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101st Congress, 2d Session
Economic Indicators
APRIL
1990
(Includes data available as of May 1, 1990)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1990
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
LEE H. HAMILTON, Indiana, Chairman
PAUL S. SARBANES, Maryland, Vice Chairman
HOUSE OF REPRESENTATIVES
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
FREDERICK S. UPTON (Michigan)
SENATE
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
ALBERT GORE, JR. (Tennessee)
RICHARD H. BRYAN (Nevada)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
PETE WILSON (California)
CONNIE MACK (Florida)
JOSEPH J. MINARIK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, Chairman
JOHN B. TAYLOR, Member
RICHARD L. SCHMALENSEE, Member
[PUBLIC LAW 120—SlST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 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
NATIONAL PRODUCT
In the first quarter of 1990, according to advance estimates, current-dollar gross national product (GNP) rose 7.8
percent (annual rate) or $101.0 billion. Real GNP (GNP adjusted for price changes) rose 2.1 percent and the
implicit price deflator rose 5.7 percent.
BiLLiorJS OF DOLLARS (RATIO SCALE)
5,600
BILLIONS OF DOLLARS (RATIO 5CALE)
5,600
SEASONALLY ADJUSTED ANNUAL RATES
sS
5,200
5,200
~
GNP
^-'''''^
•^
-
4,800
4,800
-
4,400
4,400
_
f^
^
4,000
__„-.-'"
-
—
3,600
-
/.-
3,600
\
GNP
Ir- 1982 DOLLAR j
>^**
—
^
3,200
3,200
—
-
2,800
2,400
2,800
1
1 1
1982
1
1 1
1983
1
1
1
1
1984
1 1
1985
1
1 1
1986
1
1 1
1987
1
1
1 1
1988
SOURCE: DEPARTMEN T OF COMMERCE
1 1
1989
1
1
2,400
1
1990
COUNCIL OF ECONOMIC ADVISER
s
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
tures
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
Gross
private
domestic
investment
Exports and imports of goods
and services
Government purchases of
goods and services
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
Final
sales
Gross
domestic
purchases l
2,732.0
3,052.6
3,166.0
3,405.7
3,772.2
4,014.9
4,231.6
4,524.3
4,880.6
5,234.0
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,010.8
3,235.1
3,471.1
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.9
750.3
773.4
32.1
33.9
26.3
-6.1
589
-78.0
-97.4
112 6
-73.7
47 1
351.0
382.8
361.9
352.5
383.5
370.9
396.5
448.6
547.7
625.9
318.9
348.9
335.6
358.7
442.4
448.9
493.8
561.2
621.3
673.0
530.3
588.1
641.7
675.0
735.9
820.8
872.2
926.1
968.9
1,036.6
208.1
242.2
272.7
283.5
310.5
355.2
366.5
381.6
381.3
403.2
142.7
167.5
193.8
214.4
234.3
259.1
277.8
294.8
298.0
302.2
65.4
74.8
78.9
69.1
76.2
96.0
88.7
86.8
83.3
101.1
322.2
345.9
369.0
391.5
425.3
465.6
505.7
544.5
587.6
633.4
2,740.3
3,028.6
3,190.5
3,412.8
3,704.5
4,003.6
4,224.8
4,495.0
4,850.0
5,206.9
2,699.8
3,018.7
3,139.7
3,411.8
3,831.1
4,092.8
4,329.0
4,636.8
4,954.3
5,283.1
IV
IV
IV
IV
IV
IV
3,212.5
3,545.8
3,851.8
4,107.9
4,297.3
4,665.8
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,083.3
409.6
579.8
661.8
654.1
648.8
749.7
14.1
25 8
-67.9
-103.2
— 108.9
-114.6
335.9
364.7
385.7
369.2
402.4
482.6
321.9
390.5
453.6
472.4
511.3
597.2
671.8
676.1
764.5
856.7
888.9
947.5
293.2
276.1
326.0
376.6
368.8
388.1
205.4
221.5
244.1
268.6
280.7
296.8
87.7
54.6
81.9
108.0
88.1
91.3
378.7
400.0
438.5
480.1
520.1
559.4
3,272.4
3,514.8
3,806.8
4,100.7
4,309.4
4,602.5
3,198.5
3,571.6
3,919.7
4,211.2
4,406.2
4,780.4
1988- III
IV
4,926.9
5,017.3
3,263.4
3,324.0
771.1
752.8
662
-70.8
556.8
579.7
623.0
650.5
958.6
1,011.4
367.5
406.4
296.1
300.5
71.4
105.9
591.0
604.9
4,882.3
4,998.7
4,993.1
5,088.1
1989- I
II
Ill
IV
5,113.1
5,201.7
5,281.0
5,340.2
3,381.4
3,444.1
3,508.1
3,550.6
769.6
775.0
779.1
770.1
540
-50.6
45 1
-38.8
605.6
626.1
628.5
643.5
659.6
676.6
673.6
682.3
1,016.0
1,033.2
1,038.9
1,058.3
399.0
406.0
402.7
405.1
298.7
301.3
307.8
300.9
100.4
104.7
94.9
104.2
617.0
627.2
636.2
653.2
5,085.4
5,174.3
5,253.6
5,314.2
5,167.1
5,252.3
5,326.1
5,379.0
1990- I *
5,441.2
3,639.2
761.4
-40.1
646.7
686.7
1,080.6
412.8
309.0
103.7
667.9
5,444.7
5,481.2
1982:
19831984:
19851986:
1987:
1
1
ONI less exports of goods and services plus imports of goods and services.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Exports and imports of
goods and services
Gross private
domestic investment
Personal
consumption
expenditures
Total
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,618.7
3,717.9
3,853.7
4,024.4
4,144.1
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,354.8
2,446.4
2,513.7
2,598.4
2,669.6
509.3
545.5
447.3
504.0
658.4
637.0
639.6
674.0
715.8
720.7
379.2
395.2
366.7
361.2
425.2
453.5
438.4
455.5
493.8
510.3
IV
IV
IV
IV
IV
IV
3,159.3
3,365.1
3,535.2
3,662.4
3,733.6
3,935.6
2,078.7
2,191.9
2,281.1
2,386.9
2,477.8
2,532.3
408.8
577.2
655.7
648.0
615.2
721.1
1988: HI
4,042.7
4,069.4
2,608.1
2,627.7
1989: I.
n
m
rv
4,106.8
4,132.5
4,162.9
4,174.1
1990: I"
4,195.8
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1982:
1983:
1984:
1985:
1986:
1987:
iv
1
Gross
national
product
Nonresidential
fixed
Residential
fixed
Change
in
business
inventories
Government purchases of
goods and services
Federal
Net
exports
Exports
Imports
Total
137.0
126.5
105.1
149.3
170.9
174.4
195.7
194.8
194.1
188.5
69
57.0
23.9
49.4
245
26.3
-6.4 -19.9
62.3 -84.0
9.1 -104.3
5.6 -129.7
23.7
115 7
27.9 — 74.9
21.9 -52.6
388.9
392.7
361.9
348.1
371.8
367.2
397.1
450.9
530.1
589.2
332.0
343.4
335.6
368.1
455.8
471.4
526.9
566.6
605.0
641.8
620.5
629.7
641.7
649.0
677.7
731.2
761.6
781.8
785.1
806.4
352.3
390.4
444.4
460.9
435,7
472.7
115.8
159.9
169.6
179.4
200.3
191.9
-59.3
11.7
27.0 -46.2
41.7 — 94.8
7.7 -125.3
-20.8 -135.4
56.6 - 109.8
336.0
355.5
376.6
367.4
406.5
484.1
324.3
401.6
471.4
492.6
541.9
593.9
733.6
709.1
501.0
492.7
195.1
198.1
37.5
18.3
-74.9
-73.8
531.9
551 .4
2,641.0
2,653.7
2,690.1
2,693.7
721.1
719.8
724.6
717.3
501.0
511.4
517.9
510.8
195.6
189.3
184.8
184.3
24.5
19.1
21.9
22.2
-55.0
-51.2
-57.1
—47.2
2,710.1
710.9
520.2
188.1
2.6
-41.2
State
and
local
Final
sales
Gross
domestic
purchases l
National
defense
Nondefense
246.9
259.6
272.7
275.1
290.8
326.0
334.1
339.6
328.9
337.1
171.2
180.3
193.8
206.9
218.5
237.2
252.1
265.2
261.5
256.5
75.7
79.3
78.9
68.2
72.3
88.8
82.0
74.4
67.4
80.6
373.6
370.1
369.0
373.9
387.0
405.2
427.5
442.1
456.2
469.3
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,609.6
3,712.4
3,830.0
3,996.5
4,122.2
3,130.1
3,199.4
3,139.7
3,299.1
3,585.4
3,723.0
3,847.6
3,969.4
4,099.3
4,196.7
660.1
642.2
693.2
752.7
776.0
792.1
289.5
266.0
300.5
340.6
342.4
344.9
201.4
211.6
225.3
241.4
255.8
266.7
88.2
54.4
75.2
99.2
86.6
78.2
370.6
376.2
392.7
412.1
433.6
447.2
3,218.6
3,338.1
3,493.5
3,654.7
3,754.4
3,879.0
3,147.6
3,411.3
3,630.0
3,787.6
3,869.0
4,045.5
606.9
625.2
775.9
806.4
319.8
343.9
258.8
261.6
61.0
82.3
456.1
462.5
4,005.2
4,051.0
4,117.6
4,143.2
569.7
587.5
593.1
606.6
624.6
638.7
650.2
653.8
799.7
810.3
805.3
810.4
335.5
343.6
336.1
333.3
254.4
255.8
260.1
255.7
81.1
87.8
76.0
77.7
464.2
466.7
469.2
477.0
4,082.3
4,113.5
4,141.0
4,151.9
4,161.8
4,183.7
4,220.0
4,221.4
608.0
649.2
816.1
335.2
255.9
79.4
480.9
4,193.2
4,237.0
GNP less exports of goods and services plus imports of goods and services.
Total
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982 = 100; quarterly data are seasonally adjusted]
Gross private
domestic investment
Personal consumption
expenditures
Period
Gross
national
product
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
1980
1981
1982
1983
1984
1985
1986
1987
1988 . ..
1989
85.7
94.0
100.0
103.9
107.7
110.9
113.8
117.4
121.3
126.3
86.6
94.6
100.0
104.1
108.1
111.6
114.3
119.8
124.5
130.0
89.2
95.7
100.0
102.1
103.8
104.8
105.6
108.1
110.1
111.3
89.4
96.9
100.0
102.1
105.0
107.5
107.3
112.1
116.3
122.6
83.9
92.6
100.0
106.2
111.6
116.8
122.4
129.0
134.9
141.2
85.1
93.4
100.0
98.8
97.9
97.7
99.3
97.5
98.7
100.3
89.4
96.6
100.0
102.2
106.0
108.3
111.1
116.2
119.7
124.5
90.2
97.5
100.0
101.3
103.2
101.0
99.8
99.5
103.3
106.2
96.0
101.6
100.0
97.4
97.1
95.2
93.7
99.0
102.7
104.9
84.3
93.3
100.0
103.1
106.8
109.0
109.7
112.4
115.9
119.6
83.4
92.9
100.0
103.6
107.2
109.2
110.2
111.1
114.0
117.8
86.4
94.3
100.0
101.4
105.5
108.2
108.1116.7
123.6
125.3
86.2
93.4
100.0
104.7
109.9
114.9
118.3
123.2
128.8
135.0
19821983:
19841985:
19861987-
101.7
105.4
109.0
112.2
115.1
118.6
101.8
105.7
109.3
113.1
115.8
121.8
100.7
103.1
104.1
104.7
106.2
109.0
101.0
103.1
105.8
108.7
107.8
113.7
102.7
108.3
113.5
119.0
124.9
131.5
100.7
98.3
97.9
97.9
100.0
97.0
99.1
103.1
107.2
109.0
112.4
118.7
100.0
102.6
102.4
100.5
99.0
99.7
99.3
97.2
96.2
95.9
94.4
100.6
101.3
103.8
108.5
110.6
107.7
112.5
102.0
104.7
108.3
111.3
109.7
111.3
99.5
100.3
108.9
108.8
101.7
116.8
102.2
106.3
111.7
116.5
120.0
125.1
1988: III ..
IV
121.9
123.3
125.1
126.5
110.2
111.2
117.1
118.2
135.6
137.3
98.4
100.6
119.6
120.4
104.7
105.1
102.7
.104.0
114.9
118.2
114.4
114.9
117.1
128.7
129.6
130.8
1989- I
Ill
IV
124.5
125.9
126.9
127.9
128.0
129.8
130.4
131.8
111.2
110.8
111.4
111.7
120.0
123.3
122.9
124.0
139.0
140.4
141.8
143.4
100.4
100.2
100.3
100.1
122.1
124.2
125.6
126.2
106.3
106.6
106.0
106.1
105.6
105.9
103.6
104.4
118.9
118.2
119.8
121.5
117.4
117.8
118.3
117.7
123.8
119.2
125.0
134.2
132.9
134.4
135.6
136.9
1990: I p
129.7
134.3
112.8
127.9
145.5
101.2
126.9
106.4
105.8
123.1
120.8
130.7
138.9
IV
IV
IV
IV
IV
IV
n
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
Implicit
price
deflator
Personal consumption expenditures
Chain price
index
Fixedweighted
price index
(1982
weights)
Constant
(1982)
dollars
Current
dollars
0.2
9.0
IV
IV
IV
IV
IV
IV
III
IV
I
II
III
IV
8.9
11.7
3.7
7.6
10.8
6.4
5.4
6.9
7.9
7.2
4.2
12.4
4.7
6.2
4.2
9.0
7.5
7.5
7.9
7.1
6.2
4.6
1.9
-2.5
3.6
6.8
3.4
2.7
3.7
4.4
3.0
.6
7.3
1.7
3.0
2.3
6.6
3.2
2.7
3.7
2.5
3.0
1.1
9.7
6.4
3.9
3.7
3.0
2.6
3.2
3.3
4.1
3.6
4.7
3.0
3.3
1.8
2.4
4.4
4.7
4.0
4.6
3.2
3.2
9.0
9.4
6.3
4.1
3.9
3.3
2.5
3.4
3.7
4.2
4.1
3.9
3.1
3.2
2.7
3.3
4.4
4.1
4.6
4.9
2.8
3.5
9.3
9.3
6.2
4.1
4.0
3.4
2.7
3.6
4.2
4.5
4.0
4.0
3.2
3.3
3.1
3.8
5.2
4.3
4.8
5.0
2.9
3.6
10.6
10.5
7.1
9.0
8.8
8.2
6.4
7.6
7.4
7.3
10.3
9.7
7.2
6.0
6.2
3.6
7.5
7.6
7.1
7.6
7.6
4.9
1990- lp
7.8
2.1
5.7
6.0
6.5
10.4
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1982:
19831984:
1985198619871988:
1989:
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
Implicit
price
deflator
Chain price
index
Fixedweighted
price index
(1982
weights)
-0.2
1.2
1.3
4.6
4.8
4.7
3.9
2.8
3.4
2.7
5.3
5.5
4.3
1.9
2.2
.7
3.3
3.0
2.0
1.9
5.6
.5
10.7
9.2
5.7
4.1
3.8
3.2
2.4
4.8
3.9
4.4
4.4
4.3
3.0
4.0
3.9
4.4
3.9
4.6
4.8
5.7
1.9
4.4
10.9
9.2
5.7
4.2
3.9
3.5
2.7
4.7
4.1
4.5
4.8
4.1
3.1
4.2
3.9
4.3
4.3
4.8
4.7
5.8
2.1
4.4
10.5
9.0
5.6
4.2
4.0
3.5
2.7
4.7
4.3
4.7
2.5
7.8
7.4
7.8
4.8
4.1
3.2
4.3
3.9
4.5
4.6
4.9
4.8
6.3
2.2
4.4
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) l
Gross domestic
product of
nonfinancial
corporate business
(billions of dollars)
Period
Total
cost
and
profit 2
Capital
consumption
allowances
with
capital
consumption
adjustment
Corporate profits with
inventory valuation and capital
consumption adjustments
Output
per hour
of all
employees
(1982
dollars)
Compensation
per hour
of all
employees
(dollars)
Compensation of
employees
Net
interest
0.077
.090
.094
.098
.100
.103
.106
.106
.107
.111
.096
.098
.102
.104
.106
.106
0.581
.632
.676
.679
.687
.704
.721
.730
.744
.781
.685
.680
.694
.713
.727
.734
0.031
.037
.043
.037
.039
.038
.041
.047
.052
.060
.042
.037
.042
.037
.042
.050
0.068
.078
.063
.089
.109
.106
.098
.098
.103
.091
.057
.103
.107
.106
.096
.098
0.037
.035
.026
.032
.036
.033
.035
.041
.044
.040
.023
.036
.032
.033
.038
.041
0.031
.044
.037
.057
.073
.073
.064
.058
.059
.051
.034
.066
.075
.072
.058
.057
18.524
18.643
18.704
19.217
19.682
19.996
20.456
20.908
21.393
21.385
18.770
19.422
19.784
20.116
20.650
21.176
10.769
11.777
12.635
13.039
13.528
14.069
14.746
15.252
15.907
16.721
12.866
13.208
13.735
14.341
15.008
15.535
Indirect
business
taxes 3
Profits
tax
liability
Profits
after
tax 4
Current
dollars
1982
dollars
IV
IV
IV
IV
IV
IV
1,540.8
1,738.4
1,782.2
1,914.2
2,146.7
2,267.1
2,367.1
2,520.7
2,731.3
' 2,906.9
1,779.4
2,012.5
2,201.8
2,309.4
2,408.7
2,598.4
1,807.9
1,837.2
1,782.2
1,866.0
2,036.5
2,117.4
2,173.9
2,282.6
2,419.5
r
2,481.5
1,760.2
1,940.5
2,069.5
2,137.7
2,198.5
2,343.3
0.852
.946
.000
.026
.054
.071
.089
.104
.129
.171
1.011
1.037
1.064
1.080
1.096
1.109
0.095
.109
.125
.123
.118
.119
.123
.123
.123
.128
.131
.120
.118
.120
.124
. .122
1988:
III
IV
2,754.9
2,816.4
2,434.1
2,453.2
1.132
1.148
.122
.124
.108
.108
.746
.756
.053
.055
.102
.105
.044
.045
.058
.061
21.469
21.446
16.024
16.213
1989:
I
II
HI
IV
2,842.7
2,887.2
2,936.2
'2,961.4
2,459.1
2,471.3
2,497.2
' 2,498.5
1.156
1.168
1.176
1.185
.125
.126
.129
.131
.110
.111
.112
.113
.768
.778
.783
.795
.057
.060
.061
.062
.096
.093
.091
.085
.045
.041
.038
.037
.051
.053
.053
.048
21.356
21.364
21.522
16.407
16.625
16.843
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
19821983:
198419851986:
1987-
1
.
Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol-
lars.
2
This is equal to the deflator for gross domestic product of nonfmancial corporate business with
the decimal point shifted two places to the left.
3
Total
Indirect business tax and nontax liability plus business transfer payments less subsidies.
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
4
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employees1
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
1982
1983
1984
1985
1986
1987 .
1988
1989...
Nonfarm
Rental
income of
persons
with
capital
consumption
adjustment
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
Profits
before tax
Inventory
valuation
adjustment
Capital
consumption
adjustment
Net
interest
2,518.4
2,719.5
3,028.6
3,234.0
3,412.6
3,665.4
3,972.6
4,266.5
1,907.0
2,020.7
2,213.9
2,367.5
2,511.4
2,690.0
2,907.6
3,144.4
24.6
12.4
30.5
30.2
34.7
41.6
39.8
46.2
150.9
178.4
204.0
225.6
247.2
270.0
288.0
305.9
13.6
13.2
8.5
9.2
11.6
13.4
15.7
7.9
150.0
213.7
266.9
282.3
282.1
298.7
328.6
301.3
159.2
196.7
234.2
222.6
228.3
247.8
281.8
' 272.0
169.6
207.6
240.0
224.3
221.6
266.7
306.8
r
290.7
-10.4
-10.9
-5.8
-1.7
6.7
— 18,9
-25.0
-18.7
-9.2
17.0
32.7
59.7
53.8
50.9
46.8
29.3
272.3
281.0
304.8
319.0
325.5
351.7
392.9
460.8
2,548.2
2,851.5
3,096.1
3,312.8
3,473.1
3,799.9
1,931.1
2,092.7
2,272.7
2,426.7
2,571.2
2,778.7
28.5
19.3
28.1
29.2
37.2
48.4
159.8
188.6
209.7
235.0
252.0
280.3
15.8
12.4
5.6
7.8
13.5
14.3
146.1
248.5
266.9
291.4
275.2
308.2
150.7
223.4
224.6
228.4
226.1
255.8
164.1
231.5
226.1
235.0
234.1
276.2
-13.4
-8.1
-1.6
-6.6
80
-20.4
-4.5
25.1
42.3
63.0
49.1
52.4
266.9
290.2
313.1
322.7
324.0
370.0
1988- III
IV
4,005.7
4,097.4
2,935.1
2,997.2
37.7
32.0
289.3
296.3
16.3
16.1
330.9
340.2
284.1
298.7
314.4
318.8
-30.4
-20.1
46.9
41.5
396.4
415.7
1989- I
II
III
IV '
4,185.2
4,249.6
4,287.3
4,344.0
3,061.7
3,118.2
3,171.9
3,225.9
59.0
51.3
36.1
38.5
300.3
304.2
307.2
311.8
11.8
9.8
5.4
4.8
316.3
307.8
295.2
285.9
279.7
275.5
268.7
264.0
318.0
296.0
275.0
273.7
-38.3
205
-6.3
97
36.6
32.3
26.5
21.9
436.1
458.4
471.5
477.2
3282.3
51.9
322.7
8.9
-12.6
18.0
478.4
1982:
19831984:
19851986:
1987-
IV
IV
IV
IV
IV...
IV
1990- I *
1
Includes employer contributions for social insurance. (See also p. 5.)
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nondurable goods
^ Durable goods
Total
personal
consumption
expenditures
Total
durable
goods
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,010.8
3,235.1
3,471.1
252.7
289.1
335.5
372.2
406.0
421.0
455.2
473.2
108.9
130.4
157.4
179.1
196.2
195.5
211.6
213.9
95.7
107.1
118.8
129.9
139.7
149.1
162.0
173.6
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,083.3
263.8
310.0
346.7
373.2
422.0
424.5
115.7
144.4
162.3
173.8
201.1
196.3
1988: III...
IV
3,263.4
3,324.0
452.5
467.4
1989:
1 ..
II
III
IV
3,381.4
3,444.1
3,508.1
3 550 6
1990:
I *
3,639.2
Period
1982
1983. .
1984
1985
1986
1987
1988
1989
1982:
19831984:
19851986:
1987-
IV
IV
IV.
IV
IV
IV
Source: Department of Commerce, Bureau of Economic Analysis.
Motor
vehicles
and
parts
Furniture
and
tamsehold
equipment
Total
nondurable
goods
Food
48.1
51.6
59.3
63.2
70.0
76.5
81.6
85.8
771.0
816.7
867.3
911.2
942.0
998.1
1,052.3
1,123.4
99.1
112.4
122.7
134.7
143.8
151.4
49.0
53.2
61.8
64.7
77.1
76.7
208.4
215.3
162.7
166.1
466.4
471.0
486.1
469.5
211.7
212.9
225.6
205.3
492.9
221.4
Services
Retail sales of
new passenger
cars (millions of
units)
Clothing and
shoes
Gasoline
and oil
398.8
421.9
448.5
471.6
500.0
529.2
559.7
594.9
124.4
135.1
146.7
156.4
166.8
177.2
186.8
200.1
89.1
90.2
90.0
90.6
73.5
75.2
76.8
84.0
158.7
169.5
182.1
192.6
201.7
216.6
229.0
244.5
1,027.0
1,128.7
1,227.6
1,345.6
1,449.5
1,591.7
1,727.6
1,874.4
5.8
6.8
8.0
8.2
8.2
7.1
7.5
7.1
2.2
2.4
2.4
2.8
3.2
3.2
3.1
2.8
786.6
837.9
879.6
932.7
952.1
1,015.4
407.0
430.8
456.1
482.5
511.9
536.8
126.5
141.1
149.8
160.6
168.7
180.6
89.8
91.9
89.0
91.0
66.0
76.7
163.4
174.0
184.7
198.5
205.5
221.3
1,066.5
1,167.9
1,267.1
1,394.5
1,494.4
1,643.3
6.0
7.4
7.7
7.0
7.7
6.6
2.5
2.6
2.6
3.1
3.4
3.3
81.4
86.0
1,066.2
1,078.4
567.8
574.1
188.9
193.9
78.3
77.6
231.2
232.8
1,744.7
1,778.2
7.4
7.5
3.0
3.0
172.1
173.5
173.9
174.8
82.6
84.6
86.7
89.4
1,098.3
1,121.5
1,131.4
1,142.4
587.3
592.2
598.1
601.8
195.0
198.9
202.2
204.3
77.9
89.5
85.2
83.2
238.1
241.0
245.9
253.1
1,816.7
1,851.7
1,890.6
1,938.7
7.0
7.3
7.9
6.2
2.8
3.0
2.9
2.6
182.3
89.1
1,166.9
615.6
208.2
85.2
257.8
1,979.5
7.0
2.8
Othra
Othet
Domestics
Imports
SOURCES OF PERSONAL INCOME
Personal income rose $35.8 billion (annual rate) in March following an increase of $34.7 billion in February. The
changes were boosted by increases in subsidy payments to farm proprietors. Excluding these payments personal
income increased $24.6 billion in March and $28.9 billion in February.
BILLIONS OF DOLLARS*(RATIO SCALE)
.5,000
BILLIONS OF DOLLARS*(RATIO SCALE)
5,000
4,000
4,000
3,000
3,000
TOTAL PERSONAL INCOME
2,000
2,000
WAGE AND SALARY DISBURSEMENTS
1,400
1,400
OTHER INCOME
800
800
TRANSFER
•PAYMENTS-
400
Illllllllll I l l l l l l l l l l
1983
1982
1984
400
Illllllllll
1985
1987
1986
1988
" SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Illllllllll
1989
1990
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Total
personal
income
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989: Mar
.
J
May
T
July
Sept
Get
Nov
Dec
1990- Jan r
Feb r.
Mar p
.
2,258.4
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,526.2
3,777.6
4,064.5
4,427.3
4,360.7
4,387.1
4,396.3
4,417.5
4,443.7
4,456.9
4,467.1
4,500.3
4,541.5
4,564.1
4,599.6
4,634.3
4,670.1
Wage and
salary
disbursements l
1,372.0
1,510.3
1,586.1
1,676.6
1,838.6
1,975.4
2,094.8
2,249.4
2,429.0
2,631.1
2,579.4
2,601.3
2,603.5
2,621.7
2,644.7
2,651.0
2,668.4
2,693.4
2,694.7
2,712.2
2,724.7
2,746.7
2,760.8
Proprietors' income 3
Other labor
income l z
138.4
150.3
163.6
173.6
182.9
187.6
199.3
212.8
228.9
248.3
242.9
244.4
246.0
247.5
249.1
250.7
252.2
253.8
255.3
256.9
258.5
260.0
261.6
Farm
20.5
30.7
24.6
12.4
30.5
30.2
34.7
41.6
39.8
46.2
63.0
56.4
54.3
43.2
38.8
36.5
32.9
39.3
38.9
37.2
42.3
47.7
65.9
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
2
Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
160.1
156.1
150.9
178.4
204.0
225.6
247.2
270.0
288.0
305.9
300.8
304.6
303.5
304.6
306.3
308.0
307.4
306.3
313.7
315.6
319.6
323.6
324.9
Rental
income of
persons 4
6.6
13.3
13.6
13.2
8.5
9.2
11.6
13.4
15.7
7.9
9.9
9.8
9.8
9.7
9.3
8.4
-1.6
-8.0
10.2
12.2
9.9
8.0
8.8
Personal
dividend
income
52.9
61.3
63.9
68.7
75.5
78.7
85.8
92.0
102.2
112.4
110.3
111.0
111.4
111.8
112.8
113.3
113.6
114.8
115.8
116.4
117.2
118.1
118.8
Personal
interest
income
271.9
335.4
369.7
393.1
444.7
478.0
493.2
523.2
571.1
657.4
641.5
648.4
655.2
661.8
665.0
667.9
670.4
674.0
677.7
681.3
683.0
684.4
685.7
Transfer
payments
5
324.7
368.1
410.6
442.6
456.6
489.8
521.5
548.2
584.7
632.3
624.2
623.9
625.5
630.9
632.6
636.4
640.2
644.6
653.1
651.4
671.7
670.6
671.0
4
Less:
Personal
contributions
for social
insurance
88.6
104.5
112.3
120.1
132.7
149.3
161.9
172.9
194.9
214.2
211.3
212.6
212.7
213.8
214.8
215.2
216.3
217.8
217.9
219.0
227.3
224.9
227.3
Nonfarm
personal
income 6
2,215.8
2,465.6
2,618.7
2,799.0
3,052.1
3,271.3
3,469.4
3,714.7
4,003.7
4,359.6
4,276.5
4,309.4
4,320.5
4,352.6
4,383.1
4,398.6
4,412.4
4,439.3
4,480.9
4,505.1
4,535.7
4,565.0
4,582.6
With capital consumption adjustment.
Consists mainly of social insurance benefits, direcl relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
5
6
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income rose in the first quarter of 1990.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
3,800
3,400
1,800
1,800
1,400
1,400
DOLLARS * (RATIO SCALE)
DOLLARS * (RATIO SCALE)
16,000
16,000
PER CAPITA DISPOSABLE PERSONAL INCOME
- CURRENT DOLLARS X
14,000
14,000
12,000
12,000
X
10,000
10,000
1982 DOLLARS
8,000
8,000
6,000
6,000
1983
1982
1985
1984
1986
1987
1989
1988
1990
COUNCIL OF ECONOMIC ADVISERS
• SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT Of COMMERCE
Personal
income
Less:
Personal
nontax
payments
F
Disposable
personal
income
Less:
Equals:
outlays '
saving
Disposable
personal
1982
dollars
Per capita
disposable personal
income
Current
dollars
Billions oi dollars
1980
1981..
1982..
1983
1984..
1985
1986..
1987
1988..
1989
2 258 5
2 5209
2 670 8
2 838 6
3 108 7
3 325 3
3 526 2
3 777 6
4064 5
4427 3
340 5
393 3
409 3
410 5
440 2
486 6
512 9
571 7
586 6
648 5
1982
dollars
Per capita personal
consumption
expenditures
Percent
change in
real per
Saving as
percent of
Population,
including
Armed
1982
dollars
disposable
personal
personal
income
abroad
(thou-
Current
dollars
Percent
Dollars
1 9180
1 781 1
2 127 6
2 261 4
2 428 1
2 668 6
2 838 7
3 013 3
3 205 9
3' 477 8
3 778 8
1 968 1
2 107 5
2 297 4
2 504 5
2 713 3
2 888 5
3 104 1
3 333 1
3 574 4
136 9
159 4
153 9
130 6
164 1
125 4
124 9
101 8
144 7
204 4
2 214 3
2 248 6
2 261 5
2 331 9
2 469 8
2 542 8
2 635 3
2 676 6
2 793 2
2 906 3
8 421
9 243
9 724
10 340
11 257
11 861
12 469
13 140
14 116
15 186
9 722
7 607
8 783
9 769
9 724
9 930
10 419
10 625
10 905
10 970
11 337
11 680
8 320
8 818
9 515
10 253
10 985
11 576
12 340
13 131
13 950
8 794
8 818
9 139
9 489
9 839
10 123
10 303
10 546
10 729
11
5
5
21
49
20
26
6
33
30
54
61
44
4i
32
42
54
227 754
230 182
232 549
234 829
237 051
239 322
241 660
243 985
246 378
248 831
7 1
7 5
68
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
IV
IV
IV
IV
IV
IV
2,729.2
2,941.8
3,188.3
3,399.1
3,597.8
3,908.7
411.1
413.9
459.7
499.6
534.4
589.2
2,318.1
2,527.9
2,728.6
2,899.5
3,063.4
3,319.4
2,174.9
2,382.5
2,571.3
2,787.7
2,961.4
3,177.6
143.1
145.4
157.3
111.7
102.0
141.8
2,276.1
2,392.7
2,496.3
2,562.8
2,646.2
2,726.2
9,929
10,725
11,467
12,068
12,629
13,552
9,749
10,151
10,491
10,667
10,909
11,130
9,068
9,825
10,479
11,240
11,825
12,588
8,904
9,299
9,587
9,935
10,214
10,338
1.2
9.1
1.7
3.3
.3
6.6
6.2
5.8
5.8
3.9
3.3
4.3
233,466
235,707
237,946
240,257
242,579
244,936
1988: III....
IV
4,097.6
4,185.2
585.9
597.8
3,511.7
3,587.4
3,362.1
3,424.0
149.6
163.4
2,806.4
2,835.9
14,235
14,504
11,377
11,466
13,229
13,439
10,572
10,624
3.7
3.2
4.3
4.6
246,685
247,343
1989: I
II
III....
IV
4,317.8
4,400.3
4,455.9
4,535.3
628.3
652.6
649.1
664.1
3,689.5
3,747.7
3,806.8
3,871.3
3,483.8
3,547.0
3,611.7
3,655.3
205.7
200.7
195.1
216.0
2,881.7
2,887.6
2,919.2
2,936.9
14,884
15,084
15,280
15,495
11,625
11,622
11,717
11,755
13,641
13,862
14,081
14,212
10,654
10,681
10,798
10,782
5.7
-.1
3.3
1.3
5.6
5.4
5.1
5.6
247,890
248,456
249,143
249,836
1990: I "
4,634.7
673.5
3,961.2
3,745.7
215.5
2,949.8
15,819
11,780
14,533
10,823
.9
5.4
250,401
1
Includes personal consumption expenditures, interest paid by consumers to business, and person1 transfer payments to foreigners (net).
2
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Com
s (Bureau of Economic Analysis and Bureau of the Census).
In the third quarter of 1989, gross farm income fell $8.3 billion (annual rate) and net farm income fell $7.0 billion.
BILLIONS OF DOLLARS * (RATIO S CALE)
240
200
-*i
160
BILLIC)NS OF DOLLARS* (RATIO SCALE)
240
200
160
r-
~'
"•"•.i
---| *•
XV ~
-"
120
120
80
80
60
60
»
'"-^
40
*
40
*.
/ «•/
/
1
i
/
I
•
20
s
^
20
\
NET FARM NCOME
t
\
/
•.*./
\l
"""•'N
i
N
i
\ A /
y
10
2
1
1
1981
1
I
1
i ii
1
10
1
|
1
1984
1983
1982
1
1 1
1985
1
1 1
1986
1
1987
• SEASONALLY ADJU TED ANNUAL RATES
SOURCE; DEPARTMEN T OF AGRICULTURE
1
1
1
1988
1
1
2
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total '
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1987- I
n
ni
IV
1988- I
n
m
IV
1989- I
n
TIT
1
149.3
166.4
163.5
152.9
175.0
166.3
160.3
171.7
177.6
170.4
172.4
167.8
175.9
174.7
182.0
175.0
178.6
198.5
196.5
188.2
139.7
141.7
142.6
136.5
142.5
144.1
135.5
139.5
151.5
131.3
143.8
144.8
138.1
144.4
148.8
160.4
152.2
155.5
160.2
164.4
Livestock and
products
71.7
72.5
72.3
67.1
69.5
74.3
64.0
63.8
72.6
58.6
67.4
66.9
62.2
62.6
73.5
82.1
71.9
71.4
78.9
82.6
68.0
69.2
70.3
69.4
73.0
69.8
71.5
75.7
78.9
72.8
76.4
77.8
75.8
81.8
75.3
78.3
80.3
84.1
81.3
81.8
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
Crops
3
Production
expenses
Value of
inventory
changes 2
Current
dollars
1982 dollars 3
-6.3
6.5
-1.4
10.9
6.3
-2.4
27
-.4
4.3
133.1
139.4
140.0
140.4
142.7
134.0
122.4
128.0
135.0
16.2
27.0
23.5
12.5
32.3
32.3
37.9
43.5
42.6
18.8
28.7
23.5
12.0
29.9
29.1
33.4
37.1
35.2
.1
.3
.2
I 1
120.4
128.7
131.3
131.7
50.0
43.7
36.3
44.1
43.1
37.3
30.9
37.2
-4.0
-4.4
47
-4.1
130.2
133.7
138.2
137.8
44.5
48.3
36.8
40.8
37.4
40.0
30.2
33.1
8.5
7.6
6.2
143.1
145.4
144.1
55.4
51.1
44.1
44.5
40.6
34.8
Income in current dollars divided by the GNP implicit price deflator.
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
CORPORATE PROFITS
In the fourth quarter of 1989, according to revised estimates, corporate profits before tax fell $1.3 billion (annual
rate) and after-tax profits rose $4.3 billion.
BILLIONS OF DOL LARS
BILLI ONS OF DOLLARS
360
360
SEASONALLY ADJUSTED ANNUAL RATES
320
320
/^
\
280
240
/— \ PROFITS BEFORE TAX
\
/
\
280
/
»
/
240
K_/
r^
200
200
^
/
- — ^v
N
PR OFITS AFTER TAX
"~""""~"\
s
\
120
\%
s
\*
j,
^_
\
I
I I I
1 I
1982
1981
s——"
'
'" — x
1983
120
--\"'
80
fAXUABlUTY
L/,'
1 I I
"\
.z:~'-^'"
, .--,1
S
40
160
s
""s
S
s
\
80
0
-s
~-
\
160
_•.«""*
~~
1
!
X
-'"
UNDIST tIBUTED PROF TS "
1
1
1
1
1984
1
1
1
1985
1
1
1
1
1987
1986
1
1988
1
40
1 1 1
0
1989
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) 'with inventory valuation adjustment 1
Profits after tax
Domestic industries
Period
Nonfmancial
Total 2
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
Financial
Total 3
Manufacturing
Wholesale and
retail
trade
Profits
before tax
Tax
liability
198219831984198519861987:
IV
IV
IV
IV
IV
IV
150.7
223.4
224.6
228.4
226.1
255.8
121.6
190.7
193.9
193.6
193.4
211.8
18.7
15.5
13.6
26.0
28.6
29.9
102.9
175.2
180.3
167.6
164.8
181.9
46.8
88.6
79.8
83.8
64.8
84.5
33.6
43.1
51.8
38.5
41.0
41.2
164.1
231.5
226.1
235.0
234.1
276.2
1988-
III
IV
284.1
298.7
239.0
252.2
31.6
30.1
207.3
222.1
95.1
105.5
39.2
41.8
314.4
318.8
84.8
81.1
63.1
77.2
93.9
96.4
106.3
124.7
137.9
129.7
59.8
88.1
87.0
99.8
113.1
127.3
141.2
143.2
1989:
I
II
Ill
IV '
279.7
275.5
268.7
264.0
233.1
231.8
223.0
208.6
29.3
28.6
17.8
13.0
203.9
203.2
205.2
195.6
96.5
90.3
86.6
74.4
34.1
36.9
41.9
43.6
318.0
296.0
275.0
273.7
144.4
134.9
122.6
116.9
1
2
r
194.0
202.3
159.2
196.7
234.2
222.6
228.3
247.8
281.8
272.0
159.6
173.8
131.2
166.6
203.3
191.4
195.2
208.7
238.2
224.1
21.0
16.5
11.8
18.1
13.0
22.8
32.0
30.5
29.8
22.2
138.6
157.3
119.4
148.5
190.3
168.6
163.2
178.2
208.4
202.0
77.1
88.5
58.0
70.1
88.8
79.7
59.5
76.6
98.4
86.9
21.6
32.5
34.6
38.9
51.2
44.1
44.1
41.1
40.1
39.1
237.1
226.5
169.6
207.6
240.0
224.3
221.6
266.7
306.8
290.7
Sec p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
3
Inventory
valuation
adjustment
Dividends
Undistributed
profits
152.3
145.4
106.5
130.4
146.1
127.8
115.3
142.0
168.9
161.0
54.7
63.6
66.9
71.5
79.0
83.3
91.3
98.7
110.4
122.1
97.6
81.8
39.6
58.9
67.0
44.6
24.0
43.3
58.5
38.9
-43.1
-24.2
-10.4
-10.9
-5.8
-1.7
6.7
-18.9
-25.0
-18.7
104.3
143.4
139.2
135.2
121.0
148.9
68.5
73.9
80.8
84.0
93.6
102.8
35.8
69.5
58.4
51.2
27.4
46.1
-13.4
-8.1
-1.6
-6.6
-8.0
-20.4
173.2
175.6
112.2
115.2
61.1
60.4
-30.4
-20.1
173.6
161.1
152.4
156.7
118.5
120.9
123.3
125.6
55.1
40.2
29.1
31.1
-38.3
-20.5
-6.3
-9.7
Total
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS PRIVATE DOMESTIC
INVESTMENT
According to advance estimates for the first quarter of 1990, nonresidential fixed investment rose $14.9 billion
(annual rate) and residential investment rose $6.0 billion. There was a $3.5 billion decrease in inventories,
following an increase of $26.1 billion in the fourth quarter.
BILLIONS OF DOLLARS
900
BILLIONS OF DOLLARS
900
SEASONALLY ADJUSTED ANNUAL RATES
800
^-
GROSS PRIVATE DOMESTIC
INVESTMENT
700
/
•
800
1"••i.
^""1
700
r~~^\rOf^—i
^^
i
600
500
r
/
600
_
NC NRESIDENTIAL
D INVESTMEN
500
* ""
/
*-•-**
N^,
400
400
**"
_'""--
RE,5IDENTIAL
FIXFD INVESTMENT
300
-
-
_
300
-
^\
200
200
.--'
100
-
^"~
CHANGE IN SUSINESS
INVENTCJRIbS
^%
/
-y=-~
0
100
--. \|''V
/*s ','
,
'""-,
0
S*
-
10n
\-
1
1
1
1982
I
1
1
1983
i ii
1984
1
1
1
i i i
1986
1985
1
1 1
1987
\
1
1
1988
SOURCE: DEPARTMENT OF COMMERCE
1
1 1
1989
1
1 1
1990
10(
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
Gross
private
domestic
investment
. . .
Nonresidential
Total
Total
Structures
Producers'
durable
equipment
Residential
Total
Nonfarm
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.9
750.3
773.4
445.3
491.5
471.8
509.4
597.1
631.8
652.5
670.6
719.6
746.3
322.8
369.2
366.7
356.9
416.0
442.9
435.2
444.3
487.2
511.7
113.9
138.5
143.3
124.0
141.1
153.2
139.0
133.8
140.3
144.9
208.9
230.7
223.4
232.8
274.9
289.7
296.2
310.5
346.8
366.7
122.5
122.3
105.1
152.5
181.1
188.8
217.3
226.4
232.4
234.6
8.3
24.0
24.5
-7.1
67.7
11.3
6.9
29.3
30.6
27.1
-2.4
18.3
-23.1
.4
60.5
14.6
8.6
30.5
34.2
22.2
19821983:
19841985:
19861987:
IV
IV
IV
IV
IV
IV
409.6
579.8
661.8
654.1
648.8
749.7
469.5
548.8
616.8
646.8
660.9
686.3
354.9
383.9
435.0
451.3
435.8
458.6
137.6
127.4
146.6
155.9
133.7
138.9
217.3
256.5
288.4
295.5
302.2
319.7
114.7
164.9
181.8
195.5
225.1
227.7
-59.9
31.0
45.0
7.2
-12.2
63.3
-51.1
21.3
41.3
23.7
-8.0
61.3
1988-
III
IV
771.1
752.8
726.5
734.1
493.2
495.8
142.0
142.5
351.3
353.3
233.2
238.4
44.6
18.7
41.5
40.8
1989- I
II
Ill
IV
769.6
775.0
779.1
770.1
742.0
747.6
751.7
744.0
503.1
512.5
519.6
511.4
144.7
142.4
146.2
146.4
358.5
370.1
373.4
365.0
238.8
235.1
232.1
232.6
27.7
27.4
27.4
26.1
19.1
23.6
19.8
26.4
761.4
764.9
526.3
150.1
376.1
238.6
1990- I
p
Source: Department of Commerce, Bureau of Economic Analysis.
-3.5
-8.9
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 7.8 percent in 1990, following a rise of 10.4 percent in 1989.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
600
600
SEASONALLY ADJUSTED ANNUAL RATES
500
500
400
400
ALL INDUSTRIES
300
300
-\-
200
200
NONMANUFACTURING^
\
MANUFACTURING
100
100
1982
1983
1987
1986
1985
1984
1988
.!/SURVEYED QUARTERLY
^/SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
1989
1990
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanufacturing
Manufacturing
Period
All
industries
Total
Durable
goods
Nondurable
goods
Total '
Mining
Transportation
Public
utilities
Commercial
and
other
Total
nonfarm
business 2
Nonmanufacturing
Manufacturing
Total
Surveyed
quarterly
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 '
1990 4
282.80
315.22
310.58
304.78
354.44
387.13
379.47
389.67
430.76
475.52
512.82
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
166.32
184.54
193.50
55.36
59.81
55.35
53.08
66.24
73.27
69.14
71.01
78.30
83.68
85.48
56.96
66.73
65.33
63.12
72.58
80.21
73.56
74.88
88.01
100.86
108.02
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
264.44
290.97
319.32
15.99
21.39
20.05
15.19
16.86
15.88
11.22
11.39
12.66
12.52
13.31
16.60
15.84
14.79
13.97
16.52
18.02
18.80
18.85
21.34
24.59
28.58
37.74
41.21
45.43
44.96
47.48
48.81
46.38
44.88
46.67
50.72
53.13
100.14
110.24
109.63
114 .45
134.75
150.94
160.38
168.65
183.76
203.14
224.30
1988: I
II
Ill
IV
413.34
427.54
435.61
442.11
157.97
162.62
168.76
173.32
75.28
77.38
79.15
80.56
82.69
85.24
89.62
92.76
255.37
264.92
266.85
268.79
12.61
13.15
12.53
12.38
20.35
20.95
22.02
22.04
45.05
45.60
46.69
48.73
177.37
185.21
185.61
185.65
157.97
162.62
168.76
173.32
255.37
264.92
266.85
268.79
1989: I
II
Ill
IV r.
459.47
470.86
484.93
486.80
175.22
181.53
187.66
193.76
81.26
82.97
85.66
84.84
93.96
98.57
102.00
108.92
284.24
289.33
297.28
293.04
12.15
12.70
12.59
12.65
23.13
24.26
28.53
22.43
50.81
52.01
49.57
50.50
198.15
200.36
206.59
207.46
175.22
181.53
187.66
193.76
284.24
289.33
297.28
293.04
502.65
509.08
519.77
191.65
189.66
196.34
86.35
83.92
85.82
105.30
105.74
110.52
311.00
319.43
323.43
13.07
13.55
13.31
28.29
27.71
29.15
51.51
53.75
53.64
218.13
224.41
227.33
191.65
189.66
196.34
311.00
319.43
523.43
1990: I 4
II <
2nd half
4
1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column {"nonmanufacturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
10
314.47
349.26
347.47
343.35
398.99
431.94
427.23
440.66
483.48
532.04
572.85
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
166.32
184.54
193.50
202.15
222.72
226.79
227.15
260.16
278.46
284.54
294.77
317.17
347.50
379.36
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
264.44
290.97
319.32
Surveyed
annual-
ly"
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
60.04
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in January-March 1990, corrected for
biases.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In March, civilian employment rose 299,000 and unemployment fell 99,000.
MILLIONS OF PERSONS'
MILLIONS OF PERSONS'
126
126
SEASONAUY ADJUSTED
122
CIVILIAN LABOR FORCE
118
118
\
114
114
no
110
CIVILIAN
EMPLOYMENT
106
106
102
102
98
98
x
x
v
X
12
12
8
8
UNEMPLOYMENT
4
4
0
0
1982
1983
1984
1987
1986
1985
1989
1988
1990
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
1981
1982
1983
1984
1985
1986*
1987
1988
1989
1989:
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1990:
Jan
Feb
Mar
Civilian employment
Noninstitutional
population
including
resident
Armed
Forces
NSA
Resident
Armed
Forces
NSA
Labor force
including
resident
Armed
Forces
171,775
173,939
175,891
178,080
179,912
182,293
184,490
186,322
188,081
1,645
1,668
1,676
1,697
1,706
1,706
1,737
1,709
1,688
110,315
111,872
113,226
115,241
102,042
101,194
102,510
106,702
108,670
110,204
111,550
113,544
117,167
119,540
121,602
123,378
125,557
108,856
111,303
114,177
116,677
119,030
115,461
117,834
119,865
121,669
123,869
99,526
100,834
105,005
107,150
109,597
112,440
114,968
117,342
187,581
187,708
187,854
187,995
188,149
188,286
188,428
188,580
188,721
188,865
1,684
1,684
1,673
1,666
1,666
1,688
1,702
1,709
1,704
1,700
124,929
125,299
125,224
125,777
125,679
125,758
125,725
125,857
126,192
126,246
118,731
118,768
118,805
119,208
119,102
119,238
119,121
119,294
119,540
119,588
123,245
123,615
123,551
124,111
124,013
124,070
124,023
124,148
124,488
124,546
188,990
189,090
189,198
1,697
1,678
1,669
126,094
126,308
126,498
119,560
119,713
120,003
124,397
124,630
124,829
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
Agricultural
Total
Total
Part time
for
economic
reasons l
4,499
3,383
3,321
3,179
3,163
3,208
3,169
3,199
97,030
96,125
97,450
101,685
103,971
106,434
109,232
111,800
114,142
117,047
117,084
117,132
117,542
117,436
117,550
117,419
117,585
117,836
117,888
3,185
3,144
3,137
3,138
3,217
3,275
3,219
3,197
3,160
3,197
113,862
113,940
113,995
114,404
114,219
114,275
114,200
114,388
114,676
114,691
4,720
4,855
4,643
4,738
4,583
4,567
4,605
4,526
4,552
4,554
117,863
118,035
118,334
3,134 114,728
3,079 114,957
3,200 115,133
4,729
4,703
4,747
100,397
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutional population.
Unemployment
3,368
3,401
5,852
5,997
5,512
5,334
5,345
5,122
4,965
4,657
Total
15
weeks
and
over
Civilian
Labor
force
participation
rate
(percent) 2
Employment/
population
ratio
(percent) 2
59.0
2,305
2,232
1,983
1,610
1,375
63.9
64.0
64.0
64.4
64.8
65.3
65.6
65.9
66.5
6,198
6,531
6,419
6,569
6,577
6,520
6,604
6,563
6,652
6,658
1,335
1,391
1,331
1,295
1,461
1,338
1,359
1,378
1,422
1,362
66.3
66.5
66.4
66.6
66.5
66.5
66.4
66.4
66.6
66.5
63.0
62.9
62.9
63.1
63.0
63.0
62.9
62.9
63.0
63.0
6,535
6,594
6,495
1,430
1,369
1,333
66.4
66.5
66.6
62.9
63.0
63.1
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
2,285
3,485
4,210
2,737
57.8
57.9
59.5
60.1
60.7
61.5
62.3
63.0
'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, both the overall unemployment rate and the civilian unemployment rate fell slightly, to 5.1 percent and
5.2 percent, respectively.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
25
20
20
TEENAGERS
(16-19)
15
15
-.-—'V
v
\
BLACK
10
10
BLACK
AND OTHER
WOMEN 20 YEARS
AND OVER
ALL CIVILIAN WORKERS
J
\
MEN 20 YEARS
AND OVER
1 1 1 1 1 1 11 1 1
1986
1990
1989
1988
1987
1986
1987
1988
1989
•UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
1990
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
1981
1982
1983
1984
1985
1986.
1987
1988 ..
1989
1989: Mar
Apr
May
June ....
July
Aug
Sept
Oct
Nov
Dec
1990: Jan
Feb
Mar
1
2
Unemployment
rate,
all
workers 1
Men
20 years
and over
Women
20 years
and
over
7.5
9.5
9.5
7.4
7.1
6.9
6.1
5.4
5.2
7.6
9.7
9.6
7.5
7.2
7.0
6.2
5.5
5.3
6.3
8.8
8.9
6.6
6.2
6.1
5.4
4.8
4.5
6.8
8.3
8.1
6.8
6.6
6.2
5.4
4.9
4.7
5.0
5.2
5.1
5.2
5.2
5.2
5.3
5.2
5.3
5.3
5.0
5.3
5.2
5.3
5.3
5.3
5.3
5.3
5.3
5.3
4.2
4.6
4.3
4.4
4.4
4.5
4.8
4.5
4.6
4.6
4.6
4.7
4.7
4.8
4.9
4.7
4.5
4.8
4.8
4.8
5.2
5.2
5.1
5.3
5.3
5.2
4.7
4.6
4.5
4.6
4.8
4.7
Both
sexes
16-19
years
19.6
23.2
22.4
18.9
18.6
18.3
16.9
15.3
15.0
14.0
14.6
15.0
15.4
15.1
14.8
15.0
14.9
15.3
15.2
14.5
14.8
14.4
and
other
Married
Women
men,
who
spouse
present
maintain
families
Fulltime
workers
Parttime
workers
(per-
cent) 2
6.7
8.6
8.4
6.5
6.2
6.0
5.3
4.7
4.5
14.2
17.3
17.8
14.4
13.7
13.1
11.6
10.4
10.0
15.6
18.9
19.5
15.9
15.1
14.5
13.0
11.7
11.4
7.3
9.3
9.2
7.1
6.8
6.6
5.8
5.2
5.0
4.3
6.5
6.5
4.6
4.3
4.4
3.9
3.3
3.0
10.4
11.7
12.2
10.3
10.4
9.8
9.2
8.1
8.1
7.3
9.6
9.5
7.2
6.8
6.6
5.8
5.2
4.9
9.4
10.5
10.4
9.3
9.3
9.1
8.4
7.6
7.3
8.5
11.0
10.9
8.6
8.1
7.9
7.1
6.3
5.9
4.3
4.5
4.4
4.5
4.5
4.5
4.5
4.5
4.5
4.6
9.8
9.7
9.6
10.2
9.6
9.7
10.2
10.2
10.3
10.2
11.0
11.0
11.1
11.8
11.0
11.2
11.7
11.7
11.9
11.8
4.8
5.0
4.9
5.0
5.0
5.0
5.0
5.0
5.1
5.0
2.9
3.2
2.9
2.9
3.0
3.1
3.3
3.0
3.1
3.0
7.9
7.8
8.2
7.9
8.5
8.0
7.7
7.8
8.2
8.1
4.8
5.0
4.9
4.9
5.0
4.9
5.0
4.9
5.0
5.0
6.4
7.2
6.9
7.7
7.2
7.1
7.3
7.1
7.4
7.5
5.9
6.0
6.0
6.0
6.0
6.0
6.0
5.9
5.9
6.0
4.5
4.6
4.5
10.1
9.2
9.4
11.3
10.5
10.6
5.1
5.1
5.0
3.4
3.0
3.2
7.5
7.5
8.4
5.0
4.9
4.9
7.0
7.4
7.2
6.0
5.9
5.9
Unemployed as percent of total labor force including resident Armed Forces.
Aggregate hours lost by the unemployed and persons on part time for economic reasons as per-
Black
Experienced
wage and
salary
workers
Black
White
Labor
force
time lost
By selected groups
By race
By sex and age
All
civilian
workers
cent of potentially available labor force hours.
Source: Department of Labor, Bureau of Labor Statistics.
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 rose and the
percentages for 5-14 weeks, for 15-26 weeks, and for 27 weeks and over fell. The mean duration of
unemployment rose and the median fell.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION*
701
70
REASON FOR UNEMPLOYMENT
DURATION OF UNEMPLOYMENT
60
- 50
JOB LOSERS
40
REENTRANTS
—
30
20
—
JOB LEAVERS
10
V
NEW ENTRANTS
1990
1986
1986
1988
1987
1989
1990
* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
State
programs
Number of
weeks
Less
than
5
weeks
5-14
weeks
15-26
weeks
weeks
and
over
Average
(mean)
Median
41.7
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
49.1
47.8
48.0
49.8
47.9
48.3
48.3
48.4
48.8
49.5
47.5
47.8
48.6
30.7
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
29.6
30.8
31.2
30.5
29.9
31.0
31.0
30.5
29.8
30.1
30.7
31.5
31.1
13.6
16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
10.7
10.2
11.1
10.4
12.7
11.7
11.7
11.4
11.5
10.9
11.8
11.1
10.7
14.0
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
10.6
11.1
9.7
9.3
9.5
9.0
9.0
9.7
9.8
9.5
9.9
9.7
9.6
13.7
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.4
12.6
11.9
11.2
11.9
11.4
11.5
11.7
11.6
11.5
12.1
11.7
12.0
6.9
8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
5.5
5.4
5.3
5.4
5.4
5.0
5.0
5.0
4.8
4.8
5.1
5.4
5.1
Job
losers
Job
leavers
Reentrants
New
entrants
51.6
58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
45.7
45.2
43.4
43.0
44.5
46.2
44.9
45.5
46.3
46.3
48.5
47.1
46.3
11.2
7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
14.5
15.2
17.1
15.6
15.5
16.1
15.8
15.2
15.7
15.8
15.5
15.3
15.5
25.4
22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
28.4
29.0
28.7
30.4
29.0
27.6
29.4
28.9
27.6
27.7
26.3
27.4
28.4
11.9
11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
11.4
10.7
10.8
11.1
11.0
10.0
9.9
10.5
10.4
10.3
9.7
10.3
9.8
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 1
Weekly average, thousands
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989: Mar
Mav
, '
July
. *
Sept
Oct
Nov
Dec
1990- Jan
Feb
Mar
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,198
6,531
6,419
6,569
6,577
6,520
6,604
6,563
6,652
6,658
6,535
6,594
6,495
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.
3,047
4,061
3,396
2,476
2,611
2,650
2,332
2,193
2,269
2,120
2,106
2,068
2,133
2,194
2,169
2,208
2,295
2,305
2,373
2,367
2,334
2,349
460
583
438
377
396
378
328
310
330
318
308
316
331
334
323
331
366
348
367
359
357
347
3,410
4,594
3,775
2,561
2,693
2,746
2,401
2,248
2,324
2,567
2,221
1,957
1,936
2,168
2,007
1,863
1,912
r
2,146
2,518
3,059
2,992
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 26,000 in March.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
28
110
SERVICES
26
100
ALL NONAGRICULTURAL
ESTABLISHMENTS
24
90
22
80
RETAIL TRADE
\
20
SERVICE-PRODUCING
INDUSTRIES
70
-V
GOVERNMENT
-v
18
16
50
40
18
GOODS-PRODUCING
INDUSTRIES
30
r—
\
nil 1111
1989
11111111111
20
1986
1988
1987
|miiltr!ii ti 1 1 1 1|| in
' 1986
1987
1990
TION
1 1 it i i 1 1 1 it 11 inlii in
1988
*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT Of LABOR
1 1 1 1 1 1 it nil
1989
1990
*
COUNCIL OF EC GNOMIC ADVISER
[Thousands of wage and salary workers; 1 seasonally adjusted]
Service-producing industries
Goods-producing industries
Period
Total
nonagricultural
employment
Manufacturing
Construction
Total 2
Total
Durable
goods
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
Retail
trade
Government
Finance,
insurance,
and real
estate
Services
Total
Federal
1981
1982
1983
1984
1985
1986
1987
1988
1989
91,156
89,566
90,200
94,496
97,519
99,525
102,200
105,584
108,581
25,497
23,813
23,334
24,727
24,859
24,558
24,708
25,249
25^634
4,188
3^905
3,948
4J383
4,673
4316
4,967
5,125
5^300
20,170
18^781
18,434
19^378
19,260
18J965
19,024
19,403
19^612
12,109
11,039
10,732
11,505
11,490
11,230
11,194
11,437
11^536
8,061
7^741
7,702
7373
7,770
7J34
7,830
7,967
8J076
65,659
65^753
66,866
69^769
72,660
74^967
77,492
80^335
82^947
5,165
5,082
4,954
5,159
5,238
5,255
5,372
5,548
5,705
5,358
5^278
5,268
5,555
5,717
5,753
5,844
6,029
6^234
15,189
15,179
15,613
16,545
17,356
17,930
18,483
19,110
19,575
5,298
5,341
5,468
5,689
5,955
6,283
6,547
6,676
6,814
18,619
19,036
19,694
20,797
22,000
23,053
24,236
25,600
26,892
16,031
15,837
15,869
16,024
16,394
16,693
17,010
17,372
17,727
2,772
2,739
2,774
2,807
2,875
2,899
2,943
2,971
2,988
1989: Mar....
Apr
May....
June ...
July....
Aug....
Sept....
Oct
Nov....
Dec
107,888
108,101
108,310
108,607
108,767
108,887
109,096
109,171
109,452
109,570
25,646
25,671
25,672
25,648
25,669
25,694
25,614
25,603
25,609
25,532
5,252
5,279
5,283
5,283
5,314
5,321
5,325
5,335
5,355
5,304
19,680
19,672
19,667
19,650
19,649
19,644
19,559
19,537
19,517
19,489
11,604
11,600
11,594
11,567
11,549
11,551
11,480
11,457
11,439
11,409
8,076
8,072
8,073
8,083
8,100
8,093
8,079
8,080
8,078
8,080
82,242
82,430
82,638
82,959
83,098
83,193
83,482
83,568
83,843
84,038
5,666
5,682
5,700
5,716
5,736
5,618
5,709
5,729
5,753
5,834
6,197
6,206
6,222
6,230
6,237
6,256
6,264
6,278
6,300
6,311
19,488
19,489
19,528
19,551
19,586
19,621
19,632
19,679
19,744
19,718
6,774
6,776
6,790
6,808
6,815
6,836
6,852
6,851
6,871
6,885
26,520
26,651
26,711
26,931
26,973
27,058
27,159
27,188
27,345
27,419
17,597
17,626
17,687
17,723
17,751
17,804
17,866
17,843
17,830
17,871
2,982
2,982
2,999
2,995
3,000
2,999
2,996
2,984
2,982
2,974
1990: Jan r... 109,931
Feb '... 110,287
Mar ".. 110,313
25,518
25,682
25,586
5,418
5,482
5,418
19,355
19,451
19,420
11,287
11,397
11,380
8,068
8,054
8,040
84,413
84,605
84,727
5,850
5,863
5,866
6,332
6,331
6,343
19,822
19,793
19,766
6,896
6,914
6,922
27,557
27,706
27,757
17,956
17,998
18,073
2,998
3,006
3,058
nd salary workers in nonagricultural establishments
weather, etc., even if they are not paid for the time off; and which are based on a sample of the
working-age population, whereas the estimates in this table are based on reports from employing
establishments.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
14
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY
EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Average gross hourly
earnings
Average weekly hours
Manufacturing
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
.
1989- Mar
May
July
Sept
Oct
Nov
Dec
1990- Jan r
Feb '
Mar"
Total
private
nonagricultural 1
Total
Current dollars
Total private
nonagricultural l
Total
private
nonagricultural '
Overtime
Manufacturing
Current
dollars
1977
dollars 2
Manufacturing
Construction
Retail
trade
Percent change from a
year earlier, total
private
nonagricultural 3
Current
dollars
1977
dollars
35.2
34.8
35.0
35.2
34.9
34.8
34.8
34.7
34.7
39.8
38.9
40.1
40.7
40.5
40.7
41.0
41.1
41.0
2.8
2.3
3.0
3.4
3.3
3.4
3.7
3.9
3.8
$7.25
7.68
8.02
8.32
8.57
8.76
8.98
9.29
9.66
$7.99
8.49
8.83
9.19
9.54
9.73
9.91
10.18
10.47
$255.20
267.26
280.70
292.86
299.09
304.85
312.50
322.36
335.20
$170.13
168.09
171.26
172.78
170.42
171.07
169.28
167.81
166.52
$318.00
330.26
354.08
374.03
386.37
396.01
406.31
418.40
429.27
$399.26
426.82
442.97
458.51
464.46
466.75
480.44
493.08
506.72
$158.03
163.85
171.05
174.33
174.64
176.08
178.70
183.62
189.01
8.5
4.7
5.0
4.3
2.1
1.9
2.5
3.2
4.0
-1.5
-1.2
1.9
.9
1.4
.4
1.0
-.9
8
34.7
34.9
34.6
34.6
34.8
34.6
34.7
34.7
34.6
34.5
41.0
41.3
41.0
41.0
41.0
41.0
41.0
40.8
40.7
40.6
4.0
3.9
3.8
3.8
3.9
3.8
3.8
3.7
3.7
3.6
9.54
9.61
9.60
9.62
9.69
9.69
9.74
9.78
9.78
9.83
10.40
10.40
10.42
10.45
10.48
10.52
10.55
10.55
10.57
10.61
331.04
335.39
332.16
332.85
337.21
335.27
337.98
339.37
338.39
339.14
166.44
167.44
165.17
165.10
166.85
165.98
166.74
166.85
165.80
165.51
426.40
429.52
427.22
428.45
429.68
431.32
432.55
430.44
430.20
430.77
501.23
505.21
494.17
498.17
511.30
510.73
510.16
514.75
521.87
508.64
186.98
189.44
187.56
188.43
190.97
189.22
189.50
191.69
190.37
190.86
4.1
4.5
3.3
3.5
4.2
3.7
3.6
3.5
3.1
3.4
-.8
7
-2.0
-1.6
g
34.5
34.6
34.6
40.7
40.7
40.7
3.7
3.6
3.7
9.83
9.88
9.92
10.55
10.65
10.71
339.14
341.85
343.23
163.68
164.11
164.22
429.39
433.46
435.90
518.93
521.08
514.17
192.67
193.92
194.21
2.7
3.8
3.9
-2.4
13
-1.3
1
Also includes other private industry groups shown on p. 14.
Current dollar earnings divided by the consumer price index for urban wage earners and clerical
workers (on a 1977 = 100 base).
2
3
-.9
.7
-.9
1.4
-1.1
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
[Not seasonally adjusted]
Index (June 1989 = 100)
Percent change from
12 months earlier
3 months earlier
Period
1981:
19821983:
1984:
1985:
1986:
1987:
1988:
19891987:
Dec r
Deer
Dec T
Dec r
Dec r
Dec r.
Dec r
Dec r
Dec T
Mar r
r
Sept
Dec r
1988:
Mar '
r
Sept
Dec r
1989:
Mar r
Sept *
Dec '
1990: Mar
1
Total
compensation
71.2
75.8
80.1
84.0
87.3
90.1
93.1
97.6
102.3
91.0
91.6
92.5
93.1
94.5
95.7
96.6
97.6
98.8
100.0
101.2
102.3
103.9
Wages and
salaries
73.0
77.6
81.4
84.8
88.3
91.1
94.1
98.0
102.0
92.0
92.6
93.5
94.1
95.0
96.1
97.0
98.0
99.0
100.0
101.2
102.0
103.2
Benefits '
66.6
71.4
76.7
81.7
84.6
87.5
90.5
96.7
102.6
88.2
89.0
89.6
90.5
93.4
94.7
95.7
96.7
98.4
100.0
101.4
102.6
105.5
Employer rosts for employee benefits.
NOTK.—The employment cost index is a measure of the change in the cost of labor, free from the
influence of employment shifts among occupations and industries.
Data exclude farm and household workers.
Total
compensation
Wages and
salaries
2.0
1.3
1.3
1.3
.6
.7
.6
1.0
1.1
1.0
.7
1.0
.6
1.8
1.2
1.1
1.2
.6
.6
.6
1.0
.8
1.0
.7
1.0
.6
1.5
1.3
.9
1.0
1.2
1.2
1.2
1.1
1.6
1.0
1.2
.9
1.0
1.0
1.0
1.2
.8
1.2
Benefits
1
Total
compensation
Wages and
salaries
9.9
6.5
5.7
4.9
3.9
3.2
3.3
4.8
4.8
3.2
3.0
3.4
3.3
8.8
6.3
4.9
4.2
4.1
3.2
3.3
4.1
4.1
3.1
3.0
3.2
3.3
3.8
4.5
4.4
4.8
3.3
3.8
3.7
4.1
4.6
4.5
4.8
4.8
4.2
4.1
4.3
4.1
5.2
4.2
2.1
1.4
1.3
1.4
.5
.6
1.0
1.0
1.2
.8
.9
.7
1.0
3.2
1.4
1.1
1.0
1.8
1.6
1.4
1.2
2.8
Benefits!
12.1
7.2
7.4
6.5
3.5
3.4
3.4
6.9
6.1
2.8
3.4
3.0
3.4
5.9
6.4
6.8
6.9
5.4
5.6
6.0
6.1
7.2
The employment cost index has been rebased to June 1989=100. Percent changes shown here
arc calculated from the rebascd indexes.
Source: Department of Ltihor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Business
sector
Compensation per
hour 3
Hours of all
persons 2
Output *
Real compensation
per hour 4
Nonfarm
business
sector
Business
sector
107.8
108.5
105.9
108.0
114.4
131.8
144.1
154.9
160.8
167.4
131.6
144.0
154.7
160.8
167.2
97.0
96.1
97.3
97.8
97.6
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Unit labor costs
Business
sector
Nonfarm
business
sector
96.7
96.0
97.1
97.8
97.5
132.6
142.7
154.5
156.7
159.1
Nonfarm
business
sector
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
132.9
144.0
156.1
157.6
160.4
127.6
139.8
148.1
153.0
158.2
127.8
140.3
149.2
154.3
159.0
1977 = 100; quarterly data seasonally adjusted
1980
1981
1982
1983
1984
99.4
101.0
100.2
102.6
105.2
99.0
100.0
99.1
102.0
104.2
106.7
108.9
105.5
109.9
119.2
106.7
108.5
104.9
110.1
119.2
107.3
107.9
105.3
107.2
113.3
1985
1986
1987
1988
1989 *
107.3
109.8
111.1
113.0
114.2
105.6
107.7
108.9
111.1
112.1
124.2
128.0
133.4
140.0
144.8
123.9
127.6
133.1
140.3
145.0
115.7
116.6
120.1
123.9
126.8
117.4
118.4
122.2
126.3
129.4
174.8
183.8
191.0
200.2
211.2
174.0
182.9
189.8
198.7
209.5
98.4
101.7
101.9
102.5
103.2
98.0
101.1
101.2
101.8
102.4
162.8
167.5
171.9
177.1
184.9
164.9
169.8
174.2
178.8
186.9
162.2
165.6
170.0
174.9
181.7
163.8
167.6
172.0
176.5
183.3
100.9
103.5
105.7
108.3
109.8
112.5
99.5
103.0
104.5
106.2
107.6
110.2
105.0
113.6
120.8
125.9
128.9
136.7
104.2
114.1
120.7
125.5
128.4
136.4
104.1
109.7
114.3
116.2
117.4
121.5
104.7
110.8
115.5
118.1
119.3
123.7
158.2
163.2
169.9
178.6
187.4
195.1
158.0
162.9
169.6
177.5
186.4
193.8
97.9
97.8
97.8
99.3
102.8
102.5
97.8
97.6
97.6
98.7
102.3
101.8
156.8
157.7
160.7
164.9
170.6
173.5
158.7
158.2
162.3
167.1
173.2
175.8
150.2
155.2
159.8
163.7
167.1
171.3
151.4
156.2
161.0
165.5
169.2
173.4
113.2
112.6
113.4
113.5
111.0
110.5
111.5
112.0
138.2
139.3
140.7
141.9
138.0
139.5
141.1
142.8
122.1
123.8
124.0
125.0
124.3
126.2
126.6
127.5
196.4
199.1
201.9
204.5
195.0
197.5
200.2
203.0
102.3
102.6
102.8
103.0
101.5
101.8
101.9
102.3
173.5
176.9
178.0
180.2
175.7
178.7
179.6
181.3
171.9
174.1
175.8
177.9
173.8
175.6
177.0
179.6
113.8
114.2
114.7
114.7
111.6
111.9
112.6
112.7
143.6
144.4
145.6
145.6
143.6
144.6
145.9
145.9
126.2
126.4
127.0
127.0
128.6
129.2
129.6
129.5
206.9
210.4
212.8
215.7
205.5
208.3
211.0
214.1
102.8
103.0
103.5
103.9
102.1
102.0
102.6
103.1
181.9
184.1
185.6
188.0
184.1
186.1
187.4
190.1
179.4
181.4
182.4
183.7
180.8
182.8
184.0
185.6
1982:
1983:
1984:
1985:
1986:
1987:
IV
IV
IV
IV
IV
IV
1988- I
n
m
IV
1989- I
n
m
IV*....
Percent change; quarterly data at seasonally adjusted annual rates
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 *
1982:
1983:
1984:
1985:
1986:
1987:
1988:
IV
IV
IV
IV
IV
IV
I
n
m
IV
1989- I
n
m
IV'....
-0.3
1.5
7
2.4
2.6
-0.4
1.1
9
3.0
2.1
-1.1
2.1
-3.1
4.2
8.4
-1.2
1.7
-3.3
5.0
8.3
08
.6
-2.4
1.8
5.7
-0.7
.6
-2.4
2.0
6.0
10.5
9.3
7.5
3.8
4.1
10.5
9.5
7.4
4.0
3.9
-2.6
-.9
1.2
.6
-.2
-2.6
-.7
1.1
.7
-.4
10.9
7.7
8.3
1.4
1.5
11.0
8.3
8.4
1.0
1.8
9.0
9.6
5.9
3.3
3.3
9.7
9.7
6.3
3.5
3.0
2.0
2.3
1.2
1.7
1.1
1.3
2.0
1.1
2.0
.9
4.2
3.1
4.2
4.9
3.4
3.9
3.0
4.4
5.4
3.3
2.2
.8
3.0
3.2
2.3
2.6
.9
3.2
3.4
2.4
4.4
5.2
3.9
4.8
5.5
4.1
5.1
3.7
4.7
5.4
.8
3.3
.2
.6
.6
.5
3.2
.1
.5
.6
2.3
2.8
2.6
3.0
4.4
2.8
3.0
2.6
2.7
4.5
2.5
2.1
2.6
2.9
3.9
3.0
2.3
2.6
2.7
3.8
2.6
3.3
1.5
1.5
.8
2.8
2.0
1.6
.9
.8
.4
2.5
g
10.4
3.5
3.6
4.0
7.1
-1.2
9.8
3.1
3.5
3.7
7.0
-3.0
6.8
2.0
2.1
3.2
4.2
-3.1
8.1
2.2
2.7
3.3
4.3
4.1
5.7
3.5
6.3
5.1
7.2
4.6
4.4
3.5
5.8
5.1
7.1
2.8
1.6
.0
2.1
2.2
3.3
3.3
.3
.0
1.6
2.2
3.2
1.5
2.3
2.0
4.8
4.2
4.3
2.6
2.8
2.6
5.0
4.7
4.5
2.4
4.8
2.7
2.6
1.0
1.4
3.0
3.1
3.3
2.1
1.0
1.7
2.5
-2.1
3.1
.2
2.8
-1.6
3.3
1.9
4.4
3.3
4.0
3.4
4.8
4.4
4.6
4.8
1.9
5.5
.9
3.2
2.0
6.1
1.2
2.8
2.6
5.7
5.8
5.2
2.5
5.4
5.4
5.9
-.8
1.2
.7
.8
-.9
.9
.5
1.5
.1
8.0
2.6
5.0
-.3
7.1
2.0
3.8
1.5
5.1
4.1
4.8
1.0
4.3
3.2
5.9
1.1
1.6
1.5
.2
-1.3
1.1
2.4
.2
4.8
2.3
3.5
.1
2.4
2.8
3.7
.0
3.7
.6
1.9
.0
3.7
1.7
1.3
— .2
4.8
6.8
4.7
5.5
4.9
5.6
5.3
6.0
-.6
.8
1.9
1.5
-.5
- .4
2.4
1.9
3.7
5.1
3.2
5.4
6.2
4.5
2.8
5.8
3.3
4.6
2.2
2.8
2.8
4.4
2.7
3.4
1
Output refers to gross domestic product originating in the sector in 1982 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price index for all urban consumers.
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—-Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Beginning with data released August 3, 1989, hours of labor input are defined as hours at the
work site rather than hours paid.
' Data do not reflect GNP revisions of March 28, 1990.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization rose in March. (Series revised.)
INDEX, 1 987=1 00* (RATIO SCALE)
115
TOTAL INDUSTRIAL PRODUCTION
110
r-S~-~—•-' K"
,—-*
105
s^ -*^
100
95 ,
Illllllllll Illllllllll
Illlllillll
Illllllllll
DURABLE
-S^
105
Jy^l
100
--
95
\~
fyf^
iiinfiiiii
90
Illllllllll
85
Illllllllll Illllllllll Illllllllll
115 -UTILITIES AND MINING PRODU CTION
110
UTILITIES
\
105
i^X*^"
100
w
MINING
/
95
\
- ,-V|
iiiiiiiMM
1986
.-Vd
h
i
,'
f
f'
v
N
--/•'"X ^-~
"~-..
"\
"
Dbl-tNSt
AND SPACE
• EQUIPMENT
iiiiilinii iiiiiiniii Illllllllll Illllllllll Illllllllll
PERC ENT*
88 ~ CAPACI TY UTILIZATION RATE
86 - (TOTAL 1NDUSTRY)
f —1
84
;
r .^^^
Illllllllll Illllllllll
1987
1988
~£<
^,-yS ?y
*Cy^
90
— NONDUR/MJLE
95
v
r
\r*
^ ^
105
100
*.*»"• — — *"^
^.
CONSUMER
GOODS
MANUFACTURING PRODUCTION^_^.^
110
90
BUSINESS
EQUIPMENT
^
90 Illllllllll
115
INDEX, 1 987=1 00' (RATIO SCALE)
130
FINAL PRODUCTS
1
82
v
^
x-^
-f~\
\
^y
j
78 ^^~^1
iiiiilinii Illllllllll ||lllllll|l Illllllllll
^
80
Illllllllll
iiiiilinii
1989
1990
1986
1987
1988
SEASONALLY ADJL STED
BOARD OF GOVERNORS OF THE FEDERAL RESE ?VE SYSTEM
s OURCE:
1989
Illllllllll
1990
COUNCIL OF ECC NOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
Index,
1987 = 100
Capacity utilization
rate, percent *
Industry production indexes, 1987 = 100
Total
industrial
production
Manufacturing
Percent
change
from year
earlier
Mining
Durable
Total
Utilities
Nondurable
Total
industry
Manufacturing
1983
1984
1985
1986
1987
1988
1989
84.1
85.7
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
-1.9
1.9
-4.4
3.7
9.3
1.7
1.0
4.9
5.4
2.6
78.8
80.3
76.6
80.9
89.3
91.6
94.3
100.0
105.8
108.9
75.7
77.4
72.7
76.8
88.4
91.8
93.9
100.0
107.6
110.9
83.1
84.5
82.5
87.0
90.8
91.5
94.9
100.0
103.6
106.4
110.0
114.3
109.3
104.8
111.9
109.0
101.0
100.0
101.8
100.5
95.9
94.3
91.8
93.6
97.0
99.5
96.3
100.0
104.4
107.1
82.1
80.9
75.0
75.8
81.1
80.3
79.2
81.4
84.0
84.2
80.2
78.8
72.8
74.9
80.4
79.5
79.0
81.4
83.9
83.9
1989- Mar T
Apr r
May '
June r.
July r
Aug r.
Sept ''.. .
Oct '
Nov '
Dec r
107.7
108.6
108.3
108.4
107.8
108.2
108.2
107.7
108.1
108.6
3.7
4.1
3.3
3.2
1.6
1.7
1.9
1.1
1.1
1.1
108.7
109.4
109.2
109.3
108.6
109.1
109.1
108.4
108.9
108.8
110.9
111.6
111.4
111.8
110.6
111.3
111.5
109.4
110.1
110.4
105.9
106.5
106.4
106.2
106.1
106.2
106.0
107.2
107.3
106.7
98.3
101.7
101.1
100.4
100.0
100.7
101.6
100.7
101.2
100.1
107.2
106.4
106.3
106.3
106.6
106.2
105.9
107.4
108.3
116.1
84.5
85.0
84.6
84.6
83.9
84.0
83.9
83.3
83.5
83.7
84.5
84.8
84.5
84.4
83.6
83.8
83.6
82.9
83.0
82.8
1990: Jan '
Feb r
Mar"
107.2
108.1
108.8
-.5
.5
1.0
108.0
109.2
109.5
108.6
110.5
111.5
107.3
107.5
107.0
102.4
100.8
101.4
103.9
102.6
109.0
82.4
82.9
83.3
82.0
82.6
82.7
1980
1981
1982
1
Output as percent of capacity.
NOTE.—Industrial production indexes have been rehascd to 1987=100; in addition, indust
production has been revised beginning 1977, Capacity and capacity utilization have been revised
beginning 1967.
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; monthly data seasonally adjusted]
Materials
Products
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
Durable
goods
Nondurable
goods
Total '
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Energy
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
80.0
82.1
80.8
83.0
91.0
94.2
95.7
100.0
105.6
109.1
85.3
85.8
84.5
88.8
92.8
93.7
96.8
100.0
104.0
106.7
73.5
74.0
68.7
79.7
91.0
91.6
94.5
100.0
104.9
107.9
89.1
89.6
89.7
91.9
93.4
94.4
97.6
100.0
103.7
106.4
74.6
78.2
77.0
76.8
89.2
94.8
94.5
100.0
107.6
112.3
73.5
76.1
72.9
71.9
85.4
91.1
93.2
100.0
111.8
119.1
57.4
58.5
65.7
71.8
78.9
89.4
96.0
100.0
98.0
97.4
77.0
77.0
75.1
80.3
86.2
88.3
92.0
100.0
104.4
106.8
80.8
78.4
72.2
80.2
86.2
89.1
93.8
100.0
104,4
106.1
74.2
75.7
77.0
80.3
86.2
87.7
90.7
100.0
104.4
107.3
91.3
92.8
85.1
88.3
96.6
96.6
95.9
100.0
105.6
107.4
106.2
104.3
100.7
98.9
103.8
103.4
99.4
100.0
101.8
101.4
1989- Mar '
Apr ',
May '
108.7
109.5
109.6
109.8
108.7
109.1
109.6
108.5
109.4
110.3
106.9
107.0
106.8
106.3
105.2
105.6
106.3
107.3
107.4
108.3
109.0
110.0
109.2
108.4
105.6
105.8
107.6
106.8
105.7
106.8
106.3
106.2
106.2
105.8
105.1
105.6
106.0
107.4
107.8
108.7
110.9
112.6
113.1
114.3
113.2
113.6
113.8
110.1
112.0
112.9
117.9
119.6
120.2
121.4
119.9
120.4
120.7
116.0
118.7
119.9
96.1
97.1
97.6
98.3
98.7
98.9
98.9
96.6
96.7
96.6
107.2
107.2
106.6
106.7
106.7
106.4
106.3
106.9
107.3
107.9
105.5
106.3
105.9
106.2
106.5
105.5
105.2
106.3
107.0
107.4
108.3
107.8
107.1
107.0
106.8
106.9
107.0
107.3
107.5
108.2
106.9
108.0
107.3
107.6
107.3
107.8
107.4
107.1
107.0
106.9
100.8
101.9
101.2
101.0
100.1
101.7
101.6
101.3
101.9
102.7
108.2
109.6
110.4
105.5
107.0
107.8
99.1
107.1
111.0
107.3
106.9
107.0
111.6
112.9
113.7
117.9
119.6
120.8
97.5
97.6
96.6
107.9
108.5
109.0
108.0
108.1
108.3
107.9
108.7
109.5
105.8
106.2
107.0
100.3
99.7
102.3
July '
Aug r
Sept '.
Oct '
Nov r.
Dec '.
1990: Jan '
Feb r
Mar"
1
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987 = 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Primary metals
Period
Total
Iron
and
steel
Fabricated
metal
products
Transportation
equipment
Nonelectrical
machinery
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber and
products
Appare!
products
Printing
and
publishing
Chemicals
and
products
Foods
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
110.8
117.5
83.2
91.0
102.4
101.8
93.8
100.0
110.3
109.2
126.0
135.1
86.2
96.1
105.9
104.5
90.8
100.0
113.8
109.3
92.5
91.1
83.2
85.5
93.3
94.5
93.8
100.0
106.2
107.2
60.6
65.9
63.9
64.3
80.8
86.8
90.4
100.0
113.8
121.8
73.3
75.4
75.9
80.3
94.1
93.1
94.3
100.0
106.5
109.5
72.3
68.7
64.8
72.7
83,1
91,8
96.9
100.0
105.0
107.2
67.0
64.4
58.8
74.5
90.6
99.0
98.5
100.0
105.5
104.9
76.9
74.7
67.3
79.9
86.0
88.0
95.1
100.0
104.6
103.0
89.2
91.0
90.1
93.8
95.7
92.6
96.3
100.0
102.2
104.3
70.3
72.1
75.2
79.0
84.5
87.6
90.7
100.0
103.6
108.5
87.8
89.2
81.8
87.5
91.4
91.4
94.6
100.0
105.4
108.5
84.6
86.5
87.7
90.1
92.1
94.9
97.4
100.0
102.8
105.5
1989: Mar '
July '
Aug '
Sept '.
Oct '
Nov '
Dec '.
108.8
112.7
107.0
108.7
108.8
111.7
109.9
108.6
104.8
102.6
109.3
115.4
104.8
107.1
107.5
109.8
109.7
109.2
104.1
100.3
107.4
106.9
107.9
108.3
107.6
106.5
106.0
105.9
106.9
106.3
121.9
121.6
121.8
123.4
121.6
121.8
123.4
119.0
122.9
123.8
109.2
110.1
108.8
109.1
108.6
110.6
110.8
110.2
110.1
110.1
108.7
109.4
109.6
109.0
106.6
107.8
108.0
102.1
102.8
104.4
108.9
108.6
107.8
105.0
99.6
102.7
103.2
99.7
99.0
98.7
100.8
102.7
102.3
103.5
102.8
102.4
102.6
103.2
104.8
106.4
104.4
105.1
104.9
105.2
104.4
104.7
104.5
103.9
103.7
102.6
108.9
108.6
108.4
108.6
106.6
107.8
109.4
109.3
109.6
109.6
107.5
107.5
108.4
109.1
109.7
109.6
107.5
109.4
109.8
107.6
104.5
106.2
105.5
104.2
104.0
104.8
105.4
106.8
107.4
108.0
1990: Jan '
Feb '..
Mar"
106.7
108.2
104.9
107.5
110.4
104.4
105.3
105.6
106.2
123.3
122.8
123.0
110.0
111.2
111.9
94.7
103.1
107.9
76.8
94.3
103.8
105.7
103.6
105.1
102.4
102.6
101.3
110.5
111.0
110.9
108.9
109.0
108.4
107.0
107.6
106.8
May '
NOTE.—Industrial production indexes have been rcbased to 1987 = 100; in addition, industrial
production has been revised beginning 1977.
18
Source: Board of Governors of the Federal Reserve System.
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
Period
Total new
construction
expenditures
Residential
Total
New housing
units
Total '
Commercial
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(1982=100)
Commercial
and industrial
door space
(millions of
square feet)
Billions of dollars
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 '
.
252.8
194.3
261.3
204.7
414.3
328.7
330.3
100.4
99.2
84.7
125.5
153.8
158.5
187.1
194.7
198.1
195.4
416.fi
333.2
200.5
416.8
411.9
416.5
412.5
410.3
416.3
416.2
411.5
416.5
415.1
338.1
202.1
332.5
330.6
329.0
328.8
200.7
248.0
282.4
329.6
356.6
387.0
397.7
409.7
194.3
228.7
271.9
292.6
315.3
320.1
69.6
69.4
57.0
94.6
113.8
114.7
133.2
139.9
138.9
137.8
46.7
55.0
58.7
53.8
68.6
82.7
78.0
76.5
79.8
81.9
47.2
50.5
50.9
49.3
49.4
51.4
50.2
48.9
50.8
53.0
58.5
56.5
53.7
53.8
57.7
64.1
71.7
77.6
80.9
84.0
81.1
84.2
79.3
80.1
81.6
80.9
83.3
83.2
84.1
83.7
78.8
82.3
89.1
83.8
51.6
51.8
52.5
53.5
53.2
52.7
54.2
53.6
53.2
53.7
53.1
54.7
54.4
54.8
83.4
78.7
79.4
85.9
83.5
81.5
84.4
86.6
82.9
88.7
93.8
90.8
95.3
90.7
97
100
100
124
136
150
159
165
166
169
Annual rates
Annual rales
1989- Feb
Mar
May
July
Sept
Oct '
Nov '
Dec r
1990- Jan r
Feb"
425.0
438.6
432.5
Mar*
334.2
343.2
197.0
194.2
195.2
194.4
192.8
191.4
190.3
189.5
196.7
199.7
341.7
203.2
331.9
329.6
328.7
327.8
321.4
1
904
919
690
756
955
1,097
1,016
1,019
973
926
145.3
143.2
141.8
138.2
136.5
136.6
135.8
134.0
133.9
134.9
135.6
138.1
142.9
143.2
r
!63
158
r
!79
r
!66
r
!70
r
170
168
r
!82
181
166
163
156
r
!50
156
872
870
864
909
916
915
805
1,008
892
812
805
883
798
828
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
Includes residential improvements, not shown separately.
2
Includes hotels and motels.
3
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
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1980
1981
1982
1983
1984
1985
1986
1987.
1988
1989
1 unit
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
2-4 units
5 or more units
109.5
91.1
80.0
113.5
121.4
93.4
84.0
65.3
58.8
55.2
330.5
287.7
319.6
522.0
544.0
576.1
542.0
408.7
348.0
317.6
Units
authorized
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,340.6
Units
completed
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
' 1,422.8
Homes sold
r
545
436
412
623
639
688
750
671
676
650
Homes for
sale at end of
period '
r
Vacancy rate
for rental
housing units
(percent) 2
5.4
5.0
5.3
5.7
5.9
6.5
7.3
7.7
7.7
337
275
253
301
353
346
357
366
367
362
Seasonally adjusted annual rates
1989- Mar
May
July
Sept
Oct
Nov
Dec r
1990- Jan '
Feb '
Mar'
1
2
1,405
1,341
1,308
,414
,424
,325
,263
,423
,347
,273
,568
,457
,321
979
1,028
977
971
1,029
987
969
1,023
1,010
931
1,099
1,154
1,015
Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning 1989 not comparable
Burlier data.
51
62
43
55
58
54
56
60
47
53
53
44
46
375
251
288
388
337
284
238
340
290
289
416
259
260
1,230
1,334
1,347
1,308
1,281
1,328
1,319
1,356
1,342
1,376
1,745
1,305
1,231
1,455
1,546
1,444
,355
,375
,437
,366
,317
,486
,302
1,433
1,355
556
610
651
646
741
719
638
636
687
633
377
376
379
376
369
364
364
363
363
362
613
604
574
365
365
363
NOTE.—Beginning 1984, units authorized are for 17,000 pen
are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
r
7.4
r
7.4
r
7.6
7.1
7.5
ing places; for 1978-S3 data
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In February, manufacturing and trade sales rose 1.3 percent and inventories fell $3.0 billion. In March, according
to advance data, retail sales fell 0.6 percent, following a decline of 0.3 percent in February. (Series revised for
wholesale trade.)
BILLIONS OF DOLLARS' (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE)
240
220
•v
800
\
1
MANUFAQURING AND
TRADE INVENTORIES
~"
-
600
1
^r-^~
^
i x
200
^^\^
700
•**.
^
RETAIL INVENTC)RIES
f
180
160
••••»
-
f
^,--'~—
500
^s~*
• _' /-"
**., — '
-'-'"•"'
140
-"'\
1
MANUF/kCTURING
—
120
'-~\1
RETAIL J ALES
*Vi /"""
•^x'
ANDTRXVDE SALES
400
100
iimlmii
-
—
IIIIlllllII IIIIlllllII IIIIlllllII IIIIlllllII
RATIO'
1.80
300
1.20
200 Minium iiiiilniil iiiiiliini iiiiiliini iiiiiliuii
1986
1987
1989
1988
1986
1990
1990
•SEASONAliY ADJUSTED
SOURCE: DEPAKMENT Of COMMERCE
Manufacturing and
trade *
Period
Inventories 3
Sales 2
COUNCIl OF ECONOMIC ADVISERS
Inventory-sales ratio *
Retail
Wholesale
Inventories 3
Sales 2
Inventories 3
Sales 2
Total
Durable
goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade '
61,101
64,939
69,377
73,075
75,738
80,457
85,220
90,678
134,493
147,712
167,748
181,773
186,587
208,112
219,791
235,514
61,469
69,025
79,250
88,464
90,197
105,738
112,254
117,169
73,024
78,687
88,498
93,309
96,390
102,374
107,537
118,345
1.67
1.56
1.53
r
1.56
1.55
r
1.51
r
1.49
r
1.50
1.49
1.44
1.49
1.52
1.56
1.55
1.55
1.60
88,377
88,721
89,759
90,428
90,680
91,111
91,128
91,727
91,617
92,572
93,121
224,019
224,375
226,366
229,775
231,059
232,127
234,579
236,131
234,942
236,234
235,514
114,627
114,441
115,669
117,142
117,826
118,248
119,925
121,048
118,450
118,667
117,169
109,392
109,934
110,697
112,633
113,233
113,879
114,654
115,083
116,492
117,567
118,345
1.49
1.50
1.48
r
1.49
r
1.50
1.53
r
1.49
r
1.50
T
.51
r
.51
r
.51
1.59
1.59
1.58
1.59
1.60
1.60
1.60
1.60
1.62
1.61
1.62
93,660
' 94,737
94,268
233,701
231,672
114,194
113,048
119,507
118,624
.51
.48
1.56
1.55
Nondurable goods
stores
Retail
Millions of dollars, seasonally adjusted
1982
1983
1984
1985
1986
1987
1988
1989
1989: Feb '.
Mar
Apr
May
T '
June
July .
Auc:
Sept.
Oct
Nov
Dec
1990- Jan r . .
Feb"
Mar p
1
348,754 574,516
96,290
369,136 ' 59 1,265 r 100,324
T
r
408,578 646,072
113,393
r
419,283 r 657,753 ' 114,626
r
425,371 T 657 ,482 rl!6,151
r
451,933 r 704,515 r 124,254
r
490,309 r 754,267 ' 135,176
r
521,934 r795,415 T 145,683
r
r
r
512,331
'512,965
523,141
' 523,688
r
521,132
r
516,216
* 53 1,599
r
527,778
r
525,160
' 527,948
r
526,391
r
528,549
535,581
765,010
766,954
772,761
' 779,436
' 782,288
r
789 ,043
* 791,798
r
792,119
r
794,757
'798,104
r
795,415
r
r
797,202
794,234
See page 21 for manufacturing.
Monthly average for year and total for month.
End of'period.
* Annual data are averages of monthly ratios.
2
3
20
128,196
130,906
143,557
r
148,484
r
154,713
T
165,271
T
180,313
r
188,819
r
142,799 181,935
' 143,568 ' 181, 449
' 145,515 ' 182,937
r
146,333 ' 184,606
' 145,512 r 184,737
r
144,856 ' 186,113
' 146,800 ' 185,730
' 146,981 r 185,098
' 147 ,921 r 188,103
T
148,782 ' 189,057
r
149,584 r 188,819
151,968
151,803
r
89,114
97,570
107,316
114,642
120,860
128,509
137,500
144,471
28,013
32,631
37,938
41,567
45,121
48,051
52,281
53,794
141,179
141,349
143,584
144,284
144,384
145,438
146,649
147,235
145,244
146,340
145,804
52,802
' 52,628
53,825
53,856
53,704
54,327
55,521
55,508
53,627
53,768
52,683
149,877
189,375
189,025 ' 149,461
148,554
56,217
' 54,724
54,286
r
NOTE.—Wholesale sales and inventories (therefore total sales and inventories) revised
983.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In February, manufacturers' shipments and new orders rose. In March, according to advance data, durable goods
shipments and new orders rose.
BILLIONS OF DOLLARS' (RATIO SCALE)
280
240 -SHIPMENTS
BILLIONS OF DOLLARS' (RATIO SCALE)
^
r^^
200
"*•
440 ~INVENTORIES -
•.X
360
TOTAL
160
120
»
...— r— . *•*
200
•
DURABLE GOODS
160
.—-"*""""""*
\\
NOND URABLEGCKDOS
80
TOTAL
280
DURAE LE GOODS
\ .~>'
^
...x— "
120
60
niiilniii
iiiiiliiiii niiil|iiii niiilniii
BILLIONS OF DOLLARS' (RATIO SCALE)
280
MFW nRDFR1;
240
60
j
Illlllillll Illlllillll
.—r—
T
^
—
200
RATIO*
2.20
INVENTORY-SHIPMENTS RATIO
2.00
**
TOTAL
160
DURABLE GOODS
1 *^*L.-^--'
120
Lx-— 'T"_,—
»--X*
r/
**. '""
_.
-
:— — r \
NO NDURABLE C^nnn<;
80
NONDURABLE GOODS
80
1.80
1.60
—
1.40
60
Illlllillll niiilniii niiilniii
1986
1988
1987
^
I
Illlllillll
1990
1989
A
^1
^
1.20
1986
him
1987
1 M I 1 1 1 1 1 1Illlllillll
1
1988
•SEASONAUY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
1989
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments 1
Manufacturers' new orders l
Manufacturers' inventories 2
Durable goods
Period
Total
Durable
goods
1990
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable goods
Manufacturers'
unfilled2
orders
21,661
22,098
26,243
27,067
26,551
29,707
35,028
38,821
38,137
40,389
37,290
39,146
41,445
37,130
35,341
35,975
38,901
44,389
38,347
36,026
41,395
83,935
86,522
91,209
91,075
88,497
94,197
101,993
109,057
107,634
110,535
110,229
110,020
108,416
110,027
109,127
109,805
109,535
109,033
109,663
110,884
314,270
349,419
372,586
383,181
387,065
421,243
468,860
514,499
481,366
487,231
487,913
491,834
496,359
495,002
495,794
497,866
504,750
514,499
515,367
512,613
Manufacturers'
inventory —
shipments
ratio 3
Millions of dollars, seasonally adjusted
1982
1983
1984
1985
1986
1987
1988
1989..
1989- Mar
May
July
Sept
Oct
Nov
Dec
1990- Jan T
Feb T
Mar "
1
2
163,350
171,242
187,869
190,016
188,360
199,170
217,632
231,780
228,048
234,042
233,071
231,236
225,922
238,150
233,562
231,995
232,826
231,003
226,704
234,317
79,352
84,956
96,623
99,019
99,989
105,291
115,684
122,668
120,432
123,331
122,962
121,720
117,114
128,347
124,393
121,840
123,209
121,998
116,716
123,142
124 991
83,998
86,286
91,246
90,996
88,371
93,879
101,948
109,112
107,616
110,711
110,109
109,516
108,808
109,803
109,169
110,155
109,617
109,005
109,988
111,175
311,827
312,647
334,767
327,496
316,182
331,132
354,163
371,082
361,130
363,458
365,055
366,492
370,803
371,489
370,890
371,712
372,813
371,082
374,126
373,537
Monthly average for \ iir and total for month. Shipments are the same us sales.
Knd of period.
200,825
200,406
218,771
214,066
208,313
216,598
233,666
246,222
239,330
240,486
241,689
242,295
245,813
246,378
245,621
246,427
247,610
246,222
248,273
247,472
111,002
112,241
115,996
113,430
107,869
114,534
120,497
124,860
121,800
122,972
123,366
124,197
124,990
125,111
125,269
125,285
125,203
124,860
125,853
126,065
3
162,273
174,122
189,791
190,918
188,663
201,966
221,627
235,614
233,011
239,907
233,753
235,157
230,447
236,793
234,354
234,067
239,710
240,752
227,572
231,563
78,338
87,600
98,581
99,843
100,166
107,770
119,634
126,557
125,377
129,372
123,524
125,137
122,031
126,766
125,227
124,262
130,175
131,719
117,909
120,679
128,769
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census.
1.95
1.80
1.74
1.74
1.70
1.62
1.58
1.58
1.58
1.55
1.57
1.58
1.64
1.56
1.59
1.60
1.60
1.61
1.65
1.59
PRICES
PRODUCER PRICES
In March, the producer price index for all finished goods fell 0.2 percent. Prices of finished consumer foods fell 0.6
percent, while prices of other finished consumer goods fell 0.4 percent. Capital equipment prices rose 0.4 percent.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982= 100 (RATIO SCALE)
130
130
FINISHED GOODS PRICES
SEASONAUY ADJUSTED
_
A
/*'
120
-''
120
«*'"/*
-~
*
—
CAPITAL EQUIPMENT
CONSUMER
FOODS
\
110
r-\"
^
*
*
.
»
''
100
^**+Z-
f**S
*
•
^~ ^--^
.-'"
/
•**•'
~»
'
-.' »j
,
/^
>^
'
r>.^
^/
i
/ ^
•
110
r
V
~
./
s—~*
—
^
\
TOTAL
K ^
\
•
•*
/~^S
/
\ '
V
_/5
ff
\
Js£-^w«
r'"'""'
*- — *j f/
/'.«rf^T«
-^
*
«.— "\
**
.
^•r£.**+M
)
j"-''
' 1
— >•*
t
s~~~- — '
/•"
y
—
100
\
+£~*p* ^ *
\
\
~' CONSUMER GOO )S
EX(:LUDING FOOC)S
Illlillllll
90
1982
^~
Illlillllll Illlillllll Illlillllll Illlillllll Illlillllll Illlillllll Illlillllll I l l l i l l l l l l
1984
1983
1985
1987
1986
1989
1988
SOURCE: DEPARTMENT OF LABOR
90
1990
COUNCIL OF ECONOMIC ADVISERS
[1982 = 100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Period
1980 . .
1981
1982
1983
1984
1985
1986
1987
1988
1989"
1989: Mar
Apr
May. .. .
June
July
Aug
Sept
Oct
Nov *
Dec
1990: Jan
Feb .
Mar
1
Finished goods excluding consumer foods
Total
finished
goods
88.0
96.1
100.0
101.6
103.7
104.7
103.2
105.4
108.0
113.5
112.4
113.1
113.9
114.0
113.6
113.3
114.1
114.7
114.8
115.5
117.6
117.6
117.4
Consumer
foods
92.4
97.8
100.0
101.0
105.4
104.6
107.3
109.5
112.6
118.7
118.6
118.0
118.6
117.9
118.1
118.5
118.1
119.7
120.7
121.5
124.0
125.1
124.4
Durable
Nondurable
87.1
96.1
100.0
101.2
102.2
103.3
98.5
100.7
103.1
108.9
107.3
109.0
110.0
110.2
109.2
108.2
109.7
110.1
109.7
110.5
113.4
112.7
112.3
91.0
96.4
100.0
102.8
104.5
106.5
108.9
111.5
113.8
117.6
116.8
116.4
117.2
117.7
117.4
117.8
118.7
118.6
118.7
119.3
118.9
118.9
119.4
85.1
95.8
100.0
100.5
101.1
101.7
93.3
94.9
97.3
103.8
102.0
104.4
105.5
105.6
104.3
102.7
104.5
105.1
104.4
105.4
109.5
108.5
107.8
85.8
94.6
100.0
102.8
105.2
107.5
109.7
111.7
114.3
118.7
117.5
117.4
118.1
118.8
118.9
119.3
120.1
120.0
120.4
120.6
120.9
121.2
121.7
Total
86.7
95.6
100.0
101.8
103.2
104.6
101.9
104.0
106.5
111.8
110.4
111.4
112.4
112.7
112.1
111.5
112.8
113.1
112.9
113.5
115.5
115.2
115.1
Intermediate materials for food manufacturing and feeds.
22
Total
Capital
equipment
Consumer goods
Crude materials
Total
finished
consumer
goods
Total
Foods
and
feeds '
Other
Total
88.6
96.6
100.0
101.3
103.3
103.8
101.4
103.6
106.2
112.1
111.0
111.9
112.9
112.8
112.1
111.6
112.5
113.3
113.3
114.1
116.9
116.7
116.3
90.3
98.6
100.0
100.6
103.1
102.7
99.1
101.5
107.1
112.0
111.9
112.5
112.6
112.3
112.1
111.8
112.2
112.4
112.2
112.3
113.6
112.8
112.8
105.5
104.6
100.0
103.6
105.7
97.3
96.2
99.2
109.5
113.8
116.7
115.4
113.8
111.6
113.2
112.8
112.7
112.5
113.4
113.0
113.3
112.3
112.8
89.4
98.2
100.0
100.5
103.0
103.0
99.3
101.7
106.9
111.9
111.6
112.3
112.5
112.4
112.0
111.8
112.2
112.4
112.1
112.3
113.6
112.8
112.8
95.3
103.0
100.0
101.3
103.5
95.8
87.7
93.7
96.0
103.0
103.5
104.5
104.5
103.3
103.5
101.1
102.3
102.6
103.2
104.6
107.1
107.5
106.0
Source: Department of Labor, Bureau of Labor Statistics.
Foodstuffs
and
feedstuffs
104.6
103.9
100.0
101.8
104.7
94.8
93.2
96.2
106.1
111.1
114.8
112.1
110.8
109.6
108.9
109.7
109.0
109.0
111.4
113.7
114.8
115.9
116.3
Other
84.6
101.8
100.0
100.7
102.2
96.9
81.6
87.9
85.5
93.4
92.0
95.1
95.9
94.7
95.5
91.3
93.6
94.1
93.5
94.3
97.6
97.5
94.9
CONSUMER PRICES—ALL URBAN CONSUMERS
In March, the consumer price index for all urban consumers rose 0.5 percent, seasonally adjusted and not
seasonally adjusted. The index was 5.2 percent above its year-earlier level.
INDEX, 1982-84=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
him
60
1982
him
inn I l l l l l l l l l l
1983
1984
1986
1985
1987
him
1988
1989
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOfi
60
1990
COUNCIL OF ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
All items
1
Transportation
Housing
Medical
care
Energy2
All
items
less
food,
shelter,
and
energy
3.2
97.4
108.5
102.8
99.4
97.9
98.7
77.1
80.2
80.9
88.5
6.2
74.9
82.9
92.5
100.6
106.8
113.5
122.0
130.1
138.6
149.3
7.4
86.0
97.7
99.2
99.9
100.9
101.6
88.2
88.6
89.3
94.3
48.4
80.6
88.3
95.1
100.0
105.0
109.0
112.7
117.0
121.9
127.3
Shelter
Period
Rel. imp.s ....
1980
1981.
1982
1983....
1984
1985
1986
1987
1988
1989
1989:
Mar
Apr . .. .
May
June
July
Aug
Sept
Oct
Nov.
Dec
1990:
Feb
Mar
Not
seasonally
adjusted
(NSA)
Seasonally
adjusted
100.0
82.4
909
96.5
99 6
103.9
107 6
109.6
1136
118.3
1240
Food
Total
1
Total
Renters'
costs
(Dec.
1982 =
100)
Homeowners'
costs
(Dec.
1982 =
100)
16.3
86.8
93.6
97.4
99.4
103.2
105.6
109.0
113.5
118.2
125.1
42.0
81.1
90.4
96.9
99.5
103.6
107.7
110.9
114.2
118.5
123.0
27.9
81.0
90.5
96.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
7.9
19.8
103.0
108.6
115.4
121.9
128.1
133.6
138.9
102.5
107.3
113.1
119.4
124.8
131.1
137.3
0.2
82.4
90.7
96.4
99.9
103.7
106.5
107.9
111.8
114.7
118.0
Apparel and
upkeep
7.5
75.4
86.4
94.9
100.2
104.8
106.5
104.1
103.0
104.4
107.8
Total '
New
cars
Motor
fuel
6.1
90.9
95.3
97.8
100.2
102.1
105.0
105.9
110.6
115.4
118.6
17.1
83.1
93.2
97.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
4.2
88.4
93.7
97.4
99.9
102.8
106.1
110.6
114.6
116.9
119.2
122.5
123.3
123.8
124.1
124.5
124.5
124.8
125.4
125.8
126.3
123.5
124.2
124.9
125.2
125.6
125.9
126.3
126.8
127.4
128.0
121.6
121.8
122.2
122.6
123.3
123.5
123.7
124.2
124.7
125.2
131.0
131.1
131.7
132.3
133.2
133.5
133.7
134.4
135.0
135.6
137.6
137.1
137.4
138.0
139.6
139.1
138.7
139.8
140.5
141.0
135.2
135.6
136.3
136.9
137.6
138.2
138.7
139.4
140.0
140.6
117.1
117.3
117.4
118.3
118.4
118.5
118.6
118.6
119.3
119.5
106.9
107.3
107.5
107.3
107.8
107.8
108.0
108.1
108.7
109.4
118.8
119.3
119.5
118.9
118.3
116.9
118.6
119.4
119.4
119.0
112.6
115.1
115.8
115.7
115.3
114.2
113.9
114.5
114.6
115.0
119.5
119.5
119.5
119.3
118.8
118.5
118.1
118.8
119.8
120.8
84.1
93.4
95.3
94.6
92.9
88.4
87.1
88.4
86.8
86.3
145.9
146.7
147.6
148.7
149.6
150.8
151.9
153.0
154.2
155.1
91.6
96.2
97.0
96.4
95.9
93.8
93.2
94.1
93.8
94.1
126.2
126.6
127.1
127.4
127.7
127.8
128.3
128.8
129.3
129.7
127.4
128.0
128.7
127.7
128.3
128.9
130.5
131.1
131.5
126.1
126.3
126.9
136.3
136.6
137.6
142.3
143.4
143.8
141.1
141.0
142.4
120.4
120.8
121.2
111.6
110.9
111.0
119.0
122.9
124.9
117.4
117.7
117.6
121.6
121.4
121.2
93.4
93.6
92.2
156.1
157.3
158.5
98.9
98.2
97.4
130.4
131.5
132.2
Relative importance, December 1989.
Fuel
and
other
utilities
122.3
123.1
123.8
124.1
124.4
124.6
125.0
125.6
125.9
126.1
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolnnt, etc.
also included through 1982.
3
Maintenance
and
repairs
(NSA)
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 and 1988 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
Change from preceding 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
Poods
Excluding
foods
Foods
Capital
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
11.8
7.1
3.6
.6
1.7
1.8
-2.3
2.2
4.0
4.8
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989'
. .
.
13.4
9.2
4.1
1.6
2.1
1.0
-1.4
2.1
2.5
5.1
11.4
9.2
3.9
2.0
1.8
2.7
2.1
1.3
3.6
3.7
14.1
8.6
4.2
-.9
.8
2.1
-6.6
4.1
3.1
5.3
7.5
1.5
2.0
2.3
3.5
.6
2.8
2
5.7
5.0
Change, month to month
1989: Mar
0.4
.6
.7
.1
May
""•'
July
0.6
-.5
.5
-.6
.2
.3
3
A
Scot
Get
Nov '
Dec '.
-'.3
.7
.5
.1
.6
1990- Jan
Feb '
Mar
1.8
0
-.2
1.4
.8
.7
2.1
.9
6
0.4
1.6
.9
.2
-.9
-.9
1.4
.4
4
.7
0.2
-.1
.6
..6
.1
.3
.7
-.1
.3
.2
9.0
7.0
7.3
5.8
1.8
21
.4
3.9
5.4
5.0
11.2
3.5
2.4
-2.3
.3
3
2.6
-.6
.2
.2
.4
10.5
10.1
6.7
15.2
15.4
9.9
A
9.9
11.8
12.1
11.3
.7
64
-1.8
3.3
5.7
2.9
12.5
11.4
6.7
.7
5.5
7.6
12.0
4.6
2.1
2.8
4.5
5.2
4.1
4.4
3.8
3.7
1.7
6.1
7.1
7.8
7.4
4.4
2.5
3.0
2.8
1.6
2.6
6.9
5.7
5.8
4.2
1.9
1.0
-.8
2.9
3.6
6.2
7.3
10.1
11.0
10.6
6.1
2.4
4.5
2.0
-.5
.5
3.5
3.1
4.0
4.5
3.6
3.4
4.5
4.5
3.9
3.1
5.5
5.6
6.2
6.1
5.1
4.3
4.6
5.0
4.6
4.8
3.0
2.7
3.7
7.2
7.7
5.9
10.2
11.4
11.0
7.8
8.5
4.8
3.4
3.2
2.7
5.8
5.1
4.4
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Transportation
Housing
Shelter
Period
All
items 1
Food
Total '
Total '
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: AH 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
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
12.5
8.9
3.8
3.8
3.9
3.8
1.1
4.4
4.4
4.6
10.2
4.3
3.1
2.7
3.8
2.6
3.8
3.5
5.2
5.6
13.7
10.2
3.6
3.5
4.3
4.3
1.7
3.7
4.0
3.9
15.0
9.9
2.4
4.7
5.2
6.0
4.6
4.8
4.5
4.9
5.1
5.9
6.3
5.0
3.9
3.9
4.5
4.5
5.1
5.9
4.6
5.3
4.7
5.1
0.5
.7
.4
.2
.3
0
.2
.5
.3
.4
0.7
.6
.6
.2
.3
2
.3
.4
.5
.5
0.3
.2
.3
.3
.6
.2
.2
.4
.4
,4
0.5
.1
.5
.5
.7
.2
.1
.5
.4
.4
1.0
— .4
.2
.4
1.2
-.4
-.3
.8
.5
.4
0.4
.3
.5
.4
.5'
.4
.4
.5
.4
.4
0.2
.4
.2
-.2
.5
0
.2
.1
.6
.6
0.9
.4
.2
-.5
-.5
12
1.5
.7
0
-.3
0.4
2.2
.6
-.1
3
-1.0
-.3
.5
.1
.3
1.1
.5
.5
2.0
.5
.3
.7
.2
.5
.5
.2
.7
.9
.8
.3
.4
2.0
-.6
0
3.3
1.6
2.1
.3
— .1
13.8
14.4
9.7
1.8
4.2
1.8
56
1.6
2.9
3.2
6.8
3.5
1.6
2.9
2.0
2.8
.9
4.8
4.7
1.0
14.6
10.9
1.8
3.9
3.1
2.6
-5.9
6.1
3.0
4.0
7.4
18.8
6.8
9.4
1.5 -6.5
3.4 -1.7
24
2.5
3.4
3.1
5.9 -30.7
18.7
1.8
2.1 -2.1
2.3
6.8
9.9
12.5
11.0
6.4
6.1
6.8
7.7
5.8
6.9
8.5
1.3
-.5
.2
1.8
-19.7
8.2
.5
5.1
0.3
0
0
-.2
4
3
-.3
.6
.8
.8
1.3
11.1
2.0
Y
-1.8
4g
-1.5
1.5
18
-.6
0.6
.5
.6
.7
.6
.8
.7
.7
.8
.6
0.8
5.0
.8
-.6
-.5
22
-.6
1.0
3
.3
0.3
.3
.4
.2
.2
.1
.4
.4
.4
.3
.7
-.2
-.2
8.2
.2
-1.5
.6
.8
.8
5.1
7
-.8
.5
.8
.5
18.0
11.9
13.5
10.3
6.2
3.2
4.3
3.6
1.9
3.6
4.1
4.8
9.8
9.4
6.1
5.0
4.3
3.7
3.3
3.8
4.7
4.1
Change, month to month
1989:
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1990: Jan
Feb
Mar
1
J
1.0
Includes items not shown separately.
2
Household .fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
also included through 1982,
24
3
3.9
6.1
6.4
6.4
5.3
4.0
2.3
2.3
2.9
4.2
4.9
4.9
5.6
5.9
5.7
5.2
4.3
3.8
3.4
3.3
3.6
5.0
5.1
5.4
5.2
5.0
4.7
4.3
4.5
4.7
4.6
8.2
7.5
8.2
8.5
5.2
6.2
6.7
5.2
5.3
5.2
5.4
6.0
2.9
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 were 0.7 percent above their March level. Prices paid by farmers in April were
1.1 percent above their January level. (Data are not seasonally adjusted.)
INDE <, 1977 = 100 (RATIO SCALE)
INDEX, 1977=100 (RATIO SCALE)
^
180
180
'-~*
1
»-——.--..-.
_.,~---'"
_
160
160
»•••»'
PRICES PAID
•—N
x_
j
140
^Y.S^
^
S^
^
^
VW>A S^
140
120
120
^
PRICES RECE IVED
100
100
-
80
80:
Illllllllll
iiiiilinii
Illllllllll
w
-
Illllllllll
Illllllllll Illllllllll H M l l l M M Illllllllll Illllllllll
RA
RATK
140
140
120
120
RATIO
-__
100
_|
_.^_ ^___
"
80
^>ta—~*~
60
Illllllllll Illllllllll
1982,
IIIIIIIIIH
-
\
^-i
Illllllllll
1984
1985
80
1
lllllllll||
1986
iiiniiiiii
1987
1988
-
Illllllllll Illllllllll
1990
1989
60
I/RATIO OF INDEX OF PRICES RECEIVED TO NDEX OF PRICES PAI ).
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[1977 = 100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1990: Jan
Peb
Mar r.
Apr
1
All farm
products
Livestock and
products
Crops
139
133
135
142
128
123
127
138
148
134
121
128
138
120
107
106
126
135
148
149
148
147
145
144
145
147
149
142
142
138
137
128
126
128
128
127
143
145
141
146
136
138
146
150
160
154
156
157
157
161
160
162
165
170
154
152
150
151
136
133
128
132
172
169
171
169
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by farmers arc available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
2
Al! commodities,
services,
interest, taxes,
and wage rates 1
Production
items, interest,
taxes, and wage
rates
150
159
161
164
162
159
162
169
177
151
158
159
161
156
150
151
160
167
148
153
152
155
151
144
147
157
165
92
84
84
87
79
77
78
82
84
177
(3)
(3)
178
(3)
(3)
178
(3)
(3)
167
(3)
(3)
168
(3)
(3)
166
(3)
(3)
166
(3)
(3)
166
(3)
(3)
165
(3)
(3)
84
84
84
83
81
81
81
83
84
!70
(3)
(3)
171
168
(3)
(3)
169
r
!81
(3)
(3)
183
r
Production
items
Ratio
2
r
85
84
83
83
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.
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Growth in M2 and M3 slowed in April.
BILLIONS OF DOUARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
4,800
4,400
4,000
4,800
4,400
4,000
3,400
3,600
.MS
3,200
3,200
2,800
2,800
"\
M2
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
800
600
400 l l l l l l l l l l l
1982
lllllllllll
1984
1983
1987
lllllll
1988
lllllllllll
1989
400
1990
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]
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
RPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
408.9
436.5
474.5
521.2
552.1
620.1
724.7
750.4
787.5
794.8
1,629.9
1,793.5
1,953.1
2,186.5
2,371.6
2,570.6
2,814.2
2,913.2
3,072.4
'3,220.0
1,987.5
2,234.2
2,441.9
2,693.4
2,982.8
3,202.1
3,494.5
3,678.7
3,918.4
'4,040.6
2,324.2
2,596.8
2,851.6
3,154.7
3,524.1
3,829.5
4,135.5
4,338.7
4,676.0
'4,864.4
3,881.9
4,269.0
4,660.0
5,185.4
5,932.7
6,741.5
7,597.0
8,316.2
9,070.7
9,771.6
1989: Mar
Sept
Oct
Nov '
Dec '
785.5
782.1
776.2
773.7
779.1
780.4
782.9
788.1
789.4
794.8
3,086.9
3,089.4
3,085.3
3,101.6
3,127.0
3,146.7
3,163.3
3,181.4
3,200.6
3,220.0
3,956.6
3,965.1
3,965.6
3,984.9
4,007.2
4,012.0
4,012.0
4,016.2
4,028.7
4,040.6
4,732.0
4,757.0
4,756.6
4,778.8
4,803.8
4,817.3
4,822.7
4,831.2
4,846.5
4,864.4
9,252.1
9,308.8
9,368.7
9,422.3
9,472.2
9,537.3
9,594.4
9,661.3
9,732.5
9,771.6
1990- Jan r
Keb '
Marp
794.7
801.2
804.6
3,229.1
3,254.0
3,267.9
4,045.8
4,063.1
40659
4,864.6
4,876.1
9,815.8
9,877.8
Period
1980:
19811982:
1983:
19841985:
19861987:
1988:
1989-
Mav
July
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancia! sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate.
26
L
M3 plus
other liquid
assets
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) l
Percent change from year or 6
months earlier 2
Ml
M2
M3
Debt
6.8
6.7
8.7
9.8
5.9
12.3
16.9
3.5
4.9
.9
2
-.8
-2.5
-3.5
-1.7
-1.6
-.7
1.5
3.4
5.5
8.9
10.0
8.9
12.0
8.5
8.4
9.5
3.5
5.5
'4.8
10.2
12.4
9.3
10.3
10.7
7.4
9.1
5.3
6.5
3.1
9.5
10.0
9.2
11.3
14.4
13.6
12.7
9.5
9.1
7.7
3.0
2.7
1.4
1.9
3.5
4.5
4.9
6.0
7.5
7.6
4.6
4.2
3.2
3.4
4.1
3.8
2.8
2.6
3.2
2.8
8.5
8.3
8.0
7.8
7.6
7.5
7.4
7.6
7.8
7.4
4.0
5.3
5.5
6.5
6.8
6.6
1.9
2.5
2.7
7.3
7.1
NOTE.—-See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Currency
Demand
deposits
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net,
plus
overnight
Eurodollars
Money market
mutual fund
balances 1
General
purpose
and
broker/
dealer
Institution
only
Money
market
deposit
accounts
(MMDAs)
Savings
deposits
Small
denomination
time
deposits 2
Large
denomination
time
deposits 2
NSA
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
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
1989: Dec
115.3
122.6
132.5
146.2
156.0
167.8
180.6
196.7
211.8
221.9
261.4
231.4
234.1
238.5
243.9
266.8
302.1
287.0
287.0
279.7
28.0
78.2
103.6
131.6
146.9
179.6
235.5
259.7
281.3
285.7
28.8
36.6
39.9
55.6
60.6
73.5
82.3
83.2
83.3
76.8
61.6
150.6
185.2
138.8
168.2
177.2
208.7
222.0
240.9
'311.5
15.2
38.0
51.1
42.8
62.1
63.9
83.8
89.0
87.1
102.3
0.0 400.1
.0 343.8
43.2 356.7
379.2 305.4
416.8 285.1
513.0 301.2
571.0 370.1
523.8 414.9
500.3 '427.8
'483.7 409.0
728.5
823.2
851.0
784.1
886.8
884.0
856.2
917.8
1,031.0
1,142.2
260.4
33.5
303.0
35.3
327.2
33.4
327.6
49.9
417.4
57.6
437.0
62.4
439.8
80.5
488.8 106.1
541.1 '121.7
558.3
94.8
50.3
67.5
81.7
91.5
82.9
76.5
83.8
91.0
106.0
'81.1
72.3
67.8
68.0
71.1
74.2
79.5
91.8
100.6
109.3
117.5
133.5
149.4
183.6
211.9
260.9
298.3
280.8
254.2
272.0
317.1
32.1
40.0
44.5
45.0
45.5
42.1
37.2
44.8
40.6
41.2
98.8
105.3
113.7
133.2
160.8
207.5
231.1
260.4
335.6
347.9
1989- Mar
215.3
215.7
216.6
217.2
217.8
218.6
219.3
220.0
220.4
221.9
283.9
281.3
279.6
276.3
279.6
278.5
278.1
280.0
278.8
279.7
279.1
277.9
272.8
273.0
274.5
276.0
278.4
280.8
282.8
285.7
82.0
78.5
77.8
79.6
80.9
78.3
74.8
75.3
74.9
76.8
253.4
257.8
261.2
268.3
277.7
287.8
295.9
302.7
'309.0
'311.5
86.3
88.3
92.1
96.3
99.0
101.4
101.6
101.1
101.1
102.3
479.9
473.2
463.1
460.9
463.9
468.2
471.9
475.3
480.8
'483.7
417.9
412.0
405.4
403.4
403.3
404.0
405.5
406.1
407.9
409.0
1,066.4
1,084.1
1,103.0
1,114.0
1,122.4
1,130.0
1,132.6
1,135.9
1,138.5
1,142.2
560.1
568.3
573.1
574.9
574.7
570.5
565.6
562.7
561.0
558.3
128.9
126.3
127.5
128.4
123.8
116.9
112.9
108.3
107.2
94.8
105.7
100.3
97.2
93.4
91.8
89.6
85.3
80.0
79.2
'81.1
111.5
112.2
112.8
113.6
114.3
115.0
115.7
116.2
116.8
117.5
274.2
280.0
288.1
289.6
290.9
293.3
303.7
308.9
309.3
317.1
41.4
41.5
41.2
41.2
41.9
42.6
41.0
40.0
40.5
41.2
348.3
358.2
348.8
349.4
349.5
354.3
350.3
350.0
351.3
347.9
224.6 277.3
226.6 280.2
228.4 279.3
285.3
286.8
289.2
80.8
'81.5
80.8
'318.0
'326.3
327.4
103.2
103.7
105.4
484.9 '410.2
489.3 '413.6
494.8 414.6
1,142.5
'1,141.1
1,143.3
554.1
'549.4
543.9
91.4
'94.8
92.9
'75.9
'71.7
69.7
117.7
118.2
317.0
311.8
40.7
38.3
343.3
344.7
MayJuly
Sept...
Oct
Nov
Dec
1990- Jan
Feb
Mar
p
1
Data prior to 1983 are not seasonally adjusted.
2
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not shown
here.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted]
Borrowings of depository
institutions from the Federal
Reserve (NSA)
Adjusted for changes in reserve requirements
Reserves of depository institutions
Period
Total
1980:
19811982:
198319841985:
1986:
19871988:
Dec
Dec
Dec
Dec ....
Dec
Dec
Dec
Dec
Dec
1989:
Dec ..
1989: Mar
Mav
Julv
Sept....
Oct
Nov
Dec
1990- Jan
Peb '.
Mar '
1
Nonborrowed plus
extended
credit
Required
Monetary
base
Total
Seasonal
Extended
credit
33,401
35,315
37,388
39,184
'42,235
'48 373
'58,023
'58,593
'60593
60,033
31,711
34,679
36,754
38,410
'39,049
'47,055
'57,197
'57,815
'58,877
59,767
31,714
34,827
36,940
38,412
'41,653
'47,554
'57,499
'58,298
'60,121
59,787
32,887
34,996
36,888
38,623
'41,380
'47,336
'56,653
'57,546
'59,545
59,110
152,525
'160,936
'172,947
'188,275
'201,673
'219,350
'241,427
'258,055
'275,238
'284,946
1,690
636
634
774
3,186
1,318
827
777
1,716
265
116
54
33
96
113
56
38
93
130
84
3
148
186
2
2,604
499
303
483
1,244
20
'59,929
'59,374
'58,831
58,597
58,867
58,906
59,289
59,640
59,646
60,033
'58,117
'57,084
'57,111
57,107
58,173
58,231
58,596
59,085
59,297
59,767
'59,451
'58,791
'58,308
58,024
58,279
58,272
58,618
59,106
59,318
59,787
59,023
58,575
57,796
57,692
57,901
58,021
58,351
58,620
58,701
59,110
'278,177
'278,198
'278,526
'279,020
'279,957
'280,756
'281,806
'282,786
'283,222
'284,946
1,813
2,289
1,720
1,490
694
675
693
555
349
265
139
213
345
431
497
490
452
330
134
84
1,334
1,707
1,197
917
106
41
22
21
21
20
59,896
60,215
60,295
59,456
58,768
58,172
59,482
59,302
60,122
58,880
59,227
59,438
'287,509
289,714
291,818
440
1,448
2,124
47
51
78
26
535
1,950
Data arc prorated averages of biweekly (maintenance period) averages of daily figures.
NOTK.—Aggregate reserves and the monetary base have been revised. For further details se
Nonborrowed
Federal Reserve Statistical Release H.3, Aggregate Reserves, Special Notice, March 1, 1990 and
April 12, 1990.
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases rose 0.7 percent in March. Commercial and industrial loans rose 0.8
percent. (Series revised.)
BILLIONS OF DOLLARS* (RATIO SCALE)
2.8UU
ALL COMMERCIAL BANKS
2,400
BILLIONS OF DOLLARS* (RATIO SCALE)
2,800
1,600
_
TOTAL
~
^V
r—- -—
'
!__
-
2,000
.
-1
—
r — " —1
•—•
2,400
2,000
*" *"
|r-
-
"
1,600
-
___.-•
LOANS AND LEASES
1,200
1,200
— "'
x»~~
-
800
800
-
-
400
400
U.S. GC )VERNMENT SE CURITIES
X*""
200
—
'"
160
120
„„.•—•-"•—•
/
200
r — \
1—
160
OTHER SECUR
Illllllllll
Illllllllll
1982
1983
Illllllllll Illllllllll ll||||llll| Illllllllll Illllllllll
1984
1985
1987
1986
1988
iiiniiiiii
Illllllllll
1989
• SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
120
1990
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted l]
All commercial banks
Loans and leases
Period
Dec r....
Dec r....
Dec '....
Dec T ....
Dec r....
Dec
Dec < ....
Dec * ....
Dec r ....
Mar r ....
Apr * ....
May r....
June r...
July r....
Aug '....
Sept r ...
Oct r
Nov '' ....
Dec '....
1990: Jan r ....
Feb r ....
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1989:
Mar »....
f.ta\
T otai
loans and
securities 2
U.S.
Government
securities
1,307.3
1,400.5
1,552.3
1,722.5
1,910.1
2,094.2
2,239.5
2,422.2
2,582.6
2,460.3
2,469.2
2,482.9
2,496.0
2,512.4
2,527.4
2,538.9
2,563.3
2,579.0
2,582.6
2,585.8
2,603.8
2,623.8
179.3
201.7
259.2
260.2
270.6
309.3
334.4
361.4
394.5
368.0
370.5
372.5
373.7
374.0
375.5
378.1
389.9
394.8
394.5
402.4
412.2
418.9
Other
securities
160.5
164.8
169.2
141.1
179.3
194.2
193.8
192.2
180.3
189.3
188.3
187.8
187.3
186.3
183.8
183.1
180.9
179.3
180.3
180.2
180.1
180.2
Total 2
967.5
1,034.0
1,123.9
1,321.0
1,460.3
1,590.6
1,711.2
1,868.6
2,007.9
1,903.0
1,910.5
1,922.6
1,935.0
1,952.1
1,968.2
1,977.7
1,992.5
2,004.9
2,007.9
2,003.2
2,011.6
2,024.7
Commercial
and
industrial
355.4
392.5
414.2
473.3
500.5
537.5
567.9
607.0
642.9
619.1
621.7
626.6
627.1
631.8
636.1
637.7
641.9
645.9
642.9
639.0
637.9
642.8
Real
estate
Individual
Security
onN nn
bank
financial
institutions
284.1
299.9
330.9
376.4
426.0
494.4
587.4
671.9
756.4
689.9
698.9
705.6
713.0
720.1
727.7
735.8
742.6
749.2
756.4
759.6
768.1
774.4
182.5
188.2
212.9
253.8
294.7
315.3
328.4
355.0
375.9
358.9
361.6
363.5
363.8
365.8
367.5
370.3
372.6
374.6
375.9
377.9
378.9
379.2
21.4
25.3
28.0
34.3
43.0
40.6
35.1
40.4
39.6
43.7
39.9
38.4
40.6
40.1
39.0
39.7
41.2
41.5
39.6
39.2
39.7
37.7
29.9
31.2
30.4
31.3
32.4
35.0
31.9
30.1
32.7
30.1
29.6
29.3
30.5
31.3
31.5
31.8
32.7
33.3
32.7
32.3
33.0
34.1
1
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
(if month-end data for foreign-related institutions. Data beginning January 1984 are not strictly
comparable with data for curlier periods, largely because beginning January 1984 certain obligations
of States and political subdivisions are included in loans rather than in other securities.
28
2
Agricultural
otate
and
political
subdivisions
33.1
36.2
39.2
40.1
36.1
31.5
29.4
29.8
30.3
29.7
29.7
29.9
30.0
30.0
29.9
29.6
29.6
29.9
30.3
30.9
31.0
31.2
0.0
.0
3.3
46.1
56.8
58.5
52.6
45.6
40.1
43.4
43.3
43.1
42.8
42.5
42.2
41.7
41.3
40.8
40.1
38.6
38.9
38.4
Qtftto
Foreign
banks
18.1
14.6
13.4
11.2
9.8
9.9
7.9
8.1
8.6
7.4
7.3
8.0
7.9
7.9
8.1
7.5
8.5
8.0
8.6
7.9
7.8
8.4
Excludes loans to commercial banks in the United States.
NOTE.—Series revised.
Source: Board of Governors of the Federal Reserve System.
Foreign
official
institutions
Lease
financing
receivables
Other
7.2
5.9
9.4
7.9
6.0
5.9
5.3
5.0
3.7
4.7
4.8
4.7
4.4
4.4
4.1
4.2
3.9
3.6
3.7
3.3
3.1
12.7
13.3
13.7
16.0
19.0
22.4
24.6
29.2
31.2
30.0
30.0
30.2
30.2
30.7
31.0
31.3
31.7
31.6
31.4
31.6
31.6
31.8
23.1
26.9
31.8
31.0
35.9
39.6
40.7
46.4
46.5
46.2
43.5
43.2
44.8
47.6
51.0
48.0
46.4
46.4
46.5
42.9
41.5
43.6
3.0
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Internal l
Securities
and
mortgages
Total
Total
1979
1980
1981
1982
Loans and
short-term
paper
Total
Other 2
Increase in
financial
assets
Capital
expenditures s
Credit market funds
Discrepancy
(sources less
uses)
1983
1984
1985
1986
1987
1988.
1989 p
323.7
323.3
377.4
303.0
419.2
495.0
457.3
510.7
486.3
498.4
488.0
197.6
200.1
239.5
242.3
285.7
336.3
352.3
344.9
352.6
372.5
367.1
126.1
123.1
137.9
60.7
133.5
158.7
105.0
165.8
133.6
125.9
120.9
60.3
70.7
91.8
50.3
78.3
95.1
50.9
123.0
69.0
67.0
65.3
9.0
30.5
25.4
-1.7
44.6
-9.1
-3.0
58.9
38.1
23
-11.6
51.3
40.2
66.4
52.0
33.7
104.2
53.9
64.0
30.9
69.3
76.9
65.8
52.5
46.0
10.4
55.2
63.6
54.1
42.9
64.6
58.9
55.7
368.3
341.6
382.9
302.7
392.0
473.0
422.9
448.2
453.9
473.4
463.0
238.6
243.2
285.9
255.7
269.9
367.9
339.9
328.8
348.3
380.4
385.6
129.8
98.4
97.0
47.0
122.1
105.1
83.0
119.3
105.6
92.9
77.4
-44.6
-18.3
-5.6
.3
27.2
22.0
34.4
62.6
32.4
25.0
25.0
1988- III
IV
523.5
482.3
372.3
381.6
151.2
100.7
77.0
14.4
33.7
809
43.3
95.3
74.2
86.2
500.8
447.7
390.1
391.8
110.8
55.9
22.7
34.6
1989- I
II
466.1
533.5
460.4
492.1
361.9
364.8
376.1
365.7
104.2
168.7
84.3
126.4
12.8
132.7
39.9
75.7
63 3
19.5
-38.9
36.4
76.1
113.2
78.8
39.3
91.4
36.0
44.5
50.8
442.8
510.6
429.2
469.3
376.0
388.8
388.7
388.8
66.8
121.8
40.5
80.5
23.3
22.9
31.1
22.8
m
IV
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstanding l
Installment credit outstanding (end of period)
Period
Total
1980:
19811982:
19831984:
19851986:
19871988:
1989-
Automobile
Revolving
Mobile
home
Other
Total
Automobile
Revolving
Mobile
home
Other
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec 2
297,566
310,682
323,536
367,868
442,538
517,755
572,047
607,721
659,507
716,508
111,936
118,956
124,218
143,799
173,704
209,636
247,313
265,976
281,174
289,111
54,894
60,838
66,243
78,667
100,212
122,013
137,013
153,884
174,792
203,175
18,621
20,302
22,833
23,704
25,795
26,834
27,355
26,387
25,744
22,558
112,115
110,586
110,242
121,698
142,827
159,272
160,367
161,475
177,798
201,664
1,083
13,116
12,854
44,332
74,670
75,217
54,292
35,674
51,786
(3)
-539
7,020
5,262
19,581
29,905
35,932
37,677
18,663
15,198
(3)
1,537
5,944
5,405
12,424
21,545
21,801
15,000
16,871
20,908
(3)
414
1,681
2,531
871
2,091
1,039
521
968
-643
(3)
1989: Feb2
Mar
Apr
May
, y
June
July
Auer
Sept
Oct
Nov
Dec
687,397
691,162
693,911
698,132
700,849
700,344
703,001
704,371
707,562
712,160
716,508
288,767
288,850
289,654
290,741
290,192
288,526
288,533
287,754
288,747
289,200
289,111
178,570
182,831
184,500
186,502
189,622
191,028
194,398
195,302
196,379
199,240
203,175
25,992
24,168
23,993
23,952
23,685
23,630
22,938
22,991
22,947
22,567
22,558
194,068
195,314
195,763
196,936
197,349
197,161
197,132
198,324
199,490
201,154
201,664
5,377
3,765
2,749
4,221
2,717
-505
2,657
1,371
3,191
4,598
4,347
2,385
82
804
1,087
-549
-1,667
7
779
993
453
-89
1,854
4,261
1,670
2,002
3,120
1,406
3,370
904
1,076
2,861
3,935
44
1 824
-174
41
-267
56
-692
53
-44
-380
9
1,182
1,246
449
1,173
413
-189
29
1,192
1,166
1,664
510
1990- Jan '
Feb"
720,307
723,723
291,127
292,016
203,477
203,962
22,533
22,530
203,171
205,215
3,799
3,416
2,016
889
302
485
26
-2
1,507
2,044
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
2
Data newly available in January 1989 result in breaks in many series between December 1988
and subsequent months.
-329
-1,529
-344
11,456
21,129
16,445
1,095
1,108
16,323
(3)
3
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
29
Interest rates rose in April.
PERCENT PER ANNUM
PERCENT PER ANNUM
\
A
12
\
/H \
V
/^
-
/
v -A
•
I '
n
!
ll
I1
A
/
12
1
-
/ \
CORPORATE Aaa BONDS
(MOODY'S}
I
.
*
\s.
\*
'^
\
/
A
/
_J
\V '
\
1I
DISCOUNT
RATE
FEDERAL
RESERVE
BANK OF
NEW YORK
i
\
\ s"*^
I
\
rx
tl
1 111
1 1 M
985
1984
.--""•
J
/"\
...^•-..-/ 1
1983
/'
/"C ~~
\ —1
\._.-.J
1982
-^
TREASURY
/
BILLS
/
\y /'
\
M ! 1 ! 1 1 iM li
\
\
,A
V /v"V
/'
/
Ll
1 1 1 1 1 1 1 i1 11
1987
1 1 1
1986
'\J
t 1 1 M
1 M
1
M
1988
I M t 1 1 t 1 t M
1989
I I I i i 1 I 1 I I (j1990
COUNCIl OF ECONOMIC ADVISERS
SOURCE: SEE TABLE BEtOW
[Percent per annum]
U.S. Treasury security yields
Period
3-month bills
(new issues) l
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989: Apr
May
July
Aug
Sept...
Oct
Nov
Dec
1990- Jan
Feb
Mar . .
Week ended:
1990: Apr 7
14
21
28
May 5
1
Constant maturities
3-year
2
10-year
High-grade
municipal
bonds
(Standard3 &
Poor's)
30
Prime
commercial
paper,
6 months *
Discount rate
(N.Y. F.K.
5
Bank)
Prime rate
charged 5by
banks
New-home
mortgage
yields
(FHFB) 6
14.029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
8.12
14.44
12.92
10.45
11.89
9.64
7.06
7.68
8.26
8.55
13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
8.49
11.23
11.57
9.47
10.15
9.18
7.38
7.73
7.76
7.24
14.17
13.79
12.04
12.71
11.37
9.02
9.38
9.71
9.26
14.76
11.89
8.89
10.16
8.01
6.39
6.85
7.68
8.80
13.42
11.02
8.50
8.80
7.69
6.33
5.66
6.20
6.93
. 18.87
14.86
10.79
12.04
9.93
8.33
8.21
9.32
10.87
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
10.13
8.70
8.40
8.22
7.92
7.91
7.72
7.63
7.65
7.64
9.40
8.98
8.37
7.83
8.13
8.26
8.02
7.80
7.77
9.18
8.86
8.28
8.02
8.11
8.19
8.01
7.87
7.84
7.49
7.25
6.97
6.97
7.08
7.27
7.22
7.13
7.01
9.79
9.57
9.10
8.93
8.96
9.01
8.92
8.89
8.86
9.78
9.29
8.80
8.35
8.32
8.50
8.24
8.00
7.93
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
11.50-11.50
11.50-11.50
11.50-11.00
11.00-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.17
10.18
10.42
10.48
10.22
10.24
10.11
10.09
10.07
7.64
7.76
7.87
7.78
8.13
8.39
8.63
8.78
8.21
8.47
8.59
8.79
7.13
7.21
7.29
7.36
8.99
9.22
9.37
9.46
7.96
8.04
8.23
8.29
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
10.50-10.00
10.00-10.00
10.00-10.00
10.00-10.00
9.91
9.88
10.03
7.83
7.80
7.71
7.78
7.91
8.62
8.61
8.80
9.02
8.59
8.62
8.83
9.02
7.30
7.30
7.38
7.46
9.38
9.38
9.45
9.59
8.28
8.21
8.24
8.38
7.00-7.00
7.00-7.00
7 00 7 00
7.00-7.00
7.00-
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-
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 li, 1984 due to lack
of appropriate issues.
2
Corporate
Aaa bonds4
(Moody's)
5
Average effective rate for year; opening and closing rate for month and week.
6
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices were little changed in April.
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
240
220
200
180
160
24U
220
200
180
160
Jt.
COMPOSITE STOCK PRICE INDEX .,—/
(NYSE)
140
V— ~
120
100
/~~~\ ^^r~
80
60
(
-f
\
~~**^
Is**"
^-S
\ s~^s~^^
140
120
r-^-/
100
80
^J
40
60
\ 11t 1111 11 1
1982
niiiiiiiii
1983
1 1 1 1 1 1 T f ' ' ' 1 1 1 1 1 1 1 1 1 1 1 niiiiiiiii 1 1 ) i 1 1 f 1 1 1 1
1986
1985
1987
1984
1988
niiiiiiiii ii|f|iiiiii
1989
1990
PERC:ENT
PERC ENT
20
20
15
r^""~
"V-
^—\
5
0
15
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
\
10
t
t
}
i
1983
1982
| i
1984
1
|
t
^
r^~
i i i
1986
1985
1987
10
--
^--
f
i
i t
1988
iOURCES: NEW YORK STOCK EXCHANGE A •^0 STANDARD & POC R'S CORPORATION
5
i t
1989
COUNCIL OF
0
1990
ECONOMIC ADVISER;
Common stock prices 1
Period
Common stock5 yields
(percent)
New York Stock Exchange indexes (I>ec. 31, 1965 = 5 0 ) z
Composite
Industrial
Transportation
Utility
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143 = 10)4
Dividendprice ratio
1981
1982
1983
1984
1985
1986
1987
1988
1989
74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
180.02
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
216.23
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
175.28
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
87.43
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
151.88
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
322.84
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
3.45
1989- Apr
May
169.38
175.30
180.76
185.15
192.94
193.02
192.49
188.50
192.67
204.81
211.51
216.75
221.74
231.32
230.86
229.40
224.38
230.12
164.32
168.89
173.47
179.32
197.52
202.02
190.36
174.26
177.25
79.69
84.07
87.90
90.40
92.91
93.44
94.67
94.95
99.73
143.26
146.59
154.08
157.78
164.86
165.51
166.55
160.89
155.63
2,348.91
2,439.55
2,494.90
2,554.03
2,691.11
2,693.41
2,692.01
2,642.49
2,728.47
302.25
313.93
323.73
331.93
346.61
347.33
347.40
340.22
348.57
3.59
3.52
3.44
3.38
3.28
3.29
3.29
3.39
3.33
187.96
182.55
186.26
185.61
225.79
220.60
226.14
226.86
173.67
166.69
175.08
173.54
95.69
92.15
93.00
91.92
150.11
142.68
143.14
138.57
2,679.24
2,614.18
2,700.13
2,708.26
339.97
330.45
338.47
338.18
3.41
3.54
3.49
3.51
186.96
187.17
187.84
186.88
181.83
227.67
228.34
229.37
228.36
222.72
177.91
176.88
176.41
173.74
168.73
93.23
93.41
93.46
92.40
89.34
141.02
139.59
140.00
140.15
135.58
2,724.64
2,718.96
2,733.67
2,733.92
2,661.85
340.37
340.85
342.43
340.67
331.09
3.47
3.48
3.48
3.49
3.59
Julv
Sept
Oct
Nov
Dec
1990- Jan
Feb
Mar
Week ended:
1990- Mar 31
Apr 7
14
21
28
1
2
3
4
5
Average of daiiv closing prices.
Includes nil the'stocks {more t h a n 1,500) listed on the NYSE.
Includes .'!() stocks.
Includes 5(H) stocks.
Stiimlnrd & Poor's series. Dividend-price ratios based on Wedn •iday closing prices. Earnings-
40
Earningsprice ratio
11.96
11.60
8.03
10.02
8.12
6.09
5.48
8.01
7.42
7.93
r
6.79
6.48
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 Ct
poration.
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 6 months of fiscal 1990, there was a deficit of $150.9 billion, compared with a deficit of $128.4 billion
a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
1,200
— RECEIPTS AND OUTLAYS^
1,100
1,100
OUTLAYS^
_\.'~*'
1,000
1,000
900
900
RECEIPTS^/
800
800
700
700
600
600
0
'"'
XI
1^1982
1
1
1983
1 ~"
1984
1
1985
"
1986
^
1987
1
1
1
1988
^
1
1989
1990
-100
-
[\
199lN
FISCAL YEARS
!/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Total
Fiscal year or period
Receipts
1976
Transition quarter
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 (estimates)
1991 (estimates)
Outlays
Receipts
Outlays
Gross Federal debt
(end of period)
Off-budget
On-budget
Surplus
or deficit
(-)
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Total
Held by
the public
298.1
81.2
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
371.8
96.0
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
-73.7
-14.7
-53.6
-59.2
-40.2
73 8
-78.9
127 9
-207.8
185 3
231.7
63.2
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
76.6
328.5
369.1
403.5
476.6
543.0
594.3
661.2
686.0
-70.5
-13.3
-49.7
-54.9
-38.2
-72.7
-73.9
-120.0
-208.0
1856
66.4
18.0
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
19.4
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
32
-1.4
-3.9
-4.3
20
-1.1
50
-7.9
.2
.3
629.0
643.6
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
477.4
495.5
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
734.1
769.1
854.1
909.0
990.7
1,073.5
1,170.2
946.3
990.3
1,003.8
1,064.0
1,142.6
1,197.2
1,233.3
— 212.3
-221.2
— 149.7
-155.1
-152.0
-123.8
-63.1
547.9
568.9
640.7
667.5
727.0
788.0
855.7
769.5
806.8
810.0
861.4
931.7
971.5
997.4
221 6
-237.9
169 3
-193.9
-204.7
-183.4
-141.7
186.2
200.2
213.4
241.5
263.7
285.4
314.5
176.8
183.5
193.8
202.7
210.9
225.8
236.0
9.4
16.7
19.6
38.8
52.8
59.7
78.6
1,817.0
2,120.1
2,345.6
2,600.8
2,866.2
3,113.3
3,319.2
1,499.4
1,736.2
1,888.1
2,050.2
2,189.3
2,298.7
2,357.3
441.0
458.3
569.4
609.2
-128.4
- 150.9
315.4
328.5
466.6
499.5
-151.1
-170.9
125.5
129.8
102.8
109.7
22.7
20.1
2,748.7
3,031.4
2,140.9
2,308.5
Cumulative total, first 6
Fiscal year 1989
Fiscal year 1990
1
Data from Monthly Treasury Statement.
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1991, January
32
1990, 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 1990, receipts were $17.3 billion higher than a year earlier and outlays were $39.8
billion higher.
BILLIO NS OF DOLLARS
BILLIONS OF DOLLARS
RECEIPTS"
500
INPIVIPUAL INCOME TAXES
400
300
•
"
-----
400
"
~
300
V
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
200
500
'"""""
-"
J
-— —' —
CORPORATION
INCOME TAXES
\
OTHER RECEIPTS
200
100
100
~
0
i
~T
i
t
i
i
i
i
i
OUTLAYS 1 '
900
— — --
800
NONDEFENSE
700
-'-'"
600
o
800
_--'
---"
_x.
900
700
600
. — — """"
500
500
400
400
NATIONAL DEFENSE
\
300
200
__— ——
A
"1
K
1982
1
1983
300
i
"
1
1984
1
1985
1
1986
I
1987
I
1988
I
1989
I
N
200
1991 ^
1990
FISCAL YEARS
/INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
Social
Individual
income
taxes
Corporation
income
taxes
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
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
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
734.1
769.1
854.1
909.0
990.7
1,073.5
1,170.2
334.5
349.0
392.6
401.2
445.7
489.4
528.5
61.3
63.1
83.9
94.5
103.6
112.0
129.7
265.2
283.9
303.3
334.3
359.4
385.4
421.4
73.0
73.1
74.3
78.9
82.0
86.6
90.6
946.3
990.3
1,003.8
1,064.0
1,142.6
1,197.2
1,233.3
252.7
273.4
282.0
290.4
303.6
296.3
SOS/A
245.2
265.5
274.0
281.9
294.9
286.8
232.1
16.2
14.2
11.6
10.5
9.6
14.6
18.2
441.0
458.3
190.6
205.4
42.4
39.0
167.6
171.8
40.4
42.1
569.4
609.2
152.4
150.1
148.0
145.5
3.9
7.9
Fiscal year
Total
1976
1977
1978
1979
1980... .
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 (estimates)
1991 (estimates)
Cumulative total, first 6 months:
Fiscal year 1989
Fiscal year 1990
National defense
anee
taxes
and
contributions
Other
Total
Department of
Defense,
military
Internationa!
affairs
Income
security
Social
security
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
48.4
57.8
63.1
65.8
70.2
75.1
78.9
85.0
9(5.6
88.6
128.2
119.8
123.3
129.3
136.0
146.6
\5S.T
188.6
198.8
207.4
219.3
232.5
248.5
'264.8
129.4
136.0
138.6
151.7
169.1
175.6
131.8
142.1
125.9
139.4
m.o
158.4
161.3
158.1
23.5
27.1
40.2
46.9
69.7
76.1
113.1
120.3
83.6
90.3
83.1
90.6
Health .
Medicare
J
1
Datu from Monthly Tnmxury Statement.
NOTE. —Data arc from Kudget of ihf United Hlatex Government, Fiscal Year 19,91, January
Total
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 1989, Federal receipts rose $12.9 billion (annual rate) and Federal expenditures rose $24.7
billion. In the first quarter of 1990, according to advance estimates. Federal expenditures rose $38.3 billion;
receipts data are incomplete.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
1,200
1,000
1,000
800
800
-
-200
-200
1990
1986
1982
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government expenditures
Federal Government receipts
Period
Total
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Total
Purchases
of goods
and
services
Transfer
payments
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
Surplus
or deficit
(-),
national
income
and
product
accounts
Less:
Wage
accruals
less
disbursements
776.8
815.2
897.3
958.6
1,046.4
340.4
357.0
401.2
408.0
457.3
74.6
81.1
97.7
108.3
115.4
55.9
50.9
53.4
55.8
57.6
305.8
326.1
345.0
386.4
416.1
962.3
1,028.0
1,060.4
1,104.0
1,175.6
341.5
368.6
375.5
378.6
400.5
374.0
394.6
411.2
432.7
461.6
97.8
107.4
103.1
108.6
115.8
128.3
134.6
138.8
149.0
168.6
20.7
22.8
31.9
35.1
29.1
-0.1
.0
.1
— .1
.0
-185.5
-212.8
163 1
-145.4
-129.2
788.7
827.9
911.4
972.4
1,047.2
633.1
675.5
742.7
805.3
853.8
937.4
977.3
994.6
1,036.2
1,053.2
1,043.2
r
1,056.1
346.4
361.4
405.8
413.0
460.4
303.0
291.9
326.0
355.3
376.2
420.0
411.4
420.3
446.8
465.1
459.1
470.8
478.0
76.3
83.8
101.0
111.4
105.5
46.4
70.2
69.7
78.8
88.9
103.1
114.0
115.8
117.0
109.7
99.9
r
95.4
55.1
50.5
53.8
56.7
58.7
47.6
53.6
56.2
53.5
50.8
54.5
57.4
57.8
58.0
58.2
59.4
59.3
60.3
310.9
332.1
350.8
391.3
422.5
236.1
259.8
290.7
317.7
337.9
359.7
394.5
400.6
414.3
420.2
424.8
430.6
445.7
985.6
1,034.8
1,072.8
1,118.3
1,195.7
835.7
844.7
930.2
1,017.5
1,042.8
1,101.7
1,099.8
1,162.1
1,183.7
1,198.6
1,187.9
1,212.6
1,250.9
355.2
366.5
381.6
381.3
403.2
293.2
276.1
326.0
376.6
368.8
388.1
367.5
406.4
399.0
406.0
402.7
405.1
412.8
380.1
399.9
414.3
438.2
472.7
347.4
352.5
362.1
385.8
405.8
421.9
438.0
447.6
460.4
466.9
475.6
488.1
501.6
99.7
106.8
102.6
111.4
119.4
84.5
86.0
96.3
103.5
103.0
102.2
111.0
112.2
118.7
118.4
118.3
122.1
125.5
130.1
135.6
141.7
151.4
171.2
87.2
101.0
125.3
132.7
136.0
147.3
153.9
157.0
167.0
172.0
171.2
174.8
179.9
20.3
26.0
32.6
36.0
29.1
23.4
29.1
21.0
19.0
29.2
41.9
29.4
38.9
38.5
35.3
20.1
22.6
31.1
9
-196.9
-206.9
— 161.4
-145.8
-148.5
-202.6
-169.2
-187.5
-212.2
-189.0
-164.4
-122.5
-167.6
-147.5
-145 .4
— 144.7
*- 156.5
Source: Department of Commerce, Bureau of Economic Analysis
34
OOOO5OO OOOO
Fiscal year:
1985
1986
1987
1988
1989
Calendar year:
1985
1986
1987
1988
1989
1982: IV
1983- IV
1984: IV
1985- IV
1986- IV
1987- IV
1988- III
IV
1989- I
II
III
IV.. ..
1990: I "
Persona!
tax and
nontax
receipts
Grantsin-aid to
State
and
local
governments
.0
.0
.0
.0
.0
.0
.0
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1382-84= 100)
Industrial production (1987 = 100; seasonally adjusted) '
IVriod
United
States
1990-
r
95 3
' 100.0
' 105.4
T
108.1
78.5
87.9
95.4
99.8
104.8
111.1
114.9
119.7
125.6
135.4
r
r
r
' 106.9
'107.7
' 105.8
'108.6
'109.7
r
108.2
r
108.1
r
109.7
r
110.5
'115.5
'104.1
'104.7
'102.6
'103.3
'104.2
' 105.8
' 105.2
' 105.8
' 105.5
' 104.8
122.3
123.1
123.8
124.1
124.4
124.6
125.0
125.6
125.9
126.1
127.2
127.6
128.9
129.6
130.4
130.5
130.7
131.2
131.6
131.5
106.2
108.1
108.7
108.6
108.4
108.3
109.2
110.0
108.9
109.0
127.2
128.0
128.5
128.7
129.0
129.2
129.5
130.1
130.3
130.5
108.5
109.1
109.3
109.4
109.3
109.2
109.4
109.7
109.9
110.2
148.0
149.0
149.6
150.3
150.7
150.9
151.6
153.1
153.7
154.4
131.9
134.3
135.1
135.6
135.7
136.1
137.0
138.1
139.2
139.6
107.7
104.3
103.5
127.4
128.0
128.7
132.7
133.4
133.9
109.2
109.5
130.8
131.1
110.9
111.3
111 4
155.3
156.4
140.4
141.2
142.6
!07.7
!083
107.2
!08 1
1088
r
Mar*
United
Kingdom
63.2
75.4
87.7
100.8
111.5
121.1
128.5
134.4
141.1
150.4
r
Jan
Feb
Italy
86.8
92.2
97.0
100.3
102.7
104.9
104.7
104.9
106.3
109.2
' 108.4
r
107.8
' 108.2
' 108.2
r
107.7
' 108.1
' 108.6
Sept. .
Oct
Nov
Dec
Germany
72.2
81.8
91.7
100.3
108.0
114.3
117.2
121.1
124.4
128.9
r
May
France
90.9
95.4
98.0
99.9
102.1
104.2
104.9
105.0
105.7
108.1
' 108.6
July
Japan
76.1
85.6
94.9
100.4
104.8
108.9
113.4
118.4
123.2
129.3
1984
1989- Mar
Canada
82.4
90.9
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
84.1
85.7
'81 9
r
84.9
r
92.8
r
94.4
1988 ..
1989 '
r
Italy
87.5
'84.7
r
86.3
'89.5
''89.7
'94.5
'96.5
'100.0
'103.6
' 104.5
r
1987
Germany
France
95.0 r96.2
93.2 r94.8
r
91.8
90.3
r
90.9 r88.8
r
r
91.8
93.5
r
97.7 r92.9
'99.6 r96.2
' 100.0 ' 100.0
' 103.6 ' 105.9
' 108.7 ' 109.0
r
1981
1982
1083
1986 .
.Japan
United
States 2
'81.6
81.7 r98.0
r
83.3 '82.6 '97.0
r
r
75.2
82.9 r96.0
r
r
'80.0
85.5
96.0
r
r
93.4 r97.0
89.7
r
r
r
94.7
96.8
97.0
r
r
96.6 r98.0
94.7
r
' 100.0 ' 100.0 100.0
' 106.2 ' 109.3 r 104.5
r
' 107.4 l!5.7 ' 109.0
1980
1085
Canada
United
Kingdom
r
r
r
106.9
' 107.8
' 107.9
' 107.5
r
107.1
' 107.5
' 107.8
' 106.4
' 107.3
r
!07.8
"r 118.4
l!4.1
' 114.8
'117.1
' 114.2
'117.6
r
l!5.8
r
l!5.8
'116.8
'116.9
' 106.6
r
110.0
' 108.5
' 109.7
' 110.4
' 110.4
' 108.1
' 109.5
' 110.6
' 108.9
106.8
109.1
'104.4
' 108.8
106.3
'117.2
116 2
110.0
112.2
110.9
r
'no.o
r
r
l!0.1
l!0.1
' 110.0
' 1 10.0
r
111.4
1
Series have been rebased to 1987=100. In addition, industrial production for the United States
has been revised beginning 1977.
2
Data relate to all urban consumers.
r
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. value) *
Period
1982
1983
1984
1985
1986
1987
1988
1989
1989:
Feb
Mar
May
, s
July
.
.
Sept
Oct
Nov
Dec
1990:
Foods,
feeds,
and
beverages
Industrial
supplies
and
materials
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
216.4
205.6
224.0
5
218.8
5
227.2
254.1
322.4
364.0
31.3
30.9
31.5
24.0
22.3
24.3
32.3
35.0
61.7
56.7
61.7
58.5
57.3
66.7
85.1
92.6
72.7
67.2
72.0
73.9
75.8
86.2
109.2
123.7
15.7
16.8
20.6
22.9
21.7
24.6
29.3
29.3
14.3
13.4
13.3
12.6
14.2
17.7
23.1
32.8
28.6
31.1
31.0
30.6
31.2
29.7
30.2
30.4
31.5
30.6
30.8
2.9
3.3
3.0
3.0
3.2
2.8
2.8
2.7
2.8
2.9
2.8
7.3
7.8
7.9
8.0
8.2
7.9
7.8
7.7
7.9
7.7
7.5
9.2
10.5
10.5
10.0
10.5
10.7
10.5
11.2
11.0
9.7
10.9
2.4
2.5
2.5
2.4
2.5
2.1
2.4
2.3
2.6
2.5
2.6
2.5
2.7
2.7
2.6
2.8
2.6
2.8
2.8
2.8
2.9
3.0
4.2
4.2
4.4
4.6
4.0
3.6
4.0
3.7
4.4
4.8
4.1
37.5
40.0
38.6
41.0
39.7
39.2
40.4
38.5
41.9
40.7
38.5
'31.9
31.6
3.1
3.1
8.8
8.0
12.3
12.9
2.5
2.8
'3.4
3.4
1.8
1.5
41.3
38.1
Total z
Jan "
Feb
Total
Other 2 "
20.7
20.5
24.0
27.3
35.9
34.6
43.4
50.7
1
2
3
4
5
Includes Department of Defense Military Assistance Program grant-aid shipment
Includes undocumented exports to Canada through 1989.
Total arrivals of imported goods other than intransit shipments.
Total includes revisions not reflected in detail.
Total exports are on a revised statistical month basis; end-use categories are on a statistical
month basis.
Beginning 1990, undocumented exports to Canada and reexports are distributed to the appro-
Trade balance
Principal end-use commodity category
Principal end-use commodity category
244.0
258.0
330.7
4
336.5
365.4
406.2
441.0
473.0
4
Foods
feeds,
and
beverages
Industrial
supplies
and
materials
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
Other
General
merchandise
imports
(c.i.f.
value)
17.1
18.2
21.0
21.9
24.4
24.8
24.8
25.0
112.0
107.0
123.7
113.9
101.3
111.0
118.3
132.2
35.4
40.9
59.8
65.1
71.8
84.5
101.4
114.1
33.3
40.8
53.5
66.8
78.2
85.2
87.7
85.6
39.7
44.9
60.0
68.3
79.4
88.7
95.9
102.5
6.5
6.3
7.8
9.4
10.4
12.1
12.8
13.5
254.9
269.9
346.4
352.5
382.3
424.4
459.5
492.9
-117.7
-138.3
-152.1
-118.5
-109.0
-133.6
-155.1
-170.3
-137.1
-128.9
2.0
2.1
2.0
2.2
2.1
2.0
2.2
1.9
2.1
2.1
2.0
10.0
10.9
11.0
11.8
11.3
11.2
11.5
10.4
11.8
11.1
10.4
8.9
9.6
9.1
9.7
9.8
9.5
9.8
9.6
10.1
10.1
9.7
7.3
7.8
7.3
7.5
6.9
6.7
6.9
6.6
7.5
7.2
6.9
8.2
8.5
8.1
8.7
8.5
8.7
8.9
8.8
9.1
9.0
8.3
1.0
1.1
1.1
1.1
1.1
1.0
1.2
1.2
1.4
1.2
1.2
39.0
41.7
40.2
42.6
41.3
40.9
42.2
40.1
43.7
42.5
40.2
-8.9
-8.9
-7.6
-10.4
-8.5
-9.6
-10.2
82
-10.4
-10.1
— 7.7
-10.4
-10.6
-9.2
-12.0
-10.1
-11.2
-12.0
-9.8
— 12.3
-11.9
-9.3
2.3
2.2
'12.9
11.0
9.6
9.0
6.1
6.5
'9.0
8.2
1.3
1.2
'43.1
39.8
Exports
(f.a.s) less
imports
(customs
value)
Exports
(f.a.s)
less
imports
(c.i.f.)
-27.5
-38.4
-64.2
—52.4
1067 -122.4
-9.3 '-11.2
-8.2
-6.5
priate end-use category. For earlier periods they are included in the "other" export category.
Therefore, the categories beginning 1990 are not directly comparable with those for earlier periods.
The 1989 figures for undocumented exports ($16 billion) and for reexports ($14.3 billion) will be
distributed to the appropriate end-use categories later this year.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
U.S.
In the fourth quarter of 1989, the current account deficit fell to $20.6 billion from $22.9 billion in the third
quarter.
BILL ONS OF DOLLARS*
BILLIONS OF DOLLARS*
10
10
5
5
-s^I^-i
3\
0
-5
X —.
V
,/ \
\
-10
0
A
/Y,
\,
-10
\\\
\\1
B,\LANCE ON G OODS
AND SERVIC ES
/
V
*
N yj'\y
t'r
1
N=S/
rV^-^V
""l
*"""V
\.
—x
i\ f
-35
N
N..
'/
•^T"/-—
/
v r-
\
-35
\
/
'
CURRENT A CCOUNT
A,\ERCHANDISE TRADE
-40
-45
20
\
\
-40
BALANCE
1 1 1
1 1 1
1 1 1
1981
1982
1983
1
1
1
1
1
1
1
1985
1984
1
1
1986
1 1 1
1987
1
1
1
1
1988
1
1
-45
1989
* SEASONALLY ADJU! TED
SOURCE: DEPARTMEN T OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits ( —)]
Merchandise ' 2
Investment income
Period
Exports
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989"
1986: m
224,269
237,085
211,198
201,820
219,900
215,935
223,367
250,266
319,251
361,872
56,182
56,490
1987: 1
57,255
11
60,015
64,297
IV
68,699
1988- I
76,447
n
78,471
m
80,604
rv
83,729
1989- I
87,783
11
91,284
90,691
IV ".... 92,114
rv
m
m
1
Excludes military.
2
Adjusted from Census
3
Imports
— 249,749
-265,063
-247,642
-268,900
-332,422
-338,083
-368,425
-409,766
-446,466
-475,120
-92,983
-95,081
-95,916
-99,834
- 104,903
-109,113
- 109,893
- 109,882
-110,943
-115,748
— 116,138
-118,813
-119,249
— 120,920
Net balance
Receipts
Payments 4
-42,119
-25,480 72,506
-27,978 86,412
-54^884
-36,444 83,548
-67,080 77,251 -52,376
-112,522 85,908 -67,419
-122,148 88,832
-62,901
145 058 88,615 -66,968
-82,420
- 159,500 104,703
127 215 107,775
105 548
-113,248 124,723 -123,694
-36,801 21,744
-15,729
- 16,350
-38,591 20,822
-38,661 25,117
-19,755
-20,554
-39,819 22,744
-21,904
-40,606 23,578
-20,207
-40,414 33,265
23 955
33 446 26,750
23,148 -25,613
-30^339 24,720 -27,310
-28,670
-32,019 33,159
29 246
28 355 26,762
-27,529 26,661 -32,765
-30,819
-28,558
33,679
-30,865
-28,806 37,622
data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
United States are excluded from investment income and included in other services, net.
36
3
Net
Net
military
transactions 4
Net
travel and
transportation
receipts
30,387
34,083
28,664
24,875
18,489
25,931
21,647
22,283
2,227
1,029
6,015
4,472
5,362
2,190
1,674
13,058
2,795
-2,465
-2,590
4,489
-2,484
-6,104
2,860
6,757
2 577
-1^523
474
-343
2 099
-3,557
4 576
-2,857
4 606
-5,662
-1,089
-777
-176
-210
-1,031
- 1,440
-964
-1,033
- ,006
- ,604
- ,498
- ,518
- ,175
- ,471
997
144
992
-4,227
7 885
-9,832
8 031
-7,324
2 633
792
-1,874
-2,241
-1,965
-2,088
-1,279
-1,993
-1,854
-719
-155
94
-286
102
517
459
4
Balance on
goods and
services
Remittances,
pensions,
and other
unilateral
transfers '
Balance
on current
account
7,794
9,126
15,810
11,085
11,436
2,191
12,264
-34,510
12,299
-91,718
12,351
-97,256
18,547
117 470
17,909 - 129,488
111 892
20,335
25,487
-91,602
-29,210
4,539
4,807
-32,330
4,250 -31,190
4,372
-35,555
4,555 -36,687
4,734
-26,055
4,787
-28,682
5,042 -30,586
5,126
-28,964
5,381 -23,659
5,719
26 904
5,879
-29,170
6,932
- 19,424
6,966
- 16,095
-7,593
-7,647
-9,188
-9,776
-12,468
- 15,426
-15,778
-14,212
-14,656
-14,276
-4,376
-4,136
-3,137
-3,265
-3,225
-4,586
-3,364
-2,899
-3,376
-5,018
-3,487
-2,829
-3,485
-4,476
1,533
8,163
-6,997
-44,286
-104,186
-112,682
-133,249
- 143,700
-126,548
-105,878
-33,586
-36,466
-34,327
-38,820
-39,912
-30,641
-32,046
-33,485
-32,340
-28,677
-30,391
-31,999
-22,909
-20,571
Other
services,
net 3
Quarterly data are not seasonally adjusted.
NOTE.—See page 37 for continuation of table.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $31.7 billion in the fourth quarter of
1989, compared with $20.7 billion in third quarter. Liabilities to private foreigners reported by U.S. banks,
excluding Treasury securities, increased $41.0 billion in the fourth quarter, compared with $25.2 billion in the third
quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
20
CHANGE IN
U.S. ASSETS
ABROAD, NET
-20
-20
-40
-40
-60
-60
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capital outflow ( — )]
Period
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 "
U.S.
official
reserve
assets 4 5
-86,118
-110,951
-121,153
-49,777
-22,304
-32,628
-99,665
-76,218
-82,110
-125,707
-8,155
5 175
-4,965
1 196
3 131
-3,858
312
9,149
3 566
-25,293
Other U.S.
Government
assets
Foreign assets in the U.S., net
[increase /capital inflow ( + )] 4
U.S.
private
assets
Total
Foreign
official
assets
Other
foreign
assets
-5,162
-72,802
100 679
5097
-6,131 -110,058
5006
43 576
-5,489
- 13,685
-2,821
25 950
-2,024
-97,954
997
86 363
2,999
-81,543
1,037
101 451
58,112
83,032
93,746
84,869
102,621
130,012
221,605
218,039
219,299
196,671
15,497
4,960
3,593
5,845
3,140
-1,083
35,594
45,193
38,882
7,369
42,615
78,072
90,154
79,023
99,481
131,096
186,011
172,847
180,418
189,303
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
1,152
1,093
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net 5
(unadjusted,
end of
period)
26,756
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
25,322
18,663
34,404
9,194
23,869
15,298
11,308
1,878
-10,641
34,914
1986:
III
IV
-26,078
-33,422
280
132
-1,565
11
-24,793
-33,565
69,927
62,339
15,785
1,251
54,142
61,088
-10,263
7,549
-4,669
4,463
48,087
48,511
1987:
I
II
Ill
IV
8,759
-22,632
-25,976
-36,370
1,956
3,419
32
3,742
40
-195
308
843
6,763
-25,856
-26,316
-40,955
33,381
51,134
73,575
59,949
14,040
10,329
753
20,070
19,341
40,805
72,822
39,879
-7,813
10,318
-7,687
7,062
3,895
-2,559
-4,501
3,166
48,824
45,140
45,070
45,798
1988:
I
II
Ill
IV
4,540
-16,119
-37,886
-32,648
1,503
39
-7,380
2,272
-1,490
-885
1,961
3,413
4,528
-15,273
-32,467
-38,332
27,027
65,334
46,179
80,759
24,631
5,895
-2,234
10,589
2,396
59,438
48,413
70,170
479
— 15,729
24,047
— 19,434
3,843
-3,714
-4,556
4,431
43,186
41,028
47,788
47,802
1989:
I
II
Ill
IV...
-30,890
806
— 44,722
-50,903
-4,000
-12,095
-5,996
-3,202
1,049
-309
502
-206
-27,939
13,210
-39,228
— 47,495
60,007
-1,789
70,716
67,738
7,478
-5,201
12,097
-7,005
52,529
3,412
58,619
74,742
1,275
32,982
-3,085
3,737
3,700
-2,825
-5,370
4,490
49,854
60,502
68,418
74,609
5
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve posilion in the I M K .
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
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.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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