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101st Congress, 1st Session
Economic Indicators
APRIL
1989
(Includes data available as of May 3, 1989)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1989
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
LEE H. HAMILTON, Indiana, Chairman
PAUL S. SARBANES, Maryland, Vice Chairman
HOUSE OF REPRESENTATIVES
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
FREDERICK S. UPTON (Michigan)
SENATE
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
ALBERT GORE, JR. (Tennessee)
RICHARD H. BRYAN (Nevada)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
PETE WILSON (California)
CONNIE MACK (Florida)
JOSEPH J. MINARIK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, Chairman
JOHN B. TAYLOR, Member-Designate
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and 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 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.25 a single copy
($2.81 foreign), or by subscription at $24.00 per year ($30.00 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
In the first quarter of 1989, according to advance estimates, current-dollar gross national product (GNP) rose 9.7
percent (annual rate) or $117.1 billion. Real GNP (GNP adjusted for price changes) rose 5.5 percent and the
implicit price deflator rose 3.9 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
3,^UU
SEASONALLY ADJUSTED ANNUAL RATES
4 800
—
4,400
5,200
,s
GNP
INC JRRENT DOLLA R S _ ^ - —-*
4,800
^^
—
4,400
—
V^i
4,000
4,000
_
—
,,--''''
3,600
^^
—
- \"
3,600
—
GNP
\ N 1982 DOLLA RS
r*-***"
3 200
3,200
—
^
"
2,800
2,800
—
—
2,400
2,400
1
2,000
1
1
1 1 1
1
1981
1982
1
1
1
1
1984
1983
1
1
1985
1
1
1
1986
1
1
1
1
1
1988
1987
SOURCE: DEPARTMENT OF COMMERCE
2,000
1989
COUNCIL Of ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Exports and imports of goods
and services
Government purchases of
goods and services
Personal
consumption
expenditures
Gross
private
domestic
investment
2,732.0
3,052.6
3,166.0
3,405.7
3,772.2
4,014.9
4,240.3
4,526.7
4,864.3
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.0
2,807.5
3,012.1
c
3,227.5
437.0
515.5
447.3
502.3
664.8
643.1
665.9
712.9
766.5
32.1
33.9
26.3
-6.1
589
-78.0
104 4
-123.0
946
351.0
382.8
361.9
352.5
383.5
370.9
378.4
428.0
519.7
318.9
348.9
335.6
358.7
442.4
448.9
482.8
551.1
614.4
530.3
588.1
641.7
675.0
735.9
820.8
871.2
924.7
964.9
208.1
242.2
272.7
283.5
310.5
355.2
366.2
382.0
381.0
142.7
167.5
193.8
214.4
234.3
259.1
277.5
295.3
298.4
65.4
74.8
78.9
69.1
76.2
96.0
88.7
86.7
82.6
IV
IV
IV
IV
IV
3,212.5
3,545.8
3,851.8
4,107.9
4,304.6
2,117.0
2,315.8
2,493.4
2,700.4
2,876.0
409.6
579.8
661.8
654.1
656.4
14.1
258
-67.9
103 2
-114.3
335.9
364.7
385.7
369.2
385.2
321.9
390.5
453.6
472.4
499.4
671.8
676.1
764.5
856.7
886.5
293.2
276.1
326.0
376.6
366.7
205.4
221.5
244.1
268.6
278.1
1987: TH
4,568.0
4,662.8
3,058.2
3,076.3
702.8
764.9
-125.2
-125.7
440.4
459.7
565.6
585.4
932.2
947.3
386.3
391.4
4,724.5
4,823.8
4,909.0
4,999.7
3,128.1
3,194.6
3,261.2
3,326.4
763.4
758.1
772.5
772.0
-112.1
904
-80.0
96 1
487.8
507.1
536.1
548.0
599.9
597.5
616.0
644.0
945.2
961.6
955.3
997.5
5,116.8
3,380.4
815.9
-90.5
570.3
660.8
1,010.9
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
19821983198419851986-
. . ..
IV
1988- I
. ...
n
TTT
..
IV
1989- I
1
p
Gross
national
product
Net
exports
GNP less exports of goods and services plus imports of goods and services.
Final
sales
Gross
domestic
purchases l
322.2
345.9
369.0
391.5
425.3
465.6
505.0
542.8
583.9
2,740.3
3,028.6
3,190.5
3,412.8
3,704.5
4,003.6
4,224.7
4,487.5
4,815.9
2,699.8
3,018.7
3,139.7
3,411.8
3,831.1
4,092.8
4,344.7
4,649.7
4,958.9
87.7
54.6
81.9
108.0
88.7
378.7
400.0
438.5
480.1
519.7
3,272.4
3,514.8
3,806.8
4,100.7
4,306.6
3,198.5
3,571.6
3,919.7
4,211.2
4,418.9
299.8
299.2
86.4
92.2
546.0
555.9
4,553.5
4,590.7
4,693.2
4,788.4
377.7
382.2
367.7
396.3
298.4
298.8
294.3
301.9
79.3
83.4
73.4
94.3
567.5
579.4
587.6
601.2
4,659.2
4,780.1
4,859.3
4,965.0
4,836.6
4,914.2
4,989.0
5,095.8
394.8
298.7
96.1
616.1
5,055.0
5,207.3
Federal
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Exports and imports of
goods and services
Gross private
domestic investment
Personal
consumption
expenditures
Nonresidential
fixed
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,618.7
3,721.7
3,847.0
3,996.1
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,354.8
2,455.2
2,521.0
2,592.2
379.2
395.2
366.7
361.2
425.2
453.5
433.1
445.1
487.5
IV
IV
IV
IV
TV
3,159.3
3,365.1
3,535.2
3,662.4
3,734.7
2,078.7
2,191.9
2,281.1
2,386.9
2,486.2
1987: m
IV
3,865.3
3,923.0
1988: I
II
m
Gross
national
product
Government purchases of
goods and services
Federal
Change
in
business
inventories
Net
exports
Exports
137.0
126.5
105.1
149.3
170.9
174.4
195.0
195.2
191.8
-6.9
23.9
-24.5
-6.4
62.3
9.1
15.4
34.4
42.5
57.0
49.4
26.3
-19.9
-84.0
-104.3
-137.5
-128.9
-100.2
388.9
392.7
361.9
348.1
371.8
367.2
378.4
427.8
504.8
332.0
343.4
335.6
368.1
455.8
471.4
515.9
556.7
605.0
620.5
629.7
641.7
649.0
677.7
731.2
760.5
780.2
782.3
352.3
390.4
444.4
460.9
427.3
115.8
159.9
169.6
179.4
199.7
-59.3
11.7
27.0 —46.2
41.7 -94.8
7.7 -125.3
-10.5 -142.4
336.0
355.5
376.6
367.4
387.8
324.3
401.6
471.4
492.6
530.2
2,545.2
2,531.7
462.8
464.8
192.1
192.7
13.0 -130.7
67.1 — 126.0
440.9
459.2
IV
3,956.1
3,985.2
4,009.4
4,033.4
2,559.8
2,579.0
2,603.8
2,626.2
473.4
490.2
495.0
491.4
189.5
189.6
191.6
196.6
66.0 - 109.0
35.3 -92.6
39.5 -93.9
29.1 — 105.4
486.2
496.9
514.0
522.1
1989: I ?
4,088.2
2,634.8
502.8
194.8
53.8
-95.6
535.4
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1982:
1983:
1984:
1985:
1986-
1
Residential
fixed
GMP less exports of goods and services plus imports of goods and services.
Imports
Total
State
and
local
Final
sales
Gross
domestic
purchases l
National
defense
Nondefense
246.9
259.6
272.7
275.1
290.8
326.0
333.4
339.0
328.7
171.2
180.3
193.8
206.9
218.5
237.2
251.4
264.9
261.8
75.7
79.3
78.9
68.2
72.3
88.8
82.0
74.1
66.9
373.6
370.1
369.0
373.9
387.0
405.2
427.1
441.2
453.6
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,609.6
3,706.3
3,812.6
3,953.6
3,130.1
3,199.4
3,139.7
3,299.1
3,585.4
3,723.0
3,859.3
3,975.9
4,096.3
660.1
642.2
693.2
752.7
774.5
289.5
266.0
300.5
340.6
340.5
201.4
211.6
225.3
241.4
253.1
88.2
54.4
75.2
99.2
87.4
370.6
376.2
392.7
412.1
434.0
3,218.6
3,338.1
3,493.5
3,654.7
3,745.2
3,147.6
3,411.3
3,630.0
3,787.6
3,877.2
571.6
585.2
782.9
792.6
342.1
347.7
269.5
268.2
72.6
79.5
440.8
444.9
3,852.2
3,855.9
3,996.0
4,049.0
595.1
589.5
607.9
627.4
776.4
783.8
773.5
795.5
327.8
331.6
320.1
335.5
264.6
263.6
256.4
262.5
63.2
67.9
63.7
72.9
448.7
452.2
453.4
460.0
3,890.1
3,949.9
3,969.9
4,004.4
4,065.1
4,077.9
4,103.4
4,138.8
631.0
797.7
333.2
255.9
77.3
464.5
4,034.5
4,183.9
Total
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982=100; quarterly data are seasonally adjusted]
Gross private
domestic investment
Personal consumption
expenditures
Period
Gross
national
product
1980
1981
1982
1983
1984
1985
1986
1987
1988
Total
Durable
goods
Nondurable goods
Services
Nonresidential
fixed
Exports and imports of
goods and services
Government purchases of goods and
services
Federal
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
85.7
94.0
100.0
103.9
107.7
110.9
113.9
117.7
121.7
86.6
94.6
100.0
104.1
108.1
111.6
114.3
119.5
124.5
89.2
95.7
100.0
102.1
103.8
104.8
105.6
107.9
110.1
89.4
96.9
100.0
102.1
105.0
107.5
107.3
112.1
116.4
83.9
92.6
100.0
106.2
111.6
116.8
122.4
128.5
134.8
85.1
93.4
100.0
98.8
97.9
97.7
100.2
100.4
100.2
89.4
96.6
100.0
102.2
106.0
108.3
111.1
116.2
119.7
90.2
97.5
100.0
101.3
103.2
101.0
100.0
100.0
102.9
96.0
101.6
100.0
97.4
97.1
95.2
93.6
99.0
101.5
84.3
93.3
100.0
103.1
106.8
109.0
109.8
112.7
115.9
83.4
92.9
100.0
103.6
107.2
109.2
110.4
111.5
114.0
86.4
94.3
100.0
101.4
105.5
108.2
108.2
117.0
123.4
86.2
93.4
100.0
104.7
109.9
114.9
118.2
123.0
128.7
IV
IV
IV
IV
IV
101.7
105.4
109.0
112.2
115.3
101.8
105.7
109.3
113.1
115.7
100.7
103.1
104.1
104.7
106.2
101.0
103.1
105.8
108.7
107.8
102.7
108.3
113.5
119.0
124.6
100.7
98.3
97.9
97.9
101.6
99.1
103.1
107.2
109.0
112.4
100.0
102.6
102.4
100.5
99.3
99.3
97.2
96.2
95.9
94.2
101.3
103.8
108.5
110.6
107.7
102.0
104.7
108.3
111.3
109.9
99.5
100.3
108.9
108.8
101.5
102.2
106.3
111.7
116.5
119.7
1987: IH
118.2
118.9
120.2
121.5
108.6
108.9
112.9
113.7
129.1
131.0
99.9
99.8
117.7
118.7
99.9
100.1
98.9
100.0
112.9
112.6
111.3
111.6
119.0
116.0
123.9
124.9
IV
119.4
121.0
122.4
124.0
122.2
123.9
125.2
126.7
109.1
109.6
110.4
111.4
113.8
116.0
117.3
118.3
132.2
134.0
135.6
137.3
99.6
99.5
99.7
101.9
119.5
119.5
119.6
120.4
100.3
102.1
104.3
105.0
100.8
101.4
101.3
102.6
115.2
115.3
114.9
118.1
112.8
113.4
114.8
115.0
125.5
122.7
115.2
129.3
126.5
128.1
129.6
130.7
1989: I P
125.2
128.3
111.7
120.0
139.3
102.7
122.0
106.5
104.7
118.5
116.7
124.4
132.6
1982:
1983:
1984:
1985:
1986:
IV
1988: I
n
m
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross national product
Period
Constant
(1982)
dollars
Current
dollars
8.9
11.7
3.7
7.6
10.8
6.4
5.6
6.8
7.5
4.2
12.4
4.7
6.2
3.4
7.7
8.6
5.4
8.7
7.3
7.6
9.7
1980
1981
1982
1983
1984
1985
1986
1987
1988
198219831984198519861987-
IV
IV
IV
IV
IV
m
IV
1988- I
H
m
rv
1989- I "
-0.2
1.9
-2.5
3.6
6.8
3.4
2.8
3.4
3.9
.6
7.3
1.7
3.0
1.4
4.5
6.1
3.4
3.0
2.5
2.4
5.5
Implicit
price
deflator
Personal consumption expenditures
Chain price
index
9.0
9.4
6.3
4.1
3.9
3.3
2.5
3.4
3.8
4.1
3.9
3.1
3.2
2.4
3.6
3.4
3.0
4.8
4.7
4.2
4.8
9.0
9.7
6.4
3.9
3.7
3.0
2.7
3.3
3.4
3.6
4.7
3.0
3.3
2.1
3.1
2.4
1.7
5.5
4.7
5.3
3.9
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
Fixedweighted
price index
(1982
weights)
Constant
(1982)
dollars
Current
dollars
9.3
9.3
6.2
4.1
4.0
3.4
2.8
3.6
4.2
4.0
4.0
3.2
3.3
2.8
3.7
3.8
3.5
5.0
5.3
4.2
5.0
10.6
10.5
7.1
9.0
8.8
8.2
6.8
7.3
7.2
10.3
9.7
7.2
6.0
4.8
9.1
2.4
6.9
8.8
8.6
8.2
6.7
-0.2
1.2
1.3
4.6
4.8
4.7
4.3
2.7
2.8
5.3
5.5
4.3
1.9
1.2
4.6
-2.1
4.5
3.0
3.9
3.5
1.3
Implicit
price
deflator
10.7
9.2
5.7
4.1
3.8
3.2
2.4
4.5
4.2
4.4
4.3
3.0
4.0
3.5
4.4
4.4
2.3
5.7
4.3
4.9
5.1
Chain price
index
10.9
9.2
5.7
4.2
3.9
3.5
2.7
4.5
4.2
4.8
4.1
3.1
4.2
3.5
4.3
4.4
2.5
5.6
4.6
4.7
4.9
Fixedweighted
price index
(1982
weights)
10.5
9.0
5.6
4.2
4.0
3.5
2.7
4.5
4.3
4.8
4.1
3.2
4.3
3.5
4.2
4.6
2.4
5.7
4.9
4.8
5.0
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) 1
Gross domestic
product of
nonfinancial
corporate business
(billions of dollars)
Period
Current
dollars
1980
1981.
1982
1983.
1984
1985
1986
1987
1988
19821983:
19841985:
198619871988:
IV
IV
IV
IV
IV
TTTT.
IV
I
n
m
IV
1
1982
dollars
1,807.9
1,540.8
1,837.2
1,738.4
1,782.2
1,782.2
1,866.0
1,914.2
2,036.5
2,146.7
2,117.4
2,267.1
2,177.2
2,371.6
2,513.5 2,270.4
r
2,711.3 ' 2,390.4
1,760.2
1,779.4
1,940.5
2,012.5
2,069.5
2,201.8
2,137.7
2,309.2
2,409.3 2,199.0
2,546.9 2,296.1
2,322.5
2,585.6
2,363.5
2,633.2
2,380.9
2,684.0
2,395.5
2,732.1
r
2,796.1 r 2,421.7
Capital
consumption
Total
cost
and
profit 2
0.852
.946
1.000
1.026
1.054
1.071
1.089
1.107
1.134
1.011
1.037
1.064
1.080
1.096
1.109
1.113
1.114
1.127
1.140
1.155
Corporate profits with
inventory valuation and capital
consumption adjustments
ances
with
capital
consumption
adjustment
Indirect
business
taxes 3
0.095
.109
.125
.123
.118
.119
.121
.122
.122
.131
.120
.118
.120
.122
.121
.121
.121
.122
.122
.123
0.077
.090
.094
.098
.100
.103
.105
.106
.107
.096
.098
.102
.104
.105
.106
.105
.105
.106
.108
.108
Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol-
4
Compensation of
employees
Net
interest
0.581
.632
.676
.679
.687
.704
.719
.732
.752
.685
.680
.694
.713
.725
.729
.738
.736
.747
.758
r
.766
0.031
.037
.043
.037
.039
.038
.039
.043
.048
.042
.037
.042
.037
.040
.044
.046
.045
.047
.048
.050
Total
0.068
.078
.063
.089
.109
.106
.106
.105
.106
.057
.103
.107
.106
.104
.109
.103
.106
.106
.104
.107
Profits
tax
liability
0.037
.035
.026
.032
.036
.033
.035
.044
.045
.023
.036
.032
.033
.039
.046
.044
.044
.046
.046
.046
Profits
after
tax 4
0.031
.044
.037
.057
.073
.073
.071
.061
.060
.034
.066
.075
.072
.065
.063
.059
.062
.060
.058
.061
Output
per hour
of all
employees
(1982
dollars)
Compensation
per hour
of all
employees
(dollars)
17.096
17.194
17.318
17.865
18.287
18.584
18.927
19.216
r
19.471
17.383
18.029
18.359
18.639
19.043
19.362
19.357
19.560
19.481
19.443
19.454
9.939
10.861
11.699
12.122
12.569
13.075
13.605
14.062
r
14.640
11.914
12.261
12.746
13.288
13.815
14.110
14.291
14.397
14.546
14.743
14.908
With inventory valuation and capital consumption adjustments.
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.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Compensation of
employees1
Proprietors' income
with inventory
valuation and capita]
consumption
adjustments
Farm
1982
1983
1984
1985
1986
1987
1988 r
198219831984198519861987-
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
Profits
before tax
m
IV '
1,907.0
2,020.7
2,213.9
2,367.5
2,507.1
2,683.4
2,904.7
1,931.1
2,092.7
2,272.7
2,426.7
2,565.8
2,702.8
2,769.9
24.6
12.4
30.5
30.2
36.4
43.0
36.3
28.5
19.3
28.1
29.2
38.4
35.2
47.0
150.9
178.4
204.0
225.6
250.3
270.0
288.2
159.8
188.6
209.7
235.0
255.8
271.5
279.0
13.6
13.2
8.5
9.2
12.4
18.4
19.3
15.8
12.4
5.6
7.8
13.4
18.1
20.5
150.0
213.7
266.9
282.3
298.9
310.4
328.4
146.1
248.5
266.9
291.4
293.9
322.0
316.1
159.2
196.7
234.2
222.6
244.7
258.7
282.8
150.7
223.4
224.6
228.4
244.1
269.9
263.7
2,816.4
2,874.0
2,933.2
2,995.3
44.7
43.4
30.9
26.0
279.2
285.3
290.7
297.7
20.5
19.1
19.7
18.1
316.2
326.5
330.0
340.9
266.8
278.5
284.6
301.3
286.2
305.9
313.9
320.6
56.9
300.9
Inventory
valuation
adjustment
169.6
207.6
240.0
224.3
236.4
276.7
306.6
164.1
231.5
226.2
235.0
252.1
289.4
281.9
3,060.3
:
2,518.4
2,719.5
3,028.6
3,234.0
3,437.1
3,678.7
3,968.4
2,548.2
2,851.5
3,096.1
3,312.8
3,496.6
3,708.0
3,802.0
3,850.8
3,928.8
4,000.7
4,093.4
IV
IV
IV
IV
IV
TTT
IV
1988- I
H
13.3
1989- I "
1
Nonfarm
Rental
income o[
persons
with
capital
consumption
adjustment
Includes employer contributions for social insurance. (See also p. 5.)
Capital
consumption
adjustment
-10.4
109
-5.8
17
8.3
180
-23.8
134
81
Net
interest
-8.1
19 5
-18.2
17.0
32.7
59.7
54.2
51.7
45.6
-4.5
25.1
42.3
63.0
49.8
52.1
52.4
272.3
281.0
304.8
319.0
331.9
353.6
391.5
266.9
290.2
313.1
322.7
329.3
358.3
369.5
-19.4
27 4
-29.3
19 2
49.4
48.0
45.4
39.6
373.9
380.6
396.2
415.4
-33.6
33.3
435.5
-1.6
66
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Durable goods
Nondurable goods
Total
personal
consumption
expenditures
Total
durable
goods
2,050.7
2,234.5
2,430.5
2,629.0
2,807.5
3,012.1
3,227.5
2,117.0
2,315.8
2,493.4
2,700.4
2,876.0
3,058.2
3,076.3
252.7
289.1
335.5
372.2
406.5
421.9
451.1
263.8
310.0
346.7
373.2
421.8
441.4
422.0
108.9
130.4
157.4
179.1
196.4
195.8
208.6
115.7
144.4
162.3
173.8
201.0
212.9
194.0
95.7
107.1
118.8
129.9
140.0
148.3
159.0
99.1
112.4
122.7
134.7
143.3
150.2
149.4
771.0
48.1
816.7
51.6
59.3
867,3
63.2
911.2
70.1
943.6
77.8
997.9
83.6 1,046.9
786.6
49.0
837.9
53.2
61.8
879.6
64.7
932.7
954.1
77.5
78.3 1,006.6
78.6 1,012.4
TJI
IV
3,128.1
3,194.6
3,261.2
3,326.4
437.8
449.8
452.9
464.0
202.2
208.7
210.2
213.2
154.7
159.5
159.5
162.3
81.0
81.5
83.2
88.5
1989- Ip
3,380.4
461.5
208.2
167.8
85.5
Period
1982
1983
1984
1985
1986
1987
1988
198219831984198519861987-
.
IV
IV
IV
IV
IV
TTT
IV
1988- I
n
Source: Department of Commerce, Bureau of Economic Analysis.
Motor
vehicles
and
parts
Furniture
and
household
equipment
Other
Total
nondurable
goods
Services
Retail sales of
new passenger
cars (millions of
units)
Clothing and
shoes
Gasoline
and oil
398.8
421.9
448.5
471.6
501.0
526.4
551.5
407.0
430.8
456.1
482.5
512.6
528.4
530.9
124.4
135.1
146.7
156.4
167.0
178.2
186.4
126.5
141.1
149.8
160.6
169.4
180.4
181.2
89.1
90.2
90.0
90.6
73.3
77.0
78.8
89.8
91.9
89.0
91.0
66.3
79.3
79.3
158.7
169.5
182.1
192.6
202.2
216.3
230.2
163.4
174.0
184.7
198.5
205.8
218.5
220.9
1,027.0
1,128.7
1,227.6
1,345.6
1,457.3
1,592.3
1,729.6
1,066.5
1,167.9
1,267.1
1,394.5
1,500.1
1,610.2
1,641.9
5.8
6.8
8.0
8.2
8.2
7.1
7.5
6.0
7.4
7.7
7.0
7.7
8.0
6.6
2.2
2.4
2.4
2.8
3.2
3.2
3.1
2.5
2.6
2.6
3.1
3.4
3.5
3.3
1,016.2
1,036.6
1,060.8
1,073.9
535.9
546.3
558.9
564.9
180.5
183.2
188.4
193.6
76.3
78.8
80.5
79.5
223.5
228.2
233.0
235.9
1,674.1
1,708.2
1,747.5
1,788.5
7.6
7.5
7.6
7.5
3.2
3.1
3.1
3.0
1,093.7
579.4
193.3
78.3
242.7
1,825.3
6.9
2.9
Food
Other
Domestics
Imports
SOURCES OF PERSONAL INCOME
Personal income rose $34.1 billion (annual rate) in March, following an increase of $43.7 billion in February. The
increases were affected by several special factors: Profit-sharing payments to employees in the motor vehicle
industry and a large increase in retroactive social security benefits affected the March increase; subsidy payments
to farm proprietors affected both the March and February increases. Excluding these special factors, personal
income increased $27.9 billion in March and $31.4 billion in February.
5,000
BILLIONS OF DOLLARS*(RATIO SCALE)
5,000
4,000
4,000
3,000
3,000
2,000
2,000
BILLIONS OF DOLLARS*(RATIO SCALE)
WAGE AND SALARY DISBURSEMENTS
1,400
1,400
OTHER INCOME
800
800
"
\
TRANSFER
PAYMENTS
400
1981
1982
1983
1985
1984
400
1986
1987
1988
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
personal
income
1980
2
2
2
2
1981
1982
1983
1984 .
1985
1986
1987
1988
1988: Mar
Apr
J
May
T
June
July
Aus:
Sept
Oct.
Nov
Dec
1989: Jan '.
Feb r
Mar"
1
. ...
Wage and
salary
disbursements l
258 4
5209
670 8
8386
1 372 0
3 108 7
3 325 3
3 531 1
3 7800
4062 1
3 985 9
4001 0
4021 4
40449
4075 3
4091 8
4 114 7
4 175 5
4,165.2
4 2008
4,271.9
4 315 6
4 349 7
1 8386
1 510 3
1 586 1
1 676 6
1 975 4
2 094 0
2 248 4
2 436 9
2 374 7
2 394 0
Proprietor, ' income 3
Other labor
income * 2
138 4
150 3
163 6
173 6
182 9
187 6
196 1
207 9
218 3
2 427 5
2 451 9
2 459 1
215 2
215 8
2164
217 4
218 5
219 5
2 4750
2205
2 506 9
2 514 1
2 529 5
221 5
222 5
223 5
224 5
24084
2559 2
2 570 8
2 591 8
2254
226 4
Farm
20 5
30 7
24 6
160 1
156 1
150 9
12 4
30 5
30 2
36 4
43 0
36 3
178 4
204 0
225 6
250 3
270 0
288 2
279 9
283 3
285 2
287 5
289 4
56 8
44 8
45 2
40 3
34 1
31 4
27 2
41 5
13 5
23 1
47 0
64 4
59 2
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.
4
With capital consumption adjustment.
Nonfarm
2902
292 6
296 1
297 5
299 5
300 7
301 2
3009
Less:
income of
persons 4
66
13 3
13 6
13 2
85
92
12 4
18 4
19 3
20 2
19 3
18 9
19 0
19 3
19 7
200
190
180
17 2
15 3
12 8
11 9
dividend
income
interest
income
52 9
61 3
271 9
335 4
63 9
68 7
75 5
78 7
82 8
88 6
96 3
94 0
94 7
95 0
95 4
96 3
97 5
98 0
98 9
99 4
99 8
369 7
393 1
444 7
478 0
499 1
527 0
575 9
554 1
558 8
563 7
568 7
574 9
581 8
589 1
596 4
603 7
611 1
101 2
102 1
103 0
6209
632 9
645 0
pay-
ments 5
324 7
368 1
410 6
442 6
456 6
489 8
521 1
548 8
586 0
contributions
for social
insurance
88 6
104 5
112 3
120 1
582 2
582 8
582 0
583 6
587 0
589 2
589 7
594 7
132 7
149 3
161 1
172 0
195 1
191 2
192 4
193 4
194 6
196 2
196 5
197 4
199 5
5965
2000
597 9
612 4
615 9
622 6
200 9
5
2094
210 0
211 2
personal
income 6
2 215 8
2 465 6
2 618 7
2 799 0
3 052 1
3 271 3
3 472 5
3 716 0
4 004 8
3 908 7
3 935 4
3 955 1
3 983 3
4020 2
4039 3
4066 3
4 112 8
4 1304
4 156 4
4 203 5
4 229 8
4 269 0
Consists mainly of social insurance benefits, direct relief, and veterans payments.
6
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income rose again in the first quarter of 1989.
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
,800
1,800
DOLLARS * (RATIO SCALE)
1 6,000
DOLLARS* (RATIO SCALE)
16^000
PER CAPITA DISPOSABLE PERSONAL INCOME
14,000
14,000
CURRENT DOLLARS
3 -'
12,000
12,000
10,000
10,000
1982 DOLLARS
8,000
8,000
I
6,000
1981
I I
1982
I
I
I I
1984
1983
1985
I
I
1987
1986
I
1988
6,000
1989
COUNCIL OF ECONOMIC ADVISERS
• SEASONALLY ADJUSTED ANNUAL RATES
SOURCE; DEPARTMENT OF COMMERCE
Persona!
income
Less:
Personal
nontax
payments
F
Disposable
personal
income
Less:
Equals:
outlays l
saving
Per capita
disposable personal
income
Disposable
personal
1982
dollars
(billions)
Current
dollars
Billions of dollars
1980
1981
1982.
1983
1984
1985
1986
1987
1988
2 2584
2,520.9
26708
2,838.6
3 108 7
3 3253
3 531 1
3 7800
4 062 1
3405
393 3
409 3
410 5
440 2
486 6
511 4
5703
590 3
1 917 9
2 127 6
2 261 4
2 428 1
2 668 6
2 838 7
3 019 6
3 209 7
3 471 8
1982
dollars
Per capita personal
consumption
expenditures
Percent
change in
real per
Saving as
percent of
1982
dollars
disposable
personal
income
personal
income
Current
dollars
3105 5
3 327 5
136 8
1594
153 9
1306
164 1
1254
121 7
104 2
144 3
8 421
9 243
9 724
10 340
11 257
11 g6i
12 496
13 157
14 103
2 214 3
2 248 6
2 261 5
2 331 9
2 469 8
2 542 8
2 640 9
2 686 3
2 788 3
abroad
(thousands) 2
Percent
Dollars
1 781 1
1 968 1
2 107 5
2 297 4
2 504 5
2 713 3
2 8980
Population,
including
Armed
9 722
9 769
9 724
9 930
10 419
10 625
10 929
11 012
11 326
7 607
8 320
8 818
9 515
10 253
10985
11 618
12 348
13 110
8 794
8 818
9 139
9 489
9 839
10 160
10 334
10530
1i
5
5
21
49
20
29
8
29
68
54
61
44
40
32
42
227 754
230 182
232 549
234 829
237 051
239 322
241 650
243 944
246 179
8 783
71
75
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
IV
IV
IV
IV
IV
2,729.2
2,941.8
3,188.3
3,399.1
3,599.6
411.1
413.9
459.7
499.6
534.9
2,318.1
2,527.9
2,728.6
2,899.5
3,064.7
2,174.9
2,382.5
2,571.3
2,787.7
2,967.9
143.1
USA
157.3
111.7
96.8
2,276.1
2,392.7
2,496.3
2,562.8
2,649.4
9,929
10,725
11,467
12,068
12,635
9,749
10,151
10,491
10,667
10,923
9,068
9,825
10,479
11,240
11,857
8,904
9,299
9,587
9,935
10,250
1.2
9.1
1.7
3.3
-.2
6.2
5.8
5.8
3.9
3.2
233,466
235,707
237,946
240,257
242,557
1987:
HI....
IV
3,801.0
3,906.8
576.2
591.0
3,224.9
3,315.8
3,152.3
3,171.8
72.6
144.0
2,683.9
2,728.9
13,204
13,543
10,989
11,145
12,521
12,564
10,421
10,340
3.7
5.8
2.3
4.3
244,236
244,845
1988: I
II
III....
IV
3,951.4
4,022.4
4,094.0
4,180.5
575.8
601.0
586.5
598.0
3,375.6
3,421.5
3,507.5
3,582.5
3,225.7
3,293.6
3,361.8
3,428.7
149.9
127.8
145.7
153.8
2,762.3
2,762.2
2,800.4
2,828.4
13,760
13,919
14,231
14,497
11,260
11,237
11,362
11,445
12,751
12,996
13,232
13,461
10,435
10,492
10,564
10,627
4.2
-.8
4.5
3.0
4.4
3.7
4.2
4.3
245,318
245,806
246,469
247,123
1989: I"
4,312.4
616.0
3,696.4
3,484.5
211.9
2,881.1
14,925
11,633
13,649
10,639
6.7
5.7
247,663
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
2
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the fourth quarter of 1988, according to current estimates, gross farm income fell $16.4 billion (annual rate) and
net farm income fell $18.4 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
240
200
—^
s
.—.
~-
^^
^__
_
240
200
_^^^
—"
'
>=.-
160
--/
80
60
60
' ^
40
, •
" /
1
20
.
/^ *•- ~\
v
;
\
\
'
\
>
i\
r
v
/
/\
\
/
I
1
/
1
\ I
\t
/
^
"•'"
40
\
\
Mb T FARM INCOMt
\
/
1
20
i
n /
i
i\ i
i ' v
\ •'
'
\'
u
• ;
t ;
\ ;
\
i i•
\
10
.-'- %
/v-'
/ ••
••*.
10
\i
u
1 1 [
2
1980
i i i
1
1
1
1
1982
1981
1 1
1983
1
1
1
1984
1
1
1985
1
1
1
1
1986
' SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
1
1
1987
1
1
1
1
2
1988
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gross farm income
Period
Total '
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1986- I
II
m
IV
1987- I
n
m
IV
1988- I
II
in
rv
Net farm income
Cash marketing receipts
149.3
166.4
163.5
153.0
174.9
166.2
159.8
169.8
173.1
150.4
168.0
158.1
162.6
173.6
162.5
168.9
173.7
166.5
181.8
180.3
163.9
Livestock and
products
Crops
Value of
inventory
changes 2
Production
expenses
Current
dollars
1982 dollars 3
139.7
141.7
142.6
136.6
142.4
144.0
135.1
138.1
151.7
68.0
69.2
70.3
69.4
73.0
69.8
71.5
76.2
80.2
71.7
72.5
72.3
67.1
69.5
74.2
63.6
61.9
71.5
—6 3
6.5
-1.4
-10.9
6.3
-2.4
— 2.8
-.6
-8.0
133.1
139.4
140.0
140.4
142.7
134.0
122.3
123.5
132.1
16.1
26.9
23.5
12.7
32.2
32.3
37.5
46.3
41.0
18.8
28.6
23.5
12.2
29.9
29.1
32.9
39.3
33.8
134.9
129.9
137.8
137.7
68.0
67.8
77.3
73.0
66.9
62.1
60.5
64.7
-3.8
-3.3
-2.3
-1.9
125.4
122.2
121.1
120.7
25.0
45.9
37.0
41.9
22.2
40.4
32.3
36.3
134.9
134.4
146.5
136.6
142.6
156.7
170.7
136.8
73.3
77.0
79.6
75.1
78.3
76.7
85.1
80.7
61.6
57.4
66.9
61.5
64.3
80.0
85.6
56.1
— .3
.1
-.4
-1.9
— 7.2
-8.0
-8.6
-8.2
120.3
124.1
125.0
124.6
126.1
129.1
135.6
137.7
53.4
38.4
43.9
49.0
45.9
32.8
37.2
41.2
40.4
52.7
44.6
26.2
33.9
43.6
36.5
21.1
CORPORATE PROFITS
In the fourth quarter of 1988, according to revised estimates, corporate profits before tax rose $6.7 billion (annual
rate) and after-tax profits rose $5.4 billion.
BILLIONS OF DOLLARS
360
BILLIONS OF DOLLARS
360
SEASONALLY ADJUSTED ANNUAL RATES
320
320
/^
280
280
/
/
240i
200
^
PROFITS BEFORE TAX
""
~"\
200
^
^.f**
/
\
120
240
r ^
^
\
/
3
/-
160
.---.^
s
s
PR OFITS AFTER T/\X.
\, >
_
,
*•""*""
160
__**
. — — ^**..—
-*—
*-**
*""*
120
s
\
_//-^
80
\
\uir'*%
\
\
s
s
•.
--"'<''
-"
80
\..*"\
J**
\
40,
-";
UNDISTRIBUTED PRO ITS
0
1
1
1
1
1
1
1982
1981
[
1 1
1983
1 1 1
1
1
1
1
1
1986
1985
1984
I
1
1
\
1
\ \
1988
1987
SOURCE: DEPARTMENT OF COMMERCE
1
1
1
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (Wore tax) with inventory valuation adjustment i
Profits after tax
Domestic industries
Profits
before tax
Nonfinancial
Period
Total
2
Total
Financial
Total 3
Manufacturing
Tax
liability
Wholesale and
retail
trade
Total
Dividends
Undistributed
profits
Inventory
valuation
adjustment
194.0
202.3
159.2
196.7
234.2
222.6
244.7
258.7
282.8
1980
1981
1982
1983
1984
1985
1986
1987
1988 r
159.6
173.8
131.2
166.6
203.3
191.4
212.8
222.3
245.7
21.0
16.5
11.8
18.1
13.0
22.8
31.8
30.1
30.5
138.6
157.3
119.4
148.5
190.3
168.6
180.9
192.1
215.1
77.1
88.5
58.0
70.1
88.8
79.7
79.4
96.8
114.1
21.6
32.5
34.6
38.9
51.2
44.1
46.1
42.8
39.7
237.1
226.5
169.6
207.6
240.0
224.3
236.4
276.7
306.6
84.8
81.1
63.1
77.2
93.9
96.4
106.6
133.8
142.7
152.3
145.4
106.5
130.4
146.1
127.8
129.8
142.9
163.9
54.7
63.6
66.9
71.5
79.0
83.3
88.2
95.5
104.5
97.6
81.8
39.6
58.9
67.0
44.6
41.6
47.4
59.4
-43.1
-24.2
-10.4
-10.9
-5.8
-1.7
8.3
-18.0
-23.8
19821983:
1984:
1985:
1986:
IV
IV
IV .
IV
IV
150.7
223.4
224.6
228.4
244.1
121.6
190.7
193.9
193.6
211.9
18.7
15.5
13.6
26.0
28.9
102.9
175.2
180.3
167.6
183.0
46.8
88.6
79.8
83.8
87.7
33.6
43.1
51.8
38.5
42.5
164.1
231.5
226.1
235.0
252.1
59.8
88.1
87.0
99.8
114.3
104.3
143.4
139.2
135.2
137.9
68.5
73.9
80.8
84.0
89.8
35.8
69.5
58.4
51.2
48.1
-13.4
-8.1
-1.6
-6.6
-8.1
1987:
III
IV
269.9
263.7
234.6
222.2
29.5
28.8
205.1
193.4
107.0
101.7
44.1
43.0
289.4
281.9
140.0
136.2
149.5
145.7
97.0
99.3
52.4
46.4
-19.5
-18.2
1988: I .
266.8
278.5
284.6
301.3
236.6
243.1
243.8
259.2
27.6
30.0
32.7
31.8
209.0
213.1
211.1
227.4
110.6
114.5
111.4
120.1
43.9
37.0
36.6
41.3
286.2
305.9
313.9
320.6
136.9
143.2
144.8
146.1
149.4
162.7
169.1
174.5
101.3
103.1
105.7
108.0
48.1
59.6
63.4
66.4
-19.4
-27.4
-29.3
-19.2
n
m
IV
1989- I p
1
2
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
111.1
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
-33.6
GROSS PRIVATE DOMESTIC INVESTMENT
According to advance estimates for the first quarter of 1989, nonresidential fixed investment rose $15.9 billion
(annual rate) and residential investment rose $1.1 billion. There was a $61.8 billion increase in inventories,
following an increase of $34.7 billion in the fourth quarter of 1988.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
900
900
SEASONALLY ADJUSTED ANNUAL RATES
800
800
/~ —
—/
GROSS PRIVATE DOMESTIC
INVESTMENT
700
f
.
—*~
\
'
—
700
>X
-
"*"-—'
I
600
600
-
MONRESIDENT IAL
500
~^\
/
r~N~
"—
f IXED INVESTM FNT
500
-*"
—
/
400
--~~
400
-
300
300
RESIDENT IAL
FIXED INVES 'MENT
-
-
\
200
200
.'
-
— •— .
r HANGE IN BUS IK|F<;<;
INVENTOR IE S
100
-
'
1
inn
1
1
1981
1
1982
1
I
1 ( 1
[
1
f
1985
%
-
~~ -
"~,\.
1984
1983
100
/*"
~-xs
/
\.
0
^
0
1
I 1
f
1
1
1987
1986
1
1
1
1988
1
1
1
-100
1989
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMEN OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Period
Gross
private
domestic
investment
1980
1981
1982
1983
1984
1985
1986
1987
1988
19821983:
1984:
1985:
1986:
1987:
437.0
515.5
447.3
502.3
664.8
643.1
665.9
712.9
766.5
1989:
409.6
579.8
661.8
654.1
656.4
HI
IV.
702.8
764.9
I
IV.
1988:
IV
IV
IV
IV
IV
n..
m
763.4
758.1
772.5
772.0
1"
815.9
Source: Department of Commerce, Bureau of Economic Analysis.
Nonresidential
Total
Total
445.3
491.5
471.8
509.4
597.1
631.8
650.4
673.7
718.1
469.5
548.8
616.8
646.8
658.4
688.3
692.9
698.1
714.4
722.8
737.2
754.2
322.8
369.2
366.7
356.9
416.0
442.9
433.9
446.8
488.4
354.9
383.9
435.0
451.3
434.1
462.1
464.1
471.5
487.8
493.7
500.6
516.5
Structures
113.9
138.5
143.3
124.0
141.1
153.2
138.5
139.5
142.8
137.6
127.4
146.6
155.9
134.6
143.0
147.7
140.1
142.3
143.8
145.0
149.4
Producers'
durable
equipment
208.9
230.7
223.4
232.8
274.9
289.7
295.4
307.3
345.6
217.3
256.5
288.4
295.5
299.4
319.1
316.3
331.3
345.5
349.9
355.6
367.0
Residential
122.5
122.3
105.1
152.5
181.1
188.8
216.6
226.9
229.7
114.7
164.9
181.8
195.5
224.4
226.2
228.8
226.6
226.5
229.1
236.6
237.7
Total
-8.3
24.0
-24.5
-7.1
67.7
11.3
15.5
39.2
48.4
59 9
31.0
45.0
7.2
20
14.5
72.0
65.3
43.7
49.7
34.7
61.8
Nonfarm
24
18.3
-23.1
.4
60.5
14.6
17.4
40.7
42.2
-51.1
21.3
41.3
23.7
3.0
17.8
72.8
49.4
33.1
41.9
44.6
43.3
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department January-March survey, business spending for new plant and equipment is
expected to rise 9.1 percent in 1989, following a rise of 10.3 percent in 1988.
BILLIONS OF DOLLARS (RATIO SCALE)
500
BILLIONS OF DOLLARS (RATIO SCALE)
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
300
300
200
200
NONMANUFACTU ING
MANUFACTURING
100
100
80
80
601
60
40
40
I
1981
I I
I
JA.SURVEYED QUARTERLY
_£/'SEE FOOTNOTE 4 BELOW
SOURCE, DEPARTMENT OF COMMERCE
I
I
I I
I
1985
1984
1983
1982
1986
I I
1987
1988
1989
' SECOND HALF
COUNCIL OF ECONOMIC ADVSSERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanufacturing
Manufacturing
Period
1980
1981
1982
1983
1984
1985...
1986
1987
1988 '
1989"
Total
Durable
goods
Nondurable
goods
Total 1
Transportation
Mining
Public
utilities
Commercial
and
other
Total
nonfarm
business 2
314.47
349.26
347.47
343.35
398.99
431.94
427.23
440.66
482.40
525.79
Nonmanufacturing
Manufacturing
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
165.70
178.66
Total
202.15
222.72
226.79
227.15
260.16
278.46
284.54
294.77
316.70
347.12
Surveyed
quarterly
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
263.97
290.12
282.80
315.22
310.58
304.78
354.44
387.13
379.47
389.67
429.67
468.78
I
II
in.
IV '.
1989- I 4
4
n ..
2nd half
4
55.36
59.81
55.35
53.08
66.24
73.27
69.14
71.01
78.12
82.65
56.96
66.73
65.33
63.12
72.58
80.21
73.56
74.88
87.58
96.01
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
263.97
290.12
15.99
21.39
20.05
15.19
16.86
15.88
11.22
11.39
12.67
11.79
16.60
15.84
14.79
13.97
16.52
18.02
18.80
18.85
21.35
25.17
37.74
41.21
45.43
44.96
47.48
48.81
46.38
44.88
46.51
49.56
100.14
110.24
109.63
114.45
134.75
150.94
160.38
168.65
183.44
203.60
148.20
152.21
71.96
72.28
76.24
79.92
246.34
254.61
11.81
12.32
19.19
19.34
45.29
46.38
170.05
176.56
148 20
152.21
158.60
161.69
168.91
173.61
75.70
76.87
79.48
80.42
82.90
84.82
89.43
93.18
253.43
265.25
267.10
270.11
12.59
13.26
12.47
12.35
20.43
20.72
22.17
22.10
44.61
45.43
46.70
49.27
175.79
185.83
185.76
186.38
158.60
161.69
168.91
173.61
179.88
177.33
178.72
83.12
81.54
82.98
96.77
95.79
95.74
285.63
294.03
290.41
11.89
12.16
11.55
25.43
25.86
24.70
49.61
50.58
49.03
198.70
205.44
205.14
179.88
177.33
178 72
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
57.01
285.63
294.03
29041
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
Iy3
253.43
265.25
267.10
270.11
465.51
471.35
469.13
Surveyed
annual-
24634
254.61
412.02
426.94
436.01
443.71
IV
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
165.70
178.66
394.54
406.82
1H87- TTT
1988:
All
industries
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 Januray-March 1989, corrected for
biases.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In March, civilian employment rose 283,000 and unemployment fell 200,000.
MILLKDNS OF PERSONS*
124
MILLIONS OF PERSC3NS*
124
SEASONALLY ADJUSTED
120
^
1
120
"~~"^
r\\LILIAN LABOR F ORPF
116
-^-—"
,...
__^—-
116
• - . '*'*"""'
..
~-~*~
112
^^-x-^—
108
'
f^^
112
..•••'"'
r^-f-"
108
s—"
^--T" '
104
s"-'"
100
104
CIVILIAN "
EMPLOYMENT
y
100
~-+~~
96
96
^v
^-*
\
^
^
•>*.
-
12
12
^^
8
'
^
4
0
8
.—
\
u ^EMPLOYMEN •
iiinliiiii
1 1 11 1 i 1 1 1M 1 1 1 11 i 1 11 11
1 1 1 1 1 1 ! 1 1 11
1 1 11 1 1 1 1 111
1 1 11111 1 1! 1
1984
1985
1 111111111 1
1986
1983
1982
1981
4
1987
1 1 1 1 1 1 1 1 1 11
him
0
1989
1988
*16 YEARS OF AGE A ND OVER
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMEN T OF LABOR
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
Noninstitutional
population
including
resident
Armed
Forces
NSA
1980
1981
1982
1983
1984
1985
1986*
1987
1988
1988:
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1989:
Jan
Feb
Mar
Civilian employment
Resident
Armed
Forces
NSA
Labor force
including
resident
Armed
Forces
Employment
including
resident
Armed
Forces
Civilian
labor force
Agricultural
Total
Total
Part time
for
economic
reasons l
95,938
97,030
96,125
97,450
101,685
103,971
106,434
109,232
111,800
4,064
4,499
99,526
100,834
105,005
107,150
109,597
112,440
114,968
3,364
3,368
3,401
3,383
3,321
3,179
3,163
3,208
3,169
120,936
121,328
121,203
121,524
121,658
122,000
121,984
122,091
122,510
122,563
114,129
114,660
114,403
115,001
115,034
115,203
115,370
115,573
115,947
116,009
3,181
3,187
3,110
3,121
3,060
3,142
3,176
3,238
3,238
3,193
123,428
123,181
123,264
116,711
116,853
117,136
108,544
173,939
175,891
178,080
179,912
182,293
184,490
186,322
1,604
1,645
1,668
1,676
1,697
1,706
1,706
1,737
1,709
110,315
111,872
113,226
115,241
117,167
119,540
121,602
123,378
100,907
102,042
101,194
102,510
106,702
108,856
111,303
114,177
116,677
111,550
113,544
115,461
117,834
119,865
121,669
185,847
185,964
186,088
186,247
186,402
186,522
186,666
186,801
186,949
187,098
1,736
1,732
1,714
1,685
1,673
1,692
1,704
1,687
1,705
1,696
122,672
123,060
122,917
123,209
123,331
123,692
123,688
123,778
124,215
124,259
115,865
116,392
116,117
116,686
116,707
116,895
117,074
117,260
117,652
117,705
187,340
187,461
187,581
1,696
1,684
1,684
125,124
124,865
124,948
118,407
118,537
118,820
169,349
171,775
Unemployment
Nonagricultural
106,940
108,670
110,204
99,303
100,397
Total
15
weeks
and
over
5,852
5,997
5,512
5,334
5,345
5,122
4,965
7,637
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
3,485
4,210
2,737
2,305
2,232
1,983
1,610
110,948
111,473
111,293
111,880
111,974
112,061
112,194
112,335
112,709
112,816
5,087
4,953
4,676
5,073
5,102
4,972
4,862
4,727
4,819
5,033
6,807
6,668
6,800
6,523
6,624
6,797
6,614
6,518
6,563
6,554
3,300 113,411
3,223 113,630
3,206 113,930
4,837
4,697
4,709
6,716
6,328
6,128
Civilian
Labor
force
participation
rate
(percent) 2
Employment/
population
ratio
(percent) 2
65.3
65.6
65.9
59.2
59.0
57.8
57.9
59.5
60.1
60.7
61.5
62.3
1,693
1,582
1,614
1,543
1,619
1,636
1,568
1,554
1,502
1,495
65.7
65.9
65.7
65.8
65.9
66.0
66.0
66.0
66.1
66.1
62.0
62.2
62.0
62.3
62.3
62.3
62.4
62.4
62.6
62.6
1,512
1,304
1,310
66.5
66.3
66.3
62.9
62.9
63.0
1,871
2,285
63.8
63.9
64.0
64.0
64.4
64.8
* Data beginning January 1986 not strictly comparable with earlier data because of change in
estimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In March, the overall unemployment rate fell to 4.9 percent and the civilian unemployment rate fell to 5.0 percent.
Both rates were 5.1 percent in February.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
15
10
1989
1985
•UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED..
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
Unemployment
rate,
all
workers l
7.0
7.5
1980
1981
1982
1983
1984
By race
By sex and age
All
civilian
workers
7.1
7.6
9.7
9.6
7.5
7.2
Men
20 years
and over
5.9
6.3
Women
20 years
and
over
Both
sexes
16-19
years
White
By selected groups
Black
and
other
Black
Experienced
wage and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
8.1
6.8
6.6
6.2
5.4
4.9
19.6
23.2
22.4
18.9
18.6
18.3
16.9
15.3
6.3
6.7
8.6
8.4
6.5
6.2
6.0
5.3
4.7
13.1
14.2
17.3
17.8
14.4
13.7
13.1
11.6
10.4
14.3
15.6
18.9
19.5
15.9
15.1
14.5
13.0
11.7
6.9
7.3
9.3
9.2
7.1
6.8
6.6
5.8
5.2
4.2
4.3
6.5
6.5
4.6
4.3
4.4
3.9
9.2
10.4
11.7
12.2
10.3
10.4
9.8
9.2
3.3
6.4
6.8
8.3
17.8
Fulltime
workers
Parttime
workers
6.9
7.3
9.6
9.5
8.8
9.4
8.1
7.2
6.8
6.6
5.8
5.2
10.5
10.4
9.3
9.3
9.1
8.4
7.6
Labor
force
time lost
(percent) 2
7.9
8.5
11.0
10.9
8.6
7.0
6.2
5.5
8.8
8.9
6.6
6.2
6.1
5.4
4.8
July
Aug
Sept
Oct
Nov
Dec
5.5
5.4
5.5
5.3
5.4
5.5
5.3
5.3
5.3
5.3
5.6
5.5
5.6
5.4
5.4
5.6
5.4
5.3
5.4
5.3
4.9
4.7
4.9
4.6
4.5
4.9
4.6
4.6
4.8
4.7
4.9
4.9
4.9
4.9
5.0
4.8
4.8
4.7
4.7
4.7
16.4
15.8
15.6
14.1
15.1
15.4
15.5
15.0
14.1
14.8
4.7
4.6
4.7
4.6
4.7
4.9
4.7
4.6
4.6
4.6
11.3
10.6
10.9
10.3
10.1
10.0
9.5
9.8
10.0
10.0
12.5
12.0
12.1
11.7
11.5
11.4
10.9
11.2
11.2
11.6
5.3
5.1
5.3
5.1
5.1
5.3
5.1
5.0
5.1
5.0
3.4
3.1
3.3
3.2
3.1
3.4
3.1
3.1
3.3
3.1
7.5
8.5
8.4
7.9
8.5
7.5
8.1
7.9
7.7
8.2
5.3
5.1
5.2
5.0
5.0
5.3
5.1
5.0
5.0
5.1
7.8
7.5
7.7
7.7
8.0
7.4
7.4
7.4
7.1
7.0
6.5
6.2
6.4
6.3
6.4
6.4
6.3
6.1
6.2
6.3
Jan
Feb
Mar
5.4
5.1
4.9
5.4
5.1
5.0
4.6
4.5
4.2
4.7
4.5
4.6
16.4
14.8
13.7
4.6
4.3
4.2
10.6
10.6
9.8
12.0
11.9
10.9
5.2
4.8
4.7
3.1
3.1
2.9
8.0
8.0
7.9
5.0
4.8
4.8
7.9
7.3
6.2
6.2
5.9
5.8
9.5
9.5
7.4
7.1
6.9
6.1
5.4
1985
1986
1987
1988
1988:
Mar
Apr
May
June....
1989:
1
Unemployed as percent of total labor force including resident Armed Forces.
A-ggregat"e nours 'ost hy ^e unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
2
12
Source: Department of Labor, Bureau of Labor Statistics.
8.1
7.9
7.1
6.3
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In March, the percentage of the unemployed who had been out of work for less than 5 weeks fell, while the
percentages for 5-14 weeks, for 15-26 weeks, and for 27 weeks and over rose. Both the mean and the median
duration of unemployment rose.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION*
70
70
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
60
—
50
JOB LOSERS!
40
40
-
30
20
REENTRANTS
30
20
JOB LEAVERS
\
10 —
-
10
NEW ENTRANTS
0
iiii ill n ii
1985
1989
1986
1987
1988
1989
•SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Reason for unemployment:
percent distribution
Number of
weeks
Less
than
5
weeks
5-14
weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
7,637
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
43.1
41.7
36.4
33.3
39.2
42.1
41.9
43.7
46.0
32.3
30.7
31.0
27.4
28.7
30.2
31.0
29.6
30.0
13.8
13.6
16.0
15.4
12.9
12.3
12.7
12.7
12.0
10.7
14.0
16.6
23.9
19.1
15.4
14.4
14.0
12.1
11.9
13.7
15.6
20.0
18.2
15.6
15.0
14.5
13.5
6.5
6.9
8.7
10.1
7.9
6.8
6.9
6.5
5.9
51.7
51.6
58.7
58.4
51.8
49.8
48.9
48.0
46.1
Dec
6,807
6,668
6,800
6,523
6,624
6,797
6,614
6,518
6,563
6,554
44.9
46.6
45.5
47.3
44.9
46.8
47.4
47.4
47.6
46.2
30.2
29.6
30.6
29.2
30.7
29.0
28.8
28.5
29.5
31.1
12.5
11.4
11.7
11.4
12.4
12.3
11.8
12.2
12.0
11.5
12.4
12.4
12.2
12.1
11.9
11.9
12.1
11.9
10.9
11.2
13.8
13.5
13.8
13.2
13.5
13.5
13.5
13.4
12.6
12.8
6.4
5.8
5.9
5.9
6.2
5.9
5.7
5.7
5.6
5.8
Feb
Mar
6,716
6,328
6,128
47.0
50.6
49.4
30.7
29.1
29.4
11.2
10.4
10.5
11.1
10.0
10.7
12.7
12.1
12.4
5.7
5.3
5.4
Job
leavers
State
programs
Insured
unemployment
Insured
unemployment,
all
regular
programs
(unadjusted) 1
Reentrants
New
entrants
11.7
11.2
7.9
7.7
9.6
10.6
12.3
13.0
14.7
25.2
25.4
22.3
22.5
25.6
27.1
26.2
26.6
27.0
11.4
11.9
11.1
11.3
13.0
12.5
12.5
12.4
12.2
3,350
3,047
4,061
3,396
2,476
2,611
2,650
2,332
2,056
488
460
583
438
377
396
378
328
306
3,837
3,410
4,594
3,775
2,561
2,693
2,746
2,401
2,111
45.7
44.7
47.4
46.7
46.1
46.2
46.7
45.9
46.2
46.5
15.5
14.8
13.9
14.5
13.8
14.6
14.9
15.3
14.7
15.1
26.1
27.2
26.7
26.6
28.1
27.3
26.8
27.2
26.9
26.2
12.7
13.3
12.0
12.2
11.9
11.9
11.5
11.6
12.2
12.1
2,114
2,087
2,051
2,050
2,082
2,069
2,025
1,972
1,989
2,032
308
305
311
304
327
305
293
296
301
309
2,536
2,208
1,949
1,877
2,044
1,905
1,722
1,667
1,856
'2,201
46.4
45.2
46.0
14.7
15.5
14.4
27.3
27.3
28.1
11.6
12.0
11.6
2,061
2,105
2,143
293
309
323
'2,685
2,689
Job
losers
Initial
claims
Weekly average, thousands
1980
1981
1982
1983
1984
1985
1986
1987
1988
1988- Mar
May
July
Sept
Oct
Nov
1
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 Employrr
tration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 180,000 in March.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
26
^
SERVICES
v---
100
ALL NONAGRICULTURAL
ESTABLISHMENTS
24
—
90
'"'"""
-
—
"•"'"
22
—
80
-
20
RETAIL TRAD :
—
SERVICE-PRODUCING
INDUSTRIES
70
18
^—-
60
7
— --—
( 3OVERNMEN T
•
,
\
—-1
18
40
„,,,!,,,,, 1 1 1 1 1 1 1 1 1 1 1
{I 1 1 1 I 1 I I I I t
GOODS-PRODUCING
INDUSTRIES
20 Lmliuii
1985
111M
1986
1987
1988
1985
1989
1987
1
Service-producing industries
Manufacturing
Construction
Total
Durable
goo s
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
90,406
91,156
89,566
90,200
94,496
97,519
99,525
102,310
106,039
25,658
25,497
23,813
23,334
24,727
24,859
24,558
24,784
25,565
4,346
4,188
3,905
3,948
4,383
4,673
4,816
4,998
5,293
20,285
20,170
18,181
18,434
19,378
19,260
18,965
19,065
19,539
12,187
12,109
11^039
10,732
11^505
11,490
11,230
11,218
11,516
8,098
8,061
7J741
7,702
7373
7,770
7^734
7,847
8,023
64,748
65,659
65^753
66,866
69J69
72,660
74^967
77,525
80^475
5,146
5,165
5,082
4,954
5,159
5,238
5,255
5,385
5,584
5,275
5,358
5,278
5,268
5,555
1988: Mar.... 105,020
Apr
105,281
May.... 105,489
June . . . 106,057
July.... 106,271
Aug.... 106,425
Sept.... 106,737
Get
106,973
Nov.... 107,419
107,641
Dec
25,330
25,435
25,466
25,592
25,663
25,639
25,648
25,743
25,849
25,889
5,192
5,238
5,237
5,308
5,330
5,340
5,365
5,366
5,413
5,430
19,405
19,460
19,490
19,544
19,593
19,560
19,549
19,648
19,714
19,740
11,411
11,459
11,477
11,515
11,566
11,547
11,537
11,595
11,637
11,651
7,994
8,001
8,013
8,029
8,027
8,013
8,012
8,053
8,077
8,089
79,690
79,846
80,023
80,465
80,608
80,786
81,089
81,230
81,570
81,752
5,530
5,543
5,556
5,582
5,598
5,605
6,061
Jan '... 108,065
Feb r... 108,345
Mar ".. 108,525
26,048
26,014
25,988
5,537
5,515
5,466
19,793
19,782
19,800
11,686
11,667
11,670
8,107
8,115
8,130
82,017
82,331
82,537
5,692
5,706
5,697
1989:
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived
from this table not comparable with estimates of nonagricuitural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes, bad
14
1989
seasonally adjusted]
Goods-producing industries
Total
1988
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;
2
!,,,,,.
1 1 1 1 T 1 1 1 1 1 1 M 1 1t
1986
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
Total
nonagricultural
employment
1 t t t 11 1 M 1 1
CONSTRUCTION
_v
30
1980
1981
1982
1983
1984
1985
1986
1987
1988
Illlllllill Illlllllill
<
MANUFACTURING
~^^_^
Period
--W
Tnfiniiii Illlllllill
20
50
~* —
^
5,618
5,631
5,658
5,670
5,717
5,753
5,872
6,156
Retail
trade
15,035
15,189
15,179
15,613
16,545
17,356
17,930
18,509
19,206
Finance,
insurance,
and real
estate
5,160
5,298
5,341
5,468
5,689
5,955
6,283
6,549
6,679
6,651
Government
Services
Total
17,890
18,619
19,036
19,694
20,797
22,000
23,053
24,196
25,464
16,241
16,031
15,837
15,869
16,024
16,394
16,693
17,015
17,387
2,866
2,772
2,739
2,774
2,807
2,875
2,899
2,943
2,971
17,320
17,308
17,350
17,379
17,330
17,359
17,532
17,492
17,564
17,541
2,970
2,963
2,957
2,951
2,951
2,956
2,989
2,989
2,989
2,990
17,559
17,627
17,630
2,981
2,987
2,984
6,650
6,656
6,679
6,684
6,689
6,692
6,708
6,725
6,301
19,050
19,093
19,130
19,205
19,261
19,279
19,291
19,327
19,401
19,429
6,741
25,078
25,163
25,216
25,472
25,561
25,662
25,737
25,826
25,947
26,070
6,332
6,360
6,385
19,556
19,615
19,691
6,733
6,755
6,758
26,145
26,268
26,376
6,089
6,115
6,148
6,174
6,192
6,219
6,246
6,275
Federal
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: ]
lartment 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]
Manufacturing
Total
private
nonagricultural l
Period
Total
Average gross weekly earnings
Average gross hourly
earnings
Average weekly hours
Current dollars
Total private
nonagricultural 1
Total
private
nonagricultural *
Overtime
Manufacturing
Current
dollars
1977
dollars 2
Manufacturing
Construction
Retail
trade
Percent change from a
year earlier, total
private
nonagriculttirai 3
Current
dollars
1977
dollars
35.3
35.2
34.8
35.0
35.2
34.9
34.8
34.8
34.8
1988- Mar
May
July
Sept
Oct
Nov
Dec
1989' Jan T
Feb r
Mar"
2.8
2.8
2.3
3.0
3.4
3.3
3.4
3.7
3.9
$6.66
7.25
7.68
8.02
8.32
8.57
8.76
8.98
9.29
$7.27
7.99
8.49
8.83
9.19
9.54
9.73
9.91
10.17
$235.10
255.20
267.26
280.70
292.86
299.09
304.85
312.50
323.29
$172.74
170.13
168.09
171.26
172.78
170.42
171.07
169.28
168.29
$288.62
318.00
330.26
354.08
374.03
386.37
396.01
406.31
417.99
$367.78
399.26
426.82
442.97
458.51
464.46
466.75
479.68
491.56
$147.38
158.03
163.85
171.05
174.33
174.64
176.08
178.41
183.62
6.9
8.5
4.7
5.0
4.3
2.1
1.9
2.5
3.5
-5.8
-1.5
-1.2
1.9
.9
-1.4
.4
-1.0
-.6
40.9
41.2
41.0
41.1
41.1
41.0
41.2
41.2
41.2
40.8
3.7
3.9
3.9
3.9
3.9
3.9
3.9
4.0
3.9
3.9
9.16
9.23
9.27
9.27
9.32
9.32
9.37
9.43
9.42
9.45
10.05
10.11
10.15
10.18
10.17
10.20
10.26
10.28
10.29
10.31
316.94
322.13
321.67
321.67
325.27
322.47
325.14
329.11
327.82
327.92
167.25
169.36
168.41
167.89
169.06
166.82
167.68
169.03
167.77
167.39
411.05
416.53
416.15
418.40
417.99
418.20
422.71
423.54
423.95
420.65
487.62
491.34
485.42
495.22
491.23
489.72
492.91
499.05
500.89
492.18
180.38
182.50
182.12
183.04
185.47
183.28
183.23
186.00
186.18
187.46
2.4
4.2
3.1
3.3
4.2
2.8
4.2
4.1
3.3
3.9
-1.3
.4
-.7
34.8
34.6
34.6
1982
1983
1984
1985
1986
1987
1988
39.7
39.8
38.9
40.1
40.7
40.5
40.7
41.0
41.1
34.6
34.9
34.7
34.7
34.9
34.6
34.7
34.9
34.8
34.7
1980
1981
41.1
41.1
40.9
3.9
3.9
3.9
9.49
9.50
9.54
10.32
10.35
10.38
330.25
328.70
330.08
167.55
166.09
165.95
424.15
425.39
424.54
490.12
491.61
502.36
187.11
185.83
185.47
4.2
3.4
4.1
-.3
-1.3
-.8
1
Also includes other private industry groups shown on p. 14.
Current dollar earnings divided by the consumer price index for urban i .ge earners and clerical
workers (on a 1977= 100 base).
2
3
.2
-1.2
-.0
-.1
-.9
-.5
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
[Not seasonally adjusted]
Percent change from
Index (June 1981 = 100)
12 months earlier
3 months earlier
Period
Total
compensation
1980- Dec
1981- Dec
1982:
1983198419851986198719881986-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Mar
June
Sept
Dec
...
1987' Mar
June
Sept
Dec
1988: Mar
Sept
Dec
1989: Mar
1
. ..
Wages and
salaries
94.7
104.0
110.7
117.0
122.7
127.5
131.6
136.0
142.6
128.9
129.0
130.8
131.6
132.9
133.8
135.1
136.0
138.1
139.8
141.2
142.6
144.4
95.4
103.8
110.3
115.8
120.6
125.6
129.5
133.8
139.3
126.8
129.9
128.8
129.5
130.8
131.7
133.0
133.8
135.1
136.6
137.9
139.3
140.8
Benefits l
93.0
104.3
111.7
120.0
127.9
132.4
136.9
141.7
151.3
134.2
134.8
136.1
136.9
138.1
139.3
140.3
141.7
146.1
148.2
149.7
151.3
154.0
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the
influence of employment shifts among occupations and industries.
Total
compensation
2.1
2.0
1.3
1.2
1.3
.6
.6
.7
1.0
1.1
.8
.7
.6
1.0
.7
1.0
.7
1.5
1.2
1.0
1.0
1.3
Wages and
salaries
Benefits '
2.0
1.8
1.2
1.1
1.2
.6
.5
.6
1.0
1.0
.9
.7
.5
2.2
2.3
1.5
1.3
1.4
.5
.6
1.0
1.1
1.4
.4
1.0
.6
1.0
.7
1.0
.6
1.0
1.1
1.0
1.0
.9
.9
.7
1.0
1.1
3.1
1.4
1.0
1.1
1.8
Total
compensation
Wages and
salaries
9.0
8.8
6.3
5.0
4.1
4.1
3.1
3.3
4.1
3.9
3.7
3.1
3.1
9.8
9.8
6.4
5.7
4.9
3.9
3.2
3.3
4.9
• 3.8
3.8
3.2
3.2
3.1
3.0
3.3
3.3
3.9
4.5
4.5
4.9
3.2
3.0
3.3
3.3
3.3
3.7
3.7
4.1
4.6
4.2
Benefits l
11.8
12.2
7.1
7.4
6.6
3.5
3.4
3.5
6.8
3.2
3.5
3.3
3.4
2.9
3.3
3.1
3.5
5.8
6.4
6.7
6.8
5.4
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics,
15
97-472 O - 89 - 2
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Output J
Business
sector
Compensation per
hour 3
Hours of all
persons 2
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Unit labor costs
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1977 = 100; quarterly data seasonally adjusted
1983
1984
99.3
100.7
100.3
103.0
105.5
98.8
99.8
99.2
102.5
104.6
106.7
108,9
105.5
109.9
119.2
106.7
108.5
104.9
110.1
119.2
107.5
108.2
105.2
106.8
112.9
108.0
108.7
105.7
107.5
114.0
131.5
143.7
154.9
161.4
167.9
131.3
143.6
154.8
161.5
167.8
96.7
95.8
97.3
98.2
97.9
96.6
95.8
97.2
98.3
97.9
132.5
142.7
154.5
156.7
159.1
132.9
144.0
156.0
157.6
160.4
127.6
139.8
148.1
153.0
158.2
127.8
140.3
149.2
154.3
159.0
1985
1986
1987
1988 r
107.7
110.1
111.0
112.2
106.1
108.2
109.0
110.6
124.2
128.6
133.3
139.4
123.9
128.2
133.0
139.9
115.3
116.8
120.1
124.3
116.8
118.5
122.1
126.6
175.5
183.1
190.4
199.4
174.9
182.3
189.4
198.0
98.8
101.2
101.5
102.1
98.5
100.8
101.0
101.4
162.9
166.3
171.5
177.8
164.9
168.6
173.8
179.1
162.2
165.8
170.5
175.7
163.8
167.8
172.5
177.3
IV
IV
IV
IV
101.0
103.8
105.9
108.5
99.7
103.3
104.9
106.5
105.0
113.6
120.8
125.9
104.2
114.1
120.7
125.5
103.9
109.4
114.0
116.1
104.5
110.4
115.1
117.9
158.3
163.6
170.3
178.8
158.2
163.4
170.2
177.9
98.0
98.1
98.0
99.4
97.9
97.9
98.0
98.9
156.8
157.6
160.7
164.8
158.7
158.2
162.3
167.1
150.2
155.2
159.8
163.7
151.4
156.2
161.0
165.5
1986: HI
IV
110.0
109.8
108.0
107.8
128.5
129.3
128.1
128.8
116.8
117.8
118.6
119.5
184.0
186.2
183.1
185.4
101.6
102.1
101.2
101.7
167.3
169.6
169.5
172.1
167.0
167.5
169.0
169.5
1987- I
II
109.9
110.6
111.7
111.8
107.8
108.6
109.6
109.9
130.5
132.2
134.3
136.2
130.1
131.9
134.1
136.0
118.8
119.5
120.3
121.8
120.7
121.5
122.3
123.8
187.3
189.0
191.1
194.0
186.4
187.9
190.0
192.9
101.4
101.1
101.3
101.9
100.9
100.5
100.7
101.4
170.5
170.8
171.1
173.5
172.9
173.0
173.3
175.6
168.7
170.1
171.2
171.9
170.9
171.9
173.2
174.0
112.8
111.8
112.3
112.0
110.8
110.1
110.7
110.9
138.0
138.8
139.8
140.9
137.9
139.2
140.5
142.1
122.3
124.1
124.5
125.8
124.4
126.4
126.9
128.1
195.8
198.1
201.1
203.2
194.6
196.6
199.4
201.9
101.9
102.0
102.4
102.3
101.3
101.3
101.5
101.7
173.5
177.1
179.0
181.4
175.7
178.6
180.2
182.0
172.3
174.7
176.8
179.0
174.2
176.2
178.0
180.6
113.0
111.1
143.2
143.4
126.8
129.1
206.0
204.8
102.4
101.8
182.3
184.3
180.4
182.0
1980
1981
1982
1982:
1983:
1984:
1985:
m
IV
1988: I
II
mr
IV ....
1989: I"
Percent change; quarterly data at seasonally adjusted annual rates
-0.3
1.4
-.4
2.7
2.5
-0.4
1.0
-.6
3.3
2.1
11
2.1
31
4.2
8.4
-1.2
1.7
-3.3
5.0
8.3
-0.8
.7
-2.8
1.5
5.7
-0.7
.7
27
1.6
6.0
10.5
9.2
7.8
4.2
4.1
10.5
9.4
7.8
4.3
3.9
-2.7
-1.0
1.6
.9
2
-2.7
-.8
1.5
1.1
— .4
10.9
7.7
8.3
1.4
1.5
11.0
8.3
8.4
1.0
1.8
9.0
9.6
5.9
3.3
3.3
9.7
9.7
6.3
3.5
3.0
1985
1986
1987
... .
1988 r.
2.1
2.2
.8
1.1
1.4
2.0
.8
1.5
3.9
3.5
3.8
5.2
2.1
1.3
2.8
3.5
2.5
1.5
3.0
3.7
4.5
4.3
4.0
4.8
4.2
4.2
3.8
4.6
.9
2.4
.3
.6
.6
2.3
.2
.4
2.4
2.1
3.1
3.7
2.8
2.2
3.1
3.1
2.5
2.3
2.8
3.1
3.0
2.4
2.8
2.8
1982:
1983:
1984:
1985:
IV
IV
IV
IV
3.0
3.1
1.7
.7
2.4
1.4
1.2
.2
4.2
3.5
3.6
4.6
5
10.4
3.5
3.6
-1.2
9.8
3.1
3.5
-3.4
7.1
1.8
2.9
-3.5
8.2
1.9
3.4
4.5
5.5
3.8
5.4
5.0
4.3
3.9
5.1
3.2
1.4
.3
1.2
3.8
.2
.4
.9
1.5
2.3
2.1
4.7
2.6
2.8
2.7
4.9
2.4
4.8
2.7
2.6
3.0
3.1
3.3
2.1
1986: HI
IV
-1.4
-.8
-1.5
-.9
.9
2.5
.8
2.4
2.3
3.4
2.4
3.3
4.4
4.8
4.3
5.1
2.0
2.0
1.9
2.2
5.8
5.7
5.9
6.1
5.0
1.1
5.1
1.2
.3
2.7
3.9
.6
.0
3.2
3.7
.9
3.7
5.3
6.6
5.7
4.0
5.7
6.8
5.9
3.4
2.5
2.6
5.1
4.0
2.5
2.9
4.9
2.5
3.6
4.6
6.2
2.1
3.4
4.5
6.4
-2.8
-1.2
.9
2.4
-3.2
— 1.4
.7
2.6
2.2
.8
.7
5.6
2.1
.2
.7
5.4
3.0
3.2
2.8
1.4
3.3
2.3
3.1
1.8
n
m
3.5
-3.4
1.7
-1.0
3.4
-2.4
2.0
1.0
5.5
2.4
2.8
3.3
5.6
4.0
3.5
4.8
1.9
6.0
1.1
4.3
2.1
6.6
1.5
3.7
3.7
4.8
6.2
4.3
3.5
4.2
5.7
5.2
.0
.3
1.4
2
-.1
-.3
.9
.7
.2
8.5
4.4
5.4
.1
6.8
3.7
4.1
1.0
5.8
4.7
5.1
.6
4.7
4.1
6.0
1989: I"
3.5
.5
6.7
3.6
3.1
3.1
5.7
5.7
.3
.3
2.1
5.2
3.3
3.1
1980
1981
1982
1983
1984
.
1987- I
n
m
IV
1988: I
IV * ....
1
Output refers to gross domestic product originating in the sector in 1982 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
16
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.
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production was unchanged in March, for the second month in a row. The index for March was 4.6
percent above its year-earlier level.
INDEX, 1977 = 100* (RATIO SCALE)
160
140
120
INDEX, 1977= TOO*/(RATIO SCALE)
240
FINAL PRODUCTS
220
TOTAL INDUSTRIAL PRODUCTION
_— -^*r
•>
-1
.
200
180
r- ^-S_
\
_•»-""
^—
BUSINESS
EQUIPMENT
140
MANUF ACTURING PRODUCTION
=s
«•**""
140 ~ DURABLE
••,'-•"*•""
120
•" *• "* "r^V-""^^
~~T"
CONSUMER
GOODS
NONDURABLE
120
EFENSE AND
SPACE
EQUIPMENT
•^
160
.^-.X-,
_,..'-•
160
Minimi) Minium
100
n
100 Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll
100
iimliim iimlimi iiiiilinii
140
UTILITIES AND MINING PRODUCTION
120
A
uTILITIES
V
••_,*
V
100
PERCENT*
100
CAPACITY UTILIZATION RATE
(TOTAL INDUSTRY)
90
Illllllllll Illllllllll
PC]
mulmii iiniliiiii
1985
1986
-X-A"T'~
** w **^
80 •"-ii i
^—TN
MININ G
'
/"
Illllllllll
1987
Illllllllll Illllllllll
1988
1989
"~^~i
iiiiiiiiin
_.
,
70
i .
*K-——-|
Illllllllll Illllllllll
1985
1986
1987
-
-
Illllllllll Illllllllll
1989
1988
'SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
Index,
1977 = 100
1977 proportion
1980
1981
1982
1983
1984
1985
1986
1987
1988
100.0
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
137.2
1988: Mar
Capacity utilization
rate, percent *
Industry production indexes, 1977 = 100
Total
industrial
production
Manufacturing
Percent
change
from year
earlier
Mining
Durable
Total
Utilities
Nondurable
Total
industry
Manufacturing
5.9
11.2
1.9
1.1
3.8
5.7
84.31
108.2
110.5
102.2
110.2
123.4
126.4
129.1
134.7
142.7
49.10
109.1
111.1
99.9
107.7
124.2
127.6
128.4
133.1
141.9
35.11
107.0
109.7
105.5
113.7
122.3
124.6
130.1
136.8
143.9
9.83
112.4
117.5
109.3
102.9
111.1
108.9
100.4
100.7
r
103.4
5.96
107.3
107.1
104.8
105.2
110.7
111.1
108.5
110.3
114.3
80.9
79.9
72.1
74.6
81.0
80.4
79.4
80.7
83.3
79.3
78.2
70.3
73.9
80.5
80.1
79.7
81.1
r
83.5
Dec r
134.7
135.4
136.1
136.5
138.0
138.5
138.6
139.4
139.9
140.4
5.7
6.3
6.2
5.7
5.7
5.5
5.7
5.2
5.1
4.9
140.0
140.8
141.8
142.1
143.6
144.0
144.4
145.3
145.8
146.3
138.8
139.7
141.5
141.7
142.9
143.2
143.8
144.6
145.2
145.7
141.7
142.3
142.1
142.6
144.6
145.1
145.3
146.3
146.7
147.1
102.7
104.7
102.6
103.0
104.3
103.8
103.7
103.1
104.7
104.9
113.3
111.0
111.6
113.2
114.4
117.8
113.0
113.9
113.7
115.4
82.4
82.7
82.9
83.0
83.7
83.8
83.7
84.0
84.1
84.3
82.7
82.9
83.3
83.3
84.0
84.0
84.0
84.3
84.4
84.4
1989: Jan r
Feb r
Mar p
141.0
141.0
141.0
4.9
4.9
4.6
147.4
147.5
147.4
146.6
146.8
146.6
148.6
148.6
148.6
103.2
101.6
102.1
113.5
116.1
115.5
84.4
84.2
84.0
84.9
84.7
84.4
May
July
Sept
Oct
Nov
1
Output as percent of capacity.
19
2.2
71
Source; Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977 = 100; monthly data seasonally adjusted]
Materials
Products
Intermediate products
Final products
Equipment
Consumer goods
Period
Total
Durable
goods
6.89
88.4
89.7
82.9
98.5
112.2
112.5
115.6
120.2
125.3
120.4
123.3
125.6
125.3
125.3
125.7
126.3
129.3
129.2
131.9
131.8
132.4
131.3
Total
1977 proportion
44.77
25.52
1980
1981
1982
1983 ..
1984
1985
1986
1987
1988 ....
1988- Mar ..
Apr
May.
112.2
115.2
109.5
114.7
127.3
131.0
132.5
136.8
144.3
141.8
142.5
143.5
144.0
145.0
145.8
145.8
146.4
146.8
147.7
148.5
148.9
148.7
102.7
104.1
101.4
109.3
118.0
119.8
124.0
127.8
133.9
131.2
131.9
132.7
133.0
134.2
135.0
134.8
136.4
136.8
138.2
138.6
139.0
138.4
June
July
Aug
Sept
Oct...
Nov
Dec r
1989- Jan r
Feb r
Mar p
1
Nondurable goods
18.63
108.1
109.3
108.3
113.3
120.1
122.5
127.1
130.6
137.1
135.1
135.1
135.4
135.8
137.5
138.5
138.0
139.0
139.7
140.5
141.1
141.5
141.1
Total '
19.25
124.7
129.9
120.2
121.7
139.6
145.8
143.6
148.9
158.2
155.9
156.5
157.7
158.5
159.4
160.1
160.4
159.7
159.9
160.4
161.6
162.0
162.3
Business
14.34
125.1
127.6
113.6
115.4
134.2
140.2
139.5
144.5
157.6
153.3
154.6
156.9
158.1
159.3
160.2
160.8
160.2
161.2
162.6
164.4
165.4
165.5
Defense
and
space
equipment
3.67
115.4
119.8
133.0
. 143.1
156.4
171.4
182.0
188.9
r
185.8
189.9
187.9
185.5
184.6
184.9
184.9
184.5
184.0
182.2
180.5
180.4
179.5
178.8
Total
12.94
106.9
107.3
101.7
111.2
124.7
129.3
136.2
143.4
151.5
149.9
149.6
150.4
150.0
151.6
152.3
152.9
154.0
154.2
155.0
156.5
156.1
156.6
Construction
supplies
5.95
100.6
98.6
88.3
100.6
114.0
119.2
126.4
131.5
138.6
137.3
137.6
138.8
137.6
138.4
138.1
138.4
140.0
140.7
141.4
143.3
141.5
142.0
Business
supplies
Total
6.99
112.3
114.7
113.1
120.3
133.8
137.9
144.6
153.5
162.5
160.7
159.9
160.3
160.6
162.8
164.4
165.2
165.9
165.7
166.7
168.7
168.6
42.28
105.3
107.7
96.7
102.8
114.2
114.3
113.8
118.2
125.2
122.5
123.6
123.9
124.5
126.4
126.5
126.5
127.5
128.3
128.3
128.3
127.9
128.0
Energy
11.69
105.5
104.7
101.2
98.4
103.9
103.3
99.7
99.8
101.5
100.6
101.0
99.5
101.3
102.7
103.2
101.5
101.3
102.3
102.6
100.3
100.4
100.9
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1977 = 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Transportation
equipment
Primary metals
Period
Total
1977 proportion
1980
1981
.
1982
1983
1984
1985
1986
1987
1988 .
1988- Mar ..
May..
June
July
Sept
Oct
Nov
Dec r
1989: Jan '.
Feb r
Mar p
5.33
90.4
95.0
65.8
73.0
82.3
80.4
75.1
81.3
89.2
85.1
85.3
89.2
87.5
91.5
90.8
93.1
94.2
92.7
90.0
93.5
91.7
91.8
Source: Board of Governors of the Federal Reserve System.
18
Iron and
steel
3.49
86.3
92.5
57.5
66.1
73.4
70.4
63.4
70.6
78.1
74.2
74.5
78.6
74.2
80.2
78.9
81.4
83.1
80.8
77.6
82.8
80.2
Fabricated
metal
products
6.46
101.8
101.6
86.6
89.1
102.6
107.1
108.0
111.0
120.9
118.8
118.8
119.8
120.4
121.7
122.1
122.5
122.6
124.6
125.1
124.9
124.9
124.8
Nonelectrical
machinery
9.54
123.3
129.8
115.6
118.3
141.8
146.2
145.0
152.7
170.8
164.6
167.2
170.3
171.2
173.1
174.1
174.8
173.8
175.4
177.8
179.5
180.8
181.3
Electrical
machinery
7.15
130.3
134.1
128.4
143.8
170.5
168.3
165.7
172.3
180.1
176.6
178.7
179.1
179.5
181.5
182.2
181.8
183.0
182.2
180.9
180.9
181.8
181.9
Total
9.13
96.9
95.1
87.6
99.2
112.2
122.8
127.5
129.2
132.1
130.0
130.4
133.1
132.8
131.9
131.8
132.7
134.8
135.2
136.8
136.8
136.6
134.8
Motor
vehicles
and
parts
5.55
71.1
71.6
66.8
85.8
104.4
111.9
111.5
111.8
117.2
113.0
114.8
119.6
119.1
116.6
117.5
118.5
121.7
122.9
125.5
124.9
123.3
119.1
Lumber
and
products
2.30
92.9
90.1
82.8
100.2
109.1
114.3
124.1
130.3
137.3
137.8
138.0
139.8
136.4
136.6
133.8
133.5
137.5
139.4
143.0
140.8
139.1
Apparel
products
2.79
97.3
96.1
87.3
95.3
102.7
100.4
103.1
107.4
109.1
108.7
109.2
108.6
109.3
109.4
108.9
109.9
109.5
110.1
108.8
110.2
Printing
and
publishing
4.54
115.1
118.6
120.2
129.8
146.5
151.4
160.9
172.1
184.2
180.4
181.8
180.7
182.3
184.9
186.7
188.0
188.1
188.5
188.0
192.2
193.5
194 2
cals
and
Foods
products
8.05
106.4
112.6
103.8
114.0
121.6
126.4
132.0
140.2
r
!51.9
146.4
148.9
149.1
150.5
153.4
154.8
155.3
156.7
157.5
158.1
158.9
159.0
7.96
111.4
113.7
114.9
120.4
126.9
130.5
134.4
137.8
r
142.7
141.1
140.3
141.0
141.3
143.3
143.3
143.2
144.0
145.7
145.8
146.7
146.7
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
Total new
construction
expenditures
Period
Residential
Total
New housing
units
Total '
Commercial
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(1982 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
252.4
251.7
260.2
246.6
281.3
328.6
355.7
386.1
398.9
403.1
324.3
318.5
320.2
317.7
324.7
326.8
327.2
330.7
332.3
335.6
195.6
192.0
190.4
188.1
194.2
195.4
196.9
200.0
200.6
201.7
336.5
333.3
339.4
42.0
46.7
55.0
58.7
53.8
68.6
82.7
78.0
76.5
76.4
42.3
46.2
49.4
49.5
48.1
48.5
50.5
49.5
52.5
53.4
51.7
58.5
56.5
53.7
53.8
57.7
64.1
71.4
75.0
78.0
109
139.2
138.5
137.7
136.8
136.4
137.1
138.7
140.5
142.7
144.2
76.4
76.8
78.1
77.5
77.1
76.7
75.1
76.0
76.3
77.5
52.3
49.7
51.8
52.2
53.3
54.7
55.1
54.8
55.3
56.4
79.3
77.7
78.3
78.0
79.5
76.4
79.7
77.0
79.2
85.4
156
158
166
169
160
162
157
164
158
163
910
852
860
904
954
905
880
841
839
942
145.4
145.3
143.3
80.4
80.4
84.1
54.6
53.3
54.6
81.4
81.5
74.1
155
148
150
943
850
856
89.3
69.6
69.4
57.0
94.6
113.8
114.7
133.2
139.9
139.2
116.4
100.4
99.2
84.7
125.5
153.8
158.5
187.1
194.8
195.3
418.0
414.8
413.5
1980
1981
1982
1983
1984
1985
1986
1987 .
1988 '
200.7
193.3
203.6
192.9
227.5
271.0
291.7
314.7
323.8
325.1
403.6
396.2
398.5
395.7
404.2
403.2
406.9
407.7
411.5
421.0
1979
201.4
199.6
200.7
97
100
100
124
136
150
158
164
161
Annual rates
Annual rates
1988- Mar
May
July
Sept
Oct T
Nov '
Dec r
1989- Jan r
Feb p .
Marp
1
2
3
1,059
904
919
690
756
955
1,097
1,016
1,019
942
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Period
Units started, by type of structure
Total
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1979..
1980
1981
1982
1983
1984
1985
1986
1987
1988
1 unit
1,194.1
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
2^t units
122.0
109.5
91.1
80.0
113.5
121.4
93.4
84.0
65.3
58.8
5 or more units
429.0
330.5
287.7
319.6
522.0
544.0
576.1
542.0
408.7
348.0
Units
authorized
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,463.0
Units
completed
Homes sold
Homes for
sale at end of
period 1
Vacancy rate
for rental
housing units
(percent) 2
1,870.8
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
r
1,529.8
436
412
623
639
688
750
671
676
= 397
337
275
253
301
353
346
357
365
366
5.4
5.4
5.0
5.3
5.7
5.9
6.5
7.3
7.7
7.7
8.0
709
545
Seasonally adjusted annu al rates
1,528
1,576
1,392
1,463
1,478
1,459
1,463
1,532
1,567
1,577
1988: Mar
May
July
Sept
Oct
Nov
Dec
r
1989- Jan
Feb r
Mar *
1
2
3
1,169
1,087
1,001
1,088
1,067
1,076
1,039
1,136
1,138
1,141
57
58
53
62
50
59
62
63
68
65
302
431
338
313
361
324
362
333
361
371
1,476
1,449
1,436
1,493
1,420
1,464
1,394
1,516
1,516
1,566
1,602
1,661
1,461
1,517
1,528
1,539
1,536
1,516
1,429
r
1,539
665
677
679
716
701
712
691
718
650
r
669
372
367
370
367
365
363
361
353
364
366
1,678
1,476
1,397
1,199
1,034
994
66
56
48
413
386
355
1,507
1,415
1,230
1,540
1,584
694
621
587
370
375
376
Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
New series beginning March 1979.
7.7
7.8
7.3
7.3
NOTE. — Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In February, manufacturing and trade sales fell 0.8 percent and inventories rose $3.8 billion. (Series revised; see
note below.) In March, according to advance data, retail sales rose 0.1 percent, following a decline of 0.6 percent
in February.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
HUU
240
—
220
^-j
700
200
\
MANU FACTURING AND
TRAD)E INVENTOFilES
600
180
RETAIL INVENTORIES"
—
160
500
^.x ^
» *
M \NUFACTUR
400'
140
—
r"\"
NG
r\
120
Ah<D TRADE S/> LES
RETAIL SALES
—
100
Illllllllll Illllllllll
300
Illllllllll
RATIO*
I.BO
—
-
_
INVENTORY-SALES RATIO
RETAIL
X
l.iSO,
krc^C-
?^T200
"».-«'' '-'"
1.40
MANUFACTURING
-
-
AND TRADE
1.20
/m/lm/i Mfiilmn mnlmii iimlimi
,1985
1986
1987
1988
lllltllllll
1 1 1 1 ill 1 1 n n in li nn
1.OO
1989
1986
1985
1988
1987
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufacturing and
trade '
COUNCIL OF ECONOMIC ADVISERS
Wholesale
Sales 2
Sales
2
Inventories 3
Inventory-sales ratio 4
Retail
Sales
Period
Inventories 3
1989
Total
2
Durable
goods
stores
Inventories
3
Manufacturing
and
trade '
Retail
Total
Durable
goods
stores
Nondurable goods
stores
61, 093
64,754
68,985
72,434
74,802
79,077
83,384
134,468
147,377
167,159
180,825
185,224
206,981
221,242
61,469
68,984
79,257
88,608
90,477
106,271
114,994
72,999
78,393
87,902
92,217
94,747
100,710
106,248
1.67
1.56
1.53
1.55
1.55
'1.51
'1.50
1.49
1.44
1.49
1.53
1.56
1.56
1.57
Nondurable goods
stores
Millions of dollars, seasonally adjusted
c
c
1982
1983
1984
1985
1986
1987
1988
348,747
368,813
r
407,869
r
418,151
r
423,700
' 449,536
' 485,756
574,491
'590,358
'644,306
'655,066
'653,853
'700,761
'753,718
96,290
' 100,244
'113,195
'114,315
'115,677
'123,581
'132,361
128,196
'130,334
'142,380
' 146,745
'152,447
'162,648
'178,313
89,107
97,328
106,805
113,821
119,663
126,785
135,763
1988- Feb '
Mar '.
466,052
474,239
474,986
r
478,697
' 486,208
'486,193
'492,491
'492,478
r
498,846
'501,400
'506,186
707,886
710,582
'714,465
'718,995
'724,966
'729,903
'737,562
'744,054
'743,544
'746,756
'753,718
127,274
128,655
'128,701
'128,790
'132,317
'133,833
'134,726
'135,332
'138,087
'137,239
'136,170
166,857
168,071
'169,965
'170,346
'172,179
'174,581
'176,368
'176,972
'177,408
'177,060
'178,313
131,846
133,806
133,249
134,130
135,010
135,662
136,050
135,751
137,842
139,529
139,189
51,453
52,260
52,018
52,002
52,320
52,284
51,931
51,427
52,725
53,930
54,154
80,393
81,546
81,231
82,128
82,690
83,378
84,119
84,324
85,117
85,599
85,035
205,613
205,816
206,564
208,575
210,824
211,534
215,396
219,297
216,724
218,093
221,242
103,983
103,254
103,895
105,860
107,064
107,443
110,146
114,303
111,689
112,904
114,994
101,630
102,562
102,669
102,715
103,760
104,091
105,250
104,994
105,035
105,189
106,248
1.52
1.50
1.50
'1.50
1.49
'1.50
'1.50
'1.51
'1.49
'1.49
'1.49
1.56
1.54
1.55
1.56
1.56
1.56
1.58
1.62
1.57
1.56
1.59
511,881
508,034
759,803
763,592
140,356
140,423
179,761 140,040
180,265 '139,258
139,419
53,815
'52,885
52,794
86,225
'86,373
86,625
222,584
224,271
115,704
116,001
106,880
108,270
1.48
1.50
1.59
1.61
r
r
May
July
Sept
Oct
Nov
Dec
1989- Jan '
Feb"
Mar"
1
2
3
See page 21 for manufacturing.
Monthly average for year and total for montli
End of period.
4
Annual data are averages of monthly ratios.
20
28,013
32,574
37,819
41,387
44,861
47,707
52,379
NOTE.—Wholesale series revised (therefore total manufacturing and trade also revised) beginning
1983.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In March, manufacturers' inventories and orders rose, while shipments fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
280
240
440 — INVENT
400
360
SHIPMENTS
200
\
r~"~^~1
-—|
120
DIIR ABLE GOOD
L.-U— 1--"—
['— r
TOTAL
200
\
--
•.mi
•
_. .—.—
1
DL RABLE GOO DS
160
6
NCJNDURABLE DOOD !
80
•
\
280
TOTAL
160
,
^~^—
——
—
—
120
— t —\
60
miilum Illllllllll
Illllllllll Illllllllll Illllllllll
BILLIONS OF DOLLARSi*'(RATIO SCALE)
280
240
•^
•
~-"r TOTAL
^
|
160
120
.-
--_
• —-
Rft
60
NEW ^PDEPS
200
miilmii iimlmi! Minium
r
^
IIIIlllllII
niiiliini
RATIO *
2.20
INVENTORY-SHIPMENTS RATIO
1
DURABLE GOODS
, ..
.
\
*.-*.-•
\ -.... mS*
^—^.^
-t— ^
2.00
1.80
-
-~_ r
1.60
'"\
80
Nor•JDURABLE G OODS
NONDURABLE C7OODS
1.40
60
IIIIlllllII Illllllllll Illllllllll Illllllllll
1986
1985
1987
1988
HllllUU!
1.20
innliiiii
1985
1989
1986
innliiiii
>U"I'MH
1987
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
1988
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments l
Manufacturers' inventories 2
Manufacturers' new orders *
Durable goods
Period
Total
Durable
goods
1989
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable goods
Manufacturers'
unfilled
orders 2
Manufacturers'
inventory —
shipments
ratio 3
Millions of dollars, seasonally adjusted
1982
1983
1984.
1985
1986
1987
1988
1988: Mar
Apr
June
July
.i
Aue
Sept
Oct
Nov
Dec
1989: Jan
Feb r
Mar"
1
2
163,350
171,242
187,869
190,016
188,360
199,170
217,632
211,778
213,036
215,777
218,881
216,698
221,715
221,395
222,917
224,632
230,827
79,352
84,956
96,623
99,019
99,989
105,291
115,684
112,744
112,521
114,751
116,522
113,122
117,866
118,030
118,439
119,874
124,175
231,485
228,353
228,069
123,578
120 924
120,366
200,825
200,406
218,771
214,066
208,313
216,598
233,666
111,002
112,241
115,996
113,430
107,869
114,534
120,497
162,273
174,122
189,791
190,918
188,663
201,966
221,627
99,034
100,515
101,026
102,359
103,576
103,849
103,365
104,478
104,758
106,652
311,827
312,647
334,767
327,496
316,182
331,132
354,163
336,695
337,936
340,074
341,963
343,788
345,798
347,785
349,412
351,603
354,163
220,523
221,405
222,948
224,000
225,467
226,600
228,214
229,735
231,766
233,666
116,172
116,531
117,126
117,963
118,321
119,198
119,571
119,677
119,837
120,497
107,907
107,429
107,703
357,458
359,056
360,914
236,810
238,165
239,142
120,648
120,891
121,772
211,799
217,029
216,398
228,090
219,877
227,009
222,669
227,095
228,153
238,886
236,075
231,306
232,915
83,998
86,286
91,246
90,996
88,371
93,879
101,948
Monthly average for year and total for month. Shipments are the same as sales.
End of period.
3
78,338
87,600
98,581
99,843
100,166
107,770
119,634
113,063
116,836
115,369
125,442
116,112
122,806
119,321
122,791
123,035
132,149
21,661
22,098
26,243
27,067
26,551
29,707
35,028
83,935
86,522
91,209
91,075
88,497
94,197
101,993
31,924
33,746
31,522
35,458
36,213
38,808
34,858
34,623
35,825
39,432
98,736
100,193
101,029
102,648
103,765
104,203
103,348
104,304
105,118
106,737
314,270
349,419
372,586
383,181
387,065
421,243
468,860
429,534
433,527
434,148
443,357
446,536
451,830
453,103
457,281
460,802
468,860
128,479
124,107
125,209
40,352
37,189
38,089
107,596
107,199
107,706
473,450
476,403
481,249
1.95
1.80
1.74
1.74
1.70
1.62
1.58
.59
.59
.58
.56
.59
.56
.57
1.57
1.57
1.53
1.54
1.57
1.58
Annual data are averages of monthly ratios.
Source; Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In March, the producer price index for all finished goods rose 0.4 percent. Prices of finished consumer foods rose
0.8 percent while prices of other finished consumer goods rose 0.5 percent. Capital equipment prices rose 0.2
percent.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982= 100 (RATIO SCALE)
120
120
110
100
80
1981
1982
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF LABOR
[1982—100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Total
finished
Consumer goods
con-
Total
Total
p
1988- Mar
Apr
May
July
All?
Sept
Oct
Novr
Dec
1989- Jan
Feb.
1
Nondurable
Total
Foods
and
feeds l
Other
Total
Foodstuffs
and
feedstuffs
Other
sumer
goods
88.0
96.1
100.0
101.6
103.7
104.7
103.2
105.4
108.0
1980
1981
1982
1983
1984
1985
1986
1987
1988
Durable
Capital
equipment
Crude materials
92.4
97.8
100.0
101.0
105.4
104.6
107.3
109.5
112.6
86.7
95.6
100.0
101.8
103.2
104.6
101.9
104.0
106.5
87.1
96.1
100.0
101.2
102.2
103.3
98.5
100.7
103.1
91.0
96.4
100.0
102.8
104.5
106.5
108.9
111.5
113.7
85.1
95.8
100.0
100.5
101.1
101.7
93.3
94.9
97.3
85.8
94.6
100.0
102.8
105.2
107.5
109.7
111.7
114.3
88.6
96.6
100.0
101.3
103.3
103.8
101.4
103.6
106.2
90.3
98.6
100.0
100.6
103.1
102.7
99.1
101.5
107.1
105.5
104.6
100.0
103.6
105.7
97.3
96.2
99.2
109.5
89.4
98.2
100.0
100.5
103.0
103.0
99.3
101.7
107.0
95.3
103.0
100.0
101.3
103.5
95.8
87.7
93.7
95.9
304.6
103.9
100.0
101.8
104.7
94.8
93.2
96.2
106.0
84.6
101.8
100.0
100.7
102.2
96.9
81.6
87.9
85.5
106.8
107.1
107.4
107.6
108.2
108.5
109.1
109.2
109.5
109.9
110.6
110.6
111.2
112.1
112.9
113.6
114.6
114.7
115.1
115.2
105.5
105.9
106.1
106.1
106.6
106.9
107.3
107.4
107.7
108.2
102.2
102.7
102.9
102.7
103.3
103.5
103.7
103.8
104.1
104.7
112.9
112.7
113.2
113.4
113.9
114.5
115.1
115.0
115.0
115.3
96.4
97.1
97.2
96.8
97.6
97.6
97.6
97.8
98.3
99.0
113.2
113.4
113.7
114.0
114.3
114.7
115.7
115.6
115.8
116.1
105.0
105.3
105.6
105.8
106.5
106.8
107.3
107.4
107.8
108.2
105.0
105.7
106.3
107.1
107.9
108.2
108.6
108.6
109.0
109.6
103.3
104.5
104.2
110.7
115.9
114.9
115.3
115.1
113.2
112.1
105.1
105.8
106.4
107.0
107.4
107.8
108.2
108.3
108.8
109.4
94.6
95.6
96.0
96.9
96.6
97.2
97.1
96.6
94.8
97.6
101.1
101.4
102.0
106.1
108.3
110.9
113.1
113.4
108.8
110.8
86.3
87.8
88.0
86.9
85.2
84.4
83.1
82.0
82.1
85.2
111.0
112.1
112.6
116.5
117.9
118.9
109.2
110.1
110.6
106.0
107.1
107.6
116.3
116.6
117.2
100.3
101.7
102.2
116.8
117.3
117.5
109.4
110.7
111.3
110.6
111.2
112.0
114.8
114.6
116.7
110.4
111.1
111.8
101.4
101.3
103.6
113.2
111.7
115.1
89.6
90.3
91.8
Intermediate materials for food manufacturing and feeds.
22
CONSUMER PRICES—ALL URBAN CONSUMERS
In March, the consumer price index for all urban consumers rose 0.5 percent, seasonally adjusted (0.6
percent not
seasonally adjusted). The index was 5.0 percent above its year-earlier level.
INDEX, 1082-84 =100 (RATIO SCALE)
INDEX, 1982-84=100 (RATIO SCALE)
130
130
SEASONALLY ADJUSTED
120
120
. CONSUMER PRICES—ALL ITEMS .
110
110
100
100
90
90
80
80
70
70
Illlll
60
1981
1983
1982
1984
1985
60
1988
1987
1986
1989
SEE NOTE ON TABLE BELOW
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF LABOR
[1982-84—100, except as noted; monthly data seasonally adjusted, except as noted]
Transportation
Housing
All items *
Fuel
and
other
utilities
Apparel and
upkeep
New
cars
Motor
fuel
Enerz
Total '
care
gy
All
items
less
food,
shelter,
and
energy
7.6
75.4
86.4
94.9
100.2
104.8
106.5
104.1
103.0
104.4
6.4
90.9
95.3
97.8
100.2
102.1
105.0
105.9
110.6
115.4
17.2
83.1
93.2
97.0
99.3
103.7
106.4
102.3
105.4
108.7
4.3
88.4
93.7
97.4
99.9
102.8
106.1
110.6
114.6
116.9
3.1
97.4
108.5
102.8
99.4
97.9
98.7
77.1
80.2
80.9
6.0
74.9
82.9
92.5
100.6
106.8
113.5
122.0
130.1
138.6
7.3
86.0
97.7
99.2
99.9
100.9
101.6
88.2
88.6
89.3
48.7
80.6
88.3
95.1
100.0
105.0
109.0
112.7
117.0
121.9
Shelter
Period
Rel. imp.3....
1980
1981
1982
1983
1984
1985
1986
1987
1988
1988:
Mar
July
Get
Nov
Dec .
1989:
Feb
Mar
Not
seasonally
adjusted
(NSA)
Season-
Rent-
Food
ally
adjust-
ers'
Total '
Total
ed
costs
(Dec.
1982 =
100)
Homeowners'
costs
(Dec.
1982 =
100)
Maintenance
and
repairs
(NSA)
16.2
86.8
93.6
97.4
99.4
103.2
105.6
109.0
113.5
118.2
100.0
824
90.9
965
99.6
103.9
107.6
1096
113.6
118 3
42.3
81.1
90.4
96.9
99.5
103.6
107.7
110.9
114.2
118.5
27.8
81.0
90.5
96.9
99.1
104.0
109.8
115.8
121.3
127.1
103.0
108.6
115.4
121.9
128.1
133.6
102.5
107.3
113.1
119.4
124.8
131.1
0.2
82.4
90.7
96.4
99.9
103.7
106.5
107.9
111.8
114.7
7.9
19.7
'
Medi-
cal
116.5
117.1
117.5
118.0
118.5
119.0
119.8
120.2
120.3
120.5
116.7
117.2
117.7
118.1
118.6
119.0
119.5
120.0
120.3
120.7
116.0
116.6
117.1
117.8
118.9
119.5
120.3
120.6
120.8
121.2
117.2
117.6
117.9
118.2
118.5
118.9
119.3
119.6
120.1
120.6
125.5
125.8
126.2
126.7
127.0
127.6
128.1
128.3
128.9
129.4
132.6
132.3
132.6
133.0
133.4
133.8
133.8
134.1
134.2
134.9
129.3
129.8
130.3
130.8
131.2
131.9
132.5
132.7
133.5
133.9
113.3
115.3
114.3
114.7
114.5
115.0
115.3
115.0
115.4
115.8
103.6
104.0
104.0
103.9
104.0
104.0
104.4
105.1
105.5
106.3
114.1
115.5
116.3
115.9
115.7
113.9
116.0
117.4
117.4
117.7
107.2
107.5
108.2
108.4
108.7
109.6
109.7
110.1
110.4
110.4
116.1
116.2
116.5
116.6
116.7
117.0
117.7
117.8
117.9
118.1
79.5
80.1
81.4
80.9
81.3
82.8
82.0
81.3
81.1
79.7
136.1
136.8
137.6
138.4
139.4
140.0
140.7
141.6
142.2
142.9
87.9
88.4
88.9
88.7
88.9
89.5
89.3
89.2
89.5
89.2
120.4
121.0
121.5
121.8
122.2
122.4
123.0
123.8
124.2
124.6
121.1
121.6
122.3
121.4
121.9
122.5
122.1
122.6
123.6
120.9
121.3
121.7
129.7
130.3
131.1
135.2
136.4
138.2
134.2
134.7
135.1
116.1
117.1
117.1
106.9
106.7
106.9
117.7
117.5
119.1
111.2
111.9
112.6
118.9
119.3
119.7
80.5
81.8
83.6
144.0
145.2
145.9
89.9
90.4
91.4
125.4
125.8
126.3
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
also included through 1982.
3
Relative importance, December 1988.
Source: Department of Labor, Bureau of Labor Statistics,
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Change from preceding period
Period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Total
finished
goods
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Excluding
foods
Foods
Capital
equipment
Total
finished
goods
Excluding
foods
Foods
Capital
equipment
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
11.8
7.1
3.6
.6
1.7
1.8
-2.3
2.2
4.0
1980
1981
1982
1983
1984
1985
1986
1987
1988"
11.4
9.2
3.9
2.0
1.8
2.7
2.1
1.3
3.5
14.1
8.6
4.2
9
.8
2.1
-6.6
4.1
3.1
7.5
1.5
2.0
2.3
3.5
.6
2.8
-.2
5.7
13.4
9.2
4.1
1.6
2.1
1.0
— 1.4
2.1
2.5
Change, month to month
1988- Mar
0.4
.3
.3
.2
.6
.3
.6
.1
.3
.4
1.0
1.0
.4
May
,*
July
3
.
Sept
Oct
Dec '
1989- Jan r
Feb
Mar
0.5
0
.5
.8
.7
.6
.9
.1
.3
.1
0.3
.5
.2
2
.6
.2
.2
.1
.3
.6
1.2
1.0
.5
1.1
1.2
.8
0.1
.2
.3
.3
.3
.3
.9
-.1
.2
.3
.6
.4
.2
6.8
.7
4.4
5.5
8.6
8.9
9.2
6.5
5.4
2.1
6.4
10.1
13.5
4.2
2.7
3.8
3.0
4.2
4.2
5.7
3.7
3.7
3.0
6.8
9.8
10.2
2.8
4.0
4.0
2.0
2.4
2.4
4.0
2.0
2.3
3.9
8.8
12.0
11.5
3.6
2.1
2.1
2.9
3.2
3.6
6.1
4.6
3.9
1.4
4.2
5.3
4.9
1.3
1.5
2.2
6.2
4.6
6.7
7.4
7.6
7.1
5.6
6.5
7.7
7.6
1.1
2.1
2.7
3.6
3.4
4.0
4.4
4.0
3.9
4.3
5.2
6.7
6.5
0.8
2.2
3.0
2.4
3.2
3.2
3.0
2.2
2.3
3.9
5.3
7.1
7.7
1.4
2.5
2.9
3.2
2.7
2.8
4.5
3.9
3.7
3.7
4.4
4.6
3.1
1.9
1.8
2.0
2.1
2.5
2.6
2.7
3.0
3.3
4.0
4.4
5.3
5.6
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Transportation
Housing
Shelter
Period
All
items *
Food
Total i
Total
1
Homeowners'
costs
Renters'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
New
cars
Total '
Motor
fuel
Medical
care
Energy2
All
items
less
food,
shelter,
and
energy
Addendum: All items, percent change
(annual rate)
From
previous
quarter 3
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
12.5
1980
1981
8.9
3.8
3.8
3.9
3.8
1.1
4.4
4.4
1982
1983
1984
1985
1986
1987
1988
10.2
4.3
3.1
2.7
3.8
2.6
3.8
3.5
5.2
13.7
10.2
3.6
3.5
4.3
4.3
1.7
3.7
4.0
15.0
99
2.4
4.7
5.2
6.0
4.6
4.8
4.5
5.1
5.9
6.3
5.0
3.9
3.9
4.5
5.1
5.9
4.6
5.3
4.7
13.8
14.4
9.7
1.8
4.2
1.8
-5.6
1.6
2.9
6.8
3.5
1.6
2.9
2.0
2.8
.9
4.8
4.7
14.6
10.9
1.8
3.9
3.1
2.6
-5.9
6.1
3.0
7.4
18.8
6.8
9.4
1.5 -6.5
. -t n
3.4
2.5 -2.4
3.4
3.1
5.9 -30.7
1.8 18.7
2.1
2.1
9.9
12.5
11.0
6.4
6.1
6.8
7.7
5.8
6.9
0.2 -0.4
.1
.8
.3
1.6
.1
-.6
.1
.5
.3
1.8
.6 -1.0
.1 -.9
2
.1
.2 -1.7
18.0
11.9
1.3
0.5
.5
.6
.6
.7
.4
.5
.6
.4
.5
-0.2
.6
.6
-.2
.2
.7
-.2
.3
-.3
0.5
.5
.4
.2
.3
.2
.5
.7
.3
.3
.8
.8
.5
.8
.6
1.1
.6
.3
.4
13.5
10.3
6.2
3.2
4.3
3.6
1.9
3.6
4.1
9.8
9.4
6.1
5.0
4.3
3.7
3.3
3.8
4.7
5
.2
1.8
-19.7
8.2
.5
Change, month to month
1988:
1989:
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
0.3
.4
.4
.3
.4
.3
.4
.4
.3
.3
0.4
.5
.4
.6
.9
.5
.7
.2
.2
.3
0.3
.3
.3
.3
.3
.3
.3
.3
.4
.4
0.4
.2
.3
.4
.2
.5
.4
.2
.5
.4
0.9
-.2
.2
.3
.3
.3
0
.2
.1
.5
0.2
.4
.4
.4
.3
.5
.5
.2
.6
.3
0
.4
0
-.1
.1
0
.4
.7
.4
.8
1.6
1.2
.7
-.3
16
1.8
1.2
0
.3
0.1
.3
.7
.2
.3
.8
.1
.4
.3
0
Jan
Feb
Mar
.6
.4
.5
.7
.4
.8
.2
.3
.3
.2
.5
.6
.2
.9
1.3
.2
.4
.3
.6
-.2
.2
0
-.2
1.4
.7
.6
.6
1
o
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.-—and motor fuel. Motor oil, coolant, etc.,
also included tlirough 1982.
2
24
.7
.3
.3
3
1.0
1.6
2.2
-1
3.9
4.4
3.9
3.8
4.9
4.9
4.9
4.5
4.8
4.8
4.4
4.1
3.7
3.9
4.0
4.4
4.4
4.7
4.9
4.8
4.5
4.5
3.9
3.9
3.9
4.0
4.1
4.0
4.2
4.2
4.2
4.4
5.4
4.7
5.4
6.1
4.8
4.9
5.1
4.7
4.8
5.0
4.5
4.5
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 April fell 2.0 percent from their March level. Prices paid by farmers in April were 1.1
percent above their January level. (Data are not seasonally adjusted.)
INDEX, 1977= 100 (RATIO SCALE)
INDEX, 1977 = 100 (RATIO SCALE)
180
180
160
160
PRICES PAID
140
140
120
120
PRICES RECEIVED
100
100
80
80
60
RATIC3-W
140
120
100
mnlimi
imilmn
II ( 1 1 1 1 1 1 1 1 1 1 1 ( 1 1 1 1 1 ( ( I I I I 1 1 1 1 1 1 1 I I 1 1 1 H 11111111 60
RA
140
120
,_
piTin
100
80
^———^_——^——1f
"~"~~~~l
60
II 1 1 1 1 1 1 1 1 1 1 1 1 ! 1 1 1 { 1 1 1 M U M M I M
1981
1983
1982
1 1 i 1!' M 11 1
- -
-*
80
'-' '-
"1 1 1= 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ] 1 1 f 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1^1 1 1 11
1
11
1984
1985
1986
1987
1988
60
1989
U RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF AGRICULTURE
[1977 = 100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
1981
1982
1983
1984
1985
1986
1987
1988
1988- Apr
May
July
Auff
Sept
Oct
Nov
Dec
1989' Jan
Feb
Mar
Apr
1
All farm
products
Livestock and
products
Crops
134
121
128
138
120
107
106
125
112
117
129
136
136
135
133
136
136
139
133
135
142
128
123
127
138
130
134
138
142
144
144
143
144
145
149
148
149
146
140
138
!36
138
r
Includes items not shown separately.
Percentage ratio of index of prices received by fanners to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by fanners are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
2
143
145
141
146
136
138
146
150
148
151
147
147
152
153
152
151
154
158
158
!61
154
r
All commodities,
services,
interest, taxes,
and wage rates 1
Production
items, interest,
taxes, and wage
rates
150
159
161
164
162
159
161
170
168
(3)
(3)
172
(3)
(3)
173
(3)
(3)
175
(3)
(3)
177
151
159
159
161
156
150
151
160
158
(3)
(3)
162
(3)
(3)
163
(3)
(3)
r
!66
(3)
(3)
167
Production
items
148
153
152
155
151
147
147
157
155
(3)
(3)
159
(3)
(3)
162
(3)
(3)
163
(3)
<3)
165
Ratio 2
92
84
84
87
79
77
79
81
77
80
82
83
84
84
83
83
84
85
85
85
82
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977 = 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Ml fell in March, while growth in the broader aggregates accelerated.
BILLIONS Of DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
4,000
3,600
4,000
3,600
3,200
3,200
2,800
2,800
2,400
2,400
M2
2,000
2,000
1,600
1,600
1,200
1,200
1800
600
1985
1982
1988
1989
COUNCIL OF ECONOMIC ADVISERS
• AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Debt
Percent change from year or 6
months earlier 2
Ml
Period
19801981:
1982:
19831984:
1985:
1986:
1987:
1988:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec '.
1988:
Mar
May
July
Aue
Sept
Oct
Dec
1989: Jan r
Feb r
Mar"
M2
MS
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
RPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
412.2
439.1
476.4
522.1
551.9
620.5
725.9
752.3
790.3
1,633.3
1,795.9
1,954.5
2,186.0
2,367.2
2,567.4
2,811.2
2,909.9
3,069.3
1,991.1
1,236.9
2,443.8
2,694.3
2,982.3
3,201.7
3,494.9
3,677.6
3,919.0
2,327.8
2,599.4
2,853.5
3,155.5
3,523.4
3,830.6
4,137.1
4,340.5
4,685.2
3,868.2
4,244.3
4,627.9
5,161.1
5,910.1
6,719.9
7,576.8
8,283.9
8,994.5
6.8
6.5
8.5
9.6
5.7
12.4
17.0
3.6
5.1
8.9
10.0
8.8
11.8
8.3
8.5
9.5
3.5
5.5
10.2
12.3
9.2
10.3
10.7
7.4
9.2
5.2
6.6
9.7
9.7
9.0
11.5
14.5
13.7
12.8
9.3
8.6
763.8
771.2
771.1
776.5
782.5
782.4
783.7
785.4
786.6
' 790.3
2,969.3
2,990.3
2,999.8
3,013.1
3,023.9
3,029.7
3,035.0
3,042.2
'3,059.3
' 3,069.3
3,755.9
3,779.6
3,794.6
3,815.6
3,838.2
3,852.6
3,864.0
3,881.0
r
3,901.7
' 3,919.0
4,436.3
4,475.3
4,503.8
4,521.0
4,565.3
r
4,586.9
r
4,597.8
r
4,619.9
r
4,647.5
'4,685.2
8,449.3
8,509.7
8,567.1
8,624.7
r
8,682.8
'8,747.5
r
8,811.5
'8,868.6
T
8, 935.2
r
8,994.5
4.3
3.7
4.4
6.5
6.5
6.0
5.3
3.7
4.1
3.6
5.9
6.1
6.7
7.2
6.5
5.4
4.5
3.5
4.0
3.8
7.0
6.9
6.9
7.6
7.5
6.6
5.8
5.4
5.7
5.5
9.2
8.9
8.4
8.4
8.7
'8.9
'8.8
'8.6
'8.8
'8.8
786.3
787.4
786.2
3,065.8
3,069.7
3,079.4
3,924.2
3,933.7
3,955.7
4,688.7
4,701.9
9,054.8
9,135.5
1.0
1.3
.6
2.8
2.7
2.9
4.5
4.3
4.8
8.8
9.1
L
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average) '
er at an annual rate.
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reservi
26
Ml
M2
M3
Debt
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Currency
Demand
deposits
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(BPs),
net,
plus
overnight
Eurodollars
NSA
Money market
mutual fund
balances
General
purpose
and
broker/
dealer
NSA
Institution
only
NSA
Large
denomination
time
deposits 1
Savings
deposits
Small
denomination
time
deposits '
NSA
Term
repurchase
agreements
(BPs)
Term
Eurodollars
(net)
NSA
Money
market
deposit
accounts
(MMDAs)
NSA
Savings
bonds
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
1980- Dec
1981- Dec
1982- Dec
1983' Dec
1984- Dec
1985- Dec
1986: Dec
1987- Dec
1988: Dec
115.2 261.5
122.5 231.5
132.6 234.2
146.3 238.7
156.1 244.2
167.8 267.3
180.5 303.2
196.4 288.3
211.8 288.6
31.3
80.8
105.3
132.2
146.4
179.5
235.8
260.4
282.3
28.3
35.9
38.8
53.8
56.3
70.2
78.3
78.3
78.2
61.6
150.6
185.2
138.2
167.5
176.5
208.0
221.1
' 239.4
15.2
38.0
51.1
43.2
62.7
64.5
84.4
89.6
87.6
0.0
.0
43.2
379.2
416.9
513.5
572.5
526.3
502.7
400.2
728.6
344.0
823.2
356.9
851.0
305.6
784.0
285.4
886.3
301.6
882.6
371.0
853.9
416.4
914.1
431.3 1,025.3
260.1
302.5
326.8
327.4
417.2
436.6
439.0
487.4
537.7
34.0
36.0
34.5
51.8
61.9
65.6
84.0
109.1
125.3
50.3
67.5
81.7
91.5
82.9
76.1
84.9
90.8
108.5
72.3 133.5
67.8
149.4
68.0 183.6
71.1 211.9
74.2
260.7
79.4
300.1
91.7 282.3
100.4
257.5
109.1 ' 280.7
32.1
40.0
44.5
45.0
45.4
42.0
37.2
44.7
40.6
98.8
105.3
113.6
133.2
160.7
207.4
231.0
260.3
335.8
1988- Mar
200.7
202.4
203.4
204.7
206.4
207.0
208.6
209.7
210.5
211.8
288.4
290.3
288.1
289.8
290.4
289.9
288.8
288.9
287.7
288.6
267.5
271.2
272.2
274.7
278.5
278.3
279.0
279.4
281.0
282.3
74.5
75.6
80.4
80.8
77.6
79.9
77.3
76.0
75.5
78.2
234.8
235.8
231.8
228.9
229.6
230.8
231.0
231.3
237.4
r
239.4
97.4
91.9
90.0
86.3
84.8
84.0
83.7
84.6
87.4
87.6
525.5
524.2
520.5
523.2
522.0
517.7
511.4
507.5
506.7
502.7
421.5
952.8
423.3
963.4
425.2
971.0
427.6
975.7
429.7
981.0
430.9
988.3
430.5
998.7
429.2 1,009.7
431.8 1,017.8
431.3 1,025.3
496.3
499.2
502.4
507.8
514.0
519.4
526.7
532.0
534.4
537.7
112.0
114.7
121.0
124.3
125.6
123.8
122.4
125.2
128.9
125.3
90.0
89.1
91.8
93.1
96.2
104.3
106.2
103.5
104.8
108.5
103.4 255.6
104.4 262.3
105.3 265.1
106.0 258.3
106.8 ' 269.7
107.4 r274.5
107.9 ' 275.4
108.4 277.0
108.7 r273.1
109.1 ' 280.7
41.1
41.4
41.1
40.7
40.7
41.2
41.7
41.3
40.5
40.6
280.3
287.6
297.8
300.4
309.8
311.3
308,8
312.3
323.7
335.8
213.4 284.0
214.3 284.8
215.6 284.2
281.3
280.9
279.1
81.7
79.1
77.5
241.6
247.4
256.5
89.3
89.6
87.6
495.1
485.2
480.1
427.8 1,036.0
424.7 1,048.5
420.9 1,061.1
544.3
551.5
558.6
126.8
129.9
132.5
103.3
102.6
107.7
109.7
110.6
40.2
39.0
334.9
344.2
May
July
Sept
Oct
Nov
Dec
1989: Jan r
Feb r
Mar p
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not shown
279.7
274.3
here.
Source: Board of Govemors of the Federal
Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures; millions of dollars; seasonally adjusted, except as noted]
Adjusted for changes in reserve requirements
Borrowings of depository
institutions from the Federal
Reserve (NSA)
Reserves of depository institutions
Period
Total
19801981:
19821983:
19841985:
198619871988-
Dec
Dec
Dec ..
Dec
Dec .
Dec
Dec
Dec
Dec
1988: Mar
May
July
Sept
Oct
Nov
Dec
1989: Jan
Feb
Mar"
NOTE.—Aggregate rest
vet available.
Nonborrowed
Nonborrowed plus
extended
credit
Required
Monetary
base
Total
Seasonal
Extended
credit
60,979
59,264
60,508
59,939
275,811
1,690
636
634
774
3,186
1,318
827
777
1,716
59,760
60,374
60,365
60,637
61,238
61,090
60,995
60,956
61,055
60,979
58,009
57,380
57,787
57,555
57,798
57,849
58,156
58,657
58,194
59,264
59,487
60,004
59,894
60,108
60,336
60,502
60,215
60,438
60,516
60,508
58,832
59,515
59,325
59,750
60,231
60,137
60,024
59,894
59,936
59,939
263,301
265,606
266,816
268,267
270,503
271,144
272,467
273,772
274,658
275,811
1,752
2,993
2,578
3,083
3,440
3,241
2,839
2,299
2,861
1,716
119
146
246
311
376
423
421
332
186
130
1,478
2,624
2,107
2,554
2,538
2,653
2,059
1,781
2,322
1,244
58,883
59,001
58,297
59,929
60,050
59,631
59,401
59,333
59,150
276,739
277,757
278,716
1,662
1,487
1,813
76
97
139
1,046
1,050
1,334
60,545
60,487
60,109
5 and monetary base revised beginning 1959. Data prior to 1988 not
r
r
116
54
33
96
113
56
38
93
130
3
148
186
2
2,604
499
303
483
1,244
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases rose 0.4 percent in March. Commercial and industrial loans fell 0.3
percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,800
2,800
ALL COMMERCIAL BANKS
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
LOANS AND LEASES
800
800
400
400
U.S. GOVERNMENT SECURITIES
200
200
T
160
160
OTHER SECURITIES •
imilniii
120
1981
1984
1983
1982
1988
1987
1986
1985
- SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
120
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted l]
All commercial banks
Loans and leases
Period
Total
securities 2
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1988:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Mar
Apr
May
June
July
Aug
Sept
Oct
NOT
Dec
1989: Jan
Feb
Mar "....
1,307.7
1,401.5
1,553.6
1,723.6
1,910.1
2,092.8
2,237.4
2,408.0
2,284.3
2,303.5
2,325.5
2,343.5
2,358.5
2,371.4
2,373.5
2,392.6
2,400.6
2,408.0
2,412.8
2,441.8
2,454.9
1
U.S.
Government
securities
179.3
201.7
259.2
260.2
270.7
309.5
335.5
362.4
341.3
343.9
346.4
348.8
349.3
350.9
353.2
356.0
358.5
362.4
361.8
363.4
370.3
Other
securities
160.9
165.7
170.6
142.6
181.3
196.4
195.2
192.9
196.2
196.5
196.4
196.7
196.9
196.7
195.4
196.6
195.3
192.9
188.0
188.5
187.7
Total
2
967.5
1,034.1
1,123.9
1,320.9
1,458.1
1,586.8
1,706.8
1,852.7
1,746.8
1,763.1
1,782.7
1,797.9
1,812.3
1,823.9
1,825.0
1,839.9
1,846.8
1,852.7
1,863.0
1,889.9
1,896.8
Commercial
and
industrial
Real
estate
Individual
Security
Nonbank
financial
institutions
Agricultural
political
subdivisions
355.4
392.6
414.1
472.9
499.7
536.1
562.6
599.7
570.4
577.4
584.5
589.3
594.9
595.3
594.3
597.8
598.9
599.7
604.5
r
616.5
614.7
284.1
299.8
330.8
376.3
425.5
493.5
588.2
664.8
606.2
613.1
620.5
626.9
633.3
640.3
646.9
654.7
659.3
664.8
671.2
678.3
685.2
182.5
188.2
212.9
253.8
294.0
314.9
328.4
355.1
336.9
339.9
341.9
343.4
344.6
346.5
348.9
350.8
352.3
355.1
357.0
357.9
359.9
21.5
25.4
28.1
34.3
42.7
40.1
34.4
37.9
40.2
39.5
39.7
39.5
38.9
39.7
36.7
38.4
37.9
37.9
37.0
44.0
42.9
29.9
31.3
30.5
31.4
32.5
35.0
31.9
29.9
31.0
30.5
30.6
30.6
31.0
31.0
30.5
30.2
30.0
29.9
r
30.1
r
30.5
29.6
33.1
36.2
39.2
40.1
36.1
31.6
29.4
30.7
29.4
29.4
29.5
29.6
29.6
29.6
29.6
29.8
30.3
30.7
30.7
30.7
30.7
0.0
.0
3.3
46.0
56.7
58.4
52.5
47.1
50.3
49.7
49.4
49.2
48.8
48.2
48.0
48.7
47.9
47.1
44.7
44.9
45.0
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
2
State
Foreign
banks
18.1
14.8
13.4
11.1
9.7
9.6
7.5
7.5
7.9
8.3
8.0
8.1
8.2
8.2
7.5
7.8
8.2
7.5
7.6
8.2
7.9
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
Foreign
official
institutions
7.2
5.9
9.4
7.9
6.0
5.9
5.3
5.6
5.1
5.1
5.1
5.0
5.0
5.2
5.2
5.1
5.4
5.6
5.6
5.5
5.5
Lease
financing
receivables
Other
12.7
13.3
13.7
16.0
18.9
22.3
24.4
28.1
25.6
25.9
26.2
26.8
27.5
27.6
27.8
27.9
28.0
28.1
28.3
28.4
28.6
23.1
26.6
31.8
31.2
36.2
39.4
42.1
46.4
44.0
44.4
47.2
49.6
50.4
52.4
49.4
48.7
48.7
46.4
r
46.2
r
44.8
46.7
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
Capital
Credit market funds
1
Total
Securities
and
mortgages
Total
Loans and
short-term
paper
Other 2
Total
tares
3
Increase in
financial
assets
Discrepancy
(sources less
uses)
326.0
324.8
375.8
298.5
420.3
492.6
459.2
519.8
483.2
468.0
197.6
200.1
239.5
242.3
285.7
336.3
352.3
357.5
352.8
364.5
128.4
124.7
136.4
56.2
134.6
156.3
106.9
162.3
130.4
103.5
60.1
70.7
90.7
49.8
77.9
95.8
50.9
121.3
68.9
62.4
9.0
34.5
29.4
10.3
52.6
-5.1
5.0
59.0
38.6
199
51.1
36.2
61.2
39.5
25.3
100.9
46.0
62.3
30.3
82.3
68.2
54.0
45.7
6.4
56.8
60.5
55.9
41.0
61.6
41.1
368.1
342.1
383.6
303.5
385.8
502.7
435.3
456.7
437.3
436.7
238.3
243.7
286.5
256.5
270.7
370.6
342.3
333.9
361.7
395.8
129.8
98.4
97.0
47.0
115.1
132.1
93.0
122.8
75.6
40.9
-42.1
-17.3
-7.7
-4.9
34.5
-10.1
23.9
63.0
45.9
31.3
1987- TTT
484.7
531.7
358.3
358.1
126.4
173.6
68.6
95.8
36.4
9.4
32.2
86.4
57.8
77.8
446.4
476.0
350.9
406.3
95.4
69.7
38.4
55.8
1988: I
461.8
469.4
474.7
465.7
359.9
363.6
365.3
369.1
101.9
105.8
109.4
96.6
97.9
57.6
66.0
27.7
17.8
183
8.3
87 7
80.1
75.9
57.7
115.4
4.0
48.2
43.4
68.9
403.9
463.3
444.8
434.5
387.8
386.7
398.6
409.9
16.1
76.6
46.2
24.6
57.9
6.0
29.9
31.2
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988 "
rv
n
TTT p
rv
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstanding 1
Installment credit outstanding {end of period)
Period
Total
1979:
19801981:
19821983:
1984:
1985:
1986:
1987:
1988:
1988-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Feb
Mar
May
July
Sept
Oct
Nov
Dec
1989: Jan r
Feb p
296,483
297,566
310,682
323,536
367,868
442,538
517,755
571,833
613,022
c
666, 191
624,294
629,485
633,336
636,318
644,372
647,993
653,317
653,319
657,226
661,889
c
666, 191
670,566
674,781
Automobile
Revolving
53,357
112,475
54,894
111,936
60,838
118,956
124,218 ' 66,243
78,667
143,799
173,704 100,212
209,636 122,013
246,109 136,381
267,180 159,307
289,823 185,755
273,133 163,462
276,762 165,643
278,567 167,356
279,418 169,154
282,254 172,809
283,359 174,927
285,560 177,568
284,782 178,675
286,107 181,277
287,474 184,468
289,823 185,755
291,952 186,779
294,053 188,383
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
Mobile
home
18,207
18,621
20,302
22,833
23,704
25,795
26,834
26,883
25,957
25,552
25,857
25,732
25,764
25,703
25,852
25,882
25,915
25,746
25,776
25,831
25,552
25,602
25,543
Other
112,444
112,115
110,586
110,242
121,698
142,827
159,272
162,460
160,578
165,061
161,842
161,348
161,649
162,043
163,456
163,825
164,274
164,116
164,065
164,117
165,061
166,233
166,802
Total
34,507
1,083
13,116
12,854
44,332
74,670
75,217
54,078
41,189
53,169
5,036
5,191
3,851
2,982
8,054
3,621
5,324
2
3,906
4,663
4,302
4,374
4,215
Automobile
Revolving
13,736
539
7,020
5,262
19,581
29,905
35,932
36,473
21,071
22,643
3,250
3,629
1,805
851
2,836
1,106
2,201
-779
1,325
1,366
2,350
2,129
2,101
8,155
1,537
5,944
5,405
12,424
21,545
21,801
14,368
22,926
26,448
1,397
2,181
1,713
1,798
3,655
2,118
2,641
1,107
2,602
3,190
1,288
1,023
1,604
Mobile
home
1,286
414
1,681
2,531
871
2,091
1,039
49
926
-405
-69
125
32
61
149
29
33
169
30
54
-278
50
59
Other
11,330
329
-1,529
344
11,456
21,129
16,445
3,188
1 882
4,483
458
-494
301
394
1,413
368
449
158
-50
52
944
1,172
569
Source: Board of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Interest rates fell in April.
PERCENT PER ANNUM
PERCENT PER ANNUM
COUNCIL OF ECONOi
E. SEE TABLE BELOW
[Percent per annum]
U.S. Treasury security yields
Period
3-month bills
(new issues) *
1981
1982
1983
1984
1985
1986
1987
1988
Constant maturities 2
3-year
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
Corporate
Aaa bonds
(Moody's) 4
Prime
commercial
paper,
6 months l
Discount rate
(N.Y. F.R.
Bank) 5
Prime rate
charged by
banks 5
New-home
mortgage
yields
(FHLBB)6
14.029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
May
July
Sept
Oct
Nov
Dec
1989- Jan
Feb
. .
Mar
Week ended:
1989: Apr 1 r.
8
15
22
29
May 6
1
13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
11.23
11.57
9.47
10.15
9.18
7.38
7.73
7.76
14.17
13.79
12.04
12.71
11.37
9.02
9.38
9.71
14.76
11.89
8.89
10.16
8.01
6.39
6.85
7.68
13.41
11.02
8.50
8.80
7.69
6.33
5.66
6.20
18.87
14.86
10.79
12.04
9.93
8.33
8.22
9.32
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
5.92
6.27
6.50
6.73
7.02
7.23
7.34
7.68
8.09
1988- Apr
14.44
12.92
10.45
11.89
9.64
7.06
7.68
8.26
7.83
8.24
8.22
8.44
8.77
8.57
8.43
8.72
9.11
8.72
9.09
8.92
9.06
9.26
8.98
8.80
8.96
9.11
7.91
8.01
7.86
7.87
7.86
7.71
7.54
7.58
7.66
9.67
9.90
9.86
9.96
10.11
9.82
9.51
9.45
9.57
6.92
7.31
7.53
7.90
8.36
8.23
8.24
8.55
8.97
6.00-6.00
6.00-6.00
6 00 6 00
6.00-6.00
6.00-6.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
8.50-8.50
8 50 9 00
9.00-9.00
9.00-9.50
9.50-10.00
10.00-10.00
10.00-10.00
10.00-10.50
10.50-10.50
9.13
8.95
9.26
9.17
9.06
9.26
9.10
9.43
9.39
8.29
8.48
8.83
8.70
9.20
9.32
9.61
9.40
9.09
9.17
9.36
9.18
7.41
7.47
7.61
7.49
9.62
9.64
9.80
9.79
r
9.02
9.35
9.97
9.78
6 50 6 50
6.50-7.00
7 00 7 00
7.00-7.00
10.50-10.50
10.50-11.50
11.50-11.50
11.50-11.50
9.10
8.87
8.71
8.57
8.66
8.64
9.74
9.47
9,53
9.35
9.26
9.37
9.20
9.27
9.14
9.09
7.64
7.56
7.54
7.42
7.42
9.88
9.81
9.80
9.80
9.75
10.07
9.90
9.87
9.69
9.65
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-
11.50-11.50
11.50-11.50
11.50-11.50
11.50-11.50
11.50-11.50
11.50-
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
Series excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack
of appropriate issues.
2
30
9.52
9.82
10.03
r
5
Average effective rate for year; opening and closing rate for month and week.
6
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in April.
INDEX, DEC. 31, 1965 = 50 (RATIOS CALE)
240
220
200
180
/ \
^
160
INDEX DEC. 31, 1965 = 50 (RATIO SCALE)
240
220
200
180
160
COMPOSITE STOCK PRICE INDEX
140
(NYSE)
\
120
^
f
/
/
\ S~^~^^
V,
—
140
120
J
/
100
100
^y—'
80
80
^s—^
v-n^J
60
^
60
I M ' ' ' 1 1 1 11 \\ i 1 1 1 1 1 i 1 1
1982
1981
PERC ENT
20
40
1
1 1 1 1 1 1 1 II
I1
1 1 1 1 1 1 1 1 1 11
1983
1 I 1 1 1 i It 1 1 1 1 1 I ! 1 I I 1 I | ! 1 t ! 1 1 1 t 1 t
1
1984
1986
1985
1987
r
M 1 I ? \ I l 1 l li t 1 1 ( 1 1 i 1 1
1988
PERC :ENT
20
15
15
10
^
v.
\.
1
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P1
--
\^r^_-
5
^
1
0
1
1
1
1981
1 1
1982
SOURCES, NEW YORK STOCK EXCHANGE A
1
1
1
1983
I
1
1
1
1
1985
1984
ND STANDARD & POC
^
1
1
1
1
1986
10
/n__-—'
i i i ! 1
1987
5
1
1988
COUNCIL OF
R'S CORPORATION
Common stock prices 1
Period
1981
1982
1983
1984
1985.
1986
1987
1988
1988: Apr
May
June
July
Auer
Sept
Oct
Nov
Dee
1989: Jan
Feb
Mar r
Apr
Week ended:
1989: Apr I r.
8
15
22
29
1
Industrial
Transportation
Utility
1
1
0
1989
ECONOMIC ADVISERS
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143=10) 4
Dividendprice ratio
74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
148.46
144.99
152.72
152.12
149.25
151.47
156.36
152.67
155.35
180.88
176.02
184.92
184.09
179.72
182.18
188.58
183.79
187.75
133.43
127.63
136.02
136.49
132.53
136.27
141.93
138.60
144.07
69.40
68.65
72.25
71.50
70.67
71.83
74.19
73.83
74.81
121.67
120.35
129.04
129.99
130.77
133.15
134.66
129.61
128.83
2,036.13
1,988.91
2,104.94
2,104.22
2,051.29
2,080.06
2,144.31
2,099.04
2,148.58
262.61
256.12
270.68
269.05
263.73
267.97
277.40
271.02
276.51
160.40
165.08
164.60
169.38
194.62
200.00
199.20
204.81
153.09
162.66
160.14
164.32
75.87
77.84
77.66
79.69
132.26
137.19
137.91
143.26
2,234.68
2,304.30
2,283.11
2,348.91
285.41
294.01
292.71
302.25
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
3.57
3.80
3.58
3.65
3.75
3.69
3.61
3.70
3.68
3.64
3.59
3.68
3.59
164.29
166.36
167.54
171.22
172.41
198.53
200.89
202.66
207.20
208.49
157.88
161.48
162.54
165.93
167.32
77.67
78.31
78.47
80.41
81.60
138.84
141.70
142.27
144.46
144.62
2,277.98
2,300.91
2,313.23
2,378.19
2,403.30
292.38
296.08
298.47
306.14
308.32
Earningsprice ratio
3.70
3.65
3.62
3.53
3.56
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. Earnings3
1
Common stock5yields
(percent)
O) 2
New York Stock Exchange indexes (]
Composite
2
40
1989
11.96
11.60
8.03
10.02
8.12
6.09
5.48
8.00
7.92
8.36
8.55
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 6 months of fiscal 1989, there was a deficit of $128.4 billion, compared with a deficit of $119.6 billion
a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200.1
RECEIPTS AND OUTLAYS-!-'
1,200
1,100
1,100
OUTLAYS^
1,000
1,000
\
900
900
800
800
700
700
600
600
\i
SURPLUS OR DEFICIT Mi/
0
-100
^^
\
-200
XI
^1981
1
^^^
I
1982
1
1983
1
1984
1
1985
|
1986
-200
1
1987
1
1988
1
1989
|
\
1990^
FISCAl YEARS
I INCLUDES ON-8UDGET AND OFF-BUDGET ITEMS.
/
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Receipts
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 (estimates) l
1990 (estimates) 1
Cumulative total, first 6
months: 2
Fiscal year 1988
Fiscal year 1989
Outlays
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Receipts
Outlays
Gross Federal debt
(end of period)
Surplus
or deficit
(-)
Total
Held by
the public
298.1
81.2
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
371.8
96.0
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
73 7
-14.7
-53.6
-59.2
-40.2
-73.8
-78.9
127.9
-207.8
1853
231.7
63.2
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
76.6
328.5
369.1
403.5
476.6
543.0
594.3
661.2
686.0
-70.5
-13.3
-49.7
54 9
-38.2
72 7
-73.9
1200
-208.0
-185.6
66.4
18.0
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
19.4
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
-3.2
— 1.4
-3.9
43
-2.0
11
-5.0
-7.9
.2
.3
629.0
643.6
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
477.4
495.5
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
734.1
769.1
854.1
909.0
979.3
1,065.6
946.3
990.3
1,003.8
1,064.0
1,143.0
1,160.4
2123
-221.2
-149.7
-155.1
-163.7
-94.8
547.9
568.9
640.7
667.5
711.8
776.4
769.5
806.8
810.0
861.4
932.1
939.5
-221.6
-237.9
-169.3
193 9
-220.4
163 1
186.2
200.2
213.4
241.5
267.5
289.2
176.8
183.5
193.8
202.7
210.9
220.9
9.4
16.7
19.6
38.8
56.7
68.3
1,817.0
2,120.1
2,345.6
2,600.8
2,868.8
3,107.2
1,499.4
1,736.2
1,888.1
2,050.2
2,193.8
2,285.0
412.7
441.5
532.4
569.9
-119.6
-128.4
300.5
316.0
432.5
466.2
1320
-150.2
112.3
125.5
99.8
103.7
12.4
21.8
2,480.9
2,748.7
1,990.9
2,140.9
1
Estimates of February 9, 1989. Asset sales are included in 1989 data. Data for 1990 exclude
proposed loan asset sales { — $3.6 billion) and the impact of credit reform, which is proposed to start
that year. The Administration endorses credit reform and loan asset sales.
2
Data from Monthly Treasury Statement for March 1989, issued April 1989.
32
Off-budget
On-budget
Total
Fiscal year or period
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1990, January
1989, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 6 months of fiscal 1989, receipts were $28.8 billion higher than a year earlier and outlays were $37.5
billion higher.
BILLIONS OF DOLLARS
500
BILLIONS OF DOLLARS
500
RECEIPTS!/
.—- —
INDIVIDUAL INCOME TAXES
400
A
400
-~~ ____
300
300
. ,
„
200
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
OTHER RECEIPTS
/
100
"
0
I
'
~i
,,
T
i
i
|
CORPORATION
INCOME TAXES
200
.„ . -
100
1
i
1
0
900
900
OUTLAYS^/
800
-NONDEFENSE
800
—3
700
700
600
600
500
500
400
400
NATIONAL DEFENSE
300
300
200
200
198)
1982
1983
1984
1985
1987
1986
1988
1989
1990
FISCAL YEARS
J/'INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
Fiscal year
Total
1976
1977.
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 (estimates) l
1990 (estimates)1
Cumulative total, first 6
months: 2
Fiscal year 1988
Fiscal year 1989
1
2
298,1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
734.1
769.1
854.1
909.0
979.3
1,065.6
412.7
441.5
Individual
income
taxes
Corporation
income
taxes
Social
insurance
taxes
and
contributions
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
371.8
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
61.3
334.5
63.1
349.0
83.9
392.6
94.5
401.2
53 1.5
58 3.9
265.2
283.9
303.3
334.3
364.7
391.9
73.0
73.1
74.3
78.9
80.1
83.8
38.6
42.0
151.6
167.6
38.2
41.3
184.3
190.6
See footnote 1, page 32.
Data from Monthly Treasury Statement for March 1989, issued April 1989.
National defense
Other
Income
security
Social
securi'y
Net
interest
Other
15.8
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
26.7
29.9
35.4
42.6
52.5
68.7
85.0
89.8
111.1
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
33.5
35.9
40.0
44.5
49.8
53.7
65.8
70.2
75.1
78.9
86.8
94.8
128.2
119.8
123.3
129.3
137.0
138.3
188.6
198.8
207.4
219.3
232.3
246.6
129.4
136.0
138.6
151.7
168.8
173.3
131.8
142.1
125.9
139.4
160.8
136.1
21.5
23.4
39.0
40.4
66.0
69.7
106.8
113.1
76.6
83.6
71.3
83.6
Department of
Defense,
military
International
affairs
Health
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
946.3
990.3
1,003.8
1,064.0
1,143.0
1,160.4
252.7
273.4
282.0
290.4
298.3
300.4
245.2
265.5
274.0
281.9
289.8
291.2
16.2
14.2
11.6
10.5
16.3
17.2
532.4
569.9
146.4
152.4
142.3
148.0
4.7
3.9
Total
Total
Medicare
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1990, January
1989, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 1989, according to advance estimates, Federal expenditures rose $26.9 billion; receipts data
are incomplete.
BILLIONS OF DOLLARS
1,200
BILLIONS OF DOLLARS
1,200
SEASONALLY ADJUSTED ANNUAL RATES
1,000
- EXPENDITURES
1,000
800
800
RECEIPTS
600
600
400
400
200
200
SURPLUS OR DEFICIT (-)
-200
-200
1
1981
1982
I
J
I
1984
1983
I
J I L
L
1987
1986
1985
I
1988
I ...1
1989
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government expenditures
Federal Government receipts
Personal
Period
Total
tax and
nontax
receipts
Corporate
profits
Indirect
business
tax
accruals
nontax
accruals
74.6
80.7
101.7
109.9
55.9
51.2
53.2
57.0
305.8
326.0
345.2
384.8
tax and
Contributions for
social
insurance
Purchases
of goods
and
services
Transfer
payments
962.3
1,027.8
1,058.9
1,106.3
341.5
368.4
375.4
378.3
374.0
394.6
411.1
434.2
Total
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
97.8
107.4
103.1
108.5
128.3
134.4
139.7
150.4
20.7
22.9
29.6
34.8
Grantsin-aid to
State
and
local
governments
Surplus
or deficit
Less:
Wage
accruals
less
disbursements
(-),
national
income
and
product
accounts
Fiscal year:
1985
1986
1987
1988
776.8
815.0
901.7
964.8
401.6
413.1
Calendar year:
1985
1986
1987
1988
788.7
828.3
916.5
975.2
346.4
361.5
405.6
413.4
76.3
83.9
105.8
r
l!1.4
55.1
50.8
54.0
56.7
310.9
332.2
351.0
393.7
985.6
1,033.9
1,074.2
1,117.6
355.2
366.2
382.0
381.0
380.1
399.8
414.2
440.1
99.7
106.8
102.7
111.5
130.1
135.4
143.0
153.9
20.3
25.7
32.4
31.1
1982:
1983:
1984:
19851986:
IV
IV
IV
TV .
IV
633.1
675.5
742.7
805.3
856.8
303.0
291.9
326.0
355.3
378.3
46.4
70.2
69.7
78.8
89.7
47.6
53.6
56.2
53.5
51.0
236.1
259.8
290.7
317.7
337.8
835.7
844.7
930.2
1,017.5
1,040.1
293.2
276.1
326.0
376.6
366.7
347.4
352.5
362.1
385.8
405.4
84.5
86.0
96.3
103.5
102.3
87.2
101.0
125.3
132.7
136.5
23.4
29.1
21.0
19.0
29.1
.0
.0
.6
.0
.0
-202.6
-169.2
-187.5
212 2
-183.3
1987:
HI
IV
930.1
944.4
413.3
422.3
110.5
107.7
53.9
55.0
352.4
359.4
1,068.4
1,104.9
386.3
391.4
414.2
422.5
101.9
101.4
143.8
149.5
22.6
39.7
.2
2
-138.3
160 4
951.0
983.0
975.5
r
991.5
404.6
425.0
408.3
415.8
107.2
111.7
113.1
r
l!3.8
55.9
55.9
57.1
57.9
383.4
390.3
397.0
404.0
1,106.1
1,116.3
1,099.0
1,149.0
377.7
382.2
367.7
396.3
434.4
437.6
440.7
447.5
111.1
110.4
111.5
113.0
149.9
152.1
154.9
158.9
33.0
34.0
24.1
33.3
.0 -155.1
.0 -133.3
.0 -123.5
.0 r 157 5
58.2
418.2
1,175.9
394.8
460.5
115.5
168.9
36.2
.0
1988: I
n
m
IV
1989: I p
340.4
357.0
430.0
Source: Department of Commerce, Bureau of Economic Analysis.
34
-0.1
.0
.1
1
-185.5
-212.8
-157.2
141 5
-196.9
-.2
.0
205 6
-157.8
.0
.0 r 142 3
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84= 100)
Industrial production (1977 = 100; seasonally adjusted)
Period
United
States
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
137.2
1980
1981
1982
1983
1984
1985
1986
1987
1988
1988: Feb
Mar
134.4
134.7
135.4
136.1
136.5
138.0
138.5
138.6
139.4
139 9
' 140.4
Mav
July
Sept
Oct
Nov
Dee
r
1989- Jan
Feb
Mar "
1
!41.0
r
France
Germany
!07.2
108.0
106.2
103.1
104.1
107.6
112.9
114.9
115.6
119.6
114.4
112.6
108.5
105.8
109.2
110.4
113.5
118.0
123.9
l!6.0
•"117.6
r
l!7.6
r
l!7.8
r
l!8.1
'120.4
r
l!8.2
'123.3
M17.2
' 122.0
121.1
121.4
123.7
120.5
122.3
125.9
118.5
122.5
126.3
Canada
Japan
r
119.0
120.3
120.7
124.5
136.1
141.0
140.8
145.7
159.1
r
157.4
158.3
157.0
153.3
158.4
156.4
160.8
161.6
160.2
165.0
' 166.1
r
104.8
' 106.9
r
96.5
* 102.7
r
l!5.2
!21.4
r
!23.2
r
' 129.6
r
!37.2
' 135.2
r
135.9
' 136.1
r
!37.3
!37.9
M37.4
r
!38.7
r
!38.8
r
!37.8
r
' 137.4
r
!38.1
137.9
!41 0
141 0
' 106.1
* 105.0
""105.0
' 106.1
' 106.1
r
!07.2
' 109.4
l!2.0
r
l!3.0
r
l!2.2
r
l!2.9
r
l!4.9
r
r
116.0
r
l!3.2
l!7.9
r
l!7.1
r
!21.6
r
' 167.3
164 9
Italy
121.4
r
!23.3
r
Data relate to all urban consumers.
r
United
States '
l!0.2
'114.1
118.2
r
r
115.1
!28.1
128.8
119.2
r
117.9
117.6
Japan
France
Germany
Italy
United
Kingdom
82.4
90.9
96.5
99.6
103.9
107.6
109.6
113.6
118.3
76.1
85.6
94.8
100.4
104.7
108.9
113.4
118.4
123.1
90.9
95.4
98.0
99.8
102.1
104.2
104.8
104.9
105.7
72.2
81.9
91.7
100.3
108.0
114.3
117.2
121.1
124.8
86.7
92.2
97.1
100.3
102.7
104.9
104.6
105.0
106.2
63.2
75.4
87.7
100.8
111.5
121.0
128.5
134.4
141.0
78.5
87.9
95.4
99.8
104.8
111.2
114.9
119.7
125.6
121.0
121.6
122.0
122.8
122.9
123.7
124.1
124.1
124.7
125.1
125.1
104.6
105.0
105.5
105.6
105.4
105.2
105.5
106.4
106.9
106.5
106.1
122.7
123.0
123.6
123.9
124.3
124.7
125.1
125.3
125.6
125.8
126.0
105.6
105.7
106.0
106.2
106.3
106.2
106.3
106.3
106.4
106.7
106.9
138.5
139.1
139.6
140.0
140.4
140.8
141.4
142.1
143.2
144.4
144.9
121.9
122.3
124.3
124.8
125.3
125.4
126.8
127.4
128.7
129.3
129.6
121.1
121.6
122.3
' 102.4
107.9
r
Canada
116.0
116.5
117.1
117.5
118.0
118.5
119.0
119.8
120.2
120.3
120.5
99.8
96.7
98.5
'102.2
r
l!6.9
l!7.2
r
l!7.9
r
l!8.6
r
l!9.2
r
119.1
r
l!9.7
r
l!9.2
r
l!9.7
123.4
117.7
United
Kingdom
125.7
126.5
127.1
105.9
105.6
126.5
126.9
108.1
108.4
146.0
147.2
147 9
129.3
131.4
132.0
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
General merchandise imports (customs value) 3
Merchandise exports (f.a.s. yaiue !
Period
Total
2
1982
216.4
1983
1984
1985
1986
1987
1988
205.6
224.0
4
4
227.2
254.1
321.8
1988- Feb
Mar
May
July
Sept
Oct
Nov
Dec
1989: Jan r
Feb ..
1
2
218.8
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
Other
General
merchandise
imports
(c.i.f.
value)
441.6
17.1
18.2
21.0
21.9
24.4
24.8
24.9
112.0
107.0
123.7
113.9
101.3
111.0
118.5
35.4
40.9
59.8
65.1
71.8
84.5
101.3
33.3
40.8
53.5
66.8
78.2
85.2
87.9
39.7
44.9
60.0
68.3
79.4
88.7
96.1
6.5
6.3
7.8
9.4
10.4
12.1
12.8
254.9
269.9
346.4
352.5
382.3
424.4
460.2
2.6
3.4
3.2
3.8
4.0
3.4
3.4
3.6
4.5
4.1
3.9
37.7
36.6
34.8
35.7
37.9
34.5
38.1
37.2
36.6
38.2
40.1
22
2.2
2.0
2.0
1.9
1.9
2.2
2.0
2.1
2.1
2.1
10.0
9.6
9.5
10.5
10.2
9.7
10.2
9.4
9.8
9.8
10.1
8.6
8.4
7.9
8.1
9.0
7.8
8.9
8.7
8.1
9.1
9.2
7.6
7.5
7.2
6.5
7.4
6.6
7.3
7.9
7.7
7.5
8.2
8.4
7.8
7.3
7.6
8.3
7.5
8.5
8.1
7.7
8.4
9.1
.9
1.1
1.0
1.0
1.1
1.1
1.1
1.1
1.1
1.2
1.2
38.9
38.6
36.3
37.2
39.5
36.0
39.8
38.7
38.1
39.8
41.7
-13.2
-9.8
-8.8
-8.3
-11.7
-8.0
-10.6
-9.2
-8.8
-10.7
-11.0
— 14.4
-11.7
-10.3
-9.8
-13.2
-9.5
-12.3
-10.7
-10.3
— 12.2
-12.7
4.7
4.2
37.4
39.4
22
2.1
10.7
10.2
8.8
9.8
7.0
7.8
7.8
8.5
.9
1.0
39.0
41.0
-8.7
-10.5
-10.2
-12.1
Industrial
supplies
and
matenals
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
Other 2
31.3
30.9
31.5
24.0
22.3
24.3
32.2
61.7
56.7
61.7
58.5
57.3
66.7
84.9
72.7
67.2
72.0
73.9
75.8
86.2
109.1
15.7
16.8
20.6
22.9
21.7
24.6
29.4
14.3
13.4
13.3
12.6
14.2
17.7
23.1
20.7
20.5
24.0
27.3
35.9
34.6
43.1
244.0
258.0
325.7
345.3
365.4
406.2
2.5
2.6
2.6
2.9
2.7
2.9
3.1
3.0
2.8
25
2.6
6.6
7.7
7.3
7.1
7.0
7.1
6.9
7.3
6.6
6.9
7.3
8.6
8.7
8.8
9.3
8.5
9.1
9.4
9.4
9.4
9.4
10.2
2.4
2.7
2.3
2.4
2.2
2.0
2.8
2.6
2.5
2.6
2.8
1.8
1.8
1.8
1.9
1.9
2.0
2.0
2.1
1.9
2.0
2.2
28.7
28.9
3.0
2.8
7.0
7.7
9.3
9.3
2.3
2.4
2.5
2.5
Includes Department of Defense Military Assistance Program grant-aid ship
Includes undocumented exports to Canada
ported goods other than intraiisit shipments
Foods
feeds,
and
beverages
Industrial
supplies
and
materials
Foods,
feeds,
and
beverages
24.5
26.9
26.0
27.5
26.3
26.5
27.5
28.0
27.8
27 5
29.1
Trade balance
Principal end-use commodity category
Principal end-use commodity category
Total
Exports
(f.a.s)
less
imports
(customs
value)
Exports
(f.a.s)
less
imports
(c.i.f.)
-27.5
-52.4
-38.4
-64.2
-122.4
- 133.6
-155.1
-170.3
— 119.8 -138.4
-101.7
-126.5
-138.3
-152.1
NOTE.—Data shown include trade of the U.S. Virgin Islands.
See Bureau of the Census release FT900, June 1988 for information on the seasonally adjusted
series.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the fourth quarter of 1988, the current account deficit decreased to $31.9 billion and the merchandise trade
deficit rose to $32.0 billion.
BILL ONS OF DOLLARS*
BILLIONS OF DOLL ARS*
10
10
5
0
5
f-
/^Fv-v^rA
B>UANLt UN | •
CURR ENT ACCOUNT
-•7
X^
0
U
V\
r\ ^
-5
MERC HANDISE TRAD E
BALANCE
~r
\
'\
5
\
Y\
\\]
\
-15
15
*
x
-20
-25
BALANCE ON GOODS
''
AND SERVICES
1
^v;?v\v
X
'
'"
-40
1
1
1
1
1
1
1
1981
1980
1
1
1982
1 1 1
1 1 1
1 1 1
1983
1984
1985
I \
"*^
v-
-45
20
y
i ii
\/^
k
^^J/,
1
1 1
1986
1
1 1
1987
-30
-35
-40
-45
1988
• SEASONALLY ADJUSTED
SOURCE: DEPARTMEN T OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits ( + ), debits (-—)]
Merchandise
12
Investment income 3
Period
Exports
1980
1981
1982
1983
1984
1985
224 269
237 085
211 198
201 820
219 900
215,935
1986
223 969
1987
249 570
p
1988 ...
319 905
1986: I
54,113
II
56,946
Ill
56,268
IV
56,642
1987: I
56,791
II
59,864
Ill
64,902
IV
68,013
1988: I
75,140
II
79,443
Ill
81,674
IV.... 83,648
1
2
3
Imports
249 749
265 063
247 642
— 268 900
332 422
— 338,083
368 516
—409,850
—446 430
-89,546
-90,807
-92,989
-95,174
-96,662
-99,416
-104,567
-109,205
-110,327
-109,595
— 110,844
-115,664
Net balance
Receipts
25 480
27 978
36 444
72 506
86 411
83 549
77 251
Payments
42 120
52 329
54 883
67 080
52 376
112 522 85 908
67 419
— 122 148 88837 — 62901
144 547 90 110
66 968
— 160280 103 756 — 83 381
— 126 525 108 190 — 105 589
-35,433 24,352 -17,357
-33,861 22,248 -17,533
-36,721 21,845
-15,729
-38,532 21,667 -16,350
-39,871 24,791 -19,715
-39,552 22,429 -20,737
-39,665 23,289 -22,222
-41,192 33,248 -20,709
-35,187 26,523 -25,395
-30,152 23,380 -25,366
-29,170 25,751 -26,985
-32,016 32,537 -27,843
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
36
Net
30 386
34 082
28 666
24 875
18 489
25936
23 142
20375
2 601
6,995
4,715
6,116
5,317
5,076
1,692
1,067
12,539
1,128
-1,986
-1,234
4,694
Net
military
transactions
2 237
1 183
Net
travel and
transportation
receipts
997
144
992
4 227
8 604
274
243
2 099
— 3 431 — 10 049
9 344
4 372
— 2 368 — 10,281
4 229 — 6980
-1,408 -2,456
-1,283 -2,070
-1,076 -2,407
-2,410
-605
-78 -2,597
-2,516
-179
-2,521
-851
-1,261 -2,648
— 1,033 -2,119
-914
-1,674
-1,562
-857
-1,623
-1,425
Other
services,
net3
Balance on
goods and
services
Remittances,
pensions,
and other
unilateral
transfers '
Balance
on current
account
1 873
7 593
9 466
7 793
6884
— 7460
14 344
9 278
— 8 679
278 — 8 956
9 320
36 766 — 9480 —46 246
9 908
12 102 — 107 077
9 760
94 975
9,600 — 100,093 -15,010 — 115,103
15 308
138 828
123 520
11 600
12,035 — 140,519 -13,445 -153,964
13 385 — 121 748 — 13,584 — 135,332
2,817 -29,485 -2,972 -32,457
2,870 -29,629 -4,085 -33,714
-4,249 -35,537
2,800 -31,288
3,112 -33,118 -4,003 -37,121
2,813 -34,657 -2,967 -37,624
2,828 -37,727 -3,125 -40,852
2,983 -38,987 -2,980 -41,967
3,412 -29,150 -4,373 -33,523
3,360 -33,851 -3,147 -36,998
-31,037 -2,777 -33,814
3,689
3,431 -29,392 -3,215 -32,607
2,902 -27,468 — 4,444 -31,912
United States are excluded from investment income and included in other services, net.
Source: Department of Commerce, Bureau of Economic Analysis.
U.S.
INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $33.5 billion in the fourth quarter of
1988, compared with an increase of $27.8 billion in the third quarter. Liabilities to private foreigners reported by
J.S. banks, excluding Treasury securities, increased $35.8 billion in the fourth quarter, compared with an increase
}f $29.2 billion in the third quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
30
80
l\
I \
-
60
60
CHANGE IN
FOREIGN ASSETS
IN THE U.S..NET
40
40
20
20
-20
-20
-40
-40
-60
-60
1980
•SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capital outflow (— )]
Period
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988"
U.S.
official
reservez
assets 1
Other U.S.
Government
assets
39,050
50,128
69,884
62,192
2,719
15,838
15,779
1,171
36,331
34,291
54,104
61,020
9,033
8,100
-8,133
6,565
3,006
2,786
-3,876
3,655
44,919
46,595
48,087
48,511
67
-170
252
1,012
9,049
-26,127
-25,576
-43,645
33,100
50,660
71,658
56,072
13,977
10,332
611
20,047
19,122
40,327
71,047
36,025
-6,547
13,071
-4,399
16,342
4,141
2 615
-4,658
3,138
48,824
45,140
45,070
45,798
814
-801
1,990
3,266
5,817
-18,295
33833
-45,718
26,066
65,495
48,097
71,080
24,670
5,946
-2,534
10,930
1,395
59,549
50,631
60,150
4,428
-12,624
23,733
1,013
3,893
-3,425
-5,119
4,653
43,186
41,028
47,788
47,802
-206
-211
-1,592
10
n
m
11,072
-22,878
-25,292
-38,891
1,956
3,419
32
3,741
6,505
-19,057
-39,223
IV"... -40,181
1,503
39
-7,380
2,272
n
m
1
Consists of gold, special drawing rights (SDRs), convertible currencies, and the U.S. reserve
position in the IMF.
2
Quarterly data are not seasonally adjusted.
U.S. official
reserve
assets, net *
(unadjusted,
end of
period)
-15,305
-24,320
-24,901
31 777
-115
16
280
132
IV
I
Other
foreign
assets
Of which:
Seasonal
adjustment
discrepancy
42,615
78,072
90,154
79,023
99,481
131,096
185,746
166,522
171,726
-15,626
-24,515
-26,213
-31,635
1988:
Foreign
official
assets
Total (sum
of the items
with sign
reversed)
15,497
4,960
3,593
5,845
3,140
1 196
35,507
44,968
39,012
n
m
IV
I
Total
Statistical discrepancy
Allocations
of special
drawing
rights
(SDRs)
58,112
83,032
93,746
84,869
102,621
129,900
221,253
211,490
210,738
-8,155
5 175
-4,965
-1,196
-3,131
-3,858
312
9,149
-3,566
1987:
U.S.
private
assets
-5,162
72 802
5097 - 100,679
110058
-6,131
-5,006
-43,576
-5,489
13685
2 829 -25,950
96303
-2,000
1,162
-86,297
92029
3,641
-86,118
110,951
-121,153
49,777
-22,304
-32,636
-97,991
75987
-91,954
1986: I
Foreign assets in the U.S., net
[increase /capital inflow ( + )] z
1,152
1,093
24,982
19,942
36,085
11,154
26,760
17,839
15,566
18,461
16,548
26,756
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
Sources: Department of Commerce (Bureau of Economic Anal) is) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
page
Gross National Product
Gross National Product in 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
* Preliminary.
' Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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38
U.S. GOVERNMENT PRINTING OFFICE : 1989
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