Full text of Economic Indicators : August 1989
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101st Congress, 1st Session
Economic Indicators
AUGUST
1989
(Includes data available as of August 30, 1989)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1989
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
LEE H. HAMILTON, Indiana, Chairman
PAUL S. SARBANES, Maryland, Vice Chairman
HOUSE OF REPRESENTATIVES
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
FREDERICK S. UPTON (Michigan)
SENATE
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
ALBERT GORE, JR. (Tennessee)
RICHARD H. BRYAN (Nevada)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
PETE WILSON (California)
CONNIE MACK (Florida)
JOSEPH J. MINARIK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, Chairman
JOHN B. TAYLOR, Member
RICHARD L. SCHMALENSEE, Member-Designate
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.25 a single copy
($2.81 foreign), or by subscription at $24.00 per year ($30.00 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
In the second quarter of 1989, according to revised estimates, current-dollar gross national product (GNP) rose 7.3
percent (annual rate) or $90.7 billion. Real GNP (GNP adjusted for price changes) rose 2.7 percent and the
implicit price deflator rose 4.6 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
5,600
5,600
SEASONALLY ADJUSTED ANNUAL RATES
5,200
5,200
^
4,800
_
4,800
^\
—
—
GNP
4,400
4,400
IN CURRENT DC LLARS ^__^
^
—
4,000
4,000
S^-
^
,_-'"'
3,600
3,200
"" "~~ **«.
X>
*i
*-— ^—tf^
—
\
\
GNP
IN 1982 DO LARS
3,600
—
3,200
—
-^~~
2,800
2,400
2,800
1
1
1
1
1981
1
!
1
! 1
1983
1982
1
1
1
1
1984
I
1
1
1
1
1
1 !
1
1987
1986
1985
I
1
!
! 1
2,400
1989
1988
COUNCIL OF ECONOMIC ADVISERS
SOURCE- DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
Gross
private
domestic
ment
Government purchases of
goods and services
Exports and imports of goods
and services
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
Final
sales
Gross
domestic
purchases 1
1980..
1981
1982....
1983
1984
1985
1986
1987
1988
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
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
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.9
750.3
32.1
33.9
26.3
-6.1
-58.9
-78.0
-97.4
-112.6
-73.7
351.0
382.8
361.9
352.5
383.5
370.9
396.5
448.6
547.7
318.9
348.9
335.6
358.7
442.4
448.9
493.8
561.2
621.3
530.3
588.1
641.7
675.0
735.9
820.8
872.2
926.1
968.9
208.1
242.2
272.7
283.5
310.5
355.2
366.5
381.6
381.3
142.7
167.5
193.8
214.4
234.3
259.1
277.8
294.8
298.0
65.4
74.8
78.9
69.1
76.2
96.0
88.7
86.8
83.3
322.2
345.9
369.0
391.5
425.3
465.6
505.7
544.5
587.6
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
2,699.8
3,018.7
3,139.7
3,411.8
3,831.1
4,092.8
4,829.0
4,636.8
4,954.3
1982:
1983:
1984:
1985:
1986:
IV
IV
IV
IV
IV
3,212.5
3,545.8
3,851.8
4,107.9
4,297.3
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
409.6
579.8
661.8
654.1
648.8
14.1
-25.8
-67.9
-103.2
-108.9
335.9
364.7
385.7
369.2
402.4
321.9
390.5
453.6
472.4
511.3
671.8
676.1
764.5
856.7
888.9
293.2
276.1
326.0
376.6
368.8
205.4
221.5
244.1
268.6
280.7
87.7
54.6
81.9
108.0
88.1
378.7
400.0
438.5
480.1
520.1
3,272.4
3,514.8
3,806.8
4,100.7
4,309.4
3,198.5
3,571.6
3,919.7
4,211.2
4,406.2
1987: III
IV
4,566.6
4,665.8
3,055.9
3,083.3
692.8
749.7
-115.3
-114.6
458.0
482.6
573.4
597.2
933.2
947.5
384.5
388.1
300.2
296.8
84.3
91.3
548.7
559.4
4,557.1
4,602.5
4,681.9
4,780.4
1988: I
II
UI
IV
4,739.8
4,838.5
4,926.9
5,017.3
3,148.1
3,204.9
3,263.4
3,324.0
728.8
748.4
771.1
752.8
-82.8
-74.9
-66.2
-70.8
521.6
532.5
556.8
579.7
604.3
607.5
623.0
650.5
945.7
960.1
958.6
1,011.4
374.1
377.1
367.5
406.4
297.4
298.0
296.1
300.5
76.7
79.1
71.4
105.9
571.6
583.0
591.0
604.9
4,709.8
4,809.2
4,882.3
4,998.7
4,822.5
4,913.4
4,993.1
5,088.1
1989: I
II r
5,113.1
5,203.8
3,381.4
3,446.8
769.6
774.7
— 54.0
-52.7
605.6
623.2
659.6
675.9
1,016.0
1,034.9
399.0
407.8
298.7
302.0
100.4
105.8
617.0
627.1
5,085.4
5,176.5
5,167.1
5,256.5
1
GNP less exports of goods and services plus imports of goods and s
Source: Department of Commerce, Bureau of Economic Analysis
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Period
Personal
consumption
expenditures
Gross
national
product
Nonresidential
fixed
Residential
fixed
Government purchases of
goods and services
Exports and imports of
goods and services
Change
in
business
inventories
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
Final
sales
Gross
domestic
purchases l
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
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
379.2
395.2
366.7
361.2
425.2
453.5
438.4
455.5
493.8
137.0
126.5
105.1
149.3
170.9
174.4
195.7
194.8
194.1
57.0
-6.9
23.9
49.4
26.3
-24.5
-19.9
-6.4
62.3 -84.0
9.1 - 104.3
5.6 -129.7
23.7 -115.7
27.9 -74.9
388.9
392.7
361.9
348.1
371.8
367.2
397.1
450.9
530.1
332.0
343.4
335.6
368.1
455.8
471.4
526.9
566.6
605.0
620.5
629.7
641.7
649.0
677.7
731.2
761.6
781.8
785.1
246.9
259.6
272.7
275.1
290.8
326.0
334.1
339.6
328.9
171.2
180.3
193.8
206.9
218.5
237.2
252.1
265.2
261.5
75.7
79.3
78.9
68.2
72.3
88.8
82.0
74.4
67 .4
373.6
370.1
369.0
373.9
387.0
405.2
427.5
442.1
456.2
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
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
3,159.3
3,365.1
3,535.2
3,662.4
3,733.6
2,078.7
2,191.9
2,281.1
2,386.9
2,477.8
352.3
390.4
444.4
460.9
435.7
115.8
159.9
169.6
179.4
200.3
-59.3
27.0
41.7
7.7
-20.8
11.7
-46.2
-94.8
-135.4
336.0
355.5
376.6
367.4
406.5
324.3
401.6
471.4
492.6
541.9
660.1
642.2
693.2
752.7
776.0
289.5
266.0
300.5
340.6
342.4
201.4
211.6
225.3
241.4
255.8
88.2
54.4
75.2
99.2
86.6
370.6
376.2
392.7
412.1
433.6
3,218.6
3,338.1
3,493.5
3,654.7
3,754.4
3,147.6
3,411.3
3,630.0
3,787.6
3,869.0
1987: m
IV
3,872.8
3,935.6
2,536.5
2,532.3
472.8
472.7
192.1
191.9
6.8 -118.9
56.6 -109.8
461.3
484.1
580.2
593.9
783.5
792.1
340.7
344.9
270.6
266.7
70.1
78.2
442.8
447.2
3,866.0
3,879.0
3,991.7
4,045.5
1988: I
m
rv
3,974.8
4,010.7
4,042.7
4,069.4
2,570.8
2,586.8
2,608.1
2,627.7
483.6
497.8
501.0
492.7
189.1
194.2
195.1
198.1
34.3
21.5
37.5
18.3
-78.2
-72.6
-74.9
-73.8
517.4
519.7
531.9
551.4
595.6
592.3
606.9
625.2
775.1
783.0
775.9
806.4
323.8
327.9
319.8
343.9
263.0
262.5
258.8
261.6
60.8
65.4
61.0
82.3
451.3
455.1
456.1
462.5
3,940.5
3,989.2
4,005.2
4,051.0
4,052.9
4,083.3
4,117.6
4,143.2
1989- I
TLr
4,106.8
4,134.0
2,641.0
2,655.3
501.0
511.0
195.6
189.1
24.5
19.0
-55.0
-52.5
569.7
585.2
624.6
637.7
799.7
812.0
335.5
345.4
254.4
256.6
81.1
88.9
464.2
466.5
4,082.3
4,115.0
4,161.8
4,186.5
1980
1981
1982
1983
1984
1985
1986
1987
1988
19821983:
1984:
19851986:
IV ..
IV
IV ..
IV
IV ....
n
1
GNP less exports of goods and services plus imports of goods and services.
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982 = 100; quarterly data are seasonally adjusted]
Personal consumption
expenditures
Period
Gross
national
product
Total
Durable
goods
Nondurable goods
Gross private
domestic investment
Services
Nonresidential
fixed
Exports and imports of
goods and services
Government purchases of goods and
services
Federal
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
85.7
94.0
100.0
103.9
107.7
110.9
113.8
117.4
121.3
86.6
94.6
100.0
104.1
108.1
111.6
114.3
119.8
124.5
89.2
95.7
100.0
102.1
103.8
104.8
105.6
108.1
110.1
89.4
96.9
100.0
102.1
105.0
107.5
107.3
112.1
116.3
83.9
92.6
100.0
106.2
111.6
116.8
122.4
129.0
134.9
85.1
93.4
100.0
98.8
97.9
97.7
99.3
97.5
98.7
89.4
96.6
100.0
102.2
106.0
108.3
111.1
116.2
119.7
90.2
97.5
100.0
101.3
103.2
101.0
99.8
99.5
103.3
96.0
101.6
100.0
97.4
97.1
95.2
93.7
99.0
102.7
84.3
93.3
100.0
103.1
106.8
109.0
109.7
112.4
115.9
83.4
92.9
100.0
103.6
107.2
109.2
110.2
111.1
114.0
86.4
94.3
100.0
101.4
105.5
108.2
108.1
116.7
123.6
86.2
93.4
100.0
104.7
109.9
114.9
118.3
123.2
328.8
101.7
105.4
109.0
112.2
115.1
101.8
105.7
109.3
113.1
115.8
100.7
103.1
104.1
104.7
106.2
101.0
103.1
105.8
108.7
107.8
102.7
108.3
113.5
119.0
124.9
100.7
98.3
97.9
97.9
100.0
99.1
103.1
107.2
109.0
112.4
100.0
102.6
102.4
100.5
99.0
99.3
97.2
96.2
95.9
94.4
101.3
103.8
108.5
110.6
107.7
102.0
104.7
108.3
111.3
109.7
99.5
100.3
108.9
108.8
101.7
102.2
106.3
111.7
116.5
120.0
1987- III
117.9
118.6
120.5
121.8
108.8
109.0
112.8
113.7
129.8
131.5
96.7
97.0
117.8
118.7
99.3
99.7
98.8
100.6
112.8
112.5
110.9
111.3
120.3
116.8
123.9
125.1
1988- I
119.2
120.6
121.9
123.3
122.5
123.9
125.1
126.5
109.3
109.6
110.2
111.2
114.0
115.9
117.1
118.2
132.7
134.2
135.6
137.3
97.7
97.8
98.4
100.6
119.5
119.5
119.6
120.4
100.8
102.5
104.7
105.1
101.5
102.6
102.7
104.0
115.5
115.0
114.9
118.2
113.1
113.5
114.4
114.9
126.2
121.0
117.1
128.7
126.7
128.1
129.6
130.8
1989: I
II '
124.5
125.9
128.0
129.8
111.2
110.8
120.0
123.3
139.0
140.4
100.4
100.3
122.1
124.2
106.3
106.5
105.6
106.0
118.9
118.1
117.4
117.7
123.8
119.1
132.9
134.4
1980
1981
1982
1983 ..
1984
1985
1986
1987
1988
1982:
19831984:
1985:
1986:
IV
IT
IV
IV .
IV
rv
n
Ill
rv
Source: Department of Commerce, Bureau of Economic Analysi
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Personal consumption expenditures
Gross national product
Period
8.9
11.7
3.7
7.6
10.8
6.4
5.4
6.9
7.9
4.2
12.4
4.7
6.2
4.2
8.4
9.0
6.5
8.6
7.5
7.5
7.9
7.3
1980
1981
1982
1983
1984
1985
1986
1987
1988
19821983:
19841985:
19861987:
1988:
IV
IV
IV
IV
IV
in
IV
I
n
m
rv
Constant
(1982)
dollars
Current
dollars
.
1989- I
n'.
-0.2
1.9
-2.5
3.6
6.8
3.4
2.7
3.7
4.4
.6
7.3
1.7
3.0
2.3
5.3
6.6
4.0
3.7
3.2
2.7
3.7
2.7
Implicit
price
deflator
9.0
9.7
6.4
3.9
3.7
3.0
2.6
3.2
3.3
3.6
4.7
3.0
3.3
1.8
2.8
2.4
2.0
4.8
4.4
4.7
4.0
4.6
Chain price
index
Fixedweighted
price index
(1982
weights)
9.3
9.3
6.2
4.1
4.0
3.4
2.7
3.6
4.2
4.0
4.0
3.2
3.3
3.1
3.8
3.8
3.8
4.8
5.2
4.3
4.8
5.1
9.0
9.4
6.3
4.1
3.9
3.3
2.5
3.4
3.7
4.1
3.9
3.1
3.2
2.7
3.7
3.3
3.3
4.3
4.4
4.1
4.6
4.9
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
Constant
(1982)
dollars
Current
dollars
Implicit
price
deflator
02
1.2
1.3
4.6
4.8
4.7
3.9
2.8
3.4
10.6
10.5
7.1
9.0
8.8
8.2
6.4
7.6
7.4
10.3
9.7
7.2
6.0
6.2
9.2
3.6
8.7
7.4
7.5
7.6
7.1
8.0
5.3
5.5
4.3
1.9
2.2
4.7
-.7
6.2
2.5
3.3
3.0
2.0
2.2
Chain price
index
10.7
9.2
5.7
4.1
3.8
3.2
2.4
4.8
3.9
4.4
4.3
3.0
4.0
3.9
4.4
4.4
2.3
4.7
3.9
4.6
4.8
5.7
10.9
9.2
5.7
4.2
3.9
3.5
2.7
4.7
4.1
4.8
4.1
3.1
4.2
3.9
4.4
4.3
2.6
5.0
4.3
4.8
4.7
5.9
Fixedweighted
price index
(1982
weights)
10.5
9.0
5.6
4.2
4.0
3.5
2.7
4.7
4.3
4.8
4.1
3.2
4.3
3.9
4.4
4.5
2.6
5.1
4.6
4.9
4.8
6.4
Source: Department of Commerce, Bureau of Economic Analysi
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Gross domestic
product of
nonfinancial
corporate business
(billions of dollars)
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1982:
19831984:
19851986:
1987-
IV
IV
IV
IV
IV
HI
IV
1988- I
n
m ..
rv
1989- I p
n
1
Current-dollar cost and profit per unit of output (dollars) '
Total
cost
and
profit 2
Indirect
business
taxes 3
Net
interest
Profits
tax
liability
Profits
after
tax 4
1982
dollars
1,540.8
1,738.4
1,782.2
1,914.2
2,146.7
2,267.1
2,367.1
2,520.7
2,731.3
1,779.4
2,012.5
2,201.8
2,309.4
2,408.7
2,556.2
2,598.4
2,648.1
2,705.9
2,754.9
2,816.4
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
1,760.2
1,940.5
2,069.5
2,137.7
2,198.5
2,309.2
2,343.3
2,381.8
2,408.9
2,434.1
2,453.2
0.852
.946
1.000
1.026
1.054
1.071
1.089
1.104
1.129
1.011
1.037
1.064
1.080
1.096
1.107
1.109
1.112
1.123
1.132
1.148
0.095
.109
.125
.123
.118
.119
.123
.123
.123
.131
.120
.118
.120
.124
.123
.122
.122
.122
.122
.124
0.077
.090
.094
.098
.100
.103
.106
.106
.107
.096
.098
.102
.104
.106
.107
.106
.106
.107
.108
.108
0.581
.632
.676
.679
.687
.704
.721
.730
.744
.685
.680
.694
.713
.727
.726
.734
.732
.740
.746
.756
0.031
.037
.043
.037
.039
.038
.041
.047
.052
.042
.037
.042
.037
.042
.048
.050
.050
.051
.053
.055
0.068
.078
.063
.089
.109
.106
.098
.098
.103
0.037
.035
.026
.032
.036
.033
.035
.041
.044
.057
.103
.107
.106
.096
.103
.098
.102
.103
.102
.105
.023
.036
.032
.033
.038
.044
.041
.041
.044
.044
.045
0.031
.044
.037
.057
.073
.073
.064
.058
.059
.034
.066
.075
.072
.058
.060
.057
.060
.059
.058
.061
2,842.7
2,884.5
2,459.1
2,469.2
1.156
1.168
.125
.126
.110
.111
.768
.779
.057
.060
.096
.092
.045
.040
.051
.052
Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol-
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments less subsidies.
4
With inventory valuation and capital consumption adjustments.
Compensation of
employees
Current
dollars
lars,
3
Corporate profits with
inventory valuation and capital
consumption adjustments
Capital
consumption
allowances
with
capital
consumption
adjustment
Total
Output
per hour
of all
employees
(1982
dollars) *
Compensation
per hour
of all
employees
(dollars) *
'18.524
r
18.643
' 18.704
'19.217
' 19.682
•"19.996
' 20.456
' 20.908
' 2 1.446
T
18.770
'19.423
* 19.783
r
20.117
'20.646
'21.090
'21.192
'21.418
'21.453
'21.528
'21.506
' 10.769
'11.777
'12.635
' 13.039
' 13.528
'14.069
'14.746
'15.252
'15.947
r
' 16.449
21.411
'12.865
'13.209
'13.735
'14.342
' 15.005
'15.319
' 15.546
'15.672
'15.871
'16.068
'16.259
* Data reflect revisions beginning 1986 of GNP and related items published July 27, 1989, and
revisions due to changes in the labor input series. See Note, page 16 for details.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employees1
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
1982
1983
1984
1985
1986
1987
1988
1982198319841985:
19861987-
IV
IV
IV
IV
IV
TTT
IV
1988- I
n
m
IV
. .
1989- I
II"
1
Kental
income of
persons
with
capital
consumption
adjustment
Nonfarm
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
Profits
before tax
Inventory
valuation
adjustment
Capital
consumption
adjustment
Net
interest
2,518.4
2,719.5
3,028.6
3,234.0
3,412.6
3,665.4
3,972.6
2,548.2
2,851.5
3,096.1
3,312.8
3,473.1
3,694.8
3,799.9
1,907.0
2,020.7
2,213.9
2,367.5
2,511.4
2,690.0
2,907.6
1,931.1
2,092.7
2,272.7
2,426.7
2,571.2
2,709.8
2,778.7
24.6
12.4
30.5
30.2
34.7
41.6
39.8
28.5
19.3
28.1
29.2
37.2
33.6
48.4
150.9
178.4
204.0
225.6
247.2
270.0
288.0
159.8
188.6
209.7
235.0
252.0
271.6
280.3
13.6
13.2
8.5
9.2
11.6
13.4
15.7
15.8
12.4
5.6
7.8
13.5
11.5
14.3
150.0
213.7
266.9
282.3
282.1
298.7
328.6
146.1
248.5
266.9
291.4
275.2
313.0
308.2
159.2
196.7
234.2
222.6
228.3
247.8
281.8
150.7
223.4
224.6
228.4
226.1
261.5
255.8
169.6
207.6
240.0
224.3
221.6
266.7
306.8
164.1
231.5
226.1
235.0
234.1
281.0
276.2
-10.4
-10.9
-5.8
-1.7
6.7
-18.9
-25.0
-13.4
-8.1
-1.6
-6.6
-8.0
-19.4
-20.4
-9.2
17.0
32.7
59.7
53.8
50.9
46.8
-4.5
25.1
42.3
63.0
49.1
51.5
52.4
272.3
281.0
304.8
319.0
325.5
351.7
392.9
266.9
290.2
313.1
322.7
324.0
355.3
370.0
3,853.6
3,933.6
4,005.7
4,097.4
2.819.4
2,878.9
2,935.1
2,997.2
44.0
45.4
37.7
32.0
279.9
286.5
289.3
296.3
15.6
14.6
16.3
16.1
318.1
325.3
330.9
340.2
268.1
276.4
284.1
298.7
288.8
305.3
314.4
318.8
-20.7
28 8
-30.4
-20.1
49.9
48.9
46.9
41.5
376.6
383.0
396.4
415.7
300.3
304.2
r
11.8
9.7
316.3
309.1
279.7
276.9
318.0
297.6
4,185.2
4,249.9
3,061.7
3,118.0
r
r
59.0
50.7
T
Includes employer contributions for social insurance. (See also p. 5.)
T
-38.3
— 20.7
r
36.6
32.3
436.1
458.1
r
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
Period
Total
personal
consumption
expenditures
Total
durable
goods
Motor
vehicles
and
parts
Furniture
and
household
equipment
Other
Total
nondurable
goods
Food
Clothing and
shoes
Gasoline
and oil
Other
Services
Retail sales of
new passenger
cars (millions of
units)
Domestics
Imports
1982....
1983
1984
1985
1986
1987
1988
1982- IV
1983: IV
1984- IV
1985- IV
1986- IV
1987: m
IV
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,010.8
3,235.1
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,055.9
3,083.3
252.7
289.1
335.5
372.2
406.0
421.0
455.2
263.8
310.0
346.7
373.2
422.0
439.3
424.5
108.9
130.4
157.4
179.1
196.2
195.5
211.6
115.7
144.4
162.3
173.8
201.1
211.3
196.3
95.7
107.1
118.8
129.9
139.7
149.1
162.0
99.1
112.4
122.7
134.7
143.8
151.0
151.4
48.1
51.6
59.3
63.2
70.0
76.5
81.6
49.0
53.2
61.8
64.7
77.1
77.0
76.7
771.0
816.7
867.3
911.2
942.0
998.1
1,052.3
786.6
837.9
879.6
932.7
952.1
1,006.0
1,015.4
398.8
421.9
448.5
471.6
500.0
529.2
559.7
407.0
430.8
456.1
482.5
511.9
531.7
536.8
124.4
135.1
146.7
156.4
166.8
177.2
186.8
126.5
141.1
149.8
160.6
168.7
178.9
180.6
89.1
90.2
90.0
90.6
73.5
75.2
76.8
89.8
91.9
89.0
91.0
66.0
76.8
76.7
158.7
169.5
182.1
192.6
201.7
216.6
229.0
163.4
174.0
184.7
198.5
205.5
218.6
221.3
1,027.0
1,128.7
1,227.6
1,345.6
1,449.5
1,591.7
1,727.6
1,066.5
1,167.9
1,267.1
1,394.5
1,494.4
1,610.6
1,643.3
5.8
6.8
8.0
8.2
8.2
7.1
7.5
6.0
7.4
7.7
7.0
7.7
7.8
6.6
2.2
2.4
2.4
2.8
3.2
3.2
3.1
2.5
2.6
2.6
3.1
3.4
3.5
3.3
1988: I
n
in
3,148.1
3,204.9
3,263.4
3,324.0
446.4
454.6
452.5
467.4
210.3
212.5
208.4
215.3
156.9
162.2
162.7
166.1
79.2
79.9
81.4
86.0
1,022.2
1,042.4
1,066.2
1,078.4
542.5
554.5
567.8
574.1
180.8
183.6
188.9
193.9
74.3
76.9
78.3
77.6
224.5
227.5
231.2
232.8
1,679.5
1,707.9
1,744.7
1,778.2
7.7
7.5
7.4
7.5
3.2
3.2
3.0
3.0
n
3,381.4
3,446.8
466.4
471.0
211.7
212.9
172.1
173.7
82.6
84.4
1,098.3
1,122.0
587.3
592.8
195.0
199.2
77.9
88.8
238.1
241.2
1,816.7
1,853.8
7.0
7.3
2.8
3.0
IV
1989- I r
Source: Department of Commerce, Bureau of Economic Analysis.
SOURCES OF PERSONAL INCOME
Personal income rose $32.8 billion (annual rate) in July, following an increase of $20.5 billion in June. Wages and
salaries increased $25.4 billion in July, compared with an increase of $17.6 billion in June.
BILLIONS OF DOLLARS*(RAT1O SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
5,000
4,000
4,000
--
r-r""'
.
3,000
1
3,000
TOTA L PERSONAL Ih4 COME
__
.
^
---*"
'
--""
2,000
2,000
"~"\
__----"""
. _ _ — • - • -
—
WAGE AS D SALARY DISE URSEMENTS
—
1,400
1,400
'
\"~'\"
1
C3THER INCOME
800
800
-'
•
—-
~"~T~"
TRANSFER
PAYMENTS
^""~~
400
_..-- — — • ,.
/ ——
|Illl|lllll
tmilmii
Illllllllll
Illllllllll
1981
1982
1983
1984
400
miilum iimhim iiii||ini| miilmti miilmu
1986
1985
1988
1987
SEASONALLY ADJUS TED ANNUAL RATES
SOURCE: DEPARIME IT OF COMMERCE
1989
COUNCIL OF
CONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1980
1981
2,258 4
2 5209
2,670 8
2 8386
3,1087
1982
1983
1984
1985
1986
1987
1988
1988:
personal
income
3 325 3
3,526 2
3 777 6
4,064 5
July
..
Aug
Sent ...
Oct
.Nov
Dee
1989: Jan
Feb
Mar
Apr *
May r
July"
Wage and
salary
disbursements 1
1 3720
1 5103
1 586 1
1 676 6
1 8386
1 9754
20948
2 2494
24290
4079 8
4,094.2
2 443 4
4 118 6
4 1804
4 1689
4 206 3
2 465 6
4 273 1
4 319 5
2447 7
2497 1
1384
1503
163 6
173 6
182 9
187 6
199 3
212 8
228 9
229 3
231 1
232 9
234 7
2 '501 6
2 516 7
2365
2 5454
239 7
241 3
242 9
244 4
2 557 3
43607
2 5794
4 386 8
4 416 2
2601 3
2 603 5
2 621 1
4449 0
26465
43957
Proprietor ' income 3
Other labor
income l z
238 2
2460
247 5
249 1
Farm
205
30 7
24 6
12 4
305
30 2
347
41 6
39 8
41 0
386
33 4
47 1
19 5
29 4
48 0
65 9
63 0
56 1
53 7
42 3
36 1
1
The total ol wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
* Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
4
With capital consumption adjustment.
Nonfarm
160 1
156 1
150 9
1784
2040
225 6
247 2
2700
2880
288 5
288 5
2909
2958
295 7
297 4
299 6
3006
300 8
304 6
303 5
304 7
3074
Less:
income of
persons 4
66
13 3
13 6
13 2
85
92
11 6
134
15 7
15 6
16 5
16 7
16 4
16 1
16 0
13 8
11 8
99
97
97
96
96
dividend
income
interest
income
52 9
61 3
271 9
63 9
68 7
75 5
78 7
85 8
920
102 2
102 4
103 9
104 7
105 8
106 5
106 9
1084
109 4
110 3
111 0
111 4
111 8
112 8
369 7
3354
393 1
444 7
4780
493 2
523 2
571 1
570 1
576 0
583 0
590 8
598 6
6064
616 5
628 9
641 5
6484
655 2
661 8
6682
payments 5
324 7
368 1
410 6
442 6
456 6
489 8
521 5
5482
584 7
585 7
587 9
588 7
592 2
593 5
595 6
610 7
614 2
624 2
623 9
625 5
631 1
634 3
5
contributions
for social
insurance
88 6
104 5
112 3
120 1
132 7
149 3
161 9
172 9
1949
196 1
195 9
197 2
199 5
199 1
200 1
209 0
209 8
211 3
212 6
212 7
213 8
2150
personal
income e
2 215 8
2465 6
2 618 7
2 799 0
3052 1
3 271 3
3 469.4
3 714 7
4 003.7
4017 9
4 034.6
4064 1
4 112 3
4 1284
4 155 9
4
4
4
4
4
2040
2324
2765
3073
3205
4 352 3
4 391.1
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Persona! income exclusive of farm proprietors' income, farm wages, farm other fa&or income,
and agricultural net interest.
B
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income was about unchanged in the second quarter of 1989.
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
1,400
1,400
DOLLARS * (RATIO SCALE)
DOLLARS * (RATIO SCALE)
1 6,000
16,000
PER CAPITA DISPOSABLE PERSONAL INCOME
^,-—
14,000
14,000
CURRENT DOLLARS
V.
_^— •
_—-
12,000
r~--10,000
'
1
-r
-—'"
__r
^
12,000
.....
•
\
10,000
982 DOLLAR'
'
8,000
8,000
6,000
1
1
1
1
1981
1
1
1
1982
1
1
1983
!
1 1
1984
<
1
1985
1
1
1
1 1
1986
1 1
1987
' SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
Persona!
income
Less:
Personal
tax and
nontax
payments
i
Equals:
Disposable
personal
income
2,258.5
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,526.2
3,777.6
4,064.5
340.5
393.3
409.3
410.5
440.2
486.6
512.9
571.7
586.6
1,918.0
2,127.6
2,261.4
2,428.1
2,668.6
2,838.7
3,013.3
3,205.9
3,477.8
1 1
1988
1
1 1
1989
6,000
COUNCIL OF ECONOMIC ADVISERS
Less:
Personal
outlays I
Equals:
Personal
saving
Disposable
personal
income in
1982
dollars
(billions)
Per capita
disposable personal
income
Current
dollars
Billions of dollars
1980
1981...
1982....
1983..
1984....
1985...
1986
1987...
1988
1
1982
dollars
Per capita personal
consumption
expenditures
Current
dollars
1982
dollars
Dollars
1,781.1
1,968.1
2407.5
2,297.4
2^504.5
2,713.3
2^888.5
3,104.1
3^333.1
136.9
159.4
153.9
130.6
164.1
125.4
124.9
101.8
144.7
2,214.3
2,248.6
2^261.5
2,331.9
2469.8
2,542.8
2^635.3
2,676.6
2^793.2
8,421
9,243
9,724
10,340
11,257
11,861
12,469
13,140
14,116
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands) "
Percent
— .5
7.1
7.5
6.8
2.1
4.9
2.0
2.6
.6
3.3
5.4
6.1
4.4
4.1
3.2
4.2
227,754
230,182
232,549
234,829
237,051
239,322
241,660
243,985
246,378
9,722
7,607
8,320
8,818
9,515
10^253
10,985
Ili576
12,340
13,131
8,783
8,794
8,818
9,139
9,489
9,839
10,123
10,303
10,546
— 1.1
9,769
9^724
9,930
10^419
10^625
10^905
10,970
Ili337
.5
Seasonally adjusted annual rates
2,729.2
2,941.8
3,188.3
3,399.1
3,597.8
411.1
413.9
459.7
499.6
534.4
2,318.1
2,527.9
2,728.6
2,899.5
3,063.4
2,174.9
2,382.5
2,571.3
2,787.7
2,961.4
143.1
145.4
157.3
111.7
102.0
2,276.1
2,392.7
2,496.3
2,562.8
2,646.2
9,929
10,725
11,467
12,068
12,629
9,749
10,151
10,491
10,667
10,909
9,068
9,825
10,479
11,240
11,825
8,904
9,299
9,587
9,935
10,214
1.2
9.1
1.7
3.3
.3
6.2
5.8
5.8
3.9
3.3
233,466
235,707
237,946
240,257
242,579
1987: m....
IV
3,795.5
3,908.7
572.0
589.2
3,223.5
3,319.4
3,149.9
3,177.6
73.6
141.8
2,675.6
2,726.2
13,196
13,552
10,953
11,130
12,510
12,588
10,384
10,339
5.6
6.6
2.3
4.3
244,274
244,936
1988: I
3,948.5
4,026.6
4,097.6
4,185.2
572.2
590.7
585.9
597.8
3,376.4
3,435.9
3,511.7
3,587.4
3,244.4
3,301.9
3,362.1
3,424.0
131.9
134.0
149.6
163.4
2,151.2
2,773.3
2,806.4
2,835.9
13,154
13,966
14,235
14,504
11,232
11,273
11,377
11,466
12,824
13,028
13,229
13,439
10,413
10,515
10,573
10,624
3.1
1.5
3.7
3.2
3.9
3.9
4.3
4.6
245,416
246,008
246,685
247,343
4,317.8
4,399.6
628.3
652.6
3,689.5
3,747.0
3,483.8
3,549.9
205.7
197.2
2,881.7
2,886.6
14,884
15,081
11,625
11,618
13,641
13,873
10,654
10,687
5.7
-.2
5.6
5.3
247,890
248,456
1982:
1983:
1984:
1985:
1986:
IV
IV
IV
IV
IV
n
m....
IV
1989: I r
n ....
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
2
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the first quarter of 1989, according to current estimates, gross farm income rose $18.8 billion (annual rate) and
net farm income rose $21.5 billion.
BULKDNS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO S CALE)
240
200
,—
1
160
~^-
«__
'
"
-^*"
240
200
"^
160
f
/
120
GRC3SS
120
FARM INC(JMb
80
80
An
40
40
20
20
10
10
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income ot farm operators from {arming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total '
Total
1980
1981
1982
1983
1984
1985
1986 ..
1987
1988
1986: m
IV
1987: I
149.3
166.4
163.5
153.0
174.9
166.2
159.8
169.8
177.5
..
n
m
IV
1988: I
n
m
IV
1989- I
1
..
158.1
162.6
173.6
162.5
168.9
173.7
175.3
182.5
174.9
177.1
195.9
139.7
141.7
142.6
136.6
142.4
144.0
135.1
138.1
151.3
137.8
137.7
134.9
134.4
146.5
136.6
144.2
148.6
160.2
152.0
153.2
Livestock and
products
Value of
inventory
changes 2
-6.3
6.5
— 1.4
10 9
6.3
24
-2.8
6
-4.3
23
-1.9
68.0
69.2
70.3
69.4
73.0
69.8
71.5
76.2
78.8
71.7
72.5
72.3
67.1
69.5
74.2
63.6
61.9
72.5
77.3
73.0
60.5
64.7
73.3
77.0
79.6
75.1
81.7
75.2
78.2
80.2
61.6
57.4
66.9
61.5
62.5
73.4
82.0
71.8
4
-1.9
-3.2
-3.8
47
-5.4
70.2
4.7
83.0
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
Production
expenses
3
Q
.1
Current
dollars
133.1
139.4
140.0
140.4
142.7
134.0
122.3
123.5
132.1
121.1
120.7
120.3
124.1
125.0
124.6
126.7
129.3
135.4
137.0
134.3
1982 dollars *
16.1
26.9
23.5
12.7
32.2
32.3
37.5
46.3
45.4
37.0
41.9
53.4
38.4
43.9
49.0
48.7
53.2
39.5
40.1
61.6
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.
18.8
28.6
23.5
12.2
29.9
29.1
32.9
39.4
37.4
32.3
36.4
46.0
32.8
31.3
41.3
40.8
44.1
32.4
32.6
49.2
CORPORATE PROFITS
In the second quarter of 1989, according to preliminary estimates, corporate profits before tax fell $20.4 billion
(annual rate) and after-tax profits fell $9.3 billion.
BILLIONS OF DOLLARS
360
BILLIONS OF DOLLARS
360
SEASONALLY ADJUSTED ANNUAL RATES
320
320
\
/^
280
240
200
280
v
-f~\
^
f
120
\
s
*"'S0
i
S. ., ,
,r
^'''' s — --
,._>-.
../' s
160
-X
S~~"
120
X
rA — '
80
TAX LIABILITY
'
-v
'-"
\
\
40
-^
— -— -^
'
V
200
-^ PR :>FITS AFTER T/tf
'' ^,
\v
80
240
^
•
~\\
S
r^] S-^
/"
/
\
160
PROFITS BEFORE TAX
40
UNDISTI IBUTED PROFI" S
1
I
1
1982
1981
I
I I
1983
1
1
1
1
1984
1
1
1
1
1
1986
1985
1
1
I
1
1987
1
1
1988
SOURCE: DEPARTMENT OF COMMERCE
1
1
1
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment 1
Profits after tax
Domestic industries
Period
Nonfinancial
Total 2
Total
1980
1981 .
1982
1983...
1984
1985...
1986
1987...
1988
Financial
Total 3
Manufacturing
Profits
before tax
liability
Tax
Wholesale and
retail
trade
Total
Dividends
Undistributed
profits
Inventory
valuation
adjustment
194.0
202.3
159.2
196.7
234.2
222.6
228.3
247.8
281.8
159.6
173.8
131.2
166.6
203.3
191.4
195.2
208.7
238.2
21.0
16.5
11.8
18.1
13.0
22.8
32.0
30.5
29.8
138.6
157.3
119.4
148.5
190.3
168.6
163.2
178.2
208.4
77.1
88.5
58.0
70.1
88.8
79.7
59.5
76.6
98.4
21.6
32.5
34.6
38.9
51.2
44.1
44.1
41.1
40.1
237.1
226.5
169.6
207.6
240.0
224.3
221.6
266.7
306.8
84.8
81.1
63.1
77.2
93.9
96.4
106.3
124.7
137.9
152.3
145.4
106.5
130.4
146.1
127.8
115.3
142.0
168.9
54.7
63.6
66.9
71.5
79.0
83.3
91.3
98.7
110.4
97.6
81.8
39.6
58.9
67.0
44.6
24.0
43.3
58.5
-43.1
-24.2
-10.4
-10.9
-5.8
-1.7
6.7
-18.9
-25.0
19821983:
19841985:
1986-
TV
TV
TV
TV
IV
150.7
223.4
224.6
228.4
226.1
121.6
190.7
193.9
193.6
193.4
18.7
15.5
13.6
26.0
28.6
102.9
175.2
180.3
167.6
164.8
46.8
88.6
79.8
83.8
64.8
33.6
43.1
51.8
38.5
41.0
164.1
231.5
226.1
235.0
234.1
59.8
88.1
87.0
99.8
113.1
104.3
143.4
139.2
135.2
121.0
68.5
73.9
80.8
84.0
93.6
35.8
69.5
58.4
51.2
27.4
-13.4
-8.1
-1.6
-6.6
-8.0
1987:
HI
IV
261.5
255.8
222.6
211.8
30.2
29.9
192.4
181.9
87.3
84.5
43.2
41.2
281.0
276.2
132.7
127.3
148.3
148.9
100.0
102.8
48.3
46.1
-19.4
-20.4
I
268.1
276.4
284.1
298.7
225.7
235.8
239.0
252.2
27.7
29.7
31.6
30.1
198.0
206.1
207.3
222.1
94.6
98.2
95.1
105.5
42.2
37.3
39.2
41.8
288.8
305.3
314.4
318.8
129.0
138.4
141.2
143.2
159.9
166.9
173.2
175.6
105.7
108.6
112.2
115.2
54.2
58.3
61.1
60.4
-20.7
-28.8
-30.4
— 20.1
279.7
276.9
233.1
228.5
29.3
27.9
203.9
200.6
96.5
34.1
318.0
297.6
144.4
133.3
173.6
164.3
118.5
120.9
55.1
43.4
1988:
n
m
TV
1989- I
H"
1
2
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
r
-38.3
-20.7
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the second quarter of 1989, nonresidential fixed investment rose $9.5 billion
(annual rate) and residential investment fell $4.0 billion. There was a $27.3 billion increase in inventories, following
an increase of $27.7 billion in the first quarter of 1989.
BILLIONS OF DOLLARS
900
BILLIONS OF DOLLARS
900
SEASONALLY ADJUSTED ANNUAL RATES
800
GROSS PRIVATE DOMESTIC
600
/
500
/
/
r—^\^}
"^
600
-
NONRESIDENTI/ 1
Fl> ED INVESTMEh•JT
500
-"•'"
/
"^1
""*----..
—
'
..-
— \~."
--'"""
700
—
^—1
>l
400
^~l
/^\
INVFSTMFNT
700
800
'--"'
400
—
^ S*
RESIDENTIAL
' Fl>(ED INVESTMEh41
300
V
200
300
—-
~~
200
-
,*~~
+>*
CHA NGE IN BUSIN ESS
INVENTORIES
_.*-
100
/
100
..
X%.
^^%
'V
f*
0
r — --/
,/""
\f
-100
1 1 1
1981
1
1
1
1982
\
\
\
1983
1
1 I
1984
1
1 1
1985
i i i
1986
1
1 1
1987
SOURCE: DEPARTMENT OF COMMERCE
1 1 1
1 1 1
1988
1989
-100
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Period
Gross
private
domestic
investment
1980
1981
1982
1983
1984
1985
1986..
1987
1988
1982:
1983:
1984:
198519861987:
IV
IV
IV
IV
IV
TTT
IV
1988- I
TJ
m
IV
1989: I
Hr
Source: Department of Commerce, Bureau of Economic Analysis.
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
445.3
491.5
471.8
509.4
597.1
631.8
652.5
670.6
719.6
322.8
369.2
366.7
356.9
416.0
442.9
435.2
444.3
487.2
113.9
138.5
143.3
124.0
141.1
153.2
139.0
133.8
140.3
208.9
230.7
223.4
232.8
274.9
289.7
296.2
310.5
346.8
122.5
122.3
105.1
152.5
181.1
188.8
217.3
226.4
232.4
83
24.0
245
-7.1
67.7
11.3
6.9
29.3
30.6
-2.4
18.3
-23.1
.4
60.5
14.6
8.6
30.5
34.2
409.6
579.8
661.8
654.1
648.8
469.5
548.8
616.8
646.8
660.9
354.9
383.9
435.0
451.3
435.8
137.6
127.4
146.6
155.9
133.7
217.3
256.5
288.4
295.5
302.2
114.7
164.9
181.8
195.5
225.1
-59.9
31.0
45.0
7.2
-12.2
-51.1
21.3
41.3
23.7
-8.0
692.8
749.7
683.2
686.3
457.0
458.6
137.3
138.9
319.8
319.7
226.2
227.7
9.5
63.3
14.0
61.3
728.8
748.4
771.1
752.8
698.7
719.1
726.5
734.1
472.7
487.1
493.2
495.8
137.1
139.9
142.0
142.5
335.6
347.2
351.3
353.3
226.1
232.1
233.2
238.4
30.0
29.3
44.6
18.7
24.2
30.4
41.5
40.8
769.6
174.1
742.0
141.4
503.1
512.6
144.7
142.8
358.5
869.8
238.8
234.8
27.7
21.3
19.1
23.8
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department April-May survey, business spending for new plant and equipment is
expected to rise 9.9 percent in 1989, following a rise of 10.3 percent in 1988.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
500
500
400
300
200
40
40
1981
J/ SURVEYED QUARTERLY
_£/'SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanufacturing
Manufacturing
Period
All
industries
Total
Durable
goods
Nondurable
goods
Total 1
Mining
Transportation
Public
utilities
Commercial
and
other
Total
nonfarm
business 2
Nonmanufacturing
Manufacturing
Total
Surveyed
quarterly
1980....
1981
1982....
1983
1984
1985....
1986
1987....
1988
1989 4 .
282.80
315.22
310.58
304.78
354.44
387.13
379.47
389.67
429.67
472.08
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
165.70
179.35
55.36
59.81
55.35
53.08
66.24
73.27
69.14
71.01
78.12
82.13
56.96
66.73
65.33
63.12
72.58
80.21
73.56
74.88
87.58
97.22
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
263.97
292.72
15.99
21.39
20.05
15.19
16.86
15.88
11.22
11.39
12.67
12.00
16.60
15.84
14.79
13.97
16.52
18.02
18.80
18.85
21.35
24.86
37.74
41.21
45.43
44.96
47.48
48.81
46.38
44.88
46.51
50.77
100.14
110.24
109.63
114.45
134.75
150.94
160.38
168.65
183.44
205.09
1987:
394.54
406.82
148.20
152.21
71.96
72.28
76.24
79.92
246.34
254.61
11.81
12.32
19.19
19.34
45.29
46.38
170.05
176.56
148.20
152.21
246.34
254.61
1988: I
412.02
426.94
436.01
443.71
158.60
161.69
168.91
173.61"
75.70
76.87
79.48
80.42
82.90
84.82
89.43
93.18
253.43
265.25
267.10
270.11
12.59
13.26
12.47
12.35
20.43
20.72
22.17
22.10
44.61
45.43
46.70
49.27
175.79
185.83
185.76
186.38
158.60
161.69
168.91
173.61
253.43
265.25
267.10
270.11
1989- I 4
n4
457.64
467.50
478.79
484.38
175.83
177.10
182.70
181.79
81.71
80.21
84.08
82.54
94.12
96.89
98.61
99.25
281.81
290.40
296.09
302.59
12.12
13.08
12.21
20.60
23.24
23.11
25.85
27.24
50.26
51.42
50.18
53.24
196.20
202.79
207.86
213.51
175.83
177.10
182.70
181.79
281.81
290.40
296.09
302.59
m
IV
n
in
rv
m4
IV
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
482.40
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
165.70
179 35
202.15
222.72
226.79
227.15
260.16
278.46
284.54
294.77
316.70
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
263.97
292.72
Surveyed
annuallyS
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in April-May 1989, corrected for biases.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In July, civilian employment fell 82,000 and unemployment fell 64,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
124
124
SEASONALLY ADJUSTED
120
120
CIVILIAN LABOR FORCE
116
116
112
112
108
108
104
104
CIVILIAN "
EMPLOYMENT
100
100
96
96
X-
-^
-•*,
f*
12
12
8
UNEMPLOYMENT
1982
1981
1983
1984
11111(11111
1985
4
1987
1986
1988
1 1 1 M 1 1 1 i 11
1989
0
' ! 6 YEARS OF AGE AND OVER
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Resident
Armed
Forces
NSA
Labor force
including
resident
Armed
Forces
1980
1981
1982
1983
1984
1985
1986'
1987
1988
169,349
171,775
173,939
175,891
178,080
179,912
182,293
184,490
186,322
1,604
1,645
1,668
1,676
1,697
1,706
1,706
1,737
1,709
108,544
110,315
111,872
113,226
115,241
117,167
119,540
121,602
123,378
100,907
102,042
101,194
102,510
106,702
108,856
111,303
114,177
116,677
106,940
108,670
110,204
111,550
113,544
115,461
117,834
119,865
121,669
99,303
100,397
99,526
100,834
105,005
107,150
109,597
112,440
114,968
3,364
3,368
3,401
3,383
3,321
3,179
3,163
3,208
3,169
95,938
97,030
96,125
97,450
101,685
103,971
106,434
109,232
111,800
1988:
July
Aug
Sept
Oct
Nov
Dec
186,402
186,522
186,666
186,801
186,949
187,098
1,673
1,692
1,704
1,687
1,705
1,696
123,331
123,692
123,688
123,778
124,215
124,259
116,707
116,895
117,074
117,260
117,652
117,705
121,658
122,000
121,984
122,091
122,510
122,563
115,034
115,203
115,370
115,573
115,947
116,009
3,060
3,142
3,176
3,238
3,238
3,193
1989:
Jan
Feb
Mar
Apr
May
June
July
187,340
187,461
187,581
187,708
187,854
187,995
188,149
1,696
1,684
1,684
1,684
1,673
1,666
1,666
125,124
124,865
124,948
125,343
125,283
125,768
125,622
118,407
118,537
118,820
118,797
118,888
119,207
119,125
123,428
123,181
123,264
123,659
123,610
124,102
123,956
116,711
116,853
117,136
117,113
117,215
117,541
117,459
3,300
3,223
3,206
3,104
3,112
3,096
3,219
Period
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
Agricultural
Total
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Civilian labor force (or employment) aa percent of civilian noninstitutional population.
Unemployment
Civilian employment
Noninstitutional
population
including
resident
Armed
Forces
NSA
Civilian
Labor
force
participation
rate
(percent) 2
Employment/
population
ratio
(percent) 2
Total
15
weeks
and
over
4,064
4,499
5,852
5,997
5,512
5,334
5,345
5,122
4,965
7,637
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
1,871
2,285
3,485
4,210
2,737
2,305
2,232
1,983
1,610
63.8
63.9
64.0
64.0
64.4
64.8
65.3
65.6
65.9
59.2
59.0
57.8
57.9
59.5
60.1
60.7
61.5
62.3
111,974
112,061
112,194
112,335
112,709
112,816
5,102
4,972
4,862
4,727
4,819
5,033
6,624
6,797
6,614
6,518
6,563
6,554
1,619
1,568
1,554
1,502
1,495
65.9
66.0
66.0
66.0
66.1
66.1
62.3
62.3
62.4
62.4
62.6
62.6
113,411
113,630
113,930
114,009
114,102
114,445
114,240
4,837
4,697
4,709
4,930
4,609
4,801
4,505
6,716
6,328
6,128
6,546
6,395
6,561
6,497
1,512
1,304
1,310
1,426
1,313
1,258
1,472
66.5
66.3
66.3
66.5
66.4
66.6
66.5
62.9
62.9
63.0
63.0
63.0
63.1
63.0
Total
Part time
for
economicl
reasons
1,636
'Data beginning January 1986 not strictly comparable with earlier data because of change w
estimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In July, the overall unemployment rate was unchanged, at 5.2 percent, and the civilian unemployment rate fell
slightly, to 5.2 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
10
1989
'UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE; DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
..
Unemployment
rate,
all
workers *
All
civilian
workers
Men
20 years
and over
Women
20 years
and
over
7.0
7.5
9.5
9.5
7.4
7.1
6.9
6.1
5.4
7.1
7.6
9.7
9.6
7.5
7.2
7.0
6.2
5.5
5.9
6.3
8.8
8.9
6.6
6.2
6.1
5.4
4.8
6.4
6.8
8.3
8.1
6.8
6.6
6.2
5.4
4.9
17.8
19.6
23.2
22.4
18.9
18.6
18.3
16.9
15.3
By sex and age
By selected groups
By race
Both
sexes
16-19
years
Black
and
other
Black
Experienced
wage and
salary
workers
6.3
6.7
8.6
8.4
6.5
6.2
6.0
5.3
4.7
13.1
14.2
17.3
17.8
14.4
13.7
13.1
11.6
10.4
14.3
15.6
18.9
19.5
15.9
15.1
14.5
13.0
11.7
6.9
7.3
9.3
9.2
7.1
6.8
6.6
5.8
5.2
4.2
4.3
6.5
6.5
4.6
4.3
4.4
3.9
3.3
9.2
10.4
11.7
12.2
10.3
10.4
9.8
9.2
8.1
6.9
7.3
9.6
White
Married
men,
spouse
present
Women
who
maintain
families
Fulltime
workers
Parttime
workers
Labor
force
time lost
(percent) 2
9.5
7.2
6.8
6.6
5.8
5.2
8.8
9.4
10.5
10.4
9.3
9.3
9.1
8.4
7.6
7.9
8.5
11.0
10.9
8.6
8.1
7.9
7.1
6.3
1988:
July
Aug
Sept
Oct
Nov
Dec
5.4
5.5
5.3
5.3
5.3
5.3
5.4
5.6
5.4
5.3
5.4
5.3
4.5
4.9
4.6
4.6
4.8
4.7
5.0
4.8
4.8
4.7
4.7
4.7
15.1
15.4
15.5
15.0
14.1
14.8
4.7
4.9
4.7
4.6
4.6
4.6
10.1
10.0
9.5
9.8
10.0
10.0
11.5
11.4
10.9
11.2
11.2
11.6
5.1
5.3
5.1
5.0
5.1
5.0
3.1
3.4
3.1
3.1
3.3
3.1
8.5
7.5
8.1
7.9
7.7
8.2
5.0
5.3
5.1
5.0
5.0
5.1
8.0
7.4
7.4
7.4
7.1
7.0
6.4
6.4
6.3
6.1
6.2
6.3
1989:
Jan
Feb
Mar
Apr
May
June....
July
5.4
5.1
4.9
5.2
5.1
5.2
5.2
5.4
5.1
5.0
5.3
5.2
5.3
5.2
4.6
4.5
4.2
4.6
4.3
4.3
4.3
4.7
4.5
4.6
4.7
4.8
4.9
5.0
16.4
14.8
13.7
14.4
15.2
15.6
14.7
4.6
4.3
4.2
4.6
4.4
4.5
4.6
10.6
10.6
9.8
9.6
9.5
10.3
9.6
12.0
11.9
10.9
10.8
11.0
11.9
10.9
5.2
4.8
4.7
5.1
4.9
5.0
5.1
3.1
3.1
2.9
3.2
2.9
2.8
2.9
8.0
8.0
7.9
7.6
8.3
7.9
8.7
5.0
4.8
4.8
5.0
4.8
4.8
4.9
7.9
7.3
6.2
7.2
6.9
7.7
7.2
6.2
5.9
5.8
6.0
5.9
6.1
6.0
1
Unemployed as percent of total labor force including resident Armed Forces.
2
Aggregate hours lost by the unemployed and persons on part time for economic reasons fta percent of potentially available labor force hours.
12
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In July, the percentages of the unemployed who had been out of work for less than 5 weeks and for 5-14 weeks
fell and the percentages for 15-26 weeks and for 27 weeks and over rose. Both the mean and the median
duration of unemployment rose.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION*
70
70
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
60
- 50
JOB LOSERS
40
40
30
—
•=.
REENTRANTS
30
20
20
JOB LEAVERS
10
-
10
NEW ENTRANTS
1989
1985
1986
1987
1988
1989
•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
27
weeks
and
over
Average
(mean)
Median
7,637
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
43.1
41.7
36.4
33.3
39.2
42.1
41.9
43.7
46.0
32.3
30.7
31.0
27.4
28.7
30.2
31.0
29.6
30.0
13.8
13.6
16.0
15.4
12,9
12.3
12.7
12.7
12.0
10.7
14.0
16.6
23.9
19.1
15.4
14.4
14.0
12.1
11.9
13.7
15.6
20.0
18.2
15.6
15.0
14.5
13.5
6.5
6.9
8.7
10.1
7.9
6.8
6.9
6.5
5.9
51.7
51.6
58.7
58.4
51.8
49.8
48.9
48.0
46.1
6,624
6,797
6,614
6,518
6,563
6,554
44.9
46.8
47.4
47.4
47.6
46.2
30.7
29.0
28.8
28.5
29.5
31.1
12.4
12.3
11.8
12.2
12.0
11.5
11.9
11.9
12.1
11.9
10.9
11.2
13.5
13.5
13.5
13.4
12.6
12.8
6.2
5.9
5.7
5.7
5.6
5.8
6,716
6,328
6,128
6,546
6,395
6,561
6,497
47.0
50.6
49.4
47.2
47.7
50.4
48.1
30.7
29.1
29.4
31.1
31.7
30.4
29.4
11.2
10.4
10.5
10.5
11.0
10.0
12.9
11.1
10.0
10.7
11.3
9.6
9.1
9.6
12.7
12.1
12.4
12.7
11.8
11.1
12.0
5.7
5.3
5.4
5.4
5.3
5.5
5.6
Job
leavers
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 1
Reentrants
New
entrants
11.7
11.2
7.9
7.7
9.6
10.6
12.3
13.0
14.7
25.2
25.4
22.3
22.5
25.6
27.1
26.2
26.6
27.0
11.4
11.9
11.1
11.3
13.0
12.5
12.5
12.4
12.2
3,350
3,047
4,061
3,396
2,476
2,611
2,650
2,332
2,056
488
460
583
438
377
396
378
328
306
3,837
3,410
4,594
3,775
2,561
2,693
2,746
2,401
2,125
46.1
46.2
46.7
45.9
46.2
46.5
13.8
14.6
14.9
15.3
14.7
15.1
28.1
27.3
26.8
27.2
26.9
26.2
11.9
11.9
11.5
11.6
12.2
12.1
2,082
2,069
2,025
1,972
1,989
2,032
327
305
293
296
301
309
2,052
1,914
1,734
1,677
1,857
2,205
46.4
45.2
46.0
45.7
42.7
42.0
44.3
14.7
15.5
14.4
15.0
17.5
15.5
15.3
27.3
27.3
28.1
29.0
29.1
31.2
29.4
11.6
12.0
11.6
10.3
10.7
11.3
11.0
2,061
2,105
2,143
2,105
2,063
2,134
2,216
293
309
323
300
317
335
339
2,685
2,695
2,567
2,221
1,960
1,941
Job
losers
Weekly average, thousands
1980
1981
1982
1983
1984
1985
1986
1987
1988
1988- July
Sept
Oct
Nov
Dec
1989: Jan
Feb
Mar
May
July
1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (OCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 169,000 in July.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
110
26
SERVICES
24
^s"
—
V1
100 -
ALL NONAGRICULTURAL
ESTABLISHMENTS
^
f+**
^
—
1
90
22
^.-^'
.-'"
—
80
20
Rl ;TAIL
-
SERVICE-PRODUCING
INDUSTRIES
70
~
18
^-^
"
TRADE
\—
- OVERNMEN r
n*,H i| mill nit
•jwrifflfi 'iTfi MM 1 1 1
60
,—•
r
50
40
GOODS-PRODUCING
INDUSTRIES
30
20
fyiiiilimi
1985
Illlllllllll
1987
1986
1988
1989
1985
1989
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT Of LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; l seasonally adjusted]
_
Goods-producing industries
Period
Total
nonagricultural
employment
Service-producing industries
Manufacturing
Total 2
Construction
Transportation
and
public
utilities
Total
Durable
goo s
Nondurable
goods
8,098
8,061
7*.741
7,702
7,873
7,770
7*,734
7,830
7*967
64,748
65,659
65,753
66,866
69 769
72,660
74*,967
77,492
8o',335
5,146
Total
1980
1981 ....
1982
1983
1984
1985
1986
1987
1988
90,406
91,156
89,566
90,200
94,496
97^519
99,525
102,200
105,584
25,658
25,497
23',813
23,334
24,727
24^859
24,558
24,708
25,249
4,346
4,188
s',905
3,948
4,383
4^673
4*816
4,967
s',125
20,285
20,170
18,434
19,378
19^260
18*965
19,024
19',403
12,187
12,109
11*039
10,732
11,505
11,490
11*230
11,194
11*437
1988: July....
Aug....
Sept....
Oct
Nov....
Dec
105,768
105,954
106,207
106,475
106,824
107,097
25,323
25,303
25,313
25,384
25,460
25,513
5,150
5,153
5,163
5,162
5,191
5,213
19,448
19,425
19,431
19,505
19,557
19,589
11,475
11,462
11,464
11,509
11,545
11,565
7,973
7,963
7,967
7,996
8,012
8,024
80,445
80,651
80,894
81,091
81,364
81,584
5,557
5,572
5,581
5,596
5,616
5,634
1989: Jan
Feb
Mar
Apr
May r..
June r.
July".
107,442
107,711
107,888
108,101
108,310
108,560
108,729
25,626
25,629
25,646
25,671
25,672
25,651
25,680
5,267
5,270
5,252
5,279
5,283
5,281
5,318
19,648
19,648
19,680
19,672
19,667
19,655
19,658
11,605
11,594
11,604
11,600
11,594
11,567
11,549
8,043
8,054
8,076
8,072
8,073
8,088
8,109
81,816
82,082
82,242
82,430
82,638
82,909
83,049
5,654
5,667
5,666
5,682
5,700
5,716
5,739
18J81
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persona, domestic servants, and personnel of t\ie Armed forces. Total derived
from this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p, 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes, bad
14
5,165
4,954
5 159
5,238
5J255
5,372
5',548
Wholesale
trade
Be tail
trade
Finance,
insurance,
and real
estate
Government
Services
Total
Federal
15,035
15,189
15,179
15,613
16 545
17,356
17*930
18,483
5,160
5,298
5*341
5,468
5,689
5,955
6*283
6,547
17,890
18,619
19*036
19,694
20,797
22,000
23*053
24,236
25*600
16,241
16,031
15,'837
15,869
16,024
16*394
16*,693
17,010
11 ',31 2
2,866
2,772
2*739
2,774
2,807
2,875
2*899
2,943
6,038
6,051
6,071
6,086
6,104
6,125
19,139
19,182
19,188
19,229
19,282
19,328
6,678
6,686
6,695
6,710
6,726
6,744
25,683
25,784
25,888
25,986
26,111
26,280
17,350
17,376
17,471
17,484
17,525
11,523
2,958
2,967
2,985
2,986
2,983
2,981
6,146
6,171
6,197
6,206
6,222
6,229
6,234
19,407
19,460
19,488
19,489
19,528
19,548
19,600
6,746
6,763
6,774
6,776
6,790
6,801
6,812
26,318
26,434
26,520
26,651
26,711
26,923
26,997
17,545
17,587
17,597
17,626
17,687
17,692
17,667
2,978
2,982
2,982
2,982
2,999
2,994
2,976
5,275
5,358
5*.278
5,268
5 555
5,717
5,153
5,844
6J029
weather, etc., even if they are not paid for the time off; and which are based on a sample of the
working-age population, whereas the estimates in this table are based on reports from employing
establishments.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY
EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Average gross hourly
earnings
Average weekly hours
Manufacturing
Total
private
nonagrieultural }
Period
1980
1981
1982
. . ..
1983
1984
1985
1986
1987
1988
1988: July
1989:
Sept
Oct
Nov
Dec
Jan
Feb
Mar
May '
July"
Total
35.3
35.2
34.8
35.0
35.2
34.9
34.8
34.8
34.7
34.8
34.6
34.7
34.8
34.7
34.7
34.8
34.6
34.7
34.9
34.6
34.6
34.9
39.7
39.8
38.9
40.1
40.7
40.5
40.7
41.0
41.1
41.1
41.0
41.1
41.2
41.2
41.0
41.1
41.1
41.0
41.3
41.0
41.0
41.0
Current dollars
Total private
nonagricultural 1
Total
private
nonagricultural l
Overtime
2.8
2.8
2.3
3.0
3.4
3.3
3.4
3.7
3.9
3.9
3.9
3.9
4.0
3.9
3.9
3.9
3.9
4.0
3.9
3.8
3.8
3.9
Manufacturing
$7.27
7.99
8.49
8.83
9,19
9.54
9.73
9.91
10.18
10.18
10.21
10.25
10.29
10.30
10.31
10.33
10.37
10.40
10.40
10.42
10.45
10.48
$6.66
7.25
7.68
8.02
8.32
8.57
8.76
8.98
9.29
9.31
9.32
9.37
9.43
9.42
9.45
9.49
9.52
9.54
9.61
9.60
9.62
9.70
1
Also includes other private industry groups shown on p. 14.
2
Current dollar earnings divided by the consumer price index for urban wage earners and clerical
workers (on a 1977 = 100 base).
3
Current
dollars
1977
dollars "
$235.10
255.20
267.26
280.70
292.86
299.09
304.85
312.50
322.36
323.99
322.47
325.14
328.16
326.87
327.92
330.25
329.39
331.04
335.39
332.16
332.85
338.53
$172.74
170.13
168.09
171.26
172.78
170.42
171.07
169.28
167.81
168.39
166.82
167.68
168.55
167.28
167.39
167.55
166.44
166.44
167.53
165.01
165.10
167.51
Manufacturing
Construction
Retail
trade
$288.62
318.00
330.26
354.08
374.03
386.37
396.01
406.31
418.40
418.40
418.61
421.28
423.95
424.36
422.71
424.56
426.21
426.40
429.52
427.22
428.45
429.68
$367.78
399.26
426.82
442.97
458.51
464.46
466.75
480.44
493.08
493.29
492.53
494.05
499.66
503.04
497.07
496.89
498.39
501.23
505.21
494.17
497.79
512.26
$147.38
158.03
163.85
171.05
174.33
174.64
176.08
178.70
183.62
185.18
183.57
185.08
186.30
185.60
187.11
187.40
186.41
186.98
189.44
187.56
188.14
190.68
Percent change from a
year earlier, total
private
nonagricultural 3
Current
dollars
6.9
8.5
4.7
5.0
4.3
2.1
1.9
2.5
3.2
4.1
2.8
4.2
4.1
3.3
3.9
4.2
3.5
4.1
4.5
3.3
3.5
4.2
1977
dollars
-5.8
-1.5
-1.2
1.9
.9
-1.4
.4
-1.0
-.9
.1
j2
-.0
-.1
-.9
-.5
-.3
-1.2
-.8
-.7
-2.0
-1.6
-.9
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
[Not seasonally adjusted]
Percent change from
Index (June 1981 = 100)
12 months earlier
3 months earlier
Period
1980:
Dec
1981:
Dec....
1982:
Dec
1983:
Dec....
1984:
Dec
1985:
Dec....
1986:
Dec
1987:
1988:
Dec....
Dec....
1986:
1987:
Mar
Wages and
salaries
94.7
104.0
110.7
117.0
122.7
127.5
131.6
136.0
142.6
95.4
103.8
110.3
115.8
120.6
125.6
129.5
133.8
139.3
126.8
129.9
128.8
129.5
130.8
131.7
133.0
133.8
135.1
136.6
137.9
139.3
140.8
142.2
June...
Sept
Dec....
128.9
129.0
130.8
131.6
Mar....
June . . .
Sept
Dec....
132.9
133.8
135.1
136.0
1988: Mar
....
Dec
138.1
139.8
141.2
142.6
Mar....
June
144.4
146.1
June
Sept...
1989:
Total
compensation
Benefits
93.0
104.3
111.7
120.0
127.9
132.4
136.9
141.7
151.3
134.2
134.8
136.1
136.9
138.1
139.3
140.3
141.7
146.1
148.2
149.7
151.3
154.0
156.5
1
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the
influence of employment shifts among occupations and industries.
1
Total
compensation
Wages and
salaries
Total
compensation
Wages and
salaries
2.2
2.3
1.5
1.3
1.4
.5
.6
1.0
1.1
1.4
.4
1.0
.6
9.8
9.8
6.4
5.7
4.9
3.9
3.2
3.3
4.9
9.0
8.8
6.3
5.0
4.1
4.1
3.1
3.3
4.1
3.8
3.8
3.2
3.2
3.9
3.7
3.1
3.1
3.1
3.0
3.3
3.3
3.9
4.5
4.5
4.9
3.2
3.0
3.3
3.3
4.6
4.5
Benefits *
2.1
2.0
1.3
1.2
1.3
.6
.6
.7
1.0
2.0
1.8
1.2
1.1
1.2
.6
.5
.6
1.0
1.1
.8
.7
.6
1.0
.7
1.0
.7
1.5
1.2
1.0
1.0
1.0
.9
.7
.5
1.0
1.1
1.0
1.0
.9
.9
.7
1.0
3.1
1.4
1.0
1.1
1.3
1.2
1.1
1.0
1.8
1.6
1.0
.7
1.0
.6
3.3
3.7
3.7
4.1
4.2
4.1
Benefits *
11.8
12.2
7.1
7.4
6.6
3.5
3.4
3.5
6.8
3.2
3.5
3.3
3.4
2.9
3.3
3.1
3.5
5.8
6.4
6.7
6.8
5.4
5.6
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Output *
Business
sector
Hours of all
persons 2
Nonfarm
business
sector
Business
sector
Compensation per
hour 3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Unit labor costs
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1977 = 100; quarterly data seasonally adjusted
1980
1981
1982
1983
1984
99.4
101.0
100.2
102.6
105.2
99.0
100.0
99.1
102.0
104.2
106.7
108.9
105.5
109.9
119.2
106.7
108.5
104.9
110.1
119.2
107.3
107.9
105.3
107.2
113.3
107.8
108.5
105.9
108.0
114.4
131.8
144.1
154.9
160.8
167.4
131.6
144.0
154.7
160.8
167.2
97.0
96.1
97.3
97.8
97.6
96.7
96.0
97.1
97.8
97.5
132.6
142.7
154.5
156.7
159.1
132.9
144.0
156.1
157.6
160.4
127.6
139.8
148.1
153.0
158.2
127.8
140.3
149.2
154.3
159.0
107.3
109.8
111.1
113.1
105.6
107.7
108.9
111.2
124.2
128.0
133.4
140.0
123.9
127.6
133.1
140.3
115.7
116.6
120.1
123.8
117.4
118.4
122.2
126.2
174.8
183.8
191.0
200.4
174.0
182.9
189.8
198.9
98.4
101.7
101.9
102.7
98.0
101.1
101.2
101.9
162.8
167.5
171.9
177.2
164.9
169.8
174.2
178.8
162.2
165.6
170.0
174.9
163.8
167.6
172.0
176.5
IV r....
IV r....
IV r....
IV r ....
100.9
103.5
105.7
108.4
99.5
103.0
104.5
106.2
105.0
113.6
120.8
125.9
104.2
114.1
120.7
125.5
104.1
109.7
114.3
116.2
104.7
110.8
115.5
118.1
158.2
163.2
169.9
178.6
158.0
162.9
169.6
177.5
97.9
97.8
97.8
99.3
97.8
97.6
97.6
98.7
156.8
157.7
160.7
164.9
158.7
158.2
162.3
167.1
150.2
155.2
159.8
163.7
151.4
156.2
161.0
165.5
1986: m T....
IV '....
109.6
109.8
107.5
107.6
127.7
128.9
127.2
128.4
116.5
117.4
118.3
119.3
185.1
187.4
184.1
186.4
102.2
102.8
101.7
102.2
168.9
170.6
171.2
173.2
166.7
167.1
168.8
169.2
109.9
110.7
111.7
112.5
107.7
108.6
109.5
110.3
130.4
132.2
134.4
136.7
130.0
132.0
134.1
136.4
118.6
119.5
120.3
121.5
120.7
121.6
122.4
123.7
188.2
189.5
191.8
195.2
187.0
188.3
190.5
193.9
101.9
101.4
101.7
102.6
101.3
100.7
101.0
101.9
171.2
171.3
171.6
173.5
173.6
173.4
173.9
175.8
168.2
169.6
170.7
171.3
170.3
171.4
172.6
173.4
113.3
112.7
113.6
113.6
111.1
110.7
111.6
112.1
138.2
139.3
140.7
141.9
138.0
139.5
141.1
142.8
122.0
123.6
123.9
124.9
124.3
126.1
126.4
127.3
196.5
199.3
202.2
204.8
195.1
197.8
200.5
203.3
102.3
102.7
102.9
103.1
101.6
101.9
102.1
102.4
173.5
176.9
178.1
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
113.9
114.2
111.8
111.8
143.6
144.0
143.6
144.2
126.0
126.2
128.5
129.0
207.2
210.5
205.7
208.5
103.0
103.0
102.3
102.0
181.9
184.4
184.1
186.4
179.4
181.5
180.8
182.9
.. .
1985
1986
1987
1988
1982:
1983:
1984:
1985:
1987: I rr
n r.
m r....
IV ....
1988:
I'
n r.r
m r ....
IV ....
1989: I r
HP
Percent change; quarterly data at seasonally adjusted annual rates
1980
1981
1982
1983
1984
-0.3
1.5
-.7
2.4
2.6
-0.4
1.1
-.9
3.0
2.1
-1.1
2.1
31
4.2
8.4
12
1.7
-3.3
5.0
8.3
-0.8
.6
-2.4
1.8
5.7
07
.6
-2.4
2.0
6.0
10.5
9.3
7.5
3.8
4.1
10.5
9.5
7.4
4.0
3.9
26
-.9
1.2
.6
-.2
26
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
1985
1986
1.3
2.0
1.1
2.1
4.2
3.1
4.2
4.9
3.9
3.0
4.4
5.4
2.2
.8
3.0
3.1
2.6
.9
3.2
3.2
4.4
5.2
3.9
4.9
4.1
5.1
3.7
4.8
.8
3.3
.2
.8
.5
3.2
.1
.7
2.3
2.8
2.6
3.1
2.8
3.0
2.6
2.7
2.5
2.1
2.6
2.9
3.0
2.3
2.6
2.7
2.0
1.6
.9
.8
-.5
10.4
3.5
3.6
-1.2
9.8
3.1
3.5
-3.0
6.8
2.0
2.1
-3.1
8.1
2.2
2.7
4.1
5.7
3.5
6.3
4.6
4.4
3.5
5.8
2.8
1.6
.0
2.1
3.3
.3
.0
1.6
1.5
2.3
2.0
4.8
2.6
2.8
2.6
5.0
2.4
4.8
2.7
2.6
3.0
3.1
3.3
2.1
1987
1988
...
2.0
2.3
1.2
1.8
1982:
1983:
1984:
1985:
IV T ....
IV r ....
IV r ....
IV r....
2.6
3.3
1.5
1.5
1986:
HIr....
IV r ....
1987: I r r
n r.
r
m ....
iv
1988: I rr
n .r
ni
IV
1989: I r p
n
-1.7
.8
.3
.8
4.0
.7
3.7
2.5
3.2
2.5
3.4
4.6
5.0
4.6
5.0
2.2
2.1
2.2
2.1
6.4
4.2
6.5
4.7
4.9
1.0
5.1
1.0
.5
2.6
3.9
2.9
.4
3.3
3.6
2.7
4.7
5.6
6.7
7.1
5.2
6.1
6.6
7.0
4.3
2.9
2.7
4.1
4.8
2.8
2.9
4.2
1.9
2.7
4.8
7.4
1.4
2.7
4.8
7.3
-3.3
-2.0
1.1
3.6
-3.8
-2.1
1.1
3.5
1.4
.1
.9
4.3
1.0
-.6
1.2
4.5
2.5
3.4
2.6
1.4
2.8
2.5
3.0
1.7
2.7
-2.0
3.1
.2
3.0
-1.5
3.4
1.9
4.4
3.3
4.0
3.4
4.8
4.4
4.6
4.8
1.7
5.4
.9
3.2
1.8
5.9
1.2
2.8
2.8
5.9
5.8
5.2
2.7
5.5
5.5
5.9
-.8
1.3
1.0
.7
O
.9
.8
1.4
.1
8.1
2.6
5.0
-.3
7.1
2.0
3.9
1.5
5.1
4.1
4.8
1.0
4.3
3.2
5.9
1.0
.9
-1.3
.2
4.8
1.4
2.4
1.7
3.8
.4
3.8
1.5
4.8
6.6
4.8
5.5
-.6
.3
-.6
- .9
3.7
5.7
6.2
5.2
3.3
4.9
2.8
4.8
-1.6
1
Output refers to gross domestic product originating in the sector in 1982 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price index for all urban consumers.
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
16
NOTE,—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Data reflect revisions beginning 1986 of GNP and related items published July 27, 1989. In
addition, hours of labor input have been redefined as hours at the work site (rather than hours paid),
affecting all labor input series back to 1947 (1958 for nonfmaneial institutions); the labor input
series also reflect the regular benchmarking of nonagricultural establishment data in June 1989.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose in July and capacity utilization was unchanged; both had declined in June and May.
INDEX, 1977=100* (RATIO SCALE)
240
FINAL PRODUCTS
220
INDEX, 1977=100* (RATIO SCALE)
160
TOTAL INDUSTRIAL PRODUCTION
140
SPACE
EQUIPMENT
200
-
r
180
120
BUSINESS
EQUIPMENT
160
100 I l l l l l l l l l l
Illllllllll
Illllllllll
160
140
MANUFACTURING PRODUCTION
140
DURABLE'
«—»_
I—',/"*
-"-„ „ ._
.,
— C"
120
—
^
^-
r^
.-'-"'
CONSUMER
GOODS
Illllllllll Illllllllll iiMiiniii IIIUllllll
120
100
100
140
..\ .-
"-'
^-"'
PERCENT*
100
CAPACITY UTILIZATION RATE
(TOTAL INDUSTRY)
90
UTILITIES AND MINING PRODUCTION
120
_
-—„—
80 M
H "^
1
^~~\
-
100
70
Illllllllll llll|l|l||l Illllllllll Illllllllll Illllllllll
1989
1985
1987
1988
1986
1989
1985
•SEASONAUY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
Index,
1977 = 100
1977 proportion
1980
1981
1982
1983
1984
1985
1986
1987
1988
1988:
. ..
July
Sept
Oct
Nov
Dec
1989- Jan
Feb
Mar
Apr r
May r ..
June r.
July p
1
Output as percent of capacity.
Capacity utilization
rate, percent *
Industry production indexes, 1977 = 100
Total
industrial
production
Manufacturing
Percent
change
from year
earlier
Mining
Durable
Total
Utilities
Nondurable
Total
industry
Manufacturing
100.0
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
137.2
-1.9
2.2
-7.1
5.9
11.2
1.9
1.1
3.8
5.7
84.21
108.2
110.5
102.2
110.2
123.4
126.4
129.1
134.7
142.7
49.10
109.1
111.1
99.9
107.7
124.2
127.6
128.4
133.1
141.9
35.11
107.0
109.7
105.5
113.7
122.3
124.6
130.1
136.8
143.9
9.83
112.4
117.5
109.3
102.9
111.1
108.9
100.4
100.7
103.4
5.96
107.3
107.1
104.8
105.2
110.7
111.1
108.5
110.3
114.3
80.9
79.9
72.1
74.6
81.0
80.4
79.4
80.7
83.3
79.3
78.2
70.3
73.9
80.5
80.1
79.7
81.1
83.5
138.0
138.5
138.6
139.4
139.9
140.4
5.7
5.5
5.7
5.2
5.1
4.9
143.6
144.0
144.4
145.3
145.8
146.3
142.9
143.2
143.8
144.6
145.2
145.7
144.6
145.1
145.3
146.3
146.7
147.1
104.3
103.8
103.7
103.1
104.7
104.9
114.4
117.8
113.0
113.9
113.7
115.4
83.7
83.8
83.7
84.0
84.1
84.3
84.0
84.0
84.0
84.3
84.4
84.4
140.8
140.5
140.7
141.7
141.6
141.4
141.7
4.8
4.5
4.4
4.7
4.0
3.6
2.7
147.2
146.8
147.0
148.0
148.0
148.1
148.3
146.2
145.9
145.8
146.9
146.9
146.8
146.7
148.5
148.1
148.6
149.6
149.6
149.9
150.6
103.0
100.9
101.5
102.4
101.6
100.4
100.7
114.0
116.5
117.5
117.1
116.3
114.9
115.8
84.3
83.9
83.8
84.2
83.9
83.6
83.6
84.7
84.3
84.1
84.5
84.2
84.0
83.9
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977 = 100; monthly data seasonally adjusted]
Materials
Products
Intermediate products
Final products
Equipment
Consumer goods
Period
Total
Total
1980
1981
1982
1983
1984
1985
1986 .
1987
1988.
1988:
July
Sept
Oct
Nov
Dec
1989- Jan
Feb
Mar
Apr r
May r
July"
1
44.77
112.2
115.2
109.5
114.7
127.3
131.0
132.5
136.8
144.3
25.52
102.7
104.1
101.4
109.3
118.0
119.8
124.0
127.8
133.9
145.0
145.8
145.8
146.4
146.8
147.7
134.2
135.0
134.8
136.4
136.8
138.2
148.2
148.6
148.9
150.2
150.5
150.7
150.6
138.5
138.7
138.4
139.5
139.3
139.4
138.9
Durable
goods
Nondurable goods
6.89
88.4
89.7
82.9
98.5
112.2
112.5
115.6
120.2
125.3
125.3
125.7
126.3
129.3
129.2
131.9
131.5
131.6
130.1
132.2
131.2
130.5
127.2
18.63
108.1
109.3
108.3
113.3
120.1
122.5
127.1
130.6
137.1
19.25
124.7
129.9
120.2
121.7
139.6
145.8
143.6
148.9
158.2
137.5
138.5
138.0
139.0
139.7
140.5
141.1
141.4
141.4
142.2
142.2
142.7
143.3
159.4
160.1
160.4
159.7
159.9
160.4
161.1
161.6
162.8
164.3
168.5
165.5
166.0
Total '
Business
14.34
125.1
127.6
113.6
115.4
134.2
140.2
139.5
144.5
157.6
159.3
160.2
160.8
160.2
161.2
162.6
163.8
165.0
166.3
167.8
168.9
168.9
169.3
Defense
and
space
equipment
3.67
115.4
119.8
133.0
143.1
156.4
171.4
182.0
188.9
185.8
184.9
184.9
184.5
184.0
182.2
180.5
180.0
179.3
178.7
179.9
180.7
181.1
181.7
Total
12. 94
106.9
107.3
101.7
111.2
124.7
129.3
136.2
143.4
151.5
151.6
152.3
152.9
154.0
154.2
155.0
156.6
155.1
156.1
156.5
156.2
156.1
156.4
Construction
supplies
Business
supplies
Total
Energy
5.95
100.6
98.6
88.3
100.6
114.0
119.2
126.4
131.5
138.6
6.99
112.3
114.7
113.1
120.3
133.8
137.9
144.6
153.5
162.5
42.28
105.3
107.7
96.7
102.8
114.2
114.3
113.8
118.2
125.2
11.69
105.5
104.7
101.2
98.4
103.9
103.3
99.7
99.8
101.5
138.4
138.1
138.4
140.0
140.7
141.4
162.8
164.4
165.2
165.9
165.7
166.7
126.4
126.5
126.5
127.5
128.3
128.3
102.7
103.2
101.5
101.3
102.3
102.6
142.3
139.5
139.3
140.2
139.3
139.8
139.3
168.8
168.4
170.4
170.4
170.6
170.0
128.1
127.4
127.3
128.2
127.7
127.2
127.8
100.5
100.5
101.0
101.7
100.8
98.9
99.1
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1977 = 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Transportation
equipment
Primary metals
Period
Total
1977 proportion
1980
1981
1982
1983
1984
1985
1986
1987
1988.
1988:
July..
Aue
Sept.
1989:
Oct
Nov
Dec
Jan
Feb
Mar .
Apr T
May r
June r
July11
5.33
90.4
95.0
65.8
73.0
82.3
80.4
75.1
81.3
89.2
91.5
90.8
93.1
94.2
92.7
90.0
93.2
91.1
88.4
90.1
86.9
87.3
88 8
Source: Board of Governors of the Federal Reserve System.
18
Iron and
steel
3.49
86.3
92.5
57.5
66.1
73.4
70.4
63.4
70.6
78.1
80.2
78.9
81.4
83.1
80.8
77.6
82.2
79.1
75.9
77.0
73.2
ISA
Fabricated
metal
products
Nonelectrical
machinery
6.46
101.8
101.6
86.6
89.1
102.6
107.1
108.0
111.0
120.9
9.54
123.3
129.8
115.6
118.3
141.8
146.2
145.0
152.7
170.8
121.7
122.1
122.5
122.6
124.6
125.1
173.1
174.1
174.8
173.8
175.4
177.8
124.5
124.5
123.8
123.1
124.7
124.6
124.9
178.7
180.8
183.0
184.7
186.5
186.6
187.6
Electrical
machinery
7.15
130.3
134.1
128.4
143.8
170.5
168.3
165.7
172.3
180.1
181.5
182.2
181.8
183.0
182.2
180.9
180.9
181.7
181.6
182.2
181.1
181.1
180.9
Total
Motor
vehicles
and
parts
Lumber
and
products
Apparel
products
ing
and
publishing
Chemicals
and
products
Foods
9.13
96.9
95.1
87.6
99.2
112.2
122.8
127.5
129.2
132.1
5.25
71.1
71.6
66.8
85.8
104.4
111.9
111.5
111.8
117.2
2.30
92.9
90.1
82.8
100.2
109.1
114.3
124.1
130.3
137.3
2.79
97.3
96.1
87.3
95.3
102.7
100.4
103.1
107.4
109.1
4.54
115.1
118.6
120.2
129.8
146.5
151.4
160.9
172.1
184.2
8.05
106.4
112.6
103.8
114.0
121.6
126.4
132.0
140.2
151.9
7.96
111.4
113.7
114.9
120.4
126.9
130.5
134.4
137.8
142.7
131.9
131.8
132.7
134.8
135.2
136.8
116.6
117.5
118.5
121.7
122.9
125.5
136.6
133.8
133.5
137.5
139.4
143.0
109.4
108.9
109.9
109.5
110.1
108.8
184.9
186.7
188.0
188.1
188.5
188.0
153.4
154.8
155.3
156.7
157.5
158.1
143.3
143.3
143.2
144.0
145.7
145.8
136.7
136.4
134.8
136.4
135.5
134.3
132.0
124.9
123.4
120.4
122.0
119.7
116.5
110.8
139.9
132.8
133.4
135.1
134.7
135.6
110.2
110.2
109.9
111.3
111.6
193.0
194.6
198.5
200.1
199.4
199.5
200 2
159.0
158.5
159.2
159.3
158.4
159.1
146.6
146.3
145.4
146.6
147.4
147.6
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
Period
Total new
construction
expenditures
Federal,
State, and
local
Residential
Commercial
Total
New housing
units
Total '
and
industrial 2
Other
Total value
index
(1982=100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
253.0
252.8
261.3
248.0
282.4
329.6
356.6
387.0
397.7
409.7
1979...
1980
1981....
1982
1983.
1984
1985...
1986
1987....
1988
201.3
194.3
204.7
194.3
228.7
271.9
292.6
315.3
320.1
328.7
89.3
69.6
69.4
57.0
94.6
113.8
114.7
133.2
139.9
138.9
116.4
100.4
99.2
84.7
125.5
153.8
158.5
187.1
194.7
198.1
42.0
46.7
55.0
58.7
53.8
68.6
82.7
78.0
76.5
79.8
42.8
47.2
50.5
50.9
49.3
49.4
51.4
50.2
48.9
50.8
109
97
100
100
124
136
150
158
164
161
51.7
58.5
56.5
53.7
53.8
57.7
64.1
71.7
77.6
80.9
Annual rates
Annual rates
1988- June
July
Sept
Oct
Nov
Dec
1989- Jan
Feb
Mar
May '
June ".
July"
1
2
3
1,059
904
919
690
756
955
1,097
1,016
1,019
942
408.7
410.7
408.1
411.5
411.1
415.4
425.0
328.0
328.1
329.2
329.8
331.4
332.8
336.3
196.2
196.8
197.6
198.3
200.8
202.0
202.5
137.5
137.0
137.0
138.0
139.8
141.9
143.3
82.0
81.4
80.6
79.7
79.1
78.8
80.6
49.9
49.9
51.0
51.9
51.5
51.9
53.2
80.8
82.5
78.9
81.7
79.7
82.6
88.8
169
160
162
157
164
158
163
904
954
905
880
841
839
942
424.8
418.5
419.2
415.8
418.2
414.7
339.5
335.0
340.4
335.4
333.5
334.0
204.7
202.3
204.5
204.0
200.2
197.9
145.6
145.3
143.2
142.0
138.3
136.6
82.5
81.1
84.2
79.4
80.3
82.7
52.2
51.6
51.8
52.0
53.0
53.4
85.3
83.4
78.7
80.4
84.7
80.6
155
148
150
163
159
157
163
943
850
856
836
905
938
933
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information System
Company, F.W. Dodge Division.
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Period
Units started, by type of structure
Total
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1 unit
1,194.1
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
2-4 units
122.0
109.5
91.1
80.0
113.5
121.4
93.4
84.0
65.3
58.8
5 or more units
429.0
330.5
287.7
319.6
522.0
544.0
576.1
542.0
408.7
348.0
Units
authorized
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
Units
completed
Homes sold
Homes for
sale at end of
period i
3
397
337
275
253
301
353
346
357
365
366
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
709
545
436
412
623
639
688
750
671
676
701
712
691
718
650
669
365
363
361
353
364
366
700
621
555
r
607
646
646
739
369
375
377
377
381
379
371
1,870.8
Vacancy rate
for rental
housing units
(percent) 2
5.4
5.4
5.0
5.3
5.7
5.9
6.5
7.3
7.7
7.7
Seasonally adjusted annu al rates
1988- July
Sept
Oct
Nov
Dec
1989-
Jan
Feb
Mar
July
p
1
1,478
1,459
1,463
1,532
1,567
1,577
1,067
1,076
1,039
1,136
1,138
1,141
50
59
62
63
68
65
361
324
362
333
361
371
1,425
1,466
1,432
1,526
1,508
1,518
1,528
1,539
1,536
1,516
1,429
1,539
1,678
1,465
1,409
1,343
1,308
1,419
1,430
1,199
1,029
981
1,029
977
979
1,041
66
62
50
62
42
56
59
413
374
378
252
289
384
330
1,486
1,403
1,230
1,334
1,347
1,308
1,281
1,537
1,610
1,459
r
1,552
1,441
1,332
Seasonally adjusted.
Quarterly data entered in last month of quarter, i eries beginning 1979 not strictly comparable
with earlier data.
3
New series beginning March 1979.
2
r
7.8
7.3
7.3
7.3
NOTE. — Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In June, manufacturing and trade sales fell 0.4 percent and inventories rose $3.1 billion. In July, according to
advance data, retail sales rose 0.9 percent, following a decline of 0.1 percent in June.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
800
240
-
^_^—- -^
700
-
220
,^~*~1^
200
MAN UFACTURIN 3 AND
TR/kDE INVENTC>RIES
600
-
180
"RETAIL INVENTORIES
160
500
-
* *
y-\"
*
_ s~~~
140
-
M*NUFACTUR WAt -JD TRADE S/ UES
400
120
-
• RETAIL SALES-
100
Illllllllll
300
RATIO*
1.80
-
_ INVENTORY-SALES RATIO
1.60
r^vv '^z^^ ^T-
1.40
1985
miilum
1986
Illllllllll Illllllllll
1987
1988
1 1 11 1111 111
1.00
1989
iiiniiiiii
1986
1985
T 1 111111 11 1
1987
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufacturing and
trade '
Period
x~~ -
MANUFACTURING
AND TRADE
-
1.20
imiliim iimliim
' * -'" .. -
»»
!TV..--V.'
200
RETA|L
1 1 111111 1j f
1988
iiii|liiiu
1989
COUNCIL OF ECONOMIC ADVISERS
Inventory-sales ratio 4
Eetail
Wholesale
Inventories 3
Sales 2
Inventories 3
Sales a
Inventories 3
Sales 2
348,747
368,813
407,869
418,151
423,700
449,536
485,756
574,491
590,358
644,306
655,066
653,853
700,761
753,718
96,290
100,244
113,195
114,315
115,677
123,581
132,361
128,196
130,334
142,380
146,745
152,447
162,648
178,313
486,226
486,102
. .. 492,491
492,478
498,846
501,400
506,186
724,515
729,903
737,562
744,054
743,544
746,756
753,718
132,285
133,833
134,726
135,332
138,087
137,239
136,170
172,079 135,060
174,581 " 135,571
176,368 136,050
176,972 135,751
177,408 137,842
177,060 139,529
139,189
178,313
511,881
507,328
507,555
517,745
518,088
515,769
759,803
763,051
765,504
771,340
778,093
781,171
140,356
139,547
139,991
142,290
142,474
142,046
179,761
179,810
179,681
181,226
182,615
182,737
Total
Durable
goods
stores
Manufacturing
and
trade '
Retail
Total
Durable
goods
stores
Nondurable goods
stores
61,093
64,754
68,985
72,434
74,802
79,077
83,384
134,468
147,377
167,159
180,825
185,224
206,981
221,242
61,469
68,984
79,257
88,608
90,477
106,271
114,994
72,999
78,393
87,902
92,217
94,747
100,710
106,248
1.67
1.56
1.53
1.55
1.55
1.51
1.50
1.49
1.44
1.49
1.53
1.56
1.56
1.57
82,688
83,344
84,119
84,324
85,117
85,599
85,035
210,473
211,534
215,396
219,297
216,724
218,093
221,242
106,869
107,443
110,146
114,303
111,689
112,904
114,994
103,604
104,091
105,250
104,994
105,035
105,189
106,248
1.49
1.50
1.50
1.51
1.49
1.49
1.49
1.56
1.56
1.58
1.62
1.57
1.56
1.59
86,225
86,357
86,630
87,512
88,404
T
88,785
89,160
222,584
224,185
224,693
226,656
230,423
231,888
115,704
116,169
115,993
117,093
118,835
119,548
106,880
108,016
108,700
109,563
111,588
112,340
1.48
1.50
1.51
1.49
1.50
1.51
1.59
1.61
1.61
1.60
1.62
1.63
Nondurable goods
stores
Millions of dollars, seasonally adjusted
1982
1983
1984.
1985
1986
1987
1988.
1988: June r
July
AUE .
Sept
Get
Nov
Dec
1989' Jan
Feb
Mar
Apr
May r
June "
July ".
1
2
3
r
See page 21 for manufacturing.
Monthly average for year and total for month.
End of period.
20
89,107
97,328
106,805
113,821
119,663
126,785
135,763
140,040
139,428
139,516
141,413
142,543
r
142,440
143,731
28,013
32,574
37,819
41,387
44,861
47,707
52,379
r
52,372
52,227
51,931
51,427
52,725
53,930
54,154
53,815
53,071
52,886
53,901
54,139
' 53,655
54,571
4
r
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In June, manufacturers' shipments fell while inventories and orders rose. In July, according to advance data,
durable goods shipments and new orders fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
280
240
440
400
360
200
TOTAL
INVENTORIES
,—•—
"k
TOTAL
280
160
.— —
,_
DURABLE GOODS
200
120
^ GOO OS
DL1 RABLE
160
80
NONDURABLE GOODS
120
— v~
60
NONDURABLE C5OODS
Illllllllll
80
BILLIONS OF DOLLARS* (RATIO SCALE)
60,
NEW ^PDEPS
240
MM, In,,,
^-^—i
200
-r \
|
Illllllllll
Illllllllll
Illllllllll Illllllllll
RATIO *
2.20
^^
TOTAL
INVENTORY-SHIPMENTS RATIO
160
1
DURABLE GOODS
120
__
A...^-''
•».^...
- ._--
J .-"'U--"t"1
2.00
-
1.80
1.60
80
r^^"
^
1.40 ^
60
Illllllllll
iiintiiiii imiimii
1985
1986 1987
Illllllllll Illllllllll
1.20
M 1 I 1 1 1 I t 1 11 1 1 1 1 1 1 1 [ H 1 1 M 1 1 I \ | | I
1985
1989
1988
1987
1986
mill
1988
SEASONALLY ADJ USTED
OURCE; DEPARTM ENT OF COMMERCE
.
Manufacturers' new orders 1
Manufacturers' inventories 2
Durable goods
Total
Durable
goods
1989
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments l
Period
1 1 1 11 111 1 1 1
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable goods
Manufacturers'
unfilled
orders 2
83,935
86,522
91,209
91,075
88,497
94,197
101,993
314,270
349,419
372,586
383,181
387,065
421,243
468,860
102,648
103,765
104,203
103,348
104,304
105,118
106,737
443,357
446,536
451,830
453,103
457,281
460,802
468,860
107,596
107,199
107,634
110,535
110,229
110,021
473,450
476,403
481,366
487,231
487,913
491,884
Manufacturers'
inventory —
shipments
ratio 3
Millions of dollars, seasonally adjusted
1982 .
1983
1984. .
1985
1986.
1987
1988
1988: June
July
Autr
Sept
Oct
Nov
1989:
Dec
Jan
Feb .. .
Mar
Apr
May '
June '
July p
1
2
163,350
171,242
187,869
190,016
188,360
199,170
217,632
218,881
216,698
221,715
221,395
222,917
224,632
230,827
231,485
228,353
228,048
234,042
233,071
231,283
79,352
84,956
96,623
99,019
99,989
105,291
115,684
116,522
113,122
117,866
118,030
118,439
119,874
124,175
123,578
120,924
120,432
123,331
122,962
r
!21,771
118 161
83,998
86,286
91,246
90,996
88,371
93,879
101,948
102,359
103,576
103,849
103,365
104,478
104,758
106,652
107,907
107,429
107,616
110,711
110,109
109,512
311,827
312,647
334,767
327,496
316,182
331,132
354,163
200,825
200,406
218,771
214,066
208,313
216,598
233,666
111,002
112,241
115,996
113,430
107,869
114,534
120,497
162,273
174,122
189,791
190,918
188,663
201,966
221,627
78,338
87,600
98,581
99,843
100,166
107,770
119,634
341,963
343,788
345,798
347,785
349,412
351,603
354,163
357,458
359,056
361,130
363,458
365,055
366,546
224,000
225,467
226,600
228,214
229,735
231,766
233,666
236,810
238,165
239,330
240,486
241,689
242,312
117,963
118,321
119,198
119,571
119,677
119,837
120,497
228,090
219,877
227,009
222,669
227,095
228,153
238,886
125,442
116,112
122,806
119,321
122,791
123,035
132,149
21,661
22,098
26,243
27,067
26,551
29,707
35,028
35,458
36,213
38,808
34,858
34,623
35,825
39,432
120,648
120,891
121,800
122,972
123,366
124,234
128,479
236,075
124,107
231,306
125,377
233,011
129,372
239,907
123,524
233,753
235,254 " 125,233
122,896
40,352
37,189
38,137
40,389
37,290
r
39,179
41,142
Monthly average for year and total for month. Shipments are the same as sales.
End of period.
3
1.95
1.80
1.74
1.74
1.70
1.62
1.58
1.56
1.59
1.56
1.57
1.57
1.57
1.53
1.54
1.57
1.58
1.55
1.57
1.58
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In July, the producer price index for all finished goods fell 0.4 percent. Prices of finished consumer foods rose 0.1
percent and prices of other finished consumer goods fell 0.9 percent. Capital equipment prices were unchanged.
INDEX, 1982=100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
120
SEASONALLY ADJUSTED
FINISHED GOODS PRICES
120
/-|~>M«I UACD
CONSUMER
FOODS
/'>•..
CAPITAL EQUIPMENT
/**
/
110
_,--, •""'
&z£^\''^-^S../'-v
c*""l^S2«i
^^
—
100
"'
—/
/
/
*
^ *./
110
\
sf^
^C^ ^..
TOTAL ;
—
^ —r~~~
\
100
v
* "\ *..' 'CONSUMER
\ '
C»OODS
"*"
fS
—
EXCLUDING F OODS
/
90
90
—
—
80
80
Illllllllll
Illllllllll
Illllllllll
1981
1982
1983
iiiiiiiiin niiiiiiiii
1984
Illllllllll
||||ll|llll Illllllllll Illllllllll
1986
1985
1987
1988
SOURCE. DEPARTMENT OF LABOR
1989
COUNCIL OF ECONOMIC ADVISER:
[1982 = 100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Total
finished
consumer
goods
Total
Nondurable
Capital
equipment
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Consumer goods
Total
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1988- July
Aue:
Sept
Oct
Nov
Dec
1989- Jan
Feb
Mar r
May
July
1
Foodstuffs
Foods
and
Other
Total
and
Other
feedstuffs
feeds '
88.0
96.1
100.0
101.6
103.7
104.7
103.2
105.4
108.0
92.4
97.8
100.0
101.0
105.4
104.6
107.3
109.5
112.6
86.7
95.6
100.0
101.8
103.2
104.6
101.9
104.0
106.5
87.1
96.1
100.0
101.2
102.2
103.3
98.5
100.7
103.1
91.0
96.4
100.0
102.8
104.5
106.5
108.9
111.5
113.8
85.1
95.8
100.0
100.5
101.1
101.7
93.3
94.9
97.3
85.8
94.6
100.0
102.8
105.2
107.5
109.7
111.7
114.3
88.6
96.6
100.0
101.3
103.3
103.8
101.4
103.6
106.2
90.3
98.6
100.0
100.6
103.1
102.7
99.1
101.5
107.1
105.5
104.6
100.0
103.6
105.7
97.3
96.2
99.2
109.5
89.4
98.2
100.0
100.5
103.0
103.0
99.3
101.7
106.9
95.3
103.0
100.0
101.3
103.5
95.8
87.7
93.7
96.0
104.6
103.9
100.0
101.8
104.7
94.8
93.2
96.2
106.1
84.6
101.8
100.0
100.7
102.2
96.9
81.6
87.9
85.5
108.2
108.5
109.1
109.2
109.5
109.9
112.9
113.6
114.6
114.7
115.1
115.2
106.6
106.9
107.3
107.4
107.7
108.2
103.3
103.5
103.7
103.8
104.1
104.7
113.9
114.5
115.1
115.0
115.0
115.4
97.6
97.6
97.6
97.8
98.3
98.9
114.3
114.7
115.7
115.6
115.8
116.2
106.5
106.8
107.3
107.4
107.8
108.2
107.9
108.2
108.6
108.6
109.0
109.5
115.9
114.9
115.3
115.1
113.2
112.3
107.4
107.8
108.2
108.3
108.8
109.4
96.6
97.2
97.1
96.6
94.8
97.8
108.3
110.9
113.1
113.4
108.8
110.8
85.2
84.4
83.1
82.0
82.1
85.6
111.1
112.1
112.6
113.1
114.1
114.0
113.5
116.7
117.8
118.8
118.2
119.2
118.2
118.3
109.3
110.1
110.5
111.4
112.4
112.6
111.9
106.0
107.1
107.5
109.0
110.2
110.1
109.1
116.3
116.9
117.0
116.3
117.2
117.4
117.1
100.4
101.6
102.2
104.5
105.8
105.6
104.3
116.9
117.4
117.5
117.4
117.9
118.7
118.7
109.5
110.6
111.2
112.0
113.2
112.8
112.1
110.8
111.3
111.9
112.5
112.6
112.4
112.2
115.2
114.8
116.7
115.2
113.6
111.8
113.6
110.5
111.1
111.7
112.3
112.6
112.4
112.1
101.8
101.5
103.7
104.2
105.1
103.0
103.2
113.3
111.7
115.2
111.9
112.3
109.4
108.2
90.2
90.7
92.1
94.8
96.0
94.5
95.4
Intermediate materials for food manufacturing and feeds.
22
Durable
Crude materials
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In July, the consumer price index for all urban consumers rose 0.2 percent, seasonally adjusted and not seasonally
adjusted. The index was 5.0 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
V
100
100
90
90
80
80
70
70
III
60
1981
111
1982
1983
1984
1985
Hill Illlll
1987
1986
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
60
1989
1988
COUNCIL OF ECONOMIC ADVISERS
[1982-84 = 100, except as noted; monthly data seasonally adjusted, except as noted]
All items *
Transportation
Housing
Motor
fuel
Medical
care
Bner-
Total *
New
cars
gy 2
All
items
less
food,
shelter,
and
energy
6.4
90.9
95.3
97.8
100.2
102.1
105.0
105.9
110.6
115.4
17.2
83.1
93.2
97.0
99.3
103.7
106.4
102.3
105.4
108.7
4.3
88.4
93.7
97.4
99.9
102.8
106.1
110.6
114.6
116.9
3.1
97.4
108.5
102.8
99.4
97.9
98.7
77.1
80.2
80.9
6.0
74.9
82.9
92.5
100.6
106.8
113.5
122.0
130.1
138.6
7.3
86.0
97.7
99.2
99.9
100.9
101.6
88.2
88.6
89.3
48.7
80.6
88.3
95.1
100.0
105.0
109.0
112.7
117.0
121.9
Shelter
Period
Not
seasonally
adjusted
(NSA)
Seasonally
adjusted
Rel. imp.3.... 100.0
1980
82.4
1981
909
1982
96.5
1983
1984
1985
1986
1987
1988
1988:
July
Aue
Sept
Oct.. .
Nov
Dec....
1989:
Jan
Feb
Mar
Apr
May..
July ... .
1
996
103.9
1076
109.6
113.6
118.3
Food
Total '
Total
Renters'
costs
(Dec.
1982 =
100)
Homeowners'
costs
(Dec.
1982 =
100)
16.2
86.8
93.6
97.4
99.4
103.2
105.6
109.0
113.5
118.2
42.3
81.1
90.4
96.9
99.5
103.6
107.7
110.9
114.2
118.5
27.8
81.0
90.5
96.9
99.1
104.0
109.8
115.8
121.3
127.1
7.9
19.7
103.0
108.6
115.4
121.9
128.1
133.6
102.5
107.3
113.1
119.4
124.8
131.1
0.2
82.4
90.7
96.4
99.9
103.7
106.5
107.9
111.8
114.7
Fuel
and
other
utilities
Apparel and
upkeep
7.6
75.4
86.4
94.9
100.2
104.8
106.5
104.1
103.0
104.4
118.5
119.0
119.8
120.2
120.3
120.5
118.6
119.0
119.5
120.0
120.3
120.7
118.9
119.5
120.3
120.6
120.8
121.2
118.5
118.9
119.3
119.6
120.1
120.6
127.0
127.6
128.1
128.3
128.9
129.4
133.4
133.8
133.8
134.1
134.2
134.9
131.2
131.9
132.5
132.7
133.5
133.9
114.5
115.0
115.3
115.0
115.4
115.8
104.0
104.0
104.4
105.1
105.5
106.3
115.7
113.9
116.0
117.4
117.4
117.7
108.7
109.6
109.7
110.1
110.4
110.4
116.7
117.0
117.7
117.8
117.9
118.1
81.3
82.8
82.0
81.3
81.1
79.7
139.4
140.0
140.7
141.6
142.2
142.9
88.9
89.5
89.3
89.2
89.5
89.2
122.2
122.4
123.0
123.8
124.2
124.6
121.1
121.6
122.3
123.1
123.8
124.1
124.4
121.4
121.9
122.5
123.3
124.0
124.2
124.5
122.1
122.6
123.6
124.2
125.0
125.3
125.7
120.9
121.3
121.7
121.8
122.3
122.6
123.3
129.7
130.3
131.1
131.2
131.8
132.3
133.2
135.2
136.4
138.2
137.3
137.3
138.1
140.2
134.2
134.7
135.1
135.6
136.5
136.9
137.5
116.1
117.1
117.1
117.3
117.4
118.3
118.4
106.9
106.7
106.9
107.4
107.6
107.1
107.6
117.7
117.5
119.1
119.4
120.4
119.1
118.1
111.2
111.9
112.6
115.0
116.1
115.9
115.2
118.9
119.3
119.7
119.8
119.6
119.3
118.8
80.5
81.8
83.6
93.0
96.6
95.4
93.3
144.0
145.2
145.9
146.6
147.6
148.7
149.8
89.9
90.4
91.4
96.1
97.6
96.6
95.9
125.4
125.8
126.3
126.6
127.2
127.4
127.6
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
also included through 1982.
3
Relative importance, December 1988.
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.
23
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
Capital
equipment
Excluding foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Poods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
1980
1981
1982
1983
1984
1985
1986
1987
1988
11.8
7.1
3.6
.6
1.7
1.8
2.3
2.2
4.0
14.1
8.6
4.2
-.9
.8
2.1
-6.6
4.1
3.1
7.5
1.5
2.0
2.3
3.5
.6
2.8
2
5.7
13.4
9.2
4.1
1.6
2.1
1.0
-1.4
2.1
2.5
11.4
9.2
3.9
2.0
1.8
2.7
2.1
1.3
3.6
Change, month to month
1988- July
Aug
Sept
Oct
Nov
Dec
1989- Jan
Peb
Mar '
May
0.6
.3
.6
.1
.3
.4
0.7
.6
.9
.1
.3
.1
0.6
.2
.2
.1
.3
.6
1.1
.9
.4
.4
.9
-.1
1.3
.9
.8
-.5
.8
-.8
.1
1.2
1.0
.4
1.4
1.1
-.1
-.9
A
July
0.3
.3
.9
\
.2
.3
.6
.4
.1
-.1
.4
.7
0
4.2
4.2
5.7
3.7
3.7
3.0
8.6
8.9
9.2
6.5
5.4
2.1
2.4
2.4
4.0
2.0
2.3
3.9
3.2
3.6
6.1
4.6
3.9
1.7
3.4
4.0
4.4
4.0
3.9
4.3
4.6
6.7
7.4
7.6
7.1
5.6
3.2
3.2
3.0
2.2
2.3
3.9
2.7
2.8
4.5
3.9
3.7
3.9
2.5
2.6
2.7
3.0
3.3
4.0
7.1
9.8
10.2
7.4
7.3
5.1
1.4
7.2
9.7
13.1
5.2
4.8
2.0
8.8
12.0
11.1
11.8
12.1
10.0
.4
4.6
5.6
4.6
1.7
1.7
4.1
4.5
5.4
6.7
6.5
7.3
8.6
7.6
4.4
6.8
7.5
7.5
6.2
7.3
5.3
2.8
5.3
7.1
7.5
10.3
12.1
10.6
5.9
4.6
4.8
3.1
3.1
3.7
4.3
3.1
4.5
5.3
5.5
5.6
6.2
5.9
5.0
.3
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing
Transportation
Shelter
Period
All
items '
Food
Total '
Total1
Kenterg'
costs
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
New
cars
Total '
Motor
fuel
Medical
care
Ener-
gy2
All
items
less
food,
shelter,
and
energy
Addendum: All items, percent change
(annual rate)
From
previous
quarter s
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
12.5
8.9
3.8
3.8
3.9
3.8
1.1
4.4
4.4
10.2
4.3
3.1
2.7
3.8
2.6
3.8
3.5
5.2
13.7
10.2
3.6
July
Aug
Sept
Oct
Nov
Dec
0.4
.3
.4
.4
.3
.3
Jan
Feb
Mar
.6
.4
.5
.7
.6
.2
.2
1980
1981
1982
1983
1984
1985
1986
1987
1988
3.5
4.3
4.3
1.7
3.7
4.0
15.0
9.9
2.4
4.7
5.2
6.0
4.6
4.8
4.5
5.1
5.9
6.3
5.0
3.9
3.9
4.5
5.1
5.9
4.6
5.3
4.7
0.9
.5
.7
.2
.2
.3
0.3
.3
.3
.3
.4
.4
0.2
.5
.4
.2
.5
.4
0.3
.3
0
.2
.1
.5
0.3
.5
.5
.2
.6
.3
0.1
0
.4
.7
.4
.8
-0.2
-1.6
1.8
1.2
0
.3
.7
.4
.8
.5
.6
.2
.3
.2
.3
.3
.1
.4
.2
.6
.2
.5
.6
.1
.5
.4
.7
.2
.9
1.3
-.7
0
.6
1.5
.2
.4
.3
.4
.7
.3
.4
.6
-.2
.2
.5
.2
-.5
.5
0
— .2
1.4
.3
.8
— 1.1
-.8
13.8
14.4
9.7
1.8
4.2
1.8
-5.6
1.6
2.9
6.8
3.5
1.6
2.9
2.0
2.8
.9
4.8
4.7
14.6
10.9
1.8
3.9
3.1
2.6
59
6.1
3.0
7.4
6.8
1.5
3.4
2.5
3.4
5.9
1.8
2.1
18.8
9.4
-6.5
-1.7
-2.4
3.1
30 7
18.7
-2.1
9.9
12.5
11.0
6.4
6.1
6.8
7.7
5.8
6.9
18.0
11.9
1.3
-.5
.2
1.8
19 7
8.2
.5
9.8
9.4
6.1
5.0
4.3
3.7
3.3
3.8
4.7
0.3
.8
.1
.4
.3
0
0.1
.3
.6
.1
.1
.2
0.5
1.8
-1.0
0.7
.4
.5
.6
.4
.5
0.2
.7
-.2
— .1
.3
3
0.3
.2
.5
.7
.3
.3
.7
.6
.6
2.1
1.0
-.2
-.6
.7
.3
.3
.1
-.2
-.3
-.4
.8
.8
.5
.5
.7
.7
.7
.8
.6
1.1
5.1
1.6
-1.0
7
.6
.3
.4
.2
.5
.2
.2
13.5
10.3
6.2
3.2
4.3
3.6
1.9
3.6
4.1
Change, month to month
1988:
1989:
May
June
July
1
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—-and motor fuel. Motor oil, coolant, etc.,
also included through 1982.
2
24
3
Q
2
-1.7
1.0
1.6
2.2
11.2
3.9
-1.2
-2.2
4.4
5.4
6.4
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
4.5
4.8
4.8
4.4
4.1
4.4
4.7
4.9
4.8
4.5
4.5
4.1
4.0
4.2
4.2
4.2
4.4
4.7
5.4
6.1
6.4
7.1
5.7
4.0
4.8
4.9
5.1
5.6
6.2
5.9
5.2
4.7
4.8
5.0
5.1
5.4
5.2
5.0
4.9
4.5
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in July were 0.7 percent below their June level. Prices paid by farmers in July were 0.6
percent above their April level. (Data are not seasonally adjusted.)
INDEX, 1977 =100 (RATIO SCALE)
INDEX, 1977= 100 (RATIO SCALE)
180
180
160
160
PRICES PAID
140
140
120
120
PRICES RECEIVED
100
100
80
80
Illlll
60
RATION
140
120
100
80
60
Ill
lll
lllll
lll
I II I Illlll II Mil 60
RATIO-^
140
-
120
r
~~—^^|—~~~-^-
-
Illllllllll
1981
100
KAIIU
— —-—11
—1
~
~
-
Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll I l l l l l l l l l l Illllllllll Illllllllll
1983
1982
1984
1985
1986
1987
1988
80
60
1989
I/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977 = 100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
1981
1982
1983
1984
1985
1986 ...
1987
1988....
1988:
July
Sept
Oct
Nov
Dec
1989: Jan
Feb
M&r
Apr
MayJ
T
June
July
1
All farm
products
Livestock and
products
Crops
139
133
135
142
128
123
126
138
142
144
144
143
144
145
149
148
149
147
149
147
146
134
121
128
138
120
107
106
126
137
136
135
133
136
136
140
138
136
140
141
138
134
Includes items not shown separately.
2
Percentage ratio of index of prices received by fanners to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986. prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
All commodities,
services,
interest, taxes,
and wage rates 1
Production
items, interest,
taxes, and wage
rates
Production
items
143
145
141
146
136
138
146
150
147
152
153
152
151
154
150
159
161
164
162
159
161
170
172
151
158
159
161
156
150
151
160
162
148
153
152
155
151
144
147
157
159
173
163
162
158
158
161
154
156
157
156
175
166
163
177
167
165
178
167
165
Ratio 2
92
84
84
87
79
77
79
81
83
84
84
83
83
84
85
85
85
83
84
83
82
NOTE. — The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977 — 100 base to facilitate comparison with other indexes,
bource: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Ml rose in July after declining for four months; growth in the broader aggregates accelerated in July.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
4,000
4,000
3,600
3,200
3,200
2,800
2,800
2,400
2,400
M2
2,000
2,000
1,600
1,600
1,200
1,200
600
400
1984
1985
1986
1987
1988
• AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
1989
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Percent change from year or 6
months earlier 2
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
KPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term EPs, term
Eurodollars, and
institution-only
MMMF balances
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
412.2
439.1
476.4
522.1
551.9
620.5
725.9
752.3
790.3
1,633.3
1,795.9
1,954.5
2,186.0
2,367.2
2,567.4
2,811.2
2,909.9
3,069.4
1,991.1
1,236.9
2,443.8
2,694.3
2,982.3
3,201.7
3,494.9
3,677.6
r
3,914.3
2,327.8
2,599.4
2,853.5
3,155.5
3,523.4
3,830.6
4,137.1
4,340.2
r
4,675.0
3,882.5
4,258.0
4,642.0
5,176.0
5,923.5
6,733.3
7,596.9
8,310.7
9,052.1
6.8
6.5
8.5
9.6
5.7
12.4
17.0
3.6
5.1
8.9
10.0
8.8
11.8
8.3
8.5
9.5
3.5
5.5
10.2
12.3
9.2
10.3
10.7
7.4
9.2
5.2
6.4
9.6
9.7
9.0
11.5
14.4
13.7
12.8
9.4
8.9
1988- July
782.5
782.4
783.7
785.4
786.6
790.3
3,023.9
3,029.7
3,035.0
3,042.2
3,059.3
3,069.4
3,839.1
3,851.1
3,860.5
3,877.2
3,897.2
r
3,914.3
4,565.1
4,583.6
4,591.7
4,612.5
4,638.4
P
4,675.0
8,718.8
8,784.3
8,850.0
8,912.4
8,988.6
9,052.1
6.5
6.0
5.3
3.7
4.1
3.6
6.5
5.4
4.5
3.5
4.0
3.8
7.5
6.4
5.6
5.2
5.4
5.2
8.9
9.0
9.0
8.9
9.3
9.3
786.3
787.4
786.3
783.1
773.3
770.3
777.3
3,065.7
3,069.2
3,078.2
3,080.0
3,070.7
3,086.0
3,118.1
3,918.7
3,927.8
3,948.9
3,956.2
3,951.2
3,969.0
4,000.6
4,678.3
4,690.4
4,724.4
4,742.1
4,737.6
4,739.2
9,107.2
9,172.3
9,229.4
9,285.1
9,344.0
9,397.4
1.0
1.3
.7
-.6
-3.4
-5.0
23
2.8
2.6
2.9
2.5
.7
1.1
3.4
4.2
4.0
4.6
4.1
2.8
2.8
4.2
9.1
9.0
8.8
8.5
8.1
7.8
Period
198019811982:
19831984:
198519861987:
1988-
Sept
Oct
Nov
Dec
1989: Jan
Feb ' ..
Mar '
May '
July p
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinaneial sectors; data from flow of hinds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earli-
26
L
MS plus
other liquid
assets
Debt
Debt of
domestic
nonfinaneial
sectors
(monthly
average) 1
Ml
er at an annual rate.
NOTE.-—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
M2
M3
Debt
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
DeCur- mand
rency
deposits
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(EPs),
net,
plus
overnight
Eurodollars
NSA
Money market
mutual fund
balances
General
purpose
and
broker/
dealer
NSA
Institution
only
Money
market
deposit
accounts
(MMDAs)
NSA
Savings
deposits
Small
denomination
tune
deposits 1
Large
denomination
time
deposits '
NSA
Term
repurchase
agreements
(EPs)
Term
Eurodollars
(net)
NSA
NSA
50.3
67.5
81.7
91.5
82.9
76.1
84.9
90.8
105.8
Savings
bonds
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
1980: Dec
1981- Dec
1982: Dec
1983- Dec
1984: Dec
1985- Dec
1986: Dec
1987- Dec
1988: Dec
115.2
122.5
132.6
146.3
156.1
167.8
180.5
196.4
211.8
261.5
231.5
234.2
238.7
244.2
267.3
303.2
288.3
288.6
31.3
80.8
105.3
132.2
146.4
179.5
235.8
260.4
282.3
28.3
35.9
38.8
53.8
56.3
70.2
78.3
78.3
78.3
61.6
150.6
185.2
138.2
167.5
176.5
208.0
221.1
239.4
15.2
38.0
51.1
43.2
62.7
64.5
84.4
89.6
87.6
0.0
.0
43.2
379.2
416.9
513.5
572.5
526.3
502.7
400.2
344.0
356.9
305.6
285.4
301.6
371.0
416.4
431.3
728.6
823.2
851.0
784.0
886.3
882.6
853.9
914.1
1,025.2
260.1
302.5
326.8
327.4
417.2
436.6
439.0
487.4
r
537.8
34.0
36.0
34.5
51.8
61.9
65.6
84.0
109.1
123.1
72.3
67.8
68.0
71.1
74.2
79.4
91.7
100.4
109.1
133.5
149.4
183.6
211.9
260.7
300.1
282.3
257.5
275.2
32.1
40.0
44.5
45.0
45.4
42.0
37.2
44.7
40.6
98.8
105.3
113.6
133.2
160.7
207.4
231.0
260.3
335.8
1988: July
206.4
207.0
208.6
209.7
210.5
211.8
290.4
289.9
288.8
288.9
287.7
288.6
278.5
278.3
279.0
279.4
281.0
282.3
77.6
79.9
77.3
76.0
75.6
78.3
229.6
230.8
231.0
231.3
237.4
239.4
84.8
84.0
83.7
84.6
87.4
87.6
522.0
517.7
511.4
507.5
506.7
502.7
429.7
430.9
430.5
429.2
431.8
431.3
981.0
988.3
998.7
1,009.7
1,017.8
1,025.2
514.0
519.4
526.7
532.0
534.4
r
537.8
125.6
97.1 106.8
123.8 102.8 107.4
122.3 ' 102.8 107.9
124.7 100.2 108.4
127.5 101.6 108.7
123.1 105.8 109.1
268.7
272.6
272.8
273.3
268.4
275.2
40.7
41.2
41.7
41.3
40.5
40.6
309.8
311.3
308.8
312.3
323.7
335.8
213.4
214.3
215.6
215.9
216.4
217.4
218.0
284.0
284.8
284.3
281.4
278.2
275.0
279.0
281.3
280.9
279.1
278.5
271.3
270.7
273.2
81.6
78.8
77.2
73.9
72.1
73.9
78.1
241.7
247.2
255.5
259.1
258.9
265.1
274.6
89.3
89.6
87.6
87.7
91.6
95.1
98.2
495.2
485.3
480.3
471.3
457.0
456.9
459.8
427.8
424.6
420.8
412.8
404.7
402.0
401.5
1,035.7
1,048.3
1,061.0
1,083.1
1,105.8
1,118.5
1,126.3
' 544.5
r
551.7
' 558.9
567.8
572.3
573.3
573.9
124.1 ' 100.5
127.1 r99.9
129.4 ' 105.3
127.0 101.1
127.2 100.3
99.0
126.9
99.4
120.9
109.7 ' 274.4
110.6 267.8
111.5 ' 273.5
112.3 278.0
112.9 278.8
113.8 264.7
40.6
39.9
41.2
41.5
41.1
41.2
334.9
344.2
349.2
354.2
353.5
350.5
Sept
Oc?
Nov
Dec
1989: Jan
Feb
Mar
May '
July"
r
1
Small denomination and large denomination deposits are those issued in amounts of less than
1100,000 and more than $100,000, respectively.
NOTE.-—Travelers checks of nonfaank issuers are a component of money stock but are not shown
here.
Source: Board of Governl)ra o( the Federal
Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures; millions of dollars; seasonally adjusted, except as noted]
Borrowings of depository
institutions from the Federal
Reserve (NSA)
Adjusted for changes in reserve requirements
Reserves of depository institutions
Period
Total
Nonborrowed
Nonborrowed plus
extended
credit
Required
Monetary
base
Total
Seasonal
Extended
credit
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
33,401
35,315
37,388
39,184
42,321
48,493
58,140
58,693
60,706
31,711
34,679
36,754
38,410
39,134
47,175
57,313
57,916
58,990
31,714
34,827
36,940
38,412
41,739
47,674
57,616
58,399
60,234
32,887
34,996
36,888
38,623
41,468
47,436
56,771
57,665
59,666
152,525
161,043
173,011
188,303
201,889
219,510
241,448
257,991
275,501
1,690
636
634
774
3,186
1,318
827
777
1,716
116
54
33
96
113
56
38
93
130
3
148
186
2
2,604
499
303
483
1,244
1988: July
61,058
60,903
60,824
60,862
60,853
60,706
57,618
57,663
57,985
58,562
57,991
58,990
60,157
60,316
60,043
60,343
60,314
60,234
60,051
59,950
59,852
59,800
59,733
59,666
270,308
270,979
272,420
273,659
274,380
275,501
3,440
3,241
2,839
2,299
2,861
1,716
376
423
421
332
186
130
2,538
2,653
2,059
1,781
2,322
1,244
60,370
60,260
59,854
59,463
58,740
58,350
58,699
58,708
58,773
58,041
57,174
57,019
56,860
58,005
59,754
59,822
59,376
58,880
58,217
r
57,776
58,111
59,226
59,106
58,896
58,686
57,709
57,445
57,733
276,784
277,553
278,615
r
278,675
278,329
279,056
279,984
1,662
1,487
1,813
2,289
1,720
1,490
694
76
97
139
213
345
431
497
1,046
1,050
1,334
1,707
1,197
917
106
1980:
1981:
19821983:
19841985:
1986'
19871988:
Sept
Oct
Nov
Dec
1989- Jan
Feb
Mar
May
T 3
July".
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases rose 1.1 percent in July; commercial and industrial loans rose 1.2 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,800
2,800
ALL COMMERCIAL BANKS
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
LOANS AND LEASES
800
800
400
400
U.S. GOVERNMENT SECURITIES
200
200
T
160
160
OTHER SECURITIES •
120
1983
1982
1985
1984
Mill
l l l H l l l l l l
l l l l l l l l l
1981
1987
1986
• SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
120
1989
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted *]
All commercial banks
Loans and leases
Period
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1988:
1989:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Aug
Sept
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
June
July"...
Total
loans and
securities 2
U.S.
Government
securities
1,307.7
1,401.5
1,553.6
1,723.7
1,911.4
2,094.5
2,239.6
2,417.2
179.3
201.7
259.2
260.2
270.7
309.6
335.5
361.4
350.9
353.1
355.6
358.8
361.4
360.4
361.8
368.8
370.7
373.5
373.8
374.4
2,377.6
2,381.5
2,401.4
2,410.2
2,417.2
2,422.8
2,451.9
2,464.9
2,470.9
2,486.3
2,496.8
2,518.1
Other
securities
160.9
165.7
170.6
142.6
181.4
196.5
195.3
194.0
196.5
195.2
196.8
195.9
194.0
189.6
190.4
189.7
187.2
186.4
r
185.8
184.6
Total
2
Commercial
and
industrial
967.5
1,034.1
1,123.9
1,321.0
1,459.3
1,588.4
1,708.8
1,861.9
355.4
392.6
414.1
472.9
499.7
536.2
562.7
601.9
1,830.1
1,833.2
1,848.9
1,855.6
1,861.9
597.4
598.1
601.6
601.8
601.9
606.6
619.0
617.8
620.6
626.3
624.9
632.2
1,872.9
1,899.7
1,906.5
1,913.1
1,926.5
1,937.3
1,959.1
Real
estate
Individual
284.1
182.5
188.2
212.9
253.8
294.8
315.9
329.5
355.5
347.7
350.2
351.6
353.0
355.5
357.9
358.9
360.6
362.9
365.4
366.0
367.0
299.8
330.8
376.3
425.8
494.0
589.0
672.0
643.0
650.3
659.8
665.3
672.0
678.9
685.6
691.8
699.5
705.5
712.0
719.8
3
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions. Data beginning January 1984 are not strictly
comparable with data for earlier periods, largely because beginning January 1984 certain obligations
of States and political subdivisions are included in loans rather than in other securities.
28
2
Securi-
ty
21.5
25.4
28.1
34.3
42.7
40.1
34.4
38.5
39.6
36.5
38.5
38.2
38.5
37.7
44.7
43.6
40.0
38.0
41.1
40.3
Nonhank
financial
institutions
Agricultural
29.9
31.3
30.5
31.4
32.5
33.1
36.2
39.2
40.1
36.1
35.0
31.9
30.0
31.1
30.7
30.4
30.2
30.0
30.3
30.6
29.7
29.2
29.0
r
30.6
31.7
31.6
29.4
30.7
29.6
29.6
29.8
30.3
30.7
30.7
30.7
30.7
30.4
30.3
30.3
30.4
State
and
political
subdivisions
0.0
.0
3.3
46.0
56.7
58.4
52.5
46.8
48.2
48.0
48.5
47.7
46.8
44.4
44.5
44.6
44.6
44.6
44.5
44.3
Foreign
banks
Foreign
official
institutions
Lease
financing
receivables
7.2
5.9
9.4
7.9
6.0
12.7
13.3
13.7
16.0
19.0
22.3
18.1
14.8
13.4
11.1
r
9.7
9.6
7.5
7.6
8.0
7.2
7.6
8.1
7.6
7.8
8.5
8.2
8.3
r
9.4
r
9.3
8.9
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
r
5.9
5.3
4.9
5.1
5.0
4.9
4.9
4.9
4.8
4.8
4.8
r
4.9
r
4.9
4.7
4.5
24.5
29.2
28.1
28.5
28.9
29.1
29.2
29.4
29.6
29.6
29.8
30.0
29.9
30.4
Other
23.1
26.6
31.8
31.2
36.3
39.4
42.1
r
44.8
52.2
49.1
47.5
r
47.0
r
44.8
44.4
r
42.7
r
45.2
r
42.9
r
43.1
r
43.8
49.7
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual ratesj
Uses
Sources
External
Period
Total
Internal
Credit market funds
1
Securities
and
mortgages
Total
Total
Other 2
Increase in
financial
assets
Discrepancy
(sources less
uses)
326.0
324.8
375.8
298.5
420.3
492.6
459.2
519.8
482.9
467.5
197.6
200.1
239.5
242.3
285.7
336.3
352.3
357.5
352.8
366.8
128.4
124.7
136.4
56.2
134.6
156.3
106.9
162.3
130.1
100.7
60.1
70.7
90.7
49.8
77.9
95.8
50.9
121.3
68.5
63.8
9.0
34.5
29.4
10.3
52.6
51
5.0
59.0
38.2
-18.2
51.1
36.2
61.2
39.5
25.3
100.9
46.0
62.3
30.3
82.0
68.2
54.0
45.7
6.4
56.8
60.5
55.9
41.0
61.6
37.0
368.1
342.1
383.6
303.5
385.8
502.7
435.3
456.7
437.3
448.3
238.3
243.7
286.5
256.5
270.7
370.6
342.3
333.9
361.7
395.7
129.8
98.4
97.0
47.0
115.1
132.1
93.0
122.8
75.6
52.6
-42.1
-17.3
-7.7
-4.9
34.5
-10.1
23.9
63.0
45.5
19.1
n
m
IV
464.4
465.8
475.8
463.5
359.9
363.6
365.3
378.3
104.5
102.2
110.5
85.2
100.5
54.0
67.5
32.8
20.5
-20.0
12.4
86 1
80.0
74.0
55.1
118.9
4.0
48.2
43.1
52.4
433.9
447.3
459.6
452.2
387.8
386.7
398.6
409.3
46.1
60.6
61.0
42.9
30.5
18.5
16.1
11.3
1"
431.4
355.8
75.6
-5.4
81 0
75.6
80.9
425.3
406.6
18.7
6.0
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1988- I
1989:
Loans and
short-term
paper
Capital
expenditures 3
Total
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstanding 1
Installment credit outstanding (end of period)
Period
Total
1980:
19811982:
1983:
1984:
1985:
1986:
19871988:
1988:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec .
Dec
June
July
Aug
Sept
Oct
Kov
Dec
NEW SERIES:
1989: Jan
Feb
Mar
Apr r
May r.
June p
Other
Total
Automobile
Revolving
Mobile
home
Revolving
297,566
310,682
323,536
367,868
442,538
517,755
572,047
607,721
659,507
637,836
639,207
644,666
646,556
649,132
654,413
659,507
111,936
118,956
124,218
143,799
173,704
209,636
247,313
265,976
281,174
278,058
277,659
279,585
279,243
278,902
279,926
281,174
54,894
60,838
66,243
78,667
100,212
122,013
137,013
153,884
174,792
164,408
165,343
167,125
168,273
170,131
173,030
174,792
18,621
20,302
22,833
23,704
25,795
26,834
27,355
26,387
25,744
26,174
26,213
26,277
26,185
26,033
26,005
25,744
112,115
110,586
110,242
121,698
142,827
159,272
160,367
161,475
177,798
169,196
169,993
171,679
172,855
174,066
175,452
177,798
1,083
13,116
12,854
44,332
74,670
75,217
54,292
35,674
51,786
5,405
1,371
5,459
1,890
2,576
5,281
5,094
539
7,020
5,262
19,581
29,905
35,932
37,677
18,663
15,198
1,600
399
1,926
342
-341
1,024
1,248
1,537
5,944
5,405
12,424
21,545
21,801
15,000
16,871
20,908
2,303
935
1,782
1,148
1,858
2,899
1,762
414
1,681
2,531
871
2,091
1,039
521
-968
-643
-75
39
64
92
-152
28
-261
682,020
687,397
691,162
693,911
698,132
701,118
286,382
288,767
288,850
289,654
290,741
290,474
176,716
178,570
182,831
184,500
186,502
189,609
26,036
25,992
24,168
23,993
23,952
23,695
192,886
194,068
195,314
195,763
196,936
197,340
(2)
5,377
3,765
2,749
4,221
2,986
(2)
2,385
82
804
1,087
-267
(2)
1,854
4,261
1,670
2,002
3,107
<2)
44
-1,824
174
-41
257
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
2
Because of break in series, net change not available.
Mobile
home
Automobile
Other
-329
1 529
— 344
11,456
21,129
16,445
1,095
1,108
16,323
1,577
797
1,686
1,176
1,211
1,386
2,346
(2)
1,182
1,246
449
1,173
404
Source: Board of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Interest rates rose in August.
PERCENT PER ANNUM
PERCENT PfR ANNUM
\6
-DISCOUNT —
RATE
FEDERAL
RESERVE
BANK OF
NEW YORK
SOURCE SEE TABIE a
COUNCIL OE ECONOMIC ADVISERS
[Percent per annum]
U.S.
Period
3-month bills
(new issues) x
1981
1982
1983
1984
1985
14.029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
1986
1987
1988
19881 Aug
Sept
Oct
Nov
Dec
1989: Jan
Feb
Mar
Apr.. ..
May
June
July
Aug
p
7.02
7.28
7.34
7.68
8.09
8.29
8.48
8.83
8.70
8.40
8.22
7.92
7.91
Treasury security yields
Constant maturities 2
3-year
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
Corporate
Aaa bonds
(Moody' s) *
Prime
commercial
paper,
6 months *
Discount rate
(N.Y. P.R.
Bank) 5
Prime rate
charged by
bants 5
New-home
mortgage
yields
(FHLBB) 6
14.44
12.92
10.45
11.89
9.64
7.06
7.68
8.26
13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
11.23
11.57
9.47
10.15
9.18
7.38
7.73
7.76
14.17
13.79
12.04
12.71
11.37
9.02
9.38
9.71
14.76
11.89
8.89
10.16
8.01
6.39
6.85
7.68
13.41
11.02
8.50
8.80
7.69
6.33
5.66
6.20
18.87
14.86
10.79
12.04
9.93
8.33
8.22
9.32
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
8.77
8.57
8.43
8.72
9.11
9.20
9.32
9.61
9.40
8.98
8.37
7.83
8.12
9.26
8.98
8.80
8.96
9.11
9.09
9.17
9.36
9.18
8.86
8.28
8.02
8.11
7.86
7.71
7.54
7.58
7.66
7.41
7.47
7.61
7.49
7.25
6.97
6.97
10.11
9.82
9.51
9.45
9.57
9.62
9.64
9.80
9.79
9.57
9.10
6.00-6.50
6.50-6.50
9.50-10.00
10.00-10.00
6.50-6.50
10.00-10.00
9.06
9.26
9.10
9.43
9.39
9.52
9.82
9.99
10.17
10.18
10.42
10.48
8.95
8.36
8.23
8.24
8.55
8.97
9.02
9.35
9.97
9.78
9.29
8.80
8.35
8.31
7.66
8.01
8.23
8.33
7.82
8.04
8.18
8.23
6.87
7.06
7.07
7.20
8.81
8.92
8.99
9.02
7.99
8.20
8.40
8.46
r
8.93
6.50-6.50
10.00-10.50
6.50-6.50
10.50-10.50
6.50-6.50
10.50-10.50
6.50-7.00
10.50-11.50
7.00-7.00
7.00-7.00
11.50-11.50
11.50-11.50
7 00 7 00
11.50-11.50
7.00-7.00
7.00-7.00
11.00-10.50
7.00-
10.50-
7.00-7.00
11.00-10.50
7 00 7 00
7 00 7 00
10.50-10.50
11.50-11.00
Week ended:
1989:
Aug 5
12
19
26
Sept
2
1
7.65
7.94
8.01
7.99
7.94
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Series excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack
of appropriate issues.
2
30
7.00-7.00
7.00-
10.50-10.50
10.50-10.50
10.50-
5
Average effective rate for year; opening and closing rate for month and week.
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.
6
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moodv's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in August.
INDE>(, DEC. 31, 1965 = 50 (RATIO SCALE)
jCALE)
INDEX, DEC. 31, 1965 = 50 (RATIO!
240
220
200
180
Kjnpy
COMPOS ITF STOCK PRICE
(NYSE)
160
\
~
120
S
80
S~*~/~^~~'
\
140
^"^
120
r-^^
^~^r~J
100
S
160
.
(
r ~
140
240
220
200
180
100
1
80
^Vn
60
60
^J
] I I I I 1 11 I r l
40
ii i ill in ii
1 1 ni 111 i 11
1981
1982
1983
1984
1986
1985
1987
40
1988
1989
PERC ENT
PERCENT
20
15
NGS-PRICE RATIO ON COMM
10
^
f^
-
^ ---_-
(S&P)
\
~
^
5
>^
r
fA
1
0
1
1
i i i
1982
1981
1
1
1983
1
1
1
1
1984
1
1
1
1
1985
.
1
1986
/
p-——
~
\ i i
1987
1
1
1
1988
Common stock prices l
New York Stock Exchange indexes (E ec. 31, 1965 = 5 3)
Composite
Industrial
Transportation
1
1
0
1989
COUNCIL OF ECONOMIC ADVISERS
SOURCES: NEW YORK STOCK EXCHANGE A ND STANDARD & POC)R'S CORPORATION
Period
1
Common stock yields
(percent) 5
2
Finance
Utility
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143=10) 4
Dividendprice ratio
1981
1982
1983
1984
1985
1986
1987.
1988
74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
1988- Aug
Sept
Oct
Nov
Dec
149.25
151.47
156.36
152.67
155.35
179.72
182.18
188.58
183.79
187.75
132.53
136.27
141.93
138.60
144.07
70.67
71.83
74.19
73.83
74.81
130.77
133.15
134.66
129.61
128.83
2,051.29
2,080.06
2,144.31
2,099.04
2,148.58
263.73
267.97
277.40
271.02
276.51
3.75
3.69
3.61
3.70
3.68
1989' Jan
Feb
Mar
Apr
May
160.40
165.08
164.60
169.38
175.30
180.76
185.15
192.83
194.62
200.00
199.20
204.81
211.51
216.75
221.74
231.17
153.09
162.66
160.14
164.32
168.88
173.47
179.32
196.97
75.87
77.84
77.66
79.69
84.07
87.95
90.40
92.89
132.26
137.19
137.91
143.26
146.60
154.08
157.78
164.84
2,234.68
2,304.30
2,283.11
2,348.91
2,439.55
2,494.90
2,554.03
2,689.01
285.41
294.01
292.71
302.25
313.93
323.73
r
331.93
346.39
3.64
3.59
3.68
3.59
3.52
3.44
3.38
188.17
191.86
193.55
192.14
192.40
225.74
229.48
231.94
230.41
230.84
183.91
187.06
195.58
196.97
199.16
91.26
93.57
93.48
92.33
92.33
1599.99
164.77
165.71
164.34
164.11
2,610.36
2,654.86
2,695.37
2,685.32
2,688.62
337.95
344.57
344.74
344.78
345.72
3.31
3.28
3.27
3.28
3.30
July
Aug p
Week ended:
1989: July 29
Aug 5
12
19
26
1
Average of daily closing prices.
Includes all the stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-
2
3
4
Earningsprice ratio
11.96
11.60
8.03
10.02
8.12
6.09
5.48
8.01
8.36
8.56
8.46
price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 10 months of fiscal 1989, there was a deficit of $123.8 billion, compared with a deficit of $142.2
billion a year earlier.
BILLIONS OF DC3LLARS
BILLIOI-45 OF DOLLARS
1,200
RECEIPTS AND OUTLAYS!^
1,200
-""'
1,100
-
-"""" **"
1,100
^^^
1,000
1,000
900
900
^^
800
-~ff
700
800
RECEIPTS1'
—
700
600
600
A .
i
i
i
i -
—i—
—i
1
1
1
.N
SURPLUS OR DEFICIT (-V
0
-100
100
^^^
^\
200
A
^1981
i
^
I
1982
i
1983
I
1984
I
1985
-200
I
I
1986
1987
I
1988
I
1989
.._ IS
1990^
FISCAL YEARS
V INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT Of THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Total
Fiscal year or period
Receipts
Outlays
On-budget
Surplus
or deficit
(-)
Receipts
Outlays
Gross Federal debt
(end of period)
Off-budget
Surplus
or deficit
(-)
Eeceipts
Outlays
Surplus
or deficit
(-)
Total
Held by
the public
1976
Transition quarter
1977
1978
,
1979
1980
1981
1982
1983
1984
298.1
81.2
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
371.8
96.0
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
-73.7
-14.7
-53.6
-59.2
-40.2
-73.8
-78.9
-127.9
-207.8
-185.3
231.7
63.2
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
76.6
328.5
369.1
403.5
476.6
543.0
594.3
661.2
686.0
70 5
-13.3
49 7
-54.9
38 2
-72.7
73 9
-120.0
-208.0
-185.6
66.4
18.0
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
19.4
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
-3.2
-1.4
-3.9
-4.3
-2.0
-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
1985
1986
1987
1988
1989 (estimates) 1
1990 (estimates) l
734.1
769.1
854.1
909.0
995.9
1,080.1
946.3
990.3
1,003.8
1,064.0
1,144.1
1,179.4
-212.3
-221.2
-149.7
155 1
-148.3
-99.2
547.9
568.9
640.7
667.5
731.1
793.3
769.5
806.8
810.0
861.4
933.2
957.1
-221.6
-237.9
-169.3
-193.9
-202.1
-163.8
186.2
200.2
213.4
241.5
264.7
286.8
176.8
183.5
193.8
202.7
211.0
222.3
9.4
16.7
19.6
38.8
53.8
64.5
1,817.0
2,120.1
2,345.6
2,600.8
2,853.5
3,084.8
1,499.4
1,736.2
1,888.1
2,050.2
2,177.8
2,279.2
883.9
939.9
-142.2
123 8
540.9
595.0
716.5
766.5
-175.7
-171.5
200.8
221.1
167.4
173.4
33.4
47.8
2,548.5
2,810.2
2,013.6
2,147.4
Cumulative total, first 10
months: 2
Fiscal year 1988
Fiscal year 1989
741.7
816.1
1
Estimates from Mid-Session Review of the Budget, Office of Management and Budget, July 18,
1989. Data for 1990 include asset sales.
2
Data from Monthly Treasury Statement for July 1989, issued August 1989.
32
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1990, January
1989, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 10 months of fiscal 1989, receipts were $74.4 billion higher than a year earlier and outlays were $56.0
billion higher.
BILLIONS OF DOLLARS
500
BILLIONS OF DOLLARS
500
RECEIPTS!'
400
. INDIVIDUAL INCOME TAXES_
400
300
300
SOCIAL IN
INSURANCE
TAXES AND CONTRIBUTIONS
200
CORPORATION.
INCOME TAXES
200
OTHER RECEIPTS
100
100
Tf.
0
0
900
900
OUTLAYS-!/
800
-NONDEFENSE
800
A,-
700
700
600
600
500
500
400
400
. NATIONAL DEFENSE
300
300
200
200
1981
1983
1982
1985
1984
1986
1987
1989
1988
1990
FISCAL YEARS
J/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
Pillions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
Fiscal year
Total
1976
1977.. ..
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 (estimates) *
1990 (estimates)1.
Cumulative total, first 10
months: 2
Fiscal year 1988
Fiscal year 1989
1
2
298.1
355.6
399.6
463.3
517.1
599.3
Individual
income
taxes
Corporation
income
taxes
131.6
157.6
181.0
217.8
244.1
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
265.2
283.9
303.3
334.3
600.6
666.5
285.9
297.7
288.9
298.4
734.1
769.1
854.1
334.5
349.0
392.6
909.0
995.9
1,080.1
401.2
445.3
484.6
61.3
63.1
83.9
94.5
105.8
117.0
741.7
816.1
327.5
363.7
72.1
81.2
617.8
See footnote 1, page 32.
Data from Monthly Treasury Statement for July 1989, issued August 1989.
Social
insurance
taxes
and
contributions
209.0
239.4
361.5
387.5
277.3
301.7
National defense
Other
Total
Net
interest
Other
15.8
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
26.7
29.9
35.4
42.6
52.5
68.7
85.0
89.8
111.1
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
33.5
35.9
40.0
44.5
49.6
56.4
65.8
70.2
75.1
78.9
86.2
97.1
128.2
119.8
123.3
129.3
136.6
145.4
188.6
198.8
249.1
129.4
136.0
138.6
151.7
169.1
176.3
131.8
142.1
125.9
139.4
158.3
142.4
36.7
40.3
64.5
69.4
108.4
113.5
182.5
193.6
125.7
139.6
112.1
126.8
89.6
97.2
104.5
116.3
134.0
157.5
185.3
87.9
95.1
102.3
113.6
130.9
153.9
180.7
209.9
227.4
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
371.8
73.0
73.1
74.3
78.9
83.3
91.0
946.3
990.3
1,003.8
1,064.0
1,144.1
1,179.4
252.7
273.4
282.0
290.4
245.2
265.5
274.0
301.2
296.3
292.7
286.9
16.2
14.2
11.6
10.5
10.7
16.4
64.9
69.5
883.9
939.9
243.9
248.9
237.1
241.8
10.3
7.9
851.8
Social
security
International
affairs
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
409.2
458.7
503.5
590.9
678.2
745.7
808.3
Income
security
Department of
Defense,
military
Health
Total
281.9
Medicare
207.4
219.3
232.4
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1990, January
1989, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 1989, according to preliminary estimates, Federal receipts rose $15.7 billion (annual rate)
and Federal expenditures rose $16.6 billion.
BILLIONS OF DOLLARS
1,200
BILLIONS OF DOLLARS
1,200
SEASONALLY ADJUSTED ANNUAL RATES
EXPENDITURES -
1,000
1,000
800
800
RECEIPTS
600
600
400
400
200
200
SURPLUS OR DEFICIT (-)
v
-200
I
I I
1981
1
I
I
1
I
I
1984
1983
1982
I
\
I
-200
1
1985
I
|
1986
1
I
1
1987
1988
I
I
1989
CALENDAR YFARS
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
Fiscal year:
1985
1986
1987
1988
Calendar year:
1985
1986
1987
1988
1982: TV
1983- IV
1984: IV
1985- IV
1986- IV
1987- III
IV
1988- I
II
Ill
IV
1989- I r
II
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Total
Purchases
of goods
and
services
Transfer
Pa>'ments
Grantsin-aid to
State
and
local
governments
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
Less:
Wage
accruals
less
disbursements
Surplus
or deficit
(-),
national
income
and
product
accounts
776.8
815.2
897.3
958.6
340.4
357.0
401.2
408.0
74.6
81.1
97.7
108.3
55.9
50.9
53.4
55.8
305.8
326.1
345.0
386.4
962.3
1,028.0
1,060.4
1,104.0
341.5
368.6
375.5
378.6
374.0
394.6
411.2
432.7
97.8
107.4
103.1
108.6
128.3
134.6
138.8
149.0
20.7
22.8
31.9
35.1
-0.1
.0
.1
— .1
-185.5
-212.8
-163.1
-145.4
788.7
827.9
911.4
972.4
633.1
675.5
742.7
805.3
853.8
921.5
937.4
346.4
361.4
405.8
413.0
55.1
50.5
53.8
56.7
47.6
53.6
56.2
53.5
50.8
53.8
54.5
310.9
332.1
350.8
391.3
236.1
259.8
290.7
317.7
337.9
352.2
359.7
985.6
1,034.8
1,072.8
1,118.3
835.7
844.7
930.2
1,017.5
1,042.8
1,065.5
1,101.7
355.2
366.5
381.6
381.3
293.2
276.1
326.0
376.6
368.8
384.5
388.1
380.1
399.9
414.3
438.2
347.4
352.5
362.1
385.8
405.8
414.3
421.9
99.7
106.8
102.6
111.4
84.5
86.0
96.3
103.5
103.0
101.7
102.2
130.1
135.6
141.7
151.4
87.2
101.0
125.3
132.7
136.0
142.5
147.3
20.3
26.0
32.6
36.0
23.4
29.1
21.0
19.0
29.2
22.7
41.9
o
.0
.0
.0
-196.9
-206.9
-161.4
-145.8
303.0
291.9
326.0
355.3
376.2
408.1
420.0
76.3
83.8
101.0
111.4
46.4
70.2
69.7
78.8
88.9
107.4
103.1
.0
.0
.6
.0
.0
.2
2
-202.6
-169.2
-187.5
-212.2
-189.0
944.7
973.2
977.3
994.6
1,036.2
1,051.9
402.7
417.5
411.4
420.3
446.8
465.0
104.2
111.6
114.0
115.8
117.0
108.4
55.9
55.9
57.4
57.8
58.0
58.2
382.0
388.2
394.5
400.6
414.3
420.2
1,096.5
1,114.7
1,099.8
1,162.1
1,183.7
1,200.3
374.1
377.1
367.5
406.4
399.0
407.8
433.0
434.4
438.0
447.6
460.4
466.7
110.1
112.2
111.0
112.2
118.7
118.4
144.9
249.9
153.9
157.0
167.0
171.9
34.4
41.2
29.4
38.9
38.5
35.4
.0
.0
.0
.0
-151.8
— 141.5
-122.5
-167.6
.0
.0
-147.5
-148.4
Source: Department of Commerce, Bureau of Economic Analysis.
34
-143.9
-164.4
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1977 = 100; seasonally adjusted)
Period
United
States
1980
1981
1982
1983
1984
1985
1986
1987
1988
1988' June
July
Sept
Oct..
Nov
Dec .
1989- Jan
Feb
Mar
Japan
France
Germany
Italy
Canada
Japan
France
Germany
99.8
96.7
98.5
102.2
102.4
107.9
110.2
114.1
'118.2
82.4
90.9
96.5
99.6
103.9
107.6
109.6
113.6
118.3
76.1
85.6
94.8
100.4
104.7
108.9
113.4
118.4
123.2
90.9
95.4
98.0
99.9
102.1
104.2
104.9
105.0
105.7
72.2
81.9
91.7
100.3
108.0
114.3
117.2
121.1
124.3
86.7
92.2
97.1
100.3
102.7
104.9
104.6
105.0
106.2
63.2
75.4
87.7
100.8
111.5
121.0
128.5
134.4
141.1
78.5
87.9
95.4
99.8
104.8
111.2
114.9
119.7
125.6
Italy
United
Kingdom
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
137.2
104.8
106.9
96.5
102.7
115.2
121.4
123.2
129.6
137.2
119.0
120.3
120.7
124.5
136.1
141.0
140.8
145.7
159.1
107.2
106.1
105.0
105.0
106.1
106.1
107.2
109.4
114.3
108.0
114.8
105.9
113.0
102.7
109.5
103.3
105.9
106.2
109.5
111.0
110.7
113.0 '114.7
113.7 '119.3
118.1 '126.4
136.5
138.0
138.5
138.6
139.4
139.9
140.4
137.9
137.4
138.7
138.8
137.8
137.1
137.9
158.4
156.4
160.8
161.6
160.2
165.0
166.1
114.9
116.0
116.0
117.2
113.2
118.0
117.3
118.5
116.1
121.3
120.0
119.4
119.1
121.2
'125.4
'128.5
'126.0
'124.1
'127.6
'129.1
'132.2
118.7
119.0
119.0
119.6
119.0
119.6
118.8
118.0
118.5
119.0
119.8
120.2
129.3
120.5
123.0
123.7
124.1
124.2
124.8
125.1
125.1
105.5
105.3
105.6
106.4
106.9
106.5
106.2
124.2
124.7
125.0
125.3
125.6
125.8
126.0
106.3
106.3
106.3
106.3
106.4
106.7
106.9
140.5
140.9
141.5
142.2
143.3
144.5
145.0
125.2
125.4
126.8
127.4
128.7
129.2
129.6
118.2
137.5 167.3
'138.3 164.5 '117.4
'138.0 172.5 '116.6
'139.3 r 166.3 120.7
139.5 '167.3 118.0
121.2
120.5
121.3
124.3
'118.6
121.3
127.9
130.3
126.9
127.0
'118.1
'117.6
'117.8
'117.8
116.4
116.5
121.1
121.6
122.3
123.1
123.8
124.1
124.4
125.7
126.6
127.2
127.6
128.9
129.6
130.4
106.0
105.7
106.2
108.1
108.7
108.6
126.5
126.8
127.2
128.0
128.5
108.1
108.4
108.6
109.2
109.5
109.6
146.1
147.3
148.0
149.0
149.6
150.3
1506
130.4
131.4
131.9
134.3
135.1
135.6
140.8
140.5
140.7
r
141.7
' 141.6
r
!41.4
141 7
May
June
July p
1
Canada
Consumer prices (1982-84=100)
United
States *
United
Kingdom
170.0
Data relate to all urban consumers
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) l
1985
1986
1987
1988
1988- June
July
Sept
Oct
Nov
Dec
1989- Jan
Feb
Mar
May'
1
2
Capital
goods
except
automotive
Automotive
vehicles
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
Other
General
merchandise
imports
(c.i.f.
value)
244.0
258.0
325.7
345.3
365.4
406.2
441.0
17.1
18.2
21.0
21.9
24.4
24.8
24.8
112.0
107.0
123.7
113.9
101.3
111.0
118.3
35.4
40.9
59.8
65.1
71.8
84.5
101.4
33.3
40.8
53.5
66.8
78.2
85.2
87.7
39.7
44.9
60.0
68.3
79.4
88.7
95.9
6.5
6.3
7.8
9.4
10,4
12.1
12.8
4.0
3.5
3.4
3.6
4.4
4.0
3.6
37.3
35.1
37.6
36.8
37.1
38.1
39.7
1.9
1.9
2.2
2.0
2.1
2.1
2.2
10.2
9.7
10.2
9.3
9.9
9.8
10.2
8.8
7.9
8.9
8.7
8.2
9.1
9.1
7.3
6.6
7.2
7.6
7.7
7.5
8.0
8.0
7.9
8.1
8.0
8.1
8.3
9.0
4.7
4.2
4.2
4.4
4.6
4.0
37.9
38.2
39.5
39.0
40.5
39.1
2.2
2.0
2.1
2.0
2.2
2.0
10.7
10.0
11.0
11.3
11.7
11.3
9.0
9.3
9.3
9.1
9.9
9.5
7.4
7.6
7.7
7.3
7.2
6.7
7.7
8.3
8.3
8.3
8.5
8.4
Foods,
feeds,
and
beverages
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
Other 2
H6.4
205.6
224.0
4
218.8
4
227.2
254.1
322.4
31.3
30.9
31.5
24.0
22.3
24.3
32.3
61.7
56.7
61.7
58.5
57.3
66.7
85.1
72.7
67.2
72.0
73.9
75.8
86.2
109.2
15.7
16.8
20.6
22.9
21.7
24.6
29.3
14.3
13.4
13.3
12.6
14.2
17.7
23.1
20.7
20.5
24.0
27.3
35.9
34.6
43.4
26.7
26.6
27.5
27.6
27.9
27.5
28.9
2.7
2.8
2.9
2.9
2.7
2.6
2.8
7.1
7.1
7.1
7.2
6.8
7.0
7.4
8.8
9.2
9.3
9.4
9.4
9.4
10.1
2.2
2.1
2.8
2.5
2.5
2.5
2.7
1.9
2.0
2.0
2.1
2.0
2.0
2.3
29.0
28.8
30,1
30.8
30.5
30.9
2.9
2.9
3.2
3.1
3.2
3.2
7.1
7.5
7.6
8.0
7.9
8.0
9.4
9.3
9.9
10.1
9.8
10.5
2.4
2.4
2.5
2.4
2.3
2.3
2.4
2.5
2.7
2.8
2.6
2.9
Total
1982
1983
1984
Foods
feeds,
and
beverages
Industrial
supplies
and
materials
Industrial
supplies
and
materials
Period
2
Includes Department of Defense Military Assistance Program grant-aid shipments.
Includes undocumented exports to Canada.
Total arrivals of imported goods other than intransit shipments.
4
Total exports are on a revised statistical month basis; end-use categories are on a statistical
3
Trade halance
Principal end-use commodity category
Principal end-use commodity category
Total
Exports
(f.a.s)
less
imports
(customs
value)
Exports
ft.a.s)
less
imports
(c.i.f.)
254.9
269.9
346.4
352.5
382.3
424.4
459.5
-27.5
-52.4
-101.7
-126.5
-138.3
-152.1
-118.5
-38.4
-64.2
-122.4
-133.6
-155.1
-170.3
-137.1
1.1
1.1
1.1
1.1
1.1
1.2
1.2
38.8
36.5
39.2
38.2
38.6
39.6
41.3
-10.6
-8.5
-10.1
-9.2
-9.2
— 10.5
-10.8
-12.1
-9.9
-11.7
-10.6
-10.7
-12.1
-12.5
.9
1.0
1.1
1.1
1.1
1.1
39.5
39.7
41.2
40.7
42.2
40.7
-8.9
-9.4
-9.5
-8.3
-10.1
-8.2
-10.5
-10.9
-11.2
-9.9
-11.7
-9.8
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the second quarter, the merchandise trade deficit fell to $27.7 billion, from $28.4 billion (revised) in the first
quarter.
BILL ONS OF DOLLARS*
BILLIONS OF DOLL/\RS*
10
10
5
5
r-'/O
^—--\'"1
0
0
IV
-5
A
'
\
A\
-5
V
—X
\
A
-10
\\
\\\
-15
15
\\ N
. t
-20
BALANCE ON GOODS
A Kin SFRUirpt;
'O-N
"X
V1
-25
%N
^V
-30
/\
v
-\\_
\
\ \/
-40
-25
x
'V-^-v.
-35
-45
-20
\\_.^jir.
X J*
)--30
"v^xS"
/
-35
BALANC E ON
CURRENT A
:COUNT
-40
ERCHANDISE
1
1
1 1 1
1
1981
1
1
1983
1982
1
I 1 1
BALANCE
1
1
1
1985
1984
1
1
I
1986
1 1 1
1
1
1
1988
1987
1
1
1
-45
1989
SEASONALLY AOJUSTED
OURCE: DEPARTMEN OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits ( —)]
Merchandise
Investment income 3
12
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1986: I
n
in
IV
1987- I
n
m
IV
1988: I
n
m
IV
1989: I"
1
2
3
Exports
Imports
224,269
237,085
211,198
201,820
219,900
215,935
223,367
250,266
319,251
53,899
56,796
56,182
56,490
57,255
60,015
64,297
68,699
76,447
78,471
80,604
83,729
r
87,919
90,866
-249,749
-265,063
-247,642
-268,900
-332,422
338 083
-368,425
409 766
-446,466
-89,549
-90,812
-92,983
-95,081
95 916
-99^834
- 104,903
-109,113
- 109,893
- 109,882
-110,943
-115,748
r
- 116,297
— 118,584
Net balance
Eeceipts
Payments
-25,480 72,506 -42,119 30,387
52 329 34,083
27 978 86,412
-36,444 83,548 -54,884 28,664
67 080 77,251
52 376 24,875
-112,522 85,908 -67,419 18,489
122 148 88,832 -62,901 25,931
-145,058 88,615 -66,968 21,647
159 500 104,703
82 420 22,283
-127,215 107,775 - 105,548
2,227
-35,650 23,970 -17,357
6,613
-34,016 22,078 -17,533
4,545
-36,801 21,744 -15,729
6,015
-38,591 20,822 -16,350
4,472
-38,661 25,117
19 755
5,362
-39,819 22,744 -2o',554
2,190
-40,606 23,578 -21,904
1,674
-20,207
-40,414 33,265
13,058
-33,446 26,750 -23,955
2,795
-31,411 23,148 -25,613 -2,465
-30,339 24,720 -27,310 -2,590
-32,019 33,159 -28,670
4,489
r
-28,378 26,862 -30,370 -3,508
-27,718
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
36
Net
Net
military
transactions
2 577
-1,523
474
-343
2 099
-3,557
4 576
-2,857
4 606
-1,411
-1,298
-1,089
-777
-176
-210
-1,031
-1,440
-964
-1,033
-1,006
-1,604
-1,482
Net
travel and
transportation
receipts
997
144
992
-4,227
-7,885
-9,832
-8,031
-7,324
-2,633
-2,452
-1,465
-1,874
-2,241
-2',088
-1,279
-1,993
-1,854
-719
-155
94
-464
Other
services,
net 3
Balance on
goods and
services
Remittances,
pensions,
and other
unilateral
transfers *
Balance
on current
account
7 593
1,533
7,794
9,126
8,163
11,085
15,810 -7,647
9 188
-6,997
11,436
2,191
12,264 -34,510 -9/776 -44,286
12 468 -104,186
12,299 -91,718
112 682
12,351 -97,256 -15,426
15 778
133 249
18,547 -117,470
17,909 -129,488 -14,212 -143,700
14 656 - 126,548
20,335
111 892
4,620 -28,280 -3,068 -31,348
4,581
-27,653 -4,199 -31,852
4,539 -29,210 -4,376 -33,586
4,807 -32,330 -4,136 -36,466
4,250 -31,190 -3,137 -34,327
4,372 -35,555 -3,265 -38,820
4,555 -36,687 -3,225 -39,912
4,734 -26,055 -4,586 -30,641
4,787 -28,682 -3,364 -32,046
5,042 -30,586 -2,899 -33,485
5,126
-28,964 -3,376 -32,340
-23,659 -5,018 -28,677
5,381
5,823 -27,265 -3,420 -30,685
United States are excluded from investment income and included in other services, net.
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $22.6 billion in the first quarter of
1989, compared with an increase of $30.9 billion in the fourth quarter of 1988. Liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, increased $10.4 billion in the first quarter, compared with an
increase of $32.2 billion in the fourth quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
CHANGE IN
U.S. ASSETS
ABROAD, NET
20
20
-20
-20
-40
-40
1989
1P81
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Period
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1986: I
n
m
IV
1987: I
n
m
IV
1988: I
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
•
U.S. assets abroad, net
Foreign assets in the U.S., net2
Allocations
[increase /capital outflow (— )]
[increase/capital inflow ( + )]
of special
drawing
Other U.S.
U.S.
U.S.
Foreign
Other
official
rights
Governprivate
foreign
Total
official
(SDRs)
reserve
ment
assets
assets
assets
assets 1 z
assets
Total (sum
of the items
with sign
reversed)
-8,155
5 175
-4,965
-1,196
-3,131
-3,858
312
9,149
-3,566
-5,162 -72,802
-5,097 -100,679
-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
58,112
83,032
93,746
84,869
102,621
130,012
221,605
218,039
219,299
15,497
4,960
3,593
5,845
3,140
-1,083
35,594
45,193
38,882
42,615
78,072
90,154
79,023
99,481
131,096
186,011
172,847
180,418
-15,401
-24,763
-26,078
-33,422
-115
16
280
132
1,956
3,419
32
3,742
1,503
39
-7,380
2,272
-4,000
-232
-238
-1,565
11
-15,054
-24,541
24793
-33,565
39,048
50,291
69,927
62,339
2,720
15,838
15,785
1,251
36,328
34,453
54,142
61,088
7,701
6,324
- 10,263
7,549
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
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
28 828
49,077
6,914
42,163
13,424
8,759
-22,632
-25,976
-36,370
IV
4,540
-16,119
-37,886
-32,648
1989: I"
-31,816
1,012
Consists of gold, special drawing rights (SDRs), convertible currencies, and the U.S. reserve
position in the IMF.
2
Quarterly data are not seasonally adjusted.
Statistical discrepancy
-86,118
-110,951
-121,153
49 777
-22,304
32 628
-99,665
76 218
-82,110
n
m
1
COUNCIL Of ECONOMIC ADVISERS
1,152
1,093
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net *
(unadjusted,
end of
period)
26,756
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
25,322
18,663
34,404
9,194
23,869
15,298
11,308
1,878
-10,641
3,515
3 306
-4,669
4,463
3,895
2559
-4,501
3,166
3,843
-3,714
-4,556
4,431
4,264
44,919
46,595
48,087
48,511
48,824
45,140
45,070
45,798
43,186
41,028
47,788
47,802
49,854
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
page
Gross National Product
Gross National Product in 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfmancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
' Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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