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The following is plain-text output generated by Optical Character Recognition. 102d Congress 1st Session Economic Indicators MARCH 1991 Includes data available as of March Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON JOINT ECONOMIC COMMITTEE Created pursuant to Sec 5 a of Public Law 304 79th Cong PAUL S SARBANES Maryland Chairman LEE H HAMILTON Indiana Vice Chairman SENATE LLOYD BENTSEN Texas EDWARD M KENNEDY Massachusetts JEFF BINGAMAN New Mexico ALBERT GORE JR Tennessee RICHARD H BRYAN Nevada WILLIAM V ROTH JR Delaware STEVE SYMMS Idaho CONNIE MACK Florida ROBERT C SMITH New Hampshire HOUSE OF REPRESENTATIVES DAVID R OBEY Wisconsin JAMES H SCHEUER New York FORTNEY H PETE STARK California STEPHEN J SOLARZ New York KWEISI MFUME Maryland RICHARD K ARMEY Texas CHALMERS P WYLIE Ohio OLYMPIA J SNOWE Maine HAMILTON FISH JR New York STEVEN QUICK Executive Director COUNCIL OF ECONOMIC ADVISERS MICHAEL J BOSKIN Chairman JOHN B TAYLOR Member RICHARD L SCHMALENSEE Member PUBLIC LAW 120 SlST CONGRESS CHAPTER 237 IST SESSION JOINT RESOLUTION SJ Res 55 To print the monthly publication entitled Economic Indicators Resolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Economic Committee be authorized to issue a monthly publication entitled Economic Indicators and that a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and House and the Congressional Library seven hundred copies to the Joint Economic Committee and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries and that the Superintendent of Documents be authorized to have copies printed for sale to the public Approved June Charts prepared by the Art Production Section Design and Graphics Branch Office of the Secretary Department of Commerce Economic Indicators published monthly is available at 2 25 a single copy 2 81 foreign or by subscription at 24 00 per year 30 00 for foreign mailing from SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON D C 20402 TOTAL OUTPUT INCOME AND SPENDING GROSS NATIONAL PRODUCT In the fourth quarter of 1990 according to revised estimates current dollar gross national product GNP rose 0 9 percent annual rate or 12 7 billion Real GNP GNP adjusted for price changes fell 1 6 percent and the implicit price deflator rose 2 8 percent BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE 5 600 r X SEASOI ALLY ADJUSTED ANN UAL RATES GNP IN CURREr4T DOLLARS f S S f V S Ih i GNP 1982 DOLLARS I 1988 SOURCE DEPARTMENT OF COMMERCE I I 1 989 I I I COUNCIL OF ECONOMIC ADVISERS Billions of current dollars quarterly data at seasonally adjusted annual rates Govern ment pure ases of goo Is and senices Exports md imports of goods ind service Personal consumption expenditures Gross private domestic investment IV IV IV IV IV IV IV HI IV I U Ill IV Period r Gross national product GNP less exports of goods and services plus imports of goods and services Final Federal Net exports Exports Imports Total Total National defense Nondefense chases l and local Source Department of Commerce Bureau of Economic Analysis GROSS NATIONAL PRODUCT IN 1982 DOLLARS Billions of 1982 dollars quarterly data at seasonally adjusted annual rates Exports and imp orts of goods and sen ices Gross p rivate domestic investment Personal consumption expenditures Total IV IV IV IV IV IV IV IH IV I Period n HI IV r 1 al product Nonresidential fixed Residential fixed Change in business inven Govern nent pure aases of good s and serTices Federal Exports Imports Total Net exports State and local Final sales Gross domestic purchases National defense Nondefense Total 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 quarterly data are seasonally adjusted Personal c onsumption expenditures Period national product Total Gross mvate domestic i nvestment Durable goods Nondurable goods Services Nonresidential Exports an imports of goods am1 services Gove rnment pure bases of goo ds and sernces Federal Residential fixed Exports Imports Total National defense Nondefense State and local IV IV IV IV IV IV IV III IV I n Ill IV Source Department of Commerce Bureau of Economic Analysis CHANGES IN GNP PERSONAL CONSUMPTION EXPENDITURES AND RELATED PRICE MEASURES Percent change from preceding period quarterly data at seasonally adjusted annual rates Or ss national pr duet Period Constant 1982 dollars Current dollars I U Ill IV 1988 I II Ill IV 1989 I II Ill IV 1990 I II Ill IV 1 6 Implieit price deflator Personal consumption e penditures Chain price index NOTE Annual changes are from preceding year and quarterly changes are from preceding quarter Constant 1982 dollars Current dollars Fixedweighted price index 1982 weights Implieit price deflator Chain price index weighted price index 1082 weights Source Department of Commerce Bureau of Economic Analysis NONFINANCIAL CORPORATE BUSINESS OUTPUT COSTS AND PROFITS Quarterly data at seasonally adjusted annual rates Gross omestic prod net of nonfir ancial corporatt business billions f dollars Period Current dollars IV 1983 IV 1984 IV 1985 IV 1986 IV 1987 IV 1988 IV 1989 HI IV 1990 I n in IV 1 1982 dollars Total cost and profit Curren t dollar cos t Capital consumption allowIndirect ances business with taxes 3 capital consumption adjustment Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol 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 and profit per unit o f output d llars Corp orate profit with inventory valuation nd capital consur option adju tments Compensation of employees Net interest Total Profits tax liability Profits after tax Output per hour of all employees 1982 dollars Compensation per hour of all employees dollars Indirect business tax and nontax liability plus business transfer payments less subsidies With inventory valuation and capital consumption adjustments Sources Department of Commerce Bureau of Economic Analysis and Department of Labor Bureau of Labor Statistics 4 NATIONAL INCOME Billions of dollars quarterly data at seasonally adjusted annual rates Period National income Compensation of employ Proprietoi s income with in ventory valuation uid capital consmnption adjust ments Farm r Rental income of persons with capital tion adjustment Nonfarm Corpora te profits wit h inventory valuation an 1 capital consulnption adjust ments Profits with inventory valuation adjustme it and witho at capital consu mption adjus tment Total Profits before tax Inventory valuation adjustment Capital consump a jus IV IV IV IV IV IV IV in IV I II Ill IV r Includes employer contributions for social insurance See also p 5 Net interest Source Department of Commerce Bureau of Economic Analysis PERSONAL CONSUMPTION EXPENDITURES Billions of dollars except as noted quarterly data at seasonally adjusted annual rates Durabl goods Nor durable g ods m 1 Period personal con Motor vehicles and parts Furniture and household equipment expendiures Total durable goods IV IV IV IV IV IV IV III IV I II Ill IV r Source Department of Commerce Bureau of Economic Analysis Total Serv Retail sales of new pa ssenger cars mi lions of un ts Clothing and shoes Gasoline and oil Other durable goo s Food Other Domestics Imports SOURCES OF PERSONAL INCOME Personal income rose 11 6 billion annual rate in February after falling 19 0 billion in January Private wages and salaries rose 0 7 billion in February after falling 22 1 billion in January The overall changes were also affected by special factors farm subsidies raised the February change and lowered the January change the January change was affected by an increase in personal contributions for social insurance by cost of living adjustments to several transfer programs and by a Federal pay raise Excluding these factors personal income increased 5 5 billion in February and decreased 18 9 billion in January BILLIONS OF DOLLARS RATIO SCALE 5 000 BILLIONS OF DOLLARS RATIO SCALE TOTAL PERSONAL INCOME WAGE AND SALARY DISBURSEMENTS OTHER INCOME TRANSFER PAYMENTS Illllllllll SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates Proprietors income Period r 1990 Feb Mar Apr May June July Aug Sept Oct Nov r Dec r 1991 Jan r Feb Total personal income salary disburse Other labor income Farm The total of wage and salary disbursements and other labor income differs from compensation of employees see p 4 in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements 2 Consists primarily of employer contributions to private pension and private welfare funds 3 With inventory valuation and capital consumption adjustments 3 Nonfarm Eental income of persons Personal dividend income Personal interest income Transfer payments Less Personal contributions for social insurance Nonfarm personal income With capital consumption adjustment Consists mainly of social insurance benefits direct relief and veterans payments Personal income exclusive of farm proprietors income farm wages farm other labor income and agricultural net interest Source Department of Commerce Bureau of Economic Analysis 5 6 DISPOSITION OF PERSONAL INCOME According to revised estimates real per capita disposable personal income fell again in the fourth quarter of 1990 BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE PER CAPITA DISPOSABLE PERSONAL INCOME SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE Period Personal Less Persona Disposable nontax payments income BUI ons r IV IV IV IV IV IV IV III IV 1990 I II Ill r IV COUNCIL OF ECONOMIC ADVISERS Less Personal outlays Equals Personal saving Disposable personal income in 1982 dollars billions Current dollars Per capit i personal consul nption expen Iitures 1982 Current dollars dollars dollars S easonally adjusted ann ual rates Includes personal consumption expet iitures interest paid by consumers to business and personal transfer payments to foreigners net Percent change in real per capita disposable personal income Saving as percent of disposable personal income Population including Armed Forces abroad thousands 2 PerceiIt Dolla S of dollars Perc ipita disposable personal mcc me Q 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 1990 according to revised estimates gross farm income fell 0 3 billion annual rate and net farm income rose 0 7 billion BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE ir i r vfc GRO 5S FARM INCOME Nv A i t i N I l N w NET FARM IN COME i I i i i I SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF AGRICULTURE 1 i 1990 COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates In come of farm ope rators from farmi iross Period Total III IV 1989 I II in IV 1990 I r IF HP Livestock and products Net farni income V 1 Crops 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 g farm incom e Cas h marketing rece ipts Total n 3 inventory changes Production expenses Current dollars dollars 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 1990 according to preliminary estimates corporate profits before tax fell 7 7 billion annual rate and profits after tax rose 1 7 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARb SEASONA UY ADJUSTED ANNU t RATES r I PROFITS BEFORE TA r F N VV v S S VN X PROFITS AFTER TAX X S V r T X LIABILITY r I s r UNDIST JFITS 1 RIBUTED PRC J I I I SOURCE DEPARTMENT OF COMMERCE COUNCIL OF CONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Profits after taX Prc fits before t x with inve ntory valuati an adjustment Do nestic indust ies Profits before tax Nonfmancial Total 2 Total Financial Total r IV IV IV IV IV IV IV III IV 1990 I II Ill IV See p 4 for profits with inventory valuation and capital consumption adjustments Includes rest of the world not shown separately Manufacturing Tax liability Total Dividends Undistributed profits sale and retail trade Includes industries not shown separately Source Department of Commerce Bureau of Economic Analysis Inventory valuation adjustment r GROSS PRIVATE DOMESTIC INVESTMENT According to revised estimates for the fourth quarter of 1990 nonresidential fixed investment fell 8 8 billion annual rate and residential investment fell 12 7 billion There was a 30 8 billion decrease in inventories following a rise of 9 0 billion in the third quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONA LLY ADJUSTED ANNU U RATES 800 GROSS PRIVATE DOMESTIC i y r NVESTMENT y v H 1 600 f r NC3NRESIDENT AL FIX ED INVESTM NT y r ESIDENTIAL INVESTME NT FIX ED X CHA NGE IN BUS NESS INVENTORY S x i i i i ii COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates 1 Ixed investmen t Gross private investment T 1982 IV 1983 IV 1984 IV 1985 IV 1986 IV 1987 IV 1988 IV 1989 I II in IV 1990 I II Ill IV Source Department of Commerce Bureau of Economic Analysis Total Total Change iri business mven ones Nonresidential Structures Producers durable equipment Residential Total Nonfarm EXPENDITURES FOR NEW PLANT AND EQUIPMENT According to the Commerce Department October November 1990 survey business spending for new plant and equipment is expected to rise 2 4 percent in 1991 following a rise of 5 2 percent in 1990 BILLIONS OF DOLLARS RATIO SCALE 6UO SEASONAL Y ADJUSTED ANNUA RATES 1 r rlOO H i BILLIONS OF DOLLARS RATIO SCALE i r r ML INDUSTRIE NO MANUFACRJRING W k MANUFACTURI G TOO 100 i i i SURVEYED QUARTERLY I SEE FOOTNOTE A BELOW SOURCE OEPARTMENTOF COMMERCE i i i 1991 COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Addenda Industries surveyed quarterly Norimanufactu ing M anufacturi g industries Total Durable Nondurable Total Mining Nonmanufactu ring Total Transportation Public utilities Commercial and other farm busi Manufacturing Total Surveyed quarterly I II Ill IV IV I 4 II 4 iy j I II Surveyed annual in 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 nonmanufaeturing that is surveyed annually 10 Consists of forestry fisheries and agricultural services medical services professional services social services and membership organizations and real estate 4 Planned capital expenditures as reported by business in October November 1990 corrected for biases Source Department of Commerce Bureau of the Census EMPLOYMENT UNEMPLOYMENT AND WAGES In February civilian employment was unchanged and unemployment rose MILLIONS OF PERSONS 126 MILLIONS OF PERSONS 126 SEASONALLY ADJUSTED CIVILIAN LABOR FORCE r CIVILIAN EMPLOYMENT YEARS OF AGE AND OVER SOURCE DEPARTMENT OF IABOR 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 Resident Armed Forces NSA Labor force including resident Armed Forces Feb Mar Apr May June July Aug Sept Oct Nov Dec 1991 Jan Feb Employment including resident Nonagricultural Civilian labor force Agricultural Total Forces Total Part time for economic reasons 1 Labor force participation rate percent 2 Employment population ratio percent Total 15 weeks and over Civ ilian Persons a work Economi reasons inc ude slack work material shortag es inability to fir d fulltime work etc 2 Civilian la or force or em loyment as percent of civilia n noninstitutiona population Unempl yment Civilian e mployment Noninstitutional population including resident Armed Forces NSA Data beginn ng January 986 not strictly comparable with earlier data because of change in est mation procet ures Source Depar ment of Labc r Bureau of Labor Statistics 11 SELECTED UNEMPLOYMENT RATES In February the overall unemployment rate rose to 6 4 percent and the civilian unemployment rate rose to 6 5 percent PERCENT SEASONALLY ADJUSTED PERCENT SEASONALLY ADJUSTED TEENAGERS BLACK 10 10 WOMEN 20 YEARS AND OVER ALL CIVILIAN WORKERS f MEN 20 YEARS AND OVER UNEMPLOYMENT AS PERCENT Of CIVILIAN LABOR FORCE IN GROUP SPECIFIED SOURCE DEPARTMENT Of LABOR COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted Unemp oyment ra te percen t of civilia n labor force in group Feb Mar Apr May June July Aug Sept Oct Nov Dec 1991 Jan Feb civilian workers Men 20 years and over Women 20 years and over Period Unemployment rate all workers A II All Both sexes 16 19 years White Black and other Black Kxperienced wage and salary workers Married men spouse present Women who maintain families Fulltime workers Parttime workers Unemployed as percent of total labor force including resident Armed Forces 2 Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours 12 Bys elected grou s By race By sex and a e Source Department of Labor Bureau of Labor Statistics Labor force time lost percent SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In February the percentage of the unemployed who had been out of work for less than 5 weeks fell and the percentages for 5 14 weeks for 15 26 weeks and for 27 weeks and over rose Both the mean duration of unemployment and the median rose PERCENT DISTRIBUTION PERCENT DISTRIBUTION 70 REASON FOR UNEMPLOYMENT SEASONALLY ADJUSTED SOURCE DEPARTMENT Of LABOR COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted except as noted Re ason for jnemployment percent distributi jn Dur ation of imemployinent Period Unemployment thousands I ercent d atributio i Less than 5 weeks 5 14 weeks 15 26 weeks Stat e prognims Numb er of ks 27 weeks and over Average mean Median Job losers Job leavers Reentrants New entrants Insured unemployment Initial claims Insured unemployment all regular programs unadjusted 1 Weekly a verage t lousands Feb Mar Apr May June July Aug Sept Get Nov Dec 1991 Jan Feb Includes State 50 States District of Columbia Puerto Rico and Virgin Islands ex servicemen UCX Federal UCFE and railroad RK programs Also includes Federal and State extended benefit programs Does not include Federal supplemental compensation program r 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 fell 184 000 in February MILLIONS OF PERSONS ENLARGED SCALE MILLIONS OF PERSONS 110 AIL NONAGRICULTURAL ESTABLISHMENTS SERVICE PRODUCING INDUSTRIES MANUFACT URING GOODS PRODUCING INDUSTRIES bimlinii UJiulmu u in Minium i 114 i i i Vi i 1 1 il 1 1 Hi CONSTRlJCTION minium iinilitni I iiniliini llf il SEASONAUV ADJUSTED SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Thousands of wage and salary workers 1 seasonally adjusted Goods reducing in dustries Period Total nonagri M anufacturin g cultural employment Total 2 C on onstruction r Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb M Service produ ing industr es Total Durable goods Nondurable goods Wholesale trade Retail trade Includes all hi and part tintie wage and salary worke s in nonagricultural establ shments who received pay for am part of the lay period w ich includes the 12th of tt e month Ex eludes proprietors self employed persons don estic servant and personnel of the Ar med Forces Potal derived from this table not comparable Avith estimate of nonagric iltural emplo ment of the civilian labor force shown on p 11 which i ictude propri tors self em loyed person s and dome Stic servants which count person s as employed when they are not at v ork because of industrial disputes bad 14 Transportation and public utilities Total Finance insurance and real estate Govei nment Services Total Federal weather etc even if they are not paid for the time off am which are based on a sa mple of the working age populatio n whereas 1 le estimates n this table are based on reports from employing establish ments 2 Incl udes mining ot shown se aratelv Sourc e Departmen of Labor Id reau of Labo Statistics AVERAGE WEEKLY HOURS HOURLY EARNINGS AND WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted except as noted Aver age weekly 1 ours Average gross weekly earnings Average g oss hourly earr ngs Total jrivate nonagnc ultural Mamifa turing Period nonagri Total private ManufacCurrent dollars Total cultural i Manufac Feb Mar Apr May June July Aug Sept Oct Nov Dec r Jan Feb dollars C urrent dollar 1 Also includes other private industry groups shown on p 14 Current dollar earnings divided by the consumer price index for urban wage earners and clerical workers on a base 2 3 Percent cha nge from a vear ear ler total ate nonagricultural 3 Retail Construc 1982 dollars Current dollars Based on seasonally unadjusted data Source Department of Labor Bureau of Labor Statistics EMPLOYMENT COST INDEX PRIVATE INDUSTRY Percent cl ange from Index June months earli r 3 months earlier Period Total compensation Wages and salaries Benefits Total compensation Wages and Benefits Total compensa Wages and salaries Benefits Not s easonally ad us ted Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Mar June Sept Dec Mar June Sept Dec Mar June Sept Dec Not se asonally adju sted Seasonal p adjusted 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 Data exclude farm and household workers Source Department of Labor Bureau of Labor Statistics 15 PRODUCTIVITY AND RELATED DATA BUSINESS SECTOR Output p r hour of all persons Period Compens ation per all Hours of 2 persi ns Outf ut Business sector Nonfarm business sector Business sector Nonfarm business sector Business sector hoi r 3 Nonfarm business sector Business sector Nonfarm business sector Real com pensation per hour Business sector Nonfarm business sector Unit lab or costs Implic t price defla tor 5 Business sector Nonfarm business sector Business sector Nonfarm business sector f uarterly ata seasoilally adjus ted IV 1983 IV 1984 IV 1985 IV 1986 IV 1987 IV 1988 I n in IV 1989 I II Ill IV 1990 I n m IV r r r r r r 101 0 r Pe rcent chan ge quarte rly data a seasonall y adjusted annual rates I n 1989 ffl IV I n m IV 1990 I n mr rv Q A r 2 7 i o 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 16 r 6 r 6 T A 9 r 1 6 r 3 3 r r 2 7 r 1 4 r r 7 r 5 M 5 r 1 6 r 4 2 r r 3 2 r r i o Current dollar gross domestic product divided by constant dollar gross domestic product NOTE Data relate to all persons engaged in the sector Percent changes are from preceding period and are based on original data they therefore may differ slightly from percent changes based on indexes shown here Data do not reflect GNP revisions of March Source Department of Labor Bureau of Labor Statistics PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production and capacity utilization fell again in February INDEX RATIO SCALE IJU FINAL PFtODUCTS 125 INDEX RATIO SCALE TOTAL IN DUSTRIAL PRODUCTIC 3N S r S N 120 r no 90 Illllllllll ll llllll Illllllllll Illllllllll Illllllllll BUSINE ss EQUIPM ENT CONSUMER GOODS k x T V 115 MANUFA CTURING PRODUCT ION V y J 105 T y DURABLE 100 NDURABLE no 95 P X PRODUC TION 110 r j j t J V f f MINING 90 ll llllll ll llllll S yv S X v v Illllllllll Illllllllll Illllllllll r v Rit j R 80 j S y 1 78 Illllllllll Illllllllll 88 CAPACI1 UTILIZAT ON RATE Y TOTAL 1 NDUSTRY 86 UTILITIES R i v DEFENS E AND SPA CE EQUIPMENT PERCENT ll lllllll Illllllllll Illllllllll Illllllllll VO Rfi llll 115 h UTILITIES AND MIN NG x S y Illllllllll s V 76 Illllllllll Illllllllll x Illllllllll Illllllllll Illllllllll llllllll SEASONALLY ADJUSTED SOURCE 8OARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted To tal Industry prot uction indexes indu strial prodiiction Period Index Percent change from year earlier Mining Total Durable A Novr Dec r Jan r Feb r 1990 Feb Mar Apr May June July Aug Sept Oct 1 Output as percent of rapacity Utilities Nondurable Capacity utilization rate p 3rcent l Manufacturing Total industry Manufacturing Source Board of Governors of the Federal Reserve Svstent 17 INDUSTRIAL PRODUCTION MAJOR MARKET GROUPS AND SELECTED MANUFACTURES monthly data seasonally adjusted Produ cts Mate rials I inal produc ts Internlediate pro lucts Ijquipment Ci nsumer gc ods Period DeTotal Total Durable goods Nondurable goods Total Total l ness space equipment Construction supplies Busi Total Energy plies Feb Mar Apr May June July Aug Sept Oct Novr Dec Jan Feb Includes oil and gas well drilling and manufactured homes not shown separately monthly data seasonally adjusted Durable m mufactures Primary metals Period Total Iron and steel No adurable manufacti ires Transp ortation equip ment Fabricated metal products Nonelectrical machinery Electrical machinery Total Motor vehicles and parts Lumber and products Appare products Printing and publishing Chemicals and products Foods r Feb Mar Apr May June July Aug Sept Oct Novr Dec Jan Feb Source Board of Governors of the Federal Reserve System 18 NEW CONSTRUCTION Monthly data seasonally adjusted Constructio n contracts 3 Private Period Total new construction expenditures iential Total New housing units Total Commercial and industrial 2 Other Federal State and local Total value index 1S82 100 Commercial and industrial floor space millions of square feet I illions of dollars r 69 r 59 r Annual rates Annual rates 1990 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1991 Jan Feb 1 z r 47 r 53 r 48 r r 133 Includes residential improvements not shown separately Includes hotels and motels F W Dodge series Sources Department of Commerce Bureau of the Census and McGraw Hill Information Systems Company F W Dodge Division NEW PRIVATE HOUSING AND VACANCY RATES Thousands of units or homes except as noted New pri ate homes New private housing units Period Units started bj type of structure Total s unit 2 4 units or more units Units authorized Units completed Homes sold Homes for sale at end of period r 363 r Vacancy rate for rental housing units percent r Seasonal y adjusted annu al rates 1990 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec r 1991 Jan Feb Seasonally adjusted 2 Quarterly data entered in last month of quarter Series earlier data I not comparable with T r 1 275 r r r r 534 r 535 r 549 r r r r NOTE Beginning 1984 units authorized are for 17 000 permit issuing places for 1978 83 data are for 16 000 places Seasonally adjusted housing completions and housing sales revised beginning 1988 Source Department of Commerce Bureau of the Census BUSINESS SALES AND INVENTORIES Manufacturing and Trade In January manufacturing and trade sales fell 1 2 percent and inventories rose 3 3 billion In February according to advance data retail sales rose 0 8 percent following a decline of 1 4 percent in January Series revised for retail sales and inventories BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE t MANU FACTURINC3 AND TRAD E INVENTC RIES s XRE1 FAIL INVENTORIES M NUFACTU ING AN D TRADE ALES JETAIL SAL ES i 400 inn Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll RATIO MANUFACTURING AND TRADE Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE Manufact uring and trae e 1 COUNCIL OF ECONOMIC ADVISERS Sales Period Inventories 3 Sales2 Inventory s ales ratio Re tail Whol esale InvenTotal 2 Durable goods stores Inventories 3 Total Durable goods stores Nondurable goods stores r Nondurable goods stores Manufacturing Retail trade Millions of dollars seasonally Etdjusted r Jan r Peb r Mar r Apr May June July r Aug r Sept r Oct Nov Dec r r Jan Feb See page 21 for manufacturing Monthly average for year and total for month End of period Annual data are averages of monthly ratios 20 T r Note Retail sales revised beginning 1988 and retail inventories revised beginning 1989 Manufacturing and trade aeries reflect those revisions Wholesale and manufacturing series will be revised in the April 1991 issue of Economic Indicators Source Department of Commerce Bureau of the Census MANUFACTURERS SHIPMENTS INVENTORIES AND ORDERS In January manufacturers shipments and inventories were about unchanged while new and unfilled orders fell BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE INVENT DRIES 240 I SHIPMENTS n TOTAL 160 DURABLE GOODS DUR kBLE GOOC S NONDURABLE GOODS 80 r 120 NONE URABLE G 3ODS 60 imilmn Illllllllll Illllllllll BILLIONS OF DOLLARS RATIO SCALE NEW OR DERS Illllllllll Illllllllll llll llll Illllllllll Illllllllll TOTAL 160 DUR BLE GOO RATIO s L 3 V v NOND URABLE DODS INVENTC3RY SHIPM ENTS RATIC A IN S Illllllllll Illllllllll Illllllllll Illllllllll I 1 I council or ECONOMIC ADVISEDS SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE Manilla cturers ship nents l 11 anufacturers new orders i 2 Manufa 3turers invefl tones Durabl e goods Period Durable goods Total 1991 Nondurable goods Durable goods Total Nondurable goods Total Total Capital goods industries nondefense Nondurable goods Manufacturers unfilled orders 2 Manufacturers inventory shipments ratio Millions of do liars seaso lally adjust ed r Jan Feb Mar Apr May Oct Nov Dec r Jan June July Aug Sept 1 r Monthly average for year and total for month Shipments are the same as sales 2 End of period 3 Annual data are averages of monthly ratios r r NOTE Data here are as published through March Benchmark revisions will be published in the April 1991 issue of Economic Indicators Source Department of Commerce Bureau of the Census 21 PRICES PRODUCER PRICES In February the producer price index for all finished goods fell 0 6 percent Prices of finished consumer foods rose 0 2 percent while prices of other finished consumer goods fell 1 3 percent Capital equipment prices rose 0 2 percent INDEX RATIO SCALE INDEX RATIO SCALE CONSUMER GOODS EXCLUDING FOODS 90 U COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR monthly data seasonally adjusted Fin shed goods Internlediate ma terials F nished go ads excluding consumer foo ds Period Total finished goods Consumer foods Total Total Feb Mar Apr May June July Aug Sept Oct r Nov Dec 1991 Jan Feb Durable Nondurable Capital equipment Total Intermediate materials for food manufacturing and feeds 22 consumer goods Total Poods and feeds finished Consumer g ods Cnade mater als Other Total Source Department of Labor Bureau of Labor Statistics Foodstuffs and feedstuffs Other CONSUMER PRICES ALL URBAN CONSUMERS In February the consumer price index for all urban consumers rose 0 2 percent seasonally adjusted 0 1 percent not seasonally adjusted The index was 5 3 percent above its year earlier level INDEX RATIO SC ALE INDE X RATIO SCA LE SE iSONMLY ADJUS TED CONS UMER PRICES ALL ITEMS S iiMiJnm Illllllllll mi 1985 I l l l l l l l l l l Illllllllll Illllllllll Illllllllll Illllllllll SEE NOT6 ON TABIE BELOW SOURCE DEPA RTMEN OF LABOR i CaUUCtt Of COUOfMC MWIStRS except as noted monthly data seasonally adjusted except as noted Hoi sing All it ems T ansportat on All She Her Not Period seasonally adjust ed NSA Season ers Total ally adjust Total ed Rel imp Feb Mar Apr May June July Aug Sept Oct Nov Dec 1991 Jan Feb Fuel HomeFood 27 7 costs Dec owners Maintenance costs and Dee repairs 19 5 items less food shel Appar and el and other utilities upkeep MediTotal New cars Motor fuel cal care Ener gy 2 NSA ter energy Includes items not shown separately 2 Household fuels gas piped electricity fuel oil etc and motor fuel Motor oil coolant etc also included through 1982 3 Relative importance December 1990 NOTE Data beginning 1983 incorporate a rental equivalence measure for homeownership costs and therefore are not strictly comparable with figures for earlier periods Data beginning 1987 and 1988 calculated on a revised basis Source Department of Labor Bureau of Labor Statistics 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS Percent change from preceding period monthly data seasonally adjusted except as noted by NSA Cht nge from pr eceding peri Change from 3 mont s earlier ann ual rate Change from 6 mont s earlier ann ual rate Consum r goods d Consum r goods Consum r goods Period Total finished goods Capital equipment Excluding foods Foods Total finished goods Capital equipment Excluding foods Foods Total finished goods Excluding foods Foods Capital equipment Change from rear earlier total finished goods NSA Cha nge Dec o Dec N 5A o a ange month to month Feb Mar Apr May June July Aug Sept Oct Nov Dec g O Jan Feb 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 Ap Shelter Period All items Food Total Total Benters costs Adden dum All ite us percent Change annul 1 rate Tr ansportati on Housing Homeowners costs Fuel and other utilities parel and upkeep MediTola 1 New Motor cal care Ener2 gy All items less food shelter and energy From previter 3 From 3 months earlier From 6 months earlier From year earlier NSA change I ecember to Dec smber SA Y Che nge month to nlonth 1990 Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb S i j 2 Household fuels gas piped electricity fuel oil etc and motor fuel Motor oil coolant etc also included through A Quarterly changes are shown in the last month of the quarter Source Department of Labor Bureau of Labor Statistics PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers in February fell 0 7 percent from their January level Prices paid by farmers in January were unchanged from their October level Data are not seasonally adjusted INDEX RATIO SCALE INDEX RATIO SCALE TV PRICES PAID X PRICES RECEIVED Illllllllll RATIO Illllllllll Illllllllll Illllllllll llllll Illllllllll RATION BATIO Of INDEX Of PRICES RECEIVED TO INDEX Of PRICES PAID SOURCE DEPARTMENT OF AGRICUITURE COUNCIL Of ECONOMIC ADVISERS not seasonally adjusted FVices paid by farmer s Pri ces received by farm ers Period All farm products Livestock and products All commodities services interest taxes and wage rates Production items interest taxes and wage rates Production items Ratio Get Nov Dec TO 76 Jan Feb Feb Mar Apr May June July Aug Sept 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 NOTE The official indexes are published on a 1910 14 base as required by law The indexes have been converted to a base to facilitate comparison with other indexes Source Department of Agriculture 25 MONEY CREDIT AND SECURITY MARKETS MONEY STOCK LIQUID ASSETS AND DEBT MEASURES In February growth accelerated in both M2 and M3 BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE M M mill i 1983 t AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED 1991 COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Averages of daily figures except as noted billions of dollars seasonally adjusted Ml Period M2 Sum of currency demand deposits travelers checks and other checkable deposits OCDs MS Ml plus overnight KPs and MMMF balances general purpose and broker dealer MMDAs and savings and small time deposits L Debt M2 plus large time deposits term RPs term Eurodollars and institution only MMMF balances M3 plus other liquid assets Debt of domestic nonfinancial sectors monthly average Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec r r T Jan Feb Mar Apr May June July Aug Sept Oct Nov Dee r 4 110 7 r r 4 926 9 r r 4 956 2 r 4 960 7 r r 9 833 5 r Jan Feb r Consists of outstanding credit market debt of the U S Government State and local governments and private nonfinancial sectors data from flow of funds accounts 2 Annual changes are from December to December and monthly changes are from 6 months earli 26 r r Pern nt change from yeai or 6 months earlier 2 Ml er at a simple annual rate NOTE See p 27 for components Source Board of Governors of the Federal Reserve System M2 M Debt r r 6 7 r 6 9 r r r 6 5 r 6 8 r 7 1 r r 6 6 r 6 7 r r r 2 8 r COMPONENTS OF MONEY STOCK AND LIQUID ASSETS Averages of daily figures billions of dollars seasonally adjusted except as noted by NSA Period Currency Demand deposits Other checkable deposits OCDs Overnight repurchase agreements RPs net plus overnight Eurodollars Money market mutua fund balan ces l General purpose and broker dealer Money market deposit accounts MMDAs Large denomination time deposits 2 Term repurchase agreements RPs Term Eurodollars net NSA Institution only Small denomination time deposits 2 Savings deposits NSA NSA Dec Dec Dee Dec Dec Dec Dec Dec Dec Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Data prior to 1983 are not seasonally adjusted 2 Small denomination and large denomination depo and more than respectively Savings bonds Shortterm Treasury securities Bankers acceptances Commercial paper r r r r r r r r r 69 6 r r r r r r r l r r r r are those issued in amounts of le i than r NOTE Travelers checks of nonbank issuers are a component of money stock but art not shown here Source Board of Governors of the Federal Reserve System AGGREGATE RESERVES AND MONETARY BASE Averages of daily figures 1 millions of dollars seasonally adjusted except as noted by NSA A djusted for ch anges in resei ve requiremer ts Borro wings of dep ository instituti ons from the Federal IDeserve NSj 0 Re serves of depo sitory institut ons Period Total Nonborrowed Nonborrowed plus extended credit Required Monetary base Total Seasonal Extended credit Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan r Feb Data are prorated averages of biweekly maintenance period averages of daily figures Source Board of Governors of the Federal Reserve System 27 BANK LOANS AND SECURITIES Total commercial bank loans and leases fell 0 2 percent in January Commercial and industrial loans fell 0 6 percent BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE 2 800 ALL COMMERCIAL BANKS LOANS AND LEASES U S GOVERNMENT SECURITIES V l OTHER SECURITIES l ii 111 him SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Billions of dollars seasonally adjusted Adl comme cial ban ks Loans an leases Period Dec Dec Dec Dec Dec Dec Dec Dec Dee Dec Jan Feb Mar Apr May June July Aug Sept Get Nov Dec 1991 Jan Total loans and securities 2 U S Government securities Other securities Total Commercial and industrial N nn onReal estate Individual Security Data are prorated averages of Wednesday figures for domestically chartered banks and averages of month end data for foreign related institutions Data beginning January 1984 are not strictly comparable with data for earlier periods largely because beginning January 1984 certain obligations of States and political subdivisions are included in loans rather than in other securities 28 barus financial institutions Agricultural QfnfA oiate and political subdivisions Foreign banks Excludes loans to commercial banks in the United States Source Board of Governors of the Federal Reserve System Foreign official institutions Lease financing receivables Other SOURCES AND USES OF FUNDS NONFARM NONFINANCIAL CORPORATE BUSINESS Billions of dollars quarterly data at seasonally adjusted annual rates Sources Uses External Period Total Internal C edit market fu nds 1 Total Loans and short term paper Securities and mortgages Total I II Ill IV A r r 1990 l II r m IV 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 Discrepancy sources less uses Other 2 Increase in financial assets Capital expenditures 3 Total Plant and equipment residential structures inventory investment and mineral rights from U S Government Source Board of Governors of the Federal Reserve System CONSUMER INSTALLMENT CREDIT Millions of dollars seasonally adjusted Net change in in stallment eredit outstanditig Ins allment credit outstanding end of perio i Period Total Automobile Revolving Mobile home Other Automobile Total Dec Dec Dec Dec Dec Dec Dec Dec Dec 2 Decr Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec r Jan For year end data change from preceding year end for monthly data change from preceding month 2 Data newlv available in January 1989 result in breaks in many series between December 1988 and subsequent months Revolving Other Mobile home Because of breaks in series net change not available Source Board of Governors of the Federal Reserve System 29 INTEREST RATES AND BOND YIELDS In March short term interest rates fell and long term rates rose PERCENT PER ANNUM PERCENT PER ANNUM COUNCIL OF ECONOMIC ADVISERS Percent per annum U S 1reasury security yields Period month bills new issues Mar Apr May June July Aug Sept Oct Nov Dec 1991 Jan Feb Mar Week ended 1991 Mar Constant nlaturities 3 year year High grade municipal bonds Standard Poor s r Bank discount basii Yields on the morf actively traded issues adjusted to constant maturities by the Treasury De partment 3 Weekly data are Wednesday figures 4 Average effective rate or year opening and closing rate for month and week 2 30 Prime commercial paper 6 months Corporate Aaa bonds Moody s r 14 76 Discount rate N Y F R Bank 4 Prime rate charged by banks New home mortgage yields FHFB 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 RATIO SCALE INDEX DEC RATIO SCALE 24U 24U s S J S X COMPOSITi STOCK PRICE iwnpx v NYSE ion S Sx H W SO ISO I t 11 t p I I 1I 11t 1I PER ENT PERCE NT 20 EARNIN OS PRICE RAT O ON COMMC3N STOCKS S P i i i i i i xH l SOURCES NEW YORK STOCK EXCHANGE AND STANDARD POOR S CORPORATION 1 Period Mar Apr May June July Aug Sept Oct Nov Dec 1991 Jan Feb Mar Week ended 1991 Mar Transportation Utility Finance Dow Jones industrial average 3 Standard Poor s index Dividendprice ratio SS Earningsprice ratio Average 2 Includes 3 Includes 4 of daily closing prices all the stocks more than 1 500 listed on the NYSE 30 stocks Includes 500 stocks 5 0 Common st ock yields perce nt 5 New ork Stock Exc lange indexes Dec Industrial 1 COUNCIL OF ECONOMIC ADVISERS Conimon stock pric es 1 Composite 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 Standard Poor s series Dividend price ratios based on Wednesday closing prices Earnings 31 FEDERAL FINANCE FEDERAL RECEIPTS OUTLAYS AND DEBT In the first 5 months of fiscal 1991 there was a deficit of 110 6 billion compared with a deficit of 97 5 billion a year earlier BILLIONS OF DOLLARS BILLIONS OF DOLLARS RECEIPTS AND OUTLAYS OUTLAYS RECEIPTS A V M N 600 SURPLUS OR DEFICIT W H983 i i 1985 i I 1987 I 1988 I I 1991 K 1992N FISCAL YEARS V INCLUDES ON BUDGET AND OFF BUDGET ITEMS COUNCIL OF ECONOMIC ADVISERS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET Billions of dollars Receipts Outlays Surplus or deficit Receipts Outlays Transition quarter estimates 1992 estimates Cumulative total first 5 months 1 Fiscal year 1990 Fiscal year Receipts Outlays Surplus or deficit Held by the puWfc Data from Monthly Treasury Statement NOTE Data are from Budget of the United States Government Fiscal Year 1992 February 32 Surplus or deficit Gross Fe leral debt end of period Off budget On budget Total Fiscal year or period J except as noted Sources Department of the Treasury and Office of Management and Budget FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 5 months of fiscal 1991 receipts were 24 4 billion higher than a year earlier and outlays were 37 6 billion higher BILLIONS OF DO LLARS BILLIO NS OF DOLLARS 600 RECEIPTSl INDIVIDUAL INCOME TAXES CORPORATION INCOME TAXES OTHER RECEIPTS SOCIAL INSURANCE CONTRIBUTIONS TAXES AND I 1 I o I 1 200 OUTLAYS rf NONDEFENSE NATIONAL DEFENSE A i r i i 1986 i i FISCAL YEARS i i V INCLUDES ON BUDGET AND OFF BUDGET ITEMS I 1991 N COUNCIL OF ECONOMIC ADVISERS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET Billions of dollars Or budget a id off bud ret receipt s Fiscal vear Total Individual Corporation Social insurance On budg et and of budget ou tlays Nations 1 defense Other Total and taxes estimates 1992 estimates Cumulative total first 5 months l Fiscal vear 1990 Fiscal year fi Data from Monthly Treasury Statement NOTE Data are from Budget of the United States Government Fiscal Year 1992 February Health Medi Social securi inter ty est Net Other military butions Inter Income security DepartTotal except as noted Sources Department of the Treasury and Office of Management and Budget 33 FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS In the fourth quarter of 1990 according to current estimates Federal receipts rose 3 2 billion annual rate Federal expenditures rose 39 2 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS CALENDAR YEARS SOURCE DEPARTMENT OF COMMERCE COUNCIL Of ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Federal jovernment expenditures Federal overnmeni receipts Period Total Personal tax and receipts Fiscal year Calendar year IV 1983 IV 1984 IV 1985 IV 1986 IV 1987 IV 1988 IV 1989 TH rv n m 1990 I IV r Corporate profits tax accruals Contributions for Total insurance Purchases of goods and services Transfer ments Grantsin aid to State and local governments Subsidies current surplus of Government enter Wage accruals less disbursements Net inter paid r Source Department of Commerce Bureau of Economic Analysis 34 Indirect business tax and nontax accruals or deficit national income and product accounts r T INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES MAJOR INDUSTRIAL COUNTRIES Industrial roduction 1387 1 Kl seasonal v adjusted Period iiitwl Canada States Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec r 08 3 r r r r Jan Feb r Italy I pun France Germany r Consumer arices If f2 S4 100 United Kingdom United States l Canada United Kingdom Japan France Germany Italy r 03 2 r 104 8 r r 07 2 r 102 9 r r Data relate to all urban consumers Source National sources as reported by Department of Commerce Bureau of Economic Analysis and International Trade Administration Trade Information and Analysis U S MERCHANDISE EXPORTS AND IMPORTS Billions of dollars monthly data seasonally adjusted MCI ehandise e xports f a s value 1 Creneral m erchandisf imports customs value 3 Principal end use e ommodih categor Total 2 Foods feeds and bever Period Industrial supplies and als Capgoods except automotive Automotive Consumer cles parts and engines nonfood except automotive Jan Feb Mar Apr May June July Aug Sept Oct Noy Dec Jan Foods feeds and bever Industrial supplies and als r Total Other Trade balance Principal nd use cc mmodity category 4 Capgoods except automotive General merchandise Automotive Consumer cles parts and engines nonfood except automotive Other Exports f a s less imports customs value Exports f a s less imports c i f IOI O c i f value Includes Department of Defense Military Assistance Program grant aid shipments 2 Includes undocumented exports to Canada through 1988 3 Total arrivals of imported goods other than intransit shipments 4 Total includes revisions not reflected in detail 5 Total exports are on a revised statistical month basis end use categories are on a statistical NOTE Data shown include trade of the U S Virgin Islands Source Department of Commerce Bureau of the Census 35 U S INTERNATIONAL TRANSACTIONS In the fourth quarter of 1990 the merchandise trade deficit fell to 28 9 billion from 29 8 billion in the third quarter the current account deficit rose to 27 8 billion from 26 5 billion in the third quarter BILL ONS OF DOLL ARS 10 BILLIONS OF DOLL kRS 10 y o V A AX V y V v A BALANCE ON 3OODS ERVICES AND INCOME 20 X f 20 M V 2y 30 v TV r s J f b l I f l Vs N ERCHANDISE 1FRADE BALANCE i t 1 t 1 j i i i 1986 S V N y i ii f BALANCE ON CURRENT ACC OUNT i i i i i i SEASONAUYADJUS FED COUNCIL OF ECONOMIC ADVISERS OURCE DEPARTMEN1 OF COMMERCE Millions of dollars quarterly data seasonally adjusted except as noted Credits debits Merchandise 1 Exports I TV 88 267 I IV r 96 093 I r 96 585 r 96 152 TV n m n m n m Net travel and transpor Other services Receipts on U S assets abroad Imports Net balance transactions 3 1 Excludes military Adjusted from Census data for differences in timing and coverage Quarterly data are not seasonally adjusted Includes transfers of goods and services under U S military grant programs Inv istment incom i Services Net Period Balance on goods Unilateral Balance Net services and income nef account Payments assets in IT S Fees and royalties from U S direct investments abroad or from foreign direct investments in the United States are excluded from investment income and included in other services net See p 37 for continuation of tabk U S INTERNATIONAL TRANSACTIONS Continued In the capital accounts claims on foreigners reported by U S banks increased 24 4 billion in the fourth quarter of jp 990 compared to an increase of 13 5 billion in the third quarter Liabilities to private foreigners reported by U S banks excluding Treasury securities increased 19 6 billion in the fourth quarter compared to an increase of 27 6 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 NE SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted except as noted Foreign assets in the J S net inereas s capital inflo v 3 U S assets abroad net increase capit al outflow Total n m IV I 1 381 n ra IV I rr n nr IV I U S official Other U S Govern assets 3 6 Period assets U S private assets Total Consists of gold special drawing rights SDKs foreign currencies and the U S reserve posi ion in the IMF Foreign official assets Other foreign assets Allocations of special drawing rights SDKs 1 093 Statistical d iscrepancy Total sum of the items with sign reversed Of which Seasonal adjustment discrepancy assets net 6 unadjusted end of period 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 EMPLOYMENT UNEMPLOYMENT AND WAGES Status of the Labor Force Selected Unemployment Rates Selected Measures of Unemployment and Unemployment Insurance Programs Nonagriculrural Employment Average Weekly Hours Hourly Earnings and Weekly Earnings Private Nonagriculrural Industries Employment Cost Index Private Industry Productivity and Related Data Business Sector PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial Production Major Market Groups and Selected Manufactures New Construction New Private Housing and Vacancy Rates Business Sales and Inventories Manufacturing and Trade Manufacturers Shipments Inventories and Orders PRICES Producer Prices Consumer Prices All Urban Consumers Changes in Producer Prices for Finished Goods Changes in Consumer Prices All Urban Consumers Prices Received and Paid by Farmers MONEY CREDIT AND SECURITY MARKETS Money Stock Liquid Assets and Debt Measures Components of Money Stock and Liquid Assets Aggregate Reserves and Monetary Base Bank Loans and Securities Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business Consumer Installment Credit Interest Rates and Bond Yields Common Stock Prices and Yields FEDERAL FINANCE Federal Receipts Outlays and Debt Federal Receipts by Source and Outlays by Function Federal Sector National Income Accounts Basis INTERNATIONAL STATISTICS Industrial Production and Consumer Prices Major Industrial Countries U S Merchandise Exports and Imports U S International Transactions General Notes Detail in these tables may not add to totals because of rounding Unless otherwise noted all dollar figures are in current dollars Symbols used p Preliminary r Revised c Corrected Not available also not applicable NSA not seasonally adjusted For sale by the Superintendent of Documents U S Government Printing Office Washington B C 20402 Price 2 25 single copy 2 81 foreign Subscription price 24 00 per year 30 00 for foreign mailing 38 U S GOVERNMENT PRINTING OFFICE

New Construction

DATE: March 1991

PART OF:

Economic Indicators : March 1991

AUTHOR:

Council of Economic Advisers (U.S.)

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Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "New Construction," in Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "March 1991," Economic Indicators (March 1991) : 21-21. https://fraser.stlouisfed.org/title/1/item/712/toc/423654 , accessed on December 7, 2019.

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Economic Data