Disposition of Personal Income

Name: Disposition of Personal Income
Creator: FRASER
Keywords: Economic Data, Economic indicators, Economic conditions, United States

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The following is plain-text output generated by Optical Character Recognition. 102d Congress 1st Session Economic Indicators MAY 1991 Includes data available as of June Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON JOINT ECONOMIC COMMITTEE Created pursuant to Sec 5 a of Public Law 304 79th Cong 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 B 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 first quarter of 1991 according to revised estimates current dollar gross national product GNP rose 2 5 percent annual rate or 34 4 billion Real GNP GNP adjusted for price changes fell 2 6 percent and the implicit price deflator rose 5 2 percent BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE EAS DMA LY ADJUSTED NN JAL RATES Ghif 4 800 tc JRREN T D DLL ARS II X f x x GNP r P82 DC LL RS I SOURCE DEPARTMENT OF COMMERCE 1 I COUNCIL OF ECONOMiC ADVISERS Billions of current dollars quarterly data at seasonally adjusted annual rates Personal consumption expenditures Gross private domestic investment IV IV IV IV IV IV IV TJI IV I II UI IV 1991 I r Period Gross national product Gross Federal Net exports chases and Exports Imports GNP less exports of goods and services plus imports of goods and services Govern ment purcb ases of gootIs and senices Exports md imports of goods md services Total National defense Nondefense 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 Gross p rivate domestic in vestment Exports and imp orts of goods and ser dees Personal consumption expenditures Total IV IV IV IV IV IV IV HI IV I Period n m rv national product r Nonresidential fixed Residential fixed 444 4 Change in business inventories Govern tnent pure bases of gooc s and ser vices Federal Exports Imports Total Net exports State and local Final sales Gross domestic purchases National defense Nondefense GNP less exports of goods and services plus imports of goods and services Total Source Department of Commerce Bureau of Economic Analysis IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT quarterly data are seasonally adjusted Personal c onsumption expen ditures Gross jrivate domestic i ivestment Period product Total Durable goods Nondurable goods National defense Nondefense State and local USA IV IV IV IV IV IV IV III n in IV I Source Department of Commerce Bureau of Economic Analysis Imports I Exports rv Federal Residential fixed Nonresidential Gove Timent pure lases of goo ds and sernces Services Exports an imports of goods ant1 services CHANGES IN GNP PERSONAL CONSUMPTION EXPENDITURES AND RELATED PRICE MEASURES Percent change from preceding period quarterly data at seasonally adjusted annual rates Grc ss national pr duct Period Current dollars I n Ill IV 1988 I n in IV I n m IV I n in IV 1T Implicit price deflator Constant 1982 dollars Personal consumption e penditures Chain price index NOTE Annual changes are from preceding year and quarterly changes are from preceding quarter Fixedweighted price index 1982 weights Constant 1982 dollars Current dollars Implicit price deflator Chain price index Fixedweighted pnce index 1982 weights Source Department of Commerce Bureau of Economic Analysis NONFINANCIAL CORPORATE BUSINESS OUTPUT COSTS AND PROFITS Quarterly data at seasonally adjusted annual rates Gross dome stic product of nonf nancial corporate business hillions c f dollars Period Current IV IV IV IV IV IV IV IV I 1991 IV I 1 n m dollars Total cost and profit Cum nt dollar cos and profit p er unit of 0 itput dollars i 1 Corporate profits with inventory valuation md capita or nsumption adjustments CompenIndirect Net sation of business interest 3 Profits Profits employees taxes after tax Total tax 4 liability adjustment Capital consumption allowances with capital consump 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 3 indirect business tax and nontax liability plus business transfer payments less subsidies 4 With inventory valuation and capital consumption adjustments Output per hour of all employees 1982 Compensation per hour of ail employees Series revised beginning 1977 to reflect the incorporation of improved implicit price deflators derived from the annual estimates of gross product originating by industry that appeared in the Survey of Current Business January and April 1991 The revised series are published in the May 1991 issue of the Survey 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 Compensation of employees1 National income Proprietor s income with in ventory valuation md capital consulnption adjust ments Farm Rental income of persons with capital tion adjustment Nonfarm Inventory valuation adjustment Profits before tax Capital consumption adjus men Net interest IT IV IV IV TV IV IV TH IV I II Ill IV I Total Profits with inventory valuation adjustme it and witho nt capital consu mption adjus tment Corpora te profits wit h inventory valuation an capital consurnption adjust ments Source Deps rtment of Commerce Bureau of Economic jVnalysis Includes employer contributions for social ir surance See aiso p 5 PERSONAL CONSUMPTION EXPENDITURES Billions of dollars except as noted quarterly data at seasonally adjusted annual rates Eetail sales of new pa ssenger cars m lions of Nor durable g rods Durabl 3 goods T FurniPeriod con expendi Total durable goods vehicles and parts and household equipment Total Other durable Food Serv un ts Clothing and shoes Gasoline and oil Other Domestics Imports IV III IV I II Ill IV I IV TV IV IV IV 1987 IV 1991 Source Department of Commerce Hureau of Economic Analysis a o SOURCES OF PERSONAL INCOME Personal income rose 3 3 billion annual rate in April following a rise of 17 3 billion in March The increases were affected by large subsidy payments to farm proprietors Excluding these payments personal income increased 7 9 billion in April and 9 1 billion in March BILLIONS OF DOLLARS RATIO SCALE 5 000 BILLIONS OF DOLLARS RAT1O SCALE WAGE AND SALARY DISBURSEMENTS OTHER INCOME TRANSFER PAYMENTS 400 inn 1983 I l l l l l l l l l l inn inn inn SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE linn COUNCIL OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates Period Apr May June July Aug Sept Oct Nov Dec 1991 Jan r Feb r Mar r Apr Total personal income Proprietors income 3 Wage and Farm Nonfarm The total of wage and salary disbursements and other labor income differs from compensation of employees see p 4 in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements Consists primarily of employer contributions to private pension and private welfare funds 3 With inventory valuation and capital consumption adjustments Rental income of persons 4 Personal dividend income Personal interest Lncome Transfer pay ments 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 first quarter of 1991 BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE DOLLARS RATIO SCALE DOLLARS RATIO SCALE PER CAF ITA DISPOSE BLE PERSON AL INCOME r CURRENT DOLLARS r DOLLAF S I 8 000 i i i 1982 i i i 1983 i i i i i i I 1 1987 i i i i i i SEASONALLY ADJUSTED ANNUAL RATES i i i I T COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Period Personal income Less Personal tax and nontax payments Jiquals Disposable personal income Less Personal outlays 1 Equals Personal saving Disposable personal income in 1982 dollars billions Per c ipita disposable personal inc me Current dollars Billi ons of dolla rs dollars Dolla Per capiti personal consulnption expen itures 1 Current dollars 1982 dollars Percent change in real per capita disposable personal income Saving as percent of disposable personal income Population including Armed Forces abroad thousands 2 Perce It S S easonally adjusted aim ual rates IV 1983 IV IV IV IV IV IV 1989 III IV 1990 I n m IV 1991 I Includes personal consumption expenditures interest paid by consumers to business and personal transfer payments to foreigners net S 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 fourth quarter of 1990 according to preliminary estimates gross farm income rose 16 0 billion annual rate and net farm income rose 10 5 billion BILLI DNS OF DOLLA RS RATIOS ALE BILLI DNS OF DOLLA RS RATIO SC ALE s s r t GRC SS FARM INCC3ME An An SEASONALLY ADJUSTED ANNUAL RATES COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF AGRICULTURE Billions of dollars quarterly data at seasonally adjusted annual rates In come of farm ope rators from farmi g CJTOSS farm incom Period Net fara income Cas i marketing rece pts Total Total Livestock and products Crops inventory changes 2 Production expenses Current dollars 1982 dollars III IV I II Ill IV Ir IIr III r IV 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 Income in current dollars divided by the GNP implicit price deflator NOTE Data include net Commodity Credit Corporation loans and operator households Sources Department of Agriculture and Department of Commerce CORPORATE PROFITS In the first quarter of 1991 according to preliminary estimates corporate profits before tax fell 21 4 billion annual rate and profits after tax fell 10 0 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS 360 SEASONALLY ADJUSTED ANNUAL RATES PROFITS BEFORE TAX r PROFITS AFTER TAX v LIABILITY UNDISTRIBUTED I I I COUNCIL OF ECONOMIC ADViSERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates 1 Pr rfits before t ax with inve ntory valuati on adjustmen t F rofits after ta X Do nestic indust ies Total 2 Total IV IV TV IV IV IV IV III rv 1990 I n ni IV 1991 I Financial See p 4 for profits with inventory valuation and capital consumption E Includes rest of the world not shown separately Profits before tax Nonfinancial Period Total Manufacturing Total Dividends sale and retail trade Tax liability Includes industries not shown separately Source Department of Commerce Bureau of Economic Analysis Undistributed profits Inventory valuation adjustment r 8 3 GROSS PRIVATE DOMESTIC INVESTMENT According to revised estimates for the first quarter of 1991 nonresidential fixed investment fell 19 8 billion annual rate and residential investment fell 14 0 billion There was a 31 2 billion decrease in inventories following a decline of 30 8 billion in the fourth quarter of 1990 BILLIONS OF DOLLARS BILLIONS OF DOLLARS 900 voo SE ASONALLY ADJUST D ANNUAL RATES GROSS F RIVATE DO MESTIC It WESTMENT NONREJ IDENTIAL FIXED IN VESTMENT RESID ENTIAL FIXED IN ESTMENT k INVENTO RIES N h i ii f ci iANGE IN E USINESS r NN xr N Xl Oi x sX f I Q I I I 1989 SOURCE DEPARTMENT Of CO AMERCE COUNCIL OF ECONOMIC ADViSERS Billions of dollars quarterly data at seasonally adjusted annual rates Change ir business inven ones 1 I xed investmen P d Gross private domestic investment IV IV IV IV IV IV IV I n Ill IV 1990 I n in 1991 IV Ir Source Department of Commerce Bureau of Economic Analysis Nonresidential Total Total Structures Producers durable equipment Residential Nonfarm Total EXPENDITURES FOR NEW PLANT AND EQUIPMENT According to the Commerce Department January March 1991 survey business spending for new plant and equipment is expected to rise 2 5 percent in 1991 following a rise of 5 0 percent in 1990 BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE 600 I 600 SEASONALLY ADJUSTED ANNUAL RATES ALL INDUSTRIES NONMANUFACTURING I A MANUFACTURING I i I i 1989 SECOND HALF SURVEYED QUARTERLY SEE FOOTNOTE 4 BELOW SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Addenda Industries surveyed quarterly M inufacturii ig Period All industries Total Durable goods Norimanufactu ing Nondurable goods Total Mining Transportation Public utilities mercial and other Total nonfarm business Non manufactu ring facturing Total Surveyed quarterly I n Ill IV 1990 I n in IV 1991 I 4 II 2nd half 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 Iy Surveyed annual 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 January March 1991 corrected for biases Source Department of Commerce Bureau of the Census EMPLOYMENT UNEMPLOYMENT AND WAGES In April civilian employment rose 644 000 and unemployment fell MILLIONS OF PERSONS 126 MILLIONS OF PERSONS 126 SEASONALLY ADJUSTED CIVILIAN LABOR FORCE V CIVILIAN EMPLOYMENT UNEMPLOYMENT YEARS OF AGE AND OVER COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Thousands of persons 16 years of age and over except as noted monthly data seasonally adjusted except as noted by NSA Period Apr May June July Aug Sept Oct Nov Dec 1991 Jan Feb Mar Apr tional population including resident Armed Forces NSA Resi Labor force Armed Forces NSA resident Armed Forces Employment including resident Armed Forces Labor Nonagricultural Civilian labor force Agricultural Total Total Ohilian Unempl ayment Civilian e mployment Noninstitu Part time for economic reasons 1 Total 15 weeks and over participation rate percent 2 Employment population ratio percent 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 Data beginning January 1986 not strictly comparable with earlier data because of change in estimation procedures source Department of Labor Bureau 01 Labor statistics 11 SELECTED UNEMPLOYMENT RATES In April the overall unemployment rate fell to 6 5 percent and the civilian unemployment rate fell to 6 6 percent PERCENT SEASONALLY ADJUSTED PERCENT SEASONALLY ADJUSTED A A TEENAGERS 16 19 y fV i y V X A 10 WOMEN 20 YEARS AND OVER l J C A EN 20 YEAR S AND OVER nniliiiii f 1 1 1 m iin I 1 11 11 M 1988 UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED SOURCE DEPARTMENT OF LABOR nniliiiii 1991 COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted Unemp oyment ra te percen t of civilia n labor force in group Unemployment rate all workers 1 All civilian workers Men 20 years and over Women 20 years and over Oct Nov Dec Jan Feb Mar Apr Period Apr May June July Aug Sept 1991 By sex and a g Both sexes 16 19 years White Black and other Black 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 B y s elected grouj S By race Experienced wage and salary workers Married men spouse present Women who maintain families Fulltime workers Parttime workers Labor force time lost percent Source Department of Labor Bureau of Labor Statistics SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In April the percentages of the unemployed who had been out of work for less than 5 weeks and for 5 14 weeks fell and the percentages 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 SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Monthly data seasonally adjusted except as noted Dur ition of imemployment Period Unemployment thousands F ercent di stributio i Less than 5 weeks 5 14 weeks 15 26 weeks Stat e progra ms Be ason for memployment percent distributkm Number of ks 27 weeks and over Average mean Medi Job losers Job leavers Reentrants New entrants Insured unemployment Initial claims Insured unemployment all regular programs unadjusted 1 Weekly a erage t lousands Apr May June July Aug Sept Oct Nov Dec 1991 Jan Feb Mar Apr Includes State 50 States District of Columbia Puerto Rico and Virgin Islands ex servicemen UCX Federal UCFE and railroad RR programs Also includes Federal and State extended benefit programs Does not include Federal supplemental compensation program 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 124 000 in April MILLIONS OF PERSONS ENLARGED SCALE MILLIONS OF PERSONS 110 ALL NONAGRICULTURAL ESTABLISHMENTS SERVICE PRODUCING INDUSTRIES GOODS PRODUCING INDUSTRIES CONSTRL CTION f M 1 t Ui M M miiliim M H 1 1 H H M IJj 1991 COUNCIL OF ECONOMIC ADVISERS Thousands of wage and salary workers 1 seasonally adjusted Se rvice produ ing industr es Goods reducing in dustries Period Total nonagricultural employment M anufacturin g Total 2 Construction Transportation Total Durable goo s Nondurable goods Total and public utilities Wholesale trade Retail trade Gover nment Finance insurance and real estate Services Total Federal Apr May June July Aug Sept Oct Nov Dec 1991 Jan Feb r Mar r Apr 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 nonagricuitural employment of the civilian labor force shown on p H which include proprietors self employed persons and domestic servants which count persons as employed when they are not at work because of industrial disputes bad 14 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 Aver age Average gi oss hourly ean rigs weekly ours Average gross weekly earnings Manufa during Total rivate nonagnc ultural Period nonagricultural 1 Total Overtime Apr May June July Aug Sept Oct Nov Dec Jan Feb r Mar r Apr Total private nonagricultural l Manufacturing Also includes other private industry groups shown on p 14 Current dollar earnings divided by the consumer price index for urban i workers on a base Current dollars 1982 dollars z Manufacturing Construction Retail trade Current dollars 1982 dollars Percent cha nge from a year ear er total ate nonagric ultural 3 C urrent dollar 5 3 3 earners and clerical f 2 1 Based on seasonally unadjusted data Source Department of Labor Bureau of Labor Statistics EMPLOYMENT COST INDEX PRIVATE INDUSTRY Percent eh ange from Index June months earli r 3 months earlie Period Total compensation salaries Benefits Total compensation Wages and salaries Benefits Total compensation Wages and salaries Benefits 1 Not s easonally ad usted Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Not se asonally adji sted Seasonall v adjusted 1988 Mar June Sept Dec Mar June Sept Dec Mar June Sept Dec Mar Employer costs for employee benefits NOTE The employment cost index is a measure of the change in the cost of labor fre i from the influence of employment shifts among occupations and industries Dataexclude farm an d household w orkers Source Dej artment of La 3Or Bureau of Labor Statistic s 15 PRODUCTIVITY AND RELATED DATA BUSINESS SECTOR Output p ir hour of all pe rsons Period Business sector Nonfarm business sector Hours of all Out ut Business sector Compensation per hou r 3 pers HIS 2 Nonfarm business sector Business sector Nonfarm business sector Business sector Nonfarm business sector Unit lab or costs Real compensation per hour 4 Business sector Nonfarm business sector Business sector Nonfarm business sector Implic t price defla tor 5 Business sector Nonfarm business sector 19f quarterly d ata seasoilally adjus ted IV 1983 IT 1984 IV 1985 IV 1986 IV 1987 IV 1988 I n in IV 1989 I n rn IV 1990 I n m IV r I Pe rcent chan ge quarte rly data a seasonal y adjusted annual ra tes r 1988 I n ra IV 1989 I n m rv 1990 I n m IV I 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 oi NOTE Data relate to all persons engaged in the sector Percent changes are from preceding period and are based on original a they therefore may differ slightly from percent changes based on indexes shown here Data do not reflect NP revisions ol May Source Department of Labor Bureau of Labor Statistics PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production rose slightly in April and capacity utilization fell again INDE X RATIO SC ALE 115 TOTAL lr JDUSTRIAL PRODUCTI DN y 100 IND X 1987 1C0 RATIO S CALE r FINAL P RODUCTS BU SINESS EQL IPMENT CONSUMER GOODS N iiiiiiinii Illllllllll Illllllllll 90 Illllllllll 105 Illllllllll 115 MANUF vCTURING 110 PRODUC TION S s f1 I J I NONDURA BLE T nr DURABLE c s f S ps J Z X X x DEFENSE AND SPAC E EQUIPMEN T miilimi Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll PER CENT UTILITIES AND MINI NG PRODUCTION A V f ir i Illllllllll 88 CAPACI1Y UTILIZAT ION RATE TOTAL 1 NDUSTRY 86 UTIll TIES 84 A i T IW 82 J VV MINING Illllllllll Illllllllll X r N Ok Illllllllll Illllllllll Illllllllll Illllllllll Mlll lllll Illllllllll Illllllllll 1990 V iiiiiiinii 1991 SEASONALLY ADJI STED OURCE BOARD OF GOVERNORS OF T HE FEDERAL RESER VE SYSTEM COUNCIl OF ECCJNOMiC ADVISERS Monthly data seasonally adjusted Industry pro iuction indexe To tal indu itrial prodi ction Period Index Apr May June July Aug Sept Oct Nov Dec r Jan Feb r Marr Apr 1 Output as percent of capacity Capacity utilization rate p rcent x Manufacturing Percent change from year earlier q Mining Total Durable Utilities Nondurable Total industry Manufacturing Source Board of Governors of the Federal Reserve System 17 INDUSTRIAL PRODUCTION MAJOR MARKET GROUPS AND SELECTED MANUFACTURES monthly data seasonally adjusted Mate rials Produ cts Interntediate I inal produc ts I quipment Co nsumer gc ods Period Total Total Durable goods Nondurable goods Defense Total Total Construction supplies Business Total Energy equipment Apr May June July Aug Sept Oct Nov Dec pro bets Jan Peb r Mar r Apr s well drilling and manufactured homes not shown separately monthly data seasonally adjusted No idurable manufactu res Durable m mufactures Transp jrtation equip ment 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 Apr May June July Aug Sept Oct Nov Dee Jan Febr Mar Apr Source Board of Governors of the Federal Reserve System 18 NEW CONSTRUCTION Monthly data seasonally adjusted Constructio i contracts Private Federal State and local Resit ential Commercial Period expenditures Total Total New housing 1 and industrial 2 Other 3 Commercial and industrial floor space millions of square feet Total value index B illions of dollars r r May July Sept Oct Nov Dec 1991 Jan Feb r Mar Apr Annual rates Annual rates 1990 Mar r 68 r r 59 r lol r 48 r 53 r r Sources Department of Oomm ce Bureau of the Census and McGraw Hill Information Systems Company F W Dodge Division Includes residential improven nts not shown separately Includes hotels and motels F W Dodge series 2 3 NEW PRIVATE HOUSING AND VACANCY RATES Thousands of units or homes except us noted New prh ate homes New private housing units Units started In type of structure Period Total units 1 unit or more units Units authorized r Units completed Homes sold Homes for sale at end of period Vacancy rate for rental housing units percent Seasonal y adjusted annu al rates 1990 Mar Apr May Tune July Aug Sept Oct Noy Dec 1991 Jan r Feb Mar Apr Seasonally adjusted Quarterly data entered in last month of quarter Series beginning 1989 not comparable with earlier data r r 916 r r r l r r Seasonally adjusted housing units authorized have been revised beginning 1989 revised beginning 1990 Source Department of Commerce Bureau of the Census NOTE Beginning 1984 units authorized are for 17 000 permit issuing places for 1978 83 data are for 16 000 places 19 BUSINESS SALES AND INVENTORIES Manufacturing and Trade In March manufacturing and trade sales fell 1 0 percent and inventories fell 6 9 billion In April according to advance data retail sales fell 0 1 percent following a rise of 0 4 percent in March Biiuor JS OF BILLI DNS OF DOL LARS RATKD SCALE DOU RS RATIO SCALE MAN UFACTURIf IG AND TRA DE INVEN1fORIES RET UL INVENT OKIES r i MAI UFACTUR ING AN TRADE S UES f R ETAIL SALE S mf s RATIC5 100 lllllllllll lllllllllll lllllllllll lllllllllll lllllllllll 1 80 INVENTCDRY SALES RATIO 1 70 R ETAIL y V f K A s S s t V MANUFA CTURING AND RADE 1 40 lllllllllll lllllllllll lllllllllll lllllllllll lllllllllll V L f s lllllllllll lllllllllll lllllllllll lllllllllll HlllllHIl SEASONALLY ADJUSTED COUNCIL OF EC 3NOMIC ADVISERS E Mauufact tiring and l trac e Who esale Sales Period Sales 2 Inventories 3 Sates 2 Inventory s ales ratio 4 Re ail InvenTotal Inventories 3 2 Durable goods stores Nondurable goods stores Total Durable goods stores Nondurable goods stores Manufacturing Retail trade l Millions of dollars seasonally idjusted Mar r Apr May June July Aug Sept Oct Nov Dec Jan Feb r War Apr T See page 21 for manufacturing Monthly average for year and total for month End of period 20 r r r r Annual data are averages of seasonally adjusted monthly ratios Source Department of Commerce Bureau of the Census r MANUFACTURERS SHIPMENTS INVENTORIES AND ORDERS In April manufacturers shipments and new orders rose inventories and unfilled orders fell BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE SHIPMEt ITS INVENTCDRIES v r TOTAL 160 DUR ABLE GOO s TOTAL r NOr DURABLE 3OODS DUR BLE GOO DS NON DURABLE 3OODS 60 Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll BILLIONS OF DOLLARS RATIO SCALE y Eh M 240 NEW OR DERS r h TOTAL innlinn niuluiu S V V iiniliu 1 mutiun uuituus RATIC 2 20 DlJRABLE GC ODS INVENTCDRY SHIPM ENTS RATKD S w v NON DURABLE C2OODS V S v imiluiu milllim imilimi UUlllUII Minium Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE 1990 Manuf aeturers shipm ents Manufacturers new orders l Manufs cturers invent ories 2 Durabl Durable goods 1991 COUNCIL OF ECONOMIC ADVISERS Nondurable goods Durable goods Nondurable goods Nondurable goods Total Manufacturers unfilled orders z Manufacturers inveRtory shipments ratio 3 tfillions of d llars season ally adjuster Apr May June July Aug Sept Oct Nov Dec 1991 Jan Feb Mar r Apr Mar Monthly average for year nd total for m snth Shipment s are the same aa sales Annual t ata are averag es of seasonall adjusted mon hlv ratios Source De mrtment of Cc mmerce Bure au of the Cens as 21 PRICES PRODUCER PRICES In April the producer price index for all finished goods rose 0 2 percent Prices of finished consumer foods rose 0 4 percent while prices of other finished consumer goods rose 0 2 percent Capital equipment prices fell 0 2 percent INDEX RATIO SCALE INDEX RATIO SCALE 130 J130 ASONALLY ADJUSTED FINISHED GOODS PRICES CONSUMER FOODS CAPITAL EQUIPMENT r CONSUMER GOODS EXCLUDING FOODS i 11 I l l IIl Il H I I II I II I I I 1 I I ii i 1 1 In l 1990 SOURCE DEPARTMENT OF LABOR ii l n 1 i i i n COUNCIL OF ECONOMIC ADVISERS monthly data seasonally adjustf Internlediate ma terials Fin shed goods Period Total finished goods Consumer foods F nished go sds excluding consumer foo 1S 1 Consumer gc ods Total Total Apr May June July Aug Sept Oct Nov Dec r 1991 Jan Peb Mar Apr r Durable Nondurable Capital equipment Total finished consumer goods Total Onude maten als Foods and J Other Total feeds r l Intermediate materials for food manufacturing and feeds 22 Source Department of Labor Bureau of Labor Statistics Foodstuffs and feedstuffs Other r l CONSUMER PRICES ALL URBAN CONSUMERS In April the consumer price index for all urban consumers rose 0 2 percent seasonally adjusted 0 1 percent not seasonally adjusted The index was 4 9 percent above its year earlier level INDEX RATIO SCALE INDEX RATIO SCALE SEASONALLY ADJUSTED CONSUMER PRICES ALL ITEMS Illllllllll III SEE NOTE ON TABLE BELOW COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LAE except as noted monthly data seasonally adjusted except as noted All it ems Tr arisportati on Hoi sing She Her Period Not seasonally adjusted NBA Rel imp Apr May June July Aug Sept Oct Nov Dec 1991 Jan Feb Mar Apr Seasonally adjusted Food Total Total New cars Motor fuel Ener gy Includes items not shown separately 2 Household fuels gas piped electricity fuel oil etc and motor fuel Motor oil coolant etc aiso included through 1982 3 Relative importance December 1990 Total Homeowners costs Dec Medical care Apparel and upkeep Fuel and other utilities Renters costs Dec Maintenance and repaTrs NSA All items less food shelter and energy NOTE Data beginning 1983 incorporate a rental equivalence measui i for homeownership costs iTid therefore are not strictly comparable with figures for earlier periods 1988 Data beginning 1987 and 198 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 Ch nge from pr eeeding peri d Period Change from 3 mont s earlier ann ia rate Change from 6 mont s earlier ann lal rate Consum r goods Consum r goods Consum r goods Total finished goods Capital equipment Excluding foods Foods Total finished goods Capital equipment Excluding foods Poods Total finished goods Capital equipment Excluding foods Foods Change from year earlier total finished goods NSA Cha nge Dec o Dec N 3A r Ctlange mon th to mont h 1990 Apr May June July Aug Sept Oct Nov Dec r Jan Feb Mar Apr r q r A r Source Department of Labor Bureau of Labor Statistics CHANGES IN CONSUMER PRICES ALL URBAN CONSUMERS Percent change from preceding period monthly data seasonally adjusted except as noted by NSA Housing Tr msportati on Shelter Period All items 1 Food Total Total Renters costs Homeowners costs Fuel and other utilities Apparel and upkeep New Total Adden dum All ite ns percent hange annua 1 rate All Motor Medical care items less food shelter and energy Energy2 From previter 3 From 3 months earlier From 6 months earlier From year earlier NSA 0 mnge D ecember to Dec mber ft SA K Cha nge mo nth to nK nth 1990 Apr May June July Aug Sept Oct Nov Dec 1991 Jan Feb Mar Apr O Includes items not shown separately Household fuels gas piped electricity fuel oil etc and motor fuel Motor oil coolant etc also included through Y Yg O 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 May rose 2 0 percent from their April level Prices paid by farmers in April were 1 1 percent above their January level Data are not seasonally adjusted ALEJ INDE X RATIO SCALE INDEX RATIO S fv 140 r A P RICES J PAID S rv y y N A PRICES RECEI ED iiiiiiiini Illllllllll Illllllllll I I U l l l l III Illllllllll II 1 II II 1 II I l l l l l l l l l l I l l l l l l l l l l Illllllllll 80 RATI DO RA TIOJ RATIO I inn n HIM 1984 RATIO OF INDEX OF PRICES RECEIVED TO s OURCE DEPARTMENT OF AGRICULTURE P Mill 1985 Mill 1986 NDEX OF PRICES PAIE MITT II 1 II II 1 II 1987 Illllllllll I l l l l l l l l l l II 1 II II 1 II COUNCIL OF ECONOMIC ADVISER not seasonally adjusted Prices Period AH farm products Livestock and products Crops Oct Nov Dec Jan Feb Mar Apr May 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 P rices received by farm ers AH commodities services interest taxes and wage rates x paid by farmei s Production items interest taxes and wage rates Ratio 2 Production items 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 April growth slowed again in both M2 and M3 BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE M M WERAGES OF DAILY FIGURES SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS IURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Averages of daily figures except as noted billions of dollars seasonally adjusted Ml M3 M2 Ml plus overnight RPs and L Debt M2 plus large time deposits term RPs term Eurodollars and institution only MMMF balances MS plus other liquid assets Debt of domestic nonfinaneial sectors monthly average 1 Perce nt change from yea or 6 months earlier 2 Sum of currency demand deposits travelers checks and other checkable deposits OCDs MMM F balances general purpose and broker dealer Dee Dec Dec Dec Dec Dec Dec Dec Dec Dec r r r Apr May June July Aug Sept Oct Nov Dec r Z 324 6 r S r r r r 4 957 9 r r r Period Jan Feb r Mar Apr savings and small time deposits Consists of outstanding credit market debt of the U S Government State and local governments and private nonfinaneial sectors data from flow of funds accounts 2 Annual changes are from December to December and monthly changes are from 6 months earli 26 Ml r at a simple annual rate NOTE See p 27 for components Source Board of Governors of the Federal Reserve System M M3 Debt r 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 fiPs net plus overnight Eurodollars Money Tiarket mutua fund balan es Institution only Money market deposit accounts MMDAs Savings deposits Small denomination time deposits 2 Large denomination time deposits 2 NSA Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Apr May June July Aug Sept Oct Nov Dec 1991 Jan T Feb Mar Apr r r r r 77 6 r Data prior to 1983 are not seasonally adjusted 2 Small denomination and large denomination deposits are those issued in amounts of less than and more than respectively Term repurchase agreements KPs Term Eurodollars net NSA General purpose and broker dealer NSA Savings bonds Shortterm Treasury securities Bankers acceptances Commercial paper r r NOTE Travelers cheeks of nonbank issuers are a component of money stock but are not shown here Source Board of Governors of the Federa Reserve System AGGREGATE RESERVES AND MONETARY BASE Averages of daily figures l millions of dollars seasonally adjusted except as noted by NSA Borro vings of dep 3sitorv instituti ms from the Federal B eserve NS L A djusted for ch anges in reser ve requirements He erves of depo sitory instituti ons Period Total Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Apr Mav June July Aug Sept Oct Nov Dec 1991 Jan Feb Mar Apr r 29 901 r 31 662 r r r Data are prorated averages of biweekly maintenance period averages of daily figures Nonborrowed r 27 201 r r r 45 035 r Nonborrowed plus extended credit r r Required r 44 766 r r r Monetary base Total Seasonal Extended credit Source Board of Governors of the Federal Reserve System 27 BANK LOANS AND SECURITIES Total commercial bank loans and leases fell 0 3 percent in April Commercial and industrial loans fell 0 9 percent BILLION S OF DOLLARS RATIO SCALE 2 800 ALL COMMERCIAL BANKS BIL LIONS OF DOL LARS RATIO SCALE TOTAL I r LOANS ANC LEASES U S G DVERNMENT S ECURITIES 400 C THER SECURIT ES x t T i Illllllllll mnhnn nmlmn mulimi Illllllllll Illllllllll Illlllll SEASONALLY ADJUSTED COUNCIl OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Billions of dollars seasonally adjusted Jt 11 commei cial ban s Loans anc leases Period Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Apr May June July Aug Sept Oct Nov Dec 1991 Jan Feb VLa T Ayr Total loans and securities2 IJ S Government securities Other securities Total Commercial and industrial Keal estate Individual Security Nonbank financial institutions Agricultural r r r 33 5 r 33 5 r 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 State and political subdivisions r r 34 3 r 32 9 r 32 8 r Foreign banks r 6 5 r 6 8 r 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 r 46 3 r 47 8 r SOURCES AND USES OF FUNDS NONFARM NONFINANCIAL CORPORATE BUSINESS Billions of dollars quarterly data at seasonally adjusted annual rates Uses Sources External Period Total Total m IV 1990 I n m IV I II Loans and short term paper Securities and mortgages Total 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 Total Other 2 Increase in financial assets Capital expenditures 3 C redit market fu nds Internal 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 Ins tallment credit outstanding end of perio d Period Dec Dec Dec Dec Dec Dec Dec Dec Dec 2 r Dec T 1990 Marr Aprr May r June r July r Augr Sept r Oct r Novr Dec r r 1991 Jan Feb r Mar 1 Automobile Revolving Mobile borne Revolving Mobile home 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 and subsequent months change in in stallment eredit outstandii g Automohile Total Net Other Total Other Because of breaks in series net change not available Note Series revised beginning 1988 Source Board of Governors of the Federal Reserve System 29 INTEREST RATES AND BOND YIELDS In May short term interest rates fell a little longer rates rose slightly PtRCENT PER ANNUM PERCENT PER ANNUM 16 Percent per annum U S T reasury security yields Period month bills new issues Jan Feb Mar Apr May Week ended 1991 May June 1 1 3 year 10 year High grade municipal bonds Standard Poor s 3 30 Prime commercial paper 6 months 1 Discount rate N Y F R Bank 4 Prime rate charged by banks 4 New home mortgage yields FHFB Bank discount basis Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department 3 Weekly data are Wednesday figures 4 Average effective rate for year opening and closing rate for month and week 2 Corporate Aaa bonds Moody s May June July Aug Sept Oct Nov Dec Constant nlaturities 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 overall were little changed in May INDEX DEC RATIO SCALE INDEX DEC RATIO SCALE f HN no IRtl S 160 r s s OMPOSITE ST OCK PRICE IND EX y S s r i i f 120 RO r i inn NYSE AO i 1 1 i i 1 1 i i iii1 i ii i M 11 I 1 M PERC ENT PERCE NT EARNIhJGS PRICE RAT O ON COMMCDN STOCKS i S P I I i SOURCES NEW YORK STOCK EXCHANGE AND STANDARD POOR S CORPORATION 0 Common st ock yields perce nt 5 New Y ork Stock Exc mnge indexes Dec z Period Dow Jones Industrial 1 COUNCIL OF ECONOMIC ADVISERS Conunon stock pric es 1 Composite Transportation Utility Finance average 3 Standard Poor s index Dividendprice ratio May June July Aug Sept Oct Nov Dec Jan Feb Mar T r Earningsprice ratio Apr Mav Week ended 1991 May June 1 1 Average of daily closing prices Includes all the stocks more than 1 500 listed on the NYSE Includes 30 stocks 4 Includes 500 stocks 5 Standard Poor s series Dividend price ratios based on Wednesday closing prices Earnings2 3 5 94 r 7 10 r 6 47 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 7 months of fiscal 1991 there was a deficit of 121 7 billion compared with a deficit of 109 0 billior a year earlier BILLIONS OF DOLLARS BILLIONS OF DOLLARS RECEIPTS AND OUTLAYSiV OUTLAYS RECEIPTS SURPLUS OR DEFICIT H L A i i 1985 i 1987 i i i H N FISCAL YEARS I INCLUDES ON BUDGET AND OFF BUDGET ITEMS COUNCIl OF ECONOMIC ADVISERS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET Billions of dollars Fiscal year or period Receipts 1976 Transition quarter estimates 1992 estimates Cumulative total first 7 months Fiscal year 1990 Fiscal year 1991 Surplus or deficit Receipts Outlays Surplus or deficit Receipts Outlays Surplus or deficit Total Held by the public Data from Monthly Treasury Statement NOTE Data are from Budget of the United State 32 Outlays Gross Fe leral debt end of period Off budget On budget Total lent Fiscal Year 1992 February 1991 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 7 months of fiscal 1991 receipts were 25 1 billion higher than a year earlier and outlays were 37 8 billion higher BILLIONS OF DO LARS BILLIO MS OF DOLLARS 600 RECEIPTS INDIVIDUAL INCOME TAXES OTHER Q CORPORATION INCOME TAXES RECEIPTS SOCIAL INSURANCE CONTRIBUTIONS TAXES AND t I I o OUTLAYS s 900 NONDEFENSE ftOO NATIONAL DEFENSE FISCAL YEARS yiNClUDES ON BUDGET AND OFF BUDGET ITEMS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET roiJNril nF ECONOMIC ADVISERS COUNLI1 OF ILUNUMIC AUVIbtlo Billions of dollars On budg et and off budget ou tlays Or budget aiid off budg et receipt Fiscal year Total Individual income Corporation income taxes Social insurance taxes and Nations 1 defense Other Total Total butions estimates 1992 estimates Cumulative total first 7 months Fiscal year 1990 Fiscal year International affairs fi Data from Monthly Treasury Statement NOTE Data are from Budget of the United States Government Fiscal Year 1992 February Department of Defense military Health Medicare Income security Social security Net inter Other est S except as noted Sources Department of the Treasury and Office of Management and Budget 33 FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS In the first quarter of 1991 according to preliminary estimates Federal receipts rose 12 3 billion annual rate Federal expenditures fell 54 0 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES EXPENDITURES RECEIPTS SURPLUS OR DEFICIT CALENDAR YEARS SOURCE DEPARTMENT OF COMMERCE 1991 COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Federal CTovernment expenditu res Federal jiovernment receipts Period Total Fiscal year Calendar year IV 1983 IV 1984 IV 1985 IV 1986 IV 1987 IV 1988 IV 1989 III IV 1990 I II Ill IV 1991 V Personal tax and nontax receipts Indirect business tax and nontax accruals Contributions for social insurance Total Purchases of goods and services Transfer payments Net interest paid Subsidies less current surplus of Government enterprises Surplus or deficit Less Wage accruals less disbursements national income and product accounts Source Department of Commerce Bureau of En 34 Corporate profits tax accruals Grantsin aid to State and local governments 1 1 INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES MAJOR INDUSTRIAL COUNTRIES Consumer prices Industrial iroduction 1987 1 X seasonal v adjuster Period United States Japan France Germany Canada Feb Mar Apr May June July Aug Sept Oct Nov Dec 1991 Jan Feb Mar Apr r r r 106 6 T r 109 4 Italy United States 1 Canada Japan France Germany r r rr no o 113 4 r r r r r 01 9 r 101 8 M r MOl O United Kingdom United Kingdom Italy U S MERCHANDISE EXPORTS AND IMPORTS Billions of dollars monthly data seasonally adjusted Mer chandisc xports f a s value 1 C tmera n erchandist imports customs value 3 Principal end use ommodiu catcgon Period Total 2 Foods feeds and Industrial supplies als T Mar Aprr r Mav June r July r Aug Sept T Oct Nov Dee Jan r Feb Mar Capgoods except automotive 72 7 Automotive eles parts engines Consumer goods nonfood except automotive ISA Other feeds and Industrial supplies materi als goods except automotive Con cles parts nonfood except automotive Other and en gines Genera merchandise Automotive Cap Total 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 arc on a revised statistical month basis end use categories are or month basis Trade 1 dance Principal md use ct mmoditv catcgorv c i f value Exports f a s less imports customs Exports f a s less imports c i f NOTE Data shown include trade of the U S Virgin Islands Seasonally adjusted data have been revised beginning 1989 unadjusted data revised beginning Source Department of Commerce Bureau of the Censi 35 U S INTERNATIONAL TRANSACTIONS In the first quarter of 1991 the merchandise trade deficit fell to 18 4 billion from 27 7 billion in the fourth quarter of 1990 Data revised for BILLIONS OF DOLLARS 10 BILLIONS OF DOLLARS BALANCE ON GOODS SERVICES AND INCOME SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted except as noted Credits f debits Merchandise 1 2 Period Exports r r I 76 497 II 79 392 m 80 511 IV 83 937 r 1989 I 87 207 n r in 90 142 r IV 92 493 r 1990 I 95 244 r n 97 088 r in r 96 638 IV I Imports r r Net balance Net military transactions 3 4 Net travel and transpor r r Other services net 5 receipts 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 36 Inv stment incomt Services Receipts on U S assets Payments on foreign assets in U S 3 5 Balance on goods Net and income Unilateral transfers net 4 Balance on current account 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 table 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 1990 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 80 CHANGE IN FOREIGN ASSETS 60 IN THE U S NET 40 20 CHANGE IN U S ASSETS ABROAD NET SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COM COUNCIL OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted except as noted U S assets abroad net Foreign assets in the 1 J S net increas i capital inflovM 3 t increase capit ll outflow Period U S Total I n m IV I n m rv official reserve assets I II m 31 894 IV Other U S Government assets U S private assets Allocations of special drawing rights SDKs Statistical c iscrepancy Total sum of the items with sign reversed Of which Seasonal adjustment discrepancy TJ g Offlciai reserve assets net 6 unadjusted end of period Foreign official assets Other foreign assets Total 6 Consists of gold special drawing rights SDKs foreign currencies and the U S reserve posim in the IMF Sources Department of Commerce Bureau of Economic Analysis and Department of the Treasury NOTE Merchandise data p 36 revised for 1989 and 1990 other data to be revised in next month s issue 37 Contents TOTAL OUTPUT INCOME AND SPENDING page Gross National Product Gross National Product in 1982 Dollars Implicit Price Deflators for Gross National Product Changes in GNP Personal Consumption Expenditures and Related Price Measures Nonfinancial Corporate Business Output Costs and Profits National Income Personal Consumption Expenditures Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment EMPLOYMENT UNEMPLOYMENT AND WAGES Status of the Labor Force Selected Unemployment Rates Selected Measures of Unemployment and Unemployment Insurance Programs Nonagricultural Employment Average Weekly Hours Hourly Earnings and Weekly Earnings Private Nonagricultural Industries Employment Cost Index Private Industry Productivity and Related Data Business Sector PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial Production Major Market Groups and Selected Manufactures New Construction New Private Housing and Vacancy Rates Business Sales and Inventories Manufacturing and Trade Manufacturers Shipments Inventories and Orders PRICES Producer Prices Consumer Prices All Urban Consumers Changes in Producer Prices for Finished Goods Changes in Consumer Prices All Urban Consumers Prices Received and Paid by Farmers MONEY CREDIT AND SECURITY MARKETS Money Stock Liquid Assets and Debt Measures Components of Money Stock and Liquid Assets Aggregate Reserves and Monetary Base Bank Loans and Securities Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business Consumer Installment Credit Interest Rates and Bond Yields Common Stock Prices and Yields FEDERAL FINANCE Federal Receipts Outlays and Debt Federal Receipts by Source and Outlays by Function Federal Sector National Income Accounts Basis INTERNATIONAL STATISTICS Industrial Production and Consumer Prices Major Industrial Countries U S Merchandise Exports and Imports U S International Transactions General Notes Detail in these tables may not add to totals because of rounding Unless otherwise noted all dollar figures are in current dollars Symbols used p Preliminary r Revised c Corrected Not available also not applicable NSA not seasonally adjusted For sale by the Superintendent of Documents U S Government Printing Office Washington D C 20402 Price 2 25 single copy 2 81 foreign Subscription price 24 00 per year 30 00 for foreign mailing 38 U S GOVERNMENT PRINTING OFFICE

Disposition of Personal Income

DATE: May 1991

PART OF:

Economic Indicators : May 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-. "Disposition of Personal Income," 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-. "May 1991," Economic Indicators (May 1991) : 8-8. https://fraser.stlouisfed.org/title/1/item/714/toc/401674 , accessed on December 10, 2019.

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Economic Data