data from Monthly Treasury Statement.
NOTE.—Data arc from Budget of the United State*
32
-.id. Fiscal Year 1991, Januan
1990, except as noted.
Sources: Department of the Treasury and Office of Manager!
and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 5 months of fiscal 1990, receipts were $20.7 billion higher than a year earlier and outlays were $25.6
billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
—RECEIPTS!/-
500
500
- INDIVIDUAL INCOME TAXES V
400
400
300
300
SOCIAL INSURANCE
"TAXES AND CONTRIBUTIONS
200
CORPORATION
" INCOME TAXES"
200
OTHER RECEIPTS
100
100
0
0
900
—OUTLAYS-!/ .
900
800
800
NONDEFENSE
700
700
600
600
500
500
400
400
NATIONAL DEFENSE
300
300
200
200
1982
1983
1984
1985
1986
1987
1988
1990
1989
1991
FISCAL YEARS
_!/'INCLUDES ON-BUDGET AND 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
Fiscal year
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986 .. ..
1987
1988 . . .
1989
1990 (estimates)
1991 (estimates)
Cumulative total, first 5 months: *
Fiscal year 1989
Fiscal year 1990
Social
insurance
taxes
National defense
Individual
income
taxes
Corporation
income
taxes
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
34.3
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
371.8
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
734.1
769.1
854.1
909.0
990.7
1,073.5
1,170.2
334.5
349.0
392.6
401.2
445.7
489.4
528.5
61.3
63.1
83.9
94.5
103.6
112.0
129.7
265.2
283.9
303.3
334.3
359.4
385.4
421.4
73.0
73.1
74.3
78.9
82.0
86.6
90.6
946.3
990.3
1,003.8
1,064.0
1,142.6
1,197.2
1,233.3
172.8
192.2
29.6
26.3
137.4
138.8
32.9
36.1
465.4
491.0
Total
298.1
372.8
393.5
Other
and
contributions
1
Data from Monthly Treasury Statement.
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1991, January
1990, except as noted-
Total
Income
securi-
Social
securi-
inter-
tj
ty
est
15.8
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
26.7
29.9
35.4
42.6
52.5
68.7
85.0
89.8
111.1
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
33.5
35.9
40.0
44.5
48.4
57.8
63.7
65.8
70.2
75.1
78.9
85.0
96.6
98.6
128.2
119.8
123.3
129.3
136.0
146.6
153.V
188.6
198.8
207.4
219.3
232.5
248.5
264.«
129.4
136.0
138.6
151.7
169.1
175.6
173.0
131.8
142.1
125.9
139.4
158.4
161.3
158.1
33.2
36.4
18.6
24.2
55.2
60.0
93.4
99.8
69.6
74.4
70.6
69.3
Department of
Defense,
military
International
affairs
Health
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
252.7
273.4
282.0
290.4
303.6
296.3
303.3
245.2
265.5
274.0
281.9
294.9
286.8
292.1
16.2
14.2
11.6
10.5
9.6
14.6
18.2
122.7
120.6
119.1
116.8
2.1
6.3
Total
Medicare
Net
Other
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 1989, according to preliminary estimates, Federal receipts rose $12.8 billion (annual rate)
and Federal expenditures rose $24.7 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALIY ADJUSIFD ANNUAL RATES
1,200
1,200
EXPENDITURES
1,000
1,000
800
800
600
600
400
400
200
200
SURPLUS OR DEFICIT (-)
-200
I
1 I
1981
J
I
I
1982
I I
1983
1
1
V
1
1984
I
1985
1986
1 I
1987
1
I I
1988
1
1
-200
I
1989
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government expenditures
Federal Government receipts
Period
Total
Fiscal year:
1985
1986
1987
1988
1989
Calendar year:
1985
1986
1987
1988
1989 '
1982: IV ..
1983- IV
1984: IV ..
1985- IV
1986: IV ..
1987- IV
1988- I
II
Ill
IV
1989- I
II....
Ill
IV '
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
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
776.8
815.2
897.3
958.6
1,046.4
340.4
357.0
401.2
408.0
457.3
74.6
81.1
97.7
108.3
115.4
55.9
50.9
53.4
55.8
57.6
305.8
326.1
345.0
386.4
416.1
962.3
1,028.0
1,060.4
1,104.0
1,175.6
341.5
368.6
375.5
378.6
400.5
374.0
394.6
411.2
432.7
461.6
97.8
107.4
103.1
108.6
115.8
128.3
134.6
138.8
149.0
168.6
20.7
22.8
31.9
35.1
29.1
01
.0
.1
788.7
827.9
911.4
972.4
1,047.2
633.1
675.5
742.7
805.3
853.8
937.4
944.7
973.2
977.3
994.6
1,036.2
1,053.2
1,043.2
1,056.0
346.4
361.4
405.8
413.0
460.4
303.0
291.9
326.0
355.3
376.2
420.0
402.7
417.5
411.4
420.3
446.8
465.1
459.1
470.8
76.3
83.8
101.0
111.4
105.5
46.4
70.2
69.7
78.8
88.9
103.1
104.2
111.6
114.0
115.8
117.0
109.7
99.9
95.3
55.1
50.5
53.8
56.7
58.7
47.6
53.6
56.2
53.5
50.8
54.5
55.9
55.9
57.4
57.8
58.0
58.2
59.4
59.3
310.9
332.1
350.8
391.3
422.5
236.1
259.8
290.7
317.7
337.9
359.7
382.0
388.2
394.5
400.6
414.3
420.2
424.8
430.6
985.6
1,034.8
1,072.8
1,118.3
1,195.7
835.7
844.7
930.2
1,017.5
1,042.8
1,101.7
1,096.5
1,114.7
1,099.8
1,162.1
1,183.7
1,198.6
1,187.9
1,212.6
355.2
366.5
381.6
381.3
403.2
293.2
276.1
326.0
376.6
368.8
388.1
374.1
377.1
367.5
406.4
399.0
406.0
402.7
405.1
380.1
399.9
414.3
438.2
472.7
347.4
352.5
362.1
385.8
405.8
421.9
433.0
434.4
438.0
447.6
460.4
466.9
475.6
488.1
99.7
106.8
102.6
111.4
119.4
84.5
86.0
96.3
103.5
103.0
102.2
110.1
112.2
111.0
112.2
118.7
118.4
118.3
122.1
130.1
135.6
141.7
151.4
171.2
87.2
101.0
125.3
132.7
136.0
147.3
144.9
149.9
153.9
157.0
167.0
172.0
171.2
174.8
20.3
26.0
32.6
36.0
29.1
23.4
29.1
21.0
19.0
29.2
41.9
34.4
41.2
29.4
38.9
38.5
35.3
20.1
22.6
2
.0
.0
.0
.0
.0
.0
.6
.0
.0
2
Source: Department of Commerce, Bureau of Economic Analysis.
34
J
.0
.0
.0
.0
.0
.0
.0
.0
.0
Surplus
or deficit
(-),
national
income
and
product
accounts
-185.5
212 8
-163.1
145 4
-129.2
-196.9
-206.9
— 161.4
-145.8
- 148.5
-202.6
169 2
-187.5
212 2
-189.0
164 4
-151.8
-141.5
-122.5
-167.6
-147.5
- 145.4
-144.7
-156.6
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84=100)
Industrial production (1977—100; seasonally adjusted)
Period
United
States
1980
1981
1989- Jan
Feb
Mar
140.8
140.5
140.7
141.7
141.6
142.0
141.9
142.5
142.3
141.8
' 142.3
' 142.4
May
, J
July
Sept
Oct
Nov
Dec
r
1990: Jan
Feb *
1
United
States 1
Japan
France
Germany
119.0
120.3
108.0
120.7
124.5
136.1
141.0
140.8
145.7
159.2
168.5
107.2
106.1
105.0
105.0
106.1
106.1
107.2
109.4
114.3
119.2
105.9
102.7
103.3
106.2
111.0
113.2
113.7
117.8
123.5
114.8
113.0
109.5
105.9
109.5
110.7
114.7
119.3
126.4
130.0
99.8
96.7
98.5
102.2
102.4
107.9
110.1
r
l!4.1
' 118.2
119.2
136.8 166.7
' 137.6 163.8
r
!37.2 172.5
' 138.3 166.3
' 138.5 167.3
* 138.0 170.7
r
137.5 166.4
' 138.0 171.4
T
138.3 168.7
' 136.8 168.7
' 137.7 170.2
138.5 r 170.4
118.2
117.4
116.6
120.3
118.6
120.0
120.8
120.8
118.2
119.8
121.0
119.3
121.5
120.8
121.4
124.0
118.6
123.6
125.0
125.1
r
125.1
T
125.0
' 125.0
' 126.6
128.2
130.5
127.4
128.4
126.0
129.5
130.7
129.1
128.8
130.8
131.7
139.0
r
Canada
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
137.2
141.8
1982
1983
1984
1985
1986
1987
1988
1989"
United
Kingdom
104.8
106.9
96.5
102.7
115.2
121.6
121.5
128.3
136.3
137.8
r
170.9
141.0
141 8
Italy
118.4
117.8
118.8
r
l!9.5
r
l!7.0
117.8
118.8
' 120.7
'r 120.0
120.9
' 120.7
120.0
127.0
Data relate to all urban consumers.
United
Kingdom
Canada
Japan
France
Germany
82.4
76.1
90.9
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
85.6
94.9
100.4
104.8
108.9
113.4
118.4
123.2
129.3
90.9
95.4
98.0
99.9
102.1
104.2
104.9
105.0
105.7
108.1
72.2
81.8
91.7
100.3
108.0
114.3
117.2
121.1
124.4
128.9
86.8
92.2
97.0
100.3
102.7
104.9
104.7
104.9
106.3
109.2
63.2
75.4
87.7
100.8
111.5
121.1
128.5
134.4
141.1
150.4
78.5
87.9
95.4
99.8
104.8
111.1
114.9
119.7
125.6
135.4
121.1
121.6
122.3
123.1
123.8
124.1
124.4
124.6
125.0
125.6
125.9
126.1
125.7
126.6
127.2
127.6
128.9
129.6
130.4
130.5
130.7
131.2
131.6
131.5
106.0
105.7
106.2
108.1
108.7
108.6
108.4
108.3
109.2
110.0
108.9
109.0
126.5
126.8
127.2
128.0
128.5
128.7
129.0
129.2
129.5
130.1
130.3
130.5
107.9
108.3
108.5
109.1
109.3
109.4
109.3
109.2
109.4
109.7
109.9
110.2
146.1
147.3
148.0
149.0
149.6
150.3
150.7
150.9
151.6
153.1
153.7
154.4
129.2
131.4
131.9
134.3
135.1
135.6
135.7
136.1
137.0
138.1
139.2
139.6
127.4
128.0
132.7
133.4
109.2
130.8
110.9
111.3
155.3
140.4
Italy
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and tntertiatioival Ttade A.dniii\istTat\on).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
Merchandise exports (f.a.s. value) 1
General merchandise imports (customs value) 3
Principal end-use commodity category
Trade balance
Principal end-use commodity category
Genera!
Period
Total
1982
1983...
1984
1985
1986
1987
1988
1989 '.
1989: Jan r
Feb *
Mar
May
July
SeptT
Oct
Nov T,
Dec r
1990: Jan **
2
Foods,
feeds,
Industrial
Cap-
als
ital
goods
except
automotive
sup-
and
plies
beverages
materi-
and
Automotive
vehicles,
parts,
Consumer
goods
(non-
Other 2 "
and
engines
food)
except
automotive
15.7
16.8
20.6
22.9
21.7
24.6
29.3
29.3
14.3
13.4
13.3
12.6
14.2
17.7
23.1
32.8
20.7
20.5
24.0
27.3
35.9
34.6
43.4
50.7
Industrial
sup-
and
plies
beverages
materi-
and
als
216.4
205.6
224.0
5
218.8
5
227.2
254.1
322.4
364.0
31.3
30.9
31.5
24.0
22.3
24.3
32.3
35.0
61.7
56.7
61.7
58.5
57.3
66.7
85.1
92.6
72.7
67.2
72.0
73.9
75.8
86.2
109.2
123.7
28.4
28.6
31.1
31.0
30.6
31.2
29.T
30.2
30.4
31.5
30.6
30.8
2.9
2.9
3.3
3.0
3.0
3.2
2.8
2.8
2.7
2.8
2.9
2.8
6.9
7.3
7.8
7.9
8.0
8.2
7.9
7.8
7.7
7.9
7.7
7.5
9.1
9.2
10.5
10.5
10.0
10.5
10.7
10.5
11.2
11.0
9.7
10.9
2.4
2.4
2.5
2.5
2.4
2.5
2.1
2.4
2.3
2.6
2.5
2.6
2.4
2.5
2.7
2.7
2.6
2.8
2.6
2.8
2.8
2.8
2.9
3.0
4.7
4.2
4.2
4.4
4.6
4.0
3.6
4.0
3.7
4.4
4.8
4.1
36.9
37.5
40.0
38.6
41.0
39.7
39.2
40.4
38.5
41.9
40.7
38.5
32.1
3.1
8.8
12.3
2.5
3.5
1.8
41.3
1
Includes Department of Defense Military Assistance Program grant-aid shipments.
Includes undocumented exports to Canada through 1989.
Total arrivals of imported goods other than intransit shipments.
4
Total includes revisions not reflected in detail.
s
Total exports are on a revised statistical month basis; end-use categories are on a statistical
oasis.
2
3
•• Beginning 1990, undocumented exports to Canada and reexports are distributed to the appro-
Total
Foods
feeds,
4
4
244.0
258.0
330.7
336.5
365.4
406.2
441.0
473.0
Capital
goods
except
automotive
Automotive
vehicles,
parts,
Con-
mer-
sumer
goods
chandise
imports
(c.i.l.
value)
(non-
and
engines
food)
except
automotive
Other
Exports
(f.a.s) less
imports
(customs
value)
Exports
(f.a.s)
less
imports
(c.i.f.)
-38.4
-64.2
-122.4
-133.6
-155.1
-170.3
-137.1
— 109.0 -128.9
112.0
107.0
123.7
113.9
101.3
111.0
118.3
132.2
35.4
40.9
59.8
65.1
71.8
84.5
101.4
114.1
33.3
40.8
53.5
66.8
78.2
85.2
87.7
85.6
39.7
44.9
60.0
68.3
79.4
88.7
95.9
102.5
6.5
6.3
7.8
9.4
10.4
12.1
12.8
13.5
254.9
269.9
346.4
352.5
382.3
424.4
459.5
492.9
2.2
2.0
2.1
2.0
2.2
2.1
2.0
2.2
1.9
2.1
2.1
2.0
10.7
10.0
10.9
11.0
11.8
11.3
11.2
11.5
10.4
11.8
11.1
10.4
8.3
8.9
9.6
9.1
9.7
9.8
S.5
9.8
9.6
10.1
10.1
9.7
6.9
7.3
7.8
7.3
7.5
6.9
6.1
6.9
6.6
7.5
7.2
6.9
7.7
8.2
8.5
8.1
8.7
8.5
8.1
8.9
8.8
9.1
9.0
8.3
.9
1.0
1.1
1.1
1.1
1.1
1.0
1.2
1.2
1.4
1.2
1.2
38.4
39.0
41.7
40.2
42.6
41.3
40.9
42.2
40.1
43.7
42.5
40.2
-8.5
-8.9
-8.9
-7.6
— 10.4
-8.5
-9.6
-10.2
-8.2
-10.4
-10.1
-7.7
-10.1
-10.4
-10.6
-9.2
— 12.0
-10.1
-U.2
-12.0
-9.8
-12.3
-11.9
-9.3
2.3
13.0
9.6
6.1
8.9
1.3
43.2
-9.3
-11.1
17.1
18.2
21.0
21.9
24.4
24.8
24.8
25.0
-27.5
-52.4
-106.7
-117.7
-138.3
-152.1
-118.5
priate end-use category. For earlier periods they are included in the "other" export category.
Therefore, the categories beginning 1990 are not directly comparable with those for earlier periods.
The 1989 figures for undocumented exports ($16 billion) and for reexports ($14.3 billion) will be
distributed to the appropriate end-use categories later this year.
NoTE.-Seasonallv adjusted data revised beginning 1988. See also footnote ' ' .
Da(a show[] inc|ude lrade of ,he v g yirgill Is|ands
Sourc(,. Department of
Commerce. Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the fourth quarter of 1989, the current account deficit fell to $20.6 billion from $22.9 billion in the third
quarter.
BILL ONS OF DOLLARS*
BILLIONS OF DOLLARS*
10
10
5
3i
V
v
5
^^\~1
0
-5
%
X —.
•A\
0
A\
\
\\\
,s\
'~~~s
-15
-5
-10
\\
-15
t
\N
\
-20
Vi
' ^v
-25
ON GOODS
AND SERVIC ES
"~N-'"\
x
-30
/
B \LANCE
A
/
, IS
*"•
\
^-~v
\
\.
\ ^"
f'\ \.
-^\
-•• \ v
'N..
AMERCHANDISE TRADE
-40
V
V
~"\
-35
/o
>f.\
^
1'/"""
1 ^J^J?^'
yc-\ "x/
\
r\*-^\
v~
/
-20
30
CURRENT A CCOUNT
"<>J i
-40
BALANCE
-45
1 1 1
\ 1 \
1 1 1
1981
1982
1983
1
1
1
1
1984
1
1
1
1
1
1986
1985
1 1 1
1
1987
1
1
1
1
1
-45
1989
1988
* SEASONALLY ADJU! TED
SOURCE: DEPARTMEN r OF COMMERCE
COUNCIL OF F.CONOM/C AOVJSERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits {-f), debits ( — )]
Merchandise * 2
Investment income 3
Period
Exports
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 "
1986:
1987:
1988:
1989:
224 269
237 085
211 198
201 820
219 900
215 935
223 367
250 266
319 251
361 872
III
56,182
IV
56,490
I
57,255
II
60,015
Ill
64,297
IV
68,699
I
76,447
II
78,471
HI
80,604
IV
83,729
I 'r
87,783
II .
91,284
Ill '.... 90,691
IV".... 92,114
1
Imports
249 749
— 265 063
247 642
268 900
332 422
338 083
368 425
409 766
—446 466
475 120
-92,983
-95,081
-95,916
-99,834
- 104,903
— 109,113
- 109,893
— 109,882
-110,943
-115,748
-116,138
— 118,813
-119,249
-120,920
Net balance
25 480
27 978
36 444
Receipts
72
86
83
77
506
412
548
251
67 080
112 522 85 908
122 148 88 832
145 058 88 615
159 500 104 703
127 215 107 775
113 248 124 723
-36,801 21,744
-38,591 20,822
-38,661 25,117
-39,819 22,744
-40,606 23,578
-40,414 33,265
-33,446 26,750
-31,411 23,148
-30,339 24,720
-32,019 33,159
-28,355 26,762
-27,529 26,661
-28,558 33,679
-28,806 37,622
Payments 4
42 119
52 329
54 884
52 376
67 419
62 901
66 968
82 420
105 548
123 694
-15,729
-16,350
-19,755
-20,554
— 21,904
-20,207
-23,955
-25,613
-27,310
-28,670
-29,246
-32,765
-30,819
-30,865
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 arc excluded from investment income and included in other services, net.
2
3
36
Net
Net
military
transactions 4
30 387
34 083
28 664
2 577
1 523
474
94 87^
343
2 099
3 557
4 576
2 857
4 606
5 662
-1,089
-777
-176
-210
-1,031
-1,440
-964
-1,033
-1,006
-1,604
-1,498
-1,518
-1,175
-1,471
18 489
25 931
21 647
22 283
2 227
1 029
6,015
4,472
5,362
2,190
1,674
13,058
2,795
-2,465
-2,590
4,489
-2,484
-6,104
2,860
6,757
Net
travel and
transportation
receipts
997
144
992
4 227
7 885
9 832
8 031
7 324
2 633
792
-1,874
-2,241
— 1,965
-2,088
-1,279
-1,993
-1,854
-719
-155
94
-286
102
517
459
Other
services,
net 3
Balance on
goods and
services
7 794
11 085
is'sio
9 126
2 191
11 436
34 510
12 264
91 718
12 299
97 256
12 351
117 470
18 547
129 488
17 909
20 335 — 111 892
91 602
25 487
4,539 -29,210
4,807 -32,330
4,250 -31,190
-35,555
4,372
4,555 -36,687
4,734 -26,055
-28,682
4,787
5,042 -30,586
5,126 -28,964
-23,659
5,381
5,719 -26,904
5,879 -29,170
6,932
-19,424
6,966 - 16,095
* Quarterly data are not seasonally adjusted.
NOTE.—See page 37 for continuation of table.
Remittances,
pensions,
and other
unilateral
transfers '
Balance
on current
account
7 593
1 533
8 163
7 647
9 188
6 997
44 286
9 776
104 186
12 468
112 682
15 426
133 249
15 778
143 700
14 212
— 14 656 — 126 548
14 276
105 878
-4,376 -33,586
-4,136 -36,466
-3,137 -34,327
-3,265 -38,820
-3,225 -39,912
-4,586 -30,641
-3,364 -32,046
-2,899 -33,485
-32,340
-3,376
-5,018 -28,677
-3,487
-30,391
-2,829 -31,999
-3,485 -22,909
-4,476 -20,571
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $31.7 billion in the fourth quarter of
1989, compared with $20.7 billion in third quarter. Liabilities to private foreigners reported by U.S. banks,
excluding Treasury securities, increased $41.0 billion in the fourth quarter, compared with $25.2 billion in the third
quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
CHANGE IN
U.S. ASSETS
ABROAD, NET
-20
-40
-40
-60
-60
1989
1981
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capit
Period
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989"
U.S.
official
reserve
assets 4 5
-86,118
-110,951
-121,153
-49,777
-22,304
-32,628
-99,665
-76,218
-82,110
- 125,707
-8,155
-5,175
-4,965
-1,196
-3,131
-3,858
312
9,149
-3,566
-25,293
Other U.S.
Government
assets
Foreign assets in the U.S., net
[increase /capital inflow (+)] 4
]
U.S.
private
assets
72 802
5 162
-5,097 - 100,679
6 131
110058
-5,006
-43,576
13 685
5489
-2,821 -25,950
2 024
97 954
-86,363
997
81 543
2,999
1,037 -101,451
Total
Foreign
official
assets
Other
foreign
assets
58,112
83,032
93,746
84,869
102,621
130,012
221,605
218,039
219,299
196,671
15,497
4,960
3,593
5,845
3,140
1 083
35,594
45,193
38,882
7,369
42,615
78,072
90,154
79,023
99,481
131,096
186,011
172,847
180,418
189,303
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
1,152
1,093
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, nets
(unadjusted,
end of
period)
26,756
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
25,322
18,663
34,404
9,194
23,869
15,298
11,308
1,878
10641
34,914
1986:
HI
IV
-26,078
-33,422
280
132
-1,565
11
-24,793
33565
69,927
62,339
15,785
1,251
54,142
61,088
-10,263
7,549
-4,669
4,463
48,087
48,511
1987:
I
II
in
8,759
-22,632
-25,976
-36,370
1,956
3,419
32
3,742
40
-195
308
843
6,763
-25,856
-26,316
40955
33,381
51,134
73,575
59,949
14,040
10,329
753
20,070
19,341
40,805
72,822
39,879
-7,813
10,318
-7,687
7,062
3,895
-2,559
4501
3,166
48,824
45,140
45,070
45,798
n
m
4,540
-16,119
-37,886
-32,648
1,503
39
-7,380
2,272
-1,490
-885
1,961
3,413
4,528
-15,273
-32,467
-38,332
27,027
65,334
46,179
80,759
24,631
5,895
2 234
10^589
2,396
59,438
48,413
70,170
479
-15,729
24,047
- 19,434
3,843
-3,714
4556
4,431
43,186
41,028
47,788
47,802
1989: I r
-30,890
II '.....
806
r
Ill ... -44,722
IV...
-50,903
-4,000
-12,095
-5,996
-3,202
1,049
-309
502
-206
-27,939
13,210
-39,228
47 495
60,007
-1,789
70,716
67,738
7,478
-5,201
12,097
-7,005
52,529
3,412
58,619
74,742
1,275
32,982
-3,085
3,737
3,700
-2,825
5370
4,490
49,854
60,502
68,418
74,609
IV
1988: I
IV
5
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve position in the IMF.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
page
Gross National Product
Gross National Product in 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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